PUTNAM VOYAGER FUND II
NSAR-B, 1996-02-29
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000868480
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM VOYAGER FUND II
001 B000000 811-6203
001 C000000 6172921471
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
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007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC.
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS CORP
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES, INC.
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 BOSON
013 B020001 MA
<PAGE>      PAGE  2
013 B030001 02119
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   93
019 C000000 PUTNAMFUND
020 A000001 SALOMON BROTHERS INC.
020 B000001 13-3082694
020 C000001     50
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002      4
020 A000003 KLEINWORTH BENSON INC.
020 B000003 13-2647786
020 C000003      3
020 A000004 BRIDGE TRADING CO.
020 B000004 43-1034850
020 C000004      3
020 A000005 GOLDMAN SACHS & CO.
020 B000005 13-5108880
020 C000005      2
020 A000006 MORGAN STANLEY INC.
020 B000006 13-2655998
020 C000006      2
020 A000007 NATWEST SECURITIES
020 B000007 13-3255839
020 C000007      2
020 A000008 RAYMOND JAMES & ASSOCIATES INC.
020 B000008 59-1237041
020 C000008      2
020 A000009 FIRST BOSTON CO.
020 B000009 13-5659485
020 C000009      1
020 A000010 SMITH, BARNEY, HARRIS, UPHAM & CO.
020 B000010 13-1912900
020 C000010      1
021  000000       89
022 A000001 HERZOG, HEINE, GEDULD INC.
022 B000001 13-1955436
022 C000001     24603
022 D000001       455
022 A000002 TROSTER SINGER CORP.
022 B000002 13-2901399
022 C000002     14449
022 D000002       381
022 A000003 BROWN (ALEX) & SONS, INC.
<PAGE>      PAGE  3
022 B000003 52-0256630
022 C000003      6204
022 D000003       355
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004      4138
022 D000004       128
022 A000005 MERRILL LYNCH, PIERCE, FENNER,& SMITH, INC.
022 B000005 13-5674085
022 C000005      2591
022 D000005       733
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006      2057
022 D000006       216
022 A000007 MORGAN STANLEY INC.
022 B000007 13-2655998
022 C000007      2098
022 D000007        34
022 A000008 PIPER JAFFRAY & HOPWOOD
022 B000008 41-0953246
022 C000008      1897
022 D000008        17
022 A000009 HAMBRECHT & QUIST, INC.
022 B000009 94-2856935
022 C000009      1608
022 D000009        33
022 A000010 SMITH, BARNEY, HARRIS, UPHAM & CO.
022 B000010 13-1912900
022 C000010      1543
022 D000010         8
023 C000000      72898
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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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080 A000000 FEDERAL INSURANCE COMPANUY
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<PAGE>      PAGE  9
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SIGNATURE   PAUL BUCUVALAS                               
TITLE       EXECUTIVE VICE PRES.
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Voyager Fund II Class A AND IS QUALIFIED IN ITS ENTIRETY BY REFE
RENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	DEC-31-95
<PERIOD-END>	DEC-31-95
<INVESTMENTS-AT-COST >                                                         	150,339,853	    <INVESTMENTS-AT-VALUE>	160,954,516
<RECEIVABLES>	9,137,347
<ASSETS-OTHER>	9,602
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	170,101,465
<PAYABLE-FOR-SECURITIES>	13,098,160
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	384,843
<TOTAL-LIABILITIES>	13,483,003
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	146,296,930
<SHARES-COMMON-STOCK>	5,799,915
<SHARES-COMMON-PRIOR>	327,039
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(14)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(293,117)
<ACCUM-APPREC-OR-DEPREC>	10,614,663
<NET-ASSETS>	156,618,462
<DIVIDEND-INCOME>	93,508
<INTEREST-INCOME>	93,117
<OTHER-INCOME>	0
<EXPENSES-NET>	308,006
<NET-INVESTMENT-INCOME>	(121,381)
<REALIZED-GAINS-CURRENT>	466,880
<APPREC-INCREASE-CURRENT>	10,341,405
<NET-CHANGE-FROM-OPS>	10,686,904
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(218,962)
<DISTRIBUTIONS-OTHER>	(167,955)
<NUMBER-OF-SHARES-SOLD>	6,559,419
<NUMBER-OF-SHARES-REDEEMED>	(1,114,390)
<SHARES-REINVESTED>	27,847
<NET-CHANGE-IN-ASSETS>	153,428,888
<ACCUMULATED-NII-PRIOR>	29,434
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	135,259
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	329,961
<AVERAGE-NET-ASSETS>	12,669,339
<PER-SHARE-NAV-BEGIN>	9.75
<PER-SHARE-NII>	(.01)
<PER-SHARE-GAIN-APPREC>	4.88
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.22)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	14.40
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Voyager Fund II Class B AND IS QUALIFIED IN ITS ENTIRETY BY REFE
RENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	DEC-31-95
<PERIOD-END>	DEC-31-95
<INVESTMENTS-AT-COST >                                                         	150,339,853	    <INVESTMENTS-AT-VALUE>	160,954,516
<RECEIVABLES>	9,137,347
<ASSETS-OTHER>	9,602
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	170,101,465
<PAYABLE-FOR-SECURITIES>	13,098,160
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	384,843
<TOTAL-LIABILITIES>	13,483,003
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	146,296,930
<SHARES-COMMON-STOCK>	4,660,472
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(14)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(293,117)
<ACCUM-APPREC-OR-DEPREC>	10,614,663
<NET-ASSETS>	156,618,462
<DIVIDEND-INCOME>	93,508
<INTEREST-INCOME>	93,117
<OTHER-INCOME>	0
<EXPENSES-NET>	308,006
<NET-INVESTMENT-INCOME>	(121,381)
<REALIZED-GAINS-CURRENT>	466,880
<APPREC-INCREASE-CURRENT>	10,341,405
<NET-CHANGE-FROM-OPS>	10,686,904
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(149,415)
<DISTRIBUTIONS-OTHER>	(114,610)
<NUMBER-OF-SHARES-SOLD>	4,792,353
<NUMBER-OF-SHARES-REDEEMED>	(150,643)
<SHARES-REINVESTED>	18,762
<NET-CHANGE-IN-ASSETS>	153,428,888
<ACCUMULATED-NII-PRIOR>	29,434
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	135,259
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	329,961
<AVERAGE-NET-ASSETS>	25,051,630
<PER-SHARE-NAV-BEGIN>	13.08
<PER-SHARE-NII>	(.04)
<PER-SHARE-GAIN-APPREC>	1.40
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.07)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	14.37
<EXPENSE-RATIO>	.54
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM Voyager Fund II Class M AND IS QUALIFIED IN ITS ENTIRETY BY REFE
RENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	DEC-31-95
<PERIOD-END>	DEC-31-95
<INVESTMENTS-AT-COST >                                                         	150,339,853	    <INVESTMENTS-AT-VALUE>	160,954,516
<RECEIVABLES>	9,137,347
<ASSETS-OTHER>	9,602
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	170,101,465
<PAYABLE-FOR-SECURITIES>	13,098,160
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	384,843
<TOTAL-LIABILITIES>	13,483,003
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	146,296,930
<SHARES-COMMON-STOCK>	425,000
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(14)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(293,117)
<ACCUM-APPREC-OR-DEPREC>	10,614,663
<NET-ASSETS>	156,618,462
<DIVIDEND-INCOME>	93,508
<INTEREST-INCOME>	93,117
<OTHER-INCOME>	0
<EXPENSES-NET>	308,006
<NET-INVESTMENT-INCOME>	(121,381)
<REALIZED-GAINS-CURRENT>	466,880
<APPREC-INCREASE-CURRENT>	10,341,405
<NET-CHANGE-FROM-OPS>	10,686,904
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	0
<DISTRIBUTIONS-OF-GAINS>	(13,756)
<DISTRIBUTIONS-OTHER>	(10,552)
<NUMBER-OF-SHARES-SOLD>	444,206
<NUMBER-OF-SHARES-REDEEMED>	(20,993)
<SHARES-REINVESTED>	1,787
<NET-CHANGE-IN-ASSETS>	153,428,888
<ACCUMULATED-NII-PRIOR>	29,434
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	135,259
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	329,961
<AVERAGE-NET-ASSETS>	2,924,303
<PER-SHARE-NAV-BEGIN>	13.08
<PER-SHARE-NII>	0
<PER-SHARE-GAIN-APPREC>	1.38
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.07)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	14.39
<EXPENSE-RATIO>	.47
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0
        	
??  

</TABLE>


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