Investment objective & strategy
As of March 27, 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)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments, which for purposes of this policy include 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 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)). We normally maintain an average dollar-weighted maturity between three and ten years. The bonds we invest in are mainly investment-grade in quality. Under normal circumstances, we invest at least 80% of the funds net assets in tax-exempt investments, which for purposes of this policy include 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 May 31, 2025 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Short Term Investment Fund, Class P | — | $8.48M | 33.47% |
| SAN DIEGO HSG AUTH-E | — | $472.56K | 1.87% |
| State of Colorado | — | $450.86K | 1.78% |
| PROVIDENT GROUP - UTK PROPERTIES LLC BAM 5.0% 07-01-37 | — | $423.03K | 1.67% |
| Washington Metropolitan Area Transit Authority, Series 2021A | — | $383.85K | 1.52% |
| NYC NY TRANS FIN-A-1 | — | $383.34K | 1.51% |
| GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE | — | $354.26K | 1.40% |
| NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT | — | $336.06K | 1.33% |
| IRVING TX INDEP SCH DIST | — | $335.42K | 1.32% |
| TN TGYPWR 12/01/2051 | TGYPWR | $324.63K | 1.28% |
Portfolio moves
Feb 28, 2025 → May 31, 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. |
|---|---|---|
| Putnam Short-Term Municipal Income Fund | 9% | 0.33% |
| Putnam Pennsylvania Tax Exempt Income Fund · PTEPX, PPNBX | 3% | 0.59% |
| Putnam Ohio Tax Exempt Income Fund · PXOHX, POXBX | 3% | 0.61% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
| Franklin Templeton Investment Management Limited | Sub-adviser |
| Putnam Investment Management, LLC | Sub-adviser |
Footnotes
- Net assets and holdings count as of May 31, 2025, from the fund's N-PORT filing.
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