SCHEDULE: Sit Entities Adjust Putnam Master Income Trust Holdings

Sit Investment Associates and Sit Fixed Income Advisors II reported a net decrease in their beneficial ownership of Putnam Master Intermediate Income Trust shares, now holding 46.4%.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC (Sit Entities) filed an Amendment No. 8 to their Schedule 13D.
• As of December 23, 2025, the Sit Entities beneficially own 22,344,471 shares of Putnam Master Intermediate Income Trust Common Stock, representing 46.4% of the outstanding shares.
• This is a decrease from the 22,894,806 shares, or 47.5%, reported as of the December 18, 2025 event date on the cover page.
• Over the last 60 days leading up to December 18, 2025, the Sit Entities engaged in transactions resulting in net sales of 571,775 shares (1,526,333 shares sold vs. 954,558 shares bought).
• The transactions occurred at prices ranging from $3.20 to $3.35 per share.
• The aggregate percentage of shares reported owned is based upon 48,184,341 shares outstanding as of September 30, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the net selling activity by a major beneficial owner, which reduced their overall stake. While the stake remains significant, the reduction could be perceived as a lack of increasing conviction or a strategic rebalancing away from the issuer.

Positives

• Sit Entities maintain a significant beneficial ownership stake of 46.4% in Putnam Master Intermediate Income Trust, indicating continued substantial influence.
• Recent purchases, totaling 954,558 shares over the last 60 days up to December 18, 2025, demonstrate continued investment interest at various price points.

Negatives

• The Sit Entities' beneficial ownership decreased from 22,894,806 shares (47.5%) as of December 18, 2025, to 22,344,471 shares (46.4%) as of December 23, 2025, indicating a net reduction of 550,335 shares.
• Over the 60 days preceding December 18, 2025, the Sit Entities executed net sales of 571,775 shares, with total sales of 1,526,333 shares outweighing purchases of 954,558 shares.
• The selling activity occurred across a range of dates and prices, suggesting a strategic reduction in exposure.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the Issuer's future performance or the Sit Entities' future investment intentions beyond the disclosure of current beneficial ownership and recent transactions.

Management Comments

• The filing includes the signature of Roger J. Sit, Chairman & CEO of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, certifying the truth, completeness, and correctness of the statement to the best of his knowledge and belief.

Industry Context

This Schedule 13D amendment reflects a significant institutional investor's adjusted position in a closed-end fund, Putnam Master Intermediate Income Trust. Such filings are common for active investors who cross the 5% ownership threshold and indicate ongoing portfolio management decisions within the fixed income investment sector. The net selling activity by Sit Entities could signal a rebalancing of their client portfolios or a slight shift in their outlook on the specific trust or broader intermediate income market, though the overall stake remains substantial.

Stakeholder Impact

• Shareholders: The net selling by a major institutional investor could be perceived negatively, potentially influencing other investors' sentiment and the stock price. However, the remaining substantial stake (46.4%) still provides a level of stability and oversight.
• Management: The Sit Entities' significant ownership implies continued influence over corporate governance and strategic decisions, even with a slight reduction in their stake.

Key Dates

Recommendation

While the net selling by Sit Entities, a major beneficial owner, is a negative signal, their remaining 46.4% stake is still very substantial. This indicates continued significant interest and influence, suggesting that a complete divestment is not imminent. Investors should monitor future filings for further changes in ownership, but the current situation warrants a 'hold' rather than a 'sell' given the continued large position.

Keywords

Putnam Master Intermediate Income Trust, Sit Investment Associates, Sit Fixed Income Advisors II, Schedule 13D, Beneficial Ownership, Common Stock, Institutional Holdings, Share Transactions, Investment Management