<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000930751
000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM DIVERSIFIED INCOME TRUST II
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001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
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007 C010400 4
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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 COPR
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-40129
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 DELETE
013 A000002 COOPERS & LYBRAND LLP
013 B010002 BOSTON
<PAGE> PAGE 2
013 B020002 MA
013 B030002 02109
015 A000001 PUTNAM FIDUCIARY TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
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020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MORGAN STANLEY INC.
022 B000001 13-2655998
022 C000001 170794
022 D000001 595
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002 78506
022 D000002 1801
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 31529
022 D000003 831
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000004 13-5674085
022 C000004 22284
022 D000004 3984
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 19862
022 D000005 3382
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006 10200
022 D000006 1108
022 A000007 GREENWICH CAPITAL MARKET
022 B000007 13-3172275
022 C000007 5873
022 D000007 4633
<PAGE> PAGE 3
022 A000008 SALOMON BROTHERS
022 B000008 13-3082694
022 C000008 6392
022 D000008 2757
022 A000009 BEAR STERNS & CO.
022 B000009 13-4946705
022 C000009 4529
022 D000009 468
022 A000010 BANKERS TRUST CO. .
022 B000010 13-4941247
022 C000010 3406
022 D000010 242
023 C000000 371694
023 D000000 27186
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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
074 I000000 463
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<PAGE> PAGE 9
SIGNATURE PAUL BUCAVALAS
TITLE VICE PRESIDENT
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 Putnam Diversified Income Trust II
Class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>OTHER
<FISCAL-YEAR-END>MAR-31-1996
<PERIOD-END>SEP-30-1996
<INVESTMENTS-AT-COST >62,322,907
<INVESTMENTS-AT-VALUE>63,193,949
<RECEIVABLES>3,961,642
<ASSETS-OTHER>256,154
<OTHER-ITEMS-ASSETS>0
<TOTAL-ASSETS>67,411,745
<PAYABLE-FOR-SECURITIES>3,164,045
<SENIOR-LONG-TERM-DEBT>0
<OTHER-ITEMS-LIABILITIES>430,606
<TOTAL-LIABILITIES>3,594,651
<SENIOR-EQUITY>0
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<SHARES-COMMON-STOCK>2,696,837
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<OVERDIST-NET-GAINS-PRIOR>(3,746)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY
FINANCIAL INFORMATION EXTRACTED
FROM Putnam Diversified Income Trust II
Class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>OTHER
<FISCAL-YEAR-END>MAR-31-1996
<PERIOD-END>SEP-30-1996
<INVESTMENTS-AT-COST>62,322,907
<INVESTMENTS-AT-VALUE>63,193,949
<RECEIVABLES>3,961,642
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<ACCUM-APPREC-OR-DEPREC>849,711
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<ACCUMULATED-NII-PRIOR>4,666
<ACCUMULATED-GAINS-PRIOR>0
<OVERDISTRIB-NII-PRIOR>0
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<INTEREST-EXPENSE>0
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<PER-SHARE-NAV-BEGIN>8.38
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<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 Putnam Diversified Income Trust II Class M
AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE>OTHER
<FISCAL-YEAR-END>MAR-31-1996
<PERIOD-END>SEP-30-1996
<INVESTMENTS-AT-COST >62,322,907
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<RECEIVABLES>3,961,642
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<OVERDISTRIBUTION-GAINS>0
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<APPREC-INCREASE-CURRENT>875,616
<NET-CHANGE-FROM-OPS>2,349,883
<EQUALIZATION>0
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<DISTRIBUTIONS-OF-GAINS>0
<DISTRIBUTIONS-OTHER>0
<NUMBER-OF-SHARES-SOLD>59,906
<NUMBER-OF-SHARES-REDEEMED>(2,500)
<SHARES-REINVESTED>51
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<ACCUMULATED-NII-PRIOR>4,666
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<PER-SHARE-NAV-END>8.51
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<AVG-DEBT-OUTSTANDING>0
<AVG-DEBT-PER-SHARE>0
</TABLE>
