PUTNAM FEDERAL INCOME TRUST
NSAR-B/A, 1997-12-30
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<PAGE>      PAGE  1
000 B000000 10/31/97
000 C000000 0000790207
000 D000000 N
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000 J000000 A
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002 A000000 ONE POST OFFICE SQUARE
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020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
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020 C000001     16
020 A000002 SMITH,BARNEY,HARRIS, UPHAIM & CO.
020 B000002 13-1912900
020 C000002     14
020 A000003 BEAR STERNS & CO.
020 B000003 13-4946705
020 C000003      8
020 A000004 BANK OF AMERICA NT & SA
020 B000004 94-1687665
020 C000004      2
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020 B000005 13-3082694
020 C000005      1
020 A000006 FIMAT FUTURES USA INC.
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020 C000008      0
020 C000009      0
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022 D000002    171254
022 A000003 SBC WARBURG DILLON REED
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022 A000006 UBS SECURITIES
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022 A000007 MORGAN (J.P.) SECURITIES INC.
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SIGNATURE   PAUL BUCUVALAS                               
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      365,064,021
<INVESTMENTS-AT-VALUE>                     376,153,496
<RECEIVABLES>                               49,491,550
<ASSETS-OTHER>                              17,459,886
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             443,104,932
<PAYABLE-FOR-SECURITIES>                    59,842,930
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   23,799,268
<TOTAL-LIABILITIES>                         83,642,198
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   414,311,431
<SHARES-COMMON-STOCK>                       34,070,724
<SHARES-COMMON-PRIOR>                       37,937,926
<ACCUMULATED-NII-CURRENT>                    3,549,160
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (69,487,669)
<ACCUM-APPREC-OR-DEPREC>                    11,089,807
<NET-ASSETS>                               359,462,734
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           26,721,271
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,089,737
<NET-INVESTMENT-INCOME>                     22,631,534
<REALIZED-GAINS-CURRENT>                     2,234,048
<APPREC-INCREASE-CURRENT>                    4,533,459
<NET-CHANGE-FROM-OPS>                       29,399,041
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (22,525,251)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,019,842
<NUMBER-OF-SHARES-REDEEMED>                (7,118,836)
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<OVERDIST-NET-GAINS-PRIOR>               (188,593,622)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,310,673
<AVERAGE-NET-ASSETS>                       358,273,312
<PER-SHARE-NAV-BEGIN>                            10.01
<PER-SHARE-NII>                                    .61
<PER-SHARE-GAIN-APPREC>                            .20
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.63)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.19
<EXPENSE-RATIO>                                   1.15
<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 Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      365,064,021
<INVESTMENTS-AT-VALUE>                     376,153,496
<RECEIVABLES>                               49,491,550
<ASSETS-OTHER>                              17,459,886
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             443,104,932
<PAYABLE-FOR-SECURITIES>                    59,842,930
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   23,799,268
<TOTAL-LIABILITIES>                         83,642,198
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   414,311,431
<SHARES-COMMON-STOCK>                        1,114,256
<SHARES-COMMON-PRIOR>                          754,697
<ACCUMULATED-NII-CURRENT>                    3,549,160
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (69,487,669)
<ACCUM-APPREC-OR-DEPREC>                    11,089,807
<NET-ASSETS>                               359,462,734
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           26,721,271
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,089,737
<NET-INVESTMENT-INCOME>                     22,631,534
<REALIZED-GAINS-CURRENT>                     2,234,048
<APPREC-INCREASE-CURRENT>                    4,533,459
<NET-CHANGE-FROM-OPS>                       29,399,041
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (563,757)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,308,316
<NUMBER-OF-SHARES-REDEEMED>                  (998,805)
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<NET-CHANGE-IN-ASSETS>                    (28,540,645)
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<ACCUMULATED-GAINS-PRIOR>                            0
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<OVERDIST-NET-GAINS-PRIOR>               (188,593,622)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,310,673
<AVERAGE-NET-ASSETS>                        10,184,043
<PER-SHARE-NAV-BEGIN>                             9.98
<PER-SHARE-NII>                                    .52
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<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        (.56)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.15
<EXPENSE-RATIO>                                   1.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      365,064,021
<INVESTMENTS-AT-VALUE>                     376,153,496
<RECEIVABLES>                               49,491,550
<ASSETS-OTHER>                              17,459,886
<OTHER-ITEMS-ASSETS>                                 0
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<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                         83,642,198
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   414,311,431
<SHARES-COMMON-STOCK>                           91,107
<SHARES-COMMON-PRIOR>                           53,853
<ACCUMULATED-NII-CURRENT>                    3,549,160
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (69,487,669)
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<DIVIDEND-INCOME>                                    0
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        112,345
<NUMBER-OF-SHARES-REDEEMED>                   (78,575)
<SHARES-REINVESTED>                              3,484
<NET-CHANGE-IN-ASSETS>                    (28,540,645)
<ACCUMULATED-NII-PRIOR>                      3,815,033
<ACCUMULATED-GAINS-PRIOR>                            0
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</TABLE>


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