Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 164

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 164
---
During

periods

of

difficult

economic

conditions

(including

periods

of

significant

disruptions

to

### business
operations,

supply

chains,

and

customer

activity

and

lower

consumer

demand

for

goods

and

services),

delinquencies

and

losses

on

commercial

real

estate

generally

increase,

including

as

a

result

of

the

effects

of

those

conditions

on

commercial

real

estate

markets,

the

ability

of

commercial

tenants

to

make

loan

payments,

and

the

ability

of

a

property

to

attract

and

retain

commercial

tenants.

The

risk

of

defaults

on

residential

mortgage-backed

securities

is

generally

higher

in

the

case

of

mortgage-backed

investments

that

include

non-qualified

mortgages.

Litigation

with

respect

to

the

representations

and

warranties

given

in

connection

with

the

issuance

of

mortgage-backed

securities

can

be

an

important

consideration

in

investing

in

such

securities,

and

the

outcome

of

any

such

litigation

could

significantly

impact

the

value

of

the

Fund’s

mortgage-backed

investments.

#### •

#### Market

#### Events

#### Risk.
The

market

values

of

securities

or

other

assets

will

fluctuate,

sometimes

sharply

and

unpredictably,

due

to

factors

such

as

economic

events,

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

66

franklintempleton.com

Annual

Report

governmental

actions

or

intervention,

actions

taken

by

the

U.S.

Federal

Reserve

or

foreign

central

banks,

market

disruptions

caused

by

trade

disputes,

labor

strikes

or

other

factors,

political

developments,

armed

conflicts,

economic

sanctions

and

countermeasures

in

response

to

sanctions,

major

cyber