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

See the risks and other important information.

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 04/30/2026 (Updated Monthly): $164.00 Million
Dividend Frequency, if any: Monthly
Morningstar Category⁵: Nontraditional Bond
Asset Class: Fixed Income

Expenses & Fees

⁸

As of 09/30/2025

Gross Expense Ratio⁶: 1.02%
Net Expense Ratio^6,7: 1.02%

Identifiers

Ticker: PIM
NAV Symbol: XPIMX
CUSIP Code: 746909100

Average Annual Total Returns As of 03/31/2026

View performance section for additional info As of 03/31/2026

Market Price

NAV

6.54%1 Year
9.36%3 Years
2.13%5 Years
4.52%10 Years
5.61%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 03/31/2026 - Market Value % of Total (Updated Monthly)

Geographic Focus
United States84.73%
Mexico0.73%
Brazil0.71%
Canada0.65%
Romania0.59%

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

Managed Fund Since 2011

Managed Fund Since 2020

Managed Fund Since 2024

Latest Insights

April 2, 2026

The opportunity in emerging markets today (Podcast)

February 19, 2026

Strong fundamentals and AI create exciting opportunities for US equities in 2026

January 8, 2026

Quick Thoughts: Venezuela—oil and gas optionality is large, but the rebuild is capital-intensive

December 10, 2025

US Equities in 2026: What could go right?

Performance

Average Annual Total Returns

As of 03/31/2026

Month End

Quarter End

As of

Putnam Master Intermediate Income Trust - Market Price (%)

Month End

As of 03/31/2026

Putnam Master Intermediate Income Trust - NAV (%)

Month End

As of 03/31/2026

ICE BofA U.S. Treasury Bill Index (%)

Month End

As of 03/31/2026

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 of03/31/2026 (Updated Monthly)

Total Net Assets: $163.27 Million

Positions

As of 03/31/2026 (Updated Monthly)

Number of Holdings

Fund: 782

Portfolio Statistics

As of 03/31/2026 (Updated Monthly)

Weighted Average Life

Fund: 5.58 Years

Effective Duration

Fund: 3.05 Years

Sector Exposure
Notional exposure figures are estimated and are intended to show the portfolio's direct exposure to securities and indirect exposure, through derivatives. Direct and indirect exposures are subject to change over time and methodologies for calculating indirect exposures vary by derivative type. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of derivatives, unsettled trades or other factors.

As of 04/30/2026 - Notional Exposure % of Total (Updated Monthly)

Sector Exposure
Sector	Fund	Benchmark
Net Cash	—	100.00%

Holdings
As of 03/31/2026 (Updated Monthly)

FNMA FN30 TBA UMBS 04.5000 04/01/2056

FNMA FN30 TBA UMBS 05.5000 04/01/2056

US 5YR NOTE (CBT) JUN26 FVM6

US 10YR ULTRA FUT JUN26 UXYM6

GNMA GII30 TBA 05.5000 04/01/2056

FRANKLIN ULTRA SHORT BOND ETF

GNMA GII30 TBA 05.0000 04/01/2056

FNMA FN30 TBA UMBS 06.0000 04/01/2056

STACR 2022-HQA1 B2 14.6619 03/25/2042

CWALT 2006-OA10 4A1 04.1730 08/25/2046

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 04-6584465

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 24	0.011708	—	—	—	0.010292	—	—	—	—
Feb 24	0.011708	—	—	—	0.010292	—	—	—	—
Mar 17	0.011708	—	—	—	0.010292	—	—	—	—
Apr 17	0.011708	—	—	—	0.010292	—	—	—	—
May 19	0.011708	—	—	—	0.010292	—	—	—	—
Jun 16	0.011708	—	—	—	0.010292	—	—	—	—
Jul 18	0.011708	—	—	—	0.010292	—	—	—	—
Aug 18	0.011708	—	—	—	0.010292	—	—	—	—
Sep 18	0.011708	—	—	—	0.010292	—	—	—	—
Oct 17	0.022	—	—	—	—	—	—	—	—
Nov 17	0.022	—	—	—	—	—	—	—	—
Dec 15	0.022	—	—	—	—	—	—	—	—
	0.171372	—	—	—	0.092628	—	—	—	—

Jan 24

Feb 24

Mar 17

Apr 17

May 19

Jun 16

Jul 18

Aug 18

Sep 18

Oct 17

Nov 17

Dec 15

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.24%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 100.00%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 05/08/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 05/08/2026

Share Prices

As of 05/08/2026

NAV ¹(Net Asset Value): $3.42
NAV Change ¹: $0.01
NAV Change (%) ¹: 0.29%
Market Price ²: $3.29
Market Price Change ²: $0.08
Market Price Change (%) ²: 2.49%

52-Week Range

Highest NAV As of 09/16/2025: $3.51
Lowest NAV As of 03/26/2026: $3.37
Highest Market Price As of 09/12/2025: $3.50
Lowest Market Price As of 06/13/2025: $0.00

Premium / Discount

As of 05/08/2026

Avg. of Market Price vs. NAV since Inception: -6.75%
Avg. of Market Price vs. NAV at Close: -3.80%

Press Releases

04/30/2026

04/29/2026

03/31/2026

02/27/2026

02/23/2026

01/30/2026

12/31/2025

11/28/2025

11/20/2025

10/31/2025

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Master Intermediate Income Trust	Download Document
Checkbox	Brochure - Closed-end funds Product Guide	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Master Intermediate Income Trust	Download Document
Checkbox	Semi-Annual Report - Putnam Master Intermediate Income Trust	Download Document
Checkbox	Policy and Procedures - Audit Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Policy and Procedures - Compensation Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Policy and Procedures - Nominating Committee Charter February 2024Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Master Intermediate Income Trust	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Master Intermediate Income Trust	Download Document

View Fund's SEC Filing

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.

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.

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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. 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.

Footnotes

Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Based on the fund’s Net Asset Value (NAV)
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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PIM Putnam Master Intermediate Income Trust

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Geographic Focus

Additional Fund Info

Trading Characteristics

Manager

About the Team

Latest Insights

Performance

Average Annual Total Returns

Portfolio

Distributions & Tax

Federal ID Number 04-6584465

Pricing

Chart

Daily Fund Prices

Press Releases

Documents

Risks

Important Information

Footnotes