58595 01/00
Prospectus Supplement
dated January 10, 2000 to:
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Putnam Growth and Income Fund II (the "fund")
Prospectuses dated March 30, 1999
In the section entitled "Who manages the fund?" the second paragraph is
replaced with the following:
The following officer of Putnam Management has had primary responsibility
for the day-to-day management of the fund's portfolio since the year shown
below. Her experience as portfolio manager or investment analyst over at
least the last five years is also shown.
Manager Since Experience
Deborah Kuenstner 2000 March 1997 - Putnam Management
Managing Director Present Senior Portfolio Manager
Prior to March 1997 at DuPont Pension Fund
Investment
