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AMT Free Municipal Bond Fund

Daily price w/o sales charge as of 12/13/2018

$15.68

arrowDown$0.01

YTD Returns w/o sales charge as of 12/13/2018

-0.20%

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the AMT Free Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation, including the alternative minimum tax, by investing primarily in municipal bonds.

Yield

Dividend Yield 1 as of 12/13/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.69% 2.41%

30-Day Standardized Yield 2 as of 11/30/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.33% 2.05%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Basicsas of 10/31/2018

Total Net Assets
$172.15 M
Inception Date
10/29/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.51%
Fund Net Expense Ratio
1.23%
Number of Holdings
298
CUSIP
543902712
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge -0.55% 0.59% 1.89% 3.53% - 3.46%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.31% 0.72% 1.99% 3.62% - -
Bloomberg Barclays Municipal Bond Index 0.08% 1.13% 2.13% 3.52% - 3.49%
w/ sales charge -1.52% 0.59% 1.89% 3.53% - 3.46%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge -0.36% 0.43% 2.30% 3.63% - 3.56%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.35% 0.53% 2.29% 3.68% - -
Bloomberg Barclays Municipal Bond Index -0.40% 0.35% 2.24% 3.54% - 3.50%
w/ sales charge -1.34% 0.43% 2.30% 3.63% - 3.56%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

RELATED CONTENT

Muni Matters: Amid Rising Rates, a Reality Check
October 23, 2018

As investors weigh the impact of rising U.S. Treasury yields on their municipal bond portfolios, here are four important points to consider.

Getting the Right Readings on Public Power
August 8, 2018

Not-for-profit retail electric utilities carry strong credit ratings, but we believe there are still critical differences that analysts must weigh to uncover relative value.

Muni Bonds: Reading the Supply/Demand Signals
May 21, 2018

With more attractive yields on offer, an upturn in demand may come amid a tighter supply of newly issued municipal bonds.

Sector Assets
Healthcare/Hospital
IDR/PCR
Transportation
GO Local
Special Tax
Education
Lease
GO State
Water & Sewer
Power
Housing
VRDN
Pre-Refunded
Insured
Other

The Fund's portfolio is actively managed and is subject to change.

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

The Fund's portfolio is actively managed and is subject to change.

Credit Quality Distribution as of 10/31/2018 View Portfolio

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor’s, Moody’s, and Fitch.  Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating.Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

8 Years of Industry Experience

Supported By 14 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 12/13/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.69% 2.41%

30-Day Standardized Yield 2 as of 11/30/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.33% 2.05%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge -0.55% 0.59% 1.89% 3.53% - 3.46%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.31% 0.72% 1.99% 3.62% - -
Bloomberg Barclays Municipal Bond Index 0.08% 1.13% 2.13% 3.52% - 3.49%
w/ sales charge -1.52% 0.59% 1.89% 3.53% - 3.46%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/29/2010
w/o sales charge -0.36% 0.43% 2.30% 3.63% - 3.56%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.35% 0.53% 2.29% 3.68% - -
Bloomberg Barclays Municipal Bond Index -0.40% 0.35% 2.24% 3.54% - 3.50%
w/ sales charge -1.34% 0.43% 2.30% 3.63% - 3.56%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2017 5.93% 5.45%
2016 -0.31% 0.25%
2015 2.50% 3.30%
2014 11.32% 9.05%
2013 -7.36% -2.55%
2012 11.68% 6.78%
2011 12.01% 10.70%
2010 -5.20% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 -1.19% 1.02% -0.18% - -0.20%
2017 1.56% 2.08% 1.38% 0.79% 5.93%
2016 1.85% 3.48% -0.19% -5.24% -0.31%
2015 1.10% -1.58% 1.25% 1.74% 2.50%
2014 4.14% 2.67% 2.38% 1.70% 11.32%
2013 0.32% -5.07% -2.28% -0.46% -7.36%
2012 4.16% 2.21% 3.34% 1.52% 11.68%
2011 0.38% 5.46% 3.66% 2.07% 12.01%
2010 - - - - -5.20%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Healthcare/Hospital
IDR/PCR
Transportation
GO Local
Special Tax
Education
Lease
GO State
Water & Sewer
Power
Housing
VRDN
Pre-Refunded
Insured
Other

The Fund's portfolio is actively managed and is subject to change.

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

The Fund's portfolio is actively managed and is subject to change.

State Assets
CA
IL
NY
PA
TX
NJ
OH
AL
FL
VA
GA
AZ
MA
CT
MD
KY
Puerto Rico
MN
CO
WI
LA
NC
DC
NE
IN
ME
MI
MT
OR
NH
OK
WV
IA
MS

Credit Quality Distribution as of 10/31/2018 View Portfolio

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor’s, Moody’s, and Fitch.  Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating.Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 09/30/2018

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the industrial development and health care sectors, given their dedicated income streams and favorable return prospects.
  • The portfolio continues to maintain an overweight to lower rated investment grade bonds due to the incremental yield advantage and solid credit fundamentals.

Portfolio Details as of 10/31/2018

Total Net Assets
$172.15 M
Number of Issues
298
Average Coupon
5.0%
Average Effective Maturity
18.0 Years
Average Effective Duration
7.54 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 1.6%
Norfolk Water 5.250% 11/01/2028 1.0%
Hampton Roads Transportation Comm 5.500% 07/01/2057 1.0%
Long Beach Bond Finance Auth - Merrill Lynch 5.500% 11/15/2037 1.0%
City of Chicago General Obligation 6.000% 01/01/2038 1.0%
Inland Valley Development Agency 5.250% 09/01/2037 1.0%
Cook County General Obligation 5.250% 11/15/2024 1.0%
NJ Eco Dev Auth - School Facilities 5.500% 06/15/2031 0.9%
Jefferson County Sewer 5.500% 10/01/2053 0.8%
Texas Water Development Board 4.000% 10/15/2037 0.8%
% of Total Assets 10.1%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Holding Coupon Maturity Assets
Salt Verde Fin Corp - Citigroup5.000% 12/01/20371.6%
Norfolk Water5.250% 11/01/20281.0%
Hampton Roads Transportation Comm5.500% 07/01/20571.0%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20371.0%
City of Chicago General Obligation6.000% 01/01/20381.0%
Inland Valley Development Agency5.250% 09/01/20371.0%
Cook County General Obligation5.250% 11/15/20241.0%
NJ Eco Dev Auth - School Facilities5.500% 06/15/20310.9%
Jefferson County Sewer5.500% 10/01/20530.8%
Texas Water Development Board4.000% 10/15/20370.8%
Commonwealth Financing Authority5.000% 06/01/20350.8%
Southern California Public Power Auth - Goldman Sachs5.000% 11/01/20330.8%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.8%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.8%
Central Texas Turnpike5.000% 08/15/20330.7%
Phenix City Indus Dev Bd3.625% 05/15/20300.7%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.7%
Cnty of Trimble, KY3.750% 06/01/20330.7%
Nassau Co Local Econ Assis - Catholic Hlth Svcs5.000% 07/01/20340.7%
Illinois, IL6.000% 05/01/20260.7%
Univ of Connecticut5.250% 11/15/20470.7%
Atlanta Airport5.000% 01/01/20280.7%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.6%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.6%
Los Angeles Unified School District5.000% 10/01/20250.6%
New York City Transitional Fin Auth5.000% 02/01/20360.6%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.6%
Dorm Auth of the St of New York5.000% 12/01/20370.6%
Chicago O'Hare International Airport5.000% 01/01/20350.6%
Paducah Electric Plant Bd5.000% 10/01/20340.6%
Kentucky Mun Pwr Agy5.000% 09/01/20360.6%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.6%
Montgomery Cnty Indus Dev Auth, PA5.375% 01/01/20500.6%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.6%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.6%
Duluth Econ Dev Auth, MN5.250% 02/15/20530.6%
Central Texas Turnpike Sys5.000% 08/15/20370.6%
New Jersey Econ Dev Auth5.000% 06/15/20360.6%
Kendall Kane & Will Cos Unified School District5.000% 02/01/20290.6%
Illinois State General Obligation5.000% 11/01/20280.6%
Chicago, IL5.500% 01/01/20370.6%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20250.6%
Luzerne Cnty, PA5.000% 11/15/20290.6%
Chicago, IL5.000% 01/01/20340.6%
California State General Obligation5.500% 03/01/20400.6%
Martin Cnty Hlth Facs Auth, FL5.500% 11/15/20320.6%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.6%
Massachusetts4.000% 05/01/20480.6%
New York City Transitional Fin Auth4.000% 08/01/20420.6%
San Diego Cnty Regl Arpt Auth, CA5.000% 07/01/20400.6%
Massachusetts Sch Bldg Auth4.000% 02/15/20430.6%
Pennsylvania4.000% 03/01/20380.6%
Foothill-Eastern Transp Corridor Agy, CA5.750% 01/15/20460.6%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.6%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.6%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20530.6%
Illinois Fin Auth6.125% 09/01/20390.6%
New Hampshire Bus Fin Auth4.625% 11/01/20420.6%
Illinois Fin Auth4.000% 10/01/20490.6%
Pennsylvania Higher Edl Facs Auth5.000% 11/01/20300.6%
Dallas Fort Worth, TX5.000% 11/01/20300.5%
Illinois Sports Facs Auth5.000% 06/15/20280.5%
Chicago, IL5.000% 11/01/20390.5%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20310.5%
Cnty of Cuyahoga, OH5.500% 02/15/20520.5%
New York City Mun Fin Auth1.620% 06/15/20450.5%
Delaware River Port Auth, PA5.000% 01/01/20340.5%
New Jersey Transportation Trust Fund6.000% 06/15/20350.5%
Wisconsin Hlth & Edl Facs Auth5.375% 02/01/20480.5%
Oklahoma Dev Fin Auth5.500% 08/15/20570.5%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.5%
Fulton Co Dev - GA State Univ Housing5.000% 09/01/20320.5%
Stockton Unif Sch Dist, CA5.000% 07/01/20280.5%
Courtland Indus Dev Bd, AL6.250% 11/01/20330.5%
Pennsylvania Tpk Comm5.000% 12/01/20390.5%
New York State Urban Dev Corp.5.000% 03/15/20330.5%
St of Alabama Docks Department5.000% 10/01/20360.5%
California Hlth Facs Fing Auth5.250% 08/15/20310.5%
Illinois Fin Auth5.500% 04/01/20340.5%
MA Hlth & Ed - Catholic Health East6.250% 11/15/20320.5%
Univ of North Carolina at Wilmington5.000% 06/01/20370.5%
New York St Energy Rsch & Dev Auth3.500% 10/01/20290.5%
CO Hlth Facs - Catholic Hlth5.250% 02/01/20310.5%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.4%
Connecticut5.000% 01/01/20370.4%
Los Angeles, CA5.000% 05/15/20350.4%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20420.4%
Jefferson Cnty, AL0.000% 10/01/20260.4%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.4%
Lucas Cnty, OH5.250% 11/15/20480.4%
San Jose, CA5.500% 05/01/20240.4%
CT Hlth & Ed - Hartford Healthcare5.000% 07/01/20320.4%
City of Atlanta, GA, Department of Aviation5.250% 01/01/20300.4%
Philadelphia, PA5.250% 07/15/20310.4%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.4%
Yosemite Community College District0.000% 08/01/20420.4%
Pub Fin Auth5.000% 07/01/20440.4%
Maine Hlth & Hgr Edl Facs Auth6.000% 07/01/20260.4%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.4%
Minneapolis, MN5.000% 11/15/20490.4%
New York City5.000% 08/01/20270.4%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20270.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.4%
Charlotte, NC5.000% 07/01/20330.4%
Athens Clarke Cnty Unif Govt, GA6.250% 11/15/20320.4%
Montana Facility Finance Authority5.000% 07/01/20480.4%
Puerto Rico5.500% 07/01/20270.4%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.4%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
San Jose, CA6.500% 05/01/20360.3%
Cleveland, OH5.000% 01/01/20300.3%
Atlantic City Board of Education6.000% 04/01/20340.3%
Illinois, IL5.000% 01/01/20330.3%
Maricopa Co - Southern Cal Edison5.000% 06/01/20350.3%
Yosemite Comnty Coll Dist, CA5.000% 08/01/20290.3%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20280.3%
California State Pub Wks Bd5.000% 10/01/20280.3%
Chicago Brd of Ed5.000% 12/01/20420.3%
Indiana Fin Auth5.250% 02/01/20320.3%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20270.3%
Casitas Muni Wtr Dist5.250% 09/01/20470.3%
Central Plains Energy5.000% 09/01/20320.3%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.3%
Connecticut Hlth & Educl Facs Auth5.000% 07/01/20280.3%
Puerto Rico Elec Pwr Auth5.250% 07/01/20280.3%
Omaha Pub Pwr Dist5.250% 02/01/20420.3%
Sonoma Marin Area Rail Transit Dist, CA5.000% 03/01/20280.3%
New York City Mun Fin Auth5.000% 06/15/20360.3%
DeKalb Co Hsp - Children's Healthcare5.000% 11/15/20290.3%
Golden St Tobacco Securitization Corp.5.000% 06/01/20300.3%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.3%
Massachusetts Dev Fin Agy5.000% 07/01/20320.3%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20290.3%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 09/01/20560.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.500% 11/01/20350.3%
Orange Cnty Comnty Facs Dist5.250% 08/15/20450.3%
California Statewide Comntys Dev Auth5.250% 11/15/20340.3%
Florida5.000% 07/01/20340.3%
North Texas Tollway Auth5.000% 01/01/20480.3%
New York St Envr Facs Corp.5.125% 06/15/20380.3%
NYC Cultural - Whitney Museum5.250% 07/01/20260.3%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.3%
District of Columbia, DC5.000% 06/01/20320.3%
Cnty of Cuyahoga, OH5.500% 02/15/20570.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.3%
Delaware River Port Auth, PA5.000% 01/01/20290.3%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.3%
San Antonio Airport System5.000% 07/01/20260.3%
NY Liberty Dev Corp - 3 World Trade Ctr5.000% 11/15/20440.3%
Franklin Cnty, OH6.125% 07/01/20400.3%
Chicago, IL5.000% 01/01/20340.3%
Regional Transportation District5.375% 06/01/20310.3%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.3%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.3%
Florida Hgr Edl Facs Fin Auth6.375% 04/01/20310.3%
Illinois, IL4.000% 06/01/20340.3%
Chicago Brd of Ed5.000% 12/01/20460.3%
Delaware Cnty Indus Dev Auth, PA5.000% 07/01/20430.3%
Pub Fin Auth4.050% 11/01/20300.3%
California Statewide Comntys Dev Auth4.000% 07/01/20480.3%
Illinois Fin Auth5.000% 04/01/20210.3%
Philadelphia, PA5.250% 10/01/20520.3%
NYS Tobacco Settlement Corp5.000% 06/01/20480.3%
New York City Indl Dev Agy3.137% 03/01/20240.3%
Harris County Toll Road Authority/The4.000% 08/15/20480.3%
West Virginia Parkways Authority4.000% 06/01/20470.3%
New Jersey Econ Dev Auth3.210% 03/01/20280.3%
Delano-Earlimart Irrigation District5.000% 02/01/20280.3%
Guadalupe Regional Medical Center5.000% 12/01/20450.3%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20290.3%
MD Hlth & Higher Ed - Mercy Medical Center6.250% 07/01/20310.3%
Illinois Fin Auth5.000% 04/01/20310.3%
Illinois, IL5.500% 07/01/20330.3%
Southwest Local School District/Hamilton County4.000% 01/15/20550.3%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.3%
District of Columbia, DC5.000% 06/01/20410.3%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.3%
California5.000% 08/01/20380.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
El Dorado Irr Dist, CA5.000% 03/01/20340.3%
California5.375% 11/01/20350.3%
Maine Hlth & Hgr Edl Facs Auth6.750% 07/01/20360.3%
Philadelphia Sch Dist, PA5.000% 09/01/20370.3%
Montana Facility Finance Authority5.000% 07/01/20430.2%
Michigan Fin Auth5.000% 07/01/20340.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20460.2%
Pittsburgh, PA5.000% 09/01/20300.2%
California Statewide Comntys Dev Auth5.500% 12/01/20580.2%
North Carolina Turnpike Auth5.000% 01/01/20320.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
Hudson Yards Infrastr Corp., NY5.750% 02/15/20470.2%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20280.2%
Build NYC Resource Corp., NY5.000% 06/01/20340.2%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.2%
New Jersey Transp Tr Fnd Auth5.750% 12/15/20310.2%
Lower Colorado River Auth, TX5.000% 05/15/20400.2%
Love Field Airport - Southwest Airlines5.250% 11/01/20400.2%
Alachua Cnty Hlth Facs Auth8.000% 10/01/20420.2%
New York City Transitional Fin Auth5.000% 07/15/20350.2%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20270.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
Chicago, IL5.625% 01/01/20300.2%
New York City Transitional Fin Auth4.000% 05/01/20370.2%
San Jose, CA5.500% 05/01/20260.2%
Colorado Hlth Facs Auth5.000% 10/01/20320.2%
Jefferson Cnty, AL0.000% 10/01/20390.2%
Puerto Rico Sales Tax Fincg Corp5.250% 08/01/20270.2%
Clifton Hgr Ed Fin Corp., TX5.000% 08/15/20420.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
Puerto Rico Elec Pwr Auth4.250% 07/01/20270.2%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.2%
Philadelphia, PA5.000% 08/01/20290.2%
NY Conv Ctr Dev Corp5.000% 11/15/20400.2%
Middletown City Sch Dist, OH5.250% 12/01/20400.2%
Connecticut5.000% 06/15/20320.2%
North Texas Tollway Auth5.000% 01/01/20310.2%
TSASC, Inc.5.000% 06/01/20350.2%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20350.2%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20420.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.625% 07/01/20360.2%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20270.2%
Dorm Auth of the St of New York5.000% 05/01/20290.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.2%
New York City Transitional Fin Auth1.700% 11/01/20220.2%
Essex Cnty Imp Auth, NJ6.250% 11/01/20300.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
California Sch Fin Auth5.000% 08/01/20480.2%
California Sch Fin Auth5.000% 08/01/20450.2%
La Vernia Higher Ed Fin Corp., TX7.250% 08/15/20310.2%
Chicago, IL5.250% 01/01/20270.2%
Dorm Auth of the St of New York5.000% 07/01/20340.2%
Illinois Fin Auth5.000% 09/01/20340.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.1%
Chicago, IL5.500% 01/01/20350.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.1%
Puerto Rico Aqueduct & Swr Auth5.750% 07/01/20370.1%
Hudson Co Improvement Auth - Solid Waste5.750% 01/01/20350.1%
Salt Verde Financial Corp.5.000% 12/01/20320.1%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.1%
Illinois Fin Auth5.000% 02/15/20470.1%
Iowa Tobacco Settlement Auth5.500% 06/01/20420.1%
Puerto Rico4.750% 07/01/20180.1%
Connecticut4.000% 06/15/20370.1%
Crawford Cnty Hosp Auth6.000% 06/01/20510.1%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20310.1%
Hempstead Town Local Dev Corp., NY5.000% 10/01/20340.1%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20270.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
Puerto Rico Elec Pwr Auth5.000% 07/01/20280.1%
Crawford Cnty Hosp Auth6.000% 06/01/20460.1%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.1%
Colorado Hlth Facs Auth6.125% 10/01/20280.1%
Massachusetts Dev Fin Agy5.000% 07/01/20330.1%
Selma Indus Dev Bd, AL5.800% 05/01/20340.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.1%
Puerto Rico Pub Bldgs Auth5.000% 07/01/20360.1%
Gainesville, FL5.250% 10/01/20340.1%
Cumberland Cnty Muni Auth, PA5.400% 01/01/20220.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20290.1%
Cumberland Cnty Muni Auth, PA5.250% 01/01/20210.1%
Houston Hgr Ed Fin Corp., TX6.875% 05/15/20410.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.1%
California6.500% 04/01/20330.1%
Pennsylvania5.000% 07/01/20430.1%
City of Rockville MD5.000% 11/01/20420.1%
City of Rockville MD5.000% 11/01/20470.1%
Westchester Cnty Hlthcare Corp., NY6.000% 11/01/20300.1%
New York Liberty Dev Corp.7.250% 11/15/20440.1%
California Statewide Comntys Dev Auth6.625% 11/15/20240.1%
Grand River Hospital District5.250% 12/01/20340.1%
Grand River Hospital District5.250% 12/01/20350.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
Grand River Hospital District5.250% 12/01/20370.1%
Dorm Auth of the St of New York5.000% 08/01/20330.1%
Dorm Auth of the St of New York5.000% 08/01/20350.1%
Puerto Rico Sales Tax Financing Corp5.750% 08/01/20370.1%
Massachusetts Dev Fin Agy5.000% 07/01/20340.1%
California Muni Fin Auth5.250% 08/15/20390.1%
Warren Cnty, MS5.800% 05/01/20340.1%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20320.1%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.1%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20370.1%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Dorm Auth of the St of New York4.000% 08/01/20370.1%
Puerto Rico Hwy & Transp Auth4.000% 07/01/20170.0%
TSASC, Inc.5.000% 06/01/20360.0%
Westchester Cnty Hlthcare Corp., NY6.125% 11/01/20370.0%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20520.0%
California State Public Works Board6.625% 11/01/20340.0%
Montgomery Cnty Hgr Ed & Hlth Auth, PA6.250% 11/15/20340.0%
Cumberland Cnty Muni Auth, PA6.250% 01/01/20240.0%
Dorm Auth of the St of New York5.000% 05/01/20290.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/13/2018
$0.370
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2018 $0.03519 $15.64
Daily Daily 10/31/2018 $0.03468 $15.54
Daily Daily 09/30/2018 $0.03451 $15.74
Daily Daily 08/31/2018 $0.03379 $15.89
Daily Daily 07/31/2018 $0.03354 $15.87
Daily Daily 06/30/2018 $0.03402 $15.87
Daily Daily 05/31/2018 $0.03285 $15.88
Daily Daily 04/30/2018 $0.03348 $15.71
Daily Daily 03/31/2018 $0.03090 $15.81
Daily Daily 02/28/2018 $0.03475 $15.75
Daily Daily 01/31/2018 $0.03307 $15.88

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
1.51% 1.23%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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IMPORTANT INFORMATION

 

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

 

IMPORTANT INFORMATION

 

A Note about Risk: The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yielding non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on the securities. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. The Fund does not invest in any AMT triggering private activity bonds. Although the fund seeks income that is federally tax-free, a portion of the Fund's distribution may be subject to federal, state, and local taxes. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks.The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The Bloomberg Barclays Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.  Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies.  They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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