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.

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.

Daily pricing as of 07/19/18

Ticker NYSE: PMO
Net asset value $13.12
Net asset value change 0.01
Market price $11.75
Market price change 0.02
Discount/Premium -10.44%
Dividend rate at net asset value 4.21%
Dividend rate at market price 4.71%

Fund facts as of 06/30/18

Inception date
05/28/93
Total net assets
$618.54M
Dividend frequency
Monthly
Number of holdings
375
Product status
Trades on secondary market
Common share CUSIP
746922103
Ticker
NYSE: PMO
Fiscal year-end
April
Category
Closed End
Turnover (fiscal year end)
38%
Number of common share accounts
--
Outstanding common shares
-
AMT
15.29%

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 06/30/18

  • Annual performance as of 06/30/18

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value 0.20% 1.23% -0.24% 4.33% 4.93% 6.23% 6.67%
Market price -0.12% 1.36% -3.10% -1.77% 5.70% 6.13% 7.17%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value 0.09% 0.87% -0.25% 1.56% 2.85% 3.53% 4.43%

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. 0.20% -0.12%
as of 06/30/18
YTD 0.37% -
as of 07/19/18

Lipper rankings as of 06/30/18

Gen Muni Debt (Lev) Percentile ranking Rank/Funds in category
1 yr. 10% 6/61
3 yrs. 26% 16/61
5 yrs. 39% 24/61
10 yrs. 50% 27/53

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
06/22/18 $00.0461
05/24/18 $00.0461
04/24/18 $00.0461
03/23/18 $00.0461
02/23/18 $00.0461
01/24/18 $00.0541
12/22/17 $00.0541
11/24/17 $00.0541
10/24/17 $00.0541
09/22/17 $00.0541
08/24/17 $00.0541
07/24/17 $00.0541

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 5.36
Average stated maturity 18.03
Average effective duration
without leverage
6.79
Average effective duration
with leverage
4.83
Average yield to maturity 3.91
Average price 107.86
Average coupon 5.08

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 06/30/18

Dallas Tran-Sr Lien 05.0000 12/01/2033 2.62%
Texas St-B-Ref 05.0000 10/01/2034 1.43%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.43%
Met Pier Cab-A-Mccorm 00.0000 12/15/2030 1.12%
Tndr Opt-Rsdl-Xf2450 13.7820 02/15/2042 1.01%
Illinois St 05.0000 12/01/2031 0.98%
Nj St Transn Tr Fd 00.0000 12/15/2030 0.95%
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028 0.93%
Tndr Opt-Resdlxf0570 P/P 13.8700 07/01/2042 0.88%
Gainesville -Preref 05.2500 02/15/2045 0.86%
Top 10 holdings, percent of portfolio 12.21%

Full portfolio holdings as of 03/31/18

DALLAS TRAN-SR LIEN 05.0000 12/01/2033 2.65%
TEXAS ST-B-REF 05.0000 10/01/2034 1.44%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.41%
MET PIER CAB-A-MCCORM 00.0000 12/15/2030 1.08%
TNDR OPT-RSDL-XF2450 13.1820 02/15/2042 0.99%
ILLINOIS ST 05.0000 12/01/2031 0.96%
N TX HWY CABS-REF-1ST 00.0000 01/01/2028 0.92%
NJ ST TRANSN TR FD 00.0000 12/15/2030 0.91%
GAINESVILLE -PREREF 05.2500 02/15/2045 0.85%
TNDR OPT-RESDLXF0570 P/P 13.1500 07/01/2042 0.85%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.81%
ATLANTA WTR/WSTWTR 06.2500 11/01/2039 0.79%
N TX TWY CAB-REF-I 06.5000 01/01/2043 0.78%
RAILSPLITTER 06.0000 06/01/2028 0.76%
TNDR OPT-RESDLXF0571 P/P 13.1500 03/15/2042 0.70%
MSR ENERGY 06.5000 11/01/2039 0.69%
MSR ENERGY 06.5000 11/01/2039 0.69%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.67%
MD HLTH & HGR EDU-A 01.8640 05/15/2046 0.66%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.64%
SAN DIEGO ARPT-SUB-A 05.0000 07/01/2040 0.64%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.63%
MET TRANS AUTH-A2A 02.1700 11/01/2026 0.63%
IL FIN REF-A-RMK-ALEX 05.2500 01/01/2022 0.61%
LOS ANGELES ARPT 05.0000 05/15/2040 0.61%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.61%
VA SMALL BUSINESS FIN 05.0000 12/31/2049 0.61%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.60%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.59%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.59%
TNDR OPT-RESDL-XF059 P/P 10.5300 12/01/2047 0.58%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.57%
HARRISON SLD WST 05.5000 10/15/2037 0.56%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.55%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.55%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.55%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.55%
TNDR OPT-RESDL-XM036 P/P 13.1200 05/15/2036 0.55%
CHICAGO TRANSIT AUTH 05.2500 12/01/2049 0.54%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.54%
MIAMI AVIATN MIAMI-A 05.3750 10/01/2041 0.53%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.53%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.52%
PA HGR ED-A-ST JOSEPH 05.0000 11/01/2040 0.52%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.51%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.51%
MA PORT AUTH-A 05.1250 07/01/2041 0.50%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.49%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.49%
IN ST FIN AUTH-REPUBL 01.6500 12/01/2037 0.48%
MA DEV FIN AGY-PREREF 05.0000 01/01/2040 0.47%
TNDR OPT-RESDL P/P 13.3800 02/01/2033 0.46%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.46%
DIST OF COLUMBIA-B 05.0000 07/01/2037 0.45%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.45%
NJ HLTH ST JOSEPHS 06.6250 07/01/2038 0.45%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.44%
NJ ST HGR ED-1A-AMT 05.0000 12/01/2022 0.44%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.44%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.43%
LAKE CO HOSP-C-PREREF 06.0000 08/15/2043 0.43%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.43%
WASHINGTON ST HLTH CA 05.0000 07/01/2035 0.43%
ILLINOIS ST 05.0000 12/01/2028 0.42%
MA TRANS-SR-B 05.0000 01/01/2037 0.42%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.41%
UNION UTILS-A-REF 05.2500 12/01/2031 0.41%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.40%
MARICOPA PCR--A 07.2500 02/01/2040 0.40%
RICHMOND HOSP AUTH 05.0000 01/01/2031 0.40%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.39%
CHICAGO OHARE-C-AMT 05.2500 01/01/2027 0.38%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.38%
SAN DIEGO SD-CABS-C 00.0000 07/01/2038 0.38%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.37%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.37%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.37%
NEW HOPE EDU FACS-A 05.0000 04/01/2046 0.37%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.37%
YUMA IDA-A 05.0000 08/01/2032 0.37%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.36%
MA DEV FIN AGY 05.2500 10/01/2041 0.36%
ST PAUL HSG-A-REF 05.0000 07/01/2033 0.36%
ST PUB SCH BLDG-A 05.0000 06/15/2032 0.36%
TARRANT EDU FACS-B 05.0000 11/15/2046 0.36%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.36%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.36%
CHICAGO IL 06.0000 01/01/2038 0.35%
MI HSP-REF-HENRY FORD 05.7500 11/15/2039 0.35%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.35%
PALM BEACH CO HLTH-C 05.0000 05/15/2038 0.35%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2055 0.35%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.35%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.35%
CAMPBELL CNTY 05.7500 07/15/2039 0.34%
CICERO-A-REF 05.0000 01/01/2021 0.34%
FRANKLIN CNTY OH HOSP 04.0000 11/01/2044 0.34%
IL FIN AUTH-A 05.0000 02/15/2047 0.34%
MET WA DC ARPTS-SER A 05.0000 10/01/2039 0.34%
MI FIN AUTH-C 05.0000 07/01/2034 0.34%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.34%
OH AIR QLTY 05.8000 12/01/2038 0.34%
METRO WTR WTRWK REG 05.7500 08/10/2018 0.33%
WARREN GLF OPP ZONE-A 06.5000 09/01/2032 0.33%
ATLANTA TAX ALLOC-B 05.0000 01/01/2030 0.32%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.32%
CHICAGO WSTWTR 05.0000 01/01/2039 0.32%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.32%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.32%
TOB SETTLEMENT SER 1A 05.0000 06/01/2041 0.32%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.31%
RENO S/TAX-VAR-RF-RET 01.8900 06/01/2042 0.31%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.30%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.30%
NY DORM ORANGE MED 06.2500 12/01/2037 0.30%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.30%
REDWOOD CITY SD CABS 00.0000 08/01/2021 0.30%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.29%
BLACK BELT ENERGY GAS 04.0000 12/01/2048 0.29%
CHICAGO SALES TAX-REF 05.0000 01/01/2034 0.28%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.28%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.28%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.28%
DOYLESTOWN HOSP-A 05.0000 07/01/2041 0.28%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.28%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.28%
SALEM HOSP-A-REF 05.0000 05/15/2033 0.28%
TNDR OPT-RESDL-XM036 P/P 13.0600 06/01/2028 0.28%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.27%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2021 0.27%
NY DORM-ROLS-11984 P/P 144A 13.1510 03/15/2031 0.27%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.27%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.27%
CA PUB WKS FORESTRY-E 05.0000 11/01/2032 0.26%
GAINESVILLE-UNREF 05.2500 02/15/2045 0.26%
HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 0.26%
IL RUSH UNIV MD CTR-D 06.6250 11/01/2039 0.26%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.26%
NJ ECON DEV AUTH-REF 05.2500 06/15/2032 0.26%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.26%
SAN BERNARDINO CCD-A 04.0000 08/01/2033 0.26%
CHICAGO-C-REF 05.0000 01/01/2038 0.25%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.25%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.25%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.25%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.25%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.25%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.25%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.24%
CHICAGO OHARE-C-AMT 05.2500 01/01/2028 0.24%
DE HLTH-VAR-A-CHRISTI 01.9000 10/01/2038 0.24%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.24%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.24%
GREATER CHICAGO MET-E 05.0000 12/01/2030 0.24%
LAKELAND HOSP 05.0000 11/15/2040 0.24%
MS BUS SYS ENERGY RES 05.8750 04/01/2022 0.24%
NJ HLTH-ST PETERS UNV 05.7500 07/01/2037 0.24%
PA TURNPIKE-B1 05.0000 06/01/2042 0.24%
TEXAS MUNI PWR AGY 05.0000 09/01/2042 0.24%
WASHINGTON ST HLTH CA 02.3690 01/01/2042 0.24%
AMERICAN MUNI PWR-A 05.0000 02/15/2030 0.23%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.23%
E-470 HWY-B-LIBOR 02.3190 09/01/2039 0.23%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2020 0.23%
MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 0.23%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.23%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.23%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.23%
STHRN IL UNIV-A-CABS 00.0000 04/01/2025 0.23%
CHICAGO OHARE-C-AMT 05.3750 01/01/2039 0.22%
N NATOMAS CMNTY FAC-E 05.0000 09/01/2030 0.22%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.22%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.21%
BEXAR CO-REF 04.0000 06/15/2033 0.21%
CHICAGO WSTWTR-RF-CAB 00.0000 01/01/2024 0.21%
CHICAGO-A-REF 05.2500 01/01/2033 0.21%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.21%
OR HLTH-A 05.7500 07/01/2039 0.21%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.21%
WA HLTH-KADLEC REGL M 05.5000 12/01/2039 0.21%
DE RVR PORT AUTH 05.0000 01/01/2040 0.20%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.20%
MA DEV FIN AGY-A 05.7500 01/01/2028 0.20%
MI FIN AUTH-C 05.0000 07/01/2035 0.20%
NORTHAMPTON HSP-A-ST 05.5000 08/15/2040 0.20%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.20%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.19%
CA ED FACS-A 00.0000 10/01/2021 0.19%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
DETROIT CITY SD-A 06.0000 05/01/2029 0.19%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.19%
COLORADO ST HLTH FACS 05.0000 05/15/2040 0.18%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.18%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.18%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.18%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2029 0.18%
ILLINOIS FIN AU-A-REF 05.0000 05/15/2035 0.18%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.18%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.18%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.18%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2032 0.18%
LOVE FIELD ARPT 05.0000 11/01/2035 0.18%
LOVE FIELD ARPT 05.0000 11/01/2036 0.18%
MA ST DEV FIN AGY-REF 05.0000 04/15/2033 0.18%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.18%
MI HSG DEV-D 03.9500 10/01/2037 0.18%
MICHIGAN ST FIN AUTH 05.0000 06/01/2039 0.18%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.18%
NEW HOPE EDU FACS-A 05.0000 04/01/2034 0.18%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.18%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.18%
NJ ST HLTH-REF-A 05.0000 07/01/2037 0.18%
PA TNPK CMMN-A 05.0000 12/01/2038 0.18%
PA TPK 2ND SER REF 05.0000 12/01/2037 0.18%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.18%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.18%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.17%
CA PUB WKS-I-1 06.1250 11/01/2029 0.17%
CHICAGO-2005D-REF 05.5000 01/01/2034 0.17%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.17%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.17%
FRANKLIN IDA-CHAMBERS 05.3750 07/01/2042 0.17%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.17%
HARBOR POINT-REF 05.0000 04/01/2039 0.17%
HARRIS CNTY TX 05.0000 01/01/2037 0.17%
IL FIN AUTH-A 05.0000 02/15/2037 0.17%
ILLINOIS ST 05.0000 11/01/2034 0.17%
ILLINOIS ST 05.0000 11/01/2041 0.17%
IN FIN-REF-C-DUKE ENE 04.9500 10/01/2040 0.17%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.17%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.17%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.17%
NC MED CARE COMM 05.2500 10/01/2037 0.17%
PA ECON-A-REF-AMTRAK 05.0000 11/01/2032 0.17%
PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 0.17%
SOUTH JERSEY NJ PORT 05.0000 01/01/2034 0.17%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.17%
UNIV MED CTR CORP 06.5000 07/01/2039 0.17%
UNIV STHRN IN-J-STD F 05.7500 10/01/2028 0.17%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.16%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.16%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.16%
KENDALL ETC SD 115 00.0000 01/01/2021 0.16%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.16%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.16%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.16%
NJ ED FAC-D-GEORGIAN 05.2500 07/01/2037 0.16%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.16%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.16%
SAN ANTONIO TX ELEC & 02.0000 02/01/2033 0.16%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.16%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.15%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.15%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.15%
BURBANK USD-CAB-1997C 00.0000 08/01/2023 0.14%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.14%
MA EDU FIN AUTH-I-AMT 05.0000 01/01/2027 0.14%
MI FIN AUTH-C-3-REF 05.0000 04/01/2027 0.14%
RICHMOND HOSP AUTH 05.0000 01/01/2030 0.14%
CA POLL FING AUTH 04.7500 11/01/2046 0.13%
CHICAGO-2005D-REF 05.5000 01/01/2037 0.13%
LWR COLORADO RIVER 05.0000 05/15/2033 0.13%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.13%
MA ST DEV FIN AGY 05.6250 12/01/2030 0.13%
NC MED CR-A-DEERFIELD 06.0000 11/01/2033 0.13%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.13%
NJ ST HLTH-REF-A 05.0000 07/01/2035 0.13%
SCIOTO CO HOSP FACS 05.0000 02/15/2032 0.13%
SELMA INDL DEV 05.8000 05/01/2034 0.13%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.13%
WISCONSIN ST HLTH & E 05.0000 08/15/2039 0.13%
ERIE HGR ED-MERCYHURS 05.5000 03/15/2038 0.12%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
MS BUS-VAR-B-CHEVRON 01.7500 12/01/2030 0.12%
MULTNOMAH CO HOSP FAC 05.0000 12/01/2036 0.12%
OHIO HOSP REVENUE-A 05.0000 01/15/2041 0.12%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2035 0.11%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.11%
CHICAGO WTR REV 05.0000 11/01/2042 0.11%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.11%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.11%
MA DEV FIN AGY 05.0000 07/01/2034 0.11%
MA ST HLTH-B-2 05.3750 02/01/2026 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
MI ST STRATEGIC-REF 05.5000 06/01/2047 0.11%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.11%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.11%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.11%
ABAG FIN AUTH-A-REF 05.0000 07/01/2032 0.10%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2034 0.10%
JACKSONVL PORT-REF 05.0000 11/01/2038 0.10%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.10%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.10%
MA HSG FIN-AMT-C 05.3500 12/01/2042 0.10%
NC MED CARE-C-REF 05.0000 10/01/2036 0.10%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.10%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.09%
ARLINGTON HGR EDU-A 05.0000 12/01/2035 0.09%
CA MUNI FIN-BIOLA 05.0000 10/01/2042 0.09%
CHICAGO-A 05.5000 01/01/2039 0.09%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.09%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.09%
MA DEV FIN-F 05.7500 07/15/2043 0.09%
MET PIER & EXPOSITION 00.0000 12/15/2037 0.09%
MI TOB SETTLMT SR-A 06.0000 06/01/2034 0.09%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.09%
MOORHEAD EDUCTNL-REF 05.0000 12/01/2040 0.09%
NEW HOPE ED FACS 05.5000 01/01/2043 0.09%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.09%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.09%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 0.09%
NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 0.09%
OAKLAND USD 06.6250 08/01/2038 0.09%
SUSQUEHANNA REGL ARPT 05.0000 01/01/2038 0.09%
UPTOWN DEV AUTH-A 05.0000 09/01/2035 0.09%
WARREN HLTHCR-REF 05.0000 07/01/2033 0.09%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.09%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.08%
CHICAGO BOE-H 05.0000 12/01/2036 0.08%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.08%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.08%
E-470 HWY-A-LIBOR 02.1710 09/01/2039 0.08%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.08%
IL FIN AUTH 04.0000 11/15/2034 0.08%
ILLINOIS ST 05.0000 01/01/2041 0.08%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 0.08%
MARICOPA IDA-REF 05.0000 07/01/2035 0.08%
NJ ED FAC-D-GEORGIAN 05.2500 07/01/2027 0.08%
PA HGR EDU-KK1 05.3750 05/01/2042 0.08%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.08%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.08%
BRAZOS NAV AMT-A4-DOW 05.9500 05/15/2033 0.07%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.07%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.07%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.07%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.07%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
MA EDU FIN AUTH-I-AMT 04.3750 01/01/2032 0.07%
NJ ECON DEV-A 05.0000 07/15/2029 0.07%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.06%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.06%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.06%
MARICOPA IDA 05.0000 07/01/2036 0.06%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.06%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.06%
WA ST HSG FIN-A-REF 05.0000 07/01/2036 0.06%
BROOME IDA-A-GOOD SHE 06.8750 07/01/2040 0.05%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.05%
ILLINOIS ST 05.0000 02/01/2039 0.05%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.05%
LOUISVILLE CLG-REF-A 06.0000 05/01/2038 0.05%
MA DEV FIN AGY-REFD 05.0000 01/01/2040 0.05%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.05%
SUNNYVALE-FACS DIST 1 07.6500 08/01/2021 0.05%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.05%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.05%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.04%
FL MUNI PWR-A-UNREF 05.0000 10/01/2031 0.04%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.04%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.04%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2042 0.04%
STUB 05.2500 04/01/2024 0.04%
WARREN HLTHCR-REF 05.0000 07/01/2032 0.04%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 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%
GOLDEN TOB SR-A-1 05.0000 06/01/2033 0.02%
LAKE SD 73-PREREF-CAB 00.0000 12/01/2020 0.02%
LAKE SD 73-PREREF-CAB 00.0000 12/01/2021 0.02%
MI FIN AUTH-D4 05.0000 07/01/2034 0.02%
NY CNTYS TOB TR III 06.0000 06/01/2043 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.00%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.00%
RED RIVER HLTH FAC-A 05.4500 11/15/2038 0.00%
RED RIVER HLTH-B 06.1500 11/15/2049 0.00%

Prior top 10 holdings

Top 10 holdings as of 06/30/18
Dallas Tran-Sr Lien 05.0000 12/01/2033
Texas St-B-Ref 05.0000 10/01/2034
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 13.7820 02/15/2042
Illinois St 05.0000 12/01/2031
Nj St Transn Tr Fd 00.0000 12/15/2030
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Tndr Opt-Resdlxf0570 P/P 13.8700 07/01/2042
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 12.21% of portfolio
Top 10 holdings as of 05/31/18
Dallas Tran-Sr Lien 05.0000 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Texas St-B-Ref 05.0000 10/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 12.2650 02/15/2042
Illinois St 05.0000 12/01/2031
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Nj St Transn Tr Fd 00.0000 12/15/2030
Tndr Opt-Resdlxf0570 P/P 12.2400 07/01/2042
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 12.30% of portfolio
Top 10 holdings as of 04/30/18
Dallas Tran-Sr Lien 05.0000 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Texas St-B-Ref 05.0000 10/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Illinois St 05.0000 12/01/2031
Tndr Opt-Rsdl-Xf2450 13.0920 02/15/2042
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Nj St Transn Tr Fd 00.0000 12/15/2030
Gainesville -Preref 05.2500 02/15/2045
Ca Pollutn-Var-Ref-A P/P 144a 02.0500 08/01/2023
Holdings represent 12.11% of portfolio
Top 10 holdings as of 03/31/18
Dallas Tran-Sr Lien 05.0000 12/01/2033
Texas St-B-Ref 05.0000 10/01/2034
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 10.7050 02/15/2042
Illinois St 05.0000 12/01/2031
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Nj St Transn Tr Fd 00.0000 12/15/2030
Gainesville -Preref 05.2500 02/15/2045
Tndr Opt-Resdlxf0570 P/P 10.6800 07/01/2042
Holdings represent 12.05% of portfolio

Maturity detail

0 - 1 yr. 18.77%
1 - 5 yrs. 30.92%
5 - 10 yrs. 42.37%
10 - 15 yrs. 5.53%
Over 15 yrs. 2.41%

Quality rating

AAA 5.59%
AA 20.42%
A 40.45%
BBB 17.46%
BB 2.19%
B 3.23%
Not Rated 6.32%
Cash and net other assets 4.34%

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 06/30/18

Prerefunded 13.97%
Health care 13.95%
Transportation 13.83%
Utilities 11.82%
State Debt 8.29%
Local Debt 6.94%
Education 6.84%
Special Tax 5.42%
Tobacco 4.86%
 
Other
14.08%
Cash and net other assets 4.34%
Industrials 3.46%
Financials 2.75%
Other 1.75%
Land 1.34%
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 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.