PUTNAM HIGH YIELD TRUST FUND
NSAR-B, EX-99, 2000-10-27
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The Board of Trustees and Shareholders
Putnam High Yield Trust

In   planning  and  performing  our  audit  of  the  financial
statements  of  Putnam High Yield Trust  for  the  year  ended
August 31, 2000, we considered its internal control, including
control  activities for safeguarding securities, in  order  to
determine   our  auditing  procedures  for  the   purpose   of
expressing  our  opinion on the financial  statements  and  to
comply  with  the requirements of Form N-SAR, not  to  provide
assurance on internal control.

The  management of Putnam High Yield Trust is responsible  for
establishing and maintaining internal control.  In  fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs  of
controls.  Generally, controls that are relevant to  an  audit
pertain  to  the  entity's objective  of  preparing  financial
statements for external purposes that are fairly presented  in
conformity  with accounting principles generally  accepted  in
the  United  States  of America.  Those controls  include  the
safeguarding of assets against unauthorized acquisition,  use,
or disposition.

Because of inherent limitations in internal control, errors or
fraud may occur and not be detected.  Also, projection of  any
evaluation of internal control to future periods is subject to
the  risk that it may become inadequate because of changes  in
conditions  or  that  the  effectiveness  of  the  design  and
operation may deteriorate.

Our  consideration of internal control would  not  necessarily
disclose  all  matters  in  internal  control  that  might  be
material  weaknesses  under  standards  established   by   the
American   Institute  of  Certified  Public  Accountants.    A
material  weakness  is  a condition in  which  the  design  or
operation  of  one or more of the internal control  components
does  not  reduce  to  a relatively low level  the  risk  that
misstatements caused by error or fraud in amounts  that  would
be  material  in  relation to the financial  statements  being
audited  may occur and not be detected within a timely  period
by employees in the normal course of performing their assigned
functions.   However, we noted no matters  involving  internal
control and its operation, including controls for safeguarding
securities,  which  we consider to be material  weaknesses  as
defined above as of August 31, 2000.

This report is intended solely for the information and use  of
management, the Board of Trustees of Putnam High Yield  Trust,
and the Securities and Exchange Commission and is not intended
to  be  and  should  not be used by anyone  other  than  these
specified parties.

KPMG LLP
Boston, Massachusetts
October 5, 2000



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