Putnam Pennsylvania Tax Exempt Income Fund Class C is a municipal bond mutual fund focused on generating a high level of current income that is exempt from federal income tax and Pennsylvania personal income tax. It primarily invests in debt issued by state and local entities within Pennsylvania, spanning sectors such as education, healthcare, transportation, and essential services. According to fund disclosures, holdings include revenue and general obligation bonds tied to institutions like school districts, health systems, universities, and regional authorities, reflecting diversified exposure across the state’s municipal market. The fund is categorized within the Muni Pennsylvania segment, emphasizing at least 80% allocation to Pennsylvania municipal debt and aiming to benefit Pennsylvania residents seeking tax-advantaged income. Class C shares carry a higher ongoing expense structure typical of level-load share classes, an important feature for evaluating cost relative to peers. With an intermediate-to-long interest rate profile and credit exposure characteristic of state-specific muni strategies, the fund’s role in the market is to provide tax-efficient income while channeling capital to public infrastructure and services across Pennsylvania.
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