NPORT-EX 2 PTEIF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38905-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Tax
Exempt
Income
Fund
2
Notes
to
Schedule
of
Investments
14
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited),
June
30,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
102.9%
Alabama
1.4%
a
Black
Belt
Energy
Gas
District
,
Revenue
,
2019
A-1
,
Mandatory
Put
,
4
%
,
12/01/25
...
$
7,690,000
$
7,697,049
Alaska
1.6%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash,
Revenue,
2019
A,
4%,
10/01/39
......................
2,575,000
2,391,888
Dena'
Nena'
Henash,
Revenue,
2019
A,
4%,
10/01/44
......................
6,930,000
6,013,571
8,405,459
Arizona
2.9%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/37
.......................................................
1,100,000
1,043,007
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/51
.............
2,000,000
1,648,020
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/61
.............
2,120,000
1,662,161
b
Somerset
Academy
of
Las
Vegas,
Revenue,
144A,
2021
A,
4%,
12/15/51
........
700,000
527,897
City
of
Phoenix
Civic
Improvement
Corp.
,
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/43
.......................................
1,000,000
1,127,614
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
3,500,000
3,328,635
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
b
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2015
A,
Refunding,
5%,
7/01/35
........................................................
100,000
100,021
b
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2016
A,
Refunding,
5%,
7/01/35
........................................................
150,000
150,033
GreatHearts
Arizona
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
..........
1,000,000
983,159
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/36
.
1,010,000
1,010,093
b
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
144A,
2012
,
5
%
,
3/01/32
.................
200,000
200,020
Maricopa
County
Industrial
Development
Authority
,
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
C,
5%,
7/01/48
..........
600,000
585,485
Horizon
Community
Learning
Center,
Inc.,
Revenue,
2016,
Refunding,
5%,
7/01/35
350,000
350,800
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/36
.........
250,000
247,510
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
1,900,000
2,034,845
Revenue,
2007-1,
5%,
12/01/37
.......................................
500,000
521,357
15,520,657
California
6.9%
b
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
850,000
685,750
Fountains
at
Emerald
Park,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
8/01/56
..
5,975,000
3,871,947
California
Housing
Finance
Agency
,
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
..........
2,989,690
2,792,426
California
Municipal
Finance
Authority
,
Terry
Manor
Senior
Housing
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.2
%
,
8/01/40
......................................
3,585,000
3,474,560
b
California
Pollution
Control
Financing
Authority
,
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2012
,
5
%
,
11/21/45
...................................
3,500,000
3,324,137
b
City
&
County
of
San
Francisco
,
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
144A,
2022
A
,
4
%
,
9/01/42
........................
2,000,000
1,772,841
City
of
Los
Angeles
,
Community
Facilities
District
No.
11,
Special
Tax,
2021,
4%,
9/01/46
............
1,460,000
1,241,404
Department
of
Airports,
Revenue,
2021
D,
Pre-Refunded,
5%,
5/15/46
..........
5,000
5,466
Department
of
Airports,
Revenue,
2022
C,
Refunding,
4%,
5/15/35
.............
1,500,000
1,501,115
b
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
4/01/57
........................................................
1,600,000
1,106,078
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
2,350,000
1,519,382
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
CSCDA
Community
Improvement
Authority,
(continued)
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
$
4,300,000
$
2,859,949
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
3,250,000
2,141,497
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
2019-ML05
,
A-US
,
3.4
%
,
1/25/36
2,974,666
2,801,105
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2022
A
,
5
%
,
7/01/46
.........................................................
1,000,000
1,014,401
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/41
....................................................
800,000
737,022
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
5,
Special
Tax,
2021,
4%,
9/01/45
....................................................
860,000
764,704
M-S-R
Energy
Authority
,
Revenue
,
2009
A
,
6.5
%
,
11/01/39
....................
2,250,000
2,692,009
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2021
A
,
Refunding
,
5
%
,
5/01/35
...................
3,000,000
3,146,321
37,452,114
Colorado
4.2%
City
&
County
of
Denver
,
Airport
System,
Revenue,
2022
A,
5.5%,
11/15/35
.........................
2,000,000
2,200,452
Airport
System,
Revenue,
2022
A,
5%,
11/15/37
...........................
1,450,000
1,510,743
Airport
System,
Revenue,
2022
A,
5.5%,
11/15/38
.........................
2,100,000
2,255,667
c
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/37
...............
2,500,000
2,755,122
c
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/38
...............
3,175,000
3,470,493
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group,
Revenue,
Second
Tier,
2025,
5.5%,
9/15/54
..........
1,255,000
1,213,926
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
4,100,000
3,326,531
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/45
................
1,000,000
988,477
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
6
%
,
12/01/55
.............
250,000
264,155
d
E-470
Public
Highway
Authority
,
Revenue
,
2004
A
,
Refunding
,
NATL
Insured
,
3.88
%,
9/01/34
.........................................................
5,000,000
3,526,372
Vauxmont
Metropolitan
District
,
GO
,
2019
,
Refunding
,
AG
Insured
,
3.25
%
,
12/15/50
.
1,293,000
966,869
22,478,807
Connecticut
0.7%
Connecticut
Housing
Finance
Authority
,
Revenue
,
2014
B-1
,
4.1
%
,
11/15/39
.......
1,685,000
1,632,927
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/34
........
1,500,000
1,502,256
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/34
...
600,000
640,315
3,775,498
Delaware
0.1%
Delaware
State
Economic
Development
Authority
,
ASPIRA
of
Delaware
Charter
Operations,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/42
..................
730,000
599,673
Florida
5.4%
b
Capital
Trust
Authority
,
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/55
.............................................
335,000
313,444
d
City
of
Tampa
,
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
5.25%,
9/01/42
..............
830,000
344,849
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
5.55%,
9/01/49
..............
2,250,000
610,075
Double
Branch
Community
Development
District
,
Assessments
,
Special
Assessment,
Senior
Lien
,
2013
A-1
,
Refunding
,
4.25
%
,
5/01/34
.........................
890,000
888,302
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Development
Finance
Corp.
,
b
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
6/01/51
........................................................
$
1,300,000
$
1,141,540
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/45
..........
600,000
500,074
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/55
..........
750,000
577,464
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
2/01/52
....................................................
2,250,000
1,796,368
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
1,000,000
920,916
a
Miami-Dade
County
Housing
Finance
Authority
,
Fairfield
Running
Brook
II
LP
,
Revenue
,
2023
,
Mandatory
Put
,
3.55
%
,
1/01/26
...........................
6,525,000
6,529,460
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2022,
4%,
10/01/52
...............
7,265,000
6,119,153
Orlando
Health
Obligated
Group,
Revenue,
2023
A,
5%,
10/01/42
.............
1,250,000
1,277,101
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/32
...............
5,000,000
5,081,239
b
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/36
.....
315,000
290,075
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/41
.....
425,000
358,058
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/51
.....
830,000
633,808
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/56
.....
805,000
596,776
b
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.8
%
,
5/01/55
....................................................
700,000
638,197
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/15/39
..........................
500,000
478,228
29,095,127
Georgia
1.9%
DeKalb
County
Housing
Authority
,
HADC
1086
on
Montreal
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
......................................................
5,000,000
4,901,515
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
3,300,000
3,478,755
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/54
...................................................
1,750,000
1,815,672
10,195,942
Hawaii
0.5%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
A
,
Refunding
,
5
%
,
7/01/38
.............................................
2,500,000
2,755,791
Idaho
0.2%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
4.375
%
,
3/01/53
............................
1,515,000
1,334,928
Illinois
7.1%
Chicago
Board
of
Education
,
GO,
2015
C,
5.25%,
12/01/39
........................................
1,500,000
1,482,845
GO,
2021
A,
5%,
12/01/35
...........................................
1,910,000
1,938,867
GO,
2021
A,
5%,
12/01/40
...........................................
1,800,000
1,765,530
Chicago
Housing
Authority
,
Revenue
,
2018
A
,
5
%
,
1/01/31
....................
4,540,000
4,715,988
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2022
A
,
5.5
%
,
1/01/55
..
3,825,000
3,902,358
City
of
Chicago
,
GO,
2021
A,
Refunding,
4%,
1/01/36
...................................
3,850,000
3,625,336
GO,
2025
A,
6%,
1/01/50
............................................
1,500,000
1,548,698
Illinois
Finance
Authority
,
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/47
.........................
500,000
464,152
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/41
..............................
$
725,000
$
646,915
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/51
..............................
1,500,000
1,221,446
Riverside
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
4%,
11/15/31
500,000
502,030
University
of
Illinois,
Revenue,
2023
A,
5%,
10/01/48
.......................
2,500,000
2,517,118
University
of
Illinois,
Revenue,
2023
A,
5.25%,
10/01/53
.....................
2,500,000
2,537,081
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
....................
2,900,000
2,361,015
St.
Clair
County
Community
Unit
School
District
No.
187
Cahokia
,
GO,
2024
A,
AG
Insured,
5%,
1/01/49
..................................
1,000,000
1,019,139
GO,
2024
A,
AG
Insured,
5%,
1/01/54
..................................
1,000,000
1,012,491
State
of
Illinois
,
GO,
2017
A,
5%,
12/01/31
...........................................
2,870,000
2,957,553
GO,
2023
B,
5.25%,
5/01/40
.........................................
2,650,000
2,758,098
GO,
2023
B,
5.25%,
5/01/41
.........................................
1,250,000
1,293,928
38,270,588
Indiana
1.7%
Indiana
Finance
Authority
,
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2024
A,
Refunding,
5%,
10/01/43
.......
1,550,000
1,606,674
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2024
A,
Refunding,
5%,
10/01/45
.......
1,000,000
1,029,913
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2019
A,
5.25%,
2/01/54
.....................................
3,500,000
3,531,888
Revenue,
2023
B,
4.125%,
2/01/52
....................................
3,185,000
2,832,672
9,001,147
Iowa
0.9%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/46
...........................................
3,850,000
3,186,221
Iowa
Higher
Education
Loan
Authority
,
University
of
Dubuque
,
Revenue
,
2025
,
6
%
,
10/01/55
........................................................
1,490,000
1,533,490
4,719,711
Kentucky
1.7%
a
Kentucky
Public
Energy
Authority
,
Revenue
,
2020
A
,
Mandatory
Put
,
4
%
,
6/01/26
...
5,000,000
5,020,954
Louisville
Regional
Airport
Authority
,
Revenue,
2014
A,
Refunding,
5%,
7/01/30
...............................
1,000,000
1,000,447
Revenue,
2014
A,
Refunding,
5%,
7/01/31
...............................
415,000
415,161
Louisville/Jefferson
County
Metropolitan
Government
,
Norton
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/31
........................
1,135,000
1,153,610
University
of
Kentucky
,
Revenue
,
2024
,
5
%
,
10/01/43
........................
1,700,000
1,771,302
9,361,474
Louisiana
1.8%
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC,
Revenue,
Senior
Lien,
2024,
5.5%,
9/01/59
......
3,250,000
3,301,133
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2025
A,
Refunding,
5.25%,
5/15/55
........................................................
2,500,000
2,540,253
a
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
A-3
,
Refunding
,
Mandatory
Put
,
2.2
%
,
7/01/26
........................................
4,000,000
3,950,026
9,791,412
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
0.1%
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/36
......................................................
$
750,000
$
755,576
Massachusetts
0.7%
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2011
A
,
5.1
%
,
12/01/30
.......
590,000
590,507
Massachusetts
Port
Authority
,
Revenue
,
2016
B
,
4
%
,
7/01/46
..................
3,500,000
3,055,746
3,646,253
Michigan
1.4%
City
of
Detroit
,
GO,
2023
C,
6%,
5/01/43
............................................
500,000
539,882
GO,
B-1,
4%,
4/01/44
...............................................
2,137,784
1,672,815
Karegnondi
Water
Authority
,
County
of
Genesee
,
Revenue
,
2018
,
Refunding
,
5
%
,
11/01/36
........................................................
1,285,000
1,315,087
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group,
Revenue,
2021,
4%,
11/15/45
................
1,125,000
898,681
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/31
.......
455,000
442,008
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/43
.......
695,000
566,235
Michigan
Finance
Authority
,
College
for
Creative
Studies,
Revenue,
2015,
Refunding,
5%,
12/01/45
.........
250,000
222,715
Lawrence
Technological
University
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
2/01/32
..................................................
1,855,000
1,872,385
Michigan
State
Housing
Development
Authority
,
Revenue
,
2014
A
,
4.45
%
,
10/01/34
.
100,000
99,998
7,629,806
Minnesota
0.6%
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
1,150,000
1,120,564
Duluth
Economic
Development
Authority
,
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/31
........................................................
1,000,000
950,726
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
........................................................
1,250,000
1,093,995
3,165,285
Mississippi
0.3%
City
of
Gulfport
,
Memorial
Hospital
at
Gulfport
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
.........................................................
1,875,000
1,906,707
Missouri
3.1%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/34
....................................................
2,000,000
1,783,927
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/40
....................................................
2,300,000
1,824,169
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/43
....................................................
1,400,000
1,059,532
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
B,
Refunding,
4%,
5/01/45
....................................................
1,750,000
1,281,941
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
2,700,000
2,675,240
City
of
Kansas
City
Airport,
Revenue,
2020
A,
4%,
3/01/39
...................
5,215,000
4,901,404
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis,
Revenue,
2020,
AG
Insured,
5%,
10/01/40
..................
1,000,000
1,025,954
City
of
St.
Louis,
Revenue,
2020,
AG
Insured,
5%,
10/01/45
..................
2,250,000
2,262,787
16,814,954
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nebraska
0.5%
Omaha
Public
Power
District
,
Revenue
,
2023
A
,
5.25
%
,
2/01/48
................
$
2,500,000
$
2,604,343
Nevada
1.0%
City
of
Las
Vegas
,
Special
Improvement
District
No.
818
,
Special
Assessment
,
2024
,
5
%
,
12/01/54
.....................................................
1,200,000
1,107,430
b
City
of
Sparks
,
Revenue,
Senior
Lien
,
144A,
2019
A
,
Refunding
,
2.75
%
,
6/15/28
....
465,000
454,174
c
Las
Vegas
Convention
&
Visitors
Authority
,
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2018
B
,
5
%
,
7/01/43
.......................
3,900,000
3,914,915
5,476,519
New
Hampshire
2.6%
New
Hampshire
Business
Finance
Authority
,
Revenue,
2024-1,
A,
4.25%,
7/20/41
...................................
1,971,758
1,882,587
a
Revenue,
2024-1,
A,
Mandatory
Put,
4.15%,
10/01/34
......................
1,500,000
1,450,598
Revenue,
2024-2,
A,
3.625%,
8/20/39
..................................
3,376,563
3,093,413
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021
B,
4%,
8/15/38
............
1,000,000
945,200
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021
B,
4%,
8/15/39
............
1,100,000
1,025,552
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021
B,
4%,
8/15/41
............
1,000,000
902,195
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Southern
New
Hampshire
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/37
....
4,500,000
4,510,966
13,810,511
New
Jersey
1.7%
New
Jersey
Economic
Development
Authority
,
Port
Newark
Container
Terminal
LLC,
Revenue,
2017,
Refunding,
5%,
10/01/37
...
3,000,000
3,021,131
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AG
Insured,
5%,
6/01/37
....................................................
1,250,000
1,265,134
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
......................................
1,000,000
1,004,007
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/36
....
4,000,000
4,056,129
9,346,401
New
Mexico
0.7%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
2,000,000
1,680,734
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2012
,
5
%
,
5/15/32
......................................................
2,155,000
2,156,122
3,836,856
New
York
10.1%
Brookhaven
Local
Development
Corp.
,
Long
Island
Community
Hospital
at
NYU
Langone
Health
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4.5
%
,
10/01/25
..
605,000
605,277
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2023
A
,
5
%
,
3/15/44
.........................................................
10,000,000
10,353,136
New
York
City
Housing
Development
Corp.
,
Revenue,
2019
J,
3.35%,
11/01/65
.....................................
5,670,000
4,042,256
Revenue,
2020
D
1-B,
Refunding,
FHA
Insured,
2.4%,
11/01/50
...............
4,000,000
2,393,304
Revenue,
2020
I-1,
2.55%,
11/01/45
....................................
3,075,000
2,066,547
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
BAM
Insured,
3%,
11/15/51
...................
3,500,000
2,405,215
Port
Authority
of
New
York
&
New
Jersey,
Revenue,
1WTC
2021,
Refunding,
2.75%,
2/15/44
........................................................
5,250,000
3,700,576
c
New
York
State
Thruway
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
C
,
5
%
,
3/15/54
...............................................
7,200,000
7,287,080
New
York
Transportation
Development
Corp.
,
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
10/31/46
............
2,000,000
1,687,793
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Transportation
Development
Corp.,
(continued)
Empire
State
Thruway
Partners
LLC,
Revenue,
2021,
4%,
4/30/53
.............
$
3,000,000
$
2,392,672
Laguardia
Gateway
Partners
LLC,
Revenue,
2016
A,
5%,
7/01/46
.............
2,000,000
1,938,920
b
Oneida
Indian
Nation
of
New
York
,
Revenue,
144A,
2024
A,
8%,
9/01/40
...................................
575,000
581,425
Revenue,
144A,
2024
B,
6%,
9/01/43
...................................
825,000
868,700
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
207th,
Refunding,
5%,
9/15/29
................................
3,525,000
3,665,985
c
Revenue,
218th,
5%,
11/01/49
........................................
4,745,000
4,712,359
Triborough
Bridge
&
Tunnel
Authority
,
Sales
Tax
,
Revenue
,
2022
A
,
5.25
%
,
5/15/57
..
5,600,000
5,730,098
54,431,343
North
Carolina
0.9%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
3/01/36
........................................................
900,000
857,455
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
3/01/41
........................................................
1,050,000
931,010
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
3/01/51
........................................................
2,000,000
1,567,262
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
A,
5%,
10/01/39
...................................................
250,000
255,984
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
A,
5.125%,
10/01/54
................................................
1,500,000
1,469,383
5,081,094
North
Dakota
0.4%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
AG
Insured
,
3
%
,
12/01/46
...........................................
2,000,000
1,451,951
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2025
A
,
5
%
,
7/01/50
...........
500,000
496,562
1,948,513
Ohio
2.0%
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/41
.......
230,000
212,202
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/46
.......
950,000
818,503
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/53
......
2,500,000
2,429,355
Confluence
Community
Authority
,
County
of
Franklin
Economic
Development
,
Revenue
,
2019
,
4
%
,
5/01/39
.........................................
750,000
726,904
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2012
,
5
%
,
1/01/32
.........................................................
745,000
745,457
County
of
Scioto
,
Southern
Ohio
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
2/15/34
.............................................
645,000
648,900
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/58
............................................
2,740,000
2,726,574
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5.5
%
,
12/01/43
..............................
145,000
127,555
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Pre-Refunded,
4%,
1/01/43
....................................................
15,000
15,463
Department
of
Transportation,
Revenue,
2015,
AG
Insured,
5%,
12/31/35
........
1,750,000
1,750,834
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/41
455,000
399,863
10,601,610
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Others
1.6%
e
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
FRN
,
2024-ML22
,
A-US
,
4.546
%
,
10/25/40
..................................................
$
2,728,203
$
2,782,461
FHLMC,
Multi-family
VRD
Certificates
,
Revenue
,
2019-ML53
,
A
,
2.55
%
,
6/15/35
....
6,925,000
6,123,293
8,905,754
Pennsylvania
3.5%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
1/01/46
.....
3,500,000
3,045,567
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/30
........................................
845,000
845,157
Indiana
County
Industrial
Development
Authority
,
Foundation
for
Indiana
University
of
Pennsylvania
(The)
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/54
......
1,000,000
870,221
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
AG
Insured
,
5.75
%
,
12/31/62
..
2,250,000
2,335,925
Pennsylvania
Turnpike
Commission
,
Revenue,
2019
A,
4%,
12/01/49
.......................................
2,160,000
1,887,606
Revenue,
2021
B,
3%,
12/01/51
.......................................
2,000,000
1,372,999
Revenue,
A,
4.9%,
12/01/44
..........................................
5,000,000
5,027,631
Philadelphia
Authority
for
Industrial
Development
,
Independence
Charter
School
West,
Revenue,
2019,
4%,
6/15/29
.............
175,000
170,083
Independence
Charter
School
West,
Revenue,
2019,
5%,
6/15/39
.............
500,000
466,197
St.
Joseph's
University,
Revenue,
2017,
5%,
11/01/47
......................
2,350,000
2,250,039
Pittsburgh
School
District
,
GO
,
2021
,
3
%
,
9/01/38
...........................
1,000,000
844,727
19,116,152
Rhode
Island
0.8%
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien
,
2025
A
,
5
%
,
12/01/44
..
1,000,000
980,491
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
3,250,000
3,222,417
4,202,908
South
Carolina
2.7%
Lexington
County
Health
Services
District,
Inc.
,
Lexington
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/01/31
.....
750,000
757,539
Lexington
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/01/32
.....
750,000
754,858
South
Carolina
Jobs-Economic
Development
Authority
,
Bon
Secours
Mercy
Health,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/44
.....
1,300,000
1,147,834
Novant
Health
Obligated
Group,
Revenue,
2024
A,
5.5%,
11/01/54
.............
5,000,000
5,183,801
South
Carolina
Public
Service
Authority
,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
..............................
4,000,000
4,007,246
Revenue,
2025
B,
Refunding,
5%,
12/01/48
..............................
2,750,000
2,756,018
14,607,296
South
Dakota
0.4%
County
of
Lincoln
,
Augustana
College
Association,
Revenue,
2021
A,
Refunding,
4%,
8/01/41
......
1,400,000
1,195,073
Augustana
College
Association,
Revenue,
2021
A,
Refunding,
4%,
8/01/56
......
1,000,000
750,172
1,945,245
Tennessee
2.9%
a
Johnson
City
Health
&
Educational
Facilities
Board
,
Roan
Hill
LP
,
Revenue
,
2023
,
Mandatory
Put
,
3.6
%
,
12/01/26
.......................................
3,000,000
3,021,797
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Provident
Group
-
UTK
Properties
LLC,
Revenue,
2024
A-1,
BAM
Insured,
5.25%,
7/01/49
........................................................
1,250,000
1,269,245
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Knox
County
Health
Educational
&
Housing
Facility
Board,
(continued)
Provident
Group
-
UTK
Properties
LLC,
Revenue,
2024
A-1,
BAM
Insured,
5.5%,
7/01/54
........................................................
$
1,000,000
$
1,025,405
Provident
Group
-
UTK
Properties
LLC,
Revenue,
2024
A-1,
BAM
Insured,
5.5%,
7/01/59
........................................................
1,750,000
1,787,429
Memphis-Shelby
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
7/01/45
.........
2,000,000
1,982,933
a
Williamson
County
Industrial
Development
Board
,
ECG
Wood
Duck
LP
,
Revenue
,
2023
,
Mandatory
Put
,
5
%
,
5/01/27
.....................................
6,625,000
6,792,045
15,878,854
Texas
8.6%
Arlington
Higher
Education
Finance
Corp.
,
Riverwalk
Education
Foundation,
Inc.,
Revenue,
2019,
PSF
Guaranty,
4%,
8/15/44
3,600,000
3,268,955
Riverwalk
Education
Foundation,
Inc.,
Revenue,
2025,
PSF
Guaranty,
4.5%,
8/15/60
1,000,000
909,906
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
1,125,000
1,086,198
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2020
A
,
Refunding
,
3
%
,
8/15/40
3,550,000
2,928,773
City
of
Galveston
,
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5.5%,
8/01/40
..............
500,000
521,001
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5.5%,
8/01/41
..............
500,000
518,785
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5.5%,
8/01/42
..............
500,000
517,024
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5.5%,
8/01/43
..............
400,000
412,310
Wharves
&
Terminal,
Revenue,
First
Lien,
2024
A,
5.5%,
8/01/44
..............
550,000
562,574
City
of
Irving
,
Hotel
Venue
Tax,
Revenue,
2019,
Refunding,
5%,
8/15/31
...................
100,000
102,603
Hotel
Venue
Tax,
Revenue,
2019,
Refunding,
5%,
8/15/33
...................
240,000
244,207
Hotel
Venue
Tax,
Revenue,
2019,
Refunding,
5%,
8/15/34
...................
300,000
304,978
Hotel
Venue
Tax,
Revenue,
2019,
Refunding,
5%,
8/15/36
...................
430,000
433,061
Hotel
Venue
Tax,
Revenue,
2019,
Refunding,
5%,
8/15/39
...................
600,000
584,609
Clifton
Higher
Education
Finance
Corp.
,
Braination,
Inc.,
Revenue,
2024,
PSF
Guaranty,
4.5%,
8/15/54
................
2,280,000
2,152,954
IDEA
Public
Schools,
Revenue,
2021
T,
PSF
Guaranty,
4%,
8/15/40
............
1,500,000
1,419,603
IDEA
Public
Schools,
Revenue,
2021
T,
PSF
Guaranty,
4%,
8/15/47
............
1,410,000
1,239,634
YES
Prep
Public
Schools,
Inc.,
Revenue,
2023,
PSF
Guaranty,
4.25%,
4/01/48
...
2,525,000
2,335,394
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
1,500,000
1,491,989
c
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2018
A
,
5
%
,
10/01/48
...........
4,500,000
4,489,230
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/28
....................
830,000
829,947
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.25
%
,
10/01/54
...................................................
1,250,000
1,180,582
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/34
150,000
132,357
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/37
220,000
180,985
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/38
200,000
160,049
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/39
250,000
194,850
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/40
225,000
170,442
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/44
500,000
349,307
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
600,000
398,822
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.
,
Revenue
,
2022
A
,
Refunding
,
6
%
,
5/15/52
.............................................
3,250,000
3,479,030
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
2,250,000
2,332,872
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC,
Revenue,
2018
B-1,
AG
Insured,
4%,
7/01/48
1,705,000
1,415,050
Westminster
Manor
Obligated
Group,
Revenue,
2021,
4%,
11/01/55
............
250,000
198,982
Port
Authority
of
Houston
of
Harris
County
Texas
,
Revenue,
First
Lien
,
2023
,
5
%
,
10/01/48
........................................................
5,745,000
5,829,434
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
SA
Energy
Acquisition
Public
Facility
Corp.
,
Revenue
,
2007
,
5.5
%
,
8/01/25
........
$
250,000
$
250,328
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
11/15/37
.......
2,750,000
2,759,632
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
1,175,000
1,067,498
46,453,955
Utah
2.6%
County
of
Utah
,
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/15/41
.............................................
5,000,000
5,006,644
Utah
Charter
School
Finance
Authority
,
Utah
Charter
Academies,
Revenue,
2018,
UT
CSCE
Insured,
5%,
10/15/31
......
530,000
545,689
Utah
Charter
Academies,
Revenue,
2018,
UT
CSCE
Insured,
5%,
10/15/33
......
420,000
429,860
Utah
Charter
Academies,
Revenue,
2018,
UT
CSCE
Insured,
5%,
10/15/38
......
720,000
727,462
Utah
Infrastructure
Agency
,
Revenue,
2021,
4%,
10/15/32
........................................
500,000
493,418
Revenue,
2021,
4%,
10/15/33
........................................
1,225,000
1,200,549
Revenue,
2021,
4%,
10/15/34
........................................
800,000
775,925
Revenue,
2021,
4%,
10/15/36
........................................
300,000
282,795
Revenue,
2021,
4%,
10/15/38
........................................
500,000
459,708
Revenue,
2021,
4%,
10/15/41
........................................
500,000
439,813
Revenue,
2021,
3%,
10/15/45
........................................
1,000,000
691,426
Utah
State
Building
Ownership
Authority
,
State
of
Utah
,
Revenue
,
2022
,
5
%
,
5/15/41
.
2,960,000
3,104,739
14,158,028
Virginia
1.0%
Henrico
County
Economic
Development
Authority
,
Bon
Secours
Health
System,
Inc.
Obligated
Group
,
Revenue
,
1992
,
AG
Insured
,
ETM,
5.929
%
,
8/23/27
..........
5,150,000
5,326,592
Washington
3.6%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/49
..................................................
3,325,000
3,635,617
Port
of
Seattle
,
Revenue,
2022
B,
Refunding,
5%,
8/01/37
...............................
1,500,000
1,559,232
Revenue,
2022
B,
Refunding,
5%,
8/01/38
...............................
3,000,000
3,093,138
Revenue,
2022
B,
Refunding,
5%,
8/01/41
...............................
2,000,000
2,024,920
Revenue,
2022
B,
Refunding,
5%,
8/01/47
...............................
1,000,000
994,735
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
3,840,038
3,614,297
Revenue,
2023-1,
A,
3.375%,
4/20/37
..................................
3,250,063
2,956,996
e
Revenue,
FRN,
2024-1,
A,
4.085%,
3/20/40
..............................
1,095,056
1,029,245
b
Provident
Group
-
SH
II
Properties
LLC,
Revenue,
144A,
2025
A,
BAM
Insured,
5.25%,
7/01/64
..................................................
500,000
491,833
19,400,013
West
Virginia
0.2%
County
of
Ohio
,
Tax
Allocation,
2024,
Refunding,
5.25%,
6/01/44
...........................
500,000
495,252
Tax
Allocation,
2024,
Refunding,
5.25%,
6/01/53
...........................
750,000
721,696
1,216,948
Wisconsin
3.9%
Public
Finance
Authority
,
Revenue,
2023-1,
A,
5.75%,
7/01/62
...................................
1,427,605
1,432,345
CFC-SA
LLC,
Revenue,
Senior
Lien,
2022
A,
5%,
2/01/62
...................
2,000,000
1,878,849
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
b
CHF
-
Manoa
LLC,
Revenue,
Senior
Lien,
144A,
2023
A,
5.75%,
7/01/53
........
$
2,000,000
$
1,904,993
b
Dominium
Holdings
I
LLC,
Revenue,
144A,
2024-1,
B-1,
6.81%,
4/28/36
........
1,600,000
1,627,067
b
Roseman
University
of
Health
Sciences,
Revenue,
144A,
2022,
4%,
4/01/42
.....
830,000
701,098
b
Roseman
University
of
Health
Sciences,
Revenue,
144A,
2022,
Pre-Refunded,
4%,
4/01/42
........................................................
20,000
21,022
Triad
Math
&
Science
Academy
Co.,
Revenue,
2025,
Refunding,
5.25%,
6/15/65
..
250,000
233,824
TrIPs
Obligated
Group,
Revenue,
2012
B,
Refunding,
5.25%,
7/01/28
..........
575,000
575,467
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/56
........................................................
2,000,000
1,306,579
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
4/01/36
........................................................
7,825,000
7,761,821
Hmong
American
Peace
Academy
Ltd.,
Revenue,
2020,
5%,
3/15/50
...........
1,375,000
1,281,086
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2024
A,
5.5%,
2/15/54
2,200,000
2,306,113
21,030,264
U.S.
Territories
6.0%
District
of
Columbia
5.2%
District
of
Columbia
,
GO,
2023
A,
5%,
1/01/45
............................................
5,000,000
5,143,439
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/39
............
2,000,000
2,022,081
KIPP
DC
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
..........
2,500,000
2,541,464
KIPP
DC
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/48
..........
1,250,000
1,218,120
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2022
A,
Refunding,
5%,
10/01/31
.......................
2,500,000
2,703,794
d
Dulles
Toll
Road,
Revenue,
Senior
Lien,
2010
A,
4.86%,
10/01/37
.............
11,000,000
6,148,769
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/36
........
1,490,000
1,479,199
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/37
........
3,140,000
3,077,033
c
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/44
........
2,050,000
1,905,512
c
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/53
........
2,050,000
1,699,308
27,938,719
Puerto
Rico
0.8%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/37
....................
1,550,000
1,478,289
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
...
2,900,000
2,670,124
4,148,413
Total
U.S.
Territories
....................................................................
32,087,132
Total
Municipal
Bonds
(Cost
$581,315,715)
.....................................
555,840,289
a
a
a
a
Short
Term
Investments
0.3%
U.S.
Government
and
Agency
Securities
0.1%
d,f
U.S.
Treasury
Bills,
4.22%,
10/02/25
.....................................
400,000
395,639
Total
U.S.
Government
and
Agency
Securities
(Cost
$395,920)
....................
395,639
Putnam
Tax
Exempt
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
At
June
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
See
A
bbreviations
on
page
16
.
Short
Term
Investments
(continued)
a
a
Shares
a
Value
a
Money
Market
Funds
0.2%
g,h
Putnam
Short
Term
Investment
Fund,
Class
P,
4.581%
.......................
1,244,814
$
1,244,814
Total
Money
Market
Funds
(Cost
$1,244,814)
...................................
1,244,814
Total
Short
Term
Investments
(Cost
$1,640,734)
.................................
1,640,453
a
Total
Investments
(Cost
$582,956,449)
103.2%
..................................
$557,480,742
Floating
Rate
Notes
Issued
(4.0)%
.............................................
(21,656,004)
Other
Assets,
less
Liabilities
0.8%
.............................................
4,534,351
Net
Assets
100.0%
...........................................................
$540,359,089
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
June
30,
2025,
the
aggregate
value
of
these
securities
was
$32,342,037,
representing
6.0%
of
net
assets.
c
Underlying
security
in
a
tender
option
bond
transaction.
These
securities
have
been
segregated
as
collateral
for
financing
transactions.
d
The
rate
shown
represents
the
yield
at
period
end.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
June
30,
2025,
the
value
of
this
security
pledged
amounted
to
$360,031,
representing
0.1%
net
assets.
g
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
U.S.
Treasury
Ultra
Bonds
......................
Short
58
$
6,909,250
9/19/25
$
(223,871)
Total
Futures
Contracts
......................................................................
$(223,871)
*
As
of
period
end.
Putnam
Tax
Exempt
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Tax
Exempt
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
closing
price
of
the
day.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
June
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Putnam
Tax
Exempt
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
June
30,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Tax
Exempt
Income
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.581%
......
$9,638,253
$92,581,564
$(100,975,003)
$—
$—
$1,244,814
1,244,814
$407,250
Total
Affiliated
Securities
...
$9,638,253
$92,581,564
$(100,975,003)
$—
$—
$1,244,814
$407,250
Level
1
Level
2
Level
3
Total
Putnam
Tax
Exempt
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
555,840,289
$
—
$
555,840,289
Short
Term
Investments
...................
1,244,814
395,639
—
1,640,453
Total
Investments
in
Securities
...........
$1,244,814
$556,235,928
$—
$557,480,742
Liabilities:
Other
Financial
Instruments:
Futures
Contracts
........................
$
223,871
$
—
$
—
$
223,871
Total
Other
Financial
Instruments
.........
$223,871
$—
$—
$223,871
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Tax
Exempt
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
ETM
Escrow
to
Maturity
FHA
Federal
Housing
Administration
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GO
General
Obligation
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.