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SIGNATURE GORDON H. SILVER
TITLE VICE PRESIDENT
PRICE WATERHOUSE
July 22, 1994
To the Trustees of
Putnam Managed High Yield Trust
In planning and performing our audit of the financial statements
of Putnam Managed High Yield Trust (the "Fund"), for the period
June 25, 1993 (commencement of operations) to May 31, 1994, we
consider it control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and the transactions are executed
in accordance with management's authorization and recorded
properly to permit preparation of financial statements in
comformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the systems to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that degree the
compliance may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control of performing their
functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of May 31, 1994.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse
PRICE WATERHOUSE
