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 4.00% and 3.25% for income funds (2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, 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, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A 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.
Active Income
Short-Term Municipal Income Fund (Class Y) (PSMYX)
A national portfolio of short-term municipal bonds seeking tax-free income with lower interest-rate sensitivity
Highlights
Objective
The fund seeks as high a level of current income exempt from federal income tax as the managers believe is consistent with preservation of capital.
Strategy and process
- Tax-advantaged income: Pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
- Focus on total return: Seeks to offer a competitive yield and the potential for price appreciation while striving to protect investors' capital through prudent security selection and active risk management.
- High-quality, short-term portfolio: The national portfolio features a range of high-quality, short-term bonds that seek to provide tax-free income with lower interest-rate sensitivity.
Fund price
| Net asset value (yesterday’s close) |
$10.11 0.00% | $0.00 |
| 52-week high | $10.12 (01/30/20) |
| 52-week low | $10.00 (03/01/19) |
Yield
| Distribution rate before sales charge as of 02/14/20 |
1.80% |
|---|---|
| Distribution rate after sales charge as of 02/14/20 |
1.80% |
| 30-day SEC yield with subsidy as of 01/31/20 |
1.12% |
| 30-day SEC yield without subsidy as of 01/31/20 |
0.63% |
Consistency of positive performance over five years
Performance shown does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please click on the performance tab.
1.40%
Best 5-year annualized return
(for period ending 12/31/19)
0.73%
Worst 5-year annualized return
(for period ending 03/31/18)
1.06%
Average 5-year annualized return
Fund facts as of 12/31/19
$32.95M
76%
Monthly
112
November
74676A824 / 1880
03/18/13
Tax-free Income
PSMYX
Literature
Fund documents |
|
| Fact Sheet (R6 share) (PDF) | |
| Fact Sheet (Y share) (PDF) | |
| Summary Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (PDF) | |
| Statutory Prospectus (PDF) |
|
| Annual Report (PDF) |
|
| Semiannual Report (PDF) |
|
| Brochure (PDF) |
|
| Proxy voting results (Form N-PX) (PDF) | |
| Quarterly commentary (PDF) | |
| Real Returns of CD's vs. Municipal Bonds (PDF) | |
| CDs or Municipal Bond? (PDF) | |
| Comparing Putnam's tax-free income funds (PDF) | |
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
Total return (%) as of 12/31/19
Annual performance as of 12/31/19
Annualized Total return (%) as of 12/31/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | Life (inception: 03/18/13 ) |
|---|---|---|---|---|
| Before sales charge | 3.04% | 2.17% | 1.40% | 1.23% |
| After sales charge | N/A | N/A | N/A | N/A |
| Bloomberg Barclays 3 Year Municipal Index | 3.67% | 2.33% | 1.64% | -- |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 01/31/20 | 0.54% | - | |
| YTD as of 02/14/20 | 0.51% | - | |
Yield
| Distribution rate before sales charge as of 02/14/20 |
1.80% |
|---|---|
| Distribution rate after sales charge as of 02/14/20 |
1.80% |
| 30-day SEC yield with subsidy as of 01/31/20 |
1.12% |
| 30-day SEC yield without subsidy as of 01/31/20 |
0.63% |
Risk-adjusted performance as of 12/31/19
| Sharpe ratio (3 yrs.) | 0.81 |
|---|---|
| Information ratio (3 yrs.) | -0.22 |
Volatility as of 12/31/19
| Standard deviation (3 yrs.) | 0.69% |
|---|---|
| Beta | 0.49 |
| R-squared | 0.86 |
Lipper rankings as of 12/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 53/136 | 39% |
| 3 yrs. | 22/112 | 20% |
| 5 yrs. | 24/98 | 25% |
| 10 yrs. | -- |
Morningstar Ratings™ as of 12/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 176 | |
| 3 yrs. | 176 | |
| 5 yrs. | 158 |
Distributions
| Accrual days | 33 |
|---|---|
| Accrual start date | 01/01/20 |
| Accrual end date | 02/02/20 |
| Payable date | 01/31/20 |
| Non-taxable income | $0.014521408 |
| Extra taxable income | -- |
| Record/Ex dividend date | 12/27/19 |
| Payable date | 12/31/19 |
| Income | -- |
| Extra income | $0.0022 |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
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.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
| Minneapolis Hlth-B2 01.1300 11/15/2035 | 3.12% |
|---|---|
| Murray City Hsp-Var-A 01.1200 05/15/2037 | 3.12% |
| Nyc Adj-Ser I-Sub I-8 01.0900 04/01/2036 | 3.12% |
| Ms Bus-Var-A-Chevron 01.2000 12/01/2030 | 3.12% |
| Syracuse Indl-Var-A-2 00.9300 12/01/2037 | 3.12% |
| Nyc Wtr-A-1-Dd-2nd Ge 01.4000 06/15/2043 | 3.12% |
| Main Street Nat Gas-D 02.0230 08/01/2048 | 2.51% |
| Jacksonvl Port-Ref 04.5000 11/01/2032 | 2.32% |
| Ohio Hgr Ed-Dayton Un 02.7910 12/01/2021 | 2.12% |
| New York City Ny Hsg 01.3000 11/01/2049 | 2.00% |
| Top 10 holdings, percent of portfolio | 27.68% |
| Top 10 holdings as of 12/31/19 | |
|---|---|
| Minneapolis Hlth-B2 01.1300 11/15/2035 | |
| Murray City Hsp-Var-A 01.1200 05/15/2037 | |
| Nyc Adj-Ser I-Sub I-8 01.0900 04/01/2036 | |
| Ms Bus-Var-A-Chevron 01.2000 12/01/2030 | |
| Syracuse Indl-Var-A-2 00.9300 12/01/2037 | |
| Nyc Wtr-A-1-Dd-2nd Ge 01.4000 06/15/2043 | |
| Main Street Nat Gas-D 02.0230 08/01/2048 | |
| Jacksonvl Port-Ref 04.5000 11/01/2032 | |
| Ohio Hgr Ed-Dayton Un 02.7910 12/01/2021 | |
| New York City Ny Hsg 01.3000 11/01/2049 | |
| Holdings represent 27.68% of portfolio | |
| Top 10 holdings as of 11/30/19 | |
|---|---|
| New York City Ny Hsg 01.3000 11/01/2049 | |
| San Antonio Elec-A 02.2500 02/01/2033 | |
| Ohio Hgr Ed-Dayton Un 02.7910 12/01/2021 | |
| Illinois St 05.0000 10/01/2024 | |
| Port Auth Ny & Nj-Amt 05.0000 09/01/2021 | |
| Met Wtr-Txb-A-Babs 06.9470 07/01/2040 | |
| Met Transprtn-B2 05.0000 05/15/2021 | |
| Main Street Natural-A 05.0000 05/15/2021 | |
| Texas St-Trans 04.0000 08/27/2020 | |
| Long Island Ny Pwr Au 01.6500 09/01/2049 | |
| Holdings represent 24.38% of portfolio | |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| New York City Ny Hsg 01.3000 11/01/2049 | |
| San Antonio Elec-A 02.2500 02/01/2033 | |
| Illinois St 05.0000 10/01/2024 | |
| Met Transprtn-B2 05.0000 05/15/2021 | |
| Port Auth Ny & Nj-Amt 05.0000 09/01/2021 | |
| Main Street Natural-A 05.0000 05/15/2021 | |
| Met Wtr-Txb-A-Babs 06.9470 07/01/2040 | |
| Texas St-Trans 04.0000 08/27/2020 | |
| Il Toll Hwy Auth-A 05.0000 12/01/2019 | |
| New York City-C-Txbl 02.5500 12/01/2019 | |
| Holdings represent 23.93% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| New York City Ny Hsg 01.3000 11/01/2049 | |
| San Antonio Elec-A 02.2500 02/01/2033 | |
| Illinois St 05.0000 10/01/2024 | |
| Port Auth Ny & Nj-Amt 05.0000 09/01/2021 | |
| Main Street Natural-A 05.0000 05/15/2021 | |
| Met Wtr-Txb-A-Babs 06.9470 07/01/2040 | |
| Texas St-Trans 04.0000 08/27/2020 | |
| Il Toll Hwy Auth-A 05.0000 12/01/2019 | |
| New York City-C-Txbl 02.5500 12/01/2019 | |
| Ca Infra & Econ Dev-A 01.7520 10/01/2047 | |
| Holdings represent 25.17% of portfolio | |
| LOUISVILLE & JEFFERSO 01.8500 10/01/2033 | 3.17% |
|---|---|
| PA ECON DEV-A-REF 01.2000 04/01/2034 | 3.14% |
| PA ECON DEV-VAR 01.1200 08/01/2045 | 3.14% |
| MAIN STREET NAT GAS-D 01.9400 08/01/2048 | 2.53% |
| JACKSONVL PORT-REF 04.5000 11/01/2032 | 2.33% |
| NJ TRANSPRTN AUTH-AA 05.2500 06/15/2030 | 2.28% |
| OHIO HGR ED-DAYTON UN 02.7910 12/01/2021 | 2.14% |
| NEW YORK CITY NY HSG 01.3000 11/01/2049 | 2.01% |
| CONNECTICUT ST HSG FI 03.0000 05/15/2024 | 1.99% |
| MET TRANS AUTH-A1 05.0000 11/15/2048 | 1.85% |
| CA MUNI FIN-A-SENIOR 05.0000 08/15/2023 | 1.79% |
| ILLINOIS ST 05.0000 10/01/2024 | 1.79% |
| PORT AUTH NY & NJ-AMT 05.0000 09/01/2021 | 1.67% |
| MET TRANSPRTN AUTH-A- 04.0000 02/01/2022 | 1.66% |
| PORT AUTH OF NY/NJ 04.0000 10/01/2021 | 1.65% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 1.65% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.65% |
| MET WTR-TXB-A-BABS 06.9470 07/01/2040 | 1.61% |
| ALABAMA ST SPL CARE F 01.8500 11/15/2046 | 1.60% |
| LONG ISLAND NY PWR AU 01.6500 09/01/2049 | 1.60% |
| TEXAS ST-TRANS 04.0000 08/27/2020 | 1.60% |
| CA INFRA & ECON DEV-A 01.4880 10/01/2047 | 1.58% |
| MEADVILLE-B 03.0000 10/01/2027 | 1.57% |
| E-470-A-SR-LIBOR 01.5330 09/01/2039 | 1.57% |
| NYC-ADJ-SER I-SUB I-3 00.9200 04/01/2036 | 1.57% |
| LEANDER ISD-CABS-RF-A 00.0000 08/15/2020 | 1.56% |
| SC TRANSPRTN-2003B 01.5590 10/01/2031 | 1.56% |
| IL FIN AUTH-VAR-REF 01.6250 11/01/2034 | 1.56% |
| SAN BERNARDIO OBLG-C 01.8850 08/01/2023 | 1.55% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.50% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 1.28% |
| LOUISIANA ST OFFSHORE 01.6500 09/01/2033 | 1.27% |
| GRANT CNTY WA PUBLIC 02.0000 01/01/2044 | 1.26% |
| MURRAY CITY HSP-VAR-A 01.0000 05/15/2037 | 1.26% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2027 | 1.16% |
| AZ LOTTERY-REF 05.0000 07/01/2025 | 1.15% |
| DULUTH ISD 709-B-REF 05.0000 02/01/2020 | 1.15% |
| PORT OF SEATTLE-C 05.0000 05/01/2024 | 1.15% |
| MICHIGAN ST HOSP FIN 01.9000 11/15/2047 | 1.13% |
| CALIFORNIA ST-C 01.8630 12/01/2028 | 1.10% |
| CENTRL TX REGL-A-REF 05.0000 01/01/2022 | 1.01% |
| KING CNTY WA SWR REVE 02.6000 01/01/2043 | 0.96% |
| NYC WTR-A-1-DD-2ND GE 00.8600 06/15/2043 | 0.94% |
| LEXINGTON HLTH SVCS 05.0000 11/01/2029 | 0.92% |
| TEXAS MUNI PWR AGY 05.0000 09/01/2047 | 0.88% |
| CHICAGO-A-REF 05.0000 01/01/2022 | 0.84% |
| NY HSG FIN AGY-M 01.8500 11/01/2020 | 0.79% |
| TX SFM-NON AMT-A 05.2500 09/01/2028 | 0.78% |
| CT ST HSG FIN AUTH-G 02.7500 05/15/2026 | 0.76% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.74% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.71% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2022 | 0.68% |
| PA TURNPIKE COMM-REF 05.0000 12/01/2021 | 0.68% |
| CHICAGO WSTWTR-2ND 05.0000 01/01/2023 | 0.67% |
| CHICAGO-A-REF 05.0000 01/01/2021 | 0.65% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 0.64% |
| BURKE CNTY DEV AUTH 02.5000 01/01/2052 | 0.64% |
| KY PUB ENERGY AUTH-B 04.0000 07/01/2020 | 0.64% |
| STHRN CA ST PUB PWR-A 02.2500 07/01/2040 | 0.64% |
| FREDERICK CO -REV 02.6250 07/01/2024 | 0.63% |
| ATLANTIC CITY NJ-B 05.0000 03/01/2020 | 0.63% |
| NM HOSP EQUIP-C 02.2500 07/01/2023 | 0.63% |
| CA INFRA & ECON DEV-D 01.5420 08/01/2047 | 0.63% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 0.63% |
| MILAN MI AREA SCHS 05.0000 05/01/2021 | 0.58% |
| NYC HSG DEV MFH-B1B 02.1000 11/01/2058 | 0.54% |
| BLACK BELT ENERGY GAS 04.0000 08/01/2047 | 0.50% |
| HOUSTON ARPT FAC-C 05.0000 07/15/2020 | 0.50% |
| HIGH PLAINS CO MET DI 04.0000 12/01/2021 | 0.49% |
| ILLINOIS ST 05.0000 01/01/2021 | 0.49% |
| DC-CPI-SER B 03.8000 06/01/2020 | 0.48% |
| BETHLEHAM SD-FLTR 01.6450 01/01/2030 | 0.47% |
| NJ TURNPIKE AUTH-C5 01.6180 01/01/2028 | 0.47% |
| CALIFORNIA ST MUNI FI 02.0000 12/01/2044 | 0.40% |
| GREAT LAKES MI WTR AU 05.0000 07/01/2024 | 0.37% |
| GOOSE CREEK CONSOL IS 03.0000 10/01/2049 | 0.37% |
| NJ ECON-SER B 00.0000 02/15/2020 | 0.36% |
| CA SCH FIN AUTH 05.0000 06/01/2022 | 0.36% |
| DIST OF COLUMBIA REV 05.0000 07/01/2023 | 0.35% |
| ST PUB SCH BLDG-A 05.0000 06/01/2023 | 0.35% |
| PR BLDG REF-SER L-NAT 05.5000 07/01/2021 | 0.35% |
| LAS VEGAS REDEV-REF 05.0000 06/15/2022 | 0.34% |
| RI HLTH & EDUCTNL-REF 05.0000 05/15/2022 | 0.34% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2021 | 0.34% |
| UNIV OF COLORADO CO H 05.0000 11/15/2038 | 0.33% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.33% |
| GLENDALE INDL DEV-REF 04.0000 05/15/2022 | 0.33% |
| CALIFORNIA SCH FIN- A 05.0000 08/01/2021 | 0.33% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.33% |
| FARMINGTON NM POLL CO 02.1250 06/01/2040 | 0.32% |
| OJCO HLTH FACS AUTH-R 05.0000 06/01/2020 | 0.32% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2020 | 0.32% |
| WASHINGTON ST HLTH CA 02.2050 01/01/2042 | 0.32% |
| SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 | 0.28% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.28% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.27% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2020 | 0.27% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2023 | 0.27% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.26% |
| MN HSG FIN AGY-A-RSDL 04.0000 07/01/2038 | 0.23% |
| PR HWY/TRN-CC-REF-AGM 05.5000 07/01/2029 | 0.20% |
| SOUTHLANDS CO MET DT 03.0000 12/01/2022 | 0.19% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.17% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.17% |
| LOWELL COLLEGIATE 04.0000 06/15/2024 | 0.17% |
| MA HSG FIN AGY-169 04.0000 12/01/2044 | 0.16% |
| CHICAGO-A-REF 05.0000 01/01/2021 | 0.16% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.14% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.11% |
| MT BRD HSG-A2-SFH-AMT 03.0000 12/01/2043 | 0.11% |
| ESCAMBIA HLTH FACS-A 05.1250 08/15/2020 | 0.10% |
| PR INFRA-RF-C 05.5000 07/01/2026 | 0.09% |
| PHOENIX INDL DEV AUTH 03.0000 07/01/2020 | 0.08% |
| PHOENIX INDL DEV AUTH 03.7500 07/01/2024 | 0.05% |
| MINNEAPOLIS HLTH-B2 01.0100 11/15/2035 | 3.03% |
|---|---|
| MS BUS-VAR-A-CHEVRON 00.9800 12/01/2030 | 3.03% |
| MURRAY CITY HSP-VAR-A 01.0000 05/15/2037 | 3.03% |
| NYC ADJ-SER I-SUB I-8 00.9700 04/01/2036 | 3.03% |
| NYC WTR-A-1-DD-2ND GE 00.9700 06/15/2043 | 3.03% |
| SYRACUSE INDL-VAR-A-2 00.8800 12/01/2037 | 3.03% |
| MAIN STREET NAT GAS-D 02.0230 08/01/2048 | 2.44% |
| JACKSONVL PORT-REF 04.5000 11/01/2032 | 2.24% |
| OHIO HGR ED-DAYTON UN 02.7910 12/01/2021 | 2.06% |
| NEW YORK CITY NY HSG 01.3000 11/01/2049 | 1.94% |
| ILLINOIS ST 05.0000 10/01/2024 | 1.70% |
| PORT AUTH NY & NJ-AMT 05.0000 09/01/2021 | 1.61% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 1.59% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.59% |
| MET WTR-TXB-A-BABS 06.9470 07/01/2040 | 1.55% |
| TEXAS ST-TRANS 04.0000 08/27/2020 | 1.55% |
| ALABAMA ST SPL CARE F 01.8500 11/15/2046 | 1.54% |
| LONG ISLAND NY PWR AU 01.6500 09/01/2049 | 1.53% |
| CA INFRA & ECON DEV-A 01.5770 10/01/2047 | 1.52% |
| MEADVILLE-B 03.0000 10/01/2027 | 1.52% |
| E-470-A-SR-LIBOR 01.6210 09/01/2039 | 1.52% |
| MO H/E VAR-WA UNIV-C 01.0200 09/01/2030 | 1.52% |
| MS BUS FIN-VAR-C-CHEV 00.9800 12/01/2030 | 1.52% |
| NJ HLTH-VAR-B-AHS HOS 01.2200 07/01/2036 | 1.52% |
| NYC-ADJ-SER I-SUB I-3 00.9500 04/01/2036 | 1.52% |
| IL FIN AUTH-VAR-REF 01.7100 11/01/2034 | 1.51% |
| LEANDER ISD-CABS-RF-A 00.0000 08/15/2020 | 1.51% |
| SC TRANSPRTN-2003B 01.6430 10/01/2031 | 1.50% |
| SAN BERNARDIO OBLG-C 02.0110 08/01/2023 | 1.50% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.44% |
| HARRIS CULT ED VAR-C1 01.0000 12/01/2024 | 1.27% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 1.22% |
| GRANT CNTY WA PUBLIC 02.0000 01/01/2044 | 1.22% |
| LOUISIANA ST OFFSHORE 01.6500 09/01/2033 | 1.22% |
| DULUTH ISD 709-B-REF 05.0000 02/01/2020 | 1.11% |
| PORT OF SEATTLE-C 05.0000 05/01/2024 | 1.10% |
| AZ LOTTERY-REF 05.0000 07/01/2025 | 1.10% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2027 | 1.09% |
| MICHIGAN ST HOSP FIN 01.9000 11/15/2047 | 1.08% |
| CALIFORNIA ST-C 01.9340 12/01/2028 | 1.06% |
| CENTRL TX REGL-A-REF 05.0000 01/01/2022 | 0.98% |
| KING CNTY WA SWR REVE 02.6000 01/01/2043 | 0.92% |
| LEXINGTON HLTH SVCS 05.0000 11/01/2029 | 0.87% |
| TEXAS MUNI PWR AGY 05.0000 09/01/2047 | 0.85% |
| TX SFM-NON AMT-A 05.2500 09/01/2028 | 0.76% |
| CT ST HSG FIN AUTH-G 02.7500 05/15/2026 | 0.73% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.71% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.68% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2022 | 0.65% |
| PA TURNPIKE COMM-REF 05.0000 12/01/2021 | 0.65% |
| CHICAGO WSTWTR-2ND 05.0000 01/01/2023 | 0.65% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 0.62% |
| BURKE CNTY DEV AUTH 02.5000 01/01/2052 | 0.62% |
| KY PUB ENERGY AUTH-B 04.0000 07/01/2020 | 0.62% |
| STHRN CA ST PUB PWR-A 02.2500 07/01/2040 | 0.61% |
| ATLANTIC CITY NJ-B 05.0000 03/01/2020 | 0.61% |
| FREDERICK CO -REV 02.6250 07/01/2024 | 0.61% |
| NM HOSP EQUIP-C 02.2500 07/01/2023 | 0.61% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 0.61% |
| CA INFRA & ECON DEV-D 01.6400 08/01/2047 | 0.61% |
| MILAN MI AREA SCHS 05.0000 05/01/2021 | 0.56% |
| NYC HSG DEV MFH-B1B 02.1000 11/01/2058 | 0.52% |
| BLACK BELT ENERGY GAS 04.0000 08/01/2047 | 0.48% |
| HIGH PLAINS CO MET DI 04.0000 12/01/2021 | 0.48% |
| ILLINOIS ST 05.0000 01/01/2021 | 0.47% |
| DC-CPI-SER B 03.8000 06/01/2020 | 0.46% |
| BETHLEHAM SD-FLTR 01.7370 01/01/2030 | 0.46% |
| NJ TURNPIKE AUTH-C5 01.7070 01/01/2028 | 0.46% |
| CALIFORNIA ST MUNI FI 02.0000 12/01/2044 | 0.38% |
| GOOSE CREEK CONSOL IS 03.0000 10/01/2049 | 0.35% |
| GREAT LAKES MI WTR AU 05.0000 07/01/2024 | 0.35% |
| NJ ECON-SER B 00.0000 02/15/2020 | 0.35% |
| CA SCH FIN AUTH 05.0000 06/01/2022 | 0.35% |
| PR BLDG REF-SER L-NAT 05.5000 07/01/2021 | 0.34% |
| ST PUB SCH BLDG-A 05.0000 06/01/2023 | 0.34% |
| DIST OF COLUMBIA REV 05.0000 07/01/2023 | 0.34% |
| LAS VEGAS REDEV-REF 05.0000 06/15/2022 | 0.33% |
| RI HLTH & EDUCTNL-REF 05.0000 05/15/2022 | 0.33% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2021 | 0.32% |
| UNIV OF COLORADO CO H 05.0000 11/15/2038 | 0.32% |
| CALIFORNIA SCH FIN- A 05.0000 08/01/2021 | 0.32% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.32% |
| GLENDALE INDL DEV-REF 04.0000 05/15/2022 | 0.32% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.32% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.32% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2020 | 0.31% |
| OJCO HLTH FACS AUTH-R 05.0000 06/01/2020 | 0.31% |
| WASHINGTON ST HLTH CA 02.2930 01/01/2042 | 0.31% |
| FARMINGTON NM POLL CO 02.1250 06/01/2040 | 0.31% |
| RIVERSIDE-A-REF-WTR 01.9500 10/01/2035 | 0.30% |
| SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 | 0.27% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.26% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2020 | 0.26% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2023 | 0.26% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.25% |
| MN HSG FIN AGY-A-RSDL 04.0000 07/01/2038 | 0.22% |
| PR HWY/TRN-CC-REF-AGM 05.5000 07/01/2029 | 0.19% |
| SOUTHLANDS CO MET DT 03.0000 12/01/2022 | 0.18% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.17% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.16% |
| LOWELL COLLEGIATE 04.0000 06/15/2024 | 0.16% |
| MA HSG FIN AGY-169 04.0000 12/01/2044 | 0.16% |
| CHICAGO-A-REF 05.0000 01/01/2021 | 0.16% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.14% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.11% |
| MT BRD HSG-A2-SFH-AMT 03.0000 12/01/2043 | 0.11% |
| ESCAMBIA HLTH FACS-A 05.1250 08/15/2020 | 0.09% |
| PR INFRA-RF-C 05.5000 07/01/2026 | 0.08% |
| PHOENIX INDL DEV AUTH 03.0000 07/01/2020 | 0.08% |
| PHOENIX INDL DEV AUTH 03.7500 07/01/2024 | 0.05% |
| NEW YORK CITY NY HSG 01.3000 11/01/2049 | 3.03% |
|---|---|
| SAN ANTONIO ELEC-A 02.2500 02/01/2033 | 2.83% |
| OHIO HGR ED-DAYTON UN 02.7910 12/01/2021 | 2.73% |
| ILLINOIS ST 05.0000 10/01/2024 | 2.26% |
| PORT AUTH NY & NJ-AMT 05.0000 09/01/2021 | 2.15% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 2.13% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 2.12% |
| MET WTR-TXB-A-BABS 06.9470 07/01/2040 | 2.08% |
| TEXAS ST-TRANS 04.0000 08/27/2020 | 2.06% |
| CA INFRA & ECON DEV-A 01.5260 10/01/2047 | 2.03% |
| LONG ISLAND NY PWR AU 01.6500 09/01/2049 | 2.03% |
| E-470-A-SR-LIBOR 01.5650 09/01/2039 | 2.02% |
| IL TOLL HWY AUTH-A 05.0000 12/01/2019 | 2.02% |
| MO H/E VAR-WA UNIV-C 00.9300 09/01/2030 | 2.02% |
| MURRAY CITY HSP-VAR-A 00.8600 05/15/2037 | 2.02% |
| NEW YORK CITY-C-TXBL 02.5500 12/01/2019 | 2.02% |
| IL FIN AUTH-VAR-REF 01.6620 11/01/2034 | 2.01% |
| LEANDER ISD-CABS-RF-A 00.0000 08/15/2020 | 2.00% |
| SC TRANSPRTN-2003B 01.5950 10/01/2031 | 2.00% |
| SAN BERNARDIO OBLG-C 01.9390 08/01/2023 | 2.00% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.92% |
| HARRIS CULT ED VAR-C1 00.9000 12/01/2024 | 1.70% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 1.64% |
| GRANT CNTY WA PUBLIC 02.0000 01/01/2044 | 1.62% |
| LOUISIANA ST OFFSHORE 01.6500 09/01/2033 | 1.62% |
| DULUTH ISD 709-B-REF 05.0000 02/01/2020 | 1.48% |
| PORT OF SEATTLE-C 05.0000 05/01/2024 | 1.46% |
| AZ LOTTERY-REF 05.0000 07/01/2025 | 1.46% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2027 | 1.46% |
| MICHIGAN ST HOSP FIN 01.9000 11/15/2047 | 1.45% |
| CALIFORNIA ST-C 01.8880 12/01/2028 | 1.42% |
| CENTRL TX REGL-A-REF 05.0000 01/01/2022 | 1.30% |
| KING CNTY WA SWR REVE 02.6000 01/01/2043 | 1.23% |
| NV DEPT BUSINESS-AMT 01.4700 12/01/2026 | 1.21% |
| LEXINGTON HLTH SVCS 05.0000 11/01/2029 | 1.16% |
| TEXAS MUNI PWR AGY 05.0000 09/01/2047 | 1.14% |
| TX SFM-NON AMT-A 05.2500 09/01/2028 | 1.10% |
| CT ST HSG FIN AUTH-G 02.7500 05/15/2026 | 0.97% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.95% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.91% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2022 | 0.87% |
| PA TURNPIKE COMM-REF 05.0000 12/01/2021 | 0.87% |
| CHICAGO WSTWTR-2ND 05.0000 01/01/2023 | 0.86% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 0.82% |
| BURKE CNTY DEV AUTH 02.5000 01/01/2052 | 0.82% |
| KY PUB ENERGY AUTH-B 04.0000 07/01/2020 | 0.82% |
| STHRN CA ST PUB PWR-A 02.2500 07/01/2040 | 0.82% |
| ATLANTIC CITY NJ-B 05.0000 03/01/2020 | 0.82% |
| NM HOSP EQUIP-C 02.2500 07/01/2023 | 0.81% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 0.81% |
| CA INFRA & ECON DEV-D 01.5720 08/01/2047 | 0.81% |
| MILAN MI AREA SCHS 05.0000 05/01/2021 | 0.74% |
| BLACK BELT ENERGY GAS 04.0000 08/01/2047 | 0.64% |
| HIGH PLAINS CO MET DI 04.0000 12/01/2021 | 0.64% |
| ILLINOIS ST 05.0000 01/01/2021 | 0.63% |
| DC-CPI-SER B 03.8000 06/01/2020 | 0.61% |
| BETHLEHAM SD-FLTR 01.6860 01/01/2030 | 0.61% |
| NJ TURNPIKE AUTH-C5 01.6560 01/01/2028 | 0.61% |
| GOOSE CREEK CONSOL IS 03.0000 10/01/2049 | 0.47% |
| GREAT LAKES MI WTR AU 05.0000 07/01/2024 | 0.47% |
| NJ ECON-SER B 00.0000 02/15/2020 | 0.46% |
| CA SCH FIN AUTH 05.0000 06/01/2022 | 0.46% |
| ST PUB SCH BLDG-A 05.0000 06/01/2023 | 0.45% |
| DIST OF COLUMBIA REV 05.0000 07/01/2023 | 0.45% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.44% |
| LAS VEGAS REDEV-REF 05.0000 06/15/2022 | 0.44% |
| RI HLTH & EDUCTNL-REF 05.0000 05/15/2022 | 0.44% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2021 | 0.43% |
| UNIV OF COLORADO CO H 05.0000 11/15/2038 | 0.43% |
| GLENDALE INDL DEV-REF 04.0000 05/15/2022 | 0.43% |
| CALIFORNIA SCH FIN- A 05.0000 08/01/2021 | 0.43% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.43% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.42% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.42% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2020 | 0.41% |
| OJCO HLTH FACS AUTH-R 05.0000 06/01/2020 | 0.41% |
| FARMINGTON NM POLL CO 02.1250 06/01/2040 | 0.41% |
| WASHINGTON ST HLTH CA 02.2840 01/01/2042 | 0.41% |
| RIVERSIDE-A-REF-WTR 01.7300 10/01/2035 | 0.40% |
| SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 | 0.36% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.35% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2020 | 0.35% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2023 | 0.34% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.33% |
| MA HSG FIN AGY-169 04.0000 12/01/2044 | 0.32% |
| MN HSG FIN AGY-A-RSDL 04.0000 07/01/2038 | 0.30% |
| PR HWY/TRN-CC-REF-AGM 05.5000 07/01/2029 | 0.26% |
| SOUTHLANDS CO MET DT 03.0000 12/01/2022 | 0.24% |
| LOWELL COLLEGIATE 04.0000 06/15/2024 | 0.21% |
| CHICAGO-A-REF 05.0000 01/01/2021 | 0.21% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.18% |
| MT BRD HSG-A2-SFH-AMT 03.0000 12/01/2043 | 0.14% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.14% |
| ESCAMBIA HLTH FACS-A 05.1250 08/15/2020 | 0.12% |
| PR INFRA-RF-C 05.5000 07/01/2026 | 0.11% |
| PHOENIX INDL DEV AUTH 03.0000 07/01/2020 | 0.10% |
| PHOENIX INDL DEV AUTH 03.7500 07/01/2024 | 0.06% |
| NEW YORK CITY NY HSG 01.3000 11/01/2049 | 3.08% |
|---|---|
| SAN ANTONIO ELEC-A 02.2500 02/01/2033 | 2.88% |
| ILLINOIS ST 05.0000 10/01/2024 | 2.29% |
| PORT AUTH NY & NJ-AMT 05.0000 09/01/2021 | 2.19% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 2.17% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 2.16% |
| MET WTR-TXB-A-BABS 06.9470 07/01/2040 | 2.12% |
| TEXAS ST-TRANS 04.0000 08/27/2020 | 2.10% |
| IL TOLL HWY AUTH-A 05.0000 12/01/2019 | 2.06% |
| LONG ISLAND NY PWR AU 01.6500 09/01/2049 | 2.06% |
| CA INFRA & ECON DEV-A 01.5770 10/01/2047 | 2.06% |
| NEW YORK CITY-C-TXBL 02.5500 12/01/2019 | 2.06% |
| E-470-A-SR-LIBOR 01.6290 09/01/2039 | 2.06% |
| HARRIS CULT ED VAR-C1 01.1000 12/01/2024 | 2.06% |
| MO H/E VAR-WA UNIV-C 01.0300 09/01/2030 | 2.06% |
| IL FIN AUTH-VAR-REF 01.7110 11/01/2034 | 2.04% |
| SC TRANSPRTN-2003B 01.6440 10/01/2031 | 2.04% |
| LEANDER ISD-CABS-RF-A 00.0000 08/15/2020 | 2.03% |
| SAN BERNARDIO OBLG-C 02.0110 08/01/2023 | 2.03% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.96% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 1.67% |
| GRANT CNTY WA PUBLIC 02.0000 01/01/2044 | 1.65% |
| DULUTH ISD 709-B-REF 05.0000 02/01/2020 | 1.51% |
| PORT OF SEATTLE-C 05.0000 05/01/2024 | 1.49% |
| AZ LOTTERY-REF 05.0000 07/01/2025 | 1.49% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2027 | 1.48% |
| MICHIGAN ST HOSP FIN 01.9000 11/15/2047 | 1.47% |
| CALIFORNIA ST-C 01.9490 12/01/2028 | 1.44% |
| CENTRL TX REGL-A-REF 05.0000 01/01/2022 | 1.32% |
| KING CNTY WA SWR REVE 02.6000 01/01/2043 | 1.25% |
| NV DEPT BUSINESS-AMT 01.8750 12/01/2026 | 1.23% |
| LEXINGTON HLTH SVCS 05.0000 11/01/2029 | 1.18% |
| TEXAS MUNI PWR AGY 05.0000 09/01/2047 | 1.16% |
| TX SFM-NON AMT-A 05.2500 09/01/2028 | 1.12% |
| CT ST HSG FIN AUTH-G 02.7500 05/15/2026 | 0.99% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.97% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.93% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2022 | 0.89% |
| PA TURNPIKE COMM-REF 05.0000 12/01/2021 | 0.89% |
| CHICAGO WSTWTR-2ND 05.0000 01/01/2023 | 0.88% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 0.84% |
| KY PUB ENERGY AUTH-B 04.0000 07/01/2020 | 0.84% |
| BURKE CNTY DEV AUTH 02.5000 01/01/2052 | 0.84% |
| ATLANTIC CITY NJ-B 05.0000 03/01/2020 | 0.83% |
| STHRN CA ST PUB PWR-A 02.2500 07/01/2040 | 0.83% |
| NM HOSP EQUIP-C 02.2500 07/01/2023 | 0.82% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 0.82% |
| CA INFRA & ECON DEV-D 01.6430 08/01/2047 | 0.82% |
| MILAN MI AREA SCHS 05.0000 05/01/2021 | 0.76% |
| DENVER ARPT-B-VAR 02.1070 11/15/2031 | 0.70% |
| BLACK BELT ENERGY GAS 04.0000 08/01/2047 | 0.65% |
| HIGH PLAINS CO MET DI 04.0000 12/01/2021 | 0.65% |
| ILLINOIS ST 05.0000 01/01/2021 | 0.64% |
| DC-CPI-SER B 03.8000 06/01/2020 | 0.62% |
| BETHLEHAM SD-FLTR 01.7400 01/01/2030 | 0.62% |
| NJ TURNPIKE AUTH-C5 01.7070 01/01/2028 | 0.62% |
| GOOSE CREEK CONSOL IS 03.0000 10/01/2049 | 0.48% |
| GREAT LAKES MI WTR AU 05.0000 07/01/2024 | 0.48% |
| CA SCH FIN AUTH 05.0000 06/01/2022 | 0.47% |
| NJ ECON-SER B 00.0000 02/15/2020 | 0.47% |
| ST PUB SCH BLDG-A 05.0000 06/01/2023 | 0.46% |
| DIST OF COLUMBIA REV 05.0000 07/01/2023 | 0.46% |
| SC PUB SVC AUTH-D 05.0000 12/01/2022 | 0.45% |
| LAS VEGAS REDEV-REF 05.0000 06/15/2022 | 0.45% |
| RI HLTH & EDUCTNL-REF 05.0000 05/15/2022 | 0.44% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2021 | 0.44% |
| UNIV OF COLORADO CO H 05.0000 11/15/2038 | 0.44% |
| GLENDALE INDL DEV-REF 04.0000 05/15/2022 | 0.44% |
| CALIFORNIA SCH FIN- A 05.0000 08/01/2021 | 0.44% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.44% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.43% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.43% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2020 | 0.42% |
| OJCO HLTH FACS AUTH-R 05.0000 06/01/2020 | 0.42% |
| SOUTHLANDS CO MET DT 03.0000 12/01/2022 | 0.42% |
| FARMINGTON NM POLL CO 02.1250 06/01/2040 | 0.42% |
| WASHINGTON ST HLTH CA 02.2960 01/01/2042 | 0.41% |
| IL FIN AUTH 05.0000 11/15/2019 | 0.41% |
| MICHIGAN ST FIN AUTH 05.0000 11/15/2019 | 0.41% |
| RIVERSIDE-A-REF-WTR 01.7500 10/01/2035 | 0.41% |
| PALM BEACH HLTH-REF 04.0000 11/15/2019 | 0.41% |
| SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 | 0.37% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.36% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2020 | 0.35% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2023 | 0.35% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.34% |
| MA HSG FIN AGY-169 04.0000 12/01/2044 | 0.32% |
| MN HSG FIN AGY-A-RSDL 04.0000 07/01/2038 | 0.30% |
| PR HWY/TRN-CC-REF-AGM 05.5000 07/01/2029 | 0.26% |
| CHICAGO-A-REF 05.0000 01/01/2021 | 0.21% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.19% |
| MT BRD HSG-A2-SFH-AMT 03.0000 12/01/2043 | 0.17% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.15% |
| ESCAMBIA HLTH FACS-A 05.1250 08/15/2020 | 0.13% |
| PR INFRA-RF-C 05.5000 07/01/2026 | 0.11% |
| PHOENIX INDL DEV AUTH 03.0000 07/01/2020 | 0.10% |
| PHOENIX INDL DEV AUTH 03.7500 07/01/2024 | 0.06% |
Portfolio composition as of 12/31/19
| Municipal bonds and notes | 74.69% |
|---|---|
| Cash and net other assets | 25.31% |
Fixed income statistics as of 12/31/19
| Average stated maturity | 12.64 yrs. |
|---|---|
| Average effective maturity | 1.78 yrs. |
| Option adjusted duration | 1.26 yrs. |
| Duration to worst | 1.19 yrs. |
| Average yield to maturity | 1.90% |
| Average coupon | 2.70% |
| AMT exposure | 7.56% |
Quality rating as of 12/31/19
| AAA | 6.67% |
|---|---|
| AA | 27.49% |
| A | 25.74% |
| BBB | 10.35% |
| BB | 1.46% |
| CCC and Below | 0.09% |
| Not Rated | 2.89% |
| Cash and net other assets | 25.31% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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. Interest the fund receives might be taxable. 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. 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. 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 12/31/19
| Cash and net other assets | 25.31% |
|---|---|
| Transportation | 12.01% |
| Utilities | 10.19% |
| State Debt | 8.81% |
| Local Debt | 8.74% |
| Health care | 6.75% |
| Other | 6.13% |
| Financials | 5.87% |
| Education | 5.25% |
| Other | 10.94% |
0
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R6 | Class Y |
|---|---|---|---|---|---|
| Total expense ratio | 1.62% | 1.82% | 2.37% | 1.34% | 1.37% |
| What you pay† | 0.61% | 0.81% | 1.36% | 0.33% | 0.36% |
† The fund's expense ratio is taken from the most recent prospectus and is subject to change. What you pay reflects Putnam Management's decision to contractually limit expenses through 03/30/20
Sales charge
| Breakpoint | Class A | Class B | Class C | Class R6 | Class Y |
|---|---|---|---|---|---|
| $0-$49,999 | 2.25% / 2.00% | 0.00% / 1.00% | 0.00% / 1.00% | -- | -- |
| $50,000-$99,999 | 2.25% / 2.00% | 0.00% / 1.00% | 0.00% / 1.00% | -- | -- |
| $100,000-$249,999 | 1.25% / 1.00% | -- | 0.00% / 1.00% | -- | -- |
| $250,000-$499,999 | 0.00% / 1.00% | -- | -- | -- | -- |
| $500,000-$999,999 | 0.00% / 1.00% | -- | -- | -- | -- |
| $1M-$4M | 0.00% / 1.00% | -- | -- | -- | -- |
| $4M-$50M | 0.00% / 0.50% | -- | -- | -- | -- |
| $50M+ | 0.00% / 0.25% | -- | -- | -- | -- |
CDSC
| Class A (sales for $250,000+) | Class B | Class C | Class R6 | Class Y | |
|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 1.00% | 1.00% | -- | -- |
| 9 to 12 mts. | 0.00% | 1.00% | 1.00% | -- | -- |
| 2 yrs. | -- | 0.50% | 0.00% | -- | -- |
| 3 yrs. | -- | -- | 0.00% | -- | -- |
| 4 yrs. | -- | -- | 0.00% | -- | -- |
| 5 yrs. | -- | -- | 0.00% | -- | -- |
| 6 yrs. | -- | -- | 0.00% | -- | -- |
| 7+ yrs. | -- | -- | 0.00% | -- | -- |
Trail commissions
| Class A | Class B | Class C | Class R6 | Class Y | |
|---|---|---|---|---|---|
| 0.25% | 0.25% | 1.00% | 0.00% | 0.00% | |
| NA | NA | NA | NA | NA | |
| NA | NA | NA | NA | NA |
The Bloomberg Barclays 3 Year Municipal Index is a subset of the Bloomberg Barclays Municipal Bond Index, covering those issues with remaining maturities of two to three years. You cannot invest directly in an index.
Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. 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. Interest the fund receives might be taxable. 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. 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. 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.