Important update on the dividend policy for this fund: The Trustees of the Putnam Funds have approved an amendment to the dividend policy for the Putnam closed-end funds to establish targeted distribution rates for common shares. Read more here.


Managed Municipal Income Trust (Class A)  (NYSE: PMM)

A closed-end fund seeking high current tax-free income by investing primarily in levered portfolio of municipal bonds.

Webcast | Update on Putnam tax-exempt closed-end funds: PMO and PMM | September 25, 2019 | 1:15pm ET

Highlights

Objective

The fund seeks to provide high current income free from federal income tax. The fund pursues its goal by investing in a diversified portfolio of tax-exempt municipal securities. The fund currently uses investment leverage by issuing preferred shares. Leverage offers the potential for higher returns, but also involves increased risk.

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.

Daily pricing as of 09/18/19

Ticker NYSE: PMM
Net asset value $8.16
Net asset value change 0.02
Market price $7.83
Market price change 0.06
Discount/Premium -4.04%
Dividend rate at net asset value 4.71%
Dividend rate at market price 4.90%

Fund facts as of 08/31/19

Inception date
02/24/89
Total net assets
$506.18M
Dividend frequency
Monthly
Number of holdings
406
Product status
Trades on secondary market
Common share CUSIP
746823103
Ticker
NYSE: PMM
Fiscal year-end
October
Category
Closed End
Turnover (fiscal year end)
28%
Number of common share accounts
--
Outstanding common shares
-
AMT
14.84%

Management team

Portfolio Manager
Portfolio Manager


Literature

Fund documents

Annual Report (PDF)
Semiannual Report (PDF)
Fact Sheet (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

  • Performance as of 06/30/19

  • Annual performance as of 06/30/19

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value 0.65% 3.12% 7.10% 8.03% 3.95% 6.10% 8.50%
Market price 2.02% 3.29% 16.48% 13.39% 3.59% 7.01% 9.22%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value 0.37%2.14%5.09%6.71%2.55%3.64%4.72%

Data is historical. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Investment return at both net asset value and market price as well as principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Performance at net asset value reflects the deduction of all management and administrative fees. 12b-1 (distribution) fees are not applicable to this fund.

Performance snapshot

  Net asset value Market price
1 mt. 2.25% 2.55%
as of 08/31/19
YTD 9.01% -
as of 09/18/19

Lipper rankings as of 08/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 3/11 25%
3 yrs. 5/11 42%
5 yrs. 3/11 25%
10 yrs. 7/11 59%
Lipper category: High Yield Municipal Debt Funds

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
08/23/19 $00.032
07/24/19 $00.032
06/24/19 $00.032
05/24/19 $00.032
04/24/19 $00.032
03/22/19 $00.032
02/22/19 $00.032
01/24/19 $00.032
12/21/18 $00.032
11/23/18 $00.0289
10/24/18 $00.0289
09/24/18 $00.0289

Distributions are sourced entirely from net investment income, unless noted otherwise. Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

Risk characteristics 

Average effective maturity 5.16
Average stated maturity 19.06
Average effective duration
without leverage
6.99
Average effective duration
with leverage
8.69
Average yield to maturity 3.94
Average price 110.89
Average coupon 5.12

Data is historical. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Investment return at both net asset value and market price as well as principal value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Performance at net asset value reflects the deduction of all management and administrative fees. 12b-1 (distribution) fees are not applicable to this fund.

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 08/31/19

1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025 3.66%
Nthrn Tob Asset Bkd-A 05.0000 06/01/2046 1.27%
Buckeye Tob Cab-Sr-A3 06.2500 06/01/2037 1.21%
Ms Business Fin-Ref 02.5000 04/01/2022 1.12%
1.737 P Iswp Fwd Munipsa R 07/12/2040 Ci 1.08%
Ky Pub Energy-C-1 04.0000 12/01/2049 1.03%
Tndr Opt-Resdlxf0571 P/P 11.3600 03/15/2042 1.03%
Golden St Tobacco Sec 05.0000 06/01/2047 1.02%
Centrl Plains Energy 05.0000 03/01/2050 1.01%
Mmd Aaa R Sp 0.0 10/23/19 Ci10/23/2019 0.97%
Top 10 holdings, percent of portfolio 13.40%

Full portfolio holdings as of 06/30/19

NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 1.28%
US 10YR ULTRA FUT SEP19 UXYU9 1.25%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 1.18%
MS BUSINESS FIN-REF 02.5000 04/01/2022 1.13%
SOUTH CAROLINA JOB-A 05.0000 05/01/2043 1.06%
KY PUB ENERGY-C-1 04.0000 12/01/2049 1.03%
CENTRL PLAINS ENERGY 05.0000 03/01/2050 1.02%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2047 1.01%
TNDR OPT-RESDLXF0571 P/P 12.6100 03/15/2042 0.95%
ILLINOIS ST 05.0000 11/01/2029 0.87%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.81%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.80%
SC TRANSPRTN-2003B 02.0500 10/01/2031 0.80%
MAIN STREET NATURAL-A 05.0000 05/15/2034 0.80%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.80%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.75%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.73%
TNDR OPT-RESDL-XF059 P/P 10.1700 12/01/2047 0.72%
TOBACCO SETTLEMENT-B 05.0000 06/01/2046 0.71%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.71%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.69%
NORTH LAS VEGAS-REF 04.0000 06/01/2033 0.69%
LOUISVILLE CO METRO-A 05.5000 10/01/2033 0.69%
NEW JERSEY ST ECON DE 05.0000 06/15/2048 0.68%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.64%
TNDR OPT-RESDL-XF072 P/P 12.9600 10/01/2044 0.64%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.61%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.61%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2035 0.60%
LYCOMING CNTY HLTH-A 05.7500 07/01/2039 0.60%
CHICAGO IL 06.0000 01/01/2038 0.60%
NEW HOPE CULT EDU-A 05.0000 04/01/2042 0.59%
MET TRANS AUTH-A2A 02.3500 11/01/2026 0.58%
CHICAGO OHARE-C-AMT 05.0000 01/01/2026 0.58%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.56%
ST LOUIS IDA-A 05.0000 09/01/2038 0.56%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.56%
CLIFTON HGR EDU FIN-D 06.1250 08/15/2048 0.55%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.54%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.54%
DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 0.54%
FRONT ROYAL & WARREN 04.0000 01/01/2050 0.53%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.53%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.53%
LA PAZ CO IDA-A 05.0000 02/15/2048 0.53%
MORONGO BAND OF MISS P/P 144A 05.0000 10/01/2042 0.53%
SKAGIT HSP 1-SKAGIT 05.7500 12/01/2035 0.52%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.52%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.52%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.50%
SALES TAX SECURTZTN-C 05.5000 01/01/2036 0.49%
CA CMNTYS DEV-REF 05.1250 05/15/2031 0.48%
MA DEV VAR-BOSTON-U6C 01.5500 10/01/2042 0.48%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.48%
CHICAGO BOE-H 05.0000 12/01/2036 0.47%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.47%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.47%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.45%
DE HLTH-VAR-A-CHRISTI 01.7000 10/01/2038 0.45%
CHICAGO-A 05.0000 01/01/2040 0.44%
PINAL CNTY AZ INDL P/P 144A 07.2500 10/01/2033 0.44%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.44%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.44%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.44%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.44%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.43%
NH HLTH-A-RIVERMEAD 06.8750 07/01/2041 0.43%
ID HLTH FACS-A-REF 04.0000 03/01/2038 0.43%
N TX EDU FIN CORP-A 05.2500 12/01/2047 0.42%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2034 0.42%
FARMINGTON PCR-B 04.7000 09/01/2024 0.42%
TX PRIVATE ACTIVITY 07.5000 12/31/2031 0.42%
CA PUB FIN AUTH-C 01.2200 08/01/2052 0.41%
MET GOVT ETC-D-TXBL 04.8880 07/01/2046 0.41%
ILLINOIS ST 05.0000 12/01/2028 0.41%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.40%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.40%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.40%
CA FLTG-A2-RMKT-12/01 01.2500 05/01/2033 0.39%
PUB FIN AUTH-A 05.7500 11/15/2044 0.39%
KING GEORGE IDA-A-RMK 02.5000 06/01/2023 0.39%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.37%
NC MED CARE COMM 05.3750 10/01/2045 0.36%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.35%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2025 0.35%
CLEVELAND ETC PORT 05.5000 12/01/2053 0.35%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.35%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.35%
WASHINGTON ST HLTH CA 02.7110 01/01/2042 0.34%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 0.34%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.34%
HARBOR POINT-REF 05.0000 04/01/2039 0.34%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.33%
TEMPLE TAX-A-REV 05.0000 08/01/2038 0.33%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.33%
SARASOTA CO PUB HOSP 04.0000 07/01/2048 0.32%
MOON IDA-REF 05.7500 07/01/2035 0.32%
WESTMINSTER-REF 05.1250 07/01/2034 0.32%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.32%
HOUSTON ARPT-A-REF 05.0000 07/01/2024 0.32%
MILLSBORO SPL OBLG 05.1250 07/01/2038 0.32%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.32%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.32%
CO HLTH FACS AUTH-B 05.0000 05/15/2048 0.32%
UNION UTILS-A-REF 05.2500 12/01/2031 0.32%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.31%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.31%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.30%
CHICAGO WSTWTR 05.0000 01/01/2039 0.30%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.30%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.30%
CA DEV-A 06.0000 10/01/2047 0.29%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2035 0.28%
NH HLTH-A-RIVERMEAD 06.6250 07/01/2031 0.28%
CHANDLER AZ INDL DEV 05.0000 06/01/2049 0.28%
WI H/E FACS AUTH-A 07.6250 09/15/2039 0.28%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.27%
ILLINOIS ST 05.0000 11/01/2041 0.27%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.27%
MIAMI-DADE IDA 05.0000 09/15/2034 0.27%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.27%
ATLANTIC CITY NJ-B 04.0000 03/01/2042 0.27%
NATL FIN AUTH-C-REF 04.8750 11/01/2042 0.26%
TULSA INDL-A-MONTEREA 07.1250 11/01/2030 0.26%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.26%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.26%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.26%
FRANKLIN HLTH-IMPT-A 05.6250 07/01/2026 0.26%
WA ST HSG FIN COMM-A 05.0000 01/01/2036 0.26%
PUB FIN AUTH-PIEDMONT 05.0000 06/15/2053 0.26%
OH AIR QLTY DEV AUTH 04.5000 01/15/2048 0.26%
CICERO-A-REF 05.0000 01/01/2020 0.26%
DC TOB SETTLMT-CAB-A 00.0000 06/15/2046 0.25%
MONTGOMERY CNTY TOLL 05.0000 09/15/2036 0.25%
CA POLL FING AUTH 04.7500 11/01/2046 0.25%
ILLINOIS ST 05.0000 01/01/2029 0.25%
VA ST BUSINESS FING 05.0000 07/01/2034 0.25%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.24%
PUB FIN AUTH 05.0000 05/01/2042 0.24%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.24%
PUBLIC FIN AUTH WI LI 07.0000 12/01/2050 0.24%
CMWLTH FING AUTH 05.0000 06/01/2035 0.24%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.24%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.24%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.23%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2036 0.23%
TENNERGY CORP TN GAS 05.0000 02/01/2050 0.23%
ILLINOIS ST-D 05.0000 11/01/2028 0.23%
ILLINOIS ST 05.0000 10/01/2031 0.23%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.23%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.23%
NJ ECON DEV AUTH 06.0000 10/01/2033 0.23%
CHICAGO-A 05.5000 01/01/2049 0.23%
ST PAUL PORT-1-REGION 05.0000 08/01/2036 0.23%
VA SMALL BUSINESS FIN 05.0000 12/31/2049 0.23%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.22%
ILLINOIS ST -A 05.0000 05/01/2038 0.22%
NJ ECON DEV AUTH 05.0000 07/15/2047 0.22%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.22%
SC ST JOBS ECON DEV 05.7500 06/15/2049 0.22%
TALLAHASSEE HLTH-A 05.0000 12/01/2055 0.22%
ILLINOIS ST 05.2500 02/01/2030 0.22%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.22%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.22%
DELAWARE ST ECON DEV 05.0000 06/01/2051 0.22%
MIAMI BEACH HLTH-REF 05.0000 11/15/2029 0.22%
SARASOTA CNTY HLTH-A 05.0000 01/01/2037 0.22%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.22%
PRINCE GEORGES SPL 05.1250 07/01/2039 0.22%
MA DEV FIN AGY-LINDEN 05.1250 11/15/2046 0.22%
ME H/E AUTH-HOSP 06.9500 07/01/2041 0.22%
PRIV CLGS & UNIV-A 05.2500 10/01/2027 0.22%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.22%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.22%
CA POLL CNTRL-AMT P/P 144A 05.0000 11/21/2045 0.22%
LA VERNIA HGR ED-A 05.2500 08/15/2035 0.22%
OHIO ST AIR QUALITY D 05.0000 07/01/2049 0.22%
SC PUB SVC AUTH-D 05.0000 12/01/2043 0.22%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.21%
CHESTER CO IDA-A 05.0000 08/01/2045 0.21%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.21%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.21%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.21%
KY ECON DEV FIN-A-REF 05.0000 05/15/2046 0.21%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.21%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.21%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.21%
CHERRY HILL CMNTY DEV 05.4000 03/01/2045 0.21%
PA TURNPIKE-B1 05.0000 06/01/2042 0.21%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.21%
ALLEGHENY HGR ED-A-RO 05.5000 10/15/2030 0.21%
ROCHESTER HLTH 05.8750 07/01/2030 0.21%
VLG CMNTY DEV DIST11 04.5000 05/01/2045 0.21%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.21%
PR COMWLTH-REF-A-IMPT 05.5000 07/01/2020 0.21%
LANCASTER HSP 1-IMMA 05.5000 01/01/2030 0.20%
N HUDSON SWR-A-UNREF 05.0000 06/01/2042 0.20%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2030 0.20%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.20%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.20%
MO H/E VAR-WA UNIV-D 01.6700 09/01/2030 0.20%
ST LOUIS ARPT 06.6250 07/01/2034 0.20%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.20%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.20%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.20%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.20%
MET PIER & EXPOSITION 00.0000 12/15/2047 0.19%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.19%
LAKEWOOD RANCH DIST 05.1250 05/01/2046 0.19%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.19%
NC MED CARE-C-REF 05.0000 10/01/2031 0.19%
ST LOUIS IDA-A 04.7500 11/15/2047 0.18%
COLORADO HLTH FAC 06.3750 01/01/2041 0.18%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.18%
NC MED CARE COMM 05.0000 07/01/2045 0.17%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.17%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.17%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.17%
PA HGR EDU-KK1 05.3750 05/01/2042 0.17%
WEST SHORE AREA AUTH 05.0000 07/01/2035 0.17%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.17%
CHICAGO O'HARE ARPT-A 05.0000 01/01/2038 0.17%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.17%
KALISPEL TRIBE-A P/P 144A 05.2500 01/01/2038 0.17%
PUBLIC FIN AUTH 05.0000 10/01/2043 0.17%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.17%
VLG CDD 10 05.7500 05/01/2031 0.17%
PRIV CLGS & UNIVS-C 05.2500 10/01/2030 0.16%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.16%
DETROIT 05.0000 04/01/2037 0.16%
IA ST FIN AUTH 05.2500 12/01/2025 0.16%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.16%
SARTELL HLTH-A 05.2500 09/01/2027 0.16%
LOUISIANA PUB FACS AU 04.0000 12/15/2050 0.16%
NH HLTH & EDU-A 06.2500 07/01/2042 0.16%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.16%
CO EDU CULT FAC-REF 05.1250 07/01/2034 0.16%
MA PORT AUTH-A 05.1250 07/01/2041 0.16%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.16%
VLG CDD 12 04.0000 05/01/2033 0.16%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.16%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.16%
DELAWARE ST ECON DEV 05.0000 06/01/2036 0.15%
ILLINOIS ST 05.0000 01/01/2041 0.15%
SAN FRANCISCO REDEV-C 00.0000 08/01/2038 0.15%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.15%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.15%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.14%
ABAG-REF 06.0000 07/01/2031 0.14%
GAINESVL DEV-A2-ACTS 06.3750 11/15/2029 0.14%
LEXINGTON VA INDL DEV 04.0000 01/01/2031 0.14%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.14%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.14%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.14%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.14%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.14%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.14%
HENRICO ECON DEV-REF 05.0000 06/01/2022 0.13%
NH HLTH & EDU FACS 05.0000 10/01/2040 0.13%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.13%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.12%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.12%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.12%
BUCKEYE TOB CAB-1ST-B 00.0000 06/01/2047 0.12%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.12%
LA PAZ CO IDA-A 05.0000 02/15/2038 0.12%
PA TNPK CMMN-A 05.0000 12/01/2038 0.12%
PHOENIX IDA 04.8750 09/01/2022 0.12%
IL FIN AUTH-A 05.0000 02/15/2037 0.11%
COOK CNTY-REF 05.0000 11/15/2035 0.11%
FREDERICK EDL-A-REF 05.0000 09/01/2037 0.11%
SC ST JOBS ECON DEV 05.7500 06/15/2039 0.11%
DALLAS PA AREA MUNI 05.0000 05/01/2048 0.11%
IL FIN AUTH-A 05.0000 02/15/2047 0.11%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.11%
SOUTHLANDS CO MET DT 05.0000 12/01/2037 0.11%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.11%
DIST COLUM REV-UNREF 06.2500 10/01/2032 0.11%
ILLINOIS ST 05.0000 11/01/2034 0.11%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.11%
TOLEDO ET PORT REF 06.4500 12/15/2021 0.11%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.11%
MA DEV FIN AGY-LINDEN 05.0000 11/15/2038 0.11%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.11%
AZ INDL DEV-G-REF 05.0000 07/01/2037 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2029 0.11%
NEW HOPE CULTURAL ED 05.0000 01/01/2037 0.11%
NJ ECON DEV-A-REF 05.0000 07/01/2029 0.11%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.11%
PALM BEACH CNTY REV 05.0000 04/01/2039 0.11%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.11%
NEW HOPE ED FACS 05.5000 01/01/2043 0.11%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 0.11%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.11%
SARTELL HLTH-A 05.2500 09/01/2030 0.11%
WICHITA KS HLTH CARE 05.0000 05/15/2033 0.11%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.11%
DOUBLE BRANCH CDD-A1 04.1250 05/01/2031 0.11%
IL FIN AUTH 04.0000 11/15/2035 0.11%
MARICOPA IDA-REF 05.0000 07/01/2035 0.11%
NC MED CARE-A-REF 05.0000 09/01/2037 0.11%
NEW HOPE EDU FACS-A 05.0000 04/01/2039 0.11%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.11%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.11%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.11%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2041 0.11%
BROADWAY STATION MDD 05.1250 12/01/2048 0.10%
E-470 PUB HWY AUTH 05.3750 09/01/2026 0.10%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.10%
IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 0.10%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.10%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.10%
MONTGOMERY CO IDA-A 05.2500 01/01/2048 0.10%
CLARK IMPT DIST 05.0000 08/01/2032 0.10%
NEWARK HGR EDU 05.0000 06/15/2048 0.10%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.10%
WYANDOTTE CNTY/KANSAS 04.5000 06/01/2040 0.10%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.10%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.10%
CLARK IMPT DIST-REF 05.0000 08/01/2021 0.10%
RED RIVER HLTH-A 07.7500 11/15/2044 0.10%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.10%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.09%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.09%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.09%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.08%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.08%
LAS VEGAS SPL IMPT 05.0000 06/01/2031 0.08%
NC MED CARE COMM-A 05.0000 07/01/2047 0.08%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.08%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.08%
HI BUDGET 09.0000 11/15/2044 0.08%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.08%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.08%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.08%
BAYTOWN TWP MN LEASE 04.0000 08/01/2041 0.08%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.08%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.08%
VLG CMNTY DEV DIST 8 06.1250 05/01/2039 0.08%
MULTNOMAH HOSP-REF 05.0000 12/01/2029 0.08%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.08%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.07%
LAS VEGAS IMPT DIST 05.0000 06/01/2023 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
LA VERNE-COPS 05.0000 05/15/2036 0.07%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.07%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.07%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.07%
PHOENIX IDA 05.6250 09/01/2042 0.07%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.06%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.06%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.06%
PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 0.06%
TEXAS ST TRANSPRTN CO 00.0000 08/01/2039 0.06%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.06%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.06%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.06%
PUB FIN AUTH 05.0000 05/01/2047 0.06%
ST PAUL HSG & REDEV-A 06.6250 09/01/2042 0.06%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.06%
HARRIS CNTY TX 05.0000 01/01/2037 0.06%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 0.05%
WESTMINSTER-A 06.0000 07/01/2034 0.05%
LAS VEGAS DIST 812 05.0000 12/01/2035 0.05%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 0.05%
CAPITAL TRUST AGY-C 07.5000 07/01/2053 0.05%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.05%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.05%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.05%
LAKE CO HOSP-C-UNREF 05.6250 08/15/2029 0.05%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.05%
EATON AREA PK & REC 05.2500 12/01/2034 0.05%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.05%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.05%
MMD AAA R SP 0.0 08/13/19 CI 0.04%
PHOENIX IDA 06.0000 07/01/2032 0.04%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.04%
ILLINOIS ST 05.0000 02/01/2039 0.04%
MMD AAA R SP 0.0 07/19/19 CI 0.04%
NEW HOPE CULTURAL ED 05.0000 11/15/2036 0.04%
VLG FL CDD 9-REF 05.0000 05/01/2022 0.04%
SOUTHEASTERN OH PORT 05.0000 12/01/2043 0.03%
KY ST ECON DEV-A 05.2500 06/01/2041 0.03%
MMD AAA R SP 0.0 08/06/19 CI 0.03%
MMD AAA R SP 0.0 08/07/19 CI 0.03%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.02%
MA DEV FIN-A-PREREF 06.0000 01/01/2033 0.02%
MA DEV FIN-A-UNREF 06.0000 01/01/2033 0.02%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.02%
TREASURY BILL 00.0000 08/08/2019 0.02%
N HUDSON SWR-A-PREREF 05.0000 06/01/2042 0.01%
MMD AAA R SP 0.0 09/04/19 CI 0.01%
TREASURY BILL 00.0000 07/11/2019 0.01%
TREASURY BILL 00.0000 07/18/2019 0.01%
TREASURY BILL 00.0000 08/01/2019 0.01%
MMD AAA R SP 0.0 09/05/19 CI 0.00%
CASA GRANDE IDA-REF-A ESCROW 07.2500 12/01/2019 0.00%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
LA PUB FACS AUTH-A 08.3750 07/01/2039 0.00%
MMD AAA P SP 0.0 06/02/20 CI -0.00%
MMD AAA P SP 0.0 06/04/20 CI -0.01%
MMD AAA P SP 0.0 07/02/19 MS -0.04%

Prior top 10 holdings

Top 10 holdings as of 08/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Nthrn Tob Asset Bkd-A 05.0000 06/01/2046
Buckeye Tob Cab-Sr-A3 06.2500 06/01/2037
Ms Business Fin-Ref 02.5000 04/01/2022
1.737 P Iswp Fwd Munipsa R 07/12/2040 Ci
Ky Pub Energy-C-1 04.0000 12/01/2049
Tndr Opt-Resdlxf0571 P/P 11.3600 03/15/2042
Golden St Tobacco Sec 05.0000 06/01/2047
Centrl Plains Energy 05.0000 03/01/2050
Mmd Aaa R Sp 0.0 10/23/19 Ci10/23/2019
Holdings represent 13.40% of portfolio
Top 10 holdings as of 07/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019
Nthrn Tob Asset Bkd-A 05.0000 06/01/2046
Buckeye Tob Cab-Sr-A3 06.2500 06/01/2037
Ms Business Fin-Ref 02.5000 04/01/2022
1.737 P Iswp Fwd Munipsa R 07/12/2040 Ci
Ky Pub Energy-C-1 04.0000 12/01/2049
Golden St Tobacco Sec 05.0000 06/01/2047
Centrl Plains Energy 05.0000 03/01/2050
Tndr Opt-Resdlxf0571 P/P 14.1100 03/15/2042
Holdings represent 13.92% of portfolio
Top 10 holdings as of 06/30/19
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019
Nthrn Tob Asset Bkd-A 05.0000 06/01/2046
Buckeye Tob Cab-Sr-A3 06.2500 06/01/2037
Ms Business Fin-Ref 02.5000 04/01/2022
South Carolina Job-A 05.0000 05/01/2043
Centrl Plains Energy 05.0000 03/01/2050
Ky Pub Energy-C-1 04.0000 12/01/2049
Golden St Tobacco Sec 05.0000 06/01/2047
Mmd Aaa P Sp 0.0 07/02/19 Ms
Tndr Opt-Resdlxf0571 P/P 12.6100 03/15/2042
Holdings represent 11.17% of portfolio
Top 10 holdings as of 05/31/19
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019
Nthrn Tob Asset Bkd-A 05.0000 06/01/2046
Buckeye Tob Cab-Sr-A3 06.2500 06/01/2037
Ms Business Fin-Ref 02.5000 04/01/2022
South Carolina Job-A 05.0000 05/01/2043
Centrl Plains Energy 05.0000 03/01/2050
Golden St Tobacco Sec 05.0000 06/01/2047
Mmd Aaa P Sp 0.0 07/02/19 Ms
Tndr Opt-Resdlxf0571 P/P 11.1500 03/15/2042
Illinois St 05.0000 11/01/2029
Holdings represent 11.01% of portfolio

Maturity detail

0 - 1 yr. 10.10%
1 - 5 yrs. 36.84%
5 - 10 yrs. 51.28%
10 - 15 yrs. 1.40%
Over 15 yrs. 0.38%

Quality rating

AAA 2.79%
AA 9.42%
A 26.25%
BBB 26.30%
BB 10.42%
B 5.36%
Not Rated 17.39%
Cash and net other assets 2.07%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Lower-rated bonds may offer higher yields in return for more risk. 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 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. The fund's shares trade on a stock exchange at market prices, which may be lower than the fund's net asset value.

Top industry sectors as of 08/31/19

Health care 22.24%
Education 12.31%
Transportation 11.35%
Utilities 9.29%
State Debt 7.35%
Tobacco 6.88%
Land 5.15%
Other 5.01%
Local Debt 4.98%
 
Other
15.44%
Special Tax 4.31%
Financials 4.12%
Prerefunded 2.86%
Cash and net other assets 2.07%
Industrials 1.46%
Housing 0.62%

Sectors will vary over time.

†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: Lower-rated bonds may offer higher yields in return for more risk. 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 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. The fund's shares trade on a stock exchange at market prices, which may be lower than the fund's net asset value.