PAMYX is a mutual fund that focuses on investing in tax-exempt municipal bonds that are insured against default. This fund, managed by Putnam Investments, aims to provide investors with a steady stream of income while minimizing the impact of alternative minimum tax (AMT). The "Y Shs" in the name indicates that this fund is a share class with a lower expense ratio, making it a cost-effective option for investors. PAMYX is a suitable choice for those seeking tax-free income and a lower risk investment option.