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National Tax Free Fund

Daily price w/o sales charge as of 07/18/2018

$11.25

$0.00

YTD Returns w/o sales charge as of 07/18/2018

0.50%

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 07/18/2018  

w/o sales charge 3.50%

30-Day Standardized Yield 2 as of 06/30/2018  

2.79%

Fund Basicsas of 06/29/2018

Total Net Assets
$2.01 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.52%
Fund Net Expense Ratio
0.49%
Number of Holdings
502
CUSIP
543902480

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.15% 3.30% 3.77% 4.43% - 5.00%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% - -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% - -

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.15% 3.30% 3.77% 4.43% - 5.00%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% - -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% - -

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

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

Muni Bonds: Reading the Supply/Demand Signals
May 21, 2018

With more attractive yields on offer, an upturn in demand may come amid a tighter supply of newly issued municipal bonds.

Muni Matters: A Six-Point Reality Check for Investors
May 18, 2018

While media reports have emphasized the recent negative performance of municipal bonds, many indicators signal a healthy, resilient market.

Municipal Bonds: What You Need to Know about MSRB Rule Changes
April 20, 2018

The muni bond market faces a significant regulatory change, adding yet another reason to consider professional management.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
GO State
Education
Special Tax
Lease
Pre-Refunded
Water & Sewer
Power
Housing
Insured
Resource Recovery
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 06/29/2018 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

31 Years of Industry Experience

Supported By 15 Investment Professionals with 12 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 07/18/2018  

w/o sales charge 3.50%

30-Day Standardized Yield 2 as of 06/30/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.79% 2.79%

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

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.15% 3.30% 3.77% 4.43% - 5.00%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% - -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% - -

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 0.15% 3.30% 3.77% 4.43% - 5.00%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.14% 1.93% 2.86% 3.56% - -
Bloomberg Barclays Municipal Bond Index -0.25% 1.56% 2.85% 3.53% - -

Fund Expense Ratio :

Gross 0.52%

Net 0.49%

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
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
2018 -1.16% 1.33% - - 0.50%
2017 1.93% 2.16% 1.74% 1.39% 7.41%
2016 2.10% 3.56% 0.01% -4.97% 0.48%
2015 1.30% -1.16% 1.41% 1.96% 3.52%
2014 4.78% 3.55% 2.34% 1.82% 13.06%
2013 0.64% -4.76% -1.88% 0.06% -5.90%
2012 4.93% 2.73% 3.94% 1.87% 14.14%
2011 -0.13% 5.20% 3.49% 2.35% 11.29%
2010 - - - -5.79% -2.66%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
GO State
Education
Special Tax
Lease
Pre-Refunded
Water & Sewer
Power
Housing
Insured
Resource Recovery
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
TX
NJ
MA
FL
OH
MD
CT
IN
AZ
KY
VA
AL
NE
CO
LA
MI
HI
GA
SC
NC
DC
ME
Puerto Rico
WA
DE
OR
WI
MO
ND
OK
AR
MN
VT
TN
IA
NV
WV

Credit Quality Distribution as of 06/29/2018

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 06/30/2018

  • 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 06/29/2018

Total Net Assets
$2.01 B
Number of Issues
502
Average Coupon
5.0%
Average Effective Maturity
17.9 Years
Average Effective Duration
6.98 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%
NY Transportation Dev Corp - LaGuardia Airport 5.250% 01/01/2050 0.8%
Commonwealth Financing Authority 4.000% 06/01/2039 0.8%
Salt Verde Fin Corp - Citigroup 5.000% 12/01/2037 0.7%
Central Plains Energy Pj 5.000% 09/01/2042 0.7%
Riverside County Redevelopment Agency - Housing 0.000% 10/01/2041 0.7%
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%
Metropolitan Boston Transit Parking Corp 5.250% 07/01/2033 0.6%
Massachusetts School Building Auth- Sales Tax 8.660% 10/15/2032 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%
NY Transportation Dev Corp - LaGuardia Airport5.250% 01/01/20500.8%
Commonwealth Financing Authority4.000% 06/01/20390.8%
Salt Verde Fin Corp - Citigroup5.000% 12/01/20370.7%
Central Plains Energy Pj5.000% 09/01/20420.7%
Riverside County Redevelopment Agency - Housing0.000% 10/01/20410.7%
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%
Illinois, IL5.000% 01/01/20350.6%
Massachusetts School Building Auth- Sales Tax8.660% 10/15/20320.6%
Golden St. Tobacco Securitization Corp5.125% 06/01/20470.6%
Louisiana Local Govt Envr Facs Comnty Dev Auth3.500% 11/01/20320.6%
Cnty of Trimble, KY3.750% 06/01/20330.6%
Baltimore Mayor & City Council, MD5.000% 07/01/20460.6%
Tender Option Bnd Tr Receipts/Certificates8.620% 11/01/20280.6%
New York City Transitional Fin Auth5.000% 07/15/20300.6%
Central Texas Regl Mobility Auth, TX6.000% 01/01/20410.6%
California State General Obligation5.000% 02/01/20330.6%
Cook Cnty, IL5.000% 11/15/20240.5%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20500.5%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20490.5%
Pennsylvania4.000% 09/15/20300.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY5.000% 05/15/20280.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.5%
Dorm Auth of the St of New York5.000% 01/01/20470.5%
Chicago5.000% 01/01/20520.5%
Pennsylvania Tpk Comm5.000% 06/01/20290.5%
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%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.5%
Philadelphia General Obligation5.000% 08/01/20360.5%
California Poll Cntrl Fin Auth5.000% 11/21/20450.5%
Foothill Eastern Trsp Corridor Agency6.000% 01/15/20530.5%
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%
Long Beach Bnd Fin Auth3.020% 11/15/20270.5%
Louisiana Pub Facs Auth6.250% 05/15/20310.4%
Cnty of Cuyahoga, OH5.500% 02/15/20520.4%
California State General Obligation5.250% 08/01/20320.4%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.4%
Apache County Indus Dev Auth - Tucson Electric4.500% 03/01/20300.4%
Philadelphia, PA5.000% 07/01/20470.4%
New Jersey Econ Dev Auth5.625% 01/01/20520.4%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20360.4%
Illinois State General Obligation5.000% 11/01/20280.4%
Syracuse Indus Dev Agy, NY5.000% 01/01/20340.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave0.000% 06/15/20360.4%
Delaware River Port Auth, PA5.000% 01/01/20340.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
Virginia Small Business Fing Auth5.000% 12/31/20520.4%
Univ of Connecticut5.250% 11/15/20470.4%
Massachusetts Dev Fin Agy5.250% 04/01/20370.4%
Wisconsin Hlth & Edl Facs Auth4.000% 02/15/20500.4%
California5.600% 03/01/20360.4%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20330.4%
California Statewide Comntys Dev Auth5.500% 12/01/20540.4%
County of Allen OH Hospital Facilities Revenue5.000% 05/01/20330.4%
Erie Cnty Indl Dev Agy, NY5.250% 05/01/20280.4%
Greater Orlando Aviation Auth4.000% 10/01/20520.4%
California6.500% 04/01/20330.4%
Indianapolis Local Pub Impt Bnd Bank5.000% 02/01/20310.4%
Long Beach Bond Finance Auth5.500% 11/15/20370.4%
California Edl Facs Auth5.000% 05/01/20450.4%
Hampton Roads Transportation Comm5.500% 07/01/20570.4%
Univ of North Carolina at Wilmington5.000% 06/01/20370.4%
Miami Dade Cnty, FL5.000% 10/01/20410.4%
NYC Capital Resource Corp - Arthur Corp7.000% 08/01/20250.4%
Illinois, IL5.000% 12/01/20360.4%
Connecticut5.000% 01/01/20370.4%
Indiana Fin Auth5.000% 07/01/20350.4%
San Antonio, TX5.000% 07/15/20390.4%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.4%
Mid Bay Br Auth, FL7.250% 10/01/20340.3%
New York City5.000% 08/01/20270.3%
Virginia Small Business Fing Auth5.250% 01/01/20320.3%
Illinois, IL5.000% 03/01/20300.3%
New York City Transitional Finance Authority5.000% 07/15/20310.3%
California Hlth Facs Fing Auth5.000% 11/01/20470.3%
New York City Indl Dev Agy5.000% 07/01/20280.3%
Philadelphia, PA5.250% 10/01/20520.3%
Pulaski Cnty Hlth Fac Brd, AR5.000% 12/01/20390.3%
California6.500% 04/01/20330.3%
Railsplitter Tobacco Settlement Authority6.000% 06/01/20280.3%
Arlington Higher Ed Fin Corp., TX7.650% 08/15/20400.3%
California State Pub Wks Bd5.000% 12/01/20280.3%
Florida Dev Fin Corp.7.625% 06/15/20410.3%
Lower Alabama Gas District - Goldman Sachs5.000% 09/01/20460.3%
Tender Option Bnd Tr Receipts/Certificates0.001% 12/01/20270.3%
Onondaga Cnty Indus Dev Agy, NY5.750% 03/01/20240.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
Public Auth For CO Energy6.500% 11/15/20380.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20370.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist5.000% 05/01/20260.3%
New York City Hlth & Hosp Corp.5.000% 02/15/20300.3%
New Jersey Econ Dev Auth5.000% 06/15/20470.3%
District of Columbia, DC4.000% 06/01/20370.3%
New Jersey Tpk Auth4.000% 01/01/20430.3%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20260.3%
Arlington, TX5.000% 02/15/20480.3%
Kentucky St Prop & Bldg Comm5.000% 11/01/20260.3%
Compton, CA6.000% 08/01/20390.3%
Metropolitan Pier & Exposition Auth, IL0.000% 12/15/20300.3%
Tuscaloosa City Bd of Ed5.000% 08/01/20460.3%
Illinois, IL5.500% 07/01/20380.3%
Illinois Fin Auth6.125% 09/01/20390.3%
South Carolina St Ports Auth5.250% 07/01/20550.3%
Upland, CA6.375% 01/01/20320.3%
Massachusetts Port Auth4.000% 07/01/20460.3%
NY Transportation Dev Corp - LaGuardia Airport5.000% 07/01/20460.3%
Hawaii Arpt Sys5.000% 07/01/20410.3%
New York Transp Dev Corp.5.000% 01/01/20330.3%
Hosp Auth of Hall Cnty and The City of Gainesville5.500% 08/15/20540.3%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20230.3%
Regional Transportation District5.375% 06/01/20310.3%
Metropolitan Transp Auth, NY5.000% 11/15/20300.3%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.3%
California State General Obligation5.250% 09/01/20240.3%
Kentucky Mun Pwr Agy5.000% 09/01/20350.3%
Dorm Auth of the St of New York5.000% 07/01/20400.3%
New Orleans Avtn Brd, LA5.000% 01/01/20400.3%
Charlotte, NC5.000% 07/01/20310.3%
California Statewide Comntys Dev Auth5.000% 02/01/20450.3%
Central Plains Energy5.000% 09/01/20320.3%
New York City Indl Dev Agy0.000% 03/01/20300.3%
San Francisco Airport5.000% 05/01/20250.3%
Chicago, IL5.500% 01/01/20420.3%
Chicago, IL5.000% 01/01/20260.3%
San Diego Public Facs Fing Auth, CA5.250% 09/01/20350.3%
North Sumter Cnty Util Dependent Dist, FL5.375% 10/01/20300.3%
California4.000% 09/01/20370.3%
Pell City Special Care Facs - Noland Health5.000% 12/01/20310.3%
Pima Cnty Indus Dev Auth, AZ4.000% 09/01/20290.3%
Indiana Fin Auth5.250% 02/01/20320.3%
Cnty of Cuyahoga, OH5.500% 02/15/20570.3%
FHLMC Multifamily VRD Certificates4.600% 12/15/20440.3%
Virginia Small Business Fing Auth5.000% 01/01/20400.3%
Cass Cnty, ND5.125% 02/15/20370.3%
Chicago, IL5.000% 01/01/20340.3%
Massachusetts Dev Fin Agy4.000% 07/01/20410.3%
Lansing Bd of Wtr & Lt, MI5.000% 07/01/20300.3%
Chicago, IL5.000% 11/01/20290.3%
Connecticut4.000% 08/15/20320.3%
Vermont Edl & Hlth Bldgs Fing Agy5.000% 12/01/20350.3%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20350.3%
New York St Energy Rsch & Dev Auth2.478% 10/01/20350.3%
Chicago, IL5.000% 01/01/20400.3%
Buckeye OH Tobacco Settlement Fin Auth5.875% 06/01/20470.3%
Connecticut5.000% 01/01/20380.3%
Illinois Fin Auth4.000% 10/01/20490.3%
Philadelphia, PA5.000% 07/01/20420.3%
Miami Dade Cnty, FL5.000% 10/01/20280.2%
Central Texas Turnpike5.000% 08/15/20330.2%
New Jersey Transportation Trust Fund6.000% 06/15/20350.2%
Massachusetts Educational Financing Authority4.125% 07/01/20460.2%
California Hlth Facs Fing Auth5.250% 08/15/20310.2%
King Cnty Public Hosp Dist No 45.000% 12/01/20380.2%
Burke Cnty Dev Auth, GA3.000% 11/01/20450.2%
Central Texas Mobility Authority5.000% 01/01/20450.2%
New Jersey Econ Dev Auth5.000% 06/15/20420.2%
New Jersey Transp Tr Fnd Auth5.000% 12/15/20230.2%
Franklin Cnty, OH6.125% 07/01/20400.2%
Baltimore Mayor & City Council, MD5.000% 07/01/20390.2%
North Texas Tollway Auth5.000% 01/01/20400.2%
Dorm Auth of the St of New York5.000% 07/01/20310.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.2%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.2%
San Jose, CA6.125% 05/01/20310.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20290.2%
Pennsylvania4.000% 03/01/20380.2%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20310.2%
New Jersey Econ Dev Auth2.660% 03/01/20280.2%
Metropolitan Pier & Exposition Auth, IL5.500% 06/15/20530.2%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20350.2%
Los Angeles Hsg Auth6.250% 06/01/20340.2%
Denver Hlth and Hosp Auth, CO2.641% 12/01/20330.2%
Los Angeles, CA5.000% 05/15/20410.2%
Washington Hlthcare Facs Auth5.000% 07/01/20380.2%
Kentucky Mun Pwr Agy5.000% 09/01/20360.2%
New York City Indl Dev Agy3.323% 03/01/20240.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20310.2%
Greenville Hosp Sys Bd of Trustees, SC5.000% 05/01/20340.2%
Salt Verde Financial Corp.5.250% 12/01/20270.2%
Houston, TX5.000% 07/15/20350.2%
Palomar Hlth5.000% 11/01/20360.2%
Detroit Pub Schs, MI5.000% 05/01/20290.2%
Union Cnty Util Auth, NJ4.750% 12/01/20310.2%
Kirkwood Indus Dev Auth8.000% 05/15/20290.2%
Essex Cnty Imp Auth, NJ5.250% 07/01/20450.2%
Oklahoma Dev Fin Auth5.500% 08/15/20570.2%
New Jersey Econ Dev Auth5.000% 03/01/20280.2%
Metropolitan Transp Auth, NY4.000% 11/15/20460.2%
El Dorado Irr Dist, CA5.000% 03/01/20340.2%
California Statewide Comntys Dev Auth4.000% 07/01/20480.2%
New Jersey Transp Tr Fnd Auth0.000% 12/15/20300.2%
Indiana Hlth Fac Fin Auth5.000% 11/15/20360.2%
Omaha Pub Pwr Dist5.250% 02/01/20420.2%
Colorado Edl & Cultural Facs Auth5.000% 03/01/20400.2%
Lee Cnty, FL5.375% 10/01/20320.2%
Connecticut Special Tax - Transportation Infrastructure5.000% 08/01/20340.2%
New York City5.000% 12/01/20410.2%
Philadelphia, PA5.000% 07/01/20300.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20280.2%
New Jersey Econ Dev Auth6.000% 10/01/20430.2%
Illinois Sports Facs Auth5.000% 06/15/20270.2%
California5.000% 08/01/20380.2%
NYS Tobacco Settlement - TSASC5.000% 06/01/20480.2%
Railsplitter Tobacco Settlement Auth5.000% 06/01/20270.2%
Montgomery Co Ind Dev Auth - Jefferson Health5.000% 10/01/20270.2%
Port Auth of New York & New Jersey5.250% 10/15/20550.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Salt Verde Financial Corp.5.000% 12/01/20320.2%
Illinois, IL5.000% 01/01/20410.2%
Massachusetts Dev Fin Agy5.250% 10/01/20370.2%
Sacramento City Fing Auth, CA5.250% 12/01/20230.2%
Massachusetts Port Auth5.000% 07/01/20450.2%
Rochester, MN5.000% 11/15/20360.2%
Luzerne Cnty, PA5.000% 11/15/20290.2%
Northern Indiana Commuter Transp Dist5.000% 07/01/20410.2%
Maricopa Cnty Poll Cntrl Corp., AZ7.250% 02/01/20400.2%
Illinois Finance Auth - Roosevelt University6.500% 04/01/20390.2%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20270.2%
Illinois, IL5.000% 01/01/20330.2%
Philadelphia, PA5.000% 08/01/20370.2%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20390.2%
California5.000% 09/01/20370.2%
Pennsylvania Tpk Comm4.000% 12/01/20380.2%
Tennessee Energy Acquisition Corp.5.625% 09/01/20260.2%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20240.2%
Selma Indus Dev Bd, AL6.250% 11/01/20330.2%
Town of Davie FL6.000% 04/01/20420.2%
Tobacco Settlement Fing Corp.5.000% 06/01/20460.2%
Indiana Fin Auth5.000% 07/01/20440.2%
Philadelphia, PA5.250% 07/15/20320.2%
Philadelphia, PA5.000% 08/01/20470.2%
Chicago, IL5.000% 11/01/20360.2%
Jefferson Cnty, AL0.000% 10/01/20270.2%
HI Dept Budget & Finance - Hawaiian Electric3.250% 01/01/20250.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20330.2%
E-470 Pub Hwy Auth, CO0.000% 09/01/20370.2%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.2%
Martin Cnty Hosp Dist7.250% 04/01/20360.2%
Indiana Fin Auth5.000% 07/01/20400.2%
VA Tobacco Settlement Financing Corp5.000% 06/01/20470.2%
Chicago, IL5.000% 01/01/20340.2%
Village of Bellwood, IL6.150% 12/01/20320.2%
Hawaii Airport System5.000% 07/01/20340.2%
St. Louis, MO6.250% 07/01/20290.2%
Antelope Valley Hlthcare Dist5.000% 03/01/20410.2%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.2%
New York Transp Dev Corp.4.000% 01/01/20360.2%
Cook Cnty, IL4.000% 11/15/20340.2%
Niagara Frontier Transp Auth, NY5.000% 04/01/20250.2%
Chicago Brd of Ed5.000% 12/01/20460.2%
Oklahoma Dev Fin Auth5.500% 08/15/20520.2%
New York Transp Dev Corp.5.000% 01/01/20340.2%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20280.1%
Philadelphia, PA5.000% 07/01/20280.1%
Baker Correctional Dev Corp.8.500% 02/01/20300.1%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.1%
Buckeye Tobacco Settlement Fin Auth5.750% 06/01/20340.1%
Lower Colorado River Auth, TX5.000% 05/15/20400.1%
Southern California Pub Pwr Auth3.050% 11/01/20380.1%
New York City Transitional Fin Auth4.000% 05/01/20370.1%
Miami Dade Cnty, FL5.000% 10/01/20290.1%
West Pace Cooperative District9.125% 05/01/20390.1%
NY Conv Ctr Dev Corp5.000% 11/15/20400.1%
Chicago, IL5.000% 11/01/20390.1%
Chicago, IL5.000% 11/01/20370.1%
Baltimore Mayor & City Council, MD5.000% 07/01/20320.1%
Houston, TX6.625% 07/15/20380.1%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.1%
California Muni Fin Auth5.000% 02/01/20470.1%
Chicago5.000% 07/01/20480.1%
Dorm Auth of the St of New York5.500% 01/01/20390.1%
California Poll Cntrl Fin Auth4.300% 07/01/20400.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
California State Pub Wks Bd5.125% 10/01/20310.1%
New Jersey Econ Dev Auth6.500% 04/01/20280.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20300.1%
Eagle County Airport Terminal Corp5.000% 05/01/20330.1%
Houston, TX5.000% 07/15/20280.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20440.1%
Chicago, IL5.500% 01/01/20340.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Middletown City Sch Dist, OH5.250% 12/01/20400.1%
New York City Hlth & Hosp Corp.5.000% 02/15/20250.1%
Volusia County Educational Facility Authority5.000% 10/15/20470.1%
New York Transp Dev Corp.5.000% 01/01/20360.1%
Port of Oakland, CA5.000% 05/01/20280.1%
Livonia Pub Schs Dist5.000% 05/01/20400.1%
E-470 Pub Hwy Auth, CO0.000% 09/01/20320.1%
New Jersey Hgr Ed Stud Asst Auth3.750% 12/01/20310.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20380.1%
Jefferson County Sewer5.500% 10/01/20530.1%
Build NYC Resource Corp., NY4.000% 07/01/20450.1%
Dorm Auth of the St of New York5.000% 07/01/20300.1%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.1%
Chicago, IL5.000% 01/01/20330.1%
Cook Cnty, IL5.000% 11/15/20310.1%
Valparaiso, IN7.000% 01/01/20440.1%
Pennsylvania4.000% 07/01/20460.1%
Indiana Muni Pwr Agy5.250% 01/01/20320.1%
San Diego Association of Governments South Bay Exp5.000% 07/01/20370.1%
Jefferson County Sewer6.500% 10/01/20530.1%
Indiana Muni Pwr Agy5.250% 01/01/20300.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20420.1%
County of Ward ND5.000% 06/01/20480.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth5.700% 05/01/20340.1%
Yorba Linda Redev Agy, CA6.500% 09/01/20320.1%
Dorm Auth of the St of New York5.000% 07/01/20350.1%
Massachusetts Dev Fin Agy5.000% 07/01/20320.1%
California Statewide Comntys Dev Auth4.000% 12/01/20570.1%
Chicago, IL5.000% 01/01/20260.1%
Massachusetts Dev Fin Agy5.000% 01/01/20350.1%
New Jersey Econ Dev Auth5.000% 06/15/20230.1%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20310.1%
St of Alabama Docks Department5.000% 10/01/20340.1%
St of Alabama Docks Department5.000% 10/01/20350.1%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20320.1%
Chula Vista, CA5.875% 01/01/20340.1%
Miami Beach, FL5.000% 09/01/20400.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20460.1%
Alameda Corridor Transp Auth5.000% 10/01/20360.1%
Puerto Rico Highway & Transportation Auth5.500% 07/01/20250.1%
Metropolitan Washington Arpts Auth, DC5.000% 10/01/20280.1%
Tobacco Settlement Fing Corp.5.250% 06/01/20460.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20360.1%
Port of Portland, OR Arpt Rev5.000% 07/01/20390.1%
Chicago Brd of Ed5.000% 04/01/20460.1%
Tobacco Settlement Auth5.250% 06/01/20320.1%
Puerto Rico Sales Tax Fincg Corp5.375% 08/01/20390.1%
California Muni Fin Auth6.000% 01/01/20420.1%
Cleveland, OH5.000% 01/01/20300.1%
Pub Fin Auth6.850% 10/01/20470.1%
Gramercy Farms Comnty Dev Dist0.000% 05/01/20390.1%
Massachusetts Dev Fin Agy5.000% 07/01/20310.1%
Illinois, IL5.000% 06/01/20270.1%
Golden St. Tobacco Securitization Corp5.000% 06/01/20330.1%
Illinois, IL4.000% 06/01/20340.1%
Yosemite Community College District0.000% 08/01/20420.1%
Chicago Brd of Ed5.000% 12/01/20300.1%
Ohio Air Qlty Dev Auth4.500% 01/15/20480.1%
Hawaii Hsg Fin & Dev Corp.6.500% 07/01/20330.1%
Port Auth of New York & New Jersey6.000% 12/01/20420.1%
Casino Reinvestment Dev Auth, NJ5.250% 11/01/20440.1%
California Hlth Facs Fing Auth4.000% 11/15/20420.1%
Chicago Brd of Ed5.000% 12/01/20290.1%
Connecticut4.000% 04/15/20370.1%
West Virginia Hosp Fin Auth6.250% 10/01/20230.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20320.1%
Philadelphia, PA5.000% 08/01/20290.1%
Chicago, IL5.000% 11/01/20360.1%
Regl Transp Dist6.000% 01/15/20340.1%
Chicago Brd of Ed5.000% 04/01/20420.1%
South Jersey Port Corp, NJ5.000% 01/01/20480.1%
Illinois Fin Auth5.000% 04/01/20200.1%
Wayne Cnty Arpt Auth5.000% 12/01/20390.1%
California Muni Fin Auth5.000% 04/01/20410.1%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20400.1%
New Jersey Econ Dev Auth5.000% 07/01/20220.1%
Michigan Public Edl Facs Auth8.750% 09/01/20390.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20310.1%
Millsboro, DE5.450% 07/01/20360.1%
Michigan Fin Auth5.000% 07/01/20340.1%
Midlothian Wtr Dist, TX0.000% 09/01/20220.1%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Phenix City Indus Dev Bd3.625% 05/15/20300.1%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20430.1%
Philadelphia, PA5.000% 08/01/20300.1%
Nassau Cnty, NY5.000% 01/01/20380.1%
New Jersey Econ Dev Auth5.000% 01/01/20240.1%
Massachusetts Port Auth5.000% 07/01/20400.1%
South Jersey Port Corp, NJ5.000% 01/01/20420.1%
District of Columbia, DC5.000% 06/01/20410.1%
Virginia Small Business Fing Auth5.000% 07/01/20340.1%
Flint Hosp Bldg Auth7.000% 07/01/20300.1%
Illinois Fin Auth5.000% 02/15/20500.1%
Indiana Fin Auth5.000% 10/01/20290.1%
Pennsylvania Econ Dev Fing Auth7.500% 05/01/20200.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20410.1%
Pennsylvania Econ Dev Fing Auth8.000% 05/01/20290.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20420.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20310.1%
New York City Transitional Fin Auth1.070% 08/01/20310.1%
Philadelphia, PA5.250% 07/15/20310.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX6.250% 07/01/20280.1%
Guadalupe Regional Medical Center5.000% 12/01/20450.1%
California Muni Fin Auth5.000% 06/01/20500.1%
California Edl Facs Auth4.000% 04/01/20470.1%
Chicago Brd of Ed5.000% 12/01/20440.1%
Puerto Rico Elec Pwr Auth2.249% 07/01/20310.1%
San Antonio, TX5.250% 07/01/20320.1%
Massachusetts Port Auth5.500% 01/01/20190.1%
Chicago Brd of Ed7.000% 12/01/20460.1%
California Statewide Comntys Dev Auth5.250% 11/15/20340.1%
Buckeye Tobacco Settlement Fing Auth0.000% 06/01/20470.1%
California Statewide Comntys Dev Auth5.000% 12/01/20570.1%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20360.1%
Dorm Auth of the St of New York5.000% 12/01/20310.1%
Chicago, IL5.000% 01/01/20470.1%
Massachusetts Dev Fin Agy5.000% 10/01/20340.1%
Dorm Auth of the St of New York5.000% 12/01/20400.1%
La Verne CA C.O.P.5.000% 05/15/20360.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 11/15/20250.1%
New Orleans, LA5.000% 12/01/20400.1%
Virginia Small Business Fing Auth6.000% 01/01/20370.1%
Tender Option Bnd Tr Receipts/Certificates10.190% 08/15/20300.1%
Louisiana Hsg Fin Agy8.000% 09/01/20390.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20350.1%
Pittsburgh, PA5.000% 09/01/20300.1%
Wayne Cnty Arpt Auth5.000% 12/01/20420.1%
California Sch Fin Auth5.000% 08/01/20450.1%
Pittsburgh, PA5.000% 09/01/20320.1%
Nassau Cnty, NY5.000% 01/01/20360.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev5.000% 10/01/20320.1%
Yorba Linda Redev Agy, CA6.000% 09/01/20260.1%
Pennsylvania5.000% 07/01/20430.1%
TSASC, Inc.5.000% 06/01/20350.1%
Indiana Fin Auth7.000% 10/01/20390.1%
Massachusetts Dev Fin Agy5.000% 07/01/20330.1%
Pittsburgh, PA5.000% 09/01/20290.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20390.1%
Tempe Industrial Development Authority6.125% 10/01/20470.1%
District of Columbia, DC6.000% 07/01/20430.1%
District of Columbia, DC6.000% 07/01/20480.1%
Nassau Cnty, NY5.000% 01/01/20350.1%
Chicago Brd of Ed6.500% 12/01/20460.1%
San Francisco City & Cnty Redev Fing Auth, CA7.000% 08/01/20330.1%
Successor Agy to the Rancho Cucamonga RDA, CA5.000% 09/01/20300.1%
Atlanta Airport5.000% 01/01/20280.1%
North Carolina Turnpike Auth5.000% 01/01/20320.1%
Denver Convention Ctr Hotel Auth, CO5.000% 12/01/20340.1%
Wayne Cnty Arpt Auth5.000% 12/01/20470.1%
Clifton Hgr Ed Fin Corp., TX6.000% 08/15/20430.1%
New Orleans, LA5.000% 12/01/20340.1%
Philadelphia, PA5.250% 07/15/20330.1%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20290.1%
Cook Cnty, IL5.000% 11/15/20300.1%
Niagara Frontier Transp Auth, NY5.000% 04/01/20260.1%
Florida Hgr Edl Facs Fin Auth5.000% 04/01/20330.1%
Cook Cnty, IL5.000% 11/15/20350.1%
Philadelphia Sch Dist, PA5.000% 09/01/20380.1%
Paducah Electric Plant Bd5.000% 10/01/20330.1%
Paducah Electric Plant Bd5.000% 10/01/20350.1%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20370.1%
Eagle County Airport Terminal Corp5.000% 05/01/20370.1%
Dorm Auth of the St of New York5.000% 12/01/20360.1%
Eagle County Airport Terminal Corp5.000% 05/01/20410.1%
Gloucester Cnty Pollution Cntrl Fing Auth5.000% 12/01/20240.1%
New York City Transitional Fin Auth1.100% 08/01/20220.1%
New Jersey Econ Dev Auth5.000% 06/15/20250.1%
Chicago, IL5.500% 01/01/20370.1%
Grand River Hospital District5.250% 12/01/20340.1%
Grand River Hospital District5.250% 12/01/20350.1%
Grand River Hospital District5.250% 12/01/20370.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20340.1%
Toledo-Lucas Cnty Port Auth, OH5.000% 07/01/20460.1%
Illinois Fin Auth5.000% 04/01/20190.1%
Mesquite Hlth Facs Dev Corp., TX5.125% 02/15/20420.1%
Illinois Fin Auth7.125% 02/01/20340.1%
Chicago Brd of Ed5.000% 12/01/20310.1%
Massachusetts Dev Fin Agy5.000% 07/01/20340.1%
Port of Houston Auth, TX6.250% 10/01/20290.1%
Cleveland, OH5.000% 01/01/20310.1%
Ohio1.300% 01/15/20450.0%
Appling County Dev Auth - Georgia Power1.090% 09/01/20410.0%
Illinois Fin Auth5.000% 02/15/20470.0%
Crawford Cnty Hosp Auth6.000% 06/01/20510.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20320.0%
Metropolitan Pier & Exposition Auth, IL0.000% 06/15/20450.0%
Dutchess Cnty Local Dev Corp., NY6.000% 10/01/20300.0%
Philadelphia Sch Dist, PA5.000% 09/01/20370.0%
Volusia County Educational Facility Authority5.000% 10/15/20420.0%
Crawford Cnty Hosp Auth6.000% 06/01/20460.0%
West Virginia Econ Dev Auth, WV2.875% 12/15/20260.0%
City of Rockville MD5.000% 11/01/20420.0%
Rockdale Cnty Dev Auth4.000% 01/01/20380.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX5.000% 10/01/20490.0%
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%
City of Aurora, IL6.750% 12/30/20270.0%
Puerto Rico Sales Tax Fincg Corp6.125% 08/01/20290.0%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20420.0%
Kirkwood Indus Dev Auth8.000% 05/15/20210.0%
Nassau Cnty Local Econ Assistance Corp.5.000% 07/01/20300.0%
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%
Illinois Fin Auth6.250% 02/01/20190.0%
California Muni Fin Auth5.250% 08/15/20390.0%
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%
Maryland Econ Dev Corp.5.000% 12/01/20160.0%
Illinois Fin Auth6.000% 03/01/20370.0%
Atlantic City, NJ5.000% 03/01/20320.0%
Stone Canyon Comnty Impt Dist5.750% 04/01/20270.0%
Chicago5.625% 01/01/20350.0%
Chicago, IL5.500% 01/01/20420.0%
Houston Cnty Cooperative Dist12.500% 06/07/20130.0%
Stone Canyon Comnty Impt Dist5.700% 04/01/20220.0%
Virginia Small Business Fing Auth5.000% 01/01/20480.0%
Cumberland Cnty Muni Auth, PA6.125% 01/01/20290.0%
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%

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 07/18/2018
$0.195
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2018 $0.03284 $11.23
Daily Daily 05/31/2018 $0.03230 $11.24
Daily Daily 04/30/2018 $0.03247 $11.12
Daily Daily 03/31/2018 $0.03219 $11.18
Daily Daily 02/28/2018 $0.03313 $11.16
Daily Daily 01/31/2018 $0.03238 $11.25

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 07/31/2018
Daily Daily 08/31/2018
Daily Daily 09/30/2018
Daily Daily 10/31/2018
Daily Daily 11/30/2018
Daily Daily 12/31/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
0.52% 0.49%

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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