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Muni bond funds and pricing

Putnam offers competitive pricing with a $250,000 breakpoint for Class A share purchases across our tax-exempt strategies:

For Putnam Strategic Intermediate Municipal Fund (PPNAX), the NAV threshold is now $250,000, with a 12-month CDSC and 1% dealer commission.

For each of the Putnam tax-exempt funds, (with the exception of Putnam Short-Term Municipal Income Fund), the breakpoint for purchases of class A shares at NAV has decreased from a $500,000 threshold to a $250,000 threshold. Putnam Short-Term Municipal Income Fund already leverages a sales charge schedule with a $250,000 breakpoint.

Click here for brokerage sales charges

Consult the supplement to the prospectus for all funds mentioned above. For additional information, please contact Putnam’s Client Engagement Center at 800-354-4000.

Explore tax-equivalent yields

Use our Tax-Equivalent Yield Calculator to evaluate Putnam municipal bond funds with other income fund options. The tool offers a custom comparison based on income, filing status, and state of residence.

What is your tax rate?

Incomes higher than $250,000 have NII taxes included

Federal Rate

0.00%

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State Income

0.00%

=

Total Tax Rate

0.00%

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You've selected an in-state municipal fund
which currently yields 2.47%.

There are other types of bond funds to consider...

To get the equivalent yield as the in-state municipal
fund, each fund would have to yield:
Yield
In-state
muni
2.47%
Out-of-state muni
2.47%
U.S. Treasuries
2.47%
Other taxable funds
2.47%
Taxes
0%
Tax
5.05%
MA income tax
2.47%
Federal income tax
2.47%
MA + Federal income tax
...because a portion of the yield would go toward taxes!

Yield

Taxes

Equivalent

Putnam Massachusetts Tax Exempt Income Fund

— or —

  See how this fund stacks up against its peers with FundVisualizer®


 Disclosures


Putnam

The output of this calculator is for educational purposes only and should not be considered investment, legal or tax advice as is not intended to serve as the primary or sole basis for investment or tax-planning decisions. It is intended for U.S. individual taxpayers residing in the 50 states and the District of Columbia, and is not applicable to trusts, estates, corporations or persons subject to special rules under federal, state or local income tax laws. The taxes calculated on investment income does not apply to funds and accounts held outside qualified retirement plans and other tax-deferred or tax-exempt investments.

Laws of a particular state, or laws which may be applicable to a particular situation, may have an impact on the applicability, accuracy, or completeness of information provided. Putnam does not guarantee that the content is accurate, complete, or timely, or that the calculator produces accurate or complete results.

For more individualized information, consult your tax advisor or investment professional. You bear sole responsibility for any decisions made based on the output of this calculator. The calculator makes certain assumptions that may not apply to you. The calculator has many inherent limitations, and individual results may vary.

Calculator assumptions

The calculator displays the federal and state tax rates assumed in calculating tax equivalent yields based on a chosen income level and filing status. Indicated rates are those that apply to an incremental dollar of additional income, which may vary from your average tax rates. The 3.8% net investment income (NII) federal tax applies to individuals, estates and trusts with modified adjusted gross income (MAGI) above applicable threshold amounts ($200,000 for single and head of household; $250,000 for married filing jointly). While reasonable efforts are made to make timely updates to tax rates and income tax brackets used by this calculator, there may be a delay in when the tool reflects those changes.

The calculator does not take into account:

  • Reductions and limits on federal itemized deductions
  • State and local taxes are not deducted from your federal tax rate. Depending on your personal scenario, this may cause the resulting yield to be overstated
  • Federal alternative minimum tax (AMT)
  • State alternative minimum tax
  • Intangibles taxes levied by individual states
  • Local income tax rates imposed by cities, counties or other local jurisdictions on investment income and gains

You should review the assumed tax rates against your actual tax rates based on your individual tax situation when analyzing and interpreting this calculator's results.

State tax-exempt funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM
as of 10/31/22
California Tax Exempt Income Fund 0.48% 3.67% (out of 102 in category)
Massachusetts Tax Exempt Income Fund 0.17% 3.56% (out of 45 in category)
Minnesota Tax Exempt Income Fund 0.29% 3.22% (out of 43 in category)
New Jersey Tax Exempt Income Fund 0.69% 3.53% (out of 49 in category)
New York Tax Exempt Income Fund 0.00% 3.75% (out of 71 in category)
Ohio Tax Exempt Income Fund 0.25% 3.39% (out of 23 in category)
Pennsylvania Tax Exempt Income Fund 0.47% 3.66% (out of 52 in category)
National funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM
as of 10/31/22
Intermediate-Term Municipal Income Fund 0.87% 2.91% with subsidy
2.49% without subsidy
(out of 280 in category)
Short-Term Municipal Income Fund 0.76% 2.73% with subsidy
2.48% without subsidy
(out of 206 in category)
Strategic Intermediate Municipal Fund 1.28% 3.06% (out of 280 in category)
Tax Exempt Income Fund 0.39% 3.71% (out of 154 in category)
Tax-Free High Yield Fund 0.89% 4.33% (out of 186 in category)
Closed-end funds 5-year ann. ret. @ NAV
as of 09/30/22
Dividend rate @ NAV
as of 09/30/22
Ticker
Managed Municipal Income Trust -0.34% -- NYSE: PMM
Municipal Opportunities Trust 0.16% -- NYSE: PMO

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares.

Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower.