New closed end fund idea

[brewer12345]

Check out PPT and sister fund PIM. ~13% discount to NAV, reasonable (for a CEF) expenses, OK management, no leverage, and generally high quality intermediate bond holdings. What makes these interesting is that Putnam is under pressure to do something about the discounts to NAV: they have a proposal put to shareholders every year to convert to an open-ended fund as long as the discount is larger than a certain amount for a certain time. So they have been buying back shares in the open market, which should eventually narrow the discount. Looks interesting, for a conservative asset class in a setting that might boost returns as the discount to NAV narrows.