Putnam Massachusetts Tax Exempt Income Fund - Class R6 is a mutual fund specializing in fixed-income investments, with the primary objective of providing investors with a high level of current income that is exempt from both federal and Massachusetts state income taxes. The fund primarily invests in municipal securities issued by Massachusetts, its counties, municipalities, authorities, and agencies, as well as in various revenue bonds from sectors such as education, healthcare, transportation, and utilities. The portfolio maintains a diversified allocation with a significant focus on higher credit quality bonds, with a majority of holdings rated AA or above. The fund is actively managed, aiming to capitalize on opportunities within the Massachusetts municipal bond market while managing risk and duration. It features a relatively low expense ratio compared to similar funds, enhancing its attractiveness to cost-conscious institutional investors. Its sector allocation demonstrates targeted exposure to public infrastructure and essential services, supporting local development while providing investors with potential stability and tax efficiency. Through regular monthly dividends, the fund serves as a key tool for investors seeking tax-advantaged income and participation in the state’s municipal bond market.
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