Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 165

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 165
---
security

events,

the

global

and

domestic

effects

of

widespread

or

local

health,

weather

or

climate

events,

and

other

factors

that

may

or

may

not

be

related

to

the

issuer

of

the

security

or

other

asset.

Economies

and

### financial
markets

throughout

the

world

are

increasingly

interconnected.

Economic,

### financial
or

political

events,

trading

and

tariff

arrangements,

public

health

events,

terrorism,

wars,

natural

disasters

and

other

circumstances

in

one

country

or

region

could

have

profound

impacts

on

global

economies

or

markets.

As

a

result,

whether

or

not

the

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

or

markets

directly

affected,

the

value

and

### liquidity
of

the

Fund’s

investments

may

be

negatively

affected.

The

United

States

and

other

countries

are

periodically

involved

in

disputes

over

trade

and

other

matters,

which

may

result

in

tariffs,

investment

restrictions

and

adverse

impacts

on

affected

companies

and

securities.

For

example,

the

United

States

has

recently

enacted

and

proposed

to

enact

significant

new

tariffs

and

President

Trump

has

directed

various

federal

agencies

to

further

evaluate

key

aspects

of

U.S.

trade

policy,

which

could

potentially

lead

to

significant

changes

to

current

policies,

treaties

and

tariffs.

There

continues

to

exist

significant

uncertainty

about

the

future

relationship

between

the

U.S.

and

other

countries

with

respect

to

such

trade

policies,

treaties

and

tariffs.

These

developments,

or

the

per