# EDGAR Filing Document

**Accession Number:** 0000830622
**File Stem:** 0000897101-25-000634
**Filing Date:** 2025-12
**Character Count:** 10263
**Document Hash:** d422d9cf6bc3bed48a4ea277a0238dfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000897101-25-000634.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0000897101-25-000634

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MASTER INTERMEDIATE INCOME TRUST
- **CENTRAL INDEX KEY:** 0000830622

**ORGANIZATION NAME:**
- **EIN:** 046584465
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1117

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82455
- **FILM NUMBER:** 251582093

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT INVESTMENT ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0000769317

**ORGANIZATION NAME:**
- **EIN:** 411404829
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CENTER
- **STREET 2:** 80 SOUTH EIGHTH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123323223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CENTER
- **STREET 2:** 80 SOUTH EIGHTH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

## Ex-99.A

EXHIBIT A

Schedule of Transactions in Shares by Sit Entities in the last 60 days:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Date of Transaction | &nbsp;&nbsp;Transaction | &nbsp;&nbsp;Shares of Common Stock | &nbsp;&nbsp;Price Per Share |
| &nbsp;&nbsp;10/23/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;16813 | &nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;10/24/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;20820 | &nbsp;&nbsp;3.31 |
| &nbsp;&nbsp;10/30/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;50000 | &nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;11/18/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;5953 | &nbsp;&nbsp;3.32 |
| &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;42860 | &nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;11/21/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;3864 | &nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;11/24/2025 | &nbsp;&nbsp;BUY | &nbsp;&nbsp;1080 | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;BUY | &nbsp;&nbsp;34352 | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;11/26/2025 | &nbsp;&nbsp;BUY | &nbsp;&nbsp;300 | &nbsp;&nbsp;3.35 |
| &nbsp;&nbsp;11/28/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;460000 | &nbsp;&nbsp;3.31 |
| &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;BUY | &nbsp;&nbsp;338243 | &nbsp;&nbsp;3.34 |
| &nbsp;&nbsp;12/04/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;73974 | &nbsp;&nbsp;3.31 |
| &nbsp;&nbsp;12/05/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;251672 | &nbsp;&nbsp;3.27 |
| &nbsp;&nbsp;12/08/2025 | &nbsp;&nbsp;BUY | &nbsp;&nbsp;30248 | &nbsp;&nbsp;3.31 |
| &nbsp;&nbsp;12/10/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;122676 | &nbsp;&nbsp;3.24 |
| &nbsp;&nbsp;12/12/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;28211 | &nbsp;&nbsp;3.23 |
| &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;SELL | &nbsp;&nbsp;450000 | &nbsp;&nbsp;3.20 |

---

### UNITED STATES 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**<br>80 South Eighth Street, Suite 3300<br>Minneapolis MN 55402-4130<br>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)*

| **CUSIP No.** | **746909100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sit Investment Associates, Inc.** | Name of reporting person<br>**Sit Investment Associates, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MINNESOTA** | Citizenship or place of organization<br>**MINNESOTA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**22344471.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**22344471.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22344471.00** | Aggregate amount beneficially owned by each reporting person<br>**22344471.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.4%** | Percent of class represented by amount in Row (11)<br>**46.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **746909100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sit Fixed Income Advisors II, LLC** | Name of reporting person<br>**Sit Fixed Income Advisors II, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**22344471.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**22344471.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**22344471.00** | Aggregate amount beneficially owned by each reporting person<br>**22344471.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.4%** | Percent of class represented by amount in Row (11)<br>**46.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**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, MA, 02110

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.

### 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.

**Reporting Person:** Sit Investment Associates, Inc.

**Signature:** /s/ Roger J. Sit

**Name/Title:** Roger J. Sit, Chairman & CEO

**Date:** 12/18/2025

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.

**Reporting Person:** Sit Fixed Income Advisors II, LLC

**Signature:** /s/ Roger J. Sit

**Name/Title:** Roger J. Sit, Chairman & CEO

**Date:** 12/18/2025