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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
<PAGE> PAGE 21
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 3
071 B000500 7156
071 C000500 3444
071 D000500 208
072 A000500 12
072 B000500 1
072 C000500 5
072 D000500 0
072 E000500 0
072 F000500 24
072 G000500 0
072 H000500 0
072 I000500 4
072 J000500 1
072 K000500 0
072 L000500 6
072 M000500 2
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 16
072 S000500 3
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 57
072 Y000500 24
072 Z000500 -27
<PAGE> PAGE 22
072AA000500 697
072BB000500 0
072CC010500 909
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1
074 B000500 284
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 5211
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 67
074 K000500 0
074 L000500 1
074 M000500 0
074 N000500 5564
074 O000500 113
074 P000500 4
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 18
074 S000500 0
074 T000500 5429
074 U010500 366
074 U020500 0
074 V010500 14.84
074 V020500 0.00
074 W000500 0.0000
074 X000500 87
074 Y000500 0
075 A000500 0
075 B000500 3486
076 000500 0.00
SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam High Yield Total Return Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 103,736,994
INVESTMENTS-AT-VALUE> 96,725,375
<RECEIVABLES> 7,544,196
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,269,571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,631
<TOTAL-LIABILITIES> 579,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,453,408
<SHARES-COMMON-STOCK> 6,377,726
<SHARES-COMMON-PRIOR> 4,152,997
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (67,270)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,684,579)
<ACCUM-APPREC-OR-DEPREC> (7,011,619)
<NET-ASSETS> 103,689,940
<DIVIDEND-INCOME> 713,640
<INTEREST-INCOME> 10,060,888
<OTHER-INCOME> 0
<EXPENSES-NET> 1,932,826
<NET-INVESTMENT-INCOME> 8,841,702
<REALIZED-GAINS-CURRENT> (8,633,621)
<APPREC-INCREASE-CURRENT> (6,525,175)
<NET-CHANGE-FROM-OPS> (6,317,094)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,231,719)
<DISTRIBUTIONS-OF-GAINS> (53,743)
<DISTRIBUTIONS-OTHER> (311,274)
<NUMBER-OF-SHARES-SOLD> 4,584,693
<NUMBER-OF-SHARES-REDEEMED> (2,803,325)
<SHARES-REINVESTED> 443,361
<NET-CHANGE-IN-ASSETS> 36,104,776
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 107,358
<OVERDISTRIB-NII-PRIOR> (45,053)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 816,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,950,415
<AVERAGE-NET-ASSETS> 46,097,551
<PER-SHARE-NAV-BEGIN> 8.83
<PER-SHARE-NII> .70
<PER-SHARE-GAIN-APPREC> (1.36)
<PER-SHARE-DIVIDEND> (.71)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> (.05)
<PER-SHARE-NAV-END> 7.40
<EXPENSE-RATIO> 1.52
[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 High Yield Total Return Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 103,736,994
INVESTMENTS-AT-VALUE> 96,725,375
<RECEIVABLES> 7,544,196
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,269,571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,631
<TOTAL-LIABILITIES> 579,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,453,408
<SHARES-COMMON-STOCK> 7,282,503
<SHARES-COMMON-PRIOR> 4,995,040
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (67,270)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,684,579)
<ACCUM-APPREC-OR-DEPREC> (7,011,619)
<NET-ASSETS> 103,689,940
<DIVIDEND-INCOME> 713,640
<INTEREST-INCOME> 10,060,888
<OTHER-INCOME> 0
<EXPENSES-NET> 1,932,826
<NET-INVESTMENT-INCOME> 8,841,702
<REALIZED-GAINS-CURRENT> (8,633,621)
<APPREC-INCREASE-CURRENT> (6,525,175)
<NET-CHANGE-FROM-OPS> (6,317,094)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,363,590)
<DISTRIBUTIONS-OF-GAINS> (61,100)
<DISTRIBUTIONS-OTHER> (320,974)
<NUMBER-OF-SHARES-SOLD> 4,906,902
<NUMBER-OF-SHARES-REDEEMED> (3,045,683)
<SHARES-REINVESTED> 426,244
<NET-CHANGE-IN-ASSETS> 36,104,776
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 107,358
<OVERDISTRIB-NII-PRIOR> (45,053)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 816,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,950,415
<AVERAGE-NET-ASSETS> 52,341,627
<PER-SHARE-NAV-BEGIN> 8.73
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> (1.34)
<PER-SHARE-DIVIDEND> (.63)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> (.05)
<PER-SHARE-NAV-END> 7.33
<EXPENSE-RATIO> 2.27
[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 High Yield Total Return Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 103,736,994
INVESTMENTS-AT-VALUE> 96,725,375
<RECEIVABLES> 7,544,196
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,269,571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 579,631
<TOTAL-LIABILITIES> 579,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,453,408
<SHARES-COMMON-STOCK> 428,271
<SHARES-COMMON-PRIOR> 378,667
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (67,270)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,684,579)
<ACCUM-APPREC-OR-DEPREC> (7,011,619)
<NET-ASSETS> 103,689,940
<DIVIDEND-INCOME> 713,640
<INTEREST-INCOME> 10,060,888
<OTHER-INCOME> 0
<EXPENSES-NET> 1,932,826
<NET-INVESTMENT-INCOME> 8,841,702
<REALIZED-GAINS-CURRENT> (8,633,621)
<APPREC-INCREASE-CURRENT> (6,525,175)
<NET-CHANGE-FROM-OPS> (6,317,094)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (319,804)
<DISTRIBUTIONS-OF-GAINS> (3,698)
<DISTRIBUTIONS-OTHER> (23,524)
<NUMBER-OF-SHARES-SOLD> 354,480
<NUMBER-OF-SHARES-REDEEMED> (337,162)
<SHARES-REINVESTED> 32,286
<NET-CHANGE-IN-ASSETS> 36,104,776
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 107,358
<OVERDISTRIB-NII-PRIOR> (45,053)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 816,532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,950,415
<AVERAGE-NET-ASSETS> 3,603,663
<PER-SHARE-NAV-BEGIN> 8.74
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> (1.35)
<PER-SHARE-DIVIDEND> (.67)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> (.05)
<PER-SHARE-NAV-END> 7.34
<EXPENSE-RATIO> 1.77
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam High Yield Total Return Fund:
In planning and performing our audit of the financial statements
of Putnam High Yield Total Return Fund for the year ended June
30, 1999, we considered its internal control, including control
over safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Putnam High Yield Total Return Fund is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 1999
High Yield Total Return
Results of July 1, 1999 shareholder meeting
(Unaudited)
An annual meeting of shareholders of the fund was held on July 1, 1998. At the
meeting, each of the nominees for Trustees was elected, as follows:
A proposal of the Agreement and Plan of Reorganization providing for the sale of
all of the assets of Putnam High Yield Total Return fund (the "Fund") to Putnam
High Yield Trust II ("High Yield Trust II") in exchange for shares of High Yield
Trust II and the assumption by High Yield Trust II of all of the liabilities of
the Fund, and the distribution of such shares to the shareholders of the Fund in
liquidation of the Fund was approved as follows 7,653,717 votes for, and 140,614
votes against, with 306,991 abstentions.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 867,017,094
<INVESTMENTS-AT-VALUE> 949,357,393
<RECEIVABLES> 26,016,641
<ASSETS-OTHER> 38,163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 975,412,197
<PAYABLE-FOR-SECURITIES> 6,242,511
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,516,840
<TOTAL-LIABILITIES> 14,759,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 809,410,568
<SHARES-COMMON-STOCK> 37,324,087
<SHARES-COMMON-PRIOR> 33,427,302
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,723,753)
<ACCUMULATED-NET-GAINS> 76,272,377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,693,654
<NET-ASSETS> 960,652,846
<DIVIDEND-INCOME> 16,769,497
<INTEREST-INCOME> 2,119,690
<OTHER-INCOME> 0
<EXPENSES-NET> 14,140,889
<NET-INVESTMENT-INCOME> 4,748,298
<REALIZED-GAINS-CURRENT> 81,831,321
<APPREC-INCREASE-CURRENT> (6,464,816)
<NET-CHANGE-FROM-OPS> 80,114,803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,562,227)
<DISTRIBUTIONS-OF-GAINS> (17,231,317)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,486,440
<NUMBER-OF-SHARES-REDEEMED> (23,849,432)
<SHARES-REINVESTED> 2,259,777
<NET-CHANGE-IN-ASSETS> 97,755,291
<ACCUMULATED-NII-PRIOR> 11,210,879
<ACCUMULATED-GAINS-PRIOR> 22,070,038
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,411,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,214,516
<AVERAGE-NET-ASSETS> 406,695,927
<PER-SHARE-NAV-BEGIN> 12.25
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.98
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.59
<EXPENSE-RATIO> 1.30
[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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 867,017,094
<INVESTMENTS-AT-VALUE> 949,357,393
<RECEIVABLES> 26,016,641
<ASSETS-OTHER> 38,163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 975,412,197
<PAYABLE-FOR-SECURITIES> 6,242,511
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,516,840
<TOTAL-LIABILITIES> 14,759,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 809,410,568
<SHARES-COMMON-STOCK> 35,678,768
<SHARES-COMMON-PRIOR> 34,037,705
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,723,753)
<ACCUMULATED-NET-GAINS> 76,272,377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,693,654
<NET-ASSETS> 960,652,846
<DIVIDEND-INCOME> 16,769,497
<INTEREST-INCOME> 2,119,690
<OTHER-INCOME> 0
<EXPENSES-NET> 14,140,889
<NET-INVESTMENT-INCOME> 4,748,298
<REALIZED-GAINS-CURRENT> 81,831,321
<APPREC-INCREASE-CURRENT> (6,464,816)
<NET-CHANGE-FROM-OPS> 80,114,803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,251,787)
<DISTRIBUTIONS-OF-GAINS> (17,184,367)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,011,247
<NUMBER-OF-SHARES-REDEEMED> (8,373,704)
<SHARES-REINVESTED> 2,003,520
<NET-CHANGE-IN-ASSETS> 97,755,291
<ACCUMULATED-NII-PRIOR> 11,210,879
<ACCUMULATED-GAINS-PRIOR> 22,070,038
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,411,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,214,516
<AVERAGE-NET-ASSETS> 402,103,283
<PER-SHARE-NAV-BEGIN> 12.18
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.49
<EXPENSE-RATIO> 2.05
[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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 867,017,094
<INVESTMENTS-AT-VALUE> 949,357,393
<RECEIVABLES> 26,016,641
<ASSETS-OTHER> 38,163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 975,412,197
<PAYABLE-FOR-SECURITIES> 6,242,511
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,516,840
<TOTAL-LIABILITIES> 14,759,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 809,410,568
<SHARES-COMMON-STOCK> 728,943
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,723,753)
<ACCUMULATED-NET-GAINS> 76,272,377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,693,654
<NET-ASSETS> 960,652,846
<DIVIDEND-INCOME> 16,769,497
<INTEREST-INCOME> 2,119,690
<OTHER-INCOME> 0
<EXPENSES-NET> 14,140,889
<NET-INVESTMENT-INCOME> 4,748,298
<REALIZED-GAINS-CURRENT> 81,831,321
<APPREC-INCREASE-CURRENT> (6,464,816)
<NET-CHANGE-FROM-OPS> 80,114,803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,975)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 795,822
<NUMBER-OF-SHARES-REDEEMED> (67,187)
<SHARES-REINVESTED> 308
<NET-CHANGE-IN-ASSETS> 97,755,291
<ACCUMULATED-NII-PRIOR> 11,210,879
<ACCUMULATED-GAINS-PRIOR> 22,070,038
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,411,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,214,516
<AVERAGE-NET-ASSETS> 3,900,479
<PER-SHARE-NAV-BEGIN> 11.10
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.42
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 0.84
[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 International Growth and Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 867,017,094
<INVESTMENTS-AT-VALUE> 949,357,393
<RECEIVABLES> 26,016,641
<ASSETS-OTHER> 38,163
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 975,412,197
<PAYABLE-FOR-SECURITIES> 6,242,511
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,516,840
<TOTAL-LIABILITIES> 14,759,351
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 809,410,568
<SHARES-COMMON-STOCK> 2,891,290
<SHARES-COMMON-PRIOR> 3,177,949
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,723,753)
<ACCUMULATED-NET-GAINS> 76,272,377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 82,693,654
<NET-ASSETS> 960,652,846
<DIVIDEND-INCOME> 16,769,497
<INTEREST-INCOME> 2,119,690
<OTHER-INCOME> 0
<EXPENSES-NET> 14,140,889
<NET-INVESTMENT-INCOME> 4,748,298
<REALIZED-GAINS-CURRENT> 81,831,321
<APPREC-INCREASE-CURRENT> (6,464,816)
<NET-CHANGE-FROM-OPS> 80,114,803
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (571,933)
<DISTRIBUTIONS-OF-GAINS> (1,524,471)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 645,549
<NUMBER-OF-SHARES-REDEEMED> (1,109,843)
<SHARES-REINVESTED> 177,635
<NET-CHANGE-IN-ASSETS> 97,755,291
<ACCUMULATED-NII-PRIOR> 11,210,879
<ACCUMULATED-GAINS-PRIOR> 22,070,038
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,411,022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,214,516
<AVERAGE-NET-ASSETS> 35,133,397
<PER-SHARE-NAV-BEGIN> 12.22
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.55
<EXPENSE-RATIO> 1.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam International Growth & Income
Fund:
In planning and performing our audit of the financial statements
of Putnam International Growth & Income Fund for the year ended
June 30, 1999, we considered its internal control, including
control over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Putnam International Growth & Income Fund is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 11, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Investment Fund 98
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 4,180,592
<INVESTMENTS-AT-VALUE> 5,494,984
<RECEIVABLES> 68,254
<ASSETS-OTHER> 1,066
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,564,304
<PAYABLE-FOR-SECURITIES> 112,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,475
<TOTAL-LIABILITIES> 135,275
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,451,201
<SHARES-COMMON-STOCK> 365,764
<SHARES-COMMON-PRIOR> 299,527
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 663,436
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,314,392
<NET-ASSETS> 5,429,029
<DIVIDEND-INCOME> 5,093
<INTEREST-INCOME> 691
<OTHER-INCOME> 0
<EXPENSES-NET> 32,368
<NET-INVESTMENT-INCOME> (26,584)
<REALIZED-GAINS-CURRENT> 697,252
<APPREC-INCREASE-CURRENT> 909,486
<NET-CHANGE-FROM-OPS> 1,580,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,912
<NUMBER-OF-SHARES-REDEEMED> (36,675)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,473,734
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7,232)
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,856
<AVERAGE-NET-ASSETS> 3,485,545
<PER-SHARE-NAV-BEGIN> 9.87
<PER-SHARE-NII> (.08)
<PER-SHARE-GAIN-APPREC> 5.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.84
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam Investment Fund 98:
In planning and performing our audit of the financial statements
of Putnam Investment Fund 98 for the year ended June 30, 1999, we
considered its internal control, including control over
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Putnam Investment Fund 98 is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Equity Fund 98
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> Annual
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 6,431,816
<INVESTMENTS-AT-VALUE> 9,315,098
<RECEIVABLES> 75,350
<ASSETS-OTHER> 14,112
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,404,560
<PAYABLE-FOR-SECURITIES> 166,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45,395
<TOTAL-LIABILITIES> 212,281
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,022,140
<SHARES-COMMON-STOCK> 618,980
<SHARES-COMMON-PRIOR> 494,621
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 286,857
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,883,282
<NET-ASSETS> 9,192,279
<DIVIDEND-INCOME> 2,834
<INTEREST-INCOME> 5,349
<OTHER-INCOME> 0
<EXPENSES-NET> 67,952
<NET-INVESTMENT-INCOME> (59,769)
<REALIZED-GAINS-CURRENT> 348,955
<APPREC-INCREASE-CURRENT> 2,367,098
<NET-CHANGE-FROM-OPS> 2,656,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (55,814)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 266,398
<NUMBER-OF-SHARES-REDEEMED> (147,521)
<SHARES-REINVESTED> 5,482
<NET-CHANGE-IN-ASSETS> 3,987,123
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 53,485
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75,017
<AVERAGE-NET-ASSETS> 5,770,477
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> (.11)
<PER-SHARE-GAIN-APPREC> 4.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.85
<EXPENSE-RATIO> 1.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam Equity Fund 98:
In planning and performing our audit of the financial statements
of Putnam Equity Fund 98 for the year ended June 30, 1999, we
considered its internal control, including control over
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Putnam Equity Fund 98 is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal controls, errors or
fraud may occur and may not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that misstatements due to errors or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
August 12, 1999
