SCHEDULE 14A INFORMATION

           PROXY STATEMENT PURSUANT TO SECTION 14(A)
             OF THE SECURITIES EXCHANGE ACT OF 1934
                        (Amendment No. )
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/   /     Soliciting Material Pursuant to Sec. 240.14a-11(c) or
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                 PUTNAM MANAGED HIGH YIELD TRUST
                   PUTNAM MASTER INCOME TRUST

        (Name of Registrant as Specified In Its Charter)

           (Name of Person(s) Filing Proxy Statement,
                   if other than Registrant)

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INTERNET PROXY VOTING SERVICE

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                     INTERNET PROXY CARD
                    PUTNAM (NAME OF FUND)



THE TRUSTEES RECOMMEND A VOTE "FOR" FIXING THE NUMBER OF
TRUSTEES AND ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND
"FOR" THE OTHER PROPOSAL LISTED BELOW.

When using a `For all except' response, enter the number(s)
of the nominees(s) you wish to withhold on, separated by a
comma, in the text field.

Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.   0 FOR ALL
The nominees for Trustees are:  (01) J.A. Baxter, (02) H. H. Estin
0 WITHHOLD ALL
(03) J.A. Hill, (04) R.J. Jackson, (05) P.L. Joskow,
0 FOR ALL EXCEPT:
(06) E.T. Kennan, (07) L.J. Lasser, (08) J.H. Mullin, III,
(09) R.E. Patterson, (10) W.F. Pounds, (11) G. Putnam,
(12) G. Putnam, III, (13) A.J.C. Smith, (14) W.T. Stephens,
and (15) W.N. Thorndike.

Proposal 2.    Proposal to ratify the selection of (Name of Auditor)
as the independent auditors of your fund.
0 FOR  0 AGAINST   0 ABSTAIN

If you have questions on any of the proposals, please call 1-800-225-1581.

IF YOU DO NOT SPECIFY VOTING INSTRUCTIONS ON THE PROPOSASL,
          YOUR PROXY WILL VOTE "FOR" THE PROPOSALS ON
                    YOUR BEHALF.


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   PLEASE REVIEW YOUR SELECTIONS CAREFULLY BEFORE SUBMITTING
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   VOTING INSTRUCTIONS WILL BE CONSIDERED VALID.

Page that comes up after you submit your voting
instructions.


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                   INTERNET PROXY SERVICE
                     INTERNET PROXY CARD
                    PUTNAM (NAME OF FUND)

THANK YOU!  YOUR VOTE HAS BEEN SUBMITTED.

THE TRUSTEES RECOMMEND A VOTE "FOR" FIXING THE NUMBER OF
TRUSTEES AND ELECTING ALL OF THE NOMINEES FOR TRUSTEES AND
"FOR" THE OTHER PROPOSAL LISTED BELOW.


Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.
The nominees for Trustees are:  (01) J.A. Baxter, (02) H. H. Estin
(your voting instruction listed here)
(03) J.A. Hill, (04) R.J. Jackson, (05) P.L. Joskow,
(06) E.T. Kennan, (07) L.J. Lasser, (08) J.H. Mullin, III,
(09) R.E. Patterson, (10) W.F. Pounds, (11) G. Putnam,
(12) G. Putnam, III, (13) A.J.C. Smith, (14) W.T. Stephens,
and (15) W.N. Thorndike.

Proposal 2.    Proposal to ratify the selection of (Name of Auditor)
               as the independent auditors of your fund.

If you have questions on the proposals, please call 1-800-225-1581.

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or
                    Your email confirmation has been sent
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Change Vote         Exit Internet Proxy Voting Service
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                    Proxy Vote Confirm, if requested.



From:     (Vendor Website address) on (date) (time)

To:       (email address)

Subject:  Confirmation of Internet Proxy Vote


Your vote has been submitted for Putnam (Name of Fund).

Proposal 1.    Proposal for fixing the number of Trustees
and electing Trustees.
The nominees for Trustees are:  (01) J.A. Baxter, (02) H. H. Estin
(03) J.A. Hill, (04) R.J. Jackson, (05) P.L. Joskow,
(06) E.T. Kennan, (07) L.J. Lasser, (08) J.H. Mullin, III,
(09) R.E. Patterson, (10) W.F. Pounds, (11) G. Putnam,
(12) G. Putnam, III, (13) A.J.C. Smith, (14) W.T. Stephens,
and (15) W.N. Thorndike.

Proposal 2.    Proposal to ratify the selection of (Name of Auditor)
               as the independent auditors of your fund.
(your voting instruction listed here)

Thank you for using (Website address), The Internet Proxy Voting Service!