Prospectus Supplement 44516 7/98
dated July 13, 1998 to:
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Putnam Global Governmental Income Trust (the "fund")
Prospectuses dated February 28, 1998
The first paragraph under the heading "How the fund pursues its
objectives - Options and futures portfolio strategies"
is replaced with the following:
THE FUND MAY SEEK TO INCREASE ITS CURRENT RETURN BY WRITING
COVERED CALL OR PUT OPTIONS WITH RESPECT TO SOME OR ALL OF THE
SECURITIES AND CURRENCIES HELD IN ITS PORTFOLIO AND BY BUYING AND
SELLING COMBINATIONS OF PUT AND CALL OPTIONS ON THE SAME
UNDERLYING SECURITY OR CURRENCY. The fund receives a premium
from writing a call or put option, which increases the fund's
return if the option expires unexercised or is closed out at a
net profit. When the fund writes a call option, it gives up the
opportunity to profit from any increase in the price of a
security or currency above the exercise price of the option; when
it writes a put option, the fund takes the risk that it will be
required to purchase a security or currency from the option
holder at a price above the current market price of the security
or currency. The fund may terminate an option that it has
written prior to its expiration by entering into a closing
purchase transaction in which it purchases an option having the
same terms as the option written.
