| 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 : | 811-2796 | |
| Name of Registrant: | Putnam 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 High Yield Trust | ||
| One Post Office Square | ||
| Boston, Massachusetts 02109 | ||
| CC: | ||
| 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: | ||
| 08/31/2006 | ||
| Date of reporting period: | ||
| 07/01/2006 - 06/30/2007 | ||
Item 1: Proxy Voting Record
Registrant: Putnam High Yield Trust
| Adelphia Communications Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| ADELQ | CUSIP9 006848BD6 | 11/27/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | THE PLAN | Mgmt | For | |||
| Compass Minerals International | ||||||
| Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| CMP | CUSIP9 20451N101 | 05/10/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Angelo Brisimitzakis | Mgmt | For | For | For | |
| 1.2 | Elect Timothy Snider | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Delta Air Lines Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| DALRQ | CUSIP9 247361YG7 | 04/09/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | THE PLAN | Mgmt | For | |||
| 2 | OPT OUT OF THE RELEASE | Mgmt | For | |||
| PROVISIONS | ||||||
| 3 | U.S. CITIZEN | Mgmt | For | |||
| Jarden Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| JAH | CUSIP9 471109108 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Ian G. H. Ashken | Mgmt | For | For | For | |
| 1.2 | Elect Richard Molen | Mgmt | For | For | For | |
| 1.3 | Elect Charles Kaye | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Owens Corning | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| OWENQ | CUSIP9 69073FAB9 | 09/01/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | PLAN OF REORGANIZATION | Mgmt | For | |||
| 2 | RELEASED PARTIES ELECTION | Mgmt | Against | |||
| Playtex Products Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| PYX | CUSIP9 72813P100 | 05/02/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Neil DeFeo | Mgmt | For | For | For | |
| 1.2 | Elect Herbert Baum | Mgmt | For | For | For | |
| 1.3 | Elect Michael Eisenson | Mgmt | For | For | For | |
| 1.4 | Elect Ronald Gordon | Mgmt | For | For | For | |
| 1.5 | Elect R. Jeffrey Harris | Mgmt | For | For | For | |
| 1.6 | Elect C. Merrifield | Mgmt | For | For | For | |
| 1.7 | Elect Susan Nowakowski | Mgmt | For | For | For | |
| 1.8 | Elect Maureen Tart-Bezer | Mgmt | For | For | For | |
| 1.9 | Elect Douglas Wheat | Mgmt | For | For | For | |
| 1.10 | Elect Nick White | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Pride International Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| PDE | CUSIP9 74153Q102 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect David Brown | Mgmt | For | Withhold | Against | |
| 1.2 | Elect Kenneth Burke | Mgmt | For | Withhold | Against | |
| 1.3 | Elect Archie Dunham | Mgmt | For | Withhold | Against | |
| 1.4 | Elect Francis Kalman | Mgmt | For | Withhold | Against | |
| 1.5 | Elect Ralph McBride | Mgmt | For | Withhold | Against | |
| 1.6 | Elect Louis Raspino | Mgmt | For | Withhold | Against | |
| 1.7 | Elect David Robson | Mgmt | For | Withhold | Against | |
| 2 | APPROVAL OF THE COMPANY'S | Mgmt | For | For | For | |
| 2007 LONG-TERM INCENTIVE | ||||||
| PLAN. | ||||||
| 3 | Ratification of Auditor | Mgmt | For | For | For | |
| Putnam Prime Money Market Fund | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| CUSIP9 746763416 | 05/15/2007 | Voted | ||||
| Meeting Type | Country of Trade | |||||
| Special | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | Approving a New Management | Mgmt | For | For | For | |
| Contract for your Fund | ||||||
| Samsonite Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| SAMC | CUSIP9 79604V105 | 09/19/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Melissa Wong Bethell | Mgmt | For | For | For | |
| 1.2 | Elect Marcello Bottoli | Mgmt | For | For | For | |
| 1.3 | Elect Charles J. Philippin | Mgmt | For | For | For | |
| 1.4 | Elect Ferdinando Grimaldi Quartieri | Mgmt | For | For | For | |
| 1.5 | Elect Antony P. Ressler | Mgmt | For | For | For | |
| 1.6 | Elect Lee P. Sienna | Mgmt | For | For | For | |
| 1.7 | Elect Jeffrey B. Schwartz | Mgmt | For | For | For | |
| 1.8 | Elect Donald L. Triggs | Mgmt | For | For | For | |
| 1.9 | Elect Richard T. Warner | Mgmt | For | For | For | |
| USA Mobility Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| Cusip 90341G103 | 08/09/2006 | Voted | ||||
| Meeting Type | Country of Trade | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Director David Abrams | Mgmt | For | For | For | |
| 1.2 | Elect Director James V. Continenza | Mgmt | For | For | For | |
| 1.3 | Elect Director Nicholas A. Gallopo | Mgmt | For | For | For | |
| 1.4 | Elect Director Vincent D. Kelly | Mgmt | For | For | For | |
| 1.5 | Elect Director Brian O'Reilly | Mgmt | For | For | For | |
| 1.6 | Elect Director Matthew Oristano | Mgmt | For | For | For | |
| 1.7 | Elect Director Samme L. Thompson | Mgmt | For | For | For | |
| 1.8 | Elect Director Royce Yudkoff | Mgmt | For | For | For | |
| WHX Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| WHX | CUSIP9 929248508 | 06/21/2007 | Take No Action | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Warren Lichtenstein | Mgmt | For | TNA | NA | |
| 1.2 | Elect Jack Howard | Mgmt | For | TNA | NA | |
| 1.3 | Elect Glen Kassan | Mgmt | For | TNA | NA | |
| 1.4 | Elect Louis Klein, Jr. | Mgmt | For | TNA | NA | |
| 1.5 | Elect Daniel Murphy, Jr. | Mgmt | For | TNA | NA | |
| 1.6 | Elect John Quicke | Mgmt | For | TNA | NA | |
| 1.7 | Elect Joshua Schechter | Mgmt | For | TNA | NA | |
| 1.8 | Elect Garen Smith | Mgmt | For | TNA | NA | |
| 2 | Increase in Authorized Common | Mgmt | For | TNA | NA | |
| Stock | ||||||
| 3 | 2007 Incentive Stock Plan | Mgmt | For | TNA | NA | |
| 4 | Ratification of Auditor | Mgmt | For | TNA | NA | |
| Williams Companies Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| WMB | CUSIP9 969457100 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| KATHLEEN B. COOPER. | ||||||
| 2 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| WILLIAM R. GRANBERRY. | ||||||
| 3 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| CHARLES M. LILLIS. | ||||||
| 4 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| WILLIAM G. LOWRIE. | ||||||
| 5 | RATIFICATION OF ERNST & | Mgmt | For | For | For | |
| YOUNG LLP AS AUDITORS FOR | ||||||
| 2007. | ||||||
| 6 | APPROVAL OF THE WILLIAMS | Mgmt | For | For | For | |
| COMPANIES, INC. 2007 | ||||||
| INCENTIVE PLAN. | ||||||
| 7 | APPROVAL OF THE WILLIAMS | Mgmt | For | For | For | |
| COMPANIES, INC. 2007 | ||||||
| EMPLOYEE STOCK PURCHASE | ||||||
| PLAN. |
Fund Name : Putnam Managed High Yield Trust
Putnam Managed High Yield Trust merged into Putnam High Yield Trust on October 30, 2006.
| Adelphia Communications Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| ADELQ | CUSIP9 006848BD6 | 11/27/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | THE PLAN | Mgmt | For | |||
| Compass Minerals International | ||||||
| Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| CMP | CUSIP9 20451N101 | 05/10/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Angelo Brisimitzakis | Mgmt | For | For | For | |
| 1.2 | Elect Timothy Snider | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Delta Air Lines Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| DALRQ | CUSIP9 247361YG7 | 04/09/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | THE PLAN | Mgmt | For | |||
| 2 | OPT OUT OF THE RELEASE | Mgmt | For | |||
| PROVISIONS | ||||||
| 3 | U.S. CITIZEN | Mgmt | For | |||
| Jarden Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| JAH | CUSIP9 471109108 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Ian G. H. Ashken | Mgmt | For | For | For | |
| 1.2 | Elect Richard Molen | Mgmt | For | For | For | |
| 1.3 | Elect Charles Kaye | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Owens Corning | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| OWENQ | CUSIP9 69073FAB9 | 09/01/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Consent | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | PLAN OF REORGANIZATION | Mgmt | For | |||
| 2 | RELEASED PARTIES ELECTION | Mgmt | Against | |||
| Playtex Products Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| PYX | CUSIP9 72813P100 | 05/02/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Neil DeFeo | Mgmt | For | For | For | |
| 1.2 | Elect Herbert Baum | Mgmt | For | For | For | |
| 1.3 | Elect Michael Eisenson | Mgmt | For | For | For | |
| 1.4 | Elect Ronald Gordon | Mgmt | For | For | For | |
| 1.5 | Elect R. Jeffrey Harris | Mgmt | For | For | For | |
| 1.6 | Elect C. Merrifield | Mgmt | For | For | For | |
| 1.7 | Elect Susan Nowakowski | Mgmt | For | For | For | |
| 1.8 | Elect Maureen Tart-Bezer | Mgmt | For | For | For | |
| 1.9 | Elect Douglas Wheat | Mgmt | For | For | For | |
| 1.10 | Elect Nick White | Mgmt | For | For | For | |
| 2 | Ratification of Auditor | Mgmt | For | For | For | |
| Pride International Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| PDE | CUSIP9 74153Q102 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect David Brown | Mgmt | For | Withhold | Against | |
| 1.2 | Elect Kenneth Burke | Mgmt | For | Withhold | Against | |
| 1.3 | Elect Archie Dunham | Mgmt | For | Withhold | Against | |
| 1.4 | Elect Francis Kalman | Mgmt | For | Withhold | Against | |
| 1.5 | Elect Ralph McBride | Mgmt | For | Withhold | Against | |
| 1.6 | Elect Louis Raspino | Mgmt | For | Withhold | Against | |
| 1.7 | Elect David Robson | Mgmt | For | Withhold | Against | |
| 2 | APPROVAL OF THE COMPANY'S | Mgmt | For | For | For | |
| 2007 LONG-TERM INCENTIVE | ||||||
| PLAN. | ||||||
| 3 | Ratification of Auditor | Mgmt | For | For | For | |
| Samsonite Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| SAMC | CUSIP9 79604V105 | 09/19/2006 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Melissa Wong Bethell | Mgmt | For | For | For | |
| 1.2 | Elect Marcello Bottoli | Mgmt | For | For | For | |
| 1.3 | Elect Charles J. Philippin | Mgmt | For | For | For | |
| 1.4 | Elect Ferdinando Grimaldi Quartieri | Mgmt | For | For | For | |
| 1.5 | Elect Antony P. Ressler | Mgmt | For | For | For | |
| 1.6 | Elect Lee P. Sienna | Mgmt | For | For | For | |
| 1.7 | Elect Jeffrey B. Schwartz | Mgmt | For | For | For | |
| 1.8 | Elect Donald L. Triggs | Mgmt | For | For | For | |
| 1.9 | Elect Richard T. Warner | Mgmt | For | For | For | |
| USA Mobility Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| Cusip 90341G103 | 08/09/2006 | Voted | ||||
| Meeting Type | Country of Trade | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Director David Abrams | Mgmt | For | For | For | |
| 1.2 | Elect Director James V. Continenza | Mgmt | For | For | For | |
| 1.3 | Elect Director Nicholas A. Gallopo | Mgmt | For | For | For | |
| 1.4 | Elect Director Vincent D. Kelly | Mgmt | For | For | For | |
| 1.5 | Elect Director Brian O'Reilly | Mgmt | For | For | For | |
| 1.6 | Elect Director Matthew Oristano | Mgmt | For | For | For | |
| 1.7 | Elect Director Samme L. Thompson | Mgmt | For | For | For | |
| 1.8 | Elect Director Royce Yudkoff | Mgmt | For | For | For | |
| WHX Corp. | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| WHX | CUSIP9 929248508 | 06/21/2007 | Take No Action | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1.1 | Elect Warren Lichtenstein | Mgmt | For | TNA | NA | |
| 1.2 | Elect Jack Howard | Mgmt | For | TNA | NA | |
| 1.3 | Elect Glen Kassan | Mgmt | For | TNA | NA | |
| 1.4 | Elect Louis Klein, Jr. | Mgmt | For | TNA | NA | |
| 1.5 | Elect Daniel Murphy, Jr. | Mgmt | For | TNA | NA | |
| 1.6 | Elect John Quicke | Mgmt | For | TNA | NA | |
| 1.7 | Elect Joshua Schechter | Mgmt | For | TNA | NA | |
| 1.8 | Elect Garen Smith | Mgmt | For | TNA | NA | |
| 2 | Increase in Authorized Common | Mgmt | For | TNA | NA | |
| Stock | ||||||
| 3 | 2007 Incentive Stock Plan | Mgmt | For | TNA | NA | |
| 4 | Ratification of Auditor | Mgmt | For | TNA | NA | |
| Williams Companies Inc | ||||||
| Ticker | Security ID: | Meeting Date | Meeting Status | |||
| WMB | CUSIP9 969457100 | 05/17/2007 | Voted | |||
| Meeting Type | Country of Trade | |||||
| Annual | United States | |||||
| Issue No. | Description | Proponent | Mgmt Rec | Vote Cast | For/Agnst Mgmt | |
| 1 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| KATHLEEN B. COOPER. | ||||||
| 2 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| WILLIAM R. GRANBERRY. | ||||||
| 3 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| CHARLES M. LILLIS. | ||||||
| 4 | ELECTION OF DIRECTOR: | Mgmt | For | For | For | |
| WILLIAM G. LOWRIE. | ||||||
| 5 | RATIFICATION OF ERNST & | Mgmt | For | For | For | |
| YOUNG LLP AS AUDITORS FOR | ||||||
| 2007. | ||||||
| 6 | APPROVAL OF THE WILLIAMS | Mgmt | For | For | For | |
| COMPANIES, INC. 2007 | ||||||
| INCENTIVE PLAN. | ||||||
| 7 | APPROVAL OF THE WILLIAMS | Mgmt | For | For | For | |
| COMPANIES, INC. 2007 | ||||||
| EMPLOYEE STOCK PURCHASE | ||||||
| PLAN. |
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, 'NA' 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.
| Registrant: | Putnam High Yield Trust |
| By: | /s/ Charles E. Porter |
| Name: | Charles E. Porter |
| Title: | Executive Vice President, Associate Treasurer, Principal Executive Officer and |
| Compliance Liaison | |
| Date: | August 13, 2007 |