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38878 11/97
Prospectus Supplement
dated November 24, 1997 to:
PUTNAM HIGH YIELD ADVANTAGE FUND
Prospectuses dated March 30, 1997, as revised October 30, 1997
and March 30, 1997
Effective January 31, 1998, the fund will close to new
shareholders, including investors in other Putnam funds
wishing to invest in the fund through an exchange. Existing
shareholders will be permitted to make new investments in
their existing accounts without limitation.
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