Amendment No. 9 to Schedule 13D for PUTNAM MASTER INTERMEDIATE INCOME TRUST

This filing, Amendment No. 9 to Schedule 13D, concerns the Common Stock of Putnam Master Intermediate Income Trust. Sit Investment Associates Inc. and Sit Fixed Income Advisors II, LLC, collectively referred to as the Sit Entities, are the reporting persons. As of September 30, 2025, there were 48,184,341 shares outstanding. The Sit Entities collectively beneficially own 22,231,245 shares, representing 46.1% of the class. This amendment updates information previously filed on October 2, 2023, with multiple prior amendments. Exhibit A details transactions in the last 60 days, including both buys and sells of the Issuer's common stock by the Sit Entities. Key transactions include a sell of 378,044 shares on March 9, 2026, and a sell of 51,549 shares on March 2, 2026. The filing indicates that the clients of SIA and SFI have the right to participate in dividends and proceeds from the sale of shares held on their behalf. Roger J. Sit, Chairman & CEO, signed the filing on March 10, 2026.