PUTNAM VOYAGER FUND II
NSAR-B, 1997-02-28
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<PAGE>      PAGE  1
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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>
Financial Data Schedule for Putam Voyager II Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      675,628,800
<INVESTMENTS-AT-VALUE>                     732,180,544
<RECEIVABLES>                                7,403,897
<ASSETS-OTHER>                                 604,927
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             740,189,368
<PAYABLE-FOR-SECURITIES>                    20,711,686
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,622,794
<TOTAL-LIABILITIES>                         26,334,480
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   683,844,515
<SHARES-COMMON-STOCK>                       22,455,190
<SHARES-COMMON-PRIOR>                        5,799,915
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                    (26,542,746)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    56,553,119
<NET-ASSETS>                               713,854,888
<DIVIDEND-INCOME>                            2,059,202
<INTEREST-INCOME>                            1,116,283
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,060,818
<NET-INVESTMENT-INCOME>                    (4,885,333)
<REALIZED-GAINS-CURRENT>                  (26,250,110)
<APPREC-INCREASE-CURRENT>                   45,938,456
<NET-CHANGE-FROM-OPS>                       14,803,013
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     27,332,602
<NUMBER-OF-SHARES-REDEEMED>               (10,677,327)
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<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                           (14)
<OVERDIST-NET-GAINS-PRIOR>                   (293,117)
<GROSS-ADVISORY-FEES>                        3,170,929
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,331,183
<AVERAGE-NET-ASSETS>                       227,640,988
<PER-SHARE-NAV-BEGIN>                            14.40
<PER-SHARE-NII>                                  (.11)
<PER-SHARE-GAIN-APPREC>                           1.22
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.51
<EXPENSE-RATIO>                                   1.44
<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>
Financial Data Schedule for Putam Voyager II Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<INVESTMENTS-AT-COST>                      675,628,800
<INVESTMENTS-AT-VALUE>                     732,180,544
<RECEIVABLES>                                7,403,897
<ASSETS-OTHER>                                 604,927
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             740,189,368
<PAYABLE-FOR-SECURITIES>                    20,711,686
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    5,622,794
<TOTAL-LIABILITIES>                         26,334,480
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   683,844,515
<SHARES-COMMON-STOCK>                       21,373,441
<SHARES-COMMON-PRIOR>                        4,660,472
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                    (26,542,746)
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    56,553,119
<NET-ASSETS>                               713,854,888
<DIVIDEND-INCOME>                            2,059,202
<INTEREST-INCOME>                            1,116,283
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,060,818
<NET-INVESTMENT-INCOME>                    (4,885,333)
<REALIZED-GAINS-CURRENT>                  (26,250,110)
<APPREC-INCREASE-CURRENT>                   45,938,456
<NET-CHANGE-FROM-OPS>                       14,803,013
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     18,258,918
<NUMBER-OF-SHARES-REDEEMED>                (1,545,949)
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<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                           (14)
<OVERDIST-NET-GAINS-PRIOR>                   (293,117)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,331,183
<AVERAGE-NET-ASSETS>                       210,840,421
<PER-SHARE-NAV-BEGIN>                            14.37
<PER-SHARE-NII>                                  (.22)
<PER-SHARE-GAIN-APPREC>                           1.21
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              15.36
<EXPENSE-RATIO>                                   2.19
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Financial Data Schedule for Putam Voyager II Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
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<INVESTMENTS-AT-VALUE>                     732,180,544
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<OTHER-ITEMS-ASSETS>                                 0
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<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                         26,334,480
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   683,844,515
<SHARES-COMMON-STOCK>                        2,420,369
<SHARES-COMMON-PRIOR>                         425,000
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                    (26,542,746)
<ACCUMULATED-NET-GAINS>                              0
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<ACCUM-APPREC-OR-DEPREC>                    56,553,119
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<NET-CHANGE-FROM-OPS>                       14,803,013
<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-REDEEMED>                (361,673)
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<NET-CHANGE-IN-ASSETS>                     557,236,426
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDIST-NET-GAINS-PRIOR>                   (293,117)
<GROSS-ADVISORY-FEES>                        3,170,929
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,331,183
<AVERAGE-NET-ASSETS>                        22,170,083
<PER-SHARE-NAV-BEGIN>                            14.39
<PER-SHARE-NII>                                  (.19)
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<EXPENSE-RATIO>                                   1.94
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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