HYMQX | Short Duration High Income Municipal Bond Fund Class F3 | 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 12/05/2023

$13.97

arrowUp$0.01

YTD Returns w/o sales charge as of 12/05/2023

3.21%

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

30-Day Standardized Yield 1 as of 11/30/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.50% 4.44%

Average Yield to Worst as of 10/31/2023

6.20%

Fund Basicsas of 10/31/2023

Total Net Assets
$927.60 M
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.44%
Fund Net Expense Ratio
0.37%
Number of Holdings
305

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.93% 3.25% -0.28% 1.54% - 2.10%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge 2.93% 3.25% -0.28% 1.54% - 2.10%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.08% 3.55% -0.32% 1.16% - 1.92%
Lipper Category Avg. High Yield Municipal Debt Funds -1.17% 1.82% -2.08% 0.42% - -

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

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.

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

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

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2023

Rating Assets
A-1/MIG1
A-3/MIG3
AAA
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.

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Performance

Performance

Average Yield to Worst as of 10/31/2023

6.20%

30-Day Standardized Yield 1 as of 11/30/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.50% 4.44%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.93% 3.25% -0.28% 1.54% - 2.10%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge 2.93% 3.25% -0.28% 1.54% - 2.10%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.08% 3.55% -0.32% 1.16% - 1.92%
Lipper Category Avg. High Yield Municipal Debt Funds -1.17% 1.82% -2.08% 0.42% - -

Fund Expense Ratio :

Gross 0.44%

Net 0.37%

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
2022 -9.06%
2021 4.36%
2020 2.42%
2019 7.32%
2018 2.29%
2017 5.64%
2016 0.05%
2015 2.68%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.74% 0.63% - - 3.21%
2022 -5.97% -3.55% -2.11% 2.44% -9.06%
2021 1.60% 2.16% -0.14% 0.68% 4.36%
2020 -5.46% 3.03% 1.83% 3.25% 2.42%
2019 2.54% 2.04% 1.67% 0.88% 7.32%
2018 0.40% 0.94% 0.48% 0.45% 2.29%
2017 2.12% 1.82% 1.52% 0.07% 5.64%
2016 1.47% 2.03% 0.68% -4.02% 0.05%
2015 - - 1.14% 1.88% 2.68%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

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

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

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2023

Rating Assets
A-1/MIG1
A-3/MIG3
AAA
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 Positioningas of 9/30/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve the convexity of the Fund and positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons to position in more favorable structures.
  • We continue to overweight Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits and bonds subject to the Alternative Minimum Tax (AMT). While these parts of the market can exhibit volatility in periods of stress and underperformed in last year’s sell off, many have performed well since the start of the year. We believe that these areas of the market may exhibit strong performance as rate volatility diminishes and mutual fund flows recover.
  • Although primarily invested in non-investment grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds relative to the secondary benchmark to provide diversification and enhance liquidity. We also believe that lower quality investment grade bonds are showing attractive relative value in the current market environment.
  • Over the quarter, we have increased the Fund’s weighting to short maturity bonds (those with less than 3 years to maturity) and bonds with short call dates to gain exposure to attractive short-term yields given the inverted yield curve. Similarly, we have been reducing exposure to bonds in the 6 to 8-year maturity range given the flatter slope at this part of the curve.
  • We continue to have a positive view on corporate-backed bonds within the Industrial Development sector and remain overweight relative to the benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.

Portfolio Details as of 10/31/2023

Total Net Assets
$927.60 M
Average Effective Duration
3.55 Years
Average Effective Maturity
6.5 Years
Number of Issues
305
Average Yield to Worst
6.20%

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

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% 10/31/2027 2.4%
Maryland Economic Development Corp 5.750% 08/30/2025 1.6%
Tennergy Corp/Tn 5.500% 09/22/2053 1.5%
Commonwealth Of Puerto Rico 5.750% 06/28/2031 1.4%
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000% 01/28/2033 1.4%
New York Transportation Development Corp 4.000% 09/28/2030 1.4%
New York Transportation Development Corp 5.000% 07/29/2031 1.4%
Berks County Municipal Authority/The 5.000% 01/27/2040 1.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 4.500% 06/27/2034 1.3%
Sumter County Industrial Development Authority/Al 6.000% 07/06/2052 1.2%
% of Total Assets 14.9%

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 of10/31/2023

Holding Coupon Maturity Assets
Main Street Natural Gas Inc4.000% 10/31/20272.4%
Maryland Economic Development Corp5.750% 08/30/20251.6%
Tennergy Corp/Tn5.500% 09/22/20531.5%
Commonwealth Of Puerto Rico5.750% 06/28/20311.4%
New York City Transitional Finance Authority Future Tax Secured Revenue5.000% 01/28/20331.4%
New York Transportation Development Corp4.000% 09/28/20301.4%
New York Transportation Development Corp5.000% 07/29/20311.4%
Berks County Municipal Authority/The5.000% 01/27/20401.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.500% 06/27/20341.3%
Sumter County Industrial Development Authority/Al6.000% 07/06/20521.2%
Washington State Convention Center Public Faciliti4.000% 06/28/20311.1%
Allegheny County Industrial Development Authority5.125% 04/28/20301.1%
Southeast Energy Authority A Cooperative District5.978% 08/30/20291.1%
California Community Choice Financing Authority5.258% 07/30/20281.1%
Black Belt Energy Gas District4.000% 09/22/20521.1%
Mission Economic Development Corp4.625% 09/28/20311.0%
Rhode Island Health And Educational Building Corp5.000% 08/27/20361.0%
Tuscaloosa County Industrial Development Authority4.500% 04/28/20321.0%
Chandler Industrial Development Authority5.000% 06/02/20241.0%
Texas Private Activity Bond Surface Transportation7.000% 12/26/20380.9%
City & County Of Denver Co5.000% 09/27/20320.9%
County Of Washington Oh5.500% 11/29/20270.9%
New Jersey Economic Development Authority5.250% 09/12/20290.9%
City Of Scranton Pa5.000% 11/12/20320.9%
Parish Of St James La6.100% 05/27/20380.9%
County Of Muskingum Oh5.000% 02/11/20330.8%
California Community Choice Financing Authority5.500% 04/22/20540.8%
Public Finance Authority4.000% 06/27/20360.8%
Chicago Board Of Education5.000% 11/27/20340.8%
County Of Miami-Dade Fl Aviation Revenue5.000% 09/27/20320.8%
Niagara Area Development Corp3.500% 10/30/20240.8%
Montgomery County Industrial Development Authority4.450% 09/27/20340.8%
California Municipal Finance Authority4.000% 07/12/20290.8%
Chicago Board Of Education5.000% 11/27/20340.8%
Tulsa Airports Improvement Trust5.000% 05/28/20350.8%
State Of Illinois5.000% 09/30/20240.8%
Nassau County Tobacco Settlement Corp5.250% 05/30/20260.7%
Sierra Vista Industrial Development Authority5.000% 06/11/20330.7%
Virginia Small Business Financing Authority5.000% 12/28/20330.7%
Development Authority Of Appling County4.300% 11/01/20230.7%
New Jersey Economic Development Authority5.750% 09/13/20270.7%
New York Liberty Development Corp5.150% 11/11/20340.7%
City Of Chicago Il5.500% 12/28/20320.7%
Tsasc Inc/Ny5.000% 05/30/20250.7%
Public Finance Authority5.000% 01/01/20240.7%
Florida Development Finance Corp3.000% 05/29/20320.7%
California Community Choice Financing Authority5.250% 12/23/20530.6%
City Of Sparks Nv2.750% 06/13/20280.6%
Commonwealth Of Puerto Rico5.625% 06/29/20270.6%
Maryland Industrial Development Financing Authorit6.020% 11/07/20230.6%
Iowa Finance Authority4.000% 11/23/20500.6%
Michigan Strategic Fund4.000% 09/20/20610.6%
Vermont Economic Development Authority5.000% 05/24/20520.6%
Pennsylvania Economic Development Financing Author3.250% 07/27/20390.6%
Pennsylvania Economic Development Financing Author5.250% 06/26/20350.6%
City Of New York Ny5.000% 02/27/20320.6%
Chicago Board Of Education Dedicated Capital Impro6.100% 03/28/20360.6%
Chicago Board Of Education Dedicated Capital Impro5.750% 03/28/20330.6%
Sttedu 5% 06/01/245.000% -0.6%
Public Finance Authority5.000% 11/29/20250.5%
New York Transportation Development Corp5.000% 06/27/20340.5%
Main Street Natural Gas Inc5.258% 05/30/20310.5%
Wisconsin Health & Educational Facilities Authorit5.490% 11/07/20230.5%
Illinois Finance Authority7.375% 08/26/20420.5%
New York Transportation Development Corp5.000% 12/30/20260.5%
Pennsylvania Turnpike Commission4.940% 07/14/20250.5%
Pefa Inc5.000% 08/24/20490.5%
Central Plains Energy Project5.000% 04/22/20540.5%
City Of Henderson Ky3.700% 12/29/20310.5%
New York Transportation Development Corp5.000% 12/28/20350.5%
South Carolina Jobs-Economic Development Authority5.750% 11/12/20290.5%
City Of Whiting In5.000% 10/31/20240.5%
Chicago Board Of Education5.125% 11/27/20320.5%
California Statewide Communities Development Autho5.250% 11/27/20340.5%
City Of Farmington Nm3.900% 05/27/20400.5%
Clifton Higher Education Finance Corp5.250% 08/14/20260.5%
New York State Environmental Facilities Corp3.125% 05/31/20260.5%
Parish Of St James La5.850% 07/26/20410.5%
New York Transportation Development Corp5.000% 07/30/20260.4%
City Of Houston Tx Airport System Revenue6.500% 07/12/20300.4%
Chicago Board Of Education5.250% 11/27/20350.4%
Matching Fund Special Purpose Securitization Corp5.000% 09/29/20260.4%
Allentown Neighborhood Improvement Zone Developmen6.000% 04/26/20420.4%
County Of Clark Nv2.100% 05/29/20310.4%
New York City Transitional Finance Authority Futur4.000% 11/01/20230.4%
California Public Finance Authority0.000% 05/13/20280.4%
New York Transportation Development Corp4.000% 06/29/20310.4%
Academical Village Community Development District3.250% 04/28/20310.4%
City Of Chicago Il5.000% 01/01/20240.4%
City Of Scranton Pa5.000% 08/30/20290.4%
Pennsylvania Economic Development Financing Author9.000% 03/24/20510.4%
Charlotte County Industrial Development Authority/5.500% 09/27/20360.4%
Florida Development Finance Corp6.125% 06/28/20320.4%
New Jersey Economic Development Authority5.000% 09/30/20270.4%
Puerto Rico Highway & Transportation Authority0.000% 06/28/20320.4%
New York Transportation Development Corp5.000% 01/01/20240.3%
New Hampshire Business Finance Authority2.150% 06/30/20240.3%
Port Beaumont Navigation District6.000% 12/31/20240.3%
New York Transportation Development Corp6.000% 03/28/20350.3%
Jersey City Municipal Utilities Authority4.000% 05/02/20240.3%
Chesapeake Bay Bridge & Tunnel District5.000% 11/01/20230.3%
Commonwealth Of Puerto Rico0.000% 10/27/20430.3%
County Of Frederick Md5.000% 08/28/20320.3%
Love Field Airport Modernization Corp5.000% 10/29/20280.3%
Clifton Higher Education Finance Corp5.250% 08/12/20280.3%
County Of Miami-Dade Seaport Department5.000% 09/27/20320.3%
City Of New York Ny3.950% 11/01/20230.3%
Clifton Higher Education Finance Corp6.000% 08/10/20380.3%
Village Metropolitan District/The4.150% 11/28/20300.3%
City Of Chicago Il5.000% 01/01/20240.3%
Development Authority Of The City Of Marietta5.000% 10/30/20270.3%
City Of Seattle Wa Municipal Light & Power Revenue4.340% 10/31/20260.3%
Washington Health Care Facilities Authority5.000% 09/26/20380.3%
Public Finance Authority6.625% 11/27/20320.3%
New Hampshire Business Finance Authority2.950% 03/30/20290.3%
City Of New York Ny4.280% 11/01/20230.3%
South Carolina Jobs-Economic Development Authority5.250% 11/12/20280.3%
Florida Higher Educational Facilities Financial Au4.500% 05/28/20330.3%
County Of Muskingum Oh5.000% 02/13/20270.3%
Black Belt Energy Gas District4.000% 11/22/20520.3%
Mississippi Business Finance Corp7.750% 07/08/20470.3%
Fulton County Industrial Development Authority4.000% 06/29/20280.3%
Lakewood Ranch Stewardship District5.450% 04/27/20330.3%
City Of Chicago Il5.500% 12/31/20240.3%
Northern Palm Beach County Improvement District5.000% 07/28/20340.3%
Greater Orlando Aviation Authority5.000% 11/13/20260.3%
Cleveland-Cuyahoga County Port Authority5.000% 11/28/20280.3%
Oklahoma Development Finance Authority5.450% 06/19/20280.3%
Idaho Health Facilities Authority6.250% 10/28/20350.3%
California Statewide Communities Development Autho5.250% 11/28/20290.3%
Chicago Board Of Education5.000% 11/28/20300.3%
Public Finance Authority5.000% 09/27/20340.3%
Matching Fund Special Purpose Securitization Corp5.000% 09/27/20320.3%
New York City Industrial Development Agency4.589% 02/28/20270.3%
Port Beaumont Navigation District1.875% 12/30/20250.3%
City Of Houston Tx Airport System Revenue5.000% 06/28/20290.3%
Black Belt Energy Gas District5.500% 05/24/20490.3%
Charlotte County Industrial Development Authority/5.000% 09/28/20290.3%
New York Liberty Development Corp1.200% 11/12/20280.3%
Chicago O'Hare International Airport5.000% 12/29/20310.3%
New York State Environmental Facilities Corp2.750% 08/24/20500.3%
Chicago Board Of Education6.750% 11/28/20300.3%
Connecticut State Health & Educational Facilities5.000% 06/27/20340.2%
New Jersey Economic Development Authority5.340% 02/28/20250.2%
Calhoun County Navigation Industrial Development A3.625% 06/29/20260.2%
Southeastern Ohio Port Authority5.500% 11/28/20290.2%
New York State Dormitory Authority5.000% 07/13/20300.2%
Military Installation Development Authority4.000% 05/28/20360.2%
Jefferson Parish Economic Development & Port Distr4.800% 06/12/20290.2%
New Jersey Economic Development Authority5.000% 09/30/20260.2%
South Carolina Jobs-Economic Development Authority4.000% 03/31/20260.2%
Ohio Air Quality Development Authority2.500% 07/26/20400.2%
Energy Southeast A Cooperative District5.750% 03/23/20540.2%
State Of Illinois5.000% 10/30/20250.2%
Industrial Development Authority Of The City Of Ph5.000% 06/27/20350.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 04/28/20320.2%
Clifton Higher Education Finance Corp5.750% 08/11/20330.2%
City Of New York Ny4.280% 11/01/20230.2%
New York State Dormitory Authority5.000% 07/12/20320.2%
Ohio Air Quality Development Authority4.250% 10/27/20390.2%
Avenir Community Development District4.500% 04/28/20300.2%
Chicago Board Of Education5.000% 11/27/20340.2%
Mississippi Business Finance Corp4.550% 11/28/20280.2%
County Of Cuyahoga Oh5.000% 02/12/20300.2%
Babcock Ranch Community Independent Special Distri4.250% 04/28/20320.2%
Metropolitan Transportation Authority5.000% 11/12/20310.2%
Utah Charter School Finance Authority4.500% 06/13/20270.2%
Public Finance Authority5.000% 06/28/20320.2%
City Of Fruita Co Healthcare Revenue5.375% 12/28/20320.2%
E-470 Public Highway Authority3.908% 08/31/20240.2%
Florida Development Finance Corp6.000% 06/11/20330.2%
Public Finance Authority6.500% 11/26/20370.2%
City Of Scranton Pa5.000% 11/14/20260.2%
Glendale Industrial Development Authority5.000% 11/15/20230.2%
Public Finance Authority4.300% 10/29/20300.2%
City Of Scranton Pa5.000% 08/31/20240.2%
Allentown Neighborhood Improvement Zone Developmen5.125% 04/28/20320.2%
West Virginia Economic Development Authority4.700% 06/16/20260.2%
Hoover Industrial Development Board6.375% 10/24/20500.2%
City Of New York Ny4.280% 11/01/20230.2%
George L Smith Ii Congress Center Authority3.625% 12/29/20300.2%
New York City Industrial Development Agency4.569% 02/28/20250.2%
New York State Dormitory Authority5.000% 07/13/20290.2%
New York State Dormitory Authority5.000% 06/28/20300.2%
State Of Illinois5.000% 06/30/20240.2%
Chester County Health And Education Facilities Aut4.250% 10/28/20320.2%
City Of Seneca Ks5.000% 08/31/20250.2%
Idaho Health Facilities Authority5.500% 10/30/20290.2%
Antelope Valley Healthcare District5.000% 02/27/20260.2%
Arizona Industrial Development Authority5.000% 06/28/20290.2%
Chesapeake Economic Development Authority3.650% 01/29/20320.2%
Industrial Development Authority Of The County Of5.125% 11/12/20290.2%
New Hampshire Business Finance Authority4.000% 10/30/20270.2%
Village Community Development District No 154.375% 04/27/20330.2%
Chautauqua County Capital Resource Corp4.250% 04/01/20280.2%
Commonwealth Of Puerto Rico0.000% 06/27/20330.2%
Mississippi Business Finance Corp5.000% 01/28/20360.2%
New Jersey Economic Development Authority3.750% 10/28/20340.2%
Oklahoma Development Finance Authority5.000% 08/14/20240.2%
North Parkway Municipal Management District No 14.250% 09/12/20310.1%
Clifton Higher Education Finance Corp5.750% 08/10/20380.1%
Illinois Housing Development Authority4.000% 05/31/20250.1%
New York City Industrial Development Agency4.579% 02/28/20260.1%
Polk County Industrial Development Authority5.875% 12/28/20320.1%
Florida Development Finance Corp5.000% 04/28/20290.1%
Chicago Board Of Education5.000% 11/27/20330.1%
Clifton Higher Education Finance Corp4.625% 08/13/20250.1%
County Of Miami-Dade Seaport Department5.000% 09/26/20360.1%
Chicago Board Of Education Dedicated Capital Impro5.250% 03/28/20330.1%
Board Of Managers Joint Guadalupe County-City Of S5.000% 12/01/20230.1%
Metropolitan Washington Airports Authority Dulles5.000% 09/27/20340.1%
Nassau County Local Economic Assistance Corp5.000% 06/30/20240.1%
Village Community Development District No 124.000% 04/27/20330.1%
Port Beaumont Navigation District2.625% 12/29/20300.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 04/29/20280.1%
Babcock Ranch Community Independent Special Distri4.125% 04/29/20270.1%
Massachusetts Health & Educational Facilities Auth4.589% 11/12/20320.1%
City Of Coralville Ia4.500% 05/30/20320.1%
Board Of Managers Joint Guadalupe County-City Of S4.000% 11/30/20260.1%
Public Finance Authority5.000% 11/29/20270.1%
New York State Dormitory Authority5.000% 07/13/20280.1%
State Of Illinois5.250% 01/29/20290.1%
University City Industrial Development Authority4.875% 06/11/20360.1%
Main Street Natural Gas Inc4.000% 08/23/20520.1%
Port Beaumont Navigation District2.000% 12/30/20260.1%
New York Transportation Development Corp2.500% 10/29/20310.1%
Port Beaumont Navigation District2.250% 12/29/20280.1%
Matching Fund Special Purpose Securitization Corp5.000% 09/28/20280.1%
American Samoa Economic Development Authority6.500% 08/29/20280.1%
Boggy Creek Improvement District4.500% 04/28/20330.1%
City Of Chicago Il5.000% 12/29/20300.1%
Massachusetts Development Finance Agency5.000% 06/27/20350.1%
California Statewide Communities Development Autho5.000% 11/28/20310.1%
Nassau County Tobacco Settlement Corp5.000% 05/28/20350.1%
Matching Fund Special Purpose Securitization Corp5.000% 09/29/20270.1%
Lakewood Ranch Stewardship District5.400% 04/29/20280.1%
Village Community Development District No 154.250% 04/29/20280.1%
New York State Environmental Facilities Corp5.125% 08/24/20500.1%
Matagorda County Navigation District No 14.000% 05/29/20300.1%
Charlotte County Industrial Development Authority/5.000% 09/27/20340.1%
New York State Dormitory Authority5.000% 06/29/20280.1%
City Of Coralville Ia4.000% 05/29/20310.1%
West Villages Improvement District4.250% 04/28/20290.1%
Maryland Economic Development Corp0.000% 11/29/20310.1%
Development Authority Of The City Of Marietta5.000% 10/27/20370.1%
Berks County Municipal Authority/The5.000% 01/29/20290.1%
City Of Oroville Ca5.000% 03/31/20260.1%
New York State Environmental Facilities Corp2.875% 11/24/20440.1%
New York City Industrial Development Agency5.000% 06/29/20280.1%
Industrial Development Authority Of The City Of St3.875% 11/12/20290.1%
Capital Trust Agency Inc5.000% 12/13/20290.1%
Capital Trust Agency Inc4.000% 06/12/20290.1%
Palomar Health5.000% 10/29/20310.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
Capital Trust Agency Inc5.000% 12/13/20290.1%
Capital Trust Agency Inc5.000% 12/13/20280.1%
Westview South Community Development District4.875% 04/29/20280.1%
Peninsula Town Center Community Development Author4.500% 08/29/20280.1%
Port Beaumont Navigation District2.125% 12/30/20270.1%
Capital Trust Agency Inc5.000% 12/14/20270.1%
Academical Village Community Development District2.875% 04/30/20250.1%
Board Of Managers Joint Guadalupe County-City Of S5.000% 11/30/20240.1%
Celebration Pointe Community Development District3.000% 04/29/20310.1%
City Of Oroville Ca5.000% 03/30/20290.1%
California Municipal Finance Authority5.000% 02/28/20250.1%
Industrial Development Authority Of The County Of3.500% 06/30/20250.1%
Berks County Municipal Authority/The5.000% 01/29/20320.1%
North Parkway Municipal Management District No 13.625% 09/13/20260.1%
Public Finance Authority5.000% 05/31/20260.1%
Utah Charter School Finance Authority3.250% 06/13/20310.1%
Roanoke Economic Development Authority0.000% 08/30/20300.0%
California Public Finance Authority0.000% 05/13/20280.0%
Florida Development Finance Corp4.000% 09/12/20300.0%
Celebration Pointe Community Development District2.375% 04/30/20260.0%
Maricopa County Industrial Development Authority5.125% 09/29/20300.0%
City Of Baltimore Md4.500% 05/28/20330.0%
Capital Trust Agency Inc4.000% 12/15/20230.0%
Arizona Industrial Development Authority4.000% 06/29/20290.0%
Glendale Industrial Development Authority4.000% 11/13/20270.0%
Arlington Higher Education Finance Corp4.000% 08/13/20310.0%
Montgomery County Housing Opportunities Commission4.000% 06/24/20480.0%
North Carolina Housing Finance Agency4.000% 06/24/20470.0%
Capital Trust Agency Inc4.000% 12/14/20250.0%
Capital Trust Agency Inc5.000% 12/14/20260.0%
Build Nyc Resource Corp5.000% 05/29/20320.0%
Capital Trust Agency Inc4.000% 12/14/20240.0%
Scranton Redevelopment Authority5.000% 11/13/20280.0%
Westview South Community Development District4.750% 04/30/20280.0%
West Villages Improvement District4.000% 05/01/20240.0%
Maricopa County Industrial Development Authority5.000% 09/30/20260.0%
City Of Valparaiso In5.875% 01/01/20240.0%
Pennsylvania Housing Finance Agency4.000% 03/27/20390.0%
Florida Development Finance Corp5.000% 06/14/20250.0%
Southeastern Ohio Port Authority5.000% 12/01/20230.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
Illinois Finance Authority5.000% 05/14/20250.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
King County Public Hospital District No 45.000% 11/29/20250.0%
City Of Blaine Mn0.000% 07/01/20250.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/26/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.750% 06/22/20530.0%
California Statewide Communities Development Authority0.000% 07/01/20240.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 06/22/20530.0%
TYZ3 - Futures0.000% -0.0%

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 12/05/2023
$0.51534
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2023 $0.05022 $13.94
Daily Daily 10/31/2023 $0.04956 $13.62
Daily Daily 09/30/2023 $0.04777 $13.79
Daily Daily 08/31/2023 $0.04805 $14.02
Daily Daily 07/31/2023 $0.04665 $14.12
Daily Daily 06/30/2023 $0.04780 $14.11
Daily Daily 05/31/2023 $0.04568 $14.00
Daily Daily 04/30/2023 $0.04489 $14.13
Daily Daily 03/31/2023 $0.04542 $14.16
Daily Daily 02/28/2023 $0.04528 $14.11
Daily Daily 01/31/2023 $0.04401 $14.31

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 12/31/2023

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. 

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.44% 0.37%

Expense ratio details, Click here.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
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

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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

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.

 

2

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

 

3

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

 

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.

 

 

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.

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