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. The "before sales charge" performance does not reflect the current maximum sales charges, which we explain below. If performance did reflect the charges, it would be lower. The "after sales charge" performance (or returns at public offering price) varies by share class and fund. For class A and class M shares, the current maximum initial sales charges are 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds, respectively (with these exceptions: 2.25% for class A of Floating Rate Income Fund, Short-Term Municipal Income Fund, Short Duration Bond Fund, and Strategic Intermediate Municipal Fund). Class B share performance reflects the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter (except for Floating Rate Income Fund and Short Duration Bond Fund; for these funds, the CDSC is 1% in the first year, declines to 0.5% in the second year, and is eliminated thereafter). Class C share performance reflects 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 by adjusting for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (note, for two funds - Tax-Free High Yield Fund and Strategic Intermediate Municipal Fund performance prior to inception is based on the historical performance of class B shares). Performance for class A, C, R6, and Y shares of Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which has been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. The "after sales charge" performance (at public offering price) for class N shares reflects the current maximum initial sales charge of 1.50%. Class R, R3, R4, R5, and R6 shares, which are 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 R3 and R4 shares prior to their inception is derived from the historical performance of class Y shares by adjusting for the higher operating expenses for such shares. Performance for class R5 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower expenses; had it been adjusted, performance would be higher (with the exception of the Sustainable Retirement Maturity, 2025, 2030, 2035, and 2040 Funds, for which performance is derived from the historical performance of class R6 shares and has been adjusted for the higher operating expenses for such shares; and the Sustainable Retirement 2045, 2050, 2055, and 2060 Funds, for which performance is derived from the historical performance of class R6 shares and has not been adjusted for the lower expenses; had it been adjusted, performance would be higher). Performance for class R6 shares before their inception is derived from the historical performance of class Y shares, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses. Had these limits not been in place, performance would be lower.
Active Income
Tax Exempt Income Fund (Class Y) (PTEYX)
Seeking a high level of tax-free income since 1976
Highlights
Objective
The fund seeks as high a level of current income exempt from federal income tax as we believe to be consistent with preservation of capital.
Strategy and process
- Tax-advantaged income The fund pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
- Focus on performance The portfolio managers seek a competitive yield and to protect investor's capital through careful investment analysis and risk management.
- 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 and assets
Net asset value (prior close) |
$7.74 0.00% | $0.00 |
52-week high | $7.86 (02/02/23) |
52-week low | $7.14 (10/30/23) |
Net assets and outstanding shares | Download CSV |
Yield
Distribution rate before sales charge as of 12/08/23 |
3.50% |
---|---|
Distribution rate after sales charge as of 12/08/23 |
3.50% |
30-day SEC yield as of 11/30/23 | 3.88% |
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 5-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.
22.07%
Best 5-year annualized return
(for period ending 12/31/86)
-1.95%
Worst 5-year annualized return
(for period ending 12/31/81)
6.56%
Average 5-year annualized return
Fund facts as of 11/30/23
$621.10M
38%
Monthly
314
September
746870500 / 1809
01/02/08
Tax-free Income
PTEYX
Literature
Fund documents |
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Fact Sheet (R6 share) (PDF) | |
Fact Sheet (YA share) (PDF) | |
Summary Prospectus (PDF) |
|
Statutory Prospectus (PDF) |
|
Statement of Additional Information (SAI) (PDF) | |
Annual Report (PDF) |
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Semiannual Report (PDF) |
|
Brochure (PDF) |
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Proxy voting results (Form N-PX) (PDF) | |
Quarterly Commentary (PDF) |
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Total return (%) as of 09/30/23
Annual performance as of 09/30/23
Annualized Total return (%) as of 09/30/23
Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
---|---|---|---|---|
Before sales charge | 3.16% | -2.36% | 0.84% | 2.33% |
After sales charge | N/A | N/A | N/A | N/A |
Bloomberg Municipal Bond Index | 2.66% | -2.30% | 1.05% | 2.29% |
Performance snapshot
Before sales charge | After sales charge | ||
---|---|---|---|
1 mt. as of 11/30/23 | 7.58% | - | |
YTD as of 12/08/23 or prior close | 5.33% | - | |
Yield
Distribution rate before sales charge as of 12/08/23 |
3.50% |
---|---|
Distribution rate after sales charge as of 12/08/23 |
3.50% |
30-day SEC yield as of 11/30/23 | 3.88% |
Risk-adjusted performance as of 10/31/23
Sharpe ratio (3 yrs.) | -0.64 |
---|---|
Information ratio (3 yrs.) | -0.28 |
Volatility as of 10/31/23
Standard deviation (3 yrs.) | 7.36% |
---|---|
Beta | 1.15 |
R-squared | 0.98 |
Fixed income statistics as of 10/31/23
Duration to worst | 9.29 yrs. |
---|
Lipper rankings as of 10/31/23
Time period | Rank/Funds in category | Percentile ranking |
---|---|---|
1 yr. | 64/292 | 22% |
3 yrs. | 134/275 | 49% |
5 yrs. | 107/252 | 43% |
10 yrs. | 66/178 | 37% |
Morningstar Ratings™ as of 10/31/23
Time period | Funds in category | Morningstar Rating™ |
---|---|---|
Overall | 164 | |
3 yrs. | 164 | |
5 yrs. | 151 | |
10 yrs. | 112 |
Distributions
Accrual days | 30 |
---|---|
Accrual start date | 11/01/23 |
Accrual end date | 11/30/23 |
Payable date | 11/30/23 |
Non-taxable income | $0.022290154 |
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.
Morningstar Ratings for the specific share classes only; other classes may have different performance characteristics.
The Morningstar Rating™ 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 3-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 Morningstar Rating does not include any adjustment for sales loads. 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 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-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 3-year period actually has the greatest impact because it is included in all three rating periods.
Some of Morningstar's proprietary calculations, including the Morningstar Rating™, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating that is based, in part, on adjusted historical (or "pre-inception") returns for periods prior to the inception of the share class of the fund shown herein ("Report Share Class").
The extended performance is calculated by creating a performance stream consisting of the Report Share Class and older share class(s). Morningstar adjusts the historical total returns of the older share class(es) of a fund to reflect higher expenses in the Report Share Class. Morningstar does not hypothetically adjust returns upwards for lower expenses.
The extended performance Morningstar Risk-Adjusted Return is then calculated for 3-, 5-, and 10-year time periods and used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share open-end funds will be either based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available.
While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.
© 2023 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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.
Tax-Equivalent Yield Calculator
When considering investing in municipal bonds, you should evaluate yields on a tax-equivalent basis, taking into account your tax liability on the interest earned from each.
- Federally tax-exempt bonds typically yield less income than taxable bonds.
- State and local income tax-exempt bonds may yield less than those whose interest is taxed in a particular jurisdiction.
Holdings
Ma H/E-Var-J1-Ma Inst 03.6500 07/01/2031 | 2.17% |
---|---|
Ny St Urban Dev-A 05.0000 03/15/2044 | 1.76% |
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | 1.76% |
Los Angeles Arpt-A 04.0000 05/15/2048 | 1.44% |
Ma St-A 05.0000 05/01/2053 | 1.33% |
Black Belt Energy Gas 04.0000 12/01/2049 | 1.32% |
Nj Econ Dev Auth-A 05.2500 11/01/2042 | 1.28% |
San Francisco City-A 05.0000 05/01/2030 | 1.25% |
Wi Hlth & Edu Fac Aut 04.0000 04/01/2036 | 1.21% |
Henrico Indl-Reg Link 05.9290 08/23/2027 | 1.20% |
Top 10 holdings, percent of portfolio | 14.72% |
Top 10 holdings as of 10/31/23 | |
---|---|
Ma H/E-Var-J1-Ma Inst 03.6500 07/01/2031 | |
Ny St Urban Dev-A 05.0000 03/15/2044 | |
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | |
Los Angeles Arpt-A 04.0000 05/15/2048 | |
Ma St-A 05.0000 05/01/2053 | |
Black Belt Energy Gas 04.0000 12/01/2049 | |
Nj Econ Dev Auth-A 05.2500 11/01/2042 | |
San Francisco City-A 05.0000 05/01/2030 | |
Wi Hlth & Edu Fac Aut 04.0000 04/01/2036 | |
Henrico Indl-Reg Link 05.9290 08/23/2027 | |
Holdings represent 14.72% of portfolio |
Top 10 holdings as of 09/30/23 | |
---|---|
Nyc Transitional -C-1 05.0000 02/01/2047 | |
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | |
Massachusetts Port-E 05.0000 07/01/2051 | |
Kansas City Mo Indl D 05.0000 03/01/2057 | |
Ma St-A 05.0000 05/01/2053 | |
Black Belt Energy Gas 04.0000 12/01/2049 | |
Nj Econ Dev Auth-A 05.2500 11/01/2042 | |
Wi Hlth & Edu Fac Aut 04.0000 04/01/2036 | |
San Francisco City-A 05.0000 05/01/2030 | |
Orange Co Hlth Facs-A 05.0000 10/01/2053 | |
Holdings represent 14.15% of portfolio |
Top 10 holdings as of 08/31/23 | |
---|---|
Massachusetts Port-E 05.0000 07/01/2051 | |
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | |
Ky Pub Energy-C-1 04.0000 12/01/2049 | |
Kansas City Mo Indl D 05.0000 03/01/2057 | |
Nyc Transitional-F-1 05.0000 02/01/2051 | |
Cwlth Of Massachusett 05.0000 11/01/2052 | |
Great Lakes Wtr-C-Ref 05.0000 07/01/2036 | |
Wi Hlth & Edu Fac Aut 04.0000 04/01/2036 | |
Nj Econ Dev Auth-A 05.2500 11/01/2042 | |
Orange Co Hlth Facs-A 05.0000 10/01/2053 | |
Holdings represent 14.26% of portfolio |
Top 10 holdings as of 07/31/23 | |
---|---|
Massachusetts Port-E 05.0000 07/01/2051 | |
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | |
Kansas City Mo Indl D 05.0000 03/01/2057 | |
Nyc Transitional-F-1 05.0000 02/01/2051 | |
Ky Pub Energy-C-1 04.0000 12/01/2049 | |
Cwlth Of Massachusett 05.0000 11/01/2052 | |
Great Lakes Wtr-C-Ref 05.0000 07/01/2036 | |
Wi Hlth & Edu Fac Aut 04.0000 04/01/2036 | |
Nj Econ Dev Auth-A 05.2500 11/01/2042 | |
Orange Co Hlth Facs-A 05.0000 10/01/2053 | |
Holdings represent 14.01% of portfolio |
Portfolio composition as of 10/31/23
Municipal bonds and notes | 95.37% |
---|---|
Cash and net other assets | 4.63% |
Fixed income statistics as of 10/31/23
Average stated maturity | 19.12 yrs. |
---|---|
Average effective maturity | 15.11 yrs. |
Option adjusted duration | 9.50 yrs. |
Duration to worst | 9.29 yrs. |
Average yield to maturity | 5.26% |
Average coupon | 4.49% |
AMT exposure | 15.96% |
Quality rating as of 10/31/23
AAA | 6.46% |
---|---|
AA | 34.62% |
A | 29.71% |
BBB | 15.46% |
BB | 3.60% |
Not Rated | 5.50% |
Cash and net other assets | 4.63% |
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. For some investors, investment income may be subject to the federal alternative minimum tax. 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.
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.
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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. 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.
Sector weightings as of 10/31/23
Transportation | 20.54% |
---|---|
Health care | 15.17% |
Education | 12.89% |
State Debt | 8.34% |
Housing | 7.15% |
Special Tax | 6.73% |
Utilities | 6.10% |
Local Debt | 5.83% |
Cash and net other assets | 4.63% |
Other | 12.63% |
0
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R6 | Class Y |
---|---|---|---|---|---|
Total expense ratio | 0.83% | 1.43% | 1.58% | 0.56% | 0.58% |
What you pay | 0.83% | 1.43% | 1.58% | 0.56% | 0.58% |
Sales charge
Breakpoint | Class A | Class B | Class C | Class R6 | Class Y |
---|---|---|---|---|---|
$0-$49,999 | 4.00% / 3.50% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- |
$50,000-$99,999 | 3.25% / 2.75% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- |
$100,000-$249,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | -- | -- |
$250,000-$499,999 | 0.00% / 1.00% | -- | 0.00% / 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 $250,000+) | Class B | Class C | 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 R6 | Class Y | |
---|---|---|---|---|---|
0.25% | 0.20% | 1.00% | 0.00% | 0.00% | |
NA | NA | NA | NA | NA | |
NA | NA | NA | NA | NA |
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 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. For some investors, investment income may be subject to the federal alternative minimum tax. 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.
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.
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.
Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. 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.