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National Tax Free Fund

Daily price w/o sales charge as of 04/03/2020

$10.95

arrowUp$0.09

YTD Returns w/o sales charge as of 04/03/2020

-6.30%

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 04/03/2020  

w/o sales charge 3.30%

30-Day Standardized Yield 2 as of 02/29/2020  

1.66%

Fund Basicsas of 02/28/2020

Total Net Assets
$3.56 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.51%
Number of Holdings
828

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -3.25% 2.36% 4.08% 3.37% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -3.25% 2.36% 4.08% 3.37% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

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

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

RELATED CONTENT

Municipal Bonds: Assessing the Market after the Fed’s Move
March 17, 2020

Here’s a brief look at how the municipal bond market is responding in the wake of the dramatic policy actions on March 15.

Municipal Bonds: Looking for Extra Yield with Less Interest-Rate Risk?
February 18, 2020

Here’s why investors may wish to consider a strategy employing short duration, high yield municipal bonds.

Municipal Bonds: Where We See Value Now
February 3, 2020

A closer look at the muni yield curve offers clues as to where investors might find the potential for attractive returns.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
GO State
Education
Housing
Water & Sewer
Pre-Refunded
Power
VRDN
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 02/28/2020 View Portfolio

Rating Assets
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

33 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 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 04/03/2020  

w/o sales charge 3.30%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.66% 1.66%

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

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -3.25% 2.36% 4.08% 3.37% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -3.25% 2.36% 4.08% 3.37% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Index -0.63% 3.85% 3.96% 3.19% - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

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

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

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2019 9.53% 7.54%
2018 0.96% 1.28%
2017 7.41% 5.45%
2016 0.48% 0.25%
2015 3.52% 3.30%
2014 13.06% 9.05%
2013 -5.90% -2.55%
2012 14.14% 6.78%
2011 11.29% 10.70%
2010 -2.66% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -3.25% - - - -6.29%
2019 3.53% 2.89% 2.19% 0.62% 9.53%
2018 -1.16% 1.33% -0.20% 1.00% 0.96%
2017 1.93% 2.16% 1.74% 1.39% 7.41%
2016 2.10% 3.56% 0.01% -4.97% 0.48%
2015 1.30% -1.16% 1.41% 1.96% 3.52%
2014 4.78% 3.55% 2.34% 1.82% 13.06%
2013 0.64% -4.76% -1.88% 0.06% -5.90%
2012 4.93% 2.73% 3.94% 1.87% 14.14%
2011 -0.13% 5.20% 3.49% 2.35% 11.29%
2010 - - - -5.79% -2.66%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
GO Local
Special Tax
GO State
Education
Housing
Water & Sewer
Pre-Refunded
Power
VRDN
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
CT
MD
MA
AZ
NC
GA
AL
KY
MI
HI
Puerto Rico
CO
NE
VA
MN
LA
TN
IN
MO
NV
NH
SC
DIST. OF COLUMBIA
WI
OK
ME
WY
OR
WA
MT
DE
WV
AR
OT
IA
VT
DC
NM
KS

Credit Quality Distribution as of 02/28/2020

Rating Assets
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 12/31/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 12-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 02/28/2020

Total Net Assets
$3.56 B
Number of Issues
828
Average Coupon
4.5%
Average Effective Maturity
20.8 Years
Average Effective Duration
6.45 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
Denver Health & Hospital Authority 4.000% 12/01/2037 0.0%
Louisville/Jefferson County Metropolitan Governmen 4.000% 10/01/2040 0.0%
New Jersey Economic Development Authority 5.000% 06/15/2036 0.0%
Pennsylvania Economic Development Financing Author 8.000% 05/01/2029 0.0%
New York State Dormitory Authority 5.000% 12/01/2040 0.0%
San Francisco City & County Redevelopment Financin 7.000% 08/01/2041 0.0%
State of Connecticut 5.000% 04/15/2036 0.0%
Wayne County Airport Authority 5.000% 12/01/2042 0.0%
New Jersey Transportation Trust Fund Authority 0.000% 12/15/2031 0.0%
School District of Philadelphia/The 5.000% 09/01/2037 0.0%
% of Total Assets 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.

Holding Coupon Maturity Assets
Buckeye Tobacco Settlement Financing Authority5.000% 06/01/20551.3%
Texas Private Activity Bond Surface Transportation5.000% 06/30/20580.9%
City of Chicago IL6.000% 01/01/20380.7%
Connecticut State Health & Educational Facilities4.000% 07/01/20490.6%
New Jersey Transportation Trust Fund Authority4.000% 06/15/20500.6%
Louisiana Local Government Environmental Facilitie3.500% 11/01/20320.6%
Massachusetts School Building Authority5.000% 10/15/20320.6%
Salt Verde Financial Corp5.000% 12/01/20370.6%
Duluth Economic Development Authority5.250% 02/15/20580.6%
New York City Housing Development Corp2.800% 02/01/20500.6%
State of Hawaii Department of Budget & Finance3.200% 07/01/20390.5%
Kansas City Industrial Development Authority5.000% 03/01/20540.5%
Commonwealth Financing Authority4.000% 06/01/20390.5%
North Carolina Turnpike Authority4.000% 01/01/20370.5%
Central Plains Energy Project5.000% 09/01/20420.5%
New York Transportation Development Corp5.250% 01/01/20500.5%
State of Connecticut3.000% 01/15/20390.5%
New York Liberty Development Corp2.800% 09/15/20690.5%
Maryland Community Development Administration3.000% 03/01/20420.4%
Chicago O'Hare International Airport4.000% 01/01/20440.4%
Riverside County Redevelopment Successor Agency0.000% 10/01/20410.4%
State of Hawaii Airports System Revenue5.000% 07/01/20480.4%
Metropolitan Pier & Exposition Authority4.000% 06/15/20500.4%
County of Trimble KY3.750% 06/01/20330.4%
State of Ohio4.000% 01/15/20500.4%
California Municipal Finance Authority4.000% 12/31/20470.4%
Lower Alabama Gas District/The5.000% 09/01/20460.4%
Foothill-Eastern Transportation Corridor Agency3.500% 01/15/20530.4%
Metropolitan Pier & Exposition Authority0.000% 12/15/20360.4%
State of Illinois5.000% 11/01/20280.4%
City of Chicago IL5.500% 01/01/20490.4%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.4%
County of Campbell WY3.625% 07/15/20390.4%
Maryland Health & Higher Educational Facilities Au6.250% 07/01/20310.4%
Main Street Natural Gas Inc5.000% 05/15/20490.3%
Chicago O'Hare International Airport5.000% 01/01/20530.3%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20460.3%
Maryland Health & Higher Educational Facilities Au5.500% 01/01/20460.3%
Metropolitan Nashville Airport Authority/The4.000% 07/01/20490.3%
Metropolitan Pier & Exposition Authority5.000% 06/15/20500.3%
Allegheny County Hospital Development Authority4.000% 04/01/20440.3%
Maine Health & Higher Educational Facilities Autho7.500% 07/01/20320.3%
City of Baltimore MD5.000% 07/01/20460.3%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.3%
Commonwealth of Pennsylvania4.000% 09/15/20300.3%
Las Vegas Convention & Visitors Authority5.000% 07/01/20430.3%
North Carolina Medical Care Commission4.000% 07/01/20490.3%
Martin County Health Facilities Authority4.000% 01/01/20460.3%
Metropolitan Boston Transit Parking Corp5.250% 07/01/20330.3%
Chicago O'Hare International Airport5.000% 01/01/20520.3%
City of Philadelphia PA5.000% 08/01/20360.3%
Nebraska Educational Health Cultural & Social Serv4.000% 01/01/20490.3%
County of Cook IL5.000% 11/15/20240.3%
New York City Transitional Finance Authority Futur1.220% 02/01/20450.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20290.3%
Long Beach Bond Finance Authority5.500% 11/15/20370.3%
New York City Transitional Finance Authority Build5.000% 07/15/20300.3%
Pennsylvania Turnpike Commission5.000% 06/01/20290.3%
Foothill-Eastern Transportation Corridor Agency6.000% 01/15/20490.3%
State of California5.000% 02/01/20330.3%
State of Connecticut5.000% 11/01/20270.3%
State of Connecticut5.000% 11/01/20280.3%
State of Illinois5.500% 07/01/20330.3%
County of Cuyahoga OH5.500% 02/15/20520.3%
County of Osceola FL Transportation Revenue4.000% 10/01/20540.3%
New York City Housing Development Corp3.450% 05/01/20590.3%
State of New York Mortgage Agency2.950% 10/01/20490.3%
Virginia College Building Authority3.000% 02/01/20390.3%
Central Texas Regional Mobility Authority6.000% 01/01/20410.3%
Louisville & Jefferson County Metropolitan Sewer D5.000% 05/15/20280.3%
State of California5.500% 03/01/20400.3%
State of Illinois4.000% 11/01/20430.3%
New Hampshire Health and Education Facilities Auth5.000% 08/01/20590.3%
Buckeye Tobacco Settlement Financing Authority3.000% 06/01/20480.3%
University of Connecticut5.250% 11/15/20470.3%
Buckeye Tobacco Settlement Financing Authority5.125% 06/01/20240.3%
Central Plains Energy Project5.250% 09/01/20370.3%
Washington & Multnomah Counties School District No5.000% 06/15/20360.3%
Arizona Industrial Development Authority3.625% 05/20/20330.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.3%
City of San Antonio TX Airport System5.000% 07/01/20450.3%
County of Sacramento CA Airport System Revenue5.000% 07/01/20410.3%
Metropolitan Pier & Exposition Authority0.000% 12/15/20370.3%
Foothill-Eastern Transportation Corridor Agency6.000% 01/15/20530.3%
Hampton Roads Transportation Accountability Commis5.500% 07/01/20570.3%
Kentucky Municipal Power Agency4.000% 09/01/20450.3%
California Pollution Control Financing Authority5.000% 11/21/20450.3%
Shelby County Health Educational & Housing Facilit1.150% 06/01/20420.3%
City of Phoenix Civic Improvement Corp4.000% 07/01/20370.3%
North Carolina Medical Care Commission4.000% 11/01/20520.3%
New York City Housing Development Corp3.350% 11/01/20650.3%
Texas Water Development Board4.000% 10/15/20370.3%
California State Public Works Board5.000% 04/01/20330.3%
Delaware State Economic Development Authority5.375% 10/01/20450.3%
Long Beach Bond Finance Authority2.583% 11/15/20270.3%
Delaware River Port Authority5.000% 01/01/20340.3%
State of California5.250% 08/01/20320.3%
California Educational Facilities Authority5.000% 05/01/20450.3%
Clifton Higher Education Finance Corp6.125% 08/15/20480.3%
Apache County Industrial Development Authority4.500% 03/01/20300.3%
County of Lucas OH5.250% 11/15/20480.3%
Greater Orlando Aviation Authority4.000% 10/01/20440.3%
California Infrastructure & Economic Development B5.250% 10/01/20340.2%
University of Houston3.000% 02/15/20430.2%
Oklahoma Development Finance Authority5.500% 08/15/20570.2%
California Housing Finance4.250% 01/15/20350.2%
Golden State Tobacco Securitization Corp5.000% 06/01/20470.2%
Louisiana Public Facilities Authority6.250% 05/15/20310.2%
State of Connecticut Special Tax Revenue5.000% 01/01/20370.2%
Michigan Finance Authority4.000% 11/15/20500.2%
New Hampshire Business Finance Authority4.125% 01/20/20340.2%
New Jersey Economic Development Authority5.625% 01/01/20520.2%
Greater Orlando Aviation Authority4.000% 10/01/20520.2%
Wisconsin Health & Educational Facilities Authorit4.000% 02/15/20500.2%
Metropolitan Pier & Exposition Authority0.000% 12/15/20300.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.2%
California Municipal Finance Authority5.000% 02/01/20470.2%
County of Hillsborough FL3.250% 08/01/20480.2%
University of North Carolina at Wilmington5.000% 06/01/20370.2%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20380.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20280.2%
City of Philadelphia PA Water & Wastewater Revenue5.250% 10/01/20520.2%
State of Illinois5.000% 12/01/20360.2%
Pennsylvania Higher Educational Facilities Authori4.000% 08/15/20490.2%
Escambia County Health Facilities Authority4.000% 08/15/20500.2%
Indianapolis Local Public Improvement Bond Bank5.000% 02/01/20310.2%
University of North Carolina at Chapel Hill5.000% 02/01/20490.2%
Metropolitan Washington Airports Authority Dulles4.000% 10/01/20530.2%
California Statewide Communities Development Autho5.500% 12/01/20540.2%
San Francisco City & County Airport Comm-San Franc5.250% 05/01/20330.2%
New Jersey Transportation Trust Fund Authority5.250% 06/15/20430.2%
Southwest Local School District/Hamilton County4.000% 01/15/20550.2%
Maryland State Transportation Authority3.000% 06/01/20360.2%
University of North Carolina at Chapel Hill5.000% 02/01/20450.2%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.2%
City of Reno NV4.000% 06/01/20460.2%
Kentucky Bond Development Corp4.000% 09/01/20480.2%
New York State Dormitory Authority5.000% 01/01/20470.2%
Michigan State Building Authority4.000% 04/15/20540.2%
State of California5.600% 03/01/20360.2%
City of New York NY5.000% 08/01/20270.2%
Commonwealth of Massachusetts3.000% 04/01/20410.2%
Erie County Industrial Development Agency/The5.250% 05/01/20280.2%
Erie County Industrial Development Agency/The5.000% 05/01/20260.2%
State of Illinois5.000% 01/01/20350.2%
Indiana Finance Authority5.000% 07/01/20350.2%
New Jersey Economic Development Authority5.000% 06/15/20470.2%
California Housing Finance4.000% 03/20/20330.2%
County of Richland SC3.875% 04/01/20230.2%
State of Illinois5.000% 03/01/20300.2%
City of Phoenix Civic Improvement Corp4.000% 07/01/20380.2%
Michigan Finance Authority4.000% 12/01/20490.2%
Berks County Industrial Development Authority5.000% 11/01/20470.2%
San Antonio Convention Hotel Finance Corp5.000% 07/15/20390.2%
Bay Area Toll Authority3.000% 04/01/20540.2%
Public Authority for Colorado Energy6.500% 11/15/20380.2%
Illinois Finance Authority6.125% 09/01/20390.2%
Minnesota Housing Finance Agency2.750% 07/01/20440.2%
City of Baltimore MD4.000% 07/01/20490.2%
Michigan State Housing Development Authority3.600% 10/01/20600.2%
New York City Water & Sewer System1.210% 06/15/20490.2%
Metropolitan Atlanta Rapid Transit Authority3.000% 07/01/20400.2%
Montana Facility Finance Authority5.000% 07/01/20480.2%
State of Hawaii Department of Budget & Finance3.100% 05/01/20260.2%
Central Texas Turnpike System5.000% 08/15/20330.2%
City of Minneapolis MN5.000% 11/15/20490.2%
Virginia Small Business Financing Authority5.250% 01/01/20320.2%
Mid-Bay Bridge Authority7.250% 10/01/20340.2%
Pulaski County Public Facilities Board5.000% 12/01/20390.2%
New York City Industrial Development Agency0.000% 03/01/20300.2%
Illinois Finance Authority4.000% 10/01/20490.2%
New York City Transitional Finance Authority Build5.000% 07/15/20310.2%
Oklahoma Turnpike Authority4.000% 01/01/20480.2%
School District of Philadelphia/The4.000% 09/01/20390.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20290.2%
New Jersey Turnpike Authority4.000% 01/01/20430.2%
New York City Industrial Development Agency5.000% 07/01/20280.2%
Lee Memorial Health System4.000% 04/01/20490.2%
South Carolina Ports Authority5.000% 07/01/20440.2%
County of Cuyahoga OH5.500% 02/15/20570.2%
State of Illinois5.000% 11/01/20270.2%
Gainesville & Hall County Hospital Authority5.500% 08/15/20540.2%
Hoover Industrial Development Board5.750% 10/01/20490.2%
Massachusetts Housing Finance Agency3.600% 12/01/20590.2%
New York City Housing Development Corp3.050% 05/01/20500.2%
Berks County Industrial Development Authority5.000% 11/01/20360.2%
California Municipal Finance Authority5.000% 12/31/20380.2%
New York Transportation Development Corp5.000% 01/01/20330.2%
Kentucky Municipal Power Agency5.000% 09/01/20350.2%
Kentucky Municipal Power Agency5.000% 09/01/20360.2%
Central Plains Energy Project5.000% 09/01/20320.2%
City of Chicago IL5.000% 01/01/20340.2%
Miami-Dade County Educational Facilities Authority5.000% 04/01/20530.2%
City of Chicago IL5.000% 01/01/20260.2%
Indiana Finance Authority5.250% 02/01/20320.2%
New Jersey Educational Facilities Authority4.000% 09/01/20290.2%
North Texas Tollway Authority5.000% 01/01/20480.2%
Arlington Higher Education Finance Corp7.650% 08/15/20400.2%
Massachusetts Port Authority4.000% 07/01/20460.2%
Municipal Electric Authority of Georgia5.000% 01/01/20480.2%
California State Public Works Board5.000% 12/01/20280.2%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.2%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.2%
State of Illinois5.500% 07/01/20380.2%
County of Baltimore MD4.000% 01/01/20450.2%
University of Houston3.000% 02/15/20440.2%
West Virginia Parkways Authority4.000% 06/01/20470.2%
Suffolk Tobacco Asset Securitization Corp5.375% 06/01/20280.2%
Tuscaloosa City Board of Education5.000% 08/01/20460.2%
New York City Capital Resources Corp7.000% 08/01/20250.2%
State of California4.000% 09/01/20370.2%
Florida Development Finance Corp7.625% 06/15/20410.2%
New York State Dormitory Authority5.000% 07/01/20400.2%
City & County of Denver CO Airport System Revenue4.000% 12/01/20430.2%
State of Hawaii Airports System Revenue5.000% 07/01/20410.2%
Massachusetts Development Finance Agency4.000% 07/01/20410.2%
Public Finance Authority5.000% 12/01/20270.2%
City of Chicago IL5.500% 01/01/20420.2%
City of Chicago IL Waterworks Revenue5.000% 11/01/20290.2%
Regional Transportation District5.375% 06/01/20310.2%
Savannah Hospital Authority4.000% 07/01/20430.2%
University of Illinois4.000% 04/01/20380.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
New Jersey Economic Development Authority5.000% 06/15/20420.2%
Berks County Industrial Development Authority4.000% 11/01/20380.2%
Metropolitan Transportation Authority5.000% 11/15/20300.2%
Bay Area Toll Authority4.000% 04/01/20490.2%
New Jersey Economic Development Authority2.750% 03/01/20280.2%
New Jersey Transportation Trust Fund Authority6.000% 06/15/20350.2%
Canaveral Port Authority5.000% 06/01/20450.2%
New York City Health & Hospitals Corp5.000% 02/15/20300.2%
New York State Dormitory Authority4.000% 09/01/20500.2%
Pennsylvania Economic Development Financing Author3.250% 08/01/20390.2%
City of Baltimore MD5.000% 07/01/20390.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
New York Transportation Development Corp5.000% 07/01/20460.2%
State of Illinois5.000% 05/01/20380.2%
California Health Facilities Financing Authority5.250% 08/15/20310.2%
Maricopa County Pollution Control Corp3.600% 02/01/20400.2%
Metropolitan Washington Airports Authority5.000% 10/01/20350.2%
Municipal Electric Authority of Georgia4.000% 01/01/20490.2%
New Jersey Economic Development Authority5.000% 06/15/20430.2%
City of Compton CA Water Revenue6.000% 08/01/20390.2%
Virginia College Building Authority3.000% 02/01/20360.2%
Industrial Development Authority of the County of4.000% 09/01/20290.2%
King County Public Hospital District No 45.000% 12/01/20380.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20300.2%
North Sumter County Utility Dependent District5.375% 10/01/20300.2%
Vermont Educational & Health Buildings Financing A5.000% 12/01/20350.2%
New Hampshire Business Finance Authority4.875% 11/01/20420.2%
City of Philadelphia PA Airport Revenue5.000% 07/01/20420.2%
County of Franklin OH6.125% 07/01/20400.2%
Maryland Economic Development Corp4.000% 07/01/20390.2%
Niagara Area Development Corp4.750% 11/01/20420.2%
Norman Y Mineta San Jose International Airport SJC6.250% 03/01/20340.2%
City of Reno NV4.000% 06/01/20430.2%
Golden State Tobacco Securitization Corp5.000% 06/01/20470.2%
Central Texas Regional Mobility Authority5.000% 01/01/20450.1%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20250.1%
City of Upland CA6.375% 01/01/20320.1%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20280.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20350.1%
Oneida County Local Development Corp4.000% 12/01/20490.1%
State of Connecticut Special Tax Revenue5.000% 01/01/20380.1%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.1%
Special Care Facilities Financing Authority of the5.000% 12/01/20310.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20350.1%
Metropolitan Pier & Exposition Authority5.500% 06/15/20530.1%
South Carolina Ports Authority5.250% 07/01/20550.1%
City of Chicago IL5.000% 01/01/20400.1%
Commonwealth of Pennsylvania4.000% 03/01/20370.1%
New York City Industrial Development Agency3.145% 03/01/20240.1%
County of Luzerne PA5.000% 11/15/20290.1%
New Jersey Economic Development Authority3.000% 08/01/20410.1%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.1%
County of Montgomery OH4.000% 11/15/20420.1%
Health & Educational Facilities Authority of the S4.000% 02/15/20540.1%
Metropolitan Government Nashville & Davidson Count5.250% 10/01/20580.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
Buckeye Tobacco Settlement Financing Authority5.875% 06/01/20470.1%
San Francisco City & County Airport Comm-San Franc5.250% 05/01/20420.1%
Triborough Bridge & Tunnel Authority1.180% 01/01/20320.1%
California Statewide Communities Development Autho4.000% 07/01/20480.1%
Lansing Board of Water & Light5.000% 07/01/20300.1%
Montgomery County Industrial Development Authority5.000% 10/01/20270.1%
State of New York Mortgage Agency3.000% 10/01/20390.1%
Massachusetts Development Finance Agency5.000% 07/01/20480.1%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20280.1%
Antelope Valley Community College District3.000% 08/01/20500.1%
City & County of Denver CO Airport System Revenue4.000% 12/01/20480.1%
Michigan Finance Authority5.000% 11/15/20480.1%
New York State Dormitory Authority5.000% 07/01/20310.1%
North Texas Tollway Authority5.000% 01/01/20400.1%
Palomar Health5.000% 11/01/20360.1%
City of Atlanta GA Airport Passenger Facility Char4.000% 07/01/20400.1%
Omaha Public Power District Nebraska City Station5.250% 02/01/20420.1%
California Municipal Finance Authority2.650% 08/01/20360.1%
Central Texas Turnpike System3.000% 08/15/20400.1%
City of Los Angeles Department of Airports5.000% 05/15/20410.1%
El Dorado Irrigation District5.000% 03/01/20340.1%
Montana Facility Finance Authority5.000% 07/01/20430.1%
Salt Verde Financial Corp5.000% 12/01/20320.1%
Golden State Tobacco Securitization Corp5.250% 06/01/20470.1%
North Carolina Turnpike Authority4.000% 01/01/20550.1%
Salt Verde Financial Corp5.250% 12/01/20270.1%
City of Houston TX Airport System Revenue5.000% 07/15/20350.1%
Metropolitan Transportation Authority4.000% 11/15/20460.1%
Washington Health Care Facilities Authority5.000% 07/01/20380.1%
City of Atlanta GA Airport Passenger Facility Char5.000% 01/01/20310.1%
Greenville Health System5.000% 05/01/20340.1%
State of California5.000% 08/01/20380.1%
Montgomery County Higher Education & Health Author4.000% 09/01/20490.1%
City of San Jose CA Hotel Tax Revenue6.125% 05/01/20310.1%
Oklahoma Development Finance Authority4.000% 08/15/20480.1%
Port Authority of New York & New Jersey5.250% 10/15/20550.1%
New York City Water & Sewer System1.180% 06/15/20430.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.1%
City of Chicago IL5.000% 01/01/20340.1%
Tobacco Settlement Financing Corp5.000% 06/01/20460.1%
TSASC Inc/NY5.000% 06/01/20480.1%
Detroit City School District5.000% 05/01/20290.1%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20310.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20360.1%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.1%
New Jersey Economic Development Authority5.000% 03/01/20280.1%
State of Illinois5.000% 01/01/20330.1%
California Municipal Finance Authority5.000% 12/31/20470.1%
Los Angeles Housing Authority6.250% 06/01/20340.1%
Prichard Water Works & Sewer Board4.000% 11/01/20490.1%
State of Connecticut Special Tax Revenue5.000% 08/01/20340.1%
California Municipal Finance Authority4.000% 07/15/20290.1%
New Jersey Educational Facilities Authority5.000% 07/01/20450.1%
State of Connecticut Bradley International Airport5.000% 07/01/20490.1%
Union County Utilities Authority4.750% 12/01/20310.1%
Main Street Natural Gas Inc5.000% 05/15/20370.1%
Metropolitan Pier & Exposition Authority5.000% 06/15/20570.1%
Ohio Air Quality Development Authority5.000% 07/01/20490.1%
Chandler Industrial Development Authority2.700% 12/01/20370.1%
Chicago Board of Education5.000% 12/01/20460.1%
Commonwealth of Massachusetts2.750% 03/01/20500.1%
County of Jefferson AL Sewer Revenue5.500% 10/01/20530.1%
State of Illinois5.000% 01/01/20410.1%
New York Transportation Development Corp5.000% 01/01/20340.1%
San Diego Unified School District/CA3.250% 07/01/20480.1%
California Municipal Finance Authority4.000% 12/31/20470.1%
California Statewide Communities Development Autho5.500% 12/01/20580.1%
Metropolitan Washington Airports Authority Dulles4.000% 10/01/20490.1%
Mission Economic Development Corp4.625% 10/01/20310.1%
Railsplitter Tobacco Settlement Authority5.000% 06/01/20270.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
State of Hawaii5.000% 12/01/20270.1%
Essex County Improvement Authority5.250% 07/01/20450.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20270.1%
Main Street Natural Gas Inc5.000% 05/15/20430.1%
City of Philadelphia PA Water & Wastewater Revenue5.000% 07/01/20300.1%
Connecticut State Health & Educational Facilities4.000% 07/01/20440.1%
Massachusetts Development Finance Agency4.000% 07/01/20440.1%
Michigan Finance Authority4.000% 11/01/20480.1%
New Jersey Economic Development Authority6.000% 10/01/20430.1%
City of Philadelphia PA5.000% 08/01/20370.1%
Pennsylvania Turnpike Commission4.000% 12/01/20490.1%
Buckeye Tobacco Settlement Financing Authority4.000% 06/01/20480.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20390.1%
County of Lee FL Airport Revenue5.375% 10/01/20320.1%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20380.1%
Tobacco Settlement Financing Corp/VA5.000% 06/01/20470.1%
Tuscaloosa County Industrial Development Authority5.250% 05/01/20440.1%
E-470 Public Highway Authority0.000% 09/01/20370.1%
Kirkwood Industrial Development Authority8.000% 05/15/20290.1%
Massachusetts Development Finance Agency5.000% 10/01/20570.1%
State of Hawaii5.000% 12/01/20270.1%
Massachusetts Port Authority5.000% 07/01/20450.1%
New Mexico Hospital Equipment Loan Council5.000% 07/01/20490.1%
Pennsylvania Turnpike Commission4.000% 12/01/20380.1%
Buckeye Tobacco Settlement Financing Authority5.750% 06/01/20340.1%
Metropolitan Washington Airports Authority5.000% 10/01/20270.1%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.1%
Casino Reinvestment Development Authority Inc5.250% 11/01/20390.1%
City of Chicago IL5.000% 01/01/20290.1%
County of Jefferson AL Sewer Revenue0.000% 10/01/20270.1%
State of Illinois4.000% 06/01/20340.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20360.1%
Ohio Air Quality Development Authority3.250% 09/01/20290.1%
Connecticut State Health & Educational Facilities4.000% 07/01/20410.1%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20330.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.1%
Sacramento City Financing Authority5.250% 12/01/20230.1%
Allegheny County Hospital Development Authority4.000% 04/01/20370.1%
Connecticut State Health & Educational Facilities4.000% 07/01/20490.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Maricopa County Pollution Control Corp3.600% 04/01/20400.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20300.1%
North Carolina Housing Finance Agency2.625% 07/01/20390.1%
Duluth Economic Development Authority5.250% 02/15/20530.1%
New York City Transitional Finance Authority Futur1.170% 11/01/20440.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20330.1%
Lower Colorado River Authority5.000% 05/15/20400.1%
New York City Transitional Finance Authority Futur4.000% 05/01/20370.1%
Port Authority of New York & New Jersey4.000% 11/01/20590.1%
State of California5.000% 04/01/20320.1%
Indiana Finance Authority5.000% 07/01/20440.1%
Metropolitan Nashville Airport Authority/The4.000% 07/01/20540.1%
New York Transportation Development Corp4.000% 01/01/20360.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.250% 07/01/20420.1%
Martin County Hospital District7.250% 04/01/20360.1%
Town of Davie FL6.000% 04/01/20420.1%
City of Philadelphia PA5.250% 07/15/20320.1%
Montgomery County Industrial Development Authority5.000% 11/15/20240.1%
Norman Y Mineta San Jose International Airport SJC5.000% 03/01/20470.1%
State of Illinois4.000% 11/01/20410.1%
Iowa Finance Authority5.250% 12/01/20250.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.750% 07/01/20370.1%
Antelope Valley Healthcare District5.000% 03/01/20410.1%
California Pollution Control Financing Authority5.000% 11/21/20450.1%
Illinois Finance Authority4.000% 09/01/20370.1%
New York Convention Center Development Corp5.000% 11/15/20400.1%
Indiana Finance Authority5.000% 07/01/20400.1%
Massachusetts Development Finance Agency5.000% 07/01/20390.1%
E-470 Public Highway Authority0.000% 09/01/20320.1%
Texas Transportation Commission5.000% 08/01/20570.1%
City of Chicago IL5.500% 01/01/20370.1%
Golden State Tobacco Securitization Corp5.000% 06/01/20290.1%
Niagara Frontier Transportation Authority5.000% 04/01/20250.1%
Pennsylvania Turnpike Commission5.000% 12/01/20440.1%
Phenix City Industrial Development Board3.625% 05/15/20300.1%
Village of Bellwood IL6.150% 12/01/20320.1%
Love Field Airport Modernization Corp5.000% 11/01/20280.1%
Massachusetts Development Finance Agency5.000% 07/01/20320.1%
North Carolina Housing Finance Agency2.850% 01/01/20430.1%
Wilkes-Barre Area School District/PA5.000% 04/15/20590.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20370.1%
Louisiana Public Facilities Authority5.000% 07/01/20590.1%
New York State Thruway Authority4.000% 01/01/20510.1%
State of Hawaii Airports System Revenue5.000% 07/01/20340.1%
Chicago O'Hare International Airport5.000% 07/01/20480.1%
Southern California Public Power Authority2.651% 11/01/20380.1%
California Pollution Control Financing Authority4.300% 07/01/20400.1%
City & County of Denver CO Airport System Revenue4.000% 12/01/20430.1%
City of Houston TX Airport System Revenue5.000% 07/15/20280.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Perris Union High School District/CA3.000% 09/01/20440.1%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20290.1%
Antelope Valley Healthcare District5.000% 03/01/20460.1%
Michigan Strategic Fund4.250% 12/31/20380.1%
Puerto Rico Electric Power Authority1.979% 07/01/20310.1%
Buckeye Tobacco Settlement Financing Authority0.000% 06/01/20470.1%
California Infrastructure & Economic Development B5.000% 11/01/20410.1%
City of Baltimore MD5.000% 07/01/20320.1%
County of Muskingum OH5.000% 02/15/20440.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20310.1%
County of Baltimore MD4.000% 01/01/20500.1%
County of Montgomery OH4.000% 11/15/20450.1%
Development Authority of Burke County/The4.125% 11/01/20450.1%
New Jersey Economic Development Authority6.500% 04/01/20280.1%
New Jersey Higher Education Student Assistance Aut3.750% 12/01/20310.1%
New York State Dormitory Authority5.500% 01/01/20390.1%
West Pace Cooperative District0.000% 05/01/20390.1%
City of Chicago IL5.500% 01/01/20340.1%
Middletown City School District/OH5.250% 12/01/20400.1%
City of Cleveland OH Airport System Revenue5.000% 01/01/20300.1%
New York Transportation Development Corp5.000% 01/01/20360.1%
Palm Beach County Health Facilities Authority5.000% 05/15/20530.1%
State of Hawaii5.000% 12/01/20270.1%
Public Finance Authority5.250% 10/01/20380.1%
California State Public Works Board5.125% 10/01/20310.1%
Commonwealth of Pennsylvania4.000% 07/01/20460.1%
Buckeye Tobacco Settlement Financing Authority0.000% 06/01/20570.1%
California Statewide Communities Development Autho4.000% 12/01/20570.1%
City of Atlanta GA Airport Passenger Facility Char4.000% 07/01/20390.1%
City of Houston TX Airport System Revenue6.625% 07/15/20380.1%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20380.1%
Municipal Electric Authority of Georgia5.000% 01/01/20560.1%
Build NYC Resource Corp4.000% 07/01/20450.1%
Chicago Board of Education5.000% 12/01/20300.1%
County of Cook IL5.000% 11/15/20310.1%
Louisville/Jefferson County Metropolitan Governmen3.000% 10/01/20430.1%
Chicago Board of Education5.000% 12/01/20290.1%
City of Chicago IL5.000% 01/01/20300.1%
Illinois Finance Authority4.000% 09/01/20390.1%
Louisville & Jefferson County Metropolitan Sewer D3.250% 05/15/20460.1%
Metropolitan Atlanta Rapid Transit Authority3.250% 07/01/20390.1%
School District of Philadelphia/The4.000% 09/01/20380.1%
Massachusetts Development Finance Agency5.000% 06/01/20390.1%
Yorba Linda Redevelopment Agency Successor Agency6.500% 09/01/20320.1%
Berks County Industrial Development Authority4.000% 11/01/20470.1%
City of Chicago IL5.000% 01/01/20330.1%
County of Jefferson AL Sewer Revenue6.500% 10/01/20530.1%
New York State Housing Finance Agency3.150% 11/01/20540.1%
Port of Oakland5.000% 05/01/20280.1%
Public Finance Authority6.850% 10/01/20470.1%
State of Alabama Docks Department5.000% 10/01/20340.1%
State of Alabama Docks Department5.000% 10/01/20350.1%
Connecticut State Health & Educational Facilities3.125% 11/01/20380.1%
New York State Dormitory Authority5.000% 07/01/20300.1%
Chicago Board of Education5.000% 04/01/20460.1%
City of Miami Beach FL Parking Revenue5.000% 09/01/20400.1%
Municipal Electric Authority of Georgia5.000% 01/01/20590.1%
New York City Health & Hospitals Corp5.000% 02/15/20250.1%
State of Illinois5.000% 06/01/20270.1%
City of Valparaiso IN7.000% 01/01/20440.1%
Commonwealth of Puerto Rico0.000% 07/01/20390.1%
Florida Higher Educational Facilities Financial Au5.000% 04/01/20360.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20420.1%
Philadelphia Gas Works Co5.000% 08/01/20290.1%
Port Authority of New York & New Jersey4.000% 09/01/20430.1%
California Health Facilities Financing Authority4.000% 11/15/20420.1%
City of Phoenix Civic Improvement Corp4.000% 07/01/20440.1%
Iowa Finance Authority3.125% 12/01/20220.1%
Michigan Finance Authority5.000% 07/01/20340.1%
Chicago Board of Education5.000% 12/01/20270.1%
City of Atlanta GA Airport Passenger Facility Char5.000% 01/01/20280.1%
City of Philadelphia PA5.250% 07/15/20310.1%
Massachusetts Development Finance Agency5.000% 07/01/20310.1%
Massachusetts Development Finance Agency4.000% 07/01/20350.1%
Metropolitan Washington Airports Authority5.000% 10/01/20280.1%
Minneapolis-St Paul Metropolitan Airports Commissi5.000% 01/01/20310.1%
Port of Portland OR Airport Revenue5.000% 07/01/20390.1%
Chicago Board of Education5.000% 12/01/20330.1%
District of Columbia5.000% 06/01/20410.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
New York State Housing Finance Agency3.050% 11/01/20490.1%
Ohio Air Quality Development Authority4.500% 01/15/20480.1%
Puerto Rico Highway & Transportation Authority5.500% 07/01/20250.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.1%
New York State Dormitory Authority5.000% 07/01/20350.1%
Puerto Rico Highway & Transportation Authority5.250% 07/01/20320.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20450.1%
Casino Reinvestment Development Authority Inc5.250% 11/01/20440.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20360.1%
Columbus County Industrial Facilities & Pollution5.700% 05/01/20340.1%
Carlsbad Unified School District3.125% 08/01/20480.1%
City of Chula Vista CA5.875% 01/01/20340.1%
Illinois Finance Authority5.000% 09/01/20400.1%
Chicago Board of Education5.000% 04/01/20420.1%
State of Connecticut5.000% 04/15/20390.1%
Chicago Board of Education5.000% 12/01/20440.1%
County of Howard MD3.000% 08/15/20390.1%
New York City Housing Development Corp3.000% 11/01/20440.1%
Tobacco Settlement Authority5.250% 06/01/20320.1%
California Statewide Communities Development Autho5.250% 11/15/20340.1%
Southern California Public Power Authority5.000% 11/01/20330.1%
California School Finance Authority5.000% 08/01/20480.1%
Wayne County Airport Authority5.000% 12/01/20390.1%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20490.1%
Gramercy Farms Community Development District0.000% 05/01/20390.1%
Port Authority of New York & New Jersey6.000% 12/01/20420.1%
Maryland Economic Development Corp4.000% 07/01/20500.1%
New York State Dormitory Authority4.000% 08/01/20380.1%
Adelanto Public Utility Authority5.000% 07/01/20390.1%
City of Pittsburgh PA5.000% 09/01/20300.1%
Midlothian Water District0.000% 09/01/20220.1%
Nassau County Local Economic Assistance Corp5.000% 07/01/20310.1%
Chicago Board of Education5.000% 12/01/20460.1%
Michigan Public Educational Facilities Authority0.000% 09/01/20390.1%
Overland Park Development Corp5.000% 03/01/20440.1%
Overland Park Development Corp5.000% 03/01/20490.1%
Rancho Cucamonga Redevelopment Agency Successor Ag5.000% 09/01/20300.1%
Florida Higher Educational Facilities Financial Au5.000% 04/01/20330.1%
Massachusetts Port Authority5.000% 07/01/20400.1%
Philadelphia Gas Works Co5.000% 08/01/20300.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.1%
San Francisco City & County Airport Comm-San Franc4.000% 05/01/20490.0%
California School Finance Authority5.000% 08/01/20450.0%
County of Howard MD3.000% 08/15/20400.0%
Indiana Finance Authority5.000% 10/01/20290.0%
New York State Dormitory Authority4.000% 08/01/20360.0%
Prichard Water Works & Sewer Board4.000% 11/01/20440.0%
Massachusetts Development Finance Agency4.000% 06/01/20490.0%
Metropolitan Pier & Exposition Authority0.000% 06/15/20450.0%
New Jersey Economic Development Authority5.500% 06/15/20310.0%
North Carolina Turnpike Authority5.000% 01/01/20320.0%
Rancho Cucamonga Redevelopment Agency Successor Ag5.000% 09/01/20310.0%
TSASC Inc/NY5.000% 06/01/20350.0%
California Municipal Finance Authority5.000% 06/01/20500.0%
Chicago Board of Education7.000% 12/01/20460.0%
Chicago Board of Education5.000% 12/01/20320.0%
New Hampshire Business Finance Authority4.625% 11/01/20420.0%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20370.0%
Toledo-Lucas County Port Authority5.000% 07/01/20390.0%
Virginia Small Business Financing Authority5.000% 07/01/20340.0%
County of Cook IL5.250% 11/15/20240.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20540.0%
New York State Dormitory Authority5.000% 12/01/20310.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.0%
State of Connecticut5.000% 06/15/20320.0%
State of Connecticut5.000% 06/15/20330.0%
Arizona Industrial Development Authority4.000% 11/01/20490.0%
Commonwealth Financing Authority5.000% 06/01/20350.0%
Flint Hospital Building Authority7.000% 07/01/20300.0%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20360.0%
Denver Health & Hospital Authority4.000% 12/01/20370.0%
Louisville/Jefferson County Metropolitan Governmen4.000% 10/01/20400.0%
Massachusetts Development Finance Agency5.000% 07/01/20330.0%
New Jersey Economic Development Authority5.000% 06/15/20360.0%
Pennsylvania Economic Development Financing Author7.500% 05/01/20200.0%
Pennsylvania Economic Development Financing Author8.000% 05/01/20290.0%
New York State Dormitory Authority5.000% 12/01/20400.0%
San Francisco City & County Redevelopment Financin7.000% 08/01/20410.0%
State of Connecticut5.000% 04/15/20360.0%
Wayne County Airport Authority5.000% 12/01/20420.0%
City of La Verne CA5.000% 05/15/20360.0%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20310.0%
School District of Philadelphia/The5.000% 09/01/20370.0%
Chicago Board of Education6.500% 12/01/20460.0%
Montgomery County Industrial Development Authority5.000% 11/15/20250.0%
City of Pittsburgh PA5.000% 09/01/20320.0%
Tempe Industrial Development Authority6.125% 10/01/20470.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20320.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20490.0%
Maricopa County Industrial Development Authority5.000% 07/01/20490.0%
New York State Dormitory Authority4.000% 09/01/20450.0%
Virginia Small Business Financing Authority6.000% 01/01/20370.0%
City of Pittsburgh PA5.000% 09/01/20290.0%
Crawford County Hospital Authority6.000% 06/01/20510.0%
Grand River Hospital District5.250% 12/01/20340.0%
Grand River Hospital District5.250% 12/01/20350.0%
Louisiana Housing Corp8.000% 09/01/20390.0%
Chicago Board of Education5.000% 12/01/20310.0%
City of Oroville CA5.250% 04/01/20390.0%
Grand River Hospital District5.250% 12/01/20370.0%
Indiana Finance Authority7.000% 10/01/20390.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20340.0%
New York City Transitional Finance Authority Futur1.220% 08/01/20420.0%
New York State Dormitory Authority5.000% 08/01/20330.0%
New York State Dormitory Authority5.000% 08/01/20340.0%
New York State Dormitory Authority5.000% 08/01/20350.0%
State of Connecticut5.000% 06/15/20380.0%
State of Illinois6.000% 05/01/20260.0%
Yorba Linda Redevelopment Agency Successor Agency6.000% 09/01/20260.0%
Chicago O'Hare International Airport5.000% 01/01/20480.0%
City of Norfolk VA Water Revenue5.250% 11/01/20280.0%
City of Oroville CA5.250% 04/01/20540.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20370.0%
Paducah Electric Plant Board5.000% 10/01/20330.0%
Paducah Electric Plant Board5.000% 10/01/20340.0%
Paducah Electric Plant Board5.000% 10/01/20350.0%
County of Cook IL5.000% 11/15/20300.0%
County of Cook IL5.000% 11/15/20350.0%
Denver Convention Center Hotel Authority5.000% 12/01/20340.0%
Eagle County Airport Terminal Corp5.000% 05/01/20370.0%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20310.0%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20320.0%
Massachusetts Development Finance Agency5.000% 07/01/20340.0%
New York State Dormitory Authority5.000% 12/01/20360.0%
New York State Dormitory Authority5.000% 12/01/20370.0%
North Carolina Turnpike Authority4.000% 01/01/20380.0%
Public Finance Authority5.250% 10/01/20430.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.784% 07/01/20580.0%
School District of Philadelphia/The5.000% 09/01/20380.0%
State of California0.980% 05/01/20340.0%
Central Texas Turnpike System5.000% 08/15/20370.0%
City of New Orleans LA Water System Revenue5.000% 12/01/20340.0%
Commonwealth of Massachusetts4.000% 05/01/20480.0%
County of Cuyahoga OH5.000% 02/15/20570.0%
District of Columbia6.000% 07/01/20430.0%
District of Columbia6.000% 07/01/20480.0%
Massachusetts School Building Authority4.000% 02/15/20430.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20290.0%
New Jersey Educational Facilities Authority4.000% 07/01/20500.0%
New York City Transitional Finance Authority Futur4.000% 08/01/20420.0%
New York City Transitional Finance Authority Futur4.000% 05/01/20440.0%
Niagara Frontier Transportation Authority5.000% 04/01/20260.0%
Allegheny County Industrial Development Authority4.875% 11/01/20240.0%
Chicago Midway International Airport4.000% 01/01/20340.0%
City of Philadelphia PA5.250% 07/15/20330.0%
Clifton Higher Education Finance Corp6.000% 08/15/20430.0%
Crawford County Hospital Authority6.000% 06/01/20460.0%
Maricopa County Industrial Development Authority5.000% 07/01/20540.0%
Montgomery County Industrial Development Authority5.375% 01/01/20500.0%
New York City Transitional Finance Authority Futur5.000% 02/01/20360.0%
Public Finance Authority4.300% 11/01/20300.0%
State of Connecticut4.000% 06/15/20370.0%
Capital Trust Agency Inc5.000% 12/15/20490.0%
Los Angeles Unified School District/CA5.000% 10/01/20250.0%
Toledo-Lucas County Port Authority5.000% 07/01/20340.0%
Toledo-Lucas County Port Authority5.000% 07/01/20460.0%
West Virginia Hospital Finance Authority0.000% 10/01/20230.0%
City of Cleveland OH Airport System Revenue5.000% 01/01/20310.0%
City of San Buenaventura CA8.000% 12/01/20260.0%
Metropolitan Pier & Exposition Authority5.000% 06/15/20530.0%
San Francisco City & County Redevelopment Financin7.000% 08/01/20330.0%
South Carolina Ports Authority5.250% 07/01/20550.0%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20250.0%
Chicago O'Hare International Airport5.000% 01/01/20350.0%
Foothill-Eastern Transportation Corridor Agency5.750% 01/15/20460.0%
Industrial Pollution Control Financing Authority o5.000% 12/01/20240.0%
Kendall Kane & Will Counties Community Unit School5.000% 02/01/20290.0%
Martin County Health Facilities Authority5.500% 11/15/20320.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.0%
Texas Transportation Commission0.000% 08/01/20420.0%
City of Rockville MD5.000% 11/01/20420.0%
Dallas/Fort Worth International Airport5.000% 11/01/20300.0%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.0%
Mesquite Health Facilities Development Corp5.125% 02/15/20420.0%
New York City Water & Sewer System1.180% 06/15/20450.0%
Texas Transportation Commission0.000% 08/01/20400.0%
Virginia Small Business Financing Authority5.000% 01/01/20480.0%
New York State Energy Research & Development Autho3.500% 10/01/20290.0%
Norman Y Mineta San Jose International Airport SJC5.000% 03/01/20470.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20460.0%
City of Oroville CA5.250% 04/01/20490.0%
Denver Health & Hospital Authority4.000% 12/01/20380.0%
Dutchess County Local Development Corp6.000% 10/01/20300.0%
Maryland Economic Development Corp5.000% 06/01/20490.0%
Pennsylvania Higher Educational Facilities Authori5.000% 11/01/20300.0%
San Diego County Regional Airport Authority4.000% 07/01/20440.0%
State of Alabama Docks Department5.000% 10/01/20360.0%
City of Rockville MD5.000% 11/01/20470.0%
Pennsylvania Turnpike Commission5.000% 12/01/20390.0%
New York State Urban Development Corp5.000% 03/15/20330.0%
Wisconsin Health & Educational Facilities Authorit5.375% 02/01/20480.0%
Commonwealth of Puerto Rico0.000% 07/01/20270.0%
County of Jefferson AL Sewer Revenue0.000% 10/01/20260.0%
Development Authority for Fulton County5.000% 09/01/20320.0%
Metropolitan Pier & Exposition Authority0.000% 06/15/20460.0%
Stockton Unified School District5.000% 07/01/20280.0%
Capital Trust Agency Inc5.000% 12/15/20540.0%
City of Sparks NV2.750% 06/15/20280.0%
Colorado Health Facilities Authority5.250% 02/01/20310.0%
Denver Health & Hospital Authority5.250% 12/01/20450.0%
Houston Higher Education Finance Corp5.000% 02/15/20420.0%
California Municipal Finance Authority5.250% 08/15/20390.0%
Regents of the University of California Medical Ce5.250% 05/15/20380.0%
TSASC Inc/NY5.000% 06/01/20360.0%
City of Los Angeles Department of Airports5.000% 05/15/20350.0%
City of San Jose CA Hotel Tax Revenue5.500% 05/01/20240.0%
Nassau County Tobacco Settlement Corp0.000% 06/01/20600.0%
Puerto Rico Electric Power Authority0.000% 07/01/20280.0%
City of Atlanta GA Department of Aviation5.250% 01/01/20300.0%
City of Chicago IL5.625% 01/01/20300.0%
Connecticut State Health & Educational Facilities5.000% 07/01/20320.0%
Minneapolis-St Paul Metropolitan Airports Commissi5.000% 01/01/20270.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20300.0%
New York City Transitional Finance Authority Build5.000% 07/15/20350.0%
Casitas Municipal Water District5.250% 09/01/20470.0%
Chicago Board of Education5.000% 12/01/20420.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20300.0%
Irvine Unified School District5.000% 09/01/20560.0%
Maine Health & Higher Educational Facilities Autho6.000% 07/01/20260.0%
Atlantic City Board of Education6.000% 04/01/20340.0%
City of Charlotte NC Airport Special Facilities Re5.000% 07/01/20330.0%
Connecticut State Health & Educational Facilities5.000% 07/01/20280.0%
County of Cook IL5.000% 11/15/20340.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20290.0%
Miami-Dade County Expressway Authority5.000% 07/01/20280.0%
New York City Water & Sewer System5.000% 06/15/20360.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
Yosemite Community College District5.000% 08/01/20290.0%
California State Public Works Board5.000% 10/01/20280.0%
City of Irvine CA5.000% 09/01/20440.0%
City of San Jose CA Hotel Tax Revenue6.500% 05/01/20360.0%
Golden State Tobacco Securitization Corp5.000% 06/01/20300.0%
Harris County Toll Road Authority/The4.000% 08/15/20480.0%
Michigan Tobacco Settlement Finance Authority5.125% 06/01/20220.0%
New York Liberty Development Corp5.000% 11/15/20440.0%
Orange County Community Facilities District5.250% 08/15/20450.0%
Public Finance Authority4.050% 11/01/20300.0%
Sonoma-Marin Area Rail Transit District5.000% 03/01/20280.0%
Sweetwater Union High School District5.000% 08/01/20270.0%
Delaware River Port Authority5.000% 01/01/20290.0%
District of Columbia5.000% 06/01/20320.0%
Houston County Cooperative District0.000% 05/01/20390.0%
Louisiana Local Government Environmental Facilitie6.500% 11/01/20350.0%
New York City Trust for Cultural Resources5.250% 07/01/20260.0%
State of Florida Department of Transportation Turn5.000% 07/01/20340.0%
City of San Antonio TX Airport System5.000% 07/01/20260.0%
Delaware County Industrial Development Authority/P5.000% 07/01/20430.0%
Florida Higher Educational Facilities Financial Au6.375% 04/01/20310.0%
New York City Transitional Finance Authority Futur1.220% 02/01/20450.0%
State Public School Building Authority5.000% 04/01/20290.0%
Brooklyn Arena Local Development Corp0.000% 07/15/20350.0%
Maryland Economic Development Corp5.000% 06/01/20440.0%
Kirkwood Industrial Development Authority8.000% 05/15/20210.0%
Maine Health & Higher Educational Facilities Autho6.750% 07/01/20360.0%
State of California5.375% 11/01/20350.0%
Build NYC Resource Corp5.000% 06/01/20340.0%
City of Sparks NV2.500% 06/15/20240.0%
Abag Finance Authority for Nonprofit Corps5.000% 08/01/20280.0%
Alachua County Health Facilities Authority8.000% 10/01/20420.0%
County of Jefferson AL Sewer Revenue0.000% 10/01/20390.0%
Hudson Yards Infrastructure Corp5.750% 02/15/20470.0%
Abag Finance Authority for Nonprofit Corps5.000% 08/01/20270.0%
Colorado Health Facilities Authority5.000% 10/01/20320.0%
Stone Canyon Community Improvement District0.000% 04/01/20270.0%
Texas Transportation Commission0.000% 08/01/20460.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20270.0%
Chicago O'Hare International Airport5.625% 01/01/20350.0%
City of Chicago IL5.500% 01/01/20420.0%
City of Chicago IL5.500% 01/01/20350.0%
City of San Jose CA Hotel Tax Revenue5.500% 05/01/20260.0%
Clifton Higher Education Finance Corp5.000% 08/15/20420.0%
Hospitals & Higher Education Facilities Authority5.625% 07/01/20360.0%
Illinois Finance Authority5.000% 09/01/20340.0%
New York State Dormitory Authority5.000% 05/01/20290.0%
North Texas Tollway Authority5.000% 01/01/20310.0%
Puerto Rico Electric Power Authority4.250% 07/01/20270.0%
Essex County Improvement Authority6.250% 11/01/20300.0%
Houston Cnty Cooperative Dist0.000% 01/01/19000.0%
Metropolitan Washington Airports Authority5.000% 10/01/20350.0%
Stone Canyon Community Improvement District0.000% 04/01/20220.0%
Hempstead Town Local Development Corp5.000% 10/01/20340.0%
Iowa Tobacco Settlement Authority5.500% 06/01/20420.0%
Puerto Rico Electric Power Authority0.000% 07/01/20280.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20270.0%
State Public School Building Authority5.000% 04/01/20310.0%
Miami-Dade County Expressway Authority5.000% 07/01/20270.0%
Houston Higher Education Finance Corp6.875% 05/15/20410.0%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20290.0%
Puerto Rico Public Buildings Authority5.000% 07/01/20360.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.0%
Selma Industrial Development Board5.800% 05/01/20340.0%
City of Gainesville FL Utilities System Revenue5.250% 10/01/20340.0%
Commonwealth of Pennsylvania5.000% 07/01/20430.0%
Buckeye Tobacco Settlement Financing Authority0.000% 06/01/20520.0%
County of Warren MS5.800% 05/01/20340.0%
Houston Higher Education Finance Corp5.000% 02/15/20320.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20240.0%
Westchester County Healthcare Corp/NY6.000% 11/01/20300.0%
Middlesex County Improvement Authority0.000% 01/01/20250.0%
Middlesex County Improvement Authority0.000% 01/01/20370.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 07/01/20530.0%
Westchester County Healthcare Corp/NY6.125% 11/01/20370.0%
Gramercy Farms Community Development District0.000% 05/01/20390.0%
New York State Dormitory Authority5.000% 05/01/20290.0%
USM0 - Futures0.000% 01/01/19000.0%

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 04/03/2020
$0.090
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2020 $0.03009 $11.31
Daily Daily 02/29/2020 $0.03048 $12.23
Daily Daily 01/31/2020 $0.03036 $12.01

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 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.53% 0.51%

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 F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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

 

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

 

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

 

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

 

The 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.

 

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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