HYMIX | High Yield Municipal Bond Fund Class I | 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 01/20/2021  

w/o sales charge 3.54%

30 Day Standardized yield 2 as of 12/31/2020  

2.68%

Fund Basicsas of 12/31/2020

Total Net Assets
$3.59 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Expense Ratio
0.59%
Number of Holdings
612
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.77% 3.77% 6.40% 5.91% 6.21% 5.71%
Lipper Category Avg. High Yield Municipal Debt Funds 3.58% 3.58% 4.73% 4.53% 5.87% -
Bloomberg Barclays High Yield Municipal Bond Index 4.89% 4.89% 6.74% 6.56% 6.86% 6.50%

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.77% 3.77% 6.40% 5.91% 6.21% 5.71%
Lipper Category Avg. High Yield Municipal Debt Funds 3.58% 3.58% 4.73% 4.53% 5.87% -
Bloomberg Barclays High Yield Municipal Bond Index 4.89% 4.89% 6.74% 6.56% 6.86% 6.50%

Fund Expense Ratio :

0.59%

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
Pre-Refunded
VRDN
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 12/31/2020

Rating Assets
A-2/MIG2
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 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 01/20/2021  

w/o sales charge 3.54%

30-Day Standardized Yield 2 as of 12/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.68% 2.68%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.77% 3.77% 6.40% 5.91% 6.21% 5.71%
Lipper Category Avg. High Yield Municipal Debt Funds 3.58% 3.58% 4.73% 4.53% 5.87% -
Bloomberg Barclays High Yield Municipal Bond Index 4.89% 4.89% 6.74% 6.56% 6.86% 6.50%

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 3.77% 3.77% 6.40% 5.91% 6.21% 5.71%
Lipper Category Avg. High Yield Municipal Debt Funds 3.58% 3.58% 4.73% 4.53% 5.87% -
Bloomberg Barclays High Yield Municipal Bond Index 4.89% 4.89% 6.74% 6.56% 6.86% 6.50%

Fund Expense Ratio :

0.59%

Year Fund Returns Bloomberg Barclays High Yield Municipal Bond Index
2020 3.77% 4.89%
2019 11.62% 10.68%
2018 3.99% 4.76%
2017 7.57% 9.69%
2016 2.86% 2.99%
2015 3.77% 1.81%
2014 14.60% 13.85%
2013 -6.90% -5.51%
2012 18.29% 18.14%
2011 4.63% 9.25%
2010 -2.30% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 - - - - 1.22%
2020 -7.32% 4.41% 2.45% 4.67% 3.77%
2019 4.23% 3.21% 2.77% 0.96% 11.62%
2018 0.80% 2.84% 0.60% -0.28% 3.99%
2017 2.74% 1.98% 2.02% 0.64% 7.57%
2016 2.43% 4.44% 1.18% -4.97% 2.86%
2015 1.52% -1.02% 1.24% 2.00% 3.77%
2014 5.26% 4.13% 2.62% 1.87% 14.60%
2013 1.61% -5.17% -3.34% -0.04% -6.90%
2012 6.93% 3.32% 3.79% 3.16% 18.29%
2011 -1.66% 5.29% 1.58% -0.52% 4.63%
2010 - - - -5.19% -2.30%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 12/31/2020

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

PORTFOLIO BREAKDOWN as of 12/31/2020

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 12/31/2020

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

Credit QUALITY DISTRIBUTION as of 12/31/2020

Rating Assets
A-2/MIG2
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 12/31/2020

Total Net Assets
$3.59 B
Number of Issues
612
Average Coupon
4.7%
Average Effective Maturity
23.9 Years
Average Effective Duration
8.3 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/20/2021
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2020 $0.03742 $12.57
Daily Daily 11/30/2020 $0.03802 $12.36
Daily Daily 10/31/2020 $0.03762 $12.07
Daily Daily 09/30/2020 $0.03786 $12.12
Daily Daily 08/31/2020 $0.03710 $12.18
Daily Daily 07/31/2020 $0.03817 $12.20
Daily Daily 06/30/2020 $0.03743 $11.94
Daily Daily 05/31/2020 $0.03857 $11.47
Daily Daily 04/30/2020 $0.03859 $11.09
Daily Daily 03/31/2020 $0.03882 $11.55
Daily Daily 02/29/2020 $0.03897 $13.12
Daily Daily 01/31/2020 $0.03939 $12.83

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 01/31/2021
Daily Daily 02/28/2021
Daily Daily 03/31/2021
Daily Daily 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2020

0.59%

Fund Documents

Fund Documents

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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