Managed Municipal Income Trust  (NYSE: PMM)

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

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 10/17/17

Ticker NYSE: PMM
Net asset value $8.01
Net asset value change 0.01
Market price $7.53
Market price change -0.04
Discount/Premium -5.99%
Dividend rate at net asset value 5.04%
Dividend rate at market price 5.37%

Fund facts as of 09/30/17

Inception date
02/24/89
Total net assets
$527.51M
Dividend frequency
Monthly
Number of holdings
455
Product status
Trades on secondary market
Common share CUSIP
746823103
Ticker
NYSE: PMM
Fiscal year end
October
Category
Closed End
Turnover (fiscal year end)
24%
Number of common share accounts
--
Outstanding common shares
-
AMT
12.40%

Management team


Portfolio Manager

Portfolio Manager


Literature

Fund documents

Annual Report (PDF)
Semiannual Report (PDF)
Analyst Report (PDF)

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Using and enhancing ESG investment data
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Performance

  • Performance as of 09/30/17

  • Annual performance as of 09/30/17

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value -0.20% 2.44% 8.00% 1.61% 5.82% 5.46% 6.20%
Market price -0.09% 2.00% 11.33% 0.17% 8.20% 3.81% 7.04%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value -0.51% 1.06% 4.66% 0.87% 3.19% 3.01% 4.52%

* Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price 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 snapshot

  Net asset value Market price
1 mt. -0.20% -0.09%
as of 09/30/17
YTD 8.68% -
as of 10/17/17

Lipper rankings as of 09/30/17

High Yield Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 59% 7/11
3 yrs. 50% 6/11
5 yrs. 59% 7/11
10 yrs. 42% 5/11

Morningstar ratings as of 09/30/17

High Yield Muni-Clsd End Rating Funds in category
Overall (13)
3 yrs. (13)
5 yrs. (12)
10 yrs. (12)

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
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
04/24/17 $00.0337
03/24/17 $00.0337
02/23/17 $00.0337
01/24/17 $00.0337
12/23/16 $00.0337
11/23/16 $00.0337
10/24/16 $00.0363

The dividend information above, which includes both regular and special distributions, does not address the accounting or tax characteristics of any distribution, and should not be used for tax reporting purposes. Distributions may include investment income, capital gains or returns of capital. For tax-exempt funds, some distributions may have been taxable.

Risk characteristics 

Average effective maturity 6.29
Average stated maturity 19.12
Average effective duration
without leverage
7.26
Average effective duration
with leverage
8.94
Average yield to maturity 4.28
Average price 109.35
Average coupon 5.59

* Data is historical. Past performance is not a guarantee of future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price 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.

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 09/30/17

Tob Settlement Ser 1a 05.0000 06/01/2041 1.40%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 0.96%
Massachusetts St-A 05.0000 04/01/2036 0.91%
Tndr Opt-Resdlxf0571 P/P 15.5100 03/15/2042 0.87%
Buckeye Tob Asset-A-2 06.5000 06/01/2047 0.77%
Love Field Arpt-Sw Ai 05.2500 11/01/2040 0.75%
Tndr Opt-Resdl-Xf231 P/P 144a 15.4910 06/15/2031 0.72%
Louisville Co Metro-A 05.5000 10/01/2033 0.68%
Dc Wtr & Swr-C-Ref 05.0000 10/01/2039 0.67%
Clayton Dev-A-Delta A 08.7500 06/01/2029 0.67%
Top 10 holdings, percent of portfolio 8.40%

Full portfolio holdings as of 06/30/17

TOB SETTLEMENT SER 1A 05.0000 06/01/2041 1.35%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 1.16%
TNDR OPT-RESDL-XF231 P/P 144A 08.6060 06/15/2031 1.15%
NYC TRANS FIN-A-E-1 05.0000 02/01/2040 0.93%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.92%
MASSACHUSETTS ST-A 05.0000 04/01/2036 0.87%
TNDR OPT-RESDL-XM036 P/P 08.5800 05/15/2036 0.83%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.70%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.64%
LOUISVILLE CO METRO-A 05.5000 10/01/2033 0.64%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.63%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.62%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.61%
NJ ECON CONTINENTAL 05.2500 09/15/2029 0.61%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.60%
LYCOMING CNTY HLTH-A 05.7500 07/01/2039 0.60%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.59%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.59%
MTA HUDSON RAIL YRD-A 05.0000 11/15/2046 0.59%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.59%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.58%
NY DORM-ROLS-11984 P/P 144A 08.6060 03/15/2031 0.58%
TNDR OPT-RESDL-XM036 P/P 08.5800 06/01/2028 0.58%
CHICAGO OHARE-C-AMT 05.0000 01/01/2026 0.55%
MET TRANS AUTH-A2A 01.3100 11/01/2026 0.55%
CA ST UNIV-A 05.0000 11/01/2041 0.53%
BRAZOS HBR-DOW CHEM 05.9000 05/01/2038 0.52%
GEISINGER AUTH-A-1 05.0000 02/15/2045 0.52%
MASSACHUSETTS ST-G 04.0000 09/01/2042 0.52%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.52%
CA UNIV REVENUE-A-REF 05.0000 11/01/2037 0.51%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.51%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.51%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.50%
CHICAGO IL 06.0000 01/01/2038 0.49%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.49%
SKAGIT HSP 1-SKAGIT 05.7500 12/01/2035 0.49%
MA BAY TRANS AUTH-A 05.0000 07/01/2025 0.46%
MS BUS FIN-VAR-E-CHEV 00.7700 12/01/2030 0.46%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.45%
CA CMNTYS DEV-REF 05.1250 05/15/2031 0.45%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.45%
MARICOPA PCR--A 07.2500 02/01/2040 0.45%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.45%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.44%
AMERICAN MUNI PWR-OHI 05.0000 02/15/2038 0.43%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.43%
LAKELAND HOSP 05.0000 11/15/2045 0.43%
CA ST PUBLIC WKS-A 05.0000 04/01/2029 0.42%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.42%
GRAND PARKWAY-B 05.2500 10/01/2051 0.42%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.42%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.42%
NH HLTH-A-RIVERMEAD 06.8750 07/01/2041 0.42%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.42%
CA ST 05.0000 04/01/2042 0.41%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.41%
LA ENVIR WESTLAKE PJ 06.7500 11/01/2032 0.41%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.41%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.41%
TX PRIVATE ACTIVITY 07.5000 12/31/2031 0.41%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.41%
FARMINGTON PCR-B 04.7000 09/01/2024 0.40%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.40%
MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 0.40%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.40%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.40%
N TX EDU FIN CORP-A 05.2500 12/01/2047 0.39%
NJ ECON DEV-MSU HSG 05.3750 06/01/2025 0.39%
DOUGLAS HLTH-UNREF 06.2500 07/01/2034 0.38%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.37%
CHICAGO 2002B 05.5000 01/01/2037 0.37%
HARRIS CULT ED VAR-C1 00.7800 12/01/2024 0.36%
E-470 HWY-A-LIBOR 01.7200 09/01/2039 0.35%
NH BUS FIN AUTH-A 06.0000 10/01/2027 0.35%
PUB FIN AUTH-A 05.7500 11/15/2044 0.35%
CENTRAL PLAINS 05.2500 12/01/2018 0.34%
DE HLTH-VAR-A-CHRISTI 00.7800 10/01/2038 0.34%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.34%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.34%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.34%
BALTIMORE CO-REF 05.0000 01/01/2037 0.33%
LOWER AL GAS DIST GAS 05.0000 09/01/2046 0.33%
ONONDAGA CIVIC DEV-A 05.1250 07/01/2031 0.33%
SANTALUZ FACS DIST2 05.2500 09/01/2026 0.33%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.32%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.32%
MASS DEV FIN AGY-C 05.2500 10/01/2029 0.32%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.32%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2025 0.32%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2046 0.31%
HOUSTON ARPT-A-REF 05.0000 07/01/2024 0.31%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.31%
NC MED CARE COMM 05.3750 10/01/2045 0.31%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.31%
NY DORM AUTH-A 05.0000 03/15/2038 0.31%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.31%
TARRANT EDU FACS-B 05.0000 11/15/2046 0.31%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.31%
WARREN GLF OPP ZONE-A 06.5000 09/01/2032 0.31%
WASHINGTON ST HLTH CA 01.9200 01/01/2042 0.31%
ALEXANDRIA VA INDL DE 05.0000 10/01/2045 0.30%
CO HLTH FACS AUTH-REF 05.0000 06/01/2045 0.30%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2026 0.30%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.30%
MUNIMAE TE BOND SUBS P/P 144A 05.0000 04/30/2028 0.30%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.30%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.29%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.29%
MOON IDA-REF 05.7500 07/01/2035 0.29%
TARRANT ED-A-SR LVG C 08.2500 11/15/2039 0.29%
UNION UTILS-A-REF 05.2500 12/01/2031 0.29%
WESTMINSTER-REF 05.1250 07/01/2034 0.29%
WI H/E FACS AUTH-A 07.6250 09/15/2039 0.29%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.28%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.28%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.28%
NH HLTH-A-RIVERMEAD 06.6250 07/01/2031 0.28%
CA DEV-A 06.0000 10/01/2047 0.27%
CHICAGO WSTWTR 05.0000 01/01/2039 0.27%
MA ST DEV FIN AGY-N 05.0000 12/01/2041 0.27%
TULSA INDL-A-MONTEREA 07.1250 11/01/2030 0.27%
WA HLTH-KADLEC REGL M 05.5000 12/01/2039 0.27%
CHICAGO-C-REF 05.0000 01/01/2038 0.26%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.26%
HOUSTON ARPT SYS-REF 04.7500 07/01/2024 0.26%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.26%
CICERO-A-REF 05.0000 01/01/2020 0.25%
FRANKLIN HLTH-IMPT-A 05.6250 07/01/2026 0.25%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.25%
LAKE CO HOSP-C-PREREF 05.6250 08/15/2029 0.25%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.25%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.25%
SOUTH DAKOTA ST HLTH 05.0000 11/01/2045 0.25%
SUSQUEHANNA ARPT-A 06.5000 01/01/2038 0.25%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.25%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.25%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.25%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2030 0.24%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.24%
MIAMI-DADE IDA 05.0000 09/15/2034 0.24%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.24%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.24%
CA PUB WKS FORESTRY-E 05.0000 11/01/2032 0.23%
ILLINOIS ST 05.0000 11/01/2041 0.23%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.23%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.23%
LYNCHBURG IDA REF-WES 05.0000 07/01/2031 0.23%
TOB SETTLE-C 05.3750 06/01/2038 0.23%
VA ST BUSINESS FING 05.0000 07/01/2034 0.23%
WA ST HSG FIN COMM-A 05.0000 01/01/2036 0.23%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.23%
CA POLL FING AUTH 04.7500 11/01/2046 0.22%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.22%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.22%
CULLMAN COUNTY 06.7500 02/01/2029 0.22%
DASNY-A-REF 05.0000 07/01/2039 0.22%
DIST OF COLUMBIA 06.0000 07/01/2033 0.22%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2029 0.22%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.22%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2031 0.22%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.22%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.22%
RAILSPLITTER 06.0000 06/01/2028 0.22%
TOB SETTLEMENT CAB-1B 00.0000 06/01/2041 0.22%
ATLANTA TAX ALLOC-B 05.0000 01/01/2031 0.21%
CA MUNI FIN-EMERSON 06.0000 01/01/2042 0.21%
CHESAPEAKE BAY VA BRI 05.0000 07/01/2046 0.21%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.21%
DASNY-A-REF 05.0000 07/01/2040 0.21%
DOUGLAS HLTH-PREREF 06.2500 07/01/2034 0.21%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.21%
IN FIN AUTH-B-REF 05.0000 02/01/2032 0.21%
LA DEPT OF APRTS-B 05.0000 05/15/2041 0.21%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.21%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.21%
ME H/E AUTH-HOSP 06.9500 07/01/2041 0.21%
N TX TOLL AUTH-A-REF 05.0000 01/01/2039 0.21%
NEW JERSEY ST TRANSPR 05.0000 06/15/2029 0.21%
NJ ECON DEV AUTH 06.0000 10/01/2033 0.21%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.21%
NJ HLTH CARE FACS FIN 05.0000 07/01/2039 0.21%
ROCHESTER HLTH 05.8750 07/01/2030 0.21%
SALT LAKE ARPT REV-A 05.0000 07/01/2036 0.21%
ST PAUL PORT-1-REGION 05.0000 08/01/2036 0.21%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.21%
ALLEGHENY HGR ED-A-RO 05.5000 10/15/2030 0.20%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.20%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.20%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.20%
DC TOB SETTLMT-CAB-A 00.0000 06/15/2046 0.20%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.20%
LANCASTER HSP 1-IMMA 05.5000 01/01/2030 0.20%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.20%
MIAMI BEACH HLTH-REF 05.0000 11/15/2029 0.20%
MSR ENERGY 06.5000 11/01/2039 0.20%
N HUDSON SWRG-A 05.0000 06/01/2042 0.20%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.20%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.20%
PR COMWLTH-REF-A-IMPT 05.5000 07/01/2020 0.20%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.20%
PRIV CLGS & UNIV-A 05.2500 10/01/2027 0.20%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.20%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.20%
ST LOUIS ARPT 06.6250 07/01/2034 0.20%
TALLAHASSEE HLTH-A 05.0000 12/01/2055 0.20%
TARRANT EDU FAC-UNREF 05.2500 11/15/2037 0.20%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.19%
CHERRY HILL CMNTY DEV 05.4000 03/01/2045 0.19%
CHESTER CO IDA-A 05.0000 08/01/2045 0.19%
GOLDEN TOB SR-CONV A2 05.3000 06/01/2037 0.19%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.19%
IA ST FIN AUTH 05.5000 12/01/2022 0.19%
IL FIN THREE CROWNS-A 05.8750 02/15/2026 0.19%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.19%
LA VERNIA HGR ED-A 05.2500 08/15/2035 0.19%
LYNCHBURG IDA REF-WES 04.8750 07/01/2021 0.19%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.19%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.19%
MAS H/E MILFORD MED 05.0000 07/15/2022 0.19%
NC MED-CAROLINA VLG 06.0000 04/01/2038 0.19%
NC MED-REF-FOREST @ D 05.1250 09/01/2027 0.19%
SAN JOAQUIN TRANS-A 05.0000 01/15/2034 0.19%
TARRANT CNTY CULT EDU 05.5000 11/15/2045 0.19%
TEMPE DEV AUTH-REF-A 06.2500 12/01/2042 0.19%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.19%
KY ECON DEV FIN-A-REF 05.0000 05/15/2046 0.18%
LAKEWOOD RANCH DIST 05.1250 05/01/2046 0.18%
MO H/E VAR-WA UNIV-C 00.7600 09/01/2030 0.18%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.18%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.18%
OAKLAND USD 06.6250 08/01/2038 0.18%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2030 0.18%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.18%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.17%
COLORADO HLTH FAC 06.3750 01/01/2041 0.17%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.17%
NC MED CARE-C-REF 05.0000 10/01/2031 0.17%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.17%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.17%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.17%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.16%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.16%
MA ST DEV FIN AGY 05.2500 07/01/2038 0.16%
NC MED CARE COMM 05.0000 07/01/2045 0.16%
PHOENIX IDA 04.8750 09/01/2022 0.16%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.16%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.16%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.16%
VLG CDD 10 05.7500 05/01/2031 0.16%
WEST SHORE AREA AUTH 05.0000 07/01/2035 0.16%
CA MUNI FIN AUTH-A 05.0000 02/01/2040 0.15%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.15%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.15%
ILLINOIS ST 05.0000 01/01/2032 0.15%
MA DEV FIN AGY 05.0000 07/01/2035 0.15%
MA DEV FIN AGY 05.0000 07/01/2036 0.15%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.15%
MA PORT AUTH-A 05.1250 07/01/2041 0.15%
MINNEAPOLIS HLTH-B2 00.7300 11/15/2035 0.15%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.15%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.15%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.15%
OTSEGO CHRT SCH-A 05.0000 09/01/2034 0.15%
PA HGR EDU-KK1 05.3750 05/01/2042 0.15%
PR COMWLTH-IMPT-A 01.2100 07/01/2021 0.15%
PRIV CLGS & UNIVS-C 05.2500 10/01/2030 0.15%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.15%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.15%
WA HLTH CARE FACS 04.0000 07/01/2036 0.15%
ABAG-REF 06.0000 07/01/2031 0.14%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.14%
CO EDU CULT FAC-REF 05.1250 07/01/2034 0.14%
GAINESVL DEV-A2-ACTS 06.3750 11/15/2029 0.14%
IA ST FIN AUTH 05.2500 12/01/2025 0.14%
NH HLTH & EDU-A 06.2500 07/01/2042 0.14%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.14%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.14%
SARTELL HLTH-A 05.2500 09/01/2027 0.14%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.14%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.14%
ABAG FIN AUTH 05.0000 01/01/2033 0.13%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.13%
DELAWARE ST ECON DEV 05.0000 06/01/2036 0.13%
HENRICO ECON DEV-REF 05.0000 06/01/2022 0.13%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.13%
ILLINOIS ST 05.0000 01/01/2041 0.13%
LEXINGTON VA INDL DEV 04.0000 01/01/2031 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%
PHOENIX IDA 05.3750 09/01/2032 0.13%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 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%
FL HGR ED-UNIV TAMPA 05.0000 04/01/2032 0.12%
INVER GROVE HTS NRSG 05.3750 10/01/2026 0.12%
LANCASTER HSP-A-BRETH 06.3750 07/01/2030 0.12%
LAS VEGAS REDEV-REF 05.0000 06/15/2040 0.12%
MA DEV BOSTON U-XLCA 06.0000 05/15/2059 0.12%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.12%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.12%
NH HLTH & EDU FACS 05.0000 10/01/2040 0.12%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.12%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.12%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.12%
SAN FRAN ARPT-A-AMT 05.0000 05/01/2030 0.12%
SAN FRANCISCO REDEV-C 00.0000 08/01/2038 0.12%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.11%
CLARK IMPT DIST-REF 05.0000 08/01/2021 0.11%
CLIFTON HGR EDU FIN 06.0000 08/15/2033 0.11%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.11%
KY DEV FIN-A-MASONIC 07.0000 05/15/2030 0.11%
KY DEV FIN-A-MASONIC 07.2500 05/15/2041 0.11%
MASSACHUSETTS 05.0000 07/01/2033 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.11%
NEW HOPE EDU FACS-A 05.0000 04/01/2029 0.11%
NY DORM AUTH REVS-REF 05.0000 07/01/2034 0.11%
OAKLAND USD-A 05.5000 08/01/2032 0.11%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.11%
ROCKDALE DEV-A-VISY 06.1250 01/01/2034 0.11%
SALT LAKE ARPT REV-A 05.0000 07/01/2037 0.11%
TOLEDO ET PORT REF 06.4500 12/15/2021 0.11%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.10%
CA STWD DEV INTERNEXT 05.3750 04/01/2030 0.10%
CENTRL TX REGL AUTH-A 05.0000 01/01/2040 0.10%
CLARK IMPT DIST 05.0000 08/01/2032 0.10%
CO HIGH PERFORMANCE T 05.0000 12/31/2047 0.10%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.10%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.10%
DIST COLUM REV-PRERF 06.2500 10/01/2032 0.10%
DIST COLUM REV-UNREF 06.2500 10/01/2032 0.10%
E-470 PUB HWY AUTH 05.3750 09/01/2026 0.10%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.10%
FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 0.10%
IL FIN-NAVISTAR-RECOV 06.5000 10/15/2040 0.10%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.10%
IN FIN AUTH-B-REF 05.0000 02/01/2029 0.10%
KIRKWOOD INDL DEV 05.2500 05/15/2042 0.10%
LAKELAND HOSP 05.0000 11/15/2040 0.10%
LENEXA HLTH-LAKEVIEW 07.1250 05/15/2029 0.10%
MARIETTA DEV-REF-UNIV 06.2500 06/15/2020 0.10%
MASS DEV-ORCHARD CV 05.0000 10/01/2019 0.10%
MI FIN AUTH-REF-HOSP 05.5000 11/15/2045 0.10%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.10%
NC MED CARE COMM-REF 05.0000 10/01/2035 0.10%
NC MED CARE-A-REF 05.0000 09/01/2037 0.10%
NEW HOPE CULT EDU FAC 05.0000 07/01/2047 0.10%
NEW HOPE ED FACS 05.5000 01/01/2043 0.10%
NEW HOPE EDU FACS-A 05.0000 04/01/2039 0.10%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 0.10%
NJ ECON DEV-A-REF 05.0000 07/01/2029 0.10%
OK DEV FIN AUTH-A 05.0000 08/01/2047 0.10%
PA HGR ED FACS AUTH-A 05.0000 07/01/2041 0.10%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.10%
PA TNPK CMMN-A 05.0000 12/01/2038 0.10%
POWAY USD PUB FING 05.0000 09/15/2032 0.10%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.10%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.10%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.10%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.09%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.09%
DOUBLE BRANCH CDD-A1 04.1250 05/01/2031 0.09%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.09%
HI BUDGET 09.0000 11/15/2044 0.09%
IL FIN AUTH 04.0000 11/15/2035 0.09%
ILLINOIS ST 05.0000 11/01/2034 0.09%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.09%
LOUISVILLE CLG-REF-A 06.0000 05/01/2028 0.09%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.09%
MA DEV-A1-LINDEN POND 06.2500 11/15/2046 0.09%
MA ST HLTH-SPRGFD CLG 05.6250 10/15/2040 0.09%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.09%
RED RIVER HLTH-A 07.7500 11/15/2044 0.09%
ROCHESTER HLTH-A-MAYO 00.8400 11/15/2038 0.09%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.09%
SARTELL HLTH-A 05.2500 09/01/2030 0.09%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.09%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2041 0.09%
WA ST HSG FIN COMM-A 07.0000 07/01/2050 0.09%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.09%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.08%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.08%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.08%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.08%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.08%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.08%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.08%
LAS VEGAS SPL IMPT 05.0000 06/01/2031 0.08%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.08%
NC MED CARE COMM-A 05.0000 07/01/2047 0.08%
NYC FIN REC-3-SUB 3 H 00.7000 11/01/2022 0.08%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 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%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.07%
LAS VEGAS IMPT DIST 05.0000 06/01/2023 0.07%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.07%
MULTNOMAH HOSP-REF 05.0000 12/01/2029 0.07%
NC MED CARE COMM 05.2500 10/01/2037 0.07%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.07%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.07%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.07%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.07%
BAYTOWN TWP MN LEASE 04.0000 08/01/2041 0.06%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.06%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.06%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.06%
HENDERSON IMPT-T17 05.0000 09/01/2018 0.06%
ILLINOIS ST-REF 05.0000 02/01/2029 0.06%
LA VERNE-COPS 05.0000 05/15/2036 0.06%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.06%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.06%
NJ ECON DEV AUTH 05.2500 01/01/2044 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%
VLG FL CDD 9-REF 05.0000 05/01/2022 0.06%
YAMHILL CO HOSP-A-REF 05.0000 11/15/2036 0.06%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
CENTRL TX REGL AUTH-A 05.0000 01/01/2045 0.05%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.05%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.05%
DC-A-METHODIST HOME 05.2500 01/01/2039 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%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.05%
MA H/E FISHER COLL-A 05.1250 04/01/2037 0.05%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.05%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 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%
WESTMINSTER-A 06.0000 07/01/2034 0.05%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.05%
CA MUNI FIN AUTH-A 05.0000 07/01/2042 0.04%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.04%
EATON AREA PK & REC 05.2500 12/01/2034 0.04%
GLEN COVE AST CORP-C 00.0000 01/01/2055 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%
PARK CREEK CO MET-A 05.0000 12/01/2045 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%
MA ST DEV FIN AGY-N 05.0000 12/01/2046 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%
N TOLLWAY-UNREF-A 06.0000 01/01/2025 0.02%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.02%
TX HSG REG LINKED -C 06.9000 07/02/2024 0.02%
MASS ED FIN AUTH -B 05.5000 01/01/2023 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%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 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%
TEMBEC INC 0.00%

Prior top 10 holdings

Top 10 holdings as of 09/30/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 04/01/2036
Tndr Opt-Resdlxf0571 P/P 15.5100 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Tndr Opt-Resdl-Xf231 P/P 144a 15.4910 06/15/2031
Louisville Co Metro-A 05.5000 10/01/2033
Dc Wtr & Swr-C-Ref 05.0000 10/01/2039
Clayton Dev-A-Delta A 08.7500 06/01/2029
Holdings represent 8.40% of portfolio
Top 10 holdings as of 08/31/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Nyc Trans Fin-A-E-1 05.0000 02/01/2040
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 04/01/2036
Tndr Opt-Resdlxf0571 P/P 13.0600 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Tndr Opt-Resdl-Xf231 P/P 144a 13.0450 06/15/2031
Louisville Co Metro-A 05.5000 10/01/2033
Clayton Dev-A-Delta A 08.7500 06/01/2029
Holdings represent 8.71% of portfolio
Top 10 holdings as of 07/31/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Tndr Opt-Resdl-Xf231 P/P 144a 07.1970 06/15/2031
Nyc Trans Fin-A-E-1 05.0000 02/01/2040
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 04/01/2036
Tndr Opt-Resdl-Xm036 P/P 07.1750 05/15/2036
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Louisville Co Metro-A 05.5000 10/01/2033
Clayton Dev-A-Delta A 08.7500 06/01/2029
Dc Wtr & Swr-C-Ref 05.0000 10/01/2039
Holdings represent 8.70% of portfolio
Top 10 holdings as of 06/30/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.8750 06/01/2047
Tndr Opt-Resdl-Xf231 P/P 144a 08.5560 06/15/2031
Nyc Trans Fin-A-E-1 05.0000 02/01/2040
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Massachusetts St-A 05.0000 04/01/2036
Tndr Opt-Resdl-Xm036 P/P 08.5300 05/15/2036
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Louisville Co Metro-A 05.5000 10/01/2033
Clayton Dev-A-Delta A 08.7500 06/01/2029
Holdings represent 9.19% of portfolio

Maturity detail

0 - 1 yr. 10.15%
1 - 5 yrs. 37.30%
5 - 10 yrs. 44.04%
10 - 15 yrs. 2.39%
Over 15 yrs. 6.12%

Quality rating

AAA 3.59%
AA 12.70%
A 20.50%
BBB 29.33%
BB 7.71%
B 6.43%
CCC and Below 0.50%
Not Rated 16.34%
Cash and net other assets 2.90%

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 as of the date indicated above. A bond rated Baa or higher (Prime-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. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 09/30/17

Health care 21.82%
Transportation 12.00%
Utilities 11.90%
Education 9.49%
Prerefunded 9.44%
Tobacco 7.59%
Special Tax 4.44%
State Debt 4.44%
Local Debt 3.86%
 
Other
15.02%
Land 3.77%
Cash and net other assets 2.90%
Housing 2.31%
Other 2.29%
Financials 2.07%
Industrials 1.68%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.

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 as of the date indicated above. A bond rated Baa or higher (Prime-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. Short-term cash bonds are included in the net cash category. Ratings and portfolio credit quality will vary over time. Credit quality includes the fixed-income portion of the portfolio. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the net cash category. The fund itself has not been rated by an independent rating agency.