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National Tax Free Fund

Daily price w/o sales charge as of 01/14/2019

$11.13

arrowDown$0.01

YTD Returns w/o sales charge as of 01/14/2019

0.22%

Overall Morningstar Ratings

Muni National Long
as of 12/31/2018

Morningstar rated the Lord Abbett National Tax Free Fund class F share 4, 4 and 5 stars among 146, 130 and 107 Muni National Long Funds for the overall rating and the 3, 5 and 10 year periods ended 12/31/2018, 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 National Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in investment grade municipal bonds with select exposure to lower-rated municipal bonds.

Yield

Dividend Yield 1 as of 01/14/2019  

w/o sales charge 3.48%

30-Day Standardized Yield 2 as of 12/31/2018  

2.86%

Fund Basicsas of 12/31/2018

Total Net Assets
$1.98 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.67%
Fund Net Expense Ratio
0.64%
Number of Holdings
490
CUSIP
543902761

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.91% 0.91% 2.77% 4.87% 6.77% 4.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% 5.28% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.91% 0.91% 2.77% 4.87% 6.77% 4.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% 5.28% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

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

RELATED CONTENT

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

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

Getting the Right Readings on Public Power
August 8, 2018

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

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

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

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

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

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

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

Credit Quality Distribution as of 12/31/2018 View Portfolio

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

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

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 01/14/2019  

w/o sales charge 3.48%

30-Day Standardized Yield 2 as of 12/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.86% 2.86%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.91% 0.91% 2.77% 4.87% 6.77% 4.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% 5.28% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.91% 0.91% 2.77% 4.87% 6.77% 4.35%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% 5.28% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

Gross 0.67%

Net 0.64%

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

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.91% 1.28%
2017 7.18% 5.45%
2016 0.36% 0.25%
2015 3.47% 3.30%
2014 12.94% 9.05%
2013 -6.03% -2.55%
2012 13.87% 6.78%
2011 11.19% 10.70%
2010 2.28% 2.38%
2009 24.77% 12.91%
2008 -15.25% -
2007 -1.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 0.22%
2018 -1.10% 1.29% -0.32% 1.06% 0.91%
2017 1.89% 2.13% 1.70% 1.27% 7.18%
2016 2.07% 3.53% -0.02% -5.01% 0.36%
2015 1.26% -1.20% 1.38% 2.01% 3.47%
2014 4.75% 3.62% 2.21% 1.80% 12.94%
2013 0.61% -4.71% -2.00% 0.03% -6.03%
2012 4.79% 2.77% 3.81% 1.85% 13.87%
2011 -0.08% 5.06% 3.44% 2.40% 11.19%
2010 2.27% 1.59% 4.54% -5.84% 2.28%
2009 7.37% 5.79% 11.06% -1.10% 24.77%
2008 -1.88% 0.47% -6.06% -8.49% -15.25%
2007 - - - -1.00% -1.00%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

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

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

State Assets
CA
IL
NY
PA
NJ
TX
OH
MA
FL
MD
AZ
CT
CO
KY
AL
NE
IN
VA
NC
LA
HI
MN
WI
Puerto Rico
MI
SC
DC
ME
WA
GA
OR
MT
DE
MO
AR
WV
TN
ND
VT
NH
OK
IA
NV

Credit Quality Distribution as of 12/31/2018

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

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

Portfolio Positioning as of 09/30/2018

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

Portfolio Details as of 12/31/2018

Total Net Assets
$1.98 B
Number of Issues
490
Average Coupon
5.0%
Average Effective Maturity
18.3 Years
Average Effective Duration
7.49 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 Effective 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
City of Chicago General Obligation 6.000% 01/01/2038 1.0%
NY Transportation Dev Corp - LaGuardia Airport 5.250% 01/01/2050 0.8%
Pennsylvania Financing Auth - Tobacco Settlement 4.000% 06/01/2039 0.8%
Riverside County Redevelopment Agency - Housing 0.000% 10/01/2041 0.7%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.7%
Duluth Econ Dev Auth, MN 5.250% 02/15/2058 0.7%
North Carolina Turnpike Auth 4.000% 01/01/2037 0.7%
Central Plains Energy - Goldman Sachs 5.000% 09/01/2042 0.6%
ME Hlth & Higher Ed - MaineGeneral Hlth 7.500% 07/01/2032 0.6%
MD Hlth & Higher Ed - Mercy Medical Center 6.250% 07/01/2031 0.6%
% of Total Assets 7.2%

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

Holding Coupon Maturity Assets
City of Chicago General Obligation6.000% 01/01/20381.0%
Pennsylvania Financing Auth - Tobacco Settlement4.000% 06/01/20390.8%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.8%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.7%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.7%
Duluth Econ Dev Auth, MN5.250% 02/15/20580.7%
North Carolina Turnpike Auth4.000% 01/01/20370.7%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.6%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.6%
MD Hlth & Higher Ed - Mercy Medical Center6.250% 07/01/20310.6%
Metropolitan Boston Transit Parking Corp5.250% 07/01/20330.6%
Massachusetts School Building Auth- Sales Tax8.660% 10/15/20320.6%
Cnty of Trimble, KY3.750% 06/01/20330.6%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.6%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.6%
Tender Option Bnd Tr Receipts/Certificates8.620% 11/01/20280.6%
New York City Transitional Fin Auth5.000% 07/15/20300.6%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.6%
California State General Obligation5.000% 02/01/20330.6%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.6%
Cook Cnty, IL5.000% 11/15/20240.6%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.5%
Pennsylvania4.000% 09/15/20300.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.5%
Pennsylvania Tpk Comm5.000% 06/01/20290.5%
Chicago5.000% 01/01/20520.5%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.5%
California Muni Fin Auth - LINXS4.000% 12/31/20470.5%
Central Plains Energy Pj5.250% 09/01/20370.5%
Illinois, IL5.500% 07/01/20330.5%
California State General Obligation5.500% 03/01/20400.5%
Philadelphia General Obligation5.000% 08/01/20360.5%
San Antonio, TX5.000% 07/01/20450.5%
Delaware Econ Dev Auth5.375% 10/01/20450.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20530.5%
California State Pub Wks Bd5.000% 04/01/20330.5%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.5%
California Poll Cntrl Fin Auth5.000% 11/21/20450.5%
Long Beach Bnd Fin Auth3.203% 11/15/20270.5%
Louisiana Pub Facs Auth6.250% 05/15/20310.5%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.4%
California State General Obligation5.250% 08/01/20320.4%
Cnty of Cuyahoga, OH5.500% 02/15/20520.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.4%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Illinois State General Obligation5.000% 11/01/20280.4%
New Jersey Econ Dev Auth5.625% 01/01/20520.4%
Syracuse Indus Dev Agy, NY5.000% 01/01/20340.4%
Delaware River Port Auth, PA5.000% 01/01/20340.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
Univ of Connecticut5.250% 11/15/20470.4%
California5.600% 03/01/20360.4%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.4%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.4%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.4%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.4%
California Statewide Comntys Dev Auth5.500% 12/01/20540.4%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.4%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.4%
Greater Orlando Aviation Auth4.000% 10/01/20520.4%
Univ of North Carolina at Wilmington5.000% 06/01/20370.4%
Hampton Roads Transportation Comm5.500% 07/01/20570.4%
San Antonio, TX5.000% 07/15/20390.4%
Lucas Cnty, OH5.250% 11/15/20480.4%
Illinois, IL5.000% 12/01/20360.4%
Connecticut5.000% 01/01/20370.4%
Indiana Fin Auth5.000% 07/01/20350.4%
California Edl Facs Auth5.000% 05/01/20450.4%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.4%
Mid Bay Br Auth, FL7.250% 10/01/20340.3%
New York City5.000% 08/01/20270.3%
Illinois, IL5.000% 03/01/20300.3%
New York City Transitional Finance Authority5.000% 07/15/20310.3%
Texas Water Development Board4.000% 10/15/20370.3%
Virginia Small Business Fing Auth5.250% 01/01/20320.3%
Southwest Local School District/Hamilton County4.000% 01/15/20550.3%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.3%
Illinois, IL5.000% 01/01/20350.3%
New York City Indl Dev Agy5.000% 07/01/20280.3%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.3%
Pulaski Cnty Hlth Fac Brd, AR5.000% 12/01/20390.3%
California6.500% 04/01/20330.3%
Philadelphia, PA5.250% 10/01/20520.3%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.3%
California State Pub Wks Bd5.000% 12/01/20280.3%
Florida Dev Fin Corp.7.625% 06/15/20410.3%
Tender Option Bnd Tr Receipts/Certificates0.001% 12/01/20270.3%
Pub Fin Auth5.000% 07/01/20440.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.3%
Onondaga Cnty Indus Dev Agy, NY5.750% 03/01/20240.3%
Minneapolis, MN5.000% 11/15/20490.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.3%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20260.3%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
Illinois, IL5.500% 07/01/20380.3%
Kentucky St Prop & Bldg Comm5.000% 11/01/20260.3%
New Jersey Tpk Auth4.000% 01/01/20430.3%
Compton, CA6.000% 08/01/20390.3%
NY Transportation Dev Corp - Delta5.000% 01/01/20330.3%
Illinois Fin Auth6.125% 09/01/20390.3%
Hawaii Arpt Sys5.000% 07/01/20410.3%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.3%
Upland, CA6.375% 01/01/20320.3%
Dorm Auth of the St of New York5.000% 07/01/20400.3%
Massachusetts Port Auth4.000% 07/01/20460.3%
Regional Transportation District5.375% 06/01/20310.3%
Montana Facility Finance Authority5.000% 07/01/20480.3%
New Jersey Edl Facs Auth4.000% 09/01/20290.3%
Hawaii Arpt Sys5.000% 07/01/20480.3%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.3%
South Carolina St Ports Auth5.250% 07/01/20550.3%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.3%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
California State General Obligation5.250% 09/01/20240.3%
Kentucky Mun Pwr Agy5.000% 09/01/20350.3%
Metropolitan Transp Auth, NY5.000% 11/15/20300.3%
Central Plains Energy5.000% 09/01/20320.3%
New York City Indl Dev Agy0.000% 03/01/20300.3%
California Statewide Comntys Dev Auth5.000% 02/01/20450.3%
Chicago, IL5.000% 01/01/20260.3%
San Francisco Airport5.000% 05/01/20250.3%
Chicago, IL5.500% 01/01/20420.3%
Dorm Auth of the St of New York5.000% 01/01/20470.3%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.3%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.3%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20440.3%
Indiana Fin Auth5.250% 02/01/20320.3%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.3%
Chicago, IL5.000% 01/01/20340.3%
California4.000% 09/01/20370.3%
Cass Cnty, ND5.125% 02/15/20370.3%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.3%
Virginia Small Business Fing Auth5.000% 01/01/20400.3%
Chicago, IL5.000% 01/01/20400.3%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.3%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.3%
Chicago, IL5.000% 11/01/20290.3%
Cnty of Cuyahoga, OH5.500% 02/15/20570.3%
Massachusetts Dev Fin Agy4.000% 07/01/20410.3%
Denver City & Cnty Dept of Aviation, CO4.000% 12/01/20430.3%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.3%
Univ of Illinois Bd of Trustees4.000% 04/01/20380.3%
Connecticut5.000% 01/01/20380.3%
Illinois Fin Auth4.000% 10/01/20490.3%
New Jersey Transportation Trust Fund6.000% 06/15/20350.3%
Central Texas Turnpike5.000% 08/15/20330.3%
Massachusetts Educational Financing Authority4.125% 07/01/20460.3%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.3%
California Hlth Facs Fing Auth5.250% 08/15/20310.3%
North Texas Tollway Auth5.000% 01/01/20480.3%
Miami Dade Cnty, FL5.000% 10/01/20280.3%
Philadelphia, PA5.000% 07/01/20420.3%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20470.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
New Hampshire Bus Fin Auth4.875% 11/01/20420.2%
Niagara Area Dev Corp., NY4.750% 11/01/20420.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.2%
Illinois, IL5.000% 05/01/20380.2%
Shelby Cnty Hlth Edl & Hsg Facs Bd1.720% 06/01/20420.2%
San Jose, CA6.125% 05/01/20310.2%
West Virginia Parkways Authority4.000% 06/01/20470.2%
New Jersey Econ Dev Auth3.290% 03/01/20280.2%
New York City Indl Dev Agy3.137% 03/01/20240.2%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.2%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.2%
Denver Hlth and Hosp Auth, CO2.655% 12/01/20330.2%
Los Angeles Hsg Auth6.250% 06/01/20340.2%
Washington Hlthcare Facs Auth5.000% 07/01/20380.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
Massachusetts Dev Fin Agy5.000% 07/01/20480.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.2%
Los Angeles, CA5.000% 05/15/20410.2%
Salt Verde Financial Corp.5.250% 12/01/20270.2%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.2%
Houston, TX5.000% 07/15/20350.2%
Union Cnty Util Auth, NJ4.750% 12/01/20310.2%
Detroit Pub Schs, MI5.000% 05/01/20290.2%
Pennsylvania4.000% 03/01/20370.2%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.2%
Palomar Hlth5.000% 11/01/20360.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Kirkwood Indus Dev Auth8.000% 05/15/20290.2%
New Jersey Econ Dev Auth5.000% 03/01/20280.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
El Dorado Irr Dist, CA5.000% 03/01/20340.2%
Chandler Industrial Development Authority2.700% 12/01/20370.2%
Metropolitan Transp Auth, NY4.000% 11/15/20460.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.2%
Lee Cnty, FL5.375% 10/01/20320.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Oklahoma Dev Fin Auth5.500% 08/15/20570.2%
Illinois Sports Facs Auth5.000% 06/15/20270.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
Montana Facility Finance Authority5.000% 07/01/20430.2%
Philadelphia, PA5.000% 07/01/20300.2%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.2%
Salt Verde Financial Corp.5.000% 12/01/20320.2%
New Jersey Econ Dev Auth6.000% 10/01/20430.2%
Mission Econ Dev Corp, TX4.625% 10/01/20310.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
California5.000% 08/01/20380.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20360.2%
Illinois, IL5.000% 01/01/20410.2%
Sacramento City Fing Auth, CA5.250% 12/01/20230.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
Massachusetts Port Auth5.000% 07/01/20450.2%
Illinois, IL5.000% 01/01/20330.2%
NYS Tobacco Settlement Corp5.000% 06/01/20480.2%
Maricopa Cnty Poll Cntrl Corp., AZ7.250% 02/01/20400.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.2%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.2%
Philadelphia, PA5.000% 08/01/20370.2%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.2%
Jefferson Cnty, AL0.000% 10/01/20270.2%
Town of Davie FL6.000% 04/01/20420.2%
Pennsylvania Tpk Comm4.000% 12/01/20380.2%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20240.2%
Philadelphia, PA5.250% 07/15/20320.2%
Selma Indus Dev Bd, AL6.250% 11/01/20330.2%
Indiana Fin Auth5.000% 07/01/20440.2%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20300.2%
Chicago, IL5.000% 11/01/20360.2%
HI Dept Budget & Finance - Hawaiian Electric3.250% 01/01/20250.2%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.2%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.2%
Chicago, IL5.000% 01/01/20340.2%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.2%
California Statewide Comntys Dev Auth5.500% 12/01/20580.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
Indiana Fin Auth5.000% 07/01/20400.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.2%
Hawaii Airport System5.000% 07/01/20340.2%
Village of Bellwood, IL6.150% 12/01/20320.2%
St. Louis, MO6.250% 07/01/20290.2%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.2%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.2%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.2%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.2%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.2%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.2%
New York Transp Dev Corp.5.000% 01/01/20340.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.2%
Baker Correctional Dev Corp.8.500% 02/01/20300.1%
Philadelphia, PA5.000% 07/01/20280.1%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
West Pace Cooperative District9.125% 05/01/20390.1%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.1%
Southern California Pub Pwr Auth3.172% 11/01/20380.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20400.1%
Chicago, IL5.000% 11/01/20390.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
California Muni Fin Auth5.000% 02/01/20470.1%
Houston, TX6.625% 07/15/20380.1%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.1%
Chicago, IL5.000% 11/01/20370.1%
Chicago5.000% 07/01/20480.1%
Houston, TX5.000% 07/15/20280.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
Puerto Rico Aqueduct & Swr Auth5.750% 07/01/20370.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20310.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20300.1%
Chicago, IL5.500% 01/01/20340.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20430.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Jefferson County Sewer5.500% 10/01/20530.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
Chicago, IL5.000% 01/01/20330.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Valparaiso, IN7.000% 01/01/20440.1%
Jefferson County Sewer6.500% 10/01/20530.1%
Pennsylvania4.000% 07/01/20460.1%
Puerto Rico Elec Pwr Auth2.310% 07/01/20310.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
New Jersey Econ Dev Auth5.000% 06/15/20230.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
Miami Beach, FL5.000% 09/01/20400.1%
Pub Fin Auth6.850% 10/01/20470.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
Chula Vista, CA5.875% 01/01/20340.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Cleveland, OH5.000% 01/01/20300.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Illinois, IL5.000% 06/01/20270.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Illinois, IL4.000% 06/01/20340.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Hawaii Hsg Fin & Dev Corp.6.500% 07/01/20330.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
Philadelphia, PA5.000% 08/01/20290.1%
Millsboro, DE5.450% 07/01/20360.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
Chicago, IL5.000% 11/01/20360.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
Puerto Rico General Obligation5.500% 07/01/20390.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
Philadelphia, PA5.000% 08/01/20300.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
District of Columbia, DC5.000% 06/01/20410.1%
Indiana Fin Auth5.000% 10/01/20290.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.1%
West Virginia Hosp Fin Auth6.250% 10/01/20230.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
Illinois Fin Auth5.000% 02/15/20500.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
Philadelphia, PA5.250% 07/15/20310.1%
Pub Fin Auth6.125% 01/01/20330.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
Massachusetts Port Auth5.500% 01/01/20190.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
California Muni Fin Auth5.000% 06/01/20500.1%
Pub Fin Auth5.250% 10/01/20380.1%
New York City Transitional Fin Auth1.800% 11/01/20220.1%
California Sch Fin Auth5.000% 08/01/20480.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
Dorm Auth of the St of New York5.000% 12/01/20310.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Chicago Brd of Ed7.000% 12/01/20460.1%
Chicago, IL5.000% 01/01/20470.1%
Dorm Auth of the St of New York5.000% 12/01/20400.1%
Connecticut5.000% 06/15/20330.1%
La Verne CA C.O.P.5.000% 05/15/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.1%
Pittsburgh, PA5.000% 09/01/20300.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
Tender Option Bnd Tr Receipts/Certificates10.190% 08/15/20300.1%
Wayne Cnty Arpt Auth5.000% 12/01/20420.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
Pittsburgh, PA5.000% 09/01/20320.1%
Yorba Linda Redev Agy, CA6.000% 09/01/20260.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20320.1%
Indiana Fin Auth7.000% 10/01/20390.1%
TSASC, Inc.5.000% 06/01/20350.1%
Tempe Industrial Development Authority6.125% 10/01/20470.1%
Pittsburgh, PA5.000% 09/01/20290.1%
Massachusetts Dev Fin Agy5.000% 07/01/20330.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.1%
District of Columbia, DC6.000% 07/01/20430.1%
District of Columbia, DC6.000% 07/01/20480.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
Atlanta Airport5.000% 01/01/20280.1%
Connecticut5.000% 06/15/20320.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
New Orleans, LA5.000% 12/01/20340.1%
Philadelphia, PA5.250% 07/15/20330.1%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.1%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.1%
Connecticut5.000% 06/15/20380.1%
Paducah Electric Plant Bd5.000% 10/01/20330.1%
Cook Cnty, IL5.000% 11/15/20300.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
Dorm Auth of the St of New York5.000% 12/01/20360.1%
Paducah Electric Plant Bd5.000% 10/01/20350.1%
Philadelphia Sch Dist, PA5.000% 09/01/20380.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.1%
Eagle County Airport Terminal Corp5.000% 05/01/20370.1%
Cook Cnty, IL5.000% 11/15/20350.1%
New Jersey Econ Dev Auth5.000% 06/15/20250.1%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Chicago, IL5.500% 01/01/20370.1%
Illinois Fin Auth5.000% 04/01/20190.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
Pub Fin Auth5.250% 10/01/20430.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.1%
Grand River Hospital District5.250% 12/01/20340.1%
Grand River Hospital District5.250% 12/01/20350.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.1%
Grand River Hospital District5.250% 12/01/20370.1%
Pub Fin Auth6.375% 01/01/20480.1%
Illinois Fin Auth7.125% 02/01/20340.1%
Dorm Auth of the St of New York5.000% 08/01/20330.1%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.1%
Cleveland, OH5.000% 01/01/20310.1%
Dorm Auth of the St of New York5.000% 08/01/20350.1%
Crawford Cnty Hosp Auth6.000% 06/01/20510.1%
Puerto Rico Sales Tax Fincg Corp6.125% 08/01/20290.1%
Massachusetts Dev Fin Agy5.000% 07/01/20340.1%
Illinois Fin Auth5.000% 02/15/20470.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Philadelphia Sch Dist, PA5.000% 09/01/20370.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
Connecticut4.000% 06/15/20370.0%
City of Rockville MD5.000% 11/01/20420.0%
Denver Hlth and Hosp Auth, CO5.250% 12/01/20450.0%
Univ of California Bd of Regents5.250% 05/15/20380.0%
City of Rockville MD5.000% 11/01/20470.0%
City of Aurora, IL6.750% 12/30/20270.0%
Sparks, NV6.500% 06/15/20200.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
TSASC, Inc.5.000% 06/01/20360.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20300.0%
Illinois Fin Auth6.250% 02/01/20190.0%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Dorm Auth of the St of New York5.000% 08/01/20340.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
Cook Cnty, IL5.000% 11/15/20340.0%
City of Irvine CA5.000% 09/01/20440.0%
Illinois Fin Auth6.000% 03/01/20370.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Atlantic City, NJ5.000% 03/01/20320.0%
Chicago5.625% 01/01/20350.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Chicago, IL5.500% 01/01/20420.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Virginia Small Business Fing Auth5.000% 01/01/20480.0%
Cumberland Cnty Muni Auth, PA6.125% 01/01/20290.0%
Middlesex Cnty Impt Auth6.250% 01/01/20370.0%
Middlesex Cnty Impt Auth6.125% 01/01/20250.0%
Gramercy Farms Comnty Dev Dist5.250% 05/01/20390.0%
US 20YR Treasury Future Mar 2019- -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 01/14/2019
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2018 $0.03223 $11.12
Daily Daily 11/30/2018 $0.03243 $11.03
Daily Daily 10/31/2018 $0.03193 $10.96
Daily Daily 09/30/2018 $0.03162 $11.10
Daily Daily 08/31/2018 $0.03125 $11.22
Daily Daily 07/31/2018 $0.03144 $11.22
Daily Daily 06/30/2018 $0.03154 $11.23
Daily Daily 05/31/2018 $0.03098 $11.23
Daily Daily 04/30/2018 $0.03120 $11.11
Daily Daily 03/31/2018 $0.03085 $11.18
Daily Daily 02/28/2018 $0.03194 $11.15
Daily Daily 01/31/2018 $0.03117 $11.25

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 01/31/2019
Daily Daily 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
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 12/31/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
0.67% 0.64%

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

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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 value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likley to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yielding non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on those securities. 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 bonds of issuers in Puerto Rico and other U.S. territories, comonwealths, 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. Stockholders should consult with their tax advisor for more specific information on taxation.

 

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

 

 

Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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

 

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

 

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

 

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

 

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

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

 

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.

The net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

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

 

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

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

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