Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 172

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 172
---

and

service

fees

that

are

borne

indirectly

by

investors,

such

as

the

Fund,

there

may

be

duplication

of

investment

### management
and

other

fees.

#### •

#### Temporary

#### defensive

#### strategies.
In

response

to

adverse

market,

economic,

political

or

other

conditions,

we

may

take

temporary

defensive

positions,

such

as

investing

some

or

all

of

the

Fund’s

assets

in

cash

and

cash

equivalents,

that

differ

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

68

franklintempleton.com

Annual

Report

from

the

Fund’s

usual

investment

strategies.

However,

we

may

choose

not

to

use

these

temporary

defensive

strategies

for

a

variety

of

reasons,

even

in

very

volatile

market

conditions.

If

we

do

employ

these

strategies,

the

Fund

may

miss

out

on

investment

opportunities,

and

may

not

achieve

its

goal.

Additionally,

while

temporary

defensive

strategies

are

mainly

designed

to

limit

losses,

they

may

not

work

as

intended.

#### •

#### Cybersecurity

#### Risk.
Like

other

funds

and

### business
enterprises,

the

Fund,

the

Manager,

the

Sub-Advisers,

the

relevant

listing

exchange

and

their

service

providers

are

subject

to

the

risk

of

cybersecurity

incidents

occurring

from

time

to

time.

Cybersecurity

incidents,

whether

intentionally

caused

by

third

parties

or

otherwise,

may

allow

an

unauthorized

party

to

gain

access

to

Fund

assets,

Fund

or

customer

data

(including

private

shareholder

information)

or

proprietary

information,

cause

the

Fund,

the

Manager,

the

Sub-Advisers,

the

relevant

listing

exchange

and/or