Tax Exempt Income Fund  (PTAEX)

Seeking a high level of tax-free income since 1976


Track this fund

Objective

The fund seeks as high a level of current income exempt from federal income tax as we believe to be consistent with preservation of capital.

Strategy and process

  • Tax-advantaged income: The fund pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
  • Focus on performance: The portfolio managers seek a competitive yield and to protect investor's capital through careful investment analysis and risk management.
  • A diversified portfolio: A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.64
-0.12% | $-0.01
$8.70
11/08/17
$8.40
12/01/16
Historical fund price

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.

22.07%

Best 5-year annualized return

(for period ending 12/31/86)


-1.95%

Worst 5-year annualized return

(for period ending 12/31/81)


7.10%

Average 5-year annualized return


Fund facts as of 10/31/17

Total net assets
$1,011.11M
Turnover (fiscal year end)
35%
Dividend frequency (view rate)
Monthly
Number of holdings
526
Fiscal year-end
September
CUSIP / Fund code
746870104 / 0009
Inception date
12/31/76
Category
Tax-free Income
Open to new investors
Ticker
PTAEX

Management team


Portfolio Manager

Portfolio Manager


Literature

Fund documents

Fact Sheet (A share) (PDF)
Fact Sheet (Y share) (PDF)
Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Brochure (PDF)
Proxy voting results (Form N-PX) (PDF)
Quarterly Commentary (PDF)
Comparing Putnam's tax-free income funds (PDF)

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Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 0.88% 3.05% 2.78% 4.21%
After sales charge -3.16% 1.65% 1.95% 3.79%
Bloomberg Barclays Municipal Bond Index 0.87% 3.19% 3.01% 4.52%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 10/31/17 0.37 % -3.64 %
YTD as of 11/20/17 5.29 % 1.08 %

Yield

Distribution rate before sales charge
as of 11/20/17
3.17%
Distribution rate after sales charge
as of 11/20/17
3.05%
30-day SEC yield as of 10/31/17
(after sales charge)
1.81%

Risk-adjusted performance as of 10/31/17

Sharpe ratio (3 yrs.) 0.94
Information ratio (3 yrs.) -0.08

Volatility as of 10/31/17

Standard deviation (3 yrs.) 2.86%
Beta 0.87
R-squared 0.97

Lipper rankings as of 10/31/17

General & Insured Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 13% 32/256
3 yrs. 40% 87/222
5 yrs. 53% 106/201
10 yrs. 41% 62/153

Morningstar ratings as of 10/31/17

Muni National Long Rating Funds in category
Overall (136)
3 yrs. (136)
5 yrs. (127)
10 yrs. (103)

Distributions

Accrual days 32
Accrual start date 10/02/17
Accrual end date 10/31/17
Payable date 10/31/17
Non-taxable income $0.022110314
Extra taxable income $0.0

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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 for a managed product 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 returns, 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 returns. 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.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top 10 holdings as of 10/31/17

Ny Dorm Univ Edl -A 05.5000 05/15/2019 1.58%
Henrico Indl-Reg Link 05.9290 08/23/2027 1.35%
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 1.23%
Ny Dorm City Univ 2nd 06.0000 07/01/2020 1.21%
Ca St-Var Purp 05.5000 03/01/2040 1.13%
Reno S/Tax-Var-Rf-Ret 00.9700 06/01/2042 0.99%
Great Lakes Wtr-C-Ref 05.0000 07/01/2036 0.88%
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028 0.86%
Dist Of Columbia-D 05.0000 06/01/2041 0.85%
California St-Ref 04.0000 11/01/2032 0.77%
Top 10 holdings, percent of portfolio 10.85%

Full portfolio holdings as of 09/30/17

NY DORM UNIV EDL -A 05.5000 05/15/2019 1.57%
HENRICO INDL-REG LINK 05.9290 08/23/2027 1.34%
N TX TWY CAB-REF-I 06.5000 01/01/2043 1.22%
NY DORM CITY UNIV 2ND 06.0000 07/01/2020 1.20%
CA ST-VAR PURP 05.5000 03/01/2040 1.12%
RENO S/TAX-VAR-RF-RET 00.9900 06/01/2042 0.95%
PORT AUTH NY & NJ-205 05.0000 11/15/2047 0.89%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.86%
DIST OF COLUMBIA-D 05.0000 06/01/2041 0.84%
N TX HWY CABS-REF-1ST 00.0000 01/01/2028 0.84%
CALIFORNIA ST-REF 04.0000 11/01/2032 0.76%
ID HSG & FIN 04.0000 07/15/2030 0.73%
MA TRANS-SR-B 05.0000 01/01/2037 0.72%
NC ESTN PWR-REF-CTFS 06.0000 01/01/2018 0.71%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.70%
IN BD BK SER A 05.2500 10/15/2021 0.70%
HARRIS CULT ED VAR-C1 00.8700 12/01/2024 0.69%
MASSACHUSETTS ST-J 05.0000 12/01/2037 0.68%
NJ TRN FD CAB-SER C 00.0000 12/15/2024 0.68%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.68%
CHICAGO 2002B 05.5000 01/01/2037 0.65%
MS BUS-VAR-E-CHEVRON 00.9200 12/01/2030 0.65%
SACRAMENTO FING-CAB-A 00.0000 12/01/2022 0.65%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.65%
DALLAS AREA RAPID-A 05.0000 12/01/2046 0.64%
PA ST UNIV-A 05.0000 09/01/2042 0.64%
MA DEV FIN AGY 05.2500 10/01/2041 0.62%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.62%
BAY AREA CA TOLL AUTH 04.0000 04/01/2032 0.61%
DC WTR & SWR AUTH-B 05.0000 10/01/2035 0.59%
PA TNPK CMMN-A 05.0000 12/01/2044 0.59%
CALIFORNIA ST 05.0000 11/01/2047 0.58%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.58%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.58%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.58%
NEW YORK NY 05.0000 10/01/2036 0.58%
WASHINGTON ST 05.0000 08/01/2035 0.58%
NYC MUNI WTR FIN-CC 05.0000 06/15/2046 0.57%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.57%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.57%
TEXAS ST-HWY IMPT 05.0000 04/01/2044 0.57%
ATLANTA WTR-REF 05.0000 11/01/2040 0.56%
MIAMI-DADE CNTY AVTN 05.0000 10/01/2041 0.55%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.55%
E STROUDSBRG SD-UNREF 05.0000 09/01/2027 0.54%
WASHINGTON ST-A-COPS 05.0000 07/01/2034 0.54%
LOUISVILLE & JEFFERSO 04.0000 10/01/2034 0.52%
MASSACHUSETTS ST 04.0000 04/01/2046 0.52%
UNION UTILS-A-REF 05.2500 12/01/2031 0.52%
MA SCH BLDG AUTH-C 05.0000 08/15/2037 0.51%
MET TRANS AUTH-A2A 01.3600 11/01/2026 0.51%
HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 0.50%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.50%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.49%
TEXAS CITY ARCO PIPE 07.3750 10/01/2020 0.48%
FARMINGTON PCR-B 04.7000 09/01/2024 0.47%
AMERICAN MUNI PWR-A 05.0000 02/15/2041 0.46%
CA UNIV REVENUE-A-REF 05.0000 11/01/2038 0.46%
MARICOPA PCR--A 07.2500 02/01/2040 0.46%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.46%
N TOLLWAY-PREREF-A 06.0000 01/01/2025 0.46%
GAINESVILLE HOSP-A 05.0000 02/15/2036 0.45%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.44%
TN ENERGY 05.2500 09/01/2020 0.44%
NYC TRANSTNL FIN-E1 05.0000 02/01/2038 0.43%
NJ ECON DEV-MSU HSG 05.8750 06/01/2042 0.42%
CA ST PUBLIC WKS-A 05.0000 04/01/2029 0.41%
SEATTLE LIGHT/PWR-C 04.0000 09/01/2047 0.41%
DASNY INCOME TAX-E 05.0000 02/15/2044 0.40%
NYC TRANSTNL FIN-E1 05.0000 02/01/2039 0.40%
VICTORIA UTL SYS-REF 05.0000 12/01/2027 0.40%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.39%
CHICAGO ARPT-F 05.0000 01/01/2040 0.39%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.39%
GLENDALE INDL DEV-REF 05.0000 05/15/2039 0.39%
HOUSTON ARPT-A-REF 05.0000 07/01/2025 0.39%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.39%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.39%
MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 0.38%
DC WTR & SWR AUTH-B 05.0000 10/01/2037 0.37%
NJ ECON DEV-AA-UNREF 05.2500 12/15/2033 0.37%
BRAZOS HBR-DOW CHEM 05.9000 05/01/2038 0.36%
SUNRISE UTIL-UNREF 05.2000 10/01/2022 0.36%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.35%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2030 0.34%
NJ TRANSN TR FD-A 06.0000 06/15/2035 0.34%
CHICAGO IL 06.0000 01/01/2038 0.33%
MASS DEV FIN AGY-C 05.2500 10/01/2029 0.33%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.33%
MONTGOMERY INDL-A-AQU 05.2500 07/01/2042 0.33%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.33%
ATLANTA WTR-REF 05.0000 11/01/2043 0.32%
CAMPBELL CNTY 05.7500 07/15/2039 0.32%
CHICAGO WSTWTR 05.0000 01/01/2044 0.32%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.32%
ILLINOIS ST 05.0000 11/01/2036 0.32%
MSR ENERGY 06.5000 11/01/2039 0.32%
NY ENERGY VAR-A1-BROO 01.5930 12/01/2020 0.32%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.32%
RVRSIDE LSE CORP-HOSP 00.0000 06/01/2025 0.32%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.32%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.31%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.31%
NJ HLTH ST JOSEPHS 06.6250 07/01/2038 0.31%
NJ TPK SER E 05.2500 01/01/2040 0.31%
OREGON ST-F 05.0000 05/01/2039 0.31%
CHICAGO BOE CAB-SCH-A 00.0000 12/01/2018 0.30%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.30%
MD HLTH&HGR EDU AUTH 05.0000 07/01/2039 0.30%
CHICAGO WSTWTR 05.0000 01/01/2039 0.29%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.29%
NJ ST HLTH-REF-A 05.0000 07/01/2035 0.29%
NY DORM CITY UNIV 2ND 05.7500 07/01/2018 0.29%
PITTSBURGH-B 05.0000 09/01/2025 0.28%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2029 0.28%
IL FIN-RUSH UNIV-B 07.2500 11/01/2038 0.27%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.26%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.26%
ILLINOIS ST-REF 05.0000 02/01/2028 0.26%
MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 0.26%
MISSION ECON-VAR-A 01.1000 01/01/2020 0.26%
CT HLTH & EDUCTNL-A 01.3000 07/01/2048 0.25%
GLENDALE AZ EXCISE TA 05.0000 07/01/2031 0.25%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.25%
MASS ED FIN AUTH -B 05.7000 01/01/2031 0.25%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.25%
NC MED CR-A-DEERFIELD 06.0000 11/01/2033 0.25%
PA TNPK CMMN-A 05.0000 12/01/2038 0.25%
WASHINGTON ST HLTH CA 01.9290 01/01/2042 0.25%
IL ST-REF 05.0000 08/01/2021 0.24%
IN FIN AUTH-A-2-UNREF 00.8800 02/01/2037 0.24%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.24%
LAKELAND HOSP 05.0000 11/15/2040 0.24%
NJ HGR ED-SER A 05.6250 06/01/2030 0.24%
RAILSPLITTER 06.0000 06/01/2028 0.24%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.24%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.23%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.23%
DIST OF COLUMBIA UNIV 05.5000 04/01/2041 0.23%
DIST OF COLUMBIA-C 05.0000 06/01/2038 0.23%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.23%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.23%
MARICOPA IDA-A 05.0000 01/01/2041 0.23%
MASSACHUSETTS ST-G 04.0000 09/01/2042 0.23%
NEW YORK CITY MUNI FI 05.0000 06/15/2046 0.23%
SANTA FE RETMNT FAC 05.0000 05/15/2032 0.23%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.23%
CLIFTON HGR EDU FIN 04.0000 08/15/2031 0.22%
CO HLTH FACS AUTH-REF 05.0000 06/01/2045 0.22%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.22%
DETROIT WTR & SWR-A 05.0000 07/01/2032 0.22%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.22%
MO DEV FIN BRD-A 05.0000 06/01/2037 0.22%
NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 0.22%
OAKLAND UNIV-REF 05.0000 03/01/2039 0.22%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.22%
YOUNGSTOWN UNIV-RCPTS 05.0000 12/15/2025 0.22%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.21%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.21%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.21%
GAINESVILLE HOSP-A 05.5000 08/15/2054 0.21%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.21%
MUNIMAE TE BOND SUBS P/P 144A 05.7500 06/30/2050 0.21%
PORT AUTH OF NY/NJ 04.5000 04/01/2037 0.21%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.20%
CHICAGO WTRWKS-REMK 05.0000 11/01/2029 0.20%
KALAMAZOO HOSP REF-A 05.0000 05/15/2026 0.20%
MIAMI-DADE AVIATION-A 05.0000 10/01/2038 0.20%
OH TPK COMMN-A1-JR 05.2500 02/15/2033 0.20%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.20%
ARLINGTON HGR EDU-A 05.0000 12/01/2033 0.19%
GREATER CHICAGO MET-E 05.0000 12/01/2029 0.19%
LAKELAND HOSP 05.0000 11/15/2045 0.19%
MS BUS SYS ENERGY RES 05.8750 04/01/2022 0.19%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.19%
PA TURNPIKE-B1 05.0000 06/01/2042 0.19%
CA POLL FING AUTH 04.7500 11/01/2046 0.18%
CHICAGO WTRWKS-UNREF 05.0000 11/01/2025 0.18%
CULLMAN COUNTY 07.0000 02/01/2036 0.18%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.18%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2028 0.18%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.18%
MI ST FIN AUTH 05.0000 11/15/2042 0.18%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.18%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 0.18%
ST PAUL HSG-A-SYS 05.0000 11/15/2033 0.18%
TARRANT CNTY TX CULTU 05.0000 11/15/2046 0.18%
TX PRIVATE ACTIVITY 06.8750 12/31/2039 0.18%
WASHINGTON ST A-1 05.0000 08/01/2037 0.18%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.17%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.17%
MS BUS-VAR-A-CHEVRON 00.8500 12/01/2030 0.17%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.17%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.17%
CA FIN BIOLA UNIV 05.8750 10/01/2034 0.16%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.16%
CHESTERFIELD PCR-RF-A 05.0000 05/01/2023 0.16%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.16%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.16%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.16%
MI STRAT FD HOUSE -A 05.2500 10/15/2021 0.16%
MIDDLEBURG HGHTS HOSP 05.0000 08/01/2047 0.16%
MUNIMAE TE BOND SUBS P/P 144A 05.0000 04/30/2028 0.16%
PA ST HGR EDU FACS 05.0000 11/01/2042 0.16%
WA HLTH CARE FACS 04.0000 07/01/2036 0.16%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.15%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.15%
CUMBERLAND AUTH-A-PRE 05.2500 01/01/2019 0.15%
PA ST TRNPK-B 05.0000 12/01/2027 0.15%
SAN ANTONIO TX ELEC & 02.0000 02/01/2033 0.15%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.15%
ABAG FIN AUTH-A-REF 05.0000 07/01/2042 0.14%
AMERICAN MUNI PWR-A 05.0000 02/15/2029 0.14%
FLINT HSP-HURLEY MED 07.3750 07/01/2035 0.14%
HARRIS CULTURAL EDU-A 05.0000 06/01/2028 0.14%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.14%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.14%
PA TPK COMM-A-1 05.0000 12/01/2046 0.14%
SAN ANTONIO ARPT-IMPT 05.2500 07/01/2032 0.14%
ST PAUL PORT AUTH P/P 144A 04.5000 10/01/2037 0.14%
TARRANT EDU FAC-UNREF 05.2500 11/15/2022 0.14%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.14%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.14%
WY MUN PWR AGY-A 05.5000 01/01/2033 0.14%
CHICAGO-A-REF 05.2500 01/01/2033 0.13%
DETROIT DEV REF 1-A 04.7500 07/01/2025 0.13%
ERIE HGR ED-MERCYHURS 05.5000 03/15/2038 0.13%
HOUSTON HGR ED-A 05.0000 02/15/2032 0.13%
HUBER HEIGHTS SD-REF 05.0000 12/01/2031 0.13%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.13%
ILLINOIS ST 05.0000 11/01/2041 0.13%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.13%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.13%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.13%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.13%
PHOENIX IMPT CAB-B 05.5000 07/01/2043 0.13%
VA ST BUSINESS FING 05.0000 07/01/2034 0.13%
BRAZOS NAV AMT-A4-DOW 05.9500 05/15/2033 0.12%
HOLLAND SD-REF 05.0000 05/01/2029 0.12%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.12%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.12%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.12%
MA HSG FIN-A 05.1000 12/01/2030 0.12%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.12%
MI FIN AUTH-C-3-REF 05.0000 04/01/2026 0.12%
MYRTLE BEACH SC TAX I 05.0000 10/01/2029 0.12%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.12%
NEW YORK ST DORM AUTH 05.0000 03/15/2035 0.12%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.12%
PA UNIV-SER B 05.0000 09/01/2034 0.12%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2028 0.12%
CALEDONIA SCHS 05.0000 05/01/2039 0.11%
CHICAGO MTR FUEL TAX 05.0000 01/01/2033 0.11%
COLORADO ST HLTH FACS 05.0000 05/15/2045 0.11%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.11%
CUMBERLAND CNTY PA MU 05.0000 01/01/2033 0.11%
DETROIT CITY SD-REF-A 05.0000 05/01/2031 0.11%
DIST OF COLUMBIA 06.0000 07/01/2033 0.11%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.11%
DOUGLAS HLTH-UNREF 06.2500 07/01/2038 0.11%
FRANKLIN CNTY-A 06.1250 07/01/2040 0.11%
GAINESVILLE HOSP-A 05.0000 02/15/2037 0.11%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.11%
GRAND RAPIDS SANTN 05.0000 01/01/2035 0.11%
GUAM GOVT-30-A 05.7500 12/01/2034 0.11%
HAMILTON CO HLTH 05.0000 01/01/2032 0.11%
HOLLAND ELEC-A 05.0000 07/01/2039 0.11%
ILLINOIS ST 05.0000 11/01/2034 0.11%
LANSING WTR/LT-A 05.0000 07/01/2037 0.11%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2030 0.11%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.11%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.11%
MI BLDG AUTH-I-PREREF 06.0000 10/15/2038 0.11%
MI HSG DEV-D 03.9500 10/01/2037 0.11%
MI HSP 05.0000 11/15/2025 0.11%
MIAMI-DADE EXPRESSWY 05.0000 07/01/2044 0.11%
MINNESOTA ST HGR EDU 04.0000 03/01/2035 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2046 0.11%
OAKLAND USD-A 05.0000 08/01/2040 0.11%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.11%
PA UNIV-SER B 05.0000 09/01/2035 0.11%
PHILADELPHIA GAS WKS 05.0000 08/01/2031 0.11%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.11%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.11%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.11%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.11%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.11%
SAGINAW HOSP 05.0000 07/01/2030 0.11%
ST PUB SCH BULD AUTH 05.0000 04/01/2023 0.11%
ST PUB SCH BULD AUTH 05.0000 04/01/2024 0.11%
TARRANT CO CULT EDU 05.0000 10/01/2044 0.11%
TARRANT EDU FAC-PRERF 05.2500 11/15/2022 0.11%
TEXAS ST-REF 04.0000 10/01/2032 0.11%
WAYNE ARPT-RF-C-DETRO 05.0000 12/01/2022 0.11%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.11%
AZ SCH FACS BRD 05.7500 09/01/2022 0.10%
DC BALLPARK-SER B1 05.0000 02/01/2025 0.10%
E-470 HWY-B-LIBOR 01.8790 09/01/2039 0.10%
IN FIN AUTH-B-REF 05.0000 02/01/2027 0.10%
KY PPTY & BLDGS-B 05.0000 05/01/2029 0.10%
LWR COLORADO RIVER 05.0000 05/15/2032 0.10%
MARICOPA USD 60 -C 05.0000 07/01/2027 0.10%
MI HGR ED-ALMA CLG 05.2500 06/01/2033 0.10%
MI ST UNIV-REF-C 05.0000 08/15/2018 0.10%
NTHRN MI UNIV-GEN-A 05.0000 12/01/2026 0.10%
OK ST TPK-VAR-REF-F 00.8500 01/01/2028 0.10%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.10%
WAYNE ARPT-JR LIEN 05.0000 12/01/2025 0.10%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.09%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2035 0.09%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.09%
LOUISVILLE CLG-REF-A 06.0000 05/01/2038 0.09%
LOWER COLORADO RIVER 05.0000 05/15/2040 0.09%
MA DEV FIN AGY 05.0000 07/01/2036 0.09%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.09%
MICHIGAN ST FIN AUTH 04.5000 10/01/2029 0.09%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2025 0.09%
AZ HLTH-KIRKSVL CLG 05.1250 01/01/2030 0.08%
CA EDL FACS AUTH-A 05.0000 11/01/2030 0.08%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.08%
FLAT ROCK CMNTY SD 05.0000 05/01/2022 0.08%
MA DEV FIN AGY 05.0000 07/01/2034 0.08%
MARICOPA IDA-A 06.0000 07/01/2039 0.08%
MI PUB PWR-A 05.0000 01/01/2027 0.08%
MI ST BLDG AUTH-UNREF 06.0000 10/15/2038 0.08%
MI ST FIN AUTH-REF-A 05.0000 01/01/2034 0.08%
NEW HOPE ED FACS 05.5000 01/01/2043 0.08%
OJCO HLTH FACS AUTH-R 05.0000 06/01/2047 0.08%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.08%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.08%
TOB SETTLE-C 05.3750 06/01/2038 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.07%
CENTRL ARIZONA ST WTR 05.0000 01/01/2036 0.07%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.07%
CHICAGO O'HARE ARPT-D 05.0000 01/01/2042 0.07%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.07%
CO HLTH FACS AUTH 05.5000 06/01/2033 0.07%
CUMBERLAND AUTH-A-PRE 05.1500 01/01/2018 0.07%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.07%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.07%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.07%
ILLINOIS ST 05.0000 01/01/2041 0.07%
IN FIN AUTH-AMT-A-REF 01.1500 05/01/2034 0.07%
KY PPTY & BLDGS-B 05.0000 05/01/2028 0.07%
MA DEV FIN AGY-I 05.0000 07/01/2037 0.07%
MARICOPA POLL-REF-A 05.0000 06/01/2035 0.07%
MI HOSP FIN-PREREF 05.0000 11/15/2031 0.07%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.07%
NH HLTH & EDU FACS 05.0000 10/01/2046 0.07%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.07%
S HAVEN PUB SCHS-A 05.0000 05/01/2029 0.07%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2025 0.07%
SCIOTO CO HOSP FACS 05.0000 02/15/2034 0.07%
ARIZONA ST HLTH FACS 05.0000 12/01/2028 0.06%
CENTRAL MI UNIV-REF 05.0000 10/01/2034 0.06%
CENTRE CO HOSP-A-REF 05.0000 11/15/2041 0.06%
CORONA-NORCO SD-A 05.0000 09/01/2035 0.06%
DAUPHIN GEN AUTH-A 05.0000 06/01/2036 0.06%
GENESEE CO-WTR SPLY 05.3750 11/01/2038 0.06%
GOODYEAR W/S-SUB LIEN 05.5000 07/01/2041 0.06%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.06%
LANSING SD-I-BLDG 05.0000 05/01/2027 0.06%
LIVONIA SD-I 05.0000 05/01/2036 0.06%
MARICOPA CNTY AZ INDL 05.0000 01/01/2035 0.06%
MARICOPA CNTY AZ UNIF 05.0000 07/01/2025 0.06%
MARICOPA CO USD 89 04.0000 07/01/2027 0.06%
MI FIN AUTH-B-REF 05.0000 10/01/2029 0.06%
MI FIN AUTH-C-3-REF 05.0000 04/01/2024 0.06%
MI FIN AUTH-H-1-REF 05.0000 10/01/2030 0.06%
MI ST UNIV-A 05.0000 08/15/2038 0.06%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.06%
MICHIGAN ST FIN AUTH 05.0000 06/01/2030 0.06%
N TOLLWAY-UNREF-A 06.0000 01/01/2025 0.06%
N TX TOLL-A-UNREF 05.1250 01/01/2028 0.06%
OAKLAND BLDG AUTH 03.0000 11/01/2017 0.06%
OAKLAND UNIV-A 05.0000 03/01/2033 0.06%
PEORIA DEV AUTH 05.0000 07/01/2023 0.06%
PITTSBURGH 05.0000 09/01/2036 0.06%
QUEEN CREEK-REF 05.0000 08/01/2031 0.06%
SALT RIVER PROJ-A 05.0000 12/01/2045 0.06%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.06%
TARRANT EDU FAC-UNREF 05.2500 11/15/2027 0.06%
TROY CITY SD-SCH BLDG 05.0000 05/01/2028 0.06%
UNIV MI-A 05.0000 04/01/2039 0.06%
VT EDU HLTH BLDG FIN 05.0000 12/01/2035 0.06%
VT EDU HLTH BLDG FIN 05.0000 12/01/2036 0.06%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.06%
AZ COPS SER A 05.0000 10/01/2029 0.05%
AZ GAME/FISH AGF ADMI 05.0000 07/01/2021 0.05%
AZ SPORTS-A-REF-SR 05.0000 07/01/2030 0.05%
AZ UNIV-RF-A-AZ UNIV 05.0000 03/01/2034 0.05%
CALEDONIA SCHS 05.0000 05/01/2029 0.05%
DETROIT SD REF-C-BHAC 05.2500 05/01/2025 0.05%
E HEMPFIELD TWP IDA 05.0000 07/01/2029 0.05%
FL MUNI PWR-A-UNREF 05.0000 10/01/2031 0.05%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.05%
GILBERT PUB FAC MUNI 05.0000 07/01/2018 0.05%
GLENDALE IDA-REF-JOHN 05.0000 12/01/2042 0.05%
GRAND RAPIDS WTR-REF 05.0000 01/01/2041 0.05%
GRAND VLY UNIV-B-REF 05.0000 12/01/2029 0.05%
HENRICO ECON DEV-REF 05.0000 06/01/2023 0.05%
IL FIN AUTH 04.0000 11/15/2031 0.05%
KALAMAZOO HOSP FIN AU 04.0000 05/15/2031 0.05%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.05%
MARQUETTE LIGHT & PWR 05.0000 07/01/2024 0.05%
MI FIN AUTH-B-LOC GOV 05.0000 07/01/2034 0.05%
MI HGR ED REF-KALAMAZ 05.0000 12/01/2033 0.05%
MI STRATEGIC FUND 05.7500 11/15/2033 0.05%
MICHIGAN ST HSG DEV A 03.9500 12/01/2040 0.05%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.05%
NTHRN AZ UNIV 05.0000 06/01/2036 0.05%
OAKLAND UNIV 05.0000 03/01/2037 0.05%
OH HSG FIN SFM-1 05.0000 11/01/2028 0.05%
PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 0.05%
PHOENIX CIVIC IMPT-A 05.0000 07/01/2039 0.05%
PHOENIX WSTWTR-RF-SR 05.5000 07/01/2024 0.05%
PIMA IDA-RF-PROVIDENC 05.1250 12/01/2040 0.05%
PITTSBURGH 04.0000 09/01/2033 0.05%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.05%
UNIV MED CTR CORP 06.2500 07/01/2029 0.05%
UNIV MED CTR CORP 06.5000 07/01/2039 0.05%
YUMA IDA-A 05.2500 08/01/2032 0.05%
ARLINGTON HGR EDU-A 04.0000 12/01/2031 0.04%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.04%
DEARBORN SD-A 05.0000 05/01/2030 0.04%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.04%
HENRICO ECON DEV-REF 05.0000 06/01/2025 0.04%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.04%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.04%
MAIN ST NAT GAS INC-A 05.5000 09/15/2021 0.04%
MARICOPA IDA-REF 05.0000 07/01/2035 0.04%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.04%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.04%
MINNEAPOLIS HLTH-B1-A 00.8500 11/15/2035 0.04%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.04%
N TX TOLL AUTH-UNREF 05.6250 01/01/2033 0.04%
NC MUNI PWR 1-UNREF 05.0000 01/01/2030 0.04%
NJ ECON DEV-AA-PREREF 05.2500 12/15/2033 0.04%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.04%
STAR INTL ACDMY-REF 05.0000 03/01/2033 0.04%
STURGIS SD-A-REF 05.0000 05/01/2027 0.04%
TARRANT EDU FAC-PRERF 05.2500 11/15/2027 0.04%
WA ST HSG FIN-A-REF 05.0000 07/01/2036 0.04%
WARREN SD-A-REF 05.0000 05/01/2035 0.04%
WAYNE ST UNIV-PREREF 05.0000 11/15/2025 0.04%
WAYNE ST UNIV-UNREF 05.0000 11/15/2025 0.04%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 0.04%
ALLENDALE SD-REF 05.0000 05/01/2023 0.03%
ARIZ UNIV MED CTR 05.0000 07/01/2020 0.03%
BELDING SCHS-A-REF 05.0000 05/01/2040 0.03%
BERKLEY SD-BLDG-SITE 05.0000 05/01/2031 0.03%
CASA GRANDE-B-REF 04.0000 08/01/2027 0.03%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.03%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2034 0.03%
CO HLTH FACS-UNREF 05.2500 06/01/2022 0.03%
EL MIRAGE 05.0000 07/01/2042 0.03%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2033 0.03%
GILBERT PUB FAC MUNI 05.0000 07/01/2020 0.03%
GRAND RAPIDS-SAN SWR 05.0000 01/01/2037 0.03%
GRAND VLY MI ST UNIV 05.0000 12/01/2032 0.03%
GRAND VLY UNIV-B-REF 05.0000 12/01/2028 0.03%
GUAM GOVT HOTEL-A 06.0000 11/01/2026 0.03%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.03%
IN FIN AUTH-B-REF 01.0500 05/01/2028 0.03%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.03%
KENTWOOD SCHS-BLDG 05.0000 05/01/2041 0.03%
LAKE HAVASU CITY AZ-B 05.0000 07/01/2043 0.03%
LANSING SD-I-BLDG 05.0000 05/01/2041 0.03%
MA DEV FIN AGY 05.0000 07/01/2035 0.03%
MARICOPA IDA 05.0000 07/01/2036 0.03%
MARICOPA INDL-WSTE MG 03.3750 12/01/2031 0.03%
MARQUETTE LIGHT & PWR 05.0000 07/01/2018 0.03%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.03%
MI HOSP FIN-UNREF 05.0000 11/15/2031 0.03%
MICHIGAN ST FIN AUTH 05.0000 12/01/2045 0.03%
NTHRN AZ UNIV-REF 05.0000 06/01/2034 0.03%
NYC IDA QUEENS BASEBA 05.0000 01/01/2023 0.03%
ROCHESTER SD-I 05.0000 05/01/2036 0.03%
ROSEVILLE MI SCH DIST 05.0000 05/01/2031 0.03%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.03%
SAGINAW VLY UNIV-A 05.0000 07/01/2035 0.03%
SUNDANCE CMNTY FACS 04.0000 07/15/2024 0.03%
TEMPE AZ EXCISE TAX R 05.0000 07/01/2031 0.03%
THORNAPPLE ETC SD-REF 05.0000 05/01/2032 0.03%
VISTANCIA CMNTY FACS 05.0000 07/15/2026 0.03%
WYANDOTTE ELEC-A-REF 05.0000 10/01/2044 0.03%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.03%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.03%
YPSILANTI SD-A-REF 05.0000 05/01/2032 0.03%
ARIZONA BRD OF RGTS 05.0000 07/01/2041 0.02%
CA WTR RES-AE-UNREF 05.0000 12/01/2029 0.02%
CHICAGO MTR FUEL TAX 05.0000 01/01/2030 0.02%
FLAGSTAFF-B-REF 05.0000 07/01/2021 0.02%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.02%
GENESEE CO-WTR SPLY 05.2500 02/01/2040 0.02%
GOODYEAR CFD 1-REF 04.0000 07/15/2021 0.02%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.02%
LINCOLN SD-A-REF 05.0000 05/01/2040 0.02%
LIVONIA PUB SD-II 05.0000 05/01/2045 0.02%
LWR COLORADO RIVER 05.0000 05/15/2033 0.02%
MARICOPA USD 60-C 04.0000 07/01/2033 0.02%
MI HSG DEV-A 04.6250 10/01/2039 0.02%
MTA-A-PREREF 05.5000 11/15/2039 0.02%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.02%
PHOENIX IDA 04.8750 09/01/2022 0.02%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.02%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.02%
PHOENIX INDL DEV AUTH 05.0000 07/01/2036 0.02%
PIMA USD 6 04.0000 07/01/2028 0.02%
SAGINAW VLY UNIV-A 05.0000 07/01/2032 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
STUDENT & ACADEMIC 05.0000 06/01/2025 0.02%
WEST OTTAWA SD-I 05.0000 05/01/2035 0.02%
WSTRN MI UNIV-REF-GEN 05.2500 11/15/2030 0.02%
CHILDRENS TR FD-ASSET 05.5000 05/15/2039 0.01%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.01%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.01%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.01%
E STROUDSBRG SD-PRERF 05.0000 09/01/2027 0.01%
FLAGSTAFF 04.0000 07/01/2027 0.01%
FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 0.01%
GUAM PWR-A 05.5000 10/01/2040 0.01%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.01%
MI HSG DEV-A 04.4500 10/01/2034 0.01%
MI ST BLDG AUTH-UNREF 06.0000 10/15/2038 0.01%
MICHIGAN ST FIN AUTH 05.0000 11/01/2022 0.01%
OAKLAND UNIV-REF 05.0000 03/01/2032 0.01%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.01%
STUB 05.2500 04/01/2024 0.01%
YAVAPAI CO IDA-A 05.2500 08/01/2033 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
MARICOPA IDA SFM-A-2 05.8000 07/01/2040 0.00%
RED RIVER HLTH FAC-A 05.1500 11/15/2027 0.00%
RED RIVER HLTH FAC-A 06.0500 11/15/2046 0.00%
RED RIVER HLTH FAC-D 06.0500 11/15/2046 0.00%
RED RIVER HLTH-B 06.1500 11/15/2049 0.00%
RED RIVER HLTH-C 06.2500 05/09/2053 0.00%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
Ny Dorm Univ Edl -A 05.5000 05/15/2019
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
Ca St-Var Purp 05.5000 03/01/2040
Reno S/Tax-Var-Rf-Ret 00.9700 06/01/2042
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Dist Of Columbia-D 05.0000 06/01/2041
California St-Ref 04.0000 11/01/2032
Holdings represent 10.85% of portfolio
Top 10 holdings as of 09/30/17
Ny Dorm Univ Edl -A 05.5000 05/15/2019
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
Ca St-Var Purp 05.5000 03/01/2040
Reno S/Tax-Var-Rf-Ret 01.0100 06/01/2042
Port Auth Ny & Nj-205 05.0000 11/15/2047
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Dist Of Columbia-D 05.0000 06/01/2041
Holdings represent 10.83% of portfolio
Top 10 holdings as of 08/31/17
Ny Dorm Univ Edl -A 05.5000 05/15/2019
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
Ca St-Var Purp 05.5000 03/01/2040
Reno S/Tax-Var-Rf-Ret 00.9400 06/01/2042
Port Auth Ny & Nj-205 05.0000 11/15/2047
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Dist Of Columbia-D 05.0000 06/01/2041
Holdings represent 10.84% of portfolio
Top 10 holdings as of 07/31/17
Ny Dorm Univ Edl -A 05.5000 05/15/2019
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
Ca St-Var Purp 05.5000 03/01/2040
Reno S/Tax-Var-Rf-Ret 00.8200 06/01/2042
Port Auth Ny & Nj-205 05.0000 11/15/2047
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Dist Of Columbia-D 05.0000 06/01/2041
Holdings represent 10.90% of portfolio

Portfolio composition as of 10/31/17

Municipal bonds and notes 96.58%
Cash and net other assets 3.42%

Fixed income statistics as of 10/31/17

Average stated maturity 17.53 yrs.
Average effective maturity 5.87 yrs.
Option adjusted duration 6.87 yrs.
Duration to worst 4.71 yrs.
Average yield to maturity 3.59%
Average coupon 4.81%
Average price $108.69
AMT exposure 6.78%

Quality rating as of 10/31/17

AAA 4.54%
AA 35.32%
A 37.36%
BBB 14.77%
BB 1.28%
B 0.46%
Not Rated 2.85%
Cash and net other assets 3.42%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 10/31/17

Utilities 16.39%
Health care 14.10%
State Debt 13.80%
Transportation 12.96%
Education 8.54%
Prerefunded 7.91%
Local Debt 7.73%
Special Tax 5.48%
Cash and net other assets 3.42%
 
Other
9.67%
Financials 2.11%
Industrials 1.72%
Other 1.61%
Housing 1.53%
Tobacco 1.37%
Land 1.33%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.


Expenses

Expense ratio

Class A Class B Class C Class M Class Y
Total expense ratio 0.77% 1.40% 1.55% 1.05% 0.55%
What you pay 0.77% 1.40% 1.55% 1.05% 0.55%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class Y
$0-$49,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 3.25% / 3.00% --
$50,000-$99,999 4.00% / 3.50% 0.00% / 4.00% 0.00% / 1.00% 2.25% / 2.00% --
$100,000-$249,999 3.25% / 2.75% -- 0.00% / 1.00% 1.25% / 1.00% --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% --
$500,000-$999,999 0.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- --
2 yrs. -- 4.00% 0.00% -- --
3 yrs. -- 3.00% 0.00% -- --
4 yrs. -- 3.00% 0.00% -- --
5 yrs. -- 2.00% 0.00% -- --
6 yrs. -- 1.00% 0.00% -- --
7+ yrs. -- 0.00% 0.00% -- --

Trail commissions

  Class A Class B Class C Class M Class Y
  0.15% 1 0.20% 1.00% 0.40% 0.00%
  0.20% 2 NA NA NA NA
  0.25% 3 NA NA NA NA
  1. Through 12/31/92
  2. After 12/31/92through 03/31/05
  3. After 03/31/05

For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. You cannot invest directly in an index.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.