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-31-2000
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 1,511,771,196
<INVESTMENTS-AT-VALUE> 1,334,736,633
<RECEIVABLES> 51,922,842
<ASSETS-OTHER> 5,527,349
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,391,916,824
<PAYABLE-FOR-SECURITIES> 11,142,024
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,640,664
<TOTAL-LIABILITIES> 21,782,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,687,140,117
<SHARES-COMMON-STOCK> 111,703,818
<SHARES-COMMON-PRIOR> 114,085,980
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (8,520,758)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (131,450,660)
<ACCUM-APPREC-OR-DEPREC> (177,034,563)
<NET-ASSETS> 1,370,134,136
<DIVIDEND-INCOME> 9,604,623
<INTEREST-INCOME> 156,081,059
<OTHER-INCOME> 0
<EXPENSES-NET> 20,226,335
<NET-INVESTMENT-INCOME> 145,459,347
<REALIZED-GAINS-CURRENT> (86,263,035)
<APPREC-INCREASE-CURRENT> (51,770,200)
<NET-CHANGE-FROM-OPS> 7,426,112
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (80,007,377)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,050,517)
<NUMBER-OF-SHARES-SOLD> 37,471,914
<NUMBER-OF-SHARES-REDEEMED> (45,701,856)
<SHARES-REINVESTED> 5,847,880
<NET-CHANGE-IN-ASSETS> (121,125,407)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (7,115,324)
<OVERDIST-NET-GAINS-PRIOR> (36,124,150)
<GROSS-ADVISORY-FEES> 8,791,447
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,525,828
<AVERAGE-NET-ASSETS> 803,663,210
<PER-SHARE-NAV-BEGIN> 7.50
<PER-SHARE-NII> .71
<PER-SHARE-GAIN-APPREC> (.69)
<PER-SHARE-DIVIDEND> (.73)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.79
<EXPENSE-RATIO> 1.76
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
