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AI brief of an SEC Form 8-K · FRANKLIN MASTER INTERMEDIATE INCOME TRUST (PIM)

Putnam Master Intermediate Income Trust (PIM) drops control share provisions from bylaws

Neutral Impact 3 of 5 shareholder Written later

On November 17, 2023, the Fund's Board of Trustees amended and restated its bylaws, effective the same day, to rescind Article 15 and its control share acquisition provisions. Under those provisions, shares acquired in a control share acquisition could carry voting rights only if other non-interested shareholders authorized them. The Board also adopted an investment policy requiring, under normal circumstances, an average portfolio rating of investment grade.

Key points

  • Amended and Restated Bylaws effective November 17, 2023 rescind Article 15 and the control share acquisition (CSA) provisions
  • Rescinded CSA provisions applied to acquisitions entitling a holder to vote within four specified ranges of voting power, beginning at 10%
  • On February 23, 2023, the Board had exempted from the CSA provisions all prior purchases and, until further notice, new purchases
  • On November 17, 2023, the Board adopted an investment policy requiring an average portfolio rating of investment grade, tested at the time of each investment

The filing

CompanyFRANKLIN MASTER INTERMEDIATE INCOME TRUST (PIM)
Form8-K, current report
Filed with the SECNov 17, 2023, 5:06 PM ET
Accession number0000928816-23-001556

Items reported: 5.03 Bylaw / Charter Amendment8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:29 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 17, 2023.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.