Putnam Master Intermediate Income (PIM): Sit entities disclose 46.4% holding

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have filed Amendment No. 8 to their Schedule 13D regarding Putnam Master Intermediate Income Trust common stock. Based on 48,184,341 shares outstanding as of September 30, 2025, they may be deemed to beneficially own 22,344,471 shares, representing 46.4% of the fund’s outstanding common shares.

Both Sit entities report shared power to vote and dispose of these shares, which are held in client accounts. The clients of the Sit entities are entitled to dividends and any sale proceeds from the shares held for their accounts, while the directors and executive officers of the Sit entities do not directly own shares. Recent transactions over the last 60 days are listed in an exhibit to the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)

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)

12/18/2025

(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 22,894,806.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,894,806.00

11

Aggregate amount beneficially owned by each reporting person

22,894,806.00

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 22,894,806.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,894,806.00

11

Aggregate amount beneficially owned by each reporting person

22,894,806.00

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. 8 ("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, and Amendment No. 7 filed on December 18, 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:	12/23/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	12/23/2025

FAQ

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

The Sit entities may be deemed to beneficially own 22,344,471 shares of Putnam Master Intermediate Income Trust common stock, representing 46.4% of the outstanding shares based on 48,184,341 shares outstanding as of September 30, 2025.

Who are the reporting persons in this Schedule 13D/A for PIM?

The reporting persons are Sit Investment Associates, Inc., organized in Minnesota, and Sit Fixed Income Advisors II, LLC, organized in Delaware. Both are investment advisers reporting on behalf of client accounts.

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

Each of the Sit entities may be deemed to have shared power to vote and dispose of the reported shares. They report no sole voting or sole dispositive power over the shares.

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

The clients of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have the right to participate in dividends and proceeds from any sales of the shares held for their respective accounts.

Do Sit Investment Associates or Sit Fixed Income Advisors’ executives directly own PIM shares?

The filing states that none of Sit Investment Associates, Inc. or Sit Fixed Income Advisors II, LLC directors or executive officers own shares of Putnam Master Intermediate Income Trust directly.

What period of recent trading activity in PIM is disclosed by the Sit entities?

Transactions in Putnam Master Intermediate Income Trust shares by the Sit entities over the last 60 days are detailed in Exhibit A to the filing.

What does Amendment No. 8 change in the Sit entities’ disclosure on PIM?

Amendment No. 8 updates and supplements the previously filed Schedule 13D and its prior amendments regarding the Sit entities’ beneficial ownership of Putnam Master Intermediate Income Trust common stock, while leaving unchanged any items not specifically revised.