Putnam Strategic Intermediate Municipal Fund Class A is an actively managed municipal bond mutual fund focused on delivering a high level of current income that is exempt from federal income tax while emphasizing capital preservation. The portfolio primarily invests in tax‑exempt municipal securities across states and sectors, with latitude to adjust interest‑rate exposure and credit mix within an intermediate profile. The strategy typically targets an average maturity in the mid‑single to low‑double‑digit years and an effective duration around the intermediate range, aligning with the Muni National Intermediate category. It diversifies across revenue and general obligation bonds tied to areas such as housing, health care, transportation, education, and utilities, with exposure to multiple large issuing states. The fund may hold a portion of bonds subject to the alternative minimum tax and manages credit quality across high‑grade and mid‑investment‑grade tiers. This approach positions the fund as a core tax‑exempt income holding for investors seeking federally tax‑free distributions and balanced interest‑rate risk within the municipal market’s intermediate segment.
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