PSMEX: Putnam Short-Term Municipal Income Fund Class A Price,

The investment seeks as high a level of current income exempt from federal income tax as the adviser believes is consistent with preservation of capital. 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)) and that have short-term maturities (i.e., three years or less). The bonds the fund invests in are mainly investment-grade in quality. Under normal circumstances, it invests at least 80% of the fund's net assets in tax-exempt investments, which for purposes of this policy includes investments paying interest subject to the federal AMT for individuals.

Largest Holdings

Amount	Holding
2.93%	HOUSTON TEX INDPT SCH DIST 4%
2.68%	LOUISVILLE/JEFFERSON CNTY KY METRO GOVT POLLUTION CTL REV 1.85%
2.66%	HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV 0.02%
2.66%	MURRAY CITY UTAH HOSP REV 0.01%
2.65%	CALIFORNIA ST 0.89%
2.48%	JACKSONVILLE FLA PORT AUTH REV 4.5%
2.06%	MAIN STR NAT GAS INC GA GAS SUPPLY REV 0.87%
2.04%	NEW YORK ST HSG FIN AGY REV 1.62%
1.95%	CALIFORNIA MUN FIN AUTH REV 5%
1.80%	NEW JERSEY ST TRANSN TR FD AUTH 5.25%

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PSMEX : Putnam Short-Term Municipal Income Fund Class A

PSMEX

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Fund Summary

Largest Holdings

End Credits