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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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SIGNATURE PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
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> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,455,917,157
<INVESTMENTS-AT-VALUE> 3,497,580,137
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<NET-INVESTMENT-INCOME> 98,559,359
<REALIZED-GAINS-CURRENT> (4,474,181)
<APPREC-INCREASE-CURRENT> (78,593,819)
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<PER-SHARE-NAV-END> 12.95
<EXPENSE-RATIO> .43
[AVG-DEBT-OUTSTANDING] 0
[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> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
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<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 3,455,917,157
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[AVG-DEBT-OUTSTANDING] 0
[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> 4
<NAME> CLASS M
<S> <C>
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<GROSS-EXPENSE> 20,185,100
<AVERAGE-NET-ASSETS> 157,347,971
<PER-SHARE-NAV-BEGIN> 13.25
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<PER-SHARE-NAV-END> 12.92
<EXPENSE-RATIO> .55
[AVG-DEBT-OUTSTANDING] 0
[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> 4
<NAME> CLASS Y
<S> <C>
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<PERIOD-END> MAR-31-1999
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
