INVESTORS Login About Putnam Careers Contact us Products How we invest Retirement College Perspectives Forms Tax center Accounts Home Mutual funds Select another fund: California Tax Exempt Income Fund Convertible Securities Fund Diversified Income Trust Dynamic Asset Allocation Balanced Fund Dynamic Asset Allocation Conservative Fund Dynamic Asset Allocation Growth Fund Dynamic Risk Allocation Fund Emerging Markets Equity Fund Fixed Income Absolute Return Fund Floating Rate Income Fund Focused Equity Fund Focused International Equity Fund George Putnam Balanced Fund Global Health Care Fund Global Income Trust Global Technology Fund Government Money Market Fund Growth Opportunities Fund High Yield Fund Income Fund Intermediate-Term Municipal Income Fund International Capital Opportunities Fund International Equity Fund International Value Fund Large Cap Value Fund Massachusetts Tax Exempt Income Fund Minnesota Tax Exempt Income Fund Money Market Fund Mortgage Opportunities Fund Mortgage Securities Fund Multi-Asset Absolute Return Fund Multi-Cap Core Fund New Jersey Tax Exempt Income Fund New York Tax Exempt Income Fund Ohio Tax Exempt Income Fund Pennsylvania Tax Exempt Income Fund Putnam PanAgora Risk Parity Fund Research Fund Retirement Advantage 2025 Fund Retirement Advantage 2030 Fund Retirement Advantage 2035 Fund Retirement Advantage 2040 Fund Retirement Advantage 2045 Fund Retirement Advantage 2050 Fund Retirement Advantage 2055 Fund Retirement Advantage 2060 Fund Retirement Advantage 2065 Fund Retirement Advantage Maturity Fund RetirementReady 2025 Fund RetirementReady 2030 Fund RetirementReady 2035 Fund RetirementReady 2040 Fund RetirementReady 2045 Fund RetirementReady 2050 Fund RetirementReady 2055 Fund RetirementReady 2060 Fund RetirementReady 2065 Fund RetirementReady Maturity Fund Short Duration Bond Fund Short-Term Municipal Income Fund Small Cap Growth Fund Small Cap Value Fund Strategic Intermediate Municipal Fund Sustainable Future Fund Sustainable Leaders Fund Tax Exempt Income Fund Tax-Free High Yield Fund Ultra Short Duration Income Fund Class A Class B Class C Class R6 Class Y Email LinkedIn Twitter Facebook Effective August 28, 2020, the fund's name changed from Putnam AMT-Free Municipal Fund. ACTIVE INCOME Strategic Intermediate Municipal Fund (PAMYX) A greater focus on absolute return than a more traditional municipal fund Overall Morningstar Rating™ of Skip to HIGHLIGHTS Objective The fund seeks high current income exempt from federal income tax. Strategy and process Opportunistic strategy Pursuing opportunities across the municipal market, the fund seeks to provide attractive income and returns with a focus on capital preservation. An intermediate fund with more latitude The fund has flexibility to respond to market opportunities and changes in the shape and slope of the municipal yield curve. Opportunistic credit investing While favoring investment-grade bonds, the fund can invest across the entire municipal landscape, including high-yield bonds, to leverage Putnam's deep municipal credit research expertise. Fund price Yesterday’s close 52-week high 52-week low Net asset value $15.26 0.00% | $0.00 $15.52 12/28/20 $15.05 03/01/21 Historical fund price Fund facts as of 11/30/21 Total net assets $289.59M Turnover (fiscal year end) 78% Dividend frequency (view rate) Monthly Number of holdings 298 Fiscal year-end July CUSIP / Fund code 746872886 / 1839 Inception date 01/02/08 Category Tax-free Income Open to new investors Ticker PAMYX Management team Years at Putnam Years in industry Garrett L. Hamilton, CFA Portfolio Manager Funds managed California Tax Exempt Income Fund Intermediate-Term Municipal Income Fund Massachusetts Tax Exempt Income Fund Minnesota Tax Exempt Income Fund New Jersey Tax Exempt Income Fund New York Tax Exempt Income Fund Ohio Tax Exempt Income Fund Pennsylvania Tax Exempt Income Fund Short-Term Municipal Income Fund Strategic Intermediate Municipal Fund Tax Exempt Income Fund Tax-Free High Yield Fund See profile Paul M. Drury, CFA Portfolio Manager Funds managed California Tax Exempt Income Fund Intermediate-Term Municipal Income Fund Massachusetts Tax Exempt Income Fund Minnesota Tax Exempt Income Fund New Jersey Tax Exempt Income Fund New York Tax Exempt Income Fund Ohio Tax Exempt Income Fund Pennsylvania Tax Exempt Income Fund Short-Term Municipal Income Fund Strategic Intermediate Municipal Fund Tax Exempt Income Fund Tax-Free High Yield Fund See profile Manager commentary | October 2021 Portfolio Managers Paul Drury and Garrett Hamilton offer an update on the municipal bond market and trends driving performance. Play Video Play Video Literature Fund documents Prospectuses/SAI Fact Sheet (R6 share) (PDF) Fact Sheet (YA share) (PDF) Annual Fund Report (PDF) Semiannual Fund Report (PDF) Quarterly Commentary (PDF) Brochure (PDF) Related topics Putnam's Tax Center Perspectives CD vs. municipal bond calculator The Fed’s conundrum — $7 lattes, $5 gas, 0% interest rates We believe the Fed is likely behind the curve in containing inflation with ultra-low interest rates. $100 oil may be a pipe dream Oil prices have risen to multi-year highs on surging demand, tight supply, and the crunch on natural gas. We believe it is time to question the current rally. Bond markets navigate crosscurrents of rates and inflation Fixed-income markets faced multiple risks, including the Fed's plan to unwind debt purchases, the shifting growth outlook, and Covid-19. But, we believe the environment for bonds remains supportive. Performance Consistency of positive performance over five years 100%positiveperiods Dots represent 5-year returns in rolling quarter-end periods since inception. 125 positive 5-year periods 0 negative 5-year periods Performance shown above 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 see below. 9.74% Best 5-year annualized return 1.47% Worst 5-year annualized return 5.13% Average 5-year annualized return Total return (%) as of 09/30/21 Annual performance as of 09/30/21 Annual Cumulative Strategic Intermediate Municipal Fund Bloomberg 3-15 Year Blend Municipal Bond Index Bloomberg Municipal Bond Index 1 yr. 3 yrs. 5 yrs. 10 yrs. 0% 1% 2% 3% 4% 5% 6% Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs. Before sales charge 4.05% 5.34% 3.44% 4.12% After sales charge N/A N/A N/A N/A Bloomberg 3-15 Year Blend Municipal Bond Index 1.98% 4.71% 2.99% 3.45% Bloomberg Municipal Bond Index 2.63% 5.06% 3.26% 3.87% 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 Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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 Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income 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 — Putnam Tax-Free High Yield Fund and Putnam 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 Putnam 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 RetirementReady 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 RetirementReady 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. Performance snapshot Before sales charge After sales charge 1 mt. as of 11/30/21 0.79% - YTD as of 12/03/21 2.48% - Yield Distribution rate before sales charge as of 12/03/21 1.58% Distribution rate after sales charge as of 12/03/21 1.58% 30-day SEC yield as of 11/30/21 0.63% Lipper rankings as of 10/31/21 Time period Rank/Funds in category Percentile ranking 1 yr. 34/216 16% 3 yrs. 13/193 7% 5 yrs. 5/161 4% 10 yrs. 4/119 4% Lipper category: Intermediate Municipal Debt Funds Morningstar Ratings™ as of 10/31/21 Time period Funds in category Morningstar Rating™ Overall 266 3 yrs. 266 5 yrs. 229 10 yrs. 169 Morningstar category: Muni National Interm Distributions Accrual days 30 Accrual start date 11/01/21 Accrual end date 11/30/21 Payable date 11/30/21 Non-taxable income $0.020026749 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. 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. 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. 1 What is your tax rate? Annual income Select Less than $50,000 $50,000-75,000 $75,000-100,000 $100,000-150,000 $150,000-200,000 $200,000-300,000 $300,000-400,000 $400,000-500,000 More than $500,000 Filing status Select Single Married filling jointly State of residence Select Holdings Top 10 holdings as of 10/31/21 Wa Hlth Care-C-Var 01.1000 01/01/2042 2.79% Scranton Sd-Nts-Ref 00.9060 04/01/2031 1.96% Metro Pier Cabs-Ref-A 00.0000 12/15/2022 1.89% Maryland St-D-Ref 04.0000 08/01/2029 1.64% E-470 Pub Hwy Auth 00.3840 09/01/2039 1.39% Ky Tpk Auth -A -2022 05.0000 07/01/2031 1.24% Ky Pub Energy-C-1 04.0000 12/01/2049 1.23% St Paul Hsg & Redev-A 05.5000 09/01/2036 1.20% Detroit Mi Downtown D 05.0000 07/01/2043 1.17% Louisville & Jefferso 05.0000 10/01/2030 1.14% Top 10 holdings, percent of portfolio 15.65% Prior top 10 holdings Full portfolio Select month Portfolio composition as of 10/31/21 Municipal bonds and notes 92.11% Cash and net other assets 7.89% Fixed income statistics as of 10/31/21 Average stated maturity 14.18 yrs. Average effective maturity 4.97 yrs. Option adjusted duration 5.44 yrs. Duration to worst 4.06 yrs. Average yield to maturity 2.77% Average coupon 3.74% AMT exposure 3.81% Quality rating as of 10/31/21 AAA 5.26% AA 15.15% A 41.34% BBB 22.03% BB 3.54% B 0.09% Not Rated 4.70% Cash and net other assets 7.89% Fund characteristics will vary over time. Due to rounding, percentages may not equal 100%. Consider these risks before investing: 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. 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 may be taxable. 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. 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. Top industry sectors as of 10/31/21 Health care 21.04% Education 13.47% State Debt 10.80% Utilities 8.66% Cash and net other assets 7.89% Transportation 7.17% Financials 5.48% Special Tax 5.39% Local Debt 5.24% Other 14.86% Sectors will vary over time. Expenses Expense ratio Class A Class B Class C Class R6 Class Y Total expense ratio 0.85% 1.45% 1.60% 0.59% 0.60% What you pay 0.85% 1.45% 1.60% 0.59% 0.60% Sales charge Investment Breakpoint Class A Class B Class C Class R6 Class Y $0-$49,999 4.00% 0.00% 0.00% -- -- $50,000-$99,999 4.00% 0.00% 0.00% -- -- $100,000-$249,999 3.25% -- 0.00% -- -- $250,000-$499,999 2.50% -- 0.00% -- -- $500,000-$999,999 0.00% -- -- -- -- $1M-$4M 0.00% -- -- -- -- $4M-$50M 0.00% -- -- -- -- $50M+ 0.00% -- -- -- -- CDSC Class A (sales for $500,000+) 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% -- -- The Bloomberg 3-15 Year Blend Municipal Bond Index is an unmanaged index comprised of investment-grade municipal securities ranging from 2 and 17 years in maturity. 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: 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. 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 may be taxable. 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. 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. Products Insights Research tools Investment strategies Account support About Putnam BY USING THIS SITE, YOU ACKNOWLEDGE AND AGREE TO THE FOLLOWING DISCLAIMER AND TERMS AND CONDITIONS: The third-party information accessible through this site was prepared by, and is the sole responsibility of, independent providers who are not affiliated with Putnam. Putnam has not reviewed the information and does not warrant that the information is accurate, complete, or timely. You further acknowledge and agree that (1) any security mentioned by a third party reflects the independent opinion of the third party, (2) any such third-party data or opinion is provided for your information only, and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation by Putnam, (3) any information you receive may not be considered legal, tax, or investment advice provided by Putnam, and (4) Putnam is not liable for any loss or damages resulting from your use of this information. By clicking on links to third-party sites, or using social media sharing tools, you will leave this Putnam Retail Management hosted property. Putnam Investments is not responsible for the content or services offered on linked websites. Use linked websites at your own risk. Carefully review the site's terms of service and privacy rules as they apply to you. Opinions or recommendations on any linked websites are those of independent providers and do not imply a recommendation from Putnam Investments, which is not responsible for inaccuracies or errors. For informational purposes only. Not an investment recommendation. Shares of mutual funds are not deposits of, or guaranteed or endorsed by, any financial institution; are not insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other agency; and involve risk, including the possible loss of the principal amount invested. The mutual funds, investment products, and services listed on this site generally are not available for sale outside of the United States. The information presented is neither a solicitation nor an offer to sell these products to investors who are not U.S. persons. Privacy, Security, Terms of Use Putnam funds may, at times, invest in the Putnam Cash Collateral Pool, LLC. View more information about this fund. Investment Advisory Services Your financial representative can help you decide which investments suit your goals. Putnam offers mutual funds, separately managed accounts, and model portfolios. Key funds include Putnam Large Cap Value Fund and Putnam Growth Opportunities Fund, as well as Putnam Income Fund. Municipal bond funds that seek tax-free income include Putnam Tax Exempt Income Fund. Check out our Site Map to learn more. Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing. © 2021 Putnam Retail Management, a member of FINRA and SIPC