Investment objective & strategy
As of April 28, 2025 · prospectusObjective. The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
Strategy. Investments We invest 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, we invest at least 80% of the funds net assets in securities rated below investment-grade. This policy may be changed only after 60 days notice to shareholders. We may also invest in other debt instruments, including loans. We 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. We may also use derivatives, such as futures, options, certain foreign currency transactions, and credit default swap contracts, for both hedging … Investments We invest 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, we invest at least 80% of the funds net assets in securities rated below investment-grade. This policy may be changed only after 60 days notice to shareholders. We may also invest in other debt instruments, including loans. We 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. We 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 March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Short Term Investment Fund, Class P | — | $4.07M | 3.05% |
| RR DONNELLEY + SONS CO SR SECURED 144A 08/29 9.5 | RRD | $1.11M | 0.83% |
| Grifols SA | — | $1.09M | 0.82% |
| Opal Bidco SAS | — | $1.09M | 0.81% |
| FirstCash, Inc. | — | $1.02M | 0.76% |
| MPT Operating Partnership L.P./ MPT Finance Corp. | — | $979.09K | 0.73% |
| KEDRION SPA REGD 144A P/P 6.50000000 | KEDRIM | $969.69K | 0.73% |
| APLD COMPUTECO LLC SR SECURED 144A 12/30 9.25 | APLD | $964.17K | 0.72% |
| CHTR 4.75 03/01/30 144A | CHTR | $959.00K | 0.72% |
| NLSN 9.5 02/15/33 144A | NLSN | $932.63K | 0.70% |
Portfolio moves
Dec 31, 2025 → Mar 31, 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 High Yield Fund · PHYIX, PHYBX, PHYMX | 84% | 0.63% |
| Empower High Yield Bond Fund · MXHYX, MXFRX | 63% | 0.58% |
| Putnam ESG High Yield ETF | 59% | 0.55% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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