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.

Objective

The fund seeks to provide as high a level of current income free from federal income tax as Putnam Management believes is consistent with the preservation of capital. The fund currently uses investment leverage by issuing preferred shares. Leverage offers the potential for higher returns, but also involves increased risk.

Daily pricing as of 02/21/18

Ticker NYSE: PMO
Net asset value $13.03
Net asset value change -0.01
Market price $11.89
Market price change -0.12
Discount/Premium -8.74%
Dividend rate at net asset value 4.98%
Dividend rate at market price 5.46%

Fund facts as of 01/31/18

Inception date
05/28/93
Total net assets
$637.49M
Dividend frequency
Monthly
Number of holdings
383
Product status
Trades on secondary market
Common share CUSIP
746922103
Ticker
NYSE: PMO
Fiscal year-end
April
Category
Closed End
Turnover (fiscal year end)
22%
Number of common share accounts
945
Outstanding common shares
-
AMT
11.48%

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 1.47% 1.61% 9.83% 9.83% 5.13% 5.17% 6.51%
Market price -0.13% -0.94% 8.86% 8.86% 6.72% 4.87% 7.33%
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. -1.47% -4.26%
as of 01/31/18
YTD -2.07% -
as of 02/21/18

Lipper rankings as of 01/31/18

Gen Muni Debt (Lev) Percentile ranking Rank/Funds in category
1 yr. 21% 13/61
3 yrs. 28% 17/61
5 yrs. 22% 13/59
10 yrs. 47% 25/53

Morningstar ratings as of 01/31/18

Muni National Long-Clsd End Rating Funds in category
Overall (64)
3 yrs. (64)
5 yrs. (61)
10 yrs. (56)

Distribution history (past 12 mts.)

Ex-distribution date Distribution amount
per common share
01/24/18 $00.0541
12/22/17 $00.0541
11/24/17 $00.0541
10/24/17 $00.0541
09/22/17 $00.0541
08/24/17 $00.0541
07/24/17 $00.0541
06/23/17 $00.0541
05/24/17 $00.0541
04/24/17 $00.0541
03/24/17 $00.0541
02/23/17 $00.0541

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 6.20
Average stated maturity 19.25
Average effective duration
without leverage
7.54
Average effective duration
with leverage
9.58
Average yield to maturity 3.87
Average price 108.31
Average coupon 5.22

* 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

Dallas Tran-Sr Lien 05.0000 12/01/2033 4.24%
Buckeye Tob Asset-A-2 05.7500 06/01/2034 1.34%
Met Pier Cab-A-Mccorm 00.0000 12/15/2030 1.09%
Tndr Opt-Rsdl-Xf2450 11.9650 02/15/2042 1.02%
Illinois St 05.0000 11/01/2036 1.00%
Nj St Transn Tr Fd 00.0000 12/15/2030 0.91%
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028 0.90%
Gainesville -Preref 05.2500 02/15/2045 0.85%
Tndr Opt-Resdlxf0570 P/P 15.0700 07/01/2042 0.83%
New Jersey St Econ De 05.0000 11/01/2026 0.79%
Top 10 holdings, percent of portfolio 12.97%

Full portfolio holdings as of 12/31/17

DALLAS AREA RAPID TR P/P 144A 11.4250 12/01/2033 1.47%
BUCKEYE TOB ASSET-A-2 05.7500 06/01/2034 1.33%
MET PIER CAB-A-MCCORM 00.0000 12/15/2030 1.09%
TNDR OPT-RSDL-XF2450 14.6520 02/15/2042 1.07%
ILLINOIS ST 05.0000 11/01/2036 1.00%
N TX HWY CABS-REF-1ST 00.0000 01/01/2028 0.92%
TNDR OPT-RESDLXF0570 P/P 14.6200 07/01/2042 0.92%
NJ ST TRANSN TR FD 00.0000 12/15/2030 0.91%
GAINESVILLE -PREREF 05.2500 02/15/2045 0.84%
N TX TWY CAB-REF-I 06.5000 01/01/2043 0.80%
NEW JERSEY ST ECON DE 05.0000 11/01/2026 0.80%
HARRIS CULT ED VAR-C1 01.0200 12/01/2024 0.77%
ATLANTA WTR/WSTWTR 06.2500 11/01/2039 0.76%
TNDR OPT-RESDLXF0571 P/P 14.6100 03/15/2042 0.76%
RAILSPLITTER 06.0000 06/01/2028 0.73%
MSR ENERGY 06.5000 11/01/2039 0.69%
MSR ENERGY 06.5000 11/01/2039 0.69%
NJ ECON-REF-AMT-A 05.7000 10/01/2039 0.65%
GA MUNI ELEC AUTH-A 05.5000 07/01/2060 0.64%
SAN DIEGO ARPT-SUB-A 05.0000 07/01/2040 0.63%
GOLDEN TOB SR-A-1 05.1250 06/01/2047 0.62%
MO H/E VAR-WA UNIV-C 01.0100 09/01/2030 0.62%
MET TRANS AUTH-A2A 01.6800 11/01/2026 0.61%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2050 0.61%
VA SMALL BUSINESS FIN 05.0000 12/31/2049 0.61%
IL FIN REF-A-RMK-ALEX 05.2500 01/01/2022 0.60%
JOHNSON CITY H/E-A 06.0000 07/01/2038 0.59%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.58%
LOS ANGELES ARPT 05.0000 05/15/2040 0.58%
TNDR OPT-RESDL-XF059 P/P 11.5100 12/01/2047 0.57%
TNDR OPT-RESDL-XM036 P/P 14.5900 05/15/2036 0.56%
CHICAGO-2007G-REF 05.5000 01/01/2035 0.55%
CNTRL PUGET TRANSP-S1 05.0000 11/01/2045 0.55%
MA HLTH-NORTHESTN-A 05.0000 10/01/2035 0.55%
OH HGR EDU-UNREF 05.0000 07/01/2044 0.55%
DALLAS-FT WORTH ARPT 05.2500 11/01/2030 0.54%
HARRISON SLD WST 05.5000 10/15/2037 0.54%
SANTEE COOPER-SER A 05.7500 12/01/2043 0.54%
SC PUB SVC AUTH-A 05.5000 12/01/2054 0.53%
CHICAGO TRANSIT AUTH 05.2500 12/01/2049 0.52%
MIAMI-DADE-SALES TAX 05.0000 07/01/2042 0.52%
MIAMI AVIATN MIAMI-A 05.3750 10/01/2041 0.51%
SEATTLE LIGHT/PWR-C 04.0000 09/01/2047 0.51%
BREVARD HEALTH FIRST 07.0000 04/01/2039 0.50%
LOUISVILLE & JEFFERSO 05.0000 10/01/2032 0.50%
MA PORT AUTH-A 05.1250 07/01/2041 0.50%
PA HGR ED-A-ST JOSEPH 05.0000 11/01/2040 0.50%
PUB AUTH FOR CO GAS 06.5000 11/15/2038 0.50%
VIRGINIA ST CMWLTH-B 04.0000 07/01/2040 0.49%
CHICAGO BOE CAB-B-1 00.0000 12/01/2021 0.47%
MA DEV FIN AGY-PREREF 05.0000 01/01/2040 0.46%
TNDR OPT-RESDL P/P 14.6200 02/15/2047 0.46%
TOB SETTLEMENT SER 1A 04.7500 06/01/2034 0.46%
NJ HLTH ST JOSEPHS 06.6250 07/01/2038 0.45%
TOB SETTLEMT FING-B 05.0000 06/01/2050 0.45%
DIST OF COLUMBIA-B 05.0000 07/01/2037 0.44%
NH HLTH &EDU FACS-REF 05.0000 10/01/2037 0.44%
SC PUB SVC AUTH-C-REF 05.0000 12/01/2046 0.44%
IL FIN-SILVER CROSS & 07.0000 08/15/2044 0.43%
KAREGNONDI WTR AUTH-A 05.2500 11/01/2031 0.43%
NJ ST HGR ED-1A-AMT 05.0000 12/01/2022 0.43%
TEXAS TRANSPRTN-A-REF 05.0000 08/15/2041 0.43%
LAKE CO HOSP-C-PREREF 06.0000 08/15/2043 0.42%
MA TRANS-SR-B 05.0000 01/01/2037 0.42%
WASHINGTON ST HLTH CA 05.0000 07/01/2035 0.42%
LIBERTY DEV GOLDMAN 05.2500 10/01/2035 0.41%
MI HOSP-A-MIDMICHIGAN 06.1250 06/01/2039 0.41%
MARICOPA PCR--A 07.2500 02/01/2040 0.40%
RICHMOND HOSP AUTH 05.0000 01/01/2031 0.40%
UNION UTILS-A-REF 05.2500 12/01/2031 0.40%
HALIFAX HOSP MED-REF 05.0000 06/01/2036 0.39%
MARICOPA IDA-A 04.0000 01/01/2041 0.39%
SAN DIEGO SD-CABS-C 00.0000 07/01/2038 0.39%
CHICAGO OHARE-C-AMT 05.2500 01/01/2027 0.38%
JEFFERSON CO-REV-REF 05.0000 09/15/2034 0.38%
LOWER AL GAS DIST GAS 05.0000 09/01/2046 0.38%
JEFFERSON CO SWR-D 06.5000 10/01/2053 0.37%
YUMA IDA-A 05.0000 08/01/2032 0.37%
CHICAGO BOE-C-PROJ 05.2500 12/01/2039 0.36%
DC WTR & SWR-C-REF 05.0000 10/01/2039 0.36%
MIAMI-DADE AVIATION-A 05.0000 10/01/2038 0.36%
NEW HOPE EDU FACS-A 05.0000 04/01/2046 0.36%
ST PAUL HSG-A-REF 05.0000 07/01/2033 0.36%
TOBACCO SETTLEMNT-REF 05.2500 06/01/2032 0.36%
WA HSP-C-MTN STS HLTH 07.7500 07/01/2038 0.36%
BUCKEYE TOB CAB-SR-A3 06.2500 06/01/2037 0.35%
CHICAGO IL 06.0000 01/01/2038 0.35%
GLENDALE INDL-MIDWEST 05.1250 05/15/2040 0.35%
MA DEV FIN AGY 05.2500 10/01/2041 0.35%
PA HGR ED REF-PHILA 05.0000 06/01/2030 0.35%
PALM BEACH CO HLTH-C 05.0000 05/15/2038 0.35%
SC PUB SVC AUTH-A-REF 05.0000 12/01/2055 0.35%
SOUTH CAROLINA ST PUB 05.2500 12/01/2055 0.35%
ST PUB SCH BLDG-A 05.0000 06/15/2032 0.35%
TARRANT EDU FACS-B 05.0000 11/15/2046 0.35%
TX PRIVATE ACTIVITY 05.0000 12/31/2055 0.35%
CAMPBELL CNTY 05.7500 07/15/2039 0.34%
CICERO-A-REF 05.0000 01/01/2021 0.34%
FRANKLIN CNTY OH HOSP 04.0000 11/01/2044 0.34%
IL FIN AUTH-A 05.0000 02/15/2047 0.34%
MI FIN AUTH-C 05.0000 07/01/2034 0.34%
NEW JERSEY ST ECON DE 05.0000 10/01/2037 0.34%
WAYNE CNTY-A-REF 05.0000 12/01/2021 0.34%
MET WA DC ARPTS-SER A 05.0000 10/01/2039 0.33%
METRO WTR WTRWK REG 05.7500 08/10/2018 0.33%
MI HSP-REF-HENRY FORD 05.7500 11/15/2039 0.33%
NC MED CARE COMM 05.2500 10/01/2037 0.33%
NEW JERSEY ST TRANSPR 05.0000 06/15/2030 0.33%
OH AIR QLTY 05.8000 12/01/2038 0.33%
WARREN GLF OPP ZONE-A 06.5000 09/01/2032 0.33%
ATLANTA TAX ALLOC-B 05.0000 01/01/2030 0.32%
CHICAGO WSTWTR 05.0000 01/01/2039 0.32%
GLENDALE AZ EXCISE TA 05.0000 07/01/2030 0.32%
MICHIGAN ST FIN AUTH 05.0000 11/15/2041 0.32%
CHESTER CNTY PA HLTH 05.0000 11/01/2046 0.31%
DE HLTH-VAR-A-CHRISTI 01.0200 10/01/2038 0.31%
MO H/E VAR-WA UNIV-D 01.0100 09/01/2030 0.31%
CO HLTH FACS AUTH-REF 05.0000 06/01/2040 0.30%
MI STRAT FD-WORTHINGT 05.7500 10/01/2022 0.30%
OH HGR EDU-PREREF 05.0000 07/01/2044 0.30%
RENO S/TAX-VAR-RF-RET 01.1500 06/01/2042 0.30%
TOB SETTLEMENT SER 1A 05.0000 06/01/2041 0.30%
CLARK CO ARPT-A-2 05.0000 07/01/2033 0.29%
KENTWOOD MI ECON DEV 05.0000 11/15/2037 0.29%
NY DORM ORANGE MED 06.2500 12/01/2037 0.29%
REDWOOD CITY SD CABS 00.0000 08/01/2021 0.29%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2022 0.28%
CHICAGO SALES TAX-REF 05.0000 01/01/2034 0.28%
CO ST HLTH FACS-EVANG 05.0000 12/01/2033 0.28%
DOYLESTOWN HOSP-A 05.0000 07/01/2041 0.28%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.28%
DIST COLUM REV-UNREF 06.5000 10/01/2041 0.27%
MI FIN AUTH-H-1-REF 05.0000 10/01/2039 0.27%
NY DORM-ROLS-11984 P/P 144A 14.6220 03/15/2031 0.27%
SALEM HOSP-A-REF 05.0000 05/15/2033 0.27%
TNDR OPT-RESDL-XM036 P/P 14.5300 06/01/2028 0.27%
GAINESVILLE-UNREF 05.2500 02/15/2045 0.26%
KEIZER ASSMT-STA AREA 05.2000 06/01/2031 0.26%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2021 0.26%
MATAGORDA NAV 1-RF-A 04.4000 05/01/2030 0.26%
MET WA ARPTS-CABS-A 00.0000 10/01/2037 0.26%
NJ ECON DEV AUTH-REF 05.2500 06/15/2032 0.26%
RAILSPLITTER TOBACCO 05.0000 06/01/2024 0.26%
SALT VERDE FNL CORP 05.5000 12/01/2029 0.26%
SAN BERNARDINO CCD-A 04.0000 08/01/2033 0.26%
SAN MATEO SD-A-CABS 00.0000 09/01/2041 0.26%
TX MUN GAS ACQ & SUPP 05.0000 12/15/2028 0.26%
CA PUB WKS FORESTRY-E 05.0000 11/01/2032 0.25%
CHICAGO-C-REF 05.0000 01/01/2038 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%
WI H/E PROHEALTH CARE 06.6250 02/15/2039 0.25%
CHICAGO OHARE-C-AMT 05.2500 01/01/2028 0.24%
DETROIT WTR-B-PREREF 06.2500 07/01/2036 0.24%
GLDN ST TOBACCO-UNREF 05.7500 06/01/2047 0.24%
GREATER CHICAGO MET-E 05.0000 12/01/2030 0.24%
IL RUSH UNIV MD CTR-C 06.6250 11/01/2039 0.24%
LAKELAND HOSP 05.0000 11/15/2040 0.24%
NJ HLTH-ST PETERS UNV 05.7500 07/01/2037 0.24%
PA TURNPIKE-B1 05.0000 06/01/2042 0.24%
SANTA FE RETMNT FAC 05.0000 05/15/2042 0.24%
AMERICAN MUNI PWR-A 05.0000 02/15/2030 0.23%
BAYONNE-REF-IMPT 05.0000 07/01/2039 0.23%
BUCKEYE TOB ASSET-A-2 06.0000 06/01/2042 0.23%
FULTON DEV AUTH-A-REF 05.0000 10/01/2042 0.23%
MS BUS SYS ENERGY RES 05.8750 04/01/2022 0.23%
ORANGE CO HLTH FACS 05.0000 08/01/2034 0.23%
STHRN IL UNIV-A-CABS 00.0000 04/01/2025 0.23%
TEXAS MUNI PWR AGY 05.0000 09/01/2042 0.23%
WASHINGTON ST HLTH CA 02.1430 01/01/2042 0.23%
CHICAGO OHARE-C-AMT 05.3750 01/01/2039 0.22%
E-470 HWY-B-LIBOR 02.0930 09/01/2039 0.22%
LAKE SD 73-UNREF-CABS 00.0000 12/01/2020 0.22%
MARIETTA DEV-REF-UNIV 07.0000 06/15/2039 0.22%
MARTIN CO DEV-REF 04.2000 12/15/2025 0.22%
N NATOMAS CMNTY FAC-E 05.0000 09/01/2030 0.22%
PORT SEATTLE IND DEV 05.0000 04/01/2030 0.22%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.22%
ATLANTA ARPT-GEN-A 05.0000 01/01/2035 0.21%
BEXAR CO-REF 04.0000 06/15/2033 0.21%
CHICAGO WSTWTR-RF-CAB 00.0000 01/01/2024 0.21%
CHICAGO-A-REF 05.2500 01/01/2033 0.21%
OHIO HOSP FAC-A-REF 04.0000 01/01/2034 0.21%
OR HLTH-A 05.7500 07/01/2039 0.21%
PITTSBURGH SPORTS-REF 05.0000 02/01/2035 0.21%
WA HLTH-KADLEC REGL M 05.5000 12/01/2039 0.21%
DE RVR PORT AUTH 05.0000 01/01/2040 0.20%
FRANKLIN CNTY-A 06.0000 07/01/2035 0.20%
MA DEV FIN AGY-A 05.7500 01/01/2028 0.20%
MI FIN AUTH-C 05.0000 07/01/2035 0.20%
NORTHAMPTON HSP-A-ST 05.5000 08/15/2040 0.20%
OHIO-AMT-PORTSMOUTH 05.0000 12/31/2035 0.20%
CA ED FACS-A 00.0000 10/01/2021 0.19%
CHICAGO WTRWRKS-2ND 05.0000 11/01/2039 0.19%
DE ECON-REF-GAS FACS 05.4000 02/01/2031 0.19%
DETROIT CITY SD-A 06.0000 05/01/2029 0.19%
GAINESVILLE ETC DEV 05.0000 03/01/2037 0.19%
NJ ST HLTH-REF-A 05.0000 07/01/2037 0.19%
BUCKEYE TOB ASSET-A-2 06.5000 06/01/2047 0.18%
COLORADO ST HLTH FACS 05.0000 05/15/2040 0.18%
CUMBERLAND CNTY PA MU 05.0000 01/01/2031 0.18%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2029 0.18%
ILLINOIS FIN AU-A-REF 05.0000 05/15/2035 0.18%
KY PUB TRANSPTRN-A 06.0000 07/01/2053 0.18%
LOS ANGELES ARPTS-A 05.0000 05/15/2030 0.18%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2032 0.18%
LOVE FIELD ARPT 05.0000 11/01/2035 0.18%
LOVE FIELD ARPT 05.0000 11/01/2036 0.18%
MI FIN AUTH-D-2 05.0000 07/01/2034 0.18%
MICHIGAN ST FIN AUTH 05.0000 06/01/2039 0.18%
NEW HAMPSHIRE ST HLTH 05.0000 07/01/2044 0.18%
NEW JERSEY ST TRANSPR 05.0000 06/15/2028 0.18%
PA TNPK CMMN-A 05.0000 12/01/2038 0.18%
PA TPK 2ND SER REF 05.0000 12/01/2037 0.18%
PHILADELPHIA GAS WKS 05.0000 08/01/2032 0.18%
ARLINGTON HGR EDU-A 05.0000 12/01/2036 0.17%
BAY AREA CA TOLL AUTH 04.0000 04/01/2032 0.17%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.17%
CA PUB WKS-I-1 06.1250 11/01/2029 0.17%
CHICAGO-2005D-REF 05.5000 01/01/2034 0.17%
COLORADO ST HLTH FACS 05.0000 12/01/2035 0.17%
DENVER-A-AMT-SUB-ARPT 05.5000 11/15/2031 0.17%
DIST OF COLUMBIA UNIV 05.5000 04/01/2034 0.17%
FL BRD OF EDU-C-REF 04.0000 06/01/2032 0.17%
FRANKLIN IDA-CHAMBERS 05.3750 07/01/2042 0.17%
GAINESVILLE ETC DEV 05.0000 03/01/2047 0.17%
HARBOR POINT-REF 05.0000 04/01/2039 0.17%
IL FIN AUTH-A 05.0000 02/15/2037 0.17%
ILLINOIS ST 05.0000 11/01/2034 0.17%
ILLINOIS ST 05.0000 11/01/2041 0.17%
IN FIN-BHI SR LIVING 05.7500 11/15/2041 0.17%
MA ST DEV FIN AGY-REF 05.0000 04/15/2033 0.17%
MET TRANS AUTH-C1-REF 04.0000 11/15/2032 0.17%
MI HSG DEV-D 03.9500 10/01/2037 0.17%
MIAMI-DADE EXPWY-A 05.0000 07/01/2040 0.17%
NC ESTRN PWR SER D 06.7500 01/01/2024 0.17%
NEW HOPE EDU FACS-A 05.0000 04/01/2034 0.17%
NEW YORK TRANSPRTN-A 05.0000 07/01/2041 0.17%
NY DORM AUTH-A 05.0000 07/01/2035 0.17%
PA ECON-A-REF-AMTRAK 05.0000 11/01/2032 0.17%
PALM BEACH HLTH FACS 05.5000 11/15/2033 0.17%
PHOENIX CIV IMPT-JR-A 05.0000 07/01/2040 0.17%
SOUTH JERSEY NJ PORT 05.0000 01/01/2034 0.17%
UNIV MED CTR CORP 06.5000 07/01/2039 0.17%
UNIV STHRN IN-J-STD F 05.7500 10/01/2028 0.17%
CHICAGO WSTWTR TRANS 05.0000 01/01/2039 0.16%
DE HLTH FACS AUTH-A 04.0000 07/01/2040 0.16%
GOLDEN TOB SR-CONV A2 05.3000 06/01/2037 0.16%
GREAT LAKES WTR-C-REF 05.0000 07/01/2036 0.16%
HARRIS CNTY TX 05.0000 01/01/2037 0.16%
IL FIN AUTH-A1-HSG 04.3750 12/01/2042 0.16%
IN FIN-REF-C-DUKE ENE 04.9500 10/01/2040 0.16%
LANCASTER HSP 1-IMMA 05.6250 01/01/2040 0.16%
MA DEV-A1-LINDEN POND 06.2500 11/15/2026 0.16%
NJ ED FAC-D-GEORGIAN 05.2500 07/01/2037 0.16%
SALT LAKE LKD PARS & 06.7500 05/15/2020 0.16%
SAN ANTONIO TX ELEC & 02.0000 02/01/2033 0.16%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.16%
ATLANTA TAX ALLOC-REF 05.0000 12/01/2021 0.15%
KENDALL ETC SD 115 00.0000 01/01/2021 0.15%
MI FIN AUTH-C-6 05.0000 07/01/2033 0.15%
PA ST HSG FIN AGY-REF 03.9500 10/01/2030 0.15%
PORT OF SEATTLE-C-AMT 05.0000 04/01/2040 0.15%
WV HSP-THOMAS HLTH SY 06.7500 10/01/2043 0.15%
BURBANK USD-CAB-1997C 00.0000 08/01/2023 0.14%
MA EDU FIN AUTH-I-AMT 05.0000 01/01/2027 0.14%
MA HSG FIN-AMT-C 05.3500 12/01/2042 0.14%
MI FIN AUTH-C-3-REF 05.0000 04/01/2027 0.14%
RICHMOND HOSP AUTH 05.0000 01/01/2030 0.14%
SCIOTO CO HOSP FACS 05.0000 02/15/2032 0.14%
CA POLL FING AUTH 04.7500 11/01/2046 0.13%
CHICAGO-2005D-REF 05.5000 01/01/2037 0.13%
HARRIS CULTURAL EDU-A 05.0000 06/01/2033 0.13%
LWR COLORADO RIVER 05.0000 05/15/2033 0.13%
MA DEV FIN-A-PREREF 05.7500 07/01/2039 0.13%
NC MED CR-A-DEERFIELD 06.0000 11/01/2033 0.13%
NJ ECON DEV AUTH-AAA 05.0000 06/15/2036 0.13%
NJ ST HLTH-REF-A 05.0000 07/01/2035 0.13%
OHIO HOSP REVENUE-A 05.0000 01/15/2041 0.13%
PA HGR ED REF-PHILA 05.0000 06/01/2022 0.13%
SELMA INDL DEV 05.8000 05/01/2034 0.13%
VA SMALL BUSINESS FIN 05.0000 12/31/2052 0.13%
WISCONSIN ST HLTH & E 05.0000 08/15/2039 0.13%
ERIE HGR ED-MERCYHURS 05.5000 03/15/2038 0.12%
ILLINOIS ST FIN AUTH 05.2500 02/15/2047 0.12%
MA ST DEV FIN AGY 05.6250 12/01/2030 0.12%
MS BUS-VAR-B-CHEVRON 01.0000 12/01/2030 0.12%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2035 0.11%
CHICAGO IL O'HARE INT 05.7500 01/01/2039 0.11%
CHICAGO WTR REV 05.0000 11/01/2042 0.11%
CO HLTH FACS AUTH 05.6250 06/01/2043 0.11%
LA PUB FACS AUTH-REF 05.0000 05/15/2047 0.11%
MA DEV FIN AGY 05.0000 07/01/2034 0.11%
MA ST HLTH-B-2 05.3750 02/01/2026 0.11%
MD PCR-REF-3/17/09 06.2000 09/01/2022 0.11%
MI ST STRATEGIC-REF 05.5000 06/01/2047 0.11%
MULTNOMAH CO HOSP FAC 05.0000 12/01/2036 0.11%
PHOENIX INDL DEV AUTH 03.7500 07/01/2024 0.11%
SCIOTO CO HOSP FACS 05.0000 02/15/2033 0.11%
SOUTHEASTERN OH PORT 05.7500 12/01/2032 0.11%
AUSTIN-BERGSTROM LAND 05.0000 10/01/2034 0.10%
JACKSONVL PORT-REF 05.0000 11/01/2038 0.10%
LA ARPT REF-LAXFUEL 04.5000 01/01/2027 0.10%
MA DEV SABIS INTL-A 08.0000 04/15/2039 0.10%
NC MED CARE-C-REF 05.0000 10/01/2036 0.10%
NEW HOPE CULTURAL EDU 04.0000 08/15/2034 0.10%
ABAG FIN AUTH-A-REF 05.0000 07/01/2032 0.09%
ARLINGTON HGR EDU FIN 05.0000 12/01/2036 0.09%
ARLINGTON HGR EDU-A 05.0000 12/01/2035 0.09%
CA MUNI FIN-BIOLA 05.0000 10/01/2042 0.09%
CHICAGO-A 05.5000 01/01/2039 0.09%
COLORADO ST HLTH FACS 05.0000 01/01/2037 0.09%
FLINT HSP-HURLEY MED 07.5000 07/01/2039 0.09%
MA DEV FIN-F 05.7500 07/15/2043 0.09%
MET PIER & EXPOSITION 00.0000 12/15/2037 0.09%
MI TOB SETTLMT SR-A 06.0000 06/01/2034 0.09%
MIAMI DADE AVIATION 05.0000 10/01/2028 0.09%
MOORHEAD EDUCTNL-REF 05.0000 12/01/2040 0.09%
NEW HOPE ED FACS 05.5000 01/01/2043 0.09%
NH HLTH & EDU FACS 05.0000 10/01/2038 0.09%
NJ ECON DEV AUTH-AMT 05.3750 01/01/2043 0.09%
OAKLAND USD 06.6250 08/01/2038 0.09%
SUSQUEHANNA REGL ARPT 05.0000 01/01/2038 0.09%
UPTOWN DEV AUTH-A 05.0000 09/01/2035 0.09%
WARREN HLTHCR-REF 05.0000 07/01/2033 0.09%
YAVAPAI CNTY AZ INDL 05.0000 08/01/2034 0.09%
AZ IDA-D-REF P/P 144A 05.0000 07/01/2051 0.08%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.08%
CHICAGO BOE-H 05.0000 12/01/2036 0.08%
CHICAGO MTR FUEL TAX 05.0000 01/01/2029 0.08%
DAUPHIN GEN AUTH-A 05.0000 06/01/2034 0.08%
E-470 HWY-A-LIBOR 01.9460 09/01/2039 0.08%
IL FIN AUTH 04.0000 11/15/2034 0.08%
ILLINOIS ST 05.0000 01/01/2041 0.08%
LAKE CO HOSP-C-UNREF 06.0000 08/15/2043 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%
NJ ED FAC-D-GEORGIAN 05.2500 07/01/2027 0.08%
PA HGR EDU-KK1 05.3750 05/01/2042 0.08%
WESTMORELAND CO AUTH 05.0000 08/15/2027 0.08%
CA MUNI FIN-A-SENIOR 05.2500 08/15/2039 0.07%
CENTRL TX REGL MOBILITY 05.0000 01/01/2033 0.07%
CHICAGO O'HARE ARPT-G 05.0000 01/01/2037 0.07%
FAIRFAX CNTY VA ECON 05.0000 10/01/2036 0.07%
ILLINOIS ST FIN AUTH 05.0000 02/15/2036 0.07%
LOUISVILLE ARPT-A-AMT 05.0000 07/01/2031 0.07%
MA DEV FIN-A-UNREF 05.7500 07/01/2039 0.07%
MA EDU FIN AUTH-I-AMT 04.3750 01/01/2032 0.07%
NJ ECON DEV-A 05.0000 07/15/2029 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 05.2500 02/15/2037 0.06%
LAKELAND RETIRE-REF 06.3750 01/01/2043 0.06%
MARICOPA IDA 05.0000 07/01/2036 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%
GEISINGER AUTH-A-2 05.0000 02/15/2039 0.05%
ILLINOIS ST 05.0000 02/01/2039 0.05%
JEFFERSON CO-REV-REF 05.0000 09/15/2033 0.05%
LOUISVILLE CLG-REF-A 06.0000 05/01/2038 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%
UPTOWN DEV AUTH-A 05.0000 09/01/2040 0.05%
CUMBERLAND CNTY PA MU 05.0000 01/01/2032 0.04%
FL MUNI PWR-A-UNREF 05.0000 10/01/2031 0.04%
MA DEV FIN AGY-UNREF 05.0000 01/01/2040 0.04%
PARK CREEK CO MET-A 05.0000 12/01/2045 0.04%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2037 0.04%
PUBLIC FIN AUTH WI SE 05.2500 05/15/2042 0.04%
WARREN HLTHCR-REF 05.0000 07/01/2032 0.04%
WI GEN FUND-A-PREREF 06.0000 05/01/2027 0.04%
IN BD BK SER A 05.2500 10/15/2021 0.03%
N TOLLWAY-UNREF-A 06.0000 01/01/2025 0.03%
ST CLOUD HLTH-A-UNREF 05.1250 05/01/2030 0.03%
STUB 05.2500 04/01/2024 0.03%
GOLDEN TOB SR-A-1 05.0000 06/01/2033 0.02%
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%
NY CNTYS TOB TR III 06.0000 06/01/2043 0.02%
SOUTHEASTERN OH PORT 05.5000 12/01/2043 0.02%
MA DEV FIN AGY-A-2-II 05.5000 11/15/2046 0.01%
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%
MASSACUSETTS ST DEV FIN AGY R 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 01/31/18
Dallas Tran-Sr Lien 05.0000 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 11.9650 02/15/2042
Illinois St 05.0000 11/01/2036
Nj St Transn Tr Fd 00.0000 12/15/2030
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Gainesville -Preref 05.2500 02/15/2045
Tndr Opt-Resdlxf0570 P/P 15.0700 07/01/2042
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 12.97% of portfolio
Top 10 holdings as of 12/31/17
Dallas Area Rapid Tr P/P 144a 08.2940 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 10.3450 02/15/2042
Illinois St 05.0000 11/01/2036
Tndr Opt-Resdlxf0570 P/P 10.2900 07/01/2042
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Nj St Transn Tr Fd 00.0000 12/15/2030
Gainesville -Preref 05.2500 02/15/2045
New Jersey St Econ De 05.0000 11/01/2026
Holdings represent 10.28% of portfolio
Top 10 holdings as of 11/30/17
Dallas Area Rapid Tr P/P 144a 11.9450 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Ca St-Var Purp 05.5000 03/01/2040
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 15.4620 02/15/2042
Illinois St 05.0000 11/01/2036
Nj St Transn Tr Fd 00.0000 12/15/2030
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Tndr Opt-Resdlxf0570 P/P 15.4300 07/01/2042
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 10.79% of portfolio
Top 10 holdings as of 10/31/17
Dallas Area Rapid Tr P/P 144a 09.8730 12/01/2033
Buckeye Tob Asset-A-2 05.7500 06/01/2034
Ca St-Var Purp 05.5000 03/01/2040
Met Pier Cab-A-Mccorm 00.0000 12/15/2030
Tndr Opt-Rsdl-Xf2450 12.7150 02/15/2042
Illinois St 05.0000 11/01/2036
N Tx Hwy Cabs-Ref-1st 00.0000 01/01/2028
Nj St Transn Tr Fd 00.0000 12/15/2030
Tndr Opt-Resdlxf0570 P/P 12.6900 07/01/2042
Gainesville -Preref 05.2500 02/15/2045
Holdings represent 10.82% of portfolio

Maturity detail

0 - 1 yr. 14.39%
1 - 5 yrs. 32.36%
5 - 10 yrs. 41.47%
10 - 15 yrs. 5.33%
Over 15 yrs. 6.45%

Quality rating

AAA 4.86%
AA 23.68%
A 38.47%
BBB 17.75%
BB 2.56%
B 3.56%
Not Rated 6.83%
Cash and net other assets 2.29%

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 16.52%
Prerefunded 16.06%
Utilities 13.65%
Transportation 13.63%
Local Debt 8.28%
Education 6.09%
Special Tax 5.42%
Tobacco 5.32%
State Debt 4.77%
 
Other
10.26%
Financials 2.77%
Cash and net other assets 2.29%
Other 1.72%
Housing 1.64%
Land 1.31%
Industrials 0.53%

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.