Proxy Solicitation Script
                                   for 
                        Putnam Federal Income Trust


This script provides information to the shareholder and solicits
his/her vote by mail.

Putnam:   Good Evening Mr./Ms.          . My name is          and
          I'm calling from Putnam Investments in Boston.  I'm
          calling in regard to the important proxy materials
          which you should have received for your Fund's
          shareholders' meeting which will be held in May.  This
          information was mailed to you in early March.  The
          package consisted of a Putnam business envelope with
          black and red print on the outside of the envelope. 
          The words "Important Proxy Material Enclosed   Prompt
          Response Will Save Your Fund Money" were clearly marked
          on the package.  Do you recall receiving it? (Proceed
          to A or B as applicable).

A         (If the shareholder has received the proxy materials.)

S/H:      Yes.

Putnam:   Great, however according to our most recent records, we
          have not received your proxy ballot which was included
          in the package.  Could you tell me if you have already
          returned it? 

     *    If the shareholder received the information, but has
          not sent it back, continue with:  We are calling our
          shareholders to urge them to read and complete the
          Proxy ballot enclosed in the package. By promptly doing
          so, it may save your Fund the cost of an additional
          mailing.

     *    If the shareholder returned the ballot, continue with:
          Thank you very much for your time, Mr./Ms.          .
          Your vote is very important.

     *    If the shareholder threw the ballot away because he/she
          did not think it was important, proceed to B.

B         (If the shareholder has not received the proxy
          materials.)

S/H:      No.

Putnam:   May I confirm your address so that another package can
          be sent to you? (Confirm address with shareholder.) You
          will be receiving a duplicate package shortly.  We ask
          only that you read the materials and take a moment to
          complete and return the proxy ballot. By promptly doing
          so, it may save your Fund the cost of an additional
          mailing.  If you have any questions in regard to this
          material, please call us, toll-free, at 1-(800)
          225-1581.

Putnam:   Thank you very much for your time, Mr./Ms.         . We
          look forward to receiving your ballot shortly. 


          The following information is only to be given if the
          shareholder would like to know what the proposals are:

Putnam:   The 1994 meeting of the shareholders of your Fund will
          be held on May 5, 1994.  Although we would like to have
          each shareholder attend, we understand this is not
          always possible.  Even if you cannot attend, we need
          your support on the proposals which will be addressed
          at the meeting.

S/H:      What are the proposals?

Putnam:   The proposals to be acted upon at the meeting are more
          fully described in the proxy statement.  I will be
          happy to summarize them for you:

          1    ELECTION OF TRUSTEES.  All of the nominees have
               been nominated by the Nominating Committee and are
               presently Trustees of the Fund.

          2    SELECTION OF AUDITORS.  The Trustees have selected
               Coopers & Lybrand to be the Fund's auditors.  You
               are given the opportunity to ratify or reject this
               selection.  The Trustees recommend that the Fund's
               shareholders ratify the selection of Cooper's &
               Lybrand.

          3    APPROVAL OR DISAPPROVAL OF THE ELIMINATION OF THE
               FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH
               RESPECT TO INVESTMENTS IN INVESTMENT COMPANIES. 
               The Trustees recommend that the Fund's fundamental
               investment restriction with respect to investments
               in investment companies be eliminated to permit
               the Fund to invest in investments of certain
               issuers that may be considered to be investment
               companies.  Currently, the Fund's investment
               restriction generally prohibits the Fund from
               investing in the securities of other registered
               investment companies.  From time to time, new
               investment vehicles arise that would assist the
               Fund in meeting its investment objective but that
               may be registered investment companies.  If the
               shareholders approve the elimination of this
               restriction, the Trustees intend to adopt a more
               flexible non-fundamental restriction (which could
               be amended or eliminated by the Trustees without a
               shareholder vote) that would generally prohibit
               investments by the Fund in registered open-end
               investment companies like the Fund but would
               permit investments in other entities that might
               otherwise be registered investment companies.

          4    APPROVAL OR DISAPPROVAL OF AN AMENDMENT TO THE
               FUND'S FUNDAMENTAL INVESTMENT RESTRICTION WITH
               RESPECT TO RESTRICTED SECURITIES.  The Trustees
               recommend that the Fund's fundamental investment
               restriction with respect to restricted securities
               be revised to permit the Fund to invest a greater
               portion of its assets in securities restricted as
               to resale under the federal securities laws.  The
               Fund's current investment restrictions prohibit it
               from investing more than 10% of its net assets in
               restricted securities.  The proposed amendment
               would permit the Fund to invest up to 15% of its
               net assets in such securities and would exclude
               from the restriction certain restricted securities
               that are readily marketable, in order to permit
               greater flexibility in investing the Fund's
               assets.  Certain state securities laws may limit
               the ability of the Fund to invest in restricted
               securities, including restricted securities that
               are readily marketable.  


          5    APPROVAL OR DISAPPROVAL OF AMENDMENTS TO THE
               FUND'S AGREEMENT AND DECLARATION OF TRUST TO
               PERMIT ISSUANCE OF ADDITIONAL CLASSES OF SHARES. 
               The Trustees recommend that they be authorized to
               amend the Declaration of Trust to permit the
               Trustees, without further shareholder action, to
               issue one or more additional classes of shares
               having such preferences and special or relative
               rights and privileges as the Trustees may
               determine.  The creation of one or more separate
               classes of shares with different types of sales
               charges would allow the Fund to take advantage of
               alternative methods of selling Fund shares.  This
               would permit the Trustees to allocate costs
               associated with the distribution of shares of a
               particular class to those investors who elected to
               purchase shares of such class.  Any such
               additional class of shares would participate in
               all other respects on an equal proportionate basis
               with all other classes of shares.  

Putnam:   Those are the proposals. Can I clarify anything for
          you? If not, please read the materials carefully,
          complete the enclosed proxy card and return it promptly
          in the envelope provided. 

S/H:      Thank you for the information.

Putnam:   Thank you for your time, Mr./Ms.        . Your vote is
          very important, and we look forward to receiving it
          soon.