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, 4.00% and 3.25% for income funds and 2.25% and 0.75% for 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, which is 3% in the first year, declining to 1% in the fourth 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). 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 and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Active Income
Tax-Free High Yield Fund (Class Y) (PTFYX)
Pursuing a high level of tax-free income for shareholders since 1993
Highlights
Pursuing a high level of tax-free income for shareholders since 1993
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 |
$13.07
-0.23% | $-0.03 |
$13.16
09/04/19 |
$12.23
11/06/18 |
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.
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)
5.40%
Average 5-year annualized return
Fund facts as of 06/30/19
Total net assets
$889.66M
$889.66M
Turnover (fiscal year end)
39%
39%
Dividend frequency (view rate)
Monthly
Monthly
Number of holdings
454
454
Fiscal year-end
July
July
CUSIP / Fund code
746872878 / 1840
746872878 / 1840
Inception date
01/02/08
01/02/08
Category
Tax-free Income
Tax-free Income
Open to new investors
Ticker
PTFYX
PTFYX
Literature
Fund documents |
|
| Fact Sheet (A share) (PDF) | |
| Fact Sheet (R6 share) (PDF) | |
| Fact Sheet (Y share) (PDF) |
|
| Summary Prospectus (PDF) |
|
| Statutory Prospectus (PDF) |
|
| Statement of Additional Information (SAI) (PDF) | |
| Annual Report (PDF) |
|
| Semiannual Report (PDF) |
|
| Brochure (PDF) |
|
| Proxy voting results (Form N-PX) (PDF) | |
| Quarterly Commentary (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 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 9.19% | 4.35% | 5.28% | 6.06% |
| After sales charge | N/A | N/A | N/A | N/A |
| Bloomberg Barclays Municipal Bond Index | 8.55% | 3.19% | 3.66% | 4.16% |
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 09/30/19 | -0.48% | - | |
| YTD as of 10/11/19 | 8.99% | - | |
Yield
| Distribution rate before sales charge as of 10/11/19 |
3.53% |
|---|---|
| Distribution rate after sales charge as of 10/11/19 |
3.53% |
| 30-day SEC yield as of 09/30/19 | 2.43% |
Risk-adjusted performance as of 06/30/19
| Sharpe ratio (3 yrs.) | 0.64 |
|---|---|
| Information ratio (3 yrs.) | 0.96 |
Volatility as of 06/30/19
| Standard deviation (3 yrs.) | 3.65% |
|---|---|
| Beta | 1.02 |
| R-squared | 0.90 |
Lipper rankings as of 06/30/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 60/183 | 33% |
| 3 yrs. | 59/152 | 39% |
| 5 yrs. | 55/132 | 42% |
| 10 yrs. | 21/86 | 25% |
Morningstar Ratings™ as of 06/30/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 155 | |
| 3 yrs. | 155 | |
| 5 yrs. | 134 | |
| 10 yrs. | 87 |
Distributions
| Accrual days | 28 |
|---|---|
| Accrual start date | 09/03/19 |
| Accrual end date | 09/30/19 |
| Payable date | 09/30/19 |
| Non-taxable income | $0.036419515 |
| 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.
Compare
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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.
Holdings
Top 10 holdings as of 06/30/19
| Nthrn Tob Asset Bkd-A 05.0000 06/01/2046 | 1.47% |
|---|---|
| Buckeye Tob Asset-A-2 06.5000 06/01/2047 | 1.19% |
| Harris Cult Ed Var-C1 01.7000 12/01/2024 | 1.06% |
| Ms Business Fin-Ref 02.5000 04/01/2022 | 1.06% |
| Ky Pub Energy-C-1 04.0000 12/01/2049 | 1.06% |
| Centrl Plains Energy 05.0000 03/01/2050 | 1.01% |
| California St-B-Txbl 02.1930 04/01/2047 | 1.00% |
| Mmd Aaa R Sp 0.0 09/04/19 Ci09/04/2019 | 0.98% |
| Chicago Il 06.0000 01/01/2038 | 0.95% |
| Mmd Aaa R Sp 0.0 07/19/19 Ci07/19/2019 | 0.94% |
| Top 10 holdings, percent of portfolio | 10.72% |
Full portfolio holdings as of 09/30/19
| NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 | 1.46% |
|---|---|
| BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 | 1.20% |
| KY PUB ENERGY-C-1 04.0000 12/01/2049 | 1.05% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 1.04% |
| ALASKA ST INDL DEV-A 04.0000 10/01/2049 | 1.02% |
| CALIFORNIA ST-B-TXBL 02.1930 04/01/2047 | 0.98% |
| CENTRL PLAINS ENERGY 05.0000 03/01/2050 | 0.96% |
| JEFFERSON CO-CABS-F 00.0000 10/01/2046 | 0.94% |
| CHICAGO IL 06.0000 01/01/2038 | 0.94% |
| ILLINOIS ST 05.0000 12/01/2031 | 0.92% |
| TOBACCO SETTLEMENT-A 05.0000 06/01/2033 | 0.91% |
| E-470 PUB HWY-CAB-A 00.0000 09/01/2034 | 0.90% |
| TOBACCO SETTLEMENT-B 05.0000 06/01/2046 | 0.88% |
| ILLINOIS ST 05.0000 11/01/2029 | 0.85% |
| BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 | 0.83% |
| NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 | 0.83% |
| SC PUB SVC AUTH-A 05.5000 12/01/2054 | 0.79% |
| CLIFTON HGR EDU FIN-D 06.1250 08/15/2048 | 0.75% |
| LAKELAND HOSP 05.0000 11/15/2045 | 0.74% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2035 | 0.73% |
| NM HOSP EQUIP-A 05.0000 07/01/2049 | 0.72% |
| SC TRANSPRTN-2003B 01.8110 10/01/2031 | 0.72% |
| HARRIS CULT ED VAR-C1 01.4300 12/01/2024 | 0.71% |
| PORT SEATTLE IND DEV 05.0000 04/01/2030 | 0.70% |
| GOLDEN ST TOBACCO-A-1 05.0000 06/01/2047 | 0.68% |
| ILLINOIS ST 05.2500 12/01/2030 | 0.65% |
| CA POLL CNTRL-AMT P/P 144A 05.0000 11/21/2045 | 0.61% |
| MASSACHUSETTS DEV-A 04.0000 06/01/2049 | 0.60% |
| WASHINGTON ST-D 04.0000 02/01/2034 | 0.59% |
| ILLINOIS ST-D 05.0000 11/01/2026 | 0.59% |
| LANCASTER CNTY HOSP-A 05.0000 06/15/2049 | 0.59% |
| TEXAS PRIV ACTIVITY 05.0000 06/30/2058 | 0.59% |
| CHICAGO BOE-H 05.0000 12/01/2036 | 0.58% |
| MET GOVT ETC-D-TXBL 04.5110 07/01/2046 | 0.57% |
| CHICAGO SPL ASSMNT 06.7500 12/01/2032 | 0.55% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2032 | 0.54% |
| VA ST BUSINESS FING 05.0000 01/01/2040 | 0.53% |
| TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 | 0.52% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2048 | 0.51% |
| IL FIN AUTH-A 05.0000 02/15/2047 | 0.50% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2043 | 0.50% |
| TNDR OPT-RSDL-XF0805 P/P 06.0600 08/01/2037 | 0.50% |
| WA ST HSG FIN COMM-A 05.0000 01/01/2046 | 0.49% |
| CHICAGO BOE-C-PROJ 05.2500 12/01/2039 | 0.49% |
| PINAL CNTY AZ INDL P/P 144A 07.2500 10/01/2033 | 0.49% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2034 | 0.46% |
| LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 | 0.46% |
| MORONGO BAND OF MISS P/P 144A 05.0000 10/01/2042 | 0.46% |
| PHOENIX INDL DEV AUTH 05.0000 07/01/2044 | 0.46% |
| DIST COLUM REV-UNREF 06.5000 10/01/2041 | 0.46% |
| E-470 PUB HWY-CAB-A 00.0000 09/01/2028 | 0.46% |
| FEDERAL HOME LOAN MTG 02.5500 06/15/2035 | 0.46% |
| BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 | 0.45% |
| GA MUNI ELEC AUTH-A 05.5000 07/01/2060 | 0.44% |
| BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 | 0.44% |
| DIST OF COLUMBIA-B 05.0000 07/01/2037 | 0.44% |
| MO H/E VAR-WA UNIV-D 01.3500 09/01/2030 | 0.43% |
| TEMPLE TAX-A-REV 05.0000 08/01/2038 | 0.43% |
| MILLSBORO SPL OBLG 05.1250 07/01/2038 | 0.42% |
| SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 | 0.42% |
| PUBLIC FIN AUTH-REF 05.0000 07/01/2042 | 0.42% |
| TNDR OPT-RSDL-XF0742 P/P 14.0400 12/01/2047 | 0.41% |
| WISCONSIN ST HLTH-A 04.0000 08/15/2036 | 0.41% |
| SALES TAX SECURTZTN-C 05.5000 01/01/2036 | 0.41% |
| CHICAGO-2005D-REF 05.5000 01/01/2037 | 0.40% |
| NEW HOPE CULT EDU-A 05.0000 04/01/2042 | 0.40% |
| JEFFERSON CO SWR-D 06.5000 10/01/2053 | 0.40% |
| MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 | 0.40% |
| INDIANA ST FIN AUTH 04.0000 11/01/2043 | 0.40% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2033 | 0.40% |
| WASHINGTON ST HLTH CA 04.0000 07/01/2037 | 0.38% |
| HOUSTON ARPT-REF-A 06.5000 07/15/2030 | 0.38% |
| NC MED CARE COMM-A 05.0000 01/01/2044 | 0.38% |
| VA SMALL BUSINESS FIN 05.0000 12/31/2056 | 0.38% |
| ST LOUIS IDA-A 05.0000 09/01/2038 | 0.38% |
| MICHIGAN ST FIN AUTH 05.0000 02/01/2047 | 0.38% |
| TX PRIVATE ACTIVITY 06.8750 12/31/2039 | 0.38% |
| FRANKLIN CNTY-A 06.0000 07/01/2035 | 0.37% |
| ILLINOIS ST 05.2500 02/01/2030 | 0.37% |
| ME H/E AUTH-HOSP 07.5000 07/01/2032 | 0.37% |
| PALM BEACH CNTY FL HL 04.0000 08/15/2049 | 0.36% |
| CENTRAL PLAINS ENERGY 05.0000 09/01/2032 | 0.36% |
| WESTMINSTER-REF 05.1250 07/01/2034 | 0.36% |
| TOB SETTLEMT FING-B 05.0000 06/01/2050 | 0.36% |
| MUNI ELEC AUTH OF GA 04.0000 01/01/2059 | 0.35% |
| PA TURNPIKE COMMN 05.0000 12/01/2044 | 0.35% |
| PLAZA MET DIST 1-REF 05.0000 12/01/2040 | 0.35% |
| ILLINOIS ST 05.0000 12/01/2028 | 0.35% |
| DELAWARE ECON DEV AUT 05.3750 10/01/2045 | 0.34% |
| PUB AUTH FOR CO GAS 06.5000 11/15/2038 | 0.34% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.34% |
| BAY AREA TOLL-C 01.2200 04/01/2053 | 0.33% |
| NYC-ADJ-SER I-SUB I-3 01.3900 04/01/2036 | 0.33% |
| HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 | 0.33% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2038 | 0.32% |
| SOUTH CAROLINA ST PUB 05.2500 12/01/2055 | 0.32% |
| VLG CMNTY DEV DIST11 04.5000 05/01/2045 | 0.32% |
| ILLINOIS ST -A 05.0000 05/01/2038 | 0.32% |
| LONG BCH NAT GAS-A 05.5000 11/15/2037 | 0.32% |
| HARBOR POINT-REF 05.0000 04/01/2039 | 0.32% |
| LA PUB FACS AUTH-A 04.0000 07/01/2054 | 0.32% |
| N TX EDU FIN CORP-A 05.1250 12/01/2042 | 0.30% |
| GAINESVILLE ETC DEV 05.0000 03/01/2037 | 0.30% |
| LANCASTER PA INDL DEV 05.0000 12/01/2049 | 0.30% |
| NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 | 0.30% |
| NY TOBACCO-A-2B-REF 05.0000 06/01/2051 | 0.29% |
| ILLINOIS ST 05.0000 11/01/2034 | 0.28% |
| ALLEGHENY CO HGR EDU 05.0000 10/15/2047 | 0.28% |
| IA ST FIN AUTH 05.2500 12/01/2025 | 0.27% |
| SOUTHEASTERN OH PORT 05.7500 12/01/2032 | 0.27% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 0.27% |
| GREATER CHICAGO MET-A 05.0000 12/01/2031 | 0.27% |
| MIAMI-DADE IDA 05.0000 09/15/2034 | 0.27% |
| HOUSTON HGR ED-A 05.0000 02/15/2032 | 0.26% |
| DIST OF COLUMBIA-A 05.0000 07/01/2052 | 0.26% |
| HOUSTON HGR ED-A 05.0000 02/15/2042 | 0.26% |
| CHICAGO-A 05.5000 01/01/2049 | 0.26% |
| ILLINOIS ST 05.0000 10/01/2027 | 0.26% |
| CHANDLER AZ INDL DEV 05.0000 06/01/2049 | 0.26% |
| PUBLIC FIN AUTH WI RE 05.0000 11/15/2044 | 0.26% |
| MUNI ELEC AUTH OF GA 05.0000 01/01/2063 | 0.26% |
| ILLINOIS ST-D 05.0000 11/01/2028 | 0.25% |
| ILLINOIS ST-REF 05.0000 02/01/2029 | 0.25% |
| NJ ECON DEV-C 05.3000 07/01/2044 | 0.25% |
| KY PUB TRANSPTRN-A 06.0000 07/01/2053 | 0.25% |
| SKAGIT HOSP DIST-REF 05.0000 12/01/2037 | 0.25% |
| CHICAGO-A 05.0000 01/01/2044 | 0.25% |
| MA DEV FIN AGY-LINDEN 05.1250 11/15/2046 | 0.25% |
| SC ST JOBS ECON DEV 05.7500 06/15/2039 | 0.25% |
| CLIFTON HGR ED FIN 05.0000 08/15/2032 | 0.25% |
| COLORADO ST HLTH FACS 05.0000 01/01/2031 | 0.25% |
| NATL FIN AUTH-C-REF 04.8750 11/01/2042 | 0.25% |
| NJ ECON DEV AUTH-REMK 05.5000 06/01/2033 | 0.25% |
| PRINCE GEORGES SPL 05.2500 07/01/2048 | 0.25% |
| SC PUB SVC AUTH-E 05.0000 12/01/2048 | 0.25% |
| SAN FRANCISCO REDEV-C 00.0000 08/01/2043 | 0.25% |
| CENTERVILLE OH HLTH C 05.2500 11/01/2047 | 0.24% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2034 | 0.24% |
| TULSA CO ARPT-B-REF 05.5000 12/01/2035 | 0.24% |
| VALPARAISO EXEMPT FAC 06.7500 01/01/2034 | 0.24% |
| NTHRN TOB CAB-C-ASSET 00.0000 06/01/2046 | 0.24% |
| OH AIR QLTY DEV AUTH 04.5000 01/15/2048 | 0.24% |
| KY ECON DEV FIN-A-REF 05.0000 05/15/2036 | 0.24% |
| MOON IDA-REF 05.7500 07/01/2035 | 0.24% |
| LANCASTER PA INDL DEV 05.0000 12/01/2044 | 0.24% |
| ORLANDO REDEV AGY-REF 05.0000 04/01/2024 | 0.24% |
| CO HLTH FACS AUTH-B 05.0000 05/15/2039 | 0.24% |
| ILLINOIS ST 05.0000 11/01/2041 | 0.23% |
| CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 | 0.23% |
| LEE CNTY FL INDL DEV 05.0000 11/15/2044 | 0.23% |
| MET GOVT NASHVILLE & 05.0000 10/01/2048 | 0.23% |
| PINELLAS CO IDL-FNDN 05.0000 07/01/2039 | 0.23% |
| PUBLIC FIN AUTH WI LI 07.0000 12/01/2050 | 0.23% |
| MONTGOMERY CNTY TOLL 05.0000 09/15/2038 | 0.23% |
| TRAILS AT CROWFOOT 05.0000 12/01/2049 | 0.23% |
| MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 | 0.23% |
| MET PIER & EXPOSITION 00.0000 12/15/2042 | 0.23% |
| MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 | 0.23% |
| SAINT LOUIS CNTY-REF 05.0000 09/01/2048 | 0.22% |
| SALT VERDE FNL CORP 05.5000 12/01/2029 | 0.22% |
| DE HLTH-VAR-A-CHRISTI 01.4300 10/01/2038 | 0.22% |
| DELAWARE ST ECON DEV 05.0000 06/01/2046 | 0.22% |
| CA DEV-A 06.0000 10/01/2042 | 0.22% |
| SALT VERDE FNL CORP 05.0000 12/01/2032 | 0.22% |
| CA POLL FING AUTH 04.7500 11/01/2046 | 0.22% |
| CHICAGO BOE-A 07.0000 12/01/2046 | 0.21% |
| VA ST SMALL BUS-SR 06.0000 01/01/2037 | 0.21% |
| PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 | 0.21% |
| TARRANT CNTY TX CULTU 05.0000 11/15/2037 | 0.21% |
| COLORADO ST HLTH FACS 05.0000 01/01/2038 | 0.20% |
| PUB FIN AUTH-A 05.5000 11/15/2034 | 0.20% |
| WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 | 0.20% |
| TNDR OPT-RSDL-XF0804 P/P 06.8800 08/01/2049 | 0.20% |
| NC MED CARE COMM-REF 05.0000 10/01/2037 | 0.20% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2028 | 0.20% |
| ST LOUIS IDA-A 04.7500 11/15/2047 | 0.20% |
| MS BUS-VAR-A-CHEVRON 01.3500 12/01/2030 | 0.19% |
| NEW HOPE CULT EDU-A1 04.0000 07/01/2043 | 0.19% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2042 | 0.19% |
| CT HLTH & EDU-F-REF 05.0000 07/01/2033 | 0.19% |
| PUBLIC FIN AUTH 05.0000 10/01/2043 | 0.19% |
| TX PRIVATE ACTIVITY 05.0000 12/31/2055 | 0.19% |
| YAVAPAI INDL DEV 05.0000 03/01/2032 | 0.19% |
| AZ INDL DEV-G-REF 05.0000 07/01/2037 | 0.18% |
| GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 | 0.18% |
| SUFFOLK VA ECON DEV A 05.0000 09/01/2031 | 0.18% |
| CHARLES CITY WST-RMKT 02.4000 08/01/2027 | 0.18% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 0.18% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2034 | 0.18% |
| SUSSEX IDA ATLANTIC-A 02.4000 06/01/2028 | 0.18% |
| HAM LAKE CHRT SCH-A 05.0000 11/01/2036 | 0.18% |
| PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 | 0.18% |
| PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2038 | 0.18% |
| S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 | 0.18% |
| ALLEGHENY HGR ED BLDG 05.0000 09/01/2030 | 0.18% |
| STHRN CA 05.2500 11/01/2021 | 0.18% |
| NC MED CARE COMM 05.0000 07/01/2045 | 0.18% |
| BROADWAY STATION MDD 05.1250 12/01/2048 | 0.18% |
| MONTGOMERY CO IDA-A 05.2500 01/01/2048 | 0.18% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2033 | 0.18% |
| DETROIT 05.0000 04/01/2036 | 0.17% |
| MONTGOMERY H/E-ARCADI 05.2500 04/01/2030 | 0.17% |
| WYANDOTTE CNTY/KANSAS 04.5000 06/01/2040 | 0.17% |
| NEW YORK ST DORM AUTH 05.0000 12/01/2035 | 0.17% |
| GAINESVILLE ETC DEV 05.0000 03/01/2047 | 0.17% |
| NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 | 0.17% |
| CO HLTH FACS AUTH-REF 05.1250 01/01/2030 | 0.17% |
| KY ECON DEV AUTH-REF 05.3750 11/15/2042 | 0.16% |
| SARASOTA CNTY FL HLTH 05.0000 01/01/2031 | 0.16% |
| NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 | 0.16% |
| ABAG-REF 06.0000 07/01/2031 | 0.16% |
| COBB CNTY GA DEV AUTH 05.0000 07/15/2038 | 0.16% |
| DE HLTH FACS AUTH-A 04.0000 07/01/2040 | 0.16% |
| NASHVILLE MET DEV P/P 144A 05.1250 06/01/2036 | 0.15% |
| LAKEWOOD RANCH DIST 05.3000 05/01/2039 | 0.15% |
| TOWN CTR AT PALM COAS 06.0000 05/01/2036 | 0.15% |
| CHICAGO-2007G-REF 05.5000 01/01/2035 | 0.15% |
| MAIN ST NAT GAS INC-A 05.5000 09/15/2021 | 0.15% |
| VLG CDD 12 04.0000 05/01/2033 | 0.15% |
| LACKAWANNA CNTY PA IN 04.0000 11/01/2040 | 0.15% |
| SARASOTA CNTY HLTH-A 05.0000 01/01/2042 | 0.15% |
| CHESTER CO INDL DEV-A 05.1250 10/15/2037 | 0.14% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.14% |
| NEW YORK ST DORM AUTH 05.0000 12/01/2036 | 0.14% |
| LANCASTER PA INDL DEV 04.0000 12/01/2044 | 0.14% |
| CLEVELAND ETC PORT 05.2500 12/01/2038 | 0.14% |
| IL FIN AUTH-A1-HSG 04.3750 12/01/2042 | 0.14% |
| CA DEV-A 05.6250 10/01/2032 | 0.14% |
| PHILADELPHIA SD-A 05.0000 09/01/2030 | 0.14% |
| VLG CDD 10 05.7500 05/01/2031 | 0.14% |
| CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 | 0.13% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2034 | 0.13% |
| IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 | 0.13% |
| NJ ECON DEV AUTH-REF 05.0000 06/01/2037 | 0.13% |
| ILLINOIS ST 05.0000 10/01/2033 | 0.13% |
| MICHIGAN ST FIN AUTH 05.0000 02/01/2037 | 0.13% |
| COOK CNTY-REF 05.0000 11/15/2034 | 0.13% |
| LA PUB FACS AUTH-A 05.0000 07/01/2059 | 0.13% |
| NJ ECON DEV AUTH 05.0000 07/15/2032 | 0.13% |
| CA STWD CMNTYS 05.2500 07/01/2049 | 0.13% |
| MICHIGAN ST STRATEGIC 05.0000 11/15/2034 | 0.13% |
| PA HGR EDU FAC-REF-A 05.0000 07/01/2031 | 0.13% |
| PR SALES TAX FING-A1 05.0000 07/01/2058 | 0.13% |
| PRIV CLGS & UNIV-A 05.0000 10/01/2032 | 0.13% |
| TARRANT CNTY CULT EDU 06.6250 11/15/2037 | 0.13% |
| COLORADO ST HLTH FACS 05.2500 05/15/2037 | 0.13% |
| NJ ECON DEV-B-AMT 05.6250 11/15/2030 | 0.13% |
| NJ TRANSPRTN TRUST-AA 05.2500 06/15/2032 | 0.13% |
| PUB FIN AUTH-PIEDMONT 05.0000 06/15/2053 | 0.13% |
| ALLEGHENY CO HGR EDU 05.0000 10/15/2037 | 0.13% |
| CA SCH FIN AUTH-A 06.0000 07/01/2033 | 0.13% |
| MAINE ST FIN AUTH SOL 05.1250 08/01/2035 | 0.13% |
| NEW HOPE ED FACS 05.5000 01/01/2043 | 0.13% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2033 | 0.13% |
| SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 | 0.13% |
| DALLAS PA AREA MUNI 05.0000 05/01/2048 | 0.12% |
| KALISPEL TRIBE-A P/P 144A 05.0000 01/01/2032 | 0.12% |
| SOUTHLANDS CO MET DT 05.0000 12/01/2047 | 0.12% |
| HARRIS CNTY TX 05.0000 01/01/2037 | 0.12% |
| LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 | 0.12% |
| PUB FIN AUTH 05.0000 06/15/2049 | 0.12% |
| CT HLTH & EDU-A 05.0000 09/01/2046 | 0.12% |
| ILLINOIS ST 05.0000 01/01/2041 | 0.12% |
| MA DEV FIN-F 05.7500 07/15/2043 | 0.12% |
| NV DEPT BUSINESS-A 05.0000 12/15/2038 | 0.12% |
| PUB FIN AUTH-A 06.0000 11/15/2049 | 0.12% |
| SYRACUSE NY INDL DEV 05.0000 01/01/2035 | 0.12% |
| LA PUB FACS AUTH-A 04.0000 07/01/2044 | 0.12% |
| MARICOPA IDA-REF 05.0000 07/01/2035 | 0.12% |
| NH HLTH & EDU-A 06.1250 07/01/2037 | 0.12% |
| WICHITA KS HLTH CARE 05.0000 05/15/2038 | 0.12% |
| ILLINOIS ST FIN AUTH 05.2500 02/15/2047 | 0.12% |
| LA PUB FACS AUTH-A 04.0000 07/01/2049 | 0.12% |
| NC MED CARE-A-REF 05.0000 09/01/2037 | 0.12% |
| CA CMNTYS DEV-A 05.0000 10/01/2043 | 0.12% |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2028 | 0.12% |
| GTR ORLANDO AVIATION 05.0000 11/15/2036 | 0.12% |
| RANCHO CORDOVA-REF 05.0000 09/01/2037 | 0.12% |
| VA SMALL BUS FING 05.0000 01/01/2048 | 0.12% |
| AVIATION STATION-A 05.0000 12/01/2048 | 0.12% |
| NJ ECON DEV AUTH-A 05.0000 06/15/2037 | 0.12% |
| HAM LAKE CHRT SCH-A 05.0000 07/01/2047 | 0.12% |
| N ESTRN-WILKES UNIV 05.2500 03/01/2042 | 0.12% |
| PHOENIX IDA 05.3750 09/01/2032 | 0.12% |
| WILLOW BEND MET DIST 05.0000 12/01/2049 | 0.12% |
| LAKEWOOD RANCH CDD 04.8750 05/01/2035 | 0.11% |
| NYC IDA YANKEE STADI 07.0000 03/01/2049 | 0.11% |
| SAN FRANCISCO REDV-A 05.1500 08/01/2035 | 0.11% |
| MO H/E VAR-WA UNIV-C 01.3500 09/01/2030 | 0.11% |
| RED RIVER HLTH-A 07.7500 11/15/2044 | 0.11% |
| LANCASTER HOSP-VAR-D 01.3900 07/01/2034 | 0.11% |
| VERANDAH W CDD-REF 05.0000 05/01/2033 | 0.11% |
| ILLINOIS ST FIN AUTH 05.0000 08/01/2047 | 0.11% |
| LAKEWOOD RANCH DIST 05.0000 05/01/2036 | 0.11% |
| PUB FIN AUTH 05.0000 05/01/2047 | 0.11% |
| CA STWD CMNTYS DEV-A 05.2500 11/01/2044 | 0.10% |
| YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 | 0.10% |
| MET GOVT NASHVILLE & 05.0000 10/01/2039 | 0.10% |
| SUSQUEHANNA REGL ARPT 05.0000 01/01/2035 | 0.10% |
| ARLINGTON HGR EDU FIN 05.0000 12/01/2036 | 0.10% |
| CENTRL PLATTE VLY MDD 05.0000 12/01/2043 | 0.10% |
| BUCKEYE TOB CAB-1ST-B 00.0000 06/01/2047 | 0.10% |
| CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 | 0.10% |
| ILLINOIS ST FIN AUTH 05.2500 05/15/2045 | 0.10% |
| CMS LIQUIDATING TR P/P 144A | 0.10% |
| CA ST MUNI FIN-A 05.2500 08/01/2042 | 0.10% |
| PHOENIX IDA-A-REF 05.0000 07/01/2037 | 0.10% |
| COLORADO HLTH FAC 06.3750 01/01/2041 | 0.10% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2034 | 0.10% |
| LEE CNTY FL INDL DEV 05.0000 11/15/2039 | 0.10% |
| LOWER MAGNOLIA GREEN 05.0000 03/01/2035 | 0.10% |
| PUBLIC FIN AUTH-REF 05.2500 07/01/2028 | 0.10% |
| BUCKEYE TOB CAB-2ND-C 00.0000 06/01/2052 | 0.10% |
| NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 | 0.10% |
| SARASOTA CNTY FL HLTH 05.0000 01/01/2030 | 0.10% |
| SAINT TAMMANY PUB-REF 05.2500 11/15/2037 | 0.09% |
| WESTMINSTER-A 06.0000 07/01/2034 | 0.09% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2032 | 0.09% |
| RIVERSIDE TRANS-A 05.7500 06/01/2044 | 0.09% |
| WISCONSIN ST HLTH & E 05.0000 08/15/2039 | 0.09% |
| DULUTH MN ISD COPS-A 04.0000 03/01/2028 | 0.09% |
| LA VERNE-COPS 05.0000 05/15/2036 | 0.09% |
| OHIO ST HGR EDUCTNL F 05.2500 12/01/2048 | 0.09% |
| DU PAGE SPL SVC 31 05.6250 03/01/2036 | 0.09% |
| LAS VEGAS DIST 812 05.0000 12/01/2035 | 0.09% |
| WARM SPRINGS-B-REF P/P 144A 05.0000 11/01/2039 | 0.09% |
| NC MED CARE COMM-A 05.0000 07/01/2047 | 0.09% |
| MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 | 0.09% |
| PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 | 0.09% |
| TREASURY BILL 00.0000 12/12/2019 | 0.09% |
| ALLEGHENY HGR ED-A-RO 05.7500 10/15/2040 | 0.09% |
| CAPITAL TRUST AGY-C 07.5000 07/01/2053 | 0.09% |
| CO HLTH FACS AUTH-REF 05.2500 01/01/2037 | 0.09% |
| DULUTH MN ISD COPS-A 04.0000 03/01/2027 | 0.09% |
| WI HLTH & EDU-REF-B 05.0000 09/15/2045 | 0.09% |
| DULUTH MN ISD COPS-A 04.2000 03/01/2034 | 0.09% |
| MS BUS-VAR-B-CHEVRON 01.3500 12/01/2030 | 0.09% |
| NEWARK HGR EDU 05.0000 06/15/2048 | 0.09% |
| DELAWARE ST ECON DEV 05.0000 06/01/2036 | 0.08% |
| LANCASTER CO HOSP AUT 05.1250 07/01/2037 | 0.08% |
| VLG CMNTY DEV DIST 8 06.1250 05/01/2039 | 0.08% |
| CLARK IMPT DIST 05.0000 08/01/2035 | 0.08% |
| LEXINGTON INDL DEV-A 05.0000 01/01/2042 | 0.08% |
| N LAS VEGAS IMPT 64 04.5000 06/01/2039 | 0.08% |
| NEW HOPE CUTL ED-A 05.5000 11/15/2046 | 0.08% |
| PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 | 0.08% |
| FLINT HSP-HURLEY MED 07.5000 07/01/2039 | 0.08% |
| MET GOVT NASHVILLE & 05.0000 10/01/2029 | 0.08% |
| MICHIGAN ST FIN AUTH 04.5000 10/01/2029 | 0.08% |
| CA ST MUNI FIN-A 05.0000 08/01/2032 | 0.08% |
| CHICAGO WTR REV 05.0000 11/01/2042 | 0.08% |
| NJ ECON DEV-A 05.0000 07/15/2029 | 0.08% |
| CHESTER CNTY PA INDL 05.0000 10/01/2034 | 0.08% |
| NH HLTH & EDU FACS 05.0000 10/01/2046 | 0.08% |
| FOREST LAKE MN CHRT-A 05.2500 08/01/2043 | 0.08% |
| NJ ECON DEV AUTH-A 06.1000 07/01/2044 | 0.08% |
| TEXAS ST TRANSPRTN CO 00.0000 08/01/2039 | 0.08% |
| IL FIN AUTH 04.0000 11/15/2032 | 0.07% |
| NH BUS FIN-VAR-REMK P/P 144A 02.9500 04/01/2029 | 0.07% |
| FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 | 0.07% |
| WA HSG FIN-REF P/P 144A 05.0000 07/01/2036 | 0.07% |
| RESTRUCTURED-SER A-2 04.3290 07/01/2040 | 0.07% |
| ID HLTH FACS-A-REF 05.0000 03/01/2037 | 0.07% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 | 0.07% |
| COLORADO ST HLTH FACS 04.0000 01/01/2038 | 0.06% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2038 | 0.06% |
| GLEN COVE AST CORP-C 00.0000 01/01/2055 | 0.06% |
| FREDERICK EDL-A-REF 05.0000 09/01/2037 | 0.06% |
| ILLINOIS ST FIN AUTH 05.0000 08/01/2042 | 0.06% |
| MICHIGAN ST STRATEGIC 05.0000 11/15/2043 | 0.06% |
| NJ ECON DEV AUTH 05.0000 07/15/2047 | 0.06% |
| PALM BEACH CNTY REV 05.0000 04/01/2039 | 0.06% |
| PUB FIN AUTH 05.0000 05/01/2042 | 0.06% |
| SOUTHLANDS CO MET DT 05.0000 12/01/2037 | 0.06% |
| CA DEV-A 06.0000 10/01/2047 | 0.06% |
| CHARLOTTE CNTY FL IND 05.0000 10/01/2049 | 0.06% |
| LAS VEGAS SPL IMPT 05.0000 06/01/2030 | 0.06% |
| PUB FIN AUTH-A 05.7500 11/15/2044 | 0.06% |
| ILLINOIS ST 05.0000 02/01/2039 | 0.06% |
| ILLINOIS ST FIN AUTH 05.2500 02/15/2037 | 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% |
| ST PAUL HSG & REDEV-A 06.3750 09/01/2031 | 0.06% |
| YAVAPAI CO INDL DEV 05.0000 09/01/2034 | 0.06% |
| CELEBRATION PT CDD 1 05.0000 05/01/2048 | 0.06% |
| CHERRY HILL CMNTY DEV 05.1500 03/01/2035 | 0.06% |
| CO HLTH FACS AUTH-B 05.0000 05/15/2048 | 0.06% |
| FLINT HOSP BLDG-A 05.2500 07/01/2039 | 0.06% |
| INDIANA ST FIN AUTH 04.0000 11/01/2036 | 0.06% |
| E-470 HWY-CABS 00.0000 09/01/2041 | 0.06% |
| GUAM GOVT COPS-A-JOHN 06.8750 12/01/2040 | 0.06% |
| MET WA DC ARPTS-CABS 00.0000 10/01/2040 | 0.06% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2030 | 0.05% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2030 | 0.05% |
| MET GOVT NASHVILLE & 05.0000 10/01/2034 | 0.05% |
| PUB FIN AUTH 05.0000 06/15/2054 | 0.05% |
| PR SALES TAX FING-A1 04.7500 07/01/2053 | 0.05% |
| CLIFTON HGR EDU FIN 05.0000 08/15/2027 | 0.05% |
| KY ST ECON DEV-A 05.2500 06/01/2041 | 0.05% |
| PUB FIN AUTH 05.0000 06/15/2039 | 0.05% |
| WARM SPRINGS-B-REF P/P 144A 05.0000 11/01/2032 | 0.05% |
| YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 | 0.05% |
| BAYTOWN TWP MN LEASE 04.0000 08/01/2036 | 0.05% |
| COLUMBUS SWR-ADJ-B 01.3600 06/01/2032 | 0.04% |
| PR SALES TAX FING-A1 00.0000 07/01/2046 | 0.04% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2021 | 0.04% |
| FAIRFAX CNTY VA ECON 05.0000 10/01/2036 | 0.04% |
| DETROIT 05.0000 04/01/2037 | 0.04% |
| NEW HOPE CULTURAL ED 05.0000 11/15/2036 | 0.04% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2022 | 0.04% |
| 1.245 R ISWP FWD MUNIPSA P 07/12/2025 CI | 0.04% |
| EATON AREA PK & REC 05.2500 12/01/2034 | 0.04% |
| MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 | 0.04% |
| COLORADO ST HLTH FACS 04.0000 01/01/2029 | 0.04% |
| PRINCE GEORGES SPL 05.1250 07/01/2039 | 0.04% |
| NJ ECON DEV AUTH-A 06.0000 07/01/2032 | 0.04% |
| MA DEV FIN-A-PREREF 06.0000 01/01/2033 | 0.03% |
| MMD AAA R SP 0.0 10/22/19 MS | 0.03% |
| COLORADO ST HLTH FACS 04.0000 01/01/2026 | 0.03% |
| COLORADO ST HLTH FACS 04.0000 01/01/2028 | 0.03% |
| COLORADO ST HLTH FACS 05.2500 05/15/2047 | 0.03% |
| MA DEV FIN-A-UNREF 06.0000 01/01/2033 | 0.03% |
| TX PRIVATE ACTIVITY 05.0000 12/31/2050 | 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% |
| VLG FL CDD 9-REF 05.0000 05/01/2022 | 0.03% |
| LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 | 0.03% |
| NEWARK HGR EDU 05.0000 06/15/2038 | 0.03% |
| RESTRUCTURED-SER A-2 04.7840 07/01/2058 | 0.03% |
| SOUTHEASTERN OH PORT 05.5000 12/01/2043 | 0.03% |
| TREASURY BILL 00.0000 03/12/2020 | 0.03% |
| PR SALES TAX FING-A1 00.0000 07/01/2051 | 0.03% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 | 0.03% |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2030 | 0.02% |
| COLORADO ST HLTH FACS 04.0000 01/01/2027 | 0.02% |
| HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 | 0.02% |
| MONTGOMERY CNTY TOLL 05.0000 09/15/2034 | 0.02% |
| NJ ECON DEV AUTH-A 04.7500 06/15/2032 | 0.02% |
| COFINA SER 2007A SR BDS2 00.0000 08/01/2043 | 0.02% |
| COFINA SER 2007A SR BDS1 00.0000 08/01/2043 | 0.02% |
| PR SALES TAX FING-A1 04.5000 07/01/2034 | 0.01% |
| MMD AAA R SP 0.0 10/23/19 CI | 0.01% |
| TREASURY BILL 00.0000 10/10/2019 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2031 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2033 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2027 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2029 | 0.01% |
| PR SALES TAX FING-A1 04.5500 07/01/2040 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2024 | 0.01% |
| MMD AAA R SP 0.0 11/07/19 CI | 0.00% |
| TREASURY BILL 00.0000 11/07/2019 | 0.00% |
| CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 | 0.00% |
| RESTRUCTURED-SER A-2 04.5360 07/01/2053 | 0.00% |
| MMD AAA R SP 0.0 11/12/19 CI | 0.00% |
| CASA GRANDE IDA-REF-A ESCROW 07.2500 12/01/2019 | 0.00% |
| LA PUB FACS AUTH-A 08.3750 07/01/2039 | 0.00% |
| MMD AAA R SP 0.0 01/02/20 CI | 0.00% |
| MMD AAA R SP 0.0 12/26/19 GS | 0.00% |
| 1.46 P ISWP FWD MUNIPSA R 01/02/2050 CI | -0.00% |
| MMD AAA R SP 0.0 12/10/19 CI | -0.01% |
| MMD AAA P SP 0.0 06/02/20 CI | -0.02% |
| MMD AAA P SP 0.0 06/04/20 MS | -0.03% |
| MMD AAA P SP 0.0 06/04/20 CI | -0.05% |
| 1.737 P ISWP FWD MUNIPSA R 07/12/2040 CI | -0.07% |
| US ULTRA BOND CBT DEC19 WNZ9 | -0.30% |
| US 10YR ULTRA FUT DEC19 UXYZ9 | -1.74% |
| NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 | 1.45% |
| BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 | 1.19% |
| KY PUB ENERGY-C-1 04.0000 12/01/2049 | 1.05% |
| MS BUSINESS FIN-REF 02.5000 04/01/2022 | 1.04% |
| CALIFORNIA ST-B-TXBL 02.1930 04/01/2047 | 0.97% |
| CENTRL PLAINS ENERGY 05.0000 03/01/2050 | 0.97% |
| JEFFERSON CO-CABS-F 00.0000 10/01/2046 | 0.94% |
| CHICAGO IL 06.0000 01/01/2038 | 0.93% |
| ILLINOIS ST 05.0000 12/01/2031 | 0.93% |
| LANCASTER OH PORT AUT 05.0000 08/01/2049 | 0.91% |
| E-470 PUB HWY-CAB-A 00.0000 09/01/2034 | 0.91% |
| TOBACCO SETTLEMENT-A 05.0000 06/01/2033 | 0.90% |
| TOBACCO SETTLEMENT-B 05.0000 06/01/2046 | 0.89% |
| ILLINOIS ST 05.0000 11/01/2029 | 0.86% |
| BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 | 0.83% |
| NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 | 0.83% |
| SC PUB SVC AUTH-A 05.5000 12/01/2054 | 0.79% |
| CLIFTON HGR EDU FIN-D 06.1250 08/15/2048 | 0.75% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2035 | 0.74% |
| LAKELAND HOSP 05.0000 11/15/2045 | 0.74% |
| NM HOSP EQUIP-A 05.0000 07/01/2049 | 0.73% |
| SC TRANSPRTN-2003B 01.8500 10/01/2031 | 0.72% |
| HARRIS CULT ED VAR-C1 01.2500 12/01/2024 | 0.70% |
| PORT SEATTLE IND DEV 05.0000 04/01/2030 | 0.69% |
| GOLDEN ST TOBACCO-A-1 05.0000 06/01/2047 | 0.68% |
| TOBACCO SETTLEMENT-A 05.0000 06/01/2035 | 0.66% |
| ILLINOIS ST 05.2500 12/01/2030 | 0.66% |
| MASSACHUSETTS DEV-A 04.0000 06/01/2049 | 0.60% |
| CA POLL CNTRL-AMT P/P 144A 05.0000 11/21/2045 | 0.60% |
| ILLINOIS ST-D 05.0000 11/01/2026 | 0.60% |
| WASHINGTON ST-D 04.0000 02/01/2034 | 0.59% |
| TEXAS PRIV ACTIVITY 05.0000 06/30/2058 | 0.59% |
| LANCASTER CNTY HOSP-A 05.0000 06/15/2049 | 0.58% |
| CHICAGO BOE-H 05.0000 12/01/2036 | 0.58% |
| MET GOVT ETC-D-TXBL 04.5670 07/01/2046 | 0.57% |
| SOUTH CAROLINA JOB-A 05.0000 05/01/2043 | 0.57% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2032 | 0.55% |
| CHICAGO SPL ASSMNT 06.7500 12/01/2032 | 0.54% |
| VA ST BUSINESS FING 05.0000 01/01/2040 | 0.53% |
| TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 | 0.52% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2048 | 0.52% |
| TNDR OPT-RSDL-XF0805 P/P 05.0400 08/01/2037 | 0.52% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2043 | 0.51% |
| IL FIN AUTH-A 05.0000 02/15/2047 | 0.50% |
| WA ST HSG FIN COMM-A 05.0000 01/01/2046 | 0.49% |
| PINAL CNTY AZ INDL P/P 144A 07.2500 10/01/2033 | 0.49% |
| CHICAGO BOE-C-PROJ 05.2500 12/01/2039 | 0.49% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2034 | 0.47% |
| E-470 PUB HWY-CAB-A 00.0000 09/01/2028 | 0.46% |
| FEDERAL HOME LOAN MTG 02.5500 06/15/2035 | 0.46% |
| LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 | 0.46% |
| MORONGO BAND OF MISS P/P 144A 05.0000 10/01/2042 | 0.46% |
| PHOENIX INDL DEV AUTH 05.0000 07/01/2044 | 0.46% |
| DIST COLUM REV-UNREF 06.5000 10/01/2041 | 0.46% |
| BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 | 0.45% |
| DIST OF COLUMBIA-B 05.0000 07/01/2037 | 0.44% |
| BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 | 0.43% |
| GA MUNI ELEC AUTH-A 05.5000 07/01/2060 | 0.43% |
| MO H/E VAR-WA UNIV-D 01.2500 09/01/2030 | 0.43% |
| TEMPLE TAX-A-REV 05.0000 08/01/2038 | 0.43% |
| MILLSBORO SPL OBLG 05.1250 07/01/2038 | 0.42% |
| SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 | 0.42% |
| TNDR OPT-RSDL-XF0742 P/P 11.5700 12/01/2047 | 0.42% |
| PUBLIC FIN AUTH-REF 05.0000 07/01/2042 | 0.42% |
| WISCONSIN ST HLTH-A 04.0000 08/15/2036 | 0.41% |
| SALES TAX SECURTZTN-C 05.5000 01/01/2036 | 0.41% |
| CHICAGO-2005D-REF 05.5000 01/01/2037 | 0.41% |
| NEW HOPE CULT EDU-A 05.0000 04/01/2042 | 0.40% |
| JEFFERSON CO SWR-D 06.5000 10/01/2053 | 0.40% |
| NJ TRANSPRTN TRUST-A 05.0000 12/15/2033 | 0.40% |
| INDIANA ST FIN AUTH 04.0000 11/01/2043 | 0.40% |
| MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 | 0.40% |
| WASHINGTON ST HLTH CA 04.0000 07/01/2037 | 0.39% |
| HOUSTON ARPT-REF-A 06.5000 07/15/2030 | 0.38% |
| VA SMALL BUSINESS FIN 05.0000 12/31/2056 | 0.38% |
| ST LOUIS IDA-A 05.0000 09/01/2038 | 0.38% |
| MICHIGAN ST FIN AUTH 05.0000 02/01/2047 | 0.38% |
| TX PRIVATE ACTIVITY 06.8750 12/31/2039 | 0.38% |
| FRANKLIN CNTY-A 06.0000 07/01/2035 | 0.37% |
| ILLINOIS ST 05.2500 02/01/2030 | 0.37% |
| ME H/E AUTH-HOSP 07.5000 07/01/2032 | 0.37% |
| CENTRAL PLAINS ENERGY 05.0000 09/01/2032 | 0.36% |
| WESTMINSTER-REF 05.1250 07/01/2034 | 0.36% |
| TOB SETTLEMT FING-B 05.0000 06/01/2050 | 0.36% |
| ILLINOIS ST 05.0000 12/01/2028 | 0.35% |
| PA TURNPIKE COMMN 05.0000 12/01/2044 | 0.35% |
| PLAZA MET DIST 1-REF 05.0000 12/01/2040 | 0.35% |
| PUB AUTH FOR CO GAS 06.5000 11/15/2038 | 0.34% |
| DELAWARE ECON DEV AUT 05.3750 10/01/2045 | 0.34% |
| MARTIN CO DEV-REF 04.2000 12/15/2025 | 0.34% |
| HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 | 0.33% |
| NYC-ADJ-SER I-SUB I-3 01.2900 04/01/2036 | 0.33% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2038 | 0.33% |
| SOUTH CAROLINA ST PUB 05.2500 12/01/2055 | 0.32% |
| LONG BCH NAT GAS-A 05.5000 11/15/2037 | 0.32% |
| ILLINOIS ST -A 05.0000 05/01/2038 | 0.32% |
| VLG CMNTY DEV DIST11 04.5000 05/01/2045 | 0.32% |
| HARBOR POINT-REF 05.0000 04/01/2039 | 0.31% |
| N TX EDU FIN CORP-A 05.1250 12/01/2042 | 0.30% |
| GAINESVILLE ETC DEV 05.0000 03/01/2037 | 0.30% |
| LANCASTER PA INDL DEV 05.0000 12/01/2049 | 0.30% |
| NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 | 0.30% |
| NY TOBACCO-A-2B-REF 05.0000 06/01/2051 | 0.29% |
| ILLINOIS ST 05.0000 11/01/2034 | 0.28% |
| ALLEGHENY CO HGR EDU 05.0000 10/15/2047 | 0.28% |
| IA ST FIN AUTH 05.2500 12/01/2025 | 0.27% |
| SOUTHEASTERN OH PORT 05.7500 12/01/2032 | 0.27% |
| COFINA SER 2007A SR BDS2 00.0000 08/01/2043 | 0.27% |
| DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 | 0.27% |
| GREATER CHICAGO MET-A 05.0000 12/01/2031 | 0.27% |
| MIAMI-DADE IDA 05.0000 09/15/2034 | 0.27% |
| HOUSTON HGR ED-A 05.0000 02/15/2032 | 0.26% |
| CHICAGO-A 05.5000 01/01/2049 | 0.26% |
| HOUSTON HGR ED-A 05.0000 02/15/2042 | 0.26% |
| DIST OF COLUMBIA-A 05.0000 07/01/2052 | 0.26% |
| ILLINOIS ST 05.0000 10/01/2027 | 0.26% |
| ILLINOIS ST-D 05.0000 11/01/2028 | 0.26% |
| ILLINOIS ST-REF 05.0000 02/01/2029 | 0.26% |
| CHANDLER AZ INDL DEV 05.0000 06/01/2049 | 0.26% |
| PUBLIC FIN AUTH WI RE 05.0000 11/15/2044 | 0.26% |
| SKAGIT HOSP DIST-REF 05.0000 12/01/2037 | 0.25% |
| CHICAGO-A 05.0000 01/01/2044 | 0.25% |
| KY PUB TRANSPTRN-A 06.0000 07/01/2053 | 0.25% |
| MA DEV FIN AGY-LINDEN 05.1250 11/15/2046 | 0.25% |
| SC ST JOBS ECON DEV 05.7500 06/15/2039 | 0.25% |
| CLIFTON HGR ED FIN 05.0000 08/15/2032 | 0.25% |
| NJ ECON DEV-C 05.3000 07/01/2044 | 0.25% |
| NJ ECON DEV AUTH-REMK 05.5000 06/01/2033 | 0.25% |
| NATL FIN AUTH-C-REF 04.8750 11/01/2042 | 0.25% |
| COLORADO ST HLTH FACS 05.0000 01/01/2031 | 0.25% |
| PRINCE GEORGES SPL 05.2500 07/01/2048 | 0.25% |
| SC PUB SVC AUTH-E 05.0000 12/01/2048 | 0.25% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2034 | 0.24% |
| CENTERVILLE OH HLTH C 05.2500 11/01/2047 | 0.24% |
| NTHRN TOB CAB-C-ASSET 00.0000 06/01/2046 | 0.24% |
| SAN FRANCISCO REDEV-C 00.0000 08/01/2043 | 0.24% |
| TULSA CO ARPT-B-REF 05.5000 12/01/2035 | 0.24% |
| VALPARAISO EXEMPT FAC 06.7500 01/01/2034 | 0.24% |
| KY ECON DEV FIN-A-REF 05.0000 05/15/2036 | 0.24% |
| MOON IDA-REF 05.7500 07/01/2035 | 0.24% |
| OH AIR QLTY DEV AUTH 04.5000 01/15/2048 | 0.24% |
| LANCASTER PA INDL DEV 05.0000 12/01/2044 | 0.24% |
| ORLANDO REDEV AGY-REF 05.0000 04/01/2024 | 0.24% |
| CO HLTH FACS AUTH-B 05.0000 05/15/2039 | 0.24% |
| ILLINOIS ST 05.0000 11/01/2041 | 0.24% |
| CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 | 0.23% |
| LEE CNTY FL INDL DEV 05.0000 11/15/2044 | 0.23% |
| MET GOVT NASHVILLE & 05.0000 10/01/2048 | 0.23% |
| PINELLAS CO IDL-FNDN 05.0000 07/01/2039 | 0.23% |
| MONTGOMERY CNTY TOLL 05.0000 09/15/2038 | 0.23% |
| PUBLIC FIN AUTH WI LI 07.0000 12/01/2050 | 0.23% |
| MET PIER & EXPOSITION 00.0000 12/15/2042 | 0.23% |
| TRAILS AT CROWFOOT 05.0000 12/01/2049 | 0.23% |
| MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 | 0.23% |
| MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 | 0.22% |
| SALT VERDE FNL CORP 05.5000 12/01/2029 | 0.22% |
| SAINT LOUIS CNTY-REF 05.0000 09/01/2048 | 0.22% |
| PRINCE GEORGES CO-REF 05.2500 04/01/2037 | 0.22% |
| SALT VERDE FNL CORP 05.0000 12/01/2032 | 0.22% |
| DELAWARE ST ECON DEV 05.0000 06/01/2046 | 0.22% |
| CA POLL FING AUTH 04.7500 11/01/2046 | 0.22% |
| DE HLTH-VAR-A-CHRISTI 01.2500 10/01/2038 | 0.22% |
| VA ST SMALL BUS-SR 06.0000 01/01/2037 | 0.21% |
| CA DEV-A 06.0000 10/01/2042 | 0.21% |
| CHICAGO BOE-A 07.0000 12/01/2046 | 0.21% |
| PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 | 0.21% |
| TARRANT CNTY TX CULTU 05.0000 11/15/2037 | 0.21% |
| TNDR OPT-RSDL-XF0804 P/P 05.7500 08/01/2049 | 0.21% |
| PUB FIN AUTH-A 05.5000 11/15/2034 | 0.20% |
| WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 | 0.20% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2028 | 0.20% |
| NC MED CARE COMM-REF 05.0000 10/01/2037 | 0.20% |
| ST LOUIS IDA-A 04.7500 11/15/2047 | 0.20% |
| NEW JERSEY ST ECON DE 05.0000 06/15/2042 | 0.19% |
| NEW HOPE CULT EDU-A1 04.0000 07/01/2043 | 0.19% |
| CT HLTH & EDU-F-REF 05.0000 07/01/2033 | 0.19% |
| IRVINE USD-C-ADJ 01.0500 09/01/2054 | 0.19% |
| MS BUS-VAR-A-CHEVRON 01.2500 12/01/2030 | 0.19% |
| GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 | 0.19% |
| TX PRIVATE ACTIVITY 05.0000 12/31/2055 | 0.19% |
| YAVAPAI INDL DEV 05.0000 03/01/2032 | 0.19% |
| PUBLIC FIN AUTH 05.0000 10/01/2043 | 0.18% |
| AZ INDL DEV-G-REF 05.0000 07/01/2037 | 0.18% |
| CHARLES CITY WST-RMKT 02.4000 08/01/2027 | 0.18% |
| CHICAGO WTRWKS-REMK 05.0000 11/01/2030 | 0.18% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2034 | 0.18% |
| SUFFOLK VA ECON DEV A 05.0000 09/01/2031 | 0.18% |
| SUSSEX IDA ATLANTIC-A 02.4000 06/01/2028 | 0.18% |
| PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 | 0.18% |
| HAM LAKE CHRT SCH-A 05.0000 11/01/2036 | 0.18% |
| S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 | 0.18% |
| ALLEGHENY HGR ED BLDG 05.0000 09/01/2030 | 0.18% |
| PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2038 | 0.18% |
| STHRN CA 05.2500 11/01/2021 | 0.18% |
| BROADWAY STATION MDD 05.1250 12/01/2048 | 0.18% |
| NC MED CARE COMM 05.0000 07/01/2045 | 0.18% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2033 | 0.18% |
| DETROIT 05.0000 04/01/2036 | 0.18% |
| MONTGOMERY CO IDA-A 05.2500 01/01/2048 | 0.18% |
| MONTGOMERY H/E-ARCADI 05.2500 04/01/2030 | 0.17% |
| NEW YORK ST DORM AUTH 05.0000 12/01/2035 | 0.17% |
| WYANDOTTE CNTY/KANSAS 04.5000 06/01/2040 | 0.17% |
| GAINESVILLE ETC DEV 05.0000 03/01/2047 | 0.17% |
| CO HLTH FACS AUTH-REF 05.1250 01/01/2030 | 0.17% |
| NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 | 0.17% |
| KY ECON DEV AUTH-REF 05.3750 11/15/2042 | 0.16% |
| SARASOTA CNTY FL HLTH 05.0000 01/01/2031 | 0.16% |
| TOWN CTR AT PALM COAS 06.0000 05/01/2036 | 0.16% |
| NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 | 0.16% |
| ABAG-REF 06.0000 07/01/2031 | 0.16% |
| COBB CNTY GA DEV AUTH 05.0000 07/15/2038 | 0.16% |
| DE HLTH FACS AUTH-A 04.0000 07/01/2040 | 0.16% |
| NASHVILLE MET DEV P/P 144A 05.1250 06/01/2036 | 0.15% |
| LAKEWOOD RANCH DIST 05.3000 05/01/2039 | 0.15% |
| CHICAGO-2007G-REF 05.5000 01/01/2035 | 0.15% |
| MAIN ST NAT GAS INC-A 05.5000 09/15/2021 | 0.15% |
| VLG CDD 12 04.0000 05/01/2033 | 0.15% |
| LACKAWANNA CNTY PA IN 04.0000 11/01/2040 | 0.15% |
| SARASOTA CNTY HLTH-A 05.0000 01/01/2042 | 0.15% |
| BLACK BELT ENERGY GAS 04.0000 12/01/2048 | 0.14% |
| CHESTER CO INDL DEV-A 05.1250 10/15/2037 | 0.14% |
| NEW YORK ST DORM AUTH 05.0000 12/01/2036 | 0.14% |
| IL FIN AUTH-A1-HSG 04.3750 12/01/2042 | 0.14% |
| LANCASTER PA INDL DEV 04.0000 12/01/2044 | 0.14% |
| CLEVELAND ETC PORT 05.2500 12/01/2038 | 0.14% |
| PHILADELPHIA SD-A 05.0000 09/01/2030 | 0.14% |
| VLG CDD 10 05.7500 05/01/2031 | 0.14% |
| NORTH LAS VEGAS-REF 04.0000 06/01/2034 | 0.14% |
| CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 | 0.13% |
| CA DEV-A 05.6250 10/01/2032 | 0.13% |
| IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 | 0.13% |
| ILLINOIS ST 05.0000 10/01/2033 | 0.13% |
| NJ ECON DEV AUTH-REF 05.0000 06/01/2037 | 0.13% |
| MICHIGAN ST FIN AUTH 05.0000 02/01/2037 | 0.13% |
| NJ ECON DEV AUTH 05.0000 07/15/2032 | 0.13% |
| COOK CNTY-REF 05.0000 11/15/2034 | 0.13% |
| MICHIGAN ST STRATEGIC 05.0000 11/15/2034 | 0.13% |
| PA HGR EDU FAC-REF-A 05.0000 07/01/2031 | 0.13% |
| PRIV CLGS & UNIV-A 05.0000 10/01/2032 | 0.13% |
| TARRANT CNTY CULT EDU 06.6250 11/15/2037 | 0.13% |
| CA STWD CMNTYS 05.2500 07/01/2049 | 0.13% |
| COLORADO ST HLTH FACS 05.2500 05/15/2037 | 0.13% |
| NJ ECON DEV-B-AMT 05.6250 11/15/2030 | 0.13% |
| NJ TRANSPRTN TRUST-AA 05.2500 06/15/2032 | 0.13% |
| PUB FIN AUTH-PIEDMONT 05.0000 06/15/2053 | 0.13% |
| ALLEGHENY CO HGR EDU 05.0000 10/15/2037 | 0.13% |
| CA SCH FIN AUTH-A 06.0000 07/01/2033 | 0.13% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2033 | 0.13% |
| DALLAS PA AREA MUNI 05.0000 05/01/2048 | 0.13% |
| MAINE ST FIN AUTH SOL 05.1250 08/01/2035 | 0.13% |
| NEW HOPE ED FACS 05.5000 01/01/2043 | 0.13% |
| SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 | 0.13% |
| KALISPEL TRIBE-A P/P 144A 05.0000 01/01/2032 | 0.12% |
| SOUTHLANDS CO MET DT 05.0000 12/01/2047 | 0.12% |
| HARRIS CNTY TX 05.0000 01/01/2037 | 0.12% |
| ILLINOIS ST 05.0000 01/01/2041 | 0.12% |
| PUB FIN AUTH 05.0000 06/15/2049 | 0.12% |
| LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 | 0.12% |
| MA DEV FIN-F 05.7500 07/15/2043 | 0.12% |
| PUB FIN AUTH-A 06.0000 11/15/2049 | 0.12% |
| SYRACUSE NY INDL DEV 05.0000 01/01/2035 | 0.12% |
| CT HLTH & EDU-A 05.0000 09/01/2046 | 0.12% |
| MARICOPA IDA-REF 05.0000 07/01/2035 | 0.12% |
| NH HLTH & EDU-A 06.1250 07/01/2037 | 0.12% |
| ILLINOIS ST FIN AUTH 05.2500 02/15/2047 | 0.12% |
| NV DEPT BUSINESS-A 05.0000 12/15/2038 | 0.12% |
| WICHITA KS HLTH CARE 05.0000 05/15/2038 | 0.12% |
| CA CMNTYS DEV-A 05.0000 10/01/2043 | 0.12% |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2028 | 0.12% |
| GTR ORLANDO AVIATION 05.0000 11/15/2036 | 0.12% |
| NC MED CARE-A-REF 05.0000 09/01/2037 | 0.12% |
| RANCHO CORDOVA-REF 05.0000 09/01/2037 | 0.12% |
| AVIATION STATION-A 05.0000 12/01/2048 | 0.12% |
| NJ ECON DEV AUTH-A 05.0000 06/15/2037 | 0.12% |
| VA SMALL BUS FING 05.0000 01/01/2048 | 0.12% |
| HAM LAKE CHRT SCH-A 05.0000 07/01/2047 | 0.12% |
| N ESTRN-WILKES UNIV 05.2500 03/01/2042 | 0.12% |
| WILLOW BEND MET DIST 05.0000 12/01/2049 | 0.12% |
| PHOENIX IDA 05.3750 09/01/2032 | 0.12% |
| ALLEGHENY CO IDA 05.7500 08/01/2042 | 0.11% |
| LAKEWOOD RANCH CDD 04.8750 05/01/2035 | 0.11% |
| NYC IDA YANKEE STADI 07.0000 03/01/2049 | 0.11% |
| SAN FRANCISCO REDV-A 05.1500 08/01/2035 | 0.11% |
| MO H/E VAR-WA UNIV-C 01.2500 09/01/2030 | 0.11% |
| SAN FRANCISCO ARPT-B 01.0800 05/01/2058 | 0.11% |
| RED RIVER HLTH-A 07.7500 11/15/2044 | 0.11% |
| ILLINOIS ST FIN AUTH 05.0000 08/01/2047 | 0.11% |
| LANCASTER HOSP-VAR-D 01.3100 07/01/2034 | 0.11% |
| VERANDAH W CDD-REF 05.0000 05/01/2033 | 0.11% |
| PUB FIN AUTH 05.0000 05/01/2047 | 0.11% |
| LAKEWOOD RANCH DIST 05.0000 05/01/2036 | 0.11% |
| YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 | 0.10% |
| CA STWD CMNTYS DEV-A 05.2500 11/01/2044 | 0.10% |
| MET GOVT NASHVILLE & 05.0000 10/01/2039 | 0.10% |
| SUSQUEHANNA REGL ARPT 05.0000 01/01/2035 | 0.10% |
| ARLINGTON HGR EDU FIN 05.0000 12/01/2036 | 0.10% |
| CENTRL PLATTE VLY MDD 05.0000 12/01/2043 | 0.10% |
| CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 | 0.10% |
| ILLINOIS ST FIN AUTH 05.2500 05/15/2045 | 0.10% |
| CA ST MUNI FIN-A 05.2500 08/01/2042 | 0.10% |
| CMS LIQUIDATING TR P/P 144A | 0.10% |
| PHOENIX IDA-A-REF 05.0000 07/01/2037 | 0.10% |
| E HEMPFIELD TWP IDA 05.0000 07/01/2034 | 0.10% |
| LEE CNTY FL INDL DEV 05.0000 11/15/2039 | 0.10% |
| COLORADO HLTH FAC 06.3750 01/01/2041 | 0.10% |
| LOWER MAGNOLIA GREEN 05.0000 03/01/2035 | 0.10% |
| PUBLIC FIN AUTH-REF 05.2500 07/01/2028 | 0.10% |
| BUCKEYE TOB CAB-1ST-B 00.0000 06/01/2047 | 0.10% |
| NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 | 0.10% |
| BUCKEYE TOB CAB-2ND-C 00.0000 06/01/2052 | 0.10% |
| SARASOTA CNTY FL HLTH 05.0000 01/01/2030 | 0.10% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2032 | 0.09% |
| RIVERSIDE TRANS-A 05.7500 06/01/2044 | 0.09% |
| WESTMINSTER-A 06.0000 07/01/2034 | 0.09% |
| WISCONSIN ST HLTH & E 05.0000 08/15/2039 | 0.09% |
| DULUTH MN ISD COPS-A 04.0000 03/01/2028 | 0.09% |
| OHIO ST HGR EDUCTNL F 05.2500 12/01/2048 | 0.09% |
| SAINT TAMMANY PUB-REF 05.2500 11/15/2037 | 0.09% |
| WARM SPRINGS-B-REF P/P 144A 05.0000 11/01/2039 | 0.09% |
| DU PAGE SPL SVC 31 05.6250 03/01/2036 | 0.09% |
| LA VERNE-COPS 05.0000 05/15/2036 | 0.09% |
| LAS VEGAS DIST 812 05.0000 12/01/2035 | 0.09% |
| NC MED CARE COMM-A 05.0000 07/01/2047 | 0.09% |
| PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 | 0.09% |
| ALLEGHENY HGR ED-A-RO 05.7500 10/15/2040 | 0.09% |
| CAPITAL TRUST AGY-C 07.5000 07/01/2053 | 0.09% |
| DULUTH MN ISD COPS-A 04.0000 03/01/2027 | 0.09% |
| MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 | 0.09% |
| CO HLTH FACS AUTH-REF 05.2500 01/01/2037 | 0.09% |
| DULUTH MN ISD COPS-A 04.2000 03/01/2034 | 0.09% |
| MS BUS-VAR-B-CHEVRON 01.2500 12/01/2030 | 0.09% |
| NEWARK HGR EDU 05.0000 06/15/2048 | 0.09% |
| WI HLTH & EDU-REF-B 05.0000 09/15/2045 | 0.09% |
| DELAWARE ST ECON DEV 05.0000 06/01/2036 | 0.08% |
| LANCASTER CO HOSP AUT 05.1250 07/01/2037 | 0.08% |
| VLG CMNTY DEV DIST 8 06.1250 05/01/2039 | 0.08% |
| CLARK IMPT DIST 05.0000 08/01/2035 | 0.08% |
| LEXINGTON INDL DEV-A 05.0000 01/01/2042 | 0.08% |
| N LAS VEGAS IMPT 64 04.5000 06/01/2039 | 0.08% |
| NEW HOPE CUTL ED-A 05.5000 11/15/2046 | 0.08% |
| PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 | 0.08% |
| FLINT HSP-HURLEY MED 07.5000 07/01/2039 | 0.08% |
| MET GOVT NASHVILLE & 05.0000 10/01/2029 | 0.08% |
| MICHIGAN ST FIN AUTH 04.5000 10/01/2029 | 0.08% |
| CA ST MUNI FIN-A 05.0000 08/01/2032 | 0.08% |
| CHICAGO WTR REV 05.0000 11/01/2042 | 0.08% |
| NJ ECON DEV-A 05.0000 07/15/2029 | 0.08% |
| CHESTER CNTY PA INDL 05.0000 10/01/2034 | 0.08% |
| NH HLTH & EDU FACS 05.0000 10/01/2046 | 0.08% |
| FOREST LAKE MN CHRT-A 05.2500 08/01/2043 | 0.08% |
| TEXAS ST TRANSPRTN CO 00.0000 08/01/2039 | 0.08% |
| NJ ECON DEV AUTH-A 06.1000 07/01/2044 | 0.08% |
| 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% |
| FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 | 0.07% |
| WA HSG FIN-REF P/P 144A 05.0000 07/01/2036 | 0.07% |
| RESTRUCTURED-SER A-2 04.3290 07/01/2040 | 0.07% |
| ID HLTH FACS-A-REF 05.0000 03/01/2037 | 0.07% |
| 1.245 R ISWP FWD MUNIPSA P 07/12/2025 CI | 0.07% |
| SC PUB SVC AUTH-B-REF 05.0000 12/01/2037 | 0.07% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2038 | 0.06% |
| GLEN COVE AST CORP-C 00.0000 01/01/2055 | 0.06% |
| ILLINOIS ST FIN AUTH 05.0000 08/01/2042 | 0.06% |
| MICHIGAN ST STRATEGIC 05.0000 11/15/2043 | 0.06% |
| NJ ECON DEV AUTH 05.0000 07/15/2047 | 0.06% |
| FREDERICK EDL-A-REF 05.0000 09/01/2037 | 0.06% |
| PALM BEACH CNTY REV 05.0000 04/01/2039 | 0.06% |
| PUB FIN AUTH 05.0000 05/01/2042 | 0.06% |
| SOUTHLANDS CO MET DT 05.0000 12/01/2037 | 0.06% |
| CHARLOTTE CNTY FL IND 05.0000 10/01/2049 | 0.06% |
| LAS VEGAS SPL IMPT 05.0000 06/01/2030 | 0.06% |
| CA DEV-A 06.0000 10/01/2047 | 0.06% |
| ILLINOIS ST 05.0000 02/01/2039 | 0.06% |
| ILLINOIS ST FIN AUTH 05.2500 02/15/2037 | 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% |
| PUB FIN AUTH-A 05.7500 11/15/2044 | 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% |
| CELEBRATION PT CDD 1 05.0000 05/01/2048 | 0.06% |
| CHERRY HILL CMNTY DEV 05.1500 03/01/2035 | 0.06% |
| CO HLTH FACS AUTH-B 05.0000 05/15/2048 | 0.06% |
| E-470 HWY-CABS 00.0000 09/01/2041 | 0.06% |
| FLINT HOSP BLDG-A 05.2500 07/01/2039 | 0.06% |
| INDIANA ST FIN AUTH 04.0000 11/01/2036 | 0.06% |
| GUAM GOVT COPS-A-JOHN 06.8750 12/01/2040 | 0.06% |
| MET WA DC ARPTS-CABS 00.0000 10/01/2040 | 0.06% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2030 | 0.05% |
| MMD AAA R SP 0.0 09/04/19 CI | 0.05% |
| NEW HOPE CULT EDU-A1 05.0000 07/01/2030 | 0.05% |
| MET GOVT NASHVILLE & 05.0000 10/01/2034 | 0.05% |
| PUB FIN AUTH 05.0000 06/15/2054 | 0.05% |
| CLIFTON HGR EDU FIN 05.0000 08/15/2027 | 0.05% |
| KY ST ECON DEV-A 05.2500 06/01/2041 | 0.05% |
| MMD AAA R SP 0.0 10/22/19 MS | 0.05% |
| PUB FIN AUTH 05.0000 06/15/2039 | 0.05% |
| WARM SPRINGS-B-REF P/P 144A 05.0000 11/01/2032 | 0.05% |
| YONKERS IDA-A-ST JOHN 07.1250 07/01/2031 | 0.05% |
| CA FLTG-A2-RMKT-12/01 00.9500 05/01/2033 | 0.05% |
| BAYTOWN TWP MN LEASE 04.0000 08/01/2036 | 0.05% |
| COLUMBUS SWR-ADJ-B 01.2100 06/01/2032 | 0.04% |
| DETROIT 05.0000 04/01/2037 | 0.04% |
| DULUTH MN ISD COPS-A 03.0000 03/01/2021 | 0.04% |
| FAIRFAX CNTY VA ECON 05.0000 10/01/2036 | 0.04% |
| LAS VEGAS IMPT DIST 05.0000 06/01/2022 | 0.04% |
| NEW HOPE CULTURAL ED 05.0000 11/15/2036 | 0.04% |
| EATON AREA PK & REC 05.2500 12/01/2034 | 0.04% |
| MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 | 0.04% |
| PRINCE GEORGES SPL 05.1250 07/01/2039 | 0.04% |
| MMD AAA R SP 0.0 09/05/19 MS | 0.04% |
| NJ ECON DEV AUTH-A 06.0000 07/01/2032 | 0.04% |
| MA DEV FIN-A-PREREF 06.0000 01/01/2033 | 0.03% |
| COLORADO ST HLTH FACS 05.2500 05/15/2047 | 0.03% |
| MA DEV FIN-A-UNREF 06.0000 01/01/2033 | 0.03% |
| TX PRIVATE ACTIVITY 05.0000 12/31/2050 | 0.03% |
| NH HLTH & EDU-A 06.2500 07/01/2042 | 0.03% |
| NEW HOPE CUTL ED-A 05.5000 11/15/2052 | 0.03% |
| VLG FL CDD 9-REF 05.0000 05/01/2022 | 0.03% |
| LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 | 0.03% |
| NEWARK HGR EDU 05.0000 06/15/2038 | 0.03% |
| SOUTHEASTERN OH PORT 05.5000 12/01/2043 | 0.03% |
| RESTRUCTURED-SER A-2 04.7840 07/01/2058 | 0.03% |
| ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 | 0.03% |
| MMD AAA R SP 0.0 09/05/19 CI | 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% |
| MMD AAA R SP 0.0 10/23/19 CI | 0.02% |
| MONTGOMERY CNTY TOLL 05.0000 09/15/2034 | 0.02% |
| NJ ECON DEV AUTH-A 04.7500 06/15/2032 | 0.02% |
| COFINA SER 2007A SR BDS1 00.0000 08/01/2043 | 0.02% |
| PR SALES TAX FING-A1 04.5000 07/01/2034 | 0.01% |
| MMD AAA R SP 0.0 11/07/19 CI | 0.01% |
| TREASURY BILL 00.0000 10/10/2019 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2031 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2033 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2027 | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2029 | 0.01% |
| MMD AAA R SP 0.0 11/12/19 CI | 0.01% |
| PR SALES TAX FING-A1 00.0000 07/01/2024 | 0.01% |
| TREASURY BILL 00.0000 11/07/2019 | 0.00% |
| CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 | 0.00% |
| RESTRUCTURED-SER A-2 04.5360 07/01/2053 | 0.00% |
| CASA GRANDE IDA-REF-A ESCROW 07.2500 12/01/2019 | 0.00% |
| LA PUB FACS AUTH-A 08.3750 07/01/2039 | 0.00% |
| MMD AAA P SP 0.0 06/02/20 CI | -0.03% |
| MMD AAA P SP 0.0 06/04/20 MS | -0.04% |
| MMD AAA P SP 0.0 06/04/20 CI | -0.07% |
| 1.737 P ISWP FWD MUNIPSA R 07/12/2040 CI | -0.10% |
| US 10YR ULTRA FUT DEC19 UXYZ9 | -1.13% |
Prior top 10 holdings
| Top 10 holdings as of 06/30/19 | |
|---|---|
| Nthrn Tob Asset Bkd-A 05.0000 06/01/2046 | |
| Buckeye Tob Asset-A-2 06.5000 06/01/2047 | |
| Harris Cult Ed Var-C1 01.7000 12/01/2024 | |
| Ms Business Fin-Ref 02.5000 04/01/2022 | |
| Ky Pub Energy-C-1 04.0000 12/01/2049 | |
| Centrl Plains Energy 05.0000 03/01/2050 | |
| California St-B-Txbl 02.1930 04/01/2047 | |
| Mmd Aaa R Sp 0.0 09/04/19 Ci09/04/2019 | |
| Chicago Il 06.0000 01/01/2038 | |
| Mmd Aaa R Sp 0.0 07/19/19 Ci07/19/2019 | |
| Holdings represent 10.72% of portfolio | |
| Top 10 holdings as of 05/31/19 | |
|---|---|
| Nthrn Tob Asset Bkd-A 05.0000 06/01/2046 | |
| Buckeye Tob Asset-A-2 06.5000 06/01/2047 | |
| Ms Bus Fin-Var-E-Chev 01.6500 12/01/2030 | |
| Ms Business Fin-Ref 02.5000 04/01/2022 | |
| Harris Cult Ed Var-C1 02.0500 12/01/2024 | |
| Centrl Plains Energy 05.0000 03/01/2050 | |
| California St-B-Txbl 02.1930 04/01/2047 | |
| Mmd Aaa R Sp 0.0 09/04/19 Ci09/04/2019 | |
| Chicago Il 06.0000 01/01/2038 | |
| Illinois St 05.0000 12/01/2031 | |
| Holdings represent 10.82% of portfolio | |
| Top 10 holdings as of 04/30/19 | |
|---|---|
| Nthrn Tob Asset Bkd-A 05.0000 06/01/2046 | |
| Buckeye Tob Asset-A-2 06.5000 06/01/2047 | |
| Ms Bus Fin-Var-E-Chev 02.2300 12/01/2030 | |
| De Hlth-Var-A-Christi 02.0000 10/01/2038 | |
| Gloucester Wst-A-Rmkt 02.4000 09/01/2038 | |
| Harris Cult Ed Var-C1 02.0000 12/01/2024 | |
| Ms Business Fin-Ref 02.5000 04/01/2022 | |
| Centrl Plains Energy 05.0000 03/01/2050 | |
| Chicago Il 06.0000 01/01/2038 | |
| Jefferson Co-Cabs-F 00.0000 10/01/2046 | |
| Holdings represent 11.32% of portfolio | |
| Top 10 holdings as of 03/31/19 | |
|---|---|
| Nthrn Tob Asset Bkd-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 | |
| Harris Cult Ed Var-C1 01.4500 12/01/2024 | |
| Ms Business Fin-Ref 02.5000 04/01/2022 | |
| Centrl Plains Energy 05.0000 03/01/2050 | |
| Chicago Il 06.0000 01/01/2038 | |
| Jefferson Co-Cabs-F 00.0000 10/01/2046 | |
| Illinois St 05.0000 12/01/2031 | |
| Triborough Bridge-D 02.1280 11/15/2038 | |
| Holdings represent 10.83% of portfolio | |
Portfolio composition as of 06/30/19
| Municipal bonds and notes | 97.19% |
|---|---|
| Cash and net other assets | 2.81% |
Fixed income statistics as of 06/30/19
| Average stated maturity | 20.17 yrs. |
|---|---|
| Average effective maturity | 6.49 yrs. |
| Option adjusted duration | 7.15 yrs. |
| Duration to worst | 5.19 yrs. |
| Average yield to maturity | 4.12% |
| Average coupon | 4.84% |
| AMT exposure | 9.18% |
Quality rating as of 06/30/19
| AAA | 0.98% |
|---|---|
| AA | 8.56% |
| A | 21.07% |
| BBB | 29.18% |
| BB | 12.67% |
| B | 5.71% |
| Not Rated | 19.02% |
| Cash and net other assets | 2.81% |
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 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. 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. 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. 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 06/30/19
| Health care | 18.96% |
|---|---|
| Education | 13.57% |
| State Debt | 10.89% |
| Transportation | 10.48% |
| Tobacco | 8.73% |
| Utilities | 7.93% |
| Land | 6.30% |
| Local Debt | 5.09% |
| Financials | 4.81% |
| Other | 13.24% |
0
Sectors will vary over time.
Expenses
Expense ratio |
Class A | Class B | Class C | Class M | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 0.82% | 1.44% | 1.59% | 1.09% | 0.56% | 0.59% |
| What you pay | 0.82% | 1.44% | 1.59% | 1.09% | 0.56% | 0.59% |
Sales charge
| Breakpoint | Class A | Class B | Class C | Class M | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 4.00% / 3.50% | 0.00% / 4.00% | 0.00% / 1.00% | 3.25% / 3.00% | -- | -- |
| $50,000-$99,999 | 4.00% / 3.50% | 0.00% / 4.00% | 0.00% / 1.00% | 2.25% / 2.00% | -- | -- |
| $100,000-$249,999 | 3.25% / 2.75% | -- | 0.00% / 1.00% | 1.25% / 1.00% | -- | -- |
| $250,000-$499,999 | 2.50% / 2.00% | -- | 0.00% / 1.00% | 1.00% / 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 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% | -- | -- | -- |
Trail commissions
| Class A | Class B | Class C | Class M | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0.20%1 | 0.20%3 | 1.00% | 0.40% | 0.00% | 0.00% | |
| 0.25%2 | 0.25%4 | NA | NA | NA | NA | |
| NA | NA | NA | NA | NA | NA |
- Through 03/20/05
- After 03/20/05
- Through 03/31/90
- After 03/31/90
For sales and trail commission information on purchases over $500,000 and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.
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 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. 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. 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. 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.