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Short Duration High Yield Municipal Bond Fund

Daily price w/o sales charge as of 09/24/2018

$15.10

arrowDown$0.01

YTD Returns w/o sales charge as of 09/24/2018

1.11%

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 09/24/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.05% 1.79%

30-Day Standardized Yield 2 as of 08/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.95% 1.71%

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

Fund Basicsas of 08/31/2018

Total Net Assets
$272.79 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.55%
Fund Net Expense Ratio
1.29%
Number of Holdings
332
CUSIP
543912711
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.50% 1.04% 2.41% - - 2.21%
Lipper Category Avg. High Yield Municipal Debt Funds 2.11% 3.24% 4.60% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.41% 2.29% 1.83% - - 1.11%
w/ sales charge 0.50% 1.04% 2.41% - - 2.21%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.95% 2.00% 2.32% - - 2.15%
Lipper Category Avg. High Yield Municipal Debt Funds 1.37% 4.31% 4.59% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.57% 3.02% 1.31% - - 0.90%
w/ sales charge -0.05% 2.00% 2.32% - - 2.15%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

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 of 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

Muni Bonds: Where Might You Find High Income with Low Duration?
August 13, 2018

A strategy employing short duration, high-yield municipal bonds offers the potential for investors to realize higher income while mitigating interest-rate risk.

Muni Bonds: Reading the Supply/Demand Signals
May 21, 2018

With more attractive yields on offer, an upturn in demand may come amid a tighter supply of newly issued municipal bonds.

Muni Matters: A Six-Point Reality Check for Investors
May 18, 2018

While media reports have emphasized the recent negative performance of municipal bonds, many indicators signal a healthy, resilient market.

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

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

Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

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

CREDIT QUALITY DISTRIBUTION as of 08/31/2018

Rating Assets
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.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

Supported By 15 Investment Professionals with 12 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 09/24/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.05% 1.79%

30-Day Standardized Yield 2 as of 08/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.95% 1.71%

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

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.50% 1.04% 2.41% - - 2.21%
Lipper Category Avg. High Yield Municipal Debt Funds 2.11% 3.24% 4.60% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 3.41% 2.29% 1.83% - - 1.11%
w/ sales charge 0.50% 1.04% 2.41% - - 2.21%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.95% 2.00% 2.32% - - 2.15%
Lipper Category Avg. High Yield Municipal Debt Funds 1.37% 4.31% 4.59% - - -
50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr 2.57% 3.02% 1.31% - - 0.90%
w/ sales charge -0.05% 2.00% 2.32% - - 2.15%

Fund Expense Ratio :

Gross 1.55%

Net 1.29%

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 of future results.

Year Fund Returns 50% BBgBarc Muni Bond 1-8 Yr / 50% BBgBarc Muni HY 1-8 Yr
2017 4.55% 3.29%
2016 -0.96% -2.42%
2015 2.06% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 0.24% 0.71% - - 1.11%
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
Education
GO Local
Special Tax
GO State
Transportation
Power
Housing
Lease
Pre-Refunded
Water & Sewer
Resource Recovery

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

Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

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

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

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

CREDIT QUALITY DISTRIBUTION as of 08/31/2018

Rating Assets
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 Positioning
as of 06/30/2018

  • The portfolio is focused on bonds within the 1- to 5-year maturity range.
  • Benchmarked against a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index, approximately half of the portfolio is allocated to investment grade credits while the remaining portion is invested in lower rated or non-rated bonds. The portfolio is overweight bonds with ‘A’, ‘BBB’, and ‘BB’ credit ratings due to their relatively attractive spreads.
  • The portfolio is overweight revenue bonds, specifically in the health care and industrial development sectors, given their dedicated revenue streams and favorable return prospects.

Portfolio Details as of 08/31/2018

Total Net Assets
$272.79 M
Number of Issues
332
Average Coupon
4.7%
Average Effective Maturity
5.6 Years
Average Effective Duration
3.36 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
Iowa Finance Auth - Iowa Fertilizer Co 5.000% 12/01/2019 2.3%
NY Transportation Dev Corp - Delta 5.000% 01/01/2024 2.1%
Buckeye Tobacco Settlement Fin Auth 5.125% 06/01/2024 1.8%
New York State Transportation Dev Corp - American Airlines 5.000% 08/01/2026 1.6%
Salem County Pollution Control Fin Auth - Chambers 5.000% 12/01/2023 1.3%
New Jersey Econ Dev Auth 5.000% 06/15/2023 1.3%
NJ Tobacco Settlement Fin Corp 3.200% 06/01/2027 1.2%
Illinois State General Obligation 5.000% 11/01/2021 1.2%
Port Authority of NY & NJ - JFK International Airport 5.000% 12/01/2020 1.2%
Nez Perce County - Potlatch Corporation 2.750% 10/01/2024 1.0%
% of Total Assets 15.0%

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.

HOLDINGS as of07/31/2018

Holding Coupon Maturity Assets
Iowa Finance Auth - Iowa Fertilizer Co5.000% 12/01/20192.3%
NY Transportation Dev Corp - Delta5.000% 01/01/20242.1%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20241.8%
New York State Transportation Dev Corp - American Airlines5.000% 08/01/20261.6%
Salem County Pollution Control Fin Auth - Chambers5.000% 12/01/20231.3%
New Jersey Econ Dev Auth5.000% 06/15/20231.3%
NJ Tobacco Settlement Fin Corp3.200% 06/01/20271.2%
Illinois State General Obligation5.000% 11/01/20211.2%
Port Authority of NY & NJ - JFK International Airport5.000% 12/01/20201.2%
West Virgina Eco Dev Auth - Wheeling Power3.000% 06/01/20371.0%
Lowndes County Solid Waste - Weyerhaeuser Corp6.800% 04/01/20221.0%
Hawaii St Dept of Budget & Fin3.100% 05/01/20260.9%
Buckeye Tobacco Settlement Fin Auth5.375% 06/01/20240.9%
Massachusetts Educational Financing Authority5.000% 07/01/20250.9%
Pub Fin Auth5.000% 12/01/20250.9%
City of Chicago General Obligation5.000% 01/01/20240.8%
CO State Energy Authority - Merrill Lynch6.125% 11/15/20230.8%
Illinois Finance Auth - Roosevelt University6.500% 04/01/20390.8%
Houston Airport System - Continental Airlines5.000% 07/15/20200.8%
City of Lenexa KS5.000% 05/15/20240.8%
Iowa Finance Auth - Iowa Fertilizer Co5.250% 12/01/20250.8%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.8%
New Jersey Hgr Ed Stud Asst Auth3.350% 12/01/20290.8%
TN Energy Acquistion Corp - Goldman Sachs5.250% 09/01/20220.7%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20290.7%
Glendale Industrial Development Authority5.000% 11/15/20230.7%
Richland Environmental Improvement - International Paper Co3.875% 04/01/20230.7%
North Carolina State Turnpike Authority5.000% 01/01/20240.7%
Illinois, IL5.000% 08/01/20210.6%
Texas Municipal Gas Acquistion & Supply Corp.5.250% 12/15/20220.6%
Cuyahoga County Hospital - Metrohealth System5.000% 02/15/20230.6%
Westchester Tobacco Asset Securitization Corp5.000% 06/01/20220.6%
New Jersey Economic Development Authority5.000% 03/01/20230.6%
New Jersey Hsg & Mtg Fin Agy4.500% 10/01/20480.6%
Southeast Alabama Gas Supply District/The4.000% 04/01/20490.6%
Nez Perce County - Potlatch Corporation2.750% 10/01/20240.6%
Chicago Brd of Ed5.000% 12/01/20220.6%
Cleveland-Cuyahoga County Port Authority5.000% 12/01/20280.6%
Burke Cnty Dev Auth, GA3.000% 11/01/20450.6%
Maryland Eco Dev Corp - CNX Marine Terminals5.750% 09/01/20250.6%
Plaza Metropolitan Dist No 15.000% 12/01/20180.6%
Golden St Tobacco Securitization Corp.3.500% 06/01/20360.6%
Montgomery Cnty Indus Dev Auth, PA2.700% 10/01/20340.6%
Chicago Brd of Ed5.000% 12/01/20280.6%
Chicago, IL5.000% 01/01/20240.6%
Jefferson County Sewer5.000% 10/01/20210.5%
Frederick Cnty, MD5.000% 09/01/20270.5%
Kanabec Hospital2.750% 12/01/20190.5%
West Virginia Econ Dev Auth, WV2.875% 12/15/20260.5%
City of New Haven General Obligation5.000% 08/15/20200.5%
Guadalupe Regional Medical Center5.000% 12/01/20230.5%
New York Transp Dev Corp.5.000% 08/01/20210.5%
TSASC, Inc.5.000% 06/01/20220.5%
Tennessee Energy Acquisition Corp.5.000% 02/01/20220.5%
Whiting, IN5.000% 11/01/20450.5%
Chicago Brd of Ed4.000% 12/01/20220.5%
NJ Eco Dev Auth - Continental Airlines4.875% 09/15/20190.5%
Michigan Tobacco Settlement Fin Auth5.125% 06/01/20220.5%
Illinois, IL5.000% 02/01/20200.5%
Morgan County Hospital Authority/GA2.750% 09/01/20190.5%
Port of Seattle Indus Dev Corp., WA5.000% 04/01/20300.5%
Niagara Area Dev Corp - Covanta Energy4.000% 11/01/20240.5%
Chicago Brd of Ed4.000% 12/01/20220.4%
Chicago Brd of Ed5.250% 12/01/20230.4%
TX Muni Gas Acquisition & Supply Corp5.000% 12/15/20210.4%
Main Street Natural Gas, Inc.5.000% 03/15/20220.4%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20220.4%
Dorm Auth of the St of New York5.000% 08/01/20260.4%
Kentucky St Prop & Bldg Comm5.000% 11/01/20240.4%
Wisconsin Hlth & Edl Facs Auth2.650% 11/01/20200.4%
California Statewide - Loma Linda Univ Medical Center5.000% 12/01/20250.4%
Houston, TX5.000% 07/15/20280.4%
Marietta Dev Auth5.000% 11/01/20270.4%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20220.4%
Illinois, IL5.000% 03/01/20210.4%
Cleveland, OH5.000% 01/01/20290.4%
New York City Indl Dev Agy5.000% 07/01/20220.4%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20230.4%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20220.4%
New Jersey Econ Dev Auth5.000% 10/01/20210.4%
Houston, TX4.750% 07/01/20240.4%
Idaho Health Facilities Auth - Madison Memorial Hospital5.000% 09/01/20210.4%
New Jersey Econ Dev Auth5.000% 06/15/20220.4%
Pennsylvania Hsg Fin Agy4.000% 04/01/20390.4%
RI Health & Edu Building Corp ¿ Care New England Health5.000% 09/01/20200.4%
Houston, TX5.000% 07/15/20200.4%
Illinois, IL5.000% 01/01/20200.4%
Arizona Indus Dev Auth4.000% 07/01/20190.4%
New York Transp Dev Corp.5.000% 01/01/20220.4%
Oklahoma Dev Fin Auth5.000% 08/15/20240.4%
California Cnty Tobacco Securitization Agy5.450% 06/01/20280.4%
Chicago Brd of Ed4.000% 12/01/20200.4%
California Statewide Comntys Dev Auth2.625% 11/01/20330.4%
North Carolina Hsg Fin Agy4.000% 07/01/20470.4%
Chester Cnty Indus Dev Auth3.700% 10/15/20220.4%
Rockport, IN3.050% 06/01/20250.4%
Massachusetts Port Auth4.194% 01/01/20310.4%
Chicago Brd of Ed5.250% 12/01/20260.4%
Appling County Dev Auth - Georgia Power1.590% 09/01/20410.4%
Atlanta Dev Auth6.000% 01/01/20230.4%
Michigan Strategic Fnd2.850% 08/01/20270.4%
Montgomery Cnty Hsg Opportunities Comm Hsg Rev4.000% 07/01/20480.4%
Northern California Gas Auth No 12.286% 07/01/20270.4%
Prince William Cnty Indus Dev Auth4.000% 01/01/20210.4%
Illinois, IL5.000% 02/01/20220.4%
Pima Cnty Indus Dev Auth, AZ4.000% 06/15/20220.3%
Onondaga Cnty Indus Dev Agy, NY5.750% 03/01/20240.3%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20260.3%
Philadelphia School District6.000% 09/01/20380.3%
Massachusetts Dev Fin Agy5.000% 07/01/20220.3%
Massachusetts Dev Fin Agy5.000% 07/01/20230.3%
Illinois, IL5.000% 07/01/20210.3%
Chicago, IL5.250% 01/01/20220.3%
Colorado Hlth Facs Auth5.000% 05/15/20210.3%
Edl Enhancement Funding Corp.5.000% 06/01/20240.3%
Kirkwood Indus Dev Auth5.000% 05/15/20220.3%
Kentucky Mun Pwr Agy3.450% 09/01/20420.3%
California Statewide - Eskaton Properties5.000% 11/15/20210.3%
Commonwealth Financing Authority5.000% 06/01/20230.3%
Puerto Rico Elec Pwr Auth5.250% 07/01/20230.3%
Tempe Industrial Development Authority4.000% 10/01/20230.3%
Florida Development Fin Corp - Florida Charter Foundation4.000% 07/15/20260.3%
Illinois, IL5.000% 07/01/20200.3%
Tarrant Cnty Cult Ed Facs Fin Corp, TX4.500% 11/15/20210.3%
Illinois, IL5.000% 04/01/20200.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20230.3%
Northern Palm Beach Cnty Impt Dist3.250% 08/01/20220.3%
Rochester, MN5.000% 12/01/20250.3%
Lancaster Cnty Hosp Auth, PA5.000% 07/01/20230.3%
Wisconsin Hlth & Edl Facs Auth3.500% 08/01/20220.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20220.3%
West Virginia Econ Dev Auth, WV2.625% 12/01/20420.3%
St Charles Parish, LA4.000% 12/01/20400.3%
New Mexico Muni Energy Acquisition Auth2.145% 11/01/20390.3%
New Jersey Econ Dev Auth5.000% 12/15/20190.3%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20260.3%
South Carolina Jobs Econ Dev Auth5.000% 11/01/20210.3%
New Jersey Econ Dev Auth4.375% 01/01/20240.3%
Chicago, IL4.500% 01/01/20200.3%
City of International Falls MN5.500% 04/01/20230.3%
St. Paul Hsg & Redev Auth, MN5.250% 11/15/20280.3%
Central Plains Energy - Goldman Sachs5.250% 12/01/20210.3%
Chester County Health & Education Facilities Autho5.000% 11/01/20220.3%
Cook Cnty, IL5.250% 11/15/20220.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth6.500% 11/01/20350.2%
Puerto Rico4.500% 07/01/20230.2%
Puerto Rico Elec Pwr Auth5.000% 07/01/20190.2%
Atlantic City, NJ5.000% 03/01/20210.2%
Pub Fin Auth4.000% 06/01/20200.2%
California Statewide Comntys Dev Auth5.750% 07/01/20240.2%
Chicago, IL5.000% 12/01/20190.2%
Pima Cnty Indus Dev Auth, AZ4.950% 10/01/20200.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 01/01/20210.2%
New Hope Cultural Ed Fin Corp, TX4.000% 11/15/20210.2%
Colorado Hlth Facs Auth2.800% 05/15/20420.2%
Illinois Fin Auth5.000% 09/01/20220.2%
Massachusetts Dev Fin Agy3.500% 10/01/20220.2%
California Statewide - Beverly4.000% 02/01/20210.2%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20240.2%
Alabama Indl Dev Auth6.450% 12/01/20230.2%
City of Rockville MD2.500% 11/01/20240.2%
Pub Fin Auth5.000% 07/01/20220.2%
Illinois, IL5.000% 04/01/20200.2%
St of Alabama Docks Department5.000% 10/01/20230.2%
New Hope Cultural Ed Fin Corp, TX3.000% 07/01/20200.2%
Indiana Fin Auth6.000% 12/01/20260.2%
Philadelphia Sch Dist, PA5.000% 09/01/20200.2%
Dorm Auth of the St of New York5.000% 05/01/20210.2%
Hanover Cnty Econ Dev Auth3.625% 07/01/20280.2%
Massachusetts Dev Fin Agy5.000% 01/01/20240.2%
Foothill Eastern Transportation Corridor Agency5.500% 01/15/20530.2%
Casino Reinvestment Dev Auth, NJ5.000% 11/01/20200.2%
Wisconsin Public Finance Authority - Celanese5.000% 01/01/20240.2%
Dorm Auth of the St of New York5.000% 12/01/20220.2%
New Jersey Econ Dev Auth5.125% 09/15/20230.2%
Inland Empire Tobacco Securitization Auth5.750% 06/01/20260.2%
Metropolitan Pier & Exposition Auth, IL5.500% 12/15/20230.2%
NJ Eco Dev Auth - Cigarette Tax5.000% 06/15/20210.2%
NY Transportation Development Corp - Terminal One Assn5.000% 01/01/20210.2%
Florida Hgr Edl Facs Fin Auth6.000% 04/01/20260.2%
ME Hlth & Higher Ed - MaineGeneral Hlth7.500% 07/01/20320.2%
Gaithersburg, MD6.000% 01/01/20230.2%
Houston Hgr Ed Fin Corp., TX4.000% 02/15/20220.2%
Scranton Redev Auth5.000% 11/15/20210.2%
Yamhill Cnty Hosp Auth4.000% 11/15/20260.2%
Chicago Brd of Ed5.000% 12/01/20190.2%
TN Energy Acquistion Corp - Goldman Sachs5.000% 02/01/20200.2%
Village Comnty Dev Dist No. 123.250% 05/01/20230.2%
California Statewide Comntys Dev Auth3.000% 07/01/20260.2%
California Statewide Comntys Dev Auth2.625% 11/01/20330.2%
California Muni Fin Auth5.000% 11/01/20230.2%
Illinois Fin Auth3.250% 02/15/20220.2%
Village Comnty Dev Dist No. 122.875% 05/01/20210.2%
Greater Wenatchee Regl Events Center Pub Facs Dist4.125% 09/01/20210.2%
Glenville State College3.250% 06/01/20220.2%
Howard Cnty, MD5.000% 04/01/20210.2%
Farmington, NM2.125% 06/01/20400.2%
Tennessee Energy Acquisition Corp.5.250% 09/01/20210.2%
Tennessee Energy Acquisition Corp.5.250% 09/01/20230.2%
New York City Indl Dev Agy3.621% 03/01/20210.2%
Puerto Rico Aqueduct & Swr Auth4.250% 07/01/20250.2%
Illinois, IL5.250% 01/01/20200.2%
Nassau Cnty Tobacco Settlement Corp.5.250% 06/01/20260.2%
Red River Auth, TX4.450% 06/01/20200.2%
Houston Airport - Continental Airlines4.500% 07/01/20200.2%
Ohio Air Qlty Dev Auth3.750% 01/15/20280.2%
New York City Transitional Fin Auth1.600% 08/01/20310.2%
Houston Hgr Ed Fin Corp., TX5.875% 05/15/20210.2%
Chicago Brd of Ed5.000% 12/01/20190.2%
Cook County General Obligation5.250% 11/15/20240.2%
New Jersey Econ Dev Auth5.000% 09/01/20200.2%
Trustees of the Tulsa Muni Arpt Tr, OK5.000% 06/01/20350.2%
Southeastern Ohio Port Auth5.000% 12/01/20220.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20220.2%
Chicago, IL5.000% 01/01/20230.2%
New Hampshire Hlth & Ed Facs Auth3.500% 07/01/20220.2%
North Carolina Medical Care Comm5.000% 10/01/20210.1%
Washington St Hsg Fin Comm3.200% 07/01/20210.1%
Illinois Fin Auth5.000% 04/01/20310.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20260.1%
Casino Reinvestment Dev Auth, NJ5.000% 11/01/20220.1%
Palm Beach Cnty Hlth Facs Auth, FL6.750% 06/01/20240.1%
Maricopa Cnty Indus Dev Auth, AZ2.875% 07/01/20210.1%
Cook Cnty, IL5.000% 11/15/20220.1%
Maryland Econ Dev Corp.5.125% 06/01/20200.1%
Illinois, IL5.000% 08/01/20190.1%
Plymouth Edl Ctr Charter Sch, MI5.125% 11/01/20180.1%
Celebration Pointe Comnty Dev Dist4.000% 05/01/20220.1%
New Jersey Econ Dev Auth5.500% 09/01/20210.1%
Chicago Brd of Ed5.250% 12/01/20240.1%
Pennsylvania5.000% 07/01/20240.1%
Chicago, IL5.000% 01/01/20210.1%
New Jersey Econ Dev Auth4.000% 01/01/20200.1%
Chicago Waterworks5.000% 11/01/20200.1%
Love Field Arpt Modernization Corp., TX5.000% 11/01/20220.1%
Metropolitan Pier & Exposition Auth, IL5.000% 12/15/20200.1%
New York City Indl Dev Agy3.681% 03/01/20260.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20210.1%
Kirkwood Indus Dev Auth8.000% 05/15/20210.1%
Utah St Charter Sch Fin Auth3.625% 06/15/20210.1%
Chicago Brd of Ed4.250% 12/01/20180.1%
Denver Hlth and Hosp Auth, CO2.641% 12/01/20330.1%
Alabama Indl Dev Auth6.450% 12/01/20230.1%
Florida Dev Fin Corp.7.625% 06/15/20410.1%
Build NYC Resource Corp., NY4.500% 01/01/20250.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20270.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20230.1%
City of Blaine, MN5.125% 07/01/20250.1%
Houston Airport - Continental Airlines5.000% 07/01/20290.1%
Atlantic City, NJ5.000% 03/01/20220.1%
Iowa Finance Auth - Iowa Fertilizer Co5.500% 12/01/20220.1%
Puerto Rico5.500% 07/01/20190.1%
Salt Verde Financial Corp.5.250% 12/01/20230.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20220.1%
Texas Muni Gas Acquisition & Supply Corp.5.250% 12/15/20250.1%
Guadalupe Regional Medical Center5.000% 12/01/20220.1%
Howard Cnty, MD5.000% 04/01/20210.1%
Dorm Auth of the St of New York4.000% 05/01/20220.1%
Scranton Redev Auth5.000% 11/15/20280.1%
Detroit, MI5.000% 07/01/20220.1%
Colorado Hlth Facs Auth4.000% 01/01/20200.1%
Tulsa Cnty Indus Auth5.000% 11/15/20230.1%
Indiana Fin Auth6.000% 12/01/20190.1%
Arlington Higher Ed Fin Corp., TX4.375% 08/15/20260.1%
Vermont Econ Dev Auth, VT4.625% 04/01/20360.1%
Massachusetts Port Auth5.000% 01/01/20270.1%
California Statewide Comntys Dev Auth3.000% 07/01/20270.1%
Puerto Rico5.500% 07/01/20200.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20210.1%
Tobacco Settlement Fing Corp.5.000% 06/01/20270.1%
Puerto Rico Hwy & Transp Auth4.000% 07/01/20200.1%
Inland Empire Tobacco Securitization Auth5.000% 06/01/20210.1%
Massachusetts Dev Fin Agy5.000% 07/01/20250.1%
Philadelphia Sch Dist, PA5.000% 09/01/20250.1%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20240.1%
Dorm Auth of the St of New York5.000% 12/01/20220.1%
Iowa Fin Auth5.875% 12/01/20270.1%
Indus Dev Auth of the Twn of Florence, Inc., AZ5.000% 07/01/20230.1%
Mesquite Hlth Facs Dev Corp., TX5.000% 02/15/20200.1%
Chicago, IL4.000% 01/01/20220.1%
Dorm Auth of the St of New York5.000% 11/01/20210.1%
Southlands Metropolitan District No 13.000% 12/01/20220.1%
Puerto Rico Elec Pwr Auth4.250% 07/01/20200.1%
Yonkers Econ Dev Corp., NY6.000% 10/15/20300.1%
LA Environmental Facs - Westlake Chemical6.500% 08/01/20290.1%
Chicago, IL4.000% 01/01/20190.1%
New Jersey Econ Dev Auth5.250% 01/01/20250.1%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.1%
Overland Park Dev Corp5.125% 01/01/20220.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20210.1%
New Jersey Hlthcare Facs Fing Auth5.750% 07/01/20370.1%
Illinois Fin Auth5.000% 04/01/20210.1%
Sparks Tourism Improvement District6.750% 06/15/20280.1%
Puerto Rico Elec Pwr Auth5.000% 07/01/20240.1%
Puerto Rico Elec Pwr Auth4.100% 07/01/20190.1%
Florida Dev Fin Corp.5.000% 06/15/20250.1%
Dorm Auth of the St of New York4.000% 11/01/20260.1%
Illinois Fin Auth5.000% 05/15/20250.1%
Dorm Auth of the St of New York3.750% 09/01/20180.0%
Puerto Rico4.000% 07/01/20210.0%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.0%
Puerto Rico5.500% 07/01/20190.0%
New York Liberty Dev Corp.5.150% 11/15/20340.0%
New Jersey Econ Dev Auth5.000% 06/15/20220.0%
Greater Orlando Aviation Auth5.000% 11/15/20260.0%
Illinois Fin Auth5.000% 09/01/20210.0%
Virginia Coll Bldg Auth5.000% 07/01/20220.0%
New Jersey Econ Dev Auth5.500% 04/01/20280.0%
Connecticut Hlth & Educl Facs Auth3.250% 09/01/20210.0%
Illinois Fin Auth7.125% 02/01/20340.0%
California Statewide Comntys Dev Auth5.500% 07/01/20220.0%
Clifton Hgr Ed Fin Corp., TX4.625% 08/15/20250.0%
Dorm Auth of the St of New York5.000% 12/01/20180.0%
Eaton Area Park & Recreation Dist5.000% 12/01/20180.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20210.0%
King Cnty Public Hosp Dist No 45.000% 12/01/20250.0%
Puerto Rico Pub Bldgs Auth5.500% 07/01/20270.0%
Chicago Brd of Ed4.250% 12/01/20180.0%
Dorm Auth of the St of New York4.000% 11/01/20250.0%
Chicago Brd of Ed5.000% 12/01/20190.0%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20220.0%
New Jersey Hlthcare Facs Fing Auth6.000% 07/01/20260.0%
Puerto Rico Hwy & Transp Auth5.250% 07/01/20190.0%
Illinois Fin Auth6.250% 02/01/20190.0%
Puerto Rico Sales Tax Fincg Corp5.500% 08/01/20230.0%
Puerto Rico5.500% 07/01/20170.0%
Massachusetts Port Auth5.200% 01/01/20200.0%
Michigan Tobacco Settlement Fin Auth5.250% 06/01/20220.0%
Puerto Rico Elec Pwr Auth5.000% 07/01/20180.0%
Puerto Rico Pub Bldgs Auth5.500% 07/01/20230.0%
Puerto Rico Hwy & Transp Auth5.500% 07/01/20240.0%
US 2YR Treasury Future Sep 2018- -0.0%
US 5YR Treasury Future Sep 2018- -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 09/24/2018
$0.205
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2018 $0.02582 $15.18
Daily Daily 07/31/2018 $0.02588 $15.16
Daily Daily 06/30/2018 $0.02655 $15.15
Daily Daily 05/31/2018 $0.02484 $15.13
Daily Daily 04/30/2018 $0.02589 $15.06
Daily Daily 03/31/2018 $0.02386 $15.12
Daily Daily 02/28/2018 $0.02757 $15.11
Daily Daily 01/31/2018 $0.02474 $15.14

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 09/30/2018
Daily Daily 10/31/2018
Daily Daily 11/30/2018
Daily Daily 12/31/2018

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
12/19/2018 12/20/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2018

Fund Gross Expense Ratio Fund Net Expense Ratio
1.55% 1.29%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
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
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

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.

 

 

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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