<PAGE> PAGE 1
000 A000000 11/30/95
000 C000000 0000901823
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PUTNAM MANAGED HIGH YIELD TRUST
001 B000000 811-7658
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQ
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
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004 000000 N
005 000000 N
006 000000 N
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007 C010700 7
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007 C011000 10
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 DELETE
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 PRICE WATERHOUSE
013 B010001 BOSTON
013 B020001 MA
013 B030001 02109
015 A000001 PUTNAM FIDUCIARY TRUST CO.
015 B000001 C
015 C010001 BOSTON
<PAGE> PAGE 2
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 93
019 C000000 PUTNAMFUND
020 A000001 ROYAL ALLIANCE ASSOCIATES, INC.
020 B000001 93-0987232
020 C000001 1
020 A000002 COMMONWEALTH EQUITY SERVICES INC.
020 B000002 04-2675571
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 2
022 A000001 LEHMAN BORTHERS
022 B000001 13-2518466
022 C000001 33132
022 D000001 2533
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002 16993
022 D000002 491
022 A000003 MORGAN STANLEY INC.
022 B000003 13-2655998
022 C000003 8883
022 D000003 6432
022 A000004 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000004 13-2741729
022 C000004 8997
022 D000004 6303
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 5666
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022 A000006 BEAR STERNS & CO.
022 B000006 13-4946705
022 C000006 1742
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022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007 1587
022 D000007 1653
022 A000008 BROWN (ALEX) & SONS, INC.
<PAGE> PAGE 3
022 B000008 52-0256630
022 C000008 840
022 D000008 1759
022 A000009 NATIONSBANK
022 B000009 75-0520130
022 C000009 1622
022 D000009 929
022 A000010 WASSERSTEIN PERELLA SECURITIES INC.
022 B000010 13-3502273
022 C000010 399
022 D000010 1985
023 C000000 88892
023 D000000 36169
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<PAGE> PAGE 4
028 E040000 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
Putnam Managed High Yield Trust Class A AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> MAY-31-95
<PERIOD-END> NOV-30-95
<INVESTMENTS-AT-COST> 99,622,449
<INVESTMENTS-AT-VALUE> 99,300,354
<RECEIVABLES> 3,019,496
<ASSETS-OTHER> 15,353
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,335,203
<PAYABLE-FOR-SECURITIES> 440,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,690,399
<TOTAL-LIABILITIES> 2,130,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,342,573
<SHARES-COMMON-STOCK> 7,507,107
<SHARES-COMMON-PRIOR> 7,507,107
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (247,657)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,568,017)
<ACCUM-APPREC-OR-DEPREC> 2,677,905
<NET-ASSETS> 100,204,804
<DIVIDEND-INCOME> 192,116
<INTEREST-INCOME> 5,104,419
<OTHER-INCOME> 0
<EXPENSES-NET> 519,602
<NET-INVESTMENT-INCOME> 4,776,933
<REALIZED-GAINS-CURRENT> 817,541
<APPREC-INCREASE-CURRENT> 1,663,817
<NET-CHANGE-FROM-OPS> 7,258,291
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,954,524)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,303,767
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (70,066)
<OVERDIST-NET-GAINS-PRIOR> (8,385,558)
<GROSS-ADVISORY-FEES> 375,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529,595
<AVERAGE-NET-ASSETS> 99,166,379
<PER-SHARE-NAV-BEGIN> 13.04
<PER-SHARE-NII> .64
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.66)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.35
<EXPENSE-RATIO> .53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
