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National Tax Free Fund

Daily price w/o sales charge as of 01/27/2020

$11.98

arrowUp$0.03

YTD Returns w/o sales charge as of 01/27/2020

1.92%

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 01/27/2020  

w/o sales charge 3.06%

30-Day Standardized Yield 2 as of 12/31/2019  

2.03%

Fund Basicsas of 12/31/2019

Total Net Assets
$3.20 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.51%
Number of Holdings
795

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 9.53% 9.53% 5.90% 4.32% - 5.28%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% - -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 9.53% 9.53% 5.90% 4.32% - 5.28%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% - -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

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

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

RELATED CONTENT

Muni Matters: Four Key Themes for the Decade Ahead
December 13, 2019

What developments might shape the municipal bond market of the 2020s?

ESG and Municipal Bonds: Taking the Local View
November 19, 2019

How do environmental, social, and governance concerns factor into our credit analysis of local municipalities? First in a series.

Municipal Bonds: Look Beyond the “Tax-Free” Label
November 4, 2019

Investors have long embraced municipal bonds for their tax-advantaged status, but they may not be aware of other potential advantages the asset class offers.

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

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

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

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

Credit Quality Distribution as of 12/31/2019 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

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

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 01/27/2020  

w/o sales charge 3.06%

30-Day Standardized Yield 2 as of 12/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.03% 2.03%

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

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 9.53% 9.53% 5.90% 4.32% - 5.28%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% - -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 9.53% 9.53% 5.90% 4.32% - 5.28%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.61% 7.61% 4.52% 3.31% - -
Bloomberg Barclays Municipal Bond Index 7.54% 7.54% 4.72% 3.53% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.51%

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

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

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2019 9.53% 7.54%
2018 0.96% 1.28%
2017 7.41% 5.45%
2016 0.48% 0.25%
2015 3.52% 3.30%
2014 13.06% 9.05%
2013 -5.90% -2.55%
2012 14.14% 6.78%
2011 11.29% 10.70%
2010 -2.66% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 1.92%
2019 3.53% 2.89% 2.19% 0.62% 9.53%
2018 -1.16% 1.33% -0.20% 1.00% 0.96%
2017 1.93% 2.16% 1.74% 1.39% 7.41%
2016 2.10% 3.56% 0.01% -4.97% 0.48%
2015 1.30% -1.16% 1.41% 1.96% 3.52%
2014 4.78% 3.55% 2.34% 1.82% 13.06%
2013 0.64% -4.76% -1.88% 0.06% -5.90%
2012 4.93% 2.73% 3.94% 1.87% 14.14%
2011 -0.13% 5.20% 3.49% 2.35% 11.29%
2010 - - - -5.79% -2.66%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

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

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

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

Credit Quality Distribution as of 12/31/2019

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

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

Portfolio Positioning as of 12/31/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 12-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio continues to maintain an overweight in revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their dedicated income streams and favorable return prospects.
  • The portfolio continues to maintain an overweight in lower tier investment grade bonds due to the incremental yield advantage and relatively attractive credit spreads.

Portfolio Details as of 12/31/2019

Total Net Assets
$3.20 B
Number of Issues
795
Average Coupon
4.6%
Average Effective Maturity
19.9 Years
Average Effective Duration
7.08 Years

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

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

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

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

Holding Coupon Maturity Assets
Texas Surface Transportation Corp - NTE Mobility Partners 5.000% 06/30/2058 0.9%
City of Chicago General Obligation 6.000% 01/01/2038 0.7%
Massachusetts Sch Bldg Auth 5.000% 10/15/2032 0.7%
New Jersey Transportation Trust Fund 4.000% 06/15/2050 0.6%
Louisiana Enviromental Facs- Westlake Chemical 3.500% 11/01/2032 0.6%
Duluth Economic Development Auth - Essentia Health 5.250% 02/15/2058 0.6%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.6%
Hawaii St Dept of Budget & Fin 3.200% 07/01/2039 0.5%
Pennsylvania Financing Auth - Tobacco Settlement 4.000% 06/01/2039 0.5%
Kansas City Ind Dev Auth - KC International Airport 5.000% 03/01/2054 0.5%
% of Total Assets 6.2%

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
Texas Surface Transportation Corp - NTE Mobility Partners5.000% 06/30/20580.9%
City of Chicago General Obligation6.000% 01/01/20380.8%
Massachusetts Sch Bldg Auth5.000% 10/15/20320.7%
New York City Transitional Fin Auth1.050% 11/01/20440.7%
New Jersey Transportation Trust Fund4.000% 06/15/20500.7%
Duluth Economic Development Auth - Essentia Health5.250% 02/15/20580.7%
Louisiana Enviromental Facs- Westlake Chemical3.500% 11/01/20320.7%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.6%
Pennsylvania Financing Auth - Tobacco Settlement4.000% 06/01/20390.5%
Kansas City Ind Dev Auth - KC International Airport5.000% 03/01/20540.5%
North Carolina Turnpike Auth4.000% 01/01/20370.5%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.5%
Central Plains Energy - Goldman Sachs5.000% 09/01/20420.5%
Chicago O'Hare International Airport4.000% 01/01/20440.5%
Maryland Community Development Administration3.000% 03/01/20420.5%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.5%
Hawaii St Dept of Budget & Fin3.200% 07/01/20390.5%
Hawaii Airports System5.000% 07/01/20480.5%
Trimble County Env Facs - Louisville Gas & Electric3.750% 06/01/20330.4%
California Muni Fin Auth - LINXS4.000% 12/31/20470.4%
Foothill-Eastern Transp Corridor Agy, CA3.500% 01/15/20530.4%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.4%
Chicago, IL5.500% 01/01/20490.4%
MD Hlth & Higher Ed - Mercy Medical Center6.250% 07/01/20310.4%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.4%
Illinois State General Obligation5.000% 11/01/20280.4%
Campbell, WY3.625% 07/15/20390.4%
Chicago5.000% 01/01/20530.4%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.4%
Metropolitan Boston Transit Parking Corp5.250% 07/01/20330.4%
Maryland Hlth & Hgr Ed Facs Auth5.500% 01/01/20460.4%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20460.4%
Las Vegas Convention & Visitors Authority5.000% 07/01/20430.4%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20440.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Pennsylvania4.000% 09/15/20300.4%
Martin Cnty Hlth Facs Auth, FL4.000% 01/01/20460.4%
New York City Transitional Fin Auth5.000% 07/15/20300.4%
New York Liberty Dev Corp.2.800% 09/15/20690.4%
Main Street Natural Gas - Macquarie5.000% 05/15/20490.4%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.4%
Cook Cnty, IL5.000% 11/15/20240.4%
California State General Obligation5.000% 02/01/20330.4%
Philadelphia General Obligation5.000% 08/01/20360.4%
Chicago5.000% 01/01/20520.4%
Nebraska Edl Fin Auth4.000% 01/01/20490.4%
Pennsylvania Tpk Comm5.000% 06/01/20290.4%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.3%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.3%
Connecticut5.000% 11/01/20270.3%
Connecticut5.000% 11/01/20280.3%
Illinois, IL5.500% 07/01/20330.3%
Cnty of Cuyahoga, OH5.500% 02/15/20520.3%
California State General Obligation5.500% 03/01/20400.3%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.3%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.3%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.3%
New York City Hsg Dev Corp, NY3.450% 05/01/20590.3%
Virginia Coll Bldg Auth3.000% 02/01/20390.3%
Washington & Multnomah Cntys Sch Dist No 48J Beave5.000% 06/15/20360.3%
Central Plains Energy Pj5.250% 09/01/20370.3%
New York Mtg Agy2.950% 10/01/20490.3%
Univ of Connecticut5.250% 11/15/20470.3%
San Antonio, TX5.000% 07/01/20450.3%
Arizona Indus Dev Auth3.625% 05/20/20330.3%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.3%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20530.3%
California Poll Cntrl Fin Auth5.000% 11/21/20450.3%
Hampton Roads Transportation Comm5.500% 07/01/20570.3%
Puerto Rico Sales Tax Financing Corporation5.000% 07/01/20580.3%
Delaware Econ Dev Auth5.375% 10/01/20450.3%
California State Pub Wks Bd5.000% 04/01/20330.3%
Lower Alabama Gas District - Goldman Sachs5.000% 09/01/20460.3%
California State General Obligation5.250% 08/01/20320.3%
Kentucky Mun Pwr Agy4.000% 09/01/20450.3%
Delaware River Port Auth, PA5.000% 01/01/20340.3%
Long Beach Bnd Fin Auth2.730% 11/15/20270.3%
Texas Water Development Board4.000% 10/15/20370.3%
Phoenix Civ Impt Corp., AZ4.000% 07/01/20370.3%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.3%
Clifton Hgr Ed Fin Corp., TX6.125% 08/15/20480.3%
North Carolina Medical Care Comm4.000% 11/01/20520.3%
Louisiana Pub Facs Auth6.250% 05/15/20310.3%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.3%
New Jersey Econ Dev Auth5.625% 01/01/20520.3%
Golden State Tobacco Securitization Corp5.000% 06/01/20470.3%
Connecticut5.000% 01/01/20370.3%
Oklahoma Dev Fin Auth5.500% 08/15/20570.3%
Lucas Cnty, OH5.250% 11/15/20480.3%
Greater Orlando Aviation Auth4.000% 10/01/20440.3%
Univ of North Carolina at Wilmington5.000% 06/01/20370.3%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.3%
California Edl Facs Auth5.000% 05/01/20450.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.3%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.3%
Greater Orlando Aviation Auth4.000% 10/01/20520.3%
California Muni Fin Auth5.000% 02/01/20470.3%
Michigan Fin Auth4.000% 11/15/20500.3%
County of Hillsborough FL3.250% 08/01/20480.3%
Philadelphia, PA5.250% 10/01/20520.3%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.3%
California Statewide Comntys Dev Auth5.500% 12/01/20540.3%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20280.3%
Illinois, IL5.000% 12/01/20360.2%
Southwest Local School District/Hamilton County4.000% 01/15/20550.2%
Pennsylvania Higher Edl Facs Auth4.000% 08/15/20490.2%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.2%
Maryland Transp Auth3.000% 06/01/20360.2%
Bay Area Toll Auth, CA3.000% 04/01/20540.2%
New York City5.000% 08/01/20270.2%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.2%
New Jersey Transportation Trust Fund5.250% 06/15/20430.2%
California5.600% 03/01/20360.2%
City of Reno NV4.000% 06/01/20460.2%
Dorm Auth of the St of New York5.000% 01/01/20470.2%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.2%
The Bd of Governors of the Univ of North Carolina5.000% 02/01/20490.2%
Indiana Fin Auth5.000% 07/01/20350.2%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.2%
Michigan St Bldg Auth4.000% 04/15/20540.2%
Massachusetts3.000% 04/01/20410.2%
San Antonio, TX5.000% 07/15/20390.2%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.2%
Illinois, IL5.000% 01/01/20350.2%
California Hsg Fin Agy4.250% 01/15/20350.2%
Connecticut Hlth & Educl Facs Auth4.000% 07/01/20490.2%
Illinois, IL5.000% 03/01/20300.2%
New Jersey Econ Dev Auth5.000% 06/15/20470.2%
Virginia Small Business Fing Auth5.250% 01/01/20320.2%
Illinois Fin Auth6.125% 09/01/20390.2%
New York City Transitional Finance Authority5.000% 07/15/20310.2%
Berks County Industrial Development Authority5.000% 11/01/20470.2%
Central Texas Turnpike5.000% 08/15/20330.2%
Montana Facility Finance Authority5.000% 07/01/20480.2%
Baltimore Mayor & City Council, MD4.000% 07/01/20490.2%
Minnesota Hsg Fin Agy2.750% 07/01/20440.2%
Mid Bay Br Auth, FL7.250% 10/01/20340.2%
Hawaii Dept of Budget & Finance - Hawaiian Electric Co3.100% 05/01/20260.2%
Pulaski Cnty Hlth Fac Brd, AR5.000% 12/01/20390.2%
New York City Indl Dev Agy5.000% 07/01/20280.2%
Public Auth For CO Energy6.500% 11/15/20380.2%
Michigan St Hsg Dev Auth3.600% 10/01/20600.2%
Minneapolis, MN5.000% 11/15/20490.2%
Oklahoma Tpk Auth4.000% 01/01/20480.2%
Metro Atlanta Rapid Transit Auth, GA3.000% 07/01/20400.2%
Illinois Fin Auth4.000% 10/01/20490.2%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.2%
New Jersey Tpk Auth4.000% 01/01/20430.2%
New York City Indl Dev Agy0.000% 03/01/20300.2%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.2%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.2%
Philadelphia Sch Dist, PA4.000% 09/01/20390.2%
Cnty of Cuyahoga, OH5.500% 02/15/20570.2%
California State Pub Wks Bd5.000% 12/01/20280.2%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.2%
Massachusetts Hsg Fin Agy3.600% 12/01/20590.2%
Chicago, IL5.000% 01/01/20340.2%
Indiana Fin Auth5.250% 02/01/20320.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
Central Plains Energy5.000% 09/01/20320.2%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.2%
NY Transportation Dev Corp - Delta5.000% 01/01/20330.2%
Florida Dev Fin Corp.7.625% 06/15/20410.2%
South Carolina St Ports Auth5.000% 07/01/20440.2%
California Muni Fin Auth5.000% 12/31/20380.2%
North Texas Tollway Auth5.000% 01/01/20480.2%
Chicago, IL5.000% 01/01/20260.2%
New York City Hsg Dev Corp, NY3.050% 05/01/20500.2%
Illinois, IL5.500% 07/01/20380.2%
Lee Memorial Health System4.000% 04/01/20490.2%
Massachusetts Port Auth4.000% 07/01/20460.2%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.2%
Miami Dade Cnty Edl Fac Auth, FL5.000% 04/01/20530.2%
Regional Transportation District5.375% 06/01/20310.2%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.2%
West Virginia Parkways Authority4.000% 06/01/20470.2%
Kentucky Mun Pwr Agy5.000% 09/01/20350.2%
New Jersey Edl Facs Auth4.000% 09/01/20290.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
Municipal Elec Auth of Georgia5.000% 01/01/20480.2%
Dorm Auth of the St of New York5.000% 07/01/20400.2%
Hawaii Arpt Sys5.000% 07/01/20410.2%
New Jersey Transportation Trust Fund6.000% 06/15/20350.2%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.2%
Pub Fin Auth5.000% 12/01/20270.2%
Chicago, IL5.500% 01/01/20420.2%
California Hlth Facs Fing Auth5.250% 08/15/20310.2%
Massachusetts Dev Fin Agy4.000% 07/01/20410.2%
Denver City & Cnty Dept of Aviation, CO4.000% 12/01/20430.2%
California4.000% 09/01/20370.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Compton, CA6.000% 08/01/20390.2%
Metropolitan Transp Auth, NY5.000% 11/15/20300.2%
New Jersey Econ Dev Auth2.700% 03/01/20280.2%
Pennsylvania Econ Dev Fing Auth3.250% 08/01/20390.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
Hoover Industrial Development Board5.750% 10/01/20490.2%
New York City Transitional Finance Auth - Future Tax1.100% 08/01/20310.2%
Univ of Illinois Bd of Trustees4.000% 04/01/20380.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
Chicago, IL5.000% 11/01/20290.2%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.2%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.2%
Savannah Hospital Authority4.000% 07/01/20430.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
San Diego Cnty Tobacco Asset Securitization Corp5.000% 06/01/20480.2%
Upland, CA6.375% 01/01/20320.2%
Maricopa Cnty Poll Cntrl Corp., AZ3.600% 02/01/20400.2%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
New Hampshire Bus Fin Auth4.875% 11/01/20420.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.2%
Niagara Area Dev Corp., NY4.750% 11/01/20420.2%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.2%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.2%
Bay Area Toll Auth, CA4.000% 04/01/20490.2%
Municipal Elec Auth of Georgia4.000% 01/01/20490.2%
Philadelphia, PA5.000% 07/01/20420.2%
San Francisco Airport5.000% 05/01/20250.2%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.2%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.2%
Virginia Coll Bldg Auth3.000% 02/01/20360.2%
Chicago, IL5.000% 01/01/20400.2%
New Jersey Econ Dev Auth5.000% 06/15/20430.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
City of Reno NV4.000% 06/01/20430.2%
South Carolina St Ports Auth5.250% 07/01/20550.2%
Connecticut5.000% 01/01/20380.2%
Buckeye Tobacco Settlement Fin Auth5.875% 06/01/20470.2%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.2%
New York City Indl Dev Agy2.624% 03/01/20240.2%
Miami Dade Cnty, FL5.000% 10/01/20280.2%
Maryland Econ Dev Corp.4.000% 07/01/20390.2%
Kentucky Bond Development Corp4.000% 09/01/20480.2%
Illinois, IL5.000% 05/01/20380.2%
Cass Cnty, ND5.125% 02/15/20370.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.2%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
Ohio State Hsp Facs - Cleveland Clinic Health System1.050% 01/01/20520.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20350.2%
Tusaloosa Ind Dev Auth - Hunt Refining Co4.500% 05/01/20320.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
Canaveral Port Authority5.000% 06/01/20450.2%
Missouri Hlth & Edl Facs Auth4.000% 02/15/20540.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &5.250% 10/01/20580.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
Pennsylvania4.000% 03/01/20370.2%
Massachusetts Dev Fin Agy5.000% 07/01/20480.2%
Montgomery Cnty, OH4.000% 11/15/20420.2%
Puerto Rico Sales Tax Fincg Corp4.329% 07/01/20400.2%
New York Mtg Agy3.000% 10/01/20390.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
Denver City & Cnty Dept of Aviation, CO4.000% 12/01/20480.2%
Palomar Hlth5.000% 11/01/20360.1%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.1%
Salt Verde Financial Corp.5.250% 12/01/20270.1%
El Dorado Irr Dist, CA5.000% 03/01/20340.1%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.1%
Montana Facility Finance Authority5.000% 07/01/20430.1%
Michigan Fin Auth5.000% 11/15/20480.1%
Los Angeles, CA5.000% 05/15/20410.1%
Washington Hlthcare Facs Auth5.000% 07/01/20380.1%
Salt Verde Financial Corp.5.000% 12/01/20320.1%
Houston, TX5.000% 07/15/20350.1%
City of Atlanta, GA, Department of Aviation4.000% 07/01/20400.1%
California Muni Fin Auth2.650% 08/01/20360.1%
California5.000% 08/01/20380.1%
San Jose, CA6.125% 05/01/20310.1%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.1%
Chicago, IL5.000% 01/01/20340.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.1%
North Carolina Turnpike Auth4.000% 01/01/20550.1%
Metropolitan Transp Auth, NY4.000% 11/15/20460.1%
Port Auth of New York & New Jersey5.250% 10/15/20550.1%
Los Angeles Hsg Auth6.250% 06/01/20340.1%
Illinois, IL5.000% 01/01/20330.1%
Union Cnty Util Auth, NJ4.750% 12/01/20310.1%
Detroit Pub Schs, MI5.000% 05/01/20290.1%
Montgomery Cnty Hgr Ed & Hlth Auth, PA4.000% 09/01/20490.1%
NYS Tobacco Settlement Corp5.000% 06/01/20480.1%
New Jersey Econ Dev Auth5.000% 03/01/20280.1%
NJ Tobacco Settlement Fin Corp5.000% 06/01/20460.1%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.1%
Hawaii5.000% 12/01/20270.1%
Chandler Industrial Development Authority2.700% 12/01/20370.1%
State of Connecticut Bradley International Airport5.000% 07/01/20490.1%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.1%
County of Cook IL Sales Tax Revenue4.000% 11/15/20340.1%
California Muni Fin Auth5.000% 12/31/20470.1%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20360.1%
Jefferson County Sewer5.500% 10/01/20530.1%
Mission Econ Dev Corp, TX4.625% 10/01/20310.1%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.1%
Ohio Air Quality Auth - AMG Vanadium5.000% 07/01/20490.1%
San Diego Unif Sch Dist, CA3.250% 07/01/20480.1%
California Statewide Comntys Dev Auth5.500% 12/01/20580.1%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20570.1%
Illinois Sports Facs Auth5.000% 06/15/20270.1%
California Muni Fin Auth4.000% 07/15/20290.1%
Philadelphia, PA5.000% 07/01/20300.1%
Hawaii5.000% 12/01/20270.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
Illinois, IL5.000% 01/01/20410.1%
State of Connecticut Bradley International Airport4.000% 07/01/20490.1%
California Muni Fin Auth4.000% 12/31/20470.1%
New Jersey Econ Dev Auth6.000% 10/01/20430.1%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.1%
Lee Cnty, FL5.375% 10/01/20320.1%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.1%
Kirkwood Indus Dev Auth8.000% 05/15/20290.1%
Philadelphia, PA5.000% 08/01/20370.1%
Main Street Natural Gas, Inc.5.000% 05/15/20370.1%
Massachusetts Dev Fin Agy4.000% 07/01/20440.1%
Pennsylvania Tpk Comm4.000% 12/01/20490.1%
Oneida County Local Development Corp4.000% 12/01/20490.1%
Massachusetts Dev Fin Agy5.000% 10/01/20570.1%
Michigan Fin Auth4.000% 11/01/20480.1%
New Mexico Hosp Equipment Loan Council5.000% 07/01/20490.1%
Massachusetts Port Auth5.000% 07/01/20450.1%
Main Street Natural Gas, Inc.5.000% 05/15/20430.1%
Chicago, IL5.000% 11/01/20390.1%
Pennsylvania Tpk Comm4.000% 12/01/20380.1%
Tusaloosa Ind Dev Auth - Hunt Refining Co5.250% 05/01/20440.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.1%
Sacramento City Fing Auth, CA5.250% 12/01/20230.1%
Jefferson Cnty, AL0.000% 10/01/20270.1%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.1%
New York City Transitional Fin Auth1.000% 02/01/20450.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.1%
Ohio Air Qlty Dev Auth3.250% 09/01/20290.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20300.1%
Chicago, IL5.000% 11/01/20360.1%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20380.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.1%
Duluth Econ Dev Auth, MN5.250% 02/15/20530.1%
Indiana Fin Auth5.000% 07/01/20440.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Puerto Rico Aqueduct & Swr Auth5.250% 07/01/20420.1%
Martin Cnty Hosp Dist7.250% 04/01/20360.1%
Philadelphia, PA5.250% 07/15/20320.1%
Maricopa Cnty Poll Cntrl Corp., AZ3.600% 04/01/20400.1%
North Carolina Hsg Fin Agy2.625% 07/01/20390.1%
Connecticut Hlth & Educl Facs Auth4.000% 07/01/20490.1%
Town of Davie FL6.000% 04/01/20420.1%
Allegheny Cnty Hosp Dev Auth, PA4.000% 04/01/20370.1%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
NY Transportation Dev Corp - Delta4.000% 01/01/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20240.1%
Puerto Rico Sales Tax Fincg Corp4.329% 07/01/20400.1%
Illinois, IL4.000% 06/01/20340.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
Puerto Rico Aqueduct & Swr Auth5.750% 07/01/20370.1%
California Poll Cntrl Fin Auth5.000% 11/21/20450.1%
California State General Obligation5.000% 04/01/20320.1%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.1%
Indiana Fin Auth5.000% 07/01/20400.1%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.1%
Port Auth of New York & New Jersey4.000% 11/01/20590.1%
New York Transp Dev Corp.5.000% 01/01/20340.1%
Massachusetts Dev Fin Agy5.000% 07/01/20390.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.1%
Village of Bellwood, IL6.150% 12/01/20320.1%
City of Chicago General Obligation5.500% 01/01/20370.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.1%
Prichard Water Works & Sewer Board4.000% 11/01/20490.1%
Hawaii Airport System5.000% 07/01/20340.1%
Texas Transp Comm5.000% 08/01/20570.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
Pennsylvania Tpk Comm5.000% 12/01/20440.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
Shelby Cnty Hlth Edl & Hsg Facs Bd1.050% 06/01/20420.1%
Wilkes-Barre Area School District/PA5.000% 04/15/20590.1%
New York St Thruway Auth4.000% 01/01/20510.1%
North Carolina Hsg Fin Agy2.850% 01/01/20430.1%
Southern California Pub Pwr Auth2.750% 11/01/20380.1%
Chicago5.000% 07/01/20480.1%
Chicago, IL5.000% 11/01/20370.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
Louisiana Pub Facs Auth5.000% 07/01/20590.1%
Houston, TX5.000% 07/15/20280.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20310.1%
West Pace Cooperative District9.125% 05/01/20390.1%
Michigan Strategic Fnd4.250% 12/31/20380.1%
Perris Union High Sch District,CA3.000% 09/01/20440.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
Cleveland, OH5.000% 01/01/20300.1%
Hawaii5.000% 12/01/20270.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
Puerto Rico Elec Pwr Auth2.106% 07/01/20310.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20300.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
Chicago, IL5.500% 01/01/20340.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
Connecticut Hlth & Educl Facs Auth4.000% 07/01/20410.1%
Houston, TX6.625% 07/15/20380.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
Montgomery Cnty, OH4.000% 11/15/20450.1%
New York City Transitional Fin Auth1.000% 08/01/20420.1%
Palm Beach Cnty Hlth Facs Auth, FL5.000% 05/15/20530.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Pennsylvania4.000% 07/01/20460.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Pub Fin Auth5.250% 10/01/20380.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Municipal Elec Auth of Georgia5.000% 01/01/20560.1%
City of Atlanta, GA, Department of Aviation4.000% 07/01/20390.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage1.250% 07/01/20470.1%
Chicago, IL5.000% 01/01/20330.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
Louisville & Jefferson Cnty Metro Swr Dist, KY3.250% 05/15/20460.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Metro Atlanta Rapid Transit Auth, GA3.250% 07/01/20390.1%
Massachusetts Dev Fin Agy5.000% 06/01/20390.1%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
Philadelphia Sch Dist, PA4.000% 09/01/20380.1%
Jefferson County Sewer6.500% 10/01/20530.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Pub Fin Auth6.850% 10/01/20470.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
Valparaiso, IN7.000% 01/01/20440.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
Philadelphia, PA5.000% 08/01/20290.1%
Miami Beach, FL5.000% 09/01/20400.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Atlanta Airport5.000% 01/01/20280.1%
Connecticut Hlth & Educl Facs Auth3.125% 11/01/20380.1%
Berks County Industrial Development Authority4.000% 11/01/20470.1%
Illinois, IL5.000% 06/01/20270.1%
Iowa Fin Auth3.125% 12/01/20220.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Philadelphia, PA5.250% 07/15/20310.1%
Municipal Elec Auth of Georgia5.000% 01/01/20590.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
Port Authority of New York & New Jersey4.000% 09/01/20430.1%
Chicago Brd of Ed5.000% 12/01/20270.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Massachusetts Dev Fin Agy4.000% 07/01/20350.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
District of Columbia, DC5.000% 06/01/20410.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
Burke Cnty Dev Auth, GA4.125% 11/01/20450.1%
Matagorda Cnty Navigation Dist No 1, TX2.600% 11/01/20290.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
Chula Vista, CA5.875% 01/01/20340.1%
Phoenix Civ Impt Corp., AZ4.000% 07/01/20440.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
Chicago, IL5.000% 11/01/20360.1%
Puerto Rico General Obligation5.500% 07/01/20390.1%
Chicago Brd of Ed5.000% 12/01/20330.1%
Carlsbad Unified School District3.125% 08/01/20480.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
Connecticut5.000% 04/15/20390.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
New York City Hsg Dev Corp, NY3.000% 11/01/20440.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
Howard Cnty, MD3.000% 08/15/20390.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
Southern California Public Power Auth - Goldman Sachs5.000% 11/01/20330.1%
California Sch Fin Auth5.000% 08/01/20480.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Connecticut Hlth & Educl Facs Auth4.000% 07/01/20440.1%
Florida Hgr Edl Facs Fin Auth5.000% 03/01/20490.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Dorm Auth of the St of New York4.000% 08/01/20380.1%
Pittsburgh, PA5.000% 09/01/20300.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Overland Park Dev Corp5.000% 03/01/20440.1%
Overland Park Dev Corp5.000% 03/01/20490.1%
Philadelphia, PA5.000% 08/01/20300.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
Chicago Brd of Ed5.000% 12/01/20460.1%
New York City Transitional Fin Auth1.100% 11/01/20220.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
New York City Transitional Finance Auth - Future Tax1.050% 05/01/20340.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Indiana Fin Auth5.000% 10/01/20290.1%
TSASC, Inc.5.000% 06/01/20350.1%
San Francisco City & Cnty Arpt Comm, CA4.000% 05/01/20490.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.1%
NJ Eco Dev Auth - School Facilities5.500% 06/15/20310.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
Dorm Auth of the St of New York4.000% 08/01/20360.1%
Massachusetts Dev Fin Agy4.000% 06/01/20490.1%
New Hampshire Bus Fin Auth4.625% 11/01/20420.1%
Howard Cnty, MD3.000% 08/15/20400.1%
California Muni Fin Auth5.000% 06/01/20500.1%
Cook County General Obligation5.250% 11/15/20240.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
Chicago Brd of Ed7.000% 12/01/20460.1%
Dorm Auth of the St of New York5.000% 12/01/20310.1%
Connecticut5.000% 06/15/20320.1%
Connecticut5.000% 06/15/20330.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.0%
Commonwealth Financing Authority5.000% 06/01/20350.0%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20540.0%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.0%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.0%
Massachusetts Dev Fin Agy5.000% 07/01/20330.0%
Dorm Auth of the St of New York5.000% 12/01/20400.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20330.0%
Arizona Indus Dev Auth4.000% 11/01/20490.0%
Chicago Brd of Ed5.000% 12/01/20320.0%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20370.0%
New Jersey Econ Dev Auth5.000% 06/15/20360.0%
Wayne Cnty Arpt Auth5.000% 12/01/20420.0%
La Verne CA C.O.P.5.000% 05/15/20360.0%
Connecticut5.000% 04/15/20360.0%
Philadelphia Sch Dist, PA5.000% 09/01/20370.0%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.0%
Virginia Small Business Fing Auth6.000% 01/01/20370.0%
Chicago Brd of Ed6.500% 12/01/20460.0%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20310.0%
Pittsburgh, PA5.000% 09/01/20320.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20310.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20320.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Tempe Industrial Development Authority6.125% 10/01/20470.0%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20490.0%
Crawford Cnty Hosp Auth6.000% 06/01/20510.0%
Maricopa Cnty Indus Dev Auth, AZ5.000% 07/01/20490.0%
Pittsburgh, PA5.000% 09/01/20290.0%
Grand River Hospital District5.250% 12/01/20340.0%
Grand River Hospital District5.250% 12/01/20350.0%
Indiana Fin Auth7.000% 10/01/20390.0%
Louisiana Hsg Fin Agy8.000% 09/01/20390.0%
Grand River Hospital District5.250% 12/01/20370.0%
Yorba Linda Redev Agy, CA6.000% 09/01/20260.0%
Nassau Co Local Econ Assis - Catholic Hlth Svcs5.000% 07/01/20340.0%
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%
Norfolk Water5.250% 11/01/20280.0%
Connecticut5.000% 06/15/20380.0%
Chicago5.000% 01/01/20480.0%
Dorm Auth of the St of New York5.000% 08/01/20350.0%
City of Oroville CA5.250% 04/01/20390.0%
Illinois, IL6.000% 05/01/20260.0%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.0%
Massachusetts Dev Fin Agy5.000% 07/01/20340.0%
District of Columbia, DC6.000% 07/01/20430.0%
District of Columbia, DC6.000% 07/01/20480.0%
Dorm Auth of the St of New York5.000% 12/01/20360.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20310.0%
Dorm Auth of the St of New York5.000% 12/01/20370.0%
Chicago Brd of Ed5.000% 12/01/20310.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.0%
Paducah Electric Plant Bd5.000% 10/01/20330.0%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.0%
Cook Cnty, IL5.000% 11/15/20300.0%
Paducah Electric Plant Bd5.000% 10/01/20340.0%
City of Oroville CA5.250% 04/01/20540.0%
Philadelphia Sch Dist, PA5.000% 09/01/20380.0%
Paducah Electric Plant Bd5.000% 10/01/20350.0%
West Virginia Hosp Fin Auth6.250% 10/01/20230.0%
Eagle County Airport Terminal Corp5.000% 05/01/20370.0%
Pub Fin Auth5.250% 10/01/20430.0%
Cook Cnty, IL5.000% 11/15/20350.0%
New Orleans, LA5.000% 12/01/20340.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.0%
Central Texas Turnpike Sys5.000% 08/15/20370.0%
New York City Transitional Fin Auth5.000% 02/01/20360.0%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.0%
Philadelphia, PA5.250% 07/15/20330.0%
Montgomery Cnty Indus Dev Auth, PA5.375% 01/01/20500.0%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.0%
North Carolina Turnpike Auth4.000% 01/01/20380.0%
Massachusetts Sch Bldg Auth4.000% 02/15/20430.0%
New York City Transitional Fin Auth4.000% 08/01/20420.0%
New York City Transitional Fin Auth4.000% 05/01/20440.0%
Puerto Rico Sales Tax Fincg Corp4.784% 07/01/20580.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
Chicago, IL4.000% 01/01/20340.0%
Massachusetts4.000% 05/01/20480.0%
Connecticut4.000% 06/15/20370.0%
Los Angeles Unified School District5.000% 10/01/20250.0%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.0%
Capital Trust Agency Inc5.000% 12/15/20490.0%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.0%
Maricopa Cnty Indus Dev Auth, AZ5.000% 07/01/20540.0%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.0%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.0%
South Carolina St Ports Auth5.250% 07/01/20550.0%
Chicago O'Hare International Airport5.000% 01/01/20350.0%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20250.0%
Cleveland, OH5.000% 01/01/20310.0%
Metropolitan Pier & Exposition Auth, IL5.000% 06/15/20530.0%
Kendall Kane & Will Cos Unified School District5.000% 02/01/20290.0%
Prichard Water Works & Sewer Board4.000% 11/01/20440.0%
Allegheny Cnty Indl Dev Auth, PA4.875% 11/01/20240.0%
Foothill-Eastern Transp Corridor Agy, CA5.750% 01/15/20460.0%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.0%
Martin Cnty Hlth Facs Auth, FL5.500% 11/15/20320.0%
Illinois Sports Facs Auth5.000% 06/15/20280.0%
Puerto Rico Sales Tax Fincg Corp4.750% 07/01/20530.0%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.0%
Virginia Small Business Fing Auth5.000% 01/01/20480.0%
City of Rockville MD5.000% 11/01/20420.0%
Dallas Fort Worth, TX5.000% 11/01/20300.0%
Texas Transp Comm0.000% 08/01/20420.0%
Pennsylvania Higher Edl Facs Auth5.000% 11/01/20300.0%
New York St Energy Rsch & Dev Auth3.500% 10/01/20290.0%
Texas Transp Comm0.000% 08/01/20400.0%
Maryland Econ Dev Corp.5.000% 06/01/20490.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
St of Alabama Docks Department5.000% 10/01/20360.0%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.0%
San Diego Cnty Regl Arpt Auth, CA4.000% 07/01/20440.0%
City of Oroville CA5.250% 04/01/20490.0%
City of Rockville MD5.000% 11/01/20470.0%
Wisconsin Hlth & Edl Facs Auth5.375% 02/01/20480.0%
Pennsylvania Tpk Comm5.000% 12/01/20390.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20460.0%
New York State Urban Dev Corp.5.000% 03/15/20330.0%
Stockton Unif Sch Dist, CA5.000% 07/01/20280.0%
Fulton Co Dev - GA State Univ Housing5.000% 09/01/20320.0%
Jefferson Cnty, AL0.000% 10/01/20260.0%
CO Hlth Facs - Catholic Hlth5.250% 02/01/20310.0%
Denver Hlth and Hosp Auth, CO5.250% 12/01/20450.0%
Capital Trust Agency Inc5.000% 12/15/20540.0%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20420.0%
Univ of California Bd of Regents5.250% 05/15/20380.0%
TSASC, Inc.5.000% 06/01/20360.0%
California Muni Fin Auth5.250% 08/15/20390.0%
Los Angeles, CA5.000% 05/15/20350.0%
San Jose, CA5.500% 05/01/20240.0%
Puerto Rico5.500% 07/01/20270.0%
CT Hlth & Ed - Hartford Healthcare5.000% 07/01/20320.0%
City of Atlanta, GA, Department of Aviation5.250% 01/01/20300.0%
Puerto Rico Elec Pwr Auth5.250% 07/01/20280.0%
New York City Transitional Fin Auth5.000% 07/15/20350.0%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20270.0%
Maine Hlth & Hgr Edl Facs Auth6.000% 07/01/20260.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20460.0%
Chicago, IL5.625% 01/01/20300.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20300.0%
Chicago Brd of Ed5.000% 12/01/20420.0%
Charlotte, NC5.000% 07/01/20330.0%
Casitas Muni Wtr Dist5.250% 09/01/20470.0%
Yosemite Comnty Coll Dist, CA5.000% 08/01/20290.0%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 09/01/20560.0%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20280.0%
Connecticut Hlth & Educl Facs Auth5.000% 07/01/20280.0%
Atlantic City Board of Education6.000% 04/01/20340.0%
New York City Water & Sewer Auth1.070% 06/15/20450.0%
New York City Mun Fin Auth5.000% 06/15/20360.0%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20270.0%
Cook Cnty, IL5.000% 11/15/20340.0%
California State Pub Wks Bd5.000% 10/01/20280.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20290.0%
Golden St Tobacco Securitization Corp.5.000% 06/01/20300.0%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
San Jose, CA6.500% 05/01/20360.0%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.0%
Orange Cnty Comnty Facs Dist5.250% 08/15/20450.0%
Harris County Toll Road Authority/The4.000% 08/15/20480.0%
Sonoma Marin Area Rail Transit Dist, CA5.000% 03/01/20280.0%
City of Irvine CA5.000% 09/01/20440.0%
NY Liberty Dev Corp - 3 World Trade Ctr5.000% 11/15/20440.0%
Houston Cnty Cooperative Dist10.000% 05/01/20390.0%
District of Columbia, DC5.000% 06/01/20320.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20510.0%
Delaware River Port Auth, PA5.000% 01/01/20290.0%
Pub Fin Auth4.050% 11/01/20300.0%
Florida5.000% 07/01/20340.0%
NYC Cultural - Whitney Museum5.250% 07/01/20260.0%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.500% 11/01/20350.0%
Delaware Cnty Indus Dev Auth, PA5.000% 07/01/20430.0%
San Antonio Airport System5.000% 07/01/20260.0%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20290.0%
Florida Hgr Edl Facs Fin Auth6.375% 04/01/20310.0%
Illinois Fin Auth5.000% 04/01/20210.0%
Delano-Earlimart Irrigation District5.000% 02/01/20280.0%
Maryland Econ Dev Corp.5.000% 06/01/20440.0%
Brooklyn Arena Local Dev Corp.0.000% 07/15/20350.0%
Maine Hlth & Hgr Edl Facs Auth6.750% 07/01/20360.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
California5.375% 11/01/20350.0%
Build NYC Resource Corp., NY5.000% 06/01/20340.0%
Hudson Yards Infrastr Corp., NY5.750% 02/15/20470.0%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20280.0%
Alachua Cnty Hlth Facs Auth8.000% 10/01/20420.0%
Jefferson Cnty, AL0.000% 10/01/20390.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Sparks, NV6.500% 06/15/20200.0%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20270.0%
Texas Transp Comm0.000% 08/01/20460.0%
Colorado Hlth Facs Auth5.000% 10/01/20320.0%
Chicago5.625% 01/01/20350.0%
Clifton Hgr Ed Fin Corp., TX5.000% 08/15/20420.0%
San Jose, CA5.500% 05/01/20260.0%
North Texas Tollway Auth5.000% 01/01/20310.0%
Chicago, IL5.500% 01/01/20420.0%
Puerto Rico Elec Pwr Auth4.250% 07/01/20270.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.625% 07/01/20360.0%
Puerto Rico4.750% 07/01/20180.0%
Illinois Fin Auth5.000% 09/01/20340.0%
Dorm Auth of the St of New York5.000% 05/01/20290.0%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20270.0%
Chicago, IL5.500% 01/01/20350.0%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.0%
Essex Cnty Imp Auth, NJ6.250% 11/01/20300.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Hudson Co Improvement Auth - Solid Waste5.750% 01/01/20350.0%
Iowa Tobacco Settlement Auth5.500% 06/01/20420.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20280.0%
Pennsylvania St Pub Sch Bldg Auth5.000% 04/01/20310.0%
Hempstead Town Local Dev Corp., NY5.000% 10/01/20340.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20270.0%
Miami Dade Cnty Expwy Auth, FL5.000% 07/01/20270.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20290.0%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20290.0%
Puerto Rico Pub Bldgs Auth5.000% 07/01/20360.0%
Gainesville, FL5.250% 10/01/20340.0%
Cumberland Cnty Muni Auth, PA5.400% 01/01/20220.0%
Selma Indus Dev Bd, AL5.800% 05/01/20340.0%
Pennsylvania5.000% 07/01/20430.0%
Cumberland Cnty Muni Auth, PA5.250% 01/01/20210.0%
Puerto Rico Sales Tax Fincg Corp4.550% 07/01/20400.0%
Houston Hgr Ed Fin Corp., TX6.875% 05/15/20410.0%
Westchester Cnty Hlthcare Corp., NY6.000% 11/01/20300.0%
Puerto Rico Sales Tax Fincg Corp0.000% 07/01/20240.0%
Houston Hgr Ed Fin Corp., TX5.000% 02/15/20320.0%
Warren Cnty, MS5.800% 05/01/20340.0%
Puerto Rico Hwy & Transp Auth4.000% 07/01/20170.0%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20520.0%
Puerto Rico Sales Tax Fincg Corp4.536% 07/01/20530.0%
Westchester Cnty Hlthcare Corp., NY6.125% 11/01/20370.0%
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 Mar 2010- -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 01/27/2020
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2019 $0.03058 $11.78
Daily Daily 11/30/2019 $0.03095 $11.77
Daily Daily 10/31/2019 $0.03122 $11.77
Daily Daily 09/30/2019 $0.03139 $11.80
Daily Daily 08/31/2019 $0.03161 $11.92
Daily Daily 07/31/2019 $0.03212 $11.70
Daily Daily 06/30/2019 $0.03273 $11.64
Daily Daily 05/31/2019 $0.03279 $11.62
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 01/31/2020
Daily Daily 02/29/2020
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2019

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

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

5

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

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

 

IMPORTANT INFORMATION

 

A Note about Risk: The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likley to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yielding non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on those securities. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, comonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. Stockholders should consult with their tax advisor for more specific information on taxation.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

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

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

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

 

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

 

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

 

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

 

The Bloomberg Barclays Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.  Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies.  They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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