HYMOX | High Yield Municipal Bond Fund Class F3 | 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.

Yields

Dividend Yield 1 as of 10/22/2021  

w/o sales charge 3.17%

30 Day Standardized yield 2 as of 09/30/2021  

1.97%

Fund Basicsas of 09/30/2021

Total Net Assets
$4.71 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.53%
Number of Holdings
769

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.15% 10.07% 6.72% 5.34% 6.24% -
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.15% 10.07% 6.72% 5.34% 6.24% -
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.53%

RELATED CONTENT

Municipal Bonds Stay on Track in an Unpredictable Year
September 13, 2021

A look at the key trends that have contributed to the solid performance of the municipal bond market since Fall 2020.

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.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
Lease
GO Local
Water & Sewer
Housing
GO State
Power
Treasury
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 09/30/2021

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

11 Years of Industry Experience

Supported By 16 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 10/22/2021  

w/o sales charge 3.17%

30-Day Standardized Yield 2 as of 09/30/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.97% 1.97%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.15% 10.07% 6.72% 5.34% 6.24% -
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.15% 10.07% 6.72% 5.34% 6.24% -
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.53%

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2020 3.82% 4.89%
2019 11.65% 10.68%
2018 4.12% 4.76%
2017 7.52% 9.69%
2016 2.90% 2.99%
2015 3.81% 1.81%
2014 14.64% 13.85%
2013 -6.86% -5.51%
2012 18.34% 18.14%
2011 4.68% 9.25%
2010 -2.28% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.59% 3.98% -0.46% - 4.39%
2020 -7.31% 4.43% 2.47% 4.68% 3.82%
2019 4.24% 3.22% 2.78% 0.97% 11.65%
2018 0.89% 2.77% 0.69% -0.27% 4.12%
2017 2.75% 2.00% 2.03% 0.55% 7.52%
2016 2.44% 4.45% 1.19% -4.96% 2.90%
2015 1.53% -1.01% 1.25% 2.01% 3.81%
2014 5.27% 4.14% 2.63% 1.89% 14.64%
2013 1.62% -5.16% -3.33% -0.03% -6.86%
2012 6.94% 3.33% 3.80% 3.17% 18.34%
2011 -1.65% 5.30% 1.59% -0.51% 4.68%
2010 - - - -5.18% -2.28%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 09/30/2021

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

PORTFOLIO BREAKDOWN as of 09/30/2021

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 09/30/2021

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

Credit QUALITY DISTRIBUTION as of 09/30/2021

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

Portfolio Positioning as of 06/30/2021

  • 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.
  • From a sector perspective, we are currently overweight the Transportation and IDR sectors relative to the Fund’s secondary benchmark.
  • The strong underlying credit quality of the municipal market and the ability of issuers in different sectors to respond to the challenges posed by the economic damage caused by the virus supported the recovery since the market sell-off. We believe that the opening of the economy due to vaccine distribution has had a tremendous positive impact on the credit outlook for municipal bonds and we remain positive on credit risk.
  • We anticipate a continuation of supportive technicals via average supply figures and strong demand as we are experiencing a record year in terms of market inflows. Dealer inventory is low and tax rate discussions in Washington suggest potentially flat to higher tax rates, which stand to benefit the municipal market.
  • On top of the overall strength displayed last year, municipalities are receiving significant support from the U.S. government under the American Rescue Plan (ARP) signed into law by President Joe Biden on March 11, 2021. We expect these funds to go beyond recovery and likely prove stimulative. Further, as the economy continues to reopen, and consumer confidence continues to improve, we believe investors’ perceptions of higher credit quality and lower default risk for the broad municipal market will strengthen.

Portfolio Details as of 09/30/2021

Total Net Assets
$4.71 B
Number of Issues
769
Average Coupon
4.5%
Average Effective Maturity
24.7 Years
Average Effective Duration
7.59 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/22/2021
$0.323
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2021 $0.03369 $12.89
Daily Daily 08/31/2021 $0.03370 $13.06
Daily Daily 07/31/2021 $0.03396 $13.16
Daily Daily 06/30/2021 $0.03502 $13.05
Daily Daily 05/31/2021 $0.04188 $12.92
Daily Daily 04/30/2021 $0.03592 $12.81
Daily Daily 03/31/2021 $0.03590 $12.66
Daily Daily 02/28/2021 $0.03687 $12.59
Daily Daily 01/31/2021 $0.03704 $12.81

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 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2021

0.53%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 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. 

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