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<SEC-DOCUMENT>0000928816-08-000012.txt : 20080509
<SEC-HEADER>0000928816-08-000012.hdr.sgml : 20080509
<ACCEPTANCE-DATETIME>20080102163702
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000928816-08-000012
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080102

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:		CORRESP

	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
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     <TD noWrap align=left><FONT face=serif>January 2, 2008</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><U><FONT face=serif>BY EDGAR</FONT></U></B><BR>
<BR>
<FONT face=serif>U.S. Securities and Exchange Commission</FONT><BR>
<FONT face=serif>Division of Investment Management</FONT><BR>
<FONT face=serif>450 Fifth Street, N.W.</FONT><BR>
<FONT face=serif>Washington, DC 20549</FONT><BR>
<FONT face=serif>Attention: Linda Stirling</FONT></P>
<P align=left><FONT face=serif>&#183; </FONT><FONT face=serif>Re: </FONT><U><FONT face=serif>Preliminary Proxy Statement for Putnam Master Intermediate Income Trust (the &#147;Fund&#148;)</FONT></U></P>
<P align=left><FONT face=serif>Dear Ms. Stirling:</FONT></P>
<P align=left><FONT face=serif>This letter responds to the comments that you provided telephonically to me on behalf of the Staff of the U.S. Securities and Exchange Commission (the &#147;Commission Staff&#148;) on December 11, 2007 regarding the Fund&#146;s preliminary proxy statement filed with the Commission on December 7, 2007 (the &#147;Proxy Statement&#148;).</FONT></P>
<P align=left><FONT face=serif>For convenience of reference, I have summarized the Commission Staff&#146;s comments before the response by the Fund.</FONT></P>
<P align=left><FONT face=serif>1. </FONT><U><FONT face=serif>Comment</FONT></U><FONT face=serif>: Please explain why Proposal 1, &#147;Fixing the number of Trustees at 13 and electing your fund&#146;s nominees for Trustees,&#148; is not unbundled into two separate proposals.</FONT></P>
<P align=left><U><FONT face=serif>Response</FONT></U><FONT face=serif>: We believe that fixing the number of trustees and electing the fund&#146;s nominees are &#147;inextricably intertwined&#148; within the meaning of the Commission&#146;s guidance on the bundling of proxy proposals, particularly in the context of an uncontested election of Trustees, and would therefore &#147;be impractical to separate&#148; (1995 &#147;Generic Comment Letter,&#148; Section III.G). </FONT></P>
<P align=left><FONT face=serif>Since the Fund&#146;s Trustees are elected by plurality vote, in an uncontested election it is virtually certain that if a quorum is achieved each of the nominees on the ballot will be elected. Where the Fund&#146;s Trustees recommend, as they have done in this instance, that shareholders elect each of the Fund&#146;s nominees, as opposed to nominating a greater number of Trustees than are proposed to be elected, the actions by shareholders of fixing the number of Trustees and electing nominees are essentially and practically inseparable. Separating this into two proposals would </FONT></P>
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<FONT face="serif">U.S. Securities and Exchange Commission</FONT>&nbsp;
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<FONT face="serif">- 2 -</FONT>&nbsp;
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<FONT face="serif">create the possibility that the proposal to fix the number of Trustees would be defeated, leading to uncertainty about the validity of votes taken on the election of the nominees and about how many, if any, nominees could be
elected and/or serve as Trustees. In light of this risk, and in view of the fact that the current nominations are uncontested, we believe that unbundling these actions would be impractical.</FONT></P>
<P align="left">
<FONT face="serif">2. </FONT><U><FONT face="serif">Comment</FONT></U><FONT face="serif">: Please confirm that the Proxy Statement discloses the vote required under Proposal 1, the election of nominees for Trustees of the Fund.</FONT></P>
<P align="left">
<U><FONT face="serif">Response</FONT></U><FONT face="serif">: We have added a new &#147;Q&#148; to the Q&amp;A for Proposal 1 stating that the fund&#146;s Trustees are elected by plurality vote, with, in this case, the 13 nominees receiving the most
votes being elected.</FONT></P>
<P align="left">
<FONT face="serif">3. </FONT><U><FONT face="serif">Comment</FONT></U><FONT face="serif">: In the table disclosing beneficial ownership of shares by the nominees for Trustees, please revise the heading of the column &#147;Shares Beneficially
Owned&#148; to indicate that the column identifies ownership only of shares of the Fund and not of other funds.</FONT></P>
<P align="left">
<U><FONT face="serif">Response</FONT></U><FONT face="serif">: We have made the suggested revision in the definitive proxy statement.</FONT></P>
<P align="left">
<FONT face="serif">4. </FONT><U><FONT face="serif">Comment</FONT></U><FONT face="serif">: Please confirm that the Proxy Statement includes the disclosure required by Schedule 14A about the availability of rights to dissenting shareholders with
respect to the proposals.</FONT></P>
<P align="left">
<U><FONT face="serif">Response</FONT></U><FONT face="serif">: The Proxy Statement, under the section &#147;Quorum and Methods of Tabulation,&#148; includes the following statement: &#147;Shareholders who object to any proposal in this Proxy
Statement will not be entitled under Massachusetts law or your fund&#146;s Agreement and Declaration of Trust to demand payment for, or an appraisal of, their shares.&#148;</FONT></P>
<P align="left">
<FONT face="serif">5. </FONT><U><FONT face="serif">Comment</FONT></U><FONT face="serif">: Please confirm that the Proxy Statement includes the disclosure required by Schedule 14A about the Fund&#146;s principal underwriter.</FONT></P>
<P align="left">
<U><FONT face="serif">Response</FONT></U><FONT face="serif">: As an exchange-listed closed-end fund that has completed its offering of securities, the Fund does not have a principal underwriter.</FONT></P>
<P align="left">
<FONT face="serif">I believe that this letter addresses the Commission Staff&#146;s comments. Please also find attached as </FONT><U><FONT face="serif">Appendix A</FONT></U><FONT face="serif"> certain representations by an officer of the Fund in
connection with the Proxy Statement. Should you have any further questions, please do not hesitate to call me at (617) 760-8939. Thank you for your assistance.</FONT></P>
<P align="left">
<FONT face="serif">Very truly yours,</FONT><BR>
<BR>
<FONT face="serif">James F. Clark</FONT><BR>
<FONT face="serif">Vice President and Senior Counsel</FONT><BR>
<FONT face="serif">Putnam Investments</FONT></P>

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<FONT face="serif">U.S. Securities and Exchange Commission</FONT>&nbsp;
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<FONT face="serif">- 3 -</FONT>&nbsp;
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<FONT face="serif">January 2, 2008</FONT>&nbsp;
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<FONT face="serif">cc: James E. Thomas, Ropes &amp; Gray LLP</FONT></P>
<P align="left">
<FONT size=1 face="serif">9811803.1</FONT></P>

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<FONT face="serif">U.S. Securities and Exchange Commission</FONT>&nbsp;
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<FONT face="serif">- 4 -</FONT>&nbsp;
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<FONT face="serif">January 2, 2008</FONT>&nbsp;
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<P align="left">
<U><FONT face="serif">Appendix A</FONT></U></P>
<P align="left">
<FONT face="serif">&middot; </FONT><FONT face="serif">Re: </FONT><U><FONT face="serif">Preliminary Proxy Statement (the &#147;Proxy Statement&#148;) of Putnam Master</FONT></U><FONT face="serif"> </FONT><U><FONT face="serif">Intermediate Income
Trust (the &#147;Fund&#148;)</FONT></U></P>
<P align="left">
<FONT face="serif">Reference is made to the Proxy Statement and to the attached letter from an officer of Putnam Investments. As requested, we acknowledge the following: (i) the comments of the Commission&#146;s Staff with respect to the filing, and
this response, do not foreclose the Commission or its Staff from taking any action with respect to the filing; (ii) should the Commission or its Staff not take any action with respect to the filing, it does not relieve the Fund from its full
responsibility for the adequacy and accuracy of the disclosure in the filing; and (iii) should the Commission or its Staff not take any action with respect to the filing, the Fund may not assert this as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. As indicated in the Commission&#146;s June 24, 2004 release regarding the public release of comment letters and responses, you are requesting such acknowledgements from
all companies whose filings are being reviewed, and this request and these acknowledgements should not be construed as suggesting that there is an inquiry or investigation or other matter involving the Fund. </FONT></P>
<P align="left">
<FONT face="serif">Very truly yours,</FONT><BR>
<BR>
<FONT face="serif">Robert R. Leveille</FONT><BR>
<FONT face="serif">Vice President and Chief Compliance Officer</FONT><BR>
<FONT face="serif">Putnam Master Intermediate Income Trust</FONT></P>
<P align="left">
<FONT face="serif">January 2, 2008</FONT></P>

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