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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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048 I020900 0.000
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<PAGE> PAGE 22
048 J020900 0.000
048 K010900 21500000
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052 000900 N
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054 A000900 Y
054 B000900 Y
054 C000900 Y
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 Y
054 K000900 N
054 L000900 Y
054 M000900 Y
054 N000900 N
054 O000900 Y
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 Y
060 B000900 Y
061 000900 500
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062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
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<PAGE> PAGE 23
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066 A000900 Y
066 C000900 Y
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069 000900 N
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070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Fund
</LEGEND>
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<NAME> CLASS A
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[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
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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>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam International Voyager Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
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<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 314,713,982
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,674,136
<PAYABLE-FOR-SECURITIES> 2,217,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,051,332
<TOTAL-LIABILITIES> 5,268,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,608,115
<SHARES-COMMON-STOCK> 4,842,957
<SHARES-COMMON-PRIOR> 3,784,739
<ACCUMULATED-NII-CURRENT> 704,491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,945,910)
<ACCUM-APPREC-OR-DEPREC> 19,038,727
<NET-ASSETS> 109,405,423
<DIVIDEND-INCOME> 1,487,253
<INTEREST-INCOME> 204,747
<OTHER-INCOME> 0
<EXPENSES-NET> 1,897,753
<NET-INVESTMENT-INCOME> (205,753)
<REALIZED-GAINS-CURRENT> (12,594,769)
<APPREC-INCREASE-CURRENT> 45,788,400
<NET-CHANGE-FROM-OPS> 32,987,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,594)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,807,669
<NUMBER-OF-SHARES-REDEEMED> (2,750,247)
<SHARES-REINVESTED> 1,002
<NET-CHANGE-IN-ASSETS> 56,451,130
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (133,970)
<OVERDIST-NET-GAINS-PRIOR> (22,926,427)
<GROSS-ADVISORY-FEES> 900,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,901,172
<AVERAGE-NET-ASSETS> 36,610,390
<PER-SHARE-NAV-BEGIN> 5.74
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 3.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.26
<EXPENSE-RATIO> 2.85
[AVG-DEBT-OUTSTANDING] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 89,359,584
<INVESTMENTS-AT-VALUE> 108,447,287
<RECEIVABLES> 4,505,648
<ASSETS-OTHER> 1,721,201
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,674,136
<PAYABLE-FOR-SECURITIES> 2,217,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,051,332
<TOTAL-LIABILITIES> 5,268,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,608,115
<SHARES-COMMON-STOCK> 8,709
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 704,491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,945,910)
<ACCUM-APPREC-OR-DEPREC> 19,038,727
<NET-ASSETS> 109,405,423
<DIVIDEND-INCOME> 1,487,253
<INTEREST-INCOME> 204,747
<OTHER-INCOME> 0
<EXPENSES-NET> 1,897,753
<NET-INVESTMENT-INCOME> (205,753)
<REALIZED-GAINS-CURRENT> (12,594,769)
<APPREC-INCREASE-CURRENT> 45,788,400
<NET-CHANGE-FROM-OPS> 32,987,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,855
<NUMBER-OF-SHARES-REDEEMED> (146)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 56,451,130
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (133,970)
<OVERDIST-NET-GAINS-PRIOR> (22,926,427)
<GROSS-ADVISORY-FEES> 900,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,901,172
<AVERAGE-NET-ASSETS> 27,008
<PER-SHARE-NAV-BEGIN> 9.56
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.19)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.35
<EXPENSE-RATIO> 0.29
[AVG-DEBT-OUTSTANDING] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Emerging Markets Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 89,359,584
<INVESTMENTS-AT-VALUE> 108,447,287
<RECEIVABLES> 4,505,648
<ASSETS-OTHER> 1,721,201
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114,674,136
<PAYABLE-FOR-SECURITIES> 2,217,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,051,332
<TOTAL-LIABILITIES> 5,268,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,608,115
<SHARES-COMMON-STOCK> 411,112
<SHARES-COMMON-PRIOR> 345,739
<ACCUMULATED-NII-CURRENT> 704,491
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (36,945,910)
<ACCUM-APPREC-OR-DEPREC> 19,038,727
<NET-ASSETS> 109,405,423
<DIVIDEND-INCOME> 1,487,253
<INTEREST-INCOME> 204,747
<OTHER-INCOME> 0
<EXPENSES-NET> 1,897,753
<NET-INVESTMENT-INCOME> (205,753)
<REALIZED-GAINS-CURRENT> (12,594,769)
<APPREC-INCREASE-CURRENT> 45,788,400
<NET-CHANGE-FROM-OPS> 32,987,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,040)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409,484
<NUMBER-OF-SHARES-REDEEMED> (344,672)
<SHARES-REINVESTED> 561
<NET-CHANGE-IN-ASSETS> 56,451,130
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (133,970)
<OVERDIST-NET-GAINS-PRIOR> (22,926,427)
<GROSS-ADVISORY-FEES> 900,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,901,172
<AVERAGE-NET-ASSETS> 3,076,095
<PER-SHARE-NAV-BEGIN> 5.76
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 3.57
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.29
<EXPENSE-RATIO> 2.60
[AVG-DEBT-OUTSTANDING] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 868,961,796
<INVESTMENTS-AT-VALUE> 863,607,125
<RECEIVABLES> 4,249,719
<ASSETS-OTHER> 796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 867,857,640
<PAYABLE-FOR-SECURITIES> 1,186,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,240,784
<TOTAL-LIABILITIES> 5,427,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 788,355,797
<SHARES-COMMON-STOCK> 28,660,560
<SHARES-COMMON-PRIOR> 29,170,313
<ACCUMULATED-NII-CURRENT> 4,095,252
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,334,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,354,671)
<NET-ASSETS> 862,430,606
<DIVIDEND-INCOME> 17,254,593
<INTEREST-INCOME> 891,546
<OTHER-INCOME> 0
<EXPENSES-NET> 12,507,902
<NET-INVESTMENT-INCOME> 5,638,237
<REALIZED-GAINS-CURRENT> 77,023,049
<APPREC-INCREASE-CURRENT> 113,799,505
<NET-CHANGE-FROM-OPS> 196,460,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,503,936)
<DISTRIBUTIONS-OF-GAINS> (35,199,845)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,419,351
<NUMBER-OF-SHARES-REDEEMED> (10,746,101)
<SHARES-REINVESTED> 2,816,997
<NET-CHANGE-IN-ASSETS> 120,178,729
<ACCUMULATED-NII-PRIOR> 2,595,191
<ACCUMULATED-GAINS-PRIOR> 74,167,742
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,644,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,683,211
<AVERAGE-NET-ASSETS> 402,578,660
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 3.27
<PER-SHARE-DIVIDEND> (.13)
<PER-SHARE-DISTRIBUTIONS> (1.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.98
<EXPENSE-RATIO> 1.09
[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 New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 868,961,796
<INVESTMENTS-AT-VALUE> 863,607,125
<RECEIVABLES> 4,249,719
<ASSETS-OTHER> 796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 867,857,640
<PAYABLE-FOR-SECURITIES> 1,186,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,240,784
<TOTAL-LIABILITIES> 5,427,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 788,355,797
<SHARES-COMMON-STOCK> 30,717,999
<SHARES-COMMON-PRIOR> 29,973,487
<ACCUMULATED-NII-CURRENT> 4,095,252
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,334,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,354,671)
<NET-ASSETS> 862,430,606
<DIVIDEND-INCOME> 17,254,593
<INTEREST-INCOME> 891,546
<OTHER-INCOME> 0
<EXPENSES-NET> 12,507,902
<NET-INVESTMENT-INCOME> 5,638,237
<REALIZED-GAINS-CURRENT> 77,023,049
<APPREC-INCREASE-CURRENT> 113,799,505
<NET-CHANGE-FROM-OPS> 196,460,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (478,437)
<DISTRIBUTIONS-OF-GAINS> (37,036,615)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,858,611
<NUMBER-OF-SHARES-REDEEMED> (11,767,183)
<SHARES-REINVESTED> 2,653,084
<NET-CHANGE-IN-ASSETS> 120,178,729
<ACCUMULATED-NII-PRIOR> 2,595,191
<ACCUMULATED-GAINS-PRIOR> 74,167,742
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,644,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,683,211
<AVERAGE-NET-ASSETS> 415,607,816
<PER-SHARE-NAV-BEGIN> 11.87
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 3.23
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> (1.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.80
<EXPENSE-RATIO> 1.84
[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 New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 868,961,796
<INVESTMENTS-AT-VALUE> 863,607,125
<RECEIVABLES> 4,249,719
<ASSETS-OTHER> 796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 867,857,640
<PAYABLE-FOR-SECURITIES> 1,186,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,240,784
<TOTAL-LIABILITIES> 5,427,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 788,355,797
<SHARES-COMMON-STOCK> 40,152
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,095,252
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,334,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,354,671)
<NET-ASSETS> 862,430,606
<DIVIDEND-INCOME> 17,254,593
<INTEREST-INCOME> 891,546
<OTHER-INCOME> 0
<EXPENSES-NET> 12,507,902
<NET-INVESTMENT-INCOME> 5,638,237
<REALIZED-GAINS-CURRENT> 77,023,049
<APPREC-INCREASE-CURRENT> 113,799,505
<NET-CHANGE-FROM-OPS> 196,460,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,219
<NUMBER-OF-SHARES-REDEEMED> (67)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 120,178,729
<ACCUMULATED-NII-PRIOR> 2,595,191
<ACCUMULATED-GAINS-PRIOR> 74,167,742
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,644,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,683,211
<AVERAGE-NET-ASSETS> 232,348
<PER-SHARE-NAV-BEGIN> 15.04
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (1.05)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.97
<EXPENSE-RATIO> .19
[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 New Value Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 868,961,796
<INVESTMENTS-AT-VALUE> 863,607,125
<RECEIVABLES> 4,249,719
<ASSETS-OTHER> 796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 867,857,640
<PAYABLE-FOR-SECURITIES> 1,186,250
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,240,784
<TOTAL-LIABILITIES> 5,427,034
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 788,355,797
<SHARES-COMMON-STOCK> 2,691,429
<SHARES-COMMON-PRIOR> 3,024,942
<ACCUMULATED-NII-CURRENT> 4,095,252
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75,334,228
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,354,671)
<NET-ASSETS> 862,430,606
<DIVIDEND-INCOME> 17,254,593
<INTEREST-INCOME> 891,546
<OTHER-INCOME> 0
<EXPENSES-NET> 12,507,902
<NET-INVESTMENT-INCOME> 5,638,237
<REALIZED-GAINS-CURRENT> 77,023,049
<APPREC-INCREASE-CURRENT> 113,799,505
<NET-CHANGE-FROM-OPS> 196,460,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (129,575)
<DISTRIBUTIONS-OF-GAINS> (3,628,113)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 529,850
<NUMBER-OF-SHARES-REDEEMED> (1,141,744)
<SHARES-REINVESTED> 278,381
<NET-CHANGE-IN-ASSETS> 120,178,729
<ACCUMULATED-NII-PRIOR> 2,595,191
<ACCUMULATED-GAINS-PRIOR> 74,167,742
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,644,832
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,683,211
<AVERAGE-NET-ASSETS> 39,816,718
<PER-SHARE-NAV-BEGIN> 11.93
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 3.24
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (1.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.88
<EXPENSE-RATIO> 1.59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam International Fund:
In planning and performing our audit of the financial statements
of Putnam International Fund for the year ended August 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 International Fund 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 August 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 8, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam International Voyager Fund:
In planning and performing our audit of the financial statements
of Putnam International Voyager Fund for the year ended August
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 International Voyager Fund 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 August 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 11, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam Emerging Markets Fund:
In planning and performing our audit of the financial statements
of Putnam Emerging Markets Fund for the year ended August 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 Emerging Markets Fund 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 August 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 12, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of Putnam New Value Fund:
In planning and performing our audit of the financial statements
of Putnam New Value Fund for the year ended August 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 New Value Fund 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 August 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.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 13, 1999
