In plain terms — Franklin Master Intermediate Income Trust
Shares currently cost about 6.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 5.3% discount, so today's level is somewhat wide for this fund (Z-score -1.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.7% a year of the share price (8.1% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.07 of assets — a ReinvestCapture™ rate of 9.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 1.2% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -6.55% | 1.17% | -1.22 | 55 |
| 6 months | -6.23% | 1.06% | -1.65 | 106 |
| 1 year | -5.29% | 1.50% | -1.80 | 207 |
| 3 years | -5.20% | — | — | — |
| 5 years | -5.90% | — | — | — |
Current contemporaneous premium/discount -7.98% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.09% to -1.16%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -3.58% | -6.62% | -11.38% | -12.68% | -0.56% | -6.22% |
| Market price total return | -2.88% | -4.61% | -5.68% | -5.22% | +7.87% | +1.61% |
| NAV return | -1.21% | -3.55% | -5.51% | -6.32% | -0.41% | -4.25% |
| NAV total return | -0.55% | -1.62% | +0.19% | +1.24% | +7.58% | +3.25% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Established in the United States on April 29, 1988, Putnam Master Intermediate Income Trust operates as a closed-end mutual fund dedicated to fixed-income investments. The fund is primarily overseen by Putnam Investment Management, LLC, with co-management responsibilities held by Putnam Investments Limited. It strategically allocates capital within the U.S. fixed income markets, specifically targeting bonds issued by diverse companies across various sectors. The performance of its portfolio is measured against the Barclays Capital Government/Credit Bond Index.
CEF Explorer research page for Franklin Master Intermediate Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.