HYMFX | High Yield Municipal Bond Fund Class F | Lord Abbett
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High Yield Municipal Bond Fund

Summary

Summary

What is the High Yield Municipal Bond Fund?

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

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yields

Dividend Yield 1 as of 11/25/2020  

w/o sales charge 3.56%

30 Day Standardized yield 2 as of 10/31/2020  

3.22%

Fund Basicsas of 10/30/2020

Total Net Assets
$3.28 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.69%
Number of Holdings
610

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -1.11% -0.10% 5.08% 5.04% 5.00% 3.47%
Lipper Category Avg. High Yield Municipal Debt Funds -0.43% 0.26% 3.79% 4.02% 4.80% -
Bloomberg Barclays High Yield Municipal Bond Index 0.55% 1.23% 5.79% 5.78% 5.93% -

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -1.00% 0.00% 4.91% 5.29% 5.09% 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% 4.83% -
Bloomberg Barclays High Yield Municipal Bond Index 0.37% 1.27% 5.82% 6.00% 5.97% -

Fund Expense Ratio :

0.69%

RELATED CONTENT

Lessons from One Week in the Muni Bond New Issue Market
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A look at one week’s worth of new issuance of municipal bonds illustrates key themes at work in today’s market—and the range of potential investment opportunities on offer.

Uncovering Value in Municipal Bonds after the Recent Volatility
May 27, 2020

Our director of municipal bonds identifies areas of the market where performance disparities may create potential opportunities.

Municipal Bond Insights and Charts: Seeking Value in High Yield Munis
May 13, 2020

Our experts offer four reasons why high yield municipal bonds may potentially represent compelling opportunities in the current market.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Lease
GO Local
Transportation
Water & Sewer
Power
Housing
GO State
VRDN
Pre-Refunded
Other
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

Credit Quality Distribution as of 10/30/2020

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 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 11/25/2020  

w/o sales charge 3.56%

30-Day Standardized Yield 2 as of 10/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.22% 3.22%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -1.11% -0.10% 5.08% 5.04% 5.00% 3.47%
Lipper Category Avg. High Yield Municipal Debt Funds -0.43% 0.26% 3.79% 4.02% 4.80% -
Bloomberg Barclays High Yield Municipal Bond Index 0.55% 1.23% 5.79% 5.78% 5.93% -

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -1.00% 0.00% 4.91% 5.29% 5.09% 3.50%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% 4.83% -
Bloomberg Barclays High Yield Municipal Bond Index 0.37% 1.27% 5.82% 6.00% 5.97% -

Fund Expense Ratio :

0.69%

Year Fund Returns Bloomberg Barclays High Yield Municipal Bond Index
2019 11.58% 10.68%
2018 3.89% 4.76%
2017 7.48% 9.69%
2016 2.78% 2.99%
2015 3.77% 1.81%
2014 14.59% 13.85%
2013 -6.90% -5.51%
2012 18.08% 18.14%
2011 4.65% 9.25%
2010 3.78% 7.80%
2009 36.00% -
2008 -32.74% -
2007 -5.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.40% 4.38% 2.42% - 1.36%
2019 4.19% 3.18% 2.74% 1.01% 11.58%
2018 0.77% 2.81% 0.57% -0.30% 3.89%
2017 2.72% 1.96% 1.99% 0.61% 7.48%
2016 2.40% 4.32% 1.24% -4.97% 2.78%
2015 1.59% -1.12% 1.22% 2.07% 3.77%
2014 5.33% 4.11% 2.60% 1.86% 14.59%
2013 1.58% -5.19% -3.36% 0.03% -6.90%
2012 6.82% 3.39% 3.67% 3.13% 18.08%
2011 -1.69% 5.27% 1.66% -0.53% 4.65%
2010 3.19% 1.58% 4.54% -5.29% 3.78%
2009 8.28% 10.14% 14.67% -0.55% 36.00%
2008 -5.29% 0.31% -7.13% -23.76% -32.74%
2007 - - - -5.00% -5.00%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 10/30/2020

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

PORTFOLIO BREAKDOWN as of 10/30/2020

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

PORTFOLIO BREAKDOWN as of 10/30/2020

Rating Assets
CA
IL
NY
OH
FL
AL
TX
Puerto Rico
NJ
PA
GA
WI
CO
AZ
IA
VA
MD
AR
MO
LA
MI
NH
TN
MN
OK
IN
HI
NV
UT
AS
SC
WY
MA
AK
RI
CT
WA
ND
NE
NM
OR
WV
KS
ME
KY
Other U.S. Territories
DC

Credit QUALITY DISTRIBUTION as of 10/30/2020

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 09/30/2020

  • Although primarily invested in non-investment-grade bonds, the Fund has an overweight in ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer attractive risk-adjusted income and greater liquidity relative to below investment-grade bonds.
  • The Fund is overweight the industrial development sector which stands to benefit from better-than-expected corporate earnings and the Federal Reserve’s support for the corporate bond market.
  • In the upcoming Presidential election, we believe if the Republican party maintains control of the Executive Branch, the Affordable Care Act may come under renewed pressure, potentially leading to higher numbers of uninsured patients and more unpaid hospital bills. Conversely, if Democrats win the election, we believe certain provisions of the Affordable Care Act may be reinstated, leading to fewer unpaid bills and more proactive care.

Portfolio Details as of 10/30/2020

Total Net Assets
$3.28 B
Number of Issues
610
Average Coupon
4.7%
Average Effective Maturity
24.0 Years
Average Effective Duration
10.31 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/25/2020
$0.373
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2020 $0.03671 $12.10
Daily Daily 09/30/2020 $0.03698 $12.15
Daily Daily 08/31/2020 $0.03617 $12.22
Daily Daily 07/31/2020 $0.03724 $12.23
Daily Daily 06/30/2020 $0.03653 $11.97
Daily Daily 05/31/2020 $0.03764 $11.50
Daily Daily 04/30/2020 $0.03804 $11.12
Daily Daily 03/31/2020 $0.03788 $11.58
Daily Daily 02/29/2020 $0.03809 $13.15
Daily Daily 01/31/2020 $0.03840 $12.86

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 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2020

0.69%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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