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Investment Objective
The fund seeks, with equal emphasis, current income and capital appreciation. Its secondary objective is conservation of capital.
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Fund Description
The fund invests primarily in convertible securities - hybrid securities that pay interest like bonds but have the potential to convert to common stocks. Seeking current income with capital growth, the portfolio invests 65%-75% of its assets in convertible securities, and the remaining 25%-35% in value stocks. The fund can provide access to growth opportunities that are rarely found in other value-oriented portfolios.
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| Fund Returns |
| As of Quarter End June 30, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
5.17% |
8.64% |
18.56% |
10.62% |
12.96% |
6.97% |
10.98% |
| |
POP |
-0.37% |
2.93% |
12.35% |
8.65% |
11.75% |
6.39% |
10.81% |
| |
Inception date: June 29, 1972 |
| B |
NAV |
4.94% |
8.24% |
17.65% |
9.81% |
12.10% |
6.18% |
10.00% |
| |
CDSC |
-0.06% |
3.24% |
12.65% |
8.97% |
11.85% |
6.18% |
10.00% |
| |
Inception date: July 15, 1993 |
| C |
NAV |
4.91% |
8.20% |
17.62% |
9.80% |
12.11% |
6.18% |
10.14% |
| |
POP |
3.91% |
7.20% |
16.62% |
9.80% |
12.11% |
6.18% |
10.14% |
| |
Inception date: July 26, 1999 |
| M |
NAV |
5.02% |
8.38% |
17.94% |
10.07% |
12.38% |
6.46% |
10.28% |
| |
POP |
1.59% |
4.85% |
14.12% |
8.86% |
11.64% |
6.11% |
10.17% |
| |
Inception date: March 13, 1995 |
| Merrill All Convertible Index |
| |
NAV |
4.35% |
6.96% |
15.45% |
8.84% |
11.13% |
8.27% |
|
Fund Returns |
| As of Month End July 31, 2007 | All returns in percentages |
| Class |
Last
Quarter |
Year
to Date |
1
Year |
3
Year |
5
Year |
10 Years |
Life of
Fund |
| A |
NAV |
--- |
6.08% |
14.89% |
10.83% |
14.31% |
6.16% |
10.87% |
| |
POP |
--- |
0.51% |
8.85% |
8.85% |
13.09% |
5.59% |
10.70% |
| |
Inception date: June 29, 1972 |
| B |
NAV |
--- |
5.66% |
14.01% |
10.02% |
13.47% |
5.38% |
9.90% |
| |
CDSC |
--- |
0.66% |
9.01% |
9.19% |
13.22% |
5.38% |
9.90% |
| |
Inception date: July 15, 1993 |
| C |
NAV |
--- |
5.64% |
14.02% |
10.03% |
13.46% |
5.37% |
10.04% |
| |
POP |
--- |
4.64% |
13.02% |
10.03% |
13.46% |
5.37% |
10.04% |
| |
Inception date: July 26, 1999 |
| M |
NAV |
--- |
5.81% |
14.32% |
10.30% |
13.74% |
5.66% |
10.18% |
| |
POP |
--- |
2.37% |
10.59% |
9.11% |
12.99% |
5.31% |
10.07% |
| |
Inception date: March 13, 1995 |
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Data is historical. Past performance is no guarantee of future results. More recent returns may be worth more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. For the most recent month-end performance, visit www.putnaminvestments.com.
Performance assumes reinvestment of distributions and does not account for taxes. Returns at public offering price (POP) for class A and class M shares reflect the current maximum initial sales charges of 5.25% and 3.25% for equity funds, and 3.75% and 3.25% for income funds (3.25% and 2.00% for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund), respectively. POP performance of income funds' class A shares (other than Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund) and equity funds' class M shares reflects a reduction in maximum sales charge that took effect April 1, 2005. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund, which is 3% in the first year, declines to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Insured Municipal Fund, which are based on the historical performance of class B shares). Class A, M, and T shares of Putnam money market funds have no initial sales charge. For a portion of the period some funds may have limited expenses or been sold on a limited basis with limited assets and expenses, without which returns would be lower. A short-term trading fee of up to 1% may apply.
The Goldman Sachs Convertible 100 Index is an unmanaged index of convertible and convertible preferred securities. It includes reinvested dividends. Lipper Convertible Securities Funds Average is an arithmetic average of the total return of all Lipper Convertible Securities Funds.
Lower rated bonds may offer higher yields in return for more risk.
Although value investing targets stocks believed to be priced too low, there is no guarantee they will appreciate.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.
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Expense Ratio
| Class |
Fund's total expense ratio |
What you pay |
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| Class |
1 Year |
3 Years |
5 Years |
10 Years |
| Lipper Category: Convertible Securities |
| A |
15% (9/61) |
26% (15/58) |
12% (6/51) |
53% (19/35) |
| B |
28% (17/61) |
43% (25/58) |
24% (12/51) |
87% (31/35) |
| C |
26% (16/61) |
43% (25/58) |
25% (13/51) |
--- |
| M |
21% (13/61) |
41% (24/58) |
20% (10/51) |
81% (29/35) |
Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective. Past performance is no guarantee of future results.
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| Top 10 Holdings | Holdings will vary over time |
| As of July 31, 2007 | Holdings represent 16.39% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Freeport-Mcmoran C & G 06.7500 Cv Pfd |
2.06% |
| 2. |
Intl Coal Gr P/P 144a Cvsrnt 09.0000 08/01/2012 |
1.96% |
| 3. |
Citigroup Funding Inc 00.0000 Cv Pfd |
1.74% |
| 4. |
Anixter Intl P/P 144a Cvsrnt 01.0000 02/15/2013 |
1.69% |
| 5. |
Emc Corp P/P 144a Cvsrnt 01.7500 12/01/2013 |
1.69% |
| 6. |
Molson Coors Brewing Cocvsrnt 02.5000 07/30/2013 |
1.53% |
| 7. |
Chesapeake Energy Corp 06.2500 Cv Pfd |
1.45% |
| 8. |
Entergy Corporation 07.6250 Cv Pfd |
1.44% |
| 9. |
Lockheed Martin Corp Cvsrnt 05.1238 08/15/2033 |
1.42% |
| 10. |
General Cable Corp Cvsrnt 00.8750 11/15/2013 |
1.41% |
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| Rank |
Sector |
Percentage of Portfolio |
| 4. |
Consumer Cyclical |
12.54% |
| 6. |
Consumer Staples |
6.27% |
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Country Allocation
Not available
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| Convertible Preferred Stock |
25.41% |
| Corporate Bonds & Notes |
0.76% |
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| A |
SEC Yield as of 07/31/2007 |
2.14% |
2.03% |
| B |
SEC Yield as of 07/31/2007 |
1.37% |
-- |
| C |
SEC Yield as of 07/31/2007 |
1.37% |
-- |
| M |
SEC Yield as of 07/31/2007 |
1.63% |
1.57% |
| Class |
Record/Ex
Dividend Date |
Payable
Date |
Income |
ST Cap Gain |
LT Cap Gain |
| A |
06/25/2007 |
06/29/2007 |
$0.132000 |
|
|
| B |
06/25/2007 |
06/29/2007 |
$0.091000 |
|
|
| C |
06/25/2007 |
06/29/2007 |
$0.094000 |
|
|
| M |
06/25/2007 |
06/29/2007 |
$0.105000 |
|
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| Fiscal Year End | October |
| Fund Status | Open to new investors |
| Dividend Frequency | Quarterly |
| Number of Issues | 132 |
| Turnover (as of fiscal year end) | 63.63% |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
June 29, 1972 |
PCONX |
746476100 |
24,921 |
32,765,588 |
667,769,996 |
| B |
July 15, 1993 |
PCNBX |
746476209 |
3,174 |
1,973,059 |
39,569,674 |
| C |
July 26, 1999 |
--- |
746476506 |
870 |
1,510,533 |
30,550,956 |
| M |
March 13, 1995 |
PCNMX |
746476308 |
627 |
284,530 |
5,752,190 |
| Totals |
|
|
|
29,592 |
36,533,710 |
743,642,816 |
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Investment Management
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Prospectus
You agree to receive this prospectus electronically and to read and agree to its terms before investing or sending money. It contains detailed information about the fund's investment policies, risks, charges and expenses. You can read and print the prospectus while you are online, using a supported browser and Adobe Acrobat Reader™ software. If you would like a preprinted copy of the prospectus, please contact your Edward Jones financial advisor.
This prospectus is not an offer to sell, or a solicitation of an offer to buy shares in the fund nor shall any such shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
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Copyright 2007, Putnam Retail Management
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