Franklin Master Intermediate Income Trust mixes investment-grade, high-yield and international bonds. Interest provides cash, while credit, rates and currencies can change the value supporting its payment.
Business
Multi-sector credit CEF
Listing
PIM · New York Stock Exchange
Reporting period
2026-03-31
Dividend schedule
Monthly
How the business works
Bond interest after fund and financing costs becomes net investment income. Credit losses and changing bond or currency values affect net asset value separately.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.08
Oct 1, 2025 to Mar 31, 2026
$0.00$0.08
Distribution yield8.57%Sourced distributions divided by dated market priceReported annual income yield5.23%Reported net investment income $0.1800 per share for 2024-10-01 to 2025-09-30, divided by approved 2025-09-30 market price $3.4400. Excludes capital gains; historical, not a current yield or forecast.Reported annual investment income$0.18Per share for 2025 FY. Excludes investment gains.Annual dividend$0.26Current regular payment annualized per share
Dividend payment history
Date or month
Per share
Sep 30, 2026
$0.022
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
How to read PIM income
Interest after fund expenses is the main recurring income measure. Compare it with distributions for the same full reporting period.
Watch defaults, interest-rate changes and expenses. Income can hold up while falling bond or loan values reduce NAV.
Income and distributions
Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Interest after fund expenses is the main recurring income measure. Compare it with distributions for the same full reporting period.
Fund net investment income per common share; actual reporting period, not annualized$0.0800
$0.00$0.10
For the six months ended March 31, 2026, PIM reported $0.08 of net investment income and $0.13 of distributions per share. Net asset value fell from $3.47 to $3.39. Income explained part of the cash, so credit results and payment components matter alongside the lower ending value.
Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
The portfolio information checked September 11, 2026 reports effective leverage of 37.14%.
Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.
Franklin Master Intermediate Income Trust reported $0.0800 per share for 2025-10-01 through 2026-03-31, measured as Fund net investment income per common share; actual reporting period, not annualized.
Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.
Losses or weaker cash generation in corporate and securitized credit can reduce the resources available for future distributions.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Compare the next like-length bond income and cash paid with credit, rates, currencies, payment components and net asset value.
Net asset value (NAV)
NAV per share$3.24Sep 29, 2026Market price$3.01Sep 29, 2026PREMIUM / DISCOUNT TO NAV7.10% discountCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.
Compare the next like-length bond income and cash paid with credit, rates, currencies, payment components and net asset value.
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U.S. federal · Tax year 2025
Dividend tax treatment
The fund's 2025 breakdown shows mainly ordinary dividends and return of capital. The mix can change from year to year.
This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.
Total ordinary dividends
64.77%
Qualified dividends
Not confirmed
Capital-gain distributions
0%
Return of capital
35.23%
Tax year: 2025. Total distributions: $0.26 per share.
Tax details and source
Total ordinary dividends (includes qualified)
64.77%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
Not stated
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
