Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 149

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 149
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addition,

we

consider

an

issuer

to

be

a

foreign

issuer

if

we

determine

that

(i)

the

issuer

is

headquartered

or

organized

outside

the

United

States,

(ii)

the

issuer’s

securities

trade

in

a

market

outside

the

United

States,

(iii)

the

issuer

derives

a

majority

of

its

revenues

or

profits

outside

the

United

States,

or

(iv)

the

issuer

is

significantly

exposed

to

the

economic

fortunes

and

risks

of

regions

outside

the

United

States.

Foreign

investments

involve

certain

special

risks,

including:

—

Unfavorable

changes

in

currency

exchange

rates:

Foreign

investments

are

typically

issued

and

traded

in

foreign

currencies.

As

a

result,

their

values

may

be

affected

by

changes

in

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

—

Political

and

economic

developments:

Foreign

investments

may

be

subject

to

the

risks

of

seizure

by

a

foreign

government,

direct

or

indirect

impact

of

sovereign

debt

default,

imposition

of

economic

sanctions,

tariffs,

trade

restrictions,

currency

restrictions

or

similar

actions

(or

retaliatory

measures

taken

in

response

to

such

actions),

and

tax

increases.

—

Unreliable

or

untimely

information:

There

may

be

less

information

publicly

available

about

a

foreign

company

than

about

most

publicly-traded

U.S.

companies,

and

foreign

companies

are

usually

not

subject

to

accounting,

auditing

and

### financial
reporting

standards

and

practices

as

stringent

as

those

in

the

United

States.

Foreign

securities

may

trade

on

markets

that

are

closed

when

U.S.

markets

are

open.

As