-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 3vmEDeacSeTPngwUjZWooQ==

<SEC-DOCUMENT>0000867824-96-000018.txt : 19960919
<SEC-HEADER>0000867824-96-000018.hdr.sgml : 19960919
ACCESSION NUMBER:		0000867824-96-000018
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19960918
SROS:			NONE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ADJUSTABLE RATE US GOVERNMENT FUND
		CENTRAL INDEX KEY:			0000807932
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046561111
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04531
		FILM NUMBER:		96631808

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQ MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CAPITAL PRESERVATION INCOME TRUST
		DATE OF NAME CHANGE:	19910606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INCOME & CAPITAL PRESERVATION TRUST
		DATE OF NAME CHANGE:	19871008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME & CONVERTIBLE TRUST
		DATE OF NAME CHANGE:	19871005

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:		96631809

	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:		96631810

	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 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:		96631811

	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 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:		96631812

	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:		96631813

	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:		96631814

	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:		96631815

	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>


                              GEORGE PUTNAM
                              CHAIRMAN OF THE TRUSTEES

                              THE PUTNAM FUNDS
                              ONE POST OFFICE SQUARE
                              BOSTON, MASSACHUSETTS
                              02109




PUTNAM INVESTMENTS  

Dear Shareholder:

You recently received a proxy statement requesting your vote on
important proposals.  Our records show that we have not received
your completed ballot.  Your vote is important.  PLEASE CAST YOUR
BALLOT.

In the next several days, representatives of the fund may try to
contact you by telephone to obtain your voting instructions. 
Should you decide to vote by mail, we have included another copy
of the proxy ballot and a business reply envelope for your
convenience.

PUTNAM MANAGEMENT AND THE TRUSTEES BELIEVE THAT THESE PROPOSALS
WOULD BE IN THE BEST INTEREST OF SHAREHOLDERS.

In closing, we ask you to consider the proposals carefully. 
Should you have any questions, please consult your financial
advisor or contact a Putnam customer service representative at 
1-800-225-1581.

Sincerely,

[signature]

George Putnam

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
