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High Yield Municipal Bond Fund

Daily price w/o sales charge as of 07/19/2019

$12.41

$0.00

YTD Returns w/o sales charge as of 07/19/2019

7.57%

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 Yield 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 07/19/2019  

w/o sales charge 3.33%

30 Day Standardized yield 2 as of 06/30/2019  

2.49%

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

Fund Basicsas of 06/28/2019

Total Net Assets
$2.84 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.44%
Fund Net Expense Ratio
1.43%
Number of Holdings
608
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.13% 7.04% 4.14% 5.24% 6.37% 3.20%
Lipper Category Avg. High Yield Municipal Debt Funds 6.02% 6.43% 3.43% 5.01% 6.71% -
Bloomberg Barclays High Yield Muni Index 6.65% 7.78% 5.33% 6.35% 8.13% -
w/ sales charge 6.13% 7.04% 4.14% 5.24% 6.37% 3.20%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.13% 7.04% 4.14% 5.24% 6.37% 3.20%
Lipper Category Avg. High Yield Municipal Debt Funds 6.02% 6.43% 3.43% 5.01% 6.71% -
Bloomberg Barclays High Yield Muni Index 6.65% 7.78% 5.33% 6.35% 8.13% -
w/ sales charge 6.13% 7.04% 4.14% 5.24% 6.37% 3.20%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

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

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

RELATED CONTENT

Are There Still Opportunities in High-Yield Munis?
May 31, 2019

Here are four reasons why we believe this diverse asset class continues to offer value to investors.

High Marks for High-Yield Municipals
June 18, 2018

In a difficult environment for fixed income, high-yield municipals have posted strong returns so far in 2018. Here are a few reasons investors may want to take another look.

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

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

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

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

Maturity Assets
< 0
<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 06/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
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

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 07/19/2019  

w/o sales charge 3.33%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.49% 2.49%

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

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.13% 7.04% 4.14% 5.24% 6.37% 3.20%
Lipper Category Avg. High Yield Municipal Debt Funds 6.02% 6.43% 3.43% 5.01% 6.71% -
Bloomberg Barclays High Yield Muni Index 6.65% 7.78% 5.33% 6.35% 8.13% -
w/ sales charge 6.13% 7.04% 4.14% 5.24% 6.37% 3.20%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.13% 7.04% 4.14% 5.24% 6.37% 3.20%
Lipper Category Avg. High Yield Municipal Debt Funds 6.02% 6.43% 3.43% 5.01% 6.71% -
Bloomberg Barclays High Yield Muni Index 6.65% 7.78% 5.33% 6.35% 8.13% -
w/ sales charge 6.13% 7.04% 4.14% 5.24% 6.37% 3.20%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

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

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

Year Fund Returns Bloomberg Barclays High Yield Muni Index
2018 3.15% 4.75%
2017 6.71% 9.68%
2016 2.04% 2.99%
2015 2.93% 1.81%
2014 13.78% 13.84%
2013 -7.58% -5.51%
2012 17.35% 18.14%
2011 3.78% 9.25%
2010 3.02% 7.79%
2009 34.90% 32.73%
2008 -33.18% -
2007 -7.83% -
2006 8.95% -
2005 6.55% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 4.01% 3.00% - - 7.59%
2018 0.68% 2.55% 0.48% -0.56% 3.15%
2017 2.54% 1.78% 1.81% 0.43% 6.71%
2016 2.22% 4.22% 0.98% -5.14% 2.04%
2015 1.32% -1.30% 1.12% 1.79% 2.93%
2014 5.14% 3.84% 2.50% 1.67% 13.78%
2013 1.40% -5.37% -3.54% -0.15% -7.58%
2012 6.73% 3.12% 3.49% 3.03% 17.35%
2011 -1.87% 5.08% 1.38% -0.72% 3.78%
2010 3.07% 1.27% 4.32% -5.40% 3.02%
2009 8.07% 9.97% 14.47% -0.83% 34.90%
2008 -5.36% 0.08% -7.35% -23.86% -33.18%
2007 0.94% -0.48% -3.26% -5.16% -7.83%
2006 1.69% 1.11% 3.74% 2.14% 8.95%
2005 1.72% 3.52% 0.30% 0.89% 6.55%
2004 - - - - 0.16%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 06/28/2019

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

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

PORTFOLIO BREAKDOWN as of 06/28/2019

Maturity Assets
< 0
<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 06/28/2019

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

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

Credit QUALITY DISTRIBUTION as of 06/28/2019

Rating Assets
A-1/MIG1
A-2/MIG2
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 06/30/2019

  • Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer attractive risk-adjusted income and greater liquidity relative to below investment-grade bonds.
  • The portfolio’s largest allocation is an overweight to the health care sector and a slight underweight to the industrial development sector.
  • While the flattening and partial inversion of the front end of the Treasury yield curve has made headlines as of late, the municipal yield curve remains steep and offers incremental yield opportunities in longer maturities. To that end, the portfolio is overweight bonds with maturities of 20 years and longer.

Portfolio Details as of 06/28/2019

Total Net Assets
$2.84 B
Number of Issues
608
Average Coupon
5.1%
Average Effective Maturity
23.5 Years
Average Effective Duration
8.38 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
NY Liberty Dev Corp - 3 World Trade Ctr 5.000% 11/15/2044 1.4%
Buckeye Tobacco Settlement Fin Auth 5.125% 06/01/2024 1.2%
Arkansas Dev Fin Auth 4.500% 09/01/2049 1.2%
Tuscaloosa County Industrial Development Authority 5.250% 05/01/2044 1.1%
Main Street Natural Gas, Inc. 5.000% 05/15/2049 1.0%
Puerto Rico Sales Tax Financing Corporation 5.000% 07/01/2058 1.0%
Iowa Finance Auth - Iowa Fertilizer Co 5.250% 12/01/2025 1.0%
Wisconsin Public Finance Auth - American Dream 7.000% 12/01/2050 0.9%
Jefferson County Sewer 6.500% 10/01/2053 0.9%
California Statewide - Loma Linda Univ Medical Center 5.250% 12/01/2056 0.8%
% of Total Assets 10.5%

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 of05/31/2019

Holding Coupon Maturity Assets
NY Liberty Dev Corp - 3 World Trade Ctr5.000% 11/15/20441.4%
Tuscaloosa County Industrial Development Authority5.250% 05/01/20441.1%
Main Street Natural Gas, Inc.5.000% 05/15/20491.1%
Arkansas Dev Fin Auth4.500% 09/01/20491.0%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20241.0%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20251.0%
Puerto Rico Sales Tax Financing Corporation5.000% 07/01/20581.0%
Wisconsin Public Finance Auth - American Dream7.000% 12/01/20500.9%
Jefferson County Sewer6.500% 10/01/20530.9%
California Statewide - Loma Linda Univ Medical Center5.250% 12/01/20560.9%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20470.8%
City of Chicago General Obligation6.000% 01/01/20380.8%
Clifton Hgr Ed Fin Corp., TX6.125% 08/15/20480.8%
California Community Housing Agency5.000% 04/01/20490.8%
Lower Alabama Gas District - Goldman Sachs5.000% 09/01/20460.8%
California Statewide Comntys Dev Auth5.500% 12/01/20580.7%
NYS Tobacco Settlement Corp5.000% 06/01/20480.7%
Chicago, IL5.500% 01/01/20490.7%
E-470 Public Highway Authority0.000% 09/01/20310.6%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.6%
Chicago Board of Education5.250% 12/01/20410.6%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.6%
Cleveland Airport - Continental Airlines5.375% 09/15/20270.6%
Roanoke County Economic Development Authority5.250% 09/01/20490.6%
Duluth Economic Development Auth - Essentia Health5.250% 02/15/20580.6%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.6%
Atlanta Dev Auth7.000% 01/01/20400.5%
Puerto Rico Elec Pwr Auth5.250% 07/01/20400.5%
Velocity Metropolitan District No 35.500% 12/01/20480.5%
Iowa Fin Auth5.250% 12/01/20500.5%
California Statewide Comntys Dev Auth5.500% 12/01/20540.5%
New Hampshire Bus Fin Auth4.875% 11/01/20420.5%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.4%
Illinois, IL6.000% 05/01/20260.4%
Puerto Rico Sales Tax Fincg Corp4.750% 07/01/20530.4%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.4%
California Muni Fin Auth5.625% 03/01/20450.4%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20460.4%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.4%
Franklin Hlth & Edl Facs Bd7.500% 06/01/20470.4%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.4%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.4%
Chicago Brd of Ed5.000% 12/01/20420.4%
New Jersey Transportation Trust Fund5.250% 06/15/20430.4%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.4%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.4%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20570.4%
Niagara Area Dev Corp., NY4.750% 11/01/20420.4%
Chicago O'Hare International Airport4.000% 01/01/20440.4%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20300.4%
Mission Econ Dev Corp, TX4.625% 10/01/20310.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Cleveland-Cuyahoga County Port Authority5.500% 12/01/20530.4%
Massachusetts Dev Fin Agy4.000% 06/01/20490.4%
Frederick Cnty, MD5.000% 09/01/20450.4%
NJ Eco Dev Auth - Continental Airlines5.250% 09/15/20290.4%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.625% 07/01/20420.4%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.4%
Campbell, WY3.625% 07/15/20390.4%
Moon Indus Dev Auth6.000% 07/01/20450.4%
Oklahoma Dev Fin Auth5.500% 08/15/20570.4%
Lucas Cnty, OH5.250% 11/15/20480.4%
City of Oroville CA5.250% 04/01/20540.4%
California Muni Fin Auth - LINXS4.000% 12/31/20470.4%
County of Ward ND5.000% 06/01/20530.4%
California Poll Cntrl Fin Auth5.000% 11/21/20450.4%
Burke Cnty Dev Auth, GA4.125% 11/01/20450.3%
Cnty of Cuyahoga, OH5.500% 02/15/20520.3%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.3%
Indiana Fin Auth5.000% 07/01/20440.3%
Puerto Rico Sales Tax Fincg Corp4.550% 07/01/20400.3%
Pima Cnty Indus Dev Auth, AZ5.000% 06/15/20470.3%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.3%
Chicago Brd of Ed7.000% 12/01/20460.3%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20500.3%
Chicago Brd of Ed5.250% 12/01/20390.3%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.3%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20530.3%
New York City Transitional Finance Auth - Future Tax1.900% 08/01/20310.3%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
West Pace Cooperative District9.125% 05/01/20390.3%
Kirkwood Indus Dev Auth5.250% 05/15/20500.3%
Rhode Island Hlth & Edl Bldg Corp.5.000% 09/01/20360.3%
Village Comnty Dev Dist No. 124.250% 05/01/20430.3%
Montgomery Cnty Indus Dev Auth, PA5.250% 01/15/20450.3%
Chicago Brd of Ed5.250% 12/01/20350.3%
Chicago5.000% 01/01/20530.3%
Oklahoma Dev Fin Auth5.500% 08/15/20520.3%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20340.3%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20460.3%
Howard Cnty, MD5.000% 04/01/20460.3%
Cnty of Botetourt VA6.000% 07/01/20440.3%
Colorado International Center Metropolitan Distric5.875% 12/01/20460.3%
Illinois, IL4.000% 06/01/20370.3%
Jefferson Cnty, AL6.000% 10/01/20420.3%
Texas Water Development Board4.000% 10/15/20370.3%
Overland Park Dev Corp5.125% 01/01/20320.3%
Pub Fin Auth6.850% 10/01/20470.3%
Holmes Cnty Hosp Corp.6.000% 11/01/20380.3%
Kirkwood Indus Dev Auth8.250% 05/15/20390.3%
River Islands Public Fing Auth5.500% 09/01/20450.3%
Pub Fin Auth7.000% 10/01/20420.3%
Clifton Hgr Ed Fin Corp., TX5.750% 08/15/20450.3%
Kansas City Land Clearance Redevelopment Authority5.000% 02/01/20500.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.625% 07/01/20360.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.250% 11/15/20450.2%
New York City Indl Dev Agy5.000% 07/01/20280.2%
Mid Bay Br Auth, FL7.250% 10/01/20340.2%
Glendale Industrial Development Authority5.000% 11/15/20530.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
Florida Dev Fin Corp.7.500% 06/15/20330.2%
Velocity Metropolitan District No 35.375% 12/01/20390.2%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20460.2%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20530.2%
Cnty of Licking, OH6.000% 07/01/20500.2%
Puerto Rico5.000% 07/01/20200.2%
Pub Fin Auth5.000% 07/01/20420.2%
Arkansas City Public Bldg Comm6.750% 09/01/20380.2%
Rochester, MN7.375% 12/01/20410.2%
Iowa Tobacco Settlement Auth5.375% 06/01/20380.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
Decatur Hosp Auth5.250% 09/01/20440.2%
Univ of Illinois Bd of Trustees4.000% 04/01/20370.2%
City of Scranton, PA5.000% 11/15/20320.2%
New York City Indl Dev Agy5.000% 01/01/20310.2%
New Jersey Econ Dev Auth5.000% 06/15/20470.2%
Louisiana Pub Facs Auth6.375% 12/01/20340.2%
Roanoke County Economic Development Authority5.375% 09/01/20540.2%
New Mexico Hosp Equipment Loan Council5.500% 07/01/20420.2%
Chicago Brd of Ed5.500% 12/01/20390.2%
Allegheny Cnty Indl Dev Auth, PA6.875% 05/01/20300.2%
North Texas Tollway Auth4.250% 01/01/20490.2%
Marietta Dev Auth5.000% 11/01/20470.2%
New Jersey Econ Dev Auth5.500% 04/01/20280.2%
Allentown Neighborhood Impt Zone Dev Auth5.375% 05/01/20420.2%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.2%
Chicago Brd of Ed5.000% 12/01/20300.2%
Colorado Hlth Facs Auth7.750% 08/01/20290.2%
Chicago Brd of Ed6.500% 12/01/20460.2%
Pub Fin Auth6.850% 11/01/20460.2%
Marietta Dev Auth5.000% 11/01/20370.2%
California Muni Fin Auth5.000% 08/01/20480.2%
Chicago Brd of Ed5.000% 12/01/20290.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Michigan Strategic Fnd5.500% 06/01/20470.2%
South Carolina St Ports Auth5.250% 07/01/20550.2%
Chicago5.000% 01/01/20520.2%
Jefferson Cnty, AL5.000% 10/01/20440.2%
New Jersey Econ Dev Auth5.625% 01/01/20520.2%
San Joaquin Hills Transp Corridor Agy, CA5.250% 01/15/20490.2%
Sparks Tourism Improvement District6.750% 06/15/20280.2%
Suffolk Tobacco Asset Securitization Corp.6.625% 06/01/20440.2%
Cnty of Cuyahoga, OH5.500% 02/15/20570.2%
New Jersey Econ Dev Auth5.125% 09/15/20230.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
California State Pub Wks Bd5.000% 04/01/20340.2%
Florida Dev Fin Corp.6.125% 06/15/20460.2%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.2%
New York City Transitional Fin Auth1.900% 11/01/20220.2%
Sacramento Cnty Tobacco Settlement Securitization5.500% 06/01/20450.2%
California Statewide Comntys Dev Auth5.500% 07/01/20390.2%
Detroit, MI5.250% 07/01/20410.2%
Utah St Charter Sch Fin Auth5.375% 06/15/20480.2%
Cnty of Tuscarawas OH6.000% 03/01/20450.2%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.2%
Illinois, IL5.000% 05/01/20390.2%
Fulton Cnty Indus Dev Auth, PA5.000% 07/01/20510.2%
New Hope Cultural Ed Fin Corp, TX5.000% 07/01/20460.2%
Arlington Higher Ed Fin Corp., TX5.500% 08/15/20460.2%
Northern Palm Beach Cnty Impt Dist5.000% 08/01/20460.2%
Guadalupe Regional Medical Center5.000% 12/01/20400.2%
Prince George's Cnty Rev Auth5.000% 07/01/20460.2%
Berks County Industrial Development Authority4.000% 11/01/20470.2%
Golden St Tobacco Securitization Corp.5.300% 06/01/20370.2%
Colorado Hlth Facs Auth7.750% 08/01/20390.2%
Metropolitan Pier & Exposition Auth, IL5.250% 06/15/20500.2%
Chester Cnty Indus Dev Auth5.375% 10/15/20420.2%
City of Blaine, MN6.125% 07/01/20500.2%
Pub Fin Auth5.125% 06/01/20480.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
Northern Tobacco Securitization Corp.5.000% 06/01/20320.2%
Michigan Tobacco Settlement Fin Auth6.000% 06/01/20340.2%
Scranton Redev Auth5.000% 11/15/20280.2%
Parish of Beauregard, LA6.800% 02/01/20270.2%
Puerto Rico Aqueduct & Swr Auth6.000% 07/01/20380.2%
Maricopa Cnty Poll Cntrl Corp., AZ3.600% 02/01/20400.2%
St. Louis Indus Dev Auth, MO4.750% 11/15/20470.2%
Jefferson Cnty, AL0.000% 10/01/20460.2%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.2%
New Hope Cultural Ed Fin Corp, TX5.500% 07/01/20540.2%
Florida Hgr Edl Facs Fin Auth5.000% 03/01/20490.2%
Compton Comnty Redev Agy6.000% 08/01/20420.2%
Burke Cnty Dev Auth, GA4.125% 11/01/20450.2%
American Samoa Economic Development Authority7.125% 09/01/20380.2%
Valparaiso, IN7.000% 01/01/20440.2%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20540.2%
Pima Cnty Indus Dev Auth, AZ5.000% 06/15/20520.2%
Jefferson Cnty, AL0.000% 10/01/20420.2%
Maryland Econ Dev Corp.5.000% 12/01/20310.2%
Jefferson Cnty, AL0.000% 10/01/20390.2%
Jefferson Parish Economic Development & Port Distr5.625% 06/15/20480.2%
Gaithersburg, MD6.000% 01/01/20230.2%
City of Reno NV0.000% 07/01/20580.2%
Flint Hosp Bldg Auth7.000% 07/01/20300.2%
Illinois Fin Auth5.000% 04/01/20310.2%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Pub Fin Auth6.375% 01/01/20480.2%
Massachusetts Dev Fin Agy4.000% 07/01/20470.2%
Illinois Fin Auth5.000% 04/01/20210.2%
Maricopa Cnty Indus Dev Auth, AZ5.000% 07/01/20470.2%
Philadelphia Auth for Indus Dev5.000% 07/01/20490.2%
Missouri Hlth & Edl Facs Auth4.000% 02/15/20540.2%
New Jersey Econ Dev Auth5.500% 06/15/20290.2%
Glenville State College5.250% 06/01/20470.2%
California Statewide Fing Auth0.000% 06/01/20460.2%
Chester County Health & Education Facilities Autho5.000% 11/01/20370.2%
Fulton Cnty Indus Dev Auth, PA5.000% 07/01/20460.2%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.2%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.2%
Glendale Industrial Development Authority5.000% 11/15/20400.2%
Chester County Health & Education Facilities Autho5.000% 11/01/20460.2%
Wisconsin Hlth & Edl Facs Auth5.375% 02/01/20480.2%
Golden St Tobacco Securitization Corp.0.000% 06/01/20470.2%
Chicago, IL5.000% 01/01/20380.2%
Denver Hlth and Hosp Auth, CO5.250% 12/01/20450.2%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20420.2%
Tobacco Settlement Fing Corp.0.000% 06/01/20470.2%
Florida Dev Fin Corp.5.000% 07/15/20460.2%
Michigan Public Edl Facs Auth6.500% 09/01/20370.1%
Massachusetts Dev Fin Agy5.000% 10/01/20570.1%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20440.1%
Illinois Fin Auth5.000% 04/01/20230.1%
Puerto Rico Aqueduct & Swr Auth4.250% 07/01/20250.1%
Nassau Cnty Tobacco Settlement Corp.5.250% 06/01/20260.1%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &5.250% 10/01/20580.1%
Puerto Rico Elec Pwr Auth5.000% 07/01/20420.1%
Denver City & Cnty Dept of Aviation, CO5.500% 11/15/20250.1%
Illinois, IL3.500% 06/01/20290.1%
Michigan Fin Auth4.000% 11/15/20500.1%
Inland Valley Development Agency5.250% 09/01/20370.1%
California Statewide Comntys Dev Auth5.000% 12/01/20410.1%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.1%
West Virginia Hosp Fin Auth6.500% 10/01/20280.1%
Compton, CA6.000% 08/01/20390.1%
Holmes Cnty Hosp Corp.5.750% 11/01/20260.1%
King Cnty Public Hosp Dist No 46.250% 12/01/20450.1%
New Hope Cultural Ed Fin Corp, TX5.000% 07/01/20360.1%
Arista Metropolitan District5.125% 12/01/20480.1%
Chicago, IL5.500% 01/01/20330.1%
Floyd Cnty Dev Auth, GA6.500% 12/01/20530.1%
Martin Cnty Hosp Dist7.250% 04/01/20360.1%
Illinois Fin Auth7.250% 02/15/20450.1%
Philadelphia Auth for Indus Dev6.625% 06/01/20500.1%
Prairie Center Metropolitan District No 35.000% 12/15/20410.1%
Fort Bend Cnty Indus Dev Corp.4.750% 11/01/20420.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX7.000% 01/01/20430.1%
Illinois Fin Auth4.000% 11/15/20520.1%
Massachusetts Dev Fin Agy4.000% 07/01/20440.1%
Florida Dev Fin Corp.5.000% 05/01/20290.1%
Indus Dev Auth of the Twn of Florence, Inc., AZ6.000% 07/01/20430.1%
Norfolk Redevelopment & Housing Authority5.250% 01/01/20540.1%
Wilson Cnty, KS5.600% 09/01/20360.1%
Jacksonville, FL5.000% 06/01/20530.1%
Puerto Rico Sales Tax Fincg Corp5.000% 07/01/20580.1%
Multnomah Cnty Hosp Facs Auth, OR5.400% 10/01/20440.1%
Florida Hgr Edl Facs Fin Auth5.000% 06/01/20480.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
Pennsylvania4.000% 07/01/20460.1%
Village of Bellwood, IL5.875% 12/01/20270.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX6.750% 11/15/20520.1%
Jefferson Parish Economic Development & Port Distr5.500% 06/15/20380.1%
Pub Fin Auth5.250% 10/01/20480.1%
Vigo Cnty Hosp Auth8.000% 09/01/20410.1%
Pub Fin Auth4.300% 11/01/20300.1%
Fremont Cmnty Facs Dist No 15.000% 09/01/20450.1%
Houston, TX5.000% 07/15/20350.1%
Michigan Strategic Fnd4.500% 06/30/20480.1%
Virginia Small Business Fing Auth5.000% 01/01/20480.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
Arizona Indus Dev Auth5.000% 07/01/20510.1%
Illinois Fin Auth5.250% 05/15/20500.1%
Inland Empire Tobacco Securitization Auth5.000% 06/01/20210.1%
Chicago, IL5.250% 01/01/20320.1%
Michigan Tobacco Settlement Fin Auth5.250% 06/01/20220.1%
Arizona Indus Dev Auth5.750% 07/01/20530.1%
Greater Wenatchee Regl Events Center Pub Facs Dist5.500% 09/01/20420.1%
Kansas City Land Clearance Redevelopment Authority5.000% 02/01/20400.1%
Chicago5.000% 01/01/20310.1%
Washington St Hsg Fin Comm6.750% 10/01/20470.1%
New York City Indl Dev Agy5.000% 01/01/20360.1%
Village of Bellwood, IL6.150% 12/01/20320.1%
Celebration Pointe Comnty Dev Dist5.000% 05/01/20480.1%
Oconee County Industrial Development Authority6.375% 12/01/20530.1%
Upper San Juan Hlth Svcs Dist6.125% 06/01/20460.1%
Columbus-Franklin County Finance Authority6.500% 03/01/20530.1%
River Islands Public Fing Auth5.500% 09/01/20450.1%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20510.1%
Kentucky Econ Dev Fin Auth5.375% 11/15/20320.1%
West Villages Improvement District5.000% 05/01/20500.1%
Broward Cnty, FL5.125% 10/01/20380.1%
Village Comnty Dev Dist No. 124.375% 05/01/20500.1%
Nassau Cnty Tobacco Settlement Corp.5.000% 06/01/20350.1%
Tulsa Cnty Indus Auth5.250% 11/15/20450.1%
Howard Cnty, MD5.000% 04/01/20440.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
Fairfax Cnty Econ Dev Auth, VA5.000% 12/01/20420.1%
Puerto Rico5.625% 07/01/20320.1%
Northern Palm Beach Cnty Impt Dist5.000% 08/01/20460.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
Pub Fin Auth6.250% 01/01/20380.1%
Maricopa Cnty Poll Cntrl Corp., AZ3.600% 04/01/20400.1%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20520.1%
Crawford Cnty Hosp Auth6.000% 06/01/20510.1%
Kirkwood Indus Dev Auth8.000% 05/15/20290.1%
Illinois Fin Auth5.250% 02/15/20470.1%
New Jersey Econ Dev Auth5.625% 11/15/20300.1%
Virgin Islands Pub Fin Auth5.000% 10/01/20290.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20330.1%
New Jersey Transportation Trust Fund6.000% 06/15/20350.1%
Pub Fin Auth5.500% 12/01/20480.1%
Pub Fin Auth4.625% 06/01/20360.1%
Iowa Tobacco Settlement Auth5.500% 06/01/20420.1%
Chicago, IL5.250% 01/01/20280.1%
Illinois, IL4.000% 01/01/20260.1%
Puerto Rico5.500% 07/01/20260.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Flint Hosp Bldg Auth7.375% 07/01/20350.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
New Hope Cultural Ed Fin Corp, TX5.500% 01/01/20490.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX6.750% 11/15/20470.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20520.1%
Guam Waterworks Auth5.500% 07/01/20430.1%
Puerto Rico Aqueduct & Sewer Authority5.125% 07/01/20370.1%
Tobacco Settlement Fing Corp.0.000% 06/01/20520.1%
Puerto Rico Elec Pwr Auth5.050% 07/01/20420.1%
Inland Empire Tobacco Securitization Auth4.625% 06/01/20210.1%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20330.1%
California Statewide Comntys Dev Auth6.000% 10/01/20420.1%
Jefferson Cnty, AL0.000% 10/01/20280.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
Pub Fin Auth5.250% 04/01/20300.1%
Texas Transp Comm5.000% 08/01/20570.1%
Palm Beach Cnty Hlth Facs Auth, FL7.500% 06/01/20490.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.1%
Philadelphia Auth for Indus Dev6.500% 06/01/20450.1%
Norfolk Redevelopment & Housing Authority5.000% 01/01/20490.1%
California Sch Fin Auth5.125% 07/01/20440.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20450.1%
Chicago Brd of Ed7.000% 12/01/20440.1%
Chester Cnty Indus Dev Auth5.250% 10/15/20470.1%
California Poll Cntrl Fin Auth5.000% 11/21/20450.1%
Plaza Metropolitan Dist No 15.000% 12/01/20400.1%
Woodbury Hsg & Redev Auth5.125% 12/01/20440.1%
California Statewide Comntys Dev Auth5.750% 07/01/20350.1%
Floyd Cnty Dev Auth, GA6.250% 12/01/20480.1%
City of Oroville CA5.250% 04/01/20490.1%
Tender Option Bnd Tr Receipts/Certificates7.865% 08/15/20300.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
Crawford Cnty Hosp Auth6.000% 06/01/20460.1%
Indiana Fin Auth5.000% 07/01/20400.1%
Massachusetts Dev Fin Agy4.125% 10/01/20420.1%
California Statewide Comntys Dev Auth7.250% 11/15/20410.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX5.500% 11/15/20450.1%
Florida Hgr Edl Facs Fin Auth5.000% 03/01/20390.1%
Northern Tobacco Securitization Corp.5.000% 06/01/20460.1%
Illinois Fin Auth5.000% 04/01/20250.1%
Colorado Hlth Facs Auth5.250% 05/15/20470.1%
Pub Fin Auth5.250% 05/15/20520.1%
Anson Ed Facs Corp.5.000% 08/15/20450.1%
Puerto Rico Electric Power Authority5.750% 07/01/20360.1%
Arizona Indus Dev Auth5.625% 07/01/20480.1%
Florida Dev Fin Corp.6.375% 05/15/20370.1%
Peninsula Town Center Community Development Author5.000% 09/01/20450.1%
City of Oroville CA5.250% 04/01/20390.1%
Alachua Cnty Hlth Facs Auth6.250% 11/15/20440.1%
Foothill-Eastern Transp Corridor Agy, CA6.500% 01/15/20430.1%
Indiana Fin Auth5.000% 07/01/20350.1%
Upper San Juan Hlth Svcs Dist6.000% 06/01/20410.1%
Illinois Fin Auth6.000% 05/15/20430.1%
Denver International Business Center Metropolitan6.000% 12/01/20480.1%
Pub Fin Auth5.250% 10/01/20430.1%
Chicago Brd of Ed5.000% 12/01/20320.1%
New Jersey Econ Dev Auth5.000% 06/15/20420.1%
Pub Fin Auth5.000% 12/01/20250.1%
Orange Cnty Comnty Facs Dist5.250% 08/15/20450.1%
Puerto Rico4.500% 07/01/20230.1%
Washington St Hsg Fin Comm7.000% 07/01/20500.1%
Maryland Econ Dev Corp.5.000% 12/01/20160.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist5.250% 07/01/20440.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20350.1%
California Muni Fin Auth5.000% 08/01/20390.1%
Main Street Natural Gas, Inc.5.000% 05/15/20430.1%
Southlands Metropolitan District No 15.000% 12/01/20470.1%
Pub Fin Auth5.750% 11/15/20440.1%
County of Prince George's MD5.250% 07/01/20480.1%
New Jersey Econ Dev Auth5.500% 06/01/20330.1%
San Mateo, CA5.000% 09/01/20420.1%
Columbus-Franklin County Finance Authority6.500% 03/01/20480.1%
Oconee County Industrial Development Authority6.250% 12/01/20480.1%
Woodbury Hsg & Redev Auth5.250% 12/01/20490.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20460.1%
Washington St Hsg Fin Comm6.500% 10/01/20320.1%
Miami World Center Comnty Dev Dist5.250% 11/01/20490.1%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.1%
Hanover Cnty Econ Dev Auth5.000% 07/01/20420.1%
Cumberland Cnty Muni Auth, PA5.250% 01/01/20410.1%
Hanover Cnty Econ Dev Auth5.000% 07/01/20470.1%
Cumberland Cnty Muni Auth, PA6.000% 01/01/20400.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20490.1%
Puerto Rico5.000% 07/01/20230.1%
Rochester, MN6.875% 12/01/20290.1%
Puerto Rico Hwy & Transp Auth5.000% 07/01/20200.1%
San Diego Cnty Tobacco Asset Securitization Corp0.000% 06/01/20460.1%
Arizona Indus Dev Auth5.000% 07/01/20220.1%
Maryland Econ Dev Corp.5.250% 12/01/20310.1%
Kirkwood Indus Dev Auth5.250% 05/15/20420.1%
Gainesville & Hall Cnty Dev Auth5.000% 03/01/20470.1%
Puerto Rico Sales Tax Fincg Corp4.500% 07/01/20340.1%
TSASC, Inc.5.000% 06/01/20450.1%
Southeastern Ohio Port Auth6.000% 12/01/20420.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Inland Empire Tobacco Securitization Auth0.000% 06/01/20570.1%
West Villages Improvement District4.750% 05/01/20390.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.125% 01/01/20480.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
City of Rockville MD5.000% 11/01/20420.1%
Red River Hlth Facs Dev Corp.7.750% 11/15/20440.1%
Salem Hosp Fac Auth6.000% 05/15/20470.1%
California Statewide Comntys Dev Auth5.250% 07/01/20490.1%
Chicago Brd of Ed5.000% 12/01/20330.1%
California State Pub Wks Bd5.750% 10/01/20310.1%
Wisconsin Hlth & Edl Facs Auth5.000% 08/01/20390.1%
Atlanta Dev Auth6.750% 01/01/20350.1%
San Mateo, CA5.500% 09/01/20440.1%
Rockland Tobacco Asset Securitization Corp0.000% 08/15/20600.1%
New Jersey Econ Dev Auth5.000% 06/01/20360.1%
Build NYC Resource Corp., NY5.000% 01/01/20350.1%
Director St Dept Business & Indus, NV5.000% 12/15/20480.1%
Glendale Industrial Development Authority5.000% 11/15/20360.1%
Puerto Rico Elec Pwr Auth5.250% 07/01/20240.1%
Michigan Strategic Fnd5.250% 06/01/20320.1%
Downtown Doral South Community Development Distric5.000% 12/15/20480.1%
Upper Illinois River Vly Dev Auth7.375% 11/15/20450.1%
Connecticut Hlth & Educl Facs Auth5.000% 09/01/20530.1%
Cleveland-Cuyahoga County Port Authority5.500% 12/01/20430.1%
Glenville State College5.000% 06/01/20370.1%
Tempe Industrial Development Authority6.125% 10/01/20520.1%
City of Reno NV0.000% 07/01/20580.1%
City of Rockville MD5.000% 11/01/20470.1%
Washington St Hsg Fin Comm7.000% 07/01/20450.1%
Broadway Station Metropolitan District No 25.125% 12/01/20480.1%
Dorm Auth of the St of New York5.000% 11/01/20310.1%
Wisconsin Hlth & Edl Facs Auth5.000% 08/01/20320.1%
New Haven, CT5.500% 08/01/20370.1%
Rumford, ME6.875% 10/01/20260.1%
West Virginia Hosp Fin Auth6.500% 10/01/20380.1%
Philadelphia Auth for Indus Dev5.000% 07/01/20420.1%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.1%
California Cnty Tobacco Securitization Agy0.000% 06/01/20460.1%
Michigan Tobacco Settlement Fin Auth0.000% 06/01/20580.1%
Arizona Indus Dev Auth5.000% 07/01/20470.1%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20520.1%
Pennsylvania5.000% 07/01/20430.1%
Suffolk Cnty Indus Dev Agy5.500% 01/01/20370.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
Gainesville & Hall Cnty Dev Auth5.125% 03/01/20520.1%
Tempe Industrial Development Authority6.000% 10/01/20370.1%
Eaton Area Park & Recreation Dist5.250% 12/01/20340.0%
NJ Eco Dev Auth - Goethals Bridge5.375% 01/01/20430.0%
Ohio Air Qlty Dev Auth4.250% 01/15/20380.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20310.0%
California Statewide Comntys Dev Auth5.750% 07/01/20240.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20270.0%
Finance Authority of Maine4.375% 08/01/20350.0%
Chicago Brd of Ed6.750% 12/01/20300.0%
Indiana Fin Auth7.000% 10/01/20390.0%
California Statewide Comntys Dev Auth5.250% 07/01/20520.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
Upper Illinois River Vly Dev Auth7.250% 11/15/20400.0%
Puerto Rico Elec Pwr Auth5.500% 07/01/20380.0%
New Haven, CT5.500% 08/01/20330.0%
Southeastern Ohio Port Auth5.500% 12/01/20430.0%
County of Prince George's MD5.125% 07/01/20390.0%
Red River Hlth Facs Dev Corp.8.000% 11/15/20490.0%
Washington St Hsg Fin Comm6.000% 01/01/20240.0%
Foothill-Eastern Transp Corridor Agy, CA5.750% 01/15/20460.0%
Yonkers Econ Dev Corp., NY6.000% 10/15/20300.0%
Illinois, IL4.500% 11/01/20390.0%
City of Scranton, PA5.000% 09/01/20290.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20290.0%
Alachua Cnty Hlth Facs Auth8.000% 10/01/20460.0%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.0%
Puerto Rico Aqueduct & Swr Auth6.000% 07/01/20470.0%
San Diego Cnty Tobacco Asset Securitization Corp0.000% 06/01/20460.0%
Fairfax Cnty Econ Dev Auth, VA5.000% 12/01/20320.0%
City of Chicago General Obligation5.500% 01/01/20370.0%
Pub Fin Auth6.125% 01/01/20330.0%
Lancaster Cnty Hosp Auth, PA5.250% 07/01/20410.0%
Lancaster Cnty Hosp Auth, PA5.125% 07/01/20370.0%
Port of Seattle Indus Dev Corp., WA5.000% 04/01/20300.0%
Hanover Cnty Econ Dev Auth5.000% 07/01/20510.0%
Antelope Valley Hlthcare Dist5.250% 03/01/20360.0%
Salem Hosp Fac Auth5.625% 05/15/20320.0%
California Statewide Comntys Dev Auth6.000% 10/01/20470.0%
California Statewide Comntys Dev Auth5.625% 10/01/20320.0%
Anne Arundel Cnty Consolidated Spl Taxing Dist5.125% 07/01/20360.0%
Chester Cnty Indus Dev Auth5.125% 10/15/20370.0%
Connecticut Hlth & Educl Facs Auth5.000% 09/01/20460.0%
Colorado Hlth Facs Auth5.250% 01/01/20370.0%
Pennsylvania Econ Dev Fing Auth5.500% 11/01/20440.0%
California Statewide Comntys Dev Auth5.000% 06/01/20510.0%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.0%
Valparaiso, IN5.875% 01/01/20240.0%
California Statewide Comntys Dev Auth7.000% 11/15/20290.0%
Village Comnty Dev Dist No 106.000% 05/01/20440.0%
Plymouth Edl Ctr Charter Sch, MI5.375% 11/01/20300.0%
Guadalupe Regional Medical Center5.000% 12/01/20450.0%
Spanish Fort Cooperative Dist9.000% 02/01/20290.0%
Peninsula Town Center Community Development Author5.000% 09/01/20370.0%
Puerto Rico Sales Tax Fincg Corp4.550% 07/01/20400.0%
Alachua Cnty Hlth Facs Auth6.375% 11/15/20490.0%
Maryland Econ Dev Corp.5.000% 06/01/20490.0%
Flint Hosp Bldg Auth7.500% 07/01/20390.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20240.0%
Chicago Brd of Ed5.000% 12/01/20350.0%
Colorado Hlth Facs Auth5.250% 05/15/20370.0%
District of Columbia Tobacco Settlement Financing0.000% 06/15/20550.0%
Northern Palm Beach Cnty Impt Dist5.000% 08/01/20370.0%
Alachua Cnty Hlth Facs Auth8.000% 10/01/20420.0%
Florida Dev Fin Corp.5.250% 05/15/20370.0%
Chicago Brd of Ed5.000% 12/01/20340.0%
New Haven, CT5.500% 08/01/20350.0%
Pub Fin Auth0.000% 10/01/20420.0%
Eaton Area Park & Recreation Dist5.500% 12/01/20300.0%
Chicago, IL5.000% 01/01/20340.0%
Arborwood Comnty Dev Dist6.900% 05/01/20360.0%
Silicon Vly Tobacco Securitization Auth0.000% 06/01/20560.0%
Monroe Tobacco Asset Securitization Corp0.000% 06/01/20610.0%
Puerto Rico Pub Fin Corp.5.500% 08/01/20310.0%
Illinois Fin Auth7.000% 11/15/20270.0%
Tobacco Settlement Fing Corp.0.000% 06/01/20470.0%
Downtown Doral South Community Development Distric4.750% 12/15/20380.0%
Puerto Rico4.000% 07/01/20200.0%
Michigan Public Edl Facs Auth7.000% 10/01/20360.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
City of Scranton, PA5.000% 09/01/20280.0%
Texas Transp Comm0.000% 08/01/20360.0%
Puerto Rico Hwy & Transp Auth5.000% 07/01/20220.0%
Arborwood Comnty Dev Dist6.900% 05/01/20250.0%
Texas Transp Comm0.000% 08/01/20400.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
Tern Bay Comnty Dev Dist5.375% 05/01/20370.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Cumberland Cnty Muni Auth, PA5.400% 01/01/20220.0%
TSASC, Inc.5.000% 06/01/20360.0%
Maryland Econ Dev Corp.5.000% 06/01/20440.0%
Texas Transp Comm0.000% 08/01/20470.0%
Chicago, IL5.500% 01/01/20420.0%
Maine Hlth & Hgr Edl Facs Auth6.750% 07/01/20360.0%
Orange Grove Cmty Dev Dist5.300% 11/01/20210.0%
Texas Transp Comm0.000% 08/01/20480.0%
Puerto Rico Sales Tax Fincg Corp4.750% 07/01/20530.0%
Magnolia West Comnty Dev Dist5.350% 05/01/20370.0%
Maine Hlth & Hgr Edl Facs Auth6.000% 07/01/20260.0%
Illinois Fin Auth4.000% 11/15/20520.0%
Grandview Indus Dev Auth5.750% 12/01/20280.0%
Puerto Rico Hwy & Transp Auth5.000% 07/01/20280.0%
Illinois Fin Auth0.000% 11/15/20520.0%
Illinois Fin Auth0.000% 11/15/20520.0%
Arborwood Comnty Dev Dist6.900% 05/01/20360.0%
Pub Fin Auth0.000% 10/01/20420.0%
Middlesex Cnty Impt Auth6.250% 01/01/20370.0%
Middlesex Cnty Impt Auth6.125% 01/01/20250.0%
Illinois Fin Auth5.875% 03/01/20270.0%
Illinois Fin Auth6.000% 03/01/20370.0%
Florida Dev Fin Corp.5.250% 05/15/20370.0%
Michagan St Strategic Fd Escrow8.375% 07/15/20330.0%
Ohio St Pollution Ctl Rev Escrow8.375% 07/15/20330.0%
Moraine OH Solid Waste Dis Escrow8.375% 07/15/20330.0%
US 20YR Treasury Future Sep 2009- -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 07/19/2019
$0.212
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2019 $0.03447 $12.38
Daily Daily 05/31/2019 $0.03386 $12.35
Daily Daily 04/30/2019 $0.03480 $12.17
Daily Daily 03/31/2019 $0.03469 $12.12
Daily Daily 02/28/2019 $0.04085 $11.88
Daily Daily 01/31/2019 $0.03365 $11.78

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 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
1.44% 1.43%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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

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IMPORTANT INFORMATION

 

1

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

 

2

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

 

5

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

 

6

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

 

IMPORTANT INFORMATION

 

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

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

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

 

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

 

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

 

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

 

The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. The Barclays High Yield Municipal Bond Index is a subset of the Barclays Municipal Bond Index; a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

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

 

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

 

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

The net expense ratio takes into account 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.

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