PUTNAM INVESTORS FUND
NSAR-A, 1995-03-29
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<PAGE>      PAGE  1
000 A000000 01/31/95
000 C000000 0000081269
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM INVESTORS FUND
001 B000000 811-159
001 C000000 6172921000
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
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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
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 COOPERS & LYBRAND
013 B010001 BOSTON
013 B020001 MA
<PAGE>      PAGE  2
013 B030001 02109
018  000000 Y
019 A000000 Y
019 B000000   75
019 C000000 PUTNAMFUND
020 A000001 SALOMON BROTHERS INC
020 B000001 13-3082694
020 C000001    145
020 A000002 FIRST BOSTON CORP
020 B000002 13-5659485
020 C000002    127
020 A000003 PAINE WEBBER INC
020 B000003 13-2638166
020 C000003    100
020 A000004 BRIDGE TRADING COMPANY
020 B000004 43-1034850
020 C000004     77
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005     75
020 A000006 STANDARD & POORS
020 B000006 22-2294542
020 C000006     38
020 A000007 AUTRANET INCORPORATED
020 B000007 13-2961507
020 C000007     36
020 A000008 SMITH BARNEY SHEARSON
020 B000008 13-1912900
020 C000008     35
020 A000009 DONALDSON LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009     35
020 A000010 GOLDMAN SACHS
020 B000010 13-5108880
020 C000010     31
021  000000     1105
022 A000001 BT SECURITIES
022 B000001 13-3311934
022 C000001    864000
022 D000001         0
022 A000002 GOLDMAN SACHS & CO
022 B000002 13-5108880
022 C000002    696057
022 D000002      2129
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003    502000
022 D000003      1293
022 A000004 JP MORGAN SECURITIES
022 B000004 13-3224016
022 C000004    321904
<PAGE>      PAGE  3
022 D000004         0
022 A000005 NOMURA SECURITIES
022 B000005 13-2642206
022 C000005    205000
022 D000005         0
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006     85000
022 D000006         0
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007     31866
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022 A000008 BANK OF AMERICA
022 B000008 94-1687665
022 C000008     24874
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022 A000009 FIRST BOSTON CORP
022 B000009 13-5659485
022 C000009     18951
022 D000009      5429
022 A000010 PAINE WEBBER
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025 A000002 DEAN WITTER DISCOVERY
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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  9
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080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
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SIGNATURE   GORDON H. SILVER                             
TITLE       VICE PRESIDENT      
 

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

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Investors Fund Class A  AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1995
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       725,747,999
<INVESTMENTS-AT-VALUE>                      784,747,715
<RECEIVABLES>                                20,358,280
<ASSETS-OTHER>                                        0
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              805,105,995
<PAYABLE-FOR-SECURITIES>                      7,261,920
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     3,839,639
<TOTAL-LIABILITIES>                          11,101,559
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    724,730,972
<SHARES-COMMON-STOCK>                       106,541,105
<SHARES-COMMON-PRIOR>                       100,081,708
<ACCUMULATED-NII-CURRENT>                     4,654,856
<OVERDISTRIBUTION-NII>                                0
<ACCUMULATED-NET-GAINS>                       5,618,891
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                     58,999,717
<NET-ASSETS>                                794,004,436
<DIVIDEND-INCOME>                             7,753,045
<INTEREST-INCOME>                               920,516
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                4,018,706
<NET-INVESTMENT-INCOME>                       4,654,855
<REALIZED-GAINS-CURRENT>                     19,249,193
<APPREC-INCREASE-CURRENT>                  (11,234,911)
<NET-CHANGE-FROM-OPS>                        12,669,137
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                   (71,940,283)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                       6,315,044
<NUMBER-OF-SHARES-REDEEMED>                 (8,756,974)
<SHARES-REINVESTED>                           8,901,327
<NET-CHANGE-IN-ASSETS>                     (13,146,205)
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                    60,613,567
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         2,487,378
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               4,018,706
<AVERAGE-NET-ASSETS>                        783,085,994
<PER-SHARE-NAV-BEGIN>                              7.85
<PER-SHARE-NII>                                     .04
<PER-SHARE-GAIN-APPREC>                             .06
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.73)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                                7.22
<EXPENSE-RATIO>                                     .50
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Investors Fund Class B  AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1995
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       725,747,999
<INVESTMENTS-AT-VALUE>                      784,747,715
<RECEIVABLES>                                20,358,280
<ASSETS-OTHER>                                        0
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              805,105,995
<PAYABLE-FOR-SECURITIES>                      7,261,920
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     3,839,639
<TOTAL-LIABILITIES>                          11,101,559
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    724,730,972
<SHARES-COMMON-STOCK>                         3,529,924
<SHARES-COMMON-PRIOR>                         2,704,182
<ACCUMULATED-NII-CURRENT>                     4,654,856
<OVERDISTRIBUTION-NII>                                0
<ACCUMULATED-NET-GAINS>                       5,618,891
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                     58,999,717
<NET-ASSETS>                                794,004,436
<DIVIDEND-INCOME>                             7,753,045
<INTEREST-INCOME>                               920,516
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                4,018,706
<NET-INVESTMENT-INCOME>                       4,654,855
<REALIZED-GAINS-CURRENT>                     19,249,193
<APPREC-INCREASE-CURRENT>                  (11,234,911)
<NET-CHANGE-FROM-OPS>                        12,669,137
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                    (2,300,176)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                       1,421,670
<NUMBER-OF-SHARES-REDEEMED>                   (910,627)
<SHARES-REINVESTED>                             314,699
<NET-CHANGE-IN-ASSETS>                     (13,146,205)
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                    60,613,567
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         2,487,378
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               4,018,706
<AVERAGE-NET-ASSETS>                         23,285,325
<PER-SHARE-NAV-BEGIN>                              7.78
<PER-SHARE-NII>                                     .01
<PER-SHARE-GAIN-APPREC>                             .05
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.73)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                                7.11
<EXPENSE-RATIO>                                     .88
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Investors Fund Class M  AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1995
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       725,747,999
<INVESTMENTS-AT-VALUE>                      784,747,715
<RECEIVABLES>                                20,358,280
<ASSETS-OTHER>                                        0
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              805,105,995
<PAYABLE-FOR-SECURITIES>                      7,261,920
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     3,839,639
<TOTAL-LIABILITIES>                          11,101,559
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    724,730,972
<SHARES-COMMON-STOCK>                            14,125
<SHARES-COMMON-PRIOR>                                 0
<ACCUMULATED-NII-CURRENT>                     4,654,856
<OVERDISTRIBUTION-NII>                                0
<ACCUMULATED-NET-GAINS>                       5,618,891
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                     58,999,717
<NET-ASSETS>                                794,004,436
<DIVIDEND-INCOME>                             7,753,045
<INTEREST-INCOME>                               920,516
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                4,018,706
<NET-INVESTMENT-INCOME>                       4,654,855
<REALIZED-GAINS-CURRENT>                     19,249,193
<APPREC-INCREASE-CURRENT>                  (11,234,911)
<NET-CHANGE-FROM-OPS>                        12,669,137
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                        (3,410)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                          14,125
<NUMBER-OF-SHARES-REDEEMED>                           0
<SHARES-REINVESTED>                                   0
<NET-CHANGE-IN-ASSETS>                     (13,146,205)
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                    60,613,567
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         2,487,378
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               4,018,706
<AVERAGE-NET-ASSETS>                             60,698
<PER-SHARE-NAV-BEGIN>                              7.78
<PER-SHARE-NII>                                       0
<PER-SHARE-GAIN-APPREC>                             .16
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.73)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                                7.21
<EXPENSE-RATIO>                                     .25
<AVG-DEBT-OUTSTANDING>                                0
<AVG-DEBT-PER-SHARE>                                  0
        

</TABLE>


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