Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 155

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 155
---
,

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government,

others

are

backed

only

by

the

credit

of

the

issuer.

Mortgage-backed

securities

may

be

subject

to

the

risk

that

underlying

borrowers

will

be

unable

to

meet

their

obligations.

Bond

investments

may

be

more

susceptible

to

downgrades

or

defaults

during

economic

downturns

or

other

periods

of

economic

stress,

which

can

significantly

strain

the

### financial
resources

of

debt

issuers,

including

the

issuers

of

the

bonds

in

which

the

Fund

invests

(or

has

exposure

to).

This

may

make

it

less

likely

that

those

issuers

can

meet

their

### financial
obligations

when

due

and

may

adversely

impact

the

value

of

their

bonds,

which

could

negatively

impact

the

performance

of

the

Fund.

It

is

difficult

to

predict

the

level

of

### financial
stress

and

duration

of

such

stress

issuers

may

experience.

#### •

#### Prepayment

#### risk.
Traditional

debt

investments

typically

pay

a

fixed

rate

of

interest

until

maturity,

when

the

entire

principal

amount

is

due.

In

contrast,

payments

on

securitized

debt

instruments,

including

mortgage-backed

and

asset-

backed

investments,

typically

include

both

interest

and

partial

payment

of

principal.

Principal

may

also

be

prepaid

voluntarily

or

as

a

result

of

refinancing

or

foreclosure.

We

may

have

to

invest

the

proceeds

from

prepaid

investments

in

other

investments

with

less

attractive

terms

and

yields.

Compared

to

debt

that

cannot

be

prepaid,

mort