Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 148

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 148
---
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