Form 485BPOS PUTNAM HIGH YIELD ADVANT

April 18, 2016 11:37 AM EDT

As filed with the Securities and Exchange Commission on
April 18, 2016

 

  Registration No. 33-2710
  811-4616

 

 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

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FORM N-1A
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  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 / X /
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  Pre-Effective Amendment No. / /
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  Post-Effective Amendment No. 37 / X /
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  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY / X /
  ACT OF 1940 ----
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  Amendment No. 38 / X /
  (Check appropriate box or boxes) ----
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  PUTNAM HIGH YIELD ADVANTAGE FUND  
  (Exact Name of Registrant as Specified in Charter)  

   
  One Post Office Square, Boston, Massachusetts 02109  
  (Address of Principal Executive Offices) (Zip Code)  

   
  Registrant's Telephone Number, including Area Code  
  (617) 292-1000  
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  It is proposed that this filing will become effective  
  (check appropriate box)  
     
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/ / immediately upon filing pursuant to paragraph (b)  
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/ X / on March 30, 2016 pursuant to paragraph (b)  
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/ / 60 days after filing pursuant to paragraph (a)(1)  
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/ / on (date) pursuant to paragraph (a)(1)  
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/ / 75 days after filing pursuant to paragraph (a)(2)  
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/ / on (date) pursuant to paragraph (a)(2) of Rule 485.  
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  If appropriate, check the following box:  
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/ / this post-effective amendment designates a new  
----effective date for a previously filed post-effective amendment.

 

 

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ROBERT T. BURNS, Vice President

PUTNAM HIGH YIELD ADVANTAGE FUND

One Post Office Square

Boston, Massachusetts 02109

(Name and address of agent for service)

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Copy to:

BRYAN CHEGWIDDEN, Esquire

ROPES & GRAY LLP

1211 Avenue of the Americas

New York, NY 10036

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 18th day of April, 2016.

 

 

 

 

Putnam High Yield Advantage Fund

By: /s/ Jonathan S. Horwitz, Executive Vice President, Principal Executive Officer and Compliance Liaison

 

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

 

Signature Title
Jameson A. Baxter* Chair, Board of Trustees
Robert L. Reynolds* President and Trustee
Jonathan S. Horwitz* Executive Vice President, Principal Executive Officer and Compliance Liaison
Steven D. Krichmar* Vice President and Principal Financial Officer
Janet C. Smith* Vice President, Principal Accounting Officer and Assistant Treasurer
Liaquat Ahamed* Trustee
Ravi Akhoury* Trustee
Barbara M. Baumann* Trustee
Robert J. Darretta* Trustee
Katinka Domotorffy* Trustee
John A. Hill* Trustee
Paul L. Joskow* Trustee
Kenneth R. Leibler* Trustee
Robert E. Patterson* Trustee
George Putnam, III* Trustee
W. Thomas Stephens* Trustee
   
   

 

 

By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact
April 18, 2016
 
  *Signed pursuant to power of attorney filed in Post-Effective Amendment No. 30 to the Registrant’s Registration Statement

 

 

 

v3.3.1.900
Putnam High Yield Advantage Fund
Fund summary
Goal
Putnam High Yield Advantage Fund seeks high current income.
Capital growth is a secondary goal when consistent with achieving high current income.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam High Yield Advantage Fund
Class A
Class B
Class C
Class M
Class R
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.00% none none 3.25% none none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 5.00% [2] 1.00% [3] none none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam High Yield Advantage Fund
Class A
Class B
Class C
Class M
Class R
Class Y
Management fees 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%
Distribution and service (12b-1) fees 0.25% 1.00% 1.00% 0.50% 0.50%  
Other expenses 0.23% 0.23% 0.23% 0.23% 0.23% 0.23%
Total annual fund operating expenses 1.04% 1.79% 1.79% 1.29% 1.29% 0.79%
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
Expense Example - Putnam High Yield Advantage Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 502 718 951 1,620
Class B 682 863 1,170 1,908
Class C 282 563 970 2,105
Class M 452 721 1,010 1,831
Class R 131 409 708 1,556
Class Y 81 252 439 978
Expense Example, No Redemption - Putnam High Yield Advantage Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 182 563 970 1,908
Class C 182 563 970 2,105
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 29%.
Investments
We invest mainly in bonds that are obligations of U.S. companies, are below investment-grade in quality (sometimes referred to as “junk bonds”), and have intermediate- to long-term maturities (three years or longer). We may also invest in other debt instruments, including loans.

We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions and swap contracts, for both hedging and non-hedging purposes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund’s investments). Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Best calendar quarter
Q2 2009  18.36%

Worst calendar quarter
Q4 2008  -17.69%
Average annual total returns after sales charges
(for periods ending 12/31/15)
Average Annual Total Returns - Putnam High Yield Advantage Fund
1 Year
5 Years
10 Years
Class A (9.20%) 3.26% 5.66%
Class A | after taxes on distributions (11.35%) 0.78% 2.97%
Class A | after taxes on distributions and sale of fund shares (5.13%) 1.51% 3.29%
Class B (10.68%) 3.02% 5.45%
Class C (6.97%) 3.35% 5.30%
Class M (8.69%) 3.18% 5.46%
Class R (5.62%) 3.86% 5.85%
Class Y (5.18%) 4.37% 6.34%
JPMorgan Developed High Yield Index (no deduction for fees, expenses or taxes) (4.53%) 5.45% 7.14%
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Class B share performance reflects conversion to class A shares after eight years.
v3.3.1.900
Label Element Value
Risk Return Abstract rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Nov. 30, 2015
Registrant Name dei_EntityRegistrantName PUTNAM HIGH YIELD ADVANTAGE FUND
Central Index Key dei_EntityCentralIndexKey 0000787836
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol PHIYX
Document Creation Date dei_DocumentCreationDate Mar. 28, 2016
Document Effective Date dei_DocumentEffectiveDate Mar. 30, 2016
Prospectus Date rr_ProspectusDate Mar. 30, 2016
Putnam High Yield Advantage Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary
Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam High Yield Advantage Fund seeks high current income.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock Capital growth is a secondary goal when consistent with achieving high current income.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 29%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 29.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock We invest mainly in bonds that are obligations of U.S. companies, are below investment-grade in quality (sometimes referred to as “junk bonds”), and have intermediate- to long-term maturities (three years or longer). We may also invest in other debt instruments, including loans.

We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. We may also use derivatives, such as futures, options, certain foreign currency transactions and swap contracts, for both hedging and non-hedging purposes.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments are also subject to credit risk, which is the risk that the issuer of a bond may default on payment of interest or principal. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund’s investments). Our use of derivatives may increase these risks by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best calendar quarter
Q2 2009  18.36%

Worst calendar quarter
Q4 2008  -17.69%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.36%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.69%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges
(for periods ending 12/31/15)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Class B share performance reflects conversion to class A shares after eight years.
Putnam High Yield Advantage Fund | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.00%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Management fees rr_ManagementFeesOverAssets 0.56%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.04%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 502
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 718
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 951
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,620
Annual Return 2006 rr_AnnualReturn2006 12.11%
Annual Return 2007 rr_AnnualReturn2007 3.44%
Annual Return 2008 rr_AnnualReturn2008 (24.22%)
Annual Return 2009 rr_AnnualReturn2009 48.32%
Annual Return 2010 rr_AnnualReturn2010 13.34%
Annual Return 2011 rr_AnnualReturn2011 3.15%
Annual Return 2012 rr_AnnualReturn2012 15.11%
Annual Return 2013 rr_AnnualReturn2013 6.81%
Annual Return 2014 rr_AnnualReturn2014 1.94%
Annual Return 2015 rr_AnnualReturn2015 (5.42%)
1 Year rr_AverageAnnualReturnYear01 (9.20%)
5 Years rr_AverageAnnualReturnYear05 3.26%
10 Years rr_AverageAnnualReturnYear10 5.66%
Putnam High Yield Advantage Fund | Class B  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 5.00% [2]
Management fees rr_ManagementFeesOverAssets 0.56%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 682
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 863
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,170
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,908
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 182
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 563
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 970
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,908
1 Year rr_AverageAnnualReturnYear01 (10.68%)
5 Years rr_AverageAnnualReturnYear05 3.02%
10 Years rr_AverageAnnualReturnYear10 5.45%
Putnam High Yield Advantage Fund | Class C  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management fees rr_ManagementFeesOverAssets 0.56%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 282
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 563
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 970
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,105
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 182
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 563
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 970
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,105
1 Year rr_AverageAnnualReturnYear01 (6.97%)
5 Years rr_AverageAnnualReturnYear05 3.35%
10 Years rr_AverageAnnualReturnYear10 5.30%
Putnam High Yield Advantage Fund | Class M  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.25%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.29%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 452
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 721
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,010
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,831
1 Year rr_AverageAnnualReturnYear01 (8.69%)
5 Years rr_AverageAnnualReturnYear05 3.18%
10 Years rr_AverageAnnualReturnYear10 5.46%
Putnam High Yield Advantage Fund | Class R  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.29%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 131
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 409
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 708
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,556
1 Year rr_AverageAnnualReturnYear01 (5.62%)
5 Years rr_AverageAnnualReturnYear05 3.86%
10 Years rr_AverageAnnualReturnYear10 5.85%
Putnam High Yield Advantage Fund | Class Y  
Risk Return Abstract rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 0.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 81
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 252
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 439
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 978
1 Year rr_AverageAnnualReturnYear01 (5.18%)
5 Years rr_AverageAnnualReturnYear05 4.37%
10 Years rr_AverageAnnualReturnYear10 6.34%
Putnam High Yield Advantage Fund | after taxes on distributions | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.35%)
5 Years rr_AverageAnnualReturnYear05 0.78%
10 Years rr_AverageAnnualReturnYear10 2.97%
Putnam High Yield Advantage Fund | after taxes on distributions and sale of fund shares | Class A  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.13%)
5 Years rr_AverageAnnualReturnYear05 1.51%
10 Years rr_AverageAnnualReturnYear10 3.29%
Putnam High Yield Advantage Fund | JPMorgan Developed High Yield Index (no deduction for fees, expenses or taxes)  
Risk Return Abstract rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.53%)
5 Years rr_AverageAnnualReturnYear05 5.45%
10 Years rr_AverageAnnualReturnYear10 7.14%
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year. 
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end

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