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
<TABLE>
<CAPTION>
REPORT FOR CALENDAR MONTH ENDING: December 1996
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>
12/19/96 74683K104 24,000 8.063 9.18 Smith Barney
12/27/96 74683K104 27,500 8.125 9.21 Smith Barney
PUTNAM MASTER INCOME TRUST
Name of Registrant
By: /s/ Charles E. Porter
Title: Executive Vice President
</TABLE> Date: January 6, 1997
