In this episode, Chris speaks with Paul Drury, Portfolio Manager and head of Putnam’s Municipal Bond team.  During the conversation, they touch on many topics, including: 

• The current municipal landscape  
• Tax Plans, and the impact on the muni market
• Infrastructure
• Revenue vs General Obligation bonds
• Muni Yield Curve
• Rate Cycle
• Issuance, Demand and Liquidity

This material is for informational and educational purposes only. It is not a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. It is not intended to address the needs, circumstances, and objectives of any specific investor. This information is not meant as tax or legal advice. Investors should consult a professional advisor before making investment and financial decisions and for more information on tax rules and other laws, which are complex and subject to change. 

Duration measures the sensitivity of bond prices to interest-rate changes. A negative duration indicates that a security or fund may be poised to increase in value when interest rates increase. 

All funds involve risk, including the loss of principal. You can lose money by investing.

 To view additional information including performance and holdings, please visit the Putnam Tax Exempt Income Fund page found on putnam.com. 

 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund

before investing. For a prospectus, or a summary prospectus if available, containing this and other

information for any Putnam fund or product, call your financial representative or call Putnam at 1-

800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management                                                                                       AD1698240 6/21

You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. This and other important information is contained in the fund’s prospectus available on Putnam.com or by calling 1-833-228-5577. Please read carefully before you invest.

Putnam ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Putnam Investments.

Putnam Retail Management AD2557752 11/22