PUTNAM AMERICAN GOVERNMENT INCOME FUND
NSAR-A, 1996-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/96
000 C000000 0000759827
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM AMERICAN GOVERNMENT INCOME FUND
001 B000000 811-4178
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQAURE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
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004  000000 N
005  000000 N
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008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC.
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
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 PRICE WATERHOUSE LLP
013 B010001 BOSTON
013 B020001 MA
<PAGE>      PAGE  2
013 B030001 02110
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
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018  000000 Y
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022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001   1553575
022 D000001   1487172
022 A000002 SALOMON BROTHERS, INC.
022 B000002 13-3082694
022 C000002    505168
022 D000002    881433
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003    460687
022 D000003    509408
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004    150344
022 D000004    325714
022 A000005 PAINE WEBBER INC.
022 B000005 13-2638166
022 C000005         0
022 D000005    364973
022 A000006 PRESSPRICH (R.W.) & CO, INC.
022 B000006 13-3570685
022 C000006    102609
022 D000006    225282
022 A000007 HONG KONG & SHANGHAI BANK
022 B000007 13-5146790
022 C000007    147758
<PAGE>      PAGE  3
022 D000007    129239
022 A000008 BEAR STEARNS & CO.
022 B000008 13-4946705
022 C000008    162719
022 D000008     90855
022 A000009 CARROLL MCENTEE & MCGINLEY
022 B000009 13-2650272
022 C000009     54383
022 D000009    150461
022 A000010 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  9
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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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam American Government Fund Class A AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER	
<FISCAL-YEAR-END>	SEPT-30-1995
<PERIOD-END>	MAR-31-1996
<INVESTMENTS-AT-COST >                                                          2,033,804,189          		    <INVESTMENTS-AT-VALUE>	
2,021,405,540
<RECEIVABLES>	24,724,381
<ASSETS-OTHER>	650
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,046,130,571
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	8,381,874
<TOTAL-LIABILITIES>	8,381,874
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	3,484,468,331
<SHARES-COMMON-STOCK>	236,524,440
<SHARES-COMMON-PRIOR>	252,329,822
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(8,756,837)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,425,564,148)
<ACCUM-APPREC-OR-DEPREC>	(12,398,649)
<NET-ASSETS>	2,037,748,697
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	74,202,559
<OTHER-INCOME>	0
<EXPENSES-NET>	9,817,108
<NET-INVESTMENT-INCOME>	64,385,451
<REALIZED-GAINS-CURRENT>	53,645,086
<APPREC-INCREASE-CURRENT>	(70,732,375)
<NET-CHANGE-FROM-OPS>	47,298,162
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(72,725,222)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	4,320,177
<NUMBER-OF-SHARES-REDEEMED>	(24,147,753)
<SHARES-REINVESTED>	4,022,194
<NET-CHANGE-IN-ASSETS>	(155,787,427)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(1,479,209,234)
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	5,487,690
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	10,421,843
<AVERAGE-NET-ASSETS>	2,143,577,816
<PER-SHARE-NAV-BEGIN>	8.65
<PER-SHARE-NII>	.26
<PER-SHARE-GAIN-APPREC>	(.07)
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.30)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.54
<EXPENSE-RATIO>	.48
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam American Government Fund Class B AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER	
<FISCAL-YEAR-END>	SEPT-30-1995
<PERIOD-END>	MARCH-31-1996
<INVESTMENTS-AT-COST >                                                          2,033,804,189          		    <INVESTMENTS-AT-VALUE>	
2,021,405,540
<RECEIVABLES>	24,724,381
<ASSETS-OTHER>	650
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,046,130,571
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	8,381,874
<TOTAL-LIABILITIES>	8,381,874
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	3,484,468,331
<SHARES-COMMON-STOCK>	2,009,150
<SHARES-COMMON-PRIOR>	1,055,466
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(8,756,837)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,425,564,148)
<ACCUM-APPREC-OR-DEPREC>	(12,398,649)
<NET-ASSETS>	2,037,748,697
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	74,202,559
<OTHER-INCOME>	0
<EXPENSES-NET>	9,817,108
<NET-INVESTMENT-INCOME>	64,385,451
<REALIZED-GAINS-CURRENT>	53,645,086
<APPREC-INCREASE-CURRENT>	(70,732,375)
<NET-CHANGE-FROM-OPS>	47,298,162
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(393,822)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	1,258,162
<NUMBER-OF-SHARES-REDEEMED>	(336,350)
<SHARES-REINVESTED>	31,872
<NET-CHANGE-IN-ASSETS>	(155,787,427)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	(1,479,209,234)
<GROSS-ADVISORY-FEES>	5,487,690
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	10,421,843
<AVERAGE-NET-ASSETS>	13,411,813
<PER-SHARE-NAV-BEGIN>	8.62
<PER-SHARE-NII>	.24
<PER-SHARE-GAIN-APPREC>	(.09)
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.27)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.50
<EXPENSE-RATIO>	.86
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam American Government Fund Class M AND IS QUALIFIED IN ITS 
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         OTHER	
<FISCAL-YEAR-END>	SEPT-30-1995
<PERIOD-END>	MAR-31-1996
<INVESTMENTS-AT-COST >                                                          2,033,804,189          		    <INVESTMENTS-AT-VALUE>	
2,021,405,540
<RECEIVABLES>	24,724,381
<ASSETS-OTHER>	650
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	2,046,130,571
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	8,381,874
<TOTAL-LIABILITIES>	8,381,874
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	3,484,468,331
<SHARES-COMMON-STOCK>	96,070
<SHARES-COMMON-PRIOR>	77,683
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(8,756,837)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,425,564,148)
<ACCUM-APPREC-OR-DEPREC>	(12,398,649)
<NET-ASSETS>	2,037,748,697
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	74,202,559
<OTHER-INCOME>	0
<EXPENSES-NET>	9,817,108
<NET-INVESTMENT-INCOME>	64,385,451
<REALIZED-GAINS-CURRENT>	53,645,086
<APPREC-INCREASE-CURRENT>	(70,732,375)
<NET-CHANGE-FROM-OPS>	47,298,162
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(23,244)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	48,841
<NUMBER-OF-SHARES-REDEEMED>	(32,822)
<SHARES-REINVESTED>	2,368
<NET-CHANGE-IN-ASSETS>	(155,787,427)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(1,479,209,234)
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	5,487,690
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	10,421,843
<AVERAGE-NET-ASSETS>	740,513
<PER-SHARE-NAV-BEGIN>	8.65
<PER-SHARE-NII>	.26
<PER-SHARE-GAIN-APPREC>	(.10)
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.28)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	8.53
<EXPENSE-RATIO>	.61
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        	
??  

</TABLE>


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