Putnam Master Intermediate Income Trust (NYSE: PIM) holder discloses 47.5% beneficial stake

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed Amendment No. 6 to their Schedule 13D for Putnam Master Intermediate Income Trust, updating their reported ownership of the fund’s common stock. Based on 48,184,341 shares outstanding as of September 30, 2025, they report beneficial ownership of 22,902,513 shares, representing 47.5% of the trust’s outstanding common shares.

The Sit entities report shared voting and dispositive power over these shares, which are held in client accounts, while their directors and executive officers do not directly own shares. Clients retain the right to receive dividends and sale proceeds from the shares held for their accounts. Recent transactions in the shares over the last 60 days are listed in an exhibit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

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)

11/28/2025

(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 22,902,513.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,902,513.00

11

Aggregate amount beneficially owned by each reporting person

22,902,513.00

12

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

13

Percent of class represented by amount in Row (11)

47.5 %

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 22,902,513.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,902,513.00

11

Aggregate amount beneficially owned by each reporting person

22,902,513.00

12

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

13

Percent of class represented by amount in Row (11)

47.5 %

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. 6 ("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, and Amendment No. 5 filed on June 3, 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 22,902,513 Shares held in client accounts which represent 47.5% 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:	12/01/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	12/01/2025

FAQ

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

The Sit entities report beneficial ownership of 22,902,513 shares of Putnam Master Intermediate Income Trust common stock, representing 47.5% of the outstanding shares based on 48,184,341 shares outstanding as of September 30, 2025.

Who are the reporting persons in this Putnam Master Intermediate Income Trust (PIM) Schedule 13D/A?

The reporting persons are Sit Investment Associates, Inc., a Minnesota entity, and Sit Fixed Income Advisors II, LLC, a Delaware entity. Both are identified with reporting person type IA (investment adviser).

Do the Sit entities have voting and dispositive power over their PIM shares?

Yes. Each Sit entity reports shared voting power over 22,902,513 shares and shared dispositive power over the same 22,902,513 shares, with no sole voting or sole dispositive power.

Who ultimately benefits economically from the PIM shares held by the Sit entities?

The filing states that the clients of SIA and SFI have the right to participate in dividends and proceeds from the sale of the shares held for their respective accounts.

Do Sit’s directors or executive officers directly own PIM shares according to this filing?

The filing specifies that none of SIA's or SFI's directors or executive officers own shares of Putnam Master Intermediate Income Trust directly.

What additional information about recent PIM share activity is included in the Schedule 13D/A?

An Exhibit A is referenced as a schedule of transactions in shares by the Sit entities in the last 60 days, providing detail on recent trading activity.