Use the Guide
Browse the Guide
Portfolio Discussions
Dr. Kelly's Review
Use the Guide
Guide to Retirement
Client Presentation
Employment & the Fed
Navigating fiscal uncertainty
European Markets
U.S. Recovery
Employment & the Fed
Navigating fiscal uncertainty
European Markets
U.S. Recovery
Featured Topics
Fixed Income
Income Opportunities
U.S. Equities
Global Growth
Looking for other topics? Visit the Library
Choose a Shortcut

Tax Free Bond Fund - A (PMBAX)

Tax Free Bond Fund - A (PMBAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 2/28/2015)
1. Port Authority of New York & New Jersey, Consolidated, 93rd Series 5.1%
2. Laurens County School District No. 056 3.2%
3. San Diego Public Facilities Financing Authority, Senior Sewer 2.4%
4. Regional Transportation Authority 2.4%
5. New York State Dormitory Authority, State Sales Tax 2.4%
6. Metropolitan Atlanta Rapid Transit Authority, Sales Tax 2.3%
7. New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems 2.0%
8. Western Washington University, Housing & Dining System, Junior Lien, Class A 1.9%
9. New York State Dormitory Authority, State Sales Tax 1.8%
10. State of California, Various Purpose 1.7%
Total of top ten 25.2%
Portfolio breakdown* (as of 2/28/2015)
Municipal Bonds 86.9%
Other Revenue 1.7%
Short-Term Investments 9.0%
Utility 1.4%
Other 1.0%

* Due to rounding, values may not total 100%.

Average life* (as of 2/28/2015)
Years 0-2 9.9%
Years 2-4 6.3%
Years 4-6 11.3%
Years 6-8 2.7%
Years 8-10 0.7%
Years 10-12 7.6%
Years 12-17 12.2%
Years 17-22 22.9%
Years 22+ 26.5%
Duration 6.96 years
Average Maturity 17.72 years
Average Life 6.49 years

* Due to rounding, values may not total 100%.

Contribution to duration (in years) (as of 2/28/2015)
Revenue 5.17
GO 1.53
Pre-refunded 0.39
Other -0.19
Portfolio stats (as of 2/28/2015)
Number of Holdings 131
Fund Assets $343.43
(in millions)
Turnover Ratio 62.00%
(Trailing 12 month) (2/28/2014)
Yield to maturity 3.09%
Quality* (as of 2/28/2015)
AAA 14.9%
AA 59.1%
A 24.1%
BAA 1.4%
<=BA & NR 0.5%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.