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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
November 11, 1999
To the Board of Trustees of 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, 1999, 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 entity's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may 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
errors 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, that we
consider to be material weaknesses as defined above as of
September 30, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
Results of June 3, 1999 shareholder meeting
(Unaudited)
An annual meeting of shareholders of the fund
was held on
October 1, 1999. At the meeting, each of the
nominees for
Trustees was elected, as follows:
Votes
Votes for withheld
Jameson Adkins Baxter 62,000,978
3,540,362
Hans H. Estin 61,999,980 3,541,360
John A. Hill 62,046,160 3,495,180
Ronald J. Jackson 62,042,526
3,498,814
Paul L. Joskow 61,984,813 3,556,527
Elizabeth T. Kennan 61,941,332
3,600,008
Lawrence J. Lasser 62,029,385
3,511,955
John H. Mullin III 62,007,973
3,533,367
Robert E. Patterson 62,049,384
3,491,956
William F. Pounds 61,977,588
3,563,752
George Putnam 61,964,920 3,576,420
George Putnam, III 61,986,630
3,554,710
A.J.C. Smith 62,040,430 3,500,910
W. Thomas Stephens 62,008,331
3,533,009
W. Nicholas Thorndike 62,004,706
3,536,634
A proposal to ratify the selection of
PricewaterhouseCoopers LLP as the independent
auditors of your fund was approved as
follows:
62,952,059 votes for, and 1,049,211 votes
against, with 1,540,070
abstentions and broker non-votes.
A proposal to approve an amendment to the
fund's fundamental
investment restriction with respect to
diversification was approved
as follows: 50,697,526 votes for, and
4,970,274 votes against, with
9,873,540 abstentions and broker non-votes.
A proposal to approve an amendment to the
fund's fundamental
investment restriction with respect to
investments in the voting securities of a
single issuer was approved as follows:
50,094,304 votes for, and 5,225,604 votes
against, with 10,221,432 abstentions and
broker non-votes.
A proposal to approve an amendment to the
fund's fundamental
investment restriction with respect to making
loans was approved as follows: 48,217,363
votes for, and 7,047,239 votes against, with
10,276,738 abstentions and broker non-votes.
A proposal to approve an amendment to the
fund's fundamental
investment restriction with respect to
investments in commodities was approved as
follows: 48,436,801 votes for, and 6,922,700
votes against, with 10,181,839 abstentions
and broker non-votes.
A proposal to approve an amendment to the
fund's fundamental
investment restriction with respect to
investments in real estate was approved as
follows: 49,732,855 votes for, and 5,756,757
votes against, with 10,051,728 abstentions
and broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to investments in securities of
issuers in which management of the fund or
Putnam Investment Management, Inc. owns
securities was approved as follows:
49,089,395 votes for, and 6,313,546 votes
against, with 10,138,399 abstentions and
broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to margin transactions was approved
as follows: 47,913,344 votes for, and
7,359,267 votes against, with 10,268,729
abstentions and broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to short sales was approved as
follows: 47,803,609 votes for, and 7,472,855
votes against, with 10,264,876 abstentions
and broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to pledging assets was approved as
follows: 48,087,658 votes for, and 7,107,946
votes against, with 10,345,736 abstentions
and broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to investments in restricted
securities was approved as follows:
48,292,213 votes for, and 6,913,754 votes
against, with 10,335,373 abstentions and
broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to investments in oil, gas and
mineral interests was approved as follows:
49,850,581 votes for, and 5,707,697 votes
against, with 9,983,062 abstentions and
broker non-votes.
A proposal to approve to eliminate the fund's
fundamental investment restriction with
respect to investing to gain control of a
company's management was approved as follows:
49,324,726 votes for, and 5,975,897 votes
against, with 10,240,717 abstentions and
broker non-votes.
All tabulations are rounded to nearest whole
number.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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