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National Tax Free Fund

Daily price w/o sales charge as of 09/24/2018

$11.09

arrowDown$0.01

YTD Returns w/o sales charge as of 09/24/2018

-0.30%

Overall Morningstar Ratings

Muni National Long
as of 08/31/2018

Morningstar rated the Lord Abbett National Tax Free Fund class F share 4, 4 and 5 stars among 146, 128 and 106 Muni National Long Funds for the overall rating and the 3, 5 and 10 year periods ended 8/31/2018, 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 09/24/2018  

w/o sales charge 3.38%

30-Day Standardized Yield 2 as of 08/31/2018  

2.64%

Fund Basicsas of 08/31/2018

Total Net Assets
$2.00 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.66%
Fund Net Expense Ratio
0.63%
Number of Holdings
512
CUSIP
543902761

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.64% 1.66% 3.62% 5.38% 5.07% 4.46%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.23% 0.84% 2.71% 4.33% 4.10% -
Bloomberg Barclays Municipal Bond Index 0.25% 0.49% 2.71% 4.12% 4.32% 4.22%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.17% 3.18% 3.67% 4.30% 5.09% 4.49%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% 4.16% -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% 4.43% 4.24%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

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

RELATED CONTENT

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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.

Muni Matters: A Six-Point Reality Check for Investors
May 18, 2018

While media reports have emphasized the recent negative performance of municipal bonds, many indicators signal a healthy, resilient market.

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

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 08/31/2018 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

31 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 09/24/2018  

w/o sales charge 3.38%

30-Day Standardized Yield 2 as of 08/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.64% 2.64%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.64% 1.66% 3.62% 5.38% 5.07% 4.46%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.23% 0.84% 2.71% 4.33% 4.10% -
Bloomberg Barclays Municipal Bond Index 0.25% 0.49% 2.71% 4.12% 4.32% 4.22%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.17% 3.18% 3.67% 4.30% 5.09% 4.49%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% 4.16% -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% 4.43% 4.24%

Fund Expense Ratio :

Gross 0.66%

Net 0.63%

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

Year Fund Returns Bloomberg Barclays Municipal Bond Index
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% -2.47%
2007 -1.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 -1.10% 1.29% - - -0.30%
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 State
GO Local
Education
Special Tax
Lease
Water & Sewer
Pre-Refunded
Power
Housing
VRDN
Insured
Resource Recovery
Other

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
FL
MA
MD
AZ
CT
KY
AL
VA
IN
CO
NE
HI
LA
MI
GA
WI
SC
NC
DC
Puerto Rico
ME
WA
DE
OR
MO
ND
WV
OK
AR
MN
VT
NH
TN
IA
NV

Credit Quality Distribution as of 08/31/2018

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 06/30/2018

  • 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 08/31/2018

Total Net Assets
$2.00 B
Number of Issues
512
Average Coupon
4.9%
Average Effective Maturity
17.9 Years
Average Effective Duration
7.08 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%
Pennsylvania Financing Auth - Tobacco Settlement 4.000% 06/01/2039 0.8%
NY Transportation Dev Corp - LaGuardia Airport 5.250% 01/01/2050 0.8%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.7%
Central Plains Energy - Goldman Sachs 5.000% 09/01/2042 0.7%
Riverside County Redevelopment Agency - Housing 0.000% 10/01/2041 0.7%
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%
Metropolitan Boston Transit Parking Corp 5.250% 07/01/2033 0.6%
Massachusetts School Building Auth- Sales Tax 8.660% 10/15/2032 0.6%
% of Total Assets 7.1%

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%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.8%
Pennsylvania Financing Auth - Tobacco Settlement4.000% 06/01/20390.8%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.7%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.7%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.7%
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%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.6%
Golden St. Tobacco Securitization Corp5.125% 06/01/20470.6%
Tender Option Bnd Tr Receipts/Certificates8.620% 11/01/20280.6%
Cnty of Trimble, KY3.750% 06/01/20330.6%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.6%
California State General Obligation5.000% 02/01/20330.6%
Cook Cnty, IL5.000% 11/15/20240.6%
New York City Transitional Fin Auth5.000% 07/15/20300.6%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.5%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.5%
Pennsylvania4.000% 09/15/20300.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.5%
Dorm Auth of the St of New York5.000% 01/01/20470.5%
Chicago5.000% 01/01/20520.5%
Pennsylvania Tpk Comm5.000% 06/01/20290.5%
Central Plains Energy Pj5.250% 09/01/20370.5%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.5%
California State General Obligation5.500% 03/01/20400.5%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.5%
Illinois, IL5.500% 07/01/20330.5%
Philadelphia General Obligation5.000% 08/01/20360.5%
Delaware Econ Dev Auth5.375% 10/01/20450.5%
California State Pub Wks Bd5.000% 04/01/20330.5%
California Poll Cntrl Fin Auth5.000% 11/21/20450.5%
Foothill Eastern Trsp Corridor Agency6.000% 01/15/20530.5%
San Antonio, TX5.000% 07/01/20450.5%
Louisiana Pub Facs Auth6.250% 05/15/20310.5%
Long Beach Bnd Fin Auth3.020% 11/15/20270.5%
California State General Obligation5.250% 08/01/20320.5%
Cnty of Cuyahoga, OH5.500% 02/15/20520.4%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.4%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Illinois State General Obligation5.000% 11/01/20280.4%
Philadelphia, PA5.000% 07/01/20470.4%
New Jersey Econ Dev Auth5.625% 01/01/20520.4%
Syracuse Indus Dev Agy, NY5.000% 01/01/20340.4%
Univ of Connecticut5.250% 11/15/20470.4%
Delaware River Port Auth, PA5.000% 01/01/20340.4%
Virginia Small Business Fing Auth5.000% 12/31/20520.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
California5.600% 03/01/20360.4%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.4%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.4%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.4%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.4%
California6.500% 04/01/20330.4%
Greater Orlando Aviation Auth4.000% 10/01/20520.4%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.4%
Long Beach Bond Finance Auth5.500% 11/15/20370.4%
California Statewide Comntys Dev Auth5.500% 12/01/20540.4%
Miami Dade Cnty, FL5.000% 10/01/20410.4%
California Edl Facs Auth5.000% 05/01/20450.4%
Hampton Roads Transportation Comm5.500% 07/01/20570.4%
Univ of North Carolina at Wilmington5.000% 06/01/20370.4%
Illinois, IL5.000% 12/01/20360.4%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.4%
Connecticut5.000% 01/01/20370.4%
San Antonio, TX5.000% 07/15/20390.3%
Indiana Fin Auth5.000% 07/01/20350.3%
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%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.3%
New York City Transitional Finance Authority5.000% 07/15/20310.3%
Virginia Small Business Fing Auth5.250% 01/01/20320.3%
Southwest Local School District/Hamilton County4.000% 01/15/20550.3%
Illinois, IL5.000% 01/01/20350.3%
California6.500% 04/01/20330.3%
Philadelphia, PA5.250% 10/01/20520.3%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.3%
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%
California State Pub Wks Bd5.000% 12/01/20280.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
Lower Alabama Gas District - Goldman Sachs5.000% 09/01/20460.3%
Tender Option Bnd Tr Receipts/Certificates0.001% 12/01/20270.3%
Florida Dev Fin Corp.7.625% 06/15/20410.3%
New York City Transitional Fin Auth1.600% 08/01/20310.3%
Pub Fin Auth5.000% 07/01/20440.3%
Onondaga Cnty Indus Dev Agy, NY5.750% 03/01/20240.3%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.3%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20260.3%
New Jersey Tpk Auth4.000% 01/01/20430.3%
Kentucky St Prop & Bldg Comm5.000% 11/01/20260.3%
Compton, CA6.000% 08/01/20390.3%
California Muni Fin Auth4.000% 12/31/20470.3%
Illinois Fin Auth6.125% 09/01/20390.3%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.3%
Arlington, TX5.000% 02/15/20480.3%
Metropolitan Transp Auth, NY5.000% 11/15/20300.3%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.3%
NY Transportation Dev Corp - Delta5.000% 01/01/20330.3%
Illinois, IL5.500% 07/01/20380.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
California State General Obligation5.250% 09/01/20240.3%
New Jersey Edl Facs Auth4.000% 09/01/20290.3%
Kentucky Mun Pwr Agy5.000% 09/01/20350.3%
Upland, CA6.375% 01/01/20320.3%
Hawaii Arpt Sys5.000% 07/01/20410.3%
Massachusetts Port Auth4.000% 07/01/20460.3%
Central Plains Energy5.000% 09/01/20320.3%
South Carolina St Ports Auth5.250% 07/01/20550.3%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.3%
Regional Transportation District5.375% 06/01/20310.3%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.3%
Dorm Auth of the St of New York5.000% 07/01/20400.3%
California Statewide Comntys Dev Auth5.000% 02/01/20450.3%
New Orleans Avtn Brd, LA5.000% 01/01/20400.3%
Charlotte, NC5.000% 07/01/20310.3%
San Francisco Airport5.000% 05/01/20250.3%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.3%
New York City Indl Dev Agy0.000% 03/01/20300.3%
California4.000% 09/01/20370.3%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.3%
Indiana Fin Auth5.250% 02/01/20320.3%
Chicago, IL5.500% 01/01/20420.3%
Cass Cnty, ND5.125% 02/15/20370.3%
Chicago, IL5.000% 01/01/20260.3%
Cnty of Cuyahoga, OH5.500% 02/15/20570.3%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.3%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.3%
Connecticut4.000% 08/15/20320.3%
Chicago, IL5.000% 01/01/20340.3%
Chicago, IL5.000% 11/01/20290.3%
New York St Energy Rsch & Dev Auth2.770% 10/01/20350.3%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.3%
Virginia Small Business Fing Auth5.000% 01/01/20400.3%
Massachusetts Dev Fin Agy4.000% 07/01/20410.3%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.3%
Illinois Fin Auth4.000% 10/01/20490.3%
Miami Dade Cnty, FL5.000% 10/01/20280.3%
Buckeye OH Tobacco Settlement Fin Auth5.875% 06/01/20470.3%
California Hlth Facs Fing Auth5.250% 08/15/20310.3%
Chicago, IL5.000% 01/01/20400.3%
Central Texas Turnpike5.000% 08/15/20330.3%
Burke Cnty Dev Auth, GA3.000% 11/01/20450.3%
Massachusetts Educational Financing Authority4.125% 07/01/20460.3%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.3%
Connecticut5.000% 01/01/20380.2%
Town of Davie FL5.000% 04/01/20480.2%
Philadelphia, PA5.000% 07/01/20420.2%
New Jersey Transportation Trust Fund6.000% 06/15/20350.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
San Jose, CA6.125% 05/01/20310.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.2%
Pennsylvania4.000% 03/01/20380.2%
New Jersey Econ Dev Auth2.540% 03/01/20280.2%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.2%
New York City Indl Dev Agy3.661% 03/01/20240.2%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.2%
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.5.000% 06/01/20470.2%
Los Angeles, CA5.000% 05/15/20410.2%
Denver Hlth and Hosp Auth, CO2.641% 12/01/20330.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
Massachusetts Dev Fin Agy5.000% 07/01/20480.2%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.2%
Detroit Pub Schs, MI5.000% 05/01/20290.2%
Palomar Hlth5.000% 11/01/20360.2%
Los Angeles Hsg Auth6.250% 06/01/20340.2%
Washington Hlthcare Facs Auth5.000% 07/01/20380.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.2%
Salt Verde Financial Corp.5.250% 12/01/20270.2%
Union Cnty Util Auth, NJ4.750% 12/01/20310.2%
Houston, TX5.000% 07/15/20350.2%
Kirkwood Indus Dev Auth8.000% 05/15/20290.2%
New Jersey Econ Dev Auth5.000% 03/01/20280.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Oklahoma Dev Fin Auth5.500% 08/15/20570.2%
El Dorado Irr Dist, CA5.000% 03/01/20340.2%
Metropolitan Transp Auth, NY4.000% 11/15/20460.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
Lee Cnty, FL5.375% 10/01/20320.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.2%
New Jersey Econ Dev Auth6.000% 10/01/20430.2%
New York City5.000% 12/01/20410.2%
California5.000% 08/01/20380.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
Philadelphia, PA5.000% 07/01/20300.2%
Illinois Sports Facs Auth5.000% 06/15/20270.2%
NYS Tobacco Settlement - TSASC5.000% 06/01/20480.2%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.2%
Illinois, IL5.000% 01/01/20410.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.2%
Maricopa Cnty Poll Cntrl Corp., AZ7.250% 02/01/20400.2%
Rochester, MN5.000% 11/15/20360.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
Salt Verde Financial Corp.5.000% 12/01/20320.2%
Sacramento City Fing Auth, CA5.250% 12/01/20230.2%
Illinois Finance Auth - Roosevelt University6.500% 04/01/20390.2%
Massachusetts Port Auth5.000% 07/01/20450.2%
Northern Indiana Commuter Transp Dist5.000% 07/01/20410.2%
Illinois, IL5.000% 01/01/20330.2%
Philadelphia, PA5.000% 08/01/20370.2%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.2%
California5.000% 09/01/20370.2%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.2%
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%
New York City Transitional Fin Auth1.590% 11/01/20220.2%
Selma Indus Dev Bd, AL6.250% 11/01/20330.2%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.2%
Jefferson Cnty, AL0.000% 10/01/20270.2%
Chicago, IL5.000% 11/01/20360.2%
Indiana Fin Auth5.000% 07/01/20440.2%
Philadelphia, PA5.250% 07/15/20320.2%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20300.2%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
HI Dept Budget & Finance - Hawaiian Electric3.250% 01/01/20250.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.2%
Chicago, IL5.000% 01/01/20340.2%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.2%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.2%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.2%
Indiana Fin Auth5.000% 07/01/20400.2%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.2%
Hawaii Airport System5.000% 07/01/20340.2%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.2%
Village of Bellwood, IL6.150% 12/01/20320.2%
St. Louis, MO6.250% 07/01/20290.2%
Oklahoma Dev Fin Auth5.500% 08/15/20520.2%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.2%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
New York Transp Dev Corp.5.000% 01/01/20340.2%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.2%
Baker Correctional Dev Corp.8.500% 02/01/20300.1%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
Philadelphia, PA5.000% 07/01/20280.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
Southern California Pub Pwr Auth3.040% 11/01/20380.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
West Pace Cooperative District9.125% 05/01/20390.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
California Muni Fin Auth5.000% 02/01/20470.1%
Chicago, IL5.000% 11/01/20390.1%
Chicago, IL5.000% 11/01/20370.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Chicago5.000% 07/01/20480.1%
Houston, TX6.625% 07/15/20380.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
Houston, TX5.000% 07/15/20280.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
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%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Volusia County Educational Facility Authority5.000% 10/15/20470.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
Livonia Pub Schs Dist5.000% 05/01/20400.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
Jefferson County Sewer5.500% 10/01/20530.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20400.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
Chicago, IL5.000% 01/01/20330.1%
Puerto Rico Elec Pwr Auth2.266% 07/01/20310.1%
Jefferson County Sewer6.500% 10/01/20530.1%
Pennsylvania4.000% 07/01/20460.1%
Valparaiso, IN7.000% 01/01/20440.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
San Diego Association of Governments South Bay Exp5.000% 07/01/20370.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
County of Ward ND5.000% 06/01/20480.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Miami Beach, FL5.000% 09/01/20400.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
New Jersey Econ Dev Auth5.000% 06/15/20230.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
Massachusetts Dev Fin Agy5.000% 01/01/20350.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.1%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20430.1%
Chicago, IL5.000% 01/01/20260.1%
Chula Vista, CA5.875% 01/01/20340.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Pub Fin Auth6.850% 10/01/20470.1%
Illinois, IL5.000% 06/01/20270.1%
Cleveland, OH5.000% 01/01/20300.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
Illinois, IL4.000% 06/01/20340.1%
California Muni Fin Auth6.000% 01/01/20420.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
Hawaii Hsg Fin & Dev Corp.6.500% 07/01/20330.1%
Connecticut4.000% 04/15/20370.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
West Virginia Hosp Fin Auth6.250% 10/01/20230.1%
Philadelphia, PA5.000% 08/01/20290.1%
Chicago, IL5.000% 11/01/20360.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
California Muni Fin Auth5.000% 04/01/20410.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
New Jersey Econ Dev Auth5.000% 07/01/20220.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
Millsboro, DE5.450% 07/01/20360.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Philadelphia, PA5.000% 08/01/20300.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
New Jersey Econ Dev Auth5.000% 01/01/20240.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
Nassau Cnty, NY5.000% 01/01/20380.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.1%
Illinois Fin Auth5.000% 02/15/20500.1%
Indiana Fin Auth5.000% 10/01/20290.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20420.1%
South Jersey Port Corp, NJ5.000% 01/01/20420.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.1%
District of Columbia, DC5.000% 06/01/20410.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
Philadelphia, PA5.250% 07/15/20310.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX6.250% 07/01/20280.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
California Muni Fin Auth5.000% 06/01/20500.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.1%
Massachusetts Port Auth5.500% 01/01/20190.1%
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 Ed7.000% 12/01/20460.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Chicago, IL5.000% 01/01/20470.1%
La Verne CA C.O.P.5.000% 05/15/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.1%
Dorm Auth of the St of New York5.000% 12/01/20400.1%
Tender Option Bnd Tr Receipts/Certificates10.190% 08/15/20300.1%
Connecticut5.000% 06/15/20330.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20350.1%
Pittsburgh, PA5.000% 09/01/20300.1%
New Orleans, LA5.000% 12/01/20400.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Wayne Cnty Arpt Auth5.000% 12/01/20420.1%
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%
Pennsylvania5.000% 07/01/20430.1%
Indiana Fin Auth7.000% 10/01/20390.1%
Tempe Industrial Development Authority6.125% 10/01/20470.1%
Nassau Cnty, NY5.000% 01/01/20360.1%
TSASC, Inc.5.000% 06/01/20350.1%
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%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
Nassau Cnty, NY5.000% 01/01/20350.1%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.1%
Atlanta Airport5.000% 01/01/20280.1%
Cook Cnty, IL5.000% 11/15/20300.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
Connecticut5.000% 06/15/20320.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.1%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.1%
Paducah Electric Plant Bd5.000% 10/01/20330.1%
Philadelphia Sch Dist, PA5.000% 09/01/20380.1%
New Orleans, LA5.000% 12/01/20340.1%
Cook Cnty, IL5.000% 11/15/20350.1%
Paducah Electric Plant Bd5.000% 10/01/20350.1%
Wayne Cnty Arpt Auth5.000% 12/01/20470.1%
Philadelphia, PA5.250% 07/15/20330.1%
Dorm Auth of the St of New York5.000% 12/01/20360.1%
Eagle County Airport Terminal Corp5.000% 05/01/20370.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.1%
Connecticut5.000% 06/15/20380.1%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.1%
New Jersey Econ Dev Auth5.000% 06/15/20250.1%
Chicago, IL5.500% 01/01/20370.1%
Illinois Fin Auth5.000% 04/01/20190.1%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
Grand River Hospital District5.250% 12/01/20340.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.1%
Grand River Hospital District5.250% 12/01/20350.1%
Illinois Fin Auth7.125% 02/01/20340.1%
Grand River Hospital District5.250% 12/01/20370.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.1%
Port of Houston Auth, TX6.250% 10/01/20290.1%
Dorm Auth of the St of New York5.000% 08/01/20330.1%
Dorm Auth of the St of New York5.000% 08/01/20350.1%
Massachusetts Dev Fin Agy5.000% 07/01/20340.1%
Crawford Cnty Hosp Auth6.000% 06/01/20510.1%
Cleveland, OH5.000% 01/01/20310.0%
Illinois Fin Auth5.000% 02/15/20470.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
Dorm Auth of the St of New York4.000% 08/01/20380.0%
Philadelphia Sch Dist, PA5.000% 09/01/20370.0%
Volusia County Educational Facility Authority5.000% 10/15/20420.0%
Puerto Rico Sales Tax Fincg Corp6.125% 08/01/20290.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
City of Rockville MD5.000% 11/01/20420.0%
Rockdale Cnty Dev Auth4.000% 01/01/20380.0%
West Virginia Econ Dev Auth, WV2.875% 12/15/20260.0%
Connecticut4.000% 06/15/20370.0%
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%
Dorm Auth of the St of New York4.000% 08/01/20370.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
TSASC, Inc.5.000% 06/01/20360.0%
Sparks, NV6.500% 06/15/20200.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20300.0%
Illinois Fin Auth6.250% 02/01/20190.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Dorm Auth of the St of New York5.000% 08/01/20340.0%
Cook Cnty, IL5.000% 11/15/20340.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
City of Irvine CA5.000% 09/01/20440.0%
Illinois Fin Auth6.000% 03/01/20370.0%
Atlantic City, NJ5.000% 03/01/20320.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Chicago5.625% 01/01/20350.0%
Chicago, IL5.500% 01/01/20420.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
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%

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/24/2018
$0.250
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 09/30/2018
Daily Daily 10/31/2018
Daily Daily 11/30/2018
Daily Daily 12/31/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
0.66% 0.63%

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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