Fixed Income

PAMLX Putnam Strategic Intermediate Municipal Fund

Opportunistic strategy. Pursuing opportunities across the municipal market, the fund seeks to provide attractive income and returns with a focus on capital preservation.
An intermediate fund with more latitude. The fund has flexibility to respond to market opportunities and changes in the shape and slope of the municipal yield curve while maintaining an intermediate duration profile.
Opportunistic credit investing. While favoring investment-grade bonds, the fund can invest across the entire municipal landscape, including high-yield bonds, to leverage our team's deep municipal credit research expertise.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks as high a level of current income exempt from federal income tax as we believe is consistent with preservation of capital by pursuing opportunities across the municipal market.

Benchmark: Bloomberg 3-15 Year Blend Municipal Bond Index
Additional Benchmark: Putnam Strategic Intermediate Municipal Linked Benchmark
Fund Inception Date: 09/09/1985
Dividend Frequency, if any: Monthly
Distribution Rate at NAV⁴As of 02/06/2026 (Updated Daily): 3.82%
30-Day SEC Yield—With Waiver^5,6,7As of 12/31/2025 (Updated Monthly): 3.59%
30-Day SEC Yield—Without Waiver^6,7As of 12/31/2025 (Updated Monthly): 3.59%
Taxable Equivalent Yield—With WaiverAs of 12/31/2025 (Updated Monthly): 6.06%
Taxable Equivalent Yield—Without WaiverAs of 12/31/2025 (Updated Monthly): 6.06%

Sales Charges, Expenses & Fees

As of 12/01/2025

Gross Expense Ratio⁸: 0.56%
Net Expense Ratio^8,9: 0.56%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: PAMLX
Fund Number: 8839
CUSIP Code: 746872845

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Class R6

With Sales Charge (POP)

Without Sales Charge (NAV)

5.06%1 Year
4.72%3 Years
1.84%5 Years
2.87%10 Years
5.08%Since Inception
09/09/1985

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.

Top Sectors

View portfolio section for additional info

As of 12/31/2025 - Market Value % of Total (Updated Monthly)

Top Sectors
Housing18.27%
Industrial Dev. Revenue and Pollution Control15.20%
Transportation11.33%
Health Care10.45%
Utilities10.14%

Additional Fund Info

Share Class Inception Date: 05/22/2018
Investment Style: Municipals
Lipper Classification: Intermediate Municipal Debt Funds
Morningstar Category¹⁰: Muni National Intermediate

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

12/31/2025

Markets: In the fourth quarter of 2025, new issuance of municipal (muni) bonds exceeded the average of recent years, contributing to a full-year total 13% above last year’s figure. Muni to US Treasury (UST) ratios remained stable during the period. By quarter-end, the yield on the benchmark 10-year UST increased by two basis points (bps) to 4.17%, while the 30-year UST yield increased by 11 bps to 4.84%. The US Federal Reserve (Fed) closed the year with three consecutive 25-bp rate cut that was well received by markets, but the future path of rate cuts is unclear as Fed members differ regarding their assessment of near-term inflation and growth projections.
Contributors: Overweight allocation to bonds with no external credit rating and to bonds with 20 or more years to maturity. Security selection in A and BB rated bonds.
Detractors: Security selection in AA rated bonds and overweight allocation to BB rated bonds.
Outlook: Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis. In a more challenging environment, strong bottom-up research and disciplined security selection will be essential to identifying relative value and preserving portfolio quality.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2024

Managed Fund Since 2016

Managed Fund Since 2024

Latest Insights

January 26, 2026

European fixed income outlook—cautious optimism

January 20, 2026

The municipal bond market outlook: Continued stability—a good sign for investors

January 15, 2026

Flash Insights: Addressing US housing affordability—a targeted financing approach

January 8, 2026

Flash Insights: Notes on Venezuela

Performance

Average Annual Total Returns

As of 12/31/2025

Month End

Quarter End

As of

Class R6 - With Sales Charge (POP) (%)

Month End

As of 12/31/2025

Class R6 - Without Sales Charge (NAV) (%)

Month End

As of 12/31/2025

Bloomberg 3-15 Year Blend Municipal Bond Index (%)

Month End

As of 12/31/2025

Putnam Strategic Intermediate Municipal Linked Benchmark (%)

Month End

As of 12/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

The fund began offering Class R6 shares on 5/22/2018. Returns for periods prior to 5/22/2018 are based on the fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 4 out of 5 stars
252 Funds in category

5 Years: 5 Years: 5 out of 5 stars
231 Funds in category

10 Years: 10 Years: 5 out of 5 stars
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
175 Funds in category

Rating Category: Muni National Intermediate

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 01/31/2026

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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.

Portfolio

Assets

As of12/31/2025 (Updated Monthly)

Total Net Assets: $2.47 Billion

Positions

As of 12/31/2025 (Updated Monthly)

Number of Holdings

Fund: 897

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Average Weighted Maturity

Fund: 12.95 Years
Benchmark: 8.36 Years

Effective Duration

Fund: 6.20 Years
Benchmark: 5.12 Years

AMT Exposure

Fund: 12.51%
Benchmark: —

Sector Allocation

As of 12/31/2025 - Market Value % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Housing	18.27%
Industrial Dev. Revenue and Pollution Control	15.20%
Transportation	11.33%
Health Care	10.45%
Utilities	10.14%
Special Tax	8.08%
Education	8.02%
Local	6.31%
Other Revenue Bonds	2.65%
Lease	2.56%
State General Obligation	1.61%
Not Available	0.21%
Derivatives	0.04%
Refunded	0.01%
Cash & Cash Equivalents	5.11%

Holdings
As of 12/31/2025 (Updated Monthly)

PUTNAM SHORT TERM INVESTMENT FUND STIF USD NPV CLASS P TIS A/C # 39210

Colorado Health Facilities Authority

Texas Transportation Finance Corp

New Caney Independent School District

Tennessee Energy Acquisition Corp

City Of Los Angeles Department Of Airports

City Of New York NY

Southeast Energy Authority A Cooperative District MP

Kentucky Public Energy Authority

Energy Southeast A Cooperative District MP

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: MonthlyThis fund is an Accrual fund.
Capital Gain Distributions: December

Proposed 2026 Distribution dates for Putnam funds (excluding ETFs).

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁴

As of 02/06/2026 (Updated Daily)

At Net Asset Value (NAV) 3.82%

30-Day SEC Yield ^5,6,7

As of 12/31/2025 (Updated Monthly)

w/ Waiver 3.59%

w/o Waiver 3.59%

Taxable Equivalent Yield ⁵

As of 12/31/2025 (Updated Monthly)

w/ Waiver 6.06%

w/o Waiver 6.06%

Taxable Equivalent Distribution Rate

As of 01/30/2026 (Updated Monthly)

6.30%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

01/30/2026

Pricing

Pricing History

As of 02/06/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/06/2026

Share Prices

As of 02/06/2026

NAV ¹(Net Asset Value): $14.27
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹¹(Public Offering Price): $14.27

52-Week Range

Highest NAV As of 02/06/2026: $14.27
Lowest NAV As of 04/09/2025: $13.52

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Strategic Intermediate Municipal Fund	Download Document
Checkbox	Product Commentary - Putnam Strategic Intermediate Municipal Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Strategic Intermediate Municipal Fund - Class R6	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Strategic Intermediate Municipal Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Strategic Intermediate Municipal Fund - Class R6	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Strategic Intermediate Municipal Fund	Download Document
Checkbox	Prospectus - Putnam Strategic Intermediate Municipal Fund	Download Document
Checkbox	Summary Prospectus - Putnam Strategic Intermediate Municipal Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Strategic Intermediate Municipal FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Strategic Intermediate Municipal FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Strategic Intermediate Municipal FundMailed hardcopies unavailable.	Download Document

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.

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.

The Bloomberg 3-15 Year Blend Municipal Bond Index is an unmanaged index composed of investment-grade municipal securities ranging from 2 and 17 years in maturity. Source: Bloomberg Indices.

The Putnam Strategic Intermediate Municipal Linked Benchmark represents the performance of the Bloomberg Municipal Bond Index through August 27, 2020, and the performance of the Bloomberg 3-15 Year Blend Municipal Bond Index thereafter.

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

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.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©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.
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.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
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.
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.
Net Expense Ratio represents the expense ratio applicable to investors.
©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.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as S&P Global Ratings, Moody's Investors Service and Fitch Ratings, Inc. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO's opinion of an issuer's creditworthiness and typically range from AAA (highest) to D (lowest). The Refunded category consists of refunded bonds secured by the US government or other high-quality securities. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. The Not Applicable category consists of third-party exchange-traded funds and securities that have only a short-term rating and are not cash equivalents. Cash includes equivalents, which may be rated. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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PAMLX Putnam Strategic Intermediate Municipal Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class R6

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Sector Allocation Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³

Sector Allocation