PUTNAM INCOME FUND
     INSTRUCTION TO CALLERS EMPLOYED BY D.F. KING & CO. FOR USE WITH
                         ABSTAINING SHAREHOLDERS
                                    
Hello, Mr./Ms. (Shareholder).  My name is ____________________. 
I am calling from D.F.  King & Co., Inc.  We are assisting Putnam
Income Fund in regard to its Meeting of Shareholders to be held
April 6, 1995.  Do you have a moment?  Is this a good time to
talk for a few minutes?

First, let me assure you that, at Putnam's request, D.F. King
maintains strict confidentiality and Putnam is never aware of how
a shareholder votes on any proposal.  We are an independent proxy
solicitation firm assisting Putnam in this matter.  Putnam has
asked us to contact shareholders who have abstained, because in
our experience with companies of all types we have found that
when a shareholder abstains on an issue, it is often because he
or she feels the need for more information or the opportunity to
ask questions.  You have abstained on proposal 3, which seeks
shareholder approval of a new management contract, and we would
be glad to discuss this matter with you or attempt to answer
questions if you would like.  

Would you like further information on this proposal?

If No:         We appreciate that you returned your proxy and
               that we had the opportunity for this conversation.
          
If Yes:        [Provide attached description of Proposal 3.]

               Do you have any questions? [Refer to questions and
               answers on Proposal 3]

               If you wish, you can change your vote on Proposal
               3 or any other proposal right now.  Would you like
               to vote at this time?

If Yes:        Your new vote will automatically supersede your
               previous vote.  You will receive a confirmation of
               your new voting instructions in the mail.  Thank
               you for taking the time to discuss this matter. 
               Have a good day/night.

If No:         Would you like us to send you another proxy card
               and statement?

If Yes:        We'll get that in the mail to you right away.

If No:          Thank you for taking the time to discuss this
               matter.  Have a good day/night.


























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