PUTNAM HIGH YIELD TRUST
Prospectus Supplement dated December 4, 1995
to Prospectus dated January 1, 1995 as revised July 1, 1995
Jin W. Ho, Managing Director of Putnam Investment Management, Inc. ("Putnam
Management") and Vice President of the Fund, and Jennifer E. Leichter and
Rosemary H. Thomsen, each a Senior Vice President of Putnam Management and
a Vice President of the Fund, have had primary responsibility for the day-
to-day management of the Fund's portfolio since 1989, in the case of Mr. Ho,
and December, 1995, for Ms. Leichter and Ms. Thomsen. Mr. Ho, Ms. Leichter
and Ms. Thomsen have been employed by Putnam Management since 1983, 1987
and 1986, respectively.
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