Investment objective & strategy
As of Nov. 26, 2024 · prospectusObjective. Putnam Tax-Free High Yield Fund seeks high current income exempt from federal income tax.
Strategy. Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are a combination of below-investment-grade and investment-grade securities, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the funds shareholders. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions of the United States or by their political subdivisions, agencies, authorities or other government entities, and the income from these investments is exempt from federal income tax. We … Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are a combination of below-investment-grade and investment-grade securities, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the funds shareholders. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions of the United States or by their political subdivisions, agencies, authorities or other government entities, and the income from these investments is exempt from federal income tax. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Top holdings
As of July 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NYC TRANSITIONAL-A-1 | — | $13.19M | 2.11% |
| Port of Portland OR Airport Revenue (TOBs) | — | $13.03M | 2.09% |
| OH BUCGEN 5 06/01/2055 | BUCGEN | $7.85M | 1.26% |
| Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene), Series 2019, RB | — | $7.54M | 1.21% |
| New York State Thruway Authority (TOBs) | — | $7.31M | 1.17% |
| CITY OF CHICAGO IL 4.0% 01-01-38 | — | $6.82M | 1.09% |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, RB | — | $6.37M | 1.02% |
| INTERNATIONAL LEADERSHIP OF TEXAS INC 6.125% 08-15-48 | CLIEDU | $6.01M | 0.96% |
| Tender Option Bond Trust Receipts/Certificates | NYTTRN | $5.65M | 0.91% |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County), Series 2018 A, RB | STLDEV | $5.49M | 0.88% |
Portfolio moves
Apr 30, 2025 → Jul 31, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Franklin Municipal High Yield ETF | 72% | 0.35% |
| Putnam Managed Municipal Income Trust | 35% | — |
| Putnam Municipal Opportunities Trust | 18% | — |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Expense ratio as of November 26, 2024, from the fund's prospectus.
- Net assets and holdings count as of July 31, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2024 (the latest prospectus does not yet chart this year).
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