Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 163

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 163
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the

supply

and

demand

of

real

property

in

particular

markets,

changes

in

the

avail-ability,

terms

and

costs

of

mortgages,

changes

in

tenants’

ability

to

make

loan

payments,

changes

in

zoning

laws

and

eminent

domain

practices,

the

impact

of

environmental

laws,

delays

in

completion

of

construction,

changes

in

real

estate

values,

changes

in

property

taxes,

levels

of

occupancy,

adequacy

of

rent

to

cover

operating

expenses,

changes

in

government

regulations,

and

local

and

regional

market

conditions.

Some

of

these

factors

may

vary

greatly

by

geographic

location.

The

value

of

these

investments

also

may

be

affected

by

changes

in

interest

rates

and

social

and

economic

trends.

Mortgage-

backed

securities

are

subject

to

the

risk

of

fluctuations

in

income

from

underlying

real

estate

assets,

prepayments,

extensions,

and

defaults

by

borrowers.

Because

the

Fund

currently

has

significant

investment

exposure

to

commercial

mortgage-backed

securities,

the

Fund

may

be

particularly

susceptible

to

adverse

developments

affecting

those

securities.

Commercial

mortgage-backed

securities

include

securities

that

reflect

an

interest

in,

or

are

secured

by,

mortgage

loans

on

commercial

real

property,

such

as

industrial

and

warehouse

properties,

office

buildings,

retail

space

and

shopping

malls,

cooperative

apartments,

hotels

and

motels,

nursing

homes,

hospitals

and

senior

living

centers.

Many

of

the

risks

of

investing

in

commercial

mortgage-backed

securities

reflect

the

risks

of

investing

in

the

real

estate

securing

the

underlying

mortgage

loans.