<PAGE> PAGE 1
000 A000000 05/31/99
000 C000000 0000787836
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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 PRICEWATERHOUSECOOPERS LLP
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 99
019 C000000 PUTNAMFUND
020 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000001 13-2741729
020 C000001 1
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 1
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 766380
022 D000001 28534
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 586321
022 D000002 49654
022 A000003 SALOMON SMITH BARNEY
022 B000003 13-3082694
022 C000003 490667
022 D000003 118118
022 A000004 CREDIT SUISSE FIRST BOSTON
022 B000004 13-5659485
022 C000004 447620
022 D000004 33813
022 A000005 MORGAN STANLEY INC.
022 B000005 13-2655998
022 C000005 321690
022 D000005 131823
022 A000006 DILLON, READ & CO., INC.
022 B000006 13-1939216
022 C000006 412062
022 D000006 19882
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007 271293
<PAGE> PAGE 3
022 D000007 145878
022 A000008 DIRECT ASSOCIATES CORP. OF N.A.
022 C000008 374921
022 D000008 0
022 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000009 13-2741729
022 C000009 191760
022 D000009 173083
022 A000010 MORGAN (J.P.) SECURITIES INC.
022 B000010 13-3224016
022 C000010 187164
022 D000010 37600
023 C000000 4537741
023 D000000 1062364
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 Y
026 G020000 Y
026 H000000 N
027 000000 Y
028 A010000 45723
028 A020000 11025
028 A030000 0
028 A040000 108291
028 B010000 54326
028 B020000 10924
028 B030000 0
028 B040000 91843
028 C010000 76649
028 C020000 10260
028 C030000 0
028 C040000 90003
028 D010000 76460
028 D020000 9992
028 D030000 0
028 D040000 101295
028 E010000 44681
028 E020000 9754
<PAGE> PAGE 4
028 E030000 0
028 E040000 104551
028 F010000 28905
028 F020000 9505
028 F030000 0
028 F040000 103415
028 G010000 326744
028 G020000 61460
028 G030000 0
028 G040000 599399
028 H000000 326744
029 000000 Y
030 A000000 1189
030 B000000 4.75
030 C000000 3.25
031 A000000 75
031 B000000 0
032 000000 1114
033 000000 0
034 000000 Y
035 000000 1398
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 8732
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
048 A020000 0.700
048 B010000 500000
048 B020000 0.600
048 C010000 500000
048 C020000 0.550
048 D010000 5000000
048 D020000 0.500
048 E010000 5000000
<PAGE> PAGE 5
048 E020000 0.475
048 F010000 5000000
048 F020000 0.455
048 G010000 5000000
048 G020000 0.440
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 21500000
048 K020000 0.430
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.2
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
<PAGE> PAGE 6
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 83.0
062 Q000000 3.2
062 R000000 11.9
063 A000000 0
063 B000000 7.8
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
<PAGE> PAGE 7
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 980931
071 B000000 1178619
071 C000000 3022128
071 D000000 32
072 A000000 6
072 B000000 156196
072 C000000 14490
072 D000000 0
072 E000000 0
072 F000000 8766
072 G000000 16
072 H000000 0
072 I000000 1458
072 J000000 123
072 K000000 85
072 L000000 75
072 M000000 39
072 N000000 248
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 63
072 S000000 53
072 T000000 8732
072 U000000 0
072 V000000 0
072 W000000 171
072 X000000 19829
072 Y000000 0
072 Z000000 150857
072AA000000 0
072BB000000 203651
072CC010000 164435
072CC020000 0
072DD010000 63977
072DD020000 50208
072EE000000 0
073 A010000 0.4480
073 A020000 0.4170
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 6259
074 C000000 0
074 D000000 2558820
074 E000000 260107
074 F000000 28922
074 G000000 0
<PAGE> PAGE 8
074 H000000 0
074 I000000 94142
074 J000000 8683
074 K000000 0
074 L000000 68535
074 M000000 0
074 N000000 3025468
074 O000000 8865
074 P000000 7192
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 10654
074 S000000 0
074 T000000 2998757
074 U010000 134879
074 U020000 115473
074 V010000 8.21
074 V020000 8.17
074 W000000 0.0000
074 X000000 98810
074 Y000000 0
075 A000000 0
075 B000000 3129242
076 000000 0.00
077 A000000 N
080 A000000 FEDERAL INSURANCE COMPANY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 50000
081 A000000 Y
081 B000000 98
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
<PAGE> PAGE 9
086 F020000 0
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
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,360,310,882
<INVESTMENTS-AT-VALUE> 2,948,250,226
<RECEIVABLES> 77,217,367
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,025,467,593
<PAYABLE-FOR-SECURITIES> 8,865,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,845,461
<TOTAL-LIABILITIES> 26,710,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,686,142,688
<SHARES-COMMON-STOCK> 134,878,681
<SHARES-COMMON-PRIOR> 151,067,379
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (16,745,121)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (258,950,772)
<ACCUM-APPREC-OR-DEPREC> (411,690,131)
<NET-ASSETS> 2,998,756,664
<DIVIDEND-INCOME> 14,490,185
<INTEREST-INCOME> 156,196,040
<OTHER-INCOME> 0
<EXPENSES-NET> 19,829,615
<NET-INVESTMENT-INCOME> 150,856,610
<REALIZED-GAINS-CURRENT> (203,651,331)
<APPREC-INCREASE-CURRENT> 164,434,959
<NET-CHANGE-FROM-OPS> 111,640,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (63,976,555)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,088,947
<NUMBER-OF-SHARES-REDEEMED> (35,528,876)
<SHARES-REINVESTED> 4,251,231
<NET-CHANGE-IN-ASSETS> (264,626,174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,530,046)
<OVERDIST-NET-GAINS-PRIOR> (55,299,441)
<GROSS-ADVISORY-FEES> 8,766,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,981,449
<AVERAGE-NET-ASSETS> 1,181,062,731
<PER-SHARE-NAV-BEGIN> 8.35
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.21
<EXPENSE-RATIO> .48
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 B
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,360,310,882
<INVESTMENTS-AT-VALUE> 2,948,250,226
<RECEIVABLES> 77,217,367
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,025,467,593
<PAYABLE-FOR-SECURITIES> 8,865,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,845,461
<TOTAL-LIABILITIES> 26,710,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,686,142,688
<SHARES-COMMON-STOCK> 115,472,569
<SHARES-COMMON-PRIOR> 126,546,253
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (16,745,121)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (258,950,772)
<ACCUM-APPREC-OR-DEPREC> (411,690,131)
<NET-ASSETS> 2,998,756,664
<DIVIDEND-INCOME> 14,490,185
<INTEREST-INCOME> 156,196,040
<OTHER-INCOME> 0
<EXPENSES-NET> 19,829,615
<NET-INVESTMENT-INCOME> 150,856,610
<REALIZED-GAINS-CURRENT> (203,651,331)
<APPREC-INCREASE-CURRENT> 164,434,959
<NET-CHANGE-FROM-OPS> 111,640,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50,208,311)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,022,056
<NUMBER-OF-SHARES-REDEEMED> (20,039,719)
<SHARES-REINVESTED> 2,943,979
<NET-CHANGE-IN-ASSETS> (264,626,174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,530,046)
<OVERDIST-NET-GAINS-PRIOR> (55,299,441)
<GROSS-ADVISORY-FEES> 8,766,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,981,449
<AVERAGE-NET-ASSETS> 990,777,473
<PER-SHARE-NAV-BEGIN> 8.32
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> (.11)
<PER-SHARE-DIVIDEND> (.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.17
<EXPENSE-RATIO> .86
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,360,310,882
<INVESTMENTS-AT-VALUE> 2,948,250,226
<RECEIVABLES> 77,217,367
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,025,467,593
<PAYABLE-FOR-SECURITIES> 8,865,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,845,461
<TOTAL-LIABILITIES> 26,710,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,686,142,688
<SHARES-COMMON-STOCK> 114,249,968
<SHARES-COMMON-PRIOR> 113,773,517
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (16,745,121)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (258,950,772)
<ACCUM-APPREC-OR-DEPREC> (411,690,131)
<NET-ASSETS> 2,998,756,664
<DIVIDEND-INCOME> 14,490,185
<INTEREST-INCOME> 156,196,040
<OTHER-INCOME> 0
<EXPENSES-NET> 19,829,615
<NET-INVESTMENT-INCOME> 150,856,610
<REALIZED-GAINS-CURRENT> (203,651,331)
<APPREC-INCREASE-CURRENT> 164,434,959
<NET-CHANGE-FROM-OPS> 111,640,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (50,428,543)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,192,434
<NUMBER-OF-SHARES-REDEEMED> (16,973,293)
<SHARES-REINVESTED> 257,310
<NET-CHANGE-IN-ASSETS> (264,626,174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,530,046)
<OVERDIST-NET-GAINS-PRIOR> (55,299,441)
<GROSS-ADVISORY-FEES> 8,766,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,981,449
<AVERAGE-NET-ASSETS> 949,281,685
<PER-SHARE-NAV-BEGIN> 8.34
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> (.10)
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.20
<EXPENSE-RATIO> .61
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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 Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 3,360,310,882
<INVESTMENTS-AT-VALUE> 2,948,250,226
<RECEIVABLES> 77,217,367
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,025,467,593
<PAYABLE-FOR-SECURITIES> 8,865,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,845,461
<TOTAL-LIABILITIES> 26,710,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,686,142,688
<SHARES-COMMON-STOCK> 1,285,335
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (16,745,121)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (258,950,772)
<ACCUM-APPREC-OR-DEPREC> (411,690,131)
<NET-ASSETS> 2,998,756,664
<DIVIDEND-INCOME> 14,490,185
<INTEREST-INCOME> 156,196,040
<OTHER-INCOME> 0
<EXPENSES-NET> 19,829,615
<NET-INVESTMENT-INCOME> 150,856,610
<REALIZED-GAINS-CURRENT> (203,651,331)
<APPREC-INCREASE-CURRENT> 164,434,959
<NET-CHANGE-FROM-OPS> 111,640,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (458,276)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,440,757
<NUMBER-OF-SHARES-REDEEMED> (210,125)
<SHARES-REINVESTED> 54,703
<NET-CHANGE-IN-ASSETS> (264,626,174)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,530,046)
<OVERDIST-NET-GAINS-PRIOR> (55,299,441)
<GROSS-ADVISORY-FEES> 8,766,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,981,449
<AVERAGE-NET-ASSETS> 9,871,591
<PER-SHARE-NAV-BEGIN> 8.19
<PER-SHARE-NII> .39
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> (.38)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.21
<EXPENSE-RATIO> .30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>