Always Diligent. Always Active.

Tax Exempt Income Fund (Class Y)  (PTEYX)

Seeking a high level of tax-free income since 1976

Tax Exempt Income Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

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

Strategy and process

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

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.79
0.00% | $0.00
$8.79
07/03/19
$8.34
11/07/18
Historical fund price

Fund facts as of 06/30/19

Total net assets
$944.28M
Turnover (fiscal year end)
42%
Dividend frequency (view rate)
Monthly
Number of holdings
429
Fiscal year-end
September
CUSIP / Fund code
746870500 / 1809
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PTEYX

Management team

Portfolio Manager
Portfolio Manager


Manager commentary | Q1 2019

Tax revenues strengthened muni fundamentals in 2018

Portfolio Managers Paul Drury and Garrett Hamilton discuss municipal bond fundamentals.


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.

22.07%

Best 5-year annualized return

(for period ending 12/31/86)


-1.95%

Worst 5-year annualized return

(for period ending 12/31/81)


6.99%

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 6.92% 2.87% 3.91% 5.21%
After sales charge N/A N/A N/A N/A
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 06/30/19 0.45% -
YTD as of 07/15/19 5.83% -

Yield

Distribution rate before sales charge
as of 07/15/19
2.82%
Distribution rate after sales charge
as of 07/15/19
2.82%
30-day SEC yield as of 06/28/19 1.91%

Risk-adjusted performance as of 06/30/19

Sharpe ratio (3 yrs.) 0.51
Information ratio (3 yrs.) 0.48

Volatility as of 06/30/19

Standard deviation (3 yrs.) 3.03%
Beta 0.88
R-squared 0.97

Lipper rankings as of 06/30/19

Time period Rank/Funds in category Percentile ranking
1 yr. 56/275 21%
3 yrs. 49/238 21%
5 yrs. 64/208 31%
10 yrs. 58/168 35%
Lipper category: General & Insured Municipal Debt Funds

Morningstar Ratings as of 06/30/19

Time period Funds in category Morningstar Rating
Overall 147
3 yrs. 147
5 yrs. 131
10 yrs. 111
Morningstar category: Muni National Long

Distributions

Accrual days 28
Accrual start date 06/03/19
Accrual end date 06/30/19
Payable date 06/28/19
Non-taxable income $0.019432101
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 06/30/19

Sc Transprtn-2003b 02.0500 10/01/2031 2.07%
New York St Thruway-A 04.0000 02/01/2020 1.71%
Henrico Indl-Reg Link 05.9290 08/23/2027 1.40%
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 1.30%
Miami-Dade Cnty Rev 05.0000 10/01/2040 1.25%
California St-B-Txbl 02.1930 04/01/2047 1.20%
Ky Pub Energy-C-1 04.0000 12/01/2049 1.14%
Dallas Area Rapid-A 05.0000 12/01/2046 1.11%
Ms Business Fin-Ref 02.5000 04/01/2022 1.07%
Centrl Plains Energy 05.0000 03/01/2050 0.98%
Top 10 holdings, percent of portfolio 13.23%

Full portfolio holdings as of 03/31/19

HENRICO INDL-REG LINK 05.9290 08/23/2027 1.42%
MIAMI-DADE TRANSIT 05.0000 07/01/2043 1.37%
N TX TWY CAB-REF-I 06.5000 01/01/2043 1.30%
NEW YORK ST DORM AUTH 05.0000 03/15/2036 1.30%
MIAMI-DADE CNTY REV 05.0000 10/01/2040 1.27%
NEW YORK ST DORM AUTH 05.0000 07/01/2049 1.24%
DALLAS AREA RAPID-A 05.0000 12/01/2046 1.13%
MASSACHUSETTS ST-A 05.0000 04/01/2047 1.13%
MS BUSINESS FIN-REF 02.5000 04/01/2022 1.09%
GILLIAM WST VAR-A-CON 02.2500 08/01/2025 1.08%
LANCASTER PORT-REF 02.3960 05/01/2038 1.08%
NY DORM AUTH-E 05.0000 03/15/2040 1.03%
ILLINOIS ST SALES TAX 04.0000 06/15/2020 0.99%
CENTRL PLAINS ENERGY 05.0000 03/01/2050 0.98%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.97%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.91%
DETROIT MI DOWNTOWN D 05.0000 07/01/2048 0.83%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.83%
NJ TRN FD CAB-SER C 00.0000 12/15/2024 0.81%
ID HSG & FIN 04.0000 07/15/2030 0.80%
TRIBOROUGH BRIDGE-D 02.1280 11/15/2038 0.76%
IN BD BK SER A 05.2500 10/15/2021 0.73%
IN FIN AUTH-AMT-A-REF 02.1000 05/01/2034 0.73%
VIRGINIA ST CMWLTH TR 04.0000 05/15/2032 0.71%
LOUISVILLE & JEFFERSO 04.0000 10/01/2034 0.69%
MIAMI-DADE CO-D 05.0000 07/01/2045 0.69%
TRIBOROUGH BRIDGE-B 02.0850 01/01/2032 0.69%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.68%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.66%
AZ LOTTERY-REF 05.0000 07/01/2028 0.65%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.65%
PA TNPK CMMN-A 05.0000 12/01/2044 0.64%
SALT LAKE CITY ARPT-A 05.0000 07/01/2043 0.64%
OHIO ST-A 04.0000 02/01/2033 0.63%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.62%
NEW YORK CITY NY TRAN 05.0000 05/01/2037 0.62%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.62%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.62%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.61%
CHICAGO HSG AUTH-A 05.0000 01/01/2031 0.59%
KY PUB ENERGY AUTH-B 04.0000 01/01/2049 0.59%
KY PUB ENERGY-C-1 04.0000 12/01/2049 0.59%
PA TURNPIKE COMM-REF 05.0000 12/01/2022 0.59%
KING CO PUB HOSP DT 1 05.0000 12/01/2037 0.58%
MIAMI-DADE CNTY AVTN 05.0000 10/01/2041 0.58%
SALES TAX SECURTZTN-C 05.5000 01/01/2036 0.58%
WASHINGTON ST-A-COPS 05.0000 07/01/2034 0.58%
SOUTHCENTRL PA GEN AU 04.0000 06/01/2049 0.57%
UNION UTILS-A-REF 05.2500 12/01/2031 0.57%
NEW YORK-F-1 05.0000 04/01/2043 0.56%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.56%
PA ECON DEV-A-WASTE 01.7000 08/01/2037 0.56%
TENNERGY CORP TN GAS 05.0000 02/01/2050 0.56%
MA SCH BLDG AUTH-C 05.0000 08/15/2037 0.55%
MET TRANS AUTH-A2A 02.4900 11/01/2026 0.55%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.55%
PA TURNPIKE COMM-CONV 00.0000 12/01/2044 0.53%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2033 0.51%
FARMINGTON PCR-B 04.7000 09/01/2024 0.51%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.51%
GAINESVILLE HOSP-A 05.0000 02/15/2036 0.50%
PA TURNPIKE COMM-REF 05.0000 12/01/2025 0.50%
PORT AUTH OF NEW YORK 05.0000 09/15/2031 0.50%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2036 0.50%
TOBACCO SETTLEMENT-A 05.0000 06/01/2035 0.50%
CHICAGO 2002B 05.5000 01/01/2037 0.48%
TEXAS CITY ARCO PIPE 07.3750 10/01/2020 0.48%
NYC TRANSTNL FIN-E1 05.0000 02/01/2038 0.47%
DC-KIPP-SER A-REF 05.0000 07/01/2037 0.46%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.45%
TN ENERGY 05.2500 09/01/2020 0.45%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.43%
CONNECTICUT ST-A 05.0000 04/15/2034 0.43%
DASNY INCOME TAX-E 05.0000 02/15/2044 0.43%
DASNY-A-SALESTAX 05.0000 03/15/2034 0.42%
GLENDALE INDL DEV-REF 05.0000 05/15/2039 0.42%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.41%
CHICAGO ARPT-F 05.0000 01/01/2040 0.41%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.41%
HOUSTON ARPT-A-REF 05.0000 07/01/2025 0.41%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.41%
NJ ECON DEV-AA-UNREF 05.2500 12/15/2033 0.40%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2030 0.37%
RVRSIDE LSE CORP-HOSP 00.0000 06/01/2025 0.37%
CHICAGO IL 06.0000 01/01/2038 0.36%
MSR ENERGY 06.5000 11/01/2039 0.36%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.36%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.36%
CHICAGO WSTWTR 05.0000 01/01/2044 0.35%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.35%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.35%
NJ TRANSN TR FD-A 06.0000 06/15/2035 0.35%
ATLANTA WTR-REF 05.0000 11/01/2043 0.34%
ILLINOIS ST 05.0000 12/01/2031 0.34%
KY ECON DEV-A-REF 05.0000 12/01/2045 0.34%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.34%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.34%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.34%
CAMPBELL CNTY 05.7500 07/15/2039 0.33%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.33%
CHICAGO WSTWTR 05.0000 01/01/2039 0.32%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.32%
KY PPTY & BLDGS 05.0000 05/01/2037 0.32%
LONG ISLAND PWR AUTH 05.0000 09/01/2037 0.32%
MASSACHUSETTS ST DEV 05.0000 10/01/2028 0.31%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.31%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.30%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2035 0.29%
MET PIER & EXPOSITION 05.0000 06/15/2057 0.29%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.28%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.28%
ILLINOIS ST-REF 05.0000 02/01/2028 0.28%
PA TNPK CMMN-A 05.0000 12/01/2038 0.28%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.27%
GRANT CNTY WA PUBLIC 02.0000 01/01/2044 0.27%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.27%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.27%
WASHINGTON ST HLTH CA 02.7610 01/01/2042 0.27%
CA POLLUTN-VAR-REF-A P/P 144A 02.3000 08/01/2023 0.26%
IL ST-REF 05.0000 08/01/2021 0.26%
LAKELAND HOSP 05.0000 11/15/2040 0.26%
MASSACHUSETTS ST DEV 05.0000 10/01/2027 0.26%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.26%
LOS ANGELES CO FACS-A 05.0000 12/01/2038 0.25%
NEW YORK CITY MUNI FI 05.0000 06/15/2046 0.25%
NJ HGR ED-SER A 05.6250 06/01/2030 0.25%
PA TPK 2ND SER REF 05.0000 12/01/2036 0.25%
PENNSYLVANIA-A-COPS 05.0000 07/01/2036 0.25%
SANTA FE RETMNT FAC 05.0000 05/15/2032 0.25%
BEXAR CO-REF 04.0000 06/15/2034 0.24%
CLIFTON HGR EDU FIN 04.0000 08/15/2031 0.24%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.24%
DETROIT WTR & SWR-A 05.0000 07/01/2032 0.24%
DIST OF COLUMBIA UNIV 05.5000 04/01/2041 0.24%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.24%
ILLINOIS ST 05.0000 10/01/2032 0.24%
ILLINOIS ST 05.0000 11/01/2029 0.24%
ILLINOIS ST 05.0000 12/01/2028 0.24%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.24%
MO DEV FIN BRD-A 05.0000 06/01/2037 0.24%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.24%
OAKLAND UNIV-REF 05.0000 03/01/2039 0.24%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.24%
SC PUB SVC AUTH-E 05.5000 12/01/2053 0.24%
SEATTLE SOL WST-REV 04.0000 06/01/2032 0.24%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.24%
AZ LOTTERY-REF 05.0000 07/01/2027 0.23%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.23%
GAINESVILLE HOSP-A 05.5000 08/15/2054 0.23%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.23%
NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 0.23%
PORT AUTH OF NY/NJ 04.5000 04/01/2037 0.23%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.22%
CHICAGO WTRWKS-REMK 05.0000 11/01/2029 0.22%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.22%
MASSACHUSETTS ST DEV 05.0000 10/01/2039 0.22%
MIAMI-DADE AVIATION-A 05.0000 10/01/2038 0.22%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2035 0.22%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2036 0.22%
CA POLL FING AUTH 04.7500 11/01/2046 0.21%
CONNECTICUT ST-A 05.0000 04/15/2039 0.21%
LAKELAND HOSP 05.0000 11/15/2045 0.21%
MASS ED FIN AUTH -B 05.7000 01/01/2031 0.21%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.21%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.21%
PA TURNPIKE-B1 05.0000 06/01/2042 0.21%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.20%
GREATER CHICAGO MET-E 05.0000 12/01/2029 0.20%
KAREGNONDI WTR AUTH 05.0000 11/01/2034 0.20%
TEXAS MUNI PWR AGY 05.0000 09/01/2047 0.20%
WASHINGTON ST A-1 05.0000 08/01/2037 0.20%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
ID HLTH FACS-A-REF 05.0000 03/01/2037 0.19%
LONG ISLAND PWR AUTH 05.0000 09/01/2036 0.19%
MAIN STREET NATURAL-A 05.0000 05/15/2033 0.19%
MI ST FIN AUTH 05.0000 11/15/2042 0.19%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.19%
NEW HOPE CULT EDU-B1 04.0000 07/01/2048 0.19%
SARASOTA CO PUB HOSP 05.0000 07/01/2038 0.19%
TNDR OPT-RESDL-XF074 P/P 14.6750 12/01/2047 0.19%
TX PRIVATE ACTIVITY 06.8750 12/31/2039 0.19%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.18%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 0.18%
MONROE CO INDL DEV-C 04.0000 07/01/2035 0.18%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.18%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.17%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.17%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.17%
MIDDLEBURG HGHTS HOSP 05.0000 08/01/2047 0.17%
OHIO HOSP FAC-A-REF 04.0000 01/01/2043 0.17%
SC PUB SVC AUTH-E 05.0000 12/01/2048 0.17%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2036 0.17%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2037 0.17%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.16%
CHICAGO WTR-UNREF-REF 05.0000 11/01/2025 0.16%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.16%
KAREGNONDI WTR AUTH 05.0000 11/01/2036 0.16%
NJ ECON DEV AUTH-REF 05.0000 06/01/2037 0.16%
PA ST TRNPK-B 05.0000 12/01/2027 0.16%
SAN ANTONIO ARPT-IMPT 05.2500 07/01/2032 0.16%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.16%
ST PAUL PORT AUTH-7 P/P 144A 04.5000 10/01/2037 0.16%
ABAG FIN AUTH-A-REF 05.0000 07/01/2042 0.15%
ALLEGHENY CNTY-C77 04.0000 11/01/2035 0.15%
CHICAGO O'HARE ARPT-A 05.0000 01/01/2037 0.15%
FLINT HSP-HURLEY MED 07.3750 07/01/2035 0.15%
HARRIS CULTURAL EDU-A 05.0000 06/01/2028 0.15%
ILLINOIS ST 05.0000 11/01/2041 0.15%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.15%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.15%
MASSACHUSETTS ST DEV 05.0000 10/01/2038 0.15%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.15%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.15%
PHOENIX IMPT CAB-B 05.5000 07/01/2043 0.15%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.15%
ARLINGTON HGR EDU-A 05.0000 12/01/2033 0.14%
HOUSTON HGR ED-A 05.0000 02/15/2032 0.14%
HUBER HEIGHTS SD-REF 05.0000 12/01/2031 0.14%
KAREGNONDI WTR AUTH 05.0000 11/01/2031 0.14%
MONTGOMERY CNTY TOLL 05.0000 09/15/2034 0.14%
VA ST BUSINESS FING 05.0000 07/01/2034 0.14%
CLIFTON HGR EDU FIN 05.0000 08/15/2033 0.13%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.13%
MI FIN AUTH-C-3-REF 05.0000 04/01/2026 0.13%
MYRTLE BEACH SC TAX I 05.0000 10/01/2029 0.13%
NEW YORK ST DORM AUTH 05.0000 03/15/2035 0.13%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.13%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2028 0.13%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.12%
CHICAGO MTR FUEL TAX 05.0000 01/01/2033 0.12%
COLORADO ST HLTH FACS 05.0000 05/15/2045 0.12%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.12%
DETROIT CITY SD-REF-A 05.0000 05/01/2031 0.12%
DETROIT MI DOWNTOWN D 05.0000 07/01/2038 0.12%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.12%
FRANKLIN CNTY-A 06.1250 07/01/2040 0.12%
GAINESVILLE HOSP-A 05.0000 02/15/2037 0.12%
HAMILTON CO HLTH 05.0000 01/01/2032 0.12%
ILLINOIS ST 05.0000 11/01/2034 0.12%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2030 0.12%
MAIN STREET NATURAL-A 05.0000 05/15/2022 0.12%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.12%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.12%
MI HSG DEV-D 03.9500 10/01/2037 0.12%
MINNESOTA ST HGR EDU 04.0000 03/01/2035 0.12%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.12%
PENNSYLVANIA-A-COPS 05.0000 07/01/2034 0.12%
PHILADELPHIA GAS WKS 05.0000 08/01/2031 0.12%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.12%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.12%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.12%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.12%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.12%
ST PUB SCH BULD AUTH 05.0000 04/01/2023 0.12%
ST PUB SCH BULD AUTH 05.0000 04/01/2024 0.12%
TEXAS ST-REF 04.0000 10/01/2032 0.12%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.12%
DC BALLPARK-SER B1 05.0000 02/01/2025 0.11%
E-470 HWY-B-LIBOR 02.7110 09/01/2039 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2027 0.11%
KY PPTY & BLDGS-B 05.0000 05/01/2029 0.11%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.11%
SAGINAW HOSP 05.0000 07/01/2030 0.11%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2024 0.10%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.10%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2035 0.10%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.10%
MA HSG FIN-A 05.1000 12/01/2030 0.10%
MICHIGAN ST FIN AUTH 04.5000 10/01/2029 0.10%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2025 0.10%
GAITHERSBURG ECON-A 05.0000 01/01/2036 0.09%
LEXINGTON HLTH SVCS 04.0000 11/01/2031 0.09%
LEXINGTON HLTH SVCS 04.0000 11/01/2032 0.09%
LOWER COLORADO RIVER 05.0000 05/15/2040 0.09%
MONROE CO INDL DEV-C 04.0000 07/01/2036 0.09%
MONTGOMERY CNTY TOLL 05.0000 09/15/2033 0.09%
NEW HOPE ED FACS 05.5000 01/01/2043 0.09%
UTAH ST CHRT SCH FIN 05.0000 10/15/2038 0.09%
AZ HLTH-KIRKSVL CLG 05.1250 01/01/2030 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.08%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.08%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.08%
CO HLTH FACS AUTH 05.5000 06/01/2033 0.08%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.08%
ILLINOIS ST 05.0000 01/01/2041 0.08%
MARICOPA IDA-A 06.0000 07/01/2039 0.08%
MI PUB PWR-A 05.0000 01/01/2027 0.08%
MONROE CO INDL DEV-D 04.0000 07/01/2034 0.08%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.08%
SCIOTO CO HOSP FACS 05.0000 02/15/2034 0.08%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2034 0.08%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.08%
KY PPTY & BLDGS-B 05.0000 05/01/2028 0.07%
MARICOPA CNTY AZ INDL 05.0000 07/01/2048 0.07%
NH HLTH & EDU FACS 05.0000 10/01/2046 0.07%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.07%
UTAH ST CHRT SCH FIN 05.0000 10/15/2031 0.07%
ARIZONA ST HLTH FACS 05.0000 12/01/2028 0.06%
AZ SPORTS-A-REF-SR 05.0000 07/01/2030 0.06%
CENTRE CO HOSP-A-REF 05.0000 11/15/2041 0.06%
E HEMPFIELD TWP IDA 05.0000 07/01/2029 0.06%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.06%
IL FIN AUTH 04.0000 11/15/2031 0.06%
IL FIN AUTH-A 05.0000 02/15/2047 0.06%
KALAMAZOO HOSP FIN AU 04.0000 05/15/2031 0.06%
MI FIN AUTH-B-LOC GOV 05.0000 07/01/2034 0.06%
MI FIN AUTH-C-3-REF 05.0000 04/01/2024 0.06%
MI FIN AUTH-H-1-REF 05.0000 10/01/2030 0.06%
MI STRATEGIC FUND 05.7500 11/15/2033 0.06%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.06%
MICHIGAN ST FIN AUTH 05.0000 06/01/2030 0.06%
MONROE CO INDL DEV-D 04.0000 07/01/2036 0.06%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.06%
OAKLAND UNIV-A 05.0000 03/01/2033 0.06%
PIMA IDA-RF-PROVIDENC 05.1250 12/01/2040 0.06%
PITTSBURGH 04.0000 09/01/2033 0.06%
PITTSBURGH 05.0000 09/01/2036 0.06%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.06%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.05%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.05%
GRAND RAPIDS WTR-REF 05.0000 01/01/2041 0.05%
HENRICO ECON DEV-REF 05.0000 06/01/2023 0.05%
HENRICO ECON DEV-REF 05.0000 06/01/2025 0.05%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.05%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.05%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.05%
MICHIGAN ST HSG DEV A 03.9500 12/01/2040 0.05%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.05%
NTHRN AZ UNIV 05.0000 06/01/2036 0.05%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.05%
UTAH ST CHRT SCH FIN 05.0000 10/15/2033 0.05%
YUMA IDA-A 05.2500 08/01/2032 0.05%
ALLEGHENY CNTY-C77 04.0000 11/01/2033 0.04%
ARLINGTON HGR EDU-A 04.0000 12/01/2031 0.04%
AZ GAME/FISH AGF ADMI 05.0000 07/01/2021 0.04%
BELDING SCHS-A-REF 05.0000 05/01/2040 0.04%
DETROIT SD REF-C-BHAC 05.2500 05/01/2025 0.04%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.04%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.04%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.04%
MAIN ST NAT GAS INC-A 05.5000 09/15/2021 0.04%
MARICOPA IDA-REF 05.0000 07/01/2035 0.04%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.04%
SAGINAW VLY UNIV-A 05.0000 07/01/2035 0.04%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.04%
WA ST HSG FIN-A-REF 05.0000 07/01/2036 0.04%
WARREN SD-A-REF 05.0000 05/01/2035 0.04%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.04%
ARIZONA BRD OF RGTS 05.0000 07/01/2041 0.03%
CHICAGO O'HARE ARPT-A 05.0000 01/01/2038 0.03%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2034 0.03%
EL MIRAGE 05.0000 07/01/2042 0.03%
GENESEE CO-WTR SPLY 05.2500 02/01/2040 0.03%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2033 0.03%
GRAND VLY MI ST UNIV 05.0000 12/01/2032 0.03%
GUAM GOVT HOTEL-A 06.0000 11/01/2026 0.03%
KAREGNONDI WTR AUTH 05.0000 11/01/2030 0.03%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.03%
KENTWOOD SCHS-BLDG 05.0000 05/01/2041 0.03%
LAKE HAVASU CITY AZ-B 05.0000 07/01/2043 0.03%
LANSING SD-I-BLDG 05.0000 05/01/2041 0.03%
LINCOLN SD-A-REF 05.0000 05/01/2040 0.03%
LIVONIA PUB SD-II 05.0000 05/01/2045 0.03%
MARICOPA IDA 05.0000 07/01/2036 0.03%
MARICOPA INDL-WSTE MG 03.3750 12/01/2031 0.03%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.03%
MI HSG DEV-A 04.6250 10/01/2039 0.03%
MICHIGAN ST FIN AUTH 05.0000 12/01/2045 0.03%
NTHRN AZ UNIV-REF 05.0000 06/01/2034 0.03%
NYC IDA QUEENS BASEBA 05.0000 01/01/2023 0.03%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.03%
ROCHESTER SD-I 05.0000 05/01/2036 0.03%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.03%
SAGINAW VLY UNIV-A 05.0000 07/01/2032 0.03%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.03%
TEXAS MUNI PWR AGY 05.0000 09/01/2037 0.03%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.03%
CHICAGO MTR FUEL TAX 05.0000 01/01/2030 0.02%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.02%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.02%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.02%
LWR COLORADO RIVER 05.0000 05/15/2033 0.02%
OAKLAND UNIV-REF 05.0000 03/01/2032 0.02%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.02%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.02%
PHOENIX INDL DEV AUTH 05.0000 07/01/2036 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.01%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.01%
MI HSG DEV-A 04.4500 10/01/2034 0.01%
PHOENIX IDA 04.8750 09/01/2022 0.01%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.01%
RED RIVER HLTH FAC-A 05.1500 11/15/2027 0.01%
STUB 05.2500 04/01/2024 0.01%
YAVAPAI CO IDA-A 05.2500 08/01/2033 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
RED RIVER HLTH FAC-A 06.0500 11/15/2046 0.00%
RED RIVER HLTH FAC-D 06.0500 11/15/2046 0.00%
RED RIVER HLTH-B 06.1500 11/15/2049 0.00%
RED RIVER HLTH-C 06.2500 05/09/2053 0.00%

Prior top 10 holdings

Top 10 holdings as of 06/30/19
Sc Transprtn-2003b 02.0500 10/01/2031
New York St Thruway-A 04.0000 02/01/2020
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Miami-Dade Cnty Rev 05.0000 10/01/2040
California St-B-Txbl 02.1930 04/01/2047
Ky Pub Energy-C-1 04.0000 12/01/2049
Dallas Area Rapid-A 05.0000 12/01/2046
Ms Business Fin-Ref 02.5000 04/01/2022
Centrl Plains Energy 05.0000 03/01/2050
Holdings represent 13.23% of portfolio
Top 10 holdings as of 05/31/19
Sc Transprtn-2003b 02.0779 10/01/2031
New York St Thruway-A 04.0000 02/01/2020
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Miami-Dade Cnty Rev 05.0000 10/01/2040
California St-B-Txbl 02.1930 04/01/2047
Dallas Area Rapid-A 05.0000 12/01/2046
Ms Business Fin-Ref 02.5000 04/01/2022
Harris Cult Ed Var-C1 02.0500 12/01/2024
Centrl Plains Energy 05.0000 03/01/2050
Holdings represent 13.05% of portfolio
Top 10 holdings as of 04/30/19
New York St Thruway-A 04.0000 02/01/2020
Henrico Indl-Reg Link 05.9290 08/23/2027
Miami-Dade Transit 05.0000 07/01/2043
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
New York St Dorm Auth 05.0000 03/15/2036
Gilliam Wst Var-A-Con 02.4000 08/01/2025
Miami-Dade Cnty Rev 05.0000 10/01/2040
Dallas Area Rapid-A 05.0000 12/01/2046
Nyc Wtr-A-1-Dd-2nd Ge 01.9500 06/15/2043
Massachusetts St-A 05.0000 04/01/2047
Holdings represent 13.01% of portfolio
Top 10 holdings as of 03/31/19
Henrico Indl-Reg Link 05.9290 08/23/2027
Miami-Dade Transit 05.0000 07/01/2043
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
New York St Dorm Auth 05.0000 03/15/2036
Miami-Dade Cnty Rev 05.0000 10/01/2040
New York St Dorm Auth 05.0000 07/01/2049
Massachusetts St-A 05.0000 04/01/2047
Dallas Area Rapid-A 05.0000 12/01/2046
Ms Business Fin-Ref 02.5000 04/01/2022
Gilliam Wst Var-A-Con 02.2500 08/01/2025
Holdings represent 12.33% of portfolio

Portfolio composition as of 06/30/19

Municipal bonds and notes 100.34%
Cash and net other assets -0.34%

Fixed income statistics as of 06/30/19

Average stated maturity 18.30 yrs.
Average effective maturity 6.24 yrs.
Option adjusted duration 6.34 yrs.
Duration to worst 4.84 yrs.
Average yield to maturity 3.45%
Average coupon 4.53%
Average price $109.91
AMT exposure 13.53%

Quality rating as of 06/30/19

AAA 2.72%
AA 27.40%
A 53.08%
BBB 13.75%
BB 1.41%
B 0.41%
Not Rated 1.57%
Cash and net other assets -0.34%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is 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. 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. 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 06/30/19

Transportation 20.66%
Health care 14.32%
Utilities 13.28%
State Debt 9.40%
Special Tax 8.44%
Education 7.06%
Financials 7.03%
Local Debt 5.85%
Other 3.71%
 
Other
10.25%
Industrials 3.53%
Prerefunded 2.26%
Land 1.99%
Tobacco 1.73%
Housing 1.08%
Cash and net other assets -0.34%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.77% 1.40% 1.55% 1.05% 0.53% 0.55%
What you pay 0.77% 1.40% 1.55% 1.05% 0.53% 0.55%

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. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is 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. 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. 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.