UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number : 811-7658

Name of Registrant: Putnam Managed High Yield Trust

Address of Principal Executive Offices:
One Post Office Square
Boston, Massachusetts 02109

Name and address of agent of service:
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

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

Date of fiscal year end:
05/31

Date of Reporting Period:
07/01/2005 - 06/30/2006

Item 1. Proxy Voting Record

======================= PUTNAM MANAGED HIGH YIELD TRUST ======================== 
 
 
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COINMACH SERVICE CORP         
 
Ticker:  DRY    Security ID:  19259W107     
Meeting Date: JUL 27, 2005    Meeting Type: A     
Record Date: JUN 14, 2005           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.01  Elect Stephen R. Kerrigan  For  Withhold  Management 
1.02  Elect James N. Chapman    For  Withhold  Management 
1.03  Elect David A. Donnini    For  Withhold  Management 
1.04  Elect Woody M. McGee    For  Withhold  Management 
1.05  Elect Bruce V. Rauner    For  Withhold  Management 
1.06  Elect John R. Scheessele  For  Withhold  Management 
2.00  Ratify selection of auditors  For  For  Management 
3.00  Approve other business    For  Against  Management 
 
 
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COMPASS MINERALS INTERNATIONAL INC       
 
Ticker:  CMP    Security ID:  20451N101     
Meeting Date: AUG 4, 2005    Meeting Type: A     
Record Date: JUN 15, 2005           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.01  Elect Vernon G. Baker II  For  For  Management 
1.02  Elect Bradley J. Bell    For  For  Management 
1.03  Elect Richard S. Grant    For  For  Management 
2.00  Ratify selection of auditors  For  For  Management 
3.00  Adopt the 2005 Incentive Award Plan  For  For  Management 
 
 
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COMPASS MINERALS INTERNATIONAL, INC       
 
Ticker:  CMP    Security ID:  20451N101     
Meeting Date: MAY 11, 2006    Meeting Type: Annual     
Record Date: MAR 22, 2006           

#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Mr. David J. D'Antonio  For  For  Management 
1.2  Elect Director Mr. Perry W. Premdas  For  For  Management 
1.3  Elect Director Mr. Allan R. Rothwell  For  For  Management 
2  Ratify Auditors      For  For  Management 
 
 
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CROWN CASTLE INTERNATIONAL CORP.       
 
Ticker:  CCI    Security ID:  228227104     
Meeting Date: MAY 25, 2006    Meeting Type: Annual     
Record Date: MAR 31, 2006           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Ari Q. Fitzgerald  For  Withhold  Management 
1.2  Elect Director John P. Kelly  For  Withhold  Management 
1.3  Elect Director Robert E. Garrison, II  For  Withhold  Management 
2  Ratify Auditors      For  Abstain  Management 
 
 
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DOBSON COMMUNICATION CORPORATION       
 
Ticker:  DCEL    Security ID:  256069105     
Meeting Date: JUN 7, 2006  Meeting Type: Annual     
Record Date: APR 17, 2006           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Everett R. Dobson  For  For  Management 
1.2  Elect Director Stephen T. Dobson  For  For  Management 
1.3  Elect Director Robert A. Schriesheim  For  For  Management 
2  Amend Omnibus Stock Plan  For  Against  Management 
3  Ratify Auditors      For  For  Management 
 
 
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HUNTSMAN CORP           
 
Ticker:  HUN    Security ID:  447011206     
Meeting Date: MAY 4, 2006  Meeting Type: Annual     
Record Date: MAR 16, 2006           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Peter R. Huntsman  For  Withhold  Management 
1.2  Elect Director Wayne A. Reaud  For  Withhold  Management 
1.3  Elect Director Alvin V. Shoemaker  For  Withhold  Management 
2  Ratify Auditors      For  For  Management 
 
 
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IWO HOLDINGS, INC.           

Ticker:    Security ID:  45071TAF2     
Meeting Date: MAR 20, 2006  Meeting Type: Written Consent     
Record Date: MAR 2, 2006         
 
#  Proposal    Mgt Rec  Vote Cast  Sponsor 
1  THE PROPOSED AMENDMENTS    None  Did Not  Management 
          Vote   
 
 
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KNOLOGY, INC.         
 
Ticker:  KNOL  Security ID:  499183804     
Meeting Date: MAY 2, 2006  Meeting Type: Annual     
Record Date: MAR 7, 2006         
 
#  Proposal    Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director O. Gene Gabbard  For  Withhold  Management 
2  Approve Omnibus Stock Plan  For  Against  Management 
 
 
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LEGRAND           
 
Ticker:    Security ID:  FR0010307819     
Meeting Date: JUN 7, 2006  Meeting Type: Annual/Special     
Record Date:         
 
#  Proposal    Mgt Rec  Vote Cast  Sponsor 
1  Approve Special Dividend of EUR 0.41   For  Did Not  Management 
  per Share      Vote   
2  Authorize Filing of Required  For  Did Not  Management 
  Documents/Other Formalities    Vote   
 
 
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NORTHWESTERN CORP         
 
Ticker:  NWEC  Security ID:  668074305     
Meeting Date: JUL 14, 2005  Meeting Type: A     
Record Date: MAY 16, 2005         
 
#  Proposal    Mgt Rec  Vote Cast  Sponsor 
1.01  Elect Stephen P. Adik    For  For  Management 
1.02  Elect E. Linn Draper Jr.  For  For  Management 
1.03  Elect Jon S. Fossel    For  For  Management 
1.04  Elect Michael J. Hanson    For  For  Management 
1.05  Elect Julia L. Johnson    For  For  Management 
1.06  Elect Philip L. Maslowe    For  For  Management 
2.00  Ratify selection of auditors  For  For  Management 
 
 
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STERLING CHEMICALS, INC.         
 
Ticker:  SCHI    Security ID:  859166100     
Meeting Date: APR 21, 2006    Meeting Type: Annual     
Record Date: MAR 3, 2006         
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Richard K. Crump  For  Withhold  Management 
1.2  Elect Director Dr. Peter Ting Kai Wu  For  Withhold  Management 
2  Ratify Auditors      For  For  Management 
 
 
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STERLING CHEMICALS, INC.         
 
Ticker:  SCHI    Security ID:  859166AA8     
Meeting Date: APR 21, 2006    Meeting Type: Annual     
Record Date: MAR 3, 2006         
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1  Elect Director John W. Gildea  For  Against  Management 
 
 
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SUN HEALTHCARE GROUP INC         
 
Ticker:  SUNH    Security ID:  866933401     
Meeting Date: OCT 31, 2005    Meeting Type: S     
Record Date: SEP 16, 2005           
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.00  Approve common stock issuance  For  For  Management 
 
 
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SUN HEALTHCARE GROUP, INC.         
 
Ticker:  SUNH    Security ID:  866933401     
Meeting Date: MAY 25, 2006    Meeting Type: Annual     
Record Date: APR 6, 2006         
 
#  Proposal      Mgt Rec  Vote Cast  Sponsor 
1.1  Elect Director Gregory S. Anderson  For  For  Management 
1.2  Elect Director Tony M. Astorga  For  For  Management 
1.3  Elect Director Christrian K. Bement  For  For  Management 
1.4  Elect Director Michael J. Foster  For  For  Management 
1.5  Elect Director Barbara B. Kennelly  For  For  Management 
1.6  Elect Director Steven M. Looney  For  For  Management 
1.7  Elect Director Richard K. Matros  For  For  Management 
1.8  Elect Director Keith W. Pennell  For  For  Management 
1.9  Elect Director Milton J. Walters  For  For  Management 
2  Amend Omnibus Stock Plan  For  Against  Management 
3  Ratify Auditors      For  For  Management 

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TRAVELCENTERS OF AMERICA INC       
 
Ticker:      Security ID: 894172113     
Meeting Date: JUL 22, 2005      Meeting Type: C       
Record Date: JUL 11, 2005             
 
#  Proposal        Mgt Rec  Vote Cast  Sponsor 
1.00  Misc. management - Fund/Trust/Debtholders  For  Against  Management 
 
 
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WHX CORP             
 
Ticker:      Security ID: 929248AB8     
Meeting Date: JUL 11, 2005      Meeting Type: C       
Record Date: JUN 14, 2005             
 
#  Proposal        Mgt Rec  Vote Cast  Sponsor 
1.00  Approve plan of reorganization  For  Did Not  Management 
            Vote   

Any ballot marked 'Abstain' is considered to have been voted. Ballots marked 'Abstain' are considered to have been voted against management's recommendation if management's recommendation is 'For' or 'Against,' and for management's recommendation if management's recommendation is 'Abstain.' Where management has recommended that shareholders 'Abstain' from voting on a ballot item, a ballot marked '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, 'None' is used to indicate that there is no management recommendation that a shareholder may vote 'For' or 'Against.'

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
__________________________________________________________________________
(Registrant)

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

Date: August 11, 2006