Putnam Premier Income Trust rescinds control share provisions from its bylaws
The fund's board amended and restated its bylaws effective November 17, 2023, removing Article 15 and its control share acquisition provisions, which had limited voting rights on shares bought at ownership levels starting at 10% unless other non-interested shareholders authorized them. The board also adopted an investment policy requiring an average portfolio rating of investment grade under normal circumstances. The filing states the board's view that the bylaw change is in shareholders' best interests and does not describe other effects.
Key points
- On November 17, 2023, the board amended and restated the bylaws, effective the same day, to rescind Article 15 and the CSA Provisions.
- The rescinded provisions could limit voting rights on shares acquired in a control share acquisition, starting at 10% of voting power, unless other non-interested shareholders authorized them.
- On February 23, 2023, the board had exempted prior and new purchases from the CSA Provisions, before the rescission.
- On November 17, 2023, the board adopted an investment policy requiring an average portfolio rating of investment grade, with ratings set by a nationally recognized agency or by Putnam Investment Management if unrated.
The filing
Written by AI on Nov 9, 2026, 8:51 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.