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<PAGE> PAGE 2
013 B030001 02109
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<PAGE> PAGE 3
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022 C000003 516710
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<PAGE> PAGE 4
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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 II Class A
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOVEMBER-30-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST >915,700,380
<INVESTMENTS-AT-VALUE> 991,607,747
<RECEIVABLES>14,150,840
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<OTHER-ITEMS-ASSETS>70,376
<TOTAL-ASSETS>1,005,829,143
<PAYABLE-FOR-SECURITIES> 16,049,926
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,087,928
<TOTAL-LIABILITIES> 19,137,854
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 866,996,262
<SHARES-COMMON-STOCK> 36,193,776
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<EQUALIZATION> 0
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</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 II Class B
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>YEAR
<FISCAL-YEAR-END> NOVEMBER-30-1995
<PERIOD-END> MAY-31-1996
< INVESTMENTS-AT-COST > 915,700,380
<INVESTMENTS-AT-VALUE> 991,607,747
<RECEIVABLES>14,150,840
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<OTHER-ITEMS-LIABILITIES> 3,087,928
<TOTAL-LIABILITIES> 19,137,854
<SENIOR-EQUITY>0
<PAID-IN-CAPITAL-COMMON> 866,996,262
<SHARES-COMMON-STOCK> 41,791,794
<SHARES-COMMON-PRIOR> 23,710,306
<ACCUMULATED-NII-CURRENT>790,510
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<OVERDISTRIBUTION-GAINS> 0
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<GROSS-EXPENSE> 5,851,809
<AVERAGE-NET-ASSETS>375,139,613
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</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 II Class M
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOVEMBER-30-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST > 915,700,380
<INVESTMENTS-AT-VALUE> 991,607,747
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<ACCUMULATED-NII-CURRENT>790,510
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS>42,997,150
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<OTHER-INCOME>0
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<ACCUMULATED-NII-PRIOR> 1,047,745
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</TABLE>
