SCHEDULE: Sit Entities Adjust Holdings in Putnam Master Intermediate Income Trust

Sit Investment Associates and Sit Fixed Income Advisors II report a 47.5% beneficial ownership stake in Putnam Master Intermediate Income Trust, detailing recent share transactions.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC (collectively, "Sit Entities") beneficially own 22,902,513 shares of Putnam Master Intermediate Income Trust Common Stock.
• This ownership represents 47.5% of the Issuer's outstanding shares, based on 48,184,341 shares outstanding as of September 30, 2025, as reported in the Issuer's Form N-CSR.
• The Sit Entities are deemed to have shared voting and dispositive power over these shares, held in client accounts.
• Transactions in the last 60 days include multiple sales totaling 614,094 shares and purchases totaling 35,732 shares, with prices generally ranging from $3.30 to $3.39 per share.
• The largest single transaction was a sale of 460,000 shares on November 28, 2025, at $3.31 per share.
• This filing is Amendment No. 6 to the original Schedule 13D filed on October 2, 2023.

Sentiment

Score: 5

Explanation: The filing is a factual report of beneficial ownership. While Sit Entities maintain a significant stake, recent net selling activity, particularly a large sale on November 28, 2025, suggests a slight reduction in exposure or portfolio rebalancing, leading to a neutral to slightly cautious sentiment.

Positives

• Sit Entities maintain a substantial beneficial ownership stake of 47.5% in Putnam Master Intermediate Income Trust, indicating a significant, long-term investment position.

Negatives

• The Sit Entities engaged in net selling activity over the last 60 days, with total sales significantly outweighing purchases, including a large sale of 460,000 shares on November 28, 2025.

Risks

• NA

Future Outlook

NA

Management Comments

• Roger J. Sit, Chairman & CEO of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, certified that the information set forth in this statement is true, complete, and correct to the best of his knowledge and belief.

Industry Context

This filing reflects the ongoing portfolio management activities of institutional investment advisors (Sit Entities) within the closed-end fund sector. Their significant, albeit slightly adjusted, stake in Putnam Master Intermediate Income Trust indicates a continued strategic interest in the fund, which is common for investment firms managing client assets.

Comparison to Industry Standards

• NA

Related Party Transactions

• The Sit Entities manage client accounts that hold the reported shares, and these clients have the right to participate in dividends and proceeds from sales.

Stakeholder Impact

• Shareholders: The continued significant ownership by Sit Entities may provide a degree of stability, but recent net selling could influence market perception and liquidity.
• Clients of Sit Entities: Their investment portfolios are directly impacted by the transactions and holdings reported in this filing, as they participate in dividends and sales proceeds.

Next Steps

• NA

Key Dates

Recommendation

The filing primarily reports a change in beneficial ownership by Sit Entities, who continue to hold a substantial 47.5% stake in Putnam Master Intermediate Income Trust. While there has been recent net selling activity, the overall position remains significant, indicating continued long-term interest. Without further information on the Issuer's fundamentals or the Sit Entities' investment thesis, a 'hold' recommendation is appropriate, suggesting investors monitor future filings and market activity.

Keywords

Putnam Master Intermediate Income Trust, Sit Investment Associates, Sit Fixed Income Advisors II, Schedule 13D, beneficial ownership, common stock, investment management, closed-end fund