PUTNAM HIGH YIELD ADVANTAGE FUND
Prospectus Supplement dated February 24, 1994
to Prospectus dated April 1, 1993, as revised October 1, 1993
Lawrence J. Daly, Senior Vice President of Putnam Investment
Management, Inc. ("Putnam Management") and Vice President of the
Fund, and Jin W. Ho, Senior Vice President of Putnam Management
and Vice President of the Fund, have primary responsibility for
the day-to-day management of the Fund's portfolio. Messrs. Daly
and Ho have had this responsibility since October, 1989 and
October, 1986, respectively. Prior to June, 1989, Mr. Daly was
Vice President of Salomon Brothers Inc. Mr. Ho has been employed
by Putnam Management for the past five years.
