AMT-Free Municipal Fund (Class Y)  (PAMYX)

Pursuing a high level of income exempt from taxes, including the AMT

Highlights

Objective

The fund seeks high current income exempt from federal income tax.

Strategy and process

  • Investment-grade credit quality: The fund invests in investment-grade tax-free municipal bonds to provide tax-exempt income.
  • AMT protection: The fund pursues attractive tax adjusted income by investing in bonds exempt from both federal income tax and alternative minimum tax (AMT).
  • 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 $14.78
-0.07% | $-0.01
$15.32
12/06/17
$14.78
09/25/18
Historical fund price

Fund facts as of 08/31/18

Total net assets
$328.67M
Turnover (fiscal year end)
32%
Dividend frequency (view rate)
Monthly
Number of holdings
272
Fiscal year-end
July
CUSIP / Fund code
746872886 / 1839
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PAMYX

Management team

Portfolio Manager
Portfolio Manager


Literature


Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.
Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.

Performance

Consistency of positive performance over five years

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

Performance shown above 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 see below.

9.74%

Best 5-year annualized return

(for period ending 09/30/92)


1.47%

Worst 5-year annualized return

(for period ending 09/30/08)


5.30%

Average 5-year annualized return


  • Total return (%) as of 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 2.27% 2.75% 3.63% 4.44%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays Municipal Bond Index 1.56% 2.85% 3.53% 4.43%

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. 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 Multi-Asset Absolute Return Fund, and 4.00% and 3.25% for income funds (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Fixed Income Absolute Return 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 Short Duration Bond Fund, Putnam Fixed Income Absolute Return 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, 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. 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 08/31/18 0.15 % -
YTD as of 09/25/18 -0.76 % -

Yield

Distribution rate before sales charge
as of 09/25/18
3.15%
Distribution rate after sales charge
as of 09/25/18
3.15%
30-day SEC yield as of 08/31/18 2.31%

Risk-adjusted performance as of 08/31/18

Sharpe ratio (3 yrs.) 0.66
Information ratio (3 yrs.) -0.07

Volatility as of 08/31/18

Standard deviation (3 yrs.) 2.98%
Beta 0.91
R-squared 0.97

Lipper rankings as of 08/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 116/260 45%
3 yrs. 116/234 50%
5 yrs. 101/197 52%
10 yrs. 59/156 38%
Lipper category: General & Insured Municipal Debt Funds

Morningstar Ratings as of 08/31/18

Time period Funds in category Morningstar Rating
Overall 146
3 yrs. 146
5 yrs. 128
10 yrs. 106
Morningstar category: Muni National Long

Distributions

Accrual days 34
Accrual start date 08/01/18
Accrual end date 09/03/18
Payable date 08/31/18
Non-taxable income $0.042774928
Extra taxable income --

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.


Holdings

Top 10 holdings as of 08/31/18

Dallas Area Rapid-A 05.0000 12/01/2046 2.08%
Ma Sch Bldg Auth-C 05.0000 08/15/2037 1.72%
Sacramento Fing-Cab-A 00.0000 12/01/2021 1.55%
Metro Pier Cabs-Ref-A 00.0000 12/15/2022 1.45%
Mi Strat Ref Detro-Bb 07.0000 05/01/2021 1.39%
Golden Tob-A-Cabs 00.0000 06/01/2024 1.32%
Texas St-A-Ref 05.0000 10/01/2036 1.16%
Cntrl Puget Transp-S1 05.0000 11/01/2045 1.09%
Houston-Utl Sys-B-Ref 05.0000 11/15/2036 1.06%
New Jersey St Econ De 05.0000 11/01/2026 1.04%
Top 10 holdings, percent of portfolio 13.86%

Full portfolio holdings as of 06/30/18

MA SCH BLDG AUTH-C 05.0000 08/15/2037 1.72%
TEXAS ST-A-REF-TRNSPR 05.0000 10/01/2044 1.62%
SACRAMENTO FING-CAB-A 00.0000 12/01/2021 1.51%
METRO PIER CABS-REF-A 00.0000 12/15/2022 1.40%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 1.36%
GOLDEN TOB-A-CABS 00.0000 06/01/2024 1.28%
TEXAS ST-A-REF 05.0000 10/01/2036 1.13%
CNTRL PUGET TRANSP-S1 05.0000 11/01/2045 1.06%
HOUSTON-UTL SYS-B-REF 05.0000 11/15/2036 1.03%
GAINESVILLE HOSP-A 05.0000 02/15/2037 1.01%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.99%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.99%
MS BUS FIN-VAR-C-CHEV 00.5900 12/01/2030 0.97%
VIRGINIA ST CMWLTH TR 04.0000 05/15/2033 0.96%
ID HSG & FIN 04.0000 07/15/2030 0.95%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.94%
NEW YORK-REF-C 05.0000 08/01/2032 0.94%
N TX TOLL-A-PREREF 06.2500 01/01/2024 0.89%
DC WTR & SWR AUTH-A 05.0000 10/01/2045 0.85%
DALLAS AREA RAPID-A 05.0000 12/01/2046 0.84%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.84%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.83%
KAREGNONDI WTR AUTH 05.0000 11/01/2041 0.74%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.73%
FORT BEND ISD-D-REF 01.5000 08/01/2042 0.72%
MASSACHUSETTS ST 04.0000 04/01/2046 0.70%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.70%
IL TOLL HWY AUTH-A 05.0000 12/01/2032 0.68%
LEANDER ISD-A-CIBS 05.0000 08/15/2040 0.68%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.67%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.67%
LAKELAND HOSP 05.0000 11/15/2045 0.66%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.66%
CHICAGO 2002B 05.5000 01/01/2037 0.65%
MET TRANS AUTH-A2A 01.3900 11/01/2026 0.65%
CA DEV P/P 144A 06.6250 11/15/2024 0.64%
MET WA DC ARPTS-A 05.0000 10/01/2053 0.64%
SCOTTSDALE 05.0000 09/01/2035 0.64%
MTA-C-2B-TRNSPRTN 05.0000 11/15/2034 0.63%
PA UNIV-SER B 05.0000 09/01/2034 0.63%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.62%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.61%
ST PUB SCH BLDG-A 05.0000 06/15/2033 0.61%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.60%
ILLINOIS ST 05.0000 11/01/2034 0.60%
NM ENERGY GAS VAR-B 02.1520 11/01/2039 0.60%
NYC WTR-A-1-DD-2ND GE 00.6000 06/15/2043 0.60%
PA ECON AMERN WTR PJ 06.2000 04/01/2039 0.59%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.58%
HOUSTON ISD-A-REF 04.0000 02/15/2034 0.58%
SWEETWATER PCR 05.2500 07/15/2026 0.57%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.56%
UNIV MED CTR CORP 06.5000 07/01/2039 0.56%
CHICAGO IL 06.0000 01/01/2038 0.55%
MISSISSIPPI BUS FIN 05.0000 05/01/2037 0.54%
ORLANDO REDEV AGY-REF 05.0000 04/01/2023 0.54%
KY PPTY REF-PJ NO 84 05.0000 08/01/2020 0.53%
NTHRN MI UNIV-GEN-A 05.0000 12/01/2027 0.53%
DENVER-B-SUB-ARPT REV 05.2500 11/15/2032 0.51%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.51%
ILLINOIS ST FIN AUTH 05.0000 03/01/2030 0.51%
WASHINGTON ST-D 04.0000 02/01/2034 0.50%
CLIFTON HGR EDU FIN 04.0000 08/15/2029 0.49%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.49%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2035 0.48%
BERKS MUNI-A3-PREREF 05.5000 11/01/2031 0.47%
BERKS MUNI-A3-UNREF 05.5000 11/01/2031 0.47%
MARICOPA IDA-A 04.0000 01/01/2041 0.47%
NJ TURNPIKE-A 05.0000 01/01/2033 0.46%
DE HLTH-VAR-A-CHRISTI 00.7000 10/01/2038 0.45%
GRANT CNTY WA PUBLIC 02.0000 01/01/2044 0.45%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.45%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.45%
TOBACCO SETTLEMENT-A 05.0000 06/01/2034 0.43%
DC-KIPP-SER A-REF 05.0000 07/01/2037 0.42%
PITTSBURGH-B 05.0000 09/01/2025 0.42%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.41%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.41%
OH TPK COMMN-A1-JR 05.0000 02/15/2048 0.41%
DAUPHIN GEN-UNREF 06.0000 06/01/2029 0.40%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.40%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.39%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.39%
LIBERTY HILL ISD-REF 05.0000 08/01/2030 0.39%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.39%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.39%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.39%
DAUPHIN GEN-REFD 06.0000 06/01/2029 0.37%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.37%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.36%
DC WTR & SWR AUTH-B 05.0000 10/01/2037 0.35%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.35%
HARRIS CNTY-A-REF 05.0000 08/15/2031 0.35%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.35%
CHICAGO OHARE-D 05.2500 01/01/2033 0.34%
CMWLTH FING AUTH 05.0000 06/01/2032 0.34%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.34%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.34%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2027 0.34%
KY PPTY & BLDGS 05.0000 05/01/2035 0.34%
N E REGL SWR DIST-REF 05.0000 11/15/2044 0.34%
PHILADELPHIA GAS-REF 05.0000 10/01/2034 0.34%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.34%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.33%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.33%
CHICAGO ARPT-F 05.0000 01/01/2040 0.33%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.33%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.33%
PA TPK 2ND SER REF 05.0000 12/01/2035 0.33%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.33%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.33%
WASHINGTON ST HLTH CA 02.4950 01/01/2042 0.33%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.33%
BROWARD ARPT 05.3750 10/01/2029 0.32%
CLIFTON HGR EDU FIN 04.0000 08/15/2030 0.32%
DE HLTH FACS AUTH-A 04.0000 07/01/2035 0.32%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.32%
GLENDALE INDL DEV-REF 04.0000 05/15/2029 0.32%
IL ST-REF 05.0000 08/01/2021 0.32%
ILLINOIS ST 05.0000 11/01/2029 0.32%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.32%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.32%
MA TRANS-SR-B 05.0000 01/01/2037 0.32%
MASS ED FIN AUTH -A 05.5000 01/01/2022 0.32%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.32%
MSR ENERGY 06.5000 11/01/2039 0.32%
N TX TOLLWAY AUTH REV 04.0000 01/01/2036 0.32%
OWEN WTRWKS-B 05.6250 09/01/2039 0.32%
SAN BERNARDINO CCD-A 04.0000 08/01/2033 0.32%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.32%
GLENDALE INDL DEV-REF 04.0000 05/15/2031 0.31%
KY ECON DEV-A-REF 04.0000 12/01/2041 0.31%
NJ HGR ED-SER A 05.6250 06/01/2030 0.31%
NJ ST TRANSN-B 05.2500 06/15/2036 0.31%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.31%
CT HLTH & EDUCTNL-A 01.3000 07/01/2048 0.30%
E-470 HWY-B-LIBOR 02.4450 09/01/2039 0.30%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.30%
MIDLAND CNTY BLDG 05.0000 10/01/2025 0.30%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.30%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.30%
BUCKEYE TOB ASSET-A-2 05.3750 06/01/2024 0.29%
MERCED SD CAB-ELEC 00.0000 08/01/2024 0.29%
MERCED SD CAB-ELEC 00.0000 08/01/2025 0.29%
MERCED SD CAB-ELEC 00.0000 08/01/2022 0.28%
MERCED SD CAB-ELEC 00.0000 08/01/2023 0.28%
PHILLY GAS-9TH-UNREF 05.2500 08/01/2040 0.28%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.28%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.27%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.27%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.26%
MARICOPA IDA-A 05.0000 07/01/2037 0.26%
NEW HOPE EDU FACS-A 05.0000 04/01/2035 0.26%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.26%
PA ECON DEV-VAR-REF-B 01.6500 12/01/2030 0.26%
WASHINGTON ST A-1 05.0000 08/01/2037 0.26%
ARLINGTON HGR EDU-A 05.0000 12/01/2037 0.25%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.25%
EL MIRAGE 05.0000 07/01/2042 0.25%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.25%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.25%
PENNSYLVANIA-A-COPS 05.0000 07/01/2038 0.25%
WA HLTH CARE FACS 04.0000 07/01/2036 0.25%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.24%
MI FIN AUTH-C-3-REF 05.0000 04/01/2028 0.24%
PA HGR EDL-UNIV PPTYS 05.0000 07/01/2031 0.24%
ALLEGHENY CO-C-72 05.2500 12/01/2032 0.23%
CHICAGO BOE-C-PROJ 05.2500 12/01/2035 0.23%
CHICAGO-A-REF 05.2500 01/01/2033 0.23%
FRANKLIN CNTY OH HLTH 05.0000 11/15/2034 0.23%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.23%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.23%
MA DEV SABIS INTL-A 06.8000 04/15/2022 0.23%
MONTGOMERY CNTY TOLL 05.0000 09/15/2032 0.23%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.22%
LIBERTY HILL ISD-REF 05.0000 08/01/2028 0.22%
PA TNPK CMMN-A 05.0000 12/01/2038 0.22%
PA TURNPIKE-B1 05.0000 06/01/2042 0.22%
LUCAS HLTH CARE-REF 05.5000 08/15/2030 0.21%
N TX TOLL-A-UNREF 06.2500 01/01/2024 0.21%
NEW JERSEY ST TRANSPR 05.0000 06/15/2027 0.21%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2036 0.20%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.20%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2026 0.20%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.20%
UTAH ST CHRT SCH FIN 05.0000 10/15/2030 0.20%
ILLINOIS ST 05.0000 11/01/2041 0.19%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.19%
CHICAGO WSTWTR 05.0000 01/01/2039 0.18%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.18%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.18%
TARRANT CNTY TX CULTU 05.0000 11/15/2046 0.18%
ABAG-REF 06.1250 07/01/2041 0.17%
AMERICAN MUNI PWR-A 05.0000 02/15/2026 0.17%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.17%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.17%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2028 0.17%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.17%
LEXINGTON HLTH SVCS 05.0000 11/01/2029 0.17%
MONTGOMERY CNTY TOLL 05.0000 09/15/2031 0.17%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.17%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.17%
PA ST TRNPK-B 05.0000 12/01/2026 0.17%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.17%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.17%
WARREN HLTHCR-A-REF 05.7500 07/01/2033 0.17%
ALLEGHENY HOSP DEV 05.6250 08/15/2039 0.16%
ARLINGTON HGR EDU-A 04.0000 12/01/2029 0.16%
BEXAR CO-REF 04.0000 06/15/2033 0.16%
CHICAGO MTR FUEL TAX 05.0000 01/01/2031 0.16%
CHICAGO WSTWTR 05.0000 01/01/2044 0.16%
HARRIS CULTURAL EDU-A 05.0000 06/01/2038 0.16%
IL FIN AUTH-A 05.0000 02/15/2047 0.16%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.16%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.16%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.16%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 0.16%
WILKES BARRE FIN-UNIV 05.0000 11/01/2040 0.16%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.16%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.15%
LACKAWANNA CNTY PA IN 04.0000 11/01/2040 0.15%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2033 0.14%
MA DEV FIN AGY 05.0000 07/01/2036 0.14%
MA DEV FIN-A-PREREF 05.5000 11/15/2036 0.14%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.13%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.13%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.13%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.13%
MI FIN AUTH-C 05.0000 07/01/2035 0.13%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.13%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.13%
TEXAS MUNI PWR AGY 05.0000 09/01/2035 0.13%
TEXAS MUNI PWR AGY 05.0000 09/01/2036 0.13%
ARLINGTON HGR EDU-A 04.0000 12/01/2032 0.12%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.12%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.12%
IL FIN AUTH 04.0000 11/15/2032 0.12%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.12%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.12%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.11%
ILLINOIS ST 05.0000 01/01/2041 0.11%
MARICOPA CNTY AZ INDL 05.0000 07/01/2037 0.11%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.11%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.10%
DALLAS AREA MUNI AUTH 05.0000 05/01/2029 0.10%
FOOTHILL ETC CLG DIST 05.0000 04/01/2033 0.10%
HIGH PLAINS CO MET DI 05.0000 12/01/2035 0.10%
MET PIER & EXPOSITION 05.0000 12/15/2033 0.10%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2027 0.10%
VA TRANSP BRD 04.0000 05/15/2034 0.10%
FOOTHILL ETC CLG DIST 05.0000 04/01/2035 0.09%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.09%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.09%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.08%
HI DEPT BUDGET-REF 05.2500 11/15/2037 0.08%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.08%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.08%
FOOTHILL ETC CLG DIST 05.0000 04/01/2036 0.07%
MA HSG FIN AGY-162 02.7500 12/01/2041 0.07%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.07%
PENNSYLVANIA-A-COPS 05.0000 07/01/2030 0.07%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.06%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.06%
MA DEV FIN AGY-REFD 05.5000 01/01/2030 0.06%
TEXAS ST-REF 04.0000 10/01/2032 0.06%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 0.06%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.05%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.04%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.04%
MINNESOTA ST HGR EDU 04.0000 03/01/2037 0.04%
OH HSG FIN SFM-1 05.0000 11/01/2028 0.03%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.01%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%

Prior top 10 holdings

Top 10 holdings as of 08/31/18
Dallas Area Rapid-A 05.0000 12/01/2046
Ma Sch Bldg Auth-C 05.0000 08/15/2037
Sacramento Fing-Cab-A 00.0000 12/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Golden Tob-A-Cabs 00.0000 06/01/2024
Texas St-A-Ref 05.0000 10/01/2036
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 13.86% of portfolio
Top 10 holdings as of 07/31/18
Dallas Area Rapid-A 05.0000 12/01/2046
Ma Sch Bldg Auth-C 05.0000 08/15/2037
Sacramento Fing-Cab-A 00.0000 12/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Golden Tob-A-Cabs 00.0000 06/01/2024
Texas St-A-Ref 05.0000 10/01/2036
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 13.66% of portfolio
Top 10 holdings as of 06/30/18
Ma Sch Bldg Auth-C 05.0000 08/15/2037
Texas St-A-Ref-Trnspr 05.0000 10/01/2044
Sacramento Fing-Cab-A 00.0000 12/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Golden Tob-A-Cabs 00.0000 06/01/2024
Texas St-A-Ref 05.0000 10/01/2036
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
Gainesville Hosp-A 05.0000 02/15/2037
Holdings represent 13.12% of portfolio
Top 10 holdings as of 05/31/18
Ma Sch Bldg Auth-C 05.0000 08/15/2037
Texas St-A-Ref-Trnspr 05.0000 10/01/2044
Sacramento Fing-Cab-A 00.0000 12/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Golden Tob-A-Cabs 00.0000 06/01/2024
Texas St-A-Ref 05.0000 10/01/2036
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
Santee Cooper-Ser A 05.7500 12/01/2043
Holdings represent 12.97% of portfolio

Portfolio composition as of 08/31/18

Municipal bonds and notes 98.32%
Cash and net other assets 1.68%

Fixed income statistics as of 08/31/18

Average stated maturity 16.95 yrs.
Average effective maturity 5.82 yrs.
Option adjusted duration 6.74 yrs.
Duration to worst 4.78 yrs.
Average yield to maturity 3.76%
Average coupon 4.54%
Average price $106.74
AMT exposure 0.00%

Quality rating as of 08/31/18

AAA 10.57%
AA 30.96%
A 41.10%
BBB 12.90%
B 0.45%
Not Rated 2.34%
Cash and net other assets 1.68%

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. 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 generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over extended periods of time for a variety of 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. 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. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top industry sectors as of 08/31/18

Health care 16.50%
Utilities 15.13%
Transportation 11.73%
Special Tax 11.27%
State Debt 10.21%
Local Debt 10.05%
Education 8.11%
Prerefunded 4.56%
Land 3.75%
 
Other
8.69%
Other 2.52%
Financials 2.00%
Tobacco 1.83%
Cash and net other assets 1.68%
Housing 0.54%
Industrials 0.12%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.79% 1.41% 1.56% 1.06% 0.55% 0.56%
What you pay 0.79% 1.41% 1.56% 1.06% 0.55% 0.56%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R6 Class Y
$0-$49,999 4.00% 0.00% 0.00% 3.25% -- --
$50,000-$99,999 4.00% 0.00% 0.00% 2.25% -- --
$100,000-$249,999 3.25% -- 0.00% 1.25% -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- --
$500,000-$999,999 0.00% -- -- -- -- --
$1M-$4M 0.00% -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- --
$50M+ 0.00% -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- --

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. 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 generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over extended periods of time for a variety of 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. 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. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.