Investment objective & strategy
As of March 25, 2026 · 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. The fund invests mostly in bonds (including general obligation bonds and revenue obligation bonds) that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds the fund invests in are mainly investment-grade in quality. Under normal circumstances, the fund invests at least 80% of its 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. The Investment Manager may consider, among other factors, credit, interest rate and prepayment risks, as well as general … The fund invests mostly in bonds (including general obligation bonds and revenue obligation bonds) that pay interest that is exempt from federal income tax (but that may be subject to federal alternative minimum tax (AMT)) and that have short-term maturities (i.e., three years or less). The bonds the fund invests in are mainly investment-grade in quality. Under normal circumstances, the fund invests at least 80% of its 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. The Investment Manager 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 Feb. 27, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Putnam Government Money Market Fund, Class P | PGLXX | $7.70M | 4.68% |
| KNOXVILLE TN CMNTY DEV CORP MF REVENUE | — | $3.01M | 1.82% |
| WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000 | WHGFAC | $2.52M | 1.53% |
| King County Housing Authority, Series 2008 | — | $2.51M | 1.52% |
| CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE | — | $2.50M | 1.52% |
| Water Works Board of the City of Birmingham (The), Series 2024 | BIRWTR | $2.50M | 1.52% |
| OWEN CO-VAR-REF-REMK | — | $2.31M | 1.40% |
| MAIN STR NAT GA 4% 07/01/2052 MT | MAIUTL | $2.24M | 1.36% |
| CA ST UNIV-B2 | — | $2.17M | 1.32% |
| Oro Grande Elementary School District | — | $2.14M | 1.30% |
Portfolio moves
Nov 28, 2025 → Feb 27, 2026How 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 | 71% | 0.33% |
| Franklin Federal Limited-Term Tax-Free Income Fund · FFTFX, FTFZX, FFTRX, FFLQX | 18% | 0.38% |
| Putnam Strategic Intermediate Municipal Fund · PPNAX, PTFIX | 7% | 0.56% |
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 February 27, 2026, from the fund's N-PORT filing.
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