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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000869392-04-000560.txt : 20041129
<SEC-HEADER>0000869392-04-000560.hdr.sgml : 20041129
<ACCEPTANCE-DATETIME>20041129144103
ACCESSION NUMBER:		0000869392-04-000560
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041129
DATE AS OF CHANGE:		20041129
EFFECTIVENESS DATE:		20041129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		041171047

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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SIGNATURE   MICHAEL T. HEALY
TITLE       PRINC. ACCT. OFFICER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>auditletter074.txt
<TEXT>

Report of Independent Registered Public Accounting Firm

The Board of Trustee and Shareholders of
Putnam Master Intermediate Income Trust
In planning and performing our audits of the financial statements
of the Putnam Master Intermediate Income Trust, for the year
ended September 30, 2004, 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 NSAR, not to provide assurance on
internal control.
The management of the 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 the standards of the Public Company Accounting
Oversight Board (United States).  A material weakness is a
significant deficiency, or combination of significant
deficiencies, that results in more than a remote likelihood that
a material misstatement of the annual or interim financial
statements will not be prevented or detected.  However, we noted
no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of September 31,
2004.
This report is intended solely for the information and use of
management and the Board of Trustees of the 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.
/S/ KPMG LLP
Boston, Massachusetts
November 5, 2004

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>legal77e074.txt
<TEXT>
Regulatory matters and litigation

On April 8, 2004, Putnam Management entered into agreements with
the Securities and Exchange Commission (SEC) and the
Massachusetts Securities Division representing a final settlement
of all charges brought against Putnam Management by those
agencies on October 28, 2003 in connection with excessive short
term trading by Putnam employees and, in the case of the charges
brought by the Massachusetts Securities Division, by participants
in some Putnam administered 401(k) plans.  The settlement with
the SEC requires Putnam Management to pay $5 million in
disgorgement plus a civil monetary penalty of $50 million, and
the settlement with the Massachusetts Securities Division
requires Putnam Management to pay $5 million in restitution and
an administrative fine of $50 million.  The settlements also
leave intact the process established under an earlier partial
settlement with the SEC under which Putnam Management agreed to
pay the amount of restitution determined by an independent
consultant, which may exceed the disgorgement and restitution
amounts specified above,  pursuant to a plan to be developed by
the independent consultant.

Putnam Management, and not the investors in any Putnam fund, will
bear all costs, including restitution, civil penalties and
associated legal fees stemming from both of these proceedings.
The SECs and Massachusetts Securities Divisions allegations and
related matters also serve as the general basis for numerous
lawsuits, including purported class action lawsuits filed against
Putnam Management and certain related parties, including certain
Putnam funds.  Putnam Management has agreed to bear any costs
incurred by Putnam funds in connection with these lawsuits.
Based on currently available information, Putnam Management
believes that the likelihood that the pending private lawsuits
and purported class action lawsuits will have a material adverse
financial impact on the fund is remote, and the pending actions
are not likely to materially affect its ability to provide
investment management services to its clients, including the
Putnam funds.

Review of these matters by counsel for Putnam Management and by
separate independent counsel for the Putnam funds and their
independent Trustees is continuing.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
