PIM

Putnam Master Intermediate Income Trust (PIM) is a diversified, closed-end management investment company that seeks to provide high current income consistent with preservation of capital. The trust operates under the management of Putnam Investment Management, LLC, a Boston-based investment firm. PIM primarily invests in intermediate-duration investment-grade and high-yield corporate bonds, U.S. government securities, and other fixed-income instruments, maintaining a dollar-weighted average portfolio maturity typically between three and ten years. The fund employs a flexible investment approach that allows it to adjust portfolio duration and credit quality based on market conditions and relative value opportunities across the fixed-income spectrum. As a closed-end fund, PIM trades on the New York Stock Exchange and maintains a fixed number of shares, which can trade at premiums or discounts to net asset value. The trust utilizes leverage through borrowings and reverse repurchase agreements to enhance potential returns, though this strategy also increases risk and volatility. Putnam's experienced fixed-income management team conducts fundamental credit research and employs quantitative analysis to identify securities they believe offer attractive risk-adjusted returns. The fund serves income-focused investors seeking exposure to a professionally managed, diversified portfolio of intermediate-term bonds with the potential for capital appreciation and regular monthly distributions.