Tax-Free High Yield Fund (Class Y)  (PTFYX)

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

Highlights

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 $12.57
0.00% | $0.00
$12.77
12/06/17
$12.43
04/25/18
Historical fund price

Fund facts as of 06/30/18

Total net assets
$886.89M
Turnover (fiscal year end)
32%
Dividend frequency (view rate)
Monthly
Number of holdings
453
Fiscal year-end
July
CUSIP / Fund code
746872878 / 1840
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PTFYX

Management team

Portfolio Manager
Portfolio Manager


Literature


Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.
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.

11.23%

Best 5-year annualized return

(for period ending 12/31/13)


-2.32%

Worst 5-year annualized return

(for period ending 12/31/08)


5.39%

Average 5-year annualized return


  • Total return (%) as of 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 4.45% 4.67% 5.21% 5.56%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays Municipal Bond Index 1.56% 2.85% 3.53% 4.43%

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, and 4.00% and 3.25% for income funds (2.25% and 0.75% for Putnam Short Duration Bond Fund and 1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Fixed Income Absolute Return 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 Short Duration Bond Fund, Putnam Fixed Income Absolute Return 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, 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. 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 06/30/18 0.18 % -
YTD as of 07/16/18 1.19 % -

Yield

Distribution rate before sales charge
as of 07/16/18
3.71%
Distribution rate after sales charge
as of 07/16/18
3.71%
30-day SEC yield as of 06/30/18 3.08%

Risk-adjusted performance as of 06/30/18

Sharpe ratio (3 yrs.) 1.17
Information ratio (3 yrs.) 1.74

Volatility as of 06/30/18

Standard deviation (3 yrs.) 3.49%
Beta 1.03
R-squared 0.91

Lipper rankings as of 06/30/18

High Yield Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 48% 80/169
3 yrs. 47% 67/144
5 yrs. 50% 59/117
10 yrs. 16% 12/75

Morningstar ratings as of 06/30/18

High Yield Muni Rating Funds in category
Overall (154)
3 yrs. (154)
5 yrs. (122)
10 yrs. (79)

Distributions

Accrual days 29
Accrual start date 06/01/18
Accrual end date 06/29/18
Payable date 06/29/18
Non-taxable income $0.042442511
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 06/30/18

Tobacco Settlement-A 05.0000 06/01/2046 1.24%
Buckeye Tob Asset-A-2 06.5000 06/01/2047 1.21%
Gloucester Wst-A-Rmkt 02.2500 09/01/2038 1.13%
Tob Settle-C 05.3750 06/01/2038 1.13%
Chicago Il 06.0000 01/01/2038 0.92%
Harris Cult Ed Var-C1 01.4500 12/01/2024 0.90%
Tobacco Settlement-B 05.0000 06/01/2046 0.87%
Illinois St 05.0000 12/01/2031 0.86%
Jefferson Co-Cabs-F 00.0000 10/01/2046 0.85%
Golden Tob Sr-A-1 05.1250 06/01/2047 0.83%
Top 10 holdings, percent of portfolio 9.94%

Full portfolio holdings as of 03/31/18

BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 1.21%
TOB SETTLE-C 05.3750 06/01/2038 1.15%
TOB SETTLEMENT SER 1A 05.0000 06/01/2041 0.95%
HARRIS CULT ED VAR-C1 01.9000 12/01/2024 0.94%
CHICAGO IL 06.0000 01/01/2038 0.90%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.88%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.85%
ILLINOIS ST 05.0000 12/01/2031 0.85%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.83%
VA SMALL BUSINESS FIN 05.0000 12/31/2056 0.80%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.76%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.76%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.76%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.74%
NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 0.74%
MUNIMAE TE BOND SUBS P/P 144A 05.7500 06/30/2050 0.72%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.72%
MURRAY CITY HSP-IHC-C 01.8200 05/15/2036 0.69%
CHICAGO BOE-H 05.0000 12/01/2036 0.64%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.64%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.64%
NJ ECON DEV-MSU HSG 05.8750 06/01/2042 0.64%
RENO S/TAX-VAR-RF-RET 01.8900 06/01/2042 0.62%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.61%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.61%
ILLINOIS ST 05.2500 12/01/2030 0.60%
MI FIN AUTH-C 05.0000 07/01/2034 0.58%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.57%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.57%
DE HLTH-VAR-A-CHRISTI 01.9000 10/01/2038 0.56%
MO H/E VAR-WA UNIV-C 01.7500 09/01/2030 0.56%
VA ST BUSINESS FING 05.0000 01/01/2040 0.55%
NYC TRANS FIN-S-3 05.0000 07/15/2031 0.54%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.53%
MSR ENERGY 06.5000 11/01/2039 0.53%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.52%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.51%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.49%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.49%
NJ ECON CONTINENTAL 05.2500 09/15/2029 0.49%
TARRANT ED-AIR FORCE 06.3750 11/15/2044 0.49%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.48%
IL FIN AUTH-A 05.0000 02/15/2047 0.48%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.48%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.48%
WA ST HSG FIN COMM-A 05.0000 01/01/2046 0.48%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.46%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.46%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.46%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.45%
IN FIN AUTH-AMT-A-REF 01.6500 05/01/2034 0.45%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.45%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.44%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.44%
NEW HOPE CULT EDU-A 05.0000 04/01/2042 0.44%
CA MUN FIN-VAR-REF 01.6000 09/01/2021 0.43%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.43%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.43%
DIST OF COLUMBIA-B 05.0000 07/01/2037 0.42%
PUBLIC FIN AUTH-REF 05.0000 07/01/2042 0.42%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.41%
NC MED-CAROLINA VLG 06.0000 04/01/2038 0.41%
TX PRIVATE ACTIVITY 06.8750 12/31/2039 0.41%
CAPE GIRARDEAU CNTY M 05.0000 03/01/2036 0.40%
E-470 PUB HWY-CAB-A 00.0000 09/01/2028 0.40%
HOUSTON ARPT-REF-A 06.5000 07/15/2030 0.40%
CHICAGO-2005D-REF 05.5000 01/01/2037 0.39%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.39%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.38%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.38%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.38%
SAN BERNARDINO CLG-B 00.0000 08/01/2044 0.38%
CENTRAL PLAINS ENERGY 05.0000 09/01/2032 0.37%
CHICAGO-A-REF 05.2500 01/01/2033 0.37%
MA H/E-WINCHESTER HSP 05.2500 07/01/2038 0.37%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.37%
PR S/TAX-CABS-A 00.0000 08/01/2043 0.37%
WASHINGTON ST HLTH CA 04.0000 07/01/2037 0.37%
WESTMINSTER-REF 05.1250 07/01/2034 0.37%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.36%
ILLINOIS ST 05.0000 11/01/2029 0.36%
NY DORM ORANGE MED 06.2500 12/01/2037 0.36%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.36%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.36%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.35%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.35%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.35%
WESTCHESTER DEV-A 05.5000 05/01/2042 0.35%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.34%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.33%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.33%
MISSOURI ST-A 04.0000 05/15/2042 0.32%
MSR ENERGY 06.5000 11/01/2039 0.32%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.32%
CA DEV-AMERN BAPTIST P/P 144A 06.2500 10/01/2039 0.31%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.31%
NEW JERSEY EDA-A-REF 05.0000 07/01/2033 0.31%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.31%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.31%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.31%
HARBOR POINT-REF 05.0000 04/01/2039 0.30%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.30%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.30%
N TX EDU FIN CORP-A 05.1250 12/01/2042 0.30%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.30%
CHESTER CNTY PA HLTH 05.0000 11/01/2041 0.29%
CHICAGO-C-REF 05.0000 01/01/2038 0.29%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.29%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.29%
LONG BCH NAT GAS-A 05.5000 11/15/2037 0.29%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.28%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.28%
RAILSPLITTER 06.0000 06/01/2028 0.28%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.28%
CULLMAN COUNTY 07.0000 02/01/2036 0.27%
DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 0.27%
HOUSTON HGR ED-A 05.0000 02/15/2032 0.27%
HOUSTON HGR ED-A 05.0000 02/15/2042 0.27%
IA ST FIN AUTH 05.2500 12/01/2025 0.27%
ILLINOIS ST 05.0000 11/01/2034 0.27%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.27%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.27%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.27%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.27%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 0.26%
CA SCH FIN AUTH-A 05.0000 07/01/2034 0.26%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.26%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.26%
DIST OF COLUMBIA-A 05.0000 07/01/2052 0.26%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.26%
MIAMI-DADE IDA 05.0000 09/15/2034 0.26%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.26%
CALIFORNIA PUBLIC FIN 05.0000 10/15/2047 0.25%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.25%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.25%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.25%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.25%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.25%
NJ ECON DEV AUTH-REMK 05.5000 06/01/2033 0.25%
ORLANDO REDEV AGY-REF 05.0000 04/01/2024 0.25%
PA TPK 2ND SER REF 05.0000 12/01/2036 0.25%
S JERSEY PORT-B-AMT 05.0000 01/01/2034 0.25%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.25%
SKAGIT HOSP DIST-REF 05.0000 12/01/2037 0.25%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.25%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.25%
CENTERVILLE OH HLTH C 05.2500 11/01/2047 0.24%
CHICAGO WSTWTR TRANS 05.0000 01/01/2034 0.24%
CO HLTH FACS AUTH-B 05.0000 05/15/2039 0.24%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.24%
IL FIN-REF-ROOSEVELT 06.5000 04/01/2039 0.24%
ILLINOIS ST-D 05.0000 11/01/2028 0.24%
KY ECON DEV FIN-A-REF 05.0000 05/15/2036 0.24%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.24%
MARICOPA PCR--A 07.2500 02/01/2040 0.24%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.24%
MI FIN AUTH-D4 05.0000 07/01/2034 0.24%
MOON IDA-REF 05.7500 07/01/2035 0.24%
NC MED CARE COMM 05.2500 10/01/2037 0.24%
NJ ECON DEV-C 05.3000 07/01/2044 0.24%
SC PUB SVC AUTH-E 05.0000 12/01/2048 0.24%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.24%
ATLANTIC CITY NJ-B 05.0000 03/01/2032 0.23%
ILLINOIS ST-REF 05.0000 02/01/2029 0.23%
OH AIR QLTY DEV AUTH 04.5000 01/15/2048 0.23%
PHOENIX IDA 05.3750 09/01/2032 0.23%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.23%
CA DEV-A 06.0000 10/01/2042 0.22%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.22%
ILLINOIS ST 05.0000 11/01/2041 0.22%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.22%
MA DEV-A1-LINDEN POND 06.2500 11/15/2046 0.22%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.22%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.22%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.22%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.22%
CA POLL FING AUTH 04.7500 11/01/2046 0.21%
CHICAGO BOE-A 07.0000 12/01/2046 0.21%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.21%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.21%
PUB FIN AUTH-A 05.5000 11/15/2034 0.21%
SAINT LOUIS CNTY-REF 05.0000 09/01/2048 0.21%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.21%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.21%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.20%
NJ ECON-A-CRANES MILL 06.0000 07/01/2038 0.20%
OAKLEY FIN AUTH-REF 05.0000 09/02/2031 0.20%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.20%
CHICAGO WTRWKS-REMK 05.0000 11/01/2028 0.19%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.19%
CT HLTH & EDU-F-REF 05.0000 07/01/2033 0.19%
MS BUS-VAR-A-CHEVRON 01.7500 12/01/2030 0.19%
NTHRN TOB CAB-C-ASSET 00.0000 06/01/2046 0.19%
PUBLIC FIN AUTH-AMT 05.0000 09/30/2037 0.19%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.19%
ST LOUIS IDA-A 04.7500 11/15/2047 0.19%
STHRN CA 05.2500 11/01/2021 0.19%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 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%
AZ INDL DEV-G-REF 05.0000 07/01/2037 0.18%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.18%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.18%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 0.18%
HAM LAKE CHRT SCH-A 05.0000 11/01/2036 0.18%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2034 0.18%
LENEXA HLTH-LAKEVIEW 07.2500 05/15/2039 0.18%
MET PIER & EXPOSITION 00.0000 12/15/2042 0.18%
MIDDLE VLG DEV-A 06.0000 05/01/2035 0.18%
MONTGOMERY H/E-ARCADI 05.2500 04/01/2030 0.18%
NC MED CARE COMM 05.0000 07/01/2045 0.18%
NEW HOPE CULT EDU-A1 04.0000 07/01/2043 0.18%
NEW HOPE CULTURAL ED 05.0000 01/01/2037 0.18%
NEW JERSEY ST ECON DE 05.0000 06/15/2042 0.18%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.18%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.18%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.18%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.18%
TARRANT CNTY CULT EDU 05.5000 11/15/2045 0.18%
WA HLTH CARE FACS 04.0000 07/01/2036 0.18%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.18%
CO HLTH FACS AUTH-REF 05.1250 01/01/2030 0.17%
HI BUDGET 09.0000 11/15/2044 0.17%
IA ST FIN AUTH 05.5000 12/01/2022 0.17%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.17%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.17%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.17%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.17%
ONEIDA IDA CIVIC-A-EL 05.8750 12/01/2029 0.17%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2038 0.17%
TOWN CTR AT PALM COAS 06.0000 05/01/2036 0.17%
VLG CMNTY DEV DIST11 04.5000 05/01/2045 0.17%
ABAG-REF 06.0000 07/01/2031 0.16%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.16%
CHICAGO IL O'HARE INT 05.0000 07/01/2038 0.16%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.16%
MAIN ST NAT GAS INC-A 05.5000 09/15/2021 0.16%
NEW YORK ST DORM AUTH 05.0000 12/01/2035 0.16%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.16%
ROCKDALE DEV-A-VISY 06.1250 01/01/2034 0.16%
BLACK BELT ENERGY GAS 04.0000 12/01/2048 0.15%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.15%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.15%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.15%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.15%
VLG CDD 10 05.7500 05/01/2031 0.15%
CA DEV-A 05.6250 10/01/2032 0.14%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.14%
DIST OF COLUMBIA 06.0000 07/01/2033 0.14%
IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 0.14%
LACKAWANNA CNTY PA IN 04.0000 11/01/2040 0.14%
NEW YORK ST DORM AUTH 05.0000 12/01/2036 0.14%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.14%
VLG CDD 12 04.0000 05/01/2033 0.14%
ALLEGHENY CO HGR EDU 05.0000 10/15/2037 0.13%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.13%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.13%
CMWLTH FING AUTH 05.0000 06/01/2031 0.13%
COOK CNTY-REF 05.0000 11/15/2034 0.13%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.13%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.13%
MI FIN AUTH-C 05.0000 07/01/2035 0.13%
MICHIGAN ST FIN AUTH 05.0000 02/01/2037 0.13%
NC MED CARE-C-REF 05.0000 10/01/2031 0.13%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.13%
NEW HOPE ED FACS 05.5000 01/01/2043 0.13%
NJ ECON DEV AUTH 05.0000 07/15/2032 0.13%
NJ ECON DEV AUTH-REF 05.0000 06/01/2037 0.13%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.13%
NYC TRANS FIN-S-4A 05.0000 07/15/2033 0.13%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.13%
PHILADELPHIA SD-A 05.0000 09/01/2030 0.13%
PHILADELPHIA SD-A 05.0000 09/01/2034 0.13%
PHILADELPHIA SD-A 05.0000 09/01/2035 0.13%
PHILADELPHIA SD-A 05.0000 09/01/2036 0.13%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.13%
PUB FIN AUTH-A 06.0000 11/15/2049 0.13%
SOUTH JERSEY NJ PORT 05.0000 01/01/2039 0.13%
STAFFORD CO ECON DEV 05.0000 06/15/2036 0.13%
TARRANT CNTY CULT EDU 06.6250 11/15/2037 0.13%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.12%
ALLEGHENY HGR ED BLDG 05.0000 09/01/2035 0.12%
CA CMNTYS DEV-A 05.0000 10/01/2043 0.12%
CHICAGO ARPT-AMT 05.0000 01/01/2046 0.12%
CHICAGO MTR FUEL TAX 05.0000 01/01/2028 0.12%
CHICAGO WSTWTR TRANS 05.0000 01/01/2033 0.12%
CT HLTH & EDU-A 05.0000 09/01/2046 0.12%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.12%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.12%
HARRIS CNTY TX 05.0000 01/01/2037 0.12%
ILLINOIS ST 05.0000 01/01/2041 0.12%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.12%
LAKEWOOD RANCH DIST 05.0000 05/01/2036 0.12%
MA DEV FIN-F 05.7500 07/15/2043 0.12%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.12%
MARICOPA IDA-REF 05.0000 07/01/2035 0.12%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.12%
N ESTRN-WILKES UNIV 05.2500 03/01/2042 0.12%
NC MED CARE-A-REF 05.0000 09/01/2037 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 AUTH-A 05.0000 06/15/2037 0.12%
NJ TRANSPRTN TRUST-AA 05.2500 06/15/2032 0.12%
NYC IDA YANKEE STADI 07.0000 03/01/2049 0.12%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.12%
SANTALUZ FACS DIST2 05.0000 09/01/2028 0.12%
SANTALUZ FACS DIST2 05.0000 09/01/2029 0.12%
SARASOTA CNTY FL HLTH 05.0000 01/01/2031 0.12%
SARASOTA CNTY HLTH-A 05.0000 01/01/2042 0.12%
SOUTHLANDS CO MET DT 05.0000 12/01/2047 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%
DELAWARE ST ECON DEV 05.0000 06/01/2046 0.11%
OHIO HOSP REVENUE-A 05.0000 01/15/2041 0.11%
OTSEGO CHRT SCH-A 05.0000 09/01/2044 0.11%
RED RIVER HLTH-A 07.7500 11/15/2044 0.11%
SAN FRANCISCO REDV-A 05.1500 08/01/2035 0.11%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.11%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.10%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.10%
CA ST MUNI FIN-A 05.2500 08/01/2042 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%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.10%
COLORADO HLTH FAC 06.3750 01/01/2041 0.10%
E HEMPFIELD TWP IDA 05.0000 07/01/2034 0.10%
HARRIS CULTURAL ED-B1 01.8000 09/01/2031 0.10%
ILLINOIS ST FIN AUTH 05.0000 08/01/2047 0.10%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.10%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.10%
PUB FIN AUTH 05.0000 05/01/2047 0.10%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.10%
RIVERSIDE TRANS-A 05.7500 06/01/2044 0.10%
SOUTH DAKOTA ST HLTH 05.0000 11/01/2035 0.10%
SUSQUEHANNA REGL ARPT 05.0000 01/01/2035 0.10%
VLG CMNTY DEV DIST 8 06.1250 05/01/2039 0.10%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.10%
ALLEGHENY HGR ED-A-RO 05.7500 10/15/2040 0.09%
CO HLTH FACS AUTH-REF 05.2500 01/01/2037 0.09%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.09%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.09%
LA VERNE-COPS 05.0000 05/15/2036 0.09%
LANCASTER CO HOSP AUT 05.1250 07/01/2037 0.09%
LAS VEGAS DIST 812 05.0000 12/01/2035 0.09%
LEXINGTON INDL DEV-A 05.0000 01/01/2042 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 CULT EDU-A1 05.0000 07/01/2032 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%
OKLAHOMA ST DEV FIN 05.0000 08/15/2038 0.09%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 0.09%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2042 0.09%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.09%
SARASOTA CNTY FL HLTH 05.0000 01/01/2030 0.09%
WESTMINSTER-A 06.0000 07/01/2034 0.09%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 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%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.08%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.08%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.08%
CHICAGO WTR REV 05.0000 11/01/2042 0.08%
CLARK IMPT DIST 05.0000 08/01/2035 0.08%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.08%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.08%
MA DEV-A1-LINDEN POND 06.2500 11/15/2031 0.08%
MICHIGAN ST FIN AUTH 04.5000 10/01/2029 0.08%
NEW HOPE CUTL ED-A 05.5000 11/15/2046 0.08%
NH HLTH & EDU FACS 05.0000 10/01/2046 0.08%
NJ ECON DEV AUTH-A 06.1000 07/01/2044 0.08%
PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 0.08%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.07%
IL FIN AUTH 04.0000 11/15/2032 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
NJ ECON DEV-A 05.0000 07/15/2029 0.07%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2036 0.07%
ATLANTIC CITY NJ-B 05.0000 03/01/2037 0.06%
CA DEV-A 06.0000 10/01/2047 0.06%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.06%
CHERRY HILL CMNTY DEV 05.1500 03/01/2035 0.06%
CHICAGO IL O'HARE INT 05.0000 07/01/2033 0.06%
CLIFTON HGR EDU FIN 06.0000 08/15/2033 0.06%
CO HLTH FACS AUTH-B 05.0000 05/15/2048 0.06%
DE HLTH FACS AUTH-A 04.0000 07/01/2033 0.06%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.06%
FREDERICK EDL-A-REF 05.0000 09/01/2037 0.06%
GLEN COVE AST CORP-C 00.0000 01/01/2055 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%
LAS VEGAS SPL IMPT 05.0000 06/01/2030 0.06%
LENEXA HLTH REF-IMPT 05.3750 05/15/2027 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%
NC MED CARE COMM-REF 05.0000 10/01/2035 0.06%
NEW HOPE CULT EDU-A1 05.0000 07/01/2038 0.06%
NEW HOPE CUTL ED-A 05.3750 11/15/2036 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%
NJ ECON DEV AUTH 05.0000 07/15/2047 0.06%
PA HGR ED FACS AUTH-A 05.0000 07/01/2032 0.06%
PHOENIX IDA 06.3000 07/01/2042 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%
SOUTHLANDS CO MET DT 05.0000 12/01/2037 0.06%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 0.06%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.06%
YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 0.06%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.05%
E-470 HWY-CABS 00.0000 09/01/2041 0.05%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2030 0.05%
IN ST FIN AUTH-REPUBL 01.6500 12/01/2037 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%
NEW HOPE CULT EDU-A1 05.0000 07/01/2030 0.05%
BAYTOWN TWP MN LEASE 04.0000 08/01/2036 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 CULTURAL ED 05.0000 11/15/2036 0.04%
PHOENIX IDA 06.0000 07/01/2032 0.04%
VLG FL CDD 9-REF 05.0000 05/01/2022 0.04%
CO HLTH FACS AUTH 05.5000 06/01/2033 0.03%
COLORADO ST HLTH FACS 05.2500 05/15/2047 0.03%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.03%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 0.03%
NEW HOPE CUTL ED-A 05.5000 11/15/2052 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%
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%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 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%
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 05.4500 11/15/2038 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 06/30/18
Tobacco Settlement-A 05.0000 06/01/2046
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Gloucester Wst-A-Rmkt 02.2500 09/01/2038
Tob Settle-C 05.3750 06/01/2038
Chicago Il 06.0000 01/01/2038
Harris Cult Ed Var-C1 01.4500 12/01/2024
Tobacco Settlement-B 05.0000 06/01/2046
Illinois St 05.0000 12/01/2031
Jefferson Co-Cabs-F 00.0000 10/01/2046
Golden Tob Sr-A-1 05.1250 06/01/2047
Holdings represent 9.94% of portfolio
Top 10 holdings as of 05/31/18
Tobacco Settlement-A 05.0000 06/01/2046
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Tob Settle-C 05.3750 06/01/2038
Gloucester Wst-A-Rmkt 02.2500 09/01/2038
Chicago Il 06.0000 01/01/2038
Greeneville Hlth Etc 05.0000 07/01/2037
Harris Cult Ed Var-C1 00.9700 12/01/2024
Illinois St 05.0000 12/01/2031
Tobacco Settlement-B 05.0000 06/01/2046
Golden Tob Sr-A-1 05.1250 06/01/2047
Holdings represent 10.11% of portfolio
Top 10 holdings as of 04/30/18
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Tob Settle-C 05.3750 06/01/2038
Harris Cult Ed Var-C1 01.5000 12/01/2024
Chicago Il 06.0000 01/01/2038
Tobacco Settlement-B 05.0000 06/01/2046
Illinois St 05.0000 12/01/2031
Golden Tob Sr-A-1 05.1250 06/01/2047
Ca Pollutn-Var-Ref-A P/P 144a 02.0500 08/01/2023
Jefferson Co-Cabs-F 00.0000 10/01/2046
Va Small Business Fin 05.0000 12/31/2056
Holdings represent 9.32% of portfolio
Top 10 holdings as of 03/31/18
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Tob Settle-C 05.3750 06/01/2038
Tob Settlement Ser 1a 05.0000 06/01/2041
Harris Cult Ed Var-C1 01.5700 12/01/2024
Chicago Il 06.0000 01/01/2038
Tob Settlement Ser 1a 04.7500 06/01/2034
Golden Tob Sr-A-1 05.1250 06/01/2047
Illinois St 05.0000 12/01/2031
Jefferson Co-Cabs-F 00.0000 10/01/2046
Va Small Business Fin 05.0000 12/31/2056
Holdings represent 9.36% of portfolio

Portfolio composition as of 06/30/18

Municipal bonds and notes 97.20%
Cash and net other assets 2.80%

Fixed income statistics as of 06/30/18

Average stated maturity 20.50 yrs.
Average effective maturity 6.33 yrs.
Option adjusted duration 7.19 yrs.
Duration to worst 5.07 yrs.
Average yield to maturity 4.34%
Average coupon 4.97%
Average price $104.79
AMT exposure 12.38%

Quality rating as of 06/30/18

AAA 0.57%
AA 5.73%
A 20.99%
BBB 34.49%
BB 10.42%
B 7.26%
Not Rated 17.74%
Cash and net other assets 2.80%

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. 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 06/30/18

Health care 21.47%
Education 12.02%
Transportation 11.22%
Tobacco 9.84%
Utilities 8.37%
State Debt 6.08%
Prerefunded 5.82%
Local Debt 5.41%
Land 4.56%
 
Other
15.21%
Industrials 4.19%
Other 3.32%
Cash and net other assets 2.80%
Financials 2.55%
Special Tax 1.53%
Housing 0.82%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.83% 1.45% 1.60% 1.10% 0.57% 0.60%
What you pay 0.83% 1.45% 1.60% 1.10% 0.57% 0.60%

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 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. 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.