Tax Exempt Income Fund (Class A)  (PTAEX)

Seeking a high level of tax-free income since 1976

Highlights

Objective

The fund seeks as high a level of current income exempt from federal income tax as we believe to be consistent with preservation of capital.

Strategy and process

  • Tax-advantaged income: The fund pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
  • Focus on performance: The portfolio managers seek a competitive yield and to protect investor's capital through careful investment analysis and risk management.
  • A diversified portfolio: A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.45
0.00% | $0.00
$8.71
12/06/17
$8.43
04/25/18
Historical fund price

Fund facts as of 04/30/18

Total net assets
$956.81M
Turnover (fiscal year end)
35%
Dividend frequency (view rate)
Monthly
Number of holdings
501
Fiscal year-end
September
CUSIP / Fund code
746870104 / 0009
Inception date
12/31/76
Category
Tax-free Income
Open to new investors
Ticker
PTAEX

Management team

Portfolio Manager
Portfolio Manager


Literature


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

Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

22.07%

Best 5-year annualized return

(for period ending 12/31/86)


-1.95%

Worst 5-year annualized return

(for period ending 12/31/81)


7.04%

Average 5-year annualized return


  • Total return (%) as of 03/31/18

  • Annual performance as of 03/31/18

Annualized Total return (%) as of 03/31/18

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 3.32% 2.13% 2.56% 4.21%
After sales charge -0.82% 0.75% 1.73% 3.79%
Bloomberg Barclays Municipal Bond Index 2.66% 2.25% 2.73% 4.40%

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

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 04/30/18 -0.34 % -4.33 %
YTD as of 05/18/18 -1.28 % -5.22 %

Yield

Distribution rate before sales charge
as of 05/18/18
3.05%
Distribution rate after sales charge
as of 05/18/18
2.93%
30-day SEC yield as of 04/30/18
(after sales charge)
2.29%

Risk-adjusted performance as of 03/31/18

Sharpe ratio (3 yrs.) 0.59
Information ratio (3 yrs.) -0.18

Volatility as of 03/31/18

Standard deviation (3 yrs.) 2.82%
Beta 0.86
R-squared 0.97

Lipper rankings as of 03/31/18

General & Insured Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 37% 93/256
3 yrs. 50% 112/225
5 yrs. 52% 101/196
10 yrs. 48% 73/152

Morningstar ratings as of 03/31/18

Muni National Long Rating Funds in category
Overall (142)
3 yrs. (142)
5 yrs. (123)
10 yrs. (103)

Distributions

Accrual days 32
Accrual start date 04/02/18
Accrual end date 04/30/18
Payable date 04/30/18
Non-taxable income $0.020785303
Extra taxable income --

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

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

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


Holdings

Top 10 holdings as of 03/31/18

Henrico Indl-Reg Link 05.9290 08/23/2027 1.37%
Met Transprtn-A3-Bans 04.0000 08/15/2019 1.29%
N Tx Twy Cab-Ref-I 06.5000 01/01/2043 1.23%
Ny Dorm City Univ 2nd 06.0000 07/01/2020 1.22%
New York St Dorm Auth 05.0000 03/15/2036 1.22%
New York St Dorm Auth 05.0000 02/15/2034 1.21%
San Fran Arpt-Rf-34e 05.7500 05/01/2020 1.17%
Houston Isd-A-Ref 04.0000 02/15/2034 1.10%
Lancaster Port-Ref 01.9820 05/01/2038 1.04%
Great Lakes Wtr-C-Ref 05.0000 07/01/2036 0.90%
Top 10 holdings, percent of portfolio 11.75%

Full portfolio holdings as of 03/31/18

HENRICO INDL-REG LINK 05.9290 08/23/2027 1.37%
MET TRANSPRTN-A3-BANS 04.0000 08/15/2019 1.29%
N TX TWY CAB-REF-I 06.5000 01/01/2043 1.23%
NEW YORK ST DORM AUTH 05.0000 03/15/2036 1.22%
NY DORM CITY UNIV 2ND 06.0000 07/01/2020 1.22%
NEW YORK ST DORM AUTH 05.0000 02/15/2034 1.21%
SAN FRAN ARPT-RF-34E 05.7500 05/01/2020 1.17%
HOUSTON ISD-A-REF 04.0000 02/15/2034 1.10%
LANCASTER PORT-REF 01.9840 05/01/2038 1.04%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.90%
N TX HWY CABS-REF-1ST 00.0000 01/01/2028 0.88%
CALIFORNIA ST-REF 04.0000 11/01/2032 0.80%
ID HSG & FIN 04.0000 07/15/2030 0.75%
MA TRANS-SR-B 05.0000 01/01/2037 0.74%
E-470 PUB HWY-CAB-A 00.0000 09/01/2034 0.73%
IN BD BK SER A 05.2500 10/15/2021 0.72%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.71%
NJ TRN FD CAB-SER C 00.0000 12/15/2024 0.70%
SACRAMENTO FING-CAB-A 00.0000 12/01/2022 0.68%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.67%
CHICAGO 2002B 05.5000 01/01/2037 0.66%
DALLAS AREA RAPID-A 05.0000 12/01/2046 0.65%
MA DEV FIN AGY 05.2500 10/01/2041 0.64%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.63%
VA SMALL BUSINESS FIN 05.0000 12/31/2056 0.62%
DC WTR & SWR AUTH-B 05.0000 10/01/2035 0.61%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.61%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.60%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.60%
MURRAY CITY HSP-VAR-A 01.8200 05/15/2037 0.60%
PA TNPK CMMN-A 05.0000 12/01/2044 0.60%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.59%
PALM BEACH HLTH-REF 05.0000 11/15/2032 0.59%
TEXAS ST-A-REF-TRNSPR 05.0000 10/01/2044 0.59%
TEXAS ST-HWY IMPT 05.0000 04/01/2044 0.59%
ATLANTA WTR-REF 05.0000 11/01/2040 0.58%
MS BUS-VAR-E-CHEVRON 01.7500 12/01/2030 0.58%
NYC TRANS FIN AUTH-S1 05.0000 07/15/2040 0.58%
MS BUS FIN-VAR-E-CHEV 01.7500 12/01/2030 0.57%
MIAMI-DADE CNTY AVTN 05.0000 10/01/2041 0.56%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.56%
UNION UTILS-A-REF 05.2500 12/01/2031 0.55%
LOUISVILLE & JEFFERSO 04.0000 10/01/2034 0.54%
WASHINGTON ST-A-COPS 05.0000 07/01/2034 0.54%
AMERICAN MUNI PWR-B 05.0000 02/15/2034 0.53%
MET TRANS AUTH-A2A 02.1700 11/01/2026 0.53%
HARRIS CULT ED VAR-C1 01.9000 12/01/2024 0.52%
MA SCH BLDG AUTH-C 05.0000 08/15/2037 0.52%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.52%
MO H/E VAR-WA UNIV-D 01.7500 09/01/2030 0.51%
FARMINGTON PCR-B 04.7000 09/01/2024 0.50%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.50%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.48%
SAN BERNARDINO CCD-A 04.0000 08/01/2032 0.48%
TEXAS CITY ARCO PIPE 07.3750 10/01/2020 0.48%
GAINESVILLE HOSP-A 05.0000 02/15/2036 0.47%
MARICOPA PCR--A 07.2500 02/01/2040 0.47%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.46%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.45%
TN ENERGY 05.2500 09/01/2020 0.45%
DC-KIPP-SER A-REF 05.0000 07/01/2037 0.44%
NJ ECON DEV-MSU HSG 05.8750 06/01/2042 0.44%
NYC TRANSTNL FIN-E1 05.0000 02/01/2038 0.44%
SEATTLE LIGHT/PWR-C 04.0000 09/01/2047 0.43%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.41%
DASNY INCOME TAX-E 05.0000 02/15/2044 0.41%
FRANKLIN CO REV-A 05.0000 12/01/2047 0.41%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.41%
MD HLTH & HGR EDU-A 01.8640 05/15/2046 0.41%
CHICAGO ARPT-F 05.0000 01/01/2040 0.40%
GLENDALE INDL DEV-REF 05.0000 05/15/2039 0.40%
HOUSTON ARPT-A-REF 05.0000 07/01/2025 0.40%
NJ ECON DEV-AA-UNREF 05.2500 12/15/2033 0.40%
MTA-D1-TRANSPRTN 05.0000 11/15/2039 0.39%
DC WTR & SWR AUTH-B 05.0000 10/01/2037 0.38%
BRAZOS HBR-DOW CHEM 05.9000 05/01/2038 0.37%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.37%
SUNRISE UTIL-UNREF 05.2000 10/01/2022 0.37%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2030 0.35%
MASS DEV FIN AGY-C 05.2500 10/01/2029 0.35%
NJ TRANSN TR FD-A 06.0000 06/15/2035 0.35%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.35%
CHICAGO IL 06.0000 01/01/2038 0.34%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.34%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.34%
MONTGOMERY INDL-A-AQU 05.2500 07/01/2042 0.34%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.34%
ATLANTA WTR-REF 05.0000 11/01/2043 0.33%
CAMPBELL CNTY 05.7500 07/15/2039 0.33%
CHICAGO WSTWTR 05.0000 01/01/2044 0.33%
MSR ENERGY 06.5000 11/01/2039 0.33%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.33%
RVRSIDE LSE CORP-HOSP 00.0000 06/01/2025 0.33%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.33%
CHICAGO BOE CAB-SCH-A 00.0000 12/01/2018 0.32%
KS DEV-LIFESPACE-S 05.0000 05/15/2030 0.32%
KY ECON DEV-A-REF 05.0000 12/01/2045 0.32%
MICHIGAN FIN AUTH 05.0000 11/01/2044 0.32%
ILLINOIS ST 05.0000 12/01/2031 0.31%
MD HLTH&HGR EDU AUTH 05.0000 07/01/2039 0.31%
OREGON ST-F 05.0000 05/01/2039 0.31%
CHICAGO WSTWTR 05.0000 01/01/2039 0.30%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.30%
NJ ST HLTH-REF-A 05.0000 07/01/2035 0.30%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.30%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.29%
PITTSBURGH-B 05.0000 09/01/2025 0.29%
IL FIN-RUSH UNIV-B 07.2500 11/01/2038 0.28%
MET PIER & EXPOSITION 05.0000 06/15/2057 0.28%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2029 0.28%
HOUSTON UTL SYS-D-REF 05.0000 11/15/2039 0.27%
MARICOPA IDA-A 04.0000 01/01/2041 0.27%
CT HLTH & EDUCTNL-A 01.3000 07/01/2048 0.26%
DALLAS AREA RAPID-A 05.0000 12/01/2041 0.26%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.26%
GLENDALE AZ EXCISE TA 05.0000 07/01/2031 0.26%
GRANT CNTY WA PUBLIC 02.0000 01/01/2044 0.26%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.26%
MASS ED FIN AUTH -B 05.7000 01/01/2031 0.26%
NEW YORK-REF-C 05.0000 08/01/2032 0.26%
PA TNPK CMMN-A 05.0000 12/01/2038 0.26%
WASHINGTON ST HLTH CA 02.3690 01/01/2042 0.26%
IL ST-REF 05.0000 08/01/2021 0.25%
ILLINOIS ST-REF 05.0000 02/01/2028 0.25%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.25%
LAKELAND HOSP 05.0000 11/15/2040 0.25%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.25%
NJ HGR ED-SER A 05.6250 06/01/2030 0.25%
RAILSPLITTER 06.0000 06/01/2028 0.25%
MARICOPA IDA-A 05.0000 01/01/2041 0.24%
MASSACHUSETTS ST-G 04.0000 09/01/2042 0.24%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.24%
SANTA FE RETMNT FAC 05.0000 05/15/2032 0.24%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.23%
DIST OF COLUMBIA UNIV 05.5000 04/01/2041 0.23%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.23%
MA DEV FIN AGY-E-OLIN 05.0000 11/01/2043 0.23%
MO DEV FIN BRD-A 05.0000 06/01/2037 0.23%
NEW YORK CITY MUNI FI 05.0000 06/15/2046 0.23%
OAKLAND UNIV-REF 05.0000 03/01/2039 0.23%
PA TPK 2ND SER REF 05.0000 12/01/2037 0.23%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.23%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.23%
YOUNGSTOWN UNIV-RCPTS 05.0000 12/15/2025 0.23%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.22%
BEXAR CO-REF 04.0000 06/15/2034 0.22%
CLIFTON HGR EDU FIN 04.0000 08/15/2031 0.22%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.22%
DETROIT WTR & SWR-A 05.0000 07/01/2032 0.22%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.22%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.22%
GAINESVILLE HOSP-A 05.5000 08/15/2054 0.22%
ILLINOIS ST 05.0000 11/01/2029 0.22%
ILLINOIS ST 05.0000 12/01/2028 0.22%
MA DEV-SUFFOLK UNIV 05.1250 07/01/2040 0.22%
MUNIMAE TE BOND SUBS P/P 144A 05.7500 06/30/2050 0.22%
NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 0.22%
SEATTLE SOL WST-REV 04.0000 06/01/2032 0.22%
BURKE CNTY DEV AUTH 01.8500 12/01/2049 0.21%
CHICAGO WTRWKS-REMK 05.0000 11/01/2029 0.21%
KALAMAZOO HOSP REF-A 05.0000 05/15/2026 0.21%
PORT AUTH OF NY/NJ 04.5000 04/01/2037 0.21%
LAKELAND HOSP 05.0000 11/15/2045 0.20%
MIAMI-DADE AVIATION-A 05.0000 10/01/2038 0.20%
MS BUS SYS ENERGY RES 05.8750 04/01/2022 0.20%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.20%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.20%
PA TURNPIKE-B1 05.0000 06/01/2042 0.20%
ARLINGTON HGR EDU-A 05.0000 12/01/2033 0.19%
CA POLL FING AUTH 04.7500 11/01/2046 0.19%
CULLMAN COUNTY 07.0000 02/01/2036 0.19%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.19%
GREATER CHICAGO MET-E 05.0000 12/01/2029 0.19%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.19%
TARRANT CNTY TX CULTU 05.0000 11/15/2046 0.19%
TEXAS MUNI PWR AGY 05.0000 09/01/2047 0.19%
TX PRIVATE ACTIVITY 06.8750 12/31/2039 0.19%
WASHINGTON ST A-1 05.0000 08/01/2037 0.19%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2028 0.18%
HIGH PLAINS CO MET DI 04.0000 12/01/2047 0.18%
KAREGNONDI WTR AUTH 05.0000 11/01/2034 0.18%
MI ST FIN AUTH 05.0000 11/15/2042 0.18%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.18%
MI STRAT REF DETRO-BB 07.0000 05/01/2021 0.18%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.17%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.17%
CT HLTH & EDU-F-REF 05.0000 07/01/2034 0.17%
MIDDLEBURG HGHTS HOSP 05.0000 08/01/2047 0.17%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.17%
PA ST HGR EDU FACS 05.0000 11/01/2042 0.17%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.17%
WA HLTH CARE FACS 04.0000 07/01/2036 0.17%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.16%
CUMBERLAND AUTH-A-PRE 05.2500 01/01/2019 0.16%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.16%
MET TRANS AUTH-C1-REF 04.0000 11/15/2035 0.16%
MONROE CO INDL DEV-C 04.0000 07/01/2035 0.16%
OHIO HOSP FAC-A-REF 04.0000 01/01/2043 0.16%
PUBLIC FIN AUTH WI SO 01.6000 10/01/2025 0.16%
SAN ANTONIO TX ELEC & 02.0000 02/01/2033 0.16%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2036 0.16%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2037 0.16%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.15%
CHICAGO WTR-UNREF-REF 05.0000 11/01/2025 0.15%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.15%
CLEVELAND INC TAX-B2 05.0000 10/01/2031 0.15%
HARRIS CULTURAL EDU-A 05.0000 06/01/2028 0.15%
KAREGNONDI WTR AUTH 05.0000 11/01/2036 0.15%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.15%
NJ ECON DEV AUTH-REF 05.0000 06/01/2037 0.15%
PA ST TRNPK-B 05.0000 12/01/2027 0.15%
SAN ANTONIO ARPT-IMPT 05.2500 07/01/2032 0.15%
SC PUB SVC AUTH-E 05.0000 12/01/2048 0.15%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.15%
ST PAUL PORT AUTH P/P 144A 04.5000 10/01/2037 0.15%
ABAG FIN AUTH-A-REF 05.0000 07/01/2042 0.14%
AMERICAN MUNI PWR-A 05.0000 02/15/2029 0.14%
DETROIT DEV REF 1-A 04.7500 07/01/2025 0.14%
FLINT HSP-HURLEY MED 07.3750 07/01/2035 0.14%
HOUSTON HGR ED-A 05.0000 02/15/2032 0.14%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.14%
MD HLTH & HGR EDU FAC 05.0000 07/01/2040 0.14%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.14%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.14%
PHOENIX IMPT CAB-B 05.5000 07/01/2043 0.14%
TOBACCO FING-A-REF 05.0000 05/15/2023 0.14%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.14%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2018 0.13%
CA POLLUTN-VAR-REF-A P/P 144A 01.6500 08/01/2023 0.13%
CHICAGO-A-REF 05.2500 01/01/2033 0.13%
HUBER HEIGHTS SD-REF 05.0000 12/01/2031 0.13%
HUDSON YDS INFR-UNREF 05.7500 02/15/2047 0.13%
ILLINOIS ST 05.0000 11/01/2041 0.13%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.13%
KAREGNONDI WTR AUTH 05.0000 11/01/2031 0.13%
MISSION ECON-VAR-A 01.6500 01/01/2020 0.13%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.13%
VA ST BUSINESS FING 05.0000 07/01/2034 0.13%
BRAZOS NAV AMT-A4-DOW 05.9500 05/15/2033 0.12%
CALEDONIA SCHS 05.0000 05/01/2039 0.12%
CUMBERLAND CNTY PA MU 05.0000 01/01/2033 0.12%
DIST OF COLUMBIA 06.0000 07/01/2033 0.12%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.12%
FRANKLIN CNTY-A 06.1250 07/01/2040 0.12%
GAINESVILLE HOSP-A 05.0000 02/15/2037 0.12%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.12%
HOLLAND SD-REF 05.0000 05/01/2029 0.12%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.12%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.12%
MA HSG FIN-A 05.1000 12/01/2030 0.12%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.12%
MI FIN AUTH-C-3-REF 05.0000 04/01/2026 0.12%
MYRTLE BEACH SC TAX I 05.0000 10/01/2029 0.12%
NEW YORK ST DORM AUTH 05.0000 03/15/2035 0.12%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.12%
OAKLAND USD-A 05.0000 08/01/2040 0.12%
PA UNIV-SER B 05.0000 09/01/2034 0.12%
PA UNIV-SER B 05.0000 09/01/2035 0.12%
PHILADELPHIA GAS WKS 05.0000 08/01/2031 0.12%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.12%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.12%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2033 0.12%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2028 0.12%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.11%
CHICAGO MTR FUEL TAX 05.0000 01/01/2033 0.11%
CO HLTH FACS AUTH-REF 05.0000 06/01/2045 0.11%
COLORADO ST HLTH FACS 05.0000 05/15/2045 0.11%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.11%
DC BALLPARK-SER B1 05.0000 02/01/2025 0.11%
DETROIT CITY SD-REF-A 05.0000 05/01/2031 0.11%
GUAM GOVT-30-A 05.7500 12/01/2034 0.11%
HAMILTON CO HLTH 05.0000 01/01/2032 0.11%
ILLINOIS ST 05.0000 11/01/2034 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2027 0.11%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2030 0.11%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.11%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.11%
MI BLDG AUTH-I-PREREF 06.0000 10/15/2038 0.11%
MI HSG DEV-D 03.9500 10/01/2037 0.11%
MI HSP 05.0000 11/15/2025 0.11%
MI ST UNIV-REF-C 05.0000 08/15/2018 0.11%
MINNESOTA ST HGR EDU 04.0000 03/01/2035 0.11%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.11%
NEW YORK TRANSPRTN-A 05.0000 07/01/2046 0.11%
NTHRN MI UNIV-GEN-A 05.0000 12/01/2026 0.11%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.11%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.11%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.11%
S JERSEY PORT-B-AMT 05.0000 01/01/2036 0.11%
SAGINAW HOSP 05.0000 07/01/2030 0.11%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.11%
ST PUB SCH BULD AUTH 05.0000 04/01/2023 0.11%
ST PUB SCH BULD AUTH 05.0000 04/01/2024 0.11%
TEXAS ST-REF 04.0000 10/01/2032 0.11%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.11%
WAYNE ARPT-RF-C-DETRO 05.0000 12/01/2022 0.11%
WV ECON DEV SLDWST 05.3750 12/01/2038 0.11%
DOUBLE BRANCH CDD-A1 04.2500 05/01/2034 0.10%
E-470 HWY-B-LIBOR 02.3190 09/01/2039 0.10%
KY PPTY & BLDGS-B 05.0000 05/01/2029 0.10%
NJ HLTH VAR-C-VIRTUA 01.6300 07/01/2043 0.10%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2024 0.09%
CA EDL FACS AUTH-A 05.0000 11/01/2030 0.09%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.09%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2035 0.09%
LOUISVILLE CLG-REF-A 06.0000 05/01/2038 0.09%
LOWER COLORADO RIVER 05.0000 05/15/2040 0.09%
MA DEV FIN AGY 05.0000 07/01/2036 0.09%
MI ST FIN AUTH-REF-A 05.0000 01/01/2034 0.09%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.09%
MICHIGAN ST FIN AUTH 04.5000 10/01/2029 0.09%
SAN BERNARDINO CCD-A 04.0000 08/01/2033 0.09%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2025 0.09%
TARRANT CNTY TX CULTU 05.0000 11/15/2037 0.09%
AZ HLTH-KIRKSVL CLG 05.1250 01/01/2030 0.08%
CENTRL ARIZONA ST WTR 05.0000 01/01/2036 0.08%
CLARK IMPT DIST-REF 05.0000 08/01/2020 0.08%
CO HLTH FACS AUTH 05.5000 06/01/2033 0.08%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.08%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.08%
KANSAS CITY MO SANTN 05.0000 01/01/2033 0.08%
LEXINGTON HLTH SVCS 04.0000 11/01/2031 0.08%
LEXINGTON HLTH SVCS 04.0000 11/01/2032 0.08%
MA DEV FIN AGY 05.0000 07/01/2034 0.08%
MARICOPA IDA-A 06.0000 07/01/2039 0.08%
MI PUB PWR-A 05.0000 01/01/2027 0.08%
MI ST BLDG AUTH-UNREF 06.0000 10/15/2038 0.08%
MONROE CO INDL DEV-C 04.0000 07/01/2036 0.08%
NEW HOPE ED FACS 05.5000 01/01/2043 0.08%
OJCO HLTH FACS AUTH-R 05.0000 06/01/2047 0.08%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.08%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.08%
TOB SETTLE-C 05.3750 06/01/2038 0.08%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.07%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.07%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.07%
CORONA-NORCO SD-A 05.0000 09/01/2035 0.07%
ILLINOIS ST 05.0000 01/01/2041 0.07%
KY PPTY & BLDGS-B 05.0000 05/01/2028 0.07%
MARICOPA CNTY AZ INDL 05.0000 07/01/2048 0.07%
MARICOPA POLL-REF-A 05.0000 06/01/2035 0.07%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.07%
MONROE CO INDL DEV-D 04.0000 07/01/2034 0.07%
NH HLTH & EDU FACS 05.0000 10/01/2046 0.07%
S HAVEN PUB SCHS-A 05.0000 05/01/2029 0.07%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2025 0.07%
SCIOTO CO HOSP FACS 05.0000 02/15/2034 0.07%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.07%
ARIZONA ST HLTH FACS 05.0000 12/01/2028 0.06%
AZ SPORTS-A-REF-SR 05.0000 07/01/2030 0.06%
CENTRAL MI UNIV-REF 05.0000 10/01/2034 0.06%
CENTRE CO HOSP-A-REF 05.0000 11/15/2041 0.06%
DAUPHIN GEN AUTH-A 05.0000 06/01/2036 0.06%
E HEMPFIELD TWP IDA 05.0000 07/01/2029 0.06%
GENESEE CO-WTR SPLY 05.3750 11/01/2038 0.06%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.06%
IL FIN AUTH-A 05.0000 02/15/2047 0.06%
KANSAS CITY MO SANTN 05.0000 01/01/2029 0.06%
KANSAS CITY MO SANTN 05.0000 01/01/2031 0.06%
LANSING SD-I-BLDG 05.0000 05/01/2027 0.06%
LIVONIA SD-I 05.0000 05/01/2036 0.06%
MARICOPA CNTY AZ INDL 05.0000 01/01/2035 0.06%
MARICOPA CNTY AZ UNIF 05.0000 07/01/2025 0.06%
MARICOPA CO USD 89 04.0000 07/01/2027 0.06%
MI FIN AUTH-B-LOC GOV 05.0000 07/01/2034 0.06%
MI FIN AUTH-C-3-REF 05.0000 04/01/2024 0.06%
MI FIN AUTH-H-1-REF 05.0000 10/01/2030 0.06%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.06%
MICHIGAN ST FIN AUTH 05.0000 06/01/2030 0.06%
OAKLAND UNIV 05.0000 03/01/2037 0.06%
OAKLAND UNIV-A 05.0000 03/01/2033 0.06%
PEORIA DEV AUTH 05.0000 07/01/2023 0.06%
PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 0.06%
PITTSBURGH 04.0000 09/01/2033 0.06%
PITTSBURGH 05.0000 09/01/2036 0.06%
QUEEN CREEK-REF 05.0000 08/01/2031 0.06%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.06%
TROY CITY SD-SCH BLDG 05.0000 05/01/2028 0.06%
UNIV MED CTR CORP 06.2500 07/01/2029 0.06%
UNIV MED CTR CORP 06.5000 07/01/2039 0.06%
AZ GAME/FISH AGF ADMI 05.0000 07/01/2021 0.05%
AZ UNIV-RF-A-AZ UNIV 05.0000 03/01/2034 0.05%
CALEDONIA SCHS 05.0000 05/01/2029 0.05%
DETROIT SD REF-C-BHAC 05.2500 05/01/2025 0.05%
FL MUNI PWR-A-UNREF 05.0000 10/01/2031 0.05%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.05%
GILBERT PUB FAC MUNI 05.0000 07/01/2018 0.05%
GRAND RAPIDS WTR-REF 05.0000 01/01/2041 0.05%
GRAND VLY UNIV-B-REF 05.0000 12/01/2029 0.05%
HENRICO ECON DEV-REF 05.0000 06/01/2023 0.05%
HENRICO ECON DEV-REF 05.0000 06/01/2025 0.05%
IL FIN AUTH 04.0000 11/15/2031 0.05%
KALAMAZOO HOSP FIN AU 04.0000 05/15/2031 0.05%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.05%
MARQUETTE LIGHT & PWR 05.0000 07/01/2024 0.05%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.05%
MI STRATEGIC FUND 05.7500 11/15/2033 0.05%
MICHIGAN ST HSG DEV A 03.9500 12/01/2040 0.05%
MONROE CO INDL DEV-D 04.0000 07/01/2036 0.05%
MYRTLE BEACH SC TAX I 05.0000 10/01/2028 0.05%
NTHRN AZ UNIV 05.0000 06/01/2036 0.05%
PIMA IDA-RF-PROVIDENC 05.1250 12/01/2040 0.05%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.05%
YUMA IDA-A 05.2500 08/01/2032 0.05%
ARLINGTON HGR EDU-A 04.0000 12/01/2031 0.04%
BELDING SCHS-A-REF 05.0000 05/01/2040 0.04%
CLIFTON HGR EDU FIN 05.0000 08/15/2027 0.04%
DEARBORN SD-A 05.0000 05/01/2030 0.04%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.04%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.04%
KANSAS CITY MO SANTN 05.0000 01/01/2034 0.04%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.04%
MAIN ST NAT GAS INC-A 05.5000 09/15/2021 0.04%
MARICOPA IDA-REF 05.0000 07/01/2035 0.04%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.04%
MINNESOTA ST HGR EDU 04.0000 03/01/2036 0.04%
NC MUNI PWR 1-UNREF 05.0000 01/01/2030 0.04%
SAGINAW VLY UNIV-A 05.0000 07/01/2035 0.04%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.04%
STURGIS SD-A-REF 05.0000 05/01/2027 0.04%
WA ST HSG FIN-A-REF 05.0000 07/01/2036 0.04%
WARREN SD-A-REF 05.0000 05/01/2035 0.04%
WAYNE ST UNIV-REFD 05.0000 11/15/2025 0.04%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 0.04%
ARIZ UNIV MED CTR 05.0000 07/01/2020 0.03%
BERKLEY SD-BLDG-SITE 05.0000 05/01/2031 0.03%
CASA GRANDE-B-REF 04.0000 08/01/2027 0.03%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.03%
CHICAGO WTR-PRERF-REF 05.0000 11/01/2025 0.03%
CHIPPEWA VLY SCHS-A 05.0000 05/01/2034 0.03%
EL MIRAGE 05.0000 07/01/2042 0.03%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2033 0.03%
GILBERT PUB FAC MUNI 05.0000 07/01/2020 0.03%
GRAND VLY MI ST UNIV 05.0000 12/01/2032 0.03%
GRAND VLY UNIV-B-REF 05.0000 12/01/2028 0.03%
GUAM GOVT HOTEL-A 06.0000 11/01/2026 0.03%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.03%
KANSAS CITY MO SANTN 05.0000 01/01/2028 0.03%
KAREGNONDI WTR AUTH 05.0000 11/01/2030 0.03%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.03%
KENTWOOD SCHS-BLDG 05.0000 05/01/2041 0.03%
LAKE HAVASU CITY AZ-B 05.0000 07/01/2043 0.03%
LANSING SD-I-BLDG 05.0000 05/01/2041 0.03%
MA DEV FIN AGY 05.0000 07/01/2035 0.03%
MARICOPA IDA 05.0000 07/01/2036 0.03%
MARICOPA INDL-WSTE MG 03.3750 12/01/2031 0.03%
MARQUETTE LIGHT & PWR 05.0000 07/01/2018 0.03%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.03%
MICHIGAN ST FIN AUTH 05.0000 12/01/2045 0.03%
NC MED CARE COMM-A 05.0000 10/01/2037 0.03%
NTHRN AZ UNIV-REF 05.0000 06/01/2034 0.03%
NYC IDA QUEENS BASEBA 05.0000 01/01/2023 0.03%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.03%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.03%
ROCHESTER SD-I 05.0000 05/01/2036 0.03%
ROSEVILLE MI SCH DIST 05.0000 05/01/2031 0.03%
SA ENERGY ACQ PUB FAC 05.5000 08/01/2025 0.03%
SUNDANCE CMNTY FACS 04.0000 07/15/2024 0.03%
TEXAS MUNI PWR AGY 05.0000 09/01/2037 0.03%
THORNAPPLE ETC SD-REF 05.0000 05/01/2032 0.03%
VISTANCIA CMNTY FACS 05.0000 07/15/2026 0.03%
WYANDOTTE ELEC-A-REF 05.0000 10/01/2044 0.03%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.03%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.03%
YPSILANTI SD-A-REF 05.0000 05/01/2032 0.03%
ARIZONA BRD OF RGTS 05.0000 07/01/2041 0.02%
CHICAGO MTR FUEL TAX 05.0000 01/01/2030 0.02%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.02%
GENESEE CO-WTR SPLY 05.2500 02/01/2040 0.02%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.02%
LINCOLN SD-A-REF 05.0000 05/01/2040 0.02%
LIVONIA PUB SD-II 05.0000 05/01/2045 0.02%
LWR COLORADO RIVER 05.0000 05/15/2033 0.02%
MARICOPA USD 60-C 04.0000 07/01/2033 0.02%
MI HSG DEV-A 04.6250 10/01/2039 0.02%
MTA-A-PREREF 05.5000 11/15/2039 0.02%
PHOENIX IDA 04.8750 09/01/2022 0.02%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.02%
PHOENIX INDL DEV AUTH 05.0000 07/01/2036 0.02%
PIMA USD 6 04.0000 07/01/2028 0.02%
SAGINAW VLY UNIV-A 05.0000 07/01/2032 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
STUDENT & ACADEMIC 05.0000 06/01/2025 0.02%
WEST OTTAWA SD-I 05.0000 05/01/2035 0.02%
WSTRN MI UNIV-REF-GEN 05.2500 11/15/2030 0.02%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.01%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.01%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.01%
FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 0.01%
GOODYEAR UTIL 1-PRERF 04.0000 07/15/2021 0.01%
GOODYEAR UTIL 1-UNREF 04.0000 07/15/2021 0.01%
GUAM PWR-A 05.5000 10/01/2040 0.01%
HUDSON YDS INFR-PRERF 05.7500 02/15/2047 0.01%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.01%
MI HSG DEV-A 04.4500 10/01/2034 0.01%
MICHIGAN ST FIN AUTH 05.0000 11/01/2022 0.01%
OAKLAND UNIV-REF 05.0000 03/01/2032 0.01%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.01%
STUB 05.2500 04/01/2024 0.01%
YAVAPAI CO IDA-A 05.2500 08/01/2033 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
RED RIVER HLTH FAC-A 05.1500 11/15/2027 0.00%
RED RIVER HLTH FAC-A 06.0500 11/15/2046 0.00%
RED RIVER HLTH FAC-D 06.0500 11/15/2046 0.00%
RED RIVER HLTH-B 06.1500 11/15/2049 0.00%
RED RIVER HLTH-C 06.2500 05/09/2053 0.00%

Prior top 10 holdings

Top 10 holdings as of 03/31/18
Henrico Indl-Reg Link 05.9290 08/23/2027
Met Transprtn-A3-Bans 04.0000 08/15/2019
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
New York St Dorm Auth 05.0000 03/15/2036
New York St Dorm Auth 05.0000 02/15/2034
San Fran Arpt-Rf-34e 05.7500 05/01/2020
Houston Isd-A-Ref 04.0000 02/15/2034
Lancaster Port-Ref 01.9820 05/01/2038
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
Holdings represent 11.75% of portfolio
Top 10 holdings as of 02/28/18
Henrico Indl-Reg Link 05.9290 08/23/2027
Met Transprtn-A3-Bans 04.0000 08/15/2019
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
New York St Dorm Auth 05.0000 02/15/2034
San Fran Arpt-Rf-34e 05.7500 05/01/2020
Houston Isd-A-Ref 04.0000 02/15/2034
Lancaster Port-Ref 01.8350 05/01/2038
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Holdings represent 11.29% of portfolio
Top 10 holdings as of 01/31/18
Henrico Indl-Reg Link 05.9290 08/23/2027
Met Transprtn-A3-Bans 04.0000 08/15/2019
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
San Fran Arpt-Rf-34e 05.7500 05/01/2020
Lancaster Port-Ref 01.7680 05/01/2038
Dist Of Columbia-D 05.0000 06/01/2041
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Reno S/Tax-Var-Rf-Ret 01.0700 06/01/2042
Holdings represent 10.82% of portfolio
Top 10 holdings as of 12/31/17
Henrico Indl-Reg Link 05.9290 08/23/2027
N Tx Twy Cab-Ref-I 06.5000 01/01/2043
Ny Dorm City Univ 2nd 06.0000 07/01/2020
San Fran Arpt-Rf-34e 05.7500 05/01/2020
Dist Of Columbia-D 05.0000 06/01/2041
Fl Brd Of Edu-C-Ref 04.0000 06/01/2032
Great Lakes Wtr-C-Ref 05.0000 07/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Reno S/Tax-Var-Rf-Ret 01.8600 06/01/2042
California St-Ref 04.0000 11/01/2032
Holdings represent 10.32% of portfolio

Portfolio composition as of 03/31/18

Municipal bonds and notes 97.43%
Cash and net other assets 2.57%

Fixed income statistics as of 03/31/18

Average stated maturity 17.49 yrs.
Average effective maturity 5.92 yrs.
Option adjusted duration 6.71 yrs.
Duration to worst 4.76 yrs.
Average yield to maturity 3.78%
Average coupon 4.74%
Average price $106.81
AMT exposure 9.76%

Quality rating as of 03/31/18

AAA 8.10%
AA 31.05%
A 39.18%
BBB 15.24%
BB 1.36%
B 0.49%
Not Rated 2.01%
Cash and net other assets 2.57%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. 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 might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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 03/31/18

Utilities 15.89%
Health care 15.82%
Transportation 15.33%
State Debt 9.42%
Special Tax 8.48%
Local Debt 8.33%
Education 7.95%
Prerefunded 4.93%
Financials 3.19%
 
Other
10.66%
Cash and net other assets 2.57%
Land 2.08%
Industrials 1.78%
Other 1.63%
Tobacco 1.46%
Housing 1.14%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class Y
Total expense ratio 0.77% 1.40% 1.55% 1.05% 0.55%
What you pay 0.77% 1.40% 1.55% 1.05% 0.55%

Sales charge

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

CDSC

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

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

Consider these risks before investing: Capital gains, if any, are taxable for federal and, in most cases, state purposes. For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally tax-exempt funds may be subject to state and local taxes. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is greater for longer-term bonds, and credit risk is greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. 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 might be taxable. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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.