Putnam Minnesota Tax Exempt Income Fund Class A is a single‑state municipal bond mutual fund focused on generating a high level of current income that is exempt from federal and Minnesota personal income taxes. The fund primarily invests in Minnesota municipal securities, including revenue and general obligation bonds tied to essential public sectors such as education, healthcare, utilities, transportation, and local government finance, reflecting its mandate to support state and local infrastructure and services. Portfolio characteristics typically include intermediate to long interest‑rate exposure and a diversified mix of investment‑grade credits, aiming to balance tax‑advantaged income with credit and duration risks inherent to municipal markets. The fund serves Minnesota residents seeking tax‑efficient income within a professionally managed vehicle and may feature a front‑end sales charge structure associated with its share class. It occupies a role within the muni market’s state‑specific category, channeling capital to Minnesota issuers while providing investors access to localized credit opportunities and the potential benefits of double tax exemption on interest distributions.
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