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Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Municipal Bond Fund

TMUUX | Fund

$8.54

$100 M

0.00%

0.76%

Vitals

YTD Return

-0.6%

1 yr return

2.6%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

0.8%

Net Assets

$100 M

Holdings in Top 10

19.3%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 7.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Municipal Bond Fund

TMUUX | Fund

$8.54

$100 M

0.00%

0.76%

TMUUX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.79%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Municipal Bond Fund
  • Fund Family Name
    MORGAN STANLEY PATHWAY FUNDS
  • Inception Date
    Nov 18, 1991
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Kalinoski

Fund Description

The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam). Tax-exempt means that the bonds pay interest that is excluded from gross income for regular federal income tax purposes but such bonds may pay income that is subject to the alternative minimum tax.
Credit quality. The Fund limits its investments to 20% in municipal obligations that are rated below investment grade by a nationally recognized statistical rating organization, or, if unrated, of equivalent quality as determined by the Sub-adviser (as defined below).
Duration. The Fund’s average portfolio duration, as calculated by the Sub-adviser, is typically maintained at +/- 3 years of the average benchmark duration, which is the average duration of all the constituent bonds in the Bloomberg U.S. Municipal Bond Index. The Sub-adviser seeks to target the average duration of the benchmark which varies over time and may be impacted by market conditions. Duration is an approximate measure of the sensitivity of the market value of the portfolio holdings to changes in interest rates.
The Fund may engage in transactions in certain derivatives, such as financial futures contracts and options thereon, indexed and inverse floating rate obligations and swap agreements, including credit default swap agreements. The Fund may use derivative instruments to hedge its investments or to seek to enhance returns.
The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity. A TOB
Trust typically issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s 80% policy.
Read More

TMUUX - Performance

Return Ranking - Trailing

Period TMUUX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.7% 10.2% 34.93%
1 Yr 2.6% -3.9% 31.6% 44.62%
3 Yr -1.3%* -11.3% 2.5% 50.36%
5 Yr 0.8%* -6.0% 1102.0% 53.09%
10 Yr 1.9%* -0.4% 248.1% 43.90%

* Annualized

Return Ranking - Calendar

Period TMUUX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -1.4% 41.0% 51.07%
2022 -11.2% -39.7% 0.3% 45.81%
2021 -0.7% -5.6% 6.9% 60.92%
2020 0.9% -2.6% 310.0% 82.77%
2019 3.9% 0.0% 26.0% 41.89%

Total Return Ranking - Trailing

Period TMUUX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -4.7% 10.2% 34.93%
1 Yr 2.6% -3.9% 31.6% 44.62%
3 Yr -1.3%* -11.3% 2.5% 50.36%
5 Yr 0.8%* -6.0% 1102.0% 53.09%
10 Yr 1.9%* -0.4% 248.1% 43.90%

* Annualized

Total Return Ranking - Calendar

Period TMUUX Return Category Return Low Category Return High Rank in Category (%)
2023 6.3% -1.3% 41.0% 33.33%
2022 -8.9% -39.7% 1.1% 45.15%
2021 1.1% -4.8% 23761504.0% 61.91%
2020 3.8% -1.5% 17057.9% 51.02%
2019 7.3% 0.2% 3514.6% 27.84%

NAV & Total Return History

TMUUX - Holdings

Concentration Analysis

TMUUX Category Low Category High TMUUX % Rank
Net Assets 100 M 3.22 M 71.9 B 84.73%
Number of Holdings 156 2 13067 70.27%
Net Assets in Top 10 18.9 M -317 M 3.4 B 87.72%
Weighting of Top 10 19.33% 1.9% 100.4% 43.01%

Top 10 Holdings

  1. CHANDLER AZ INDL DEV AUTH INDL REGD V/R B/E AMT 5.00000000 2.88%
  2. MAIN STREET NATURAL GAS INC GA REGD V/R B/E 4.00000000 2.54%
  3. INDIANA ST FIN AUTH HLTH SYS R REGD OID B/E 4.00000000 2.52%
  4. SOUTH CAROLINA ST JOBS-ECON DE REGD N/C B/E 5.00000000 2.16%
  5. NEW YORK CITY NY TRANSITIONAL REGD B/E ST AID 5.00000000 1.87%
  6. WASHINGTON ST REGD B/E 4.00000000 1.64%
  7. ORANGE CA UNIF SCH DIST ORANGE REGD B/E 5.00000000 1.60%
  8. CAPE CORAL FL WTR SWR REVENU REGD B/E 5.00000000 1.48%
  9. NEW JERSEY ST TRANSPRTN TRUST REGD B/E 5.00000000 1.33%
  10. SAN ANTONIO TX WTR REVENUE REGD B/E 5.00000000 1.31%

Asset Allocation

Weighting Return Low Return High TMUUX % Rank
Bonds 		98.36% 0.00% 150.86% 54.46%
Cash 		1.64% -50.86% 50.09% 43.05%
Stocks 		0.00% 0.00% 99.81% 79.46%
Preferred Stocks 		0.00% 0.00% 0.52% 77.05%
Other 		0.00% -8.54% 33.35% 73.50%
Convertible Bonds 		0.00% 0.00% 0.93% 77.03%

Bond Sector Breakdown

Weighting Return Low Return High TMUUX % Rank
Municipal 		90.25% 44.39% 100.00% 94.03%
Derivative 		0.00% -8.54% 23.38% 71.36%
Cash & Equivalents 		0.00% 0.00% 48.02% 88.43%
Securitized 		0.00% 0.00% 5.93% 76.57%
Corporate 		0.00% 0.00% 9.41% 79.49%
Government 		0.00% 0.00% 52.02% 78.20%

Bond Geographic Breakdown

Weighting Return Low Return High TMUUX % Rank
US 		98.36% 0.00% 142.23% 51.78%
Non US 		0.00% 0.00% 23.89% 78.80%

TMUUX - Expenses

Operational Fees

TMUUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.01% 20.65% 48.16%
Management Fee 0.40% 0.00% 1.20% 43.67%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.44% 2.03%

Sales Fees

TMUUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

TMUUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TMUUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 7.00% 0.00% 283.00% 11.11%

TMUUX - Distributions

Dividend Yield Analysis

TMUUX Category Low Category High TMUUX % Rank
Dividend Yield 0.00% 0.00% 14.56% 22.93%

Dividend Distribution Analysis

TMUUX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

TMUUX Category Low Category High TMUUX % Rank
Net Income Ratio 1.79% -0.53% 5.33% 59.23%

Capital Gain Distribution Analysis

TMUUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

TMUUX - Fund Manager Analysis

Managers

Michael Kalinoski

Start Date

Tenure

Tenure Rank

Feb 25, 2019

3.26

3.3%

Kalinoski, director at BlackRock, joined BlackRock following the merger with Merrill Lynch Investment Managers(MLIM) in 2006. Prior to joining MLIM in 1999, he was with Strong Capital Management. Mr. Kalinoski earned a B.S. degree in accounting from Marquette University in 1992. Kalinoski holds the Chartered Financial Analyst designation.

Kevin Maloney

Start Date

Tenure

Tenure Rank

Feb 25, 2019

3.26

3.3%

Kevin Maloney, CFA, Vice President, is a Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock’s Global Fixed Income Group. Mr. Maloney began his career at BlackRock in 2011 as an Analyst on the Municipal Credit Research Team. He graduated from Drexel University in 2011 with a B.S. in Finance.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.37 1.58

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