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Sit Investment Associates Inc. – ‘SC 13D/A’ on 3/13/24 re: Putnam Master Intermediate Income Trust

On:  Wednesday, 3/13/24, at 10:57am ET   ·   Accession #:  769317-24-54   ·   File #:  5-82455

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer

 3/13/24  Sit Investment Associates Inc.    SC 13D/A               1:15K  Putnam Master Intermediate In… Tr

Amendment to Statement of Acquisition of Beneficial Ownership by an “Active” Investor   —   Schedule 13D   —   WA’68

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to Statement of Acquisition of               7     23K 
                Beneficial Ownership by an "Active" Investor

Document Table of Contents

Page (sequential)   (alphabetic) ↑Top
 
11st Page  –  Filing Submission
4Item 1. Security and Issuer
"Item 2. Identity and Background
5Item 3. Source and Amount of Funds or Other Consideration
"Item 4. Purpose of Transaction
"Item 5. Interest in Securities of the Issuer
6Item 6. Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer
"Item 7. Materials to be Filed as Exhibits 
SC 13D/A1st Page of 7TOC↑TopPreviousNext↓BottomJust 1st
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

  SCHEDULE 13D/A
Under the Securities Exchange Act of 1934 

 (Amendment No. 2)
------------------------------------------------------------------------------- 

Putnam Master Intermediate Income Trust 
( PIM ) 
------------------------------------------------------------------------------- 
(Name of Issuer)

Common Stock
------------------------------------------------------------------------------- 
(Title of Class of Securities)

746909100 
------------------------------------------------------------------------------- 
(CUSIP Number)

Paul E. Rasmussen 
3300 IDS Center 
80 South Eighth Street
Minneapolis, MN 55402-4130
------------------------------------------------------------------------------- 
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications) 

March 13, 2024    
------------------------------------------------------------------------------- 
(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 which is the subject of this Schedule 13D, and is filing this   
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),        
check the following box. [X]                                                    

* The remainder of this cover page shall be filled out for a reporting person's 
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter           
disclosures provided in a prior cover page.                                     

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).                                                                 


SC 13D/A2nd Page of 7TOC1stPreviousNext↓BottomJust 2nd

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) [x]
------------------------------------------------------------------------------- 
3    SEC USE ONLY                                                               
------------------------------------------------------------------------------- 
4    SOURCE OF FUNDS (See Instructions)                                         
00                                                              
------------------------------------------------------------------------------- 
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                   
PURSUANT TO ITEMS 2(d) or 2(e)                        [ ]             
------------------------------------------------------------------------------- 
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

Incorporated in Minnesota                                             
------------------------------------------------------------------------------- 
7     SOLE VOTING POWER                 
NUMBER OF                                                                 
  SHARES           -----------------------------------------------------------
BENEFICIALLY     8     SHARED VOTING POWER                                
OWNED BY                                                                  
EACH                   21,678,617 Shares                                  
  REPORTING        -----------------------------------------------------------
PERSON           9     SOLE DISPOSITIVE POWER                             
WITH                                                                      
                     -----------------------------------------------------------
10    SHARED DISPOSITIVE POWER          

21,678,617 Shares           
------------------------------------------------------------------------------- 
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               

21,678,617 Shares                                                   
------------------------------------------------------------------------------- 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES      
(See instructions)                                                 [ ]

------------------------------------------------------------------------------- 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         

44.85%                                                                
------------------------------------------------------------------------------- 
14   TYPE OF REPORTING PERSON (See Instructions)                                

IA                                                                    
------------------------------------------------------------------------------- 


SC 13D/A3rd Page of 7TOC1stPreviousNext↓BottomJust 3rd

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) [x]
------------------------------------------------------------------------------- 
3    SEC USE ONLY                                                               
------------------------------------------------------------------------------- 
4    SOURCE OF FUNDS (See Instructions)                                         
00                                                              
------------------------------------------------------------------------------- 
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED                   
PURSUANT TO ITEMS 2(d) or 2(e)                        [ ]             
------------------------------------------------------------------------------- 
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

Incorporated in Minnesota                                             
------------------------------------------------------------------------------- 
7     SOLE VOTING POWER                 
NUMBER OF                                                                 
  SHARES           -----------------------------------------------------------
BENEFICIALLY     8     SHARED VOTING POWER                                
OWNED BY                                                                  
EACH                   21,678,617 Shares                                  
  REPORTING        -----------------------------------------------------------
PERSON           9     SOLE DISPOSITIVE POWER                             
WITH                                                                      
                     -----------------------------------------------------------
10    SHARED DISPOSITIVE POWER          

21,678,617 Shares           
------------------------------------------------------------------------------- 
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               

21,678,617 Shares                                                   
------------------------------------------------------------------------------- 
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES      
(See instructions)  [ ]                                               

------------------------------------------------------------------------------- 
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         

44.85%                                                                
------------------------------------------------------------------------------- 
14   TYPE OF REPORTING PERSON (See Instructions)                                

IA                                                                    
------------------------------------------------------------------------------- 


SC 13D/A4th Page of 7TOC1stPreviousNext↓BottomJust 4th

ITEM 1   Security and Issuer                                                    

Common Stock                                                  

Putnam Investment Management, LLC                             
Attn: Legal Department                                        
100 Federal Street                                            
Boston, MA 02110                                              

ITEM 2   Identity and Background                                                

a) and c)                                                                       

This statement is filed by:                                                     
Sit Investment Associates, Inc., a Minnesota corporation (SIA), and Sit         
Fixed Income Advisors II, LLC, a Delaware limited liability company (SFI).      
Both SIA and SFI are parties to a Joint Filing Agreement as further             
described in Exhibit B to the initial Schedule 13D filed by SIA and SFI on      
March 18, 2015.                                                                 

SIA is a registered investment adviser.                                         
SFI is a registered investment adviser and subsidiary of SIA.                   

SIA or SFI serves as investment adviser on behalf of its clients pursuant       
to investment management agreements with each of its clients which give         
SIA or SFI full discretionary authority to direct the investments of its        
client in accordance with the investment objectives and restrictions of         
the client.  The investment management agreements also provide that SIA or      
SFI has assumed the responsibility to vote on behalf of its clients all         
shares held by its clients in accounts managed by SIA or SFI.                   

Mr. Roger J. Sit is chairman and CEO of SIA and SFI.                            
Mr. Ronald D. Sit is a vice president of SIA and director.                      

By virtue of these positions, each of SIA, SFI, Mr. Roger Sit, and Mr.          
Ronald Sit may be deemed to beneficially own the Shares held by SIA and         
SFI.  None of the named individuals own shares directly.  Together SIA,         
SFI, Mr. Roger Sit, and Mr. Ronald Sit are the "Sit Entities".                  

b) The business address of each of the Sit Entities is 3300 IDS Center, 80      
South Eighth Street, Minneapolis, MN 55402.                                     

d) During the last five years, neither Roger J. Sit nor Ronald D. Sit have      
been convicted in a criminal proceeding (excluding traffic violations or        
similar misdemeanors).                                                          

e) During the last five years, none of the Sit Entities have been a party to    
a civil proceeding of a judicial or administrative body of competent            
jurisdiction and as a result of such proceeding was or is subject to a          
judgment, decree, or final order enjoining future violations of, or             
prohibiting or mandating activities subject to, federal or state                
securities laws or finding any violation with respect to such laws.             

f) Roger J. Sit and Ronald D. Sit are United States citizens.                   


SC 13D/A5th Page of 7TOC1stPreviousNext↓BottomJust 5th

ITEM 3   Source and Amount of Funds or Other Consideration                      

The Sit Entities acquired the Issuer's Shares in open market transactions       
with client funds held in custody accounts managed by SIA and SFI.              

ITEM 4   Purpose of Transaction                                                 

The Sit Entities have acquired the Issuer's Shares for investment purposes,     
and such purchases have been made in the ordinary course of business.  The      
Issuer's Shares have been acquired on behalf of SIA's and SFI's clients.        

In pursuing such investment purposes, the Sit Entities purchased the Shares     
based on the Sit Entities' belief that the Shares represented an attractive     
investment opportunity, and the Sit Entities may further purchase, hold,        
vote, trade, sell or otherwise deal in the Shares at the time, and in such      
manner, as they deem advisable to benefit from, among many things, changes in   
market prices of such Shares, the market prices of such Shares relative to      
the value of the Issuer's assets, changes in the Issuer's investment            
strategy, and composition of the Issuer's portfolio.                            

The Sit Entities intend to review their investment in the Issuer's Shares on    
a continuing basis and may also propose or take one or more of the actions      
described in subsections (a) through (j) of Item 4 of Schedule 13D, including   
engaging in discussions with management, the Board of Directors and             
shareholders concerning, among other things, the Issuer's performance, the      
market prices of the Issuer's Shares relative to the value of the Issuer's      
assets, the distribution rate, the Issuer's capitalization, the Issuer's        
investment strategy and the Issuer's portfolio holdings.  The Sit Entities      
may make binding and non-binding shareholder proposals, or may nominate one     
or more individuals as nominees for election to the Board.                      

ITEM 5   Interest in Securities of the Issuer                                   

a) and b)                                                                       
The aggregate percentage of Shares reported owned by Sit Entities herein        
is based upon 48,338,471 Shares outstanding as of March 13, 2024, which is      
the total number of Shares outstanding as reported on the Issuer's              
website.  As of the date hereof, the Sit Entities may be deemed to be the       
beneficial owner of 21,678,617 Shares held in client accounts which             
represent 44.85% of the Issuer's outstanding Shares. 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                                                               


SC 13D/A6th Page of 7TOC1stPreviousNext↓BottomJust 6th

ITEM 6   Contracts, Arrangements, Understandings, or Relationships with Respect 
to Securities of the Issuer                                   

Not applicable.                                                                 

ITEM 7   Materials 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.                                                          
------------------                                                              
March 13, 2024                                                                  

By:   Sit Investment Associates, Inc.                                           
/s/ Roger J. Sit                                                  
-----------------------------------                                 
Name/Title: Roger J. Sit, Chairman & CEO                            

By:   Sit Fixed Income Advisors II, LLC                                         
/s/ Roger J. Sit                                                  
-----------------------------------                                 
Name/Title: Roger J. Sit, Chairman & CEO                            


SC 13D/ALast Page of 7TOC1stPreviousNext↓BottomJust 7th

EXHIBIT A 

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

------------------ ------------------      ------------------ ------------------
                                Shares of Common
Date of             Transaction                 Stock Purchased         Price   
Transaction         Type                        /(Sold)            Per Share ($)
------------------ ------------------      ------------------ ------------------
01/16/2024              BUY                     32,492.0000             3.2200  
01/17/2024              BUY                     1,375.0000              3.2085  
01/18/2024              BUY                     7,368.0000              3.2100  
01/19/2024              BUY                     2,879.0000              3.2100  
01/22/2024              BUY                     700.0000                3.2200  
01/23/2024              BUY                     11,852.0000             3.2100  
01/24/2024              BUY                     10,000.0000             3.2101  
01/25/2024              BUY                     6,586.0000              3.2100  
01/26/2024              BUY                     6,656.0000              3.2100  
01/29/2024              BUY                     15,343.0000             3.2100  
01/30/2024              BUY                     466.0000                3.2100  
01/31/2024              BUY                     46,600.0000             3.2200  
02/01/2024              BUY                     39,100.0000             3.2532  
02/02/2024              BUY                     2,949.0000              3.2300  
02/05/2024              BUY                     13,838.0000             3.2098  
02/06/2024              BUY                     8,774.0000              3.2200  
02/07/2024              BUY                     26,795.0000             3.2497  
02/09/2024              BUY                     5,459.0000              3.2400  
02/12/2024              BUY                     2,141.0000              3.2400  
02/14/2024              BUY                     27,633.0000             3.2200  
02/20/2024              BUY                     13,872.0000             3.2200  
02/21/2024              BUY                     200.0000                3.2100  
02/22/2024              BUY                     1,200.0000              3.2016  
02/22/2024              BUY                     120,900.0000            3.2016  
02/22/2024              BUY                     227,900.0000            3.2016  
02/26/2024              BUY                     393.0000                3.1700  
03/01/2024              BUY                     27,900.0000             3.1898  
03/01/2024              BUY                     1,500.0000              3.1898  
03/01/2024              BUY                     65,800.0000             3.1898  
03/01/2024              BUY                     4,800.0000              3.1898  
03/04/2024              BUY                     4,302.0000              3.1700  
03/07/2024              BUY                     319.0000                3.1600  
03/08/2024              BUY                     100,339.0000            3.1700

Dates Referenced Herein   and   Documents Incorporated by Reference

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