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
Intermediate-Term Municipal Income Fund (Class Y) (PIMYX)
A national portfolio of intermediate-term municipal bonds seeking tax-free income with moderate 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, intermediate-term portfolio:The national portfolio features a range of high-quality, intermediate-term bonds that seek to provide tax-free income with moderate interest-rate sensitivity.
Fund price
| Net asset value (yesterday’s close) |
$10.66 0.00% | $0.00 |
| 52-week high | $10.70 (08/20/19) |
| 52-week low | $10.27 (02/15/19) |
Yield
| Distribution rate before sales charge as of 02/14/20 |
2.02% |
|---|---|
| Distribution rate after sales charge as of 02/14/20 |
2.02% |
| 30-day SEC yield with subsidy as of 01/31/20 |
1.30% |
| 30-day SEC yield without subsidy as of 01/31/20 |
0.09% |
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.
2.81%
Best 5-year annualized return
(for period ending 09/30/19)
1.85%
Worst 5-year annualized return
(for period ending 03/31/18)
2.54%
Average 5-year annualized return
Fund facts as of 12/31/19
$12.06M
69%
Monthly
84
November
74676A766 / 1881
03/18/13
Tax-free Income
PIMYX
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) |
|
| Brochure (PDF) |
|
| Proxy voting results (Form N-PX) (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 | 6.62% | 4.32% | 2.80% | 2.65% |
| After sales charge | N/A | N/A | N/A | N/A |
| Bloomberg Barclays 7 Year Municipal Index | 6.74% | 4.28% | 3.10% | -- |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 01/31/20 | 1.41% | - | |
| YTD as of 02/14/20 | 1.50% | - | |
Yield
| Distribution rate before sales charge as of 02/14/20 |
2.02% |
|---|---|
| Distribution rate after sales charge as of 02/14/20 |
2.02% |
| 30-day SEC yield with subsidy as of 01/31/20 |
1.30% |
| 30-day SEC yield without subsidy as of 01/31/20 |
0.09% |
Risk-adjusted performance as of 12/31/19
| Sharpe ratio (3 yrs.) | 1.42 |
|---|---|
| Information ratio (3 yrs.) | 0.06 |
Volatility as of 12/31/19
| Standard deviation (3 yrs.) | 1.91% |
|---|---|
| Beta | 0.75 |
| R-squared | 0.89 |
Lipper rankings as of 12/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 90/201 | 45% |
| 3 yrs. | 37/170 | 22% |
| 5 yrs. | 70/159 | 44% |
| 10 yrs. | -- |
Morningstar Ratings™ as of 12/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 239 | |
| 3 yrs. | 239 | |
| 5 yrs. | 215 |
Distributions
| Accrual days | 33 |
|---|---|
| Accrual start date | 01/01/20 |
| Accrual end date | 02/02/20 |
| Payable date | 01/31/20 |
| Non-taxable income | $0.01889497 |
| Extra taxable income | -- |
| Record/Ex dividend date | 12/27/19 |
| Payable date | 12/31/19 |
| Income | -- |
| Extra income | $0.006 |
| Short-term cap. gain | $0.0996 |
| Long-term cap. gain | $0.0116 |
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
| Port Of Seattle Wa Re 05.0000 04/01/2038 | 4.10% |
|---|---|
| Montana St Fac Fin Au 04.0000 01/01/2037 | 3.86% |
| Nyc Trans Fin Auth 05.0000 05/01/2035 | 3.17% |
| Georgetown 04.0000 08/15/2033 | 2.79% |
| Jacksonvl Port-Ref 04.5000 11/01/2032 | 2.70% |
| Clifton Hgr Edu Fin 04.0000 08/15/2030 | 2.46% |
| Mi Fin Auth-B-Loc Gov 05.0000 07/01/2029 | 2.30% |
| Houston Tx Utl Sys-A 05.0000 11/15/2033 | 2.14% |
| San Bernardio Oblg-C 02.0110 08/01/2023 | 2.07% |
| Centrl Tx Regl Mob 05.0000 01/01/2037 | 2.06% |
| Top 10 holdings, percent of portfolio | 27.65% |
| Top 10 holdings as of 12/31/19 | |
|---|---|
| Port Of Seattle Wa Re 05.0000 04/01/2038 | |
| Montana St Fac Fin Au 04.0000 01/01/2037 | |
| Nyc Trans Fin Auth 05.0000 05/01/2035 | |
| Georgetown 04.0000 08/15/2033 | |
| Jacksonvl Port-Ref 04.5000 11/01/2032 | |
| Clifton Hgr Edu Fin 04.0000 08/15/2030 | |
| Mi Fin Auth-B-Loc Gov 05.0000 07/01/2029 | |
| Houston Tx Utl Sys-A 05.0000 11/15/2033 | |
| San Bernardio Oblg-C 02.0110 08/01/2023 | |
| Centrl Tx Regl Mob 05.0000 01/01/2037 | |
| Holdings represent 27.65% of portfolio | |
| Top 10 holdings as of 11/30/19 | |
|---|---|
| Port Of Seattle Wa Re 05.0000 04/01/2038 | |
| Montana St Fac Fin Au 04.0000 01/01/2037 | |
| Nyc Trans Fin Auth 05.0000 05/01/2035 | |
| San Francisco Aprt-A 05.0000 01/01/2025 | |
| Georgetown 04.0000 08/15/2033 | |
| Clifton Hgr Edu Fin 04.0000 08/15/2030 | |
| Mi Fin Auth-B-Loc Gov 05.0000 07/01/2029 | |
| Houston Tx Utl Sys-A 05.0000 11/15/2033 | |
| San Bernardio Oblg-C 01.9390 08/01/2023 | |
| Centrl Tx Regl Mob 05.0000 01/01/2037 | |
| Holdings represent 27.94% of portfolio | |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| Port Of Seattle Wa Re 05.0000 04/01/2038 | |
| Montana St Fac Fin Au 04.0000 01/01/2037 | |
| Nv Dept Business-Amt 01.8750 12/01/2026 | |
| Nyc Trans Fin Auth 05.0000 05/01/2035 | |
| San Francisco Aprt-A 05.0000 01/01/2025 | |
| Georgetown 04.0000 08/15/2033 | |
| Clifton Hgr Edu Fin 04.0000 08/15/2030 | |
| Mi Fin Auth-B-Loc Gov 05.0000 07/01/2029 | |
| Houston Tx Utl Sys-A 05.0000 11/15/2033 | |
| San Bernardio Oblg-C 02.0110 08/01/2023 | |
| Holdings represent 29.28% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Nv Dept Business-Amt 01.8750 12/01/2026 | |
| Nyc Trans Fin Auth 05.0000 05/01/2035 | |
| Georgetown 04.0000 08/15/2033 | |
| Duluth Isd 709-B-Ref 05.0000 02/01/2021 | |
| Clifton Hgr Edu Fin 04.0000 08/15/2030 | |
| Houston Tx Utl Sys-A 05.0000 11/15/2033 | |
| Allegheny Hosp Dev-A 05.0000 04/01/2032 | |
| San Bernardio Oblg-C 02.2610 08/01/2023 | |
| Centrl Tx Regl Mob 05.0000 01/01/2037 | |
| St Tammany Hosp-A-Ref 05.0000 07/01/2048 | |
| Holdings represent 26.05% of portfolio | |
| PORT OF SEATTLE WA RE 05.0000 04/01/2038 | 4.21% |
|---|---|
| MONTANA ST FAC FIN AU 04.0000 01/01/2037 | 3.99% |
| GEORGETOWN 04.0000 08/15/2033 | 2.82% |
| JACKSONVL PORT-REF 04.5000 11/01/2032 | 2.72% |
| PA ECON DEV-A-REF 01.2000 04/01/2034 | 2.54% |
| CLIFTON HGR EDU FIN 04.0000 08/15/2030 | 2.49% |
| MI FIN AUTH-B-LOC GOV 05.0000 07/01/2029 | 2.30% |
| HOUSTON TX UTL SYS-A 05.0000 11/15/2033 | 2.22% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 | 2.11% |
| SAN BERNARDIO OBLG-C 01.8850 08/01/2023 | 2.09% |
| CENTRL TX REGL MOB 05.0000 01/01/2037 | 2.08% |
| ST TAMMANY HOSP-A-REF 05.0000 07/01/2048 | 2.02% |
| ARLINGTON HGR EDU FIN 04.0000 12/01/2031 | 1.92% |
| KY PUB ENERGY AUTH-B 04.0000 01/01/2049 | 1.89% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 1.82% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.77% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 1.72% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 1.69% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2026 | 1.68% |
| ARLINGTON HGR EDU-A 04.0000 12/01/2031 | 1.61% |
| PITTSBURGH PA WTRSWR 04.0000 09/01/2034 | 1.49% |
| CA PCR WST MGMT-C 03.2500 12/01/2027 | 1.38% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.34% |
| PR ELEC-REF-SER V V 05.2500 07/01/2026 | 1.30% |
| HAMILTON CNTY-B-CABS 00.0000 12/01/2026 | 1.26% |
| ALASKA ST INDL DEV-A 05.0000 10/01/2030 | 1.06% |
| JEFFERSON CO-REV-REF 05.0000 09/15/2029 | 1.04% |
| HIGH PLAINS CO MET DI 05.0000 12/01/2029 | 1.04% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2026 | 1.02% |
| BROWARD CO ARPT-A-AMT 05.0000 10/01/2025 | 1.02% |
| TSASC INC-A-REF 05.0000 06/01/2026 | 1.02% |
| OHIO HOSP REVENUE-A 05.0000 01/15/2031 | 1.01% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2031 | 1.01% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 1.00% |
| CA HLTH FACS-A 04.0000 03/01/2033 | 1.00% |
| ILLINOIS ST-REF 05.0000 02/01/2026 | 0.99% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2032 | 0.98% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2034 | 0.98% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2032 | 0.97% |
| CARLISLE SD-IMPT 04.0000 12/01/2031 | 0.94% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2038 | 0.94% |
| CHICAGO ARPT-AMT 05.0000 01/01/2023 | 0.94% |
| WHITING IN ENVRNMNTL 05.0000 11/01/2045 | 0.93% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.92% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.92% |
| CA UNIV REV-B-TXBL 03.4220 11/01/2025 | 0.92% |
| SOUTHLANDS CO MET DT 03.5000 12/01/2027 | 0.90% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 0.89% |
| PA HSG-115A-AMT 03.3500 10/01/2023 | 0.88% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.88% |
| HOUSTON ARPT FAC-C 05.0000 07/15/2020 | 0.86% |
| WASHINGTON ST HLTH CA 02.2050 01/01/2042 | 0.85% |
| FARMINGTON NM POLL CO 01.8750 04/01/2033 | 0.85% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.85% |
| E-470 HWY-B-LIBOR 02.1550 09/01/2039 | 0.85% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.85% |
| CAPE GIRARDEAU CNTY M 05.0000 03/01/2020 | 0.85% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.84% |
| CHICAGO BOE CAB-SCH-A 00.0000 12/01/2021 | 0.82% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.73% |
| PR INFRA-CABS-A 00.0000 07/01/2029 | 0.72% |
| NJ HLTH CARE-REF 05.0000 09/15/2023 | 0.72% |
| CHICAGO-A-REF 04.0000 01/01/2024 | 0.69% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2026 | 0.49% |
| LORAIN PORT-A-REF 05.0000 11/15/2023 | 0.48% |
| WEST SHORE AREA AUTH 05.0000 07/01/2025 | 0.48% |
| ILLINOIS ST 05.0000 07/01/2023 | 0.47% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.45% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2021 | 0.44% |
| HAMILTON CO HLTH 04.0000 01/01/2021 | 0.43% |
| RAILSPLITTER 05.2500 06/01/2020 | 0.43% |
| IL FIN AUTH 05.0000 11/15/2022 | 0.42% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2030 | 0.38% |
| DEEPHAVEN CHTR-REF-A 04.4000 07/01/2025 | 0.36% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.34% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.30% |
| PR PUB IMPT-A-NATL 05.5000 07/01/2029 | 0.28% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.26% |
| PR HWY/TRN-AMBAC 05.5000 07/01/2029 | 0.24% |
| NJ HLTH-RF-HOLY NAME 04.5000 07/01/2020 | 0.21% |
| RAILSPLITTER 05.2500 06/01/2021 | 0.18% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2024 | 0.14% |
| PORT OF SEATTLE WA RE 05.0000 04/01/2038 | 4.03% |
|---|---|
| MONTANA ST FAC FIN AU 04.0000 01/01/2037 | 3.80% |
| NYC TRANS FIN AUTH 05.0000 05/01/2035 | 3.13% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 2.91% |
| GEORGETOWN 04.0000 08/15/2033 | 2.71% |
| JACKSONVL PORT-REF 04.5000 11/01/2032 | 2.66% |
| CLIFTON HGR EDU FIN 04.0000 08/15/2030 | 2.40% |
| MI FIN AUTH-B-LOC GOV 05.0000 07/01/2029 | 2.24% |
| HOUSTON TX UTL SYS-A 05.0000 11/15/2033 | 2.13% |
| SAN BERNARDIO OBLG-C 02.0110 08/01/2023 | 2.05% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 | 2.01% |
| CENTRL TX REGL MOB 05.0000 01/01/2037 | 2.00% |
| ST TAMMANY HOSP-A-REF 05.0000 07/01/2048 | 1.94% |
| ARLINGTON HGR EDU FIN 04.0000 12/01/2031 | 1.86% |
| KY PUB ENERGY AUTH-B 04.0000 01/01/2049 | 1.83% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2030 | 1.79% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 1.78% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.74% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 1.69% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 1.66% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2026 | 1.62% |
| ARLINGTON HGR EDU-A 04.0000 12/01/2031 | 1.56% |
| PITTSBURGH PA WTRSWR 04.0000 09/01/2034 | 1.43% |
| CA PCR WST MGMT-C 03.2500 12/01/2027 | 1.33% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.31% |
| PR ELEC-REF-SER V V 05.2500 07/01/2026 | 1.27% |
| HAMILTON CNTY-B-CABS 00.0000 12/01/2026 | 1.21% |
| ALASKA ST INDL DEV-A 05.0000 10/01/2030 | 1.02% |
| JEFFERSON CO-REV-REF 05.0000 09/15/2029 | 1.01% |
| HIGH PLAINS CO MET DI 05.0000 12/01/2029 | 1.00% |
| TSASC INC-A-REF 05.0000 06/01/2026 | 0.99% |
| BROWARD CO ARPT-A-AMT 05.0000 10/01/2025 | 0.99% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2026 | 0.98% |
| CA HLTH FACS-A 04.0000 03/01/2033 | 0.98% |
| OHIO HOSP REVENUE-A 05.0000 01/15/2031 | 0.97% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 0.97% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2031 | 0.97% |
| ILLINOIS ST-REF 05.0000 02/01/2026 | 0.95% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2032 | 0.95% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2034 | 0.94% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2032 | 0.94% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2038 | 0.92% |
| CHICAGO ARPT-AMT 05.0000 01/01/2023 | 0.92% |
| CARLISLE SD-IMPT 04.0000 12/01/2031 | 0.92% |
| WHITING IN ENVRNMNTL 05.0000 11/01/2045 | 0.91% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.90% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.90% |
| CA UNIV REV-B-TXBL 03.4220 11/01/2025 | 0.88% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 0.87% |
| SOUTHLANDS CO MET DT 03.5000 12/01/2027 | 0.87% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.86% |
| PA HSG-115A-AMT 03.3500 10/01/2023 | 0.86% |
| HOUSTON ARPT FAC-C 05.0000 07/15/2020 | 0.84% |
| WASHINGTON ST HLTH CA 02.2930 01/01/2042 | 0.84% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.84% |
| E-470 HWY-B-LIBOR 02.2430 09/01/2039 | 0.84% |
| CAPE GIRARDEAU CNTY M 05.0000 03/01/2020 | 0.83% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.83% |
| FARMINGTON NM POLL CO 01.8750 04/01/2033 | 0.83% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.83% |
| CHICAGO BOE CAB-SCH-A 00.0000 12/01/2021 | 0.80% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.71% |
| PR INFRA-CABS-A 00.0000 07/01/2029 | 0.70% |
| NJ HLTH CARE-REF 05.0000 09/15/2023 | 0.70% |
| CHICAGO-A-REF 04.0000 01/01/2024 | 0.66% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2026 | 0.48% |
| LORAIN PORT-A-REF 05.0000 11/15/2023 | 0.47% |
| WEST SHORE AREA AUTH 05.0000 07/01/2025 | 0.46% |
| ILLINOIS ST 05.0000 07/01/2023 | 0.45% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.44% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2021 | 0.43% |
| HAMILTON CO HLTH 04.0000 01/01/2021 | 0.42% |
| RAILSPLITTER 05.2500 06/01/2020 | 0.42% |
| IL FIN AUTH 05.0000 11/15/2022 | 0.41% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.37% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2030 | 0.36% |
| DEEPHAVEN CHTR-REF-A 04.4000 07/01/2025 | 0.35% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.30% |
| PR PUB IMPT-A-NATL 05.5000 07/01/2029 | 0.28% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.25% |
| PR HWY/TRN-AMBAC 05.5000 07/01/2029 | 0.23% |
| NJ HLTH-RF-HOLY NAME 04.5000 07/01/2020 | 0.21% |
| RAILSPLITTER 05.2500 06/01/2021 | 0.18% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2024 | 0.14% |
| PORT OF SEATTLE WA RE 05.0000 04/01/2038 | 4.08% |
|---|---|
| MONTANA ST FAC FIN AU 04.0000 01/01/2037 | 3.84% |
| NYC TRANS FIN AUTH 05.0000 05/01/2035 | 3.17% |
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 2.95% |
| GEORGETOWN 04.0000 08/15/2033 | 2.74% |
| CLIFTON HGR EDU FIN 04.0000 08/15/2030 | 2.42% |
| MI FIN AUTH-B-LOC GOV 05.0000 07/01/2029 | 2.26% |
| HOUSTON TX UTL SYS-A 05.0000 11/15/2033 | 2.14% |
| SAN BERNARDIO OBLG-C 01.9390 08/01/2023 | 2.07% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 | 2.04% |
| CENTRL TX REGL MOB 05.0000 01/01/2037 | 2.02% |
| ST TAMMANY HOSP-A-REF 05.0000 07/01/2048 | 1.97% |
| ARLINGTON HGR EDU FIN 04.0000 12/01/2031 | 1.88% |
| KY PUB ENERGY AUTH-B 04.0000 01/01/2049 | 1.86% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2030 | 1.81% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 1.80% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.76% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 1.71% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 1.68% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2026 | 1.64% |
| SAN MATEO UHSD CONV-B 00.0000 12/15/2043 | 1.58% |
| ARLINGTON HGR EDU-A 04.0000 12/01/2031 | 1.57% |
| PITTSBURGH PA WTRSWR 04.0000 09/01/2034 | 1.44% |
| CA PCR WST MGMT-C 03.2500 12/01/2027 | 1.34% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.33% |
| PR ELEC-REF-SER V V 05.2500 07/01/2026 | 1.26% |
| HAMILTON CNTY-B-CABS 00.0000 12/01/2026 | 1.22% |
| ALASKA ST INDL DEV-A 05.0000 10/01/2030 | 1.03% |
| PA TURNPIKE-B1 05.0000 06/01/2029 | 1.02% |
| JEFFERSON CO-REV-REF 05.0000 09/15/2029 | 1.02% |
| HIGH PLAINS CO MET DI 05.0000 12/01/2029 | 1.01% |
| TSASC INC-A-REF 05.0000 06/01/2026 | 1.00% |
| BROWARD CO ARPT-A-AMT 05.0000 10/01/2025 | 1.00% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2026 | 0.99% |
| OHIO HOSP REVENUE-A 05.0000 01/15/2031 | 0.98% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 0.98% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2031 | 0.98% |
| CA HLTH FACS-A 04.0000 03/01/2033 | 0.98% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2032 | 0.96% |
| ILLINOIS ST-REF 05.0000 02/01/2026 | 0.96% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2034 | 0.95% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2032 | 0.95% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2038 | 0.94% |
| CHICAGO ARPT-AMT 05.0000 01/01/2023 | 0.93% |
| CARLISLE SD-IMPT 04.0000 12/01/2031 | 0.93% |
| WHITING IN ENVRNMNTL 05.0000 11/01/2045 | 0.92% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.91% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.91% |
| CA UNIV REV-B-TXBL 03.4220 11/01/2025 | 0.90% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 0.88% |
| SOUTHLANDS CO MET DT 03.5000 12/01/2027 | 0.88% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.88% |
| PA HSG-115A-AMT 03.3500 10/01/2023 | 0.87% |
| HOUSTON ARPT FAC-C 05.0000 07/15/2020 | 0.86% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.85% |
| E-470 HWY-B-LIBOR 02.1900 09/01/2039 | 0.85% |
| WASHINGTON ST HLTH CA 02.2840 01/01/2042 | 0.85% |
| CAPE GIRARDEAU CNTY M 05.0000 03/01/2020 | 0.85% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.84% |
| FARMINGTON NM POLL CO 01.8750 04/01/2033 | 0.84% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.84% |
| CHICAGO BOE CAB-SCH-A 00.0000 12/01/2021 | 0.80% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.72% |
| PR INFRA-CABS-A 00.0000 07/01/2029 | 0.71% |
| NJ HLTH CARE-REF 05.0000 09/15/2023 | 0.71% |
| CHICAGO-A-REF 04.0000 01/01/2024 | 0.66% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2026 | 0.48% |
| LORAIN PORT-A-REF 05.0000 11/15/2023 | 0.48% |
| WEST SHORE AREA AUTH 05.0000 07/01/2025 | 0.47% |
| ILLINOIS ST 05.0000 07/01/2023 | 0.46% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.44% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2021 | 0.44% |
| HAMILTON CO HLTH 04.0000 01/01/2021 | 0.43% |
| RAILSPLITTER 05.2500 06/01/2020 | 0.43% |
| IL FIN AUTH 05.0000 11/15/2022 | 0.42% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.38% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2030 | 0.36% |
| DEEPHAVEN CHTR-REF-A 04.4000 07/01/2025 | 0.35% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.30% |
| PR PUB IMPT-A-NATL 05.5000 07/01/2029 | 0.28% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.26% |
| PR HWY/TRN-AMBAC 05.5000 07/01/2029 | 0.23% |
| NJ HLTH-RF-HOLY NAME 04.5000 07/01/2020 | 0.21% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2024 | 0.18% |
| RAILSPLITTER 05.2500 06/01/2021 | 0.18% |
| NYC TRANS FIN AUTH 05.0000 05/01/2035 | 3.21% |
|---|---|
| SAN FRANCISCO APRT-A 05.0000 01/01/2025 | 2.98% |
| GEORGETOWN 04.0000 08/15/2033 | 2.77% |
| NV DEPT BUSINESS-AMT 01.8750 12/01/2026 | 2.54% |
| CLIFTON HGR EDU FIN 04.0000 08/15/2030 | 2.45% |
| MI FIN AUTH-B-LOC GOV 05.0000 07/01/2029 | 2.29% |
| HOUSTON TX UTL SYS-A 05.0000 11/15/2033 | 2.14% |
| SAN BERNARDIO OBLG-C 02.0110 08/01/2023 | 2.09% |
| ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 | 2.06% |
| CENTRL TX REGL MOB 05.0000 01/01/2037 | 2.01% |
| ST TAMMANY HOSP-A-REF 05.0000 07/01/2048 | 1.99% |
| ARLINGTON HGR EDU FIN 04.0000 12/01/2031 | 1.90% |
| KY PUB ENERGY AUTH-B 04.0000 01/01/2049 | 1.87% |
| PENNSYLVANIA-A-COPS 05.0000 07/01/2030 | 1.83% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 1.81% |
| MAIN STREET NATURAL-A 05.0000 05/15/2021 | 1.78% |
| CALIFORNIA STWD CMNTY 03.0000 07/01/2025 | 1.73% |
| PA ECON DEV-A-WASTE 01.7000 08/01/2037 | 1.69% |
| DIST OF COLUMBIA- REV 05.0000 07/01/2026 | 1.66% |
| ARLINGTON HGR EDU-A 04.0000 12/01/2031 | 1.59% |
| SAN MATEO UHSD CONV-B 00.0000 12/15/2043 | 1.59% |
| PITTSBURGH PA WTRSWR 04.0000 09/01/2034 | 1.46% |
| CA PCR WST MGMT-C 03.2500 12/01/2027 | 1.36% |
| ILLINOIS ST-D 05.0000 11/01/2021 | 1.34% |
| PR ELEC-REF-SER V V 05.2500 07/01/2026 | 1.27% |
| HAMILTON CNTY-B-CABS 00.0000 12/01/2026 | 1.23% |
| ALASKA ST INDL DEV-A 05.0000 10/01/2030 | 1.04% |
| JEFFERSON CO-REV-REF 05.0000 09/15/2029 | 1.03% |
| PA TURNPIKE-B1 05.0000 06/01/2029 | 1.03% |
| HIGH PLAINS CO MET DI 05.0000 12/01/2029 | 1.02% |
| TSASC INC-A-REF 05.0000 06/01/2026 | 1.01% |
| BROWARD CO ARPT-A-AMT 05.0000 10/01/2025 | 1.00% |
| NEW JERSEY ST ECON DE 05.0000 11/01/2026 | 1.00% |
| OHIO HOSP REVENUE-A 05.0000 01/15/2031 | 1.00% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 0.99% |
| ILLINOIS ST FIN AUTH 05.0000 11/01/2031 | 0.99% |
| CA HLTH FACS-A 04.0000 03/01/2033 | 0.98% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2032 | 0.97% |
| ILLINOIS ST-REF 05.0000 02/01/2026 | 0.96% |
| MET TRANS AUTH-C1-REF 04.0000 11/15/2034 | 0.96% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2032 | 0.96% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2038 | 0.94% |
| CARLISLE SD-IMPT 04.0000 12/01/2031 | 0.94% |
| CHICAGO ARPT-AMT 05.0000 01/01/2023 | 0.94% |
| WHITING IN ENVRNMNTL 05.0000 11/01/2045 | 0.92% |
| GAINESVILLE ETC DEV 05.0000 03/01/2027 | 0.92% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.91% |
| CA UNIV REV-B-TXBL 03.4220 11/01/2025 | 0.91% |
| MET TRANSPRTN-B2 05.0000 05/15/2021 | 0.89% |
| SOUTHLANDS CO MET DT 03.5000 12/01/2027 | 0.89% |
| ILLINOIS ST-A 05.0000 04/01/2021 | 0.88% |
| PA HSG-115A-AMT 03.3500 10/01/2023 | 0.88% |
| HOUSTON ARPT FAC-C 05.0000 07/15/2020 | 0.87% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.86% |
| CAPE GIRARDEAU CNTY M 05.0000 03/01/2020 | 0.86% |
| E-470 HWY-B-LIBOR 02.2470 09/01/2039 | 0.85% |
| WASHINGTON ST HLTH CA 02.2960 01/01/2042 | 0.85% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 0.85% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2020 | 0.85% |
| FARMINGTON NM POLL CO 01.8750 04/01/2033 | 0.85% |
| CHICAGO BOE CAB-SCH-A 00.0000 12/01/2021 | 0.80% |
| MD ECON DEV CORP-REF 04.0000 07/01/2020 | 0.73% |
| PR INFRA-CABS-A 00.0000 07/01/2029 | 0.71% |
| NJ HLTH CARE-REF 05.0000 09/15/2023 | 0.71% |
| CO ST HLTH FACS-EVANG 05.0000 12/01/2022 | 0.70% |
| CHICAGO-A-REF 04.0000 01/01/2024 | 0.67% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2026 | 0.49% |
| LORAIN PORT-A-REF 05.0000 11/15/2023 | 0.48% |
| WEST SHORE AREA AUTH 05.0000 07/01/2025 | 0.47% |
| ILLINOIS ST 05.0000 07/01/2023 | 0.46% |
| CHICAGO BOE-E-REF 05.0000 12/01/2021 | 0.45% |
| MAIN ST NAT GAS INC-B 05.0000 03/15/2021 | 0.44% |
| HAMILTON CO HLTH 04.0000 01/01/2021 | 0.43% |
| RAILSPLITTER 05.2500 06/01/2020 | 0.43% |
| IL FIN AUTH 05.0000 11/15/2022 | 0.42% |
| MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 | 0.38% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2030 | 0.37% |
| DEEPHAVEN CHTR-REF-A 04.4000 07/01/2025 | 0.36% |
| AZ INDL DEV-A-REF P/P 144A 04.0000 07/01/2021 | 0.30% |
| PR PUB IMPT-A-NATL 05.5000 07/01/2029 | 0.28% |
| KY ST ECON DEV-A 05.0000 06/01/2020 | 0.26% |
| PR HWY/TRN-AMBAC 05.5000 07/01/2029 | 0.24% |
| NJ HLTH-RF-HOLY NAME 04.5000 07/01/2020 | 0.22% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2024 | 0.18% |
| RAILSPLITTER 05.2500 06/01/2021 | 0.18% |
Portfolio composition as of 12/31/19
| Municipal bonds and notes | 93.39% |
|---|---|
| Cash and net other assets | 6.61% |
Fixed income statistics as of 12/31/19
| Average stated maturity | 10.75 yrs. |
|---|---|
| Average effective maturity | 5.26 yrs. |
| Option adjusted duration | 5.15 yrs. |
| Duration to worst | 4.30 yrs. |
| Average yield to maturity | 2.45% |
| Average coupon | 3.95% |
| AMT exposure | 17.09% |
Quality rating as of 12/31/19
| AAA | 9.08% |
|---|---|
| AA | 26.12% |
| A | 33.94% |
| BBB | 19.45% |
| BB | 3.71% |
| CCC and Below | 0.95% |
| Not Rated | 0.14% |
| Cash and net other assets | 6.61% |
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 generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives may be taxable. 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
| Transportation | 17.35% |
|---|---|
| Health care | 16.87% |
| Special Tax | 10.50% |
| Utilities | 9.85% |
| Local Debt | 9.37% |
| Education | 9.27% |
| State Debt | 7.37% |
| Cash and net other assets | 6.61% |
| Financials | 4.99% |
| Other | 7.82% |
0
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class R6 | Class Y |
|---|---|---|---|---|---|
| Total expense ratio | 1.87% | 2.47% | 2.62% | 1.58% | 1.62% |
| What you pay† | 0.86% | 1.46% | 1.61% | 0.57% | 0.61% |
† 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 | 4.00% / 3.50% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- |
| $50,000-$99,999 | 4.00% / 3.50% | 0.00% / 4.00% | 0.00% / 1.00% | -- | -- |
| $100,000-$249,999 | 3.25% / 2.75% | -- | 0.00% / 1.00% | -- | -- |
| $250,000-$499,999 | 2.50% / 2.00% | -- | 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 $500,000+) | Class B | Class C | 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% | -- | -- |
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 7-Year Municipal Index is a subset of the Bloomberg Barclays Municipal Bond Index, covering those issues with remaining maturities of six to seven 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 generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives may be taxable. 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.