The investment seeks the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. For purposes of its investment objective, the fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. It invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. As a non-fundamental policy, the fund will not invest in municipal bonds that pay interest subject to the federal alternative minimum tax ("AMT"). It invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher.
Fund filings (PDF) »

Asset manager:
Daniel Solender (Started: Oct 29, 2010)

Advisor Company:
Lord, Abbett & Co LLC
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	1.42	-	-	-
Beta*	1.30	-	-	-
Mean annual return	0.67	-	-	-
R-squared*	96.70	-	-	-
Standard deviation	3.75	-	-	-
Sharpe ratio	2.12	-	-	-
* Against standard index

Risk measurement details »

Security	Net Assets
Cook Cnty Ill Go Ref Bd 5%	0.94%
Apache Cnty Ariz Indl Dev Auth 4.5%	0.90%
Love Field Arpt Modernization Rev 5.25%	0.89%
New Jersey Econ Dev Auth 5%	0.89%
State Pub Sch Bldg Auth 5%	0.87%
Univ Ariz Med Ctr Corp H Rev Bds 5%	0.83%
Pennsylvania St Higher Edl Fac Rev Bd 4%	0.82%
Tennessee Engy Acquisition C Gas Rev 5%	0.81%
Puerto Rico Comwlth Pub Impt 5.125%	0.78%
Beaver Cnty Pa Indl Dev Auth 2.7%	0.76%

Holdings Performance »