Form 485BPOS PUTNAM HIGH YIELD FUND

April 18, 2019 7:46 AM EDT


	As filed with the Securities and Exchange Commission on
April 18, 2019

	Registration No. 033-02710
	811-04616

	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C. 20549
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	FORM N-1A
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	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	/ X /
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	Pre-Effective Amendment No.	/ /
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	Post-Effective Amendment No. 45	/ X /
	and/or	----
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	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY	/ X /
	ACT OF 1940	----
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	Amendment No. 44	/ X /
	(Check appropriate box or boxes)	----

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	PUTNAM HIGH YIELD FUND
	(Exact name of Registrant as Specified in Charter)

	100 Federal Street, Boston, Massachusetts 02110
	(Address of principal executive offices) (Zip Code)

	Registrant's Telephone Number, including Area Code
	(617) 292-1000
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	It is proposed that this filing will become effective
	(check appropriate box)
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/ /	immediately upon filing pursuant to paragraph ( b)
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/ X /	on March 30, 2019 pursuant to paragraph (b)
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/ /	60 days after filing pursuant to paragraph (a)(1)
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/ /	on (date) pursuant to paragraph (a)(1)
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/ /	75 days after filing pursuant to paragraph (a)(2)
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/ /	on (date) pursuant to paragraph (a)(2) of Rule 485.
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If appropriate, check the following box:
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/ /	this post-effective amendment designates a new
----	effective date for a previously filed post-effective amendment.

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	ROBERT T. BURNS, Vice President
	PUTNAM HIGH YIELD FUND
	100 Federal Street
	Boston, Massachusetts 02110
	(Name and address of agent for service)
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	Copy to:
	BRYAN CHEGWIDDEN, Esquire
	ROPES & GRAY LLP
	1211 Avenue of the Americas
	New York, New York 10036

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 18th day of April, 2019.

Putnam High Yield Fund

By:	/s/ Jonathan S. Horwitz, Executive Vice President, Principal Executive Officer and Compliance Liaison

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Signature	Title

Kenneth R. Leibler*	Chair, Board of Trustees

Robert L. Reynolds*	President and Trustee

Jonathan S. Horwitz*	Executive Vice President, Principal Executive Officer and Compliance Liaison

Janet C. Smith*	Vice President, Principal Financial Officer, Principal Accounting Officer and Assistant Treasurer

Liaquat Ahamed*	Trustee

Ravi Akhoury*	Trustee

Barbara M. Baumann*	Trustee

Katinka Domotorffy*	Trustee

Catharine Bond Hill*	Trustee

Paul L. Joskow*	Trustee

Robert E. Patterson*	Trustee

George Putnam, III*	Trustee

Manoj P. Singh*	Trustee