Putnam Strategic Intermediate Municipal Fund Class R6 is an actively managed municipal bond mutual fund focused on delivering federally tax‑exempt income while preserving capital. The strategy invests primarily in investment‑grade municipal securities with an intermediate interest‑rate profile, targeting a balance between income generation and interest‑rate sensitivity. The portfolio spans essential public‑finance sectors such as housing, health care, utilities, transportation, education, and industrial development revenue bonds, reflecting diversified exposure to revenue-backed issuers and selected general obligations. The fund’s risk posture is shaped by its broad credit quality mix concentrated in AA and A ratings, complemented by selective BBB exposure, and by an intermediate effective duration designed to manage rate volatility. Geographically, the holdings are diversified across major issuing states, including Texas, New York, California, and Florida, supporting liquidity and breadth across the national muni market. The fund employs benchmark‑aware positioning versus intermediate municipal bond indices while maintaining flexibility to adjust along the yield curve and across sectors as market conditions evolve, aiming to provide consistent, tax‑advantaged income within a disciplined risk framework.
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