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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 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putnam Latin America Fund
</LEGEND>
<SERIES>
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<NAME> CLASS A
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<GROSS-EXPENSE> 25,971
<AVERAGE-NET-ASSETS> 1,573,986
<PER-SHARE-NAV-BEGIN> 4.46
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.98
<EXPENSE-RATIO> 1.65
[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 Trust II
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 1,600,745,799
<INVESTMENTS-AT-VALUE> 1,475,481,436
<RECEIVABLES> 36,989,504
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,512,470,940
<PAYABLE-FOR-SECURITIES> 8,400,580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,810,817
<TOTAL-LIABILITIES> 21,211,397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,659,763,380
<SHARES-COMMON-STOCK> 79,366,509
<SHARES-COMMON-PRIOR> 34,782,051
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,115,324)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,124,150)
<ACCUM-APPREC-OR-DEPREC> (125,264,363)
<NET-ASSETS> 1,491,259,543
<DIVIDEND-INCOME> 128,261,443
<INTEREST-INCOME> 772,069
<OTHER-INCOME> 0
<EXPENSES-NET> 17,344,240
<NET-INVESTMENT-INCOME> 111,689,272
<REALIZED-GAINS-CURRENT> (32,153,771)
<APPREC-INCREASE-CURRENT> (40,438,269)
<NET-CHANGE-FROM-OPS> 39,097,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (46,949,518)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,827,387)
<NUMBER-OF-SHARES-SOLD> 79,671,803
<NUMBER-OF-SHARES-REDEEMED> (38,798,612)
<SHARES-REINVESTED> 3,711,267
<NET-CHANGE-IN-ASSETS> 749,222,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,683,541)
<OVERDIST-NET-GAINS-PRIOR> (3,896,027)
<GROSS-ADVISORY-FEES> 7,382,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,562,184
<AVERAGE-NET-ASSETS> 460,504,322
<PER-SHARE-NAV-BEGIN> 8.02
<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> (.48)
<PER-SHARE-DIVIDEND> (.80)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.03)
PER-SHARE-NAV-END> 7.49
<EXPENSE-RATIO> 1.06
[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 Trust II
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 1,600,745,799
<INVESTMENTS-AT-VALUE> 1,475,481,436
<RECEIVABLES> 36,989,504
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,512,470,940
<PAYABLE-FOR-SECURITIES> 8,400,580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,810,817
<TOTAL-LIABILITIES> 21,211,397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,659,763,380
<SHARES-COMMON-STOCK> 114,085,980
<SHARES-COMMON-PRIOR> 55,460,168
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,115,324)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,124,150)
<ACCUM-APPREC-OR-DEPREC> (125,264,363)
<NET-ASSETS> 1,491,259,543
<DIVIDEND-INCOME> 128,261,443
<INTEREST-INCOME> 772,069
<OTHER-INCOME> 0
<EXPENSES-NET> 17,344,240
<NET-INVESTMENT-INCOME> 111,689,272
<REALIZED-GAINS-CURRENT> (32,153,771)
<APPREC-INCREASE-CURRENT> (40,438,269)
<NET-CHANGE-FROM-OPS> 39,097,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (63,966,241)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (2,489,718)
<NUMBER-OF-SHARES-SOLD> 84,175,392
<NUMBER-OF-SHARES-REDEEMED> (30,023,426)
<SHARES-REINVESTED> 4,473,846
<NET-CHANGE-IN-ASSETS> 749,222,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,683,541)
<OVERDIST-NET-GAINS-PRIOR> (3,896,027)
<GROSS-ADVISORY-FEES> 7,382,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,562,184
<AVERAGE-NET-ASSETS> 676,104,437
<PER-SHARE-NAV-BEGIN> 8.01
<PER-SHARE-NII> .72
<PER-SHARE-GAIN-APPREC> (.46)
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.03)
PER-SHARE-NAV-END> 7.50
<EXPENSE-RATIO> 1.81
[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 Trust II
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 1,600,745,799
<INVESTMENTS-AT-VALUE> 1,475,481,436
<RECEIVABLES> 36,989,504
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,512,470,940
<PAYABLE-FOR-SECURITIES> 8,400,580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,810,817
<TOTAL-LIABILITIES> 21,211,397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,659,763,380
<SHARES-COMMON-STOCK> 203,722
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,115,324)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,124,150)
<ACCUM-APPREC-OR-DEPREC> (125,264,363)
<NET-ASSETS> 1,491,259,543
<DIVIDEND-INCOME> 128,261,443
<INTEREST-INCOME> 772,069
<OTHER-INCOME> 0
<EXPENSES-NET> 17,344,240
<NET-INVESTMENT-INCOME> 111,689,272
<REALIZED-GAINS-CURRENT> (32,153,771)
<APPREC-INCREASE-CURRENT> (40,438,269)
<NET-CHANGE-FROM-OPS> 39,097,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,421)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (289)
<NUMBER-OF-SHARES-SOLD> 203,605
<NUMBER-OF-SHARES-REDEEMED> (423)
<SHARES-REINVESTED> 540
<NET-CHANGE-IN-ASSETS> 749,222,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,683,541)
<OVERDIST-NET-GAINS-PRIOR> (3,896,027)
<GROSS-ADVISORY-FEES> 7,382,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,562,184
<AVERAGE-NET-ASSETS> 802,762
<PER-SHARE-NAV-BEGIN> 7.69
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (.20)
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
PER-SHARE-NAV-END> 7.50
<EXPENSE-RATIO> .18
[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 Trust II
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 1,600,745,799
<INVESTMENTS-AT-VALUE> 1,475,481,436
<RECEIVABLES> 36,989,504
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,512,470,940
<PAYABLE-FOR-SECURITIES> 8,400,580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,810,817
<TOTAL-LIABILITIES> 21,211,397
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,659,763,380
<SHARES-COMMON-STOCK> 5,262,166
<SHARES-COMMON-PRIOR> 2,384,999
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,115,324)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,124,150)
<ACCUM-APPREC-OR-DEPREC> (125,264,363)
<NET-ASSETS> 1,491,259,543
<DIVIDEND-INCOME> 128,261,443
<INTEREST-INCOME> 772,069
<OTHER-INCOME> 0
<EXPENSES-NET> 17,344,240
<NET-INVESTMENT-INCOME> 111,689,272
<REALIZED-GAINS-CURRENT> (32,153,771)
<APPREC-INCREASE-CURRENT> (40,438,269)
<NET-CHANGE-FROM-OPS> 39,097,232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,285,945)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (127,897)
<NUMBER-OF-SHARES-SOLD> 5,296,423
<NUMBER-OF-SHARES-REDEEMED> (2,701,176)
<SHARES-REINVESTED> 281,920
<NET-CHANGE-IN-ASSETS> 749,222,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,683,541)
<OVERDIST-NET-GAINS-PRIOR> (3,896,027)
<GROSS-ADVISORY-FEES> 7,382,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,562,184
<AVERAGE-NET-ASSETS> 32,919,981
<PER-SHARE-NAV-BEGIN> 8.01
<PER-SHARE-NII> .77
<PER-SHARE-GAIN-APPREC> (.47)
<PER-SHARE-DIVIDEND> (.78)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.03)
PER-SHARE-NAV-END> 7.50
<EXPENSE-RATIO> 1.31
[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 Asia Pacific Fund II
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 2,143,758
<INVESTMENTS-AT-VALUE> 3,071,437
<RECEIVABLES> 206,952
<ASSETS-OTHER> 100,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,379,206
<PAYABLE-FOR-SECURITIES> 131,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 117,741
<TOTAL-LIABILITIES> 249,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,418,867
<SHARES-COMMON-STOCK> 287,110
<SHARES-COMMON-PRIOR> 254,679
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,411)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (209,359)
<ACCUM-APPREC-OR-DEPREC> 927,397
<NET-ASSETS> 3,129,494
<DIVIDEND-INCOME> 41,594
<INTEREST-INCOME> 611
<OTHER-INCOME> 0
<EXPENSES-NET> 34,241
<NET-INVESTMENT-INCOME> 7,964
<REALIZED-GAINS-CURRENT> 289,780
<APPREC-INCREASE-CURRENT> 1,264,778
<NET-CHANGE-FROM-OPS> 1,562,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23,358)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (4,667)
<NUMBER-OF-SHARES-SOLD> 43,710
<NUMBER-OF-SHARES-REDEEMED> (15,071)
<SHARES-REINVESTED> 3,792
<NET-CHANGE-IN-ASSETS> 1,798,787
<ACCUMULATED-NII-PRIOR> 13,148
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (503,975)
<GROSS-ADVISORY-FEES> 22,438
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,022
<AVERAGE-NET-ASSETS> 2,243,756
<PER-SHARE-NAV-BEGIN> 5.23
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 5.75
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.02)
<PER-SHARE-NAV-END> 10.90
<EXPENSE-RATIO> 1.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam Latin America Fund:
In planning and performing our audit of the financial statements
of Putnam Latin America Fund for the year ended August 31, 1999,
we considered its internal control, including control activities
for 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 Latin America 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 one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of August 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 12, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam High Yield Trust II:
In planning and performing our audit of the financial statements
of Putnam High Yield Trust II for the year ended August 31, 1999,
we considered its internal control, including control activities
for 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 Trust II 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 one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of August 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 13, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam Asia Pacific Fund II:
In planning and performing our audit of the financial statements
of Putnam Asia Pacific Fund II for the year ended August 31,
1999, we considered its internal control, including control
activities for 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 Asia Pacific Fund II 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 one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by 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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of August 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 14, 1999
