Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 151

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 151
---

are

typically

increased

in

countries

with

less

developed

markets,

which

are

sometimes

referred

to

as

emerging

markets.

Emerging

markets

may

have

less

developed

economies

and

legal

and

regulatory

systems,

and

may

be

susceptible

to

greater

political

and

economic

instability

than

developed

foreign

markets.

Countries

with

emerging

markets

are

also

more

likely

to

experience

high

levels

of

inflation,

or

currency

devaluation,

and

investments

in

emerging

markets

may

be

more

volatile

and

less

liquid

than

investments

in

developed

markets.

For

these

and

other

reasons,

investments

in

emerging

markets

are

often

considered

speculative.

Certain

risks

related

to

foreign

investments

may

also

apply

to

some

extent

to

U.S.-

traded

investments

that

are

denominated

in

foreign

currencies,

investments

in

U.S.

companies

that

are

traded

in

foreign

markets,

or

investments

in

U.S.

companies

that

have

significant

foreign

operations.

•

#### Interest

#### rate

#### risk.
The

values

of

bonds

and

other

debt

instruments

usually

rise

and

fall

in

response

to

changes

in

interest

rates.

Interest

rates

can

change

in

response

to

the

supply

and

demand

for

credit,

government

and/or

central

bank

monetary

policy

and

action,

inflation

rates,

and

other

factors.

Declining

interest

rates

generally

result

in

an

increase

in

the

value

of

existing

debt

instruments,

and

rising

interest

rates

generally

result

in

a

decrease

in

the

value

of

existing

debt

instruments.

Changes

in

a

debt

instrument’s

value

usually

will

not

affect

the

amount

of

interest

income