Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 168

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 168
---

position

or

the

fundamentals

of

a

securitized

product

and

its

underlying

assets.

With

respect

to

securitized

products,

we

may

evaluate

ESG

considerations

related

to

the

originator,

servicers

and

other

relevant

parties.

We

also

consider

ESG

factors

when

evaluating

sovereign

debt,

including

both

current

ESG

metrics

and

goals

and

progress

by

the

sovereign

issuer

with

respect

to

ESG

considerations.

When

considering

ESG

factors

for

all

asset

classes,

we

use

company

or

issuer

disclosures,

public

data

sources,

and

independent

third-party

data

(where

available)

as

inputs

into

our

analytical

processes.

With

respect

to

certain

Fund

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

67

franklintempleton.com

Annual

Report

holdings,

such

as

holdings

of

securitized

investments,

data

on

material

ESG

considerations

may

be

limited.

Because

fixed

income

investments

generally

represent

a

promise

to

pay

principal

and

interest

by

an

issuer,

and

not

an

ownership

interest,

and

may

involve

complex

structures,

ESG-related

investment

considerations

may

have

a

more

limited

impact

on

risk

and

return

(or

may

have

an

impact

over

a

different

investment

time

horizon)

relative

to

other

asset

classes,

and

this

may

be

particularly

true

for

shorter-term

investments.

The

consideration

of

ESG

factors

as

part

of

the

Fund’s

investment

process

does

not

mean

that

the

Fund

pursues

a

specific

“ESG”

or

“sustainable”

investment

strategy,

and

we

may

make

investment

decisions

for

the

Fund

other

than