Always Diligent. Always Active.

New York Tax Exempt Income Fund (Class A)  (PTEIX)

Seeking a high level of tax-free income

Highlights

Objective

The fund seeks as high a level of current income exempt from federal income tax and New York State and City personal income taxes as we believe to be consistent with preservation of capital.

Strategy and process

  • Tax-advantaged income: The fund offers New York residents the potential for high current income that is free from federal income tax and New York State and City personal income taxes.
  • Focus on performance: The portfolio managers seek to provide a competitive yield through a combination of careful security selection and portfolio construction strategies.
  • 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 $8.81
0.00% | $0.00
$8.82
08/16/19
$8.19
11/05/18
Historical fund price

Fund facts as of 07/31/19

Total net assets
$1,009.60M
Turnover (fiscal year end)
28%
Dividend frequency (view rate)
Monthly
Number of holdings
318
Fiscal year-end
November
CUSIP / Fund code
74683Q309 / 0016
Inception date
09/02/83
Category
Tax-free Income
Open to new investors
Ticker
PTEIX

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.

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.

13.59%

Best 5-year annualized return

(for period ending 06/30/89)


1.28%

Worst 5-year annualized return

(for period ending 12/31/08)


5.90%

Average 5-year annualized return


  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 5.87% 2.12% 3.38% 4.41%
After sales charge 1.64% 0.74% 2.54% 3.99%
Bloomberg Barclays Municipal Bond Index 6.71%2.55%3.64%4.72%

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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return 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, which is 3% in the first year, declining to 1% in the fourth 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, N, 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). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense 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 07/31/19 0.68% -3.35%
YTD as of 08/20/19 7.56% 3.26%

Yield

Distribution rate before sales charge
as of 08/20/19
2.41%
Distribution rate after sales charge
as of 08/20/19
2.32%
30-day SEC yield as of 07/31/19
(after sales charge)
1.42%

Risk-adjusted performance as of 07/31/19

Sharpe ratio (3 yrs.) 0.32
Information ratio (3 yrs.) -0.87

Volatility as of 07/31/19

Standard deviation (3 yrs.) 3.13%
Beta 0.92
R-squared 0.98

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 45/97 46%
3 yrs. 41/88 47%
5 yrs. 46/87 53%
10 yrs. 34/65 52%
Lipper category: New York Municipal Debt Funds

Morningstar Ratings as of 07/31/19

Time period Funds in category Morningstar Rating
Overall 66
3 yrs. 66
5 yrs. 65
10 yrs. 47
Morningstar category: Muni New York Long

Distributions

Accrual days 31
Accrual start date 07/01/19
Accrual end date 07/31/19
Payable date 07/31/19
Non-taxable income $0.01847381
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 07/31/19

1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025 3.64%
Mmd Aaa R Sp 0.0 08/15/19 Ba08/15/2019 2.06%
Ny Liberty Dev Corp P/P 144a 05.0000 11/15/2044 1.76%
Tsasc Inc-A-Ref 05.0000 06/01/2041 1.69%
Nyc Muni Wtr Fin -Bb1 04.0000 06/15/2049 1.66%
New York St Thruway-A 04.0000 02/01/2020 1.66%
Triboro Bridge-F-Ref 01.4000 11/01/2032 1.46%
New York City Muni Fi 05.0000 06/15/2046 1.44%
New York St Dorm Auth 05.0000 07/01/2042 1.29%
Ny Dorm Auth-E 05.0000 03/15/2038 1.24%
Top 10 holdings, percent of portfolio 17.90%

Disclosures

Full portfolio holdings as of 06/30/19

NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 1.76%
TSASC INC-A-REF 05.0000 06/01/2041 1.70%
NEW YORK ST THRUWAY-A 04.0000 02/01/2020 1.67%
TRIBORO BRIDGE-F-REF 01.4500 11/01/2032 1.48%
NEW YORK CITY MUNI FI 05.0000 06/15/2046 1.44%
NEW YORK ST DORM AUTH 05.0000 07/01/2042 1.30%
NY DORM AUTH-E 05.0000 03/15/2038 1.23%
NEW YORK ST DORM AUTH 05.0000 02/15/2041 1.19%
NEW YORK-F-1 05.0000 04/01/2043 1.14%
NY DORM AUTH-C 05.0000 03/15/2041 1.06%
NYC TRANSTNL FIN-E1 05.0000 02/01/2039 1.06%
NY MUNI WTR FIN-HH 05.0000 06/15/2039 1.05%
NYC WTR-A-1-DD-2ND GE 01.6500 06/15/2043 1.05%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2051 1.02%
LONG ISLAND PWR AUTH 05.0000 09/01/2039 1.01%
TRIBOROUGH BRIDGE-D 02.1210 11/15/2038 1.01%
LONG ISLAND PWR AUTH 05.0000 09/01/2044 0.97%
NYC TRANSTNL FIN-E1 05.0000 02/01/2034 0.96%
NEW YORK CITY TRANS 05.0000 07/15/2040 0.95%
LANCASTER OH PORT AUT 05.0000 08/01/2049 0.94%
PORT AUTH NY/NJ-186 05.0000 10/15/2044 0.91%
NY DORM AUTH -A -REF 05.2500 03/15/2037 0.90%
NY DORM-NY UNIV-1 05.5000 07/01/2040 0.85%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2037 0.83%
NY LIBERTY-TRD CTR 05.0000 12/15/2041 0.82%
NY DORM-NY UNIV-1 05.5000 07/01/2031 0.81%
NYC TRAN FIN AUTH-B1 05.0000 08/01/2040 0.78%
NEW YORK ST URBAN DEV 05.0000 03/15/2038 0.77%
NEW YORK-E-REF 05.0000 08/01/2034 0.76%
NEW YORK CITY NY TRAN 05.0000 07/15/2043 0.76%
SYRACUSE INDL-VAR-A-2 01.5000 12/01/2037 0.76%
NY CNTYS TOB TR IV -A 05.0000 06/01/2038 0.73%
NY TRNSPRTN DEV-AMT 05.0000 01/01/2032 0.72%
NYC-ADJ-SER I-SUB I-3 01.6500 04/01/2036 0.70%
MET TRANSPRTN AUTH NY 05.2500 11/15/2034 0.69%
NYC TRANSTNL FIN-E1 05.0000 02/01/2040 0.68%
NYC ADJ-SER I-SUB I-8 01.6800 04/01/2036 0.67%
PORT AUTH OF NEW YORK 05.0000 10/15/2041 0.64%
MET TRANSPRTN AUTH NY 05.0000 11/15/2033 0.63%
NY DORM AUTH-A 05.0000 03/15/2044 0.62%
LONG ISLAND PWR AUTH 05.0000 09/01/2041 0.62%
NASSAU CNTY-C-REF 05.0000 10/01/2031 0.62%
NEW YORK 05.0000 03/01/2039 0.61%
MASSACHUSETTS ST-A 05.0000 06/01/2043 0.60%
NYC TRANSTNL FIN-E-1 05.0000 02/01/2041 0.60%
NYC MUN WTR FIN-EE 05.0000 06/15/2047 0.60%
NYC TRAN FIN AUTH-B1 05.0000 08/01/2038 0.60%
PORT AUTH NY & NJ-206 05.0000 11/15/2042 0.60%
NY DORM AUTH-A 05.0000 05/01/2033 0.58%
NYS DORM AUTH-B-GRP C 05.0000 02/15/2041 0.58%
NYC TRAN FIN AUTH-SUB 05.0000 05/01/2032 0.58%
NYC-ADJ-1-SUBSER I-2 01.7000 03/01/2040 0.57%
TRIBOROUGH BRIDGE-B2 01.4500 01/01/2032 0.57%
NY DORM AUTH-A 05.0000 07/01/2041 0.56%
NASSAU TOB ASSET-A-2 05.2500 06/01/2026 0.56%
LIBERTY DEV CORP 05.5000 10/01/2037 0.55%
SYRACUSE INDL-VAR-A-1 01.5000 07/01/2037 0.54%
NEW YORK-SER A-1 05.0000 08/01/2032 0.54%
NY ST DORM AUTH 05.0000 07/01/2031 0.54%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.53%
NYC TRANS FIN AUTH 05.0000 07/15/2034 0.53%
NY LIBERTY-1-TRD CTR 05.0000 09/15/2040 0.53%
TRIBOROUGH BRIDGE-CAB 00.0000 11/15/2030 0.53%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.52%
NIAGARA AREA DEV CORP 04.7500 11/01/2042 0.52%
NY ENVIR-A-UTD WTR NE 04.8750 09/01/2040 0.52%
MET TRANS AUTH-A2A 02.3500 11/01/2026 0.51%
NY DORM 05.1250 07/01/2039 0.50%
LNG IS PWR ELEC GEN-C 05.2500 09/01/2029 0.50%
SUFFOLK CO-B-REF 05.0000 10/15/2026 0.50%
NEW YORK ST DORM AUTH 05.0000 12/01/2037 0.50%
BUFFALO & ERIE CNTY 05.0000 11/15/2037 0.49%
NYS HSG-A-AFFORDABLE 05.0000 11/01/2042 0.48%
SYRACUSE NY INDL DEV 05.0000 01/01/2035 0.47%
MET TRANSPRTN AUTH-D 05.0000 11/15/2038 0.46%
NEW YORK CITY NY MUNI 04.0000 06/15/2040 0.45%
TRIBORO BRIDGE-A-REF 05.0000 11/15/2041 0.44%
ALBANY CAP RES 06.2500 11/15/2038 0.44%
NYC TRAN FIN AUTH-SUB 05.0000 05/01/2036 0.43%
MET TRANS AUTH -B-1 05.0000 11/15/2034 0.42%
NYC TRANSITIONAL-B-1 05.0000 08/01/2039 0.42%
MET TRANS AUTH -B-1 05.0000 11/15/2036 0.42%
NYC HSG DEV-H2A 04.4000 05/01/2031 0.42%
ONONDAGA DEV-LE MOYNE 05.3750 07/01/2040 0.40%
NEW YORK CITY NY TRAN 05.0000 07/15/2036 0.40%
WESTCHESTER LOC DEV 05.0000 11/01/2046 0.39%
SCHENECTADY CAP-REF 05.0000 07/01/2032 0.38%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.37%
BUILD NYC RESOURCE 05.0000 07/01/2040 0.37%
COFINA CLASS 2-2047 00.0000 08/01/2047 0.36%
YONKERS-E 05.0000 09/01/2023 0.36%
MET TRANSPRTN-C-UNREF 05.0000 11/15/2041 0.36%
NEW YORK ST DORM AUTH 05.0000 02/15/2039 0.36%
ONONDAGA CO RES-A-REF 05.0000 05/01/2029 0.36%
DASNY-A-SALESTAX 05.0000 03/15/2032 0.36%
NYC IDA QUEENS BASEBA 05.0000 01/01/2024 0.35%
NY CONVENTN CTR-REF 05.0000 11/15/2045 0.35%
MONROE CNTY INDL DEV 05.0000 12/01/2046 0.34%
NY DORM AUTH-A 05.0000 05/01/2037 0.34%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.34%
OYSTER BAY-REF-IMPT 04.0000 02/15/2026 0.34%
DUTCHESS DEV-ANDERSON 06.0000 10/01/2030 0.33%
MET TRANSP AUTH-D-2 04.0000 11/15/2034 0.33%
NY DORM-TEACHERS CLG 05.0000 07/01/2042 0.33%
BUILD NYC-A-REF 05.0000 06/01/2038 0.33%
NY ST DORM-A-SKIDMORE 05.5000 07/01/2041 0.32%
WESTCHESTER HLT-PRERF 06.1250 11/01/2037 0.32%
NEW YORK ST DORM AUTH 05.0000 07/01/2039 0.32%
NYC TRANSTNL FIN-E1 05.0000 02/01/2031 0.31%
NYS DORM-ST FRANCIS 05.0000 10/01/2040 0.31%
GUAM GOVT-30-A 05.6250 12/01/2029 0.31%
WESTCHESTER DEV-A 05.5000 05/01/2042 0.31%
SYRACUSE NY INDL DEV 05.0000 01/01/2032 0.30%
NY DORM-TEACHERS CLG 05.0000 07/01/2034 0.30%
MONROE CO INDL DEV-C 04.0000 07/01/2037 0.30%
NY TRNSPRTN DEV-AMT 05.0000 01/01/2033 0.30%
PORT AUTH NY/NJ-197 05.0000 11/15/2034 0.30%
LONG ISLAND PWR AUTH 05.0000 09/01/2046 0.29%
NIAGARA FRONTIER-A 05.0000 04/01/2028 0.29%
NY DORM AUTH-A 05.0000 05/01/2043 0.28%
NYC MUNI WTR FIN-BB 05.0000 06/15/2046 0.28%
TOMPKINS CNTY NY DEV 05.0000 07/01/2044 0.28%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.28%
W NASSAU CO WTR-A 05.0000 04/01/2040 0.28%
TRIBORO BRDG-B-CABS 00.0000 11/15/2032 0.27%
NY LIBERTY-TRD CTR 05.0000 11/15/2031 0.27%
TRIBOROUGH BRIDGE-A 05.0000 11/15/2044 0.27%
YONKERS-A 05.0000 11/15/2031 0.26%
BUFFALO & FORT ERIE N 05.0000 01/01/2042 0.26%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2044 0.25%
HARRIS CULT ED VAR-C1 01.7000 12/01/2024 0.25%
NYS DORM-ST FRANCIS 05.0000 10/01/2032 0.25%
NIAGARA DEV CORP-A 05.0000 05/01/2030 0.24%
LONG ISLAND PWR 05.0000 09/01/2042 0.24%
NEW YORK-B-1 05.0000 12/01/2035 0.24%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.24%
NY TRNSPRTN DEV-AMT 05.0000 01/01/2034 0.24%
SOUTHOLD LOC DEV 05.0000 12/01/2045 0.24%
NEW YORK ST DORM AUTH 05.0000 07/01/2035 0.24%
BUILD NYC RESOURCE 05.0000 08/01/2040 0.23%
NEW YORK ST THRUWAY A 05.0000 01/01/2046 0.23%
LONG ISLAND NY PWR AU 05.0000 09/01/2045 0.23%
PORT AUTH NY & NJ-AMT 05.0000 09/01/2030 0.23%
NIAGARA FRONTIER-A 05.0000 04/01/2024 0.23%
GENEVA DEV CORP-REF 05.2500 09/01/2044 0.23%
BUFFALO ETC DEV-A 05.0000 06/01/2035 0.22%
NASSAU LOCAL ECON-REF 05.0000 07/01/2037 0.22%
GENEVA DEV CORP-REF 05.0000 09/01/2032 0.22%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.22%
MONROE IDC-A-REF 05.0000 12/01/2037 0.22%
NY ST DORM-A 05.0000 07/01/2042 0.22%
NY ST DORM-ROCHESTER 05.0000 07/01/2038 0.22%
NY PWR-A 05.0000 11/15/2038 0.22%
ONONDAGA TR-SYRACUSE 05.0000 12/01/2036 0.22%
NYC TRST CULT RES-A 05.0000 08/01/2042 0.22%
BUILD NYC-A 05.0000 04/15/2033 0.21%
NYC CULTURAL-WHITNEY 05.0000 07/01/2031 0.21%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.21%
LONG ISLAND PWR-CAB 00.0000 06/01/2028 0.21%
NY LIBERTY DEV 05.6250 01/15/2046 0.21%
NYS DORM-ST JOSEPHS 05.2500 07/01/2035 0.20%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.20%
NYS DORM AUTH-MANHATT 05.2500 07/01/2029 0.20%
NYS DORM-N SHORE-E 05.5000 05/01/2033 0.20%
NY DORM-A-FORDHAM UNI 05.5000 07/01/2036 0.20%
BUILD NYC RESRCE CO P/P 144A 05.0000 01/01/2035 0.19%
BUILD NYC RESC CORP 05.0000 08/01/2032 0.19%
ST LAWRENCE CNTY DEV 05.0000 09/01/2041 0.19%
ERIE CO FISCAL-D 05.0000 09/01/2036 0.18%
ERIE CO FISCAL-D 05.0000 09/01/2038 0.18%
MONROE CO INDL DEV-C 04.0000 07/01/2032 0.18%
NIAGARA DEV CORP-A 05.0000 05/01/2035 0.18%
LONG ISLAND PWR AUTH 05.0000 09/01/2036 0.18%
ONONDAGA DEV-LE MOYNE 05.0000 07/01/2032 0.18%
YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 0.17%
MONROE CO INDL DEV-C 04.0000 07/01/2033 0.17%
NASSAU CO ECON ASSIST 05.0000 07/01/2032 0.17%
NEW YORK ST TRANSPRTN 05.0000 01/01/2023 0.17%
NYC IDA-A-REF-SR 05.0000 07/01/2028 0.16%
NY ST DORM AUTH-REF-A 05.0000 07/01/2037 0.16%
NY TRNSPRTN DEV-REF 05.0000 08/01/2031 0.16%
NYS DORM 06.0000 07/01/2040 0.16%
NY MTGE AGY0189-AMT 03.8500 10/01/2034 0.16%
ERIE CO FISCAL-D 05.0000 09/01/2035 0.15%
NASSAU CO ECON ASSIST 05.0000 07/01/2033 0.15%
WESTCHESTER CO 05.0000 06/01/2042 0.14%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2042 0.14%
NYC TRST CULT RES-A 05.0000 08/01/2038 0.14%
BROOKHAVEN LOCL DEV 05.2500 11/01/2036 0.14%
GUAM PWR-A 05.5000 10/01/2040 0.14%
MONROE IDC-A-REF 05.0000 12/01/2032 0.14%
NASSAU LOCAL ECON-REF 05.0000 07/01/2027 0.14%
NEW YORK ST DORM AUTH 04.0000 07/01/2034 0.14%
CMS LIQUIDATING TR P/P 144A 0.14%
WESTCHESTER TOBACCO-B 05.0000 06/01/2041 0.14%
SUFFOLK ECON-REF-PECO 06.0000 12/01/2040 0.13%
NYC MUNI WTR-UNREF 05.2500 06/15/2040 0.13%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.13%
NEW YORK ST DORM AUTH 05.0000 07/01/2033 0.13%
NEW YORK ST DORM AUTH 05.0000 07/01/2036 0.12%
NIAGARA NY FRONTIER T 05.0000 04/01/2039 0.12%
POUGHKEEPSIE 05.0000 06/01/2023 0.12%
LONG ISLAND PWR 05.0000 09/01/2034 0.12%
ERIE CO FISCAL-D 05.0000 09/01/2037 0.12%
LONG ISLAND PWR 05.0000 09/01/2035 0.12%
LONG ISLAND PWR 05.0000 09/01/2036 0.12%
NY DORM-MEM SLOAN 05.0000 07/01/2036 0.12%
LONG ISLAND PWR 05.0000 09/01/2037 0.12%
TRIBOROUGH BRIDGE 05.0000 11/15/2038 0.12%
HEMPSTEAD TOWN LOC 05.0000 07/01/2043 0.12%
NEW YORK ST DORM AUTH 05.0000 07/01/2030 0.12%
NIAGARA NY FRONTIER T 05.0000 04/01/2037 0.12%
MONROE CO INDL DEV-A 05.0000 07/01/2033 0.12%
NYC TRAN FIN AUTH-SUB 05.0000 05/01/2037 0.12%
HEMPSTEAD TOWN NY LOC 05.0000 07/01/2047 0.12%
BUFFALO & ERIE CNTY N 05.2500 07/01/2035 0.12%
BUILD NYC RESOURCE 05.0000 08/01/2047 0.12%
NEW YORK ST DORM AUTH 05.0000 02/15/2034 0.12%
BUILD NYC RESOURCE-A 05.1250 05/01/2038 0.12%
HEMPSTEAD TOWN LOC 05.0000 07/01/2048 0.12%
POUGHKEEPSIE 05.0000 06/01/2022 0.12%
WESTCHESTER CO 05.0000 06/01/2047 0.12%
MONROE CO INDL DEV-D 04.0000 07/01/2032 0.11%
NEW YORK ST DORM AUTH 04.0000 07/01/2035 0.11%
NY DORM AUTH-A-REF 05.0000 07/01/2034 0.11%
ST LAWRENCE CNTY DEV 05.2500 09/01/2033 0.11%
NY DORM AUTH-A-REF 05.0000 07/01/2039 0.11%
MONROE CO INDL DEV-C 04.0000 07/01/2035 0.11%
MONROE CO INDL DEV-D 04.0000 07/01/2034 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2026 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2027 0.11%
NY DORM AUTH REV-A 05.0000 07/01/2029 0.11%
HEMPSTEAD TWN- REF 04.0000 02/01/2039 0.11%
MTA-D1-TRANSPRTN 05.0000 11/15/2033 0.11%
NEW YORK TRANSPRTN-A 05.2500 01/01/2050 0.11%
NY ST DORM AUTH-A 05.0000 07/01/2026 0.11%
NYC HSG DEV CORP-C1A 01.3750 05/01/2020 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2046 0.11%
NY LIBERTY-3-TRD CTR 05.0000 03/15/2044 0.11%
NASSAU CO LOCAL ECON 05.0000 07/01/2037 0.11%
NIAGARA DEV CORP-A 05.0000 05/01/2042 0.11%
TOMPKINS 05.3750 07/01/2041 0.11%
NY DORM-HIGHLAND HSP 05.2000 07/01/2032 0.10%
SUFFOLK IDA-NISSEQUOG 05.5000 01/01/2023 0.10%
HEMPSTEAD TOWN LOC 05.0000 07/01/2038 0.10%
BRKLYN LAW SCH REF 05.7500 07/01/2033 0.10%
NYC IDA YANKEE STADI 07.0000 03/01/2049 0.10%
NIAGARA FRONTIER-A 05.0000 04/01/2027 0.10%
MONROE CO INDL DEV-C 04.0000 07/01/2036 0.10%
MONROE CO INDL DEV-A 05.0000 06/01/2029 0.09%
NY CNTYS TOB TR II 05.7500 06/01/2043 0.09%
TOMPKINS CNTY NY DEV 05.0000 07/01/2041 0.08%
ALBANY RES CORP-A-REF 05.0000 05/01/2031 0.08%
MONROE CO INDL DEV-D 04.0000 07/01/2036 0.08%
NY DORM-CULINARY INST 05.5000 07/01/2033 0.08%
COFINA SER 2007A SR BDS2 00.0000 08/01/2043 0.08%
NEW YORK ST DORM AUTH 05.0000 12/01/2036 0.08%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.08%
MONROE CNTY INDL DEV 05.0000 12/01/2035 0.07%
HEMPSTEAD DEV CORP 05.0000 07/01/2028 0.07%
POUGHKEEPSIE 05.0000 06/01/2031 0.07%
PR HWY/TRN-PREREF-AA 05.5000 07/01/2020 0.07%
ERIE CO FISCAL-D 05.0000 09/01/2039 0.06%
LONG ISLAND PWR 05.0000 09/01/2033 0.06%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.06%
NY LIBERTY DEV CORP P/P 144A 05.1500 11/15/2034 0.06%
ALBANY RES CORP-A-REF 05.0000 12/01/2032 0.06%
BUFFALO & ERIE CNTY 05.0000 11/15/2030 0.06%
HEMPSTEAD TWN LOC-REF 05.0000 07/01/2038 0.06%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.06%
BUILD NYC-A 05.0000 04/01/2033 0.05%
PR HWY/TRN-UNREF-AA 05.5000 07/01/2019 0.05%
MMD AAA R SP 0.0 08/15/19 BA 0.05%
NIAGRA FALLS BRIDGE-A 04.0000 10/01/2044 0.05%
GUAM GOVT COPS-A-JOHN 06.8750 12/01/2040 0.05%
POUGHKEEPSIE 05.0000 06/01/2024 0.05%
ONONDAGA CIVIC DEV 05.0000 07/01/2034 0.05%
BUFFALO & FT ERIE PBA 05.0000 01/01/2025 0.05%
NEW YORK ST DORM AUTH 05.0000 07/01/2033 0.04%
ALBANY RES CORP-A-REF 05.0000 05/01/2030 0.04%
NEW YORK CITY NY HSG 01.6250 05/01/2049 0.04%
WESTCHESTER HLT-UNREF 06.1250 11/01/2037 0.04%
NEW ROCHELLE CORP 05.0000 07/01/2040 0.04%
NY DORM AUTH 05.0000 07/01/2034 0.04%
NY URB DEV REF-CLARKS 05.5000 01/01/2020 0.04%
PR HWY/TRN-UNREF-AA 05.5000 07/01/2020 0.04%
ALBANY RES CORP-A-REF 05.0000 12/01/2033 0.04%
HEMPSTEAD TWN LOC-REF 05.0000 07/01/2037 0.04%
DUTCHESS CNTY NY LOCA 05.0000 07/01/2032 0.04%
COFINA SER 2007A SR BDS1 00.0000 08/01/2043 0.03%
TOMPKINS CNTY NY DEV 05.0000 07/01/2037 0.03%
ALBANY RES CORP-A-REF 05.0000 12/01/2030 0.03%
BUFFALO & FT ERIE PBA 05.0000 01/01/2024 0.03%
HEMPSTEAD TWN- REF 05.0000 02/01/2032 0.03%
NY TOBACCO-B-REF 05.0000 06/01/2036 0.03%
NY TOBACCO-B-REF 05.0000 06/01/2041 0.03%
POUGHKEEPSIE 05.0000 06/01/2025 0.03%
HEMPSTEAD TWN- REF 05.0000 02/01/2031 0.02%
HEMPSTEAD TWN- REF 05.0000 02/01/2033 0.02%
HEMPSTEAD TWN- REF 05.0000 02/01/2034 0.02%
NIAGARA NY FRONTIER T 05.0000 04/01/2035 0.02%
HEMPSTEAD TWN- REF 05.0000 02/01/2030 0.02%
TOMPKINS CNTY NY DEV 05.0000 07/01/2034 0.02%
TOMPKINS CNTY NY DEV 05.0000 07/01/2035 0.02%
NY CNTYS TOB TR III 06.0000 06/01/2043 0.01%
NY DORM AUTH-C-UNREF 05.1250 10/01/2036 0.00%
NY DORM AUTH-C-UNREF 05.0000 10/01/2031 0.00%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Mmd Aaa R Sp 0.0 08/15/19 Ba08/15/2019
Ny Liberty Dev Corp P/P 144a 05.0000 11/15/2044
Tsasc Inc-A-Ref 05.0000 06/01/2041
Nyc Muni Wtr Fin -Bb1 04.0000 06/15/2049
New York St Thruway-A 04.0000 02/01/2020
Triboro Bridge-F-Ref 01.4000 11/01/2032
New York City Muni Fi 05.0000 06/15/2046
New York St Dorm Auth 05.0000 07/01/2042
Ny Dorm Auth-E 05.0000 03/15/2038
Holdings represent 17.90% of portfolio
Top 10 holdings as of 06/30/19
Mmd Aaa R Sp 0.0 08/15/19 Ba08/15/2019
Ny Liberty Dev Corp P/P 144a 05.0000 11/15/2044
Tsasc Inc-A-Ref 05.0000 06/01/2041
New York St Thruway-A 04.0000 02/01/2020
Triboro Bridge-F-Ref 01.4500 11/01/2032
New York City Muni Fi 05.0000 06/15/2046
New York St Dorm Auth 05.0000 07/01/2042
Ny Dorm Auth-E 05.0000 03/15/2038
New York St Dorm Auth 05.0000 02/15/2041
New York-F-1 05.0000 04/01/2043
Holdings represent 15.09% of portfolio
Top 10 holdings as of 05/31/19
Mmd Aaa R Sp 0.0 08/15/19 Ba08/15/2019
Tsasc Inc-A-Ref 05.0000 06/01/2041
New York St Thruway-A 04.0000 02/01/2020
New York City Muni Fi 05.0000 06/15/2046
New York St Dorm Auth 05.0000 07/01/2042
Triboro Bridge-F-Ref 01.6500 11/01/2032
Ny Dorm Auth-E 05.0000 03/15/2038
Ny Liberty Dev Corp P/P 144a 05.0000 11/15/2044
New York City Ny Hsg 01.6250 05/01/2049
New York St Dorm Auth 05.0000 02/15/2041
Holdings represent 14.68% of portfolio
Top 10 holdings as of 04/30/19
Tsasc Inc-A-Ref 05.0000 06/01/2041
New York St Thruway-A 04.0000 02/01/2020
New York City Muni Fi 05.0000 06/15/2046
New York St Dorm Auth 05.0000 07/01/2042
Ny Dorm Auth-E 05.0000 03/15/2038
New York City Ny Hsg 01.6250 05/01/2049
Dasny-A-Salestax 05.0000 03/15/2034
Nys Dorm Auth 05.5000 05/01/2037
New York St Dorm Auth 05.0000 02/15/2041
New York-F-1 05.0000 04/01/2043
Holdings represent 13.70% of portfolio

Portfolio composition as of 07/31/19

Municipal bonds and notes 95.18%
Cash and net other assets 4.82%

Fixed income statistics as of 07/31/19

Average stated maturity 19.13 yrs.
Average effective maturity 5.81 yrs.
Option adjusted duration 6.76 yrs.
Duration to worst 4.82 yrs.
Average yield to maturity 3.51%
Average coupon 4.69%
Average price $112.38
AMT exposure 7.51%

Quality rating as of 07/31/19

AAA 8.46%
AA 44.20%
A 20.80%
BBB 13.50%
BB 1.29%
B 2.23%
Not Rated 4.70%
Cash and net other assets 4.82%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. The fund's performance will be closely tied to the economic and political conditions in New York State, and can be more volatile than the performance of a more geographically diversified fund. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. 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. 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. You can lose money by investing in the fund.

Top industry sectors as of 07/31/19

Special Tax 17.58%
Education 16.28%
Transportation 14.82%
Utilities 12.15%
Local Debt 7.03%
Other 5.99%
Health care 5.97%
State Debt 5.60%
Cash and net other assets 4.82%
 
Other
9.76%
Tobacco 3.60%
Prerefunded 2.49%
Financials 2.03%
Housing 1.20%
Industrials 0.39%
Land 0.05%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.75% 1.38% 1.53% 1.03% 0.52% 0.53%
What you pay 0.75% 1.38% 1.53% 1.03% 0.52% 0.53%

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: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. The fund's performance will be closely tied to the economic and political conditions in New York State, and can be more volatile than the performance of a more geographically diversified fund. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. 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. 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. You can lose money by investing in the fund.