Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 175

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 175
---
real

estate

acquired

through

the

exercise

of

its

rights

as

a

holder

of

debt

obligations

secured

by

real

estate

or

interests

therein.

4.

Purchase

or

sell

commodities

or

commodity

contracts,

except

that

the

Fund

may

purchase

and

sell

### financial
futures

contracts

and

options

and

may

enter

into

foreign

exchange

contracts

and

other

### financial
transactions

not

involving

physical

commodities.

5.

Make

loans,

except

by

purchase

of

debt

obligations

in

which

the

Fund

may

invest

consistent

with

its

investment

policies

(including

without

limitation

debt

obligations

issued

by

other

Putnam

funds),

by

entering

into

repurchase

agreements,

or

by

lending

its

portfolio

securities.

6.

With

respect

to

75%

of

its

total

assets,

invest

in

the

securities

of

any

issuer

if,

immediately

after

such

investment,

more

than

5%

of

the

total

assets

of

the

Fund

(taken

at

current

value)

would

be

invested

in

the

securities

of

such

Putnam

Master

Intermediate

Income

Trust

Important

Information

to

Shareholders

(unaudited)

69

franklintempleton.com

Annual

Report

issuer;

provided

that

this

limitation

does

not

apply

to

obligations

issued

or

guaranteed

as

to

interest

or

principal

by

the

U.S.

government

or

its

agencies

or

instrumentalities.

7.

With

respect

to

75%

of

its

total

assets,

acquire

more

than

10%

of

the

outstanding

voting

securities

of

any

issuer.

8.

Invest

more

than

25%

of

the

value

of

its

total

assets

in

any

one

industry.

(Securities

of

the

U.S.

Government