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, 2017

Date of reporting period: November 30, 2016

Item 1. Schedule of Investments:

Putnam High Yield Trust
The fund's portfolio
11/30/16 (Unaudited)
CORPORATE BONDS AND NOTES (84.1%)(a)
			Principal amount	Value
Advertising and marketing services (0.7%)
Lamar Media Corp. company guaranty sr. unsec. sub. notes 5.875%, 2/1/22			$1,815,000	$1,869,450
Lions Gate Entertainment Corp. 144A sr. unsec. unsub. notes 5.875%, 11/1/24			2,159,000	2,137,410
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. sub. notes 5.875%, 3/15/25			1,340,000	1,376,850
Outfront Media Capital, LLC/Outfront Media Capital Corp. company guaranty sr. unsec. sub. notes 5.625%, 2/15/24			1,670,000	1,722,188
				7,105,898
Automotive (1.0%)
Fiat Chryslet Automobiles NV sr. unsec. unsub. notes 5.25%, 4/15/23 (Italy)			2,435,000	2,416,738
General Motors Co. sr. unsec. notes 6.25%, 10/2/43			1,750,000	1,883,952
General Motors Financial Co., Inc. company guaranty sr. unsec. notes 4.00%, 10/6/26			1,230,000	1,172,275
General Motors Financial Co., Inc. company guaranty sr. unsec. unsub. notes 3.45%, 4/10/22			1,005,000	991,296
IHO Verwaltungs GmbH 144A sr. notes 4.75%, 9/15/26 (Germany)(PIK)			1,510,000	1,438,275
IHO Verwaltungs GmbH 144A sr. notes 4.50%, 9/15/23 (Germany)(PIK)			1,080,000	1,053,000
Lear Corp. company guaranty sr. unsec. unsub. notes 5.375%, 3/15/24			595,000	621,775
Navistar International Corp. company guaranty sr. unsec. notes 8.25%, 11/1/21			1,395,000	1,386,281
				10,963,592
Broadcasting (2.3%)
CBS Radio, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/1/24			680,000	714,422
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. sub. notes 7.625%, 3/15/20			1,865,000	1,832,363
Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. unsub. notes 6.50%, 11/15/22			3,395,000	3,428,950
Entercom Radio, LLC company guaranty sr. unsec. notes 10.50%, 12/1/19			1,205,000	1,236,631
Gray Television, Inc. 144A company guaranty sr. unsec. notes 5.875%, 7/15/26			2,335,000	2,229,201
iHeartCommunications, Inc. company guaranty sr. notes 9.00%, 12/15/19			2,740,000	2,157,750
Nexstar Escrow Corp. 144A company guaranty sr. unsec. notes 5.625%, 8/1/24			2,115,000	2,093,850
Sinclair Television Group, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 8/1/24			4,350,000	4,295,625
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. sub. notes 6.00%, 7/15/24			1,330,000	1,384,863
Townsquare Media, Inc. 144A company guaranty sr. unsec. notes 6.50%, 4/1/23			760,000	718,200
Tribune Media Co. company guaranty sr. unsec. notes 5.875%, 7/15/22			2,305,000	2,247,836
Univision Communications, Inc. 144A company guaranty sr. sub. notes 5.125%, 2/15/25			2,869,000	2,718,378
				25,058,069
Building materials (0.6%)
Masonite International Corp. 144A company guaranty sr. unsec. notes 5.625%, 3/15/23			2,458,000	2,501,015
Standard Industries, Inc. 144A sr. unsec. notes 6.00%, 10/15/25			1,460,000	1,518,400
Standard Industries, Inc. 144A sr. unsec. notes 5.375%, 11/15/24			2,030,000	2,065,525
Standard Industries, Inc./NJ 144A sr. unsec. notes 5.125%, 2/15/21			280,000	291,200
				6,376,140
Cable television (5.3%)
Altice SA 144A company guaranty sr. unsec. notes 7.75%, 5/15/22 (Luxembourg)			3,995,000	4,184,763
Altice SA 144A company guaranty sr. unsec. notes 7.625%, 2/15/25 (Luxembourg)			1,635,000	1,675,875
CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 5.25%, 9/30/22			3,328,000	3,452,800
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A company guaranty sr. unsec. bonds 5.50%, 5/1/26			1,345,000	1,358,450
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A company guaranty sr. unsec. notes 5.875%, 4/1/24			3,843,000	4,068,776
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. notes 5.75%, 2/15/26			634,000	651,435
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 5.125%, 5/1/23			3,200,000	3,278,000
Cequel Communications Holdings I, LLC/Cequel Capital Corp. 144A sr. sub. notes 7.75%, 7/15/25			1,635,000	1,749,450
Cequel Communications Holdings I, LLC/Cequel Capital Corp. 144A sr. unsec. unsub. notes 5.125%, 12/15/21			3,980,000	3,925,275
Cequel Communications Holdings I, LLC/Cequel Capital Corp. 144A sr. unsec. unsub. notes 5.125%, 12/15/21			1,522,000	1,499,170
CSC Holdings, LLC sr. unsec. unsub. bonds 5.25%, 6/1/24			4,905,000	4,597,947
CSC Holdings, LLC sr. unsec. unsub. notes 6.75%, 11/15/21			750,000	788,438
CSC Holdings, LLC 144A sr. unsec. unsub. notes 10.125%, 1/15/23			5,075,000	5,848,938
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.875%, 11/15/24			1,750,000	1,774,063
Neptune Finco Corp. 144A sr. unsec. unsub. notes 10.875%, 10/15/25			1,670,000	1,945,550
Quebecor Media, Inc. sr. unsec. unsub. notes 5.75%, 1/15/23 (Canada)			460,000	471,408
SFR Group SA 144A company guaranty sr. notes 7.375%, 5/1/26 (France)			2,275,000	2,269,313
SFR Group SA 144A company guaranty sr. notes 6.00%, 5/15/22 (France)			3,530,000	3,565,300
SFR Group SA 144A sr. bonds 6.25%, 5/15/24 (France)			740,000	729,825
Unitymedia GmbH 144A company guaranty sr. notes 6.125%, 1/15/25 (Germany)			1,920,000	1,946,400
Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5.00%, 7/15/22 (Canada)			2,930,000	3,003,250
Virgin Media Finance PLC 144A company guaranty sr. unsec. notes 6.375%, 4/15/23 (United Kingdom)			1,265,000	1,296,625
Virgin Media Secured Finance PLC 144A sr. notes 5.375%, 4/15/21 (United Kingdom)			958,500	987,255
WideOpenWest Finance, LLC/WideOpenWest Capital Corp. company guaranty sr. unsec. sub. notes 10.25%, 7/15/19			2,509,000	2,640,723
				57,709,029
Capital goods (6.9%)
Advanced Disposal Services, Inc. 144A sr. unsec. notes 5.625%, 11/15/24			3,795,000	3,757,050
Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 5.00%, 10/1/24			2,005,000	2,020,038
Amstead Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5.375%, 9/15/24			2,340,000	2,299,050
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 144A company guaranty sr. unsec. notes 7.25%, 5/15/24 (Ireland)			3,950,000	4,127,750
ATS Automation Tooling Systems, Inc. 144A sr. unsec. notes 6.50%, 6/15/23 (Canada)			2,010,000	2,081,397
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5.50%, 9/1/22			605,000	617,100
Belden, Inc. 144A company guaranty sr. unsec. sub. notes 5.25%, 7/15/24			3,624,000	3,605,880
Berry Plastics Corp. company guaranty notes 6.00%, 10/15/22			865,000	909,331
Bombardier, Inc. 144A sr. unsec. notes 8.75%, 12/1/21 (Canada)			2,395,000	2,371,050
Bombardier, Inc. 144A sr. unsec. unsub. notes 4.75%, 4/15/19 (Canada)			400,000	398,500
Briggs & Stratton Corp. company guaranty sr. unsec. notes 6.875%, 12/15/20			3,493,000	3,833,568
Crown Cork & Seal Co., Inc. company guaranty sr. unsec. bonds 7.375%, 12/15/26			935,000	1,058,888
Gates Global, LLC/Gates Global Co. 144A company guaranty sr. unsec. notes 6.00%, 7/15/22			5,510,000	5,262,050
KLX, Inc. 144A company guaranty sr. unsec. notes 5.875%, 12/1/22			3,781,000	3,866,073
Legrand France SA sr. unsec. unsub. notes 8.50%, 2/15/25 (France)			3,362,000	4,380,673
Manitowoc Foodservice, Inc. sr. unsec. notes 9.50%, 2/15/24			5,291,000	6,031,740
MasTec, Inc. company guaranty sr. unsec. unsub. notes 4.875%, 3/15/23			3,890,000	3,802,475
Moog, Inc. 144A company guaranty sr. unsec. notes 5.25%, 12/1/22			2,856,000	2,905,980
Oshkosh Corp. company guaranty sr. unsec. sub. notes 5.375%, 3/1/25			1,240,000	1,277,200
Oshkosh Corp. company guaranty sr. unsec. sub. notes 5.375%, 3/1/22			2,630,000	2,741,775
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub. notes 8.25%, 2/15/21 (New Zealand)			136,983	141,435
Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu 144A company guaranty sr. unsec. unsub. notes 7.00%, 7/15/24			1,943,000	2,051,079
Tenneco, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 12/15/24			1,538,000	1,584,140
Tenneco, Inc. company guaranty sr. unsec. unsub. notes 5.00%, 7/15/26			590,000	579,876
Terex Corp. company guaranty sr. unsec. notes 6.00%, 5/15/21			854,000	864,675
TI Group Automotive Systems, LLC 144A sr. unsec. notes 8.75%, 7/15/23			4,750,000	4,892,500
TransDigm, Inc. company guaranty sr. unsec. unsub. notes 6.50%, 7/15/24			1,096,000	1,135,730
TransDigm, Inc. 144A company guaranty sr. unsec. sub. bonds 6.375%, 6/15/26			1,460,000	1,485,550
ZF North America Capital, Inc. 144A company guaranty sr. unsec. unsub. notes 4.75%, 4/29/25			3,175,000	3,180,953
ZF North America Capital, Inc. 144A company guaranty sr. unsec. unsub. notes 4.50%, 4/29/22			1,130,000	1,166,725
				74,430,231
Chemicals (2.7%)
A Schulman, Inc. 144A company guaranty sr. unsec. unsub. notes 6.875%, 6/1/23			2,131,000	2,173,620
Axalta Coating Systems, LLC 144A company guaranty sr. unsec. unsub. notes 4.875%, 8/15/24			1,770,000	1,761,150
Blue Cube Spinco, Inc. company guaranty sr. unsec. unsub. notes 9.75%, 10/15/23			2,415,000	2,837,625
Chemours Co. (The) company guaranty sr. unsec. unsub. notes 7.00%, 5/15/25			1,825,000	1,797,625
Chemours Co. (The) company guaranty sr. unsec. unsub. notes 6.625%, 5/15/23			1,705,000	1,683,688
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4.875%, 7/15/24			1,634,000	1,544,130
GCP Applied Technologies, Inc. 144A company guaranty sr. unsec. notes 9.50%, 2/1/23			4,498,000	5,093,985
Huntsman International, LLC company guaranty sr. unsec. notes 5.125%, 11/15/22			1,480,000	1,502,200
Kraton Polymers LLC/Kraton Polymers Capital Corp. 144A company guaranty sr. unsec. notes 10.50%, 4/15/23			2,155,000	2,386,663
PQ Corp. 144A company guaranty sr. notes 6.75%, 11/15/22			650,000	686,563
Tronox Finance, LLC company guaranty sr. unsec. notes 6.375%, 8/15/20			430,000	391,838
Tronox Finance, LLC 144A company guaranty sr. unsec. notes 7.50%, 3/15/22			1,270,000	1,158,875
Univar USA, Inc. 144A company guaranty sr. unsec. notes 6.75%, 7/15/23			1,965,000	1,999,388
WR Grace & Co.- Conn. 144A company guaranty sr. unsec. notes 5.625%, 10/1/24			3,842,000	4,072,520
				29,089,870
Commercial and consumer services (0.3%)
Sabre GLBL, Inc. 144A company guaranty sr. notes 5.375%, 4/15/23			2,675,000	2,708,438
				2,708,438
Construction (2.5%)
Beacon Roofing Supply, Inc. company guaranty sr. unsec. unsub. notes 6.375%, 10/1/23			3,180,000	3,378,750
BMC East, LLC 144A company guaranty sr. notes 5.50%, 10/1/24			2,795,000	2,788,013
Builders FirstSource, Inc. 144A company guaranty sr. unsec. notes 10.75%, 8/15/23			3,724,000	4,263,980
Builders FirstSource, Inc. 144A company guaranty sr. unsub. notes 5.625%, 9/1/24			1,740,000	1,748,700
Cemex Finance, LLC 144A company guaranty sr. notes 9.375%, 10/12/22 (Mexico)			1,595,000	1,728,581
Cemex Finance, LLC 144A company guaranty sr. notes 6.00%, 4/1/24 (Mexico)			1,405,000	1,396,359
Cemex SAB de CV 144A company guaranty sr. notes 6.50%, 12/10/19 (Mexico)			675,000	708,750
Cemex SAB de CV 144A company guaranty sr. notes 6.125%, 5/5/25 (Mexico)			550,000	541,750
Cemex SAB de CV 144A company guaranty sr. sub. notes 5.70%, 1/11/25 (Mexico)			970,000	936,050
CPG Merger Sub, LLC 144A company guaranty sr. unsec. notes 8.00%, 10/1/21			1,064,000	1,095,920
HD Supply, Inc. 144A company guaranty sr. unsec. notes 5.75%, 4/15/24			1,105,000	1,129,863
U.S. Concrete, Inc. company guaranty sr. unsec. unsub. notes 6.375%, 6/1/24			1,735,000	1,808,738
USG Corp. 144A company guaranty sr. unsec. notes 5.875%, 11/1/21			485,000	506,369
USG Corp. 144A company guaranty sr. unsec. notes 5.50%, 3/1/25			1,975,000	2,027,041
Weekley Homes, LLC/Weekley Finance Corp. sr. unsec. notes 6.00%, 2/1/23			3,911,000	3,559,010
				27,617,874
Consumer (0.3%)
Spectrum Brands, Inc. company guaranty sr. unsec. notes 5.75%, 7/15/25			1,390,000	1,442,125
Spectrum Brands, Inc. company guaranty sr. unsec. sub. notes 6.625%, 11/15/22			140,000	149,100
Spectrum Brands, Inc. company guaranty sr. unsec. unsub. notes 6.125%, 12/15/24			1,350,000	1,431,000
				3,022,225
Consumer staples (4.3%)
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty notes 6.00%, 4/1/22 (Canada)			3,850,000	4,013,625
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 4.625%, 1/15/22 (Canada)			990,000	1,007,325
Ashtead Capital, Inc. 144A company guaranty notes 6.50%, 7/15/22			2,345,000	2,453,456
Ashtead Capital, Inc. 144A company guaranty notes 5.625%, 10/1/24			1,630,000	1,699,275
BlueLine Rental Finance Corp. 144A notes 7.00%, 2/1/19			1,635,000	1,569,600
CEC Entertainment, Inc. company guaranty sr. unsec. sub. notes 8.00%, 2/15/22			3,305,000	3,313,263
Ceridian HCM Holding, Inc. 144A sr. unsec. notes 11.00%, 3/15/21			5,624,000	5,764,600
Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 6.00%, 5/1/22			2,576,000	2,930,200
Dean Foods Co. 144A company guaranty sr. unsec. notes 6.50%, 3/15/23			3,060,000	3,182,400
JBS USA Lux SA/JBS USA Finance, Inc. 144A sr. unsec. notes 8.25%, 2/1/20 (Brazil)			120,000	123,300
KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 144A company guaranty sr. unsec. notes 5.25%, 6/1/26			1,845,000	1,863,450
KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 144A company guaranty sr. unsec. notes 5.00%, 6/1/24			1,845,000	1,863,450
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 4.875%, 11/1/26			1,570,000	1,562,150
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 11/1/24			1,095,000	1,090,209
Landry's, Inc. 144A sr. unsec. notes 6.75%, 10/15/24			1,360,000	1,360,000
Pilgrim's Pride Corp. 144A company guaranty sr. unsec. notes 5.75%, 3/15/25			1,160,000	1,157,100
Prestige Brands, Inc. 144A company guaranty sr. unsec. notes 5.375%, 12/15/21			2,015,000	2,075,450
Revlon Consumer Products Corp. company guaranty sr. unsec. notes 6.25%, 8/1/24			1,024,000	1,011,200
Revlon Consumer Products Corp. company guaranty sr. unsec. sub. notes 5.75%, 2/15/21			3,875,000	3,850,781
Rite Aid Corp. 144A company guaranty sr. unsec. unsub. notes 6.125%, 4/1/23			3,081,000	3,293,281
Vander Intermediate Holding II Corp. 144A sr. unsec. notes 9.75%, 2/1/19(PIK)			570,437	370,784
WhiteWave Foods Co. (The) company guaranty sr. unsec. notes 5.375%, 10/1/22			1,150,000	1,267,875
				46,822,774
Energy (oil field) (0.1%)
Seventy Seven Energy, Inc. escrow sr. unsec. notes 6.50%, 7/15/22(F)			3,145,000	315
Tervita Corp. 144A company guaranty sr. notes 9.00%, 11/15/18 (Canada)		CAD	1,400,000	1,044,815
Tervita Corp. 144A sr. unsec. notes 10.875%, 2/15/18 (Canada) (In default)(NON)			$665,000	9,975
				1,055,105
Energy (other) (0.1%)
CHC Helicopter SA company guaranty sr. notes 9.25%, 10/15/20 (Canada) (In default)(NON)			1,390,500	681,345
				681,345
Entertainment (1.7%)
AMC Entertainment Holdings, Inc. 144A sr. unsec. sub. bonds 5.875%, 11/15/26			755,000	760,663
AMC Entertainment, Inc. company guaranty sr. unsec. sub. notes 5.875%, 2/15/22			505,000	526,791
AMC Entertainment, Inc. company guaranty sr. unsec. sub. notes 5.75%, 6/15/25			1,920,000	1,934,400
Cinemark USA, Inc. company guaranty sr. unsec. notes 5.125%, 12/15/22			1,846,000	1,896,765
Cinemark USA, Inc. company guaranty sr. unsec. sub. notes 4.875%, 6/1/23			1,179,000	1,190,790
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. sub. notes 4.875%, 11/1/20			2,805,000	2,945,250
GLP Capital LP/GLP Financing II, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 4/15/26			1,010,000	1,032,725
Live Nation Entertainment, Inc. 144A company guaranty sr. unsec. notes 4.875%, 11/1/24			1,060,000	1,054,700
Regal Entertainment Group sr. unsec. sub. notes 5.75%, 2/1/25			770,000	770,000
Regal Entertainment Group sr. unsec. sub. notes 5.75%, 6/15/23			2,365,000	2,403,431
Six Flags Entertainment Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 1/15/21			3,704,000	3,817,898
				18,333,413
Financials (7.3%)
Alliance Data Systems Corp. 144A company guaranty sr. unsec. notes 5.375%, 8/1/22			2,615,000	2,490,788
Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31			5,627,000	6,386,645
Ally Financial, Inc. sub. unsec. notes 5.75%, 11/20/25			1,460,000	1,445,400
American International Group, Inc. jr. unsec. sub. FRB 8.175%, 5/15/58			2,072,000	2,657,340
Australia & New Zealand Banking Group, Ltd./United Kingdom 144A jr. unsec. sub. FRB 6.75%, perpetual maturity (United Kingdom)			655,000	694,734
Banco Bilbao Vizcaya Argentaria SA jr. unsec. sub. FRB 9.00%, perpetual maturity (Spain)			1,200,000	1,225,500
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity			1,010,000	1,010,000
CBRE Services, Inc. company guaranty sr. unsec. notes 5.25%, 3/15/25			495,000	511,397
CIT Group, Inc. sr. unsec. sub. notes 5.00%, 8/1/23			1,435,000	1,481,638
CIT Group, Inc. sr. unsec. unsub. notes 5.375%, 5/15/20			1,560,000	1,649,700
CIT Group, Inc. sr. unsec. unsub. notes 5.00%, 8/15/22			1,536,000	1,599,360
Citigroup, Inc. jr. unsec. unsub. FRN Ser. T, 6.25%, perpetual maturity			645,000	662,738
CNG Holdings, Inc./OH 144A sr. notes 9.375%, 5/15/20			2,780,000	2,217,050
CNO Financial Group, Inc. sr. unsec. unsub. notes 5.25%, 5/30/25			1,995,000	1,992,506
Credit Acceptance Corp. company guaranty sr. unsec. notes 7.375%, 3/15/23			1,060,000	1,083,850
Credit Acceptance Corp. company guaranty sr. unsec. notes 6.125%, 2/15/21			1,930,000	1,944,475
Credit Suisse Group AG 144A jr. unsec. sub. FRN 6.25%, perpetual maturity (Switzerland)			525,000	493,500
DFC Finance Corp. 144A company guaranty sr. notes 10.50%, 6/15/20			1,760,000	1,073,600
Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31			2,092,000	2,430,695
E*Trade Financial Corp. sr. unsec. unsub. notes 4.625%, 9/15/23			1,550,000	1,561,625
ESH Hospitality, Inc. 144A company guaranty sr. unsec. notes 5.25%, 5/1/25(R)			2,165,000	2,094,638
Hub Holdings, LLC/Hub Holdings Finance, Inc. 144A sr. unsec. sub. notes 8.125%, 7/15/19(PIK)			705,000	697,950
HUB International, Ltd. 144A sr. unsec. notes 7.875%, 10/1/21			2,858,000	2,918,733
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.00%, 8/1/20			1,183,000	1,177,712
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5.875%, 2/1/22			1,902,000	1,830,675
Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.80%, 3/15/37			830,000	929,600
Lloyds Bank PLC jr. unsec. sub. FRN Ser. EMTN, 13.00%, perpetual maturity (United Kingdom)		GBP	985,000	2,146,721
Lloyds Banking Group PLC jr. unsec. sub. FRB 7.50%, perpetual maturity (United Kingdom)			$343,000	349,860
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 144A company guaranty sr. unsec. notes 5.625%, 5/1/24			920,000	963,700
MPT Operating Partnership LP/MPT Finance Corp. company guaranty sr. unsec. notes 6.375%, 3/1/24(R)			995,000	1,019,875
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. unsub. notes 7.875%, 10/1/20			1,380,000	1,411,050
Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. unsub. notes 6.50%, 7/1/21			3,565,000	3,573,913
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5.875%, 3/15/22			2,340,000	2,427,750
OneMain Financial Holdings, LLC 144A company guaranty sr. unsec. sub. notes 6.75%, 12/15/19			1,045,000	1,063,288
OneMain Financial Holdings, LLC 144A company guaranty sr. unsec. unsub. notes 7.25%, 12/15/21			1,487,000	1,487,000
Provident Funding Associates LP/PFG Finance Corp. 144A company guaranty sr. unsec. notes 6.75%, 6/15/21			3,211,000	3,235,083
Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 7.648%, perpetual maturity (United Kingdom)			4,955,000	5,679,669
Royal Bank of Scotland Group PLC jr. unsec. sub. FRB 7.50%, perpetual maturity (United Kingdom)			1,340,000	1,209,350
Springleaf Finance Corp. company guaranty sr. unsec. unsub. notes 8.25%, 12/15/20			790,000	822,588
Springleaf Finance Corp. sr. unsec. unsub. notes 5.25%, 12/15/19			750,000	737,813
Stearns Holdings, Inc. 144A company guaranty sr. notes 9.375%, 8/15/20			1,625,000	1,610,781
TMX Finance, LLC/TitleMax Finance Corp. 144A company guaranty sr. notes 8.50%, 9/15/18			1,919,000	1,573,580
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. company guaranty sr. unsec. unsub. notes 5.875%, 6/15/24			2,181,000	2,210,989
USI, Inc./NY 144A sr. unsec. notes 7.75%, 1/15/21			2,220,000	2,253,300
Wayne Merger Sub, LLC 144A sr. unsec. notes 8.25%, 8/1/23			1,739,000	1,760,738
				79,798,897
Forest products and packaging (1.9%)
Boise Cascade Co. 144A company guaranty sr. unsec. notes 5.625%, 9/1/24			2,620,000	2,561,050
Coveris Holdings SA 144A company guaranty sr. unsec. notes 7.875%, 11/1/19 (Luxembourg)			4,150,000	4,103,313
Louisiana-Pacific Corp. 144A company guaranty sr. unsec. unsub. notes 4.875%, 9/15/24			1,840,000	1,787,100
Mercer International, Inc. company guaranty sr. unsec. notes 7.75%, 12/1/22 (Canada)			3,316,000	3,473,510
Norbord, Inc. 144A company guaranty sr. notes 6.25%, 4/15/23 (Canada)			2,635,000	2,739,873
Pactiv, LLC sr. unsec. unsub. bonds 8.375%, 4/15/27			260,000	285,350
Sealed Air Corp. 144A company guaranty sr. unsec. notes 6.875%, 7/15/33			2,177,000	2,242,310
Smurfit Kappa Treasury Funding, Ltd. company guaranty sr. unsec. unsub. notes 7.50%, 11/20/25 (Ireland)			2,973,000	3,433,815
				20,626,321
Gaming and lottery (3.0%)
Boyd Gaming Corp. company guaranty sr. unsec. sub. notes 6.875%, 5/15/23			2,470,000	2,624,375
Boyd Gaming Corp. 144A company guaranty sr. unsec. unsub. bonds 6.375%, 4/1/26			730,000	761,025
Eldorado Resorts, Inc. company guaranty sr. unsec. unsub. notes 7.00%, 8/1/23			2,475,000	2,617,313
Great Canadian Gaming Corp. 144A company guaranty sr. unsec. notes 6.625%, 7/25/22 (Canada)		CAD	3,139,000	2,450,701
Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes 5.875%, 3/15/21			$1,765,000	1,836,703
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp. 144A company guaranty notes 10.25%, 11/15/22			4,125,000	4,083,750
Jack Ohio Finance, LLC/Jack Ohio Finance 1 Corp. 144A company guaranty sr. notes 6.75%, 11/15/21			3,770,000	3,779,425
Penn National Gaming, Inc. sr. unsec. sub. notes 5.875%, 11/1/21			2,599,000	2,696,463
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 144A sr. notes 6.125%, 8/15/21			3,260,000	3,308,900
Scientific Games International, Inc. company guaranty sr. unsec. notes 10.00%, 12/1/22			7,489,000	7,020,938
Scientific Games International, Inc. company guaranty sr. unsec. sub. notes 6.25%, 9/1/20			675,000	550,125
Scientific Games International, Inc. 144A company guaranty sr. notes 7.00%, 1/1/22			565,000	596,075
				32,325,793
Health care (6.8%)
Acadia Healthcare Co., Inc. company guaranty sr. unsec. sub. notes 6.125%, 3/15/21			3,145,000	3,247,213
Acadia Healthcare Co., Inc. company guaranty sr. unsec. sub. notes 5.125%, 7/1/22			1,675,000	1,620,563
AMAG Pharmaceuticals, Inc. 144A company guaranty sr. unsec. notes 7.875%, 9/1/23			2,910,000	2,764,500
Centene Corp. sr. unsec. unsub. notes 6.125%, 2/15/24			2,175,000	2,210,018
Centene Corp. sr. unsec. unsub. notes 5.625%, 2/15/21			675,000	695,250
Centene Corp. sr. unsec. unsub. notes 4.75%, 1/15/25			606,000	580,245
Centene Corp. sr. unsec. unsub. notes 4.75%, 5/15/22			1,945,000	1,915,825
CHS/Community Health Systems, Inc. company guaranty sr. unsec. notes 6.875%, 2/1/22			4,286,000	2,858,226
Concordia International Corp. 144A company guaranty sr. unsec. notes 7.00%, 4/15/23 (Canada)			2,755,000	1,046,900
Concordia International Corp. 144A sr. notes 9.00%, 4/1/22 (Canada)			405,000	372,600
ConvaTec Healthcare E SA 144A company guaranty sr. unsec. unsub. notes 10.50%, 12/15/18 (Luxembourg)			2,131,000	2,131,000
DPx Holdings BV 144A sr. unsec. sub. notes 7.50%, 2/1/22 (Netherlands)			1,475,000	1,548,750
Endo Finance, LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. unsub. notes 5.375%, 1/15/23			1,298,000	1,132,505
Endo Limited/Endo Finance LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. notes 6.50%, 2/1/25 (Ireland)			875,000	747,031
Endo Limited/Endo Finance LLC/Endo Finco, Inc. 144A company guaranty sr. unsec. unsub. notes 6.00%, 7/15/23 (Ireland)			3,850,000	3,426,500
Halyard Health, Inc. company guaranty sr. unsec. unsub. notes 6.25%, 10/15/22			2,685,000	2,745,413
HCA, Inc. company guaranty sr. bonds 5.25%, 6/15/26			1,955,000	1,957,111
HCA, Inc. company guaranty sr. notes 6.50%, 2/15/20			4,955,000	5,388,563
HCA, Inc. company guaranty sr. unsec. unsub. notes 7.50%, 2/15/22			705,000	784,313
HCA, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 2/1/25			690,000	675,338
Jaguar Holding Co. II/Pharmaceutical Product Development, LLC 144A company guaranty sr. unsec. notes 6.375%, 8/1/23			2,605,000	2,683,358
Kinetic Concepts, Inc./KCI USA, Inc. 144A company guaranty sr. notes 7.875%, 2/15/21			909,000	958,995
Mallinckrodt International Finance SA/Mallinckrodt CB, LLC 144A company guaranty sr. unsec. unsub. notes 5.50%, 4/15/25 (Luxembourg)			2,050,000	1,763,000
MEDNAX, Inc. 144A company guaranty sr. unsec. unsub. notes 5.25%, 12/1/23			910,000	923,650
Molina Healthcare, Inc. company guaranty sr. unsec. notes 5.375%, 11/15/22			1,605,000	1,607,006
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 144A sr. unsec. notes 6.625%, 5/15/22			3,825,000	3,193,875
Omega Healthcare Investors, Inc. company guaranty sr. unsec. unsub. notes 4.95%, 4/1/24(R)			2,145,000	2,174,487
Service Corp. International/US sr. unsec. notes 5.375%, 1/15/22			2,554,000	2,643,390
Service Corp. International/US sr. unsec. unsub. notes 5.375%, 5/15/24			3,375,000	3,510,338
Sterigenics-Nordion Holdings, LLC 144A sr. unsec. notes 6.50%, 5/15/23			1,285,000	1,291,425
Tenet Healthcare Corp. company guaranty sr. FRN 4.35%, 6/15/20			2,920,000	2,920,000
Tenet Healthcare Corp. company guaranty sr. notes 6.25%, 11/1/18			860,000	896,550
Tenet Healthcare Corp. company guaranty sr. sub. notes 6.00%, 10/1/20			2,520,000	2,567,250
Tenet Healthcare Corp. 144A company guaranty notes 7.50%, 1/1/22			745,000	765,953
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 6.125%, 4/15/25			2,100,000	1,554,000
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5.875%, 5/15/23			2,345,000	1,747,025
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5.625%, 12/1/21			925,000	712,250
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5.50%, 3/1/23			1,100,000	808,500
Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5.375%, 3/15/20			3,460,000	2,906,400
				73,475,316
Homebuilding (2.1%)
American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 5.75%, 12/15/23			1,944,000	1,997,460
Brookfield Residential Properties, Inc. 144A company guaranty sr. unsec. notes 6.50%, 12/15/20 (Canada)			3,150,000	3,197,250
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A company guaranty sr. unsec. notes 6.125%, 7/1/22 (Canada)			815,000	816,875
CalAtlantic Group, Inc. company guaranty sr. unsec. sub. notes 6.25%, 12/15/21			2,448,000	2,619,360
CalAtlantic Group, Inc. company guaranty sr. unsec. sub. notes 5.875%, 11/15/24			1,230,000	1,263,825
Howard Hughes Corp. (The) 144A sr. unsec. notes 6.875%, 10/1/21			5,030,000	5,303,632
Lennar Corp. company guaranty sr. unsec. unsub. notes 4.75%, 11/15/22			500,000	508,750
Lennar Corp. company guaranty sr. unsec. unsub. notes 4.75%, 4/1/21			700,000	719,250
Mattamy Group Corp. 144A sr. unsec. notes 6.50%, 11/15/20 (Canada)			3,056,000	3,040,720
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7.875%, 6/15/32			2,809,000	3,096,923
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 3/1/26			150,000	148,688
				22,712,733
Household furniture and appliances (0.1%)
Tempur Sealy International, Inc. company guaranty sr. unsec. unsub. bonds 5.50%, 6/15/26			1,160,000	1,154,200
				1,154,200
Lodging/Tourism (1.2%)
Caesars Growth Properties Holdings, LLC/Caesars Growth Properties Finance, Inc. company guaranty notes 9.375%, 5/1/22			1,885,000	2,016,950
Diamond Resorts International, Inc. 144A sr. notes 7.75%, 9/1/23			3,370,000	3,370,000
Diamond Resorts International, Inc. 144A sr. unsec. notes 10.75%, 9/1/24			1,350,000	1,265,625
Hilton Domestic Operating Co., Inc. 144A sr. unsec. sub. notes 4.25%, 9/1/24			420,000	411,600
MGM Resorts International company guaranty sr. unsec. unsub. notes 8.625%, 2/1/19			402,000	446,220
MGM Resorts International company guaranty sr. unsec. unsub. notes 6.625%, 12/15/21			945,000	1,032,413
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A sr. notes 6.375%, 6/1/21			4,607,000	4,583,965
				13,126,773
Media (0.6%)
EMI Music Publishing Group North America Holdings, Inc. 144A sr. unsec. notes 7.625%, 6/15/24			2,005,000	2,145,350
Nielsen Co. Luxembourg Sarl (The) 144A company guaranty sr. unsec. sub. notes 5.50%, 10/1/21 (Luxembourg)			923,000	956,459
Nielsen Finance, LLC/Nielsen Finance Co. 144A company guaranty sr. unsec. sub. notes 5.00%, 4/15/22			1,556,000	1,587,120
WMG Acquisition Corp. 144A company guaranty sr. notes 5.00%, 8/1/23			1,706,000	1,706,000
				6,394,929
Metals (4.2%)
Allegheny Technologies, Inc. sr. unsec. unsub. notes 9.375%, 6/1/19			2,358,000	2,481,795
Allegheny Technologies, Inc. sr. unsec. unsub. notes 5.95%, 1/15/21			365,000	335,800
ArcelorMittal SA sr. unsec. unsub. bonds 10.85%, 6/1/19 (France)			1,525,000	1,791,875
ArcelorMittal SA sr. unsec. unsub. bonds 6.125%, 6/1/25 (France)			2,199,000	2,391,413
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7.25%, 5/15/22 (Canada)			1,654,000	1,604,380
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7.25%, 10/15/19 (Canada)			1,140,000	1,147,125
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7.00%, 2/15/21 (Canada)			980,000	962,850
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 6.75%, 2/15/20 (Canada)			2,256,000	2,230,620
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. notes 6.75%, 2/1/22			1,190,000	1,237,600
Freeport-McMoran Oil & Gas, LLC/FCX Oil & Gas, Inc. company guaranty sr. unsec. unsub. notes 6.875%, 2/15/23			2,225,000	2,380,750
Freeport-McMoRan, Inc. company guaranty sr. unsec. notes 3.55%, 3/1/22 (Indonesia)			855,000	809,258
HudBay Minerals, Inc. company guaranty sr. unsec. notes 9.50%, 10/1/20 (Canada)			3,384,000	3,561,660
Joseph T Ryerson & Son, Inc. 144A sr. notes 11.00%, 5/15/22			1,980,000	2,158,200
New Gold, Inc. 144A company guaranty sr. unsec. unsub. notes 7.00%, 4/15/20 (Canada)			1,405,000	1,443,638
New Gold, Inc. 144A company guaranty sr. unsec. unsub. notes 6.25%, 11/15/22 (Canada)			1,060,000	1,063,975
Novelis Corp. 144A company guaranty sr. unsec. bonds 5.875%, 9/30/26			3,910,000	3,905,113
Novelis Corp. 144A company guaranty sr. unsec. notes 6.25%, 8/15/24			2,155,000	2,241,200
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 6.375%, 8/15/22			3,670,000	3,862,675
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5.50%, 10/1/24			855,000	904,163
Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5.25%, 4/15/23			1,150,000	1,193,125
Steel Dynamics, Inc. 144A sr. unsec. bonds 5.00%, 12/15/26			750,000	753,750
Teck Resources, Ltd. company guaranty sr. unsec. unsub. notes 4.75%, 1/15/22 (Canada)			875,000	885,938
Teck Resources, Ltd. company guaranty sr. unsec. unsub. notes 3.75%, 2/1/23 (Canada)			770,000	731,500
Teck Resources, Ltd. 144A company guaranty sr. unsec. notes 8.50%, 6/1/24 (Canada)			320,000	372,000
Teck Resources, Ltd. 144A company guaranty sr. unsec. notes 8.00%, 6/1/21 (Canada)			480,000	524,400
TMS International Corp. 144A company guaranty sr. unsec. sub. notes 7.625%, 10/15/21			3,680,000	3,003,800
Zekelman Industries, Inc. 144A company guaranty sr. notes 9.875%, 6/15/23			2,067,000	2,216,858
				46,195,461
Oil and gas (10.7%)
Anadarko Petroleum Corp. sr. unsec. unsub. notes 5.55%, 3/15/26			1,200,000	1,316,904
Antero Resources Corp. company guaranty sr. unsec. notes 5.625%, 6/1/23			1,145,000	1,166,469
Antero Resources Corp. company guaranty sr. unsec. sub. notes 5.125%, 12/1/22			1,385,000	1,405,775
Antero Resources Finance Corp. company guaranty sr. unsec. sub. notes 5.375%, 11/1/21			1,365,000	1,400,831
Baytex Energy Corp. 144A company guaranty sr. unsec. sub. notes 5.625%, 6/1/24 (Canada)			1,707,000	1,429,613
Baytex Energy Corp. 144A company guaranty sr. unsec. sub. notes 5.125%, 6/1/21 (Canada)			255,000	213,244
California Resources Corp. 144A company guaranty notes 8.00%, 12/15/22			4,385,000	3,508,000
Carrizo Oil & Gas, Inc. company guaranty sr. unsec. unsub. notes 7.50%, 9/15/20			620,000	641,700
Cenovus Energy, Inc. sr. unsec. bonds 6.75%, 11/15/39 (Canada)			3,230,000	3,417,369
Cenovus Energy, Inc. sr. unsec. bonds 4.45%, 9/15/42 (Canada)			995,000	821,042
Chesapeake Energy Corp. 144A company guaranty notes 8.00%, 12/15/22			2,438,000	2,523,293
Concho Resources, Inc. company guaranty sr. unsec. notes 5.50%, 4/1/23			4,567,000	4,704,010
Continental Resources, Inc. company guaranty sr. unsec. notes 3.80%, 6/1/24			605,000	559,625
Continental Resources, Inc. company guaranty sr. unsec. sub. notes 5.00%, 9/15/22			3,177,000	3,169,058
Continental Resources, Inc. company guaranty sr. unsec. unsub. notes 4.50%, 4/15/23			1,580,000	1,536,550
Denbury Resources, Inc. company guaranty sr. unsec. sub. notes 6.375%, 8/15/21			1,653,000	1,388,520
Denbury Resources, Inc. 144A company guaranty notes 9.00%, 5/15/21			2,571,000	2,667,413
Devon Financing Company, LLC company guaranty sr. unsec. unsub. bonds 7.875%, 9/30/31			2,575,000	3,139,847
Diamondback Energy, Inc. 144A company guaranty sr. unsec. notes 4.75%, 11/1/24			900,000	901,125
EP Energy, LLC/Everest Acquisition Finance, Inc. company guaranty sr. unsec. sub. notes 9.375%, 5/1/20			6,088,000	5,098,700
EP Energy, LLC/Everest Acquisition Finance, Inc. 144A company guaranty sr. notes 8.00%, 11/29/24			1,190,000	1,225,700
Halcon Resources Corp. 144A company guaranty notes 8.625%, 2/1/20			2,452,000	2,501,040
Hess Corp. sr. unsec. unsub. notes 7.30%, 8/15/31			1,310,000	1,441,101
Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 6.00%, 8/1/24			3,159,000	3,285,360
Laredo Petroleum, Inc. company guaranty sr. unsec. notes 7.375%, 5/1/22			3,830,000	3,983,200
Laredo Petroleum, Inc. company guaranty sr. unsec. sub. notes 5.625%, 1/15/22			628,000	626,430
Marathon Oil Corp. sr. unsec. unsub. notes 3.85%, 6/1/25			1,015,000	944,192
MEG Energy Corp. 144A company guaranty sr. unsec. notes 7.00%, 3/31/24 (Canada)			912,000	795,720
MEG Energy Corp. 144A company guaranty sr. unsec. notes 6.50%, 3/15/21 (Canada)			755,000	679,500
Murphy Oil Corp. sr. unsec. unsub. notes 6.875%, 8/15/24			2,387,000	2,512,318
Newfield Exploration Co. sr. unsec. unsub. notes 5.75%, 1/30/22			3,240,000	3,361,500
Newfield Exploration Co. sr. unsec. unsub. notes 5.625%, 7/1/24			1,130,000	1,165,313
Newfield Exploration Co. sr. unsec. unsub. notes 5.375%, 1/1/26			2,140,000	2,172,100
Oasis Petroleum, Inc. company guaranty sr. unsec. notes 6.50%, 11/1/21			906,000	915,060
Oasis Petroleum, Inc. company guaranty sr. unsec. sub. notes 6.875%, 1/15/23			1,130,000	1,158,250
Oasis Petroleum, Inc. company guaranty sr. unsec. unsub. notes 6.875%, 3/15/22			3,255,000	3,352,650
Precision Drilling Corp. company guaranty sr. unsec. notes 5.25%, 11/15/24 (Canada)			75,000	66,750
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.75%, 12/15/23 (Canada)			820,000	832,300
Range Resources Corp. 144A company guaranty sr. unsec. sub. notes 5.75%, 6/1/21			2,685,000	2,711,850
Rose Rock Midstream LP/Rose Rock Finance Corp. company guaranty sr. unsec. sub. notes 5.625%, 11/15/23			1,120,000	1,064,000
Rose Rock Midstream LP/Rose Rock Finance Corp. company guaranty sr. unsec. sub. notes 5.625%, 7/15/22			895,000	859,200
Sabine Pass Liquefaction, LLC sr. notes 6.25%, 3/15/22			565,000	607,375
Sabine Pass Liquefaction, LLC sr. notes 5.75%, 5/15/24			1,820,000	1,920,100
Sabine Pass Liquefaction, LLC sr. notes 5.625%, 4/15/23			1,850,000	1,933,250
Sabine Pass Liquefaction, LLC 144A sr. bonds 5.00%, 3/15/27			1,715,000	1,693,563
Sabine Pass Liquefaction, LLC 144A sr. notes 5.875%, 6/30/26			1,865,000	1,969,906
Samson Investment Co. company guaranty sr. unsec. notes 9.75%, 2/15/20 (In default)(NON)			4,125,000	234,609
SandRidge Energy, Inc. escrow company guaranty notes 8.75%, 6/1/20(F)			2,235,000	4,470
Seven Generations Energy, Ltd. 144A sr. unsec. bonds 6.75%, 5/1/23 (Canada)			2,300,000	2,417,875
Seven Generations Energy, Ltd. 144A sr. unsec. sub. notes 8.25%, 5/15/20 (Canada)			1,470,000	1,558,200
Seventy Seven Energy, Inc. escrow sr. unsec. notes 6.50%, 7/15/22(F)			1,280,000	128
SM Energy Co. sr. unsec. notes 6.50%, 11/15/21			2,055,000	2,080,688
SM Energy Co. sr. unsec. sub. notes 5.00%, 1/15/24			2,593,000	2,443,903
SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26			1,255,000	1,289,513
SM Energy Co. sr. unsec. unsub. notes 6.125%, 11/15/22			1,160,000	1,162,900
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 144A company guaranty sr. unsec. bonds 5.375%, 2/1/27			1,345,000	1,328,188
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 144A company guaranty sr. unsec. notes 5.125%, 2/1/25			675,000	666,144
Tesoro Logistics LP/Tesoro Logistics Finance Corp. company guaranty sr. unsec. notes 5.25%, 1/15/25			750,000	759,375
Triangle USA Petroleum Corp. 144A company guaranty sr. unsec. notes 6.75%, 7/15/22 (In default)(NON)			1,190,000	291,550
Unit Corp. company guaranty sr. unsec. sub. notes 6.625%, 5/15/21			629,000	572,390
Whiting Petroleum Corp. company guaranty sr. unsec. unsub. notes 5.75%, 3/15/21			623,000	613,655
Whiting Petroleum Corp. company guaranty sr. unsec. unsub. notes 5.00%, 3/15/19			1,845,000	1,821,938
Williams Cos., Inc. (The) sr. unsec. unsub. notes 8.75%, 3/15/32			860,000	1,006,200
Williams Cos., Inc. (The) sr. unsec. unsub. notes 7.875%, 9/1/21			639,000	730,058
Williams Cos., Inc. (The) sr. unsec. unsub. notes 7.75%, 6/15/31			438,000	488,147
Williams Partners LP/ACMP Finance Corp. company guaranty sr. unsec. unsub. notes 6.125%, 7/15/22			1,986,000	2,037,995
Williams Partners LP/ACMP Finance Corp. sr. unsec. sub. notes 4.875%, 3/15/24			2,175,000	2,192,407
Williams Partners LP/ACMP Finance Corp. sr. unsec. unsub. notes 4.875%, 5/15/23			1,350,000	1,363,500
WPX Energy, Inc. sr. unsec. notes 8.25%, 8/1/23			694,000	765,135
WPX Energy, Inc. sr. unsec. notes 7.50%, 8/1/20			2,575,000	2,716,625
WPX Energy, Inc. sr. unsec. unsub. notes 6.00%, 1/15/22			2,964,000	3,037,181
				116,369,590
Regional Bells (0.5%)
Frontier Communications Corp. sr. unsec. notes 11.00%, 9/15/25			1,058,000	1,060,645
Frontier Communications Corp. sr. unsec. notes 10.50%, 9/15/22			3,105,000	3,205,913
Frontier Communications Corp. sr. unsec. notes 8.875%, 9/15/20			785,000	819,344
				5,085,902
Retail (2.1%)
Bon-Ton Department Stores, Inc. (The) company guaranty notes 8.00%, 6/15/21			1,941,000	960,795
Dollar Tree, Inc. company guaranty sr. unsec. unsub. notes 5.75%, 3/1/23			870,000	928,725
JC Penney Corp, Inc. company guaranty sr. unsec. bonds 8.125%, 10/1/19			2,320,000	2,508,500
JC Penney Corp, Inc. company guaranty sr. unsec. unsub. notes 5.65%, 6/1/20			420,000	417,900
JC Penney Corp, Inc. 144A company guaranty sr. notes 5.875%, 7/1/23			545,000	558,625
Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes 9.75%, 10/15/19(PIK)			1,815,000	1,724,250
L Brands, Inc. company guaranty sr. unsec. notes 6.625%, 4/1/21			215,000	238,113
L Brands, Inc. company guaranty sr. unsec. sub. notes 5.625%, 2/15/22			1,470,000	1,561,875
Neiman Marcus Group, LLC (The) company guaranty sr. notes 7.125%, 6/1/28			1,996,000	1,816,360
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. sub. notes 8.75%, 10/15/21(PIK)			3,665,000	2,767,075
Neiman Marcus Group, Ltd. 144A company guaranty sr. unsec. sub. notes 8.00%, 10/15/21			3,085,000	2,421,725
Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5.75%, 10/1/22			2,490,000	2,546,025
Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5.50%, 5/15/26			1,305,000	1,257,798
Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5.375%, 12/1/24			1,780,000	1,748,850
Wolverine World Wide, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 9/1/26			1,469,000	1,410,240
				22,866,856
Technology (5.1%)
Avaya, Inc. 144A company guaranty notes 10.50%, 3/1/21			1,400,000	633,500
Avaya, Inc. 144A company guaranty sr. notes 7.00%, 4/1/19			6,075,000	5,292,844
CommScope Technologies Finance, LLC 144A sr. unsec. notes 6.00%, 6/15/25			3,111,000	3,243,218
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A company guaranty sr. unsec. notes 7.125%, 6/15/24			6,073,000	6,634,564
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. notes 5.45%, 6/15/23			2,740,000	2,857,976
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 144A sr. unsec. notes 5.875%, 6/15/21			535,000	563,483
First Data Corp. 144A company guaranty sr. unsec. unsub. notes 7.00%, 12/1/23			3,915,000	4,098,535
First Data Corp. 144A notes 5.75%, 1/15/24			2,590,000	2,622,375
First Data Corp. 144A sr. notes 5.375%, 8/15/23			2,095,000	2,168,325
Inception Merger Sub, Inc./Rackspace Hosting, Inc. 144A sr. unsec. notes 8.625%, 11/15/24			1,466,000	1,466,000
Infor Software Parent LLC/Infor Software Parent, Inc. 144A company guaranty sr. unsec. notes 7.125%, 5/1/21(PIK)			4,762,000	4,773,905
Infor US, Inc. company guaranty sr. unsec. notes 6.50%, 5/15/22			3,250,000	3,339,375
Iron Mountain, Inc. company guaranty sr. unsec. notes 6.00%, 8/15/23(R)			2,400,000	2,544,000
Iron Mountain, Inc. 144A company guaranty sr. unsec. notes 6.00%, 10/1/20(R)			915,000	963,038
Micron Technology, Inc. company guaranty sr. unsec. unsub. notes 5.875%, 2/15/22			2,195,000	2,271,825
Micron Technology, Inc. 144A sr. notes 7.50%, 9/15/23			1,110,000	1,226,550
Plantronics, Inc. 144A company guaranty sr. unsec. notes 5.50%, 5/31/23			3,135,000	3,142,838
Solera, LLC / Solera Finance, Inc. 144A sr. unsec. notes 10.50%, 3/1/24			3,260,000	3,602,300
Zebra Technologies Corp. sr. unsec. unsub. bonds 7.25%, 10/15/22			4,035,000	4,363,207
				55,807,858
Telecommunications (3.2%)
Altice Finco SA 144A company guaranty sr. unsec. unsub. notes 7.625%, 2/15/25 (Luxembourg)			1,100,000	1,080,750
Digicel Group, Ltd. 144A sr. unsec. notes 8.25%, 9/30/20 (Jamaica)			3,465,000	2,901,938
Digicel, Ltd. 144A company guaranty sr. unsec. notes 6.75%, 3/1/23 (Jamaica)			2,585,000	2,152,013
Intelsat Jackson Holdings SA company guaranty sr. unsec. notes 7.50%, 4/1/21 (Bermuda)			926,000	670,767
Intelsat Luxembourg SA company guaranty sr. unsec. bonds 7.75%, 6/1/21 (Luxembourg)			379,000	131,229
Intelsat Luxembourg SA company guaranty sr. unsec. sub. bonds 8.125%, 6/1/23 (Luxembourg)			758,000	259,615
Level 3 Communications, Inc. sr. unsec. unsub. notes 5.75%, 12/1/22			525,000	536,813
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 1/15/24			525,000	527,625
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.375%, 8/15/22			515,000	524,013
Qwest Corp. sr. unsec. unsub. notes 7.25%, 9/15/25			1,656,000	1,783,341
Sprint Capital Corp. company guaranty sr. unsec. unsub. notes 6.875%, 11/15/28			5,277,000	5,075,946
Sprint Communications, Inc. 144A company guaranty sr. unsec. notes 9.00%, 11/15/18			1,596,000	1,753,605
Sprint Corp. company guaranty sr. unsec. sub. notes 7.875%, 9/15/23			7,240,000	7,475,300
Sprint Corp. company guaranty sr. unsec. sub. notes 7.25%, 9/15/21			5,335,000	5,468,375
Sprint Spectrum Co., LLC/Sprint Spectrum Co. II, LLC/Sprint Spectrum Co. III, LL 144A company guaranty sr. notes 3.36%, 9/20/21			1,865,000	1,869,663
West Corp. 144A company guaranty sr. unsec. sub. notes 5.375%, 7/15/22			2,660,000	2,553,600
				34,764,593
Telephone (1.3%)
T-Mobile USA, Inc. company guaranty sr. unsec. notes 6.625%, 4/1/23			2,054,000	2,169,538
T-Mobile USA, Inc. company guaranty sr. unsec. notes 6.375%, 3/1/25			4,140,000	4,424,625
T-Mobile USA, Inc. company guaranty sr. unsec. notes 6.25%, 4/1/21			1,444,000	1,503,565
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.633%, 4/28/21			2,015,000	2,103,156
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.125%, 1/15/22			1,898,000	1,983,410
Windstream Services, LLC company guaranty sr. unsec. notes 6.375%, 8/1/23			2,484,000	2,161,080
				14,345,374
Textiles (0.1%)
Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24			1,450,000	1,446,375
				1,446,375
Tire and rubber (0.2%)
American Tire Distributors, Inc. 144A sr. unsec. sub. notes 10.25%, 3/1/22			2,766,000	2,579,295
				2,579,295
Transportation (0.8%)
Air Medical Merger Sub Corp. 144A sr. unsec. notes 6.375%, 5/15/23			3,445,000	3,272,750
Watco Cos., LLC/Watco Finance Corp. 144A company guaranty sr. unsec. notes 6.375%, 4/1/23			5,792,000	5,936,800
				9,209,550
Utilities and power (4.1%)
AES Corp./Virginia (The) sr. unsec. notes 8.00%, 6/1/20			791,000	921,515
AES Corp./Virginia (The) sr. unsec. notes 5.50%, 4/15/25			3,336,000	3,260,940
AES Corp./Virginia (The) sr. unsec. notes 4.875%, 5/15/23			950,000	926,250
AES Corp./Virginia (The) sr. unsec. unsub. notes 7.375%, 7/1/21			3,465,000	3,837,488
Boardwalk Pipelines LP company guaranty sr. unsec. unsub. bonds 5.95%, 6/1/26			1,110,000	1,177,999
Calpine Corp. sr. unsec. sub. notes 5.75%, 1/15/25			4,635,000	4,426,425
Calpine Corp. 144A company guaranty sr. notes 6.00%, 1/15/22			900,000	938,250
Calpine Corp. 144A company guaranty sr. sub. notes 5.875%, 1/15/24			550,000	574,063
Colorado Interstate Gas Co., LLC company guaranty sr. unsec. notes 6.85%, 6/15/37			3,492,000	3,723,156
Dynegy, Inc. company guaranty sr. unsec. notes 7.375%, 11/1/22			225,000	213,750
Dynegy, Inc. company guaranty sr. unsec. notes 6.75%, 11/1/19			4,379,000	4,422,790
Dynegy, Inc. company guaranty sr. unsec. unsub. notes 7.625%, 11/1/24			1,422,000	1,308,240
El Paso Natural Gas Co., LLC company guaranty sr. unsec. notes 8.625%, 1/15/22			1,597,000	1,937,096
Energy Transfer Equity LP company guaranty sr. notes 7.50%, 10/15/20			1,785,000	1,994,738
Energy Transfer Equity LP sr. sub. notes 5.875%, 1/15/24			1,440,000	1,476,000
GenOn Americas Generation, LLC sr. unsec. notes 9.125%, 5/1/31			1,285,000	1,040,850
GenOn Americas Generation, LLC sr. unsec. notes 8.50%, 10/1/21			1,035,000	859,050
GenOn Energy, Inc. sr. unsec. sub. notes 9.875%, 10/15/20			570,000	379,050
NRG Energy, Inc. company guaranty sr. unsec. sub. notes 7.875%, 5/15/21			1,397,000	1,449,388
NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 6.625%, 1/15/27			2,430,000	2,247,750
NRG Energy, Inc. 144A company guaranty sr. unsec. notes 7.25%, 5/15/26			1,695,000	1,656,863
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 6.50%, 7/15/21			200,000	206,295
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5.875%, 3/1/22			1,345,000	1,487,049
Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5.50%, 4/15/23			1,720,000	1,778,184
Southern Star Central Corp. 144A sr. unsec. notes 5.125%, 7/15/22			2,385,000	2,396,925
Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. escrow company guaranty sr. notes 11.50%, 10/1/20			1,345,000	13,450
				44,653,554
Total corporate bonds and notes (cost $921,511,547)				$913,913,373
SENIOR LOANS (6.7%)(a)(c)
			Principal amount	Value
Basic materials (0.5%)
Kraton Polymers, LLC/Kraton Polymers Capital Corp. bank term loan FRN Ser. B , 6.00%, 1/6/22			$2,120,000	$2,131,189
Solenis International LP bank term loan FRN 7.75%, 7/31/22			730,000	706,731
Solenis International LP bank term loan FRN 4.25%, 7/31/21			1,097,201	1,092,781
Zekelman Industries, Inc. bank term loan FRN Ser. B, 6.00%, 6/14/21			1,112,213	1,114,993
				5,045,694
Capital goods (0.3%)
Cortes NP Intermediate Holding II Corp. bank term loan FRN Ser. B, 6.00%, 11/30/23			1,100,000	1,088,541
Gates Global, LLC/Gates Global Co. bank term loan FRN 4.25%, 7/6/21			1,001,000	992,380
Harsco Corp. bank term loan FRN Ser. B, 6.00%, 11/2/23			890,000	901,125
				2,982,046
Communication services (0.2%)
Asurion, LLC bank term loan FRN 8.50%, 3/3/21			1,865,000	1,873,159
				1,873,159
Consumer cyclicals (3.3%)
Academy, Ltd. bank term loan FRN Ser. B, 5.00%, 7/2/22			2,531,495	2,328,975
Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 11.25%, 3/1/17 (In default)(NON)			3,072,737	3,380,011
Caesars Growth Properties Holdings, LLC bank term loan FRN 6.25%, 5/8/21			5,436,396	5,436,396
CPG International, Inc. bank term loan FRN Ser. B, 4.75%, 9/30/20			992,026	994,506
Getty Images, Inc. bank term loan FRN Ser. B, 4.75%, 10/18/19			2,289,474	1,975,244
iHeartCommunications, Inc. bank term loan FRN Ser. D, 7.274%, 1/30/19			2,546,000	1,957,238
J Crew Group, Inc. bank term loan FRN Ser. B, 4.00%, 3/5/21			3,016,329	1,925,422
Jeld-Wen, Inc. bank term loan FRN Ser. B, 4.75%, 7/1/22			3,780,684	3,809,040
Navistar, Inc. bank term loan FRN Ser. B, 6.50%, 8/7/20			3,843,219	3,870,844
Petco Animal Supplies, Inc. bank term loan FRN Ser. B1, 5.00%, 1/26/23			2,962,613	2,982,777
Scientific Games International, Inc. bank term loan FRN Ser. B2, 6.00%, 10/1/21			1,458,864	1,470,489
Talbots, Inc. (The) bank term loan FRN 9.50%, 3/19/21			1,563,988	1,450,599
Talbots, Inc. (The) bank term loan FRN 5.50%, 3/19/20			1,573,340	1,535,317
VGD Merger Sub, LLC bank term loan FRN 8.50%, 8/18/24			1,095,000	1,104,125
VGD Merger Sub, LLC bank term loan FRN 5.00%, 8/18/23			1,000,000	1,006,458
Yonkers Racing Corp. bank term loan FRN 4.25%, 8/20/19			1,240,998	1,230,657
				36,458,098
Consumer staples (0.3%)
Del Monte Foods, Inc. bank term loan FRN 8.25%, 8/18/21			1,440,000	1,128,000
Revlon Consumer Products Corp. bank term loan FRN Ser. B, 4.25%, 9/7/23			2,690,000	2,692,241
				3,820,241
Energy (0.9%)
Chesapeake Energy Corp. bank term loan FRN 8.50%, 8/23/21			3,900,000	4,132,050
EP Energy, LLC bank term loan FRN 9.75%, 6/30/21			1,100,000	1,115,125
MEG Energy Corp. bank term loan FRN Ser. B, 3.75%, 3/31/20			3,315,481	3,091,686
Western Refining, Inc. bank term loan FRN Ser. B2, 5.50%, 6/23/23			977,550	979,994
				9,318,855
Health care (0.4%)
AMAG Pharmaceuticals, Inc. bank term loan FRN Ser. B, 4.75%, 8/17/21			926,250	921,619
Concordia International Corp. bank term loan FRN Ser. B, 5.25%, 10/21/21			2,178,538	1,819,079
DPx Holdings BV bank term loan FRN Ser. B, 4.25%, 3/11/21			1,359,400	1,355,322
				4,096,020
Technology (0.5%)
Avaya, Inc. bank term loan FRN Ser. B7, 6.25%, 5/29/20			2,560,535	2,195,659
Inception Merger Sub, Inc. bank term loan FRN Ser. B, 5.00%, 10/26/23			865,000	871,179
Krono's, Inc. bank term loan FRN 9.25%, 11/1/24			1,507,000	1,541,446
Krono's, Inc. bank term loan FRN 5.00%, 11/1/23			1,219,000	1,220,371
				5,828,655
Utilities and power (0.3%)
Dynegy, Inc. bank term loan FRN Ser. C, 5.00%, 6/27/23			1,070,000	1,073,790
Energy Transfer Equity LP bank term loan FRN Ser. C, 4.042%, 12/2/19			1,030,000	1,029,632
Texas Competitive Electric Holdings Co., LLC bank term loan FRN 4.998%, 10/10/17			4,891,407	1,424,622
				3,528,044
Total senior loans (cost $77,679,864)				$72,950,812
COMMON STOCKS (1.8%)(a)
			Shares	Value
ACC Claims Holding, LLC Class A (Units)(F)			4,192,615	$25,156
Ally Financial, Inc.			106,895	2,075,901
Berry Plastics Group, Inc.(NON)			22,630	1,126,295
Boise Cascade Co.(NON)			66,332	1,512,370
CIT Group, Inc.			35,508	1,450,502
Eldorado Resorts, Inc.(NON)			87,925	1,208,969
Gaming and Leisure Properties, Inc.(R)			50,034	1,526,537
General Motors Co.			31,956	1,103,441
Halcon Resources Corp.(NON)			131,989	1,255,215
Live Nation Entertainment, Inc.(NON)			36,825	1,019,316
Milagro Oil & Gas, Inc. (Units)(F)			918	579,120
Penn National Gaming, Inc.(NON)			139,835	1,857,009
Prairie Provident Resources, Inc. (Canada)(NON)			20,458	11,422
Rite Aid Corp.(NON)			143,230	1,140,111
SandRidge Energy, Inc.(NON)			21,416	490,426
Service Corp. International/US			60,225	1,625,473
Seventy Seven Energy, Inc.(NON)			64,779	1,578,016
Tribune Media Co. Class 1C(F)			297,958	74,489
Vantage Drilling International (Units) (Cayman Islands)(NON)			1,472	126,592
Vistra Energy Corp.(NON)			23,034	321,324
Total common stocks (cost $20,168,775)				$20,107,684
CONVERTIBLE PREFERRED STOCKS (1.0%)(a)
			Shares	Value
Allergan PLC Ser. A, 5.50% cv. pfd.			2,467	$1,768,839
American Tower Corp. $5.50 cv. pfd.(R)			23,000	2,337,375
Belden, Inc. $6.75 cv. pfd.			10,700	1,134,307
EPR Properties Ser. C, $1.438 cv. pfd.(R)			58,913	1,656,928
T-Mobile US, Inc. Ser. A, $2.75 cv. pfd.			32,080	2,858,328
Tyson Foods, Inc. $2.375 cv. pfd.			15,619	979,311
Total convertible preferred stocks (cost $9,810,919)				$10,735,088
CONVERTIBLE BONDS AND NOTES (0.6%)(a)
			Principal amount	Value
DISH Network Corp. 144A cv. sr. unsec. bonds 3.375%, 8/15/26			$2,033,000	$2,271,878
Jazz US Holdings, Inc. cv. company guaranty sr. unsec. notes 8.00%, 12/31/18			1,132,000	2,072,975
Navistar International Corp. cv. sr. unsec. sub. bonds 4.50%, 10/15/18			906,000	881,085
ON Semiconductor Corp. cv. company guaranty sr. unsec. unsub. notes 1.00%, 12/1/20			1,008,000	1,006,740
SandRidge Energy, Inc. cv. company guaranty sr. unsec. sub. notes zero %, 10/4/20			504,894	614,393
Total convertible bonds and notes (cost $5,404,709)				$6,847,071
WARRANTS (0.0%)(a)(NON)
	Expiration date	Strike Price	Warrants	Value
Halcon Resources Corp.	9/9/20	$14.04	35,854	$89,276
Seventy Seven Energy, Inc.	8/1/21	23.82	11,043	77,301
Total warrants (cost $44,172)				$166,577
SHORT-TERM INVESTMENTS (4.6%)(a)
			Principal amount/shares	Value
Putnam Short Term Investment Fund 0.51%(AFF)		Shares	48,828,760	$48,828,760
U.S. Treasury Bills 0.418%, 2/2/17			$532,000	531,617
U.S. Treasury Bills 0.328%, 1/19/17(SEGCCS)			4,000	3,998
U.S. Treasury Bills 0.231%, 12/1/16(SEGCCS)			1,093,000	1,093,000
Total short-term investments (cost $50,457,375)				$50,457,375
TOTAL INVESTMENTS
Total investments (cost $1,085,077,361)(b)				$1,075,177,980

FORWARD CURRENCY CONTRACTS at 11/30/16 (aggregate face value $11,287,284) (Unaudited)
						Unrealized
		Contract	Delivery		Aggregate	appreciation/
Counterparty	Currency	type	date	Value	face value	(depreciation)
Bank of America N.A.
	Canadian Dollar	Buy	1/18/17	$4,022	$4,098	$(76)
	Canadian Dollar	Sell	1/18/17	4,022	4,053	31
	Euro	Buy	12/21/16	451,417	480,133	(28,716)
	Euro	Sell	12/21/16	451,417	463,591	12,174
Citibank, N.A.
	Canadian Dollar	Buy	1/18/17	1,639	1,651	(12)
Goldman Sachs International
	Euro	Buy	12/21/16	483,986	496,158	(12,172)
	Euro	Sell	12/21/16	483,987	510,463	26,476
JPMorgan Chase Bank N.A.
	British Pound	Sell	12/21/16	1,618,219	1,525,844	(92,375)
	Canadian Dollar	Sell	1/18/17	1,074,902	1,100,174	25,272
State Street Bank and Trust Co.
	Canadian Dollar	Sell	1/18/17	2,119,115	2,168,215	49,100
UBS AG
	British Pound	Buy	12/21/16	2,223,766	2,168,482	55,284
	British Pound	Sell	12/21/16	2,223,766	2,362,479	138,713
WestPac Banking Corp.
	Canadian Dollar	Buy	1/18/17	1,937	1,943	(6)
Total						$173,693

	CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING at 11/30/16 (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 27 Index	B+/P	$538,634		$15,270,000	12/20/21	500 bp	$(323,188)
	Total		$538,634	$(323,188)
*	Payments related to the referenced debt are made upon a credit default event.
**	Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.
***	Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at November 30, 2016. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications.

Key to holding's currency abbreviations
CAD	Canadian Dollar
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

	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, 2016 through November 30, 2016 (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 $1,087,220,082.
(b)	The aggregate identified cost on a tax basis is $1,085,721,451, resulting in gross unrealized appreciation and depreciation of $33,262,491 and $43,805,962, respectively, or net unrealized depreciation of $10,543,471.
(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. 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 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 *	59,865,676	84,891,102	95,928,018	69,201	48,828,760
	Totals	$59,865,676	$84,891,102	$95,928,018	$69,201	$48,828,760
	* 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 by Putnam Management 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 $15,350,344 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 (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
	Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	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 to hedge foreign exchange risk, for hedging currency exposures and to gain exposure to currencies.
	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, for gaining liquid exposure to individual names, to hedge market risk, for gaining exposure to specific sectors 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 posted to the fund which cannot be sold or repledged totaled $164,419 at the close of the reporting period.
	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 $83,708 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*:
Basic materials	$1,512,370	$—	$—
Capital goods	1,126,295	—	—
Communication services	—	—	25,156
Consumer cyclicals	5,188,735	—	74,489
Consumer staples	1,140,111	—	—
Energy	3,461,671	—	579,120
Financials	5,052,940	—	—
Health care	1,625,473	—	—
Utilities and power	321,324	—	—
Total common stocks	19,428,919	—	678,765
Convertible bonds and notes	—	6,847,071	—
Convertible preferred stocks	—	10,735,088	—
Corporate bonds and notes	—	913,908,460	4,913
Senior loans	—	72,950,812	—
Warrants	89,276	77,301	—
Short-term investments	48,828,760	1,628,615	—
Totals by level	$68,346,955	$1,006,147,347	$683,678
		Valuation inputs
Other financial instruments:	Level 1	Level 2	Level 3
Forward currency contracts	$—	$173,693	$—
Credit default contracts	—	(861,822)	—
Totals by level	$—	$(688,129)	$—
* 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.
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	$—	$861,822
Foreign exchange contracts	307,050	133,357
Equity contracts	166,577	—
Total	$473,627	$995,179
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)		$11,000,000
Centrally cleared credit default contracts (notional)		$19,100,000
Warrants (number of warrants)		38,000

	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)	Citibank, N.A.	Goldman Sachs International	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	UBS AG	WestPac Banking Corp.	Total
	Assets:
	Centrally cleared credit default contracts§	—	—	—	—	—	—	—	—	—
	Forward currency contracts#	12,205	—	—	26,476	25,272	49,100	193,997	—	307,050
	Total Assets	$12,205	$—	$—	$26,476	$25,272	$49,100	$193,997	$—	$307,050
	Liabilities:
	Centrally cleared credit default contracts§	—	40,901	—	—	—	—	—	—	40,901
	Forward currency contracts#	28,792	—	12	12,172	92,375	—	—	6	133,357
	Total Liabilities	$28,792	$40,901	$12	$12,172	$92,375	$—	$—	$6	$174,258
	Total Financial and Derivative Net Assets	$(16,587)	$(40,901)	$(12)	$14,304	$(67,103)	$49,100	$193,997	$(6)	$132,792
	Total collateral received (pledged)##†	$—	$—	$—	$—	$—	$—	$164,419	$—
	Net amount	$(16,587)	$(40,901)	$(12)	$14,304	$(67,103)	$49,100	$29,578	$(6)
†	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 26, 2017

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 26, 2017

By (Signature and Title):

/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: January 26, 2017