Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 152

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 152
---

paid

to

the

Fund,

but

will

affect

the

value

of

the

Fund’s

shares.

Interest

rate

risk

is

generally

greater

for

investments

with

longer

maturities.

Some

investments

give

the

issuer

the

option

to

call

or

redeem

an

investment

before

its

maturity

date.

If

an

issuer

calls

or

redeems

an

investment

during

a

time

of

declining

interest

rates,

we

might

have

to

reinvest

the

proceeds

in

an

investment

offering

a

lower

yield,

and,

therefore,

the

Fund

might

not

benefit

from

any

increase

in

value

as

a

result

of

declining

interest

rates.

#### •

#### Credit

#### risk.
Investors

normally

expect

to

be

compensated

in

proportion

to

the

risk

they

are

assuming.

Thus,

debt

of

issuers

with

poor

credit

prospects

usually

offers

higher

yields

than

debt

of

issuers

with

more

secure

credit.

Higher-rated

investments

generally

have

lower

credit

risk.

We

may

invest

up

to

70%

of

the

Fund’s

total

assets

in

higher-yield,

higher-risk

debt

investments

that

are

rated

below

BBB

or

its

equivalent

at

the

time

of

purchase

by

each

nationally

recognized

securities

rating

agency

rating

such

investments,

or

in

unrated

investments

that

we

believe

are

of

comparable

quality.

We

may

invest

up

to

5%

of

the

Fund’s

total

assets

in

debt

investments

rated

below

CCC

or

its

equivalent,

at

the

time

of

purchase,

by

each

rating

agency

rating

such

investments,

or

in

unrated

investments

that

we

believe

are

of

comparable