Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 166

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 166
---
ception

that

any

of

them

could

occur,

may

have

a

material

adverse

effect

on

global

economic

conditions

and

the

stability

of

global

### financial
markets,

and

may

significantly

reduce

global

trade

and,

in

particular,

trade

between

the

impacted

nations

and

the

U.S.

Raising

the

ceiling

on

U.S.

government

debt

has

become

increasingly

politicized.

Any

failure

to

increase

the

total

amount

that

the

U.S.

government

is

authorized

to

borrow

could

lead

to

a

default

on

U.S.

government

obligations,

with

unpredictable

consequences

for

economies

and

markets

in

the

U.S.

and

elsewhere.

Recently,

inflation

and

interest

rates

have

increased

and

may

rise

further.

These

circumstances

could

adversely

affect

the

value

and

### liquidity
of

the

Fund’s

investments,

impair

the

Fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

the

Fund’s

performance.

The

United

States

and

other

countries

are

periodically

involved

in

disputes

over

trade

and

other

matters,

which

may

result

in

tariffs,

investment

restrictions

and

adverse

impacts

on

affected

companies

and

securities.

For

example,

the

United

States

has

imposed

tariffs

and

other

trade

barriers

on

Chinese

exports,

has

restricted

sales

of

certain

categories

of

goods

to

China,

and

has

established

barriers

to

investments

in

China.

Trade

disputes

may

adversely

affect

the

economies

of

the

United

States

and

its

trading

partners,

as

well

as

companies

directly

or

indirectly

affected

and

### financial
markets

generally.

The