Make a Quick Buck Off Putnam's Purchase

The (PMO Quote)Putnam Municipal Opportunities fund takes a little more risk -- 10% of the money is in bonds longer than 10 years, and 23% in bonds rated BBB or below. The units also trade at 92 cents on the dollar, or $12.03 per $13.16 in assets. The yield is 4.84% tax free.

The figures are similar for (PGM Quote)Putnam Investment Grade Municipals. This fund's holdings are all high grade, with a duration of between five and 10 years. Once again you're paying 92 cents on the dollar -- $10.05 per unit, against $10.94 in assets -- and getting a 4.88% tax-free yield.

(PYM Quote)Putnam High-Yield Municipals offers slightly more risk, and at $7.38 per unit it trades at 93 cents per dollar of assets. But it pays out more too: a tax-free yield of 5.28%. In the top tax bracket you'd need to earn 7.34% to take home the same amount.

These are useful discounts, especially if you were looking to put some money into munis in the first place. Stay tuned.