Tax Exempt Income Fund (PTAEX)
Seeking a high level of tax-free income since 1976
- Investment approach (Video)
- Highlights
- Performance
- Holdings
- Expenses
Summary
Fund price |
Yesterday's close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$8.85
-0.11% ( $-0.01 ) |
$8.97
(02/02/15) |
$8.54
(03/10/14) |
Management team
(Investing since 1983)
(Investing since 1989)
(Investing since 1986)
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.
- High-quality portfolio: The diversified portfolio features a range of low-risk, high-quality bonds to provide income while maintaining a relatively stable share value over time.
Fund manager commentary
Anticipating a slow rise in rates
Portfolio Managers Thalia Meehan and Paul Drury talk about their view on interest rates, including expectations for a slow increase.
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, T, 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). 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 T 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
Total return (%) as of 12/31/14
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 9.93% | 4.68% | 5.42% | 4.36% |
| After sales charge | 5.53% | 3.26% | 4.57% | 3.94% |
| Barclays Municipal Bond Index | 9.05% | 4.30% | 5.16% | 4.74% |
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 9.93% | 14.70% | 30.22% | 53.24% |
| After sales charge | 5.53% | 10.12% | 25.01% | 47.11% |
Annual performance as of 12/31/14
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | 3.32% | 4.21% | 2.41% | -9.51% | 17.94% | 2.49% | 10.78% | 8.80% | -4.10% | 9.93% |
| Barclays Municipal Bond Index | 3.51% | 4.84% | 3.36% | -2.47% | 12.91% | 2.38% | 10.70% | 6.78% | -2.55% | 9.05% |
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, T, 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). 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 T 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.
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.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. Data is historical. Past performance is no guarantee of future results.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
Top 10 holdings as of 01/31/15
| Ca St 05.7500 04/01/2031 | 1.80% |
|
|---|---|---|
| Ny Dorm Univ Edl -A 05.5000 05/15/2019 | 1.75% |
|
| Henrico Indl-Reg Link 05.9290 08/23/2027 | 1.62% |
|
| Ny Dorm City Univ 2nd 06.0000 07/01/2020 | 1.32% |
|
| N Tx Twy Cab-Ref-I 06.5000 01/01/2043 | 1.26% |
|
| Ca St-Var Purp 05.5000 03/01/2040 | 1.22% |
|
| Texas St-Hwy Impt 05.0000 04/01/2044 | 1.21% |
|
| Ny Dorm City Univ 2nd 05.7500 07/01/2018 | 1.12% |
|
| Hernando Criminal Jus 07.6500 07/01/2016 | 1.10% |
|
| Dallas Util Ref-B-Rmk 05.3750 02/15/2029 | 1.05% |
|
| Top 10 holdings, percent of portfolio | 13.45% |
|
Full portfolio holdings as of 12/31/14
| CA ST 05.7500 04/01/2031 | 1.80 % |
|---|---|
| NY DORM UNIV EDL -A 05.5000 05/15/2019 | 1.74 % |
| HENRICO INDL-REG LINK 05.9290 08/23/2027 | 1.61 % |
| NY DORM CITY UNIV 2ND 06.0000 07/01/2020 | 1.34 % |
| N TX TWY CAB-REF-I 06.5000 01/01/2043 | 1.25 % |
| CA ST-VAR PURP 05.5000 03/01/2040 | 1.22 % |
| MET TRANS-D-REF 05.0000 11/15/2029 | 1.19 % |
| TEXAS ST-HWY IMPT 05.0000 04/01/2044 | 1.18 % |
| NY DORM CITY UNIV 2ND 05.7500 07/01/2018 | 1.16 % |
| HERNANDO CRIMINAL JUS 07.6500 07/01/2016 | 1.15 % |
| DALLAS UTIL REF-B-RMK 05.3750 02/15/2029 | 1.05 % |
| WA ST-SER D 05.0000 01/01/2028 | 0.86 % |
| DELAWARE RVR PORT 05.0000 01/01/2030 | 0.83 % |
| NC ESTN PWR-REF-CTFS 06.0000 01/01/2018 | 0.82 % |
| TEXAS ST TRANS COMMN 05.0000 04/01/2026 | 0.82 % |
| BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 | 0.78 % |
| HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 | 0.76 % |
| MA TRANS-SR-B 05.0000 01/01/2037 | 0.76 % |
| IN BD BK SER A 05.2500 10/15/2021 | 0.75 % |
| WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 | 0.75 % |
| N TX HWY CABS-REF-1ST 00.0000 01/01/2028 | 0.74 % |
| SANTEE COOPER-SER A 05.7500 12/01/2043 | 0.72 % |
| JACKSON PORT ADJ REF 00.0100 06/01/2023 | 0.70 % |
| HAMILTON IMPT-A 05.0000 12/01/2028 | 0.67 % |
| IL FIN-SILVER CROSS & 07.0000 08/15/2044 | 0.67 % |
| CHICAGO-A 05.0000 01/01/2033 | 0.65 % |
| MA DEV FIN AGY 05.2500 10/01/2041 | 0.65 % |
| CA ST 06.5000 04/01/2033 | 0.63 % |
| E STROUDSBURG SD 05.0000 09/01/2027 | 0.62 % |
| MI FIN AUTH-H-1-REF 05.0000 10/01/2039 | 0.61 % |
| NJ ECON DEV 05.2500 12/15/2033 | 0.61 % |
| CA HFA AMT-HM MTG-K 04.7500 08/01/2036 | 0.60 % |
| LEE CNTY 05.0000 10/01/2025 | 0.60 % |
| NJ TRN FD CAB-SER C 00.0000 12/15/2024 | 0.60 % |
| PA TNPK CMMN-A 05.0000 12/01/2044 | 0.60 % |
| DALLAS-FT WORTH ARPT 05.2500 11/01/2030 | 0.59 % |
| DC REV-HOWARD UNIV-A 06.5000 10/01/2041 | 0.59 % |
| E-470 PUB HWY-CAB-A 00.0000 09/01/2034 | 0.59 % |
| LA USD-SER I 05.0000 07/01/2026 | 0.59 % |
| SACRAMENTO FING-CAB-A 00.0000 12/01/2022 | 0.59 % |
| TX GAS ACQ SER A 05.2500 12/15/2026 | 0.59 % |
| BAY AREA TOLL-F1 05.0000 04/01/2039 | 0.58 % |
| CA WTR RES-AE-PREREF 05.0000 12/01/2029 | 0.56 % |
| CALIFORNIA ST 05.0000 06/01/2026 | 0.56 % |
| LORAIN HSP REF-C2-CAT 05.0000 04/01/2024 | 0.56 % |
| N TX HWY REF-1ST-A 05.1250 01/01/2028 | 0.56 % |
| OH HGR ED-MED TERM-KE 04.9500 07/01/2037 | 0.56 % |
| PALM BEACH HLTH FACS 05.5000 11/15/2033 | 0.56 % |
| SOLANO CLG-2002-B 00.0000 08/01/2026 | 0.56 % |
| ATLANTA WTR/WSTWTR 06.2500 11/01/2039 | 0.55 % |
| MIAMI-DADE CNTY AVTN 05.0000 10/01/2041 | 0.55 % |
| BERKELEY SD SECURING 05.1250 12/01/2030 | 0.54 % |
| CHICAGO WTR-RF-2ND LI 05.0000 11/01/2025 | 0.54 % |
| N TOLLWAY-PREREF-A 06.0000 01/01/2025 | 0.54 % |
| TEXAS CITY ARCO PIPE 07.3750 10/01/2020 | 0.54 % |
| MIAMI-DADE 05.0000 11/01/2025 | 0.53 % |
| UNION UTILS-A-REF 05.2500 12/01/2031 | 0.53 % |
| DISTRICT OF COLUMBIA 05.0000 06/01/2026 | 0.52 % |
| LA PUB FACS-ENTERGY 05.0000 06/01/2030 | 0.52 % |
| SUMTER SD MULTI DIST 07.1500 11/01/2015 | 0.52 % |
| BREVARD HEALTH FIRST 07.0000 04/01/2039 | 0.51 % |
| FARMINGTON PCR-B 04.7000 09/01/2024 | 0.50 % |
| INDIANAPOLIS ARPT-RF 05.1000 01/15/2017 | 0.50 % |
| DIST OF COLUMBIA-C 05.0000 06/01/2038 | 0.47 % |
| MA HLTH-NORTHESTN-A 05.0000 10/01/2035 | 0.47 % |
| MI HOSP-RF-A-HENRY FO 05.2500 11/15/2046 | 0.47 % |
| RENO S/TAX-VAR-RF-RET 00.0300 06/01/2042 | 0.47 % |
| TN ENERGY 05.2500 09/01/2020 | 0.47 % |
| DELAWARE ECON DEV AUT 05.3750 10/01/2045 | 0.46 % |
| DETROIT WTR 06.2500 07/01/2036 | 0.46 % |
| MA ST HLTH & EDU -A 05.7500 07/01/2039 | 0.46 % |
| LEANDER ISD PREM-REF 00.0000 08/15/2019 | 0.45 % |
| TURLOCK IRR-REF-A 05.0000 01/01/2040 | 0.45 % |
| VICTORIA UTL SYS-REF 05.0000 12/01/2027 | 0.44 % |
| LOUISVILLE ETC NORTON 05.0000 10/01/2030 | 0.43 % |
| NJ ECON DEV-MSU HSG 05.8750 06/01/2042 | 0.43 % |
| CA ST PUBLIC WKS-A 05.0000 04/01/2029 | 0.42 % |
| HOUSTON ARPT-A-REF 05.0000 07/01/2025 | 0.42 % |
| SELMA INDL-A-GULF OPP 06.2500 11/01/2033 | 0.42 % |
| WI GEN SER A 06.0000 05/01/2027 | 0.42 % |
| ANGLETON ISD-UNREF 05.0000 02/15/2030 | 0.41 % |
| CHICAGO ARPT-F 05.0000 01/01/2040 | 0.41 % |
| DASNY INCOME TAX-E 05.0000 02/15/2044 | 0.41 % |
| MARICOPA PCR--A 07.2500 02/01/2040 | 0.40 % |
| SUNRISE UTIL-UNREF 05.2000 10/01/2022 | 0.40 % |
| DALLAS ISD-SCH BLDG 06.0000 02/15/2027 | 0.39 % |
| GLENDALE INDL-MIDWEST 05.1250 05/15/2040 | 0.39 % |
| MUNIMAE TE BOND SUBS P/P 144A 05.0000 04/30/2028 | 0.39 % |
| BRAZOS HBR-DOW CHEM 05.9000 05/01/2038 | 0.38 % |
| CA PUB WKS-A1-VAR CAP 06.0000 03/01/2035 | 0.38 % |
| MANSFIELD ISD 05.0000 02/15/2027 | 0.38 % |
| MET WA ARPTS-CABS-A 00.0000 10/01/2037 | 0.38 % |
| VICTORIA ISD-SCH BLDG 05.0000 02/15/2024 | 0.38 % |
| ATL ARPT PASS FAC-A 05.0000 01/01/2031 | 0.37 % |
| FL MUN PWR ALL REQUIR 05.0000 10/01/2031 | 0.37 % |
| NJ TRANSN TR FD-A 06.0000 06/15/2035 | 0.37 % |
| WI H/E PROHEALTH CARE 06.6250 02/15/2039 | 0.37 % |
| CAMPBELL CNTY 05.7500 07/15/2039 | 0.36 % |
| HUDSON YDS INFRA 05.7500 02/15/2047 | 0.36 % |
| MA H/E-A-STERLING/FRA 05.0000 07/01/2036 | 0.36 % |
| MASS ED FIN AUTH -B 05.7000 01/01/2031 | 0.36 % |
| MASS ST DEV FIN AGY 05.2500 10/01/2029 | 0.36 % |
| MONTGOMERY INDL-A-AQU 05.2500 07/01/2042 | 0.36 % |
| ST PAUL PORT AUTH P/P 144A 04.5000 10/01/2037 | 0.36 % |
| KAREGNONDI WTR AUTH-A 05.2500 11/01/2030 | 0.35 % |
| MURRAY CITY HSP-IHC-C 00.0100 05/15/2036 | 0.35 % |
| NJ HLTH ST JOSEPHS 06.6250 07/01/2038 | 0.35 % |
| NJ TPK SER E 05.2500 01/01/2040 | 0.35 % |
| CHICAGO WTR REV-REF 05.0000 11/01/2042 | 0.34 % |
| MIAMI-DADE-SALES TAX 05.0000 07/01/2042 | 0.34 % |
| N TX HWY REF-1ST-A 05.6250 01/01/2033 | 0.34 % |
| PITTSBURGH SPORTS-REF 05.0000 02/01/2035 | 0.34 % |
| CA POLL CNTRL-AMT 05.0000 11/21/2045 | 0.33 % |
| IL FIN AUTH REV 05.0000 02/01/2032 | 0.32 % |
| WY MUN PWR AGY-A 05.5000 01/01/2038 | 0.32 % |
| CHICAGO WSTWTR 05.0000 01/01/2039 | 0.31 % |
| KS DEV-LIFESPACE-S 05.0000 05/15/2030 | 0.31 % |
| MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 | 0.31 % |
| MS BUS SYS ENERGY RES 05.8750 04/01/2022 | 0.31 % |
| MSR ENERGY 06.5000 11/01/2039 | 0.31 % |
| NORTH TEX TWY AUTH REV 05.7500 01/01/2038 | 0.31 % |
| IL FIN-RUSH UNIV-B 07.2500 11/01/2038 | 0.30 % |
| JASPER POLL-VAR-REF-C 05.6000 11/01/2016 | 0.30 % |
| MASS HLTH & ED-E 06.7500 10/01/2033 | 0.30 % |
| PITTSBURGH-B 05.0000 09/01/2025 | 0.30 % |
| ALLEGHENY HSP-B-UPMC 06.0000 07/01/2024 | 0.29 % |
| JASPER POLL-VAR-REF 05.7000 07/01/2017 | 0.29 % |
| MA ST HLTH-SPRGFD CLG 05.6250 10/15/2040 | 0.29 % |
| MET TRANS AUTH-D 05.0000 11/15/2036 | 0.29 % |
| BEAUMONT ISD 05.1250 02/15/2030 | 0.28 % |
| CA COPS HOSPS CENT 05.2500 02/01/2037 | 0.28 % |
| PRVT CLGS & UNIV-A 05.0000 10/01/2043 | 0.28 % |
| RVRSIDE LSE CORP-HOSP 00.0000 06/01/2025 | 0.28 % |
| TX MUN GAS ACQ & SUPP 05.0000 12/15/2029 | 0.28 % |
| CAPE CORAL WTR/SWR 05.0000 10/01/2026 | 0.27 % |
| IA FIN REF-DEV-A 05.5000 07/01/2021 | 0.27 % |
| NJ HLTH HOLY NAME HSP 05.0000 07/01/2036 | 0.27 % |
| OK ST TPK-VAR-REF-F 00.0100 01/01/2028 | 0.27 % |
| PRIVATE CLGS EMORY-B 05.0000 09/01/2029 | 0.27 % |
| TARRANT ED-BUCKNER RE 05.2500 11/15/2022 | 0.27 % |
| FULTON DEV AUTH-A-REF 05.0000 10/01/2042 | 0.26 % |
| IL ST-REF 05.0000 08/01/2021 | 0.26 % |
| MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 | 0.26 % |
| MO H/E-A-THE WA UNIV 05.3750 03/15/2039 | 0.26 % |
| NC MED CR-A-DEERFIELD 06.0000 11/01/2033 | 0.26 % |
| PA TNPK CMMN-A 05.0000 12/01/2038 | 0.26 % |
| PLEASANTS-E 05.2500 10/15/2037 | 0.26 % |
| RAILSPLITTER 06.0000 06/01/2028 | 0.26 % |
| ALLENTOWN-A 05.0000 05/01/2035 | 0.25 % |
| CA PUB WKS-I-1 06.1250 11/01/2029 | 0.25 % |
| MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 | 0.25 % |
| MESA STREET & HWY-REF 05.0000 07/01/2022 | 0.25 % |
| NJ HGR ED-SER A 05.6250 06/01/2030 | 0.25 % |
| METRO BOSTON TRAN 05.2500 07/01/2033 | 0.24 % |
| METRO BOSTON TRAN 05.2500 07/01/2036 | 0.24 % |
| NYC MUNI WTR & SWR-DD 05.0000 06/15/2035 | 0.24 % |
| OR HLTH-A 05.7500 07/01/2039 | 0.24 % |
| ATLANTA ARPT-GEN-A 05.0000 01/01/2035 | 0.23 % |
| DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 | 0.23 % |
| DIST OF COLUMBIA UNIV 05.5000 04/01/2041 | 0.23 % |
| LOS ANGELES ARPTS-A 05.0000 05/15/2030 | 0.23 % |
| MTA DEDICATED TAX -A 05.5000 11/15/2039 | 0.23 % |
| NH BUS FIN AUTH-A 06.1250 10/01/2039 | 0.23 % |
| NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 | 0.23 % |
| OAKLAND UNIV-REF 05.0000 03/01/2039 | 0.23 % |
| SANTA FE RETMNT FAC 05.0000 05/15/2032 | 0.23 % |
| SC PUB SVC AUTH-A 05.5000 12/01/2054 | 0.23 % |
| ST PAUL HLTH OBLIG 05.2500 05/15/2036 | 0.23 % |
| WASHINGTON HLTH CAR-B 05.0000 02/15/2027 | 0.23 % |
| YOUNGSTOWN UNIV-RCPTS 05.0000 12/15/2025 | 0.23 % |
| ALDINE ISD SCH BLDG 05.0000 02/15/2025 | 0.22 % |
| COCONINO POLLTN-A-TUC 05.1250 10/01/2032 | 0.22 % |
| FARMINGTON PCR-RF-B 04.8750 04/01/2033 | 0.22 % |
| FRANKLIN CNTY-A 06.0000 07/01/2035 | 0.22 % |
| GAINESVILLE HOSP-A 05.5000 08/15/2054 | 0.22 % |
| MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 | 0.22 % |
| MINNEAPOLIS REV-NMDP 04.8750 08/01/2025 | 0.22 % |
| MO DEV FIN BRD-A 05.0000 06/01/2037 | 0.22 % |
| MUNIMAE TE BOND SUBS P/P 144A 09.6400 06/30/2050 | 0.22 % |
| S BROWARD HOSP-NATL-I 04.7500 05/01/2028 | 0.22 % |
| SALT VERDE FNL CORP 05.5000 12/01/2029 | 0.22 % |
| LWR CO RVR-PRERF-A-IM 07.2500 05/15/2037 | 0.21 % |
| OH TPK COMMN-A1-JR 05.2500 02/15/2033 | 0.21 % |
| CA EDL-A-UNIV LA VERN 05.0000 06/01/2035 | 0.20 % |
| CA EDUCTNL-UNREF 05.0000 11/01/2036 | 0.20 % |
| CHICAGO O'HARE-A 05.7500 01/01/2039 | 0.20 % |
| CULLMAN COUNTY 07.0000 02/01/2036 | 0.20 % |
| DE ECON-REF-GAS FACS 05.4000 02/01/2031 | 0.20 % |
| GRAND PARKWAY-B 05.0000 04/01/2053 | 0.20 % |
| LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 | 0.20 % |
| ORANGE CO HLTH FACS 05.0000 08/01/2034 | 0.20 % |
| TX PRIVATE ACTIVITY 06.8750 12/31/2039 | 0.20 % |
| E-470 PUB HWY AUTH-C1 05.5000 09/01/2024 | 0.19 % |
| MA HSG FIN-A 05.1000 12/01/2030 | 0.19 % |
| MONTGOMERY CNTY-RD-A 05.0000 03/01/2021 | 0.19 % |
| CHESTERFIELD PCR-RF-A 05.0000 05/01/2023 | 0.18 % |
| CO HLTH FACS-A-REF 05.0000 12/01/2033 | 0.18 % |
| DOUGLAS HLTH HOSP-A 06.2500 07/01/2038 | 0.18 % |
| KS ST DEV-K-PROJS 05.2500 11/01/2025 | 0.18 % |
| LOS ANGELES WTR-D 05.0000 07/01/2044 | 0.18 % |
| MESA STREET & HWY-REF 05.0000 07/01/2021 | 0.18 % |
| PR S/TAX-C-1ST SUB 05.2500 08/01/2041 | 0.18 % |
| PR SALES-1ST SUB-A 05.3750 08/01/2039 | 0.18 % |
| PR-C-SALES TAX 05.0000 08/01/2040 | 0.18 % |
| CA FIN BIOLA UNIV 05.8750 10/01/2034 | 0.17 % |
| KY PUB TRANSPTRN-A 06.0000 07/01/2053 | 0.17 % |
| LOWER CO RIV AUTH-PRE 05.7500 05/15/2028 | 0.17 % |
| PA ST HGR EDU FACS 05.0000 11/01/2042 | 0.17 % |
| STOCKTON FING-A-REMK 06.2500 10/01/2040 | 0.17 % |
| CLARK CO ARPT-A-2 05.0000 07/01/2033 | 0.16 % |
| CO HLTH-HSP-VY VIEW 05.2500 05/15/2042 | 0.16 % |
| CUMBERLAND AUTH-A-PRE 05.2500 01/01/2019 | 0.16 % |
| ONONDAGA CIVIC DEV-A 05.1250 07/01/2031 | 0.16 % |
| PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 | 0.16 % |
| SAN ANTONIO ARPT-IMPT 05.2500 07/01/2032 | 0.16 % |
| WY MUN PWR AGY-A 05.5000 01/01/2033 | 0.16 % |
| ABAG FIN AUTH-A-REF 05.0000 07/01/2042 | 0.15 % |
| FLINT HSP-HURLEY MED 07.3750 07/01/2035 | 0.15 % |
| HARRIS CULTURAL EDU-A 05.0000 06/01/2028 | 0.15 % |
| KS ST DEV-K-PROJS 05.2500 11/01/2026 | 0.15 % |
| NC ESTRN PWR SER D 06.7500 01/01/2024 | 0.15 % |
| PR PUB BLDGS AUTH 06.2500 07/01/2031 | 0.15 % |
| SALT LAKE LKD PARS & 06.7500 05/15/2020 | 0.15 % |
| WA ST HLTH CR FACS 07.0000 07/01/2039 | 0.15 % |
| ERIE HGR ED-MERCYHURS 05.5000 03/15/2038 | 0.14 % |
| HOUSTON HGR ED-A 05.0000 02/15/2032 | 0.14 % |
| NC PWR 1-SER A 05.0000 01/01/2030 | 0.14 % |
| PORT OAKLAND-P-AMT 05.0000 05/01/2033 | 0.14 % |
| SOUTHEASTERN OH PORT 05.7500 12/01/2032 | 0.14 % |
| TOBACCO FING-A-REF 05.0000 05/15/2023 | 0.14 % |
| BRAZOS NAV AMT-A4-DOW 05.9500 05/15/2033 | 0.13 % |
| CHICAGO-A-REF 05.0000 01/01/2034 | 0.13 % |
| IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 | 0.13 % |
| MD PCR-REF-3/17/09 06.2000 09/01/2022 | 0.13 % |
| NY DORM AUTH REV-A 05.0000 07/01/2023 | 0.13 % |
| PHOENIX INDL DEV AUTH 05.0000 07/01/2044 | 0.13 % |
| ST PAUL HSG-HLTHEAST 06.0000 11/15/2035 | 0.13 % |
| VA ST BUSINESS FING 05.0000 07/01/2034 | 0.13 % |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2033 | 0.12 % |
| DIST OF COLUMBIA 06.0000 07/01/2033 | 0.12 % |
| IL SPORTS FACS-REF 05.2500 06/15/2032 | 0.12 % |
| JEFFERSON CO SWR-D 06.5000 10/01/2053 | 0.12 % |
| LOS ANGELES ARPTS-B 05.0000 05/15/2033 | 0.12 % |
| LOUISVILLE ARPT-A-AMT 05.0000 07/01/2030 | 0.12 % |
| MIAMI-DADE EXPRESSWY 05.0000 07/01/2044 | 0.12 % |
| NEW HOPE EDU FACS-A 05.0000 04/01/2029 | 0.12 % |
| NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 | 0.12 % |
| OH HSG FIN SFM-1 05.0000 11/01/2028 | 0.12 % |
| OWEN WTRWKS SER A-KY 06.2500 06/01/2039 | 0.12 % |
| SACRAMENTO REGL TRAN 05.0000 03/01/2025 | 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 % |
| WI HLTH & EDUCTNL-REF 05.0000 08/15/2028 | 0.12 % |
| CO HLTH-EVANGELICAL 05.2500 06/01/2022 | 0.11 % |
| DC BALLPARK-SER B1 05.0000 02/01/2025 | 0.11 % |
| DIST OF COLUMBIA UNIV 05.5000 04/01/2034 | 0.11 % |
| DOUGLAS HLTH-UNREF 06.2500 07/01/2038 | 0.11 % |
| FRANKLIN CNTY-A 06.1250 07/01/2040 | 0.11 % |
| HAMILTON CO HLTH 05.0000 01/01/2032 | 0.11 % |
| IL FIN-ELMHURST MEM-A 05.6250 01/01/2037 | 0.11 % |
| IL FIN-REF-ROOSEVELT 06.5000 04/01/2039 | 0.11 % |
| IL TOLL HWY -SER A-1 05.0000 01/01/2022 | 0.11 % |
| IN FIN AUTH-B-REF 05.0000 02/01/2027 | 0.11 % |
| LOWER CO RIV AUTH-PRE 05.7500 05/15/2037 | 0.11 % |
| MA DEV SABIS INTL-A 08.0000 04/15/2039 | 0.11 % |
| MO HLTH&EDL FAC AUTH 05.2500 10/01/2031 | 0.11 % |
| PUBLIC FIN AUTH-REF 05.2500 07/01/2028 | 0.11 % |
| TARRANT CO CULT EDU 05.0000 10/01/2044 | 0.11 % |
| TARRANT ED-BUCKNER RE 05.2500 11/15/2027 | 0.11 % |
| WV ECON DEV SLDWST 05.3750 12/01/2038 | 0.11 % |
| CLARK IMPT DIST-REF 05.0000 08/01/2020 | 0.10 % |
| MICHIGAN FIN AUTH-E 02.8500 08/20/2015 | 0.10 % |
| CA EDL FACS AUTH-A 05.0000 11/01/2030 | 0.09 % |
| DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 | 0.09 % |
| FL HFC AMT-HMOWNR-2 04.9500 07/01/2037 | 0.09 % |
| LOUISVILLE CLG-REF-A 06.0000 05/01/2038 | 0.09 % |
| MI HSP-CHELSEA CMNTY 05.0000 05/15/2025 | 0.09 % |
| NE PUB PWR DT-A-REF 05.0000 01/01/2038 | 0.09 % |
| REGL TRN-DENVER TRN 06.0000 01/15/2041 | 0.09 % |
| CO HLTH FACS AUTH 05.5000 06/01/2033 | 0.08 % |
| LAREDO TOLL-REF-B 05.0000 10/01/2016 | 0.08 % |
| NEW HOPE ED FACS 05.5000 01/01/2043 | 0.08 % |
| CA INFRA SCIENCE-B 05.0000 05/01/2023 | 0.07 % |
| CA STWD CMNTYS DEV-A 05.2500 11/01/2044 | 0.07 % |
| CENTRL TX REGL MOBILITY 05.0000 01/01/2033 | 0.07 % |
| CORONA-NORCO SD-A 05.0000 09/01/2035 | 0.07 % |
| CUMBERLAND AUTH-A-PRE 05.1500 01/01/2018 | 0.07 % |
| DOUGLAS HLTH-PREREF 06.2500 07/01/2038 | 0.07 % |
| MA ST HLTH-SPRGFD CLG 05.5000 10/15/2031 | 0.07 % |
| N TOLLWAY-UNREF-A 06.0000 01/01/2025 | 0.07 % |
| TOB SETTLE-C 05.3750 06/01/2038 | 0.07 % |
| TX SFM-A3-PROFESSIONA 05.6000 02/01/2039 | 0.07 % |
| E HEMPFIELD TWP IDA 05.0000 07/01/2029 | 0.06 % |
| GUAM PWR AUTH-A-REF 05.0000 10/01/2030 | 0.06 % |
| MIAMI DADE AVIATION 05.0000 10/01/2028 | 0.06 % |
| NY DORM ED-SER B 05.7500 03/15/2036 | 0.06 % |
| RED RIVER HLTH FAC-A 05.1500 11/15/2027 | 0.06 % |
| S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 | 0.06 % |
| SACRAMENTO REGL TRAN 05.0000 03/01/2027 | 0.06 % |
| SALT LK CTY IHC HSP-A 08.1250 05/15/2015 | 0.06 % |
| ALLENTOWN-A 05.0000 05/01/2032 | 0.05 % |
| ANGLETON ISD-PREREF 05.0000 02/15/2030 | 0.05 % |
| CO HLTH-EVEANGELICAL 05.0000 06/01/2016 | 0.05 % |
| FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 | 0.05 % |
| HENRICO ECON DEV-REF 05.0000 06/01/2023 | 0.05 % |
| LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 | 0.05 % |
| MA H/E MILTON HOSP-D 05.3750 07/01/2035 | 0.05 % |
| HENRICO ECON DEV-REF 05.0000 06/01/2025 | 0.04 % |
| MAIN ST NAT GAS INC-A 05.5000 09/15/2021 | 0.04 % |
| MI FIN AUTH-G-5A 05.2500 04/01/2024 | 0.04 % |
| MI FIN AUTH-C-6 05.0000 07/01/2033 | 0.03 % |
| NYC IDA QUEENS BASEBA 05.0000 01/01/2023 | 0.03 % |
| OK SFM-HMWOWNSHP-B 04.2000 09/01/2025 | 0.03 % |
| RED RIVER HLTH-B 06.1500 11/15/2049 | 0.03 % |
| CA WTR RES-AE-UNREF 05.0000 12/01/2029 | 0.02 % |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2030 | 0.02 % |
| GUAM PWR AUTH-A-REF 05.0000 10/01/2034 | 0.02 % |
| LWR CO RVR-PREREF 05.7500 05/15/2028 | 0.02 % |
| NYC INDL BRITISH AIRW 05.2500 12/01/2032 | 0.02 % |
| PALM COAST DEV 05.7000 05/01/2037 | 0.02 % |
| RED RIVER HLTH FAC-A 06.0500 11/15/2046 | 0.02 % |
| CA EDUCTNL-PREREF 05.0000 11/01/2036 | 0.01 % |
| FLORIDA HSG-AMT-6 05.7500 01/01/2037 | 0.01 % |
| NC HFA HMOWNRSHIP-A 05.5000 01/01/2038 | 0.01 % |
| STUB 05.2500 04/01/2024 | 0.01 % |
| CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 | 0.00 % |
| IA FIN SFM AMT-SER D 05.0000 01/01/2036 | 0.00 % |
| LWR CO RVR-PREREF 05.7500 05/15/2037 | 0.00 % |
| PHILADELPHIA HOSP GRA 07.2500 08/01/2015 | 0.00 % |
| RED RIVER HLTH FAC-D 06.0500 11/15/2046 | 0.00 % |
| RED RIVER HLTH-C 06.2500 05/09/2053 | 0.00 % |
Prior top 10 holdings
| Top 10 holdings as of 01/31/15 |
|---|
| Ca St 05.7500 04/01/2031 |
| Ny Dorm Univ Edl -A 05.5000 05/15/2019 |
| Henrico Indl-Reg Link 05.9290 08/23/2027 |
| Ny Dorm City Univ 2nd 06.0000 07/01/2020 |
| N Tx Twy Cab-Ref-I 06.5000 01/01/2043 |
| Ca St-Var Purp 05.5000 03/01/2040 |
| Texas St-Hwy Impt 05.0000 04/01/2044 |
| Ny Dorm City Univ 2nd 05.7500 07/01/2018 |
| Hernando Criminal Jus 07.6500 07/01/2016 |
| Dallas Util Ref-B-Rmk 05.3750 02/15/2029 |
| Holdings represent 13.45% of portfolio |
| Top 10 holdings as of 12/31/14 |
|---|
| Ca St 05.7500 04/01/2031 |
| Ny Dorm Univ Edl -A 05.5000 05/15/2019 |
| Henrico Indl-Reg Link 05.9290 08/23/2027 |
| Ny Dorm City Univ 2nd 06.0000 07/01/2020 |
| N Tx Twy Cab-Ref-I 06.5000 01/01/2043 |
| Ca St-Var Purp 05.5000 03/01/2040 |
| Met Trans-D-Ref 05.0000 11/15/2029 |
| Texas St-Hwy Impt 05.0000 04/01/2044 |
| Ny Dorm City Univ 2nd 05.7500 07/01/2018 |
| Hernando Criminal Jus 07.6500 07/01/2016 |
| Holdings represent 13.56% of portfolio |
| Top 10 holdings as of 11/30/14 |
|---|
| Ca St 05.7500 04/01/2031 |
| Ny Dorm Univ Edl -A 05.5000 05/15/2019 |
| Henrico Indl-Reg Link 05.9290 08/23/2027 |
| Ny Dorm City Univ 2nd 06.0000 07/01/2020 |
| Ca St-Var Purp 05.5000 03/01/2040 |
| N Tx Twy Cab-Ref-I 00.0000 01/01/2043 |
| Met Trans-D-Ref 05.0000 11/15/2029 |
| Texas St-Hwy Impt 05.0000 04/01/2044 |
| Ny Dorm City Univ 2nd 05.7500 07/01/2018 |
| Hernando Criminal Jus 07.6500 07/01/2016 |
| Holdings represent 13.53% of portfolio |
| Top 10 holdings as of 10/31/14 |
|---|
| Hernando Criminal Jus 07.6500 07/01/2016 |
| Ca St 05.7500 04/01/2031 |
| Ny Dorm Univ Edl -A 05.5000 05/15/2019 |
| Henrico Indl-Reg Link 05.9290 08/23/2027 |
| Ny Dorm City Univ 2nd 06.0000 07/01/2020 |
| Met Trans-D-Ref 05.0000 11/15/2029 |
| Ca St-Var Purp 05.5000 03/01/2040 |
| N Tx Twy Cab-Ref-I 00.0000 01/01/2043 |
| Texas St-Hwy Impt 05.0000 04/01/2044 |
| Ny Dorm City Univ 2nd 05.7500 07/01/2018 |
| Holdings represent 14.19% of portfolio |
Portfolio composition as of 01/31/15
| Municipal bonds and notes | 97.79% |
|
|---|---|---|
| Cash and net other assets | 2.21% |
|
Fixed income statistics as of 01/31/15
| Average stated maturity | 17.84 yrs. |
|---|---|
| Average effective maturity | 5.75 yrs. |
| Option adjusted duration | 6.76 yrs. |
| Duration to worst | 4.60 yrs. |
| Average yield to maturity | 3.67% |
| Average coupon | 5.14% |
| Average price | $110.57 |
| AMT exposure | 6.86% |
Quality rating as of 01/31/15
| AAA | 5.47% |
|---|---|
| AA | 37.16% |
| A | 32.95% |
| BBB | 17.11% |
| BB | 1.97% |
| B | 1.19% |
| Not Rated | 1.94% |
| Cash and net other assets | 2.21% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class Y |
|---|---|---|---|---|---|
| Total expense ratio | 0.75% | 1.38% | 1.53% | 1.03% | 0.53% |
| What you pay | 0.75% | 1.38% | 1.53% | 1.03% | 0.53% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class M | Class Y |
|---|---|---|---|---|---|
| $0-$49,999 | 4.00% | -- | -- | 3.25% | -- |
| $50,000-$99,999 | 4.00% | -- | -- | 2.25% | -- |
| $100,000-$249,999 | 3.25% | -- | -- | 1.25% | -- |
| $250,000-$499,999 | 2.50% | -- | -- | 1.00% | -- |
| $500,000-$999,999 | -- | -- | -- | -- | -- |
| $1M-$4M | -- | -- | -- | -- | -- |
| $4M-$50M | -- | -- | -- | -- | -- |
| $50M+ | -- | -- | -- | -- | -- |
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. | -- | 5.00% | 1.00% | -- | -- |
| 2 yrs. | -- | 4.00% | -- | -- | -- |
| 3 yrs. | -- | 3.00% | -- | -- | -- |
| 4 yrs. | -- | 3.00% | -- | -- | -- |
| 5 yrs. | -- | 2.00% | -- | -- | -- |
| 6 yrs. | -- | 1.00% | -- | -- | -- |
| 7+ yrs. | -- | -- | -- | -- | -- |
The Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. Securities in the fund do not match those in the indexes and performance of the fund will differ. It is not possible to 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. 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 greater for longer-term bonds, and credit risk is 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 prices of bonds may fall or fail to rise over time for several reasons, including both general financial market conditions and factors related to a specific issuer or industry. 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.
You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.