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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Growth & Income II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 2,717,639,496
<INVESTMENTS-AT-VALUE> 3,188,149,025
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<PER-SHARE-NAV-END> 15.15
<EXPENSE-RATIO> .45
[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>
Putnam Growth & Income II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 2,717,639,496
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[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>
Putnam Growth & Income II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS C
<S> <C>
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<PERIOD-END> MAY-31-1999
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,701,122
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,011,173
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<PER-SHARE-NAV-BEGIN> 14.21
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[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>
Putnam Growth & Income II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 2,717,639,496
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[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>
Putnam Growth & Income II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> MAY-31-1999
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<ACCUMULATED-GAINS-PRIOR> 224,017,030
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,701,122
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,011,173
<AVERAGE-NET-ASSETS> 8,829,593
<PER-SHARE-NAV-BEGIN> 14.83
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (1.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.16
<EXPENSE-RATIO> .33
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
