PUTNAM MASTER INCOME TRUST
N-23C-1, 1995-02-03
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                                           FORM N-23C-1
                                STATEMENT BY REGISTERED CLOSED-END
                        INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN 
             SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

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REPORT FOR CALENDAR MONTH ENDING:  January 1995
NAME OF REGISTERED CLOSED-END INVESTMENT COMPANY:  Putnam Master Income Trust


Date of       Identification      Number of      Price Per      Approximate Asset Value      Name of Seller or
Each          of Security         Shares         Share          or Approximate Asset         of Seller's Broker
Transaction                       Purchased                     Coverage per Share at              
                                                                Time of Purchase
<C>           <C>                 <C>            <C>            <C>                          <C>
1/25/95       74683K-10-4         8,700          7 1/2          8.35                         PaineWebber

1/26/95       74683K-10-4         10,000         7 1/2          8.36                         PaineWebber



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                                       PUTNAM MASTER INCOME TRUST
                                       Name of Registrant

                                       By: /s/ Charles E. Porter
                                       Title: Executive Vice President
                                       Date: February 3, 1995






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