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Investment Objective
The fund seeks as high a level of current income as Putnam management believes is consistent with preservation of capital.
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Fund Description
The fund seeks income from three sectors: U.S. corporate and government investment-grade bonds, foreign bonds, and higher-yielding, lower-rated corporate bonds. The benchmark allocation for each sector is typically one-third of total assets. The management team can adjust the weightings and may allocate from 15%-65% of assets to each sector. By diversifying its assets, the fund seeks to reduce the risk of overexposure to any one sector.
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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 |
0.75% |
2.22% |
8.18% |
6.73% |
9.03% |
5.50% |
7.51% |
| |
POP |
-3.02% |
-1.61% |
4.12% |
5.39% |
8.20% |
5.10% |
7.29% |
| |
Inception date: October 3, 1988 |
| B |
NAV |
0.56% |
1.84% |
7.31% |
5.93% |
8.17% |
4.70% |
6.68% |
| |
CDSC |
-4.41% |
-3.13% |
2.31% |
5.03% |
7.87% |
4.70% |
6.68% |
| |
Inception date: March 1, 1993 |
| C |
NAV |
0.55% |
1.94% |
7.40% |
5.95% |
8.17% |
4.70% |
6.69% |
| |
POP |
-0.44% |
0.94% |
6.40% |
5.95% |
8.17% |
4.70% |
6.69% |
| |
Inception date: February 1, 1999 |
| M |
NAV |
0.80% |
2.22% |
7.89% |
6.50% |
8.71% |
5.23% |
7.20% |
| |
POP |
-2.44% |
-1.07% |
4.43% |
5.32% |
8.01% |
4.89% |
7.01% |
| |
Inception date: December 1, 1994 |
| Lehman Aggregate Bond Index |
| |
NAV |
-0.52% |
0.98% |
6.12% |
3.98% |
4.48% |
6.02% |
|
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 |
--- |
1.24% |
5.89% |
6.02% |
9.07% |
5.17% |
7.42% |
| |
POP |
--- |
-2.55% |
1.94% |
4.66% |
8.23% |
4.76% |
7.20% |
| |
Inception date: October 3, 1988 |
| B |
NAV |
--- |
0.80% |
5.13% |
5.25% |
8.26% |
4.37% |
6.59% |
| |
CDSC |
--- |
-4.11% |
0.13% |
4.35% |
7.97% |
4.37% |
6.59% |
| |
Inception date: March 1, 1993 |
| C |
NAV |
--- |
0.90% |
5.12% |
5.24% |
8.26% |
4.37% |
6.60% |
| |
POP |
--- |
-0.08% |
4.12% |
5.24% |
8.26% |
4.37% |
6.60% |
| |
Inception date: February 1, 1999 |
| M |
NAV |
--- |
1.11% |
5.58% |
5.75% |
8.78% |
4.88% |
7.11% |
| |
POP |
--- |
-2.14% |
2.11% |
4.59% |
8.06% |
4.53% |
6.92% |
| |
Inception date: December 1, 1994 |
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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 Lehman Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. Securities in the fund do not match those in the indexes and performance of the fund will differ. It is not possible to invest directly in an index.
International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging market securities, including illiquidity and volatility. Lower rated bonds may offer higher yields in return for more risk. Mutual funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk.
The use of derivatives involves special risks and may result in losses.
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: Multi Sector Income |
| A |
49% (61/125) |
53% (55/104) |
42% (36/86) |
52% (29/55) |
| B |
65% (81/125) |
80% (83/104) |
64% (55/86) |
79% (44/55) |
| C |
70% (88/125) |
80% (84/104) |
65% (56/86) |
--- |
| M |
54% (68/125) |
62% (65/104) |
49% (42/86) |
63% (35/55) |
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 24.82% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Deutschland Rep 3 1/4 07/04/2015 |
6.09% |
| 2. |
Japan Govt Cpi Linked 01.0000 06/10/2016 |
5.21% |
| 3. |
Irish Govt 5.00 4/18/2013 |
2.75% |
| 4. |
Us Treasury N/B 06.2500 05/15/2030 |
1.96% |
| 5. |
France (Govt Of) 04.0000 04/25/2013 |
1.70% |
| 6. |
Strip Princ 00.0000 11/15/2024 |
1.61% |
| 7. |
Sweden Govt 6 3/4 05/05/2014 |
1.44% |
| 8. |
Arg boden flt 5.475 8/03/2012 |
1.43% |
| 9. |
Fnma Fn30 otba 5.50 08/01/2036 |
1.34% |
| 10. |
French Oat 5.50 10/25/2010 |
1.30% |
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| Rank |
Sector |
Percentage of Portfolio |
| 1. |
Mortgage-Backed Securities |
27.99% |
| 3. |
Asset - Backed Securities |
14.54% |
| 4. |
Emerging Mkt Bonds |
11.78% |
| 6. |
Consumer Cyclical |
6.53% |
| 10. |
Basic Materials |
2.14% |
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| Rank |
Country |
Percentage of Portfolio |
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| Mortgage-backed Securities |
27.99% |
| Asset-backed Securities |
14.54% |
| Emerging Market Bonds |
11.78% |
| Investment Grade Bonds |
0.17% |
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| Average Effective Maturity | 7.31 years |
| Average Effective Duration | 3.95 years |
| Average Yield to Maturity | 6.98% |
| A |
SEC Yield as of 07/31/2007 |
5.46% |
5.25% |
| B |
SEC Yield as of 07/31/2007 |
4.70% |
-- |
| |
SEC Yield (unsubsidized) |
4.69% |
-- |
| C |
SEC Yield as of 07/31/2007 |
4.70% |
-- |
| M |
SEC Yield as of 07/31/2007 |
5.21% |
5.03% |
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