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:	(811-05133)

	Exact name of registrant as specified in charter:	Putnam High Income Securities Fund

	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, 2014

	Date of reporting period:	May 31, 2014

	Item 1. Schedule of Investments:

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	Putnam High Income Securities Fund
	The fund's portfolio
	5/31/14 (Unaudited)
	CORPORATE BONDS AND NOTES (39.4%)(a)
					Principal amount	Value
	Basic materials (3.1%)
	Ainsworth Lumber Co., Ltd. 144A sr. notes 7 1/2s, 2017 (Canada)				$36,000	$37,908
	ArcelorMittal SA sr. unsec. bonds 10.35s, 2019 (France)				200,000	253,500
	ArcelorMittal SA sr. unsec. unsub. notes 7 1/2s, 2039 (France)				90,000	97,425
	Boise Cascade Co. company guaranty sr. unsec. notes 6 3/8s, 2020				140,000	150,675
	Celanese US Holdings, LLC company guaranty sr. unsec. unsub. notes 4 5/8s, 2022 (Germany)				65,000	65,569
	Celanese US Holdings, LLC sr. notes 5 7/8s, 2021 (Germany)				140,000	154,525
	Cemex SAB de CV 144A company guaranty sr. notes 5 7/8s, 2019 (Mexico)				320,000	332,800
	CPG Merger Sub, LLC 144A company guaranty sr. unsec. unsub. notes 8s, 2021				125,000	131,875
	Eldorado Gold Corp. 144A sr. unsec. notes 6 1/8s, 2020 (Canada)				35,000	35,095
	Ferro Corp. sr. unsec. notes 7 7/8s, 2018				160,000	167,600
	First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 7s, 2021 (Canada)				85,000	86,700
	FMG Resources August 2006 Pty, Ltd. 144A sr. notes 8 1/4s, 2019 (Australia)				100,000	108,750
	FMG Resources August 2006 Pty, Ltd. 144A sr. notes 6 7/8s, 2018 (Australia)				150,000	158,100
	FMG Resources August 2006 Pty, Ltd. 144A sr. unsec. notes 6 7/8s, 2022 (Australia)				50,000	53,061
	HD Supply, Inc. company guaranty sr. unsec. notes 7 1/2s, 2020				160,000	173,600
	HD Supply, Inc. company guaranty sr. unsec. unsub. notes 11 1/2s, 2020				80,000	96,000
	Hexion U.S. Finance Corp. company guaranty sr. notes 6 5/8s, 2020				45,000	47,363
	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, ULC company guaranty notes 9s, 2020				35,000	35,000
	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, ULC company guaranty sr. notes 8 7/8s, 2018				130,000	135,525
	Huntsman International, LLC company guaranty sr. unsec. sub. notes 8 5/8s, 2021				160,000	178,400
	Huntsman International, LLC company guaranty sr. unsec. sub. notes 8 5/8s, 2020				25,000	27,250
	Huntsman International, LLC company guaranty sr. unsec. unsub. notes 4 7/8s, 2020				130,000	133,900
	IAMGOLD Corp. 144A company guaranty sr. unsec. notes 6 3/4s, 2020 (Canada)				30,000	26,700
	JM Huber Corp. 144A sr. unsec. notes 9 7/8s, 2019				160,000	182,800
	Louisiana-Pacific Corp. company guaranty sr. unsec. unsub. notes 7 1/2s, 2020				55,000	60,775
	Momentive Performance Materials, Inc. company guaranty sr. notes 8 7/8s, 2020				5,000	5,400
	New Gold, Inc. 144A company guaranty sr. unsec. unsub. notes 7s, 2020 (Canada)				65,000	68,738
	New Gold, Inc. 144A sr. unsec. notes 6 1/4s, 2022 (Canada)				65,000	67,126
	Novelis, Inc. company guaranty sr. unsec. notes 8 3/4s, 2020				180,000	200,025
	Perstorp Holding AB 144A company guaranty sr. notes 8 3/4s, 2017 (Sweden)				200,000	215,000
	PQ Corp. 144A sr. notes 8 3/4s, 2018				110,000	119,900
	Roofing Supply Group, LLC/Roofing Supply Finance, Inc. 144A company guaranty sr. unsec. notes 10s, 2020				85,000	90,738
	Ryerson, Inc./Joseph T Ryerson & Son, Inc. company guaranty sr. notes 9s, 2017				85,000	91,269
	Sealed Air Corp. 144A sr. unsec. notes 6 1/2s, 2020				95,000	105,925
	Sealed Air Corp. 144A sr. unsec. notes 5 1/4s, 2023				80,000	81,600
	Smurfit Kappa Treasury Funding, Ltd. company guaranty sr. unsub. notes 7 1/2s, 2025 (Ireland)				60,000	69,000
	Steel Dynamics, Inc. company guaranty sr. unsec. notes 7 5/8s, 2020				100,000	107,375
	Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 6 3/8s, 2022				20,000	21,775
	Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2019				25,000	27,188
	Steel Dynamics, Inc. company guaranty sr. unsec. unsub. notes 5 1/4s, 2023				10,000	10,225
	Taminco Global Chemical Corp. 144A sr. notes 9 3/4s, 2020 (Belgium)				135,000	151,538
	TMS International Corp. 144A company guaranty sr. unsec. notes 7 5/8s, 2021				35,000	37,363
	TPC Group, Inc. 144A company guaranty sr. notes 8 3/4s, 2020				50,000	55,125
	Tronox Finance, LLC company guaranty sr. unsec. unsub. notes 6 3/8s, 2020				85,000	88,188
	USG Corp. 144A company guaranty sr. unsec. notes 5 7/8s, 2021				20,000	21,200
	Weekley Homes, LLC/Weekley Finance Corp. sr. unsec. bonds 6s, 2023				110,000	110,275
						4,675,869
	Capital goods (2.5%)
	ADS Waste Holdings, Inc. company guaranty sr. unsec. notes 8 1/4s, 2020				300,000	324,750
	American Axle & Manufacturing, Inc. company guaranty sr. unsec. notes 7 3/4s, 2019				270,000	310,500
	B/E Aerospace, Inc. sr. unsec. unsub. notes 6 7/8s, 2020				35,000	37,975
	B/E Aerospace, Inc. sr. unsec. unsub. notes 5 1/4s, 2022				80,000	85,000
	Berry Plastics Corp. company guaranty notes 5 1/2s, 2022				55,000	55,138
	Berry Plastics Corp. company guaranty unsub. notes 9 3/4s, 2021				130,000	149,825
	BlueLine Rental Finance Corp. 144A sr. notes 7s, 2019				95,000	101,650
	BOE Merger Corp. 144A sr. unsec. notes 9 1/2s, 2017(PIK)				140,000	147,000
	Bombardier, Inc. 144A sr. notes 6 1/8s, 2023 (Canada)				65,000	66,463
	Bombardier, Inc. 144A sr. unsec. notes 7 3/4s, 2020 (Canada)				50,000	56,375
	Briggs & Stratton Corp. company guaranty sr. unsec. notes 6 7/8s, 2020				150,000	166,500
	Crown Americas, LLC/Crown Americas Capital Corp. IV company guaranty sr. unsec. notes 4 1/2s, 2023				115,000	111,838
	Exide Technologies sr. notes 8 5/8s, 2018 (In default)(NON)				55,000	31,900
	Kratos Defense & Security Solutions, Inc. company guaranty sr. notes 10s, 2017				55,000	57,956
	Legrand France SA sr. unsec. unsub. debs 8 1/2s, 2025 (France)				185,000	258,097
	Manitowoc Co., Inc. (The) company guaranty sr. unsec. notes 5 7/8s, 2022				110,000	117,700
	MasTec, Inc. company guaranty sr. unsec. unsub. notes 4 7/8s, 2023				210,000	202,125
	Oshkosh Corp. 144A company guaranty sr. unsec. notes 5 3/8s, 2022				65,000	66,706
	Pittsburgh Glass Works, LLC 144A company guaranty sr. notes 8s, 2018				160,000	174,800
	Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub. notes 9s, 2019				120,000	127,200
	Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. unsec. unsub. notes 8 1/4s, 2021 (New Zealand)				205,000	218,069
	Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC/Reynolds Group Issuer Lu company guaranty sr. notes 5 3/4s, 2020				115,000	119,600
	Tenneco, Inc. company guaranty sr. unsub. notes 6 7/8s, 2020				100,000	109,375
	Terex Corp. company guaranty sr. unsec. unsub. notes 6 1/2s, 2020				25,000	27,094
	Terex Corp. company guaranty sr. unsec. unsub. notes 6s, 2021				220,000	234,850
	Titan International, Inc. 144A company guaranty sr. bonds 6 7/8s, 2020				110,000	113,713
	TransDigm, Inc. company guaranty unsec. sub. notes 7 3/4s, 2018				140,000	150,500
	TransDigm, Inc. company guaranty sr. unsec. sub. notes 7 1/2s, 2021				85,000	93,713
	TransDigm, Inc. company guaranty sr. unsec. sub. notes 5 1/2s, 2020				65,000	65,325
	TransDigm, Inc. 144A sr. unsec. sub. notes 6 1/2s, 2024				25,000	25,375
	Vander Intermediate Holding II Corp. 144A sr. unsec. notes 9 3/4s, 2019(PIK)				50,000	53,000
						3,860,112
	Communication services (5.1%)
	Adelphia Communications Corp. escrow bonds zero %, 2015				235,000	1,645
	Adelphia Communications Corp. escrow bonds zero %, 2014				20,000	140
	Altice SA 144A company guaranty sr. notes 7 3/4s, 2022 (Luxembourg)				200,000	210,000
	Cablevision Systems Corp. sr. unsec. unsub. notes 8 5/8s, 2017				140,000	163,800
	Cablevision Systems Corp. sr. unsec. unsub. notes 8s, 2020				35,000	39,988
	Cablevision Systems Corp. sr. unsec. unsub. notes 7 3/4s, 2018				40,000	45,200
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 6 1/2s, 2021				145,000	154,788
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. notes 5 1/4s, 2022				115,000	117,156
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. unsub. bonds 5 1/8s, 2023				125,000	126,094
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. unsub. notes 7 3/8s, 2020				70,000	76,563
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsec. unsub. notes 6 5/8s, 2022				35,000	37,844
	CCO Holdings, LLC/CCO Holdings Capital Corp. company guaranty sr. unsub. notes 7s, 2019				115,000	121,756
	CenturyLink, Inc. sr. unsec. unsub. notes 6 3/4s, 2023				110,000	119,900
	CenturyLink, Inc. sr. unsec. unsub. notes 5 5/8s, 2020				25,000	26,438
	Crown Castle International Corp. sr. unsec. notes 5 1/4s, 2023(R)				175,000	182,000
	Crown Castle International Corp. sr. unsec. unsub. notes 4 7/8s, 2022(R)				55,000	56,650
	CSC Holdings, LLC sr. unsec. unsub. notes 6 3/4s, 2021				65,000	72,475
	CSC Holdings, LLC 144A sr. unsec. notes 5 1/4s, 2024				85,000	85,000
	Digicel Group, Ltd. 144A sr. unsec. notes 8 1/4s, 2020 (Jamaica)				200,000	215,500
	Digicel, Ltd. 144A sr. unsec. notes 8 1/4s, 2017 (Jamaica)				165,000	170,775
	DISH DBS Corp. company guaranty sr. unsec. notes 7 7/8s, 2019				120,000	142,800
	DISH DBS Corp. company guaranty sr. unsec. notes 6 3/4s, 2021				185,000	209,281
	Frontier Communications Corp. sr. unsec. notes 8 1/8s, 2018				125,000	145,625
	Frontier Communications Corp. sr. unsec. unsub. notes 7 5/8s, 2024				30,000	31,275
	Hughes Satellite Systems Corp. company guaranty sr. notes 6 1/2s, 2019				130,000	144,463
	Hughes Satellite Systems Corp. company guaranty sr. unsec. notes 7 5/8s, 2021				145,000	165,300
	Intelsat Jackson Holdings SA company guaranty sr. unsec. bonds 6 5/8s, 2022 (Bermuda)				50,000	52,125
	Intelsat Jackson Holdings SA company guaranty sr. unsec. notes 7 1/2s, 2021 (Bermuda)				95,000	104,025
	Intelsat Luxembourg SA company guaranty sr. unsec. bonds 8 1/8s, 2023 (Luxembourg)				150,000	161,250
	Intelsat Luxembourg SA company guaranty sr. unsec. bonds 7 3/4s, 2021 (Luxembourg)				400,000	424,000
	Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 8 5/8s, 2020				85,000	95,413
	Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 8 1/8s, 2019				20,000	21,850
	Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 7s, 2020				100,000	108,250
	Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 6 1/8s, 2021				40,000	42,300
	Mediacom, LLC/Mediacom Capital Corp. sr. unsec. unsub. notes 7 1/4s, 2022				85,000	92,225
	Nil International Telecom SCA 144A company guaranty sr. unsec. notes 7 7/8s, 2019 (Luxembourg)				85,000	71,400
	Numericable Group SA 144A sr. notes 6s, 2022 (France)				200,000	207,500
	PAETEC Holding Corp. company guaranty sr. unsec. notes 9 7/8s, 2018				160,000	174,000
	Quebecor Media, Inc. sr. unsec. unsub. notes 5 3/4s, 2023 (Canada)				80,000	81,400
	Quebecor Media, Inc. 144A sr. unsec. notes 7 3/8s, 2021 (Canada)			CAD	75,000	75,228
	Qwest Corp. sr. unsec. notes 6 3/4s, 2021				$115,000	132,032
	Qwest Corp. sr. unsec. unsub. notes 7 1/4s, 2025				65,000	75,308
	SBA Telecommunications, Inc. company guaranty sr. unsec. unsub. notes 5 3/4s, 2020				35,000	36,925
	Sprint Capital Corp. company guaranty 6 7/8s, 2028				260,000	266,500
	Sprint Communications, Inc. sr. unsec. unsub. notes 8 3/8s, 2017				80,000	93,900
	Sprint Communications, Inc. sr. unsec. unsub. notes 7s, 2020				60,000	66,150
	Sprint Communications, Inc. 144A company guaranty sr. unsec. notes 9s, 2018				170,000	206,550
	Sprint Corp. 144A company guaranty sr. unsec. notes 7 7/8s, 2023				220,000	248,600
	Sprint Corp. 144A company guaranty sr. unsec. notes 7 1/4s, 2021				265,000	293,488
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.836s, 2023				20,000	21,675
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.633s, 2021				45,000	48,431
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 5/8s, 2023				145,000	156,238
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6.464s, 2019				45,000	47,644
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 1/4s, 2021				165,000	175,313
	T-Mobile USA, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2022				125,000	132,188
	Videotron, Ltd. company guaranty sr. unsec. unsub. notes 6 7/8s, 2021 (Canada)			CAD	75,000	76,293
	Videotron, Ltd. company guaranty sr. unsec. unsub. notes 5s, 2022 (Canada)				$195,000	199,631
	WideOpenWest Finance, LLC/WideOpenWest Capital Corp. company guaranty sr. unsec. notes 10 1/4s, 2019				220,000	246,950
	Wind Acquisition Finance SA 144A company guaranty sr. notes 7 1/4s, 2018 (Luxembourg)				80,000	84,400
	Wind Acquisition Finance SA 144A company guaranty sr. unsec. bonds 7 3/8s, 2021 (Luxembourg)				200,000	207,000
	Windstream Corp. company guaranty sr. unsec. unsub. notes 7 7/8s, 2017				65,000	74,913
	Windstream Corp. company guaranty sr. unsec. unsub. notes 7 3/4s, 2021				170,000	184,450
	Windstream Corp. company guaranty sr. unsec. unsub. notes 6 3/8s, 2023				55,000	54,588
						7,702,589
	Consumer cyclicals (8.6%)
	Academy, Ltd./Academy Finance Corp. 144A company guaranty sr. unsec. notes 9 1/4s, 2019				15,000	16,219
	AMC Entertainment, Inc. company guaranty sr. sub. notes 9 3/4s, 2020				130,000	148,850
	AMC Entertainment, Inc. company guaranty sr. unsec. sub. notes 5 7/8s, 2022				70,000	72,450
	American Media, Inc. 144A notes 13 1/2s, 2018				18,955	20,329
	Autonation, Inc. company guaranty sr. unsec. notes 6 3/4s, 2018				40,000	45,900
	Autonation, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2020				105,000	113,925
	Beazer Homes USA, Inc. company guaranty sr. unsec. notes 8 1/8s, 2016				55,000	60,775
	Bon-Ton Department Stores, Inc. (The) company guaranty notes 10 5/8s, 2017				106,000	106,000
	Bon-Ton Department Stores, Inc. (The) company guaranty notes 8s, 2021				35,000	33,425
	Boyd Gaming Corp. company guaranty sr. unsec. notes 9 1/8s, 2018				60,000	63,750
	Brookfield Residential Properties, Inc. 144A company guaranty sr. unsec. notes 6 1/2s, 2020 (Canada)				145,000	152,975
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A company guaranty sr. unsec. notes 6 1/8s, 2022 (Canada)				85,000	87,780
	Building Materials Corp. of America 144A company guaranty sr. notes 7 1/2s, 2020				100,000	106,750
	Building Materials Corp. of America 144A company guaranty sr. notes 7s, 2020				45,000	47,925
	Building Materials Corp. of America 144A sr. notes 6 7/8s, 2018				50,000	52,031
	Building Materials Corp. of America 144A sr. unsec. notes 6 3/4s, 2021				45,000	48,600
	Burlington Coat Factory Warehouse Corp. company guaranty sr. unsec. notes 10s, 2019				150,000	164,438
	Caesars Entertainment Operating Co., Inc. company guaranty sr. notes 9s, 2020				80,000	63,800
	CBS Outdoor Americas Capital, LLC/CBS Outdoor Americas Capital Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2024				125,000	128,438
	CCM Merger, Inc. 144A company guaranty sr. unsec. notes 9 1/8s, 2019				80,000	85,400
	Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. company guaranty sr. unsec. notes 9 1/8s, 2018				20,000	21,125
	Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. company guaranty sr. unsec. notes 5 1/4s, 2021				60,000	61,500
	Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp. 144A company guaranty sr. unsec. notes 5 3/8s, 2024				30,000	30,225
	Ceridian HCM Holding, Inc. 144A sr. unsec. notes 11s, 2021				195,000	224,738
	Ceridian, LLC company guaranty sr. unsec. notes 12 1/4s, 2015(PIK)				36,350	36,626
	Ceridian, LLC sr. unsec. notes 11 1/4s, 2015				85,000	85,646
	Ceridian, LLC 144A sr. notes 8 7/8s, 2019				65,000	73,450
	Ceridian, LLC/Comdata, Inc. 144A company guaranty sr. unsec. unsub. notes 8 1/8s, 2017				30,000	30,263
	Chrysler Group, LLC/CG Co-Issuer, Inc. company guaranty notes 8 1/4s, 2021				200,000	228,000
	Cinemark USA, Inc. company guaranty sr. unsec. notes 5 1/8s, 2022				65,000	65,894
	Cinemark USA, Inc. company guaranty sr. unsec. notes 4 7/8s, 2023				65,000	64,025
	Cinemark USA, Inc. company guaranty sr. unsec. sub. notes 7 3/8s, 2021				15,000	16,594
	Clear Channel Communications, Inc. company guaranty sr. notes 9s, 2021				120,000	128,100
	Clear Channel Communications, Inc. company guaranty sr. notes 9s, 2019				255,000	271,575
	Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. notes 7 5/8s, 2020				190,000	204,250
	Clear Channel Worldwide Holdings, Inc. company guaranty sr. unsec. unsub. notes 6 1/2s, 2022				330,000	353,100
	Cumulus Media Holdings, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2019				95,000	100,225
	Dana Holding Corp. sr. unsec. unsub. notes 6s, 2023				125,000	132,188
	Dana Holding Corp. sr. unsec. unsub. notes 5 3/8s, 2021				40,000	41,500
	DH Services Luxembourg Sarl 144A company guaranty sr. unsec. notes 7 3/4s, 2020 (Luxembourg)				135,000	144,113
	Entercom Radio, LLC company guaranty sr. unsec. sub. notes 10 1/2s, 2019				110,000	125,675
	FelCor Lodging LP company guaranty sr. notes 10s, 2014(R)				72,000	73,800
	FelCor Lodging LP company guaranty sr. notes 6 3/4s, 2019(R)				165,000	175,725
	FelCor Lodging LP company guaranty sr. notes 5 5/8s, 2023(R)				30,000	30,938
	First Cash Financial Services, Inc. 144A sr. unsec. notes 6 3/4s, 2021 (Mexico)				60,000	63,525
	Gannett Co., Inc. 144A company guaranty sr. unsec. notes 5 1/8s, 2020				60,000	61,800
	Gannett Co., Inc. 144A company guaranty sr. unsec. notes 5 1/8s, 2019				15,000	15,600
	Garda World Security Corp. 144A company guaranty sr. unsec. unsub. notes 7 1/4s, 2021 (Canada)				145,000	152,460
	Gibson Brands, Inc. 144A sr. notes 8 7/8s, 2018				70,000	72,275
	GLP Capital LP/GLP Financing II, Inc. 144A company guaranty sr. unsec. notes 4 7/8s, 2020				110,000	113,850
	GLP Capital LP/GLP Financing II, Inc. 144A company guaranty sr. unsec. notes 4 3/8s, 2018				40,000	41,500
	Gray Television, Inc. company guaranty sr. unsec. notes 7 1/2s, 2020				135,000	144,788
	Great Canadian Gaming Corp. 144A company guaranty sr. unsec. notes 6 5/8s, 2022 (Canada)			CAD	155,000	152,114
	Griffey Intermediate, Inc./Griffey Finance Sub, LLC 144A sr. unsec. notes 7s, 2020				$115,000	106,088
	Hanesbrands, Inc. company guaranty sr. unsec. notes 6 3/8s, 2020				85,000	92,119
	Howard Hughes Corp. (The) 144A sr. unsec. notes 6 7/8s, 2021				140,000	149,800
	Igloo Holdings Corp. 144A sr. unsec. unsub. notes 8 1/4s, 2017(PIK)				150,000	153,750
	Isle of Capri Casinos, Inc. company guaranty sr. unsec. notes 5 7/8s, 2021				65,000	65,975
	Isle of Capri Casinos, Inc. company guaranty sr. unsec. sub. notes 8 7/8s, 2020				75,000	79,875
	Isle of Capri Casinos, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2019				90,000	95,850
	Jeld-Wen, Inc. 144A sr. notes 12 1/4s, 2017				115,000	125,063
	Jo-Ann Stores Holdings, Inc. 144A sr. unsec. notes 9 3/4s, 2019(PIK)				45,000	46,688
	Jo-Ann Stores, Inc. 144A sr. unsec. notes 8 1/8s, 2019				140,000	144,900
	K Hovnanian Enterprises, Inc. 144A sr. notes 7 1/4s, 2020				70,000	75,425
	L Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2021				130,000	146,250
	L Brands, Inc. sr. unsec. notes 5 5/8s, 2022				50,000	53,125
	Lamar Media Corp. company guaranty sr. sub. notes 5 7/8s, 2022				75,000	80,438
	Lamar Media Corp. 144A company guaranty sr. unsec. notes 5 3/8s, 2024				45,000	46,688
	Lender Processing Services, Inc. company guaranty sr. unsec. unsub. notes 5 3/4s, 2023				220,000	236,500
	Lennar Corp. company guaranty sr. unsec. unsub. notes 4 3/4s, 2022				100,000	98,375
	Lennar Corp. company guaranty sr. unsec. unsub. notes 4 1/2s, 2019				125,000	126,875
	LIN Television Corp. company guaranty sr. unsec. notes 6 3/8s, 2021				40,000	42,000
	M/I Homes, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018				210,000	224,175
	Masonite International Corp. 144A company guaranty sr. notes 8 1/4s, 2021				140,000	152,600
	Mattamy Group Corp. 144A sr. unsec. notes 6 1/2s, 2020 (Canada)				130,000	131,625
	MGM Resorts International company guaranty sr. unsec. notes 6 7/8s, 2016				100,000	109,000
	MGM Resorts International company guaranty sr. unsec. notes 6 3/4s, 2020				110,000	121,963
	MGM Resorts International company guaranty sr. unsec. notes 5 1/4s, 2020				125,000	129,844
	MGM Resorts International company guaranty sr. unsec. unsub. notes 8 5/8s, 2019				70,000	83,475
	MGM Resorts International company guaranty sr. unsec. unsub. notes 7 3/4s, 2022				65,000	76,213
	MGM Resorts International company guaranty sr. unsec. unsub. notes 6 5/8s, 2021				25,000	27,750
	MTR Gaming Group, Inc. company guaranty notes 11 1/2s, 2019				292,907	329,154
	Navistar International Corp. sr. notes 8 1/4s, 2021				189,000	196,088
	Neiman Marcus Group, Inc. 144A company guaranty sr. unsec. notes 8 3/4s, 2021(PIK)				110,000	121,275
	Neiman Marcus Group, Inc. 144A company guaranty sr. unsec. notes 8s, 2021				60,000	66,000
	Neiman Marcus Group, LLC (The) company guaranty sr. notes 7 1/8s, 2028				140,000	142,800
	Nexstar Broadcasting, Inc. company guaranty sr. unsec. unsub. notes 6 7/8s, 2020				90,000	96,075
	Nielsen Co. Luxembourg S.a.r.l. (The) 144A company guaranty sr. unsec. notes 5 1/2s, 2021 (Luxembourg)				165,000	171,600
	Nielsen Finance, LLC/Nielsen Finance Co. company guaranty sr. unsec. notes 4 1/2s, 2020				50,000	50,625
	Nortek, Inc. company guaranty sr. unsec. notes 10s, 2018				140,000	151,900
	Nortek, Inc. company guaranty sr. unsec. notes 8 1/2s, 2021				95,000	104,738
	Owens Corning company guaranty sr. unsec. notes 9s, 2019				38,000	47,909
	Penn National Gaming, Inc. 144A sr. unsec. notes 5 7/8s, 2021				90,000	85,725
	Penske Automotive Group, Inc. company guaranty sr. unsec. sub. notes 5 3/4s, 2022				160,000	167,400
	Petco Animal Supplies, Inc. 144A company guaranty sr. unsec. notes 9 1/4s, 2018				65,000	69,794
	Petco Holdings, Inc. 144A sr. unsec. notes 8 1/2s, 2017(PIK)				60,000	61,350
	PulteGroup, Inc. company guaranty sr. unsec. notes 7 5/8s, 2017				140,000	161,875
	PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7 7/8s, 2032				75,000	84,563
	Realogy Corp. 144A company guaranty sr. notes 7 7/8s, 2019				35,000	37,800
	Realogy Corp. 144A company guaranty sr. notes 7 5/8s, 2020				25,000	27,813
	Regal Entertainment Group sr. unsec. notes 5 3/4s, 2025				45,000	45,000
	Regal Entertainment Group sr. unsec. notes 5 3/4s, 2023				90,000	92,250
	Regal Entertainment Group sr. unsec. notes 5 3/4s, 2022				20,000	20,650
	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 144A sr. notes 9 1/2s, 2019				70,000	76,125
	ROC Finance, LLC/ROC Finance 1 Corp. 144A notes 12 1/8s, 2018				135,000	146,813
	Sabre Holdings Corp. sr. unsec. unsub. notes 8.35s, 2016				120,000	133,500
	Sabre, Inc. 144A sr. notes 8 1/2s, 2019				60,000	66,600
	Schaeffler Finance BV 144A sr. notes 4 3/4s, 2021 (Netherlands)				200,000	204,500
	Sinclair Television Group, Inc. company guaranty sr. unsec. notes 6 3/8s, 2021				80,000	83,600
	Sinclair Television Group, Inc. company guaranty sr. unsec. notes 5 3/8s, 2021				60,000	59,775
	Sinclair Television Group, Inc. sr. unsec. notes 6 1/8s, 2022				50,000	51,375
	Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 6s, 2024				95,000	97,613
	Sirius XM Radio, Inc. 144A sr. unsec. bonds 5 7/8s, 2020				205,000	217,300
	Six Flags Entertainment Corp. 144A company guaranty sr. unsec. unsub. notes 5 1/4s, 2021				195,000	198,900
	Spectrum Brands, Inc. company guaranty sr. unsec. notes 6 5/8s, 2022				5,000	5,469
	Spectrum Brands, Inc. company guaranty sr. unsec. notes 6 3/8s, 2020				10,000	10,838
	Spectrum Brands, Inc. company guaranty sr. unsec. unsub. notes 6 3/4s, 2020				95,000	102,125
	Standard Pacific Corp. company guaranty sr. unsec. notes 6 1/4s, 2021				90,000	96,525
	SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A sr. notes 6 3/8s, 2021				50,000	48,750
	Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. notes 7 3/4s, 2020				21,000	22,995
	Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2024				45,000	44,213
	Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A company guaranty sr. unsec. notes 5 1/4s, 2021				75,000	75,563
	Taylor Morrison Communities, Inc./Monarch Communities, Inc. 144A sr. notes 7 3/4s, 2020				119,000	130,603
	Townsquare Radio, LLC/Townsquare Radio, Inc. 144A company guaranty sr. unsec. notes 9s, 2019				65,000	71,988
	Travelport, LLC company guaranty sr. unsec. sub. notes 11 7/8s, 2016				120,000	121,800
	Travelport, LLC/Travelport Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 13 7/8s, 2016(PIK)				220,248	226,855
	TRW Automotive, Inc. 144A company guaranty sr. unsec. notes 4 1/2s, 2021				30,000	31,500
	Univision Communications, Inc. 144A company guaranty sr. unsec. notes 8 1/2s, 2021				180,000	197,550
	Univision Communications, Inc. 144A sr. notes 7 7/8s, 2020				65,000	71,581
						13,106,216
	Consumer staples (2.3%)
	Affinion Group, Inc. company guaranty sr. unsec. notes 7 7/8s, 2018				30,000	27,450
	Ashtead Capital, Inc. 144A company guaranty sr. notes 6 1/2s, 2022				145,000	158,050
	Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. company guaranty sr. unsec. unsub. notes 9 3/4s, 2020				35,000	39,769
	Avis Budget Car Rental, LLC/Avis Budget Finance, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2023				45,000	45,900
	B&G Foods, Inc. company guaranty sr. unsec. notes 4 5/8s, 2021				60,000	59,400
	Burger King Corp. company guaranty sr. unsec. notes 9 7/8s, 2018				75,000	80,813
	CEC Entertainment, Inc. 144A sr. unsec. notes 8s, 2022				55,000	55,825
	Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 7 1/4s, 2016				145,000	162,400
	Constellation Brands, Inc. company guaranty sr. unsec. unsub. notes 6s, 2022				50,000	56,250
	Constellation Brands, Inc. company guaranty sr. unsec. notes 4 1/4s, 2023				95,000	94,763
	Corrections Corp. of America company guaranty sr. unsec. notes 4 5/8s, 2023(R)				120,000	118,800
	Corrections Corp. of America company guaranty sr. unsec. notes 4 1/8s, 2020(R)				25,000	24,938
	Dave & Buster's, Inc. company guaranty sr. unsec. unsub. notes 11s, 2018				130,000	138,073
	Dean Foods Co. company guaranty sr. unsec. unsub. notes 7s, 2016				95,000	104,144
	DineEquity, Inc. company guaranty sr. unsec. notes 9 1/2s, 2018				235,000	253,506
	Elizabeth Arden, Inc. sr. unsec. unsub. notes 7 3/8s, 2021				195,000	205,969
	Hertz Corp. (The) company guaranty sr. unsec. notes 7 1/2s, 2018				45,000	47,531
	Hertz Corp. (The) company guaranty sr. unsec. notes 6 1/4s, 2022				115,000	122,906
	Hertz Corp. (The) company guaranty sr. unsec. notes 5 7/8s, 2020				50,000	52,875
	H.J. Heinz Co. 144A sr. notes 4 1/4s, 2020				270,000	270,000
	JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 8 1/4s, 2020 (Brazil)				40,000	43,550
	JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 7 1/4s, 2021 (Brazil)				135,000	145,631
	JBS USA, LLC/JBS USA Finance, Inc. 144A sr. unsec. notes 7 1/4s, 2021 (Brazil)				35,000	37,800
	Landry's Holdings II, Inc. 144A sr. unsec. notes 10 1/4s, 2018				35,000	37,450
	Landry's, Inc. 144A sr. unsec. notes 9 3/8s, 2020				180,000	198,675
	Prestige Brands, Inc. 144A sr. unsec. notes 5 3/8s, 2021				90,000	92,025
	Revlon Consumer Products Corp. company guaranty sr. unsec. notes 5 3/4s, 2021				140,000	142,100
	Rite Aid Corp. company guaranty sr. unsec. unsub. notes 9 1/4s, 2020				225,000	256,500
	Rite Aid Corp. company guaranty sr. unsub. notes 8s, 2020				35,000	38,544
	RSC Equipment Rental, Inc. company guaranty sr. unsec. notes 8 1/4s, 2021				35,000	39,200
	Smithfield Foods, Inc. sr. unsec. unsub. notes 6 5/8s, 2022				90,000	98,550
	Smithfield Foods, Inc. 144A sr. unsec. notes 5 7/8s, 2021				25,000	26,375
	Sun Merger Sub, Inc. 144A sr. unsec. notes 5 1/4s, 2018				15,000	15,638
	United Rentals North America, Inc. company guaranty sr. unsec. notes 7 5/8s, 2022				65,000	73,694
	United Rentals North America, Inc. company guaranty sr. unsec. notes 5 3/4s, 2024				60,000	62,100
	United Rentals North America, Inc. company guaranty sr. unsec. unsub. notes 6 1/8s, 2023				125,000	134,375
						3,561,569
	Energy (5.6%)
	Access Midstream Partners LP/ACMP Finance Corp. company guaranty sr. unsec. notes 5 7/8s, 2021				45,000	47,981
	Access Midstream Partners LP/ACMP Finance Corp. company guaranty sr. unsec. unsub. notes 6 1/8s, 2022				35,000	38,150
	Access Midstream Partners LP/ACMP Finance Corp. company guaranty sr. unsec. unsub. notes 4 7/8s, 2023				265,000	276,925
	Alpha Natural Resources, Inc. company guaranty sr. unsec. notes 6 1/4s, 2021				95,000	65,313
	Antero Resources Corp. 144A company guaranty sr. unsec. notes 5 1/8s, 2022				85,000	87,338
	Antero Resources Finance Corp. company guaranty sr. unsec. notes 5 3/8s, 2021				90,000	93,713
	Athlon Holdings LP/Athlon Finance Corp. 144A company guaranty sr. unsec. notes 7 3/8s, 2021				196,000	212,660
	Athlon Holdings LP/Athlon Finance Corp. 144A company guaranty sr. unsec. notes 6s, 2022				60,000	61,350
	Atwood Oceanics, Inc. sr. unsec. unsub. notes 6 1/2s, 2020				60,000	63,600
	Aurora USA Oil & Gas Inc. 144A company guaranty sr. unsec. notes 9 7/8s, 2017				90,000	99,661
	Baytex Energy Corp. 144A company guaranty sr. unsec. notes 5 5/8s, 2024 (Canada)				75,000	74,771
	Baytex Energy Corp. 144A company guaranty sr. unsec. notes 5 1/8s, 2021 (Canada)				75,000	74,553
	Calfrac Holdings LP 144A company guaranty sr. unsec. unsub. notes 7 1/2s, 2020				80,000	85,400
	Carrizo Oil & Gas, Inc. company guaranty sr. unsec. notes 8 5/8s, 2018				155,000	164,688
	Chaparral Energy, Inc. company guaranty sr. unsec. notes 9 7/8s, 2020				85,000	96,050
	Chaparral Energy, Inc. company guaranty sr. unsec. notes 8 1/4s, 2021				125,000	136,563
	Chesapeake Energy Corp. company guaranty sr. unsec. notes 5 3/4s, 2023				30,000	33,450
	Chesapeake Energy Corp. company guaranty sr. unsec. notes 4 7/8s, 2022				60,000	62,175
	Chesapeake Oilfield Operating, LLC/Chesapeake Oilfield Finance, Inc. company guaranty sr. unsec. unsub. notes 6 5/8s, 2019				115,000	121,325
	Cimarex Energy Co. company guaranty sr. unsec. notes 4 3/8s, 2024				70,000	71,225
	Concho Resources, Inc. company guaranty sr. unsec. notes 6 1/2s, 2022				120,000	132,750
	Concho Resources, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2023				140,000	149,800
	Concho Resources, Inc. company guaranty sr. unsec. unsub. notes 5 1/2s, 2022				50,000	53,625
	Connacher Oil and Gas, Ltd. 144A notes 8 1/2s, 2019 (Canada)				75,000	59,250
	CONSOL Energy, Inc. company guaranty sr. unsec. notes 8 1/4s, 2020				205,000	222,938
	CONSOL Energy, Inc. 144A company guaranty sr. unsec. notes 5 7/8s, 2022				75,000	77,813
	Denbury Resources, Inc. company guaranty sr. unsec. sub. notes 6 3/8s, 2021				65,000	69,794
	Denbury Resources, Inc. company guaranty sr. unsec. sub. notes 5 1/2s, 2022				140,000	144,200
	EXCO Resources, Inc. company guaranty sr. unsec. notes 7 1/2s, 2018				75,000	76,688
	Exterran Partners LP/EXLP Finance Corp. 144A company guaranty sr. unsec. notes 6s, 2022				130,000	131,300
	Forum Energy Technologies, Inc. 144A sr. unsec. notes 6 1/4s, 2021				115,000	122,188
	FTS International, Inc. 144A company guaranty sr. notes 6 1/4s, 2022				70,000	71,400
	Goodrich Petroleum Corp. company guaranty sr. unsec. unsub. notes 8 7/8s, 2019				215,000	225,750
	Gulfport Energy Corp. company guaranty sr. unsec. unsub. notes 7 3/4s, 2020				120,000	129,600
	Halcon Resources Corp. company guaranty sr. unsec. unsub. notes 9 3/4s, 2020				40,000	43,800
	Halcon Resources Corp. company guaranty sr. unsec. unsub. notes 8 7/8s, 2021				265,000	282,225
	Hercules Offshore, Inc. 144A company guaranty sr. unsec. notes 7 1/2s, 2021				40,000	40,400
	Hercules Offshore, Inc. 144A sr. unsec. notes 8 3/4s, 2021				45,000	48,375
	Hiland Partners LP/Hiland Partners Finance Corp. 144A company guaranty sr. notes 7 1/4s, 2020				90,000	98,325
	Hiland Partners LP/Hiland Partners Finance Corp. 144A company guaranty sr. unsec. notes 5 1/2s, 2022				30,000	30,375
	Key Energy Services, Inc. company guaranty unsec. unsub. notes 6 3/4s, 2021				135,000	141,075
	Kodiak Oil & Gas Corp. company guaranty sr. unsec. unsub. notes 8 1/8s, 2019				175,000	194,250
	Kodiak Oil & Gas Corp. company guaranty sr. unsec. unsub. notes 5 1/2s, 2022				25,000	25,563
	Lightstream Resources, Ltd. 144A sr. unsec. notes 8 5/8s, 2020 (Canada)				305,000	317,200
	Linn Energy, LLC/Linn Energy Finance Corp. company guaranty sr. unsec. notes 6 1/2s, 2019				175,000	184,188
	Linn Energy, LLC/Linn Energy Finance Corp. 144A company guaranty sr. unsec. notes 7 1/4s, 2019				150,000	157,500
	Lone Pine Resources Canada, Ltd. escrow company guaranty sr. unsec. unsub. notes 10 3/8s, 2017 (Canada)(F)				45,000	2
	MEG Energy Corp. 144A company guaranty sr. unsec. notes 6 1/2s, 2021 (Canada)				75,000	79,406
	MEG Energy Corp. 144A company guaranty sr. unsec. notes 6 3/8s, 2023 (Canada)				55,000	58,300
	Milagro Oil & Gas, Inc. company guaranty notes 10 1/2s, 2016 (In default)(NON)				120,000	94,800
	Newfield Exploration Co. sr. unsec. notes 5 3/4s, 2022				95,000	102,838
	Newfield Exploration Co. sr. unsec. sub. notes 7 1/8s, 2018				90,000	92,475
	Oasis Petroleum, Inc. company guaranty sr. unsec. notes 6 7/8s, 2023				65,000	70,850
	Oasis Petroleum, Inc. 144A company guaranty sr. unsec. unsub. notes 6 7/8s, 2022				95,000	103,313
	Offshore Group Investment, Ltd. company guaranty sr. notes 7 1/2s, 2019 (Cayman Islands)				220,000	231,000
	Offshore Group Investment, Ltd. company guaranty sr. notes 7 1/8s, 2023 (Cayman Islands)				90,000	90,900
	Peabody Energy Corp. company guaranty sr. unsec. notes 7 3/8s, 2016				90,000	99,675
	Peabody Energy Corp. company guaranty sr. unsec. unsub. notes 6s, 2018				85,000	88,613
	Plains Exploration & Production Co. company guaranty sr. unsec. notes 6 3/4s, 2022				175,000	196,438
	Range Resources Corp. company guaranty sr. sub. notes 6 3/4s, 2020				50,000	54,125
	Range Resources Corp. company guaranty sr. unsec. sub. notes 5s, 2022				45,000	47,250
	Rosetta Resources, Inc. company guaranty sr. unsec. unsub. notes 5 7/8s, 2024				125,000	127,188
	Rosetta Resources, Inc. company guaranty sr. unsec. unsub. notes 5 5/8s, 2021				80,000	82,200
	Sabine Pass Liquefaction, LLC company guaranty sr. notes 5 5/8s, 2023				130,000	133,575
	Sabine Pass LNG LP company guaranty sr. notes 7 1/2s, 2016				185,000	204,888
	Sabine Pass LNG LP company guaranty sr. notes 6 1/2s, 2020				45,000	48,038
	Samson Investment Co. 144A sr. unsec. notes 10 3/4s, 2020				245,000	256,025
	Seven Generations Energy, Ltd. 144A sr. unsec. notes 8 1/4s, 2020 (Canada)				100,000	109,500
	Shelf Drilling Holdings, Ltd. 144A sr. notes 8 5/8s, 2018				100,000	107,500
	SM Energy Co. sr. unsec. notes 6 5/8s, 2019				55,000	58,369
	SM Energy Co. sr. unsec. notes 6 1/2s, 2021				50,000	54,125
	SM Energy Co. sr. unsec. unsub. notes 6 1/2s, 2023				20,000	21,675
	Tervita Corp. 144A sr. unsec. notes 10 7/8s, 2018 (Canada)				30,000	29,481
	Unit Corp. company guaranty sr. sub. notes 6 5/8s, 2021				120,000	127,800
	Whiting Petroleum Corp. company guaranty sr. unsec. unsub. notes 5 3/4s, 2021				230,000	248,400
	Williams Cos., Inc. (The) sr. unsec. notes 7 7/8s, 2021				71,000	86,214
	WPX Energy, Inc. sr. unsec. unsub. notes 6s, 2022				65,000	68,088
	WPX Energy, Inc. sr. unsec. unsub. notes 5 1/4s, 2017				145,000	154,788
						8,525,102
	Financials (4.5%)
	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub., LLC 144A sr. unsec. notes 7 7/8s, 2020				115,000	121,325
	Ally Financial, Inc. company guaranty sr. notes 6 1/4s, 2017				90,000	100,575
	Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 8.3s, 2015				65,000	68,088
	Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 8s, 2020				60,000	72,750
	Ally Financial, Inc. company guaranty sr. unsec. unsub. notes 7 1/2s, 2020				65,000	77,513
	Ally Financial, Inc. unsec. sub. notes 8s, 2018				65,000	77,350
	American International Group, Inc. jr. sub. FRB bonds 8.175s, 2058				100,000	135,250
	BBVA International Preferred SAU bank guaranty jr. unsec. sub. FRB bonds 5.919s, perpetual maturity (Spain)				105,000	108,938
	CB Richard Ellis Services, Inc. company guaranty sr. unsec. notes 6 5/8s, 2020				135,000	143,100
	CBRE Services, Inc. company guaranty sr. unsec. unsub. notes 5s, 2023				20,000	20,150
	CIT Group, Inc. sr. unsec. notes 5s, 2023				65,000	65,813
	CIT Group, Inc. sr. unsec. notes 5s, 2022				100,000	103,250
	CIT Group, Inc. sr. unsec. unsub. notes 5 3/8s, 2020				80,000	85,600
	CIT Group, Inc. sr. unsec. unsub. notes 3 7/8s, 2019				45,000	45,506
	CIT Group, Inc. 144A company guaranty notes 6 5/8s, 2018				135,000	150,863
	CIT Group, Inc. 144A company guaranty notes 5 1/2s, 2019				185,000	199,800
	Citigroup, Inc. jr. unsec. sub. FRB bonds Ser. B, 5.9s, perpetual maturity				40,000	40,200
	CNG Holdings, Inc./OH 144A sr. notes 9 3/8s, 2020				125,000	106,250
	CNO Financial Group, Inc. 144A company guaranty sr. notes 6 3/8s, 2020				65,000	70,525
	Community Choice Financial, Inc. company guaranty sr. notes 10 3/4s, 2019				75,000	60,938
	Credit Acceptance Corp. 144A company guaranty sr. unsec. notes 6 1/8s, 2021				75,000	78,188
	CTR Partnership LP/CareTrust Capital Corp. 144A company guaranty sr. unsec. notes 5 7/8s, 2021(R)				55,000	55,550
	Dresdner Funding Trust I 144A bonds 8.151s, 2031				240,000	286,200
	E*Trade Financial Corp. sr. unsec. unsub. notes 6 3/8s, 2019				175,000	190,094
	Genworth Holdings, Inc. company guaranty jr. unsec. sub. FRB bonds 6.15s, 2066				70,000	65,975
	HBOS PLC 144A unsec. sub. bonds 6s, 2033 (United Kingdom)				60,000	65,323
	Hockey Merger Sub 2, Inc. 144A sr. unsec. notes 7 7/8s, 2021				130,000	139,425
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6s, 2020				185,000	198,875
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5 7/8s, 2022				125,000	130,000
	International Lease Finance Corp. sr. unsec. notes 6 1/4s, 2019				80,000	88,900
	International Lease Finance Corp. sr. unsec. unsub. notes 5 7/8s, 2022				60,000	64,050
	iStar Financial, Inc. sr. unsec. notes 7 1/8s, 2018(R)				70,000	78,225
	Liberty Mutual Group, Inc. 144A company guaranty jr. unsec. sub. bonds 7.8s, 2037				75,000	88,500
	Lloyds Bank PLC jr. sub. FRN notes Ser. EMTN, 13s, perpetual maturity (United Kingdom)			GBP	100,000	279,253
	Lloyds Banking Group PLC jr. unsec. sub. FRB bonds 7 1/2s, perpetual maturity (United Kingdom)				$249,000	266,741
	MPT Operating Partnership LP/MPT Finance Corp. company guaranty sr. unsec. notes 6 7/8s, 2021(R)				50,000	54,500
	MPT Operating Partnership LP/MPT Finance Corp. company guaranty sr. unsec. unsub. notes 6 3/8s, 2022(R)				125,000	134,063
	Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. notes 7 7/8s, 2020				100,000	101,000
	Nationstar Mortgage, LLC/Nationstar Capital Corp. company guaranty sr. unsec. unsub. notes 6 1/2s, 2021				85,000	80,856
	Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5 7/8s, 2022				85,000	90,525
	Neuberger Berman Group, LLC/Neuberger Berman Finance Corp. 144A sr. unsec. notes 5 5/8s, 2020				50,000	52,625
	Nuveen Investments, Inc. 144A sr. unsec. notes 9 1/8s, 2017				160,000	173,600
	Ocwen Financial Corp. 144A company guaranty sr. unsec. notes 6 5/8s, 2019				95,000	96,188
	PHH Corp. sr. unsec. unsub. notes 7 3/8s, 2019				75,000	84,375
	PHH Corp. sr. unsec. unsub. notes 6 3/8s, 2021				140,000	145,950
	Provident Funding Associates LP/PFG Finance Corp. 144A company guaranty sr. unsec. notes 6 3/4s, 2021				120,000	122,100
	Provident Funding Associates LP/PFG Finance Corp. 144A sr. notes 10 1/8s, 2019				60,000	65,400
	Royal Bank of Scotland Group PLC jr. sub. unsec. FRN notes Ser. U, 7.64s, perpetual maturity (United Kingdom)				100,000	106,000
	Royal Bank of Scotland Group PLC jr. unsec. sub. FRB bonds 7.648s, perpetual maturity (United Kingdom)				265,000	308,725
	Royal Bank of Scotland Group PLC unsec. sub. notes 6s, 2023 (United Kingdom)				65,000	69,744
	SLM Corp. sr. unsec. unsub. notes Ser. MTN, 8.45s, 2018				290,000	341,475
	Springleaf Finance Corp. sr. unsec. notes Ser. MTN, 6.9s, 2017				295,000	323,025
	Springleaf Finance Corp. sr. unsec. unsub. notes 7 3/4s, 2021				30,000	33,525
	Springleaf Finance Corp. sr. unsec. unsub. notes 6s, 2020				85,000	86,275
	Stearns Holdings, Inc. 144A company guaranty sr. notes 9 3/8s, 2020				135,000	141,075
	TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes 8 1/2s, 2018				40,000	42,500
	USI, Inc./NY 144A sr. unsec. notes 7 3/4s, 2021				155,000	160,038
	Walter Investment Management Corp. 144A company guaranty sr. unsec. notes 7 7/8s, 2021				90,000	90,788
						6,833,435
	Health care (3.2%)
	Acadia Healthcare Co., Inc. company guaranty sr. unsec. notes 6 1/8s, 2021				60,000	62,700
	AmSurg Corp. company guaranty sr. unsec. unsub. notes 5 5/8s, 2020				135,000	135,000
	Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. company guaranty sr. unsec. notes 7 3/4s, 2019				95,000	101,413
	Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. company guaranty sr. unsec. notes 6s, 2021				105,000	110,775
	Capsugel Finance Co. SCA 144A company guaranty sr. unsec. notes 9 7/8s, 2019			EUR	100,000	147,934
	Capsugel SA 144A sr. unsec. notes 7s, 2019 (Luxembourg)(PIK)				$95,000	97,613
	Catamaran Corp. company guaranty sr. unsec. bonds 4 3/4s, 2021				115,000	116,725
	Centene Corp. sr. unsec. unsub. notes 4 3/4s, 2022				55,000	55,688
	CHS/Community Health Systems, Inc. company guaranty sr. notes 5 1/8s, 2018				40,000	42,100
	CHS/Community Health Systems, Inc. company guaranty sr. unsec. unsub. notes 8s, 2019				40,000	43,900
	CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5 1/8s, 2021				20,000	20,300
	CHS/Community Health Systems, Inc. 144A company guaranty sr. unsec. notes 6 7/8s, 2022				25,000	26,313
	Crimson Merger Sub, Inc. 144A sr. unsec. notes 6 5/8s, 2022				165,000	163,763
	Endo Finance, LLC 144A company guaranty sr. unsec. notes 5 3/4s, 2022				50,000	51,375
	Envision Healthcare Corp. company guaranty sr. unsec. notes 8 1/8s, 2019				65,000	69,063
	Fresenius Medical Care US Finance II, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2019				95,000	103,669
	HCA, Inc. company guaranty sr. notes 3 3/4s, 2019				65,000	66,138
	HCA, Inc. sr. notes 6 1/2s, 2020				430,000	488,588
	HCA, Inc. sr. unsec. notes 7 1/2s, 2022				30,000	34,538
	Health Net, Inc. sr. unsec. bonds 6 3/8s, 2017				190,000	207,100
	IASIS Healthcare, LLC/IASIS Capital Corp. company guaranty sr. unsec. notes 8 3/8s, 2019				100,000	106,625
	IMS Health, Inc. 144A sr. unsec. notes 6s, 2020				50,000	52,750
	Jaguar Holding Co. I 144A sr. unsec. notes 9 3/8s, 2017(PIK)				50,000	52,000
	Jaguar Holding Co.II/Jaguar Merger Sub, Inc. 144A sr. unsec. notes 9 1/2s, 2019				80,000	88,000
	JLL/Delta Dutch Newco BV 144A sr. unsec. notes 7 1/2s, 2022 (Netherlands)				95,000	97,375
	Kinetic Concepts, Inc./KCI USA, Inc. company guaranty notes 10 1/2s, 2018				180,000	204,975
	Kinetic Concepts, Inc./KCI USA, Inc. company guaranty sr. unsec. notes 12 1/2s, 2019				30,000	34,425
	Omega Healthcare Investors, Inc. company guaranty sr. unsec. notes 6 3/4s, 2022(R)				70,000	75,775
	Omega Healthcare Investors, Inc. 144A sr. unsec. notes 4.95s, 2024(R)				85,000	85,601
	Par Pharmaceutical Cos., Inc. company guaranty sr. unsec. unsub. notes 7 3/8s, 2020				150,000	162,750
	Salix Pharmaceuticals, Ltd. 144A company guaranty sr. unsec. notes 6s, 2021				40,000	42,900
	Service Corp. International sr. unsec. unsub. notes 5 3/8s, 2022				120,000	123,900
	Service Corp. International 144A sr. unsec. unsub. notes 5 3/8s, 2024				155,000	157,139
	Service Corp. International/US sr. notes 7s, 2017				65,000	73,047
	Teleflex, Inc. company guaranty sr. unsec. sub. notes 6 7/8s, 2019				85,000	90,631
	Teleflex, Inc. 144A company guaranty sr. unsec. notes 5 1/4s, 2024				25,000	25,344
	Tenet Healthcare Corp. company guaranty sr. bonds 4 1/2s, 2021				55,000	54,588
	Tenet Healthcare Corp. company guaranty sr. bonds 4 3/8s, 2021				95,000	93,338
	Tenet Healthcare Corp. company guaranty sr. notes 6 1/4s, 2018				225,000	248,063
	Tenet Healthcare Corp. company guaranty sr. notes 6s, 2020				140,000	150,500
	Tenet Healthcare Corp. company guaranty sr. notes 4 3/4s, 2020				25,000	25,313
	United Surgical Partners International, Inc. company guaranty sr. unsec. unsub. notes 9s, 2020				80,000	88,600
	Valeant Pharmaceuticals International 144A company guaranty sr. notes 7s, 2020				20,000	21,300
	Valeant Pharmaceuticals International 144A company guaranty sr. unsec. notes 6 7/8s, 2018				45,000	47,363
	Valeant Pharmaceuticals International 144A company guaranty sr. unsec. notes 6 3/8s, 2020				150,000	160,125
	Valeant Pharmaceuticals International 144A sr. notes 6 3/4s, 2017				120,000	125,850
	Valeant Pharmaceuticals International 144A sr. unsec. notes 6 3/4s, 2018				80,000	86,400
	Valeant Pharmaceuticals International, Inc. 144A company guaranty sr. unsec. notes 5 5/8s, 2021				10,000	10,375
	WellCare Health Plans, Inc. sr. unsec. notes 5 3/4s, 2020				160,000	170,400
						4,900,147
	Technology (2.0%)
	ACI Worldwide, Inc. 144A company guaranty sr. unsec. unsub. notes 6 3/8s, 2020				75,000	79,125
	Alcatel-Lucent USA, Inc. 144A company guaranty sr. unsec. notes 6 3/4s, 2020				245,000	260,313
	Avaya, Inc. 144A company guaranty notes 10 1/2s, 2021				90,000	81,450
	Avaya, Inc. 144A company guaranty sr. notes 7s, 2019				250,000	247,500
	Epicor Software Corp. company guaranty sr. unsec. notes 8 5/8s, 2019				55,000	59,744
	First Data Corp. company guaranty sr. unsec. notes 12 5/8s, 2021				285,000	342,713
	First Data Corp. company guaranty sr. unsec. notes 11 1/4s, 2021				135,000	155,250
	First Data Corp. company guaranty sr. unsec. sub. notes 11 3/4s, 2021				230,000	255,300
	First Data Corp. 144A company guaranty notes 8 1/4s, 2021				240,000	260,400
	First Data Corp. 144A company guaranty sr. notes 7 3/8s, 2019				80,000	85,800
	First Data Holdings, Inc. 144A sr. unsec. notes 14 1/2s, 2019(PIK)				73,355	73,355
	Freescale Semiconductor, Inc. company guaranty sr. unsec. notes 10 3/4s, 2020				84,000	95,655
	Freescale Semiconductor, Inc. 144A company guaranty sr. notes 5s, 2021				100,000	101,875
	Freescale Semiconductor, Inc. 144A sr. notes 6s, 2022				120,000	127,800
	Infor US, Inc. company guaranty sr. unsec. unsub. notes 11 1/2s, 2018				55,000	63,250
	Iron Mountain, Inc. company guaranty sr. sub. notes 7 3/4s, 2019				45,000	49,388
	Iron Mountain, Inc. company guaranty sr. unsec. unsub. notes 6s, 2023				105,000	111,563
	Micron Technology, Inc. 144A sr. unsec. notes 5 7/8s, 2022				85,000	90,738
	SoftBank Corp. 144A sr. unsec. notes 4 1/2s, 2020 (Japan)				200,000	202,500
	SunGard Data Systems, Inc. company guaranty sr. unsec. sub. notes 6 5/8s, 2019				70,000	74,025
	SunGard Data Systems, Inc. 144A sr. unsec. notes 7 5/8s, 2020				95,000	104,144
	Syniverse Holdings, Inc. company guaranty sr. unsec. notes 9 1/8s, 2019				120,000	129,600
						3,051,488
	Transportation (0.5%)
	Aguila 3 SA 144A company guaranty sr. notes 7 7/8s, 2018 (Luxembourg)				200,000	212,124
	Air Medical Group Holdings, Inc. company guaranty sr. notes 9 1/4s, 2018				149,000	159,616
	CHC Helicopter SA company guaranty sr. notes 9 1/4s, 2020 (Canada)				90,000	98,100
	Swift Services Holdings, Inc. company guaranty sr. notes 10s, 2018				110,000	119,213
	Watco Cos., LLC/Watco Finance Corp. 144A company guaranty sr. unsec. notes 6 3/8s, 2023				130,000	132,600
						721,653
	Utilities and power (2.0%)
	AES Corp./Virginia (The) sr. unsec. notes 8s, 2020				85,000	101,788
	AES Corp./Virginia (The) sr. unsec. unsub. notes 8s, 2017				85,000	99,663
	AES Corp./Virginia (The) sr. unsec. unsub. notes 7 3/8s, 2021				145,000	166,750
	AES Corp./Virginia (The) sr. unsec. unsub. notes 4 7/8s, 2023				45,000	44,044
	Calpine Corp. 144A company guaranty sr. notes 7 7/8s, 2020				138,000	151,455
	Calpine Corp. 144A company guaranty sr. notes 6s, 2022				30,000	32,175
	Calpine Corp. 144A company guaranty sr. notes 5 7/8s, 2024				25,000	26,125
	Colorado Interstate Gas Co., LLC sr. unsec. debs. 6.85s, 2037				95,000	111,591
	DPL, Inc. sr. unsec. notes 6 1/2s, 2016				155,000	167,400
	Dynegy Holdings, LLC escrow bonds 7 3/4s, 2019				175,000	219
	El Paso Natural Gas Co., LLC sr. unsec. debs. 8 5/8s, 2022				40,000	52,476
	El Paso, LLC sr. unsec. notes Ser. GMTN, 7.8s, 2031				100,000	108,170
	Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc. sr. notes 10s, 2020				172,000	182,535
	Energy Future Intermediate Holding Co., LLC/EFIH Finance, Inc. 144A sr. notes 10s, 2020				293,000	311,313
	Energy Transfer Equity LP company guaranty sr. unsec. notes 7 1/2s, 2020				107,000	123,585
	EP Energy, LLC/EP Energy Finance, Inc. sr. unsec. notes 9 3/8s, 2020				155,000	177,475
	EP Energy, LLC/Everest Acquisition Finance, Inc. company guaranty sr. notes 6 7/8s, 2019				75,000	80,250
	EP Energy, LLC/Everest Acquisition Finance, Inc. company guaranty sr. unsec. unsub. notes 7 3/4s, 2022				35,000	39,244
	GenOn Americas Generation, LLC sr. unsec. notes 9 1/8s, 2031				100,000	102,000
	GenOn Energy, Inc. sr. unsec. notes 9 7/8s, 2020				125,000	135,313
	GenOn Energy, Inc. sr. unsec. notes 9 1/2s, 2018				25,000	27,125
	Kinder Morgan, Inc./DE 144A sr. notes 5s, 2021				125,000	125,938
	NRG Energy, Inc. company guaranty sr. unsec. notes 7 7/8s, 2021				325,000	361,563
	Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5 7/8s, 2022				110,000	116,875
	Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 5 1/2s, 2023				75,000	76,688
	Regency Energy Partners LP/Regency Energy Finance Corp. company guaranty sr. unsec. unsub. notes 4 1/2s, 2023				95,000	90,488
	Tennessee Gas Pipeline Co., LLC sr. unsec. unsub. debs. 7s, 2028				15,000	19,013
	Texas Competitive/Texas Competitive Electric Holdings Co., LLC 144A company guaranty sr. notes 11 1/2s, 2020 (In default)(NON)				60,000	53,250
						3,084,511
	Total corporate bonds and notes (cost $56,689,407)					$60,022,691
	CONVERTIBLE BONDS AND NOTES (36.7%)(a)
					Principal amount	Value
	Basic materials (1.4%)
	AK Steel Corp. cv. company guaranty sr. unsec. unsub. notes 5s, 2019				$635,000	$875,109
	Cemex SAB de CV cv. unsec. sub. notes 3 3/4s, 2018 (Mexico)				795,000	1,186,041
						2,061,150
	Capital goods (1.2%)
	General Cable Corp. cv. unsec. sub. notes stepped-coupon 4 1/2s (2 1/4s, 11/15/19) 2029(STP)				595,000	593,513
	Trinity Industries, Inc. cv. unsec. sub. notes 3 7/8s, 2036				685,000	1,268,963
						1,862,476
	Communication services (0.6%)
	Clearwire Communications, LLC/Clearwire Finance, Inc. 144A cv. company guaranty sr. unsec. notes 8 1/4s, 2040				199,000	230,591
	Level 3 Communications, Inc. cv. sr. unsec. unsub. notes Ser. B, 7s, 2015				435,000	725,091
	Powerwave Technologies, Inc. cv. sr. unsec. sub. notes 3 7/8s, 2027 (In default)(NON)				1,160,000	116
						955,798
	Consumer cyclicals (8.4%)
	Callaway Golf Co. cv. sr. unsec. bonds 3 3/4s, 2019				453,000	543,600
	CBIZ, Inc. 144A cv. sr. sub. notes 4 7/8s, 2015				397,000	502,205
	Ford Motor Co. cv. sr. unsec. notes 4 1/4s, 2016				521,000	996,738
	Forestar Group, Inc. cv. sr. unsec. unsub. notes 3 3/4s, 2020				412,000	433,888
	Host Hotels & Resorts LP 144A cv. company guaranty sr. unsec. notes 2 1/2s, 2029(R)				295,000	499,472
	Lennar Corp. 144A cv. sr. notes 2 3/4s, 2020				344,000	643,065
	Liberty Interactive, LLC cv. sr. unsec. unsub. bonds 3/4s, 2043				833,000	1,081,338
	Liberty Interactive, LLC cv. sr. unsec. unsub. notes 3 1/2s, 2031				1,635,000	906,403
	Liberty Interactive, LLC 144A cv. sr. unsec. notes 1s, 2043				575,000	590,813
	MGM Resorts International Co. cv. company guaranty sr. unsec. notes 4 1/4s, 2015				1,350,000	1,960,031
	Navistar International Corp. 144A cv. sr. unsec. unsub. notes 4 3/4s, 2019				644,000	661,308
	Priceline Group, Inc. (The) cv. sr. unsec. unsub. notes 1s, 2018				320,000	479,800
	Ryland Group, Inc. (The) cv. company guaranty sr. unsub. notes 1 5/8s, 2018				480,000	651,900
	Standard Pacific Corp. cv. company guaranty sr. unsec. unsub. notes 1 1/4s, 2032				710,000	865,313
	TiVo, Inc. 144A cv. sr. unsec. notes 4s, 2016				385,000	486,303
	TRW Automotive, Inc. cv. company guaranty sr. unsec. notes 3 1/2s, 2015				195,000	562,453
	XM Satellite Radio, Inc. 144A cv. company guaranty sr. unsec. sub. notes 7s, 2014				527,000	952,882
						12,817,512
	Consumer staples (1.6%)
	Hertz Global Holdings, Inc. cv. sr. unsec. notes 5 1/4s, 2014				64,000	228,080
	Rite Aid Corp. cv. sr. unsec. unsub. notes 8 1/2s, 2015				345,000	1,132,463
	Vector Group, Ltd. cv. sr. unsec. FRN notes 2 1/2s, 2019				740,000	984,333
						2,344,876
	Energy (4.2%)
	Chesapeake Energy Corp. cv. company guaranty sr. unsec. notes 2 1/4s, 2038				2,230,000	2,136,619
	Cobalt International Energy, Inc. cv. sr. unsec. unsub. notes 2 5/8s, 2019				810,000	756,338
	Energy XXI Bermuda, Ltd. 144A cv. sr. unsec. notes 3s, 2018				451,000	436,624
	Goodrich Petroleum Corp. cv. company guaranty sr. unsub. notes 5s, 2032				714,000	861,709
	Hornbeck Offshore Services, Inc. cv. company guaranty sr. unsec. notes 1 1/2s, 2019				377,000	451,929
	Peabody Energy Corp. cv. jr. unsec. sub. debs. 4 3/4s, 2041				655,000	509,672
	SEACOR Holdings, Inc. 144A cv. sr. unsec. notes 3s, 2028				621,000	612,461
	Trico Marine Services, Inc. cv. sr. unsec. debs. 3s, 2027 (In default)(NON)				500,000	16,875
	Vantage Drilling Co. cv. sr. unsec. unsub. notes 7 7/8s, 2042				615,000	672,656
						6,454,883
	Financials (4.6%)
	Ares Capital Corp. cv. sr. unsec. notes 5 3/4s, 2016				790,000	845,300
	Blackstone Mortgage Trust, Inc. cv. sr. unsec. unsub. notes 5 1/4s, 2018(R)				626,000	703,859
	Cowen Group, Inc. 144A cv. sr. unsec. notes 3s, 2019				458,000	478,324
	DFC Global Corp. cv. sr. unsec. unsub. notes 3 1/4s, 2017				46,000	45,080
	Forest City Enterprises, Inc. cv. sr. unsec. notes 4 1/4s, 2018				816,000	914,430
	Hercules Technology Growth Capital, Inc. cv. sr. unsec. notes 6s, 2016				453,000	586,918
	iStar Financial, Inc. cv. sr. unsec. unsub. notes 3s, 2016(R)				330,000	455,813
	PHH Corp. cv. sr. unsec. notes 4s, 2014				760,000	796,100
	Radian Group, Inc. cv. sr. unsec. unsub. notes 3s, 2017				430,000	613,556
	Spirit Realty Capital, Inc. cv. sr. unsec. notes 2 7/8s, 2019(R)				561,000	565,909
	Starwood Property Trust, Inc. cv. sr. unsec. unsub. notes 4s, 2019(R)				631,000	733,538
	Walter Investment Management Corp. cv. sr. unsec. sub. notes 4 1/2s, 2019				312,000	281,970
						7,020,797
	Health care (5.3%)
	Accuray, Inc. cv. sr. unsec. notes 3 3/4s, 2016				694,000	805,908
	Alere, Inc. cv. sr. unsec. sub. notes 3s, 2016				430,000	473,538
	Auxilium Pharmaceuticals, Inc. cv. sr. unsec. notes 1 1/2s, 2018				415,000	484,253
	Brookdale Senior Living, Inc. cv. sr. unsec. unsub. notes 2 3/4s, 2018				720,000	984,150
	China Medical Technologies, Inc. cv. sr. unsec. bonds Ser. CMT, 4s, 2014 (China) (In default)(F)(NON)				763,000	61,040
	China Medical Technologies, Inc. 144A cv. sr. unsec. notes 6 1/4s, 2016 (China) (In default)(F)(NON)				445,000	31,150
	Cubist Pharmaceuticals, Inc. 144A cv. sr. unsec. notes 1 1/8s, 2018				465,000	519,347
	Gilead Sciences, Inc. cv. sr. unsec. notes 1 5/8s, 2016				300,000	1,071,780
	HealthSouth Corp. cv. sr. unsec. sub. notes 2s, 2043				709,000	765,720
	Hologic, Inc. cv. sr. unsec. unsub. notes stepped-coupon 2s (zero %, 3/1/18) 2042(STP)				1,075,000	1,185,188
	Medidata Solutions, Inc. 144A cv. sr. unsec. notes 1s, 2018				370,000	380,869
	PDL BioPharma, Inc. cv. sr. unsec. unsub. notes 4s, 2018				335,000	376,456
	Teleflex, Inc. cv. sr. unsec. sub. notes 3 7/8s, 2017				490,000	870,363
						8,009,762
	Technology (9.4%)
	Ciena, Inc. cv. sr. unsec. notes 4s, 2020				618,000	813,443
	Jazz Technologies, Inc. 144A cv. unsec. notes 8s, 2018				385,000	415,800
	Micron Technology, Inc. cv. sr. unsec. bonds Ser. E, 1 5/8s, 2033				1,740,000	4,581,570
	Novellus Systems, Inc. cv. sr. unsec. notes 2 5/8s, 2041				510,000	964,219
	ON Semiconductor Corp. cv. company guaranty sr. unsec. sub. notes Ser. B, 2 5/8s, 2026				727,000	846,046
	Safeguard Scientifics, Inc. cv. sr. unsec. bonds 5 1/4s, 2018				970,000	1,206,438
	Salesforce.com, Inc. cv. sr. unsec. unsub. notes 1/4s, 2018				600,000	666,750
	SanDisk Corp. cv. sr. unsec. notes 1 1/2s, 2017				779,000	1,489,838
	ServiceNow, Inc. 144A cv. sr. unsec. unsub. notes zero %, 2018				405,000	414,366
	TeleCommunication Systems, Inc. cv. sr. unsec. notes 7 3/4s, 2018				1,075,000	1,053,500
	Vishay Intertechnology, Inc. 144A cv. sr. unsec. notes 2 1/4s, 2041				745,000	701,697
	Web.com Group, Inc. cv. sr. unsec. unsub. notes 1s, 2018				370,000	443,306
	Xilinx, Inc. cv. sr. unsec. notes 2 5/8s, 2017				465,000	770,447
						14,367,420
	Total convertible bonds and notes (cost $48,592,291)					$55,894,674
	CONVERTIBLE PREFERRED STOCKS (20.6%)(a)
					Shares	Value
	Basic materials (1.0%)
	Smurfit-Stone Container Corp. (Escrow) zero % cv. pfd.(F)				65,720	$657
	Weyerhaeuser Co. Ser. A, $3.188 cv. pfd.(R)				26,055	1,526,661
						1,527,318
	Capital goods (1.4%)
	United Technologies Corp. $3.75 cv. pfd.				31,820	2,093,756
						2,093,756
	Communication services (3.1%)
	American Tower Corp. Ser. A, $5.25 cv. pfd.(R)(NON)				12,785	1,368,123
	Cincinnati Bell, Inc. Ser. B, $3.378 cum. cv. pfd.				28,570	1,373,646
	Crown Castle International Corp. Ser. A, $4.50 cv. pfd.(R)				12,614	1,318,163
	Iridium Communications, Inc. Ser. B, 6.75% cv. pfd.(NON)				680	215,574
	Iridium Communications, Inc. 144A $7.00 cv. pfd.				4,095	437,141
						4,712,647
	Consumer cyclicals (1.5%)
	FelCor Lodging Trust, Inc. Ser. A, $0.488 cum. cv. pfd.(R)				45,325	1,133,832
	Stanley Black & Decker, Inc. $6.25 cv. pfd.				10,485	1,192,983
						2,326,815
	Consumer staples (0.5%)
	Post Holdings, Inc. 144A $3.75 cv. pfd.				5,894	690,718
						690,718
	Energy (2.3%)
	Chesapeake Energy Corp. 144A 5.75% cv. pfd.				1,848	2,225,685
	Halcon Resources Corp. Ser. A, 5.75% cv. pfd.				793	835,029
	McDermott International, Inc. $1.563 cv. pfd.(NON)				15,461	404,305
						3,465,019
	Financials (7.7%)
	Alexandria Real Estate Equities, Inc. Ser. D, $1.75 cv. pfd.(R)				32,805	933,404
	AMG Capital Trust II $2.575 cv. pfd.				27,810	1,720,744
	Banc of California, Inc. $4.00 cv. pfd.(NON)				8,217	458,098
	Bank of America Corp. Ser. L, 7.25% cv. pfd.				2,653	3,157,070
	EPR Properties Ser. C, $1.44 cv. pfd.(R)				44,170	991,753
	Health Care REIT, Inc. Ser. I, $3.25 cv. pfd.(R)				14,532	861,021
	Maiden Holdings, Ltd. Ser. B, $3.625 cv. pfd. (Bermuda)				15,345	744,233
	MetLife, Inc. $1.25 cv. pfd.				27,050	799,328
	OFG Bancorp Ser. C, 8.75% cv. pfd. (Puerto Rico)				620	1,029,355
	Wells Fargo & Co. Ser. L, 7.50% cv. pfd.				925	1,133,125
						11,828,131
	Transportation (1.2%)
	Continental Financial Trust II $3.00 cv. pfd.				18,090	903,369
	Genesee & Wyoming, Inc. $5.00 cv. pfd.				7,243	926,669
						1,830,038
	Utilities and power (1.9%)
	AES Trust III $3.375 cv. pfd.				18,460	950,690
	Dominion Resources, Inc. Ser. A, $3.063 cv. pfd.				14,968	857,517
	El Paso Energy Capital Trust I $2.375 cv. pfd.				1,069	56,724
	NextEra Energy, Inc. $2.799 cv. pfd.				15,552	997,816
						2,862,747
	Total convertible preferred stocks (cost $26,792,692)					$31,337,189
	COMMON STOCKS (1.0%)(a)
					Shares	Value
	Ally Financial, Inc.(F)				4,650	$109,554
	American Axle & Manufacturing Holdings, Inc.(NON)				4,924	91,291
	CIT Group, Inc.				1,606	71,435
	Dana Holding Corp.				2,995	66,309
	DISH Network Corp. Class A(NON)				1,525	89,457
	Elizabeth Arden, Inc.(NON)				1,945	52,768
	EP Energy Corp. Class A(NON)				5,301	106,338
	General Motors Co.				2,545	88,006
	Harry & David Holdings, Inc.(NON)				105	14,280
	Hilton Worldwide Holdings, Inc.(NON)				4,786	108,259
	Huntsman Corp.				4,550	121,440
	Jarden Corp.(NON)				1,165	65,916
	Kodiak Oil & Gas Corp.(NON)				11,230	142,958
	Lone Pine Resources Canada, Ltd. (Canada)(F)(NON)				5,612	561
	Lone Pine Resources, Inc. Class A (Canada)(F)(NON)				5,612	561
	MeadWestvaco Corp.				1,855	75,276
	Parsley Energy, Inc. Class A(NON)				2,767	65,772
	Penn National Gaming, Inc.(NON)				8,065	94,038
	Service Corp. International				3,924	78,558
	Vantage Drilling Co.(NON)				36,191	60,439
	Total common stocks (cost $1,512,996)					$1,503,216
	PREFERRED STOCKS (0.3%)(a)
					Shares	Value
	Ally Financial, Inc. 144A 7.00% cum. pfd.				146	$147,241
	Citigroup, Inc. Ser. K, $1.719 pfd.				1,200	32,124
	GMAC Capital Trust I Ser. 2, $2.031 cum. pfd.				6,800	184,416
	M/I Homes, Inc. Ser. A, $2.438 pfd.				2,305	57,902
	Total preferred stocks (cost $375,284)					$421,683
	SENIOR LOANS (0.1%)(a)(c)
					Principal amount	Value
	Caesars Entertainment Operating Co., Inc. bank term loan FRN Ser. B6, 5.4s, 2018				$215,000	$200,353
	Total senior loans (cost $202,157)					$200,353
	WARRANTS (—%)(a)(NON)
			Expiration date	Strike Price	Warrants	Value
	Tower Semiconductor, Ltd. 144A (Israel)(F)		6/30/15	$1.70	168,777	$1
	Total warrants (cost $33,755)					$1
	SHORT-TERM INVESTMENTS (1.9%)(a)
					Shares	Value
	Putnam Short Term Investment Fund 0.06%(AFF)				2,886,110	$2,886,110
	Total short-term investments (cost $2,886,110)					$2,886,110
	TOTAL INVESTMENTS
	Total investments (cost $137,084,692)(b)					$152,265,917

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	FORWARD CURRENCY CONTRACTS at 5/31/14 (aggregate face value $898,266) (Unaudited)
							Unrealized
			Contract	Delivery		Aggregate	appreciation/
	Counterparty	Currency	type	date	Value	face value	(depreciation)
	Bank of America N.A.
		Canadian Dollar	Sell	7/17/14	$32,244	$31,567	$(677)
	Barclays Bank PLC
		British Pound	Sell	6/18/14	250,396	249,298	(1,098)
	JPMorgan Chase Bank N.A.
		Canadian Dollar	Sell	7/17/14	37,772	37,013	(759)
	State Street Bank and Trust Co.
		Canadian Dollar	Sell	7/17/14	142,795	139,873	(2,922)
		Euro	Buy	6/18/14	54,115	54,214	(99)
	WestPac Banking Corp.
		Canadian Dollar	Sell	7/17/14	68,264	66,892	(1,372)
		Euro	Sell	6/18/14	316,377	319,409	3,032
	Total						$(3,895)

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	Key to holding's currency abbreviations
	CAD	Canadian Dollar
	EUR	Euro
	GBP	British Pound
	USD / $	United States Dollar
	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 at the close of the reporting period
	GMTN	Global Medium Term Notes
	MTN	Medium Term Notes

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2013 through May 31, 2014 (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 $152,458,030.
(b)	The aggregate identified cost on a tax basis is $136,912,620, resulting in gross unrealized appreciation and depreciation of $18,909,330 and $3,556,033, respectively, or net unrealized appreciation of $15,353,297.
(NON)	Non-income-producing security.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(PIK)	Income may be received in cash or additional securities at the discretion of the issuer.
(AFF)	Affiliated company. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with Putnam Short Term Investment Fund, which is under common ownership and control, were as follows:
	Name of affiliate	Fair value at the beginning of the reporting period	Purchase cost	Sale proceeds	Investment income	Fair value at the end of the reporting period
	Putnam Short Term Investment Fund *	$2,095,391	$25,688,381	$24,897,662	$2,139	$2,886,110
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
(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)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(R)	Real Estate Investment Trust.
	At the close of the reporting period, the fund maintained liquid assets totaling $5,002 to cover certain derivatives contracts.
	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: Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
	Investments in open-end investment companies (excluding exchange traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Market quotations are not considered to be readily available for certain debt obligations and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value and are classified as Level 2 securities.
	Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
	To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
	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.
	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.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund's future derivative activity.
	At the close of the reporting period, the fund had a net liability position of $5,555 on open derivative contracts subject to the Master Agreements. There was no collateral posted by the fund at period end for these agreements.

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	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	$196,716	$—	$—
	Capital goods	91,291	—	—
	Communication services	89,457	—	—
	Consumer cyclicals	422,528	—	—
	Consumer staples	52,768	14,280	—
	Energy	375,507	—	1,122
	Financials	71,435	109,554	—
	Health care	78,558	—	—
	Total common stocks	1,378,260	123,834	1,122
	Convertible bonds and notes	—	55,802,484	92,190
	Convertible preferred stocks	4,777,494	26,559,038	657
	Corporate bonds and notes	—	60,022,689	2
	Preferred stocks	216,540	205,143	—
	Senior loans	—	200,353	—
	Warrants	—	1	—
	Short-term investments	2,886,110	—	—
	Totals by level	$9,258,404	$142,913,542	$93,971
			Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Forward currency contracts	$—	$(3,895)	$—
	Totals by level	$—	$(3,895)	$—
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of the fund's portfolio.
	Fair Value of Derivative Instruments as of the close of the reporting period
		Asset derivatives	Liability derivatives
	Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
	Foreign exchange contracts	$3,032	$6,927
	Equity contracts	1	—
	Total	$3,033	$6,927
	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 as follows 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)		$1,500,000
	Warrants (number of warrants)		168,777

	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 Bank PLC	JPMorgan Chase Bank N.A.	State Street Bank and Trust Co.	WestPac Banking Corp.		Total
	Assets:
	Forward currency contracts#		$—	$—	$—	$—	$3,032		$3,032
	Total Assets		$—	$—	$—	$—	$3,032		$3,032
	Liabilities:
	Forward currency contracts#		$677	$1,098	$759	$3,021	$1,372		$6,927
	Total Liabilities		$677	$1,098	$759	$3,021	$1,372		$6,927
	Total Financial and Derivative Net Assets		$(677)	$(1,098)	$(759)	$(3,021)	$1,660		$(3,895)
	Total collateral received (pledged)##†		$—	$—	$—	$—	$—		$—
	Net amount		$(677)	$(1,098)	$(759)	$(3,021)	$1,660		$(3,895)
†	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.
	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 Income Securities Fund

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: July 28, 2014

	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: July 28, 2014

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: July 28, 2014