Active Income

High Yield Fund (Class Y)  (PHAYX)

Seeking a high level of income for investors since 1986

Highlights

Objective

The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

Strategy and process

  • Income-focused: The portfolio managers strive for a higher level of income than most bonds offer by investing in higher-yielding, lower rated corporate bonds.
  • Focus on performance: The managers can invest across a range of industries and companies, and can adjust the fund's holdings to capitalize on market opportunities.
  • Leading research: The fund's managers, supported by Putnam's fixed-income research division, analyze a range of bonds to build a diversified portfolio.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $6.18
0.16% | $0.01
$6.18
09/17/19
$5.68
12/26/18
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

18.71%

Best 5-year annualized return

(for period ending 12/31/95)


-2.56%

Worst 5-year annualized return

(for period ending 09/30/02)


7.74%

Average 5-year annualized return


Fund facts as of 08/31/19

Total net assets
$1,328.24M
Turnover (fiscal year end)
33%
Dividend frequency (view rate)
Monthly
Number of holdings
531
Fiscal year-end
November
CUSIP / Fund code
74678J401 / 1819
Inception date
12/31/98
Category
Taxable Income
Open to new investors
Ticker
PHAYX

Management team

Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager



Performance

  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 6.67% 6.65% 3.87% 8.16%
After sales charge N/A N/A N/A N/A
JPMorgan Developed High Yield Index 7.51%7.80%4.78%9.66%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 08/31/19 0.41% -
YTD as of 09/17/19 11.66% -

Yield

Distribution rate before sales charge
as of 09/17/19
4.85%
Distribution rate after sales charge
as of 09/17/19
4.85%
30-day SEC yield as of 08/30/19 4.76%

Risk-adjusted performance as of 08/31/19

Sharpe ratio (3 yrs.) 0.95
Information ratio (3 yrs.) -1.77

Volatility as of 08/31/19

Standard deviation (3 yrs.) 4.15%
Beta 1.01
R-squared 0.98

Lipper rankings as of 08/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 234/497 47%
3 yrs. 209/419 50%
5 yrs. 141/372 38%
10 yrs. 112/275 41%
Lipper category: High Yield Funds

Morningstar Ratings as of 08/31/19

Time period Funds in category Morningstar Rating
Overall 615
3 yrs. 615
5 yrs. 532
10 yrs. 343
Morningstar category: High Yield Bond

Distributions

Record/Ex dividend date 08/22/19
Payable date 08/26/19
Income $0.025
Extra income --
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 08/31/19

Sprint Corp 07.8750 09/15/2023 0.93%
Ally Financial 08.0000 11/01/2031 0.92%
Chs/Community Health Sys 06.2500 03/31/2023 0.70%
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 0.64%
Csc Holdings Llc P/P 144a 07.5000 04/01/2028 0.64%
Cco Holdings Llc P/P 144a 05.3750 06/01/2029 0.56%
Dish Dbs Corp 05.8750 11/15/2024 0.51%
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 0.50%
Smurfit Kappa Treasury Usd 07.5000 11/20/2025 0.49%
Sprint Corp 07.2500 09/15/2021 0.49%
Top 10 holdings, percent of portfolio 6.38%

Full portfolio holdings as of 06/30/19

SPRINT CORP 07.8750 09/15/2023 0.86%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.84%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.67%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.61%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.59%
CCO HOLDINGS LLC P/P 144A 05.3750 06/01/2029 0.52%
DISH DBS CORP 05.8750 11/15/2024 0.49%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.49%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.47%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.47%
SPRINT CORP 07.2500 09/15/2021 0.46%
REFINITIV TLB L+375 06.1524 10/01/2025 0.46%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.45%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.43%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.43%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.42%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.42%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.42%
PULTEGROUP INC. 07.8750 06/15/2032 0.42%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.42%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.42%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.42%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.41%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.41%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.41%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.41%
AES CORP/THE 05.5000 04/15/2025 0.40%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.40%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.39%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.39%
STAPLES INC P/P 144A 07.5000 04/15/2026 0.39%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.38%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.38%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.38%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.37%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.37%
CALPINE CORPORATION 05.7500 01/15/2025 0.37%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.37%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.37%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.37%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.37%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.36%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.36%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.36%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.36%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.36%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.36%
ASURION 2NDL L+650 08.9024 08/04/2025 0.36%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.35%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.35%
EQUINIX INC 05.3750 05/15/2027 0.35%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.34%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.33%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.33%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.33%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.33%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.33%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.33%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.32%
NAVISTAR INTL TLB L+350 05.8900 11/06/2024 0.32%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.32%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.32%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.32%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.31%
SERVICE CORP INTL 05.3750 05/15/2024 0.31%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.31%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.30%
GREAT LAKES D&D 08.0000 05/15/2022 0.30%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.30%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.30%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.30%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.29%
TRANSDIGM INC 06.3750 06/15/2026 0.29%
FRONTIER COMM 11.0000 09/15/2025 0.28%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.28%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.28%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.28%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.28%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.28%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.28%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.28%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.28%
CIT GROUP INC 05.0000 08/01/2023 0.28%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.28%
T-MOBILE USA INC 06.3750 03/01/2025 0.28%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.28%
BAUSCH HLTH COS INC P/P 144A 07.0000 03/15/2024 0.27%
BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 0.27%
TENET HEALTHCARE 06.0000 10/01/2020 0.27%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.27%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.27%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.27%
TRAVELPORT TLB L+500 07.5412 03/18/2026 0.27%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.26%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.26%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.26%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.26%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.26%
ALTICE FRANCE P/P 144A 07.3750 05/01/2026 0.26%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.26%
NETFLIX INC. 05.8750 11/15/2028 0.26%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.26%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.26%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.26%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.26%
ITRON INC P/P 144A 05.0000 01/15/2026 0.26%
SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 0.25%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.25%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.25%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.25%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.25%
SERVICE CORP INTL 05.1250 06/01/2029 0.25%
MEREDITH CORP 06.8750 02/01/2026 0.25%
ARCELORMITTAL USD 07.0000 10/15/2039 0.25%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.25%
HCA INC 05.2500 06/15/2026 0.24%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.24%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.24%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.24%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.24%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.24%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.24%
CIT GROUP INC. 05.2500 03/07/2025 0.24%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.24%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.24%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.24%
STAPLES INC P/P 144A 10.7500 04/15/2027 0.23%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.23%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.23%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.23%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 0.23%
WIDEOPENWEST TLB L+325 05.6536 08/19/2023 0.23%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.23%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.23%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.23%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.23%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.23%
USI INC/NY P/P 144A 06.8750 05/01/2025 0.23%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.23%
CORNERSTONE BUILDING P/P 144A 08.0000 04/15/2026 0.22%
STARWOOD PROP TR 04.7500 03/15/2025 0.22%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.22%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.22%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.22%
APERGY CORP 06.3750 05/01/2026 0.22%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.22%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.22%
BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 0.22%
CHARTER COMMUNICATIONS INC-A 0.22%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.22%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.22%
PQ CORP P/P 144A 05.7500 12/15/2025 0.22%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.22%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.22%
GREIF INC P/P 144A 06.5000 03/01/2027 0.22%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.22%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.22%
ON SEMICONDUC CV 01.0000 12/01/2020 0.22%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.21%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.21%
T-MOBILE USA INC 05.3750 04/15/2027 0.21%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.21%
SYNGENTA FINANCE NV P/P 144A 04.8920 04/24/2025 0.21%
SYNGENTA FINANCE NV P/P 144A 05.1820 04/24/2028 0.21%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.21%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.21%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.21%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.21%
US CONCRETE INC 06.3750 06/01/2024 0.21%
ENTERCOM MEDIA CORP P/P 144A 07.2500 11/01/2024 0.21%
T-MOBILE USA INC 04.7500 02/01/2028 0.21%
CALIFORNIA RESOURCES L+1038 12.7774 12/31/2021 0.21%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.21%
TALBOTS TLB L+700 09.3299 11/28/2022 0.21%
CF INDUSTRIES INC 04.9500 06/01/2043 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.21%
CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 0.21%
ALLY FINANCIAL INC 0.20%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.20%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.20%
ALLEGHENY TECHNOLOGIES INC 07.8750 08/15/2023 0.20%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.20%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.20%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.20%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.20%
VERTIV TLB L+400 06.4385 11/15/2023 0.20%
ANTERO RESOURCES CORP 05.0000 03/01/2025 0.19%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.19%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.19%
NETFLIX INC 04.8750 04/15/2028 0.19%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.19%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.19%
BOMBARDIER INC P/P 144A 07.8750 04/15/2027 0.19%
ALTICE LUXEMBOURG SA P/P 144A 10.5000 05/15/2027 0.19%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.19%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.19%
INFOR US INC 06.5000 05/15/2022 0.19%
NRG ENERGY INC 05.7500 01/15/2028 0.19%
IHEARTCOMMUNICATIONS INC 08.3750 05/01/2027 0.19%
HCA INC 05.0000 03/15/2024 0.19%
NRG ENERGY INC 06.6250 01/15/2027 0.19%
GFL ENVIRONMENTA P/P 144A 08.5000 05/01/2027 0.19%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.19%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.18%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.18%
ENTERCOM MEDIA CORP P/P 144A 06.5000 05/01/2027 0.18%
NRG ENERGY INC P/P 144A 05.2500 06/15/2029 0.18%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.18%
SM ENERGY CO 05.0000 01/15/2024 0.18%
HOUSTON FUEL TLB L+275 05.2500 06/26/2025 0.18%
CAESARS ENTERTAINMENT CORP 0.18%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.18%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.18%
JO-ANN STORES 2NDL L+925 11.7272 05/21/2024 0.18%
CIT GROUP INC 0.18%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.18%
MICROCHIP TEC CV 01.6250 02/15/2027 0.18%
PETSMART INC TLB L+300 06.6700 03/11/2022 0.18%
KRONOS 2NDL L+825 10.9862 11/01/2024 0.18%
BRAND ENERGY TL L+425 06.7871 06/21/2024 0.17%
STANDARD IND INC P/P 144A 05.3750 11/15/2024 0.17%
STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 0.17%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.17%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.17%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.17%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.17%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.17%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.17%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.17%
LLOYDS BANK PLC 13.0000 01/29/2049 0.17%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.16%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.16%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.16%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.16%
ZIGGO BOND CO BV P/P 144A 06.0000 01/15/2027 0.16%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.16%
PAR PHARMA INC P/P 144A 07.5000 04/01/2027 0.16%
WPX ENERGY INC 05.7500 06/01/2026 0.16%
BAUSCH HLTH COS INC P/P 144A 07.2500 05/30/2029 0.16%
HUSKY TLB L+300 05.4024 03/28/2025 0.16%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.16%
USA COMPRESSION PART 06.8750 04/01/2026 0.16%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.16%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.16%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.16%
CNO FINANCIAL GROUP INC 05.2500 05/30/2029 0.16%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.16%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.16%
NEWELL BRANDS INC 04.2000 04/01/2026 0.16%
ASCEND LEARNING TLB L+300 05.4024 07/12/2024 0.16%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.16%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.15%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.15%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.15%
TENNANT CO 05.6250 05/01/2025 0.15%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.15%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.15%
NRG ENERGY INC. 07.2500 05/15/2026 0.15%
CALIFORNIA RESOURC TL L+475 07.1524 12/31/2022 0.15%
HCA INC 05.8750 05/01/2023 0.15%
CENTENE CORP 06.1250 02/15/2024 0.15%
CPG INTL TL L+375 05.9332 05/05/2024 0.15%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.15%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.15%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.15%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.15%
AIR METHODS TLB L+350 05.8299 04/21/2024 0.14%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.14%
CENTENE CORP 04.7500 05/15/2022 0.14%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.14%
ARCELORMITTAL USD 06.1250 06/01/2025 0.14%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.14%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.14%
T-MOBILE US INC 0.14%
EPR PROPERTIES 05.7500 CUM CV PFD 0.14%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.14%
QORVO INC 05.5000 07/15/2026 0.14%
ORYX TLB L+400 06.4360 05/09/2026 0.14%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.14%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.14%
CHEMOURS CO 07.0000 05/15/2025 0.14%
CINEMARK USA INC 04.8750 06/01/2023 0.14%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.14%
TRANSOCEAN SENTR P/P 144A 05.3750 05/15/2023 0.14%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.14%
MERCER INTL INC USD 06.5000 02/01/2024 0.14%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.14%
WILLIAMS COS INC 07.7500 06/15/2031 0.14%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.14%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.13%
WPX ENERGY INC 08.2500 08/01/2023 0.13%
CHEMOURS CO 05.3750 05/15/2027 0.13%
IHEARTMEDIA TL L+400 06.5790 05/01/2026 0.13%
TRAVERSE TLB L+400 06.6000 09/27/2024 0.13%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.13%
ROBERTSHAW US HOLDING L+350 06.0000 02/28/2025 0.13%
CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 0.13%
CONSTELLIUM SE P/P 144A 06.6250 03/01/2025 0.13%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.13%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.13%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
COMSTOCK RESOURCES 09.7500 08/15/2026 0.13%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.13%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.13%
LENNAR CORP 05.8750 11/15/2024 0.13%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.13%
AMSTED INDUSTRIES P/P 144A 05.6250 07/01/2027 0.13%
OSHKOSH CORP 05.3750 03/01/2025 0.13%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.12%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.12%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.12%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.12%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.12%
CROWN AMER/CAP 04.7500 02/01/2026 0.12%
ROBERTSHAW TL 2L L+800 10.4375 02/28/2026 0.12%
THE AES CORPORATION 04.8750 05/15/2023 0.12%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.12%
AES CORP/THE 05.1250 09/01/2027 0.12%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.12%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.12%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.12%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.12%
NRG ENERGY INC P/P 144A 04.4500 06/15/2029 0.12%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.12%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.12%
TARGA RESOURCES PART 05.0000 01/15/2028 0.12%
CLEAN HARBORS INC P/P 144A 04.8750 07/15/2027 0.11%
ENERGY TRANSFER OPERATNG 05.5000 06/01/2027 0.11%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.11%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.11%
VISTRA OPERATION P/P 144A 05.0000 07/31/2027 0.11%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.11%
REVLON CONS TLB L+350 06.0469 09/07/2023 0.11%
ENSCO ROWAN PLC USD 07.7500 02/01/2026 0.11%
MERCER INTL INC USD 07.7500 12/01/2022 0.11%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.11%
TENET HEALTHCARE 04.6250 07/15/2024 0.10%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.10%
VISTRA OPERATIONS CO P/P 144A 05.6250 02/15/2027 0.10%
ZIGGO BV P/P 144A 05.5000 01/15/2027 0.10%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.10%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.10%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.10%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.10%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.10%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.10%
AVAYA TLB L+425 06.7226 12/15/2024 0.10%
GFL ENVIRONMENTAL TLB L+300 05.4024 05/31/2025 0.10%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.10%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.10%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.10%
CINEWORLD TLB L+225 04.6885 02/28/2025 0.10%
IHEARTCOMMUNICATIONS INC 06.3750 05/01/2026 0.10%
ISTAR INC 06.0000 04/01/2022 0.10%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.10%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.10%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.10%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.09%
MERCER INTL INC USD 05.5000 01/15/2026 0.09%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.09%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.09%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.09%
CEMEX P/P 144A 05.7000 01/11/2025 0.09%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.09%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.09%
SPRINGLEAF FINANCE CORP 06.6250 01/15/2028 0.09%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 0.09%
HCA INC. 07.5000 02/15/2022 0.09%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.09%
AES CORP/THE 04.5000 03/15/2023 0.09%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
JO-ANN STORES TL L+500 07.5915 10/16/2023 0.09%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.09%
AMC ENT HOLDIN 05.8750 11/15/2026 0.09%
AVAYA HOLDINGS CORP 0.09%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.09%
HANESBRANDS INC P/P 144A 04.8750 05/15/2026 0.09%
SESI LLC 07.1250 12/15/2021 0.09%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.09%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.09%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.09%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.09%
LIVE NATION ENTERTAINMENT IN 0.09%
T-MOBILE USA INC 04.5000 02/01/2026 0.09%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.09%
BOYD GAMING CORP 06.3750 04/01/2026 0.09%
P/P 144A 06.8750 08/15/2026 0.09%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.09%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.08%
CAPITAL AUTO 2NDL L+600 08.4100 03/24/2025 0.08%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.08%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.08%
AKER BP ASA P/P 144A 04.7500 06/15/2024 0.08%
BERRY GLOBAL ESCR P/P 144A 05.6250 07/15/2027 0.08%
CONSTELLIUM SE P/P 144A 05.7500 05/15/2024 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.08%
DISH NETWORK CV 03.3750 08/15/2026 0.08%
ELANCO ANIMAL HEALTH 04.2720 08/28/2023 0.08%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.08%
GO DADDY OPCO/FINCO P/P 144A 05.2500 12/01/2027 0.08%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.08%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.08%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.08%
BAUSCH HLTH COS INC P/P 144A 07.0000 01/15/2028 0.08%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.08%
CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 0.08%
DUN & BRADSTREET TLB L+500 07.4791 02/06/2026 0.08%
SIRIUS XM RADIO INC P/P 144A 05.5000 07/01/2029 0.08%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
JPMORGAN CHASE & CO 06.0000 12/29/2049 0.08%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.08%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.08%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.08%
COMMSCOPE INC P/P 144A 06.0000 03/01/2026 0.08%
DIVERSEY TL L+300 05.5828 09/06/2024 0.08%
IHEARTMEDIA INC - CLASS A 0.08%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.07%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.07%
INTELSAT JACKSON P/P 144A 08.5000 10/15/2024 0.07%
JELD-WEN INC P/P 144A 04.6250 12/15/2025 0.07%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.07%
NRG P/P 144A 03.7500 06/15/2024 0.07%
VISTRA OPERATION P/P 144A 04.3000 07/15/2029 0.07%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.07%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.07%
EQUINIX INC 05.8750 01/15/2026 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.07%
CDX CDX.NA.HY.32 500.0 06/20/2024 0.07%
CONSTELLIUM SE P/P 144A 05.8750 02/15/2026 0.07%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
HILTON DOMESTIC P/P 144A 04.8750 01/15/2030 0.07%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.07%
CF INDUSTRIES INC 03.4500 06/01/2023 0.07%
SERVICE CORPORATION INTL 04.6250 12/15/2027 0.07%
T-MOBILE USA INC 05.1250 04/15/2025 0.07%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.07%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.07%
CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 0.07%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.07%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.06%
CLEAN HARBORS INC P/P 144A 05.1250 07/15/2029 0.06%
NEXSTAR ESCROW INC P/P 144A 05.6250 07/15/2027 0.06%
ORTHO-CLINICAL TLB L+325 05.6799 06/01/2025 0.06%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.06%
ICAHN ENTER/FIN P/P 144A 06.2500 05/15/2026 0.06%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.06%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.06%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.06%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.06%
TRANSDIGM INC 06.5000 05/15/2025 0.06%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.06%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.06%
SM ENERGY CO 06.6250 01/15/2027 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
CLEAR CHANNEL OUTDOOR HOLDIN 0.06%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.06%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.06%
FRAC TECH INTL TLB L+475 06.0000 04/16/2021 0.06%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.06%
HUNTSMAN INTERNATIONAL LLC 05.1250 11/15/2022 0.06%
DENBURY RESOURCES P/P 144A 07.7500 02/15/2024 0.05%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.05%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.05%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 0.05%
COMMSCOPE INC P/P 144A 05.5000 03/01/2024 0.05%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.05%
IRON MOUNTAIN INC P/P 144A 05.2500 03/15/2028 0.05%
MOLINA HEALTHCARE IN P/P 144A 04.8750 06/15/2025 0.05%
NATIONSTAR MTG P/P 144A 09.1250 07/15/2026 0.05%
EAGLE HLDG CO II LLC P/P 144A 07.7500 05/15/2022 0.05%
DCP MIDSTREAM OPERATING 05.1250 05/15/2029 0.05%
SESI LLC 07.7500 09/15/2024 0.05%
TREASURY BILL 00.0000 08/08/2019 0.04%
ACADEMY SPORTS TLB L+400 06.4390 07/02/2022 0.04%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.04%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.04%
BUILDERS FIRSTSOURCE P/P 144A 06.7500 06/01/2027 0.04%
CENOVUS ENERGY INC 0.04%
STARFRUIT US/STAR F P/P 144A 06.5000 10/01/2026 0.04%
VISTRA OPERATION P/P 144A 03.5500 07/15/2024 0.04%
WPX ENERGY INC 06.0000 01/15/2022 0.04%
GENON 939CER907 0.04%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.04%
RACKSPACE HOSTING INC L+300 05.5755 11/03/2023 0.04%
KINROSS GOLD CORP USD 05.9500 03/15/2024 0.04%
MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.04%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.04%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.03%
IAA INC P/P 144A 05.5000 06/15/2027 0.03%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.03%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.03%
ASHTEAD CAPITAL INC P/P 144A 05.2500 08/01/2026 0.03%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.03%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
ADVANZ PHARMA CORP 0.02%
GENON ENERGY/NRG AMER 09.0438 12/01/2023 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.02%
CHC GRP LLC P/P CV 00.0000 10/01/2020 0.02%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.02%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.02%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
TRIBUNE CLASS 1C LITIGAT 0.01%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.01%
NINE POINT ENERGY CNV PRF 0.01%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.01%
TREASURY BILL 00.0000 07/25/2019 0.01%
NINE POINT ENERGY COM 0.01%
TXU TCEH RIGHTS 0.01%
DCP MIDSTREAM OPERATING 05.3750 07/15/2025 0.00%
IHEARTMEDIA INC WT 0.00%
MWO HOLDINGS LLC 0.00%
TREASURY BILL 00.0000 07/16/2019 0.00%
CAD/USD 07/17/2019 SSBT 0.00%
SM ENERGY CO 06.7500 09/15/2026 0.00%
TERVITA CORP 0.00%
TREASURY BILL 00.0000 07/18/2019 0.00%
TREASURY BILL 00.0000 08/01/2019 0.00%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CHC GROUP LLC P/P 0.00%
ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 0.00%
ESC SEVENTYSEVENERG 06.5000 07/15/2022 0.00%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%
TREASURY BILL 00.0000 07/11/2019 0.00%
EUR/USD 09/18/2019 BANKAM -0.00%
GBP/USD 09/18/2019 GSFX -0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Csc Holdings Llc P/P 144a 07.5000 04/01/2028
Cco Holdings Llc P/P 144a 05.3750 06/01/2029
Dish Dbs Corp 05.8750 11/15/2024
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Smurfit Kappa Treasury Usd 07.5000 11/20/2025
Sprint Corp 07.2500 09/15/2021
Holdings represent 6.38% of portfolio
Top 10 holdings as of 07/31/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Csc Holdings Llc P/P 144a 07.5000 04/01/2028
Cco Holdings Llc P/P 144a 05.3750 06/01/2029
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Dish Dbs Corp 05.8750 11/15/2024
Sprint Corp 07.2500 09/15/2021
Smurfit Kappa Treasury Usd 07.5000 11/20/2025
Holdings represent 6.16% of portfolio
Top 10 holdings as of 06/30/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Csc Holdings Llc P/P 144a 07.5000 04/01/2028
Cco Holdings Llc P/P 144a 05.3750 06/01/2029
Dish Dbs Corp 05.8750 11/15/2024
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Cco Hldgs Llc/Cap P/P 144a 05.8750 04/01/2024
Sprint Corp 07.2500 09/15/2021
Holdings represent 6.08% of portfolio
Top 10 holdings as of 05/31/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Cequel Com Cap P/P 144a 07.5000 04/01/2028
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Refinitiv Tlb L+375 06.2331 10/01/2025
Sprint Corp 07.2500 09/15/2021
Dish Dbs Corp 05.8750 11/15/2024
Holdings represent 6.06% of portfolio

Fixed income statistics as of 08/31/19

Average effective maturity 3.76 yrs.
Average effective duration 2.83 yrs.
Average yield to maturity 5.48%
Average coupon 5.88%
Average price $104.57

Sector weightings as of 08/31/19

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 74.60% 2.14 0.00% 0.00 74.60% 2.14
Investment-grade corporate bonds 8.90% 0.51 0.00% 0.00 8.90% 0.51
Bank loans 5.83% 0.24 0.00% 0.00 5.83% 0.24
Emerging-market bonds 1.11% 0.04 0.00% 0.00 1.11% 0.04
Equity investments 1.09% 0.00 0.00% 0.00 1.09% 0.00
Convertible securities 0.87% 0.01 0.00% 0.00 0.87% 0.01
International Treasury/agency 0.45% 0.03 0.00% 0.00 0.45% 0.03
Net cash 7.15% 0.00 0.00% 0.00 7.15% 0.00

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail as of 08/31/19

0 - 1 yr. 20.79%
1 - 5 yrs. 52.30%
5 - 10 yrs. 23.16%
10 - 15 yrs. 2.00%
Over 15 yrs. 1.75%

Quality rating as of 08/31/19

A 0.29%
BBB 10.01%
BB 41.36%
B 31.51%
CCC and Below 8.34%
Not Rated 1.34%
Net cash 7.15%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund's investments). Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top industry sectors as of 08/31/19

Consumer cyclicals 19.09%
Communication services 12.78%
Basic materials 12.08%
Energy 9.91%
Financials 9.04%
Health care 8.49%
Capital goods 7.67%
Net Cash 7.15%
Consumer staples 5.59%
 
Other
8.20%
Technology 4.46%
Utilities 3.49%
Transportation 0.25%

Allocations may not total 100% of net assets because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Sectors will vary over time.

Country allocation as of 08/31/19

United States 84.98%
Canada 5.01%
United Kingdom 1.58%
Luxembourg 1.56%
Ireland 1.24%
Netherlands 1.24%
France 1.20%
Switzerland 0.64%
Bermuda 0.51%
 
Other
2.04%
Norway 0.45%
Mexico 0.43%
Israel 0.42%
Cayman Islands 0.26%
Indonesia 0.26%
Germany 0.14%
Jamaica 0.08%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R6 Class Y
Total expense ratio 1.03% 1.78% 1.78% 1.28% 1.28% 0.67% 0.78%
What you pay 1.03% 1.78% 1.78% 1.28% 1.28% 0.67% 0.78%

Sales charge

 Breakpoint Class A Class B Class C Class M Class R Class R6 Class Y
$0-$49,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 3.25% / 3.00% -- -- --
$50,000-$99,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 2.25% / 2.00% -- -- --
$100,000-$249,999 3.25% / 2.75% -- 0.00% / 1.00% 1.25% / 1.00% -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- --
$500,000-$999,999 0.00% / 1.00% -- -- -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R6 Class Y
  0.25% 0.25% 1.00% 0.40% 0.50% 0.00% 0.00%
  NA NA NA NA NA NA NA
  NA NA NA NA NA NA NA

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries. You cannot invest directly in an index.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund's investments). Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.