Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 160

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 160
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claim

on

those

assets

in

the

event

of

default

or

bankruptcy

of

the

issuer.

Floating

rate

loans

generally

are

less

sensitive

to

interest

rate

changes

than

obligations

with

fixed

interest

rates

but

may

decline

in

value

if

their

interest

rates

do

not

rise

as

much,

or

as

quickly,

as

interest

rates

in

general.

Conversely,

floating

rate

instruments

will

not

generally

increase

in

value

if

interest

rates

decline.

Changes

in

interest

rates

will

also

affect

the

amount

of

interest

income

the

Fund

earns

on

its

floating

rate

investments.

Most

floating

rate

loans

allow

for

prepayment

of

principal

without

penalty.

If

a

borrower

prepays

a

loan,

we

might

have

to

reinvest

the

proceeds

in

an

investment

that

may

have

lower

yields

than

the

yield

on

the

prepaid

loan

or

might

not

be

able

to

take

advantage

of

potential

gains

from

increases

in

the

credit

quality

of

the

issuer.

The

value

of

collateral,

if

any,

securing

a

floating

rate

loan

can

decline,

and

may

be

insufficient

to

meet

the

borrower’s

obligations

or

difficult

to

liquidate.

In

addition,

the

Fund’s

access

to

collateral

may

be

limited

by

bankruptcy

or

other

insolvency

proceedings.

Floating

rate

loans

may

not

be

fully

collateralized

and

may

decline

in

value.

Loans

may

not

be

considered

“securities,”

and

it

is

possible

that

the

Fund

may

not

be

entitled

to

rely

on

anti-fraud

and

other

protections

under