<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

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