Active Income

AMT-Free Municipal Fund (Class Y)  (PAMYX)

Pursuing a high level of income exempt from taxes, including the AMT

Highlights

Objective

The fund seeks high current income exempt from federal income tax.

Strategy and process

  • Investment-grade credit quality: The fund invests in investment-grade tax-free municipal bonds to provide tax-exempt income.
  • AMT protection: The fund pursues attractive tax adjusted income by investing in bonds exempt from both federal income tax and alternative minimum tax (AMT).
  • A diversified portfolio: A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $15.44
0.26% | $0.04
$15.65
08/30/19
$14.63
11/06/18
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

9.74%

Best 5-year annualized return

(for period ending 09/30/92)


1.47%

Worst 5-year annualized return

(for period ending 09/30/08)


5.25%

Average 5-year annualized return


Fund facts as of 08/31/19

Total net assets
$317.28M
Turnover (fiscal year end)
32%
Dividend frequency (view rate)
Monthly
Number of holdings
256
Fiscal year-end
July
CUSIP / Fund code
746872886 / 1839
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PAMYX

Management team

Portfolio Manager
Portfolio Manager


Literature


Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.

Performance

  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 6.73% 2.63% 3.77% 4.86%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays Municipal Bond Index 6.71%2.55%3.64%4.72%

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. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 08/31/19 1.86% -
YTD as of 09/18/19 7.03% -

Yield

Distribution rate before sales charge
as of 09/18/19
2.82%
Distribution rate after sales charge
as of 09/18/19
2.82%
30-day SEC yield as of 08/30/19 1.51%

Risk-adjusted performance as of 08/31/19

Sharpe ratio (3 yrs.) 0.61
Information ratio (3 yrs.) 0.26

Volatility as of 08/31/19

Standard deviation (3 yrs.) 3.33%
Beta 0.94
R-squared 0.97

Lipper rankings as of 08/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 66/274 24%
3 yrs. 70/238 30%
5 yrs. 77/209 37%
10 yrs. 77/167 46%
Lipper category: General & Insured Municipal Debt Funds

Morningstar Ratings as of 08/31/19

Time period Funds in category Morningstar Rating
Overall 146
3 yrs. 146
5 yrs. 130
10 yrs. 110
Morningstar category: Muni National Long

Distributions

Accrual days 33
Accrual start date 08/01/19
Accrual end date 09/02/19
Payable date 08/30/19
Non-taxable income $0.035987293
Extra taxable income --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 08/31/19

1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025 3.73%
Dallas Area Rapid-A 05.0000 12/01/2046 2.26%
Metro Pier Cabs-Ref-A 00.0000 12/15/2022 1.62%
Mi Strat Ref Detro-Bb 07.0000 05/01/2021 1.40%
Federal Home Loan Mtg 02.5500 06/15/2035 1.31%
Cntrl Puget Transp-S1 05.0000 11/01/2045 1.19%
New Jersey St Econ De 05.0000 11/01/2026 1.16%
Gainesville Hosp-A 05.0000 02/15/2037 1.12%
Virginia St Cmwlth Tr 04.0000 05/15/2033 1.12%
Ky Pub Energy-C-1 04.0000 12/01/2049 1.12%
Top 10 holdings, percent of portfolio 16.04%

Full portfolio holdings as of 06/30/19

DALLAS AREA RAPID-A 05.0000 12/01/2046 2.24%
NEW YORK ST THRUWAY-A 04.0000 02/01/2020 1.74%
METRO PIER CABS-REF-A 00.0000 12/15/2022 1.65%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 1.42%
MASSACHUSETTS ST 05.0000 11/01/2042 1.29%
US 10YR ULTRA FUT SEP19 UXYU9 1.20%
CNTRL PUGET TRANSP-S1 05.0000 11/01/2045 1.16%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 1.14%
MS BUSINESS FIN-REF 02.5000 04/01/2022 1.13%
GAINESVILLE HOSP-A 05.0000 02/15/2037 1.12%
KY PUB ENERGY-C-1 04.0000 12/01/2049 1.12%
VIRGINIA ST CMWLTH TR 04.0000 05/15/2033 1.10%
PA TURNPIKE COMM-REF 05.0000 12/01/2023 1.10%
DETROIT MI DOWNTOWN D 05.0000 07/01/2043 1.07%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 1.05%
ID HSG & FIN 04.0000 07/15/2030 1.02%
KY PUB ENERGY AUTH-B 04.0000 01/01/2049 1.00%
CHESAPEAKE ECON DEV-A 01.9000 02/01/2032 0.98%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.95%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.94%
DC WTR & SWR AUTH-A 05.0000 10/01/2045 0.94%
CENTRL PLAINS ENERGY 05.0000 03/01/2050 0.91%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 0.85%
ILLINOIS ST 05.0000 11/01/2029 0.82%
KAREGNONDI WTR AUTH 05.0000 11/01/2041 0.82%
MAIN STREET NATURAL G 04.0000 04/01/2048 0.81%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2034 0.81%
IL FIN AUTH-VAR-REF 02.1340 11/01/2034 0.81%
AZ LOTTERY-REF 05.0000 07/01/2027 0.80%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.79%
MASSACHUSETTS ST 04.0000 04/01/2046 0.79%
SALES TAX SECURTZTN-C 05.5000 01/01/2036 0.78%
MISSOURI ST HLTH & ED 04.0000 02/15/2044 0.78%
FORT BEND ISD-D-REF 01.5000 08/01/2042 0.77%
IL TOLL HWY AUTH-A 05.0000 12/01/2032 0.75%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.75%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.75%
LEANDER ISD-A-CIBS 05.0000 08/15/2040 0.75%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.74%
PA SLDWST-A-WST MGMT 02.1250 11/01/2021 0.73%
LAKELAND HOSP 05.0000 11/15/2045 0.72%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.71%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.71%
MI FIN AUTH-B-LOC GOV 05.0000 07/01/2039 0.70%
TRIBOROUGH BRIDGE-B 02.0510 01/01/2032 0.69%
MET WA DC ARPTS-A 05.0000 10/01/2053 0.69%
MET TRANS AUTH-A2A 02.3500 11/01/2026 0.69%
ILLINOIS ST 05.0000 11/01/2034 0.68%
MASSACHUSETTS ST DEV 05.0000 10/01/2030 0.67%
ST PUB SCH BLDG-A 05.0000 06/15/2033 0.66%
CA DEV P/P 144A 06.6250 11/15/2024 0.66%
DEFOREST ASD-BANS 03.0000 12/18/2019 0.65%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.65%
DE HLTH-VAR-A-CHRISTI 01.7000 10/01/2038 0.65%
NM ENERGY GAS VAR-B 02.3600 11/01/2039 0.65%
SC JOBS-EDA-B-VAR 01.7500 05/01/2048 0.65%
PA ECON AMERN WTR PJ 06.2000 04/01/2039 0.62%
MAIN ST NATURAL GAS-B 04.0000 08/01/2049 0.61%
CENTRL TX REGL MOB 05.0000 01/01/2037 0.60%
CHICAGO IL 06.0000 01/01/2038 0.60%
KING CO PUB HOSP DT 1 05.0000 12/01/2037 0.58%
ILLINOIS ST FIN AUTH 05.0000 03/01/2030 0.57%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2038 0.57%
ORLANDO REDEV AGY-REF 05.0000 04/01/2023 0.57%
LOUISVILLE & JEFFERSO 01.6500 06/01/2033 0.57%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2036 0.56%
KY PPTY REF-PJ NO 84 05.0000 08/01/2020 0.55%
CLIFTON HGR EDU FIN 04.0000 08/15/2029 0.55%
PUBLIC FIN AUTH-A 05.0000 07/01/2054 0.55%
WASHINGTON ST-D 04.0000 02/01/2034 0.55%
CUYAHOGA CO REV REF 05.0000 01/01/2038 0.54%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2035 0.53%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.53%
HARRIS CULT ED VAR-C1 01.7000 12/01/2024 0.52%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.51%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.50%
FORT BEND ISD-A 01.9500 08/01/2049 0.49%
GRANT CNTY WA PUBLIC 02.0000 01/01/2044 0.49%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.48%
ILLINOIS ST FIN AUTH 05.0000 10/01/2049 0.48%
TOBACCO SETTLEMENT-A 05.0000 06/01/2034 0.48%
DC-KIPP-SER A-REF 05.0000 07/01/2037 0.47%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.46%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.45%
OH TPK COMMN-A1-JR 05.0000 02/15/2048 0.44%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.44%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.44%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.44%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.42%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.41%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.41%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2034 0.39%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.38%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.38%
KY PPTY & BLDGS 05.0000 05/01/2035 0.38%
PA TPK 2ND SER REF 05.0000 12/01/2035 0.38%
WILKES-BARRE PA AREA 05.0000 04/15/2059 0.38%
N E REGL SWR DIST-REF 05.0000 11/15/2044 0.38%
PUBLIC FIN AUTH-A 05.0000 07/01/2044 0.38%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.37%
ILLINOIS ST 05.0000 10/01/2031 0.37%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.37%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2027 0.37%
MSR ENERGY 06.5000 11/01/2039 0.37%
CLIFTON HGR EDU FIN 04.0000 08/15/2030 0.36%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.36%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.36%
WASHINGTON ST HLTH CA 02.7110 01/01/2042 0.36%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.36%
CHICAGO 2002B 05.5000 01/01/2037 0.36%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.36%
GLENDALE INDL DEV-REF 04.0000 05/15/2029 0.35%
N TX TOLLWAY AUTH REV 04.0000 01/01/2036 0.35%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.35%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.35%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.35%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.35%
GLENDALE INDL DEV-REF 04.0000 05/15/2031 0.35%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.35%
KY ECON DEV-A-REF 04.0000 12/01/2041 0.35%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.34%
CHICAGO ARPT-F 05.0000 01/01/2040 0.34%
IL ST-REF 05.0000 08/01/2021 0.34%
NJ ST TRANSN-B 05.2500 06/15/2036 0.34%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.34%
MERCED SD CAB-ELEC 00.0000 08/01/2024 0.33%
MASS ED FIN AUTH -A 05.5000 01/01/2022 0.33%
MA TRANS-SR-B 05.0000 01/01/2037 0.33%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.33%
E-470 HWY-B-LIBOR 02.6610 09/01/2039 0.33%
MS BUS FIN-VAR-C-CHEV 01.7000 12/01/2030 0.32%
MURRAY CITY HSP-VAR-A 01.6600 05/15/2037 0.32%
MASSACHUSETTS ST DEV 05.0000 10/01/2035 0.32%
NEW HOPE CULT EDU-B1 05.0000 07/01/2038 0.32%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.32%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.30%
BUCKEYE TOB ASSET-A-2 05.3750 06/01/2024 0.30%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.29%
PENNSYLVANIA-A-COPS 05.0000 07/01/2038 0.29%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.29%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.29%
MARICOPA IDA-A 05.0000 07/01/2037 0.28%
NEW HOPE EDU FACS-A 05.0000 04/01/2035 0.28%
ARLINGTON HGR EDU-A 05.0000 12/01/2037 0.28%
ILLINOIS ST FIN AUTH 05.0000 10/01/2038 0.27%
MI FIN AUTH-C-3-REF 05.0000 04/01/2028 0.27%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.27%
EL MIRAGE 05.0000 07/01/2042 0.26%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.26%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2035 0.25%
PA TURNPIKE-B1 05.0000 06/01/2042 0.25%
FRANKLIN CNTY OH HLTH 05.0000 11/15/2034 0.25%
PA HGR EDL-UNIV PPTYS 05.0000 07/01/2031 0.25%
MONTGOMERY CNTY TOLL 05.0000 09/15/2032 0.25%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.24%
PA TNPK CMMN-A 05.0000 12/01/2038 0.24%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.23%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2036 0.23%
LUCAS HLTH CARE-REF 05.5000 08/15/2030 0.22%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.22%
UTAH ST CHRT SCH FIN 05.0000 10/15/2030 0.22%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2026 0.22%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.21%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2038 0.21%
N TX TOLL-A-UNREF 06.2500 01/01/2024 0.21%
ILLINOIS ST 05.0000 11/01/2041 0.21%
CUYAHOGA CO REV REF 05.0000 01/01/2035 0.20%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.20%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2055 0.20%
CHICAGO WSTWTR 05.0000 01/01/2039 0.20%
LEXINGTON HLTH SVCS 05.0000 11/01/2029 0.20%
PA ST TRNPK-B 05.0000 12/01/2026 0.20%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.19%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.19%
MONTGOMERY CNTY TOLL 05.0000 09/15/2031 0.19%
SARASOTA CO PUB HOSP 05.0000 07/01/2038 0.19%
ID HLTH FACS-A-REF 05.0000 03/01/2037 0.19%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 0.19%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.19%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.18%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.18%
WARREN HLTHCR-A-REF 05.7500 07/01/2033 0.18%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.18%
ARLINGTON HGR EDU-A 04.0000 12/01/2029 0.18%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.18%
BEXAR CO-REF 04.0000 06/15/2033 0.18%
IL FIN AUTH-A 05.0000 02/15/2047 0.18%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.18%
CHICAGO MTR FUEL TAX 05.0000 01/01/2031 0.18%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.18%
CHICAGO WSTWTR 05.0000 01/01/2044 0.18%
ABAG-REF 06.1250 07/01/2041 0.17%
HARRIS CULTURAL EDU-A 05.0000 06/01/2038 0.17%
LACKAWANNA CNTY PA IN 04.0000 11/01/2040 0.17%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.17%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.17%
CUYAHOGA CO REV REF 05.0000 01/01/2036 0.17%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.17%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.16%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2033 0.15%
MI FIN AUTH-C 05.0000 07/01/2035 0.15%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.15%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.14%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.14%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.14%
IL FIN AUTH 04.0000 11/15/2032 0.14%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.14%
ARLINGTON HGR EDU-A 04.0000 12/01/2032 0.13%
TEXAS MUNI PWR AGY 05.0000 09/01/2035 0.13%
TEXAS MUNI PWR AGY 05.0000 09/01/2036 0.13%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.13%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.13%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.13%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.13%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.13%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.12%
ILLINOIS ST 05.0000 01/01/2041 0.12%
MARICOPA CNTY AZ INDL 05.0000 07/01/2037 0.12%
VA TRANSP BRD 04.0000 05/15/2034 0.11%
GAITHERSBURG ECON-A 05.0000 01/01/2036 0.11%
MET PIER & EXPOSITION 05.0000 12/15/2033 0.11%
DALLAS AREA MUNI AUTH 05.0000 05/01/2029 0.11%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.11%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2027 0.11%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.09%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.09%
HI DEPT BUDGET-REF 05.2500 11/15/2037 0.09%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.09%
PENNSYLVANIA-A-COPS 05.0000 07/01/2030 0.08%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.08%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.07%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.07%
MA DEV FIN AGY-REFD 05.5000 01/01/2030 0.06%
MA HSG FIN AGY-162 02.7500 12/01/2041 0.05%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.05%
MMD AAA R SP 0.0 07/17/19 CI 0.05%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.05%
MINNESOTA ST HGR EDU 04.0000 03/01/2037 0.05%
MMD AAA R SP 0.0 07/18/19 CI 0.05%
MMD AAA R SP 0.0 08/06/19 CI 0.02%
MMD AAA R SP 0.0 08/07/19 CI 0.02%
TREASURY BILL 00.0000 08/13/2019 0.01%
MMD AAA R SP 0.0 09/04/19 CI 0.01%
OH HSG FIN SFM-1 05.0000 11/01/2028 0.01%
MMD AAA R SP 0.0 09/05/19 CI 0.01%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.00%
MMD AAA R SP 0.0 09/05/19 MS 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
MMD AAA P SP 0.0 06/02/20 CI -0.01%
MMD AAA P SP 0.0 06/04/20 MS -0.01%
MMD AAA P SP 0.0 06/04/20 CI -0.01%
MMD AAA P SP 0.0 07/03/19 CI -0.04%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Dallas Area Rapid-A 05.0000 12/01/2046
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Federal Home Loan Mtg 02.5500 06/15/2035
Cntrl Puget Transp-S1 05.0000 11/01/2045
New Jersey St Econ De 05.0000 11/01/2026
Gainesville Hosp-A 05.0000 02/15/2037
Virginia St Cmwlth Tr 04.0000 05/15/2033
Ky Pub Energy-C-1 04.0000 12/01/2049
Holdings represent 16.04% of portfolio
Top 10 holdings as of 07/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Dallas Area Rapid-A 05.0000 12/01/2046
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Massachusetts St 05.0000 11/01/2042
Cntrl Puget Transp-S1 05.0000 11/01/2045
New Jersey St Econ De 05.0000 11/01/2026
Gainesville Hosp-A 05.0000 02/15/2037
Ms Business Fin-Ref 02.5000 04/01/2022
Ky Pub Energy-C-1 04.0000 12/01/2049
Holdings represent 16.13% of portfolio
Top 10 holdings as of 06/30/19
Dallas Area Rapid-A 05.0000 12/01/2046
New York St Thruway-A 04.0000 02/01/2020
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Massachusetts St 05.0000 11/01/2042
Cntrl Puget Transp-S1 05.0000 11/01/2045
New Jersey St Econ De 05.0000 11/01/2026
Gainesville Hosp-A 05.0000 02/15/2037
Ms Business Fin-Ref 02.5000 04/01/2022
Ky Pub Energy-C-1 04.0000 12/01/2049
Holdings represent 14.11% of portfolio
Top 10 holdings as of 05/31/19
Dallas Area Rapid-A 05.0000 12/01/2046
New York St Thruway-A 04.0000 02/01/2020
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
De Hlth-Var-A-Christi 02.0500 10/01/2038
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Massachusetts St 05.0000 11/01/2042
Cntrl Puget Transp-S1 05.0000 11/01/2045
Harris Cult Ed Var-C1 02.0500 12/01/2024
Ms Business Fin-Ref 02.5000 04/01/2022
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 14.49% of portfolio

Portfolio composition as of 08/31/19

Municipal bonds and notes 94.32%
Cash and net other assets 5.68%

Fixed income statistics as of 08/31/19

Average stated maturity 17.16 yrs.
Average effective maturity 5.72 yrs.
Option adjusted duration 6.90 yrs.
Duration to worst 5.11 yrs.
Average yield to maturity 3.04%
Average coupon 4.34%
Average price $112.37
AMT exposure 0.00%

Quality rating as of 08/31/19

AAA 6.60%
AA 27.14%
A 45.87%
BBB 13.91%
B 0.46%
Not Rated 0.34%
Cash and net other assets 5.68%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top industry sectors as of 08/31/19

Health care 17.58%
Utilities 11.83%
Transportation 11.03%
State Debt 10.78%
Education 10.67%
Special Tax 9.11%
Financials 5.98%
Cash and net other assets 5.68%
Local Debt 5.38%
 
Other
11.96%
Other 3.47%
Land 3.39%
Tobacco 1.94%
Housing 1.78%
Industrials 0.72%
Prerefunded 0.66%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.79% 1.41% 1.56% 1.06% 0.55% 0.56%
What you pay 0.79% 1.41% 1.56% 1.06% 0.55% 0.56%

Sales charge

 Breakpoint Class A Class B Class C Class M Class R6 Class Y
$0-$49,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 3.25% / 3.00% -- --
$50,000-$99,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 2.25% / 2.00% -- --
$100,000-$249,999 3.25% / 2.75% -- 0.00% / 1.00% 1.25% / 1.00% -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- --
$500,000-$999,999 0.00% / 1.00% -- -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- --

Trail commissions

  Class A Class B Class C Class M Class R6 Class Y
  0.20%1 0.20%3 1.00% 0.40% 0.00% 0.00%
  0.25%2 0.25%4 NA NA NA NA
  NA NA NA NA NA NA
  1. Through 03/31/05
  2. After 03/31/05
  3. Through 03/31/90
  4. After 03/31/90

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. You cannot invest directly in an index.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.