| Putnam Floating Rate Income Fund | ||||||
| The fund's portfolio | ||||||
| 5/31/19 (Unaudited) | ||||||
| SENIOR LOANS (83.0%)(a)(c) | ||||||
| Principal amount | Value | |||||
| Automotive (0.6%) | ||||||
| Navistar, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 5.89%, 11/6/24 | $2,988,404 | $2,984,669 | ||||
| 2,984,669 | ||||||
| Basic materials (8.8%) | ||||||
| Alpha 3 BV bank term loan FRN Ser. B1, (BBA LIBOR USD 3 Month + 3.00%), 5.601%, 1/31/24 | 3,503,548 | 3,453,184 | ||||
| Beacon Roofing Supply, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.703%, 1/2/25 | 2,758,549 | 2,725,217 | ||||
| Big River Steel, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 5.00%), 7.601%, 8/23/23 | 985,000 | 988,694 | ||||
| Builders FirstSource, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 5.601%, 2/29/24 | 1,017,308 | 1,008,406 | ||||
| CD&R Waterworks Merger Sub, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.721%, 8/1/24 | 3,447,500 | 3,432,417 | ||||
| Diamond (BC) BV bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 5.583%, 9/6/24 | 2,992,424 | 2,663,258 | ||||
| Messer Industries USA, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 4.989%, 3/1/26 | 3,950,000 | 3,888,281 | ||||
| Pisces Midco, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.354%, 4/12/25 | 4,172,469 | 4,099,450 | ||||
| PQ Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 5.083%, 2/8/25 | 2,408,743 | 2,394,893 | ||||
| Quikrete Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 11/15/23 | 3,372,590 | 3,319,472 | ||||
| Solenis International LP bank term loan FRN (BBA LIBOR USD 3 Month + 4.00%), 6.629%, 6/26/25 | 2,977,500 | 2,951,447 | ||||
| Starfruit US Holdco, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.717%, 9/20/25 | 4,000,000 | 3,961,248 | ||||
| TAMKO Building Products, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 3.25%, 5/3/26 | 3,500,000 | 3,482,500 | ||||
| TMS International Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.295%, 8/14/24 | 2,607,979 | 2,581,899 | ||||
| Trident TPI Holdings, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 5.733%, 10/5/24 | 2,421,726 | 2,327,884 | ||||
| Zekelman Industries, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.862%, 6/14/21 | 1,949,567 | 1,939,007 | ||||
| 45,217,257 | ||||||
| Broadcasting (3.1%) | ||||||
| CBS Radio, Inc. bank term loan FRN Ser. B1, (BBA LIBOR USD 3 Month + 2.75%), 5.037%, 11/17/24 | 1,329,740 | 1,326,416 | ||||
| Gray Television, Inc. bank term loan FRN Ser. C, (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 11/2/25 | 3,990,000 | 3,970,880 | ||||
| iHeartCommunications, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.00%), 6.518%, 5/1/26 | 1,868,713 | 1,869,492 | ||||
| Townsquare Media, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 4/1/22 | 2,645,925 | 2,639,311 | ||||
| Tribune Media Co. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 1/27/24 | 1,944,702 | 1,941,785 | ||||
| Univision Communications, Inc. bank term loan FRN Ser. C5, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 3/15/24 | 4,583,292 | 4,343,623 | ||||
| 16,091,507 | ||||||
| Building materials (2.5%) | ||||||
| American Builders & Contractors Supply Co., Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 10/31/23 | 2,949,899 | 2,907,494 | ||||
| CPG International, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 6.633%, 5/5/24 | 3,567,213 | 3,535,999 | ||||
| Robertshaw Holdings Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 8.00%), 10.50%, 2/28/26 | 1,935,000 | 1,664,100 | ||||
| Robertshaw Holdings Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 3.50%), 6.00%, 2/28/25 | 1,779,594 | 1,646,124 | ||||
| Werner Finco LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.601%, 7/24/24 | 3,457,424 | 3,284,553 | ||||
| 13,038,270 | ||||||
| Capital goods (8.6%) | ||||||
| Altra Industrial Motion Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 10/1/25 | 2,876,866 | 2,846,897 | ||||
| Berry Global Group, Inc. bank term loan FRN Ser. U, (BBA LIBOR USD 3 Month + 2.50%), 3.50%, 5/17/26 | 2,500,000 | 2,485,313 | ||||
| Blount International, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.233%, 4/12/23 | 990,025 | 990,025 | ||||
| BWAY Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.854%, 4/3/24 | 3,442,082 | 3,350,006 | ||||
| Filtration Group Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 3/29/25 | 2,970,000 | 2,957,936 | ||||
| Gates Global, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 3/31/24 | 2,033,131 | 2,018,972 | ||||
| GFL Environmental, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 5/31/25 | 4,115,492 | 4,025,465 | ||||
| Panther BF Aggregator 2 LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 5.983%, 3/15/26 | 4,000,000 | 3,963,332 | ||||
| Reynolds Group Holdings, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 5.233%, 2/5/23 | 2,139,429 | 2,121,682 | ||||
| Staples, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 7.581%, 4/9/26 | 3,000,000 | 2,899,686 | ||||
| Staples, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.50%), 7.101%, 4/9/24 | 1,000,000 | 980,000 | ||||
| Thermon Industries, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.252%, 10/30/24 | 2,058,750 | 2,063,897 | ||||
| Titan Acquisition, Ltd. (United Kingdom) bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 3/28/25 | 3,577,423 | 3,433,431 | ||||
| TransDigm, Inc. bank term loan FRN Ser. E, (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 5/30/25 | 1,612,567 | 1,581,525 | ||||
| TransDigm, Inc. bank term loan FRN Ser. F, (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 6/9/23 | 2,423,954 | 2,389,110 | ||||
| Vertiv Intermediate Holding II Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.629%, 11/15/23 | 3,650,882 | 3,437,915 | ||||
| Welbilt, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 4.993%, 10/23/25 | 2,637,658 | 2,611,281 | ||||
| 44,156,473 | ||||||
| Commercial and consumer services (3.3%) | ||||||
| Iron Mountain, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 1.75%), 4.243%, 1/2/26 | 2,321,637 | 2,246,184 | ||||
| Prime Security Services Borrower, LLC bank term loan FRN Class B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 5/2/22 | 2,558,162 | 2,535,320 | ||||
| Refinitiv US Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.233%, 10/1/25 | 5,314,350 | 5,179,591 | ||||
| Sabre GLBL, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 2/22/24 | 987,500 | 980,557 | ||||
| Star Merger Sub, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 5.00%), 7.479%, 2/8/26 | 2,485,000 | 2,476,718 | ||||
| Travelport Finance Luxembourg Sarl bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 5.00%), 7.633%, 3/18/26 (Luxembourg) | 3,500,000 | 3,337,033 | ||||
| 16,755,403 | ||||||
| Communication services (8.2%) | ||||||
| Altice SA bank term loan FRN Ser. B12, (BBA LIBOR USD 3 Month + 3.69%), 6.143%, 1/31/26 | 1,970,000 | 1,892,607 | ||||
| Asurion, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 6.50%), 8.983%, 8/4/25 | 2,297,000 | 2,331,455 | ||||
| Asurion, LLC bank term loan FRN Ser. B6, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 11/3/23 | 2,330,607 | 2,320,120 | ||||
| Asurion, LLC bank term loan FRN Ser. B7, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 11/3/24 | 1,736,875 | 1,727,756 | ||||
| CenturyLink, Inc. bank term loan FRN Ser. B, 5.233%, 1/31/25 | 3,938,769 | 3,827,991 | ||||
| Charter Communications Operating, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.49%, 4/30/25 | 2,185,850 | 2,180,386 | ||||
| Cogeco Communications USA II LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 1/4/25 | 2,226,891 | 2,212,973 | ||||
| CSC Holdings, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.69%, 7/17/25 | 3,722,799 | 3,651,445 | ||||
| Frontier Communications Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 6.24%, 6/15/24 | 2,962,312 | 2,905,533 | ||||
| Intelsat Jackson Holdings SA bank term loan FRN Ser. B3, (BBA LIBOR USD 3 Month + 3.75%), 6.229%, 11/27/23 | 1,859,628 | 1,832,199 | ||||
| Intelsat Jackson Holdings SA bank term loan FRN Ser. B4, (BBA LIBOR USD 3 Month + 4.50%), 6.93%, 1/2/24 | 2,000,000 | 1,998,124 | ||||
| Level 3 Financing, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 2/22/24 | 836,000 | 823,042 | ||||
| SFR Group SA bank term loan FRN Ser. B11, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 7/31/25 | 3,900,152 | 3,701,244 | ||||
| Sprint Communications, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 5.00%, 2/3/24 | 4,375,228 | 4,264,022 | ||||
| Virgin Media Bristol, LLC bank term loan FRN Ser. K, (BBA LIBOR USD 3 Month + 2.50%), 4.94%, 1/15/26 | 2,500,000 | 2,475,000 | ||||
| WideOpenWest Finance, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.68%, 8/19/23 | 4,094,219 | 3,984,698 | ||||
| 42,128,595 | ||||||
| Consumer staples (6.3%) | ||||||
| 1011778 BC ULC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 2/17/24 | 1,994,060 | 1,970,795 | ||||
| Albertson's, LLC bank term loan FRN Ser. B5, (BBA LIBOR USD 3 Month + 3.00%), 5.609%, 12/21/22 | 989,912 | 985,375 | ||||
| Albertson's, LLC bank term loan FRN Ser. B7, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 11/16/25 | 1,995,000 | 1,978,043 | ||||
| Ascend Learning, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 7/12/24 | 1,895,190 | 1,875,647 | ||||
| ATS Consolidated, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.233%, 3/1/25 | 2,965,006 | 2,963,770 | ||||
| BJ's Wholesale Club, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 5.453%, 2/3/24 | 3,121,566 | 3,120,264 | ||||
| Brand Industrial Services, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.25%), 6.823%, 6/21/24 | 4,251,285 | 4,136,147 | ||||
| IAA Spinco, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.775%, 5/22/26 | 1,000,000 | 1,001,250 | ||||
| IRB Holding Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.682%, 2/5/25 | 4,035,176 | 3,997,851 | ||||
| KFC Holding Co. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 1.75%), 4.231%, 4/3/25 | 2,883,542 | 2,875,303 | ||||
| Revlon Consumer Products Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 6.129%, 9/7/23 | 881,177 | 711,183 | ||||
| Sigma US Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.057%, 7/2/25 | 1,985,000 | 1,942,819 | ||||
| Weight Watchers International bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.75%), 7.35%, 11/29/24 | 3,620,130 | 3,550,743 | ||||
| Zep, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.601%, 8/11/24 | 1,970,000 | 1,562,866 | ||||
| 32,672,056 | ||||||
| Energy (4.3%) | ||||||
| Apergy Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.49%), 5.024%, 5/9/25 | 1,662,651 | 1,656,416 | ||||
| Ascent Resources - Marcellus, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 6.50%), 8.953%, 3/30/23 | 308,333 | 302,167 | ||||
| BCP Renaissance Parent, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 5.842%, 10/31/24 | 1,910,188 | 1,898,727 | ||||
| California Resources Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 10.38%), 12.803%, 12/31/21 | 1,700,000 | 1,729,750 | ||||
| California Resources Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 7.178%, 12/31/22 | 2,115,000 | 2,019,825 | ||||
| Centurion Pipeline Co., LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.851%, 9/26/25 | 1,995,000 | 1,994,168 | ||||
| Equitrans Midstream Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.50%), 6.983%, 1/31/24 | 1,995,000 | 2,008,716 | ||||
| FTS International, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.75%), 7.233%, 4/16/21 | 571,877 | 570,447 | ||||
| Keane Group Holdings, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.313%, 5/25/25 | 2,440,281 | 2,405,202 | ||||
| Lower Cadence Holdings, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.436%, 5/9/26 | 2,216,000 | 2,214,615 | ||||
| Murray Energy Corp. bank term loan FRN Ser. B2, (BBA LIBOR USD 3 Month + 7.25%), 9.878%, 4/17/20 | 2,435,543 | 1,948,435 | ||||
| Prairie ECI Acquiror LP bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 7.366%, 3/11/26 | 2,000,000 | 2,013,124 | ||||
| Traverse Midstream Partners, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.60%, 9/27/24 | 1,407,925 | 1,389,622 | ||||
| 22,151,214 | ||||||
| Entertainment (1.8%) | ||||||
| Cineworld Finance US, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 2/28/25 | 3,482,060 | 3,426,720 | ||||
| Constellation Merger Sub, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.351%, 9/18/24 | 3,917,072 | 3,761,612 | ||||
| Delta 2 Luxembourg Sarl bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 2/1/24 | 2,318,289 | 2,264,968 | ||||
| 9,453,300 | ||||||
| Financials (5.6%) | ||||||
| Alliant Holdings I, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.43%, 5/10/25 | 3,983,011 | 3,884,057 | ||||
| BCPE Rover Merger Sub, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 6.733%, 11/20/25 | 3,000,000 | 2,947,500 | ||||
| Capital Automotive LP bank term loan FRN (BBA LIBOR USD 3 Month + 6.00%), 8.483%, 3/24/25 | 1,732,173 | 1,732,173 | ||||
| Capital Automotive LP bank term loan FRN (BBA LIBOR USD 3 Month + 2.50%), 4.99%, 3/24/24 | 1,806,178 | 1,785,407 | ||||
| ESH Hospitality, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 8/30/23 | 2,164,909 | 2,152,731 | ||||
| Forest City Enterprises LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.483%, 12/7/25 | 3,045,488 | 3,045,488 | ||||
| HUB International, Ltd. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.24%, 4/25/25 | 3,721,875 | 3,623,245 | ||||
| LPL Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.53%, 9/21/24 | 3,075,494 | 3,062,679 | ||||
| USI, Inc./NY bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.601%, 5/16/24 | 3,659,026 | 3,557,488 | ||||
| VICI Properties 1, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 2.00%), 4.436%, 12/22/24 | 3,137,955 | 3,113,441 | ||||
| 28,904,209 | ||||||
| Gaming and lottery (4.1%) | ||||||
| Boyd Gaming Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.641%, 9/15/23 | 2,624,808 | 2,606,763 | ||||
| CBAC Borrower, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 4.00%), 6.493%, 7/7/24 | 1,970,000 | 1,960,765 | ||||
| Eldorado Resorts, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.474%, 4/17/24 | 1,989,380 | 1,981,920 | ||||
| Gateway Casinos & Entertainment, Ltd. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.601%, 3/13/25 | 1,736,875 | 1,739,770 | ||||
| Golden Nugget, Inc./NV bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.214%, 10/4/23 | 3,889,328 | 3,867,451 | ||||
| Scientific Games International, Inc. bank term loan FRN Ser. B5, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 8/14/24 | 4,231,362 | 4,159,078 | ||||
| Stars Group Holdings BV bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 6.101%, 7/10/25 | 2,878,392 | 2,875,513 | ||||
| Twin River Management Group, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.201%, 5/3/26 | 2,000,000 | 1,992,500 | ||||
| 21,183,760 | ||||||
| Health care (8.0%) | ||||||
| Air Medical Group Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 6.68%, 3/14/25 | 493,750 | 482,847 | ||||
| Air Medical Group Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.723%, 4/28/22 | 4,228,752 | 4,113,341 | ||||
| Air Methods Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 6.101%, 4/21/24 | 3,894,562 | 3,381,777 | ||||
| Bausch Health Cos., Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.467%, 6/1/25 | 2,992,087 | 2,976,193 | ||||
| Enterprise Merger Sub, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 6.233%, 10/11/25 | 3,990,000 | 3,610,950 | ||||
| Grifols Worldwide Operations USA, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.674%, 1/31/25 | 2,922,545 | 2,908,595 | ||||
| Jaguar Holding Co. II bank term loan FRN (BBA LIBOR USD 3 Month + 2.50%), 4.999%, 8/18/22 | 2,122,561 | 2,096,029 | ||||
| Kinetic Concepts, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.285%, 2/3/24 | 3,691,588 | 3,691,208 | ||||
| Multiplan, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.351%, 6/7/23 | 4,141,194 | 4,047,156 | ||||
| Ortho-Clinical Diagnostics, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 5.695%, 6/1/25 | 4,391,031 | 4,239,176 | ||||
| RegionalCare Hospital Partners Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.50%), 6.93%, 11/16/25 | 2,992,500 | 2,982,212 | ||||
| Sterigenics-Nordion Holdings, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 5/15/22 | 3,329,038 | 3,308,232 | ||||
| West Street Merger Sub, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 9/27/24 | 3,746,295 | 3,563,664 | ||||
| 41,401,380 | ||||||
| Leisure (0.4%) | ||||||
| Steinway Musical Instruments, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.26%, 2/15/25 | 1,980,000 | 1,940,400 | ||||
| 1,940,400 | ||||||
| Lodging/Tourism (1.7%) | ||||||
| Caesars Resort Collection, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 12/22/24 | 3,940,025 | 3,913,288 | ||||
| Diamond Resorts International, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 6.249%, 9/2/23 | 2,683,450 | 2,547,042 | ||||
| MGM Growth Properties Operating Partnership LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 3/25/25 | 2,502,327 | 2,479,651 | ||||
| 8,939,981 | ||||||
| Media (0.5%) | ||||||
| Lions Gate Capital Holdings, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 3/24/25 | 2,520,748 | 2,504,993 | ||||
| 2,504,993 | ||||||
| Publishing (0.5%) | ||||||
| Meredith Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 1/31/25 | 2,451,944 | 2,447,129 | ||||
| 2,447,129 | ||||||
| Retail (3.5%) | ||||||
| Academy, Ltd. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 6.485%, 7/2/22 | 2,274,101 | 1,654,408 | ||||
| Bass Pro Group, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 5.00%), 7.522%, 9/25/24 | 2,945,051 | 2,866,824 | ||||
| J. Crew Group, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.22%), 5.967%, 3/5/21 | 1,179,928 | 981,700 | ||||
| JC Penney Corp., Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 6.771%, 6/23/23 | 2,793,750 | 2,325,797 | ||||
| Jo-Ann Stores, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 9.25%), 11.727%, 5/21/24 | 1,805,700 | 1,719,929 | ||||
| Jo-Ann Stores, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 7.592%, 10/16/23 | 1,768,806 | 1,745,958 | ||||
| Neiman Marcus Group, Ltd., Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 5.763%, 10/25/20 | 1,828,278 | 1,646,364 | ||||
| PetSmart, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 6.73%, 3/11/22 | 1,974,293 | 1,902,231 | ||||
| Talbots, Inc. (The) bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 7.00%), 9.483%, 11/28/22 | 3,027,675 | 2,989,829 | ||||
| 17,833,040 | ||||||
| Technology (9.3%) | ||||||
| Avaya, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 6.723%, 12/15/24 | 4,186,788 | 4,092,585 | ||||
| Banff Merger Sub, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 6.851%, 10/2/25 | 3,241,875 | 3,186,494 | ||||
| Ceridian HCM Holding, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.486%, 4/30/25 | 2,076,800 | 2,073,338 | ||||
| CommScope, Inc. bank term loan FRN Ser. B2, (BBA LIBOR USD 3 Month + 3.25%), 5.733%, 2/7/26 | 2,000,000 | 1,991,666 | ||||
| Dell International, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.49%, 9/7/23 | 4,051,775 | 4,031,905 | ||||
| Infor US, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.243%, 2/1/22 | 3,148,712 | 3,133,950 | ||||
| Kronos, Inc./MA bank term loan FRN (BBA LIBOR USD 3 Month + 8.25%), 10.986%, 11/1/24 | 1,498,000 | 1,542,940 | ||||
| Kronos, Inc./MA bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.222%, 11/1/23 | 2,842,998 | 2,835,447 | ||||
| Plantronics, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 7/2/25 | 3,676,275 | 3,652,151 | ||||
| Rackspace Hosting, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 5.576%, 11/3/23 | 2,819,479 | 2,603,989 | ||||
| Solera, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 5.233%, 3/3/23 | 3,264,588 | 3,242,144 | ||||
| SS&C European Holdings Sarl bank term loan FRN Ser. B4, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 4/16/25 | 1,101,741 | 1,093,478 | ||||
| SS&C Technologies, Inc. bank term loan FRN Ser. B3, (BBA LIBOR USD 3 Month + 2.50%), 4.397%, 4/16/25 | 1,570,649 | 1,558,869 | ||||
| SS&C Technologies, Inc. bank term loan FRN Ser. B5, (BBA LIBOR USD 3 Month + 2.50%), 4.733%, 4/16/25 | 994,918 | 988,825 | ||||
| Syniverse Holdings, Inc. bank term loan FRN Ser. 2L, (BBA LIBOR USD 3 Month + 9.00%), 11.509%, 3/11/24 | 1,250,000 | 943,750 | ||||
| Tempo Acquisition, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 5.483%, 5/1/24 | 4,081,675 | 4,058,205 | ||||
| TTM Technologies, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 2.50%), 4.986%, 9/28/24 | 2,974,509 | 2,900,146 | ||||
| Ultimate Software Group, Inc. (The) bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 6.274%, 4/5/26 | 2,000,000 | 2,001,250 | ||||
| Western Digital Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 1.75%), 4.093%, 4/29/23 | 2,007,169 | 1,939,427 | ||||
| 47,870,559 | ||||||
| Utilities and power (1.9%) | ||||||
| Calpine Construction Finance Co. LP bank term loan FRN (BBA LIBOR USD 3 Month + 2.50%), 4.983%, 1/15/25 | 4,248,102 | 4,208,276 | ||||
| Vistra Operations Co., LLC bank term loan FRN Ser. B2, (BBA LIBOR USD 3 Month + 2.25%), 4.733%, 12/14/23 | 1,261,773 | 1,260,646 | ||||
| Vistra Operations Co., LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.00%), 4.483%, 8/4/23 | 3,301,392 | 3,287,361 | ||||
| Vistra Operations Co., LLC bank term loan FRN Ser. B3, (BBA LIBOR USD 3 Month + 2.00%), 4.446%, 12/1/25 | 767,203 | 764,011 | ||||
| 9,520,294 | ||||||
| Total senior loans (cost $433,608,898) | $427,194,489 | |||||
| CORPORATE BONDS AND NOTES (9.9%)(a) | ||||||
| Principal amount | Value | |||||
| Basic materials (0.5%) | ||||||
| Builders FirstSource, Inc. 144A company guaranty sr. unsub. notes 5.625%, 9/1/24 | $1,000,000 | $998,750 | ||||
| Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5.25%, 4/15/23 | 1,500,000 | 1,516,875 | ||||
| 2,515,625 | ||||||
| Capital goods (0.8%) | ||||||
| Briggs & Stratton Corp. company guaranty sr. unsec. notes 6.875%, 12/15/20 | 1,550,000 | 1,598,438 | ||||
| Great Lakes Dredge & Dock Corp. company guaranty sr. unsec. notes 8.00%, 5/15/22 | 1,084,000 | 1,140,910 | ||||
| TransDigm, Inc. 144A company guaranty sr. notes 6.25%, 3/15/26 | 1,250,000 | 1,276,563 | ||||
| 4,015,911 | ||||||
| Communication services (1.5%) | ||||||
| Cablevision Systems Corp. sr. unsec. unsub. notes 8.00%, 4/15/20 | 850,000 | 875,500 | ||||
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 5.125%, 5/1/23 | 1,500,000 | 1,510,800 | ||||
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. company guaranty sr. FRN (BBA LIBOR USD 3 Month + 1.65%), 4.229%, 2/1/24 | 2,000,000 | 2,007,481 | ||||
| Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.125%, 5/1/23 | 1,500,000 | 1,498,575 | ||||
| Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5.00%, 7/15/22 (Canada) | 1,700,000 | 1,755,250 | ||||
| 7,647,606 | ||||||
| Consumer cyclicals (1.9%) | ||||||
| iHeartCommunications, Inc. company guaranty sr. notes 6.375%, 5/1/26 | 427,134 | 443,685 | ||||
| iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27 | 774,182 | 809,988 | ||||
| Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp. 144A company guaranty sr. notes 6.75%, 11/15/21 | 2,545,000 | 2,604,680 | ||||
| Lennar Corp. company guaranty sr. unsec. unsub. notes 4.75%, 11/15/22 | 1,550,000 | 1,594,563 | ||||
| MGM Resorts International company guaranty sr. unsec. notes 6.00%, 3/15/23 | 1,550,000 | 1,627,500 | ||||
| Penske Automotive Group, Inc. company guaranty sr. unsec. notes 3.75%, 8/15/20 | 2,000,000 | 1,987,500 | ||||
| Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 144A sr. notes 6.125%, 8/15/21 | 986,000 | 994,628 | ||||
| 10,062,544 | ||||||
| Consumer staples (0.5%) | ||||||
| Netflix, Inc. sr. unsec. notes 5.50%, 2/15/22 | 700,000 | 728,875 | ||||
| Newell Brands, Inc. sr. unsec. unsub. notes 3.85%, 4/1/23 | 2,000,000 | 2,013,670 | ||||
| 2,742,545 | ||||||
| Energy (1.8%) | ||||||
| Antero Resources Corp. company guaranty sr. unsec. notes 5.625%, 6/1/23 | 1,250,000 | 1,235,938 | ||||
| Ascent Resources Utica Holdings, LLC/ARU Finance Corp. 144A sr. unsec. notes 10.00%, 4/1/22 | 1,000,000 | 1,061,140 | ||||
| Cheniere Corpus Christi Holdings, LLC company guaranty sr. notes 7.00%, 6/30/24 | 1,000,000 | 1,114,700 | ||||
| Newfield Exploration Co. sr. unsec. unsub. notes 5.75%, 1/30/22 | 1,449,000 | 1,535,940 | ||||
| Range Resources Corp. company guaranty sr. unsec. sub. notes 5.75%, 6/1/21 | 1,000,000 | 995,000 | ||||
| Transocean Sentry Ltd. 144A company guaranty sr. notes 5.375%, 5/15/23 (Cayman Islands) | 740,000 | 733,525 | ||||
| Whiting Petroleum Corp. company guaranty sr. unsec. unsub. notes 5.75%, 3/15/21 | 1,550,000 | 1,530,315 | ||||
| WPX Energy, Inc. sr. unsec. unsub. notes 6.00%, 1/15/22 | 1,500,000 | 1,522,050 | ||||
| 9,728,608 | ||||||
| Financials (0.7%) | ||||||
| Ally Financial, Inc. sr. unsec. notes 5.125%, 9/30/24 | 1,000,000 | 1,046,250 | ||||
| CIT Group, Inc. sr. unsec. sub. notes 5.00%, 8/1/23 | 1,300,000 | 1,353,625 | ||||
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.25%, 2/1/22 | 1,000,000 | 1,018,750 | ||||
| 3,418,625 | ||||||
| Health care (1.6%) | ||||||
| Bausch Health Cos., Inc. 144A company guaranty sr. unsub. notes 6.50%, 3/15/22 | 1,135,000 | 1,173,545 | ||||
| CHS/Community Health Systems, Inc. company guaranty sr. notes 6.25%, 3/31/23 | 1,450,000 | 1,380,690 | ||||
| HCA, Inc. company guaranty sr. unsec. unsub. notes 5.875%, 5/1/23 | 1,550,000 | 1,645,914 | ||||
| Tenet Healthcare Corp. company guaranty sr. notes 4.50%, 4/1/21 | 1,550,000 | 1,557,750 | ||||
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 2.20%, 7/21/21 (Israel) | 1,300,000 | 1,199,510 | ||||
| Zoetis, Inc. sr. unsec. FRN (BBA LIBOR USD 3 Month + 0.44%), 2.96%, 8/20/21 | 1,200,000 | 1,192,529 | ||||
| 8,149,938 | ||||||
| Technology (0.6%) | ||||||
| Avaya, Inc. 144A escrow notes 7.00%, 4/1/20 | 2,000,000 | — | ||||
| CommScope Finance, LLC 144A sr. notes 5.50%, 3/1/24 | 1,000,000 | 1,005,000 | ||||
| Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A company guaranty sr. unsec. notes 7.125%, 6/15/24 | 1,250,000 | 1,317,386 | ||||
| Solera, LLC / Solera Finance, Inc. 144A sr. unsec. notes 10.50%, 3/1/24 | 500,000 | 538,100 | ||||
| 2,860,486 | ||||||
| Total corporate bonds and notes (cost $51,390,656) | $51,141,888 | |||||
| COMMON STOCKS (0.3%)(a) | ||||||
| Shares | Value | |||||
| Avaya Holdings Corp.(NON) | 256 | $3,220 | ||||
| CHC Group, LLC (Units) (acquired 3/23/17, cost $125,976)(NON)(RES) | 8,688 | 869 | ||||
| Clear Channel Outdoor Holdings, Inc.(NON) | 177,605 | 902,233 | ||||
| Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights) | 113,884 | 86,552 | ||||
| Tribune Media Co. Class 1C | 591,290 | 325,209 | ||||
| Total common stocks (cost $1,450,621) | $1,318,083 | |||||
| CONVERTIBLE BONDS AND NOTES (—%)(a) | ||||||
| Principal amount | Value | |||||
| CHC Group, LLC/CHC Finance Ltd. cv. notes Ser. AI, zero %, 10/1/20, (acquired 2/2/17, cost $389,243)(RES) | $446,795 | $134,039 | ||||
| Total convertible bonds and notes (cost $389,243) | $134,039 | |||||
| SHORT-TERM INVESTMENTS (5.9%)(a) | ||||||
| Shares | Value | |||||
| Putnam Short Term Investment Fund 2.52%(AFF) | 30,540,047 | $30,540,047 | ||||
| Total short-term investments (cost $30,540,047) | $30,540,047 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $517,379,465) | $510,328,546 | |||||
| Key to holding's abbreviations | ||||||
| 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. | |||||
| 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 March 1, 2019 through May 31, 2019 (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, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $514,569,530. | |||||
| (NON) | This security is non-income-producing. | |||||
| (RES) | This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $134,908, or less than 0.1% of net assets. | |||||
| (AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
| Name of affiliate | Fair value as of 2/28/19 |
Purchase cost |
Sale proceeds |
Investment income |
Shares outstanding and fair value as of 5/31/19 |
|
| Short-term investments | ||||||
| Putnam Short Term Investment Fund* | $2,398,791 | $75,532,712 | $47,391,456 | $233,307 | $30,540,047 | |
| Total Short-term investments | $2,398,791 | $75,532,712 | $47,391,456 | $233,307 | $30,540,047 | |
| * 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. | ||||||
| (c) | 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. 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. | ||||||
| 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. | ||||||
| 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. | ||||||
| Senior loans are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. Such services use information with respect to transactions in senior loans, quotations from senior loan dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| 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); 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 prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | ||||||
| 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. Certain investments, including certain restricted and illiquid securities, 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. | ||||||
| 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 at a given point in time and does not reflect an actual market price, which may be different by a material amount. | ||||||
| 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: | ||||
Valuation inputs |
||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks*: | ||||
| Consumer cyclicals | $902,233 | $325,209 | $— | |
| Energy | — | 869 | — | |
| Technology | 3,220 | — | — | |
| Utilities and power | — | 86,552 | — | |
| Total common stocks | 905,453 | 412,630 | — | |
| Convertible bonds and notes | — | 134,039 | — | |
| Corporate bonds and notes | — | 51,141,888 | — | |
| Senior loans | — | 427,194,489 | — | |
| Short-term investments | 30,540,047 | — | — | |
| Totals by level | $31,445,500 | $478,883,046 | $— | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | ||||