| Putnam Floating Rate Income Fund | ||||||
| The fund's portfolio | ||||||
| 5/31/24 (Unaudited) | ||||||
| SENIOR LOANS (86.8%)(a)(c) | ||||||
| Principal amount | Value | |||||
| Advertising and marketing services (0.8%) | ||||||
| Advantage Sales & Marketing, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 9.818%, 10/28/27 | $1,115,602 | $1,093,011 | ||||
| Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 9.444%, 8/21/28 | 722,888 | 725,150 | ||||
| CMG Media Corp. bank term loan FRN (CME Term SOFR 3 Month + 3.50%), 8.909%, 12/17/26 | 1,586,611 | 1,249,631 | ||||
| 3,067,792 | ||||||
| Automotive (0.3%) | ||||||
| Wand NewCo 3, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.079%, 1/20/31 | 1,000,000 | 1,007,050 | ||||
| 1,007,050 | ||||||
| Basic materials (0.5%) | ||||||
| AMG Critical Materials NV bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.944%, 11/16/28 | 500,000 | 499,375 | ||||
| Watlow Electric Manufacturing, Co. bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.341%, 3/2/28 | 1,382,508 | 1,383,945 | ||||
| 1,883,320 | ||||||
| Broadcasting (0.7%) | ||||||
| Univision Communications, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.694%, 3/24/26 | 1,563,325 | 1,562,935 | ||||
| Univision Communications, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.50%), 8.825%, 1/31/29 | 1,000,000 | 992,500 | ||||
| 2,555,435 | ||||||
| Building materials (3.7%) | ||||||
| AppleCaramel Buyer, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.079%, 10/19/27 | 2,321,026 | 2,330,240 | ||||
| Chariot Buyer, LLC bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.679%, 10/22/28 | 2,932,500 | 2,932,969 | ||||
| Cornerstone Building Brands, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.671%, 4/12/28 | 2,851,313 | 2,804,466 | ||||
| CPG International, LLC bank term loan FRN Ser. B, (CME Term SOFR 6 Month + 2.50%), 7.929%, 4/28/29 | 2,462,500 | 2,472,350 | ||||
| LBM Acquisition, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.179%, 12/17/27 | 2,752,519 | 2,740,821 | ||||
| Park River Holdings, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.814%, 12/28/27 | 969,983 | 958,973 | ||||
| Robertshaw US Holding Corp. bank term loan FRN (CME Term SOFR 1 Month + 8.00%), 13.313%, 2/28/27 | 1,427,000 | 14,270 | ||||
| 14,254,089 | ||||||
| Capital goods (9.8%) | ||||||
| American Trailer World Corp. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 9.179%, 3/3/28 | 2,110,850 | 2,066,205 | ||||
| Barnes Group, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 7.829%, 8/30/30 | 497,500 | 499,779 | ||||
| Bleriot US Bidco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 9.593%, 10/31/28 | 496,250 | 499,972 | ||||
| Chart Industries, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.673%, 3/17/30 | 2,482,795 | 2,492,106 | ||||
| Chromalloy Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.058%, 3/21/31 | 750,000 | 755,393 | ||||
| Clarios Global LP bank term loan FRN (CME Term SOFR 1 Month + 3.00%), 8.329%, 5/6/30 | 2,572,727 | 2,585,591 | ||||
| CPM Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 9.829%, 9/28/28 | 498,750 | 498,541 | ||||
| DexKo Global, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 9.559%, 10/4/28 | 623,438 | 624,086 | ||||
| DexKo Global, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.75%), 9.321%, 10/4/28 | 992,405 | 989,200 | ||||
| DXP Enterprises, Inc./TX bank term loan FRN (CME Term SOFR 1 Month + 4.75%), 10.164%, 10/6/30 | 1,492,500 | 1,499,963 | ||||
| Emerald Debt Merger Sub, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 7.829%, 5/31/30 | 997,500 | 1,003,525 | ||||
| Enviri Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 2.25%), 7.694%, 3/5/28 | 1,945,000 | 1,944,183 | ||||
| Filtration Group Corp. bank term loan FRN (CME Term SOFR 3 Month + 3.50%), 8.93%, 10/19/28 | 2,444,849 | 2,456,316 | ||||
| First Brands Group, LLC bank term loan FRN (CME Term SOFR 6 Month + 8.50%), 14.141%, 3/30/28 | 2,000,000 | 1,940,000 | ||||
| GFL Environmental, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 7.826%, 5/31/27 | 563,715 | 566,612 | ||||
| Madison IAQ, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.685%, 6/15/28 | 1,786,224 | 1,788,457 | ||||
| MajorDrive Holdings IV, LLC bank term loan FRN (CME Term SOFR 3 Month + 4.00%), 9.571%, 6/1/28 | 2,089,408 | 2,093,336 | ||||
| OT Merger Corp. bank term loan FRN (CME Term SOFR 3 Month + 4.00%), 9.564%, 10/15/28 | 974,206 | 753,120 | ||||
| Patriot Container Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.179%, 3/20/25 | 478,371 | 460,007 | ||||
| Pro Mach Group, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.829%, 8/13/28 | 2,940,838 | 2,956,189 | ||||
| Reynolds Group Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 8.68%, 9/20/28 | 979,924 | 981,502 | ||||
| TK Elevator US Newco, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.791%, 4/15/30 | 1,088,345 | 1,095,147 | ||||
| TransDigm, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.75%), 8.059%, 8/24/28 | 1,717,424 | 1,724,775 | ||||
| TransDigm, Inc. bank term loan FRN Ser. J, (CME Term SOFR 1 Month + 3.25%), 8.559%, 2/28/31 | 598,500 | 600,595 | ||||
| TRC Cos., Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.194%, 11/17/28 | 1,994,911 | 1,999,399 | ||||
| Vertiv Group Corp. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 2.50%), 7.944%, 3/2/27 | 2,655,543 | 2,664,519 | ||||
| 37,538,518 | ||||||
| Chemicals (5.5%) | ||||||
| ARC Falcon I, Inc. bank term loan FRN Class B, (CME Term SOFR 3 Month + 3.75%), 8.134%, 9/22/28 | 2,000,000 | 2,000,000 | ||||
| Avient Corp. bank term loan FRN Ser. B8, (CME Term SOFR 1 Month + 2.00%), 7.293%, 8/29/29 | 630,000 | 632,835 | ||||
| Axalta Coating Systems US Holdings, Inc. bank term loan FRN Ser. B6, (CME Term SOFR 1 Month + 2.00%), 7.33%, 12/20/29 | 346,432 | 347,676 | ||||
| GEON Performance Solutions, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 10.314%, 8/18/28 | 975,000 | 978,656 | ||||
| Herens US Holdco Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.93%), 9.334%, 4/30/28 | 2,114,654 | 2,052,547 | ||||
| Hexion Holdings Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 7.00%), 12.32%, 3/15/30 | 1,065,000 | 967,020 | ||||
| LSF11 A5 HoldCo, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.679%, 10/15/28 | 615,350 | 616,507 | ||||
| LSF11 A5 HoldCo, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.944%, 9/30/28 | 23,520 | 23,557 | ||||
| Nouryon USA, LLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.50%), 8.829%, 4/3/28 | 744,375 | 749,958 | ||||
| Nouryon USA, LLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.50%), 8.826%, 4/3/28 | 1,472,334 | 1,481,536 | ||||
| Olympus Water US Holding Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.321%, 9/21/28 | 2,457,562 | 2,466,483 | ||||
| SCIH Salt Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 8.83%, 3/16/27 | 2,099,849 | 2,108,878 | ||||
| Tronox Finance, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.079%, 8/10/28 | 998,725 | 1,002,850 | ||||
| Tronox Finance, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.552%, 4/4/29 | 978,775 | 982,817 | ||||
| Vibrantz Technologies, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 9.706%, 4/21/29 | 1,973,722 | 1,946,938 | ||||
| W.R. Grace Holdings, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.321%, 9/22/28 | 1,974,798 | 1,979,379 | ||||
| Windsor Holdings III, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.32%, 8/1/30 | 995,006 | 1,005,374 | ||||
| 21,343,011 | ||||||
| Commercial and consumer services (3.4%) | ||||||
| Allied Universal Holdco, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.179%, 5/5/28 | 1,954,900 | 1,954,567 | ||||
| Anticimex Global AB bank term loan FRN Ser. B6, (CME Term SOFR 1 Month + 3.50%), 8.819%, 11/16/28 (Sweden) | 500,000 | 503,750 | ||||
| Garda World Security Corp. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 9.583%, 2/1/29 | 3,106,699 | 3,132,329 | ||||
| Grant Thornton, LLP/Chicago bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.25%), 8.57%, 5/30/31 | 2,000,000 | 2,013,360 | ||||
| GTCR W Merger Sub, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.309%, 9/21/30 | 1,333,333 | 1,336,853 | ||||
| HomeServe USA, Corp. bank term loan FRN (CME Term SOFR 1 Month + 3.00%), 8.32%, 10/13/30 | 1,000,000 | 1,001,040 | ||||
| Neptune Bidco US, Inc. bank term loan FRN Class C, (CME Term SOFR 1 Month + 5.00%), 10.406%, 4/11/29 | 3,307,841 | 3,166,331 | ||||
| 13,108,230 | ||||||
| Communication services (3.5%) | ||||||
| Altice France SA/France bank term loan FRN Ser. B14, (CME Term SOFR 1 Month + 5.50%), 10.829%, 8/31/28 | 1,541,569 | 1,156,177 | ||||
| Asurion, LLC bank term loan FRN Ser. B8, (CME Term SOFR 1 Month + 4.25%), 8.694%, 12/23/26 | 2,525 | 2,506 | ||||
| Cogeco Financing 2 LP bank term loan FRN (CME Term SOFR 3 Month + 2.50%), 7.944%, 9/1/28 | 1,743,086 | 1,697,330 | ||||
| Connect Finco SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 9.829%, 9/13/29 | 1,105,000 | 1,054,170 | ||||
| Crown Subsea Communications Holding, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.75%), 10.08%, 1/27/31 | 1,500,000 | 1,512,495 | ||||
| CSC Holdings, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 7.931%, 4/15/27 | 1,240,285 | 976,886 | ||||
| DIRECTV Financing, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 5.25%), 10.694%, 8/2/29 | 1,895,686 | 1,898,246 | ||||
| First Opportunity Fund, Ltd. bank term loan FRN (CME Term SOFR 3 Month + 3.50%), 9.086%, 7/20/28 | 1,950,000 | 1,950,975 | ||||
| Frontier Communications Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.194%, 10/8/27 | 2,237,337 | 2,234,137 | ||||
| Viasat, Inc. bank term loan FRN Class B, (CME Term SOFR 3 Month Plus CSA + 4.50%), 9.829%, 2/24/29 | 984,962 | 902,472 | ||||
| 13,385,394 | ||||||
| Communications equipment (0.3%) | ||||||
| CommScope, Inc. bank term loan FRN Ser. B2, (CME Term SOFR 3 Month + 3.25%), 8.694%, 2/7/26 | 1,479,173 | 1,322,381 | ||||
| 1,322,381 | ||||||
| Computers (4.0%) | ||||||
| Adeia, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.00%), 8.32%, 6/8/28 | 1,385,494 | 1,386,076 | ||||
| Central Parent, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.25%), 8.577%, 7/6/29 | 992,500 | 1,000,112 | ||||
| Condor Merger Sub, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month Plus CSA + 3.75%), 8.579%, 2/2/29 | 3,000,709 | 2,999,208 | ||||
| ConnectWise, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 9.064%, 9/30/28 | 977,500 | 979,533 | ||||
| Ivanti Software, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 9.814%, 12/1/27 | 1,950,200 | 1,700,886 | ||||
| LMI, Inc./DE bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.929%, 9/30/28 | 1,950,000 | 1,917,767 | ||||
| Project Sky Merger Sub, Inc. bank term loan FRN (CME Term SOFR 1 Month + 6.00%), 11.429%, 10/8/29 | 2,000,000 | 1,925,000 | ||||
| RealPage, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.444%, 4/22/28 | 2,947,103 | 2,905,844 | ||||
| VS Buyer, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 8.571%, 4/14/31 | 500,000 | 503,125 | ||||
| 15,317,551 | ||||||
| Construction (3.8%) | ||||||
| Beacon Roofing Supply, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.00%), 7.329%, 5/19/28 | 498,750 | 500,516 | ||||
| Core & Main LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 7.32%, 6/10/28 | 1,457,531 | 1,462,997 | ||||
| CP Atlas Buyer, Inc. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 3.75%), 9.179%, 11/23/27 | 2,083,823 | 2,066,027 | ||||
| Janus International Group, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.829%, 7/25/30 | 1,920,000 | 1,926,605 | ||||
| MIWD Holdco II, LLC bank term loan FRN Ser. B2, (CME Term SOFR 1 Month + 3.50%), 8.829%, 3/20/31 | 3,015,000 | 3,035,743 | ||||
| Quikrete Holdings, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 7.829%, 3/18/31 | 1,500,625 | 1,506,072 | ||||
| Smyrna Ready Mix Concrete, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.821%, 4/1/29 | 1,175,367 | 1,182,713 | ||||
| Summit Materials, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 7.799%, 11/30/28 | 1,000,000 | 1,006,880 | ||||
| TAMKO Building Products, LLC bank term loan FRN Ser. B , (CME Term SOFR 1 Month + 3.25%), 8.583%, 9/13/30 | 2,005,455 | 2,009,627 | ||||
| 14,697,180 | ||||||
| Consumer staples (4.5%) | ||||||
| 1011778 BC ULC bank term loan FRN Class B5, (CME Term SOFR 1 Month + 2.25%), 7.578%, 9/21/30 | 333,000 | 333,127 | ||||
| AIP RD Buyer Corp. bank term loan FRN Ser. B2, (CME Term SOFR 1 Month + 4.50%), 9.829%, 12/26/28 | 500,000 | 504,375 | ||||
| Aramark Services, Inc. bank term loan FRN Ser. B8, (CME Term SOFR 1 Month + 2.00%), 7.329%, 6/24/30 | 744,375 | 746,705 | ||||
| Ascend Learning, LLC bank term loan FRN (CME Term SOFR 1 Month + 5.75%), 11.179%, 11/18/29 | 1,220,000 | 1,196,210 | ||||
| Ascend Learning, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.929%, 11/18/28 | 1,977,049 | 1,974,261 | ||||
| Brand Industrial Services, Inc. bank term loan FRN Ser. C, (CME Term SOFR 1 Month + 4.50%), 9.827%, 8/1/30 | 1,893,000 | 1,902,863 | ||||
| Fender Muscial Instruments Corp bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.425%, 11/16/28 | 1,932,968 | 1,907,994 | ||||
| IRB Holding Corp. bank term loan FRN (CME Term SOFR 1 Month + 2.75%), 8.179%, 12/15/27 | 2,477,315 | 2,485,937 | ||||
| KUEHG Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 4.50%), 9.802%, 6/12/30 | 498,747 | 500,687 | ||||
| Naked Juice, LLC bank term loan FRN (CME Term SOFR 3 Month + 6.00%), 11.402%, 1/24/30 | 500,000 | 417,970 | ||||
| Naked Juice, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.659%, 1/24/29 | 1,965,000 | 1,866,337 | ||||
| PECF USS Intermediate Holding III Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.841%, 12/17/28 | 1,691,543 | 1,116,418 | ||||
| Uber Technologies, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.079%, 2/27/30 | 788,376 | 793,303 | ||||
| Upfield USA Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.75%), 10.31%, 1/31/28 | 1,492,500 | 1,497,172 | ||||
| 17,243,359 | ||||||
| Electronics (1.2%) | ||||||
| Mirion Technologies US, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.25%), 7.579%, 10/20/28 | 1,673,795 | 1,675,787 | ||||
| Roper Industrial Products Investment Co. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.302%, 11/22/29 | 990,025 | 997,034 | ||||
| Vision Solutions, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 9.841%, 4/24/28 | 1,841,667 | 1,827,559 | ||||
| 4,500,380 | ||||||
| Energy (3.2%) | ||||||
| BCP Renaissance Parent, LLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.25%), 8.572%, 10/31/28 | 1,595,554 | 1,602,862 | ||||
| ChampionX Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.25%), 8.178%, 5/13/29 | 987,538 | 990,935 | ||||
| CQP Holdco LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.302%, 12/31/30 | 1,739,606 | 1,741,416 | ||||
| GIP II Blue Holding LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.079%, 9/22/28 | 2,534,109 | 2,559,906 | ||||
| GIP Pilot Acquisition Partners LP bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 7.827%, 10/4/30 | 1,330,000 | 1,334,988 | ||||
| Medallion Midland Acquisition LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.83%, 10/18/28 | 1,965,002 | 1,975,318 | ||||
| Oryx Midstream Services Permian Basin, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.436%, 10/5/28 | 1,926,412 | 1,937,085 | ||||
| 12,142,510 | ||||||
| Entertainment (1.5%) | ||||||
| Banijay Group US Holding, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 8.566%, 3/1/28 | 941,936 | 944,056 | ||||
| Cedar Fair LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.00%), 7.329%, 4/18/31 | 2,000,000 | 2,006,260 | ||||
| Motion Finco SARL bank term loan FRN Ser. B3, (CME Term SOFR 1 Month + 3.50%), 9.071%, 11/30/29 | 2,000,000 | 2,002,000 | ||||
| SeaWorld Parks & Entertainment, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 7.829%, 8/25/28 | 1,000,000 | 998,750 | ||||
| 5,951,066 | ||||||
| Financials (4.6%) | ||||||
| Alliant Holdings Intermediate, LLC bank term loan FRN Ser. B6, (CME Term SOFR 1 Month + 3.50%), 8.82%, 11/6/30 | 745,590 | 748,356 | ||||
| Apollo Commercial Real Estate Finance, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 8.944%, 3/11/28 | 1,406,500 | 1,357,273 | ||||
| Aretec Group, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 9.916%, 3/8/30 | 2,228,794 | 2,238,890 | ||||
| AssuredPartners, Inc. bank term loan FRN Ser. B5, (CME Term SOFR 1 Month + 3.50%), 8.829%, 2/14/31 | 1,000,000 | 1,007,420 | ||||
| CoreLogic, Inc. bank term loan FRN (CME Term SOFR 1 Month + 6.50%), 11.944%, 6/4/29 | 1,500,000 | 1,432,500 | ||||
| CoreLogic, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 8.944%, 4/14/28 | 977,215 | 962,557 | ||||
| Cushman & Wakefield US Borrower, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.079%, 1/31/30 | 399,000 | 401,494 | ||||
| Greystone Select Financial, LLC bank term loan FRN (CME Term SOFR 3 Month + 5.00%), 10.588%, 6/17/28 | 1,444,615 | 1,437,392 | ||||
| HUB International, Ltd. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 8.575%, 6/20/30 | 1,614,952 | 1,625,175 | ||||
| Jones Deslauriers Insurance Management, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.83%, 3/15/30 | 997,500 | 997,709 | ||||
| Osaic Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.329%, 8/16/28 | 2,670,876 | 2,691,201 | ||||
| USI, Inc./NY bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.302%, 11/22/29 | 1,642,918 | 1,645,201 | ||||
| WEC US Holdings, Ltd. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.079%, 1/20/31 | 1,000,000 | 1,004,810 | ||||
| 17,549,978 | ||||||
| Forest products and packaging (1.5%) | ||||||
| Asplundh Tree Expert, LLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 1.75%), 7.071%, 5/8/31 | 1,000,000 | 1,001,430 | ||||
| BWAY Holding Co. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.829%, 4/16/27 | 1,469,158 | 1,473,036 | ||||
| Klockner-Pentaplast of America, Inc. bank term loan FRN (CME Term SOFR 6 Month + 4.73%), 10.268%, 2/4/26 | 1,972,973 | 1,793,433 | ||||
| Pregis TopCo, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.194%, 8/1/26 | 1,462,500 | 1,467,984 | ||||
| 5,735,883 | ||||||
| Gaming and lottery (4.5%) | ||||||
| Bally's Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.836%, 8/6/28 | 2,443,750 | 2,341,162 | ||||
| Caesars Entertainment, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.097%, 1/24/31 | 1,000,000 | 1,001,560 | ||||
| Caesars Entertainment, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.086%, 1/25/30 | 1,980,000 | 1,984,118 | ||||
| Fertitta Entertainment, LLC/NV bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.071%, 1/27/29 | 2,952,771 | 2,960,271 | ||||
| Flutter Financing BV bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.25%), 7.559%, 11/18/30 | 1,995,000 | 2,001,643 | ||||
| Light & Wonder International, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.07%, 4/16/29 | 2,462,500 | 2,471,734 | ||||
| Raptor Acquisition Corp. bank term loan FRN (CME Term SOFR 3 Month + 4.00%), 9.59%, 11/1/26 | 1,473,750 | 1,481,856 | ||||
| Scientific Games Holdings LP bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.556%, 4/4/29 | 2,955,000 | 2,961,708 | ||||
| 17,204,052 | ||||||
| Health care (7.9%) | ||||||
| athenahealth, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month Plus CSA + 3.25%), 8.579%, 1/27/29 | 2,241,070 | 2,234,839 | ||||
| Bausch + Lomb Corp. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.329%, 9/29/28 | 600,491 | 599,741 | ||||
| Bausch + Lomb Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.25%), 8.67%, 5/5/27 | 2,675,999 | 2,647,740 | ||||
| Charlotte Buyer, Inc. bank term loan FRN Class B, (CME Term SOFR 3 Month + 5.25%), 10.571%, 2/11/28 | 994,962 | 1,000,504 | ||||
| CHG Healthcare Services, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 9.079%, 9/30/28 | 997,500 | 1,001,989 | ||||
| Covetrus, Inc. bank term loan FRN (CME Term SOFR 3 Month + 5.00%), 10.309%, 10/13/29 | 987,506 | 989,797 | ||||
| DaVita, Inc. bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 2.00%), 7.329%, 5/6/31 | 1,285,000 | 1,281,248 | ||||
| Elanco Animal Health, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 1.75%), 7.078%, 8/2/27 | 1,830,858 | 1,828,167 | ||||
| Endo Finance Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 9.793%, 4/23/31 | 2,277,000 | 2,274,154 | ||||
| Grifols Worldwide Operations USA, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 2.00%), 7.459%, 11/15/27 | 2,067,397 | 2,051,127 | ||||
| Icon Luxembourg SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.00%), 7.309%, 7/3/28 | 253,124 | 254,565 | ||||
| Icon Luxembourg SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.00%), 7.309%, 7/3/28 | 63,066 | 63,425 | ||||
| Insulet Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.329%, 5/4/28 | 1,945,000 | 1,951,321 | ||||
| Jazz Financing Lux SARL bank term loan FRN (CME Term SOFR 1 Month + 3.00%), 8.444%, 5/5/28 | 3,618 | 3,645 | ||||
| Medline Borrower LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.079%, 10/23/28 | 2,677,990 | 2,694,727 | ||||
| Organon & Co. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 7.821%, 5/14/31 | 1,085,000 | 1,093,138 | ||||
| Perrigo Investments, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 7.679%, 4/5/29 | 985,000 | 988,694 | ||||
| Phoenix Guarantor, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.579%, 2/13/31 | 2,000,000 | 2,000,260 | ||||
| Phoenix Newco, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.694%, 8/11/28 | 2,940,000 | 2,955,317 | ||||
| Physician Partners, LLC bank term loan FRN (CME Term SOFR 3 Month Plus CSA + 4.00%), 9.564%, 2/1/29 | 490,000 | 368,235 | ||||
| Surgery Center Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.821%, 12/5/30 | 2,000,000 | 2,008,400 | ||||
| 30,291,033 | ||||||
| Household furniture and appliances (1.6%) | ||||||
| Hunter Douglas, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 8.836%, 2/25/29 | 2,947,500 | 2,928,548 | ||||
| Osmosis Debt Merger Sub, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.329%, 7/30/28 | 1,965,000 | 1,972,644 | ||||
| TGP Holdings III, LLC bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.679%, 6/24/28 | 1,499,942 | 1,430,570 | ||||
| 6,331,762 | ||||||
| Leisure (0.3%) | ||||||
| Topgolf Callaway Brands Corp. bank term loan FRN (CME Term SOFR 1 Month + 3.00%), 8.329%, 3/18/30 | 1,187,500 | 1,192,594 | ||||
| 1,192,594 | ||||||
| Lodging/Tourism (0.5%) | ||||||
| Carnival Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.75%), 8.075%, 10/18/28 | 1,520,217 | 1,530,859 | ||||
| Carnival Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.75%), 8.075%, 8/9/27 | 381,521 | 383,619 | ||||
| 1,914,478 | ||||||
| Metals (0.6%) | ||||||
| Arsenal AIC Parent, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.079%, 8/19/30 | 995,006 | 1,002,678 | ||||
| TMS International Corp./DE bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.579%, 3/4/30 | 1,488,750 | 1,495,271 | ||||
| 2,497,949 | ||||||
| Publishing (1.1%) | ||||||
| Cengage Learning, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.538%, 3/18/31 | 1,700,000 | 1,707,293 | ||||
| MAV Acquisition Corp. bank term loan FRN (CME Term SOFR 3 Month + 4.75%), 10.194%, 7/30/28 | 2,435,050 | 2,439,823 | ||||
| 4,147,116 | ||||||
| Retail (3.2%) | ||||||
| Crocs, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 7.562%, 2/20/29 | 590,850 | 594,431 | ||||
| Great Outdoors Group, LLC bank term loan FRN Ser. B1, (CME Term SOFR 1 Month + 3.75%), 9.194%, 3/5/28 | 2,911,643 | 2,913,011 | ||||
| Johnstone Supply, LLC bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.00%), 8.32%, 6/7/31 | 1,000,000 | 1,001,670 | ||||
| Mattress Firm, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 4.25%), 9.814%, 9/21/28 | 1,973,738 | 1,974,350 | ||||
| Michaels Cos., Inc. (The) bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 9.821%, 4/15/28 | 1,833,457 | 1,669,271 | ||||
| Petco Health & Wellness Co., Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.25%), 8.821%, 3/4/28 | 1,876,765 | 1,694,118 | ||||
| PetSmart, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.179%, 1/29/28 | 2,528,500 | 2,517,223 | ||||
| 12,364,074 | ||||||
| Semiconductor (0.8%) | ||||||
| Altar Bidco, Inc. bank term loan FRN (CME Term SOFR 6 Month + 5.60%), 10.399%, 2/1/30 | 1,872,500 | 1,837,391 | ||||
| Altar Bidco, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.10%), 7.947%, 11/17/28 | 1,094,430 | 1,095,798 | ||||
| 2,933,189 | ||||||
| Software (5.8%) | ||||||
| AppLovin Corp. bank term loan FRN Ser. B , (CME Term SOFR 1 Month + 2.50%), 7.829%, 10/25/28 | 1,613,966 | 1,620,696 | ||||
| Boxer Parent Co., Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 9.579%, 12/29/28 | 2,371,573 | 2,387,890 | ||||
| Cloud Software Group, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 9.909%, 3/30/29 | 3,882,827 | 3,895,757 | ||||
| Epicor Software Corp. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.68%, 7/30/27 | 1,084,530 | 1,087,990 | ||||
| Genesys Cloud Services Holdings, LLC bank term loan FRN Ser. B4, (CME Term SOFR 1 Month + 3.50%), 8.829%, 12/1/27 | 2,467,125 | 2,483,433 | ||||
| HireRight Holdings Corp. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 9.329%, 9/28/30 | 1,500,000 | 1,499,625 | ||||
| IGT Holding IV AB bank term loan FRN (CME Term SOFR 3 Month + 3.65%), 8.972%, 3/31/28 | 2,958,500 | 2,973,293 | ||||
| Rocket Software, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.75%), 10.079%, 10/5/28 | 2,560,787 | 2,569,468 | ||||
| Skopima Consilio Parent, LLC bank term loan FRN (CME Term SOFR 1 Month + 4.50%), 9.944%, 5/17/28 | 997,500 | 997,500 | ||||
| UKG, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.82%, 1/31/31 | 2,628,645 | 2,647,361 | ||||
| 22,163,013 | ||||||
| Technology services (4.4%) | ||||||
| Ahead DB Holdings, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.75%), 9.059%, 10/16/27 | 2,235,080 | 2,244,155 | ||||
| Ahead DB Holdings, LLC bank term loan FRN Ser. B , (CME Term SOFR 1 Month + 4.25%), 9.559%, 1/24/31 | 500,000 | 502,055 | ||||
| Arches Buyer, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.25%), 8.679%, 12/6/27 | 2,748,651 | 2,643,680 | ||||
| Dun & Bradstreet Corp. (The) bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.859%, 1/18/29 | 1,820,372 | 1,825,178 | ||||
| Fortress Intermediate 3, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.75%), 9.071%, 5/8/31 | 575,000 | 576,438 | ||||
| GoDaddy Operating Co., LLC bank term loan FRN (CME Term SOFR 1 Month + 2.00%), 7.43%, 8/10/27 | 1,216,117 | 1,216,969 | ||||
| Ingram Micro, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 8.571%, 7/2/28 | 1,460,000 | 1,467,300 | ||||
| MH Sub I, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.25%), 9.579%, 5/3/28 | 2,780,093 | 2,783,262 | ||||
| Proofpoint, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 8.68%, 6/9/28 | 1,974,747 | 1,979,191 | ||||
| Tempo Acquisition, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.079%, 8/31/28 | 1,345,412 | 1,347,942 | ||||
| Tenable, Inc. bank term loan FRN (CME Term SOFR 3 Month + 2.75%), 8.194%, 7/7/28 | 488,750 | 488,750 | ||||
| 17,074,920 | ||||||
| Textiles (0.4%) | ||||||
| Hanesbrands, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.079%, 2/14/30 | 1,489,950 | 1,489,950 | ||||
| 1,489,950 | ||||||
| Transportation (2.1%) | ||||||
| American Airlines, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.75%), 10.336%, 4/20/28 | 1,836,000 | 1,905,621 | ||||
| American Airlines, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 8.775%, 6/4/29 | 1,500,000 | 1,496,250 | ||||
| ASP LS Acquisition Corp. bank term loan FRN (CME Term SOFR 3 Month + 4.50%), 9.23%, 5/7/28 | 1,000,000 | 880,560 | ||||
| Genesee & Wyoming, Inc. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.00%), 7.301%, 4/5/31 | 630,000 | 631,361 | ||||
| Savage Enterprises, LLC bank term loan FRN (CME Term SOFR 1 Month + 3.00%), 8.329%, 9/18/28 | 666,666 | 667,959 | ||||
| Skymiles IP, Ltd. bank term loan FRN (CME Term SOFR 3 Month + 3.75%), 9.075%, 9/16/27 | 429,275 | 441,664 | ||||
| United Airlines, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.75%), 8.071%, 2/17/31 | 765,000 | 766,775 | ||||
| WestJet Loyalty LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 9.048%, 2/14/31 | 1,400,000 | 1,406,736 | ||||
| 8,196,926 | ||||||
| Utilities and power (0.8%) | ||||||
| Calpine Construction Finance Co. LP bank term loan FRN (CME Term SOFR 1 Month + 2.25%), 7.579%, 7/20/30 | 2,014,258 | 2,015,386 | ||||
| Pacific Gas & Electric Co. bank term loan FRN (CME Term SOFR 3 Month + 2.50%), 7.829%, 6/23/27 | 500,000 | 501,720 | ||||
| Talen Energy Supply, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 8.827%, 5/17/30 | 301,929 | 305,075 | ||||
| Talen Energy Supply, LLC bank term loan FRN Ser. C, (CME Term SOFR 1 Month + 3.50%), 8.827%, 5/17/30 | 198,071 | 200,135 | ||||
| 3,022,316 | ||||||
| Total senior loans (cost $335,626,187) | $333,426,499 | |||||
| CORPORATE BONDS AND NOTES (4.5%)(a) | ||||||
| Principal amount | Value | |||||
| Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. 144A company guaranty sr. unsec. notes 5.75%, 7/15/27 | $940,000 | $898,717 | ||||
| Banijay Entertainment SASU 144A sr. notes 8.125%, 5/1/29 (France) | 900,000 | 920,060 | ||||
| Boeing Co. (The) 144A sr. unsec. notes 6.259%, 5/1/27 | 400,000 | 402,655 | ||||
| Buckeye Partners LP sr. unsec. notes 3.95%, 12/1/26 | 500,000 | 475,592 | ||||
| Calpine Corp. 144A sr. unsec. notes 5.125%, 3/15/28 | 1,000,000 | 952,956 | ||||
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 | 1,000,000 | 939,012 | ||||
| Encore Capital Group, Inc. 144A company guaranty sr. notes 9.25%, 4/1/29 | 900,000 | 936,000 | ||||
| EquipmentShare.com, Inc. 144A notes 9.00%, 5/15/28 | 1,180,000 | 1,217,391 | ||||
| Garrett Motion Holdings, Inc./Garrett LX I Sarl 144A company guaranty sr. unsec. notes 7.75%, 5/31/32 | 220,000 | 221,444 | ||||
| Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.625%, 2/15/26 | 1,000,000 | 993,691 | ||||
| Jefferson Capital Holdings, LLC 144A sr. unsec. notes 9.50%, 2/15/29 | 900,000 | 925,618 | ||||
| Novelis Corp. 144A company guaranty sr. unsec. notes 3.25%, 11/15/26 | 1,000,000 | 933,657 | ||||
| Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27 | 1,000,000 | 960,312 | ||||
| SM Energy Co. sr. unsec. notes 6.625%, 1/15/27 | 1,000,000 | 994,181 | ||||
| Smyrna Ready Mix Concrete, LLC 144A sr. notes 6.00%, 11/1/28 | 1,000,000 | 965,327 | ||||
| Standard Industries, Inc. 144A sr. unsec. notes 5.00%, 2/15/27 | 721,000 | 699,140 | ||||
| Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27 | 1,000,000 | 974,396 | ||||
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel) | 1,000,000 | 1,020,037 | ||||
| Univision Communications, Inc. 144A sr. notes 8.00%, 8/15/28 | 1,000,000 | 984,915 | ||||
| Venture Global LNG, Inc. 144A sr. notes 8.125%, 6/1/28 | 1,000,000 | 1,021,995 | ||||
| Total corporate bonds and notes (cost $17,259,420) | $17,437,096 | |||||
| SHORT-TERM INVESTMENTS (9.3%)(a) | ||||||
| Shares | Value | |||||
| Putnam Short Term Investment Fund Class P 5.46%(AFF) | 35,719,733 | $35,719,733 | ||||
| Total short-term investments (cost $35,719,733) | $35,719,733 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $388,605,340) | $386,583,328 | |||||
| CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 5/31/24 (Unaudited) | |||||||||||
| Referenced debt* | Rating*** | Upfront premium received (paid)** | Notional amount | Value | Termi- nation date | Payments received by fund | Unrealized appreciation/ (depreciation) | ||||
| CDX NA HY Series 42 Index | B+/P | $(614,709) | $9,000,000 | $609,300 | 6/20/29 | 500 bp — Quarterly | $68,341 | ||||
| Total | $(614,709) | $68,341 | |||||||||
| * | 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 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 May 31, 2024. 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 abbreviations | ||||||||||
| bp | Basis Points | |||||||||
| CME | Chicago Mercantile Exchange | |||||||||
| FRN | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | |||||||||
| SOFR | Secured Overnight Financing Rate | |||||||||
| Notes to the fund's portfolio | ||||||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from March 1, 2024 through May 31, 2024 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||||||
| (a) | Percentages indicated are based on net assets of $384,139,790. | |||||||||
| (NON) | This security is non-income-producing. | |||||||||
| (AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||||||
| Name of affiliate | Fair value as of 2/29/24 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 5/31/24 | |||||
| Short-term investments | ||||||||||
| Putnam Short Term Investment Fund Class P* | $33,496,135 | $30,871,253 | $28,647,655 | $506,169 | $35,719,733 | |||||
| Total Short-term investments | $33,496,135 | $30,871,253 | $28,647,655 | $506,169 | $35,719,733 | |||||
| * Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||||||
| (c) | Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown. Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. | |||||||||
| Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations. | ||||||||||
| Debt obligations are considered secured unless otherwise indicated. | ||||||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | ||||||||||
| Senior loans are valued at fair value on the basis of valuations provided by an independent pricing service, approved by the Trustees. Such services use information with respect to transactions in senior loans, quotations from senior loan dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less); such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | ||||||||||
| Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940. Certain investments, including certain restricted and illiquid securities, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||||||
| Credit default contracts: The fund entered into OTC and/or centrally cleared credit default contracts for hedging credit risk, for gaining liquid exposure to individual names and for hedging market risk. | ||||||||||
| 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. | ||||||||||
| At the close of the reporting period, the fund has deposited cash valued at $732,903 in a segregated account to cover margin requirements on open centrally cleared credit default contracts. | ||||||||||
| 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 | |
| Corporate bonds and notes | $— | $17,437,096 | $— | |
| Senior loans | — | 333,426,499 | — | |
| Short-term investments | — | 35,719,733 | — | |
| Totals by level | $— | $386,583,328 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Credit default contracts | $— | $683,050 | $— | |
| Totals by level | $— | $683,050 | $— | |
| 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: | ||||
| Centrally cleared credit default contracts (notional) | $9,000,000 | |||
| 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.putnam.com | ||||