X0101 EFFECT 33 LIVE 2017-03-08 17:14:00

N-14

0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND 333-215841 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000015835 Class Y Shares 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016883 Class Y Shares 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000015836 Class A Shares 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016878 Class A Shares 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000015837 Class B Shares 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016879 Class B Shares 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000015838 Class M Shares 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016881 Class M Shares 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000049232 Class C 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016880 Class C Shares 0000787836 PUTNAM HIGH YIELD ADVANTAGE FUND S000005762 PUTNAM HIGH YIELD ADVANTAGE FUND C000049233 Class R 0000225777 PUTNAM HIGH YIELD TRUST S000006135 PUTNAM HIGH YIELD TRUST FUND C000016882 Class R Shares