Investment objective & strategy
As of March 25, 2026 · prospectusObjective. The fund seeks high current income.
Strategy. 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 its net assets in securities rated below investment-grade. This policy may be changed only after 60 days notice to shareholders. The fund may also invest in other debt instruments, including loans. The Investment Manager, as defined below, 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 … 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 its net assets in securities rated below investment-grade. This policy may be changed only after 60 days notice to shareholders. The fund may also invest in other debt instruments, including loans. The Investment Manager, as defined below, 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 credit default swap contracts, for both hedging and non-hedging purposes.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Short Term Investment Fund, Class P | — | $15.56M | 1.81% |
| OCCIDENTAL PETE | — | $7.14M | 0.83% |
| KEDRION SPA REGD 144A P/P 6.50000000 | KEDRIM | $6.77M | 0.79% |
| CHTR 4.75 03/01/30 144A | CHTR | $6.77M | 0.79% |
| RR DONNELLEY + SONS CO SR SECURED 144A 08/29 9.5 | RRD | $6.66M | 0.78% |
| Jane Street Group / JSG Finance Inc. | — | $6.36M | 0.74% |
| Grifols SA | — | $6.29M | 0.73% |
| APLD COMPUTECO LLC SR SECURED 144A 12/30 9.25 | APLD | $5.98M | 0.70% |
| PPH Escrow Issuer LLC 9.875%, Due 11/01/2029 | PHHESC | $5.88M | 0.68% |
| DaVita Inc. | — | $5.63M | 0.66% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Putnam VT High Yield Fund | 84% | 0.73% |
| Putnam ESG High Yield ETF | 62% | 0.55% |
| Empower High Yield Bond Fund · MXHYX, MXFRX | 60% | 0.58% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Expense ratio as of March 28, 2024, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2023, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2023 (the latest prospectus does not yet chart this year).
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