PUTNAM FEDERAL INCOME TRUST
NSAR-B/A, 1997-03-04
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<PAGE>      PAGE  1
000 B000000 10/31/96
000 C000000 0000790207
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PUTNAM FEDERAL INCOME TRUST
001 B000000 811-4617
001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
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
062 A000000 Y
062 B000000   0.0
062 C000000   0.0
062 D000000   1.3
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   0.0
062 M000000  35.8
<PAGE>      PAGE  2
062 N000000  36.6
062 O000000   0.0
062 P000000  11.0
062 Q000000  20.0
062 R000000   0.0
071 A000000   1088285
071 B000000   1123710
071 C000000    366060
071 D000000  297
072 A000000 12
074 N000000   434974
074 T000000   388003
075 A000000        0
075 B000000 40417206
077 A000000 N
078  000000 N
080 A000000 FEDERAL INSURANCE CO
080 B000000 NATIONAL UNION FIRE INSURANCE CO.
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
SIGNATURE   PAUL BUCUVALAS                               
TITLE       VICE PRESIDENT      
 

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

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      399,203,687
<INVESTMENTS-AT-VALUE>                     406,284,055
<RECEIVABLES>                               28,106,930
<ASSETS-OTHER>                                 583,547
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             434,974,532
<PAYABLE-FOR-SECURITIES>                    25,626,151
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   21,345,002
<TOTAL-LIABILITIES>                         46,971,153
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   566,225,620
<SHARES-COMMON-STOCK>                       37,937,926
<SHARES-COMMON-PRIOR>                       41,903,274
<ACCUMULATED-NII-CURRENT>                    3,815,033
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                 (188,593,622)
<ACCUM-APPREC-OR-DEPREC>                     6,556,348
<NET-ASSETS>                               388,003,379
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           29,275,782
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,585,191
<NET-INVESTMENT-INCOME>                     24,690,591
<REALIZED-GAINS-CURRENT>                     3,459,579
<APPREC-INCREASE-CURRENT>                 (10,987,465)
<NET-CHANGE-FROM-OPS>                       17,162,705
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                 (23,678,859)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,938,500
<NUMBER-OF-SHARES-REDEEMED>                (7,170,397)
<SHARES-REINVESTED>                          1,266,547
<NET-CHANGE-IN-ASSETS>                    (40,269,034)
<ACCUMULATED-NII-PRIOR>                      3,489,733
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                  (240,064,823)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        2,523,974
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,720,156
<AVERAGE-NET-ASSETS>                       399,138,358
<PER-SHARE-NAV-BEGIN>                            10.17
<PER-SHARE-NII>                                    .61
<PER-SHARE-GAIN-APPREC>                          (.18)
<PER-SHARE-DIVIDEND>                               .59
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.01
<EXPENSE-RATIO>                                   1.16
<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>
Financial Data Schedule for Putnam Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      399,203,687
<INVESTMENTS-AT-VALUE>                     406,284,055
<RECEIVABLES>                               28,106,930
<ASSETS-OTHER>                                 583,547
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             434,974,532
<PAYABLE-FOR-SECURITIES>                    25,626,151
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   21,345,002
<TOTAL-LIABILITIES>                         46,971,153
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   566,225,620
<SHARES-COMMON-STOCK>                          754,697
<SHARES-COMMON-PRIOR>                          180,996
<ACCUMULATED-NII-CURRENT>                    3,815,033
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                 (188,593,622)
<ACCUM-APPREC-OR-DEPREC>                     6,556,348
<NET-ASSETS>                               388,003,379
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           29,275,782
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,585,191
<NET-INVESTMENT-INCOME>                     24,690,591
<REALIZED-GAINS-CURRENT>                     3,459,579
<APPREC-INCREASE-CURRENT>                 (10,987,465)
<NET-CHANGE-FROM-OPS>                       17,162,705
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (243,839)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        884,580
<NUMBER-OF-SHARES-REDEEMED>                  (332,561)
<SHARES-REINVESTED>                             21,682
<NET-CHANGE-IN-ASSETS>                    (40,269,034)
<ACCUMULATED-NII-PRIOR>                      3,489,733
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                  (240,064,823)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        2,523,974
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,720,156
<AVERAGE-NET-ASSETS>                         4,693,481
<PER-SHARE-NAV-BEGIN>                            10.14
<PER-SHARE-NII>                                    .54
<PER-SHARE-GAIN-APPREC>                          (.18)
<PER-SHARE-DIVIDEND>                               .52
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.98
<EXPENSE-RATIO>                                   1.93
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Federal Income Trust
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-END>                               OCT-31-1996
<INVESTMENTS-AT-COST>                      399,203,687
<INVESTMENTS-AT-VALUE>                     406,284,055
<RECEIVABLES>                               28,106,930
<ASSETS-OTHER>                                 583,547
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             434,974,532
<PAYABLE-FOR-SECURITIES>                    25,626,151
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   21,345,002
<TOTAL-LIABILITIES>                         46,971,153
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   566,225,620
<SHARES-COMMON-STOCK>                           53,853
<SHARES-COMMON-PRIOR>                           18,250
<ACCUMULATED-NII-CURRENT>                    3,815,033
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                 (188,593,622)
<ACCUM-APPREC-OR-DEPREC>                     6,556,348
<NET-ASSETS>                               388,003,379
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           29,275,782
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               4,585,191
<NET-INVESTMENT-INCOME>                     24,690,591
<REALIZED-GAINS-CURRENT>                     3,459,579
<APPREC-INCREASE-CURRENT>                 (10,987,465)
<NET-CHANGE-FROM-OPS>                       17,162,705
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (19,056)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         39,320
<NUMBER-OF-SHARES-REDEEMED>                    (4,704)
<SHARES-REINVESTED>                                987
<NET-CHANGE-IN-ASSETS>                    (40,269,034)
<ACCUMULATED-NII-PRIOR>                      3,489,733
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                  (240,064,823)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        2,523,974
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              4,720,156
<AVERAGE-NET-ASSETS>                       399,138,358
<PER-SHARE-NAV-BEGIN>                            10.17
<PER-SHARE-NII>                                    .59
<PER-SHARE-GAIN-APPREC>                          (.18)
<PER-SHARE-DIVIDEND>                               .57
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.01
<EXPENSE-RATIO>                                   1.43
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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