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Submitted URL: http://update.putnam.com/T/v60000017c5b0f25bbac7ede6e96638900/ace7f8db8985414f0000021ef3a0bcc2/ace7f8db-8985-414f-8512-65...
Effective URL: https://www.putnam.com/advisor/how-we-invest/tax-free-income-funds/?mkey=1039925914&utm_medium=email&utm_source=marketi...
Submission: On October 07 via api from US — Scanned from DE
Effective URL: https://www.putnam.com/advisor/how-we-invest/tax-free-income-funds/?mkey=1039925914&utm_medium=email&utm_source=marketi...
Submission: On October 07 via api from US — Scanned from DE
Form analysis 7 forms found in the DOM
Name: contact-team-form — POST /advisor/myputnam/contact
<form name="contact-team-form" action="/advisor/myputnam/contact" id="contact-team-form" method="POST">
<div class="form-group">
<select class="form-control" name="toAddress" id="toAddressInput" tabindex="1">
<option value="" selected="selected">Choose a recipient to email</option>
<option value="putnam_internet_support@putnam.com">putnam_internet_support@putnam.com</option>
</select>
</div>
<div class="form-group">
<label for="subjectInput" class="hidden">Subject</label>
<input class="form-control empty" type="text" id="subjectInput" name="subject" placeholder="Subject" value="" tabindex="2">
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<div class="row">
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<div class="form-group mb-0">
<label for="messageInput" class="hidden">Message</label>
<textarea class="form-control" cols="45" rows="2" id="messageInput" placeholder="Message" name="message" tabindex="3"></textarea>
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<div class="col col-auto">
<fieldset>
<input type="hidden" name="username" value="MAUREEN COUGHLIN">
<input type="hidden" name="contactInfo" value="mcoughlin@summitfinancialcorp.com">
<button class="btn btn-primary btn-block" type="submit" tabindex="4" style="padding-top:17px; padding-bottom:17px;">Send</button>
</fieldset>
</div>
</div>
</form>POST /advisor/myprofile/mysubscriptions/subscribe
<form action="/advisor/myprofile/mysubscriptions/subscribe" method="post" id="my-putnam-subscription-form" class="my-subscriptions">
<h2 class="mt-1">Subscribe to Putnam's timely insights by topic.</h2>
<table class="table table-striped flush-top">
<thead>
<tr>
<th width="16%">Subscriptions</th>
<th width="21%" class="text-center">Email me</th>
<th class="hidden-xs">Latest content</th>
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<tbody>
<tr>
<td><b>Wealth management</b><br><a class="whatsincluded" name="subscription-wealth-management" href="#" gtm-track-mousedown="true">See what's included</a></td>
<td class="text-center">
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<label>
<input type="checkbox" name="subscription-wealth-management" value="Wealth management" class="category"><span></span>
</label>
</div>
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</td>
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<div class="col-sm-0 col-lg-12">
<p>Subscribe for regular updates from the Putnam Wealth Management blog and its authors, Bill Cass and Chris Hennessey, to learn new ideas for estate planning, taxes, and retirement strategies.</p>
<p><strong>Read latest:
</strong><a id="latest-post-wealth-management" href="/advisor/content/wealthManagement/6574-house-tax-proposal-would-upend-grantor-trusts" gtm-track-mousedown="true">House tax proposal would upend grantor trusts</a></p>
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<input type="checkbox" category="college-savings-5" name="subscriptionCategory" value="3:5"> College Savings </label>
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<label for="dol-553">
<input type="checkbox" category="dol-553" name="subscriptionCategory" value="3:553"> DOL </label>
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<label for="estate-and-wealth-transfer-17">
<input type="checkbox" category="estate-and-wealth-transfer-17" name="subscriptionCategory" value="3:17"> Estate and Wealth Transfer </label>
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<label for="insurance/risk-management-16">
<input type="checkbox" category="insurance/risk-management-16" name="subscriptionCategory" value="3:16"> Insurance/Risk Management </label>
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<label for="investments-8">
<input type="checkbox" category="investments-8" name="subscriptionCategory" value="3:8"> Investments </label>
</div>
<div><input type="checkbox" category="retirement-14" class="hidden" name="subscriptionCategory" value="2:14"></div>
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<label for="retirement/income-14">
<input type="checkbox" category="retirement/income-14" name="subscriptionCategory" value="3:14"> Retirement </label>
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<label for="taxes-15">
<input type="checkbox" category="taxes-15" name="subscriptionCategory" value="3:15"> Taxes </label>
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<input type="checkbox" category="college-savings-5" name="subscriptionCategory" value="3:5"> College Savings </label>
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<label for="dol-553">
<input type="checkbox" category="dol-553" name="subscriptionCategory" value="3:553"> DOL </label>
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<label for="estate-and-wealth-transfer-17">
<input type="checkbox" category="estate-and-wealth-transfer-17" name="subscriptionCategory" value="3:17"> Estate and Wealth Transfer </label>
</div>
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<label for="insurance/risk-management-16">
<input type="checkbox" category="insurance/risk-management-16" name="subscriptionCategory" value="3:16"> Insurance/Risk Management </label>
</div>
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<label for="investments-8">
<input type="checkbox" category="investments-8" name="subscriptionCategory" value="3:8"> Investments </label>
</div>
<div><input type="checkbox" category="retirement-14" class="hidden" name="subscriptionCategory" value="2:14"></div>
<div>
<label for="retirement/income-14">
<input type="checkbox" category="retirement/income-14" name="subscriptionCategory" value="3:14"> Retirement </label>
</div>
</div>
<div class="col">
<div>
<label for="taxes-15">
<input type="checkbox" category="taxes-15" name="subscriptionCategory" value="3:15"> Taxes </label>
</div>
</div>
</div>
</td>
</tr>
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<td><b>Tech tips</b><br><a class="whatsincluded" name="subscription-tech-tips" href="#" gtm-track-mousedown="true">See what's included</a></td>
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<label>
<input type="checkbox" name="subscription-tech-tips" value="Tech tips" class="category"><span></span>
</label>
</div>
<strong class="hidden-xs ml-1">ON</strong>
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<div class="col-sm-0 col-lg-12">
<p>Stay on top of trends in mobile technology, software, and social media that can help you reach clients and build your business.</p>
<p><strong>Read latest:
</strong><a id="latest-post-tech-tips" href="/advisor/content/advisorTechTips/3478-are-supply-chain-disruptions-temporary-or-part-of-a-new-normal-5-things-you-should-know-about-supply-chain-disruptions" gtm-track-mousedown="true">Are supply chain disruptions temporary, or part of a new normal? 5 things you should know about supply chain disruptions</a>
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<label for="applications-4">
<input type="checkbox" category="applications-4" name="subscriptionCategory" value="6:4"> Applications </label>
</div>
<div>
<label for="business-building-6">
<input type="checkbox" category="business-building-6" name="subscriptionCategory" value="6:6"> Business Building </label>
</div>
<div>
<label for="device-support-1">
<input type="checkbox" category="device-support-1" name="subscriptionCategory" value="6:1"> Device Support </label>
</div>
<div>
<label for="fundvisualizer-3">
<input type="checkbox" category="fundvisualizer-3" name="subscriptionCategory" value="6:3"> FundVisualizer </label>
</div>
<div>
<label for="social-media-5">
<input type="checkbox" category="social-media-5" name="subscriptionCategory" value="6:5"> Social Media </label>
</div>
</div>
</td>
<td class="hidden-xs"><b>Select from the following:</b>
<div class="row">
<div class="col">
<div>
<label for="applications-4">
<input type="checkbox" category="applications-4" name="subscriptionCategory" value="6:4"> Applications </label>
</div>
<div>
<label for="business-building-6">
<input type="checkbox" category="business-building-6" name="subscriptionCategory" value="6:6"> Business Building </label>
</div>
<div>
<label for="device-support-1">
<input type="checkbox" category="device-support-1" name="subscriptionCategory" value="6:1"> Device Support </label>
</div>
</div>
<div class="col">
<div>
<label for="fundvisualizer-3">
<input type="checkbox" category="fundvisualizer-3" name="subscriptionCategory" value="6:3"> FundVisualizer </label>
</div>
<div>
<label for="social-media-5">
<input type="checkbox" category="social-media-5" name="subscriptionCategory" value="6:5"> Social Media </label>
</div>
</div>
</div>
</td>
</tr>
<tr>
<td><b>Investing for income</b><br><a class="whatsincluded" name="subscription-investing-for-income" href="#" gtm-track-mousedown="true">See what's included</a></td>
<td class="text-center">
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<div class="checkbox checkbox-slider checkbox-slider-no-text d-inline-block">
<label>
<input type="checkbox" name="subscription-investing-for-income" value="Investing for income" class="category"><span></span>
</label>
</div>
<strong class="hidden-xs ml-1">ON</strong>
</td>
<td class="hidden-xs">
<div class="row">
<div class="col-sm-0 col-lg-12">
<p>Stay up to date on what's happening in bond markets with insights from the leaders of Putnam's Fixed Income group.</p>
<p><strong>Read latest:
</strong><a id="latest-post-investing-for-income" href="/advisor/content/perspectives/8491-markets-see-living-with-covid-19-as-the-new-normal" gtm-track-mousedown="true">Markets see living with Covid-19 as the new normal</a></p>
</div>
</div>
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</tr>
<tr id="subscription-investing-for-income" class="sub-category hidden">
<td colspan="2">
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<p>You can reduce the number of emails you receive while still getting updates on the topics you want? Simply tailor your choices here.</p>
<p class="hidden-md-up"><b>Select from the following:</b></p>
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<label for="fixed-income-192">
<input type="checkbox" category="fixed-income-192" name="subscriptionCategory" value="2:192"> Fixed income </label>
</div>
<div>
<label for="macroeconomics-190">
<input type="checkbox" category="macroeconomics-190" name="subscriptionCategory" value="2:190"> Macroeconomics </label>
</div>
<div>
<label for="quarterly-fixed-income-outlook-13">
<input type="checkbox" category="quarterly-fixed-income-outlook-13" name="subscriptionCategory" value="8:13"> Quarterly Fixed Income Outlook </label>
</div>
</div>
</td>
<td class="hidden-xs"><b>Select from the following:</b>
<div class="row">
<div class="col">
<div>
<label for="fixed-income-192">
<input type="checkbox" category="fixed-income-192" name="subscriptionCategory" value="2:192"> Fixed income </label>
</div>
<div>
<label for="macroeconomics-190">
<input type="checkbox" category="macroeconomics-190" name="subscriptionCategory" value="2:190"> Macroeconomics </label>
</div>
<div>
<label for="quarterly-fixed-income-outlook-13">
<input type="checkbox" category="quarterly-fixed-income-outlook-13" name="subscriptionCategory" value="8:13"> Quarterly Fixed Income Outlook </label>
</div>
</div>
</div>
</td>
</tr>
<tr>
<td><b>Investing in stocks</b><br><a class="whatsincluded" name="subscription-investing-in-stocks" href="#" gtm-track-mousedown="true">See what's included</a></td>
<td class="text-center">
<strong class="hidden-xs" style="padding: 0 8px;">OFF</strong>
<div class="checkbox checkbox-slider checkbox-slider-no-text d-inline-block">
<label>
<input type="checkbox" name="subscription-investing-in-stocks" value="Investing in stocks" class="category"><span></span>
</label>
</div>
<strong class="hidden-xs ml-1">ON</strong>
</td>
<td class="hidden-xs">
<div class="row">
<div class="col-sm-0 col-lg-12">
<p>Stay up to date on trends in the equity markets with insights from portfolio managers, research analysts, and strategists.</p>
<p><strong>Read latest:
</strong><a id="latest-post-investing-in-stocks" href="/advisor/content/perspectives/8521-china-property-problem-bigger-than-mt-evergrande" gtm-track-mousedown="true">China property problem — Bigger than Mt. Evergrande</a></p>
</div>
</div>
</td>
</tr>
<tr id="subscription-investing-in-stocks" class="sub-category hidden">
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<b>DID YOU KNOW?</b>
<p>You can reduce the number of emails you receive while still getting updates on the topics you want? Simply tailor your choices here.</p>
<p class="hidden-md-up"><b>Select from the following:</b></p>
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<label for="equity-191">
<input type="checkbox" category="equity-191" name="subscriptionCategory" value="2:191"> Equity </label>
</div>
<div>
<label for="global-sector-204">
<input type="checkbox" category="global-sector-204" name="subscriptionCategory" value="2:204"> Global sector </label>
</div>
<div>
<label for="international-194">
<input type="checkbox" category="international-194" name="subscriptionCategory" value="2:194"> International </label>
</div>
<div>
<label for="quarterly-equity-outlook-4">
<input type="checkbox" category="quarterly-equity-outlook-4" name="subscriptionCategory" value="8:4"> Quarterly Equity Outlook </label>
</div>
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<td class="hidden-xs"><b>Select from the following:</b>
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<div class="col">
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<label for="equity-191">
<input type="checkbox" category="equity-191" name="subscriptionCategory" value="2:191"> Equity </label>
</div>
<div>
<label for="global-sector-204">
<input type="checkbox" category="global-sector-204" name="subscriptionCategory" value="2:204"> Global sector </label>
</div>
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<label for="international-194">
<input type="checkbox" category="international-194" name="subscriptionCategory" value="2:194"> International </label>
</div>
</div>
<div class="col">
<div>
<label for="quarterly-equity-outlook-4">
<input type="checkbox" category="quarterly-equity-outlook-4" name="subscriptionCategory" value="8:4"> Quarterly Equity Outlook </label>
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</td>
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<tr>
<td><b>ESG and sustainability</b><br><a class="whatsincluded hidden" name="subscription-esg-and-sustainability" href="#" gtm-track-mousedown="true">See what's included</a></td>
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<div class="checkbox checkbox-slider checkbox-slider-no-text d-inline-block">
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<input type="checkbox" name="subscription-esg-and-sustainability" value="ESG and sustainability" class="category"><span></span>
</label>
</div>
<strong class="hidden-xs ml-1">ON</strong>
</td>
<td class="hidden-xs">
<div class="row">
<div class="col-sm-0 col-lg-12">
<p>Our portfolio managers and analysts dedicated to ESG and sustainability investing provide viewpoints on this emerging discipline.</p>
<p><strong>Read latest:
</strong><a id="latest-post-esg-and-sustainability" href="/advisor/content/perspectives/8106-new-medicines-and-digital-tools-target-mental-health-2" gtm-track-mousedown="true">New medicines and digital tools target mental health</a>
</p>
</div>
</div>
</td>
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<tr id="subscription-esg-and-sustainability" class="sub-category hidden">
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<p>You can reduce the number of emails you receive while still getting updates on the topics you want? Simply tailor your choices here.</p>
<p class="hidden-md-up"><b>Select from the following:</b></p>
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<input type="checkbox" category="sustainable-investing-581" name="subscriptionCategory" value="2:581"> Sustainable investing </label>
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<td class="hidden-xs"><b>Select from the following:</b>
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<label for="sustainable-investing-581">
<input type="checkbox" category="sustainable-investing-581" name="subscriptionCategory" value="2:581"> Sustainable investing </label>
</div>
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<td><b>Multi-asset investing</b><br><a class="whatsincluded" name="subscription-multi-asset-investing" href="#" gtm-track-mousedown="true">See what's included</a></td>
<td class="text-center">
<strong class="hidden-xs" style="padding: 0 8px;">OFF</strong>
<div class="checkbox checkbox-slider checkbox-slider-no-text d-inline-block">
<label>
<input type="checkbox" name="subscription-multi-asset-investing" value="Multi-asset investing" class="category"><span></span>
</label>
</div>
<strong class="hidden-xs ml-1">ON</strong>
</td>
<td class="hidden-xs">
<div class="row">
<div class="col-sm-0 col-lg-12">
<p>Follow trends in global capital markets with commentaries from members of one of the longest-tenured asset allocation teams in the industry.</p>
<p><strong>Read latest:
</strong><a id="latest-post-multi-asset-investing" href="/advisor/content/marketOutlooks/1084-feds-hawkish-pivot-shouldnt-stoke-inflation-fears" gtm-track-mousedown="true">Fed's hawkish pivot shouldn't stoke inflation fears</a></p>
</div>
</div>
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<p>You can reduce the number of emails you receive while still getting updates on the topics you want? Simply tailor your choices here.</p>
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<input type="checkbox" category="alternatives-522" name="subscriptionCategory" value="2:522"> Alternatives </label>
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<label for="asset-allocation-193">
<input type="checkbox" category="asset-allocation-193" name="subscriptionCategory" value="2:193"> Asset allocation </label>
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<label for="quarterly-capital-markets-outlook-16">
<input type="checkbox" category="quarterly-capital-markets-outlook-16" name="subscriptionCategory" value="8:16"> Quarterly Capital Markets Outlook </label>
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<label for="alternatives-522">
<input type="checkbox" category="alternatives-522" name="subscriptionCategory" value="2:522"> Alternatives </label>
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<div>
<label for="asset-allocation-193">
<input type="checkbox" category="asset-allocation-193" name="subscriptionCategory" value="2:193"> Asset allocation </label>
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<label for="quarterly-capital-markets-outlook-16">
<input type="checkbox" category="quarterly-capital-markets-outlook-16" name="subscriptionCategory" value="8:16"> Quarterly Capital Markets Outlook </label>
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action="https://dstvision.putnam.com/tf/Vision/Signon.go?tx=VisStartup&agent=PUT&signonType=gbob&ffAuth=Y&cz=6210818081413&platform=prod&redirectURL=https%3A%2F%2Fwww.putnam.com%2Fadvisor%2Faccounts%2Fdstlogin%2Fhow-we-invest%2Ftax-free-income-funds%2F%3Flogon%3D"
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HELP LOGGING IN For login assistance, please call support services at 1-800-354-2228 LOG IN FOR ACCOUNT ACCESS VIA DST VISION. Remember me. Log in -------------------------------------------------------------------------------- To create or reset a DST Vision ID, call 1-800-354-2228. Non-U.S. advisors, call 1-617-292-1000 x43051 (M–F, 8:30 a.m. – 7:00 p.m. ET). What are you looking for? Search Home How we invest Tax-free income funds Email LinkedIn Twitter Facebook ACTIVE INCOME A research-driven approach to pursuing tax-exempt income EXPLORE OUR FUNDS Pursue a tax-smart strategy with municipal bond funds. Putnam has a large and skilled research team dedicated to municipal bonds. Over 40 years of experience investing in municipal bonds. 12 open-end funds and two closed-end funds. Managing $6.2 billion in tax exempt assets. * Research process and stable performance * Explore our yield tools * Explore our funds A large and skilled research team Our experts have diverse skills in credit to select attractive securities and optimize portfolios. 6 research analysts 2 portfolio construction specialists 22 credit team members Play Video Veteran portfolio managers Paul M. Drury, CFA, with 31 years of experience, directs Putnam's tax-exempt effort, including security selection, sector rotation, and duration management. Garrett L. Hamilton, CFA, with 14 years of experience, has responsibilities across the funds with particular emphasis on short- and intermediate-term strategies. A disciplined process for selecting bonds to own in the funds The bottom line: Income you keep after paying taxes matters more than pretax yield 1. 2. The team's disciplined process has helped lend stability to the net asset value (NAV) of Putnam Tax Exempt Income Fund (PTEYX). Income from municipal bonds is exempt from most state and federal income taxes. Previous Next Sources: Putnam, as of 3/31/21; Bloomberg Index Services Limited. Three-month CD rate data sourced from Bloomberg. Yields for Treasuries and municipal bonds are represented by the average "yield to worst" — a calculation of the lowest possible yield generated without defaulting — of the Bloomberg U.S. Treasury Index and the Bloomberg Municipal Bond Index, respectively. Yields on three-month CDs are the national average as reported by Bloomberg. Unlike other investments that incur more risk, the interest and principal value of CDs are fixed and are insured by the FDIC up to $250,000. Bonds incur investment risk; CDs do not. Income from municipal bonds may be subject to the alternative minimum tax. Annual after-tax income is based on a maximum 40.80% federal income tax rate. This rate reflects the Tax Cuts and Jobs Act and includes the 3.80% Medicare surtax. The income data is based on a hypothetical $100,000 investment. Advisors: Personalize tax-exempt yield comparisons for clients Help clients have a personalized view of after-tax income potential. Get started with 3 questions See how much more munis yield BEFORE taxes. Enter salary and state to start Explore our funds We offer five national funds, seven state funds, and two closed-end funds. State tax-exempt funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM as of 08/31/21 California Tax Exempt Income Fund 3.57% 1.00% (out of 92 in category) Massachusetts Tax Exempt Income Fund 2.94% 0.72% (out of 44 in category) Minnesota Tax Exempt Income Fund 2.84% 0.63% (out of 42 in category) New Jersey Tax Exempt Income Fund 3.44% 0.68% (out of 47 in category) New York Tax Exempt Income Fund 3.16% 0.87% (out of 67 in category) Ohio Tax Exempt Income Fund 2.91% 0.63% (out of 26 in category) Pennsylvania Tax Exempt Income Fund 3.39% 0.78% (out of 50 in category) National funds 5-year ann. ret. at NAV 30-day SEC yield Overall Morningstar RatingTM as of 08/31/21 Intermediate-Term Municipal Income Fund 3.07% 0.38% with subsidy -0.46% without subsidy (out of 256 in category) Short-Term Municipal Income Fund 1.77% 0.28% with subsidy 0.01% without subsidy (out of 206 in category) Strategic Intermediate Municipal Fund 3.44% 0.51% (out of 256 in category) Tax Exempt Income Fund 3.59% 0.92% (out of 144 in category) Tax-Free High Yield Fund 4.58% 1.55% (out of 183 in category) Closed-end funds 5-year ann. ret. @ NAV as of 09/30/21 Dividend rate @ NAV as of 09/30/21 Ticker Managed Municipal Income Trust 5.03% 4.65% NYSE: PMM Municipal Opportunities Trust 5.07% 4.72% 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. Market outlook and resources Bond markets in flux on rates and inflation outlook Global financial markets were mixed during the second quarter. Fixed Income OutlookFIO | Q3 2021 Markets see living with Covid-19 as the new normal Global financial markets might be pricing in a “living with the virus” environment and are adjusting to a lower growth path. Read post SUPPORT MATERIALS * Invest for tax-free income brochure (pdf) * Ten income and estate tax planning strategies for 2020 (pdf) * Planning for the 3.8% Medicare investment income surtax (pdf) * Developing a "tax-smart" retirement income strategy (pdf) Data as of 9/30/19. 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. 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 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 ten-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36 to 59 months of total returns, 60% five-year rating/40% three-year rating for 60 to 119 months of total returns, and 50% ten-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the ten-year overall star rating formula seems to give the most weight to the ten-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. 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