High Yield Fund (PHYIX)
Seeking a high level of income for investors since 1986
- Highlights
- Performance
- Holdings
- Expenses
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$5.88
0.00% ( $0.00 ) |
$5.95
(06/02/17) |
$5.58
(06/27/16) |
Management team
Norman P. Boucher (industry since 1985)
Robert L. Salvin (industry since 1986)
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.
- Active risk management: The managers can adjust the fund's holdings to capitalize on market opportunities, such as emphasizing bonds with higher credit quality when credit risk increases.
- Leading research: The fund's managers, supported by Putnam's fixed-income research division, analyze a range of bonds to build a diversified portfolio.
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. To obtain the most recent month-end performance, visit putnam.com.
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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T1, 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). 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, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance
Consistency of positive performance over five years
Performance represents 5-year returns in rolling quarter-end periods since inception.
18.71%
Best 5-year annualized return
(for period ending 12/31/95)
-2.91%
Worst 5-year annualized return
(for period ending 09/30/02)
7.81%
Average 5-year annualized return
Dots represent 5-year returns in rolling quarter-end periods since inception.
100 positive 5-year periods
5 negative 5-year periods
| 95% | |
| 5% |
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
Total return (%) as of 03/31/17
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 13.91% | 3.33% | 5.72% | 6.21% |
| After sales charge | 9.35% | 1.93% | 4.86% | 5.78% |
| JPMorgan Developed High Yield Index | 17.68% | 4.64% | 7.06% | 7.73% |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 13.91% | 10.33% | 32.09% | 82.63% |
| After sales charge | 9.35% | 5.92% | 26.81% | 75.32% |
Annual performance as of 03/31/17
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 3.44% | -24.22% | 48.32% | 13.34% | 3.15% | 15.11% | 6.81% | 1.94% | -5.42% | 15.41% |
| JPMorgan Developed High Yield Index | 2.69% | -26.80% | 58.76% | 14.86% | 6.59% | 15.67% | 8.42% | 2.15% | -4.53% | 18.22% |
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. To obtain the most recent month-end performance, visit putnam.com.
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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T1, 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). 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, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
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.
Holdings
Top 10 holdings as of 05/31/17
| Scientific Games Int 10.0000 12/01/2022 | 0.77% |
|
|---|---|---|
| Sprint Corp 07.8750 09/15/2023 | 0.74% |
|
| Ally Financial 08.0000 11/01/2031 | 0.65% |
|
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | 0.64% |
|
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | 0.60% |
|
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | 0.59% |
|
| Csc Holdings Llc P/P 144a 10.1250 01/15/2023 | 0.59% |
|
| Mtw Foodservice Escr 09.5000 02/15/2024 | 0.56% |
|
| Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | 0.55% |
|
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | 0.54% |
|
| Top 10 holdings, percent of portfolio | 6.23% |
|
Full portfolio holdings as of 03/31/17
| SCIENTIFIC GAMES INT 10.0000 12/01/2022 | 0.74% |
|---|---|
| SPRINT CORP 07.8750 09/15/2023 | 0.69% |
| ALLY FINANCIAL INC 08.0000 11/01/2031 | 0.68% |
| CERIDIAN HCM HOLDING P/P 144A 11.0000 03/15/2021 | 0.65% |
| GATES GLOBAL LLC P/P 144A 06.0000 07/15/2022 | 0.63% |
| DIAMOND 1 FIN/DIAMON P/P 144A 07.1250 06/15/2024 | 0.62% |
| CSC HOLDINGS LLC 05.2500 06/01/2024 | 0.60% |
| MTW FOODSERVICE ESCR 09.5000 02/15/2024 | 0.56% |
| ROYAL BK SCOTLND GRP PLC USD 07.6480 08/29/2049 | 0.55% |
| EVEREST ACQ LLC/FIN 09.3750 05/01/2020 | 0.53% |
| CAESARS GROWTH PROP TL L+525 06.2500 05/08/2021 | 0.52% |
| CIT GROUP INC 05.0000 08/01/2023 | 0.50% |
| GCP APPLIED TECH P/P 144A 09.5000 02/01/2023 | 0.49% |
| WR GRACE & CO-CONN P/P 144A 05.6250 10/01/2024 | 0.48% |
| CSC HOLDINGS LLC P/P 144A 10.1250 01/15/2023 | 0.46% |
| SPRINT CORP 07.2500 09/15/2021 | 0.46% |
| TI GROUP AUTO SYS LL P/P 144A 08.7500 07/15/2023 | 0.46% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.44% |
| CHENIERE CORP CHRIST P/P 144A 05.8750 03/31/2025 | 0.44% |
| LAREDO PETROLEUM INC 07.3750 05/01/2022 | 0.44% |
| CLEAR CHNL WORLD 06.5000 11/15/2022 | 0.43% |
| BUILDERS FIRSTSOURCE P/P 144A 10.7500 08/15/2023 | 0.42% |
| CENOVUS ENERGY INC USD 06.7500 11/15/2039 | 0.42% |
| LEGRAND FRANCE USD 08.5000 02/15/2025 | 0.42% |
| SFR GROUP SA P/P 144A 06.0000 05/15/2022 | 0.42% |
| T-MOBILE USA INC 06.1250 01/15/2022 | 0.42% |
| CHS/COMMUNITY HEALTH 06.8750 02/01/2022 | 0.41% |
| INFOR SOFTWARE P/P 144A 07.1250 05/01/2021 | 0.41% |
| JACK OHIO FIN LLC/FI P/P 144A 10.2500 11/15/2022 | 0.41% |
| NAVISTAR TLB L+400 05.0000 08/07/2020 | 0.41% |
| MERCER INTL INC USD 07.7500 12/01/2022 | 0.40% |
| ARDAGH PKG FIN/HLDGS P/P 144A 07.2500 05/15/2024 | 0.39% |
| AVAYA INC P/P 144A 07.0000 04/01/2019 | 0.39% |
| BOISE CASCADE CO P/P 144A 05.6250 09/01/2024 | 0.39% |
| BWAY HOLDING CO P/P 144A 05.5000 04/15/2024 | 0.39% |
| WATCO COS LLC/FI P/P 144A 06.3750 04/01/2023 | 0.39% |
| ALTA MESA HLDGS P/P 144A 07.8750 12/15/2024 | 0.38% |
| CALPINE CORP 05.7500 01/15/2025 | 0.38% |
| JACK OHIO FIN LLC/FI P/P 144A 06.7500 11/15/2021 | 0.38% |
| ORTHO-CLINICAL INC/S P/P 144A 06.6250 05/15/2022 | 0.38% |
| SOLERA LLC / SOLERA P/P 144A 10.5000 03/01/2024 | 0.38% |
| WEEKLEY HOMES LLC 06.0000 02/01/2023 | 0.38% |
| HCA INC 06.5000 02/15/2020 | 0.37% |
| NOVELIS CORP P/P 144A 05.8750 09/30/2026 | 0.37% |
| SPRINT CAPITAL CORPORATION 06.8750 11/15/2028 | 0.37% |
| SUGAR HSP GAMING P/P 144A 06.3750 06/01/2021 | 0.37% |
| 1011778 BC / NEW RED P/P 144A 06.0000 04/01/2022 | 0.36% |
| CAESARS ENT OPER TLB6B L+775 11.5000 03/01/2018 | 0.36% |
| COMMSCOPE TECH LLC P/P 144A 06.0000 06/15/2025 | 0.36% |
| DYNEGY INC 07.6250 11/01/2024 | 0.36% |
| ADS INC P/P 144A 05.6250 11/15/2024 | 0.35% |
| AES CORP/VA 05.5000 04/15/2025 | 0.35% |
| BLUELINE RENTAL CRP P/P 144A 09.2500 03/15/2024 | 0.35% |
| BRIGGS & STRATTON CORPORATION 06.8750 12/15/2020 | 0.35% |
| DIGICEL LIMITED P/P 144A 06.7500 03/01/2023 | 0.35% |
| ELDORADO RESORTS INC 07.0000 08/01/2023 | 0.35% |
| KLX INC P/P 144A 05.8750 12/01/2022 | 0.35% |
| MASTEC INC 04.8750 03/15/2023 | 0.35% |
| RANGE RESOURCES CORP P/P 144A 05.7500 06/01/2021 | 0.35% |
| SERVICE CORP INTL 05.3750 05/15/2024 | 0.35% |
| STEEL DYNAMICS INC 06.3750 08/15/2022 | 0.35% |
| CALIFORNIA RESOURCES P/P 144A 08.0000 12/15/2022 | 0.34% |
| PENSKE AUTO GRP INC 05.7500 10/01/2022 | 0.34% |
| BEACON ROOFING SUPPL 06.3750 10/01/2023 | 0.33% |
| CHESAPEAKE ENERGY 1.5L L+750 08.5000 08/23/2021 | 0.33% |
| WPX ENERGY INC 07.5000 08/01/2020 | 0.33% |
| BELDEN INC P/P 144A 05.2500 07/15/2024 | 0.32% |
| BMC EAST LLC P/P 144A 05.5000 10/01/2024 | 0.32% |
| CAESARS GROW PROP HLD/FI 09.3750 05/01/2022 | 0.32% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.8750 04/01/2024 | 0.32% |
| ENDO LTD/FIN LLC/FIN P/P 144A 06.0000 07/15/2023 | 0.32% |
| FIRST DATA CORP P/P 144A 07.0000 12/01/2023 | 0.32% |
| PROVIDENT FDG/PFG P/P 144A 06.7500 06/15/2021 | 0.32% |
| PULTEGROUP INC. 07.8750 06/15/2032 | 0.32% |
| RITE AID CORP P/P 144A 06.1250 04/01/2023 | 0.32% |
| AIR MEDICAL MERGER S P/P 144A 06.3750 05/15/2023 | 0.31% |
| DIAMOND RESORTS INTL P/P 144A 07.7500 09/01/2023 | 0.31% |
| FLEX ACQ CO INC P/P 144A 06.8750 01/15/2025 | 0.31% |
| HALYARD HEALTH INC 06.2500 10/15/2022 | 0.31% |
| INFOR US INC 06.5000 05/15/2022 | 0.31% |
| IRON MOUNTAIN INCORPORATED 06.0000 08/15/2023 | 0.31% |
| SERVICE CORP INTL 05.3750 01/15/2022 | 0.31% |
| SIX FLAGS ENT P/P 144A 04.8750 07/31/2024 | 0.31% |
| TMS INTL CORP P/P 144A 07.6250 10/15/2021 | 0.31% |
| AMERICAN INTL GROUP 08.1750 05/15/2058 | 0.30% |
| BOMBARDIER INC P/P 144A 08.7500 12/01/2021 | 0.30% |
| DIAMONDBACK ENER P/P 144A 05.3750 05/31/2025 | 0.30% |
| HOLLY ENERGY PARTNE P/P 144A 06.0000 08/01/2024 | 0.30% |
| SINCLAIR TELEVISION P/P 144A 05.6250 08/01/2024 | 0.30% |
| ALTICE LUXEMBOURG SA P/P 144A 07.7500 05/15/2022 | 0.29% |
| MICRON TECH INC 05.8750 02/15/2022 | 0.29% |
| T-MOBILE USA INC 06.6250 04/01/2023 | 0.29% |
| ZF NA CAPITAL P/P 144A 04.7500 04/29/2025 | 0.29% |
| ALPHA 3 BV / US BID P/P 144A 06.2500 02/01/2025 | 0.28% |
| AMERICAN TIRE DISTRI P/P 144A 10.2500 03/01/2022 | 0.28% |
| CNG HOLDINGS INC P/P 144A 09.3750 05/15/2020 | 0.28% |
| CONTINENTAL RESOURCES 05.0000 09/15/2022 | 0.28% |
| GREAT CANADIAN GAMIN P/P 144A 06.6250 07/25/2022 | 0.28% |
| HUB INTL LTD P/P 144A 07.8750 10/01/2021 | 0.28% |
| NAVISTAR INTERNATIONAL CORP 08.2500 11/01/2021 | 0.28% |
| REVLON CONSUMER PRODS 05.7500 02/15/2021 | 0.28% |
| SOUTHERN STAR CENT P/P 144A 05.1250 07/15/2022 | 0.28% |
| BLUE CUBE SPINCO INC 09.7500 10/15/2023 | 0.27% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 12/15/2022 | 0.27% |
| CONCHO RESOURCES INC 05.5000 04/01/2023 | 0.27% |
| MATTAMY GROUP CORP P/P 144A 06.5000 11/15/2020 | 0.27% |
| NATIONSTAR MORT/ 06.5000 07/01/2021 | 0.27% |
| RIVERS PITTSBURGH LP P/P 144A 06.1250 08/15/2021 | 0.27% |
| UNITYMEDIA KABELBW P/P 144A 06.1250 01/15/2025 | 0.27% |
| UNIVISION COMM P/P 144A 05.1250 02/15/2025 | 0.27% |
| WEST CORP P/P 144A 05.3750 07/15/2022 | 0.27% |
| ALLY FINANCIAL INC 05.7500 11/20/2025 | 0.26% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.1250 05/01/2023 | 0.26% |
| CEC ENT INC 08.0000 02/15/2022 | 0.26% |
| COMPASS MINERALS INT P/P 144A 04.8750 07/15/2024 | 0.26% |
| COVERIS HOLDINGS SA P/P 144A 07.8750 11/01/2019 | 0.26% |
| FRONTIER COMM 10.5000 09/15/2022 | 0.26% |
| GETTY IMAGES TLB L+350 04.7500 10/18/2019 | 0.26% |
| NOVELIS CORP P/P 144A 06.2500 08/15/2024 | 0.26% |
| PLANTRONICS INC P/P 144A 05.5000 05/31/2023 | 0.26% |
| SMURFIT KAPPA TREASURY USD 07.5000 11/20/2025 | 0.26% |
| VIDEOTRON LTD USD 05.0000 07/15/2022 | 0.26% |
| BWAY HOLDING CO P/P 144A 07.2500 04/15/2025 | 0.25% |
| DENBURY RESOURCES IN P/P 144A 09.0000 05/15/2021 | 0.25% |
| DRESDNER FDG TRST I P/P 144A 08.1510 06/30/2031 | 0.25% |
| ENDEAVOR ENERGY P/P 144A 08.1250 09/15/2023 | 0.25% |
| GLP CAP LP / FIN II 04.8750 11/01/2020 | 0.25% |
| INCEPTION MRGR/RACK P/P 144A 08.6250 11/15/2024 | 0.25% |
| T-MOBILE USA INC 06.3750 03/01/2025 | 0.25% |
| ALLEGHENY TECHNOLOGIES INC 09.3750 06/01/2019 | 0.24% |
| AXALTA COATING SYS P/P 144A 04.8750 08/15/2024 | 0.24% |
| CLEAR CHANNEL TLD L+675 07.7322 01/30/2019 | 0.24% |
| DEVON FINANCING CORP LLC 07.8750 09/30/2031 | 0.24% |
| EMI MUSIC PUBLISHING P/P 144A 07.6250 06/15/2024 | 0.24% |
| FIRST DATA CORP P/P 144A 05.7500 01/15/2024 | 0.24% |
| JO-ANN HOLDCO P/P 144A 09.7500 10/15/2019 | 0.24% |
| ONEX USI AC P/P 144A 07.7500 01/15/2021 | 0.24% |
| REVLON CONS TLB L+350 04.4822 09/07/2023 | 0.24% |
| SIX FLAGS ENT P/P 144A 05.5000 04/15/2027 | 0.24% |
| TENET HEALTHCARE COR 04.6312 06/15/2020 | 0.24% |
| ZEKELMAN IND INC P/P 144A 09.8750 06/15/2023 | 0.24% |
| AES CORP/VA 07.3750 07/01/2021 | 0.23% |
| CALATLANTIC GROUP INC. 06.2500 12/15/2021 | 0.23% |
| CEMEX FINANCE LLC P/P 144A 09.3750 10/12/2022 | 0.23% |
| COLORADO INTERSTATE GAS CO 06.8500 06/15/2037 | 0.23% |
| DAKOTA MERGER SUB P/P 144A 10.7500 09/01/2024 | 0.23% |
| DISH NETWORK P/P 144A CV 03.3750 08/15/2026 | 0.23% |
| FIRST QUANTUM MINERA P/P 144A 07.5000 04/01/2025 | 0.23% |
| MURPHY OIL CORP 06.8750 08/15/2024 | 0.23% |
| SABRE GLBL INC P/P 144A 05.3750 04/15/2023 | 0.23% |
| VALEANT PHARMA P/P 144A 05.8750 05/15/2023 | 0.23% |
| WPX ENERGY INC 06.0000 01/15/2022 | 0.23% |
| CCO HLDGS LLC/CAP CO P/P 144A 05.7500 02/15/2026 | 0.22% |
| CENTENE CORP 06.1250 02/15/2024 | 0.22% |
| CHEMOURS CO 07.0000 05/15/2025 | 0.22% |
| CNO FINANCIAL GROUP INC 05.2500 05/30/2025 | 0.22% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.4500 06/15/2023 | 0.22% |
| HILTON WORLDWIDE FIN P/P 144A 04.8750 04/01/2027 | 0.22% |
| JC PENNEY CORP INC 08.1250 10/01/2019 | 0.22% |
| LIONS GATE ENT P/P 144A 05.8750 11/01/2024 | 0.22% |
| LOUISIANA-PACIFIC CORP 04.8750 09/15/2024 | 0.22% |
| MOOG INC P/P 144A 05.2500 12/01/2022 | 0.22% |
| NRG ENERGY INC P/P 144A 06.6250 01/15/2027 | 0.22% |
| SCIENTIFIC GAMES INT P/P 144A 07.0000 01/01/2022 | 0.22% |
| T-MOBILE USA INC 06.2500 04/01/2021 | 0.22% |
| TENNECO INC 05.3750 12/15/2024 | 0.22% |
| US CONCRETE INC 06.3750 06/01/2024 | 0.22% |
| BUILDERS FIRSTSOURCE P/P 144A 05.6250 09/01/2024 | 0.21% |
| CCO HLDGS LLC/CAP CORP 05.2500 09/30/2022 | 0.21% |
| CHS/COMMUNITY HEALTH 08.0000 11/15/2019 | 0.21% |
| CREDIT SUISSE GRP AG P/P 144A 06.2500 12/29/2049 | 0.21% |
| DEAN FOODS CO P/P 144A 06.5000 03/15/2023 | 0.21% |
| ENERGY TRANSFER EQUITY 07.5000 10/15/2020 | 0.21% |
| FIRST DATA CORP P/P 144A 05.3750 08/15/2023 | 0.21% |
| FREEPORT-MCMORAN INC P/P 144A 06.8750 02/15/2023 | 0.21% |
| GRAY TELEVISION INC P/P 144A 05.8750 07/15/2026 | 0.21% |
| INTELSAT LUXEMB USD 08.1250 06/01/2023 | 0.21% |
| JAGUAR HL / PPDI P/P 144A 06.3750 08/01/2023 | 0.21% |
| JOSEPH T RYERSON & S P/P 144A 11.0000 05/15/2022 | 0.21% |
| LAMB WESTON HOLDINGS P/P 144A 04.8750 11/01/2026 | 0.21% |
| NEWFIELD EXPLORATION CO 05.6250 07/01/2024 | 0.21% |
| NEXSTAR BROADC P/P 144A 05.6250 08/01/2024 | 0.21% |
| NORBORD INC P/P 144A 06.2500 04/15/2023 | 0.21% |
| SFR GROUP SA P/P 144A 07.3750 05/01/2026 | 0.21% |
| SM ENERGY CO 06.1250 11/15/2022 | 0.21% |
| SPRINT COMM P/P 144A 09.0000 11/15/2018 | 0.21% |
| TENET HEALTHCARE 06.0000 10/01/2020 | 0.21% |
| VALEANT PHARMA P/P 144A 05.3750 03/15/2020 | 0.21% |
| VALEANT PHARMA P/P 144A 07.0000 03/15/2024 | 0.21% |
| WILLIAMS COS INC 07.7500 06/15/2031 | 0.21% |
| ACADEMY SPORTS TLB L+400 05.0550 07/02/2022 | 0.20% |
| ALLIANCE DATA SYS CO P/P 144A 05.3750 08/01/2022 | 0.20% |
| ALLIANT HLDG INT LLC P/P 144A 08.2500 08/01/2023 | 0.20% |
| AVAYA TLB7 L+525 06.2818 05/29/2020 | 0.20% |
| CEMEX FINANCE LLC P/P 144A 06.0000 04/01/2024 | 0.20% |
| HCA INC 05.2500 06/15/2026 | 0.20% |
| HUDBAY MINERALS INC P/P 144A 07.6250 01/15/2025 | 0.20% |
| LPL HOLDINGS INC P/P 144A 05.7500 09/15/2025 | 0.20% |
| MALLINCKRODT FIN/SB P/P 144A 05.5000 04/15/2025 | 0.20% |
| NEWFIELD EXPLORATION CO 05.7500 01/30/2022 | 0.20% |
| SEVEN GENERATIONS EN P/P 144A 06.7500 05/01/2023 | 0.20% |
| SOLENIS 1STL L+325 04.3040 07/31/2021 | 0.20% |
| TRI POINTE GROUP / HOMES 05.8750 06/15/2024 | 0.20% |
| USG CORP P/P 144A 05.5000 03/01/2025 | 0.20% |
| WINDSTREAM SERVICES LLC 06.3750 08/01/2023 | 0.20% |
| ZEBRA TECH CORP 07.2500 10/15/2022 | 0.20% |
| ALLISON TRANSMISSION P/P 144A 05.0000 10/01/2024 | 0.19% |
| AUTOMATION TOOLING S P/P 144A 06.5000 06/15/2023 | 0.19% |
| BERRY PLASTICS CORP 05.1250 07/15/2023 | 0.19% |
| BROOKFIELD RESID P/P 144A 06.5000 12/15/2020 | 0.19% |
| CREDIT ACCEPTANC 06.1250 02/15/2021 | 0.19% |
| EP ENER/EVEREST ACQ P/P 144A 08.0000 02/15/2025 | 0.19% |
| FRAC TECH INTL TLB L+475 05.7500 04/16/2021 | 0.19% |
| ISLE OF CAPRI CASINO 05.8750 03/15/2021 | 0.19% |
| JAZZ US HOLDINGS INC CV 08.0000 12/31/2018 | 0.19% |
| KRATON POLYMERS P/P 144A 10.5000 04/15/2023 | 0.19% |
| MASONITE INTL C P/P 144A 05.6250 03/15/2023 | 0.19% |
| OSHKOSH CORP 05.3750 03/01/2025 | 0.19% |
| PRECISION DRILLING C P/P 144A 07.7500 12/15/2023 | 0.19% |
| SM ENERGY CO 06.5000 11/15/2021 | 0.19% |
| TMX FIN/TITLEMAX P/P 144A 08.5000 09/15/2018 | 0.19% |
| UNIVAR USA INC P/P 144A 06.7500 07/15/2023 | 0.19% |
| AMC ENTERTAINMENT HOLDIN 05.7500 06/15/2025 | 0.18% |
| ASURION LLC 2NDL L+750 08.5000 03/03/2021 | 0.18% |
| BOYD GAMING CORPORATION 06.8750 05/15/2023 | 0.18% |
| BROOKFIELD RESID PRO P/P 144A 06.1250 07/01/2022 | 0.18% |
| CAD/USD 04/19/2017 SSBT | 0.18% |
| CBS OUT AMER CAP LLC 05.8750 03/15/2025 | 0.18% |
| CONCHO RESOURCES INC 05.5000 10/01/2022 | 0.18% |
| HIGH RIDGE BRANDS CO P/P 144A 08.8750 03/15/2025 | 0.18% |
| HOWARD HUGHES CORP P/P 144A 05.3750 03/15/2025 | 0.18% |
| OASIS PETROLEUM INC 06.8750 03/15/2022 | 0.18% |
| REGAL ENTERTAINMENT GRP 05.7500 02/01/2025 | 0.18% |
| REGENCY ENERGY PART/FINA 05.8750 03/01/2022 | 0.18% |
| STANDARD IND INC P/P 144A 05.3750 11/15/2024 | 0.18% |
| STEARNS HOLDINGS LLC P/P 144A 09.3750 08/15/2020 | 0.18% |
| VALEANT PHARMA P/P 144A 06.1250 04/15/2025 | 0.18% |
| ICAHN ENTERPRISES/FI 05.8750 02/01/2022 | 0.17% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.0000 06/01/2024 | 0.17% |
| KFC HLD/PIZZA HUT/TA P/P 144A 05.2500 06/01/2026 | 0.17% |
| SEALED AIR CORP P/P 144A 06.8750 07/15/2033 | 0.17% |
| SOLENIS 2NDL L+675 07.8040 07/31/2022 | 0.17% |
| SPRINT SPECTRUM P/P 144A 03.3600 09/20/2021 | 0.17% |
| THE NEIMAN MARCUS GROUP LLC 07.1250 06/01/2028 | 0.17% |
| WHITING PETROLEUM CORP 05.0000 03/15/2019 | 0.17% |
| WOLVERINE WORLD WIDE P/P 144A 05.0000 09/01/2026 | 0.17% |
| CENTENE CORP 04.7500 05/15/2022 | 0.16% |
| CHEMOURS CO 06.6250 05/15/2023 | 0.16% |
| CINEMARK USA INC 05.1250 12/15/2022 | 0.16% |
| CLEAR CHANNEL COMMUN 09.0000 12/15/2019 | 0.16% |
| COMMERZBANK AG P/P 144A 08.1250 09/19/2023 | 0.16% |
| CROWN CORK & SEAL CO INC 07.3750 12/15/2026 | 0.16% |
| DYNEGY INC 07.3750 11/01/2022 | 0.16% |
| GENERAL MOTORS FINL CO 04.0000 10/06/2026 | 0.16% |
| KRATON POLYMERS LLC/ P/P 144A 07.0000 04/15/2025 | 0.16% |
| NEW GOLD INC P/P 144A 07.0000 04/15/2020 | 0.16% |
| NRG ENERGY INC 07.2500 05/15/2026 | 0.16% |
| ON SEMICONDUC CV 01.0000 12/01/2020 | 0.16% |
| REYNOLDS GRP ISS/REY P/P 144A 07.0000 07/15/2024 | 0.16% |
| SEVEN GENS ENER P/P 144A 08.2500 05/15/2020 | 0.16% |
| WMG ACQUISITION CORP P/P 144A 05.0000 08/01/2023 | 0.16% |
| ZF NA CAPITAL P/P 144A 04.5000 04/29/2022 | 0.16% |
| ANTERO RESOURCES 05.3750 11/01/2021 | 0.15% |
| ARDAGH PKG FIN/HLDGS P/P 144A 06.0000 02/15/2025 | 0.15% |
| BANCO BILBAO VIZCAYA ARG REGS 09.0000 05/29/2049 | 0.15% |
| CONTINENTAL RES 04.5000 04/15/2023 | 0.15% |
| DIGICEL GROUP LTD P/P 144A 08.2500 09/30/2020 | 0.15% |
| ENDO FIN LLC/ENDO FI P/P 144A 05.3750 01/15/2023 | 0.15% |
| EP ENER/EVEREST P/P 144A 08.0000 11/29/2024 | 0.15% |
| JLL/DELTA DUTCH NEW P/P 144A 07.5000 02/01/2022 | 0.15% |
| KCA DEUTAG UK FIN PL P/P 144A 09.8750 04/01/2022 | 0.15% |
| KRONOS 2NDL L+825 09.2500 11/01/2024 | 0.15% |
| LLOYDS BANK PLC 13.0000 01/29/2049 | 0.15% |
| MOLINA HEALTHCARE IN 05.3750 11/15/2022 | 0.15% |
| NEWFIELD EXPLORATION CO 05.3750 01/01/2026 | 0.15% |
| NIELSEN FIN LLC/CO P/P 144A 05.0000 04/15/2022 | 0.15% |
| PENSKE AUTOMOTIVE GROUP 05.3750 12/01/2024 | 0.15% |
| SM ENERGY CO 05.0000 01/15/2024 | 0.15% |
| SPECTRUM BRANDS INC 05.7500 07/15/2025 | 0.15% |
| TALBOTS INC 1STL L+450 05.5000 03/19/2020 | 0.15% |
| TRIBUNE MEDIA CO 05.8750 07/15/2022 | 0.15% |
| US CONCRETE INC P/P 144A 06.3750 06/01/2024 | 0.15% |
| WILLIAMS PARTNERS L.P. 04.8750 03/15/2024 | 0.15% |
| YONKERS RACING 1STL L+325 04.2500 08/20/2019 | 0.15% |
| AMAG PHARMA INC P/P 144A 07.8750 09/01/2023 | 0.14% |
| ARCELORMITTAL USD 06.1250 06/01/2025 | 0.14% |
| ARCELORMITTAL USD 10.6000 06/01/2019 | 0.14% |
| CSC HOLDINGS LLC P/P 144A 10.8750 10/15/2025 | 0.14% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 05/15/2022 | 0.14% |
| HESS CORP 07.3000 08/15/2031 | 0.14% |
| J CREW TLB L+300 04.0778 03/05/2021 | 0.14% |
| OASIS PETROLEUM INC 06.8750 01/15/2023 | 0.14% |
| ONEMAIN FIN HLDG INC P/P 144A 07.2500 12/15/2021 | 0.14% |
| PENN NATIONAL GAMING P/P 144A 05.6250 01/15/2027 | 0.14% |
| STERIGENICS-NORDION P/P 144A 06.5000 05/15/2023 | 0.14% |
| VIRGIN MEDIA FIN PLC P/P 144A 06.3750 04/15/2023 | 0.14% |
| WHITEWAVE FOODS CO 05.3750 10/01/2022 | 0.14% |
| ABC SUPPLY CO INC P/P 144A 05.7500 12/15/2023 | 0.13% |
| ALTICE FINCO SA P/P 144A 07.6250 02/15/2025 | 0.13% |
| BANK OF AMERICA CORP 06.5000 10/29/2049 | 0.13% |
| CCO HLDGS LLC/CAP C P/P 144A 05.5000 05/01/2026 | 0.13% |
| CPG MERGER SUB LLC P/P 144A 08.0000 10/01/2021 | 0.13% |
| DENBURY RESOURCES INC 06.3750 08/15/2021 | 0.13% |
| DISH DBS CORP 05.8750 11/15/2024 | 0.13% |
| GENON AMERICAS GENR LLC 09.1250 05/01/2031 | 0.13% |
| HANESBRANDS INC P/P 144A 04.6250 05/15/2024 | 0.13% |
| ICAHN ENTER/FIN P/P 144A 06.7500 02/01/2024 | 0.13% |
| LANDRY'S INC P/P 144A 06.7500 10/15/2024 | 0.13% |
| NRG ENERGY INC 07.8750 05/15/2021 | 0.13% |
| OMEGA HLTHCARE INVESTORS 04.9500 04/01/2024 | 0.13% |
| POMEGRANATE MERGER S P/P 144A 09.7500 05/01/2023 | 0.13% |
| SCHAEFFLER VERWA P/P 144A 04.7500 09/15/2026 | 0.13% |
| SEMGROUP CORP P/P 144A 06.3750 03/15/2025 | 0.13% |
| SPECTRUM BRANDS INC 06.1250 12/15/2024 | 0.13% |
| STANDARD IND INC P/P 144A 05.0000 02/15/2027 | 0.13% |
| STEEL DYNAMICS INC 05.5000 10/01/2024 | 0.13% |
| TARGA RES PRTNRS P/P 144A 05.3750 02/01/2027 | 0.13% |
| TAYLOR MORRISON P/P 144A 05.6250 03/01/2024 | 0.13% |
| TRANSDIGM INC 06.3750 06/15/2026 | 0.13% |
| WIDEOPENWEST FIN 10.2500 07/15/2019 | 0.13% |
| A SCHULMAN INC 06.8750 06/01/2023 | 0.12% |
| AES CORP/VA 04.8750 05/15/2023 | 0.12% |
| ALTICE FINANCING SA P/P 144A 06.6250 02/15/2023 | 0.12% |
| CALPINE CORP P/P 144A 06.0000 01/15/2022 | 0.12% |
| CHESAPEAKE ENERGY CO P/P 144A 08.0000 01/15/2025 | 0.12% |
| CINEMARK USA INC 04.8750 06/01/2023 | 0.12% |
| CONSTELLIUM NV P/P 144A 05.7500 05/15/2024 | 0.12% |
| CONTINENTAL RESOURCES 03.8000 06/01/2024 | 0.12% |
| CONTINENTAL RESOURCES 04.9000 06/01/2044 | 0.12% |
| DEL MONTE 2NDL L+725 08.3100 08/18/2021 | 0.12% |
| ENERGY TRANSFER EQUITY L.P. 05.8750 01/15/2024 | 0.12% |
| ESH HOSPITALITY INC P/P 144A 05.2500 05/01/2025 | 0.12% |
| EVOLUTION ESCROW P/P 144A 07.5000 03/15/2022 | 0.12% |
| ICAHN ENTERPRISES/FI P/P 144A 06.2500 02/01/2022 | 0.12% |
| KINETIC CONCEPT/KCI P/P 144A 12.5000 11/01/2021 | 0.12% |
| NEIMAN MARCUS GROUP P/P 144A 08.0000 10/15/2021 | 0.12% |
| PENSKE AUTOMOTIVE GROUP 05.5000 05/15/2026 | 0.12% |
| PILGRIM'S PRIDE CORP P/P 144A 05.7500 03/15/2025 | 0.12% |
| ROSE ROCK MIDSTREAM/ 05.6250 11/15/2023 | 0.12% |
| SM ENERGY CO 06.7500 09/15/2026 | 0.12% |
| 1011778 BC / NEW RED P/P 144A 04.6250 01/15/2022 | 0.11% |
| AES CORP/VA 08.0000 06/01/2020 | 0.11% |
| ALTICE US FIN II CRP P/P 144A 07.7500 07/15/2025 | 0.11% |
| ANTERO RESOURCES COR 05.6250 06/01/2023 | 0.11% |
| ANTERO RESOURCES FIN 05.1250 12/01/2022 | 0.11% |
| ASCENT RESOURCES/AEU P/P 144A 10.0000 04/01/2022 | 0.11% |
| BOARDWALK PIPELINES LP 05.9500 06/01/2026 | 0.11% |
| CALATLANTIC GROUP INC 05.8750 11/15/2024 | 0.11% |
| CBS OUT AMER CAP LLC 05.6250 02/15/2024 | 0.11% |
| CEQUEL COM HLDG I/CA P/P 144A 05.1250 12/15/2021 | 0.11% |
| CIT GROUP INC. 05.0000 08/15/2022 | 0.11% |
| CONCORDIA HEALTH TLB L+425 05.2500 10/21/2021 | 0.11% |
| CREDIT ACCEPTANC 07.3750 03/15/2023 | 0.11% |
| GARTNER INC P/P 144A 05.1250 04/01/2025 | 0.11% |
| KRATON POLYMERS TLB L+400 05.0000 01/06/2022 | 0.11% |
| KRONOS 1STL L+400 05.0000 11/01/2023 | 0.11% |
| MEG ENERGY CORP P/P 144A 07.0000 03/31/2024 | 0.11% |
| NIELSEN CO LUXEM P/P 144A 05.0000 02/01/2025 | 0.11% |
| ONEMAIN FIN HLDG INC P/P 144A 06.7500 12/15/2019 | 0.11% |
| OSHKOSH CORP 05.3750 03/01/2022 | 0.11% |
| T-MOBILE USA INC 05.3750 04/15/2027 | 0.11% |
| AMC ENTERTAINMENT HOLDIN 05.8750 02/15/2022 | 0.10% |
| AMSTED INDUSTRIES P/P 144A 05.3750 09/15/2024 | 0.10% |
| ARCELORMITTAL USD 07.7500 10/15/2039 | 0.10% |
| BELDEN INC P/P 144A 05.5000 09/01/2022 | 0.10% |
| CABLEVISION SYS CORP 08.0000 04/15/2020 | 0.10% |
| CALFRAC HOLDINGS LP P/P 144A 07.5000 12/01/2020 | 0.10% |
| CALIFORNIA RESOURCES 05.0000 01/15/2020 | 0.10% |
| CLEAR CHNL WORLD 07.6250 03/15/2020 | 0.10% |
| CONCHO RESOURCES INC 04.3750 01/15/2025 | 0.10% |
| CONSTELLIUM NV P/P 144A 06.6250 03/01/2025 | 0.10% |
| DFC FINANCE CORP P/P 144A 10.5000 06/15/2020 | 0.10% |
| FRONTIER COMM 11.0000 09/15/2025 | 0.10% |
| GENERAL MOTORS FINL CO 03.4500 04/10/2022 | 0.10% |
| GLP CAPITAL LP / FIN II 05.3750 04/15/2026 | 0.10% |
| INTELSAT JACKSON HLDG USD 07.5000 04/01/2021 | 0.10% |
| LIVE NATION ENT P/P 144A 04.8750 11/01/2024 | 0.10% |
| OLIN CORP 05.1250 09/15/2027 | 0.10% |
| REALOGY GROUP/CO-ISS P/P 144A 04.8750 06/01/2023 | 0.10% |
| REGAL ENTERTAINMENT GRP 05.7500 06/15/2023 | 0.10% |
| SCHAEFFLER VERWA P/P 144A 04.5000 09/15/2023 | 0.10% |
| THE WILLIAMS COMPANIES INC. 08.7500 03/15/2032 | 0.10% |
| VERTIV TLB L+400 05.0304 11/30/2023 | 0.10% |
| VIDEOTRON LTD / LTEE P/P 144A 05.1250 04/15/2027 | 0.10% |
| ZEKELMAN TLB L+375 04.7500 06/14/2021 | 0.10% |
| ZUFFA (UFC) 2NDL L+750 08.5000 08/18/2024 | 0.10% |
| AMAG PHARMA TLB L+375 04.7500 08/17/2021 | 0.09% |
| BAYTEX ENERGY CORP P/P 144A 05.6250 06/01/2024 | 0.09% |
| BERRY PLASTICS ESCRO 06.0000 10/15/2022 | 0.09% |
| FIRST QUANTUM P/P 144A 07.0000 02/15/2021 | 0.09% |
| FIRST QUANTUM P/P 144A 07.2500 10/15/2019 | 0.09% |
| FREEPORT-MCMORAN INC P/P 144A 06.7500 02/01/2022 | 0.09% |
| HCA INC. 07.5000 02/15/2022 | 0.09% |
| HUNTSMAN INTL L 05.1250 11/15/2022 | 0.09% |
| LENNAR CORP 04.7500 11/15/2022 | 0.09% |
| LLOYDS BANKING GROUP PLC USD 07.5000 04/30/2049 | 0.09% |
| MGP ESCROW ISSUER/CO 05.6250 05/01/2024 | 0.09% |
| OASIS PETROLEUM INC 06.5000 11/01/2021 | 0.09% |
| PARSLEY ENERGY LLC/F P/P 144A 05.2500 08/15/2025 | 0.09% |
| REVLON CONSUMER PROD 06.2500 08/01/2024 | 0.09% |
| SIRIUS XM RADIO INC P/P 144A 06.0000 07/15/2024 | 0.09% |
| TECK RESOURCES LIMITED USD 04.7500 01/15/2022 | 0.09% |
| UFC 1STL L+325 04.2500 08/18/2023 | 0.09% |
| VALEANT PHARMACEUTIC P/P 144A 05.5000 03/01/2023 | 0.09% |
| ASHTEAD CAPITAL INC P/P 144A 05.6250 10/01/2024 | 0.08% |
| BON-TON DEPT STORES 08.0000 06/15/2021 | 0.08% |
| CAD/USD 04/19/2017 BCAP-FX | 0.08% |
| CENOVUS ENERGY INC USD 04.4500 09/15/2042 | 0.08% |
| CHC GRP LLC/FIN P/P USD 00.0000 10/01/2020 | 0.08% |
| CPG INTL TLB L+375 04.8968 09/30/2020 | 0.08% |
| DIAMONDBACK ENER P/P 144A 04.7500 11/01/2024 | 0.08% |
| DYNEGY INC. 06.7500 11/01/2019 | 0.08% |
| GBP/USD 06/21/2017 JPMCB | 0.08% |
| HARSCO TLB L+500 06.0000 11/02/2023 | 0.08% |
| HILAND PART LP/CORP P/P 144A 05.5000 05/15/2022 | 0.08% |
| IHS MARKIT LTD P/P 144A 04.7500 02/15/2025 | 0.08% |
| ISTAR INC 06.0000 04/01/2022 | 0.08% |
| LIBERTY MUTUAL GROUP P/P 144A 07.8000 03/15/2037 | 0.08% |
| MEG ENERGY TLB L+350 04.5400 12/31/2023 | 0.08% |
| NEIMAN MARCUS GROUP P/P 144A 08.7500 10/15/2021 | 0.08% |
| NEW GOLD INC P/P 144A 06.2500 11/15/2022 | 0.08% |
| PRESTIGE BRANDS INC P/P 144A 05.3750 12/15/2021 | 0.08% |
| ROYAL BK SCOTLND GRP PLC USD 07.5000 12/29/2049 | 0.08% |
| SCIENTIFIC GAMES INTERNA 06.2500 09/01/2020 | 0.08% |
| SFR GROUP SA P/P 144A 06.2500 05/15/2024 | 0.08% |
| SPRINGLEAF FINANCE CORP 08.2500 12/15/2020 | 0.08% |
| TENNECO INC 05.0000 07/15/2026 | 0.08% |
| TRONOX FINANCE LLC 06.3750 08/15/2020 | 0.08% |
| WEATHERFORD BERMUDA P/P 144A 09.8750 02/15/2024 | 0.08% |
| AMC ENT HOLDIN P/P 144A 05.8750 11/15/2026 | 0.07% |
| BOYD GAMING CORP 06.3750 04/01/2026 | 0.07% |
| CALPINE CORP P/P 144A 05.8750 01/15/2024 | 0.07% |
| CAPITAL AUTO 2NDL L+600 07.0000 03/24/2025 | 0.07% |
| CBS RADIO INC P/P 144A 07.2500 11/01/2024 | 0.07% |
| CCM MERGER INC P/P 144A 06.0000 03/15/2022 | 0.07% |
| CHESAPEAKE ENERGY CORP 05.7500 03/15/2023 | 0.07% |
| CONCORDIA INTL P/P 144A 07.0000 04/15/2023 | 0.07% |
| FREEPORT-MCMORAN COPPER & GOL 03.5500 03/01/2022 | 0.07% |
| GENON AMERICAS GENR LLC 08.5000 10/01/2021 | 0.07% |
| GENON ENERGY INC 09.8750 10/15/2020 | 0.07% |
| INTELSAT LUXEMB USD 07.7500 06/01/2021 | 0.07% |
| JACOBS ENT INC P/P 144A 07.8750 02/01/2024 | 0.07% |
| NIELSEN CO LUX SARL P/P 144A 5.500 10/01/2021 | 0.07% |
| PARSLEY ENERGY P/P 144A 05.3750 01/15/2025 | 0.07% |
| ROSE ROCK MIDSTREAM/ 05.6250 07/15/2022 | 0.07% |
| SPRINGLEAF FINANCE CORP 05.2500 12/15/2019 | 0.07% |
| SPRINT COMMUNICATIONS INC. 07.0000 08/15/2020 | 0.07% |
| STEEL DYNAMICS INC P/P 144A 05.0000 12/15/2026 | 0.07% |
| TALBOTS INC 2NDL L+850 09.5000 03/19/2021 | 0.07% |
| TECK RESOURCES LIMITED USD 03.7500 02/01/2023 | 0.07% |
| TESORO LOGISTICS LP/CORP 05.2500 01/15/2025 | 0.07% |
| TRANSDIGM INC P/P 144A 06.5000 05/15/2025 | 0.07% |
| VALEANT PHARMA P/P 144A 06.5000 03/15/2022 | 0.07% |
| WESTERN REFINING TLB2 L+450 05.5000 06/23/2023 | 0.07% |
| WILLIAMS COS INC 07.8750 09/01/2021 | 0.07% |
| WPX ENERGY INC 08.2500 08/01/2023 | 0.07% |
| CEMEX SAB DE CV P/P 144A 06.1250 05/05/2025 | 0.06% |
| CENTENE CORP 04.7500 01/15/2025 | 0.06% |
| CHS/COMMUNITY HEALTH SYS 07.1250 07/15/2020 | 0.06% |
| CSC HOLDINGS LLC 06.7500 11/15/2021 | 0.06% |
| EAGLE II ACQ CO P/P 144A 06.0000 04/01/2025 | 0.06% |
| FRONTIER COMM 08.8750 09/15/2020 | 0.06% |
| GRINDING MEDIA/M P/P 144A 07.3750 12/15/2023 | 0.06% |
| HUB HLDG LLC/HUB HOL P/P 144A 08.1250 07/15/2019 | 0.06% |
| LAREDO PETROLEUM INC 05.6250 01/15/2022 | 0.06% |
| MEG ENERGY CORP P/P 144A 06.5000 01/15/2025 | 0.06% |
| MGM RESORTS INTL 08.6250 02/01/2019 | 0.06% |
| PATHEON INC TLB L+325 04.2500 03/10/2021 | 0.06% |
| PQ CORP P/P 144A 06.7500 11/15/2022 | 0.06% |
| TARGA RES PRTNRS P/P 144A 05.1250 02/01/2025 | 0.06% |
| TEMPUR SEALY INTL 05.5000 06/15/2026 | 0.06% |
| TENET HEALTHCARE 04.7500 06/01/2020 | 0.06% |
| WHITING PETROLEUM CORP 05.7500 03/15/2021 | 0.06% |
| CEMEX SAB DE CV P/P 144A 05.7000 01/11/2025 | 0.05% |
| FIRST QUANTUM MINERA P/P 144A 07.2500 04/01/2023 | 0.05% |
| GENERAL MOTORS CO 05.2000 04/01/2045 | 0.05% |
| HALCON RESOURCES COR P/P 144A 12.0000 02/15/2022 | 0.05% |
| LAMB WESTON HOLDINGS P/P 144A 04.6250 11/01/2024 | 0.05% |
| MATTAMY GROUP CORP P/P 144A 06.8750 12/15/2023 | 0.05% |
| MEG ENERGY CORP P/P 144A 06.3750 01/30/2023 | 0.05% |
| MERCER INTL INC P/P 144A 06.5000 02/01/2024 | 0.05% |
| MGM RESORTS INTL 05.2500 03/31/2020 | 0.05% |
| QUEBECOR MEDIA INC USD 05.7500 01/15/2023 | 0.05% |
| REYNOLDS GRP ISS/REY P/P 144A 04.5232 07/15/2021 | 0.05% |
| STANDARD IND INC P/P 144A 06.0000 10/15/2025 | 0.05% |
| TOWNSQUARE MEDIA INC P/P 144A 06.5000 04/01/2023 | 0.05% |
| ALTICE LUXEMBOURG SA P/P 144A 07.6250 02/15/2025 | 0.04% |
| DIAMOND 1 FIN/DIAMON P/P 144A 05.8750 06/15/2021 | 0.04% |
| ICAHN ENTER/FIN 06.0000 08/01/2020 | 0.04% |
| JC PENNEY CORP INC 05.6500 06/01/2020 | 0.04% |
| NEW ARCLIN 2NDL L+875 09.7500 02/14/2025 | 0.04% |
| PLATFORM SPECIALTY P P/P 144A 10.3750 05/01/2021 | 0.04% |
| PULTEGROUP INC 05.5000 03/01/2026 | 0.04% |
| RITCHIE BROS AUC P/P 144A 05.3750 01/15/2025 | 0.04% |
| TENET HEALTHCARE 06.2500 11/01/2018 | 0.04% |
| TRANSDIGM INC 06.5000 07/15/2024 | 0.04% |
| TRIANGLE USA PETRO P/P 144A 06.7500 07/15/2022 | 0.04% |
| WEATHERFORD BERMUDA 08.2500 06/15/2023 | 0.04% |
| ALLEGHENY TECHNOLOGIES 05.9500 01/15/2021 | 0.03% |
| BAYTEX ENERGY CORP P/P 144A 05.1250 06/01/2021 | 0.03% |
| CONCORDIA INTL P/P 144A 09.0000 04/01/2022 | 0.03% |
| EP ENER/EVEREST 07.7500 09/01/2022 | 0.03% |
| LENNAR CORPORATION 04.7500 04/01/2021 | 0.03% |
| NEIMAN MARCUS TL L+325 04.2500 10/25/2020 | 0.03% |
| NEUBERGER BERMAN P/P 144A 05.8750 03/15/2022 | 0.03% |
| PACTIV LLC 08.3750 04/15/2027 | 0.03% |
| TECK RESOURCES LTD P/P 144A 08.5000 06/01/2024 | 0.03% |
| LAMAR MEDIA CORP 05.3750 01/15/2024 | 0.02% |
| SPEC BRNDS ESCROW CO 06.6250 11/15/2022 | 0.02% |
| TAYLOR MORRISON COMM P/P 144A 05.2500 04/15/2021 | 0.02% |
| VALEANT PHARMA P/P 144A 05.6250 12/01/2021 | 0.02% |
| INTELSAT CONNECT FIN P/P 144A 12.5000 04/01/2022 | 0.01% |
| PRECISION DRILL USD 05.2500 11/15/2024 | 0.01% |
| ESC CHESAPEAKEOILFIELD 06.6250 11/15/2019 | 0.00% |
| ESC SEVENTYSEVENERG 06.5000 07/15/2022 | 0.00% |
| CAD/USD 04/19/2017 BCAP-FX | -0.08% |
| GBP/USD 06/21/2017 JPMCB | -0.08% |
| CDX CDX.NA.HY.27 500.0 12/20/2021 | -0.11% |
| CAD/USD 04/19/2017 SSBT | -0.18% |
Prior top 10 holdings
| Top 10 holdings as of 05/31/17 | |
|---|---|
| Scientific Games Int 10.0000 12/01/2022 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Csc Holdings Llc P/P 144a 10.1250 01/15/2023 | |
| Mtw Foodservice Escr 09.5000 02/15/2024 | |
| Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Holdings represent 6.23% of portfolio | |
| Top 10 holdings as of 04/30/17 | |
|---|---|
| Scientific Games Int 10.0000 12/01/2022 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Csc Holdings Llc 05.2500 06/01/2024 | |
| Ti Group Auto Sys Ll P/P 144a 08.7500 07/15/2023 | |
| Mtw Foodservice Escr 09.5000 02/15/2024 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Holdings represent 6.24% of portfolio | |
| Top 10 holdings as of 03/31/17 | |
|---|---|
| Scientific Games Int 10.0000 12/01/2022 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Ally Financial 08.0000 11/01/2031 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | |
| Csc Holdings Llc 05.2500 06/01/2024 | |
| Mtw Foodservice Escr 09.5000 02/15/2024 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Everest Acq Llc/Fin 09.3750 05/01/2020 | |
| Holdings represent 6.25% of portfolio | |
| Top 10 holdings as of 02/28/17 | |
|---|---|
| Scientific Games Int 10.0000 12/01/2022 | |
| Sprint Corp 07.8750 09/15/2023 | |
| Ceridian Hcm Holding P/P 144a 11.0000 03/15/2021 | |
| Ally Financial 08.0000 11/01/2031 | |
| Diamond 1 Fin/Diamon P/P 144a 07.1250 06/15/2024 | |
| Csc Holdings Llc 05.2500 06/01/2024 | |
| Gates Global Llc P/P 144a 06.0000 07/15/2022 | |
| Manitowoc Foodservic 09.5000 02/15/2024 | |
| Royal Bk Scotlnd Grp Usd 07.6480 08/29/2049 | |
| Everest Acq Llc/Fin 09.3750 05/01/2020 | |
| Holdings represent 6.23% of portfolio | |
Fixed income statistics as of 05/31/17
| Average effective maturity | 4.71 yrs. |
|---|---|
| Average effective duration | 3.33 yrs. |
| Average yield to maturity | 5.78% |
| Average coupon | 6.42% |
| Average price | $105.65 |
Sector weightings as of 05/31/17
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 82.80% | 3.10 | -0.51% | -0.02 | 82.29% | 3.08 |
| Bank loans | 6.07% | 0.22 | 0.00% | 0.00 | 6.07% | 0.22 |
| Investment-grade corporate bonds | 5.77% | 0.36 | 0.00% | 0.00 | 5.77% | 0.36 |
| Net cash | 1.98% | 0.00 | 0.00% | 0.00 | 1.98% | 0.00 |
| Convertible securities | 1.49% | 0.04 | 0.00% | 0.00 | 1.49% | 0.04 |
| Equity investments | 1.00% | 0.00 | 0.00% | 0.00 | 1.00% | 0.00 |
| Emerging-market bonds | 0.90% | 0.03 | 0.00% | 0.00 | 0.90% | 0.03 |
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 05/31/17
| 0 - 1 yr. | 11.31% |
|---|---|
| 1 - 5 yrs. | 46.22% |
| 5 - 10 yrs. | 37.47% |
| 10 - 15 yrs. | 3.08% |
| Over 15 yrs. | 1.92% |
Quality rating as of 05/31/17
| A | 0.42% |
|---|---|
| BBB | 4.35% |
| BB | 39.01% |
| B | 39.47% |
| CCC and Below | 12.71% |
| Not Rated | 2.06% |
| Net cash | 1.98% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
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. To obtain the most recent month-end performance, visit putnam.com.
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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T1, 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). 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, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.07% | 1.82% | 1.82% | 1.32% | 1.32% | 0.82% |
| What you pay | 1.07% | 1.82% | 1.82% | 1.32% | 1.32% | 0.82% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class R | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 4.00% | 0.00% | 0.00% | 3.25% | -- | -- |
| $50,000-$99,999 | 4.00% | 0.00% | 0.00% | 2.25% | -- | -- |
| $100,000-$249,999 | 3.25% | -- | 0.00% | 1.25% | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | 1.00% | -- | -- |
| $500,000-$999,999 | 0.00% | -- | -- | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
|
Class A
(sales for $500,000+) |
Class B | Class C | Class M | Class R | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 0.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | -- | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | -- | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | -- | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | -- | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | -- | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | -- | 0.00% | 0.00% | -- | -- | -- |
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:Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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. 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 net assets as of the date indicated above. 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. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. Cash is also shown in the net cash category. The fund itself has not been rated by an independent rating agency.