Putnam Massachusetts Tax Exempt Income Fund Class Y is an open‑end municipal bond fund focused on generating a high level of current income that is exempt from federal income tax and Massachusetts personal income tax, consistent with capital preservation. The portfolio primarily invests in investment‑grade Massachusetts municipal securities with intermediate‑ to long‑term maturities, and maintains broad exposure across sectors such as education, health care, state general obligation, transportation, housing, and utilities to diversify revenue sources. The fund’s credit profile is anchored in higher‑quality tiers, with sizable allocations to AA and A rated bonds, complemented by AAA exposure and a measured stake in BBB and below‑investment‑grade issues. Managed within the Muni Massachusetts category, it targets at least 80% of assets in tax‑exempt investments and distributes income on a recurring basis. By concentrating on the Commonwealth’s municipal market, Putnam Massachusetts Tax Exempt Income Fund Class Y plays a specialized role for investors seeking state‑specific tax advantages and municipal diversification, supported by a long track record and third‑party recognition for risk‑adjusted performance within its peer group.
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