PIM
Putnam Master Intermediate Income Trust3.2200
-0.0100-0.31%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
155.15MP/E (TTM)
14.64Basic EPS (TTM)
0.22Dividend Yield
0.08%Recent Filings
8-K
Bylaws amended, policy adopted
Putnam Master Intermediate Income Trust amended its bylaws on November 17, 2023, rescinding control share acquisition provisions that limited voting rights for shareholders gaining 10% or more ownership, a move building on a February exemption for such purchases. The board also adopted a policy requiring the fund to maintain an average investment-grade portfolio rating at purchase, assessed by rating agencies or the adviser. This enhances shareholder voting flexibility while enforcing credit quality. Governance tweaks sharpen focus.
8-K
Franklin acquires Putnam Holdings
Franklin Resources announced on May 31, 2023, a definitive agreement to acquire Putnam Holdings from Great-West Lifeco Inc. in a stock and cash deal, making Putnam Management an indirect subsidiary and affecting funds like Putnam Master Intermediate Income Trust. The transaction awaits regulatory approvals and is slated for Q4 2023 close. It will trigger automatic termination of existing management contracts, requiring board and shareholder approvals for new ones. This shift promises integrated asset management operations.
8-K
Bylaws amended for flexibility
On February 23, 2023, Putnam Master Intermediate Income Trust amended its bylaws to add provisions for a Vice Chair role, clarify trustee powers on fixing record dates for shareholder meetings, and ensure proxy validity at adjourned sessions. Trustees also exempted all prior and future share purchases from control share acquisition restrictions under the new bylaws. These tweaks streamline governance. No financial impacts disclosed.
8-K
Bylaws amended against activists
Putnam Master Intermediate Income Trust amended its bylaws on September 18, 2020, introducing a Control Share Amendment to curb activist investor influence. This provision requires non-interested shareholders to approve voting rights for shares acquired in blocks granting 10% or more voting power in trustee elections. Pre-existing shares remain unaffected. The change shields the fund from undue control grabs.
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