The muni bond advantage

Municipal bonds offer an attractive opportunity for tax-smart investing. This interactive tool can help you compare munis with Treasurys from various states and across income levels. Try the tool and explore Putnam municipal bond funds.

Data as of 9/30/21. Sources: U.S. Treasury, Barclays Municipal Credit Research, Standard & Poor's, The Tax Foundation, and U.S. Census (estimated data). State municipal bond yields represented the yield to worst of the Barclays Municipal Bond Index from that state. Muni yield figures do not reflect the potential effects of the alternative minimum tax. Credit ratings are by Standard & Poor's, and are subject to change. While all bonds have risks, municipal bonds may have a higher level of credit risk as compared with government bonds and CDs. Yields shown are not indicative of the performance of any particular investment, and it is not possible to invest directly in an index. Past performance is not indicative of future results.

Explore Putnam's 4- and 5-star rated municipal bond funds

(See all Putnam municipal bond funds)

Strategic Intermediate Municipal Fund (PAMYX)

This fund received a Overall Morningstar Rating out of 266 funds in the Muni National Interm category based on total return as of 10/31/21

California Tax Exempt Income Fund (PCIYX)

This fund received a Overall Morningstar Rating out of 95 funds in the Muni California Long category based on total return as of 10/31/21

Massachusetts Tax Exempt Income Fund (PMAYX)

This fund received a Overall Morningstar Rating out of 45 funds in the Muni Massachusetts category based on total return as of 10/31/21

Minnesota Tax Exempt Income Fund (PMNYX)

This fund received a Overall Morningstar Rating out of 43 funds in the Muni Minnesota category based on total return as of 10/31/21

Ohio Tax Exempt Income Fund (POTYX)

This fund received a Overall Morningstar Rating out of 27 funds in the Muni Ohio category based on total return as of 10/31/21

Short-Term Municipal Income Fund (PSMYX)

This fund received a Overall Morningstar Rating out of 206 funds in the Muni National Short category based on total return as of 10/31/21

Pennsylvania Tax Exempt Income Fund (PPTYX)

This fund received a Overall Morningstar Rating out of 51 funds in the Muni Pennsylvania category based on total return as of 10/31/21

Insights and outlook on taxes

Putnam offers timely insights on the evolution of the municipal bond market and our outlook for taxes over the coming years.