# EDGAR Filing Document

**Accession Number:** 0000787836
**File Stem:** 0001193125-25-224292
**Filing Date:** 2025-9
**Character Count:** 3067
**Document Hash:** 69deffc8d65141591ecffae3d96ef090
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-224292.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001193125-25-224292

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**EFFECTIVENESS DATE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM HIGH YIELD FUND
- **CENTRAL INDEX KEY:** 0000787836

**ORGANIZATION NAME:**
- **EIN:** 066290063
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-02710
- **FILM NUMBER:** 251358447

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH YIELD ADVANTAGE FUND
- **DATE OF NAME CHANGE:** 19920716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH YIELD TRUST II
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### PUTNAM HIGH YIELD FUND (Series ID: S000005762)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000015835 | Class Y Shares  |  |
| C000015836 | Class A Shares  | PHYIX           |
| C000015837 | Class B Shares  | PHYBX           |
| C000015838 | Class M Shares  | PHYMX           |
| C000049232 | Class C         |  |
| C000049233 | Class R         |  |
| C000202776 | Class R6 Shares |  |

PGOF-P40 09/25

![LOGO](g29840g03a01.jpg)

**SUPPLEMENT DATED SEPTEMBER 30, 2025** 

**TO THE SUMMARY PROSPECTUS**, **PROSPECTUS AND** 

**STATEMENT OF ADDITIONAL INFORMATION ("SAI")** 

**OF EACH FUND LISTED IN <u>SCHEDULE A</u>** 

**Effective September 30, 2025, the following supersedes any and all disclosure to the contrary in each fund's Summary Prospectus, Prospectus and SAI:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The portfolio managers primarily responsible for the day-to-day management of Putnam Diversified Income Trust and Putnam
VT Diversified Income Fund are Albert W. Chan, CFA, Patrick A. Klein, Ph.D., Michael V. Salm, and Matthew J. Walkup.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The portfolio managers primarily responsible for the day-to-day management of Putnam High Yield Fund and Putnam VT High
Yield Fund are Bryant Dieffenbacher, CFA, Robert L. Salvin, and Glenn Voyles, CFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The portfolio managers primarily responsible for the day-to-day management of Putnam Short Duration Bond Fund are Andrew
C. Benson, Albert W. Chan, CFA, Joanne M. Driscoll, CFA, and Michael J. Lima, CFA.

---

| |
|:---|
| **<u>SCHEDULE A</u>** |
| Putnam Diversified Income Trust |
| Putnam High Yield Fund |
| Putnam Short Duration Bond Fund |
| Putnam VT Diversified Income Fund |
| Putnam VT High Yield Fund |

---

**Please retain this supplement for future reference.**