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 05/26/2023

$10.45

$0.00

YTD Returns w/o sales charge as of 05/26/2023

1.53%

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

Dividend Yield 1 as of 05/26/2023  

w/o sales charge 4.07%
w/ sales charge 3.98%

30 Day Standardized yield 2 as of 04/30/2023  

4.19%

Average Yield to Worst as of 04/28/2023

5.33%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 04/28/2023

Total Net Assets
$3.42 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.77%
Number of Holdings
594
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 3.08% -1.87% 2.03% 1.60% 2.67% 2.89%
Lipper Category Avg. High Yield Municipal Debt Funds 2.76% -1.07% 2.02% 1.52% 2.57% -
Bloomberg High Yield Municipal Bond Index 3.33% -0.40% 4.10% 3.10% 3.53% 4.66%
w/ sales charge 0.77% -4.08% 1.25% 1.14% 2.44% 2.70%

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 2.26% -6.60% 0.50% 1.54% 2.67% 2.85%
Lipper Category Avg. High Yield Municipal Debt Funds 2.43% -4.93% 0.91% 1.45% 2.64% -
Bloomberg High Yield Municipal Bond Index 2.73% -4.49% 2.72% 3.07% 3.57% 4.65%
w/ sales charge -0.04% -8.69% -0.27% 1.08% 2.44% 2.67%

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.

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

RELATED CONTENT

A Powerful Trend That Could Support U.S. High Yield in 2022
December 6, 2021

We expect a surge in “rising stars”—upgrades of U.S. debt issues from high yield to investment grade—over the next two years.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
GO Local
Lease
GO State
Housing
Water & Sewer
Other
VRDN
Power
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 04/28/2023

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

Dividend Yield 1 as of 05/26/2023  

w/o sales charge 4.07%
w/ sales charge 3.98%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.19% 4.19%

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 3.08% -1.87% 2.03% 1.60% 2.67% 2.89%
Lipper Category Avg. High Yield Municipal Debt Funds 2.76% -1.07% 2.02% 1.52% 2.57% -
Bloomberg High Yield Municipal Bond Index 3.33% -0.40% 4.10% 3.10% 3.53% 4.66%
w/ sales charge 0.77% -4.08% 1.25% 1.14% 2.44% 2.70%

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 2.26% -6.60% 0.50% 1.54% 2.67% 2.85%
Lipper Category Avg. High Yield Municipal Debt Funds 2.43% -4.93% 0.91% 1.45% 2.64% -
Bloomberg High Yield Municipal Bond Index 2.73% -4.49% 2.72% 3.07% 3.57% 4.65%
w/ sales charge -0.04% -8.69% -0.27% 1.08% 2.44% 2.67%

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% - - - -
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 03/31/2023

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 04/28/2023

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

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

PORTFOLIO BREAKDOWN as of 04/28/2023

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 04/28/2023

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

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

Credit QUALITY DISTRIBUTION as of 04/28/2023

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 3/31/2023

  • Through the market sell off last year and the record outflows across the municipal bond mutual fund industry, we successfully met all liquidity needs while maintaining overweights to parts of the market that we view as having strong long-term performance potential. Many of these segments of the market underperformed due to low demand, such as bonds subject to AMT, IDR and Tobacco bonds as well as lower rated investment grade and non-investment grade credits. As flows have stabilized, these parts of the market have slowly started coming back but still have not fully rebounded.
  • Although primarily invested in non-investment grade bonds, the Funds is overweight ‘A’ and ‘BBB’ rated bonds relative to the secondary benchmark 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.
  • In terms of bond structure, we have been selling callable bonds priced close to par to improve the convexity of the Fund and positioning the portfolio to have higher probabilities of performing better in the full range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons and longer calls to position in more favorable structures.
  • We remain bullish on the Transportation sector. Many issuers within the sector are in strong fundamental positions and have benefitted from the increased user volumes in the recovery from the pandemic. Additionally, many parts of the sector are deemed essential and have received significant government support over the past three years.
  • In regard to Health Care Sector, Hospitals experienced a challenging 2022 amid increasing labor and supply expenses, which lead to operating deficits for many issuers within the sector. While lower quality hospitals trailed over the quarter, partially due to 2022’s financials, we have expected this selling pressure and have been selectively buying into the weakness. We believe that headwinds have peaked for the sector overall and the pace of downgrades will ease considerably going forward. However, security selection will remain crucial, as there should be clear winners and losers. We favor larger hospital systems with a diversified geographic presence, strong liquidity and attractive market shares. 

Portfolio Details as of 04/28/2023

Total Net Assets
$3.42 B
Number of Issues
594
Average Coupon
4.6%
Average Effective Maturity
21.3 Years
Average Effective Duration
8.25 Years
Average Yield to Worst
5.33%

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.

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
Buckeye Tobacco Settlement Financing Authority 5.000% 05/21/2055 2.3%
Main Street Natural Gas Inc 4.000% 10/31/2027 1.1%
Tobacco Settlement Financing Corp/Va 5.000% 05/23/2047 1.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.750% 06/20/2053 1.0%
Golden State Tobacco Securitization Corp 0.000% 05/18/2066 0.9%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 5.000% 06/19/2058 0.9%
Arkansas Development Finance Authority 4.500% 08/22/2049 0.9%
Ohio Air Quality Development Authority 5.000% 06/21/2049 0.9%
New York Transportation Development Corp 4.375% 09/22/2045 0.9%
County Of Jefferson Al Sewer Revenue 6.500% 09/20/2053 0.8%
% of Total Assets 10.7%

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 of03/31/2023

Holding Coupon Maturity Assets
Buckeye Oh Tobacco Settlement Fing Auth5.000% 05/23/20552.2%
Main Street Natural Gas Inc Ga Gas Supply Revenue4.000% 10/30/20271.1%
Tobacco Settlement Fing Corp Va5.000% 05/25/20471.0%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue4.750% 06/22/20531.0%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue5.000% 06/21/20580.9%
New York St Transprtn Dev Corp Spl Fac Revenue4.375% 09/24/20450.9%
Ohio St Air Quality Dev Auth Exempt Facs Revenue5.000% 06/23/20490.9%
Golden St Tobacco Securitization Corp Ca Tobacco Settlement0.000% 05/20/20660.9%
Jefferson Cnty Al Swr Revenue Warrants6.500% 09/22/20530.9%
Tobacco Settlement Fing Corp Va0.000% 05/25/20470.8%
Sumter Cnty Al Indl Dev Auth Exempt Facs Revenue6.000% 07/06/20520.8%
Arkansas St Dev Fin Auth Indl Dev Revenue4.500% 08/24/20490.8%
Puerto Rico Cmwlth4.000% 06/24/20460.7%
Iowa St Fin Auth Midwstrn Disaster Area Revenue5.000% 11/23/20500.7%
Clifton Tx Hgr Edu Fin Corp Edu Revenue6.125% 08/07/20480.7%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 07/29/20310.6%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 09/25/20400.6%
California Stwd Cmntys Dev Auth Revenue5.250% 11/20/20560.6%
Public Fin Auth Wi Limited Oblig Pilot Revenue7.000% 11/23/20500.6%
Muskingum Cnty Oh Hosp Facs5.000% 02/09/20440.6%
Tuscaloosa Cnty Al Indl Dev Auth Gulf Opportunity Zone5.250% 04/24/20440.6%
Chicago Il6.000% 12/27/20370.6%
Pennsylvania St Econ Dev Fing Auth T/E Private Activity Rev6.000% 06/19/20610.6%
Public Fin Auth Wi Spl Fac Revenue4.250% 06/22/20540.6%
Duluth Mn Econ Dev Auth Hlth Care Facs Revenue5.250% 02/05/20580.6%
Houston Tx Arpt Sys Revenue5.000% 06/28/20290.5%
Bucks Cnty Pa Indl Dev Auth Hosp Revenue4.000% 06/24/20460.5%
Tennessee St Energy Acquisition Corp Gas Revenue5.000% 04/22/20530.5%
Arkansas Dev Fin Auth Environmental Revenue5.450% 08/23/20520.5%
California Stwd Cmntys Dev Auth Revenue5.500% 11/21/20580.5%
Hoover Al Indl Dev Brd Envnmntl Impt Revenue5.750% 09/23/20490.5%
Ccedev 5.25% 01/545.250% -0.5%
Chicago Il Brd Of Edu4.000% 11/24/20470.5%
Black Belt Energy Gas Dist Al Gas Project Revenue5.500% 10/23/20530.5%
New Jersey St Econ Dev Auth Spl Fac Revenue5.250% 09/12/20290.5%
Black Belt Energy Gas Dist Al Gas Project Revenue4.000% 09/22/20520.5%
Illinois St5.500% 02/22/20470.5%
New York St Liberty Dev Corp Liberty Revenue5.000% 11/07/20440.5%
California Cmnty Hsg Agy Essential Hsg Revenue4.000% 01/24/20500.5%
Southeast Energy Auth Al Commodity Sply Revenue4.000% 11/23/20510.5%
New York Ny3.650% 04/03/20230.5%
Washington Cnty Oh Hosp Revenue6.750% 11/21/20520.5%
Pennsylvania St Econ Dev Fing Auth T/E Private Activity Rev5.250% 06/21/20530.5%
E-470 Co Public Highway Auth0.000% 08/29/20310.4%
National Fin Auth Nh Revenue4.875% 10/26/20420.4%
Main Street Natural Gas Inc Ga Gas Supply Revenue5.000% 05/23/20530.4%
Berks Cnty Pa Indl Dev Auth Hlth Sys Revenue5.000% 10/24/20500.4%
New York St Transprtn Dev Corp Spl Fac Revenue5.250% 12/24/20490.4%
Capital Trust Agy Fl Revenue5.000% 06/21/20560.4%
Chicago Il Brd Of Edu5.250% 11/26/20390.4%
California Stwd Cmntys Dev Auth Revenue5.500% 11/22/20540.4%
Texas St Priv Activity Bond Surface Transprtn Corp Revenue5.000% 06/20/20580.4%
California Hsg Fin Agy Muni Ctfs3.250% 08/15/20360.4%
Maryland St Econ Dev Corp Priv Activity Revenue5.250% 06/21/20550.4%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue4.329% 06/25/20400.4%
Capital Trust Agy Fl Eductnl Facs Lease Revenue5.000% 12/07/20500.4%
Met Govt Nashville & Davidsoncnty Tn Hlth & Eductnl Fac Brd5.250% 09/21/20580.4%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue3.000% 05/25/20470.4%
Tender Option Bond Trust Receipts / Ctfs Various States5.527% 05/13/20300.4%
Tender Option Bond Trust Receipts / Ctfs5.767% 06/28/20320.4%
Allentown Pa Neighborhood Imptzone Dev Auth Tax Rev6.000% 04/29/20310.4%
Maricopa Cnty Indl Dev Auth Exempt Facs Revenue4.000% 10/08/20470.4%
Maryland St Econ Dev Corp Spl Oblig4.000% 08/24/20500.4%
Tsasc Inc Ny5.000% 05/24/20480.4%
Geo L Smith Ii Ga Congress Ctr Auth5.000% 12/23/20530.3%
Cleveland-Cuyahoga Cnty Oh Port Auth Cultural Fac Revenue5.500% 11/22/20530.3%
Calhoun Cnty Tx Navigation Indl Dev Auth Fac Revenue3.625% 06/29/20260.3%
Frederick Cnty Md Eductnl Facs Revenue5.000% 08/25/20450.3%
Puerto Rico Cmwlth0.000% 10/24/20510.3%
Indiana St Fin Auth Envrnmntl Revenue4.125% 11/29/20260.3%
New Jersey St Econ Dev Auth Rev5.000% 10/22/20520.3%
Scranton Pa5.000% 11/10/20320.3%
Public Fin Auth Wi Arpt Facs Revenue5.000% 06/25/20420.3%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 11/20/20560.3%
Port Auth Of New York & New Jersey Ny5.000% 11/09/20410.3%
Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue5.000% 06/24/20470.3%
Black Belt Energy Gas Dist Al Gas Project Revenue4.000% 11/21/20520.3%
Fruita Co Hlthcare Revenue5.500% 12/25/20470.3%
California St Muni Fin Auth Charter Sch Revenue5.625% 02/21/20450.3%
Maryland St Hlth & Hgr Eductnl Facs Auth Revenue5.000% 06/30/20270.3%
Illinois St4.000% 09/27/20340.3%
Iowa St Fin Auth Midwstrn Disaster Area Revenue4.000% 11/23/20500.3%
W Pace Al Cooperative Dist Revenue0.000% 04/27/20390.3%
California Cmnty Hsg Agy Essential Hsg Revenue5.000% 07/24/20500.3%
Met Transprtn Auth Ny Revenue5.250% 11/07/20440.3%
Puerto Rico Cmwlth4.000% 06/25/20410.3%
Henderson Ky Exempt Facs Revenue4.700% 12/24/20510.3%
Chicago Il Brd Of Edu5.000% 11/27/20340.3%
Iowa St Fin Auth Midwstrn Disaster Area Revenue4.750% 07/26/20420.3%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue3.125% 07/22/20560.3%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 05/22/20570.3%
Roanoke Cnty Va Econ Dev Auth Rsdl Care Fac Revenue0.000% 08/25/20490.3%
Met Transprtn Auth Ny Revenue3.800% 04/03/20230.3%
Tender Option Bond Trust Receipts / Ctfs Various States5.161% 06/29/20310.3%
Oklahoma St Dev Fin Auth Hlthsys Revenue5.500% 08/06/20520.3%
Puerto Rico Cmwlth Aqueduct &Swr Auth Revenue4.000% 06/25/20420.3%
Chicago Il5.500% 12/23/20480.3%
New York St Transprtn Dev Corp Spl Fac Revenue5.375% 07/27/20360.3%
Met Pier & Exposition Auth Il Revenue5.500% 06/06/20530.3%
Public Fin Auth Wi Hlthcare Sys Revenue5.000% 09/22/20520.3%
Jefferson Cnty Oh Port Auth Ececon Dev Revenue3.500% 11/23/20510.3%
Illinois St5.500% 04/26/20390.3%
Buffalo & Erie Cnty Ny Indl Land Dev Corp Revenue5.000% 06/25/20400.3%
Montgomery Cnty Pa Indl Dev Auth Exempt Facs Revenue4.100% 03/23/20530.3%
Maryland St Econ Dev Corp Poll Control Revenue5.750% 08/30/20250.3%
Dutchess Cnty Ny Local Dev Corp Revenue5.000% 06/23/20510.3%
Vermont St Econ Dev Auth Solid Wst Disp Revenue5.000% 05/23/20520.3%
California Stwd Cmntys Dev Auth Revenue5.250% 11/23/20440.3%
New York St Transprtn Dev Corp Spl Fac Revenue4.000% 12/28/20350.3%
Marietta Ga Dev Auth5.000% 10/27/20370.3%
Puerto Rico Cmwlth Highway & Transprtn Auth Restructured Tol5.000% 06/20/20620.3%
Chicago Il Brd Of Edu5.000% 11/24/20470.3%
Public Fin Auth Wi Revenue7.250% 11/25/20420.3%
Capital Trust Agy Fl Eductnl Facs Revenue5.000% 06/07/20490.3%
California Cmnty Hsg Agy Essential Hsg Revenue3.000% 01/21/20570.3%
Niagara Ny Area Dev Corp Solid Waste Disp Fac Revenue4.750% 10/26/20420.3%
Public Fin Auth Wi Revenue7.500% 11/21/20520.3%
Hawaii St Dept Of Budget & Fin Spl Purpose Revenue3.200% 06/26/20390.3%
New York City Ny Transitional Fin Auth Revenue3.650% 04/03/20230.3%
Port Beaumont Tx Nav Dist Dock& Wharf Fac Revenue4.000% 12/24/20490.3%
New York City Ny Transitional Fin Auth Revenue3.650% 04/03/20230.3%
Puerto Rico Cmwlth0.000% 10/26/20430.3%
Saint James Parish La Revenue6.350% 09/25/20400.2%
Cuyahoga Cnty Oh Hosp Revenue5.500% 02/07/20520.2%
Military Installation Dev Auth Ut Tax Allocation Revenue4.000% 05/23/20520.2%
Mississippi St Business Fin Corp Exept Facs Revenue7.750% 07/08/20470.2%
Berks Cnty Pa Indl Dev Auth Hlth Sys Revenue5.000% 10/25/20470.2%
Illinois St5.500% 04/28/20300.2%
Maricopa Cnty Az Indl Dev Auth Eductnl Facs Revenue5.500% 09/23/20510.2%
New York St Dorm Auth Revenues Non St Supported Debt5.000% 07/07/20500.2%
Black Belt Energy Gas Dist Al Gas Project Revenue5.250% 01/22/20530.2%
Dist Of Columbia Tobacco Settlement Fing Corp0.000% 06/06/20550.2%
Chicago Il Brd Of Edu Dedicated Capital Impt Tax5.750% 03/24/20480.2%
Moon Indl Dev Auth Pa Revenue6.000% 06/24/20450.2%
New York St Urban Dev Corp Sales Tax Revenue3.000% 03/06/20490.2%
Florida St Dev Fin Corp Sol Wst Disp Revenue3.000% 05/28/20320.2%
American Samoa As Econ Dev Auth Gen Revenue7.125% 08/27/20380.2%
Berks Cnty Pa Indl Dev Auth Hlth Sys Revenue4.000% 10/25/20470.2%
Jefferson Cnty Al Swr Revenue Warrants6.000% 09/25/20420.2%
Shelby Cnty Tn Hlth Eductnl & Hsg Facs Brd Retmnt Facs Rev5.750% 09/21/20590.2%
Cmfa Spl Fin Agy Ca Essential Hsg Revenue4.000% 11/24/20450.2%
Saint John The Baptist Parish La Revenue4.050% 06/30/20260.2%
Buckeye Oh Tobacco Settlement Fing Auth0.000% 05/22/20570.2%
Polk Cnty Fl Indl Dev Auth5.875% 12/27/20320.2%
Omaha Ne Public Pwr Dist Elec Revenue4.000% 01/25/20460.2%
Chicago Il Brd Of Edu5.250% 11/27/20350.2%
Marietta Ga Dev Auth5.000% 10/25/20470.2%
Chicago Il Brd Of Edu7.000% 11/24/20460.2%
New York St Liberty Dev Corp Liberty Revenue5.150% 11/11/20340.2%
Met Nashville Tn Arpt Auth Arpt Revenue5.500% 06/22/20520.2%
Illinois St4.000% 05/27/20370.2%
New York St Transprtn Dev Corp Spl Fac Revenue5.250% 07/29/20310.2%
Saint James Parish La Revenue6.100% 05/27/20380.2%
New Jersey St Econ Dev Auth Spl Fac Revenue5.500% 05/28/20330.2%
Port Of Portland Or Arpt Revenue5.500% 06/23/20480.2%
Public Fin Auth Wi Exempt Facs Revenue5.000% 12/31/20230.2%
Tsasc Inc Ny5.000% 05/25/20450.2%
Phoenix Az Indl Dev Auth Edu Revenue5.000% 06/24/20450.2%
Rhode Island St Hlth & Eductnl Bldg Corp Revenue5.000% 08/27/20360.2%
Florida St Hgr Eductnl Facs Financial Auth Revenue5.000% 05/24/20480.2%
Niagara Ny Area Dev Corp Revenue5.000% 06/22/20520.2%
Florida St Dev Fin Corp Sol Wst Disp Revenue5.250% 07/29/20290.2%
Holmes Cnty Fl Hosp Corp Hosp Revenue0.000% 10/28/20380.2%
Build Nyc Resource Corp Ny Revenue5.000% 06/07/20510.2%
California Public Fin Auth Senior Living Revenue10.000% 05/13/20280.2%
Clifton Tx Hgr Edu Fin Corp Edu Revenue5.750% 08/08/20450.2%
Guam Govt Business Privilege Tax Revenue4.000% 12/26/20410.2%
Maryland St Econ Dev Corp0.000% 11/29/20310.2%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 12/31/20230.2%
Public Fin Auth Wi Revenue5.125% 05/24/20480.2%
North Parkway Muni Mgmt Dist #1 Tx Spl Assmnt Revenue5.000% 09/07/20510.2%
California St Stwd Fing Auth Tobacco Settlement0.000% 05/25/20460.2%
Virginia St Small Business Fing Auth Revenue4.000% 12/25/20470.2%
Mida Mountain Vlg Public Infrastructure Dist Ut Spl Assmnt4.000% 07/24/20500.2%
New York City Ny Indl Dev Agy Arpt Facs Revenue5.000% 06/28/20280.2%
New York St Liberty Dev Corp Liberty Revenue2.500% 11/09/20360.2%
Celebration Pointe Cmnty Dev Dist No 1 Fl Spl Assmnt Revenue5.000% 04/23/20480.2%
Gtr Orlando Fl Aviation Auth Arpt Facs Revenue4.000% 09/23/20490.2%
New York St Dorm Auth St Personal Income Tax Revenue4.000% 03/06/20490.2%
Louisiana St Local Govt Envrnmntl Facs & Cmnty Dev Auth Reve2.500% 03/27/20360.2%
Univ City Mo Indl Dev Auth Tax Incr & Spl Dist5.500% 06/09/20420.2%
Howard Cnty Md Retmnt Cmnty Revenue5.000% 03/25/20460.2%
Louisiana St Local Govt Envrnmntl Facs & Cmnty Dev Auth6.250% 11/08/20450.2%
Illinois St5.500% 02/23/20420.2%
Univ Of Illinois Il Revenues4.000% 03/28/20370.2%
Jacksonville Fl Eductnl Facs Revenue5.000% 05/23/20530.2%
Pima Cnty Az Indl Dev Auth Senior Living Revenue7.000% 11/05/20570.2%
South Carolina St Jobs-Econ Dev Auth Hosp Revenue5.000% 10/25/20460.2%
New Jersey St Econ Dev Auth5.000% 06/08/20470.2%
Green Valley Ranch East Met Dist #6 Co5.875% 11/23/20500.2%
Jefferson Cnty Al Swr Revenue Warrants0.000% 09/24/20460.2%
Peninsula Town Center Va Cmnty Dev Auth Spl Oblg5.000% 08/25/20450.2%
Maryland St Econ Dev Corp Student Hsg Revenue6.000% 06/21/20580.2%
American Samoa As Econ Dev Auth Gen Revenue5.000% 08/27/20380.2%
Port Auth Of New York & New Jersey Ny5.250% 07/25/20470.2%
Saint James Parish La Revenue6.350% 06/25/20400.2%
Charlotte Cnty Fl Indl Dev Auth Utility Sys Revenue5.000% 09/23/20490.2%
Chicago Il Brd Of Edu5.000% 11/28/20300.2%
Southeast Energy Auth Al Commodity Sply Revenue5.500% 12/22/20520.2%
National Fin Auth Nh Muni Ctfs4.375% 09/15/20360.2%
Chicago Il Brd Of Edu6.500% 11/24/20460.2%
Pima Cnty Az Indl Dev Auth Edu Revenue5.000% 06/23/20490.2%
Tender Option Bond Trust Receipts / Ctfs5.091% 06/28/20320.2%
Chicago Il Brd Of Edu5.000% 11/28/20290.2%
Jefferson Cnty Al Swr Revenue Warrants5.000% 09/24/20440.2%
Miami-Dade Cnty Fl Aviation Revenue5.000% 09/24/20440.2%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 09/27/20350.2%
Lower Al Gas Dist Gas Proj Revenue5.000% 08/28/20340.2%
San Diego Cnty Ca Regl Arpt Auth Airport Revenue5.000% 06/21/20560.2%
Met Pier & Exposition Auth Il Dedicated St Tax Revenue0.000% 12/10/20370.2%
Duluth Mn Econ Dev Auth Hlth Care Facs Revenue5.250% 06/06/20520.2%
Gtr Orlando Fl Aviation Auth Arpt Facs Revenue5.000% 11/09/20360.2%
Jefferson Cnty Al Swr Revenue Warrants0.000% 09/26/20390.2%
Chicago Il O'Hare International Arpt Revenue5.000% 12/24/20510.2%
Duluth Mn Econ Dev Auth Hlth Care Facs Revenue5.000% 02/05/20530.2%
Florida St Dev Fin Corp Eductnl Facs Revenue6.125% 06/08/20460.2%
New Jersey St Econ Dev Auth Revenue5.625% 12/24/20510.2%
Pennsylvania St Econ Dev Fing Auth Solid Waste Disposal Rev3.250% 07/27/20390.2%
Prince Georges Cnty Md Spl Oblg5.250% 06/23/20480.2%
Tulsa Ok Muni Arpt Trust Trustees5.000% 05/28/20350.2%
Beauregard Parish La Revenue6.800% 01/30/20270.1%
Bucks Cnty Pa Indl Dev Auth Hosp Revenue5.000% 06/22/20540.1%
Prince Georges Cnty Md Revenue Auth Spl Oblig5.000% 06/24/20460.1%
Triborough Ny Bridge & Tunnel Auth Payroll Mobility Tax4.000% 05/09/20430.1%
Cuyahoga Cnty Oh Hosp Revenue5.500% 02/04/20570.1%
National Fin Auth Nh Revenue3.750% 06/24/20450.1%
Tuscarawas Cnty Oh Econ Dev &Fin Alliance Hgr Edu Facs Rev6.000% 02/21/20450.1%
Foothill Estrn Transprtn Corridor Agy Ca Toll Road Revenue3.950% 01/05/20530.1%
Mission Tx Econ Dev Corp Revenue4.625% 09/28/20310.1%
Puerto Rico Elec Pwr Auth Pwr Revenue0.000% 07/01/20240.1%
Virginia Small Business Fing Auth Priv Activity Revenue Sr5.000% 12/21/20520.1%
Nthrn Palm Beach Cnty Fl Impt Dist5.000% 07/25/20460.1%
Utah St Chrt Sch Fin Auth Chrt Sch Revenue5.375% 06/07/20480.1%
Fulton Cnty Pa Indl Dev Auth Hosp Revenue5.000% 06/23/20510.1%
Glendale Az Indl Dev Auth5.000% 11/06/20530.1%
Los Angeles Ca Dept Of Arpts Arpt Revenue4.000% 05/07/20490.1%
Pennsylvania St Econ Dev Fing Auth Solid Waste Disposal Rev9.000% 03/24/20510.1%
Hawaii St Dept Of Budget & Fin Spl Purpose Revenue4.000% 02/23/20370.1%
Silicon Vly Ca Tobacco Securitization Auth Tobacco Settlemen0.000% 05/27/20360.1%
Maricopa Cnty Az Poll Controlcorp Poll Control Revenue3.600% 01/27/20400.1%
Brd Of Managers Tx Jt Guadalupe Cnty-City Of Seguin Hosp Mtg5.000% 11/24/20400.1%
New York St Transprtn Dev Corp Spl Fac Revenue4.000% 06/25/20410.1%
Arlington Tx Hgr Edu Fin Corp Edu Revenue5.500% 08/09/20460.1%
Washington St Convention Center Public Facs Dist3.000% 06/23/20480.1%
Avenir Fl Cdd Spl Assmnt5.625% 04/22/20540.1%
Illinois St5.500% 09/26/20390.1%
S Estrn Oh Port Auth Hosp Facs Revenue5.500% 11/25/20430.1%
Illinois St3.500% 05/29/20290.1%
Illinois St Fin Auth Revenue5.000% 08/27/20380.1%
Massachusetts St Dev Fin Agy Revenue5.000% 06/23/20510.1%
Arizona St Indl Dev Auth Edu Revenue5.000% 06/22/20540.1%
Miami World Center Cdd Fl Spl Assmnt5.250% 10/24/20490.1%
Illinois St Fin Auth Revenue5.625% 07/23/20530.1%
Fulton Cnty Pa Indl Dev Auth Hosp Revenue5.000% 06/24/20460.1%
Scranton Pa Redev Auth Gtd Lease Revenue5.000% 11/11/20280.1%
Tuscaloosa Cnty Al Indl Dev Auth Gulf Opportunity Zone4.500% 04/27/20320.1%
Illinois St Fin Auth Revenue4.000% 08/26/20410.1%
Port Beaumont Tx Nav Dist Dock& Wharf Fac Revenue3.000% 12/24/20490.1%
Puerto Rico Cmwlth4.000% 06/26/20370.1%
Virginia St Small Business Fing Auth Revenue4.000% 12/27/20370.1%
San Diego Cnty Ca Regl Arpt Auth Airport Revenue4.000% 06/24/20460.1%
Florida St Dev Fin Corp Sol Wst Disp Revenue5.000% 04/28/20290.1%
Jefferson Parish La Econ Dev & Port Dist Revenue5.625% 06/07/20480.1%
Orange Cnty Fl Hlth Facs Auth Revenue5.000% 09/22/20530.1%
Puerto Rico Cmwlth Aqueduct & Swr Auth Revenue4.000% 06/25/20420.1%
Michigan St Tobacco Settlement Fin Auth0.000% 05/22/20580.1%
King Cnty Wa Public Hosp Dist #4 Hosp Revenue6.250% 11/24/20450.1%
Pima Cnty Az Indl Dev Auth Senior Living Revenue6.875% 11/05/20520.1%
Allegheny Cnty Pa Indl Dev Auth Envrnmtl Impt Revenue5.125% 04/28/20300.1%
Chicago Board Of Education5.000% 11/25/20360.1%
Valparaiso In Exempt Facs Revenue7.000% 12/26/20430.1%
Black Belt Energy Gas Dist Al Gas Project Revenue4.000% 09/22/20520.1%
Coralville Ia4.500% 05/31/20240.1%
Monongalia Cnty Wv Commission Spl Dist Excise Tax Revenue4.125% 05/26/20430.1%
Tobacco Settlement Fing Corp Ri0.000% 05/23/20520.1%
Washington St Convention Center Public Facs Dist4.000% 06/25/20430.1%
Whiting In Envrnmntl Facs Revenue4.400% 02/22/20460.1%
Antelope Vly Ca Hlthcare Dist5.000% 02/22/20410.1%
Columbus-Franklin Cnty Oh Fin Auth Revenue6.500% 02/23/20480.1%
Indiana St Fin Auth Envrnmntl Revenue6.750% 04/26/20390.1%
Matching Fund Spl Purpose Securitiztn Corp5.000% 09/26/20390.1%
New Jersey St Econ Dev Auth5.000% 06/09/20430.1%
New Jersey St Econ Dev Auth Revenue5.500% 06/12/20290.1%
Public Fin Auth Wi Exempt Facs Revenue4.300% 10/29/20300.1%
Public Fin Auth Wi Revenue4.625% 05/27/20360.1%
Tahoe-Douglas Visitors Auth Nv Stateline Revenue5.000% 06/23/20510.1%
Babcock Ranch Cmnty Indep Spl Dist Fl Spl Assmnt Revenue5.000% 04/25/20420.1%
Foothill Estrn Transprtn Corridor Agy Ca Toll Road Revenue4.000% 01/09/20430.1%
New York St Hsg Fin Agy3.250% 10/22/20520.1%
Port Auth Of New York & New Jersey Ny5.500% 07/23/20520.1%
Public Fin Auth Wi Revenue4.000% 09/22/20510.1%
Avenir Fl Cdd Spl Assmnt5.375% 04/25/20430.1%
Village Met Dist Co5.000% 11/23/20490.1%
Build Nyc Resource Corp Ny Revenue5.750% 05/21/20620.1%
Houston Tx Arpt Sys Revenue4.000% 07/09/20410.1%
New York St Dorm Auth Revenues Non St Supported Debt5.000% 07/09/20420.1%
Rocky Mountain Rail Park Met Dist Co5.000% 11/23/20510.1%
Babcock Ranch Cmnty Indep Spl Dist Fl Spl Assmnt Revenue5.000% 04/22/20530.1%
Gainesville & Hall Cnty Ga Hosp Auth5.500% 08/06/20540.1%
Maricopa Cnty Az Indl Dev Auth Edu Revenue5.000% 06/24/20470.1%
Wisconsin St Hlth & Eductnl Facs Auth Revenue5.375% 01/25/20480.1%
Denver Co Hlth & Hosp Auth Hlthcare Revenue5.250% 11/24/20450.1%
Florida St Dev Fin Corp Eductnl Facs Revenue5.000% 07/08/20460.1%
Iowa St Fin Auth Midwstrn Disaster Area Revenue5.000% 11/23/20500.1%
Compton Ca Wtr Revenue6.000% 07/27/20390.1%
California St Muni Fin Auth Revenue3.000% 01/25/20460.1%
Saint Louis Mo Indl Dev Auth Fing Revenue4.750% 11/08/20470.1%
Reno Nv Sales Tax Revenue0.000% 06/21/20580.1%
South Carolina St Jobs-Econ Dev Auth Hosp Revenue5.000% 10/26/20420.1%
Holmes Cnty Fl Hosp Corp Hosp Revenue0.000% 10/31/20260.1%
Atlanta Ga Dev Auth Senior Hlth Care Facs Revenue0.000% 12/28/20390.1%
Fort Bend Cnty Tx Indl Dev Corp4.750% 10/27/20420.1%
Michigan St Fin Auth Revenue4.000% 05/24/20490.1%
Nassau Cnty Ny Tobacco Settlement Corp5.250% 05/30/20260.1%
Arlington Tx Hgr Edu Fin Corp Edu Revenue5.000% 06/07/20510.1%
Chicago Il5.500% 12/31/20240.1%
Houston Tx Arpt Sys Revenue5.000% 07/12/20280.1%
Maricopa Cnty Az Poll Controlcorp Poll Control Revenue2.400% 05/28/20350.1%
Puerto Rico Elec Pwr Auth Pwr Revenue0.000% 06/26/20420.1%
Roanoke Cnty Va Econ Dev Auth Rsdl Care Fac Revenue0.000% 08/24/20540.1%
Tobacco Settlement Auth Ia Tobacco Settlement Revenue4.000% 05/24/20490.1%
Academical Vlg Cdd Fl Spl Assmnt Revenue4.000% 04/23/20510.1%
New Jersey St Transprtn Trust Fund Auth5.000% 12/11/20350.1%
Denver City & Cnty Co Arpt Revenue5.500% 11/14/20230.1%
Pima Cnty Az Indl Dev Auth Edu Revenue5.000% 06/22/20550.1%
Chester Cnty Pa Hlth & Edu Facs Auth Revenue5.000% 10/27/20370.1%
California Hsg Fin Agy Muni Ctfs4.250% 01/11/20350.1%
Chicago Il5.500% 12/31/20240.1%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 07/22/20560.1%
Inland Vly Ca Dev Agy Successor Agy Tax Allocation5.250% 08/27/20370.1%
Michigan St Fin Auth Revenue5.000% 05/24/20490.1%
Virginia Small Business Fing Auth Priv Activity Revenue Sr5.000% 12/24/20470.1%
Virginia St Small Business Fing Auth Revenue5.000% 06/26/20360.1%
Philadelphia Pa Auth For Indl Dev6.625% 05/24/20500.1%
Allentown Pa Neighborhood Imptzone Dev Auth Tax Rev5.250% 04/25/20420.1%
Blaine Mn Senior Hsg & Hlthcare Fac Revenue6.125% 06/23/20500.1%
Florence Town Inc Az Indl Devauth Edu Revenue6.000% 07/01/20230.1%
New Jersey St Econ Dev Auth Rev5.000% 06/09/20430.1%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue3.000% 02/18/20570.1%
Frederick Cnty Md Spl Oblg4.000% 06/23/20500.1%
Regl Co Transprtn Dist Priv Activity Revenue3.000% 07/10/20370.1%
Antelope Vly Ca Hlthcare Dist5.000% 02/22/20460.1%
Chester Cnty Pa Hlth & Edu Facs Auth Revenue5.000% 10/25/20460.1%
Jefferson Parish La Econ Dev & Port Dist Revenue5.500% 06/10/20380.1%
Monongalia Cnty Wv Commission Spl Dist Excise Tax Revenue4.875% 05/26/20430.1%
Fruita Co Hlthcare Revenue5.375% 12/27/20320.1%
New York St Liberty Dev Corp Liberty Revenue3.000% 02/10/20420.1%
New York St Dorm Auth Revenues Non St Supported Debt4.000% 06/24/20450.1%
Kirkwood Mo Indl Dev Auth Retmnt Cmnty Revenue5.250% 05/07/20500.1%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue0.000% 06/27/20330.1%
Port Beaumont Tx Nav Dist Fac Revenue6.000% 12/31/20240.1%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 12/30/20250.1%
Upper San Juan Co Hlth Svc Dist Hlth Care Svcs Enterprise Re6.125% 05/31/20260.1%
Arizona St Indl Dev Auth Edu Revenue5.750% 06/22/20530.1%
Jefferson Cnty Al Swr Revenue Warrants0.000% 09/28/20280.1%
Maricopa Cnty Az Indl Dev Auth Eductnl Facs Revenue5.250% 09/25/20400.1%
Pefa Inc Ia Gas Proj Revenue5.000% 08/24/20490.1%
Berks Cnty Pa Indl Dev Auth Hlth Sys Revenue4.000% 10/24/20500.1%
Massachusetts St Dev Fin Agy Revenue5.000% 06/25/20410.1%
Saint James Parish La Revenue6.100% 11/24/20400.1%
Wilson Cnty Ks Hosp Revenue5.600% 08/28/20360.1%
Mida Mountain Vlg Public Infrastructure Dist Ut Spl Assmnt4.250% 07/28/20350.1%
New York St Urban Dev Corp Revenue3.000% 03/08/20470.1%
American Samoa As Econ Dev Auth Gen Revenue6.500% 08/29/20280.1%
Nassau Cnty Ny Tobacco Settlement Corp5.000% 05/28/20350.1%
W Vlgs Fl Impt Dist5.000% 04/23/20500.1%
California St Muni Fin Auth Spl Fac Revenue4.000% 07/12/20290.1%
Mida Mountain Vlg Public Infrastructure Dist Ut Spl Assmnt5.000% 07/24/20500.1%
New York St Liberty Dev Corp Liberty Revenue3.000% 09/09/20430.1%
Tobacco Securitization Auth Sthrn Ca Tobacco Settlement Reve0.000% 05/23/20540.1%
Virginia St Small Business Fing Auth Sol Wst Disp Fac Revenu5.000% 12/25/20470.1%
Port Beaumont Tx Nav Dist Dock& Wharf Fac Revenue3.625% 12/28/20340.1%
Saint Louis Mo Indl Dev Auth Fing Revenue4.375% 11/11/20350.1%
Tahoe-Douglas Visitors Auth Nv Stateline Revenue5.000% 06/24/20450.1%
Berks Cnty Pa Muni Auth5.000% 01/27/20400.1%
Maricopa Cnty Az Poll Controlcorp Poll Control Revenue3.600% 03/26/20400.1%
River Islands Ca Public Fing Auth Spl Tax5.250% 08/23/20520.1%
Arizona St Indl Dev Auth Edu Revenue5.000% 06/23/20510.1%
Massachusetts St Dev Fin Agy Revenue5.250% 06/23/20480.1%
Muskingum Cnty Oh Hosp Facs5.000% 02/10/20330.1%
Nassau Cnty Ny Tobacco Settlement Corp0.000% 05/21/20600.1%
New York City Ny Indl Dev Agy Revenue3.000% 02/20/20490.1%
Atlanta Ga Urban Redev Agy Revenue3.875% 06/24/20510.1%
Camden Cnty Nj Impt Auth Sch Revenue6.000% 06/04/20620.1%
Columbus-Franklin Cnty Oh Fin Auth Revenue6.500% 02/19/20530.1%
Houston Tx Arpt Sys Revenue4.750% 06/29/20240.1%
Inland Empire Ca Tobacco Securitization Auth Tob Settlement0.000% 05/22/20570.1%
North Parkway Muni Mgmt Dist #1 Tx Spl Assmnt Revenue4.750% 09/09/20410.1%
Arizona Indl Dev Auth Student Hsg Revenue5.000% 05/22/20580.1%
Arlington Tx Hgr Edu Fin Corp Edu Revenue5.000% 06/09/20410.1%
Saint Louis Mo Muni Fin Corp5.000% 09/24/20450.1%
Crawford Cnty Pa Hosp Auth6.000% 05/24/20510.1%
Chicago Il Brd Of Edu5.000% 11/28/20310.1%
Glendale Az Indl Dev Auth5.000% 11/08/20400.1%
Illinois St4.000% 10/26/20410.1%
Tennessee Energy Acquisition Corp Commodity Project Revenue5.000% 04/22/20520.1%
Chicago Il Brd Of Edu Dedicated Capital Impt Tax5.000% 03/29/20330.1%
Massachusetts St Dev Fin Agy Revenue5.250% 06/22/20520.1%
Matching Fund Spl Purpose Securitiztn Corp5.000% 09/28/20300.1%
Oconee Cnty Ga Indl Dev Auth Revenue6.375% 11/22/20530.1%
Henderson Ky Exempt Facs Revenue4.450% 12/26/20410.1%
Maryland St Econ Dev Corp Priv Activity Revenue5.250% 06/23/20470.1%
National Fin Auth Nh Revenue5.000% 06/23/20510.1%
Arizona St Indl Dev Auth Edu Revenue6.000% 06/24/20470.1%
Howard Cnty Md Retmnt Cmnty Revenue5.000% 03/25/20440.1%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 07/30/20260.1%
Oklahoma St Dev Fin Auth Hlthsys Revenue5.450% 06/19/20280.1%
Rockland Ny Tobacco Asset Securitization Corp Tobacco Settle0.000% 08/04/20600.1%
Allentown Pa Neighborhood Imptzone Dev Auth Tax Rev5.000% 04/27/20320.1%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 01/21/20570.1%
Muni Elec Auth Of Ga5.000% 06/22/20550.1%
Virginia St Small Business Fing Auth Revenue5.000% 06/26/20370.1%
California Sch Fin Auth Sch Fac Revenue5.125% 06/30/20240.1%
Muni Elec Auth Of Ga5.000% 06/22/20530.1%
Philadelphia Pa Auth For Indl Dev6.500% 05/25/20450.1%
Puerto Rico Elec Pwr Auth Pwr Revenue0.000% 06/26/20420.1%
Tobacco Securitization Auth Sthrn Ca Tobacco Settlement Reve0.000% 05/25/20460.1%
American Samoa As Econ Dev Auth Gen Revenue6.625% 08/28/20350.1%
Michigan St Fin Auth Ltd Oblig Revenue5.000% 08/25/20500.1%
Niagara Ny Area Dev Corp Revenue4.500% 06/22/20520.1%
Charlotte Cnty Fl Indl Dev Auth Utility Sys Revenue4.000% 09/25/20410.1%
Chicago Il5.500% 12/27/20380.1%
Chicago Il Brd Of Edu7.000% 11/23/20440.1%
Denver Co International Business Center Co Met Dist #16.000% 11/22/20480.1%
California St Poll Control Fing Auth Wtr Furnishing Revenue5.000% 12/30/20280.1%
Chester Cnty Pa Indl Dev Auth5.250% 10/08/20470.1%
Crawford Cnty Pa Hosp Auth6.000% 05/25/20460.1%
Florida St Dev Fin Corp6.375% 05/11/20370.1%
New York St Dorm Auth Revenues Non St Supported Debt4.000% 06/23/20480.1%
Public Fin Auth Wi Revenue6.850% 09/25/20470.1%
Tobacco Securitization Auth Sthrn Ca Tobacco Settlement Reve5.000% 05/24/20480.1%
Tobacco Settlement Fing Corp Va0.000% 05/25/20470.1%
Anson Tx Edu Facs Corp Edu Revenue5.000% 08/14/20260.1%
Arizona St Indl Dev Auth Edu Revenue5.625% 06/23/20480.1%
Chicago Il Brd Of Edu6.750% 11/28/20300.1%
Upper San Juan Co Hlth Svc Dist Hlth Care Svcs Enterprise Re6.000% 05/31/20260.1%
New Jersey St Econ Dev Auth Revenue5.000% 06/09/20420.1%
New Jersey St Transprtn Trust Fund Auth5.500% 06/07/20500.1%
Pasco Cnty Fl Capital Impt Cigarette Tax Allocation5.750% 08/23/20540.1%
Hoover Al Indl Dev Brd Envnmntl Impt Revenue6.375% 10/24/20500.1%
Anne Arundel Co Md Consol Spl Taxing Dist5.250% 06/24/20440.1%
Maryland St Econ Dev Corp Student Hsg Revenue5.750% 06/22/20530.1%
Public Fin Auth Wi Senior Living Revenue5.750% 11/14/20240.1%
Iowa St Hgr Edu Loan Auth Revenue5.375% 09/29/20300.1%
Main Street Natural Gas Inc Ga Gas Supply Revenue4.000% 08/23/20520.1%
New Jersey St Econ Dev Auth Rev5.000% 06/09/20430.1%
Chicago Il Brd Of Edu5.000% 11/26/20320.1%
Frederick Cnty Md Tax Incr & Spl Tax4.625% 06/25/20430.1%
Main Street Natural Gas Inc Ga Gas Supply Revenue4.000% 04/22/20520.1%
Maricopa Cnty Az Indl Dev Auth Edu Revenue5.000% 06/23/20490.1%
Orange Cnty Ca Cmnty Facs Dist5.000% 08/09/20420.1%
Scranton Pa5.000% 08/29/20280.1%
Orange Cnty Ca Cmnty Facs Dist5.000% 08/08/20470.1%
California St Stwd Fing Auth Tobacco Settlement0.000% 05/23/20550.1%
Public Fin Auth Wi Eductnl Fac Revenue5.250% 09/25/20430.1%
Charlotte-Mecklenburg Nc Hospauth Hlth Care Sys Revenue3.650% 04/03/20230.1%
Dist Of Columbia Tobacco Settlement Fing Corp0.000% 06/06/20550.1%
New York Ny3.650% 04/03/20230.1%
Nthrn Palm Beach Cnty Fl Impt Dist5.000% 07/28/20340.1%
Public Fin Auth Wi Exempt Facs Revenue5.000% 11/29/20250.1%
Public Fin Auth Wi Spl Fac Revenue4.000% 06/25/20410.1%
Main Street Natural Gas Inc Ga Gas Supply Revenue5.000% 05/09/20430.1%
New York St Dorm Auth St Personal Income Tax Revenue3.000% 03/07/20500.1%
Village Met Dist Co5.000% 11/24/20400.1%
Academical Vlg Cdd Fl Spl Assmnt Revenue3.625% 04/25/20400.1%
Cleveland-Cuyahoga Cnty Oh Port Auth Cultural Fac Revenue5.500% 11/25/20430.1%
Doylestown Pa Hosp Auth5.000% 06/23/20490.1%
New York Ny4.150% 04/03/20230.1%
New York St Envrnmntl Facs Corp Sol Wst Disp Revenue3.125% 05/31/20260.1%
Muni Elec Auth Of Ga5.000% 06/23/20480.1%
New York City Ny Transitional Fin Auth Revenue3.650% 04/03/20230.1%
Phoenix Az Indl Dev Auth Edu Revenue5.000% 06/24/20460.1%
Arizona St Indl Dev Auth Edu Revenue5.000% 06/23/20490.1%
Capital Trust Agy Fl Eductnl Facs Revenue5.000% 06/10/20390.1%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 08/25/20460.1%
Massachusetts St Dev Fin Agy Revenue5.000% 06/21/20560.1%
Reno Nv Sales Tax Revenue0.000% 06/21/20580.1%
Maryland St Econ Dev Corp0.000% 11/29/20310.1%
Florida St Dev Fin Corp Eductnl Facs Revenue5.000% 09/07/20500.1%
Oconee Cnty Ga Indl Dev Auth Revenue6.250% 11/22/20480.1%
Erie Cnty Ny Tobacco Asset Securitization Corp Tobacco Settl0.000% 05/22/20600.1%
Silicon Vly Ca Tobacco Securitization Auth Tobacco Settlemen0.000% 05/22/20560.1%
W Vlgs Fl Impt Dist4.750% 04/26/20390.1%
California St Stwd Cmntys Dev Auth Revenue5.250% 05/15/20230.0%
Franklin Tn Hlth & Eductnl Facs Brd Revenue0.000% 05/26/20470.0%
Virginia St Small Business Fing Auth Revenue5.000% 12/27/20320.0%
Illinois St Fin Auth Revenue5.000% 08/26/20400.0%
National Fin Auth Nh Revenue5.000% 06/25/20410.0%
Atlanta Ga Urban Redev Agy Revenue3.625% 06/26/20420.0%
Baltimore Md Spl Oblig5.000% 05/24/20510.0%
Chicago Il Brd Of Edu5.000% 11/27/20330.0%
Michigan St Fin Auth Ltd Oblig Revenue4.800% 08/27/20400.0%
Rumford Me Sol Wst Disp Revenue6.875% 09/29/20260.0%
Kirkwood Mo Indl Dev Auth Retmnt Cmnty Revenue5.250% 05/09/20420.0%
Build Nyc Resource Corp Ny Sol Wst Disp Revenue5.000% 12/28/20340.0%
National Fin Auth Nh Revenue5.000% 06/21/20560.0%
New Jersey St Econ Dev Auth Econ Dev Revenue5.000% 05/27/20360.0%
Cleveland-Cuyahoga Cnty Oh Port Auth Cultural Fac Revenue5.250% 11/26/20380.0%
Downtown Doral South Cdd Fl Spl Assmnt5.000% 12/06/20480.0%
Frederick Cnty Md Eductnl Facs Revenue5.000% 08/27/20370.0%
Harris Cnty Tx Cultural Edu Facs Fin Corp Revenue5.125% 12/25/20470.0%
Henderson Ky Exempt Facs Revenue4.450% 12/26/20410.0%
Connecticut St Hlth & Eductnl Facs Auth Revenue3.400% 04/03/20230.0%
Glendale Az Indl Dev Auth5.000% 11/09/20360.0%
New Haven Ct5.500% 07/30/20280.0%
Director Of The St Of Nevada Dept Of Business & Industrial5.000% 12/06/20480.0%
Illinois St Fin Auth Revenue5.500% 07/26/20430.0%
Rocky Mountain Rail Park Met Dist Co5.000% 11/25/20410.0%
Wisconsin St Hlth & Eductnl Facs Auth Revenue5.000% 07/27/20390.0%
Capital Trust Agy Fl Eductnl Facs Revenue5.000% 12/08/20490.0%
Build Nyc Resource Corp Ny Revenue5.750% 05/23/20520.0%
Baltimore Md Spl Oblig4.875% 05/26/20420.0%
Maine St Fin Auth Sol Wst Disp Revenue4.375% 07/28/20350.0%
Arizona St Indl Dev Auth Edu Revenue5.000% 06/24/20470.0%
Berks Cnty Pa Muni Auth5.000% 01/27/20400.0%
New York St Transprtn Dev Corp Spl Fac Revenue5.000% 12/28/20350.0%
Muni Elec Auth Of Ga5.000% 06/23/20480.0%
National Fin Auth Nh Revenue4.000% 10/30/20270.0%
New Jersey St Econ Dev Auth Revenue5.375% 12/26/20420.0%
Public Fin Auth Wi Revenue6.850% 10/26/20460.0%
Univ City Mo Indl Dev Auth Tax Incr & Spl Dist4.875% 06/10/20360.0%
Utah St Chrt Sch Fin Auth Chrt Sch Revenue5.000% 06/07/20520.0%
Illinois St5.750% 04/24/20450.0%
New Haven Ct5.500% 07/30/20280.0%
Mida Mountain Vlg Public Infrastructure Dist Ut Spl Assmnt4.500% 07/26/20400.0%
Prince Georges Cnty Md Spl Oblg5.125% 06/26/20390.0%
Anne Arundel Co Md Consol Spl Taxing Dist5.125% 06/26/20360.0%
Charlotte Cnty Fl Indl Dev Auth Utility Sys Revenue5.000% 09/27/20340.0%
Cscda Cmnty Impt Auth Ca Essential Hsg Revenue4.000% 02/18/20570.0%
Saint James Parish La Revenue5.850% 07/26/20410.0%
Allegheny Cnty Pa Indl Dev Auth Envrnmtl Impt Revenue4.875% 10/29/20240.0%
Antelope Vly Ca Hlthcare Dist5.250% 02/26/20360.0%
California Public Fin Auth Senior Living Revenue12.000% 05/15/20230.0%
Chicago Il5.500% 12/26/20360.0%
Clifton Tx Hgr Edu Fin Corp Edu Revenue6.000% 08/15/20230.0%
Kentucky St Econ Dev Fin Auth Hlth Care Revenue5.375% 11/10/20320.0%
Military Installation Dev Auth Ut Tax Allocation Revenue4.000% 05/26/20410.0%
Pennsylvania St Econ Dev Fingauth Exempt Facs Revenue5.500% 10/24/20440.0%
Scranton Pa5.000% 08/29/20290.0%
Chester Cnty Pa Indl Dev Auth5.125% 10/10/20370.0%
Utah St Chrt Sch Fin Auth Chrt Sch Revenue5.000% 06/10/20410.0%
Dist Of Columbia Tobacco Settlement Fing Corp0.000% 06/08/20460.0%
Florida St Dev Fin Corp Eductnl Facs Revenue5.000% 09/09/20400.0%
Monroe Ny Tobacco Asset Securitization Corp Tobacco Settleme0.000% 05/22/20610.0%
Michigan St Fin Auth Ltd Oblig Revenue4.300% 08/30/20300.0%
New York St Transprtn Dev Corp Spl Fac Revenue3.000% 07/29/20310.0%
Plymouth Mi Eductnl Center Chrt Sch Public Sch Academy Reven5.375% 10/30/20300.0%
Public Fin Auth Wi Limited Oblig Pilot Revenue6.750% 11/25/20420.0%
Brd Of Managers Tx Jt Guadalupe Cnty-City Of Seguin Hosp Mtg5.000% 11/24/20450.0%
Peninsula Town Center Va Cmnty Dev Auth Spl Oblg5.000% 08/27/20370.0%
Bucks Cnty Pa Indl Dev Auth Hosp Revenue4.000% 06/23/20510.0%
Puerto Rico Cmwlth5.625% 06/28/20290.0%
Vlg Cdd #10 Fl Spl Assmnt Revenue6.000% 04/24/20440.0%
Maryland St Econ Dev Corp Econ Dev Revenue5.000% 05/24/20490.0%
Arizona St Indl Dev Auth Edu Revenue5.500% 06/22/20520.0%
New Haven Ct5.500% 07/30/20280.0%
Atlanta Ga Dev Auth Senior Hlth Care Facs Revenue0.000% 12/29/20340.0%
Capital Trust Agy Fl Eductnl Facs Revenue5.000% 12/07/20540.0%
Celebration Pointe Cmnty Dev Dist No 1 Fl Spl Assmnt Revenue3.375% 04/25/20410.0%
North Las Vegas Nv Local Impt4.625% 05/24/20490.0%
Plaza At Noahs Ark Cmnty Impt Dist Mo Tax Incr & Impt3.000% 04/28/20300.0%
Sparks Nv Tourism Impt Dist #1 Revenue2.750% 06/12/20280.0%
Michigan St Public Eductnl Facs Auth7.000% 04/30/20230.0%
Arborwood Fl Cdd Capital Impt Revenue6.900% 04/30/20240.0%
Downtown Doral South Cdd Fl Spl Assmnt4.750% 12/10/20380.0%
California St Muni Fin Auth Mobile Home Park Revenue5.250% 08/14/20240.0%
North Las Vegas Nv Local Impt4.500% 05/27/20390.0%
Puerto Rico Cmwlth Highway & Transprtn Auth Restructured Tol0.000% 06/22/20530.0%
North Las Vegas Nv Local Impt4.625% 05/26/20430.0%
Plaza At Noahs Ark Cmnty Impt Dist Mo Tax Incr & Impt3.125% 04/27/20350.0%
Tern Bay Cdd Fl Capital Impt Revenue0.000% 04/27/20370.0%
Maryland St Econ Dev Corp Econ Dev Revenue5.000% 05/25/20440.0%
Puerto Rico Cmwlth Highway & Transprtn Auth Restructured Tol0.000% 06/27/20320.0%
Florida St Dev Fin Corp6.375% 05/11/20370.0%
Valparaiso In Exempt Facs Revenue5.875% 12/31/20230.0%
Washington St Hsg Fin Commission Nonprofit Hsg Revenue6.000% 12/31/20230.0%
Grandview Mo Indl Dev Auth Tax Incr Revenue0.000% 11/30/20280.0%
Magnolia W Fl Cdd Spl Assmnt5.350% 06/01/20230.0%
Puerto Rico Cmwlth0.000% 10/24/20510.0%
Sparks Nv Tourism Impt Dist #1 Revenue2.500% 06/13/20240.0%
Arborwood Fl Cdd Capital Impt Revenue6.900% 04/27/20360.0%
California St Stwd Cmntys Dev Auth5.500% 06/26/20390.0%
Middlesex Cnty Nj Impt Auth Revenue0.000% 12/29/20360.0%
California St Stwd Cmntys Dev Auth5.750% 06/29/20240.0%
California St Stwd Cmntys Dev Auth5.750% 06/27/20350.0%
Middlesex Cnty Nj Impt Auth Revenue0.000% 01/01/20250.0%
Public Fin Auth Wi Revenue0.000% 11/25/20480.0%
Florida St Dev Fin Corp0.000% 05/11/20370.0%
New York St Transprtn Dev Corp Spl Fac Revenue2.250% 07/30/20260.0%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue4.550% 06/25/20400.0%
Puerto Rico Sales Tax Fing Corp Sales Tax Revenue4.536% 06/22/20530.0%
USM3 - 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 05/26/2023
$0.14183
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
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 05/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.69
$100,000 to $249,999 1.75% 1.50% $10.64
$250,000 to $499,999 0.00% 1.00% $10.45
$500,000 to $999,999 0.00% 1.00% $10.45
$1,000,000 to $5,000,000 0.00% 1.00% $10.45

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 04/30/2023

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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*"Barron's Best Fund Families of 2021", #7 ranking in the Tax Exempt Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families.  Ranking for the ten-year period ending 12/31/2021 is #4 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

The High Income Municipal Bond Fund A share rankings within the Lipper High Yield Municipal Debt Funds Funds Average as of 12/31/2019 for the one-year time period was 6% (11/189); five-year, 17% (22/132); and 10-year, 34% (30/88). Source: Lipper Analytical Services. Lipper Funds Average ranking reflect all share classes within the category and are based on total return and do not reflect the effect of sales charges.

 

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.

 

5

The 30-day Standardized Subsidized yields reflect 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 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.

 

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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