Leaving Franklin Templeton

Clicking OK below will take you to an independent site. Information and services provided on this independent site are not reviewed by, guaranteed by, or endorsed by Franklin Templeton or its affiliates. Please keep in mind that this independent site's terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton's site. Franklin Templeton is not liable for any direct or indirect technical or system issues, consequences or damages arising from your use of this independent website.
Fixed Income

PCTEX Putnam California Tax Exempt Income Fund

  • Tax-advantaged income. The fund offers California residents the potential for high current income that is free from federal income tax and California State personal income taxes.
  • Focus on performance. The portfolio managers seek to provide a competitive yield through a combination of careful security selection and portfolio construction strategies.
  • A diversified portfolio. A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Popular Documents

View All
NAV 1 $0.01(0.08%)
$7.34
As of 10/24/2025
YTD Total Returns At NAV 2
2.69%
As of 10/24/2025
Total Net Assets
$636.51M
As of 09/30/2025 (Updated Monthly)
Morningstar Overall Rating™ 3
As of 09/30/2025

Sign in to view documents

This feature is not available at your firm

Mutual fund to Exchange Traded Fund (ETF) reorganization

Effective after market close on October 24, 2025, this mutual fund reorganized into Franklin California Municipal Income ETF.

Skipped to Overview Section Content

Overview

Fund Facts

Fund description

The fund seeks as high a level of current income exempt from federal income tax and California personal income tax as the portfolio managers believe to be consistent with the preservation of capital.

Fund Inception Date
N/A
Dividend Frequency, if any
N/A
Distribution Rate at NAV4 (Updated Daily)
—
30-Day SEC Yield—With Waiver5,6,7As of 09/30/2025 (Updated Monthly)
3.65%
30-Day SEC Yield—Without Waiver6,7As of 09/30/2025 (Updated Monthly)
3.65%
Taxable Equivalent Yield—With WaiverAs of 09/30/2025 (Updated Monthly)
7.78%
Taxable Equivalent Yield—Without WaiverAs of 09/30/2025 (Updated Monthly)
7.78%

Sales Charges, Expenses & Fees

Gross Expense Ratio8
N/A
Net Expense Ratio8,9
N/A
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
N/A

Identifiers

Ticker
N/A
Fund Number
N/A
CUSIP Code
N/A

Average Annual Total Returns

View performance section for additional info As of 09/30/2025

Class A

  • -4.39%1 Year
  • 3.78%3 Years
  • -0.06%5 Years
  • 1.86%10 Years
  • 5.37%Since Inception
    04/29/1983

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Additional Fund Info

Share Class Inception Date
N/A
Investment Style
N/A
Lipper Classification
N/A
Morningstar Category10
Muni California Long

Sign in to view documents

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income
Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

January 8, 2026

Flash Insights: Notes on Venezuela

January 6, 2026

Central Bank Watch: Steady as she goes

December 22, 2025

The road ahead: Trends, risks and opportunities

December 18, 2025

Emerging markets debt 2026 outlook

Sign in to view documents

Sign in to view documents

Ratings 3

Morningstar logo
Overall Morningstar Rating
Overall Morningstar Rating: 3 out of 5 stars  
As of 09/30/2025
3 Years
3 Years: 3 out of 5 stars  
104 Funds in category
5 Years
5 Years: 3 out of 5 stars  
103 Funds in category
10 Years
10 Years: 3 out of 5 stars  
80 Funds in category
Rating Category
Muni California Long

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics. 

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Skipped to Distributions Section Content

Distributions & Tax

Distribution Frequency
MonthlyThis fund is an Accrual fund.
Capital Gain Distributions
December

Rates and Yields Read important information about results and other investment disclosures

Taxable Equivalent Distribution Rate 

As of 10/24/2025 (Updated Monthly)
45.42%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

10/24/2025
09/30/2025
08/29/2025
07/31/2025
06/30/2025
05/30/2025
04/30/2025
03/31/2025
02/28/2025
01/31/2025
Skipped to Documents Section Content

Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Putnam California Tax Exempt Income FundDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Putnam California Tax Exempt Income Fund - Class ADownload Document
Annual Financial Statements and Other Information - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Semi-Annual Report - Putnam California Tax Exempt Income Fund - Class AMailed hardcopies unavailable.Download Document
Semi-Annual Financial Statements and Other Information - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Prospectus - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Summary Prospectus - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Statement Of Additional Information - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Policy and Procedures - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Putnam California Tax Exempt Income FundMailed hardcopies unavailable.Download Document

Sign in to view documents

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes than a geographically diversified portfolio. Active management does not ensure gains or protect against market declines. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund's prospectus.

Sign in to view documents

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. 

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC. 

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. 

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. 

  4. Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.

  5. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  6. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  7. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

  8. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  9. Net Expense Ratio represents the expense ratio applicable to investors. 

  10. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.