Webcast | Putnam closed-end funds update: PIM, PPT, PMO, and PMM | May 3, 2022

Important update on the dividend policy for this fund: The Trustees of the Putnam Funds have approved an amendment to the dividend policy for the Putnam closed-end funds to establish targeted distribution rates for common shares. Read more here.


Master Intermediate Income Trust (Class A)  (NYSE: PIM)

A closed-end fund seeking high current income and relative stability of net asset value by investing in a wide variety of fixed income securities globally

Highlights

Objective

The fund seeks, with equal emphasis, high current income and relative stability of net asset value. It allocates assets to the U.S. investment-grade sector, high-yield sector, and international sector.

Strategy and process

  • 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.

Daily pricing and assets as of 07/01/22

Ticker NYSE: PIM
Net asset value $3.67
Net asset value change 0.01
Market price $3.42
Market price change 0.01
Discount/Premium -6.81%
Dividend rate at net asset value 7.19%
Dividend rate at market price 7.72%
Net assets and outstanding shares Download CSV

Fund facts as of 05/31/22

Inception date
04/29/88
Total net assets
$189.70M
Dividend frequency
Monthly
Number of holdings
1570
Product status
Trades on secondary market
Common share CUSIP
746909100
Ticker
NYSE: PIM
Fiscal year-end
September
Category
Closed End
Turnover (fiscal year end)
1,073%
AMT
N/A

Management team

Chief Investment Officer, Fixed Income
Head of Portfolio Construction
Head of Global Sovereign Credit
Portfolio Manager
Co-Head of Structured Credit
Head of Corporate and Tax-Exempt Credit


Literature

Fund documents

Annual Report (PDF)
Semiannual Report (PDF)

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Performance

  • Performance as of 06/30/22

  • Annual performance as of 06/30/22

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value -2.08% -2.99% -2.60% -8.54% -2.07% 0.51% 2.69%
Market price 0.35% -2.93% -10.42% -12.74% -2.51% 0.77% 2.73%
Comparative index: ICE BofA U.S. Treasury Bill Index†
Net asset value 0.00%0.07%0.05%0.07%0.63%1.11%0.65%

Data is historical. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Investment return at both net asset value and market price as well as principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Performance at net asset value reflects the deduction of all management and administrative fees. 12b-1 (distribution) fees are not applicable to this fund.

Performance snapshot

  Net asset value Market price
1 mt. -2.08% 0.35%
as of 06/30/22
YTD -2.33% -10.15%
as of 07/01/22

Lipper rankings as of 05/31/22

Time period Rank/Funds in category Percentile ranking
1 yr. 50/65 76%
3 yrs. 47/50 93%
5 yrs. 29/30 94%
10 yrs. 19/21 87%
Lipper category: General Bond Funds

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
06/24/22 $00.022
05/24/22 $00.022
04/22/22 $00.022
03/24/22 $00.022
02/23/22 $00.022
01/24/22 $00.022
12/23/21 $00.022
11/23/21 $00.022
10/22/21 $00.022
09/24/21 $00.022
08/24/21 $00.022
07/23/21 $00.022

Distributions may be comprised of ordinary income, net capital gains and/or a return of capital of your investment in the Fund. Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

Risk characteristics 

Average effective maturity 4.40
Average stated maturity N/A
Average effective duration
without leverage
1.37
Average effective duration
with leverage
1.37
Average yield to maturity 18.29
Average coupon 5.03

Data is historical. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Investment return at both net asset value and market price as well as principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Performance at net asset value reflects the deduction of all management and administrative fees. 12b-1 (distribution) fees are not applicable to this fund.

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Fnma Fn30 Tba Umbs 04.5000 06/01/2052 8.05%
Fnma Fn30 Tba Umbs 04.5000 07/01/2052 4.28%
Fnma Fn30 Tba Umbs 03.5000 07/01/2052 4.13%
Fnma Fn30 Tba Umbs 03.0000 07/01/2052 3.51%
Fnma Fn30 Tba Umbs 04.0000 06/01/2052 1.05%
Fnma Fn30 Tba Umbs 04.0000 07/01/2052 1.05%
Republic Of Senegal Regs 06.2500 05/23/2033 1.04%
Cwalt 2006-Oa10 4a1 01.3857 08/25/2046 0.80%
Fhr 4991 Ie Io 05.0000 07/25/2050 0.80%
Fnr 2020-75 Mi Io 04.0000 11/25/2050 0.74%
Top 10 holdings, percent of portfolio 25.44%