PUTNAM HIGH YIELD ADVANTAGE FUND
NSAR-B, 1998-01-29
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SIGNATURE   PAUL BUCUVALAS                               
TITLE       MANAGING DIRECTOR   
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam High Yield Advantage Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS A
       
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam High Yield Advantage Fund
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<SERIES>
   <NUMBER> 3
   <NAME> CLASS B
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam High Yield Advantage Fund
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M
       
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</TABLE>


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