<PAGE> PAGE 1
000 A000000 05/31/95
000 C000000 0000930748
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PUTNAM GROWTH & INCOME FUND II
001 B000000 811-7223
001 C000000 6712921000
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS CORP
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 BOSTON
013 B020001 MA
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST CO
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 95
<PAGE> PAGE 2
019 C000000 PUTNAMFUND
020 A000001 PAINE WEBBER INC.
020 B000001 13-2638166
020 C000001 48
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002 47
020 A000003 FIRST BOSTON CORP
020 B000003 13-5659485
020 C000003 47
020 A000004 SALOMON BROTHERS
020 B000004 13-3082694
020 C000004 27
020 A000005 SMITH BARNEY SHEARSON
020 B000005 13-1912900
020 C000005 26
020 A000006 AG EDWARDS & SONS
020 B000006 43-0895477
020 C000006 11
020 A000007 LEHMAN BROTHERS
020 B000007 13-2518466
020 C000007 10
020 A000008 GOLDMAN SACHS & CO
020 B000008 13-5108880
020 C000008 6
020 A000009 JANNEY MONTGOMERY SCOTT
020 B000009 23-0731260
020 C000009 5
020 A000010 FURMAN SELZ MAGER DIETZ BIRNEY
020 B000010 13-2753731
020 C000010 4
021 000000 274
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 300831
022 D000001 0
022 A000002 JP MORGAN SECURITIES
022 B000002 13-3224016
022 C000002 79707
022 D000002 0
022 A000003 GOLDMAN SACHS & CO
022 B000003 13-5108880
022 C000003 26448
022 D000003 0
022 A000004 HONG KONG & SHANGHAI
022 B000004 13-5146790
022 C000004 10387
022 D000004 0
022 A000005 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000005 13-5674085
022 C000005 7140
<PAGE> PAGE 3
022 D000005 33
022 A000006 MORGAN STANLEY & CO
022 B000006 13-2655998
022 C000006 6062
022 D000006 0
022 A000007 CARROLL MCENTEE & MCGINLEY
022 B000007 13-2650272
022 C000007 2100
022 D000007 0
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008 1155
022 D000008 581
022 A000009 SALOMON BROTHERS INC
022 B000009 13-3082694
022 C000009 1218
022 D000009 403
022 A000010 SMITH BARNEY SHEARSON
022 B000010 13-1912900
022 C000010 795
022 D000010 0
023 C000000 437479
023 D000000 1017
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 100
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 12776
028 B020000 0
028 B030000 0
028 B040000 276
028 C010000 25029
<PAGE> PAGE 4
028 C020000 0
028 C030000 0
028 C040000 615
028 D010000 34767
028 D020000 0
028 D030000 0
028 D040000 1185
028 E010000 43254
028 E020000 0
028 E030000 0
028 E040000 1587
028 F010000 36562
028 F020000 0
028 F030000 0
028 F040000 2241
028 G010000 152488
028 G020000 0
028 G030000 0
028 G040000 5904
028 H000000 152488
029 000000 Y
030 A000000 2406
030 B000000 0.00
030 C000000 0.00
031 A000000 138
031 B000000 0
032 000000 2268
033 000000 0
034 000000 Y
035 000000 19
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 158
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
<PAGE> PAGE 5
048 A020000 0.650
048 B010000 500000
048 B020000 0.550
048 C010000 500000
048 C020000 0.500
048 D010000 500000
048 D020000 0.450
048 E010000 5000000
048 E020000 0.425
048 F010000 5000000
048 F020000 0.405
048 G010000 5000000
048 G020000 0.390
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 5000000
048 K020000 0.380
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
<PAGE> PAGE 6
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 E000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
<PAGE> PAGE 7
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 167235
071 B000000 25373
071 C000000 73916
071 D000000 34
072 A000000 6
072 B000000 134
072 C000000 1019
072 D000000 0
072 E000000 0
072 F000000 166
072 G000000 2
072 H000000 0
072 I000000 26
072 J000000 -1
072 K000000 2
072 L000000 8
072 M000000 3
072 N000000 15
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 5
072 T000000 158
072 U000000 4
072 V000000 0
072 W000000 3
072 X000000 398
072 Y000000 0
072 Z000000 755
072AA000000 676
072BB000000 0
072CC010000 8589
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 5558
074 C000000 4959
074 D000000 520
<PAGE> PAGE 8
074 E000000 4938
074 F000000 145669
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 690
074 K000000 0
074 L000000 5532
074 M000000 70
074 N000000 167936
074 O000000 10827
074 P000000 256
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 233
074 S000000 0
074 T000000 156620
074 U010000 7327
074 U020000 7452
074 V010000 9.80
074 V020000 9.77
074 W000000 0.0000
074 X000000 14945
074 Y000000 0
075 A000000 0
075 B000000 63257
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Growth and Income II Class A AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> MAY-31-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 153,054,546
<INVESTMENTS-AT-VALUE> 161,643,515
<RECEIVABLES> 6,222,470
<ASSETS-OTHER> 69,977
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,935,962
<PAYABLE-FOR-SECURITIES> 10,826,676
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 489,484
<TOTAL-LIABILITIES> 11,316,160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,559,756
<SHARES-COMMON-STOCK> 7,326,898
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 755,150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 675,927
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,588,969
<NET-ASSETS> 156,619,802
<DIVIDEND-INCOME> 1,019,321
<INTEREST-INCOME> 133,713
<OTHER-INCOME> 0
<EXPENSES-NET> 397,884
<NET-INVESTMENT-INCOME> 755,150
<REALIZED-GAINS-CURRENT> 675,927
<APPREC-INCREASE-CURRENT> 8,588,969
<NET-CHANGE-FROM-OPS> 10,020,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,564,403
<NUMBER-OF-SHARES-REDEEMED> (319,858)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 154,519,802
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 166,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,884
<AVERAGE-NET-ASSETS> 34,443,119
<PER-SHARE-NAV-BEGIN> 8.67
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> .44
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Growth and Income II Class B AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> MAY-31-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 153,054,546
<INVESTMENTS-AT-VALUE> 161,643,515
<RECEIVABLES> 6,222,470
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,935,962
<PAYABLE-FOR-SECURITIES> 10,826,676
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 489,484
<TOTAL-LIABILITIES> 11,316,160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,559,756
<SHARES-COMMON-STOCK> 7,451,690
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 755,150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 675,927
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,588,969
<NET-ASSETS> 156,619,802
<DIVIDEND-INCOME> 1,019,321
<INTEREST-INCOME> 133,713
<OTHER-INCOME> 0
<EXPENSES-NET> 397,884
<NET-INVESTMENT-INCOME> 755,150
<REALIZED-GAINS-CURRENT> 675,927
<APPREC-INCREASE-CURRENT> 8,588,969
<NET-CHANGE-FROM-OPS> 10,020,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,661,905
<NUMBER-OF-SHARES-REDEEMED> (292,568)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 154,519,802
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 166,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,884
<AVERAGE-NET-ASSETS> 30,291,237
<PER-SHARE-NAV-BEGIN> 8.67
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Putnam Growth and Income II Class M AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> MAY-31-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 153,054,546
<INVESTMENTS-AT-VALUE> 161,643,515
<RECEIVABLES> 6,222,470
<ASSETS-OTHER> 69,977
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 167,935,962
<PAYABLE-FOR-SECURITIES> 10,826,676
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 489,484
<TOTAL-LIABILITIES> 11,316,160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,559,756
<SHARES-COMMON-STOCK> 1,228,850
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 755,150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 675,927
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,588,969
<NET-ASSETS> 156,619,802
<DIVIDEND-INCOME> 1,019,321
<INTEREST-INCOME> 133,713
<OTHER-INCOME> 0
<EXPENSES-NET> 397,884
<NET-INVESTMENT-INCOME> 755,150
<REALIZED-GAINS-CURRENT> 675,927
<APPREC-INCREASE-CURRENT> 8,588,969
<NET-CHANGE-FROM-OPS> 10,020,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,790,912
<NUMBER-OF-SHARES-REDEEMED> (24,415)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 154,519,802
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 166,086
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,884
<AVERAGE-NET-ASSETS> 5,073,303
<PER-SHARE-NAV-BEGIN> 8.66
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.78
<EXPENSE-RATIO> .67
<AVG-DEBT-OUTSTANDING>
<AVG-DEBT-PER-SHARE>
??
</TABLE>
