a_masterinterinc.htm

N-CSRS 1 a_masterinterinc.htm PUTNAM MASTER INTERMEDIATE INCOME TRUST a_masterinterinc.htm


	UNITED STATES


	SECURITIES AND EXCHANGE COMMISSION


	Washington, D.C. 20549


	FORM N-CSR


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED


	MANAGEMENT INVESTMENT COMPANIES


	Investment Company Act file number:	(811-05498)


	Exact name of registrant as specified in charter:	Putnam Master Intermediate Income Trust


	Address of principal executive offices:	100 Federal Street, Boston, Massachusetts 02110


	Name and address of agent for service:	Marc A. De Oliveira


		Franklin Templeton


		100 First Stamford Place


		Stamford, CT 06902


	Registrant’s telephone number, including area code:	(617) 292-1000


	Date of fiscal year end:	September 30, 2025


	Date of reporting period:	October 1, 2024 – March 31, 2025


	Item 1. Report to Stockholders:


	(a) The Report to Shareholders is filed herewith


	(b) Not applicable

Putnam
Master Intermediate
Income Trust

Semi-Annual report
3 | 31 | 25


Letter from the President	1
Your fund at a glance	2
Other information for shareholders	3
Important notice regarding Putnam’s privacy policy	4
Summary of dividend reinvestment plans	5
Financial statements	7
Results of any shareholder votes	63

Letter from the President

May 20, 2025

Dear Shareholder:

We are pleased to provide the semi-annual report of Putnam Master Intermediate Income Trust for the six-month reporting period ended March 31, 2025. Please read on for Fund performance information during the Fund’s reporting period.

Effective April 25, 2025, Robert D. Agdern, Carol L. Colman, Anthony Grillo, Eileen A. Kamerick, Nisha Kumar, Peter Mason, Hillary A. Sale and Jane E. Trust were elected Trustees of the Fund at the Annual Meeting of Shareholders. We extend our sincere thanks to the outgoing Trustees for their service to the Fund.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. For more information on your Fund, visit www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,
• Market insights and commentaries from our portfolio managers, and
• A host of educational resources.

We look forward to helping you meet your financial goals.

Allocations are shown as a percentage of the fund’s net assets as of 3/31/25. Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), including to-be-announced mortgage security trades, if any, in addition to the market value of securities. Holdings and allocations may vary over time.

2 Master Intermediate Income Trust

Other information for shareholders

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 will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT on the SEC’s website at www.sec.gov.

Master Intermediate Income Trust 3

Important notice regarding Putnam’s privacy policy

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.

4 Master Intermediate Income Trust

Summary of Putnam closed-end funds’ amended and restated dividend reinvestment plans

Putnam Managed Municipal Income Trust, Putnam Master Intermediate 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, Putnam Investor Services, Inc. (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 either in writing, at P.O. Box 8383, Boston, MA 02266-8383, or by telephone at 1-800-225-1581 during normal East Coast business hours.

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

Master Intermediate Income Trust 5

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.

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.

6 Master Intermediate Income Trust

Financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal period.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

Master Intermediate Income Trust 7


The fund’s portfolio 3/31/25 (Unaudited)


MORTGAGE-BACKED SECURITIES (36.9%)*	Principal amount	Value
Agency collateralized mortgage obligations (12.7%)
Federal Home Loan Mortgage Corporation
REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42	$373,588	$80,204
REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50	2,074,970	434,507
REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50	1,587,380	362,408
REMICs Ser. 5024, Class HI, IO, 4.50%, 10/25/50	3,820,718	870,191
REMICs Ser. 4000, Class PI, IO, 4.50%, 1/15/42	117,246	16,128
REMICs Ser. 23-5349, Class IB, IO, 4.00%, 12/15/46	1,830,705	378,707
REMICs Ser. 5134, Class IC, IO, 4.00%, 8/25/51	3,079,102	620,762
Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27	32,850	740
REMICs Ser. 4105, Class HI, IO, 3.50%, 7/15/41	142,428	8,344
REMICs IFB Ser. 5011, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.14%), 1.796%, 9/25/50	3,291,511	495,757
REMICs IFB Ser. 5002, Class SJ, IO, ((-1 x US 30 Day Average SOFR) + 5.99%), 1.646%, 7/25/50	2,916,916	356,858
REMICs IFB Ser. 4839, Class WS, IO, ((-1 x US 30 Day Average SOFR) + 5.99%), 1.637%, 8/15/56	2,045,937	282,365
REMICs IFB Ser. 4945, Class SL, IO, ((-1 x US 30 Day Average SOFR) + 5.94%), 1.596%, 1/25/50	2,053,070	245,090
Federal National Mortgage Association
REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46	708,284	107,642
Interest Strip Ser. 374, Class 6, IO, 5.50%, 8/25/36	28,238	4,677
REMICs Ser. 15-30, IO, 5.50%, 5/25/45	861,418	122,479
Interest Strip Ser. 378, Class 19, IO, 5.00%, 6/25/35	74,209	10,597
Interest Strip Ser. 427, Class C93, IO, 4.50%, 8/25/42	2,809,096	495,815
REMICs Ser. 20-76, Class BI, IO, 4.50%, 11/25/50	2,961,206	672,926
REMICs Ser. 21-14, Class CI, IO, 4.50%, 11/25/49	3,756,241	884,860
REMICs Ser. 12-127, Class BI, IO, 4.50%, 11/25/42	110,009	22,831
REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x US 30 Day Average SOFR) + 6.29%), 1.946%, 4/25/40	221,040	23,759
REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x US 30 Day Average SOFR) + 6.14%), 1.796%, 3/25/48	1,220,039	117,052
REMICs IFB Ser. 18-38, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.09%), 1.746%, 6/25/48	2,151,885	256,278
REMICs IFB Ser. 17-32, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 6.04%), 1.696%, 5/25/47	2,633,003	289,964
REMICs FRB Ser. 19-61, Class S, IO, ((-1 x US 30 Day Average SOFR) + 5.89%), 1.546%, 11/25/49	2,431,302	310,439
REMICs IFB Ser. 19-43, Class JS, IO, ((-1 x US 30 Day Average SOFR) + 5.94%), 1.596%, 8/25/49	1,192,006	122,937
REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x US 30 Day Average SOFR) + 5.79%), 1.446%, 10/25/41	537,026	51,620
Government National Mortgage Association
Ser. 18-127, Class IC, IO, 5.00%, 10/20/44	1,260,608	250,958
Ser. 17-26, Class MI, IO, 5.00%, 11/20/39	924,166	173,613
Ser. 15-79, Class GI, IO, 5.00%, 10/20/39	156,534	34,904
Ser. 24-4, Class IG, IO, 5.00%, 12/20/52	1,519,118	264,023
Ser. 16-42, IO, 5.00%, 2/20/46	703,126	135,981
Ser. 14-76, IO, 5.00%, 5/20/44	294,523	61,816


8 Master Intermediate Income Trust


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
Ser. 12-146, IO, 5.00%, 12/20/42	$192,118	$39,831
Ser. 21-122, Class GI, IO, 4.50%, 11/20/47	2,987,426	668,339
Ser. 13-34, Class IH, IO, 4.50%, 3/20/43	394,133	76,421
Ser. 17-42, Class IC, IO, 4.50%, 8/20/41	351,098	68,811
Ser. 18-94, Class AI, IO, 4.50%, 7/20/48	849,756	172,662
Ser. 15-53, Class MI, IO, 4.00%, 4/16/45	681,885	128,400
Ser. 15-64, Class YI, IO, 4.00%, 11/20/44	505,453	77,223
Ser. 21-214, Class AI, IO, 4.00%, 12/20/51	2,657,340	536,292
Ser. 20-13, Class AI, IO, 4.00%, 3/20/46	3,894,058	519,786
Ser. 17-93, Class TI, IO, 4.00%, 3/20/44	98,051	1,223
Ser. 12-128, Class IA, IO, 3.50%, 10/20/42	740,103	118,481
Ser. 12-113, Class ID, IO, 3.50%, 9/20/42	350,943	54,249
Ser. 15-52, Class KI, IO, 3.50%, 11/20/40	295,117	14,840
Ser. 21-156, IO, 3.50%, 7/20/51	3,602,432	600,017
Ser. 20-167, Class PI, IO, 3.50%, 11/20/50	2,208,113	393,713
Ser. 12-140, Class IC, IO, 3.50%, 11/20/42	749,238	123,206
Ser. 16-H23, Class NI, IO, 3.022%, 10/20/66 ^W	3,520,258	149,365
Ser. 16-H18, Class QI, IO, 3.319%, 6/20/66 ^W	880,405	46,335
Ser. 24-186, IO, 3.00%, 9/20/51	3,606,635	560,597
Ser. 20-175, Class NI, IO, 3.00%, 11/20/50	2,403,152	399,085
Ser. 21-59, Class IP, IO, 3.00%, 4/20/51	3,001,333	517,521
Ser. 15-H20, Class CI, IO, 2.991%, 8/20/65 ^W	1,631,130	76,492
Ser. 16-H22, Class AI, IO, 2.931%, 10/20/66 ^W	1,376,027	53,433
Ser. 17-H06, Class BI, IO, 2.43%, 2/20/67 ^W	1,600,572	50,793
Ser. 16-H06, Class DI, IO, 2.364%, 7/20/65 ^W	1,328,939	43,006
Ser. 17-H02, Class BI, IO, 2.363%, 1/20/67 ^W	943,261	35,761
Ser. 18-H02, Class EI, IO, 2.332%, 1/20/68 ^W	3,038,778	141,890
Ser. 15-H10, Class BI, IO, 2.319%, 4/20/65 ^W	949,664	42,589
Ser. 16-H09, Class BI, IO, 2.242%, 4/20/66 ^W	1,664,576	70,343
Ser. 18-H15, Class KI, IO, 2.298%, 8/20/68 ^W	1,557,796	62,574
Ser. 17-H16, Class JI, IO, 2.081%, 8/20/67 ^W	4,187,915	185,286
IFB Ser. 23-35, Class SH, IO, ((-1 x US 30 Day Average SOFR) + 6.45%), 2.106%, 2/20/53	5,737,811	481,780
Ser. 17-H19, Class MI, IO, 2.085%, 4/20/67 ^W	783,065	32,516
Ser. 16-H03, Class AI, IO, 1.996%, 1/20/66 ^W	1,346,041	49,332
Ser. 16-H03, Class DI, IO, 1.987%, 12/20/65 ^W	1,073,680	36,564
IFB Ser. 21-59, Class SM, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 4/20/51	5,450,635	727,574
IFB Ser. 21-59, Class SQ, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 4/20/51	1,790,541	240,284
FRB Ser. 21-116, Class ES, IO, ((-1 x CME Term SOFR 1 Month) + 6.09%), 1.766%, 11/20/47	2,698,792	302,899
IFB Ser. 20-96, Class KS, IO, ((-1 x CME Term SOFR 1 Month) + 6.04%), 1.716%, 7/20/50	5,514,078	710,320
IFB Ser. 20-63, Class SP, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.666%, 5/20/50	1,835,511	229,820
IFB Ser. 19-96, Class SY, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.666%, 8/20/49	1,781,947	219,610


Master Intermediate Income Trust 9


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
IFB Ser. 19-83, Class SY, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.666%, 7/20/49	$1,610,054	$196,061
IFB Ser. 19-89, Class PS, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.666%, 7/20/49	1,983,585	219,987
Ser. 17-H16, Class IG, IO, 1.592%, 7/20/67 ^W	3,207,096	81,136
Ser. 14-H21, Class BI, IO, 1.59%, 10/20/64 ^W	1,851,291	41,639
Ser. 17-H09, IO, 1.221%, 4/20/67 ^W	2,345,027	73,139
IFB Ser. 14-119, Class SA, IO, ((-1 x CME Term SOFR 1 Month) + 5.49%), 1.166%, 8/20/44	650,442	56,835
Ser. 15-H25, Class EI, IO, 1.898%, 10/20/65 ^W	1,037,219	29,159
IFB Ser. 21-98, Class SK, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 6/20/51	4,482,183	649,414
IFB Ser. 21-77, Class SM, IO, ((-1 x CME Term SOFR 1 Month) + 6.19%), 1.866%, 5/20/51	2,682,394	362,783
Ser. 15-H20, Class AI, IO, 1.848%, 8/20/65 ^W	1,382,441	34,920
Ser. 16-H10, Class AI, IO, 1.846%, 4/20/66 ^W	3,237,068	78,496
Ser. 17-H11, Class DI, IO, 1.808%, 5/20/67 ^W	1,529,575	73,600
Ser. 15-H23, Class BI, IO, 1.797%, 9/20/65 ^W	1,367,853	28,533
IFB Ser. 14-60, Class SD, IO, ((-1 x CME Term SOFR 1 Month) + 6.07%), 1.746%, 4/20/44	1,430,657	167,046
Ser. 17-H12, Class QI, IO, 1.717%, 5/20/67 ^W	1,367,764	51,636
IFB Ser. 20-97, Class QS, IO, ((-1 x CME Term SOFR 1 Month) + 6.04%), 1.716%, 7/20/50	1,663,700	219,129
Ser. 16-H24, Class CI, IO, 1.701%, 10/20/66 ^W	934,084	18,712
IFB Ser. 20-63, Class PS, IO, ((-1 x CME Term SOFR 1 Month) + 5.99%), 1.666%, 4/20/50	2,359,067	314,430
Ser. 18-H05, Class BI, IO, 1.647%, 2/20/68 ^W	2,009,522	92,880
IFB Ser. 19-152, Class ES, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.616%, 12/20/49	1,070,142	124,531
IFB Ser. 19-110, Class SQ, IO, ((-1 x CME Term SOFR 1 Month) + 5.94%), 1.616%, 9/20/49	1,739,032	200,032
Ser. 13-H08, Class CI, IO, 1.593%, 2/20/63 ^W	582,088	18,962
Ser. 17-H08, Class NI, IO, 1.578%, 3/20/67 ^W	2,102,530	68,988
IFB Ser. 20-63, Class AS, IO, ((-1 x CME Term SOFR 1 Month) + 5.89%), 1.566%, 8/20/43	1,875,130	219,804
		21,048,347
Commercial mortgage-backed securities (12.0%)
BANK
FRB Ser. 24-BNK48, Class XA, IO, 1.148%, 10/15/57 ^W	4,527,025	384,243
FRB Ser. 20-BN30, Class XA, IO, 1.274%, 12/15/53 ^W	3,006,586	161,897
Bank5
FRB Ser. 24-5YR7, Class XA, 1.334%, 6/15/57 ^W	5,187,099	255,445
FRB Ser. 24-5YR10, Class XA, 1.191%, 10/15/57 ^W	6,917,725	319,302
FRB Ser. 24-5YR12, Class XA, IO, 0.498%, 12/15/57 ^W	5,936,682	127,633
BBCMS Mortgage Trust
FRB Ser. 24-5C29, Class XA, IO, 1.60%, 9/15/57 ^W	7,482,060	461,339
FRB Ser. 24-C26, Class XA, IO, 1.014%, 5/15/57 ^W	2,635,298	197,802
FRB Ser. 22-C14, Class XA, IO, 0.698%, 2/15/55 ^W	4,832,354	169,653


10 Master Intermediate Income Trust


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Commercial mortgage-backed securities cont.
BDS, Ltd. 144A FRB Ser. 21-FL9, Class A, (CME Term SOFR 1 Month + 1.18%), 5.501%, 11/16/38 (Cayman Islands)	$109,656	$109,825
Benchmark Mortgage Trust
FRB Ser. 24-V10, Class XA, IO, 1.306%, 9/15/57 ^W	6,543,794	327,393
FRB Ser. 24-V11, Class XA, IO, 0.56%, 11/15/57 ^W	9,895,000	236,631
BMO Mortgage Trust FRB Ser. 24-5C6, Class XA, IO, 1.353%, 9/15/57 ^W	5,708,485	290,262
CD Commercial Mortgage Trust Ser. 17-CD4, Class B, 3.947%, 5/10/50 ^W	439,000	410,900
CFCRE Commercial Mortgage Trust Ser. 16-C7, Class A3, 3.839%, 12/10/54	405,000	396,198
CFCRE Commercial Mortgage Trust 144A FRB Ser. 11-C2, Class E, 5.249%, 12/15/47 ^W	193,000	178,282
Citigroup Commercial Mortgage Trust 144A FRB Ser. 15-GC27, Class D, 4.529%, 2/10/48 ^W	299,211	287,176
COMM Mortgage Trust
FRB Ser. 14-CR16, Class C, 4.751%, 4/10/47 ^W	441,000	414,957
FRB Ser. 14-CR20, Class C, 4.541%, 11/10/47 ^W	345,277	332,930
Ser. 15-DC1, Class B, 4.035%, 2/10/48 ^W	447,000	431,691
Ser. 15-CR22, Class B, 3.926%, 3/10/48 ^W	175,000	171,238
FRB Ser. 15-LC19, Class B, 3.829%, 2/10/48 ^W	253,000	248,793
Ser. 15-DC1, Class AM, 3.724%, 2/10/48	145,038	143,281
FRB Ser. 15-CR27, Class C, 4.444%, 10/10/48 ^W	212,000	197,267
Ser. 13-CR12, Class AM, 4.30%, 10/10/46	158,080	148,766
Ser. 14-UBS5, Class AM, 4.193%, 9/10/47 ^W	230,306	227,516
Ser. 14-UBS3, Class AM, 4.012%, 6/10/47	281,497	269,169
COMM Mortgage Trust 144A
FRB Ser. 14-CR17, Class D, 4.787%, 5/10/47 ^W	290,000	237,603
FRB Ser. 14-CR19, Class D, 4.512%, 8/10/47 ^W	413,998	396,877
Ser. 12-LC4, Class E, 4.25%, 12/10/44	392,000	48,552
FRB Ser. 13-CR7, Class D, 4.244%, 3/10/46 ^W	114,515	109,220
CSAIL Commercial Mortgage Trust
FRB Ser. 15-C2, Class B, 4.208%, 6/15/57 ^W	216,000	209,749
Ser. 15-C1, Class AS, 3.791%, 4/15/50 ^W	229,957	228,206
Ser. 16-C5, Class A5, 3.757%, 11/15/48	215,000	213,083
Federal Home Loan Mortgage Corporation Multifamily Structured Credit Risk FRB Ser. 21-MN1, Class M2, 8.09%, 1/25/51	235,000	244,806
Federal Home Loan Mortgage Corporation 144A Multifamily Structured Credit Risk FRB Ser. 21-MN3, Class M2, 8.34%, 11/25/51	797,000	830,631
GS Mortgage Securities Trust FRB Ser. 19-GC42, Class XA, IO, 0.805%, 9/10/52 ^W	6,088,922	174,664
GS Mortgage Securities Trust 144A FRB Ser. 13-GC13, Class AS, 3.878%, 7/10/46 ^W	283,823	278,863
GS Mortgage Securities Trust FRB Ser. 14-GC24, Class B, 4.417%, 9/10/47 ^W	469,000	438,671
GS Mortgage Securities Trust 144A FRB Ser. 14-GC24, Class D, 4.438%, 9/10/47 ^W	221,000	91,695
Government National Mortgage Association FRB Ser. 24-32, IO, 0.705%, 6/16/63 ^W	4,931,371	256,781


Master Intermediate Income Trust 11


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Commercial mortgage-backed securities cont.
JPMBB Commercial Mortgage Securities Trust
FRB Ser. 14-C23, Class C, 4.466%, 9/15/47 ^W	$201,000	$188,710
FRB Ser. 14-C23, Class B, 4.466%, 9/15/47 ^W	174,000	167,602
Ser. 15-C31, Class A3, 3.801%, 8/15/48	193,478	192,204
Ser. 16-C1, Class A5, 3.576%, 3/17/49	132,000	130,337
JPMBB Commercial Mortgage Securities Trust 144A
FRB Ser. 14-C18, Class D, 4.484%, 2/15/47 ^W	232,000	203,352
FRB Ser. 14-C23, Class D, 3.966%, 9/15/47 ^W	100,000	87,624
FRB Ser. C14, Class D, 3.935%, 8/15/46 ^W	228,000	175,912
Ser. 13-C14, Class F, 3.598%, 8/15/46 ^W	1,500,000	127,182
JPMDB Commercial Mortgage Securities Trust FRB Ser. 18-C8, Class C, 4.757%, 6/15/51 ^W	190,000	167,133
JPMorgan Chase Commercial Mortgage Securities Trust FRB Ser. 13-LC11, Class D, 4.287%, 4/15/46 ^W	194,000	47,568
JPMorgan Chase Commercial Mortgage Securities Trust 144A
FRB Ser. 07-CB20, Class E, 7.745%, 2/12/51 ^W	11,401	14,309
FRB Ser. 12-C6, Class E, 4.966%, 5/15/45 ^W	163,000	157,276
FRB Ser. 13-LC11, Class E, 3.25%, 4/15/46 (In default) ^{† W}	647,000	28,071
LB-UBS Commercial Mortgage Trust 144A FRB Ser. 06-C6, Class XCL, IO, 0.435%, 9/15/39 ^W	462,989	386
LSTAR Commercial Mortgage Trust 144A Ser. 17-5, Class A5, 3.549%, 3/10/50	400,000	387,562
Morgan Stanley Bank of America Merrill Lynch Trust
FRB Ser. 15-C25, Class C, 4.538%, 10/15/48 ^W	253,000	239,522
FRB Ser. 15-C22, Class C, 4.202%, 4/15/48 ^W	575,000	497,823
Ser. 14-C19, Class C, 4.00%, 12/15/47	95,515	92,496
FRB Ser. 13-C10, Class B, 3.98%, 7/15/46 ^W	143,966	134,612
Morgan Stanley Bank of America Merrill Lynch Trust 144A
FRB Ser. 13-C10, Class F, 3.98%, 7/15/46 ^W	975,000	75,170
FRB Ser. 13-C9, Class D, 3.804%, 5/15/46 ^W	196,000	178,413
FRB Ser. 13-C12, Class D, 4.749%, 10/15/46 ^W	189,000	171,845
FRB Ser. 13-C10, Class D, 3.98%, 7/15/46 ^W	350,000	280,002
Morgan Stanley Capital I Trust
FRB Ser. 18-H3, Class C, 4.854%, 7/15/51 ^W	199,000	185,530
FRB Ser. 16-UB11, Class C, 3.691%, 8/15/49 ^W	286,000	274,372
Morgan Stanley Capital I Trust 144A FRB Ser. 12-C4, Class D, 4.82%, 3/15/45 ^W	134,554	133,183
Multifamily Connecticut Avenue Securities Trust 144A
FRB Ser. 20-01, Class M10, 8.204%, 3/25/50	652,870	664,482
FRB Ser. 19-01, Class M10, 7.704%, 10/25/49	522,335	531,608
Ready Capital Mortgage Financing, LLC 144A FRB Ser. 22-FL9, Class A, 6.787%, 6/25/37	136,955	137,170
SG Commercial Mortgage Securities Trust Ser. 16-C5, Class A4, 3.055%, 10/10/48	458,000	445,824
Structured Asset Mortgage Investments II Trust FRB Ser. 06-AR7, Class A1BG, (CME Term SOFR 1 Month + 0.23%), 4.555%, 8/25/36	123,668	108,918
TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default) ^†	558,952	42
UBS Commercial Mortgage Trust FRB Ser. 17-C3, Class C, 4.38%, 8/15/50 ^W	247,000	230,452


12 Master Intermediate Income Trust


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Commercial mortgage-backed securities cont.
Wells Fargo Commercial Mortgage Trust
FRB Ser. 15-SG1, Class B, 4.464%, 9/15/48 ^W	$273,000	$262,103
FRB Ser. 15-LC22, Class AS, 4.207%, 9/15/58 ^W	175,000	173,771
Ser. 15-NXS3, Class A4, 3.617%, 9/15/57	437,000	433,827
FRB Ser. 19-C52, Class XA, IO, 1.559%, 8/15/52 ^W	3,235,323	169,589
Wells Fargo Commercial Mortgage Trust 144A FRB Ser. 13-LC12, Class D, 3.822%, 7/15/46 ^W	188,000	106,880
WF-RBS Commercial Mortgage Trust Ser. 14-C21, Class C, 4.234%, 8/15/47 ^W	177,000	168,595
Wells Fargo Commercial Mortgage Trust
FRB Ser. 16-NXS5, Class D, 4.975%, 1/15/59 ^W	216,000	186,178
Ser. 15-NXS4, Class A4, 3.718%, 12/15/48	178,000	176,579
Ser. 15-C31, Class A4, 3.695%, 11/15/48	399,000	396,072
FRB Ser. 24-5C1, Class XA, 1.029%, 7/15/57 ^W	6,120,535	237,078
Wells Fargo Commercial Mortgage Trust 144A
FRB Ser. 15-C30, Class D, 4.507%, 9/15/58 ^W	121,000	117,844
Ser. 14-LC16, Class D, 3.938%, 8/15/50	254,582	30,746
WF-RBS Commercial Mortgage Trust FRB Ser. 14-C23, Class B, 4.293%, 10/15/57 ^W	125,000	116,780
WF-RBS Commercial Mortgage Trust 144A FRB Ser. 13-C15, Class D, 4.206%, 8/15/46 ^W	358,224	164,016
		19,855,740
Residential mortgage-backed securities (non-agency) (12.2%)
A&D Mortgage Trust 144A Ser. 24-NQM1, Class A1, 6.195%, 2/25/69	636,932	642,044
American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (CME Term SOFR 1 Month + 0.30%), 4.625%, 5/25/47	345,254	203,925
BBCMS Mortgage Trust FRB Ser. 25-C32, Class XA, IO, 1.13%, 2/15/62 ^W	2,126,545	185,395
Bear Stearns Alt-A Trust FRB Ser. 05-10, Class 11A1, (CME Term SOFR 1 Month + 0.61%), 4.935%, 1/25/36	37,844	35,982
Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (CME Term SOFR 1 Month + 0.29%), 4.615%, 11/25/47	145,992	129,273
Citigroup Mortgage Loan Trust, Inc. FRB Ser. 07-AMC3, Class A2D, (CME Term SOFR 1 Month + 0.46%), 4.785%, 3/25/37	635,952	544,551
COLT Mortgage Loan Trust 144A Ser. 20-2, Class A3, 3.698%, 3/25/65 ^W	1,000,000	975,263
Countrywide Alternative Loan Trust
FRB Ser. 05-38, Class A1, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 1.50%), 6.135%, 9/25/35	170,081	151,587
FRB Ser. 06-OA10, Class 1A1, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.96%), 5.595%, 8/25/46	67,463	60,714
FRB Ser. 06-OA7, Class 1A2, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.94%), 5.575%, 6/25/46	167,179	162,281
FRB Ser. 05-38, Class A3, (CME Term SOFR 1 Month + 0.81%), 5.135%, 9/25/35	209,287	188,649
FRB Ser. 05-59, Class 1A1, (CME Term SOFR 1 Month + 0.77%), 5.094%, 11/20/35	226,810	221,032
FRB Ser. 06-OA10, Class 4A1, (CME Term SOFR 1 Month + 0.49%), 4.815%, 8/25/46	1,370,930	1,184,164


Master Intermediate Income Trust 13


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Countrywide Alternative Loan Trust
FRB Ser. 06-OA10, Class 3A1, (CME Term SOFR 1 Month + 0.49%), 4.815%, 8/25/46	$187,843	$166,972
FRB Ser. 06-OA7, Class 1A1, 3.249%, 6/25/46 ^W	206,393	199,819
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class B, (US 30 Day Average SOFR + 10.11%), 14.454%, 7/25/28	1,271,686	1,353,903
Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class B, (US 30 Day Average SOFR + 9.31%), 13.654%, 10/25/27	384,702	386,753
Structured Agency Credit Risk Debt FRN Ser. 15-HQA1, Class B, (US 30 Day Average SOFR + 8.91%), 13.254%, 3/25/28	384,875	392,016
Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class B, (US 30 Day Average SOFR + 10.61%), 14.954%, 5/25/28	265,971	280,379
Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class B, (US 30 Day Average SOFR + 9.46%), 13.804%, 4/25/28	567,384	590,582
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust FRB Ser. 19-HQA2, Class B2, (US 30 Day Average SOFR + 11.36%), 15.704%, 4/25/49	106,000	127,470
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (US 30 Day Average SOFR + 10.11%), 14.454%, 8/25/50	609,000	813,178
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (US 30 Day Average SOFR + 7.86%), 12.204%, 9/25/48	174,000	200,433
Structured Agency Credit Risk Trust REMICs FRB Ser. 21-DNA3, Class B2, (US 30 Day Average SOFR + 6.25%), 10.59%, 10/25/33	225,000	275,959
Structured Agency Credit Risk Trust FRB Ser. 19-HQA1, Class B2, (US 30 Day Average SOFR + 12.36%), 16.704%, 2/25/49	85,000	103,819
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA5, Class B2, (US 30 Day Average SOFR + 11.50%), 15.84%, 10/25/50	176,000	242,650
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (US 30 Day Average SOFR + 11.11%), 15.454%, 10/25/48	649,000	810,320
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (US 30 Day Average SOFR + 10.86%), 15.204%, 1/25/49	141,000	175,166
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (US 30 Day Average SOFR + 10.61%), 14.954%, 3/25/49	118,000	141,046
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (US 30 Day Average SOFR + 10.11%), 14.454%, 7/25/50	430,000	572,605
Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58 ^W	307,000	296,126
Seasoned Credit Risk Transfer Trust Ser. 17-3, Class M2, 4.75%, 7/25/56 ^W	388,727	379,940
Seasoned Credit Risk Transfer Trust Ser. 19-4, Class M, 4.50%, 2/25/59 ^W	636,000	597,513
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C03, Class 2B, (US 30 Day Average SOFR + 12.86%), 17.204%, 10/25/28	89,235	99,371
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (US 30 Day Average SOFR + 11.86%), 16.204%, 10/25/28	563,945	622,471
Connecticut Avenue Securities FRB Ser. 16-C01, Class 1B, (US 30 Day Average SOFR + 11.86%), 16.204%, 8/25/28	363,354	393,634
Connecticut Avenue Securities FRB Ser. 16-C02, Class 1B, (US 30 Day Average SOFR + 12.36%), 16.704%, 9/25/28	1,106,435	1,213,376


14 Master Intermediate Income Trust


MORTGAGE-BACKED SECURITIES (36.9%)* cont.	Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2B, (US 30 Day Average SOFR + 10.86%), 15.204%, 1/25/29	$118,705	$131,381
Connecticut Avenue Securities FRB Ser. 16-C06, Class 1B, (US 30 Day Average SOFR + 9.36%), 13.704%, 4/25/29	19,708	21,770
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2B1, (US 30 Day Average SOFR + 4.50%), 8.84%, 1/25/42	180,000	188,309
Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (US 30 Day Average SOFR + 4.21%), 8.554%, 9/25/31	431,172	455,435
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2M2, (US 30 Day Average SOFR + 3.00%), 7.34%, 1/25/42	400,000	408,320
Connecticut Avenue Securities Trust FRB Ser. 20-SBT1, Class 1M2, (US 30 Day Average SOFR + 3.76%), 8.104%, 2/25/40	504,000	526,936
First Horizon Alternative Mortgage Securities Trust FRB Ser. 06-AA6, Class 2A1, 5.391%, 11/25/36 ^W	411,509	286,938
GSAA Home Equity Trust FRB Ser. 06-8, Class 2A2, (CME Term SOFR 1 Month + 0.47%), 4.795%, 5/25/36	475,455	101,751
GSR Mortgage Loan Trust FRB Ser. 07-OA1, Class 2A3A, (CME Term SOFR 1 Month + 0.42%), 4.745%, 5/25/37	180,284	100,936
HarborView Mortgage Loan Trust FRB Ser. 05-2, Class 1A, (CME Term SOFR 1 Month + 0.63%), 4.951%, 5/19/35	239,328	71,557
Home Re, Ltd. 144A FRB Ser. 21-2, Class B1, (US 30 Day Average SOFR + 4.15%), 8.49%, 1/25/34 (Bermuda)	150,000	153,293
JPMorgan Mortgage Trust 144A FRB Ser. 24-9, Class A11, (US 30 Day Average SOFR + 1.35%), 5.69%, 2/25/55	141,639	142,127
Lehman XS Trust FRB Ser. 06-17, Class 1A4A, (CME Term SOFR 1 Month + 0.45%), 4.775%, 8/25/46	1,178,226	1,034,177
LHOME Mortgage Trust 144A Ser. 23-RTL2, Class A1, 8.00%, 6/25/28	254,000	256,070
MortgageIT Trust FRB Ser. 05-3, Class M2, (CME Term SOFR 1 Month + 0.91%), 5.23%, 8/25/35	24,154	23,315
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (CME Term SOFR 1 Month + 0.34%), 3.199%, 2/26/37	162,329	148,799
Residential Accredit Loans, Inc. FRB Ser. 06-QO5, Class 1A1, (CME Term SOFR 1 Month + 0.54%), 4.865%, 5/25/46	187,450	168,789
Saluda Grade Alternative Mortgage Trust 144A Ser. 24-RTL4, Class A1, stepped-coupon 7.50% (8.50%, 7/1/26), 2/25/30 ^††	555,000	557,528
Towd Point Mortgage Trust 144A Ser. 19-2, Class A2, 3.75%, 12/25/58 ^W	216,000	195,196
WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR13, Class A1C3, (CME Term SOFR 1 Month + 1.09%), 5.415%, 10/25/45	69,489	67,909
		20,160,897
Total mortgage-backed securities (cost $63,456,814)		$61,064,984


CORPORATE BONDS AND NOTES (26.0%)*	Principal amount	Value
Basic materials (2.4%)
Arcosa, Inc. 144A company guaranty sr. unsec. notes 6.875%, 8/15/32	$50,000	$50,732
ATI, Inc. sr. unsec. notes 4.875%, 10/1/29	490,000	467,089


Master Intermediate Income Trust 15


CORPORATE BONDS AND NOTES (26.0%)* cont.		Principal amount	Value
Basic materials cont.
Avient Corp. 144A sr. unsec. notes 6.25%, 11/1/31		$45,000	$44,615
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30		215,000	203,539
Braskem Idesa SAPI sr. notes Ser. REGS, 7.45%, 11/15/29 (Mexico)		230,000	186,733
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32		240,000	240,887
Celanese US Holdings, LLC company guaranty sr. unsec. bonds 6.629%, 7/15/32 (Germany)		98,000	100,708
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/1/33		100,000	96,059
Cleveland-Cliffs, Inc. 144A company guaranty sr. unsec. notes 7.00%, 3/15/32		100,000	96,082
Clydesdale Acquisition Holdings, Inc. 144A company guaranty sr. notes 6.75%, 4/15/32		125,000	125,966
Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32		267,000	241,892
Constellium SE company guaranty sr. unsec. unsub. notes Ser. REGS, 3.125%, 7/15/29 (France)	EUR	300,000	303,844
Constellium SE 144A company guaranty sr. unsec. unsub. notes 6.375%, 8/15/32 (France)		$250,000	244,367
Huntsman International, LLC sr. unsec. notes 4.50%, 5/1/29		220,000	211,108
IHS Holding, Ltd. company guaranty sr. unsec. notes Ser. REGS, 8.25%, 11/29/31 (Nigeria)		200,000	199,210
Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. LLC Co-Issuer 144A sr. notes 6.00%, 9/15/28 (Canada)		210,000	204,512
Novelis Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/30/30		78,000	79,167
Quikrete Holdings, Inc. 144A sr. notes 6.375%, 3/1/32		75,000	75,537
Quikrete Holdings, Inc. 144A sr. unsec. notes 6.75%, 3/1/33		170,000	169,381
Smyrna Ready Mix Concrete, LLC 144A sr. notes 8.875%, 11/15/31		440,000	456,313
Standard Building Solutions, Inc. 144A sr. unsec. notes 6.50%, 8/15/32		130,000	130,112
			3,927,853
Capital goods (1.5%)
Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 2/15/33 (Ireland)		35,000	32,803
Ambipar Lux SARL 144A company guaranty sr. unsec. notes 10.875%, 2/5/33 (Brazil)		200,000	205,150
Benteler International AG 144A company guaranty sr. notes 10.50%, 5/15/28 (Austria)		340,000	357,451
Boeing Co. (The) sr. unsec. notes 2.95%, 2/1/30		14,000	12,759
Boeing Co. (The) sr. unsec. notes 2.70%, 2/1/27		137,000	132,173
Boeing Co. (The) sr. unsec. unsub. notes 6.298%, 5/1/29		41,000	43,014
Bombardier, Inc. 144A sr. unsec. notes 7.00%, 6/1/32 (Canada)		465,000	463,570
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada)		213,000	205,154
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer, LLC 144A company guaranty sr. notes 4.00%, 10/15/27		260,000	262,600
Ritchie Bros Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7.75%, 3/15/31		276,000	289,192
Spirit AeroSystems, Inc. 144A sr. unsub. notes 9.375%, 11/30/29		93,000	99,327
Terex Corp. 144A sr. unsec. notes 6.25%, 10/15/32		60,000	58,269


16 Master Intermediate Income Trust


CORPORATE BONDS AND NOTES (26.0%)* cont.		Principal amount	Value
Capital goods cont.
TransDigm, Inc. 144A sr. notes 6.875%, 12/15/30		$190,000	$194,341
TransDigm, Inc. 144A sr. notes 6.625%, 3/1/32		65,000	65,910
Waste Pro USA, Inc. 144A sr. unsec. notes 7.00%, 2/1/33		50,000	50,294
WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 3/15/33		45,000	45,265
			2,517,272
Communication services (1.5%)
American Tower Corp. sr. unsec. sub. notes 2.75%, 1/15/27 ^R		410,000	397,063
AT&T, Inc. sr. unsec. notes 4.10%, 2/15/28		410,000	405,716
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 4.75%, 2/1/32		284,000	252,502
T-Mobile USA, Inc. company guaranty sr. unsec. notes 3.375%, 4/15/29		825,000	784,419
T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.05%, 2/15/28		230,000	214,864
Vmed O2 UK Financing I PLC sr. notes Ser. REGS, 3.25%, 1/31/31 (United Kingdom)	EUR	275,000	273,383
Zegona Finance PLC 144A sr. notes 8.625%, 7/15/29 (United Kingdom)		$200,000	212,221
			2,540,168
Consumer cyclicals (5.2%)
Allied Universal Holdco, LLC/Allied Universal Finance Corp. 144A sr. notes 7.875%, 2/15/31		205,000	207,782
Banijay Entertainment SASU 144A sr. notes 8.125%, 5/1/29 (France)		360,000	370,613
Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35		480,000	486,754
Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31		225,000	207,692
Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30		232,000	235,323
Carnival Corp. 144A sr. unsec. notes 5.75%, 3/15/30		70,000	69,771
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 7.875%, 4/1/30		200,000	196,279
Crocs, Inc. 144A company guaranty sr. unsec. notes 4.125%, 8/15/31		290,000	256,098
Dufry One BV company guaranty sr. unsec. notes Ser. REGS, 3.375%, 4/15/28 (Netherlands)	EUR	255,000	272,202
FirstCash, Inc. 144A sr. unsec. notes 6.875%, 3/1/32 (Mexico)		$397,000	402,440
Hyundai Capital America 144A sr. unsec. notes 4.55%, 9/26/29 (South Korea)		425,000	416,042
Levi Strauss & Co. sr. unsec. notes 3.375%, 3/15/27	EUR	305,000	329,180
Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29		$450,000	456,524
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29		265,000	251,371
McGraw-Hill Education, Inc. 144A sr. notes 7.375%, 9/1/31		153,000	153,998
McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28		117,000	114,356
Miter Brands Acquisition Holdco, Inc./MIWD Borrower, LLC 144A company guaranty sr. notes 6.75%, 4/1/32		205,000	203,309
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29		265,000	250,063
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. notes 7.375%, 2/15/31		76,000	79,223


Master Intermediate Income Trust 17


CORPORATE BONDS AND NOTES (26.0%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27		$255,000	$250,801
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty notes 6.25%, 1/15/28		205,000	205,312
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.25%, 3/15/32		25,000	25,244
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.00%, 2/1/33		190,000	190,029
Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.625%, 9/30/31		80,000	78,611
RR Donnelley & Sons Co. 144A sr. notes 9.50%, 8/1/29		200,000	198,303
Sinclair Television Group, Inc. 144A sr. notes 8.125%, 2/15/33		195,000	192,549
Six Flags Entertainment Corp. 144A company guaranty sr. unsec. notes 7.25%, 5/15/31		275,000	276,232
Station Casinos, LLC 144A sr. unsec. bonds 4.625%, 12/1/31		285,000	256,319
Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30		477,000	458,825
Toll Brothers Finance Corp. company guaranty sr. unsec. notes 3.80%, 11/1/29		220,000	209,806
Verisure Midholding AB company guaranty sr. unsec. notes Ser. REGS, 5.25%, 2/15/29 (Sweden)	EUR	595,000	645,513
Veritiv Operating Co. 144A company guaranty sr. notes 10.50%, 11/30/30		$45,000	47,703
Viking Cruises, Ltd. 144A sr. unsec. notes 9.125%, 7/15/31		185,000	197,766
Volkswagen Group of America Finance, LLC 144A company guaranty sr. unsec. notes 1.625%, 11/24/27		230,000	211,473
Weekley Homes, LLC/Weekley Finance Corp. 144A sr. unsec. notes 4.875%, 9/15/28		205,000	194,737
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. unsub. notes 7.125%, 2/15/31		70,000	72,484
			8,670,727
Consumer staples (1.2%)
Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28		208,000	204,365
Ashtead Capital, Inc. 144A notes 4.00%, 5/1/28		220,000	213,590
EquipmentShare.com, Inc. 144A notes 9.00%, 5/15/28		200,000	207,455
Haleon US Capital, LLC company guaranty sr. unsec. unsub. notes 3.375%, 3/24/29		250,000	238,968
Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 6.625%, 6/15/29		65,000	65,271
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 5.50%, 1/15/30 (Luxembourg)		210,000	213,607
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. company guaranty sr. unsec. notes 3.00%, 2/2/29 (Luxembourg)		110,000	102,910
Philip Morris International, Inc. sr. unsec. unsub. notes 5.125%, 2/15/30		410,000	418,170
United Rentals North America, Inc. company guaranty sr. unsec. unsub. notes 4.00%, 7/15/30		88,000	81,286
VM Consolidated, Inc. 144A company guaranty sr. unsec. notes 5.50%, 4/15/29		256,000	243,130
			1,988,752


18 Master Intermediate Income Trust


CORPORATE BONDS AND NOTES (26.0%)* cont.	Principal amount	Value
Energy (3.5%)
Aker BP ASA 144A sr. unsec. notes 5.60%, 6/13/28 (Norway)	$205,000	$209,520
Antero Resources Corp. 144A sr. unsec. notes 5.375%, 3/1/30	250,000	245,635
Chord Energy Corp. 144A company guaranty

SEC Form N-CSRS filed by Putnam Master Intermediate Income Trust