SDHCX | Short Duration High Yield Municipal Bond Fund Class C | Lord Abbett
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Short Duration High Yield Municipal Bond Fund

Daily price w/o sales charge as of 04/21/2021

$15.84

arrowUp$0.01

YTD Returns w/o sales charge as of 04/21/2021

2.16%

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

Click here to view all legal text including risk information

Summary

Summary

What is the Short Duration High Yield 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 yield municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

Yield

Dividend Yield 1 as of 04/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.38% 1.30%

30-Day Standardized Yield 2 as of 03/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.61% 0.59%

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

Fund Basicsas of 03/31/2021

Total Net Assets
$839.07 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.45%
Fund Net Expense Ratio
1.37%
Number of Holdings
500
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

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.

RELATED CONTENT

Muni Bonds: Rising Rates? Think Short—and High

A strategy employing short-duration, high-yield municipal bonds historically has performed well during periods of rising U.S. Treasury yields.

RELATED CONTENT

Municipal Bonds: Looking for Extra Yield with Less Interest-Rate Risk?
February 18, 2020

Here’s why investors may wish to consider a strategy employing short duration, high yield municipal bonds.

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

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 03/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
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.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

10 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 04/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.38% 1.30%

30-Day Standardized Yield 2 as of 03/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.61% 0.59%

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

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

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 Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index
2020 1.48% 3.57%
2019 6.35% 5.99%
2018 1.44% 4.41%
2017 4.55% 3.29%
2016 -0.96% -2.42%
2015 2.06% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.37% - - - 2.16%
2020 -5.68% 2.80% 1.60% 3.01% 1.48%
2019 2.32% 1.81% 1.43% 0.65% 6.35%
2018 0.24% 0.71% 0.25% 0.22% 1.44%
2017 1.88% 1.56% 1.27% -0.23% 4.55%
2016 1.21% 1.77% 0.43% -4.26% -0.96%
2015 - - 0.86% 1.61% 2.06%

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
Lease
GO State
Special Tax
Transportation
Education
GO Local
Water & Sewer
Power
Housing
Other
VRDN

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
CA
PA
NJ
TX
Puerto Rico
FL
IA
LA
AL
OH
WI
CO
GA
KY
MD
AZ
IN
NH
MO
VT
SC
TN
NV
ID
HI
VA
MA
MS
DE
WA
UT
WV
MN
CT
OK
MI
KS
AS
SD
NC
ME
OR

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

CREDIT QUALITY DISTRIBUTION as of 03/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
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 Positioning
as of 12/31/2020

  • One of the Fund’s largest overweights is in the leisure sector, which is largely driven by the Fund’s allocation to regional gaming credits, such as casinos. In our view, the gaming industry has benefitted from strong operating improvements due to drastic cost-cutting including reduced promotional spend, as well as pent-up demand. Our focus on regional gaming has also benefitted from an emphasis on operators who are less reliant on ‘fly-in’ customers and workweek business conferences, both of which are a larger part of the industry in international gaming centers such as Las Vegas. As gaming continued to recover, we began to pivot toward hotel and travel companies. We added to cruise lines, travel agencies, and other travel-related names, including airline operators that we believe are going above and beyond to increase revenue and passenger yields.
  • We continue to have a broadly constructive view on high yield credit even while acknowledging that today’s valuations are far less dislocated than they were for much of 2020. Management teams have broadly positioned balance sheets to weather any residual economic softness near term through an active new issue market in 2020 while also working to preserve margins. For 2021, we believe outperformance will more likely be driven by sleeves of opportunity within high yield as opposed to broad market moves.  We continue to see upside in fallen angels, many of which we believe will regain investment grade status over the coming year or two. Further, while the pandemic has accelerated the secular struggles of segments of the economy, it has produced structural changes with new potential beneficiaries.

Portfolio Details as of 03/31/2021

Total Net Assets
$839.07 M
Number of Issues
500
Average Coupon
4.4%
Average Effective Maturity
7.2 Years
Average Effective Duration
4.26 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
State of Illinois 5.500% 05/01/2030 2.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev 4.500% 07/01/2034 1.5%
Iowa Finance Authority 5.250% 12/01/2025 1.3%
New York Transportation Development Corp 4.000% 10/01/2030 1.2%
Berks County Municipal Authority/The 5.000% 02/01/2040 1.2%
Kentucky Public Energy Authority 4.000% 02/01/2050 1.1%
Texas Municipal Gas Acquisition & Supply Corp III 5.000% 12/15/2028 1.0%
Allegheny County Industrial Development Authority 5.125% 05/01/2030 1.0%
Chicago Board of Education 5.000% 12/01/2034 0.9%
PEFA Inc 5.000% 09/01/2049 0.9%
% of Total Assets 12.2%

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 of02/26/2021

Holding Coupon Maturity Assets
State of Illinois5.500% 05/01/20302.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.500% 07/01/20341.4%
Iowa Finance Authority5.250% 12/01/20251.4%
Berks County Municipal Authority/The5.000% 02/01/20401.3%
New York Transportation Development Corp4.000% 10/01/20301.3%
Kentucky Public Energy Authority4.000% 02/01/20501.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20281.1%
Allegheny County Industrial Development Authority5.125% 05/01/20301.0%
Chicago Board of Education5.000% 12/01/20341.0%
Tennessee Energy Acquisition Corp5.625% 09/01/20260.9%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.9%
Illinois Finance Authority4.750% 10/15/20400.9%
New Jersey Economic Development Authority5.125% 09/15/20230.8%
California Municipal Finance Authority4.000% 07/15/20290.8%
Mission Economic Development Corp4.625% 10/01/20310.8%
State of New Jersey4.000% 06/01/20310.8%
New York Transportation Development Corp5.000% 01/01/20360.8%
Commonwealth of Puerto Rico0.000% 07/01/20350.8%
New York Liberty Development Corp5.150% 11/15/20340.7%
Parish of St John the Baptist LA2.200% 06/01/20370.7%
State of Hawaii Department of Budget & Finance3.100% 05/01/20260.7%
California Municipal Finance Authority2.400% 10/01/20440.7%
Salem County Pollution Control Financing Authority5.000% 12/01/20230.7%
Metropolitan Transportation Authority5.000% 11/15/20340.6%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20290.6%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20300.6%
Chicago Board of Education5.000% 12/01/20310.6%
Kansas City Industrial Development Authority5.000% 03/01/20310.6%
Parish of St James LA5.850% 08/01/20410.6%
Maryland Economic Development Corp5.750% 09/01/20250.6%
Village Community Development District No 133.550% 05/01/20390.6%
New York City Water & Sewer System0.020% 06/15/20450.6%
TSASC Inc/NY5.000% 06/01/20220.6%
Suffolk Tobacco Asset Securitization Corp5.375% 06/01/20280.6%
New Jersey Transportation Trust Fund Authority4.000% 12/15/20310.6%
Niagara Area Development Corp3.500% 11/01/20240.6%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20260.6%
New York Transportation Development Corp5.000% 08/01/20210.6%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.5%
New Jersey Economic Development Authority5.000% 06/15/20230.5%
San Diego Association of Governments1.800% 11/15/20270.5%
County of Lowndes MS6.800% 04/01/20220.5%
Parish of St James LA6.100% 06/01/20380.5%
City of Houston TX Airport System Revenue4.750% 07/01/20240.5%
California Municipal Finance Authority5.000% 11/01/20270.5%
State of Illinois5.000% 12/01/20260.5%
Clifton Higher Education Finance Corp5.250% 08/15/20280.5%
City & County of Denver CO5.000% 10/01/20320.4%
State of Illinois5.000% 11/01/20210.4%
State of Illinois5.000% 10/01/20240.4%
Florida Development Finance Corp5.000% 05/01/20290.4%
Tahoe-Douglas Visitors Authority5.000% 07/01/20300.4%
New Hampshire Business Finance Authority2.150% 07/01/20270.4%
New Jersey Economic Development Authority5.000% 03/01/20300.4%
Berks County Industrial Development Authority5.000% 11/01/20230.4%
City of Chicago IL5.000% 01/01/20240.4%
Metropolitan Transportation Authority5.000% 09/01/20220.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.250% 07/01/20250.4%
Metropolitan Transportation Authority5.000% 11/15/20300.4%
New York Transportation Development Corp5.250% 08/01/20310.4%
New York State Environmental Facilities Corp3.125% 12/01/20440.4%
Metropolitan Transportation Authority5.000% 11/15/20290.4%
Utah Charter School Finance Authority4.500% 06/15/20270.4%
Delaware State Economic Development Authority1.250% 10/01/20450.4%
Ohio Air Quality Development Authority3.250% 09/01/20290.4%
Fulton County Industrial Development Authority4.000% 07/01/20280.4%
State of Illinois5.000% 11/01/20280.4%
County of Nez Perce ID2.750% 10/01/20240.4%
Public Finance Authority5.000% 12/01/20250.4%
Louisiana Local Government Environmental Facilitie3.500% 11/01/20320.4%
California Statewide Communities Development Autho5.250% 12/01/20290.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20250.4%
West Virginia Economic Development Authority3.000% 06/01/20370.4%
City of Houston TX Airport System Revenue5.000% 07/15/20350.3%
Ohio Air Quality Development Authority2.600% 06/01/20410.3%
Chicago Board of Education6.750% 12/01/20300.3%
New York Transportation Development Corp5.375% 08/01/20360.3%
Brooklyn Arena Local Development Corp5.000% 07/15/20270.3%
Chicago Board of Education4.000% 12/01/20270.3%
City of New York NY5.000% 08/01/20340.3%
Indiana Finance Authority3.000% 11/01/20300.3%
County of Frederick MD5.000% 09/01/20270.3%
Iowa Finance Authority4.750% 08/01/20420.3%
Polk County Industrial Development Authority5.875% 01/01/20330.3%
California Municipal Finance Authority0.700% 12/01/20440.3%
New York City Industrial Development Agency2.252% 03/01/20270.3%
Hoover Industrial Development Board6.375% 11/01/20500.3%
Puerto Rico Electric Power Authority5.250% 07/01/20230.3%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.3%
State of New Jersey5.000% 06/01/20260.3%
Public Finance Authority4.300% 11/01/20300.3%
New Hampshire Business Finance Authority2.950% 04/01/20290.3%
Puerto Rico Electric Power Authority0.000% 07/01/20270.3%
Massachusetts Educational Financing Authority5.000% 07/01/20250.3%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20320.3%
State of Illinois5.000% 11/01/20250.3%
New York City Transitional Finance Authority Futur0.020% 08/01/20420.3%
State of Illinois5.000% 11/01/20250.3%
Kentucky Economic Development Finance Authority5.000% 08/01/20300.3%
Vermont Student Assistance Corp4.000% 06/15/20290.3%
Florida Development Finance Corp5.000% 08/01/20290.3%
New Jersey Economic Development Authority1.280% 09/01/20250.3%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20220.3%
City of Fruita CO Healthcare Revenue5.375% 01/01/20330.3%
New Jersey Economic Development Authority5.000% 03/01/20230.3%
County of Cuyahoga OH5.000% 02/15/20300.3%
Development Authority Of The City Of Marietta5.000% 11/01/20270.3%
Jefferson Parish Economic Development & Port Distr4.800% 06/15/20290.3%
Public Finance Authority6.500% 12/01/20370.3%
Village Metropolitan District/The4.150% 12/01/20300.3%
Metropolitan Pier & Exposition Authority5.500% 06/15/20290.3%
New York Transportation Development Corp5.000% 01/01/20300.3%
Vermont Economic Development Authority4.625% 04/01/20360.3%
Port Authority of New York & New Jersey5.000% 07/15/20290.3%
Allegheny County Industrial Development Authority4.875% 11/01/20240.3%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.3%
City of Chicago IL5.000% 01/01/20230.3%
Puerto Rico Highway & Transportation Authority2.294% 07/01/20280.3%
New York City Water & Sewer System0.020% 06/15/20450.3%
New Jersey Economic Development Authority5.000% 06/15/20250.3%
Metropolitan Transportation Authority5.000% 02/01/20230.3%
City of Lenexa KS5.000% 05/15/20240.3%
Industrial Development Authority of the City of Ph2.950% 07/01/20260.3%
Fulton County Residential Care Facilities for the3.000% 04/01/20240.3%
County of Santa Barbara CA5.000% 12/01/20270.3%
Idaho Health Facilities Authority5.000% 09/01/20230.3%
Oconee County Industrial Development Authority5.500% 12/01/20280.3%
Delaware Valley Regional Finance Authority2.000% 10/01/20290.3%
Vermont Student Assistance Corp3.750% 06/15/20280.3%
New Jersey Economic Development Authority5.250% 09/15/20290.2%
Golden State Tobacco Securitization Corp3.500% 06/01/20360.2%
Metropolitan Transportation Authority5.000% 11/15/20310.2%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20270.2%
Clifton Higher Education Finance Corp5.250% 08/15/20260.2%
Glendale Industrial Development Authority5.000% 11/15/20230.2%
Arlington Higher Education Finance Corp4.375% 08/15/20260.2%
City of Chicago IL0.000% 01/01/20310.2%
Port Beaumont Navigation District3.625% 01/01/20350.2%
Port of Oakland5.000% 11/01/20290.2%
State of Illinois5.000% 03/01/20290.2%
Metropolitan Transportation Authority5.000% 11/15/20450.2%
Palomar Health5.000% 11/01/20360.2%
Florida Higher Educational Facilities Financial Au4.500% 06/01/20330.2%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.2%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.2%
Florida Development Finance Corp7.000% 06/15/20260.2%
Norfolk Redevelopment & Housing Authority4.000% 01/01/20250.2%
Public Finance Authority5.000% 01/01/20240.2%
State of Illinois5.375% 05/01/20230.2%
Massachusetts Health & Educational Facilities Auth0.952% 11/15/20320.2%
Chicago Board of Education5.000% 12/01/20220.2%
County of Cuyahoga OH5.000% 02/15/20230.2%
Puerto Rico Public Buildings Authority6.000% 07/01/20230.2%
Regional Transportation District5.000% 01/15/20280.2%
City of Coralville IA5.000% 05/01/20300.2%
Development Authority of Burke County/The3.000% 11/01/20450.2%
New Hampshire Business Finance Authority4.000% 11/01/20270.2%
Nassau County Tobacco Settlement Corp5.250% 06/01/20260.2%
New York City Housing Development Corp0.950% 05/01/20270.2%
Public Authority for Colorado Energy6.125% 11/15/20230.2%
New York City Housing Development Corp1.150% 05/01/20280.2%
County of Muskingum OH4.000% 02/15/20230.2%
Oklahoma Development Finance Authority5.000% 08/15/20240.2%
New York State Environmental Facilities Corp2.750% 09/01/20500.2%
Village Community Development District No 132.625% 05/01/20300.2%
New York State Housing Finance Agency1.450% 05/01/20290.2%
New York Transportation Development Corp5.000% 12/01/20230.2%
New York State Environmental Facilities Corp2.875% 12/01/20440.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Iowa Finance Authority3.125% 12/01/20220.2%
Jefferson County Civic Facility Development Corp5.000% 11/01/20250.2%
New York City Industrial Development Agency2.232% 03/01/20250.2%
County of Suffolk NY2.000% 07/22/20210.2%
Public Finance Authority2.000% 07/01/20290.2%
City of Chicago IL5.000% 01/01/20240.2%
City of Houston TX Airport System Revenue5.000% 07/15/20270.2%
City of Oroville CA5.000% 04/01/20260.2%
Alabama Industrial Development Authority6.450% 12/01/20230.2%
New York Transportation Development Corp5.000% 12/01/20280.2%
California Statewide Communities Development Autho5.000% 12/01/20250.2%
City of Brunswick MD4.000% 07/01/20290.2%
Board of Managers Joint Guadalupe County-City of S5.000% 12/01/20230.2%
City of Chicago IL5.250% 01/01/20220.2%
Roanoke County Economic Development Authority4.750% 09/01/20290.2%
City of Chicago IL5.000% 01/01/20270.2%
Metropolitan Pier & Exposition Authority5.000% 12/15/20220.2%
Prichard Water Works & Sewer Board2.375% 11/01/20280.2%
Minnesota Housing Finance Agency3.000% 01/01/20510.2%
Chicago Board of Education4.000% 12/01/20220.2%
County of Jefferson AL Sewer Revenue5.000% 10/01/20210.2%
County of Osceola FL Transportation Revenue5.000% 10/01/20310.2%
Regional Transportation District5.000% 07/15/20300.2%
Tobacco Settlement Financing Corp3.200% 06/01/20270.2%
City of Sparks NV2.750% 06/15/20280.2%
South Carolina Public Service Authority5.000% 12/01/20310.2%
Atlanta Development Authority The6.000% 01/01/20230.2%
PEFA Inc5.000% 09/01/20490.2%
City of International Falls MN5.500% 04/01/20230.2%
Kirkwood Industrial Development Authority5.250% 05/15/20280.2%
New Jersey Housing & Mortgage Finance Agency4.500% 10/01/20480.2%
California Statewide Communities Development Autho5.000% 12/01/20260.2%
New Jersey Economic Development Authority5.000% 10/01/20210.2%
Vermont Student Assistance Corp4.000% 06/15/20300.2%
Luzerne County Industrial Development Authority2.450% 12/01/20390.2%
New York City Housing Development Corp2.850% 11/01/20310.2%
City of Whiting IN5.000% 11/01/20450.2%
County of Santa Barbara CA5.000% 12/01/20280.2%
Illinois Sports Facilities Authority/The5.000% 06/15/20290.2%
Chicago Board of Education5.000% 12/01/20290.2%
City of Coralville IA4.500% 06/01/20320.2%
Chicago Board of Education5.000% 12/01/20270.2%
City of New Orleans LA Sewerage Service Revenue5.000% 06/01/20280.2%
Illinois Sports Facilities Authority/The5.000% 06/15/20280.2%
Chicago Board of Education4.000% 12/01/20220.2%
Academical Village Community Development District2.875% 05/01/20250.2%
American Samoa Economic Development Authority6.500% 09/01/20280.2%
New York City Industrial Development Agency2.242% 03/01/20260.2%
Allentown Neighborhood Improvement Zone Developmen6.000% 05/01/20420.2%
Bucks County Industrial Development Authority5.000% 07/01/20250.2%
Main Street Natural Gas Inc5.000% 05/15/20260.2%
New York Transportation Development Corp5.000% 12/01/20260.2%
California Municipal Finance Authority5.000% 12/31/20350.2%
Capital Trust Agency Inc5.000% 12/15/20350.2%
California Statewide Communities Development Autho5.000% 12/01/20290.2%
City of Houston TX Airport System Revenue5.000% 07/15/20270.2%
Kentucky State Property & Building Commission5.000% 11/01/20240.2%
Main Street Natural Gas Inc4.000% 03/01/20500.2%
California Statewide Communities Development Autho5.000% 12/01/20310.2%
Northern California Energy Authority4.000% 07/01/20490.2%
Metropolitan Transportation Authority4.000% 02/01/20220.1%
Industrial Development Authority of the City of St3.875% 11/15/20290.1%
Charlotte County Industrial Development Authority/5.000% 10/01/20290.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20290.1%
City of Chicago IL5.250% 01/01/20280.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
New York City Industrial Development Agency5.000% 07/01/20220.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.1%
Main Street Natural Gas Inc5.000% 03/15/20220.1%
Southeastern Ohio Port Authority5.500% 12/01/20290.1%
New York Transportation Development Corp5.000% 01/01/20240.1%
City of Rockport IN3.050% 06/01/20250.1%
California Statewide Communities Development Autho5.000% 12/01/20280.1%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20230.1%
New York Transportation Development Corp5.000% 01/01/20230.1%
River Islands Public Financing Authority5.375% 09/01/20310.1%
City of Oroville CA5.000% 04/01/20290.1%
Metropolitan Pier & Exposition Authority0.000% 06/15/20280.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
Clarion County Industrial Development Authority2.450% 12/01/20390.1%
New York City Housing Development Corp1.200% 11/01/20280.1%
New Hampshire Business Finance Authority2.800% 10/01/20330.1%
New Jersey Higher Education Student Assistance Aut3.350% 12/01/20290.1%
New York City Industrial Development Agency5.000% 07/01/20280.1%
Bucks County Industrial Development Authority2.750% 12/01/20220.1%
Phenix City Industrial Development Board4.125% 05/15/20350.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
West Villages Improvement District4.250% 05/01/20290.1%
New York Transportation Development Corp5.000% 08/01/20260.1%
Berks County Municipal Authority/The5.000% 02/01/20320.1%
City of Atlantic Beach FL3.000% 11/15/20230.1%
Michigan Strategic Fund2.850% 08/01/20270.1%
Delaware State Economic Development Authority1.250% 10/01/20400.1%
Development Authority Of Floyd County5.500% 12/01/20280.1%
New York City Housing Development Corp1.000% 11/01/20270.1%
Industrial Development Authority of the County of4.000% 06/15/20220.1%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20290.1%
Montgomery County Higher Education and Health Auth0.962% 11/15/20340.1%
Regional Transportation District5.000% 07/15/20250.1%
California Housing Finance4.000% 03/20/20330.1%
City of San Buenaventura CA8.000% 12/01/20260.1%
Chicago Board of Education0.000% 12/01/20250.1%
Illinois Finance Authority5.000% 09/01/20260.1%
City of Brunswick MD3.000% 07/01/20240.1%
Golden State Tobacco Securitization Corp5.300% 06/01/20370.1%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20310.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Michigan Strategic Fund5.000% 06/30/20300.1%
New York Transportation Development Corp4.000% 07/01/20320.1%
Maryland Economic Development Corp0.000% 12/01/20310.1%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20330.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
City of Houston TX Airport System Revenue5.000% 07/01/20270.1%
New Jersey Transportation Trust Fund Authority0.000% 12/15/20310.1%
Palomar Health5.000% 11/01/20310.1%
Arizona Industrial Development Authority5.000% 07/01/20290.1%
Educational Enhancement Funding Corp5.000% 06/01/20240.1%
Connecticut State Health & Educational Facilities5.000% 07/01/20320.1%
State of Illinois5.000% 07/01/20210.1%
Northern Palm Beach County Improvement District5.000% 08/01/20370.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Kirkwood Industrial Development Authority5.000% 05/15/20220.1%
Capital Trust Agency Inc5.000% 12/15/20290.1%
Idaho Health Facilities Authority5.000% 09/01/20290.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20230.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
County of Warren MS2.900% 09/01/20320.1%
Academical Village Community Development District3.250% 05/01/20310.1%
California Municipal Finance Authority5.000% 08/01/20240.1%
New York Transportation Development Corp5.000% 01/01/20280.1%
Capital Trust Agency Inc5.000% 12/15/20280.1%
Roanoke Economic Development Authority4.300% 09/01/20300.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
California Municipal Finance Authority5.000% 12/31/20270.1%
New York State Housing Finance Agency1.250% 11/01/20280.1%
California Statewide Communities Development Autho3.000% 06/01/20290.1%
Capital Trust Agency Inc5.000% 12/15/20270.1%
Regional Transportation District5.000% 01/15/20290.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20220.1%
Build NYC Resource Corp4.000% 12/01/20310.1%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.1%
Peninsula Town Center Community Development Author4.500% 09/01/20280.1%
Tahoe-Douglas Visitors Authority4.000% 07/01/20270.1%
West Villages Improvement District4.000% 05/01/20240.1%
Commonwealth of Puerto Rico0.000% 07/01/20210.1%
Ohio Air Quality Development Authority2.875% 02/01/20260.1%
Illinois Finance Authority5.000% 09/01/20250.1%
City of San Buenaventura CA8.000% 12/01/20310.1%
New York State Dormitory Authority5.000% 11/01/20210.1%
Chester County Industrial Development Authority3.700% 10/15/20220.1%
South Carolina Jobs-Economic Development Authority5.000% 11/01/20210.1%
Alabama Industrial Development Authority6.450% 12/01/20230.1%
Florida Development Finance Corp4.000% 07/15/20260.1%
Montgomery County Housing Opportunities Commission4.000% 07/01/20480.1%
New York State Housing Finance Agency1.500% 11/01/20290.1%
City of New Haven CT5.000% 08/01/20250.1%
Allentown City School District2.375% 03/31/20210.1%
New York City Industrial Development Agency2.182% 03/01/20210.1%
Maryland Economic Development Corp3.250% 09/01/20300.1%
Chester County Health and Education Facilities Aut5.000% 11/01/20220.1%
New York Transportation Development Corp5.000% 01/01/20220.1%
North Carolina Housing Finance Agency4.000% 07/01/20470.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20260.1%
Westerly Metropolitan District No 44.125% 12/01/20310.1%
California Municipal Finance Authority5.000% 03/01/20250.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
County of Cuyahoga OH5.000% 02/15/20280.1%
County of Osceola FL Transportation Revenue5.000% 10/01/20290.1%
Illinois Finance Authority5.000% 09/01/20240.1%
M-S-R Energy Authority6.125% 11/01/20290.1%
Parish of St Charles LA4.000% 12/01/20400.1%
Pennsylvania Housing Finance Agency4.000% 04/01/20390.1%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20230.1%
Franklin County Industrial Development Authority/P5.000% 12/01/20260.1%
Oklahoma Development Finance Authority5.000% 08/15/20290.1%
Illinois Finance Authority5.000% 09/01/20230.1%
Massachusetts Development Finance Agency5.000% 01/01/20240.1%
Parish of St John the Baptist LA2.125% 06/01/20370.1%
Antelope Valley Healthcare District5.000% 03/01/20210.1%
Arizona Industrial Development Authority5.000% 07/01/20260.1%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20250.1%
Maricopa County Industrial Development Authority4.000% 07/01/20290.1%
New York State Dormitory Authority5.000% 05/01/20210.1%
New York State Dormitory Authority5.000% 12/01/20220.1%
Aviation Station North Metropolitan District No 24.000% 12/01/20290.1%
Indiana Finance Authority3.000% 11/01/20300.1%
New Jersey Economic Development Authority1.580% 09/01/20270.1%
Utah Charter School Finance Authority3.250% 06/15/20310.1%
Arizona Industrial Development Authority4.000% 07/01/20290.1%
Public Finance Authority5.000% 06/01/20260.1%
Florida Development Finance Corp4.000% 09/15/20300.1%
State of California0.010% 05/01/20340.1%
Village Community Development District No 123.250% 05/01/20230.1%
Commonwealth of Puerto Rico4.500% 07/01/20230.1%
Maine Health & Higher Educational Facilities Autho7.500% 07/01/20320.1%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20240.1%
County of Berkeley SC4.000% 11/01/20300.1%
New Hope Cultural Education Facilities Finance Cor4.000% 01/01/20290.1%
Scranton Redevelopment Authority5.000% 11/15/20210.1%
Maricopa County Industrial Development Authority5.125% 10/01/20300.1%
Capital Trust Agency Inc5.000% 12/15/20290.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.1%
Ohio Air Quality Development Authority3.750% 01/15/20280.1%
Parish of St John the Baptist LA2.375% 06/01/20370.1%
Prichard Water Works & Sewer Board2.250% 11/01/20270.1%
Arizona Industrial Development Authority4.000% 07/01/20290.1%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20280.1%
Capital Trust Agency Inc4.000% 12/15/20240.1%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20270.1%
Capital Trust Agency Inc4.000% 12/15/20240.1%
Glendale Industrial Development Authority4.000% 11/15/20270.1%
Matagorda County Navigation District No 14.400% 05/01/20300.1%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.1%
Northern Palm Beach County Improvement District3.250% 08/01/20220.1%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.1%
Wisconsin Health & Educational Facilities Authorit5.000% 11/01/20260.1%
Board of Managers Joint Guadalupe County-City of S4.000% 12/01/20260.1%
Capital Trust Agency Inc4.000% 12/15/20230.1%
Chicago Board of Education5.000% 12/01/20210.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20300.0%
Arlington Higher Education Finance Corp4.000% 08/15/20310.0%
Casino Reinvestment Development Authority Inc5.000% 11/01/20220.0%
County of Cook IL5.000% 11/15/20220.0%
Commonwealth of Pennsylvania5.000% 07/01/20240.0%
Capital Trust Agency Inc5.000% 12/15/20260.0%
Capital Trust Agency Inc4.000% 12/15/20250.0%
New Jersey Economic Development Authority5.250% 01/01/20250.0%
Maricopa County Industrial Development Authority5.000% 10/01/20260.0%
New Jersey Economic Development Authority5.500% 09/01/20210.0%
California Pollution Control Financing Authority5.000% 07/01/20290.0%
Love Field Airport Modernization Corp5.000% 11/01/20220.0%
Main Street Natural Gas Inc5.000% 09/01/20250.0%
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%
Florida Development Finance Corp7.625% 06/15/20410.0%
Salt Verde Financial Corp5.250% 12/01/20230.0%
Scranton Redevelopment Authority5.000% 11/15/20280.0%
City of Atlantic City NJ5.000% 03/01/20220.0%
Montgomery County Industrial Development Authority5.000% 01/15/20220.0%
New York State Dormitory Authority4.000% 05/01/20220.0%
Public Finance Authority5.000% 07/01/20220.0%
City of Valparaiso IN5.875% 01/01/20240.0%
Tulsa County Industrial Authority5.000% 11/15/20230.0%
City of San Diego Tobacco Settlement Revenue Fundi4.000% 06/01/20320.0%
Public Finance Authority5.000% 07/01/20220.0%
Puerto Rico Public Buildings Authority0.000% 07/01/20270.0%
School District of Philadelphia/The5.000% 09/01/20250.0%
Wisconsin Health & Educational Facilities Authorit4.375% 08/01/20270.0%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20210.0%
California Statewide Communities Development Autho5.750% 07/01/20240.0%
New Hope Cultural Education Facilities Finance Cor3.000% 01/01/20240.0%
City of Chicago IL4.000% 01/01/20220.0%
New York State Dormitory Authority5.000% 12/01/20220.0%
Philadelphia Authority for Industrial Development5.000% 07/01/20310.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Ohio Water Development Authority6.600% 05/01/20290.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
California School Finance Authority5.000% 08/01/20270.0%
California School Finance Authority5.000% 08/01/20260.0%
Celebration Pointe Community Development District4.000% 05/01/20220.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
New York State Dormitory Authority4.000% 11/01/20250.0%
Southeastern Ohio Port Authority5.000% 12/01/20220.0%
California School Finance Authority5.000% 08/01/20250.0%
County of Howard MD5.000% 04/01/20210.0%
Village Community Development District No 122.875% 05/01/20210.0%
City of North Las Vegas NV3.750% 06/01/20250.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Houston Higher Education Finance Corp5.875% 05/15/20210.0%
Puerto Rico Electric Power Authority5.000% 07/01/20240.0%
New York State Dormitory Authority4.000% 11/01/20260.0%
City of Sparks NV2.500% 06/15/20240.0%
Florence Town Inc Industrial Development Authority5.000% 07/01/20230.0%
Houston Higher Education Finance Corp4.000% 02/15/20220.0%
Utah Charter School Finance Authority3.625% 06/15/20210.0%
Illinois Finance Authority5.000% 05/15/20250.0%
Illinois Finance Authority3.250% 02/15/20220.0%
Maricopa County Industrial Development Authority2.875% 07/01/20210.0%
City of North Las Vegas NV3.500% 06/01/20240.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20270.0%
Chicago Board of Education7.000% 12/01/20260.0%
California Municipal Finance Authority5.000% 08/01/20270.0%
City of North Las Vegas NV3.500% 06/01/20230.0%
Florida Development Finance Corp5.000% 06/15/20250.0%
Foothill-Eastern Transportation Corridor Agency5.000% 01/15/20260.0%
Greater Orlando Aviation Authority5.000% 11/15/20260.0%
King County Public Hospital District No 45.000% 12/01/20250.0%
New York State Dormitory Authority5.250% 01/01/20340.0%
Southeastern Ohio Port Authority5.000% 12/01/20230.0%
City of Blaine MN5.125% 07/01/20250.0%
Clifton Higher Education Finance Corp4.625% 08/15/20250.0%
Puerto Rico Electric Power Authority5.000% 07/01/20210.0%
County of Howard MD5.000% 04/01/20210.0%
Southlands Metropolitan District No 13.000% 12/01/20220.0%
Puerto Rico Public Buildings Authority0.000% 07/01/20230.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.0%
Metropolitan Pier & Exposition Authority5.500% 12/15/20230.0%
California Statewide Communities Development Autho5.500% 07/01/20220.0%
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%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
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%
TYM1 - 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 04/21/2021
$0.063
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2021 $0.01823 $15.73
Daily Daily 02/28/2021 $0.02227 $15.67
Daily Daily 01/31/2021 $0.02292 $15.83

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

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
12/21/2021 12/22/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2021

Fund Gross Expense Ratio Fund Net Expense Ratio
1.45% 1.37%

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 yield reflects 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

 

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 C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

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.   

 

 

50% Barclays Municipal Bond 1-8 Year Index / 50% Barclays High Yield Municipal Bond 1-8 Year Index

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The Barclays 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. The Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

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.

 

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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