Putnam Tax-Free High Yield Fund

Ratings do not take into account the effects of sales charges and loads. Putnam Tax-Free High Yield Fund received 3, 4, and 4 stars for the 3-, 5-, and 10-year periods among 155, 135, and 89 High Yield Muni funds, respectively. Tax-free funds may not be suitable for IRAs and other non-taxable accounts. ................
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