Managed Municipal Income Trust (Class A)  (NYSE: PMM)

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

Highlights

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 12/12/18

Ticker NYSE: PMM
Net asset value $7.71
Net asset value change 0.00
Market price $7.00
Market price change -0.08
Discount/Premium -9.20%
Dividend rate at net asset value 4.50%
Dividend rate at market price 4.96%

Fund facts as of 11/30/18

Inception date
02/24/89
Total net assets
$483.61M
Dividend frequency
Monthly
Number of holdings
420
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
1315
Outstanding common shares
-
AMT
N/A

Management team

Portfolio Manager
Portfolio Manager


Manager commentary | Q3 2018

Fed proceeds with caution

Portfolio Managers Paul Drury and Garrett Hamilton discuss the Federal Reserve's rate hikes and implications for municipal bonds.


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 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 -0.52% 0.08% 0.71% 2.18% 4.45% 6.73% 7.44%
Market price -2.81% -1.05% -2.92% -3.63% 4.42% 6.17% 7.15%
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. 0.77% 4.30%
as of 11/30/18
YTD 0.82% -
as of 12/12/18

Lipper rankings as of 10/31/18

Time period Rank/Funds in category Percentile ranking
1 yr. 5/11 42%
3 yrs. 7/11 59%
5 yrs. 7/11 59%
10 yrs. 9/11 75%
Lipper category: High Yield Municipal Debt Funds

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
11/23/18 $00.0289
10/24/18 $00.0289
09/24/18 $00.0289
08/24/18 $00.0289
07/24/18 $00.0289
06/22/18 $00.0289
05/24/18 $00.0318
04/24/18 $00.0318
03/23/18 $00.0318
02/23/18 $00.0318
01/24/18 $00.0318
12/22/17 $00.0318

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 6.88
Average stated maturity 19.20
Average effective duration
without leverage
7.47
Average effective duration
with leverage
5.38
Average yield to maturity 4.68
Average price 104.70
Average coupon 5.47

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

Ny St Dorm Auth-A 05.0000 03/15/2038 1.26%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.06%
Golden St Tobacco-A-1 05.2500 06/01/2047 1.06%
Buckeye Tob Asset-A-2 06.5000 06/01/2047 0.86%
Buckeye Tob Asset-A-2 06.0000 06/01/2042 0.84%
Tndr Opt-Resdlxf0571 P/P 13.4800 03/15/2042 0.80%
Love Field Arpt-Sw Ai 05.2500 11/01/2040 0.78%
Met Trans Auth-C1-Ref 04.0000 11/15/2032 0.76%
Santee Cooper-Ser A 05.7500 12/01/2043 0.73%
Tndr Opt-Resdl-Xf059 P/P 10.7500 12/01/2047 0.72%
Top 10 holdings, percent of portfolio 8.87%

Full portfolio holdings as of 09/30/18

NYC TRANS FIN AUTH-A1 04.0000 08/01/2041 1.25%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.07%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.85%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.83%
TNDR OPT-RESDLXF0571 P/P 13.6000 03/15/2042 0.82%
LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 0.76%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.75%
NH HLTH & EDU 05.0000 10/01/2042 0.74%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.72%
TNDR OPT-RESDL-XF059 P/P 10.8300 12/01/2047 0.72%
TOBACCO SETTLEMENT-B 05.0000 06/01/2046 0.72%
CLAYTON DEV-A-DELTA A 08.7500 06/01/2029 0.69%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.69%
JEFFERSON CO-CABS-F 00.0000 10/01/2046 0.69%
LOUISVILLE CO METRO-A 05.5000 10/01/2033 0.69%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.69%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.65%
HI DEPT BUDGET HAWAII 06.5000 07/01/2039 0.64%
NORTH LAS VEGAS-REF 04.0000 06/01/2033 0.64%
LYCOMING CNTY HLTH-A 05.7500 07/01/2039 0.63%
MIAMI-DADE CNTY-REF 04.0000 07/01/2036 0.63%
NEW HOPE CULT EDU-A 05.0000 04/01/2042 0.63%
CA POLLUTN-VAR-REF-A P/P 144A 01.8500 08/01/2023 0.61%
KING GEORGE IDA-A-RMK 02.2500 06/01/2023 0.61%
MET TRANS AUTH-A2A 02.0500 11/01/2026 0.60%
CHICAGO IL 06.0000 01/01/2038 0.59%
CHICAGO OHARE-C-AMT 05.0000 01/01/2026 0.58%
PORT AUTH OF NEW YORK 05.0000 09/15/2030 0.58%
DELAWARE ECON DEV AUT 05.3750 10/01/2045 0.56%
GEISINGER AUTH-A-1 05.0000 02/15/2045 0.56%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.56%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2035 0.55%
TX PRIVATE ACT-SR LIE 07.0000 06/30/2040 0.55%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.54%
SKAGIT HSP 1-SKAGIT 05.7500 12/01/2035 0.54%
DALLAS ETC ARPT-B-AMT 04.5000 11/01/2045 0.53%
GOLDEN ST TOBACCO-A-1 05.2500 06/01/2047 0.53%
TNDR OPT-RESDLXF0570 P/P 13.6900 07/01/2042 0.53%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2047 0.52%
TNDR OPT-RESDL-XM036 P/P 13.6000 05/15/2036 0.52%
IN FIN AUTH-AMT-A-REF 01.9000 05/01/2034 0.51%
FRONT ROYAL & WARREN 04.0000 01/01/2050 0.50%
LA PAZ CO IDA-A 05.0000 02/15/2048 0.50%
CA CMNTYS DEV-REF 05.1250 05/15/2031 0.49%
DE HLTH-VAR-A-CHRISTI 01.6000 10/01/2038 0.49%
KENTWOOD ECON DEV-REF 05.6250 11/15/2032 0.49%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.49%
WASHINGTON ST HLTH CA 05.0000 07/01/2036 0.49%
SALT VERDE FNL CORP 05.0000 12/01/2037 0.48%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.47%
MARICOPA PCR--A 07.2500 02/01/2040 0.46%
MICHIGAN ST FIN AUTH 05.0000 02/01/2047 0.46%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.45%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.45%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.45%
CHICAGO 2002B 05.5000 01/01/2037 0.44%
CHICAGO BOE-H 05.0000 12/01/2036 0.44%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.44%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.44%
NH HLTH-A-RIVERMEAD 06.8750 07/01/2041 0.44%
NJ ECON DEV-MSU HSG 05.3750 06/01/2025 0.44%
NJ HLTH-ST PETERS-REF 06.2500 07/01/2035 0.44%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.44%
TX PRIVATE ACTIVITY 07.5000 12/31/2031 0.44%
FARMINGTON PCR-B 04.7000 09/01/2024 0.43%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.43%
N TX EDU FIN CORP-A 05.2500 12/01/2047 0.43%
LA VERNIA HGR ED-A-KI 06.2500 08/15/2039 0.42%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.42%
ID HLTH FACS-A-REF 04.0000 03/01/2038 0.41%
PUB FIN AUTH-A 05.7500 11/15/2044 0.40%
E-470 HWY-A-LIBOR 02.4290 09/01/2039 0.39%
ILLINOIS ST 05.0000 12/01/2028 0.38%
BUCKEYE TOB ASSET-A-2 05.8750 06/01/2047 0.36%
NC MED CARE COMM 05.3750 10/01/2045 0.36%
NY TOBACCO-A-2B-REF 05.0000 06/01/2051 0.36%
PHOENIX INDL DEV AUTH 05.0000 07/01/2044 0.36%
SANTALUZ FACS DIST2 05.2500 09/01/2026 0.36%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.36%
CAP REGION WTR-REF 05.0000 07/15/2030 0.35%
NJ ECON DEV-B-AMT 05.6250 11/15/2030 0.35%
PLAZA MET DIST 1-REF 05.0000 12/01/2040 0.35%
RI HLTH & EDUCTNL-REF 05.0000 05/15/2025 0.35%
WASHINGTON ST HLTH CA 02.6320 01/01/2042 0.35%
TNDR OPT-RESDL-XM036 P/P 13.5100 06/01/2028 0.34%
CHICAGO SPL ASSMNT 06.7500 12/01/2032 0.33%
HARBOR POINT-REF 05.0000 04/01/2039 0.33%
HOUSTON ARPT-A-REF 05.0000 07/01/2024 0.33%
IL FIN-AMERN WTR CAP 05.2500 10/01/2039 0.33%
MOON IDA-REF 05.7500 07/01/2035 0.33%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.33%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.33%
WESTMINSTER-REF 05.1250 07/01/2034 0.33%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2032 0.32%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.32%
CO HLTH FACS AUTH-B 05.0000 05/15/2048 0.32%
IL ST FIN AUTH-REFD 07.7500 08/15/2034 0.32%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.32%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2026 0.32%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.32%
NY DORM-ROLS-11984 P/P 144A 13.6020 03/15/2031 0.32%
TEMPLE TAX-A-REV 05.0000 08/01/2038 0.32%
UNION UTILS-A-REF 05.2500 12/01/2031 0.32%
CAP TRUST AGY-A 05.2500 12/01/2043 0.31%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.31%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.31%
NTHRN TOB ASSET BKD-A 05.0000 06/01/2046 0.31%
BURLINGTON BRDG-EVERG 05.6250 01/01/2038 0.30%
CA DEV-A 06.0000 10/01/2047 0.30%
CHICAGO WSTWTR 05.0000 01/01/2039 0.30%
SARASOTA CO PUB HOSP 04.0000 07/01/2048 0.30%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.29%
NH HLTH-A-RIVERMEAD 06.6250 07/01/2031 0.29%
TNDR OPT-RESDL P/P 13.8300 02/01/2033 0.29%
WI H/E FACS AUTH-A 07.6250 09/15/2039 0.29%
HAMMOND SCH BLDG 05.0000 07/15/2038 0.28%
JACKSONVILLE ECON-GER 05.3000 05/01/2037 0.28%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.28%
MI STRAT FD-CADILLAC 05.2500 10/15/2026 0.28%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.28%
TULSA INDL-A-MONTEREA 07.1250 11/01/2030 0.28%
ALLEGHENY HOSP DEV-A 05.0000 04/01/2035 0.27%
CICERO-A-REF 05.0000 01/01/2020 0.27%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.27%
FRANKLIN HLTH-IMPT-A 05.6250 07/01/2026 0.27%
ILLINOIS ST 05.0000 11/01/2041 0.27%
NY LIBERTY DEV CORP P/P 144A 05.0000 11/15/2044 0.27%
TULSA CO ARPT-B-REF 05.5000 12/01/2035 0.27%
VALPARAISO EXEMPT FAC 06.7500 01/01/2034 0.27%
ALLEGHENY CO HGR EDU 05.0000 10/15/2047 0.26%
ATLANTIC CITY NJ-B 04.0000 03/01/2042 0.26%
DC TOB SETTLMT-CAB-A 00.0000 06/15/2046 0.26%
ILLINOIS ST 05.0000 11/01/2029 0.26%
MIAMI-DADE IDA 05.0000 09/15/2034 0.26%
NATL FIN AUTH-C-REF 04.8750 11/01/2042 0.26%
PRINCE GEORGES CO-REF 05.2500 04/01/2037 0.26%
TOB SETTLE-C 05.3750 06/01/2038 0.26%
WA ST HSG FIN COMM-A 05.0000 01/01/2036 0.26%
WA ST HSG FIN-A-REF 05.0000 07/01/2046 0.26%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.26%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.25%
OH AIR QLTY DEV AUTH 04.5000 01/15/2048 0.25%
VA ST BUSINESS FING 05.0000 07/01/2034 0.25%
CA POLL FING AUTH 04.7500 11/01/2046 0.24%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.24%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.24%
MA ST HLTH-SPRGFD CLG 05.5000 10/15/2031 0.24%
MONTGOMERY CNTY TOLL 05.0000 09/15/2036 0.24%
PUB FIN AUTH 05.0000 05/01/2042 0.24%
PUBLIC FIN AUTH WI LI 07.0000 12/01/2050 0.24%
CHICAGO WTRWKS-REMK 05.0000 11/01/2030 0.23%
CMWLTH FING AUTH 05.0000 06/01/2035 0.23%
CULLMAN COUNTY 06.7500 02/01/2029 0.23%
GREATER CHICAGO MET-A 05.0000 12/01/2031 0.23%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.23%
LA PUB FACS AUTH-AMT P/P 144A 06.5000 07/01/2036 0.23%
LA VERNIA HGR ED-A-KI 06.3750 08/15/2044 0.23%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.23%
ME H/E AUTH-HOSP 07.5000 07/01/2032 0.23%
NJ ECON DEV AUTH 06.0000 10/01/2033 0.23%
PHILA AUTH INDL DEV 06.0000 08/01/2035 0.23%
ST PAUL PORT-1-REGION 05.0000 08/01/2036 0.23%
ALLEGHENY HGR ED-A-RO 05.5000 10/15/2030 0.22%
CA CMNTYS DEV-REF 05.3750 05/15/2038 0.22%
COLORADO ST HLTH FACS 05.2500 05/15/2037 0.22%
GTR ORLANDO AVIATION 05.0000 11/15/2036 0.22%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.22%
ILLINOIS ST FIN AUTH 05.2500 05/15/2045 0.22%
ILLINOIS ST-D 05.0000 11/01/2028 0.22%
IN FIN AUTH-B-REF 05.0000 02/01/2032 0.22%
MARIETTA DEV-A-REF 05.0000 11/01/2037 0.22%
MATAGORDA NAV 1-RF-A 06.3000 11/01/2029 0.22%
ME H/E AUTH-HOSP 06.9500 07/01/2041 0.22%
MIAMI BEACH HLTH-REF 05.0000 11/15/2029 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 05.0000 07/15/2047 0.22%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.22%
PORT AUTH -SPEC PROJ 06.0000 12/01/2042 0.22%
PRIV CLGS & UNIV-A 05.0000 10/01/2032 0.22%
PRIV CLGS & UNIV-A 05.2500 10/01/2027 0.22%
ROCHESTER HLTH 05.8750 07/01/2030 0.22%
S JERSEY PORT-B-AMT 05.0000 01/01/2042 0.22%
SARASOTA CNTY HLTH-A 05.0000 01/01/2037 0.22%
TALLAHASSEE HLTH-A 05.0000 12/01/2055 0.22%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.22%
ARLINGTON HGR EDU-A 04.0000 12/01/2042 0.21%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.21%
CHERRY HILL CMNTY DEV 05.4000 03/01/2045 0.21%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.21%
CHESTER CO IDA-A 05.0000 08/01/2045 0.21%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.21%
IA ST FIN AUTH 05.5000 12/01/2022 0.21%
ILLINOIS ST -A 05.0000 05/01/2038 0.21%
ILLINOIS ST 05.0000 10/01/2031 0.21%
KY ECON DEV FIN-A-REF 05.0000 05/15/2046 0.21%
LA VERNIA HGR ED-A 05.2500 08/15/2035 0.21%
LANCASTER HSP 1-IMMA 05.5000 01/01/2030 0.21%
MA HLTHCR-A-ADVENTCA P/P 144A 06.6500 10/15/2028 0.21%
MSR ENERGY 06.5000 11/01/2039 0.21%
N HUDSON SWR-A-UNREF 05.0000 06/01/2042 0.21%
NC MED CARE COMM-REF 05.0000 10/01/2037 0.21%
NEW YORK ST ENVRNMNT P/P 144A 03.7500 12/01/2044 0.21%
PR COMWLTH-REF-A-IMPT 05.5000 07/01/2020 0.21%
SOUTH LAKE HOSP DIST 06.0000 04/01/2029 0.21%
ST LOUIS ARPT 06.6250 07/01/2034 0.21%
WA ST HLTH CR FACS 07.0000 07/01/2039 0.21%
YAVAPAI INDL DEV 05.0000 03/01/2032 0.21%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.20%
LAKEWOOD RANCH DIST 05.1250 05/01/2046 0.20%
MICHIGAN ST FIN AUTH 04.0000 12/01/2047 0.20%
NEW HOPE CULT EDU-A1 04.1250 07/01/2053 0.20%
PA TURNPIKE-B1 05.0000 06/01/2042 0.20%
PUBLIC FIN AUTH -REF P/P 144A 05.0000 09/01/2030 0.20%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.20%
TARRANT CNTY CULT EDU 06.7500 11/15/2047 0.20%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
KY ECON DEV AUTH-REF 05.3750 11/15/2042 0.19%
PHOENIX INDL DEV AUT P/P 144A 05.0000 07/01/2035 0.19%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.18%
COLORADO HLTH FAC 06.3750 01/01/2041 0.18%
NC MED CARE COMM 05.0000 07/01/2045 0.18%
NC MED CARE-C-REF 05.0000 10/01/2031 0.18%
NH H/E VAR-UNIV NH-B 01.5700 07/01/2033 0.18%
NJ HLTHCARE FACS-REF 05.0000 07/01/2041 0.18%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.18%
ST LOUIS IDA-A 04.7500 11/15/2047 0.18%
BUCKEYE TOB CAB-1ST-B 00.0000 06/01/2047 0.17%
IA ST FIN AUTH 05.2500 12/01/2025 0.17%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.17%
MAS H/E MILFORD MED 05.0000 07/15/2022 0.17%
MET PIER & EXPOSITION 00.0000 12/15/2047 0.17%
NY LIBERTY DEV CORP P/P 144A 05.3750 11/15/2040 0.17%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.17%
PA HGR EDU-KK1 05.3750 05/01/2042 0.17%
PHILADELPHIA HSP-B-VA 01.5700 07/01/2025 0.17%
PRIV CLGS & UNIVS-C 05.2500 10/01/2030 0.17%
SARTELL HLTH-A 05.2500 09/01/2027 0.17%
SUNNYVALE-FACS DIST 1 07.7500 08/01/2032 0.17%
VA ST SMALL BUS-SR 06.0000 01/01/2037 0.17%
VLG CDD 10 05.7500 05/01/2031 0.17%
WEST SHORE AREA AUTH 05.0000 07/01/2035 0.17%
CHESTER CO INDL DEV-A 05.1250 10/15/2037 0.16%
CO EDU CULT FAC-REF 05.1250 07/01/2034 0.16%
COBB CNTY GA DEV AUTH 05.0000 07/15/2038 0.16%
FLINT HOSP BLDG-A 05.2500 07/01/2039 0.16%
ILLINOIS FIN AUTH-REF 05.0000 03/01/2033 0.16%
KALISPEL TRIBE-A P/P 144A 05.2500 01/01/2038 0.16%
MA PORT AUTH-A 05.1250 07/01/2041 0.16%
NH HLTH & EDU-A 06.2500 07/01/2042 0.16%
PUBLIC FIN AUTH 05.0000 10/01/2043 0.16%
REGL TRN-DENVER TRN 06.0000 01/15/2041 0.16%
TX PRIVATE ACTIVITY 05.0000 12/31/2050 0.16%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.16%
VLG CDD 12 04.0000 05/01/2033 0.16%
ABAG-REF 06.0000 07/01/2031 0.15%
DELAWARE ST ECON DEV 05.0000 06/01/2036 0.15%
GAINESVL DEV-A2-ACTS 06.3750 11/15/2029 0.15%
ILLINOIS ST 05.0000 01/01/2041 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%
NJ ECON-AMT-RF-D-NJ A 04.8750 11/01/2029 0.15%
OWEN WTRWKS SER A-KY 06.2500 06/01/2039 0.15%
WARM SPRINGS RESRV-B P/P 144A 06.3750 11/01/2033 0.15%
ABAG FIN AUTH 05.0000 01/01/2033 0.14%
CA ST MUNI FIN-A 05.0000 08/01/2032 0.14%
HENRICO ECON DEV-REF 05.0000 06/01/2022 0.14%
HOUSTON ARPT FAC-B-1 05.0000 07/15/2030 0.14%
LEXINGTON VA INDL DEV 04.0000 01/01/2031 0.14%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.14%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.14%
SALT VERDE FNL CORP 05.0000 12/01/2032 0.14%
SAN FRANCISCO REDEV-C 00.0000 08/01/2038 0.14%
FL HGR ED-UNIV TAMPA 05.0000 04/01/2032 0.13%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.13%
NH HLTH & EDU FACS 05.0000 10/01/2040 0.13%
NY CONVENTN CTR-A 00.0000 11/15/2050 0.13%
PHOENIX IDA-A P/P 144A 05.0000 07/01/2035 0.13%
TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 0.13%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.12%
DIST COLUM REV-UNREF 06.2500 10/01/2032 0.12%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.12%
KY DEV FIN-A-MASONIC 07.0000 05/15/2030 0.12%
KY DEV FIN-A-MASONIC 07.2500 05/15/2041 0.12%
MASS DEV-ORCHARD CV 05.0000 10/01/2019 0.12%
MIDTOWN MIAMI CDD-A 05.0000 05/01/2029 0.12%
PA HGR ED-SHIPPENSBUR 06.2500 10/01/2043 0.12%
PHOENIX IDA 04.8750 09/01/2022 0.12%
TOLEDO ET PORT REF 06.4500 12/15/2021 0.12%
AZ INDL DEV-G-REF 05.0000 07/01/2037 0.11%
CA SCH FIN AUTH-A 06.0000 07/01/2033 0.11%
CHESTER CNTY PA HLTH 05.0000 11/01/2041 0.11%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.11%
COLORADO ST HLTH FACS 05.0000 01/01/2031 0.11%
COOK CNTY-REF 05.0000 11/15/2035 0.11%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.11%
DIST COLUM REV-PRERF 06.2500 10/01/2032 0.11%
DOUBLE BRANCH CDD-A1 04.1250 05/01/2031 0.11%
E-470 PUB HWY AUTH 05.3750 09/01/2026 0.11%
FARMINGTON POLL-REF-D 05.9000 06/01/2040 0.11%
FREDERICK EDL-A-REF 05.0000 09/01/2037 0.11%
IL FIN AUTH-A 05.0000 02/15/2037 0.11%
IL FIN AUTH-A 05.0000 02/15/2047 0.11%
IL FIN-NAVISTAR-RECOV 06.7500 10/15/2040 0.11%
ILLINOIS ST 05.0000 11/01/2034 0.11%
IN FIN AUTH-B-REF 05.0000 02/01/2029 0.11%
LA PAZ CO IDA-A 05.0000 02/15/2038 0.11%
LENEXA HLTH-LAKEVIEW 07.1250 05/15/2029 0.11%
MAINE ST FIN AUTH SOL 05.1250 08/01/2035 0.11%
MARICOPA IDA-REF 05.0000 07/01/2035 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
MULTNOMAH HOSP-A-REF 05.4000 10/01/2044 0.11%
NC MED CARE COMM-A 05.0000 10/01/2037 0.11%
NC MED CARE-A-REF 05.0000 09/01/2037 0.11%
NEW HOPE CULTURAL ED 05.0000 01/01/2037 0.11%
NEW HOPE ED FACS 05.5000 01/01/2043 0.11%
NEW HOPE EDU FACS-A 05.0000 04/01/2039 0.11%
NJ ECON DEV AUTH-REF 05.0000 06/15/2026 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 TNPK CMMN-A 05.0000 12/01/2038 0.11%
POWAY USD PUB FING 05.0000 09/15/2032 0.11%
PUBLIC FIN AUTH-AMT 05.0000 09/30/2037 0.11%
S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 0.11%
SARTELL HLTH-A 05.2500 09/01/2030 0.11%
SOUTHLANDS CO MET DT 05.0000 12/01/2037 0.11%
SUFFOLK VA ECON DEV A 05.0000 09/01/2031 0.11%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.11%
WA HSG FIN-REF P/P 144A 05.0000 07/01/2041 0.11%
WICHITA KS HLTH CARE 05.0000 05/15/2033 0.11%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.10%
CLARK IMPT DIST 05.0000 08/01/2032 0.10%
CLARK IMPT DIST-REF 05.0000 08/01/2021 0.10%
HAM LAKE CHRT SCH-A 05.0000 07/01/2047 0.10%
IL FIN AUTH 04.0000 11/15/2035 0.10%
LAKEWOOD RANCH CDD 04.8750 05/01/2035 0.10%
LOWER MAGNOLIA GREEN 05.0000 03/01/2035 0.10%
MA DEV-A1-LINDEN POND 06.2500 11/15/2046 0.10%
MA ST HLTH-SPRGFD CLG 05.6250 10/15/2040 0.10%
NEWARK HGR EDU 05.0000 06/15/2048 0.10%
RED RIVER HLTH-A 07.7500 11/15/2044 0.10%
SAN FRANCISCO REDEV-C 00.0000 08/01/2043 0.10%
VERANDAH W CDD-REF 05.0000 05/01/2033 0.10%
WYANDOTTE CNTY/KANSAS 04.5000 06/01/2040 0.10%
YAVAPAI CO INDL DEV 05.0000 09/01/2034 0.10%
CENTRL PLATTE VLY MDD 05.0000 12/01/2043 0.09%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.09%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.09%
HI BUDGET 09.0000 11/15/2044 0.09%
HI DEPT BUDGET-REF 05.1250 11/15/2032 0.09%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.09%
LAS VEGAS SPL IMPT 05.0000 06/01/2031 0.09%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.09%
NC MED CARE COMM-A 05.0000 07/01/2047 0.09%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.09%
CHESTER CNTY PA INDL 05.0000 10/01/2034 0.08%
FISHHAWK CMNTY DEV IV 07.2500 05/01/2043 0.08%
LAS VEGAS IMPT DIST 05.0000 06/01/2023 0.08%
MA DEV FIN-A-UNREF 06.2500 07/01/2030 0.08%
MULTNOMAH HOSP-REF 05.0000 12/01/2029 0.08%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.08%
PUBLIC FIN AUTH-REF 05.2500 07/01/2028 0.08%
RANCHO CORDOVA-REF 05.0000 09/01/2037 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%
CLIFTON HGR ED FIN 05.0000 08/15/2032 0.07%
CO HLTH-A-TOTAL LONG 06.2500 11/15/2040 0.07%
DU PAGE SPL SVC 31 05.6250 03/01/2036 0.07%
ILLINOIS ST FIN AUTH 05.2500 02/15/2037 0.07%
LA VERNE-COPS 05.0000 05/15/2036 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
NH BUS FIN-VAR-REMK P/P 144A 04.0000 04/01/2029 0.07%
PHOENIX IDA 05.6250 09/01/2042 0.07%
YAMHILL CO HOSP-A-REF 05.0000 11/15/2036 0.07%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.06%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.06%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.06%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.06%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.06%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.06%
PUBLIC FIN AUTH WI EX 04.3000 11/01/2030 0.06%
ST PAUL HSG & REDEV-A 06.3750 09/01/2031 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%
WESTMINSTER-A 06.0000 07/01/2034 0.06%
CAPITAL TRUST AGY-C 07.5000 07/01/2053 0.05%
CELEBRATION PT CDD 1 05.0000 05/01/2048 0.05%
CLIFTON HGR EDU FIN 05.0000 08/15/2028 0.05%
DC-A-METHODIST HOME 05.2500 01/01/2039 0.05%
EATON AREA PK & REC 05.2500 12/01/2034 0.05%
GLEN COVE AST CORP-C 00.0000 01/01/2055 0.05%
HARRIS CNTY TX 05.0000 01/01/2037 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 FIN AGY-A 06.0000 01/01/2033 0.05%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.05%
PHOENIX IDA 06.0000 07/01/2032 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%
WI HLTH & EDU-REF-B 05.0000 09/15/2045 0.05%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.05%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2036 0.05%
GUAM PWR AUTH-A-REF 05.0000 10/01/2034 0.04%
ILLINOIS ST 05.0000 02/01/2039 0.04%
NEW HOPE CULTURAL ED 05.0000 11/15/2036 0.04%
KY ST ECON DEV-A 05.2500 06/01/2041 0.03%
SOUTHEASTERN OH PORT 05.0000 12/01/2043 0.03%
MASSACUSETTS ST DEV FIN AGY R 00.0000 11/15/2056 0.02%
PORT NY/NJ 5TH-KIAC-4 06.7500 10/01/2019 0.02%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.01%
N HUDSON SWR-A-PREREF 05.0000 06/01/2042 0.01%
RED RIVER HLTH FAC-A 05.4500 11/15/2038 0.01%
TX HSG REG LINKED -C 06.9000 07/02/2024 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%
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 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 10/31/18
Ny St Dorm Auth-A 05.0000 03/15/2038
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Golden St Tobacco-A-1 05.2500 06/01/2047
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Tndr Opt-Resdlxf0571 P/P 13.4800 03/15/2042
Love Field Arpt-Sw Ai 05.2500 11/01/2040
Met Trans Auth-C1-Ref 04.0000 11/15/2032
Santee Cooper-Ser A 05.7500 12/01/2043
Tndr Opt-Resdl-Xf059 P/P 10.7500 12/01/2047
Holdings represent 8.87% of portfolio
Top 10 holdings as of 09/30/18
Nyc Trans Fin Auth-A1 04.0000 08/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Buckeye Tob Asset-A-2 06.5000 06/01/2047
Buckeye Tob Asset-A-2 06.0000 06/01/2042
Tndr Opt-Resdlxf0571 P/P 13.6300 03/15/2042
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
Tndr Opt-Resdl-Xf059 P/P 10.8500 12/01/2047
Tobacco Settlement-B 05.0000 06/01/2046
Holdings represent 8.50% of portfolio
Top 10 holdings as of 08/31/18
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 10.7300 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
Tndr Opt-Resdl-Xf059 P/P 08.6800 12/01/2047
Tobacco Settlement-B 05.0000 06/01/2046
Dc Wtr & Swr-C-Ref 05.0000 10/01/2039
Holdings represent 7.95% of portfolio
Top 10 holdings as of 07/31/18
Nyc Trans Fin Auth-A1 04.0000 08/01/2041
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Tndr Opt-Resdlxf0571 P/P 12.5900 03/15/2042
Ca Pollutn-Var-Ref-A P/P 144a 01.8500 08/01/2023
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
Tndr Opt-Resdl-Xf059 P/P 09.9200 12/01/2047
Holdings represent 8.59% of portfolio

Maturity detail

0 - 1 yr. 13.12%
1 - 5 yrs. 34.00%
5 - 10 yrs. 41.20%
10 - 15 yrs. 2.31%
Over 15 yrs. 9.37%

Quality rating

AAA 3.80%
AA 13.12%
A 22.75%
BBB 28.75%
BB 8.84%
B 5.00%
Not Rated 18.25%
Cash and net other assets -0.51%

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 24.58%
Education 13.35%
Transportation 12.21%
Utilities 10.56%
Prerefunded 7.58%
Tobacco 6.66%
State Debt 4.94%
Land 4.49%
Local Debt 4.03%
 
Other
11.60%
Special Tax 3.85%
Other 3.46%
Industrials 3.13%
Financials 1.66%
Housing 0.01%
Cash and net other assets -0.51%

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.