Putnam Master Intermediate Income Trust Amends Bylaws and Adopts Investment Grade Policy

PUTNAM MASTER INTERMEDIATE INCOME TRUST

On November 17, 2023, Board of Trustees rescinded Article 15 and its control share acquisition provisions from the Fund's bylaws.
Adopted an investment policy requiring, under normal circumstances, an average portfolio rating of investment grade.
The credit rating for each investment is determined at purchase by a nationally recognized agency or by Putnam Investment Management, LLC.
Prior to rescission, on February 23, 2023, the Board had exempted all prior and future purchases from the control share provisions.
The Fund's common shares trade on the NYSE under the ticker symbol PIM.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PUTNAM MASTER INTERMEDIATE INCOME TRUST: Rescinded Article 15 and its accompanying control share acquisition provisions (CSA Provisions) from the Bylaws (effective 2023-11-17).

Change: bylaw amendment
Effective: 2023-11-17

Exact text from the filing

the Board of Trustees of Putnam Master Intermediate Income Trust (the “Fund”) determined it was in the best interests of shareholders to amend and restate the Bylaws of the Fund (the “Amended and Restated Bylaws”), effective as of November 17, 2023, to rescind Article 15 and its accompanying control share acquisition provisions (the “CSA Provisions”).

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Source: SEC EDGAR

accession 0000928816-23-001556

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