UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: (811-02796)

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

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109

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

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

Date of fiscal year end: August 31, 2016

Date of reporting period: November 30, 2015

Item 1. Schedule of Investments:

Putnam High Yield Trust
The fund's portfolio
11/30/15 (Unaudited)
CORPORATE BONDS AND NOTES (85.6%)(a)
		Principal amount	Value
Advertising and marketing services (0.5%)
Lamar Media Corp. company guaranty sr. sub. notes 5 7/8s, 2022		$1,815,000	$1,901,213
Lamar Media Corp. company guaranty sr. unsec. notes 5 3/8s, 2024		989,000	1,016,198
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. notes 5 7/8s, 2025		1,340,000	1,378,525
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. notes 5 5/8s, 2024		1,670,000	1,724,275
			6,020,211
Automotive (1.0%)
Dana Holding Corp. sr. unsec. unsub. notes 6s, 2023		3,000,000	3,063,750
FCA US, LLC/CG Co-Issuer, Inc. company guaranty notes 8 1/4s, 2021		4,800,000	5,173,440
Fiat Chryslet Automobiles NV sr. unsec. unsub. notes 5 1/4s, 2023 (United Kingdom)		610,000	603,900
General Motors Co. sr. unsec. unsub. notes 5.2s, 2045		465,000	443,091
Navistar International Corp. sr. notes 8 1/4s, 2021		2,588,000	1,837,480
			11,121,661
Basic materials (9.9%)
A Schulman, Inc. 144A company guaranty sr. unsec. unsub. notes 6 7/8s, 2023		4,430,000	4,341,400
ArcelorMittal SA sr. unsec. bonds 10.85s, 2019 (France)		2,985,000	3,171,563
ArcelorMittal SA sr. unsec. unsub. bonds 6 1/8s, 2025 (France)		1,765,000	1,385,525
ArcelorMittal SA sr. unsec. unsub. notes 8s, 2039 (France)		720,000	543,694
Beacon Roofing Supply, Inc. 144A company guaranty sr. unsec. notes 6 3/8s, 2023		2,680,000	2,793,900
Blue Cube Spinco, Inc. 144A company guaranty sr. unsec. notes 9 3/4s, 2023		2,085,000	2,272,650
Boise Cascade Co. company guaranty sr. unsec. notes 6 3/8s, 2020		2,719,000	2,814,165
Builders FirstSource, Inc. 144A company guaranty sr. unsec. notes 10 3/4s, 2023		2,520,000	2,583,000
Celanese US Holdings, LLC sr. notes 5 7/8s, 2021 (Germany)		2,785,000	2,952,100
Cemex Finance, LLC 144A company guaranty sr. notes 9 3/8s, 2022 (Mexico)		1,595,000	1,709,043
Cemex Finance, LLC 144A company guaranty sr. notes 6s, 2024 (Mexico)		1,205,000	1,108,600
Cemex SAB de CV 144A company guaranty sr. notes 6 1/2s, 2019 (Mexico)		1,480,000	1,491,100
Cemex SAB de CV 144A company guaranty sr. notes 6 1/8s, 2025 (Mexico)		550,000	504,460
Cemex SAB de CV 144A company guaranty sr. notes 5.7s, 2025 (Mexico)		1,520,000	1,350,900
Chemours Co. (The) 144A sr. unsec. notes 7s, 2025		890,000	665,275
Chemours Co. (The) 144A sr. unsec. notes 6 5/8s, 2023		1,325,000	997,063
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2024		3,065,000	2,973,050
Coveris Holdings SA 144A company guaranty sr. unsec. notes 7 7/8s, 2019 (Luxembourg)		4,150,000	3,838,750
CPG Merger Sub, LLC 144A company guaranty sr. unsec. unsub. notes 8s, 2021		1,780,000	1,762,200
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7 1/4s, 2022 (Canada)		1,654,000	1,021,345
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7s, 2021 (Canada)		1,890,000	1,195,425
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 6 3/4s, 2020 (Canada)		1,554,000	1,006,215
HD Supply, Inc. company guaranty sr. unsec. notes 7 1/2s, 2020		2,326,000	2,453,930
HD Supply, Inc. company guaranty sr. unsec. unsub. notes 11 1/2s, 2020		1,911,000	2,159,430
HD Supply, Inc. 144A company guaranty sr. notes 5 1/4s, 2021		1,710,000	1,776,263
HudBay Minerals, Inc. company guaranty sr. unsec. notes 9 1/2s, 2020 (Canada)		4,639,000	3,548,835
Huntsman International, LLC company guaranty sr. unsec. unsub. notes 4 7/8s, 2020		2,660,000	2,500,400
Huntsman International, LLC 144A company guaranty sr. unsec. unsub. notes 5 1/8s, 2022		1,980,000	1,831,500
JMC Steel Group, Inc. 144A sr. unsec. notes 8 1/4s, 2018		1,220,000	828,868
Louisiana-Pacific Corp. company guaranty sr. unsec. unsub. notes 7 1/2s, 2020		2,550,000	2,652,000
Mercer International, Inc. company guaranty sr. unsec. notes 7 3/4s, 2022 (Canada)		2,231,000	2,320,240
Momentive Performance Materials, Inc. escrow company guaranty sr. notes 8 7/8s, 2020(F)		3,440,000	34
New Gold, Inc. 144A company guaranty sr. unsec. unsub. notes 7s, 2020 (Canada)		1,405,000	1,306,650
New Gold, Inc. 144A sr. unsec. notes 6 1/4s, 2022 (Canada)		1,060,000	902,325
Norbord, Inc. 144A company guaranty sr. notes 6 1/4s, 2023 (Canada)		3,035,000	3,027,413
Novelis, Inc. company guaranty sr. unsec. notes 8 3/4s, 2020		5,045,000	4,906,263
Pactiv, LLC sr. unsec. unsub. notes 7.95s, 2025		1,385,000	1,315,750
Perstorp Holding AB 144A company guaranty sr. notes 8 3/4s, 2017 (Sweden)		3,525,000	3,551,438
PQ Corp. 144A sr. notes 8 3/4s, 2018		1,380,000	1,366,200
Ryerson, Inc./Joseph T Ryerson & Son, Inc. company guaranty sr. notes 9s, 2017		3,169,000	2,669,502
Sealed Air Corp. 144A company guaranty sr. unsec. notes 6 7/8s, 2033		2,177,000	2,242,310
Sealed Air Corp. 144A sr. unsec. bonds 5 1/2s, 2025		615,000	641,138
Sealed Air Corp. 144A sr. unsec. notes 6 1/2s, 2020		800,000	888,000
Sealed Air Corp. 144A sr. unsec. notes 5 1/4s, 2023		980,000	1,014,300
Sealed Air Corp. 144A sr. unsec. notes 5 1/8s, 2024		750,000	766,875
Smurfit Kappa Treasury Funding, Ltd. company guaranty sr. unsub. notes 7 1/2s, 2025 (Ireland)		2,273,000	2,767,378
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 6 3/8s, 2022		3,670,000	3,715,875
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2024		855,000	816,525
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5 1/4s, 2023		1,150,000	1,104,000
TMS International Corp. 144A company guaranty sr. unsec. notes 7 5/8s, 2021		3,550,000	3,199,438
Univar, Inc. 144A sr. unsec. notes 6 3/4s, 2023		680,000	657,050
USG Corp. 144A company guaranty sr. unsec. notes 5 7/8s, 2021		485,000	508,038
USG Corp. 144A company guaranty sr. unsec. notes 5 1/2s, 2025		1,975,000	2,021,906
Weekley Homes, LLC/Weekley Finance Corp. sr. unsec. bonds 6s, 2023		3,911,000	3,656,785
WR Grace & Co.- Conn. 144A company guaranty sr. unsec. notes 5 5/8s, 2024		2,860,000	2,910,050
WR Grace & Co.- Conn. 144A company guaranty sr. unsec. notes 5 1/8s, 2021		1,980,000	1,994,850
			110,502,982
Broadcasting (2.9%)
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. notes 7 5/8s, 2020		1,865,000	1,809,050
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. unsub. notes 6 1/2s, 2022		2,585,000	2,552,688
Cumulus Media Holdings, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2019		1,392,000	438,480
Gray Television, Inc. company guaranty sr. unsec. notes 7 1/2s, 2020		3,605,000	3,740,188
iHeartCommunications, Inc. company guaranty sr. notes 9s, 2019		3,240,000	2,349,000
LIN Television Corp. company guaranty sr. unsec. notes 6 3/8s, 2021		1,025,000	1,073,688
Media General Financing Sub, Inc. 144A sr. unsec. notes 5 7/8s, 2022		1,225,000	1,228,063
Sinclair Television Group, Inc. company guaranty sr. unsec. notes 6 3/8s, 2021		3,003,000	3,108,105
Sinclair Television Group, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2024		2,755,000	2,693,013
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 6s, 2024		2,430,000	2,512,013
Sirius XM Radio, Inc. 144A sr. unsec. bonds 5 7/8s, 2020		1,360,000	1,424,600
TEGNA, Inc. company guaranty sr. unsec. bonds 5 1/8s, 2020		1,360,000	1,411,000
TEGNA, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2021		1,520,000	1,527,600
Townsquare Media, Inc. 144A sr. unsec. notes 6 1/2s, 2023		740,000	697,450
Tribune Media Co. 144A company guaranty sr. unsec. notes 5 7/8s, 2022		2,875,000	2,875,000
Univision Communications, Inc. 144A company guaranty sr. notes 5 1/8s, 2025		1,524,000	1,472,565
Univision Communications, Inc. 144A company guaranty sr. unsec. notes 8 1/2s, 2021		905,000	941,200
			31,853,703
Building materials (0.7%)
Building Materials Corp. of America 144A sr. unsec. notes 5 3/8s, 2024		2,305,000	2,322,288
Masonite International Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2023		2,458,000	2,568,610
Nortek, Inc. company guaranty sr. unsec. notes 8 1/2s, 2021		2,507,000	2,594,745
Owens Corning company guaranty sr. unsec. notes 9s, 2019		40,000	46,724
			7,532,367
Cable television (4.6%)
Altice SA 144A company guaranty sr. notes 7 3/4s, 2022 (Luxembourg)		3,995,000	3,725,338
Altice SA 144A company guaranty sr. unsec. notes 7 5/8s, 2025 (Luxembourg)		2,635,000	2,293,109
Cablevision Systems Corp. sr. unsec. unsub. notes 8 5/8s, 2017		737,000	777,535
Cablevision Systems Corp. sr. unsec. unsub. notes 7 3/4s, 2018		903,000	939,120
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 6 1/2s, 2021		952,000	992,460
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 5 1/4s, 2022		3,328,000	3,336,320
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. unsub. bonds 5 1/8s, 2023		3,220,000	3,183,775
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. unsub. notes 6 5/8s, 2022		1,585,000	1,672,983
CCOH Safari, LLC 144A sr. unsec. notes 5 3/4s, 2026		1,285,000	1,291,425
Cequel Communications Holdings I, LLC/Cequel Capital Corp. 144A sr. unsec. unsub. notes 5 1/8s, 2021		2,830,000	2,614,213
Cequel Communications Holdings I, LLC/Cequel Capital Corp. 144A sr. unsec. unsub. notes 5 1/8s, 2021		2,100,000	1,939,875
CSC Holdings, LLC sr. unsec. unsub. bonds 5 1/4s, 2024		1,500,000	1,271,250
CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021		750,000	706,875
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5 7/8s, 2024		1,750,000	1,566,250
Neptune Finco Corp. 144A sr. unsec. unsub. notes 10 7/8s, 2025		1,670,000	1,766,025
Neptune Finco Corp. 144A sr. unsec. unsub. notes 10 1/8s, 2023		1,665,000	1,739,925
Numericable-SFR 144A sr. bonds 5 5/8s, 2024 (France)	EUR	410,000	447,264
Numericable-SFR SAS 144A sr. bonds 6 1/4s, 2024 (France)		$3,440,000	3,371,200
Numericable-SFR SAS 144A sr. notes 6s, 2022 (France)		4,070,000	4,019,125
Quebecor Media, Inc. sr. unsec. unsub. notes 5 3/4s, 2023 (Canada)		1,420,000	1,432,425
Unitymedia GmbH 144A company guaranty sr. unsec. notes 6 1/8s, 2025 (Germany)		1,920,000	1,948,992
Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5s, 2022 (Canada)		2,930,000	2,948,313
Virgin Media Finance PLC 144A company guaranty sr. unsec. notes 6 3/8s, 2023 (United Kingdom)		1,265,000	1,290,300
Virgin Media Secured Finance PLC 144A sr. notes 5 3/8s, 2021 (United Kingdom)		958,500	987,255
WideOpenWest Finance, LLC/WideOpenWest Capital Corp. company guaranty sr. unsec. notes 10 1/4s, 2019		4,789,000	4,585,468
			50,846,820
Capital goods (7.7%)
ADS Waste Holdings, Inc. company guaranty sr. unsec. notes 8 1/4s, 2020		6,093,000	6,306,255
American Axle & Manufacturing, Inc. company guaranty sr. unsec. notes 7 3/4s, 2019		1,798,000	1,991,285
American Axle & Manufacturing, Inc. company guaranty sr. unsec. notes 6 1/4s, 2021		1,630,000	1,703,350
Amstead Industries, Inc. 144A company guaranty sr. unsec. notes 5 3/8s, 2024		3,035,000	2,974,300
Amstead Industries, Inc. 144A company guaranty sr. unsec. notes 5s, 2022		947,000	957,654
ATS Automation Tooling Systems, Inc. 144A sr. unsec. notes 6 1/2s, 2023 (Canada)		2,010,000	2,050,200
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5 1/2s, 2022		605,000	589,875
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5 1/4s, 2024		2,749,000	2,563,443
Berry Plastics Corp. company guaranty unsub. notes 5 1/8s, 2023		834,000	811,065
Berry Plastics Corp. 144A company guaranty notes 6s, 2022		865,000	893,113
Bombardier, Inc. 144A sr. unsec. notes 7 3/4s, 2020 (Canada)		1,215,000	1,074,516
Bombardier, Inc. 144A unsec. notes 5 1/2s, 2018 (Canada)		290,000	274,775
Briggs & Stratton Corp. company guaranty sr. unsec. notes 6 7/8s, 2020		3,647,000	3,966,113
Crown Cork & Seal Co., Inc. sr. unsec. bonds 7 3/8s, 2026		1,465,000	1,596,850
DH Services Luxembourg Sarl 144A company guaranty sr. unsec. notes 7 3/4s, 2020 (Luxembourg)		1,277,000	1,318,503
Gates Global, LLC/Gates Global Co. 144A sr. unsec. notes 6s, 2022		5,215,000	3,885,175
Huntington Ingalls Industries, Inc. 144A company guaranty sr. unsec. notes 5s, 2021		1,110,000	1,134,975
KLX, Inc. 144A company guaranty sr. unsec. unsub. notes 5 7/8s, 2022		3,920,000	3,790,150
Legrand France SA sr. unsec. unsub. debs 8 1/2s, 2025 (France)		3,362,000	4,529,512
Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes 8 1/2s, 2020		1,750,000	1,820,000
Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes 5 7/8s, 2022		4,786,000	5,001,370
MasTec, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2023		2,415,000	2,040,675
Moog, Inc. 144A company guaranty sr. unsec. notes 5 1/4s, 2022		3,460,000	3,537,850
Omega US Sub, LLC 144A sr. unsec. notes 8 3/4s, 2023		3,930,000	3,635,250
Oshkosh Corp. company guaranty sr. sub. unsec. notes 5 3/8s, 2025		1,240,000	1,233,800
Oshkosh Corp. company guaranty sr. unsec. notes 5 3/8s, 2022		3,130,000	3,161,300
Pittsburgh Glass Works, LLC 144A company guaranty sr. notes 8s, 2018		2,265,000	2,361,263
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub. notes 9 7/8s, 2019		779,000	811,134
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub. notes 8 1/4s, 2021 (New Zealand)		920,000	922,300
Schaeffler Holding Finance BV 144A company guaranty sr. notes 6 7/8s, 2018 (Netherlands)(PIK)		3,740,000	3,856,875
Tenneco, Inc. company guaranty sr. unsec. unsub. notes 5 3/8s, 2024		1,538,000	1,576,450
Terex Corp. company guaranty sr. unsec. unsub. notes 6s, 2021		3,437,000	3,351,591
TransDigm, Inc. company guaranty sr. unsec. sub. notes 7 1/2s, 2021		860,000	900,850
TransDigm, Inc. company guaranty sr. unsec. sub. notes 6 1/2s, 2024		3,546,000	3,492,810
TransDigm, Inc. company guaranty sr. unsec. sub. notes 5 1/2s, 2020		1,305,000	1,288,883
ZF North America Capital, Inc. 144A company guaranty sr. unsec. unsub. notes 4 3/4s, 2025		3,175,000	3,066,860
ZF North America Capital, Inc. 144A company guaranty sr. unsec. unsub. notes 4 1/2s, 2022		1,630,000	1,599,438
			86,069,808
Commercial and consumer services (0.3%)
Garda World Security Corp. 144A company guaranty sr. unsec. unsub. notes 7 1/4s, 2021 (Canada)		510,000	453,900
Sabre GLBL, Inc. 144A company guaranty sr. notes 5 3/8s, 2023		2,675,000	2,675,000
			3,128,900
Consumer (0.4%)
Gibson Brands, Inc. 144A sr. notes 8 7/8s, 2018		1,725,000	1,466,250
Spectrum Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2022		140,000	149,800
Spectrum Brands, Inc. company guaranty sr. unsec. notes 6 3/8s, 2020		175,000	187,250
Spectrum Brands, Inc. 144A company guaranty sr. unsec. notes 5 3/4s, 2025		1,390,000	1,433,438
Spectrum Brands, Inc. 144A company guaranty sr. unsec. unsub. notes 6 1/8s, 2024		1,350,000	1,407,375
			4,644,113
Consumer staples (5.7%)
Ashtead Capital, Inc. 144A company guaranty notes 5 5/8s, 2024		2,830,000	2,886,600
Ashtead Capital, Inc. 144A company guaranty sr. notes 6 1/2s, 2022		2,345,000	2,450,525
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. 144A company guaranty sr. unsec. unsub. notes 5 1/8s, 2022		1,000,000	982,500
BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 4 5/8s, 2022 (Canada)		990,000	999,900
BC ULC/New Red Finance, Inc. 144A notes 6s, 2022 (Canada)		3,850,000	3,994,375
BlueLine Rental Finance Corp. 144A sr. notes 7s, 2019		4,505,000	4,088,288
CEC Entertainment, Inc. company guaranty sr. unsec. notes 8s, 2022		3,305,000	3,172,800
Ceridian HCM Holding, Inc. 144A sr. unsec. notes 11s, 2021		5,374,000	4,218,590
Constellation Brands, Inc. company guaranty sr. unsec. notes 4 1/4s, 2023		675,000	679,219
Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 6s, 2022		2,576,000	2,859,360
Corrections Corp. of America company guaranty sr. unsec. notes 4 5/8s, 2023(R)		3,555,000	3,372,806
Corrections Corp. of America company guaranty sr. unsec. notes 4 1/8s, 2020(R)		545,000	530,013
Dean Foods Co. 144A sr. unsec. notes 6 1/2s, 2023		2,560,000	2,646,400
Elizabeth Arden, Inc. sr. unsec. unsub. notes 7 3/8s, 2021		2,860,000	1,959,100
ESAL GmbH 144A company guaranty sr. unsec. notes 6 1/4s, 2023 (Brazil)		1,845,000	1,757,363
JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 8 1/4s, 2020 (Brazil)		120,000	125,700
JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 7 1/4s, 2021 (Brazil)		1,589,000	1,652,560
JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 7 1/4s, 2021 (Brazil)		685,000	712,400
Landry's Holdings II, Inc. 144A sr. unsec. notes 10 1/4s, 2018		735,000	748,781
Landry's, Inc. 144A sr. unsec. notes 9 3/8s, 2020		5,405,000	5,736,056
Pilgrim's Pride Corp. 144A company guaranty sr. unsec. notes 5 3/4s, 2025		1,160,000	1,142,600
Prestige Brands, Inc. 144A sr. unsec. notes 5 3/8s, 2021		2,015,000	1,946,994
Revlon Consumer Products Corp. company guaranty sr. unsec. notes 5 3/4s, 2021		3,940,000	3,900,600
Rite Aid Corp. 144A company guaranty sr. unsec. notes 6 1/8s, 2023		2,726,000	2,889,560
United Rentals North America, Inc. company guaranty sr. unsec. notes 7 5/8s, 2022		902,000	969,650
United Rentals North America, Inc. company guaranty sr. unsec. notes 5 3/4s, 2024		2,700,000	2,728,674
United Rentals North America, Inc. company guaranty sr. unsec. notes 5 1/2s, 2025		1,770,000	1,767,788
Vander Intermediate Holding II Corp. 144A sr. unsec. notes 9 3/4s, 2019(PIK)		2,385,000	1,776,825
WhiteWave Foods Co. (The) company guaranty sr. unsec. unsub. notes 5 3/8s, 2022		1,150,000	1,223,313
			63,919,340
Energy (7.8%)
Antero Resources Corp. company guaranty sr. unsec. notes 5 1/8s, 2022		2,235,000	2,033,850
Antero Resources Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2023		1,545,000	1,432,988
Antero Resources Finance Corp. company guaranty sr. unsec. notes 5 3/8s, 2021		2,365,000	2,175,800
Archrock Partners, LP/Archrock Partners Finance Corp. company guaranty sr. unsec. notes 6s, 2022		4,158,000	3,534,300
Archrock Partners, LP/Archrock Partners Finance Corp. company guaranty sr. unsec. notes 6s, 2021		415,000	358,975
Baytex Energy Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2024 (Canada)		2,492,000	2,037,210
Baytex Energy Corp. 144A company guaranty sr. unsec. notes 5 1/8s, 2021 (Canada)		255,000	212,288
California Resources Corp. company guaranty sr. unsec. notes 6s, 2024		5,250,000	3,150,000
California Resources Corp. company guaranty sr. unsec. notes 5s, 2020		1,445,000	921,188
Chaparral Energy, Inc. company guaranty sr. unsec. notes 8 1/4s, 2021		2,970,000	712,800
CHC Helicopter SA company guaranty sr. notes 9 1/4s, 2020 (Canada)		2,254,500	1,082,160
Chesapeake Energy Corp. company guaranty sr. unsec. notes 6 7/8s, 2020		1,180,000	548,700
Chesapeake Energy Corp. company guaranty sr. unsec. notes 5 3/4s, 2023		1,555,000	660,875
Chesapeake Energy Corp. company guaranty sr. unsec. notes 4 7/8s, 2022		1,345,000	569,103
Chesapeake Energy Corp. company guaranty sr. unsec. unsub. notes 6 1/8s, 2021		570,000	242,250
Chesapeake Oilfield Operating, LLC/Chesapeake Oilfield Finance, Inc. company guaranty sr. unsec. unsub. notes 6 5/8s, 2019		3,145,000	1,320,900
Concho Resources, Inc. company guaranty sr. unsec. notes 6 1/2s, 2022		1,955,000	1,989,213
Concho Resources, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2023		3,545,000	3,438,650
CONSOL Energy, Inc. company guaranty sr. unsec. unsub. notes 5 7/8s, 2022		1,790,000	1,172,450
Denbury Resources, Inc. company guaranty sr. unsec. sub. notes 6 3/8s, 2021		1,280,000	812,800
Denbury Resources, Inc. company guaranty sr. unsec. sub. notes 5 1/2s, 2022		873,000	541,260
EXCO Resources, Inc. company guaranty sr. unsec. notes 7 1/2s, 2018		1,689,000	498,255
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. notes 6 3/4s, 2022		1,160,000	939,600
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. unsub. notes 6 7/8s, 2023		570,000	461,700
Gulfport Energy Corp. company guaranty sr. unsec. unsub. notes 6 5/8s, 2023		1,390,000	1,264,900
Halcon Resources Corp. company guaranty sr. unsec. unsub. notes 9 3/4s, 2020		45,000	14,175
Halcon Resources Corp. company guaranty sr. unsec. unsub. notes 8 7/8s, 2021		6,110,000	1,863,550
Halcon Resources Corp. 144A company guaranty notes 8 5/8s, 2020		1,240,000	954,800
Hiland Partners LP/Hiland Partners Finance Corp. 144A company guaranty sr. notes 7 1/4s, 2020		1,431,000	1,473,930
Hilcorp Energy I LP/Hilcorp Finance Co. 144A sr. unsec. notes 5s, 2024		1,980,000	1,780,772
Key Energy Services, Inc. company guaranty unsec. unsub. notes 6 3/4s, 2021		2,088,000	605,520
Laredo Petroleum, Inc. company guaranty sr. unsec. notes 7 3/8s, 2022		2,435,000	2,374,125
Lightstream Resources, Ltd. 144A sr. unsec. notes 8 5/8s, 2020 (Canada)		2,338,000	607,880
Linn Energy, LLC/Linn Energy Finance Corp. company guaranty sr. unsec. notes 6 1/2s, 2021		1,935,000	366,450
Linn Energy, LLC/Linn Energy Finance Corp. company guaranty sr. unsec. notes 6 1/4s, 2019		839,000	200,311
Linn Energy, LLC/Linn Energy Finance Corp. 144A company guaranty notes 12s, 2020		2,728,000	1,677,720
Lone Pine Resources Canada, Ltd. escrow company guaranty sr. unsec. unsub. notes 10 3/8s, 2017 (Canada)(F)		699,000	38
Milagro Oil & Gas, Inc. company guaranty notes 10 1/2s, 2016 (In default)(NON)		2,825,000	861,625
Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022		3,240,000	3,159,000
Newfield Exploration Co. sr. unsec. unsub. notes 5 5/8s, 2024		1,130,000	1,065,025
Newfield Exploration Co. sr. unsec. unsub. notes 5 3/8s, 2026		1,390,000	1,268,375
Oasis Petroleum, Inc. company guaranty sr. unsec. notes 6 7/8s, 2023		1,130,000	966,150
Oasis Petroleum, Inc. company guaranty sr. unsec. notes 6 1/2s, 2021		540,000	453,600
Oasis Petroleum, Inc. company guaranty sr. unsec. unsub. notes 6 7/8s, 2022		4,445,000	3,811,588
Offshore Group Investment, Ltd. company guaranty sr. notes 7 1/8s, 2023 (Cayman Islands)		1,239,000	346,920
Paragon Offshore PLC 144A company guaranty sr. unsec. notes 6 3/4s, 2022		2,635,000	480,888
Paragon Offshore PLC 144A company guaranty sr. unsec. unsub. notes 7 1/4s, 2024		3,075,000	561,188
Rose Rock Midstream LP/Rose Rock Finance Corp. company guaranty sr. unsec. notes 5 5/8s, 2022		1,390,000	1,167,600
Rose Rock Midstream LP/Rose Rock Finance Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2023		1,400,000	1,155,000
Sabine Pass Liquefaction, LLC company guaranty sr. notes 5 5/8s, 2023		1,350,000	1,245,375
Sabine Pass Liquefaction, LLC sr. notes 6 1/4s, 2022		1,385,000	1,331,331
Sabine Pass LNG LP company guaranty sr. notes 7 1/2s, 2016		1,908,000	1,946,160
Sabine Pass LNG LP company guaranty sr. notes 6 1/2s, 2020		1,060,000	1,054,700
Samson Investment Co. company guaranty sr. unsec. unsub. notes 9 3/4s, 2020 (In default)(NON)		4,125,000	10,313
SandRidge Energy, Inc. 144A company guaranty notes 8 3/4s, 2020		2,760,000	1,048,800
Seven Generations Energy, Ltd. 144A sr. unsec. bonds 6 3/4s, 2023 (Canada)		2,300,000	2,029,750
Seven Generations Energy, Ltd. 144A sr. unsec. notes 8 1/4s, 2020 (Canada)		1,470,000	1,414,875
Seventy Seven Energy, Inc. sr. unsec. notes 6 1/2s, 2022		1,280,000	206,400
SM Energy Co. sr. unsec. notes 6 1/2s, 2021		1,255,000	1,220,488
SM Energy Co. sr. unsec. unsub. notes 6 1/2s, 2023		435,000	417,600
Tervita Corp. 144A company guaranty sr. notes 9s, 2018 (Canada)	CAD	1,400,000	691,902
Tervita Corp. 144A sr. unsec. notes 10 7/8s, 2018 (Canada)		$665,000	306,731
Triangle USA Petroleum Corp. 144A sr. unsec. notes 6 3/4s, 2022		1,190,000	499,800
Unit Corp. company guaranty sr. sub. notes 6 5/8s, 2021		2,657,000	2,072,460
Whiting Petroleum Corp. company guaranty sr. unsec. unsub. notes 5 3/4s, 2021		5,660,000	5,235,500
Williams Cos., Inc. (The) notes 7 3/4s, 2031		438,000	406,527
Williams Cos., Inc. (The) sr. unsec. notes 7 7/8s, 2021		639,000	648,140
Williams Partners LP/ACMP Finance Corp. company guaranty sr. unsec. unsub. notes 6 1/8s, 2022		1,986,000	1,980,995
Williams Partners LP/ACMP Finance Corp. company guaranty sr. unsec. unsub. notes 4 7/8s, 2023		2,355,000	2,072,400
WPX Energy, Inc. sr. unsec. unsub. notes 6s, 2022		1,730,000	1,466,175
			86,634,867
Entertainment (1.8%)
AMC Entertainment, Inc. company guaranty sr. unsec. sub. notes 5 7/8s, 2022		1,760,000	1,826,000
AMC Entertainment, Inc. 144A sr. unsec. notes 5 3/4s, 2025		1,415,000	1,425,613
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. company guaranty sr. unsec. notes 5 3/8s, 2024		645,000	654,675
Cinemark USA, Inc. company guaranty sr. unsec. notes 5 1/8s, 2022		1,846,000	1,846,000
Cinemark USA, Inc. company guaranty sr. unsec. notes 4 7/8s, 2023		1,179,000	1,155,420
Cinemark USA, Inc. company guaranty sr. unsec. sub. notes 7 3/8s, 2021		75,000	78,750
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 4 7/8s, 2020		2,805,000	2,875,125
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. notes 4 3/8s, 2018		955,000	980,069
Regal Entertainment Group sr. unsec. notes 5 3/4s, 2025		770,000	746,900
Regal Entertainment Group sr. unsec. notes 5 3/4s, 2023		2,170,000	2,175,425
Regal Entertainment Group sr. unsec. notes 5 3/4s, 2022		1,492,000	1,514,380
Six Flags Entertainment Corp. 144A company guaranty sr. unsec. unsub. notes 5 1/4s, 2021		5,059,000	5,178,898
			20,457,255
Financials (8.9%)
Alliance Data Systems Corp. 144A company guaranty sr. unsec. notes 5 3/8s, 2022		3,705,000	3,667,950
Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 8s, 2031		5,627,000	6,710,198
Ally Financial, Inc. sub. unsec. notes 5 3/4s, 2025		1,260,000	1,268,663
American International Group, Inc. jr. sub. FRB 8.175s, 2058		2,072,000	2,727,270
Banco Bilbao Vizcaya Argentaria SA jr. unsec. sub. FRB 9s, perpetual maturity (Spain)		1,200,000	1,287,000
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.1s, perpetual maturity		1,010,000	1,015,050
CBRE Services, Inc. company guaranty sr. unsec. notes 5 1/4s, 2025		495,000	504,182
CBRE Services, Inc. company guaranty sr. unsec. unsub. notes 5s, 2023		363,000	365,482
CIT Group, Inc. sr. unsec. notes 5s, 2023		1,435,000	1,456,525
CIT Group, Inc. sr. unsec. notes 5s, 2022		1,090,000	1,113,163
CIT Group, Inc. sr. unsec. unsub. notes 5 3/8s, 2020		2,460,000	2,595,300
CIT Group, Inc. 144A company guaranty notes 6 5/8s, 2018		150,000	159,938
Citigroup, Inc. jr. unsec. sub. FRN Ser. Q, 5.95s, perpetual maturity		645,000	639,598
CNG Holdings, Inc./OH 144A sr. notes 9 3/8s, 2020		2,780,000	1,251,000
CNO Financial Group, Inc. sr. unsec. unsub. notes 5 1/4s, 2025		1,255,000	1,276,963
CNO Financial Group, Inc. sr. unsec. unsub. notes 4 1/2s, 2020		1,325,000	1,351,500
Community Choice Financial, Inc. company guaranty sr. notes 10 3/4s, 2019		1,726,000	362,460
Credit Acceptance Corp. company guaranty sr. unsec. bonds 6 1/8s, 2021		2,115,000	2,077,988
Credit Acceptance Corp. 144A company guaranty sr. unsec. notes 7 3/8s, 2023		1,060,000	1,070,600
Credit Suisse Group AG 144A jr. unsec. sub. FRN 6 1/4s, perpetual maturity (Switzerland)		525,000	523,688
DFC Finance Corp. 144A company guaranty sr. notes 10 1/2s, 2020		2,555,000	1,673,525
Dresdner Funding Trust I 144A bonds 8.151s, 2031		2,092,000	2,570,545
E*Trade Financial Corp. sr. unsec. unsub. notes 5 3/8s, 2022		1,020,000	1,078,650
E*Trade Financial Corp. sr. unsec. unsub. notes 4 5/8s, 2023		2,150,000	2,203,750
Genworth Holdings, Inc. company guaranty jr. unsec. sub. FRB 6.15s, 2066		1,016,000	386,080
Hub Holdings, LLC/Hub Holdings Finance, Inc. 144A sr. unsec. notes 8 1/8s, 2019(PIK)		705,000	676,800
HUB International, Ltd. 144A sr. unsec. notes 7 7/8s, 2021		4,028,000	3,866,880
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6s, 2020		2,183,000	2,245,761
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5 7/8s, 2022		1,902,000	1,931,728
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.8s, 2037		830,000	971,100
Lloyds Bank PLC jr. unsec. sub. FRN Ser. EMTN, 13s, perpetual maturity (United Kingdom)	GBP	1,605,000	4,193,996
Lloyds Banking Group PLC jr. unsec. sub. FRB 7 1/2s, perpetual maturity (United Kingdom)		$343,000	369,068
MPT Operating Partnership LP/MPT Finance Corp. company guaranty sr. unsec. unsub. notes 6 3/8s, 2022(R)		1,440,000	1,495,800
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. notes 7 7/8s, 2020		1,380,000	1,338,600
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. unsub. notes 6 1/2s, 2021		2,940,000	2,660,700
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5 7/8s, 2022		2,340,000	2,444,832
Ocwen Financial Corp. 144A company guaranty sr. unsec. notes 6 5/8s, 2019		1,892,000	1,702,800
OneMain Financial Holdings, Inc. 144A company guaranty sr. unsec. notes 6 3/4s, 2019		1,180,000	1,236,050
OneMain Financial Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7 1/4s, 2021		2,337,000	2,389,583
PHH Corp. sr. unsec. unsub. notes 6 3/8s, 2021		2,000,000	1,810,000
Provident Funding Associates LP/PFG Finance Corp. 144A company guaranty sr. unsec. notes 6 3/4s, 2021		3,366,000	3,239,775
Royal Bank of Scotland Group PLC jr. sub. unsec. FRN Ser. U, 7.64s, perpetual maturity (United Kingdom)		100,000	104,750
Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 8s, perpetual maturity (United Kingdom)		1,055,000	1,112,780
Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 7.648s, perpetual maturity (United Kingdom)		6,390,000	7,955,550
Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 7 1/2s, perpetual maturity (United Kingdom)		1,905,000	1,984,439
Springleaf Finance Corp. company guaranty sr. unsec. unsub. notes Ser. MTN, 6.9s, 2017		1,670,000	1,740,975
Springleaf Finance Corp. sr. unsec. notes 5 1/4s, 2019		940,000	923,447
Springleaf Finance Corp. sr. unsec. unsub. notes 7 3/4s, 2021		835,000	885,100
Springleaf Finance Corp. sr. unsec. unsub. notes 6s, 2020		615,000	611,544
Stearns Holdings, Inc. 144A company guaranty sr. notes 9 3/8s, 2020		1,698,000	1,681,020
TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes 8 1/2s, 2018		1,919,000	1,477,630
Tri Pointe Holdings, Inc. sr. unsec. notes 5 7/8s, 2024		2,948,000	2,925,890
USI, Inc./NY 144A sr. unsec. notes 7 3/4s, 2021		2,220,000	2,175,600
Walter Investment Management Corp. company guaranty sr. unsec. unsub. notes 7 7/8s, 2021		2,110,000	1,666,900
Wayne Merger Sub, LLC 144A sr. unsec. notes 8 1/4s, 2023		1,739,000	1,708,220
			98,864,386
Gaming and lottery (2.9%)
Boyd Gaming Corp. company guaranty sr. unsec. sub. notes 6 7/8s, 2023		2,470,000	2,584,238
CCM Merger, Inc. 144A company guaranty sr. unsec. notes 9 1/8s, 2019		2,050,000	2,155,063
Eldorado Resorts, Inc. 144A sr. unsec. notes 7s, 2023		2,475,000	2,485,828
Great Canadian Gaming Corp. 144A company guaranty sr. unsec. notes 6 5/8s, 2022 (Canada)	CAD	4,139,000	3,130,323
Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes 5 7/8s, 2021		$1,765,000	1,840,013
Penn National Gaming, Inc. sr. unsec. notes 5 7/8s, 2021		3,500,000	3,482,500
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 144A sr. notes 9 1/2s, 2019		1,097,000	1,149,108
ROC Finance, LLC/ROC Finance 1 Corp. 144A notes 12 1/8s, 2018		6,261,000	6,605,355
Scientific Games Corp. company guaranty sr. unsec. sub. notes 8 1/8s, 2018		740,000	588,300
Scientific Games International, Inc. company guaranty sr. unsec. notes 10s, 2022		7,114,000	5,477,780
Scientific Games International, Inc. company guaranty sr. unsec. sub. notes 6 1/4s, 2020		675,000	396,563
Scientific Games International, Inc. 144A company guaranty sr. notes 7s, 2022		1,935,000	1,867,275
			31,762,346
Health care (7.7%)
Acadia Healthcare Co., Inc. company guaranty sr. unsec. notes 6 1/8s, 2021		3,145,000	3,239,350
Acadia Healthcare Co., Inc. company guaranty sr. unsec. notes 5 1/8s, 2022		1,675,000	1,641,500
AMAG Pharmaceuticals, Inc. 144A company guaranty sr. unsec. notes 7 7/8s, 2023		2,910,000	2,422,575
Capsugel SA 144A sr. unsec. notes 7s, 2019 (Luxembourg)(PIK)		338,000	340,113
Centene Corp. sr. unsec. unsub. notes 4 3/4s, 2022		2,415,000	2,357,644
CHS/Community Health Systems, Inc. company guaranty sr. notes 5 1/8s, 2021		1,170,000	1,181,700
CHS/Community Health Systems, Inc. company guaranty sr. notes 5 1/8s, 2018		865,000	882,300
CHS/Community Health Systems, Inc. company guaranty sr. unsec. notes 6 7/8s, 2022		535,000	517,613
Concordia Healthcare Corp. 144A company guaranty sr. unsec. notes 7s, 2023 (Canada)		2,755,000	2,383,075
ConvaTec Healthcare E SA 144A sr. unsec. notes 10 1/2s, 2018 (Luxembourg)		2,131,000	2,157,638
Crimson Merger Sub, Inc. 144A sr. unsec. notes 6 5/8s, 2022		3,825,000	3,126,938
DPx Holdings BV 144A sr. unsec. notes 7 1/2s, 2022 (Netherlands)		2,280,000	2,302,800
Endo Finance, LLC 144A company guaranty sr. unsec. notes 5 3/4s, 2022		4,079,000	3,895,445
Endo Finance, LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. unsub. notes 5 7/8s, 2023		1,298,000	1,233,100
Endo Limited/Endo Finance LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. notes 6s, 2025 (Ireland)		1,535,000	1,458,250
Endo Limited/Endo Finance LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. notes 6s, 2023 (Ireland)		1,195,000	1,153,175
Halyard Health, Inc. company guaranty sr. unsec. unsub. notes 6 1/4s, 2022		2,685,000	2,715,206
HCA, Inc. company guaranty sr. unsec. bonds 5 3/8s, 2025		690,000	677,925
HCA, Inc. sr. notes 6 1/2s, 2020		4,955,000	5,475,275
HCA, Inc. sr. unsec. notes 7 1/2s, 2022		705,000	790,481
Horizon Pharma Financing, Inc. 144A sr. unsec. notes 6 5/8s, 2023		790,000	679,400
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC 144A company guaranty sr. unsec. notes 6 3/8s, 2023		2,605,000	2,500,800
JLL/Delta Dutch Pledgeco BV 144A sr. unsec. notes 8 3/4s, 2020 (Netherlands)(PIK)		1,765,000	1,762,794
Kinetic Concepts, Inc./KCI USA, Inc. company guaranty notes 10 1/2s, 2018		3,215,000	3,118,550
Mallinckrodt International Finance SA/Mallinckrodt CB, LLC 144A company guaranty sr. unsec. unsub. notes 5 1/2s, 2025 (Luxembourg)		2,050,000	1,752,750
Molina Healthcare, Inc. 144A company guaranty sr. unsec. notes 5 3/8s, 2022		1,605,000	1,613,025
Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 4.95s, 2024(R)		2,145,000	2,168,295
Service Corporation International sr. unsec. unsub. notes 5 3/8s, 2024		4,800,000	5,028,000
Service Corporation International sr. unsec. unsub. notes 5 3/8s, 2022		2,554,000	2,672,123
Sterigenics-Nordion Holdings, LLC 144A sr. unsec. notes 6 1/2s, 2023		1,300,000	1,301,625
Tenet Healthcare Corp. company guaranty sr. bonds 4 1/2s, 2021		2,985,000	2,947,688
Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018		1,080,000	1,142,100
Tenet Healthcare Corp. company guaranty sr. notes 6s, 2020		2,520,000	2,677,500
Tenet Healthcare Corp. 144A company guaranty sr. FRN 3.837s, 2020		2,920,000	2,879,850
Valeant Pharmaceuticals International 144A company guaranty sr. unsec. notes 7s, 2020		410,000	381,300
Valeant Pharmaceuticals International 144A company guaranty sr. unsec. notes 6 3/8s, 2020		430,000	393,988
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2021		925,000	807,063
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5 1/2s, 2023		1,100,000	943,250
Valeant Pharmaceuticals International, Inc. 144A sr. unsec. notes 6 1/8s, 2025		2,100,000	1,816,500
Valeant Pharmaceuticals International, Inc. 144A sr. unsec. notes 5 7/8s, 2023		2,345,000	2,028,425
Valeant Pharmaceuticals International, Inc. 144A sr. unsec. notes 5 3/8s, 2020		2,250,000	2,013,750
WellCare Health Plans, Inc. sr. unsec. notes 5 3/4s, 2020		4,630,000	4,813,302
			85,394,181
Homebuilding (2.7%)
American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 5 3/4s, 2023		720,000	729,900
Brookfield Residential Properties, Inc. 144A company guaranty sr. unsec. notes 6 1/2s, 2020 (Canada)		3,240,000	3,142,800
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A company guaranty sr. unsec. notes 6 1/8s, 2022 (Canada)		815,000	766,100
CalAtlantic Group, Inc. company guaranty sr. unsec. notes 5 7/8s, 2024		1,230,000	1,285,350
CalAtlantic Group, Inc. company guaranty sr. unsec. sub. notes 6 1/4s, 2021		2,948,000	3,161,730
Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021		5,710,000	5,838,475
Lennar Corp. company guaranty sr. unsec. unsub. notes 4 3/4s, 2022		1,711,000	1,706,723
Lennar Corp. company guaranty sr. unsec. unsub. notes 4 1/2s, 2019		1,300,000	1,335,750
M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018		2,240,000	2,298,800
Mattamy Group Corp. 144A sr. unsec. notes 6 1/2s, 2020 (Canada)		3,336,000	3,244,260
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7 7/8s, 2032		2,084,000	2,396,600
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2024		1,535,000	1,479,356
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. notes 5 1/4s, 2021		650,000	651,625
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. unsub. notes 5 7/8s, 2023		1,790,000	1,778,813
			29,816,282
Lodging/Tourism (0.8%)
MGM Resorts International company guaranty sr. unsec. notes 5 1/4s, 2020		3,195,000	3,202,988
MGM Resorts International company guaranty sr. unsec. unsub. notes 8 5/8s, 2019		569,000	646,942
MGM Resorts International company guaranty sr. unsec. unsub. notes 6 5/8s, 2021		990,000	1,034,550
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A sr. notes 6 3/8s, 2021		4,607,000	4,330,580
			9,215,060
Media (0.3%)
Nielsen Co. Luxembourg Sarl (The) 144A company guaranty sr. unsec. notes 5 1/2s, 2021 (Luxembourg)		3,225,000	3,281,438
			3,281,438
Regional Bells (0.6%)
Frontier Communications Corp. sr. unsec. notes 6 1/4s, 2021		1,605,000	1,374,281
Frontier Communications Corp. 144A sr. unsec. notes 11s, 2025		1,893,000	1,855,140
Frontier Communications Corp. 144A sr. unsec. notes 10 1/2s, 2022		2,555,000	2,532,644
Frontier Communications Corp. 144A sr. unsec. notes 8 7/8s, 2020		785,000	786,963
			6,549,028
Retail (2.2%)
Bon-Ton Department Stores, Inc. (The) company guaranty notes 10 5/8s, 2017		2,434,000	1,460,400
Bon-Ton Department Stores, Inc. (The) company guaranty notes 8s, 2021		1,941,000	553,185
Family Tree Escrow, LLC 144A sr. unsec. unsub. notes 5 3/4s, 2023		870,000	902,625
Family Tree Escrow, LLC 144A sr. unsec. unsub. notes 5 1/4s, 2020		605,000	626,175
JC Penney Corp, Inc. company guaranty sr. unsec. bonds 8 1/8s, 2019		1,545,000	1,475,475
JC Penney Corp, Inc. company guaranty sr. unsec. unsub. notes 5.65s, 2020		420,000	361,200
Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes 9 3/4s, 2019(PIK)		1,815,000	1,252,350
Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019		3,805,000	3,158,150
L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021		215,000	241,069
L Brands, Inc. sr. unsec. notes 5 5/8s, 2022		1,470,000	1,563,713
Neiman Marcus Group, LLC (The) company guaranty sr. notes 7 1/8s, 2028		1,996,000	1,921,150
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. notes 8 3/4s, 2021(PIK)		4,415,000	3,929,350
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. notes 8s, 2021		2,355,000	2,101,838
Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5 3/4s, 2022		2,490,000	2,570,925
Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5 3/8s, 2024		1,860,000	1,883,250
			24,000,855
Technology (4.2%)
ACI Worldwide, Inc. 144A company guaranty sr. unsec. unsub. notes 6 3/8s, 2020		2,315,000	2,413,388
Alcatel-Lucent USA, Inc. 144A company guaranty sr. unsec. notes 6 3/4s, 2020		1,937,000	2,053,220
Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021		2,796,000	922,680
Avaya, Inc. 144A company guaranty sr. notes 7s, 2019		6,075,000	4,784,063
CommScope Technologies Finance, LLC 144A sr. unsec. notes 6s, 2025		1,711,000	1,638,283
First Data Corp. 144A company guaranty notes 8 1/4s, 2021		1,866,000	1,949,970
First Data Corp. 144A company guaranty sr. unsec. notes 7s, 2023		3,915,000	3,949,256
First Data Corp. 144A notes 5 3/4s, 2024		2,590,000	2,590,000
First Data Corp. 144A sr. notes 5 3/8s, 2023		2,095,000	2,135,601
Freescale Semiconductor, Inc. 144A company guaranty sr. notes 5s, 2021		715,000	739,131
Freescale Semiconductor, Inc. 144A sr. notes 6s, 2022		2,329,000	2,485,020
Infor US, Inc. 144A sr. notes 5 3/4s, 2020		734,000	735,835
Infor US, Inc. 144A sr. unsec. notes 6 1/2s, 2022		4,375,000	3,882,813
Iron Mountain, Inc. company guaranty sr. unsec. unsub. notes 6s, 2023(R)		2,400,000	2,518,512
Iron Mountain, Inc. 144A company guaranty sr. unsec. notes 6s, 2020(R)		915,000	959,835
Micron Technology, Inc. sr. unsec. bonds 5 7/8s, 2022		2,195,000	2,207,577
Micron Technology, Inc. 144A sr. unsec. notes 5 1/4s, 2023		1,645,000	1,546,300
Plantronics, Inc. 144A company guaranty sr. unsec. notes 5 1/2s, 2023		3,135,000	3,189,863
SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan)		1,680,000	1,671,600
Syniverse Holdings, Inc. company guaranty sr. unsec. notes 9 1/8s, 2019		820,000	508,400
Zebra Technologies Corp. sr. unsec. unsub. bonds 7 1/4s, 2022		3,565,000	3,814,550
			46,695,897
Telecommunications (4.2%)
Altice Financing SA 144A company guaranty sr. notes 6 5/8s, 2023 (Luxembourg)		980,000	970,200
Altice Financing SA 144A company guaranty sr.notes 7 7/8s, 2019 (Luxembourg)		900,000	934,875
Altice Finco SA 144A company guaranty sr. unsec. unsub. notes 7 5/8s, 2025 (Luxembourg)		1,100,000	1,017,610
Crown Castle International Corp. sr. unsec. notes 5 1/4s, 2023(R)		3,355,000	3,476,619
Crown Castle International Corp. sr. unsec. unsub. notes 4 7/8s, 2022(R)		580,000	590,150
Digicel Group, Ltd. 144A sr. unsec. notes 8 1/4s, 2020 (Jamaica)		2,340,000	2,032,875
Digicel, Ltd. 144A company guaranty sr. unsec. notes 6 3/4s, 2023 (Jamaica)		3,785,000	3,378,113
Intelsat Jackson Holdings SA company guaranty sr. unsec. notes 7 1/2s, 2021 (Bermuda)		1,111,000	922,130
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 8 1/8s, 2023 (Luxembourg)		2,018,000	756,750
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 7 3/4s, 2021 (Luxembourg)		2,919,000	1,138,410
Level 3 Communications, Inc. sr. unsec. unsub. notes 5 3/4s, 2022		1,925,000	1,944,250
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2021		965,000	1,011,330
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5 3/8s, 2022		1,275,000	1,283,613
Level 3 Financing, Inc. 144A company guaranty sr. unsec. unsub. notes 5 3/8s, 2024		1,005,000	1,006,256
Qwest Corp. sr. unsec. notes 6 3/4s, 2021		212,000	222,316
Qwest Corp. sr. unsec. unsub. notes 7 1/4s, 2025		2,436,000	2,603,205
SBA Communications Corp. sr. sub. unsec. notes 4 7/8s, 2022		1,642,000	1,631,738
SBA Telecommunications, Inc. company guaranty sr. unsec. unsub. notes 5 3/4s, 2020		210,000	219,192
Sprint Capital Corp. company guaranty 6 7/8s, 2028		5,247,000	3,777,840
Sprint Communications, Inc. sr. unsec. unsub. notes 7s, 2020		1,325,000	1,096,438
Sprint Communications, Inc. 144A company guaranty sr. unsec. notes 9s, 2018		2,086,000	2,252,880
Sprint Corp. company guaranty sr. unsec. notes 7 7/8s, 2023		7,240,000	5,828,200
Sprint Corp. company guaranty sr. unsec. notes 7 1/4s, 2021		4,075,000	3,300,750
West Corp. 144A company guaranty sr. unsec. notes 5 3/8s, 2022		4,385,000	3,979,388
Wind Acquisition Finance SA 144A company guaranty sr. unsec. bonds 7 3/8s, 2021 (Luxembourg)		1,405,000	1,355,825
			46,730,953
Telephone (1.6%)
CenturyLink, Inc. sr. unsec. unsub. notes 6 3/4s, 2023		480,000	455,712
CenturyLink, Inc. sr. unsec. unsub. notes 5 5/8s, 2020		540,000	535,275
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.836s, 2023		145,000	148,625
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.633s, 2021		2,015,000	2,085,525
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 5/8s, 2023		1,554,000	1,592,850
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 3/8s, 2025		4,140,000	4,119,300
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 1/4s, 2021		1,444,000	1,480,100
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2022		2,353,000	2,391,236
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6s, 2023		405,000	407,025
Windstream Services, LLC company guaranty sr. unsec. unsub. notes 7 3/4s, 2021		2,417,000	1,927,558
Windstream Services, LLC company guaranty sr. unsec. unsub. notes 6 3/8s, 2023		4,079,000	3,028,658
			18,171,864
Tire and rubber (0.2%)
American Tire Distributors, Inc. 144A sr. unsec. sub. notes 10 1/4s, 2022		2,661,000	2,614,433
			2,614,433
Transportation (0.8%)
Air Medical Merger Sub Corp. 144A sr. unsec. notes 6 3/8s, 2023		3,445,000	3,109,113
Watco Cos., LLC/Watco Finance Corp. 144A company guaranty sr. unsec. notes 6 3/8s, 2023		5,382,000	5,355,090
			8,464,203
Utilities and power (5.2%)
AES Corp./Virginia (The) sr. unsec. notes 8s, 2020		1,291,000	1,429,783
AES Corp./Virginia (The) sr. unsec. notes 5 1/2s, 2025		4,505,000	4,031,975
AES Corp./Virginia (The) sr. unsec. unsub. notes 7 3/8s, 2021		2,965,000	3,053,950
AES Corp./Virginia (The) sr. unsec. unsub. notes 4 7/8s, 2023		950,000	852,625
Calpine Corp. sr. unsec. notes 5 3/4s, 2025		5,635,000	5,275,718
Calpine Corp. 144A company guaranty sr. notes 6s, 2022		900,000	936,000
Calpine Corp. 144A company guaranty sr. notes 5 7/8s, 2024		550,000	566,500
Colorado Interstate Gas Co., LLC sr. unsec. debs. 6.85s, 2037		3,492,000	3,296,451
DPL, Inc. sr. unsec. notes 6 1/2s, 2016		527,000	536,223
Dynegy, Inc. company guaranty sr. unsec. notes 7 3/8s, 2022		225,000	216,887
Dynegy, Inc. company guaranty sr. unsec. notes 6 3/4s, 2019		4,379,000	4,277,758
Dynegy, Inc. company guaranty sr. unsec. unsub. notes 7 5/8s, 2024		150,000	142,500
El Paso Natural Gas Co., LLC sr. unsec. debs. 8 5/8s, 2022		1,597,000	1,860,264
Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc. 144A notes 11 3/4s, 2022 (In default)(NON)		2,519,128	2,686,020
Energy Transfer Equity LP company guaranty sr. unsec. notes 7 1/2s, 2020		1,785,000	1,865,325
EP Energy, LLC/Everest Acquisition Finance, Inc. company guaranty sr. unsec. notes 6 3/8s, 2023		1,045,000	799,425
EP Energy, LLC/Everest Acquisition Finance, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2022		695,000	545,575
EP Energy, LLC/Everest Acquisition Finance, Inc. sr. unsec. notes 9 3/8s, 2020		4,900,000	4,165,000
GenOn Americas Generation, LLC sr. unsec. notes 9 1/8s, 2031		1,285,000	995,875
GenOn Americas Generation, LLC sr. unsec. notes 8 1/2s, 2021		3,241,000	2,754,850
GenOn Energy, Inc. sr. unsec. notes 9 7/8s, 2020		765,000	646,425
GenOn Energy, Inc. sr. unsec. notes 9 1/2s, 2018		610,000	539,850
NRG Energy, Inc. company guaranty sr. unsec. notes 7 7/8s, 2021		5,521,000	5,507,198
NRG Energy, Inc. company guaranty sr. unsec. notes 7 5/8s, 2018		260,000	270,400
NRG Yield Operating, LLC company guaranty sr. unsec. notes 5 3/8s, 2024		1,310,000	1,191,471
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 6 1/2s, 2021		200,000	206,000
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5 7/8s, 2022		2,840,000	2,855,183
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5 1/2s, 2023		1,720,000	1,632,925
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5s, 2022		1,260,000	1,205,012
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 4 1/2s, 2023		1,177,000	1,065,976
Southern Star Central Corp. 144A sr. unsec. notes 5 1/8s, 2022		2,385,000	2,277,675
Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. 144A company guaranty sr. notes 11 1/2s, 2020 (In default)(NON)		1,345,000	467,388
			58,154,207
Total corporate bonds and notes (cost $1,043,003,851)			$952,447,160
SENIOR LOANS (5.0%)(a)(c)
		Principal amount	Value
Basic materials (0.1%)
Builders FirstSource, Inc. bank term loan FRN Ser. B, 6s, 2022		$1,600,000	$1,574,000
			1,574,000
Communication services (0.1%)
Asurion, LLC bank term loan FRN 8 1/2s, 2021		1,865,000	1,632,459
			1,632,459
Consumer cyclicals (3.5%)
Academy, Ltd. bank term loan FRN Ser. B, 5s, 2022		3,148,636	2,988,582
American Tire Distributors , Inc. bank term loan FRN 5 1/4s, 2021		606,950	603,157
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 11s, 2017		5,210,117	4,683,677
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B7, 11 1/2s, 2017		1,029,825	872,777
Caesars Growth Properties Holdings, LLC bank term loan FRN 6 1/4s, 2021		3,688,313	3,258,008
CPG International, Inc. bank term loan FRN Ser. B, 4 3/4s, 2020		2,440,201	2,360,895
DBP Holding Corp. bank term loan FRN Ser. B, 5 1/4s, 2019		925,000	770,525
Getty Images, Inc. bank term loan FRN Ser. B, 4 3/4s, 2019		2,313,261	1,554,703
iHeartCommunications, Inc. bank term loan FRN Ser. D, 6.938s, 2019		2,546,000	1,843,304
J Crew Group, Inc. bank term loan FRN Ser. B, 4s, 2021		3,047,266	1,911,209
JC Penney Corp., Inc. bank term loan FRN 5s, 2019		4,353,147	4,324,582
Jeld-Wen, Inc. bank term loan FRN 4s, 2021		1,530,000	1,523,785
Jeld-Wen, Inc. bank term loan FRN Ser. B, 4 3/4s, 2022		1,890,000	1,882,323
Navistar, Inc. bank term loan FRN Ser. B, 6 1/2s, 2020		2,650,000	2,413,707
Neiman Marcus Group, Ltd., Inc. bank term loan FRN 4 1/4s, 2020		1,005,504	939,769
ROC Finance, LLC bank term loan FRN 5s, 2019		2,314,386	2,163,951
Talbots, Inc. (The) bank term loan FRN 9 1/2s, 2021		1,565,000	1,494,575
Talbots, Inc. (The) bank term loan FRN 5 1/2s, 2020		1,591,919	1,524,263
Yonkers Racing Corp. bank term loan FRN 4 1/4s, 2019		1,300,336	1,267,828
			38,381,620
Consumer staples (0.3%)
CEC Entertainment, Inc. bank term loan FRN Ser. B, 4 1/4s, 2021		1,876,425	1,770,876
Del Monte Foods, Inc. bank term loan FRN 8 1/4s, 2021		1,440,000	1,274,400
			3,045,276
Energy (0.1%)
Fieldwood Energy, LLC bank term loan FRN 8 3/8s, 2020		3,046,887	925,492
Offshore Group Investment, Ltd. bank term loan FRN Ser. B, 5 3/4s, 2019 (Cayman Islands)		853,125	236,032
			1,161,524
Financials (—%)
iStar, Inc. bank term loan FRN Ser. A2, 7s, 2017(R)		433,757	433,757
			433,757
Health care (0.3%)
AMAG Pharmaceuticals, Inc. bank term loan FRN Ser. B, 4 3/4s, 2021		975,000	916,500
Concordia Healthcare Corp. bank term loan FRN Ser. B, 5 1/4s, 2021 (Canada)		2,195,000	2,089,366
Patheon, Inc. bank term loan FRN Ser. B, 4 1/4s, 2021 (Netherlands)		824,492	803,055
			3,808,921
Technology (0.2%)
Avaya, Inc. bank term loan FRN Ser. B7, 6 1/4s, 2020		2,591,417	1,954,361
			1,954,361
Transportation (0.2%)
Air Medical Group Holdings, Inc. bank term loan FRN Ser. B, 4 1/2s, 2022		2,339,138	2,285,531
			2,285,531
Utilities and power (0.2%)
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.676s, 2017		4,891,407	1,655,438
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.676s, 2017		50,201	16,990
			1,672,428
Total senior loans (cost $66,475,865)			$55,949,877
COMMON STOCKS (1.5%)(a)
		Shares	Value
Ally Financial, Inc.(NON)		113,880	$2,273,045
Berry Plastics Group, Inc.(NON)		53,990	1,963,076
CIT Group, Inc.		35,508	1,525,424
Connacher Oil and Gas, Ltd. (Canada)(NON)		52,324	12,427
DISH Network Corp. Class A(NON)		28,200	1,768,422
Eldorado Resorts, Inc.(NON)		87,925	851,993
EP Energy Corp. Class A(NON)		116,332	658,439
General Motors Co.		31,956	1,156,807
Hilton Worldwide Holdings, Inc.		42,995	998,344
Live Nation Entertainment, Inc.(NON)		65,275	1,657,332
Lone Pine Resources Canada, Ltd. (Canada)(F)(NON)		87,188	872
Lone Pine Resources, Inc. Class A (Canada)(F)(NON)		87,188	872
Penn National Gaming, Inc.(NON)		122,145	1,948,213
Seventy Seven Energy, Inc.(NON)		60,780	67,466
Spectrum Brands Holdings, Inc.		13,280	1,257,749
Tribune Media Co. Class 1C(F)		297,958	74,489
Total common stocks (cost $19,670,214)			$16,214,970
CONVERTIBLE PREFERRED STOCKS (1.1%)(a)
		Shares	Value
Allergan PLC Ser. A, 5.50% cv. pfd.		2,467	$2,583,738
American Tower Corp. $5.50 cv. pfd.(R)		23,000	2,366,125
Crown Castle International Corp. Ser. A, $4.50 cv. pfd.(R)		14,630	1,559,997
EPR Properties Ser. C, $1.438 cv. pfd.(R)		75,313	1,745,145
T-Mobile US, Inc. Ser. A, $2.75 cv. pfd.		40,485	2,513,309
Tyson Foods, Inc. $2.375 cv. pfd.		29,624	1,700,418
Total convertible preferred stocks (cost $11,701,593)			$12,468,732
CONVERTIBLE BONDS AND NOTES (0.5%)(a)
		Principal amount	Value
iStar, Inc. cv. sr. unsec. unsub. notes 3s, 2016(R)		$1,377,000	$1,618,836
Jazz Technologies, Inc. cv. company guaranty sr. unsec. bonds 8s, 2018		1,132,000	1,908,835
Navistar International Corp. cv. sr. unsec. sub. bonds 4 1/2s, 2018		736,000	537,280
ON Semiconductor Corp. 144A cv. company guaranty sr. unsec. unsub. notes 1s, 2020		1,668,000	1,615,875
Total convertible bonds and notes (cost $4,806,307)			$5,680,826
PREFERRED STOCKS (0.3%)(a)
		Shares	Value
Ally Financial, Inc. 144A 7.00% cum. pfd.		1,981	$1,990,905
M/I Homes, Inc. Ser. A, $2.438 pfd.		53,597	1,355,468
Total preferred stocks (cost $2,730,148)			$3,346,373
SHORT-TERM INVESTMENTS (4.6%)(a)
		Principal amount/shares	Value
Putnam Short Term Investment Fund 0.16%(AFF)	Shares	49,866,304	$49,866,304
U.S. Treasury Bills 0.16%, February 11, 2016(SEGCCS)		$145,000	144,954
U.S. Treasury Bills 0.06%, January 7, 2016(SEGCCS)		757,000	756,955
U.S. Treasury Bills 0.04%, December 10, 2015(SEGCCS)		133,000	132,999
Total short-term investments (cost $50,901,212)			$50,901,212
TOTAL INVESTMENTS
Total investments (cost $1,199,289,190)(b)			$1,097,009,150

FORWARD CURRENCY CONTRACTS at 11/30/15 (aggregate face value $11,439,914) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Canadian Dollar	Sell	1/20/16	$41,933	$42,276	$343
Credit Suisse International
	British Pound	Buy	12/16/15	797,491	810,465	(12,974)
Goldman Sachs International
	Euro	Sell	12/16/15	482,174	540,997	58,823
HSBC Bank USA, National Association
	Canadian Dollar	Sell	1/20/16	471,446	476,872	5,426
JPMorgan Chase Bank N.A.
	Canadian Dollar	Sell	1/20/16	1,350,165	1,362,136	11,971
	Euro	Buy	12/16/15	572,647	613,710	(41,063)
	Euro	Sell	12/16/15	572,647	574,592	1,945
State Street Bank and Trust Co.
	Canadian Dollar	Sell	1/20/16	2,132,290	2,151,357	19,067
UBS AG
	British Pound	Sell	12/16/15	4,342,748	4,413,260	70,512
	Euro	Buy	12/16/15	218,891	219,630	(739)
	Euro	Sell	12/16/15	218,891	234,619	15,728
Total						$129,039

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING at 11/30/15 (Unaudited)
		Upfront				Payments
		premium			Termi-	received	Unrealized
		received		Notional	nation	(paid) by fund	appreciation/
Referenced debt*	Rating***	(paid)**		amount	date	per annum	(depreciation)
NA HY Series 25 Index	B+/P	$(442,710)		$15,000,000	12/20/20	500 bp	$(56,995)
Total		$(442,710)	$(56,995)

Key to holding's currency abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
Key to holding's abbreviations
EMTN	Euro Medium Term Notes
FRB	Floating Rate Bonds: the rate shown is the current interest rate 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
MTN	Medium Term Notes

	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 September 1, 2015 through November 30, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, 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.
(a)	Percentages indicated are based on net assets of $1,112,490,904.
(b)	The aggregate identified cost on a tax basis is $1,199,513,848, resulting in gross unrealized appreciation and depreciation of $18,022,332 and $120,527,030, respectively, or net unrealized depreciation of $102,504,698.
(NON)	This security is non-income-producing.
(PIK)	Income may be received in cash or additional securities at the discretion of the issuer.
(AFF)	Affiliated company. 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 Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund*	$42,679,199	$116,645,348	$109,458,243	$24,068	$49,866,304
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(SEGCCS)	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.
(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.
(F)	This security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(R)	Real Estate Investment Trust.
	At the close of the reporting period, the fund maintained liquid assets totaling $15,039,204 to cover certain derivative contracts.
	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 under 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.
	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 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 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. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value, and are classified as Level 2 securities.
	Many securities markets and exchanges outside the U.S. close prior to the 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 close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value 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. These 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.
	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.
	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 were 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.
	For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
	Credit default contracts: The fund entered into OTC and/or centrally cleared credit default contracts to hedge credit risk, to hedge market risk, and to gain exposure on individual names and/or baskets of securities.
	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 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 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. 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.
	For the fund's average notional amount on credit default contracts, see the appropriate table at the end of these footnotes.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts 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 posted 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, is 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.
	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 and 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 $40,121 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.

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*:
Capital goods	$1,963,076	$—	$—
Communication services	1,768,422	—	—
Consumer cyclicals	6,612,689	—	74,489
Consumer staples	1,257,749	—	—
Energy	738,332	—	1,744
Financials	3,798,469	—	—
Total common stocks	16,138,737	—	76,233
Convertible bonds and notes	$—	$5,680,826	$—
Convertible preferred stocks	—	12,468,732	—
Corporate bonds and notes	—	952,447,088	72
Preferred stocks	—	3,346,373	—
Senior loans	—	55,949,877	—
Short-term investments	49,866,304	1,034,908	—
Totals by level	$66,005,041	$1,030,927,804	$76,305
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$129,039	$—
Credit default contracts	—	385,715	—
Totals by level	$—	$514,754	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
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.
Fair Value of Derivative Instruments as of the close of the reporting period
	Asset derivatives	Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
Credit contracts	$385,715	$—
Foreign exchange contracts	183,815	54,776
Total	$569,530	$54,776
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount)		$12,600,000
Centrally cleared credit default contracts (notional)		$11,300,000
Warrants (number of warrants)		5,000

	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, if applicable, see note "(d)" above, and for borrowing transactions associated with securities sold short, if applicable, see the "Short sales of securities" note above.
		Bank of America N.A.	Barclays Capital Inc. (clearing broker)	Credit Suisse International	Goldman Sachs International	HSBC Bank USA, National Association	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	UBS AG	WestPac Banking Corp.	Total
	Assets:
	Centrally cleared credit default contracts§	—	12,933	—	—	—	—	—	—	—	12,933
	Forward currency contracts#	$343	—	$—	$58,823	$5,426	$13,916	$19,067	$86,240	$—	183,815
	Total Assets	$343	$12,933	$—	$58,823	$5,426	$13,916	$19,067	$86,240	$—	$196,748
	Liabilities:
	Centrally cleared credit default contracts§	—	—	—	—	—	—	—	—	—	—
	Forward currency contracts#	—	—	12,974	—	—	41,063	—	739	—	54,776
	Total Liabilities	$—	$—	$12,974	$—	$—	$41,063	$—	$739	$—	$54,776
	Total Financial and Derivative Net Assets	$343	$12,933	$(12,974)	$58,823	$5,426	$(27,147)	$19,067	$85,501	$—	$141,972
	Total collateral received (pledged)##†	$—	$—	$—	$—	$—	$—	$—	$—	$—
	Net amount	$343	$12,933	$(12,974)	$58,823	$5,426	$(27,147)	$19,067	$85,501	$—
†	Additional collateral may be required from certain brokers based on individual agreements.
#	Covered by master netting agreement.
##	Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
§	Includes current day's variation margin only, 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.
	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

Item 2. Controls and Procedures:

(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

Item 3. Exhibits:

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.

SIGNATURES

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

Putnam High Yield Trust

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: January 27, 2016

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):

/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: January 27, 2016

By (Signature and Title):

/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: January 27, 2016