SDHAX | Short Duration High Income Municipal Bond Fund Class A | Lord Abbett

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Short Duration High Income Municipal Bond Fund

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Effective November 1, 2021 the Lord Abbett Short Duration High Yield Municipal Bond Fund changed its name to Lord Abbett Short Duration High Income Municipal Bond Fund. There was no change to the Fund’s investment strategy.

Daily price w/o sales charge as of 02/01/2023

$14.30

$0.00

YTD Returns w/o sales charge as of 02/01/2023

2.08%

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

Click here to view all legal text including risk information

Summary

Summary

What is the Short Duration High Income Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in short duration high-yield municipal bonds.
 

ATTRACTIVE INCOME

Municipal bonds offer attractive taxable equivalent yields relative to taxable fixed income alternatives.

LOWER DURATION

Shorter maturity bonds have less interest rate sensitivity, and have historically demonstrated lower volatility than longer maturity bonds.

PORTFOLIO DIVERSIFICATION

Short high income municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

 

Yield

Dividend Yield 1 as of 02/01/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.34%
w/ sales charge 3.34% 3.27%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.62% 3.56%

Average Yield to Worst as of 12/30/2022

4.91%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 12/30/2022

Total Net Assets
$869.65 M
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
338
Minimum Initial Investment
$1,000+

Expense Ratioas of 12/31/2022

Expense ratio details, Click here.

 

 

 

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.07% -5.16% -1.04% 1.46% - 1.96%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge -0.20% -7.31% -1.79% 0.99% - 1.65%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.29% -9.29% -1.20% 1.06% - 1.70%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% - -
w/ sales charge -11.36% -11.36% -1.95% 0.60% - 1.39%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

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.

The Muni Quarterly

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

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

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

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years

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

CREDIT QUALITY DISTRIBUTION as of 12/30/2022

Rating Assets
AA
A
BBB
BB
B
< B
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. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

12 Years of Industry Experience

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

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Performance

Performance

Dividend Yield 1 as of 02/01/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.34%
w/ sales charge 3.34% 3.27%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.62% 3.56%

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

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.07% -5.16% -1.04% 1.46% - 1.96%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge -0.20% -7.31% -1.79% 0.99% - 1.65%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.29% -9.29% -1.20% 1.06% - 1.70%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% - -
w/ sales charge -11.36% -11.36% -1.95% 0.60% - 1.39%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

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
2022 -9.29%
2021 4.08%
2020 2.15%
2019 7.05%
2018 2.10%
2017 5.30%
2016 -0.20%
2015 2.53%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 2.08%
2022 -6.04% -3.61% -2.17% 2.37% -9.29%
2021 1.47% 2.16% -0.20% 0.61% 4.08%
2020 -5.59% 3.04% 1.77% 3.18% 2.15%
2019 2.48% 1.98% 1.54% 0.88% 7.05%
2018 0.41% 0.81% 0.42% 0.45% 2.10%
2017 2.06% 1.75% 1.45% -0.05% 5.30%
2016 1.41% 1.90% 0.69% -4.08% -0.20%
2015 - - 1.08% 1.81% 2.53%

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

Growth of $10,000 as of 07/31/2021

The chart begins on the Fund's inception date of 06/15/2015.

Based on a hypothetical Class A share investment of $10,000 on 06/15/2015 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years

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

State Assets
NY
PA
AL
IL
FL
GA
TX
Puerto Rico
NJ
CA
OH
MD
AZ
WI
CO
LA
TN
NH
IN
KY
NE
SC
NV
IA
RI
Other U.S. Territories
UT
VT
MS
MO
NM
MA
WA
ID
OK
VA
MN
AS
SD
CT
NC
OR

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

CREDIT QUALITY DISTRIBUTION as of 12/30/2022

Rating Assets
AA
A
BBB
BB
B
< B
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. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioningas of 12/31/2022

  • We continue to be very focused on bond structure, including coupon, call protection and convexity, as numerous asymmetries of risk exist, and we are positioning to fully participate when the market turns. For example, we prefer bonds with more call protection to bonds with shorter calls because both call structures have similar downside, but longer call bonds have superior upside potential.
  • With the flattening of the yield curve out to 10 years, we think a barbell approach makes sense and have been focusing exposure on the shorter end (1-2 years), which provides a similar yield to the belly of the curve with less duration, as well as 8-10 years.
  • The Fund is overweight the Industrial Development and Health Care sectors. The Industrial Development sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. The Health Care sector has experienced some fundamental pressures this year due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. The sector has proven resilient during past economic downturns and issuers have navigated changing operating environments well.
  • Although primarily invested in non-investment-grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds relative to its secondary benchmark. The non-investment grade allocation enhances the yield of the portfolio, while the inclusion of higher quality bonds improves diversification and the liquidity profile.

Portfolio Details as of 12/30/2022

Total Net Assets
$869.65 M
Number of Issues
338
Average Coupon
4.6%
Average Effective Maturity
6.4 Years
Average Effective Duration
3.66 Years
Average Yield to Worst
4.91%

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 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.

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 4.000% 10/31/2027 3.0%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 4.000% 09/21/2052 2.2%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE 4.000% 09/27/2030 1.8%
FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE 3.000% 05/28/2032 1.6%
SUMTER CNTY AL INDL DEV AUTH EXEMPT FACS REVENUE 6.000% 07/05/2052 1.6%
TENNERGY CORP TN GAS REVENUE 5.500% 09/21/2053 1.6%
MARYLAND ST ECON DEV CORP POLL CONTROL REVENUE 5.750% 08/29/2025 1.6%
PUERTO RICO CMWLTH 5.750% 06/27/2031 1.5%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 4.000% 11/21/2052 1.4%
ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE 5.125% 04/27/2030 1.2%
% of Total Assets 17.5%

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.

HOLDINGS as of12/30/2022

Holding Coupon Maturity Assets
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE4.000% 10/31/20273.0%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE4.000% 10/31/20273.0%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE4.000% 09/21/20522.2%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE4.000% 09/21/20522.2%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE4.000% 09/27/20301.8%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE4.000% 09/27/20301.8%
FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE3.000% 05/28/20321.6%
SUMTER CNTY AL INDL DEV AUTH EXEMPT FACS REVENUE6.000% 07/05/20521.6%
TENNERGY CORP TN GAS REVENUE5.500% 09/21/20531.6%
MARYLAND ST ECON DEV CORP POLL CONTROL REVENUE5.750% 08/29/20251.6%
FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE3.000% 05/28/20321.6%
SUMTER CNTY AL INDL DEV AUTH EXEMPT FACS REVENUE6.000% 07/05/20521.6%
TENNERGY CORP TN GAS REVENUE5.500% 09/21/20531.6%
MARYLAND ST ECON DEV CORP POLL CONTROL REVENUE5.750% 08/29/20251.6%
PUERTO RICO CMWLTH5.750% 06/27/20311.5%
PUERTO RICO CMWLTH5.750% 06/27/20311.5%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE4.000% 11/21/20521.4%
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE4.000% 11/21/20521.4%
ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE5.125% 04/27/20301.2%
CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE5.000% 04/21/20531.2%
SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE4.457% 08/30/20291.2%
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE2.705% 04/30/20281.2%
ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE5.125% 04/27/20301.2%
CENTRL PLAINS ENERGY PROJ NE GAS PROJ REVENUE5.000% 04/21/20531.2%
SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE4.457% 08/30/20291.2%
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE2.705% 04/30/20281.2%
HENDERSON KY EXEMPT FACS REVENUE3.700% 12/28/20311.1%
MISSION TX ECON DEV CORP REVENUE4.625% 09/27/20311.1%
HENDERSON KY EXEMPT FACS REVENUE3.700% 12/28/20311.1%
MISSION TX ECON DEV CORP REVENUE4.625% 09/27/20311.1%
DENVER CITY & CNTY CO SPL FACS ARPT REVENUE5.000% 09/26/20321.0%
SAINT JAMES PARISH LA REVENUE6.100% 05/26/20381.0%
WASHINGTON CNTY OH HOSP REVENUE5.500% 11/28/20271.0%
TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE4.500% 04/27/20321.0%
BERKS CNTY PA MUNI AUTH5.000% 01/26/20401.0%
DENVER CITY & CNTY CO SPL FACS ARPT REVENUE5.000% 09/26/20321.0%
SAINT JAMES PARISH LA REVENUE6.100% 05/26/20381.0%
WASHINGTON CNTY OH HOSP REVENUE5.500% 11/28/20271.0%
TUSCALOOSA CNTY AL INDL DEV AUTH GULF OPPORTUNITY ZONE4.500% 04/27/20321.0%
BERKS CNTY PA MUNI AUTH5.000% 01/26/20401.0%
BERKS CNTY PA MUNI AUTH5.000% 01/26/20400.9%
PUBLIC FIN AUTH WI SPL FAC REVENUE4.000% 06/26/20360.9%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 07/28/20310.9%
BERKS CNTY PA MUNI AUTH5.000% 01/26/20400.9%
PUBLIC FIN AUTH WI SPL FAC REVENUE4.000% 06/26/20360.9%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 07/28/20310.9%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.750% 09/12/20270.8%
CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE4.000% 07/11/20290.8%
ILLINOIS ST5.000% 09/28/20240.8%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE5.000% 11/21/20520.8%
RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE5.000% 08/26/20360.8%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.750% 09/12/20270.8%
CALIFORNIA ST MUNI FIN AUTH SPL FAC REVENUE4.000% 07/11/20290.8%
ILLINOIS ST5.000% 09/28/20240.8%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE5.000% 11/21/20520.8%
RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP REVENUE5.000% 08/26/20360.8%
CHICAGO IL BRD OF EDU5.000% 11/26/20340.7%
IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE4.000% 11/22/20500.7%
ILLINOIS ST5.000% 02/27/20280.7%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE4.000% 09/01/20230.7%
MUSKINGUM CNTY OH HOSP FACS5.000% 02/10/20330.7%
SCRANTON PA5.000% 11/10/20320.7%
NIAGARA NY AREA DEV CORP SOLID WASTE DISP FAC REVENUE3.500% 10/29/20240.7%
PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV5.000% 12/26/20320.7%
PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV3.250% 07/26/20390.7%
PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE5.000% 06/28/20270.7%
CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE5.000% 08/22/20520.7%
MARYLAND ST INDL DEV FING AUTH PORT FACS REVENUE5.320% 01/06/20230.7%
CHICAGO IL BRD OF EDU5.000% 11/26/20340.7%
IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE4.000% 11/22/20500.7%
ILLINOIS ST5.000% 02/27/20280.7%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE4.000% 09/01/20230.7%
MUSKINGUM CNTY OH HOSP FACS5.000% 02/10/20330.7%
SCRANTON PA5.000% 11/10/20320.7%
NIAGARA NY AREA DEV CORP SOLID WASTE DISP FAC REVENUE3.500% 10/29/20240.7%
PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV5.000% 12/26/20320.7%
PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV3.250% 07/26/20390.7%
PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE5.000% 06/28/20270.7%
CHANDLER AZ INDL DEV AUTH INDL DEV REVENUE5.000% 08/22/20520.7%
MARYLAND ST INDL DEV FING AUTH PORT FACS REVENUE5.320% 01/06/20230.7%
ILLINOIS ST5.500% 04/27/20300.6%
VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE5.000% 05/23/20520.6%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/07/20450.6%
SOUTH CAROLINA JOBS-ECON DEV AUTH8.750% 06/28/20250.6%
PUERTO RICO CMWLTH5.625% 06/28/20270.6%
CHICAGO IL5.000% 12/28/20290.6%
NATIONAL FIN AUTH NH POLLUTION CONTROL REVENUE4.000% 11/29/20280.6%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 12/27/20350.6%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 12/28/20290.6%
PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE5.000% 06/28/20280.6%
INDIANA ST FIN AUTH ENVRNMNTL REVENUE4.125% 11/28/20260.6%
PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE5.000% 06/28/20280.6%
ILLINOIS ST5.500% 04/27/20300.6%
VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE5.000% 05/23/20520.6%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/07/20450.6%
SOUTH CAROLINA JOBS-ECON DEV AUTH8.750% 06/28/20250.6%
PUERTO RICO CMWLTH5.625% 06/28/20270.6%
CHICAGO IL5.000% 12/28/20290.6%
NATIONAL FIN AUTH NH POLLUTION CONTROL REVENUE4.000% 11/29/20280.6%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 12/27/20350.6%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.000% 12/28/20290.6%
PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE5.000% 06/28/20280.6%
INDIANA ST FIN AUTH ENVRNMNTL REVENUE4.125% 11/28/20260.6%
PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE5.000% 06/28/20280.6%
MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE5.000% 11/08/20280.5%
PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE5.000% 06/28/20250.5%
MISSISSIPPI ST BUSINESS FIN CORP EXEPT FACS REVENUE7.750% 07/07/20470.5%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.250% 07/28/20310.5%
PUBLIC FIN AUTH WI EXEMPT FACS REVENUE5.000% 12/30/20230.5%
CAPITAL TRUST AGY FL REVENUE3.375% 06/27/20310.5%
NASSAU CNTY NY TOBACCO SETTLEMENT CORP5.250% 05/29/20260.5%
SAINT JAMES PARISH LA REVENUE5.850% 07/25/20410.5%
NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE3.125% 05/31/20260.5%
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE5.150% 11/10/20340.5%
NEW JERSEY ST TRANSPRTN TRUST FUND AUTH4.000% 12/11/20310.5%
CHICAGO IL BRD OF EDU5.000% 11/27/20300.5%
FARMINGTON NM POLL CONTROL REVENUE1.800% 03/28/20290.5%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV6.000% 04/26/20420.5%
RICHLAND CNTY SC ENVRNMNTL IMPT REVENUE3.875% 04/01/20230.5%
MARYLAND ST ECON DEV CORP PRIV ACTIVITY REVENUE5.000% 11/08/20280.5%
PUERTO RICO CMWLTH AQUEDUCT &SWR AUTH REVENUE5.000% 06/28/20250.5%
MISSISSIPPI ST BUSINESS FIN CORP EXEPT FACS REVENUE7.750% 07/07/20470.5%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.250% 07/28/20310.5%
PUBLIC FIN AUTH WI EXEMPT FACS REVENUE5.000% 12/30/20230.5%
CAPITAL TRUST AGY FL REVENUE3.375% 06/27/20310.5%
NASSAU CNTY NY TOBACCO SETTLEMENT CORP5.250% 05/29/20260.5%
SAINT JAMES PARISH LA REVENUE5.850% 07/25/20410.5%
NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE3.125% 05/31/20260.5%
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE5.150% 11/10/20340.5%
NEW JERSEY ST TRANSPRTN TRUST FUND AUTH4.000% 12/11/20310.5%
CHICAGO IL BRD OF EDU5.000% 11/27/20300.5%
FARMINGTON NM POLL CONTROL REVENUE1.800% 03/28/20290.5%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV6.000% 04/26/20420.5%
RICHLAND CNTY SC ENVRNMNTL IMPT REVENUE3.875% 04/01/20230.5%
GUAM PWR AUTH REVENUE5.000% 09/27/20290.4%
ACADEMICAL VLG CDD FL SPL ASSMNT REVENUE3.250% 04/27/20310.4%
NEW JERSEY ST TRANSPRTN TRUST FUND AUTH5.000% 12/12/20260.4%
PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV9.000% 03/23/20510.4%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.250% 09/11/20290.4%
NEW JERSEY ST ECON DEV AUTH REVENUE5.000% 06/15/20230.4%
NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE2.750% 08/23/20500.4%
VILLAGE MET DIST CO4.150% 11/27/20300.4%
FULTON CNTY PA INDL DEV AUTH HOSP REVENUE4.000% 06/28/20280.4%
CLARK CNTY NV POLL CONTROL REVENUE2.100% 05/28/20310.4%
PORT BEAUMONT TX NAV DIST FAC REVENUE6.000% 12/31/20240.4%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.250% 08/11/20280.4%
ILLINOIS ST5.000% 11/28/20260.4%
NATIONAL FIN AUTH NH SOL WST DISP REVENUE2.150% 06/28/20270.4%
ILLINOIS ST5.000% 04/28/20280.4%
MARIETTA GA DEV AUTH5.000% 10/29/20270.4%
GUAM PWR AUTH REVENUE5.000% 09/27/20290.4%
ACADEMICAL VLG CDD FL SPL ASSMNT REVENUE3.250% 04/27/20310.4%
NEW JERSEY ST TRANSPRTN TRUST FUND AUTH5.000% 12/12/20260.4%
PENNSYLVANIA ST ECON DEV FING AUTH SOLID WASTE DISPOSAL REV9.000% 03/23/20510.4%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.250% 09/11/20290.4%
NEW JERSEY ST ECON DEV AUTH REVENUE5.000% 06/15/20230.4%
NEW YORK ST ENVRNMNTL FACS CORP SOL WST DISP REVENUE2.750% 08/23/20500.4%
VILLAGE MET DIST CO4.150% 11/27/20300.4%
FULTON CNTY PA INDL DEV AUTH HOSP REVENUE4.000% 06/28/20280.4%
CLARK CNTY NV POLL CONTROL REVENUE2.100% 05/28/20310.4%
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CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.250% 08/11/20280.4%
ILLINOIS ST5.000% 11/28/20260.4%
NATIONAL FIN AUTH NH SOL WST DISP REVENUE2.150% 06/28/20270.4%
ILLINOIS ST5.000% 04/28/20280.4%
MARIETTA GA DEV AUTH5.000% 10/29/20270.4%
ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE4.875% 10/29/20240.3%
CHICAGO IL5.000% 12/30/20230.3%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.500% 06/26/20340.3%
ARLINGTON TX HGR EDU FIN CORP EDU REVENUE4.000% 06/11/20310.3%
PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV5.000% 06/26/20320.3%
PUERTO RICO CMWLTH HIGHWAY & TRANSPRTN AUTH RESTRUCTURED TOL0.000% 06/27/20320.3%
TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE5.000% 06/29/20300.3%
LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE5.000% 05/11/20290.3%
BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE5.000% 11/01/20230.3%
SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE4.000% 11/22/20510.3%
INDIANA ST FIN AUTH POLL CONTROL REVENUE2.500% 10/30/20300.3%
NEZ PERCE CNTY ID POLL CONTROL REVENUE2.750% 09/30/20240.3%
SPARKS NV TOURISM IMPT DIST #1 REVENUE2.750% 06/12/20280.3%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/11/20290.3%
PUERTO RICO CMWLTH0.000% 10/27/20430.3%
FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE4.500% 05/27/20330.3%
GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE5.000% 11/12/20260.3%
NEW YORK CITY NY INDL DEV AGY REVENUE8.000% 02/28/20270.3%
CALIFORNIA STWD CMNTYS DEV AUTH REVENUE5.250% 11/27/20290.3%
M-S-R CA ENERGY AUTH GAS REVENUE6.125% 10/28/20290.3%
PUBLIC FIN AUTH WI EXEMPT FACS REVENUE5.000% 11/28/20250.3%
PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE1.875% 12/29/20250.3%
SAINT JAMES PARISH LA REVENUE6.100% 11/24/20400.3%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/13/20300.3%
PUERTO RICO ELEC PWR AUTH PWR REVENUE5.250% 07/01/20230.3%
JEFFERSON PARISH LA ECON DEV & PORT DIST REVENUE4.800% 06/11/20290.3%
UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE4.500% 06/12/20270.3%
MATAGORDA CNTY TX NAV DIST #12.600% 10/28/20290.3%
CALHOUN CNTY TX NAVIGATION INDL DEV AUTH FAC REVENUE3.625% 06/28/20260.3%
FREDERICK CNTY MD EDUCTNL FACS REVENUE5.000% 08/29/20270.3%
NEW JERSEY ST ECON DEV AUTH REVENUE4.910% 02/28/20250.3%
PUERTO RICO CMWLTH4.000% 06/26/20330.3%
CHICAGO IL5.000% 12/29/20250.3%
OHIO ST AIR QUALITY DEV AUTH2.600% 05/25/20410.3%
CHICAGO IL BRD OF EDU6.750% 11/27/20300.3%
CHICAGO IL BRD OF EDU4.000% 11/28/20270.3%
WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST3.000% 06/29/20310.3%
ALLEGHENY CNTY PA INDL DEV AUTH ENVRNMTL IMPT REVENUE4.875% 10/29/20240.3%
CHICAGO IL5.000% 12/30/20230.3%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.500% 06/26/20340.3%
ARLINGTON TX HGR EDU FIN CORP EDU REVENUE4.000% 06/11/20310.3%
PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV5.000% 06/26/20320.3%
PUERTO RICO CMWLTH HIGHWAY & TRANSPRTN AUTH RESTRUCTURED TOL0.000% 06/27/20320.3%
TAHOE-DOUGLAS VISITORS AUTH NV STATELINE REVENUE5.000% 06/29/20300.3%
LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE5.000% 05/11/20290.3%
BERKS CNTY PA INDL DEV AUTH HLTH SYS REVENUE5.000% 11/01/20230.3%
SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE4.000% 11/22/20510.3%
INDIANA ST FIN AUTH POLL CONTROL REVENUE2.500% 10/30/20300.3%
NEZ PERCE CNTY ID POLL CONTROL REVENUE2.750% 09/30/20240.3%
SPARKS NV TOURISM IMPT DIST #1 REVENUE2.750% 06/12/20280.3%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/11/20290.3%
PUERTO RICO CMWLTH0.000% 10/27/20430.3%
FLORIDA ST HGR EDUCTNL FACS FINANCIAL AUTH REVENUE4.500% 05/27/20330.3%
GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE5.000% 11/12/20260.3%
NEW YORK CITY NY INDL DEV AGY REVENUE8.000% 02/28/20270.3%
CALIFORNIA STWD CMNTYS DEV AUTH REVENUE5.250% 11/27/20290.3%
M-S-R CA ENERGY AUTH GAS REVENUE6.125% 10/28/20290.3%
PUBLIC FIN AUTH WI EXEMPT FACS REVENUE5.000% 11/28/20250.3%
PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE1.875% 12/29/20250.3%
SAINT JAMES PARISH LA REVENUE6.100% 11/24/20400.3%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/13/20300.3%
PUERTO RICO ELEC PWR AUTH PWR REVENUE5.250% 07/01/20230.3%
JEFFERSON PARISH LA ECON DEV & PORT DIST REVENUE4.800% 06/11/20290.3%
UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE4.500% 06/12/20270.3%
MATAGORDA CNTY TX NAV DIST #12.600% 10/28/20290.3%
CALHOUN CNTY TX NAVIGATION INDL DEV AUTH FAC REVENUE3.625% 06/28/20260.3%
FREDERICK CNTY MD EDUCTNL FACS REVENUE5.000% 08/29/20270.3%
NEW JERSEY ST ECON DEV AUTH REVENUE4.910% 02/28/20250.3%
PUERTO RICO CMWLTH4.000% 06/26/20330.3%
CHICAGO IL5.000% 12/29/20250.3%
OHIO ST AIR QUALITY DEV AUTH2.600% 05/25/20410.3%
CHICAGO IL BRD OF EDU6.750% 11/27/20300.3%
CHICAGO IL BRD OF EDU4.000% 11/28/20270.3%
WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST3.000% 06/29/20310.3%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/12/20320.2%
MASSACHUSETTS ST EDUCTNL FING AUTH5.000% 06/28/20250.2%
PHILADELPHIA PA ARPT REVENUE5.000% 06/27/20310.2%
CAPITAL TRUST AGY FL EDUCTNL FACS LEASE REVENUE5.000% 12/10/20350.2%
FRUITA CO HLTHCARE REVENUE5.375% 12/27/20320.2%
ILLINOIS ST5.000% 10/29/20250.2%
CHICAGO IL5.000% 01/01/20230.2%
NEW JERSEY ST ECON DEV AUTH REVENUE5.000% 03/01/20230.2%
NEW HAMPSHIRE ST BUSINESS FINAUTH SOL WST DISP REVENUE2.950% 03/30/20290.2%
CUYAHOGA CNTY OH HOSP REVENUE5.000% 02/11/20300.2%
CHICAGO IL5.000% 12/29/20260.2%
LOVE FIELD TX ARPT MODERNIZATION CORP SPL FACS REVENUE5.000% 10/28/20280.2%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV5.000% 04/27/20320.2%
OHIO ST AIR QUALITY DEV AUTH4.250% 10/26/20390.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE4.625% 08/12/20250.2%
PUERTO RICO ELEC PWR AUTH PWR REVENUE0.000% 06/30/20270.2%
BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE4.250% 04/27/20320.2%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/11/20310.2%
SCRANTON PA5.000% 11/12/20260.2%
OHIO ST AIR QUALITY DEV AUTH2.875% 01/31/20260.2%
VLG FL CDD #13 SPL ASSMNT REVENUE2.550% 04/27/20310.2%
MUSKINGUM CNTY OH HOSP FACS5.000% 02/08/20440.2%
SALEM CNTY NJ POLL CONTROL FING AUTH5.000% 12/01/20230.2%
VLG FL CDD #12 SPL ASSMNT REVENUE3.250% 04/28/20260.2%
NEW JERSEY ST ECON DEV AUTH5.500% 08/28/20290.2%
SCRANTON PA5.000% 08/31/20240.2%
HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE6.375% 10/23/20500.2%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.000% 09/30/20270.2%
GLENDALE AZ INDL DEV AUTH5.000% 11/15/20230.2%
ILLINOIS ST5.375% 05/01/20230.2%
INDIANA ST FIN AUTH ENVRNMNTL FACS REVENUE1.400% 07/28/20290.2%
PLAZA AT NOAHS ARK CMNTY IMPT DIST MO TAX INCR & IMPT3.000% 04/27/20300.2%
E-470 CO PUBLIC HIGHWAY AUTH0.357% 08/31/20240.2%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/13/20290.2%
PUBLIC FIN AUTH WI LIMITED OBLIG PILOT REVENUE6.500% 11/25/20370.2%
PUBLIC FIN AUTH WI HOSP REVENUE4.000% 11/27/20310.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.250% 08/12/20260.2%
GEO L SMITH II GA CONGRESS CTR AUTH3.625% 12/28/20300.2%
NEW YORK CITY NY INDL DEV AGY REVENUE7.980% 02/28/20250.2%
ROCKPORT IN POLL CONTROL REVENUE3.050% 05/31/20250.2%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 06/27/20300.2%
ARLINGTON TX HGR EDU FIN CORP EDU REVENUE4.375% 08/14/20260.2%
BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE3.000% 02/01/20230.2%
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE1.200% 11/11/20280.2%
ARIZONA ST INDL DEV AUTH EDU REVENUE5.000% 06/27/20290.2%
CUYAHOGA CNTY OH HOSP REVENUE5.000% 02/15/20230.2%
MUSKINGUM CNTY OH HOSP FACS4.000% 02/15/20230.2%
BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE5.000% 06/28/20250.2%
PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE5.125% 11/11/20290.2%
NATIONAL FIN AUTH NH REVENUE4.000% 10/29/20270.2%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV5.000% 04/28/20280.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.750% 08/09/20380.2%
CLEVELAND-CUYAHOGA CNTY OH PORT AUTH CULTURAL FAC REVENUE5.000% 11/27/20280.2%
NORTH PARKWAY MUNI MGMT DIST #1 TX SPL ASSMNT REVENUE4.250% 09/11/20310.2%
OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE5.000% 08/12/20240.2%
POLK CNTY FL INDL DEV AUTH5.875% 12/27/20320.2%
ROCKY MOUNTAIN RAIL PARK MET DIST CO5.000% 11/27/20310.2%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE2.250% 07/29/20260.2%
NEW YORK CITY NY INDL DEV AGY REVENUE7.990% 02/28/20260.2%
MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE3.906% 11/12/20320.2%
JEFFERSON CNTY NY CIVIC FAC DEV CORP5.000% 10/31/20250.2%
MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT SPL ASSMNT4.000% 07/31/20270.2%
NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE1.450% 04/29/20290.2%
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FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE5.000% 04/27/20290.2%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/12/20320.2%
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PHILADELPHIA PA ARPT REVENUE5.000% 06/27/20310.2%
CAPITAL TRUST AGY FL EDUCTNL FACS LEASE REVENUE5.000% 12/10/20350.2%
FRUITA CO HLTHCARE REVENUE5.375% 12/27/20320.2%
ILLINOIS ST5.000% 10/29/20250.2%
CHICAGO IL5.000% 01/01/20230.2%
NEW JERSEY ST ECON DEV AUTH REVENUE5.000% 03/01/20230.2%
NEW HAMPSHIRE ST BUSINESS FINAUTH SOL WST DISP REVENUE2.950% 03/30/20290.2%
CUYAHOGA CNTY OH HOSP REVENUE5.000% 02/11/20300.2%
CHICAGO IL5.000% 12/29/20260.2%
LOVE FIELD TX ARPT MODERNIZATION CORP SPL FACS REVENUE5.000% 10/28/20280.2%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV5.000% 04/27/20320.2%
OHIO ST AIR QUALITY DEV AUTH4.250% 10/26/20390.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE4.625% 08/12/20250.2%
PUERTO RICO ELEC PWR AUTH PWR REVENUE0.000% 06/30/20270.2%
BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE4.250% 04/27/20320.2%
MET TRANSPRTN AUTH NY REVENUE5.000% 11/11/20310.2%
SCRANTON PA5.000% 11/12/20260.2%
OHIO ST AIR QUALITY DEV AUTH2.875% 01/31/20260.2%
VLG FL CDD #13 SPL ASSMNT REVENUE2.550% 04/27/20310.2%
MUSKINGUM CNTY OH HOSP FACS5.000% 02/08/20440.2%
SALEM CNTY NJ POLL CONTROL FING AUTH5.000% 12/01/20230.2%
VLG FL CDD #12 SPL ASSMNT REVENUE3.250% 04/28/20260.2%
NEW JERSEY ST ECON DEV AUTH5.500% 08/28/20290.2%
SCRANTON PA5.000% 08/31/20240.2%
HOOVER AL INDL DEV BRD ENVNMNTL IMPT REVENUE6.375% 10/23/20500.2%
NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE5.000% 09/30/20270.2%
GLENDALE AZ INDL DEV AUTH5.000% 11/15/20230.2%
ILLINOIS ST5.375% 05/01/20230.2%
INDIANA ST FIN AUTH ENVRNMNTL FACS REVENUE1.400% 07/28/20290.2%
PLAZA AT NOAHS ARK CMNTY IMPT DIST MO TAX INCR & IMPT3.000% 04/27/20300.2%
E-470 CO PUBLIC HIGHWAY AUTH0.357% 08/31/20240.2%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/13/20290.2%
PUBLIC FIN AUTH WI LIMITED OBLIG PILOT REVENUE6.500% 11/25/20370.2%
PUBLIC FIN AUTH WI HOSP REVENUE4.000% 11/27/20310.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.250% 08/12/20260.2%
GEO L SMITH II GA CONGRESS CTR AUTH3.625% 12/28/20300.2%
NEW YORK CITY NY INDL DEV AGY REVENUE7.980% 02/28/20250.2%
ROCKPORT IN POLL CONTROL REVENUE3.050% 05/31/20250.2%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 06/27/20300.2%
ARLINGTON TX HGR EDU FIN CORP EDU REVENUE4.375% 08/14/20260.2%
BURKE CNTY GA DEV AUTH POLL CONTROL REVENUE3.000% 02/01/20230.2%
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE1.200% 11/11/20280.2%
ARIZONA ST INDL DEV AUTH EDU REVENUE5.000% 06/27/20290.2%
CUYAHOGA CNTY OH HOSP REVENUE5.000% 02/15/20230.2%
MUSKINGUM CNTY OH HOSP FACS4.000% 02/15/20230.2%
BUCKS CNTY PA INDL DEV AUTH HOSP REVENUE5.000% 06/28/20250.2%
PIMA CNTY AZ INDL DEV AUTH SENIOR LIVING REVENUE5.125% 11/11/20290.2%
NATIONAL FIN AUTH NH REVENUE4.000% 10/29/20270.2%
ALLENTOWN PA NEIGHBORHOOD IMPTZONE DEV AUTH TAX REV5.000% 04/28/20280.2%
CLIFTON TX HGR EDU FIN CORP EDU REVENUE5.750% 08/09/20380.2%
CLEVELAND-CUYAHOGA CNTY OH PORT AUTH CULTURAL FAC REVENUE5.000% 11/27/20280.2%
NORTH PARKWAY MUNI MGMT DIST #1 TX SPL ASSMNT REVENUE4.250% 09/11/20310.2%
OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE5.000% 08/12/20240.2%
POLK CNTY FL INDL DEV AUTH5.875% 12/27/20320.2%
ROCKY MOUNTAIN RAIL PARK MET DIST CO5.000% 11/27/20310.2%
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE2.250% 07/29/20260.2%
NEW YORK CITY NY INDL DEV AGY REVENUE7.990% 02/28/20260.2%
MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE3.906% 11/12/20320.2%
JEFFERSON CNTY NY CIVIC FAC DEV CORP5.000% 10/31/20250.2%
MIDA MOUNTAIN VLG PUBLIC INFRASTRUCTURE DIST UT SPL ASSMNT4.000% 07/31/20270.2%
NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE1.450% 04/29/20290.2%
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FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE5.000% 04/27/20290.2%
NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE4.000% 08/13/20290.1%
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OROVILLE CA REVENUE5.000% 03/31/20260.1%
PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE2.625% 12/28/20300.1%
NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE4.000% 08/14/20250.1%
PHOENIX AZ INDL DEV AUTH EDU REVENUE2.950% 06/30/20260.1%
VLG FL CDD #13 SPL ASSMNT REVENUE2.625% 04/27/20300.1%
BRD OF MANAGERS TX JT GUADALUPE CNTY-CITY OF SEGUIN HOSP MTG4.000% 11/30/20260.1%
CORALVILLE IA4.500% 06/01/20240.1%
NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT5.000% 07/13/20280.1%
BABCOCK RANCH CMNTY INDEP SPL DIST FL SPL ASSMNT REVENUE4.125% 04/28/20270.1%
MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE4.000% 08/22/20520.1%
ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE0.000% 01/01/20230.1%
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PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE2.000% 12/29/20260.1%
AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE6.500% 08/28/20280.1%
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VALPARAISO IN EXEMPT FACS REVENUE5.875% 12/30/20230.0%
KING CNTY WA PUBLIC HOSP DIST #4 HOSP REVENUE5.000% 11/28/20250.0%
DOWNTOWN DORAL SOUTH CDD FL SPL ASSMNT3.875% 12/15/20230.0%
BLAINE MN SENIOR HSG & HLTHCARE FAC REVENUE5.125% 06/30/20250.0%
FLORENCE TOWN INC AZ INDL DEVAUTH EDU REVENUE5.000% 07/01/20230.0%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE0.000% 06/26/20330.0%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.329% 06/25/20400.0%
CALIFORNIA ST STWD CMNTYS DEV AUTH5.750% 06/29/20240.0%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.750% 06/21/20530.0%
FVH3 - Futures0.000% -0.0%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.550% 06/25/20400.0%
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.536% 06/21/20530.0%
TYH3 - Futures0.000% -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 02/01/2023
$0.040
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2023 $0.04066 $14.30

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 02/28/2023
Daily Daily 03/31/2023
Daily Daily 04/30/2023
Daily Daily 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2017 12/20/2017 $0.0023 - $0.0023 $15.14
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.63
$100,000 to $249,999 1.75% 1.50% $14.55
$250,000 to $499,999 0.00% 1.00% $14.30
$500,000 to $999,999 0.00% 1.00% $14.30
$1,000,000 to $5,000,000 0.00% 1.00% $14.30

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 12/31/2022

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

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.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

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

 

6

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

A taxable-equivalent yield is the return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. It does not take into account the effect of the alternative minimum tax (AMT) or any federal or state taxes. Tax-equivalent yield will vary based on an investor's tax bracket. Income from municipal bonds may be subject to the alternative minimum tax. Federal, state and local taxes may apply.

 

IMPORTANT INFORMATION

 

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

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

Barron's Fund Family Rankings are awarded annually.

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

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

 

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. Diversification does not guarantee a profit or protect against loss in declining markets.

A Note about Risk: The Fund invests substantially in lower rated municipal bonds (commonly referred to as “below investment grade”, “high yield” or “junk bonds”).  High-yield securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal.  High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. The Fund concentrates on high yield municipal bonds with shorter maturities and durations, which carry heightened credit risk, liquidity risk and potential for default.  In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. 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 derivatives, which are subject to greater liquidity, leverage, and counterparty risk.  The Fund may invest in Puerto Rico and other U.S. territories, commonwealths, 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. These factors can affect Fund performance. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. Past performance is no guarantee of future results.

 

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.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.   

 

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.

 

The Bloomberg 1-8 Year Municipal Bond Index is the 1-8 year component of the Bloomberg Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. 

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.

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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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