Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 147

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 147
---

a

share

repurchase

program

that

allows

your

Fund

to

repurchase,

beginning

October

1,

2025,

up

to

10%

of

the

Fund's

common

shares

outstanding

as

of

September

30,

2025.

#### Information

#### about

#### the

#### Fund’s

#### goal,

#### investment

#### strategies,

#### principal

#### risks,

#### and

#### fundamental

#### investment

#### policies

#### Goal
The

goal

of

the

Fund

is

to

seek

with

equal

emphasis

high

current

income

and

relative

stability

of

net

asset

value

by

allocating

its

investments

among

the

U.S.

investment

grade

sector,

high-yield

sector,

and

international

sector.

#### The

#### Fund’s

#### main

#### investment

#### strategies

#### and

#### related

#### risks
This

section

contains

detail

regarding

the

Fund’s

main

investment

strategies

and

the

related

risks

you

face

as

a

Fund

shareholder.

It

is

important

to

keep

in

mind

that

risk

and

reward

generally

go

hand

in

hand;

the

higher

the

potential

reward,

the

greater

the

risk.

We

pursue

the

Fund’s

goal

by

investing

mainly

in

assignments

of

and

participations

in

fixed

and

floating

rate

bank

loans,

bonds

and

related

derivatives,

securitized

debt

instruments

(such

as

residential

mortgage-backed

securities

and

commercial

mortgage-backed

securities),

and

other

obligations

of

companies

and

governments

worldwide

that

are

either

investment-grade

or

below-investment-grade

in

quality

(sometimes

referred

to

as

“junk

bonds”),

that

have

intermediate-

to

long-term

maturities

(three

years

or

longer),

and

that

are

from

multiple

sectors.

The

Fund,

under

normal

circumstances,

will