PUTNAM MASTER INCOME TRUST
NSAR-B, 1998-12-23
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<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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020 A000001 FIMAT FUTURES USA, INC.
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020 A000002 LEHMAN BROTHERS
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020 A000003 BANK OF AMERICA NT & SA
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<PAGE>      PAGE  9
SIGNATURE   PAUL BUCUVALAS                               
TITLE       MANAGING DIRECTOR   
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Master Income Trust
</LEGEND>
<SERIES>
<NUMBER> 1
       
<S>                             <C>
<PERIOD0-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-END>                               OCT-31-1998
<INVESTMENTS-AT-COST>                      455,813,165
<INVESTMENTS-AT-VALUE>                     422,559,646
<RECEIVABLES>                               56,109,705
<ASSETS-OTHER>                                 192,843
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             478,862,194
<PAYABLE-FOR-SECURITIES>                    24,761,241
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   15,128,797
<TOTAL-LIABILITIES>                         39,890,038
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   478,647,593
<SHARES-COMMON-STOCK>                       53,095,749
<SHARES-COMMON-PRIOR>                       53,095,749
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                     (2,101,458)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                   (4,668,579)           
<ACCUM-APPREC-OR-DEPREC>                  (32,905,400)
<NET-ASSETS>                               438,972,156
<DIVIDEND-INCOME>                            1,695,914
<INTEREST-INCOME>                           40,607,333
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,711,672
<NET-INVESTMENT-INCOME>                     37,591,575
<REALIZED-GAINS-CURRENT>                   (7,656,881)
<APPREC-INCREASE-CURRENT>                 (43,111,797)
<NET-CHANGE-FROM-OPS>                     (13,177,103)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (34,469,475)
<DISTRIBUTIONS-OF-GAINS>                             0   
<DISTRIBUTIONS-OTHER>                      (5,032,778)
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                    (52,679,356)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
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<OVERDIST-NET-GAINS-PRIOR>                 (1,975,075)
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<PER-SHARE-NAV-BEGIN>                             9.26
<PER-SHARE-NII>                                    .71
<PER-SHARE-GAIN-APPREC>                          (.96)
<PER-SHARE-DIVIDEND>                             (.65)
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</TABLE>


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