-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000867824-96-000015.txt : 19960828
<SEC-HEADER>0000867824-96-000015.hdr.sgml : 19960828
ACCESSION NUMBER:		0000867824-96-000015
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19960827
SROS:			AMEX
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FEDERAL INCOME TRUST
		CENTRAL INDEX KEY:			0000790207
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046540848
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04617
		FILM NUMBER:		96621364

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GNMA PLUS TRUST /MA
		DATE OF NAME CHANGE:	19910709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUND FOR GROWTH & INCOME
		CENTRAL INDEX KEY:			0000081260
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046013678
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00781
		FILM NUMBER:		96621365

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAIKLSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND
		DATE OF NAME CHANGE:	19841025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM BALANCED RETIREMENT FUND
		CENTRAL INDEX KEY:			0000764110
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046530116
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04242
		FILM NUMBER:		96621366

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MANAGED INCOME TRUST
		DATE OF NAME CHANGE:	19920807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OPTION INCOME TRUST II
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL GOVERNMENTAL INCOME TRUST
		CENTRAL INDEX KEY:			0000794614
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046549525
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04524
		FILM NUMBER:		96621367

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME GLOBAL TRUST
		DATE OF NAME CHANGE:	19870225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19870115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		96621368

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921536

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM UTILITIES GROWTH & INCOME FUND
		CENTRAL INDEX KEY:			0000867824
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046660195
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05989
		FILM NUMBER:		96621369

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT GRADE MUNICIPAL TRUST III
		CENTRAL INDEX KEY:			0000912491
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07099
		FILM NUMBER:		96621370

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921010
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<TEXT>

PRODUCT SUPPORT SERVICES

PROXY UPDATE                               AUGUST 28, 1996
                         
Over the next several months, 66 Putnam funds are scheduled to
distribute proxy statements to their shareholders.  Within each
proxy statement, Putnam will solicit shareholder votes on a
number of proposals relating to the operation of each fund. 
These proposals will vary among funds.  Attached is a matrix
which includes all funds scheduled for meetings, the meeting
date, and a list of proposals for each.  Below are explanations
of each proposal.

TRUSTEES
Putnam is requesting that shareholders elect trustees to
represent their fund.  The trustees are responsible for the
general oversight of the fund's business and for assuring that
the fund is managed in the best interest of the shareholders.

AUDITORS
Shareholders are being asked to ratify the selection by the
trustees of the independent auditors of their fund for its
current fiscal year.  Auditors will review the financial
statements of the fund and issue a report validating the figures.

INVESTMENT RESTRICTIONS
Putnam is requesting that shareholders approve a number of
amendments to, or deletions of, fundamental investment
restrictions.  The proposals are listed below.

For amending the fund's fundamental investment restriction with
respect to investments in real estate.

For amending the fund's fundamental investment restriction with
respect to diversification.

For amending the fund's fundamental investment restriction with
respect to senior securities.

For amending the fund's fundamental investment restriction with
respect to investments in the voting securities of a single
issuer.

For amending the fund's fundamental investment restriction with
respect to making loans.

For amending the fund's fundamental investment restriction with
respect to investments in commodities.

For amending the fund's fundamental investment restriction with
respect to concentration of its assets.  

For amending the fund's fundamental investment restriction with
respect to underwriting.

For eliminating the fund's fundamental investment restriction
with respect to investments in certain oil, gas and mineral
interests.

For eliminating the fund's fundamental investment restriction
with respect to pledging assets.

For eliminating the fund's fundamental investment restriction
with respect to margin transactions.

For eliminating the fund's fundamental investment restriction
with respect to short sales.

For eliminating the fund's fundamental investment restriction
with respect to investments in securities of issuers in which
management of the fund or Putnam Investment Management, Inc. owns
securities.

For eliminating the fund's fundamental investment restriction
with respect to investments in other investment companies.

For eliminating the fund's fundamental investment restriction
with respect to investing to gain control of a company's
management.

For eliminating the fund's fundamental investment restriction
with respect to the investments in restricted securities.

For eliminating the fund's fundamental investment restriction
with respect to the fund's permitted investments.

For eliminating the fund's fundamental investment restriction
with respect to investments in issuers that have been in
operation for less than three years.

For eliminating the fund's fundamental investment restriction
with respect to the purchase of certain illiquid securities.

For eliminating the fund's fundamental investment restriction
with respect to borrowing.

FOR INTERNAL USE ONLY

Product Support Services is committed to keeping Putnam informed
of any current product/industry information.  If you have any
questions or comments, please contact PSS.






s:\proxy\working\solicit\Q&AOCT.WP
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
