48070 11/98
Prospectus Supplement
dated November 9, 1998 to:
PUTNAM HIGH YIELD TRUST (THE "FUND")
Prospectuses dated December 30, 1997
The third paragraph under the heading "How the fund is managed"
is replaced with the following:
The following officers of Putnam Investment Management, Inc.
("Putnam Management") have had primary responsibility for the day-
to-day management of the fund's portfolio since the years stated
below:
Business experience
Officer Year (at least 5 years)
- ------------ ----- -------------------------
Jennifer E. Leichter 1995 Employed as an investment professional
Managing Director by Putnam Management
since 1987.
Jeffrey A. Kaufman 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1998.
Prior to August, 1998,
Mr. Kaufman was a Vice
President at MFS Investment
Management. Prior to March,
1994, Mr. Kaufman was an
Emerging Markets Research
Consultant at Salomon Brothers.
Robert M. Paine 1998 Employed as an investment professional
Senior Vice President by Putnam Management since 1987.
Rosemary H. Thomsen 1996 Employed as an investment professional
Senior Vice President by Putnam Management since 1986.
