# EDGAR Filing Document

**Accession Number:** 0000787836
**File Stem:** 0001133228-25-007775
**Filing Date:** 2025-7
**Character Count:** 204770
**Document Hash:** 0aa85381000c9e24d36e9a13984e71ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007775.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001133228-25-007775

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM HIGH YIELD FUND
- **CENTRAL INDEX KEY:** 0000787836

**ORGANIZATION NAME:**
- **EIN:** 066290063
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04616
- **FILM NUMBER:** 251166619

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH YIELD ADVANTAGE FUND
- **DATE OF NAME CHANGE:** 19920716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH YIELD TRUST II
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### PUTNAM HIGH YIELD FUND (Series ID: S000005762)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000015835 | Class Y Shares  |  |
| C000015836 | Class A Shares  | PHYIX           |
| C000015838 | Class M Shares  | PHYMX           |
| C000049232 | Class C         |  |
| C000049233 | Class R         |  |
| C000202776 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-06-1174200165200_PutnamHighYieldFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04616**

**Putnam High Yield Fund**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **November 30**

Date of reporting period: **May 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [PHYIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $51 | 1.01% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4213img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSA-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PHYLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $88 | 1.76% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4211img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSC-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class M [PHYMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class M | $63 | 1.26% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4214img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSM-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PFJAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $63 | 1.26% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4216img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSR-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PHYUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $32 | 0.64% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4218img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSR6-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

---

| | |
|:---|:---|
| **Putnam High Yield Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PHAYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| May 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam High Yield Fund for the period December 1, 2024, to May 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Y | $38 | 0.76% |

---

† Annualized.

**KEY FUND STATISTICS** (as of May 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $864422090 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 564 |
| **Portfolio Turnover Rate** | 22% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4219img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam High Yield Fund PAGE 1 38919-STSY-0725

16.915.813.712.29.58.28.15.53.32.42.22.2 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### High

#### Yield

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

May

31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 32
Notes

to

Financial

Statements

#### 36
Changes

In

and

Disagreements

with

Accountants

#### 49
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.45

$5.16

$5.06

$5.86

$5.85

$5.82

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.15 0.31 0.29 0.26 0.25 0.26 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.30 0.08 (0.81)

0.01 0.04 Total

from

investment

operations

........

0.11 0.61 0.37 (0.55)

0.26 0.30 Less

distributions

from:

Net

investment

income

..............

(0.27)

(0.32)

(0.27)

(0.25)

(0.25)

(0.27)

Net

asset

value,

end

of

period

..........

$5.29

$5.45

$5.16

$5.06

$5.86

$5.85

Total

return

c

.......................

2.03%

12.15%

7.43%

(9.47)%

4.51%

5.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.01%

1.03%

1.05%

1.04%

1.01%

1.03%

Net

investment

income

...............

5.66%

5.79%

5.71%

4.76%

4.21%

4.66%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$575,765

$600,103

$597,993

$641,771

$808,041

$839,550

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.21

$4.95

$4.86

$5.65

$5.65

$5.62

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.12 0.26 0.24 0.21 0.20 0.21 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.28 0.08 (0.78)

0.01 0.05 Total

from

investment

operations

........

0.08 0.54 0.32 (0.57)

0.21 0.26 Less

distributions

from:

Net

investment

income

..............

(0.25)

(0.28)

(0.23)

(0.22)

(0.21)

(0.23)

Net

asset

value,

end

of

period

..........

$5.04

$5.21

$4.95

$4.86

$5.65

$5.65

Total

return

c

.......................

1.55%

11.27%

6.74%

(10.30)%

3.72%

4.99%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.76%

1.78%

1.80%

1.79%

1.76%

1.78%

Net

investment

income

...............

4.90%

5.04%

4.95%

3.99%

3.48%

3.92%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,540

$6,185

$5,913

$8,543

$12,762

$20,415

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.41

$5.12

$5.03

$5.83

$5.82

$5.79

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.14 0.29 0.28 0.24 0.23 0.25 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.31 0.06 (0.80)

0.02 0.04 Total

from

investment

operations

........

0.10 0.60 0.34 (0.56)

0.25 0.29 Less

distributions

from:

Net

investment

income

..............

(0.26)

(0.31)

(0.25)

(0.24)

(0.24)

(0.26)

Net

asset

value,

end

of

period

..........

$5.25

$5.41

$5.12

$5.03

$5.83

$5.82

Total

return

c

.......................

1.72%

11.99%

7.01%

(9.72)%

4.32%

5.37%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.26%

1.28%

1.30%

1.29%

1.26%

1.28%

Net

investment

income

...............

5.41%

5.54%

5.46%

4.51%

3.96%

4.41%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$37,617

$39,389

$38,913

$40,762

$52,676

$55,549

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.41

$5.12

$5.03

$5.83

$5.82

$5.79

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.14 0.29 0.28 0.24 0.23 0.25 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.31 0.06 (0.80)

0.02 0.04 Total

from

investment

operations

........

0.09 0.60 0.34 (0.56)

0.25 0.29 Less

distributions

from:

Net

investment

income

..............

(0.26)

(0.31)

(0.25)

(0.24)

(0.24)

(0.26)

Net

asset

value,

end

of

period

..........

$5.24

$5.41

$5.12

$5.03

$5.83

$5.82

Total

return

c

.......................

1.73%

11.99%

7.00%

(9.72)%

4.32%

5.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.26%

1.28%

1.30%

1.29%

1.26%

1.28%

Net

investment

income

...............

5.40%

5.54%

5.45%

4.54%

3.96%

4.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$11,066

$12,156

$12,516

$16,371

$16,485

$17,059

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.83

$5.49

$5.38

$6.21

$6.19

$6.14

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.17 0.35 0.33 0.29 0.29 0.30 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.33 0.06 (0.85)

0.01 0.05 Total

from

investment

operations

........

0.12 0.68 0.39 (0.56)

0.30 0.35 Less

distributions

from:

Net

investment

income

..............

(0.28)

(0.34)

(0.28)

(0.27)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$5.67

$5.83

$5.49

$5.38

$6.21

$6.19

Total

return

c

.......................

2.07%

12.75%

7.54%

(9.07)%

4.82%

6.04%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.64%

0.66%

0.68%

0.68%

0.66%

0.67%

Net

investment

income

...............

6.02%

6.16%

6.08%

5.14%

4.55%

5.02%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$8,775

$18,229

$19,992

$17,597

$18,888

$16,039

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.86

$5.52

$5.40

$6.24

$6.21

$6.15

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.17 0.35 0.32 0.29 0.28 0.29 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.32 0.08 (0.87)

0.01 0.06 Total

from

investment

operations

........

0.12 0.67 0.40 (0.58)

0.29 0.35 Less

distributions

from:

Net

investment

income

..............

(0.27)

(0.33)

(0.28)

(0.26)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$5.71

$5.86

$5.52

$5.40

$6.24

$6.21

Total

return

c

.......................

2.17%

12.50%

7.56%

(9.34)%

4.77%

5.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.76%

0.78%

0.80%

0.79%

0.76%

0.78%

Net

investment

income

...............

5.90%

6.03%

5.95%

5.00%

4.46%

4.91%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$225,660

$262,025

$215,296

$223,351

$251,589

$307,210

Portfolio

turnover

rate

................

22%

47%

39%

28%

48%

46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited),

May

31,

2025

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.6%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
GFL

Environmental,

Inc.

..............................

United

States

26,825

$

1,352,785

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
a

Viking

Holdings

Ltd.

.................................

United

States

71,600

3,196,224

#### Total

#### Common

#### Stocks

#### (Cost

#### $2,588,584)

#### .....................................

#### 4,549,009

#### Convertible

#### Preferred

#### Stocks

#### 1.0%

#### Aerospace

#### &

#### Defense

#### 0.4%
Boeing

Co.

(The),

6%

................................

United

States

52,091

3,506,766

#### Banks

#### 0.0%

#### †
Bank

of

America

Corp.,

L,

7.25%

........................

United

States

163,701

#### Capital

#### Markets

#### 0.0%

#### †
Ares

Management

Corp.,

B,

6.75%

......................

United

States

633

33,467

#### Electric

#### Utilities

#### 0.4%
NextEra

Energy,

Inc.,

6.926%

..........................

United

States

2,288

91,108

NextEra

Energy,

Inc.,

7.299%

..........................

United

States

44,555

2,119,481

PG&E

Corp.,

A,

6%

..................................

United

States

28,582

1,243,889

3,454,478

#### Financial

#### Services

#### 0.2%
Apollo

Global

Management,

Inc.,

6.75%

..................

United

States

22,795

1,595,194

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
Microchip

Technology,

Inc.,

7.5%

........................

United

States

798

43,922

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Hewlett

Packard

Enterprise

Co.,

7.625%

..................

United

States

21,282

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $7,777,861)

#### ..........................

#### 8,818,810

#### Preferred

#### Stocks

#### 0.1%

#### Electric

#### Utilities

#### 0.0%

#### †
SCE

Trust

VII,

7.5%,

M

...............................

United

States

10,000

229,100

#### Financial

#### Services

#### 0.1%
Jackson

Financial,

Inc.,

8%

............................

United

States

10,000

259,800

#### Insurance

#### 0.0%

#### †
Allstate

Corp.

(The),

7.375%,

J

.........................

United

States

8,000

212,400

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
PennyMac

Mortgage

Investment

Trust,

8.125%,

A

...........

United

States

4,000

99,240

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 806,000)
.......................................

#### 800,540

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 2.1%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5 %

,

12/15/27

..........

United

States

15,000

49,593

#### Automobiles

#### 0.0%

#### †
Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625 %

,

3/15/29

........

United

States

28,000

29,907

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Biotechnology

#### 0.0%

#### †
Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

%

,

9/15/27

.....

United

States

37,000

$

45,844

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25 %

,

5/15/27

United

States

39,000

36,747

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75 %

,

4/15/31

.....

United

States

70,000

66,108

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

%

,

8/15/28

.......

United

States

32,000

38,118

186,817

#### Broadline

#### Retail

#### 0.0%

#### †
Etsy,

Inc.

,

Senior

Note

,

0.25 %

,

6/15/28

...................

United

States

83,000

71,899

#### Capital

#### Markets

#### 0.0%

#### †
b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

9/01/28

.....

United

States

27,000

25,987

#### Communications

#### Equipment

#### 0.0%

#### †
Lumentum

Holdings,

Inc.

,

Senior

Note

,

0.5 %

,

6/15/28

........

United

States

135,000

129,938

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

.................

United

States

20,000

23,195

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

1,491,000

2,331,608

#### Electric

#### Utilities

#### 0.1%
NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

%

,

3/01/27

United

States

60,000

68,910

NRG

Energy,

Inc.

,

Senior

Bond

,

2.75 %

,

6/01/48

............

United

States

12,000

45,949

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875 %

,

3/15/28

......

United

States

73,000

80,008

Southern

Co.

(The)

,

Senior

Note,

3.875%,

12/15/25

.......................

United

States

32,000

34,878

Senior

Note,

4.5%,

6/15/27

..........................

United

States

42,000

45,984

275,729

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
b

Itron,

Inc.

,

Senior

Note

,

144A,

1.375 %

,

7/15/30

.............

United

States

66,000

72,654

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
Nabors

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

6/15/29

.........

United

States

1,000,000

560,000

#### Entertainment

#### 0.2%
Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25 %

,

8/15/27

...................................

United

States

53,000

67,337

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

........................

United

States

1,275,000

1,832,175

b

Senior

Note,

144A,

2.875%,

1/15/30

...................

United

States

59,000

62,186

1,961,698

#### Financial

#### Services

#### 0.0%

#### †
Block,

Inc.

,

Senior

Note

,

0.25 %

,

11/01/27

.................

United

States

33,000

29,444

Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

38,000

33,459

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5 %

,

8/01/27

...........

United

States

74,000

78,921

141,824

#### Food

#### Products

#### 0.2%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

1,544,000

1,782,548

#### Ground

#### Transportation

#### 0.0%

#### †
Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875 %

,

12/01/28

..

United

States

61,000

81,557

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
Dexcom,

Inc.

,

Senior

Note

,

0.375 %

,

5/15/28

...............

United

States

45,000

$

41,936

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875 %

,

3/15/30

...

United

States

52,000

53,586

Lantheus

Holdings,

Inc.

,

Senior

Note

,

2.625 %

,

12/15/27

......

United

States

36,000

43,947

139,469

#### Health

#### Care

#### REITs

#### 0.3%
b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

....................

United

States

1,357,000

2,226,159

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

37,000

49,876

2,276,035

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
Carnival

Corp.

,

Senior

Note

,

5.75 %

,

12/01/27

..............

United

States

22,000

41,481

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

40,000

40,137

c

Shake

Shack,

Inc.

,

Senior

Note

,

3.01%

,

3/01/28

............

United

States

40,000

41,500

123,118

#### IT

#### Services

#### 0.0%

#### †
Okta,

Inc.

,

Senior

Note

,

0.375 %

,

6/15/26

..................

United

States

39,000

37,402

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/27

......

United

States

71,000

101,672

139,074

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

................

United

States

31,000

30,457

#### Media

#### 0.0%

#### †
Cable

One,

Inc.

,

Senior

Note

,

1.125 %

,

3/15/28

.............

United

States

48,000

37,560

#### Multi-Utilities

#### 0.0%

#### †
CMS

Energy

Corp.

,

Senior

Note

,

3.375 %

,

5/01/28

...........

United

States

37,000

39,794

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625 %

,

4/15/29

.......

United

States

51,000

51,395

#### Professional

#### Services

#### 0.0%

#### †
Parsons

Corp.

,

Senior

Note

,

2.625 %

,

3/01/29

..............

United

States

41,000

42,250

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.

,

Senior

Note

,

0.25 %

,

6/15/26

.........................

United

States

1,770,000

1,678,403

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
Impinj,

Inc.

,

Senior

Note

,

1.125 %

,

5/15/27

.................

United

States

13,000

16,483

b

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

0.75 %

,

6/01/30

.

United

States

36,000

34,479

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

...................

United

States

51,000

46,746

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5 %

,

3/01/29

........

United

States

89,000

77,675

Wolfspeed,

Inc.

,

Senior

Note

,

1.875 %

,

12/01/29

............

United

States

78,000

14,820

190,203

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Software

#### 0.4%
Bentley

Systems,

Inc.

,

Senior

Note

,

0.375 %

,

7/01/27

.........

United

States

56,000

$

51,940

b

Box,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

9/15/29

...............

United

States

49,000

52,552

b,c

Datadog,

Inc.

,

Senior

Note

,

144A,

1.58%

,

12/01/29

..........

United

States

67,000

62,444

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

2,319,000

2,614,673

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5 %

,

12/15/29

............

United

States

51,000

57,701

Progress

Software

Corp.

,

Senior

Note

,

3.5 %

,

3/01/30

........

United

States

39,000

45,004

c

RingCentral,

Inc.

,

Senior

Note

,

4.79%

,

3/15/26

.............

United

States

62,000

59,737

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25 %

,

3/15/26

........

United

States

65,000

79,495

c

Unity

Software,

Inc.

,

Senior

Note

,

4.83%

,

11/15/26

..........

United

States

22,000

20,537

Vertex,

Inc.

,

Senior

Note

,

0.75 %

,

5/01/29

.................

United

States

31,000

40,139

Workiva,

Inc.

,

Senior

Note

,

1.25 %

,

8/15/28

................

United

States

20,000

18,615

3,102,837

#### Specialty

#### Retail

#### 0.0%

#### †
Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

.................

United

States

56,000

58,632

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

1,654,000

2,506,784

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $15,851,943)
..................................

#### 18,140,965

#### Corporate

#### Bonds

#### 86.4%

#### Aerospace

#### &

#### Defense

#### 3.9%
ATI,

Inc.

,

Senior

Bond,

5.125%,

10/01/31

.......................

United

States

485,000

468,424

Senior

Note,

5.875%,

12/01/27

.......................

United

States

2,260,000

2,261,481

Senior

Note,

4.875%,

10/01/29

.......................

United

States

580,000

563,127

Senior

Note,

7.25%,

8/15/30

.........................

United

States

2,060,000

2,158,814

b

Axon

Enterprise,

Inc.

,

Senior

Note,

144A,

6.125%,

3/15/30

...................

United

States

1,620,000

1,656,288

Senior

Note,

144A,

6.25%,

3/15/33

....................

United

States

1,235,000

1,256,092

Boeing

Co.

(The)

,

Senior

Bond,

3.2%,

3/01/29

..........................

United

States

975,000

922,761

Senior

Bond,

5.875%,

2/15/40

........................

United

States

1,315,000

1,280,394

Senior

Note,

6.388%,

5/01/31

........................

United

States

1,915,000

2,044,333

b

Bombardier,

Inc.

,

Senior

Note,

144A,

7.875%,

4/15/27

...................

Canada

434,000

436,266

Senior

Note,

144A,

7.5%,

2/01/29

.....................

Canada

400,000

414,313

Senior

Note,

144A,

8.75%,

11/15/30

...................

Canada

1,675,000

1,799,885

Senior

Note,

144A,

7.25%,

7/01/31

....................

Canada

755,000

779,538

Senior

Note,

144A,

7%,

6/01/32

......................

Canada

645,000

660,457

Senior

Note,

144A,

6.75%,

6/15/33

....................

Canada

1,385,000

1,406,137

b

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

...............................

Italy

3,140,000

3,163,157

Spirit

AeroSystems,

Inc.

,

b

Secured

Note,

144A,

9.75%,

11/15/30

..................

United

States

3,130,000

3,460,262

Senior

Bond,

4.6%,

6/15/28

..........................

United

States

3,350,000

3,268,891

b

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

699,000

745,170

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

1,800,000

1,857,497

Senior

Secured

Note,

144A,

7.125%,

12/01/31

...........

United

States

440,000

455,709

Senior

Secured

Note,

144A,

6%,

1/15/33

................

United

States

2,705,000

2,678,578

33,737,574

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobile

#### Components

#### 1.1%
b

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

....................

United

States

3,415,000

$

3,488,723

Senior

Note,

144A,

7.5%,

2/15/33

.....................

United

States

740,000

734,662

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

2,510,000

1,932,263

b,d

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note,

144A,

PIK,

7.75%,

11/15/30

.........

Germany

1,540,000

1,556,752

Senior

Secured

Note,

144A,

PIK,

8%,

11/15/32

...........

Germany

1,425,000

1,428,148

9,140,548

#### Banks

#### 2.1%
e

Banco

Bilbao

Vizcaya

Argentaria

SA

,

Junior

Sub.

Bond,

6.125%

to

11/15/27,

FRN

thereafter,

Perpetual

.......................................

Spain

600,000

578,793

Junior

Sub.

Bond,

9.375%

to

3/18/29,

FRN

thereafter,

Perpetual

.......................................

Spain

200,000

220,012

e

Banco

Santander

SA

,

Junior

Sub.

Bond,

4.75%

to

11/11/26,

FRN

thereafter,

Perpetual

.......................................

Spain

200,000

192,064

Junior

Sub.

Bond,

9.625%

to

11/20/33,

FRN

thereafter,

Perpetual

.......................................

Spain

200,000

230,458

Junior

Sub.

Bond,

8%

to

1/31/34,

FRN

thereafter,

Perpetual

.

Spain

200,000

209,433

e

Bank

of

America

Corp.

,

Junior

Sub.

Bond,

6.625%

to

4/30/30,

FRN

thereafter,

Perpetual

.......................................

United

States

400,000

407,339

RR,

Junior

Sub.

Bond,

4.375%

to

1/26/27,

FRN

thereafter,

Perpetual

.......................................

United

States

350,000

339,846

Bank

of

Montreal

,

Junior

Sub.

Bond

,

7.7%

to

5/25/29,

FRN

thereafter

,

5/26/84

.................................

Canada

200,000

206,788

Bank

of

Nova

Scotia

(The)

,

e

Junior

Sub.

Bond,

4.9%

to

6/03/25,

FRN

thereafter,

Perpetual

Canada

320,000

320,594

Junior

Sub.

Bond,

8.625%

to

10/26/27,

FRN

thereafter,

10/27/82

........................................

Canada

300,000

316,807

Junior

Sub.

Bond,

7.35%

to

4/26/30,

FRN

thereafter,

4/27/85

.

Canada

200,000

201,077

2,

Junior

Sub.

Bond,

3.625%

to

10/26/26,

FRN

thereafter,

10/27/81

........................................

Canada

100,000

92,624

e

Barclays

plc

,

Junior

Sub.

Bond,

6.125%

to

12/14/25,

FRN

thereafter,

Perpetual

.......................................

United

Kingdom

200,000

199,815

Junior

Sub.

Bond,

8%

to

3/14/29,

FRN

thereafter,

Perpetual

.

United

Kingdom

200,000

209,093

Junior

Sub.

Bond,

7.625%

to

3/14/35,

FRN

thereafter,

Perpetual

.......................................

United

Kingdom

200,000

198,078

b,e

BNP

Paribas

SA

,

Junior

Sub.

Bond,

144A,

7.375%

to

8/18/25,

FRN

thereafter,

Perpetual

.......................................

France

300,000

301,737

Junior

Sub.

Bond,

144A,

7.75%

to

8/15/29,

FRN

thereafter,

Perpetual

.......................................

France

200,000

208,549

Junior

Sub.

Bond,

144A,

7.375%

to

9/09/34,

FRN

thereafter,

Perpetual

.......................................

France

200,000

201,812

e

Citigroup,

Inc.

,

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

100,000

101,371

DD,

Junior

Sub.

Bond,

7%

to

8/14/34,

FRN

thereafter,

Perpetual

.......................................

United

States

200,000

205,769

FF,

Junior

Sub.

Bond,

6.95%

to

2/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

50,000

50,551

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

e

Citigroup,

Inc.,

(continued)

W,

Junior

Sub.

Bond,

4%

to

12/09/25,

FRN

thereafter,

Perpetual

.......................................

United

States

490,000

$

486,210

e,f

Citizens

Financial

Group,

Inc.

,

C

,

Junior

Sub.

Bond

,

FRN

,

7.703 %

,

(3-month

SOFR

+

3.419 %),

Perpetual

............

United

States

320,000

317,927

b,e

Credit

Agricole

SA

,

Junior

Sub.

Bond,

144A,

4.75%

to

3/22/29,

FRN

thereafter,

Perpetual

.......................................

France

450,000

414,440

Junior

Sub.

Bond,

144A,

6.7%

to

9/22/34,

FRN

thereafter,

Perpetual

.......................................

France

200,000

192,837

e

Fifth

Third

Bancorp

,

L

,

Junior

Sub.

Bond

,

4.5%

to

9/29/25,

FRN

thereafter

,

Perpetual

...............................

United

States

150,000

149,332

e

HSBC

Holdings

plc

,

g

Junior

Sub.

Bond,

7.05%

to

6/04/30,

FRN

thereafter,

Perpetual

United

Kingdom

250,000

250,648

Junior

Sub.

Bond,

6.95%

to

3/10/34,

FRN

thereafter,

Perpetual

United

Kingdom

750,000

747,335

e

Huntington

Bancshares,

Inc.

,

G

,

Junior

Sub.

Bond

,

4.45%

to

10/14/27,

FRN

thereafter

,

Perpetual

....................

United

States

250,000

243,206

e

ING

Groep

NV

,

Junior

Sub.

Bond

,

5.75%

to

11/15/26,

FRN

thereafter

,

Perpetual

...............................

Netherlands

540,000

537,118

b

Intesa

Sanpaolo

SpA

,

e

Junior

Sub.

Bond,

144A,

7.7%

to

9/16/25,

FRN

thereafter,

Perpetual

.......................................

Italy

610,000

613,420

Sub.

Bond,

144A,

4.198%

to

5/31/31,

FRN

thereafter,

6/01/32

Italy

425,000

383,105

e

JPMorgan

Chase

&

Co.

,

KK,

Junior

Sub.

Bond,

3.65%

to

5/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

400,000

391,083

OO,

Junior

Sub.

Bond,

6.5%

to

3/31/30,

FRN

thereafter,

Perpetual

.......................................

United

States

300,000

304,812

e

Lloyds

Banking

Group

plc

,

Junior

Sub.

Bond

,

7.5%

to

9/26/25,

FRN

thereafter

,

Perpetual

...........................

United

Kingdom

600,000

602,792

e

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Junior

Sub.

Bond

,

8.2%

to

1/14/29,

FRN

thereafter

,

Perpetual

.....................

Japan

550,000

594,389

e

NatWest

Group

plc

,

Junior

Sub.

Bond,

8%

to

8/09/25,

FRN

thereafter,

Perpetual

.

United

Kingdom

590,000

592,514

Junior

Sub.

Bond,

8.125%

to

11/09/33,

FRN

thereafter,

Perpetual

.......................................

United

Kingdom

200,000

212,554

e

PNC

Financial

Services

Group,

Inc.

(The)

,

V,

Junior

Sub.

Bond,

6.2%

to

9/14/27,

FRN

thereafter,

Perpetual

.......................................

United

States

450,000

457,416

W,

Junior

Sub.

Bond,

6.25%

to

3/14/30,

FRN

thereafter,

Perpetual

.......................................

United

States

350,000

352,241

b,e

Societe

Generale

SA

,

Junior

Sub.

Bond,

144A,

4.75%

to

5/25/26,

FRN

thereafter,

Perpetual

.......................................

France

1,665,000

1,635,100

Junior

Sub.

Bond,

144A,

9.375%

to

11/21/27,

FRN

thereafter,

Perpetual

.......................................

France

200,000

212,109

Junior

Sub.

Bond,

144A,

10%

to

5/13/29,

FRN

thereafter,

Perpetual

.......................................

France

205,000

223,474

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

b,e

Stichting

AK

Rabobank

Certificaten

,

Junior

Sub.

Bond

,

Reg

S,

6.5 %

,

Perpetual

...................................

Netherlands

120,000

EUR

$

155,088

e

Sumitomo

Mitsui

Financial

Group,

Inc.

,

Junior

Sub.

Bond

,

6.45%

to

6/04/35,

FRN

thereafter

,

Perpetual

...................

Japan

300,000

290,526

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

550,000

577,407

e

Truist

Financial

Corp.

,

M

,

Junior

Sub.

Bond

,

5.125%

to

12/14/27,

FRN

thereafter

,

Perpetual

...........................

United

States

570,000

561,145

e

US

Bancorp

,

Junior

Sub.

Bond

,

3.7%

to

1/14/27,

FRN

thereafter

,

Perpetual

........................................

United

States

650,000

621,104

e

Wells

Fargo

&

Co.

,

Junior

Sub.

Bond,

6.85%

to

9/14/29,

FRN

thereafter,

Perpetual

United

States

1,000,000

1,030,253

BB,

Junior

Sub.

Bond,

3.9%

to

3/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

425,000

418,723

18,560,918

#### Biotechnology

#### 0.7%
b

Grifols

SA

,

Senior

Note

,

Reg

S,

3.875 %

,

10/15/28

...........

Spain

5,350,000

EUR

5,838,175

#### Broadline

#### Retail

#### 0.9%
b

Kohl's

Corp.

,

Senior

Secured

Note

,

144A,

%

,

6/01/30

......

United

States

2,390,000

2,456,684

b

Wayfair

LLC

,

Senior

Secured

Note,

144A,

7.25%,

10/31/29

............

United

States

3,090,000

3,017,176

Senior

Secured

Note,

144A,

7.75%,

9/15/30

.............

United

States

2,240,000

2,200,243

7,674,103

#### Building

#### Products

#### 2.5%
b

Builders

FirstSource,

Inc.

,

Senior

Bond,

144A,

6.375%,

3/01/34

...................

United

States

1,150,000

1,147,219

Senior

Bond,

144A,

6.75%,

5/15/35

....................

United

States

1,015,000

1,022,044

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

2,145,000

1,900,223

b

CP

Atlas

Buyer,

Inc.

,

Senior

Note

,

144A,

%

,

12/01/28

.......

United

States

945,000

785,433

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

Reg

S,

6.375 %

,

12/15/30

.......................

United

States

660,000

EUR

788,692

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

2,350,000

2,369,157

b

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

,

Senior

Note

,

144A,

5.5 %

,

2/01/30

....................................

United

States

2,480,000

2,292,611

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

775,000

787,052

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

1,550,000

1,576,167

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

2,125,000

2,184,013

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

.........................................

United

States

2,645,000

2,687,987

b

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.375%,

7/15/30

...................

United

States

2,225,000

2,089,787

Senior

Note,

Reg

S,

2.25%,

11/21/26

..................

United

States

1,484,000

EUR

1,669,499

21,299,884

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets

#### 1.2%
b

Ares

Finance

Co.

III

LLC

,

Senior

Bond

,

144A,

4.125%

to

6/29/26,

FRN

thereafter

,

6/30/51

.............................

United

States

500,000

$

489,967

Deutsche

Bank

AG

,

Sub.

Bond

,

3.729%

to

10/13/30,

FRN

thereafter

,

1/14/32

.................................

Germany

1,360,000

1,225,425

e

Goldman

Sachs

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

.....................

United

States

250,000

252,690

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note,

144A,

6.125%,

11/01/32

...........

United

States

6,316,000

6,330,906

Senior

Secured

Note,

144A,

6.75%,

5/01/33

.............

United

States

70,000

71,834

e

Morgan

Stanley

,

M

,

Junior

Sub.

Bond

,

5.875 %

,

Perpetual

.....

United

States

760,000

747,650

b,e

UBS

Group

AG

,

Junior

Sub.

Bond,

Reg

S,

6.875%

to

8/06/25,

FRN

thereafter,

Perpetual

.......................................

Switzerland

510,000

510,688

Junior

Sub.

Bond,

144A,

7%

to

2/09/30,

FRN

thereafter,

Perpetual

.......................................

Switzerland

200,000

198,506

Junior

Sub.

Bond,

144A,

9.25%

to

11/12/33,

FRN

thereafter,

Perpetual

.......................................

Switzerland

200,000

228,838

Junior

Sub.

Bond,

144A,

7.125%

to

8/09/34,

FRN

thereafter,

Perpetual

.......................................

Switzerland

200,000

196,746

10,253,250

#### Chemicals

#### 2.6%
b

Avient

Corp.

,

Senior

Note,

144A,

7.125%,

8/01/30

...................

United

States

1,715,000

1,768,379

Senior

Note,

144A,

6.25%,

11/01/31

...................

United

States

930,000

932,038

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.629 %

,

7/15/32

....

United

States

2,637,000

2,700,684

Cerdia

Finanz

GmbH

,

b

Senior

Secured

Note,

144A,

9.375%,

10/03/31

...........

Germany

2,040,000

2,101,249

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

2,190,000

2,213,707

b

Herens

Holdco

SARL

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/28

.........................................

Luxembourg

1,105,000

969,021

b

Olympus

Water

US

Holding

Corp.

,

Senior

Secured

Note,

Reg

S,

3.875%,

10/01/28

...........

United

States

730,000

EUR

799,929

Senior

Secured

Note,

144A,

9.75%,

11/15/28

............

United

States

1,175,000

1,233,416

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

1,995,000

2,081,080

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

...................

United

States

1,840,000

1,806,825

Senior

Secured

Note,

144A,

4.875%,

5/01/28

............

United

States

2,396,000

2,327,669

b

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/30

...

United

States

3,145,000

2,219,945

b

WR

Grace

Holdings

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.

United

States

1,435,000

1,265,699

22,419,641

#### Commercial

#### Services

#### &

#### Supplies

#### 3.0%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

2,830,000

2,934,820

b

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

%

,

6/01/29

.......................

United

States

1,240,000

1,174,876

b

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

LuxCo

SARL

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/01/28

.........................................

United

States

1,570,000

1,504,110

b

Clean

Harbors,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

2/01/31

.....

United

States

1,685,000

1,715,736

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

1/15/31

.........................................

United

States

685,000

711,406

b

Madison

IAQ

LLC

,

Senior

Note,

144A,

5.875%,

6/30/29

...................

United

States

3,190,000

3,088,416

Senior

Secured

Note,

144A,

4.125%,

6/30/28

............

United

States

1,450,000

1,396,580

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies
(continued)

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

2,710,000

$

2,709,530

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

6,455,000

6,477,514

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

920,000

979,667

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

1,850,000

1,901,484

b

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

925,000

954,619

25,548,758

#### Communications

#### Equipment

#### 0.2%
b

CommScope

LLC

,

Senior

Note

,

144A,

7.125 %

,

7/01/28

.......

United

States

1,665,000

1,602,584

#### Construction

#### &

#### Engineering

#### 0.3%
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

2,745,000

2,816,683

#### Consumer

#### Finance

#### 2.6%
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

1,241,930

Ally

Financial,

Inc.

,

e

B,

Junior

Sub.

Bond,

4.7%

to

5/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

400,000

379,161

Senior

Bond,

8%,

11/01/31

..........................

United

States

2,473,000

2,768,401

e

American

Express

Co.

,

Junior

Sub.

Bond

,

3.55%

to

9/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

250,000

242,388

e

Capital

One

Financial

Corp.

,

M,

Junior

Sub.

Bond,

3.95%

to

8/31/26,

FRN

thereafter,

Perpetual

.......................................

United

States

250,000

243,310

P,

Junior

Sub.

Bond,

6.125%

to

9/22/25,

FRN

thereafter,

Perpetual

.......................................

United

States

230,000

231,073

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note,

144A,

9.25%,

4/01/29

.............

United

States

1,240,000

1,323,700

Senior

Secured

Note,

144A,

8.5%,

5/15/30

..............

United

States

3,710,000

3,936,127

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

5,255,000

5,392,988

e

General

Motors

Financial

Co.,

Inc.

,

A

,

Junior

Sub.

Bond

,

5.75%

to

9/29/27,

FRN

thereafter

,

Perpetual

.....................

United

States

285,000

275,091

b,f

ILFC

E-Capital

Trust

II

,

Junior

Sub.

Bond

,

144A,

FRN

,

6.367 %

,

(3-month

SOFR

+

2.062 %),

12/21/65

...................

United

States

340,000

287,274

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.......................

United

States

2,129,000

2,064,491

Senior

Note,

7.5%,

5/15/31

..........................

United

States

2,150,000

2,211,648

Senior

Note,

7.125%,

11/15/31

.......................

United

States

2,140,000

2,179,053

22,776,635

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.3%
b

US

Foods,

Inc.

,

Senior

Note,

144A,

7.25%,

1/15/32

....................

United

States

535,000

559,811

Senior

Note,

144A,

5.75%,

4/15/33

....................

United

States

1,730,000

1,703,879

2,263,690

#### Containers

#### &

#### Packaging

#### 2.7%
b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note,

Reg

S,

3%,

9/01/29

......................

United

States

1,115,000

EUR

1,107,951

Senior

Note,

144A,

4%,

9/01/29

......................

United

States

1,730,000

1,536,660

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Containers

#### &

#### Packaging
(continued)

b

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

8/15/27

.....................

United

States

1,745,000

$

795,572

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

2,585,000

2,614,283

b

Graham

Packaging

Co.,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

8/15/28

United

States

2,365,000

2,324,090

b

Graphic

Packaging

International

LLC

,

Senior

Note

,

Reg

S,

2.625 %

,

2/01/29

...................................

United

States

1,135,000

EUR

1,234,963

b

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/28

....

Canada

4,995,000

5,005,908

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

...................

United

States

2,170,000

2,139,469

Senior

Secured

Note,

144A,

7.875%,

4/15/27

............

United

States

2,195,000

2,218,565

b

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

3,980,000

3,959,542

22,937,003

#### Distributors

#### 0.4%
b

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

11/15/29

.............................

United

States

1,210,000

1,128,102

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

2,445,000

2,562,488

3,690,590

#### Diversified

#### Telecommunication

#### Services

#### 3.7%
b

Altice

Financing

SA

,

Senior

Secured

Note

,

144A,

%

,

1/15/28

..

Luxembourg

1,515,000

1,187,628

b

Altice

France

SA

,

Senior

Secured

Note,

144A,

5.5%,

1/15/28

..............

France

1,125,000

969,427

Senior

Secured

Note,

144A,

5.125%,

7/15/29

............

France

1,870,000

1,579,661

Senior

Secured

Note,

144A,

5.5%,

10/15/29

.............

France

1,340,000

1,139,537

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

Senior

Bond

,

7%

to

9/14/35,

FRN

thereafter

,

9/15/55

.....................

Canada

150,000

150,780

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.375%,

6/01/29

...................

United

States

3,742,000

3,692,645

Senior

Bond,

144A,

4.75%,

3/01/30

....................

United

States

7,000,000

6,686,709

Senior

Bond,

144A,

4.75%,

2/01/32

....................

United

States

4,780,000

4,428,079

b

Frontier

Communications

Holdings

LLC

,

Senior

Secured

Note,

144A,

5.875%,

10/15/27

...........

United

States

1,570,000

1,575,074

Senior

Secured

Note,

144A,

8.75%,

5/15/30

.............

United

States

1,565,000

1,646,063

b

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

..

France

1,775,000

1,788,629

b

Level

Financing,

Inc.

,

Senior

Secured

Note,

144A,

10.5%,

5/15/30

.............

United

States

2,309,000

2,531,241

Senior

Secured

Note,

144A,

10.75%,

12/15/30

...........

United

States

730,000

824,900

b

Virgin

Media

Finance

plc

,

Senior

Bond

,

144A,

%

,

7/15/30

....

United

Kingdom

3,060,000

2,776,332

b

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

....................................

United

Kingdom

1,490,000

1,376,984

32,353,689

#### Electric

#### Utilities

#### 2.1%
American

Electric

Power

Co.,

Inc.

,

Junior

Sub.

Bond

,

3.875%

to

2/14/27,

FRN

thereafter

,

2/15/62

......................

United

States

400,000

382,867

b

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

....................

United

Kingdom

2,495,000

2,468,554

Duke

Energy

Corp.

,

Junior

Sub.

Bond

,

3.25%

to

1/14/27,

FRN

thereafter

,

1/15/82

.................................

United

States

425,000

405,699

Emera,

Inc.

,

16-A

,

Junior

Sub.

Bond

,

6.75%

to

6/14/26,

FRN

thereafter

,

6/15/76

.................................

Canada

450,000

453,335

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

6.375%

to

8/14/30,

FRN

thereafter,

8/15/55

...

United

States

165,000

165,618

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

(continued)

Senior

Bond,

5.65%

to

4/30/29,

FRN

thereafter,

5/01/79

....

United

States

650,000

$

634,622

Senior

Bond,

3.8%

to

3/14/27,

FRN

thereafter,

3/15/82

.....

United

States

250,000

237,712

b

NRG

Energy,

Inc.

,

e

Junior

Sub.

Bond,

144A,

10.25%

to

3/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

2,285,000

2,517,359

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

2,395,000

2,397,776

Senior

Secured

Bond,

144A,

7%,

3/15/33

...............

United

States

665,000

717,678

PG&E

Corp.

,

Junior

Sub.

Bond,

7.375%

to

3/14/30,

FRN

thereafter,

3/15/55

United

States

1,650,000

1,619,830

Senior

Secured

Bond,

5.25%,

7/01/30

..................

United

States

430,000

417,550

Southern

Co.

(The)

,

21-A

,

Junior

Sub.

Bond

,

3.75%

to

9/14/26,

FRN

thereafter

,

9/15/51

.............................

United

States

500,000

489,287

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5%,

7/31/27

......................

United

States

1,430,000

1,426,726

Senior

Note,

144A,

7.75%,

10/15/31

...................

United

States

2,150,000

2,281,070

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

1,420,000

1,478,173

18,093,856

#### Electrical

#### Equipment

#### 0.4%
b

Energizer

Gamma

Acquisition

BV

,

Senior

Note

,

Reg

S,

3.5 %

,

6/30/29

.........................................

United

States

1,720,000

EUR

1,855,503

b

Sensata

Technologies

BV

,

Senior

Note

,

144A,

5.875 %

,

9/01/30

.

United

States

1,810,000

1,791,614

3,647,117

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.6%
CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

2,275,000

2,139,125

b

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

3,316,000

3,158,334

5,297,459

#### Energy

#### Equipment

#### &

#### Services

#### 1.8%
b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

..

United

States

2,515,000

2,530,399

b

Nabors

Industries,

Inc.

,

Senior

Note,

144A,

7.375%,

5/15/27

...................

United

States

515,000

494,899

Senior

Note,

144A,

8.875%,

8/15/31

...................

United

States

3,525,000

2,415,387

b

Precision

Drilling

Corp.

,

Senior

Note,

144A,

7.125%,

1/15/26

...................

Canada

593,000

592,858

Senior

Note,

144A,

6.875%,

1/15/29

...................

Canada

1,415,000

1,360,166

b

Transocean

Aquila

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

United

States

468,846

470,628

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

.........................................

United

States

964,425

971,337

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

2,008,571

2,041,305

Transocean,

Inc.

,

Senior

Bond,

6.8%,

3/15/38

..........................

United

States

2,900,000

1,979,509

b

Senior

Secured

Note,

144A,

8.75%,

2/15/30

.............

United

States

616,000

624,966

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

.........................................

United

States

2,030,000

2,063,584

15,545,038

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Entertainment

#### 1.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

4,885,000

$

5,073,813

b

Cinemark

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

7/15/28

......

United

States

2,045,000

2,018,937

b

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

5/15/27

....................................

United

States

1,185,000

1,199,927

b

Pinewood

Finco

plc

,

Senior

Secured

Note

,

144A,

%

,

3/27/30

..

United

Kingdom

1,725,000

GBP

2,308,418

10,601,095

#### Financial

#### Services

#### 4.3%
Apollo

Global

Management,

Inc.

,

Senior

Bond

,

6%

to

12/14/34,

FRN

thereafter

,

12/15/54

............................

United

States

250,000

240,792

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5 %

,

5/15/28

.........................................

Austria

2,985,000

3,139,014

b

Boost

Newco

Borrower

LLC

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/31

.........................................

United

States

2,180,000

2,307,931

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

1,875,000

2,073,967

b

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

.........................................

United

States

3,475,000

3,434,716

b

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/27

........

Ireland

795,000

818,692

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note,

144A,

9.5%,

2/15/29

.....................

United

States

2,875,000

3,054,814

Senior

Note,

144A,

8.25%,

5/15/30

....................

United

States

1,695,000

1,736,292

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond,

144A,

5.75%,

11/15/31

...................

United

States

4,325,000

4,335,376

Senior

Note,

144A,

7.125%,

2/01/32

...................

United

States

2,260,000

2,355,006

b

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

..................................

United

States

5,850,000

5,749,731

b

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

1/31/30

........

United

States

5,340,000

5,480,370

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note,

144A,

4.625%,

11/01/26

..................

United

States

1,931,000

1,928,419

Senior

Note,

144A,

5.5%,

5/15/33

.....................

United

States

565,000

EUR

659,919

37,315,039

#### Food

#### Products

#### 0.4%
b,d

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

854,405

896,476

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

2,270,000

2,383,082

3,279,558

#### Ground

#### Transportation

#### 0.5%
b,g

Herc

Holdings

Escrow,

Inc.

,

Senior

Note,

144A,

7%,

6/15/30

......................

United

States

615,000

633,973

Senior

Note,

144A,

7.25%,

6/15/33

....................

United

States

410,000

422,260

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

3,070,000

3,161,679

4,217,912

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.6%
b

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

........................................

United

States

1,420,000

1,469,856

b

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

............

United

States

750,000

771,803

b

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

...................

United

States

1,385,000

1,354,564

Senior

Secured

Note,

144A,

3.875%,

4/01/29

............

United

States

1,455,000

1,372,402

4,968,625

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.3%
Centene

Corp.

,

Senior

Bond

,

%

,

10/15/30

................

United

States

1,035,000

$

911,112

b

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note,

144A,

5.625%,

3/15/27

............

United

States

2,295,000

2,262,851

Senior

Secured

Note,

144A,

5.25%,

5/15/30

.............

United

States

3,865,000

3,483,914

Senior

Secured

Note,

144A,

10.875%,

1/15/32

...........

United

States

3,050,000

3,254,713

b

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

.........................................

United

States

2,045,000

2,106,507

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

.................................

United

States

3,598,000

3,633,142

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

5,415,000

5,504,331

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

415,000

419,570

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

6,955,000

6,710,629

Tenet

Healthcare

Corp.

,

Senior

Secured

Note,

5.125%,

11/01/27

................

United

States

3,325,000

3,306,404

Senior

Secured

Note,

4.25%,

6/01/29

..................

United

States

985,000

946,524

Senior

Secured

Note,

6.125%,

6/15/30

.................

United

States

4,725,000

4,777,204

37,316,901

#### Health

#### Care

#### REITs

#### 0.5%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

4,530,000

4,646,779

#### Health

#### Care

#### Technology

#### 0.3%
b

AthenaHealth

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/30

...

United

States

2,880,000

2,777,393

#### Hotel

#### &

#### Resort

#### REITs

#### 0.7%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

....................

United

States

635,000

655,129

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

3,040,000

3,083,730

g

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

1,230,000

1,251,912

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

755,000

757,552

5,748,323

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 7.1%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond,

144A,

4%,

10/15/30

....................

Canada

2,345,000

2,159,387

Senior

Secured

Note,

144A,

6.125%,

6/15/29

............

Canada

855,000

872,766

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

3,400,000

3,186,458

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

4.625%,

10/15/29

..................

United

States

3,955,000

3,696,504

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

2,440,000

2,342,188

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

3,237,000

3,323,606

Senior

Secured

Note,

144A,

6.5%,

2/15/32

..............

United

States

395,000

398,425

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/01/27

....................

United

States

2,850,000

2,858,910

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

1,495,000

1,499,427

Senior

Note,

144A,

5.875%,

6/15/31

...................

United

States

2,380,000

2,382,916

Senior

Note,

144A,

6.125%,

2/15/33

...................

United

States

1,155,000

1,158,574

b

Churchill

Downs,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

4/01/30

.....

United

States

2,199,000

2,169,629

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

.................

United

States

3,110,000

2,826,880

b

Great

Canadian

Gaming

Corp.

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

...................................

Canada

1,570,000

1,525,662

b

Light

&

Wonder

International,

Inc.

,

Senior

Note,

144A,

7.25%,

11/15/29

...................

United

States

3,545,000

3,649,454

Senior

Note,

144A,

7.5%,

9/01/31

.....................

United

States

440,000

454,965

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

NCL

Corp.

Ltd.

,

Senior

Note,

144A,

7.75%,

2/15/29

....................

United

States

1,345,000

$

1,414,986

Senior

Note,

144A,

6.75%,

2/01/32

....................

United

States

1,420,000

1,421,152

Senior

Secured

Note,

144A,

8.125%,

1/15/29

............

United

States

895,000

942,906

b

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

1/15/27

.

United

States

2,264,000

2,236,646

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

1,665,000

1,646,703

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

455,000

461,427

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

3,760,000

3,775,846

b

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/01/30

....................

United

States

2,215,000

2,101,452

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25 %

,

5/15/31

.........................................

United

States

2,500,000

2,556,097

b

Six

Flags

Entertainment

Corp.

/

Six

Flags

Theme

Parks,

Inc.

/

Canada's

Wonderland

Co.

,

Senior

Secured

Note

,

144A,

6.625 %

,

5/01/32

...................................

United

States

1,000,000

1,020,132

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125 %

,

7/15/31

......

United

States

2,365,000

2,540,717

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Bond,

144A,

5.125%,

10/01/29

..................

United

States

2,265,000

2,210,291

Senior

Note,

144A,

7.125%,

2/15/31

...................

United

States

4,585,000

4,811,875

61,645,981

#### Household

#### Durables

#### 1.1%
b

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

2,145,000

2,208,861

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

861,000

811,014

Senior

Note,

6.625%,

5/15/32

........................

United

States

253,000

234,073

b

Senior

Note,

144A,

8.5%,

6/01/28

.....................

United

States

1,265,000

1,311,867

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond,

144A,

5.125%,

8/01/30

...................

United

States

1,759,000

1,716,269

Senior

Note,

144A,

5.875%,

6/15/27

...................

United

States

840,000

847,307

Senior

Note,

144A,

5.75%,

1/15/28

....................

United

States

947,000

953,194

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

1,860,000

1,789,289

9,871,874

#### Household

#### Products

#### 0.1%
b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

3/31/29

..

United

States

950,000

893,456

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
b

Calpine

Corp.

,

Senior

Bond

,

144A,

%

,

2/01/31

.............

United

States

1,885,000

1,829,765

b,e

Vistra

Corp.

,

Junior

Sub.

Bond,

144A,

8%

to

10/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

1,173,000

1,204,597

Junior

Sub.

Bond,

144A,

7%

to

12/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

1,795,000

1,826,844

4,861,206

#### Insurance

#### 2.4%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note,

144A,

8.5%,

6/15/29

.....................

United

States

2,605,000

2,724,700

Senior

Secured

Note,

144A,

7.5%,

11/06/30

.............

United

States

2,605,000

2,689,790

b

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

5.875%,

11/01/29

..................

United

States

3,195,000

3,140,866

Senior

Note,

144A,

7.375%,

10/01/32

..................

United

States

795,000

818,162

Senior

Secured

Note,

144A,

7%,

1/15/31

................

United

States

3,400,000

3,479,795

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

b

Beacon

Funding

Trust

,

Senior

Bond

,

144A,

6.266 %

,

8/15/54

...

United

States

300,000

$

287,858

b,f

Hartford

Insurance

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

144A,

FRN

,

6.713 %

,

(3-month

SOFR

+

2.387 %),

2/12/47

.........

United

States

550,000

509,606

b

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25 %

,

6/15/30

.........................................

United

States

1,440,000

1,500,548

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note,

144A,

10.5%,

12/15/30

...................

Canada

2,325,000

2,495,657

Senior

Secured

Note,

144A,

8.5%,

3/15/30

..............

Canada

1,000,000

1,050,809

b

Liberty

Mutual

Group,

Inc.

,

Senior

Bond

,

144A,

4.125%

to

12/14/26,

FRN

thereafter

,

12/15/51

.....................

United

States

300,000

288,912

b

Massachusetts

Mutual

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

3.729 %

,

10/15/70

..................................

United

States

325,000

208,600

b

MetLife,

Inc.

,

Junior

Sub.

Bond

,

144A,

9.25 %

,

4/08/38

........

United

States

350,000

410,787

b

Nippon

Life

Insurance

Co.

,

Sub.

Bond

,

144A,

6.5%

to

4/29/35,

FRN

thereafter

,

4/30/55

.............................

Japan

200,000

203,138

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond,

3.7%

to

9/30/30,

FRN

thereafter,

10/01/50

.

United

States

520,000

472,330

Junior

Sub.

Bond,

5.125%

to

2/27/32,

FRN

thereafter,

3/01/52

United

States

100,000

96,192

Junior

Sub.

Bond,

6.5%

to

3/14/34,

FRN

thereafter,

3/15/54

..

United

States

200,000

203,547

20,581,297

#### Interactive

#### Media

#### &

#### Services

#### 0.6%
b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

............

United

States

5,403,000

5,478,296

#### IT

#### Services

#### 0.7%
b

Ahead

DB

Holdings

LLC

,

Senior

Note

,

144A,

6.625 %

,

5/01/28

..

United

States

1,370,000

1,351,435

b

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

.........................................

United

States

1,865,000

1,929,902

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

10/01/30

...........

United

States

2,475,000

2,313,253

5,594,590

#### Machinery

#### 0.5%
b

Chart

Industries,

Inc.

,

Senior

Note

,

144A,

9.5 %

,

1/01/31

......

United

States

800,000

853,050

b

Terex

Corp.

,

Senior

Note,

144A,

5%,

5/15/29

......................

United

States

1,400,000

1,349,949

Senior

Note,

144A,

6.25%,

10/15/32

...................

United

States

2,210,000

2,175,057

4,378,056

#### Media

#### 4.6%
b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

....................

United

States

1,240,000

1,134,154

Senior

Secured

Note,

144A,

7.875%,

4/01/30

............

United

States

1,860,000

1,885,995

b

CSC

Holdings

LLC

,

Senior

Bond,

144A,

5.375%,

2/01/28

...................

United

States

4,200,000

3,834,231

Senior

Note,

144A,

11.75%,

1/31/29

...................

United

States

3,305,000

3,100,325

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

8/15/27

............

United

States

911,000

897,361

Senior

Secured

Note,

144A,

10%,

2/15/31

...............

United

States

940,000

915,581

b

DISH

DBS

Corp.

,

Senior

Secured

Note

,

144A,

5.25 %

,

12/01/26

.

United

States

1,260,000

1,165,451

EchoStar

Corp.

,

Senior

Secured

Note

,

10.75 %

,

11/30/29

......

United

States

3,125,000

3,142,422

b

Gray

Media,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/31

......

United

States

820,000

586,193

b

McGraw-Hill

Education,

Inc.

,

Senior

Note,

144A,

8%,

8/01/29

......................

United

States

2,265,000

2,272,559

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

2,833,000

2,916,803

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

b

News

Corp.

,

Senior

Note

,

144A,

3.875 %

,

5/15/29

...........

United

States

1,710,000

$

1,622,900

b

Nexstar

Media,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

11/01/28

......

United

States

2,310,000

2,223,983

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond,

144A,

4.625%,

3/15/30

...................

United

States

3,085,000

2,897,001

Senior

Note,

144A,

5%,

8/15/27

......................

United

States

700,000

691,407

Paramount

Global

,

Junior

Sub.

Bond

,

6.375%

to

3/29/27,

FRN

thereafter

,

3/30/62

.................................

United

States

100,000

97,821

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

5,220,000

5,227,151

b

Sirius

XM

Radio

LLC

,

Senior

Bond,

144A,

3.875%,

9/01/31

...................

United

States

2,192,000

1,918,459

Senior

Note,

144A,

4%,

7/15/28

......................

United

States

2,295,000

2,179,558

b

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

%

,

1/15/32

.........................................

Netherlands

1,560,000

1,349,528

40,058,883

#### Metals

#### &

#### Mining

#### 2.9%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

3,165,000

3,435,580

b

Big

River

Steel

LLC

/

BRS

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.625 %

,

1/31/29

..............................

United

States

1,796,000

1,810,593

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

1,935,000

1,671,448

Senior

Note,

144A,

7.375%,

5/01/33

...................

United

States

2,145,000

1,844,543

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

1,730,000

1,574,260

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

..................

United

States

400,000

EUR

438,492

Senior

Note,

144A,

5.625%,

6/15/28

...................

United

States

1,150,000

1,130,180

Senior

Note,

144A,

6.375%,

8/15/32

...................

United

States

2,305,000

2,297,440

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

6.125 %

,

4/15/32

...................................

Australia

1,920,000

1,916,616

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

2,033,000

2,039,682

b

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

....................

United

States

1,905,000

1,812,330

Senior

Bond,

144A,

3.875%,

8/15/31

...................

United

States

365,000

324,795

Senior

Note,

144A,

6.875%,

1/30/30

...................

United

States

1,815,000

1,872,824

b

TMS

International

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

...

United

States

2,190,000

2,044,778

United

States

Steel

Corp.

,

Senior

Bond

,

6.65 %

,

6/01/37

......

United

States

1,081,000

1,120,527

25,334,088

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.4%
b

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

.........................

United

States

1,495,000

1,397,099

b

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.25 %

,

2/01/27

...............

United

States

1,675,000

1,639,759

3,036,858

#### 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

200,111

Sempra,

Inc.

,

Junior

Sub.

Bond,

6.875%

to

9/30/29,

FRN

thereafter,

10/01/54

United

States

100,000

97,746

Junior

Sub.

Bond,

6.625%

to

3/31/30,

FRN

thereafter,

4/01/55

United

States

200,000

188,694

486,551

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.2%
e

BP

Capital

Markets

plc

,

Senior

Bond,

4.875%

to

3/21/30,

FRN

thereafter,

Perpetual

..

United

States

490,000

$

471,807

Senior

Bond,

6.45%

to

11/30/33,

FRN

thereafter,

Perpetual

..

United

States

250,000

252,146

b

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

........................................

Australia

755,000

561,869

Enbridge,

Inc.

,

Sub.

Bond,

7.375%

to

1/14/28,

FRN

thereafter,

1/15/83

.....

Canada

320,000

325,821

Sub.

Bond,

8.5%

to

1/14/34,

FRN

thereafter,

1/15/84

.......

Canada

200,000

217,524

16-A,

Sub.

Bond,

6%

to

1/14/27,

FRN

thereafter,

1/15/77

....

Canada

200,000

197,840

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5 %

,

5/01/28

....................................

United

States

3,644,000

3,740,092

e

Energy

Transfer

LP

,

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

4,075,000

4,028,717

H,

Junior

Sub.

Bond,

6.5%

to

11/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

200,000

199,996

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

1,310,000

1,323,714

Senior

Note,

144A,

5.125%,

6/15/28

...................

United

States

1,065,000

1,051,623

Senior

Note,

144A,

6.5%,

6/01/29

.....................

United

States

1,090,000

1,113,455

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

2,530,000

2,503,106

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

8.375 %

,

11/01/33

..................................

United

States

1,110,000

1,105,681

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

4,405,000

4,381,929

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

....

United

States

2,780,000

2,724,501

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.2 %

,

3/15/40

......

United

States

6,844,000

6,385,980

b

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

,

Senior

Note

,

144A,

7.875 %

,

11/01/28

...................

United

States

2,605,000

2,688,787

b

South

Bow

Canadian

Infrastructure

Holdings

Ltd.

,

Senior

Bond

,

144A,

7.625%

to

2/28/30,

FRN

thereafter

,

3/01/55

.........

Canada

200,000

202,066

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

2,565,000

2,567,031

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

3,064,000

2,896,142

Transcanada

Trust

,

Senior

Bond

,

5.5%

to

9/14/29,

FRN

thereafter

,

9/15/79

.................................

Canada

320,000

309,911

b

Venture

Global

LNG,

Inc.

,

e

Junior

Sub.

Bond,

144A,

9%

to

9/29/29,

FRN

thereafter,

Perpetual

.......................................

United

States

2,460,000

2,322,586

Senior

Secured

Note,

144A,

9.5%,

2/01/29

..............

United

States

2,090,000

2,235,821

Senior

Secured

Note,

144A,

8.375%,

6/01/31

............

United

States

2,790,000

2,834,339

Senior

Secured

Note,

144A,

9.875%,

2/01/32

............

United

States

1,940,000

2,065,074

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

535,000

563,856

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

535,000

559,256

b

Viper

Energy,

Inc.

,

Senior

Note,

144A,

5.375%,

11/01/27

..................

United

States

965,000

960,829

Senior

Note,

144A,

7.375%,

11/01/31

..................

United

States

2,940,000

3,084,886

53,876,385

#### Paper

#### &

#### Forest

#### Products

#### 0.4%
b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

890,000

755,302

Mercer

International,

Inc.

,

Senior

Note,

5.125%,

2/01/29

........................

Germany

1,890,000

1,504,317

b

Senior

Note,

144A,

12.875%,

10/01/28

.................

Germany

1,185,000

1,180,063

3,439,682

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines

#### 0.3%
b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

2,010,000

$

2,028,169

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

890,000

845,924

2,874,093

#### Personal

#### Care

#### Products

#### 1.0%
b

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note,

144A,

4.75%,

1/15/29

.............

United

States

2,060,000

1,982,557

Senior

Secured

Note,

144A,

6.625%,

7/15/30

............

United

States

1,330,000

1,358,539

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

5,435,000

5,434,104

8,775,200

#### Pharmaceuticals

#### 1.5%
b

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

1,245,000

1,233,349

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

1,105,000

1,145,146

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

3,190,000

EUR

3,725,747

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

6.75%,

3/01/28

.........................

Israel

1,055,000

1,091,664

Senior

Note,

5.125%,

5/09/29

........................

Israel

3,585,000

3,550,036

Senior

Note,

7.875%,

9/15/29

........................

Israel

1,245,000

1,344,656

Senior

Note,

8.125%,

9/15/31

........................

Israel

915,000

1,018,990

13,109,588

#### Professional

#### Services

#### 0.3%
b,g

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

2,940,000

3,000,829

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
b

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp.

,

Secured

Note

,

144A,

%

,

4/15/30

.....................

United

States

1,539,200

1,407,441

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
b

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

.

United

States

1,520,000

1,453,034

#### Software

#### 1.6%
b

Cloud

Software

Group,

Inc.

,

Secured

Note,

144A,

9%,

9/30/29

.....................

United

States

2,135,000

2,186,942

Senior

Secured

Note,

144A,

6.5%,

3/31/29

..............

United

States

2,272,000

2,271,341

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

5,820,000

5,387,993

b

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

1,585,000

1,540,441

b

UKG,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/31

......

United

States

2,765,000

2,850,881

14,237,598

#### Specialized

#### REITs

#### 0.5%
b

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

1/15/33

.......

United

States

4,495,000

4,540,791

#### Specialty

#### Retail

#### 2.0%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

4,090,000

4,125,624

b,d

BCPE

Ulysses

Intermediate,

Inc.

,

Senior

Note

,

144A,

PIK,

7.75 %

,

4/01/27

.........................................

United

States

1,305,000

1,241,054

b,d

Carvana

Co.

,

Senior

Secured

Note,

144A,

PIK,

9%,

12/01/28

...........

United

States

1,826,261

1,878,412

Senior

Secured

Note,

144A,

PIK,

9%,

6/01/31

............

United

States

1,710,000

1,914,154

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialty

#### Retail
(continued)

b

LBM

Acquisition

LLC

,

Senior

Note

,

144A,

6.25 %

,

1/15/29

.....

United

States

1,590,000

$

1,278,447

b

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

,

Senior

Note

,

144A,

7.75 %

,

2/15/29

...................................

United

States

1,345,000

1,310,927

b

Specialty

Building

Products

Holdings

LLC

/

SBP

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/29

.............

United

States

1,100,000

1,054,775

b

White

Cap

Buyer

LLC

,

Senior

Note

,

144A,

6.875 %

,

10/15/28

...

United

States

4,485,000

4,400,358

17,203,751

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................................

United

States

2,310,000

2,319,378

Seagate

HDD

Cayman

,

Senior

Note

,

3.125 %

,

7/15/29

........

United

States

835,000

752,410

3,071,788

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
b

Crocs,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

3/15/29

.............

United

States

1,460,000

1,379,501

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

..........

United

States

3,265,000

3,452,620

b

Levi

Strauss

&

Co.

,

Senior

Bond

,

144A,

3.5 %

,

3/01/31

.......

United

States

2,845,000

2,545,796

7,377,917

#### Trading

#### Companies

#### &

#### Distributors

#### 2.9%
b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

2,310,000

2,235,550

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

2,039,000

2,119,306

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

1,440,000

1,511,858

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

.........................................

United

States

2,600,000

2,217,133

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

5.5%,

7/15/27

.....................

United

States

2,976,000

2,956,207

Senior

Note,

144A,

6.625%,

6/15/29

...................

United

States

1,235,000

1,251,880

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

3,132,000

3,003,006

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

3,785,000

3,890,412

b

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125 %

,

3/15/34

.........................................

United

States

1,855,000

1,882,563

b

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

6.375%,

3/15/29

...................

United

States

525,000

536,551

Senior

Note,

144A,

6.625%,

3/15/32

...................

United

States

2,515,000

2,577,825

Senior

Note,

144A,

6.375%,

3/15/33

...................

United

States

990,000

1,009,110

25,191,401

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
b

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

............................

United

Kingdom

4,375,000

4,175,324

Rogers

Communications,

Inc.

,

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

65,000

65,127

b

Sub.

Bond,

144A,

5.25%

to

3/14/27,

FRN

thereafter,

3/15/82

.

Canada

705,000

690,239

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

135,000

136,113

Vodafone

Group

plc

,

Junior

Sub.

Bond

,

7%

to

1/03/29,

FRN

thereafter

,

4/04/79

.................................

United

Kingdom

440,000

453,257

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

3,130,000

3,345,188

8,865,248

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $748,156,541)
...................................

#### 747,014,702
Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests

#### 7.5%
i

#### Automobile

#### Components

#### 0.4%
Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

1,258,587

$

1,257,014

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

8.191%,

(1-month

SOFR

+

3.75%),

10/04/28

........

United

States

2,299,700

2,205,101

3,462,115

a

a

a

a

a

a

i

#### Building

#### Products

#### 0.4%
CP

Atlas

Buyer,

Inc.,

First

Lien,

CME

Term

Loan,

B,

8.177%,

(1-month

SOFR

+

3.75%),

11/23/27

....................

United

States

1,855,808

1,765,662

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.799%,

(3-month

SOFR

+

2.5%),

8/04/31

..

United

States

1,719,667

1,713,493

3,479,155

a

a

a

a

a

a

i

#### Chemicals

#### 0.7%
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan,

11.859%,

(1-month

SOFR

+

7.438%),

3/15/30

............

United

States

1,725,882

1,673,027

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1,

7.51%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

1,758,205

1,766,266

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.55%,

(3-month

SOFR

+

3.25%),

4/03/28

...

Netherlands

873,976

877,800

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.642%,

(3-month

SOFR

+

4.25%),

4/23/29

..............

United

States

1,283,157

1,133,592

WR

Grace

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.549%,

(3-month

SOFR

+

3.25%),

9/22/28

..............

United

States

434,388

434,171

5,884,856

a

a

a

a

a

a

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
i

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

......................

United

States

635,592

635,989

#### Communications

#### Equipment

#### 0.3%
g,i

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

....................

United

States

2,445,000

2,473,863

#### Consumer

#### Finance

#### 0.0%

#### †
g,i

Shift4

Payments

LLC,

First

Lien,

CME

Term

Loan,

6.803%,

(12-month

SOFR

+

2.75%),

5/07/32

....................

United

States

425,000

428,098

#### Containers

#### &

#### Packaging

#### 0.1%
i

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B,

9.227%,

(6-month

SOFR

+

4.725%),

2/09/26

......

Luxembourg

1,395,617

1,275,831

#### Distributors

#### 0.1%
i

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.299%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

703,427

704,771

#### Diversified

#### Consumer

#### Services

#### 0.1%
i

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan,

10.177%,

(1-month

SOFR

+

5.75%),

12/10/29

............

United

States

738,212

736,134

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
i

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.679%,

(1-month

SOFR

+

3.25%),

5/10/27

.....................

United

States

1,971,404

1,967,816

i

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

2,156,658

2,146,996

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.053%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

1,278,062

1,259,850

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

i

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

1,489,573

$

1,489,863

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

1,091,729

1,086,822

5,983,531

a

a

a

a

a

a

#### IT

#### Services

#### 0.3%
i

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.827%,

(1-month

SOFR

+

3.5%),

6/27/31

...............

United

States

2,337,350

2,343,193

i

#### Machinery

#### 0.6%
Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

2,622,841

2,634,132

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

7.237%,

(3-month

SOFR

+

3%),

4/30/30

................

Germany

2,129,580

2,137,076

4,771,208

a

a

a

a

a

a

i

#### Media

#### 0.5%
g

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.441%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

2,313,059

2,275,471

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

2,496,356

2,465,738

4,741,209

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.3%
g,i

Apollo

Commercial

Real

Estate

Finance,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.941%,

(1-month

SOFR

+

3.5%),

3/06/28

...

United

States

2,261,260

2,255,607

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
i

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.563%,

(3-month

SOFR

+

4.25%),

11/04/31

...........................

United

States

1,079,350

1,047,871

i

#### Passenger

#### Airlines

#### 0.4%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

2,104,917

2,086,235

g

American

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.303%,

(12-month

SOFR

+

3.25%),

5/07/32

....................

United

States

105,000

105,569

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.507%,

(6-month

SOFR

+

2.25%),

6/04/29

.....................

United

States

1,123,650

1,111,127

3,302,931

a

a

a

a

a

a

i

#### Pharmaceuticals

#### 0.5%
1261229

BC

Ltd.,

First

Lien,

Initial

CME

Term

Loan,

10.587%,

(1-month

SOFR

+

6.25%),

10/08/30

....................

United

States

1,340,000

1,275,794

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

3,245,785

3,178,856

4,454,650

a

a

a

a

a

a

i

#### Software

#### 0.6%
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.799%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

1,689,737

1,687,634

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan,

8.577%,

(1-month

SOFR

+

4.25%),

11/28/28

....................

United

States

1,699,830

1,704,309

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

i

#### Software
(continued)

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.329%,

(1-month

SOFR

+

3%),

2/10/31

...............................

United

States

1,588,766

$

1,593,603

4,985,546

a

a

a

a

a

a

i

#### Specialty

#### Retail

#### 0.5%
LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan,

8.175%,

(1-month

SOFR

+

3.75%),

6/06/31

.

United

States

1,004,802

905,759

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

1,291,796

1,289,374

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

2,009,664

1,993,496

4,188,629

a

a

a

a

a

a

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
i

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

1,731,913

1,649,655

i

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
Foundation

Building

Materials,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

9.548%,

(3-month

SOFR

+

5.25%),

1/29/31

.

United

States

215,000

203,229

Foundation

Building

Materials,

Inc.,

First

Lien,

Term

Loan,

8.291%,

(3-month

SOFR

+

4%),

1/29/31

................

United

States

2,267,820

2,136,785

2,340,014

a

a

a

a

a

a

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
i

Connect

Finco

SARL,

First

Lien,

Amendment

No.

CME

Term

Loan,

8.822%,

(1-month

SOFR

+

4.5%),

9/13/29

..........

United

Kingdom

1,316,700

1,208,902

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $64,994,350)
........................

#### 64,321,574

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
b,e

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

1,065,000

1,204,651

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,065,000)
.............

#### 1,204,651

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
j

U.S.

Treasury

Bonds

,

1.25 %,

5/15/50

....................

United

States

1,768,000

826,402

j

U.S.

Treasury

Notes

,

4.25 %,

11/15/34

....................

United

States

275,000

272,357

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $1,154,252)
................

#### 1,098,759

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $842,394,531)

#### .............................

#### 845,949,010

#### a

#### Short

#### Term

#### Investments

#### 2.2%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
c

U.S.

Treasury

Bills,

4.18%,

10/02/25

.....................

United

States

200,000

197,160

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $197,227)

#### ..................

#### 197,160
Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.2%
k,l

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

.......

United

States

18,912,058

$

18,912,058

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $18,912,058)

#### ................................

#### 18,912,058

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $19,109,285

####)
..............................

#### 19,109,218

#### a

#### Total

#### Investments

#### (Cost

#### $861,503,816)

#### 100.1%

#### ................................

#### $865,058,228

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1)%

#### .........................................

#### (636,138)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $864,422,090

#### 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

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

May

31,

2025,

the

aggregate

value

of

these

securities

was

$643,052,281,

representing

74.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(c).

h

See

Note

(e)

regarding

senior

floating

rate

interests.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

May

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$912,860,

representing

0.1%

of

net

assets.

k

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Putnam

High

Yield

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

May

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

MSCO

Sell

120,300

154,490

6/18/25

$

—

$

(7,607)

British

Pound

......

SSBT

Sell

1,605,800

2,058,571

6/18/25

—

(105,153)

Euro

.............

BOFA

Sell

3,195,000

3,439,961

6/18/25

—

(191,216)

Euro

.............

CITI

Sell

2,591,600

2,790,312

6/18/25

—

(155,089)

Euro

.............

GSCO

Sell

679,000

731,239

6/18/25

—

(40,457)

Euro

.............

HSBK

Sell

252,100

271,493

6/18/25

—

(15,024)

Euro

.............

JPHQ

Sell

388,200

417,896

6/18/25

—

(23,301)

Euro

.............

MSCO

Sell

2,337,600

2,549,238

6/18/25

—

(107,489)

Euro

.............

SSBT

Sell

5,907,100

6,360,706

6/18/25

—

(352,824)

Total

Forward

Exchange

Contracts

...................................................

—

$(998,160)

Net

unrealized

appreciation

(depreciation)

............................................

$(998,160)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

High

Yield

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

May

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### High

#### Yield

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$842,591,758

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

18,912,058

Value

-

Unaffiliated

issuers

..................................................................

$846,146,170

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

18,912,058

Cash

....................................................................................

319,484

Foreign

currency,

at

value

(cost

$

66,463)

.........................................................

69,152

Receivables:

Investment

securities

sold

...................................................................

1,333,184

Capital

shares

sold

........................................................................

824,699

Dividends

and

interest

.....................................................................

12,367,480

Prepaid

expenses

..........................................................................

403,486

Total

assets

..........................................................................

880,375,713

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

9,819,830

Capital

shares

redeemed

...................................................................

3,507,166

Management

fees

.........................................................................

400,711

Administrative

fees

........................................................................

2,607

Distribution

fees

..........................................................................

147,428

Transfer

agent

fees

........................................................................

365,750

Trustees'

fees

and

expenses

.................................................................

477,053

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

998,160

Accrued

expenses

and

other

liabilities

...........................................................

234,918

Total

liabilities

.........................................................................

15,953,623

Net

assets,

at

value

.................................................................

$864,422,090

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,056,413,150

Total

distributable

earnings

(losses)

.............................................................

(191,991,060)

Net

assets,

at

value

.................................................................

$864,422,090

Putnam

High

Yield

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

May

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### High

#### Yield

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$575,764,657

Shares

outstanding

........................................................................

108,909,770

Net

asset

value

per

share

a

,b

..................................................................

$5.29

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

................................

$5.51

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$5,540,062

Shares

outstanding

........................................................................

1,098,766

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$5.04

#### Class

#### M:
Net

assets,

at

value

.......................................................................

$37,617,235

Shares

outstanding

........................................................................

7,171,946

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.25

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

................................

$5.43

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$11,065,802

Shares

outstanding

........................................................................

2,110,232

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.24

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$8,774,685

Shares

outstanding

........................................................................

1,546,680

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.67

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$225,659,649

Shares

outstanding

........................................................................

39,544,138

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.71

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

High

Yield

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

May

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### High

#### Yield

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$160)

Unaffiliated

issuers

........................................................................

$361,337

Non-controlled

affiliates

(Note

g)

.............................................................

653,902

Interest:

Unaffiliated

issuers

........................................................................

29,012,565

Total

investment

income

...................................................................

30,027,804

Expenses:

Management

fees

(Note

a)

...................................................................

2,451,832

Administrative

fees

(Note

b)

..................................................................

10,410

Distribution

fees:

(Note

3c)

Class

A

................................................................................

727,233

Class

C

................................................................................

28,016

Class

M

................................................................................

94,916

Class

R

................................................................................

28,883

Transfer

agent

fees:

(Note

3e)

Class

A

................................................................................

480,183

Class

C

................................................................................

4,626

Class

M

................................................................................

31,337

Class

R

................................................................................

9,525

Class

R6

...............................................................................

4,181

Class

Y

................................................................................

204,635

Custodian

fees

(Note

4)

......................................................................

12,233

Reports

to

shareholders

fees

..................................................................

47,680

Registration

and

filing

fees

....................................................................

52,441

Professional

fees

...........................................................................

87,136

Trustees'

fees

and

expenses

..................................................................

15,768

Other

....................................................................................

7,668

Total

expenses

.........................................................................

4,298,703

Expense

reductions

(Note

4)

...............................................................

(12,642)

Net

expenses

.........................................................................

4,286,061

Net

investment

income

................................................................

25,741,743

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(3,696,529)

Foreign

currency

transactions

................................................................

4,747

Forward

exchange

contracts

.................................................................

1,227,270

Swap

contracts

...........................................................................

247,348

Net

realized

gain

(loss)

..................................................................

(2,217,164)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(4,778,661)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

13,667

Forward

exchange

contracts

.................................................................

(2,239,444)

Swap

contracts

...........................................................................

(373,989)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(7,378,427)

Net

realized

and

unrealized

gain

(loss)

............................................................

(9,595,591)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$16,146,152

Putnam

High

Yield

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### High

#### Yield

#### Fund

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### November

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$25,741,743

$53,450,383

Net

realized

gain

(loss)

.................................................

(2,217,164)

(14,859,149)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(7,378,427)

67,475,697

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

16,146,152

106,066,931

Distributions

to

shareholders:

Class

A

.............................................................

(29,091,131)

(36,148,895)

Class

B

.............................................................

—

(22,927)

Class

C

.............................................................

(278,991)

(338,875)

Class

M

............................................................

(1,875,015)

(2,297,587)

Class

R

.............................................................

(570,499)

(713,274)

Class

R6

............................................................

(841,782)

(1,055,900)

Class

Y

.............................................................

(11,930,628)

(13,682,969)

Total

distributions

to

shareholders

..........................................

(44,588,046)

(54,260,427)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(6,210,491)

(31,454,912)

Class

B

.............................................................

—

(780,548)

Class

C

.............................................................

(445,186)

(45,362)

Class

M

............................................................

(563,056)

(1,689,436)

Class

R

.............................................................

(724,846)

(1,035,045)

Class

R6

............................................................

(9,068,963)

(2,827,260)

Class

Y

.............................................................

(28,210,210)

32,735,268

Total

capital

share

transactions

............................................

(45,222,752)

(5,097,295)

Net

increase

(decrease)

in

net

assets

...................................

(73,664,646)

46,709,209

Net

assets:

Beginning

of

period

.....................................................

938,086,736

891,377,527

End

of

period

..........................................................

$864,422,090

$938,086,736

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Fund

offers six

classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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

and

derivative

financial instruments 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. 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.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

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

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

May

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$998,160

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$912,860.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

e. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

May

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Senior

#### Floating

#### Rate

#### Interests
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

i. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

May

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

7,386,383

$39,204,753

10,690,392

$56,771,475

Shares

issued

in

reinvestment

of

distributions

..........

5,042,550

26,610,070

6,211,536

33,038,111

Shares

redeemed

...............................

(13,593,782)

(72,025,314)

(22,799,160)

(121,264,498)

Net

increase

(decrease)

..........................

(1,164,849)

$(6,210,491)

(5,897,232)

$(31,454,912)

#### Class

#### B

#### Shares:

#### \*
Shares

sold

...................................

—

$—

$1,206

Shares

issued

in

reinvestment

of

distributions

..........

—

—

4,244

21,633

Shares

redeemed

...............................

—

—

(156,122)

(803,387)

Net

increase

(decrease)

..........................

—

$—

(151,641)

$(780,548)

#### Class

#### C

#### Shares:
Shares

sold

...................................

72,569

$365,776

320,014

$1,630,078

Shares

issued

in

reinvestment

of

distributions

..........

55,227

278,219

66,294

337,567

Shares

redeemed

a

..............................

(215,657)

(1,089,181)

(395,304)

(2,013,007)

Net

increase

(decrease)

..........................

(87,861)

$(445,186)

(8,996)

$(45,362)

#### Class

#### M

#### Shares:
Shares

sold

...................................

41,800

$220,165

105,000

$552,300

Shares

redeemed

...............................

(149,028)

(783,221)

(423,825)

(2,241,736)

Net

increase

(decrease)

..........................

(107,228)

$(563,056)

(318,825)

$(1,689,436)

#### Class

#### R

#### Shares:
Shares

sold

...................................

243,594

$1,275,696

460,980

$2,436,808

Shares

issued

in

reinvestment

of

distributions

..........

109,041

570,498

135,127

713,213

Shares

redeemed

...............................

(489,340)

(2,571,040)

(793,497)

(4,185,066)

Net

increase

(decrease)

..........................

(136,705)

$(724,846)

(197,390)

$(1,035,045)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

6,578,505

$37,225,593

924,314

$5,266,114

Shares

issued

in

reinvestment

of

distributions

..........

148,839

840,712

185,926

1,055,615

Shares

redeemed

...............................

(8,307,051)

(47,135,268)

(1,622,145)

(9,148,989)

Net

increase

(decrease)

..........................

(1,579,707)

$(9,068,963)

(511,905)

$(2,827,260)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

May

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.544%

of

the

Fund's

average daily

net

assets.

#### Six

#### Months

#### Ended

#### May

#### 31,

#### 2025

#### Year

#### Ended

#### November

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Shares

sold

...................................

8,947,663

$51,041,598

15,508,159

$88,693,531

Shares

issued

in

reinvestment

of

distributions

..........

2,092,370

11,897,652

2,390,621

13,657,422

Shares

redeemed

...............................

(16,185,780)

(91,149,460)

(12,207,634)

(69,615,685)

Net

increase

(decrease)

..........................

(5,145,747)

$(28,210,210)

5,691,146

$32,735,268

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.720%

of

the

first

$5

billion,

0.670%

of

the

next

$5

billion,

0.620%

of

the

next

$10

billion

0.570%

of

the

next

$10

billion,

0.520%

of

the

next

$50

billion,

0.500%

of

the

next

$50

billion,

0.490%

of

the

next

$100

billion

and

0.485%

of

any

excess

thereafter.

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

subadvisory

agreement.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

M,

Class

R and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

M

..................................................................

1.00%

0.50%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$10,652

CDSC

retained

..............................................................................

$1,578

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

May

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

March

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### High

#### Yield

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$38,938,525

$185,481,121

$(205,507,588)

$—

$—

$18,912,058

18,912,058

$653,902

#### Total

#### Affiliated

#### Securities

#### ...
$38,938,525

$185,481,121

$(205,507,588)

$—

$—

$18,912,058

$653,902

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

period

ended

May

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

November

30,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

May

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

May

31,

2025,

aggregated

$191,060,508 and

$221,854,000,

respectively.

7. #### Credit

#### Risk
At

May

31,

2025,

the

Fund

had 85.5% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

5,530,543

Long

term

................................................................................

186,323,094

Total

capital

loss

carryforwards

...............................................................

$191,853,637

Cost

of

investments

..........................................................................

$864,360,475

Unrealized

appreciation

........................................................................

$20,469,720

Unrealized

depreciation

........................................................................

(19,771,967)

Net

unrealized

appreciation

(depreciation)

..........................................................

$697,753

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

8. #### Other

#### Derivative

#### Information
At

May

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

period

ended

May

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

May

31,

2025,

the

average

month

end

notional

amount

of

swap

contracts

represented

$11,863,000.

The

average

month

end

contract

value

of

forward

exchange

contracts

was

$23,459,338.

See

Note

1(d) regarding

derivative

financial

instruments.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### High

#### Yield

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

998,160

Total

....................

$—

$998,160

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### High

#### Yield

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$1,227,270

Forward

exchange

contracts

$(2,239,444)

Credit

contracts

...............

Swap

contracts

247,348

Swap

contracts

(373,989)

Total

.......................

$1,474,618

$(2,613,433)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

Funds

and

a

$75,000

fee

was

paid

by

the

participating

Funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

Funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

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

May

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### High

#### Yield

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

.........................

$

4,549,009

$

—

$

—

$

4,549,009

Convertible

Preferred

Stocks

................

8,818,810

—

—

8,818,810

Preferred

Stocks

.........................

800,540

—

—

800,540

Convertible

Bonds

.......................

—

18,140,965

—

18,140,965

Corporate

Bonds

........................

—

747,014,702

—

747,014,702

Senior

Floating

Rate

Interests

...............

—

64,321,574

—

64,321,574

Foreign

Government

and

Agency

Securities

....

—

1,204,651

—

1,204,651

U.S.

Government

and

Agency

Securities

.......

—

1,098,759

—

1,098,759

Short

Term

Investments

...................

18,912,058

197,160

—

19,109,218

Total

Investments

in

Securities

...........

$33,080,417

$831,977,811

$—

$865,058,228

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$998,160

$—

$998,160

Total

Other

Financial

Instruments

.........

$—

$998,160

$—

$998,160

9. #### Credit

#### Facility
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

11. #### Operating

#### Segments
(continued)

Putnam

High

Yield

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### Cu

#### r

#### rency

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### FRN
Floating

Rate

Note

#### ICE
Intercontinental

Exchange

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

Putnam

High

Yield

Fund

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38919-SFSOI

07/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party
 service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's
 oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](phyf-efp16643_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](phyf-efp16643_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam High Yield Fund**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |

---

Date: July 28, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |

---

Date: July 28, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |

---

Date: July 28, 2025

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam High Yield Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: July 28, 2025

---

| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam High Yield Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: July 28, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam High Yield Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **May 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam High Yield Fund | Putnam High Yield Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: July 28, 2025 | Date: July 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.