Investment objective & strategy
As of Jan. 28, 2025 · prospectusObjective. The fund seeks as high a level of current income exempt from federal income tax as the Investment Manager (as defined below) believes is consistent with preservation of capital.
Strategy. Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments, which for purposes of this policy exclude investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the funds shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. Investments We invest mainly in bonds that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (i.e., three years or longer). Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments, which for purposes of this policy exclude investments paying interest subject to the federal AMT for individuals. This investment policy cannot be changed without the approval of the funds shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.
Top holdings
As of Sept. 30, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NEW YORK ST URBAN DEV CORP SALES TAX REVENUE | — | $10.52M | 2.03% |
| Wisconsin Health & Educational Facilities Authority | — | $7.94M | 1.53% |
| New York State Thruway Authority (TOBs) | — | $7.38M | 1.42% |
| Williamson (County of), TX Industrial Development Board, Series 2023, RB | — | $6.77M | 1.31% |
| Putnam Short Term Investment Fund, Class P | — | $6.47M | 1.25% |
| MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE | — | $6.33M | 1.22% |
| Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene), Series 2019, RB | — | $6.28M | 1.21% |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, RB | — | $6.23M | 1.20% |
| PORT HOUSTON TX AUTH REGD B/E 5.00000000 | — | $5.91M | 1.14% |
| TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE | — | $5.87M | 1.13% |
Portfolio moves
Jun 30, 2025 → Sep 30, 2025How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Franklin Municipal Income ETF | 84% | 0.30% |
| Putnam Municipal Opportunities Trust | 22% | — |
| Putnam Tax-Free High Yield Fund · PTHAX, PTHYX | 14% | 0.69% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Expense ratio as of January 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of September 30, 2025, from the fund's N-PORT filing.
- Total return for calendar year 2024, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.