U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Putnam High Yield Trust
One Post Office Square
Boston, Massachusetts 02109
2. The name of each series or class of securities for which
this Form is filed (if the Form is being filed for all series and
classes of securities of the issuer, check the box but do not
list series or classes): [ X ]
3. Investment Company Act File Number: 811-2796
Securities Act File Number: 2-60492
4(a). Last day of fiscal year for which this Form is filed:
August 31, 1997
4(b). [ ] Check box if this Form is being filed late (i.e.,
more than 90 calendar days after the end of the
issuer's fiscal year). (See Instruction A.2)
Note: If the Form is being filed late, interest must be
paid on the registration fee due.
4(c). [ ] Check box if this is the last time the issuer will
be filing this Form.
5. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year pursuant to section
24(f):
$1,184,984,661
(ii) Aggregate price of securities redeemed or
repurchased during the fiscal year:
$1,180,598,825
(iii) Aggregate price of securities redeemed or
repurchased during any prior fiscal year
ending no earlier than October 11, 1995
that were not previously used to reduce
registration fees payable to the
Commission:
$0
(iv) Total available redemption credits [add
Items 5(ii) and 5(iii):
$1,180,598,825
(v) Net sales - if Item 5(i) is greater than
Item 5(iv) [subtract Item 5(iv) from Item
5(i)]:
$4,385,836
(vi) Redemption credits available for use in
future years - if Item 5(i) is less than
Item 5 (iv) [subtract Item 5 (iv) from
Item 5 (i)]:
$0
(vii) Multiplier for determining registration
fee
(see Instruction C.9):
1/33rd of 1%
(viii)Registration fee due [multiply Item 5(v)
by Item 5(vii)] (enter 0 if no fee is
due):
$1,329.05
6. Prepaid Shares
If the response to Item 5(i) was determined by deducting an
amount of securities that were registered under the Securities
Act of 1933 pursuant to rule 24e-2 as in effect before October
11, 1997, then report the amount of securities (number of shares
or other units) deducted here:
If there is a number of shares or other units that were
registered pursuant to rule 24e-2 remaining unsold at the end of
the fiscal year for which this form is filed that are available
for use by the issuer in future years, then state that number
here:
7. Interest due - if this Form is being filed more than 90 days
after the end of the issuer's fiscal year (see Instruction D):
+$
8. Total of the amount of the registration fee due plus any
interest due [line 5(viii) plus line 7]:
=$1,329.05
9. Date the registration fee and any interest payment was
sent to the Commission's lockbox depository:
November 25, 1997
Method of Delivery:
[ X ] Wire Transfer (CIK 0000225777)
[ ] Mail or other means
SIGNATURE
This report has been signed below by the following person on
behalf of the issuer and in the capacity and on the date
indicated.
By (Signature and Title) /s/ John D. Hughes
___________________________________
John D. Hughes
Senior Vice President and Treasurer
Date: November 25, 1997
