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.


Municipal Opportunities Trust (Class A)  (NYSE: PMO)

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

Webcast | Update on Putnam tax-exempt closed-end funds: PMO and PMM | January 17, 2019 | 1:15pm ET

Highlights

Objective

The fund seeks to provide as high a level of current income free from federal income tax as Putnam Management believes is consistent with the preservation of capital. 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 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.

Daily pricing as of 08/16/19

Ticker NYSE: PMO
Net asset value $13.91
Net asset value change 0.00
Market price $13.39
Market price change 0.11
Discount/Premium -3.73%
Dividend rate at net asset value 4.58%
Dividend rate at market price 4.76%

Fund facts as of 07/31/19

Inception date
05/28/93
Total net assets
$605.14M
Dividend frequency
Monthly
Number of holdings
361
Product status
Trades on secondary market
Common share CUSIP
746922103
Ticker
NYSE: PMO
Fiscal year-end
April
Category
Closed End
Turnover (fiscal year end)
41%
Number of common share accounts
866
Outstanding common shares
-
AMT
17.49%

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 0.62% 3.26% 7.45% 9.04% 3.64% 6.13% 8.26%
Market price 1.86% 4.58% 15.68% 14.54% 3.50% 7.24% 8.84%
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. 0.91% 5.08%
as of 07/31/19
YTD 10.98% -
as of 08/16/19

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 14/60 23%
3 yrs. 9/59 15%
5 yrs. 14/59 24%
10 yrs. 17/53 32%
Lipper category: Gen Muni Debt (Lev)

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
07/24/19 $00.0531
06/24/19 $00.0531
05/24/19 $00.0531
04/24/19 $00.0531
03/22/19 $00.0531
02/22/19 $00.0531
01/24/19 $00.0531
12/21/18 $00.0531
12/21/18 $00.0737
11/23/18 $00.0424
10/24/18 $00.0424
09/24/18 $00.0424

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 5.78
Average stated maturity 19.16
Average effective duration
without leverage
6.88
Average effective duration
with leverage
8.93
Average yield to maturity 3.59
Average price 111.46
Average coupon 4.99

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 07/31/19

1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025 3.68%
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019 3.10%
Met Pier Cab-A-Mccorm 00.0000 12/15/2030 1.42%
Mmd Aaa R Sp 0.0 10/23/19 Ci10/23/2019 1.18%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.11%
1.737 P Iswp Fwd Munipsa R 07/12/2040 Ci 1.11%
Massachusetts St-A 05.0000 06/01/2041 1.11%
Illinois St 05.0000 12/01/2031 1.06%
Ms Business Fin-Ref 02.5000 04/01/2022 1.03%
Ky Pub Energy-C-1 04.0000 12/01/2049 1.01%
Top 10 holdings, percent of portfolio 15.81%

Full portfolio holdings as of 06/30/19

MET PIER CAB-A-MCCORM 00.0000 12/15/2030 1.40%
NEW YORK ST THRUWAY-A 04.0000 02/01/2020 1.31%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.10%
MASSACHUSETTS ST-A 05.0000 06/01/2041 1.10%
ILLINOIS ST 05.0000 12/01/2031 1.08%
MS BUSINESS FIN-REF 02.5000 04/01/2022 1.03%
KY PUB ENERGY-C-1 04.0000 12/01/2049 1.01%
KANSAS CITY ARPT-B 05.0000 03/01/2036 1.00%
CENTRL PLAINS ENERGY 05.0000 03/01/2050 0.98%
LANCASTER OH PORT AUT 05.0000 08/01/2049 0.97%
MASSACHUSETTS DEV-A 04.0000 06/01/2049 0.96%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.88%
GREENEVILLE HLTH ETC 04.0000 07/01/2040 0.87%
YORK CNTY ECON DEV-A 01.9000 05/01/2033 0.86%
GAINESVILLE -PREREF 05.2500 02/15/2045 0.84%
TRIBOROUGH BRIDGE-D 02.1210 11/15/2038 0.83%
N TX TWY CAB-REF-I 06.5000 01/01/2043 0.82%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2034 0.82%
MASSACHUSETTS ST DEV 04.0000 07/01/2036 0.80%
VA SMALL BUSINESS FIN 05.0000 12/31/2049 0.80%
TNDR OPT-RESDLXF0571 P/P 12.6100 03/15/2042 0.78%
ATLANTA WTR/WSTWTR 06.2500 11/01/2039 0.76%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.75%
PA TURNPIKE COMM-CONV 00.0000 12/01/2044 0.74%
MIAMI-DADE AVIATION 05.0000 10/01/2032 0.72%
SALES TAX SECURTZTN-C 05.5000 01/01/2036 0.70%
WHITING IN ENVRNMNTL 05.0000 12/01/2044 0.68%
IL FIN AUTH-VAR-REF 02.1340 11/01/2034 0.66%
NORTH LAS VEGAS-REF 04.0000 06/01/2034 0.66%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.65%
TNDR OPT-RESDL-XF072 P/P 12.9600 10/01/2044 0.65%
TNDR OPT-RSDL-XF0718 P/P 12.9600 11/15/2044 0.65%
MET TRANS AUTH-A2A 02.3500 11/01/2026 0.64%
PORT AUTH OF NEW YORK 05.0000 09/15/2031 0.64%
SAN DIEGO ARPT-SUB-A 05.0000 07/01/2040 0.64%
TNDR OPT-REDL-XF2739 P/P 12.7150 03/15/2044 0.64%
AZ LOTTERY-REF 05.0000 07/01/2029 0.63%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.63%
ILLINOIS ST 05.0000 11/01/2029 0.62%
CONNECTICUT ST-A 05.0000 04/15/2035 0.61%
MAIN ST NATURAL GAS-B 04.0000 08/01/2049 0.61%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.60%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.60%
TNDR OPT-RESDL-XF059 P/P 10.1700 12/01/2047 0.59%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.58%
TENNERGY CORP TN GAS 05.0000 02/01/2050 0.58%
VIRGINIA ST CMWLTH TR 04.0000 05/15/2033 0.57%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.56%
NEW JERSEY ST ECON DE 05.0000 06/15/2048 0.56%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.56%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.56%
CHICAGO TRANSIT AUTH 05.2500 12/01/2049 0.56%
WISCONSIN ST HLTH-A 04.0000 08/15/2035 0.55%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.55%
KY PUB ENERGY AUTH-B 04.0000 01/01/2049 0.55%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.54%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.54%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.54%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.54%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.52%
PA HGR ED-A-ST JOSEPH 05.0000 11/01/2040 0.52%
MET GOVT ETC-D-TXBL 04.8880 07/01/2046 0.51%
MA PORT AUTH-A 05.1250 07/01/2041 0.50%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.48%
ILLINOIS ST 05.0000 12/01/2028 0.48%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.48%
KING CO PUB HOSP DT 1 05.0000 12/01/2038 0.47%
WASHINGTON ST HLTH CA 05.0000 07/01/2035 0.46%
MA DEV FIN AGY-PREREF 05.0000 01/01/2040 0.46%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.46%
NJ ST HGR ED-1A-AMT 05.0000 12/01/2022 0.46%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.45%
MA TRANS-SR-B 05.0000 01/01/2037 0.42%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.42%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.42%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2047 0.42%
UNION UTILS-A-REF 05.2500 12/01/2031 0.41%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.41%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.40%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.40%
CHICAGO OHARE-C-AMT 05.2500 01/01/2027 0.39%
YUMA IDA-A 05.0000 08/01/2032 0.39%
AZ INDL DEV AUTH -A 05.0000 06/01/2049 0.39%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2036 0.39%
GILLIAM WST VAR-CONV 02.4000 07/01/2038 0.38%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2055 0.37%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.37%
CHICAGO IL 06.0000 01/01/2038 0.37%
TARRANT EDU FACS-B 05.0000 11/15/2040 0.37%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.37%
IL FIN AUTH-A 05.0000 02/15/2047 0.37%
FRANKLIN CNTY OH HOSP 04.0000 11/01/2044 0.37%
ST PUB SCH BLDG-A 05.0000 06/15/2032 0.37%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.37%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.36%
MI FIN AUTH-C 05.0000 07/01/2034 0.36%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.36%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.36%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.36%
OHIO ST-A 04.0000 02/01/2033 0.35%
CICERO-A-REF 05.0000 01/01/2021 0.35%
TOBACCO SETTLEMENT-A 05.0000 06/01/2034 0.34%
ATLANTA TAX ALLOC-B 05.0000 01/01/2030 0.34%
MI HSP-REF-HENRY FORD 05.7500 11/15/2039 0.34%
OH AIR QLTY 05.8000 12/01/2038 0.34%
HAMMOND SCH BLDG 05.0000 07/15/2038 0.34%
MET WA DC ARPTS-SER A 05.0000 10/01/2039 0.34%
LOUISA IDA-C 01.8000 11/01/2035 0.33%
CAMPBELL CNTY 05.7500 07/15/2039 0.33%
CHICAGO WSTWTR 05.0000 01/01/2039 0.33%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.32%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2032 0.32%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.32%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.31%
BLACK BELT ENERGY GAS 04.0000 12/01/2048 0.30%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.30%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.30%
CMWLTH FING AUTH 05.0000 06/01/2035 0.30%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.30%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.30%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.29%
STAR INTL ACDMY-REF 05.0000 03/01/2022 0.29%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.29%
SALEM HOSP-A-REF 05.0000 05/15/2033 0.29%
MS BUS FIN-VAR-C-CHEV 01.7000 12/01/2030 0.29%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.29%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.29%
NJ ECON DEV AUTH-REF 05.2500 06/15/2032 0.28%
ILLINOIS ST -A 05.0000 05/01/2038 0.28%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2037 0.28%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.27%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.27%
STHRN IL UNIV-A-CABS 00.0000 04/01/2025 0.26%
HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 0.26%
GAINESVILLE-UNREF 05.2500 02/15/2045 0.26%
GREATER CHICAGO MET-E 05.0000 12/01/2030 0.26%
PA TURNPIKE-B1 05.0000 06/01/2042 0.26%
CAP REGION WTR-REF 05.0000 07/15/2031 0.25%
WASHINGTON ST HLTH CA 02.7110 01/01/2042 0.25%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.25%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.25%
LAKELAND HOSP 05.0000 11/15/2040 0.25%
NJ HLTH-ST PETERS UNV 05.7500 07/01/2037 0.25%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.25%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.25%
CHANDLER AZ INDL DEV 05.0000 06/01/2049 0.25%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.25%
PA ST TRNPK-B 05.0000 12/01/2038 0.25%
AMERICAN MUNI PWR-A 05.0000 02/15/2030 0.25%
CHICAGO OHARE-C-AMT 05.2500 01/01/2028 0.24%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.24%
TEXAS MUNI PWR AGY 05.0000 09/01/2042 0.24%
CHICAGO WSTWTR-RF-CAB 00.0000 01/01/2024 0.24%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.24%
MONTGOMERY CNTY TOLL 05.0000 09/15/2043 0.24%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.24%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.24%
E-470 HWY-B-LIBOR 02.6610 09/01/2039 0.23%
N NATOMAS CMNTY FAC-E 05.0000 09/01/2030 0.23%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.23%
BEXAR CO-REF 04.0000 06/15/2033 0.23%
CHICAGO OHARE-C-AMT 05.3750 01/01/2039 0.23%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.23%
ILLINOIS ST FIN AUTH 05.0000 10/01/2044 0.22%
HARRIS CULT ED VAR-C1 01.7000 12/01/2024 0.22%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.21%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.21%
NJ TRANSPRTN TRUST-A 05.0000 12/15/2035 0.21%
WA HLTH-KADLEC REGL M 05.5000 12/01/2039 0.21%
MI FIN AUTH-C 05.0000 07/01/2035 0.21%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.21%
CLIFTON HGR EDU FIN-D 06.1250 08/15/2048 0.21%
PENNSYLVANIA-A-COPS 05.0000 07/01/2035 0.21%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.21%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.21%
LAKE CO SD 73-UNREF 00.0000 12/01/2021 0.21%
OR HLTH-A 05.7500 07/01/2039 0.21%
DETROIT CITY SD-A 06.0000 05/01/2029 0.20%
MA DEV FIN AGY-A 05.7500 01/01/2028 0.20%
DE RVR PORT AUTH 05.0000 01/01/2040 0.20%
LAKE CO SD 73-UNREF 00.0000 12/01/2020 0.20%
CAP REGION WTR-REF 05.0000 07/15/2032 0.20%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.20%
PUB FIN AUTH 05.0000 05/01/2042 0.20%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.20%
ILLINOIS ST FIN AUTH 05.0000 10/01/2051 0.20%
KY PPTY & BLDGS 05.0000 05/01/2036 0.20%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.20%
PA TPK 2ND SER REF 05.0000 12/01/2037 0.19%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.19%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2032 0.19%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.19%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.19%
LOVE FIELD ARPT 05.0000 11/01/2035 0.19%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.19%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.19%
PA TNPK CMMN-A 05.0000 12/01/2038 0.19%
SC PUB SVC AUTH-E 05.5000 12/01/2053 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
IL FIN AUTH-A 05.0000 02/15/2037 0.19%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.19%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.19%
ILLINOIS FIN AU-A-REF 05.0000 05/15/2035 0.19%
PA ECON DEV-B1 01.9500 04/01/2049 0.19%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.19%
COLORADO ST HLTH FACS 05.0000 05/15/2040 0.18%
HARBOR POINT-REF 05.0000 04/01/2039 0.18%
MICHIGAN ST FIN AUTH 05.0000 06/01/2039 0.18%
ILLINOIS ST 05.0000 11/01/2034 0.18%
LANCASTER CNTY HOSP-A 05.0000 06/15/2044 0.18%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.18%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.18%
HARRIS CNTY TX 05.0000 01/01/2037 0.18%
NC MED CARE COMM 05.2500 10/01/2037 0.18%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.18%
ILLINOIS ST 05.0000 11/01/2041 0.18%
MA ST DEV FIN AGY-REF 05.0000 04/15/2033 0.18%
MINNEAPOLIS HLTH-A 04.0000 11/15/2038 0.18%
PA ECON-A-REF-AMTRAK 05.0000 11/01/2032 0.18%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.18%
MI HSG DEV-D 03.9500 10/01/2037 0.18%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.18%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.18%
NEW HOPE CULT EDU-B1 04.1250 07/01/2053 0.18%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.18%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.17%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.17%
FRANKLIN IDA-CHAMBERS 05.3750 07/01/2042 0.17%
KENDALL ETC SD 115 00.0000 01/01/2021 0.17%
CA PUB WKS-I-1 06.1250 11/01/2029 0.17%
IN FIN-REF-C-DUKE ENE 04.9500 10/01/2040 0.17%
UNIV MED CTR CORP 06.5000 07/01/2039 0.17%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.16%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.16%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.16%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.16%
PINAL CNTY AZ INDL P/P 144A 07.2500 10/01/2033 0.16%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.16%
BURBANK USD-CAB-1997C 00.0000 08/01/2023 0.16%
MA EDU FIN AUTH-I-AMT 05.0000 01/01/2027 0.15%
RICHMOND HOSP AUTH 05.0000 01/01/2030 0.15%
MI FIN AUTH-C-3-REF 05.0000 04/01/2027 0.15%
SCIOTO CO HOSP FACS 05.0000 02/15/2032 0.14%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.14%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.14%
CA POLL FING AUTH 04.7500 11/01/2046 0.14%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.14%
WISCONSIN ST HLTH & E 05.0000 08/15/2039 0.14%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.13%
SELMA INDL DEV 05.8000 05/01/2034 0.13%
MA ST DEV FIN AGY 05.6250 12/01/2030 0.13%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
IRVINE USD-C-ADJ 01.2000 09/01/2054 0.12%
ILLINOIS ST FIN AUTH 05.0000 10/01/2036 0.12%
MULTNOMAH CO HOSP FAC 05.0000 12/01/2036 0.12%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.12%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2035 0.11%
CHICAGO WTR REV 05.0000 11/01/2042 0.11%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.11%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.11%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.11%
JACKSONVL PORT-REF 05.0000 11/01/2038 0.11%
MET PIER & EXPOSITION 00.0000 12/15/2037 0.11%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.11%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2034 0.10%
NC MED CARE-C-REF 05.0000 10/01/2036 0.10%
ILLINOIS ST FIN AUTH 05.0000 10/01/2034 0.10%
ARLINGTON HGR EDU-A 05.0000 12/01/2035 0.10%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.10%
ABAG FIN AUTH-A-REF 05.0000 07/01/2032 0.10%
ID HLTH FACS-A-REF 05.0000 03/01/2037 0.10%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.10%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.10%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.10%
CLEVELAND ETC PORT 05.5000 12/01/2053 0.10%
MI TOB SETTLMT SR-A 06.0000 06/01/2034 0.10%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.10%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.09%
MMD AAA R SP 0.0 08/13/19 CI 0.09%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.09%
CHICAGO BOE-H 05.0000 12/01/2036 0.09%
WARREN HLTHCR-REF 05.0000 07/01/2033 0.09%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.09%
ILLINOIS ST 05.0000 01/01/2041 0.09%
MA DEV FIN-F 05.7500 07/15/2043 0.09%
NEW HOPE ED FACS 05.5000 01/01/2043 0.09%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 0.09%
PA HGR EDU-KK1 05.3750 05/01/2042 0.09%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.09%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.09%
IL FIN AUTH 04.0000 11/15/2034 0.09%
MARICOPA IDA-REF 05.0000 07/01/2035 0.09%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.09%
NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 0.08%
PENNSYLVANIA-A-COPS 05.0000 07/01/2031 0.08%
GAITHERSBURG ECON-A 05.0000 01/01/2036 0.08%
MMD AAA R SP 0.0 07/19/19 CI 0.08%
ROCHESTER HLTH-A-MAYO 01.8000 11/15/2038 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.08%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 0.08%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.08%
LAKE CO SD 73-PREREF 00.0000 12/01/2021 0.08%
MA HSG FIN-AMT-C 05.3500 12/01/2042 0.08%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.08%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.08%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.08%
NJ ECON DEV-A 05.0000 07/15/2029 0.08%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.08%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.07%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.07%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.07%
WA ST HSG FIN-A-REF 05.0000 07/01/2036 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
MARICOPA IDA 05.0000 07/01/2036 0.06%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.06%
CHICAGO O'HARE ARPT-A 05.0000 01/01/2037 0.06%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.06%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.06%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.06%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.05%
ILLINOIS ST 05.0000 02/01/2039 0.05%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.05%
MA DEV VAR-BOSTON-U6C 01.5500 10/01/2042 0.05%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.05%
MA DEV FIN AGY-REFD 05.0000 01/01/2040 0.05%
WARREN HLTHCR-REF 05.0000 07/01/2032 0.05%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.04%
MA EDU FIN AUTH-I-AMT 04.3750 01/01/2032 0.04%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.04%
LAKE CO SD 73-PREREF 00.0000 12/01/2020 0.04%
SC PUB SVC AUTH-B-REF 05.0000 12/01/2056 0.04%
MONTGOMERY CNTY TOLL 05.0000 09/15/2034 0.04%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.04%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.04%
STUB 05.2500 04/01/2024 0.04%
SUNNYVALE-FACS DIST 1 07.6500 08/01/2021 0.04%
IN BD BK SER A 05.2500 10/15/2021 0.03%
ST CLOUD HLTH-A-UNREF 05.1250 05/01/2030 0.03%
LAKE SD 73-PREREF-CAB 00.0000 12/01/2020 0.02%
LAKE SD 73-PREREF-CAB 00.0000 12/01/2021 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
CHICAGO O'HARE ARPT-A 05.0000 01/01/2038 0.02%
MI FIN AUTH-D4 05.0000 07/01/2034 0.02%
NY CNTYS TOB TR III 06.0000 06/01/2043 0.01%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 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%
MMD AAA R SP 0.0 08/06/19 CI 0.01%
MMD AAA R SP 0.0 08/07/19 CI 0.01%
MMD AAA R SP 0.0 09/05/19 CI 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%
MMD AAA P SP 0.0 06/02/20 CI -0.00%
MMD AAA P SP 0.0 06/04/20 CI -0.01%

Prior top 10 holdings

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
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Mmd Aaa R Sp 0.0 10/23/19 Ci10/23/2019
Buckeye Tob Asset-A-2 05.7500 06/01/2034
1.737 P Iswp Fwd Munipsa R 07/12/2040 Ci
Massachusetts St-A 05.0000 06/01/2041
Illinois St 05.0000 12/01/2031
Ms Business Fin-Ref 02.5000 04/01/2022
Ky Pub Energy-C-1 04.0000 12/01/2049
Holdings represent 15.81% of portfolio
Top 10 holdings as of 06/30/19
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
New York St Thruway-A 04.0000 02/01/2020
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 06/01/2041
Illinois St 05.0000 12/01/2031
Ms Business Fin-Ref 02.5000 04/01/2022
Ky Pub Energy-C-1 04.0000 12/01/2049
Centrl Plains Energy 05.0000 03/01/2050
Kansas City Arpt-B 05.0000 03/01/2036
Holdings represent 13.19% of portfolio
Top 10 holdings as of 05/31/19
Mmd Aaa R Sp 0.0 08/13/19 Ci08/13/2019
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
New York St Thruway-A 04.0000 02/01/2020
Massachusetts St-A 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Illinois St 05.0000 12/01/2031
Ms Business Fin-Ref 02.5000 04/01/2022
Centrl Plains Energy 05.0000 03/01/2050
Lancaster Oh Port Aut 05.0000 08/01/2049
Massachusetts Dev-A 04.0000 06/01/2049
Holdings represent 13.03% of portfolio
Top 10 holdings as of 04/30/19
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
New York St Thruway-A 04.0000 02/01/2020
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 06/01/2041
Tndr Opt-Rsdl-Xf2450 P/P 11.4420 02/15/2042
Illinois St 05.0000 12/01/2031
Ms Business Fin-Ref 02.5000 04/01/2022
Centrl Plains Energy 05.0000 03/01/2050
Tndr Opt-Resdlxf0570 P/P 11.5600 07/01/2042
Mmd Aaa R Sp 0.0 07/19/19 Ci07/19/2019
Holdings represent 10.94% of portfolio

Maturity detail

0 - 1 yr. 8.01%
1 - 5 yrs. 31.67%
5 - 10 yrs. 53.45%
10 - 15 yrs. 5.17%
Over 15 yrs. 1.70%

Quality rating

AAA 2.43%
AA 24.91%
A 43.64%
BBB 19.02%
BB 1.91%
B 2.19%
Not Rated 5.21%
Cash and net other assets 0.69%

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.

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 07/31/19

Transportation 16.68%
Health care 15.57%
Utilities 12.49%
State Debt 10.87%
Special Tax 7.84%
Education 7.21%
Financials 6.18%
Local Debt 6.12%
Prerefunded 5.74%
 
Other
11.30%
Tobacco 4.12%
Other 3.97%
Industrials 1.20%
Land 0.88%
Cash and net other assets 0.69%
Housing 0.44%

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.

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.