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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 50 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 43 of the fund’s Statement of Additional Information (“SAI”).</div> 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. 50000 Shareholder Fees (fees paid directly from your investment) 0.0400 0.0100 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0042 0.0025 0.0017 0.0084 0.0042 0.0100 0.0017 0.0159 0.0042 0 0.0013 0.0055 0.0042 0 0.0017 0.0059 Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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.</div> 482 657 847 1395 262 502 866 1688 162 502 866 1688 56 176 307 689 60 189 330 739 Portfolio turnover <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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 6%.</div> 0.06 Investments, risks, and performancePrincipal investment strategies <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in bonds (including general obligation bonds, revenue obligation bonds, and tender option bonds) that pay interest that is exempt from federal income tax and Minnesota personal income tax (but that may be subject to federal alternative minimum tax (“AMT”)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, the fund invests at least 80% of the fund’s net assets in tax-exempt investments. Tax-exempt investments 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 both federal and Minnesota personal income tax. This investment policy cannot be changed without the approval of the fund’s shareholders. Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, the fund cannot include these investments for the purpose of complying with the 80% investment policy described above.</div><div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund may invest up to 25% of its total assets in below-investment-grade investments, which are sometimes referred to as “junk bonds.” However, the fund will not invest in investments that are rated lower than BB or its equivalent by each organization rating the investment, or are unrated securities that the Investment Manager believes are of comparable quality. The fund will not necessarily sell an investment if its rating is reduced after purchase.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The Investment Manager 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.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk:</span> 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, asset class, 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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fixed income investments risk:</span> The risks associated with fixed income 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. Fixed income investments are also subject to credit risk, which is the risk that issuers of the fund’s investments may default on payment of interest or principal. Fixed income 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 fixed income securities, and credit risk is generally greater for below-investment-grade fixed income securities, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Tax-exempt investments:</span> Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code of 1986, as amended, 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. The fund’s performance will be closely tied to the economic and political conditions in Minnesota and can be more volatile than the performance of a more geographically diversified fund. To the extent the fund invests in securities of issuers located outside of Minnesota, the fund may also be exposed to the risks affecting other states. Interest the fund receives might be taxable.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Prepayment risk:</span> If an issuer calls or redeems an investment during a time of declining interest rates, the fund may have to reinvest the proceeds in an investment offering a lower yield.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Large shareholder transaction risk:</span> The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management and operational risk:</span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance <div style="margin-top: 16pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 74%;"></td> <td style="vertical-align: bottom;"></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td style="vertical-align: bottom; width: 14%;"></td> <td style="width: 5%;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="2" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q4 2023</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom; white-space: nowrap; text-align: right;">8.02%</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q1 2022</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">    </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom; white-space: nowrap; text-align: right;">-5.29%</td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="2" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">As of June 30, 2025, the fund’s year-to-date return was -1.10%.</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">  </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;">    </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"><span style="font-size: x-small;"> </span></td> </tr> </table> Best Quarter: 2023-12-31 0.0802 Worst Quarter: 2022-03-31 -0.0529 2025-06-30 year-to-date return -0.0110 Average annual total returns after sales charges (for periods ended 12/31/24) -0.0267 -0.0011 0.0134 -0.0270 -0.0017 0.0130 -0.0053 0.0039 0.0156 -0.0037 -0.0004 0.0113 0.0168 0.0099 0.0202 0.0164 0.0096 0.0200 0.0105 0.0099 0.0225 <div style="margin-top: 24pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">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. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 8pt; color: #467886;"><span style="text-decoration: underline;">www.franklintempletondatasources.com</span></span><span style="font-family: arial;">. Such information is subject to change. </span></div> 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. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. 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.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year.