Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 167

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 167
---

United

States

government

has

prohibited

U.S.

persons

from

investing

in

Chinese

companies

designated

as

related

to

the

Chinese

military.

These

and

possible

future

restrictions

could

limit

the

Fund’s

opportunities

for

investment

and

require

the

sale

of

securities

at

a

loss

or

make

them

illiquid.

Moreover,

the

Chinese

government

is

involved

in

a

longstanding

dispute

with

Taiwan

that

has

included

threats

of

invasion.

If

the

political

climate

between

the

United

States

and

China

does

not

improve

or

continues

to

deteriorate,

if

China

were

to

attempt

unification

of

Taiwan

by

force,

or

if

other

geopolitical

conflicts

develop

or

get

worse,

economies,

markets

and

individual

securities

may

be

severely

affected

both

regionally

and

globally,

and

the

value

of

the

Fund’s

assets

may

go

down.

#### •

#### ESG

#### considerations.
Although

ESG

considerations

do

not

represent

a

primary

focus

of

the

Fund,

we

expect

to

integrate

ESG

considerations

into

our

fundamental

research

process

and

investment

decision-making

for

the

Fund,

where

we

consider

them

material

and

relevant,

and

where

data

is

available.

We

believe

that

ESG

considerations,

like

other,

more

traditional

subjects

of

investment

### analysis
such

as

credit,

interest

rate,

prepayment

and

### liquidity
risks,

as

well

as

general

market

conditions,

have

the

potential

to

impact

### financial
risk

and

investment

returns.

We

believe

that

ESG

considerations

are

best

analyzed

in

combination

with

traditional

fundamental

considerations,

including

a

company’s

industry,

geography,

and

strategic