Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 161

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 161
---

the

federal

securities

laws

when

it

purchases

loans.

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

65

franklintempleton.com

Annual

Report

Although

the

market

for

the

types

of

floating

rate

loans

in

which

the

Fund

invests

has

become

increasingly

liquid

over

time,

this

market

is

still

developing,

and

there

can

be

no

assurance

that

adverse

developments

with

respect

to

this

market

or

particular

borrowers

will

not

prevent

the

Fund

from

selling

these

loans

at

their

market

values

when

we

consider

such

a

sale

desirable.

In

addition,

the

settlement

period

(the

period

between

the

execution

of

the

trade

and

the

delivery

of

cash

to

the

purchaser)

for

floating

rate

loan

transactions

may

be

significantly

longer

than

the

settlement

period

for

other

investments,

and

in

some

cases

longer

than

seven

days.

Requirements

to

obtain

consent

of

borrower

and/or

agent

can

delay

or

impede

the

Fund’s

ability

to

sell

the

floating

rate

loans

and

can

adversely

affect

the

price

that

can

be

obtained.

It

is

possible

that

sale

proceeds

from

floating

rate

loan

transactions

will

not

be

available

to

meet

redemption

obligations.

#### •

### Liquidity

#### and

#### illiquid

#### investments.
We

may

invest

the

Fund’s

assets

in

illiquid

investments,

which

may

be

considered

speculative

and

which

may

be

difficult

to

sell.

The

sale

of

many

of

these

investments

is

prohibited

or

limited

by

law

or

contract.

Some