Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 154

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 154
---
or

sell

certain

debt

instruments

or

to

establish

their

fair

values.

Credit

risk

is

generally

greater

for

zero-coupon

bonds

and

other

investments

that

are

issued

at

less

than

their

face

value

and

that

are

required

to

make

interest

payments

only

at

maturity

rather

than

at

intervals

during

the

life

of

the

investment.

Credit

ratings

are

based

largely

on

the

issuer’s

historical

### financial
condition

and

the

rating

agencies’

investment

### analysis
at

the

time

of

rating.

The

rating

assigned

to

any

particular

investment

does

not

necessarily

reflect

the

issuer’s

current

### financial
condition,

and

does

not

reflect

an

assessment

of

the

investment’s

volatility

or

liquidity.

Although

we

consider

credit

ratings

in

making

investment

decisions,

we

perform

our

own

investment

### analysis
and

do

not

rely

only

on

ratings

assigned

by

the

rating

agencies.

Our

success

in

achieving

the

Fund’s

goal

may

depend

more

on

our

own

credit

### analysis
when

we

buy

lower-rated

debt

than

when

we

buy

investment-grade

debt.

We

may

have

to

participate

in

legal

proceedings

involving

the

issuer.

This

could

increase

the

Fund’s

operating

expenses

and

decrease

its

net

asset

value.

Although

investment-grade

investments

generally

have

lower

credit

risk,

they

may

share

some

of

the

risks

of

lower-rated

investments.

U.S.

government

investments

generally

have

the

least

credit

risk,

but

are

not

completely

free

of

credit

risk.

While

some

investments,

such

as

U.S.

Treasury

obligations

and

Ginnie

Mae

certificates