PUTNAM GROWTH & INCOME FUND II
NSAR-B, 1996-01-29
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<PAGE>      PAGE  1
000 B000000 11/30/95
000 C000000 0000930748
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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 L.L.P.
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   93
<PAGE>      PAGE  2
019 C000000 PUTNAMFUND
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001    193
020 A000002 PAINE WEBBER INC.
020 B000002 13-2638166
020 C000002     87
020 A000003 FIRST BOSTON C0.
020 B000003 13-5659485
020 C000003     85
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000004 13-5674085
020 C000004     53
020 A000005 EDWARDS (A.G.) & SONS INC.
020 B000005 43-0895477
020 C000005     36
020 A000006 SMITH, BARNEY, HARRIS, UPHAM & CO.
020 B000006 13-1912900
020 C000006     26
020 A000007 ROYAL ALLIANCE ASSOCIATES, INC.
020 B000007 93-0987232
020 C000007     19
020 A000008 GOLDMAN SACHS & CO.
020 B000008 13-5108880
020 C000008     16
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009     14
020 A000010 RAYMOND JAMES & ASSOCIATES
020 B000010 59-1237041
020 C000010     14
021  000000      772
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001   1425281
022 D000001         0
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002    383577
022 D000002       529
022 A000003 MORGAN STANLEY INC.
022 B000003 13-2655998
022 C000003     90082
022 D000003      1704
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004     31973
022 D000004         0
022 A000005 HONG KONG AND SHANGHAI BANK
022 B000005 13-5146790
022 C000005     20320
<PAGE>      PAGE  3
022 D000005         0
022 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000006 13-5674085
022 C000006     11843
022 D000006       280
022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007     10301
022 D000007       403
022 A000008 LAZARD FRERES
022 B000008 13-5545100
022 C000008      4063
022 D000008      1088
022 A000009 PRUDENTIAL SECURITIES INC.
022 B000009 22-2347336
022 C000009      4461
022 D000009      1762
022 A000010 CARROLL, MCENTEE & MCGINLEY INC.
022 B000010 13-2650272
022 C000010      2100
022 D000010         0
023 C000000    1986026
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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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 & Income Fund II  Class A AND IS QUALIFIED IN FROM Putnam Growth 
& Income Fund II  Class A AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	NOV-30-95
<PERIOD-END>	NOV-30-95
<INVESTMENTS-AT-COST>                                                             500,750,762 
<INVESTMENTS-AT-VALUE>	540,187,341
<RECEIVABLES>	12,369,692
<ASSETS-OTHER>	72,721
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	552,629,754
<PAYABLE-FOR-SECURITIES>	7,042,334
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,064,631
<TOTAL-LIABILITIES>	9,106,965
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	486,806,206
<SHARES-COMMON-STOCK>	22,742,240
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	1,047,745
<OVERDISTRIBUTION-NII>                                                                                0
<ACCUMULATED-NET-GAINS>	16,232,259
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	39,436,579
<NET-ASSETS>	543,522,789
<DIVIDEND-INCOME>	6,399,171
<INTEREST-INCOME>	590,876
<OTHER-INCOME>	0
<EXPENSES-NET>	3,473,060
<NET-INVESTMENT-INCOME>	3,516,987
<REALIZED-GAINS-CURRENT>	16,232,259
<APPREC-INCREASE-CURRENT>	31,872,124
<NET-CHANGE-FROM-OPS>	51,621,370
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(1,223,270)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	19,356,148
<NUMBER-OF-SHARES-REDEEMED>	(1,576,312)
<SHARES-REINVESTED>	144,421
<NET-CHANGE-IN-ASSETS>	541,422,789
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,226,161
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	3,546,062
<AVERAGE-NET-ASSETS>	96,389,644
<PER-SHARE-NAV-BEGIN>	8.53
<PER-SHARE-NII>	.15
<PER-SHARE-GAIN-APPREC>	2.45
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.12)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	11.01
<EXPENSE-RATIO>	1.35
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        

</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 & Income Fund II  Class B AND IS QUALIFIED IN ITS ENTIRETY BY 
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	NOV-30-95
<PERIOD-END>	NOV-30-95
<INVESTMENTS-AT-COST>                                                             500,750,762
<INVESTMENTS-AT-VALUE>	540,187,341
<RECEIVABLES>	12,369,692
<ASSETS-OTHER>	72,721
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	552,629,754
<PAYABLE-FOR-SECURITIES>	7,042,334
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,064,631
<TOTAL-LIABILITIES>	9,106,965
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	486,806,206
<SHARES-COMMON-STOCK>	23,710,306
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	1,047,745
<OVERDISTRIBUTION-NII>                                                                                0
<ACCUMULATED-NET-GAINS>	16,232,259
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	39,436,579
<NET-ASSETS>	543,522,789
<DIVIDEND-INCOME>	6,399,171
<INTEREST-INCOME>	590,876
<OTHER-INCOME>	0
<EXPENSES-NET>	3,473,060
<NET-INVESTMENT-INCOME>	3,516,987
<REALIZED-GAINS-CURRENT>	16,232,259
<APPREC-INCREASE-CURRENT>	31,872,124
<NET-CHANGE-FROM-OPS>	51,621,370
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(1,065,275)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	23,950,321
<NUMBER-OF-SHARES-REDEEMED>	(1,538,451)
<SHARES-REINVESTED>	99,507
<NET-CHANGE-IN-ASSETS>	541,422,789
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,226,161
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	3,546,062
<AVERAGE-NET-ASSETS>	98,084,659
<PER-SHARE-NAV-BEGIN>	8.53
<PER-SHARE-NII>	.11
<PER-SHARE-GAIN-APPREC>	2.42
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.10)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	10.96
<EXPENSE-RATIO>	2.03
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        

</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 & Income Fund II  Class M AND IS QUALIFIED IN ITS ENTIRETY 
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	NOV-30-95
<PERIOD-END>	NOV-30-95
<INVESTMENTS-AT-COST>                                                             500,750,762 
<INVESTMENTS-AT-VALUE>	540,187,341
<RECEIVABLES>	12,369,692
<ASSETS-OTHER>	72,721
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	552,629,754
<PAYABLE-FOR-SECURITIES>	7,042,334
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	2,064,631
<TOTAL-LIABILITIES>	9,106,965
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	486,806,206
<SHARES-COMMON-STOCK>	3,043,463
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	1,047,745
<OVERDISTRIBUTION-NII>                                                                             0
<ACCUMULATED-NET-GAINS>	16,232,259
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	39,436,579
<NET-ASSETS>	543,522,789
<DIVIDEND-INCOME>	6,399,171
<INTEREST-INCOME>	590,876
<OTHER-INCOME>	0
<EXPENSES-NET>	3,473,060
<NET-INVESTMENT-INCOME>	3,516,987
<REALIZED-GAINS-CURRENT>	16,232,259
<APPREC-INCREASE-CURRENT>	31,872,124
<NET-CHANGE-FROM-OPS>	51,621,370
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(174,105)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	3,172,893
<NUMBER-OF-SHARES-REDEEMED>	(218,352)
<SHARES-REINVESTED>	6,569
<NET-CHANGE-IN-ASSETS>	541,422,789
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	1,226,161
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	3,546,062
<AVERAGE-NET-ASSETS>	14,248,465
<PER-SHARE-NAV-BEGIN>	8.53
<PER-SHARE-NII>	.12
<PER-SHARE-GAIN-APPREC>	2.43
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.10)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	10.98
<EXPENSE-RATIO>	1.80
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        

</TABLE>


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