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<PAGE> PAGE 2
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<PAGE> PAGE 3
070 K010000 Y
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^^^^^^
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED
FROM Putnam Growth and 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-30-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST>1,326,296,017
<INVESTMENTS-AT-VALUE>1,500,966,055
<RECEIVABLES>19,241,554
<ASSETS-OTHER>109,356
<OTHER-ITEMS-ASSETS>66,274
<TOTAL-ASSETS>1,520,383,239
<PAYABLE-FOR-SECURITIES>19,675,577
<SENIOR-LONG-TERM-DEBT>0
<OTHER-ITEMS-LIABILITIES>4,490,048
<TOTAL-LIABILITIES>24,165,625
<SENIOR-EQUITY>0
<PAID-IN-CAPITAL-COMMON>1,240,092,979
<SHARES-COMMON-STOCK>7,317,112
<SHARES-COMMON-PRIOR>3,043,463
<ACCUMULATED-NII-CURRENT>2,320,728
<OVERDISTRIBUTION-NII>0
<ACCUMULATED-NET-GAINS>79,133,869
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC>174,670,038
<NET-ASSETS> 1,496,217,614
<DIVIDEND-INCOME> 27,080,912
<INTEREST-INCOME>1,904,898
<OTHER-INCOME>0
<EXPENSES-NET>14,242,755
<NET-INVESTMENT-INCOME>14,743,055
<REALIZED-GAINS-CURRENT>80,045,414
<APPREC-INCREASE-CURRENT>135,233,459
<NET-CHANGE-FROM-OPS>230,021,928
<EQUALIZATION>0
<DISTRIBUTIONS-OF-INCOME>(800,684)
<DISTRIBUTIONS-OF-GAINS>(1,049,659)
<DISTRIBUTIONS-OTHER>0
<NUMBER-OF-SHARES-SOLD> 4,835,305
<NUMBER-OF-SHARES-REDEEMED>(719,633)
<SHARES-REINVESTED>157,977
<NET-CHANGE-IN-ASSETS>952,694,825
<ACCUMULATED-NII-PRIOR>1,047,745
<ACCUMULATED-GAINS-PRIOR>16,232,259
<OVERDISTRIB-NII-PRIOR>0
<OVERDIST-NET-GAINS-PRIOR>0
<GROSS-ADVISORY-FEES>5,808,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE>14,621,254
<AVERAGE-NET-ASSETS>61,279,975
<PER-SHARE-NAV-BEGIN>10.98
<PER-SHARE-NII>.18
<PER-SHARE-GAIN-APPREC>2.39
<PER-SHARE-DIVIDEND>(.49)
<PER-SHARE-DISTRIBUTIONS>0
<RETURNS-OF-CAPITAL>0
<PER-SHARE-NAV-END>13.06
<EXPENSE-RATIO>1.84
<AVG-DEBT-OUTSTANDING>0
<AVG-DEBT-PER-SHARE>0
</TABLE>