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 06/24/2022

$10.84

arrowUp$0.03

YTD Returns w/o sales charge as of 06/24/2022

-15.21%

Overall Morningstar Ratings

High Yield Muni
as of 05/31/2022

Morningstar rated the Lord Abbett High Income Municipal Bond Fund class A share 3, 3 and 4 stars among 189, 162 and 104 High Yield Muni Funds for the overall rating and the 3, 5 and 10 year periods ended 5/31/2022, 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

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 3.59%
w/ sales charge 3.51%

30 Day Standardized yield 2 as of 05/31/2022  

3.67%

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

Fund Basicsas of 05/31/2022

Total Net Assets
$3.88 B
Inception Date
12/30/2004
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
700
Minimum Initial Investment
$1,000+

Expense Ratioas of 05/31/2022

Expense ratio details, Click here.

 

 

 

Fund Expense Ratio :

0.75%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -11.29% -9.50% 0.66% 3.02% 4.00% 3.22%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% 3.61% -
Bloomberg High Yield Municipal Bond Index -8.86% -6.27% 2.43% 4.26% 4.84% 5.01%
w/ sales charge -13.29% -11.55% -0.09% 2.55% 3.76% 3.02%

Fund Expense Ratio :

0.75%

Fund Expense Ratio :

0.75%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -8.62% -4.24% 2.49% 4.01% 4.57% 3.43%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% 4.17% -
Bloomberg High Yield Municipal Bond Index -6.53% -1.35% 4.04% 5.25% 5.44% 5.21%
w/ sales charge -10.68% -6.39% 1.72% 3.53% 4.34% 3.23%

Fund Expense Ratio :

0.75%

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
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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
GO Local
Transportation
Lease
Water & Sewer
GO State
Housing
Power
Other
Pre-Refunded
VRDN
Treasury

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 05/31/2022

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

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 3.59%
w/ sales charge 3.51%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.67% 3.67%

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

Fund Expense Ratio :

0.75%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -11.29% -9.50% 0.66% 3.02% 4.00% 3.22%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% 3.61% -
Bloomberg High Yield Municipal Bond Index -8.86% -6.27% 2.43% 4.26% 4.84% 5.01%
w/ sales charge -13.29% -11.55% -0.09% 2.55% 3.76% 3.02%

Fund Expense Ratio :

0.75%

Fund Expense Ratio :

0.75%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -8.62% -4.24% 2.49% 4.01% 4.57% 3.43%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% 4.17% -
Bloomberg High Yield Municipal Bond Index -6.53% -1.35% 4.04% 5.25% 5.44% 5.21%
w/ sales charge -10.68% -6.39% 1.72% 3.53% 4.34% 3.23%

Fund Expense Ratio :

0.75%

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
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% 18.14%
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
2022 -8.62% - - - -15.21%
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 07/31/2021

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 05/31/2022

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

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

PORTFOLIO BREAKDOWN as of 05/31/2022

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 05/31/2022

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

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

Credit QUALITY DISTRIBUTION as of 05/31/2022

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 3/31/2022

  • Although primarily invested in non-investment-grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg U.S. High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index. The Fund has a higher quality positioning relative to the benchmark to provide diversification and enhance liquidity.
  • The fundamental backdrop of the municipal market is currently strong, and credit may continue to strengthen into the near future. Almost all municipal sectors have stable or positive outlooks by the credit rating agencies as the market continues to be supported by the robust fiscal spending over the past two years, a better-than-expected economic recovery from the pandemic and strong tax revenue growth. In terms of fiscal spending, it has been estimated that approximately $1 trillion has been passed down to state and local governments as a result of pandemic relief spending by the Federal government. Regarding tax revenues, according to the National Conference of State Legislatures, it is anticipated that half of states will see revenue figures that surpass their original forecasts for fiscal year 2022. More specifically, increased sales tax revenue streams may be powered by higher consumer demand as well as inflationary pressures. Similarly, in the longer term, real estate tax revenues may be pushed up by inflation as well. Given this strong credit backdrop, we are positive on credit risk going forward.
  • From a sector perspective, the Fund is currently overweight the Industrial Development and Transportation sectors relative to the secondary benchmark.
  • The current weakness in demand has largely been tied to investor concerns over rising Treasury yields and, to some extent, tax loss selling. The current outflow cycle may endure over the near term should Treasury yields continue to increase, but we expect demand to recover once the market volatility eases. In terms of tax loss selling, some investors have been exiting municipal bond positions to recognize losses in an effort to offset gains achieved in more profitable investments. We expect these tax loss pressures to subside in the near term. While tax exempt supply has been roughly in line with 2021, it would be a negative for the market if supply were to pick up in the near term in concert with continuing outflows.
  • While the strategy’s longer duration relative to the benchmark has led to underperformance in the short term, we expect this positioning to support performance over the long term for various reasons. First, the municipal yield curve remains upward sloping, even given the recent inversion of the Treasury yield curve. We are regularly monitoring the overall shape of the curve in an effort to identify the steepest portions to optimize total return. As we typically do not hold bonds to maturity, we are able exploit this steepness through strategies such as yield curve roll down to generate capital appreciation along with tax free income for our clients. Strategies such as this may require positioning further out on the yield curve relative to the benchmark. Additionally, even considering the underperformance of longer-dated bonds in the last quarter, over the long term, intermediate and long-dated bonds have outperformed bonds on the shorter end of the curve. We expect this trend to remain intact going forward, while there will be periods of short-term volatility as seen this quarter. Of note, we continue to maintain the strategy’s duration within a tight band of the benchmark.
  • The market turbulence seen over the last quarter, while painful in the short term, has brought opportunity. With the significant fall in prices since the start of the year, not only do we have access to bonds that were much harder to buy in the strong market environment seen last year, but we can enter these positions at more attractive yields compared to just three months ago at the end of 2021. Additionally, Muni/Treasury ratios have started to normalize from the rich levels seen in 2021 and ratios at the longer end of the curve are starting to approach ‘cheaper’ levels compared to history.

Portfolio Details as of 05/31/2022

Total Net Assets
$3.88 B
Number of Issues
700
Average Coupon
4.6%
Average Effective Maturity
22.2 Years
Average Effective Duration
9.73 Years

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

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

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

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

Holding Coupon Maturity Assets
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 5.000% 07/01/2058 1.4%
Main Street Natural Gas Inc 4.000% 08/01/2052 1.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.750% 07/01/2053 1.2%
Chicago Board of Education 5.000% 12/01/2047 1.1%
Buckeye Tobacco Settlement Financing Authority 5.000% 06/01/2055 1.0%
Ohio Air Quality Development Authority 5.000% 07/01/2049 1.0%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit 5.000% 07/01/2035 0.9%
TSASC Inc/NY 5.000% 06/01/2048 0.8%
County of Jefferson AL Sewer Revenue 6.500% 10/01/2053 0.8%
Tuscaloosa County Industrial Development Authority 5.250% 05/01/2044 0.8%
% of Total Assets 10.3%

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 of04/29/2022

Holding Coupon Maturity Assets
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20581.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20531.5%
Main Street Natural Gas Inc4.000% 08/01/20521.3%
Chicago Board of Education5.000% 12/01/20471.1%
New York Liberty Development Corp5.000% 11/15/20441.0%
Ohio Air Quality Development Authority5.000% 07/01/20490.9%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20350.9%
Buckeye Tobacco Settlement Financing Authority5.000% 06/01/20550.9%
Iowa Finance Authority5.250% 12/01/20250.9%
County of Jefferson AL Sewer Revenue6.500% 10/01/20530.8%
Capital Trust Agency Inc5.000% 07/01/20560.7%
Tuscaloosa County Industrial Development Authority5.250% 05/01/20440.7%
Tobacco Settlement Financing Corp/VA0.000% 06/01/20470.7%
TSASC Inc/NY5.000% 06/01/20480.7%
New York Transportation Development Corp4.375% 10/01/20450.7%
Clifton Higher Education Finance Corp6.125% 08/15/20480.6%
Public Finance Authority7.000% 12/01/20500.6%
Arkansas Development Finance Authority4.500% 09/01/20490.6%
George L Smith II Congress Center Authority5.000% 01/01/20540.6%
New York Transportation Development Corp5.000% 08/01/20310.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20470.5%
Arkansas Development Finance Authority4.750% 09/01/20490.5%
City of Chicago IL6.000% 01/01/20380.5%
Duluth Economic Development Authority5.250% 02/15/20580.5%
California Statewide Communities Development Autho5.500% 12/01/20580.5%
Tobacco Settlement Financing Corp5.000% 06/01/20460.5%
Public Finance Authority4.250% 07/01/20540.5%
California Housing Finance Agency3.250% 08/20/20360.5%
Hoover Industrial Development Board5.750% 10/01/20490.5%
New York Transportation Development Corp5.000% 10/01/20400.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20300.5%
Tobacco Settlement Financing Corp/VA5.000% 06/01/20470.5%
Texas Private Activity Bond Surface Transportation5.000% 06/30/20580.4%
City of Oroville CA5.250% 04/01/20540.4%
Main Street Natural Gas Inc5.000% 05/15/20490.4%
Kentucky Public Energy Authority4.000% 08/01/20520.4%
New Jersey Transportation Trust Fund Authority4.000% 06/15/20500.4%
Development Authority of Burke County/The4.125% 11/01/20450.4%
Memphis-Shelby County Airport Authority5.000% 07/01/20490.4%
Iowa Finance Authority5.000% 12/01/20500.4%
New York Transportation Development Corp5.250% 01/01/20500.4%
E-470 Public Highway Authority0.000% 09/01/20310.4%
State of Hawaii Department of Budget & Finance3.200% 07/01/20390.4%
State of Illinois5.000% 03/01/20460.4%
Golden State Tobacco Securitization Corp0.000% 06/01/20660.4%
Chicago Board of Education5.250% 12/01/20390.4%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20290.4%
California Statewide Communities Development Autho5.500% 12/01/20540.4%
City of Houston TX Airport System Revenue5.000% 07/01/20290.4%
County of Muskingum OH5.000% 02/15/20440.4%
Florida Development Finance Corp3.000% 06/01/20320.4%
Iowa Finance Authority5.250% 12/01/20500.4%
Berks County Industrial Development Authority5.000% 11/01/20500.3%
Allentown Neighborhood Improvement Zone Developmen6.000% 05/01/20420.3%
Maryland Economic Development Corp5.250% 06/30/20550.3%
County of Frederick MD5.000% 09/01/20450.3%
Metropolitan Government Nashville & Davidson Count5.250% 10/01/20580.3%
New York Transportation Development Corp4.000% 10/31/20460.3%
Calhoun County Navigation Industrial Development A3.625% 07/01/20260.3%
Cleveland-Cuyahoga County Port Authority5.500% 12/01/20530.3%
CSCDA Community Improvement Authority3.000% 06/01/20470.3%
California Statewide Communities Development Autho5.250% 12/01/20560.3%
New Hampshire Business Finance Authority4.875% 11/01/20420.3%
Public Finance Authority4.000% 09/30/20510.3%
Tender Option Bond Trust Receipts/Certificates0.000% 11/15/20550.3%
Berks County Industrial Development Authority4.000% 11/01/20470.3%
Chicago Board of Education5.000% 12/01/20420.3%
County of Campbell WY3.625% 07/15/20390.3%
Commonwealth of Puerto Rico5.375% 07/01/20250.3%
Black Belt Energy Gas District4.000% 12/01/20520.3%
California Municipal Finance Authority5.625% 03/01/20450.3%
City of New Orleans LA5.000% 12/01/20460.3%
Maryland Economic Development Corp4.000% 09/01/20500.3%
Metropolitan Transportation Authority5.000% 11/15/20500.3%
City of Fruita CO Healthcare Revenue5.500% 01/01/20480.3%
Public Finance Authority5.000% 07/01/20420.3%
Roanoke County Economic Development Authority5.250% 09/01/20490.3%
State of Illinois5.500% 05/01/20300.3%
Chicago Board of Education5.000% 12/01/20370.3%
Montgomery County Industrial Development Authority5.250% 01/15/20450.3%
Lower Alabama Gas District/The5.000% 09/01/20460.3%
Port Beaumont Navigation District4.000% 01/01/20500.3%
California Municipal Finance Authority4.000% 12/31/20470.3%
Chicago Board of Education5.000% 12/01/20330.3%
Metropolitan Transportation Authority5.250% 11/15/20440.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.3%
Iowa Finance Authority4.750% 08/01/20420.3%
Iowa Finance Authority4.000% 12/01/20500.3%
Michigan Tobacco Settlement Finance Authority0.000% 06/01/20580.3%
West Pace Cooperative District0.000% 05/01/20390.3%
Metropolitan Pier & Exposition Authority0.000% 12/15/20360.3%
City of Oroville CA5.250% 04/01/20490.3%
Spring Valley Community Infrastructure District No3.750% 09/01/20510.3%
Jefferson Center Metropolitan District No 15.750% 12/15/20500.3%
Jefferson County Port Authority/OH3.500% 12/01/20510.3%
Capital Trust Agency Inc5.000% 06/15/20490.3%
State of Illinois4.250% 10/01/20450.3%
Chicago O'Hare International Airport4.000% 01/01/20440.3%
Tender Option Bond Trust Receipts/Certificates0.000% 07/01/20560.3%
Niagara Area Development Corp4.750% 11/01/20420.3%
State of Illinois4.000% 10/01/20340.3%
Washington State Convention Center Public Faciliti4.000% 07/01/20580.3%
Build NYC Resource Corp5.000% 06/15/20510.2%
Washington State Convention Center Public Faciliti4.000% 07/01/20310.2%
Metropolitan Pier & Exposition Authority5.500% 06/15/20530.2%
Bucks County Industrial Development Authority4.000% 07/01/20460.2%
Moon Industrial Development Authority6.000% 07/01/20450.2%
County of Lucas OH5.250% 11/15/20480.2%
Dutchess County Local Development Corp5.000% 07/01/20510.2%
Maricopa County Industrial Development Authority4.000% 10/15/20470.2%
Development Authority Of The City Of Marietta5.000% 11/01/20370.2%
New Hampshire Health and Education Facilities Auth5.000% 08/01/20590.2%
County of Ward ND5.000% 06/01/20530.2%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20460.2%
Black Belt Energy Gas District4.000% 06/01/20510.2%
California Statewide Communities Development Autho5.250% 12/01/20440.2%
Bucks County Industrial Development Authority4.000% 07/01/20510.2%
State of Illinois5.500% 05/01/20390.2%
Shelby County Health Educational & Housing Facilit5.750% 10/01/20590.2%
New York Transportation Development Corp4.000% 01/01/20360.2%
Main Street Natural Gas Inc4.000% 05/01/20520.2%
Columbia Industrial Development Board0.390% 12/01/20370.2%
County of Cuyahoga OH5.500% 02/15/20520.2%
Parish of St James LA6.350% 10/01/20400.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.2%
California Community Housing Agency4.000% 02/01/20500.2%
City of Chicago IL5.500% 01/01/20490.2%
Maricopa County Industrial Development Authority5.500% 10/01/20510.2%
Development Authority Of The City Of Marietta5.000% 11/01/20470.2%
Central Plains Energy Project5.000% 09/01/20420.2%
Commonwealth of Puerto Rico5.625% 07/01/20270.2%
Polk County Industrial Development Authority5.875% 01/01/20330.2%
Ohio Air Quality Development Authority3.250% 09/01/20290.2%
California Community Housing Agency5.000% 04/01/20490.2%
California Municipal Finance Authority5.000% 08/01/20480.2%
County of Jefferson AL Sewer Revenue6.000% 10/01/20420.2%
Metropolitan Transportation Authority5.000% 11/15/20480.2%
New York Transportation Development Corp5.250% 08/01/20310.2%
Public Finance Authority4.000% 03/31/20560.2%
Development Authority Of Floyd County6.500% 12/01/20530.2%
American Samoa Economic Development Authority7.125% 09/01/20380.2%
Municipal Electric Authority of Georgia5.000% 01/01/20590.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20340.2%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20380.2%
Chicago Board of Education7.000% 12/01/20460.2%
CSCDA Community Improvement Authority4.000% 12/01/20560.2%
Chicago Board of Education5.250% 12/01/20350.2%
Foothill-Eastern Transportation Corridor Agency6.000% 01/15/20530.2%
New York Liberty Development Corp5.150% 11/15/20340.2%
TSASC Inc/NY5.000% 06/01/20450.2%
Rhode Island Health and Educational Building Corp5.000% 09/01/20360.2%
California Community Housing Agency3.000% 02/01/20570.2%
Palm Beach County Health Facilities Authority5.000% 05/15/20530.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20380.2%
New York Transportation Development Corp5.375% 08/01/20360.2%
District of Columbia Tobacco Settlement Financing0.000% 06/15/20550.2%
New Jersey Economic Development Authority5.500% 06/01/20330.2%
Public Finance Authority5.125% 06/01/20480.2%
River Islands Public Financing Authority5.500% 09/01/20450.2%
Public Finance Authority5.000% 01/01/20240.2%
County of Muskingum OH5.000% 02/15/20480.2%
Clifton Higher Education Finance Corp5.750% 08/15/20450.2%
Village Community Development District No 124.250% 05/01/20430.2%
Commonwealth of Puerto Rico0.000% 11/01/20430.2%
Oklahoma Development Finance Authority5.500% 08/15/20520.2%
State of Illinois4.000% 06/01/20370.2%
New York State Dormitory Authority3.000% 03/15/20420.2%
Celebration Pointe Community Development District5.000% 05/01/20480.2%
Colorado International Center Metropolitan Distric5.875% 12/01/20460.2%
New York City Transitional Finance Authority Futur0.350% 05/01/20340.2%
Mida Mountain Village Public Infrastructure Distri5.000% 08/01/20500.2%
Puerto Rico Electric Power Authority0.000% 07/01/20240.2%
North Parkway Municipal Management District No 15.000% 09/15/20510.2%
City of Jacksonville FL5.000% 06/01/20530.2%
Buckeye Tobacco Settlement Financing Authority0.000% 06/01/20570.2%
Territory of Guam4.000% 01/01/20360.2%
Florida Higher Educational Facilities Financial Au5.000% 06/01/20480.2%
New York Transportation Development Corp5.000% 01/01/20240.2%
Oklahoma Development Finance Authority5.500% 08/15/20570.2%
Public Authority for Colorado Energy6.500% 11/15/20380.2%
Holmes County Hospital Corp0.000% 11/01/20380.2%
Port Beaumont Navigation District3.000% 01/01/20500.2%
Maryland Economic Development Corp0.000% 12/01/20310.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20370.2%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20460.2%
Louisiana Local Government Environmental Facilitie6.250% 11/15/20450.2%
Metropolitan Pier & Exposition Authority5.000% 06/15/20530.2%
Oklahoma Development Finance Authority5.000% 08/01/20490.2%
Capital Trust Agency Inc5.000% 12/15/20500.2%
Farmville Industrial Development Authority5.000% 01/01/20590.2%
New York City Industrial Development Agency5.000% 07/01/20280.2%
Public Finance Authority4.000% 07/01/20610.2%
County of Howard MD5.000% 04/01/20460.2%
Port Beaumont Navigation District3.625% 01/01/20350.2%
Public Finance Authority5.250% 10/01/20480.2%
UIPA Crossroads Public Infrastructure District4.375% 06/01/20520.2%
New York Liberty Development Corp2.500% 11/15/20360.2%
Commonwealth of Puerto Rico5.250% 07/01/20230.2%
County of Cuyahoga OH5.000% 02/15/20570.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
New Jersey Economic Development Authority5.250% 09/15/20290.2%
City of Scranton PA5.000% 11/15/20320.2%
Indiana Finance Authority4.125% 12/01/20260.2%
Metropolitan Pier & Exposition Authority5.000% 06/15/20500.2%
Allentown Neighborhood Improvement Zone Developmen5.375% 05/01/20420.2%
California Statewide Financing Authority0.000% 06/01/20460.2%
Chicago Board of Education5.000% 12/01/20390.2%
New York Transportation Development Corp2.250% 08/01/20260.2%
City of Philadelphia PA Airport Revenue5.000% 07/01/20510.2%
Development Authority of Burke County/The4.125% 11/01/20450.2%
Green Valley Ranch East Metropolitan District No 65.875% 12/01/20500.2%
Massachusetts Development Finance Agency4.000% 06/01/20490.2%
City of Reno NV0.000% 07/01/20580.1%
Main Street Natural Gas Inc4.000% 03/01/20500.1%
Pennsylvania Economic Development Financing Author3.250% 08/01/20390.1%
Parish of St James LA6.350% 07/01/20400.1%
University of Illinois4.000% 04/01/20370.1%
CSCDA Community Improvement Authority4.000% 08/01/20560.1%
New Jersey Economic Development Authority5.000% 06/15/20470.1%
Toledo-Lucas County Port Authority4.000% 01/01/20570.1%
Bucks County Industrial Development Authority5.000% 07/01/20540.1%
New Mexico Hospital Equipment Loan Council5.500% 07/01/20420.1%
Berks County Industrial Development Authority5.000% 11/01/20470.1%
Capital Trust Agency Inc5.000% 12/15/20550.1%
Chicago Board of Education6.500% 12/01/20460.1%
Glendale Industrial Development Authority5.000% 11/15/20530.1%
Industrial Development Authority of the County of5.000% 07/01/20490.1%
New York Transportation Development Corp4.000% 04/30/20530.1%
North Texas Tollway Authority4.250% 01/01/20490.1%
Lower Alabama Gas District/The5.000% 09/01/20340.1%
Rocky Mountain Rail Park Metropolitan District5.000% 12/01/20510.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20490.1%
Chicago Board of Education5.000% 12/01/20300.1%
County of Jefferson AL Sewer Revenue0.000% 10/01/20460.1%
Academical Village Community Development District4.000% 05/01/20510.1%
Chicago Board of Education5.000% 12/01/20300.1%
Chicago Board of Education5.000% 12/01/20290.1%
Foothill-Eastern Transportation Corridor Agency6.000% 01/15/20490.1%
Michigan State Housing Development Authority3.600% 10/01/20600.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20450.1%
County of Cuyahoga OH5.500% 02/15/20570.1%
County of Jefferson AL Sewer Revenue5.000% 10/01/20440.1%
New Jersey Economic Development Authority5.000% 06/15/20430.1%
New York Transportation Development Corp4.000% 12/01/20400.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20330.1%
Utah Charter School Finance Authority5.375% 06/15/20480.1%
Chicago Board of Education5.000% 12/01/20380.1%
Florida Development Finance Corp6.125% 06/15/20460.1%
Kirkwood Industrial Development Authority5.250% 05/15/20500.1%
PEFA Inc5.000% 09/01/20490.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.000% 07/01/20420.1%
Chicago O'Hare International Airport5.000% 01/01/20480.1%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20440.1%
County of Prince George's MD5.250% 07/01/20480.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20500.1%
New Jersey Transportation Trust Fund Authority4.000% 06/15/20500.1%
Southeastern Ohio Port Authority5.500% 12/01/20430.1%
Chicago O'Hare International Airport5.000% 01/01/20520.1%
Duluth Economic Development Authority5.250% 06/15/20520.1%
Illinois Finance Authority4.000% 09/01/20410.1%
New Jersey Economic Development Authority5.625% 01/01/20520.1%
Illinois Finance Authority5.000% 09/01/20380.1%
Massachusetts Development Finance Agency5.000% 07/01/20510.1%
Mission Economic Development Corp4.625% 10/01/20310.1%
Prince George's County Revenue Authority5.000% 07/01/20460.1%
Arizona Industrial Development Authority5.000% 07/01/20540.1%
County of Tuscarawas OH6.000% 03/01/20450.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20330.1%
Arlington Higher Education Finance Corp5.500% 08/15/20460.1%
Chicago Board of Education5.000% 12/01/20440.1%
City of Coralville IA4.450% 05/01/20370.1%
Fulton County Industrial Development Authority5.000% 07/01/20510.1%
Maricopa County Pollution Control Corp3.600% 02/01/20400.1%
Montgomery County Industrial Development Authority5.375% 01/01/20500.1%
Northern Palm Beach County Improvement District5.000% 08/01/20460.1%
County of Jefferson AL Sewer Revenue0.000% 10/01/20390.1%
Parish of Beauregard LA6.800% 02/01/20270.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20400.1%
Chester County Industrial Development Authority5.375% 10/15/20420.1%
City of Coralville IA4.000% 05/01/20410.1%
Fulton County Residential Care Facilities for the5.000% 04/01/20470.1%
North Range Metropolitan District No 35.250% 12/01/20500.1%
Pennsylvania Economic Development Financing Author9.000% 04/01/20510.1%
Hampton Roads Transportation Accountability Commis4.000% 07/01/20600.1%
Metropolitan Pier & Exposition Authority0.000% 12/15/20370.1%
Pennsylvania Turnpike Commission5.000% 12/01/20440.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
Scranton Redevelopment Authority5.000% 11/15/20280.1%
Berks County Industrial Development Authority4.000% 11/01/20500.1%
Compton Community Redevelopment Agency6.000% 08/01/20420.1%
Miami World Center Community Development District5.250% 11/01/20490.1%
Puerto Rico Electric Power Authority0.000% 07/01/20420.1%
Florida Development Finance Corp5.000% 05/01/20290.1%
New York City Municipal Water Finance Authority0.360% 06/15/20450.1%
Fulton County Industrial Development Authority5.000% 07/01/20460.1%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20360.1%
State of Illinois3.500% 06/01/20290.1%
Virginia Small Business Financing Authority3.375% 01/01/20510.1%
Jefferson Parish Economic Development & Port Distr5.625% 06/15/20480.1%
State of Hawaii Department of Budget & Finance4.000% 03/01/20370.1%
Columbus-Franklin County Finance Authority6.500% 03/01/20480.1%
Washington State Convention Center Public Faciliti3.000% 07/01/20580.1%
Atlanta Development Authority/The7.000% 01/01/20400.1%
Military Installation Development Authority4.000% 06/01/20520.1%
Public Finance Authority4.625% 06/01/20360.1%
Public Finance Authority4.300% 11/01/20300.1%
Virginia Small Business Financing Authority4.000% 01/01/20380.1%
Allegheny County Industrial Development Authority5.125% 05/01/20300.1%
American Samoa Economic Development Authority5.000% 09/01/20380.1%
Metropolitan Pier & Exposition Authority0.000% 06/15/20370.1%
Michigan Finance Authority5.000% 06/01/20490.1%
City of Valparaiso IN7.000% 01/01/20440.1%
Cleveland-Cuyahoga County Port Authority4.000% 12/01/20550.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.1%
Doylestown Hospital Authority4.000% 07/01/20450.1%
King County Public Hospital District No 46.250% 12/01/20450.1%
Niagara Area Development Corp5.000% 07/01/20520.1%
Village Metropolitan District/The5.000% 12/01/20490.1%
Charlotte County Industrial Development Authority/4.000% 10/01/20510.1%
Dutchess County Local Development Corp5.000% 07/01/20450.1%
Indiana Finance Authority6.750% 05/01/20390.1%
Village Community Development District No 133.700% 05/01/20500.1%
Louisiana Local Government Environmental Facilitie2.500% 04/01/20360.1%
Lower Colorado River Authority5.000% 05/15/20510.1%
Maricopa County Industrial Development Authority5.000% 07/01/20470.1%
Nassau County Tobacco Settlement Corp5.250% 06/01/20260.1%
New Hampshire Business Finance Authority3.750% 07/01/20450.1%
Antelope Valley Healthcare District5.000% 03/01/20410.1%
Berks County Municipal Authority/The5.000% 02/01/20400.1%
City of Coralville IA4.500% 06/01/20320.1%
Tahoe-Douglas Visitors Authority5.000% 07/01/20510.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20390.1%
New Jersey Economic Development Authority5.500% 06/15/20290.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20420.1%
Wisconsin Health & Educational Facilities Authorit5.375% 02/01/20480.1%
CMFA Special Finance Agency4.000% 12/01/20450.1%
Florida Development Finance Corp5.000% 07/15/20460.1%
Industrial Development Authority of the City of St4.750% 11/15/20470.1%
New Jersey Economic Development Authority5.000% 06/15/20430.1%
Roanoke County Economic Development Authority5.375% 09/01/20540.1%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20430.1%
State of Illinois5.000% 03/01/20370.1%
Tobacco Settlement Financing Corp/RI0.000% 06/01/20520.1%
Arlington Higher Education Finance Corp5.000% 06/15/20510.1%
Babcock Ranch Community Independent Special Distri5.000% 05/01/20420.1%
Chicago Transit Authority Sales Tax Receipts Fund4.000% 12/01/20550.1%
Glendale Industrial Development Authority5.000% 11/15/20400.1%
City of Henderson KY3.700% 01/01/20320.1%
Gainesville & Hall County Hospital Authority5.500% 08/15/20540.1%
Babcock Ranch Community Independent Special Distri5.000% 05/01/20530.1%
City of Blaine MN6.125% 07/01/20500.1%
Denver Health & Hospital Authority5.250% 12/01/20450.1%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.1%
Virginia Small Business Financing Authority4.000% 01/01/20400.1%
CSCDA Community Improvement Authority4.000% 06/01/20570.1%
City of Compton CA Water Revenue6.000% 08/01/20390.1%
City of Houston TX Airport System Revenue5.000% 07/15/20280.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20370.1%
Capital Trust Agency Inc5.000% 12/15/20400.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20370.1%
Fort Bend County Industrial Development Corp4.750% 11/01/20420.1%
Industrial Development Authority of the County of5.000% 07/01/20550.1%
Metropolitan Pier & Exposition Authority0.000% 12/15/20540.1%
New York City Industrial Development Agency4.000% 03/01/20450.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.1%
California Statewide Communities Development Autho5.000% 12/01/20410.1%
Cape Girardeau County Industrial Development Autho4.000% 03/01/20410.1%
City & County of Denver CO Airport System Revenue5.500% 11/15/20250.1%
Holmes County Hospital Corp0.000% 11/01/20260.1%
California Housing Finance Agency4.250% 01/15/20350.1%
County of Frederick MD4.000% 07/01/20500.1%
Allegheny County Airport Authority5.000% 01/01/20510.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20460.1%
City of Chicago IL5.500% 01/01/20330.1%
City of Fruita CO Healthcare Revenue5.375% 01/01/20330.1%
Inland Valley Development Agency5.250% 09/01/20370.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20350.1%
Philadelphia Authority for Industrial Development6.625% 06/01/20500.1%
Chicago Transit Authority Sales Tax Receipts Fund4.000% 12/01/20500.1%
Cleveland-Cuyahoga County Port Authority4.500% 12/01/20550.1%
Prairie Center Metropolitan District No 35.000% 12/15/20410.1%
Florence Town Inc Industrial Development Authority6.000% 07/01/20430.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20370.1%
Village Community Development District No 133.250% 05/01/20520.1%
Virginia Small Business Financing Authority5.000% 07/01/20360.1%
Antelope Valley Healthcare District5.000% 03/01/20460.1%
City of Houston TX Airport System Revenue4.750% 07/01/20240.1%
Jefferson Parish Economic Development & Port Distr5.500% 06/15/20380.1%
Massachusetts Development Finance Agency5.000% 07/01/20410.1%
Mida Mountain Village Public Infrastructure Distri4.250% 08/01/20350.1%
Berks County Municipal Authority/The5.000% 02/01/20400.1%
Pennsylvania Turnpike Commission4.000% 12/01/20490.1%
Metropolitan Pier & Exposition Authority5.500% 06/15/20290.1%
Michigan Finance Authority4.000% 06/01/20490.1%
Monongalia County Commission Excise Tax District4.875% 06/01/20430.1%
Nassau County Tobacco Settlement Corp5.000% 06/01/20350.1%
Puerto Rico Electric Power Authority0.000% 07/01/20420.1%
Regional Transportation District3.000% 07/15/20370.1%
Virginia Small Business Financing Authority5.000% 01/01/20350.1%
Arizona Industrial Development Authority5.750% 07/01/20530.1%
Chicago Board of Education5.000% 12/01/20340.1%
Commonwealth of Pennsylvania4.000% 07/01/20460.1%
Arizona Industrial Development Authority5.000% 07/01/20510.1%
Virginia Small Business Financing Authority5.000% 01/01/20480.1%
West Villages Improvement District5.000% 05/01/20500.1%
Commonwealth of Puerto Rico5.625% 07/01/20290.1%
Louisiana Public Facilities Authority5.000% 07/01/20590.1%
Maricopa County Industrial Development Authority5.250% 10/01/20400.1%
American Samoa Economic Development Authority6.500% 09/01/20280.1%
Commonwealth of Puerto Rico5.750% 07/01/20310.1%
New York Transportation Development Corp5.000% 08/01/20260.1%
Upper San Juan Health Service District Medical Cen6.125% 06/01/20460.1%
Michigan Strategic Fund4.500% 06/30/20480.1%
New York State Dormitory Authority5.250% 01/01/20340.1%
Columbus-Franklin County Finance Authority6.500% 03/01/20530.1%
County of Wilson KS5.600% 09/01/20360.1%
Industrial Development Authority of the City of St4.375% 11/15/20350.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20410.1%
River Islands Public Financing Authority5.500% 09/01/20450.1%
County of Jefferson AL Sewer Revenue0.000% 10/01/20280.1%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20330.1%
Kentucky Economic Development Finance Authority5.375% 11/15/20320.1%
Maricopa County Pollution Control Corp3.600% 04/01/20400.1%
New Hampshire Business Finance Authority5.000% 07/01/20510.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20500.1%
Northern Palm Beach County Improvement District5.000% 08/01/20460.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.000% 07/01/20470.1%
Tulsa County Industrial Authority5.250% 11/15/20450.1%
Arlington Higher Education Finance Corp5.000% 06/15/20410.1%
St Louis Municipal Finance Corp5.000% 10/01/20490.1%
Tahoe-Douglas Visitors Authority5.000% 07/01/20450.1%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20390.1%
Atlanta Urban Redevelopment Agency3.875% 07/01/20510.1%
Massachusetts Development Finance Agency4.000% 07/01/20400.1%
North Parkway Municipal Management District No 14.750% 09/15/20410.1%
State of Illinois4.000% 01/01/20260.1%
County of Muskingum OH5.000% 02/15/20330.1%
State of Illinois4.000% 11/01/20440.1%
Tennessee Energy Acquisition Corp5.000% 05/01/20520.1%
Tobacco Securitization Authority of Southern Calif0.000% 06/01/20540.1%
Village Community Development District No 124.375% 05/01/20500.1%
Arizona Industrial Development Authority5.000% 06/01/20580.1%
Crawford County Hospital Authority6.000% 06/01/20510.1%
Palomar Health5.000% 11/01/20390.1%
St Louis Municipal Finance Corp5.000% 10/01/20450.1%
Arizona Industrial Development Authority6.000% 07/01/20470.1%
Massachusetts Port Authority5.000% 07/01/20460.1%
Chicago Board of Education5.000% 12/01/20310.1%
City of Henderson KY4.450% 01/01/20420.1%
Nassau County Tobacco Settlement Corp0.000% 06/01/20600.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20460.1%
County of Howard MD5.000% 04/01/20440.1%
Michigan Finance Authority5.000% 09/01/20500.1%
State of Illinois4.000% 10/01/20370.1%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.1%
Illinois Finance Authority4.000% 10/01/20550.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20450.1%
Inland Empire Tobacco Securitization Corp0.000% 06/01/20570.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20300.1%
Municipal Electric Authority of Georgia5.000% 01/01/20630.1%
New York Transportation Development Corp5.000% 12/01/20420.1%
Philadelphia Authority for Industrial Development6.500% 06/01/20450.1%
Public Finance Authority4.000% 07/01/20510.1%
Public Finance Authority6.850% 10/01/20470.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.784% 07/01/20580.1%
State of Illinois4.000% 11/01/20410.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.1%
Chester County Industrial Development Authority5.250% 10/15/20470.1%
Doylestown Hospital Authority5.000% 07/01/20490.1%
Niagara Area Development Corp3.500% 11/01/20240.1%
Oconee County Industrial Development Authority6.375% 12/01/20530.1%
Texas Transportation Commission5.000% 08/01/20570.1%
California School Finance Authority5.125% 07/01/20440.1%
Chicago Board of Education7.000% 12/01/20440.1%
Guam Government Waterworks Authority5.000% 01/01/20500.1%
New York City Industrial Development Agency4.000% 03/01/20450.1%
Arizona Industrial Development Authority5.625% 07/01/20480.1%
California Pollution Control Financing Authority5.000% 11/21/20450.1%
Denver International Business Center Metropolitan6.000% 12/01/20480.1%
Maricopa County Industrial Development Authority5.000% 07/01/20490.1%
Chicago Board of Education6.750% 12/01/20300.1%
Crawford County Hospital Authority6.000% 06/01/20460.1%
Public Finance Authority5.250% 05/15/20520.1%
American Samoa Economic Development Authority6.625% 09/01/20350.1%
Anson Education Facilities Corp5.000% 08/15/20450.1%
Hoover Industrial Development Board6.375% 11/01/20500.1%
Rockland Tobacco Asset Securitization Corp0.000% 08/15/20600.1%
Upper San Juan Health Service District Medical Cen6.000% 06/01/20410.1%
City & County of San Francisco CA Special Tax Dist4.000% 09/01/20460.1%
County of Berkeley SC4.250% 11/01/20400.1%
County of Frederick MD4.625% 07/01/20430.1%
New York City Transitional Finance Authority Futur0.350% 11/01/20440.1%
Peninsula Town Center Community Development Author5.000% 09/01/20450.1%
Tobacco Securitization Authority of Southern Calif0.000% 06/01/20460.1%
Brighton Crossing Metropolitan District No 65.000% 12/01/20500.1%
Florida Development Finance Corp5.000% 09/15/20500.1%
Anne Arundel County Consolidated Special Taxing Di5.250% 07/01/20440.1%
Florida Development Finance Corp5.000% 06/15/20500.1%
Public Finance Authority4.000% 07/01/20410.1%
Florida Development Finance Corp6.375% 05/15/20370.1%
Monongalia County Commission Excise Tax District4.125% 06/01/20430.1%
Virginia Small Business Financing Authority5.000% 07/01/20370.1%
Chicago Board of Education5.000% 12/01/20320.1%
City of Oroville CA5.250% 04/01/20390.1%
Municipal Electric Authority of Georgia5.000% 01/01/20480.1%
New Jersey Economic Development Authority5.000% 06/15/20420.1%
Public Finance Authority5.000% 12/01/20250.1%
Public Finance Authority5.750% 11/15/20440.1%
Academical Village Community Development District3.625% 05/01/20400.1%
Arizona Industrial Development Authority5.000% 07/01/20490.1%
Greater Orlando Aviation Authority5.000% 11/15/20360.1%
Massachusetts Development Finance Agency5.000% 07/01/20560.1%
Public Finance Authority5.250% 10/01/20430.1%
Village Metropolitan District/The5.000% 12/01/20400.1%
Franklin Health & Educational Facilities Board0.000% 06/01/20470.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20460.1%
Main Street Natural Gas Inc5.000% 05/15/20430.1%
Metropolitan Transportation Authority5.000% 11/15/20450.1%
Michigan Strategic Fund4.250% 12/31/20380.1%
North Range Metropolitan District No 35.000% 12/01/20400.1%
State of Illinois4.000% 03/01/20400.1%
California Statewide Financing Authority0.000% 06/01/20550.1%
Capital Trust Agency Inc5.000% 06/15/20390.1%
Chicago Board of Education5.000% 12/01/20360.1%
Illinois Finance Authority4.000% 10/01/20420.1%
New York State Environmental Facilities Corp3.125% 12/01/20440.1%
Arkansas Development Finance Authority3.500% 07/01/20460.1%
California County Tobacco Securitization Agency4.000% 06/01/20490.1%
California Municipal Finance Authority4.000% 07/15/20290.1%
Cleveland-Cuyahoga County Port Authority5.500% 12/01/20430.1%
Fulton County Residential Care Facilities for the5.000% 04/01/20540.1%
California Enterprise Development Authority5.000% 08/01/20570.0%
Chicago Transit Authority Sales Tax Receipts Fund5.000% 12/01/20550.0%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20360.0%
Territory of Guam4.000% 01/01/20420.0%
Illinois Finance Authority5.000% 09/01/20400.0%
Kirkwood Industrial Development Authority5.250% 05/15/20420.0%
Maryland Economic Development Corp0.000% 12/01/20310.0%
New Hampshire Business Finance Authority5.000% 07/01/20410.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.0%
Rocky Mountain Rail Park Metropolitan District5.000% 12/01/20410.0%
Tobacco Settlement Financing Corp/VA0.000% 06/01/20470.0%
West Villages Improvement District4.750% 05/01/20390.0%
City of Reno NV0.000% 07/01/20580.0%
CSCDA Community Improvement Authority4.000% 09/01/20460.0%
Erie Tobacco Asset Securitization Corp0.000% 06/01/20600.0%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20560.0%
Miami-Dade County Health Facilities Authority4.000% 08/01/20460.0%
Southeastern Ohio Port Authority6.000% 12/01/20420.0%
UIPA Crossroads Public Infrastructure District4.125% 06/01/20410.0%
Harris County Cultural Education Facilities Financ5.125% 01/01/20480.0%
New Hampshire Business Finance Authority5.000% 07/01/20560.0%
Oconee County Industrial Development Authority6.250% 12/01/20480.0%
Arkansas Development Finance Authority4.250% 07/01/20410.0%
Build NYC Resource Corp5.000% 12/01/20510.0%
California Statewide Communities Development Autho5.250% 11/15/20340.0%
Atlanta Urban Redevelopment Agency3.625% 07/01/20420.0%
Florida Development Finance Corp5.000% 06/15/20550.0%
Michigan Finance Authority4.800% 09/01/20400.0%
Public Finance Authority6.850% 11/01/20460.0%
Virginia Small Business Financing Authority5.000% 01/01/20330.0%
Central Texas Regional Mobility Authority5.000% 01/01/20460.0%
Chicago Board of Education5.000% 12/01/20330.0%
Chicago Board of Education5.000% 12/01/20350.0%
Massachusetts Development Finance Agency4.000% 07/01/20450.0%
California Municipal Finance Authority5.000% 12/01/20460.0%
Clackamas County Hospital Facility Authority5.375% 11/15/20550.0%
New Jersey Economic Development Authority5.000% 06/01/20360.0%
California County Tobacco Securitization Agency5.000% 06/01/20500.0%
Cape Girardeau County Industrial Development Autho4.000% 03/01/20460.0%
County of Frederick MD5.000% 09/01/20370.0%
District of Columbia Tobacco Settlement Financing0.000% 06/15/20550.0%
Downtown Doral South Community Development Distric5.000% 12/15/20480.0%
Glendale Industrial Development Authority5.000% 11/15/20360.0%
New Hampshire Business Finance Authority3.625% 07/01/20430.0%
Public Finance Authority4.000% 07/01/20510.0%
State of Nevada Department of Business & Industry5.000% 12/15/20480.0%
Build NYC Resource Corp5.000% 01/01/20350.0%
Cleveland-Cuyahoga County Port Authority5.250% 12/01/20380.0%
County of Berkeley SC4.375% 11/01/20490.0%
Maricopa County Industrial Development Authority5.000% 07/01/20540.0%
Pennsylvania Turnpike Commission4.000% 12/01/20430.0%
Town of Rumford ME6.875% 10/01/20260.0%
Wisconsin Health & Educational Facilities Authorit5.000% 08/01/20390.0%
City of Henderson KY4.450% 01/01/20420.0%
City of New Haven CT5.500% 08/01/20370.0%
Parish of St James LA6.100% 12/01/20400.0%
Public Finance Authority4.000% 12/01/20410.0%
Puerto Rico Electric Power Authority0.000% 07/01/20380.0%
Arlington Higher Education Finance Corp5.000% 08/15/20510.0%
Capital Trust Agency Inc5.000% 12/15/20490.0%
Maryland Economic Development Corp4.000% 09/01/20400.0%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20380.0%
Arizona Industrial Development Authority5.000% 07/01/20470.0%
Charlotte County Industrial Development Authority/4.000% 10/01/20410.0%
Chicago Board of Education5.000% 12/01/20360.0%
Glendale Industrial Development Authority5.000% 11/15/20450.0%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20390.0%
Finance Authority of Maine4.375% 08/01/20350.0%
Pennsylvania Turnpike Commission3.000% 12/01/20420.0%
Utah Charter School Finance Authority5.000% 06/15/20520.0%
Build NYC Resource Corp5.000% 12/01/20410.0%
Mida Mountain Village Public Infrastructure Distri4.500% 08/01/20400.0%
New Hampshire Business Finance Authority4.000% 11/01/20270.0%
New Jersey Transportation Trust Fund Authority4.000% 06/15/20350.0%
New York Transportation Development Corp5.000% 01/01/20360.0%
State of Illinois4.500% 11/01/20390.0%
Virginia Small Business Financing Authority6.000% 01/01/20370.0%
Arkansas Development Finance Authority4.000% 07/01/20520.0%
Commonwealth of Puerto Rico0.000% 07/01/20240.0%
Metropolitan Pier & Exposition Authority0.000% 12/15/20520.0%
New Jersey Economic Development Authority5.375% 01/01/20430.0%
State of Illinois4.000% 03/01/20410.0%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20400.0%
City of New Haven CT5.500% 08/01/20330.0%
County of Prince George's MD5.125% 07/01/20390.0%
State of Illinois5.750% 05/01/20450.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20460.0%
Atlanta Development Authority/The0.000% 01/01/20230.0%
New York Transportation Development Corp5.000% 12/01/20350.0%
South Carolina Jobs-Economic Development Authority4.000% 06/01/20460.0%
Anne Arundel County Consolidated Special Taxing Di5.125% 07/01/20360.0%
Antelope Valley Healthcare District5.250% 03/01/20360.0%
City of Chicago IL5.500% 01/01/20370.0%
Florida Development Finance Corp5.000% 09/15/20400.0%
Illinois Finance Authority4.000% 10/01/20350.0%
Military Installation Development Authority4.000% 06/01/20410.0%
New York Transportation Development Corp5.000% 12/01/20370.0%
Parish of St James LA5.850% 08/01/20410.0%
State of Illinois4.000% 03/01/20380.0%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20380.0%
Village Community Development District No 133.000% 05/01/20410.0%
Build NYC Resource Corp5.000% 12/01/20550.0%
Charlotte County Industrial Development Authority/5.000% 10/01/20340.0%
Chester County Industrial Development Authority5.125% 10/15/20370.0%
City of Scranton PA5.000% 09/01/20290.0%
Clifton Higher Education Finance Corp6.000% 08/15/20430.0%
Illinois Finance Authority4.000% 10/01/20400.0%
Michigan Finance Authority4.300% 09/01/20300.0%
Pennsylvania Economic Development Financing Author5.500% 11/01/20440.0%
Public Finance Authority4.000% 07/01/20560.0%
Utah Charter School Finance Authority5.000% 06/15/20410.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20390.0%
Public Finance Authority6.750% 12/01/20420.0%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20450.0%
New York Transportation Development Corp4.000% 12/01/20400.0%
Puerto Rico Highway & Transportation Authority0.000% 07/01/20220.0%
South Carolina Jobs-Economic Development Authority4.000% 06/01/20360.0%
Westerly Metropolitan District No 45.000% 12/01/20400.0%
Arlington Higher Education Finance Corp5.000% 08/15/20410.0%
Celebration Pointe Community Development District4.000% 05/01/20530.0%
Plymouth Educational Center Charter School5.375% 11/01/20300.0%
Toledo-Lucas County Port Authority4.000% 01/01/20510.0%
Celebration Pointe Community Development District3.375% 05/01/20410.0%
Monroe Tobacco Asset Securitization Corp0.000% 06/01/20610.0%
Peninsula Town Center Community Development Author5.000% 09/01/20370.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.0%
Village Community Development District No 106.000% 05/01/20440.0%
Atlanta Development Authority/The6.750% 01/01/20350.0%
Maryland Economic Development Corp5.000% 06/01/20490.0%
New York Liberty Development Corp2.300% 11/15/20340.0%
Arizona Industrial Development Authority5.500% 07/01/20520.0%
Arkansas Development Finance Authority3.125% 07/01/20360.0%
Northern Palm Beach County Improvement District5.000% 08/01/20370.0%
Westerly Metropolitan District No 40.000% 12/01/20500.0%
Capital Trust Agency Inc5.000% 12/15/20540.0%
City of New Haven CT5.500% 08/01/20350.0%
City of North Las Vegas NV4.625% 06/01/20490.0%
City of Sparks NV2.750% 06/15/20280.0%
District of Columbia Tobacco Settlement Financing0.000% 06/15/20460.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20300.0%
Arborwood Community Development District6.900% 05/01/20360.0%
Downtown Doral South Community Development Distric4.750% 12/15/20380.0%
Michigan Public Educational Facilities Authority7.000% 10/01/20360.0%
California Municipal Finance Authority5.250% 08/15/20390.0%
Puerto Rico Public Finance Corp0.000% 08/01/20310.0%
Texas Transportation Commission0.000% 08/01/20360.0%
City of North Las Vegas NV4.500% 06/01/20390.0%
City of North Las Vegas NV4.625% 06/01/20430.0%
City of Scranton PA5.000% 09/01/20280.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 07/01/20530.0%
Texas Transportation Commission0.000% 08/01/20400.0%
Washington State Housing Finance Commission6.000% 01/01/20240.0%
California Statewide Communities Development Autho5.500% 07/01/20390.0%
City of Valparaiso IN5.875% 01/01/20240.0%
Illinois Finance Authority4.000% 10/01/20340.0%
Plaza at Noah's Ark Community Improvement District3.125% 05/01/20350.0%
Tern Bay Community Development District0.000% 05/01/20370.0%
Grandview Industrial Development Authority0.000% 12/01/20280.0%
California County Tobacco Securitization Agency5.000% 06/01/20490.0%
City of Sparks NV2.500% 06/15/20240.0%
Maryland Economic Development Corp5.000% 06/01/20440.0%
Texas Transportation Commission0.000% 08/01/20480.0%
Commonwealth of Puerto Rico4.000% 07/01/20330.0%
Florida Development Finance Corp0.000% 05/15/20370.0%
Magnolia West Community Development District5.350% 05/01/20370.0%
California Statewide Communities Development Autho5.750% 07/01/20350.0%
Puerto Rico Highway & Transportation Authority0.000% 07/01/20280.0%
California Statewide Communities Development Autho5.750% 07/01/20240.0%
Commonwealth of Puerto Rico4.000% 07/01/20350.0%
Middlesex County Improvement Authority0.000% 01/01/20370.0%
Commonwealth of Puerto Rico4.000% 07/01/20370.0%
Arborwood Community Development District6.900% 05/01/20360.0%
Arborwood Community Development District6.900% 05/01/20250.0%
Commonwealth of Puerto Rico0.000% 07/01/20330.0%
Middlesex County Improvement Authority0.000% 01/01/20250.0%
Public Finance Authority0.000% 12/01/20480.0%
Florida Development Finance Corp0.000% 05/15/20370.0%

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 06/24/2022
$0.158
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.03242 $11.37
Daily Daily 04/30/2022 $0.03267 $11.27
Daily Daily 03/31/2022 $0.03168 $11.78
Daily Daily 02/28/2022 $0.03138 $12.34
Daily Daily 01/31/2022 $0.03051 $12.51

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 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.09
$100,000 to $249,999 1.75% 1.50% $11.03
$250,000 to $499,999 0.00% 1.00% $10.84
$500,000 to $999,999 0.00% 1.00% $10.84
$1,000,000 to $5,000,000 0.00% 1.00% $10.84

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 05/31/2022

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.

 

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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