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National Tax Free Fund

Daily price w/o sales charge as of 03/22/2019

$11.37

arrowUp$0.04

YTD Returns w/o sales charge as of 03/22/2019

3.08%

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 03/22/2019  

w/o sales charge 3.63%

30-Day Standardized Yield 2 as of 02/28/2019  

2.80%

Fund Basicsas of 02/28/2019

Total Net Assets
$2.08 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.50%
Number of Holdings
517
CUSIP
543902480

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 1.51% 4.17% 2.87% 4.40% - 4.88%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.25% 3.42% 2.15% 3.38% - -
Bloomberg Barclays Municipal Bond Index 1.30% 4.13% 2.28% 3.44% - -

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 0.96% 0.96% 2.90% 4.98% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

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

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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.

Muni Matters: One Potential Remedy for SALT Shock
February 7, 2019

With the $10,000 cap on the deduction for state and local taxes poised to boost tax liabilities for many investors, tax-exempt municipal bonds may merit a fresh look.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO State
GO Local
Lease
Special Tax
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 02/28/2019 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

Supported By 16 Investment Professionals with 11 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 03/22/2019  

w/o sales charge 3.63%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.80% 2.80%

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 1.51% 4.17% 2.87% 4.40% - 4.88%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.25% 3.42% 2.15% 3.38% - -
Bloomberg Barclays Municipal Bond Index 1.30% 4.13% 2.28% 3.44% - -

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 0.96% 0.96% 2.90% 4.98% - 4.79%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.68% 0.68% 2.05% 3.86% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

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 - - - - 3.10%
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 State
GO Local
Lease
Special Tax
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
MA
FL
MD
AZ
CT
AL
CO
KY
HI
NE
IN
MN
VA
NC
WI
Puerto Rico
LA
GA
MI
SC
DC
ME
WA
OR
NV
MT
DE
MO
OK
AR
WV
VT
ND
NH
TN
IA

Credit Quality Distribution as of 02/28/2019

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 12/31/2018

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

Portfolio Details as of 02/28/2019

Total Net Assets
$2.08 B
Number of Issues
517
Average Coupon
5.0%
Average Effective Maturity
18.4 Years
Average Effective Duration
7.79 Years

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

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

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

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

Holding Coupon Maturity Assets
City of Chicago General Obligation 6.000% 01/01/2038 1.0%
Duluth Economic Development Auth - Essentia Health 5.250% 02/15/2058 0.9%
Pennsylvania Financing Auth - Tobacco Settlement 4.000% 06/01/2039 0.7%
NY Transportation Dev Corp - LaGuardia Airport 5.250% 01/01/2050 0.7%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.7%
Riverside County Redevelopment Agency - Housing 0.000% 10/01/2041 0.7%
North Carolina Turnpike Auth 4.000% 01/01/2037 0.6%
Central Plains Energy - Goldman Sachs 5.000% 09/01/2042 0.6%
ME Hlth & Higher Ed - MaineGeneral Hlth 7.500% 07/01/2032 0.6%
MD Hlth & Higher Ed - Mercy Medical Center 6.250% 07/01/2031 0.6%
% of Total Assets 7.1%

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

Holding Coupon Maturity Assets
City of Chicago General Obligation6.000% 01/01/20381.0%
Pennsylvania Financing Auth - Tobacco Settlement4.000% 06/01/20390.8%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.8%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.7%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.7%
Duluth Economic Development Auth - Essentia Health5.250% 02/15/20580.7%
North Carolina Turnpike Auth4.000% 01/01/20370.7%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.6%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.6%
MD Hlth & Higher Ed - Mercy Medical Center6.250% 07/01/20310.6%
Metropolitan Boston Transit Parking Corp5.250% 07/01/20330.6%
Massachusetts School Building Auth- Sales Tax8.660% 10/15/20320.6%
Cnty of Trimble, KY3.750% 06/01/20330.6%
Tender Option Bnd Tr Receipts/Certificates8.620% 11/01/20280.6%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.6%
Cook Cnty, IL5.000% 11/15/20240.6%
California State General Obligation5.000% 02/01/20330.6%
New York City Transitional Fin Auth5.000% 07/15/20300.5%
Chicago5.000% 01/01/20530.5%
Pennsylvania4.000% 09/15/20300.5%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.5%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.5%
Pennsylvania Tpk Comm5.000% 06/01/20290.5%
California Muni Fin Auth - LINXS4.000% 12/31/20470.5%
Chicago5.000% 01/01/20520.5%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.5%
Central Plains Energy Pj5.250% 09/01/20370.5%
California State General Obligation5.500% 03/01/20400.5%
Illinois, IL5.500% 07/01/20330.5%
Philadelphia General Obligation5.000% 08/01/20360.5%
Delaware Econ Dev Auth5.375% 10/01/20450.5%
California State Pub Wks Bd5.000% 04/01/20330.5%
San Antonio, TX5.000% 07/01/20450.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20530.5%
California Poll Cntrl Fin Auth5.000% 11/21/20450.5%
Long Beach Bnd Fin Auth3.203% 11/15/20270.5%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.5%
Louisiana Pub Facs Auth6.250% 05/15/20310.4%
California State General Obligation5.250% 08/01/20320.4%
Cnty of Cuyahoga, OH5.500% 02/15/20520.4%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.4%
Illinois State General Obligation5.000% 11/01/20280.4%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.4%
New Jersey Econ Dev Auth5.625% 01/01/20520.4%
Delaware River Port Auth, PA5.000% 01/01/20340.4%
Univ of Connecticut5.250% 11/15/20470.4%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
California5.600% 03/01/20360.4%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.4%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.4%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.4%
Greater Orlando Aviation Auth4.000% 10/01/20520.4%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.4%
California Statewide Comntys Dev Auth5.500% 12/01/20540.4%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.4%
Lucas Cnty, OH5.250% 11/15/20480.4%
California Edl Facs Auth5.000% 05/01/20450.4%
Univ of North Carolina at Wilmington5.000% 06/01/20370.4%
Hampton Roads Transportation Comm5.500% 07/01/20570.4%
Chicago4.000% 01/01/20440.4%
Illinois, IL5.000% 12/01/20360.4%
San Antonio, TX5.000% 07/15/20390.3%
Connecticut5.000% 01/01/20370.3%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.3%
Indiana Fin Auth5.000% 07/01/20350.3%
New York City5.000% 08/01/20270.3%
Mid Bay Br Auth, FL7.250% 10/01/20340.3%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.3%
Illinois, IL5.000% 03/01/20300.3%
Clifton Hgr Ed Fin Corp., TX6.125% 08/15/20480.3%
Texas Water Development Board4.000% 10/15/20370.3%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.3%
New York City Transitional Finance Authority5.000% 07/15/20310.3%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.3%
Virginia Small Business Fing Auth5.250% 01/01/20320.3%
Southwest Local School District/Hamilton County4.000% 01/15/20550.3%
Illinois, IL5.000% 01/01/20350.3%
New York City Indl Dev Agy5.000% 07/01/20280.3%
Philadelphia, PA5.250% 10/01/20520.3%
California6.500% 04/01/20330.3%
Pulaski Cnty Hlth Fac Brd, AR5.000% 12/01/20390.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.3%
Massachusetts3.000% 04/01/20410.3%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.3%
California State Pub Wks Bd5.000% 12/01/20280.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.3%
Pub Fin Auth5.000% 07/01/20440.3%
Minneapolis, MN5.000% 11/15/20490.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
Onondaga County Industrial Development- Bristol Myers Squibb5.750% 03/01/20240.3%
Tender Option Bnd Tr Receipts/Certificates0.001% 12/01/20270.3%
Florida Dev Fin Corp.7.625% 06/15/20410.3%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
Compton, CA6.000% 08/01/20390.3%
New Jersey Tpk Auth4.000% 01/01/20430.3%
Illinois Fin Auth6.125% 09/01/20390.3%
New Jersey Edl Facs Auth4.000% 09/01/20290.3%
New York City Indl Dev Agy0.000% 03/01/20300.3%
NY Transportation Dev Corp - Delta5.000% 01/01/20330.3%
Kentucky Mun Pwr Agy5.000% 09/01/20350.3%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.3%
Montana Facility Finance Authority5.000% 07/01/20480.3%
Illinois, IL5.500% 07/01/20380.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
Metropolitan Transp Auth, NY5.000% 11/15/20300.3%
Massachusetts Port Auth4.000% 07/01/20460.3%
Hawaii Arpt Sys5.000% 07/01/20480.3%
Dorm Auth of the St of New York5.000% 07/01/20400.3%
Hawaii Arpt Sys5.000% 07/01/20410.3%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.3%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20440.3%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.3%
Upland, CA6.375% 01/01/20320.3%
Central Plains Energy5.000% 09/01/20320.3%
Regional Transportation District5.375% 06/01/20310.3%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.3%
South Carolina St Ports Auth5.250% 07/01/20550.3%
San Francisco Airport5.000% 05/01/20250.3%
Indiana Fin Auth5.250% 02/01/20320.3%
California Statewide Comntys Dev Auth5.000% 02/01/20450.3%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.3%
California4.000% 09/01/20370.3%
Chicago, IL5.000% 01/01/20260.3%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.3%
Chicago, IL5.000% 11/01/20290.3%
Dorm Auth of the St of New York5.000% 01/01/20470.3%
Chicago, IL5.500% 01/01/20420.3%
Cass Cnty, ND5.125% 02/15/20370.3%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.3%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.3%
Cnty of Cuyahoga, OH5.500% 02/15/20570.3%
Chicago, IL5.000% 01/01/20340.3%
Denver City & Cnty Dept of Aviation, CO4.000% 12/01/20430.3%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.3%
Univ of Illinois Bd of Trustees4.000% 04/01/20380.3%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.3%
Illinois Fin Auth4.000% 10/01/20490.3%
Massachusetts Dev Fin Agy4.000% 07/01/20410.3%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.3%
Chicago, IL5.000% 01/01/20400.3%
Massachusetts Educational Financing Authority4.125% 07/01/20460.3%
Miami Dade Cnty, FL5.000% 10/01/20280.3%
North Texas Tollway Auth5.000% 01/01/20480.3%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.3%
Central Texas Turnpike5.000% 08/15/20330.3%
Bay Area Toll Auth, CA4.000% 04/01/20490.3%
California Hlth Facs Fing Auth5.250% 08/15/20310.2%
Connecticut5.000% 01/01/20380.2%
New Jersey Transp Tr Fnd Auth5.250% 06/15/20430.2%
New Hampshire Bus Fin Auth4.875% 11/01/20420.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
Philadelphia, PA5.000% 07/01/20420.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
Niagara Area Dev Corp., NY4.750% 11/01/20420.2%
New Jersey Transportation Trust Fund6.000% 06/15/20350.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
Illinois, IL5.000% 05/01/20380.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20470.2%
West Virginia Parkways Authority4.000% 06/01/20470.2%
San Jose, CA6.125% 05/01/20310.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.2%
New Jersey Econ Dev Auth3.030% 03/01/20280.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.2%
New York City Indl Dev Agy2.770% 03/01/20240.2%
Los Angeles, CA5.000% 05/15/20410.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
Canaveral Port Authority5.000% 06/01/20450.2%
Denver Hlth and Hosp Auth, CO2.935% 12/01/20330.2%
Pennsylvania4.000% 03/01/20370.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.2%
Palomar Hlth5.000% 11/01/20360.2%
Detroit Pub Schs, MI5.000% 05/01/20290.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Oklahoma Tpk Auth4.000% 01/01/20480.2%
Washington Hlthcare Facs Auth5.000% 07/01/20380.2%
Salt Verde Financial Corp.5.250% 12/01/20270.2%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.2%
Massachusetts Dev Fin Agy5.000% 07/01/20480.2%
Los Angeles Hsg Auth6.250% 06/01/20340.2%
Houston, TX5.000% 07/15/20350.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.2%
Union Cnty Util Auth, NJ4.750% 12/01/20310.2%
New Jersey Econ Dev Auth5.000% 03/01/20280.2%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.2%
Kirkwood Indus Dev Auth8.000% 05/15/20290.2%
El Dorado Irr Dist, CA5.000% 03/01/20340.2%
Oklahoma Dev Fin Auth5.500% 08/15/20570.2%
Chandler Industrial Development Authority2.700% 12/01/20370.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.2%
Metropolitan Transp Auth, NY4.000% 11/15/20460.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Lee Cnty, FL5.375% 10/01/20320.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
Montana Facility Finance Authority5.000% 07/01/20430.2%
Illinois Sports Facs Auth5.000% 06/15/20270.2%
New Jersey Econ Dev Auth6.000% 10/01/20430.2%
Philadelphia, PA5.000% 07/01/20300.2%
Mission Econ Dev Corp, TX4.625% 10/01/20310.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.2%
Salt Verde Financial Corp.5.000% 12/01/20320.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
California5.000% 08/01/20380.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.2%
California Muni Fin Auth5.000% 12/31/20470.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20360.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.2%
Sacramento City Fing Auth, CA5.250% 12/01/20230.2%
Illinois, IL5.000% 01/01/20410.2%
Massachusetts Dev Fin Agy5.000% 10/01/20570.2%
Massachusetts Port Auth5.000% 07/01/20450.2%
Illinois, IL5.000% 01/01/20330.2%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.2%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.2%
Philadelphia, PA5.000% 08/01/20370.2%
NYS Tobacco Settlement Corp5.000% 06/01/20480.2%
Jefferson Cnty, AL0.000% 10/01/20270.2%
Pennsylvania Tpk Comm4.000% 12/01/20380.2%
Town of Davie FL6.000% 04/01/20420.2%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20240.2%
Selma Indus Dev Bd, AL6.250% 11/01/20330.2%
Chicago, IL5.000% 11/01/20360.2%
Philadelphia, PA5.250% 07/15/20320.2%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20300.2%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.2%
Indiana Fin Auth5.000% 07/01/20440.2%
California Statewide Comntys Dev Auth5.500% 12/01/20580.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
Chicago, IL5.000% 01/01/20340.2%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.2%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20370.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.2%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.2%
Indiana Fin Auth5.000% 07/01/20400.2%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.2%
Village of Bellwood, IL6.150% 12/01/20320.2%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.2%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.2%
New York City Transitional Fin Auth1.550% 11/01/20220.2%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.2%
Hawaii Airport System5.000% 07/01/20340.2%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20570.2%
St. Louis, MO6.250% 07/01/20290.2%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.2%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
New York Transp Dev Corp.5.000% 01/01/20340.2%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.2%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
Baker Correctional Dev Corp.8.500% 02/01/20300.1%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20400.1%
Chicago, IL5.000% 11/01/20390.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
West Pace Cooperative District9.125% 05/01/20390.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
Southern California Pub Pwr Auth3.303% 11/01/20380.1%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.1%
California Muni Fin Auth5.000% 02/01/20470.1%
Chicago, IL5.000% 11/01/20370.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Houston, TX5.000% 07/15/20280.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
Chicago5.000% 07/01/20480.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
Houston, TX6.625% 07/15/20380.1%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20310.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20430.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20300.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
Puerto Rico Aqueduct & Swr Auth5.750% 07/01/20370.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
Chicago, IL5.500% 01/01/20340.1%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
California Poll Cntrl Fin Auth5.000% 11/21/20450.1%
Jefferson County Sewer5.500% 10/01/20530.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Chicago, IL5.000% 01/01/20330.1%
Pennsylvania4.000% 07/01/20460.1%
Jefferson County Sewer6.500% 10/01/20530.1%
Puerto Rico Elec Pwr Auth2.570% 07/01/20310.1%
Valparaiso, IN7.000% 01/01/20440.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
Miami Beach, FL5.000% 09/01/20400.1%
Pub Fin Auth6.850% 10/01/20470.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Chula Vista, CA5.875% 01/01/20340.1%
Illinois, IL5.000% 06/01/20270.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
Cleveland, OH5.000% 01/01/20300.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
Illinois, IL4.000% 06/01/20340.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
Philadelphia, PA5.000% 08/01/20290.1%
Hawaii Hsg Fin & Dev Corp.6.500% 07/01/20330.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
Chicago, IL5.000% 11/01/20360.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Shelby Cnty Hlth Edl & Hsg Facs Bd1.570% 06/01/20420.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Philadelphia, PA5.000% 08/01/20300.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
New York City Mun Fin Auth1.550% 06/15/20450.1%
Indiana Fin Auth5.000% 10/01/20290.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.1%
District of Columbia, DC5.000% 06/01/20410.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
Philadelphia, PA5.250% 07/15/20310.1%
Pub Fin Auth6.125% 01/01/20330.1%
West Virginia Hosp Fin Auth6.250% 10/01/20230.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
Pub Fin Auth5.250% 10/01/20380.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
San Francisco City & Cnty Arpt Comm, CA4.000% 05/01/20490.1%
California Sch Fin Auth5.000% 08/01/20480.1%
California Muni Fin Auth5.000% 06/01/20500.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
Dorm Auth of the St of New York5.000% 12/01/20310.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Chicago Brd of Ed7.000% 12/01/20460.1%
Connecticut5.000% 06/15/20330.1%
La Verne CA C.O.P.5.000% 05/15/20360.1%
Puerto Rico General Obligation5.500% 07/01/20390.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.1%
Chicago, IL5.000% 01/01/20470.1%
Dorm Auth of the St of New York5.000% 12/01/20400.1%
Pittsburgh, PA5.000% 09/01/20300.1%
Tender Option Bnd Tr Receipts/Certificates10.190% 08/15/20300.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Pittsburgh, PA5.000% 09/01/20320.1%
Wayne Cnty Arpt Auth5.000% 12/01/20420.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
Yorba Linda Redev Agy, CA6.000% 09/01/20260.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20320.1%
Indiana Fin Auth7.000% 10/01/20390.1%
Pittsburgh, PA5.000% 09/01/20290.1%
Tempe Industrial Development Authority6.125% 10/01/20470.1%
TSASC, Inc.5.000% 06/01/20350.1%
New York City General Obligation1.480% 08/01/20380.1%
Massachusetts Dev Fin Agy5.000% 07/01/20330.1%
District of Columbia, DC6.000% 07/01/20430.1%
District of Columbia, DC6.000% 07/01/20480.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.1%
Atlanta Airport5.000% 01/01/20280.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.1%
Connecticut5.000% 06/15/20320.1%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
Paducah Electric Plant Bd5.000% 10/01/20330.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
Paducah Electric Plant Bd5.000% 10/01/20350.1%
Cook Cnty, IL5.000% 11/15/20300.1%
Philadelphia Sch Dist, PA5.000% 09/01/20380.1%
Philadelphia, PA5.250% 07/15/20330.1%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.1%
Dorm Auth of the St of New York5.000% 12/01/20360.1%
Eagle County Airport Terminal Corp5.000% 05/01/20370.1%
Cook Cnty, IL5.000% 11/15/20350.1%
Connecticut5.000% 06/15/20380.1%
New Orleans, LA5.000% 12/01/20340.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.1%
Illinois Fin Auth5.000% 04/01/20190.1%
Pub Fin Auth5.250% 10/01/20430.1%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.1%
City of Chicago General Obligation5.500% 01/01/20370.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
Grand River Hospital District5.250% 12/01/20340.1%
Dorm Auth of the St of New York5.000% 08/01/20330.1%
Grand River Hospital District5.250% 12/01/20350.1%
Puerto Rico Sales Tax Fincg Corp6.125% 08/01/20290.1%
Dorm Auth of the St of New York5.000% 08/01/20350.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.1%
Grand River Hospital District5.250% 12/01/20370.1%
Pub Fin Auth6.375% 01/01/20480.1%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.1%
Cleveland, OH5.000% 01/01/20310.1%
Massachusetts Dev Fin Agy5.000% 07/01/20340.0%
Crawford Cnty Hosp Auth6.000% 06/01/20510.0%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
New York City Mun Fin Auth1.550% 06/15/20450.0%
Philadelphia Sch Dist, PA5.000% 09/01/20370.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
Connecticut4.000% 06/15/20370.0%
City of Rockville MD5.000% 11/01/20420.0%
Denver Hlth and Hosp Auth, CO5.250% 12/01/20450.0%
Univ of California Bd of Regents5.250% 05/15/20380.0%
City of Rockville MD5.000% 11/01/20470.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
Sparks, NV6.500% 06/15/20200.0%
TSASC, Inc.5.000% 06/01/20360.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20300.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Illinois Fin Auth6.250% 02/01/20190.0%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
Dorm Auth of the St of New York5.000% 08/01/20340.0%
Cook Cnty, IL5.000% 11/15/20340.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
City of Irvine CA5.000% 09/01/20440.0%
Illinois Fin Auth6.000% 03/01/20370.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Atlantic City, NJ5.000% 03/01/20320.0%
Chicago5.625% 01/01/20350.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Chicago, IL5.500% 01/01/20420.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Virginia Small Business Fing Auth5.000% 01/01/20480.0%
Middlesex Cnty Impt Auth6.250% 01/01/20370.0%
Middlesex Cnty Impt Auth6.125% 01/01/20250.0%
Gramercy Farms Comnty Dev Dist5.250% 05/01/20390.0%
US 20YR Treasury Future Mar 2019- -0.0%

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/22/2019
$0.067
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/28/2019

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.

Select funds to run a Morningstar Hypothetical Report.

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