LONSX | National Tax Free Fund Class F3 | Lord Abbett

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National Tax Free Fund

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Daily price w/o sales charge as of 12/09/2022

$10.28

arrowDown$0.01

YTD Returns w/o sales charge as of 12/09/2022

-12.72%

Please click here for performance current to the most recent quarter-end and month-end.

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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 12/09/2022  

w/o sales charge 3.43%

30-Day Standardized Yield 2 as of 11/30/2022  

4.05%

Fund Basicsas of 10/31/2022

Total Net Assets
$3.24 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.46%
Number of Holdings
771

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.55% -13.37% -1.82% 1.10% 2.03% -
Lipper Category Avg. General & Insured Municipal Debt Funds -10.68% -10.55% -1.34% 0.92% 1.58% -
Bloomberg Municipal Bond Index -8.79% -8.64% -0.77% 1.40% 1.98% -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -17.09% -16.07% -3.09% 0.28% 1.94% -
Lipper Category Avg. General & Insured Municipal Debt Funds -13.92% -13.21% -2.51% 0.15% 1.47% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

Fund Expense Ratio :

0.46%

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

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

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

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 10/31/2022 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

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

12 Years of Industry Experience

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

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 12/09/2022  

w/o sales charge 3.43%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.05% 4.05%

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

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.55% -13.37% -1.82% 1.10% 2.03% -
Lipper Category Avg. General & Insured Municipal Debt Funds -10.68% -10.55% -1.34% 0.92% 1.58% -
Bloomberg Municipal Bond Index -8.79% -8.64% -0.77% 1.40% 1.98% -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -17.09% -16.07% -3.09% 0.28% 1.94% -
Lipper Category Avg. General & Insured Municipal Debt Funds -13.92% -13.21% -2.51% 0.15% 1.47% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

Fund Expense Ratio :

0.46%

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 Municipal Bond Index
2021 3.79% 1.52%
2020 5.12% 5.21%
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% -
2010 -2.66% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -8.11% -5.78% -4.25% - -12.72%
2021 0.22% 2.98% -0.67% 1.24% 3.79%
2020 -3.25% 3.30% 1.62% 3.50% 5.12%
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
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
GO State
Special Tax
Education
Water & Sewer
Housing
Power
Other
Pre-Refunded
VRDN
Treasury

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

Credit Quality Distribution as of 10/31/2022

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 9/30/2022

  • Given the recent rate volatility, the team has been focused on bond structure, including coupon, call protection, and convexity profile, as this has been a primary driver of performance in the current environment. More specifically, we have been selling select bonds priced close to par and buying deep discount or premium bonds due to inherent asymmetry of risk and convexity dynamic. Similarly, we prefer longer call bonds to shorter call bonds because, while both call structures have similar downside, longer call bonds have superior upside potential.
  • We have shortened average maturity since the start of the year, but generally remain overweight longer maturity bonds compared to the benchmark due to relative value opportunities and a relatively steeper yield curve. Although this has detracted year to date, we feel this positioning will contribute to performance in the long term.
  • The Fund is overweight the Industrial Development (IDR), Transportation and Health Care sectors. The Industrial Development sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. We believe the Transportation sector will continue to benefit from pent-up consumer demand after limited travel during the pandemic. Additionally, many parts of the segment are deemed essential and have received significant Federal support over the last few years. The Health Care sector has experienced some pressure due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. Additionally, the sector has proven resilient during past economic downturns.
  • Given the strong credit backdrop, we are positive on credit risk and the Fund is overweight lower-rated, investment grade bonds. Additionally, while primarily invested in higher quality bonds, the Fund is modestly overweight non-investment grade bonds relative to its benchmark due to relatively attractive risk-adjusted spread.

Portfolio Details as of 10/31/2022

Total Net Assets
$3.24 B
Number of Issues
771
Average Coupon
4.5%
Average Effective Maturity
17.6 Years
Average Effective Duration
9.65 Years
Average Yield to Worst
5.17%

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
BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 5.000% 05/24/2055 0.9%
SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE 4.000% 11/23/2051 0.8%
KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE 4.000% 07/24/2052 0.7%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 4.000% 10/31/2027 0.7%
LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE 3.500% 10/28/2032 0.7%
DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE 5.250% 02/04/2058 0.7%
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE 3.000% 09/09/2043 0.6%
CHICAGO IL 6.000% 12/27/2037 0.6%
CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE 5.000% 12/25/2047 0.6%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 5.000% 04/24/2053 0.6%
% of Total Assets 6.9%

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
Southeast Energy Authority A Cooperative District4.000% 12/01/20511.2%
Buckeye Tobacco Settlement Financing Authority5.000% 06/01/20550.9%
Louisiana Local Government Environmental Facilitie3.500% 11/01/20320.7%
Main Street Natural Gas Inc4.000% 08/01/20520.7%
Duluth Economic Development Authority5.250% 02/15/20580.7%
City of Chicago IL6.000% 01/01/20380.6%
New York Transportation Development Corp5.250% 01/01/20500.6%
Chicago O'Hare International Airport5.000% 01/01/20480.6%
Black Belt Energy Gas District5.000% 05/01/20530.6%
Colorado Health Facilities Authority4.000% 11/15/20430.5%
Black Belt Energy Gas District4.000% 12/01/20520.5%
Maryland Health & Higher Educational Facilities Au5.500% 01/01/20460.5%
Tender Option Bond Trust Receipts/Certificates6.961% 05/01/20520.5%
Salt Verde Financial Corp5.000% 12/01/20370.5%
Kentucky Public Energy Authority4.000% 08/01/20520.5%
Central Plains Energy Project5.000% 05/01/20530.4%
California Pollution Control Financing Authority5.000% 11/21/20450.4%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20460.4%
State of Hawaii Department of Budget & Finance3.200% 07/01/20390.4%
Public Finance Authority4.000% 09/30/20510.4%
Tobacco Settlement Financing Corp5.250% 06/01/20460.4%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20430.4%
Commonwealth Financing Authority4.000% 06/01/20390.4%
Iowa Finance Authority5.000% 12/01/20500.4%
Riverside County Redevelopment Successor Agency8.500% 10/01/20410.4%
Black Belt Energy Gas District4.000% 06/01/20510.4%
North Carolina Turnpike Authority4.000% 01/01/20370.4%
City of Chicago IL5.500% 01/01/20490.4%
California Housing Finance Agency4.000% 03/20/20330.4%
Main Street Natural Gas Inc5.000% 12/01/20520.4%
New Jersey Transportation Trust Fund Authority4.000% 06/15/20450.4%
Great Lakes Water Authority Sewage Disposal System5.500% 07/01/20520.4%
Maryland Economic Development Corp5.250% 06/30/20550.4%
New York Transportation Development Corp5.000% 01/01/20330.4%
Chicago O'Hare International Airport4.000% 01/01/20440.4%
State of Hawaii Airports System Revenue5.000% 07/01/20480.4%
California Municipal Finance Authority4.000% 12/31/20470.4%
County of Trimble KY3.750% 06/01/20330.3%
Kentucky Public Energy Authority4.000% 02/01/20500.3%
New York State Urban Development Corp5.000% 03/15/20400.3%
San Leandro Unified School District5.250% 08/01/20480.3%
New York City Industrial Development Agency5.000% 07/01/20280.3%
Public Authority for Colorado Energy6.500% 11/15/20380.3%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20290.3%
New York Transportation Development Corp5.000% 10/01/20400.3%
Tender Option Bond Trust Receipts/Certificates7.607% 07/01/20600.3%
State of Illinois5.500% 03/01/20470.3%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.3%
Triborough Bridge & Tunnel Authority Sales Tax Rev5.250% 05/15/20520.3%
San Diego County Regional Airport Authority5.000% 07/01/20510.3%
Tender Option Bond Trust Receipts/Certificates5.250% 07/01/20520.3%
New Mexico Municipal Energy Acquisition Authority5.000% 11/01/20390.3%
City of Baltimore MD5.000% 07/01/20460.3%
Chicago Transit Authority Sales Tax Receipts Fund5.250% 12/01/20490.3%
City of Salt Lake City UT Airport Revenue5.000% 07/01/20360.3%
Tender Option Bond Trust Receipts/Certificates7.457% 11/15/20550.3%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20340.3%
Tennessee Energy Acquisition Corp5.000% 05/01/20520.3%
Commonwealth of Pennsylvania4.000% 09/15/20300.3%
Minneapolis-St Paul Metropolitan Airports Commissi5.000% 01/01/20520.3%
New York Liberty Development Corp3.000% 09/15/20430.3%
Metropolitan Transportation Authority5.250% 11/15/20440.3%
New Hampshire Business Finance Authority4.000% 10/20/20360.3%
Matagorda County Navigation District No 12.600% 11/01/20290.3%
State of Illinois5.500% 07/01/20330.3%
Parish of St John the Baptist LA2.000% 06/01/20370.3%
Long Beach Bond Finance Authority5.500% 11/15/20370.3%
Pennsylvania Turnpike Commission5.000% 06/01/20290.3%
Southeast Energy Authority A Cooperative District4.000% 11/01/20510.3%
City of Philadelphia PA5.000% 08/01/20360.3%
Chicago O'Hare International Airport5.000% 01/01/20520.3%
City of Los Angeles Department of Airports5.000% 05/15/20390.3%
County of Campbell WY3.625% 07/15/20390.3%
Sumter County Industrial Development Authority/AL6.000% 07/15/20520.3%
State of Connecticut3.000% 01/15/20380.3%
County of Cuyahoga OH5.500% 02/15/20520.3%
Commonwealth of Massachusetts3.000% 02/01/20480.3%
Connecticut State Health & Educational Facilities4.000% 07/01/20410.3%
Public Finance Authority5.000% 10/01/20520.3%
City of Chicago IL4.000% 01/01/20320.3%
New York City Municipal Water Finance Authority2.780% 06/15/20450.3%
University of Connecticut5.250% 11/15/20470.3%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20460.3%
Louisiana Local Government Environmental Facilitie2.500% 04/01/20360.3%
Nebraska Educational Health Cultural & Social Serv4.000% 01/01/20490.3%
Long Beach Bond Finance Authority3.396% 11/15/20270.3%
State of Illinois5.500% 05/01/20390.3%
City of San Antonio TX Airport System5.000% 07/01/20450.3%
County of Jefferson AL Sewer Revenue6.500% 10/01/20530.3%
Onondaga County Trust for Cultural Resources5.000% 12/01/20430.3%
Washington & Multnomah Counties School District No5.000% 06/15/20360.3%
Hampton Roads Transportation Accountability Commis5.500% 07/01/20570.2%
Main Street Natural Gas Inc4.000% 05/01/20520.2%
Triborough Bridge & Tunnel Authority Sales Tax Rev5.250% 05/15/20620.2%
New Jersey Economic Development Authority5.500% 09/01/20290.2%
City & County of Denver CO Airport System Revenue5.250% 11/15/20430.2%
County of Miami-Dade Seaport Department4.000% 10/01/20490.2%
County of Sacramento CA Airport System Revenue5.000% 07/01/20410.2%
New York Transportation Development Corp4.000% 10/01/20300.2%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.2%
South Carolina Jobs-Economic Development Authority5.000% 12/01/20460.2%
Clifton Higher Education Finance Corp6.125% 08/15/20480.2%
New York City Municipal Water Finance Authority3.500% 06/15/20480.2%
State of California5.250% 08/01/20320.2%
Parish of St John the Baptist LA2.100% 06/01/20370.2%
New York City Transitional Finance Authority Futur2.750% 05/01/20340.2%
Arizona Industrial Development Authority3.625% 05/20/20330.2%
City of St Louis MO Airport Revenue5.000% 07/01/20470.2%
New Jersey Economic Development Authority5.625% 01/01/20520.2%
Texas Water Development Board4.000% 10/15/20370.2%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20280.2%
New York State Dormitory Authority5.000% 07/15/20500.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20290.2%
Hillsborough County Industrial Development Authori4.000% 08/01/20450.2%
New York City Municipal Water Finance Authority2.770% 06/15/20490.2%
State of Connecticut Special Tax Revenue5.000% 01/01/20370.2%
County of Osceola FL Transportation Revenue4.000% 10/01/20540.2%
Oklahoma Development Finance Authority5.500% 08/15/20520.2%
University of North Carolina at Wilmington5.000% 06/01/20370.2%
Indianapolis Local Public Improvement Bond Bank5.000% 02/01/20310.2%
Connecticut State Health & Educational Facilities4.000% 07/01/20490.2%
County of Montgomery OH4.000% 11/15/20420.2%
San Francisco City & County Airport Comm-San Franc5.250% 05/01/20330.2%
Berks County Municipal Authority/The5.000% 11/01/20440.2%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20380.2%
Metropolitan Pier & Exposition Authority0.000% 12/15/20300.2%
New York State Dormitory Authority5.000% 01/01/20470.2%
Port Authority of New York & New Jersey5.000% 11/15/20410.2%
Tobacco Settlement Financing Corp/VA5.000% 06/01/20470.2%
California Statewide Communities Development Autho5.500% 12/01/20540.2%
City of Philadelphia PA Water & Wastewater Revenue5.250% 10/01/20520.2%
City of New York NY5.250% 09/01/20430.2%
State of New Jersey4.000% 06/01/20310.2%
California Municipal Finance Authority5.000% 02/01/20470.2%
Virginia Small Business Financing Authority5.000% 01/01/20350.2%
Development Authority of Appling County2.960% 09/01/20410.2%
Triborough Bridge & Tunnel Authority5.000% 05/15/20510.2%
Virginia Small Business Financing Authority5.000% 07/01/20360.2%
Los Angeles County Public Works Financing Authorit5.000% 12/01/20450.2%
New York State Urban Development Corp3.000% 03/15/20480.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20300.2%
City of New York NY5.000% 08/01/20270.2%
County of Richland SC3.875% 04/01/20230.2%
Main Street Natural Gas Inc5.000% 05/15/20490.2%
Metropolitan Pier & Exposition Authority0.000% 12/15/20370.2%
Erie County Industrial Development Agency/The5.000% 05/01/20260.2%
Chicago Transit Authority Sales Tax Receipts Fund5.000% 12/01/20520.2%
State of Connecticut3.000% 01/15/20340.2%
State of Illinois4.000% 10/01/20390.2%
Virginia Small Business Financing Authority5.000% 01/01/20320.2%
California Housing Finance Agency4.250% 01/15/20350.2%
New Hampshire Business Finance Authority4.125% 01/20/20340.2%
California Housing Finance Agency3.250% 08/20/20360.2%
City of Chicago IL5.000% 01/01/20260.2%
Salt Verde Financial Corp5.000% 12/01/20320.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20310.2%
Maricopa County Pollution Control Corp2.400% 06/01/20350.2%
New York Transportation Development Corp4.000% 07/01/20410.2%
State of Illinois5.000% 01/01/20350.2%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20440.2%
Illinois Finance Authority6.125% 09/01/20390.2%
Palomar Health5.000% 11/01/20360.2%
Southwest Local School District/Hamilton County4.000% 01/15/20550.2%
State of Illinois5.500% 10/01/20390.2%
New Jersey Economic Development Authority5.000% 06/15/20470.2%
Public Finance Authority4.000% 03/31/20560.2%
State of Hawaii Department of Budget & Finance3.100% 05/01/20260.2%
Metropolitan Government Nashville & Davidson Count5.250% 10/01/20580.2%
Pennsylvania Higher Educational Facilities Authori4.000% 08/15/20490.2%
County of Montgomery OH4.000% 08/01/20510.2%
Black Belt Energy Gas District4.000% 07/01/20520.2%
Chicago Board of Education5.000% 12/01/20470.2%
City of Reno NV4.000% 06/01/20460.2%
Kentucky Bond Development Corp4.000% 09/01/20480.2%
Tender Option Bond Trust Receipts/Certificates7.052% 07/01/20560.2%
Central Texas Turnpike System5.000% 08/15/20330.2%
County of Hillsborough FL3.250% 08/01/20480.2%
Gainesville & Hall County Hospital Authority5.000% 02/15/20320.2%
Maryland State Transportation Authority Passenger3.000% 06/01/20360.2%
Michigan State Building Authority4.000% 04/15/20540.2%
Chicago O'Hare International Airport5.000% 01/01/20470.2%
State of Illinois5.500% 05/01/20300.2%
NEW YORK TRANSPORTATION DEVELO NYTTRN 12/39 FIXED 50.000% 01/01/19000.2%
Montana Facility Finance Authority5.000% 07/01/20480.2%
County of Carroll KY2.125% 10/01/20340.2%
City of Compton CA Water Revenue6.000% 08/01/20390.2%
Indiana Finance Authority4.250% 11/01/20300.2%
New Jersey Economic Development Authority5.000% 11/01/20440.2%
North Sumter County Utility Dependent District5.000% 10/01/20320.2%
Palomar Health5.000% 11/01/20390.2%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.2%
County of Jefferson AL Sewer Revenue6.000% 10/01/20420.2%
City of Los Angeles Department of Airports5.000% 05/15/20330.2%
City of Minneapolis MN5.000% 11/15/20490.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.2%
State of Illinois5.500% 07/01/20380.2%
Foothill-Eastern Transportation Corridor Agency3.500% 01/15/20530.2%
County of Cuyahoga OH5.500% 02/15/20570.2%
New Jersey Educational Facilities Authority4.000% 09/01/20290.2%
State of Illinois5.500% 03/01/20420.2%
Tuscaloosa City Board of Education5.000% 08/01/20460.2%
Mission Economic Development Corp4.625% 10/01/20310.2%
Commonwealth of Puerto Rico5.375% 07/01/20250.2%
Indiana Finance Authority5.250% 02/01/20320.2%
Kentucky Municipal Power Agency5.000% 09/01/20350.2%
Kentucky Municipal Power Agency5.000% 09/01/20360.2%
Michigan Finance Authority4.000% 12/01/20490.2%
Public Finance Authority5.000% 07/01/20420.2%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20520.2%
California Health Facilities Financing Authority3.000% 08/15/20510.2%
City of Baltimore MD4.000% 07/01/20490.2%
Triborough Bridge & Tunnel Authority3.000% 11/15/20470.2%
California Educational Facilities Authority5.000% 04/01/20450.2%
Massachusetts Development Finance Agency5.000% 07/01/20350.2%
New York City Transitional Finance Authority Futur3.000% 05/01/20450.2%
Louisiana Public Facilities Authority5.000% 04/01/20450.2%
Massachusetts Development Finance Agency5.000% 11/01/20380.2%
Michigan Finance Authority5.000% 06/01/20490.2%
New Jersey Turnpike Authority4.000% 01/01/20430.2%
Arkansas Development Finance Authority4.750% 09/01/20490.2%
City of Salt Lake City UT Airport Revenue5.000% 07/01/20340.2%
Miami-Dade County Educational Facilities Authority5.000% 04/01/20530.2%
New York State Dormitory Authority5.000% 07/01/20400.2%
North Texas Tollway Authority5.000% 01/01/20480.2%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.2%
School District of Philadelphia/The4.000% 09/01/20390.2%
State of Illinois4.250% 10/01/20450.2%
California Municipal Finance Authority5.000% 12/31/20380.2%
City of Chicago IL5.500% 01/01/20420.2%
New Jersey Economic Development Authority5.000% 06/15/20410.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.2%
South Carolina Ports Authority5.000% 07/01/20440.2%
State of Illinois5.000% 03/01/20330.2%
Metropolitan Nashville Airport Authority/The5.000% 07/01/20490.1%
Minnesota Municipal Gas Agency4.000% 12/01/20520.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20450.1%
State of Hawaii Airports System Revenue5.000% 07/01/20410.1%
Canaveral Port Authority5.000% 06/01/20480.1%
New Hampshire Business Finance Authority4.375% 09/20/20360.1%
New Hampshire Business Finance Authority4.000% 12/01/20280.1%
California Housing Finance Agency3.500% 11/20/20350.1%
Inland Valley Development Agency5.250% 09/01/20370.1%
New Jersey Economic Development Authority5.000% 06/15/20420.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
New York Transportation Development Corp4.000% 10/31/20410.1%
Roanoke Economic Development Authority3.000% 07/01/20450.1%
Central Florida Expressway Authority4.000% 07/01/20350.1%
Duluth Economic Development Authority5.000% 02/15/20530.1%
Maryland Economic Development Corp4.000% 07/01/20390.1%
State of California4.000% 09/01/20370.1%
City of Baltimore MD5.000% 07/01/20390.1%
TSASC Inc/NY5.000% 06/01/20480.1%
Michigan State Housing Development Authority3.600% 10/01/20600.1%
Southern California Public Power Authority5.000% 11/01/20330.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20290.1%
County of Baltimore MD4.000% 01/01/20450.1%
Duluth Economic Development Authority5.250% 06/15/20520.1%
Municipal Electric Authority of Georgia5.000% 01/01/20480.1%
Ohio Air Quality Development Authority2.100% 07/01/20280.1%
Tobacco Settlement Financing Corp5.000% 06/01/20310.1%
Canaveral Port Authority5.000% 06/01/20450.1%
City of Philadelphia PA Water & Wastewater Revenue5.000% 10/01/20460.1%
Lee Memorial Health System4.000% 04/01/20490.1%
Massachusetts Educational Financing Authority4.125% 07/01/20460.1%
Metropolitan Pier & Exposition Authority0.000% 12/15/20360.1%
West Virginia Parkways Authority4.000% 06/01/20470.1%
Central Texas Regional Mobility Authority5.000% 01/01/20450.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20330.1%
King County Public Hospital District No 45.000% 12/01/20380.1%
Metropolitan Washington Airports Authority Aviatio5.000% 10/01/20350.1%
Massachusetts Port Authority4.000% 07/01/20460.1%
Tender Option Bond Trust Receipts/Certificates6.981% 07/01/20530.1%
San Diego County Regional Airport Authority5.000% 07/01/20440.1%
Vermont Educational & Health Buildings Financing A5.000% 12/01/20350.1%
Wisconsin Health & Educational Facilities Authorit4.000% 02/15/20500.1%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20280.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.1%
Ohio Air Quality Development Authority4.000% 09/01/20300.1%
University of Illinois4.000% 04/01/20380.1%
City & County of Denver CO Airport System Revenue4.000% 12/01/20430.1%
Iowa Finance Authority4.750% 08/01/20420.1%
Louisiana Public Facilities Authority4.000% 04/01/20500.1%
New Jersey Economic Development Authority5.000% 06/15/20430.1%
New York State Urban Development Corp4.000% 03/15/20420.1%
State of Connecticut Special Tax Revenue5.000% 01/01/20380.1%
State of Illinois5.000% 05/01/20380.1%
New York State Dormitory Authority5.000% 08/01/20300.1%
Metropolitan Pier & Exposition Authority5.500% 06/15/20530.1%
New Hampshire Business Finance Authority4.875% 11/01/20420.1%
City of Philadelphia PA Airport Revenue5.000% 07/01/20420.1%
County of Luzerne PA5.000% 11/15/20290.1%
Martin County Health Facilities Authority4.000% 01/01/20460.1%
Niagara Area Development Corp4.750% 11/01/20420.1%
North Texas Tollway Authority5.000% 01/01/20400.1%
Savannah Hospital Authority4.000% 07/01/20430.1%
Bay Area Toll Authority4.000% 04/01/20490.1%
California Statewide Communities Development Autho5.250% 12/01/20430.1%
Metropolitan Transportation Authority5.000% 11/15/20350.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20350.1%
Iowa Finance Authority4.000% 12/01/20500.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.1%
City of Tampa FL4.000% 07/01/20450.1%
New York City Transitional Finance Authority Futur4.000% 02/01/20410.1%
City of Reno NV4.000% 06/01/20430.1%
Commonwealth of Puerto Rico4.000% 07/01/20370.1%
Maricopa County Pollution Control Corp3.600% 02/01/20400.1%
Washington State Housing Finance Commission3.500% 12/20/20350.1%
Commonwealth of Pennsylvania4.000% 03/01/20370.1%
Ohio Air Quality Development Authority5.000% 07/01/20490.1%
City of Atlanta GA Airport Passenger Facility Char5.000% 01/01/20310.1%
City of Chicago IL4.000% 01/01/20350.1%
New York Transportation Development Corp5.000% 01/01/20340.1%
Omaha Public Power District Nebraska City Station5.250% 02/01/20420.1%
San Francisco Bay Area Rapid Transit District3.000% 08/01/20420.1%
San Francisco City & County Airport Comm-San Franc5.250% 05/01/20420.1%
State of Hawaii Airports System Revenue4.000% 07/01/20350.1%
City of Los Angeles Department of Airports5.000% 05/15/20410.1%
Michigan State Hospital Finance Authority5.000% 11/15/20470.1%
Savannah Hospital Authority4.000% 07/01/20390.1%
Greenville Health System5.000% 05/01/20340.1%
Pennsylvania Economic Development Financing Author3.250% 08/01/20390.1%
Washington Health Care Facilities Authority5.000% 07/01/20380.1%
Massachusetts Development Finance Agency5.000% 07/01/20480.1%
Union County Utilities Authority4.750% 12/01/20310.1%
Virginia Small Business Financing Authority4.000% 01/01/20380.1%
Montana Facility Finance Authority5.000% 07/01/20430.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20300.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.000% 07/01/20420.1%
California Statewide Communities Development Autho4.000% 07/01/20480.1%
Genesee County Funding Corp/The5.250% 12/01/20520.1%
Salt Verde Financial Corp5.250% 12/01/20270.1%
New York State Dormitory Authority4.000% 08/01/20380.1%
Oneida County Local Development Corp4.000% 12/01/20490.1%
State of California5.000% 08/01/20380.1%
Alameda Corridor Transportation Authority5.000% 10/01/20340.1%
Berks County Industrial Development Authority5.000% 11/01/20360.1%
County of Jefferson AL Sewer Revenue0.000% 10/01/20270.1%
Los Angeles Unified School District/CA4.000% 07/01/20320.1%
Massachusetts Development Finance Agency5.000% 07/01/20320.1%
Port Authority of New York & New Jersey5.250% 10/15/20550.1%
Commonwealth of Puerto Rico4.000% 07/01/20460.1%
Lower Colorado River Authority5.000% 05/15/20510.1%
Main Street Natural Gas Inc5.000% 05/15/20380.1%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.1%
County of Jefferson AL Sewer Revenue5.500% 10/01/20530.1%
State of Connecticut Special Tax Revenue5.000% 08/01/20340.1%
Municipal Electric Authority of Georgia5.000% 01/01/20560.1%
West Pace Cooperative District0.000% 05/01/20390.1%
Massachusetts Development Finance Agency4.000% 07/01/20410.1%
City & County of Denver CO Airport System Revenue4.000% 12/01/20480.1%
E-470 Public Highway Authority0.000% 09/01/20370.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20270.1%
New Jersey Economic Development Authority6.000% 10/01/20430.1%
Pennsylvania Economic Development Financing Author3.000% 10/15/20380.1%
Maricopa County Pollution Control Corp3.600% 04/01/20400.1%
New York State Dormitory Authority5.000% 07/15/20420.1%
California Infrastructure & Economic Development B4.000% 07/01/20500.1%
Iowa Higher Education Loan Authority5.000% 10/01/20400.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20360.1%
New York State Dormitory Authority3.000% 07/01/20450.1%
Parish of St James LA6.350% 07/01/20400.1%
City of Philadelphia PA Water & Wastewater Revenue5.000% 07/01/20300.1%
Gainesville & Hall County Hospital Authority5.000% 02/15/20300.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20350.1%
New York State Dormitory Authority3.000% 03/15/20500.1%
Parish of St James LA6.100% 12/01/20400.1%
Pennsylvania Turnpike Commission5.000% 12/01/20440.1%
Railsplitter Tobacco Settlement Authority5.000% 06/01/20270.1%
State of Illinois5.000% 01/01/20410.1%
Virginia Small Business Financing Authority4.000% 01/01/20400.1%
City of New York NY3.000% 03/01/20510.1%
North Carolina Turnpike Authority4.000% 01/01/20550.1%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.1%
Chicago Board of Education5.000% 12/01/20460.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20390.1%
TSASC Inc/NY5.000% 06/01/20230.1%
Casino Reinvestment Development Authority Inc5.250% 11/01/20390.1%
City of Philadelphia PA5.000% 08/01/20370.1%
Oklahoma Development Finance Authority4.000% 08/15/20480.1%
Virginia Small Business Financing Authority4.000% 01/01/20450.1%
Metropolitan Washington Airports Authority Aviatio5.000% 10/01/20270.1%
New York State Dormitory Authority3.000% 03/15/20410.1%
City of Los Angeles Department of Airports4.000% 05/15/20410.1%
Fort Bend County Industrial Development Corp4.750% 05/01/20380.1%
Massachusetts Port Authority5.000% 07/01/20450.1%
Montgomery County Higher Education and Health Auth4.000% 09/01/20490.1%
California Statewide Communities Development Autho5.500% 12/01/20580.1%
Chicago O'Hare International Airport5.000% 07/01/20480.1%
Chicago Transit Authority Sales Tax Receipts Fund4.000% 12/01/20550.1%
Port Beaumont Navigation District3.000% 01/01/20500.1%
Berks County Industrial Development Authority4.000% 11/01/20380.1%
Michigan Finance Authority4.000% 06/01/20490.1%
New York Transportation Development Corp5.000% 01/01/20300.1%
Main Street Natural Gas Inc5.000% 05/15/20430.1%
Pennsylvania Turnpike Commission4.000% 12/01/20380.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20360.1%
Indiana Finance Authority3.000% 11/01/20300.1%
State of Connecticut Bradley International Airport5.000% 07/01/20490.1%
Ohio Air Quality Development Authority3.250% 09/01/20290.1%
San Antonio Water System5.000% 05/15/20500.1%
Triborough Bridge & Tunnel Authority5.000% 05/15/20520.1%
California Municipal Finance Authority4.000% 12/31/20470.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20300.1%
New York Transportation Development Corp5.000% 12/01/20420.1%
Pennsylvania Higher Educational Facilities Authori4.000% 05/01/20410.1%
Spring Valley Community Infrastructure District No3.750% 09/01/20510.1%
Transbay Joint Powers Authority5.000% 10/01/20450.1%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.1%
City of Chicago IL5.000% 01/01/20290.1%
Lower Colorado River Authority5.000% 05/15/20400.1%
Main Street Natural Gas Inc5.000% 05/15/20370.1%
Michigan Finance Authority4.000% 11/01/20480.1%
New York City Industrial Development Agency3.000% 01/01/20460.1%
New York State Dormitory Authority5.000% 08/01/20280.1%
Allentown Neighborhood Improvement Zone Developmen5.250% 05/01/20420.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20330.1%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20520.1%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20330.1%
State of Connecticut Special Tax Revenue4.000% 05/01/20390.1%
City of New York NY5.500% 05/01/20460.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Phenix City Industrial Development Board3.625% 05/15/20300.1%
Colorado Health Facilities Authority5.000% 08/01/20440.1%
Iowa Higher Education Loan Authority5.000% 10/01/20390.1%
New York Transportation Development Corp4.000% 01/01/20360.1%
Parish of St John the Baptist LA2.375% 06/01/20370.1%
Allegheny County Hospital Development Authority4.000% 04/01/20370.1%
CSCDA Community Improvement Authority3.125% 08/01/20560.1%
Love Field Airport Modernization Corp5.000% 11/01/20280.1%
New York City Transitional Finance Authority Futur4.000% 05/01/20370.1%
Phenix City Industrial Development Board4.125% 05/15/20350.1%
Chicago Transit Authority Sales Tax Receipts Fund5.000% 12/01/20460.1%
Duluth Economic Development Authority5.250% 02/15/20530.1%
Niagara Frontier Transportation Authority5.000% 04/01/20250.1%
Wayne County Airport Authority5.000% 12/01/20460.1%
Metropolitan Transportation Authority5.000% 11/15/20450.1%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20380.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
Antelope Valley Healthcare District5.000% 03/01/20410.1%
Iowa Higher Education Loan Authority5.000% 10/01/20380.1%
New York State Dormitory Authority4.000% 07/01/20470.1%
New York State Environmental Facilities Corp3.125% 12/01/20440.1%
State of California5.000% 04/01/20320.1%
City of Chicago IL5.500% 01/01/20370.1%
Illinois Finance Authority4.000% 09/01/20390.1%
New York State Dormitory Authority4.000% 07/01/20520.1%
Virginia Small Business Financing Authority5.000% 01/01/20330.1%
Kansas City Industrial Development Authority4.000% 03/01/20360.1%
Parish of St James LA6.350% 10/01/20400.1%
State of Hawaii Department of Budget & Finance4.000% 03/01/20370.1%
Black Belt Energy Gas District4.000% 10/01/20520.1%
E-470 Public Highway Authority0.000% 09/01/20320.1%
Illinois Finance Authority4.000% 09/01/20370.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20340.1%
Pennsylvania Higher Educational Facilities Authori4.000% 08/15/20440.1%
Puerto Rico Electric Power Authority0.000% 07/01/20310.1%
St Louis Municipal Finance Corp5.000% 10/01/20490.1%
State of Illinois5.750% 05/01/20450.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20370.1%
Massachusetts Development Finance Agency5.000% 07/01/20390.1%
New York State Thruway Authority4.000% 01/01/20510.1%
New York State Urban Development Corp3.000% 03/15/20470.1%
Triborough Bridge & Tunnel Authority Sales Tax Rev5.250% 05/15/20570.1%
Wilkes-Barre Area School District/PA5.000% 04/15/20590.1%
Lower Alabama Gas District/The5.000% 09/01/20310.1%
River Islands Public Financing Authority5.250% 09/01/20520.1%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20370.1%
Atlanta Urban Redevelopment Agency3.875% 07/01/20510.1%
County of Miami-Dade FL Aviation Revenue5.000% 10/01/20290.1%
Public Finance Authority6.500% 12/01/20370.1%
St Louis Municipal Finance Corp5.000% 10/01/20450.1%
West Virginia Economic Development Authority3.000% 06/01/20370.1%
California Infrastructure & Economic Development B5.000% 11/01/20410.1%
New York State Dormitory Authority5.500% 01/01/20390.1%
Southern California Public Power Authority3.334% 11/01/20380.1%
Berks County Municipal Authority/The5.000% 02/01/20400.1%
California Pollution Control Financing Authority4.300% 07/01/20400.1%
California Pollution Control Financing Authority5.000% 11/21/20450.1%
City of Baltimore MD5.000% 07/01/20320.1%
City of Chicago IL5.500% 01/01/20400.1%
City of Houston TX Airport System Revenue6.625% 07/15/20380.1%
Maryland Economic Development Corp5.250% 06/30/20520.1%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.1%
Texas Transportation Commission State Highway 2495.000% 08/01/20570.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Louisiana Public Facilities Authority5.000% 07/01/20590.1%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20310.1%
California School Finance Authority4.000% 08/01/20610.1%
New York Transportation Development Corp5.000% 01/01/20290.1%
Niagara Area Development Corp3.500% 11/01/20240.1%
Vermont Student Assistance Corp3.375% 06/15/20360.1%
City of Chicago IL5.000% 01/01/20300.1%
City of Chicago IL5.500% 01/01/20340.1%
California Community Choice Financing Authority4.000% 02/01/20520.1%
Tobacco Settlement Financing Corp/LA5.250% 05/15/20350.1%
County of Muskingum OH5.000% 02/15/20440.1%
Antelope Valley Healthcare District5.000% 03/01/20460.1%
Commonwealth of Puerto Rico0.000% 11/01/20510.1%
M-S-R Energy Authority6.125% 11/01/20290.1%
Port Beaumont Navigation District4.000% 01/01/20500.1%
State of Illinois4.000% 10/01/20330.1%
City of Chicago IL5.500% 01/01/20330.1%
Guam Government Waterworks Authority5.000% 01/01/20500.1%
County of Cook IL5.000% 11/15/20310.1%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20380.1%
Michigan Strategic Fund5.000% 06/30/20480.1%
New Jersey Economic Development Authority6.500% 04/01/20280.1%
State of Illinois4.000% 11/01/20440.1%
Michigan Strategic Fund4.250% 12/31/20380.1%
Public Finance Authority5.250% 10/01/20380.1%
CSCDA Community Improvement Authority4.000% 12/01/20560.1%
Metropolitan Washington Airports Authority Dulles0.000% 10/01/20370.1%
New York Transportation Development Corp5.000% 01/01/20360.1%
Ohio Air Quality Development Authority2.500% 08/01/20400.1%
State of Illinois4.000% 10/01/20380.1%
Metropolitan Pier & Exposition Authority0.000% 12/15/20320.1%
Chicago Board of Education5.000% 12/01/20300.1%
California Pollution Control Financing Authority5.000% 07/01/20390.1%
California Statewide Communities Development Autho4.000% 12/01/20570.1%
City of Valparaiso IN7.000% 01/01/20440.1%
Commonwealth of Pennsylvania4.000% 07/01/20460.1%
Florida Development Finance Corp5.000% 06/15/20500.1%
Florida Higher Educational Facilities Financial Au5.000% 04/01/20360.1%
Ontario International Airport Authority5.000% 05/15/20460.1%
Puerto Rico Highway & Transportation Authority5.500% 07/01/20250.1%
State of Alabama Docks Department5.000% 10/01/20340.1%
State of Alabama Docks Department5.000% 10/01/20350.1%
Chicago Board of Education5.000% 12/01/20290.1%
City of Atlanta GA Airport Passenger Facility Char5.000% 01/01/20280.1%
City of Atlanta GA Airport Passenger Facility Char4.000% 07/01/20390.1%
City of Miami Beach FL Parking Revenue5.000% 09/01/20400.1%
Main Street Natural Gas Inc5.000% 05/15/20350.1%
Metropolitan Washington Airports Authority Aviatio5.000% 10/01/20280.1%
Michigan Finance Authority5.000% 07/01/20340.1%
Minneapolis-St Paul Metropolitan Airports Commissi5.000% 01/01/20310.1%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20310.1%
Palm Beach County Health Facilities Authority5.000% 05/15/20530.1%
Philadelphia Gas Works Co5.000% 08/01/20290.1%
Casino Reinvestment Development Authority Inc5.250% 11/01/20440.1%
Florida Development Finance Corp4.000% 02/01/20460.1%
Massachusetts Development Finance Agency5.000% 07/01/20310.1%
Port of Portland OR Airport Revenue5.000% 07/01/20390.1%
School District of Philadelphia/The4.000% 09/01/20380.1%
Lower Alabama Gas District/The4.000% 12/01/20500.1%
Metropolitan Transportation Authority5.250% 11/15/20550.1%
Puerto Rico Highway & Transportation Authority5.250% 07/01/20320.1%
Black Belt Energy Gas District4.000% 04/01/20530.1%
Chicago Board of Education5.000% 12/01/20270.1%
Chicago Board of Education5.000% 12/01/20460.1%
Illinois Finance Authority5.000% 09/01/20400.1%
Municipal Electric Authority of Georgia5.000% 01/01/20330.1%
Selma Industrial Development Board2.000% 11/01/20330.1%
Trust for Cultural Resources of The City of New Yo4.000% 12/01/20330.1%
California Statewide Communities Development Autho5.250% 11/15/20340.1%
District of Columbia5.000% 06/01/20410.1%
Lower Colorado River Authority6.000% 05/15/20520.1%
Main Street Natural Gas Inc4.000% 09/01/20520.1%
Municipal Electric Authority of Georgia5.000% 01/01/20590.1%
New York Transportation Development Corp5.000% 12/01/20350.1%
Riverside County Transportation Commission4.000% 06/01/20400.1%
State of Illinois4.000% 10/01/20320.1%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20370.1%
Chicago Board of Education5.000% 04/01/20420.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20360.1%
Commonwealth of Puerto Rico4.000% 07/01/20330.1%
New York Transportation Development Corp4.000% 07/01/20460.1%
Tobacco Securitization Authority of Northern Calif4.000% 06/01/20490.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20450.1%
California Health Facilities Financing Authority4.000% 11/15/20420.1%
Clark County School District4.000% 06/15/20400.1%
Massachusetts Development Finance Agency4.000% 07/01/20350.1%
Village Community Development District No 133.250% 05/01/20520.1%
Chicago Board of Education5.000% 12/01/20330.1%
Massachusetts Development Finance Agency4.000% 06/01/20350.1%
State of Connecticut5.000% 04/15/20390.1%
Chicago Board of Education5.000% 12/01/20440.1%
Chicago Transit Authority Sales Tax Receipts Fund5.000% 12/01/20550.1%
Commonwealth of Puerto Rico5.250% 07/01/20230.1%
Iowa Higher Education Loan Authority5.000% 10/01/20470.1%
Ohio Air Quality Development Authority2.600% 06/01/20410.1%
State of Connecticut3.000% 06/01/20390.1%
Triborough Bridge & Tunnel Authority5.000% 11/15/20420.1%
Wayne County Airport Authority5.000% 12/01/20390.1%
Colorado Health Facilities Authority4.000% 08/01/20380.1%
Maryland Economic Development Corp4.000% 09/01/20400.1%
Parish of St John the Baptist LA2.200% 06/01/20370.1%
Iowa Tobacco Settlement Authority4.000% 06/01/20490.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20310.0%
New Jersey Turnpike Authority4.000% 01/01/20330.0%
Trust for Cultural Resources of The City of New Yo4.000% 12/01/20350.0%
Massachusetts Development Finance Agency5.000% 07/01/20340.0%
Adelanto Public Utility Authority5.000% 07/01/20390.0%
California School Finance Authority5.000% 08/01/20480.0%
Indiana Finance Authority4.125% 12/01/20260.0%
Maricopa County Industrial Development Authority4.000% 10/15/20470.0%
Florida Higher Educational Facilities Financial Au5.000% 04/01/20330.0%
Gramercy Farms Community Development District0.000% 05/01/20390.0%
Massachusetts Development Finance Agency5.000% 07/01/20300.0%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20320.0%
New Jersey Higher Education Student Assistance Aut3.750% 12/01/20310.0%
Philadelphia Gas Works Co5.000% 08/01/20300.0%
Rancho Cucamonga Redevelopment Agency Successor Ag5.000% 09/01/20300.0%
Central Texas Regional Mobility Authority5.000% 01/01/20460.0%
Massachusetts Port Authority5.000% 07/01/20400.0%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20370.0%
New York Transportation Development Corp5.000% 12/01/20370.0%
State of Connecticut3.000% 06/01/20380.0%
Atlanta Urban Redevelopment Agency3.625% 07/01/20420.0%
California School Finance Authority5.000% 08/01/20450.0%
New York Transportation Development Corp5.375% 08/01/20360.0%
Florida Development Finance Corp5.000% 06/15/20550.0%
Massachusetts Development Finance Agency4.000% 10/01/20450.0%
Ohio Air Quality Development Authority2.400% 12/01/20380.0%
Rancho Cucamonga Redevelopment Agency Successor Ag5.000% 09/01/20310.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.0%
Toledo-Lucas County Port Authority5.000% 07/01/20390.0%
TSASC Inc/NY5.000% 06/01/20350.0%
California Municipal Finance Authority5.000% 06/01/20500.0%
New York Transportation Development Corp5.000% 12/01/20370.0%
North Carolina Turnpike Authority5.000% 01/01/20320.0%
Trust for Cultural Resources of The City of New Yo5.000% 12/01/20310.0%
Chicago Board of Education7.000% 12/01/20460.0%
County of Baltimore MD4.000% 01/01/20500.0%
Dutchess County Local Development Corp5.000% 07/01/20510.0%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20360.0%
Pennsylvania Turnpike Commission4.000% 12/01/20430.0%
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%
Transbay Joint Powers Authority5.000% 10/01/20490.0%
New Hampshire Business Finance Authority4.625% 11/01/20420.0%
New Jersey Economic Development Authority5.000% 06/15/20360.0%
New York State Dormitory Authority5.000% 12/01/20310.0%
Chicago Board of Education5.000% 12/01/20320.0%
Compton Community Redevelopment Agency Successor A5.000% 08/01/20420.0%
Fort Bend County Industrial Development Corp4.750% 11/01/20420.0%
Massachusetts Development Finance Agency5.000% 07/01/20330.0%
Public Finance Authority5.000% 12/01/20270.0%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20310.0%
State of Connecticut5.000% 04/15/20360.0%
State of Connecticut3.000% 06/01/20400.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20320.0%
New York State Dormitory Authority5.000% 12/01/20400.0%
New York State Dormitory Authority4.000% 08/01/20360.0%
New York State Environmental Facilities Corp2.750% 09/01/20500.0%
Niagara Area Development Corp5.000% 07/01/20520.0%
School District of Philadelphia/The5.000% 09/01/20370.0%
State of Illinois4.000% 11/01/20430.0%
Territory of Guam4.000% 01/01/20420.0%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20380.0%
Wayne County Airport Authority5.000% 12/01/20420.0%
Chicago Board of Education0.000% 12/01/20300.0%
Chicago Board of Education6.500% 12/01/20460.0%
Grand River Hospital District5.250% 12/01/20370.0%
New York City Transitional Finance Authority Futur2.750% 11/01/20440.0%
Public Finance Authority6.850% 10/01/20470.0%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20390.0%
Clark County School District4.000% 06/15/20380.0%
Crawford County Hospital Authority6.000% 06/01/20510.0%
Hoover Industrial Development Board5.750% 10/01/20490.0%
New York State Energy Research & Development Autho3.500% 10/01/20290.0%
North Carolina Turnpike Authority5.000% 01/01/20430.0%
Public Finance Authority5.000% 11/15/20410.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20340.0%
New York State Dormitory Authority5.000% 08/01/20330.0%
Public Finance Authority4.000% 07/01/20460.0%
City of Norfolk VA Water Revenue5.250% 11/01/20280.0%
County of Cook IL5.000% 11/15/20300.0%
Maricopa County Industrial Development Authority5.000% 07/01/20490.0%
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%
Chicago O'Hare International Airport5.000% 01/01/20480.0%
County of Cook IL5.000% 11/15/20350.0%
Grand River Hospital District5.250% 12/01/20340.0%
Grand River Hospital District5.250% 12/01/20350.0%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20310.0%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20320.0%
Michigan Tobacco Settlement Finance Authority0.000% 06/01/20580.0%
New Hampshire Business Finance Authority3.750% 07/01/20450.0%
Niagara Frontier Transportation Authority5.000% 04/01/20260.0%
Parish of St James LA5.850% 08/01/20410.0%
Public Finance Authority4.300% 11/01/20300.0%
State of Connecticut5.000% 06/15/20380.0%
Tobacco Settlement Financing Corp5.000% 06/01/20330.0%
Central Texas Turnpike System5.000% 08/15/20370.0%
Chicago Board of Education5.000% 12/01/20310.0%
Chicago Board of Education5.000% 12/01/20360.0%
Clifton Higher Education Finance Corp6.000% 08/15/20430.0%
County of Osceola FL Transportation Revenue5.000% 10/01/20390.0%
Eagle County Airport Terminal Corp5.000% 05/01/20370.0%
Montgomery County Industrial Development Authority5.375% 01/01/20500.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20290.0%
New York City Transitional Finance Authority Futur5.000% 02/01/20360.0%
New York Transportation Development Corp5.000% 12/01/20350.0%
School District of Philadelphia/The5.000% 09/01/20380.0%
Capital Trust Agency Inc5.000% 12/15/20540.0%
City of Oroville CA5.250% 04/01/20390.0%
Crawford County Hospital Authority6.000% 06/01/20460.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20370.0%
New York State Dormitory Authority5.000% 08/01/20340.0%
New York Transportation Development Corp5.250% 08/01/20310.0%
Public Finance Authority5.250% 10/01/20430.0%
Tobacco Securitization Authority of Northern Calif4.000% 06/01/20360.0%
Toledo-Lucas County Port Authority5.000% 07/01/20340.0%
Capital Trust Agency Inc5.000% 12/15/20490.0%
Chicago Midway International Airport4.000% 01/01/20340.0%
City of Cleveland OH Airport System Revenue5.000% 01/01/20310.0%
County of Cuyahoga OH5.000% 02/15/20570.0%
Metropolitan Pier & Exposition Authority5.000% 06/15/20530.0%
New York State Dormitory Authority5.000% 08/01/20350.0%
North Carolina Turnpike Authority4.000% 01/01/20380.0%
State of Connecticut4.000% 06/01/20370.0%
City of Grand Forks ND4.000% 12/01/20460.0%
City of Oroville CA5.250% 04/01/20540.0%
Commonwealth of Puerto Rico0.000% 11/01/20430.0%
Dutchess County Local Development Corp5.000% 07/01/20450.0%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.0%
Maricopa County Industrial Development Authority5.000% 07/01/20540.0%
Massachusetts School Building Authority4.000% 02/15/20430.0%
Nassau County Tobacco Settlement Corp0.000% 06/01/20600.0%
New York City Transitional Finance Authority Futur4.000% 08/01/20420.0%
New York City Transitional Finance Authority Futur4.000% 05/01/20440.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.0%
State of Connecticut4.000% 06/15/20370.0%
Texas Private Activity Bond Surface Transportation4.000% 06/30/20380.0%
Tobacco Securitization Authority of Northern Calif4.000% 06/01/20380.0%
Tobacco Securitization Authority of Northern Calif4.000% 06/01/20400.0%
Toledo-Lucas County Port Authority5.000% 07/01/20460.0%
Commonwealth of Puerto Rico4.000% 07/01/20350.0%
Dallas Fort Worth International Airport5.000% 11/01/20300.0%
Indiana Finance Authority3.000% 11/01/20300.0%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20390.0%
Village Community Development District No 133.000% 05/01/20410.0%
County of Jefferson AL Sewer Revenue0.000% 10/01/20260.0%
Indiana Finance Authority2.500% 11/01/20300.0%
New York City Industrial Development Agency3.000% 01/01/20340.0%
Public Finance Authority4.000% 07/01/20560.0%
Virginia Small Business Financing Authority5.000% 01/01/20480.0%
Wisconsin Health & Educational Facilities Authorit5.375% 02/01/20480.0%
State of Alabama Docks Department5.000% 10/01/20360.0%
Maryland Economic Development Corp5.000% 06/01/20490.0%
Pennsylvania Turnpike Commission5.000% 12/01/20390.0%
New York State Urban Development Corp5.000% 03/15/20330.0%
Norman Y Mineta San Jose International Airport SJC5.000% 03/01/20470.0%
Stockton Unified School District5.000% 07/01/20280.0%
CSCDA Community Improvement Authority4.000% 09/01/20460.0%
Denver Health & Hospital Authority5.250% 12/01/20450.0%
Michigan Finance Authority5.000% 09/01/20500.0%
California Municipal Finance Authority5.250% 08/15/20390.0%
City of Sparks NV2.750% 06/15/20280.0%
Regents of the University of California Medical Ce5.250% 05/15/20380.0%
Puerto Rico Electric Power Authority0.000% 07/01/20280.0%
Minneapolis-St Paul Metropolitan Airports Commissi5.000% 01/01/20270.0%
Nassau County Local Economic Assistance Corp5.000% 07/01/20300.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20300.0%
New York City Transitional Finance Authority Build5.000% 07/15/20350.0%
State of Connecticut4.000% 06/01/20390.0%
City of Chicago IL5.625% 01/01/20300.0%
County of Cook IL5.000% 11/15/20340.0%
Miami-Dade County Expressway Authority5.000% 07/01/20280.0%
New Hampshire Business Finance Authority3.625% 07/01/20430.0%
Connecticut State Health & Educational Facilities5.000% 07/01/20280.0%
County of Miami-Dade FL Rickenbacker Causeway Reve5.000% 10/01/20290.0%
Industrial Pollution Control Financing Authority o5.000% 12/01/20240.0%
Irvine Unified School District5.000% 09/01/20560.0%
New York City Municipal Water Finance Authority5.000% 06/15/20360.0%
Public Finance Authority4.050% 11/01/20300.0%
Sweetwater Union High School District5.000% 08/01/20270.0%
Berks County Municipal Authority/The5.000% 02/01/20400.0%
Casitas Municipal Water District5.250% 09/01/20470.0%
City of Irvine CA5.000% 09/01/20440.0%
Michigan Finance Authority4.800% 09/01/20400.0%
Tobacco Settlement Authority5.250% 06/01/20320.0%
Commonwealth of Puerto Rico5.625% 07/01/20270.0%
Commonwealth of Puerto Rico5.625% 07/01/20290.0%
Commonwealth of Puerto Rico5.750% 07/01/20310.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
Maryland Economic Development Corp5.000% 06/01/20440.0%
Build NYC Resource Corp5.000% 06/01/20340.0%
County of Jefferson AL Sewer Revenue0.000% 10/01/20390.0%
Stone Canyon Community Improvement District0.000% 04/01/20270.0%
Clifton Higher Education Finance Corp5.000% 08/15/20420.0%
Michigan Finance Authority4.300% 09/01/20300.0%
North Texas Tollway Authority5.000% 01/01/20310.0%
Puerto Rico Electric Power Authority4.250% 07/01/20270.0%
New York State Dormitory Authority5.000% 05/01/20290.0%
California County Tobacco Securitization Agency5.000% 06/01/20490.0%
Puerto Rico Electric Power Authority0.000% 07/01/20280.0%
City of Sparks NV2.500% 06/15/20240.0%
Miami-Dade County Expressway Authority5.000% 07/01/20270.0%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20290.0%
Commonwealth of Puerto Rico0.000% 07/01/20240.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.0%
Westchester County Healthcare Corp/NY6.000% 11/01/20300.0%
Commonwealth of Puerto Rico0.000% 07/01/20330.0%
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%
School District of Philadelphia/The5.000% 09/01/20380.0%
Tobacco Settlement Financing Corp3.200% 06/01/20270.0%
USZ2 - 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 12/09/2022
$0.302
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.02934 $10.19
Daily Daily 10/31/2022 $0.02867 $9.64
Daily Daily 09/30/2022 $0.02833 $9.83
Daily Daily 08/31/2022 $0.02789 $10.35
Daily Daily 07/31/2022 $0.02774 $10.66
Daily Daily 06/30/2022 $0.02780 $10.35
Daily Daily 05/31/2022 $0.02701 $10.72
Daily Daily 04/30/2022 $0.02693 $10.61
Daily Daily 03/31/2022 $0.02585 $11.07
Daily Daily 02/28/2022 $0.02696 $11.55
Daily Daily 01/31/2022 $0.02591 $11.70

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 12/31/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2022

0.46%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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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 yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

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

 

IMPORTANT INFORMATION

 

*"Barron's Best Fund Families of 2021", #7 ranking in the Tax Exempt Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families.  Ranking for the ten-year period ending 12/31/2021 is #4 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

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.

 

 

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 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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