VOTE-BY-PHONE SOLICITATION SCRIPT FOR
PUTNAM MASTER INCOME TRUST

This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.

Good Morning/ Afternoon/ Evening.  May I please speak with (name
of shareholder)? I am representing Putnam Investments in Boston.
I am calling in connection with the upcoming shareholder meeting
for Putnam Master Income Trust for which you recently received a
proxy statement requesting your vote.

To verify that I am speaking with the shareholder of record, may
I confirm that you are (name of shareholder or record) and that
your address of record is (address of record)?

(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)

We noted that we have not yet received your proxy card. Do you
have any questions regarding the proposals being represented at
the meeting that I can clarify for you?

(If there are questions regarding the proposal, please refer to
the proxy statement.)

Would you like to vote by phone?

(If not, ask the shareholder if they would like another proxy
card, thank them for their time and terminate the call. If so,
proceed as follows:)

Page 46 of the proxy statement that you received describes our
procedures for voting your shares by telephone.

I will now paraphrase the proxy card so that you can provide us
with your voting instructions. The proxy card generally states
the following:

By authorizing your shares to be voted at the meeting you are
approving George Putnam, Hans H. Estin, and Robert E. Patterson,
and each of them separately, as proxies, with power of
substitution, and are authorizing them to represent and vote your
shares, at the meeting of shareholders of Putnam Master Income
Trust on October 1, 1998, at 2:00 p.m., Boston time, and at any
adjournments thereof.

When properly authorized, the proxy will be voted in the manner
directed by the shareholder. In their discretion, the proxies are
authorized to vote upon such other matters as may properly come
before the meeting.
The proxy card requests your vote on the following proposals, for
which the Trustees are recommending voting in favor.

PROPOSAL 1 IS TO
     Fix the number of Trustees at sixteen and elect the
     following Trustees: J.A. Baxter, H.H. Estin, J.A. Hill, R.J.
     Jackson, P.L. Joskow, E.T. Kennan, L.J. Lasser, J.H. Mullin,
     R.E. Patterson, D.S. Perkins, W.F. Pounds, G. Putnam, G.
     Putnam, III, A.J.C. Smith, W.T. Stephens and W.N. Thorndike.

     How would you like to vote on this proposal?
     Would you like to fix the number of Trustees at sixteen and
     vote for all nominees, withhold authority to vote for
     certain of the nominees, or withhold authority to vote for
     all nominees? If you would like to withhold authority to
     vote for certain of the nominees, please state those
     nominees' names now.

PROPOSAL 2 IS TO
     Ratify the selection of PricewaterhouseCoopers (new name for
     the combined firms of Coopers & Lybrand L.L.P. and Price
     Waterhouse LLP) as independent auditors of your fund.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 3.A. IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to diversification.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 3.B. IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to investments in the voting
     securities of a single issuer.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 3.C. IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to making loans.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 3.D. IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to investments in commodities.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 3.E. IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to investments in real estate.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.A. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to investments in securities of
     issuers in which management of the fund or Putnam Investment
     Management, Inc. owns securities.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.B. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to margin transactions.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.C. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to short sales.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.D. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to pledging assets.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.E. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to investments in restricted
     securities.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.F. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to investments in oil, gas and
     mineral interests.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

PROPOSAL 4.G. IS TO
     Approve the elimination of the fund's fundamental investment
     restriction with respect to investing to gain control of a
     company's management.

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?


Thank you.


I will now repeat your instructions:

You voted:               (For fixing the number of Trustees at
                    sixteen and for all nominees for Trustee, for
                    no nominee for Trustee, for all nominees for
                    Trustee except for the following...)

                    (For, Against, Abstained from) (list all
                    other proposals)

Is this correct?

Thank you. We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect.



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