$TFI

The Putnam Strategic Intermediate Municipal Fund's Q4 2025 commentary reflects optimism about the municipal bond market, particularly driven by a stable economic outlook and favorable interest rate policies. The commentary suggests that municipal bonds remain an attractive investment, with expectations of steady demand from both institutional and retail investors. The fund's performance has benefited from strategic allocations in higher-quality bonds and an emphasis on credit analysis. Overall, the municipal bond sector is anticipated to maintain resilience amid changing fiscal strategies. Investors are encouraged to consider these insights for strategic positioning in their portfolios.

Northern Limited Term Tax-Exempt Fund's Q4 2025 commentary indicates a positive outlook for municipal bonds due to a declining interest rate environment and increased demand for tax-exempt investments. The fund's performance has been bolstered by strong credit quality among municipal issuers. Investors are advised to consider the favorable macroeconomic indicators that may benefit similar funds. However, potential tax law changes could pose a risk in the long term. Overall, while the current market conditions are supportive, vigilance is required regarding future policy shifts.