AMT-Free Municipal Fund  (PPNAX)

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

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 $14.92
-0.07% | $-0.01
$15.31
12/06/17
$14.81
03/14/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$359.48M
Turnover (fiscal year end)
31%
Dividend frequency (view rate)
Monthly
Number of holdings
288
Fiscal year-end
July
CUSIP / Fund code
746872308 / 0039
Inception date
09/20/93
Category
Tax-free Income
Open to new investors
Ticker
PPNAX

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)


2.02%

Worst 5-year annualized return

(for period ending 09/30/08)


5.52%

Average 5-year annualized return


  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 5.79% 2.72% 2.85% 4.22%
After sales charge 1.56% 1.33% 2.02% 3.79%
Bloomberg Barclays Municipal Bond Index 5.45% 2.98% 3.02% 4.46%

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 01/31/18 -1.08 % -5.03 %
YTD as of 02/21/18 -1.62 % -5.55 %

Yield

Distribution rate before sales charge
as of 02/21/18
3.27%
Distribution rate after sales charge
as of 02/21/18
3.14%
30-day SEC yield as of 01/31/18
(after sales charge)
1.80%

Risk-adjusted performance as of 01/31/18

Sharpe ratio (3 yrs.) 0.46
Information ratio (3 yrs.) -0.38

Volatility as of 01/31/18

Standard deviation (3 yrs.) 3.00%
Beta 0.90
R-squared 0.97

Lipper rankings as of 01/31/18

General & Insured Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 47% 119/255
3 yrs. 57% 127/225
5 yrs. 51% 101/199
10 yrs. 46% 70/154

Morningstar ratings as of 01/31/18

Muni National Long Rating Funds in category
Overall (139)
3 yrs. (139)
5 yrs. (126)
10 yrs. (105)

Distributions

Accrual days 33
Accrual start date 01/01/18
Accrual end date 01/31/18
Payable date 01/31/18
Non-taxable income $0.035780348
Extra taxable income --
  
Record/Ex dividend date 12/27/17
Payable date 12/29/17
Income --
Extra income $0.0066
Short-term cap. gain --
Long-term cap. gain --

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 01/31/18

Met Transprtn-A3-Bans 04.0000 08/15/2019 1.73%
Ma Sch Bldg Auth-C 05.0000 08/15/2037 1.64%
Texas St-A-Ref-Trnspr 05.0000 10/01/2044 1.53%
Sacramento Fing-Cab-A 00.0000 12/01/2021 1.40%
Massachusetts St-J 05.0000 12/01/2037 1.31%
Mi Strat Ref Detro-Bb 07.0000 05/01/2021 1.30%
Metro Pier Cabs-Ref-A 00.0000 12/15/2022 1.30%
Golden Tob-A-Cabs 00.0000 06/01/2024 1.19%
Cntrl Puget Transp-S1 05.0000 11/01/2045 1.01%
Houston-Utl Sys-B-Ref 05.0000 11/15/2036 0.97%
Top 10 holdings, percent of portfolio 13.38%

Full portfolio holdings as of 12/31/17

MA SCH BLDG AUTH-C 05.0000 08/15/2037 1.62%
TEXAS ST-A-REF-TRNSPR 05.0000 10/01/2044 1.50%
SACRAMENTO FING-CAB-A 00.0000 12/01/2021 1.36%
MASSACHUSETTS ST-J 05.0000 12/01/2037 1.30%
METRO PIER CABS-REF-A 00.0000 12/15/2022 1.26%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 1.26%
GOLDEN TOB-A-CABS 00.0000 06/01/2024 1.17%
CNTRL PUGET TRANSP-S1 05.0000 11/01/2045 1.00%
HOUSTON-UTL SYS-B-REF 05.0000 11/15/2036 0.97%
ATLANTA WTR-REF 05.0000 11/01/2040 0.95%
GAINESVILLE HOSP-A 05.0000 02/15/2037 0.95%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.94%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.93%
LOUISVILLE & JEFFERSO 05.0000 10/01/2032 0.88%
MS BUS FIN-VAR-C-CHEV 00.9900 12/01/2030 0.88%
ID HSG & FIN 04.0000 07/15/2030 0.87%
OK ST TPK-VAR-REF-F 01.2000 01/01/2028 0.86%
BAY AREA CA TOLL AUTH 04.0000 04/01/2032 0.85%
N TX TOLL-A-PREREF 06.2500 01/01/2024 0.83%
CA UNIV REVENUE-A-REF 05.0000 11/01/2037 0.82%
DC WTR & SWR AUTH-A 05.0000 10/01/2045 0.80%
DALLAS AREA RAPID-A 05.0000 12/01/2046 0.79%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.78%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.78%
FORT BEND ISD-D-REF 01.5000 08/01/2042 0.68%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.68%
MASSACHUSETTS ST 04.0000 04/01/2046 0.66%
NYC TRANSTNL FIN-E1 05.0000 02/01/2038 0.65%
NYC TRANSTNL FIN-E1 05.0000 02/01/2039 0.65%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.65%
LEANDER ISD-A-CIBS 05.0000 08/15/2040 0.64%
MET TRANSPRTN AUTH NY 05.0000 11/15/2037 0.64%
NEW YORK ST URBAN DEV 05.0000 03/15/2037 0.64%
NYC MUNI WTR FIN-CC 05.0000 06/15/2046 0.64%
IL TOLL HWY AUTH-A 05.0000 12/01/2032 0.63%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.62%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.62%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.61%
LAKELAND HOSP 05.0000 11/15/2045 0.61%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.61%
CHICAGO 2002B 05.5000 01/01/2037 0.60%
CA DEV P/P 144A 06.6250 11/15/2024 0.59%
MET TRANS AUTH-A2A 01.6800 11/01/2026 0.59%
MET WA DC ARPTS-A 05.0000 10/01/2053 0.59%
PA UNIV-SER B 05.0000 09/01/2034 0.59%
SCOTTSDALE 05.0000 09/01/2035 0.59%
MTA-C-2B-TRNSPRTN 05.0000 11/15/2034 0.58%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.57%
ST PUB SCH BLDG-A 05.0000 06/15/2033 0.56%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.55%
ILLINOIS ST 05.0000 11/01/2034 0.55%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.55%
PA ECON AMERN WTR PJ 06.2000 04/01/2039 0.55%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.54%
SWEETWATER PCR 05.2500 07/15/2026 0.53%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.52%
UNIV MED CTR CORP 06.5000 07/01/2039 0.52%
CHICAGO IL 06.0000 01/01/2038 0.51%
KY PPTY REF-PJ NO 84 05.0000 08/01/2020 0.49%
MISSISSIPPI BUS FIN 05.0000 05/01/2037 0.49%
NEW YORK NY 05.0000 10/01/2038 0.49%
NTHRN MI UNIV-GEN-A 05.0000 12/01/2027 0.49%
ORLANDO REDEV AGY-REF 05.0000 04/01/2023 0.49%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.48%
ILLINOIS ST FIN AUTH 05.0000 03/01/2030 0.48%
DENVER-B-SUB-ARPT REV 05.2500 11/15/2032 0.47%
ID HLTH FACS AUTH-A 05.0000 12/01/2047 0.47%
CLIFTON HGR EDU FIN 04.0000 08/15/2029 0.46%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.45%
BERKS MUNI-A3-PREREF 05.5000 11/01/2031 0.44%
BERKS MUNI-A3-UNREF 05.5000 11/01/2031 0.44%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.44%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2035 0.44%
MARICOPA IDA-A 04.0000 01/01/2041 0.43%
NC ESTRN MUN PWR-A 05.5000 01/01/2026 0.43%
NJ TURNPIKE-A 05.0000 01/01/2033 0.43%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.42%
IL FIN-REF-B-RUSH 05.7500 11/01/2028 0.42%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.42%
NYC-SUBSER D-1 05.0000 10/01/2036 0.42%
GRANT CNTY WA PUBLIC 02.0000 01/01/2044 0.41%
NY ENERGY VAR-A1-BROO 01.9800 12/01/2020 0.40%
DC-KIPP-SER A-REF 05.0000 07/01/2037 0.39%
PITTSBURGH-B 05.0000 09/01/2025 0.39%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.38%
DAUPHIN GEN-UNREF 06.0000 06/01/2029 0.38%
MINNEAPOLIS REV-NMDP 04.8750 08/01/2025 0.38%
OH TPK COMMN-A1-JR 05.0000 02/15/2048 0.38%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.37%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.37%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.37%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.37%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.37%
CA MUNI FIN-BIOLA 05.0000 10/01/2038 0.36%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.36%
LIBERTY HILL ISD-REF 05.0000 08/01/2030 0.36%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.36%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.36%
DAUPHIN GEN-REFD 06.0000 06/01/2029 0.34%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.34%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.34%
CHICAGO SALES TAX-REF 05.0000 01/01/2032 0.33%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.33%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.33%
DC WTR & SWR AUTH-B 05.0000 10/01/2037 0.32%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.32%
N E REGL SWR DIST-REF 05.0000 11/15/2044 0.32%
PHILADELPHIA GAS-REF 05.0000 10/01/2034 0.32%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.31%
CHICAGO OHARE-D 05.2500 01/01/2033 0.31%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.31%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2027 0.31%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.31%
PA TPK 2ND SER REF 05.0000 12/01/2035 0.31%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.31%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.31%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.30%
CHICAGO ARPT-F 05.0000 01/01/2040 0.30%
CLIFTON HGR EDU FIN 04.0000 08/15/2030 0.30%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.30%
ILLINOIS ST 05.0000 11/01/2029 0.30%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.30%
MSR ENERGY 06.5000 11/01/2039 0.30%
NYC MUN WTR/SWR-AA 05.0000 06/15/2034 0.30%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.30%
SAN BERNARDINO CCD-A 04.0000 08/01/2033 0.30%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.30%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.30%
WASHINGTON ST HLTH CA 02.1430 01/01/2042 0.30%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.30%
BROWARD ARPT 05.3750 10/01/2029 0.29%
DE HLTH FACS AUTH-A 04.0000 07/01/2035 0.29%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.29%
GLENDALE INDL DEV-REF 04.0000 05/15/2029 0.29%
GLENDALE INDL DEV-REF 04.0000 05/15/2031 0.29%
IL ST-REF 05.0000 08/01/2021 0.29%
IN MUNI PWR AGY SER B 05.7500 01/01/2029 0.29%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.29%
LOS ANGELES DEPT APT 05.0000 05/15/2040 0.29%
MA DEV FIN SLD WST 05.7500 12/01/2042 0.29%
MA TRANS-SR-B 05.0000 01/01/2037 0.29%
MASS ED FIN AUTH -A 05.5000 01/01/2022 0.29%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.29%
N TX TOLLWAY AUTH REV 04.0000 01/01/2036 0.29%
NJ HGR ED-SER A 05.6250 06/01/2030 0.29%
NJ ST TRANSN-B 05.2500 06/15/2036 0.29%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.29%
OWEN WTRWKS-B 05.6250 09/01/2039 0.29%
IL FIN-ELMHURST MEM-A 05.6250 01/01/2037 0.28%
KY ECON DEV-A-REF 04.0000 12/01/2041 0.28%
MIDLAND CNTY BLDG 05.0000 10/01/2025 0.28%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.28%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.28%
WESTERN MI UNIV-GEN 05.0000 11/15/2028 0.28%
CT HLTH & EDUCTNL-A 01.3000 07/01/2048 0.27%
E-470 HWY-B-LIBOR 02.0930 09/01/2039 0.27%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.27%
HARRIS CULT ED VAR-C1 01.0200 12/01/2024 0.27%
MERCED SD CAB-ELEC 00.0000 08/01/2025 0.27%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.27%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.27%
BUCKEYE TOB ASSET-A-2 05.3750 06/01/2024 0.26%
MERCED SD CAB-ELEC 00.0000 08/01/2024 0.26%
MERCED SD CAB-ELEC 00.0000 08/01/2022 0.25%
MERCED SD CAB-ELEC 00.0000 08/01/2023 0.25%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.25%
PHILLY GAS-9TH-UNREF 05.2500 08/01/2040 0.25%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.25%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.24%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.24%
MARICOPA IDA-A 05.0000 07/01/2037 0.24%
NEW HOPE EDU FACS-A 05.0000 04/01/2035 0.24%
WASHINGTON ST A-1 05.0000 08/01/2037 0.24%
ARLINGTON HGR EDU-A 05.0000 12/01/2037 0.23%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.23%
EL MIRAGE 05.0000 07/01/2042 0.23%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.23%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.23%
SAN ANTONIO TX ELEC & 02.0000 02/01/2033 0.23%
WA HLTH CARE FACS 04.0000 07/01/2036 0.23%
ATLANTA TAX ALLOC-B 05.0000 01/01/2031 0.22%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.22%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.22%
MI FIN AUTH-C-3-REF 05.0000 04/01/2028 0.22%
PA HGR EDL-UNIV PPTYS 05.0000 07/01/2031 0.22%
ALLEGHENY CO-C-72 05.2500 12/01/2032 0.21%
CHICAGO BOE-C-PROJ 05.2500 12/01/2035 0.21%
CHICAGO-A-REF 05.2500 01/01/2033 0.21%
FRANKLIN CNTY OH HLTH 05.0000 11/15/2034 0.21%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.21%
LIBERTY HILL ISD-REF 05.0000 08/01/2028 0.21%
MA DEV SABIS INTL-A 06.8000 04/15/2022 0.21%
PA TURNPIKE-B1 05.0000 06/01/2042 0.21%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.20%
LUCAS HLTH CARE-REF 05.5000 08/15/2030 0.20%
NEW JERSEY ST TRANSPR 05.0000 06/15/2027 0.20%
PA TNPK CMMN-A 05.0000 12/01/2038 0.20%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2036 0.19%
N TX TOLL-A-UNREF 06.2500 01/01/2024 0.19%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.19%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.18%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.18%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.18%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2026 0.18%
CHICAGO WSTWTR 05.0000 01/01/2039 0.17%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.17%
ILLINOIS ST 05.0000 11/01/2041 0.17%
TARRANT CNTY TX CULTU 05.0000 11/15/2046 0.17%
AMERICAN MUNI PWR-A 05.0000 02/15/2026 0.16%
DENVER-B-ARPT REV 05.0000 11/15/2037 0.16%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.16%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2028 0.16%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.16%
LEXINGTON HLTH SVCS 05.0000 11/01/2029 0.16%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.16%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.16%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.16%
PA ST TRNPK-B 05.0000 12/01/2026 0.16%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 0.16%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.16%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.16%
WARREN HLTHCR-A-REF 05.7500 07/01/2033 0.16%
ABAG-REF 06.1250 07/01/2041 0.15%
ALLEGHENY HOSP DEV 05.6250 08/15/2039 0.15%
ARLINGTON HGR EDU-A 04.0000 12/01/2029 0.15%
BEXAR CO-REF 04.0000 06/15/2033 0.15%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.15%
CHICAGO MTR FUEL TAX 05.0000 01/01/2031 0.15%
CHICAGO WSTWTR 05.0000 01/01/2044 0.15%
HARRIS CULTURAL EDU-A 05.0000 06/01/2038 0.15%
IL FIN AUTH-A 05.0000 02/15/2047 0.15%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.15%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.15%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.15%
WILKES BARRE FIN-UNIV 05.0000 11/01/2040 0.15%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.15%
LACKAWANNA CNTY PA IN 04.0000 11/01/2040 0.14%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2033 0.13%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.13%
MA DEV FIN AGY 05.0000 07/01/2036 0.13%
MA DEV FIN-A-PREREF 05.5000 11/15/2036 0.13%
NC CAP AGY-A-UNREF 06.0000 06/01/2031 0.13%
PA ECON DEV-VAR-REF-B 01.4500 12/01/2030 0.13%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.12%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.12%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.12%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.12%
MI FIN AUTH-C 05.0000 07/01/2035 0.12%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.12%
TEXAS MUNI PWR AGY 05.0000 09/01/2035 0.12%
TEXAS MUNI PWR AGY 05.0000 09/01/2036 0.12%
ARLINGTON HGR EDU-A 04.0000 12/01/2032 0.11%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.11%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.11%
IL FIN AUTH 04.0000 11/15/2032 0.11%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.11%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.11%
SAN FRANCISCO REDEV-A 05.0000 08/01/2043 0.11%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.11%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.10%
ILLINOIS ST 05.0000 01/01/2041 0.10%
MARICOPA CNTY AZ INDL 05.0000 07/01/2037 0.10%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.10%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.09%
DALLAS AREA MUNI AUTH 05.0000 05/01/2029 0.09%
FOOTHILL ETC CLG DIST 05.0000 04/01/2033 0.09%
HIGH PLAINS CO MET DI 05.0000 12/01/2035 0.09%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.09%
MET PIER & EXPOSITION 05.0000 12/15/2033 0.09%
OJCO HLTH FACS AUTH-R 05.0000 06/01/2047 0.09%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2027 0.09%
VA TRANSP BRD 04.0000 05/15/2034 0.09%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.08%
FOOTHILL ETC CLG DIST 05.0000 04/01/2035 0.08%
HI DEPT BUDGET-REF 05.2500 11/15/2037 0.08%
MA HSG FIN AGY-162 02.7500 12/01/2041 0.08%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.08%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.08%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.07%
ATL ARPT PASS FAC-A 05.0000 01/01/2034 0.06%
FOOTHILL ETC CLG DIST 05.0000 04/01/2036 0.06%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.06%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.06%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.06%
TEXAS ST-REF 04.0000 10/01/2032 0.06%
MA DEV FIN AGY-UNREF 05.5000 01/01/2030 0.05%
N TX TOLL-A-UNREF 05.1250 01/01/2028 0.05%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 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%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.04%
MINNESOTA ST HGR EDU 04.0000 03/01/2037 0.04%
OH HSG FIN SFM-1 05.0000 11/01/2028 0.04%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.00%
NC CAP AGY-A-PREREF 06.0000 06/01/2031 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Met Transprtn-A3-Bans 04.0000 08/15/2019
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
Massachusetts St-J 05.0000 12/01/2037
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Golden Tob-A-Cabs 00.0000 06/01/2024
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
Holdings represent 13.38% of portfolio
Top 10 holdings as of 12/31/17
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
Massachusetts St-J 05.0000 12/01/2037
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Golden Tob-A-Cabs 00.0000 06/01/2024
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 12.37% of portfolio
Top 10 holdings as of 11/30/17
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
Massachusetts St-J 05.0000 12/01/2037
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Cntrl Puget Transp-S1 05.0000 11/01/2045
Santee Cooper-Ser A 05.7500 12/01/2043
Holdings represent 12.34% of portfolio
Top 10 holdings as of 10/31/17
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
Mi Strat Ref Detro-Bb 07.0000 05/01/2021
Massachusetts St-J 05.0000 12/01/2037
Metro Pier Cabs-Ref-A 00.0000 12/15/2022
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Cntrl Puget Transp-S1 05.0000 11/01/2045
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
Holdings represent 12.42% of portfolio

Portfolio composition as of 01/31/18

Municipal bonds and notes 96.97%
Cash and net other assets 3.03%

Fixed income statistics as of 01/31/18

Average stated maturity 17.05 yrs.
Average effective maturity 5.83 yrs.
Option adjusted duration 6.77 yrs.
Duration to worst 4.78 yrs.
Average yield to maturity 3.58%
Average coupon 4.51%
Average price $107.64
AMT exposure 0.00%

Quality rating as of 01/31/18

AAA 9.21%
AA 31.61%
A 38.74%
BBB 13.37%
BB 0.22%
B 0.41%
Not Rated 3.41%
Cash and net other assets 3.03%

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 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. 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 01/31/18

Health care 16.02%
Utilities 15.56%
Transportation 12.51%
Special Tax 9.28%
State Debt 8.83%
Local Debt 8.33%
Education 7.22%
Prerefunded 7.16%
Land 3.75%
 
Other
11.34%
Other 3.33%
Cash and net other assets 3.03%
Financials 1.63%
Tobacco 1.44%
Housing 1.31%
Industrials 0.60%

Sectors will vary over time.


Expenses

Expense ratio

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

Sales charge

Investment Breakpoint Class A Class B Class C Class M 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 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% -- --

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 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. 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.