PUTNAM MASTER INTERMEDIATE INCOME TRUST
NSAR-B, EX-99, 2000-11-29
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                           Note 5

        Change in Independent Accountants (unaudited)

Based on the recommendation of the Audit Committee of the
fund, the Board of Trustees has determined not to retain
PricewaterhouseCoopers LLP as this funds' independent
accountant and voted to appoint KPMG LLP for the fund's
fiscal year ended September 30, 2000.  During the two
previous fiscal years, PricewaterhouseCoopers LLP audit
reports contained no adverse opinion or disclaimer of
opinion; nor were its reports qualified or modified as to
uncertainty, audit scope, or accounting principle.  Further,
in connection with its audits for the two previous fiscal
years and through July 24, 2000,  there were no
disagreements between the fund and PricewaterhouseCoopers
LLP on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or
procedure, which if not resolved to the satisfaction of
PricewaterhouseCoopers LLP would have caused it to make
reference to the disagreements in its report on the
financial statements for such years.




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