<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000901823
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
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
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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007 C011000 10
020 A000001 FIRST OF MICHIGAN
020 C000001 1
020 C000002 0
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 1
022 A000001 MORGAN STANLEY INC.
022 B000001 13-2655998
022 C000001 31633
022 D000001 1375
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002 19932
<PAGE> PAGE 2
022 D000002 0
022 A000003 DONALDSON, LUFKIN & JENRETTE SECURIITES CORP.
022 B000003 13-2741729
022 C000003 6915
022 D000003 5805
022 A000004 MERRIL LYNCH PIERCE FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 7672
022 D000004 1787
022 A000005 BEAR STEARNS & CO.
022 B000005 13-4946705
022 C000005 3317
022 D000005 4666
022 A000006 LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006 3768
022 D000006 1975
022 A000007 GOLDMAN SACHS & CO.
022 B000007 13-5108880
022 C000007 5096
022 D000007 0
022 A000008 BANKERS TRUST CO.
022 B000008 13-4941247
022 C000008 2185
022 D000008 2816
022 A000009 SALOMON BROTHERS INC.
022 B000009 13-3082694
022 C000009 2850
022 D000009 419
022 A000010 SMITH, BANRNEY, HARRIS, UPHAM & CO
022 B000010 13-1912900
022 C000010 787
022 D000010 2028
023 C000000 90945
023 D000000 22661
024 000000 N
027 000000 N
028 A010000 0
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<PAGE> PAGE 3
028 D030000 0
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<PAGE> PAGE 4
048 G010000 0
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<PAGE> PAGE 5
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070 J020000 Y
070 K010000 Y
070 K020000 N
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070 Q010000 N
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<PAGE> PAGE 6
070 R020000 N
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<PAGE> PAGE 7
074 J000000 2
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SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM PUTNAM MANAGE
HIGH YIELD TRUST AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 102,328,307
<INVESTMENTS-AT-VALUE> 104,926,688
<RECEIVABLES> 1,884,998
<ASSETS-OTHER> 539,763
<OTHER-ITEMS-ASSETS> 9,341
<TOTAL-ASSETS> 107,360,790
<PAYABLE-FOR-SECURITIES> 1,837,918
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,107,688
<TOTAL-LIABILITIES> 2,945,606
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 106,051,065
<SHARES-COMMON-STOCK> 7,507,107
<SHARES-COMMON-PRIOR> 7,507,107
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (187,478)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,046,784)
<ACCUM-APPREC-OR-DEPREC> 2,598,381
<NET-ASSETS> 104,415,184
<DIVIDEND-INCOME> 303,801
<INTEREST-INCOME> 5,532,801
<OTHER-INCOME> 0
<EXPENSES-NET> 564,459
<NET-INVESTMENT-INCOME> 4,974,793
<REALIZED-GAINS-CURRENT> 1,944,174
<APPREC-INCREASE-CURRENT> (1,014,944)
<NET-CHANGE-FROM-OPS> 5,904,029
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,954,436)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 949,587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (207,835)
<OVERDIST-NET-GAINS-PRIOR> (5,990,958)
<GROSS-ADVISORY-FEES> 385,915
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 567,227
<AVERAGE-NET-ASSETS> 103,012,288
<PER-SHARE-NAV-BEGIN> 13.78
<PER-SHARE-NII> .66
<PER-SHARE-GAIN-APPREC> .13
<PER-SHARE-DIVIDEND> (.66)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.91
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
