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Schedule
of
Investments
(unaudited)
Putnam
High
Yield
Fund
2
Notes
to
Schedule
of
Investments
24
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited),
August
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.2%
Hotels,
Restaurants
&
Leisure
0.2%
a
Viking
Holdings
Ltd.
.................................
United
States
15,577
$
1,341,803
Total
Common
Stocks
(Cost
$
373,848
)
.......................................
1,341,803
Convertible
Preferred
Stocks
1.3%
Aerospace
&
Defense
0.2%
Boeing
Co.
(The)
,
6
%
................................
United
States
27,326
1,771,818
Banks
0.0%
†
Bank
of
America
Corp.
,
L
,
7.25
%
........................
United
States
141
181,238
Capital
Markets
0.3%
KKR
&
Co.,
Inc.
,
D
,
6.25
%
.............................
United
States
42,669
2,074,567
Electric
Utilities
0.2%
NextEra
Energy,
Inc.
,
7.299
%
..........................
United
States
29,555
1,508,783
NextEra
Energy,
Inc.
,
7.375
%
..........................
United
States
5,227
237,358
1,746,141
Interactive
Media
&
Services
0.4%
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
33,372
1,617,207
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
33,372
1,601,856
3,219,063
Semiconductors
&
Semiconductor
Equipment
0.0%
†
Microchip
Technology,
Inc.
,
7.5
%
........................
United
States
798
51,359
Software
0.2%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
44,041
2,055,834
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Hewlett
Packard
Enterprise
Co.
,
7.625
%
..................
United
States
413
55,226
Total
Convertible
Preferred
Stocks
(Cost
$
10,943,760
)
.........................
11,155,246
Preferred
Stocks
0.1%
Electric
Utilities
0.0%
†
SCE
Trust
VII
,
M
,
7.5
%
...............................
United
States
10,000
236,800
Financial
Services
0.1%
Jackson
Financial,
Inc.
,
8
%
............................
United
States
10,000
257,400
Insurance
0.0%
†
Allstate
Corp.
(The)
,
J
,
7.375
%
.........................
United
States
8,000
206,800
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.0%
†
PennyMac
Mortgage
Investment
Trust
,
A
,
8.125
%
...........
United
States
4,000
92,600
Total
Preferred
Stocks
(Cost
$
806,000
)
.......................................
793,600
Principal
Amount
*
Convertible
Bonds
2.4%
Aerospace
&
Defense
0.0%
†
b
AeroVironment,
Inc.
,
Senior
Note
,
2
.34
%
,
7/15/30
...........
United
States
37,000
33,827
b
,c
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
2
.02
%
,
11/01/30
..
United
States
83,000
76,360
110,187
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
28,000
$
32,113
Biotechnology
0.1%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note
,
1
%
,
9/15/27
.....
United
States
14,000
15,155
c
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
52,000
51,865
c
Cytokinetics,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
10/01/31
.......
United
States
40,000
52,700
c
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
144A,
0.875
%
,
11/15/32
........................................
United
States
52,000
70,330
b
,c
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
1
.85
%
,
12/01/30
United
States
79,000
73,075
Revolution
Medicines,
Inc.
,
Senior
Note
,
0.5
%
,
5/01/33
.......
United
States
12,000
15,742
278,867
Broadline
Retail
0.0%
†
Etsy,
Inc.
,
Senior
Note
,
1
%
,
6/15/30
......................
United
States
30,000
36,165
Capital
Markets
0.0%
†
c
Galaxy
Digital
Holdings
LP
,
Senior
Note
,
144A,
0.5
%
,
5/01/31
..
United
States
151,000
119,592
c
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
27,000
26,973
WisdomTree,
Inc.
,
Senior
Note
,
4.625
%
,
8/15/30
............
United
States
29,000
42,027
188,592
Communications
Equipment
0.0%
†
b
,c
Ciena
Corp.
,
Senior
Note
,
144A,
1
.15
%
,
9/15/31
............
United
States
93,000
87,792
c
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
8,000
39,575
127,367
Consumer
Staples
Distribution
&
Retail
0.3%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
1,051,000
2,695,605
Diversified
Telecommunication
Services
0.0%
†
c
AST
SpaceMobile,
Inc.
,
Senior
Note
,
144A,
1.625
%
,
2/01/34
...
United
States
22,000
22,209
c
Bandwidth,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
7/01/32
.......
United
States
25,000
25,062
47,271
Electric
Utilities
0.1%
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
73,000
79,165
c
Southern
Co.
(The)
,
Senior
Note
,
144A,
3.5
%
,
9/15/29
.......
United
States
431,000
424,987
504,152
Electrical
Equipment
0.0%
†
c
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/15/30
..
United
States
103,000
143,093
Electronic
Equipment,
Instruments
&
Components
0.0%
†
b
,c
Advanced
Energy
Industries,
Inc.
,
Senior
Note
,
144A,
0
.88
%
,
5/15/31
.........................................
United
States
53,000
50,853
c
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
29,000
40,745
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
45,000
46,823
c
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
42,000
38,356
176,777
Energy
Equipment
&
Services
0.1%
b
,c
Liberty
Energy,
Inc.
,
Senior
Note
,
144A,
2
.39
%
,
3/01/31
....................
United
States
39,000
35,071
Senior
Note
,
144A,
3
.12
%
,
3/01/32
....................
United
States
21,000
17,734
Nabors
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
6/15/29
.........
United
States
1,000,000
972,000
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
b
,c
ProPetro
Holding
Corp.
,
Senior
Note
,
144A,
3
.42
%
,
11/15/31
...
United
States
26,000
$
21,825
1,046,630
Entertainment
0.3%
c
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
144A,
2.375
%
,
8/15/32
..............................
United
States
7,000
6,969
Live
Nation
Entertainment,
Inc.
,
Senior
Note
,
3.125
%
,
1/15/29
........................
United
States
1,226,000
2,133,117
Senior
Note
,
2.875
%
,
1/15/30
........................
United
States
59,000
68,381
2,208,467
Financial
Services
0.0%
†
Affirm
Holdings,
Inc.
,
Senior
Note
,
0.75
%
,
12/15/29
..........
United
States
49,000
53,532
Ground
Transportation
0.0%
†
c
Knight-Swift
Transportation
Holdings,
Inc.
,
Senior
Note
,
144A,
1
%
,
11/15/31
.....................................
United
States
31,000
33,069
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
61,000
74,527
107,596
Health
Care
Providers
&
Services
0.0%
†
c
Guardant
Health,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/33
..
United
States
28,000
42,682
Health
Care
REITs
0.3%
c
Welltower
OP
LLC
,
Senior
Note
,
144A,
2.75
%
,
5/15/28
....................
United
States
912,000
2,253,795
Senior
Note
,
144A,
3.125
%
,
7/15/29
...................
United
States
37,000
69,003
2,322,798
Hotels,
Restaurants
&
Leisure
0.2%
b
DoorDash,
Inc.
,
Senior
Note
,
0
.212
%
,
5/15/30
..............
United
States
1,751,000
1,874,883
NCL
Corp.
Ltd.
,
Senior
Note
,
0.875
%
,
4/15/30
..............
United
States
74,000
71,688
1,946,571
IT
Services
0.1%
Akamai
Technologies,
Inc.
,
Senior
Note
,
1.125
%
,
2/15/29
........................
United
States
74,000
83,879
b,c
Senior
Note
,
144A,
2
.59
%
,
5/15/30
....................
United
States
26,000
23,647
b
,c
Cloudflare,
Inc.
,
Senior
Note
,
144A,
0
.26
%
,
8/15/31
..........
United
States
7,000
6,909
c
CoreWeave,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
12/01/31
...................
United
States
82,000
83,189
Senior
Note
,
144A,
1.75
%
,
10/01/32
...................
United
States
130,000
121,491
DigitalOcean
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
8/15/30
...
United
States
14,000
40,723
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/29
...........
United
States
84,000
184,682
544,520
Life
Sciences
Tools
&
Services
0.0%
†
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
49,000
55,909
c
Tempus
AI,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/32
.......
United
States
18,000
21,470
77,379
Machinery
0.0%
†
c
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
61,000
56,395
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
37,000
$
38,896
Office
REITs
0.0%
†
c
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
62,000
59,582
Oil,
Gas
&
Consumable
Fuels
0.3%
c
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
2,215,000
2,566,631
Pharmaceuticals
0.0%
†
c
Ligand
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/31
.........................................
United
States
53,000
56,147
c
Zoetis,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
6/15/29
.............
United
States
48,000
43,992
100,139
Real
Estate
Management
&
Development
0.0%
†
c
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
42,000
42,244
Semiconductors
&
Semiconductor
Equipment
0.3%
c
Microchip
Technology,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
2/15/30
.........................................
United
States
50,000
52,375
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
22,000
39,661
c
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
20,000
26,605
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
..........................
United
States
45,000
47,768
b,c
Senior
Note
,
144A,
2
.51
%
,
5/01/31
....................
United
States
53,000
47,196
c
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
1,538,000
1,667,192
c
Semtech
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/15/30
......
United
States
27,000
43,065
b
SiTime
Corp.
,
Senior
Note
,
0
.39
%
,
6/15/31
................
United
States
52,000
51,038
1,974,900
Software
0.3%
c
Cipher
Digital,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
...
United
States
47,000
59,822
b
,c
Cleanspark,
Inc.
,
Senior
Note
,
144A,
2
.03
%
,
2/15/32
.........
United
States
76,000
68,088
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/29
............
United
States
35,000
46,725
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
1,899,000
2,147,769
c
IREN
Ltd.
,
Senior
Note
,
144A,
1
%
,
12/01/33
...............
Australia
39,000
28,173
c
Procore
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
8/15/31
.........................................
United
States
53,000
55,749
b
,c
Terawulf,
Inc.
,
Senior
Note
,
144A,
0
.277
%
,
5/01/32
..........
United
States
58,000
62,304
c
Tyler
Technologies,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
7/15/31
....
United
States
39,000
43,709
Unity
Software,
Inc.
,
Senior
Note
,
Zero
Cpn.,
3/15/30
........
United
States
24,000
33,458
2,545,797
Total
Convertible
Bonds
(Cost
$
15,756,773
)
..................................
20,074,948
Corporate
Bonds
86.9%
Aerospace
&
Defense
2.5%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
.......................
United
States
580,000
575,926
Senior
Note
,
7.25
%
,
8/15/30
.........................
United
States
1,555,000
1,613,246
c
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
...................
United
States
1,620,000
1,650,440
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
1,235,000
1,257,351
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
11/15/30
...................
Canada
1,675,000
1,766,267
Senior
Note
,
144A,
7
%
,
6/01/32
......................
Canada
105,000
108,646
Senior
Note
,
144A,
5.875
%
,
1/15/35
...................
Canada
2,675,000
2,657,536
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
3,785,000
$
3,847,627
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
1,550,000
1,545,622
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
12/15/30
...........
United
States
1,800,000
1,846,642
Senior
Secured
Note
,
144A,
7.125
%
,
12/01/31
...........
United
States
440,000
455,262
Senior
Secured
Note
,
144A,
6
%
,
1/15/33
................
United
States
705,000
706,516
Senior
Secured
Note
,
144A,
6.25
%
,
1/31/34
.............
United
States
575,000
581,766
Senior
Sub.
Note
,
144A,
6.75
%
,
1/31/34
................
United
States
2,035,000
2,068,476
20,681,323
Automobile
Components
1.7%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
3,415,000
3,561,514
c
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
1,725,000
1,758,387
c
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
3,515,300
2,953,530
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
1,990,000
1,994,995
c
,d
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
.........
Germany
1,540,000
1,601,930
Senior
Secured
Note
,
144A,
PIK,
8
%
,
11/15/32
...........
Germany
565,000
597,460
Senior
Secured
Note
,
144A,
PIK,
7.375
%
,
5/15/33
.........
Germany
1,295,000
1,349,321
13,817,137
Automobiles
0.3%
c
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
2,355,000
2,502,141
Banks
1.8%
e
Banco
Bilbao
Vizcaya
Argentaria
SA
,
Junior
Sub.
Bond
,
6.125%
to
11/15/27,
FRN
thereafter
,
Perpetual
.......................................
Spain
200,000
200,391
Junior
Sub.
Bond
,
9.375%
to
3/18/29,
FRN
thereafter
,
Perpetual
.......................................
Spain
200,000
216,745
Junior
Sub.
Bond
,
7.125%
to
5/07/33,
FRN
thereafter
,
Perpetual
.......................................
Spain
400,000
401,869
e
Banco
Santander
SA
,
Junior
Sub.
Bond
,
9.625%
to
11/20/33,
FRN
thereafter
,
Perpetual
.......................................
Spain
200,000
232,895
Junior
Sub.
Bond
,
8%
to
1/31/34,
FRN
thereafter
,
Perpetual
.
Spain
200,000
213,767
Junior
Sub.
Bond
,
7.25%
to
12/02/35,
FRN
thereafter
,
Perpetual
.......................................
Spain
200,000
201,438
e
Bank
of
America
Corp.
,
Junior
Sub.
Bond
,
6.625%
to
4/30/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
400,000
410,501
RR
,
Junior
Sub.
Bond
,
4.375%
to
1/26/27,
FRN
thereafter
,
Perpetual
.......................................
United
States
450,000
448,219
Bank
of
Montreal
,
Junior
Sub.
Bond
,
7.7%
to
5/25/29,
FRN
thereafter
,
5/26/84
.................................
Canada
200,000
209,055
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
8.625%
to
10/26/27,
FRN
thereafter
,
10/27/82
........................................
Canada
300,000
311,534
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.
Canada
200,000
206,110
2
,
Junior
Sub.
Bond
,
3.625%
to
10/26/26,
FRN
thereafter
,
10/27/81
........................................
Canada
100,000
99,352
e
Barclays
plc
,
Junior
Sub.
Bond
,
8%
to
3/14/29,
FRN
thereafter
,
Perpetual
.
United
Kingdom
200,000
209,580
Junior
Sub.
Bond
,
7.625%
to
3/14/35,
FRN
thereafter
,
Perpetual
.......................................
United
Kingdom
200,000
207,652
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
c
,e
BNP
Paribas
SA
,
Junior
Sub.
Bond
,
144A,
7.75%
to
8/15/29,
FRN
thereafter
,
Perpetual
.......................................
France
200,000
$
209,162
Junior
Sub.
Bond
,
144A,
6.875%
to
12/14/33,
FRN
thereafter
,
Perpetual
.......................................
France
300,000
294,689
Junior
Sub.
Bond
,
144A,
7.375%
to
9/09/34,
FRN
thereafter
,
Perpetual
.......................................
France
200,000
204,297
Junior
Sub.
Bond
,
144A,
7.45%
to
6/26/35,
FRN
thereafter
,
Perpetual
.......................................
France
200,000
202,928
Canadian
Imperial
Bank
of
Commerce
,
Junior
Sub.
Bond
,
6.75%
to
1/27/32,
FRN
thereafter
,
1/28/87
.....................
Canada
300,000
295,644
e
Citigroup,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
2/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
520,000
527,685
CC
,
Junior
Sub.
Bond
,
7.125%
to
8/14/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
100,000
102,339
DD
,
Junior
Sub.
Bond
,
7%
to
8/14/34,
FRN
thereafter
,
Perpetual
.......................................
United
States
200,000
205,696
FF
,
Junior
Sub.
Bond
,
6.95%
to
2/14/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
50,000
50,623
GG
,
Junior
Sub.
Bond
,
6.875%
to
8/14/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
100,000
101,394
e
,f
Citizens
Financial
Group,
Inc.
,
C
,
Junior
Sub.
Bond
,
FRN
,
7.169
%
,
(
3-month
SOFR
+
3.419
%
),
Perpetual
............
United
States
320,000
321,318
c
,e
Cooperatieve
Rabobank
UA
,
Junior
Sub.
Bond
,
Reg
S,
6.5
%
,
Perpetual
........................................
Netherlands
120,000
EUR
156,796
c
,e
Credit
Agricole
SA
,
Junior
Sub.
Bond
,
144A,
4.75%
to
3/22/29,
FRN
thereafter
,
Perpetual
.......................................
France
450,000
435,636
Junior
Sub.
Bond
,
144A,
6.7%
to
9/22/34,
FRN
thereafter
,
Perpetual
.......................................
France
200,000
198,338
e
HSBC
Holdings
plc
,
Junior
Sub.
Bond
,
7.05%
to
6/04/30,
FRN
thereafter
,
Perpetual
United
Kingdom
250,000
255,876
Junior
Sub.
Bond
,
6.95%
to
3/10/34,
FRN
thereafter
,
Perpetual
United
Kingdom
750,000
768,068
e
Huntington
Bancshares,
Inc.
,
G
,
Junior
Sub.
Bond
,
4.45%
to
10/14/27,
FRN
thereafter
,
Perpetual
....................
United
States
250,000
247,250
e
ING
Groep
NV
,
Junior
Sub.
Bond
,
7%
to
11/15/32,
FRN
thereafter
,
Perpetual
........................................
Netherlands
300,000
306,261
c
Intesa
Sanpaolo
SpA
,
Sub.
Bond
,
144A,
4.198%
to
5/31/31,
FRN
thereafter
,
6/01/32
.................................
Italy
425,000
398,315
e
JPMorgan
Chase
&
Co.
,
OO
,
Junior
Sub.
Bond
,
6.5%
to
3/31/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
300,000
304,986
PP
,
Junior
Sub.
Bond
,
6.1%
to
6/30/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
100,000
100,206
e
Lloyds
Banking
Group
plc
,
Junior
Sub.
Bond
,
6.625%
to
9/26/35,
FRN
thereafter
,
Perpetual
...........................
United
Kingdom
400,000
393,828
e
NatWest
Group
plc
,
Junior
Sub.
Bond
,
8.125%
to
11/09/33,
FRN
thereafter
,
Perpetual
...............................
United
Kingdom
200,000
218,406
e
PNC
Financial
Services
Group,
Inc.
(The)
,
V
,
Junior
Sub.
Bond
,
6.2%
to
9/14/27,
FRN
thereafter
,
Perpetual
.......................................
United
States
450,000
454,175
W
,
Junior
Sub.
Bond
,
6.25%
to
3/14/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
350,000
355,770
c
,e
Societe
Generale
SA
,
Junior
Sub.
Bond
,
144A,
9.375%
to
11/21/27,
FRN
thereafter
,
Perpetual
.......................................
France
200,000
208,791
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
c,e
Societe
Generale
SA,
(continued)
Junior
Sub.
Bond
,
144A,
10%
to
5/13/29,
FRN
thereafter
,
Perpetual
.......................................
France
205,000
$
221,864
Junior
Sub.
Bond
,
144A,
7.125%
to
7/14/35,
FRN
thereafter
,
Perpetual
.......................................
France
250,000
245,389
e
Sumitomo
Mitsui
Financial
Group,
Inc.
,
Junior
Sub.
Bond
,
6.45%
to
6/04/35,
FRN
thereafter
,
Perpetual
...................
Japan
300,000
294,977
Toronto-Dominion
Bank
(The)
,
Junior
Sub.
Bond
,
8.125%
to
10/30/27,
FRN
thereafter
,
10/31/82
........................................
Canada
550,000
568,289
Junior
Sub.
Bond
,
6.35%
to
10/30/30,
FRN
thereafter
,
10/31/85
Canada
200,000
199,284
e
Truist
Financial
Corp.
,
M
,
Junior
Sub.
Bond
,
5.125%
to
12/14/27,
FRN
thereafter
,
Perpetual
...........................
United
States
570,000
569,032
e
US
Bancorp
,
Junior
Sub.
Bond
,
3.7%
to
1/14/27,
FRN
thereafter
,
Perpetual
........................................
United
States
650,000
645,249
e
Wells
Fargo
&
Co.
,
Junior
Sub.
Bond
,
6.85%
to
9/14/29,
FRN
thereafter
,
Perpetual
United
States
1,000,000
1,032,596
GG
,
Junior
Sub.
Bond
,
6.125%
to
6/14/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
300,000
297,469
14,961,734
Biotechnology
1.3%
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note
,
144A,
7.25
%
,
12/15/33
...................
Denmark
2,720,000
2,835,486
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
............
Denmark
2,720,000
2,761,708
c
Grifols
SA
,
Senior
Note
,
Reg
S,
3.875
%
,
10/15/28
...........
Spain
4,235,000
EUR
4,884,628
10,481,822
Broadline
Retail
1.0%
c
Kohl's
Corp.
,
Senior
Secured
Note
,
144A,
10
%
,
6/01/30
......
United
States
1,210,000
1,306,057
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
............
United
States
3,090,000
3,201,598
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.............
United
States
1,170,000
1,232,888
Senior
Secured
Note
,
144A,
6.75
%
,
11/15/32
............
United
States
2,675,000
2,754,185
8,494,728
Building
Products
0.9%
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
Reg
S,
6.375
%
,
12/15/30
.......................
United
States
660,000
EUR
792,117
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
245,000
246,786
c
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
1,550,000
1,570,057
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
2,645,000
2,660,788
c
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
2,225,000
2,116,713
7,386,461
Capital
Markets
1.0%
c
,f
Ares
Finance
Co.
III
LLC
,
Senior
Bond
,
144A,
FRN
,
7.357
%
,
(
5-
year
CMT
T-Note
+
3.237
%
),
6/30/51
...................
United
States
500,000
503,365
Deutsche
Bank
AG
,
Sub.
Bond
,
3.729%
to
10/13/30,
FRN
thereafter
,
1/14/32
.................................
Germany
1,360,000
1,258,095
e
Goldman
Sachs
Group,
Inc.
(The)
,
AA
,
Junior
Sub.
Bond
,
6.5%
to
8/09/31,
FRN
thereafter
,
Perpetual
.......................................
United
States
500,000
497,867
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
e
Goldman
Sachs
Group,
Inc.
(The),
(continued)
Z
,
Junior
Sub.
Bond
,
6.85%
to
2/09/30,
FRN
thereafter
,
Perpetual
.......................................
United
States
250,000
$
256,377
e
,f
Morgan
Stanley
,
M
,
Junior
Sub.
Bond
,
FRN
,
5.875
%
,
Perpetual
.
United
States
760,000
755,219
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
3,920,000
3,988,196
c
,e
UBS
Group
AG
,
Junior
Sub.
Bond
,
144A,
7%
to
2/09/30,
FRN
thereafter
,
Perpetual
.......................................
Switzerland
200,000
203,855
Junior
Sub.
Bond
,
144A,
9.25%
to
11/12/33,
FRN
thereafter
,
Perpetual
.......................................
Switzerland
200,000
228,507
Junior
Sub.
Bond
,
144A,
7.125%
to
8/09/34,
FRN
thereafter
,
Perpetual
.......................................
Switzerland
200,000
201,499
Junior
Sub.
Bond
,
144A,
7%
to
1/07/36,
FRN
thereafter
,
Perpetual
.......................................
Switzerland
250,000
250,157
8,143,137
Chemicals
1.8%
c
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
2,495,000
2,503,005
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
1,929,000
1,884,990
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
775,000
573,253
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
5,285,000
5,623,684
c
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/15/32
......................
United
States
3,160,000
3,195,985
Senior
Secured
Note
,
144A,
6.625
%
,
8/15/31
............
United
States
1,525,000
1,541,225
15,322,142
Commercial
Services
&
Supplies
2.2%
c
Clean
Harbors,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
2/01/31
.....
United
States
1,685,000
1,709,615
c
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/31
...
United
States
685,000
696,992
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.............
United
States
1,525,000
1,563,052
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
..............
United
States
4,015,000
4,127,384
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
5,710,000
5,953,860
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
1,105,000
1,155,453
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
1,850,000
1,893,294
c
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
925,000
934,299
18,033,949
Communications
Equipment
0.4%
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
3,645,000
3,663,721
Construction
&
Engineering
0.3%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
2,745,000
2,844,718
Consumer
Finance
3.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
6.95%
to
12/09/29,
FRN
thereafter
,
3/10/55
....
Ireland
1,210,000
1,243,107
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
2,473,000
2,719,770
e
American
Express
Co.
,
Junior
Sub.
Bond
,
3.55%
to
9/14/26,
FRN
thereafter
,
Perpetual
...............................
United
States
250,000
249,844
e
Capital
One
Financial
Corp.
,
M
,
Junior
Sub.
Bond
,
3.95%
to
8/31/26,
FRN
thereafter
,
Perpetual
.....................
United
States
250,000
250,000
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
..............
United
States
3,710,000
$
3,936,392
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
............
United
States
1,640,000
1,645,938
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...................
United
States
2,855,000
2,914,735
Senior
Note
,
144A,
6.125
%
,
5/01/34
...................
United
States
2,670,000
2,642,327
e
General
Motors
Financial
Co.,
Inc.
,
A
,
Junior
Sub.
Bond
,
5.75%
to
9/29/27,
FRN
thereafter
,
Perpetual
.....................
United
States
285,000
283,837
c
,f
ILFC
E-Capital
Trust
II
,
Junior
Sub.
Bond
,
144A,
FRN
,
6.73
%
,
12/21/65
........................................
United
States
340,000
307,146
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
.....................
United
States
2,875,000
3,010,479
Senior
Note
,
144A,
8.25
%
,
5/15/30
....................
United
States
2,275,000
2,383,531
OneMain
Finance
Corp.
,
Senior
Note
,
7.5
%
,
5/15/31
..........................
United
States
2,150,000
2,209,035
Senior
Note
,
7.125
%
,
11/15/31
.......................
United
States
1,200,000
1,218,269
Senior
Note
,
6.5
%
,
3/15/33
..........................
United
States
1,490,000
1,458,531
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
1/31/30
........
United
States
3,110,000
3,230,578
29,703,519
Consumer
Staples
Distribution
&
Retail
0.3%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
1/15/32
....................
United
States
535,000
553,106
Senior
Note
,
144A,
5.75
%
,
4/15/33
....................
United
States
1,730,000
1,722,675
2,275,781
Containers
&
Packaging
1.4%
c
CANPACK
Group,
Inc.
/
CANPACK
SA
,
Senior
Note
,
144A,
6
%
,
5/15/31
.........................................
United
States
845,000
848,411
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
2,585,000
2,526,052
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................
United
States
2,170,000
2,168,391
Senior
Secured
Note
,
144A,
7.875
%
,
4/15/30
............
United
States
2,195,000
2,239,738
c
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
4,500,000
4,307,978
12,090,570
Diversified
Telecommunication
Services
6.3%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
6.875
%
,
10/15/30
...........
France
857,470
840,585
Senior
Secured
Note
,
144A,
6.5
%
,
4/15/32
..............
France
1,425,306
1,387,278
Senior
Secured
Note
,
144A,
6.875
%
,
7/15/32
............
France
1,021,342
1,002,521
c
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
3,505,000
3,369,731
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
3,690,000
3,894,193
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
,
Senior
Bond
,
7%
to
9/14/35,
FRN
thereafter
,
9/15/55
.....................
Canada
150,000
151,625
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
2,550,000
2,554,822
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.375
%
,
6/01/29
...................
United
States
3,742,000
3,677,094
Senior
Bond
,
144A,
4.75
%
,
3/01/30
....................
United
States
7,000,000
6,642,346
Senior
Bond
,
144A,
4.75
%
,
2/01/32
....................
United
States
4,780,000
4,286,188
Senior
Bond
,
144A,
4.25
%
,
1/15/34
....................
United
States
1,965,000
1,640,066
Senior
Note
,
144A,
7
%
,
2/01/33
......................
United
States
1,730,000
1,689,982
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
Telecommunication
Services
(continued)
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
1,555,000
$
1,576,215
c
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
4,065,000
3,859,606
c
Galaxy
Helios
Data
Centers
II
LLC
,
Senior
Secured
Note
,
144A,
9.875
%
,
8/01/31
...................................
United
States
3,145,000
3,117,207
c
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
4,075,000
3,779,881
c
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
100,000
95,396
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
3,350,000
3,077,289
TELUS
Corp.
,
Junior
Sub.
Bond
,
7%
to
10/14/35,
FRN
thereafter
,
10/15/55
........................................
Canada
210,000
208,472
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond
,
6.05%
to
5/13/33,
FRN
thereafter
,
5/14/58
.
United
States
35,000
34,185
Junior
Sub.
Bond
,
6.6%
to
2/14/34,
FRN
thereafter
,
2/15/59
..
United
States
50,000
50,049
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
3,010,000
3,129,184
c
Yondr
JK
1
LLC
,
Senior
Secured
Note
,
144A,
6.875
%
,
6/30/31
.
United
States
2,695,000
2,527,089
52,591,004
Electric
Utilities
2.8%
American
Electric
Power
Co.,
Inc.
,
Junior
Sub.
Bond
,
3.875%
to
2/14/27,
FRN
thereafter
,
2/15/62
United
States
400,000
398,940
C
,
Junior
Sub.
Bond
,
5.8%
to
3/14/31,
FRN
thereafter
,
3/15/56
United
States
100,000
98,513
D
,
Junior
Sub.
Bond
,
6.05%
to
3/14/36,
FRN
thereafter
,
3/15/56
.........................................
United
States
100,000
97,325
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
4,035,000
3,976,658
Duke
Energy
Corp.
,
Junior
Sub.
Bond
,
3.25%
to
1/14/27,
FRN
thereafter
,
1/15/82
.................................
United
States
425,000
421,425
Emera
US
Finance
LLC
,
B
,
Senior
Bond
,
6.85%
to
9/30/36,
FRN
thereafter
,
10/01/56
................................
United
States
300,000
301,132
Entergy
Corp.
,
Junior
Sub.
Bond
,
6.1%
to
6/14/36,
FRN
thereafter
,
6/15/56
.................................
United
States
200,000
196,138
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond
,
6.375%
to
8/14/30,
FRN
thereafter
,
8/15/55
...
United
States
165,000
166,005
Senior
Bond
,
5.65%
to
4/30/29,
FRN
thereafter
,
5/01/79
....
United
States
650,000
647,807
Senior
Bond
,
3.8%
to
3/14/27,
FRN
thereafter
,
3/15/82
.....
United
States
250,000
248,284
AA
,
Senior
Bond
,
6%
to
9/30/31,
FRN
thereafter
,
10/01/56
...
United
States
20,000
19,757
CC
,
Senior
Bond
,
6.625%
to
9/30/46,
FRN
thereafter
,
10/01/66
United
States
250,000
243,924
c
NRG
Energy,
Inc.
,
e
Junior
Sub.
Bond
,
144A,
10.25%
to
3/14/28,
FRN
thereafter
,
Perpetual
.......................................
United
States
2,285,000
2,430,806
Senior
Bond
,
144A,
6.25
%
,
11/01/34
...................
United
States
2,395,000
2,389,347
Senior
Bond
,
144A,
6
%
,
1/15/36
......................
United
States
3,995,000
3,886,705
Senior
Secured
Bond
,
144A,
7
%
,
3/15/33
...............
United
States
665,000
706,018
PG&E
Corp.
,
Junior
Sub.
Bond
,
7.375%
to
3/14/30,
FRN
thereafter
,
3/15/55
.................................
United
States
1,650,000
1,659,374
Southern
Co.
(The)
,
2025
,
Junior
Sub.
Bond
,
6.375%
to
3/14/35,
FRN
thereafter
,
3/15/55
.........................................
United
States
200,000
201,167
21-A
,
Junior
Sub.
Bond
,
3.75%
to
9/14/26,
FRN
thereafter
,
9/15/51
.........................................
United
States
500,000
499,731
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5
%
,
7/31/27
......................
United
States
1,430,000
1,429,432
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
c
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
2,150,000
$
2,240,156
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
1,420,000
1,466,195
23,724,839
Electrical
Equipment
0.5%
c
Energizer
Gamma
Acquisition
BV
,
Senior
Note
,
Reg
S,
3.5
%
,
6/30/29
.........................................
United
States
1,720,000
EUR
1,951,480
c
Sensata
Technologies
BV
,
Senior
Note
,
144A,
5.875
%
,
9/01/30
.
United
States
1,810,000
1,822,784
3,774,264
Electronic
Equipment,
Instruments
&
Components
0.9%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
..
United
States
1,260,000
1,200,311
c
Ingram
Micro,
Inc.
,
Senior
Secured
Note
,
144A,
4.75
%
,
5/15/29
.
United
States
3,132,000
3,068,373
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
3,316,000
3,195,865
7,464,549
Energy
Equipment
&
Services
2.8%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
3,530,000
3,481,197
c
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
1/15/32
.............
Mexico
1,390,000
1,350,850
Senior
Secured
Note
,
144A,
9
%
,
1/15/34
................
Mexico
1,005,000
972,265
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
5.875
%
,
4/01/31
.
United
States
1,385,000
1,381,507
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
8.875
%
,
8/15/31
...
United
States
1,115,000
1,167,213
c
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
1,510,000
1,559,187
c
Transocean
Aquila
Ltd.
,
Senior
Secured
Note
,
144A,
8
%
,
9/30/28
United
States
353,846
361,378
Transocean
International
Ltd.
,
Senior
Bond
,
6.8
%
,
3/15/38
..........................
United
States
3,520,000
3,344,168
c
Senior
Note
,
144A,
7.875
%
,
10/15/32
..................
United
States
1,230,000
1,292,150
c
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
.............
United
States
2,460,250
2,560,279
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
...................
United
States
1,055,000
1,068,286
Senior
Note
,
144A,
6.75
%
,
10/15/33
...................
United
States
4,700,000
4,796,270
23,334,750
Entertainment
1.6%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
4,885,000
5,017,716
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
1,640,000
1,196,511
c
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/34
....................
United
States
4,130,000
4,385,829
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.............
United
States
715,000
744,071
c
Pinewood
Finco
plc
,
Senior
Secured
Note
,
144A,
6
%
,
3/27/30
..
United
Kingdom
1,725,000
GBP
2,342,498
13,686,625
Financial
Services
4.0%
Apollo
Global
Management,
Inc.
,
Senior
Bond
,
6%
to
12/14/34,
FRN
thereafter
,
12/15/54
............................
United
States
250,000
237,552
e
Corebridge
Financial,
Inc.
,
Junior
Sub.
Bond
,
6.875%
to
11/30/30,
FRN
thereafter
,
Perpetual
...........................
United
States
300,000
311,294
c
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
....................
United
States
2,405,000
2,344,058
Senior
Note
,
144A,
7.75
%
,
8/15/31
....................
United
States
2,010,000
2,013,607
Senior
Note
,
144A,
6.75
%
,
12/01/32
...................
United
States
2,020,000
1,936,060
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
c
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
1,875,000
$
2,000,569
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
8
%
,
2/01/32
......................
United
States
3,175,000
3,139,623
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
3,475,000
3,493,782
c
Osaic
Holdings,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/33
......................
United
States
4,240,000
4,345,355
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
.............
United
States
405,000
407,715
c
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
5,850,000
5,781,285
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
8/01/31
...................
United
States
675,000
683,957
Senior
Note
,
144A,
7.125
%
,
2/01/32
...................
United
States
2,260,000
2,335,310
Senior
Note
,
144A,
6.375
%
,
8/01/33
...................
United
States
2,530,000
2,565,675
Senior
Note
,
144A,
6.5
%
,
6/15/34
.....................
United
States
1,475,000
1,499,323
c
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
565,000
EUR
645,258
33,740,423
Food
Products
1.0%
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................
United
States
2,270,000
2,337,909
Senior
Note
,
144A,
6.375
%
,
4/15/34
...................
United
States
1,385,000
1,400,051
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
1,450,000
1,431,975
c
TreeHouse
Foods,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
.........................................
United
States
3,450,000
3,492,166
8,662,101
Ground
Transportation
0.6%
c
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
1,435,000
1,476,698
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
3,475,000
3,583,504
5,060,202
Health
Care
Equipment
&
Supplies
0.9%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
780,000
801,084
c
,f
Bausch
+
Lomb
Netherlands
BV
and
Bausch
&
Lomb,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
6.306
%
,
(
2
x
3-month
EURIBOR
+
7.75
%
),
1/15/31
...................................
United
States
1,340,000
EUR
1,572,353
c
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
1,915,000
1,947,450
c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
...................
United
States
1,385,000
1,377,871
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
............
United
States
1,455,000
1,409,814
7,108,572
Health
Care
Providers
&
Services
3.8%
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/15/30
.............
United
States
2,830,000
2,644,045
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
1,234,000
1,310,962
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
.............
United
States
3,540,000
3,615,358
c
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
2,045,000
2,117,446
CVS
Health
Corp.
,
Junior
Sub.
Bond
,
7%
to
3/09/30,
FRN
thereafter
,
3/10/55
.................................
United
States
2,743,000
2,833,199
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
c
DaVita,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
5,415,000
$
5,549,303
Senior
Note
,
144A,
6.75
%
,
7/15/33
....................
United
States
415,000
424,924
Humana,
Inc.
,
Junior
Sub.
Bond
,
6.625%
to
9/14/31,
FRN
thereafter
,
9/15/56
.................................
United
States
485,000
481,104
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
6,955,000
6,970,259
Tenet
Healthcare
Corp.
,
c
Senior
Note
,
144A,
6
%
,
11/15/33
......................
United
States
1,620,000
1,625,621
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
3,935,000
3,967,000
31,539,221
Health
Care
REITs
0.5%
c
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
4,530,000
4,596,111
Health
Care
Technology
1.0%
c
AthenaHealth
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/30
...
United
States
2,880,000
2,816,837
c
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
5,310,000
5,412,799
8,229,636
Hotel
&
Resort
REITs
0.9%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
....................
United
States
635,000
646,574
Senior
Note
,
144A,
6.5
%
,
4/01/32
.....................
United
States
3,040,000
3,097,018
Senior
Note
,
144A,
6.5
%
,
6/15/33
.....................
United
States
1,230,000
1,255,345
Senior
Note
,
144A,
5.75
%
,
3/15/34
....................
United
States
1,415,000
1,395,300
c
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
755,000
769,393
7,163,630
Hotels,
Restaurants
&
Leisure
6.1%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
4,075,000
3,850,012
c
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
1,750,000
1,781,194
c
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
3,400,000
3,266,064
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
..................
United
States
1,065,000
1,022,821
Senior
Note
,
144A,
6
%
,
10/15/32
.....................
United
States
885,000
795,636
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
1,282,000
1,290,193
c
Carnival
Corp.
Ltd.
,
Senior
Note
,
144A,
5.125
%
,
5/01/29
...................
United
States
1,895,000
1,886,305
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
1,495,000
1,504,700
Senior
Note
,
144A,
5.875
%
,
6/15/31
...................
United
States
2,380,000
2,389,591
Senior
Note
,
144A,
5.75
%
,
8/01/32
....................
United
States
2,155,000
2,135,337
Senior
Note
,
144A,
6.125
%
,
2/15/33
...................
United
States
1,155,000
1,158,474
c
Churchill
Downs,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
4/01/30
.....
United
States
2,199,000
2,200,827
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
3,110,000
3,046,447
c
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
635,000
624,451
c
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
1,410,000
1,419,863
c
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
4,105,000
4,104,302
c
Light
&
Wonder
International,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
9/01/31
.........................................
United
States
440,000
456,518
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
c
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
2,715,000
$
2,835,595
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
7.75
%
,
2/15/29
....................
United
States
1,345,000
1,401,008
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
455,000
442,957
Senior
Note
,
144A,
6.25
%
,
9/15/33
....................
United
States
555,000
519,476
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
1,550,000
1,571,706
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
9/30/31
...................
United
States
1,665,000
1,667,923
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
3,760,000
3,783,723
c
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
3/01/30
....................
United
States
2,215,000
1,456,894
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
4,585,000
4,816,167
51,428,184
Household
Durables
1.6%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
6.875
%
,
8/01/33
.........................
United
States
1,595,000
1,602,191
c
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note
,
144A,
8
%
,
4/01/31
......................
United
States
840,000
864,546
Senior
Note
,
144A,
8.375
%
,
10/01/33
..................
United
States
1,265,000
1,295,974
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
...................
United
States
1,860,000
1,836,002
Senior
Note
,
144A,
6.75
%
,
1/15/34
....................
United
States
3,860,000
3,915,032
Whirlpool
Corp.
,
Senior
Bond
,
5.75
%
,
3/01/34
.........................
United
States
1,380,000
1,076,909
Senior
Bond
,
4.5
%
,
6/01/46
..........................
United
States
1,320,000
748,910
c
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/31
..............
United
States
810,000
813,053
c
Senior
Secured
Note
,
144A,
7.875
%
,
7/01/34
............
United
States
1,370,000
1,343,657
13,496,274
Independent
Power
and
Renewable
Electricity
Producers
2.1%
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
....................
United
States
2,030,000
1,835,392
Senior
Note
,
144A,
3.75
%
,
2/15/31
....................
United
States
1,730,000
1,596,264
Senior
Note
,
144A,
5.75
%
,
1/15/34
....................
United
States
1,775,000
1,716,409
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5
%
,
2/01/31
United
States
1,885,000
1,867,933
c
Talen
Energy
Supply
LLC
,
Senior
Bond
,
144A,
6.5
%
,
2/01/36
.....................
United
States
3,400,000
3,338,476
Senior
Note
,
144A,
6.375
%
,
5/01/33
...................
United
States
2,160,000
2,133,852
Senior
Note
,
144A,
6.25
%
,
2/01/34
....................
United
States
2,140,000
2,102,378
c
,e
Vistra
Corp.
,
Junior
Sub.
Bond
,
144A,
8%
to
10/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
1,173,000
1,176,347
Junior
Sub.
Bond
,
144A,
7%
to
12/14/26,
FRN
thereafter
,
Perpetual
.......................................
United
States
2,215,000
2,227,116
17,994,167
Insurance
1.9%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
1,115,000
1,013,711
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
880,000
810,420
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
5.875
%
,
11/01/29
..................
United
States
2,365,000
2,349,842
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer,
(continued)
Senior
Note
,
144A,
7.375
%
,
10/01/32
..................
United
States
795,000
$
806,115
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
1,825,000
1,854,697
c
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note
,
144A,
8.375
%
,
2/01/34
..................
United
States
3,755,000
3,391,482
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
1,575,000
1,568,123
Athene
Holding
Ltd.
,
Junior
Sub.
Bond
,
6.875%
to
6/27/35,
FRN
thereafter
,
6/28/55
.................................
United
States
250,000
234,203
c
Beacon
Funding
Trust
,
Senior
Bond
,
144A,
6.266
%
,
8/15/54
...
United
States
300,000
294,614
c
,f
Hartford
Insurance
Group,
Inc.
(The)
,
Junior
Sub.
Bond
,
144A,
FRN
,
6.127
%
,
(
3-month
SOFR
+
2.387
%
),
2/12/47
.........
United
States
550,000
550,643
c
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
1,000,000
1,031,108
c
Liberty
Mutual
Group,
Inc.
,
Senior
Bond
,
144A,
4.125%
to
12/14/26,
FRN
thereafter
,
12/15/51
.....................
United
States
300,000
299,973
c
Massachusetts
Mutual
Life
Insurance
Co.
,
Sub.
Bond
,
144A,
3.729
%
,
10/15/70
..................................
United
States
325,000
198,158
c
MetLife,
Inc.
,
Junior
Sub.
Bond
,
144A,
9.25
%
,
4/08/38
........
United
States
350,000
405,765
Prudential
Financial,
Inc.
,
Junior
Sub.
Bond
,
3.7%
to
9/30/30,
FRN
thereafter
,
10/01/50
.
United
States
520,000
479,498
Junior
Sub.
Bond
,
5.125%
to
2/27/32,
FRN
thereafter
,
3/01/52
United
States
100,000
96,778
Junior
Sub.
Bond
,
6.5%
to
3/14/34,
FRN
thereafter
,
3/15/54
..
United
States
200,000
204,234
15,589,364
IT
Services
0.6%
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
4,070,000
3,122,408
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
1,865,000
1,908,727
5,031,135
Machinery
0.6%
c
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
2,460,000
2,443,938
c
Terex
Corp.
,
Senior
Note
,
144A,
5
%
,
5/15/29
......................
United
States
1,400,000
1,389,358
Senior
Note
,
144A,
6.25
%
,
10/15/32
...................
United
States
1,280,000
1,292,630
5,125,926
Media
6.1%
c
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
2,780,000
2,421,537
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
3/15/33
...............................
United
States
3,415,000
3,601,389
c
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
5.375
%
,
2/01/28
...................
United
States
1,105,000
596,834
Senior
Note
,
144A,
11.75
%
,
1/31/29
...................
United
States
2,110,000
1,170,949
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
1,745,000
1,787,395
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
............
United
States
57,000
56,876
Senior
Secured
Note
,
144A,
10
%
,
2/15/31
...............
United
States
940,000
995,294
Senior
Secured
Note
,
144A,
9.25
%
,
6/01/32
.............
United
States
800,000
835,600
Discovery
Communications
LLC
,
Senior
Note
,
4.125
%
,
5/15/29
.
United
States
2,230,000
2,213,286
EchoStar
Corp.
,
Senior
Secured
Note
,
10.75
%
,
11/30/29
......
United
States
3,125,000
3,379,086
c
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
3,775,000
3,407,805
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
c
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%
,
7/15/32
..................
United
States
1,480,000
$
1,520,315
Senior
Bond
,
144A,
5.375
%
,
11/15/31
..................
United
States
2,460,000
1,916,918
c
McGraw-Hill
Education,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/29
......................
United
States
1,860,000
1,862,306
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
............
United
States
2,438,000
2,505,440
c
Nexstar
Media,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
4/15/34
....................
United
States
2,350,000
2,381,998
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/33
..............
United
States
1,945,000
1,954,760
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
.........................
United
States
1,535,000
1,488,456
Paramount
Global
,
Senior
Bond
,
5.85
%
,
9/01/43
.........................
United
States
1,570,000
1,147,391
Senior
Bond
,
6.375%
to
3/29/27,
FRN
thereafter
,
3/30/62
...
United
States
100,000
82,126
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
3,475,000
3,616,641
c
Sirius
XM
Radio
LLC
,
Senior
Bond
,
144A,
3.875
%
,
9/01/31
....
United
States
2,192,000
1,999,014
c
Telenet
Finance
Luxembourg
Notes
SARL
,
Senior
Secured
Bond
,
144A,
5.5
%
,
3/01/28
...............................
Belgium
1,674,660
1,650,693
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
............
United
States
1,985,000
2,026,985
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
............
United
States
2,225,000
2,200,632
c
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
................
Netherlands
2,330,000
1,968,396
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
..............
Netherlands
2,460,000
2,227,592
51,015,714
Metals
&
Mining
2.1%
c
Capstone
Copper
Corp.
,
Senior
Note
,
144A,
6.75
%
,
3/31/33
...
Canada
1,250,000
1,270,075
c
Cleveland-Cliffs,
Inc.
,
Senior
Bond
,
144A,
4.875
%
,
3/01/31
...................
United
States
780,000
723,567
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
3,133,000
3,164,374
Senior
Note
,
144A,
7.625
%
,
1/15/34
...................
United
States
1,010,000
1,031,160
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
1,730,000
1,628,154
c
Hudbay
Minerals,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
4/01/29
....
Canada
2,033,000
2,049,988
c
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......................
Australia
1,095,000
1,129,629
Senior
Note
,
144A,
6
%
,
5/01/32
......................
Australia
725,000
716,000
c
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
....................
United
States
2,420,000
2,338,636
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...................
United
States
365,000
334,006
Senior
Note
,
144A,
6.875
%
,
1/30/30
...................
United
States
1,815,000
1,865,784
Senior
Note
,
144A,
6.375
%
,
8/15/33
...................
United
States
1,515,000
1,519,415
17,770,788
Multi-Utilities
0.1%
CenterPoint
Energy,
Inc.
,
Junior
Sub.
Bond
,
6.7%
to
5/14/30,
FRN
thereafter
,
5/15/55
.................................
United
States
200,000
203,526
Dominion
Energy,
Inc.
,
B
,
Junior
Sub.
Bond
,
7%
to
5/31/34,
FRN
thereafter
,
6/01/54
.................................
United
States
210,000
218,530
NiSource,
Inc.
,
Junior
Sub.
Bond
,
6.25%
to
4/14/32,
FRN
thereafter
,
4/15/57
.................................
United
States
200,000
199,755
Sempra,
Inc.
,
Junior
Sub.
Bond
,
6.875%
to
9/30/29,
FRN
thereafter
,
10/01/54
United
States
100,000
101,725
Junior
Sub.
Bond
,
6.625%
to
3/31/30,
FRN
thereafter
,
4/01/55
United
States
200,000
200,713
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Multi-Utilities
(continued)
Southern
Co.
Gas
Capital
Corp.
,
Senior
Bond
,
6.05%
to
9/14/31,
FRN
thereafter
,
9/15/56
.............................
United
States
100,000
$
99,399
1,023,648
Oil,
Gas
&
Consumable
Fuels
8.5%
e
BP
Capital
Markets
plc
,
Senior
Bond
,
4.875%
to
3/21/30,
FRN
thereafter
,
Perpetual
..
United
States
490,000
479,460
Senior
Bond
,
6.45%
to
11/30/33,
FRN
thereafter
,
Perpetual
..
United
States
250,000
256,715
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
9.75
%
,
7/15/28
....................
United
States
1,405,000
1,449,721
Senior
Note
,
144A,
9.75
%
,
2/15/31
....................
United
States
3,545,000
3,842,968
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
540,000
551,475
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
1,790,000
1,527,479
c
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
...................
United
States
2,085,000
2,155,214
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
3,445,000
3,637,421
Enbridge,
Inc.
,
Sub.
Bond
,
7.375%
to
1/14/28,
FRN
thereafter
,
1/15/83
.....
Canada
320,000
326,182
Sub.
Bond
,
8.5%
to
1/14/34,
FRN
thereafter
,
1/15/84
.......
Canada
200,000
225,694
16-A
,
Sub.
Bond
,
6%
to
1/14/27,
FRN
thereafter
,
1/15/77
....
Canada
200,000
200,734
e
Energy
Transfer
LP
,
B
,
Junior
Sub.
Bond
,
6.625%
to
2/14/28,
FRN
thereafter
,
Perpetual
...............................
United
States
4,075,000
4,102,400
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5
%
,
6/01/29
.....................
United
States
840,000
857,803
Senior
Note
,
144A,
4.25
%
,
2/15/30
....................
United
States
560,000
539,315
Senior
Note
,
144A,
5.5
%
,
10/15/30
....................
United
States
770,000
769,265
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
......................
United
States
375,000
370,422
Senior
Bond
,
144A,
6.25
%
,
4/15/32
....................
United
States
1,470,000
1,444,919
Senior
Bond
,
144A,
6.875
%
,
5/15/34
...................
United
States
2,030,000
2,013,270
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
800,000
806,759
Senior
Note
,
144A,
6
%
,
4/15/30
......................
United
States
685,000
684,715
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................
United
States
2,040,000
2,164,381
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
4,495,000
4,519,048
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
4,478,000
4,563,024
Murphy
Oil
Corp.
,
Senior
Note
,
6
%
,
10/01/32
..........................
United
States
1,400,000
1,396,941
Senior
Note
,
6.5
%
,
2/15/34
..........................
United
States
2,665,000
2,657,785
c
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
........................
United
Kingdom
3,800,000
3,793,574
c
Saturn
Oil
&
Gas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
7/30/31
.....
Canada
2,030,000
2,108,412
South
Bow
Canadian
Infrastructure
Holdings
Ltd.
,
Senior
Bond
,
7.625%
to
2/28/30,
FRN
thereafter
,
3/01/55
..............
Canada
200,000
207,789
c
Sunoco
LP
,
Senior
Note
,
144A,
5.375
%
,
7/15/31
...................
United
States
1,330,000
1,312,562
Senior
Note
,
144A,
6.25
%
,
7/01/33
....................
United
States
3,400,000
3,419,659
Senior
Note
,
144A,
5.625
%
,
7/15/34
...................
United
States
155,000
150,619
c
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
3,064,000
3,034,971
TransCanada
PipeLines
Ltd.
,
Junior
Sub.
Bond
,
6.375%
to
10/16/36,
FRN
thereafter
,
10/17/56
.....................
Canada
465,000
464,158
Transcanada
Trust
,
Senior
Bond
,
5.5%
to
9/14/29,
FRN
thereafter
,
9/15/79
.................................
Canada
320,000
316,271
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
420,000
418,492
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Venture
Global
LNG,
Inc.
,
e
Junior
Sub.
Bond
,
144A,
9%
to
9/29/29,
FRN
thereafter
,
Perpetual
.......................................
United
States
3,160,000
$
3,204,734
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
..............
United
States
2,090,000
2,248,658
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
2,790,000
2,902,264
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
1,940,000
2,068,880
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
535,000
595,264
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
1,510,000
1,590,279
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
535,000
581,428
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
905,000
936,297
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
576,000
574,310
71,471,731
Paper
&
Forest
Products
0.2%
c
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
............
United
States
695,000
656,700
Senior
Secured
Note
,
144A,
7.25
%
,
11/15/31
............
United
States
1,270,000
1,249,534
1,906,234
Passenger
Airlines
0.1%
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
890,000
877,035
Personal
Care
Products
1.0%
c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note
,
144A,
6.625
%
,
7/15/30
...................
United
States
1,330,000
1,333,942
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.............
United
States
1,230,000
1,204,027
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
5,435,000
5,489,812
8,027,781
Pharmaceuticals
1.0%
c
1261229
BC
Ltd.
,
Senior
Secured
Note
,
144A,
10
%
,
4/15/32
...
United
States
1,245,000
1,296,854
Teva
Pharmaceutical
Finance
Netherlands
II
BV
,
Senior
Note
,
4.375
%
,
5/09/30
...................................
Israel
3,190,000
EUR
3,758,810
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
........................
Israel
2,035,000
2,037,214
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
915,000
1,024,605
8,117,483
Professional
Services
0.4%
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
2,940,000
2,980,969
Semiconductors
&
Semiconductor
Equipment
0.3%
c
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
790,000
796,201
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
1,345,000
1,338,059
2,134,260
Software
1.2%
c
Cloud
Software
Group
LLC
,
Secured
Note
,
144A,
9
%
,
9/30/29
.....................
United
States
2,135,000
2,142,455
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/29
..............
United
States
1,627,000
1,620,468
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
2,660,000
2,408,155
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
1,585,000
1,555,008
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
c
UKG,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/31
......
United
States
2,765,000
$
2,728,951
10,455,037
Specialized
REITs
1.1%
c
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/33
.......
United
States
4,495,000
4,532,996
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
4,685,000
4,754,291
9,287,287
Specialty
Retail
0.4%
c
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
3,195,000
3,227,516
Technology
Hardware,
Storage
&
Peripherals
0.2%
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
3.125
%
,
7/15/29
........................
United
States
835,000
772,817
Senior
Note
,
5.875
%
,
7/15/30
........................
United
States
1,070,000
1,087,684
1,860,501
Textiles,
Apparel
&
Luxury
Goods
0.8%
c
Beach
Acquisition
Bidco
LLC
,
d
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
..................
United
States
2,959,847
3,175,093
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/32
.............
United
States
1,600,000
EUR
1,868,482
c
Crocs,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
3/15/29
.............
United
States
1,460,000
1,413,697
6,457,272
Trading
Companies
&
Distributors
1.3%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
1,674,000
1,711,263
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
1,805,000
1,879,205
Secured
Note
,
144A,
7.125
%
,
7/01/34
..................
United
States
1,285,000
1,266,244
c
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
1,235,000
1,260,256
e
Sumisho
Air
Lease
Corp.
,
D
,
Junior
Sub.
Bond
,
6%
to
12/14/29,
FRN
thereafter
,
Perpetual
...........................
United
States
210,000
203,989
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
525,000
533,712
Senior
Note
,
144A,
5.25
%
,
4/15/31
....................
United
States
770,000
759,094
Senior
Note
,
144A,
6.625
%
,
3/15/32
...................
United
States
2,515,000
2,575,609
Senior
Note
,
144A,
6.375
%
,
3/15/33
...................
United
States
990,000
1,006,076
11,195,448
Wireless
Telecommunication
Services
1.2%
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
4,855,000
5,083,049
c
Digicel
International
Finance
Ltd.
/
DIFL
US
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
8/01/32
.........................
Bermuda
1,915,000
1,996,671
c
Iliad
Holding
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
...
France
1,775,000
1,791,651
Rogers
Communications,
Inc.
,
Sub.
Bond
,
7.125%
to
4/14/35,
FRN
thereafter
,
4/15/55
.....
Canada
170,000
171,232
c
Sub.
Bond
,
144A,
5.25%
to
3/14/27,
FRN
thereafter
,
3/15/82
.
Canada
705,000
703,711
NC5
,
Sub.
Bond
,
7%
to
4/14/30,
FRN
thereafter
,
4/15/55
....
Canada
240,000
241,910
Vodafone
Group
plc
,
Junior
Sub.
Bond
,
7%
to
1/03/29,
FRN
thereafter
,
4/04/79
.................................
United
Kingdom
440,000
451,523
10,439,747
Total
Corporate
Bonds
(Cost
$
724,244,750
)
...................................
727,992,311
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
4.3%
Automobile
Components
0.3%
g
DexKo
Global,
Inc.,
First
Lien,
Refinancing
Dollar
CME
Term
Loan
,
8.323
%
,
(
3-month
SOFR
+
4.5
%
),
10/06/31
.........
United
States
2,355,651
$
2,282,920
g
Chemicals
0.4%
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.224
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
578,422
540,342
h
Tronox
Finance
LLC,
First
Lien,
2024
CME
Term
Loan,
B
,
6.212
%
,
(
1-month
SOFR
+
2.5
%
),
9/30/31
...............
United
States
2,452,276
1,933,006
h
Tronox
Finance
LLC,
First
Lien,
2024-B2
CME
Term
Loan
,
5.982
%
,
(
3-month
SOFR
+
2.25
%
),
4/04/29
..............
United
States
793,638
654,029
3,127,377
a
a
a
a
a
a
Distributors
0.3%
g
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan
,
7.732
%
,
(
3-month
SOFR
+
4
%
),
11/30/30
...........
United
States
2,519,414
2,519,679
g
Food
Products
0.4%
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6
,
6.454
%
,
(
6-month
SOFR
+
2.5
%
),
9/30/32
......................
United
States
2,503,231
2,496,310
TreeHouse
Foods,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.436
%
,
(
1-month
SOFR
+
3.75
%
),
2/11/33
..............
United
States
830,000
833,963
3,330,273
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
0.2%
g
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan
,
7.436
%
,
(
1-month
SOFR
+
3.75
%
),
1/15/31
.........
United
States
1,871,134
1,885,401
g
Hotels,
Restaurants
&
Leisure
0.4%
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
6.936
%
,
(
1-month
SOFR
+
3.25
%
),
1/29/29
..............
United
States
2,464,484
2,472,962
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan
,
6.752
%
,
(
1-month
SOFR
+
3
%
),
4/04/29
...
United
States
1,078,014
977,850
3,450,812
a
a
a
a
a
a
IT
Services
0.3%
g
Fortress
Intermediate
3,
Inc.,
First
Lien,
CME
Term
Loan,
B
,
6.642
%
,
(
1-month
SOFR
+
3
%
),
6/27/31
................
United
States
2,313,991
2,315,912
g
Media
0.5%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.801
%
,
(
1-month
SOFR
+
4
%
),
8/23/28
.........................................
United
States
2,313,059
2,322,311
DIRECTV
Financing
LLC,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B
,
8.323
%
,
(
3-month
SOFR
+
4.5
%
),
8/02/29
........
United
States
2,179,916
2,198,478
4,520,789
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
0.3%
g
Venture
Global
Calcasieu
Pass
LLC,
First
Lien,
Initial
CME
Term
Loan
,
6.954
%
,
(
6-month
SOFR
+
3.25
%
),
4/11/33
.........
United
States
2,229,012
2,247,279
g
Pharmaceuticals
0.5%
1261229
BC
Ltd.,
First
Lien,
Initial
CME
Term
Loan
,
9.936
%
,
(
1-month
SOFR
+
6.25
%
),
10/08/30
....................
United
States
1,326,600
1,322,335
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan
,
7.436
%
,
(
1-month
SOFR
+
3.75
%
),
4/23/31
.....
United
States
3,205,009
3,216,691
4,539,026
a
a
a
a
a
a
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
g
Software
0.5%
Cloud
Software
Group
LLC,
First
Lien,
Initial
Dollar
CME
Term
Loan,
B
,
6.982
%
,
(
3-month
SOFR
+
3.25
%
),
8/16/32
.......
United
States
694,997
$
662,854
h
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
8.14
%
,
(
1-day
SOFR
+
4.5
%
),
11/17/31
....
United
States
60,055
60,663
Rocket
Software,
Inc.,
First
Lien,
CME
Term
Loan
,
7.436
%
,
(
1-month
SOFR
+
3.75
%
),
11/28/28
....................
United
States
1,678,603
1,666,165
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.073
%
,
(
3-month
SOFR
+
2.25
%
),
2/10/31
............................
United
States
1,572,878
1,531,503
3,921,185
a
a
a
a
a
a
Textiles,
Apparel
&
Luxury
Goods
0.1%
g
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2
,
7.311
%
,
(
3-month
SOFR
+
3.5
%
),
3/02/28
......................
United
States
539,494
472,208
Wireless
Telecommunication
Services
0.1%
g
Connect
Finco
SARL,
First
Lien,
Amendment
No.
4
CME
Term
Loan
,
8.186
%
,
(
1-month
SOFR
+
4.5
%
),
9/13/29
..........
United
Kingdom
1,280,278
1,290,603
Total
Senior
Floating
Rate
Interests
(Cost
$
35,934,394
)
........................
35,903,464
Foreign
Government
and
Agency
Securities
0.1%
c
,e
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
320,000
366,832
Total
Foreign
Government
and
Agency
Securities
(Cost
$
320,000
)
..............
366,832
U.S.
Government
and
Agency
Securities
0.2%
U.S.
Treasury
Bonds
,
1.25
%,
5/15/50
...................................
United
States
1,768,000
802,092
i
4.75
%,
2/15/56
...................................
United
States
1,050,000
972,398
Total
U.S.
Government
and
Agency
Securities
(Cost
$
1,918,208
)
................
1,774,490
Total
Long
Term
Investments
(Cost
$
790,297,733
)
.............................
799,402,694
a
Short
Term
Investments
3.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
3.4%
j,k
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......
United
States
28,129,509
28,129,509
Total
Management
Investment
Companies
(Cost
$
28,129,509
)
..................
28,129,509
Total
Short
Term
Investments
(Cost
$
28,129,509
)
..............................
28,129,509
a
Total
Investments
(Cost
$
818,427,242
)
98.9
%
.................................
$827,532,203
Other
Assets,
less
Liabilities
1.1
%
...........................................
9,941,955
Net
Assets
100.0%
.........................................................
$837,474,158
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
The
rate
shown
represents
the
yield
at
period
end.
Putnam
High
Yield
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
At
August
31,
2026
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
August
31,
2026,
the
aggregate
value
of
these
securities
was
$654,169,935,
representing
78.1%
of
net
assets.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Perpetual
security
with
no
stated
maturity
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
August
31,
2026,
the
value
of
this
security
pledged
amounted
to
$269,493,
representing
less
than
0.1%
of
net
assets.
j
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
HSBK
Sell
1,674,800
2,236,796
9/16/26
$
—
$
(
32,575
)
Euro
.............
BOFA
Buy
1,122,200
1,298,015
9/16/26
6,192
—
Euro
.............
HSBK
Sell
17,244,600
19,944,673
9/16/26
—
(
96,796
)
Euro
.............
MSCO
Buy
2,358,000
2,726,843
9/16/26
13,597
—
Total
Forward
Exchange
Contracts
...................................................
$19,789
$(129,371)
Net
unrealized
appreciation
(depreciation)
............................................
$(109,582)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
See
A
bbreviations
on
page
26
.
Putnam
High
Yield
Fund
Notes
to
Schedule
of
Investments
(unaudited)
24
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
High
Yield
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
High
Yield
Fund
Notes
to
Schedule
of
Investments
(unaudited)
25
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
August
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
High
Yield
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
......
$16,824,341
$198,971,561
$(187,666,393)
$—
$—
$28,129,509
28,129,509
$680,075
Total
Affiliated
Securities
...
$16,824,341
$198,971,561
$(187,666,393)
$—
$—
$28,129,509
$680,075
2. Financial
Instrument
Valuation
(continued)
Putnam
High
Yield
Fund
Notes
to
Schedule
of
Investments
(unaudited)
26
Quarterly
Schedule
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
August
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
High
Yield
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
1,341,803
$
—
$
—
$
1,341,803
Convertible
Preferred
Stocks
................
11,155,246
—
—
11,155,246
Preferred
Stocks
.........................
793,600
—
—
793,600
Convertible
Bonds
.......................
—
20,074,948
—
20,074,948
Corporate
Bonds
........................
—
727,992,311
—
727,992,311
Senior
Floating
Rate
Interests
...............
—
35,903,464
—
35,903,464
Foreign
Government
and
Agency
Securities
....
—
366,832
—
366,832
U.S.
Government
and
Agency
Securities
.......
—
1,774,490
—
1,774,490
Short
Term
Investments
...................
28,129,509
—
—
28,129,509
Total
Investments
in
Securities
...........
$41,420,158
$786,112,045
$—
$827,532,203
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$19,789
$—
$19,789
Total
Other
Financial
Instruments
.........
$—
$19,789
$—
$19,789
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
129,371
$
—
$
129,371
Total
Other
Financial
Instruments
.........
$—
$129,371
$—
$129,371
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Counterparty
BOFA
Bank
of
America
NA
HSBK
HSBC
Bank
plc
MSCO
Morgan
Stanley
Cu
r
rency
EUR
Euro
GBP
British
Pound
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
EURIBOR
Euro
Inter-Bank
Offer
Rate
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.