PAMYX Putnam Strategic Intermediate Muncpl Y Forecast, Technical & Fundamental Analysis

The investment seeks as high a level of current income exempt from federal income tax as is consistent with preservation of capital. The fund invests mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)). The manager normally maintains an average dollar-weighted maturity between three and ten years. Under normal circumstances, the fund invests at least 80% of its net assets in tax-exempt investments. Investments paying interest subject to the federal AMT for individuals are considered tax-exempt investments for purposes of this policy.