Putnam Tax-Free High Yield Fund Class R6 is a mutual fund designed to provide investors with high current income that is exempt from federal income tax. The fund primarily invests in a diversified portfolio of municipal bonds, focusing on higher-yielding and lower-rated securities, which may include both below-investment-grade and investment-grade issues. Its strategy targets intermediate- to long-term maturities, generally three years or longer, aiming to capitalize on yield opportunities in the municipal bond market. The fund typically allocates at least 80% of its net assets to tax-exempt investments, although some holdings may be subject to the federal alternative minimum tax. With hundreds of individual holdings across various sectors and states—including positions in municipal projects like airports, healthcare, and educational facilities—the fund plays a meaningful role in financing public infrastructure while offering investors potential tax benefits. Its structure and risk-return profile make it suitable for participants seeking income diversification within the high yield municipal bond category, especially those with tax-sensitive investment objectives.
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