Sit entities (NYSE: PIM) report 46.1% beneficial stake in Putnam Master Intermediate Income Trust

Rhea-AI Filing Summary

Sit Investment Associates and Sit Fixed Income Advisors II report beneficial ownership of 22,231,245 shares of Putnam Master Intermediate Income Trust common stock, representing 46.1% of the fund’s shares, based on 48,184,341 shares outstanding as of September 30, 2025.

The Sit entities report shared voting and dispositive power over all of these shares, with no sole voting or dispositive authority. The filing notes that clients of the Sit entities are entitled to dividends and sale proceeds from shares held in their accounts.

Insights

Institutional ownership analyst

Sit entities disclose a large, jointly controlled 46.1% stake in the Putnam fund.

The amendment shows Sit Investment Associates and Sit Fixed Income Advisors II jointly beneficially owning 22,231,245 shares, or 46.1% of Putnam Master Intermediate Income Trust’s outstanding common stock as of September 30, 2025. Voting and dispositive power are shared, with no sole authority reported.

This concentrated institutional stake can influence fund governance and shareholder votes, though economic benefits such as dividends and sale proceeds flow to the Sit entities’ underlying clients. Future ownership changes, if any, would typically appear in subsequent Schedule 13D or 13D/A amendments.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

PUTNAM MASTER INTERMEDIATE INCOME TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

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)

03/09/2026

(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).

SCHEDULE 13D

CUSIP Number(s):

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 22,231,245.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,231,245.00

11

Aggregate amount beneficially owned by each reporting person

22,231,245.00

12

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

13

Percent of class represented by amount in Row (11)

46.1 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s):

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 22,231,245.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,231,245.00

11

Aggregate amount beneficially owned by each reporting person

22,231,245.00

12

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

13

Percent of class represented by amount in Row (11)

46.1 %

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. 9 ("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, and Amendment No. 8 filed on December 23, 2025 (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:	03/10/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	03/10/2026

FAQ

What ownership stake do Sit entities report in Putnam Master Intermediate Income Trust (PIM)?

Sit Investment Associates and Sit Fixed Income Advisors II report beneficial ownership of 22,231,245 common shares, representing 46.1% of Putnam Master Intermediate Income Trust, based on 48,184,341 shares outstanding as of September 30, 2025, as disclosed in the fund’s Form N-CSR.

Who holds voting and dispositive power over PIM shares in this Schedule 13D/A?

The filing states that the Sit entities have shared voting and shared dispositive power over 22,231,245 Putnam Master Intermediate Income Trust shares, with no sole voting or dispositive power reported by either Sit Investment Associates or Sit Fixed Income Advisors II.

How was the 46.1% ownership percentage in PIM calculated in this amendment?

The 46.1% ownership figure is based on 48,184,341 Putnam Master Intermediate Income Trust shares outstanding as of September 30, 2025, which the filing notes is the total number of common shares reported in the issuer’s Form N-CSR regulatory filing.

Do Sit Investment Associates or Sit Fixed Income Advisors II directly receive dividends from PIM shares?

According to the disclosure, clients of Sit Investment Associates and Sit Fixed Income Advisors II have the right to receive dividends and proceeds from sales of Putnam Master Intermediate Income Trust shares held for their accounts, rather than the Sit entities personally receiving those distributions.

Are any directors or executive officers of SIA or SFI reported as directly owning PIM shares?

The Schedule 13D/A specifies that none of the directors or executive officers of Sit Investment Associates or Sit Fixed Income Advisors II directly own Putnam Master Intermediate Income Trust shares, even though the entities themselves report large beneficial holdings for their clients.

What recent trading activity in PIM shares is referenced in this Schedule 13D/A?

The amendment notes that transactions in Putnam Master Intermediate Income Trust shares by the Sit entities during the last 60 days are listed in Exhibit A, which provides a schedule of recent trades but is referenced rather than detailed in the main body.