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 06/24/2022

$14.22

arrowUp$0.02

YTD Returns w/o sales charge as of 06/24/2022

-9.66%

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 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.59% 2.54%
w/ sales charge 2.53% 2.48%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.98% 2.87%

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

Fund Basicsas of 05/31/2022

Total Net Assets
$1.01 B
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
465
Minimum Initial Investment
$1,000+

Expense Ratioas of 05/31/2022

Expense ratio details, Click here.

 

 

 

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -7.86% -6.87% 0.28% 1.69% - 2.08%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% - -
w/ sales charge -9.95% -8.99% -0.48% 1.23% - 1.74%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -6.04% -3.62% 1.43% 2.41% - 2.42%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% - -
w/ sales charge -8.17% -5.77% 0.67% 1.94% - 2.08%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

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
Special Tax
GO State
Education
Lease
Transportation
GO Local
Other
Power
Water & Sewer
Pre-Refunded
Housing
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
>30 Years

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

CREDIT QUALITY DISTRIBUTION as of 05/31/2022

Rating Assets
A-2/MIG2
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

Managing Director, 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 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.59% 2.54%
w/ sales charge 2.53% 2.48%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.98% 2.87%

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

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -7.86% -6.87% 0.28% 1.69% - 2.08%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% - -
w/ sales charge -9.95% -8.99% -0.48% 1.23% - 1.74%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -6.04% -3.62% 1.43% 2.41% - 2.42%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% - -
w/ sales charge -8.17% -5.77% 0.67% 1.94% - 2.08%

Fund Expense Ratio :

Gross 0.75%

Net 0.70%

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
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
2022 -6.04% - - - -9.66%
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
Special Tax
GO State
Education
Lease
Transportation
GO Local
Other
Power
Water & Sewer
Pre-Refunded
Housing
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
>30 Years

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

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

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

CREDIT QUALITY DISTRIBUTION as of 05/31/2022

Rating Assets
A-2/MIG2
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 Positioning
as of 3/31/2022

  • The fundamental backdrop of the municipal market is currently strong, and credit may continue to strengthen into the near future. Almost all municipal sectors have stable or positive outlooks by the credit rating agencies as the market continues to be supported by the robust fiscal spending over the past two years, a better-than-expected economic recovery from the pandemic and strong tax revenue growth. In terms of fiscal spending, it has been estimated that approximately $1 trillion has been passed down to state and local governments as a result of pandemic relief spending by the Federal government. Regarding tax revenues, according to the National Conference of State Legislatures, it is anticipated that half of states will see revenue figures that surpass their original forecasts for fiscal year 2022. More specifically, increased sales tax revenue streams may be powered by higher consumer demand as well as inflationary pressures. Similarly, in the longer term, real estate tax revenues may be pushed up by inflation as well. Given this strong credit backdrop, we are positive on credit risk going forward.
  • From a sector perspective, the Fund is currently overweight the Industrial Development and Health Care sectors relative to the benchmark.
  • The current weakness in demand has largely been tied to investor concerns over rising Treasury yields and, to some extent, tax loss selling. The current outflow cycle may endure over the near term should Treasury yields continue to increase, but we expect demand to recover once the market volatility eases. In terms of tax loss selling, some investors have been exiting municipal bond positions to recognize losses in an effort to offset gains achieved in more profitable investments. We expect these tax loss pressures to subside in the near term. While tax exempt supply has been roughly in line with 2021, it would be a negative for the market if supply were to pick up in the near term in concert with continuing outflows.
  • The market turbulence seen over the last quarter, while painful in the short term, has brought opportunity. With the significant fall in prices since the start of the year, not only do we have access to bonds that were much harder to buy in the strong market environment seen last year, but we can enter these positions at more attractive yields compared to just three months ago at the end of 2021. Additionally, Muni/Treasury ratios have started to normalize from the rich levels seen in 2021 and ratios at the longer end of the curve are starting to approach ‘cheaper’ levels compared to history.

Portfolio Details as of 05/31/2022

Total Net Assets
$1.01 B
Number of Issues
465
Average Coupon
4.4%
Average Effective Maturity
7.0 Years
Average Effective Duration
4.38 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 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
Main Street Natural Gas Inc 4.000% 08/01/2052 3.7%
Tennessee Energy Acquisition Corp 5.000% 05/01/2052 2.8%
State of Illinois 5.500% 05/01/2030 2.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit 5.000% 07/01/2030 1.7%
Washington State Convention Center Public Faciliti 4.000% 07/01/2031 1.5%
Main Street Natural Gas Inc 4.000% 03/01/2050 1.5%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.500% 07/01/2034 1.4%
Black Belt Energy Gas District 4.000% 12/01/2052 1.3%
Allegheny County Industrial Development Authority 5.125% 05/01/2030 1.3%
California Municipal Finance Authority 4.000% 07/15/2029 1.3%
% of Total Assets 18.6%

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 of04/29/2022

Holding Coupon Maturity Assets
Main Street Natural Gas Inc4.000% 08/01/20523.8%
Tennessee Energy Acquisition Corp5.000% 05/01/20522.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20302.1%
State of Illinois5.500% 05/01/20302.0%
Main Street Natural Gas Inc4.000% 03/01/20501.7%
Washington State Convention Center Public Faciliti4.000% 07/01/20311.5%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.500% 07/01/20341.4%
Allegheny County Industrial Development Authority5.125% 05/01/20301.3%
Commonwealth of Puerto Rico5.250% 07/01/20231.2%
Delaware State Economic Development Authority1.250% 10/01/20451.1%
New Hampshire Business Finance Authority3.750% 07/01/20451.0%
Iowa Finance Authority5.250% 12/01/20251.0%
Florida Development Finance Corp3.000% 06/01/20321.0%
Black Belt Energy Gas District4.000% 12/01/20521.0%
New York Transportation Development Corp3.000% 08/01/20310.9%
California Municipal Finance Authority4.000% 07/15/20290.9%
M-S-R Energy Authority7.000% 11/01/20340.9%
City of Houston TX Airport System Revenue5.000% 07/01/20290.9%
Berks County Municipal Authority/The5.000% 02/01/20400.8%
New York Transportation Development Corp5.000% 12/01/20300.8%
Rhode Island Health and Educational Building Corp5.000% 09/01/20310.8%
Southeast Energy Authority A Cooperative District4.000% 12/01/20510.8%
New York Transportation Development Corp5.375% 08/01/20360.8%
Florida Development Finance Corp5.000% 05/01/20290.7%
Port Beaumont Navigation District2.750% 01/01/20360.7%
City of Farmington NM1.800% 04/01/20290.7%
Chicago Board of Education5.000% 12/01/20340.6%
Capital Trust Agency Inc3.375% 07/01/20310.6%
City of Henderson KY3.700% 01/01/20320.6%
Berks County Municipal Authority/The5.000% 02/01/20400.6%
Orlando Utilities Commission1.250% 10/01/20460.6%
Mission Economic Development Corp4.625% 10/01/20310.6%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.6%
Metropolitan Transportation Authority5.000% 11/15/20450.5%
Parish of St John the Baptist LA2.200% 06/01/20370.5%
Iowa Finance Authority4.000% 12/01/20500.5%
Indiana Finance Authority4.125% 12/01/20260.5%
New York Liberty Development Corp5.150% 11/15/20340.5%
New York Transportation Development Corp5.000% 01/01/20360.5%
New York Transportation Development Corp5.250% 08/01/20310.5%
Public Finance Authority4.000% 07/01/20360.5%
Massachusetts Development Finance Agency5.000% 07/01/20310.5%
Maryland Economic Development Corp5.000% 11/12/20280.5%
Metropolitan Transportation Authority5.000% 11/15/20340.5%
California Municipal Finance Authority5.000% 11/01/20270.5%
South Carolina Jobs-Economic Development Authority8.750% 07/01/20250.4%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20290.4%
Maryland Economic Development Corp5.750% 09/01/20250.4%
TSASC Inc/NY5.000% 06/01/20220.4%
Parish of St James LA5.850% 08/01/20410.4%
City of Coralville IA4.000% 06/01/20310.4%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.4%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20310.4%
Allegheny County Industrial Development Authority4.875% 11/01/20240.4%
New Jersey Economic Development Authority5.125% 09/15/20230.4%
Niagara Area Development Corp3.500% 11/01/20240.4%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.4%
Chicago Board of Education5.000% 12/01/20300.4%
New York City Transitional Finance Authority Futur0.330% 02/01/20450.4%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20260.4%
Fulton County Industrial Development Authority4.000% 07/01/20280.4%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.4%
Village Metropolitan District/The4.150% 12/01/20300.4%
Pennsylvania Economic Development Financing Author9.000% 04/01/20510.3%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.3%
New Jersey Economic Development Authority5.000% 06/15/20230.3%
New York State Dormitory Authority5.000% 08/01/20290.3%
New York State Environmental Facilities Corp2.750% 09/01/20500.3%
County of Sacramento CA Airport System Revenue5.000% 07/01/20280.3%
Commonwealth of Puerto Rico0.000% 11/01/20430.3%
San Diego Association of Governments1.800% 11/15/20270.3%
Parish of St James LA6.100% 06/01/20380.3%
City & County of Denver CO5.000% 10/01/20320.3%
State of Illinois5.000% 12/01/20260.3%
Clifton Higher Education Finance Corp5.250% 08/15/20280.3%
State of Illinois5.000% 11/01/20250.3%
Public Finance Authority4.300% 11/01/20300.3%
City of Houston TX Airport System Revenue5.000% 07/15/20270.3%
State of Illinois5.000% 11/01/20280.3%
Development Authority Of The City Of Marietta5.000% 11/01/20270.3%
Michigan Strategic Fund4.000% 10/01/20610.3%
Arlington Higher Education Finance Corp4.000% 06/15/20310.3%
New York Transportation Development Corp2.250% 08/01/20260.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20240.3%
Metropolitan Transportation Authority5.000% 11/15/20300.3%
Metropolitan Transportation Authority5.000% 09/01/20220.3%
New Hampshire Business Finance Authority2.150% 07/01/20270.3%
New Jersey Economic Development Authority5.000% 03/01/20300.3%
Berks County Industrial Development Authority5.000% 11/01/20230.3%
City of Chicago IL5.000% 01/01/20240.3%
City of Los Angeles Department of Airports5.000% 05/15/20290.3%
New York State Environmental Facilities Corp3.125% 12/01/20440.3%
Tahoe-Douglas Visitors Authority5.000% 07/01/20300.3%
Indiana Finance Authority2.500% 11/01/20300.3%
Metropolitan Transportation Authority5.000% 11/15/20290.3%
County of Nez Perce ID2.750% 10/01/20240.3%
Washington State Convention Center Public Faciliti5.000% 07/01/20350.3%
Chicago Board of Education5.000% 12/01/20330.3%
M-S-R Energy Authority6.125% 11/01/20290.3%
Public Finance Authority5.000% 12/01/20250.3%
California Statewide Communities Development Autho5.250% 12/01/20290.3%
Clifton Higher Education Finance Corp4.625% 08/15/20250.3%
Luzerne County Industrial Development Authority2.450% 12/01/20390.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.3%
Commonwealth of Puerto Rico5.625% 07/01/20290.2%
Jefferson Parish Economic Development & Port Distr4.800% 06/15/20290.2%
Chicago Board of Education5.000% 12/01/20300.2%
City of Houston TX Airport System Revenue5.000% 07/15/20350.2%
New York City Industrial Development Agency9.432% 03/01/20270.2%
Commonwealth of Puerto Rico5.375% 07/01/20250.2%
Phenix City Industrial Development Board4.125% 05/15/20350.2%
Puerto Rico Electric Power Authority0.000% 07/01/20270.2%
Maryland Economic Development Corp3.250% 09/01/20300.2%
Utah Charter School Finance Authority4.500% 06/15/20270.2%
Iowa Finance Authority5.250% 12/01/20500.2%
Calhoun County Navigation Industrial Development A3.625% 07/01/20260.2%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.2%
California Municipal Finance Authority5.000% 06/30/20290.2%
Puerto Rico Electric Power Authority5.250% 07/01/20230.2%
Ohio Air Quality Development Authority2.600% 06/01/20410.2%
Chicago Board of Education6.750% 12/01/20300.2%
County of Frederick MD5.000% 09/01/20270.2%
Chicago Board of Education4.000% 12/01/20270.2%
City of Houston TX Airport System Revenue4.750% 07/01/20240.2%
New Jersey Economic Development Authority1.690% 09/01/20250.2%
Brooklyn Arena Local Development Corp5.000% 07/15/20270.2%
Capital Trust Agency Inc5.000% 12/15/20350.2%
Metropolitan Pier & Exposition Authority5.500% 06/15/20290.2%
City of Sparks NV2.750% 06/15/20280.2%
New Hampshire Business Finance Authority2.950% 04/01/20290.2%
State of Illinois5.000% 11/01/20250.2%
Washington State Convention Center Public Faciliti3.000% 07/01/20310.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.2%
Texas Municipal Gas Acquisition and Supply Corp I6.250% 12/15/20260.2%
Puerto Rico Highway & Transportation Authority9.660% 07/01/20280.2%
Massachusetts Educational Financing Authority5.000% 07/01/20250.2%
City of Philadelphia PA Airport Revenue5.000% 07/01/20310.2%
City of Fruita CO Healthcare Revenue5.375% 01/01/20330.2%
City of Chicago IL5.000% 01/01/20230.2%
New York Liberty Development Corp1.450% 11/15/20290.2%
Port Beaumont Navigation District1.875% 01/01/20260.2%
City of Chicago IL5.000% 01/01/20270.2%
County of Cuyahoga OH5.000% 02/15/20300.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
New York Liberty Development Corp5.000% 11/15/20440.2%
Florida Higher Educational Facilities Financial Au4.500% 06/01/20330.2%
Vermont Economic Development Authority4.625% 04/01/20360.2%
County of Muskingum OH5.000% 02/15/20440.2%
Village Community Development District No 132.550% 05/01/20310.2%
City of Lenexa KS5.000% 05/15/20240.2%
New York City Municipal Water Finance Authority0.360% 06/15/20450.2%
New York Transportation Development Corp5.000% 01/01/20300.2%
Metropolitan Transportation Authority5.000% 11/15/20310.2%
Metropolitan Transportation Authority5.000% 02/01/20230.2%
New Hampshire Business Finance Authority3.625% 07/01/20430.2%
Babcock Ranch Community Independent Special Distri4.250% 05/01/20320.2%
Village Community Development District No 123.250% 05/01/20260.2%
Public Finance Authority6.500% 12/01/20370.2%
New Hampshire Business Finance Authority5.000% 07/01/20310.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20330.2%
Ohio Air Quality Development Authority2.875% 02/01/20260.2%
Hoover Industrial Development Board6.375% 11/01/20500.2%
Idaho Health Facilities Authority5.000% 09/01/20230.2%
Washington State Convention Center Public Faciliti5.000% 07/01/20330.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20300.2%
City of Chicago IL5.500% 01/01/20300.2%
New Jersey Economic Development Authority5.250% 09/15/20290.2%
State of Illinois5.375% 05/01/20230.2%
Glendale Industrial Development Authority5.000% 11/15/20230.2%
New Jersey Economic Development Authority5.500% 09/01/20290.2%
Virginia Small Business Financing Authority4.000% 07/01/20290.2%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.2%
Clifton Higher Education Finance Corp5.250% 08/15/20260.2%
Chicago Board of Education5.000% 12/01/20270.2%
Indiana Finance Authority1.400% 08/01/20290.2%
State of Illinois5.000% 03/01/20290.2%
Arlington Higher Education Finance Corp4.375% 08/15/20260.2%
City of Chicago IL0.000% 01/01/20310.2%
Washington State Convention Center Public Faciliti5.000% 07/01/20320.2%
E-470 Public Highway Authority0.384% 09/01/20390.2%
Colorado Health Facilities Authority2.125% 05/15/20280.2%
Palomar Health5.000% 11/01/20360.2%
Territory of Guam5.000% 01/01/20300.2%
City of Rockport IN3.050% 06/01/20250.2%
New York City Industrial Development Agency9.412% 03/01/20250.2%
Regional Transportation District5.000% 01/15/20280.2%
Nassau County Tobacco Settlement Corp5.250% 06/01/20260.2%
Chicago Board of Education5.000% 12/01/20290.2%
Duluth Economic Development Authority4.000% 07/01/20310.2%
Arizona Industrial Development Authority5.000% 07/01/20290.1%
Public Finance Authority5.000% 01/01/20240.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.1%
Chicago Board of Education5.000% 12/01/20220.1%
Development Authority of Burke County/The3.000% 11/01/20450.1%
Industrial Development Authority of the City of Ph2.950% 07/01/20260.1%
County of Cuyahoga OH5.000% 02/15/20230.1%
Commonwealth of Puerto Rico5.625% 07/01/20270.1%
New Hampshire Business Finance Authority4.000% 11/01/20270.1%
County of Muskingum OH4.000% 02/15/20230.1%
Commonwealth of Puerto Rico5.750% 07/01/20310.1%
Commonwealth of Puerto Rico0.000% 07/01/20240.1%
Vermont Student Assistance Corp4.000% 06/15/20290.1%
Massachusetts Health & Educational Facilities Auth1.159% 11/15/20320.1%
Polk County Industrial Development Authority5.875% 01/01/20330.1%
North Parkway Municipal Management District No 14.250% 09/15/20310.1%
New York City Housing Development Corp0.950% 05/01/20270.1%
Oklahoma Development Finance Authority5.000% 08/15/20240.1%
Rocky Mountain Rail Park Metropolitan District5.000% 12/01/20310.1%
New York State Environmental Facilities Corp2.875% 12/01/20440.1%
Chester County Health and Education Facilities Aut4.250% 11/01/20320.1%
Jefferson County Civic Facility Development Corp5.000% 11/01/20250.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20270.1%
New York State Housing Finance Agency1.450% 05/01/20290.1%
California Statewide Communities Development Autho5.000% 12/01/20410.1%
New York City Industrial Development Agency9.422% 03/01/20260.1%
San Gorgonio Memorial Health Care District5.000% 08/01/20350.1%
Village Community Development District No 132.625% 05/01/20300.1%
Chicago Board of Education5.000% 12/01/20270.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20230.1%
Chicago Board of Education4.000% 12/01/20220.1%
Metropolitan Pier & Exposition Authority5.000% 12/15/20220.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20290.1%
City of Oroville CA5.000% 04/01/20260.1%
California Statewide Communities Development Autho5.000% 12/01/20250.1%
Pennsylvania Higher Education Assistance Agency5.000% 06/01/20290.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20250.1%
Vermont Student Assistance Corp3.750% 06/15/20280.1%
City of Coralville IA4.500% 06/01/20320.1%
City of Brunswick MD4.000% 07/01/20290.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.1%
New York City Housing Development Corp2.850% 11/01/20310.1%
New York Transportation Development Corp2.500% 10/31/20310.1%
Babcock Ranch Community Independent Special Distri4.125% 05/01/20270.1%
Chicago Board of Education4.000% 12/01/20220.1%
City of Whiting IN5.000% 11/01/20450.1%
Kirkwood Industrial Development Authority5.250% 05/15/20280.1%
California Statewide Communities Development Autho5.000% 12/01/20260.1%
New York Transportation Development Corp4.000% 10/01/20300.1%
Public Finance Authority5.000% 12/01/20270.1%
Minnesota Housing Finance Agency3.000% 01/01/20510.1%
Michigan Strategic Fund5.000% 06/30/20300.1%
South Carolina Public Service Authority5.000% 12/01/20310.1%
Bucks County Industrial Development Authority5.000% 07/01/20250.1%
County of Osceola FL Transportation Revenue5.000% 10/01/20310.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20290.1%
American Samoa Economic Development Authority6.500% 09/01/20280.1%
Port Beaumont Navigation District3.625% 01/01/20350.1%
Ohio Air Quality Development Authority1.500% 02/01/20260.1%
Atlanta Development Authority/The0.000% 01/01/20230.1%
City of Coralville IA5.000% 05/01/20300.1%
Palomar Health5.000% 11/01/20280.1%
Public Authority for Colorado Energy6.125% 11/15/20230.1%
New York Transportation Development Corp5.000% 01/01/20230.1%
Public Finance Authority5.000% 07/01/20420.1%
Kentucky State Property & Building Commission5.000% 11/01/20240.1%
Allentown Neighborhood Improvement Zone Developmen6.000% 05/01/20420.1%
Bucks County Industrial Development Authority5.000% 07/01/20380.1%
California Municipal Finance Authority5.000% 12/31/20350.1%
California Statewide Communities Development Autho5.000% 12/01/20290.1%
California Statewide Communities Development Autho5.000% 12/01/20310.1%
City of Chicago IL5.250% 01/01/20280.1%
Main Street Natural Gas Inc5.000% 05/15/20260.1%
New York City Industrial Development Agency5.000% 07/01/20220.1%
Public Finance Authority4.000% 12/01/20310.1%
Industrial Development Authority of the City of St3.875% 11/15/20290.1%
Metropolitan Pier & Exposition Authority0.000% 06/15/20280.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
Port Beaumont Navigation District2.625% 01/01/20310.1%
Southeastern Ohio Port Authority5.500% 12/01/20290.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20230.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20280.1%
Fulton County Residential Care Facilities for the3.000% 04/01/20240.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20260.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20270.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20270.1%
New York Transportation Development Corp5.000% 01/01/20240.1%
River Islands Public Financing Authority5.375% 09/01/20310.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20290.1%
City & County of San Francisco CA Special Tax Dist4.000% 09/01/20310.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20250.1%
New York City Industrial Development Agency5.000% 07/01/20280.1%
Bucks County Industrial Development Authority2.750% 12/01/20220.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20290.1%
New Hampshire Business Finance Authority2.800% 10/01/20330.1%
New York Transportation Development Corp5.000% 08/01/20260.1%
Waldwick School District2.000% 07/15/20290.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20290.1%
Development Authority Of Floyd County5.500% 12/01/20280.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
Clarion County Industrial Development Authority2.450% 12/01/20390.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.1%
Port Beaumont Navigation District2.000% 01/01/20270.1%
Build NYC Resource Corp2.500% 06/15/20310.1%
California Statewide Communities Development Autho5.000% 12/01/20280.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20310.1%
West Villages Improvement District4.250% 05/01/20290.1%
New York City Housing Development Corp1.450% 11/01/20290.1%
City of Oroville CA5.000% 04/01/20290.1%
Illinois Finance Authority4.000% 10/01/20310.1%
Delaware State Economic Development Authority1.250% 10/01/20400.1%
Washington State Convention Center Public Faciliti4.000% 07/01/20300.1%
Academical Village Community Development District2.875% 05/01/20250.1%
Berks County Municipal Authority/The5.000% 02/01/20320.1%
Indiana Finance Authority3.000% 11/01/20300.1%
Maryland Economic Development Corp0.000% 12/01/20310.1%
Atlanta Urban Redevelopment Agency2.875% 07/01/20310.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
New Jersey Housing & Mortgage Finance Agency4.500% 10/01/20480.1%
New York City Housing Development Corp1.000% 11/01/20270.1%
Chicago Board of Education0.000% 12/01/20250.1%
Parish of St James LA6.100% 12/01/20400.1%
California Municipal Finance Authority5.000% 08/01/20240.1%
Vermont Student Assistance Corp4.000% 06/15/20300.1%
California Housing Finance Agency4.000% 03/20/20330.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Palomar Health5.000% 08/01/20290.1%
New York Transportation Development Corp4.000% 07/01/20320.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20320.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
Palomar Health5.000% 11/01/20310.1%
County of Osceola FL Transportation Revenue5.000% 10/01/20290.1%
Educational Enhancement Funding Corp5.000% 06/01/20240.1%
Kirkwood Industrial Development Authority5.000% 05/15/20220.1%
Territory of Guam5.000% 01/01/20310.1%
City of Houston TX Airport System Revenue5.000% 07/01/20270.1%
Illinois Finance Authority5.000% 09/01/20260.1%
Atlanta Urban Redevelopment Agency2.375% 07/01/20260.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Illinois Sports Facilities Authority/The5.250% 06/15/20320.1%
Northern Palm Beach County Improvement District5.000% 08/01/20370.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
Capital Trust Agency Inc5.000% 12/15/20290.1%
County of Warren MS2.900% 09/01/20320.1%
Idaho Health Facilities Authority5.000% 09/01/20290.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20220.1%
Academical Village Community Development District3.250% 05/01/20310.1%
Capital Trust Agency Inc5.000% 12/15/20280.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20230.1%
Port Beaumont Navigation District2.250% 01/01/20290.1%
Port Beaumont Navigation District2.500% 01/01/20300.1%
Build NYC Resource Corp4.000% 12/01/20310.1%
California Statewide Communities Development Autho3.000% 06/01/20290.1%
Capital Trust Agency Inc5.000% 12/15/20270.1%
Celebration Pointe Community Development District3.000% 05/01/20310.1%
City of Brunswick MD3.000% 07/01/20240.1%
New York State Housing Finance Agency1.250% 11/01/20280.1%
Ohio Air Quality Development Authority2.875% 02/01/20260.1%
Peninsula Town Center Community Development Author4.500% 09/01/20280.1%
Tahoe-Douglas Visitors Authority4.000% 07/01/20270.1%
Regional Transportation District5.000% 01/15/20290.1%
Village Community Development District No 131.800% 05/01/20260.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20220.1%
Illinois Finance Authority4.000% 10/01/20320.1%
Illinois Finance Authority5.000% 09/01/20250.1%
Roanoke Economic Development Authority4.300% 09/01/20300.1%
City of New Haven CT5.000% 08/01/20250.1%
Illinois Finance Authority4.000% 10/01/20300.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
New Jersey Economic Development Authority5.250% 01/01/20250.1%
Washington State Convention Center Public Faciliti5.000% 07/01/20340.1%
City of Sparks NV2.500% 06/15/20240.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.1%
California Municipal Finance Authority5.000% 03/01/20250.1%
Illinois Finance Authority4.000% 10/01/20280.1%
Westerly Metropolitan District No 44.125% 12/01/20310.1%
Florida Development Finance Corp4.000% 07/15/20260.1%
Parish of St Charles LA4.000% 12/01/20400.1%
County of Cuyahoga OH5.000% 02/15/20280.1%
Brighton Crossing Metropolitan District No 65.000% 12/01/20350.1%
Matagorda County Navigation District No 14.400% 05/01/20300.1%
Parish of St John the Baptist LA2.125% 06/01/20370.1%
Franklin County Industrial Development Authority/P5.000% 12/01/20260.1%
Massachusetts Development Finance Agency5.000% 01/01/20240.1%
New Jersey Economic Development Authority1.990% 09/01/20270.1%
New York Transportation Development Corp4.000% 10/31/20340.1%
Arizona Industrial Development Authority5.000% 07/01/20260.0%
Illinois Finance Authority5.000% 09/01/20230.0%
Illinois Finance Authority5.000% 09/01/20240.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
Port Beaumont Navigation District2.125% 01/01/20280.0%
Maricopa County Industrial Development Authority4.000% 07/01/20290.0%
Montgomery County Housing Opportunities Commission4.000% 07/01/20480.0%
New York State Dormitory Authority5.000% 09/01/20280.0%
North Parkway Municipal Management District No 13.625% 09/15/20260.0%
Oklahoma Development Finance Authority5.000% 08/15/20290.0%
Industrial Development Authority of the County of4.000% 06/15/20220.0%
Public Finance Authority5.000% 06/01/20260.0%
Utah Charter School Finance Authority3.250% 06/15/20310.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Florida Development Finance Corp4.000% 09/15/20300.0%
Montgomery County Higher Education and Health Auth1.169% 11/15/20340.0%
Celebration Pointe Community Development District2.375% 05/01/20260.0%
Indiana Finance Authority3.000% 11/01/20300.0%
Maricopa County Industrial Development Authority5.125% 10/01/20300.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20250.0%
County of Berkeley SC4.000% 11/01/20300.0%
New Hope Cultural Education Facilities Finance Cor4.000% 01/01/20290.0%
North Carolina Housing Finance Agency4.000% 07/01/20470.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.0%
Capital Trust Agency Inc5.000% 12/15/20290.0%
Board of Managers Joint Guadalupe County-City of S4.000% 12/01/20260.0%
Love Field Airport Modernization Corp5.000% 11/01/20280.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Parish of St John the Baptist LA2.375% 06/01/20370.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20270.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Capital Trust Agency Inc4.000% 12/15/20230.0%
Glendale Industrial Development Authority4.000% 11/15/20270.0%
Pennsylvania Housing Finance Agency4.000% 04/01/20390.0%
West Villages Improvement District4.000% 05/01/20240.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20260.0%
Casino Reinvestment Development Authority Inc5.000% 11/01/20220.0%
Ohio Air Quality Development Authority3.750% 01/15/20280.0%
Arlington Higher Education Finance Corp4.000% 08/15/20310.0%
Chester County Industrial Development Authority3.700% 10/15/20220.0%
County of Cook IL5.000% 11/15/20220.0%
Oklahoma Development Finance Authority4.000% 08/01/20370.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Antelope Valley Healthcare District5.250% 03/01/20360.0%
Capital Trust Agency Inc5.000% 12/15/20260.0%
Commonwealth of Pennsylvania5.000% 07/01/20240.0%
Capital Trust Agency Inc4.000% 12/15/20250.0%
Maricopa County Industrial Development Authority5.000% 10/01/20260.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20230.0%
Love Field Airport Modernization Corp5.000% 11/01/20220.0%
California Pollution Control Financing Authority5.000% 07/01/20290.0%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.0%
Territory of Guam5.000% 01/01/20280.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20260.0%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20220.0%
Downtown Doral South Community Development Distric4.250% 12/15/20280.0%
New York State Dormitory Authority4.000% 05/01/20220.0%
Scranton Redevelopment Authority5.000% 11/15/20280.0%
Public Finance Authority3.000% 12/01/20260.0%
Salt Verde Financial Corp5.250% 12/01/20230.0%
Tulsa County Industrial Authority5.000% 11/15/20230.0%
Florida Development Finance Corp5.000% 06/15/20250.0%
Wisconsin Health & Educational Facilities Authorit4.375% 08/01/20270.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
School District of Philadelphia/The5.000% 09/01/20250.0%
Northern Palm Beach County Improvement District3.250% 08/01/20220.0%
City of San Diego Tobacco Settlement Revenue Fundi4.000% 06/01/20320.0%
New York State Dormitory Authority4.000% 11/01/20250.0%
California School Finance Authority5.000% 08/01/20270.0%
New York State Dormitory Authority4.000% 11/01/20260.0%
Village Community Development District No 123.250% 05/01/20230.0%
California School Finance Authority5.000% 08/01/20250.0%
California School Finance Authority5.000% 08/01/20260.0%
City of North Las Vegas NV3.750% 06/01/20250.0%
City of Valparaiso IN5.875% 01/01/20240.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
Puerto Rico Electric Power Authority5.000% 07/01/20240.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%
City of Valparaiso IN7.000% 01/01/20440.0%
Commonwealth of Puerto Rico4.000% 07/01/20330.0%
Chicago Board of Education7.000% 12/01/20260.0%
City of North Las Vegas NV3.500% 06/01/20240.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Greater Orlando Aviation Authority5.000% 11/15/20260.0%
New York State Dormitory Authority5.250% 01/01/20340.0%
Southeastern Ohio Port Authority5.000% 12/01/20220.0%
Southeastern Ohio Port Authority5.000% 12/01/20230.0%
California Municipal Finance Authority5.000% 08/01/20270.0%
City & County of San Francisco CA Special Tax Dist4.000% 09/01/20260.0%
City of North Las Vegas NV3.500% 06/01/20230.0%
Celebration Pointe Community Development District4.000% 05/01/20220.0%
Florence Town Inc Industrial Development Authority5.000% 07/01/20230.0%
King County Public Hospital District No 45.000% 12/01/20250.0%
Public Finance Authority5.000% 07/01/20220.0%
Public Finance Authority5.000% 07/01/20220.0%
Commonwealth of Puerto Rico4.000% 07/01/20370.0%
Illinois Finance Authority5.000% 05/15/20250.0%
City of Blaine MN5.125% 07/01/20250.0%
California Statewide Communities Development Autho5.750% 07/01/20240.0%
Commonwealth of Puerto Rico4.000% 07/01/20350.0%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.0%
California Statewide Communities Development Autho0.000% 07/01/20220.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
Commonwealth of Puerto Rico0.000% 07/01/20330.0%
FVM2 - Futures0.000% 01/01/19000.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 07/01/20530.0%
TYM2 - Futures0.000% 01/01/19000.0%

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 06/24/2022
$0.132
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.03068 $14.53
Daily Daily 04/30/2022 $0.03037 $14.50
Daily Daily 03/31/2022 $0.02626 $14.88
Daily Daily 02/28/2022 $0.02377 $15.37
Daily Daily 01/31/2022 $0.02109 $15.51

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 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

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. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.55
$100,000 to $249,999 1.75% 1.50% $14.47
$250,000 to $499,999 0.00% 1.00% $14.22
$500,000 to $999,999 0.00% 1.00% $14.22
$1,000,000 to $5,000,000 0.00% 1.00% $14.22

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 05/31/2022

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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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