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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Municipal Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
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<PERIOD-END> MAR-31-1998
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Municipal Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
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<PERIOD-END> MAR-31-1998
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<ACCUM-APPREC-OR-DEPREC> 90,077,471
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Municipal Income Fund
</LEGEND>
<SERIES>
<NUMBER> 3
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<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
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