PUTNAM HIGH YIELD TRUST
Prospectus Supplement dated October 7, 1996
to Class A, B and M Prospectus dated January 1, 1996
Effective January 1, 1997 the fund will close to new shareholders
including investors in other Putnam funds wishing to invest in
the fund through an exchange. Existing shareholders will be
permitted to make new investments in their existing accounts
without limitation.
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The percentages in the table on page 10 under "Unrated securities
of comparable quality" for the "BB" and "B" rating categories are
replaced with 0.31% and 13.85%, respectively.
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