Putnam Master Trust (NYSE: PIM) has 46.4% stake held by Sit investment firms

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed Amendment No. 7 to report their beneficial ownership in Putnam Master Intermediate Income Trust. They state that client accounts managed by these firms hold 22,344,471 common shares, representing 46.4% of the trust’s outstanding shares, based on 48,184,341 shares outstanding as of September 30, 2025.

The Sit entities report shared power to vote and dispose of these shares, with no sole voting or dispositive power. The filing notes that none of the directors or executive officers of Sit Investment Associates or Sit Fixed Income Advisors own the shares directly; instead, the economic benefits, including dividends and any sale proceeds, belong to their underlying clients.

Insights

Equity ownership analyst

Sit-managed client accounts report a 46.4% beneficial stake in PIM, concentrating voting power with one institutional complex.

The amended disclosure shows that client accounts managed by Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC together hold 22,344,471 common shares of Putnam Master Intermediate Income Trust. This represents 46.4% of the trust’s outstanding shares, calculated using 48,184,341 shares outstanding as of September 30, 2025 from the issuer’s Form N-CSR.

The Sit entities report only shared voting and dispositive power over these shares, with no sole authority, which is typical for an asset manager acting on behalf of multiple clients. The filing clarifies that directors and executive officers of the Sit entities do not own these shares directly; the economic rights, such as dividends and sale proceeds, accrue to the underlying clients whose accounts hold the shares. This level of institutional concentration can be important context for understanding how shareholder votes may be influenced.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

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)

12/17/2025

(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 No. 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 22,344,471.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,344,471.00

11

Aggregate amount beneficially owned by each reporting person

22,344,471.00

12

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

13

Percent of class represented by amount in Row (11)

46.4 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 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 22,344,471.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,344,471.00

11

Aggregate amount beneficially owned by each reporting person

22,344,471.00

12

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

13

Percent of class represented by amount in Row (11)

46.4 %

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. 7 ("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, and Amendment No. 6 filed on December 1, 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)	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. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 22,344,471 Shares held in client accounts which represent 46.4% of the Issuer's outstanding Shares.
(b)	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:	12/18/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	12/18/2025

FAQ

How many Putnam Master Intermediate Income Trust (PIM) shares do the Sit entities report owning?

The Sit entities report beneficial ownership of 22,344,471 common shares of Putnam Master Intermediate Income Trust held in client accounts.

What percentage of PIM’s outstanding shares is held by Sit-managed client accounts?

The filing states that these 22,344,471 shares represent 46.4% of Putnam Master Intermediate Income Trust’s outstanding common shares.

What share count is used to calculate the 46.4% stake in PIM?

The percentage is based on 48,184,341 shares outstanding as of September 30, 2025, as reported in the trust’s Form N-CSR.

Do the Sit entities have sole or shared voting power over PIM shares?

The Sit entities report shared voting power and shared dispositive power over the 22,344,471 shares, with no sole voting or dispositive power.

Who receives dividends and sale proceeds from the PIM shares reported in this filing?

The filing states that the clients of Sit Investment Associates and Sit Fixed Income Advisors have the right to receive dividends and sales proceeds from the shares held in their accounts.

Do Sit’s directors or executive officers directly own PIM shares reported in this Schedule 13D/A?

No. The filing notes that none of the directors or executive officers of Sit Investment Associates or Sit Fixed Income Advisors own the shares directly; they are held in client accounts.

What is the purpose of this Amendment No. 7 related to PIM?

Amendment No. 7 updates and supplements a prior beneficial ownership statement on Schedule 13D regarding common shares of Putnam Master Intermediate Income Trust, while keeping other items from the original statement unchanged.