PUTNAM CONVERTIBLE INCOME-GROWTH TRUST

              Prospectus Supplement dated January 10, 1994 to
                Prospectus dated March 1, 1993, as revised
                               July 15, 1993

On January 7, 1994, the Trustees approved a proposal to increase
the fees payable to Putnam Management under the Fund's Management
Contract.  The proposed increase is subject to shareholder
approval and will be submitted to shareholders at a meeting
scheduled to be held on May 5, 1994.  If approved at that
meeting, management fees would thereafter be paid at the annual
rate of 0.65% of the first $500 million of average net assets,
0.55% of the next $500 million, 0.50% of the next $500 million,
0.45% of any amount over $1.5 billion.  If the shareholders do
not approve the proposal, this supplement will be revised.
                                     
As a result of the proposed change, the table and Examples on
page 3 of the Prospectus (which are based on the Fund's 1992
fiscal year), as well as the paragraph following the Examples,
are replaced by the following:

SHAREHOLDER TRANSACTION EXPENSES

                                  CLASS A         CLASS B
                                  SHARES          SHARES

Maximum Sales Charge Imposed on
Purchases (as a percentage of
offering price)                    5.75%           NONE*

                                                5.0% in the
                                                first year,
Deferred Sales Charge (as a                  declining to 1.0%
percentage of the lower of                   in the sixth year
original purchase price or                    and eliminated
redemption proceeds)              NONE**        thereafter

ANNUAL FUND OPERATING EXPENSES
(as a percentage of average
net assets)

Management Fees                      0.65%           0.65%
12b-1 Fees                           0.22%           1.00%
Other Expenses                       0.35%           0.35%
Total Fund Operating Expenses        1.25%           2.00%

EXAMPLES

Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:

                       1          3          5        10
                     year       years      years     years

       CLASS A     $70         $95       $122        $200   
       CLASS B     $70         $93      $128         $213***

Your investment of $1,000 would incur the following expenses,
assuming 5% annual return but no redemption:

                       1          3          5        10
                     year       years      years     years

       CLASS A      $70        $95       $122        $200   
       CLASS B      $20        $63       $108        $213***

The table is provided to help you understand the expenses of
investing in the Fund and your share of the operating expenses
which the Fund incurs.  The annual management fees shown in the
table have been restated to reflect the proposed increase in the
management fees payable to Putnam Management.  The 12b-1 fees
shown in the table reflect the amount of which the Trustees
currently limit payments under the Class A Distribution Plan. 
Actual management fees, 12b-1 fees and total Fund operating
expenses for the Fund's 1992 fiscal year were .54%, .22% and
1.11%, respectively.  The 12b-1 fees for Class B shares reflect
the maximum amount permitted under the Class B Distribution Plan. 
For Class B shares, management fees and "Other expenses" are
based on the operating expenses for the Fund's Class A shares. 
The Examples do not represent past or future expense levels and
actual expenses may be greater or less than those shown.  Federal
regulations require the Examples to assume a 5% annual return,
but actual annual return has varied.