PUTNAM GROWTH & INCOME FUND II
NSAR-A, 1997-07-30
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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>
Putnam Growth and Income Fund II
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
<INVESTMENTS-AT-COST>                    1,734,588,787
<INVESTMENTS-AT-VALUE>                   1,990,835,976
<RECEIVABLES>                               52,640,126
<ASSETS-OTHER>                                     255
<OTHER-ITEMS-ASSETS>                            61,308
<TOTAL-ASSETS>                           2,043,537,665
<PAYABLE-FOR-SECURITIES>                    43,575,698
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,044,391
<TOTAL-LIABILITIES>                         49,620,089
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                       62,096,669
<SHARES-COMMON-PRIOR>                       48,597,120
<ACCUMULATED-NII-CURRENT>                      753,212
<OVERDISTRIBUTION-NII>                               0
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (6,391,325)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Growth and Income Fund II
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
<FISCAL-YEAR-END>                          NOV-30-1996
<PERIOD-END>                               MAY-31-1997
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<INVESTMENTS-AT-VALUE>                   1,990,835,976
<RECEIVABLES>                               52,640,126
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<TOTAL-ASSETS>                           2,043,537,665
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,044,391
<TOTAL-LIABILITIES>                         49,620,089
<SENIOR-EQUITY>                                      0
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<NET-CHANGE-FROM-OPS>                      188,789,914
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Growth and Income Fund II
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
<S>                             <C>
<PERIOD-TYPE>                   OTHER
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<INVESTMENTS-AT-VALUE>                   1,990,835,976
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<TOTAL-LIABILITIES>                         49,620,089
<SENIOR-EQUITY>                                      0
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<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                   (5,275,939)
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<OVERDISTRIB-NII-PRIOR>                              0
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</TABLE>


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