Image alt tag

Page not optimized for mobile browsing

DST vision is best viewed on desktop and tablet

The Muni-Ladder Interest Rate Scenario Tool is only available on desktop and tablet.

PROCEED GO TO LORDABBETT.COM

Error!

There was a problem contacting the server. Please try after sometime.

Sorry, we are unable to process your request.

Error!

We're sorry, but the Insights and Intelligence Tool is temporarily unavailable

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.

Error!

We're sorry, but the Literature Center checkout function is temporarily unavailable.

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)
View All Tracked Funds
View All Tracked Funds

Quick Links

Follow Us

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

Check Out Go Literature Center

A verification Email Has Been Sent

An email verification email has been sent to .
Follow the instructions to complete the email validation process.

I have not received my verification email

Check your SPAM mailbox and make sure that twelcome@lordabbett.com is allowed to send you mail.

I'm still having trouble

If you're still having trouble verifying your email address. feel free to contact us.

1-888-522-2388
clientservices@lordabbett.com


OK

We're sorry. We found no record of the email address you provided.

Register For a LordAbbett.com Account
Using Your Email Address.

  • Registered Financial Advisors gain access to:
  • Our data mining tool, Insight & Intelligence
  • Best in-class practice management content
  • Educational events, videos and podcasts.
  • The Lord Abbett Review - Subscribe now!

Registered but Having Problems?

If you believe you are registered and are having problems verifying your email address, feel free to contact us.

1-888-522-2388 clientservices@lordabbett.com

Terms & Condition

These Terms of Use ("Terms of Use") are made between the undersigned user ("you") and Lord, Abbett & Co. ("we" or "us"). They become effective on the date that you electronically execute these Terms of Use ("Effective Date").

A. You are a successful financial consultant that markets securities, including the Lord Abbett Family of Funds;

B. We have developed the Lord Abbett Intelligence System (the "Intelligence System"), a state of the art information resource that we make available to a limited community of broker/dealers through the Internet at a secure Web site (the "LAIS Site"); and

C. We wish to provide access to the Intelligence System to you as an information tool responsive to the demands of your successful business pursuant to these Terms of Use. Accordingly, you and we, intending to be legally bound, hereby agree as follows:]

1. Overview. · Scope. These Terms of Use (which we may amend from time to time) govern your use of the Intelligence System. · Revisions; Changes. We may amend these Terms of Use at any time by posting amended Terms of Use ("Amended Terms of Use") on the LAIS Site. Any Amended Terms of Use will become effective immediately upon posting. Your use of the Intelligence System after any Amended Terms of Use become effective will be deemed to constitute your acceptance of those Amended Terms of Use.We may modify or discontinue the Intelligence System at any time, temporarily or permanently, with or without notice to you. Purpose of the Intelligence System. The Intelligence System is intended to be an information resource that you may use to contribute to your business research. The Intelligence System is for broker/dealer use only; it is not to be used with the public in oral, written or electronic form. The information on the Intelligence System and LAIS Site is for your information only and is neither the tax, legal or investment advice of Lord Abbett or its third-party sources nor their recommendation to purchase or sell any security.

2. Your Privileges. · Personal Use. Your use of the Intelligence System is a nontransferable privilege granted by us to you and that we may deny, suspend or revoke at any time, with or without cause or notice. · Access to and Use of the Intelligence System. The User ID and password (together, an "Access ID") issued by us to you (as subsequently changed by you from time to time) is for your exclusive access to and use of the Intelligence System. You will: (a) be responsible for the security and use of your Access ID, (b) not disclose your Access ID to anyone and (c) not permit anyone to use your Access ID. Any access or use of the Intelligence System through the use of your Access ID will be deemed to be your actions, for which you will be responsible. · Required Technology. You must provide, at your own cost and expense, the equipment and services necessary to access and use the Intelligence System. At any time, we may change the supporting technology and services necessary to use the Intelligence System. · Availability. We make no guarantee that you will be able to access the Intelligence System at any given time or that your access will be uninterrupted, error-free or free from unauthorized security breaches.

3. Rights in Data. Our use of information collected from you will be in accordance with our Privacy Policy posted on the LAIS Site. Our compliance with our Privacy Policy will survive any termination of these Terms of Use or of your use of the Intelligence System.

4. Your Conduct in the Use of the Intelligence System. You may access, search, view and store a personal copy of the information contained on the LAIS Site for your use as a broker/dealer. Any other use by you of the Intelligence System and the information contained on the LAIS Site these Terms of Use is strictly prohibited. Without limiting the preceding sentence, you will not: · Engage in or permit any reproduction, copying, translation, modification, adaptation, creation of derivative works from, distribution, transmission, transfer, republication, compilation or decompilation, reverse engineering, display, removal or deletion of the Intelligence System, any portion thereof, or any data, content or information provided by us or any of our third-party sources in any form, media or technology now existing or hereafter developed, that is not specifically authorized under these Terms of Use.

· Remove, obscure or alter any notice, disclaimer or other disclosure affixed to or contained within the Intelligence System, including any copyright notice, trademark and other proprietary rights notices and any legal notices regarding the data, content or information provided through the Intelligence System.

· Create a hyperlink to, frame or use framing techniques to enclose any information found anywhere on the LAIS Site without our express prior written consent.

· Impersonate any person, or falsely state or otherwise misrepresent his or her affiliation with any person in connection with any use of the Intelligence System.

· Breach or attempt to breach the security of the Intelligence System or any network, servers, data, or computers or other hardware relating to or used in connection with the Intelligence System; nor (b) use or distribute through the Intelligence System software or other tools or devices designed to interfere with or compromise the privacy, security or use of the Intelligence System by others or the operations or assets of any person.

· Violate any applicable law, including, without limitation, any state federal securities laws. 5. Your Representations and Warranties. You hereby represent and warrant to us, for our benefit, as of the time of these Terms of Use and for so long as you continue to use the Intelligence System, that (a) you are, and will continue to be, in compliance with these Terms of Use and any applicable laws and (b) you are authorized to provide to us the information we collect, as described in our Privacy Policy.

6. Disclaimer of Warranties.

· General Disclaimers.

THE INTELLIGENCE SYSTEM, THE LAIS SITE AND ALL DATA, INFORMATION AND CONTENT ON THE LAIS SITE ARE PROVIDED "AS IS" AND “AS AVAILABLE” AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. WITHOUT LIMITING THE PRECEDING SENTENCE, LORD ABBETT, ITS AFFILIATES, AGENTS, THIRD-PARTY SUPPLIERS AND LICENSORS, AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, DIRECTORS, OFFICERS AND SHAREHOLDERS (COLLECTIVELY, THE “LORD ABBETT GROUP”) EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NONINFRINGEMENT. YOU EXPRESSLY AGREE THAT YOUR USE OF THE LAIS SITE, THE INTELLIGENCE SYSTEM, AND THE DATA, INFORMATION AND CONTENT PRESENTED THERE ARE AT YOUR SOLE RISK AND THAT THE LORD ABBETT GROUP WILL NOT BE RESPONSIBLE FOR ANY (A) ERRORS OR INACCURACIES IN THE DATA, CONTENT AND INFORMATION ON THE LAIS SITE AND THE INTELLIGENCE SYSTEM OR (B) ANY TERMINATION, SUSPENSION, INTERRUPTION OF SERVICES, OR DELAYS IN THE OPERATION OF THE LAIS SITE OR THE INTELLIGENCE SYSTEM.

· Disclaimer Regarding Investment Research.

THE INTELLIGENCE SYSTEM INCORPORATES DATA, CONTENT AND INFORMATION FROM VARIOUS SOURCES THAT WE BELIEVE TO BE ACCURATE AND RELIABLE. HOWEVER, THE LORD ABBETT GROUP MAKES NO CLAIMS, REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY, TIMELINESS, COMPLETENESS OR TRUTHFULNESS OF SUCH DATA, CONTENT AND INFORMATION. YOU EXPRESSLY AGREE THAT YOU ARE RESPONSIBLE FOR INDEPENDENTLY VERIFYING YOUR INVESTMENT RESEARCH PRIOR TO FORMING YOUR INVESTMENT DECISIONS OR RENDERING INVESTMENT ADVICE. THE LORD ABBETT GROUP WILL NOT BE LIABLE FOR ANY INVESTMENT DECISION MADE BY YOU OR ANY OTHER PERSON BASED UPON THE DATA, CONTENT AND INFORMATION PROVIDED THROUGH THE INTELLIGENCE SYSTEM OR ON THE LAIS SITE.

· Survival.

THIS SECTION 6 SHALL SURVIVE ANY TERMINATION OF THESE TERMS OF USE OR YOUR USE OF THE INTELLIGENCE SYSTEM..

7. Limitations on Liability.

NONE OF THE MEMBERS OF THE LORD ABBETT GROUP WILL BE LIABLE TO YOU OR ANY OTHER PERSON FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES (INCLUDING LOSS OF PROFITS, LOSS OF USE, TRANSACTION LOSSES, OPPORTUNITY COSTS, LOSS OF DATA, OR INTERRUPTION OF BUSINESS) RESULTING FROM, ARISING OUT OF OR IN ANY WAY RELATING TO THE INTELLIGENCE SYSTEM, THE LAIS SITE OR YOUR USE THEREOF, EVEN IF THE LORD ABBETT GROUP HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS SECTION 7 WILL SURVIVE ANY TERMINATION OF THESE TERMS OF USE OR YOUR USE OF THE INTELLIGENCE SYSTEM.

8. Miscellaneous Provisions.

· Governing Law. This Agreement will governed by and construed in accordance with the laws of the State of New York, without giving effect to applicable conflicts of law principles.

THE UNIFORM COMPUTER INFORMATION TRANSACTIONS ACT OR ANY VERSION THEREOF, ADOPTED BY ANY STATE, IN ANY FORM ("UCITA") WILL NOT APPLY TO THESE TERMS OF USE. TO THE EXTENT THAT UCITA IS APPLICABLE, THE PARTIES HEREBY AGREE TO OPT OUT OF THE APPLICABILITY OF UCITA PURSUANT TO THE OPT-OUT PROVISION(S) CONTAINED THEREIN.

The Intelligence System is not intended to be used by consumers, nor are the consumer protection laws of any jurisdiction intended to apply to the Intelligence System. You agree to initiate and maintain any action, suit or proceeding relating to these Terms of Use or arising out of the use of the Intelligence System exclusively in the courts, state and federal, located in or having jurisdiction over New York County, New York.

YOU HEREBY CONSENT TO THE PERSONAL JURISDICTION AND VENUE OF THE COURTS, STATE AND FEDERAL, LOCATED IN OR HAVING JURISDICTION OVER NEW YORK COUNTY, NEW YORK. YOU AGREE THAT YOU WILL NOT OBJECT TO A PROCEEDING BROUGHT IN YOUR LOCAL JURISDICTION TO ENFORCE AN ORDER OR JUDGMENT OBTAINED IN NEW YORK.

· Relationship of Parties. The parties to these Terms of Use are independent contractors and nothing in these Terms of Use will be construed as creating an employment relationship, joint venture, partnership, agency or fiduciary relationship between the parties.

· Notice. All notices provided under these Terms of Use will be in writing and will be deemed effective: (a) when delivered personally, (b) when received by electronic delivery, (c) one business day after deposit with a commercial overnight carrier specifying next day delivery, with written verification of receipt, or (d) three business days after having been sent by registered or certified mail, return receipt requested. We will only accept notices from you in English and by conventional mail addressed to: General Counsel Lord, Abbett & Co. 90 Hudson Street Jersey City, N.J. 07302-3973 We may give you notice by conventional mail or electronic mail addressed to the last mail or electronic mail address transmitted by you to us.

· Third-Party Beneficiaries. The members of the Lord Abbett Group are third-party beneficiaries of the rights and benefits provided to us under these Terms of Use. You understand and agree that any right or benefit available to us or any member of the Lord Abbett Group hereunder will also be deemed to accrue to the benefit of, and may be exercised directly by, any member of the Lord Abbett Group to the extent applicable.

· Survival. This Section 8 will survive any termination of these Terms of Use or your use of the Intelligence System. The undersigned hereby signs these Terms of Use. By electronically signing and clicking "Accept" below, these Terms of Use will be legally binding on me. To sign these Terms of Use, confirm your full name and enter your User ID and Password (as your electronic signature) in the fields indicated below and click the “I Accept” button.

Cancel Accept

Reset Your Password

Financial Professionals*

Your password must be a minimum of characters.

Confirmation Message

Your LordAbbett.com password was successully updated. This page will be refreshed after 3 seconds.

OK

 

Short Duration High Yield Municipal Bond Fund

Daily price w/o sales charge as of 11/20/2018

$15.00

arrowUp$0.01

YTD Returns w/o sales charge as of 11/20/2018

0.78%

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

Yield

Dividend Yield 1 as of 11/20/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.15% 1.89%

30-Day Standardized Yield 2 as of 10/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.22% 2.01%

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

Fund Basicsas of 10/31/2018

Total Net Assets
$279.87 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.55%
Fund Net Expense Ratio
1.29%
Number of Holdings
332
CUSIP
543912711
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.79% 0.73% 1.69% - - 1.88%
Lipper Category Avg. High Yield Municipal Debt Funds 0.50% 1.74% 3.51% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.03% 2.29% 1.17% - - 0.94%
w/ sales charge -0.20% 0.73% 1.69% - - 1.88%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.21% 0.98% 2.11% - - 2.06%
Lipper Category Avg. High Yield Municipal Debt Funds 1.59% 2.84% 4.14% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.05% 2.53% 1.34% - - 0.98%
w/ sales charge 0.21% 0.98% 2.11% - - 2.06%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

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

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

RELATED CONTENT

Muni Bonds: Rising Rates? Think Short—and High

A strategy employing short-duration, high-yield municipal bonds historically has performed well during periods of rising U.S. Treasury yields.

RELATED CONTENT

Muni Bonds: Where Might You Find High Income with Low Duration?
August 13, 2018

A strategy employing short duration, high-yield municipal bonds offers the potential for investors to realize higher income while mitigating interest-rate risk.

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

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

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

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

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

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

Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2018

Rating Assets
A-3/MIG3
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

31 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 11/20/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.15% 1.89%

30-Day Standardized Yield 2 as of 10/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.22% 2.01%

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

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.79% 0.73% 1.69% - - 1.88%
Lipper Category Avg. High Yield Municipal Debt Funds 0.50% 1.74% 3.51% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.03% 2.29% 1.17% - - 0.94%
w/ sales charge -0.20% 0.73% 1.69% - - 1.88%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.21% 0.98% 2.11% - - 2.06%
Lipper Category Avg. High Yield Municipal Debt Funds 1.59% 2.84% 4.14% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.05% 2.53% 1.34% - - 0.98%
w/ sales charge 0.21% 0.98% 2.11% - - 2.06%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

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

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

Year Fund Returns 50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr
2017 4.55% 3.29%
2016 -0.96% -2.42%
2015 2.06% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 0.24% 0.71% 0.25% - 0.78%
2017 1.88% 1.56% 1.27% -0.23% 4.55%
2016 1.21% 1.77% 0.43% -4.26% -0.96%
2015 - - 0.86% 1.61% 2.06%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years

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

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

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2018

Rating Assets
A-3/MIG3
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 09/30/2018

  • The portfolio is focused on bonds within the 1- to 5-year maturity range.
  • Benchmarked against a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index, approximately half of the portfolio is allocated to investment grade credits while the remaining portion is invested in lower rated or non-rated bonds.
  • Within investment grade, the portfolio is overweight bonds with ‘A’ and ‘BBB’ credit ratings due to their relatively attractive spreads. The high yield component of the portfolio is overweight the higher rated ‘BB’ segment of the market and underweight non-rated bonds.
  • The portfolio is overweight revenue bonds, specifically in the health care and industrial development sectors, given their dedicated revenue streams and favorable return prospects.

Portfolio Details as of 10/31/2018

Total Net Assets
$279.87 M
Number of Issues
332
Average Coupon
4.7%
Average Effective Maturity
5.7 Years
Average Effective Duration
3.51 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
Iowa Finance Auth - Iowa Fertilizer Co 5.000% 12/01/2019 2.2%
Buckeye Tobacco Settlement Fin Auth 5.125% 06/01/2024 2.1%
NY Transportation Dev Corp - Delta 5.000% 01/01/2024 2.0%
New York State Transportation Dev Corp - American Airllines 5.000% 08/01/2026 1.5%
NJ Eco Dev Auth - School Facilities 5.000% 06/15/2023 1.3%
Illinois State General Obligation 5.000% 11/01/2021 1.2%
Salem County Pollution Control Fin Auth - Chambers 5.000% 12/01/2023 1.2%
Onondaga Cnty Indus Dev Agy, NY 5.750% 03/01/2024 1.2%
Tennesee Energy Acquisition Corp - Goldman Sachs 4.000% 11/01/2049 1.1%
Iowa Finance Auth - Iowa Fertilizer Co 5.250% 12/01/2025 1.1%
% of Total Assets 14.9%

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 of09/28/2018

Holding Coupon Maturity Assets
Iowa Finance Auth - Iowa Fertilizer Co5.000% 12/01/20192.3%
NY Transportation Dev Corp - Delta5.000% 01/01/20242.1%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20241.8%
New York State Transportation Dev Corp - American Airllines5.000% 08/01/20261.6%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20231.3%
NJ Eco Dev Auth - School Facilities5.000% 06/15/20231.3%
NJ Tobacco Settlement Fin Corp3.200% 06/01/20271.2%
Illinois State General Obligation5.000% 11/01/20211.2%
Tennesee Energy Acquisition Corp - Goldman Sachs4.000% 11/01/20491.2%
West Virginia Eco Dev Corp - Morgantown Energy2.875% 12/15/20261.1%
Nez Perce County - Potlatch Corporation2.750% 10/01/20241.0%
Buckeye Tobacco Settlement Fin Auth5.375% 06/01/20241.0%
Lowndes County Solid Waste - Weyerhaeuser Corp6.800% 04/01/20221.0%
West Virgina Eco Dev Auth - Wheeling Power3.000% 06/01/20371.0%
Hawaii St Dept of Budget & Fin3.100% 05/01/20260.9%
Massachusetts Educational Financing Authority5.000% 07/01/20250.8%
Pub Fin Auth5.000% 12/01/20250.8%
City of Chicago General Obligation5.000% 01/01/20240.8%
CO State Energy Authority - Merrill Lynch6.125% 11/15/20230.8%
Illinois Finance Auth - Roosevelt University6.500% 04/01/20390.8%
Houston Airport System - Continental Airlines5.000% 07/15/20200.8%
City of Lenexa KS5.000% 05/15/20240.8%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.8%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.8%
New Jersey Hgr Ed Stud Asst Auth3.350% 12/01/20290.7%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.7%
Kentucky Public Energy Auth4.000% 01/01/20490.7%
Glendale Industrial Development Authority5.000% 11/15/20230.7%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.7%
Puerto Rico Elec Pwr Auth5.250% 07/01/20270.7%
Texas Municipal Gas Acquistion & Supply Corp.5.250% 12/15/20220.6%
Illinois, IL5.000% 08/01/20210.6%
Westchester Tobacco Asset Securitization Corp5.000% 06/01/20220.6%
Cuyahoga County Hospital - Metrohealth System5.000% 02/15/20230.6%
Tempe Industrial Development Authority4.000% 10/01/20230.6%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.6%
New Jersey Economic Development Authority5.000% 03/01/20230.6%
New Jersey Hsg & Mtg Fin Agy4.500% 10/01/20480.6%
Chicago Brd of Ed5.000% 12/01/20220.6%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.6%
Plaza Metropolitan Dist No 15.000% 12/01/20180.6%
Burke Cnty Dev Auth, GA3.000% 11/01/20450.6%
Chicago Brd of Ed5.000% 12/01/20280.6%
Montgomery Cnty Indus Dev Auth, PA2.700% 10/01/20340.6%
Houston, TX4.750% 07/01/20240.6%
Golden St Tobacco Securitization Corp.3.500% 06/01/20360.6%
Chicago, IL5.000% 01/01/20240.6%
Maryland Eco Dev Corp - CNX Marine Terminals5.750% 09/01/20250.6%
Puerto Rico Elec Pwr Auth5.250% 07/01/20230.6%
Jefferson County Sewer5.000% 10/01/20210.5%
Kanabec Hospital2.750% 12/01/20190.5%
Frederick Cnty, MD5.000% 09/01/20270.5%
Guadalupe Regional Medical Center5.000% 12/01/20230.5%
TSASC, Inc.5.000% 06/01/20220.5%
City of New Haven General Obligation5.000% 08/15/20200.5%
New York Transp Dev Corp.5.000% 08/01/20210.5%
Chicago Brd of Ed4.000% 12/01/20220.5%
Whiting, IN5.000% 11/01/20450.5%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.5%
Morgan County Hospital Authority/GA2.750% 09/01/20190.5%
Illinois, IL5.000% 02/01/20200.5%
Port of Seattle Indus Dev Corp., WA5.000% 04/01/20300.4%
Chicago Brd of Ed5.250% 12/01/20260.4%
Puerto Rico General Obligation8.000% 07/01/20350.4%
Chicago Brd of Ed4.000% 12/01/20220.4%
Chicago Brd of Ed5.250% 12/01/20230.4%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20220.4%
TX Muni Gas Acquisition & Supply Corp5.000% 12/15/20210.4%
Dorm Auth of the St of New York5.000% 08/01/20260.4%
Kentucky St Prop & Bldg Comm5.000% 11/01/20240.4%
Main Street Natural Gas, Inc.5.000% 03/15/20220.4%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20220.4%
Wisconsin Hlth & Edl Facs Auth2.650% 11/01/20200.4%
Houston, TX5.000% 07/15/20280.4%
California Statewide - Loma Linda Univ Medical Center5.000% 12/01/20250.4%
Marietta Dev Auth5.000% 11/01/20270.4%
Niagara Area Dev Corp., NY3.500% 11/01/20240.4%
New York City Indl Dev Agy5.000% 07/01/20220.4%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20230.4%
New Jersey Econ Dev Auth5.000% 10/01/20210.4%
Illinois, IL5.000% 03/01/20210.4%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20220.4%
New Jersey Econ Dev Auth5.000% 06/15/20220.4%
Pennsylvania Hsg Fin Agy4.000% 04/01/20390.4%
Idaho Health Facilities Auth - Madison Memorial Hospital5.000% 09/01/20210.4%
Houston, TX5.000% 07/15/20200.4%
Illinois, IL5.000% 01/01/20200.4%
Arizona Indus Dev Auth4.000% 07/01/20190.4%
RI Health & Edu Building Corp ¿ Care New England Health5.000% 09/01/20200.4%
New Hampshire Bus Fin Auth4.000% 11/01/20270.4%
California Cnty Tobacco Securitization Agy5.450% 06/01/20280.4%
Chicago Brd of Ed4.000% 12/01/20200.4%
Chester Cnty Indus Dev Auth3.700% 10/15/20220.4%
North Carolina Hsg Fin Agy4.000% 07/01/20470.4%
Michigan Strategic Fnd2.850% 08/01/20270.4%
Rockport, IN3.050% 06/01/20250.4%
Massachusetts Port Auth4.152% 01/01/20310.4%
Atlanta Dev Auth6.000% 01/01/20230.4%
Oklahoma Dev Fin Auth5.000% 08/15/20240.4%
New Hampshire Bus Fin Auth2.800% 10/01/20330.4%
Montgomery Cnty Hsg Opportunities Comm Hsg Rev4.000% 07/01/20480.4%
Northern California Gas Auth No 12.325% 07/01/20270.4%
Prince William Cnty Indus Dev Auth4.000% 01/01/20210.4%
Illinois, IL5.000% 02/01/20220.3%
Pima Cnty Indus Dev Auth, AZ4.000% 06/15/20220.3%
California Statewide Comntys Dev Auth5.000% 12/01/20260.3%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.3%
Onondaga Cnty Indus Dev Agy, NY5.750% 03/01/20240.3%
Chicago, IL5.250% 01/01/20220.3%
Illinois, IL5.000% 07/01/20210.3%
Massachusetts Dev Fin Agy5.000% 07/01/20230.3%
Colorado Hlth Facs Auth5.000% 05/15/20210.3%
Kirkwood Indus Dev Auth5.000% 05/15/20220.3%
Edl Enhancement Funding Corp.5.000% 06/01/20240.3%
California Statewide - Eskaton Properties5.000% 11/15/20210.3%
Commonwealth Financing Authority5.000% 06/01/20230.3%
Kentucky Mun Pwr Agy3.450% 09/01/20420.3%
Florida Development Fin Corp - Florida Charter Foundation4.000% 07/15/20260.3%
Illinois, IL5.000% 07/01/20200.3%
Illinois, IL5.000% 04/01/20200.3%
City of International Falls MN5.500% 04/01/20230.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20230.3%
Northern Palm Beach Cnty Impt Dist3.250% 08/01/20220.3%
Lancaster Cnty Hosp Auth, PA5.000% 07/01/20230.3%
Rochester, MN5.000% 12/01/20250.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20220.3%
West Virginia Econ Dev Auth, WV2.625% 12/01/20420.3%
St Charles Parish, LA4.000% 12/01/20400.3%
Wisconsin Hlth & Edl Facs Auth3.500% 08/01/20220.3%
New Mexico Muni Energy Acquisition Auth2.166% 11/01/20390.3%
Warren Cnty, MS2.900% 09/01/20320.3%
Tarrant Cnty Cult Ed Facs Fin Corp, TX4.500% 11/15/20210.3%
New Jersey Econ Dev Auth5.000% 12/15/20190.3%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20260.3%
Chicago, IL4.500% 01/01/20200.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20210.3%
Peninsula Town Center Community Development Author4.500% 09/01/20280.3%
New Jersey Econ Dev Auth4.375% 01/01/20240.3%
St. Paul Hsg & Redev Auth, MN5.250% 11/15/20280.3%
Central Plains Energy - Goldman Sachs5.250% 12/01/20210.3%
Chester County Health & Education Facilities Autho5.000% 11/01/20220.2%
Cook Cnty, IL5.250% 11/15/20220.2%
Puerto Rico4.500% 07/01/20230.2%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.500% 11/01/20350.2%
Puerto Rico Elec Pwr Auth5.000% 07/01/20190.2%
Pub Fin Auth4.000% 06/01/20200.2%
Chicago, IL5.000% 12/01/20190.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 01/01/20210.2%
NJ Eco Dev Auth - Continental Airlines4.875% 09/15/20190.2%
New Hope Cultural Ed Fin Corp, TX4.000% 11/15/20210.2%
Atlantic City, NJ5.000% 03/01/20210.2%
Colorado Hlth Facs Auth2.800% 05/15/20420.2%
New Haven, CT5.000% 08/01/20250.2%
Massachusetts Dev Fin Agy3.500% 10/01/20220.2%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20200.2%
Illinois Fin Auth5.000% 09/01/20220.2%
Alabama Indl Dev Auth6.450% 12/01/20230.2%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20240.2%
Illinois, IL5.000% 04/01/20200.2%
City of Rockville MD2.500% 11/01/20240.2%
Pub Fin Auth5.000% 07/01/20220.2%
New Hope Cultural Ed Fin Corp, TX3.000% 07/01/20200.2%
Indiana Fin Auth6.000% 12/01/20260.2%
St of Alabama Docks Department5.000% 10/01/20230.2%
Dorm Auth of the St of New York5.000% 05/01/20210.2%
Chicago Brd of Ed5.000% 12/01/20190.2%
Hanover Cnty Econ Dev Auth3.625% 07/01/20280.2%
California Statewide Comntys Dev Auth5.750% 07/01/20240.2%
Philadelphia Sch Dist, PA5.000% 09/01/20200.2%
Foothill Eastern Transportation Corridor Agency5.500% 01/15/20530.2%
Casino Reinvestment Dev Auth, NJ5.000% 11/01/20200.2%
Massachusetts Dev Fin Agy5.000% 01/01/20240.2%
Wisconsin Public Finance Authority - Celanese5.000% 01/01/20240.2%
Dorm Auth of the St of New York5.000% 12/01/20220.2%
Puerto Rico Aqueduct & Swr Auth4.250% 07/01/20250.2%
Inland Empire Tobacco Securitization Auth5.750% 06/01/20260.2%
Metropolitan Pier & Exposition Auth, IL5.500% 12/15/20230.2%
NJ Eco Dev Auth - Cigarette Tax5.000% 06/15/20210.2%
New Jersey Econ Dev Auth5.125% 09/15/20230.2%
Franklin Cnty Indus Dev Auth, PA5.000% 12/01/20260.2%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.2%
Florida Hgr Edl Facs Fin Auth6.000% 04/01/20260.2%
Gaithersburg, MD6.000% 01/01/20230.2%
Scranton Redev Auth5.000% 11/15/20210.2%
Yamhill Cnty Hosp Auth4.000% 11/15/20260.2%
Houston Hgr Ed Fin Corp., TX4.000% 02/15/20220.2%
Village Comnty Dev Dist No. 123.250% 05/01/20230.2%
California Statewide Comntys Dev Auth3.000% 07/01/20260.2%
Arista Metropolitan District4.375% 12/01/20280.2%
Village Comnty Dev Dist No. 122.875% 05/01/20210.2%
TN Energy Acquistion Corp - Goldman Sachs5.000% 02/01/20200.2%
California Muni Fin Auth5.000% 11/01/20230.2%
Glenville State College3.250% 06/01/20220.2%
Illinois Fin Auth3.250% 02/15/20220.2%
Howard Cnty, MD5.000% 04/01/20210.2%
Greater Wenatchee Regl Events Center Pub Facs Dist4.125% 09/01/20210.2%
Farmington, NM2.125% 06/01/20400.2%
New York City Indl Dev Agy3.770% 03/01/20210.2%
Illinois, IL5.250% 01/01/20200.2%
Nassau Cnty Tobacco Settlement Corp.5.250% 06/01/20260.2%
Tennessee Energy Acquisition Corp.5.250% 09/01/20230.2%
Houston Airport - Continental Airlines4.500% 07/01/20200.2%
Ohio Air Qlty Dev Auth3.750% 01/15/20280.2%
Houston Hgr Ed Fin Corp., TX5.875% 05/15/20210.2%
Chicago Brd of Ed5.000% 12/01/20190.2%
Cook County General Obligation5.250% 11/15/20240.2%
Trustees of the Tulsa Muni Arpt Tr, OK5.000% 06/01/20350.2%
New Jersey Econ Dev Auth5.000% 09/01/20200.2%
Southeastern Ohio Port Auth5.000% 12/01/20220.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20220.2%
Chicago, IL5.000% 01/01/20230.2%
New Hampshire Hlth & Ed Facs Auth3.500% 07/01/20220.1%
North Carolina Medical Care Comm5.000% 10/01/20210.1%
Washington St Hsg Fin Comm3.200% 07/01/20210.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Casino Reinvestment Dev Auth, NJ5.000% 11/01/20220.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20260.1%
Palm Beach Cnty Hlth Facs Auth, FL6.750% 06/01/20240.1%
Maricopa Cnty Indus Dev Auth, AZ2.875% 07/01/20210.1%
Cook Cnty, IL5.000% 11/15/20220.1%
Maryland Econ Dev Corp.5.125% 06/01/20200.1%
Plymouth Edl Ctr Charter Sch, MI5.125% 11/01/20180.1%
Celebration Pointe Comnty Dev Dist4.000% 05/01/20220.1%
Illinois, IL5.000% 08/01/20190.1%
Chicago Brd of Ed5.250% 12/01/20240.1%
New Jersey Econ Dev Auth5.500% 09/01/20210.1%
Pennsylvania5.000% 07/01/20240.1%
Chicago, IL5.000% 01/01/20210.1%
New Jersey Econ Dev Auth4.000% 01/01/20200.1%
Chicago Waterworks5.000% 11/01/20200.1%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20220.1%
New York City Indl Dev Agy3.830% 03/01/20260.1%
Kirkwood Indus Dev Auth8.000% 05/15/20210.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20210.1%
Denver Hlth and Hosp Auth, CO2.655% 12/01/20330.1%
Utah St Charter Sch Fin Auth3.625% 06/15/20210.1%
Chicago Brd of Ed4.250% 12/01/20180.1%
Alabama Indl Dev Auth6.450% 12/01/20230.1%
Florida Dev Fin Corp.7.625% 06/15/20410.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20270.1%
Build NYC Resource Corp., NY4.500% 01/01/20250.1%
City of Blaine, MN5.125% 07/01/20250.1%
Houston Airport - Continental Airlines5.000% 07/01/20290.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20230.1%
Iowa Finance Auth - Iowa Fertilizer Co5.500% 12/01/20220.1%
Puerto Rico5.500% 07/01/20190.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20220.1%
Salt Verde Financial Corp.5.250% 12/01/20230.1%
Texas Muni Gas Acquisition & Supply Corp.5.250% 12/15/20250.1%
Guadalupe Regional Medical Center5.000% 12/01/20220.1%
Atlantic City, NJ5.000% 03/01/20220.1%
Howard Cnty, MD5.000% 04/01/20210.1%
Scranton Redev Auth5.000% 11/15/20280.1%
Dorm Auth of the St of New York4.000% 05/01/20220.1%
Detroit, MI5.000% 07/01/20220.1%
Massachusetts Port Auth5.000% 01/01/20270.1%
Colorado Hlth Facs Auth4.000% 01/01/20200.1%
Indiana Fin Auth6.000% 12/01/20190.1%
Tulsa Cnty Indus Auth5.000% 11/15/20230.1%
California Statewide Comntys Dev Auth3.000% 07/01/20270.1%
Vermont Econ Dev Auth, VT4.625% 04/01/20360.1%
Downtown Doral South Community Development Distric3.875% 12/15/20230.1%
Arlington Higher Ed Fin Corp., TX4.375% 08/15/20260.1%
Downtown Doral South Community Development Distric4.250% 12/15/20280.1%
Puerto Rico5.500% 07/01/20200.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20210.1%
Inland Empire Tobacco Securitization Auth5.000% 06/01/20210.1%
Tobacco Settlement Fing Corp.5.000% 06/01/20270.1%
Puerto Rico Hwy & Transp Auth4.000% 07/01/20200.1%
Massachusetts Dev Fin Agy5.000% 07/01/20250.1%
Peninsula Town Center Community Development Author4.000% 09/01/20230.1%
Philadelphia Sch Dist, PA5.000% 09/01/20250.1%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20240.1%
Dorm Auth of the St of New York5.000% 12/01/20220.1%
Iowa Fin Auth5.875% 12/01/20270.1%
Indus Dev Auth of the Twn of Florence, Inc., AZ5.000% 07/01/20230.1%
Chicago, IL4.000% 01/01/20220.1%
Puerto Rico Elec Pwr Auth4.250% 07/01/20200.1%
Mesquite Hlth Facs Dev Corp., TX5.000% 02/15/20200.1%
Dorm Auth of the St of New York5.000% 11/01/20210.1%
Southlands Metropolitan District No 13.000% 12/01/20220.1%
Yonkers Econ Dev Corp., NY6.000% 10/15/20300.1%
LA Environmental Facs - Westlake Chemical6.500% 08/01/20290.1%
Chicago, IL4.000% 01/01/20190.1%
New Jersey Econ Dev Auth5.250% 01/01/20250.1%
Puerto Rico4.000% 07/01/20210.1%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.1%
California Sch Fin Auth5.000% 08/01/20270.1%
Overland Park Dev Corp5.125% 01/01/20220.1%
California Sch Fin Auth5.000% 08/01/20260.1%
California Sch Fin Auth5.000% 08/01/20250.1%
New Jersey Hlthcare Facs Fing Auth5.750% 07/01/20370.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20210.1%
Puerto Rico5.500% 07/01/20190.1%
Puerto Rico Elec Pwr Auth4.100% 07/01/20190.1%
Illinois Fin Auth5.000% 04/01/20210.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Puerto Rico Elec Pwr Auth5.000% 07/01/20240.1%
Puerto Rico Pub Bldgs Auth5.500% 07/01/20270.1%
Florida Dev Fin Corp.5.000% 06/15/20250.1%
Dorm Auth of the St of New York4.000% 11/01/20260.1%
Illinois Fin Auth5.000% 05/15/20250.1%
Chicago Brd of Ed7.000% 12/01/20260.0%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.0%
New York Liberty Dev Corp.5.150% 11/15/20340.0%
Greater Orlando Aviation Auth5.000% 11/15/20260.0%
Illinois Fin Auth5.000% 09/01/20210.0%
New Jersey Econ Dev Auth5.500% 04/01/20280.0%
Dorm Auth of the St of New York5.000% 12/01/20180.0%
Eaton Area Park & Recreation Dist5.000% 12/01/20180.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20210.0%
Illinois Fin Auth7.125% 02/01/20340.0%
Clifton Hgr Ed Fin Corp., TX4.625% 08/15/20250.0%
King Cnty Public Hosp Dist No 45.000% 12/01/20250.0%
Connecticut Hlth & Educl Facs Auth3.250% 09/01/20210.0%
Chicago Brd of Ed4.250% 12/01/20180.0%
Dorm Auth of the St of New York4.000% 11/01/20250.0%
California Statewide Comntys Dev Auth5.500% 07/01/20220.0%
Chicago Brd of Ed5.000% 12/01/20190.0%
New Jersey Hlthcare Facs Fing Auth6.000% 07/01/20260.0%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20220.0%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20190.0%
Puerto Rico5.500% 07/01/20170.0%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20230.0%
Illinois Fin Auth6.250% 02/01/20190.0%
Massachusetts Port Auth5.200% 01/01/20200.0%
Michigan Tobacco Settlement Fin Auth5.250% 06/01/20220.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20180.0%
Puerto Rico Pub Bldgs Auth5.500% 07/01/20230.0%
Puerto Rico Hwy & Transp Auth5.500% 07/01/20240.0%
US 10YR Treasury Future Dec 2008- -0.0%
US 2YR Treasury Future Dec 2008- -0.0%
US 5YR Treasury Future Dec 2008- -0.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/20/2018
$0.258
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2018 $0.02682 $15.02
Daily Daily 09/30/2018 $0.02688 $15.11
Daily Daily 08/31/2018 $0.02582 $15.18
Daily Daily 07/31/2018 $0.02588 $15.16
Daily Daily 06/30/2018 $0.02655 $15.15
Daily Daily 05/31/2018 $0.02484 $15.13
Daily Daily 04/30/2018 $0.02589 $15.06
Daily Daily 03/31/2018 $0.02386 $15.12
Daily Daily 02/28/2018 $0.02757 $15.11
Daily Daily 01/31/2018 $0.02474 $15.14

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 11/30/2018
Daily Daily 12/31/2018

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
12/19/2018 12/20/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
1.55% 1.29%

Expense ratio details, Click here.

Fund Documents

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

0Documents selected
Order
Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015

To order literature visit full website

You may add to your cart by selecting quantities in each row below.

No rows selected. Please Go back and select at least one fund document

 
 Quantity
Quantity
 Remove
Remove
+

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 yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

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

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.

 

 

Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

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

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

 

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

 

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

 

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

 

 

50% Barclays Municipal Bond 1-8 Year Index / 50% Barclays High Yield Municipal Bond 1-8 Year Index

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The Barclays 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. The Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

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

 

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

 

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

The 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.

Select funds to run a Morningstar Hypothetical Report.

    Please confirm your literature shipping address

    Please review the address information below and make any necessary changes.

    All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

    Current Literature Shipping Address

    * Required field