[Translation]
SEMI-ANNUAL REPORT
(The 3rd Term)
From: December 1, 1996
To: May 31, 1997
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
(for NAV sale)
PUTNAM HIGH YIELD ADVANTAGE FUND
SEMI-ANNUAL REPORT
(The 3rd Term)
From: December 1, 1996
To: May 31, 1997
PUTNAM HIGH YIELD ADVANTAGE FUND
SEMI-ANNUAL REPORT
(The 3rd Term)
From: December 1, 1996
To: May 31, 1997
To: Minister of Finance
Filing
Date: August 29, 1997
Name of the Registrant Trust: PUTNAM HIGH YIELD
ADVANTAGE FUND
Name and Official Title of Trustees: George Putnam
William
F. Pounds
Jameson
A. Baxter
Hans H.
Estin
Ronald
J. Jackson
Elizabeth T. Kennan
Lawrence J. Lasser
John A.
Hill
Robert
E. Patterson
Donald
S. Perkins
George
Putnam, III
A.J.C.
Smith
W.
Nicholas Thorndike
Address of Principal Office: One Post Office Square
Boston,
Massachusetts 02109
U. S.
A.
Name and Title of Registration Agent: Harume Nakano
Attorney-at-Law
Signature [Harume Nakano]
(Seal)
Ken
Miura
Attorney-at-Law
Signature [Ken Miura]
(Seal)
Address or Place of Business Kasumigaseki Building,
25th Floor
2-5,
Kasumigaseki 3-chome
Chiyoda-
ku, Tokyo
Name of Liaison Contact: Harume Nakano
Ken
Miura
Attorneys-at-Law
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th
Floor
2-5,
Kasumigaseki 3-chome
Chiyoda-
ku, Tokyo
Phone Number: 03-3580-3377
- i -
Place where a copy of this Semi-annual Report is available for
Public Inspection
Not Applicable
(Total number of pages of this Semi-annual Report,in Japanese
printing
(including Cover Pages) is 35.)
C O N T E N T S
This
EnglishJapane
se
translationOr
iginal
I. STATUS OF INVESTMENT FUND
(1) Diversification of Investment Portfolio 1 1
(2) Results of Past Operations 3 2
(a) Record of Changes in Net Assets 3 2
(b) Record of Distributions Paid 3 2
(3) Record of Sales and Repurchases 4 2
II. OUTLINE OF THE TRUST
1. Trust 4 3
(1) Amount of Capital Stock 4 3
(2) Information Concerning Major Shareholders 4 3
(3) Information Concerning Directors, Officers and
Employees 43
(4) Description of Business and Outline of Operation 6
5
(5) Miscellaneous 6 5
2. Putnam Investment Management, Inc.
(Investment Management Company) 6 5
(1) Amount of Capital Stock 6 5
(2) Information Concerning Major Shareholders 7 5
(3) Information Concerning Officers and Employees 7
5
(4) Description of Business and Outline of Operation 21
17
(5) Miscellaneous 31 32
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND 31
33
IV. OUTLINE OF THE FINANCIAL STATUS OF THE
INVESTMENT MANAGEMENT COMPNAY 31 65
I. STATUS OF INVESTMENT FUND
(I) Diversification of Investment Portfolio:
(As of the end of
July, 1997)
Name of Total Investm
Types of Country U.S. ent
Assets Dollars Ratio
(%)
Corporate U.S.A. 2,775,615, 77.81
Bonds 619
Canada 112,263,00 3.15
1
Indonesia 46,591,745 1.31
United 46,047,500 1.29
Kingdom
Mexico 39,528,007 1.11
Luxembour 21,250,563 0.60
g
Australia 15,236,250 0.43
Bermuda 13,460,175 0.38
China 8,932,550 0.25
Brazil 8,167,782 0.23
Netherlan 4,676,250 0.13
ds
Argentina 3,904,719 0.11
Ecuador 2,673,775 0.07
Sub-total 3,098,347, 86.86
936
0.00
Preffered U.S.A. 185,568,90 5.20
Stock 0
Canada 6,165,120 0.17
Germany 5,467,625 0.15
Sub-total 197,201,64 5.53
5
Units U.S.A. 52,300,569 1.47
Australia 16,334,400 0.46
United 3,709,200 0.10
Kingdom
Sub-total 72,344,169 2.03
0.00
Convertible U.S.A. 50,847,534 1.43
Bonds
United 9,021,825 0.25
Kingdom
Sub-total 59,869,359 1.68
Short-term U.S.A. 44,805,050 1.26
0.00
Common Stock U.S.A. 41,560,941 1.17
Canada 1,358,175 0.04
Sub-total 42,919,116 1.20
0.00
Convertible U.S.A. 5,062,759 0.14
Preferred
Stocks
Warrants U.S.A. 4,957,163 0.14
Options,
Futures and
Other
Derivatives
Cash, Deposit 41,742,898 1.17
and Other
Assets (After
deduction of
liabilities)
Total 3,567,250, 100.00
095
(Net Asset Value Yen422,541 million)
Note 1: Investment ration is caluculated by dividing each
asset at its market value by the total Net Asset Value of the
Fund. The same applies hereinafter.
Note 2: The exchange rate of U.S. Dollars ("dollar" or "$")
into Japanese Yen is Yen118.45 for one U.S. Dollar, which is
the actual middle point between the selling and buying
currency rate by telegraphic transfer of The Bank of Tokyo-
Mitsubishi, Ltd. on the end of July, 1997. The same applies
hereinafter.
Note 3: In this report, money amounts and percentages have
been rounded. Therefore, there are cases in which the amount
for the "total" colunm is not equal to the aggregate amount.
Also, conversion into other currencies is done simply by
multiplying the corresponding amount by the conversion rate
specified and rounded up when necessary. As a result, in this
report, there are cases in which figures for the same
information differ from each other.
(2) Results of Past Operations
(a) Record of Changes in Net Assets (Class M Shares)
Record of changes in net assets at the end of each
of during the one year period up to and including the end
of July, 1997 is as follows:
Total Net Asset Value Net Asset Value per Share
Dollar Yen
(thousands) (millions) Dollar Yen
1996 End
of August 43,724 5,179 9.43 1,117
Sept. 191,881 22,728 9.63 1,141
Oct. 348,092 41,231 9.54 1,130
Nov. 464,506 55,021 9.64 1,142
Dec. 664,695 78,733 9.68 1,147
1997 End
of Jan. 796,061 94,293 9.73 1,153
Feb. 885,864 104,931 9.82 1,163
March 929,629 110,115 9.46 1,121
April 987,543 116,974 9.49 1,124
May 1,102,939 130,643 9.66 1,144
June1,208,881 143,192 9.75 1,155
July1,312,105 155,419 9.95 1,179
(b) Record of Distributions Paid (Class M Shares)
2nd Fiscal Year (12/1/95 - 11/30/96): $0.88 (Yen104)
Payment Date: [Date/Month/Year]
Record of distribution paid at the end of each month
during the period from December 1996 up to and including
July 1997 is as follows:
Dividend
Month Dollar Yen
1996 End of December 0.071 8.41
1997 End of January 0.070 8.29
February 0.070 8.29
March 0.070 8.29
April 0.070 8.29
May 0.070 8.29
June 0.072 8.53
July 0.078 9.24
Note: Operations of Class M Shares were
commenced on December 1, 1994.
(3) Record of Sales and Repurchses (Class M Shares)
Record of sales and repurchases during one year
period up to and including the end of July, 1997 and
number of outstanding shares of the Fund as of the end of
July, 1997 are as follows:
______________________________________________________________
______
Number of Number of Number of Out-
Shares Sold Shares Repurchased standing
Shares___
Worldwide 156,740,915 28,522,957 132,727,160
(In Japan)(150,923,850)(25,679,310) (125,244,540)
______________________________________________________________
______
II. OUTLINE OF THE TRUST
1. Trust
(1) Amount of Capital Stock (as of the end of July, 1997)
Not applicable.
(2) Information Concerning Major Shareholders
Not applicable.
(3) Information Concerning Directors, Officers and Employees
(1) Trustees and Officers of the Trust
(as of the filing date)
