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Investment Objective
The fund seeks high current income exempt from federal income tax.
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Fund Description
The fund invests in a nationally diversified portfolio of lower-rated higher-yielding municipal bonds. The fund draws on Putnam's extensive research capabilities to seek higher income potential while also seeking to manage the additional credit risk associated with high-yield bonds.
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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 |
-0.36% |
0.57% |
4.81% |
6.24% |
5.16% |
4.54% |
6.70% |
| |
POP |
-4.10% |
-3.18% |
0.95% |
4.88% |
4.36% |
4.14% |
6.52% |
| |
Inception date: September 20, 1993 |
| B |
NAV |
-0.51% |
0.29% |
4.23% |
5.55% |
4.52% |
3.95% |
6.31% |
| |
CDSC |
-5.43% |
-4.63% |
-0.77% |
4.65% |
4.18% |
3.95% |
6.31% |
| |
Inception date: September 9, 1985 |
| C |
NAV |
-0.57% |
0.23% |
4.02% |
5.40% |
4.35% |
3.71% |
5.85% |
| |
POP |
-1.56% |
-0.76% |
3.02% |
5.40% |
4.35% |
3.71% |
5.85% |
| |
Inception date: February 1, 1999 |
| M |
NAV |
-0.46% |
0.40% |
4.55% |
5.92% |
4.86% |
4.24% |
6.48% |
| |
POP |
-3.68% |
-2.84% |
1.12% |
4.77% |
4.16% |
3.90% |
6.32% |
| |
Inception date: December 29, 1994 |
| Lehman Municipal Bond Index |
| |
NAV |
-0.67% |
0.14% |
4.69% |
4.56% |
4.61% |
5.44% |
|
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 |
--- |
0.98% |
4.26% |
6.01% |
5.22% |
4.34% |
6.70% |
| |
POP |
--- |
-2.78% |
0.43% |
4.62% |
4.42% |
3.94% |
6.51% |
| |
Inception date: September 20, 1993 |
| B |
NAV |
--- |
0.65% |
3.67% |
5.31% |
4.58% |
3.75% |
6.30% |
| |
CDSC |
--- |
-4.27% |
-1.31% |
4.40% |
4.24% |
3.75% |
6.30% |
| |
Inception date: September 9, 1985 |
| C |
NAV |
--- |
0.50% |
3.35% |
5.14% |
4.37% |
3.51% |
5.84% |
| |
POP |
--- |
-0.48% |
2.36% |
5.14% |
4.37% |
3.51% |
5.84% |
| |
Inception date: February 1, 1999 |
| M |
NAV |
--- |
0.79% |
4.01% |
5.68% |
4.90% |
4.04% |
6.47% |
| |
POP |
--- |
-2.48% |
0.54% |
4.55% |
4.20% |
3.69% |
6.31% |
| |
Inception date: December 29, 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 Lehman Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. 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. Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.
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 Yield Municipal Debt |
| A |
49% (43/87) |
49% (38/77) |
55% (41/74) |
69% (30/43) |
| B |
81% (71/87) |
79% (61/77) |
87% (65/74) |
96% (42/43) |
| C |
91% (80/87) |
89% (69/77) |
90% (67/74) |
--- |
| M |
66% (58/87) |
58% (45/77) |
74% (55/74) |
78% (34/43) |
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 9.48% of portfolio |
| Rank |
Fund |
Percentage of Portfolio |
| 1. |
Nyc Ida Amrn-Jfk Arpt 07.5000 08/01/2016 |
1.29% |
| 2. |
Ia Fin Ref-Care Initi 09.2500 07/01/2025 |
1.23% |
| 3. |
Badger Tob Asset Sec 06.3750 06/01/2032 |
1.06% |
| 4. |
Ca Ref 04.5000 08/01/2030 |
1.06% |
| 5. |
Orange Transn-Reg Lin 06.2000 02/14/2011 |
0.88% |
| 6. |
Tob Settlemt Wa-Asset 06.5000 06/01/2026 |
0.85% |
| 7. |
Ar Dev Wa Regl Med 07.3750 02/01/2029 |
0.84% |
| 8. |
Ma H/E-C-Umass Mem 06.6250 07/01/2032 |
0.77% |
| 9. |
Indianapolis Arpt-Rf 05.1000 01/15/2017 |
0.76% |
| 10. |
Tob Settlement Ser B 06.3750 05/15/2030 |
0.74% |
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| Rank |
Sector |
Percentage of Portfolio |
| 2. |
Tax Exempt Hospital Systems |
21.05% |
| 4. |
Benefit Assessment |
14.72% |
| 5. |
Tax Exempt Power |
8.14% |
| 7. |
Single Family Housing |
4.35% |
| 8. |
Paper and Forest Products |
4.02% |
| 9. |
Multi Family Housing |
3.06% |
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Country Allocation
Not available
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| Municipal Bonds & Notes |
98.78% |
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| Average Effective Maturity | 6.33 years |
| Average Effective Duration | 6.4 years |
| Average Yield to Maturity | 4.97% |
| A |
SEC Yield as of 07/31/2007 |
4.21% |
4.05% |
| B |
SEC Yield as of 07/31/2007 |
3.58% |
-- |
| C |
SEC Yield as of 07/31/2007 |
3.43% |
-- |
| M |
SEC Yield as of 07/31/2007 |
3.93% |
3.80% |
| Class |
# Accrual
Days |
Accrual
Start
Date |
Accrual
End
Date |
Payable
Date |
Non-Taxable
Income |
Taxable
Income |
| A |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.054008 |
|
| B |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.046931 |
|
| C |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.045222 |
|
| M |
32 |
07/02/2007 |
07/31/2007 |
07/31/2007 |
$0.050837 |
|
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| Fiscal Year End | July |
| Fund Status | Open to new investors |
| Dividend Frequency | Monthly |
| Number of Issues | 486 |
| Turnover (as of fiscal year end) | --- |
| Class |
Inception |
Symbol |
CUSIP |
Number of
Accounts |
Outstanding
Shares |
Net Assets |
| A |
September 20, 1993 |
PTHAX |
746872407 |
22,209 |
94,562,787 |
1,217,612,465 |
| B |
September 9, 1985 |
PTHYX |
746872209 |
2,678 |
8,045,307 |
103,754,809 |
| C |
February 1, 1999 |
--- |
746872704 |
393 |
1,496,346 |
19,277,567 |
| M |
December 29, 1994 |
PTYMX |
746872506 |
181 |
840,406 |
10,820,232 |
| Totals |
|
|
|
25,461 |
104,944,846 |
1,351,465,074 |
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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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