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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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