47986 11/98
Prospectus Supplement
dated November 9, 1998 to:
PUTNAM HIGH YIELD ADVANTAGE FUND
Prospectuses dated March 30, 1998
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the day-
to-day management of the fund's portfolio since the years stated
below:
Business experience
Year (at least 5 years)
----- -------------------------
Jennifer E. Leichter 1998 Employed as an investment professional
Managing Director by Putnam Management since 1987.
Jeffrey A. Kaufman 1998 Employed as an investment professional
Senior Vice President since August 1998. Prior
to August 1998, Mr. Kaufman
was a Vice President at MFS
Investment Management. Prior
to March 1994, Mr. Kaufman was
an Emerging Markets Research
Consultant at Salomon Brothers
Inc.
Robert M. Paine 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1987.
Rosemary H. Thomsen 1996 Employed as an investment professional
Senior Vice President by Putnam Management since 1986 .
