Putnam Master Intermediate Income Trust

Putnam Master Intermediate Income Trust is a closed-end fixed income fund launched in 1988 and managed by Putnam Investment Management, LLC, now under Franklin Templeton. It seeks high current income and relative stability of net asset value with equal emphasis, investing primarily in U.S. investment-grade bonds, high-yield bonds, and international sectors across traditional and alternative bond markets. The fund employs broad diversification, flexible risk allocations, and active duration management to pursue multiple return sources unconstrained by its benchmark, the ICE BofA U.S. Treasury Bill Index. Key portfolio features include significant allocations to high-yield corporate bonds (around 20%), agency pass-throughs (18%), emerging markets bonds (13%), and mortgage-backed securities, with an effective duration of approximately 3.24 years and over 750 holdings. It pays monthly dividends, classified in the Nontraditional Bond Morningstar category, and plays a role in providing income-focused exposure in multi-sector fixed income strategies for investors seeking yield with moderated interest rate sensitivity.