PUTNAM HIGH YIELD ADVANTAGE FUND
NSAR-A, 1995-08-01
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<PAGE>      PAGE  1
000 A000000 05/31/95
000 C000000 0000787836
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM HIGH YIELD ADVANTAGE FUND
001 B000000 811-4616
001 C000000 6172921562
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
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 CORP
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 BOSTON
013 B020001 MA
<PAGE>      PAGE  2
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   95
019 C000000 PUTNAMFUND
020 C000001      0
020 C000002      0
020 C000003      0
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 GOLDMAN SACHS & CO.
022 B000001 13-510880
022 C000001   1276095
022 D000001     47183
022 A000002 MORGAN (.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002    586396
022 D000002         0
022 A000003 MORGAN STANLEY INC.
022 B000003 13-2655998
022 C000003    355223
022 D000003     34819
022 A000004 LEHMAN BROTHERS & JENRETTE
022 B000004 13-2518466
022 C000004    358735
022 D000004         0
022 A000005 BEAR STRENS & CO.
022 B000005 13-4946705
022 C000005     57909
022 D000005     44043
022 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000006 13-2741729
022 C000006     66694
022 D000006     27242
022 A000007 BT SECURITIES CORP.
022 B000007 13-3311934
022 C000007     44302
022 D000007      6144
022 A000008 PRUDENTIAL SECURITIES INC.
<PAGE>      PAGE  3
022 B000008 22-2347336
022 C000008     24167
022 D000008     19276
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000009 13-5674085
022 C000009     39147
022 D000009      6788
022 A000010 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000010 13-2642206
022 C000010     33000
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028 D040000     24485
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<PAGE>      PAGE  4
028 E040000     14767
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030 A000000   2286
030 B000000  4.75
030 C000000  0.00
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032  000000   2027
033  000000      0
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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
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080 A000000 FEDERAL INSURANCE COMPANY
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<PAGE>      PAGE  9
082 B000000        0
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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 High Yield Advantage Class A AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	MAY-31-1995
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	917,305,517
<INVESTMENTS-AT-VALUE>	926,185,940
<RECEIVABLES>	42,796,596
<ASSETS-OTHER>	893,362
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	969,875,898
<PAYABLE-FOR-SECURITIES>	49,708,002
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	4,631,855
<TOTAL-LIABILITIES>	54,339,857
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	1,016,305,158
<SHARES-COMMON-STOCK>	82,084,118
<SHARES-COMMON-PRIOR>	72,032,400
<ACCUMULATED-NII-CURRENT>	426,469
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(110,076,009)
<ACCUM-APPREC-OR-DEPREC>	8,880,423
<NET-ASSETS>	915,536,041
<DIVIDEND-INCOME>	551,560
<INTEREST-INCOME>	44,231,314
<OTHER-INCOME>	0
<EXPENSES-NET>	4,524,739
<NET-INVESTMENT-INCOME>	40,258,135
<REALIZED-GAINS-CURRENT>	27,882,372
<APPREC-INCREASE-CURRENT>	62,082,724
<NET-CHANGE-FROM-OPS>	74,458,487
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(39,161,707)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	18,401,621
<NUMBER-OF-SHARES-REDEEMED>	(10,053,633)
<SHARES-REINVESTED>	1,703,730
<NET-CHANGE-IN-ASSETS>	225,424,734
<ACCUMULATED-NII-PRIOR>	3,232,514
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	82,193,637
<GROSS-ADVISORY-FEES>	2,586,001
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	4,524,739
<AVERAGE-NET-ASSETS>	705,722,463
<PER-SHARE-NAV-BEGIN>	9.07
<PER-SHARE-NII>	.51
<PER-SHARE-GAIN-APPREC>	.34
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.51)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	9.41
<EXPENSE-RATIO>	.54
<AVG-DEBT-OUTSTANDING>	
<AVG-DEBT-PER-SHARE>	
        
??



 

 




</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 High Yield Advantage Class B AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	MAY-31-1995
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	917,305,517
<INVESTMENTS-AT-VALUE>	926,185,940
<RECEIVABLES>	42,796,596
<ASSETS-OTHER>	893,362
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	969,875,898
<PAYABLE-FOR-SECURITIES>	49,708,002
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	4,631,855
<TOTAL-LIABILITIES>	54,339,857
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	1,016,305,158
<SHARES-COMMON-STOCK>	14,054,250
<SHARES-COMMON-PRIOR>	4,090,992
<ACCUMULATED-NII-CURRENT>	426,469
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(110,076,009)
<ACCUM-APPREC-OR-DEPREC>	8,880,423
<NET-ASSETS>	915,536,041
<DIVIDEND-INCOME>	551,560
<INTEREST-INCOME>	44,231,314
<OTHER-INCOME>	0
<EXPENSES-NET>	4,524,739
<NET-INVESTMENT-INCOME>	40,258,135
<REALIZED-GAINS-CURRENT>	27,882,372
<APPREC-INCREASE-CURRENT>	62,082,724
<NET-CHANGE-FROM-OPS>	74,458,487
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(3,725,687)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	10,724,449
<NUMBER-OF-SHARES-REDEEMED>	(905,006)
<SHARES-REINVESTED>	143,815
<NET-CHANGE-IN-ASSETS>	225,424,734
<ACCUMULATED-NII-PRIOR>	3,232,514
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	82,193,637
<GROSS-ADVISORY-FEES>	2,586,001
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	4,524,739
<AVERAGE-NET-ASSETS>	71,879,706
<PER-SHARE-NAV-BEGIN>	9.05
<PER-SHARE-NII>	.45
<PER-SHARE-GAIN-APPREC>	.37
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.48)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	9.39
<EXPENSE-RATIO>	.91
<AVG-DEBT-OUTSTANDING>	
<AVG-DEBT-PER-SHARE>	
        
??



 

 




</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 High Yield Advantage Class M AND IS QUALIFIED IN ITS ENTI
RETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                   <C>
<PERIOD-TYPE>                         YEAR
<FISCAL-YEAR-END>	MAY-31-1995
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	917,305,517
<INVESTMENTS-AT-VALUE>	926,185,940
<RECEIVABLES>	42,796,596
<ASSETS-OTHER>	893,362
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	969,875,898
<PAYABLE-FOR-SECURITIES>	49,708,002
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	4,631,855
<TOTAL-LIABILITIES>	54,339,857
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	1,016,305,158
<SHARES-COMMON-STOCK>	1,157,939
<SHARES-COMMON-PRIOR>	0
<ACCUMULATED-NII-CURRENT>	426,469
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	(110,076,009)
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	8,880,423
<NET-ASSETS>	915,536,041
<DIVIDEND-INCOME>	551,560
<INTEREST-INCOME>	44,231,314
<OTHER-INCOME>	0
<EXPENSES-NET>	4,524,739
<NET-INVESTMENT-INCOME>	40,258,135
<REALIZED-GAINS-CURRENT>	27,882,372
<APPREC-INCREASE-CURRENT>	62,082,724
<NET-CHANGE-FROM-OPS>	74,458,487
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(176,786)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	1,210,838
<NUMBER-OF-SHARES-REDEEMED>	(64,267)
<SHARES-REINVESTED>	11,258
<NET-CHANGE-IN-ASSETS>	225,424,734
<ACCUMULATED-NII-PRIOR>	3,232,514
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	82,193,637
<GROSS-ADVISORY-FEES>	2,586,001
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	4,524,739
<AVERAGE-NET-ASSETS>	3,460,672
<PER-SHARE-NAV-BEGIN>	9.05
<PER-SHARE-NII>	.50
<PER-SHARE-GAIN-APPREC>	.36
<PER-SHARE-DIVIDEND>	0
<PER-SHARE-DISTRIBUTIONS>	(.50)
<RETURNS-OF-CAPITAL>	0
<PER-SHARE-NAV-END>	9.41
<EXPENSE-RATIO>	.66
<AVG-DEBT-OUTSTANDING>	
<AVG-DEBT-PER-SHARE>	
        
??



 

 




</TABLE>


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