Tax-Free High Yield Fund  (PTHAX)

Pursuing a high level of tax-free income for shareholders since 1993

Objective

The fund seeks high current income exempt from federal income tax.

Strategy and process

  • Tax-advantaged income: The fund pursues above-average income free from federal income tax by investing in higher-yielding, lower-rated municipal bonds.
  • Focus on performance: The portfolio managers select bonds that offer attractive return potential relative to risk and position the portfolio based on Putnam's fundamental research and risk management.
  • Leading research: Members of Putnam's fixed-income organization have a range of skills to analyze the credit risk of below-investment grade bonds and help build a well-diversified portfolio of tax-exempt bonds.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $12.67
0.00% | $0.00
$12.72
12/06/17
$12.12
12/16/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$932.00M
Turnover (fiscal year end)
32%
Dividend frequency (view rate)
Monthly
Number of holdings
467
Fiscal year-end
July
CUSIP / Fund code
746872407 / 0040
Inception date
09/20/93
Category
Tax-free Income
Open to new investors
Ticker
PTHAX

Management team


Portfolio Manager

Portfolio Manager


Literature


Market sectors that might lead in 2018
Technology’s strength seems set to continue, but with the prospect of rising rates, financials may also be among the leading market sectors.
Just how cheap are European equities?
Our analysis finds that industry group weightings play a significant role in valuation discrepancies between U.S. and European equities.
What could disturb unprecedented calm in markets?
What’s most remarkable about 2017 is the market calm, but this is not a sign that the trend will revert to the mean.

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.

10.93%

Best 5-year annualized return

(for period ending 12/31/13)


-1.89%

Worst 5-year annualized return

(for period ending 12/31/08)


5.66%

Average 5-year annualized return


  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 1.42% 4.73% 4.24% 4.88%
After sales charge -2.64% 3.31% 3.39% 4.45%
Bloomberg Barclays Municipal Bond Index 0.87% 3.19% 3.01% 4.52%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 11/30/17 0.14 % -3.86 %
YTD as of 12/15/17 8.21 % 3.88 %

Yield

Distribution rate before sales charge
as of 12/15/17
3.52%
Distribution rate after sales charge
as of 12/15/17
3.37%
30-day SEC yield as of 11/30/17
(after sales charge)
2.53%

Risk-adjusted performance as of 11/30/17

Sharpe ratio (3 yrs.) 1.14
Information ratio (3 yrs.) 1.48

Volatility as of 11/30/17

Standard deviation (3 yrs.) 3.64%
Beta 1.06
R-squared 0.91

Lipper rankings as of 11/30/17

High Yield Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 41% 66/160
3 yrs. 43% 59/138
5 yrs. 48% 54/112
10 yrs. 20% 16/79

Morningstar ratings as of 11/30/17

High Yield Muni Rating Funds in category
Overall (146)
3 yrs. (146)
5 yrs. (119)
10 yrs. (85)

Distributions

Accrual days 30
Accrual start date 11/01/17
Accrual end date 11/30/17
Payable date 11/30/17
Non-taxable income $0.038117382
Extra taxable income $0.0

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 11/30/17

Buckeye Tob Asset-A-2 06.5000 06/01/2047 1.16%
Tob Settle-C 05.3750 06/01/2038 1.11%
Golden Tob Sr-Conv A2 05.3000 06/01/2037 0.89%
Tob Settlement Ser 1a 05.0000 06/01/2041 0.89%
Chicago Il 06.0000 01/01/2038 0.89%
Illinois St 05.0000 11/01/2036 0.85%
Golden Tob Sr-A-1 05.1250 06/01/2047 0.82%
Tob Settlement Ser 1a 04.7500 06/01/2034 0.82%
Jefferson Co-Cabs-F 00.0000 10/01/2046 0.79%
Va Small Business Fin 05.0000 12/31/2056 0.78%
Top 10 holdings, percent of portfolio 9.00%

Full portfolio holdings as of 09/30/17

TOB SETTLE-C 05.3750 06/01/2038 1.08%
CHICAGO IL 06.0000 01/01/2038 0.88%
GOLDEN TOB SR-CONV A2 05.3000 06/01/2037 0.88%
TOB SETTLEMENT SER 1A 05.0000 06/01/2041 0.87%
ILLINOIS ST 05.0000 11/01/2036 0.86%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.81%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.81%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.79%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.77%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.75%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.73%
N TX TWY CAB-REF-I 06.5000 01/01/2043 0.72%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.70%
DE HLTH-VAR-A-CHRISTI 00.8700 10/01/2038 0.69%
MUNIMAE TE BOND SUBS P/P 144A 05.7500 06/30/2050 0.68%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.68%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.65%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2030 0.64%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.64%
HARRIS CULT ED VAR-C1 00.8700 12/01/2024 0.64%
CA ST PUBLIC WKS-A 05.0000 04/01/2030 0.62%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.62%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.61%
LONG ISLAND PWR AUTH 05.0000 09/01/2044 0.60%
NJ ECON DEV-MSU HSG 05.8750 06/01/2042 0.60%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.59%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.59%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.58%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.57%
SAN BERNARDINO CLG-B 00.0000 08/01/2044 0.56%
MARICOPA PCR--A 07.2500 02/01/2040 0.55%
MI FIN AUTH-C 05.0000 07/01/2034 0.55%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.55%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.54%
LAKELAND HOSP 05.0000 11/15/2045 0.54%
MIAMI-DADE CNTY AVTN 05.0000 10/01/2041 0.53%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.52%
VA ST BUSINESS FING 05.0000 01/01/2040 0.52%
MSR ENERGY 06.5000 11/01/2039 0.50%
NEW YORK NY 05.0000 10/01/2037 0.50%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.50%
HOUSTON ARPT SYS-REF 04.7500 07/01/2024 0.49%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.49%
TARRANT ED-AIR FORCE 06.3750 11/15/2044 0.48%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.47%
NJ ECON CONTINENTAL 05.2500 09/15/2029 0.47%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.46%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.46%
SEATTLE LIGHT/PWR-C 04.0000 09/01/2047 0.46%
MET WA DC ARPTS-CABS 00.0000 10/01/2038 0.45%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.45%
WA ST HSG FIN COMM-A 05.0000 01/01/2046 0.45%
CA MUNI FIN-EMERSON 06.0000 01/01/2042 0.43%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.43%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.43%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.42%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.42%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.42%
WASHINGTON ST-A-COPS 05.0000 07/01/2038 0.42%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.41%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.41%
PUBLIC FIN AUTH-REF 05.0000 07/01/2042 0.40%
TX PRIVATE ACTIVITY 06.8750 12/31/2039 0.40%
CAPE GIRARDEAU CNTY M 05.0000 03/01/2036 0.39%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.39%
NC MED-CAROLINA VLG 06.0000 04/01/2038 0.39%
WASHINGTON ST-A-COPS 05.0000 07/01/2033 0.39%
CHICAGO-2005D-REF 05.5000 01/01/2037 0.38%
E-470 PUB HWY-CAB-A 00.0000 09/01/2028 0.38%
HOUSTON ARPT-REF-A 06.5000 07/15/2030 0.38%
AMERICAN MUNI PWR-OHI 05.0000 02/15/2038 0.37%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.37%
NYC TRANS FIN-A-E-1 05.0000 02/01/2040 0.37%
PR S/TAX-CABS-A 00.0000 08/01/2043 0.37%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.36%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.36%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.36%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.36%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.36%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.35%
CHICAGO-A-REF 05.2500 01/01/2033 0.35%
MA H/E-WINCHESTER HSP 05.2500 07/01/2038 0.35%
MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 0.35%
NC MED CARE COMM 05.2500 10/01/2037 0.35%
WESTMINSTER-REF 05.1250 07/01/2034 0.35%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.34%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.34%
NY DORM ORANGE MED 06.2500 12/01/2037 0.34%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.34%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.33%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.33%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.33%
WESTCHESTER DEV-A 05.5000 05/01/2042 0.33%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.31%
MSR ENERGY 06.5000 11/01/2039 0.31%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.31%
CA MUN FIN-VAR-REF 01.1000 09/01/2021 0.30%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.30%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.30%
CA DEV-AMERN BAPTIST P/P 144A 06.2500 10/01/2039 0.29%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.29%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.29%
N TX EDU FIN CORP-A 05.1250 12/01/2042 0.29%
NEW JERSEY EDA-A-REF 05.0000 07/01/2033 0.29%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.29%
CHICAGO-C-REF 05.0000 01/01/2038 0.28%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.28%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.28%
LONG BCH NAT GAS-A 05.5000 11/15/2037 0.28%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.28%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.28%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.27%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.27%
MARICOPA IDA-A 04.0000 01/01/2041 0.27%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.26%
CULLMAN COUNTY 07.0000 02/01/2036 0.26%
HOUSTON HGR ED-A 05.0000 02/15/2032 0.26%
IA ST FIN AUTH 05.2500 12/01/2025 0.26%
ILLINOIS ST 05.0000 11/01/2034 0.26%
MED CTR REF-SPR HBR 05.2500 07/01/2027 0.26%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.26%
PA TURNPIKE-B1 05.0000 06/01/2042 0.26%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.26%
RAILSPLITTER 06.0000 06/01/2028 0.26%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.26%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.26%
AMERICAN MUNI PWR-A 05.0000 02/15/2041 0.25%
CA SCH FIN AUTH-A 05.0000 07/01/2034 0.25%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.25%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.25%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.25%
HOUSTON HGR ED-A 05.0000 02/15/2042 0.25%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.25%
MA DEV FIN AGY 05.0000 07/01/2034 0.25%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.25%
SALT LAKE ARPT REV-A 05.0000 07/01/2042 0.25%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.25%
AMERICAN MUNI PWR-OHI 05.0000 02/15/2041 0.24%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.24%
DIST OF COLUMBIA-A 05.0000 07/01/2052 0.24%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.24%
GAINESVILLE HOSP-A 05.0000 02/15/2042 0.24%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.24%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.24%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.24%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.24%
NJ ECON DEV AUTH-REMK 05.5000 06/01/2033 0.24%
ORLANDO REDEV AGY-REF 05.0000 04/01/2024 0.24%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.24%
TARRANT ED-A-SR LVG C 08.2500 11/15/2044 0.24%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.24%
AUSTIN TX ARPT SYS RE 05.0000 11/15/2041 0.23%
CALIFORNIA PUBLIC FIN 05.0000 10/15/2047 0.23%
CENTERVILLE OH HLTH C 05.2500 11/01/2047 0.23%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.23%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.23%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.23%
IL FIN-REF-ROOSEVELT 06.5000 04/01/2039 0.23%
ILLINOIS ST-REF 05.0000 02/01/2029 0.23%
KY ECON DEV FIN-A-REF 05.0000 05/15/2036 0.23%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.23%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.23%
MI FIN AUTH-D4 05.0000 07/01/2034 0.23%
MOON IDA-REF 05.7500 07/01/2035 0.23%
SAN DIEGO SD-CABS-C 00.0000 07/01/2040 0.23%
SKAGIT HOSP DIST-REF 05.0000 12/01/2037 0.23%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.23%
ILLINOIS ST 05.0000 11/01/2041 0.22%
IN FIN AUTH-A-2-UNREF 00.8800 02/01/2037 0.22%
LOWER AL GAS DIST GAS 05.0000 09/01/2046 0.22%
NJ ECON DEV-C 05.3000 07/01/2044 0.22%
OK ST TPK-VAR-REF-F 00.8500 01/01/2028 0.22%
PHOENIX IDA 05.3750 09/01/2032 0.22%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.22%
ATLANTIC CITY NJ-B 05.0000 03/01/2032 0.21%
BAY AREA CA TOLL AUTH 04.0000 04/01/2032 0.21%
CA DEV-A 06.0000 10/01/2042 0.21%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.21%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.21%
MIAMI-DADE IDA 05.0000 09/15/2034 0.21%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.21%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.21%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.21%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.21%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.21%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.20%
CA POLL FING AUTH 04.7500 11/01/2046 0.20%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.20%
MA DEV-A1-LINDEN POND 06.2500 11/15/2046 0.20%
MO H/E VAR-WA UNIV-D 00.8300 09/01/2030 0.20%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.20%
PUB FIN AUTH-A 05.5000 11/15/2034 0.20%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.20%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.20%
BALTIMORE CO-REF 05.0000 01/01/2037 0.19%
CHICAGO BOE-A 07.0000 12/01/2046 0.19%
CHICAGO WTRWKS-REMK 05.0000 11/01/2028 0.19%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.19%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.19%
NJ ECON-A-CRANES MILL 06.0000 07/01/2038 0.19%
OAKLAND USD-A 05.5000 08/01/2032 0.19%
OAKLEY FIN AUTH-REF 05.0000 09/02/2031 0.19%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.19%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.19%
STAR INTL ACDMY-REF 05.0000 03/01/2033 0.19%
WI H/E FACS AUTH-A 07.6250 09/15/2039 0.19%
ALLEGHENY HGR ED BLDG 05.0000 09/01/2030 0.18%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.18%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.18%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 0.18%
LENEXA HLTH-LAKEVIEW 07.2500 05/15/2039 0.18%
MONTGOMERY H/E-ARCADI 05.2500 04/01/2030 0.18%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.18%
STHRN CA 05.2500 11/01/2021 0.18%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.18%
WA HLTH CARE FACS 04.0000 07/01/2036 0.18%
CENTRAL PLAINS 05.2500 12/01/2018 0.17%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.17%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.17%
HAM LAKE CHRT SCH-A 05.0000 11/01/2036 0.17%
HI BUDGET 09.0000 11/15/2044 0.17%
IA ST FIN AUTH 05.5000 12/01/2022 0.17%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2034 0.17%
MIDDLE VLG DEV-A 06.0000 05/01/2035 0.17%
MUNIMAE TE BOND SUBS P/P 144A 05.0000 04/30/2028 0.17%
NC MED CARE COMM 05.0000 07/01/2045 0.17%
NEW JERSEY ST ECON DE 05.0000 06/15/2042 0.17%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.17%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.17%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.17%
TARRANT CNTY CULT EDU 05.5000 11/15/2045 0.17%
TOWN CTR AT PALM COAS 06.0000 05/01/2036 0.17%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.17%
ABAG-REF 06.0000 07/01/2031 0.16%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.16%
CO HLTH FACS AUTH-REF 05.1250 01/01/2030 0.16%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.16%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.16%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.16%
ONEIDA IDA CIVIC-A-EL 05.8750 12/01/2029 0.16%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2038 0.16%
VLG CMNTY DEV DIST11 04.5000 05/01/2045 0.16%
BAY AREA CA TOLL AUTH 04.0000 04/01/2033 0.15%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.15%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.15%
MA H/E FISHER COLL-A 05.1250 04/01/2037 0.15%
MAIN ST NAT GAS INC-A 05.5000 09/15/2021 0.15%
NEW YORK ST DORM AUTH 05.0000 12/01/2035 0.15%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.15%
ROCKDALE DEV-A-VISY 06.1250 01/01/2034 0.15%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.14%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.14%
IL FIN-NAVISTAR-RECOV 06.5000 10/15/2040 0.14%
MURRAY CITY HSP-IHC-C 00.8500 05/15/2036 0.14%
VLG CDD 10 05.7500 05/01/2031 0.14%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 0.13%
CA DEV-A 05.6250 10/01/2032 0.13%
CA PUB WKS-C 05.7500 10/01/2031 0.13%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.13%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.13%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.13%
LAKELAND HOSP 05.0000 11/15/2040 0.13%
NEW YORK ST DORM AUTH 05.0000 12/01/2036 0.13%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.13%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.13%
ALLEGHENY CO HGR EDU 05.0000 10/15/2037 0.12%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.12%
CA CMNTYS DEV-A 05.0000 10/01/2043 0.12%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.12%
CHICAGO ARPT-AMT 05.0000 01/01/2046 0.12%
CHICAGO MTR FUEL TAX 05.0000 01/01/2028 0.12%
CHICAGO O'HARE ARPT-D 05.0000 01/01/2042 0.12%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.12%
DIST OF COLUMBIA 06.0000 07/01/2033 0.12%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.12%
MA DEV FIN-F 05.7500 07/15/2043 0.12%
MI FIN AUTH-C 05.0000 07/01/2035 0.12%
MICHIGAN ST FIN AUTH 05.0000 02/01/2037 0.12%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.12%
NC MED CARE-C-REF 05.0000 10/01/2031 0.12%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.12%
NEW HOPE CULT EDU FAC 05.0000 07/01/2047 0.12%
NEW HOPE ED FACS 05.5000 01/01/2043 0.12%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.12%
NEW YORK TRANSPRTN-A 05.0000 07/01/2046 0.12%
NH HLTH & EDU-A 06.1250 07/01/2037 0.12%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.12%
NJ TRANSPRTN TRUST-AA 05.2500 06/15/2032 0.12%
NORTH TX TWY-B-CABS 00.0000 09/01/2037 0.12%
NY LIBERTY-3-TRD CTR 05.0000 03/15/2044 0.12%
NYC IDA YANKEE STADI 07.0000 03/01/2049 0.12%
OK DEV FIN AUTH-A 05.0000 08/01/2047 0.12%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.12%
PR BLDGS-REF-P-GOVT 06.7500 07/01/2036 0.12%
PUB FIN AUTH-A 06.0000 11/15/2049 0.12%
SALT LAKE ARPT REV-A 05.0000 07/01/2037 0.12%
SC PUB SVC AUTH-E 05.0000 12/01/2048 0.12%
SELMA USD-CABS-06-C 00.0000 08/01/2037 0.12%
SOUTH JERSEY NJ PORT 05.0000 01/01/2039 0.12%
STAFFORD CO ECON DEV 05.0000 06/15/2036 0.12%
TARRANT CNTY CULT EDU 06.6250 11/15/2037 0.12%
VT EDU HLTH BLDG FIN 05.0000 12/01/2035 0.12%
WI H/E FACS AUTH-A 07.2500 09/15/2029 0.12%
ALLEGHENY CO IDA 05.7500 08/01/2042 0.11%
ALLEGHENY HGR ED BLDG 05.0000 09/01/2035 0.11%
CT HLTH & EDU-A 05.0000 09/01/2046 0.11%
DELAWARE ST ECON DEV 05.0000 06/01/2046 0.11%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.11%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.11%
HARRIS CNTY TX 05.0000 01/01/2037 0.11%
ILLINOIS ST 05.0000 01/01/2041 0.11%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.11%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.11%
KIRKWOOD INDL DEV 05.2500 05/15/2037 0.11%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.11%
LAKEWOOD RANCH DIST 05.0000 05/01/2036 0.11%
LOUISVILLE & JEFFERSO 05.0000 10/01/2032 0.11%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.11%
MINNEAPOLIS HLTH-B1-A 00.8500 11/15/2035 0.11%
N ESTRN-WILKES UNIV 05.2500 03/01/2042 0.11%
NC CAP AGY-A-UNREF 06.0000 06/01/2031 0.11%
NC MED CARE-A-REF 05.0000 09/01/2037 0.11%
NJ ECON DEV AUTH-A 05.0000 06/15/2037 0.11%
OHIO HOSP REVENUE-A 05.0000 01/15/2041 0.11%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.11%
RED RIVER HLTH-A 07.7500 11/15/2044 0.11%
SAN FRANCISCO REDV-A 05.1500 08/01/2035 0.11%
SANTALUZ FACS DIST2 05.0000 09/01/2028 0.11%
SANTALUZ FACS DIST2 05.0000 09/01/2029 0.11%
SARASOTA CNTY FL HLTH 05.0000 01/01/2031 0.11%
WA ST HSG FIN COMM-A 07.0000 07/01/2050 0.11%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.10%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.10%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.10%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.10%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.10%
COLORADO HLTH FAC 06.3750 01/01/2041 0.10%
ILLINOIS ST FIN AUTH 05.0000 08/01/2047 0.10%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.10%
MS BUS FIN-VAR-E-CHEV 00.9200 12/01/2030 0.10%
OTSEGO CHRT SCH-A 05.0000 09/01/2044 0.10%
PUB FIN AUTH 05.0000 05/01/2047 0.10%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.10%
SCIOTO CO HOSP FACS 05.0000 02/15/2034 0.10%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.10%
ALLEGHENY HGR ED-A-RO 05.7500 10/15/2040 0.09%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.09%
CA ST MUNI FIN-A 05.2500 08/01/2042 0.09%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.09%
E HEMPFIELD TWP IDA 05.0000 07/01/2034 0.09%
HARRIS CULTURAL ED-B1 00.8500 09/01/2031 0.09%
LA VERNE-COPS 05.0000 05/15/2036 0.09%
LOUISVILLE CLG-REF-A 06.0000 05/01/2038 0.09%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.09%
MA DEV FIN AGY-I 05.0000 07/01/2036 0.09%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.09%
NC MED CARE COMM-A 05.0000 07/01/2047 0.09%
NEW HOPE EDU FACS-A 05.0000 04/01/2034 0.09%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.09%
OK FIN AUTH-EPWORTH-A 05.0000 04/01/2033 0.09%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2042 0.09%
RIVERSIDE TRANS-A 05.7500 06/01/2044 0.09%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.09%
SARASOTA CNTY FL HLTH 05.0000 01/01/2030 0.09%
SOUTH DAKOTA ST HLTH 05.0000 11/01/2035 0.09%
VLG CMNTY DEV DIST 8 06.1250 05/01/2039 0.09%
WESTMINSTER-A 06.0000 07/01/2034 0.09%
WISCONSIN ST HLTH & E 05.0000 08/15/2039 0.09%
YAMHILL CO HOSP-A-REF 05.0000 11/15/2046 0.09%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.09%
CLARK IMPT DIST 05.0000 08/01/2035 0.08%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.08%
CO HLTH FACS AUTH-REF 05.2500 01/01/2037 0.08%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.08%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.08%
LANCASTER CO HOSP AUT 05.1250 07/01/2037 0.08%
LAS VEGAS DIST 812 05.0000 12/01/2035 0.08%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.08%
MA DEV-A1-LINDEN POND 06.2500 11/15/2031 0.08%
NEW HOPE CUTL ED-A 05.5000 11/15/2046 0.08%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 0.08%
PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 0.08%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.08%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.07%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.07%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.07%
CHICAGO WTR REV 05.0000 11/01/2042 0.07%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.07%
IL FIN AUTH 04.0000 11/15/2032 0.07%
MICHIGAN ST FIN AUTH 04.5000 10/01/2029 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
NH HLTH & EDU FACS 05.0000 10/01/2046 0.07%
NJ ECON DEV AUTH-A 06.1000 07/01/2044 0.07%
NJ ECON DEV-A 05.0000 07/15/2029 0.07%
ATLANTIC CITY NJ-B 05.0000 03/01/2037 0.06%
CA DEV-A 06.0000 10/01/2047 0.06%
CLIFTON HGR EDU FIN 06.0000 08/15/2033 0.06%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.06%
GUAM GOVT COPS-A-JOHN 06.8750 12/01/2040 0.06%
ILLINOIS ST 05.0000 02/01/2039 0.06%
ILLINOIS ST FIN AUTH 05.0000 08/01/2042 0.06%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.06%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.06%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.06%
LAS VEGAS SPL IMPT 05.0000 06/01/2030 0.06%
LUCAS HLTH-RF/IMP-A-L 07.0000 11/01/2045 0.06%
MA DEV FIN AGY-A 06.0000 01/01/2033 0.06%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.06%
MS BUS-VAR-E-CHEVRON 00.9200 12/01/2030 0.06%
NC MED CARE COMM-REF 05.0000 10/01/2035 0.06%
NEW HOPE EDU FACS-A 05.0000 04/01/2039 0.06%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.06%
PA HGR ED FACS AUTH-A 05.0000 07/01/2032 0.06%
PUB FIN AUTH 05.0000 05/01/2042 0.06%
PUB FIN AUTH-A 05.7500 11/15/2044 0.06%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 0.06%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 0.06%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2036 0.06%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
CHERRY HILL CMNTY DEV 05.1500 03/01/2035 0.05%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.05%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.05%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2030 0.05%
KY ST ECON DEV-A 05.2500 06/01/2041 0.05%
LAS VEGAS IMPT DIST 05.0000 06/01/2022 0.05%
LENEXA HLTH REF-IMPT 05.3750 05/15/2027 0.05%
NEW HOPE CUTL ED-A 05.3750 11/15/2036 0.05%
PHOENIX IDA 06.3000 07/01/2042 0.05%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.05%
VLG FL CDD 9-REF 05.0000 05/01/2022 0.05%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.05%
YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 0.05%
BAYTOWN TWP MN LEASE 04.0000 08/01/2036 0.04%
E-470 HWY-CABS 00.0000 09/01/2041 0.04%
EATON AREA PK & REC 05.2500 12/01/2034 0.04%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.04%
MET WA DC ARPTS-CABS 00.0000 10/01/2040 0.04%
NEW HOPE CULT EDU-A 05.0000 04/01/2036 0.04%
NEW HOPE CULTURAL ED 05.0000 11/15/2036 0.04%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.04%
PHOENIX IDA 06.0000 07/01/2032 0.04%
COLORADO ST HLTH FACS 05.2500 05/15/2047 0.03%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 0.03%
NH HLTH & EDU-A 06.2500 07/01/2042 0.03%
NJ ECON DEV AUTH-A 06.0000 07/01/2032 0.03%
OTSEGO CHRT SCH-A 05.0000 09/01/2034 0.03%
PR SALES-1ST SUB-A 05.3750 08/01/2039 0.03%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.03%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.03%
CHICAGO MTR FUEL TAX 05.0000 01/01/2030 0.02%
CO HLTH FACS AUTH 05.5000 06/01/2033 0.02%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.02%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.02%
MA DEV FIN AGY 05.0000 07/01/2035 0.02%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.02%
NJ ECON DEV AUTH-A 04.7500 06/15/2032 0.02%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.01%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.01%
RED RIVER HLTH FAC-A 05.4500 11/15/2038 0.01%
RED RIVER HLTH-B 06.1500 11/15/2049 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.2500 12/01/2019 0.00%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
CMS LIQUIDATING TR UNITS 0.00%
IL ST FIN AUTH-PREREF 07.7500 08/15/2034 0.00%
LA PUB FACS AUTH-A 08.3750 07/01/2039 0.00%
NC CAP AGY-A-PREREF 06.0000 06/01/2031 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-C 06.2500 05/09/2053 0.00%
TEMBEC INC 0.00%

Prior top 10 holdings

Top 10 holdings as of 11/30/17
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Tob Settle-C 05.3750 06/01/2038
Golden Tob Sr-Conv A2 05.3000 06/01/2037
Tob Settlement Ser 1a 05.0000 06/01/2041
Chicago Il 06.0000 01/01/2038
Illinois St 05.0000 11/01/2036
Golden Tob Sr-A-1 05.1250 06/01/2047
Tob Settlement Ser 1a 04.7500 06/01/2034
Jefferson Co-Cabs-F 00.0000 10/01/2046
Va Small Business Fin 05.0000 12/31/2056
Holdings represent 9.00% of portfolio
Top 10 holdings as of 10/31/17
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Tob Settle-C 05.3750 06/01/2038
Golden Tob Sr-Conv A2 05.3000 06/01/2037
Chicago Il 06.0000 01/01/2038
Tob Settlement Ser 1a 05.0000 06/01/2041
Illinois St 05.0000 11/01/2036
Tob Settlement Ser 1a 04.7500 06/01/2034
Golden Tob Sr-A-1 05.1250 06/01/2047
Jefferson Co-Cabs-F 00.0000 10/01/2046
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 8.88% of portfolio
Top 10 holdings as of 09/30/17
Tob Settle-C 05.3750 06/01/2038
Golden Tob Sr-Conv A2 05.3000 06/01/2037
Chicago Il 06.0000 01/01/2038
Tob Settlement Ser 1a 05.0000 06/01/2041
Illinois St 05.0000 11/01/2036
Tob Settlement Ser 1a 04.7500 06/01/2034
Hi Dept Budget Hawaii 06.5000 07/01/2039
Golden Tob Sr-A-1 05.1250 06/01/2047
Jefferson Co-Cabs-F 00.0000 10/01/2046
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 8.50% of portfolio
Top 10 holdings as of 08/31/17
Tob Settle-C 05.3750 06/01/2038
Nyc Trans Fin-A-E-1 05.0000 02/01/2040
Chicago Il 06.0000 01/01/2038
Golden Tob Sr-Conv A2 05.3000 06/01/2037
Tob Settlement Ser 1a 05.0000 06/01/2041
Illinois St 05.0000 11/01/2036
Hi Dept Budget Hawaii 06.5000 07/01/2039
Tob Settlement Ser 1a 04.7500 06/01/2034
Golden Tob Sr-A-1 05.1250 06/01/2047
Jefferson Co-Cabs-F 00.0000 10/01/2046
Holdings represent 8.53% of portfolio

Portfolio composition as of 11/30/17

Municipal bonds and notes 96.28%
Cash and net other assets 3.72%

Fixed income statistics as of 11/30/17

Average stated maturity 21.09 yrs.
Average effective maturity 7.67 yrs.
Option adjusted duration 7.52 yrs.
Duration to worst 5.67 yrs.
Average yield to maturity 4.37%
Average coupon 5.07%
Average price $105.80
AMT exposure 10.47%

Quality rating as of 11/30/17

AAA 1.03%
AA 4.57%
A 21.47%
BBB 33.67%
BB 10.62%
B 7.94%
CCC and Below 0.44%
Not Rated 16.54%
Cash and net other assets 3.72%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: 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. 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. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention in the financial markets, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets as of the date indicated above. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's and Fitch. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 11/30/17

Health care 22.26%
Transportation 13.99%
Education 10.36%
Utilities 9.46%
Tobacco 8.90%
Prerefunded 5.42%
Local Debt 4.90%
State Debt 4.89%
Land 4.44%
 
Other
15.38%
Cash and net other assets 3.72%
Financials 2.90%
Housing 2.61%
Other 2.59%
Industrials 2.38%
Special Tax 1.18%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class Y
Total expense ratio 0.83% 1.45% 1.60% 1.10% 0.60%
What you pay 0.83% 1.45% 1.60% 1.10% 0.60%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class Y
$0-$49,999 4.00% 0.00% 0.00% 3.25% --
$50,000-$99,999 4.00% 0.00% 0.00% 2.25% --
$100,000-$249,999 3.25% -- 0.00% 1.25% --
$250,000-$499,999 2.50% -- 0.00% 1.00% --
$500,000-$999,999 0.00% -- -- -- --
$1M-$4M 0.00% -- -- -- --
$4M-$50M 0.00% -- -- -- --
$50M+ 0.00% -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- --
2 yrs. -- 4.00% 0.00% -- --
3 yrs. -- 3.00% 0.00% -- --
4 yrs. -- 3.00% 0.00% -- --
5 yrs. -- 2.00% 0.00% -- --
6 yrs. -- 1.00% 0.00% -- --
7+ yrs. -- 0.00% 0.00% -- --

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. You cannot invest directly in an index.

Consider these risks before investing: Capital gains, if any, are taxed at the federal and, in most cases, state levels. 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 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. The fund may invest significantly in particular segments of the tax-exempt debt market, making it more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention in the financial markets, and factors related to a specific issuer. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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.