CONSENT OF INDEPENDENT ACCOUNTANTS
The Board of Trustees and Shareholders
Putnam High Yield Trust:
We consent to the use of our report dated October 5, 2000, incorporated
in this Registration Statement by reference, to the Putnam High Yield
Trust and to the references to our firm under the captions "Financial
Highlights" in the prospectuses and "Independent Accountants and
Financial Statements" in the Statement of Additional Information.
/s/ KPMG LLP
KPMG LLP
Boston, Massachusetts
December 26, 2000