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 $6.12
0.33% | $0.02
$6.13
05/03/19
$5.68
12/26/18
Historical fund price

Fund facts as of 05/31/19

Total net assets
$1,319.97M
Turnover (fiscal year end)
33%
Dividend frequency (view rate)
Monthly
Number of holdings
544
Fiscal year-end
November
CUSIP / Fund code
74678J401 / 1819
Inception date
12/31/98
Class Y  
Category
Fixed Income
Open to new investors
Ticker
PHAYX

Management team

Co-Head of Fixed Income
Portfolio Manager
Portfolio Manager


Manager commentary | Q1 2019

High-yield fundamentals remain solid

Paul Scanlon, Co-Head of Fixed Income, and Portfolio Manager Norm Boucher discuss fundamentals in the high-yield market.



Performance

  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 4.25% 7.36% 3.80% 9.71%
After sales charge N/A N/A N/A N/A
JPMorgan Developed High Yield Index 5.64%9.01%4.75%11.61%

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 05/31/19 -1.23% -
YTD as of 06/18/19 9.23% -

Yield

Distribution rate before sales charge
as of 06/18/19
4.90%
Distribution rate after sales charge
as of 06/18/19
4.90%
30-day SEC yield as of 05/31/19 5.28%

Risk-adjusted performance as of 05/31/19

Sharpe ratio (3 yrs.) 1.14
Information ratio (3 yrs.) -2.01

Volatility as of 05/31/19

Standard deviation (3 yrs.) 4.28%
Beta 1.00
R-squared 0.98

Lipper rankings as of 05/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 204/460 45%
3 yrs. 159/387 41%
5 yrs. 118/343 35%
10 yrs. 100/252 40%
Lipper category: High Yield Funds

Morningstar Ratings as of 05/31/19

Time period Funds in category Morningstar Rating
Overall 608
3 yrs. 608
5 yrs. 525
10 yrs. 338
Morningstar category: High Yield Bond

Distributions

Record/Ex dividend date 05/23/19
Payable date 05/28/19
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 05/31/19

Sprint Corp 07.8750 09/15/2023 0.88%
Ally Financial 08.0000 11/01/2031 0.83%
Chs/Community Health Sys 06.2500 03/31/2023 0.68%
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026 0.62%
Cequel Com Cap P/P 144a 07.5000 04/01/2028 0.60%
Nexstar Broadc P/P 144a 05.6250 08/01/2024 0.51%
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025 0.50%
Refinitiv Tlb L+375 06.2331 10/01/2025 0.48%
Sprint Corp 07.2500 09/15/2021 0.48%
Dish Dbs Corp 05.8750 11/15/2024 0.48%
Top 10 holdings, percent of portfolio 6.06%

Full portfolio holdings as of 03/31/19

SPRINT CORP 07.8750 09/15/2023 0.81%
ALLY FINANCIAL INC 08.0000 11/01/2031 0.79%
CHS/COMMUNITY HEALTH SYS 06.2500 03/31/2023 0.65%
DIAMOND 1 FIN/DIAM P/P 144A 06.0200 06/15/2026 0.59%
CEQUEL COM & CAP P/P 144A 07.5000 04/01/2028 0.49%
NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 0.48%
TEMPO ACQ LLC/FI P/P 144A 06.7500 06/01/2025 0.47%
REFINITIV TLB L+375 06.2486 10/01/2025 0.45%
SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 0.45%
SPRINT CORP 07.2500 09/15/2021 0.45%
DIAMONDBACK ENERGY INC 05.3750 05/31/2025 0.44%
DISH DBS CORP 05.8750 11/15/2024 0.43%
GCP APPLIED TECH P/P 144A 05.5000 04/15/2026 0.43%
CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 0.42%
JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 0.42%
ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 0.42%
BAUSCH HLTH COS INC P/P 144A 06.1250 04/15/2025 0.41%
CBS RADIO INC P/P 144A 07.2500 11/01/2024 0.41%
CSC HOLDINGS LLC 05.2500 06/01/2024 0.41%
INTELSAT JACKSON HLD P/P 144A 09.7500 07/15/2025 0.41%
AES CORP/THE 05.5000 04/15/2025 0.40%
CHENIERE CORP CHRIST 05.8750 03/31/2025 0.40%
SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 0.40%
TTM TECHNOLOGIES INC P/P 144A 05.6250 10/01/2025 0.40%
ENERGY TRANSFER OPERATNG 06.6250 02/15/2028 0.39%
PULTEGROUP INC. 07.8750 06/15/2032 0.39%
CLUBCORP HLDG INC P/P 144A 08.5000 09/15/2025 0.38%
COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 0.38%
GFL ENVIRONMENTAL P/P 144A 07.0000 06/01/2026 0.38%
INTELSAT CONNECT FIN P/P 144A 09.5000 02/15/2023 0.38%
NAVISTAR INTL CORP P/P 144A 06.6250 11/01/2025 0.38%
CALPINE CORPORATION 05.7500 01/15/2025 0.37%
COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 0.37%
BIG RVR STL/FIN P/P 144A 07.2500 09/01/2025 0.36%
CIT GROUP INC 05.0000 08/01/2023 0.36%
COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 0.35%
INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 0.35%
LEVEL 3 FINANCING INC 05.2500 03/15/2026 0.35%
ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 0.35%
SIRIUS XM RADIO INC P/P 144A 05.0000 08/01/2027 0.35%
SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 0.35%
WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 0.35%
WYNN LAS VEGAS P/P 144A 05.2500 05/15/2027 0.35%
ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 0.34%
BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 0.34%
BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 0.34%
ENDEAVOR ENERGY P/P 144A 05.7500 01/30/2028 0.34%
EQUINIX INC 05.3750 05/15/2027 0.34%
NOVELIS CORP P/P 144A 05.8750 09/30/2026 0.34%
SCIENTIFIC GAMES INT 10.0000 12/01/2022 0.34%
SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 0.34%
SS&C TECH INC P/P 144A 05.5000 09/30/2027 0.34%
STEVENS HLDG CO INC P/P 144A 06.1250 10/01/2026 0.34%
AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 0.33%
ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 0.33%
NRG ENERGY INC 06.6250 01/15/2027 0.33%
BOMBARDIER INC P/P 144A 07.5000 12/01/2024 0.32%
CRC ESCROW ISSUER LL P/P 144A 05.2500 10/15/2025 0.32%
FRONTIER COMM P/P 144A 08.5000 04/01/2026 0.32%
HESS INFRASTRUCTURE P/P 144A 05.6250 02/15/2026 0.32%
HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 0.32%
LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 0.32%
CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 0.31%
CEC ENT INC 08.0000 02/15/2022 0.31%
GOLDEN NUGGET INC P/P 144A 06.7500 10/15/2024 0.31%
JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 0.31%
LEVEL 3 FINANCING INC 05.6250 02/01/2023 0.31%
NAVISTAR INTL TLB L+350 05.8900 11/06/2024 0.31%
NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 0.31%
RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 0.31%
SERVICE CORP INTL 05.3750 01/15/2022 0.31%
SERVICE CORP INTL 05.3750 05/15/2024 0.31%
ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 0.30%
CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 0.30%
COVEY PARK ENERGY LL P/P 144A 07.5000 05/15/2025 0.30%
FRONTIER COMM 11.0000 09/15/2025 0.30%
HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 0.30%
LEGRAND FRANCE USD 08.5000 02/15/2025 0.30%
PLANTRONICS INC P/P 144A 05.5000 05/31/2023 0.30%
STARFRUIT US/STAR FI P/P 144A 08.0000 10/01/2026 0.30%
WEWORK COS INC P/P 144A 07.8750 05/01/2025 0.30%
TRANSDIGM INC P/P 144A 06.2500 03/15/2026 0.29%
BANFF MERGER SUB INC P/P 144A 09.7500 09/01/2026 0.28%
GRAY TELEVISION INC P/P 144A 07.0000 05/15/2027 0.28%
JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 0.28%
RBS GLOBAL/REXNO P/P 144A 04.8750 12/15/2025 0.28%
TENET HEALTHCARE 06.0000 10/01/2020 0.28%
TRANSDIGM INC 06.3750 06/15/2026 0.28%
1011778 BC / NEW RED P/P 144A 05.0000 10/15/2025 0.27%
ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 0.27%
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%
GREAT LAKES D&D 08.0000 05/15/2022 0.27%
HILTON WORLDWIDE FIN LLC 04.8750 04/01/2027 0.27%
IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 0.27%
NABORS INDUSTRIES INC. 05.7500 02/01/2025 0.27%
T-MOBILE USA INC 06.3750 03/01/2025 0.27%
USG CORP P/P 144A 04.8750 06/01/2027 0.27%
VISTRA OPERATIONS CO P/P 144A 05.5000 09/01/2026 0.27%
WEEKLEY HOMES LLC 06.0000 02/01/2023 0.27%
CLEAR CHNL WORLD 06.5000 11/15/2022 0.26%
GOLDEN NUGGET INC P/P 144A 08.7500 10/01/2025 0.26%
NOVELIS CORP P/P 144A 06.2500 08/15/2024 0.26%
PROVIDENT FDG/PFG FI P/P 144A 06.3750 06/15/2025 0.26%
SABRE GLBL INC P/P 144A 05.3750 04/15/2023 0.26%
AKER BP ASA P/P 144A 05.8750 03/31/2025 0.25%
ALLISON TRANSMISSION P/P 144A 04.7500 10/01/2027 0.25%
ASURION 2NDL L+650 08.9986 08/04/2025 0.25%
BMC EAST LLC P/P 144A 05.5000 10/01/2024 0.25%
CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 0.25%
CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 0.25%
CENTENE CORP 06.1250 02/15/2024 0.25%
CHENIERE CORP CHRIST 05.1250 06/30/2027 0.25%
CNO FINANCIAL GROUP INC 05.2500 05/30/2025 0.25%
LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 0.25%
LIONS GATE CAP HOLD P/P 144A 05.8750 11/01/2024 0.25%
ALTICE FRANCE SA P/P 144A 07.3750 05/01/2026 0.24%
ARCELORMITTAL USD 07.0000 10/15/2039 0.24%
ASCEND LEARNING LLC P/P 144A 06.8750 08/01/2025 0.24%
AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 0.24%
IRON MOUNTAIN INC P/P 144A 04.8750 09/15/2027 0.24%
ITRON INC P/P 144A 05.0000 01/15/2026 0.24%
MEREDITH CORP 06.8750 02/01/2026 0.24%
RITE AID CORP P/P 144A 06.1250 04/01/2023 0.24%
SCIENTIFIC GAMES P/P 144A 08.2500 03/15/2026 0.24%
TENET HEALTHCARE CORP 08.1250 04/01/2022 0.24%
TEVA PHARMACEUTICALS NE USD 06.7500 03/01/2028 0.24%
WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 0.24%
AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 0.23%
DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 0.23%
FIRST DATA CORP P/P 144A 05.7500 01/15/2024 0.23%
GARTNER INC P/P 144A 05.1250 04/01/2025 0.23%
HCA INC 05.2500 06/15/2026 0.23%
LIVE NATION ENTERTAI P/P 144A 05.6250 03/15/2026 0.23%
MATCH GROUP INC P/P 144A 05.0000 12/15/2027 0.23%
MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 0.23%
TMS INTL CORP P/P 144A 07.2500 08/15/2025 0.23%
WERNER FINCO LP/INC P/P 144A 08.7500 07/15/2025 0.23%
ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 0.23%
ALLY FINANCIAL INC 05.7500 11/20/2025 0.22%
APERGY CORP 06.3750 05/01/2026 0.22%
BAUSCH HLTH AMERICAS P/P 144A 08.5000 01/31/2027 0.22%
BAUSCH HLTH AMERICAS P/P 144A 09.2500 04/01/2026 0.22%
BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 0.22%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.22%
CHESAPEAKE ENERGY CORPORATION 08.0000 01/15/2025 0.22%
CIT GROUP INC. 05.2500 03/07/2025 0.22%
COMSTOCK RESOURCES P/P 144A 09.7500 08/15/2026 0.22%
DCP MIDSTREAM P/P 144A 06.7500 09/15/2037 0.22%
DIAMOND BC BV P/P 144A 05.6250 08/15/2025 0.22%
INGEVITY CORP P/P 144A 04.5000 02/01/2026 0.22%
PENSKE AUTO GRP INC 05.7500 10/01/2022 0.22%
SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 0.22%
STARWOOD PROP TR 04.7500 03/15/2025 0.22%
TRAVELPORT CORP FIN P/P 144A 06.0000 03/15/2026 0.22%
TRI POINTE GROUP / HOMES 05.8750 06/15/2024 0.22%
USI INC/NY P/P 144A 06.8750 05/01/2025 0.22%
ALLIANT HOLD / CO-IS P/P 144A 08.2500 08/01/2023 0.21%
BRAND ENERGY & I P/P 144A 08.5000 07/15/2025 0.21%
CALIFORNIA RESOURCES L+1038 12.8705 12/31/2021 0.21%
CENTENE CORP 04.7500 05/15/2022 0.21%
CHS/COMMUNITY HEALTH 06.8750 02/01/2022 0.21%
CLEAR CHANNEL TLD L+875 11.2430 01/30/2020 0.21%
DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 0.21%
KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 0.21%
MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 0.21%
NRG ENERGY INC 07.2500 05/15/2026 0.21%
ON SEMICONDUC CV 01.0000 12/01/2020 0.21%
PQ CORP P/P 144A 05.7500 12/15/2025 0.21%
PRECISION DRILL P/P 144A 07.1250 01/15/2026 0.21%
SPRINGLEAF FINANCE CORP 06.8750 03/15/2025 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%
T-MOBILE USA INC 05.3750 04/15/2027 0.21%
TALBOTS TLB L+700 09.4986 11/28/2022 0.21%
TOPBUILD CORP P/P 144A 05.6250 05/01/2026 0.21%
WESTERN DIGITAL CORP 04.7500 02/15/2026 0.21%
ALLY FINANCIAL INC 0.20%
ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 0.20%
AMC ENTERTAINMENT HLDGS 05.7500 06/15/2025 0.20%
ANTERO RESOURCES CORP 05.0000 03/01/2025 0.20%
BEACON ROOFING SUPP P/P 144A 04.8750 11/01/2025 0.20%
CF INDUSTRIES INC 04.9500 06/01/2043 0.20%
CROWN CASTLE INTL CORP 06.8750 CUM CV PFD 0.20%
CROWN CORK & SEAL CO INC 07.3750 12/15/2026 0.20%
HUB INTL LTD P/P 144A 07.0000 05/01/2026 0.20%
HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 0.20%
JO-ANN STORES 2NDL L+925 11.7272 05/21/2024 0.20%
KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 0.20%
T-MOBILE USA INC 04.7500 02/01/2028 0.20%
TRAVELPORT TLB L+500 07.6326 03/18/2026 0.20%
US CONCRETE INC 06.3750 06/01/2024 0.20%
VIDEOTRON LTD USD 05.0000 07/15/2022 0.20%
1011778 BC / NEW RED P/P 144A 04.2500 05/15/2024 0.19%
BAUSCH HEALTH COS INC REGS 04.5000 05/15/2023 0.19%
BAUSCH HLTH COS INC P/P 144A 09.0000 12/15/2025 0.19%
BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 0.19%
CHARTER COMMUNICATIONS INC-A 0.19%
FREEPORT-MCMORAN INC 06.8750 02/15/2023 0.19%
INFOR US INC 06.5000 05/15/2022 0.19%
MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 0.19%
PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 0.19%
PETSMART INC TLB L+300 05.4900 03/11/2022 0.19%
SUGAR HSP GAMING P/P 144A 05.8750 05/15/2025 0.19%
VERTIV TLB L+400 06.6289 11/15/2023 0.19%
VIRGIN MEDIA FIN PLC P/P 144A 05.7500 01/15/2025 0.19%
WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 0.19%
CREDIT SUISSE GRP AG P/P 144A 06.2500 12/18/2024 0.18%
HCA INC 05.0000 03/15/2024 0.18%
HOUSTON FUEL TLB L+275 05.2500 06/26/2025 0.18%
MOLINA HEALTHCARE IN 05.3750 11/15/2022 0.18%
NETFLIX INC 04.8750 04/15/2028 0.18%
OASIS PETROLEUM INC 06.8750 03/15/2022 0.18%
SM ENERGY CO 05.0000 01/15/2024 0.18%
VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 0.18%
ALLEGHENY TECHNOLOGIES 07.8750 08/15/2023 0.17%
ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 0.17%
BRAND ENERGY TL L+425 06.9561 06/21/2024 0.17%
CARRIAGE SVCS INC P/P 144A 06.6250 06/01/2026 0.17%
DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 0.17%
ENERGY TRANSFER OPERA 05.8750 01/15/2024 0.17%
FIRST QUANTUM MINERA P/P 144A 06.8750 03/01/2026 0.17%
INDIGO NATURAL P/P 144A 06.8750 02/15/2026 0.17%
KRONOS 2NDL L+825 10.9862 11/01/2024 0.17%
LIONS GATE CAP HOLD P/P 144A 06.3750 02/01/2024 0.17%
LLOYDS BANK PLC 13.0000 01/29/2049 0.17%
LOUISIANA-PACIFIC CORPORATION 04.8750 09/15/2024 0.17%
NCI BUILDING SYS INC P/P 144A 08.0000 04/15/2026 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%
TALLGRASS NRG PRTNR P/P 144A 05.5000 01/15/2028 0.17%
TMX FIN LLC/TITLEMAX P/P 144A 11.1250 04/01/2023 0.17%
USG CORP P/P 144A 05.5000 03/01/2025 0.17%
VISTRA ENERGY CORP 07.6250 11/01/2024 0.17%
WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 0.17%
BOMBARDIER INC P/P 144A 07.8750 04/15/2027 0.16%
BOYD GAMING TLB L+225 04.6576 09/15/2023 0.16%
CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 0.16%
CENOVUS ENERGY INC USD 06.7500 11/15/2039 0.16%
CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 0.16%
CIT GROUP INC 0.16%
CONTINENTAL RESOURCES 04.9000 06/01/2044 0.16%
CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 0.16%
GLP CAPITAL LP / FIN II 05.2500 06/01/2025 0.16%
GOEASY LTD P/P 144A 07.8750 11/01/2022 0.16%
GREIF INC P/P 144A 06.5000 03/01/2027 0.16%
HANESBRANDS INC P/P 144A 04.6250 05/15/2024 0.16%
ICAHN ENTER/FIN 06.7500 02/01/2024 0.16%
JAMES HARDIE INT P/P 144A 05.0000 01/15/2028 0.16%
KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 0.16%
MICROCHIP TEC CV 01.6250 02/15/2027 0.16%
NATIONSTAR MTG P/P 144A 08.1250 07/15/2023 0.16%
OASIS PETROLEUM INC P/P 144A 06.2500 05/01/2026 0.16%
PANTHER BF AGGRE 2 P/P 144A 08.5000 05/15/2027 0.16%
PAR PHARMA INC P/P 144A 07.5000 04/01/2027 0.16%
PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 0.16%
SPECTRUM BRANDS INC 05.7500 07/15/2025 0.16%
TEVA PHARMACEUTICALS NE USD 06.0000 04/15/2024 0.16%
USA COMPRESSION PART 06.8750 04/01/2026 0.16%
WHITING PETROLEUM CORP 06.6250 01/15/2026 0.16%
ZIGGO BOND CO BV P/P 144A 06.0000 01/15/2027 0.16%
ALBERTSONS COS LLC P/P 144A 07.5000 03/15/2026 0.15%
ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 0.15%
AMERICAN INTL GROUP 08.1750 05/15/2058 0.15%
EAGLECLAW MID TL L+425 06.8789 06/30/2024 0.15%
GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 0.15%
HUSKY TLB L+300 05.4986 03/28/2025 0.15%
ICAHN ENTERPRISES/FI 06.2500 02/01/2022 0.15%
POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 0.15%
SPECTRUM BRANDS INC 06.1250 12/15/2024 0.15%
STANDARD IND INC P/P 144A 05.0000 02/15/2027 0.15%
STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 0.15%
TENNANT CO 05.6250 05/01/2025 0.15%
WYNDHAM HOTELS & RE P/P 144A 05.3750 04/15/2026 0.15%
ALPHA 2 BV P/P 144A 08.7500 06/01/2023 0.14%
ARCELORMITTAL USD 06.1250 06/01/2025 0.14%
CALIFORNIA RESOURC TL L+475 07.2455 12/31/2022 0.14%
CALIFORNIA RESOURCES 05.0000 01/15/2020 0.14%
CHEMOURS CO 05.3750 05/15/2027 0.14%
CHEMOURS CO 07.0000 05/15/2025 0.14%
CINEMARK USA INC 04.8750 06/01/2023 0.14%
CLEAR CHANNEL COMMUN 09.0000 12/15/2019 0.14%
CSC HOLDINGS LLC P/P 144A 07.7500 07/15/2025 0.14%
FIRST DATA CORP P/P 144A 05.3750 08/15/2023 0.14%
FOREST CITY TLB L+400 06.5122 12/07/2025 0.14%
FREEDOM MTGE CORP P/P 144A 08.2500 04/15/2025 0.14%
HCA INC 05.8750 05/01/2023 0.14%
KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 0.14%
ORYX TLB L+325 05.7486 02/28/2025 0.14%
PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 0.14%
ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 0.14%
SESI LLC 07.7500 09/15/2024 0.14%
STANDARD IND INC P/P 144A 06.0000 10/15/2025 0.14%
UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 0.14%
WIDEOPENWEST TLB L+325 05.7406 08/19/2023 0.14%
ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 0.13%
BANK OF AMERICA CORP 06.5000 10/29/2049 0.13%
CALPINE CORP P/P 144A 05.2500 06/01/2026 0.13%
CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 0.13%
CREDIT ACCEPTANC 07.3750 03/15/2023 0.13%
EPR PROPERTIES 05.7500 CUM CV PFD 0.13%
ICAHN ENTERPRISES/FI 05.8750 02/01/2022 0.13%
J. CREW GROUP TL L+322 05.9666 03/05/2021 0.13%
KFC HLD/PIZZA HUT/TA P/P 144A 04.7500 06/01/2027 0.13%
MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 0.13%
MERCER INTL INC USD 06.5000 02/01/2024 0.13%
QORVO INC P/P 144A 05.5000 07/15/2026 0.13%
ROBERTSHAW US HOLDING L+350 06.0000 02/28/2025 0.13%
ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 0.13%
SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 0.13%
T-MOBILE US INC 0.13%
TARGA RESOURCES PART 05.0000 01/15/2028 0.13%
TRAVERSE TLB L+400 06.6000 09/27/2024 0.13%
VISTRA ENERGY CORP P/P 144A 08.1250 01/30/2026 0.13%
WEATHERFORD BERMUDA 09.8750 02/15/2024 0.13%
WILLIAMS COS INC 07.7500 06/15/2031 0.13%
WPX ENERGY INC 08.2500 08/01/2023 0.13%
ALTICE FINCO S.A. P/P 144A 07.6250 02/15/2025 0.12%
AVAYA HOLDINGS CORP 0.12%
BAUSCH HEALTH TLB L+300 05.4809 06/01/2025 0.12%
CDX CDX.NA.HY.32 500.0 06/20/2024 0.12%
CHS/COMMUNITY HEALT P/P 144A 08.1250 06/30/2024 0.12%
CLEAR CHANNEL WORLD P/P 144A 09.2500 02/15/2024 0.12%
CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 0.12%
CROWN AMER/CAP 04.7500 02/01/2026 0.12%
ELDORADO RESORTS INC 07.0000 08/01/2023 0.12%
ENDEAVOR ENERGY P/P 144A 05.5000 01/30/2026 0.12%
ENSCO PLC USD 07.7500 02/01/2026 0.12%
LENNAR CORP 05.8750 11/15/2024 0.12%
NETFLIX INC. P/P 144A 05.8750 11/15/2028 0.12%
OSHKOSH CORP 05.3750 03/01/2025 0.12%
RESIDEO FUNDING INC P/P 144A 06.1250 11/01/2026 0.12%
ROBERTSHAW TL 2L L+800 10.5000 02/28/2026 0.12%
STEEL DYNAMICS INC 05.5000 10/01/2024 0.12%
THE AES CORPORATION 04.8750 05/15/2023 0.12%
TRANSOCEAN PONTUS LT P/P 144A 06.1250 08/01/2025 0.12%
UNIVISION COMM P/P 144A 05.1250 02/15/2025 0.12%
WELLCARE HEALTH PLANS 05.2500 04/01/2025 0.12%
WPX ENERGY INC 05.7500 06/01/2026 0.12%
1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 0.11%
AES CORP/THE 05.1250 09/01/2027 0.11%
ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 0.11%
ASP AMC MERGER SUB P/P 144A 08.0000 05/15/2025 0.11%
CINEWORLD TLB L+250 04.9986 02/28/2025 0.11%
DIGICEL LTD P/P 144A 06.7500 03/01/2023 0.11%
ENERGY TRANSFER OPERATNG 05.5000 06/01/2027 0.11%
FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 0.11%
FREEDOM MTGE CORP P/P 144A 08.1250 11/15/2024 0.11%
JAGGED PEAK ENERGY 05.8750 05/01/2026 0.11%
JELD-WEN INC P/P 144A 04.8750 12/15/2027 0.11%
MERCER INTL INC USD 07.7500 12/01/2022 0.11%
PARK-OHIO INDUSTRIES INC 06.6250 04/15/2027 0.11%
AIR METHODS TLB L+350 06.1010 04/21/2024 0.10%
ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 0.10%
ANTERO RESOURCES FIN 05.1250 12/01/2022 0.10%
ASCEND LEARNING TLB L+300 05.4986 07/12/2024 0.10%
AVAYA TLB L+425 06.7775 12/15/2024 0.10%
CIRSA FINANCE INTER P/P 144A 07.8750 12/20/2023 0.10%
DCP MIDSTREAM OPERATING 05.3750 07/15/2025 0.10%
DIAMONDBACK ENERGY INC 04.7500 11/01/2024 0.10%
FAIRFAX FINL HLDGS USD 04.8500 04/17/2028 0.10%
GFL ENVIRONMENTAL P/P 144A 05.3750 03/01/2023 0.10%
GFL ENVIRONMENTAL TLB L+300 05.4986 05/31/2025 0.10%
JACOBS ENT INC P/P 144A 07.8750 02/01/2024 0.10%
JO-ANN STORES TL L+500 07.7610 10/16/2023 0.10%
JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 0.10%
MGP ESCROW ISSUER/CO 05.6250 05/01/2024 0.10%
NEWFIELD EXPLORATION CO 05.6250 07/01/2024 0.10%
NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 0.10%
SESI LLC 07.1250 12/15/2021 0.10%
STEEL DYNAMICS INC 05.0000 12/15/2026 0.10%
TENET HEALTHCARE 04.6250 07/15/2024 0.10%
TITAN ACQ LTD P/P 144A 07.7500 04/15/2026 0.10%
TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 0.10%
TRANSDIGM INC 06.5000 05/15/2025 0.10%
VERTIV GROUP CORP P/P 144A 09.2500 10/15/2024 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%
AES CORP/THE 04.5000 03/15/2023 0.09%
ALTICE FRANCE SA P/P 144A 06.2500 05/15/2024 0.09%
AMC ENT HOLDIN 05.8750 11/15/2026 0.09%
ANTERO RESOURCES COR 05.6250 06/01/2023 0.09%
ARD SECURITIES FIN P/P 144A 08.7500 01/31/2023 0.09%
BAUSCH HLTH COS INC P/P 144A 06.5000 03/15/2022 0.09%
BEACON ROOFING SUPPL 06.3750 10/01/2023 0.09%
CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 0.09%
CBS OUT AMER CAP LLC 05.6250 02/15/2024 0.09%
CEMEX P/P 144A 05.7000 01/11/2025 0.09%
CENTENE ESCROW I CO P/P 144A 05.3750 06/01/2026 0.09%
EP ENER/EVEREST ACQ P/P 144A 07.7500 05/15/2026 0.09%
GLP CAPITAL LP / FIN II 05.3750 04/15/2026 0.09%
HCA INC. 07.5000 02/15/2022 0.09%
HOLOGIC INC P/P 144A 04.3750 10/15/2025 0.09%
IHS MARKIT LTD USD 04.7500 08/01/2028 0.09%
ISTAR INC 06.0000 04/01/2022 0.09%
MERCER INTL INC USD 05.5000 01/15/2026 0.09%
NETFLIX INC P/P 144A 06.3750 05/15/2029 0.09%
NOBLE HLDG INTL LTD P/P 144A 07.8750 02/01/2026 0.09%
NRG ENERGY INC 05.7500 01/15/2028 0.09%
REVLON CONS TLB L+350 06.1289 09/07/2023 0.09%
TARGA RESOURCES PART P/P 144A 06.5000 07/15/2027 0.09%
TECK RESOURCES LIMITED USD 03.7500 02/01/2023 0.09%
VERMILION ENERGY INC P/P 144A 05.6250 03/15/2025 0.09%
BANK OF AMERICA CORP 06.1000 12/29/2049 0.08%
BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 0.08%
BOMBARDIER INC P/P 144A 08.7500 12/01/2021 0.08%
BOYD GAMING CORP 06.3750 04/01/2026 0.08%
BOYD GAMING CORPORATION 06.0000 08/15/2026 0.08%
CAPITAL AUTO 2NDL L+600 08.5000 03/24/2025 0.08%
CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 0.08%
CHESAPEAKE ENERGY CORP 08.0000 06/15/2027 0.08%
CHS/COMMUNITY HEALTH P/P 144A 08.0000 03/15/2026 0.08%
CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 0.08%
CREDIT ACCEPTANC P/P 144A 06.6250 03/15/2026 0.08%
CSC HOLDINGS LLC 06.7500 11/15/2021 0.08%
DUN & BRADSTREET TLB L+500 07.4791 02/08/2026 0.08%
ELANCO ANIMAL HEALTH P/P 144A 04.2720 08/28/2023 0.08%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 0.08%
EP ENER/EVEREST ACQ P/P 144A 09.3750 05/01/2024 0.08%
FREEPORT-MCMORAN INC 05.4500 03/15/2043 0.08%
JPMORGAN CHASE & CO 06.0000 12/29/2049 0.08%
LIVE NATION ENTERTAINMENT IN 0.08%
MATTAMY GROUP CORP P/P 144A 06.5000 10/01/2025 0.08%
MGM GROWTH/MGM FINANCE 04.5000 01/15/2028 0.08%
NATIONSTAR MORT/ 06.5000 07/01/2021 0.08%
NINE ENERGY SERVICE P/P 144A 08.7500 11/01/2023 0.08%
SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 0.08%
SPRINGLEAF FINANCE CORP 07.1250 03/15/2026 0.08%
STAR MERGER SUB INC P/P 144A 06.8750 08/15/2026 0.08%
T-MOBILE USA INC 04.5000 02/01/2026 0.08%
TENET HEALTHCARE P/P 144A 06.2500 02/01/2027 0.08%
TRONOX FINANCE PLC P/P 144A 05.7500 10/01/2025 0.08%
ASHTEAD CAPITAL INC P/P 144A 04.3750 08/15/2027 0.07%
BAUSCH HLTH COS INC P/P 144A 05.5000 11/01/2025 0.07%
CALPINE CORP P/P 144A 05.8750 01/15/2024 0.07%
CHENIERE CORP CHRIST 07.0000 06/30/2024 0.07%
CONSTELLIUM NV P/P 144A 05.8750 02/15/2026 0.07%
DISH NETWORK CV 03.3750 08/15/2026 0.07%
DIVERSEY TL L+300 05.7444 09/06/2024 0.07%
EQUINIX INC 05.8750 01/15/2026 0.07%
FREEDOM MORTGAGE TLB L+475 07.2486 02/23/2022 0.07%
INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 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%
KCA DEUTAG US FIN LLC L+675 09.5530 03/21/2023 0.07%
LIVE NATION ENT P/P 144A 04.8750 11/01/2024 0.07%
NOBLE HOLDING INTL LTD USD 07.7500 01/15/2024 0.07%
REFINITIV US HLDG P/P 144A 06.2500 05/15/2026 0.07%
SERVICE CORP INTL 04.6250 12/15/2027 0.07%
STEEL DYNAMICS INC 04.1250 09/15/2025 0.07%
T-MOBILE USA INC 05.1250 04/15/2025 0.07%
THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 0.07%
TRANSOCEAN INC 07.5000 04/15/2031 0.07%
VERTIV INT HOLD CORP P/P 144A 12.0000 02/15/2022 0.07%
WELLCARE HLTH PLANS P/P 144A 05.3750 08/15/2026 0.07%
ASCENT RESOURCES/AR P/P 144A 07.0000 11/01/2026 0.06%
BAUSCH HLTH COS INC P/P 144A 05.7500 08/15/2027 0.06%
BAUSCH HLTH COS INC P/P 144A 05.8750 05/15/2023 0.06%
BERRY GLOBAL INC P/P 144A 04.5000 02/15/2026 0.06%
CBS OUT AMER CAP LLC 05.8750 03/15/2025 0.06%
CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 0.06%
CF INDUSTRIES INC 03.4500 06/01/2023 0.06%
CLEVELAND-CLIFFS INC 05.7500 03/01/2025 0.06%
DENBURY RESOURCES P/P 144A 07.5000 02/15/2024 0.06%
ENERGIZER HLDG INC P/P 144A 06.3750 07/15/2026 0.06%
FRAC TECH INTL TLB L+475 07.2430 04/16/2021 0.06%
HILTON WORLDWIDE FIN LLC 04.6250 04/01/2025 0.06%
LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 0.06%
LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 0.06%
LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 0.06%
NEW GOLD INC P/P 144A 06.2500 11/15/2022 0.06%
ORTHO-CLINICAL TLB L+325 05.7486 06/01/2025 0.06%
PULTEGROUP INC 04.2500 03/01/2021 0.06%
RANGE RESOURCES CORP 05.0000 03/15/2023 0.06%
SM ENERGY CO 06.6250 01/15/2027 0.06%
TARGA RESOURCES PART P/P 144A 06.8750 01/15/2029 0.06%
TRANSOCEAN POSEIDON P/P 144A 06.8750 02/01/2027 0.06%
WILLIAMS COMPANIES INC 05.7500 06/24/2044 0.06%
WMG ACQUISITION CORP P/P 144A 05.5000 04/15/2026 0.06%
ABC SUPPLY CO INC P/P 144A 05.8750 05/15/2026 0.05%
COMMSCOPE FIN LLC P/P 144A 05.5000 03/01/2024 0.05%
CPG INTL TL L+375 06.6330 05/05/2024 0.05%
ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 02/01/2025 0.05%
HUNTSMAN INTERNATIONAL LLC 05.1250 11/15/2022 0.05%
IHS MARKIT LTD P/P 144A 04.0000 03/01/2026 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%
NAVISTAR FIN CORP TLB L+375 06.3125 07/30/2025 0.05%
NINE POINT ENERGY CNV PRF 0.05%
OASIS PETROLEUM INC 06.8750 01/15/2023 0.05%
QUEBECOR MEDIA INC USD 05.7500 01/15/2023 0.05%
REALOGY GRP / CO P/P 144A 09.3750 04/01/2027 0.05%
ROYAL BK SCOTLND GRP PLC USD 04.8920 05/18/2029 0.05%
SEVEN GENERATIONS ENERGY - A 0.05%
USA COM PART/USA COM P/P 144A 06.8750 09/01/2027 0.05%
ACADEMY SPORTS TLB L+400 06.4896 07/02/2022 0.04%
ALTA MESA HLDGS 07.8750 12/15/2024 0.04%
AMC ENTERTAINMENT HLDGS 06.1250 05/15/2027 0.04%
CABLEVISION SYS CORP 08.0000 04/15/2020 0.04%
COMMSCOPE FIN LLC P/P 144A 06.0000 03/01/2026 0.04%
ICAHN ENTER/FIN 06.0000 08/01/2020 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%
MERCER INTL INC P/P 144A 07.3750 01/15/2025 0.04%
NINE POINT ENERGY COM 0.04%
RACKSPACE HOSTING INC L+300 05.7375 11/03/2023 0.04%
STARFRUIT US/STAR F P/P 144A 06.5000 10/01/2026 0.04%
WPX ENERGY INC 06.0000 01/15/2022 0.04%
ASHTEAD CAPITAL INC P/P 144A 05.2500 08/01/2026 0.03%
ELDORADO RESORTS INC 06.0000 09/15/2026 0.03%
PANTHER BF AGGREGA P/P 144A 06.2500 05/15/2026 0.03%
SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 0.03%
ADVANZ PHARMA CORP 0.02%
CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 0.02%
ENERGIZER HLDG INC P/P 144A 07.7500 01/15/2027 0.02%
GENON ENERGY/NRG AMER 09.3923 12/01/2023 0.02%
NABORS INDUSTRIES INC. 05.5000 01/15/2023 0.02%
ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 0.02%
SM ENERGY CO 06.1250 11/15/2022 0.02%
STANDARD IND INC P/P 144A 04.7500 01/15/2028 0.02%
STEEL DYNAMICS INC 05.2500 04/15/2023 0.02%
EUR/USD 06/19/2019 BANKAM 0.01%
GBP/USD 06/19/2019 GSFX 0.01%
SPEC BRNDS ESCROW CO 06.6250 11/15/2022 0.01%
TRANSOCEAN INC P/P 144A 09.0000 07/15/2023 0.01%
TRIBUNE CLASS 1C LITIGAT 0.01%
TXU TCEH RIGHTS 0.01%
AVAYA INC ESCROW P/P 144A 07.0000 04/01/2020 0.00%
CAD/USD 04/17/2019 SSBT 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%
GENON 939CER907 0.00%
KEANE GROUP TLB L+375 06.3125 05/25/2025 0.00%
MWO HOLDINGS LLC 0.00%
SM ENERGY CO 06.7500 09/15/2026 0.00%
TERVITA CORP 0.00%
TEXAS COHLD TCEH ESCROW 11.5000 10/01/2020 0.00%

Prior top 10 holdings

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
Top 10 holdings as of 04/30/19
Ally Financial 08.0000 11/01/2031
Sprint Corp 07.8750 09/15/2023
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
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Refinitiv Tlb L+375 06.2331 10/01/2025
Smurfit Kappa Treasury Usd 07.5000 11/20/2025
Energy Transfer Operatng 06.6250 02/15/2028
Holdings represent 5.79% of portfolio
Top 10 holdings as of 03/31/19
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
Smurfit Kappa Treasury Usd 07.5000 11/20/2025
Refinitiv Tlb L+375 06.2486 10/01/2025
Sprint Corp 07.2500 09/15/2021
Holdings represent 5.63% of portfolio
Top 10 holdings as of 02/28/19
Sprint Corp 07.8750 09/15/2023
Ally Financial 08.0000 11/01/2031
Chs/Community Health Sys 06.2500 03/31/2023
Scientific Games Int 10.0000 12/01/2022
Diamond 1 Fin/Diam P/P 144a 06.0200 06/15/2026
Tempo Acq Llc/Fi P/P 144a 06.7500 06/01/2025
Nexstar Broadc P/P 144a 05.6250 08/01/2024
Sprint Corp 07.2500 09/15/2021
Refinitiv Tlb L+375 06.2430 10/01/2025
Travelport Corp Fin P/P 144a 06.0000 03/15/2026
Holdings represent 5.79% of portfolio

Fixed income statistics as of 05/31/19

Average effective maturity 4.60 yrs.
Average effective duration 3.52 yrs.
Average yield to maturity 6.19%
Average coupon 6.11%
Average price $101.71

Maturity detail as of 05/31/19

0 - 1 yr. 10.35%
1 - 5 yrs. 48.06%
5 - 10 yrs. 37.78%
10 - 15 yrs. 2.11%
Over 15 yrs. 1.70%

Quality rating as of 05/31/19

A 0.37%
BBB 8.60%
BB 41.27%
B 32.82%
CCC and Below 9.45%
Not Rated 1.81%
Net cash 5.68%

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 05/31/19

Consumer cyclicals 18.88%
Communication services 12.79%
Basic materials 12.14%
Energy 11.90%
Financials 9.44%
Health care 8.57%
Capital goods 6.99%
Net Cash 5.68%
Technology 5.06%
 
Other
9.55%
Consumer staples 5.06%
Utilities 3.24%
Non-cash investments 1.00%
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 05/31/19

United States 84.67%
Canada 5.17%
Luxembourg 1.96%
United Kingdom 1.63%
Netherlands 1.26%
Ireland 1.17%
France 1.03%
Switzerland 0.62%
Bermuda 0.51%
 
Other
1.98%
Mexico 0.42%
Israel 0.38%
Norway 0.35%
Indonesia 0.28%
Cayman Islands 0.27%
Germany 0.14%
Jamaica 0.13%
European Community 0.01%

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.