PUTNAM HIGH YIELD TRUST
497, 1995-05-05
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                          PUTNAM HIGH YIELD TRUST

                Prospectus Supplement dated May 1, 1995 to 
                     Prospectus dated January 1, 1995

Edward D'Alelio and Jin W. Ho, both Managing Directors of Putnam
Management and Vice Presidents of the Fund, have had primary
responsibility for the day-to-day management of the Fund's
portfolio since 1985 and 1989, respectively.  Mr. D'Alelio and
Mr. Ho have been employed by Putnam Management since 1985 and
1983, respectively.  



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