<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE PAUL BUCUVALAS
TITLE MANAGING DIRECTOR
Results of July 1, 1999 shareholder meeting
(Unaudited)
An annual meeting of shareholders of the fund was held on July 1, 1999. At the
meeting, each of the nominees for Trustees was elected, as follows:
A proposal of the Agreement and Plan of Reorganization providing for the sale of
all of the assets of Putnam High Yield Total Return fund (the "Fund") to Putnam
High Yield Trust II ("High Yield Trust II") in exchange for shares of High Yield
Trust II and the assumption by High Yield Trust II of all of the liabilities of
the Fund, and the distribution of such shares to the shareholders of the Fund in
liquidation of the Fund was approved as follows 7,653,717 votes for, and 140,614
votes against, with 306,991 abstentions.
