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

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Short Duration High Income Municipal Bond Fund

fund alert

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 01/21/2022

$15.72

arrowDown$0.02

YTD Returns w/o sales charge as of 01/21/2022

-1.11%

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 01/21/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.70% 1.62%
w/ sales charge 1.67% 1.59%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.93% 0.90%

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

Fund Basicsas of 12/31/2021

Total Net Assets
$1.29 B
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
596
Minimum Initial Investment
$1,000+

Expense Ratioas of 12/31/2021

Expense ratio details, Click here.

 

 

 

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.08% 4.08% 4.41% 4.12% - 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% - -
w/ sales charge 1.73% 1.73% 3.61% 3.65% - 3.13%

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.08% 4.08% 4.41% 4.12% - 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% - -
w/ sales charge 1.73% 1.73% 3.61% 3.65% - 3.13%

Fund Expense Ratio :

Gross 0.78%

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.

RELATED CONTENT

What Might Fuel Renewed Strength in Muni Bonds?
March 1, 2021

Our Director of Tax-Free Fixed Income assesses key trends and opportunities in the municipal bond market.

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

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 12/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
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

34 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

11 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 01/21/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.70% 1.62%
w/ sales charge 1.67% 1.59%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.93% 0.90%

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

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.08% 4.08% 4.41% 4.12% - 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% - -
w/ sales charge 1.73% 1.73% 3.61% 3.65% - 3.13%

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

Fund Expense Ratio :

Gross 0.78%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.08% 4.08% 4.41% 4.12% - 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% - -
w/ sales charge 1.73% 1.73% 3.61% 3.65% - 3.13%

Fund Expense Ratio :

Gross 0.78%

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
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
Transportation
GO Local
Lease
GO State
Education
Water & Sewer
Power
Treasury
VRDN
Housing
Other
Muni_Pre-Refunded
Pre-Refunded

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

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

CREDIT QUALITY DISTRIBUTION as of 12/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
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 09/30/2021

  • As the economy further reopens and recovers, we expect the credit fundamentals of the municipal market to remain positive. The credit outlook may continue to strengthen as the unprecedented fiscal spending over the last eighteen months continues to trickle down to state and local governments. Overall, in excess of $1 trillion in emergency aid was earmarked for municipalities, amounting to approximately one quarter of the total outstanding of municipal bonds. Given this strong credit backdrop, we are positive on credit risk and the portfolio has an overweight to bonds rated ‘BB’ and ‘B’ relative to its benchmark, due to relatively attractive credit spreads. For enhanced liquidity, the Fund is overweight investment grade bonds, though primarily lower tiered investment grade credits, while underweight bonds in the ‘AAA’ and ‘AA’ credit quality tiers.
  • From a sector perspective, the Fund’s overweight to Revenue bonds is driven primarily by a significant overweight to the IDR sector and an overweight to the Transportation sector.
  • On August 10, 2021, the U.S. Senate voted to pass the Infrastructure Investment and Jobs Act. The legislation provides nearly $1 trillion in total spending over the next five years, resulting in $550 billion in new spending. The Infrastructure Investment and Jobs Act is currently being debated on in the House of Representatives and some House members are fighting for the inclusion of advanced refunding and direct pay bonds, both of which were not included in the Senate’s version of the Bill. From a technical perspective, the reinstatement of advanced refunding could result in a notable increase in issuance for the municipal market.
  • The House of Representatives’ Ways and Means Committee has drafted legislation that, among other measures, would increase the rate on the top individual tax bracket from 37% to 39.6% for individuals earning more than $400,000 and households earning more than $450,000 as well as raise the corporate tax rate to 26.5%. An increase to the top individual tax bracket would allow high earners a higher tax-equivalent yield and potentially lead to a higher demand from the retail segment of the market, which has the largest ownership of municipal bonds. The next largest segment holding municipal bonds is financial services firms, such as banks and insurance companies. Should the corporate tax rate rise, it may result in growing demand from these firms as well for tax free bonds.

Portfolio Details as of 12/31/2021

Total Net Assets
$1.29 B
Number of Issues
596
Average Coupon
4.4%
Average Effective Maturity
7.0 Years
Average Effective Duration
4.29 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
Puerto Rico Commonwealth Aqueduct & Sewer Authorit 5.000% 07/01/2030 1.5%
Texas Municipal Gas Acquisition & Supply Corp III 5.000% 12/15/2028 1.5%
Southeast Energy Authority A Cooperative District 4.000% 12/01/2051 1.5%
Tennessee Energy Acquisition Corp 5.000% 05/01/2052 1.5%
State of Illinois 5.500% 05/01/2030 1.4%
California Municipal Finance Authority 4.000% 07/15/2029 1.4%
New York Transportation Development Corp 4.000% 10/01/2030 1.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.500% 07/01/2034 1.2%
Florida Development Finance Corp 3.000% 06/01/2032 1.1%
Main Street Natural Gas Inc 4.000% 05/01/2052 1.0%
% of Total Assets 13.4%

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 of11/30/2021

Holding Coupon Maturity Assets
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20301.6%
Southeast Energy Authority A Cooperative District4.000% 12/01/20511.6%
State of Illinois5.500% 05/01/20301.5%
California Municipal Finance Authority4.000% 07/15/20291.4%
New York Transportation Development Corp4.000% 10/01/20301.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.500% 07/01/20341.2%
Florida Development Finance Corp3.000% 06/01/20321.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20281.2%
Main Street Natural Gas Inc4.000% 05/01/20521.1%
Tennessee Energy Acquisition Corp5.000% 05/01/20521.1%
County of Lee FL Airport Revenue5.000% 10/01/20271.0%
Washington State Convention Center Public Faciliti4.000% 07/01/20311.0%
Tennergy Corp/TN4.000% 12/01/20511.0%
Iowa Finance Authority5.250% 12/01/20250.9%
Berks County Municipal Authority/The5.000% 02/01/20400.8%
Kentucky Public Energy Authority4.000% 02/01/20500.8%
Southeast Energy Authority A Cooperative District4.000% 11/01/20510.8%
Louisiana Local Government Environmental Facilitie3.500% 11/01/20320.7%
Allegheny County Industrial Development Authority5.125% 05/01/20300.7%
New York Transportation Development Corp3.000% 08/01/20310.7%
California Community Choice Financing Authority4.000% 02/01/20520.7%
Commonwealth of Puerto Rico8.000% 07/01/20350.7%
Chicago Board of Education5.000% 12/01/20340.6%
Capital Trust Agency Inc3.375% 07/01/20310.6%
City of Chicago IL5.000% 01/01/20260.6%
PEFA Inc5.000% 09/01/20490.6%
Port Beaumont Navigation District3.625% 01/01/20350.6%
California Community Choice Financing Authority4.000% 10/01/20520.6%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.5%
State of New Jersey2.000% 06/01/20260.5%
City of New York NY0.050% 12/01/20470.5%
Parish of St John the Baptist LA2.200% 06/01/20370.5%
Mission Economic Development Corp4.625% 10/01/20310.5%
New York Transportation Development Corp5.000% 01/01/20360.5%
State of Illinois5.000% 11/01/20270.5%
State of New Jersey5.000% 06/01/20260.5%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.5%
State of Illinois5.000% 11/01/20260.5%
New York Transportation Development Corp5.250% 08/01/20310.5%
Public Finance Authority4.000% 07/01/20360.5%
New York City Transitional Finance Authority Futur0.040% 02/01/20450.5%
New York Liberty Development Corp5.150% 11/15/20340.5%
Massachusetts Development Finance Agency5.000% 07/01/20310.5%
State of Hawaii Department of Budget & Finance3.100% 05/01/20260.5%
Chicago Board of Education5.000% 12/01/20310.4%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20290.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20350.4%
Metropolitan Transportation Authority5.000% 11/15/20340.4%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20310.4%
Commonwealth of Puerto Rico5.250% 07/01/20240.4%
Parish of St James LA5.850% 08/01/20410.4%
Florida Higher Educational Facilities Financial Au4.500% 06/01/20330.4%
Kansas City Industrial Development Authority5.000% 03/01/20310.4%
New York City Educational Construction Fund5.000% 04/01/20270.4%
Commonwealth of Puerto Rico5.750% 07/01/20280.4%
City of Coralville IA4.000% 06/01/20310.4%
Chicago Board of Education5.000% 12/01/20300.4%
Maryland Economic Development Corp5.750% 09/01/20250.4%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.4%
TSASC Inc/NY5.000% 06/01/20220.4%
Village Community Development District No 133.550% 05/01/20390.4%
Northern California Energy Authority4.000% 07/01/20490.4%
New Jersey Economic Development Authority5.125% 09/15/20230.3%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20260.3%
Niagara Area Development Corp3.500% 11/01/20240.3%
Tennessee Energy Acquisition Corp5.000% 02/01/20270.3%
California Municipal Finance Authority5.000% 12/31/20290.3%
Lower Colorado River Authority5.000% 05/15/20260.3%
Village Metropolitan District/The4.150% 12/01/20300.3%
New York Transportation Development Corp5.375% 08/01/20360.3%
Fulton County Industrial Development Authority4.000% 07/01/20280.3%
State of Illinois5.000% 11/01/20290.3%
State of California5.000% 12/01/20270.3%
Parish of St James LA6.100% 06/01/20380.3%
New Jersey Economic Development Authority5.000% 06/15/20230.3%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.3%
Port of Seattle Industrial Development Corp5.000% 04/01/20300.3%
San Diego Association of Governments1.800% 11/15/20270.3%
State of Illinois5.000% 12/01/20260.3%
Indiana Finance Authority4.125% 12/01/20260.3%
Arlington Higher Education Finance Corp4.000% 06/15/20310.3%
City of Houston TX Airport System Revenue5.000% 07/15/20270.3%
Central Texas Regional Mobility Authority5.000% 01/01/20270.3%
California Municipal Finance Authority5.000% 11/01/20270.3%
Clifton Higher Education Finance Corp5.250% 08/15/20280.3%
New York Transportation Development Corp2.250% 08/01/20260.3%
City of Philadelphia PA Airport Revenue5.000% 07/01/20280.3%
County of Lowndes MS6.800% 04/01/20220.3%
Washington State Convention Center Public Faciliti5.000% 07/01/20350.3%
City & County of Denver CO5.000% 10/01/20320.3%
State of Illinois5.000% 10/01/20240.3%
Tahoe-Douglas Visitors Authority5.000% 07/01/20300.3%
New Hampshire Business Finance Authority2.150% 07/01/20270.3%
Florida Development Finance Corp5.000% 05/01/20290.3%
City of Chicago IL5.000% 01/01/20240.3%
New York State Environmental Facilities Corp3.125% 12/01/20440.3%
New Jersey Economic Development Authority5.000% 03/01/20300.3%
State of Illinois5.000% 11/01/20280.3%
Metropolitan Transportation Authority5.000% 11/15/20290.3%
Berks County Industrial Development Authority5.000% 11/01/20230.3%
Metropolitan Transportation Authority5.000% 11/15/20300.3%
Metropolitan Transportation Authority5.000% 09/01/20220.3%
Columbia Industrial Development Board0.050% 12/01/20370.3%
Michigan Strategic Fund4.000% 10/01/20610.3%
Utah Charter School Finance Authority4.500% 06/15/20270.2%
M-S-R Energy Authority6.125% 11/01/20290.2%
Metropolitan Transportation Authority5.000% 11/15/20450.2%
Orlando Utilities Commission1.250% 10/01/20460.2%
County of Nez Perce ID2.750% 10/01/20240.2%
Delaware State Economic Development Authority1.250% 10/01/20450.2%
Ohio Air Quality Development Authority3.250% 09/01/20290.2%
Pennsylvania Economic Development Financing Author9.000% 04/01/20510.2%
Luzerne County Industrial Development Authority2.450% 12/01/20390.2%
Public Finance Authority5.000% 12/01/20250.2%
Farmville Industrial Development Authority5.000% 01/01/20310.2%
California Statewide Communities Development Autho5.250% 12/01/20290.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.2%
Jefferson Parish Economic Development & Port Distr4.800% 06/15/20290.2%
New York City Industrial Development Agency6.280% 03/01/20270.2%
New York State Dormitory Authority5.000% 07/01/20270.2%
City of Houston TX Airport System Revenue5.000% 07/15/20350.2%
California Municipal Finance Authority5.000% 06/30/20290.2%
Iowa Finance Authority4.750% 08/01/20420.2%
Kentucky Public Energy Authority4.000% 12/01/20500.2%
Chicago Board of Education6.750% 12/01/20300.2%
Calhoun County Navigation Industrial Development A3.625% 07/01/20260.2%
Chicago Board of Education4.000% 12/01/20270.2%
City of New York NY5.000% 08/01/20340.2%
Ohio Air Quality Development Authority2.600% 06/01/20410.2%
South Carolina Jobs-Economic Development Authority8.750% 07/01/20250.2%
Washington State Convention Center Public Faciliti3.000% 07/01/20310.2%
West Virginia Economic Development Authority3.000% 06/01/20370.2%
County of Santa Barbara CA5.000% 12/01/20270.2%
Indiana Finance Authority3.000% 11/01/20300.2%
New York State Environmental Facilities Corp2.750% 09/01/20500.2%
Public Finance Authority4.300% 11/01/20300.2%
Puerto Rico Electric Power Authority0.000% 07/01/20270.2%
Hoover Industrial Development Board6.375% 11/01/20500.2%
Brooklyn Arena Local Development Corp5.000% 07/15/20270.2%
Phenix City Industrial Development Board4.125% 05/15/20350.2%
Kentucky Economic Development Finance Authority5.000% 08/01/20300.2%
California Municipal Finance Authority0.700% 12/01/20440.2%
County of Frederick MD5.000% 09/01/20270.2%
Village Community Development District No 123.250% 05/01/20260.2%
New York City Transitional Finance Authority Futur0.050% 05/01/20340.2%
New York Liberty Development Corp1.450% 11/15/20290.2%
George L Smith II Congress Center Authority3.625% 01/01/20310.2%
New York Transportation Development Corp5.000% 12/01/20270.2%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.2%
New Hampshire Business Finance Authority2.950% 04/01/20290.2%
Puerto Rico Electric Power Authority5.250% 07/01/20230.2%
City of Houston TX Airport System Revenue4.750% 07/01/20240.2%
Capital Trust Agency Inc5.000% 12/15/20350.2%
CSCDA Community Improvement Authority2.650% 12/01/20460.2%
New York Transportation Development Corp5.000% 12/01/20250.2%
Metropolitan Pier & Exposition Authority5.500% 06/15/20290.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.2%
State of Illinois5.000% 11/01/20250.2%
State of Illinois5.000% 11/01/20250.2%
Massachusetts Educational Financing Authority5.000% 07/01/20250.2%
New Jersey Economic Development Authority1.300% 09/01/20250.2%
City of Fruita CO Healthcare Revenue5.375% 01/01/20330.2%
County of Cuyahoga OH5.000% 02/15/20300.2%
Texas Municipal Gas Acquisition and Supply Corp I6.250% 12/15/20260.2%
Florida Development Finance Corp5.000% 08/01/20290.2%
New York Transportation Development Corp5.000% 01/01/20300.2%
Port Authority of New York & New Jersey3.000% 10/01/20280.2%
Development Authority Of The City Of Marietta5.000% 11/01/20270.2%
Public Finance Authority6.500% 12/01/20370.2%
Vermont Economic Development Authority4.625% 04/01/20360.2%
Washington State Convention Center Public Faciliti5.000% 07/01/20330.2%
Allegheny County Industrial Development Authority4.875% 11/01/20240.2%
New Hampshire Business Finance Authority5.000% 07/01/20310.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
Puerto Rico Highway & Transportation Authority6.371% 07/01/20280.2%
City of Chicago IL5.000% 01/01/20230.2%
Metropolitan Transportation Authority5.000% 11/15/20310.2%
Central Texas Regional Mobility Authority5.000% 01/01/20290.2%
City of Houston TX Airport System Revenue5.000% 07/15/20270.2%
New Jersey Economic Development Authority5.000% 06/15/20250.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20330.2%
City of Lenexa KS5.000% 05/15/20240.2%
Oconee County Industrial Development Authority5.500% 12/01/20280.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Metropolitan Transportation Authority5.000% 02/01/20230.2%
Indiana Finance Authority1.400% 08/01/20290.2%
Washington State Convention Center Public Faciliti5.000% 07/01/20320.2%
City of Chicago IL5.500% 01/01/20300.2%
Delaware Valley Regional Finance Authority2.000% 10/01/20290.2%
Chicago Board of Education5.000% 12/01/20330.2%
Chicago Board of Education5.000% 12/01/20290.2%
City of Chicago IL0.000% 01/01/20310.2%
Pennsylvania Higher Education Assistance Agency5.000% 06/01/20270.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.2%
Idaho Health Facilities Authority5.000% 09/01/20230.2%
Northern Tobacco Securitization Corp5.000% 06/01/20290.2%
Illinois Sports Facilities Authority/The5.000% 06/15/20300.2%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20270.2%
Clifton Higher Education Finance Corp5.250% 08/15/20260.2%
Regional Transportation District5.000% 01/15/20280.2%
City of Philadelphia PA Airport Revenue5.000% 06/15/20260.2%
New Jersey Economic Development Authority5.250% 09/15/20290.1%
State of Illinois5.000% 03/01/20280.1%
State of Illinois5.375% 05/01/20230.1%
Glendale Industrial Development Authority5.000% 11/15/20230.1%
Chicago Board of Education5.000% 12/01/20290.1%
Duluth Economic Development Authority4.000% 07/01/20310.1%
Arlington Higher Education Finance Corp4.375% 08/15/20260.1%
Port Authority of New York & New Jersey4.000% 03/15/20300.1%
Arizona Industrial Development Authority5.000% 07/01/20290.1%
City of Rockport IN3.050% 06/01/20250.1%
Gulf Coast Authority1.500% 05/01/20280.1%
New York City Industrial Development Agency5.000% 03/01/20300.1%
New York Transportation Development Corp5.000% 12/01/20280.1%
Palomar Health5.000% 11/01/20360.1%
Polk County Industrial Development Authority5.875% 01/01/20330.1%
New York City Industrial Development Agency6.260% 03/01/20250.1%
Industrial Development Authority of the City of Ph2.950% 07/01/20260.1%
State of Illinois5.000% 03/01/20290.1%
E-470 Public Highway Authority0.384% 09/01/20390.1%
Norfolk Redevelopment & Housing Authority4.000% 01/01/20250.1%
Daviess County School District Finance Corp5.000% 12/01/20280.1%
Rampart Range Metropolitan District No 54.000% 12/01/20360.1%
Atlanta Development Authority/The6.000% 01/01/20230.1%
Public Finance Authority5.000% 01/01/20240.1%
Rocky Mountain Rail Park Metropolitan District5.000% 12/01/20310.1%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.1%
Vermont Student Assistance Corp4.000% 06/15/20290.1%
Nassau County Tobacco Settlement Corp5.250% 06/01/20260.1%
North Parkway Municipal Management District No 14.250% 09/15/20310.1%
New Hampshire Business Finance Authority4.000% 11/01/20270.1%
New York State Environmental Facilities Corp2.875% 12/01/20440.1%
Chicago Board of Education5.000% 12/01/20220.1%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.1%
County of Cuyahoga OH5.000% 02/15/20230.1%
Puerto Rico Public Buildings Authority6.000% 07/01/20230.1%
Development Authority of Burke County/The3.000% 11/01/20450.1%
Fulton County Residential Care Facilities for the3.000% 04/01/20240.1%
New York City Housing Development Corp0.950% 05/01/20270.1%
City of Houston TX Airport System Revenue5.000% 07/01/20280.1%
Oklahoma Development Finance Authority5.000% 08/15/20240.1%
County of Muskingum OH4.000% 02/15/20230.1%
New York State Housing Finance Agency1.450% 05/01/20290.1%
New York Transportation Development Corp5.000% 12/01/20260.1%
Village Community Development District No 132.625% 05/01/20300.1%
New York Transportation Development Corp5.000% 12/01/20230.1%
Chicago Board of Education5.000% 12/01/20270.1%
Development Authority Of Floyd County5.750% 12/01/20330.1%
Massachusetts Health & Educational Facilities Auth0.924% 11/15/20320.1%
New Brunswick Parking Authority5.000% 09/01/20280.1%
Indiana Finance Authority2.500% 11/01/20300.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20270.1%
Chicago Board of Education5.000% 12/01/20300.1%
Chester County Health and Education Facilities Aut4.250% 11/01/20320.1%
New York City Industrial Development Agency6.270% 03/01/20260.1%
California Pollution Control Financing Authority5.000% 11/21/20450.1%
Jefferson County Civic Facility Development Corp5.000% 11/01/20250.1%
Alabama Industrial Development Authority6.450% 12/01/20230.1%
City of Chicago IL5.000% 01/01/20240.1%
New York Transportation Development Corp2.500% 10/31/20310.1%
City of Brunswick MD4.000% 07/01/20290.1%
County of Santa Barbara CA5.000% 12/01/20280.1%
State of Illinois3.500% 06/01/20310.1%
City of Chicago IL5.000% 01/01/20270.1%
California Statewide Communities Development Autho5.000% 12/01/20250.1%
City of Oroville CA5.000% 04/01/20260.1%
Golden State Tobacco Securitization Corp3.500% 06/01/20360.1%
Regional Transportation District5.000% 07/15/20290.1%
Vermont Student Assistance Corp3.750% 06/15/20280.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20230.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.1%
City of Sparks NV2.750% 06/15/20280.1%
Regional Transportation District5.000% 07/15/20300.1%
South Carolina Ports Authority5.000% 07/01/20290.1%
Chicago Board of Education4.000% 12/01/20220.1%
City of Chicago IL5.250% 01/01/20220.1%
County of Osceola FL Transportation Revenue5.000% 10/01/20310.1%
Metropolitan Pier & Exposition Authority5.000% 12/15/20220.1%
New York City Housing Development Corp2.850% 11/01/20310.1%
Golden State Tobacco Securitization Corp5.300% 06/01/20370.1%
Main Street Natural Gas Inc4.000% 03/01/20500.1%
Pennsylvania Higher Education Assistance Agency5.000% 06/01/20290.1%
Prichard Water Works & Sewer Board2.375% 11/01/20280.1%
Minnesota Housing Finance Agency3.000% 01/01/20510.1%
Public Finance Authority5.000% 12/01/20270.1%
South Carolina Public Service Authority5.000% 12/01/20310.1%
Kirkwood Industrial Development Authority5.250% 05/15/20280.1%
City of Coralville IA4.500% 06/01/20320.1%
City of International Falls MN5.500% 04/01/20230.1%
California Statewide Communities Development Autho5.000% 12/01/20260.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20290.1%
City of New Orleans LA Sewerage Service Revenue5.000% 06/01/20280.1%
Louisiana Local Government Environmental Facilitie2.000% 06/01/20300.1%
Norman Y Mineta San Jose International Airport SJC5.000% 03/01/20290.1%
Public Finance Authority4.000% 12/01/20310.1%
City of Coralville IA5.000% 05/01/20300.1%
Chicago Board of Education5.000% 12/01/20270.1%
American Samoa Economic Development Authority6.500% 09/01/20280.1%
Bucks County Industrial Development Authority5.000% 07/01/20250.1%
Chicago Board of Education4.000% 12/01/20220.1%
City of Houston TX Airport System Revenue5.000% 07/01/20270.1%
Maryland Economic Development Corp3.250% 09/01/20300.1%
South Carolina Public Service Authority5.000% 12/01/20310.1%
Academical Village Community Development District2.875% 05/01/20250.1%
Allentown Neighborhood Improvement Zone Developmen6.000% 05/01/20420.1%
California Municipal Finance Authority5.000% 12/31/20350.1%
City of Whiting IN5.000% 11/01/20450.1%
New York Transportation Development Corp5.000% 07/01/20300.1%
Village of Arlington Heights IL4.000% 12/01/20280.1%
Metropolitan Pier & Exposition Authority0.000% 06/15/20280.1%
Michigan Strategic Fund5.000% 06/30/20300.1%
Ohio Air Quality Development Authority1.500% 02/01/20260.1%
Port Beaumont Navigation District2.625% 01/01/20310.1%
California Statewide Communities Development Autho5.000% 12/01/20290.1%
California Statewide Communities Development Autho5.000% 12/01/20310.1%
Palomar Health5.000% 11/01/20280.1%
City of Chicago IL5.250% 01/01/20280.1%
Main Street Natural Gas Inc5.000% 05/15/20260.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20290.1%
Industrial Development Authority of the City of St3.875% 11/15/20290.1%
Iowa Finance Authority3.125% 12/01/20220.1%
Waldwick School District2.000% 07/15/20290.1%
Chicago Board of Education5.000% 12/01/20300.1%
Illinois Finance Authority4.000% 10/01/20310.1%
Northern Tobacco Securitization Corp5.000% 06/01/20300.1%
Waldwick School District2.000% 07/15/20280.1%
Kentucky State Property & Building Commission5.000% 11/01/20240.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20290.1%
New York Transportation Development Corp5.000% 01/01/20230.1%
Public Finance Authority5.000% 07/01/20420.1%
Southeastern Ohio Port Authority5.500% 12/01/20290.1%
Waldwick School District2.000% 07/15/20270.1%
California Statewide Communities Development Autho5.000% 12/01/20280.1%
Metropolitan Transportation Authority4.000% 02/01/20220.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20290.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20310.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
New York Transportation Development Corp5.000% 01/01/20240.1%
Washington State Convention Center Public Faciliti4.000% 07/01/20300.1%
New York City Industrial Development Agency5.000% 07/01/20220.1%
Clarion County Industrial Development Authority2.450% 12/01/20390.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20230.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20250.1%
Public Authority for Colorado Energy6.125% 11/15/20230.1%
Main Street Natural Gas Inc5.000% 03/15/20220.1%
New York City Housing Development Corp1.450% 11/01/20290.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.1%
Metropolitan Pier & Exposition Authority3.000% 06/15/20250.1%
New Jersey Housing & Mortgage Finance Agency4.500% 10/01/20480.1%
New York City Industrial Development Agency5.000% 03/01/20280.1%
River Islands Public Financing Authority5.375% 09/01/20310.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
City of Oroville CA5.000% 04/01/20290.1%
Berks County Municipal Authority/The5.000% 02/01/20320.1%
Development Authority Of Floyd County5.500% 12/01/20280.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
Metropolitan Pier & Exposition Authority3.000% 06/15/20240.1%
New Hampshire Business Finance Authority2.800% 10/01/20330.1%
New York City Industrial Development Agency5.000% 07/01/20280.1%
Bucks County Industrial Development Authority2.750% 12/01/20220.1%
West Villages Improvement District4.250% 05/01/20290.1%
Amelia County Industrial Development Authority1.450% 04/01/20270.1%
New York Transportation Development Corp5.000% 08/01/20260.1%
City of Atlantic Beach FL3.000% 11/15/20230.1%
Delaware State Economic Development Authority1.250% 10/01/20400.1%
New York City Water & Sewer System0.020% 06/15/20450.1%
Arkansas Development Finance Authority3.000% 07/01/20320.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
New York City Housing Development Corp1.000% 11/01/20270.1%
California Housing Finance Agency4.000% 03/20/20330.1%
Chicago Board of Education0.000% 12/01/20250.1%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20290.1%
Territory of Guam5.000% 01/01/20300.1%
Vermont Student Assistance Corp4.000% 06/15/20300.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20320.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Regional Transportation District5.000% 07/15/20250.1%
California Municipal Finance Authority5.000% 08/01/20240.1%
City of San Buenaventura CA8.000% 12/01/20260.1%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20310.1%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20310.1%
Palomar Health5.000% 08/01/20290.1%
Illinois Finance Authority5.000% 09/01/20260.1%
Maryland Economic Development Corp0.000% 12/01/20310.1%
New York Transportation Development Corp4.000% 07/01/20320.1%
City of Houston TX Airport System Revenue5.000% 07/01/20270.1%
Greater Orlando Aviation Authority5.000% 10/01/20240.1%
Palomar Health5.000% 11/01/20310.1%
Northern Palm Beach County Improvement District5.000% 08/01/20370.1%
Educational Enhancement Funding Corp5.000% 06/01/20240.1%
Capital Trust Agency Inc5.000% 12/15/20290.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Idaho Health Facilities Authority5.000% 09/01/20290.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
Kirkwood Industrial Development Authority5.000% 05/15/20220.1%
New York Transportation Development Corp5.000% 01/01/20280.1%
Academical Village Community Development District3.250% 05/01/20310.1%
California Municipal Finance Authority5.000% 12/31/20270.1%
California Statewide Communities Development Autho3.000% 06/01/20290.1%
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%
County of Warren MS2.900% 09/01/20320.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
Capital Trust Agency Inc5.000% 12/15/20280.1%
Illinois Finance Authority4.000% 10/01/20320.1%
New York State Housing Finance Agency1.250% 11/01/20280.1%
Regional Transportation District5.000% 01/15/20290.1%
Village Community Development District No 132.550% 05/01/20310.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
Capital Trust Agency Inc5.000% 12/15/20270.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20310.1%
Ohio Air Quality Development Authority2.875% 02/01/20260.1%
Peninsula Town Center Community Development Author4.500% 09/01/20280.1%
City & County of San Francisco CA Special Tax Dist4.000% 09/01/20310.1%
Port Beaumont Navigation District1.875% 01/01/20260.1%
Roanoke Economic Development Authority4.300% 09/01/20300.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20220.1%
Tahoe-Douglas Visitors Authority4.000% 07/01/20270.1%
Build NYC Resource Corp2.500% 06/15/20310.1%
City of Brunswick MD3.000% 07/01/20240.1%
Illinois Finance Authority4.000% 10/01/20300.1%
Alabama Industrial Development Authority6.450% 12/01/20230.1%
Illinois Finance Authority5.000% 09/01/20250.1%
Washington State Convention Center Public Faciliti5.000% 07/01/20340.1%
City of San Buenaventura CA8.000% 12/01/20310.1%
City of New Haven CT5.000% 08/01/20250.1%
Illinois Finance Authority4.000% 10/01/20280.1%
Westerly Metropolitan District No 44.125% 12/01/20310.1%
Tobacco Settlement Financing Corp3.200% 06/01/20270.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20220.1%
New Jersey Economic Development Authority5.250% 01/01/20250.1%
Golden State Tobacco Securitization Corp5.000% 06/01/20280.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20320.1%
New York Transportation Development Corp5.000% 01/01/20220.1%
County of Cuyahoga OH5.000% 02/15/20280.0%
Gloucester County Improvement Authority/The0.600% 03/01/20240.0%
Matagorda County Navigation District No 14.400% 05/01/20300.0%
Montgomery County Housing Opportunities Commission4.000% 07/01/20480.0%
New York State Dormitory Authority5.000% 09/01/20280.0%
New York Transportation Development Corp4.000% 10/31/20340.0%
Village Community Development District No 131.800% 05/01/20260.0%
Brighton Crossing Metropolitan District No 65.000% 12/01/20350.0%
California Municipal Finance Authority5.000% 03/01/20250.0%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20260.0%
County of Osceola FL Transportation Revenue5.000% 10/01/20290.0%
Florida Development Finance Corp4.000% 07/15/20260.0%
New York State Dormitory Authority5.000% 09/01/20280.0%
Oklahoma Development Finance Authority5.000% 08/15/20290.0%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20250.0%
Franklin County Industrial Development Authority/P5.000% 12/01/20260.0%
Port Beaumont Navigation District2.125% 01/01/20280.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.0%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20230.0%
Illinois Finance Authority5.000% 09/01/20240.0%
Maricopa County Industrial Development Authority4.000% 07/01/20290.0%
Parish of St Charles LA4.000% 12/01/20400.0%
Parish of St John the Baptist LA2.125% 06/01/20370.0%
Utah Charter School Finance Authority3.250% 06/15/20310.0%
West Villages Improvement District4.000% 05/01/20240.0%
Arizona Industrial Development Authority5.000% 07/01/20260.0%
Fort Bend County Industrial Development Corp4.750% 05/01/20380.0%
Massachusetts Development Finance Agency5.000% 01/01/20240.0%
Port Beaumont Navigation District2.000% 01/01/20270.0%
Aviation Station North Metropolitan District No 24.000% 12/01/20290.0%
Illinois Finance Authority5.000% 09/01/20230.0%
Greater Orlando Aviation Authority5.000% 10/01/20240.0%
Indiana Finance Authority3.000% 11/01/20300.0%
New Jersey Economic Development Authority1.600% 09/01/20270.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
North Carolina Housing Finance Agency4.000% 07/01/20470.0%
Public Finance Authority5.000% 06/01/20260.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Florida Development Finance Corp4.000% 09/15/20300.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20280.0%
North Parkway Municipal Management District No 13.625% 09/15/20260.0%
Celebration Pointe Community Development District3.000% 05/01/20310.0%
Industrial Development Authority of the County of4.000% 06/15/20220.0%
New Hope Cultural Education Facilities Finance Cor4.000% 01/01/20290.0%
Montgomery County Higher Education and Health Auth0.934% 11/15/20340.0%
Pennsylvania Housing Finance Agency4.000% 04/01/20390.0%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20240.0%
County of Berkeley SC4.000% 11/01/20300.0%
Maricopa County Industrial Development Authority5.125% 10/01/20300.0%
Capital Trust Agency Inc5.000% 12/15/20290.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20250.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.0%
Parish of St John the Baptist LA2.375% 06/01/20370.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Board of Managers Joint Guadalupe County-City of S4.000% 12/01/20260.0%
Duluth Economic Development Authority3.000% 07/01/20230.0%
Prichard Water Works & Sewer Board2.250% 11/01/20270.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20270.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Duluth Economic Development Authority3.000% 07/01/20250.0%
Golden State Tobacco Securitization Corp5.000% 06/01/20470.0%
Love Field Airport Modernization Corp5.000% 11/01/20280.0%
Ohio Air Quality Development Authority3.750% 01/15/20280.0%
Glendale Industrial Development Authority4.000% 11/15/20270.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20260.0%
Arlington Higher Education Finance Corp4.000% 08/15/20310.0%
Capital Trust Agency Inc4.000% 12/15/20230.0%
Duluth Economic Development Authority3.000% 07/01/20260.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20300.0%
Casino Reinvestment Development Authority Inc5.000% 11/01/20220.0%
Chester County Industrial Development Authority3.700% 10/15/20220.0%
Antelope Valley Healthcare District5.250% 03/01/20360.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Capital Trust Agency Inc5.000% 12/15/20260.0%
County of Cook IL5.000% 11/15/20220.0%
Capital Trust Agency Inc4.000% 12/15/20250.0%
Commonwealth of Pennsylvania5.000% 07/01/20240.0%
Village Community Development District No 123.250% 05/01/20230.0%
Maricopa County Industrial Development Authority5.000% 10/01/20260.0%
California Pollution Control Financing Authority5.000% 07/01/20290.0%
Celebration Pointe Community Development District2.375% 05/01/20260.0%
Commonwealth of Puerto Rico4.500% 07/01/20230.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20230.0%
Territory of Guam5.000% 01/01/20280.0%
Love Field Airport Modernization Corp5.000% 11/01/20220.0%
Main Street Natural Gas Inc5.000% 09/01/20250.0%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20260.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%
Downtown Doral South Community Development Distric4.250% 12/15/20280.0%
Public Finance Authority3.000% 12/01/20260.0%
Puerto Rico Public Buildings Authority5.500% 07/01/20270.0%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20220.0%
Montgomery County Industrial Development Authority5.000% 01/15/20220.0%
Salt Verde Financial Corp5.250% 12/01/20230.0%
Scranton Redevelopment Authority5.000% 11/15/20280.0%
City of Atlantic City NJ5.000% 03/01/20220.0%
Florida Development Finance Corp5.000% 06/15/20250.0%
New York State Dormitory Authority4.000% 05/01/20220.0%
Tulsa County Industrial Authority5.000% 11/15/20230.0%
Wisconsin Health & Educational Facilities Authorit4.375% 08/01/20270.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
Philadelphia Authority for Industrial Development5.000% 07/01/20310.0%
School District of Philadelphia/The5.000% 09/01/20250.0%
City of Chicago IL4.000% 01/01/20220.0%
City of San Diego Tobacco Settlement Revenue Fundi4.000% 06/01/20320.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
Northern Palm Beach County Improvement District3.250% 08/01/20220.0%
California School Finance Authority5.000% 08/01/20270.0%
Ohio Water Development Authority6.600% 05/01/20290.0%
California School Finance Authority5.000% 08/01/20250.0%
California School Finance Authority5.000% 08/01/20260.0%
New York State Dormitory Authority4.000% 11/01/20250.0%
City of North Las Vegas NV3.750% 06/01/20250.0%
City of Valparaiso IN5.875% 01/01/20240.0%
New York State Dormitory Authority4.000% 11/01/20260.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Puerto Rico Electric Power Authority5.000% 07/01/20240.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
City of Valparaiso IN7.000% 01/01/20440.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
Houston Higher Education Finance Corp4.000% 02/15/20220.0%
Illinois Finance Authority3.250% 02/15/20220.0%
California Statewide Communities Development Autho5.750% 07/01/20240.0%
Chicago Board of Education7.000% 12/01/20260.0%
City of North Las Vegas NV3.500% 06/01/20240.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20270.0%
Illinois Finance Authority5.000% 05/15/20250.0%
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 Sparks NV2.500% 06/15/20240.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Greater Orlando Aviation Authority5.000% 11/15/20260.0%
City of North Las Vegas NV3.500% 06/01/20230.0%
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%
Celebration Pointe Community Development District4.000% 05/01/20220.0%
City of Blaine MN5.125% 07/01/20250.0%
Clifton Higher Education Finance Corp4.625% 08/15/20250.0%
Puerto Rico Public Buildings Authority5.500% 07/01/20230.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.0%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.0%
California Statewide Communities Development Autho0.000% 07/01/20220.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
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%
TYH2 - 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 01/21/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.02231 $15.91
Daily Daily 11/30/2021 $0.02278 $15.90
Daily Daily 10/31/2021 $0.02175 $15.81
Daily Daily 09/30/2021 $0.02294 $15.88
Daily Daily 08/31/2021 $0.02224 $16.02
Daily Daily 07/31/2021 $0.02302 $16.08
Daily Daily 06/30/2021 $0.02555 $15.98
Daily Daily 05/31/2021 $0.02570 $15.90
Daily Daily 04/30/2021 $0.02740 $15.84
Daily Daily 03/31/2021 $0.02703 $15.72
Daily Daily 02/28/2021 $0.03022 $15.67
Daily Daily 01/31/2021 $0.03166 $15.83

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
Daily Daily 05/31/2022
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 01/21/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $16.08
$100,000 to $249,999 1.75% 1.50% $16.00
$250,000 to $499,999 0.00% 1.00% $15.72
$500,000 to $999,999 0.00% 1.00% $15.72
$1,000,000 to $5,000,000 0.00% 1.00% $15.72

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 Click here.

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 12/31/2021

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

 

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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