Putnam Tax Exempt Income Y NMFQS:PTEYX

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)), which are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). It invests at least 80% of its net assets in tax-exempt investments, which for purposes of this policy exclude investments paying interest subject to the federal AMT for individuals.