Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 150

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 150
---

a

result,

accurate

pricing

information

based

on

foreign

market

prices

may

not

always

be

available.

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

62

franklintempleton.com

Annual

Report

—

Limited

legal

recourse:

Legal

remedies

for

investors

may

be

more

limited

than

the

remedies

available

in

the

United

States.

—

Limited

markets:

Certain

foreign

investments

may

be

less

liquid

(harder

to

buy

and

sell)

and

more

volatile

than

most

U.S.

investments,

which

means

we

may

at

times

be

unable

to

sell

these

foreign

investments

at

desirable

prices.

In

addition,

there

may

be

limited

or

no

markets

for

bonds

of

issuers

that

become

distressed.

For

the

same

reason,

we

may

at

times

find

it

difficult

to

value

the

Fund’s

foreign

investments.

—

Trading

practices:

Brokerage

commissions

and

other

fees

are

generally

higher

for

foreign

investments

than

for

U.S.

investments.

The

### procedures
and

rules

governing

foreign

transactions

and

custody

may

also

involve

delays

in

payment,

delivery

or

recovery

of

money

or

investments.

—

Sovereign

issuers:

The

willingness

and

ability

of

sovereign

issuers

to

pay

principal

and

interest

on

government

securities

depends

on

various

economic

factors,

including

the

issuer’s

balance

of

payments,

overall

debt

level,

and

cash

flow

from

tax

or

other

revenues.

In

addition,

there

may

be

no

legal

recourse

for

investors

in

the

event

of

default

by

a

sovereign

government.

The

risks

of

foreign

investments