SDHAX | Short Duration High Income Municipal Bond Fund Class A | 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 09/28/2023

$13.78

arrowDown$0.05

YTD Returns w/o sales charge as of 09/28/2023

0.78%

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 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.83% 3.79%

Average Yield to Worst as of 08/31/2023

5.67%

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

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Fund Basicsas of 08/31/2023

Total Net Assets
$894.44 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.72%
Fund Net Expense Ratio
0.65%
Number of Holdings
298
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.23% 1.47% -0.13% 1.11% - 1.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% - -
w/ sales charge -0.05% -0.81% -0.88% 0.65% - 1.55%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.24% 2.40% 0.45% 1.26% - 1.88%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% - -
w/ sales charge -0.04% 0.08% -0.32% 0.80% - 1.59%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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
Other
Education
Transportation
GO State
Lease
VRDN
Power
Pre-Refunded
Water & Sewer
Housing

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 08/31/2023

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 08/31/2023

5.67%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.83% 3.79%

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

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.23% 1.47% -0.13% 1.11% - 1.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% - -
w/ sales charge -0.05% -0.81% -0.88% 0.65% - 1.55%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.24% 2.40% 0.45% 1.26% - 1.88%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% - -
w/ sales charge -0.04% 0.08% -0.32% 0.80% - 1.59%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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 -9.29%
2021 4.08%
2020 2.15%
2019 7.05%
2018 2.10%
2017 5.30%
2016 -0.20%
2015 2.53%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.67% 0.56% - - 0.78%
2022 -6.04% -3.61% -2.17% 2.37% -9.29%
2021 1.47% 2.16% -0.20% 0.61% 4.08%
2020 -5.59% 3.04% 1.77% 3.18% 2.15%
2019 2.48% 1.98% 1.54% 0.88% 7.05%
2018 0.41% 0.81% 0.42% 0.45% 2.10%
2017 2.06% 1.75% 1.45% -0.05% 5.30%
2016 1.41% 1.90% 0.69% -4.08% -0.20%
2015 - - 1.08% 1.81% 2.53%

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

Growth of $10,000 as of 08/31/2023

The chart begins on the Fund's inception date of 06/15/2015.

Based on a hypothetical Class A share investment of $10,000 on 06/15/2015 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

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

CREDIT QUALITY DISTRIBUTION as of 08/31/2023

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 6/30/2023

  • We continue to overweight some of the more volatile segments of the market, such as bonds subject to AMT, Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits. While these parts of the market underperformed in last year’s sell off, many have performed well in the first half of the year. We believe as mutual fund flows continue to recover in the second half of 2023, these areas of the market may exhibit strong performance.
  • 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 shorter call and shorter maturity bonds (<3 years) to gain exposure to attractive short-term yields given the inverted yield curve. Similarly, we have been lessening exposure to 6–8-year bonds given the flatter slope found at this part of the curve.
  • Over the quarter, we modestly trimmed our exposure to Prepaid Gas bonds based on relative value opportunities in other areas of the market. However, we remain overweight Prepaid Gas bonds relative to the secondary benchmark given their attractive yields, shorter maturities and strong liquidity characteristics.
  • We have continued to add to corporate-backed bonds within the Industrial Development sector and remain overweight relative to the secondary benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • The Hospital sector faced challenges in 2022 due to increased supply and labor costs, coupled with mounting investment losses. Despite this pressure, we consider the market's reaction to the sector's financial downturn in certain segments to have been overly drastic. Going forward, we expect an improvement in the Hospital sector’s prospects due to continued revenue growth and slowing expenses. According to Kaufman Hall, hospitals’ operating margins turned positive in May and expenses fell while outpatient volumes rose.  We continue to see opportunity in the sector but believe security selection will remain important given the dispersion between strong and weak performers.

Portfolio Details as of 08/31/2023

Total Net Assets
$894.44 M
Average Effective Duration
3.53 Years
Average Effective Maturity
6.2 Years
Number of Issues
298
Average Yield to Worst
5.67%

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.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Holding Coupon Maturity Assets
Main Street Natural Gas Inc 4.000% 10/31/2027 2.7%
Black Belt Energy Gas District 4.000% 09/22/2052 2.2%
Maryland Economic Development Corp 5.750% 08/30/2025 1.6%
New York Transportation Development Corp 4.000% 09/28/2030 1.6%
Tennergy Corp/Tn 5.500% 09/22/2053 1.6%
Commonwealth Of Puerto Rico 5.750% 06/28/2031 1.5%
Sumter County Industrial Development Authority/Al 6.000% 07/06/2052 1.4%
Berks County Municipal Authority/The 5.000% 01/27/2040 1.3%
Chandler Industrial Development Authority 5.000% 08/23/2052 1.3%
Allegheny County Industrial Development Authority 5.125% 04/28/2030 1.2%
% of Total Assets 16.4%

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 of07/31/2023

Holding Coupon Maturity Assets
Main Street Natural Gas Inc4.000% 10/31/20272.7%
Black Belt Energy Gas District4.000% 09/22/20522.2%
Tennergy Corp/Tn5.500% 09/22/20531.6%
New York Transportation Development Corp4.000% 09/28/20301.6%
Maryland Economic Development Corp5.750% 08/30/20251.5%
Commonwealth Of Puerto Rico5.750% 06/28/20311.5%
Berks County Municipal Authority/The5.000% 01/27/20401.4%
Mission Economic Development Corp4.625% 09/28/20311.3%
Chandler Industrial Development Authority5.000% 08/23/20521.3%
Sumter County Industrial Development Authority/Al6.000% 07/06/20521.3%
Allegheny County Industrial Development Authority5.125% 04/28/20301.2%
California Municipal Finance Authority4.000% 07/12/20291.2%
Iowa Finance Authority4.000% 11/23/20501.2%
Southeast Energy Authority A Cooperative District5.656% 08/30/20291.1%
California Community Choice Financing Authority2.705% 04/29/20281.1%
Rhode Island Health And Educational Building Corp5.000% 08/27/20361.1%
Parish Of St James La6.100% 05/27/20381.1%
Tuscaloosa County Industrial Development Authority4.500% 04/28/20321.0%
City & County Of Denver Co5.000% 09/27/20321.0%
County Of Washington Oh5.500% 11/29/20271.0%
County Of Muskingum Oh5.000% 02/11/20331.0%
Texas Private Activity Bond Surface Transportation7.000% 12/26/20381.0%
City Of Henderson Ky3.700% 12/29/20310.9%
New Jersey Economic Development Authority5.250% 09/12/20290.9%
New York Transportation Development Corp5.000% 07/29/20310.9%
Public Finance Authority4.000% 06/26/20360.9%
California Community Choice Financing Authority5.500% 04/22/20540.9%
City Of Scranton Pa5.000% 11/12/20320.8%
Washington State Convention Center Public Faciliti4.000% 06/28/20310.8%
New Jersey Economic Development Authority5.750% 09/13/20270.8%
State Of Illinois5.000% 09/29/20240.8%
Nassau County Tobacco Settlement Corp5.250% 05/30/20260.8%
New York Liberty Development Corp5.150% 11/11/20340.7%
Chicago Board Of Education5.000% 11/27/20340.7%
State Of Illinois5.000% 02/28/20280.7%
Indiana Finance Authority0.700% 12/31/20250.7%
California Community Choice Financing Authority5.250% 12/23/20530.7%
Florida Development Finance Corp3.000% 05/29/20320.7%
Pennsylvania Economic Development Financing Author5.000% 12/27/20320.7%
Main Street Natural Gas Inc4.000% 09/01/20230.7%
Niagara Area Development Corp3.500% 10/30/20240.7%
Public Finance Authority5.000% 01/01/20240.7%
New York State Environmental Facilities Corp2.750% 08/24/20500.6%
Pennsylvania Economic Development Financing Author3.250% 07/27/20390.6%
Chiedu 5.0% 12/345.000% -0.6%
Michigan Strategic Fund4.000% 09/20/20610.6%
Maryland Industrial Development Financing Authorit5.770% 08/07/20230.6%
Pennsylvania Economic Development Financing Author5.250% 06/26/20350.6%
Vermont Economic Development Authority5.000% 05/24/20520.6%
South Carolina Jobs-Economic Development Authority8.750% 08/18/20230.6%
Commonwealth Of Puerto Rico5.625% 06/29/20270.6%
Pefa Inc5.000% 08/24/20490.6%
City Of Chicago Il5.000% 12/29/20290.6%
New York Transportation Development Corp5.000% 12/28/20350.6%
Public Finance Authority5.000% 11/29/20250.6%
Florida Insurance Assistance Interlocal Agency Inc5.000% 08/30/20240.6%
New Hampshire Business Finance Authority4.000% 11/29/20280.6%
South Carolina Jobs-Economic Development Authority5.750% 11/12/20290.5%
Chicago Board Of Education5.125% 11/27/20320.5%
City Of Sparks Nv2.750% 06/13/20280.5%
City Of Farmington Nm3.900% 05/27/20400.5%
California Statewide Communities Development Autho5.250% 11/27/20340.5%
County Of Clark Nv2.100% 05/29/20310.5%
New York State Environmental Facilities Corp3.125% 05/31/20260.5%
New Jersey Transportation Trust Fund Authority4.000% 12/12/20310.5%
Parish Of St James La5.850% 07/26/20410.5%
Chicago Board Of Education5.000% 11/28/20300.5%
Port Of Portland Or Airport Revenue5.000% 06/28/20290.4%
Matching Fund Special Purpose Securitization Corp5.000% 09/29/20260.4%
Allentown Neighborhood Improvement Zone Developmen6.000% 04/29/20310.4%
Tsasc Inc/Ny5.000% 05/30/20250.4%
New York Transportation Development Corp4.000% 06/30/20240.4%
Academical Village Community Development District3.250% 04/28/20310.4%
Puerto Rico Electric Power Authority0.000% 06/30/20260.4%
City Of Scranton Pa5.000% 08/30/20290.4%
Pennsylvania Economic Development Financing Author5.000% 06/27/20320.4%
Pennsylvania Economic Development Financing Author9.000% 03/24/20510.4%
California Public Finance Authority10.000% 05/13/20280.4%
New Jersey Economic Development Authority5.000% 09/30/20270.4%
Love Field Airport Modernization Corp5.000% 10/29/20280.4%
Allegheny County Industrial Development Authority4.875% 10/30/20240.4%
Florida Development Finance Corp6.125% 06/28/20320.4%
Village Metropolitan District/The4.150% 11/28/20300.4%
County Of Miami-Dade Seaport Department5.000% 09/27/20320.4%
Puerto Rico Highway & Transportation Authority0.000% 06/28/20320.4%
County Of Frederick Md5.000% 08/28/20320.4%
New York Transportation Development Corp5.000% 01/01/20240.4%
Chandler Industrial Development Authority5.000% 06/02/20240.4%
Tulsa Airports Improvement Trust5.000% 05/28/20350.4%
State Of Illinois5.000% 11/29/20260.4%
Clifton Higher Education Finance Corp5.250% 08/12/20280.3%
Commonwealth Of Puerto Rico0.000% 10/27/20430.3%
Parish Of St John The Baptist La4.050% 05/27/20370.3%
New Hampshire Business Finance Authority2.150% 06/30/20240.3%
Central Texas Turnpike System5.000% 08/12/20310.3%
City Of Chicago Il5.500% 12/28/20320.3%
Cleveland-Cuyahoga County Port Authority5.000% 11/28/20280.3%
Montgomery County Industrial Development Authority4.100% 03/23/20530.3%
Port Beaumont Navigation District6.000% 12/31/20240.3%
Jersey City Municipal Utilities Authority4.000% 05/02/20240.3%
Development Authority Of The City Of Marietta5.000% 10/30/20270.3%
City Of New York Ny4.480% 08/01/20230.3%
New Hampshire Business Finance Authority2.950% 03/30/20290.3%
City Of Chicago Il5.000% 01/01/20240.3%
Public Finance Authority6.625% 11/27/20320.3%
Tahoe-Douglas Visitors Authority5.000% 06/29/20300.3%
South Carolina Jobs-Economic Development Authority5.250% 11/12/20280.3%
County Of Nez Perce Id2.750% 09/30/20240.3%
Florida Higher Educational Facilities Financial Au4.500% 05/28/20330.3%
Black Belt Energy Gas District4.000% 11/22/20520.3%
Northern Palm Beach County Improvement District5.000% 07/28/20340.3%
Fulton County Industrial Development Authority4.000% 06/29/20280.3%
Mississippi Business Finance Corp7.750% 07/08/20470.3%
Oklahoma Development Finance Authority5.450% 06/19/20280.3%
City Of Chicago Il5.000% 01/01/20240.3%
City Of Chicago Il5.500% 12/31/20240.3%
Greater Orlando Aviation Authority5.000% 11/13/20260.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.500% 06/27/20340.3%
Matching Fund Special Purpose Securitization Corp5.000% 09/27/20320.3%
New York City Industrial Development Agency3.859% 02/28/20270.3%
California Statewide Communities Development Autho5.250% 11/28/20290.3%
Black Belt Energy Gas District5.500% 05/24/20490.3%
City Of Houston Tx Airport System Revenue5.000% 06/28/20290.3%
Port Beaumont Navigation District1.875% 12/30/20250.3%
New York Liberty Development Corp1.200% 11/12/20280.3%
Parish Of St James La6.100% 11/25/20400.3%
Chicago Board Of Education6.750% 11/28/20300.3%
Matagorda County Navigation District No 12.600% 10/29/20290.3%
New York State Dormitory Authority5.000% 07/13/20300.3%
Calhoun County Navigation Industrial Development A3.625% 06/29/20260.3%
County Of Frederick Md5.000% 08/30/20270.3%
Muskingum Cnty Oh Hosp Facs5.000% -0.3%
New Jersey Economic Development Authority5.230% 02/28/20250.3%
Chicago Board Of Education4.000% 11/29/20270.2%
Jefferson Parish Economic Development & Port Distr4.800% 06/12/20290.2%
Ohio Air Quality Development Authority2.500% 07/26/20400.2%
New York State Dormitory Authority5.000% 07/12/20320.2%
State Of Illinois5.000% 10/30/20250.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 04/28/20320.2%
South Carolina Jobs-Economic Development Authority4.000% 03/31/20260.2%
Avenir Community Development District4.500% 04/28/20300.2%
Plaza At Noah's Ark Community Improvement District3.000% 04/28/20300.2%
County Of Cuyahoga Oh5.000% 02/12/20300.2%
Ohio Air Quality Development Authority4.250% 10/27/20390.2%
Babcock Ranch Community Independent Special Distri4.250% 04/28/20320.2%
Public Finance Authority5.000% 06/28/20320.2%
Village Community Development District No 132.550% 04/28/20310.2%
County Of Muskingum Oh5.000% 02/09/20440.2%
Metropolitan Transportation Authority5.000% 11/12/20310.2%
City Of Fruita Co Healthcare Revenue5.375% 12/28/20320.2%
Utah Charter School Finance Authority4.500% 06/13/20270.2%
City Of Scranton Pa5.000% 11/14/20260.2%
Care New England Health System5.500% 08/31/20260.2%
Mississippi Business Finance Corp4.550% 11/28/20280.2%
Public Finance Authority6.500% 11/26/20370.2%
E-470 Public Highway Authority0.357% 08/31/20240.2%
City Of Scranton Pa5.000% 08/31/20240.2%
Hoover Industrial Development Board6.375% 10/24/20500.2%
Allentown Neighborhood Improvement Zone Developmen5.125% 04/28/20320.2%
Glendale Industrial Development Authority5.000% 11/15/20230.2%
West Virginia Economic Development Authority4.700% 06/16/20260.2%
Public Finance Authority4.000% 11/28/20310.2%
Clifton Higher Education Finance Corp5.250% 08/13/20260.2%
George L Smith Ii Congress Center Authority3.625% 12/29/20300.2%
New York State Dormitory Authority5.000% 07/13/20290.2%
New York City Industrial Development Agency3.839% 02/28/20250.2%
91 Express Lanes Toll Road5.000% 10/04/20230.2%
New York State Dormitory Authority5.000% 06/28/20300.2%
Chester County Health And Education Facilities Aut4.250% 10/28/20320.2%
Arizona Industrial Development Authority5.000% 06/28/20290.2%
Chesapeake Economic Development Authority3.650% 01/29/20320.2%
Commonwealth Of Puerto Rico0.000% 06/27/20330.2%
State Of Illinois5.000% 06/30/20240.2%
Village Community Development District No 154.375% 04/27/20330.2%
City Of Seneca Ks5.000% 05/31/20250.2%
Chautauqua County Capital Resource Corp4.250% 04/01/20280.2%
Industrial Development Authority Of The County Of5.125% 11/12/20290.2%
New Jersey Economic Development Authority3.750% 10/28/20340.2%
Mississippi Business Finance Corp5.000% 01/28/20360.2%
New Hampshire Business Finance Authority4.000% 10/30/20270.2%
North Parkway Municipal Management District No 14.250% 09/12/20310.2%
Clifton Higher Education Finance Corp5.750% 08/10/20380.2%
Chicago Board Of Education Dedicated Capital Impro5.250% 03/28/20330.2%
County Of Miami-Dade Seaport Department5.000% 09/26/20360.2%
Oklahoma Development Finance Authority5.000% 08/13/20240.2%
Polk County Industrial Development Authority5.875% 12/28/20320.2%
Massachusetts Health & Educational Facilities Auth4.384% 11/12/20320.2%
Clifton Higher Education Finance Corp4.625% 08/13/20250.2%
New York City Industrial Development Agency3.849% 02/28/20260.2%
Florida Development Finance Corp5.000% 04/28/20290.2%
Illinois Housing Development Authority4.000% 05/31/20250.2%
Village Community Development District No 124.000% 04/27/20330.1%
Washington Health Care Facilities Authority5.000% 09/26/20380.1%
Board Of Managers Joint Guadalupe County-City Of S5.000% 12/01/20230.1%
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%
City Of Coralville Ia4.500% 05/31/20240.1%
Board Of Managers Joint Guadalupe County-City Of S4.000% 11/30/20260.1%
University City Industrial Development Authority4.875% 06/11/20360.1%
Chicago Board Of Education5.000% 11/27/20330.1%
Chicago Board Of Education7.000% 11/29/20260.1%
Ils 5.25% 02/295.250% -0.1%
New York State Dormitory Authority5.000% 07/13/20280.1%
City Of Oroville Ca5.000% 03/31/20260.1%
Main Street Natural Gas Inc4.000% 08/23/20520.1%
Public Finance Authority5.000% 11/29/20270.1%
New York Transportation Development Corp2.500% 10/29/20310.1%
Port Beaumont Navigation District2.000% 12/30/20260.1%
American Samoa Economic Development Authority6.500% 08/29/20280.1%
Boggy Creek Improvement District4.500% 04/28/20320.1%
Matching Fund Special Purpose Securitization Corp5.000% 09/28/20280.1%
Port Beaumont Navigation District2.250% 12/29/20280.1%
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%
Matching Fund Special Purpose Securitization Corp5.000% 09/29/20270.1%
San Gorgonio Memorial Health Care District5.000% 08/01/20230.1%
Berks County Municipal Authority/The5.000% 01/29/20290.1%
New Hampshire Business Finance Authority2.800% 10/02/20230.1%
Village Community Development District No 154.250% 04/29/20280.1%
Matagorda County Navigation District No 14.000% 05/29/20300.1%
Southeastern Ohio Port Authority5.500% 11/28/20290.1%
City Of Coralville Ia5.000% 04/29/20280.1%
City Of Coralville Ia4.000% 05/29/20310.1%
Development Authority Of The City Of Marietta5.000% 10/27/20370.1%
Industrial Development Authority Of The City Of St3.875% 11/12/20290.1%
Bucks County Industrial Development Authority5.000% 06/26/20380.1%
West Villages Improvement District4.250% 04/28/20290.1%
Charlotte County Industrial Development Authority/5.000% 09/28/20290.1%
Indiana Finance Authority3.000% 10/30/20300.1%
New York State Dormitory Authority5.000% 06/29/20280.1%
Atlanta Urban Redevelopment Agency2.875% 06/29/20310.1%
Maryland Economic Development Corp0.000% 11/29/20310.1%
New York State Environmental Facilities Corp2.875% 11/24/20440.1%
New York City Industrial Development Agency5.000% 06/29/20280.1%
Capital Trust Agency Inc5.000% 06/14/20260.1%
Capital Trust Agency Inc4.000% 06/12/20290.1%
Nassau County Tobacco Settlement Corp5.000% 05/28/20350.1%
City Of Oroville Ca5.000% 03/30/20290.1%
Palomar Health5.000% 10/29/20310.1%
Northern Palm Beach County Improvement District5.000% 07/27/20370.1%
County Of Warren Ms2.900% 09/01/20230.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
Capital Trust Agency Inc5.000% 12/13/20290.1%
Westview South Community Development District4.875% 04/29/20280.1%
Capital Trust Agency Inc5.000% 12/13/20280.1%
Peninsula Town Center Community Development Author4.500% 08/29/20280.1%
Capital Trust Agency Inc5.000% 12/14/20270.1%
Port Beaumont Navigation District2.125% 12/30/20270.1%
New York Transportation Development Corp5.000% 07/30/20260.1%
Build Nyc Resource Corp4.000% 11/28/20310.1%
City Of New Haven Ct5.000% 07/31/20250.1%
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%
Berks County Municipal Authority/The5.000% 01/29/20320.1%
California Municipal Finance Authority5.000% 02/28/20250.1%
Atlanta Urban Redevelopment Agency2.375% 06/30/20260.1%
Industrial Development Authority Of The County Of3.500% 06/30/20250.1%
North Parkway Municipal Management District No 13.625% 09/13/20260.1%
Utah Charter School Finance Authority3.250% 06/13/20310.1%
Roanoke Economic Development Authority0.000% 08/30/20300.1%
Public Finance Authority5.000% 05/31/20260.1%
Plaza At Noah's Ark Community Improvement District3.000% 04/30/20250.0%
Florida Development Finance Corp4.000% 09/12/20300.0%
Maricopa County Industrial Development Authority5.125% 09/29/20300.0%
Celebration Pointe Community Development District2.375% 04/30/20260.0%
City Of Baltimore Md4.500% 05/28/20330.0%
California Public Finance Authority12.000% 05/13/20280.0%
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%
Capital Trust Agency Inc5.000% 12/14/20260.0%
North Carolina Housing Finance Agency4.000% 06/24/20470.0%
Capital Trust Agency Inc4.000% 12/14/20250.0%
Build Nyc Resource Corp5.000% 05/29/20320.0%
Plaza At Noah's Ark Community Improvement District3.000% 04/29/20260.0%
Ohio Air Quality Development Authority3.750% 01/13/20280.0%
Maricopa County Industrial Development Authority5.000% 09/30/20260.0%
Pennsylvania Housing Finance Agency4.000% 03/27/20390.0%
Scranton Redevelopment Authority5.000% 11/13/20280.0%
Westview South Community Development District4.750% 04/29/20280.0%
Capital Trust Agency Inc4.000% 12/14/20240.0%
West Villages Improvement District4.000% 04/30/20240.0%
City Of Valparaiso In5.875% 01/01/20240.0%
Florida Development Finance Corp5.000% 06/14/20250.0%
City Of San Diego Tobacco Settlement Revenue Fundi4.000% 05/29/20320.0%
Southeastern Ohio Port Authority5.000% 12/01/20230.0%
Hospital Facilities Authority Of Multnomah County5.000% 09/30/20240.0%
Commonwealth Of Puerto Rico4.000% 06/26/20370.0%
King County Public Hospital District No 45.000% 11/29/20250.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Illinois Finance Authority5.000% 05/14/20250.0%
City Of Blaine Mn0.000% 07/01/20250.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/25/20400.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 06/22/20530.0%
California Statewide Communities Development Autho0.000% 07/01/20240.0%
FVU3 - Futures0.000% -0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 06/22/20530.0%
TYU3 - 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 09/28/2023
$0.34142
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.04470 $14.02
Daily Daily 07/31/2023 $0.04328 $14.12
Daily Daily 06/30/2023 $0.04455 $14.11
Daily Daily 05/31/2023 $0.04234 $14.00
Daily Daily 04/30/2023 $0.04163 $14.13
Daily Daily 03/31/2023 $0.04206 $14.16
Daily Daily 02/28/2023 $0.04221 $14.11
Daily Daily 01/31/2023 $0.04066 $14.30

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 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
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

Sales Charge Schedule as of 09/28/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.10
$100,000 to $249,999 1.75% 1.50% $14.03
$250,000 to $499,999 0.00% 1.00% $13.78
$500,000 to $999,999 0.00% 1.00% $13.78
$1,000,000 to $5,000,000 0.00% 1.00% $13.78

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.72% 0.65%

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.

 

 

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.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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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