PMVTX

About PMVTX

Putnam Minnesota Tax Exempt Income Fund Class R6 is a single-state municipal bond mutual fund focused on providing a high level of current income that is exempt from federal income tax and Minnesota personal income tax. The portfolio primarily invests in Minnesota-issued municipal securities, spanning sectors such as education, health care, local government, utilities, housing, and transportation, with a notable tilt toward higher-quality credits in the AA and A ranges. The fund targets intermediate-to-long interest-rate exposure, reflected in its effective duration and weighted average maturity, and pays dividends on a monthly schedule. Benchmarked to the Bloomberg Municipal Bond Index, it serves investors seeking state-specific tax-exempt income and diversified access to Minnesota’s municipal market through revenue bonds and general obligations. The strategy typically limits alternative minimum tax exposure and maintains moderate turnover, aiming for efficient implementation of credit and yield positioning within the Minnesota muni landscape. The fund is scheduled to be reorganized into Franklin Minnesota Municipal Income ETF within the Putnam ETF Trust, reflecting an evolution toward an exchange-traded structure while preserving the state-focused, tax-exempt mandate.