Sit entities hold 47.2% of Putnam Master Intermediate (PIM)

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report a large position in Putnam Master Intermediate Income Trust common stock in this Schedule 13D/A Amendment No. 10. The Sit entities beneficially own 22,739,969 shares, representing 47.2% of the fund’s common shares.

All of these shares are reported with shared voting and shared dispositive power; neither entity has sole voting or dispositive power. The percentage is calculated against 48,184,341 shares outstanding as of September 30, 2025, as disclosed in the issuer’s Form N‑CSR. Clients of the Sit entities are entitled to dividends and sale proceeds, and Exhibit A lists the Sit entities’ transactions in the shares over the last 60 days.

Key Figures

Beneficial ownership: 22,739,969 shares Percent of class owned: 47.2% Shares outstanding: 48,184,341 shares +2 more

5 metrics

Beneficial ownership 22,739,969 shares Common stock of Putnam Master Intermediate Income Trust

Percent of class owned 47.2% Beneficial ownership percentage of outstanding common shares

Shares outstanding 48,184,341 shares Shares outstanding as of September 30, 2025, from Form N‑CSR

Shared voting power 22,739,969 shares Shares over which Sit entities have shared voting power

Shared dispositive power 22,739,969 shares Shares over which Sit entities have shared dispositive power

Key Terms

beneficially owned, shared voting power, shared dispositive power, Schedule 13D, +1 more

5 terms

beneficially owned financial

"for the aggregate number of Shares and percentages of the Shares beneficially owned by each of the Reporting Persons"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 22,739,969.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 22,739,969.00"

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Form N-CSR regulatory

"as reported in the Issuer's Form N-CSR"

Form N-CSR is a regulatory filing that U.S.-registered investment funds use to deliver certified shareholder reports to regulators and the public, including audited financial statements, a snapshot of portfolio holdings, fee and performance information, and governance disclosures. For investors it acts like a fund’s report card and safety check—providing verified details needed to assess a fund’s financial health, costs, holdings and compliance so you can compare funds, monitor risks and spot red flags.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

PUTNAM MASTER INTERMEDIATE INCOME TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

746909100

(CUSIP Number)

Paul E. Rasmussen
80 South Eighth Street, Suite 3300,
Minneapolis, MN, 55402-4130
612-359-2536

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 746909100

1

Name of reporting person

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 22,739,969.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,739,969.00

11

Aggregate amount beneficially owned by each reporting person

22,739,969.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

47.2 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s): 746909100

1

Name of reporting person

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 22,739,969.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,739,969.00

11

Aggregate amount beneficially owned by each reporting person

22,739,969.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

47.2 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: PUTNAM MASTER INTERMEDIATE INCOME TRUST
(c)	Address of Issuer's Principal Executive Offices: 100 FEDERAL STREET, BOSTON, MASSACHUSETTS , 02110.
Item 1 Comment: This Amendment No. 10 ("Amendment") amends and supplements the statement on Schedule 13D filed on October 2, 2023, and amended by Amendment No. 1 filed on December 1, 2023, Amendment No. 2 filed on March 13, 2024, Amendment No. 3 filed on September 3, 2024, Amendment No. 4 filed on April 10, 2025, Amendment No. 5 filed on June 3, 2025, Amendment No. 6 filed on December 1, 2025, Amendment No. 7 filed on December 18, 2025, Amendment No. 8 filed on December 23, 2025, and Amendment No. 9 filed on March 10, 2026 (as amended, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares)" of Putnam Master Intermediate Income Trust (the "Issuer"). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D. Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	See responses on each cover page of this Schedule 13D for the aggregate number of Shares and percentages of the Shares beneficially owned by each of the Reporting Persons. The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 48,184,341 Shares outstanding as of September 30, 2025, which is the total number of Shares outstanding as reported in the Issuer's Form N-CSR.
(b)	See responses on each cover page of this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole of shared power to dispose or to direct the disposition. Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's directors or executive officers own Shares directly.
(c)	Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A.
(d)	The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Schedule of Transactions in Shares by Sit Entities in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/30/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/30/2026

FAQ

What stake in PIM does Sit Investment Associates report in this Schedule 13D/A?

Sit entities report beneficial ownership of 22,739,969 shares of Putnam Master Intermediate Income Trust common stock, representing 47.2% of the outstanding class. This reflects a very large position, giving them significant influence over voting and disposition decisions.

Who are the reporting persons in the PIM Schedule 13D/A Amendment No. 10?

The reporting persons are Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC. Both entities are investment advisers that report identical share counts, voting power, and dispositive power for the same block of Putnam Master Intermediate Income Trust common stock.

How is the 47.2% ownership percentage in PIM calculated in this filing?

The 47.2% figure is based on 22,739,969 shares beneficially owned out of 48,184,341 shares outstanding as of September 30, 2025. That outstanding share count comes from Putnam Master Intermediate Income Trust’s Form N‑CSR referenced in the Schedule 13D/A.

What voting and dispositive powers do the Sit entities report over PIM shares?

The Sit entities report 0 shares with sole voting or dispositive power and 22,739,969 shares with shared voting and shared dispositive power. This means voting and sale decisions are made jointly, typically on behalf of advisory clients holding the shares.

Do Sit Investment Associates’ clients receive income from the PIM shares?

Yes. The filing states that clients of SIA and SFI have the right to participate in dividends and sale proceeds from the Putnam Master Intermediate Income Trust shares held in their accounts. The Sit entities act as advisers, while economic benefits accrue to their clients.

What does Exhibit A in this PIM Schedule 13D/A filing contain?

Exhibit A provides a schedule of transactions in Putnam Master Intermediate Income Trust shares executed by the Sit entities within the last 60 days. It itemizes recent trading activity to supplement the aggregate beneficial ownership and power information summarized in the main body.