Putnam Strategic Intermediate Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Putnam Strategic Intermediate Municipal Fund held 870 positions with $2.41B in net assets. Its ten largest holdings made up 11.6% of the fund. The PPNAX share class costs 0.9% a year. Over the 12 months to May 2026, PPNAX returned 6.7%, with dividends reinvested. In 2026 Q3 it added 92 new positions and exited 55.
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.
The fund invests primarily in municipal bonds exempt from federal income tax, maintaining an average dollar-weighted maturity between three and ten years, and may hold investment-grade and below-investment-grade securities across any duration and maturity. At least 80% of net assets are committed to tax-exempt investments, though up to 20% may be invested in taxable securities. Below-investment-grade municipal bonds carry greater sensitivity to changes in credit conditions, market conditions, and interest rates.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Putnam Short Term Investment Fund | 2.91% | $70.06M | — |
Texas Transportation Finance Corp. 5.50% · due 2055-10-01 | 1.53% | $36.87M | — |
Main Street Energy, Inc. 5.00% · due 2033-12-01 | 1.09% | $26.32M | — |
City of Los Angeles Department of Airports 5.25% · due 2040-05-15 | 0.95% | $22.79M | — |
Kentucky Public Energy Authority 5.00% · due 2033-12-01 | 0.90% | $21.67M | — |
City of New York NY 5.25% · due 2046-09-01 | 0.89% | $21.36M | — |
Colorado Health Facilities Authority 5.00% · due 2044-08-01 | 0.88% | $21.05M | — |
Southeast Energy Authority A Cooperative District 5.00% floating · due 2055-05-01 | 0.84% | $20.30M | — |
Energy Southeast A Cooperative District 5.25% floating · due 2054-07-01 | 0.80% | $19.23M | — |
Dallas Fort Worth International Airport 5.25% · due 2042-11-01 | 0.79% | $18.94M | — |
The 200 largest of 870 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 96.96% |
| Other | 2.91% |
| Securitized | 1.13% |
| Cash & short-term | 0.54% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
How it has done
C000010817 share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.58%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
Putnam Strategic Intermediate Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.56% – 1.65%· PPNAX 0.90%
- Portfolio turnover
- 41.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
92 new· the largest 8
55 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 84.6% |
| Floating rate | 15.3% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 1.5% |
| 3-5y | 3.5% |
| 5-10y | 18.2% |
| 10y+ | 75.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.17 yr |
| High yield | +1.05 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 1% |
| 5 yr | 0.56 yr | 9% |
| 10 yr | 3.33 yr | 52% |
| 30 yr | 2.38 yr | 37% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.07 yr | 1% |
| 5 yr | 0.54 yr | 9% |
| 10 yr | 3.26 yr | 53% |
| 30 yr | 2.34 yr | 38% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $117 | $288 |
| 1 yr | +0.08 | +0.01 | +0.07 | $1.7k | $15.8k |
| 5 yr | +0.56 | +0.21 | +0.32 | $51.2k | $77.8k |
| 10 yr | +3.33 | +2.93 | +0.34 | $704.3k | $80.8k |
| 30 yr | +2.38 | +2.02 | +0.32 | $485.2k | $76.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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