PUTNAM INVESTORS FUND
NSAR-B, 1998-09-28
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SIGNATURE   PAUL G. BUCUVALAS                            
TITLE       VICE PRESIDENT      
 

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

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Investors Fund
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
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<PERIOD-END>                               JUL-31-1998
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<INVESTMENTS-AT-VALUE>                   4,498,054,487
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Investors Fund
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JUL-31-1998
<INVESTMENTS-AT-COST>                   $3,418,556,230
<INVESTMENTS-AT-VALUE>                   4,498,054,487
<RECEIVABLES>                               78,660,282
<ASSETS-OTHER>                                 229,625
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<PAYABLE-FOR-SECURITIES>                    80,960,893
<SENIOR-LONG-TERM-DEBT>                              0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Investors Fund
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> CLASS M
       
<S>                             <C>
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<INVESTMENTS-AT-VALUE>                   4,498,054,487
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Investors Fund
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> CLASS Y
       
<S>                             <C>
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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