SDHFX | Short Duration High Income Municipal Bond Fund Class F | Lord Abbett

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Short Duration High Income Municipal Bond Fund

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Effective November 1, 2021 the Lord Abbett Short Duration High Yield Municipal Bond Fund changed its name to Lord Abbett Short Duration High Income Municipal Bond Fund. There was no change to the Fund’s investment strategy.

Daily price w/o sales charge as of 08/15/2022

$14.51

arrowDown$0.01

YTD Returns w/o sales charge as of 08/15/2022

-7.35%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

Summary

What is the Short Duration High Income Municipal Bond Fund?

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

ATTRACTIVE INCOME

Municipal bonds offer attractive taxable equivalent yields relative to taxable fixed income alternatives.

LOWER DURATION

Shorter maturity bonds have less interest rate sensitivity, and have historically demonstrated lower volatility than longer maturity bonds.

PORTFOLIO DIVERSIFICATION

Short high income municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

 

Yield

Dividend Yield 1 as of 08/15/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.86% 2.80%

30-Day Standardized Yield 2 as of 07/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.14% 3.06%

Fund Basicsas of 06/30/2022

Total Net Assets
$989.93 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.65%
Fund Net Expense Ratio
0.60%
Number of Holdings
457
 

 

 

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -7.52% -7.82% 0.09% 1.68% - 2.16%
Lipper Category Avg. High Yield Municipal Debt Funds -9.08% -9.22% 0.52% 2.38% - -

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.33% -8.97% -0.36% 1.41% - 1.90%
Lipper Category Avg. High Yield Municipal Debt Funds -12.19% -11.49% -0.42% 1.80% - -

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

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

The Fund's portfolio is actively managed and is subject to change.

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

The Fund's portfolio is actively managed and is subject to change.

CREDIT QUALITY DISTRIBUTION as of 06/30/2022

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

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 08/15/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.86% 2.80%

30-Day Standardized Yield 2 as of 07/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.14% 3.06%

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -7.52% -7.82% 0.09% 1.68% - 2.16%
Lipper Category Avg. High Yield Municipal Debt Funds -9.08% -9.22% 0.52% 2.38% - -

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.33% -8.97% -0.36% 1.41% - 1.90%
Lipper Category Avg. High Yield Municipal Debt Funds -12.19% -11.49% -0.42% 1.80% - -

Fund Expense Ratio :

Gross 0.65%

Net 0.60%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns
2021 4.11%
2020 2.25%
2019 7.15%
2018 2.20%
2017 5.41%
2016 -0.10%
2015 2.59%
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.95% -3.59% - - -7.35%
2021 1.49% 2.18% -0.18% 0.57% 4.11%
2020 -5.56% 3.06% 1.79% 3.21% 2.25%
2019 2.51% 2.00% 1.56% 0.91% 7.15%
2018 0.43% 0.83% 0.44% 0.48% 2.20%
2017 2.09% 1.77% 1.48% -0.03% 5.41%
2016 1.43% 1.92% 0.71% -4.06% -0.10%
2015 - - 1.10% 1.84% 2.59%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

The Fund's portfolio is actively managed and is subject to change.

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

The Fund's portfolio is actively managed and is subject to change.

State Assets
NY
IL
Puerto Rico
PA
CA
GA
FL
TX
AL
NJ
TN
NH
OH
WI
CO
WA
LA
MD
IN
IA
VT
AZ
RI
KY
UT
NV
SC
Other U.S. Territories
ID
MO
MA
NM
MI
OK
VA
MN
KS
CT
AS
SD
MS
NC
OR

The Fund's portfolio is actively managed and is subject to change.

CREDIT QUALITY DISTRIBUTION as of 06/30/2022

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

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioning
as of 6/30/2022

  • We have been focused closely on bond structure, including their coupon, call protection, and convexity profile, as these factors will continue to play an increasingly important role in performance given the higher level of interest rates. We have been focusing on buying or swapping into higher coupon bonds, which are less sensitive to rate rises.
  • In terms of sectors, we are constructive on the Industrial Development, Transportation, Healthcare, and Special Tax sectors. IDR bonds are linked to the improving quality of corporates, exhibit attractive yields relative to their credit ratings and we believe can withstand recession given sound balance sheets.  The portfolio’s exposure within the sector is a very diversified subset of corporate issuers from various industries, as well as an allocation to prepaid gas bonds. While underperforming during the pandemic, the Transportation sector continues to have upside potential due to heavy usage of airports, toll roads, and ports. Within the Health Care sector, the emphasis is on relatively liquid, acute care hospital.
  • The fundamental backdrop of the municipal market continues to show strength due to the significant Federal aid passed down to state and local governments, robust tax revenue growth and a better-than-expected economic recovery from the pandemic over the last two years. As such, upgrades have continued to overtake downgrades by a substantial margin throughout 2022 and state and local governments’ rainy-day balances rose to record levels this last fiscal year.
  • While municipal fundamentals are currently very positive, the credit environment may be impacted should the tightening of monetary policy by the Federal Reserve significantly reduce demand and/or push the U.S. economy into a recession. Of note, during past periods of economic contractions, municipals have historically shown lower default rates and a significantly lesser downgrade trajectory relative to corporate bonds along with a reduced correlation with other asset classes.
  • In terms of technicals, demand may continue to be weaker than 2021, especially if rate volatility continues. However, we do expect demand to recover. On the supply side, the summer months have historically been favorable, partly due to increasing bond redemptions, with a negative net supply projected for July and August. However, it would be negative for the market should supply come in higher than expected in concert with continuing outflows. Conversely, if Treasury yields stabilize and demand turns positive, munis stand to benefit.

Portfolio Details as of 06/30/2022

Total Net Assets
$989.93 M
Number of Issues
457
Average Coupon
4.4%
Average Effective Maturity
6.8 Years
Average Effective Duration
4.4 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Main Street Natural Gas Inc 4.000% 08/01/2052 3.7%
Tennessee Energy Acquisition Corp 5.000% 05/01/2052 2.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit 5.000% 07/01/2030 2.2%
California Municipal Finance Authority 4.000% 07/15/2029 1.9%
Washington State Convention Center Public Faciliti 4.000% 07/01/2031 1.5%
Main Street Natural Gas Inc 4.000% 03/01/2050 1.5%
Commonwealth of Puerto Rico 5.375% 07/01/2025 1.3%
Black Belt Energy Gas District 4.000% 12/01/2052 1.3%
Allegheny County Industrial Development Authority 5.125% 05/01/2030 1.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.500% 07/01/2034 1.2%
% of Total Assets 18.6%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

HOLDINGS as of06/30/2022

Holding Coupon Maturity Assets
Main Street Natural Gas Inc4.000% 08/01/20523.7%
Tennessee Energy Acquisition Corp5.000% 05/01/20522.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20302.2%
California Municipal Finance Authority4.000% 07/15/20291.9%
Washington State Convention Center Public Faciliti4.000% 07/01/20311.5%
Main Street Natural Gas Inc4.000% 03/01/20501.5%
Commonwealth of Puerto Rico5.375% 07/01/20251.3%
Black Belt Energy Gas District4.000% 12/01/20521.3%
Allegheny County Industrial Development Authority5.125% 05/01/20301.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.500% 07/01/20341.2%
New Hampshire Business Finance Authority3.750% 07/01/20451.0%
California Community Choice Financing Authority2.705% 05/01/20531.0%
M-S-R Energy Authority7.000% 11/01/20341.0%
City & County of Denver CO5.000% 10/01/20320.9%
Berks County Municipal Authority/The5.000% 02/01/20400.9%
Berks County Municipal Authority/The5.000% 02/01/20400.9%
New York Transportation Development Corp5.000% 12/01/20300.9%
Rhode Island Health and Educational Building Corp5.000% 09/01/20310.9%
Florida Development Finance Corp5.000% 05/01/20290.8%
New York Transportation Development Corp5.375% 08/01/20360.8%
Southeast Energy Authority A Cooperative District4.000% 12/01/20510.8%
Capital Trust Agency Inc3.375% 07/01/20310.8%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.7%
New York Transportation Development Corp3.000% 08/01/20310.7%
Public Finance Authority4.000% 07/01/20360.7%
Chicago Board of Education5.000% 12/01/20340.7%
State of Illinois5.000% 03/01/20280.7%
City of Henderson KY3.700% 01/01/20320.6%
Indiana Finance Authority4.125% 12/01/20260.6%
Niagara Area Development Corp3.500% 11/01/20240.6%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.6%
Mission Economic Development Corp4.625% 10/01/20310.6%
Orlando Utilities Commission1.250% 10/01/20460.6%
State of Illinois5.500% 05/01/20300.6%
Metropolitan Transportation Authority5.000% 11/15/20450.6%
Iowa Finance Authority4.000% 12/01/20500.6%
Parish of St John the Baptist LA2.200% 06/01/20370.6%
Vermont Economic Development Authority5.000% 06/01/20520.6%
New York Liberty Development Corp5.150% 11/15/20340.5%
New York Transportation Development Corp5.250% 08/01/20310.5%
New York Transportation Development Corp5.000% 01/01/20360.5%
City of Chicago IL5.000% 01/01/20300.5%
New Hampshire Business Finance Authority4.000% 12/01/20280.5%
Maryland Economic Development Corp5.000% 11/12/20280.5%
South Carolina Jobs-Economic Development Authority8.750% 07/01/20250.5%
Florida Development Finance Corp3.000% 06/01/20320.5%
California Municipal Finance Authority5.000% 11/01/20270.5%
Metropolitan Transportation Authority5.000% 11/15/20340.5%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20290.5%
Maryland Economic Development Corp5.750% 09/01/20250.5%
Parish of St James LA5.850% 08/01/20410.4%
City of Coralville IA4.000% 06/01/20310.4%
Commonwealth of Puerto Rico0.000% 07/01/20240.4%
New Jersey Economic Development Authority5.125% 09/15/20230.4%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20310.4%
City of Farmington NM1.800% 04/01/20290.4%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.4%
Michigan Strategic Fund4.000% 10/01/20610.4%
Allegheny County Industrial Development Authority4.875% 11/01/20240.4%
Chicago Board of Education5.000% 12/01/20300.4%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.4%
Commonwealth of Puerto Rico5.250% 07/01/20230.4%
Chicago Board of Education5.000% 12/01/20300.4%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20260.4%
Pennsylvania Economic Development Financing Author9.000% 04/01/20510.4%
Village Metropolitan District/The4.150% 12/01/20300.4%
New Jersey Economic Development Authority5.000% 06/15/20230.4%
County of Sacramento CA Airport System Revenue5.000% 07/01/20280.4%
New York State Environmental Facilities Corp2.750% 09/01/20500.3%
San Diego Association of Governments1.800% 11/15/20270.3%
Fulton County Industrial Development Authority4.000% 07/01/20280.3%
State of Illinois5.000% 12/01/20260.3%
Commonwealth of Puerto Rico0.000% 11/01/20430.3%
State of Illinois5.000% 11/01/20250.3%
Parish of St James LA6.100% 06/01/20380.3%
State of Illinois5.000% 11/01/20280.3%
Clifton Higher Education Finance Corp5.250% 08/15/20280.3%
Public Finance Authority4.300% 11/01/20300.3%
Commonwealth of Puerto Rico5.625% 07/01/20290.3%
New Hampshire Business Finance Authority2.150% 07/01/20270.3%
Development Authority Of The City Of Marietta5.000% 11/01/20270.3%
State of Illinois5.000% 05/01/20280.3%
City of Houston TX Airport System Revenue5.000% 07/15/20270.3%
New Jersey Economic Development Authority5.000% 03/01/20300.3%
Black Belt Energy Gas District4.000% 07/01/20520.3%
City of Chicago IL5.000% 01/01/20240.3%
Arlington Higher Education Finance Corp4.000% 06/15/20310.3%
Metropolitan Transportation Authority5.000% 11/15/20300.3%
Metropolitan Transportation Authority5.000% 09/01/20220.3%
City of Los Angeles Department of Airports5.000% 05/15/20290.3%
Berks County Industrial Development Authority5.000% 11/01/20230.3%
Tahoe-Douglas Visitors Authority5.000% 07/01/20300.3%
Indiana Finance Authority2.500% 11/01/20300.3%
Metropolitan Transportation Authority5.000% 11/15/20290.3%
County of Nez Perce ID2.750% 10/01/20240.3%
New York State Environmental Facilities Corp3.125% 12/01/20440.3%
City of Sparks NV2.750% 06/15/20280.3%
M-S-R Energy Authority6.125% 11/01/20290.3%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.3%
Clifton Higher Education Finance Corp4.625% 08/15/20250.3%
Public Finance Authority5.000% 12/01/20250.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.3%
New York City Industrial Development Agency9.148% 03/01/20270.3%
California Statewide Communities Development Autho5.250% 12/01/20290.3%
Luzerne County Industrial Development Authority2.450% 12/01/20390.3%
Phenix City Industrial Development Board4.125% 05/15/20350.3%
City of Houston TX Airport System Revenue5.000% 07/15/20350.2%
Calhoun County Navigation Industrial Development A3.625% 07/01/20260.2%
Jefferson Parish Economic Development & Port Distr4.800% 06/15/20290.2%
Utah Charter School Finance Authority4.500% 06/15/20270.2%
Maryland Economic Development Corp3.250% 09/01/20300.2%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.2%
Puerto Rico Electric Power Authority5.250% 07/01/20230.2%
New York State Dormitory Authority5.000% 07/15/20300.2%
County of Frederick MD5.000% 09/01/20270.2%
California Municipal Finance Authority5.000% 06/30/20290.2%
New Jersey Economic Development Authority2.160% 09/01/20250.2%
Florida Development Finance Corp5.000% 08/01/20290.2%
Ohio Air Quality Development Authority2.600% 06/01/20410.2%
Chicago Board of Education6.750% 12/01/20300.2%
Chicago Board of Education4.000% 12/01/20270.2%
Puerto Rico Electric Power Authority0.000% 07/01/20270.2%
Brooklyn Arena Local Development Corp5.000% 07/15/20270.2%
Washington State Convention Center Public Faciliti3.000% 07/01/20310.2%
Metropolitan Pier & Exposition Authority5.500% 06/15/20290.2%
Capital Trust Agency Inc5.000% 12/15/20350.2%
Massachusetts Educational Financing Authority5.000% 07/01/20250.2%
City of Philadelphia PA Airport Revenue5.000% 07/01/20310.2%
Puerto Rico Highway & Transportation Authority9.378% 07/01/20280.2%
State of Illinois5.000% 11/01/20250.2%
Texas Municipal Gas Acquisition and Supply Corp I6.250% 12/15/20260.2%
New York State Dormitory Authority5.000% 07/15/20320.2%
City of Chicago IL5.000% 01/01/20230.2%
City of Fruita CO Healthcare Revenue5.375% 01/01/20330.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
City of Chicago IL5.000% 01/01/20270.2%
Port Beaumont Navigation District1.875% 01/01/20260.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.2%
New Hampshire Business Finance Authority2.950% 04/01/20290.2%
Ohio Air Quality Development Authority4.250% 11/01/20390.2%
County of Cuyahoga OH5.000% 02/15/20300.2%
County of Muskingum OH5.000% 02/15/20440.2%
Florida Higher Educational Facilities Financial Au4.500% 06/01/20330.2%
New York Transportation Development Corp5.000% 01/01/20300.2%
Metropolitan Transportation Authority5.000% 11/15/20310.2%
Babcock Ranch Community Independent Special Distri4.250% 05/01/20320.2%
City of Lenexa KS5.000% 05/15/20240.2%
Village Community Development District No 123.250% 05/01/20260.2%
Ohio Air Quality Development Authority2.875% 02/01/20260.2%
Village Community Development District No 132.550% 05/01/20310.2%
Idaho Health Facilities Authority5.000% 09/01/20230.2%
New Hampshire Business Finance Authority5.000% 07/01/20310.2%
Vermont Economic Development Authority4.625% 04/01/20360.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Public Finance Authority6.500% 12/01/20370.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20330.2%
City of Chicago IL5.500% 01/01/20300.2%
Hoover Industrial Development Board6.375% 11/01/20500.2%
New Jersey Economic Development Authority5.250% 09/15/20290.2%
New Jersey Economic Development Authority5.500% 09/01/20290.2%
New York Transportation Development Corp2.250% 08/01/20260.2%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20300.2%
State of Illinois5.375% 05/01/20230.2%
Virginia Small Business Financing Authority4.000% 07/01/20290.2%
Glendale Industrial Development Authority5.000% 11/15/20230.2%
Indiana Finance Authority1.400% 08/01/20290.2%
Arlington Higher Education Finance Corp4.375% 08/15/20260.2%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.2%
Clifton Higher Education Finance Corp5.250% 08/15/20260.2%
E-470 Public Highway Authority0.384% 09/01/20390.2%
New York State Dormitory Authority5.000% 07/15/20290.2%
City of Rockport IN3.050% 06/01/20250.2%
Chicago Board of Education5.000% 12/01/20270.2%
New York City Industrial Development Agency9.128% 03/01/20250.2%
Territory of Guam5.000% 01/01/20300.2%
George L Smith II Congress Center Authority3.625% 01/01/20310.2%
Indiana Finance Authority4.250% 11/01/20300.2%
Public Finance Authority5.000% 01/01/20240.2%
Palomar Health5.000% 11/01/20360.2%
Arizona Industrial Development Authority5.000% 07/01/20290.2%
Commonwealth of Puerto Rico5.625% 07/01/20270.2%
County of Cuyahoga OH5.000% 02/15/20230.2%
Development Authority of Burke County/The3.000% 11/01/20450.2%
County of Muskingum OH4.000% 02/15/20230.2%
Commonwealth of Puerto Rico5.750% 07/01/20310.2%
Chicago Board of Education5.000% 12/01/20220.2%
Massachusetts Health & Educational Facilities Auth1.765% 11/15/20320.2%
New Hampshire Business Finance Authority4.000% 11/01/20270.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.1%
Polk County Industrial Development Authority5.875% 01/01/20330.1%
North Parkway Municipal Management District No 14.250% 09/15/20310.1%
Oklahoma Development Finance Authority5.000% 08/15/20240.1%
Rocky Mountain Rail Park Metropolitan District5.000% 12/01/20310.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
Oklahoma Development Finance Authority5.250% 08/15/20430.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20270.1%
Nassau County Tobacco Settlement Corp5.250% 06/01/20260.1%
New York City Industrial Development Agency9.138% 03/01/20260.1%
San Gorgonio Memorial Health Care District5.000% 08/01/20350.1%
Jefferson County Civic Facility Development Corp5.000% 11/01/20250.1%
Chester County Health and Education Facilities Aut4.250% 11/01/20320.1%
New York State Housing Finance Agency1.450% 05/01/20290.1%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20230.1%
Chicago Board of Education5.000% 12/01/20270.1%
City of Oroville CA5.000% 04/01/20260.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20290.1%
New York State Environmental Facilities Corp2.875% 12/01/20440.1%
Village Community Development District No 132.625% 05/01/20300.1%
Chicago Board of Education4.000% 12/01/20220.1%
Industrial Development Authority of the City of Ph2.950% 07/01/20260.1%
Metropolitan Pier & Exposition Authority5.000% 12/15/20220.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20250.1%
California Statewide Communities Development Autho5.000% 12/01/20250.1%
City of Coralville IA4.500% 06/01/20320.1%
City of Brunswick MD4.000% 07/01/20290.1%
Vermont Student Assistance Corp4.000% 06/15/20290.1%
Babcock Ranch Community Independent Special Distri4.125% 05/01/20270.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.1%
New York City Housing Development Corp2.850% 11/01/20310.1%
City of Whiting IN5.000% 11/01/20450.1%
Chicago Board of Education4.000% 12/01/20220.1%
Minnesota Housing Finance Agency3.000% 01/01/20510.1%
Bucks County Industrial Development Authority5.000% 07/01/20250.1%
Kirkwood Industrial Development Authority5.250% 05/15/20280.1%
New York Transportation Development Corp2.500% 10/31/20310.1%
Public Finance Authority5.000% 12/01/20270.1%
American Samoa Economic Development Authority6.500% 09/01/20280.1%
Atlanta Development Authority/The0.000% 01/01/20230.1%
California Statewide Communities Development Autho5.000% 12/01/20260.1%
County of Osceola FL Transportation Revenue5.000% 10/01/20310.1%
Illinois Sports Facilities Authority/The5.000% 06/15/20290.1%
Port Beaumont Navigation District3.625% 01/01/20350.1%
Duluth Economic Development Authority4.000% 07/01/20310.1%
Ohio Air Quality Development Authority1.500% 02/01/20260.1%
Public Finance Authority5.000% 07/01/20420.1%
Metropolitan Transportation Authority5.000% 11/15/20290.1%
New York Transportation Development Corp5.000% 01/01/20230.1%
City of Coralville IA5.000% 05/01/20300.1%
Metropolitan Pier & Exposition Authority0.000% 06/15/20280.1%
New York City Industrial Development Agency5.000% 07/01/20220.1%
Public Authority for Colorado Energy6.125% 11/15/20230.1%
Kentucky State Property & Building Commission5.000% 11/01/20240.1%
Palomar Health5.000% 11/01/20280.1%
City of Chicago IL5.250% 01/01/20280.1%
Main Street Natural Gas Inc5.000% 05/15/20260.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20230.1%
Industrial Development Authority of the City of St3.875% 11/15/20290.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20260.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20270.1%
Matching Fund Special Purpose Securitization Corp5.000% 10/01/20280.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
New York Transportation Development Corp5.000% 01/01/20240.1%
Public Finance Authority4.000% 12/01/20310.1%
River Islands Public Financing Authority5.375% 09/01/20310.1%
Vermont Student Assistance Corp3.750% 06/15/20280.1%
Bucks County Industrial Development Authority5.000% 07/01/20380.1%
California Statewide Communities Development Autho5.000% 12/01/20290.1%
Fulton County Residential Care Facilities for the3.000% 04/01/20240.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20250.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20270.1%
Southeastern Ohio Port Authority5.500% 12/01/20290.1%
California Statewide Communities Development Autho5.000% 12/01/20310.1%
New York City Industrial Development Agency5.000% 07/01/20280.1%
Port Beaumont Navigation District2.625% 01/01/20310.1%
Bucks County Industrial Development Authority2.750% 12/01/20220.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20290.1%
New Hampshire Business Finance Authority2.800% 10/01/20330.1%
New York Transportation Development Corp5.000% 08/01/20260.1%
Allentown Neighborhood Improvement Zone Developmen6.000% 05/01/20420.1%
Development Authority Of Floyd County5.500% 12/01/20280.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20290.1%
Mida Mountain Village Public Infrastructure Distri4.000% 08/01/20310.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.1%
Port Beaumont Navigation District2.000% 01/01/20270.1%
Build NYC Resource Corp2.500% 06/15/20310.1%
City of Oroville CA5.000% 04/01/20290.1%
New York City Housing Development Corp1.450% 11/01/20290.1%
Washington State Convention Center Public Faciliti4.000% 07/01/20300.1%
West Villages Improvement District4.250% 05/01/20290.1%
Clarion County Industrial Development Authority2.450% 12/01/20390.1%
Illinois Finance Authority4.000% 10/01/20310.1%
California Statewide Communities Development Autho5.000% 12/01/20280.1%
Indiana Finance Authority3.000% 11/01/20300.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
Maryland Economic Development Corp0.000% 12/01/20310.1%
New Jersey Housing & Mortgage Finance Agency4.500% 10/01/20480.1%
Academical Village Community Development District2.875% 05/01/20250.1%
Chicago Board of Education0.000% 12/01/20250.1%
Atlanta Urban Redevelopment Agency2.875% 07/01/20310.1%
California Municipal Finance Authority5.000% 08/01/20240.1%
Berks County Municipal Authority/The5.000% 02/01/20320.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Parish of St James LA6.100% 12/01/20400.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
New York Transportation Development Corp4.000% 07/01/20320.1%
Territory of Guam5.000% 01/01/20310.1%
California Housing Finance Agency4.000% 03/20/20330.1%
Educational Enhancement Funding Corp5.000% 06/01/20240.1%
Illinois Finance Authority5.000% 09/01/20260.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20320.1%
Palomar Health5.000% 11/01/20310.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Illinois Sports Facilities Authority/The5.250% 06/15/20320.1%
Northern Palm Beach County Improvement District5.000% 08/01/20370.1%
County of Warren MS2.900% 09/01/20320.1%
Idaho Health Facilities Authority5.000% 09/01/20290.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
Capital Trust Agency Inc5.000% 12/15/20290.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
New Hope Cultural Education Facilities Finance Cor4.000% 08/15/20230.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20220.1%
Capital Trust Agency Inc5.000% 12/15/20280.1%
Port Beaumont Navigation District2.250% 01/01/20290.1%
Port Beaumont Navigation District2.500% 01/01/20300.1%
Vermont Student Assistance Corp4.000% 06/15/20300.1%
Ohio Air Quality Development Authority2.875% 02/01/20260.1%
Academical Village Community Development District3.250% 05/01/20310.1%
Capital Trust Agency Inc5.000% 12/15/20270.1%
Tahoe-Douglas Visitors Authority4.000% 07/01/20270.1%
Atlanta Urban Redevelopment Agency2.375% 07/01/20260.1%
Build NYC Resource Corp4.000% 12/01/20310.1%
Peninsula Town Center Community Development Author4.500% 09/01/20280.1%
California Statewide Communities Development Autho3.000% 06/01/20290.1%
Illinois Finance Authority5.000% 09/01/20250.1%
Celebration Pointe Community Development District3.000% 05/01/20310.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20220.1%
City of New Haven CT5.000% 08/01/20250.1%
Illinois Finance Authority4.000% 10/01/20320.1%
Roanoke Economic Development Authority4.300% 09/01/20300.1%
Village Community Development District No 131.800% 05/01/20260.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
Illinois Finance Authority4.000% 10/01/20300.1%
California Municipal Finance Authority5.000% 03/01/20250.1%
Illinois Finance Authority4.000% 10/01/20280.1%
Westerly Metropolitan District No 44.125% 12/01/20310.1%
County of Cuyahoga OH5.000% 02/15/20280.1%
Massachusetts Development Finance Agency5.000% 01/01/20240.1%
New Jersey Economic Development Authority2.460% 09/01/20270.1%
Parish of St John the Baptist LA2.125% 06/01/20370.1%
Brighton Crossing Metropolitan District No 65.000% 12/01/20350.1%
Illinois Finance Authority5.000% 09/01/20230.1%
Illinois Finance Authority5.000% 09/01/20240.1%
Port Beaumont Navigation District2.125% 01/01/20280.1%
Franklin County Industrial Development Authority/P5.000% 12/01/20260.1%
New York State Dormitory Authority5.000% 12/01/20220.1%
Maricopa County Industrial Development Authority4.000% 07/01/20290.1%
New York Transportation Development Corp4.000% 10/31/20340.0%
North Parkway Municipal Management District No 13.625% 09/15/20260.0%
City of Brunswick MD3.000% 07/01/20240.0%
Montgomery County Higher Education and Health Auth1.775% 11/15/20340.0%
Oklahoma Development Finance Authority5.000% 08/15/20290.0%
Public Finance Authority5.000% 06/01/20260.0%
Utah Charter School Finance Authority3.250% 06/15/20310.0%
Florida Development Finance Corp4.000% 07/15/20260.0%
Florida Development Finance Corp4.000% 09/15/20300.0%
Indiana Finance Authority3.000% 11/01/20300.0%
Maricopa County Industrial Development Authority5.125% 10/01/20300.0%
Montgomery County Housing Opportunities Commission4.000% 07/01/20480.0%
Arizona Industrial Development Authority5.000% 07/01/20260.0%
Celebration Pointe Community Development District2.375% 05/01/20260.0%
New Hope Cultural Education Facilities Finance Cor4.000% 01/01/20290.0%
North Carolina Housing Finance Agency4.000% 07/01/20470.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20250.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Capital Trust Agency Inc5.000% 12/15/20290.0%
County of Berkeley SC4.000% 11/01/20300.0%
Board of Managers Joint Guadalupe County-City of S4.000% 12/01/20260.0%
Parish of St John the Baptist LA2.375% 06/01/20370.0%
Arizona Industrial Development Authority4.000% 07/01/20290.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20270.0%
Capital Trust Agency Inc4.000% 12/15/20230.0%
City of Sparks NV2.500% 06/15/20240.0%
Glendale Industrial Development Authority4.000% 11/15/20270.0%
West Villages Improvement District4.000% 05/01/20240.0%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20260.0%
Casino Reinvestment Development Authority Inc5.000% 11/01/20220.0%
Chester County Industrial Development Authority3.700% 10/15/20220.0%
Pennsylvania Housing Finance Agency4.000% 04/01/20390.0%
Arlington Higher Education Finance Corp4.000% 08/15/20310.0%
County of Cook IL5.000% 11/15/20220.0%
Ohio Air Quality Development Authority3.750% 01/15/20280.0%
Capital Trust Agency Inc4.000% 12/15/20240.0%
Commonwealth of Pennsylvania5.000% 07/01/20240.0%
Antelope Valley Healthcare District5.250% 03/01/20360.0%
Oklahoma Development Finance Authority4.000% 08/01/20370.0%
Capital Trust Agency Inc5.000% 12/15/20260.0%
Maricopa County Industrial Development Authority5.000% 10/01/20260.0%
Capital Trust Agency Inc4.000% 12/15/20250.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20230.0%
Love Field Airport Modernization Corp5.000% 11/01/20220.0%
California Pollution Control Financing Authority5.000% 07/01/20290.0%
Plaza at Noah's Ark Community Improvement District3.000% 05/01/20260.0%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20220.0%
Downtown Doral South Community Development Distric4.250% 12/15/20280.0%
Public Finance Authority3.000% 12/01/20260.0%
Salt Verde Financial Corp5.250% 12/01/20230.0%
Scranton Redevelopment Authority5.000% 11/15/20280.0%
Tulsa County Industrial Authority5.000% 11/15/20230.0%
School District of Philadelphia/The5.000% 09/01/20250.0%
Wisconsin Health & Educational Facilities Authorit4.375% 08/01/20270.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
Northern Palm Beach County Improvement District3.250% 08/01/20220.0%
Florida Development Finance Corp5.000% 06/15/20250.0%
New York State Dormitory Authority4.000% 11/01/20250.0%
California School Finance Authority5.000% 08/01/20270.0%
California School Finance Authority5.000% 08/01/20250.0%
California School Finance Authority5.000% 08/01/20260.0%
New York State Dormitory Authority4.000% 11/01/20260.0%
Village Community Development District No 123.250% 05/01/20230.0%
City of North Las Vegas NV3.750% 06/01/20250.0%
City of San Diego Tobacco Settlement Revenue Fundi4.000% 06/01/20320.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
Puerto Rico Electric Power Authority5.000% 07/01/20240.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Commonwealth of Puerto Rico4.000% 07/01/20330.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
City of North Las Vegas NV3.500% 06/01/20240.0%
City of Valparaiso IN5.875% 01/01/20240.0%
City of Valparaiso IN7.000% 01/01/20440.0%
Chicago Board of Education7.000% 12/01/20260.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
New York State Dormitory Authority5.250% 01/01/20340.0%
California Municipal Finance Authority5.000% 08/01/20270.0%
City of North Las Vegas NV3.500% 06/01/20230.0%
Greater Orlando Aviation Authority5.000% 11/15/20260.0%
Public Finance Authority5.000% 07/01/20220.0%
Southeastern Ohio Port Authority5.000% 12/01/20220.0%
Southeastern Ohio Port Authority5.000% 12/01/20230.0%
King County Public Hospital District No 45.000% 12/01/20250.0%
Public Finance Authority5.000% 07/01/20220.0%
Commonwealth of Puerto Rico4.000% 07/01/20370.0%
Illinois Finance Authority5.000% 05/15/20250.0%
City of Blaine MN5.125% 07/01/20250.0%
California Statewide Communities Development Autho5.750% 07/01/20240.0%
Commonwealth of Puerto Rico4.000% 07/01/20350.0%
Florence Town Inc Industrial Development Authority5.000% 07/01/20230.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.0%
California Statewide Communities Development Autho0.000% 07/01/20220.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
Commonwealth of Puerto Rico0.000% 07/01/20330.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 07/01/20530.0%
TYU2 - Futures0.000% 01/01/19000.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/15/2022
$0.206
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2022 $0.03452 $14.50
Daily Daily 06/30/2022 $0.03337 $14.25
Daily Daily 05/31/2022 $0.03182 $14.53
Daily Daily 04/30/2022 $0.03154 $14.50
Daily Daily 03/31/2022 $0.02753 $14.88
Daily Daily 02/28/2022 $0.02483 $15.37
Daily Daily 01/31/2022 $0.02243 $15.51

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 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2017 12/20/2017 $0.0023 - $0.0023 $15.14
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
0.65% 0.60%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

A taxable-equivalent yield is the return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. It does not take into account the effect of the alternative minimum tax (AMT) or any federal or state taxes. Tax-equivalent yield will vary based on an investor's tax bracket. Income from municipal bonds may be subject to the alternative minimum tax. Federal, state and local taxes may apply.

 

IMPORTANT INFORMATION

 

*"Barron's Best Fund Families of 2021", #7 ranking in the Tax Exempt Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families.  Ranking for the ten-year period ending 12/31/2021 is #4 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. Diversification does not guarantee a profit or protect against loss in declining markets.

A Note about Risk: The Fund invests substantially in lower rated municipal bonds (commonly referred to as “below investment grade”, “high yield” or “junk bonds”).  High-yield securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal.  High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. The Fund concentrates on high yield municipal bonds with shorter maturities and durations, which carry heightened credit risk, liquidity risk and potential for default.  In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks.  The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk.  The Fund may invest in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. These factors can affect Fund performance. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. Past performance is no guarantee of future results.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Bloomberg 1-8 Year Municipal Bond Index is the 1-8 year component of the Bloomberg Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

Select funds to run a Morningstar Hypothetical Report.

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