Image alt tag

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)

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.

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

 

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 08/07/2020  

w/o sales charge 2.88%

30 Day Standardized yield 2 as of 06/30/2020  

2.78%

Fund Basicsas of 06/30/2020

Total Net Assets
$3.09 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Expense Ratio
1.42%
Number of Holdings
620
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -1.29% 1.31% 4.56% 4.86% 4.65% 3.11%
Lipper Category Avg. High Yield Municipal Debt Funds -0.35% 1.84% 4.13% 4.42% 5.15% -
Bloomberg Barclays High Yield Muni Index New 0.00% 3.12% 5.99% 6.45% 6.26% -
w/ sales charge -2.26% 1.31% 4.56% 4.86% 4.65% 3.11%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.70% -0.42% 4.01% 4.29% 4.54% 2.96%
Lipper Category Avg. High Yield Municipal Debt Funds -2.44% 0.36% 3.64% 4.09% 5.03% -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -4.65% -0.42% 4.01% 4.29% 4.54% 2.96%

Fund Expense Ratio :

1.42%

RELATED CONTENT

Lessons from One Week in the Muni Bond New Issue Market
June 19, 2020

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
Education
Special Tax
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 06/30/2020

Rating Assets
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

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 08/07/2020  

w/o sales charge 2.88%

30-Day Standardized Yield 2 as of 06/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.78% 2.78%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -1.29% 1.31% 4.56% 4.86% 4.65% 3.11%
Lipper Category Avg. High Yield Municipal Debt Funds -0.35% 1.84% 4.13% 4.42% 5.15% -
Bloomberg Barclays High Yield Muni Index New 0.00% 3.12% 5.99% 6.45% 6.26% -
w/ sales charge -2.26% 1.31% 4.56% 4.86% 4.65% 3.11%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -3.70% -0.42% 4.01% 4.29% 4.54% 2.96%
Lipper Category Avg. High Yield Municipal Debt Funds -2.44% 0.36% 3.64% 4.09% 5.03% -
Bloomberg Barclays High Yield Muni Index New -2.64% 1.02% 5.27% 5.77% 6.12% -
w/ sales charge -4.65% -0.42% 4.01% 4.29% 4.54% 2.96%

Fund Expense Ratio :

1.42%

Year Fund Returns Bloomberg Barclays High Yield Muni Index New
2019 10.78% 10.68%
2018 3.15% 4.76%
2017 6.71% 9.69%
2016 2.04% 2.99%
2015 2.93% 1.81%
2014 13.78% 13.85%
2013 -7.58% -5.51%
2012 17.35% 18.14%
2011 3.78% 9.25%
2010 3.02% 7.80%
2009 34.90% -
2008 -33.18% -
2007 -7.83% -
2006 8.95% -
2005 6.55% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.57% 4.19% - - -0.74%
2019 4.01% 3.00% 2.64% 0.75% 10.78%
2018 0.68% 2.55% 0.48% -0.56% 3.15%
2017 2.54% 1.78% 1.81% 0.43% 6.71%
2016 2.22% 4.22% 0.98% -5.14% 2.04%
2015 1.32% -1.30% 1.12% 1.79% 2.93%
2014 5.14% 3.84% 2.50% 1.67% 13.78%
2013 1.40% -5.37% -3.54% -0.15% -7.58%
2012 6.73% 3.12% 3.49% 3.03% 17.35%
2011 -1.87% 5.08% 1.38% -0.72% 3.78%
2010 3.07% 1.27% 4.32% -5.40% 3.02%
2009 8.07% 9.97% 14.47% -0.83% 34.90%
2008 -5.36% 0.08% -7.35% -23.86% -33.18%
2007 0.94% -0.48% -3.26% -5.16% -7.83%
2006 1.69% 1.11% 3.74% 2.14% 8.95%
2005 1.72% 3.52% 0.30% 0.89% 6.55%
2004 - - - - 0.16%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 06/30/2020

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

PORTFOLIO BREAKDOWN as of 06/30/2020

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 06/30/2020

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

Credit QUALITY DISTRIBUTION as of 06/30/2020

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 06/30/2020

  • 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.
  • While high yield municipals are generally comprised of revenue bond issuers, the market will still be monitoring state and local municipalities that have seen revenues decline in the economic downturn due to individuals’ ability to defer their tax payments for several months. Despite these headwinds, municipalities have been cutting expenses and taking steps to remain financially healthy.

Portfolio Details as of 06/30/2020

Total Net Assets
$3.09 B
Number of Issues
620
Average Coupon
4.7%
Average Effective Maturity
24.0 Years
Average Effective Duration
10.73 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/07/2020
$0.211
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2020 $0.02948 $12.23
Daily Daily 06/30/2020 $0.02926 $11.96
Daily Daily 05/31/2020 $0.03060 $11.49
Daily Daily 04/30/2020 $0.03116 $11.12
Daily Daily 03/31/2020 $0.03028 $11.57
Daily Daily 02/29/2020 $0.03054 $13.14
Daily Daily 01/31/2020 $0.03048 $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 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2020

1.42%

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

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.

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

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