PUTNAM HIGH YIELD TRUST FUND
497J, 2001-01-02
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                                                 Putnam Investments
                                                 One Post Office Square
                                                 Boston, MA 02109
                                                 January 2, 2001

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC  20549

RE: Putnam High Yield Trust (Reg. No. 2-60492) (811-2796) (the "Fund")
Post-Effective Amendment No. 27 to Registration Statement on Form N-1A

Ladies and Gentlemen:

Pursuant to Rule 497(j) under the Securities Act of 1933, as amended,
the Fund hereby certifies that the form of Prospectus and Statement of
Additional Information that would have been filed on behalf of the Fund
pursuant to Rule 497(c) upon the effectiveness of Post-Effective
Amendment No. 27 to the Fund's Registration Statement on Form N-1A (the
"Amendment") would not have differed from that contained in the
Amendment, which is the most recent amendment to such Registration
Statement and was filed electronically on December 27, 2000.

Comments or questions concerning this certificate may be directed to
Beth K. Werths at 1-800-225-2465, ext. 11913.

                                               Very truly yours,

                                               Putnam High Yield Trust

                                                   /s/ Gordon H. Silver
                                               By: --------------------

                                               Gordon H. Silver
                                               Vice President

cc: Gregory Pusch, Esq.



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