# EDGAR Filing Document

**Accession Number:** 0000787836
**File Stem:** 0000928816-23-000074
**Filing Date:** 2023-1
**Character Count:** 346822
**Document Hash:** be5ac573823f7577b7f1151515dacb7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-23-000074.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000928816-23-000074

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**EFFECTIVENESS DATE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM HIGH YIELD FUND
- **CENTRAL INDEX KEY:** 0000787836
- **IRS NUMBER:** 066290063
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04616
- **FILM NUMBER:** 23548654

**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           |
| C000015837 | Class B Shares  | PHYBX           |
| C000015838 | Class M Shares  | PHYMX           |
| C000049232 | Class C         |  |
| C000049233 | Class R         |  |
| C000202776 | Class R6 Shares |  |

<u>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</u>

<u>Washington, D.C. 20549</u>

<br>**FORM N-CSR**<br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES**<br>

Investment Company Act file number: (811-04616)

Exact name of registrant as specified in charter: Putnam High Yield Trust

Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

Name and address of agent for service: Stephen Tate, Vice President<br>100 Federal Street<br>Boston, Massachusetts 02110

Copy to: Bryan Chegwidden, Esq.<br>Ropes & Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036

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

Date of fiscal year end: November 30, 2022

Date of reporting period: December 1, 2021 – November 30, 2022

<br><u>Item 1. Report to Stockholders:</u>

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

![](highyieldx1x1.jpg) <br>

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Putnam<br>High Yield<br>Fund<br>**Annual report**<br>**11** \| **30** \| **22**

---

| | |
|:---|:---|
| [Message from the Trustees](#page_3) | [1](#page_3) |
| [Interview with your fund's portfolio manager](#page_5) | [3](#page_5) |
| [Your fund's performance](#page_10) | [8](#page_10) |
| [Your fund's expenses](#ex) | [11](#ex) |
| [Consider these risks before investing](#page_15) | [13](#page_15) |
| [Terms and definitions](#page_16) | [14](#page_16) |
| [Other information for shareholders](#page_18) | [16](#page_18) |
| [Important notice regarding Putnam's privacy policy](#page_19) | [17](#page_19) |
| [Trustee approval of management contract](#page_20) | [18](#page_20) |
| [Audited financial statements](#page_25) | [23](#page_25) |
| [Report of Independent Registered Public Accounting Firm](#page_26) | [24](#page_26) |
| [Federal tax information](#page_70) | [70](#page_70) |
| [Shareholder meeting results](#page_71) | [71](#page_71) |
| [About the Trustees](#page_72) | [72](#page_72) |
| [Officers](#page_74) | [74](#page_74) |

---

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**Message from the Trustees**

January 12, 2023

Dear Fellow Shareholder:

As an investor, you might be happy to see 2022 in the rearview mirror. High inflation and aggressive interest-rate increases from the U.S. Federal Reserve contributed to market volatility and negative returns for stocks and bonds.

While inflation and interest rates are still high, the possibility remains that 2023 could be a better year for market returns than 2022. Historically, stocks and bonds have recovered from bear markets like the one we have been experiencing. Our investment teams are actively researching securities with attractive performance potential and working to keep portfolio risks in check.

We would like to note recent changes to the Board of Trustees that oversees your fund. In July 2022, we welcomed Jennifer Williams Murphy and Marie Pillai as new Trustees. Both have a wealth of investment advisory and executive management experience. We also want to thank our Trustees who retired from the Board on June 30, 2022. Paul Joskow served with us since 1997, and Ravi Akhoury joined the Board in 2009. We wish them well.

Thank you for investing with Putnam. ![](highyieldx3x1.jpg) <br>

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![](highyieldx4x1.jpg) <br>

*Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of class A shares assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart do not reflect a sales charge of 4.00%; had they, returns would have been lower. See below and pages 8–11 for additional performance information. For a portion of the periods, the fund had expense limitations, without which returns would have been lower. To obtain the most recent month-end performance, visit putnam.com.*

*Lipper peer group median is provided by Lipper, a Refinitiv company.*

\* *The fund's benchmark, the JPMorgan Developed High Yield Index, was introduced on 12/31/94, which post-dates the inception of the fund's class A shares.* ![](highyieldx4x2.jpg) <br>

This comparison shows your fund's performance in the context of broad market indexes for the 12 months ended 11/30/22. See above and pages 8–11 for additional fund performance information. Index descriptions can be found on pages 14–15.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

2 High Yield Fund

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![](highyieldx5x1.jpg) <br> ![](highyieldx5x2.jpg) <br>

**Rob, what was the fund's investment environment like during the reporting period?**

While the period was challenging across the board for investors, high-yield bonds were one of the relatively better-performing asset classes. A hawkish policy pivot by the U.S. Federal Reserve was the primary and persistent factor contributing to market volatility. Near the beginning of the period, the Fed had signaled its intentions to tighten policy in calendar 2022 with the goal of fighting a rapid increase in inflation.

Markets became choppy as early as January 2022. In late February 2022, Russia's invasion of Ukraine contributed to an increase in risk aversion. To make matters worse, China returned to widespread lockdowns to prevent the spread of Covid-19 infections. These problems persisted to varying degrees through the end of the period.

In March 2022, the Fed made a 0.25% interest-rate hike, its first increase since 2018. The central bank implemented five more increases — four of them in the unusually large amount of 0.75% — taking the federal funds rate to a range of 3.75% to 4.00% by period-end.

High Yield Fund 3

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![](highyieldx6x1.jpg) <br>

Credit qualities are shown as a percentage of the fund's net assets as of 11/30/22. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings and portfolio credit quality will vary over time.

Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency. ![](highyieldx6x2.jpg) <br>

This table shows the fund's top 10 holdings and the percentage of the fund's net assets that each represented as of 11/30/22. Short-term investments and derivatives, if any, are excluded.

4 High Yield Fund

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Within this environment, credit spreads widened and interest rates rose. [Spreads are the yield advantage credit-sensitive bonds offer over comparable-maturity U.S. Treasuries. Bond prices rise as yield spreads tighten and decline as spreads widen.] The yield on the benchmark 10-year U.S. Treasury more than doubled, rising from 1.43% at the beginning of the period to 3.68% at period-end. In anticipation of Fed policy changes, short-term yields rose even more, causing the yield curve to flatten and become inverted.

From a sector perspective, all fixed income categories except short-term Treasury bills posted losses for the period. High-yield corporate credit and leveraged loans outperformed the broader fixed income market. Non-U.S. government bonds, emerging market debt, and investment-grade corporate credit were among the weakest performers, amid rising interest rates and a strengthening U.S. dollar.

All sectors within the fund's benchmark, the JPMorgan Developed High Yield Index, posted losses for the period. Cable and satellite [–15%], broadcasting [–15%], and automotive [–14%] were the weakest performers. Energy [–1%], metals and mining [–4%], and industrials [–4%] showed more strength, outperforming the benchmark.

**How did the fund perform for the reporting period?**

The fund's class A shares posted a return of –9.47%, underperforming the fund's benchmark, which returned –8.15%. The fund also underper-formed the median of its Lipper peer group, High Yield Funds, which returned –8.54%.

**Which decisions had the biggest impact on the fund's performance relative to the benchmark during the reporting period?**

An overweight position in the broadcasting sector was the largest detractor from results. Another underperforming sector was health care, where we also held an overweight position. Security selection within the health care sector detracted from results, including our investments in Bausch Health Americas and CHS/Community Health Systems, which were pressured by earnings-related volatility. ![](highyieldx7x1.jpg) <br>

An overweight position in energy, the largest sector of the benchmark, helped fund performance. Security selection within the energy sector produced slightly negative results. Overweight positions in Chord Energy, Antero Resources, and Callon Petroleum contributed to performance on the heels of rising oil prices. These gains were somewhat offset by weaker results from our investments in Occidental Petroleum and Energy Transfer.

**What about relative contributors for the reporting period?**

We achieved strong results in the technology sector. Although this sector lagged the benchmark, we held a very small overweight position and our security selection was favorable. Our security selection in the cable and satellite sector, where the fund had a weighting in line with the benchmark, also helped results. We chose not to own Ligado Networks, a mobile network provider, and this benefited the fund.

**What are your current views on high-yield credit?**

As we look to calendar 2023, we have a cautious outlook for the high-yield credit market. Corporate fundamentals remain solid overall but likely will weaken in the face of slower growth and pressure on profit margins, in our view. We believe valuation was substantially more attractive than at the start of the period. Macroeconomic forces of high inflation, geopolitical impacts on energy

High Yield Fund 5

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supplies, and central bank tightening remain considerable headwinds for both fundamentals and market technicals, in our view. We also believe that we may be nearing a point in the coming months when the hiking cycle will start to wind down.

As we research investment opportunities, we remain focused on industry and company fundamentals, the health of balance sheets, the generation and use of free cash flow, and how resilient credits will be amid slower economic growth. The U.S. high-yield default rate, including distressed exchanges, ended November 2022 at 1.61%, still well below historical averages.

Regarding technicals, issuance picked up in November 2022 and resulted in considerable inflows into the asset class. This was, however, only the third month of inflows through the first 11 months of calendar 2022.

After a year of heightened rate and spread volatility [in calendar 2022], valuations have become somewhat more attractive, in our view, as yields have nearly doubled to almost 9% as of period-end. High-yield bond prices are 12 points lower than at the beginning of January 2022, and spreads are approximately 130 basis points wider. We believe high yield may also present an attractive overall yield proposition in the face of lower global rates.

Risks to our outlook include policy missteps from global central banks, a more severe slowdown or recession, and ongoing supply chain disruptions. We are also monitoring commodity price volatility, heightened geopolitical tension, and potential surges in Covid cases. ![](highyieldx8x1.jpg) <br>

This chart shows how the fund's credit quality has changed over the past six months. Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings and portfolio credit quality will vary over time.

Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

6 High Yield Fund

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**Given your views, how are you positioning the fund relative to the benchmark?**

We have sought to reduce portfolio risk by decreasing our exposure to B- and CCC-rated credits. These are the lower tiers of the market, which carry greater credit risk. We maintain an overweight position in BBB-rated bonds. At the industry level, we have an underweight position to the food and beverages, retail, and automotive sectors. The portfolio has overweight positions to the industrials, broadcasting, and energy sectors. We have a favorable view of the energy sector. Energy is one of the few sectors that we think can benefit from periods of inflation, and we believe there are idiosyncratic opportunities therein. We continue to look for attractive alpha-generating opportunities in the secondary market.

**Thank you, Rob, for your time and for bringing us up to date.**

*The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.*

*Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. Statements in the Q&A concerning the fund's performance or portfolio composition relative to those of the fund's Lipper peer group may reference information produced by Lipper Inc. or through a third party.*

High Yield Fund 7

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**Your fund's performance**

This section shows your fund's performance, price, and distribution information for periods ended November 30, 2022, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end and expense information taken from the fund's current prospectus. Performance should always be considered in light of a fund's investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance information does not reflect any deduction for taxes a shareholder may owe on fund distributions or on the redemption of fund shares. For the most recent month-end performance, please visit the Individual Investors section at putnam.com or call Putnam at 1-800-225-1581. Class M, R, R6, and Y shares are not available to all investors. See the Terms and definitions section in this report for definitions of the share classes offered by your fund.

**Annualized fund performance** Total return for periods ended 11/30/22

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **10 years** | **5 years** | **3 years** | **1 year** |
| **Class A** (3/25/86) |  |  |  |  |  |
| Before sales charge | 6.59% | 3.33% | 1.61% | –0.04% | –9.47% |
| After sales charge | 6.47 | 2.91 | 0.78 | –1.39 | –13.10 |
| **Class B** (5/16/94) |  |  |  |  |  |
| Before CDSC | 6.38 | 2.73 | 0.88 | –0.74 | –10.11 |
| After CDSC | 6.38 | 2.73 | 0.55 | –1.63 | –14.43 |
| **Class C** (3/30/07) |  |  |  |  |  |
| Before CDSC | 6.41 | 2.74 | 0.87 | –0.78 | –10.30 |
| After CDSC | 6.41 | 2.74 | 0.87 | –0.78 | –11.16 |
| **Class M** (12/1/94) |  |  |  |  |  |
| Before sales charge | 6.30 | 3.09 | 1.36 | –0.26 | –9.72 |
| After sales charge | 6.21 | 2.75 | 0.70 | –1.35 | –12.66 |
| **Class R** (3/30/07) |  |  |  |  |  |
| Net asset value | 6.33 | 3.09 | 1.40 | –0.26 | –9.72 |
| **Class R6** (5/22/18) |  |  |  |  |  |
| Net asset value | 6.79 | 3.60 | 1.92 | 0.35 | –9.07 |
| **Class Y** (12/31/98) |  |  |  |  |  |
| Net asset value | 6.79 | 3.59 | 1.90 | 0.22 | –9.34 |

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Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. After-sales-charge returns for class A and M shares reflect the deduction of the maximum 4.00% and 3.25% sales charge, respectively, levied at the time of purchase. Class B share returns after contingent deferred sales charge (CDSC) reflect the applicable CDSC, which is 5% in the first year, declining over time to 1% in the sixth year, and is eliminated thereafter. Class C share returns after CDSC reflect a 1% CDSC for the first year that is eliminated thereafter. Class R, R6, and Y shares have no initial sales charge or CDSC. Performance for class B, C, M, R, and Y shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares, except for class Y shares, for which 12b-1 fees are not applicable. Performance for class R6 shares prior to their inception is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher.

For a portion of the periods, the fund had expense limitations, without which returns would have been lower.

Class B and C share performance reflects conversion to class A shares after eight years.

8 High Yield Fund

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**Comparative annualized index returns** For periods ended 11/30/22

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **10 years** | **5 years** | **3 years** | **1 year** |
| **JPMorgan Developed High** |  |  |  |  |  |
| **Yield Index**<sup>\*</sup> |  | 4.40% | 2.46% | 0.90% | –8.15% |
| **Lipper High Yield Funds** |  |  |  |  |  |
| **category median**<sup>†</sup> | 6.71% | 3.44 | 1.90 | 0.39 | –8.54 |

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Index and Lipper results should be compared with fund performance before sales charge, before CDSC, or at net asset value.

Lipper peer group median is provided by Lipper, a Refinitiv company.

<sup>\*</sup> The fund's benchmark, the JPMorgan Developed High Yield Index, was introduced on 12/31/94, which post-dates the inception of the fund's class A shares.

<sup>†</sup> Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 11/30/22, there were 517, 486, 437, 307, and 13 funds, respectively, in this Lipper category. ![](highyieldx11x1.jpg) <br>

Past performance does not indicate future results. At the end of the same time period, a $10,000 investment in the fund's class B and C shares would have been valued at $13,092 and $13,098, respectively, and no contingent deferred sales charges would apply. A $10,000 investment in the fund's class M shares ($9,675 after sales charge) would have been valued at $13,115. A $10,000 investment in the fund's class R, R6, and Y shares would have been valued at $13,557, $14,245, and $14,226, respectively.

High Yield Fund 9

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**Fund price and distribution information** For the 12-month period ended 11/30/22

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions** | **Class A** | **Class A** | **Class B** | **Class C** | **Class M** | **Class M** | **Class R** | **Class R6** | **Class Y** |
| Number | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Income | $0.252 | $0.252 | $0.212 | $0.215 | $0.240 | $0.240 | $0.240 | $0.274 | $0.264 |
| Capital gains |  |  |  |  |  |  |  |  |  |
| **Total** | **$0.252** | **$0.252** | **$0.212** | **$0.215** | **$0.240** | **$0.240** | **$0.240** | **$0.274** | **$0.264** |
|  | Before | After | Net | Net | Before | After | Net | Net | Net |
|  | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| **Share value** | charge | charge | value | value | charge | charge | value | value | value |
| 11/30/21 | $5.86 | $6.10 | $5.68 | $5.65 | $5.83 | $6.03 | $5.83 | $6.21 | $6.24 |
| 11/30/22 | 5.06 | 5.27 | 4.90 | 4.86 | 5.03 | 5.20 | 5.03 | 5.38 | 5.40 |
|  | Before | After | Net | Net | Before | After | Net | Net | Net |
| **Current rate** | sales | sales | asset | asset | sales | sales | asset | asset | asset |
| **(end of period)** | charge | charge | value | value | charge | charge | value | value | value |
| Current dividend |  |  |  |  |  |  |  |  |  |
| rate<sup>1</sup> | 4.98% | 4.78% | 4.41% | 4.44% | 4.77% | 4.62% | 4.77% | 5.13% | 4.89% |
| Current 30-day |  |  |  |  |  |  |  |  |  |
| SEC yield<sup>2</sup> | N/A | 6.61 | 6.13 | 6.14 | N/A | 6.41 | 6.63 | 7.26 | 7.12 |

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The classification of distributions, if any, is an estimate. Before-sales-charge share value and current dividend rate for class A and M shares, if applicable, do not take into account any sales charge levied at the time of purchase. After-sales-charge share value, current dividend rate, and current 30-day SEC yield, if applicable, are calculated assuming that the maximum sales charge (4.00% for class A shares and 3.25% for class M shares) was levied at the time of purchase. Final distribution information will appear on your year-end tax forms.

<sup>1</sup> Most recent distribution, including any return of capital and excluding capital gains, annualized and divided by share price before or after sales charge at period-end.

<sup>2</sup> Based only on investment income and calculated using the maximum offering price for each share class, in accordance with SEC guidelines.

10 High Yield Fund

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**Annualized fund performance as of most recent calendar quarter**<br>Total return for periods ended 12/31/22

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Life of fund** | **10 years** | **5 years** | **3 years** | **1 year** |
| **Class A** (3/25/86) |  |  |  |  |  |
| Before sales charge | 6.55% | 3.11% | 1.37% | –0.83% | –11.85% |
| After sales charge | 6.43 | 2.69 | 0.54 | –2.17 | –15.37 |
| **Class B** (5/16/94) |  |  |  |  |  |
| Before CDSC | 6.34 | 2.47 | 0.60 | –1.61 | –12.56 |
| After CDSC | 6.34 | 2.47 | 0.27 | –2.49 | –16.76 |
| **Class C** (3/30/07) |  |  |  |  |  |
| Before CDSC | 6.37 | 2.48 | 0.59 | –1.60 | –12.60 |
| After CDSC | 6.37 | 2.48 | 0.59 | –1.60 | –13.43 |
| **Class M** (12/1/94) |  |  |  |  |  |
| Before sales charge | 6.27 | 2.85 | 1.12 | –1.05 | –12.11 |
| After sales charge | 6.17 | 2.51 | 0.46 | –2.13 | –14.96 |
| **Class R** (3/30/07) |  |  |  |  |  |
| Net asset value | 6.28 | 2.83 | 1.11 | –1.11 | –12.13 |
| **Class R6** (5/22/18) |  |  |  |  |  |
| Net asset value | 6.75 | 3.37 | 1.63 | –0.46 | –11.62 |
| **Class Y** (12/31/98) |  |  |  |  |  |
| Net asset value | 6.75 | 3.35 | 1.60 | –0.59 | –11.74 |

---

See the discussion following the fund performance table on page 8 for information about the calculation of fund performance.

**Your fund's expenses**

As a mutual fund investor, you pay ongoing expenses, such as management fees, distribution fees (12b-1 fees), and other expenses. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund's prospectus or talk to your financial representative.

**Expense ratios**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class B** | **Class C** | **Class M** | **Class R** | **Class R6** | **Class Y** |
| Total annual operating expenses for the |  |  |  |  |  |  |  |
| fiscal year ended 11/30/21 | 1.01% | 1.76% | 1.76% | 1.26% | 1.26% | 0.66% | 0.76% |
| Annualized expense ratio for the |  |  |  |  |  |  |  |
| six-month period ended 11/30/22<sup>\*</sup> | 1.05% | 1.80% | 1.80% | 1.30% | 1.30% | 0.68% | 0.80% |

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Fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.

Expenses are shown as a percentage of average net assets.

<sup>\*</sup> Expense ratios for each class are for the fund's most recent fiscal half year. As a result of this, ratios may differ from expense ratios based on one-year data in the financial highlights.

High Yield Fund 11

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**Expenses per $1,000**

The following table shows the expenses you would have paid on a $1,000 investment in each class of the fund from 6/1/22 to 11/30/22. It also shows how much a $1,000 investment would be worth at the close of the period, assuming *actual returns* and expenses.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class B** | **Class C** | **Class M** | **Class R** | **Class R6** | **Class Y** |
| Expenses paid per $1,000<sup>\*†</sup> | $5.17 | $8.85 | $8.84 | $6.40 | $6.40 | $3.35 | $3.94 |
| Ending value (after expenses) | $964.20 | $961.20 | $959.30 | $962.90 | $962.90 | $966.30 | $965.70 |

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<sup>\*</sup> Expenses for each share class are calculated using the fund's annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 11/30/22. The expense ratio may differ for each share class.

<sup>†</sup> Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (183); and then dividing that result by the number of days in the year (365).

**Estimate the expenses you paid**

To estimate the ongoing expenses you paid for the six months ended 11/30/22, use the following calculation method. To find the value of your investment on 6/1/22, call Putnam at 1-800-225-1581. ![](highyieldx14x1.jpg) <br>

**Compare expenses using the SEC's method**

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund's expenses based on a $1,000 investment, assuming a *hypothetical 5% annualized return*. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class B** | **Class C** | **Class M** | **Class R** | **Class R6** | **Class Y** |
| Expenses paid per $1,000<sup>\*†</sup> | $5.32 | $9.10 | $9.10 | $6.58 | $6.58 | $3.45 | $4.05 |
| Ending value (after expenses) | $1019.80 | $1016.04 | $1016.04 | $1018.55 | $1018.55 | $1021.66 | $1021.06 |

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<sup>\*</sup> Expenses for each share class are calculated using the fund's annualized expense ratio for each class, which represents the ongoing expenses as a percentage of average net assets for the six months ended 11/30/22. The expense ratio may differ for each share class.

<sup>†</sup> Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (183); and then dividing that result by the number of days in the year (365).

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**Consider these risks before investing**

The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings.

Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund's investments). Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

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**Terms and definitions**

**Important terms**

**Total return** shows how the value of the fund's shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

**Before sales charge,** or net asset value, is the price, or value, of one share of a mutual fund, without a sales charge. Before-sales-charge figures fluctuate with market conditions. They are calculated by dividing the net assets of each class of shares by the number of outstanding shares in the class.

**After sales charge** is the price of a mutual fund share plus the maximum sales charge levied at the time of purchase. After-sales-charge performance figures shown here assume the 4.00% maximum sales charge for class A shares and 3.25% for class M shares.

**Contingent deferred sales charge (CDSC)** is generally a charge applied at the time of the redemption of class B or C shares and assumes redemption at the end of the period. Your fund's class B CDSC declines over time from a 5% maximum during the first year to 1% during the sixth year. After the sixth year, the CDSC no longer applies. The CDSC for class C shares is 1% for one year after purchase.

**Share classes**

**Class A shares** are generally subject to an initial sales charge and no CDSC (except on certain redemptions of shares bought without an initial sales charge).

**Class B shares** are closed to new investments and are only available by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment. They are not subject to an initial sales charge and may be subject to a CDSC.

**Class C shares** are not subject to an initial sales charge and are subject to a CDSC only if the shares are redeemed during the first year.

**Class M shares** have a lower initial sales charge and a higher 12b-1 fee than class A shares and no CDSC. They are only available to individuals purchasing shares of the fund from Japanese distributors that have selling agreements with Putnam Retail Management.

**Class R shares** are not subject to an initial sales charge or CDSC and are only available to employer-sponsored retirement plans.

**Class R6 shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are generally only available to employer-sponsored retirement plans, corporate and institutional clients, and clients in other approved programs.

**Class Y shares** are not subject to an initial sales charge or CDSC and carry no 12b-1 fee. They are generally only available to corporate and institutional clients and clients in other approved programs.

**Fixed income terms**

**Current rate** is the annual rate of return earned from dividends or interest of an investment. Current rate is expressed as a percentage of the price of a security, fund share, or principal investment.

**Yield curve** is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.

**Comparative indexes**

**Bloomberg U.S. Aggregate Bond Index** is an unmanaged index of U.S. investment-grade fixed income securities.

**ICE BofA (Intercontinental Exchange Bank of America) U.S. 3-Month Treasury Bill Index** is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

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**JPMorgan Developed High Yield Index** is an unmanaged index of high-yield fixed income securities issued in developed countries.

**S&P 500**<sup>®</sup> **Index** is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC ("ICE BofA"), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an "as is" basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

**Lipper,** a Refinitiv company, is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund's category assignment at its discretion. Lipper category medians reflect performance trends for funds within a category.

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**Other information for shareholders**

**Proxy voting**

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds' proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2022, are available in the Individual Investors section of putnam.com and on the Securities and Exchange Commission (SEC) website, www.sec.gov. If you have questions about finding forms on the SEC's website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds' proxy voting guidelines and procedures at no charge by calling Putnam's Shareholder Services at 1-800-225-1581.

**Fund portfolio holdings**

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund's Form N-PORT on the SEC's website at www.sec.gov.

Prior to its use of Form N-PORT, the fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

**Trustee and employee fund ownership**

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of November 30, 2022, Putnam employees had approximately $471,000,000 and the Trustees had approximately $64,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees' and employees' immediate family members as well as investments through retirement and deferred compensation plans.

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**Important notice regarding Putnam's privacy policy**

In order to conduct business with our shareholders, we must obtain certain personal information such as account holders' names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.

It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.

Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you've listed one on your Putnam account.

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**Trustee approval of management contract**

**General conclusions**

The Board of Trustees of The Putnam Funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund's management contract with Putnam Investment Management, LLC ("Putnam Management") and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited ("PIL"). The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not "interested persons" (as this term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of The Putnam Funds ("Independent Trustees").

At the outset of the review process, members of the Board's independent staff and independent legal counsel considered any possible changes to the annual contract review materials furnished to the Contract Committee during the course of the previous year's review and, as applicable, identified those changes to Putnam Management. Following these discussions and in consultation with the Contract Committee, the Independent Trustees' independent legal counsel requested that Putnam Management and its affiliates furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2022, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board's independent staff and by independent legal counsel for The Putnam Funds and the Independent Trustees.

In May 2022, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At the Trustees' June 2022 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial, performance and other data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund's management contract and the approval of your fund's amended and restated sub-management contract, effective July 1, 2022. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not attempted to evaluate PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)

The Independent Trustees' approval was based on the following conclusions:

• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, the costs incurred by Putnam Management in providing services to the fund and the application of certain reductions and waivers noted below; and

• That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and Putnam Management of any economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others and that the Trustees' conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example,

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with certain exceptions primarily involving newer or repositioned funds, the current fee arrangements under the vast majority of the funds' management contracts were first implemented at the beginning of 2010 following extensive review by the Contract Committee and discussions with representatives of Putnam Management, as well as approval by shareholders.

**Management fee schedules and total expenses**

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with reduced fee levels as assets under management in the Putnam family of funds increase. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two funds have implemented so-called "all-in" management fees covering substantially all routine fund operating costs.) The Trustees considered that the proposed amended and restated sub-management contract would lower the sub-management fees paid by Putnam Management to PIL.

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund's investment strategy, changes in Putnam Management's operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for your fund would be appropriate at this time.

As in the past, the Trustees also focused on the competitiveness of each fund's total expense ratio. The Trustees and Putnam Management and the funds' investor servicing agent, Putnam Investor Services, Inc. ("PSERV"), have implemented expense limitations that were in effect during your fund's fiscal year ending in 2021. These expense limitations were: (i) a contractual expense limitation applicable to specified open-end funds, including your fund, of 25 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to specified open-end funds, including your fund, of 20 basis points on so-called "other expenses" (i.e., all expenses exclusive of management fees, distribution fees, investor servicing fees, investment-related expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses). These expense limitations attempt to maintain competitive expense levels for the funds. Most funds, including your fund, had sufficiently low expenses that these expense limitations were not operative during their fiscal years ending in 2021. Putnam Management and PSERV have agreed to maintain these expense limitations until at least March 30, 2024. Putnam Management and PSERV's commitment to these expense limitation arrangements, which were intended to support an effort to have fund expenses meet competitive standards, was an important factor in the Trustees' decision to approve the continuance of your fund's management contract and to approve your fund's amended and restated sub-management contract.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. ("Broadridge"). This comparative information included your fund's percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fees), which provides a general indication of your fund's relative standing. In the custom peer group, your fund ranked in the second quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the fourth quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2021. The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2021 reflected the most recent fiscal year-end data available in Broadridge's database at that time.

In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of the revenues, expenses and profitability of

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Putnam Management and its affiliates, allocated on a fund-by-fund basis, with respect to the funds' management, distribution and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place for the Putnam funds, including the fee schedule for your fund, represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and Putnam Management of any economies of scale as may exist in the management of the Putnam funds at that time.

The information examined by the Trustees in connection with their annual contract review for the Putnam funds included information regarding services provided and fees charged by Putnam Management and its affiliates to other clients, including collective investment trusts offered in the defined contribution and defined benefit retirement plan markets, sub-advised mutual funds, private funds sponsored by affiliates of Putnam Management, model-only separately managed accounts and Putnam Management's exchange-traded funds. This information included, in cases where a product's investment strategy corresponds with a fund's strategy, comparisons of those fees with fees charged to the Putnam funds, as well as an assessment of the differences in the services provided to these clients as compared to the services provided to the Putnam funds. The Trustees observed that the differences in fee rates between these clients and the Putnam funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for other clients, and the Trustees also considered the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its other clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

**Investment performance**

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees' evaluation of the quality of services provided by Putnam Management under your fund's management contract. The Trustees were assisted in their review of Putnam Management's investment process and performance by the work of the investment oversight committees of the Trustees and the full Board of Trustees, which meet on a regular basis with individual portfolio managers and with senior management of Putnam Management's Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and in general Putnam Management's ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that, in the aggregate, the Putnam funds' performance was generally solid in 2021 against a backdrop of strong U.S. economic and financial market growth. The Trustees considered Putnam Management's observation that, despite an environment of generally strong growth, there had been various headwinds experienced in 2021. For the one-year period ended December 31, 2021, the Trustees noted that the Putnam funds, on an asset-weighted basis, ranked in the 52nd percentile of their peers as determined by Lipper Inc. ("Lipper") and, on an asset-weighted-basis, delivered a gross return that trailed their benchmarks by 0.1%. Over the longer-term, the Committee noted that, on an asset-weighted basis, the Putnam funds delivered strong aggregate performance relative to their Lipper peers over the three-, five- and ten-year periods ended December 31, 2021, ranking in the 31st, 29th and 21st percentiles, respectively, and that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of those periods.

In addition to the performance of the individual Putnam funds, the Trustees considered, as they had in prior years, the performance of The Putnam Fund complex versus competitor fund complexes. In particular, the Trustees considered The Putnam Fund complex's performance as reported in the Barron's/Lipper Fund Families survey (the

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"Survey"), which ranks mutual fund companies based on their performance across a variety of asset types. The Trustees noted that The Putnam Fund complex continued to rank highly in the Survey, especially over the longer-term, with The Putnam Funds ranking as the 6th best performing mutual fund complex out of 45 complexes for the ten-year period and 13th out of 49 complexes for the five-year period. The Trustees noted that 2021 marked the fifth consecutive year that The Putnam Funds have ranked in the top ten fund complexes for the ten-year period. The Trustees also considered that The Putnam Fund complex's Survey performance over the one-year period was solid, with The Putnam Funds ranking 27th out of 51 complexes. In addition to the Survey, the Trustees also considered the Putnam funds' ratings assigned by Morningstar Inc., noting that 25 of the funds were four- or five-star rated at the end of 2021 (representing a decrease of one fund year-over-year) and that this included nine funds that had achieved a five-star rating (representing an increase of two funds year-over-year). They also noted, however, the disappointing investment performance of some Putnam funds for periods ended December 31, 2021 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor closely the performance of those funds and evaluate whether additional actions to address areas of underperformance may be warranted.

For purposes of the Trustees' evaluation of the Putnam funds' investment performance, the Trustees generally focus on a competitive industry ranking of each fund's total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer group (Lipper High Yield Funds) for the one-year, three-year and five-year periods ended December 31, 2021 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):

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| | |
|:---|:---|
| One-year period | 3rd |
| Three-year period | 2nd |
| Five-year period | 3rd |

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Over the one-year, three-year and five-year periods ended December 31, 2021, there were 514, 481 and 409 funds, respectively, in your fund's Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees considered Putnam Management's continued efforts to support fund performance through certain initiatives, including structuring compensation for portfolio managers to enhance accountability for fund performance, emphasizing accountability in the portfolio management process and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management had made selective hires and internal promotions in 2021 to strengthen its investment team.

**Brokerage and soft-dollar allocations; investor servicing**

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used predominantly to acquire brokerage and research services (including third-party research and market data) that enhance Putnam Management's investment capabilities and supplement Putnam Management's internal research efforts. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee. In addition, with the assistance of their Brokerage Committee, the Trustees indicated their continued intent to monitor the allocation of the Putnam funds' brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

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Putnam Management may also receive benefits from payments that the funds make to Putnam Management's affiliates for investor or distribution services. In conjunction with the annual review of your fund's management and sub-management contracts, the Trustees reviewed your fund's investor servicing agreement with PSERV and its distributor's contract and distribution plans with Putnam Retail Management Limited Partnership ("PRM"), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are fair and reasonable in relation to the nature and quality of such services, the fees paid by competitive funds and the costs incurred by PSERV and PRM, as applicable, in providing such services. Furthermore, the Trustees were of the view that the investor services provided by PSERV were required for the operation of the funds, and that they were of a quality at least equal to those provided by other providers.

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**Audited financial statements**

**These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund's audited financial statements.**

**The fund's portfolio** lists all the fund's investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

**Statement of assets and liabilities** shows how the fund's net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

**Statement of operations** shows the fund's net investment gain or loss. This is done by first adding up all the fund's earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund's net gain or loss for the fiscal period.

**Statement of changes in net assets** shows how the fund's net assets were affected by the fund's net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund's shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.

**Financial highlights** provide an overview of the fund's investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

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**Report of Independent Registered Public Accounting Firm**<br>To the Board of Trustees and Shareholders of<br>Putnam High Yield Fund:<br>***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the fund's portfolio, of Putnam High Yield Fund (the "Fund") as of November 30, 2022, the related statement of operations for the year ended November 30, 2022, the statement of changes in net assets for each of the two years in the period ended November 30, 2022, including the related notes, and the financial highlights for each of the three years in the period ended November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2022 and the financial highlights for each of the three years in the period ended November 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended November 30, 2019 and the financial highlights for each of the periods ended on or prior to November 30, 2019 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated January 10, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2022 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP<br>Boston, Massachusetts<br>January 12, 2023

We have served as the auditor of one or more investment companies in the Putnam Investments family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

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**The fund's portfolio** 11/30/22

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| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** | **CORPORATE BONDS AND NOTES (83.6%)\*** | **Principal<br>amount** | **Value** |
| **Advertising and marketing services (0.5%)** | **Advertising and marketing services (0.5%)** | **Advertising and marketing services (0.5%)** | **Advertising and marketing services (0.5%)** |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 5.125%, 8/15/27 |  | $1500000 | $1292774 |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 7.75%, 4/15/28 |  | 1665000 | 1240516 |
| Terrier Media Buyer, Inc. 144A company guaranty sr. unsec. notes 8.875%, 12/15/27 |  | 2710000 | 2059600 |
|  |  |  | **4592890** |
| **Automotive (1.1%)** | **Automotive (1.1%)** | **Automotive (1.1%)** | **Automotive (1.1%)** |
| Ford Motor Co. sr. unsec. unsub. notes 3.625%, 6/17/31 |  | 1380000 | 1131801 |
| Ford Motor Co., LLC sr. unsec. unsub. notes 2.90%, 2/10/29 |  | 700000 | 577192 |
| Ford Motor Credit Co., LLC sr. unsec. unsub. notes 2.90%, 2/16/28 |  | 1510000 | 1261418 |
| Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.00%, 11/13/30 |  | 5404000 | 4570973 |
| General Motors Financial Co., Inc. jr. unsec. sub. FRN 5.75%, perpetual maturity |  | 570000 | 482944 |
| NESCO Holdings II, Inc. 144A company guaranty notes 5.50%, 4/15/29 |  | 2325000 | 2045326 |
| Volkswagen International Finance NV company guaranty jr. unsec. sub. FRN 4.625%, perpetual maturity (Germany) | EUR | 300000 | 281742 |
|  |  |  | **10351396** |
| **Basic materials (8.5%)** | **Basic materials (8.5%)** | **Basic materials (8.5%)** | **Basic materials (8.5%)** |
| ArcelorMittal SA sr. unsec. unsub. notes 7.00%, 10/15/39 (France) |  | $3165000 | 3202179 |
| Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30 |  | 2295000 | 2240609 |
| Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29 |  | 3140000 | 2570231 |
| Axalta Coating Systems, LLC/Axalta Coating Systems Dutch Holding B BV 144A company guaranty sr. unsec. notes 4.75%, 6/15/27 |  | 475000 | 435512 |
| Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 4.50%, 11/15/26 |  | 1312000 | 1210284 |
| Beacon Roofing Supply, Inc. 144A sr. unsec. unsub. notes 4.125%, 5/15/29 |  | 950000 | 798903 |
| Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29 |  | 1796000 | 1725439 |
| Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30 |  | 1700000 | 1458875 |
| Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32 |  | 870000 | 803765 |
| Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 4.25%, 2/1/32 |  | 2130000 | 1726707 |
| BWAY Holding Co. 144A sr. unsec. notes 7.25%, 4/15/25 |  | 1380000 | 1259250 |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany) |  | 2455000 | 2358946 |
| Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany) |  | 1385000 | 1355567 |
| CF Industries, Inc. company guaranty sr. unsec. bonds 5.15%, 3/15/34 |  | 450000 | 429235 |
| CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43 |  | 3010000 | 2615217 |
| Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32 |  | 1730000 | 1444806 |

---

<br>High Yield Fund 25

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Basic materials** *cont.* | **Basic materials** *cont.* | **Basic materials** *cont.* | **Basic materials** *cont.* |
| Commercial Metals Co. sr. unsec. notes 4.125%, 1/15/30 |  | $1510000 | $1299426 |
| Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 6.75%, 12/1/27 |  | 2775000 | 2616908 |
| Constellium NV 144A company guaranty sr. unsec. notes 5.875%, 2/15/26 (France) |  | 542000 | 519924 |
| Constellium SE 144A sr. unsec. notes 5.625%, 6/15/28 (France) |  | 1150000 | 1051620 |
| CP Atlas Buyer, Inc. 144A sr. unsec. notes 7.00%, 12/1/28 |  | 945000 | 691362 |
| First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 4/1/25 (Canada) |  | 1935000 | 1906546 |
| First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 6.875%, 3/1/26 (Canada) |  | 3045000 | 2936080 |
| Freeport-McMoRan, Inc. company guaranty sr. unsec. bonds 4.625%, 8/1/30 (Indonesia) |  | 1135000 | 1036742 |
| Freeport-McMoRan, Inc. company guaranty sr. unsec. unsub. notes 5.45%, 3/15/43 (Indonesia) |  | 1511000 | 1354702 |
| Graphic Packaging International, LLC 144A company guaranty sr. unsec. notes 3.75%, 2/1/30 |  | 1460000 | 1239423 |
| Graphic Packaging International, LLC 144A sr. unsec. notes 3.50%, 3/15/28 |  | 1075000 | 934526 |
| Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg) |  | 2185000 | 1748000 |
| Ingevity Corp. 144A company guaranty sr. unsec. notes 3.875%, 11/1/28 |  | 1560000 | 1327950 |
| Intelligent Packaging Holdco Issuer LP 144A sr. unsec. notes 9.00%, 1/15/26 (Canada) <sup>‡‡</sup> |  | 1385000 | 976425 |
| Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC 144A sr. notes 6.00%, 9/15/28 (Canada) |  | 1410000 | 1133434 |
| Kleopatra Holdings 2 SCA company guaranty sr. unsec. notes Ser. REGS, 6.50%, 9/1/26 (Luxembourg) | EUR | 1600000 | 1035122 |
| Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29 |  | $1565000 | 1302925 |
| LSF11 A5 HoldCo, LLC 144A sr. unsec. notes 6.625%, 10/15/29 |  | 2565000 | 2111790 |
| Mauser Packaging Solutions Holding Co. 144A sr. notes 8.50%, 4/15/24 |  | 1115000 | 1090074 |
| Mauser Packaging Solutions Holding Co. 144A sr. notes 5.50%, 4/15/24 |  | 565000 | 557272 |
| Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada) |  | 1890000 | 1622565 |
| Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31 |  | 1005000 | 824100 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30 |  | 2055000 | 1827097 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 3.25%, 11/15/26 |  | 465000 | 415507 |
| Olympus Water US Holding Corp. 144A sr. notes 4.25%, 10/1/28 |  | 1915000 | 1551552 |
| Olympus Water US Holding Corp. 144A sr. unsec. notes 6.25%, 10/1/29 |  | 3400000 | 2453236 |
| PMHC II, Inc. 144A sr. unsec. notes 9.00%, 2/15/30 |  | 2055000 | 1541250 |
| SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28 |  | 3066000 | 2736405 |
| SCIH Salt Holdings, Inc. 144A sr. unsec. notes 6.625%, 5/1/29 |  | 1180000 | 985300 |
| Sylvamo Corp. 144A company guaranty sr. unsec. notes 7.00%, 9/1/29 |  | 3030000 | 2897438 |

---

<br>26 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Basic materials** *cont.* | **Basic materials** *cont.* | **Basic materials** *cont.* |
| Taseko Mines, Ltd. 144A company guaranty sr. notes 7.00%, 2/15/26 (Canada) | $1315000 | $1103289 |
| TMS International Holding Corp. 144A sr. unsec. notes 6.25%, 4/15/29 | 2695000 | 1927981 |
| Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 144A company guaranty sr. unsec. notes 5.125%, 4/1/29 (Luxembourg) | 1935000 | 1231144 |
| Tronox, Inc. 144A company guaranty sr. unsec. notes 4.625%, 3/15/29 | 2205000 | 1775444 |
| WR Grace Holdings, LLC 144A company guaranty sr. notes 5.625%, 10/1/24 | 1325000 | 1295267 |
| WR Grace Holdings, LLC 144A company guaranty sr. notes 4.875%, 6/15/27 | 1890000 | 1693346 |
| WR Grace Holdings, LLC 144A sr. unsec. notes 5.625%, 8/15/29 | 2300000 | 1896212 |
|  |  | **80282909** |
| **Broadcasting (3.2%)** | **Broadcasting (3.2%)** | **Broadcasting (3.2%)** |
| Beasley Mezzanine Holdings, LLC 144A company guaranty sr. notes 8.625%, 2/1/26 | 3465000 | 2235965 |
| Diamond Sports Group, LLC/Diamond Sports Finance Co. 144A company guaranty notes 5.375%, 8/15/26 | 4059000 | 659725 |
| Entercom Media Corp. 144A company guaranty notes 6.75%, 3/31/29 | 2250000 | 507825 |
| Entercom Media Corp. 144A company guaranty notes 6.50%, 5/1/27 | 1864000 | 474761 |
| Gray Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 11/15/31 | 4330000 | 3303660 |
| iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27 | 4045667 | 3600644 |
| Paramount Global jr. unsec. sub. FRB 6.375%, 3/30/62 | 100000 | 82703 |
| Scripps Escrow II, Inc. 144A sr. notes 3.875%, 1/15/29 | 1390000 | 1168399 |
| Scripps Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 1/15/31 | 1459000 | 1191215 |
| Scripps Escrow, Inc. 144A company guaranty sr. unsec. notes 5.875%, 7/15/27 | 1090000 | 970100 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31 | 3632000 | 2969160 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28 | 2940000 | 2598431 |
| Sirius XM Radio, Inc. 144A sr. unsec. bonds 5.50%, 7/1/29 | 1340000 | 1247674 |
| Spanish Broadcasting System, Inc. 144A sr. notes 9.75%, 3/1/26 | 1470000 | 872483 |
| Townsquare Media, Inc. 144A sr. notes 6.875%, 2/1/26 | 2135000 | 1980657 |
| Univision Communications, Inc. 144A company guaranty sr. notes 6.625%, 6/1/27 | 2400000 | 2338874 |
| Univision Communications, Inc. 144A sr. notes 7.375%, 6/30/30 | 2143000 | 2138757 |
| Urban One, Inc. 144A company guaranty sr. notes 7.375%, 2/1/28 | 2720000 | 2298400 |
|  |  | **30639433** |
| **Building materials (1.9%)** | **Building materials (1.9%)** | **Building materials (1.9%)** |
| American Builders & Contractors Supply Co., Inc. 144A sr. notes 4.00%, 1/15/28 | 2395000 | 2167499 |
| American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29 | 1210000 | 997887 |
| BCPE Ulysses Intermediate, Inc. 144A sr. unsec. notes 7.75%, 4/1/27 <sup>‡‡</sup> | 695000 | 458045 |

---

<br>High Yield Fund 27

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Building materials** *cont.* | **Building materials** *cont.* | **Building materials** *cont.* | **Building materials** *cont.* |
| Camelot Return Merger Sub, Inc. 144A sr. notes 8.75%, 8/1/28 |  | $1455000 | $1309500 |
| JELD-WEN, Inc. 144A company guaranty sr. unsec. notes 4.875%, 12/15/27 |  | 1391000 | 1089612 |
| LBM Acquisition, LLC 144A company guaranty sr. unsec. notes 6.25%, 1/15/29 |  | 1685000 | 1160651 |
| Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 |  | 940000 | 851777 |
| Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30 |  | 2050000 | 1598370 |
| MIWD Holdco II, LLC/MIWD Finance Corp. 144A company guaranty sr. unsec. notes 5.50%, 2/1/30 |  | 1140000 | 934800 |
| Standard Industries, Inc. 144A sr. unsec. bonds 3.375%, 1/15/31 |  | 855000 | 655477 |
| Standard Industries, Inc. 144A sr. unsec. notes 5.00%, 2/15/27 |  | 3160000 | 2908026 |
| Standard Industries, Inc. 144A sr. unsec. notes 4.75%, 1/15/28 |  | 230000 | 208452 |
| Standard Industries, Inc. 144A sr. unsec. notes 4.375%, 7/15/30 |  | 1465000 | 1201300 |
| Werner FinCo LP/Werner FinCo, Inc. 144A company guaranty sr. unsec. notes 8.75%, 7/15/25 |  | 1872000 | 1497600 |
| White Cap Buyer, LLC 144A sr. unsec. notes 6.875%, 10/15/28 |  | 1210000 | 1042970 |
|  |  |  | **18081966** |
| **Capital goods (7.7%)** | **Capital goods (7.7%)** | **Capital goods (7.7%)** | **Capital goods (7.7%)** |
| Adient Global Holdings, Ltd. company guaranty sr. unsec. unsub. notes Ser. REGS, 3.50%, 8/15/24 | EUR | 950000 | 959476 |
| Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31 |  | $3430000 | 2872316 |
| Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 4.75%, 10/1/27 |  | 460000 | 426545 |
| Amsted Industries, Inc. 144A sr. unsec. bonds 4.625%, 5/15/30 |  | 1660000 | 1402700 |
| ARD Finance SA 144A sr. notes Ser. REGS, 6.50%, 6/30/27 (Ireland) <sup>‡‡</sup> |  | 870223 | 643965 |
| Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC 144A sr. unsec. notes 4.00%, 9/1/29 |  | 2435000 | 1948000 |
| Berry Global, Inc. 144A company guaranty notes 5.625%, 7/15/27 |  | 2290000 | 2244200 |
| Bombardier, Inc. 144A sr. unsec. notes 7.875%, 4/15/27 (Canada) |  | 2001000 | 1968464 |
| Bombardier, Inc. 144A sr. unsec. notes 7.125%, 6/15/26 (Canada) |  | 1315000 | 1291974 |
| Clarios Global LP 144A company guaranty sr. notes 6.75%, 5/15/25 |  | 2511000 | 2509399 |
| Covanta Holding Corp. 144A company guaranty sr. unsec. notes 4.875%, 12/1/29 |  | 3020000 | 2551900 |
| GFL Environmental, Inc. 144A company guaranty sr. notes 3.50%, 9/1/28 (Canada) |  | 1555000 | 1383141 |
| GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.00%, 8/1/28 (Canada) |  | 452000 | 387773 |
| GFL Environmental, Inc. 144A sr. notes 5.125%, 12/15/26 (Canada) |  | 1215000 | 1169996 |
| Granite US Holdings Corp. 144A company guaranty sr. unsec. notes 11.00%, 10/1/27 |  | 2635000 | 2762468 |
| Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29 |  | 3192000 | 2572426 |
| Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29 |  | 3166000 | 2675587 |
| Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28 |  | 570000 | 492930 |
| Madison IAQ, LLC 144A sr. unsec. notes 5.875%, 6/30/29 |  | 2620000 | 1938093 |
| MajorDrive Holdings IV, LLC 144A sr. unsec. notes 6.375%, 6/1/29 |  | 3675000 | 2866500 |

---

<br>28 High Yield Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Capital goods** *cont.* | **Capital goods** *cont.* | **Capital goods** *cont.* | **Capital goods** *cont.* |
| OT Merger Corp. 144A sr. unsec. notes 7.875%, 10/15/29 |  | $2720000 | $1588589 |
| Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29 |  | 3195000 | 2798021 |
| Sensata Technologies BV 144A company guaranty sr. unsec. notes 4.00%, 4/15/29 |  | 5490000 | 4778397 |
| Sensata Technologies BV 144A company guaranty sr. unsec. unsub. notes 5.875%, 9/1/30 |  | 1810000 | 1718839 |
| Staples, Inc. 144A sr. notes 7.50%, 4/15/26 |  | 6040000 | 5388495 |
| Stevens Holding Co., Inc. 144A company guaranty sr. unsec. notes 6.125%, 10/1/26 |  | 2171000 | 2189258 |
| Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29 |  | 1120000 | 1012693 |
| TransDigm, Inc. company guaranty sr. unsec. sub. notes 6.375%, 6/15/26 |  | 1380000 | 1355339 |
| TransDigm, Inc. company guaranty sr. unsec. sub. notes 5.50%, 11/15/27 |  | 164000 | 154570 |
| TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29 |  | 2655000 | 2316091 |
| TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.625%, 1/15/29 |  | 1595000 | 1403393 |
| TransDigm, Inc. 144A company guaranty sr. notes 6.25%, 3/15/26 |  | 4548000 | 4525897 |
| Vertical Midco GMBH company guaranty sr. notes Ser. REGS, 4.375%, 7/15/27 (Germany) | EUR | 1150000 | 1050455 |
| Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28 |  | $3935000 | 3384100 |
| Waste Pro USA, Inc. 144A sr. unsec. notes 5.50%, 2/15/26 |  | 2513000 | 2319223 |
| WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.25%, 6/15/28 |  | 2240000 | 2269232 |
|  |  |  | **73320445** |
| **Commercial and consumer services (2.7%)** | **Commercial and consumer services (2.7%)** | **Commercial and consumer services (2.7%)** | **Commercial and consumer services (2.7%)** |
| ADT Security Corp. 144A sr. notes 4.125%, 8/1/29 |  | 1975000 | 1723800 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. 144A sr. unsec. notes 6.00%, 6/1/29 |  | 1240000 | 888852 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 144A sr. notes 4.625%, 6/1/28 |  | 1570000 | 1331541 |
| Block, Inc. sr. unsec. notes 3.50%, 6/1/31 |  | 4460000 | 3619335 |
| Carriage Services, Inc. 144A company guaranty sr. unsec. notes 4.25%, 5/15/29 |  | 1627000 | 1221064 |
| Garda World Security Corp. 144A sr. notes 4.625%, 2/15/27 (Canada) |  | 1045000 | 938504 |
| Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 |  | 2465000 | 2132225 |
| Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29 |  | 575000 | 503635 |
| GW B-CR Security Corp. 144A sr. unsec. notes 9.50%, 11/1/27 (Canada) |  | 1992000 | 1842787 |
| Neptune Bidco US, Inc. 144A sr. notes 9.29%, 4/15/29 |  | 3295000 | 3173184 |
| Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty sr. notes 3.375%, 8/31/27 |  | 1295000 | 1139432 |
| Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A notes 6.25%, 1/15/28 |  | 2245000 | 2087850 |

---

<br>High Yield Fund 29

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Commercial and consumer services** *cont.* | **Commercial and consumer services** *cont.* | **Commercial and consumer services** *cont.* |
| Sabre GLBL, Inc. 144A company guaranty sr. notes 9.25%, 4/15/25 | $2945000 | $2937638 |
| Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26 | 2406000 | 2253075 |
|  |  | **25792922** |
| **Communication services (6.4%)** | **Communication services (6.4%)** | **Communication services (6.4%)** |
| Altice Financing SA 144A company guaranty sr. notes 5.00%, 1/15/28 (Luxembourg) | 1515000 | 1236058 |
| Altice France Holding SA 144A company guaranty sr. sub. notes 10.50%, 5/15/27 (France) | 2340000 | 1848600 |
| Altice France Holding SA 144A company guaranty sr. unsec. notes 6.00%, 2/15/28 (France) | 2575000 | 1726770 |
| Altice France SA 144A company guaranty sr. notes 5.50%, 10/15/29 (France) | 1505000 | 1206920 |
| Altice France SA 144A company guaranty sr. notes 5.50%, 1/15/28 (France) | 1625000 | 1354291 |
| Altice France SA 144A company guaranty sr. notes 5.125%, 7/15/29 (France) | 1870000 | 1473766 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. sr. unsec. bonds 4.50%, 5/1/32 | 2155000 | 1778446 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29 | 7192000 | 6526524 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30 | 4380000 | 3765586 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. notes 4.25%, 2/1/31 | 2101000 | 1705592 |
| CSC Holdings, LLC 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 | 3080000 | 2757039 |
| CSC Holdings, LLC 144A sr. unsec. bonds 5.75%, 1/15/30 | 1267000 | 862827 |
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 | 2965000 | 2720625 |
| DISH DBS Corp. company guaranty sr. unsec. notes 7.75%, 7/1/26 | 1040000 | 871104 |
| DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.125%, 6/1/29 | 2228000 | 1467806 |
| DISH DBS Corp. 144A company guaranty sr. notes 5.75%, 12/1/28 | 2049000 | 1661841 |
| DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26 | 1260000 | 1081710 |
| Embarq Corp. sr. unsec. unsub. bonds 7.995%, 6/1/36 | 3425000 | 1455043 |
| Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27 | 1610000 | 1531947 |
| Frontier Communications Corp. 144A notes 6.75%, 5/1/29 | 5020000 | 4217453 |
| Frontier Communications Holdings, LLC 144A company guaranty sr. notes 8.75%, 5/15/30 | 1375000 | 1422438 |
| Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.25%, 7/1/28 | 899000 | 703907 |
| Lumen Technologies, Inc. 144A sr. unsec. unsub. notes 4.50%, 1/15/29 | 1915000 | 1296742 |
| Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28 | 4408000 | 4670761 |
| Sprint Corp. company guaranty sr. unsec. notes 7.625%, 3/1/26 | 2475000 | 2603037 |
| T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31 | 2755000 | 2301801 |

---

<br>30 High Yield Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Communication services** *cont.* | **Communication services** *cont.* | **Communication services** *cont.* | **Communication services** *cont.* |
| T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.625%, 2/15/29 |  | $1260000 | $1072593 |
| Virgin Media Finance PLC 144A sr. unsec. bonds 5.00%, 7/15/30 (United Kingdom) |  | 2080000 | 1730768 |
| Vodafone Group PLC jr. unsec. sub. FRB 7.00%, 4/4/79 (United Kingdom) |  | 440000 | 438332 |
| VZ Secured Financing BV 144A sr. notes 5.00%, 1/15/32 (Netherlands) |  | 1560000 | 1294800 |
| Ziggo Bond Co. BV 144A sr. unsec. notes 6.00%, 1/15/27 (Netherlands) |  | 2215000 | 2043338 |
|  |  |  | **60828465** |
| **Conglomerates (—%)** | **Conglomerates (—%)** | **Conglomerates (—%)** | **Conglomerates (—%)** |
| General Electric Co. jr. unsec. sub. FRN (ICE LIBOR USD 3 Month + 3.33%), 6.623%, perpetual maturity |  | 320000 | 310400 |
|  |  |  | **310400** |
| **Consumer (0.5%)** | **Consumer (0.5%)** | **Consumer (0.5%)** | **Consumer (0.5%)** |
| Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. notes 4.50%, 10/15/29 |  | 3932000 | 3214410 |
| Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. unsub. bonds 4.375%, 2/1/32 |  | 1150000 | 884673 |
| Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29 |  | 1075000 | 917932 |
|  |  |  | **5017015** |
| **Consumer staples (5.3%)** | **Consumer staples (5.3%)** | **Consumer staples (5.3%)** | **Consumer staples (5.3%)** |
| 1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada) |  | 1475000 | 1242186 |
| 1011778 BC ULC/New Red Finance, Inc. 144A company guaranty notes 4.375%, 1/15/28 (Canada) |  | 2513000 | 2286554 |
| 1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 3.875%, 1/15/28 (Canada) |  | 3205000 | 2892513 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30 |  | 675000 | 602262 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.625%, 1/15/27 |  | 1570000 | 1452391 |
| Albertsons Cos., LLC/Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 7.50%, 3/15/26 |  | 2130000 | 2180822 |
| Aramark International Finance Sarl company guaranty sr. unsec. notes Ser. REGS, 3.125%, 4/1/25 | EUR | 1800000 | 1752435 |
| Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 |  | $900000 | 841653 |
| CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29 |  | 2275000 | 1929155 |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. unsec. notes 6.75%, 1/15/30 |  | 1010000 | 850723 |
| Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 7/15/27 |  | 2976000 | 2813004 |
| IRB Holding Corp. 144A company guaranty sr. notes 7.00%, 6/15/25 |  | 1605000 | 1609334 |
| KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 144A company guaranty sr. unsec. notes 4.75%, 6/1/27 |  | 875000 | 839379 |

---

<br>High Yield Fund 31

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Consumer staples** *cont.* | **Consumer staples** *cont.* | **Consumer staples** *cont.* |
| Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.875%, 5/15/28 | $1640000 | $1545880 |
| Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30 | 2840000 | 2511639 |
| Match Group Holdings II, LLC 144A sr. unsec. bonds 5.00%, 12/15/27 | 1972000 | 1832525 |
| Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31 | 935000 | 714501 |
| Match Group Holdings II, LLC 144A sr. unsec. notes 4.125%, 8/1/30 | 621000 | 518535 |
| Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28 | 2130000 | 1905071 |
| Millennium Escrow Corp. 144A sr. notes 6.625%, 8/1/26 | 1540000 | 1108800 |
| Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28 | 975000 | 947183 |
| Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28 | 3591000 | 3627664 |
| Netflix, Inc. 144A sr. unsec. bonds 4.875%, 6/15/30 | 514000 | 485496 |
| Newell Brands, Inc. sr. unsec. notes 4.875%, 6/1/25 | 1293000 | 1249361 |
| Newell Brands, Inc. sr. unsec. unsub. notes 4.45%, 4/1/26 | 3570000 | 3367795 |
| PECF USS Intermediate Holding III Corp. 144A sr. unsec. notes 8.00%, 11/15/29 | 3295000 | 1952288 |
| Rite Aid Corp. 144A company guaranty sr. unsec. sub. notes 7.50%, 7/1/25 | 1186000 | 891035 |
| TripAdvisor, Inc. 144A company guaranty sr. unsec. notes 7.00%, 7/15/25 | 2218000 | 2190534 |
| Yum! Brands, Inc. sr. unsec. bonds 5.375%, 4/1/32 | 645000 | 598283 |
| Yum! Brands, Inc. sr. unsec. sub. bonds 3.625%, 3/15/31 | 1295000 | 1079706 |
| Yum! Brands, Inc. 144A sr. unsec. bonds 4.75%, 1/15/30 | 2525000 | 2310375 |
|  |  | **50129082** |
| **Energy (oil field) (0.6%)** | **Energy (oil field) (0.6%)** | **Energy (oil field) (0.6%)** |
| Nabors Industries, Inc. company guaranty sr. unsec. notes 5.75%, 2/1/25 | 1345000 | 1291200 |
| Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 9.00%, 2/1/25 | 744000 | 750614 |
| Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27 | 165000 | 160463 |
| USA Compression Partners LP/USA Compression Finance Corp. company guaranty sr. unsec. notes 6.875%, 4/1/26 | 2229000 | 2134268 |
| USA Compression Partners LP/USA Compression Finance Corp. company guaranty sr. unsec. unsub. notes 6.875%, 9/1/27 | 1105000 | 1054944 |
|  |  | **5391489** |
| **Entertainment (1.3%)** | **Entertainment (1.3%)** | **Entertainment (1.3%)** |
| AMC Entertainment Holdings, Inc. 144A company guaranty sr. notes 7.50%, 2/15/29 | 970000 | 552735 |
| CDI Escrow Issuer, Inc. 144A sr. unsec. notes 5.75%, 4/1/30 | 2909000 | 2698098 |
| Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.875%, 3/15/26 | 1070000 | 936946 |
| Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28 | 2445000 | 1952944 |
| Live Nation Entertainment, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 3/15/26 | 1550000 | 1469388 |
| Live Nation Entertainment, Inc. 144A sr. notes 6.50%, 5/15/27 | 1185000 | 1187243 |
| NCL Corp., Ltd. 144A company guaranty sr. notes 5.875%, 2/15/27 | 895000 | 792075 |

---

<br>32 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Entertainment** *cont.* | **Entertainment** *cont.* | **Entertainment** *cont.* |
| NCL Corp., Ltd. 144A sr. unsec. unsub. notes 7.75%, 2/15/29 | $675000 | $540000 |
| Royal Caribbean Cruises, Ltd. 144A company guaranty sr. unsec. unsub. notes 9.25%, 1/15/29 | 460000 | 470930 |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26 | 784000 | 680120 |
| Six Flags Entertainment Corp. 144A company guaranty sr. unsec. bonds 5.50%, 4/15/27 | 1500000 | 1354410 |
|  |  | **12634889** |
| **Financials (7.8%)** | **Financials (7.8%)** | **Financials (7.8%)** |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 6.75%, 10/15/27 | 2770000 | 2551433 |
| Allstate Corp. (The) unsec. sub. FRB 5.75%, 8/15/53 | 85000 | 78328 |
| Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 | 5108000 | 5479680 |
| Ally Financial, Inc. jr. unsec. sub. FRN 4.70%, perpetual maturity | 600000 | 434625 |
| Ally Financial, Inc. jr. unsec. sub. FRN 4.70%, perpetual maturity | 200000 | 133195 |
| American Express Co. jr. unsec. sub. FRN 3.55%, 9/15/26 | 250000 | 198750 |
| Apollo Management Holdings LP 144A company guaranty unsec. sub. FRB 4.95%, 1/14/50 | 1000000 | 847500 |
| Ares Finance Co. III, LLC 144A company guaranty unsec. sub. FRB 4.125%, 6/30/51 | 500000 | 380021 |
| Aretec Escrow Issuer, Inc. 144A sr. unsec. notes 7.50%, 4/1/29 | 1970000 | 1597392 |
| Banco Bilbao Vizcaya Argentaria SA jr. unsec. sub. FRN 6.125%, perpetual maturity (Spain) | 600000 | 495498 |
| Banco do Brasil SA/Cayman 144A jr. unsec. sub. FRN 9.00%, perpetual maturity (Brazil) | 310000 | 310744 |
| Banco Santander SA jr. unsec. sub. FRN 7.50%, perpetual maturity (Spain) | 600000 | 585750 |
| Bank of America Corp. jr. unsec. sub. FRN 4.375%, 1/27/27 | 350000 | 299250 |
| Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity | 640000 | 624077 |
| Bank of America Corp. jr. unsec. sub. FRN Ser. Z, 6.50%, perpetual maturity | 1000000 | 986429 |
| Bank of Nova Scotia (The) jr. unsec. sub. FRB 8.625%, 10/27/82 (Canada) | 300000 | 308585 |
| Bank of Nova Scotia (The) jr. unsec. sub. FRB 3.625%, 10/27/81 (Canada) | 100000 | 72165 |
| Bank of Nova Scotia (The) jr. unsec. sub. FRN 4.90%, perpetual maturity (Canada) | 320000 | 304800 |
| Barclays PLC jr. unsec. sub. FRN 8.00%, perpetual maturity (United Kingdom) | 460000 | 442750 |
| Barclays PLC jr. unsec. sub. FRN 8.00%, perpetual maturity (United Kingdom) | 200000 | 188500 |
| Barclays PLC jr. unsec. sub. FRN 6.125%, 8/12/50 (United Kingdom) | 200000 | 180480 |
| BNP Paribas SA 144A jr. unsec. sub. FRN 7.75%, perpetual maturity (France) | 200000 | 196000 |
| BNP Paribas SA 144A jr. unsec. sub. FRN 7.375%, perpetual maturity (France) | 300000 | 297750 |
| Capital One Financial Corp. jr. unsec. sub. FRN 3.95%, perpetual maturity | 250000 | 192500 |
| Citigroup, Inc. jr. unsec. sub. FRN 4.00%, perpetual maturity | 690000 | 597855 |

---

<br>High Yield Fund 33

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Financials** *cont.* | **Financials** *cont.* | **Financials** *cont.* | **Financials** *cont.* |
| Citizens Financial Group, Inc. jr. unsec. sub. FRN 6.375%, perpetual maturity |  | $320000 | $295200 |
| Cobra AcquisitionCo, LLC 144A company guaranty sr. unsec. notes 6.375%, 11/1/29 |  | 2346000 | 1571820 |
| Coinbase Global, Inc. 144A company guaranty sr. unsec. unsub. bonds 3.625%, 10/1/31 |  | 120000 | 64800 |
| Commerzbank AG FRB Ser. REGS, 7.00%, perpetual maturity (Germany) | EUR | 600000 | 555750 |
| Credit Agricole SA 144A jr. unsec. sub. FRN 6.875%, perpetual maturity (France) |  | $310000 | 296158 |
| Credit Agricole SA 144A jr. unsec. sub. FRN 4.75%, 9/23/29 (France) |  | 250000 | 195870 |
| Credit Suisse Group AG 144A jr. unsec. sub. FRB 6.375%, perpetual maturity (Switzerland) |  | 560000 | 358288 |
| Credit Suisse Group AG 144A jr. unsec. sub. FRN 7.50%, perpetual maturity (Switzerland) |  | 250000 | 206250 |
| Deutsche Bank AG jr. unsec. sub. FRN 6.00%, perpetual maturity (Germany) |  | 400000 | 340603 |
| Deutsche Bank AG/New York, NY unsec. sub. FRB 3.729%, 1/14/32 (Germany) |  | 1360000 | 999859 |
| Discover Financial Services jr. unsec. sub. FRN 6.125%, perpetual maturity |  | 230000 | 224595 |
| Freedom Mortgage Corp. 144A sr. unsec. notes 8.25%, 4/15/25 |  | 849000 | 756867 |
| Freedom Mortgage Corp. 144A sr. unsec. notes 8.125%, 11/15/24 |  | 1631000 | 1500520 |
| Freedom Mortgage Corp. 144A sr. unsec. notes 6.625%, 1/15/27 |  | 1640000 | 1305304 |
| GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 5.25%, 6/1/25 |  | 820000 | 803066 |
| goeasy, Ltd. 144A company guaranty sr. unsec. notes 4.375%, 5/1/26 (Canada) |  | 1320000 | 1158643 |
| Hartford Financial Services Group, Inc. (The) 144A jr. unsec. sub. FRB (ICE LIBOR USD 3 Month + 2.13%), 6.731%, 2/12/47 |  | 550000 | 455213 |
| HSBC Holdings PLC jr. unsec. sub. FRN 6.50%, perpetual maturity (United Kingdom) |  | 540000 | 478748 |
| HUB International, Ltd. 144A sr. unsec. notes 7.00%, 5/1/26 |  | 2387000 | 2363273 |
| Huntington Bancshares, Inc. jr. unsec. sub. FRN 4.45%, perpetual maturity |  | 250000 | 221264 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.25%, 5/15/26 |  | 1044000 | 1030501 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5.25%, 5/15/27 |  | 1975000 | 1818955 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. sub. notes 4.375%, 2/1/29 |  | 2640000 | 2220900 |
| ING Groep NV jr. unsec. sub. FRN 5.75%, perpetual maturity (Netherlands) |  | 540000 | 474984 |
| Intesa Sanpaolo SpA 144A company guaranty jr. unsec. sub. FRB 7.70%, perpetual maturity (Italy) |  | 610000 | 562241 |
| Intesa Sanpaolo SpA 144A unsec. sub. bonds 4.198%, 6/1/32 (Italy) |  | 425000 | 313465 |
| iStar, Inc. sr. unsec. notes 5.50%, 2/15/26 <sup>R</sup> |  | 1925000 | 1922031 |
| iStar, Inc. sr. unsec. notes 4.75%, 10/1/24 <sup>R</sup> |  | 1393000 | 1370512 |
| iStar, Inc. sr. unsec. notes 4.25%, 8/1/25 <sup>R</sup> |  | 810000 | 790277 |
| JPMorgan Chase & Co. jr. unsec. bonds 6.10%, perpetual maturity |  | 800000 | 776000 |

---

<br>34 High Yield Fund

------

---

| | | | |
|:---|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Financials** *cont.* | **Financials** *cont.* | **Financials** *cont.* | **Financials** *cont.* |
| JPMorgan Chase & Co. jr. unsec. sub. FRN 3.65%, perpetual maturity |  | $400000 | $336000 |
| JPMorgan Chase & Co. jr. unsec. sub. FRN Ser. R, 6.00%, perpetual maturity |  | 1000000 | 990000 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 <sup>R</sup> |  | 2932000 | 2397184 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25 <sup>R</sup> |  | 600000 | 570156 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27 <sup>R</sup> |  | 2245000 | 1958763 |
| Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. FRB 4.125%, 12/15/51 |  | 300000 | 236726 |
| Lloyds Banking Group PLC jr. unsec. sub. FRN 7.50%, perpetual maturity (United Kingdom) |  | 600000 | 576279 |
| LPL Holdings, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/29 |  | 1390000 | 1212546 |
| M&T Bank Corp. jr. unsec. sub. FRN 3.50%, 9/1/26 |  | 250000 | 191350 |
| MetLife, Inc. 144A jr. unsec. sub. bonds 9.25%, 4/8/38 |  | 350000 | 405557 |
| Morgan Stanley jr. unsec. sub. FRN 5.875%, perpetual maturity |  | 760000 | 740835 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31 |  | 2415000 | 1931083 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28 |  | 1833000 | 1537111 |
| OneMain Finance Corp. company guaranty sr. unsec. sub. notes 7.125%, 3/15/26 |  | 1250000 | 1210994 |
| OneMain Finance Corp. company guaranty sr. unsec. sub. notes 6.625%, 1/15/28 |  | 1185000 | 1089608 |
| OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29 |  | 2129000 | 1778141 |
| PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.75%, 9/15/31 |  | 1055000 | 843705 |
| PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25 |  | 2155000 | 1969368 |
| PHH Mortgage Corp. 144A company guaranty sr. notes 7.875%, 3/15/26 |  | 3520000 | 3079400 |
| PNC Financial Services Group, Inc. (The) jr. unsec. sub. FRN 6.20%, perpetual maturity |  | 650000 | 627250 |
| Prudential Financial, Inc. jr. unsec. sub. FRB 5.125%, 3/1/52 |  | 100000 | 85625 |
| Prudential Financial, Inc. jr. unsec. sub. FRB 3.70%, 10/1/50 |  | 520000 | 420640 |
| Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 8.00%, perpetual maturity (United Kingdom) |  | 590000 | 574306 |
| Societe Generale SA 144A jr. unsec. sub. FRB 9.375%, 11/22/52 (France) |  | 200000 | 203250 |
| Societe Generale SA 144A jr. unsec. sub. FRN 4.75%, perpetual maturity (France) |  | 1665000 | 1384231 |
| Stichting AK Rabobank Certificaten jr. unsec. sub. FRN 6.50%, perpetual maturity (Netherlands) | EUR | 220000 | 226070 |
| Swiss Re Finance Luxembourg SA 144A company guaranty unsec. sub. FRB 5.00%, 4/2/49 (Luxembourg) |  | $400000 | 355120 |

---

<br>High Yield Fund 35

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Financials** *cont.* | **Financials** *cont.* | **Financials** *cont.* |
| Toronto-Dominion Bank (The) jr. sub. unsec. FRB 8.125%, 10/31/82 (Canada) | $300000 | $307500 |
| Truist Financial Corp. jr. unsec. sub. FRN 5.125%, perpetual maturity | 570000 | 468825 |
| U.S. Bancorp jr. sub. unsec. FRN 3.70%, perpetual maturity | 650000 | 518518 |
| UBS Group Funding Switzerland AG company guaranty jr. unsec. sub. FRN Ser. REGS, 6.875%, perpetual maturity (Switzerland) | 510000 | 499851 |
| USI, Inc./NY 144A sr. unsec. notes 6.875%, 5/1/25 | 2012000 | 1971983 |
| Wells Fargo & Co. jr. unsec. sub. FRB Ser. U, 5.875%, perpetual maturity | 470000 | 460083 |
|  |  | **74374072** |
| **Gaming and lottery (2.8%)** | **Gaming and lottery (2.8%)** | **Gaming and lottery (2.8%)** |
| Boyd Gaming Corp. company guaranty sr. unsec. notes 4.75%, 12/1/27 | 2150000 | 1999500 |
| Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31 | 2250000 | 1963125 |
| Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29 | 815000 | 682563 |
| Caesars Resort Collection, LLC/CRC Finco, Inc. 144A company guaranty sr. notes 5.75%, 7/1/25 | 4190000 | 4139112 |
| Everi Holdings, Inc. 144A company guaranty sr. unsec. notes 5.00%, 7/15/29 | 2132000 | 1847013 |
| Penn Entertainment, Inc. 144A sr. unsec. notes 5.625%, 1/15/27 | 3019000 | 2783486 |
| Scientific Games Holdings LP/Scientific Games US FinCo., Inc. 144A sr. unsec. notes 6.625%, 3/1/30 | 1390000 | 1169301 |
| Scientific Games International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29 | 3545000 | 3471911 |
| Scientific Games International, Inc. 144A sr. unsec. notes 7.00%, 5/15/28 | 1030000 | 1020730 |
| Station Casinos, LLC 144A sr. unsec. bonds 4.625%, 12/1/31 | 770000 | 645560 |
| Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28 | 3105000 | 2738703 |
| Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A company guaranty sr. unsec. sub. notes 5.25%, 5/15/27 | 2453000 | 2247193 |
| Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. bonds 5.125%, 10/1/29 | 1870000 | 1625232 |
| Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. notes 7.75%, 4/15/25 | 665000 | 666410 |
|  |  | **26999839** |
| **Health care (7.8%)** | **Health care (7.8%)** | **Health care (7.8%)** |
| 1375209 BC, Ltd. 144A sr. notes 9.00%, 1/30/28 (Canada) | 252000 | 247590 |
| 180 Medical, Inc. 144A company guaranty sr. unsec. notes 3.875%, 10/15/29 | 945000 | 805613 |
| Air Methods Corp. 144A sr. unsec. notes 8.00%, 5/15/25 | 3120000 | 635326 |
| Bausch Health Cos., Inc. 144A company guaranty sr. notes 6.125%, 2/1/27 | 1481000 | 984865 |
| Bausch Health Cos., Inc. 144A company guaranty sr. sub. notes 11.00%, 9/30/28 | 447000 | 343073 |
| Bausch Health Cos., Inc. 144A company guaranty sub. notes 14.00%, 10/15/30 | 89000 | 49377 |
| Bausch Health Cos., Inc. 144A sr. notes 4.875%, 6/1/28 | 1835000 | 1124121 |
| Centene Corp. sr. unsec. bonds 3.00%, 10/15/30 | 1530000 | 1262403 |
| Centene Corp. sr. unsec. notes 4.625%, 12/15/29 | 1895000 | 1762037 |

---

<br>36 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Health care** *cont.* | **Health care** *cont.* | **Health care** *cont.* |
| Centene Corp. sr. unsec. notes 3.375%, 2/15/30 | $600000 | $511088 |
| Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/31 | 2230000 | 1917800 |
| Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29 | 1075000 | 937938 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 8.00%, 3/15/26 | 1115000 | 1029022 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 6.00%, 1/15/29 | 225000 | 187727 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27 | 1085000 | 920937 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. unsec. sub. notes 6.875%, 4/1/28 | 1675000 | 812879 |
| CHS/Community Health Systems, Inc. 144A jr. notes 6.875%, 4/15/29 | 1310000 | 700850 |
| CHS/Community Health Systems, Inc. 144A sr. notes 5.25%, 5/15/30 | 1010000 | 770226 |
| Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.40%, 8/28/28 | 3850000 | 3555591 |
| HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26 | 2325000 | 2314476 |
| HCA, Inc. company guaranty sr. unsec. notes 3.50%, 9/1/30 | 3170000 | 2724520 |
| Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland) | 5187000 | 4707306 |
| Mallinckrodt International Finance SA/Mallinckrodt CB, LLC 144A company guaranty unsub. notes 10.00%, 4/15/25 (Luxembourg) | 3291000 | 2213198 |
| Minerva Merger Sub, Inc. 144A sr. unsec. notes 6.50%, 2/15/30 | 2880000 | 2156838 |
| Mozart Debt Merger Sub, Inc. 144A sr. notes 3.875%, 4/1/29 | 4090000 | 3516418 |
| Mozart Debt Merger Sub, Inc. 144A sr. unsec. notes 5.25%, 10/1/29 | 1815000 | 1479225 |
| Option Care Health, Inc. 144A company guaranty sr. unsec. notes 4.375%, 10/31/29 | 675000 | 574629 |
| Organon Finance 1, LLC 144A sr. notes 4.125%, 4/30/28 | 3680000 | 3311927 |
| Organon Finance 1, LLC 144A sr. unsec. notes 5.125%, 4/30/31 | 985000 | 874099 |
| Owens & Minor, Inc. 144A company guaranty sr. unsec. notes 6.625%, 4/1/30 | 1035000 | 919773 |
| Owens & Minor, Inc. 144A sr. unsec. notes 4.50%, 3/31/29 | 2610000 | 2141740 |
| Service Corp. International sr. unsec. bonds 5.125%, 6/1/29 | 3355000 | 3177806 |
| Service Corp. International sr. unsec. notes 3.375%, 8/15/30 | 1850000 | 1540125 |
| Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31 | 1315000 | 1126679 |
| Tenet Healthcare Corp. 144A company guaranty sr. notes 5.125%, 11/1/27 | 5615000 | 5285905 |
| Tenet Healthcare Corp. 144A company guaranty sr. notes 4.875%, 1/1/26 | 2865000 | 2718828 |
| Tenet Healthcare Corp. 144A company guaranty sr. notes 4.25%, 6/1/29 | 1885000 | 1635577 |
| Tenet Healthcare Corp. 144A company guaranty sr. unsub. notes 6.125%, 6/15/30 | 3000000 | 2842740 |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 7.125%, 1/31/25 (Israel) | 955000 | 956910 |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel) | 3200000 | 3149808 |

---

<br>High Yield Fund 37

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Health care** *cont.* | **Health care** *cont.* | **Health care** *cont.* |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.00%, 4/15/24 (Israel) | $1240000 | $1222777 |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 5.125%, 5/9/29 (Israel) | 6020000 | 5401476 |
|  |  | **74551243** |
| **Homebuilding (0.2%)** | **Homebuilding (0.2%)** | **Homebuilding (0.2%)** |
| Realogy Group, LLC/Realogy Co-Issuer Corp. 144A company guaranty sr. unsec. notes 5.75%, 1/15/29 | 1790000 | 1369207 |
|  |  | **1369207** |
| **Lodging/Tourism (1.6%)** | **Lodging/Tourism (1.6%)** | **Lodging/Tourism (1.6%)** |
| Carnival Corp. 144A notes 10.50%, 2/1/26 | 1178000 | 1192254 |
| Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27 | 2695000 | 2003962 |
| Full House Resorts, Inc. 144A company guaranty sr. notes 8.25%, 2/15/28 | 2988000 | 2659918 |
| Hilton Domestic Operating Co., Inc. company guaranty sr. unsec. bonds 4.875%, 1/15/30 | 3259000 | 3015879 |
| Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp. company guaranty sr. unsec. notes 4.875%, 4/1/27 | 3430000 | 3299214 |
| MGM Resorts International company guaranty sr. unsec. notes 6.00%, 3/15/23 | 425000 | 425020 |
| SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A company guaranty sr. unsub. notes 5.875%, 5/15/25 | 2680000 | 2520962 |
|  |  | **15117209** |
| **Oil and gas (11.4%)** | **Oil and gas (11.4%)** | **Oil and gas (11.4%)** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A company guaranty sr. unsec. notes 7.875%, 5/15/26 | 1275000 | 1300782 |
| Antero Resources Corp. 144A company guaranty sr. unsec. notes 7.625%, 2/1/29 | 626000 | 638734 |
| Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40 | 1236000 | 1016610 |
| Apache Corp. sr. unsec. unsub. notes 4.375%, 10/15/28 | 3198000 | 2870205 |
| BP Capital Markets PLC company guaranty unsec. sub. FRN 4.875%, perpetual maturity (United Kingdom) | 490000 | 431078 |
| Callon Petroleum Co. 144A company guaranty sr. unsec. notes 8.00%, 8/1/28 | 1655000 | 1635090 |
| Callon Petroleum Co. 144A company guaranty sr. unsec. notes 7.50%, 6/15/30 | 3356000 | 3193301 |
| Centennial Resource Production, LLC 144A company guaranty sr. unsec. notes 6.875%, 4/1/27 | 3560000 | 3444300 |
| Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 4.00%, 3/1/31 | 3345000 | 2922694 |
| Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32 | 395000 | 321431 |
| Chord Energy Corp. 144A company guaranty sr. unsec. notes 6.375%, 6/1/26 | 1145000 | 1119238 |
| Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30 | 2305000 | 2123712 |
| Comstock Resources, Inc. 144A sr. unsec. notes 6.75%, 3/1/29 | 852000 | 832106 |
| Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 5.75%, 1/15/31 | 2083000 | 1950328 |

---

<br>38 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Oil and gas** *cont.* | **Oil and gas** *cont.* | **Oil and gas** *cont.* |
| Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 2.875%, 4/1/32 | $153000 | $115360 |
| DCP Midstream LP jr. unsec. sub. FRN 7.375%, perpetual maturity | 226000 | 226045 |
| DCP Midstream Operating LP company guaranty sr. unsec. sub. notes 5.125%, 5/15/29 | 610000 | 591453 |
| DCP Midstream Operating LP company guaranty sr. unsec. unsub. notes 5.375%, 7/15/25 | 70000 | 69130 |
| DCP Midstream Operating LP 144A company guaranty sr. unsec. unsub. bonds 6.75%, 9/15/37 | 3238000 | 3317140 |
| Devon Energy Corp. sr. unsec. unsub. bonds 7.95%, 4/15/32 | 1665000 | 1910972 |
| Devon Energy Corp. sr. unsec. unsub. bonds 7.875%, 9/30/31 | 1170000 | 1334398 |
| Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28 | 2974000 | 2845909 |
| Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. bonds 5.75%, 1/30/28 | 6100000 | 6003620 |
| EnLink Midstream Partners LP jr. unsec. sub. FRN 6.00%, perpetual maturity | 500000 | 412500 |
| EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28 | 3470000 | 3383250 |
| EQT Corp. sr. unsec. notes 7.00%, 2/1/30 | 1325000 | 1393978 |
| EQT Corp. sr. unsec. notes 5.00%, 1/15/29 | 225000 | 214503 |
| Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.50%, 10/15/30 | 990000 | 907475 |
| Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28 | 1065000 | 1002655 |
| Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 4.25%, 2/15/30 | 905000 | 773775 |
| Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.625%, 2/15/26 | 2456000 | 2414223 |
| Hilcorp Energy I LP/Hilcorp Finance Co. 144A sr. unsec. notes 6.25%, 4/15/32 | 500000 | 458750 |
| Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 | 3104000 | 2828247 |
| Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30 | 2355000 | 2213017 |
| MPLX LP jr. unsec. sub. FRN 6.875%, perpetual maturity | 260000 | 257725 |
| Nabors Industries, Ltd. 144A company guaranty sr. unsec. notes 7.25%, 1/15/26 | 985000 | 946831 |
| Occidental Petroleum Corp. sr. unsec. bonds 6.625%, 9/1/30 | 1465000 | 1528339 |
| Occidental Petroleum Corp. sr. unsec. bonds 6.125%, 1/1/31 | 580000 | 588465 |
| Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40 | 6844000 | 6689805 |
| Occidental Petroleum Corp. sr. unsec. sub. notes 6.45%, 9/15/36 | 5843000 | 5857608 |
| Occidental Petroleum Corp. sr. unsec. sub. notes 5.875%, 9/1/25 | 607000 | 612539 |
| Ovintiv, Inc. company guaranty sr. unsec. bonds 6.50%, 8/15/34 | 475000 | 490318 |
| Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 7.375%, 11/1/31 | 1701000 | 1843423 |
| Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 6.625%, 8/15/37 | 490000 | 506296 |
| Ovintiv, Inc. company guaranty sr. unsec. unsub. notes 8.125%, 9/15/30 | 855000 | 950384 |

---

<br>High Yield Fund 39

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Oil and gas** *cont.* | **Oil and gas** *cont.* | **Oil and gas** *cont.* |
| Permian Resources Operating LLC 144A company guaranty sr. unsec. notes 5.375%, 1/15/26 | $2795000 | $2594146 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada) | 3745000 | 3666879 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada) | 520000 | 491322 |
| Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29 | 3163000 | 2902053 |
| SM Energy Co. sr. unsec. notes 6.625%, 1/15/27 | 990000 | 970200 |
| SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26 | 975000 | 955500 |
| SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28 | 445000 | 435170 |
| SM Energy Co. sr. unsec. unsub. notes 5.625%, 6/1/25 | 1821000 | 1771537 |
| Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30 | 2755000 | 2590251 |
| Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 2/1/29 | 4030000 | 3804320 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A company guaranty sr. unsec. notes 6.00%, 12/31/30 | 1615000 | 1457538 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.50%, 1/15/28 | 2529000 | 2301390 |
| Transcanada Trust company guaranty jr. unsec. sub. FRB 5.50%, 9/15/79 (Canada) | 320000 | 272800 |
| Transocean Pontus, Ltd. 144A company guaranty sr. notes 6.125%, 8/1/25 (Cayman Islands) | 842240 | 821184 |
| Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27 | 1607375 | 1563172 |
| Transocean, Inc. 144A company guaranty sr. unsec. notes 11.50%, 1/30/27 | 1500000 | 1518698 |
| Venture Global Calcasieu Pass, LLC 144A company guaranty sr. bonds 3.875%, 11/1/33 | 2755000 | 2240490 |
| Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 3.875%, 8/15/29 | 720000 | 621900 |
| Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27 | 965000 | 914634 |
|  |  | **108380926** |
| **Publishing (1.2%)** | **Publishing (1.2%)** | **Publishing (1.2%)** |
| Cengage Learning, Inc. 144A sr. unsec. unsub. notes 9.50%, 6/15/24 | 2455000 | 2329181 |
| McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28 | 3565000 | 3168394 |
| McGraw-Hill Education, Inc. 144A sr. unsec. notes 8.00%, 8/1/29 | 2930000 | 2486164 |
| News Corp. 144A company guaranty sr. unsec. unsub. bonds 5.125%, 2/15/32 | 265000 | 242926 |
| News Corp. 144A sr. unsec. notes 3.875%, 5/15/29 | 3455000 | 3070631 |
|  |  | **11297296** |
| **Retail (1.3%)** | **Retail (1.3%)** | **Retail (1.3%)** |
| Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 2/15/32 | 230000 | 194324 |
| Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/15/29 | 455000 | 396988 |
| Bath & Body Works, Inc. company guaranty sr. unsec. bonds 6.75%, perpetual maturity | 1186000 | 1041450 |
| Bath & Body Works, Inc. company guaranty sr. unsec. notes 7.50%, perpetual maturity | 1637000 | 1642459 |

---

<br>40 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Retail** *cont.* | **Retail** *cont.* | **Retail** *cont.* |
| Bath & Body Works, Inc. 144A company guaranty sr. unsec. notes 9.375%, 7/1/25 | $277000 | $290433 |
| Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30 | 1595000 | 1493207 |
| Macy's Retail Holdings, LLC 144A company guaranty sr. unsec. unsub. bonds 6.125%, 3/15/32 | 965000 | 856669 |
| Macy's Retail Holdings, LLC 144A company guaranty sr. unsec. unsub. notes 5.875%, 3/15/30 | 240000 | 216600 |
| PetSmart Inc/PetSmart Finance Corp. 144A company guaranty sr. notes 4.75%, 2/15/28 | 2150000 | 1964305 |
| PetSmart Inc/PetSmart Finance Corp. 144A company guaranty sr. unsec. notes 7.75%, 2/15/29 | 1815000 | 1678875 |
| Victoria's Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29 | 3435000 | 2859638 |
|  |  | **12634948** |
| **Technology (4.4%)** | **Technology (4.4%)** | **Technology (4.4%)** |
| Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28 | 4358000 | 3585109 |
| Arches Buyer, Inc. 144A sr. unsec. notes 6.125%, 12/1/28 | 1100000 | 883949 |
| Boxer Parent Co., Inc. 144A company guaranty sr. notes 7.125%, 10/2/25 | 1225000 | 1200500 |
| Central Parent, Inc./CDK Global, Inc. 144A company guaranty sr. notes 7.25%, 6/15/29 | 1300000 | 1254493 |
| Clarivate Science Holdings Corp. 144A sr. unsec. notes 4.875%, 7/1/29 | 2535000 | 2170594 |
| CommScope Finance, LLC 144A sr. notes 6.00%, 3/1/26 | 1100000 | 1064206 |
| CommScope Technologies, LLC 144A company guaranty sr. unsec. notes 6.00%, 6/15/25 | 804000 | 753469 |
| CommScope, Inc. 144A company guaranty sr. unsec. notes 8.25%, 3/1/27 | 1654000 | 1419802 |
| Crowdstrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29 | 3824000 | 3183021 |
| Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 | 5227000 | 4665098 |
| MSCI, Inc. 144A company guaranty sr. unsec. notes 3.625%, 9/1/30 | 1675000 | 1406374 |
| NortonLifeLock, Inc. 144A company guaranty sr. unsec. unsub. notes 6.75%, 9/30/27 | 939000 | 942521 |
| ON Semiconductor Corp. 144A company guaranty sr. unsec. notes 3.875%, 9/1/28 | 1095000 | 970926 |
| Picard Midco, Inc. 144A sr. notes. 6.50%, 3/31/29 | 3537000 | 3089185 |
| Rocket Software, Inc. 144A sr. unsec. notes 6.50%, 2/15/29 | 4430000 | 3460938 |
| TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29 | 3071000 | 2602673 |
| Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31 | 1320000 | 1069200 |
| Twilio, Inc. company guaranty sr. unsec. notes 3.625%, 3/15/29 | 2785000 | 2324417 |
| ZoomInfo Technologies, LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29 | 6345000 | 5359431 |
|  |  | **41405906** |
| **Textiles (0.9%)** | **Textiles (0.9%)** | **Textiles (0.9%)** |
| Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.875%, 5/15/26 | 1155000 | 1051050 |
| Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24 | 2230000 | 2163100 |

---

<br>High Yield Fund 41

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Textiles** *cont.* | **Textiles** *cont.* | **Textiles** *cont.* |
| Kontoor Brands, Inc. 144A company guaranty sr. unsec. notes 4.125%, 11/15/29 | $2790000 | $2287800 |
| Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31 | 3810000 | 3125769 |
|  |  | **8627719** |
| **Toys (0.3%)** | **Toys (0.3%)** | **Toys (0.3%)** |
| Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29 | 2780000 | 2434363 |
| Mattel, Inc. 144A company guaranty sr. unsec. notes 3.375%, 4/1/26 | 460000 | 422423 |
|  |  | **2856786** |
| **Transportation (1.6%)** | **Transportation (1.6%)** | **Transportation (1.6%)** |
| American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.75%, 4/20/29 | 2255000 | 2099291 |
| American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.50%, 4/20/26 | 2255000 | 2186940 |
| Delta Air Lines, Inc./SkyMiles IP, Ltd. 144A company guaranty sr. notes 4.75%, 10/20/28 | 3795000 | 3597285 |
| United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29 | 890000 | 792293 |
| United Airlines, Inc. 144A company guaranty sr. notes 4.375%, 4/15/26 | 890000 | 828612 |
| Watco Cos., LLC/Watco Finance Corp. 144A sr. unsec. notes 6.50%, 6/15/27 | 5605000 | 5445986 |
|  |  | **14950407** |
| **Utilities and power (2.6%)** | **Utilities and power (2.6%)** | **Utilities and power (2.6%)** |
| Buckeye Partners LP sr. unsec. bonds 5.85%, 11/15/43 | 1088000 | 822555 |
| Buckeye Partners LP sr. unsec. notes 3.95%, 12/1/26 | 922000 | 813665 |
| Buckeye Partners LP 144A sr. unsec. notes 4.50%, 3/1/28 | 890000 | 789875 |
| Calpine Corp. 144A company guaranty sr. notes 4.50%, 2/15/28 | 3345000 | 3059849 |
| Calpine Corp. 144A sr. unsec. notes 5.00%, 2/1/31 | 455000 | 393341 |
| Calpine Corp. 144A sr. unsec. notes 4.625%, 2/1/29 | 225000 | 194266 |
| CenterPoint Energy, Inc. jr. unsec. sub. FRN 6.125%, perpetual maturity | 330000 | 311930 |
| Dominion Energy, Inc. jr. unsec. sub. FRN 4.65%, perpetual maturity | 320000 | 274421 |
| Duke Energy Corp. jr. unsec. sub. FRB 3.25%, 1/15/82 | 350000 | 248089 |
| Electricite De France SA 144A jr. unsec. sub. FRN 5.625%, perpetual maturity (France) | 240000 | 225782 |
| Emera, Inc. jr. unsec. sub. FRB 6.75%, 6/15/76 (Canada) | 450000 | 425813 |
| Enbridge, Inc. unsec. sub. FRB 6.00%, 1/15/77 (Canada) | 320000 | 292684 |
| Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity | 6451000 | 4693103 |
| Energy Transfer LP jr. unsec. sub. FRN 6.50%, perpetual maturity | 200000 | 172136 |
| Energy Transfer LP jr. unsec. sub. FRN 6.25%, perpetual maturity | 330000 | 280520 |
| NextEra Energy Capital Holdings, Inc. company guaranty jr. unsec. sub. FRB 5.65%, 5/1/79 | 450000 | 395817 |
| NextEra Energy Capital Holdings, Inc. company guaranty jr. unsec. sub. FRB 3.80%, 3/15/82 | 250000 | 195999 |
| NiSource, Inc. jr. unsec. sub. FRN 5.65%, perpetual maturity | 500000 | 465000 |
| NRG Energy, Inc. company guaranty sr. unsec. notes 6.625%, 1/15/27 | 178000 | 179371 |

---

<br>42 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (83.6%)\*** *cont.* | **Principal<br>amount** | **Value** |
| **Utilities and power** *cont.* | **Utilities and power** *cont.* | **Utilities and power** *cont.* |
| NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 2/15/32 | $3780000 | $3038723 |
| NRG Energy, Inc. 144A sr. unsec. bonds 5.25%, 6/15/29 | 1148000 | 1058060 |
| Pacific Gas and Electric Co. company guaranty sr. unsec. unsub. notes 2.95%, 3/1/26 | 1128000 | 1032282 |
| Southern Co. (The) jr. unsec. sub. FRB 3.75%, 9/15/51 | 500000 | 401075 |
| Vistra Corp. 144A jr. unsec. sub. FRN 8.00%, 10/15/51 | 100000 | 94983 |
| Vistra Corp. 144A jr. unsec. sub. FRN 7.00%, perpetual maturity | 925000 | 827342 |
| Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 5.50%, 9/1/26 | 2590000 | 2506418 |
| Vistra Operations Co., LLC 144A company guaranty sr. unsec. sub. notes 5.00%, 7/31/27 | 1430000 | 1342304 |
|  |  | **24535403** |
| **Total corporate bonds and notes (cost $903,577,571)** | **Total corporate bonds and notes (cost $903,577,571)** | **$794474262** |

---

---

| | | |
|:---|:---|:---|
| **SENIOR LOANS (5.4%)\*c** | **Principal<br>amount** | **Value** |
| **Basic materials (0.4%)** | **Basic materials (0.4%)** | **Basic materials (0.4%)** |
| CP Atlas Buyer, Inc. bank term loan FRN Ser. B1, (ICE LIBOR USD 3 Month + 3.50%), 7.571%, 11/23/27 | $2027830 | $1781956 |
| Klockner-Pentaplast of America, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.75%), 8.259%, 2/4/26 | 1048776 | 931229 |
| Starfruit US Holdco, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.00%), 7.165%, 10/1/25 | 942133 | 917166 |
|  |  | **3630351** |
| **Capital goods (0.3%)** | **Capital goods (0.3%)** | **Capital goods (0.3%)** |
| BWAY Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.25%), 7.37%, 4/3/24 | 1305000 | 1265041 |
| Filtration Group Corp. bank term loan FRN (ICE LIBOR USD 1 Month + 3.50%), 7.571%, 10/19/28 | 371250 | 361319 |
| MajorDrive Holdings IV, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 4.00%), 8.761%, 6/1/28 | 1688229 | 1587290 |
|  |  | **3213650** |
| **Communication services (0.5%)** | **Communication services (0.5%)** | **Communication services (0.5%)** |
| Asurion, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 5.25%), 9.321%, 1/30/29 | 1820000 | 1393811 |
| Asurion, LLC bank term loan FRN Ser. B9, (ICE LIBOR USD 1 Month + 3.25%), 7.321%, 7/31/27 | 913409 | 789870 |
| DIRECTV Financing, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 5.00%), 9.071%, 7/22/27 | 2120300 | 2027770 |
|  |  | **4211451** |
| **Consumer cyclicals (1.0%)** | **Consumer cyclicals (1.0%)** | **Consumer cyclicals (1.0%)** |
| AMC Entertainment Holdings, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 1 Month + 3.00%), 6.859%, 4/22/26 | 2123995 | 1179582 |
| AppleCaramel Buyer, LLC bank term loan FRN (CME Term SOFR 3 Month Plus CSA + 0.00%), 7.837%, 10/19/27 | 1700463 | 1635216 |
| Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.50%), 7.914%, 8/21/26 | 1976752 | 1804675 |
| Neptune Bidco US, Inc. bank term loan FRN Class C, (CME Term SOFR 1 Month + 5.00%), 9.019%, 4/11/29 | 1200000 | 1077000 |

---

<br>High Yield Fund 43

------

---

| | | |
|:---|:---|:---|
| **SENIOR LOANS (5.4%)\*c** *cont.* | **Principal<br>amount** | **Value** |
| **Consumer cyclicals** *cont.* | **Consumer cyclicals** *cont.* | **Consumer cyclicals** *cont.* |
| PetSmart, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.75%), 7.82%, 1/29/28 | $1004438 | $963899 |
| Robertshaw Holdings Corp. bank term loan FRN (ICE LIBOR USD 3 Month + 8.00%), 12.125%, 2/28/26 | 1410000 | 822495 |
| Terrier Media Buyer, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 3.50%), 7.571%, 12/17/26 | 1362126 | 1263372 |
| Werner Finco LP bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.00%), 7.674%, 7/24/24 | 985217 | 852212 |
|  |  | **9598451** |
| **Consumer staples (0.8%)** | **Consumer staples (0.8%)** | **Consumer staples (0.8%)** |
| Ascend Learning, LLC bank term loan FRN (ICE LIBOR USD 1 Month + 5.75%), 9.821%, 11/18/29 | 1570000 | 1330575 |
| Brand Industrial Services, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.25%), 8.493%, 6/21/24 | 3624685 | 3188418 |
| PECF USS Intermediate Holding III Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 1 Month + 4.25%), 8.321%, 12/17/28 | 3482444 | 2809183 |
|  |  | **7328176** |
| **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
| CQP Holdco LP bank term loan FRN (ICE LIBOR USD 3 Month + 3.75%), 7.424%, 5/27/28 | 2705750 | 2667193 |
|  |  | **2667193** |
| **Health care (0.3%)** | **Health care (0.3%)** | **Health care (0.3%)** |
| Global Medical Response, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 4.25%), 8.092%, 10/2/25 | 2025339 | 1601031 |
| One Call Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 1 Month + 5.50%), 9.875%, 4/22/27 | 1303488 | 987392 |
|  |  | **2588423** |
| **Technology (1.5%)** | **Technology (1.5%)** | **Technology (1.5%)** |
| Epicor Software Corp. bank term loan FRN (ICE LIBOR USD 3 Month + 7.75%), 11.821%, 7/30/28 | 1145000 | 1129256 |
| Greeneden US Holdings II, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 4.00%), 8.071%, 12/1/27 | 1665338 | 1614345 |
| Polaris Newco, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.00%), 7.674%, 6/3/28 | 2344580 | 2137225 |
| Proofpoint, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 6.25%), 10.985%, 8/31/29 | 2375000 | 2268098 |
| Rocket Software, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.25%), 8.321%, 11/28/25 | 1140563 | 1098738 |
| TIBCO Software, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 8.153%, 3/30/29 | 2315000 | 2098385 |
| UKG, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 5.25%), 8.998%, 5/3/27 | 1450000 | 1326750 |
| UKG, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 3.25%), 6.998%, 5/3/26 | 1732405 | 1671043 |
| Vision Solutions, Inc. bank term loan FRN (US SOFR + 4.00%), 7.80%, 4/24/28 | 1440000 | 1182600 |
|  |  | **14526440** |

---

<br>44 High Yield Fund

------

---

| | | |
|:---|:---|:---|
| **SENIOR LOANS (5.4%)\*c** *cont.* | **Principal<br>amount** | **Value** |
| **Transportation (0.3%)** | **Transportation (0.3%)** | **Transportation (0.3%)** |
| American Airlines, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.75%), 8.993%, 4/20/28 | $1055000 | $1047657 |
| United Airlines, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.75%), 8.108%, 4/21/28 | 2196550 | 2165952 |
|  |  | **3213609** |
| **Total senior loans (cost $56,056,719)** | **Total senior loans (cost $56,056,719)** | **$50977744** |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE BONDS AND NOTES (2.0%)\*** | **Principal<br>amount** | **Value** |
| Akamai Technologies, Inc. cv. sr. unsec. notes 0.375%, 9/1/27 | $90000 | $91800 |
| Avalara, Inc. cv. sr. unsec. notes 0.25%, 8/1/26 | 990000 | 987525 |
| Bill.com Holdings, Inc. cv. sr. unsec. unsub. notes zero %, 4/1/27 | 77000 | 61254 |
| Block, Inc. cv. sr. unsec. sub. notes 0.25%, 11/1/27 | 90000 | 67950 |
| Burlington Stores, Inc. cv. sr. unsec. notes 2.25%, 4/15/25 | 58000 | 65903 |
| Chegg, Inc. cv. sr. unsec. notes zero %, 9/1/26 | 62000 | 48785 |
| Cloudflare, Inc. cv. sr. unsec. notes zero %, 8/15/26 | 78000 | 62673 |
| Coupa Software, Inc. cv. sr. unsec. notes 0.375%, 6/15/26 | 41000 | 35957 |
| Dexcom, Inc. cv. sr. unsec. unsub. notes 0.25%, 11/15/25 | 83000 | 89931 |
| DISH Network Corp. cv. sr. unsec. notes 3.375%, 8/15/26 | 74000 | 47915 |
| Enphase Energy, Inc. cv. sr. unsec. sub. notes zero %, 3/1/28 | 52000 | 68370 |
| Etsy, Inc. cv. sr. unsec. notes 0.25%, 6/15/28 | 95000 | 82840 |
| Exact Sciences Corp. cv. sr. unsec. sub. notes 0.375%, 3/1/28 | 50000 | 36028 |
| Fiverr International, Ltd. cv. sr. unsec. notes zero %, 11/1/25 (Israel) | 1460000 | 1182600 |
| Ford Motor Co. cv. sr. unsec. notes zero %, 3/15/26 | 88000 | 90904 |
| Jazz Investments I, Ltd. company guaranty cv. sr. unsec. sub. notes 1.50%, 8/15/24 (Ireland) | 60000 | 58688 |
| Liberty Media Corp. 144A cv. sr. unsec. notes 2.25%, 8/15/27 | 31000 | 29605 |
| Liberty TripAdvisor Holdings, Inc. 144A cv. sr. unsec. bonds 0.50%, 6/30/51 | 2083000 | 1459142 |
| Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25 | 870000 | 1076626 |
| Nabors Industries, Inc. company guaranty cv. sr. unsec. notes 0.75%, 1/15/24 | 2830000 | 2603600 |
| NRG Energy, Inc. company guaranty cv. sr. unsec. bonds 2.75%, 6/1/48 | 43000 | 48891 |
| Okta, Inc. cv. sr. unsec. notes 0.375%, 6/15/26 | 110000 | 89320 |
| ON Semiconductor Corp. cv. sr. unsec. notes zero %, 5/1/27 | 991000 | 1517221 |
| Palo Alto Networks, Inc. cv. sr. unsec. notes 0.375%, 6/1/25 | 50000 | 87575 |
| RingCentral, Inc. cv. sr. unsec. notes zero %, 3/15/26 | 100000 | 77350 |
| Royal Caribbean Cruises, Ltd. 144A cv. sr. unsec. unsub. notes 6.00%, 8/15/25 | 57000 | 81053 |
| Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28 | 1917000 | 1311947 |
| Shift4 Payments, Inc. cv. sr. unsec. sub. notes zero %, 12/15/25 | 72000 | 66015 |
| Shopify, Inc. cv. sr. unsec. notes 0.125%, 11/1/25, (Canada) | 60000 | 51313 |
| SoFi Technologies, Inc. 144A cv. sr. unsec. notes zero %, 10/15/26 | 49000 | 33688 |
| Southwest Airlines Co. cv. sr. unsec. notes 1.25%, 5/1/25 | 88000 | 114224 |
| Splunk, Inc. cv. sr. unsec. notes 1.125%, 6/15/27 | 1015000 | 836868 |
| Spotify USA, Inc. company guaranty cv. sr. unsec. notes zero %, 3/15/26 | 1849000 | 1478276 |
| Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27 | 1872000 | 1419164 |

---

<br>High Yield Fund 45

------

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE BONDS AND NOTES (2.0%)\*** *cont.* | **Principal<br>amount** | **Value** |
| Transocean, Inc. company guaranty cv. sr. unsec. sub. notes 0.50%, 1/30/23 | $1009000 | $968009 |
| Unity Software, Inc. cv. sr. unsec. notes zero %, 11/15/26 | 1898000 | 1398826 |
| Upwork, Inc. cv. sr. unsec. notes 0.25%, 8/15/26 | 1926000 | 1451819 |
| Wolfspeed, Inc. 144A cv. sr. unsec. notes 1.875%, 12/1/29 | 78000 | 80886 |
| **Total convertible bonds and notes (cost $21,580,048)** | **Total convertible bonds and notes (cost $21,580,048)** | **$19360541** |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE PREFERRED STOCKS (0.7%)\*** | **Shares** | **Value** |
| AES Corp. (The) $6.875 cv. pfd. | 513 | $52572 |
| Aptiv PLC $5.50 cv. pfd. | 11374 | 1370794 |
| Becton Dickinson and Co. $3.00 cv. pfd. | 2500 | 124175 |
| Boston Scientific Corp. $5.50 cv. pfd. | 799 | 90239 |
| Danaher Corp. 5.00% cv. pfd. | 90 | 126426 |
| KKR & Co., Inc. $3.00 cv. pfd. | 17828 | 1126730 |
| PG&E Corp. $5.50 cv. pfd. | 14350 | 1998668 |
| T-Mobile US, Inc. 144A 5.25% cv. pfd. <sup>†</sup> | 1269 | 1558865 |
| **Total convertible preferred stocks (cost $6,152,090)** | **Total convertible preferred stocks (cost $6,152,090)** | **$6448469** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (0.5%)\*** | **Shares** | **Value** |
| Antero Resources Corp. <sup>†</sup> | 63650 | $2326408 |
| Frontier Communications Parent, Inc. <sup>†</sup> | 27775 | 715762 |
| OneMain Holdings, Inc. | 31610 | 1244170 |
| Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights) | 104590 | 125508 |
| **Total common stocks (cost $3,705,072)** | **Total common stocks (cost $3,705,072)** | **$4411848** |

---

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS (0.0%)\*** | **Shares** | **Value** |
| PennyMac Mortgage Investment Trust Ser. A, (ICE LIBOR USD 3 Month + $0.00), $2.031 pfd. ARP <sup>R</sup> | 4000 | $91560 |
| **Total preferred stocks (cost $106,000)** | **Total preferred stocks (cost $106,000)** | **$91560** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **WARRANTS (0.0%)\* <sup>†</sup>** | **Expiration<br>date** | **Strike<br>price** | **Warrants** | **Value** |
| Guaranteed Rate, Inc. <sup>F</sup> | 3/1/23 | $0.01 | 868 | $17 |
| **Total warrants (cost $43)** | **Total warrants (cost $43)** | **Total warrants (cost $43)** | **Total warrants (cost $43)** | **$17** |

---

---

| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (6.4%)\*** | **SHORT-TERM INVESTMENTS (6.4%)\*** | **Principal amount/<br>shares** | **Value** |
| Putnam Short Term Investment Fund Class P 3.95% <sup>L</sup> | Shares | 59972271 | $59972271 |
| U.S. Treasury Bills 3.578%, 12/13/22 <sup>∆ §</sup> |  | $500000 | 499413 |
| U.S. Treasury Bills 3.721%, 12/22/22 <sup>∆ §</sup> |  | 100000 | 99791 |
| **Total short-term investments (cost $60,571,472)** | **Total short-term investments (cost $60,571,472)** | **Total short-term investments (cost $60,571,472)** | **$60571475** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $1,051,749,015)** | **$936335916** |

---

---

| | |
|:---|:---|
| **Key to holding's currency abbreviations** | **Key to holding's currency abbreviations** |
| EUR | Euro |

---

<br>46 High Yield Fund

------

---

| | |
|:---|:---|
| **Key to holding's abbreviations** | **Key to holding's abbreviations** |
| ARP | Adjustable Rate Preferred Stock: The rate shown is the current interest rate at the close of the reporting period. |
| DAC | Designated Activity Company |
| FRB | Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| LIBOR | London Interbank Offered Rate |
| REGS | Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from December 1, 2021 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures. |
| <sup>\*</sup> | Percentages indicated are based on net assets of $949,966,476. |
| <sup>†</sup> | This security is non-income-producing. |
| <sup>‡‡</sup> | Income may be received in cash or additional securities at the discretion of the issuer. The rate shown in parenthesis is the rate paid in kind, if applicable. |
| <sup>∆</sup> | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $110,800 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9). |
| <sup>§</sup> | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $413,413 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9). |
| <sup>c</sup> | Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown (Notes 1 and 7). |
| <sup>F</sup> | This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs (Note 1). |
| <sup>L</sup> | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| <sup>R</sup> | Real Estate Investment Trust. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | Debt obligations are considered secured unless otherwise indicated. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | The dates shown on debt obligations are the original maturity dates. |

---

<br>High Yield Fund 47

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** | **FORWARD CURRENCY CONTRACTS at 11/30/22 (aggregate face value $5,701,097)** |
| **Counterparty** | **Currency** | **Contract<br>type\*** | **Delivery<br>date** | **Value** | **Aggregate<br>face value** | **Unrealized<br>appreciation/<br>(depreciation)** |
| **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** |
|  | Euro | Sell | 12/21/22 | $456201 | $442913 | $(13288) |
| **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** |
|  | Euro | Sell | 12/21/22 | 1791971 | 1787940 | (4031) |
| **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** |
|  | Euro | Sell | 12/21/22 | 413051 | 393695 | (19356) |
| **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** |
|  | Euro | Sell | 12/21/22 | 3190694 | 3076549 | (114145) |
| **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **—** |
| **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **(150820)** |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **$(150820)** |
| \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. | \* The exchange currency for all contracts listed is the United States Dollar. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 11/30/22** |
| **Referenced debt\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Rating\*\*\*** | **Upfront<br>premium<br>received<br>(paid)\*\*** | **Notional<br>amount** | **Value** | **Termi-<br>nation<br>date** | &nbsp;&nbsp;&nbsp;&nbsp;**Payments<br>received<br>by fund** | **Unrealized<br>appreciation/<br>(depreciation)** |
| CDX NA HY Series 39 Index | &nbsp;&nbsp;&nbsp;&nbsp;B+/P | $149145 | $4064000 | $76200 | 12/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 bp — Quarterly | $258083 |
| **Total** | **$149145** | **$149145** | **$258083** | **$258083** | **$258083** | **$258083** | **$258083** |
| <sup>\*</sup>Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. | <sup>\*</sup> Payments related to the referenced debt are made upon a credit default event. |
| <sup>\*\*</sup>Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | <sup>\*\*</sup> Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. |
| <sup>\*\*\*</sup>Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | <sup>\*\*\*</sup> Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2022. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. |

---

<br>48 High Yield Fund

------

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: <br>

---

| | | | |
|:---|:---|:---|:---|
| | | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| Common stocks\*: |  |  |  |
| Communication services | $715762 | $— | $— |
| Energy | 2326408 |  |  |
| Financials | 1244170 |  |  |
| Utilities and power |  | 125508 |  |
| **Total common stocks** | **4286340** | **125508** | **—** |
| Convertible bonds and notes |  | 19360541 |  |
| Convertible preferred stocks |  | 6448469 |  |
| Corporate bonds and notes |  | 794474262 |  |
| Preferred stocks | 91560 |  |  |
| Senior loans |  | 50977744 |  |
| Warrants |  |  | 17 |
| Short-term investments |  | 60571475 |  |
| **Totals by level** | **$4377900** | **$931957999** | **$17** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Forward currency contracts | $— | $(150820) | $— |
| Credit default contracts |  | 108938 |  |
| **Totals by level** | **$—** | **$(41882)** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. |

---

The accompanying notes are an integral part of these financial statements.

<br>High Yield Fund 49

------

**Statement of assets and liabilities** 11/30/22

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investment in securities, at value (Notes 1 and 9): |  |
| Unaffiliated issuers (identified cost $991,776,744) | $876363645 |
| Affiliated issuers (identified cost $59,972,271) (Note 5) | 59972271 |
| Cash | 1285410 |
| Foreign currency (cost $759,701) (Note 1) | 760335 |
| Dividends, interest and other receivables | 13239672 |
| Receivable for shares of the fund sold | 5259004 |
| Receivable for investments sold | 1892891 |
| Receivable for variation margin on centrally cleared swap contracts (Note 1) | 41141 |
| Prepaid assets | 37561 |
| **Total assets** | **958851930** |
| **LIABILITIES** |  |
| Payable for investments purchased | 5587795 |
| Payable for shares of the fund repurchased | 1245374 |
| Payable for compensation of Manager (Note 2) | 428888 |
| Payable for custodian fees (Note 2) | 10353 |
| Payable for investor servicing fees (Note 2) | 255712 |
| Payable for Trustee compensation and expenses (Note 2) | 628471 |
| Payable for administrative services (Note 2) | 3651 |
| Payable for distribution fees (Note 2) | 302974 |
| Unrealized depreciation on forward currency contracts (Note 1) | 150820 |
| Other accrued expenses | 271416 |
| **Total liabilities** | **8885454** |
| **Net assets** | **$949966476** |
| **REPRESENTED BY** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $1182096374 |
| Total distributable earnings (Note 1) | (232129898) |
| **Total — Representing net assets applicable to capital shares outstanding** | **$949966476** |

---

(Continued on next page)

50 High Yield Fund

------

**Statement of assets and liabilities** *cont.*

---

| | |
|:---|:---|
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE** |  |
| **Net asset value and redemption price per class A share** |  |
| ($641,771,285 divided by 126,811,854 shares) | $5.06 |
| **Offering price per class A share** (100/96.00 of $5.06)<sup>\*</sup> | $5.27 |
| **Net asset value and offering price per class B share** ($1,571,260 divided by 320,989 shares)<sup>\*\*</sup> | $4.90 |
| **Net asset value and offering price per class C share** ($8,542,917 divided by 1,756,142 shares)<sup>\*\*</sup> | $4.86 |
| **Net asset value and redemption price per class M share** ($40,762,247 divided by 8,105,785 shares) | $5.03 |
| **Offering price per class M share** (100/96.75 of $5.03)<sup>†</sup> | $5.20 |
| **Net asset value, offering price and redemption price per class R share** |  |
| ($16,371,054 divided by 3,257,260 shares) | $5.03 |
| **Net asset value, offering price and redemption price per class R6 share** |  |
| ($17,597,053 divided by 3,273,683 shares) | $5.38 |
| **Net asset value, offering price and redemption price per class Y share** |  |
| ($223,350,660 divided by 41,372,705 shares) | $5.40 |

---

<sup>\*</sup>On single retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.

<sup>\*\*</sup>Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

<sup>†</sup>On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

High Yield Fund 51

------

**Statement of operations** Year ended 11/30/22

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| Interest (including interest income of $594,570 from investments in affiliated issuers) (Note 5) | $58193227 |
| Dividends (net of foreign tax of $15,215) | 1220269 |
| **Total investment income** | **59413496** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 5707743 |
| Investor servicing fees (Note 2) | 1637642 |
| Custodian fees (Note 2) | 24776 |
| Trustee compensation and expenses (Note 2) | 42066 |
| Distribution fees (Note 2) | 2217854 |
| Administrative services (Note 2) | 30990 |
| Other | 614984 |
| **Total expenses** | **10276055** |
| Expense reduction (Note 2) | (5211) |
| **Net expenses** | **10270844** |
| **Net investment income** | **49142652** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| **Net realized gain (loss) on:** |  |
| Securities from unaffiliated issuers (Notes 1 and 3) | (25556078) |
| Foreign currency transactions (Note 1) | (16821) |
| Forward currency contracts (Note 1) | 381034 |
| Swap contracts (Note 1) | (50097) |
| **Total net realized loss** | **(25241962)** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Securities from unaffiliated issuers | (129846320) |
| Assets and liabilities in foreign currencies | 3976 |
| Forward currency contracts | (200976) |
| Swap contracts | 258083 |
| **Total change in net unrealized depreciation** | **(129785237)** |
| **Net loss on investments** | **(155027199)** |
| **Net decrease in net assets resulting from operations** | **$(105884547)** |

---

The accompanying notes are an integral part of these financial statements.

52 High Yield Fund

------

**Statement of changes in net assets**

---

| | | |
|:---|:---|:---|
| **DECREASE IN NET ASSETS** | **Year ended 11/30/22** | **Year ended 11/30/21** |
| **Operations** |  |  |
| Net investment income | $49142652 | $52659433 |
| Net realized gain (loss) on investments |  |  |
| and foreign currency transactions | (25241962) | 26972222 |
| Change in net unrealized depreciation of investments |  |  |
| and assets and liabilities in foreign currencies | (129785237) | (23500493) |
| **Net increase (decrease) in net assets resulting** |  |  |
| **from operations** | **(105884547)** | **56131162** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (33156431) | (35365502) |
| Class B | (86090) | (155204) |
| Class C | (426822) | (551575) |
| Class M | (2075669) | (2230613) |
| Class R | (757744) | (704435) |
| Class R6 | (871801) | (782726) |
| Class Y | (10197139) | (12191080) |
| Decrease from capital share transactions (Note 4) | (60325530) | (101861879) |
| **Total decrease in net assets** | **(213781773)** | **(97711852)** |
| **NET ASSETS** |  |  |
| Beginning of year | 1163748249 | 1261460101 |
| **End of year** | **$949966476** | **$1163748249** |

---

The accompanying notes are an integral part of these financial statements.

High Yield Fund 53

------

**Financial highlights**<br>(For a common share outstanding throughout the period)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
|  |  |  |  |  |  |  |  |  |  |  | Ratio |  |
|  |  |  | Net realized |  |  |  |  |  |  |  | of net investment |  |
|  | **Net asset value,** |  | and unrealized | **Total from** | From |  |  | **Total return** | **Net assets,** | Ratio of expenses | income (loss) |  |
|  | **beginning** | Net investment | gain (loss) | **investment** | net investment | **Total** | **Net asset value,** | **at net asset value** | **end of period** | to average | to average | Portfolio |
| Period ended | **of period** | income (loss)<sup>a</sup> | on investments | **operations** | income | **distributions** | **end of period** | **(%)**<sup>b</sup> | **(in thousands)** | net assets (%)<sup>c</sup> | net assets (%) | turnover (%) |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$5.86** | .26 | (.81) | **(.55)** | (.25) | **(.25)** | **$5.06** | **(9.47)** | **$641771** | 1.04 | 4.76 | 28 |
| November 30, 2021 | **5.85** | .25 | .01 | **.26** | (.25) | **(.25)** | **5.86** | **4.51** | **808041** | 1.01 | 4.21 | 48 |
| November 30, 2020 | **5.82** | .26 | .04 | **.30** | (.27) | **(.27)** | **5.85** | **5.57** | **839550** | 1.03 | 4.66 | 46 |
| November 30, 2019 | **5.59** | .28 | .24 | **.52** | (.29) | **(.29)** | **5.82** | **9.46** | **896789** | 1.02 | 4.94 | 37 |
| November 30, 2018 | **5.93** | .30 | (.35) | **(.05)** | (.29) | **(.29)** | **5.59** | **(.94)** | **898320** | 1.03 | 5.20 | 33 |
| **Class B** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$5.68** | .21 | (.78) | **(.57)** | (.21) | **(.21)** | **$4.90** | **(10.11)** | **$1571** | 1.79 | 3.96 | 28 |
| November 30, 2021 | **5.68** | .20 | .01 | **.21** | (.21) | **(.21)** | **5.68** | **3.68** | **3306** | 1.76 | 3.48 | 48 |
| November 30, 2020 | **5.65** | .22 | .04 | **.26** | (.23) | **(.23)** | **5.68** | **4.95** | **5637** | 1.78 | 3.94 | 46 |
| November 30, 2019 | **5.43** | .24 | .23 | **.47** | (.25) | **(.25)** | **5.65** | **8.73** | **10087** | 1.77 | 4.22 | 37 |
| November 30, 2018 | **5.77** | .25 | (.35) | **(.10)** | (.24) | **(.24)** | **5.43** | **(1.74)** | **14151** | 1.78 | 4.46 | 33 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$5.65** | .21 | (.78) | **(.57)** | (.22) | **(.22)** | **$4.86** | **(10.30)** | **$8543** | 1.79 | 3.99 | 28 |
| November 30, 2021 | **5.65** | .20 | .01 | **.21** | (.21) | **(.21)** | **5.65** | **3.72** | **12762** | 1.76 | 3.48 | 48 |
| November 30, 2020 | **5.62** | .21 | .05 | **.26** | (.23) | **(.23)** | **5.65** | **4.99** | **20415** | 1.78 | 3.92 | 46 |
| November 30, 2019 | **5.41** | .23 | .23 | **.46** | (.25) | **(.25)** | **5.62** | **8.58** | **30768** | 1.77 | 4.22 | 37 |
| November 30, 2018 | **5.74** | .25 | (.33) | **(.08)** | (.25) | **(.25)** | **5.41** | **(1.55)** | **37341** | 1.78 | 4.46 | 33 |
| **Class M** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$5.83** | .24 | (.80) | **(.56)** | (.24) | **(.24)** | **$5.03** | **(9.72)** | **$40762** | 1.29 | 4.51 | 28 |
| November 30, 2021 | **5.82** | .23 | .02 | **.25** | (.24) | **(.24)** | **5.83** | **4.32** | **52676** | 1.26 | 3.96 | 48 |
| November 30, 2020 | **5.79** | .25 | .04 | **.29** | (.26) | **(.26)** | **5.82** | **5.37** | **55549** | 1.28 | 4.41 | 46 |
| November 30, 2019 | **5.56** | .27 | .24 | **.51** | (.28) | **(.28)** | **5.79** | **9.28** | **59320** | 1.27 | 4.67 | 37 |
| November 30, 2018 | **5.91** | .29 | (.36) | **(.07)** | (.28) | **(.28)** | **5.56** | **(1.32)** | **79376** | 1.28 | 4.96 | 33 |
| **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$5.83** | .24 | (.80) | **(.56)** | (.24) | **(.24)** | **$5.03** | **(9.72)** | **$16371** | 1.29 | 4.54 | 28 |
| November 30, 2021 | **5.82** | .23 | .02 | **.25** | (.24) | **(.24)** | **5.83** | **4.32** | **16485** | 1.26 | 3.96 | 48 |
| November 30, 2020 | **5.79** | .25 | .04 | **.29** | (.26) | **(.26)** | **5.82** | **5.35** | **17059** | 1.28 | 4.42 | 46 |
| November 30, 2019 | **5.56** | .27 | .24 | **.51** | (.28) | **(.28)** | **5.79** | **9.28** | **23954** | 1.27 | 4.69 | 37 |
| November 30, 2018 | **5.90** | .29 | (.35) | **(.06)** | (.28) | **(.28)** | **5.56** | **(1.15)** | **27080** | 1.28 | 4.95 | 33 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$6.21** | .29 | (.85) | **(.56)** | (.27) | **(.27)** | **$5.38** | **(9.07)** | **$17597** | .68 | 5.14 | 28 |
| November 30, 2021 | **6.19** | .29 | .01 | **.30** | (.28) | **(.28)** | **6.21** | **4.82** | **18888** | .66 | 4.55 | 48 |
| November 30, 2020 | **6.14** | .30 | .05 | **.35** | (.30) | **(.30)** | **6.19** | **6.04** | **16039** | .67 | 5.02 | 46 |
| November 30, 2019 | **5.88** | .32 | .25 | **.57** | (.31) | **(.31)** | **6.14** | **9.94** | **15255** | .66 | 5.27 | 37 |
| November 30, 2018 <sup>†</sup> | **6.07** | .18 | (.21) | **(.03)** | (.16) | **(.16)** | **5.88** | **(.60)**<sup>\*</sup> | **13611** | .35<sup>\*</sup> | 2.95<sup>\*</sup> | 33 |

---

See notes to financial highlights at the end of this section.

The accompanying notes are an integral part of these financial statements.

54 High Yield Fund High Yield Fund 55

------

**Financial highlights** *cont.*

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **INVESTMENT OPERATIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **LESS DISTRIBUTIONS** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** | **RATIOS AND SUPPLEMENTAL DATA** |
|  |  |  |  |  |  |  |  |  |  |  | Ratio |  |
|  |  |  | Net realized |  |  |  |  |  |  |  | of net investment |  |
|  | **Net asset value,** |  | and unrealized | **Total from** | From |  |  | **Total return** | **Net assets,** | Ratio of expenses | income (loss) |  |
|  | **beginning** | Net investment | gain (loss) | **investment** | net investment | **Total** | **Net asset value,** | **at net asset value** | **end of period** | to average | to average | Portfolio |
| Period ended | **of period** | income (loss)<sup>a</sup> | on investments | **operations** | income | **distributions** | **end of period** | **(%)**<sup>b</sup> | **(in thousands)** | net assets (%)<sup>c</sup> | net assets (%) | turnover (%) |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
| November 30, 2022 | **$6.24** | .29 | (.87) | **(.58)** | (.26) | **(.26)** | **$5.40** | **(9.34)** | **$223351** | .79 | 5.00 | 28 |
| November 30, 2021 | **6.21** | .28 | .01 | **.29** | (.26) | **(.26)** | **6.24** | **4.77** | **251589** | .76 | 4.46 | 48 |
| November 30, 2020 | **6.15** | .29 | .06 | **.35** | (.29) | **(.29)** | **6.21** | **5.98** | **307210** | .78 | 4.91 | 46 |
| November 30, 2019 | **5.88** | .31 | .26 | **.57** | (.30) | **(.30)** | **6.15** | **9.89** | **321497** | .77 | 5.16 | 37 |
| November 30, 2018 | **6.22** | .33 | (.37) | **(.04)** | (.30) | **(.30)** | **5.88** | **(.71)** | **247593** | .78 | 5.46 | 33 |

---

<sup>\*</sup> Not annualized.

<sup>†</sup> For the period May 22, 2018 (commencement of operations) to November 30, 2018.

<sup>a</sup> Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

<sup>b</sup> Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

<sup>c</sup> Includes amounts paid through expense offset and/or brokerage service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

The accompanying notes are an integral part of these financial statements.

56 High Yield Fund High Yield Fund 57

------

**Notes to financial statements** 11/30/22

Within the following Notes to financial statements, references to "State Street" represent State Street Bank and Trust Company, references to "the SEC" represent the Securities and Exchange Commission, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter. Unless otherwise noted, the "reporting period" represents the period from December 1, 2021 through November 30, 2022.

Putnam High Yield Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The goal of the fund is to seek high current income. Capital growth is a secondary goal when consistent with achieving high current income. The fund invests mainly in bonds that are obligations of U.S. companies, are below-investment-grade in quality (sometimes referred to as "junk bonds"), and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, the fund invests at least 80% of the fund's net assets in securities rated below-investment-grade. This policy may be changed only after 60 days' notice to shareholders. Putnam Management may also invest in other debt instruments, including loans. Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also use derivatives, such as futures, options, certain foreign currency transactions and swap contracts, for both hedging and non-hedging purposes.

The fund offers the following share classes. The expenses for each class of shares may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Sales charge** | **Contingent deferred sales charge** | **Conversion feature** |
|  |  | 1.00% on certain redemptions of shares |  |
| Class A | Up to 4.00% | bought with no initial sales charge |  |
|  |  |  | Converts to class A shares |
| Class B<sup>\*</sup> |  | 5.00% phased out over six years | after 8 years |
|  |  |  | Converts to class A shares |
| Class C |  | 1.00% eliminated after one year | after 8 years |
| Class M<sup>†</sup> | 3.25% |  |  |
| Class R |  |  |  |
| Class R6<sup>†</sup> |  |  |  |
| Class Y<sup>†</sup> |  |  |  |

---

<sup>\*</sup> Purchases of class B shares are closed to new and existing investors except by exchange from class B shares of another Putnam fund or through dividend and/or capital gains reinvestment.

<sup>†</sup> Not available to all investors.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the fund's Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

58 High Yield Fund

------

**Note 1: Significant accounting policies**

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

High Yield Fund 59

------

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, and including amortization and accretion of premiums and discounts on debt securities, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

The fund may have earned certain fees in connection with its senior loan purchasing activities. These fees, if any, are treated as market discount and are amortized into income in the Statement of operations.

**Foreign currency translation** The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

**Forward currency contracts** The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used for hedging currency exposures.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after the fund's portfolio.

**Credit default contracts** The fund entered into OTC and/or centrally cleared credit default contracts for hedging credit risk, for gaining liquid exposure to individual names and for hedging market risk.

In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through

60 High Yield Fund

------

variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.

In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.

OTC and centrally cleared credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund's portfolio.

**Master agreements** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.

Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.

With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.

At the close of the reporting period, the fund had a net liability position of $150,820 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $110,800 and may include amounts related to unsettled agreements.

**Interfund lending** The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund's investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

**Lines of credit** The fund participates, along with other Putnam funds, in a $100 million ($317.5 million prior to October 14, 2022) unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the

High Yield Fund 61

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funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is 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.

**Federal taxes** It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 *Income Taxes* (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At November 30, 2022, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:

---

| | | |
|:---|:---|:---|
|  | **Loss carryover** |  |
| **Short-term** | **Long-term** | **Total** |
| $8153005 | $120927693 | $129080698 |

---

**Distributions to shareholders** Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. For the reporting period, there were no material temporary or permanent differences. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $272,832 to increase undistributed net investment income, $217,531 to increase paid-in capital and $490,363 to increase accumulated net realized loss.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $6448810 |
| Unrealized depreciation | (121842158) |
| Net unrealized depreciation | (115393348) |
| Undistributed ordinary income | 12344131 |
| Capital loss carryforward | (129080698) |
| Cost for federal income tax purposes | $1051687382 |

---

62 High Yield Fund

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**Note 2: Management fee, administrative services and other transactions**

The fund pays Putnam Management 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 (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid "double counting" of those assets). Such annual rates may vary as follows:

---

| | | | |
|:---|:---|:---|:---|
| 0.720% | of the first $5 billion, | 0.520% | of the next $50 billion, |
| 0.670% | of the next $5 billion, | 0.500% | of the next $50 billion, |
| 0.620% | of the next $10 billion, | 0.490% | of the next $100 billion and |
| 0.570% | of the next $10 billion, | 0.485% | of any excess thereafter. |

---

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.557% of the fund's average net assets.

Putnam Management has contractually agreed, through March 30, 2024, 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. During the reporting period, the fund's expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.20% (prior to July 1, 2022, the annual rate was 0.40%) of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management 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.

Custodial functions for the fund's assets are provided by State Street. Custody fees are based on the fund's asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing for class A, class B, 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. Putnam Investor Services, Inc. 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.

Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%.

During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Class A | $1150402 | Class R | 27298 |
| Class B | 3491 | Class R6 | 9083 |
| Class C | 16783 | Class Y | 355468 |
| Class M | 75117 | **Total** | **$1637642** |

---

High Yield Fund 63

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The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.'s and State Street's fees are reduced by credits allowed on cash balances. For the reporting period, the fund's expenses were reduced by $5,211 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $791, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

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 on or after July 1, 1995. 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 Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation 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.

The fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide payments by the fund to Putnam Retail Management Limited Partnership 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. During the reporting period, the class-specific expenses related to distribution fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum %** | **Approved %** | **Amount** |
| Class A | 0.35% | 0.25% | $1775963 |
| Class B | 1.00% | 1.00% | 21691 |
| Class C | 1.00% | 1.00% | 103970 |
| Class M | 1.00% | 0.50% | 232094 |
| Class R | 1.00% | 0.50% | 84136 |
| **Total** |  |  | **$2217854** |

---

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $27,374 and $0 from the sale of class A and class M shares, respectively, and received $46 and $144 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received $811 on class A redemptions.

**Note 3: Purchases and sales of securities**

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities (Long-term) | $275675468 | $362009746 |
| U.S. government securities (Long-term) |  |  |
| **Total** | **$275675468** | **$362009746** |

---

64 High Yield Fund

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The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

**Note 4: Capital shares**

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class A** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 34849937 | $183837371 | 31193899 | $185523487 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 5640686 | 30073962 | 5351631 | 31764167 |
|  | 40490623 | 213911333 | 36545530 | 217287654 |
| Shares repurchased | (51459113) | (273576587) | (42170425) | (250865736) |
| **Net decrease** | **(10968490)** | **$(59665254)** | **(5624895)** | **$(33578082)** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class B** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8377 | $31762 | 15373 | $87848 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 14984 | 77955 | 24695 | 141967 |
|  | 23361 | 109717 | 40068 | 229815 |
| Shares repurchased | (284380) | (1519862) | (450893) | (2598260) |
| **Net decrease** | **(261019)** | **$(1410145)** | **(410825)** | **$(2368445)** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class C** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 500260 | $2631939 | 632710 | $3631852 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 79835 | 412227 | 92103 | 526762 |
|  | 580095 | 3044166 | 724813 | 4158614 |
| Shares repurchased | (1082998) | (5605678) | (2080028) | (11881513) |
| **Net decrease** | **(502903)** | **$(2561512)** | **(1355215)** | **$(7722899)** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class M** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3630 | $21246 | 17600 | $104418 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions |  |  |  |  |
|  | 3630 | 21246 | 17600 | 104418 |
| Shares repurchased | (932172) | (4896825) | (520250) | (3079977) |
| **Net decrease** | **(928542)** | **$(4875579)** | **(502650)** | **$(2975559)** |

---

High Yield Fund 65

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class R** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1368883 | $7418120 | 820608 | $4852466 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 143267 | 756197 | 119137 | 702843 |
|  | 1512150 | 8174317 | 939745 | 5555309 |
| Shares repurchased | (1083738) | (5723664) | (1041137) | (6167483) |
| **Net increase (decrease)** | **428412** | **$2450653** | **(101392)** | **$(612174)** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class R6** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 574471 | $3282703 | 711987 | $4483224 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 154503 | 871783 | 124552 | 782726 |
|  | 728974 | 4154486 | 836539 | 5265950 |
| Shares repurchased | (495187) | (2779455) | (387894) | (2441115) |
| **Net increase** | **233787** | **$1375031** | **448645** | **$2824835** |
|  | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/22** | **YEAR ENDED 11/30/21** | **YEAR ENDED 11/30/21** |
| **Class Y** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 30437476 | $174254418 | 18009190 | $113486084 |
| Shares issued in connection with |  |  |  |  |
| reinvestment of distributions | 1790487 | 10176009 | 1923223 | 12117687 |
|  | 32227963 | 184430427 | 19932413 | 125603771 |
| Shares repurchased | (31201915) | (180069151) | (29089122) | (183033326) |
| **Net increase (decrease)** | **1026048** | **$4361276** | **(9156709)** | **$(57429555)** |

---

**Note 5: Affiliated transactions**

Transactions during the reporting period with any company which is under common ownership or control were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Shares** |
|  |  |  |  |  | **outstanding** |
|  |  |  |  |  | **and fair** |
|  | **Fair value as** | **Purchase** | **Sale** | **Investment** | **value as** |
| **Name of affiliate** | **of 11/30/21** | **cost** | **proceeds** | **income** | **of 11/30/22** |
| **Short-term investments** |  |  |  |  |  |
| Putnam Short Term |  |  |  |  |  |
| Investment Fund<sup>\*</sup> | $16734744 | $406276615 | $363039088 | $594570 | $59972271 |
| **Total Short-term** |  |  |  |  |  |
| **investments** | **$16734744** | **$406276615** | **$363039088** | **$594570** | **$59972271** |

---

<sup>\*</sup> Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

66 High Yield Fund

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**Note 6: Market, credit and other risks**

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default.

On July 27, 2017, the United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as Covid–19. The outbreak of Covid–19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of Covid–19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the fund's performance.

**Note 7: Senior loan commitments**

Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.

**Note 8: Summary of derivative activity**

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:

---

| | |
|:---|:---|
| Forward currency contracts (contract amount) | $3500000 |
| Centrally cleared credit default contracts (notional) | $1900000 |
| Warrants (number of warrants) | 900 |

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High Yield Fund 67

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The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** |  |
| | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
| **Derivatives not**<br>**accounted for as**<br>**hedging instruments**<br>**under ASC 815** | <br>**Statement of**<br>**assets and**<br>**liabilities location** | <br>**Fair value** | <br>**Statement of**<br>**assets and**<br>**liabilities location** | <br>**Fair value** |
|  | Receivables, Net |  |  |  |
|  | assets — Unrealized |  | Payables, Net assets — |  |
| Credit contracts | appreciation | $108938<sup>\*</sup> | Unrealized depreciation | $— |
| Foreign exchange |  |  |  |  |
| contracts | Receivables |  | Payables | 150820 |
| Equity contracts | Investments | 17 | Payables |  |
| **Total** |  | **$108955** |  | **$150820** |

---

<sup>\*</sup> Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities.

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):

---

| | | | |
|:---|:---|:---|:---|
| **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** |  |
| **Derivatives not accounted** | **Forward** |  |  |
| **for as hedging instruments** | **currency** |  |  |
| **under ASC 815** | **contracts** | **Swaps** | **Total** |
| Credit contracts | $— | $(50097) | $(50097) |
| Foreign exchange contracts | 381034 |  | 381034 |
| **Total** | **$381034** | **$(50097)** | **$330937** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)** |  |
| **on investments** |  |  |  |  |
| **Derivatives not** |  |  |  |  |
| **accounted for as** |  |  |  |  |
| **hedging instruments** |  | **Forward currency** |  |  |
| **under ASC 815** | **Warrants** | **contracts** | **Swaps** | **Total** |
| Credit contracts | $— | $— | $258083 | $258083 |
| Foreign exchange |  |  |  |  |
| contracts |  | (200976) |  | (200976) |
| Equity contracts | (26) |  |  | (26) |
| **Total** | **$(26)** | **$(200976)** | **$258083** | **$57081** |

---

68 High Yield Fund

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**Note 9: Offsetting of financial and derivative assets and liabilities**

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Assets:** | <br>**Bank**<br>**of America**<br>**N.A.** | **Barclays**<br>**Capital, Inc.**<br>**(clearing**<br>**broker)** | <br>**Citibank,**<br>**N.A.** | **Morgan**<br>**Stanley & Co.**<br>**International**<br>**PLC** | <br>**State Street**<br>**Bank and**<br>**Trust Co.** | <br>**Total** |
| Centrally cleared credit | $— | $41141 | $— | $— | $— | $41141 |
| default contracts<sup>§</sup> |  |  |  |  |  |  |
| Forward currency contracts<sup>#</sup> |  |  |  |  |  |  |
| **Total Assets** | **$—** | **$41141** | **$—** | **$—** | **$—** | **$41141** |
| **Liabilities:** |  |  |  |  |  |  |
| Centrally cleared credit |  |  |  |  |  |  |
| default contracts<sup>§</sup> |  |  |  |  |  |  |
| Forward currency contracts<sup>#</sup> | 13288 |  | 4031 | 19356 | 114145 | 150820 |
| **Total Liabilities** | **$13288** | **$—** | **$4031** | **$19356** | **$114145** | **$150820** |
| **Total Financial and Derivative** | **$(13288)** | **$41141** | **$(4031)** | **$(19356)** | **$(114145)** | **$(109679)** |
| **Net Assets** |  |  |  |  |  |  |
| Total collateral | $— | $— | $— | $— | $(110800) |  |
| received (pledged)<sup>†##</sup> |  |  |  |  |  |  |
| Net amount | $(13288) | $41141 | $(4031) | $(19356) | $(3345) |  |
| *Controlled collateral received* |  |  |  |  |  |  |
| *(including TBA commitments)*<sup>\*\*</sup> | $— | $— | $— | $— | $— | $— |
| *Uncontrolled collateral received* | $— | $— | $— | $— | $— | $— |
| *Collateral (pledged) (including* |  |  |  |  |  |  |
| *TBA commitments)*<sup>\*\*</sup> | $— | $— | $— | $— | $(110800) | $(110800) |

---

<sup>\*</sup> Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.

<sup>\*\*</sup> Included with Investments in securities on the Statement of assets and liabilities.

<sup>†</sup> Additional collateral may be required from certain brokers based on individual agreements.

<sup>#</sup> Covered by master netting agreement (Note 1).

<sup>##</sup>Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

<sup>§</sup> Includes current day's variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund's portfolio. Collateral pledged for initial margin on centrally cleared swap contracts, which is not included in the table above, amounted to $413,413.

**Note 10: New accounting pronouncements**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020–04, Reference Rate Reform (Topic 848) — *Facilitation of the Effects of Reference Rate Reform on Financial Reporting*. The amendments in ASU 2020–04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. The discontinuation of LIBOR was subsequently extended to June 30, 2023. ASU 2020–04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. The adoption of the guidance will not have a material impact on the fund's financial statements.

High Yield Fund 69

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**Federal tax information (Unaudited)**

The fund designated 2.11% of ordinary income distributions as qualifying for the dividends received deduction for corporations.

For the reporting period, the fund hereby designates 2.31%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain rates.

For the reporting period, pursuant to §871(k) of the Internal Revenue Code, the fund hereby designates $36,399,122 of distributions paid as qualifying to be taxed as interest-related dividends.

The Form 1099 that will be mailed to you in January 2023 will show the tax status of all distributions paid to your account in calendar 2022.

70 High Yield Fund

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**Shareholder meeting results (Unaudited)**

**June 29, 2022 special meeting**

At the meeting, each of the nominees for Trustees was elected, as follows:

---

| | | |
|:---|:---|:---|
|  | **Votes for** | **Votes withheld** |
| Liaquat Ahamed | 107897726 | 3072993 |
| Barbara M. Baumann | 108046313 | 2924406 |
| Katinka Domotorffy | 108274616 | 2696103 |
| Catharine Bond Hill | 108203922 | 2766797 |
| Kenneth R. Leibler | 108370789 | 2599930 |
| Jennifer Williams Murphy | 108266418 | 2704301 |
| Marie Pillai | 108206045 | 2764674 |
| George Putnam, III | 108476628 | 2494091 |
| Robert L. Reynolds | 108157466 | 2813252 |
| Manoj P. Singh | 108298389 | 2672330 |
| Mona K. Sutphen | 108621073 | 2349646 |

---

All tabulations are rounded to the nearest whole number.

High Yield Fund 71

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![](highyieldx72x1.jpg) <br>

72 High Yield Fund

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![](highyieldx73x1.jpg) <br>

<sup>\*</sup> Mr. Reynolds is an "interested person" (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is 100 Federal Street, Boston, MA 02110.

As of November 30, 2022, there were 102 funds in the Putnam fund complex, including 96 Putnam Funds and six funds in Putnam ETF Trust. Each Trustee serves as Trustee of all Putnam Funds. In addition to serving as Trustees of the Putnam Funds, Dr. Hill, Mses. Domotorffy and Sutphen, and Mr. Ahamed serve as Trustees of Putnam ETF Trust.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

High Yield Fund 73

------

**Officers**

In addition to Robert L. Reynolds, the other officers of the fund are shown below:

---

| | |
|:---|:---|
| **James F. Clark** *(Born 1974)* | **Alan G. McCormack** *(Born 1964)* |
| Vice President and Chief Compliance Officer | Vice President and Derivatives Risk Manager |
| *Since 2016* | *Since 2022* |
| Chief Compliance Officer and Chief Risk Officer, | Head of Quantitative Equities and Risk, |
| Putnam Investments, and Chief Compliance Officer, | Putnam Investments |
| Putnam Management | Putnam Management |
|  | **Denere P. Poulack** *(Born 1968)* |
| **Nancy E. Florek** *(Born 1957)* | Assistant Vice President, Assistant Clerk, |
| Vice President, Director of Proxy Voting and Corporate | and Assistant Treasurer |
| Governance, Assistant Clerk, and Assistant Treasurer | *Since 2004* |
| *Since 2000* | *Since 2000* |
|  | **Janet C. Smith** *(Born 1965)* |
| **Michael J. Higgins** *(Born 1976)* | Vice President, Principal Financial Officer, Principal |
| Vice President, Treasurer, and Clerk | Accounting Officer, and Assistant Treasurer |
| *Since 2010* | *Since 2007* |
|  | Head of Fund Administration Services, |
| **Jonathan S. Horwitz** *(Born 1955)* | Putnam Investments and Putnam Management |
| Executive Vice President, Principal Executive Officer, |  |
| and Compliance Liaison | **Stephen J. Tate** *(Born 1974)* |
| *Since 2004* | Vice President and Chief Legal Officer |
|  | *Since 2021* |
| **Richard T. Kircher** *(Born 1962)* | General Counsel, Putnam Investments, |
| Vice President and BSA Compliance Officer | Putnam Management, and Putnam Retail Management |
| *Since 2019* |  |
| Assistant Director, Operational Compliance, Putnam | **Mark C. Trenchard** *(Born 1962)* |
| Investments and Putnam Retail Management | Vice President |
|  | *Since 2002* |
| **Martin Lemaire** *(Born 1984)* | Director of Operational Compliance, Putnam |
| Vice President and Derivatives Risk Manager | Investments and Putnam Retail Management |
| *Since 2022* |  |
| Risk Manager and Risk Analyst, Putnam Investments |  |
| **Susan G. Malloy** *(Born 1957)* |  |
| Vice President and Assistant Treasurer |  |
| *Since 2007* |  |
| Head of Accounting and Middle Office Services, |  |
| Putnam Investments and Putnam Management |  |

---

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is 100 Federal Street, Boston, MA 02110.

74 High Yield Fund

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**Putnam family of funds**

The following is a list of Putnam's open-end mutual funds offered to the public. *Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial advisor or call Putnam Investor Services at 1-800-225-1581. Please read the prospectus carefully before investing.*

---

| | |
|:---|:---|
| **Blend** | **Income** |
| Core Equity Fund | Convertible Securities Fund |
| Emerging Markets Equity Fund | Diversified Income Trust |
| Focused Equity Fund | Floating Rate Income Fund |
| Focused International Equity Fund | Global Income Trust |
| International Capital Opportunities Fund | Government Money Market Fund<sup>\*</sup> |
| International Equity Fund | High Yield Fund |
| Research Fund | Income Fund |
|  | Money Market Fund<sup>†</sup> |
| **Global Sector** | Mortgage Opportunities Fund |
| Global Health Care Fund | Mortgage Securities Fund |
| Global Technology Fund | Short Duration Bond Fund |
|  | Ultra Short Duration Income Fund |
| **Growth** |  |
| Growth Opportunities Fund | **Tax-free Income** |
| Small Cap Growth Fund | Intermediate-Term Municipal Income Fund |
| Sustainable Future Fund | Short-Term Municipal Income Fund |
| Sustainable Leaders Fund | Strategic Intermediate Municipal Fund |
|  | Tax Exempt Income Fund |
| **Value** | Tax-Free High Yield Fund |
| International Value Fund |  |
| Large Cap Value Fund | *State tax-free income funds:*<sup>‡</sup> |
| Small Cap Value Fund | California, Massachusetts, Minnesota, |
|  | New Jersey, New York, Ohio, and Pennsylvania |

---

High Yield Fund 75

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---

| | |
|:---|:---|
| **Absolute Return** | **Asset Allocation** *(cont.)* |
| Fixed Income Absolute Return Fund | Putnam Retirement Advantage Maturity Fund |
| Multi-Asset Absolute Return Fund | Putnam Retirement Advantage 2065 Fund |
|  | Putnam Retirement Advantage 2060 Fund |
| **Asset Allocation** | Putnam Retirement Advantage 2055 Fund |
| George Putnam Balanced Fund | Putnam Retirement Advantage 2050 Fund |
|  | Putnam Retirement Advantage 2045 Fund |
| Dynamic Asset Allocation Balanced Fund | Putnam Retirement Advantage 2040 Fund |
| Dynamic Asset Allocation Conservative Fund | Putnam Retirement Advantage 2035 Fund |
| Dynamic Asset Allocation Growth Fund | Putnam Retirement Advantage 2030 Fund |
|  | Putnam Retirement Advantage 2025 Fund |
|  | RetirementReady<sup>®</sup> Maturity Fund |
|  | RetirementReady<sup>®</sup> 2065 Fund |
|  | RetirementReady<sup>®</sup> 2060 Fund |
|  | RetirementReady<sup>®</sup> 2055 Fund |
|  | RetirementReady<sup>®</sup> 2050 Fund |
|  | RetirementReady<sup>®</sup> 2045 Fund |
|  | RetirementReady<sup>®</sup> 2040 Fund |
|  | RetirementReady<sup>®</sup> 2035 Fund |
|  | RetirementReady<sup>®</sup> 2030 Fund |
|  | RetirementReady<sup>®</sup> 2025 Fund |

---

<sup>\*</sup> **You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>†</sup> **You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

**<sup>‡</sup> Not available in all states.**

**Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.**

76 High Yield Fund

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**Fund information**

Founded over 80 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, asset allocation, absolute return, and global sector categories.

---

| | | |
|:---|:---|:---|
| **Investment Manager** | **Trustees** | Richard T. Kircher |
| Putnam Investment | Kenneth R. Leibler, *Chair* | *Vice President and* |
| Management, LLC | Barbara M. Baumann, *Vice Chair* | *BSA Compliance Officer* |
| 100 Federal Street | Liaquat Ahamed |  |
| Boston, MA 02110 | Katinka Domotorffy | Martin Lemaire |
|  | Catharine Bond Hill | *Vice President and* |
| **Investment Sub-Advisor** | Jennifer Williams Murphy | *Derivatives Risk Manager* |
| Putnam Investments Limited | Marie Pillai |  |
| 16 St James's Street | George Putnam, III | Susan G. Malloy |
| London, England SW1A 1ER | Robert L. Reynolds | *Vice President and* |
|  | Manoj P. Singh | *Assistant Treasurer* |
| **Marketing Services** | Mona K. Sutphen |  |
| Putnam Retail Management |  | Alan G. McCormack |
| Limited Partnership | **Officers** | *Vice President and* |
| 100 Federal Street | Robert L. Reynolds | *Derivatives Risk Manager* |
| Boston, MA 02110 | *President* |  |
|  |  | Denere P. Poulack |
| **Custodian** | James F. Clark | *Assistant Vice President,* |
| State Street Bank | *Vice President, Chief Compliance* | *Assistant Clerk, and* |
| and Trust Company | *Officer, and Chief Risk Officer* | *Assistant Treasurer* |
| **Legal Counsel** | Nancy E. Florek | Janet C. Smith |
| Ropes & Gray LLP | *Vice President, Director of* | *Vice President,* |
|  | *Proxy Voting and Corporate* | *Principal Financial Officer,* |
| **Independent Registered** | *Governance, Assistant Clerk,* | *Principal Accounting Officer,* |
| **Public Accounting Firm** | *and Assistant Treasurer* | *and Assistant Treasurer* |
| PricewaterhouseCoopers LLP |  |  |
|  | Michael J. Higgins | Stephen J. Tate |
|  | *Vice President, Treasurer,* | *Vice President and* |
|  | *and Clerk* | *Chief Legal Officer* |
|  | Jonathan S. Horwitz | Mark C. Trenchard |
|  | *Executive Vice President,* | *Vice President* |
|  | *Principal Executive Officer,* |  |
|  | *and Compliance Liaison* |  |

---

*This report is for the information of shareholders of Putnam High Yield Fund. It may also be used as sales literature when preceded or accompanied by the current prospectus, the most recent copy of Putnam's Quarterly Performance Summary, and Putnam's Quarterly Ranking Summary. For more recent performance, please visit putnam.com. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund, which are described in its prospectus. For this and other information or to request a prospectus or summary prospectus, call 1-800-225-1581 toll free. Please read the prospectus carefully before investing. The fund's Statement of Additional Information contains additional information about the fund's Trustees and is available without charge upon request by calling 1-800-225-1581.*

------

![](highyieldx78x1.jpg) <br>

<u>Item 2. Code of Ethics:</u>

(a) The fund's principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

<u>Item 3. Audit Committee Financial Expert:</u>

The Funds' Audit, Compliance and Risk Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Dr. Hill and Mr. Singh qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education.The SEC has stated, and the funds' amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification.

<u>Item 4. Principal Accountant Fees and Services:</u>

The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund's independent auditor:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| November 30, 2022 | $108344 | $— | $7906 | $— |
| November 30, 2021 | $110302 | $— | $7538 | $— |

---

For the fiscal years ended November 30, 2022 and November 30, 2021, the fund's independent auditor billed aggregate non-audit fees in the amounts of $306,189 and$272,437 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.

Audit Fees represent fees billed for the fund's last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

Audit-Related Fees represent fees billed in the fund's last two fiscal years for services traditionally performed by the fund's auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in the fund's last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds' independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

The following table presents fees billed by the fund's independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fiscal year ended | Audit-Related Fees | Tax Fees | All Other Fees | Total Non-Audit Fees |
| November 30, 2022 | $— | $298283 | $— | $— |
| November 30, 2021 | $— | $264899 | $— | $— |

---

<u>Item 5. Audit Committee of Listed Registrants</u>

Not applicable

<u>Item 6. Schedule of Investments:</u>

The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

<u>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

Not applicable

<u>Item 8. Portfolio Managers of Closed-End Investment Companies</u>

Not Applicable

<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

Not applicable

<u>Item 10. Submission of Matters to a Vote of Security Holders:</u>

Not applicable

<u>Item 11. Controls and Procedures:</u>

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

<u>Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies:</u>

Not Applicable

<u>Item 13. Exhibits:</u>

(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith

[(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.](b_060certifications.htm)

[(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_060noscertification.htm)

<u>SIGNATURES</u>

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, thereunto duly authorized.

<u>Putnam High Yield Trust</u>

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>

Date: January 24, 2023

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 (Signature and Title):

<u>/s/ Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>

Date: January 24, 2023

By (Signature and Title):

<u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Financial Officer<br>

Date: January 24, 2023

## Ex-99.Cert

---

| |
|:---|
| <u>Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements 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 each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; |
| <br>4. The registrant's other certifying officer 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: |
| <br>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 each report is being prepared; |
| <br>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; |
| <br>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 each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>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 each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: January 24, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| _______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that: |
| <br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: |
| <br>2. Based on my knowledge, each report does not contain any untrue statements 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 each report; |
| <br>3. Based on my knowledge, the financial statements, and other financial information included in each 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 each report; |
| <br>4. The registrant's other certifying officer 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: |
| <br>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 each report is being prepared; |
| <br>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; |
| <br>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 each report based on such evaluation; and |
| <br>d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| <br>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): |
| <br>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 each registrant's ability to record, process, summarize, and report financial information; and |
| <br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. |
| <br>Date: January 24, 2023 |
| <br>/s/ Janet C. Smith |
| _______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended November 30, 2022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Dynamic Risk Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam High Yield Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Intermediate-Term Municipal Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Massachusetts Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Minnesota Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Mortgage Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam New Jersey Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam New York Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Ohio Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Pennsylvania Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short-Term Municipal Income Fund |

---

## Exhibit 99.906

---

| |
|:---|
| <u>Section 906 Certifications<br></u>  |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: January 24, 2023 |
| <br>/s/ Jonathan S. Horwitz |
| ______________________ |
| Jonathan S. Horwitz |
| Principal Executive Officer |
| <br><u><br><u>Section 906 Certifications<br></u></u>  |
| I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: |
| <br>1. The form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| <br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended November 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. |
| <br>Date: January 24, 2023 |
| <br>/s/ Janet C. Smith |
| ______________________ |
| Janet C. Smith |
| Principal Financial Officer |
| <br>**Attachment A** |
| <br>Period (s) ended November 30, 2022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Dynamic Asset Allocation Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Dynamic Risk Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam High Yield Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Intermediate-Term Municipal Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Massachusetts Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Minnesota Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Mortgage Opportunities Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam New Jersey Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam New York Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Ohio Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Pennsylvania Tax Exempt Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short-Term Municipal Income Fund |

---

## Ex-99.Code

[PUTNAM LOGO OMITTED]

working@PUTNAM

Putnam's Code of Ethics

**May 2021**

Putnam Investments Code of Ethics

Putnam Investments is required by law to adopt a Code of Ethics (the "Code"). The objective of the Code is that Putnam's employees comply with all applicable laws and avoid any actual, apparent, or potential conflict of interest that could be perceived to interfere with the fiduciary duty Putnam owes to its clients or with Putnam's interests. It is the duty of Putnam's employees ethically to handle all actual, apparent, and potential conflicts of interest that may arise. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients' interests come first.

Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Oversight Committee.

Definitions

**Access Person** Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of Putnam's Investment Management Division

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of the Global Investment Strategies Group/Division

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of the International RFP Group

&nbsp;&nbsp;&nbsp;&nbsp;· Employees of the Operations Division within the following specific groups and departments:

&nbsp;&nbsp;&nbsp;&nbsp;· Fund Administration Group

&nbsp;&nbsp;&nbsp;&nbsp;· Investment Services and Operations Group

&nbsp;&nbsp;&nbsp;&nbsp;· Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:

&nbsp;&nbsp;&nbsp;&nbsp;· Investor Services Group

&nbsp;&nbsp;&nbsp;&nbsp;· Accounting and Middle Offices Services Group

&nbsp;&nbsp;&nbsp;&nbsp;· Marketing and Corporate Communications Division

&nbsp;&nbsp;&nbsp;&nbsp;· Defined Contribution Investment Only Group

&nbsp;&nbsp;&nbsp;&nbsp;· Global Distribution Division (including Putnam Retail Management, Putnam Global Institutional Management, and Japan businesses)

&nbsp;&nbsp;&nbsp;&nbsp;· All members of Putnam's Operating Committee

&nbsp;&nbsp;&nbsp;&nbsp;· All employees of Putnam Investments Limited (PIL) and all other Putnam employees based in Europe

&nbsp;&nbsp;&nbsp;&nbsp;· All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The
Putnam Advisory Company, LLC (PAC)

&nbsp;&nbsp;&nbsp;&nbsp;· All employees who have access to My Putnam (unless access is limited to the Wall Street Journal, Factiva, or other systems that do
not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer) Employees who have systems
access or other access to non-public information about any client's purchase or sale of securities or to information regarding portfolio
holdings or recommendations with respect to such purchases or sales

&nbsp;&nbsp;&nbsp;&nbsp;· Others as determined by the Code of Ethics Officer, including certain employees in rotational programs

**Business or financial relationship** refers to any type of existing or prospective arrangement between Putnam, on the one hand, and another entity or person, on the other hand, in which Putnam provides or receives financial consideration, goods, services, or advice. It also includes any investment by Putnam for itself or its clients. This means that there is a business or financial relationship between Putnam and each portfolio company.

**Closed-end fund** means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.

The **Code of Ethics Officer** and the **Deputy Code of Ethics Officer** are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:

<u>Code of Ethics Officer: </u> <u>James Clark </u> <u>(617) 760-8939 </u> <br> <u>Deputy Code of Ethics Officer: </u> <u>Akiko Lindholm </u> <u>(617) 760-2177 </u> <br> <u>Sr. Compliance Specialist: </u> <u>Dana Scribner-Shea </u> <u>(617) 760-7182 </u>

**Code of Ethics Oversight Committee** has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam's senior management appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.

**Exchange-traded fund (ETF)** means a fund (other than a closed-end fund) that can be traded on an exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.

**Immediate Family** means the Putnam employee's spouse, domestic partner, fiancé(e), or other family members who are living in the same household or financially dependent on the Putnam employee. Financial dependence, for this purpose, means substantial and regular reliance by the family member on the Putnam employee to meet the family member's financial obligations, including, for example, the costs of housing or educational expenses. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.

**Private placement** means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities, including but not limited to, equity or debt issued by a privately held company, private funds, hedge funds, or other privately offered securities.

**Putnam** means any or all of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc. and any of its subsidiaries), any one of which shall be a Putnam company.

**Putnam employee, or employee,** means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Members of the Immediate Family of a Putnam employee;

&nbsp;&nbsp;&nbsp;&nbsp;· Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with
investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate
Family member holds a controlling interest and with respect to which he or she has investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or Immediate
Family member has a substantial economic interest and over which the Putnam employee or Immediate Family member exercises investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;· Any account other than a Putnam client account that receives investment advice of any sort from the employee or Immediate
Family member, or as to which the employee or Immediate Family member has investment discretion.

**Putnam ETF** means any exchange-traded fund managed and/or sponsored by Putnam Investments and its investment adviser subsidiaries other than PanAgora Asset Management, Inc.

**Security** The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. In addition, transactions in exchange-traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).

Section 1 — Personal Securities Rules for All Employees

Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam's intranet page in the Secure Information section under My Essentials. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. Eastern Time.

1.1. Pre-clearance Requirements

The pre-clearance requirements under this section apply to employees who are Access Persons.

**1.1(a) Employees must pre-clear all trades in the following securities:**

&nbsp;&nbsp;&nbsp;&nbsp;· Stocks of companies

&nbsp;&nbsp;&nbsp;&nbsp;· Bonds and other debt instruments, including new offerings (including preferred stock, corporate, municipal, high-yield, and convertible
bonds)

&nbsp;&nbsp;&nbsp;&nbsp;· Options, warrants, and all other derivatives of any underlying securities that themselves require pre-clearancee

&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end funds, including Putnam closed-end funds

**Employees must also pre-clear the following transactions:**

&nbsp;&nbsp;&nbsp;&nbsp;· Private placements and purchases of hedge funds or other private investment funds, which must receive pre-approval from the Code of
Ethics Oversight Committee (sales of private placements, hedge funds, or other private investment funds do not need to be pre-cleared;
however, they must be reported)

&nbsp;&nbsp;&nbsp;&nbsp;· Donating or gifting of securities

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased by subscription or by mail (if purchasing directly from a company's transfer agent by check, you must pre-clear
the day the check is to be mailed)

&nbsp;&nbsp;&nbsp;&nbsp;· Tendering securities from your personal account

&nbsp;&nbsp;&nbsp;&nbsp;· Loans, or guarantees of obligations, being made to non-family members with whom Putnam has a business or financial relationship

&nbsp;&nbsp;&nbsp;&nbsp;· Exercising rights to purchase shares of a company's stock (other than involuntary exercises)

&nbsp;&nbsp;&nbsp;&nbsp;· Exercising options or warrants to acquire shares of a company's stock (other than involuntary exercises as set forth under Section
1.1(c)

**1.1(b) Provisions Applicable to Pre-clearances** 

A pre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam's Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.

**1.1(c) Exceptions from Pre-clearance Requirements** 

Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.) Pre-clearance is not required for:

&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;· Currencies and currency forwards, including cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;· Commodities

&nbsp;&nbsp;&nbsp;&nbsp;· Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued
by Fannie Mae and Freddie Mac, require pre-clearance.)

&nbsp;&nbsp;&nbsp;&nbsp;· Certificates of deposit (CDs), commercial paper, repurchase agreements, bankers' acceptances, and other money market instruments

&nbsp;&nbsp;&nbsp;&nbsp;· Options and futures and all other derivatives based on an index of securities

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs)

&nbsp;&nbsp;&nbsp;&nbsp;· Putnam ETFs (however, certain investment professionals need to preclear trades in Putnam ETFs—see Section 1.1(d) below)

&nbsp;&nbsp;&nbsp;&nbsp;· Trades in approved discretionary accounts (see Section 4.2 for additional information)

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions that are involuntary (i.e., not initiated by the employee or an Immediate Family member covered under the Code), including
dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as
option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds
from the margin account in the prior 10 days

1.1(d) **Putnam ETFs Preclearance Rule for Certain Investment Professionals**

Personnel in the Equity Trading and Capital Markets groups, Portfolio Managers of any Putnam ETF, and any other Putnam personnel designated by the Code of Ethics Officer must preclear personal trades in Putnam ETFs by contacting the Code of Ethics Staff. To enable timely processing, requests should be placed with the Code of Ethics Staff by 12:00 p.m. on the day of the trade; requests are good only for the trading day on which they are submitted.

1.2. Restricted List

The Restricted List rule under this section applies to employees who are Access Persons.

Employees may not trade in securities that are on Putnam's Restricted List, except as set forth below under "Large-/Mid-Cap Exemption." There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee's responsibility to identify with particularity the class of securities being pre-cleared. Bonds are generally restricted at the issuer level.

**Large-/Mid-Cap Exemption** An employee may trade up to $25,000 in principal amount of the shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.

1.3. Prohibited Transactions

**The following transactions and activities are prohibited for all employees:**

**Good-until-canceled orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.**

Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited (i.e., buying a put option or selling a call option without owning a number of shares at least equal to the delivery obligation under the contract, is prohibited). Purchasing a put option or selling a call option would not be considered acceptable if the only position covering such option would be another option position, such as purchasing a call option or selling a put option, to avoid a violation.

Purchasing equity securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an Immediate Family member's association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.

Trading with material non-public information (see Section 7)

Personal trading with Putnam client portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.

Participating in an investment club

Spread betting. PIL employees may not enter into any spread betting contracts on financial instruments.

Opening a discretionary account (see Section 4.2) and trading securities requiring pre-clearance, without obtaining proper advance approval for that account as required

Investing in a public digital coin/token offering

1.4. Policy Regarding Frequency of Personal Trading

Putnam employees are not limited to a pre-determined number of trades in securities during a specified time frame. However, excessive trading by an employee can divert the employee's attention from his or her responsibilities as an employee and increases the possibility of engaging in transactions that are in actual or apparent conflict with Putnam's client accounts. In addition, excessive short-term trading by an employee in shares of a Putnam-managed fund can also create actual or apparent conflicts with other shareholders of such fund and may have other detrimental effects as described in the prospectus or other disclosure document for such fund. Putnam reserves the right to monitor the number of trades (including for these purposes trades in securities that are required to be pre-cleared under Section 1.1(a), shares of Putnam-managed funds, and other securities that are required to be reported under Section 5.1 or 5.2, such as ETFs, ETNs, ETCs, options, futures, and other derivative securities) executed by an employee and members of his or her Immediate Family and may review any such activity that appears to be excessive with the employee's manager(s) and/or the Code of Ethics Oversight Committee, as deemed appropriate by the Code of Ethics Officer. The Code of Ethics Oversight Committee shall have the authority to address any circumstances of excessive trading in securities or excessive short-term trading in shares of a Putnam-managed fund in accordance with Section 8 of this Code.

Section 2 — **Putnam Mutual Funds, Closed-End Funds and Exchange-Traded Funds**

**2.1. Holding Putnam Mutual Fund Shares at Putnam** 

**Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.**

**These requirements also apply to:**

&nbsp;&nbsp;&nbsp;&nbsp;· Self-directed IRA accounts holding Putnam fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;· Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in
Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer)

In limited circumstances, retirement, pension, deferred compensation, health savings, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for all account statements and confirmations to be sent to the Code of Ethics staff, if approved.

2.2. Putnam Mutual Funds — Linked Accounts

All employees are required to ensure that their Immediate Family members' accounts holding Putnam mutual funds are linked to comply with the requirements stated above and to permit monitoring for excessive short-term trading in accordance with Section 1.4. To ensure these accounts are linked, log on to Putnam's intranet home page at http://intranet/home/index.shtml, and select My Essentials/Linked mutual fund accounts.

2.3. Putnam Closed-End Funds

**2.3(a) Pre-clearance and Reporting**

Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.

**2.3(b) Special Rules Applicable to Portfolio Managers to Putnam Closed-End Funds, Group Heads in the Investment Division, Operating Committee members, and officers of the Putnam Funds** 

Portfolio Managers to Putnam closed-end funds, Group Heads in Putnam's Investment Division, Putnam Operating Committee members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months, and sales should not be made if you plan to purchase more shares of that fund within six months.

**2.4. Putnam Exchange-Traded Funds**

Putnam employees may invest in Putnam ETFs, subject to the preclearance requirement set forth in Section 1.1(d) for certain investment professionals. However, Putnam employees must hold shares of Putnam ETFs in accounts maintained by an approved broker-dealer—see Section 4.4 below.

Section 3 — Additional Rules for Access Persons and Certain Investment Professionals

3.1. 60-Day Short-Term Rule — All Access Persons

Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold the same security within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days in all accounts will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if within a 60-day period, an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. To further illustrate the rule, if an employee buys a security for $15 on one day, buys it again for $10 a year later, and then less than 60 days after the second purchase sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price more than 60 days earlier. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. The holding period for securities acquired upon exercise of a purchased call option shall be calculated using the date of acquisition of the option (rather than the date of exercise of the option) as the starting point for the 60-day holding period. Further, this rule also applies to common stock and option exercise transactions. For example, an employee may purchase calls/call spreads, and he or she may buy/sell a common stock of the same security (because transactions in options and common stock shares are treated differently); however, if the employee plans to exercise the option, he or she needs to ensure that it is not in the opposite direction of the common stock transaction (at a profit) that he or she traded within the past 60 days. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (see Sections 3.2 and 3.3), any profit must be disgorged and paid to charity.

This 60-Day Short Term Rule will not apply to trades in ETFs, including Putnam ETFs.

3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)

**3.2(a) Portfolio Managers**

(i) Before a portfolio manager places an order to buy a security for any Putnam client portfolio that he manages, he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon entering an order to sell a security for any Putnam client portfolio that he manages, he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account. For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

**3.2(b) Analysts**

(i) Before an analyst makes an initial purchase or outperform recommendation (including an initial recommendation change) for a security (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon making an initial sell or an underperform recommendation (including an initial recommendation change) for a security (including designation of a security for sale from the portfolio of Putnam Research Fund), he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.

For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer, or their designee may override this rule.

3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)

**3.3(a) Portfolio Managers** 

No portfolio manager shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent purchase of that security or related derivative security by any Putnam client portfolio she manages or co-manages; or (ii) purchase any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages. For certain designated sleeved funds or portfolios, if a portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

**3.3(b) Analysts**

No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his initial buy or outperform recommendation (including an initial recommendation change) for that security or related derivative security (including designation of a security for inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his initial sell or underperform recommendation (including an initial recommendation change) for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund). For certain designated sleeved funds or portfolios, if an analyst (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the analyst does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may override this rule.

3.4. Contra-Trading Rule (Portfolio Managers)

No portfolio manager shall, without prior clearance and written approval (which may be satisfied by email) from the Chief Investment Officer and Code of Ethics Officer, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio that he manages or co-manages. Contact the Code of Ethics Officer for a copy of the Contra-Trading Rule Clearance Form. For certain designated sleeved funds or portfolios, the Code of Ethics Officer, the Deputy Code of Ethics Officer or their designee may permit a sale in the portfolio manager's personal account without obtaining written approval from the Chief Investment Officer and Code of Ethics Officer, if the portfolio manager (but not the Chief Investment Officer of Equities and Director of Equity Research , who are not eligible for this exception) does not actually manage the sleeves of the funds or portfolios, but rather is a named portfolio manager for the overall fund(s), and if the portfolio manager does not have any actual knowledge of day-to-day trade activities and upcoming changes in ratings of securities in the sleeves of the funds or portfolios.

3.5. No Personal Benefit (Portfolio Managers and Analysts)

No portfolio manager shall cause, and no analyst shall recommend, an action that would cause a Putnam client to take action for the portfolio manager's or analyst's own personal benefit. A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who "front runs" a Putnam client order, is in violation of this Rule.

Section 4 — Reporting Requirements

4.1. Brokerage/Securities Accounts — Initial and Annual Requirements

**All employees (on** their own behalf and on behalf of their Immediate Family members (see Definitions)) are required to report the existence of any accounts that have the capability of purchasing any securities. This Rule includes all brokerage accounts, accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments, and TreasuryDirect accounts, which can only purchase Treasury securities.

To satisfy this requirement, a new employee must complete the Code of Ethics and Broker Account Certification, and Access Persons must also complete Initial Holdings Certification in the Code of Ethics PTA system, and supply the Code of Ethics Department with a copy of the most recent statement for each account, within the required time frame below:

&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons — within 10 days of hire

&nbsp;&nbsp;&nbsp;&nbsp;· Non-access Persons — within 30 days of hire

In addition, a new employee must obtain written approval from the Code of Ethics staff to maintain his/her reportable accounts within 30 days of hire.

**All current U.S. employees must contact the Code of Ethics staff and obtain written approval from the Code of Ethics staff prior to opening any new accounts outside of Putnam** (including accounts being opened for Immediate Family members), and disclose them. This Rule includes all brokerage accounts (including a self-directed brokerage account in the Putnam 401(k) plan), accounts held directly at an issuer's transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee, or any other accounts in which reportable securities can be traded and/or held.

Non-U.S. current employees opening a new account (including accounts being opened for Immediate Family members) must disclose them to the Code of Ethics Department prior to opening, or immediately after opening, the account in advance of the first personal securities transaction in the account.

All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.

**4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts — Initial and Annual Requirements** 

**If you wish to establish a professionally managed** or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code and you have no direct or indirect influence or control over the discretionary account, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction (new employees have 30 days to obtain the appropriate approval). You do not need to pre-clear or report securities transactions in these accounts. Please note that a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds. The broker or advisor maintaining discretion over the account must be an independent third party, not affiliated with or related to a family member of the Putnam employee in any way.

In order for the account to be considered discretionary, the employee must:

Complete an initial certification in which both the employee and the broker/advisor certify that the Putnam employee or Immediate Family member does not participate in investment decisions on the account;

Complete an annual certification in which the employee certifies that the Putnam employee or Immediate Family member does not participate in investment decisions on the account, and does not have direct or indirect influence or control over the account;

Respond, and arrange for the employee's broker/advisor to respond, to such inquiries as deemed advisable by the Code of Ethics staff in their assessment of whether the account is discretionary; and

Ensure that copies of broker statements are delivered to Putnam investments.

4.3. Account Confirmations and Statements

All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter, or other communication to the entity where the employee's account is held, requesting that confirmations and statements be sent to Putnam on the employee's behalf. However, it is ultimately the employee's responsibility to ensure that his or her broker has complied with this request. Employees in non-U.S. offices may be subject to different requirements with respect to the frequency of providing account confirmations and statements. Any such different requirements will be communicated to the employees by the Code of Ethics staff.

If it is discovered that these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee's attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared). In cases where Putnam has an electronic reporting relationship established with a firm, Putnam may rely on this electronic reporting for monitoring and record keeping in lieu of receiving trade confirmations and statements via mail.

4.4. Approved Brokers — U.S. Employees Only

U.S. employees of Putnam are required to hold each of their personal accounts (including any retirement, pension, deferred compensation, or similar accounts) at a Putnam-approved broker that provides Putnam with an electronic broker feed. The list of approved brokers is posted to the Putnam Compliance intranet homepage and the Code of Ethics PTA system. In limited circumstances, employees may be allowed to hold personal accounts at a non-Putnam-approved broker (examples include retirement accounts at current employers of Immediate Family members and accounts that cannot legally be transferred to Putnam-approved brokers). In such a case, the employee must notify the Code of Ethics Officer in writing and provide the reason why the account cannot be transferred to a Putnam-approved broker or why the employee otherwise requests an exception be granted by the Code of Ethics Officer or Deputy Code of Ethics Officer. In the event an exception is granted, the employee must arrange for trade confirmations and account statements (quarterly) to be sent to the Code of Ethics staff.

Section 5 — Additional Reporting, Certification, and Training Requirements

5.1. Initial/Annual Holdings Report — Access Persons Only

Access Persons must disclose and certify their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures, and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4). Each of the initial and annual holdings reports must contain the following information:

**Initial holdings report:**

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial
ownership when the person became an Access Person,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could be
held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

**Annual holdings report:**

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares, and principal amount of each security in which the Access Person had any direct or indirect beneficial
ownership,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer, or bank with whom the Access Person maintained an account in which any securities could
be held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

5.2. Quarterly Transaction Report — Access Persons Only

Access Persons must disclose and certify all of their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. If the 20th of a month after the end of a quarter falls on a holiday or weekend, the Code of Ethics Officer may extend the deadline. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transac- tions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, and not just those requiring pre-clearance. The quarterly transaction report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and<br>
the principal amount of each transaction involved,

&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale, or any other type of acquisition or disposition),

&nbsp;&nbsp;&nbsp;&nbsp;· The price of the security at which the transaction was effected,

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer, or bank with or through which the transaction was effected, and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person

5.3. Annual Certification — All Employees

Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An email notification will be sent informing employees of their requirement and the due date.

5.4. Training Requirements — All Employees

As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam's Code of Ethics. Email notifications will be sent notifying employees of the requirements and the due date.

5.5. Maintenance and Distribution of the Code of Ethics

When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam's intranet site. Hard copies may be requested by contacting the Code of Ethics staff.

5.6. Procedures and Timeliness

Most certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.

Section 6 — General Ethics Rules for All Employees

Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombudsman if they are not sure how to proceed in any circumstances involving ethical issues or questions.

6.1. Conflicts of Interest

Your obligation to act ethically at all times includes the ethical handling of actual, apparent, and potential conflicts of interest between personal and business affairs. Please note that when this Section 6.1 refers to a "conflict of interest," it is referring to actual, apparent, and potential conflicts of interest. Conflicts of interest may arise in various circumstances, some of which are covered in the specific situations set forth in the other portions of this Section 6. However, it is not possible to set forth each specific situation under which a conflict of interest may arise.

A conflict of interest arises when a person's personal affairs interfere with the interests of Putnam or Putnam's clients. A conflict of interest can also arise when an employee or a member of his or her Immediate Family takes an action or has an interest that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise when an employee or a member of his or her Immediate Family receives or grants improper personal benefits as a result of his or her position or in the event that an employee or a member of his or her Immediate Family enters into transactions or agreements with any entity or person with whom Putnam has a business or financial relationship. Putnam employees must recognize (including through their personal trading and conduct) that the firm's clients always come first, that the employees and the firm must avoid any actual or potential abuse of our positions of trust and responsibility, and that the employees and the firm must never take inappropriate advantage of our positions.

Given that actual, apparent, and potential conflicts of interest may often not be clear-cut, if you have any question or doubt whatsoever, you should consult the Code of Ethics Officer or Deputy Code of Ethics Officer prior to engaging in the activity in question. Any employee who becomes aware of a conflict, potential conflict, or the appearance of a conflict is strongly encouraged to bring it to the attention of the Code of Ethics Officer or Deputy Code of Ethics Officer.

6.2. Outside Business Activities

**No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer, who may also confirm that the employee's manager** has approved such outside position. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.

All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an email approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.

FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from, the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.

6.3. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments

**6.3(a)** An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input as a volunteer, officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for- profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.

**6.3(b)** Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam. Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.

**6.3(c) Family Trust or Estate Exception** 

Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.

6.4. **Service As a Public Official**

An employee seeking to serve in an official capacity (elected or unelected, with or without compensation) for any government, government agency, or instrumentality must contact the Code of Ethics Officer prior to serving in such capacity. The Code of Ethics Officer shall review such prospective service to determine whether the service could create any potential conflicts of interest for Putnam (e.g., service of a government body that can select investment managers for a public pension plan) and to determine any appropriate steps to address conflicts.

6.5. Family Members' Conflict Policy

No employee or member of an employee's Immediate Family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer.

**6.5(a) Corporate Purchase of Goods and Services** 

Putnam will not acquire goods and services from any firm in which a member of an employee's Immediate Family serves as a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Chief Financial Officer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee's Immediate Family has one of these associations must notify the Chief Financial Officer and the Code of Ethics Officer.

**6.5(b) Portfolio Trading**

Putnam will not allocate any client trades to any firm that employs a member of an employee's Immediate Family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an Immediate Family member serves as a broker-dealer's sales representative to Putnam should inform the Code of Ethics Officer.

**6.5(c) Definition of Immediate Family (specific to this rule)**

"Immediate Family" of an employee means (1) spouse, fiancé(e), or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling, or parent of an employee, and (3) any other person who lives in the same household as the employee

6.6. CFA Institute Code of Ethics and Standards of Professional Conduct

All members of the Investment Division and any other CFA institute Members or Candidates must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute as in effect from time to time (see the Appendix for a copy of the version in force as of the date of the Putnam Investments Code). The text of the CFA Institute Code of Ethics and Standards of Professional Conduct can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam's Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA Institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.

6.7. Business Ethics, Ombuds, and Hotlines

**6.7(a)** If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombuds or hotlines described below or through Putnam's Human Resources department

**6.7(b)** Putnam has established the office of the corporate ombuds as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombuds provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome.

**6.7(c)**An employee who does not feel comfortable reporting activity in the manner described in 6.6(a) may instead contact any of the following on an anonymous basis:

&nbsp;&nbsp;&nbsp;&nbsp;· The Putnam Ethics hotline at 1-888-475-4210,

&nbsp;&nbsp;&nbsp;&nbsp;· The Putnam Funds Trustees' hotline at 1-866-858-4155, or

&nbsp;&nbsp;&nbsp;&nbsp;· Putnam's Ombuds at 1-866-ombuds7 (866-662-8377).

**6.7(d)** Employees will not be retaliated against for reporting information in good faith and in accordance with this Code. Putnam will not terminate employment, demote, transfer to an undesirable assignment, or otherwise discriminate against or harass an employee for calling attention to suspected unethical or illegal acts. It is a violation of this Code to intimidate or impose any other form of retaliation on an employee who reports any actual or suspected illegal or unethical conduct. Putnam takes claims of retaliation very seriously and will promptly investigate allegations of retaliation, subjecting anyone found responsible for retaliating against an employee who reported unethical or

illegal conduct to disciplinary action up to and including termination of employment. However, an employee who knowingly makes a false report may be subject to discipline.

Section 7 — Material, Non-Public Information and Insider Trading

7.1. Material, Non-Public Information and Insider Trading

Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam's policies, including the **Insider Trading Policy** that is disclosed along with other compliance policies on the Chief Compliance Officer's Intranet page, call for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisonment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.

Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam's Chief Executive Officer to determine the appropriate sanction, up to and including termination.

While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).

7.2. Reporting and Restrictions

Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam's Chief Compliance Officer or an attorney in Putnam's Legal Department, and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the infor- mation in question, and not share this information with anyone outside of Putnam's Legal and Compliance Division. This provision does not, however, prevent any employee who suspects possible violations of law or regulation from providing such information to Putnam's Controller, Chief Compliance Officer, or Code of Ethics Officer through the Ombudsman or hotlines or through Putnam's Human Resources department as described in Section 6.6 or to any governmental agency or entity, or self-regulatory authority, including but not limited to the Securities and Exchange Commission or the Financial Industry Regulatory Authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.

After reviewing the facts and circumstances, Putnam's Chief Compliance Officer or Putnam's Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer's securities for client accounts as well as personal securities transactions for employees or whether other steps are appropriate, such as the establishment of an information barrier or other trading restrictions.

7.3. Special Provisions Applicable to Putnam Affiliates

Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material, non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the

Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by (i) directors of a Putnam-branded subsidiary of Putnam Investments, LLC; and (ii) persons who hold the office of chief executive officer, chief operating officer, chief financial officer, president, vice-president, secretary, assistant secretary, treasurer, or assistant treasurer of Putnam or its Putnam-branded subsidiaries, and any other person who performs functions similar to those normally performed by a person holding such office (as determined by the Legal and Compliance Department) during the period beginning five weeks before and ending two full trading days after the issue of a press release announcing quarterly or annual financial results of Great-West Lifeco Inc.

7.4. Putnam Equity Plan, TH Lee Funds, and Putnam Hedge Funds

Great-West Lifeco Inc. stock shares owned by Putnam Investments, LLC Equity Incentive Plan (or any successor plan) shareholders are administered by the Putnam HR department; therefore, holdings of such shares do not need to be reported under this Code. In addition, the exercise of rights under the Putnam Investment, LLC Equity Incentive Plan to acquire Great-West Lifeco Inc. stock and the sale of such stock during specified window periods does not need to be pre-cleared under this Code, and such transaction does not need to be reported on the quarterly transaction report for Access Persons. However, if an employee holds Great-West Lifeco Inc. stock shares outside of the Putnam Investments, LLC Equity Incentive Plan (for example, in a brokerage account), such brokerage account and the holding must be reported under this Code.

Investments in Putnam hedge funds and in certain TH Lee private funds by employees are administered by the Putnam HR department. Therefore, employees do not need to pre-clear or report such funds under this Code.

7.5. PIL Employees

For PIL employees, certain topics are covered by the Market Abuse rules of the U.K. Financial Conduct Authority. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.

Section 8 — Sanctions

The Code of Ethics Oversight Committee reviews violations of the Code by employees and approves sanctions that it believes fit the circumstances. These sanctions include written warnings, trading bans, suspension or termination of employment and disgorgement of profits (or payment of losses avoided) from impermissible trading. Sanctions will apply even if the exception results from inadvertence rather than intentional behaviors, although the Committee's belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions. Sanctions for subsequent violations (based on a rolling three-year measurement period) may be more severe than for an employee's initial violation. Sanctions are communicated to the employee and the employee's manager. All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.

Section 9 — Procedures for Determinations and Exemptions

No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.

Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.

**Appendix**

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

**CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT**

**PREAMBLE**

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. High ethical standards are critical to maintaining the public's trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst® [CFA®] designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.

**THE CODE OF ETHICS**

Members of CFA Institute (including CFA charterholders) and candidates for the CFA designation ("Members and Candidates") must:

• Act with integrity, competence, diligence, respect and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.

• Place the integrity of the investment profession and the interests of clients above their own personal interests.

• Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities.

• Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.

• Promote the integrity and viability of the global capital markets for the ultimate benefit of society.

• Maintain and improve their professional competence and strive to maintain and improve the competence of other investment professionals.

**STANDARDS OF PROFESSIONAL CONDUCT**

**I. PROFESSIONALISM**

**A. Knowledge of the Law.** Members and Candidates must under-stand and comply with all applicable laws, rules, and regulations (including the CFA Institute Code of Ethics and Standards of Professional Conduct) of any government, regulatory organization, licensing agency, or professional association governing their professional activities. In the event of conflict, Members and Candidates must comply with the more strict law, rule, or regulation. Members and Candidates must not knowingly participate or assist in and must dissociate from any violation of such laws, rules, or regulations.

**B. Independence and Objectivity.** Members and Candidates must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities. Members and Candidates must not offer, solicit, or accept any gift, benefit, compensation, or consideration that reasonably could be expected to compromise their own or another's independence and objectivity.

**C. Misrepresentation.** Members and Candidates must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.

**D. Misconduct.** Members and Candidates must not engage in any professional conduct involving dishonesty, fraud, or deceit or commit any act that reflects adversely on their professional reputation, integrity, or competence.

**II. INTEGRITY OF CAPITAL MARKETS**

**A. Material Nonpublic Information.** Members and Candidates who possess material nonpublic information that could affect the value of an investment must not act or cause others to act on the information.

**B. Market Manipulation.** Members and Candidates must not engage in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.

**III. DUTIES TO CLIENTS**

**A. Loyalty, Prudence, and Care.** Members and Candidates have a duty of loyalty to their clients and must act with reasonable care and exercise prudent judgment. Members and Candidates must act for the benefit of their clients and place their clients' interests before their employer's or their own interests.

**B. Fair Dealing.** Members and Candidates must deal fairly and objectively with all clients when providing investment analysis, making investment recommendations, taking investment action, or engaging in other professional activities.

**C. Suitability.**

**1.** When Members and Candidates are in an advisory relationship with a client, they must:

**a.** Make a reasonable inquiry into a client's or prospective client's investment experience, risk and return objectives, and financial constraints prior to making any investment recommendation or taking investment action and must reassess and update this information regularly.

**b.** Determine that an investment is suitable to the client's financial situation and consistent with the client's written objectives, mandates, and constraints before making an investment recommendation or taking investment action.

**c.** Judge the suitability of investments in the context of the client's total portfolio.

**2.** When Members and Candidates are responsible for managing a portfolio to a specific mandate, strategy, or style, they must make only investment recommendations or take only investment actions that are consistent with the stated objectives and constraints of the portfolio.

**D. Performance Presentation.** When communicating investment performance information, Members and Candidates must make reasonable efforts to ensure that it is fair, accurate, and complete.

**E. Preservation of Confidentiality.** Members and Candidates must keep information about current, former, and prospective clients confidential unless:

**1.** The information concerns illegal activities on the part of the client or prospective client,

**2.** Disclosure is required by law, or

**3.** The client or prospective client permits disclosure of the information.

**IV. DUTIES TO EMPLOYERS**

**A. Loyalty.** In matters related to their employment, Members and Candidates must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities, divulge confidential information, or otherwise cause harm to their employer.

**B. Additional Compensation Arrangements.** Members and Candidates must not accept gifts, benefits, compensation, or consideration that competes with or might reasonably be expected to create a conflict of interest with their employer's interest unless they obtain written consent from all parties involved.

**C. Responsibilities of Supervisors.** Members and Candidates must make reasonable efforts to ensure that anyone subject to their supervision or authority complies with applicable laws, rules, regulations, and the Code and Standards.

**V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTIONS**

**A. Diligence and Reasonable Basis.** Members and Candidates must:

**1.** Exercise diligence, independence, and thoroughness in analyzing investments, making investment recommendations, and taking investment actions.

**2.** Have a reasonable and adequate basis, supported by appropriate research and investigation, for any investment analysis, recommendation, or action.

**B. Communication with Clients and Prospective Clients.** Members and Candidates must:

**1.** Disclose to clients and prospective clients the basic format and general principles of the investment processes they use to analyze investments, select securities, and construct port-folios and must promptly disclose any changes that might materially affect those processes.

**2.** Disclose to clients and prospective clients significant limitations and risks associated with the investment process.

**3.** Use reasonable judgment in identifying which factors are important to their investment analyses, recommendations, or actions and include those factors in communications with clients and prospective clients.

**4.** Distinguish between fact and opinion in the presentation of investment analysis and recommendations.

**C. Record Retention.** Members and Candidates must develop and maintain appropriate records to support their investment analyses, recommendations, actions, and other investment-related communications with clients and prospective clients.

**VI. CONFLICTS OF INTEREST**

**A. Disclosure of Conflicts.** Members and Candidates must make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with respective duties to their clients, prospective clients, and employer. Members and Candidates must ensure that such disclosures are prominent, are delivered in plain language, and communicate the relevant information effectively.

**B. Priority of Transactions.** Investment transactions for clients and employers must have priority over investment transactions in which a Member or Candidate is the beneficial owner.

**C. Referral Fees.** Members and Candidates must disclose to their employer, clients, and prospective clients, as appropriate, any compensation, consideration, or benefit received from or paid to others for the recommendation of products or services.

**VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE**

**A. Conduct as Participants in CFA Institute Programs.** Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of the CFA Institute programs.

**B. Reference to CFA Institute, the CFA Designation, and the CFA Program.** When referring to CFA Institute, CFA Institute membership, the CFA designation, or candidacy in the CFA Program, Members and Candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA program.

[GRAPHIC OMITTED: CFA INSTITUTE LOGO]

www.cfainstitute.org

Putnam Investments \| 100 Federal Street \| Boston, MA02110 \| putnam.com HR104 318763 10/19

## Ex-99.Code

**THE PUTNAM FUNDS**

<u>Code of Ethics</u>

Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. <u>Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Incorporation of Adviser's Code of Ethics</u>. The provisions of the Code of Ethics for employees
of Putnam Investments Trust and its subsidiaries (the "Putnam Investments Code of Ethics"), which is attached as Appendix
A hereto, are hereby incorporated herein as the Funds' Code of Ethics applicable to officers and Trustees of the Funds who are employees
of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments'
Code of Ethics shall constitute a violation of the Funds' Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reports</u>. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments'
Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments' Code of Ethics with
the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of
the Funds of which the reporting individual is an officer or Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with
completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred.
Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an
opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have
occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit, Compliance and Risk
Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Sanctions</u>. In addition to reporting violations of this Code to the Audit, Compliance and Risk Committee
of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with
respect to such violations.

II. <u>Rules Applicable to Unaffiliated Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining
whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Control" means the power to exercise a controlling influence over the management or policies
of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Putnam
Investments Code of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of
the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Purchase or sale of a security" includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment
Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an
agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments,
including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into
or exchangeable for a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which,
within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments
for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described
in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Putnam Investments Code
of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Prohibited Actions</u>. No Covered Person, in connection with the purchase or sale, directly or indirectly,
by such Covered Person of a security held or to be acquired by the Fund, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing
the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated
Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that
transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that,
during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such security was or is to be purchased or sold by the Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such security was or is being considered for purchase or sale by the Fund;

<u>provided</u>, <u>however</u>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction
to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if
applicable) and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The date that the report is submitted by each Unaffiliated Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any such report may contain a statement that the report shall not be construed as an admission by the
person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested
person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics
Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations
shall be reported by him to the Audit, Compliance and Risk Committee as provided in Section I-C(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments,
shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and
contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall
give the person involved an opportunity to supply additional information regarding the transaction in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Sanctions</u>. If the Compliance Liaison determines that a violation of this Code has occurred, he
shall so advise the Funds' Audit, Compliance and Risk Committee, and provide the Committee with a report of the matter, including
any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Amendments to the Putnam Investments' Code of Ethics</u>. Any amendment to the Putnam Investments'
Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall
have been received by the Chair of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective
at an earlier or later date or shall not be adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>. The Funds shall maintain records in the manner and to the extent set forth below, which
records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be
available for examination by representatives of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period
of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments
pursuant to the Putnam Investments' Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with any
Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities
and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Interpretation of Provisions</u>. The Trustees may from time to time adopt such interpretations of
this Code as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Delegation by Chair</u>. The Chair of the Funds may from time to time delegate any or all of his or
her responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he or she
may designate.

As revised June 25, 2021.