Municipal Opportunities Trust (NYSE: PMO)
A closed-end fund seeking high current tax-free income and capital preservation by investing primarily in levered portfolio of municipal bonds.
- Highlights
- Performance
- Holdings
Summary
Management team
Garrett L Hamilton (industry since 2006)
* 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
Performance as of 12/31/16
| Last month | Last quarter | Year to date | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. | |
|---|---|---|---|---|---|---|---|
| Net asset value | 1.14% | -6.40% | 0.28% | 0.28% | 7.92% | 6.21% | 5.52% |
| Market price | 1.39% | -9.17% | 2.76% | 2.76% | 9.83% | 5.44% | 6.21% |
Annual performance as of 12/31/16
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|
| Before sales charge | -0.03% | -21.68% | 33.36% | 2.57% | 18.21% | 15.37% | -6.79% | 18.80% | 5.50% |
* 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 11/30/16
| Tndr Opt-Resdl-Xf222 P/P 144a 08.9320 06/01/2033 | 2.44% |
|
|---|---|---|
| Dallas Area Rapid Tr P/P 144a 08.9340 12/01/2033 | 2.34% |
|
| Ca St-Var Purp 05.5000 03/01/2040 | 1.25% |
|
| Foothill Toll Cab-A 00.0000 01/01/2028 | 1.09% |
|
| Gainesville Hosp-B 05.2500 02/15/2045 | 1.06% |
|
| Tndr Opt-Resdl-Xf231 P/P 144a 08.9340 06/15/2031 | 0.96% |
|
| Met Pier Cab-A-Mccorm 00.0000 12/15/2030 | 0.93% |
|
| Illinois St 05.0000 11/01/2036 | 0.89% |
|
| Nys Dorm Auth-2015b-C 05.0000 03/15/2042 | 0.86% |
|
| New York City Ny Tran 05.0000 07/15/2043 | 0.84% |
|
| Top 10 holdings, percent of portfolio | 12.66% |
|
Full portfolio holdings as of 09/30/16
| TNDR OPT-RESDL-XF222 P/P 144A 08.6520 06/01/2033 | 2.30% |
|---|---|
| DALLAS AREA RAPID TR P/P 144A 08.6540 12/01/2033 | 2.21% |
| CA ST-VAR PURP 05.5000 03/01/2040 | 1.21% |
| FOOTHILL TOLL CAB-A 00.0000 01/01/2028 | 1.14% |
| GAINESVILLE HOSP-B 05.2500 02/15/2045 | 1.01% |
| MET PIER CAB-A-MCCORM 00.0000 12/15/2030 | 0.99% |
| TNDR OPT-RESDL-XF231 P/P 144A 08.6540 06/15/2031 | 0.96% |
| TNDR OPT-RESDL-XM036 P/P 08.5900 05/15/2036 | 0.94% |
| ILLINOIS ST 05.0000 01/01/2041 | 0.93% |
| NYS DORM AUTH-2015B-C 05.0000 03/15/2042 | 0.86% |
| NEW YORK CITY NY TRAN 05.0000 07/15/2043 | 0.85% |
| NJ ST TRANSN TR FD 00.0000 12/15/2030 | 0.83% |
| N TX HWY CABS-REF-1ST 00.0000 01/01/2028 | 0.81% |
| OHIO HGR EDU FAC-REF 05.0000 07/01/2044 | 0.79% |
| N TX TWY CAB-REF-I 06.5000 01/01/2043 | 0.76% |
| ATLANTA WTR/WSTWTR 06.2500 11/01/2039 | 0.75% |
| BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 | 0.75% |
| RAILSPLITTER 06.0000 06/01/2028 | 0.71% |
| SCIOTO HOSP REF-STHRN 05.5000 02/15/2028 | 0.70% |
| CA ST 05.0000 04/01/2042 | 0.68% |
| NY DORM AUTH-A 05.0000 03/15/2043 | 0.67% |
| CHICAGO O'HARE-A 05.7500 01/01/2039 | 0.66% |
| MSR ENERGY 06.5000 11/01/2039 | 0.63% |
| MSR ENERGY 06.5000 11/01/2039 | 0.63% |
| NJ ECON-REF-AMT-A 05.7000 10/01/2039 | 0.63% |
| MASSACHUSETTS 05.0000 07/01/2033 | 0.62% |
| GA MUNI ELEC AUTH-A 05.5000 07/01/2060 | 0.61% |
| LOWER AL GAS DIST GAS 05.0000 09/01/2046 | 0.60% |
| NEW YORK DORM AUTH-A 05.0000 02/15/2041 | 0.60% |
| SAN DIEGO ARPT-SUB-A 05.0000 07/01/2040 | 0.60% |
| IL FIN REF-A-RMK-ALEX 05.2500 01/01/2022 | 0.58% |
| GOLDEN TOB SR-A-1 05.1250 06/01/2047 | 0.57% |
| LOS ANGELES ARPT 05.0000 05/15/2040 | 0.57% |
| CA WTR POLL-SAN JOSE 05.1000 06/01/2040 | 0.56% |
| JOHNSON CITY H/E-A 06.0000 07/01/2038 | 0.56% |
| METRO WTR WTRWK REG 05.7500 08/10/2018 | 0.55% |
| SANTEE COOPER-SER A 05.7500 12/01/2043 | 0.54% |
| CA HFA 04.8000 08/01/2037 | 0.53% |
| MA HLTH-NORTHESTN-A 05.0000 10/01/2035 | 0.53% |
| SC PUB SVC AUTH-A 05.5000 12/01/2054 | 0.52% |
| WASHINGTON ST 05.0000 08/01/2039 | 0.52% |
| DALLAS-FT WORTH ARPT 05.2500 11/01/2030 | 0.51% |
| HARRISON SLD WST 05.5000 10/15/2037 | 0.51% |
| BREVARD HEALTH FIRST 07.0000 04/01/2039 | 0.50% |
| CA ST 06.5000 04/01/2033 | 0.50% |
| CHICAGO TRANSIT AUTH 05.2500 12/01/2049 | 0.50% |
| MIAMI AVIATN MIAMI-A 05.3750 10/01/2041 | 0.49% |
| WAYNE CO ARPT AUTH-D 05.0000 12/01/2040 | 0.49% |
| CHICAGO-2007G-REF 05.5000 01/01/2035 | 0.48% |
| PA HGR ED-A-ST JOSEPH 05.0000 11/01/2040 | 0.48% |
| TNDR OPT-RESDL-XM036 P/P 08.5900 06/01/2028 | 0.48% |
| LOUISVILLE & JEFFERSO 05.0000 10/01/2032 | 0.47% |
| NY DORM-ROLS-11984 P/P 144A 08.6540 03/15/2031 | 0.47% |
| PUB AUTH FOR CO GAS 06.5000 11/15/2038 | 0.47% |
| MA PORT AUTH-A 05.1250 07/01/2041 | 0.46% |
| MA ST DEV-A-EMERSON 05.0000 01/01/2040 | 0.46% |
| IL FIN-ELMHURST MEM-A 05.6250 01/01/2037 | 0.45% |
| NC MED CARE COMM 05.2500 10/01/2037 | 0.45% |
| BRAZOS HBR-DOW CHEM 05.9000 05/01/2038 | 0.44% |
| DELAWARE RVR PORT 05.0000 01/01/2031 | 0.43% |
| NJ HLTH ST JOSEPHS 06.6250 07/01/2038 | 0.43% |
| IL FIN-SILVER CROSS & 07.0000 08/15/2044 | 0.42% |
| METRO BOSTON TRAN 05.0000 07/01/2041 | 0.42% |
| METRO BOSTON TRAN 05.2500 07/01/2033 | 0.42% |
| NORTH EAST TEXAS REGL 05.0000 01/01/2041 | 0.42% |
| TOB SETTLEMT FING-B 05.0000 06/01/2050 | 0.42% |
| KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 | 0.41% |
| LAKE CO HOSP-C-PREREF 06.0000 08/15/2043 | 0.41% |
| MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 | 0.41% |
| NJ ST HGR ED-1A-AMT 05.0000 12/01/2022 | 0.41% |
| TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 | 0.41% |
| TOB SETTLEMENT SER 1A 04.7500 06/01/2034 | 0.41% |
| WI GEN SER A 06.0000 05/01/2027 | 0.41% |
| MA TRANS-SR-B 05.0000 01/01/2037 | 0.40% |
| MARICOPA PCR--A 07.2500 02/01/2040 | 0.39% |
| HALIFAX HOSP MED-REF 05.0000 06/01/2036 | 0.38% |
| LIBERTY DEV GOLDMAN 05.2500 10/01/2035 | 0.38% |
| RICHMOND HOSP AUTH 05.0000 01/01/2031 | 0.38% |
| FOOTHILL ETC CLG-C 05.0000 08/01/2040 | 0.37% |
| CHICAGO OHARE-C-AMT 05.2500 01/01/2027 | 0.36% |
| JEFFERSON CO SWR-D 06.5000 10/01/2053 | 0.36% |
| UNION UTILS-A-REF 05.2500 12/01/2031 | 0.36% |
| DC WTR & SWR AUTH-A 05.0000 10/01/2045 | 0.35% |
| SAN DIEGO SD-CABS-C 00.0000 07/01/2038 | 0.35% |
| TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 | 0.35% |
| BUCKNER-B 05.0000 11/15/2046 | 0.34% |
| CA ST PUBLIC WKS-A 05.0000 04/01/2029 | 0.34% |
| GLENDALE INDL-MIDWEST 05.1250 05/15/2040 | 0.34% |
| MA DEV FIN AGY 05.2500 10/01/2041 | 0.34% |
| MET TRANS AUTH-D 05.0000 11/15/2036 | 0.34% |
| N TX TOLL AUTH-A-REF 05.0000 01/01/2039 | 0.34% |
| NEW HOPE EDU FACS-A 05.0000 04/01/2046 | 0.34% |
| PALM BEACH CO HLTH-C 05.0000 05/15/2038 | 0.34% |
| SACRAMENTO REGL TRAN 05.0000 03/01/2042 | 0.34% |
| ST PAUL HSG-A-REF 05.0000 07/01/2033 | 0.34% |
| ST PUB SCH BLDG-A 05.0000 06/15/2032 | 0.34% |
| WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 | 0.34% |
| YUMA IDA-A 05.0000 08/01/2032 | 0.34% |
| BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 | 0.33% |
| HOUSTON ARPT SYS-REF 04.7500 07/01/2024 | 0.33% |
| MA ST DEV FIN AGY-N 05.0000 12/01/2041 | 0.33% |
| MD HLTH&HGR EDU AUTH 05.0000 07/01/2039 | 0.33% |
| MI HSP-REF-HENRY FORD 05.7500 11/15/2039 | 0.33% |
| MIAMI-DADE AVIATION-A 05.0000 10/01/2038 | 0.33% |
| NYC W/S-GG-2ND GEN RE 05.0000 06/15/2043 | 0.33% |
| PA HGR ED REF-PHILA 05.0000 06/01/2030 | 0.33% |
| SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 | 0.33% |
| SC PUB SVC AUTH-A-REF 05.0000 12/01/2055 | 0.33% |
| TX PRIVATE ACTIVITY 05.0000 12/31/2055 | 0.33% |
| WARREN SD-BLDG 05.0000 05/01/2036 | 0.33% |
| WAYNE CNTY-A-REF 05.0000 12/01/2021 | 0.33% |
| CAMPBELL CNTY 05.7500 07/15/2039 | 0.32% |
| CICERO-A-REF 05.0000 01/01/2021 | 0.32% |
| MET WA DC ARPTS-SER A 05.0000 10/01/2039 | 0.32% |
| MI FIN AUTH-C 05.0000 07/01/2034 | 0.32% |
| OH AIR QLTY 05.8000 12/01/2038 | 0.32% |
| SAN DIEGO SD-CABS-C 00.0000 07/01/2040 | 0.32% |
| TURLOCK IRR-REF-A 05.0000 01/01/2040 | 0.32% |
| WARREN GLF OPP ZONE-A 06.5000 09/01/2032 | 0.31% |
| CHICAGO BOE-C-PROJ 05.2500 12/01/2039 | 0.30% |
| CHICAGO WSTWTR 05.0000 01/01/2039 | 0.30% |
| MICHIGAN ST FIN AUTH 05.0000 11/15/2041 | 0.30% |
| CO HLTH FACS AUTH-REF 05.0000 06/01/2040 | 0.29% |
| MI STRAT FD-WORTHINGT 05.7500 10/01/2022 | 0.29% |
| LOVE FIELD ARPT-SW AI 05.2500 11/01/2040 | 0.28% |
| NY DORM ORANGE MED 06.2500 12/01/2037 | 0.28% |
| TOB SETTLEMENT SER 1A 05.0000 06/01/2041 | 0.28% |
| CLARK CO ARPT-A-2 05.0000 07/01/2033 | 0.27% |
| CO ST HLTH FACS-EVANG 05.0000 12/01/2033 | 0.27% |
| DOYLESTOWN HOSP-A 05.0000 07/01/2041 | 0.27% |
| KEIZER ASSMT-STA AREA 05.2000 06/01/2031 | 0.27% |
| ATL ARPT PASS FAC-A 05.0000 01/01/2034 | 0.26% |
| CA PUB WKS-A1-VAR CAP 06.0000 03/01/2035 | 0.26% |
| DC REV-HOWARD UNIV-A 06.5000 10/01/2041 | 0.26% |
| FOOTHILL E TRANSP-A 06.0000 01/15/2053 | 0.26% |
| LAKELAND HOSP SYS-REF 05.0000 11/15/2030 | 0.26% |
| MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 | 0.26% |
| MI FIN AUTH-H-1-REF 05.0000 10/01/2039 | 0.26% |
| REDWOOD CITY SD CABS 00.0000 08/01/2021 | 0.26% |
| ATL ARPT PASS FAC-A 05.0000 01/01/2033 | 0.25% |
| HOUSTON UTIL-A-RF-1ST 05.0000 11/15/2033 | 0.25% |
| IL RUSH UNIV MD CTR-D 06.6250 11/01/2039 | 0.25% |
| SALT VERDE FNL CORP 05.5000 12/01/2029 | 0.25% |
| TUOLUMNE WIND-A-TUOLO 05.8750 01/01/2029 | 0.25% |
| TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 | 0.25% |
| CA PUB WKS FORESTRY-E 05.0000 11/01/2032 | 0.24% |
| CHICAGO SALES TAX-REF 05.0000 01/01/2034 | 0.24% |
| COCONINO POLLTN-A-TUC 05.1250 10/01/2032 | 0.24% |
| IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 | 0.24% |
| MARCO ISL UTIL-REF-A 05.0000 10/01/2040 | 0.24% |
| NEW YORK TRANSPRTN-A 05.0000 07/01/2046 | 0.24% |
| NJ ECON DEV AUTH-REF 05.2500 06/15/2032 | 0.24% |
| WI H/E PROHEALTH CARE 06.6250 02/15/2039 | 0.24% |
| DETROIT WTR 06.2500 07/01/2036 | 0.23% |
| FL MUNI PWR-A-PREREF 05.0000 10/01/2031 | 0.23% |
| FULTON DEV AUTH-A-REF 05.0000 10/01/2042 | 0.23% |
| GRAND PARKWAY-B 05.0000 04/01/2053 | 0.23% |
| GREATER CHICAGO MET-E 05.0000 12/01/2030 | 0.23% |
| LAKE SD 73-UNREF-CABS 00.0000 12/01/2021 | 0.23% |
| MET WA ARPTS-CABS-A 00.0000 10/01/2037 | 0.23% |
| NJ HLTH-ST PETERS UNV 05.7500 07/01/2037 | 0.23% |
| SANTA FE RETMNT FAC 05.0000 05/15/2042 | 0.23% |
| AMERICAN MUNI PWR-A 05.0000 02/15/2030 | 0.22% |
| BAYONNE-REF-IMPT 05.0000 07/01/2039 | 0.22% |
| CA POOLT-PCS GAS REMK 04.7500 12/01/2023 | 0.22% |
| CHICAGO OHARE-C-AMT 05.2500 01/01/2028 | 0.22% |
| CHICAGO-C-REF 05.0000 01/01/2038 | 0.22% |
| LAKELAND HOSP 05.0000 11/15/2040 | 0.22% |
| ORANGE CO HLTH FACS 05.0000 08/01/2034 | 0.22% |
| S BROWARD HOSP-NATL-I 04.7500 05/01/2028 | 0.22% |
| TARRANT CO CULT EDU 05.0000 10/01/2044 | 0.22% |
| BAY AREA TOLL AUTH-S4 05.0000 04/01/2033 | 0.21% |
| BUCKEYE TOB ASSET-A-2 05.8750 06/01/2030 | 0.21% |
| CA STWD DEV INTERNEXT 05.3750 04/01/2030 | 0.21% |
| CHICAGO OHARE-C-AMT 05.3750 01/01/2039 | 0.21% |
| MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 | 0.21% |
| MS BUS SYS ENERGY RES 05.8750 04/01/2022 | 0.21% |
| N NATOMAS CMNTY FAC-E 05.0000 09/01/2030 | 0.21% |
| VT EDU HLTH BLDG FIN 05.0000 12/01/2036 | 0.21% |
| ATLANTA ARPT-GEN-A 05.0000 01/01/2035 | 0.20% |
| LAKE SD 73-UNREF-CABS 00.0000 12/01/2020 | 0.20% |
| OH TPK COMMN-A1-JR 05.0000 02/15/2048 | 0.20% |
| OH WTR DEV-C-REMK 04.0000 06/01/2033 | 0.20% |
| OR HLTH-A 05.7500 07/01/2039 | 0.20% |
| PITTSBURGH SPORTS-REF 05.0000 02/01/2035 | 0.20% |
| STHRN IL UNIV-A-CABS 00.0000 04/01/2025 | 0.20% |
| WA HLTH-KADLEC REGL M 05.5000 12/01/2039 | 0.20% |
| CHICAGO WSTWTR-RF-CAB 00.0000 01/01/2024 | 0.19% |
| CHICAGO-A-REF 05.2500 01/01/2033 | 0.19% |
| DE RVR PORT AUTH 05.0000 01/01/2040 | 0.19% |
| FRANKLIN CNTY-A 06.0000 07/01/2035 | 0.19% |
| MA HSG FIN-AMT-C 05.3500 12/01/2042 | 0.19% |
| MA ST HLTH & EDU -A 05.7500 07/01/2039 | 0.19% |
| NORTHAMPTON HSP-A-ST 05.5000 08/15/2040 | 0.19% |
| OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 | 0.19% |
| CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 | 0.18% |
| DE ECON-REF-GAS FACS 05.4000 02/01/2031 | 0.18% |
| DETROIT CITY SD-A 06.0000 05/01/2029 | 0.18% |
| MA DEV FIN AGY-A 05.7500 01/01/2028 | 0.18% |
| MI FIN AUTH-C 05.0000 07/01/2035 | 0.18% |
| SALT LAKE LKD PARS & 06.7500 05/15/2020 | 0.18% |
| CA ED FACS-A 00.0000 10/01/2021 | 0.17% |
| CA PUB WKS-I-1 06.1250 11/01/2029 | 0.17% |
| COLORADO ST HLTH FACS 05.0000 05/15/2040 | 0.17% |
| COLORADO ST HLTH FACS 05.0000 12/01/2035 | 0.17% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2031 | 0.17% |
| DIST OF COLUMBIA UNIV 05.5000 04/01/2034 | 0.17% |
| ILLINOIS FIN AU-A-REF 05.0000 05/15/2035 | 0.17% |
| KY PUB TRANSPTRN-A 06.0000 07/01/2053 | 0.17% |
| LOS ANGELES ARPTS-A 05.0000 05/15/2030 | 0.17% |
| LOUISVILLE ARPT-A-AMT 05.0000 07/01/2032 | 0.17% |
| LOVE FIELD ARPT 05.0000 11/01/2035 | 0.17% |
| MI FIN AUTH-D-2 05.0000 07/01/2034 | 0.17% |
| MICHIGAN ST FIN AUTH 05.0000 06/01/2039 | 0.17% |
| N TOLLWAY-PREREF-A 06.0000 01/01/2025 | 0.17% |
| NEW HOPE EDU FACS-A 05.0000 04/01/2034 | 0.17% |
| NY DORM AUTH-A 05.0000 07/01/2035 | 0.17% |
| PA TNPK CMMN-A 05.0000 12/01/2038 | 0.17% |
| PALM BEACH HLTH FACS 05.5000 11/15/2033 | 0.17% |
| PHILADELPHIA GAS WKS 05.0000 08/01/2032 | 0.17% |
| SOUTH CAROLINA ST PUB 05.2500 12/01/2055 | 0.17% |
| CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 | 0.16% |
| DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 | 0.16% |
| FRANKLIN IDA-CHAMBERS 05.3750 07/01/2042 | 0.16% |
| GAINESVILLE HOSP-A 05.5000 08/15/2054 | 0.16% |
| ILLINOIS ST 05.2500 02/01/2030 | 0.16% |
| IN FIN AUTH -AMT 05.2500 09/01/2040 | 0.16% |
| IN FIN-BHI SR LIVING 05.7500 11/15/2041 | 0.16% |
| IN FIN-REF-C-DUKE ENE 04.9500 10/01/2040 | 0.16% |
| MA ST DEV FIN AGY-REF 05.0000 04/15/2033 | 0.16% |
| MI HSG DEV-D 03.9500 10/01/2037 | 0.16% |
| MIAMI-DADE EXPWY-A 05.0000 07/01/2040 | 0.16% |
| MINNEAPOLIS HLTH-B1-A 00.5400 11/15/2035 | 0.16% |
| NC ESTRN PWR SER D 06.7500 01/01/2024 | 0.16% |
| NEW YORK TRANSPRTN-A 05.0000 07/01/2041 | 0.16% |
| NEW YORK TRANSPRTN-A 05.2500 01/01/2050 | 0.16% |
| OH TPK COMMN-A1-JR 05.2500 02/15/2032 | 0.16% |
| PA ECON-A-REF-AMTRAK 05.0000 11/01/2032 | 0.16% |
| PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 | 0.16% |
| SOUTH JERSEY NJ PORT 05.0000 01/01/2034 | 0.16% |
| STOCKTON FING-A-REMK 06.2500 10/01/2040 | 0.16% |
| UNIV MED CTR CORP 06.5000 07/01/2039 | 0.16% |
| UNIV STHRN IN-J-STD F 05.7500 10/01/2028 | 0.16% |
| CA COPS HOSPS CENT 05.2500 02/01/2037 | 0.15% |
| CHICAGO WSTWTR TRANS 05.0000 01/01/2039 | 0.15% |
| CHICAGO-2005D-REF 05.5000 01/01/2034 | 0.15% |
| GOLDEN TOB SR-CONV A2 05.3000 06/01/2037 | 0.15% |
| LANCASTER HGR ED-FRAN 05.0000 04/15/2029 | 0.15% |
| LANCASTER HSP 1-IMMA 05.6250 01/01/2040 | 0.15% |
| MA DEV-A1-LINDEN POND 06.2500 11/15/2026 | 0.15% |
| N OAKS SR HSG PRESBYT 06.1250 10/01/2039 | 0.15% |
| NC MED 1ST MTG-PRESBY 05.3750 10/01/2022 | 0.15% |
| NJ ED FAC-D-GEORGIAN 05.2500 07/01/2037 | 0.15% |
| PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 | 0.15% |
| WY MUN PWR AGY-A 05.5000 01/01/2028 | 0.15% |
| KENDALL ETC SD 115 00.0000 01/01/2021 | 0.14% |
| MA EDU FIN AUTH-I-AMT 04.3750 01/01/2032 | 0.14% |
| MA EDU FIN AUTH-I-AMT 05.0000 01/01/2027 | 0.14% |
| MI FIN AUTH-C-6 05.0000 07/01/2033 | 0.14% |
| PA ST HSG FIN AGY-REF 03.9500 10/01/2030 | 0.14% |
| WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 | 0.14% |
| WY MUN PWR AGY-A 05.5000 01/01/2033 | 0.14% |
| BURBANK USD-CAB-1997C 00.0000 08/01/2023 | 0.13% |
| CENTRL REGL MOB AUTH 05.0000 01/01/2046 | 0.13% |
| HARRIS CULTURAL EDU-A 05.0000 06/01/2033 | 0.13% |
| MI FIN AUTH-C-3-REF 05.0000 04/01/2027 | 0.13% |
| NC MED CR-A-DEERFIELD 06.0000 11/01/2033 | 0.13% |
| PA HGR ED REF-PHILA 05.0000 06/01/2022 | 0.13% |
| RICHMOND HOSP AUTH 05.0000 01/01/2030 | 0.13% |
| SAN BERNARDINO COPS-A 06.5000 08/01/2017 | 0.13% |
| SCIOTO CO HOSP FACS 05.0000 02/15/2032 | 0.13% |
| LWR COLORADO RIVER 05.0000 05/15/2033 | 0.12% |
| MA ST DEV FIN AGY 05.6250 12/01/2030 | 0.12% |
| MULTNOMAH CO HOSP FAC 05.0000 12/01/2036 | 0.12% |
| OHIO HOSP REVENUE-A 05.0000 01/15/2041 | 0.12% |
| SELMA INDL DEV 05.8000 05/01/2034 | 0.12% |
| WISCONSIN ST HLTH & E 05.0000 08/15/2039 | 0.12% |
| CA MUNI FIN AUTH-A 05.0000 02/01/2040 | 0.11% |
| CHICAGO-2005D-REF 05.5000 01/01/2037 | 0.11% |
| ERIE HGR ED-MERCYHURS 05.5000 03/15/2038 | 0.11% |
| IL ST 05.0000 03/01/2034 | 0.11% |
| LA PUB FACS AUTH-REF 05.0000 05/15/2047 | 0.11% |
| MA ST HLTH-B-2 05.3750 02/01/2026 | 0.11% |
| MI ST STRATEGIC-REF 05.5000 06/01/2047 | 0.11% |
| ORANGE TRANSPRTN-REF 05.0000 08/15/2030 | 0.11% |
| CHICAGO WTR REV 05.0000 11/01/2042 | 0.10% |
| CO HLTH FACS AUTH 05.6250 06/01/2043 | 0.10% |
| JACKSONVL PORT-REF 05.0000 11/01/2038 | 0.10% |
| MA DEV SABIS INTL-A 08.0000 04/15/2039 | 0.10% |
| MD PCR-REF-3/17/09 06.2000 09/01/2022 | 0.10% |
| MET GOVT NASHVILLE & 05.0000 07/01/2040 | 0.10% |
| PHOENIX INDL DEV AUTH 03.7500 07/01/2024 | 0.10% |
| SCIOTO CO HOSP FACS 05.0000 02/15/2033 | 0.10% |
| SOUTHEASTERN OH PORT 05.7500 12/01/2032 | 0.10% |
| ABAG FIN AUTH-A-REF 05.0000 07/01/2032 | 0.09% |
| COLORADO ST HLTH FACS 05.0000 01/01/2037 | 0.09% |
| LA ARPT REF-LAXFUEL 04.5000 01/01/2027 | 0.09% |
| MA ST HLTH-SPRGFD CLG 05.6250 10/15/2040 | 0.09% |
| MIAMI DADE AVIATION 05.0000 10/01/2028 | 0.09% |
| MINNEAPOLIS ETC-A-REF 05.0000 01/01/2032 | 0.09% |
| NC MED CARE-C-REF 05.0000 10/01/2036 | 0.09% |
| OAKLAND USD 06.6250 08/01/2038 | 0.09% |
| PR-REF-A 05.5000 07/01/2039 | 0.09% |
| TAMPA HLTH SYS-A 05.0000 11/15/2046 | 0.09% |
| TARRANT EDU FAC-UNREF 05.2500 11/15/2037 | 0.09% |
| ARLINGTON HGR EDU FIN 05.0000 12/01/2036 | 0.08% |
| CA MUNI FIN-BIOLA 05.0000 10/01/2042 | 0.08% |
| CENTRL TX REGL AUTH-A 05.0000 01/01/2040 | 0.08% |
| CHICAGO MTR FUEL TAX 05.0000 01/01/2029 | 0.08% |
| CHICAGO-A 05.5000 01/01/2039 | 0.08% |
| DAUPHIN GEN AUTH-A 05.0000 06/01/2034 | 0.08% |
| FLINT HSP-HURLEY MED 07.5000 07/01/2039 | 0.08% |
| HENDERSON IMPT-T17 05.0000 09/01/2025 | 0.08% |
| IL FIN AUTH 04.0000 11/15/2034 | 0.08% |
| LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 | 0.08% |
| MA DEV FIN-F 05.7500 07/15/2043 | 0.08% |
| MI TOB SETTLMT SR-A 06.0000 06/01/2034 | 0.08% |
| MOORHEAD EDUCTNL-REF 05.0000 12/01/2040 | 0.08% |
| N TEX TWY-F-TOLL 2ND 05.7500 01/01/2038 | 0.08% |
| NEW HOPE ED FACS 05.5000 01/01/2043 | 0.08% |
| NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 | 0.08% |
| NJ ECON DEV AUTH-REF 05.0000 06/15/2026 | 0.08% |
| NJ ECON-B-RF-NJ AMERN 05.6000 11/01/2034 | 0.08% |
| NORTH TX TWY-B-CABS 00.0000 09/01/2043 | 0.08% |
| PA HGR EDU-KK1 05.3750 05/01/2042 | 0.08% |
| PINAL ELEC 3-A-REF 05.2500 07/01/2036 | 0.08% |
| SPRINGFIELD ELEC-REF 05.0000 03/01/2040 | 0.08% |
| WARREN HLTHCR-REF 05.0000 07/01/2033 | 0.08% |
| WESTMORELAND CO AUTH 05.0000 08/15/2027 | 0.08% |
| CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 | 0.07% |
| CA STWD CMNTYS DEV-A 05.2500 11/01/2044 | 0.07% |
| CENTRL TX REGL MOBILITY 05.0000 01/01/2033 | 0.07% |
| FAIRFAX CNTY VA ECON 05.0000 10/01/2036 | 0.07% |
| NJ ECON DEV-A 05.0000 07/15/2029 | 0.07% |
| NJ ED FAC-D-GEORGIAN 05.2500 07/01/2027 | 0.07% |
| TARRANT EDU FAC-PRERF 05.2500 11/15/2037 | 0.07% |
| WI HLTH & EDUCTNL-REF 05.0000 08/15/2033 | 0.07% |
| BRAZOS NAV AMT-A4-DOW 05.9500 05/15/2033 | 0.06% |
| ILLINOIS ST FIN AUTH 05.0000 02/15/2036 | 0.06% |
| LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 | 0.06% |
| MARICOPA IDA 05.0000 07/01/2036 | 0.06% |
| MI HOSP FIN-UNREF 05.0000 11/15/2031 | 0.06% |
| MO HLTH & EDU FACS 05.0000 11/15/2035 | 0.06% |
| PUBLIC FIN AUTH-REF 05.2500 07/01/2028 | 0.06% |
| S E OVERTOWN PK P/P 144A 05.0000 03/01/2030 | 0.06% |
| WA ST HSG FIN-A-REF 05.0000 07/01/2036 | 0.06% |
| BROOME IDA-A-GOOD SHE 06.8750 07/01/2040 | 0.05% |
| CLIFTON HGR EDU FIN 05.0000 08/15/2028 | 0.05% |
| CO HLTH FACS-UNREF 05.0000 06/01/2029 | 0.05% |
| CO HLTH-A-CHRISTIAN 05.7500 01/01/2026 | 0.05% |
| LAKELAND RETIRE-REF 06.3750 01/01/2043 | 0.05% |
| MI ST STRATEGIC-REF 05.2500 06/01/2032 | 0.05% |
| SUNNYVALE-FACS DIST 1 07.6500 08/01/2021 | 0.05% |
| TOLOMATO DEV SPL ASSM 05.4000 05/01/2037 | 0.05% |
| CENTRL TX REGL AUTH-A 05.0000 01/01/2045 | 0.04% |
| FL MUNI PWR-A-UNREF 05.0000 10/01/2031 | 0.04% |
| LOUISVILLE CLG-REF-A 06.0000 05/01/2038 | 0.04% |
| MINNEAPOLIS HLTH-REF 05.0000 11/15/2044 | 0.04% |
| OH TPK COMMN-A1-JR 05.2500 02/15/2033 | 0.04% |
| WARREN HLTHCR-REF 05.0000 07/01/2032 | 0.04% |
| CUMBERLAND CNTY PA MU 05.0000 01/01/2032 | 0.03% |
| IN BD BK SER A 05.2500 10/15/2021 | 0.03% |
| PARK CREEK CO MET-A 05.0000 12/01/2045 | 0.03% |
| ST CLOUD HLTH-A-UNREF 05.1250 05/01/2030 | 0.03% |
| STUB 05.2500 04/01/2024 | 0.03% |
| LAKE SD 73-PREREF-CAB 00.0000 12/01/2020 | 0.02% |
| LAKE SD 73-PREREF-CAB 00.0000 12/01/2021 | 0.02% |
| MI FIN AUTH-D4 05.0000 07/01/2034 | 0.02% |
| N TOLLWAY-UNREF-A 06.0000 01/01/2025 | 0.02% |
| NY CNTYS TOB TR III 06.0000 06/01/2043 | 0.02% |
| SOUTHEASTERN OH PORT 05.5000 12/01/2043 | 0.02% |
| GOLDEN TOB SR-A-1 05.0000 06/01/2033 | 0.01% |
| MA DEV-A2-LINDEN POND 05.5000 11/15/2046 | 0.01% |
| CASA GRANDE IDA-REF-A ESCROW 07.6250 12/01/2029 | 0.00% |
| MA DEV-B-LINDEN PONDS 00.0000 11/15/2056 | 0.00% |
| RED RIVER HLTH FAC-A 05.4500 11/15/2038 | 0.00% |
| RED RIVER HLTH-B 06.1500 11/15/2049 | 0.00% |
Prior top 10 holdings
| Top 10 holdings as of 11/30/16 | |
|---|---|
| Tndr Opt-Resdl-Xf222 P/P 144a 08.9320 06/01/2033 | |
| Dallas Area Rapid Tr P/P 144a 08.9340 12/01/2033 | |
| Ca St-Var Purp 05.5000 03/01/2040 | |
| Foothill Toll Cab-A 00.0000 01/01/2028 | |
| Gainesville Hosp-B 05.2500 02/15/2045 | |
| Tndr Opt-Resdl-Xf231 P/P 144a 08.9340 06/15/2031 | |
| Met Pier Cab-A-Mccorm 00.0000 12/15/2030 | |
| Illinois St 05.0000 11/01/2036 | |
| Nys Dorm Auth-2015b-C 05.0000 03/15/2042 | |
| New York City Ny Tran 05.0000 07/15/2043 | |
| Holdings represent 12.66% of portfolio | |
| Top 10 holdings as of 10/31/16 | |
|---|---|
| Tndr Opt-Resdl-Xf222 P/P 144a 07.4000 06/01/2033 | |
| Dallas Area Rapid Tr P/P 144a 07.4010 12/01/2033 | |
| Ca St-Var Purp 05.5000 03/01/2040 | |
| Foothill Toll Cab-A 00.0000 01/01/2028 | |
| Gainesville Hosp-B 05.2500 02/15/2045 | |
| Tndr Opt-Resdl-Xf231 P/P 144a 07.4010 06/15/2031 | |
| Met Pier Cab-A-Mccorm 00.0000 12/15/2030 | |
| Illinois St 05.0000 01/01/2041 | |
| Tndr Opt-Resdl-Xm036 P/P 07.4200 05/15/2036 | |
| Nys Dorm Auth-2015b-C 05.0000 03/15/2042 | |
| Holdings represent 12.62% of portfolio | |
| Top 10 holdings as of 09/30/16 | |
|---|---|
| Tndr Opt-Resdl-Xf222 P/P 144a 08.6420 06/01/2033 | |
| Dallas Area Rapid Tr P/P 144a 08.6440 12/01/2033 | |
| Ca St-Var Purp 05.5000 03/01/2040 | |
| Foothill Toll Cab-A 00.0000 01/01/2028 | |
| Gainesville Hosp-B 05.2500 02/15/2045 | |
| Met Pier Cab-A-Mccorm 00.0000 12/15/2030 | |
| Tndr Opt-Resdl-Xf231 P/P 144a 08.6440 06/15/2031 | |
| Tndr Opt-Resdl-Xm036 P/P 08.5800 05/15/2036 | |
| Illinois St 05.0000 01/01/2041 | |
| Nys Dorm Auth-2015b-C 05.0000 03/15/2042 | |
| Holdings represent 12.55% of portfolio | |
| Top 10 holdings as of 08/31/16 | |
|---|---|
| Tndr Opt-Resdl-Xf222 P/P 144a 07.4900 06/01/2033 | |
| Dallas Area Rapid Tr P/P 144a 07.4910 12/01/2033 | |
| Ca St-Var Purp 05.5000 03/01/2040 | |
| Foothill Toll Cab-A 00.0000 01/01/2028 | |
| Gainesville Hosp-B 05.2500 02/15/2045 | |
| Met Pier Cab-A-Mccorm 00.0000 12/15/2030 | |
| Tndr Opt-Resdl-Xf231 P/P 144a 07.4910 06/15/2031 | |
| Tndr Opt-Resdl-Xm036 P/P 07.4890 05/15/2036 | |
| Illinois St 05.0000 01/01/2041 | |
| Nys Dorm Auth-2015b-C 05.0000 03/15/2042 | |
| Holdings represent 12.62% of portfolio | |
Maturity detail
| 0 - 1 yr. | 4.61% |
|---|---|
| 1 - 5 yrs. | 41.34% |
| 5 - 10 yrs. | 38.31% |
| 10 - 15 yrs. | 6.58% |
| Over 15 yrs. | 9.16% |
Quality rating
| AAA | 4.96% |
|---|---|
| AA | 30.72% |
| A | 37.66% |
| BBB | 16.54% |
| BB | 1.54% |
| B | 2.99% |
| CCC and Below | 0.10% |
| Not Rated | 3.94% |
| Cash and net other assets | 1.55% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
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.