Tax Exempt Money Market Fund (PTXXX)
Seeking to preserve capital and pursue income exempt from federal income taxes for over 20 years.
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Strategy and process
- Tax-advantaged income: The fund's portfolio managers seek securities that offer above-average, tax-exempt yields.
- Capital preservation: The fund invests in high-quality money market instruments from tax-exempt issuers, seeking to protect investors' wealth and maintain a stable net asset value.
- Leading research: The fund's managers, supported by Putnam's fixed-income research organization, seek to manage risk by analyzing individual securities and overall market conditions.
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com.
Performance assumes reinvestment of distributions and does not account for taxes. Class A shares have no initial sales charge and generally have no CDSC. Please see the fund's prospectus for more details. Yield more closely reflects current performance than total return.
Yield more closely reflects current performance than total return.
The Lipper Tax-Exempt Money Market Funds Average is an arithmetic average of the total return of all Lipper Tax-Exempt Money Market Funds.
Consider these risks before investing: Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to preserve a $1.00 per share value, issuer credit quality and interest-rate risks exist, and it is possible to lose money by investing in this fund. Inflation's effects may erode your investment's value over time. Money market values typically rise and fall in response to changes in interest rates. Although the fund only buys high-quality investments, investments backed by a letter of credit carry the risk of the provider failing to fulfill its obligations to the issuer. The amount of information about issuers of tax exempt debt may not be as extensive as that which is available about companies whose securities are publicly traded. Interest the fund receives might be taxable.
Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated Baa or higher (Prime-3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody's ratings; percentages may include bonds or derivatives not rated by Moody's but rated by Standard & Poor's or, if unrated by S&P, by Fitch, and then included in the closest equivalent Moody's rating. Ratings will vary over time. Credit quality includes bonds and represents only the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the not-rated category. The fund itself has not been rated by an independent rating agency.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.