Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 169

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 169
---

on

the

basis

of

relevant

ESG

considerations.

#### •

### Management

#### and

#### operational

#### risk.
The

Fund

is

actively

managed

and

its

performance

will

reflect,

in

part,

our

ability

to

make

investment

decisions

that

seek

to

achieve

the

Fund’s

investment

objective.

There

is

no

guarantee

that

the

investment

techniques,

analyses,

or

judgments

that

we

apply

in

making

investment

decisions

for

the

Fund

will

produce

the

intended

outcome

or

that

the

investments

we

select

for

the

Fund

will

perform

as

well

as

other

securities

that

were

not

selected

for

the

Fund.

As

a

result,

the

Fund

may

underperform

its

benchmark

or

other

funds

with

a

similar

investment

goal

and

may

realize

losses.

In

addition,

we,

or

the

Fund’s

other

service

providers,

may

experience

disruptions

or

operating

errors

that

could

negatively

impact

the

Fund.

Although

service

providers

may

have

operational

risk

### management
policies

and

### procedures
and

take

appropriate

precautions

to

avoid

and

mitigate

risks

that

could

lead

to

disruptions

and

operating

errors,

it

may

not

be

possible

to

identify

all

of

the

operational

risks

that

may

affect

the

Fund

or

to

develop

processes

and

### controls
to

completely

eliminate

or

mitigate

their

occurrence

or

effects.

#### •

#### Other

#### investments.
In

addition

to

the

main

investment

strategies

described

above,

the

Fund

may

make

other

types

of

investments,

such

as

investments

in

asset-backed,

hybrid

and

structured

bonds

and

notes,

preferred

securities

that

would

be

characterized