HYMFX | High Income Municipal Bond Fund Class F | Lord Abbett
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High Income Municipal Bond Fund

Summary

Summary

What is the High Income Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield 1 as of 12/06/2021  

w/o sales charge 2.95%

30 Day Standardized yield 2 as of 10/31/2021  

2.05%

Fund Basicsas of 10/29/2021

Total Net Assets
$4.70 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.67%
Number of Holdings
763
 
 

Fund Expense Ratio :

0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.21% 8.33% 7.35% 6.61% 6.46% 3.98%
Lipper Category Avg. High Yield Municipal Debt Funds 5.27% 7.06% 6.30% 5.63% 5.60% -
Bloomberg High Yield Municipal Bond Index 7.49% 9.50% 7.97% 7.77% 6.88% -

Fund Expense Ratio :

0.67%

Fund Expense Ratio :

0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.04% 9.90% 6.57% 5.20% 6.12% 3.94%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.67%

RELATED CONTENT

Municipal Bonds Stay on Track in an Unpredictable Year
September 13, 2021

A look at the key trends that have contributed to the solid performance of the municipal bond market since Fall 2020.

The $1.1 Trillion Question: What Does Stimulus Mean for the Muni Market?
April 5, 2021

Our experts assess the implications of the American Rescue Plan and other stimulus measures for municipal bond investors.

What Might Fuel Renewed Strength in Muni Bonds?
March 1, 2021

Our Director of Tax-Free Fixed Income assesses key trends and opportunities in the municipal bond market.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
Lease
GO Local
Water & Sewer
Housing
GO State
Power
Treasury
VRDN
Pre-Refunded
Muni_Pre-Refunded
Other
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

Credit Quality Distribution as of 10/29/2021

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

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

11 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 12/06/2021  

w/o sales charge 2.95%

30-Day Standardized Yield 2 as of 10/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.05% 2.05%

Fund Expense Ratio :

0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 6.21% 8.33% 7.35% 6.61% 6.46% 3.98%
Lipper Category Avg. High Yield Municipal Debt Funds 5.27% 7.06% 6.30% 5.63% 5.60% -
Bloomberg High Yield Municipal Bond Index 7.49% 9.50% 7.97% 7.77% 6.88% -

Fund Expense Ratio :

0.67%

Fund Expense Ratio :

0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.04% 9.90% 6.57% 5.20% 6.12% 3.94%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% 5.46% -
Bloomberg High Yield Municipal Bond Index 6.53% 11.33% 7.44% 6.00% 6.68% -

Fund Expense Ratio :

0.67%

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2020 3.59% 4.89%
2019 11.58% 10.68%
2018 3.89% 4.76%
2017 7.48% 9.69%
2016 2.78% 2.99%
2015 3.77% 1.81%
2014 14.59% 13.85%
2013 -6.90% -5.51%
2012 18.08% 18.14%
2011 4.65% 9.25%
2010 3.78% -
2009 36.00% -
2008 -32.74% -
2007 -5.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.55% 3.94% -0.49% - 6.36%
2020 -7.40% 4.38% 2.42% 4.63% 3.59%
2019 4.19% 3.18% 2.74% 1.01% 11.58%
2018 0.77% 2.81% 0.57% -0.30% 3.89%
2017 2.72% 1.96% 1.99% 0.61% 7.48%
2016 2.40% 4.32% 1.24% -4.97% 2.78%
2015 1.59% -1.12% 1.22% 2.07% 3.77%
2014 5.33% 4.11% 2.60% 1.86% 14.59%
2013 1.58% -5.19% -3.36% 0.03% -6.90%
2012 6.82% 3.39% 3.67% 3.13% 18.08%
2011 -1.69% 5.27% 1.66% -0.53% 4.65%
2010 3.19% 1.58% 4.54% -5.29% 3.78%
2009 8.28% 10.14% 14.67% -0.55% 36.00%
2008 -5.29% 0.31% -7.13% -23.76% -32.74%
2007 - - - -5.00% -5.00%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 10/29/2021

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

PORTFOLIO BREAKDOWN as of 10/29/2021

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

PORTFOLIO BREAKDOWN as of 10/29/2021

Rating Assets
NY
CA
IL
Puerto Rico
PA
OH
FL
TX
AL
NJ
GA
WI
CO
MD
VA
AZ
IA
AR
LA
MI
WA
NH
MA
UT
IN
MO
TN
MN
OK
NV
HI
AK
SC
AS
OR
NC
WY
ID
RI
DC
ND
CT
NE
NM
WV
SD
KS
KY
ME
Other U.S. Territories

Credit QUALITY DISTRIBUTION as of 10/29/2021

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 09/30/2021

  • Although primarily invested in non-investment-grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg U.S. High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index. The Fund has a higher quality positioning relative to the benchmark to provide diversification and enhance liquidity.
  • From a sector perspective, the Fund is currently overweight the Industrial Development and Transportation sectors relative to the secondary benchmark.
  • As the economy further reopens and recovers, we expect the credit fundamentals of the municipal market to remain positive. The credit outlook may continue to strengthen as the unprecedented fiscal spending over the last eighteen months continues to trickle down to state and local governments. Overall, in excess of $1 trillion in emergency aid was earmarked for municipalities, amounting to approximately one quarter of the total outstanding of municipal bonds. Given this strong credit backdrop, we are positive on credit risk going forward.
  • On August 10, 2021, the U.S. Senate voted to pass the Infrastructure Investment and Jobs Act. The legislation provides nearly $1 trillion in total spending over the next five years, resulting in $550 billion in new spending. The Infrastructure Investment and Jobs Act is currently being debated on in the House of Representatives and some House members are fighting for the inclusion of advanced refunding and direct pay bonds, both of which were not included in the Senate’s version of the Bill. From a technical perspective, the reinstatement of advanced refunding could result in a notable increase in issuance for the municipal market.
  • The House of Representatives’ Ways and Means Committee has drafted legislation that, among other measures, would increase the rate on the top individual tax bracket from 37% to 39.6% for individuals earning more than $400,000 and households earning more than $450,000 as well as raise the corporate tax rate to 26.5%. An increase to the top individual tax bracket would allow high earners a higher tax-equivalent yield and potentially lead to a higher demand from the retail segment of the market, which has the largest ownership of municipal bonds. The next largest segment holding municipal bonds is financial services firms, such as banks and insurance companies. Should the corporate tax rate rise, it may result in growing demand from these firms as well for tax free bonds.

Portfolio Details as of 10/29/2021

Total Net Assets
$4.70 B
Number of Issues
763
Average Coupon
4.5%
Average Effective Maturity
24.5 Years
Average Effective Duration
7.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/06/2021
$0.375
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2021 $0.03197 $13.00
Daily Daily 10/31/2021 $0.03206 $12.83
Daily Daily 09/30/2021 $0.03225 $12.92
Daily Daily 08/31/2021 $0.03218 $13.10
Daily Daily 07/31/2021 $0.03242 $13.19
Daily Daily 06/30/2021 $0.03367 $13.08
Daily Daily 05/31/2021 $0.04046 $12.96
Daily Daily 04/30/2021 $0.03456 $12.84
Daily Daily 03/31/2021 $0.03453 $12.69
Daily Daily 02/28/2021 $0.03565 $12.62
Daily Daily 01/31/2021 $0.03560 $12.85

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 12/31/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2021

0.67%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
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Annual Report
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Semi-Annual Report
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The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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