<PAGE> PAGE 1
000 A000000 11/30/97
000 C000000 0000930748
000 D000000 N
000 E000000 NF
000 F000000 Y
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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 N
004 000000 N
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012 C030001 02109
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<PAGE> PAGE 2
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015 C030001 02109
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020 B000001 13-5659485
020 C000001 288
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020 C000002 283
020 A000003 SALOMON BROTHERS INC.
020 B000003 13-3082694
020 C000003 223
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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020 C000005 124
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020 C000006 123
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020 C000007 116
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020 C000008 95
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022 C000002 2808022
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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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>
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<PERIOD-END> NOV-30-1997
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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
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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> YEAR
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<PERIOD-END> NOV-30-1997
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</TABLE>
