<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000081264
000 D000000 N
000 E000000 NF
000 F000000 Y
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008 D030001 02109
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011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES, INC
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
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015 C030001 02109
015 E010001 X
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020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 448
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020 B000002 13-4946705
020 C000002 58
020 A000003 SMITH, BARNEY, HARRIS, UPHAM & CO.
020 B000003 13-1912900
020 C000003 36
020 A000004 BANK OF AMERICA
020 C000004 21
020 A000005 FIMAT FUTURES USA INC.
020 C000005 9
020 A000006 SALOMON BROTHERS INC.
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020 C000006 4
020 C000007 0
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020 C000009 0
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022 A000001 LEHMAN BROTHERS CO.
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022 C000001 8757852
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022 C000002 1955858
022 D000002 967007
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022 B000003 13-5674085
022 C000003 1240655
022 D000003 885565
022 A000004 SALOMON BROTHER INC.
022 B000004 13-3082694
022 C000004 886695
022 D000004 734898
022 A000005 MORGAN (J.P.) SECURITIES INC.
022 B000005 13-3224016
022 C000005 883298
<PAGE> PAGE 3
022 D000005 348068
022 A000006 DETSCHE NORGAN GRENFELL
022 C000006 366780
022 D000006 329782
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022 C000007 196816
022 D000007 323459
022 A000008 NATWEST SECURITIES
022 C000008 207839
022 D000008 305852
022 A000009 INTERNATIONAL NEDERLANDER
022 C000009 197062
022 D000009 128297
022 A000010 UBS SECURITIES
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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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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 Income Fund
</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> 2,348,451,378
<INVESTMENTS-AT-VALUE> 2,393,455,951
<RECEIVABLES> 294,051,197
<ASSETS-OTHER> 3,959,710
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,691,466,858
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<OTHER-ITEMS-LIABILITIES> 112,138,947
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,182,327,860
<SHARES-COMMON-STOCK> 181,479,851
<SHARES-COMMON-PRIOR> 147,842,439
<ACCUMULATED-NII-CURRENT> 35,030
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 2,239,503,499
<DIVIDEND-INCOME> 500,507
<INTEREST-INCOME> 128,452,772
<OTHER-INCOME> 0
<EXPENSES-NET> 22,069,230
<NET-INVESTMENT-INCOME> 106,884,049
<REALIZED-GAINS-CURRENT> 8,584,505
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<NET-CHANGE-FROM-OPS> 146,701,518
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<DISTRIBUTIONS-OF-INCOME> (72,785,926)
<DISTRIBUTIONS-OF-GAINS> (5,178,160)
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<NUMBER-OF-SHARES-SOLD> 77,412,276
<NUMBER-OF-SHARES-REDEEMED> (52,076,132)
<SHARES-REINVESTED> 8,301,268
<NET-CHANGE-IN-ASSETS> 708,558,422
<ACCUMULATED-NII-PRIOR> 3,228,618
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<EXPENSE-RATIO> 1.17
<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 Income Fund
</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> 2,348,451,378
<INVESTMENTS-AT-VALUE> 2,393,455,951
<RECEIVABLES> 294,051,197
<ASSETS-OTHER> 3,959,710
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 339,824,412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112,138,947
<TOTAL-LIABILITIES> 451,963,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,182,327,860
<SHARES-COMMON-STOCK> 56,787,726
<SHARES-COMMON-PRIOR> 48,761,940
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<ACCUMULATED-NET-GAINS> 10,295,621
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,844,988
<NET-ASSETS> 2,239,503,499
<DIVIDEND-INCOME> 500,507
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<EXPENSE-RATIO> 1.92
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
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<DIVIDEND-INCOME> 500,507
<INTEREST-INCOME> 128,452,772
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<EXPENSES-NET> 22,069,230
<NET-INVESTMENT-INCOME> 106,884,049
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<NET-CHANGE-FROM-OPS> 146,701,518
<EQUALIZATION> 0
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<SHARES-REINVESTED> 192,477
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<GROSS-ADVISORY-FEES> 9,469,339
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,547,823
<AVERAGE-NET-ASSETS> 53,268,585
<PER-SHARE-NAV-BEGIN> 6.99
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> .16
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.11
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 2,348,451,378
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,182,327,860
<SHARES-COMMON-STOCK> 23,891,056
<SHARES-COMMON-PRIOR> 19,010,264
<ACCUMULATED-NII-CURRENT> 35,030
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,295,621
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 46,844,988
<NET-ASSETS> 2,239,503,499
<DIVIDEND-INCOME> 500,507
<INTEREST-INCOME> 128,452,772
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,962,004)
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</TABLE>
