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 11/15/18

Ticker NYSE: PMO
Net asset value $12.73
Net asset value change 0.01
Market price $11.24
Market price change -0.01
Discount/Premium -11.70%
Dividend rate at net asset value 4.00%
Dividend rate at market price 4.53%

Fund facts as of 10/31/18

Inception date
05/28/93
Total net assets
$590.64M
Dividend frequency
Monthly
Number of holdings
357
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
897
Outstanding common shares
-
AMT
15.21%

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 09/30/18

  • Annual performance as of 09/30/18

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value -0.75% -0.26% -0.50% 1.10% 4.05% 6.66% 7.61%
Market price -2.27% -1.14% -4.20% -5.11% 3.74% 6.65% 7.32%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value -0.65% -0.15% -0.40% 0.35% 2.24% 3.54% 4.75%

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. -1.07% -3.83%
as of 10/31/18
YTD -1.33% -
as of 11/15/18

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 11/61 18%
3 yrs. 15/61 25%
5 yrs. 19/61 31%
10 yrs. 29/53 54%
Lipper category: Gen Muni Debt (Lev)

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
10/24/18 $00.0424
09/24/18 $00.0424
08/24/18 $00.0424
07/24/18 $00.0424
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

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 6.69
Average stated maturity 18.40
Average effective duration
without leverage
7.98
Average effective duration
with leverage
5.69
Average yield to maturity 4.24
Average price 105.80
Average coupon 5.14

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 10/31/18

Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.48%
Tx Wtr Dev Brd-B 05.0000 10/15/2032 1.48%
Met Pier Cab-A-Mccorm 00.0000 12/15/2030 1.15%
Massachusetts St-A 05.0000 06/01/2041 1.06%
New York City Ny-A-2 05.0000 08/01/2037 1.02%
Illinois St 05.0000 12/01/2031 1.01%
Nj St Transn Tr Fd 00.0000 12/15/2030 0.98%
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028 0.97%
Tndr Opt-Rsdl-Xf2450 P/P 10.6150 02/15/2042 0.95%
Gainesville -Preref 05.2500 02/15/2045 0.88%
Top 10 holdings, percent of portfolio 10.98%

Full portfolio holdings as of 09/30/18

DALLAS TRAN-SR LIEN 05.0000 12/01/2033 2.71%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.49%
TEXAS ST-B-REF 05.0000 10/01/2034 1.47%
MET PIER CAB-A-MCCORM 00.0000 12/15/2030 1.16%
ILLINOIS ST 05.0000 12/01/2031 1.01%
NEW YORK CITY NY-A-2 05.0000 08/01/2037 1.01%
NJ ST TRANSN TR FD 00.0000 12/15/2030 0.98%
TNDR OPT-RSDL-XF2450 P/P 13.6010 02/15/2042 0.97%
N TX HWY CABS-REF-1ST 00.0000 01/01/2028 0.96%
GAINESVILLE -PREREF 05.2500 02/15/2045 0.86%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.85%
KING GEORGE IDA-A-RMK 02.2500 06/01/2023 0.84%
GREENEVILLE HLTH ETC 04.0000 07/01/2040 0.83%
TNDR OPT-RESDLXF0570 P/P 13.6900 07/01/2042 0.83%
GILLIAM WST VAR-A-CON 02.2500 08/01/2025 0.82%
ATLANTA WTR/WSTWTR 06.2500 11/01/2039 0.80%
N TX TWY CAB-REF-I 06.5000 01/01/2043 0.80%
NYC TRANS FIN AUTH-A1 05.0000 08/01/2036 0.78%
RAILSPLITTER 06.0000 06/01/2028 0.77%
MSR ENERGY 06.5000 11/01/2039 0.70%
MSR ENERGY 06.5000 11/01/2039 0.70%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.68%
HARRIS CULT ED VAR-C1 01.6000 12/01/2024 0.67%
MURRAY CITY HSP-VAR-A 01.5900 05/15/2037 0.67%
PA TURNPIKE COMM-CONV 00.0000 12/01/2044 0.67%
TNDR OPT-RESDLXF0571 P/P 13.6000 03/15/2042 0.67%
MET TRANS AUTH-A2A 02.0500 11/01/2026 0.66%
SAN DIEGO ARPT-SUB-A 05.0000 07/01/2040 0.66%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.63%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.63%
VA SMALL BUSINESS FIN 05.0000 12/31/2049 0.63%
CA POLLUTN-VAR-REF-A P/P 144A 01.8500 08/01/2023 0.62%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.62%
NORTH LAS VEGAS-REF 04.0000 06/01/2034 0.61%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.60%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.59%
TNDR OPT-RESDL-XF059 P/P 10.8300 12/01/2047 0.59%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.58%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.57%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.57%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.56%
CHICAGO TRANSIT AUTH 05.2500 12/01/2049 0.55%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.55%
TNDR OPT-RESDL-XM036 P/P 13.6000 05/15/2036 0.55%
MIAMI AVIATN MIAMI-A 05.3750 10/01/2041 0.54%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.54%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.53%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.53%
KY PUB ENERGY AUTH-B 04.0000 01/01/2049 0.53%
PA HGR ED-A-ST JOSEPH 05.0000 11/01/2040 0.53%
VIRGINIA ST CMWLTH TR 04.0000 05/15/2033 0.53%
LOUISVILLE & JEFFERSO 05.0000 10/01/2030 0.52%
LOS ANGELES CO FACS-A 04.0000 12/01/2048 0.51%
MA PORT AUTH-A 05.1250 07/01/2041 0.51%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.51%
WISCONSIN ST HLTH-A 04.0000 08/15/2035 0.51%
MA DEV FIN AGY-PREREF 05.0000 01/01/2040 0.48%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.48%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.46%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.46%
NJ ST HGR ED-1A-AMT 05.0000 12/01/2022 0.46%
ILLINOIS ST 05.0000 12/01/2028 0.45%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.45%
TNDR OPT-RESDL P/P 13.8300 02/01/2033 0.45%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.44%
WASHINGTON ST HLTH CA 05.0000 07/01/2035 0.44%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2047 0.43%
IN FIN AUTH-AMT-A-REF 01.9000 05/01/2034 0.43%
MA TRANS-SR-B 05.0000 01/01/2037 0.43%
NEW YORK CITY TRANS 04.0000 08/01/2038 0.43%
ROCHESTER HLTH CARE 04.0000 11/15/2048 0.42%
UNION UTILS-A-REF 05.2500 12/01/2031 0.42%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.41%
MARICOPA PCR--A 07.2500 02/01/2040 0.41%
RICHMOND HOSP AUTH 05.0000 01/01/2031 0.41%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.40%
NYC TRANS FIN AUTH-A1 04.0000 08/01/2041 0.40%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.39%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.39%
CHICAGO OHARE-C-AMT 05.2500 01/01/2027 0.39%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.39%
NEW HOPE EDU FACS-A 05.0000 04/01/2046 0.38%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.38%
YUMA IDA-A 05.0000 08/01/2032 0.38%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.37%
ST PUB SCH BLDG-A 05.0000 06/15/2032 0.37%
CHICAGO IL 06.0000 01/01/2038 0.36%
IL FIN AUTH-A 05.0000 02/15/2047 0.36%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.36%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 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%
CAMPBELL CNTY 05.7500 07/15/2039 0.35%
CICERO-A-REF 05.0000 01/01/2021 0.35%
FRANKLIN CNTY OH HOSP 04.0000 11/01/2044 0.35%
MET WA DC ARPTS-SER A 05.0000 10/01/2039 0.35%
MI FIN AUTH-C 05.0000 07/01/2034 0.35%
MI HSP-REF-HENRY FORD 05.7500 11/15/2039 0.35%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.35%
OH AIR QLTY 05.8000 12/01/2038 0.35%
OHIO ST-A 04.0000 02/01/2033 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%
TARRANT EDU FACS-B 05.0000 11/15/2046 0.35%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.34%
ATLANTA TAX ALLOC-B 05.0000 01/01/2030 0.33%
CHICAGO WSTWTR 05.0000 01/01/2039 0.33%
HAMMOND SCH BLDG 05.0000 07/15/2038 0.33%
MS BUS FIN-VAR-E-CHEV 01.5900 12/01/2030 0.33%
TOBACCO SETTLEMENT-A 05.0000 06/01/2034 0.33%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.32%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.32%
NY DORM ORANGE MED 06.2500 12/01/2037 0.31%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.31%
REDWOOD CITY SD CABS 00.0000 08/01/2021 0.31%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.30%
BLACK BELT ENERGY GAS 04.0000 12/01/2048 0.30%
MINNEAPOLIS HLTH-B1-A 01.5900 11/15/2035 0.30%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2032 0.30%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.29%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.29%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.29%
DOYLESTOWN HOSP-A 05.0000 07/01/2041 0.29%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.29%
CMWLTH FING AUTH 05.0000 06/01/2035 0.28%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2021 0.28%
NJ ECON DEV AUTH-REF 05.2500 06/15/2032 0.28%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.28%
SALEM HOSP-A-REF 05.0000 05/15/2033 0.28%
TNDR OPT-RESDL-XM036 P/P 13.5100 06/01/2028 0.28%
GAINESVILLE-UNREF 05.2500 02/15/2045 0.27%
HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 0.27%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.27%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.27%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.27%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.27%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.27%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.26%
IL RUSH UNIV MD CTR-D 06.6250 11/01/2039 0.26%
ILLINOIS ST -A 05.0000 05/01/2038 0.26%
MS BUS-VAR-E-CHEVRON 01.5900 12/01/2030 0.26%
NY DORM-ROLS-11984 P/P 144A 13.6020 03/15/2031 0.26%
ST TAMMANY HOSP-A-REF 05.0000 07/01/2037 0.26%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.26%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.25%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.25%
GREATER CHICAGO MET-E 05.0000 12/01/2030 0.25%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.25%
LAKELAND HOSP 05.0000 11/15/2040 0.25%
MS BUS SYS ENERGY RES 05.8750 04/01/2022 0.25%
NJ HLTH-ST PETERS UNV 05.7500 07/01/2037 0.25%
PA TURNPIKE-B1 05.0000 06/01/2042 0.25%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.25%
STHRN IL UNIV-A-CABS 00.0000 04/01/2025 0.25%
WASHINGTON ST HLTH CA 02.6320 01/01/2042 0.25%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.24%
CAP REGION WTR-REF 05.0000 07/15/2031 0.24%
CHICAGO OHARE-C-AMT 05.2500 01/01/2028 0.24%
E-470 HWY-B-LIBOR 02.5820 09/01/2039 0.24%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2020 0.24%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.24%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.24%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.24%
TEXAS MUNI PWR AGY 05.0000 09/01/2042 0.24%
AMERICAN MUNI PWR-A 05.0000 02/15/2030 0.23%
CHICAGO OHARE-C-AMT 05.3750 01/01/2039 0.23%
MONTGOMERY CNTY TOLL 05.0000 09/15/2043 0.23%
N NATOMAS CMNTY FAC-E 05.0000 09/01/2030 0.23%
PA ST TRNPK-B 05.0000 12/01/2038 0.23%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.23%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.22%
BEXAR CO-REF 04.0000 06/15/2033 0.22%
CHICAGO WSTWTR-RF-CAB 00.0000 01/01/2024 0.22%
CHICAGO-A-REF 05.2500 01/01/2033 0.22%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.22%
OR HLTH-A 05.7500 07/01/2039 0.22%
WA HLTH-KADLEC REGL M 05.5000 12/01/2039 0.22%
DE RVR PORT AUTH 05.0000 01/01/2040 0.21%
MA DEV FIN AGY-A 05.7500 01/01/2028 0.21%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.21%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.21%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.20%
DETROIT CITY SD-A 06.0000 05/01/2029 0.20%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.20%
MI FIN AUTH-C 05.0000 07/01/2035 0.20%
PUB FIN AUTH 05.0000 05/01/2042 0.20%
ALLEGHENY HOSP DEV-A 04.0000 04/01/2037 0.19%
CAP REGION WTR-REF 05.0000 07/15/2032 0.19%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.19%
KY PPTY & BLDGS 05.0000 05/01/2036 0.19%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.19%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2032 0.19%
LOVE FIELD ARPT 05.0000 11/01/2035 0.19%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.19%
PENNSYLVANIA-A-COPS 05.0000 07/01/2035 0.19%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.19%
SARASOTA CO PUB HOSP 05.0000 07/01/2038 0.19%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.18%
CA PUB WKS-I-1 06.1250 11/01/2029 0.18%
CHICAGO-2005D-REF 05.5000 01/01/2034 0.18%
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%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.18%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.18%
FRANKLIN IDA-CHAMBERS 05.3750 07/01/2042 0.18%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.18%
HARBOR POINT-REF 05.0000 04/01/2039 0.18%
HARRIS CNTY TX 05.0000 01/01/2037 0.18%
IL FIN AUTH-A 05.0000 02/15/2037 0.18%
ILLINOIS FIN AU-A-REF 05.0000 05/15/2035 0.18%
ILLINOIS ST 05.0000 11/01/2034 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%
MA ST DEV FIN AGY-REF 05.0000 04/15/2033 0.18%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 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%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.18%
MICHIGAN ST FIN AUTH 05.0000 06/01/2039 0.18%
NC MED CARE COMM 05.2500 10/01/2037 0.18%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.18%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.18%
PA ECON-A-REF-AMTRAK 05.0000 11/01/2032 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%
PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 0.18%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.18%
UNIV STHRN IN-J-STD F 05.7500 10/01/2028 0.18%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.17%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.17%
ILLINOIS ST 05.0000 11/01/2041 0.17%
IN FIN-REF-C-DUKE ENE 04.9500 10/01/2040 0.17%
KENDALL ETC SD 115 00.0000 01/01/2021 0.17%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.17%
MINNEAPOLIS HLTH-A 04.0000 11/15/2038 0.17%
MO H/E VAR-WA UNIV-D 01.5200 09/01/2030 0.17%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.17%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.17%
NEW HOPE CULT EDU-B1 04.1250 07/01/2053 0.17%
UNIV MED CTR CORP 06.5000 07/01/2039 0.17%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.16%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.16%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.16%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.16%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.16%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.16%
BURBANK USD-CAB-1997C 00.0000 08/01/2023 0.15%
MA EDU FIN AUTH-I-AMT 05.0000 01/01/2027 0.15%
RICHMOND HOSP AUTH 05.0000 01/01/2030 0.15%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.14%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.14%
MI FIN AUTH-C-3-REF 05.0000 04/01/2027 0.14%
NC MED CR-A-DEERFIELD 06.0000 11/01/2033 0.14%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.14%
SCIOTO CO HOSP FACS 05.0000 02/15/2032 0.14%
SELMA INDL DEV 05.8000 05/01/2034 0.14%
CA POLL CTRL FIN-AMT P/P 144A 02.0800 11/01/2042 0.13%
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 ST DEV FIN AGY 05.6250 12/01/2030 0.13%
MS BUS-VAR-B-CHEVRON 01.5900 12/01/2030 0.13%
OHIO HOSP REVENUE-A 05.0000 01/15/2041 0.13%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.13%
WISCONSIN ST HLTH & E 05.0000 08/15/2039 0.13%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
MI ST STRATEGIC-REF 05.5000 06/01/2047 0.12%
MULTNOMAH CO HOSP FAC 05.0000 12/01/2036 0.12%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.12%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2035 0.11%
CHICAGO WTR REV 05.0000 11/01/2042 0.11%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.11%
JACKSONVL PORT-REF 05.0000 11/01/2038 0.11%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 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%
ARLINGTON HGR EDU-A 05.0000 12/01/2035 0.10%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2034 0.10%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.10%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.10%
MI TOB SETTLMT SR-A 06.0000 06/01/2034 0.10%
MIAMI DADE AVIATION 05.0000 10/01/2028 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%
OAKLAND USD 06.6250 08/01/2038 0.10%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.10%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.09%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.09%
CHICAGO BOE-H 05.0000 12/01/2036 0.09%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.09%
CHICAGO-A 05.5000 01/01/2039 0.09%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.09%
ID HLTH FACS-A-REF 05.0000 03/01/2037 0.09%
ILLINOIS ST 05.0000 01/01/2041 0.09%
MA DEV FIN-F 05.7500 07/15/2043 0.09%
MARICOPA IDA-REF 05.0000 07/01/2035 0.09%
MET PIER & EXPOSITION 00.0000 12/15/2037 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%
PA HGR EDU-KK1 05.3750 05/01/2042 0.09%
WARREN HLTHCR-REF 05.0000 07/01/2033 0.09%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.09%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.09%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.08%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.08%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.08%
E-470 HWY-A-LIBOR 02.4290 09/01/2039 0.08%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.08%
GAITHERSBURG ECON-A 05.0000 01/01/2036 0.08%
IL FIN AUTH 04.0000 11/15/2034 0.08%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 0.08%
MA EDU FIN AUTH-I-AMT 04.3750 01/01/2032 0.08%
MA HSG FIN-AMT-C 05.3500 12/01/2042 0.08%
PENNSYLVANIA-A-COPS 05.0000 07/01/2031 0.08%
WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 0.08%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.07%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 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%
NJ ECON DEV-A 05.0000 07/15/2029 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%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.06%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.06%
MARICOPA IDA 05.0000 07/01/2036 0.06%
MI ST STRATEGIC-REF 05.2500 06/01/2032 0.06%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.06%
ILLINOIS ST 05.0000 02/01/2039 0.05%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.05%
MA DEV FIN AGY-REFD 05.0000 01/01/2040 0.05%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.05%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.05%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.05%
WARREN HLTHCR-REF 05.0000 07/01/2032 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%
MONTGOMERY CNTY TOLL 05.0000 09/15/2034 0.04%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 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%
LAKE SD 73-PREREF-CAB 00.0000 12/01/2020 0.03%
ST CLOUD HLTH-A-UNREF 05.1250 05/01/2030 0.03%
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%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 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%
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 10/31/18
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tx Wtr Dev Brd-B 05.0000 10/15/2032
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Massachusetts St-A 05.0000 06/01/2041
New York City Ny-A-2 05.0000 08/01/2037
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-Rsdl-Xf2450 P/P 10.6150 02/15/2042
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 10.98% of portfolio
Top 10 holdings as of 09/30/18
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
New York City Ny-A-2 05.0000 08/01/2037
Nj St Transn Tr Fd 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 13.6320 02/15/2042
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 12.62% of portfolio
Top 10 holdings as of 08/31/18
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
Illinois St 05.0000 12/01/2031
Tndr Opt-Rsdl-Xf2450 10.7350 02/15/2042
Nj St Transn Tr Fd 00.0000 12/15/2030
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Gainesville -Preref 05.2500 02/15/2045
Tndr Opt-Resdlxf0570 P/P 10.8300 07/01/2042
Holdings represent 12.44% of portfolio
Top 10 holdings as of 07/31/18
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 12.5950 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
Gainesville -Preref 05.2500 02/15/2045
Ca Pollutn-Var-Ref-A P/P 144a 01.8500 08/01/2023
Holdings represent 12.40% of portfolio

Maturity detail

0 - 1 yr. 9.85%
1 - 5 yrs. 30.48%
5 - 10 yrs. 47.62%
10 - 15 yrs. 5.00%
Over 15 yrs. 7.05%

Quality rating

AAA 9.57%
AA 21.17%
A 42.07%
BBB 16.53%
BB 1.96%
B 2.43%
Not Rated 6.49%
Cash and net other assets -0.22%

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. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default, and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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 10/31/18

Health care 15.50%
Transportation 13.98%
Utilities 12.70%
Prerefunded 11.14%
Special Tax 9.38%
Education 7.99%
Local Debt 7.54%
State Debt 7.48%
Tobacco 4.37%
 
Other
9.92%
Financials 3.34%
Industrials 2.90%
Other 2.19%
Land 1.27%
Housing 0.44%
Cash and net other assets -0.22%

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. Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default, and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. 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.