Putnam Intermediate-Term Municipal Income Fund Class A NMFQS:PIMEX

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 adviser normally maintains an average dollar-weighted maturity between three and ten years. The bonds the fund invests in are mainly investment-grade in quality. It invests at least 80% of the fund's net assets in tax-exempt investments, which for purposes of this policy include investments paying interest subject to the federal AMT for individuals.