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

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

#### Asset-backed,

#### mortgage-backed

#### or

#### mortgage-related

#### securities
are

subject

to

prepayment

and

extension

risks.

#### International

#### investments
are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

#### emerging

#### markets.

#### Deriv-

#### ative

#### instruments
can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

#### Active

### management
does

not

ensure

gains

or

protect

against

market

declines.

The

manager

may

consider

#### environmental,

#### social

#### and

#### governance
**(ESG)**

#### criteria
in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

1.

The

total

annual

operating

expenses

are

as

of

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2.

Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

the

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4.

Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5.

Source:

FactSet.