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<TYPE>EX-99
<SEQUENCE>4
<FILENAME>materint074audltr.txt
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The Board of Trustees and Shareholders
Putnam Master Intermediate Income Trust

In planning and performing our audit of the financial statements
of Putnam Master Intermediate Income Trust for the year ended
September 30, 2002, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.

The management of Putnam Master Intermediate Income Trust is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  Generally, controls that are relevant
to an audit pertain to the entitys objective of preparing
financial statements for external purposes that are fairly
presented in conformity with accounting principles generally
accepted in the United States of America.  Those controls include
the safeguarding of assets against unauthorized acquisition, use,
or disposition.

Because of inherent limitations in internal control, error or
fraud may occur and not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.

Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants.  A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, which we consider to be material
weaknesses as defined above as of September 30, 2002.

This report is intended solely for the information and use of
management and the Board of Trustees of Putnam Master
Intermediate Income Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.

KPMG LLP

Boston, Massachusetts
November 5, 2002

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