<PAGE> PAGE 1
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000 C000000 0000868480
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<PAGE> PAGE 2
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020 C000008 69
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Voyager II Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,832,897,347
<INVESTMENTS-AT-VALUE> 3,404,055,156
<RECEIVABLES> 38,707,314
<ASSETS-OTHER> 282,881
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 14,633,146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,562,743
<TOTAL-LIABILITIES> 27,195,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,738,472,541
<SHARES-COMMON-STOCK> 43,264,021
<SHARES-COMMON-PRIOR> 33,189,700
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 106,227,954
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,571,148,967
<NET-ASSETS> 3,415,849,462
<DIVIDEND-INCOME> 3,790,343
<INTEREST-INCOME> 2,101,700
<OTHER-INCOME> 0
<EXPENSES-NET> 27,098,305
<NET-INVESTMENT-INCOME> (21,206,262)
<REALIZED-GAINS-CURRENT> 296,168,356
<APPREC-INCREASE-CURRENT> 1,124,948,129
<NET-CHANGE-FROM-OPS> 1,399,910,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (85,402,662)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,735,558
<NUMBER-OF-SHARES-REDEEMED> (10,028,805)
<SHARES-REINVESTED> 2,367,568
<NET-CHANGE-IN-ASSETS> 1,878,982,890
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,948,835
<OVERDISTRIB-NII-PRIOR> 2,529
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,530,451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,360,743
<AVERAGE-NET-ASSETS> 954,373,013
<PER-SHARE-NAV-BEGIN> 22.70
<PER-SHARE-NII> (.19)
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<PER-SHARE-NAV-END> 38.45
<EXPENSE-RATIO> 1.03
[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 Voyager II Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,832,897,347
<INVESTMENTS-AT-VALUE> 3,404,055,156
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<ASSETS-OTHER> 282,881
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<ACCUM-APPREC-OR-DEPREC> 1,571,148,967
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<DIVIDEND-INCOME> 3,790,343
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<NET-INVESTMENT-INCOME> (21,206,262)
<REALIZED-GAINS-CURRENT> 296,168,356
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<NET-CHANGE-FROM-OPS> 1,399,910,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (80,535,688)
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<NUMBER-OF-SHARES-SOLD> 15,759,777
<NUMBER-OF-SHARES-REDEEMED> (9,015,320)
<SHARES-REINVESTED> 2,214,594
<NET-CHANGE-IN-ASSETS> 1,878,982,890
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,948,835
<OVERDISTRIB-NII-PRIOR> 2,529
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,530,451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,360,743
<AVERAGE-NET-ASSETS> 877,324,548
<PER-SHARE-NAV-BEGIN> 22.13
<PER-SHARE-NII> (.38)
<PER-SHARE-GAIN-APPREC> 17.54
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.13
<EXPENSE-RATIO> 1.78
[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 Voyager II Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,832,897,347
<INVESTMENTS-AT-VALUE> 3,404,055,156
<RECEIVABLES> 38,707,314
<ASSETS-OTHER> 282,881
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<TOTAL-ASSETS> 3,443,045,351
<PAYABLE-FOR-SECURITIES> 14,633,146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,562,743
<TOTAL-LIABILITIES> 27,195,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,738,472,541
<SHARES-COMMON-STOCK> 1,991,295
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<INTEREST-INCOME> 2,101,700
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<NET-INVESTMENT-INCOME> (21,206,262)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,713,864)
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<NET-CHANGE-IN-ASSETS> 1,878,982,890
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,948,835
<OVERDISTRIB-NII-PRIOR> 2,529
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,530,451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,360,743
<AVERAGE-NET-ASSETS> 25,732,840
<PER-SHARE-NAV-BEGIN> 23.95
<PER-SHARE-NII> (.38)
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<PER-SHARE-NAV-END> 38.21
<EXPENSE-RATIO> 1.63
[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 Voyager II Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,832,897,347
<INVESTMENTS-AT-VALUE> 3,404,055,156
<RECEIVABLES> 38,707,314
<ASSETS-OTHER> 282,881
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,443,045,351
<PAYABLE-FOR-SECURITIES> 14,633,146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,562,743
<TOTAL-LIABILITIES> 27,195,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,738,472,541
<SHARES-COMMON-STOCK> 4,538,031
<SHARES-COMMON-PRIOR> 3,783,182
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 106,227,954
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,571,148,967
<NET-ASSETS> 3,415,849,462
<DIVIDEND-INCOME> 3,790,343
<INTEREST-INCOME> 2,101,700
<OTHER-INCOME> 0
<EXPENSES-NET> 27,098,305
<NET-INVESTMENT-INCOME> (21,206,262)
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<APPREC-INCREASE-CURRENT> 1,124,948,129
<NET-CHANGE-FROM-OPS> 1,399,910,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (9,081,113)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,240,671
<NUMBER-OF-SHARES-REDEEMED> (1,743,600)
<SHARES-REINVESTED> 257,778
<NET-CHANGE-IN-ASSETS> 1,878,982,890
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,948,835
<OVERDISTRIB-NII-PRIOR> 2,529
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,530,451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,360,743
<AVERAGE-NET-ASSETS> 102,856,699
<PER-SHARE-NAV-BEGIN> 22.34
<PER-SHARE-NII> (.32)
<PER-SHARE-GAIN-APPREC> 17.75
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.16)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.61
<EXPENSE-RATIO> 1.53
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Putnam Voyager II fund
New Class C
Inception date 2/1/99
Sales charge - one year 1.00% CDSC
12 b-1 fee 1.00%
February 8, 2000
To the Board of Trustees of Putnam Voyager Fund II:
In planning and performing our audit of the financial
statements of Putnam Voyager Fund II for the year ended
December 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 Voyager 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
December 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.
