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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. To obtain the most recent month-end performance, visit putnam.com. 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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T1, 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). 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, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Ohio Tax Exempt Income Fund (POTYX)
Seeking a high level of tax-free income
Muni Ohio (funds in category)
(41)
(41)
(38)
(33)
Objective
The fund seeks as high a level of current income exempt from federal income tax and personal income tax (if any) of the state of Ohio as we believe is consistent with preservation of capital.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$9.02
0.11% | $0.01 |
$9.25
09/27/16 |
$8.80
12/01/16 |
Consistency of positive performance over five years
Performance shown does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.
8.29%
Best 5-year annualized return
(for period ending 12/31/95)
1.89%
Worst 5-year annualized return
(for period ending 12/31/08)
4.97%
Average 5-year annualized return
Fund facts as of 08/31/17
$134.04M
15%
Monthly
143
May
746849504 / 1828
01/02/08
Tax-free Income
POTYX
Management team
Strategy and process
- Tax-advantaged income: The fund offers Ohio residents the potential for high current income that is free from federal income tax and Ohio State personal income taxes.
- Focus on performance: The portfolio managers seek to provide a competitive yield through a combination of careful security selection and portfolio construction strategies.
- 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.
Literature
Fund documents |
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| Fact Sheet (Y share) (PDF) |
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| Prospectus (PDF) |
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| Annual Report (PDF) |
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| Semiannual Report (PDF) |
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| Brochure (PDF) |
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| Proxy voting results (Form N-PX) (PDF) | ||
| Quarterly Commentary (PDF) | ||
| Comparing Putnam's tax-free income funds (PDF) | ||
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Total return (%) as of 06/30/17
Annual performance as of 06/30/17
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | -1.11% | 2.90% | 2.68% | 4.00% |
| After sales charge | N/A | N/A | N/A | N/A |
| Bloomberg Barclays Municipal Bond Index | -0.49% | 3.33% | 3.26% | 4.60% |
Performance snapshot
| Before sales charge | After sales charge | |
|---|---|---|
| 1 mt. as of 08/31/17 | 0.69 % | - |
| YTD as of 09/21/17 | 3.69 % | - |
Yield
| Distribution rate before sales charge as of 09/21/17 |
3.12% |
|---|---|
| Distribution rate after sales charge as of 09/21/17 |
3.12% |
| 30-day SEC yield as of 08/31/17 | 1.63% |
Risk-adjusted performance as of 08/31/17
| Sharpe ratio (3 yrs.) | 0.93 |
|---|---|
| Information ratio (3 yrs.) | -0.86 |
Volatility as of 08/31/17
| Standard deviation (3 yrs.) | 2.84% |
|---|---|
| Beta | 0.87 |
| R-squared | 0.97 |
Lipper rankings as of 08/31/17
| Ohio Municipal Debt Funds | Percentile ranking | Rank/Funds in category |
|---|---|---|
| 1 yr. | 28% | 10/36 |
| 3 yrs. | 35% | 12/34 |
| 5 yrs. | 44% | 14/31 |
| 10 yrs. | -- |
Morningstar ratings as of 08/31/17
| Muni Ohio | Rating | Funds in category |
|---|---|---|
| Overall | (41) | |
| 3 yrs. | (41) | |
| 5 yrs. | (38) | |
| 10 yrs. | (33) |
Distributions
| Accrual days | 31 |
|---|---|
| Accrual start date | 08/01/17 |
| Accrual end date | 08/31/17 |
| Payable date | 08/31/17 |
| Non-taxable income | $0.022499359 |
| Extra taxable income | $0.0 |
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.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Top 10 holdings as of 08/31/17
| Oh St-A 05.0000 10/01/2022 | 2.41% |
|---|---|
| Hamilton Cnty-B-Cabs 00.0000 12/01/2024 | 1.87% |
| Cleveland Pub Pwr-B-2 00.0000 11/15/2025 | 1.81% |
| Toledo Et Port Ref 06.4500 12/15/2021 | 1.69% |
| Fairview Park Oh City 05.0000 12/01/2042 | 1.64% |
| Massachusetts St-A 05.0000 04/01/2047 | 1.59% |
| Cleveland Var-Ser A 05.0000 12/01/2029 | 1.53% |
| Lorain Hsp-H-Catholic 05.0000 02/01/2029 | 1.53% |
| Cleveland Pkg-Unref 05.2500 09/15/2022 | 1.43% |
| Oh Hgr Eductnl Fac 05.0000 01/01/2031 | 1.29% |
| Top 10 holdings, percent of portfolio | 16.79% |
Portfolio composition as of 08/31/17
| Municipal bonds and notes | 97.74% |
|---|---|
| Cash and net other assets | 2.26% |
Fixed income statistics as of 08/31/17
| Average stated maturity | 16.83 yrs. |
|---|---|
| Average effective maturity | 5.64 yrs. |
| Option adjusted duration | 6.80 yrs. |
| Duration to worst | 4.74 yrs. |
| Average yield to maturity | 3.19% |
| Average coupon | 4.74% |
| Average price | $110.29 |
| AMT exposure | 0.89% |
Quality rating as of 08/31/17
| AAA | 4.74% |
|---|---|
| AA | 55.06% |
| A | 24.67% |
| BBB | 6.65% |
| BB | 0.22% |
| B | 1.08% |
| Not Rated | 5.32% |
| Cash and net other assets | 2.26% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. 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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. 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. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.
Top Industry Sectors as of 08/31/17
| Education | 18.65% |
|---|---|
| Health care | 17.74% |
| Local Debt | 15.91% |
| Prerefunded | 13.95% |
| Utilities | 12.98% |
| Special Tax | 6.06% |
| Transportation | 5.10% |
| Cash and net other assets | 2.26% |
| State Debt | 2.19% |
| Other | 5.16% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time. Represents the equity portion of the portfolio.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class Y |
|---|---|---|---|---|---|
| Total expense ratio | 0.82% | 1.44% | 1.59% | 1.09% | 0.59% |
| What you pay | 0.82% | 1.44% | 1.59% | 1.09% | 0.59% |
Sales charge/Dealer allowance
| Breakpoint | Class A | Class B | Class C | Class M | 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 Y | |
|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- |
| 9 to 12 mts. | 0.00% | 5.00% | 1.00% | -- | -- |
| 2 yrs. | -- | 4.00% | 0.00% | -- | -- |
| 3 yrs. | -- | 3.00% | 0.00% | -- | -- |
| 4 yrs. | -- | 3.00% | 0.00% | -- | -- |
| 5 yrs. | -- | 2.00% | 0.00% | -- | -- |
| 6 yrs. | -- | 1.00% | 0.00% | -- | -- |
| 7+ yrs. | -- | 0.00% | 0.00% | -- | -- |
Trail commissions
| Class A | Class B | Class C | Class M | Class Y | |
|---|---|---|---|---|---|
| 0.15% 1 | 0.20% | 1.00% | 0.40% | 0.00% | |
| 0.20% 2 | NA | NA | NA | NA | |
| 0.25% 3 | NA | NA | NA | NA |
- Through 03/06/92
- After 03/06/92through 03/31/05
- After 03/31/05
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: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. 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 greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. 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. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.