Fixed Income

PIM Putnam Master Intermediate Income Trust

Broad diversification. The fund seeks multiple sources of return outside the constraints of its benchmark, investing across traditional and alternative bond markets.
Flexible risk allocations. The fund takes a unique approach to asset allocation, dynamically establishing diversified risk exposures rather than sector exposures.
Active duration management. As the fund's duration is independent of any index, the fund employs strategies that seek to reduce interest-rate risk.

Overview

Fund Facts

Fund description

The fund seeks, with equal emphasis, high current income and relative stability of net asset value by allocating assets to the U.S. investment-grade, high-yield, and international sector. The fund seeks multiple sources of return outside the constraints of its benchmark, investing across traditional and alternative bond markets.

Fund Inception Date: 04/29/1988
Total Net AssetsAs of 03/31/2026 (Updated Monthly): $163.27 Million
Dividend Frequency, if any: Monthly
Morningstar Category: Nontraditional Bond
Asset Class: Fixed Income

Expenses & Fees

As of 09/30/2025

Gross Expense Ratio: 1.02%
Net Expense Ratio: 1.02%

Identifiers

Ticker: PIM
NAV Symbol: XPIMX
CUSIP Code: 746909100

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Market Price

NAV

8.48%1 Year
9.58%3 Years
3.04%5 Years
5.31%10 Years
5.65%Since Inception
04/29/1988

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Geographic Focus

View portfolio section for additional info

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Geographic Focus
United States83.69%
France0.73%
Mexico0.72%
Brazil0.68%
Romania0.61%

Additional Fund Info

Listing Exchange: NYSE
Fiscal Year End: September 30
Benchmark: ICE BofA U.S. Treasury Bill Index
Lipper Classification: General Bond Funds
Investment Style: Multi-Sector

Trading Characteristics

(Updated Daily)

Shares Outstanding: 48,184,341
Daily Volume: N/A
Initial Offering (Shares of common stock /beneficial interest): N/A
Initial Offering Price: N/A

Manager

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Franklin Templeton Fixed Income