![[Michael V Salms avatar]](https://franklintempletonprod.widen.net/content/gdksujp88u/webp/Salm_Michael_500x500.png){kind=avatar}
Managed Fund Since 2011
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.
Popular Documents
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 Assets
As of 12/31/2025 (Updated Monthly) - $166.30 Million
- Dividend Frequency, if any
- Monthly
- Morningstar Category
5 - Nontraditional Bond
- Asset Class
- Fixed Income
Identifiers
- Ticker
- PIM
- NAV Symbol
- XPIMX
- CUSIP Code
- 746909100
Average Annual Total Returns As of 11/30/2025
- 10.12%1 Year
- 8.35%3 Years
- 3.27%5 Years
- 4.20%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
As of 11/30/2025 - Market Value % of Total (Updated Monthly)
United States82.03% | |
Brazil0.93% | |
Mexico0.87% | |
France0.78% | |
Romania0.73% |
Additional Fund Info
- Listing Exchange
- NYSE
- Fiscal Year End
- September 30
- Benchmark
- ICE BofA U.S. Treasury Bill Index
- Lipper Classification
- N/A
- Investment Style
- Multi-Sector
Trading Characteristics
- 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
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.
Franklin Templeton Fixed Income
![[Albert W Chans avatar]](https://franklintempletonprod.widen.net/content/z0zmosiczd/webp/Chan_Albert_500x500.png){kind=avatar}
Managed Fund Since 2020
![[Matthew J Walkups avatar]](https://franklintempletonprod.widen.net/content/x5gq7ikjxw/webp/Walkup_Matthew_500x500.png){kind=avatar}
Managed Fund Since 2024
![[Patrick A. Kleins avatar]](https://franklintempletonprod.widen.net/content/rwvxaop09d/webp/Klein_Patrick_500x500.png){kind=avatar}
Managed Fund Since 2024
Latest Insights
January 8, 2026
January 6, 2026
December 22, 2025
December 18, 2025
Performance
Average Annual Total Returns
As of 11/30/2025
Selected Month November 2025
Putnam Master Intermediate Income Trust - Market Price (%)
Month End
As of 11/30/2025
Putnam Master Intermediate Income Trust - NAV (%)
Month End
As of 11/30/2025
ICE BofA U.S. Treasury Bill Index (%)
Month End
As of 11/30/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.
Portfolio
Assets
As of11/30/2025 (Updated Monthly)
- Total Net Assets
- $167.16 Million
Positions
As of 11/30/2025 (Updated Monthly)
Number of Holdings
- Fund
- 751
Portfolio Statistics
As of 11/30/2025 (Updated Monthly)
Weighted Average Life
- Fund
- 4.87 Years
- Fund
- 3.24 Years
Sector Exposure
As of 11/30/2025 - Notional Exposure % of Total (Updated Monthly)
| Sector | Fund | Benchmark |
|---|---|---|
Corporate Bond - High Yield | 19.85% | — |
Agency Pass-through | 18.55% | — |
Emerging Markets Bonds | 13.32% | — |
Corporate Bond - Investment Grade | 12.66% | — |
Agency CMO | 11.80% | — |
Residential MBS (Non-agency) | 9.67% | — |
Commercial Mortgage-Backed Securities | 8.75% | — |
Bank Loans | 7.77% | — |
Convertibles | 2.83% | — |
Investment Vehicle | 2.48% | — |
Collateralized Loan Obligation | 0.49% | — |
Asset-Backed Securities | 0.34% | — |
Net Cash | 14.59% | 100.00% |
Holdings
As of 11/30/2025 (Updated Monthly)
FNMA FN30 TBA UMBS 05.5000 12/01/2055
US 5YR NOTE (CBT) MAR26 FVH6
US 10YR ULTRA FUT MAR26 UXYH6
GNMA GII30 TBA 05.5000 12/01/2053
FRANKLIN ULTRA SHORT BOND ETF
GNMA GII30 TBA 05.0000 12/01/2055
FNMA FN30 TBA UMBS 06.0000 12/01/2055
3.63 R ISWP FWD SOFR P 09/17/2030
FNMA FN30 TBA UMBS 02.5000 12/01/2055
STACR 2016-DNA1 B 14.1863 07/25/2028
Distributions & Tax
- Distribution Frequency
- MonthlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate
At Net Asset Value (NAV) 7.63%
At Market Price 7.90%
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/15/2025
11/17/2025
10/17/2025
09/18/2025
08/18/2025
07/18/2025
06/16/2025
05/19/2025
04/17/2025
03/17/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report for specific information regarding distributions.
Pricing
Pricing History
As of 01/09/2026 (Updated Daily)
Daily Fund Prices
As of 01/09/2026
Share Prices
As of 01/09/2026
52-Week Range
- Highest NAV
As of 09/16/2025 - $3.51
- Lowest NAV
As of 04/11/2025 - $3.38
- Highest Market Price
As of 09/12/2025 - $3.50
- Lowest Market Price
As of 06/13/2025 - $0.00
Premium / Discount
As of 01/09/2026
- Avg. of Market Price vs. NAV since Inception
- -6.77%
- Avg. of Market Price vs. NAV at Close
- -3.47%
Press Releases
12/31/2025
11/28/2025
11/20/2025
10/31/2025
09/24/2025
09/08/2025
08/07/2025
08/07/2025
07/08/2025
05/07/2025
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam Master Intermediate Income Trust | |||
| Closed-End Funds Product Guide |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam Master Intermediate Income Trust | |||
| Semi-Annual Report - Putnam Master Intermediate Income Trust | |||
| Policy and Procedures - Putnam Master Intermediate Income Trust | |||
| Fiscal Q1 Holdings - Putnam Master Intermediate Income Trust | |||
| Fiscal Q3 Holdings - Putnam Master Intermediate Income Trust |
Risks
All investments involve risks, including possible loss of principal.
Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.
You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.
Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion. You cannot invest directly in an index.
The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar-denominated U.S. Treasury bills publicly issued in the U.S. domestic market. Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.