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| Fund summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Putnam Strategic Intermediate Municipal Fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fees and expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares of Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 16 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (“SAI”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares of Putnam funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return
on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Portfolio turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 49%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 49.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, risks, and performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (“AMT”)). We normally maintain an average dollar-weighted maturity between three and ten years. The fund may invest broadly in municipal bonds of any duration (a measure of the sensitivity of a bond’s price to interest rate changes), maturity and credit quality although the bonds we invest in are mainly investment-grade in quality. We may also invest in investments that are below-investment-grade (sometimes referred to as “junk bonds”), which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Under normal circumstances, we invest at least 80% of the fund’s 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. This investment policy cannot be changed without the approval of the fund’s shareholders. The fund may invest up to 20% of its net assets in securities the income on which is subject to federal income tax and may invest without limit in investments the income on which is subject to the AMT. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
It is important to understand that you can lose money by investing in the fund. 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, outbreaks of infectious illnesses or other
widespread public health issues, 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, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates and may be considered speculative. Since the fund invests in tax exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. The fund may be an investment option for mutual funds that are managed by Franklin Resources, Inc. (“Franklin Templeton”) and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Before August 28, 2020, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results.
Monthly performance figures for the fund are available at www.franklintempleton.com. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The bar chart does not reflect the impact of sales charges. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Please remember that past performance is not necessarily an indication of future results. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| www.franklintempleton.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual total returns for class A shares before sales charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year-to-date performance through | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3.02% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best calendar quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6.53% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worst calendar quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (5.29%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Average annual total returns after sales charges (for periods ended 12/31/23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual after-tax returns depend on an investor’s tax situation and may differ from those shown | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-tax returns are shown for class A shares only and will vary for other classes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| It is important to understand that you can lose money by investing in the fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fund summary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Putnam Tax-Free High Yield Fund seeks high current income exempt from federal income tax. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fees and expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 16 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (“SAI”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return
on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Portfolio turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 25%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 25.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, risks, and performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are a combination of below-investment-grade and investment-grade securities, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. Such tax-exempt investments in which the fund invests are issued by or for states, territories or possessions of the United States or by their political subdivisions, agencies, authorities or other government entities, and the income from these investments is exempt from federal income tax. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
It is important to understand that you can lose money by investing in the fund. 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, outbreaks of infectious illnesses or other widespread public health issues, 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, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject.
The risks associated with bond investments include interest rate risk, which is the risk that the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Bond investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds (a significant part of the fund’s investments), which can be more sensitive to changes in markets, credit conditions, and interest rates and may be considered speculative. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. The fund may be an investment option for mutual funds that are managed by Franklin Resources, Inc. (“Franklin Templeton”) and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. There is no guarantee that the investment techniques, analyses, or judgments that we apply in making investment decisions for the fund will produce the intended outcome or that the investments we select for the fund will perform as well as other securities that were not selected for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at www.franklintempleton.com.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The bar chart does not reflect the impact of sales charges. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Please remember that past performance is not necessarily an indication of future results. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| www.franklintempleton.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual total returns for class A shares before sales charges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year-to-date performance through | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7.07% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best calendar quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8.79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Worst calendar quarter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (6.67%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Average annual total returns after sales charges (for periods ended 12/31/23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| After-tax returns are shown for class A shares only and will vary for other classes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| It is important to understand that you can lose money by investing in the fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||