PCLGX

About PCLGX

Putnam California Tax Exempt Income Fund Class R6 is a municipal bond mutual fund focused on providing federally tax‑exempt income, with an emphasis on securities issued by California state and local entities. The fund primarily invests in investment‑grade California municipal bonds backed by general obligation pledges, revenue streams, and essential‑service projects, aiming to generate stable income that is exempt from federal and, in many cases, California state income taxes for residents. It typically spans sectors such as education, transportation, utilities, and healthcare, reflecting the state’s broad infrastructure financing needs. Managed within a disciplined credit and interest‑rate risk framework, the strategy balances duration positioning with diversified issuer exposure to mitigate default and liquidity risks. Class R6 shares are designed for retirement plans and other institutional platforms, generally featuring lower expense structures than retail share classes. In the municipal market, the fund plays a role in channeling capital to public projects while offering investors access to tax‑advantaged income specific to California’s large and diverse economy.