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.

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.

Daily pricing as of 05/25/18

Ticker NYSE: PMM
Net asset value $7.82
Net asset value change 0.02
Market price $7.05
Market price change -0.02
Discount/Premium -9.84%
Dividend rate at net asset value 4.88%
Dividend rate at market price 5.42%

Fund facts as of 04/30/18

Inception date
02/24/89
Total net assets
$507.92M
Dividend frequency
Monthly
Number of holdings
444
Product status
Trades on secondary market
Common share CUSIP
746823103
Ticker
NYSE: PMM
Fiscal year-end
October
Category
Closed End
Turnover (fiscal year end)
30%
Number of common share accounts
1381
Outstanding common shares
-
AMT
14.69%

Management team

Portfolio Manager
Portfolio Manager


Literature

Fund documents

Annual Report (PDF)
Semiannual Report (PDF)
Analyst Report (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.
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 03/31/18

  • Annual performance as of 03/31/18

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value 0.66% -0.68% -0.68% 5.90% 4.27% 5.05% 6.64%
Market price 0.45% -2.34% -2.34% 3.68% 4.53% 4.02% 6.86%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value 0.37% -1.11% -1.11% 2.66% 2.25% 2.73% 4.40%

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. -0.23% -0.25%
as of 04/30/18
YTD 0.00% -2.70%
as of 05/25/18

Lipper rankings as of 04/30/18

High Yield Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 34% 4/11
3 yrs. 59% 7/11
5 yrs. 50% 6/11
10 yrs. 67% 8/11

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
04/24/18 $00.0318
03/23/18 $00.0318
02/23/18 $00.0318
01/24/18 $00.0318
12/22/17 $00.0318
11/24/17 $00.0318
10/24/17 $00.0318
09/22/17 $00.0337
08/24/17 $00.0337
07/24/17 $00.0337
06/23/17 $00.0337
05/24/17 $00.0337

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 5.71
Average stated maturity 18.92
Average effective duration
without leverage
6.86
Average effective duration
with leverage
8.53
Average yield to maturity 4.45
Average price 106.75
Average coupon 5.39

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 04/30/18

Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.04%
Tndr Opt-Resdlxf0571 P/P 13.0600 03/15/2042 0.84%
Ca Pollutn-Var-Ref-A P/P 144a 02.0500 08/01/2023 0.84%
Buckeye Tob Asset-A-2 06.5000 06/01/2047 0.82%
Buckeye Tob Asset-A-2 06.0000 06/01/2042 0.81%
Love Field Arpt-Sw Ai 05.2500 11/01/2040 0.75%
Met Trans Auth-C1-Ref 04.0000 11/15/2032 0.74%
Tndr Opt-Resdl-Xf059 P/P 10.4700 12/01/2047 0.72%
Nh Hlth & Edu 05.0000 10/01/2042 0.71%
Va Small Business Fin 05.0000 12/31/2052 0.70%
Top 10 holdings, percent of portfolio 7.97%

Full portfolio holdings as of 03/31/18

TOB SETTLEMENT SER 1A 05.0000 06/01/2041 1.49%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.01%
TNDR OPT-RESDLXF0571 P/P 13.1500 03/15/2042 0.85%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.80%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.79%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.75%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.73%
NH HLTH & EDU 05.0000 10/01/2042 0.71%
TNDR OPT-RESDL-XF059 P/P 10.5300 12/01/2047 0.71%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.70%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.68%
LOUISVILLE CO METRO-A 05.5000 10/01/2033 0.68%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.67%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.67%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.66%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.64%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.64%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.64%
NJ ECON CONTINENTAL 05.2500 09/15/2029 0.64%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.63%
LYCOMING CNTY HLTH-A 05.7500 07/01/2039 0.62%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.62%
CHICAGO BOE-H 05.0000 12/01/2036 0.61%
NEW HOPE CULT EDU-A 05.0000 04/01/2042 0.61%
SEATTLE SOL WST-REV 04.0000 06/01/2032 0.59%
MET TRANS AUTH-A2A 02.1700 11/01/2026 0.58%
CHICAGO IL 06.0000 01/01/2038 0.57%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.57%
CHICAGO OHARE-C-AMT 05.0000 01/01/2026 0.56%
GEISINGER AUTH-A-1 05.0000 02/15/2045 0.55%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.55%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.55%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.54%
TNDR OPT-RESDLXF0570 P/P 13.1500 07/01/2042 0.54%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.53%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.53%
SKAGIT HSP 1-SKAGIT 05.7500 12/01/2035 0.53%
TNDR OPT-RESDL-XM036 P/P 13.1200 05/15/2036 0.53%
DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 0.52%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.49%
CA CMNTYS DEV-REF 05.1250 05/15/2031 0.48%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.48%
WASHINGTON ST HLTH CA 05.0000 07/01/2036 0.48%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.47%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.47%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.46%
MASSACHUSETTS ST-A 05.0000 04/01/2036 0.46%
MARICOPA PCR--A 07.2500 02/01/2040 0.45%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.45%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.44%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.44%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.44%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.44%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.43%
NH HLTH-A-RIVERMEAD 06.8750 07/01/2041 0.43%
NJ ECON DEV-MSU HSG 05.3750 06/01/2025 0.43%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.43%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.43%
TX PRIVATE ACTIVITY 07.5000 12/31/2031 0.43%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.43%
CHICAGO 2002B 05.5000 01/01/2037 0.42%
FARMINGTON PCR-B 04.7000 09/01/2024 0.42%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.42%
N TX EDU FIN CORP-A 05.2500 12/01/2047 0.42%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.41%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.41%
PUB FIN AUTH-A 05.7500 11/15/2044 0.39%
E-470 HWY-A-LIBOR 02.1710 09/01/2039 0.37%
NH BUS FIN AUTH-A 06.0000 10/01/2027 0.36%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.36%
BALTIMORE CO-REF 05.0000 01/01/2037 0.35%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.35%
SANTALUZ FACS DIST2 05.2500 09/01/2026 0.35%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.35%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 0.34%
MASS DEV FIN AGY-C 05.2500 10/01/2029 0.34%
NC MED CARE COMM 05.3750 10/01/2045 0.34%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.34%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.34%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2025 0.34%
TNDR OPT-RESDL-XM036 P/P 13.0600 06/01/2028 0.34%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2046 0.33%
NY DORM-ROLS-11984 P/P 144A 13.1510 03/15/2031 0.33%
ONONDAGA CIVIC DEV-A 05.1250 07/01/2031 0.33%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.33%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.33%
WASHINGTON ST HLTH CA 02.3690 01/01/2042 0.33%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.32%
HARBOR POINT-REF 05.0000 04/01/2039 0.32%
HOUSTON ARPT-A-REF 05.0000 07/01/2024 0.32%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.32%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.32%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2026 0.32%
MOON IDA-REF 05.7500 07/01/2035 0.32%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.32%
UNION UTILS-A-REF 05.2500 12/01/2031 0.32%
WARREN GLF OPP ZONE-A 06.5000 09/01/2032 0.32%
WESTMINSTER-REF 05.1250 07/01/2034 0.32%
CO HLTH FACS AUTH-B 05.0000 05/15/2048 0.31%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.31%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.30%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.30%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.30%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.30%
NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 0.30%
CA DEV-A 06.0000 10/01/2047 0.29%
CHICAGO WSTWTR 05.0000 01/01/2039 0.29%
NH HLTH-A-RIVERMEAD 06.6250 07/01/2031 0.29%
TNDR OPT-RESDL P/P 13.3800 02/01/2033 0.29%
WI H/E FACS AUTH-A 07.6250 09/15/2039 0.29%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.28%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.28%
TULSA INDL-A-MONTEREA 07.1250 11/01/2030 0.28%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.27%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.27%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.27%
SOUTH DAKOTA ST HLTH 05.0000 11/01/2045 0.27%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.27%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.27%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.26%
CAPE GIRARDEAU CNTY M 05.0000 03/01/2036 0.26%
CICERO-A-REF 05.0000 01/01/2020 0.26%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.26%
FRANKLIN HLTH-IMPT-A 05.6250 07/01/2026 0.26%
LAKE CO HOSP-C-PREREF 05.6250 08/15/2029 0.26%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.26%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.26%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.26%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.26%
ATLANTIC CITY NJ-B 04.0000 03/01/2042 0.25%
CA PUB WKS FORESTRY-E 05.0000 11/01/2032 0.25%
ILLINOIS ST 05.0000 11/01/2029 0.25%
ILLINOIS ST 05.0000 11/01/2041 0.25%
MIAMI-DADE IDA 05.0000 09/15/2034 0.25%
TOB SETTLE-C 05.3750 06/01/2038 0.25%
WA ST HSG FIN COMM-A 05.0000 01/01/2036 0.25%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.25%
CA POLL FING AUTH 04.7500 11/01/2046 0.24%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.24%
OH AIR QLTY DEV AUTH 04.5000 01/15/2048 0.24%
VA ST BUSINESS FING 05.0000 07/01/2034 0.24%
ATLANTA TAX ALLOC-B 05.0000 01/01/2031 0.23%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.23%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.23%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.23%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.23%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.23%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2031 0.23%
NEW JERSEY ST TRANSPR 05.0000 06/15/2029 0.23%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.23%
PUB FIN AUTH 05.0000 05/01/2042 0.23%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.22%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.22%
CULLMAN COUNTY 06.7500 02/01/2029 0.22%
DC TOB SETTLMT-CAB-A 00.0000 06/15/2046 0.22%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2029 0.22%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.22%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.22%
ME H/E AUTH-HOSP 06.9500 07/01/2041 0.22%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.22%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.22%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.22%
NJ ECON DEV AUTH 06.0000 10/01/2033 0.22%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.22%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.22%
PRIV CLGS & UNIV-A 05.2500 10/01/2027 0.22%
SALT LAKE ARPT REV-A 05.0000 07/01/2036 0.22%
SARASOTA CNTY HLTH-A 05.0000 01/01/2037 0.22%
ST PAUL PORT-1-REGION 05.0000 08/01/2036 0.22%
TOB SETTLEMENT CAB-1B 00.0000 06/01/2041 0.22%
ALLEGHENY HGR ED-A-RO 05.5000 10/15/2030 0.21%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.21%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.21%
CHESTER CO IDA-A 05.0000 08/01/2045 0.21%
CO HLTH FACS AUTH-REF 05.0000 06/01/2045 0.21%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.21%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.21%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.21%
ILLINOIS ST-D 05.0000 11/01/2028 0.21%
IN FIN AUTH-B-REF 05.0000 02/01/2032 0.21%
KY ECON DEV FIN-A-REF 05.0000 05/15/2046 0.21%
LANCASTER HSP 1-IMMA 05.5000 01/01/2030 0.21%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.21%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.21%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.21%
MIAMI BEACH HLTH-REF 05.0000 11/15/2029 0.21%
MSR ENERGY 06.5000 11/01/2039 0.21%
N HUDSON SWRG-A 05.0000 06/01/2042 0.21%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.21%
NJ ECON DEV AUTH 05.0000 07/15/2047 0.21%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.21%
ROCHESTER HLTH 05.8750 07/01/2030 0.21%
S JERSEY PORT-B-AMT 05.0000 01/01/2042 0.21%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.21%
ST LOUIS ARPT 06.6250 07/01/2034 0.21%
TALLAHASSEE HLTH-A 05.0000 12/01/2055 0.21%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.21%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.20%
CHERRY HILL CMNTY DEV 05.4000 03/01/2045 0.20%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.20%
CHICAGO-C-REF 05.0000 01/01/2038 0.20%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.20%
IA ST FIN AUTH 05.5000 12/01/2022 0.20%
LA VERNIA HGR ED-A 05.2500 08/15/2035 0.20%
LAKEWOOD RANCH DIST 05.1250 05/01/2046 0.20%
MARICOPA IDA-A 04.0000 01/01/2041 0.20%
MAS H/E MILFORD MED 05.0000 07/15/2022 0.20%
NC MED-CAROLINA VLG 06.0000 04/01/2038 0.20%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.20%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.20%
PA TURNPIKE-B1 05.0000 06/01/2042 0.20%
PR COMWLTH-REF-A-IMPT 05.5000 07/01/2020 0.20%
ROCHESTER HLTH-B-MAYO 01.7400 11/15/2038 0.20%
SAN JOAQUIN TRANS-A 05.0000 01/15/2034 0.20%
TARRANT CNTY CULT EDU 05.5000 11/15/2045 0.20%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.20%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.19%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.19%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2030 0.19%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.19%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.19%
NC MED CARE-C-REF 05.0000 10/01/2031 0.18%
NH H/E VAR-UNIV NH-B 01.8000 07/01/2033 0.18%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.18%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.18%
ST LOUIS IDA-A 04.7500 11/15/2047 0.18%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.17%
COLORADO HLTH FAC 06.3750 01/01/2041 0.17%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.17%
NC MED CARE COMM 05.0000 07/01/2045 0.17%
PHILADELPHIA HSP-B-VA 01.8000 07/01/2025 0.17%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.17%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.17%
VLG CDD 10 05.7500 05/01/2031 0.17%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.16%
IA ST FIN AUTH 05.2500 12/01/2025 0.16%
MA DEV FIN AGY 05.0000 07/01/2035 0.16%
MA DEV FIN AGY 05.0000 07/01/2036 0.16%
MA PORT AUTH-A 05.1250 07/01/2041 0.16%
MA ST DEV FIN AGY 05.2500 07/01/2038 0.16%
NH HLTH & EDU-A 06.2500 07/01/2042 0.16%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.16%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.16%
OTSEGO CHRT SCH-A 05.0000 09/01/2034 0.16%
PA HGR EDU-KK1 05.3750 05/01/2042 0.16%
PRIV CLGS & UNIVS-C 05.2500 10/01/2030 0.16%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.16%
SARTELL HLTH-A 05.2500 09/01/2027 0.16%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.16%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.16%
WA HLTH CARE FACS 04.0000 07/01/2036 0.16%
WEST SHORE AREA AUTH 05.0000 07/01/2035 0.16%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.15%
CO EDU CULT FAC-REF 05.1250 07/01/2034 0.15%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.15%
GAINESVL DEV-A2-ACTS 06.3750 11/15/2029 0.15%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.15%
LOUISIANA PUB FACS AU 04.0000 12/15/2050 0.15%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.15%
MET PIER & EXPOSITION 00.0000 12/15/2047 0.15%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.15%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.15%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.15%
PR COMWLTH-IMPT-A 05.5000 07/01/2021 0.15%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.15%
VLG CDD 12 04.0000 05/01/2033 0.15%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.15%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.15%
ABAG-REF 06.0000 07/01/2031 0.14%
DELAWARE ST ECON DEV 05.0000 06/01/2036 0.14%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.14%
ILLINOIS ST 05.0000 01/01/2041 0.14%
LEXINGTON VA INDL DEV 04.0000 01/01/2031 0.14%
PHOENIX IDA 04.8750 09/01/2022 0.14%
PHOENIX IDA 05.3750 09/01/2032 0.14%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.14%
ABAG FIN AUTH 05.0000 01/01/2033 0.13%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.13%
FL HGR ED-UNIV TAMPA 05.0000 04/01/2032 0.13%
HENRICO ECON DEV-REF 05.0000 06/01/2022 0.13%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.13%
MA DEV FIN-A-PREREF 06.2500 07/01/2030 0.13%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.13%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.13%
NH HLTH & EDU FACS 05.0000 10/01/2040 0.13%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.13%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.13%
SAN FRANCISCO REDEV-C 00.0000 08/01/2038 0.13%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.13%
BROOME IDA-A-GOOD SHE 06.7500 07/01/2028 0.12%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.12%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.12%
KY DEV FIN-A-MASONIC 07.2500 05/15/2041 0.12%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.12%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.12%
ROCKDALE DEV-A-VISY 06.1250 01/01/2034 0.12%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.11%
CLIFTON HGR EDU FIN 06.0000 08/15/2033 0.11%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.11%
COOK CNTY-REF 05.0000 11/15/2035 0.11%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.11%
DIST COLUM REV-PRERF 06.2500 10/01/2032 0.11%
DIST COLUM REV-UNREF 06.2500 10/01/2032 0.11%
E-470 PUB HWY AUTH 05.3750 09/01/2026 0.11%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.11%
IL FIN AUTH-A 05.0000 02/15/2037 0.11%
IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 0.11%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2029 0.11%
KY DEV FIN-A-MASONIC 07.0000 05/15/2030 0.11%
LENEXA HLTH-LAKEVIEW 07.1250 05/15/2029 0.11%
MARIETTA DEV-REF-UNIV 06.2500 06/15/2020 0.11%
MASS DEV-ORCHARD CV 05.0000 10/01/2019 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.11%
NC MED CARE COMM-A 05.0000 10/01/2037 0.11%
NC MED CARE COMM-REF 05.0000 10/01/2035 0.11%
NEW HOPE CULTURAL ED 05.0000 01/01/2037 0.11%
NEW HOPE ED FACS 05.5000 01/01/2043 0.11%
NEW HOPE EDU FACS-A 05.0000 04/01/2039 0.11%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 0.11%
NJ ECON DEV-A-REF 05.0000 07/01/2029 0.11%
NY DORM AUTH REVS-REF 05.0000 07/01/2034 0.11%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.11%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.11%
PA TNPK CMMN-A 05.0000 12/01/2038 0.11%
PUBLIC FIN AUTH-AMT 05.0000 09/30/2037 0.11%
SARTELL HLTH-A 05.2500 09/01/2030 0.11%
SOUTHLANDS CO MET DT 05.0000 12/01/2037 0.11%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.11%
TOLEDO ET PORT REF 06.4500 12/15/2021 0.11%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.11%
AZ INDL DEV-G-REF 05.0000 07/01/2037 0.10%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.10%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.10%
CHESTER CNTY PA HLTH 05.0000 11/01/2041 0.10%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.10%
CLARK IMPT DIST 05.0000 08/01/2032 0.10%
CLARK IMPT DIST-REF 05.0000 08/01/2021 0.10%
DE HLTH-VAR-A-CHRISTI 01.9000 10/01/2038 0.10%
DOUBLE BRANCH CDD-A1 04.1250 05/01/2031 0.10%
FREDERICK EDL-A-REF 05.0000 09/01/2037 0.10%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.10%
IL FIN AUTH 04.0000 11/15/2035 0.10%
IL FIN AUTH-A 05.0000 02/15/2047 0.10%
ILLINOIS ST 05.0000 11/01/2034 0.10%
ILLINOIS ST 05.0000 12/01/2028 0.10%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.10%
LOUISVILLE CLG-REF-A 06.0000 05/01/2028 0.10%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.10%
MA ST HLTH-SPRGFD CLG 05.6250 10/15/2040 0.10%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.10%
MARICOPA IDA-REF 05.0000 07/01/2035 0.10%
MURRAY CITY HSP-IHC-C 01.8200 05/15/2036 0.10%
NC MED CARE-A-REF 05.0000 09/01/2037 0.10%
POWAY USD PUB FING 05.0000 09/15/2032 0.10%
RED RIVER HLTH-A 07.7500 11/15/2044 0.10%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.10%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.10%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2041 0.10%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.10%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.09%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.09%
HI BUDGET 09.0000 11/15/2044 0.09%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.09%
LAS VEGAS SPL IMPT 05.0000 06/01/2031 0.09%
MA DEV-A1-LINDEN POND 06.2500 11/15/2046 0.09%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.09%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.09%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.08%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.08%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.08%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.08%
LAS VEGAS IMPT DIST 05.0000 06/01/2023 0.08%
MULTNOMAH HOSP-REF 05.0000 12/01/2029 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%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.08%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.08%
VLG CMNTY DEV DIST 8 06.1250 05/01/2039 0.08%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.08%
BAYTOWN TWP MN LEASE 04.0000 08/01/2041 0.07%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.07%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.07%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.07%
LA VERNE-COPS 05.0000 05/15/2036 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.07%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.07%
YAMHILL CO HOSP-A-REF 05.0000 11/15/2036 0.07%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.06%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.06%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.06%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.06%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.06%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.06%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.06%
PHOENIX IDA 05.6250 09/01/2042 0.06%
PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 0.06%
ST PAUL HSG & REDEV-A 06.6250 09/01/2042 0.06%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.05%
EATON AREA PK & REC 05.2500 12/01/2034 0.05%
FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 0.05%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.05%
HARRIS CNTY TX 05.0000 01/01/2037 0.05%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.05%
LAKE CO HOSP-C-UNREF 05.6250 08/15/2029 0.05%
LAS VEGAS DIST 812 05.0000 12/01/2035 0.05%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.05%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.05%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 0.05%
PUB FIN AUTH 05.0000 05/01/2047 0.05%
SAN FRANCISCO REDEV-D 06.6250 08/01/2039 0.05%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 0.05%
VLG FL CDD 9-REF 05.0000 05/01/2022 0.05%
WESTMINSTER-A 06.0000 07/01/2034 0.05%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.05%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.04%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.04%
ILLINOIS ST 05.0000 02/01/2039 0.04%
MA DEV FIN AGY-A 06.0000 01/01/2033 0.04%
NEW HOPE CULTURAL ED 05.0000 11/15/2036 0.04%
PHOENIX IDA 06.0000 07/01/2032 0.04%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.04%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.04%
KY ST ECON DEV-A 05.2500 06/01/2041 0.03%
SOUTHEASTERN OH PORT 05.0000 12/01/2043 0.03%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.02%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.02%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.01%
TX HSG REG LINKED -C 06.9000 07/02/2024 0.01%
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%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.00%
IL ST FIN AUTH-PREREF 07.7500 08/15/2034 0.00%
LA PUB FACS AUTH-A 08.3750 07/01/2039 0.00%
RED RIVER HLTH FAC-A 05.1500 11/15/2027 0.00%
RED RIVER HLTH FAC-A 05.4500 11/15/2038 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 04/30/18
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 13.0600 03/15/2042
Ca Pollutn-Var-Ref-A P/P 144a 02.0500 08/01/2023
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Tndr Opt-Resdl-Xf059 P/P 10.4700 12/01/2047
Nh Hlth & Edu 05.0000 10/01/2042
Va Small Business Fin 05.0000 12/31/2052
Holdings represent 7.97% of portfolio
Top 10 holdings as of 03/31/18
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 10.6700 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Nh Hlth & Edu 05.0000 10/01/2042
Tndr Opt-Resdl-Xf059 P/P 08.6400 12/01/2047
Va Small Business Fin 05.0000 12/31/2052
Holdings represent 8.51% of portfolio
Top 10 holdings as of 02/28/18
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 15.0300 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Nh Hlth & Edu 05.0000 10/01/2042
Tndr Opt-Resdl-Xf059 P/P 11.7900 12/01/2047
Va Small Business Fin 05.0000 12/31/2052
Holdings represent 8.42% of portfolio
Top 10 holdings as of 01/31/18
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 15.0600 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Nh Hlth & Edu 05.0000 10/01/2042
Va Small Business Fin 05.0000 12/31/2052
Tndr Opt-Resdl-Xf059 P/P 11.8100 12/01/2047
Holdings represent 8.35% of portfolio

Maturity detail

0 - 1 yr. 13.81%
1 - 5 yrs. 34.35%
5 - 10 yrs. 44.10%
10 - 15 yrs. 3.48%
Over 15 yrs. 4.26%

Quality rating

AAA 2.70%
AA 11.83%
A 20.69%
BBB 30.74%
BB 8.42%
B 5.75%
Not Rated 16.89%
Cash and net other assets 2.98%

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 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. The value of bonds in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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.

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 04/30/18

Health care 24.05%
Transportation 12.65%
Utilities 11.28%
Education 9.81%
Prerefunded 8.08%
Tobacco 6.68%
Land 4.28%
Special Tax 3.71%
Local Debt 3.71%
 
Other
15.75%
State Debt 3.65%
Cash and net other assets 2.98%
Other 2.84%
Industrials 2.36%
Housing 2.30%
Financials 1.62%

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 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. The value of bonds in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention, and factors related to a specific issuer or industry. These factors may also lead to periods of high volatility and reduced liquidity in the bond markets. 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.

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.