SCHEDULE 14A INFORMATION

           PROXY STATEMENT PURSUANT TO SECTION 14(A)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                        (Amendment No. )
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                    Filed by the Registrant                 / X /
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           Filed by a party other than the Registrant       /   /
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CHECK THE APPROPRIATE BOX:
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/   /     Preliminary Proxy Statement
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/   /     Confidential, for Use of the Commission Only (as
- ----           permitted by Rule 14a-6(e) (2))

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/   /     Definitive Proxy Statement
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/ X /     Definitive Additional Materials
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/   /     Soliciting Material Pursuant to Sec. 240.14a-11(c)
- ----      or Sec. 240.14a-12

               PUTNAM HIGH YIELD MUNICIPAL TRUST
        (Name of Registrant as Specified In Its Charter)

           (Name of Person(s) Filing Proxy Statement,
                   if other than Registrant)

PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):

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/ X /     No fee required
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/   /     Fee computed on table below per Exchange Act Rule
- ----      14a6(i)(1) and 0-11

          (1) Title of each class of securities to which
          transaction applies:

          (2) Aggregate number of securities to which transaction
          applies:

          (3) Per unit price or other underlying value of
          transaction computed pursuant to Exchange Act Rule 0-11
          (set forth the amount on which the filing fee is
          calculated and state how it was determined):

          (4) Proposed maximum aggregate value of transaction:

          (5) Total fee paid:

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/   /     Fee paid previously with preliminary materials.
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/   /     Check box if any part of the fee is offset as
- ----           provided by Exchange Act Rule 0-11(a)(2) and
          identify the filing for which the offsetting fee was
          paid previously.  Identify the previous filing by
          registration statement number, or the Form or Schedule
          and the date of its filing.

          (1) Amount Previously Paid:

          (2) Form, Schedule or Registration Statement No.:

          (3) Filing Party:

          (4) Date Filed:
   
    












VOTE-BY-PHONE SOLICITATION SCRIPT FOR PUTNAM HIGH YIELD MUNICIPAL
TRUST

This script provides information to the shareholder and solicits
their vote by phone, to be confirmed by written confirmation.

Good Morning/ Afternoon/ Evening.  May I please speak with (name
of shareholder)? I am representing Putnam Investments in Boston.
I am calling in connection with the upcoming shareholder meeting
for Putnam High Yield Municipal Trust.

To verify that I am speaking with the shareholder, may I confirm
that you are (name of shareholder) and that your address (address
of shareholder)?

(If the person is unwilling to confirm this information, thank
them for their time and terminate the call.)

This meeting is an adjournment of the fund's regular annual
meeting.  With respect to one of the proposals presented at the
meeting the fund did not receive enough votes to approve the
proposal, although the majority of shareholders voting were in
favor.  As a result, the fund is soliciting additional votes on
that proposal.  We noted that we have not yet received your proxy
card.  Do you have any questions regarding the remaining
proposal, to amend the fund's policiy on making loans, that I can
clarify for you?

(If there are questions regarding the proposal, please refer to
the proxy statement.)

Would you like to vote by phone?

(If not, ask the shareholder if they would like another proxy
card, thank them for their time and terminate the call. If so,
proceed as follows:)

Page 33 of the proxy statement that you received describes our
procedures for voting your shares by telephone.

I will now paraphrase the proxy card so that you can provide us
with your voting instructions. The proxy card generally states
the following:

By authorizing your shares to be voted at the meeting you are
approving George Putnam, Hans H. Estin, and Robert E. Patterson,
and each of them separately, as proxies, with power of
substitution, and are authorizing them to represent and vote your
shares, at the meeting of shareholders of Putnam High Yield
Municipal Trust on November 5, 1998, at 2:00 p.m., Boston time,
and at any adjournments thereof.

When properly authorized, the proxy will be voted in the manner
directed by the shareholder. In their discretion, the proxies are
authorized to vote upon such other matters as may properly come
before the meeting.

The proxy card requests your vote on the following proposal, for
which the Trustees are recommending voting in favor.

PROPOSAL 1 IS TO
     Approve an amendment to the fund's fundamental investment
     restriction with respect to making loans?

     How would you like to vote on this proposal?
     Would you like to vote for the proposal, against the
     proposal, or would you like to abstain from voting on this
     proposal?

Thank you.

I will now repeat your instructions:

You voted:               (For, Against, Abstained from)

Is this correct?

Thank you. We will be sending you a written confirmation of your
vote. Please call us if the information on the confirmation is
incorrect.