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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 EjEl51sYOXyplrSZX2wVMA==

<SEC-DOCUMENT>0000766524-00-000004.txt : 20000202
<SEC-HEADER>0000766524-00-000004.hdr.sgml : 20000202
ACCESSION NUMBER:		0000766524-00-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20000104
FILED AS OF DATE:		20000114

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		CENTRAL INDEX KEY:			0000810943
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		507531

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			PUTNAM INVESTMENTS INC
	CENTRAL INDEX KEY:			0000766524
	STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
<RELATIONSHIP>OWNER
	IRS NUMBER:				042539558
	STATE OF INCORPORATION:			DE
	FISCAL YEAR END:			1231

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		ONEPOST OFFICE SQUARE
	CITY:			BOSTON
	STATE:			MA
	ZIP:			02109
	BUSINESS PHONE:		6172921000

MAIL ADDRESS:	
	STREET 1:		ONE POST OFFICE SQU
	CITY:			BOSTON
	STATE:			MA
	ZIP:			02109
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<DESCRIPTION>FORM 4 FILING
<TEXT>

                                  FORM 4

             UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C. 20549

(  )  Check this box if no longer                  OMB APPROVAL
   subject to Section 16.  Form 4               OMB Number:    3235-0287
   or Form 5 obligations may continue.          Expires:  December 31, 2001
   See Instruction 1(b).                        Estimated average burden of
                                          Hours per response:      0.5

               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section
30(f) of the Investment Company
                               Act of 1940.
TEST FILING:

1. Name and Address of Reporting Person:

      Jeffrey W. Netols
      Putnam Investments, Inc.
      One Post Office Square
      Boston, Massachusetts


2. Issuer Name and Ticker or Trading Symbol:

      Putnam High Income Convertible & Bond Fund [PCF]


3. I.R.S. Identification Number of Reporting Person, if an entity
(Voluntary):


4. Statement for Month/Year:     January, 2000


5. If Amendment, Date of Original (Month/Year):    N/A


6. Relationship of Reporting Person(s) to Issuer (Check all applicable):

(  )  Director                         (  )  10% Owner
(x )  Officer (give officer title below)     (  )  Other (specify below)

   Senior Vice President of the Issuer's Investment Adviser, Putnam
   Investment Management, Inc.


7. Individual or Joint/Group Filing (Check applicable line):

(x )  Form filed by              (  )  Form filed by more than
      One Reporting Person             One   Reporting Person



                             Page 1 of 3 Pages
Table I: Non-Derivative Securities Acquired, Disposed of, or Beneficially
Owned


1. Title of Security (Instr. 3):

      Putnam High Income Convertible & Bond Fund (closed-end fund)


2. Transaction Date:                1/04/2000

3. Transaction Code (Instr. 8):        Code: P

4. Securities Acquired or Disposed of (Instr. 3, 4 and 5):
      Amount:     4,000
      Acquired:   (A)
      Price:      7.06


5. Amount of Securities Beneficially Owned At End of Month (Instr. 3 and
4):   N/A

6. Ownership Form:  Direct or Indirect (Instr. 4):       Direct

7. Nature of Indirect Beneficial Ownership (Instr. 4) :     N/A




















                            (Page 2 of 3 Pages)

Table II:    Derivative Securities Acquired, Disposed of, or Beneficially
Owned
      (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3):     N/A

2. Conversion or Exercise Price of Derivative Security:

3. Transaction Date:    Month/Day/Year:

4. Transaction Code (Instr. 8):  Code:    V:

5. Number of Derivative Securities Acquired (A) or Disposed of(D) (Instr.
3, 4 and 5):
      (A) or (D):

6. Date Exercisable and Expiration Date (Month/Day/Year):
      Date Exercisable:       Expiration Date:

7. Title and Amount of Underlying Securities (Instr. 3 and 4):
      Title:               Amount or Number of Shares:

8. Price of Derivative Security (Instr. 5):

9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4):

10.Ownership Form of Derivative Security:  Direct (D) or Indirect (I)
(Instr. 4):

11.Nature of Indirect Beneficial Ownership (Instr. 4):
Explanation of Responses:

                           CONFIRMING STATEMENT

I, the officer listed above, as Reporting Person of Putnam Investments,
Inc., and Putnam Investment Management, Inc., the Issuer's Parent Holding
Company and Investment Adviser, respectively, hereby authorize and
designate Andrew J. Hachey, Assistant Vice President of Putnam Investments,
Inc. to sign and file this Form and any future Forms 4 on my behalf until
further notice.

This Form is permitted to be submitted to the Commission in electronic
format at the option of the Reporting Person, pursuant to Rule 101(b)(4) of
Regulation S-T.

PUTNAM INVESTMENTS, INC.

/s/ Andrew J. Hachey
   - - - - - - - - - - - - - - - - - - - -
   Assistant Vice President

   Date: January 14, 2000


                            (Page 3 of 3 Pages)


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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