Putnam New York Tax Exempt Income Fund Class R6 is a municipal bond mutual fund designed to provide investors with a high level of current income that is exempt from federal, New York State, and New York City income taxes. The fund primarily invests in debt securities issued by New York municipalities, making it particularly relevant for residents of New York seeking tax-advantaged income. Managed with an emphasis on capital preservation, this fund typically holds a diversified portfolio of municipal bonds, aiming to minimize credit and interest rate risk through professional selection and active management. A notable characteristic of this fund is its relatively low expense ratio—approximately 0.53%—which is significantly lower than the average for similar municipal bond funds, enhancing its efficiency for investors. With over 300 holdings and more than $1 billion in assets, the fund distributes income monthly, reflecting its focus on steady cash flow. Established in 2018, the fund plays a specialized role in the financial market by catering to individuals and institutions that prioritize tax-exempt income within New York, supporting both tax planning and diversification strategies.
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