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> SEMI
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-2000
<INVESTMENTS-AT-COST> 434,771,783
<INVESTMENTS-AT-VALUE> 402,033,431
<RECEIVABLES> 16,692,259
<ASSETS-OTHER> 1,368,665
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 420,094,355
<PAYABLE-FOR-SECURITIES> 11,254,577
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,041,459
<TOTAL-LIABILITIES> 20,296,036
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 475,111,545
<SHARES-COMMON-STOCK> 53,095,749
<SHARES-COMMON-PRIOR> 53,095,749
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,851,716)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (37,506,001)
<ACCUM-APPREC-OR-DEPREC> (33,955,509)
<NET-ASSETS> 399,798,319
<DIVIDEND-INCOME> 796,611
<INTEREST-INCOME> 18,348,347
<OTHER-INCOME> 0
<EXPENSES-NET> 1,912,726
<NET-INVESTMENT-INCOME> 17,232,232
<REALIZED-GAINS-CURRENT> (9,255,383)
<APPREC-INCREASE-CURRENT> (351,113)
<NET-CHANGE-FROM-OPS> 7,625,736
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,839,475)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (10,213,739)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (3,244,473)
<OVERDIST-NET-GAINS-PRIOR> (28,250,618)
<GROSS-ADVISORY-FEES> 1,537,455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,941,677
<AVERAGE-NET-ASSETS> 410,003,766
<PER-SHARE-NAV-BEGIN> 7.72
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> (0.18)
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.53
<EXPENSE-RATIO> 0.47
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
0
</TABLE>
