PUTNAM HIGH YIELD ADVANTAGE FUND
NSAR-A, 1999-07-27
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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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<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

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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
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> CLASS M

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[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>
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<EXPENSE-RATIO>                                    .30
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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