Putnam New York Tax Exempt Income Fund Class Y is a mutual fund focused on providing investors with income that is generally exempt from both federal and New York State and City personal income taxes. The primary function of this fund is to invest at least 80% of its assets in a diversified portfolio of municipal securities issued by New York State and its local governments or agencies. These holdings are carefully selected for their tax-advantaged characteristics, appealing primarily to residents of New York seeking to minimize their tax liability on investment income. The fund is categorized within the “Muni New York Long” sector, typically investing in bonds with longer durations, often exceeding six years, and average maturities greater than twelve years. Its investments focus on sectors vital to New York’s infrastructure and public services, such as transportation, utilities, and local government projects. Notably, the fund aims to balance the pursuit of income with the preservation of capital, closely managing credit and interest rate risk. By targeting high-quality municipal issues, the fund plays a significant role in supporting state and local public funding while serving as a tax-efficient income vehicle for its investors.
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