59719 2/00
Prospectus Supplement
dated February 7, 2000 to:
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Putnam High Yield Trust II (the "fund")
to Prospectus dated December 30, 1999
The second paragraph under the heading "Who manages the fund?" is replaced
with the following:
The following officer and the Credit Team of Putnam Management have primary
responsibility for the day-to-day management of the fund's portfolio. Ms.
Leichter's length of service to the fund and her experience as a portfolio
manager or investment analyst over at least the last five years are shown.
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Manager Since Experience
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Jennifer E. Leichter 1998 1987 - Present Putnam Management
Managing Director
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