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 02/16/18

Ticker NYSE: PMM
Net asset value $7.84
Net asset value change 0.01
Market price $7.15
Market price change 0.02
Discount/Premium -8.80%
Dividend rate at net asset value 4.87%
Dividend rate at market price 5.34%

Fund facts as of 01/31/18

Inception date
02/24/89
Total net assets
$521.76M
Dividend frequency
Monthly
Number of holdings
453
Product status
Trades on secondary market
Common share CUSIP
746823103
Ticker
NYSE: PMM
Fiscal year-end
October
Category
Closed End
Turnover (fiscal year end)
30%
Number of common share accounts
1399
Outstanding common shares
-
AMT
13.56%

Management team

Portfolio Manager
Portfolio Manager


Literature

Fund documents

Annual Report (PDF)
Semiannual 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 12/31/17

  • Annual performance as of 12/31/17

Last month Last quarter Year to date 1 yr. 3 yrs. 5 yrs. 10 yrs.
Net asset value 1.16% 1.46% 9.58% 9.58% 5.28% 5.36% 6.49%
Market price 0.70% -0.73% 10.53% 10.53% 6.55% 4.34% 7.24%
Comparative index: Bloomberg Barclays Municipal Bond Index†
Net asset value 1.05% 0.75% 5.45% 5.45% 2.98% 3.02% 4.46%

* 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. -0.98% -4.16%
as of 01/31/18
YTD -1.36% -
as of 02/16/18

Lipper rankings as of 01/31/18

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

Morningstar ratings as of 01/31/18

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

Distribution history (past 12 mts.)

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

Notwithstanding the explanation provided, an affirmative explanation as to whether the historical distributions cited within the section entitled “Distribution history” on page 2 reflects returns of principal or other non-income items such as loan proceeds or borrowings must be provided.

Risk characteristics 

Average effective maturity 6.52
Average stated maturity 19.46
Average effective duration
without leverage
7.14
Average effective duration
with leverage
8.78
Average yield to maturity 4.38
Average price 107.89
Average coupon 5.51

* 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 01/31/18

Tob Settlement Ser 1a 05.0000 06/01/2041 1.44%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 0.96%
Tndr Opt-Resdlxf0571 P/P 15.0600 03/15/2042 0.89%
Buckeye Tob Asset-A-2 06.5000 06/01/2047 0.78%
Buckeye Tob Asset-A-2 06.0000 06/01/2042 0.76%
Love Field Arpt-Sw Ai 05.2500 11/01/2040 0.73%
Met Trans Auth-C1-Ref 04.0000 11/15/2032 0.72%
Nh Hlth & Edu 05.0000 10/01/2042 0.69%
Va Small Business Fin 05.0000 12/31/2052 0.69%
Tndr Opt-Resdl-Xf059 P/P 11.8100 12/01/2047 0.69%
Top 10 holdings, percent of portfolio 8.35%

Full portfolio holdings as of 12/31/17

TOB SETTLEMENT SER 1A 05.0000 06/01/2041 1.39%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 0.95%
TNDR OPT-RESDLXF0571 P/P 14.6100 03/15/2042 0.93%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.76%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.74%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.73%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.72%
NH HLTH & EDU 05.0000 10/01/2042 0.71%
TNDR OPT-RESDL-XF059 P/P 11.5100 12/01/2047 0.70%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.69%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.66%
LOUISVILLE CO METRO-A 05.5000 10/01/2033 0.66%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.66%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.65%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.65%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.63%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.63%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.63%
NJ ECON CONTINENTAL 05.2500 09/15/2029 0.63%
LYCOMING CNTY HLTH-A 05.7500 07/01/2039 0.62%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.61%
CHICAGO BOE-H 05.0000 12/01/2036 0.61%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.61%
NEW HOPE CULT EDU-A 05.0000 04/01/2042 0.60%
CHICAGO IL 06.0000 01/01/2038 0.58%
TNDR OPT-RESDLXF0570 P/P 14.6200 07/01/2042 0.58%
CHICAGO OHARE-C-AMT 05.0000 01/01/2026 0.57%
GEISINGER AUTH-A-1 05.0000 02/15/2045 0.56%
MET TRANS AUTH-A2A 01.6800 11/01/2026 0.56%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.55%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.53%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.53%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.53%
TNDR OPT-RESDL-XM036 P/P 14.5900 05/15/2036 0.53%
DALLAS ETC ARPRT-A 05.0000 11/01/2043 0.52%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.52%
SKAGIT HSP 1-SKAGIT 05.7500 12/01/2035 0.51%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.48%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.48%
CA CMNTYS DEV-REF 05.1250 05/15/2031 0.47%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.47%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.47%
WASHINGTON ST HLTH CA 05.0000 07/01/2036 0.47%
MASSACHUSETTS ST-A 05.0000 04/01/2036 0.46%
NEW YORK NY 05.0000 10/01/2038 0.46%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.45%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.45%
MARICOPA PCR--A 07.2500 02/01/2040 0.45%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.44%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.43%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.43%
NH HLTH-A-RIVERMEAD 06.8750 07/01/2041 0.43%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.43%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.43%
TX PRIVATE ACTIVITY 07.5000 12/31/2031 0.43%
CHICAGO 2002B 05.5000 01/01/2037 0.42%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.42%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.42%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.42%
FARMINGTON PCR-B 04.7000 09/01/2024 0.41%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.41%
N TX EDU FIN CORP-A 05.2500 12/01/2047 0.41%
NJ ECON DEV-MSU HSG 05.3750 06/01/2025 0.41%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.41%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.40%
PUB FIN AUTH-A 05.7500 11/15/2044 0.37%
E-470 HWY-A-LIBOR 01.9460 09/01/2039 0.36%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.36%
BALTIMORE CO-REF 05.0000 01/01/2037 0.35%
NH BUS FIN AUTH-A 06.0000 10/01/2027 0.35%
SANTALUZ FACS DIST2 05.2500 09/01/2026 0.35%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.35%
NY DORM-ROLS-11984 P/P 144A 14.6220 03/15/2031 0.34%
TNDR OPT-RESDL-XM036 P/P 14.5300 06/01/2028 0.34%
GENESEE CO-WTR SPLY-B 05.0000 02/01/2046 0.33%
MASS DEV FIN AGY-C 05.2500 10/01/2029 0.33%
NC MED CARE COMM 05.3750 10/01/2045 0.33%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.33%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.33%
ONONDAGA CIVIC DEV-A 05.1250 07/01/2031 0.33%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.33%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2025 0.33%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.33%
HOUSTON ARPT-A-REF 05.0000 07/01/2024 0.32%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.32%
MOON IDA-REF 05.7500 07/01/2035 0.32%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.32%
WARREN GLF OPP ZONE-A 06.5000 09/01/2032 0.32%
WASHINGTON ST HLTH CA 02.1430 01/01/2042 0.32%
WESTMINSTER-REF 05.1250 07/01/2034 0.32%
HARBOR POINT-REF 05.0000 04/01/2039 0.31%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.31%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2026 0.31%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.31%
UNION UTILS-A-REF 05.2500 12/01/2031 0.31%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.30%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.30%
CO HLTH FACS AUTH-B 05.0000 05/15/2048 0.30%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.30%
JOHNSON CITY H/E-A 06.0000 07/01/2038 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%
CHICAGO WSTWTR 05.0000 01/01/2039 0.29%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.29%
TNDR OPT-RESDL P/P 14.6200 02/15/2047 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%
CA DEV-A 06.0000 10/01/2047 0.28%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.28%
NH HLTH-A-RIVERMEAD 06.6250 07/01/2031 0.28%
NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 0.28%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.27%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.27%
SOUTH DAKOTA ST HLTH 05.0000 11/01/2045 0.27%
TULSA INDL-A-MONTEREA 07.1250 11/01/2030 0.27%
CAPE GIRARDEAU CNTY M 05.0000 03/01/2036 0.26%
CICERO-A-REF 05.0000 01/01/2020 0.26%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.26%
FRANKLIN HLTH-IMPT-A 05.6250 07/01/2026 0.26%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.26%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.26%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.26%
SUSQUEHANNA ARPT-A 06.5000 01/01/2038 0.26%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.26%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.26%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.26%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.26%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.25%
ATLANTIC CITY NJ-B 04.0000 03/01/2042 0.25%
ILLINOIS ST 05.0000 11/01/2029 0.25%
ILLINOIS ST 05.0000 11/01/2041 0.25%
LAKE CO HOSP-C-PREREF 05.6250 08/15/2029 0.25%
MIAMI-DADE IDA 05.0000 09/15/2034 0.25%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.25%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.25%
CA POLL FING AUTH 04.7500 11/01/2046 0.24%
CA PUB WKS FORESTRY-E 05.0000 11/01/2032 0.24%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.24%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.24%
OH AIR QLTY DEV AUTH 04.5000 01/15/2048 0.24%
TOB SETTLE-C 05.3750 06/01/2038 0.24%
VA ST BUSINESS FING 05.0000 07/01/2034 0.24%
WA ST HSG FIN COMM-A 05.0000 01/01/2036 0.24%
ATLANTA TAX ALLOC-B 05.0000 01/01/2031 0.23%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.23%
DASNY-A-REF 05.0000 07/01/2039 0.23%
DASNY-A-REF 05.0000 07/01/2040 0.23%
DIST OF COLUMBIA 06.0000 07/01/2033 0.23%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.23%
NEW JERSEY ST TRANSPR 05.0000 06/15/2029 0.23%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.23%
PUB FIN AUTH 05.0000 05/01/2042 0.23%
RAILSPLITTER 06.0000 06/01/2028 0.23%
SALT LAKE ARPT REV-A 05.0000 07/01/2036 0.23%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.22%
CULLMAN COUNTY 06.7500 02/01/2029 0.22%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2029 0.22%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.22%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.22%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.22%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.22%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2031 0.22%
ME H/E AUTH-HOSP 06.9500 07/01/2041 0.22%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.22%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.22%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.22%
NJ ECON DEV AUTH 06.0000 10/01/2033 0.22%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.22%
ST PAUL PORT-1-REGION 05.0000 08/01/2036 0.22%
TOB SETTLEMENT CAB-1B 00.0000 06/01/2041 0.22%
ALLEGHENY HGR ED-A-RO 05.5000 10/15/2030 0.21%
BAY AREA CA TOLL AUTH 04.0000 04/01/2031 0.21%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.21%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.21%
CHESTER CO IDA-A 05.0000 08/01/2045 0.21%
CHICAGO-C-REF 05.0000 01/01/2038 0.21%
CO HLTH FACS AUTH-REF 05.0000 06/01/2045 0.21%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.21%
DC TOB SETTLMT-CAB-A 00.0000 06/15/2046 0.21%
ILLINOIS ST-D 05.0000 11/01/2028 0.21%
IN FIN AUTH-B-REF 05.0000 02/01/2032 0.21%
LANCASTER HSP 1-IMMA 05.5000 01/01/2030 0.21%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.21%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.21%
MIAMI BEACH HLTH-REF 05.0000 11/15/2029 0.21%
MSR ENERGY 06.5000 11/01/2039 0.21%
N HUDSON SWRG-A 05.0000 06/01/2042 0.21%
NJ ECON DEV AUTH 05.0000 07/15/2047 0.21%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.21%
PRIV CLGS & UNIV-A 05.2500 10/01/2027 0.21%
ROCHESTER HLTH 05.8750 07/01/2030 0.21%
S JERSEY PORT-B-AMT 05.0000 01/01/2042 0.21%
SARASOTA CNTY HLTH-A 05.0000 01/01/2037 0.21%
SELMA INDL-A-GULF OPP 06.2500 11/01/2033 0.21%
ST LOUIS ARPT 06.6250 07/01/2034 0.21%
TALLAHASSEE HLTH-A 05.0000 12/01/2055 0.21%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.21%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.20%
CHERRY HILL CMNTY DEV 05.4000 03/01/2045 0.20%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.20%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.20%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.20%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.20%
KY ECON DEV FIN-A-REF 05.0000 05/15/2046 0.20%
LA VERNIA HGR ED-A 05.2500 08/15/2035 0.20%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.20%
MARICOPA IDA-A 04.0000 01/01/2041 0.20%
NC MED CARE COMM-REF 05.0000 10/01/2037 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%
ROCHESTER HLTH-B-MAYO 01.2100 11/15/2038 0.20%
SAN JOAQUIN TRANS-A 05.0000 01/15/2034 0.20%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.20%
TARRANT CNTY CULT EDU 05.5000 11/15/2045 0.20%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.20%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.19%
GOLDEN TOB SR-CONV A2 05.3000 06/01/2037 0.19%
IA ST FIN AUTH 05.5000 12/01/2022 0.19%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.19%
LAKEWOOD RANCH DIST 05.1250 05/01/2046 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%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.19%
PA TURNPIKE-B1 05.0000 06/01/2042 0.19%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2030 0.19%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.19%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.19%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.18%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.18%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.18%
OK ST TPK-VAR-REF-F 01.2000 01/01/2028 0.18%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.18%
COLORADO HLTH FAC 06.3750 01/01/2041 0.17%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.17%
MA DEV FIN AGY 05.0000 07/01/2035 0.17%
MA DEV FIN AGY 05.0000 07/01/2036 0.17%
NC MED CARE COMM 05.0000 07/01/2045 0.17%
NC MED CARE-C-REF 05.0000 10/01/2031 0.17%
NH H/E VAR-UNIV NH-B 00.9700 07/01/2033 0.17%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.17%
PHILADELPHIA HSP-B-VA 00.9700 07/01/2025 0.17%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.17%
ST LOUIS IDA-A 04.7500 11/15/2047 0.17%
VLG CDD 10 05.7500 05/01/2031 0.17%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.16%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.16%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.16%
MA PORT AUTH-A 05.1250 07/01/2041 0.16%
MA ST DEV FIN AGY 05.2500 07/01/2038 0.16%
NH HLTH & EDU-A 06.2500 07/01/2042 0.16%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.16%
OTSEGO CHRT SCH-A 05.0000 09/01/2034 0.16%
PA HGR EDU-KK1 05.3750 05/01/2042 0.16%
PRIV CLGS & UNIVS-C 05.2500 10/01/2030 0.16%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.16%
SARTELL HLTH-A 05.2500 09/01/2027 0.16%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.16%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.16%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.16%
WA HLTH CARE FACS 04.0000 07/01/2036 0.16%
WEST SHORE AREA AUTH 05.0000 07/01/2035 0.16%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.15%
CO EDU CULT FAC-REF 05.1250 07/01/2034 0.15%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.15%
GAINESVL DEV-A2-ACTS 06.3750 11/15/2029 0.15%
IA ST FIN AUTH 05.2500 12/01/2025 0.15%
LOUISIANA PUB FACS AU 04.0000 12/15/2050 0.15%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.15%
MET PIER & EXPOSITION 00.0000 12/15/2047 0.15%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.15%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.15%
ABAG-REF 06.0000 07/01/2031 0.14%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 0.14%
DELAWARE ST ECON DEV 05.0000 06/01/2036 0.14%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.14%
ILLINOIS ST 05.0000 01/01/2041 0.14%
LEXINGTON VA INDL DEV 04.0000 01/01/2031 0.14%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.14%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.14%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.14%
PHOENIX IDA 04.8750 09/01/2022 0.14%
PHOENIX IDA 05.3750 09/01/2032 0.14%
PR COMWLTH-IMPT-A 05.5000 07/01/2021 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%
FL HGR ED-UNIV TAMPA 05.0000 04/01/2032 0.13%
HENRICO ECON DEV-REF 05.0000 06/01/2022 0.13%
LOWER AL GAS DIST GAS 05.0000 09/01/2046 0.13%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.13%
MA DEV FIN-A-PREREF 06.2500 07/01/2030 0.13%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.13%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.13%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.13%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.13%
SAN FRAN ARPT-A-AMT 05.0000 05/01/2030 0.13%
SAN FRANCISCO REDEV-C 00.0000 08/01/2038 0.13%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.13%
BROOME IDA-A-GOOD SHE 06.7500 07/01/2028 0.12%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.12%
NH HLTH & EDU FACS 05.0000 10/01/2040 0.12%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.12%
ROCKDALE DEV-A-VISY 06.1250 01/01/2034 0.12%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.11%
CLARK IMPT DIST-REF 05.0000 08/01/2021 0.11%
CLIFTON HGR EDU FIN 06.0000 08/15/2033 0.11%
DIST COLUM REV-UNREF 06.2500 10/01/2032 0.11%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.11%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2029 0.11%
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%
MASS DEV-ORCHARD CV 05.0000 10/01/2019 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
NC MED CARE COMM-A 05.0000 10/01/2037 0.11%
NC MED CARE COMM-REF 05.0000 10/01/2035 0.11%
NJ ECON DEV-A-REF 05.0000 07/01/2029 0.11%
NY DORM AUTH REVS-REF 05.0000 07/01/2034 0.11%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.11%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.11%
PA TNPK CMMN-A 05.0000 12/01/2038 0.11%
PUBLIC FIN AUTH-AMT 05.0000 09/30/2037 0.11%
TOLEDO ET PORT REF 06.4500 12/15/2021 0.11%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.11%
WA ST HSG FIN COMM-A 07.0000 07/01/2050 0.11%
AZ INDL DEV-G-REF 05.0000 07/01/2037 0.10%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.10%
CHESTER CNTY PA HLTH 05.0000 11/01/2041 0.10%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.10%
CLARK IMPT DIST 05.0000 08/01/2032 0.10%
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%
DOUBLE BRANCH CDD-A1 04.1250 05/01/2031 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%
FREDERICK EDL-A-REF 05.0000 09/01/2037 0.10%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.10%
IL FIN AUTH 04.0000 11/15/2035 0.10%
IL FIN AUTH-A 05.0000 02/15/2037 0.10%
IL FIN AUTH-A 05.0000 02/15/2047 0.10%
IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 0.10%
ILLINOIS ST 05.0000 11/01/2034 0.10%
KIRKWOOD INDL DEV 05.2500 05/15/2042 0.10%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.10%
LENEXA HLTH-LAKEVIEW 07.1250 05/15/2029 0.10%
LOUISVILLE CLG-REF-A 06.0000 05/01/2028 0.10%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.10%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.10%
MARIETTA DEV-REF-UNIV 06.2500 06/15/2020 0.10%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.10%
NC MED CARE-A-REF 05.0000 09/01/2037 0.10%
NEW HOPE CULTURAL ED 05.0000 01/01/2037 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%
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%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.10%
SARTELL HLTH-A 05.2500 09/01/2030 0.10%
SOUTHLANDS CO MET DT 05.0000 12/01/2037 0.10%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.10%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2041 0.10%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.10%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.09%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.09%
HI BUDGET 09.0000 11/15/2044 0.09%
HI DEPT BUDGET-REF 05.1250 11/15/2032 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%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.09%
MURRAY CITY HSP-IHC-C 00.9200 05/15/2036 0.09%
RED RIVER HLTH-A 07.7500 11/15/2044 0.09%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.09%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.08%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.08%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.08%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.08%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.08%
LAS VEGAS IMPT DIST 05.0000 06/01/2023 0.08%
LAS VEGAS SPL IMPT 05.0000 06/01/2031 0.08%
NC MED CARE COMM 05.2500 10/01/2037 0.08%
NC MED CARE COMM-A 05.0000 07/01/2047 0.08%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.08%
SAINT TAMMANY PUB-REF 05.2500 11/15/2037 0.08%
VLG CMNTY DEV DIST 8 06.1250 05/01/2039 0.08%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.08%
BAYTOWN TWP MN LEASE 04.0000 08/01/2041 0.07%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.07%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.07%
LA VERNE-COPS 05.0000 05/15/2036 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.07%
MULTNOMAH HOSP-REF 05.0000 12/01/2029 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.07%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.07%
RANCHO CORDOVA-REF 05.0000 09/01/2037 0.07%
YAMHILL CO HOSP-A-REF 05.0000 11/15/2036 0.07%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.06%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.06%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.06%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.06%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.06%
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%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.05%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.05%
FORSYTH HOSP-GA BAPTI 06.2500 10/01/2018 0.05%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.05%
HARRIS CNTY TX 05.0000 01/01/2037 0.05%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.05%
LAKE CO HOSP-C-UNREF 05.6250 08/15/2029 0.05%
LAS VEGAS DIST 812 05.0000 12/01/2035 0.05%
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%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.05%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2046 0.05%
PUB FIN AUTH 05.0000 05/01/2047 0.05%
SAN FRANCISCO REDEV-D 06.6250 08/01/2039 0.05%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 0.05%
WESTMINSTER-A 06.0000 07/01/2034 0.05%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.05%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.04%
EATON AREA PK & REC 05.2500 12/01/2034 0.04%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.04%
ILLINOIS ST 05.0000 02/01/2039 0.04%
MA DEV FIN AGY-A 06.0000 01/01/2033 0.04%
NEW HOPE CULTURAL ED 05.0000 11/15/2036 0.04%
PHOENIX IDA 06.0000 07/01/2032 0.04%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.04%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.04%
KY ST ECON DEV-A 05.2500 06/01/2041 0.03%
SOUTHEASTERN OH PORT 05.0000 12/01/2043 0.03%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.02%
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%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.01%
CASA GRANDE IDA-REF-A ESCROW 07.2500 12/01/2019 0.00%
CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 0.00%
DETROIT WTR-B-UNREF 06.2500 07/01/2036 0.00%
DIST COLUM REV-PRERF 06.5000 10/01/2041 0.00%
IL ST FIN AUTH-PREREF 07.7500 08/15/2034 0.00%
LA PUB FACS AUTH-A 08.3750 07/01/2039 0.00%
RED RIVER HLTH FAC-A 05.1500 11/15/2027 0.00%
RED RIVER HLTH FAC-A 05.4500 11/15/2038 0.00%
RED RIVER HLTH FAC-A 06.0500 11/15/2046 0.00%
RED RIVER HLTH FAC-D 06.0500 11/15/2046 0.00%
RED RIVER HLTH-B 06.1500 11/15/2049 0.00%
RED RIVER HLTH-C 06.2500 05/09/2053 0.00%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 15.0600 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Nh Hlth & Edu 05.0000 10/01/2042
Va Small Business Fin 05.0000 12/31/2052
Tndr Opt-Resdl-Xf059 P/P 11.8100 12/01/2047
Holdings represent 8.35% of portfolio
Top 10 holdings as of 12/31/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 10.2700 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Met Trans Auth-C-Ref 04.0000 11/15/2032
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Nh Hlth & Edu 05.0000 10/01/2042
Tndr Opt-Resdl-Xf059 P/P 08.3800 12/01/2047
Va Small Business Fin 05.0000 12/31/2052
Holdings represent 8.30% of portfolio
Top 10 holdings as of 11/30/17
Tob Settlement Ser 1a 05.0000 06/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 15.4200 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C-Ref 04.0000 11/15/2032
Tndr Opt-Resdl-Xf231 P/P 144a 15.4020 06/15/2031
Va Small Business Fin 05.0000 12/31/2052
Clayton Dev-A-Delta A 08.7500 06/01/2029
Holdings represent 8.32% of portfolio
Top 10 holdings as of 10/31/17
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 12.6700 03/15/2042
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Tndr Opt-Resdl-Xf231 P/P 144a 12.6550 06/15/2031
Clayton Dev-A-Delta A 08.7500 06/01/2029
Santee Cooper-Ser A 05.7500 12/01/2043
Holdings represent 8.48% of portfolio

Maturity detail

0 - 1 yr. 9.00%
1 - 5 yrs. 36.55%
5 - 10 yrs. 44.83%
10 - 15 yrs. 2.72%
Over 15 yrs. 6.90%

Quality rating

AAA 3.26%
AA 11.96%
A 19.89%
BBB 30.00%
BB 9.22%
B 6.71%
CCC and Below 0.51%
Not Rated 16.55%
Cash and net other assets 1.90%

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. 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 01/31/18

Health care 23.80%
Transportation 12.58%
Utilities 10.76%
Education 10.01%
Prerefunded 8.67%
Tobacco 7.94%
Local Debt 4.63%
Land 4.05%
State Debt 3.81%
 
Other
13.75%
Special Tax 3.74%
Other 2.76%
Housing 2.07%
Cash and net other assets 1.90%
Industrials 1.70%
Financials 1.58%

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.