-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V+ur+xdnKdmQ/hC4jYeB6p03cGiDRzMkflFrw+PqUkexhxGKsqy4gLHuN5mj9NgG rCZA1s1fqBJXsYmlwMr5rQ== 0000928816-07-001684.txt : 20071129 0000928816-07-001684.hdr.sgml : 20071129 20071129125647 ACCESSION NUMBER: 0000928816-07-001684 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071129 DATE AS OF CHANGE: 20071129 EFFECTIVENESS DATE: 20071129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM HIGH YIELD MUNICIPAL TRUST CENTRAL INDEX KEY: 0000848077 IRS NUMBER: 046621377 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05795 FILM NUMBER: 071273891 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQ STREET 2: MAILSTOP A 14 CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6177601000 N-CSRS 1 a_hymunitrust.htm PUTNAM HIGH YIELD MUNICIPAL TRUST a_hymunitrust.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: (811- 05795 )

Exact name of registrant as specified in charter: Putnam High Yield Municipal Trust

Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109

Name and address of agent for service:  Beth S. Mazor, Vice President 
  One Post Office Square 
  Boston, Massachusetts 02109 
 
Copy to:  John W. Gerstmayr, Esq. 
  Ropes & Gray LLP 
  One International Place 
  Boston, Massachusetts 02110 
 
Registrant’s telephone number, including area code:  (617) 292-1000   

Date of fiscal year end: March 31, 2008

Date of reporting period: April 1, 2007— September 30, 2007

Item 1. Report to Stockholders:

The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:




What makes Putnam different?


In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.

THE PRUDENT MAN RULE

All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.


A time-honored tradition
in money management

Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us.

A prudent approach to investing

We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives.

Funds for every investment goal

We offer a broad range of mutual funds and other financial products so investors and their financial representatives can build diversified portfolios.

A commitment to doing
what’s right for investors

With a focus on investment performance and in-depth information about our funds, we put the interests of investors first and seek to set the standard for integrity and service.

Industry-leading service

We help investors, along with their financial representatives, make informed investment decisions with confidence.


Putnam
High Yield
Municipal Trust

9| 30| 07
Semiannual Report

Message from the Trustees  2 
About the fund  4 
Performance snapshot  6 
Report from the fund managers  7 
Performance in depth  13 
Your fund’s management  16 
Terms and definitions  18 
Trustee approval of management contract  19 
Other information for shareholders  24 
Financial statements  25 
Shareholder meeting results  55 

Cover photograph: © Richard H. Johnson


Message from the Trustees

Dear Fellow Shareholder

This November, Putnam Investments celebrates its 70th anniversary. From modest beginnings in Boston, Massachusetts, Putnam has grown into a global asset manager that serves millions of investors worldwide. Coincident with this anniversary, we are pleased to announce that Great West Lifeco Inc. recently completed its purchase of Putnam Investments from Marsh & McLennan Companies, Inc. Great-West Lifeco is a financial services holding company with operations in Canada, the United States, and Europe and is a member of the Power Financial Corporation group of companies. With this change, Putnam becomes part of a successful organization with a long-standing commitment to high-quality investment management and financial services. The change in ownership is not expected to affect the Putnam funds, the way Putnam manages money, or the funds’ management teams.

We would also like to take this opportunity to announce that Putnam President and Chief Executive Officer Ed Haldeman, one of your fund’s Trustees since 2004, was recently named President of the Funds, assuming this role from George Putnam, III. This change, together with the completion of the transaction with Great-West Lifeco, has enabled George Putnam to become an independent Trustee of the funds. Both George and Ed will continue serving on the Board of Trustees in our collective role of overseeing the Putnam funds on your behalf.

Lastly, we are pleased to announce that a new independent Trustee, Robert J. Darretta, has joined your fund’s Board of Trustees.  Mr. Darretta brings extensive leadership experience in corporate finance and accounting. He is a former Vice Chairman of the Board of Directors of Johnson & Johnson, one of the leading U.S. health-care

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and consumer products companies, where he also served as Chief Financial Officer, Executive Vice President, and Treasurer.

Although the mutual fund industry has undergone many changes since George Putnam introduced his innovative balanced fund in 1937, Putnam’s guiding principles have not. As we celebrate Putnam’s 70-year milestone, we look forward to Putnam continuing its long tradition of prudent money management and to the new chapter opened by its recent change in ownership. As always, we thank you for your support of the Putnam funds.



Putnam High Yield Municipal Trust: potential for high
current income exempt from federal income tax

Two of the most significant challenges of fixed-income investing are low interest rates and taxes on income. Putnam High Yield Municipal Trust seeks to help investors reduce the impact of both by investing in lower-rated, higher-yielding municipal bonds, which offer the potential for a greater stream of income along with tax advantages. While the stated yields on municipal bonds are lower than those of taxable bonds, the income most of these bonds pay is exempt from federal tax.

Municipal bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities. These bonds are backed by either the issuing state, city, or town, or by revenues collected from usage fees, and as a result have varying degrees of credit risk (the risk that the issuer won’t be able to repay the bond).

Many higher-yield municipal bonds are not rated by independent rating agencies such as Standard & Poor’s and Moody’s. This is mainly because many issuers decide not to pursue a rating that might be below investment grade. As a result, investment managers must do additional research to determine whether these bonds should be deemed prudent investments.

Evaluating a bond’s credit risk is one area in which Putnam has particular expertise. Putnam’s municipal bond research team analyzes each issue in depth and assigns non-rated bonds an agency-equivalent Putnam rating — instead of rating bonds on a pass/fail basis, which is a common practice in the industry. This analysis helps the management team identify bonds that it believes to have attractive risk/return profiles among the large number of bonds not rated by agencies.

Once the fund has invested in a bond, the fund’s management team continues to monitor developments that affect the bond market, the specific sector, and the bond issuer. Typically, higher-risk, lower-rated bonds are reviewed more frequently because of their greater potential risk.

This active management and in-depth research are invaluable for investors seeking to benefit from these bonds’ investment potential.

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. Please consult with your tax advisor for more information. Lower-rated bonds may offer higher yields in return for more risk. Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. This fund uses leverage, which involves risk and may increase the volatility of the fund’s net asset value. The fund’s shares trade on a stock exchange at market prices, which may be lower than the fund’s net asset value.

How do closed-end funds differ from open-end funds?

More assets at work While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.

Traded like stocks Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.

Market price vs. net asset value Like an open-end fund’s net asset value (NAV) per share, the NAV of a closed-end fund share equals the current value of the fund’s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV.

Strategies for higher income Closed-end funds have greater flexibility to use strategies such as “leverage” — for example, issuing preferred shares to raise capital, then seeking to invest it at higher rates to enhance return for common shareholders.

Municipal bonds may finance a range of projects in your
community and thus play a key role in its development.



Performance snapshot

Putnam High Yield
Municipal Trust


Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 13–15 for additional performance information, including fund returns at market price. Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund's monthly reinvestment NAV.

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Report from the fund managers

The period in review

In recent months, high-yield bonds have faced headwinds resulting from the rise of default risk in the U.S. real estate market. Losses on a large number of mortgage-backed bonds as well as securities structured in part from subprime mortgages caused credit markets to seize up in July and August, as investors grew concerned about the unknown extent of credit risk. These conditions were unfavorable for funds that focus on high-yield bonds. During the semiannual period that ended September 30, 2007, Putnam High Yield Municipal Trust lagged its benchmark, the Lehman Municipal Bond Index, declining 0.40% based on results at NAV. We attribute this underperformance to the fund’s strategic emphasis on lower-rated bonds, a category in which we include below-investment-grade bonds and bonds in the lowest investment-grade tier; the index contains a much greater representation of securities with higher credit ratings. The fund performed better than the average for its Lipper category, however, which we believe reflects the portfolio’s sizable weighting in Baa-rated debt relative to the fund’s peers with greater exposure to below-investment-grade bonds.

Market overview

A crisis in the subprime mortgage lending market and the resulting credit crunch weighed on the performance of many fixed-income sectors — including municipal bonds — during the six-month period ended September 30, 2007. While the fund did not own any securities that were directly affected by problems in the subprime mortgage market, the subprime crisis caused bond investors to reevaluate risk across all types of fixed-income portfolios. Yield spreads — which represent the yield premium for investing in bonds that are riskier than U.S. Treasuries, which carry virtually no credit risk —rose dramatically as investors demanded more return on riskier bonds. Consequently, the “risk rally” that persisted in the tax-exempt bond market during the past two years, in which low-quality bonds traded at

7


historically tight yield premiums to U.S. Treasuries, came to an abrupt end. Market liquidity effectively dried up as issuers discovered they would need to offer substantially higher yields on new bond issues to attract sufficient investor interest.

During July and August, when the impact of the subprime crisis was most acutely felt in the municipal bond market, the yield curve — a graphical representation of differences in yield for bonds of comparable quality and different maturities — steepened quickly as demand for longer-maturity bonds weakened significantly. Long-term bond prices declined, and their yields rose, as investors reassessed the slim yield advantage that was being offered for the increased inflation risk associated with holding longer-maturity securities.

Strategy overview

Given our expectation for rising interest rates, we maintained a short (defensive) portfolio duration relative to the average duration for the fund’s Lipper peer group, although the portfolio’s duration increased in absolute terms during the period. This strategy helped relative results as the prices of longer-term tax-exempt bonds declined and their yields rose. Duration is a measure of a fund’s sensitivity to changes in interest rates. Having a shorter-duration portfolio may help protect principal when interest rates rise, but it can reduce the potential for appreciation when rates fall. By the end

Market sector and fund performance

This comparison shows your fund’s performance in the context of different market sectors for the six months ended 9/30/07. See page 6 and pages 13–15 for additional fund performance information. Index descriptions can be found on page 18.


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of the period, we had extended the fund’s duration to a more neutral positioning relative to its Lipper peer group.

Our sector strategies included greater-than-benchmark emphasis on tobacco settlement, power, and single-family housing bonds. The fund’s position in tobacco settlement bonds detracted from relative performance as this sector delivered weak results amidst the downturn in lower-rated bonds. The combination of heavy upcoming supply and investor aversion to riskier bonds weighed on the tobacco settlement sector. Bonds of power utilities had a positive impact on results as this sector was one of the better performers among higher-yielding sectors. Relative to the fund’s peer group, we maintained an overweight position in single-family housing bonds. This strategy proved helpful to results, as reduced mortgage-prepayment volatility and solid investor demand continued to support bonds in this sector.

Your fund’s holdings

The fund’s underperformance versus the index resulted primarily from its relatively larger positions in A- and Baa-rated securities, compared with the benchmark. This positioning detracted from relative performance during the semiannual period because yield spreads for lower-quality credits widened substantially during August. The market was reacting negatively to announcements from financial institutions of losses on structured securities that

Comparison of the fund’s maturity and duration

This chart compares changes in the fund’s average effective maturity (a weighted average of the holdings’ maturities) and its average effective duration (a measure of its sensitivity to interest-rate changes).


Average effective duration and average effective maturity take into account put and call features, where applicable, and reflect prepayments for mortgage-backed securities. Duration is usually shorter than maturity because it reflects interest payments on a bond prior to its maturity. Duration may be higher for funds that use leverage, which magnifies the effects of interest-rate changes.

9


contained non-performing subprime mortgage loans. Yield spreads widened for all but the highest-quality securities.

Our overweight to tobacco settlement bonds, relative to the peer group average, also had an adverse impact on results, as this sector suffered, especially in the latter part of the period. Although these bonds continue to pay a relatively high coupon compared with bonds of similar credit quality in other sectors, the sector experienced a setback due to a deteriorating balance of supply and demand. States appear likely to increase the supply of new issues in the near future, which will coincide with diminished market demand because of current risk aversion. Nevertheless, we continue to believe that tobacco settlement bonds provide valuable diversification, since their performance is not as closely tied to economic growth as are other, more economically sensitive holdings. The portfolio continued to hold a number of these bonds from a variety of states, including < FONT face=serif size=2>California, New Jersey, Iowa, Rhode Island, Washington, and Wisconsin, as well as the District of Columbia.

Several of our strategies had a positive impact on performance. A short (defensive) portfolio duration relative to the fund’s Lipper peer group added to performance during the sell-off in long-maturity bonds during May and June. After the sell-off, we modified this positioning, making portfolio duration more neutral relative to the market, which gave the portfolio a lift when long-term bonds rallied later in the summer.

Credit quality overview

Credit qualities shown as a percentage of portfolio value as of 9/30/07. A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody’s ratings; percentages may include bonds not rated by Moody’s but considered by Putnam Management to be of comparable quality. Ratings will vary over time.

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An overweight to power utilities also contributed to performance. Utilities have defensive characteristics because spending on power tends not to fluctuate with the economic cycle. As investors became risk averse during the semiannual period, many turned to the relative safety of utilities bonds. The yield spreads of utilities bonds increased by only about a third as much as the spreads of other sectors. Examples of holdings in this category include revenue bonds issued by the North Carolina Eastern Municipal Power Agency.

As mentioned in the strategy overview, we also maintained an overweight position to single-family housing bonds. Many of these mortgage-backed bonds are AAA-rated and represent some of the safest credits in the housing market. Yields in this sector remained relatively stable during the credit crisis. The fund held securities issued by the Mississippi Home Corporation and the Texas State Department of Housing and Community Affairs, among others.

In a reversal from the previous fiscal year, the fund’s smaller-than-average position in airline-related industrial development bonds (IDBs), helped performance results relative to the fund’s peer group. This high-risk sector felt the adverse impact of risk aversion in the market. Also, the portfolio did not hold debt of Northwest Airlines. As this company emerged from bankruptcy reorganization, concerns about its financial health lingered in the market, depressing the price and raising the yield for the company’s debt.

Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future.

Of special interest

Tender offer results

In June 2007, Putnam Investments announced the launch of separate tender offers for shares of eight Putnam closed-end funds, including shares of Putnam High Yield Municipal Trust. As a result of the tender offer for shares of your fund, in July the fund repurchased approximately 10% of its outstanding common shares, the maximum number of shares covered by the offer. For additional information about share repurchases under the offer, see page 53 of this report.

In approving the tender offer for the funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offer.

Merger with another Putnam closed-end fund proposed

In February 2007, Putnam Investments and the Board of Trustees of the Putnam Funds announced a comprehensive initiative intended to concentrate the lineup of closed-end funds managed by

11


Putnam Investments. The initiative includes a proposal to merge your fund into Putnam Managed Municipal Income Trust. This merger must be approved by the common and preferred shareholders of both funds. The Trustees believe it is in the best interests of shareholders of each fund because it would significantly increase the size of the combined fund. A larger asset size could reduce fund expenses and increase the liquidity in the trading market for fund shares. Proxy statements, which include additional pertinent information to enable you to make an informed decision about the merger, were mailed in recent months. If approved by shareholders, the merger is expected to take place by early 2008.

The outlook for your fund

The following commentary reflects anticipated developments that could affect your fund over the next six months, as well as your management team’s plans for responding to them.

We are encouraged that the liquidity crisis that has affected the fixed-income markets is being addressed by the Federal Reserve (the Fed) and other regulatory and legislative bodies. In September, the Fed reduced the federal funds rate — the benchmark rate for overnight loans between banks — by 0.50% . This action helped both the taxable and tax-exempt markets to stabilize by restoring a level of confidence that the central bank is prepared to step in when extreme events disrupt the bond market’s normal balance of supply and demand.

While we expect to see continued volatility in the coming months, the silver lining in any market downturn is that many securities may become available at attractive prices. We believe that is now the case among bonds that are at the lower end of the investment-grade credit spectrum and at the higher end of the below-investment-grade credit spectrum. As a result, we currently plan to reduce the fund’s underweight position, relative to the peer group average, in this area over the next several months. We want to position the fund to capitalize on any forthcoming market rally, and will rely on Putnam’s rigorous municipal-bond research capabilities to selectively add lower-rated securities to your fund’s portfolio.

The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.

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. Please consult with your tax advisor for more information. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund uses leverage, which involves risk and may increase the volatility of the fund’s net asset value. The fund’s shares trade on a stock exchange at market prices, which may be lower than the fund’s net asset value.

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Your fund’s performance

This section shows your fund’s performance for periods ended September 30, 2007, the end of the first half of its current fiscal year. Performance should always be considered in light of a fund’s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.

Fund performance

Total return for periods ended 9/30/07

   
  NAV  Market price 

Annual average     
Life of fund (since 5/25/89)  6.29%  5.23% 

10 years  57.77  24.96 
Annual average  4.67  2.25 

5 years  31.66  20.68 
Annual average  5.66  3.83 

3 years  18.46  24.06 
Annual average  5.81  7.45 

1 year  2.33  4.48 

6 months  -0.40  -4.12 


Performance assumes reinvestment of distributions and does not account for taxes.

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Comparative index returns

For periods ended 9/30/07

   
    Lipper High Yield 
  Lehman Municipal  Municipal Debt Funds 
  Bond Index  category average* 

Annual average     
Life of fund (since 5/25/89)  6.57%  6.13% 

10 years  67.84  67.40 
Annual average  5.32  5.25 

5 years  21.76  36.65 
Annual average  4.02  6.42 

3 years  12.04  22.11 
Annual average  3.86  6.87 

1 year  3.10  2.12 

6 months  1.15  -1.12 


Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund’s monthly reinvestment NAV.

* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 9/30/07, there were 15, 15, 15, 12, 12, and 8 funds, respectively, in this Lipper category.

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Fund price and distribution information

For the six-month period ended 9/30/07

Distributions — common shares*     

Number  6   

Income1  $0.1950   

Capital gains2     

Total  $0.1950   

   
Series A     
Distributions — preferred shares*  (900 shares)   

Income1  $947.25   

Capital gains2     

Total  $947.25   

Share value:  NAV  Market price 

3/31/07  $7.97  $7.54 

9/30/07  7.73  7.04 

Current yield (end of period)     

Current dividend rate3  5.05%  5.54% 

Taxable equivalent4  7.77  8.52 


* Dividend sources are estimated and may vary based on final tax calculations after the fund’s fiscal year-end.

1 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.

2 Capital gains, if any, are taxable for federal and, in most cases, state purposes.

3 Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.

4 Assumes maximum 35% federal tax rate for 2007. Results for investors subject to lower tax rates would not be as advantageous.

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Your fund’s management

Your fund is managed by the members of the Putnam Tax Exempt Fixed-Income Team. Paul Drury is the Portfolio Leader, and Brad Libby, Susan McCormack, and Thalia Meehan are Portfolio Members, of your fund. The Portfolio Leader and Portfolio Members coordinate the team’s management of the fund.

For a complete listing of the members of the Putnam Tax Exempt Fixed-Income Team, including those who are not Portfolio Leaders or Portfolio Members of your fund, visit Putnam’s Individual Investor Web site at www.putnam.com.

Investment team fund ownership

The table below shows how much the fund’s current Portfolio Leader and Portfolio Members have invested in the fund and in all Putnam mutual funds (in dollar ranges). Information shown is as of September 30, 2007, and September 30, 2006.


Trustee and Putnam employee fund ownership

As of September 30, 2007, 12 of the 13 Trustees of the Putnam funds owned fund shares. The table below shows the approximate value of investments in the fund and all Putnam funds as of that date by the Trustees and Putnam employees. These amounts include investments by the Trustees’ and employees’ immediate family members and investments through retirement and deferred compensation plans.

 
   
Total assets in   
  Assets in the fund  all Putnam funds 

Trustees  $29,000  $ 91,000,000 

Putnam employees  $ 4,000  $753,000,000 


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Other Putnam funds managed by the Portfolio Leader and Portfolio Members

Paul Drury is the Portfolio Leader, and Brad Libby, Susan McCormack, and Thalia Meehan are Portfolio Members, of Putnam Managed Municipal Income Trust and Putnam Tax-Free High Yield Fund.

Thalia Meehan is the Portfolio Leader, and Paul Drury, Brad Libby, and Susan McCormack are Portfolio Members, of Putnam’s open-end tax-exempt funds for the following states: Arizona, California, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, and Pennsylvania. The same group also manages Putnam AMT-Free Insured Municipal Fund, Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam Tax Exempt Income Fund.

Paul Drury, Brad Libby, Susan McCormack, and Thalia Meehan may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.

Changes in your fund’s Portfolio Leader and Portfolio Members

Your fund’s Portfolio Leader and Portfolio Members did not change during the year ended September 30, 2007.

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Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Net asset value (NAV) is the value of all your fund’s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.

Market price is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.

Comparative indexes

Lehman Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

Merrill Lynch 91-Day Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

Lehman Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

Lipper is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

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Trustee approval of management contract

General conclusions

The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management (“Putnam Management”). In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the “Independent Trustees”), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2007, the Contract Committee met several times to consider the information provided by Putnam Management and other information developed with the assistance of the Board’s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund’s management contract, effective July 1, 2007.

In addition, in anticipation of the sale of Putnam Investments to Great-West Lifeco, at a series of meetings ending in March 2007, the Trustees reviewed and approved new management and distribution arrangements to take effect upon the change of control. Shareholders of all funds approved the management contracts in May 2007, and the change of control transaction was completed on August 3, 2007. Upon the change of control, the management contracts that were approved by the Trustees in June 2007 automatically terminated and were replaced by new contracts that had been approved by shareholders. In connection with their review for the June 2007 continuance of the Putnam funds’ management contracts, the Trustees did not identify any facts or circumstances that would alter the substance of the conclusions and recommendations they made in their review of the contracts to take effect upon the change of control.

The Independent Trustees’ approval was based on the following conclusions:

That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and

That this fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that

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certain aspects of such arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements in prior years.

Management fee schedules and categories; total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances — for example, changes in a fund’s size or investment style, changes in Putnam Management’s operating costs or responsibilities, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:

Competitiveness. The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., your fund ranked in the 60th percentile in management fees and in the 80th percentile in total expenses as of December 31, 2006 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). The Trustees expressed their intention to monitor this information closely to ensure that fees and expenses of your fund continue to meet evolving competitive standards.

Economies of scale. The Trustees considered that most Putnam funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size — as has been the case for many Putnam funds in recent years — these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contr act Committee’s stated intent to continue to work with Putnam Management to plan for an eventual resumption in the growth of assets, and to consider the potential economies that might be produced under various growth assumptions.

In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the

20


funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability with respect to the funds’ management contracts, allocated on a fund-by-fund basis.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committees of the Trustees, which had met on a regular monthly basis with the funds’ portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investm ent results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund’s performance with various benchmarks and with the performance of competitive funds.

The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to such underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and in the fund product line to address areas of underperformance. In particular, they noted the important contributions of Putnam Management’s leadership in attracting, retaining and supporting high-quality investment professionals and in systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these changes and to evaluate whether additional changes to address areas of underperformance are warranted.

In the case of your fund, the Trustees considered that your fund’s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper High Yield Municipal Debt Funds (closed-end)) (compared using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions) for the one-, three- and five-year periods ended March 31, 2007 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):

21


One-year period  Three-year period  Five-year period 

87th  93rd  92nd 

(Because of the passage of time, these performance results may differ from the performance results for more recent periods shown elsewhere in this report. Over the one-, three- and five-year periods ended March 31, 2007, there were 15, 15, and 12 funds, respectively, in your fund’s Lipper peer group.* Past performance is no guarantee of future returns.)

The Trustees noted the disappointing performance for your fund for the one-, three- and five-year periods ended March 31, 2007. In this regard, the Trustees considered Putnam Management’s view that the fund is under-leveraged relative to its Lipper peer group, which over the last several years has generally contributed to the fund’s lower yields and returns relative to the peer group average. The Trustees further took into account that they had previously approved the merger of this fund into Putnam Managed Municipal Income Trust, subject to shareholder approval.

As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds’ Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees’ view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.

Brokerage and soft-dollar allocations; other benefits

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The

* The percentile rankings for your fund’s common share annualized total return performance in the Lipper High Yield Municipal Debt Funds (closed-end) category for the one-, five- and ten-year periods ended September 30, 2007 were 57%, 93%, and 77%, respectively. Over the one-, five- and ten-year periods ended September 30, 2007, the fund ranked 9 out of 15, 12 out of 12, and 10 out of 12, respectively. Unlike the information above, these rankings reflect performance before taxes. Note that this more recent information was not available when the Trustees approved the continuance of your fund’s management contract.

22


Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage to ensure that the principle of seeking “best price and execution” remains paramount in the portfolio trading process.

The Trustees’ annual review of your fund’s management contract also included the review of your fund’s custodian agreement and investor servicing agreement with Putnam Fiduciary Trust Company (“PFTC”), which provide benefits to affiliates of Putnam Management. In the case of the custodian agreement, the Trustees considered that, effective January 1, 2007, the Putnam funds had engaged State Street Bank and Trust Company as custodian and began to transition the responsibility for providing custody services away from PFTC.

Comparison of retail and institutional fee schedules

The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparison of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and the funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across all asset sectors are higher on average for funds than for institutional cli ents, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

23


Other information for shareholders

Important notice regarding share repurchase program

In September 2007, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2007, up to 10% of the fund’s common shares outstanding as of October 5, 2007.

Important notice regarding delivery of shareholder documents

In accordance with SEC regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2007, are available on the Putnam Individual Investor Web site, www.putnam.com/individual, and on the SEC’s Web site, www.sec.gov. If you have questions about finding forms on the SEC’s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Forms N-Q on the SEC’s Web site at www.sec.gov. In addition, the fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC’s Web site or the operation of the Public Reference Room.

24


Financial statements

A guide to financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period.

25


The fund’s portfolio 9/30/07 (Unaudited)         

 
 
 
 
Key to abbreviations           
AMBAC AMBAC Indemnity Corporation  FRB Floating Rate Bonds     
CIFG CIFG Assurance North America, Inc.  FSA Financial Security Assurance   
COP Certificate of Participation  GNMA Coll. Government National Mortgage 
FGIC Financial Guaranty Insurance Company  Association Collateralized     
FHA Insd. Federal Housing Administration Insured  G.O. Bonds General Obligation Bonds   
FHLMC Coll. Federal Home Loan Mortgage  MBIA MBIA Insurance Company   
Corporation Collateralized  U.S. Govt. Coll. U.S. Government Collateralized 
FNMA Coll. Federal National Mortgage  VRDN Variable Rate Demand Notes   
Association Collateralized           

 
 
MUNICIPAL BONDS AND NOTES (129.1%)*           

  Rating**    Principal amount    Value 

 
Alabama (0.5%)           
Butler, Indl. Dev. Board Solid Waste Disp.           
Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28  B  $  550,000  $  528,017 
Sylacauga, Hlth. Care Auth. Rev. Bonds           
(Coosa Valley Med. Ctr.), Ser. A, 6s, 8/1/35  B/P    250,000    252,585 
          780,602 

 
Arizona (2.7%)           
Apache Cnty., Indl. Dev. Auth. Poll.           
Control Rev. Bonds (Tucson Elec.           
Pwr. Co.), Ser. A, 5.85s, 3/1/28  Baa3    250,000    251,165 
AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds           
(John C. Lincoln Hlth. Network), 6 3/8s,           
12/1/37 (Prerefunded)  BBB    500,000    566,425 
Casa Grande, Indl. Dev. Auth. Rev. Bonds           
(Casa Grande Regl. Med. Ctr.), Ser. A,           
7 1/4s, 12/1/19  B+/P    1,000,000    1,071,460 
Coconino Cnty., Poll. Control Rev. Bonds           
(Tuscon/Navajo Elec. Pwr.), Ser. A,           
7 1/8s, 10/1/32  Baa3    750,000    772,283 
Glendale, Indl. Dev. Auth. Rev. Bonds           
(John C. Lincoln Hlth.), Ser. B,           
5 1/4s, 12/1/19  BBB    500,000    508,930 
Pima Cnty., Indl. Dev. Auth. Rev. Bonds           
(Horizon Cmnty. Learning Ctr.),           
5.05s, 6/1/25  BBB–    325,000    315,731 
Tempe, Indl. Dev. Auth. Sr. Living Rev.           
Bonds (Friendship Village), Ser. A,           
5 3/8s, 12/1/13  BB–/P    500,000    507,380 
          3,993,374 

26


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Arkansas (0.8%)           
Baxter Cnty., Hosp. Rev. Bonds, 5s, 9/1/22  Baa2  $  250,000  $  249,208 
Independence Cnty., Poll. Control Rev.           
Bonds (Entergy AR, Inc.), 5s, 1/1/21  A–    400,000    401,292 
Jefferson Cnty., Poll. Control Rev. Bonds           
(Entergy AR, Inc.), 4.6s, 10/1/17  A–    260,000    260,772 
Washington Cnty., Hosp. Rev. Bonds (Regl.           
Med. Ctr.), Ser. B, 5s, 2/1/25  Baa2    285,000    280,118 
          1,191,390 

 
California (9.6%)           
ABAG Fin. Auth. COP (American Baptist           
Homes), Ser. A, 6.2s, 10/1/27  BBB–    155,000    157,930 
CA Hlth. Fac. Fin. Auth. Rev. Bonds (CA-NV           
Methodist), 5s, 7/1/26  A+    240,000    241,502 
CA Muni. Fin. Auth. COP (Cmnty. Hosp.           
Central CA), 5 1/4s, 2/1/27  Baa2    750,000    747,240 
CA Poll. Control Fin. Auth. Solid Waste           
Disp. Rev. Bonds (Waste Management, Inc.),           
Ser. A-2, 5.4s, 4/1/25  BBB    560,000    561,131 
CA Statewide Cmnty., Dev. Auth. Rev. Bonds           
(Thomas Jefferson School of Law), Ser. A,           
4 7/8s, 10/1/35  BBB–    200,000    180,928 
Cathedral City, Impt. Board Act of 1915           
Special Assmt. Bonds (Cove Impt. Dist.),           
Ser. 04-02, 5.05s, 9/2/35  BB+/P    645,000    612,608 
Chula Vista, Cmnty. Fac. Dist. Special Tax           
Rev. Bonds           
(No. 06-1 Eastlake Woods Area),           
6.1s, 9/1/21  BBB/P    1,000,000    1,041,120 
(No. 07-1 Otay Ranch Village Eleven),           
5 7/8s, 9/1/34  BB/P    250,000    254,168 
(No. 08-1 Otay Ranch Village Six),           
6s, 9/1/33  BB/P    500,000    507,785 
Chula Vista, Indl. Dev. Rev. Bonds (San           
Diego Gas), Ser. B, 5s, 12/1/27  A1    425,000    432,085 
Folsom, Special Tax Rev. Bonds (Cmnty.           
Facs. Dist. No. 10), 5 7/8s, 9/1/28           
(Prerefunded)  BB/P    350,000    372,246 
Foothill/Eastern Corridor Agcy. Rev. Bonds           
(CA Toll Roads), 5 3/4s, 1/15/40  Baa3    2,000,000    2,034,200 
Gilroy, Rev. Bonds (Bonfante Gardens           
Park), 8s, 11/1/25  B–/P    385,000    357,792 
Golden State Tobacco Securitization Corp.           
Rev. Bonds           
Ser. A-1, 5s, 6/1/33  BBB    750,000    661,905 
Ser. 03 A-1, 5s, 6/1/21 (Prerefunded)  AAA    60,000    60,639 
Irvine, Impt. Board Act of 1915 Special           
Assmt. Bonds (No. 00-18 Group 3),           
5.55s, 9/2/26  BBB/P    500,000    504,485 

27


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
California continued           
Murrieta, Cmnty. Fac. Dist. Special Tax           
(No. 2 The Oaks Impt. Area A), 6s, 9/1/34  BB+/P  $  250,000  $  255,923 
Orange Cnty., Cmnty. Fac. Dist. Rev. Bonds           
(Ladera Ranch - No. 1), 6s, 8/15/25           
(Prerefunded)  AAA    1,000,000    1,078,910 
Orange Cnty., Cmnty. Fac. Dist. Special           
Tax Rev. Bonds (Ladera Ranch No. 02-1),           
Ser. A, 5.55s, 8/15/33  BBB/P    250,000    249,300 
Roseville, Cmnty. Fac. Special Tax Bonds           
(Dist. No. 1-Westpark), 5 1/4s, 9/1/19  BB/P    100,000    100,316 
(Dist. No. 1-Westpark), 5s, 9/1/20  BB/P    500,000    487,445 
(Dist. No. 1), 5s, 9/1/14  BB/P    1,045,000    1,047,372 
Santaluz, Cmnty. Facs. Dist. No. 2 Special           
Tax Rev. Bonds (Impt. Area No. 1),           
Ser. B, 6 3/8s, 9/1/30  BBB/P    725,000    727,813 
Sunnyvale, Special Tax Rev. Bonds (Cmnty.           
Fac. Dist. No. 1), 7 3/4s, 8/1/32  BB–/P    835,000    883,655 
Thousand Oaks, Cmnty. Fac. Dist. Special           
Tax Rev. Bonds (Marketplace 94-1),           
zero %, 9/1/14  B/P    935,000    571,781 
          14,130,279 

 
Colorado (0.4%)           
CO Hlth. Fac. Auth. Rev. Bonds           
(Christian Living Cmntys.), Ser. A,           
5 3/4s, 1/1/26  BB–/P    225,000    227,063 
(Evangelical Lutheran), 5 1/4s, 6/1/21  A3    165,000    171,148 
(Evangelical Lutheran), 5s, 6/1/29  A3    105,000    103,898 
Denver, City & Cnty. Special Fac. Arpt.           
Rev. Bonds (United Airlines), Ser. A,           
5 1/4s, 10/1/32  B    100,000    93,037 
          595,146 

 
Connecticut (0.5%)           
CT State Dev. Auth. 1st. Mtg. Gross Rev.           
Hlth. Care Rev. Bonds (Elim Street Park           
Baptist, Inc.), 5.85s, 12/1/33  BBB+    750,000    769,403 

 
Delaware (1.5%)           
DE State Rev. Bonds (Beebe Med. Ctr.),           
Ser. A, 5s, 6/1/30  Baa1    1,000,000    953,020 
GMAC Muni. Mtge. Trust 144A sub. notes,           
Ser. A1-2, 4.9s, 10/31/39  A3    1,000,000    1,002,930 
New Castle Cnty., Rev. Bonds (Newark           
Charter School, Inc.), 5s, 9/1/36  BBB-    100,000    90,263 
Sussex Cnty., Rev. Bonds (First Mtge. -           
Cadbury Lewes), Ser. A, 5.9s, 1/1/26  B/P    150,000    152,690 
          2,198,903 

28


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
District of Columbia (0.6%)           
DC Tobacco Settlement Fin. Corp. Rev.           
Bonds, 6 1/4s, 5/15/24  BBB  $  895,000  $  926,397 

 
Florida (11.6%)           
CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. B,           
5 7/8s, 5/1/14  BB–/P    750,000    754,628 
Double Branch Cmnty. Dev. Dist. Rev.           
Bonds, Ser. A, 6.7s, 5/1/34  BB/P    970,000    1,079,222 
Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds,           
Ser. B           
5 1/8s, 11/1/09  BB/P    85,000    84,543 
5s, 11/1/07  BB/P    5,000    5,000 
FL State Mid-Bay Bridge Auth. Rev. Bonds,           
Ser. A, 6.05s, 10/1/22  BBB/P    770,000    800,800 
Fleming Island, Plantation Cmnty. Dev.           
Dist. Special Assmt. Bonds, Ser. B,           
7 3/8s, 5/1/31 (Prerefunded)  AAA    350,000    385,518 
Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A           
5 1/4s, 6/1/21  BBB+    525,000    540,797 
5 1/4s, 6/1/19  BBB+    655,000    679,877 
Heritage Harbour Marketplace Cmnty., Dev.           
Dist. Special Assmt., 5.6s, 5/1/36  BB–/P    395,000    370,948 
Heritage Isle at Viera, Cmnty. Dev. Dist.           
Special Assmt., Ser. B, 5s, 11/1/09  BB/P    140,000    138,772 
Islands at Doral III, Cmnty. Dev. Dist.           
Special Assmt. Bonds, Ser. 04-A,           
5.9s, 5/1/35  BB/P    490,000    486,673 
Jacksonville, Econ. Dev. Comm. Indl. Dev.           
Rev. Bonds (Gerdau Ameristeel US, Inc.),           
5.3s, 5/1/37  Ba1    300,000    293,412 
Lee Cnty., Indl. Dev. Auth. Hlth. Care           
Fac. Rev. Bonds           
(Alliance Cmnty.), Ser. C, 5 1/2s,           
11/15/29 (Prerefunded)  AAA    1,075,000    1,127,761 
(Shell Pt./Alliance Oblig. Group), 5 1/8s,           
11/15/36  BBB–    100,000    93,075 
(Shell Pt./Alliance Cmnty.), 5s, 11/15/22  BBB–    500,000    485,515 
(Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s,           
10/1/25  BB–/P    1,100,000    1,116,489 
Miami Beach, Hlth. Fac. Auth. Hosp. Rev.           
Bonds (Mount Sinai Med. Ctr.), Ser. A,           
6.8s, 11/15/31  Ba1    500,000    525,920 
North Springs, Impt. Dist. Special Assmt.           
Rev. Bonds (Parkland Golf Country Club),           
Ser. A-1, 5.45s, 5/1/26  BB–/P    735,000    689,268 
Old Palm, Cmnty. Dev. Dist. Special Assmt.           
Bonds (Palm Beach Gardens), Ser. A,           
5.9s, 5/1/35  BB/P    490,000    482,753 

29


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Florida continued           
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds           
(Orlando Regl. Hlth. Care), U.S. Govt.           
Coll., 5 3/4s, 12/1/32 (Prerefunded)  A2  $  500,000  $  548,960 
Reunion West, Cmnty. Dev. Dist. Special           
Assmt. Bonds, 6 1/4s, 5/1/36  BB–/P    740,000    748,961 
Six Mile Creek, Cmnty. Dev. Dist. Rev.           
Bonds, 5.65s, 5/1/22  BB–/P    340,000    325,662 
South Bay, Cmnty. Dev. Dist. Rev. Bonds,           
Ser. B-2, 5 3/8s, 5/1/13  BB–/P    750,000    728,018 
South Miami, Hlth. Fac. Hosp. Rev. Bonds           
(Baptist Hlth. South FL Group), 5s, 8/15/27  Aa3    1,000,000    1,016,300 
South Village, Cmnty. Dev. Dist. Rev.           
Bonds, Ser. A, 5.7s, 5/1/35  BB–/P    485,000    464,843 
Split Pine, Cmnty. Dev. Dist. Special           
Assmt. Bonds, Ser. A, 5 1/4s, 5/1/39  BB–/P    700,000    602,294 
Tampa Bay, Cmnty. Dev. Dist. Special           
Assmt. Bonds (New Port), Ser. A,           
5 7/8s, 5/1/38  BB–/P    600,000    532,398 
Tolomato, Cmnty. Dev. Dist. Special Assmt.           
Bonds, 5.4s, 5/1/37  BB–/P    125,000    111,053 
Verandah, West Cmnty. Dev. Dist. Rev.           
Bonds (Cap. Impt.), Ser. A,           
6 5/8s, 5/1/33  BBB–/P    475,000    494,489 
Verano Ctr. Cmnty. Dev. Dist. Special           
Assmt. Bonds (Cmnty. Infrastructure)           
Ser. A, 5 3/8s, 5/1/37  BB–/P    300,000    271,113 
Ser. B, 5s, 11/1/13  BB–/P    200,000    192,388 
Wentworth Estates, Cmnty. Dev. Dist.           
Special Assmt. Bonds           
Ser. A, 5 5/8s, 5/1/37  BB–/P    275,000    252,285 
Ser. B, 5 1/8s, 11/1/12  BB–/P    120,000    115,244 
World Commerce Cmnty. Dev. Dist. Special           
Assmt., Ser. A-1           
6 1/2s, 5/1/36  BB–/P    300,000    309,375 
6 1/4s, 5/1/22  BB–/P    195,000    198,873 
          17,053,227 

 
Georgia (3.6%)           
Forsyth Cnty., Hosp. Auth. Rev. Bonds           
(Baptist Hlth. Care Syst.), U.S. Govt.           
Coll., 6 1/4s, 10/1/18 (Prerefunded)  AAA    2,000,000    2,264,200 
Fulton Cnty., Res. Care Fac. Rev. Bonds           
(Canterbury Court), Class A,           
6 1/8s, 2/15/34  B+/P    175,000    179,515 
GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA,           
6.367s, 8/1/10  Aaa    2,400,000    2,403,192 

30


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Georgia continued           
Med. Ctr. Hosp. Auth. Rev. Bonds (Spring           
Harbor Green Island), 5 1/4s, 7/1/27  B+/P  $  200,000  $  189,852 
Rockdale Cnty., Dev. Auth. Rev. Bonds           
(Visy Paper), Ser. A, 6 1/8s, 1/1/34  B+/P    200,000    201,732 
          5,238,491 

 
Idaho (0.9%)           
ID Hsg. & Fin. Assn. Rev. Bonds (Single           
Fam. Mtge.), Ser. C-2, FHA Insd.,           
5.15s, 7/1/29  Aaa    505,000    506,303 
Madison Cnty., Hosp. COP           
5 1/8s, 9/1/14  BBB–    500,000    508,560 
5 1/8s, 9/1/13  BBB–    250,000    254,515 
          1,269,378 

 
Illinois (2.4%)           
Chicago, Board of Ed. VRDN, Ser. D-2,           
CIFG, 4.05s, 3/1/36  VMIG1    1,350,000    1,350,000 
Du Page Cnty., Special Svc. Area No. 31           
Special Tax Bonds (Monarch Landing),           
5 5/8s, 3/1/36  BB–/P    250,000    247,710 
IL Dev. Fin. Auth. Hosp. Rev. Bonds           
(Adventist Hlth. Syst./Sunbelt           
Obligation), 5.65s, 11/15/24           
(Prerefunded)  A1    750,000    789,090 
IL Fin. Auth. Rev. Bonds (Landing At           
Plymouth Place), Ser. A, 6s, 5/15/25  B+/P    200,000    204,572 
IL Fin. Auth. Solid Waste Disposal (Waste           
Mgmt., Inc.), Ser. A, 5.05s, 8/1/29  BBB    250,000    235,483 
IL Hlth. Fac. Auth. Rev. Bonds           
(Cmnty. Rehab. Providers Fac.), Ser. A,           
7 7/8s, 7/1/20  CCC/P    194,701    174,590 
(Elmhurst Memorial Hlth. Care),           
5 5/8s, 1/1/28  A2    500,000    517,945 
          3,519,390 

 
Indiana (1.4%)           
Anderson, Econ. Dev. Rev. Bonds (Anderson           
U.), 5s, 10/1/28  BBB–/F    180,000    172,328 
IN Bk. Special Program Gas Rev. Bonds,           
Ser. A, 5 1/4s, 10/15/21  Aa2    325,000    340,821 
Indianapolis, Arpt. Auth. Rev. Bonds           
(Federal Express Corp.), 5.1s, 1/15/17  Baa2    1,000,000    1,019,180 
Jasper Hosp. Auth. Rev. Bonds (Memorial           
Hosp.), 5 1/2s, 11/1/32  AA    500,000    509,275 
          2,041,604 

31


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Iowa (4.2%)           
IA Fin. Auth. Hlth. Care Fac. Rev. Bonds           
(Care Initiatives)           
9 1/4s, 7/1/25 (Prerefunded)  AAA  $  2,080,000  $  2,500,347 
Ser. A, 5s, 7/1/19  BBB–    910,000    894,084 
IA Fin. Auth. Retirement Cmnty. Rev. Bonds           
(Friendship Haven), Ser. A, 6 1/8s, 11/15/32  BB/P    550,000    561,253 
IA State Higher Ed. Loan Auth. Rev. Bonds,           
5s, 10/1/22  BBB–/F    800,000    784,296 
Tobacco Settlement Auth. of IA Rev. Bonds           
Ser. C, 5 3/8s, 6/1/38  BBB    500,000    453,785 
Ser. B, zero %, 6/1/34  BBB    1,000,000    923,130 
          6,116,895 

 
Kentucky (0.2%)           
KY Econ. Dev. Fin. Auth. Rev. Bonds (First           
Mtg.), Ser. IA, 6 1/2s, 1/1/29  B+/P    305,000    338,889 

 
Louisiana (1.3%)           
Desoto Parish, Rev. Bonds (Intl. Paper Co.           
Project), Ser. A, 5s, 10/1/12  BBB    250,000    257,563 
LA Local Govt. Env. Fac. Cmnty. Dev. Auth.           
Rev. Bonds (Hlth. Care - St. James           
Place), Ser. A, 7s, 11/1/26  B–/P    1,320,000    1,332,421 
LA Pub. Fac. Auth. Rev. Bonds (Pennington           
Med. Foundation), 5s, 7/1/16  A3    250,000    258,465 
          1,848,449 

 
Maine (1.2%)           
ME State Hsg. Auth. Rev. Bonds,           
Ser. D-2-AMT, 5s, 11/15/27  Aa1    735,000    741,167 
Rumford, Solid Waste Disp. Rev. Bonds           
(Boise Cascade Corp.), 6 7/8s, 10/1/26  Ba3    1,000,000    1,043,840 
          1,785,007 

 
Maryland (3.2%)           
Baltimore Cnty., Rev. Bonds (Oak Crest           
Village, Inc. Fac.), Ser. A, 5s, 1/1/22  BBB+    375,000    375,799 
MD State Hlth. & Higher Edl. Fac. Auth.           
Rev. Bonds           
(Medstar Hlth.), 5 3/4s, 8/15/15  A3    500,000    534,710 
(Edenwald), Ser. A, 5.2s, 1/1/24  BB/P    150,000    147,725 
(King Farm Presbyterian Cmnty.), Ser. B,           
4 3/4s, 1/1/13  B/P    700,000    700,203 
MD State Indl. Dev. Fin. Auth. Econ. Dev.           
Rev. Bonds (Our Lady of Good Counsel           
School), Ser. A, 6s, 5/1/35  B/P    200,000    202,682 
MuniMae Tax Exempt Bond Subsidiary, LLC           
144A Ser. A-3, 4.95s, 12/31/49  A3    2,000,000    2,014,040 

32


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Maryland continued           
Westminster, Econ. Dev. Rev. Bonds           
(Carroll Lutheran Village), Ser. A           
6 1/4s, 5/1/34  BB/P  $  600,000  $  622,182 
5 7/8s, 5/1/21  BB/P    150,000    154,311 
          4,751,652 

 
Massachusetts (7.0%)           
Boston, Indl. Dev. Fin. Auth. Rev. Bonds           
(Springhouse, Inc.), 6s, 7/1/28  BB–/P    1,000,000    1,011,210 
MA State Dev. Fin. Agcy. Rev. Bonds           
(Boston Biomedical Research),           
5 3/4s, 2/1/29  Baa3    1,000,000    1,006,210 
(Linden Ponds, Inc.), Ser. A,           
5 1/2s, 11/15/27  BB/P    425,000    422,926 
(Wheelock College), Ser. C, 5 1/4s, 10/1/29  BBB    550,000    551,271 
MA State Dev. Fin. Agcy. Higher Ed. Rev.           
Bonds (Emerson College), Ser. A,           
5s, 1/1/19  A–    110,000    115,388 
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds           
(Civic Investments/HPHC), Ser. A, 9s,           
12/15/15 (Prerefunded)  BBB–/P    730,000    869,372 
(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33  BB+    350,000    372,817 
(UMass Memorial), Ser. C, 6 1/2s, 7/1/21  Baa2    1,575,000    1,659,011 
(Hlth. Care Syst. Covenant Hlth.), Ser. E,           
6s, 7/1/31  A    1,350,000    1,426,194 
(Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27  A1    1,000,000    1,035,980 
(Caritas Christi Oblig. Group), Ser. A,           
5 1/4s, 7/1/08  BBB    500,000    503,520 
(Milford Regl. Med.), Ser. E, 5s, 7/15/22  Baa3    450,000    434,903 
MA State Indl. Fin. Agcy. Rev. Bonds           
(1st Mtge. Stone Institution & Newton),           
7.9s, 1/1/24  BB–/P    250,000    250,738 
(1st Mtge. Berkshire Retirement), Ser. A,           
6 5/8s, 7/1/16  BBB–    600,000    602,070 
          10,261,610 

 
Michigan (4.1%)           
Garden City, Hosp. Fin. Auth. Rev. Bonds           
(Garden City), Ser. A, 5 3/4s, 9/1/17  Ba1    265,000    269,198 
Kentwood, Economic Dev. Rev. Bonds           
(Holland Home), Ser. A, 5s, 11/15/22  BB–/P    200,000    190,998 
MI State Hosp. Fin. Auth. Rev. Bonds           
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32  A2    1,000,000    1,038,070 
(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/30  BBB    500,000    452,260 
(Midmichigan Hlth. Oblig. Group), Ser. A,           
5s, 4/15/26  A1    1,050,000    1,056,500 
MI State Hsg. Dev. Auth. Rev. Bonds,           
Ser. A, 3.9s, 6/1/30  AA+    1,000,000    997,780 

33


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Michigan continued           
MI State Strategic Fund, Ltd. Rev. Bonds           
(Worthington Armstrong Venture), U.S.           
Govt. Coll., 5 3/4s, 10/1/22 (Prerefunded)  AAA/P  $  1,350,000  $  1,518,413 
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds           
(Mercy Memorial Hosp.), 5 1/2s, 6/1/20  Baa3    480,000    480,288 
          6,003,507 

 
Minnesota (2.7%)           
Cohasset, Poll. Control Rev. Bonds           
(Allete, Inc.), 4.95s, 7/1/22  A–    1,500,000    1,509,285 
Duluth, Econ. Dev. Auth. Hlth. Care Fac.           
Rev. Bonds (BSM Properties, Inc.),           
Ser. A, 5 7/8s, 12/1/28  B+/P    115,000    114,993 
Inver Grove Heights, Nursing Home Rev.           
Bonds (Presbyterian Homes Care),           
5 3/8s, 10/1/26  B/P    200,000    196,382 
MN State Higher Ed. Fac. Auth. Rev. Bonds           
(The College of St. Catherine),           
Ser. 5-N1, 5s, 10/1/18  Baa1    1,000,000    1,014,550 
North Oaks, Sr. Hsg. Rev. Bonds           
(Presbyterian Homes), 6 1/8s, 10/1/39  BB/P    315,000    320,768 
St. Paul, Hsg. & Redev. Auth. Hosp. Rev.           
Bonds (Healtheast)           
6s, 11/15/25  Baa3    350,000    369,985 
Ser. B, 5.85s, 11/1/17  Baa3    250,000    255,178 
St. Paul, Port Auth. Lease Rev. Bonds           
(Regions Hosp. Pkg. Ramp),           
Ser. 1, 5s, 8/1/36  BBB–/P    225,000    206,381 
          3,987,522 

 
Mississippi (1.1%)           
Lowndes Cnty., Solid Waste Disp. & Poll.           
Control Rev. Bonds (Weyerhaeuser Co.),           
Ser. B, 6.7s, 4/1/22  Baa2    1,000,000    1,151,390 
MS Home Corp. Rev. Bonds (Single Fam.           
Mtge.), Ser. B-2, GNMA Coll., FNMA Coll.,           
6.45s, 12/1/33  Aaa    395,000    403,994 
          1,555,384 

 
Missouri (3.1%)           
Cape Girardeau Cnty., Indl. Dev. Auth.           
Hlth. Care Fac. Rev. Bonds (St. Francis           
Med. Ctr.), Ser. A, 5 1/2s, 6/1/16  A+    1,000,000    1,058,120 
Kansas City, Indl. Dev. Auth. Hlth. Fac.           
Rev. Bonds (First Mtge. Bishop Spencer),           
Ser. A, 6 1/2s, 1/1/35  BB–/P    500,000    523,715 
MO State Hlth. & Edl. Fac. Auth. VRDN (Cox           
Hlth. Syst.), AMBAC, 4.05s, 6/1/22  VMIG1    300,000    300,000 

34


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Missouri continued           
MO State Hsg. Dev. Comm. Mtge. Rev. Bonds           
(Single Fam. Homeowner Loan), Ser. A-1,           
GNMA Coll, FNMA Coll, 7 1/2s, 3/1/31  AAA  $  320,000  $  328,515 
(Single Fam. Homeowner Loan), Ser. B-1,           
GNMA Coll., FNMA Coll., 7.45s, 9/1/31  AAA    340,000    350,176 
(Single Fam. Home Ownership Loan),           
Ser. A-1, GNMA Coll., FNMA Coll.,           
6 3/4s, 3/1/34  AAA    475,000    492,309 
(Single Fam. Homeowner Loan), Ser. A-2,           
GNMA Coll., 6.3s, 3/1/30  AAA    320,000    324,077 
(Single Fam. Home Ownership Loan), Ser. D,           
GNMA Coll., FNMA Coll., 5.55s, 9/1/34  Aaa    1,185,000    1,201,626 
          4,578,538 

 
Montana (0.3%)           
MT Fac. Fin. Auth. Rev. Bonds (Sr. Living           
St. Johns Lutheran), Ser. A, 6s, 5/15/25  B+/P    150,000    153,840 
MT State Board Inv. Exempt Fac. Rev. Bonds           
(Still Water Mining Project), 8s, 7/1/20  B3    250,000    259,120 
          412,960 

 
Nevada (3.9%)           
Clark Cnty., G.O. Bonds (Pk. & Regl.           
Justice Ctr.), FGIC, 5 5/8s, 11/1/19           
(Prerefunded)  Aaa    3,500,000    3,650,570 
Clark Cnty., Impt. Dist. Special Assmt.           
(Summerlin No. 151), 5s, 8/1/20  BB/P    425,000    410,142 
Clark Cnty., Local Impt. Dist. Special           
Assmt. Bonds (No. 142), 6.1s, 8/1/18  BB/P    250,000    258,080 
Henderson, Local Impt. Dist. Special Assmt.           
(No. T-16), 5 1/8s, 3/1/25  BB/P    195,000    181,085 
(No. T-17), 5s, 9/1/18  BB/P    100,000    95,775 
(No. T-18), 5s, 9/1/16  BB–/P    500,000    485,290 
Las Vegas, Local Impt. Board Special           
Assmt. (Dist. No. 607), 5.9s, 6/1/18  BB/P    320,000    328,160 
Las Vegas, Special Impt. Dist. Rev. Bonds           
(No. 809 - Summerlin Area), 5.65s, 6/1/23  BB/P    245,000    248,334 
          5,657,436 

 
New Hampshire (1.8%)           
NH Hlth. & Ed. Fac. Auth. Rev. Bonds           
(Huntington at Nashua), Ser. A,           
6 7/8s, 5/1/33  BB–/P    600,000    635,592 
(Southern NH Med. Ctr.), Ser. A,           
5 1/4s, 10/1/28  A–    1,425,000    1,450,508 
(Kendal at Hanover), Ser. A, 5s, 10/1/18  BBB+    600,000    603,870 
NH State Bus. Fin. Auth. Swr. & Solid           
Waste Rev. Bonds (Crown Paper Co.),           
7 7/8s, 7/1/26 (In default) †  D/P    1,394,189    14 
          2,689,984 

35


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
New Jersey (7.6%)           
NJ Econ. Dev. Auth. Rev. Bonds           
(Newark Arpt. Marriot Hotel), 7s, 10/1/14  Ba1  $  1,500,000  $  1,516,440 
(United Methodist Homes), Ser. A-1,           
6 1/4s, 7/1/33  BB+    1,000,000    1,035,270 
(First Mtge. Lions Gate), Ser. A,           
5 7/8s, 1/1/37  B/P    200,000    202,744 
(Cigarette Tax), 5 3/4s, 6/15/29  Baa2    1,000,000    1,047,970 
(Seabrook Village), 5 1/4s, 11/15/26  BB–/P    160,000    154,562 
NJ State Rev. Bonds (Trans. Syst.),           
Ser. C, AMBAC, zero %, 12/15/24  Aaa    2,400,000    1,097,712 
Tobacco Settlement Fin. Corp. Rev. Bonds           
6 3/8s, 6/1/32 (Prerefunded)  AAA    3,410,000    3,839,865 
Ser. 1A, 5s, 6/1/29  BBB    1,100,000    984,104 
Ser. 1A, 4 1/2s, 6/1/23  BBB    1,315,000    1,237,165 
          11,115,832 

 
New Mexico (0.6%)           
Farmington, Poll. Control Rev. Bonds           
(San Juan), Ser. B, 4 7/8s, 4/1/33  Baa2    600,000    568,578 
NM Mtge. Fin. Auth. Rev. Bonds (Single           
Fam. Mtge.), Ser. D-2, GNMA Coll., FNMA           
Coll., FHLMC Coll., 5.64s, 9/1/33  AAA    290,000    295,655 
          864,233 

 
New York (11.8%)           
Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev.           
Bonds (Gurwin Jewish Sr. Residence),           
Ser. A, 6s, 5/1/29  B+/P    750,000    752,108 
Livingston Cnty., Indl. Dev. Agcy. Civic           
Fac. Rev. Bonds (Nicholas H. Noyes           
Memorial Hosp.)           
5 3/4s, 7/1/15  BB    630,000    641,762 
5s, 7/1/10  BB    120,000    120,601 
Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds           
(Keyspan-Glenwood), 5 1/4s, 6/1/27  A–    775,000    782,494 
Niagara Cnty., Indl. Dev. Agcy. Rev.           
Bonds, Ser. C, 5 5/8s, 11/15/24  Baa2    400,000    408,788 
NY City, Indl. Dev. Agcy. Rev. Bonds           
(Liberty-7 World Trade Ctr.)           
Ser. B, 6 3/4s, 3/1/15  B–/P    200,000    210,550 
Ser. A, 6 1/4s, 3/1/15  B–/P    500,000    523,155 
NY City, Indl. Dev. Agcy. Civic Fac.           
Rev. Bonds           
(Staten Island U. Hosp.), Ser. A,           
6 3/8s, 7/1/31  B2    805,000    823,531 
(Brooklyn Polytech. U. Project J), 6 1/8s,           
11/1/30 (Prerefunded)  AAA    200,000    216,862 
NY City, Indl. Dev. Agcy. Special Arpt.           
Fac. Rev. Bonds (Airis JFK I, LLC),           
Ser. A, 5 1/2s, 7/1/28  Baa3    1,300,000    1,293,513 

36


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
New York continued           
NY City, Indl. Dev. Agcy. Special Fac. FRB           
(American Airlines — JFK Intl. Arpt.),           
7 5/8s, 8/1/25  B  $  250,000  $  283,398 
NY City, Indl. Dev. Agcy. Special Fac.           
Rev. Bonds           
(JFK Intl. Arpt.), Ser. A, 8s, 8/1/12  B    170,000    187,559 
(American Airlines — JFK Intl. Arpt.),           
7 1/2s, 8/1/16  B    2,150,000    2,371,708 
(British Airways PLC), 5 1/4s, 12/1/32  Ba1    1,000,000    920,160 
(Jetblue Airways Corp.), 5s, 5/15/20  B    100,000    90,328 
NY State Dorm. Auth. Rev. Bonds           
(NY U. Hosp. Ctr.), Ser. A, 5s, 7/1/20  Ba2    500,000    501,015 
(Mt. Sinai NYU Hlth.), Ser. C, 5s, 7/1/11  Baa1    350,000    352,111 
NY State Energy Research & Dev. Auth. Gas           
Fac. Rev. Bonds (Brooklyn Union Gas),           
6.952s, 7/1/26  A+    1,400,000    1,424,472 
Onondaga Cnty., Indl. Dev. Agcy. Rev.           
Bonds (Solvay Paperboard, LLC), 7s, 11/1/30           
(acquired 12/9/98, cost $1,200,000) ‡  BB/P    1,200,000    1,236,180 
Port Auth. NY & NJ Rev. Bonds           
(Kennedy Intl. Arpt. — 3rd Installment),           
7s, 10/1/07  BB+/P    100,000    100,000 
(Kennedy Intl. Arpt. — 4th Installment),           
6 3/4s, 10/1/11  BB+/P    500,000    507,850 
Suffolk Cnty., Indl. Dev. Agcy. Cont. Care           
Retirement Rev. Bonds           
(Peconic Landing), Ser. A, 8s, 10/1/30  BB–/P    1,000,000    1,074,820 
(Jefferson’s Ferry), Ser. A, 7 1/4s,           
11/1/28 (Prerefunded)  AAA    1,000,000    1,095,430 
(Jeffersons Ferry), 5s, 11/1/15  BBB–    525,000    534,760 
Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st           
Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21  B+/P    800,000    830,704 
          17,283,859 

 
North Carolina (4.5%)           
NC Eastern Muni. Pwr. Agcy. Syst. Rev.           
Bonds, Ser. C, 5.3s, 1/1/15  Baa1    1,500,000    1,579,005 
NC Med. Care Cmnty. Hlth. Care Fac.           
Rev. Bonds           
(First Mtge. — Presbyterian Homes),           
5 3/8s, 10/1/22  BB/P    1,110,000    1,121,422 
(Deerfield), Ser. A, 5s, 11/1/23  A–/F    250,000    245,923 
(First Mtge. - Pines at Davidson), Ser. A,           
5s, 1/1/18  A–/F    835,000    853,621 
NC Med. Care Comm. Retirement Fac.           
Rev. Bonds           
(First Mtge. Givens Estates), Ser. A,           
6 1/2s, 7/1/32 (Prerefunded)  BB–/P    750,000    864,225 
(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35  BB+/P    690,000    670,804 

37


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
North Carolina continued           
NC Med. Care Comm. Retirement Fac.           
Rev. Bonds           
(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25  BB+/P  $  100,000  $  96,944 
(First Mtge. United Methodist), Ser. C,           
5 1/4s, 10/1/24  BB+/P    150,000    143,501 
NC State Muni. Pwr. Agcy. Rev. Bonds           
(No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20  A3    1,000,000    1,057,580 
          6,633,025 

 
North Dakota (0.8%)           
Grand Forks, Hlth. Care Syst. Rev. Bonds           
(Altru Hlth. Syst. Oblig. Group), 7 1/8s,           
8/15/24 (Prerefunded)  Baa2    1,000,000    1,104,450 

 
Ohio (3.6%)           
Coshocton Cnty., Env. 144A Rev. Bonds           
(Smurfit-Stone Container Corp.),           
5 1/8s, 8/1/13  CCC+    600,000    592,974 
Cuyahoga Cnty., Rev. Bonds, Ser. A,           
6s, 1/1/32  Aa3    1,000,000    1,067,810 
Montgomery Cnty., Hosp. Rev. Bonds           
(Kettering Med. Ctr.), 6 3/4s, 4/1/22           
(Prerefunded)  A2    1,500,000    1,627,740 
OH State Higher Edl. Fac. Mandatory Put           
Bonds (Kenyon College), 4.85s, 7/1/14  A1    1,000,000    1,051,560 
OH State Wtr. Dev. Auth. Solid Waste Disp.           
Rev. Bonds (Allied Waste N.A. Inc.),           
Ser. A, 5.15s, 7/15/15  B+    400,000    398,700 
Toledo-Lucas Cnty., Port Auth. Rev. Bonds           
(CSX Transn, Inc.), 6.45s, 12/15/21  Baa3    500,000    558,415 
          5,297,199 

 
Oklahoma (1.0%)           
OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds           
(Homeowner Loan), Ser. D-2, GNMA Coll.,           
FNMA Coll., 7.1s, 9/1/26  Aaa    250,000    254,358 
(Homeowner Loan), Ser. C-2, GNMA Coll.,           
FNMA Coll., 5.7s, 9/1/35  Aaa    225,000    237,080 
OK State Indl. Dev. Auth. Rev. Bonds           
(Hlth. Syst.), Ser. A, MBIA           
5 3/4s, 8/15/29  Aaa    580,000    606,001 
5 3/4s, 8/15/29 (Prerefunded)  Aaa    420,000    441,004 
          1,538,443 

38


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Oregon (1.1%)           
Multnomah Cnty., Hosp. Fac. Auth. Rev.           
Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29  BB–/P  $  1,000,000  $  1,037,570 
OR State Hsg. & Cmnty. Svcs. Dept. Rev.           
Bonds (Single Family Mtge.), Ser. K,           
5 5/8s, 7/1/29  Aa2    615,000    624,975 
          1,662,545 

 
Pennsylvania (4.6%)           
Allegheny Cnty., Hosp. Dev. Auth.           
Rev. Bonds           
(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/22           
(Prerefunded)  AAA    195,000    230,556 
(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/15           
(Prerefunded)  AAA    585,000    675,757 
(Hlth. Syst.-West PA), Ser. A, 5s, 11/15/28  Ba2    795,000    745,654 
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds           
(Env. Impt. - USX Corp.), 6s, 1/15/14  Baa1    750,000    762,480 
(Env. Impt.), 5 1/2s, 11/1/16  Baa3    600,000    615,924 
Bucks Cnty., Indl. Dev. Auth. Retirement           
Cmnty. Rev. Bonds (Ann’s Choice, Inc.),           
Ser. A           
6 1/8s, 1/1/25  BB/P    550,000    563,239 
5.1s, 1/1/12  BB/P    400,000    399,816 
Carbon Cnty., Indl. Dev. Auth. Rev. Bonds           
(Panther Creek Partners), 6.65s, 5/1/10  BBB–    575,000    586,678 
Lancaster Cnty., Hosp. Auth. Rev. Bonds           
(Gen. Hosp.), 5 1/2s, 3/15/26           
(Prerefunded)  AA–    250,000    273,970 
Montgomery Cnty., Indl. Auth. Resource           
Recvy. Rev. Bonds (Whitemarsh Cont Care),           
6 1/4s, 2/1/35  B–/P    400,000    410,344 
PA State Higher Edl. Fac. Auth. Rev. Bonds           
(Philadelphia U.), 5s, 6/1/30  Baa2    270,000    261,792 
Sayre, Hlth. Care Fac. Auth. Rev. Bonds           
(Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31  A    60,000    62,774 
Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31           
(Prerefunded)  AAA/P    750,000    844,358 
Wilkes-Barre, Fin. Auth. (Wilkes U.),           
5s, 3/1/22  BBB    315,000    317,101 
          6,750,443 

 
Puerto Rico (0.9%)           
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev.           
Bonds, 5s, 7/1/28  BBB    270,000    273,205 
PR Indl. Tourist Edl. Med. & Env. Control           
Fac. Rev. Bonds (Cogen. Fac.-AES),           
6 5/8s, 6/1/26  Baa3    1,000,000    1,063,870 
          1,337,075 

39


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Rhode Island (1.4%)           
Tobacco Settlement Fin. Corp. Rev. Bonds,           
Ser. A, 6 1/8s, 6/1/32  BBB  $  2,025,000  $  2,043,954 

 
South Carolina (2.5%)           
Lexington Cnty. Hlth. Svcs. Dist. Inc.           
Hosp. Rev. Bonds, 5 1/2s, 5/1/37           
(Prerefunded)  A+    1,250,000    1,377,963 
Lexington Cnty., Hlth. Svcs. Dist. Hosp.           
Rev. Bonds, 5s, 11/1/23  A+    500,000    507,495 
SC Jobs Econ. Dev. Auth. Hosp. Fac.           
Rev. Bonds           
(Palmetto Hlth.), Ser. A, 7 3/8s, 12/15/21           
(Prerefunded)  BBB+/F    600,000    677,760 
(Palmetto Hlth.), Ser. C, 6s, 8/1/20           
(Prerefunded)  Baa1    890,000    994,397 
(Palmetto Hlth.), Ser. C, 6s, 8/1/20           
(Prerefunded)  Baa1    110,000    122,903 
          3,680,518 

 
South Dakota (1.3%)           
SD Hsg. Dev. Auth. Rev. Bonds (Home           
Ownership Mtg.), Ser. H, 5s, 5/1/28  AAA    620,000    626,553 
SD State Hlth. & Edl. Fac. Auth. Rev.           
Bonds (Prairie Lakes), 5.65s, 4/1/22  Baa1    1,250,000    1,263,875 
          1,890,428 

 
Tennessee (2.3%)           
Johnson City, Hlth. & Edl. Fac. Board           
Hosp. Rev. Bonds (First Mtge. Mountain           
States Hlth.), Ser. A, 7 1/2s, 7/1/33  Baa1    1,500,000    1,673,115 
Johnson City, Hlth. & Edl. Facs. Board           
Retirement Fac. Rev. Bonds (Appalachian           
Christian Village), Ser. A, 6 1/4s, 2/15/32  BB–/P    400,000    413,516 
Shelby Cnty., Hlth. Edl. & Hsg. Fac. Hosp.           
Board Rev. Bonds (Methodist Hlth. Care)           
6 1/2s, 9/1/26 (Prerefunded)  AAA    625,000    704,400 
6 1/2s, 9/1/26 (Prerefunded)  AAA    375,000    422,640 
Sullivan Cnty., Hlth. Edl. & Hsg. Hosp.           
Fac. Board Rev. Bonds (Wellmont Hlth.           
Syst.), Ser. C, 5s, 9/1/22  BBB+    200,000    199,782 
          3,413,453 

 
Texas (6.8%)           
Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds           
(Sears Methodist Retirement),           
5 7/8s, 11/15/18 #  BB–/P    1,000,000    1,018,070 
Brazoria Cnty., Brazos River Harbor Naval           
Dist. (Dow Chemical Co.), Ser. A-3,           
5 1/8s, 5/15/33  A3    170,000    165,383 

40


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Texas continued           
Fort Worth, Higher Ed. Fin. Corp. Rev.           
Bonds (Wesleyan U.), Ser. A, 6s, 10/1/12  Ba2  $  400,000  $  401,696 
Houston, Arpt. Syst. Rev. Bonds           
(Continental Airlines, Inc.), Ser. E,           
6 3/4s, 7/1/29  B3    1,450,000    1,502,606 
(Special Fac. — Continental           
Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21  B3    1,450,000    1,508,682 
Lufkin, Hlth. Fac. Dev. Corp. Rev. Bonds           
(Memorial Hlth. Syst. of East TX), 5.7s,           
2/15/28 (Prerefunded)  AAA/P    250,000    256,885 
Sabine River Auth. Rev. Bonds           
(TXU Electric), Ser. C, 5.2s, 5/1/28  Baa2    500,000    461,375 
Tarrant Cnty., Cultural Ed. Fac.           
Fin. Corp. Rev. Bonds (Northwest Sr. Hsg.           
Edgemere), Ser. A, 5 3/4s, 11/15/16  BB–/P    125,000    132,446 
Tarrant Cnty., Cultural Ed. Fac.           
Fin. Corp. Retirement Fac. Rev. Bonds           
(Air Force Village), 5 1/8s, 5/15/27  BBB–/P    1,325,000    1,312,797 
Tomball, Hosp. Auth. Rev. Bonds (Tomball           
Regl. Hosp.), 6s, 7/1/29  Baa3    2,150,000    2,184,981 
TX State Dept. of Hsg. & Cmnty. Affairs           
Rev. Bonds, Ser. C, GNMA/FNMA Coll.,           
6.9s, 7/2/24 #  AAA    1,100,000    1,104,081 
          10,049,002 

 
Utah (0.5%)           
Carbon Cnty., Solid Waste Disp. Rev. Bonds           
(Laidlaw Env.), Ser. A, 7 1/2s, 2/1/10  BB–    800,000    804,760 

 
Vermont (1.0%)           
VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A,           
FSA, 4.62s, 5/1/29  Aaa    1,450,000    1,455,597 

 
Virginia (2.3%)           
Henrico Cnty., Econ. Dev. Auth. Rev. Bonds           
(United Methodist), Ser. A           
6.7s, 6/1/27  BB+/P    400,000    418,792 
6 1/2s, 6/1/22  BB+/P    600,000    628,836 
Henrico Cnty., Econ. Dev. Auth. Res. Care           
Fac. Rev. Bonds (Westminster-Canterbury),           
5s, 10/1/22  BBB–    400,000    394,604 
Hopewell, Indl. Dev. Auth. Env. Impt. Rev.           
Bonds (Smurfit-Stone Container Corp.),           
5 1/4s, 6/1/15  CCC+    200,000    198,246 
James Cnty., Indl. Dev. Auth. Rev. Bonds           
(Williamsburg), Ser. A, 6 1/8s, 3/1/32  BB–/P    500,000    510,910 

41


MUNICIPAL BONDS AND NOTES (129.1%)* continued         

  Rating**    Principal amount    Value 

 
Virginia continued           
Prince William Cnty., Indl. Dev. Auth.           
Hosp. Rev. Bonds (Potomac Hosp. Corp.),           
5.35s, 10/1/36  A3  $  1,000,000  $  1,025,480 
Winchester, Indl. Dev. Auth. Res. Care           
Fac. Rev. Bonds (Westminster-Canterbury),           
Ser. A, 5.2s, 1/1/27  BB/P    200,000    198,302 
          3,375,170 

 
Washington (0.7%)           
Tobacco Settlement Auth. of WA Rev. Bonds,           
6 1/2s, 6/1/26  BBB    950,000    997,472 

 
West Virginia (0.6%)           
Princeton, Hosp. Rev. Bonds (Cmnty. Hosp.           
Assn., Inc.), 6.1s, 5/1/29  B2    825,000    838,959 

 
Wisconsin (2.3%)           
Badger Tobacco Settlement Asset           
Securitization Corp. Rev. Bonds,           
6 3/8s, 6/1/32  BBB    1,500,000    1,559,430 
WI State Hlth. & Edl. Fac. Auth. Rev.           
Bonds (Wheaton Franciscan), 5 3/4s,           
8/15/30 (Prerefunded)  A–    1,600,000    1,748,080 
          3,307,510 

 
Wyoming (0.3%)           
Sweetwater Cnty., Solid Waste Disp. Rev.           
Bonds (FMC Corp.), 5.6s, 12/1/35  Baa2    450,000    444,933 

 
Total municipal bonds and notes (cost $182,968,685)      $  189,584,277 

 
 
COMMON STOCKS (—%)* (cost $1,428,766)           

      Shares    Value 

 
Tembec, Inc. (Canada) †      29,974  $  20,216 

 
 
TOTAL INVESTMENTS           
Total investments (cost $184,397,451)        $  189,604,493 

  * Percentages indicated are based on net assets of $146,807,503.

** The Moody’s or Standard & Poor’s ratings indicated are believed to be the most recent ratings available at September 30, 2007 for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at September 30, 2007. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.”

† Non-income-producing security.

‡ Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at September 30, 2007 was $1,236,180 or 0.8% of net assets.

42


# A portion of these securities were pledged and segregated with the custodian to cover margin requirements for futures contracts at September 30, 2007.

144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

The rates shown on VRDN, Mandatory Put Bonds and FRB are the current interest rates at September 30, 2007.

The dates shown on Mandatory Put Bonds are the next mandatory put dates.

The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.

The fund had the following sector concentrations greater than 10% at September 30, 2007 (as a percentage of net assets):

Health care  59.5% 
Land  14.2 

FUTURES CONTRACTS OUTSTANDING at 9/30/07 (Unaudited)       

  Number of      Expiration  Unrealized 
  contracts  Value  date  depreciation 

U.S. Treasury Note 5 yr (Short)  68  $7,278,125  Dec-07  $(54,165) 

The accompanying notes are an integral part of these financial statements.

43


Statement of assets and liabilities 9/30/07 (Unaudited)

ASSETS   

Investment in securities, at value (Note 1):   
Unaffiliated issuers (identified cost $184,397,451)  $189,604,493 

Cash  50,843 

Interest and other receivables  3,207,981 

Receivable for securities sold  35,344 

Receivable from Manager (Note 2)  65,416 

Total assets  192,964,077 

 
LIABILITIES   

Distributions payable to shareholders  643,710 

Distributions payable to preferred shareholders (Note 1)  18,906 

Payable for compensation of Manager (Note 2)  266,048 

Payable for investor servicing (Note 2)  12,255 

Payable for Trustee compensation and expenses (Note 2)  65,255 

Payable for administrative services (Note 2)  1,307 

Other accrued expenses  149,093 

Total liabilities  1,156,574 

Series A remarketed preferred shares: (4,000 shares   
authorized; 900 shares issued at $50,000 per share) (Note 4)  45,000,000 

Net assets  $146,807,503 

 
REPRESENTED BY   

Paid-in capital — common shares (Unlimited shares authorized) (Notes 1 and 5)  $165,111,660 

Undistributed net investment income (Note 1)  83,898 

Accumulated net realized loss on investments (Note 1)  (23,540,932) 

Net unrealized appreciation of investments  5,152,877 

Total — Representing net assets applicable to common shares outstanding  $146,807,503 

 
COMPUTATION OF NET ASSET VALUE   

Net asset value per common share   
($146,807,503 divided by 18,998,001 shares)  $7.73 

The accompanying notes are an integral part of these financial statements.

44


Statement of operations Six months ended 9/30/07 (Unaudited)

INTEREST INCOME  $ 5,542,701 

 
EXPENSES   

Compensation of Manager (Note 2)  559,108 

Investor servicing fees (Note 2)  40,609 

Custodian fees (Note 2)  4,543 

Trustee compensation and expenses (Note 2)  23,438 

Administrative services (Note 2)  7,147 

Preferred share remarketing agent fees  57,188 

Legal expense  81,132 

Other  188,696 

Total expenses  961,861 

Expense reduction (Note 2)  (73,270) 

Net expenses  888,591 

Net investment income  4,654,110 

Net realized loss on investments (Notes 1 and 3)  (47,833) 

Net realized loss on futures contracts (Note 1)  (149,665) 

Net unrealized depreciation of investments and futures contracts during the period  (5,025,145) 

Net loss on investments  (5,222,643) 

Net decrease in net assets resulting from operations  $ (568,533) 

 
DISTRIBUTIONS TO SERIES A REMARKETED PREFERRED SHAREHOLDERS: (NOTE 1)   

From tax exempt net investment income  (852,529) 

Net decrease in net assets resulting from operations   
(applicable to common shareholders)  $(1,421,062) 

The accompanying notes are an integral part of these financial statements.

45


Statement of changes in net assets

DECREASE IN NET ASSETS     

  Six months ended  Year ended 
  9/30/07*  3/31/07 

Operations:     
Net investment income  $ 4,654,110  $ 9,901,382 

Net realized loss on investments  (197,498)  (54,169) 

Net unrealized appreciation (depreciation) of investments  (5,025,145)  2,551,717 

Net increase (decrease) in net assets resulting     
from operations  (568,533)  12,398,930 

 
DISTRIBUTIONS TO SERIES A REMARKETED PREFERRED SHAREHOLDERS: (NOTE 1)   

From ordinary income     

Taxable net investment income    (1,062) 

From tax exempt net investment income  (852,529)  (1,598,277) 

Net increase (decrease) in net assets resulting     
from operations (applicable to common shareholders)  (1,421,062)  10,799,591 

 
DISTRIBUTIONS TO COMMON SHAREHOLDERS: (NOTE 1)     

From ordinary income     

Taxable net investment income    (7,519) 

From tax exempt net investment income  (3,913,218)  (8,135,878) 

Decrease from shares repurchased (Note 5)  (16,340,591)  (4,557,675) 

Total decrease in net assets  (21,674,871)  (1,901,481) 

 
NET ASSETS     

Beginning of period  168,482,374  170,383,855 

End of period (including undistributed net investment     
income of $83,898 and $195,535, respectively)  $146,807,503  $168,482,374 

 
NUMBER OF FUND SHARES     

Common shares outstanding at beginning of period  21,131,981  21,777,146 

Shares repurchased (Note 5)  (2,132,632)  (645,165) 

Retirement of shares held by the fund (Note 5)  (1,348)   

Common shares outstanding at end of period  18,998,001  21,131,981 

Remarketed preferred shares outstanding at beginning     
and end of period  900  900 

* Unaudited

The accompanying notes are an integral part of these financial statements.

46


Financial highlights (For a common share outstanding throughout the period)

PER-SHARE OPERATING PERFORMANCE         

  Six months ended**    Year ended     
    9/30/07  3/31/07  3/31/06  3/31/05  3/31/04  3/31/03 

Net asset value,               
beginning of period               
(common shares)    $7.97  $7.82  $7.72  $7.76  $7.53  $7.79 

Investment operations:               
Net investment income (a)  .23  .46  .44  .43  .47  .55 

Net realized and unrealized             
gain (loss) on investments  (.25)  .11  .07  (.05)  .22  (.26) 

Total from               
investment operations  (.02)  .57  .51  .38  .69  .29 

Distributions to               
preferred shareholders:               
From net investment income  (.04)  (.07)  (.05)  (.03)  (.02)  (.03) 

Total from               
investment operations:             
(applicable to               
common shareholders)  (.06)  .50  .46  .35  .67  .26 

Distributions to               
common shareholders:               
From net investment income  (.20)  (.38)  (.38)  (.39)  (.44)  (.52) 

Total distributions    (.20)  (.38)  (.38)  (.39)  (.44)  (.52) 

Increase from               
shares repurchased    .02  .03  .02       

Net asset value,               
end of period               
(common shares)    $7.73  $7.97  $7.82  $7.72  $7.76  $7.53 

Market value,               
end of period               
(common shares)    $7.04  $7.54  $7.01  $6.67  $7.04  $6.97 

Total return at               
market value (%)               
(common shares) (b)    (4.12)*  13.39  10.92  0.50  7.54  (1.55) 

 
 
RATIOS AND SUPPLEMENTAL DATA           

Net assets, end of period             
(common shares)               
(in thousands)  $146,808  $168,482  $170,384  $171,804  $172,815  $167,734 

Ratio of expenses to               
average net assets (%)(c,d)  .61*  1.04  1.15  1.19  1.16  1.17 

Ratio of net investment             
income to average net               
assets (%)(c)    2.41*  4.89  4.93  5.26  5.84  6.70 

Portfolio turnover (%)    8.79*  9.77  22.39  24.67  36.95  34.56 

(Continued on next page)

47


Financial highlights (Continued)

  * Not annualized.

** Unaudited.

(a) Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.

(b) Total return assumes dividend reinvestment.

(c) Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.

(d) The ratio of expenses to average net assets includes amounts paid through expense offset arrangements (Note 2).

The accompanying notes are an integral part of these financial statements.

48


Notes to financial statements 9/30/07 (Unaudited)

Note 1: Significant accounting policies

Putnam High Yield Municipal Trust (the “fund”), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The fund’s investment objective is to seek high current income exempt from federal income tax. The fund intends to achieve its objective by investing in high yielding tax-exempt municipal securities constituting a portfolio that the fund’s manager, Putnam Investment Management, LLC, (“Putnam Management”), a wholly owned subsidiary of Putnam, LLC, believes to be consistent with prudent investment management. The fund invests a substantial portion of its assets in higher yielding, lower rated bonds that have a higher rate of default.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund expects the risk of material loss to be remote.

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A) Security valuation Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported — as in the case of some securities traded over-the-counter — a security is valued at its last reported bid price. Market quotations are not considered to be readily available for certain debt obligations; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and ther efore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors, including movements in the U.S. securities markets. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Certain investments, including certain restricted securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly dispositio n of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount.

49


B) Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.

C) Futures and options contracts The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.” Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

D) Federal taxes It is the policy of the fund to distribute all of its income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986 (the “Code”) applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code, as amended. Therefore, no provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains.

At March 31, 2007, the fund had a capital loss carryover of $22,329,447 available to the extent allowed by tax law to offset future capital gains, if any. The amount of the carryover and the expiration dates are:

Loss Carryover  Expiration 

$ 1,445,345  March 31, 2008 

1,742,951  March 31, 2009 

865,353  March 31, 2010 

678,750  March 31, 2011 

12,315,216  March 31, 2012 

4,095,518  March 31, 2013 

273,437  March 31, 2014 

912,877  March 31, 2015 


The aggregate identified cost on a tax basis is $184,389,149, resulting in gross unrealized appreciation and depreciation of $8,604,003 and $3,388,659, respectively, or net unrealized appreciation of $5,215,344.

50


E) Distributions to shareholders Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 7-day period. The applicable dividend rate for the remarketed preferred shares on September 30, 2007 was 4.00% . The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of th e fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

F) Determination of net asset value Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.

Note 2: Management fee, administrative services and other transactions

Putnam Management is paid for management and investment advisory services quarterly based on the average net assets of the fund. Such fee is based on the lesser of (i) an annual rate of 0.55% of the average net assets of the fund attributable to common and preferred shares outstanding or (ii) the following annual rates expressed as a percentage of the fund’s average net assets attributable to common and preferred shares outstanding: 0.65% of the first $500 million and 0.55% of the next $500 million with additional breakpoints at higher asset levels.

Effective August 3, 2007, Marsh & McLennan Companies, Inc. sold its ownership interest in Putnam Management, its parent companies and affiliates to a wholly-owned subsidiary of Great-West Lifeco, Inc. The fund’s shareholders have approved a new management contract for the fund that became effective upon the sale.

If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund’s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management fee rate under the contract multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial services for the fund’s assets were provided by Putnam Fiduciary Trust Company (“PFTC”), an affiliate of Putnam Management, and by State Street Bank and Trust Company (“State Street”). Custody fees are based on the fund’s asset level, the number of its security holdings, transaction volumes and with respect to PFTC, certain fees related to the transition of assets to State Street. Putnam Investor Services, a division of PFTC, provided investor servicing agent functions to the fund. Putnam Investor Services was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund’s average net assets. During the period ended September 30, 2007, the fund incurred $42,058 for custody and investor servicing agent functions provided by PFTC.

51


The fund has entered into arrangements with PFTC and State Street whereby PFTC’s and State Street’s fees are reduced by credits allowed on cash balances. For the six months ended September 30, 2007, the fund’s expenses were reduced by $73,270 under these arrangements.

Each independent Trustee of the fund receives an annual Trustee fee, of which $284, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the “Pension Plan”) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

Note 3: Purchases and sales of securities

During the six months ended September 30, 2007, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $17,299,564 and $33,397,696, respectively. There were no purchases or sales of U.S. government securities.

Note 4: Remarketed preferred shares

The Series A Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $50,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.

It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period.

Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund’s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares’ rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At September 30, 2007, no such restrictions have been placed on the fund.

52


Note 5: Shares repurchased

In October 2005, the Trustees of the fund authorized Putnam Investments to implement a repurchase program, which would allow the fund to repurchase up to 5% of its outstanding common shares over the 12 months ending October 6, 2006 (based on shares outstanding as of October 7, 2005). In March 2006, the Trustees approved an increase in this repurchase program to allow the fund to repurchase a total of up to 10% of its outstanding common shares over the same period. In September 2006, the Trustees extended the program on its existing terms through October 6, 2007.

For the six months ended September 30, 2007, the fund repurchased 19,434 common shares for an aggregate purchase price of $132,355, which reflects a weighted-average discount from net asset value per share of 10.96% .

In September 2007, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2008 (based on shares outstanding as of October 5, 2007).

Repurchases are made when the fund’s shares are trading at less than net asset value and in accordance with procedures approved by the fund’s Trustees.

In July 2007, the fund repurchased 2,113,198 common shares pursuant to an issuer tender offer commenced on June 4, 2007 for up to 10% of its outstanding common shares, at $7.67 per share, for an aggregate purchase price of $16,208,236. The tender offer purchase price represented a discount of 2% from the net asset value of the fund’s common shares as of July 9, 2007.

During the period, the fund retired 1,348 shares held by the fund in a control account. No monies were paid by the fund as a result of the retirement of shares.

Note 6: Actions by Trustees

The Trustees of the Putnam Funds have approved a plan to merge the fund into Putnam Managed Municipal Income Trust. The transaction is anticipated to occur in 2008. It is subject to a number of conditions, including approval of a majority of the outstanding shareholders of the fund, and there is no guarantee it will occur.

Note 7: Regulatory matters and litigation

In late 2003 and 2004, Putnam Management settled charges brought by the Securities and Exchange Commission (the “SEC”) and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Payments from Putnam Management will be distributed to certain open-end Putnam funds and their shareholders. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management’s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.

Putnam Management and Putnam Retail Management are named as defendants in a civil suit in which the plaintiffs allege that the management and distribution fees paid by certain Putnam funds were excessive and seek recovery under the Investment Company Act of 1940. Putnam Management and Putnam Retail Management have contested the plaintiffs’ claims and the matter is currently pending in the U.S. District Court for the District of Massachusetts. Based on currently available information, Putnam Management believes that this action is without merit and that it is unlikely to have a material effect on Putnam Management’s and Putnam Retail Management’s ability to provide services to their clients, including the fund.

53


Note 8: New accounting pronouncements

In June 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes (the “Interpretation”). The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken by a filer in the filer’s tax return. Upon adoption, the Interpretation did not have a material effect on the fund’s financial statements. However, the conclusions regarding the Interpretation may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, and on-going analysis of tax laws, regulations and interpretations thereof.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (the “Standard”). The Standard defines fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The Standard applies to fair value measurements already required or permitted by existing standards. The Standard is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Putnam Management is currently evaluating what impact the adoption of the Standard will have on the fund’s financial statements.

54


Shareholder meeting results (unaudited)

May 15, 2007 meeting

A proposal to approve a new management contract between the fund and Putnam Investment Management, LLC was approved as follows:

Votes for  Votes against  Abstentions 

10,817,522  1,112,113  511,968 


All tabulations rounded to the nearest whole number.

October 22, 2007 meeting

A special meeting of shareholders of the fund was held on October 22, 2007.

At that meeting, a proposal to merge the fund into Putnam Managed Municipal Income Trust was adjourned to a later date.

55


Putnam puts your interests first

In January 2004, Putnam began introducing a number of voluntary initiatives designed to reduce fund expenses, provide investors with more useful information, and help safeguard the interests of all Putnam investors. Visit www.putnam.com for details.

Cost-cutting initiatives

Reduced sales charges The maximum sales charge for class A shares has been reduced to 5.25% for equity funds (formerly 5.75%) and 3.75% for most income funds (formerly 4.50%) . The maximum sales charge for class M shares has been reduced to 3.25% for equity funds (formerly 3.50%) .*

Lower class B purchase limit To help ensure that investors are in the most cost-effective share class, the maximum amount that can be invested in class B shares has been reduced to $100,000. (Larger trades or accumulated amounts will be refused.)

Ongoing expenses will be limited Through calendar 2007, total ongoing expenses, including management fees for all funds, will be maintained at or below the average of each fund’s industry peers in its Lipper load-fund universe. For more information, please see the Statement of Additional information.

Improved disclosure

Putnam fund prospectuses and shareholder reports have been revised to disclose additional information that will help shareholders compare funds and weigh their costs and risks along with their potential benefits. Shareholders will find easy-to-understand information about fund expense ratios, portfolio manager compensation, risk comparisons, turnover comparisons, brokerage commissions, and employee and trustee ownership of Putnam funds. Disclosure of breakpoint discounts has also been enhanced to alert investors to potential cost savings.

Protecting investors’ interests

Short-term trading fee introduced To discourage short-term trading, which can interfere with a fund’s long-term strategy, a 1% short-term trading fee may be imposed on any Putnam fund shares (other than money market funds) redeemed or exchanged within seven calendar days of purchase (for certain funds, this fee applies for 90 days).

* The maximum sales charge for class A shares of Putnam Limited Duration Government Income Fund and Putnam Floating Rate Income Fund remains 3.25% .

56


Fund information

About Putnam Investments

Founded 70 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 mutual funds in growth, value, blend, fixed income, and international.

Investment Manager  Officers  Richard S. Robie, III 
Putnam Investment  Charles E. Haldeman, Jr.  Vice President 
Management, LLC  President 
One Post Office Square  Francis J. McNamara, III 
Boston, MA 02109  Charles E. Porter  Vice President and 
Executive Vice President,  Chief Legal Officer 
Marketing Services  Principal Executive Officer, 
Putnam Retail Management  Associate Treasurer and  Robert R. Leveille 
One Post Office Square  Compliance Liaison  Vice President and 
Boston, MA 02109  Chief Compliance Officer  
  Jonathan S. Horwitz  
Custodian  Senior Vice President  Mark C. Trenchard 
State Street Bank and  and Treasurer  Vice President and 
Trust Company  BSA Compliance Officer  
  Steven D. Krichmar  
Legal Counsel  Vice President and Principal  Judith Cohen 
Ropes & Gray LLP  Financial Officer  Vice President, Clerk and 
Assistant Treasurer 
Trustees  Janet C. Smith 
John A. Hill, Chairman  Vice President, Principal  Wanda M. McManus 
Jameson Adkins Baxter,  Accounting Officer and  Vice President, Senior Associate 
Vice Chairman  Assistant Treasurer  Treasurer and Assistant Clerk  
Charles B. Curtis     
Robert J. Darretta        Susan G. Malloy  Nancy E. Florek  
Myra R. Drucker    Vice President and   Vice President, Assistant Clerk, 
Charles E. Haldeman, Jr.  Assistant Treasurer  Assistant Treasurer and   
Paul L. Joskow    Proxy Manager 
Elizabeth T. Kennan  Beth S. Mazor 
Kenneth R. Leibler  Vice President  
Robert E. Patterson   
George Putnam, III  James P. Pappas   
W. Thomas Stephens  Vice President     
Richard B. Worley   
 
   
   

Call 1-800-225-1581 weekdays between 8:30 a.m. and 8:00 p.m. or on Saturday between 9:00 a.m. and 5:00 p.m. Eastern Time, or visit our Web site (www.putnam.com) anytime for up-to-date information about the fund’s NAV




Item 2. Code of Ethics:

Not Applicable

Item 3. Audit Committee Financial Expert:

Not Applicable

Item 4. Principal Accountant Fees and Services:

Not Applicable

Item 5. Audit Committee

Not Applicable

Item 6. Schedule of Investments:

The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies

(a) Not applicable

(b) There have been no changes to the list of the registrant’s identified portfolio managers included in the registrant’s report on Form N-CSR for the most recent completed fiscal year.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

 
Registrant Purchase of Equity Securities     
          Maximum 
      Total Number  Number (or 
      of Shares  Approximate 
      Purchased  Dollar Value ) 
      as Part  of Shares 
      of Publicly  that May Yet Be 
  Total Number  Average  Announced  Purchased 
  of Shares  Price Paid  Plans or  under the Plans 
Period  Purchased  per Share  Programs*  or Programs** 
 
April 1 - April         
30, 2007  -  -  -  1,091,762 
May 1 - May         
31, 2007  -  -  -  1,091,762 
June 1 - June         
30, 2007  -  -  -  1,091,762 
July 1 - July 31,  2,113,198  $7.67  2,113,198***  1,091,762 


2007         
August 1 -         
August 31,         
2007  19,434  $6.81  19,434  1,072,328 
September 1 -         
September 30,         
2007  -  -  -  1,072,328 

*The Board of Trustees announced a repurchase plan on October 7, 2005 for which 1,113,366 shares were approved for repurchase by the fund. The repurchase plan was approved through October 6, 2006. On March 10, 2006, the Trustees announced that the repurchase program was increased to allow repurchases of up to a total of 2,226,731 shares over the original term of the program. On September 15, 2006, the Trustees voted to extend the term of the repurchase program through October 6, 2007. This extension did not affect the number of shares eligible for repurchase under the program.

See note *** below for information about repurchases made by the fund in July 2007 pursuant to an issuer tender offer.

**Information is based on the total number of shares eligible for repurchase under the program, as amended through September 15, 2006.

***Includes 2,113,198 shares repurchased by the fund pursuant to an issuer tender offer that concluded during the period. Shares repurchased as part of this tender offer were repurchased at $7.67 per share, which represented approximately 98% of the fund’s per-share net asset value on the expiration date of the tender offer.

Item 10. Submission of Matters to a Vote of Security Holders:

Not applicable

Item 11. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: During the period, Putnam Fiduciary Trust Company, the fund's transfer agent, began utilizing shareholder systems and systems support provided by DST Systems, Inc. and certain of its affiliates.

Item 12. Exhibits:

(a)(1) Not applicable

(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam High Yield Municipal Trust

By (Signature and Title):

/s/Janet C. Smith
Janet C. Smith
Principal Accounting Officer

Date: November 29, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):

/s/Charles E. Porter
Charles E. Porter
Principal Executive Officer

Date: November 29, 2007
By (Signature and Title):

/s/Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer

Date: November 29, 2007


EX-99.CERT 2 b_hymunitrustcert.htm EX-99.CERT b_hymunitrustcert.htm

Certifications

I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included ineach report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

Date: November 28, 2007

/s/ Charles E. Porter
_______________________
Charles E. Porter
Principal Executive Officer


Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:

1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

Date: November 28, 2007

/s/ Steven D. Krichmar
_______________________
Steven D. Krichmar
Principal Financial Officer


Attachment A
September 30, 2007

054  Putnam High Yield Municipal Trust 
074  Putnam Master Intermediate Income Trust 
027  Putnam California Tax Exempt Income Fund 
033  Putnam American Government Income Fund 
011  Putnam Tax Exempt Income Fund 
539  Putnam International New Opportunities Fund 
032  Putnam U.S. Government Income Trust 
010  Putnam Money Market Fund 
062  Putnam Tax Exempt Money Market Fund 
23T  Putnam Prime Money Market Fund 
075  Putnam Diversified Income Trust 
259  Putnam Asset Allocation: Balanced Portfolio 
250  Putnam Asset Allocation: Growth Portfolio 
264  Putnam Asset Allocation: Conservative Portfolio 


EX-99.906 CERT 3 c_hymunitrustcertnos.htm EX-99.906 CERT c_hymunitrustcertnos.htm

Section 906 Certifications

I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended September 30, 2007 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended September 30, 2007 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: November 28, 2007

/s/ Charles E. Porter
______________________
Charles E. Porter
Principal Executive Officer


Section 906 Certifications

I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

1. The form N-CSR of the Funds listed on Attachment A for the period ended September 30, 2007 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended September 30, 2007 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

Date: November 28, 2007

/s/ Steven D. Krichmar
______________________
Steven D. Krichmar
Principal Financial Officer


Attachment A
September 30, 2007

054  Putnam High Yield Municipal Trust 
074  Putnam Master Intermediate Income Trust 
027  Putnam California Tax Exempt Income Fund 
033  Putnam American Government Income Fund 
011  Putnam Tax Exempt Income Fund 
539  Putnam International New Opportunities Fund 
032  Putnam U.S. Government Income Trust 
010  Putnam Money Market Fund 
062  Putnam Tax Exempt Money Market Fund 
23T  Putnam Prime Money Market Fund 
075  Putnam Diversified Income Trust 
259  Putnam Asset Allocation: Balanced Portfolio 
250  Putnam Asset Allocation: Growth Portfolio 
264  Putnam Asset Allocation: Conservative Portfolio 


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