1/98 40003
PUTNAM INCOME FUND
Prospectus Supplement dated January 12, 1998
to Prospectus dated February 28, 1997
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the day-
to-day management of the fund's portfolio since the years stated
below:
YEAR BUSINESS EXPERIENCE
(AT LEAST 5 YEARS)
------- -------------------------
D. William Kohli 1994 Employed as an investment
Managing Director professional by Putnam
Management since September,
1994. Prior to September,
1994, Mr. Kohli was Executive
Vice President and Co-Director
of Global Bond Management and
prior to October, 1993, Senior
Portfolio Manager at Franklin
Advisors/Templeton Investment
Counsel.
Jeffrey J. Kobylarz 1998 Employed as an investment
Senior Vice President professional by Putnam
Management since May, 1993. Prior to
May, 1993, Mr. Kobylarz was an
Assistant Vice President and analyst at
Dean Witter Intercapital.
Kenneth J. Taubes 1993 Employed as an investment
Senior Vice President professional by Putnam
Management since 1991.
