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National Tax Free Fund

Daily price w/o sales charge as of 05/17/2019

$11.57

arrowDown$0.01

YTD Returns w/o sales charge as of 05/17/2019

5.45%

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 05/17/2019  

w/o sales charge 3.44%

30-Day Standardized Yield 2 as of 04/30/2019  

2.59%

Fund Basicsas of 04/30/2019

Total Net Assets
$2.44 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.50%
Number of Holdings
685

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 4.19% 6.69% 3.31% 4.56% - 5.10%
Lipper Category Avg. General & Insured Municipal Debt Funds 3.39% 5.47% 2.37% 3.40% - -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.53% 5.75% 3.38% 4.73% - 5.07%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% - -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

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

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

RELATED CONTENT

Today’s Municipal Bond Market in Three Charts
March 28, 2019

Here are the key market indicators we’re watching now—and their implications for muni-bond investors.

Muni Matters: Finding Value in a Strong Market
March 13, 2019

Even with a steepening muni yield curve, we believe there are attractive opportunities among tax-free municipal bonds.

Four Reasons to Consider Municipal Bonds
February 25, 2019

For those taking a fresh look at these tax-exempt securities, here are what we consider to be the most attractive features of the current muni market.

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

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

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

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

Credit Quality Distribution as of 04/30/2019 View Portfolio

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

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

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

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

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 05/17/2019  

w/o sales charge 3.44%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.59% 2.59%

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 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 4.19% 6.69% 3.31% 4.56% - 5.10%
Lipper Category Avg. General & Insured Municipal Debt Funds 3.39% 5.47% 2.37% 3.40% - -
Bloomberg Barclays Municipal Bond Index 3.28% 6.16% 2.59% 3.56% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.53% 5.75% 3.38% 4.73% - 5.07%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.94% 4.69% 2.48% 3.58% - -
Bloomberg Barclays Municipal Bond Index 2.90% 5.38% 2.71% 3.73% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

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

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

Year Fund Returns Bloomberg Barclays Municipal Bond Index
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
2019 3.53% - - - 5.47%
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
GO Local
Special Tax
Lease
GO State
Education
Water & Sewer
Pre-Refunded
Power
Housing
VRDN
Insured

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

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

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

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

Credit Quality Distribution as of 04/30/2019

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

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

Portfolio Positioning as of 03/31/2019

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

Portfolio Details as of 04/30/2019

Total Net Assets
$2.44 B
Number of Issues
685
Average Coupon
4.9%
Average Effective Maturity
19.0 Years
Average Effective Duration
7.00 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Effective Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
City of Chicago General Obligation 6.000% 01/01/2038 0.9%
Duluth Economic Development Auth - Essentia Health 5.250% 02/15/2058 0.8%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.7%
Pennsylvania Financing Auth - Tobacco Settlement 4.000% 06/01/2039 0.7%
NY Transportation Dev Corp - LaGuardia Airport 5.250% 01/01/2050 0.6%
North Carolina Turnpike Auth 4.000% 01/01/2037 0.6%
Chicago 4.000% 01/01/2044 0.6%
Riverside County Redevelopment Agency - Housing 0.000% 10/01/2041 0.6%
Hawaii Airports System 5.000% 07/01/2048 0.6%
Central Plains Energy - Goldman Sachs 5.000% 09/01/2042 0.6%
% of Total Assets 6.7%

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

Holding Coupon Maturity Assets
City of Chicago General Obligation6.000% 01/01/20380.9%
Duluth Economic Development Auth - Essentia Health5.250% 02/15/20580.8%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.7%
Pennsylvania Financing Auth - Tobacco Settlement4.000% 06/01/20390.7%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.7%
North Carolina Turnpike Auth4.000% 01/01/20370.6%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.6%
Hawaii Arpt Sys5.000% 07/01/20480.6%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.6%
Cnty of Trimble, KY3.750% 06/01/20330.6%
MD Hlth & Higher Ed - Mercy Medical Center6.250% 07/01/20310.5%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.5%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.5%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.5%
Metropolitan Boston Transit Parking Corp5.250% 07/01/20330.5%
Massachusetts School Building Auth- Sales Tax8.660% 10/15/20320.5%
Chicago, IL5.500% 01/01/20490.5%
Tender Option Bnd Tr Receipts/Certificates8.620% 11/01/20280.5%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.5%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.5%
Chicago5.000% 01/01/20530.5%
Cook Cnty, IL5.000% 11/15/20240.5%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20440.5%
New York City Transitional Fin Auth5.000% 07/15/20300.5%
Las Vegas Convention & Visitors Authority5.000% 07/01/20430.5%
Pennsylvania4.000% 09/15/20300.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.5%
California State General Obligation5.000% 02/01/20330.5%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.5%
California Muni Fin Auth - LINXS4.000% 12/31/20470.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.4%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.4%
California State General Obligation5.500% 03/01/20400.4%
Chicago5.000% 01/01/20520.4%
Pennsylvania Tpk Comm5.000% 06/01/20290.4%
Philadelphia General Obligation5.000% 08/01/20360.4%
Illinois, IL5.500% 07/01/20330.4%
Cnty of Cuyahoga, OH5.500% 02/15/20520.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Central Plains Energy Pj5.250% 09/01/20370.4%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.4%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.4%
New York City Transitional Fin Auth1.520% 11/01/20220.4%
Delaware Econ Dev Auth5.375% 10/01/20450.4%
San Antonio, TX5.000% 07/01/20450.4%
California State Pub Wks Bd5.000% 04/01/20330.4%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20530.4%
Univ of Connecticut5.250% 11/15/20470.4%
California Poll Cntrl Fin Auth5.000% 11/21/20450.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
Hampton Roads Transportation Comm5.500% 07/01/20570.4%
Louisiana Pub Facs Auth6.250% 05/15/20310.4%
Delaware River Port Auth, PA5.000% 01/01/20340.4%
Long Beach Bnd Fin Auth3.248% 11/15/20270.4%
Chicago4.000% 01/01/20440.4%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.4%
California State General Obligation5.250% 08/01/20320.4%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.4%
Illinois State General Obligation5.000% 11/01/20280.4%
Texas Water Development Board4.000% 10/15/20370.4%
New Jersey Econ Dev Auth5.625% 01/01/20520.4%
Lucas Cnty, OH5.250% 11/15/20480.4%
Clifton Hgr Ed Fin Corp., TX6.125% 08/15/20480.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.3%
Univ of North Carolina at Wilmington5.000% 06/01/20370.3%
Lower Alabama Gas District - Goldman Sachs5.000% 09/01/20460.3%
Connecticut5.000% 01/01/20370.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.3%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.3%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.3%
Greater Orlando Aviation Auth4.000% 10/01/20520.3%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.3%
Philadelphia, PA5.250% 10/01/20520.3%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.3%
California Muni Fin Auth5.000% 02/01/20470.3%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.3%
California Edl Facs Auth5.000% 05/01/20450.3%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.3%
California Statewide Comntys Dev Auth5.500% 12/01/20540.3%
California5.600% 03/01/20360.3%
New York City5.000% 08/01/20270.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.3%
Southwest Local School District/Hamilton County4.000% 01/15/20550.3%
Illinois, IL5.000% 12/01/20360.3%
New Jersey Transportation Trust Fund5.250% 06/15/20430.3%
Indiana Fin Auth5.000% 07/01/20350.3%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.3%
San Antonio, TX5.000% 07/15/20390.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
Pub Fin Auth5.000% 07/01/20440.3%
Mid Bay Br Auth, FL7.250% 10/01/20340.3%
Massachusetts3.000% 04/01/20410.3%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.3%
Illinois, IL5.000% 03/01/20300.3%
Illinois Fin Auth6.125% 09/01/20390.3%
New York City Transitional Finance Authority5.000% 07/15/20310.3%
Illinois, IL5.000% 01/01/20350.3%
Virginia Small Business Fing Auth5.250% 01/01/20320.3%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
New York City Indl Dev Agy5.000% 07/01/20280.3%
California6.500% 04/01/20330.3%
Pulaski Cnty Hlth Fac Brd, AR5.000% 12/01/20390.3%
Montana Facility Finance Authority5.000% 07/01/20480.3%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.3%
New York City Transitional Fin Auth1.450% 11/01/20220.3%
Central Texas Turnpike5.000% 08/15/20330.3%
Hawaii Dept of Budget & Finance - Hawaiian Electric Co3.100% 05/01/20260.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
Minneapolis, MN5.000% 11/15/20490.3%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.3%
Illinois Fin Auth4.000% 10/01/20490.3%
California State Pub Wks Bd5.000% 12/01/20280.3%
Oklahoma Tpk Auth4.000% 01/01/20480.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
Florida Dev Fin Corp.7.625% 06/15/20410.3%
Tender Option Bnd Tr Receipts/Certificates0.001% 12/01/20270.3%
Regional Transportation District5.375% 06/01/20310.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
Central Plains Energy5.000% 09/01/20320.3%
New Jersey Tpk Auth4.000% 01/01/20430.3%
Indiana Fin Auth5.250% 02/01/20320.3%
New York City Indl Dev Agy0.000% 03/01/20300.2%
Cnty of Cuyahoga, OH5.500% 02/15/20570.2%
NY Transportation Dev Corp - Delta5.000% 01/01/20330.2%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.2%
Chicago, IL5.000% 01/01/20340.2%
St. Cloud, MN5.000% 05/01/20480.2%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.2%
Miami Dade Cnty Edl Fac Auth, FL5.000% 04/01/20530.2%
North Texas Tollway Auth5.000% 01/01/20480.2%
California Muni Fin Auth5.000% 12/31/20380.2%
New Jersey Transportation Trust Fund6.000% 06/15/20350.2%
Massachusetts Port Auth4.000% 07/01/20460.2%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.2%
South Carolina St Ports Auth5.250% 07/01/20550.2%
Illinois, IL5.500% 07/01/20380.2%
California Hlth Facs Fing Auth5.250% 08/15/20310.2%
New Jersey Edl Facs Auth4.000% 09/01/20290.2%
Main Street Natural Gas, Inc.5.000% 05/15/20490.2%
Metropolitan Transp Auth, NY5.000% 11/15/20300.2%
Kentucky Mun Pwr Agy5.000% 09/01/20350.2%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.2%
Hawaii Arpt Sys5.000% 07/01/20410.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.2%
Dorm Auth of the St of New York5.000% 07/01/20400.2%
West Virginia Parkways Authority4.000% 06/01/20470.2%
Compton, CA6.000% 08/01/20390.2%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.2%
Dorm Auth of the St of New York5.000% 01/01/20470.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Chicago, IL5.000% 01/01/20260.2%
Upland, CA6.375% 01/01/20320.2%
Chicago, IL5.500% 01/01/20420.2%
San Francisco Airport5.000% 05/01/20250.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
Chicago, IL5.000% 11/01/20290.2%
California4.000% 09/01/20370.2%
California Statewide Comntys Dev Auth5.000% 02/01/20450.2%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.2%
Denver City & Cnty Dept of Aviation, CO4.000% 12/01/20430.2%
Univ of Illinois Bd of Trustees4.000% 04/01/20380.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.2%
Massachusetts Dev Fin Agy4.000% 07/01/20410.2%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.2%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.2%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
Bay Area Toll Auth, CA4.000% 04/01/20490.2%
Connecticut5.000% 01/01/20380.2%
Miami Dade Cnty, FL5.000% 10/01/20280.2%
Niagara Area Dev Corp., NY4.750% 11/01/20420.2%
New Hampshire Bus Fin Auth4.875% 11/01/20420.2%
Cass Cnty, ND5.125% 02/15/20370.2%
Chicago, IL5.000% 01/01/20400.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
New York City Indl Dev Agy2.380% 03/01/20240.2%
New Jersey Econ Dev Auth3.100% 03/01/20280.2%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.2%
Philadelphia, PA5.000% 07/01/20420.2%
Oklahoma Dev Fin Auth5.500% 08/15/20570.2%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20470.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
City of Reno NV4.000% 06/01/20430.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
Illinois, IL5.000% 05/01/20380.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
San Jose, CA6.125% 05/01/20310.2%
Canaveral Port Authority5.000% 06/01/20450.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.2%
Los Angeles, CA5.000% 05/15/20410.2%
Massachusetts Dev Fin Agy5.000% 07/01/20480.2%
El Dorado Irr Dist, CA5.000% 03/01/20340.2%
Pennsylvania4.000% 03/01/20370.2%
Palomar Hlth5.000% 11/01/20360.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Salt Verde Financial Corp.5.250% 12/01/20270.2%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.2%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.2%
Montana Facility Finance Authority5.000% 07/01/20430.2%
Denver Hlth and Hosp Auth, CO2.859% 12/01/20330.2%
Washington Hlthcare Facs Auth5.000% 07/01/20380.2%
Detroit Pub Schs, MI5.000% 05/01/20290.2%
Houston, TX5.000% 07/15/20350.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.2%
California5.000% 08/01/20380.2%
Chicago, IL5.000% 01/01/20340.2%
Salt Verde Financial Corp.5.000% 12/01/20320.2%
Los Angeles Hsg Auth6.250% 06/01/20340.2%
City of Reno NV4.000% 06/01/20460.2%
Union Cnty Util Auth, NJ4.750% 12/01/20310.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
NYS Tobacco Settlement Corp5.000% 06/01/20480.2%
Metropolitan Transp Auth, NY4.000% 11/15/20460.2%
Illinois, IL5.000% 01/01/20330.2%
Kirkwood Indus Dev Auth8.000% 05/15/20290.2%
Puerto Rico Sales Tax Fincg Corp5.000% 07/01/20580.2%
New Jersey Econ Dev Auth5.000% 03/01/20280.2%
Chandler Industrial Development Authority2.700% 12/01/20370.2%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
Jefferson County Sewer5.500% 10/01/20530.2%
Lee Cnty, FL5.375% 10/01/20320.2%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.2%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.2%
California Muni Fin Auth5.000% 12/31/20470.2%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.2%
Mission Econ Dev Corp, TX4.625% 10/01/20310.2%
New Jersey Econ Dev Auth6.000% 10/01/20430.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20360.2%
Illinois Sports Facs Auth5.000% 06/15/20270.2%
Philadelphia, PA5.000% 07/01/20300.2%
California Statewide Comntys Dev Auth5.500% 12/01/20580.2%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.2%
Chicago, IL5.000% 11/01/20390.2%
California Muni Fin Auth4.000% 12/31/20470.2%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20570.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.2%
Illinois, IL5.000% 01/01/20410.2%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.2%
Massachusetts Dev Fin Agy5.000% 10/01/20570.2%
Massachusetts Port Auth5.000% 07/01/20450.2%
Sacramento City Fing Auth, CA5.250% 12/01/20230.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
Philadelphia, PA5.000% 08/01/20370.2%
Pennsylvania Tpk Comm4.000% 12/01/20380.2%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
Main Street Natural Gas, Inc.5.000% 05/15/20370.2%
Jefferson Cnty, AL0.000% 10/01/20270.1%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.1%
Town of Davie FL6.000% 04/01/20420.1%
Chicago, IL5.000% 11/01/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20240.1%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &5.250% 10/01/20580.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20300.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.1%
Philadelphia, PA5.250% 07/15/20320.1%
Indiana Fin Auth5.000% 07/01/20440.1%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
Selma Indus Dev Bd, AL6.250% 11/01/20330.1%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20370.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.1%
Indiana Fin Auth5.000% 07/01/20400.1%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.1%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.1%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.1%
Village of Bellwood, IL6.150% 12/01/20320.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
California Poll Cntrl Fin Auth5.000% 11/21/20450.1%
California5.000% 04/01/20320.1%
New York Transp Dev Corp.5.000% 01/01/20340.1%
Hawaii Airport System5.000% 07/01/20340.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.1%
St. Louis, MO6.250% 07/01/20290.1%
Massachusetts Dev Fin Agy5.000% 07/01/20390.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.1%
Puerto Rico Aqueduct & Swr Auth5.750% 07/01/20370.1%
City of Chicago General Obligation5.500% 01/01/20370.1%
Illinois, IL4.000% 06/01/20340.1%
Texas Transp Comm5.000% 08/01/20570.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
Chicago, IL5.000% 11/01/20370.1%
Southern California Pub Pwr Auth3.303% 11/01/20380.1%
New York St Thruway Auth4.000% 01/01/20510.1%
West Pace Cooperative District9.125% 05/01/20390.1%
Chicago5.000% 07/01/20480.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
Houston, TX5.000% 07/15/20280.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Wilkes-Barre Area School District/PA5.000% 04/15/20590.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
Cleveland, OH5.000% 01/01/20300.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20310.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20300.1%
Houston, TX6.625% 07/15/20380.1%
Massachusetts Dev Fin Agy4.000% 07/01/20440.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
Chicago, IL5.500% 01/01/20340.1%
Puerto Rico Elec Pwr Auth2.437% 07/01/20310.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
State of Connecticut Bradley International Airport5.000% 07/01/20490.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Pub Fin Auth5.250% 10/01/20380.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Pennsylvania4.000% 07/01/20460.1%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
Chicago, IL5.000% 01/01/20330.1%
Jefferson County Sewer6.500% 10/01/20530.1%
Pub Fin Auth6.850% 10/01/20470.1%
Valparaiso, IN7.000% 01/01/20440.1%
Main Street Natural Gas, Inc.5.000% 05/15/20430.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
Philadelphia, PA5.000% 08/01/20290.1%
Atlanta Airport5.000% 01/01/20280.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
Miami Beach, FL5.000% 09/01/20400.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
Philadelphia, PA5.250% 07/15/20310.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Iowa Fin Auth3.125% 12/01/20220.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Illinois, IL5.000% 06/01/20270.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Chula Vista, CA5.875% 01/01/20340.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Port Authority of New York & New Jersey4.000% 09/01/20430.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
District of Columbia, DC5.000% 06/01/20410.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
Massachusetts Dev Fin Agy4.000% 07/01/20350.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Hawaii Hsg Fin & Dev Corp.6.500% 07/01/20330.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
Chicago, IL5.000% 11/01/20360.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
Connecticut5.000% 04/15/20390.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
California Sch Fin Auth5.000% 08/01/20480.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Pittsburgh, PA5.000% 09/01/20300.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
Philadelphia, PA5.000% 08/01/20300.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
Indiana Fin Auth5.000% 10/01/20290.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
Cook County General Obligation5.250% 11/15/20240.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Pub Fin Auth6.125% 01/01/20330.1%
Puerto Rico General Obligation5.500% 07/01/20390.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
San Francisco City & Cnty Arpt Comm, CA4.000% 05/01/20490.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
TSASC, Inc.5.000% 06/01/20350.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.1%
Duluth Econ Dev Auth, MN5.250% 02/15/20530.1%
West Virginia Hosp Fin Auth6.250% 10/01/20230.1%
NJ Eco Dev Auth - School Facilities5.500% 06/15/20310.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
New Hampshire Bus Fin Auth4.625% 11/01/20420.1%
California Muni Fin Auth5.000% 06/01/20500.1%
Dorm Auth of the St of New York5.000% 12/01/20310.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Connecticut5.000% 06/15/20320.1%
Connecticut5.000% 06/15/20330.1%
Chicago Brd of Ed7.000% 12/01/20460.1%
Commonwealth Financing Authority5.000% 06/01/20350.1%
Chicago, IL5.000% 01/01/20470.1%
Southern California Public Power Auth - Goldman Sachs5.000% 11/01/20330.1%
Massachusetts Dev Fin Agy5.000% 07/01/20330.1%
Dorm Auth of the St of New York5.000% 12/01/20400.1%
La Verne CA C.O.P.5.000% 05/15/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.1%
Wayne Cnty Arpt Auth5.000% 12/01/20420.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
Philadelphia Sch Dist, PA5.000% 09/01/20370.1%
Connecticut5.000% 04/15/20360.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20320.1%
Pittsburgh, PA5.000% 09/01/20320.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
Indiana Fin Auth7.000% 10/01/20390.1%
Tempe Industrial Development Authority6.125% 10/01/20470.1%
Tender Option Bnd Tr Receipts/Certificates7.785% 08/15/20300.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
Yorba Linda Redev Agy, CA6.000% 09/01/20260.1%
Pittsburgh, PA5.000% 09/01/20290.1%
Crawford Cnty Hosp Auth6.000% 06/01/20510.1%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20330.1%
Norfolk Water5.250% 11/01/20280.1%
Nassau Co Local Econ Assis - Catholic Hlth Svcs5.000% 07/01/20340.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.1%
Grand River Hospital District5.250% 12/01/20340.1%
Grand River Hospital District5.250% 12/01/20350.1%
District of Columbia, DC6.000% 07/01/20430.1%
District of Columbia, DC6.000% 07/01/20480.1%
Grand River Hospital District5.250% 12/01/20370.1%
Illinois, IL6.000% 05/01/20260.1%
Dorm Auth of the St of New York5.000% 08/01/20340.0%
Dorm Auth of the St of New York5.000% 08/01/20330.0%
Paducah Electric Plant Bd5.000% 10/01/20330.0%
Connecticut5.000% 06/15/20380.0%
Yosemite Community College District0.000% 08/01/20420.0%
Chicago5.000% 01/01/20480.0%
Dorm Auth of the St of New York5.000% 08/01/20350.0%
Paducah Electric Plant Bd5.000% 10/01/20340.0%
Puerto Rico Sales Tax Fincg Corp4.550% 07/01/20400.0%
Massachusetts Dev Fin Agy5.000% 07/01/20340.0%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.0%
Paducah Electric Plant Bd5.000% 10/01/20350.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20310.0%
Dorm Auth of the St of New York5.000% 12/01/20360.0%
Cook Cnty, IL5.000% 11/15/20300.0%
City of Oroville CA5.250% 04/01/20390.0%
Dorm Auth of the St of New York5.000% 12/01/20370.0%
Eagle County Airport Terminal Corp5.000% 05/01/20370.0%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.0%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.0%
Los Angeles Unified School District5.000% 10/01/20250.0%
New York City Transitional Fin Auth5.000% 02/01/20360.0%
Cook Cnty, IL5.000% 11/15/20350.0%
Philadelphia, PA5.250% 07/15/20330.0%
Pub Fin Auth5.250% 10/01/20430.0%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.0%
Philadelphia Sch Dist, PA5.000% 09/01/20380.0%
New Orleans, LA5.000% 12/01/20340.0%
City of Oroville CA5.250% 04/01/20540.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.0%
New Jersey Econ Dev Auth5.000% 06/15/20360.0%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.0%
Chicago Brd of Ed5.000% 12/01/20310.0%
Central Texas Turnpike Sys5.000% 08/15/20370.0%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20310.0%
Montgomery Cnty Indus Dev Auth, PA5.375% 01/01/20500.0%
New York City Transitional Fin Auth4.000% 05/01/20440.0%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
Massachusetts4.000% 05/01/20480.0%
New York City Transitional Fin Auth4.000% 08/01/20420.0%
Illinois Fin Auth5.000% 04/01/20190.0%
Chicago O'Hare International Airport5.000% 01/01/20350.0%
North Carolina Turnpike Auth4.000% 01/01/20380.0%
Pub Fin Auth6.375% 01/01/20480.0%
Massachusetts Sch Bldg Auth4.000% 02/15/20430.0%
Chicago, IL4.000% 01/01/20340.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.0%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20250.0%
Kendall Kane & Will Cos Unified School District5.000% 02/01/20290.0%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.0%
Connecticut4.000% 06/15/20370.0%
Cleveland, OH5.000% 01/01/20310.0%
Martin Cnty Hlth Facs Auth, FL5.500% 11/15/20320.0%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.0%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20530.0%
Foothill-Eastern Transp Corridor Agy, CA5.750% 01/15/20460.0%
San Diego Cnty Regl Arpt Auth, CA5.000% 07/01/20400.0%
Dallas Fort Worth, TX5.000% 11/01/20300.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
Illinois Sports Facs Auth5.000% 06/15/20280.0%
Pennsylvania Higher Edl Facs Auth5.000% 11/01/20300.0%
Virginia Small Business Fing Auth5.000% 01/01/20480.0%
City of Rockville MD5.000% 11/01/20420.0%
Puerto Rico Sales Tax Fincg Corp4.750% 07/01/20530.0%
St of Alabama Docks Department5.000% 10/01/20360.0%
Texas Transp Comm0.000% 08/01/20420.0%
Wisconsin Hlth & Edl Facs Auth5.375% 02/01/20480.0%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.0%
New York St Energy Rsch & Dev Auth3.500% 10/01/20290.0%
City of Rockville MD5.000% 11/01/20470.0%
Pennsylvania Tpk Comm5.000% 12/01/20390.0%
City of Oroville CA5.250% 04/01/20490.0%
Texas Transp Comm0.000% 08/01/20400.0%
Stockton Unif Sch Dist, CA5.000% 07/01/20280.0%
New York State Urban Dev Corp.5.000% 03/15/20330.0%
Fulton Co Dev - GA State Univ Housing5.000% 09/01/20320.0%
Courtland Indus Dev Bd, AL6.250% 11/01/20330.0%
CO Hlth Facs - Catholic Hlth5.250% 02/01/20310.0%
MA Hlth & Ed - Catholic Health East6.250% 11/15/20320.0%
Jefferson Cnty, AL0.000% 10/01/20260.0%
Denver Hlth and Hosp Auth, CO5.250% 12/01/20450.0%
Univ of California Bd of Regents5.250% 05/15/20380.0%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20420.0%
Los Angeles, CA5.000% 05/15/20350.0%
San Jose, CA5.500% 05/01/20240.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20460.0%
TSASC, Inc.5.000% 06/01/20360.0%
CT Hlth & Ed - Hartford Healthcare5.000% 07/01/20320.0%
City of Atlanta, GA, Department of Aviation5.250% 01/01/20300.0%
Maine Hlth & Hgr Edl Facs Auth6.000% 07/01/20260.0%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20270.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
New York City Transitional Fin Auth5.000% 07/15/20350.0%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.0%
Sparks, NV6.500% 06/15/20200.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20300.0%
Puerto Rico Elec Pwr Auth5.250% 07/01/20280.0%
Charlotte, NC5.000% 07/01/20330.0%
Atlantic City Board of Education6.000% 04/01/20340.0%
Athens Clarke Cnty Unif Govt, GA6.250% 11/15/20320.0%
Chicago Brd of Ed5.000% 12/01/20420.0%
Casitas Muni Wtr Dist5.250% 09/01/20470.0%
Yosemite Comnty Coll Dist, CA5.000% 08/01/20290.0%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20280.0%
San Jose, CA6.500% 05/01/20360.0%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
California State Pub Wks Bd5.000% 10/01/20280.0%
Connecticut Hlth & Educl Facs Auth5.000% 07/01/20280.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20290.0%
New York City Mun Fin Auth5.000% 06/15/20360.0%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20270.0%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 09/01/20560.0%
Cook Cnty, IL5.000% 11/15/20340.0%
Golden St Tobacco Securitization Corp.5.000% 06/01/20300.0%
Sonoma Marin Area Rail Transit Dist, CA5.000% 03/01/20280.0%
Orange Cnty Comnty Facs Dist5.250% 08/15/20450.0%
Puerto Rico5.500% 07/01/20270.0%
DeKalb Co Hsp - Children's Healthcare5.000% 11/15/20290.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.500% 11/01/20350.0%
NY Liberty Dev Corp - 3 World Trade Ctr5.000% 11/15/20440.0%
City of Irvine CA5.000% 09/01/20440.0%
Florida5.000% 07/01/20340.0%
District of Columbia, DC5.000% 06/01/20320.0%
NYC Cultural - Whitney Museum5.250% 07/01/20260.0%
Delaware River Port Auth, PA5.000% 01/01/20290.0%
Harris County Toll Road Authority/The4.000% 08/15/20480.0%
New York St Envr Facs Corp.5.125% 06/15/20380.0%
Florida Hgr Edl Facs Fin Auth6.375% 04/01/20310.0%
San Antonio Airport System5.000% 07/01/20260.0%
Pub Fin Auth4.050% 11/01/20300.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20460.0%
Illinois Fin Auth5.000% 04/01/20210.0%
Delaware Cnty Indus Dev Auth, PA5.000% 07/01/20430.0%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20290.0%
Delano-Earlimart Irrigation District5.000% 02/01/20280.0%
Puerto Rico Sales Tax Fincg Corp5.000% 07/01/20580.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
Maine Hlth & Hgr Edl Facs Auth6.750% 07/01/20360.0%
California5.375% 11/01/20350.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20510.0%
Brooklyn Arena Local Dev Corp.0.000% 07/15/20350.0%
Hudson Yards Infrastr Corp., NY5.750% 02/15/20470.0%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20280.0%
Build NYC Resource Corp., NY5.000% 06/01/20340.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Alachua Cnty Hlth Facs Auth8.000% 10/01/20420.0%
Illinois Fin Auth6.000% 03/01/20370.0%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20270.0%
Jefferson Cnty, AL0.000% 10/01/20390.0%
Chicago, IL5.625% 01/01/20300.0%
Colorado Hlth Facs Auth5.000% 10/01/20320.0%
Chicago5.625% 01/01/20350.0%
San Jose, CA5.500% 05/01/20260.0%
Clifton Hgr Ed Fin Corp., TX5.000% 08/15/20420.0%
North Texas Tollway Auth5.000% 01/01/20310.0%
Puerto Rico Elec Pwr Auth4.250% 07/01/20270.0%
Texas Transp Comm0.000% 08/01/20460.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Essex Cnty Imp Auth, NJ6.250% 11/01/20300.0%
Chicago, IL5.500% 01/01/20420.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.625% 07/01/20360.0%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.0%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20270.0%
Dorm Auth of the St of New York5.000% 05/01/20290.0%
Illinois Fin Auth5.000% 09/01/20340.0%
Puerto Rico Sales Tax Fincg Corp4.500% 07/01/20340.0%
La Vernia Higher Ed Fin Corp., TX7.250% 08/15/20310.0%
Dorm Auth of the St of New York5.000% 07/01/20340.0%
Chicago, IL5.500% 01/01/20350.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Hudson Co Improvement Auth - Solid Waste5.750% 01/01/20350.0%
Puerto Rico4.750% 07/01/20180.0%
Iowa Tobacco Settlement Auth5.500% 06/01/20420.0%
Hempstead Town Local Dev Corp., NY5.000% 10/01/20340.0%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20310.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20280.0%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20270.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20270.0%
Colorado Hlth Facs Auth6.125% 10/01/20280.0%
Gainesville, FL5.250% 10/01/20340.0%
Selma Indus Dev Bd, AL5.800% 05/01/20340.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20290.0%
Puerto Rico Pub Bldgs Auth5.000% 07/01/20360.0%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20290.0%
Cumberland Cnty Muni Auth, PA5.400% 01/01/20220.0%
Cumberland Cnty Muni Auth, PA5.250% 01/01/20210.0%
Pennsylvania5.000% 07/01/20430.0%
Houston Hgr Ed Fin Corp., TX6.875% 05/15/20410.0%
Puerto Rico Sales Tax Fincg Corp4.550% 07/01/20400.0%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20370.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20240.0%
Westchester Cnty Hlthcare Corp., NY6.000% 11/01/20300.0%
California Statewide Comntys Dev Auth6.625% 11/15/20240.0%
Warren Cnty, MS5.800% 05/01/20340.0%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20320.0%
Columbia Industrial Dev Board - Alabama Power1.490% 12/01/20370.0%
Puerto Rico Hwy & Transp Auth4.000% 07/01/20170.0%
Puerto Rico Sales Tax Fincg Corp4.750% 07/01/20530.0%
Westchester Cnty Hlthcare Corp., NY6.125% 11/01/20370.0%
California State Public Works Board6.625% 11/01/20340.0%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20520.0%
Montgomery Cnty Hgr Ed & Hlth Auth, PA6.250% 11/15/20340.0%
Middlesex Cnty Impt Auth6.250% 01/01/20370.0%
Middlesex Cnty Impt Auth6.125% 01/01/20250.0%
Dorm Auth of the St of New York5.000% 05/01/20290.0%
Gramercy Farms Comnty Dev Dist5.250% 05/01/20390.0%
US 20YR Treasury Future Jun 2019- -0.0%

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/17/2019
$0.133
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2019 $0.03314 $11.45
Daily Daily 03/31/2019 $0.03285 $11.41
Daily Daily 02/28/2019 $0.03442 $11.22
Daily Daily 01/31/2019 $0.03355 $11.16

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 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.53% 0.50%

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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