Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 170

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 170
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as

debt

securities

under

applicable

accounting

standards

and

tax

laws,

and

assignments

of

and

participations

in

fixed

and

floating

rate

loans.

The

Fund

may

also

invest

in

cash

or

cash

equivalents,

including

money

market

instruments

or

short-term

instruments

such

as

commercial

paper,

bank

obligations

(e.g.,

certificates

of

deposit

and

bankers’

acceptances),

repurchase

agreements,

and

U.S.

Treasury

bills

or

other

government

obligations.

The

Fund

may

also

from

time

to

time

invest

all

or

a

portion

of

its

cash

balances

in

money

market

and/

or

short-term

bond

funds

advised

by

the

Manager

or

its

affiliates.

The

percentage

of

the

Fund

invested

in

cash

and

cash

equivalents

and

such

money

market

and

short-term

bond

funds

is

expected

to

vary

over

time

and

will

depend

on

various

factors,

including

market

conditions,

and

our

assessment

of

the

cash

level

that

is

appropriate

to

allow

the

Fund

to

pursue

investment

opportunities

as

they

arise.

Large

cash

positions

may

dampen

performance

and

may

prevent

the

Fund

from

achieving

its

goal.

The

Fund

may

also

loan

portfolio

securities

to

earn

income.

The

Fund

may

also

invest

in

securities

of

other

investment

companies

to

the

extent

that

these

investments

are

consistent

with

the

Fund’s

investment

objective,

strategies

and

policies

and

permissible

under

the

1940

Act.

The

Fund

may

also

invest

in

securities

of

private

funds

that

rely

on

exceptions

from

the

definition

of

investment

company

under