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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.

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State tax-exempt funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM
as of 08/31/24
See tax-equivalent yield
California Tax Exempt Income Fund 1.39% 3.72% (out of 102 in category)
Massachusetts Tax Exempt Income Fund 0.89% 3.59% (out of 40 in category)
Minnesota Tax Exempt Income Fund 0.96% 3.37% (out of 41 in category)
New Jersey Tax Exempt Income Fund 1.36% 3.58% (out of 47 in category)
New York Tax Exempt Income Fund 1.04% 3.78% (out of 82 in category)
Ohio Tax Exempt Income Fund 0.99% 3.58% (out of 24 in category)
Pennsylvania Tax Exempt Income Fund 1.26% 3.81% (out of 50 in category)
National funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM
as of 08/31/24
See tax-equivalent yield
Intermediate-Term Municipal Income Fund 1.44% 3.23% with subsidy
2.79% without subsidy
(out of 265 in category)
Short-Term Municipal Income Fund 1.65% 3.25% with subsidy
3.14% without subsidy
(out of 207 in category)
Strategic Intermediate Municipal Fund 1.70% 3.38% (out of 265 in category)
Tax Exempt Income Fund 1.20% 3.70% (out of 164 in category)
Tax-Free High Yield Fund 1.94% 4.26% (out of 185 in category)
Closed-end funds 5-year ann. ret. @ NAV
as of 12/31/24
Dividend rate @ NAV
as of 12/31/24
Ticker
Managed Municipal Income Trust 1.1% -- NYSE: PMM
Municipal Opportunities Trust 1.21% -- 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.