<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000732337
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007 C011000 10
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008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS CORP
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES, INC.
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
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020 A000001 LEHMAN BROTHERS
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022 A000001 SBC WARBURG DILLON REED
022 C000001 6228320
022 D000001 0
022 A000002 UBS SECURITIES
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022 C000002 6193717
022 D000002 0
022 A000003 MORGAN (J.P.) SECURITIES INC.
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022 C000003 5351059
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022 C000006 1641035
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022 A000007 MORGAN STANLEY INC.
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022 C000007 2114033
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<PAGE> PAGE 3
022 A000008 MERRIL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 427727
022 D000008 554086
022 A000009 MORGAN GRENFELL
022 C000009 49305
022 D000009 316700
022 A000010 PRESSPRICH (R.W.) & CO., INC.
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022 C000010 175340
022 D000010 137941
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023 D000000 4847551
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
086 F010000 0
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SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam U.S. Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,368,183,247
<INVESTMENTS-AT-VALUE> 3,442,261,711
<RECEIVABLES> 28,843,667
<ASSETS-OTHER> 986
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,969,906
<TOTAL-LIABILITIES> 17,969,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,732,922,516
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<SHARES-COMMON-PRIOR> 194,000,478
<ACCUMULATED-NII-CURRENT> 3,424,640
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (357,289,162)
<ACCUM-APPREC-OR-DEPREC> 74,078,464
<NET-ASSETS> 3,453,136,458
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 273,092,899
<OTHER-INCOME> 0
<EXPENSES-NET> 41,556,785
<NET-INVESTMENT-INCOME> 231,536,114
<REALIZED-GAINS-CURRENT> 8,446,279
<APPREC-INCREASE-CURRENT> 90,992,659
<NET-CHANGE-FROM-OPS> 330,975,052
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<NUMBER-OF-SHARES-SOLD> 20,634,802
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<EXPENSE-RATIO> .89
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam U.S. Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
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<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,368,183,247
<INVESTMENTS-AT-VALUE> 3,442,261,711
<RECEIVABLES> 28,843,667
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<OTHER-ITEMS-LIABILITIES> 17,969,906
<TOTAL-LIABILITIES> 17,969,906
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,732,922,516
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<OVERDISTRIBUTION-GAINS> (357,289,162)
<ACCUM-APPREC-OR-DEPREC> 74,078,464
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<OTHER-INCOME> 0
<EXPENSES-NET> 41,556,785
<NET-INVESTMENT-INCOME> 231,536,114
<REALIZED-GAINS-CURRENT> 8,446,279
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<SHARES-REINVESTED> 3,950,482
<NET-CHANGE-IN-ASSETS> (465,392,957)
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<OVERDIST-NET-GAINS-PRIOR> (370,925,628)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam U.S. Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 3,368,183,247
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 252,483
<ACCUMULATED-NII-CURRENT> 3,424,640
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> (357,289,162)
<ACCUM-APPREC-OR-DEPREC> 74,078,464
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<OTHER-INCOME> 0
<EXPENSES-NET> 41,556,785
<NET-INVESTMENT-INCOME> 231,536,114
<REALIZED-GAINS-CURRENT> 8,446,279
<APPREC-INCREASE-CURRENT> 90,992,659
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<NUMBER-OF-SHARES-SOLD> 675,663
<NUMBER-OF-SHARES-REDEEMED> (583,426)
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<PER-SHARE-DIVIDEND> (.78)
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<PER-SHARE-NAV-END> 13.00
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
</TABLE>
