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Investment Objective
The fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
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Fund Description
Through extensive fundamental analysis, the fund seeks to diversify the portfolio among a broad range of industries and issuers in the high-yield corporate bond market . The fund takes full advantage of Putnam's extensive research department, which closely monitors the high-yield bond market to take advantage of income opportunities while limiting the risk of the portfolio.
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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 |
0.18% |
3.93% |
11.87% |
9.59% |
11.82% |
5.06% |
7.90% |
| |
POP |
-3.62% |
0.07% |
7.75% |
8.19% |
10.95% |
4.65% |
7.70% |
| |
Inception date: March 25, 1986 |
| B |
NAV |
-0.18% |
3.59% |
10.99% |
8.75% |
10.91% |
4.22% |
6.97% |
| |
CDSC |
-5.10% |
-1.41% |
5.99% |
7.90% |
10.64% |
4.22% |
6.97% |
| |
Inception date: May 16, 1994 |
| C |
NAV |
-0.09% |
3.51% |
10.88% |
8.75% |
10.98% |
4.26% |
7.08% |
| |
POP |
-1.08% |
2.51% |
9.88% |
8.75% |
10.98% |
4.26% |
7.08% |
| |
Inception date: March 30, 2007 |
| M |
NAV |
-0.03% |
3.66% |
11.46% |
9.30% |
11.53% |
4.83% |
7.60% |
| |
POP |
-3.23% |
0.28% |
7.88% |
8.09% |
10.79% |
4.48% |
7.43% |
| |
Inception date: December 1, 1994 |
| JP Morgan Developed High Yield Index |
| |
NAV |
0.56% |
3.54% |
11.88% |
8.86% |
11.45% |
6.58% |
|
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 |
--- |
0.67% |
7.57% |
7.96% |
11.71% |
4.42% |
7.71% |
| |
POP |
--- |
-3.07% |
3.61% |
6.60% |
10.86% |
4.02% |
7.51% |
| |
Inception date: March 25, 1986 |
| B |
NAV |
--- |
0.38% |
6.82% |
7.22% |
10.82% |
3.61% |
6.78% |
| |
CDSC |
--- |
-4.48% |
1.82% |
6.34% |
10.56% |
3.61% |
6.78% |
| |
Inception date: May 16, 1994 |
| C |
NAV |
--- |
0.18% |
6.71% |
7.11% |
10.84% |
3.63% |
6.89% |
| |
POP |
--- |
-0.79% |
5.72% |
7.11% |
10.84% |
3.63% |
6.89% |
| |
Inception date: March 30, 2007 |
| M |
NAV |
--- |
0.54% |
7.33% |
7.73% |
11.45% |
4.22% |
7.41% |
| |
POP |
--- |
-2.73% |
3.89% |
6.54% |
10.73% |
3.88% |
7.24% |
| |
Inception date: December 1, 1994 |
 |
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 JP Morgan Global High Yield Index is an unmanaged index of global high-yield 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.
Lower rated bonds may offer higher yields in return for more risk. This fund is closed to new investors.
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: High Current Yield |
| A |
15% (64/447) |
14% (51/376) |
23% (71/315) |
53% (73/138) |
| B |
28% (121/447) |
27% (101/376) |
39% (121/315) |
72% (99/138) |
| M |
18% (78/447) |
18% (65/376) |
29% (90/315) |
55% (76/138) |
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 8.01% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Cch I Llc 11.0000 10/01/2015 |
1.29% |
| 2. |
General Motors 07.2000 01/15/2011 |
0.89% |
| 3. |
Ford Motor Credit Co 09.8750 08/10/2011 |
0.83% |
| 4. |
Gmac Llc 06.8750 08/28/2012 |
0.80% |
| 5. |
Gmac Llc 07.7500 01/19/2010 |
0.76% |
| 6. |
Gmac Llc 06.7500 12/01/2014 |
0.73% |
| 7. |
Nrg Energy Inc 07.3750 02/01/2016 |
0.71% |
| 8. |
Idearc Inc 08.0000 11/15/2016 |
0.68% |
| 9. |
Sungard Data Systems Inc 09.1250 08/15/2013 |
0.66% |
| 10. |
Chaparral Steel Co 10.00 07/15/2013 |
0.65% |
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| Rank |
Sector |
Percentage of Portfolio |
| 1. |
Consumer Cyclical |
24.88% |
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| Rank |
Country |
Percentage of Portfolio |
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| Investment Grade Bonds |
2.05% |
| Mortgage-backed Securities |
0.73% |
| Emerging Market Bonds |
0.29% |
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| Average Effective Maturity | 5.87 years |
| Average Effective Duration | 3.89 years |
| Average Yield to Maturity | 7.97% |
| A |
SEC Yield as of 07/31/2007 |
7.28% |
7.01% |
| |
SEC Yield (unsubsidized) |
7.27% |
7.00% |
| B |
SEC Yield as of 07/31/2007 |
6.49% |
-- |
| C |
SEC Yield as of 07/31/2007 |
6.54% |
-- |
| |
SEC Yield (unsubsidized) |
6.53% |
-- |
| M |
SEC Yield as of 07/31/2007 |
6.95% |
6.79% |
| |
SEC Yield (unsubsidized) |
6.94% |
6.78% |
| Class |
Record/Ex
Dividend Date |
Payable
Date |
Income |
ST Cap Gain |
LT Cap Gain |
| A |
08/20/2007 |
08/27/2007 |
$0.034000 |
|
|
| B |
08/20/2007 |
08/27/2007 |
$0.031000 |
|
|
| C |
08/20/2007 |
08/27/2007 |
$0.031000 |
|
|
| M |
08/20/2007 |
08/27/2007 |
$0.033000 |
|
|
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| Fiscal Year End | November |
| Fund Status | Open to new investors |
| Dividend Frequency | Monthly |
| Number of Issues | 452 |
| Turnover (as of fiscal year end) | 45.62% |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
March 25, 1986 |
PHYIX |
74678J104 |
17,331 |
65,051,390 |
392,144,877 |
| B |
May 16, 1994 |
PHYBX |
74678J203 |
1,103 | |
