PUTNAM TAX-FREE HIGH YIELD FUND
Prospectus Supplement dated April 15, 1996
to Prospectus dated December 1, 1995
The following officers of Putnam Investment Management, Inc., the
fund's investment manager ("Putnam Management"), have had primary
responsibility for the day-to-day management of the fund's
portfolio since the year stated below:
Business experience
Year (at least 5 years)
---- -----------------
Triet M. Nguyen 1988 Employed as an investment
Senior Vice President professional by Putnam
Management since 1985.
Leslie J. Burke 1996 Employed as an investment
Vice President professional by Putnam
Management since 1992. Prior
to February, 1992, Ms. Burke
was a Research Associate and
Municipal Bond Trader at
Fidelity Management and
Research Company.
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