FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY 
Investment Company Act file number: 811-7658

Putnam Managed High Yield Trust
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  (Exact name of registrant as specified in charter)

One Post Office Square

Boston, Massachusetts 02109
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  (Address of principal executive offices)

Beth S. Mazor, Vice President

Putnam Managed High Yield Trust

One Post Office Square

Boston, Massachusetts 02109



Copy to: 

John W. Gerstmayr, Esq.

Ropes & Gray LLP

One International Place

Boston, Massachusetts 02110
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  (Name and address of agent for service)


Registrant's telephone number, including area code: (617) 292-1000

Date of Fiscal year-end: 5/31/2005

Date of reporting period: 7/1/2004 - 6/30/2005
Item 1. Proxy Voting Record

Account Number: Putnam Managed High Yield Trust

ISSUER NAME TICKER CUSIP MTG DATE MTG TYPE
        Proposal Type Voted Vote For/Agnst Mgmt
Alderwoods Group Inc AWGI  014383103  4/28/05  Annual 
1.01   Elect Lloyd E. Campbell MGMT YES FOR FOR
1.02   Elect Anthony G. Eames MGMT YES FOR FOR
1.03   Elect Charles M. Elson MGMT YES FOR FOR
1.04   Elect David R. Hilty MGMT YES FOR FOR
1.05   Elect Paul A. Houston MGMT YES FOR FOR
1.06   Elect Olivia F. Kirtley MGMT YES FOR FOR
1.07   Elect John S. Lacey MGMT YES FOR FOR
1.08   Elect William R. Riedl MGMT YES FOR FOR
1.09   Elect W. MacDonald Snow Jr MGMT YES FOR FOR
2.00   Adopt employee stock purchase plan MGMT YES AGNST AGNST
3.00   Adopt Stock Incentive Plan MGMT YES AGNST AGNST
 
Arch Wireless Inc AWIN  039392709  11/8/04  Special 
1.00   Approve Merger/Acquisition MGMT YES FOR FOR
 
Celanese Corp CE  150870103  6/1/05  Annual 
1.01   Elect Hanns Ostmeier MGMT YES WHOLD AGNST
1.02   Elect James Quella MGMT YES WHOLD AGNST
1.03   Elect Daniel S. Sanders MGMT YES WHOLD AGNST
2.00   Ratify selection of auditors MGMT YES FOR FOR
 
Covad Communications Group 3COVD  222814204  6/9/05  Annual 
1.01   Elect Charles E. Hoffman MGMT YES FOR FOR
1.02   Elect Charles McMinn MGMT YES FOR FOR
2.00   Ratify selection of auditors MGMT YES FOR FOR
 
Crown Castle International Corp CCI  228227104  5/26/05  Annual 
1.01   Elect Dale N. Hatfield MGMT YES FOR FOR
1.02   Elect Lee W. Hogan MGMT YES FOR FOR
1.03   Elect Robert F. McKenzie MGMT YES FOR FOR
1.04   Elect Robert E. Garrison II MGMT YES FOR FOR
2.00   Ratify selection of auditors MGMT YES FOR FOR
 
Emmis Communications Corp   291525202  6/13/05  Special 
1.00   Amend authorized preferred stock MGMT YES FOR FOR
 
Globix Corp 3GBXX  37957F200  3/7/05  Special 
1.00   Approve common stock issuance MGMT YES FOR FOR
    Approve merger/acquisition
2.00   Adjourn meeting MGMT YES FOR FOR
 
Globix Corp 3GBXX  37957F200  6/13/05  Annual 
1.01   Elect Peter K. Stevenson MGMT YES WHOLD AGNST
1.02   Elect Wayne Barr Jr. MGMT YES FOR FOR
1.03   Elect Jose A. Cecin Jr. MGMT YES FOR FOR
1.04   Elect Stephen E. Courter MGMT YES FOR FOR
1.05   Elect John Forsgren MGMT YES FOR FOR
1.06   Elect Peter L. Herzig MGMT YES FOR FOR
1.07   Elect Steven Lampe MGMT YES FOR FOR
1.08   Elect Steven G. Singer MGMT YES FOR FOR
1.09   Elect Raymond L. Steele MGMT YES WHOLD AGNST
2.00   Ratify selection of auditors MGMT YES ABSTAIN AGNST
 
iPCS Inc IPCX  44980Y305  6/30/05  Annual 
1.00   Approve merger/acquisition MGMT YES FOR FOR
2.00   Approve non-technical charter amendments MGMT YES FOR FOR
3.01   Elect Timothy M. Yager MGMT YES FOR FOR
3.02   Elect Timothy C. Babich MGMT YES FOR FOR
3.03   Elect Donald L. Bell MGMT YES FOR FOR
3.04   Elect Eugene I. Davis MGMT YES FOR FOR
3.05   Elect Eric F. Ensor MGMT YES FOR FOR
3.06   Elect James J. Gaffney MGMT YES FOR FOR
3.07   Elect Kevin M. Roe MGMT YES FOR FOR
4.00   Add shares to the 2004 Long Term Incentive Plan MGMT YES AGNST AGNST
5.00   Ratify selection of auditors MGMT YES FOR FOR
 
Knology Inc KNOL  499183804  5/24/05  Annual 
1.01   Elect Eugene I. Davis MGMT YES FOR FOR
1.02   Elect Rodger L. Johnson MGMT YES FOR FOR
1.03   Elect Campbell B. Lanier III MGMT YES FOR FOR
 
Leucadia National Corp LUK  527288104  5/17/05  Annual 
1.01   Elect Ian M. Cumming MGMT NO
1.02   Elect Paul M. Dougan MGMT NO
1.03   Elect Lawrence D. Glaubinger MGMT NO
1.04   Elect Alan J. Hirschfield MGMT NO
1.05   Elect James E. Jordan MGMT NO
1.06   Elect Jeffrey C. Keil MGMT NO
1.07   Elect Jesse Clyde Nichols III MGMT NO
1.08   Elect Joseph S. Steinberg MGMT NO
2.00   Increase authorized common stock MGMT NO
3.00   Amend annual bonus plan MGMT NO
4.00   Ratify selection of auditors MGMT NO
 
PCI Chemicals Canada Inc   693204AC3  6/24/05  Annual 
1.00   The proposed amendments to the Indenture is to modify certain defined terms of the Indenture MGMT YES FOR FOR
 
Polymer Group Inc 3POLGA  731745204  5/18/05  Annual 
1.01   Elect Pedro A. Arias MGMT YES WHOLD AGNST
1.02   Elect Ramon Betolaza MGMT YES WHOLD AGNST
1.03   Elect Lap Wai Chan MGMT YES WHOLD AGNST
1.04   Elect William B. Hewitt MGMT YES WHOLD AGNST
1.05   Elect Eugene Linden MGMT YES WHOLD AGNST
1.06   Elect James A. Ovenden MGMT YES WHOLD AGNST
1.07   Elect James L. Schaeffer MGMT YES WHOLD AGNST
1.08   Elect Michael Watzky MGMT YES WHOLD AGNST
2.00   Amend Stock Incentive Plan MGMT YES AGNST AGNST
3.00   Adopt the Short Term Incentive compensation Plan MGMT YES FOR FOR
4.00   Adopt the 2005 Stock Option Plan MGMT YES AGNST AGNST
 
Putnam Prime Money Market Fund   746763432  11/11/04  Special 
1.01   Elect Trustee J.A. Baxter MGMT YES FOR FOR
1.02   Elect Trustee E.T. Kennan MGMT YES FOR FOR
1.03   Elect Trustee C.B. Curtis MGMT YES FOR FOR
1.04   Elect Trustee J.H. Mullin, III MGMT YES FOR FOR
1.05   Elect Trustee M.R. Drucker MGMT YES FOR FOR
1.06   Elect Trustee R.E. Patterson MGMT YES FOR FOR
1.07   Elect Trustee C.E. Haldeman, Jr. MGMT YES FOR FOR
1.08   Elect Trustee G. Putnam, III MGMT YES FOR FOR
1.09   Elect Trustee J.A. Hill MGMT YES FOR FOR
1.10   Elect Trustee A.J.C. Smith MGMT YES FOR FOR
1.11   Elect Trustee R. J. Jackson MGMT YES FOR FOR
1.12   Elect Trustee W.T. Stephens MGMT YES FOR FOR
1.13   Elect Trustee P.L. Joskow MGMT YES FOR FOR
1.14   Elect Trustee R.B. Worley MGMT YES FOR FOR
2.00   Amend fund's fundamental investment restriction with respect to borrowing MGMT N/A N/A N/A
2.01   Amend fund's fundamental investment restriction with respect to making loans MGMT N/A N/A N/A
2.02   Amend fund's fundamental investment restriction with respect to diversification of investments MGMT YES FOR FOR
2.03   Amend fund's fundamental investment restriction with respect to issuance of senior securities MGMT N/A N/A N/A
2.04   Amend fund's fundamental investment restriction with respect to purchasing or selling options, puts, calls, straddles and spreads MGMT N/A N/A N/A
2.05   Amend fund's fundamental investment restriction with respect to investments in commodities MGMT N/A N/A N/A
3.00   Amend fund's Agreement and Declaration of Trust MGMT YES FOR FOR
 
Rural Cellular Corp   781904305  5/24/05  Annual 
1.01   Elect Ann K. Newhall MGMT YES FOR FOR
1.02   Elect George M. Revering MGMT YES FOR FOR
1.03   Elect Don C. Swenson MGMT YES FOR FOR
2.00   Ratify selection of auditors MGMT YES FOR FOR
 
Sterling Chemicals Inc 3SCHI  859166100  4/15/05  Annual 
1.05   Elect Richard K. Crump MGMT YES WHOLD AGNST
1.06   Elect Marc S. Kirschner MGMT YES WHOLD AGNST
1.07   Elect Peter Ting Kai Wu MGMT YES WHOLD AGNST
2.00   Ratify selection of auditors MGMT YES FOR FOR
3.00   Increase authorized common stock MGMT YES FOR FOR
 
Sun Healthcare Group Inc SUNH  866933401  5/19/05  Annual 
1.01   Elect Gregory S. Anderson MGMT YES FOR FOR
1.02   Elect Tony M. Astorga MGMT YES FOR FOR
1.03   Elect Christian K. Bement MGMT YES FOR FOR
1.04   Elect Steven M. Looney MGMT YES FOR FOR
1.05   Elect Richard K. Matros MGMT YES FOR FOR
1.06   Elect Milton J. Walters MGMT YES FOR FOR
2.00   Ratify selection of auditors MGMT YES FOR FOR
 
USA Mobility Inc USMO  90341G103  5/18/05  Annual 
1.01   Elect David Abrams MGMT YES FOR FOR
1.02   Elect James V. Continenza MGMT YES FOR FOR
1.03   Elect Nicholas A. Gallopo MGMT YES FOR FOR
1.04   Elect Vincent D. Kelly MGMT YES FOR FOR
1.05   Elect Brian O'Reilly MGMT YES FOR FOR
1.06   Elect Matthew Oristano MGMT YES FOR FOR
1.07   Elect William E. Redmond Jr. MGMT YES FOR FOR
1.08   Elect Samme Thompson MGMT YES FOR FOR
1.09   Elect Royce Yudkoff MGMT YES FOR FOR
 




Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to be have been voted against management's recommendation, regardless of whether the recommendation is 'For' or 'Against,' except where management has made no recommendation or has recommended that shareholders 'Abstain.'

Where management has recommended that shareholders 'Abstain' from voting on a ballot item: 1) a ballot market 'Abstain' is considered to have been voted for management's recommendation to 'Abstain' and 2) a ballot voted 'For" or 'Against' is considered to have been voted against management's recommendation to 'Abstain.'

Where management has made no recommendation on a ballot item, the abbreviation "N/A" is used to denote that there is no applicable recommendation compared to which a vote may be 'For' or 'Against' the recommendation of management.




SIGNATURES:

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Putnam Managed High Yield Trust
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       (Registrant)


By /s/ Charles E. Porter, Executive Vice President, Associate Treasurer
   and Principal Executive Officer
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       (Signature & Title)


Date July 28, 2005