[Translation] [H&M Final]
SEMI-ANNUAL REPORT
(The 5th Term)
From: December 1, 1998
To: May 31, 1999
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
(for NAV sale)
PUTNAM HIGH YIELD ADVANTAGE FUND
SEMI-ANNUAL REPORT
(The 5th Term)
From: December 1, 1998
To: May 31, 1999
PUTNAM HIGH YIELD ADVANTAGE FUND
SEMI-ANNUAL REPORT
(The 5th Term)
From: December 1, 1998
To: May 31, 1999
To: Director of Kanto Local Financial Bureau
Filing Date: August 31, 1999
Name of the Registrant Trust: PUTNAM HIGH YIELD ADVANTAGE FUND
Name of Trustees: George Putnam
William F. Pounds
John A. Hill
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
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
- i -
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
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, in
Japanese printing
(including Cover Pages) is [ ]43.)
C O N T E N T S
This
EnglishJapanese
translationOriginal
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 3
(3) Record of Sales and Repurchases 4 3
II. OUTLINE OF THE TRUST
1. Trust 4 4
(1) Amount of Capital Stock 4 4
(2) Information Concerning Major Shareholders 4 4
(3) Information Concerning Directors, Officers and
Employees 4 4
(4) Description of Business and Outline of
Operation 7 7
(5) Miscellaneous 7 7
2. Putnam Investment Management, Inc.
(Investment Management Company) 7 7
(1) Amount of Capital Stock 7 7
(2) Information Concerning Major Shareholders 8 7
(3) Information Concerning Officers and
Employees 8 7
(4) Description of Business and Outline of
Operation 19 17
(5) Miscellaneous 32 29
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND 32 30
IV. OUTLINE OF THE FINANCIAL STATUS OF
INVESTMENT MANAGEMENT COMPANY 32 64
I. STATUS OF INVESTMENT FUND
(1) Diversification of Investment Portfolio:
(As of the end of July, 1999)
Types of Assets Name of Total U.S. Investment
Country Dollars Ratio
(%)
Corporate Bonds United 2,058,788,542 71.34
States
Canada 106,558,274 3.69
Mexico 41,723,825 1.45
China 25,923,100 0.90
United 21,071,381 0.73
Kingdom
Columbia 17,334,000 0.60
Luxembourg 17,265,375 0.60
Indonesia 14,636,651 0.51
Brazil 11,672,100 0.41
Netherland 10,505,688 0.36
s
Cayman 9,643,150 0.33
Islands
Israel 7,612,350 0.26
Agrentina 5,350,800 0.19
India 4,408,000 0.15
Poland 4,089,400 0.14
Bermuda 2,677,500 0.09
New 2,576,700 0.09
Zealand
Norway 1,979,520 0.07
United
States
Sub-total 2,363,816,356 81.91
0.00
Preferred Stock United 193,062,432 6.69
States
Germany 27,478,950 0.95
Canada 15,679,750 0.54
Sub-total 236,221,132 8.18
Convertible Bonds United 41,288,575 1.43
States
0.00
Units United 39,034,373 1.35
States
Netherland 16,893,975 0.59
s
Sub-total 55,928,348 1.94
Warrants United 30,656,791 1.06
States
Netherland 1,678,875 0.06
s
Ireland 303,450 0.01
Mexico 229,800 0.01
Equador 10,402 0.00
Sub-total 32,879,318 1.14
Common Stock United 29,300,278 1.02
States
Canada 1,791,000 0.06
Brazil 43 0.00
Sub-total 31,091,321 1.08
0.00
Convertible United 24,548,960 0.85
Preferred Stocks States
Collateralized United 12,357,386 0.43
Mortgage States
Obligations
0.00
Cash, Deposit and 87,834,954 3.04
Other Assets
(After deduction
of liabilities)
Total 2,885,966,350 100.00
(Net Asset (\334,339
Value) million)
Note 1: Investment ratio is calculated 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 yen 115.85 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, 1999.
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" column is
not equal to the aggregate amount. Also, conversion into other currencies
is done simply by multiplying the corrsponding 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, 1999 is as follows:
Total Net Asset Value Net Asset Value per Share
Dollar Yen
(thousands) (millions) Dollar Yen
1998 End of August 1,113,165 128,960 8.75 1,013.69
September 997,508 115,561 8.49 983.57
October 899,414 104,197 7.97 923.32
November 949,346 109,982 8.34 966.19
December 924,651 107,121 8.17 946.49
1999 End of January 926,037 107,281 8.23 953.45
March 965,496 111,853 8.20 949.97
April 983,537 113,943 8.39 971.98
May 937,072 108,560 8.20 949.97
June 934,843 108,302 8.14 943.02
July 917,288 106,268 8.06 933.75
(b) Record of Distributions Paid (Class M Shares)
Record of distribution paid at the end of each month
during the one year period up to and including July 1999
is as follows:
Dividend
Month Dollar Yen
1998 End of August 0.075 8.69
September 0.075 8.69
October 0.075 8.69
November 0.075 8.69
December 0.075 8.69
1999 End of January 0.075 8.69
February 0.072 8.34
March 0.072 8.34
April 0.072 8.34
May 0.072 8.34
June 0.072 8.34
July 0.067 7.76
Note: Operations of Class M Shares were commenced on December 1, 1994.
(3) Record of Sales and Repurchases (Class M Shares)
Record of sales and repurchases during the one year
period up to and including the end of July, 1999 and
number of outstanding shares of the Fund as of the end of
July, 1999 are as follows:
Number of Number of Number of
Shares Sold Shares Outstanding
Repurchased Shares
Worldwide 32,011,889 69,890,971 114,452,416
(In Japan) 30,368,500 66,332,580 107,770,670
II. OUTLINE OF THE TRUST
1. Trust
(1) Amount of Capital Stock (as of the end of July, 1999)
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)
Shares
Name Office and Resume Owned
Title
George Putnam Chairman present: Chairman and 85,391
and Director of Putnam
President Investment
Management, Inc.
and Putnam Mutual
Funds Corp.
Director, Marsh &
McLennan Companies,
Inc.
William F. Vice present: Professor 11,355
Pounds Chairman Emeritus of
Management, Alfred
P. Sloan School of
Management,
Massachusetts
Institute of
Technology
John A. Hill Vice present: Chairman and 222
Chairman Managing Director,
First Reserve
Corporation
Jameson Adkins Trustee present: President, Baxter 476
Baxter Associates, Inc.
Hans H. Estin Trustee present: Chartered 225
Financial Analyst
and Vice Chairman,
North American
Management Corp.
Ronald J. Trustee present: Former Chairman, 143
Jackson President and Chief
Executive Officer of
Fisher-Price, Inc.,
Trustee of Salem
Hospital and the
Peabody Essex Museum
Paul L. Joskow Trustee present: Professor 465
Emeritus of
Economics and
Management, former
Chairman of the
Department of
Economics at the
Massachusetts
Institute of
Technology,
Director, New
England Electric
System, State Farm
Indemnity Company
and Whitehead
Institute for
Biomedical Research
Elizabeth T. Trustee present: President 258
Kennan Emeritus and
Professor, Mount
Holyoke College
Lawrence J. Trustee present: President, Chief 0
Lasser and Vice Executive Officer
President and Director of
Putnam Investments,
Inc. and Putnam
Investment
Management, Inc.
Director, Marsh &
McLennan
Companies, Inc. and
the United Way of
Massachusetts Bay
John H. Trustee present: Chairman and 597
Mullin, III Chief Executive
Officer of Ridgeway
Farm, Director of
ACX Technologies,
Inc., Alex. Brown
Realty, Inc., and
The Liberty
Corporation
Robert E. Trustee present: President and 20,552
Patterson Trustee of Cabot
Industrial Trust ;
Director of
Brandywine Trust
Company
George Putnam, Trustee present: President, New 3,537
III Generation Research,
Inc. and New
Generation Advisors,
Inc.; Director,
Massachusetts
Audubon Society and
the Boston Family
Office, L.L.C.
A.J.C. Smith Trustee present: Chairman and 375
Chief Executive
Officer, Marsh &
McLennan Companies,
Inc.
W. Thomas Trustee present: President and 119
Stephens Chief Executive
Officer of MacMillan
Bloedel Ltd.;
Director of Qwest
Communications and
New Century Energies
W. Nicholas Trustee present: Director of 180
Thorndike various corporations
and charitable
organizations,
including Courier
Corporation, Data
General Corporation,
Bradley Real Estate,
Inc. and Providence
Journal Co. Trustee
of Cabot Industrial
Trust, Massachusetts
General Hospital and
Eastern Utilities
Associates
Charles E. Executive present: Managing Director 0
Porter Vice of Putnam
President Investments, Inc.
and Putnam
Investment
Management, Inc.
Patricia C. Senior present: Senior Vice 0
Flaherty Vice President of Putnam
President Investments, Inc.
and Putnam
Investment
Management, Inc.
John D. Hughes Senior present: Senior Vice 0
Vice President of Putnam
President Investment
and Management, Inc.
Treasurer
Gordon H. Vice present: Director and 3,367
Silver President Senior Managing
Director of Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
John R. Verani Vice present: Senior Vice 0
President President of Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Ian C. Vice present: Senior Managing 0
Ferguson President Director of Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Richard A. Vice present: Managing Director 0
Monaghan President of Putnam
Investments, Inc.,
Putnam Investment
Management, Inc. and
Putnam Mutual Funds
Corp.
Stephen Vice present: Senior Managing 0
Oristaglio President Director of Putnam
Investment
Management, Inc.
Edward H. Vice present: Managing Director 0
D'Alelio President of Putnam Investment
Management,
CompanyInc.
Robert M. Vice present: Senior Vice 0
Paine President President of Putnam
Investment
Management, Inc.
Jeffrey A. Vice present: Senior Vice 0
Kaufman President President of Putnam
Investment
Management, Inc.
(2) Employees of the Trust
The Trust does not have any employees.
(4) Description of Business and Outline of Operation
The Trust may carry out any administrative or
managerial act, including the purchase, sale,
subscription and exchange of any securities, and the
exercise of all rights directly or indirectly pertaining
to the Fund's assets. The Trust has retained Putnam
Investment Management, Inc., the Fund's investment
management company, to render investment management
services, and Putnam Fiduciary Trust Company to keep the
assets of the Fund in custody and to act as the Investor
Servicing Agent.
(5) Miscellaneous
There has been, or is, no litigation which had or is
reasonably expected to have, a material adverse effect on
the Trust during the six months before the filing of this
report.
2. Putnam Investment Management, Inc. (Investment Management
Company)
(1) Amount of Capital Stock (as of the end of July, 1999)
1. Amount of Capital (issued capital stock at par value):
Common Stock 1,000 shares at $1 par value
2. Number of authorized shares of capital stock:
Common Stock 1,000 shares
3. Number of outstanding shares of capital stock:
Common Stock 1,000 shares
4. Amount of capital (for the purposes of this Item,
"Amount of Capital" means total stockholders' equity
for the past five years):
Amount of Capital
Year (Total Stockholders' Equity in Thousands)
End of 1994 $48,149,491
End of 1995 $45,521,351
End of 1996 $45,817,658
End of 1997 $48,617,160
End of 1998 $425,782,008
(2) Information Concerning Major Shareholders
As of the end of July, 1999, all the outstanding shares
of capital stock of Investment Management Company were
owned by Putnam Investments, Inc.
(3) Information Concerning Officers and Employees
The following table lists the names of various officers
and directors of Investment Management Company and their
respective positions with Investment Management Company.
For each named individual, the table lists: (i) any other
organizations (excluding other Investment Management
Company's funds) with which the officer and/or director
has recently had or has substantial involvement; and (ii)
positions held with such organization:
List of Officers and Directors of Putnam Investment Management, Inc.
(as of the end of July, 1999)
Position
with Putnam
Name Investment Other Business Affiliation
Management,
Inc.
1 Putnam, George Chairman Director of Putnam Mutual
Funds Corp.
2 Lasser, Lawrence President
J. and
Director,
CEO
3 Silver, Gordon Director Director of Putnam
H. and Senior Fiduciary Trust Company and
Managing Senior Managing Director of
Director Putnam Mutual Funds Corp.
4 Burke, Robert W. Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
5 Collman, Senior Senior Managing Director of
Kathleen M. Managing Putnam Mutual Funds Corp.
Director
6 Ferguson, Ian C. Senior
Managing
Director
7 Oristaglio, Senior
Stephen Managing
Director
8 Regan, Anthony Senior
W. Managing
Director
9 Spiegel, Steven Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
10 Anderson, Blake Managing
E. Director
11 Antill, Jennifer Managing
Director
12 Beck, Robert R. Managing
Director
13 Bresnahan, Managing Managing Director of Putnam
Leslee R. Director Mutual Funds Corp.
14 Browchuk, Brett Managing
C. Director
15 Cassaro, Joseph Managing
A. Director
16 Cotner, C. Beth Managing
Director
17 Cronin, Kevin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
18 D'Alelio, Edward Managing
H. Director
19 Daly, Kenneth L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
20 DeTore, John A. Managing Managing Director of Putnam
Director Fiduciary Trust Company
21 Durgarian, Managing Director and Managing
Karnig H. Director Director of Putnam
Fiduciary Trust Company
22 Esteves, Irene Managing Treasurer of Putnam
M. Director Fiduciary Trust Company
and Chief
Financial
Officer
23 Farrell, Deborah Managing Managing Director of Putnam
S. Director Mutual Funds Corp.
24 Gillis, Roland Managing
Director
25 Haslett, Thomas Managing
R. Director
26 Holding, Pamela Managing
Director
27 Hurley, William Managing Managing Director and CFO
J. Director of Putnam Mutual Funds
Corp.
28 Jacobs, Jerome Managing
J. Director
29 Joseph, Joseph Managing
P. Director
30 Kamshad, Omid Managing
Director
31 King, David L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
32 Kohli, D. Managing
William Director
33 Kreisel, Anthony Managing
I. Director
34 Kuenstner, Managing
Deborah F. Director
35 Landes, William Managing
J. Director
36 Leibovitch, Managing
Richard G. Director
37 Leichter, Managing
Jennifer E. Director
38 Maloney, Kevin Managing
J. Director
39 Martino, Michael Managing Managing Director of Putnam
Director Fiduciary Trust Company
40 Maxwell, Scott Managing
M. Director
41 McGue, William Managing
F. Director
42 McMullen, Carol Managing
C. Director
43 Mecmani, Krisha Managing
Director
44 Miller, Daniel Managing
L. Director
45 Morgan Jr., John Managing Managing Director of Putnam
J. Director Fiduciary Trust Company
46 Morgan, Kelly A. Managing
Director
47 Peacher, Stephen Managing
C. Director
48 Pollard, Mark D. Managing
Director
49 Porter, Charles Managing
E. Director
50 Price, Quintin Managing
I. Director
51 Reilly, Thomas Managing
V. Director
52 Schultz, Managing Managing Director of Putnam
Mitchell D. Director Mutual Funds Corp.
53 Scott, Justin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
54 Shadek Jr., Managing
Edward T. Director
55 Starr, Loren Managing Managing Director of Putnam
Director Mutual Funds Corp.
56 Swift, Robert Managing
Director
57 Talanian, John Managing Managing Director of Putnam
C. Director Mutual Funds Corp.
58 Tibbetts, Managing Managing Director of Putnam
Richard B. Director Mutual Funds Corp.
59 Waldman, David Managing
L. Director
60 Wetlaufer, Eric Managing
Director
61 Woolverton, Managing Managing Director of Putnam
William H. Director Mutual Funds Corp.
62 Arends, Michael Senior Vice Senior Vice President of
K. President Putnam Mutual Funds Corp.
63 Asher, Steven E. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
and Senior Vice President
of Putnam Fiduciary Trust
Company
64 Atkin, Michael Senior Vice
J. President
65 Augustine, Senior Vice
Jeffrey B. President
66 Bakshi, Manjit Senior Vice
S. President
67 Bamford, Dolores Senior Vice
Snyder President
68 Baumbach, Robert Senior Vice
K. President
69 Berka, Sharon A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
70 Block, Richard Senior Vice
L. President
71 Boselli, John A. Senior Vice
President
72 Bousa, Edward P. Senior Vice
President
73 Burke, Andrea Senior Vice
President
74 Burns, Cheryl A. Senior Vice
President
75 Byrne, Joshua L. Senior Vice
President
76 Callahan, Ellen Senior Vice
S. President
77 Carlson, David Senior Vice
G. President
78 Chang, Jack P. Senior Vice
President
79 Chrostowski, Senior Vice Senior Vice President of
Louis F. President Putnam Mutual Funds Corp.
80 Curran, Peter J. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
81 Dalferro, John Senior Vice
R. President
82 Derbyshire, Senior Vice
Ralph C. President
83 Eigerman, Nathan Senior Vice
W. President
84 England, Richard Senior Vice
B. President
85 Epke Laura L. Senior Vice
President
86 Finch, Edward R. Senior Vice
President
87 Flaherty, Senior Vice Senior Vice President of
Patricia C. President Putnam Mutual Funds Corp.
88 Fontana, Forrest Senior Vice
N. President
89 Francis, Senior Vice
Jonathan H. President
90 Frost, Karen T. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
91 Frucci, Richard Senior Vice Senior Vice President of
M. President Putnam Fiduciary Trust
Company
92 Gorman, Stephen Senior Vice
A. President
93 Grant, Peter J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
94 Graviere, Senior Vice
Patrice President
95 Grim, Daniel J. Senior Vice
President
96 Haagensen, Paul Senior Vice
E. President
97 Hadden, Peter J. Senior Vice
President
98 Halperin, Senior Vice
Matthew C. President
99 Hart, Nigel P. Senior Vice
President
100 Healey, Deborah Senior Vice
R. President
101 Hotchkiss, Senior Vice
Michael F. President
102 Kaufman, Jeffrey Senior Vice
President
103 Kay, Karen R. Senior Vice Clerk, Director and Senior
President Vice President of Putnam
Fiduciary Trust Company and
Senior Vice President of
Putnam Mutual Funds Corp.
104 Kirson, Steven Senior Vice
L. President
105 Knight, Jeffrey Senior Vice
L. President
106 Koontz, Jill A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
107 Korn, Karen R. Senior Vice
President
108 Kurey, Thomas J. Senior Vice
President
109 Lannum III, Senior Vice
Coleman N. President
110 Lindsey, Jeffrey Senior Vice
R. President
111 Lode, Geirulv Senior Vice
President
112 Lomba, Rufino R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
113 MacElwee, Jones, Senior Vice
Elizabeth M. President
114 Madore, Robert Senior Vice Senior Vice President of
A. President Putnam Fiduciary Trust
Company
115 Malloy, Julie M. Senior Vice
President
116 Manuel Jr., Senior Vice
Richard D. President
117 Marrkand, Paul Senior Vice
E. President
118 Marshall, Senior Vice
William L. President
119 Matteis, Andrew Senior Vice
S. President
120 McDonald, Senior Vice
Richard E. President
121 Meehan, Thalia Senior Vice
President
122 Mehta, Sandeep Senior Vice
President
123 Miller, William Senior Vice
H. President
124 Mockard, Jeanne Senior Vice
L. President
125 Mufson, Michael Senior Vice
J. President
126 Mullen, Donald Senior Vice Senior Vice President of
E. President Putnam Mutual Funds Corp.
127 Mullin, Hugh H. Senior Vice
President
128 Netols, Jeffrey Senior Vice Senior Vice President of
W. President Putnam Fiduciary Trust
Company
129 Oler, Stephen S. Senior Vice
President
130 Paine, Robert M. Senior Vice
President
131 Parker, Margery Senior Vice
C. President
132 Perry, William Senior Vice
President
133 Peters, Carmel Senior Vice
President
134 Petralia, Senior Vice Senior Vice President of
Randolph S. President Putnam Mutual Funds Corp.
135 Plapinger, Keith Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
136 Pohl, Charles G. Senior Vice
President
137 Ravera, David A. Senior Vice
President
138 Prusko, James M. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
139 Quistberg, Paul Senior Vice
T. President
140 Ray, Christopher Senior Vice
A. President
141 Rogers, Kevin J. Senior Vice
President
142 Ruys de Perez, Senior Vice Senior Vice President of
Charles A. President Putnam Fiduciary Trust
Company and Senior Vice
President of Putnam Mutual
Funds Corp.
143 Santos, David J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
144 Santosus, Senior Vice
Anthony C. President
145 Schwister, Jay Senior Vice Senior Vice President of
E. President Putnam Fiduciary Trust
Company
146 Scordato, Senior Vice Senior Vice President of
Christine A. President Putnam Mutual Funds Corp.
147 Sievert, Jean I. Senior Vice
President
148 Simon, Sheldon Senior Vice
N. President
149 Simozar, Saied Senior Vice
President
150 Smith Jr., Leo Senior Vice
J. President
151 Smith, Margaret Senior Vice
D. President
152 Spatz, Erin J. Senior Vice
President
153 Stack, Michael Senior Vice Senior Vice President of
P. President Putnam Mutual Funds Corp.
154 Stairs, George Senior Vice
W. President
155 Strumpf, Casey Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
156 Sugimoto, Senior Vice Senior Vice President of
Toshifumi President Putnam Mutual Funds Corp.
157 Sullivan, Roger Senior Vice
R. President
158 Svensson, Lisa Senior Vice
H. President
159 Swanberg, Senior Vice
Charles H. President
160 Thomsen, Senior Vice Senior Vice President of
Rosemary H. President Putnam Fiduciary Trust
Company
161 Troped, Bonnie Senior Vice Senior Vice President of
L. President Putnam Mutual Funds Corp.
162 Verani, John R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
163 Walsh, Francis Senior Vice
P. President
164 Warren, Paul C. Senior Vice
President
165 Weinstein, Senior Vice
Michael R. President
166 Weiss, Manuel Senior Vice
President
167 Whalen, Edward Senior Vice Senior Vice President of
F. President Putnam Mutual Funds Corp.
168 Wheeler, Diane Senior Vice
D.F. President
169 Wyke, Richard P. Senior Vice
President
170 Yogg, Michael R. Senior Vice
President
171 Zukowski, Gerald Senior Vice
S. President
(4) Description of Business and Outline of Operation
Investment Management Company is engaged in the business
of providing investment management and investment
advisory services to mutual funds. As of the end of
July, 1999, Investment Management Company managed,
advised, and/or administered the following 115 funds and
fund portfolios (having an aggregate net asset value of
nearly $245 billion):
(As of July 31, 1999)
Name Month/Da Principal Total Net Net
te/Year Characteris Asset Asset
Establis tics Value ($ Value
hed million) per
share
($)
1 The George Putnam Fund of 11/5/37 Open/Equity 18.49
Boston; A 3,963.18
2 The George Putnam Fund of 4/24/92 Open/Equity 18.33
Boston; B 1,641.14
3 The George Putnam Fund of 12/1/94 Open/Equity 18.34
Boston; M 294.14
4 The George Putnam Fund of 1/1/94 Open/Equity 18.53
Boston; Y 727.81
5 Putnam American Government 3/1/85 Open/Bond 8.39
Income Fund; A 1,600.36
6 Putnam American Government 5/20/94 Open/Bond 8.36
Income Fund; B 159.14
7 Putnam American Government 2/14/95 Open/Bond 8.41
Income Fund; M 7.04
8 Putnam Asia Pacific Growth 2/20/91 Open/Equity 12.73
Fund; A 200.86
9 Putnam Asia Pacific Growth 6/1/93 Open/Equity 12.46
Fund; B 189.51
10 Putnam Asia Pacific Growth 2/1/95 Open/Equity 12.60
Fund; M 15.56
11 Putnam Asia Pacific Fund 3/23/98 Open/Equity 10.73
II 3.08
12 Putnam Asset Allocation: 2/7/94 Open/Balanc 12.45
Balanced Portfolio; A ed 966.75
13 Putnam Asset Allocation: 2/11/94 Open/Balanc 12.38
Balanced Portfolio; B ed 564.69
14 Putnam Asset Allocation: 9/1/94 Open/Balanc 12.31
Balanced Portfolio; C ed 121.03
15 Putnam Asset Allocation: 2/6/95 Open/Balanc 12.42
Balanced Portfolio; M ed 69.06
16 Putnam Asset Allocation: 7/14/94 Open/Balanc 12.46
Balanced Portfolio; Y ed 344.72
17 Putnam Asset Allocation : 2/7/94 Open/Balanc 10.50
Conservative Portfolio; A ed 403.71
18 Putnam Asset Allocation : 2/18/94 Open/Balanc 10.46
Conservative Portfolio; B ed 188.15
19 Putnam Asset Allocation : 9/1/94 Open/Balanc 10.44
Conservative Portfolio; C ed 59.51
20 Putnam Asset Allocation : 2/7/95 Open/Balanc 10.46
Conservative Portfolio; M ed 25.53
21 Putnam Asset Allocation : 7/14/94 Open/Balanc 10.52
Conservative Portfolio; Y ed 85.40
22 Putnam Asset Allocation: 2/8/94 Open/Balanc 14.52
Growth Portfolio; A ed 748.46
23 Putnam Asset Allocation: 2/16/94 Open/Balanc 14.30
Growth Portfolio; B ed 480.10
24 Putnam Asset Allocation: 9/1/94 Open/Balanc 14.19
Growth Portfolio; C ed 105.11
25 Putnam Asset Allocation: 2/1/95 Open/Balanc 14.33
Growth Portfolio; M ed 62.13
26 Putnam Asset Allocation: 7/14/94 Open/Balanc 14.61
Growth Portfolio; Y ed 322.83
27 Putnam Arizona Tax Exempt 1/30/91 Open/Bond 9.05
Income Fund; A 105.19
28 Putnam Arizona Tax Exempt 7/15/93 Open/Bond 9.04
Income Fund; B 33.18
29 Putnam Arizona Tax Exempt 7/3/95 Open/Bond 9.06
Income Fund; M 0.57
30 Putnam Balanced Fund 10/2/95 Open/Balanc 12.51
ed 3.92
31 Putnam Balanced Retirement 4/19/85 Open/Balanc 10.95
Fund; A ed 671.70
32 Putnam Balanced Retirement 2/1/94 Open/Balanc 10.84
Fund; B ed 197.07
33 Putnam Balanced Retirement 3/17/95 Open/Balanc 10.88
Fund; M ed 15.31
34 Putnam Balanced Retirement 1/4/99 Open/Balanc 10.95
Fund; Y ed 1.82
35 Putnam California 11/27/92 Closed/Bond 14.96
Investment Grade Municipal 68.94
Trust
36 Putnam California Tax 4/29/83 Open/Bond 8.41
Exempt Income Fund; A 2,840.64
37 Putnam California Tax 1/4/93 Open/Bond 8.41
Exempt Income Fund; B 637.00
38 Putnam California Tax 2/14/95 Open/Bond 8.40
Exempt Income Fund; M 16.11
39 Putnam California Tax 10/26/87 Open/Bond 1.00
Exempt Money Market Fund 44.73
40 Putnam Capital 8/5/93 Open/Equity 8.10
Opportunities Fund; A 66.89
41 Putnam Capital 11/2/94 Open/Equity 8.05
Opportunities Fund; B 88.10
42 Putnam Capital 1/22/96 Open/Equity 8.08
Opportunities Fund; M 4.99
43 Putnam Capital 8/5/93 Open/Equity 22.40
Appreciation Fund; A 1,177.67
44 Putnam Capital 11/2/94 Open/Equity 22.10
Appreciation Fund; B 1,303.35
45 Putnam Capital 1/22/96 Open/Equity 22.14
Appreciation Fund; M 85.62
46 Putnam Convertible 6/29/95 Closed/Bond 23.53
Opportunity and Income 87.37
Trust
47 Putnam Convertible Income- 6/29/72 Open/Balanc 20.58
Growth Trust; A ed 1,016.34
48 Putnam Convertible Income- 7/15/93 Open/Balanc 20.34
Growth Trust; B ed 300.97
49 Putnam Convertible Income- 3/13/95 Open/Balanc 20.45
Growth Trust; M ed 17.07
50 Putnam Convertible Income- 12/30/98 Open/Balanc 20.58
Growth Trust; Y ed 65.02
51 Putnam Dividend Income 9/28/89 Closed/Bond 11.17
Fund 120.90
52 Putnam Diversified Income 10/3/88 Open/Bond 10.97
Trust; A 1,589.31
53 Putnam Diversified Income 3/1/93 Open/Bond 10.92
Trust; B 1,816.10
54 Putnam Diversified Income 2/1/99 Open/Bond 10.95
Trust; C 5.71
55 Putnam Diversified Income 12/1/94 Open/Bond 10.93
Trust; M 977.01
56 Putnam Diversified Income 7/11/96 Open/Bond 10.98
Trust ; Y 17.27
57 Putnam Emerging Markets 10/2/95 Open/Equity 9.42
Fund; A 60.49
58 Putnam Emerging Markets 10/2/95 Open/Equity 9.33
Fund; B 45.75
59 Putnam Emerging Markets 10/2/95 Open/Equity 9.36
Fund; M 5.18
60 Putnam Equity Fund 98 12/30/97 Open/Equity 14.85
9.46
61 Putnam Equity Income Fund; 6/15/77 Open/Balanc 16.64
A ed 1,245.76
62 Putnam Equity Income Fund; 9/13/93 Open/Balanc 16.53
B ed 693.03
63 Putnam Equity Income Fund; 2/1/99 Open/Balanc 16.61
C ed 10.82
64 Putnam Equity Income Fund; 12/2/94 Open/Balanc 16.54
M ed 65.44
65 Putnam Europe Growth Fund; 9/7/90 Open/Equity 22.04
A 877.61
66 Putnam Europe Growth Fund; 2/1/94 Open/Equity 21.44
B 786.08
67 Putnam Europe Growth Fund; 12/1/94 Open/Equity 21.79
M 93.66
68 Putnam Florida Tax Exempt 8/24/90 Open/Bond 9.10
Income Fund; A 228.10
69 Putnam Florida Tax Exempt 1/4/93 Open/Bond 9.09
Income Fund; B 79.37
70 Putnam Florida Tax Exempt 5/1/95 Open/Bond 9.09
Income Fund; M 1.37
71 Putnam Global Natural 7/24/80 Open/Equity 19.86
Resources Fund; A 196.62
72 Putnam Global Natural 2/1/94 Open/Equity 19.50
Resources Fund; B 143.09
73 Putnam Global Natural 7/3/95 Open/Equity 19.71
Resources Fund; M 7.14
74 Putnam Global Equity 7/1/94 Open/Equity 15.52
Trust; A 366.33
75 Putnam Global Equity 7/2/94 Open/Equity 15.23
Trust; B 444.39
76 Putnam Global Equity 2/1/99 Open/Equity 15.48
Trust; C 5.43
77 Putnam Global Equity 7/3/95 Open/Equity 15.33
Trust; M 36.75
78 Putnam Global Growth and 1/3/95 Open/Equity 14.56
Income Fund; A 35.27
79 Putnam Global Growth and 1/3/95 Open/Equity 14.44
Income Fund; B 27.18
80 Putnam Global Growth and 1/3/95 Open/Equity 14.50
Income Fund; M 2.67
81 Putnam Global Governmental 6/1/87 Open/Bond 12.01
Income Trust; A 140.66
82 Putnam Global Governmental 2/1/94 Open/Bond 11.97
Income Trust; B 32.06
83 Putnam Global Governmental 3/17/95 Open/Bond 11.96
Income Trust; M 214.29
84 Putnam Global Growth Fund; 9/1/67 Open/Equity 13.53
A 3,764.40
85 Putnam Global Growth Fund; 4/27/92 Open/Equity 12.97
B 1,987.51
86 Putnam Global Growth Fund; 2/1/99 Open/Equity 13.48
C 12.80
87 Putnam Global Growth Fund; 3/1/95 Open/Equity 13.39
M 69.50
88 Putnam Global Growth Fund; 6/15/94 Open/Equity 13.75
Y 151.01
89 Putnam Growth and Income 1/5/95 Open/Balanc 14.81
Fund II; A ed 1,365.35
90 Putnam Growth and Income 1/5/95 Open/Balanc 14.68
Fund II; B ed 1,550.20
91 Putnam Growth and Income 2/1/99 Open/Balanc 14.78
Fund II; C ed 29.62
92 Putnam Growth and Income 1/5/95 Open/Balanc 14.73
Fund II; M ed 177.51
93 The Putnam Fund for Growth 11/6/57 Open/Balanc 21.64
and Income; A ed 22,416.68
94 The Putnam Fund for Growth 4/27/92 Open/Balanc 21.35
and Income; B ed 15,812.56
95 The Putnam Fund for Growth 5/1/95 Open/Balanc 21.50
and Income; M ed 492.19
96 The Putnam Fund for Growth 6/15/94 Open/Balanc 21.68
and Income; Y ed 1,435.49
97 Putnam Growth Fund 5/1/98 Open/Equity 10.58
2.59
98 Putnam Growth 10/2/95 Open/Equity 21.54
Opportunities; A 1,351.13
99 Putnam Growth 8/1/97 Open/Equity 21.23
Opportunities; B 1,537.48
100 Putnam Growth 2/1/99 Open/Equity 21.50
Opportunities; C 70.16
101 Putnam Growth 8/1/97 Open/Equity 21.34
Opportunities; M 90.15
102 Putnam High Income 7/9/87 Closed/Bond 8.47
Convertible and Bond Fund 115.46
103 Putnam High Yield 3/25/86 Open/Bond 8.06
Advantage Fund; A 1,063.03
104 Putnam High Yield 5/16/94 Open/Bond 8.03
Advantage Fund; B 895.41
105 Putnam High Yield 12/1/94 Open/Bond 8.06
Advantage Fund; M 917.29
106 Putnam High Yield 12/30/98 Open/Bond 8.06
Advantage Fund; Y 10.24
107 Putnam High Yield Fund II; 12/31/97 Open/Bond 7.62
A 593.54
108 Putnam High Yield Fund II; 12/31/97 Open/Bond 7.63
B 858.99
109 Putnam High Yield Fund II; 12/31/97 Open/Bond 7.62
M 40.72
110 Putnam High Yield Trust; A 2/14/78 Open/Bond 10.67
2,559.04
111 Putnam High Yield Trust; B 3/1/93 Open/Bond 10.63
718.18
112 Putnam High Yield Trust; M 7/3/95 Open/Bond 10.67
15.85
113 Putnam High Yield Trust; Y 12/30/98 Open/Bond 10.67
21.98
114 Putnam Health Sciences 5/28/82 Open/Equity 59.10
Trust; A 2,869.96
115 Putnam Health Sciences 3/1/93 Open/Equity 56.60
Trust; B 2,133.51
116 Putnam Health Sciences 7/3/95 Open/Equity 58.09
Trust; M 91.03
117 Putnam High Yield 5/25/89 Closed/Bond 8.85
Municipal Trust 195.84
118 Putnam Income Fund; A 11/1/54 Open/Bond 6.50
1,252.24
119 Putnam Income Fund; B 3/1/93 Open/Bond 6.46
480.65
120 Putnam Income Fund; M 12/14/94 Open/Bond 6.46
1,673.40
121 Putnam Income Fund; Y 2/12/94 Open/Bond 6.51
231.45
122 Putnam Intermediate U.S. 2/16/93 Open/Bond 4.80
Government Income Fund; A 241.63
123 Putnam Intermediate U.S. 2/16/93 Open/Bond 4.80
Government Income Fund; B 147.00
124 Putnam Intermediate U.S. 4/3/95 Open/Bond 4.81
Government Income Fund; M 12.68
125 Putnam Intermediate U.S. 10/1/97 Open/Bond 4.79
Government Income Fund; Y 113.64
126 Putnam International Fund 12/28/95 Open/Equity 12.48
5.39
127 Putnam International 8/1/96 Open/Equity 13.04
Growth and Income Fund; A 476.10
128 Putnam International 8/1/96 Open/Equity 12.93
Growth and Income Fund; B 463.45
129 Putnam International 2/1/99 Open/Equity 13.02
Growth and Income Fund; C 11.24
130 Putnam International 8/1/96 Open/Equity 13.00
Growth and Income Fund; M 37.70
131 Putnam International 2/28/91 Open/Equity 22.47
Growth Fund; A 3,047.34
132 Putnam International 6/1/94 Open/Equity 22.00
Growth Fund; B 1,919.98
133 Putnam International 12/1/94 Open/Equity 22.27
Growth Fund; M 217.21
134 Putnam International 7/12/96 Open/Equity 22.57
Growth Fund; Y 301.91
135 Putnam International New 1/3/95 Open/Equity 15.88
Opportunities Fund; A 842.27
136 Putnam International New 7/21/95 Open/Equity 15.48
Opportunities Fund; B 1,011.60
137 Putnam International New 2/1/99 Open/Equity 15.84
Opportunities Fund; C 4.54
138 Putnam International New 7/21/95 Open/Equity 15.64
Opportunities Fund; M 79.92
139 Putnam International 12/28/95 Open/Equity 16.48
Voyager Fund; A 191.43
140 Putnam International 10/30/96 Open/Equity 16.28
Voyager Fund; B 149.26
141 Putnam International 10/30/96 Open/Equity 16.36
Voyager Fund; M 16.40
142 Putnam Investment Grade 10/26/89 Closed/Bond 11.35
Municipal Trust I 237.84
143 Putnam Investment Grade 11/27/92 Closed/Bond 13.37
Municipal Trust II 178.64
144 Putnam Investment Grade 11/29/93 Closed/Bond 12.84
Municipal Trust III 51.43
145 Putnam Investors Fund; A 12/1/25 Open/Equity 15.78
6,137.88
146 Putnam Investors Fund; B 3/1/93 Open/Equity 15.06
3,025.15
147 Putnam Investors Fund; M 12/2/94 Open/Equity 15.46
199.76
148 Putnam Investors Fund; Y 1/7/97 Open/Equity 15.84
755.03
149 Putnam Latin America Fund 3/23/98 Open/Equity 6.13
1.87
150 Putnam Massachusetts Tax 10/23/89 Open/Bond 9.25
Exempt Income Fund; A 289.47
151 Putnam Massachusetts Tax 7/15/93 Open/Bond 9.24
Exempt Income Fund; B 121.42
152 Putnam Massachusetts Tax 5/12/95 Open/Bond 9.24
Exempt Income Fund; M 5.26
153 Putnam Master Income Trust 4/29/88 Closed/Bond 7.93
421.18
154 Putnam Managed High Yield 6/25/93 Closed/Bond 12.15
Trust 91.17
155 Putnam Michigan Tax Exempt 10/23/89 Open/Bond 8.96
Income Fund; A 141.96
156 Putnam Michigan Tax Exempt 7/15/93 Open/Bond 8.95
Income Fund; B 45.47
157 Putnam Michigan Tax Exempt 4/17/95 Open/Bond 8.95
Income Fund; M 1.87
158 Putnam Minnesota Tax 10/23/89 Open/Bond 8.88
Exempt Income Fund; A 100.21
159 Putnam Minnesota Tax 7/15/93 Open/Bond 8.85
Exempt Income Fund; B 51.05
160 Putnam Minnesota Tax 4/3/95 Open/Bond 8.88
Exempt Income Fund; M 2.30
161 Putnam Managed Municipal 2/24/89 Closed/Bond 9.27
Income Trust 430.62
162 Putnam Money Market Fund; 10/1/76 Open/Bond 1.00
A 3,639.88
163 Putnam Money Market Fund; 4/27/92 Open/Bond 1.00
B 849.37
164 Putnam Money Market Fund; 2/1/99 Open/Bond 1.00
C 6.45
165 Putnam Money Market Fund; 12/8/94 Open/Bond 1.00
M 125.81
166 Putnam Master Intermediate 4/29/88 Closed/Bond 7.69
Income Trust 770.44
167 Putnam Municipal Income 5/22/89 Open/Bond 8.97
Fund; A 803.85
168 Putnam Municipal Income 1/4/93 Open/Bond 8.96
Fund; B 488.90
169 Putnam Municipal Income 2/1/99 Open/Bond 8.97
Fund; C 6.52
170 Putnam Municipal Income 12/1/94 Open/Bond 8.97
Fund; M 15.91
171 Putnam Municipal 5/28/93 Closed/Bond 13.51
Opportunities Trust 218.35
172 Putnam New Opportunities 8/31/90 Open/Equity 63.79
Fund; A 11,501.95
173 Putnam New Opportunities 3/1/93 Open/Equity 60.75
Fund; B 8,076.59
174 Putnam New Opportunities 12/1/94 Open/Equity 62.25
Fund; M 471.47
175 Putnam New Opportunities 7/19/94 Open/Equity 64.66
Fund; Y 1,016.76
176 Putnam New Value Fund; A 1/3/96 Open/Equity 14.71
423.49
177 Putnam New Value Fund; B 2/26/96 Open/Equity 14.53
447.10
178 Putnam New Value Fund; M 2/26/96 Open/Equity 14.62
39.78
179 Putnam New Jersey Tax 2/20/90 Open/Bond 8.97
Exempt Income Fund; A 208.10
180 Putnam New Jersey Tax 1/4/93 Open/Bond 8.96
Exempt Income Fund; B 98.24
181 Putnam New Jersey Tax 5/1/95 Open/Bond 8.97
Exempt Income Fund; M 1.12
182 Putnam New York Investment 11/27/92 Closed/Bond 13.52
Grade Municipal Trust 38.50
183 Putnam New York Tax Exempt 9/2/83 Open/Bond 8.55
Income Fund; A 1,470.27
184 Putnam New York Tax Exempt 1/4/93 Open/Bond 8.54
Income Fund; B 211.54
185 Putnam New York Tax Exempt 4/10/95 Open/Bond 8.55
Income Fund; M 2.48
186 Putnam New York Tax Exempt 10/26/87 Open/Bond 1.00
Money Market Fund 36.37
187 Putnam New York Tax Exempt 11/7/90 Open/Bond 8.82
Opportunities Fund; A 152.29
188 Putnam New York Tax Exempt 2/1/94 Open/Bond 8.82
Opportunities Fund; B 68.36
189 Putnam New York Tax Exempt 2/10/95 Open/Bond 8.80
Opportunities Fund; M 2.46
190 Putnam Ohio Tax Exempt 10/23/89 Open/Bond 8.81
Income Fund; A 180.56
191 Putnam Ohio Tax Exempt 7/15/93 Open/Bond 8.80
Income Fund; B 57.88
192 Putnam Ohio Tax Exempt 4/3/95 Open/Bond 8.81
Income Fund; M 1.98
193 Putnam OTC & Emerging 11/1/82 Open/Equity 19.80
Growth Fund; A 2,810.95
194 Putnam OTC & Emerging 7/15/93 Open/Equity 18.78
Growth Fund; B 1,329.06
195 Putnam OTC & Emerging 12/2/94 Open/Equity 19.27
Growth Fund; M 304.50
196 Putnam OTC & Emerging 7/12/96 Open/Equity 19.98
Growth Fund; Y 129.09
197 Putnam Pennsylvania Tax 7/21/89 Open/Bond 8.94
Exempt Income Fund; A 174.03
198 Putnam Pennsylvania Tax 7/15/93 Open/Bond 8.93
Exempt Income Fund; B 95.27
199 Putnam Pennsylvania Tax 7/3/95 Open/Bond 8.95
Exempt Income Fund; M 2.36
200 Putnam Preferred Income 1/4/84 Open/Bond 8.59
Fund; A 109.52
201 Putnam Preferred Income 4/20/95 Open/Bond 8.56
Fund; M 10.48
202 Putnam Premier Income 2/29/95 Closed/Bond 7.62
Trust 1,073.63
203 Putnam Research Fund; A 10/2/95 Open/Equity 16.60
474.61
204 Putnam Research Fund; B 6/15/98 Open/Equity 16.46
493.40
205 Putnam Research Fund; C 2/1/99 Open/Equity 16.55
31.78
206 Putnam Research Fund; M 6/15/98 Open/Equity 16.51
42.18
207 Putnam Small Cap Value 4/12/99 Open/Equity 10.19
Fund; A 43.64
208 Putnam Small Cap Value 5/3/99 Open/Equity 10.19
Fund; B 24.56
209 Putnam Strategic Income 2/19/95 Open/Bond 7.35
Fund; A 80.95
210 Putnam Strategic Income 2/19/96 Open/Bond 7.36
Fund; B 126.64
211 Putnam Strategic Income 2/1/99 Open/Bond 7.37
Fund; C 4.97
212 Putnam Strategic Income 2/19/96 Open/Bond 7.35
Fund; M 9.34
213 Putnam Tax Exempt Income 12/31/76 Open/Bond 8.82
Fund; A 1,795.40
214 Putnam Tax Exempt Income 1/4/93 Open/Bond 8.82
Fund; B 228.32
215 Putnam Tax Exempt Income 2/16/95 Open/Bond 8.84
Fund; M 9.20
216 Putnam Tax Exempt Money 10/26/87 Open/Bond 1.00
Market Fund 80.05
217 Putnam Tax - Free Health 6/29/92 Closed/Bond 14.22
Care Fund 196.31
218 Putnam Tax - Free Income 9/20/93 Open/Bond 14.13
Trust 1,158.48
Tax - Free High Yield
Fund; A
219 Putnam Tax - Free Income 9/9/85 Open/Bond 14.15
Trust 743.57
Tax - Free High Yield Fund B
220 Putnam Tax - Free Income 2/1/99 Open/Bond 14.13
Trust 2.90
Tax - Free High Yield Fund C
221 Putnam Tax - Free Income 12/29/94 Open/Bond 14.14
Trust 23.70
Tax - Free High Yield Fund M
222 Putnam Tax - Free Income 9/30/93 Open/Bond 14.72
Trust 243.90
Tax - Free Insured Fund; A
223 Putnam Tax - Free Income 9/9/85 Open/Bond 14.74
Trust 327.89
Tax - Free Insured Fund; B
224 Putnam Tax - Free Income 6/1/95 Open/Bond 14.76
Trust 1.87
Tax - Free Insured Fund; M
225 Putnam U.S. Core Fund 5/1/98 Open/Equity 11.18
3.52
226 Putnam U.S. Government 2/8/84 Open/Bond 12.51
Income Trust; A 1,962.82
227 Putnam U.S. Government 4/27/92 Open/Bond 12.45
Income Trust; B 1,153.66
228 Putnam U.S. Government 2/6/95 Open/Bond 12.49
Income Trust; M 135.23
229 Putnam U.S. Government 4/11/94 Open/Bond 12.50
Income Trust; Y 27.70
230 Putnam Utilities Growth 11/19/90 Open/Balanc 14.15
and Income Fund; A ed 974.65
231 Putnam Utilities Growth 4/27/92 Open/Balanc 14.07
and Income Fund; B ed 630.79
232 Putnam Utilities Growth 3/1/95 Open/Balanc 14.13
and Income Fund; M ed 13.94
233 Putnam Value Fund 5/1/98 Open/Balanc 9.17
ed 2.29
234 Putnam Vista Fund; A 6/3/68 Open/Equity 14.30
3,752.91
235 Putnam Vista Fund; B 3/1/93 Open/Equity 13.51
1,768.55
236 Putnam Vista Fund; M 12/1/94 Open/Equity 13.92
149.66
237 Putnam Vista Fund; Y 3/28/95 Open/Equity 14.52
502.76
238 Putnam Voyager Fund II; A 4/14/93 Open/Equity 25.40
899.75
239 Putnam Voyager Fund II; B 10/2/95 Open/Equity 24.65
831.85
240 Putnam Voyager Fund II; C 2/1/99 Open/Equity 25.33
29.81
241 Putnam Voyager Fund II; M 10/2/95 Open/Equity 24.92
97.61
242 Putnam Voyager Fund; A 4/1/96 Open/Equity 24.26
17,275.20
243 Putnam Voyager Fund; B 4/27/92 Open/Equity 22.58
8,433.37
244 Putnam Voyager Fund; M 12/1/94 Open/Equity 23.61
390.99
245 Putnam Voyager Fund; Y 4/1/94 Open/Equity 24.69
2,312.95
246 Putnam VT Asia Pacific 5/1/95 Open/Equity 11.52
Growth Fund; IA 150.49
247 Putnam VT Asia Pacific 4/30/98 Open/Equity 11.50
Growth Fund; IB 0.48
248 Putnam VT Diversified 9/15/93 Open/Bond 9.73
Income Fund; IA 642.44
249 Putnam VT Diversified 4/6/98 Open/Bond 9.71
Income Fund; IB 8.01
250 Putnam VT Global Asset 2/1/88 Open/Balanc 18.05
Allocation Fund; IA ed 976.31
251 Putnam VT Global Asset 4/30/98 Open/Balanc 18.05
Allocation Fund; IB ed 2.63
252 Putnam VT George Putnam 4/30/98 Open/Equity 10.62
Fund; IA 239.49
253 Putnam VT George Putnam 4/30/98 Open/Equity 10.62
Fund; IB 12.32
254 Putnam VT Global Growth 5/1/90 Open/Equity 20.10
Fund; IA 2,089.30
255 Putnam VT Global Growth 4/30/98 Open/Equity 20.07
Fund; IB 6.02
256 Putnam VT Growth and 2/1/88 Open/Balanc 28.17
Income Fund; IA ed 10,461.21
257 Putnam VT Growth and 4/6/98 Open/Balanc 28.13
Income Fund; IB ed 48.36
258 Putnam VT High Yield Fund; 2/1/88 Open/Bond 10.87
IA 1,018.99
259 Putnam VT High Yield Fund; 4/30/98 Open/Bond 10.87
IB 6.96
260 Putnam VT Health and 4/30/98 Open/Equity 10.14
Sciences Fund; IA 194.45
261 Putnam VT Health and 4/30/98 Open/Equity 10.13
Sciences Fund; IB 6.24
262 Putnam VT Income Fund; IA 2/1/88 Open/Bond 12.46
997.74
263 Putnam VT Income Fund; IB 4/30/98 Open/Bond 12.45
7.69
264 Putnam VT International 1/1/97 Open/Balanc 14.37
Growth and Income; IA ed 359.59
265 Putnam VT International 4/6/98 Open/Balanc 14.36
Growth and Income; IB ed 2.80
266 Putnam VT International 1/1/97 Open/Equity 14.16
New Opportunities Fund; IA 163.93
267 Putnam VT International 4/30/98 Open/Equity 14.15
New Opportunities Fund; IB 0.77
268 Putnam VT International 1/1/97 Open/Equity 15.76
Growth Fund; IA 404.63
269 Putnam VT International 4/30/98 Open/Equity 15.75
Growth Fund; IB 6.74
270 Putnam VT Investors Fund; 4/30/98 Open/Equity 12.43
IA 564.47
271 Putnam VT Investors Fund; 4/30/98 Open/Equity 12.41
IB 22.34
272 Putnam VT Money Market 2/1/88 Open/Bond 1.00
Fund; IA 732.86
273 Putnam VT Money Market 4/30/98 Open/Bond 1.00
Fund; IB 17.75
274 Putnam VT New 5/2/94 Open/Equity 28.11
Opportunities Fund; IA 4,037.72
275 Putnam VT New 4/30/98 Open/Equity 28.06
Opportunities Fund; IB 9.50
276 Putnam VT New Value Fund; 1/2/97 Open/Equity 12.93
IA 283.16
277 Putnam VT New Value Fund; 4/30/98 Open/Equity 12.91
IB 3.73
278 Putnam VT OTC & Emerging 4/30/98 Open/Equity 11.77
Growth Fund; IA 54.06
279 Putnam VT OTC & Emerging 4/30/98 Open/Equity 11.77
Growth Fund; IB 2.41
280 Putnam VT Research; IA 10/1/98 Open/Equity 12.95
81.44
281 Putnam VT Research; IB 10/1/98 Open/Equity 12.93
4.99
282 Putnam VT Small Cap Value 4/30/99 Open/Equity 10.84
Fund; IA 6.39
283 Putnam VT Small Cap Value 4/30/99 Open/Equity 10.84
Fund; IB 1.01
284 Putnam VT Utilities Growth 5/1/92 Open/Balanc 17.56
and Income Fund; IA ed 1,025.07
285 Putnam VT Utilities Growth 4/30/98 Open/Balanc 17.55
and Income Fund; IB ed 5.16
286 Putnam VT Vista Fund; IA 1/2/97 Open/Equity 16.16
366.68
287 Putnam VT Vista Fund; IB 4/30/98 Open/Equity 16.15
4.26
288 Putnam VT Voyager Fund; IA 2/1/88 Open/Equity 46.48
6,446.15
289 Putnam VT Voyager Fund; IB 4/30/98 Open/Equity 46.41
31.84
290 Putnam Worldwide Equity 5/6/98 Open/Equity 16.74
Fund 5.25
(5) Miscellaneous
There has been, or is, no litigation which caused or is
reasonably expected to cause, a material adverse effect
on the Fund and/or Investment Management Company during
the six months before the filing of this report.
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND
[Translation of Unaudited Semi-annual Accounts will be
attached.]
IV. OUTLINE OF THE FINANCIAL STATUS OF THE INVESTMENT
MANAGEMENT COMPANY
[Translation of Unaudited Semi-annual Accounts will be
attached.]
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
(for NAV sale)
PUTNAM HIGH YIELD ADVANTAGE FUND
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
To: Director of Kanto Local Financial Bureau
Filing Date: August 31, 1999
Name of the Registrant Trust: PUTNAM HIGH YIELD ADVANTAGE FUND
Name of Trustees: George Putnam
William F. Pounds
John A. Hill
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
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
- i -
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
Public Offering or Sale for Registration
Name of the Fund Making Public PUTNAM HIGH YIELD
Offering or Sale of Foreign ADVANTAGE FUND
Investment Fund Securities:
Type and Aggregate Amount of Up to 130 million Class M Shares
Foreign Investment Fund Securities Up to the total amount obtained by
to be Publicly Offered or Sold: aggregating the amounts calculated
by multiplying the respective
net asset value per Class M
Share by the respective number
of Class M Shares in respect of
130 million Class M Shares
(The maximum amount expected to be
sold is 835,000,000 U.S. dollars
(yen96.7 billion).
Note 1: U.S.$ amount is translated into Japanese Yen at the
rate of U.S.$l.00=yen115.85 the mean of the exchange
rate quotations by The Bank of Tokyo-Mitsubishi, Ltd.
for buying and selling spot dollars by telegraphic
transfer against yen on July 31, 1999.
Note 2: The maximum amount expected to be sold is an amount
calculated by multiplying the net asset value per Class
M Share as of the end of February, 1999 (U.S.$8.11) by
130 million Class M Shares for convenience.
Places where a copy of this Amendment to Securities
Registration
Statement is available for Public Inspection
Not applicable.
(Total number of sheets of this Amendment to Securities
Registration Statement in Japanese is [ ]2 including front and
back pages.)
I. Reason For Filing This Amendment To Securities
Registration Statement:
This statement purports to amend and update the relevant
information of the Securities Registration Statement
("SRS") filed on 20th April, 1999 due to the fact that
the aforementioned Semi-annual Report was filed today.
The exchange rates used in this statement to translate
the amended amounts of foreign currencies are different
from those used before these amendments, as the latest
exchange rates are used in this statement.
II. Contents of the Amendments:
Part II. INFORMATION ON THE ISSUER (page 3 of the original
Japanese SRS)
The following matters in the original Japanese SRS are
amended to have the same contents as those provided in
the following items of the aforementioned Semi-annual
Report:
Before amendment After amendment
[Original Japanese SRS] [Aforementioned Semi-annual Report]
I. Description of the Fund I. Status of Investment
5. Status of Investment Portfolio of the Fund
Portfolio
(A) Diversification of (1 Diversification of
Investment Portfolio ) Investment Portfolio
(the aforementioned
Japanese Semi-annual
Report, page 1)
(B) Results of Past Operations (2 Results of Past Operations
)
Record of Changes in Net Record of Changes in Net
(1) Assets (Class M Shares) a) Assets (Class M Shares)
(Regarding the amounts as (Ditto, page [ ]2)
at the end of each month
during one-year period (Regarding the amounts as
from, and including, the of the end of each month
latest relevant date during one-year period
appertaining to the filing from, and including, the
date of the original latest relevant date
Japanese SRS) appertaining to the filing
date of the afore mentioned
Semi-annual Report)
Record of Distributions Record of Distributions
(2) Paid (Class M Shares) b) Paid (Class M Shares)
(Regarding the dividends (Ditto, page [ ]3)
paid at the end of each
month up to the latest (Regarding the dividends
relevant date of the paid at the end of each
original Japanese SRS) month up to the latest
relevant date of the afore
mentioned Semi-annual
Report)
II. Outline of the Trust II Outline of the Trust
.
1. Trust 1. Trust
(E) Amount of Capital Share (1 Amount of Capital Share
) (Ditto, page [ ]4)
(G) Information Concerning (2 Information Concerning
Major Shareholders ) Major Shareholders (Ditto,
page [ ]4)
(H) Information Concerning (3 Information Concerning
Directors, Officers and ) Directors, Officers and
Employees Employees (Ditto, page [
]4)
(I) Description of Business (4 Description of Business and
and Outline of Operation ) Outline of Operation
(Ditto, page [ ]7)
2. Putnam Investment 2. Putnam Investment
Management, Inc. Management, Inc.
(Investment Management (Investment Management
Company) Company)
(E) Amount of Capital Share (1 Amount of Capital Share
) (Ditto, page [ ]7)
(G) Information Concerning (2 Information Concerning
Major Shareholders ) Major Shareholders (Ditto,
page [ ]7)
(H) Information Concerning (3 Information Concerning
Officers and Employees ) Officers and Employees
(Ditto, page [ ]7)
(I) Description of Business (4 Description of Business and
and Outline of Operation ) Outline of Operation
(Ditto, page [ ]17)
With respect to Section IV the Financial Conditions of
the Fund in the original SRS, Item III Financial
Conditions of the Fund in the aforementioned Semi-annual
Report (Ditto, from page [ ]30 and [ ]63) is added to the
original SRS.
Part III. SPECIAL INFORMATION (page 6 of the original Japanese SRS)
With respect to Section II the Financial Conditions of
the Investment Management Company in the original SRS,
Item IV Financial Conditions of the Investment Management
Company in the aforementioned Semi-annual Report (Ditto,
page [ ]64 and [ ]81) is added to the original SRS.
