HYMAX | High Income Municipal Bond Fund Class A | Lord Abbett

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High Income Municipal Bond Fund

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Effective November 1, 2021 the Lord Abbett High Yield Municipal Bond Fund changed its name to Lord Abbett High Income Municipal Bond Fund. There was no change to the Fund’s investment strategy.

Daily price w/o sales charge as of 09/28/2023

$10.09

arrowDown$0.10

YTD Returns w/o sales charge as of 09/28/2023

-0.49%

Overall Morningstar Ratings

High Yield Muni
as of 08/31/2023

Morningstar rated the Lord Abbett High Income Municipal Bond Fund class A share 3, 3 and 4 stars among 190, 176 and 114 High Yield Muni Funds for the overall rating and the 3, 5 and 10 year periods ended 8/31/2023, respectively.

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 High Income Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

30 Day Standardized yield 1 as of 08/31/2023  

4.41%

Average Yield to Worst as of 08/31/2023

5.60%

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

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Fund Basicsas of 08/31/2023

Total Net Assets
$3.41 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.77%
Number of Holdings
589
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 3.30% 0.02% -1.46% 0.95% 3.96% 2.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% 3.61% -
Bloomberg High Yield Municipal Bond Index 3.52% 0.52% 0.47% 2.37% 4.73% 4.59%
w/ sales charge 0.98% -2.21% -2.20% 0.49% 3.72% 2.66%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.26% 2.01% -0.28% 1.37% 3.43% 2.92%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% 3.20% -
Bloomberg High Yield Municipal Bond Index 4.43% 2.86% 1.76% 2.79% 4.17% 4.68%
w/ sales charge 1.92% -0.28% -1.04% 0.90% 3.19% 2.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

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 for future results.

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

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

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

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

Credit Quality Distribution as of 08/31/2023

Rating Assets
AAA
AA
A
BBB
BB
B
< B
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. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

36 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

13 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 08/31/2023

5.60%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.41% 4.41%

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

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 3.30% 0.02% -1.46% 0.95% 3.96% 2.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% 3.61% -
Bloomberg High Yield Municipal Bond Index 3.52% 0.52% 0.47% 2.37% 4.73% 4.59%
w/ sales charge 0.98% -2.21% -2.20% 0.49% 3.72% 2.66%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.26% 2.01% -0.28% 1.37% 3.43% 2.92%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% 3.20% -
Bloomberg High Yield Municipal Bond Index 4.43% 2.86% 1.76% 2.79% 4.17% 4.68%
w/ sales charge 1.92% -0.28% -1.04% 0.90% 3.19% 2.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

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 for future results.

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2022 -16.53% -13.10%
2021 6.39% 7.77%
2020 3.49% 4.89%
2019 11.48% 10.68%
2018 3.79% 4.76%
2017 7.38% 9.69%
2016 2.68% 2.99%
2015 3.66% 1.81%
2014 14.50% 13.85%
2013 -6.99% -5.51%
2012 17.99% -
2011 4.55% -
2010 3.68% -
2009 35.92% -
2008 -32.87% -
2007 -7.35% -
2006 9.37% -
2005 6.63% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.26% 1.95% - - -0.49%
2022 -8.62% -6.65% -5.38% 3.41% -16.53%
2021 1.53% 3.92% -0.51% 1.36% 6.39%
2020 -7.43% 4.36% 2.40% 4.61% 3.49%
2019 4.17% 3.16% 2.72% 0.99% 11.48%
2018 0.75% 2.79% 0.63% -0.41% 3.79%
2017 2.70% 1.94% 1.97% 0.59% 7.38%
2016 2.38% 4.29% 1.22% -5.00% 2.68%
2015 1.56% -1.15% 1.19% 2.04% 3.66%
2014 5.31% 4.09% 2.66% 1.75% 14.50%
2013 1.64% -5.21% -3.47% 0.01% -6.99%
2012 6.89% 3.28% 3.65% 3.11% 17.99%
2011 -1.71% 5.25% 1.63% -0.56% 4.55%
2010 3.26% 1.46% 4.51% -5.32% 3.68%
2009 8.26% 10.13% 14.65% -0.57% 35.92%
2008 -5.23% 0.14% -7.16% -23.81% -32.87%
2007 1.06% -0.35% -3.13% -5.03% -7.35%
2006 1.77% 1.17% 3.87% 2.26% 9.37%
2005 1.73% 3.52% 0.30% 0.95% 6.63%
2004 - - - - 0.16%

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

Growth of $10,000 as of 08/31/2023

The chart begins on the Fund's inception date of 12/30/2004.

Based on a hypothetical Class A share investment of $10,000 on 12/30/2004 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2023

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

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

PORTFOLIO BREAKDOWN as of 08/31/2023

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

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

PORTFOLIO BREAKDOWN as of 08/31/2023

Rating Assets
NY
CA
IL
FL
Puerto Rico
AL
OH
PA
TX
MD
WI
AZ
VA
GA
AR
NJ
IA
TN
CO
LA
OK
NH
UT
SC
MN
IN
WA
AS
MO
MI
KY
MA
WV
DC
NV
RI
VT
ID
OR
MS
Other U.S. Territories
NC
CT
KS
ME

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

Credit QUALITY DISTRIBUTION as of 08/31/2023

Rating Assets
AAA
AA
A
BBB
BB
B
< B
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. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioning as of 6/30/2023

  • We continue to overweight some of the more volatile segments of the market, such as bonds subject to AMT, Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits. While these parts of the market underperformed in last year’s sell off, many have performed well in the first half of the year. We believe as mutual fund flows continue to recover in the second half of 2023, these areas of the market may exhibit strong performance.
  • Although primarily invested in non-investment grade bonds, the Fund has an allocation to ‘A’ and ‘BBB’ rated bonds to provide diversification and enhance liquidity. We also believe that lower quality investment grade bonds are showing attractive relative value in the current market environment.
  • Over the quarter, we modestly trimmed our exposure to Prepaid Gas bonds based on relative value opportunities in other areas of the market. However, we remain overweight Prepaid Gas bonds relative to the secondary benchmark given their attractive yields, shorter maturities and strong liquidity characteristics.
  • We have continued to add to corporate-backed bonds within the Industrial Development sector and remain overweight relative to the secondary benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • The Hospital sector faced challenges in 2022 due to increased supply and labor costs, coupled with mounting investment losses. Despite this pressure, we consider the market's reaction to the sector's financial downturn in certain segments to have been overly drastic. Going forward, we expect an improvement in the Hospital sector’s prospects due to continued revenue growth and slowing expenses. According to Kaufman Hall, hospitals’ operating margins turned positive in May and expenses fell while outpatient volumes rose.  We continue to see opportunity in the sector but believe security selection will remain important given the dispersion between strong and weak performers. 

Portfolio Details as of 08/31/2023

Total Net Assets
$3.41 B
Average Effective Duration
8.26 Years
Average Effective Maturity
21.6 Years
Number of Issues
589
Average Yield to Worst
5.60%

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

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.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Holding Coupon Maturity Assets
Buckeye Tobacco Settlement Financing Authority 5.000% 05/23/2055 2.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.750% 06/22/2053 1.3%
Main Street Natural Gas Inc 4.000% 10/31/2027 1.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 5.000% 06/21/2058 1.0%
Arkansas Development Finance Authority 4.500% 08/24/2049 1.0%
Tobacco Settlement Financing Corp/Va 5.000% 05/25/2047 0.9%
Ohio Air Quality Development Authority 5.000% 06/23/2049 0.9%
Commonwealth Of Puerto Rico 4.000% 06/24/2046 0.8%
County Of Jefferson Al Sewer Revenue 6.500% 09/22/2053 0.8%
Tobacco Settlement Financing Corp/Va 0.000% 05/25/2047 0.8%
% of Total Assets 10.8%

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.

Holdings as of07/31/2023

Holding Coupon Maturity Assets
Buckeye Tobacco Settlement Financing Authority5.000% 05/23/20552.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 06/22/20531.3%
Main Street Natural Gas Inc4.000% 10/31/20271.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 06/21/20581.0%
Golden State Tobacco Securitization Corp0.000% 05/20/20661.0%
Tobacco Settlement Financing Corp/Va5.000% 05/25/20471.0%
Arkansas Development Finance Authority4.500% 08/24/20490.9%
Ohio Air Quality Development Authority5.000% 06/23/20490.9%
Tobacco Settlement Financing Corp/Va0.000% 05/25/20470.8%
County Of Jefferson Al Sewer Revenue6.500% 09/22/20530.8%
New York Transportation Development Corp4.375% 09/24/20450.8%
Pennsylvania Economic Development Financing Author6.000% 06/19/20610.8%
Commonwealth Of Puerto Rico4.000% 06/24/20460.7%
Iowa Finance Authority5.000% 11/23/20500.7%
Chicago Board Of Education4.000% 11/24/20470.7%
Clifton Higher Education Finance Corp6.125% 08/07/20480.7%
New York Transportation Development Corp5.000% 07/29/20310.6%
New York Transportation Development Corp5.000% 09/25/20400.6%
California Statewide Communities Development Autho5.250% 11/21/20560.6%
Tuscaloosa County Industrial Development Authority5.250% 04/25/20440.6%
Sumter County Industrial Development Authority/Al6.000% 07/06/20520.6%
Public Finance Authority7.000% 11/23/20500.6%
County Of Muskingum Oh5.000% 02/09/20440.6%
City Of Chicago Il6.000% 12/27/20370.6%
Duluth Economic Development Authority5.250% 02/05/20580.5%
City Of Houston Tx Airport System Revenue5.000% 06/28/20290.5%
Arkansas Development Finance Authority5.450% 08/23/20520.5%
Tennessee Energy Acquisition Corp5.000% 04/22/20530.5%
California Statewide Communities Development Autho5.500% 11/21/20580.5%
Arkansas Development Finance Authority5.700% 04/22/20530.5%
Hoover Industrial Development Board5.750% 09/23/20490.5%
New Jersey Economic Development Authority5.250% 09/12/20290.5%
California Community Choice Financing Authority5.250% 12/23/20530.5%
Black Belt Energy Gas District5.500% 10/23/20530.5%
Black Belt Energy Gas District4.000% 09/22/20520.5%
State Of Illinois5.500% 02/22/20470.5%
Bucks County Industrial Development Authority4.000% 06/24/20460.5%
City Of New York Ny4.480% 08/01/20230.5%
New York Liberty Development Corp5.000% 11/08/20440.5%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/25/20400.5%
California Community Housing Agency4.000% 01/24/20500.5%
Pennsylvania Economic Development Financing Author5.250% 06/21/20530.5%
County Of Washington Oh6.750% 11/22/20520.5%
Arkansas Development Finance Authority12.000% 06/28/20330.5%
Berks County Industrial Development Authority5.000% 10/24/20500.4%
Oklahoma Development Finance Authority5.500% 08/06/20520.4%
New Hampshire Business Finance Authority4.875% 10/26/20420.4%
E-470 Public Highway Authority0.000% 08/29/20310.4%
City Of Henderson Ky4.700% 12/24/20510.4%
City Of Fruita Co Healthcare Revenue5.500% 12/25/20470.4%
Iowa Finance Authority4.750% 07/26/20420.4%
New York Transportation Development Corp5.250% 12/24/20490.4%
Public Finance Authority4.250% 06/22/20540.4%
Chicago Board Of Education5.250% 11/26/20390.4%
Commonwealth Of Puerto Rico0.000% 10/25/20510.4%
California Statewide Communities Development Autho5.500% 11/22/20540.4%
Maryland Economic Development Corp5.250% 06/21/20550.4%
Capital Trust Agency Inc5.000% 12/07/20500.4%
George L Smith Ii Congress Center Authority5.000% 12/23/20530.4%
Tender Option Bond Trust Receipts/Certificates-5.390% 04/28/20330.4%
Tender Option Bond Trust Receipts/Certificates4.340% 05/13/20300.4%
Tsasc Inc/Ny5.000% 05/25/20480.4%
Capital Trust Agency Inc5.000% 06/21/20560.4%
Cscda Community Improvement Authority3.000% 05/25/20470.4%
Allentown Neighborhood Improvement Zone Developmen6.000% 04/29/20310.3%
Tender Option Bond Trust Receipts/Certificates4.586% 06/28/20320.3%
Calhoun County Navigation Industrial Development A3.625% 06/29/20260.3%
New York City Transitional Finance Authority Futur4.480% 08/01/20230.3%
Cleveland-Cuyahoga County Port Authority5.500% 11/22/20530.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 06/24/20470.3%
Cscda Community Improvement Authority4.000% 11/21/20560.3%
New Jersey Economic Development Authority5.000% 10/23/20520.3%
Public Finance Authority5.000% 06/25/20420.3%
City Of Scranton Pa5.000% 11/12/20320.3%
Black Belt Energy Gas District4.000% 11/22/20520.3%
California Municipal Finance Authority5.625% 02/22/20450.3%
Port Authority Of New York & New Jersey5.000% 11/09/20410.3%
Commonwealth Of Puerto Rico4.000% 06/25/20410.3%
Maryland Economic Development Corp4.000% 08/24/20500.3%
Maryland Health & Higher Educational Facilities Au5.000% 06/30/20270.3%
Iowa Finance Authority4.000% 11/23/20500.3%
West Pace Cooperative District0.000% 04/27/20390.3%
California Community Housing Agency5.000% 07/24/20500.3%
State Of Illinois4.000% 09/27/20340.3%
Metropolitan Transportation Authority5.250% 11/08/20440.3%
Cscda Community Improvement Authority3.125% 07/22/20560.3%
Metropolitan Nashville Airport Authority/The5.500% 06/22/20520.3%
Chicago Board Of Education5.000% 11/27/20340.3%
Commonwealth Of Puerto Rico0.000% 10/27/20430.3%
Black Belt Energy Gas District5.500% 05/24/20490.3%
Metropolitan Government Nashville & Davidson Count5.250% 09/21/20580.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.000% 06/25/20420.3%
Cscda Community Improvement Authority4.000% 05/22/20570.3%
Tender Option Bond Trust Receipts/Certificates-5.100% 06/29/20310.3%
Arkansas Development Finance Authority6.875% 06/23/20480.3%
California Community Housing Agency3.000% 01/22/20570.3%
City Of Chicago Il5.500% 12/24/20480.3%
New York Transportation Development Corp5.375% 07/27/20360.3%
County Of Frederick Md5.000% 08/25/20450.3%
Metropolitan Pier & Exposition Authority5.500% 06/06/20530.3%
Main Street Natural Gas Inc5.000% 05/23/20530.3%
Berks County Industrial Development Authority4.000% 10/25/20470.3%
Maryland Economic Development Corp5.750% 08/30/20250.3%
Montgomery County Industrial Development Authority4.100% 03/23/20530.3%
State Of Illinois5.500% 04/26/20390.3%
Chicago Board Of Education5.250% 11/27/20350.3%
Florida Development Finance Corp6.125% 06/28/20320.3%
New York Transportation Development Corp4.000% 12/28/20350.3%
Puerto Rico Highway & Transportation Authority5.000% 06/20/20620.3%
Vermont Economic Development Authority5.000% 05/24/20520.3%
Buffalo & Erie County Industrial Land Development5.000% 06/25/20400.3%
South Carolina Jobs-Economic Development Authority7.500% 11/06/20530.3%
South Carolina Jobs-Economic Development Authority7.750% 11/05/20580.3%
Roanoke County Economic Development Authority0.000% 08/25/20490.3%
District Of Columbia Tobacco Settlement Financing0.000% 06/06/20550.3%
Tender Option Bond Trust Receipts/Certificates6.668% 08/12/20330.3%
California Statewide Communities Development Autho5.250% 11/24/20440.3%
Niagara Area Development Corp4.750% 10/26/20420.3%
City Of Los Angeles Department Of Airports5.000% 05/10/20400.3%
Public Finance Authority7.250% 11/25/20420.3%
Development Authority Of The City Of Marietta5.000% 10/27/20370.3%
Public Finance Authority7.500% 11/22/20520.3%
Capital Trust Agency Inc5.000% 06/07/20490.3%
Military Installation Development Authority4.000% 05/24/20520.2%
Berks County Industrial Development Authority5.000% 10/25/20470.2%
County Of Cuyahoga Oh5.500% 02/07/20520.2%
Parish Of St James La6.350% 09/25/20400.2%
Port Beaumont Navigation District4.000% 12/24/20490.2%
Idaho Falls Auditorium District5.250% 05/07/20510.2%
Florida Higher Educational Facilities Financial Au5.000% 05/25/20480.2%
Maricopa County Industrial Development Authority4.000% 10/08/20470.2%
Chicago Board Of Education Dedicated Capital Impro5.750% 03/25/20480.2%
Buckeye Tobacco Settlement Financing Authority0.000% 05/22/20570.2%
New York State Dormitory Authority5.000% 07/07/20500.2%
State Of Illinois5.500% 04/28/20300.2%
Black Belt Energy Gas District5.250% 01/23/20530.2%
Maricopa County Industrial Development Authority5.500% 09/23/20510.2%
American Samoa Economic Development Authority7.125% 08/27/20380.2%
Miami-Dade County Industrial Development Authority6.250% 12/22/20580.2%
New York State Urban Development Corp3.000% 03/07/20490.2%
Parish Of St John The Baptist La4.050% 05/27/20370.2%
County Of Jefferson Al Sewer Revenue6.000% 09/25/20420.2%
Cmfa Special Finance Agency4.000% 11/24/20450.2%
Shelby County Health Educational & Housing Facilit5.750% 09/21/20590.2%
Polk County Industrial Development Authority5.875% 12/28/20320.2%
Development Authority Of The City Of Marietta5.000% 10/25/20470.2%
New York Liberty Development Corp5.150% 11/11/20340.2%
Chicago Board Of Education7.000% 11/24/20460.2%
Jefferson County Port Authority/Oh3.500% 11/23/20510.2%
Columbia Industrial Development Board4.600% 08/01/20230.2%
State Of Illinois4.000% 05/27/20370.2%
Florida Development Finance Corp5.250% 07/29/20290.2%
Port Of Portland Or Airport Revenue5.500% 06/23/20480.2%
Parish Of St James La6.100% 05/27/20380.2%
New Jersey Economic Development Authority5.500% 05/28/20330.2%
Moon Industrial Development Authority6.000% 06/24/20450.2%
Tsasc Inc/Ny5.000% 05/25/20450.2%
Public Finance Authority5.000% 01/01/20240.2%
Mida Mountain Village Public Infrastructure Distri4.000% 07/24/20500.2%
Rhode Island Health And Educational Building Corp5.000% 08/27/20360.2%
California Public Finance Authority10.000% 05/13/20280.2%
Industrial Development Authority Of The City Of St4.750% 11/08/20470.2%
Industrial Development Authority Of The City Of Ph5.000% 06/24/20450.2%
California Housing Finance Agency3.250% 08/15/20360.2%
Clifton Higher Education Finance Corp5.750% 08/08/20450.2%
State Of Illinois5.500% 04/24/20470.2%
New York Transportation Development Corp5.250% 07/29/20310.2%
Niagara Area Development Corp5.000% 06/22/20520.2%
Holmes County Hospital Corp0.000% 10/28/20380.2%
Indiana Finance Authority4.125% 11/29/20260.2%
California Statewide Financing Authority0.000% 05/25/20460.2%
Virginia Small Business Financing Authority4.000% 12/25/20470.2%
Maryland Economic Development Corp0.000% 11/29/20310.2%
Celebration Pointe Community Development District5.000% 04/24/20480.2%
Public Finance Authority5.000% 09/26/20390.2%
New York Transportation Development Corp5.000% 01/01/20240.2%
Public Finance Authority5.125% 05/25/20480.2%
Build Nyc Resource Corp5.000% 06/07/20510.2%
New York State Dormitory Authority4.000% 03/07/20490.2%
Capital Trust Agency Inc6.375% 04/22/20530.2%
Greater Orlando Aviation Authority4.000% 09/23/20490.2%
Maricopa County Pollution Control Corp2.400% 05/28/20350.2%
University City Industrial Development Authority5.500% 06/09/20420.2%
Mississippi Business Finance Corp7.750% 07/08/20470.2%
California Statewide Communities Development Autho5.000% 11/24/20460.2%
Louisiana Local Government Environmental Facilitie6.250% 11/08/20450.2%
State Of Illinois5.500% 02/23/20420.2%
Louisiana Local Government Environmental Facilitie2.500% 03/28/20360.2%
Southeast Energy Authority A Cooperative District4.000% 11/23/20510.2%
City Of Jacksonville Fl5.000% 05/23/20530.2%
County Of Howard Md5.000% 03/25/20460.2%
Peninsula Town Center Community Development Author5.000% 08/25/20450.2%
Oklahoma Development Finance Authority5.250% 08/07/20480.2%
University Of Illinois4.000% 03/28/20370.2%
Washington State Convention Center Public Faciliti4.000% 06/25/20430.2%
County Of Jefferson Al Sewer Revenue0.000% 09/24/20460.2%
Industrial Development Authority Of The County Of7.000% 11/05/20570.2%
New Jersey Economic Development Authority5.000% 06/08/20470.2%
Green Valley Ranch East Metropolitan District No 65.875% 11/23/20500.2%
Indiana Finance Authority5.375% 05/21/20640.2%
South Carolina Jobs-Economic Development Authority5.000% 10/25/20460.2%
Charlotte County Industrial Development Authority/5.000% 09/23/20490.2%
Maryland Economic Development Corp6.000% 06/21/20580.2%
American Samoa Economic Development Authority5.000% 08/27/20380.2%
Port Authority Of New York & New Jersey5.250% 07/25/20470.2%
Parish Of St James La6.350% 06/25/20400.2%
Metropolitan Pier & Exposition Authority0.000% 12/10/20370.2%
Chicago Board Of Education5.000% 11/28/20300.2%
New Hampshire Business Finance Authority4.375% 09/15/20360.2%
Southeast Energy Authority A Cooperative District5.500% 12/23/20520.2%
New York City Industrial Development Agency5.000% 06/29/20280.2%
New York Transportation Development Corp5.000% 09/27/20350.2%
Chicago Board Of Education6.500% 11/24/20460.2%
Industrial Development Authority Of The County Of5.000% 06/23/20490.2%
Chicago Board Of Education5.000% 11/28/20290.2%
County Of Miami-Dade Fl Aviation Revenue5.000% 09/24/20440.2%
Pennsylvania Economic Development Financing Author3.250% 07/27/20390.2%
County Of Jefferson Al Sewer Revenue5.000% 09/24/20440.2%
County Of Jefferson Al Sewer Revenue0.000% 09/26/20390.2%
New Hampshire Business Finance Authority3.750% 06/24/20450.2%
Parish Of Beauregard La6.800% 01/30/20270.2%
San Diego County Regional Airport Authority5.000% 06/21/20560.2%
Tender Option Bond Trust Receipts/Certificates-5.270% 06/28/20320.2%
Duluth Economic Development Authority5.000% 02/06/20530.1%
Foothill-Eastern Transportation Corridor Agency3.950% 01/06/20530.1%
Greater Orlando Aviation Authority5.000% 11/10/20360.1%
Chicago O'Hare International Airport5.000% 12/25/20460.1%
County Of Cuyahoga Oh5.500% 02/05/20570.1%
County Of Prince George's Md5.250% 06/23/20480.1%
County Of Tuscarawas Oh6.000% 02/22/20450.1%
Duluth Economic Development Authority5.250% 06/07/20520.1%
Tulsa Airports Improvement Trust5.000% 05/28/20350.1%
Virginia Small Business Financing Authority5.000% 12/22/20520.1%
Florida Development Finance Corp6.125% 06/08/20460.1%
New Jersey Economic Development Authority5.625% 12/24/20510.1%
Northern Palm Beach County Improvement District5.000% 07/25/20460.1%
Oklahoma Development Finance Authority5.500% 08/05/20570.1%
Prince George's County Revenue Authority5.000% 06/24/20460.1%
State Of Hawaii Department Of Budget & Finance4.000% 02/24/20370.1%
Mission Economic Development Corp4.625% 09/28/20310.1%
Pennsylvania Economic Development Financing Author9.000% 03/24/20510.1%
Washington State Convention Center Public Faciliti3.000% 06/23/20480.1%
Silicon Valley Tobacco Securitization Authority0.000% 05/28/20360.1%
Monongalia County Commission Excise Tax District4.125% 05/26/20430.1%
Arlington Higher Education Finance Corp5.500% 08/09/20460.1%
Avenir Community Development District5.625% 04/22/20540.1%
City Of Los Angeles Department Of Airports4.000% 05/07/20490.1%
Utah Charter School Finance Authority5.375% 06/08/20480.1%
Cscda Community Improvement Authority3.000% 02/19/20570.1%
Glendale Industrial Development Authority5.000% 11/06/20530.1%
Illinois Finance Authority5.625% 07/23/20530.1%
Board Of Managers Joint Guadalupe County-City Of S5.000% 11/25/20400.1%
New York Transportation Development Corp4.000% 06/25/20410.1%
Commonwealth Of Puerto Rico4.000% 06/26/20370.1%
Southeastern Ohio Port Authority5.500% 11/25/20430.1%
Miami World Center Community Development District5.250% 10/24/20490.1%
North Parkway Municipal Management District No 15.000% 09/07/20510.1%
State Of Illinois5.500% 09/26/20390.1%
Miami Beach Health Facilities Authority4.000% 11/07/20510.1%
Fulton County Industrial Development Authority5.000% 06/23/20510.1%
Massachusetts Development Finance Agency5.000% 06/23/20510.1%
Territory Of Guam4.000% 12/26/20410.1%
State Of Illinois3.500% 05/29/20290.1%
Arizona Industrial Development Authority5.000% 06/22/20540.1%
Florida Development Finance Corp5.000% 04/28/20290.1%
Scranton Redevelopment Authority5.000% 11/13/20280.1%
Boggy Creek Improvement District5.375% 04/28/20320.1%
Michigan Tobacco Settlement Finance Authority0.000% 05/22/20580.1%
Port Beaumont Navigation District3.000% 12/24/20490.1%
Tobacco Settlement Financing Corp/Ri0.000% 05/24/20520.1%
Virginia Small Business Financing Authority4.000% 12/27/20370.1%
San Diego County Regional Airport Authority4.000% 06/24/20460.1%
Jefferson Parish Economic Development & Port Distr5.625% 06/08/20480.1%
Tuscaloosa County Industrial Development Authority4.500% 04/28/20320.1%
Allegheny County Industrial Development Authority5.125% 04/28/20300.1%
King County Public Hospital District No 46.250% 11/24/20450.1%
City Of Whiting In4.400% 02/22/20460.1%
Antelope Valley Healthcare District5.000% 02/23/20410.1%
Black Belt Energy Gas District4.000% 09/22/20520.1%
Chicago Board Of Education5.000% 11/26/20360.1%
City Of Valparaiso In7.000% 12/26/20430.1%
Industrial Development Authority Of The County Of6.875% 11/06/20520.1%
Village Community Development District No 155.250% 04/22/20540.1%
City Of Coralville Ia4.500% 05/31/20240.1%
Fulton County Industrial Development Authority5.000% 06/24/20460.1%
West Virginia Economic Development Authority4.700% 06/16/20260.1%
Avenir Community Development District5.375% 04/25/20430.1%
Babcock Ranch Community Independent Special Distri5.000% 04/25/20420.1%
City Of Houston Tx Airport System Revenue4.000% 07/09/20410.1%
Indiana Finance Authority6.750% 04/26/20390.1%
Public Finance Authority4.300% 10/29/20300.1%
New Jersey Economic Development Authority5.000% 06/09/20430.1%
Virginia Small Business Financing Authority5.000% 12/24/20470.1%
New York State Dormitory Authority4.000% 06/24/20450.1%
New Jersey Economic Development Authority5.500% 06/12/20290.1%
Port Authority Of New York & New Jersey5.500% 07/23/20520.1%
Public Finance Authority4.625% 05/28/20360.1%
Iowa Finance Authority5.000% 11/23/20500.1%
New York State Housing Finance Agency3.250% 10/23/20520.1%
Rocky Mountain Rail Park Metropolitan District5.000% 11/23/20510.1%
Village Metropolitan District/The5.000% 11/23/20490.1%
Wisconsin Health & Educational Facilities Authorit5.375% 01/25/20480.1%
Babcock Ranch Community Independent Special Distri5.000% 04/22/20530.1%
Build Nyc Resource Corp5.750% 05/21/20620.1%
City Of Compton Ca Water Revenue6.000% 07/27/20390.1%
Gainesville & Hall County Hospital Authority5.500% 08/06/20540.1%
Puerto Rico Electric Power Authority0.000% 06/28/20360.1%
Maricopa County Industrial Development Authority5.000% 06/24/20470.1%
New York State Dormitory Authority5.000% 07/09/20420.1%
Denver Health & Hospital Authority5.250% 11/24/20450.1%
Columbus-Franklin County Finance Authority6.500% 02/23/20480.1%
Berks County Industrial Development Authority4.000% 10/24/20500.1%
Michigan Finance Authority4.000% 05/24/20490.1%
California Municipal Finance Authority3.000% 01/25/20460.1%
Florida Development Finance Corp5.000% 07/08/20460.1%
Iowa Tobacco Settlement Authority4.000% 05/24/20490.1%
Arlington Higher Education Finance Corp5.000% 06/07/20510.1%
Atlanta Development Authority/The0.000% 12/28/20390.1%
Holmes County Hospital Corp0.000% 10/31/20260.1%
Maricopa County Pollution Control Corp2.400% 05/28/20350.1%
South Carolina Jobs-Economic Development Authority5.000% 10/26/20420.1%
Academical Village Community Development District4.000% 04/23/20510.1%
City Of Houston Tx Airport System Revenue5.000% 07/12/20280.1%
Chester County Health And Education Facilities Aut5.000% 10/27/20370.1%
City Of Chicago Il5.500% 12/31/20240.1%
Inland Valley Development Agency5.250% 08/27/20370.1%
New Jersey Transportation Trust Fund Authority5.000% 12/11/20350.1%
Oklahoma Development Finance Authority5.000% 08/10/20380.1%
City & County Of Denver Co Airport System Revenue5.500% 11/15/20230.1%
Cscda Community Improvement Authority4.000% 07/22/20560.1%
Industrial Development Authority Of The County Of5.000% 06/22/20550.1%
Philadelphia Authority For Industrial Development6.625% 05/24/20500.1%
Washington State Convention Center Public Faciliti3.000% 06/25/20430.1%
Virginia Small Business Financing Authority5.000% 06/26/20360.1%
City Of Chicago Il5.500% 12/31/20240.1%
City Of Reno Nv0.000% 06/21/20580.1%
Florida Development Finance Corp3.000% 05/29/20320.1%
Chester County Health And Education Facilities Aut5.000% 10/25/20460.1%
Inland Empire Tobacco Securitization Corp0.000% 05/22/20570.1%
New Jersey Economic Development Authority5.000% 06/09/20430.1%
Regional Transportation District3.000% 07/10/20370.1%
Antelope Valley Healthcare District5.000% 02/22/20460.1%
City Of Blaine Mn6.125% 06/23/20500.1%
Nassau County Tobacco Settlement Corp5.250% 05/30/20260.1%
New York Liberty Development Corp3.000% 02/10/20420.1%
Roanoke County Economic Development Authority0.000% 08/24/20540.1%
Allentown Neighborhood Improvement Zone Developmen5.250% 04/25/20420.1%
City Of Fruita Co Healthcare Revenue5.375% 12/28/20320.1%
Cscda Community Improvement Authority4.000% 01/22/20570.1%
Jefferson Parish Economic Development & Port Distr5.500% 06/10/20380.1%
Celebration Pointe Community Development District3.375% 04/25/20410.1%
Mida Mountain Village Public Infrastructure Distri5.000% 07/24/20500.1%
Mida Mountain Village Public Infrastructure Distri4.250% 07/28/20350.1%
Pefa Inc5.000% 08/24/20490.1%
Port Beaumont Navigation District6.000% 12/31/20240.1%
County Of Jefferson Al Sewer Revenue0.000% 09/28/20280.1%
New York Transportation Development Corp5.000% 12/30/20250.1%
County Of Wilson Ks5.600% 08/28/20360.1%
Upper San Juan Health Service District Medical Cen6.125% 05/31/20260.1%
Arizona Industrial Development Authority5.750% 06/22/20530.1%
California Pollution Control Financing Authority5.000% 11/15/20450.1%
Maricopa County Industrial Development Authority5.250% 09/25/20400.1%
American Samoa Economic Development Authority6.500% 08/29/20280.1%
Massachusetts Development Finance Agency5.000% 06/25/20410.1%
Nassau County Tobacco Settlement Corp5.000% 05/28/20350.1%
New York State Urban Development Corp3.000% 03/08/20470.1%
Parish Of St James La6.100% 11/25/20400.1%
Tobacco Securitization Authority Of Southern Calif0.000% 05/23/20540.1%
West Villages Improvement District5.000% 04/23/20500.1%
Westview South Community Development District5.600% 04/22/20530.1%
Florida Development Finance Corp5.000% 09/07/20500.1%
Virginia Small Business Financing Authority5.000% 12/25/20470.1%
Nassau County Tobacco Settlement Corp0.000% 05/22/20600.1%
New York Liberty Development Corp3.000% 09/09/20430.1%
County Of Muskingum Oh5.000% 02/11/20330.1%
Industrial Development Authority Of The City Of St4.375% 11/11/20350.1%
Puerto Rico Electric Power Authority0.000% 06/27/20400.1%
Puerto Rico Electric Power Authority0.000% 06/30/20260.1%
North Parkway Municipal Management District No 14.750% 09/09/20410.1%
River Islands Public Financing Authority5.250% 08/23/20520.1%
Arizona Industrial Development Authority5.000% 06/23/20510.1%
Care New England Health System5.500% 08/31/20260.1%
City Of Salt Lake City Ut Airport Revenue5.500% 06/22/20530.1%
Massachusetts Development Finance Agency5.250% 06/23/20480.1%
New York City Industrial Development Agency3.000% 02/21/20490.1%
Tahoe-Douglas Visitors Authority5.000% 06/24/20450.1%
Arlington Higher Education Finance Corp5.000% 06/09/20410.1%
Tobacco Securitization Authority Of Southern Calif0.000% 05/25/20460.1%
Camden County Improvement Authority/The6.000% 06/04/20620.1%
Oklahoma Development Finance Authority5.450% 06/19/20280.1%
Chicago Board Of Education Dedicated Capital Impro5.000% 03/29/20330.1%
Crawford County Hospital Authority6.000% 05/24/20510.1%
Arizona Industrial Development Authority5.000% 05/22/20580.1%
Chicago Board Of Education5.000% 11/28/20310.1%
Massachusetts Development Finance Agency5.250% 06/22/20520.1%
Oconee County Industrial Development Authority6.375% 11/22/20530.1%
Glendale Industrial Development Authority5.000% 11/09/20400.1%
Maryland Economic Development Corp5.250% 06/23/20470.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 06/27/20330.1%
Rockland Tobacco Asset Securitization Corp0.000% 08/04/20600.1%
Columbus-Franklin County Finance Authority6.500% 02/20/20530.1%
Cscda Community Improvement Authority4.000% 02/19/20570.1%
New Hampshire Business Finance Authority5.000% 06/23/20510.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 04/28/20320.1%
Arizona Industrial Development Authority6.000% 06/24/20470.1%
County Of Howard Md5.000% 03/26/20440.1%
Municipal Electric Authority Of Georgia5.000% 06/22/20550.1%
Philadelphia Authority For Industrial Development6.500% 05/25/20450.1%
Virginia Small Business Financing Authority5.000% 06/26/20370.1%
American Samoa Economic Development Authority6.625% 08/28/20350.1%
Michigan Finance Authority5.000% 08/25/20500.1%
Tobacco Settlement Financing Corp/Va0.000% 05/25/20470.1%
California School Finance Authority5.125% 06/30/20240.1%
Michigan Finance Authority5.000% 05/24/20490.1%
Municipal Electric Authority Of Georgia5.000% 06/22/20530.1%
Chester County Industrial Development Authority5.250% 10/08/20470.1%
Denver International Business Center Metropolitan6.000% 11/23/20480.1%
Niagara Area Development Corp4.500% 06/22/20520.1%
City Of Chicago Il5.500% 12/27/20380.1%
Anson Education Facilities Corp5.000% 08/14/20260.1%
Berks County Industrial Development Authority5.000% 10/30/20260.1%
Chicago Board Of Education7.000% 11/24/20440.1%
California Pollution Control Financing Authority5.000% 12/30/20280.1%
County Of Pasco Fl5.750% 08/23/20540.1%
Crawford County Hospital Authority6.000% 05/25/20460.1%
Arizona Industrial Development Authority5.625% 06/23/20480.1%
Chicago Board Of Education6.750% 11/28/20300.1%
Florida Development Finance Corp6.375% 05/11/20370.1%
New York State Dormitory Authority4.000% 06/23/20480.1%
Puerto Rico Electric Power Authority0.000% 06/29/20310.1%
Upper San Juan Health Service District Medical Cen6.000% 05/31/20260.1%
New Jersey Transportation Trust Fund Authority5.500% 06/07/20500.1%
Maryland Economic Development Corp5.750% 06/22/20530.1%
New Jersey Economic Development Authority5.000% 06/09/20420.1%
Anne Arundel County Consolidated Special Taxing Di5.250% 06/24/20440.1%
Greater Asheville Regional Airport Authority5.250% 06/22/20530.1%
Main Street Natural Gas Inc4.000% 08/23/20520.1%
California Statewide Financing Authority0.000% 05/23/20550.1%
City Of Scranton Pa5.000% 08/30/20280.1%
District Of Columbia Tobacco Settlement Financing0.000% 06/06/20550.1%
Iowa Higher Education Loan Authority5.375% 09/29/20300.1%
Main Street Natural Gas Inc4.000% 04/23/20520.1%
Orange County Community Facilities District5.000% 08/09/20420.1%
Public Finance Authority5.750% 11/14/20240.1%
Chicago Board Of Education5.000% 11/27/20320.1%
Orange County Community Facilities District5.000% 08/08/20470.1%
Doylestown Hospital Authority5.000% 06/23/20490.1%
Northern Palm Beach County Improvement District5.000% 07/28/20340.1%
New York Transportation Development Corp5.000% 07/30/20260.1%
Public Finance Authority5.250% 09/25/20430.1%
Public Finance Authority5.000% 11/29/20250.1%
New York State Dormitory Authority3.000% 03/07/20500.1%
Westview South Community Development District5.375% 04/25/20430.1%
Main Street Natural Gas Inc5.000% 05/09/20430.1%
New York State Environmental Facilities Corp3.125% 05/31/20260.1%
Village Metropolitan District/The5.000% 11/25/20400.1%
Academical Village Community Development District3.625% 04/26/20400.1%
Indiana Finance Authority5.000% 05/23/20530.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/25/20400.1%
City Of Reno Nv0.000% 06/21/20580.1%
Cleveland-Cuyahoga County Port Authority5.500% 11/25/20430.1%
County Of Monongalia Wv6.000% 05/23/20530.1%
Municipal Electric Authority Of Georgia5.000% 06/23/20480.1%
Capital Trust Agency Inc5.000% 06/10/20390.1%
Industrial Development Authority Of The City Of Ph5.000% 06/24/20460.1%
Arizona Industrial Development Authority5.000% 06/23/20490.1%
Boggy Creek Improvement District5.125% 04/28/20320.1%
Erie Tobacco Asset Securitization Corp0.000% 05/22/20600.1%
Maryland Economic Development Corp0.000% 11/29/20310.1%
Massachusetts Development Finance Agency5.000% 06/21/20560.1%
Public Finance Authority0.000% 09/25/20470.1%
Silicon Valley Tobacco Securitization Authority0.000% 05/23/20560.1%
Franklin Health & Educational Facilities Board0.000% 05/26/20470.0%
New Jersey Transportation Trust Fund Authority5.250% 06/09/20410.0%
West Villages Improvement District4.750% 04/26/20390.0%
California Statewide Communities Development Autho5.250% 11/15/20230.0%
Washington State Convention Center Public Faciliti3.000% 06/21/20580.0%
New Hampshire Business Finance Authority5.000% 06/25/20410.0%
Chicago Board Of Education5.000% 11/27/20330.0%
City Of Baltimore Md5.000% 05/24/20510.0%
Michigan Finance Authority4.800% 08/27/20400.0%
Town Of Rumford Me6.875% 09/29/20260.0%
Build Nyc Resource Corp5.000% 12/28/20340.0%
County Of Frederick Md5.000% 08/27/20370.0%
Downtown Doral South Community Development Distric5.000% 12/07/20480.0%
New Hampshire Business Finance Authority5.000% 06/21/20560.0%
City Of Houston Tx Airport System Revenue4.750% 06/30/20240.0%
City Of New Haven Ct5.500% 07/30/20280.0%
Cleveland-Cuyahoga County Port Authority5.250% 11/26/20380.0%
Illinois Finance Authority5.500% 07/26/20430.0%
New Jersey Economic Development Authority5.000% 05/28/20360.0%
Glendale Industrial Development Authority5.000% 11/10/20360.0%
Harris County Cultural Education Facilities Financ5.125% 12/25/20470.0%
Rocky Mountain Rail Park Metropolitan District5.000% 11/25/20410.0%
Florida Development Finance Corp5.000% 09/09/20400.0%
Greater Asheville Regional Airport Authority5.250% 06/23/20480.0%
State Of Nevada Department Of Business & Industry5.000% 12/07/20480.0%
Capital Trust Agency Inc5.000% 12/08/20490.0%
Wisconsin Health & Educational Facilities Authorit5.000% 07/27/20390.0%
Build Nyc Resource Corp5.750% 05/24/20520.0%
Peninsula Town Center Community Development Author4.500% 08/25/20450.0%
City Of Baltimore Md4.875% 05/26/20420.0%
Finance Authority Of Maine4.375% 07/28/20350.0%
New York Transportation Development Corp5.000% 12/28/20350.0%
Arizona Industrial Development Authority5.000% 06/24/20470.0%
New Hampshire Business Finance Authority4.000% 10/30/20270.0%
Port Beaumont Navigation District3.625% 12/28/20340.0%
Public Finance Authority6.850% 10/26/20460.0%
University City Industrial Development Authority4.875% 06/11/20360.0%
Municipal Electric Authority Of Georgia5.000% 06/23/20480.0%
New Jersey Economic Development Authority5.375% 12/26/20420.0%
Utah Charter School Finance Authority5.000% 06/07/20520.0%
City Of New Haven Ct5.500% 07/30/20280.0%
County Of Prince George's Md5.125% 06/26/20390.0%
Mida Mountain Village Public Infrastructure Distri4.500% 07/26/20400.0%
Monroe Tobacco Asset Securitization Corp0.000% 05/22/20610.0%
New Jersey Transportation Trust Fund Authority5.250% 06/09/20420.0%
State Of Illinois5.750% 04/24/20450.0%
Anne Arundel County Consolidated Special Taxing Di5.125% 06/26/20360.0%
Antelope Valley Healthcare District5.250% 02/26/20360.0%
California Public Finance Authority12.000% 05/13/20280.0%
Charlotte County Industrial Development Authority/5.000% 09/27/20340.0%
City Of Chicago Il5.500% 12/27/20360.0%
Clifton Higher Education Finance Corp6.000% 08/30/20230.0%
County Of Monongalia Wv5.750% 05/26/20430.0%
Parish Of St James La5.850% 07/26/20410.0%
Allegheny County Industrial Development Authority4.875% 10/30/20240.0%
Berks County Municipal Authority/The5.000% 01/27/20400.0%
Chester County Industrial Development Authority5.125% 10/10/20370.0%
City Of Scranton Pa5.000% 08/30/20290.0%
Kentucky Economic Development Finance Authority5.375% 11/11/20320.0%
Military Installation Development Authority4.000% 05/26/20410.0%
Pennsylvania Economic Development Financing Author5.500% 10/25/20440.0%
Westview South Community Development District5.375% 04/25/20430.0%
Westview South Community Development District5.625% 04/22/20530.0%
District Of Columbia Tobacco Settlement Financing0.000% 06/08/20460.0%
Public Finance Authority6.750% 11/25/20420.0%
Utah Charter School Finance Authority5.000% 06/10/20410.0%
Michigan Finance Authority4.300% 08/30/20300.0%
New York Transportation Development Corp3.000% 07/29/20310.0%
Plymouth Educational Center Charter School5.375% 10/30/20300.0%
Oconee County Industrial Development Authority6.250% 11/23/20480.0%
Peninsula Town Center Community Development Author5.000% 08/27/20370.0%
Board Of Managers Joint Guadalupe County-City Of S5.000% 11/24/20450.0%
Maryland Economic Development Corp5.000% 05/24/20490.0%
Arizona Industrial Development Authority5.500% 06/22/20520.0%
City Of New Haven Ct5.500% 07/30/20280.0%
Atlanta Development Authority/The0.000% 12/29/20340.0%
Capital Trust Agency Inc5.000% 12/07/20540.0%
City Of Sparks Nv2.750% 06/13/20280.0%
City Of North Las Vegas Nv4.625% 05/24/20490.0%
Plaza At Noah's Ark Community Improvement District3.000% 04/28/20300.0%
Arborwood Community Development District6.900% 04/30/20240.0%
Downtown Doral South Community Development Distric4.750% 12/10/20380.0%
Michigan Public Educational Facilities Authority7.000% 08/30/20230.0%
California Municipal Finance Authority5.250% 08/14/20240.0%
County Of Monongalia Wv5.000% 05/28/20330.0%
Puerto Rico Highway & Transportation Authority0.000% 06/22/20530.0%
City Of North Las Vegas Nv4.500% 05/27/20390.0%
City Of North Las Vegas Nv4.625% 05/26/20430.0%
Plaza At Noah's Ark Community Improvement District3.125% 04/27/20350.0%
Tern Bay Community Development District0.000% 04/28/20370.0%
Puerto Rico Highway & Transportation Authority0.000% 06/28/20320.0%
Florida Development Finance Corp6.375% 05/11/20370.0%
Maryland Economic Development Corp5.000% 05/26/20440.0%
Grandview Industrial Development Authority0.000% 11/30/20280.0%
Magnolia West Community Development District5.350% 09/30/20230.0%
Commonwealth Of Puerto Rico0.000% 10/25/20510.0%
City Of Valparaiso In5.875% 01/01/20240.0%
California Statewide Communities Development Autho5.500% 06/26/20390.0%
Middlesex County Improvement Authority0.000% 12/29/20360.0%
Arborwood Community Development District6.900% 04/30/20240.0%
California Statewide Communities Development Autho0.000% 07/01/20240.0%
California Statewide Communities Development Autho5.750% 06/27/20350.0%
Middlesex County Improvement Authority0.000% 01/01/20250.0%
Public Finance Authority0.000% 11/25/20480.0%
Florida Development Finance Corp0.000% 05/11/20370.0%
USU3 - Futures0.000% -0.0%

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 09/28/2023
$0.29480
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.03643 $10.51
Daily Daily 07/31/2023 $0.03611 $10.68
Daily Daily 06/30/2023 $0.04492 $10.68
Daily Daily 05/31/2023 $0.03551 $10.53
Daily Daily 04/30/2023 $0.03543 $10.64
Daily Daily 03/31/2023 $0.03577 $10.59
Daily Daily 02/28/2023 $0.03590 $10.52
Daily Daily 01/31/2023 $0.03473 $10.85

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 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/28/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.32
$100,000 to $249,999 1.75% 1.50% $10.27
$250,000 to $499,999 0.00% 1.00% $10.09
$500,000 to $999,999 0.00% 1.00% $10.09
$1,000,000 to $5,000,000 0.00% 1.00% $10.09

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.77% 0.77%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
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

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.

 

2

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

 

3

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

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund invests substantially in high-yield securities which carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. 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. 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 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. These factors can affect Fund performance.

 

 

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.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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 High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

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.

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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 is subject to change. "Other" may include municipal bonds and non-index holdings.

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.

Select funds to run a Morningstar Hypothetical Report.

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