Exhibit 1

                                                            June 20, 2002

Putnam Global Growth Fund
One Post Office Square
Boston, Massachusetts 02109

Ladies and Gentlemen:

We have acted as counsel to Putnam Global Growth Fund (the "Fund"), in
connection with the Registration Statement of the Fund on Form N-14 (the
"Registration Statement"), under the Securities Act of 1933, as amended
(the "Act"), relating to the proposed combination of the Fund with
Putnam Global Equity Fund and Putnam Global Growth and Income Fund (each
an "Acquired Fund"), and the issuance of shares of the Fund in
connection therewith (the "Shares"), all in accordance with the terms of
the Agreement and Plan of Reorganization between the Fund and each
Acquired Fund, forms of which are attached as exhibits to the
Registration Statement (the "Agreement").

We have examined the Fund's Agreement and Declaration of Trust on file
in the office of the Secretary of State of The Commonwealth of
Massachusetts and the Clerk of the City of Boston and the Fund's
By-Laws, as amended, and are familiar with the actions taken by the
Fund's Trustees in connection with the issuance and sale of the Shares.
We have also examined such other documents and records as we have deemed
necessary for the purposes of this opinion.

Based upon the foregoing, we are of the opinion that:

1. The Fund is a duly organized and validly existing unincorporated
association under the laws of The Commonwealth of Massachusetts and is
authorized to issue an unlimited number of its shares of beneficial
interest.

2. The Shares have been duly authorized and, when issued in accordance
with the Agreement, will be validly issued, fully paid, and
nonassessable by the Fund.

The Fund is an entity of the type commonly known as a "Massachusetts
business trust."  Under Massachusetts law, shareholders could, under
certain circumstances, be held personally liable for the obligations of
the Fund.  However, the Agreement and Declaration of Trust disclaims
shareholder liability for acts or obligations of the Fund and requires
that notice of such disclaimer be given in each note, bond, contract,
instrument, certificate, or undertaking entered into or executed by the
Trust or its Trustees.  The Agreement and Declaration of Trust provides
for indemnification out of the property of the Fund for all loss and
expense of any shareholder of the Fund held personally liable solely by
reason of his being or having been a shareholder.  Thus, the risk of a
shareholder's incurring financial loss on account of being a shareholder
is limited to circumstances in which the Fund itself would be unable to
meet its obligations.

We understand that this opinion is to be used in connection with the
registration of the Shares for offering and sale pursuant to the Act.
We consent to the filing of this opinion with and as part of the
Registration Statement and to the references to our firm in the related
prospectus/proxy statement under the caption "Information about the
Proposed Merger - Federal Income Tax Consequences."

Very truly yours,


/s/ Ropes & Gray
Ropes & Gray