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.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $15.24
0.13% | $0.02
$15.43
10/17/16
$14.75
12/02/16
Historical fund price

Fund facts as of 09/30/17

Total net assets
$379.04M
Turnover (fiscal year end)
31%
Dividend frequency (view rate)
Monthly
Number of holdings
293
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

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.

Literature


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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)


5.57%

Average 5-year annualized return


  • 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 0.52% 2.93% 2.80% 4.26%
After sales charge -3.50% 1.54% 1.96% 3.84%
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 09/30/17 -0.27 % -4.26 %
YTD as of 10/16/17 5.19 % 0.98 %

Yield

Distribution rate before sales charge
as of 10/16/17
2.81%
Distribution rate after sales charge
as of 10/16/17
2.70%
30-day SEC yield as of 09/29/17
(after sales charge)
1.58%

Risk-adjusted performance as of 09/30/17

Sharpe ratio (3 yrs.) 0.88
Information ratio (3 yrs.) -0.47

Volatility as of 09/30/17

Standard deviation (3 yrs.) 3.02%
Beta 0.92
R-squared 0.97

Lipper rankings as of 09/30/17

General & Insured Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 48% 122/257
3 yrs. 55% 124/225
5 yrs. 54% 109/204
10 yrs. 39% 60/155

Morningstar ratings as of 09/30/17

Muni National Long Rating Funds in category
Overall (139)
3 yrs. (139)
5 yrs. (130)
10 yrs. (105)

Distributions

Accrual days 29
Accrual start date 09/01/17
Accrual end date 09/29/17
Payable date 09/29/17
Non-taxable income $0.038724842
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.


Holdings

Top 10 holdings as of 09/30/17

Ma Sch Bldg Auth-C 05.0000 08/15/2037 1.55%
Texas St-A-Ref-Trnspr 05.0000 10/01/2044 1.47%
Sacramento Fing-Cab-A 00.0000 12/01/2021 1.33%
Mi Strat Ref Detro-Bb 07.0000 05/01/2021 1.27%
Massachusetts St-J 05.0000 12/01/2037 1.26%
Metro Pier Cabs-Ref-A 00.0000 12/15/2022 1.26%
Massachusetts St 04.0000 04/01/2046 1.20%
Golden Tob-A-Cabs 00.0000 06/01/2024 1.15%
Erie Ida Buffalo-A 05.7500 05/01/2027 1.11%
Port Auth Ny & Nj-205 05.0000 11/15/2047 1.02%
Top 10 holdings, percent of portfolio 12.62%

Full portfolio holdings as of 06/30/17

MA SCH BLDG AUTH-C 05.0000 08/15/2037 1.51%
TEXAS ST-A-REF-TRNSPR 05.0000 10/01/2044 1.42%
SACRAMENTO FING-CAB-A 00.0000 12/01/2021 1.28%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 1.23%
MASSACHUSETTS ST-J 05.0000 12/01/2037 1.21%
METRO PIER CABS-REF-A 00.0000 12/15/2022 1.18%
MASSACHUSETTS ST 04.0000 04/01/2046 1.14%
GOLDEN TOB-A-CABS 00.0000 06/01/2024 1.08%
ERIE IDA BUFFALO-A 05.7500 05/01/2027 1.07%
HOUSTON-UTL SYS-B-REF 05.0000 11/15/2036 0.91%
DELAWARE RVR PORT 05.0000 01/01/2030 0.90%
ATLANTA WTR-REF 05.0000 11/01/2040 0.89%
CALIFORNIA ST 05.0000 02/01/2038 0.89%
GAINESVILLE HOSP-A 05.0000 02/15/2037 0.88%
MET TRANS AUTH-D 05.0000 11/15/2036 0.87%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.87%
BERKS MUN AUTH-A3-REA 05.5000 11/01/2031 0.84%
CA PUB WKS-B-RIVERSID 06.0000 04/01/2025 0.84%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.84%
OK ST TPK-VAR-REF-F 00.7300 01/01/2028 0.84%
ID HSG & FIN 04.0000 07/15/2030 0.83%
MS BUS FIN-VAR-C-CHEV 00.7600 12/01/2030 0.83%
LOUISVILLE & JEFFERSO 05.0000 10/01/2032 0.82%
N TX TOLL-A-PREREF 06.2500 01/01/2024 0.80%
CA UNIV REVENUE-A-REF 05.0000 11/01/2037 0.77%
DALLAS AREA RAPID-A 05.0000 12/01/2046 0.74%
DC WTR & SWR AUTH-A 05.0000 10/01/2045 0.74%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.73%
WA HGR ED-RF-WHITWORT 05.1250 10/01/2024 0.70%
NE PUB PWR DIST-C 05.0000 01/01/2035 0.67%
RENO S/TAX-VAR-RF-RET 00.8800 06/01/2042 0.66%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.64%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.62%
CA ST UNIV-A 05.0000 11/01/2041 0.60%
LEANDER ISD-A-CIBS 05.0000 08/15/2040 0.60%
MET TRANSPRTN AUTH NY 05.0000 11/15/2037 0.60%
NEW YORK ST URBAN DEV 05.0000 03/15/2037 0.60%
NYC TRANSTNL FIN-E1 05.0000 02/01/2038 0.60%
NYC TRANSTNL FIN-E1 05.0000 02/01/2039 0.60%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.59%
IL TOLL HWY AUTH-A 05.0000 12/01/2032 0.59%
NYC MUNI WTR FIN-CC 05.0000 06/15/2046 0.59%
HAMILTON CNTY-REF-A 05.0000 12/01/2032 0.58%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.58%
CA DEV P/P 144A 06.6250 11/15/2024 0.57%
LAKELAND HOSP 05.0000 11/15/2045 0.57%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.57%
SCOTTSDALE 05.0000 09/01/2035 0.57%
MA ST DEV-A-EMERSON 05.5000 01/01/2030 0.56%
MET TRANS AUTH-A2A 01.3100 11/01/2026 0.56%
MTA-C-2B-TRNSPRTN 05.0000 11/15/2034 0.56%
NY DORM ED-SER B 05.7500 03/15/2036 0.56%
PA UNIV-SER B 05.0000 09/01/2034 0.56%
MD ST HLTH-RMKT-UNIV 05.2500 07/01/2028 0.55%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.55%
ST PUB SCH BLDG-A 05.0000 06/15/2033 0.55%
LORAIN HSP REF-C2-CAT 05.0000 04/01/2024 0.54%
MET WA DC ARPTS-A 05.0000 10/01/2053 0.54%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.53%
PA ECON AMERN WTR PJ 06.2000 04/01/2039 0.53%
CHICAGO 2002B 05.5000 01/01/2037 0.52%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.51%
SWEETWATER PCR 05.2500 07/15/2026 0.51%
UNIV MED CTR CORP 06.5000 07/01/2039 0.51%
ILLINOIS ST 05.0000 11/01/2034 0.49%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.48%
KY PPTY REF-PJ NO 84 05.0000 08/01/2020 0.48%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.48%
MISSISSIPPI BUS FIN 05.0000 05/01/2037 0.47%
NTHRN MI UNIV-GEN-A 05.0000 12/01/2027 0.47%
ORLANDO REDEV AGY-REF 05.0000 04/01/2023 0.47%
DENVER-B-SUB-ARPT REV 05.2500 11/15/2032 0.46%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.45%
ILLINOIS ST FIN AUTH 05.0000 03/01/2030 0.45%
NYC TRANSTNL FIN-E1 05.0000 02/01/2035 0.45%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.44%
CHICAGO IL 06.0000 01/01/2038 0.43%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.43%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.43%
NC ESTRN MUN PWR-A 05.5000 01/01/2026 0.42%
IL FIN-REF-B-RUSH 05.7500 11/01/2028 0.41%
NJ TURNPIKE-A 05.0000 01/01/2033 0.41%
NYC-SUBSER D-1 05.0000 10/01/2036 0.41%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.39%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.39%
HAWAII ST 05.0000 05/01/2034 0.38%
NY ENERGY VAR-A1-BROO 01.5930 12/01/2020 0.38%
ILLINOIS ST-REF 05.0000 02/01/2029 0.37%
MA DEV FIN-A-PREREF 06.2500 07/01/2030 0.37%
MINNEAPOLIS REV-NMDP 04.8750 08/01/2025 0.37%
PITTSBURGH-B 05.0000 09/01/2025 0.37%
TRIBORO BRIDGE-A-REF 05.0000 11/15/2041 0.37%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.36%
DAUPHIN GEN-UNREF 06.0000 06/01/2029 0.36%
N TX TOLL AUTH-A-REF 05.0000 01/01/2039 0.36%
OH TPK COMMN-A1-JR 05.0000 02/15/2048 0.36%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.36%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.35%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.35%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.35%
CA MUNI FIN-BIOLA 05.0000 10/01/2038 0.34%
DAUPHIN GEN-REFD 06.0000 06/01/2029 0.34%
CA HLTH FACS-A-REF 05.0000 08/15/2042 0.32%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.32%
MA ST DEV FIN AGY-N 05.0000 12/01/2041 0.32%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.32%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.32%
ATL ARPT PASS FAC-A 05.0000 01/01/2032 0.30%
CALIFORNIA ST 05.0000 11/01/2043 0.30%
CHICAGO OHARE-D 05.2500 01/01/2033 0.30%
DC WTR & SWR AUTH-B 05.0000 10/01/2037 0.30%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.30%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.30%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2027 0.30%
N E REGL SWR DIST-REF 05.0000 11/15/2044 0.30%
NEW YORK ST URBAN DEV 05.0000 03/15/2035 0.30%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.29%
CHICAGO ARPT-F 05.0000 01/01/2040 0.29%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.29%
MASS ED FIN AUTH -A 05.5000 01/01/2022 0.29%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.29%
NY DORM AUTH-A 05.0000 03/15/2038 0.29%
NYC MUN WTR/SWR-AA 05.0000 06/15/2034 0.29%
PHILADELPHIA GAS-REF 05.0000 10/01/2034 0.29%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.29%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.29%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.29%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.29%
BROWARD ARPT 05.3750 10/01/2029 0.28%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.28%
CHICAGO SALES TAX-REF 05.0000 01/01/2032 0.28%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.28%
GLENDALE INDL DEV-REF 04.0000 05/15/2029 0.28%
GUAM GOVT-30-A 05.3750 12/01/2024 0.28%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.28%
IN MUNI PWR AGY SER B 05.7500 01/01/2029 0.28%
LOS ANGELES DEPT APT 05.0000 05/15/2040 0.28%
MA DEV FIN SLD WST 05.7500 12/01/2042 0.28%
MA TRANS-SR-B 05.0000 01/01/2037 0.28%
MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 0.28%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.28%
MSR ENERGY 06.5000 11/01/2039 0.28%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.28%
OWEN WTRWKS-B 05.6250 09/01/2039 0.28%
WASHINGTON ST HLTH CA 01.9200 01/01/2042 0.28%
GLENDALE INDL DEV-REF 04.0000 05/15/2031 0.27%
IL FIN-ELMHURST MEM-A 05.6250 01/01/2037 0.27%
IL ST-REF 05.0000 08/01/2021 0.27%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.27%
MIDLAND CNTY BLDG 05.0000 10/01/2025 0.27%
NJ HGR ED-SER A 05.6250 06/01/2030 0.27%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.27%
SYRACUSE IDA 05.0000 05/01/2025 0.27%
WESTERN MI UNIV-GEN 05.0000 11/15/2028 0.27%
E-470 HWY-B-LIBOR 01.8700 09/01/2039 0.26%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.26%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.26%
NJ ST TRANSN-B 05.2500 06/15/2036 0.26%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.26%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.26%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.26%
BUCKEYE TOB ASSET-A-2 05.3750 06/01/2024 0.25%
MA DEV FIN AGY 05.0000 07/01/2035 0.25%
MERCED SD CAB-ELEC 00.0000 08/01/2025 0.25%
BAY AREA TOLL AUTH-S4 05.0000 04/01/2033 0.24%
LOWER AL GAS DIST GAS 05.0000 09/01/2046 0.24%
MERCED SD CAB-ELEC 00.0000 08/01/2023 0.24%
MERCED SD CAB-ELEC 00.0000 08/01/2024 0.24%
PHILLY GAS-9TH-UNREF 05.2500 08/01/2040 0.24%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.24%
WASHINGTON HLTH CAR-B 05.0000 02/15/2027 0.24%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.23%
MERCED SD CAB-ELEC 00.0000 08/01/2022 0.23%
NH H/E VAR-UNIV NH-B 00.7400 07/01/2033 0.23%
WASHINGTON ST A-1 05.0000 08/01/2037 0.23%
ARLINGTON HGR EDU-A 05.0000 12/01/2037 0.22%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.22%
EL MIRAGE 05.0000 07/01/2042 0.22%
MARICOPA IDA-A 05.0000 07/01/2037 0.22%
NEW HOPE EDU FACS-A 05.0000 04/01/2035 0.22%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.22%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.22%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.21%
CHICAGO O'HARE-A 05.7500 01/01/2039 0.21%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.21%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.21%
MI FIN AUTH-C-3-REF 05.0000 04/01/2028 0.21%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.21%
OH TPK COMMN-A1-JR 05.2500 02/15/2032 0.21%
OR HLTH-A 05.7500 07/01/2039 0.21%
PA HGR EDL-UNIV PPTYS 05.0000 07/01/2031 0.21%
VT EDU HLTH BLDG FIN 05.0000 12/01/2036 0.21%
WA HLTH CARE FACS 04.0000 07/01/2036 0.21%
ALLEGHENY CO-C-72 05.2500 12/01/2032 0.20%
ATLANTA TAX ALLOC-B 05.0000 01/01/2031 0.20%
MA DEV SABIS INTL-A 06.8000 04/15/2022 0.20%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
FRANKLIN CNTY OH HLTH 05.0000 11/15/2034 0.19%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.19%
LUCAS HLTH CARE-REF 05.5000 08/15/2030 0.19%
N TX TOLL-A-UNREF 06.2500 01/01/2024 0.19%
PA TNPK CMMN-A 05.0000 12/01/2038 0.19%
CHICAGO-A-REF 05.2500 01/01/2033 0.18%
NEW JERSEY ST TRANSPR 05.0000 06/15/2027 0.18%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.18%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.17%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.17%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.17%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2026 0.17%
AMERICAN MUNI PWR-A 05.0000 02/15/2026 0.16%
CHICAGO BOE-C-PROJ 05.2500 12/01/2035 0.16%
CHICAGO WSTWTR 05.0000 01/01/2039 0.16%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.16%
MIAMIDADE EXPWY-A-REF 05.0000 07/01/2028 0.16%
ORANGE TRANSPRTN-REF 05.0000 08/15/2030 0.16%
ABAG-REF 06.1250 07/01/2041 0.15%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.15%
CHICAGO BOE CAB-SCH-A 00.0000 12/01/2017 0.15%
CHICAGO O'HARE ARPT-B 05.0000 01/01/2039 0.15%
DENVER-B-ARPT REV 05.0000 11/15/2037 0.15%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.15%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2028 0.15%
ILLINOIS ST 05.0000 11/01/2041 0.15%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.15%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.15%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.15%
NTHRN CA PWR-REF-A 05.0000 07/01/2031 0.15%
PA ST TRNPK-B 05.0000 12/01/2026 0.15%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.15%
TARRANT EDU FAC-UNREF 05.2500 11/15/2037 0.15%
WARREN HLTHCR-A-REF 05.7500 07/01/2033 0.15%
ALLEGHENY HOSP DEV 05.6250 08/15/2039 0.14%
ARLINGTON HGR EDU-A 04.0000 12/01/2029 0.14%
CHICAGO MTR FUEL TAX 05.0000 01/01/2031 0.14%
CHICAGO WSTWTR 05.0000 01/01/2044 0.14%
HARRIS CULTURAL EDU-A 05.0000 06/01/2038 0.14%
LWR COLORADO RIVER 05.0000 05/15/2032 0.14%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.14%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.14%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.14%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.14%
WILKES BARRE FIN-UNIV 05.0000 11/01/2040 0.14%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.14%
NC CAP AGY-A-UNREF 06.0000 06/01/2031 0.13%
PA ECON DEV-VAR-REF-B 01.0500 12/01/2030 0.13%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.12%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.12%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.12%
MA DEV FIN AGY 05.0000 07/01/2036 0.12%
MA DEV FIN-A-PREREF 05.5000 11/15/2036 0.12%
TARRANT EDU FAC-PRERF 05.2500 11/15/2037 0.12%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.11%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.11%
IL FIN AUTH 04.0000 11/15/2032 0.11%
MI FIN AUTH-C 05.0000 07/01/2035 0.11%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.11%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.11%
ARLINGTON HGR EDU-A 04.0000 12/01/2032 0.10%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.10%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.10%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.10%
IN FIN AUTH-B-REF 01.0500 05/01/2028 0.10%
MA HSG FIN AGY-162 02.7500 12/01/2041 0.10%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.10%
SAN FRANCISCO REDEV-A 05.0000 08/01/2043 0.10%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 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%
ILLINOIS ST 05.0000 01/01/2041 0.09%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.09%
MA DEV FIN AGY-I 05.0000 07/01/2036 0.09%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.09%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2027 0.09%
VA TRANSP BRD 04.0000 05/15/2034 0.09%
DALLAS AREA MUNI AUTH 05.0000 05/01/2029 0.08%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.08%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.07%
FOOTHILL ETC CLG DIST 05.0000 04/01/2035 0.07%
HI DEPT BUDGET-REF 05.2500 11/15/2037 0.07%
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%
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%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.05%
N TX TOLL-A-UNREF 05.1250 01/01/2028 0.05%
OH HSG FIN SFM-1 05.0000 11/01/2028 0.05%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 0.05%
ILLINOIS ST-REF 05.0000 02/01/2028 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%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
NC CAP AGY-A-PREREF 06.0000 06/01/2031 0.00%

Prior top 10 holdings

Top 10 holdings as of 09/30/17
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
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
Massachusetts St 04.0000 04/01/2046
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Port Auth Ny & Nj-205 05.0000 11/15/2047
Holdings represent 12.62% of portfolio
Top 10 holdings as of 08/31/17
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
Massachusetts St 04.0000 04/01/2046
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Port Auth Ny & Nj-205 05.0000 11/15/2047
Holdings represent 12.44% of portfolio
Top 10 holdings as of 07/31/17
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
Massachusetts St 04.0000 04/01/2046
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Port Auth Ny & Nj-205 05.0000 11/15/2047
Holdings represent 12.26% of portfolio
Top 10 holdings as of 06/30/17
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
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
Massachusetts St 04.0000 04/01/2046
Golden Tob-A-Cabs 00.0000 06/01/2024
Erie Ida Buffalo-A 05.7500 05/01/2027
Houston-Utl Sys-B-Ref 05.0000 11/15/2036
Holdings represent 12.03% of portfolio

Portfolio composition as of 09/30/17

Municipal bonds and notes 97.24%
Cash and net other assets 2.76%

Fixed income statistics as of 09/30/17

Average stated maturity 17.71 yrs.
Average effective maturity 6.02 yrs.
Option adjusted duration 7.29 yrs.
Duration to worst 4.91 yrs.
Average yield to maturity 3.49%
Average coupon 4.61%
Average price $109.23
AMT exposure 0.00%

Quality rating as of 09/30/17

AAA 9.15%
AA 32.26%
A 39.49%
BBB 12.78%
B 0.59%
Not Rated 2.97%
Cash and net other assets 2.76%

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 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 09/30/17

Utilities 15.52%
Health care 14.55%
Transportation 13.42%
Special Tax 9.70%
State Debt 9.65%
Prerefunded 8.59%
Education 8.02%
Local Debt 7.25%
Land 2.94%
 
Other
10.36%
Cash and net other assets 2.76%
Other 2.67%
Financials 1.88%
Housing 1.18%
Tobacco 1.06%
Industrials 0.81%

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 0.80% 1.41% 1.56% 1.06% 0.56%
What you pay 0.80% 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 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.