PUTNAM CONVERTIBLE INCOME-GROWTH TRUST

                Prospectus Supplement August 1, 1996 to the
          Class A, B and M shares Prospectus dated March 1, 1996

At a meeting held on July 31, 1996, shareholders of the fund
recently approved a number of changes to the fundamental
investment restrictions of the fund, including the elimination of
certain restrictions.  As a result, the fund may now:

     o    acquire more than 10% of the outstanding voting
          securities of any issuer with respect to 25% of its
          total assets; and

     o    invest more than 5% of its total assets in securities
          of any issuer with respect to 25% of its total assets.
          (Investments in obligations issued or guaranteed as to
          interest or principal by the U.S. government or its
          agencies or instrumentalities are not subject to any
          limitation).

     o    invest up to 5% of its net assets in warrants (other
          than warrants acquired as part of a unit or attached to
          securities at the time of purchase).

The first two policies set forth above are fundamental and may
not be changed without shareholder approval.  See the Statement
of Additional Information of the fund for the full text of these
policies as well as the fund's other fundamental policies, some
of which were also changed by vote of shareholders.

In addition, the fund's restriction with respect to investing up
to 5% of its net assets in securities of issuers that have been
in operation for less than three years and the fund's restriction
with respect to investing up to 5% or its net assets in warrants
would each be made nonfundamental, meaning that each restriction
could be changed in the future without shareholder approval.  The 
fund's restriction with respect to acquiring more than 10% of any
one class of securities of any on issuer was eliminated.

To the extent the fund invests a significant portion of its
assets in the securities of a particular issuer, the fund will be
subject to an increased risk of loss if the market value of such
issuer's securities decline.

The second and third paragraphs and the first sentence of the
fourth paragraph under the heading "How to buy shares -- Class A
shares" is replaces with the following:

     There is no initial sales charge on purchases of class A
     shares of $1 million or more.  However, a CDSC of 1.00% or
     0.50%, respectively, will be imposed on redemptions (other
     than redemptions by certain participant-directed qualified
     retirement plans, which are subject to a two-year CDSC of
     1.00%, as described below) within the first or second year
     after purchase.

     There are also no initial sales charges on class A shares
     purchased by participant-directed qualified retirement plans
     with at least 200 eligible employees.  A CDSC of 1.00% will,
     however, be imposed upon the redemption of shares purchased
     after July 31, 1996 at net asset value by a participant-
     directed qualified retirement plan (including a plan with at
     least 200 eligible employees) that initially invested less
     than $20 million in Putnam funds and other investments
     managed by Putnam Management or its affiliates and that
     sells 90% or more of the amount initially invested within
     two years after its initial purchase.

     Any CDSC will be based on the lower of the shares' cost and
     current net asset value.  Any shares acquired by reinvestment
     of distributions will be redeemed without a CDSC.

Shares purchased by certain investors (including participant-
directed qualified retirement plans with at least 200 eligible
employees) investing $1 million or more who have made arrangements
with Putnam Mutual Funds and whose dealer of record waived the
commission as described below are not subject to the CDSC.