The Putnam Pennsylvania Tax Exempt Income Fund Class R6 is an actively managed municipal bond mutual fund. Its primary purpose is to provide investors with current income exempt from federal income tax and, to the extent possible, Pennsylvania state personal income tax. The fund accomplishes this by investing chiefly in investment-grade municipal securities issued by Pennsylvania state and local governments, agencies, or other qualifying entities. Key features of the fund include broad sector allocation, with significant exposure to health care, education, local general obligation, and transportation sectors. The portfolio’s credit quality is concentrated in AA, A, and BBB rated bonds, and it maintains a relatively long weighted average maturity to capture stable income over time. With over 100 holdings and a moderate effective duration, the fund aims to balance income generation with interest rate risk, serving as a valuable tool for investors seeking tax-efficient income within the Pennsylvania municipal market. Its monthly dividend distributions and institutional R6 share class structure make it suited for sophisticated investors, such as retirement plans, with an emphasis on cost efficiency and professional management.
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