Pursue tax-exempt income with an active, research-driven approach

Explore our investment options

Beat inflation

After-tax returns of municipal bonds have outpaced inflation in 18 of the past 25 years and have outpaced CDs in 20 of the past 25 years.

Source: Bloomberg Services Limited.

Growth of $100,000 (1997–2021)

A $100,000 investment in 1997 would have had to grow to $176,111 in 2021 just to keep pace with inflation. An investment in municipal bonds would have returned nearly twice as much.

We offer a broad range of municipal bond funds

Putnam offers a choice of municipal bond funds, including nationally diversified funds and single-state funds.

See our funds and pricing

Data is historical. Past performance is not a guarantee of future results. Chart assumes a maximum federal tax rate of 40.80% on 6-month CDs, as measured by the Bloomberg 6-month CD rates. Municipal bonds and inflation are represented by the Bloomberg Municipal Bond Index, an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds, and the Consumer Price Index, respectively. You cannot invest directly in an index. Unlike bonds, which incur more risk, certificates of deposit (CDs) offer a fixed rate of return, and the interest and principal on CDs are generally insured by the FDIC up to $250,000. While all bonds have risks, municipal bonds may have a higher level of credit risk compared with CDs.