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Short Duration High Yield Municipal Bond Fund

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 12/09/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.75% 2.38%
w/ sales charge 2.69% 2.33%

30-Day Standardized Yield 2 as of 11/30/2016  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.00% 2.73%

Fund Basicsas of 10/31/2016

Total Net Assets
$121.80 M
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
440
CUSIP
543912729
Minimum Initial Investment
$1,000+

Expense Ratioas of 11/30/2016

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -0.28% 0.27% - - - 1.53%
Lipper Category Avg. High Yield Municipal Debt Funds 0.16% 1.07% - - - -
Blended Index -2.40% -2.67% - - - -2.05%
w/ sales charge -2.52% -2.00% - - - -0.05%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.04% 5.93% - - - 5.13%
Lipper Category Avg. High Yield Municipal Debt Funds 6.30% 8.67% - - - -
Blended Index 2.75% 2.96% - - - 1.65%
w/ sales charge 1.70% 3.52% - - - 3.27%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

RELATED CONTENT

Muni Bonds: Rising Rate Worries? Go Short—and High
Muni Bonds: Rising Rate Worries? Go Short—and High
June 15, 2015

Short-duration, high-yield municipal bonds feature attractive yields and carry less interest-rate risk than other fixed-income securities.

Sector Assets
IDR/PCR
Healthcare/Hospital
GO Local
Education
Transportation
GO State
Special Tax
Water & Sewer
Lease
Power
Pre-Refunded
Other
VRDN
Resource Recovery
Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years

CREDIT QUALITY DISTRIBUTION as of 10/31/2016

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

29 Years of Industry Experience

Supported By 13 Investment Professionals and 12 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 12/09/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.75% 2.38%
w/ sales charge 2.69% 2.33%

30-Day Standardized Yield 2 as of 11/30/2016  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.00% 2.73%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -0.28% 0.27% - - - 1.53%
Lipper Category Avg. High Yield Municipal Debt Funds 0.16% 1.07% - - - -
Blended Index -2.40% -2.67% - - - -2.05%
w/ sales charge -2.52% -2.00% - - - -0.05%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.04% 5.93% - - - 5.13%
Lipper Category Avg. High Yield Municipal Debt Funds 6.30% 8.67% - - - -
Blended Index 2.75% 2.96% - - - 1.65%
w/ sales charge 1.70% 3.52% - - - 3.27%

Fund Expense Ratio :

Gross 0.92%

Net 0.55%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
GO Local
Education
Transportation
GO State
Special Tax
Water & Sewer
Lease
Power
Pre-Refunded
Other
VRDN
Resource Recovery
Maturity Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
State Assets
IL
NY
PA
NJ
CA
TX
OH
Puerto Rico
FL
MD
IA
WI
MA
CO
TN
ID
MI
RI
GA
LA
MN
VA
AZ
WA
AL
NE
CT
OR
KY
IN
MO
OK
NC
ME
Other U.S. Territories
KS
SC
NV
HI
DC
AK

CREDIT QUALITY DISTRIBUTION as of 10/31/2016

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning
as of 09/30/2016

  • The portfolio relative to its blended benchmark, consisting of 50% Barclays Municipal 1-8 Year Index and 50% Barclays High Yield Municipal 1-8 Year Index, is overweight in four- to six-year maturities.
  • The portfolio is overweight in lower-rated investment-grade bonds with ‘A’ and ‘BBB’ ratings due to attractive spreads and improved liquidity compared with lower-rated bonds.
  • The portfolio is overweight in revenue bonds, including the health care and industrial development sectors, given the dedicated revenue stream and favorable return prospects.
  • We continue to focus on higher-coupon bonds priced at premiums in order to take advantage of their attractive relative value. In addition, higher-coupon bonds may offer greater protection from rising interest rates than lower-coupon bonds.

Portfolio Details as of 10/31/2016

Total Net Assets
$121.80 M
Number of Issues
440
Average Coupon
4.8%
Average Effective Maturity
6.1 Years
Average Effective Duration
3.27 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0.366
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2016 $0.03399 $14.81
Daily Daily 10/31/2016 $0.03240 $15.41
Daily Daily 09/30/2016 $0.03188 $15.52
Daily Daily 08/31/2016 $0.03072 $15.56
Daily Daily 07/31/2016 $0.03426 $15.54
Daily Daily 06/30/2016 $0.03330 $15.51
Daily Daily 05/31/2016 $0.03294 $15.39
Daily Daily 04/30/2016 $0.03381 $15.39
Daily Daily 03/31/2016 $0.03300 $15.32
Daily Daily 02/29/2016 $0.03505 $15.30
Daily Daily 01/31/2016 $0.03564 $15.28

Upcoming Dividend Payment Dates

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

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/09/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $15.15
$100,000 to $249,999 1.75% 1.50% $15.07
$250,000 to $499,999 1.25% 1.00% $15.00
$500,000 to $999,999 0.00% 1.00% $14.81
$1,000,000 to $99,999,999 0.00% 1.00% $14.81

Expense Ratioas of 11/30/2016

Fund Review

Fund Review

Market Review as of 09/30/2016

After posting solid gains over the previous four quarters, the U.S. municipal bond market (as represented by the Bloomberg Barclays Municipal Bond Index1) experienced a modest decline during the three-month period ended on September 30, 2016. Yields on municipal bonds moved higher over the period, following the move to higher yields and lower prices in Treasury securities.

Total issuance was ahead of the third quarter of the prior year. It is important to note, however, that approximately 60% of the proceeds from new issuances have been used for refunding purposes, as borrowers take advantage of low interest rates. Demand for municipal bonds remained strong, as investors sought income in a low-yield environment as well as greater insulation from global concerns. Through September 30, municipal bond funds notched 52 consecutive weeks of inflows, taking year-to-date flows to more than $50 billion.  As has been the case for the past few quarters, the demand for incremental yield has led to lower quality bonds generally outperforming higher quality bonds.  However, unlike previous quarters when longer maturity bonds outperformed, intermediate term bonds generated the best returns in the quarter.

High-profile issuers, such as Illinois and New Jersey, remained in the spotlight during the past quarter, as they continue to struggle with pension and budget issues. Puerto Rico continues to dominate the airwaves; the commonwealth failed to make payments on certain general obligation bonds in July. More recently, the White House appointed an oversight board that is tasked with overseeing a financial restructuring for the U.S. territory. Uncertainty continues to be the theme, as Puerto Rico currently has $70 billion in outstanding debt as well as more than $40 billion in unfunded pension liabilities; creditors and pension holders both expect to be paid before the other. Puerto Rico bonds (as represented by the S&P Municipal Bond Puerto Rico Index2), however, outperformed the broad municipal bond market index and the Bloomberg Barclays High Yield Municipal Bond Index3 during the third quarter and the year-to-date period. Isolated pockets of distress aside, overall creditworthiness continues to improve, as many states experienced rising revenues, while maintaining balanced budgets. As of June 30, total state and local tax revenues have grown for 18 consecutive quarters. Local governments have benefitted from the recovery in home prices and the corresponding increase in property tax revenues. 

Fund Review as of 09/30/2016

The Fund* modestly outperformed its benchmark, a 50%/50% blend of the Bloomberg Barclays 1-8 Year Municipal Bond Index4 and the Bloomberg Barclays Municipal High Yield 1-8 Year Index,4 for the three-month period ended September 30, 2016.

The Fund’s composition of its lower quality holdings, which included select Puerto Rico issuers, aided absolute performance. From a maturity standpoint, the best performance came from bonds with maturities of five years and longer, as demand for incremental yield remained strong. Meanwhile, bonds with maturities of two years and shorter did not perform as well.

Below investment grade bonds in the Fund generally performed well in the low rate environment. High quality bonds did not perform as well, as the securities were not able to take advantage of the demand for yield.

In terms of sectors, tobacco settlement and local general obligation (GO) bonds performed relatively well. The favorable performance of the Fund’s Tobacco exposure is consistent with the performance of lower quality bonds with stable credit qualities. Local GO bonds performed well due to the Fund’s holdings in larger issuers, such as Chicago. The weakest performing securities were those from the airport and pre-paid gas sectors. Both sectors are composed of investment grade bonds that were not able to participate in the demand for incremental yield.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Municipal Market Outlook

Demand for tax-free income remains strong, as municipal bond funds experienced more than 52 consecutive weeks of inflows through the end of September, according to data from Lipper. Although this pace has slowed recently, demand is expected to remain positive due to attractive relative value versus other markets. The municipal market is seeing a high level of new issuance. While this is partially due to the low interest rate environment, which has provided attractive opportunities for issuers to refund outstanding bonds, an increase in new money issuance for new projects has also contributed to increased supply.

During the third quarter, ratios of municipal bond yields to Treasuries increased but are unlikely to move significantly from their current levels over the next few months. However, Treasury rates reacting to economic news and municipal bonds reacting to the level of supply may result in some day-to-day volatility.

Demand for the incremental yield offered by lower rated bonds has been robust; this trend is likely to continue if rates remain low. In terms of maturities, the relative performance among different segments will be contingent upon the U.S. Federal Reserve’s actions. In the event of an increase in the Federal Funds target rate, it is likely that the short end of the yield curve will flatten. The outlook for longer term rates will depend on how the economy reacts.

Although state revenue growth is slowing, the health of state finances remains very strong. A few outliers, such as Illinois and New Jersey, face budget challenges but remain investment grade. These states will be forced to work through their budgetary issues in order to turn their credit outlooks positive. Across the states, there is a broad range of fiscal conditions, but most states have ample reserves and strong procedures in place to successfully manage their budgets.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

If applicable, “Modestly” is defined as any under or outperformance within 100 basis points (bps) for equity funds and 50 basis points (bps) for fixed income funds as compared to the Fund's benchmark.

Fund Documents

Fund Documents

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

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

 

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.

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