Putnam Tax Exempt Income Fund Class Y is an actively managed municipal bond mutual fund focused on generating a high level of current income that is exempt from federal income tax. The fund invests broadly across U.S. municipal issuers and market sectors, balancing credit and interest-rate risk with an emphasis on preservation of capital. It targets the long end of the muni market, reflected in a long-duration profile and a weighted average maturity characteristic of national long municipal strategies. The portfolio may include revenue and general obligation bonds, with selective exposure to sectors such as transportation, healthcare, utilities, and essential services. Income distributions are paid monthly, aligning the fund with investors seeking steady, tax-advantaged cash flows. Benchmarked to the Bloomberg Municipal Bond Index and categorized within Muni National Long, the strategy is designed to diversify across states and credits while managing alternative minimum tax exposure. Its role in the market is to provide federally tax-exempt income and serve as a core municipal allocation for taxable accounts seeking long-term, investment-grade municipal bond exposure.
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