Leaving Franklin Templeton

Clicking OK below will take you to an independent site. Information and services provided on this independent site are not reviewed by, guaranteed by, or endorsed by Franklin Templeton or its affiliates. Please keep in mind that this independent site's terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton's site. Franklin Templeton is not liable for any direct or indirect technical or system issues, consequences or damages arising from your use of this independent website.
Fixed Income

PSMEX Putnam Short-Term Municipal Income Fund

  • Tax-advantaged income. Pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
  • Focus on total return. Seeks to offer a competitive yield and the potential for price appreciation while striving to protect investors' capital through prudent security selection and active risk management.
  • High-quality, short-term portfolio. The national portfolio features a range of high-quality, short-term bonds that seek to provide tax-free income with lower interest-rate sensitivity.

Popular Documents

View All
NAV 1 $0.01(0.05%)
$9.95
As of 10/24/2025
YTD Total Returns At NAV 2
3.58%
As of 10/24/2025
Total Net Assets
$174.47M
As of 09/30/2025 (Updated Monthly)

Sign in to view documents

This feature is not available at your firm

Mutual fund to Exchange Traded Fund (ETF) reorganization

Effective after market close on October 24, 2025, this mutual fund reorganized into Franklin Short-Term Municipal Income ETF.

Skipped to Overview Section Content

Overview

Fund Facts

Fund description

The fund seeks as high a level of current income exempt from federal income tax as the portfolio managers believe is consistent with preservation of capital by investing in a range of high-quality, short-term bonds with lower interest-rate sensitivity.

Fund Inception Date
N/A
Dividend Frequency, if any
N/A
Distribution Rate at NAV3 (Updated Daily)
—
30-Day SEC Yield—With Waiver4,5,6As of 09/30/2025 (Updated Monthly)
2.72%
30-Day SEC Yield—Without Waiver5,6As of 09/30/2025 (Updated Monthly)
2.64%
Taxable Equivalent Yield—With WaiverAs of 09/30/2025 (Updated Monthly)
4.59%
Taxable Equivalent Yield—Without WaiverAs of 09/30/2025 (Updated Monthly)
4.46%

Sales Charges, Expenses & Fees

Gross Expense Ratio7
N/A
Net Expense Ratio7,8
N/A
Maximum Initial Charge
N/A
CDSC
N/A
12b-1 Fee
N/A

Identifiers

Ticker
N/A
Fund Number
N/A
CUSIP Code
N/A

Average Annual Total Returns

View performance section for additional info As of 09/30/2025

Class A

  • 0.86%1 Year
  • 3.12%3 Years
  • 1.28%5 Years
  • 1.34%10 Years
  • 1.17%Since Inception
    03/18/2013

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Additional Fund Info

Share Class Inception Date
N/A
Investment Style
N/A
Lipper Classification
N/A
Morningstar Category9
Muni National Short

Sign in to view documents

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Commentary Highlights

March 31, 2025
  • Markets: The municipal (muni) bond market, as measured by the Bloomberg Municipal Bond Index, posted a slightly negative result for the first quarter of 2025 (Q1). January and February saw positive returns supported by healthy inflows of funds and steady demand, while returns posted in March reversed those gains.
  • Contributors: Security selection in AA rated bonds, security selection in AAA rated bonds, overweight allocations to BBB rated bonds and overweight allocation to bonds with no external credit rating.
  • Detractors: Overweight allocation to muni bonds with 10 or more years to maturity, underweight allocation to muni bonds with two years to maturity, security selection in A rated bonds and security selection in BBB rated bonds.
  • Outlook: Potential policy changes under US President Donald Trump’s administration, such as the possible elimination of tax exemptions for certain bonds and the cancellation of federal leases, are adding uncertainty to the muni market outlook, alongside broader concerns about how federal decisions may impact local economies.
Franklin Templeton Fixed Income
Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

January 8, 2026

Flash Insights: Notes on Venezuela

January 6, 2026

Central Bank Watch: Steady as she goes

December 22, 2025

The road ahead: Trends, risks and opportunities

December 18, 2025

Emerging markets debt 2026 outlook

Sign in to view documents

Sign in to view documents

Skipped to Distributions Section Content

Distributions & Tax

Federal ID Number 46-1611103

For information on tax years prior to 2008, please contact us

2025 tax information will be available in early February

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Data not currently available.
Skipped to Documents Section Content

Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Putnam Short-Term Municipal Income FundDownload Document
Product Commentary - Putnam Short-Term Municipal Income FundDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Putnam Short-Term Municipal Income Fund - Class AMailed hardcopies unavailable.Download Document
Annual Financial Statements and Other Information - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document
Semi-Annual Report - Putnam Short-Term Municipal Income Fund - Class AMailed hardcopies unavailable.Download Document
Semi-Annual Financial Statements and Other Information - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document
Prospectus - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document
Summary Prospectus - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document
Statement Of Additional Information - Putnam Funds TrustMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Putnam Short-Term Municipal Income FundMailed hardcopies unavailable.Download Document

Sign in to view documents

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Active management does not ensure gains or protect against market declines. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund's prospectus.

Sign in to view documents

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. 

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. 

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC. 

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov. 

Footnotes

  1. Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.

  2. Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.

  3. Distribution Rate is calculated by annualizing the daily accrual, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.

  4. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  5. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  6. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

  7. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  8. Net Expense Ratio represents the expense ratio applicable to investors. 

  9. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.