UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G-A
(Amendment No. 1)
Under the Securities Exchange Act of 1934
Putnam Managed High Yield Trust
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
746819101
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2005
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
--------------------------------------------------------------------------------
Schedule 13G-A Page 2
-------------- -------------
1. NAMES OF REPORTING PERSONS
Roumell Asset Management, LLC (the "Reporting Person")
S.S or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
52-2145132
-------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
--------------------------------------------------------------------------------
5. SOLE VOTING POWER
NUMBER OF 624,847
SHARES ------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
EACH ------------------------------------------------------------
REPORTING 7. SOLE DISPOSITIVE POWER
PERSON 624,847
WITH ------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
624,847
--------------------------------------------------------------------------------
10. CHECK BOX IF AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.3%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON
IA
--------------------------------------------------------------------------------
Schedule 13G-A Page 3
-------------- ------------
Item 1(a). Name of Issuer:
Putnam Managed High Yield Trust
Item 1(b). Address of Issuer's Principal Executive Offices:
One Post Office Square, Boston, Massachusetts 02109
Item 2(a). Name of Person Filing:
Roumell Asset Management, LLC
Item 2(b). Address of Principal Business Office or, if None,
Residence:
3 Bethesda Metro Center, Suite 700, Bethesda, Maryland 20814
Item 2(c). Citizenship:
Maryland
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
746819101
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act;
(b) [ ] Bank as defined in Section 3(a)(6) of the Act;
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act;
Schedule 13G-A Page 4
--------------- --------------
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940;
(e) [X] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] Parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership.
(a) Amount Beneficially Owned:
624,847
(b) Percent of Class:
8.3%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 624,847
----------
(ii) shared power to vote or to direct the
vote: 0
----------
(iii) sole power to dispose or to direct the
disposition of: 624,847
----------
(iv) shared power to dispose or to direct the
disposition of: 0
----------
Schedule 13G-A Page 5
-------------- -------------
Item 5. Ownership of Five Percent or Less of Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certification.
-------------
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
Schedule 13G-A Page 6
-------------- --------------
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
Dated: February 6, 2006
Roumell Asset Management, LLC
By: /s/ James Roumell
------------------------
Name: James Roumell
Title: President