<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000759827
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
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
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 98
019 C000000 PUTNAMFUND
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 29
020 A000002 LEHMAN BROTHERS INC.
020 B000002 13-2518466
020 C000002 11
020 A000003 DEUTSCHE BNAK CAPITAL CORP.
020 B000003 13-6124068
020 C000003 11
020 A000004 HONG KONG AND SHANGHAI BANK
020 B000004 13-5146790
020 C000004 2
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 53
022 A000001 UBS SECURITIES
022 B000001 13-2932996
022 C000001 3203377
022 D000001 0
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002 3034739
022 D000002 24971
022 A000003 WARBURG (S.G.) & CO., INC.
022 B000003 13-3340045
022 C000003 2860923
022 D000003 0
022 A000004 MORGAN STANLEY INC.
022 B000004 13-2655998
022 C000004 1530501
022 D000004 89773
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005 606432
022 D000005 419002
022 A000006 GOLDMAN SACHS & CO.
<PAGE> PAGE 3
022 B000006 13-5108880
022 C000006 509956
022 D000006 316561
022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007 244609
022 D000007 412517
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 359951
022 D000008 220841
022 A000009 PAINE WEBBER INC.
022 B000009 13-2638166
022 C000009 100945
022 D000009 60628
022 A000010 FIRST BOSTON CO.
022 B000010 13-5659485
022 C000010 99986
022 D000010 0
023 C000000 12602020
023 D000000 1713131
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 5920
028 A020000 4491
028 A030000 0
028 A040000 44023
028 B010000 8159
028 B020000 4414
028 B030000 0
028 B040000 39368
028 C010000 6776
028 C020000 4392
028 C030000 0
<PAGE> PAGE 4
028 C040000 41589
028 D010000 5713
028 D020000 4343
028 D030000 0
028 D040000 41029
028 E010000 6721
028 E020000 4280
028 E030000 0
028 E040000 35250
028 F010000 5341
028 F020000 4235
028 F030000 0
028 F040000 34773
028 G010000 38630
028 G020000 26155
028 G030000 0
028 G040000 236032
028 H000000 38630
029 000000 Y
030 A000000 304
030 B000000 4.75
030 C000000 3.25
031 A000000 39
031 B000000 0
032 000000 265
033 000000 0
034 000000 Y
035 000000 38
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 2292
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
048 A020000 0.600
<PAGE> PAGE 5
048 B010000 1000000
048 B020000 0.500
048 C010000 1000000
048 C020000 0.450
048 D010000 4500000
048 D020000 0.400
048 E010000 2500000
048 E020000 0.375
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 9500000
048 K020000 0.350
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 Y
062 B000000 0.0
<PAGE> PAGE 6
062 C000000 9.1
062 D000000 2.3
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 6.8
062 M000000 41.5
062 N000000 46.4
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 9.4
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 Y
070 M020000 N
<PAGE> PAGE 7
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 1449315
071 B000000 1794753
071 C000000 1642605
071 D000000 88
072 A000000 6
072 B000000 64232
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 4580
072 G000000 11
072 H000000 0
072 I000000 824
072 J000000 106
072 K000000 66
072 L000000 98
072 M000000 42
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 9
072 S000000 14
072 T000000 2292
072 U000000 0
072 V000000 0
072 W000000 69
072 X000000 8111
072 Y000000 0
072 Z000000 56121
072AA000000 10554
072BB000000 0
072CC010000 0
072CC020000 16309
072DD010000 51624
072DD020000 660
072EE000000 0
073 A010000 0.2520
073 A020000 0.2210
073 B000000 0.0000
073 C000000 0.0000
<PAGE> PAGE 8
074 A000000 0
074 B000000 38343
074 C000000 149679
074 D000000 1453087
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 18745
074 M000000 0
074 N000000 1659854
074 O000000 0
074 P000000 3824
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 3767
074 S000000 0
074 T000000 1652263
074 U010000 194160
074 U020000 3179
074 V010000 8.37
074 V020000 8.33
074 W000000 0.0000
074 X000000 129491
074 Y000000 0
075 A000000 0
075 B000000 1766928
076 000000 0.00
077 A000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 50000
081 A000000 Y
081 B000000 97
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 9
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam American Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,680,345,272
<INVESTMENTS-AT-VALUE> 1,641,108,421
<RECEIVABLES> 18,745,244
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,659,853,665
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,590,712
<TOTAL-LIABILITIES> 7,590,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,126,168,461
<SHARES-COMMON-STOCK> 194,160,048
<SHARES-COMMON-PRIOR> 214,610,108
<ACCUMULATED-NII-CURRENT> 3,805,316
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,438,473,973)
<ACCUM-APPREC-OR-DEPREC> (39,236,851)
<NET-ASSETS> 1,652,262,953
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 64,231,820
<OTHER-INCOME> 0
<EXPENSES-NET> 8,111,226
<NET-INVESTMENT-INCOME> 56,120,594
<REALIZED-GAINS-CURRENT> 10,553,766
<APPREC-INCREASE-CURRENT> (16,308,631)
<NET-CHANGE-FROM-OPS> 50,365,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51,624,007)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,328,202
<NUMBER-OF-SHARES-REDEEMED> (26,796,096)
<SHARES-REINVESTED> 3,017,834
<NET-CHANGE-IN-ASSETS> (172,595,223)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,449,027,739)
<GROSS-ADVISORY-FEES> 4,579,908
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,722
<AVERAGE-NET-ASSETS> 1,740,324,223
<PER-SHARE-NAV-BEGIN> 8.39
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.37
<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>
Putnam American Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,680,345,272
<INVESTMENTS-AT-VALUE> 1,641,108,421
<RECEIVABLES> 18,745,244
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,659,853,665
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,590,712
<TOTAL-LIABILITIES> 7,590,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,126,168,461
<SHARES-COMMON-STOCK> 3,178,957
<SHARES-COMMON-PRIOR> 2,761,691
<ACCUMULATED-NII-CURRENT> 3,805,316
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,438,473,973)
<ACCUM-APPREC-OR-DEPREC> (39,236,851)
<NET-ASSETS> 1,652,262,953
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 64,231,820
<OTHER-INCOME> 0
<EXPENSES-NET> 8,111,226
<NET-INVESTMENT-INCOME> 56,120,594
<REALIZED-GAINS-CURRENT> 10,553,766
<APPREC-INCREASE-CURRENT> (16,308,631)
<NET-CHANGE-FROM-OPS> 50,365,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (660,421)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,128,516
<NUMBER-OF-SHARES-REDEEMED> (800,373)
<SHARES-REINVESTED> 89,123
<NET-CHANGE-IN-ASSETS> (172,595,223)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,449,027,739)
<GROSS-ADVISORY-FEES> 4,579,908
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,722
<AVERAGE-NET-ASSETS> 25,492,601
<PER-SHARE-NAV-BEGIN> 8.35
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.33
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam American Government Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 1,680,345,272
<INVESTMENTS-AT-VALUE> 1,641,108,421
<RECEIVABLES> 18,745,244
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,659,853,665
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,590,712
<TOTAL-LIABILITIES> 7,590,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,126,168,461
<SHARES-COMMON-STOCK> 137,914
<SHARES-COMMON-PRIOR> 132,109
<ACCUMULATED-NII-CURRENT> 3,805,316
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,438,473,973)
<ACCUM-APPREC-OR-DEPREC> (39,236,851)
<NET-ASSETS> 1,652,262,953
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 64,231,820
<OTHER-INCOME> 0
<EXPENSES-NET> 8,111,226
<NET-INVESTMENT-INCOME> 56,120,594
<REALIZED-GAINS-CURRENT> 10,553,766
<APPREC-INCREASE-CURRENT> (16,308,631)
<NET-CHANGE-FROM-OPS> 50,365,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,850)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46,326
<NUMBER-OF-SHARES-REDEEMED> (41,111)
<SHARES-REINVESTED> 590
<NET-CHANGE-IN-ASSETS> (172,595,223)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,449,027,739)
<GROSS-ADVISORY-FEES> 4,579,908
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,540,722
<AVERAGE-NET-ASSETS> 1,116,917
<PER-SHARE-NAV-BEGIN> 8.38
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.37
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>