HYMIX | High Income Municipal Bond Fund Class I | 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 01/21/2022  

w/o sales charge 3.26%

30 Day Standardized yield 2 as of 12/31/2021  

2.01%

Fund Basicsas of 12/31/2021

Total Net Assets
$4.90 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Expense Ratio
0.57%
Number of Holdings
779
Minimum Initial Investment
$1,000,000+
 
 

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 6.60% 6.60% 7.28% 6.67% 6.41% 5.78%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% 5.44% -
Bloomberg High Yield Municipal Bond Index 7.77% 7.77% 7.75% 7.53% 6.72% 6.61%

Fund Expense Ratio :

0.57%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 6.60% 6.60% 7.28% 6.67% 6.41% 5.78%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% 5.44% -
Bloomberg High Yield Municipal Bond Index 7.77% 7.77% 7.75% 7.53% 6.72% 6.61%

Fund Expense Ratio :

0.57%

RELATED CONTENT

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Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
Lease
GO Local
Water & Sewer
Housing
GO State
Power
Treasury
Muni_Pre-Refunded
VRDN
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 12/31/2021

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

34 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

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Performance

Performance

Dividend Yield 1 as of 01/21/2022  

w/o sales charge 3.26%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.01% 2.01%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 6.60% 6.60% 7.28% 6.67% 6.41% 5.78%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% 5.44% -
Bloomberg High Yield Municipal Bond Index 7.77% 7.77% 7.75% 7.53% 6.72% 6.61%

Fund Expense Ratio :

0.57%

Fund Expense Ratio :

0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 6.60% 6.60% 7.28% 6.67% 6.41% 5.78%
Lipper Category Avg. High Yield Municipal Debt Funds 5.53% 5.53% 6.07% 5.56% 5.44% -
Bloomberg High Yield Municipal Bond Index 7.77% 7.77% 7.75% 7.53% 6.72% 6.61%

Fund Expense Ratio :

0.57%

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2021 6.60% 7.77%
2020 3.77% 4.89%
2019 11.62% 10.68%
2018 3.99% 4.76%
2017 7.57% 9.69%
2016 2.86% 2.99%
2015 3.77% 1.81%
2014 14.60% 13.85%
2013 -6.90% -5.51%
2012 18.29% 18.14%
2011 4.63% -
2010 -2.30% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.58% 3.97% -0.47% 1.41% 6.60%
2020 -7.32% 4.41% 2.45% 4.67% 3.77%
2019 4.23% 3.21% 2.77% 0.96% 11.62%
2018 0.80% 2.84% 0.60% -0.28% 3.99%
2017 2.74% 1.98% 2.02% 0.64% 7.57%
2016 2.43% 4.44% 1.18% -4.97% 2.86%
2015 1.52% -1.02% 1.24% 2.00% 3.77%
2014 5.26% 4.13% 2.62% 1.87% 14.60%
2013 1.61% -5.17% -3.34% -0.04% -6.90%
2012 6.93% 3.32% 3.79% 3.16% 18.29%
2011 -1.66% 5.29% 1.58% -0.52% 4.63%
2010 - - - -5.19% -2.30%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 12/31/2021

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

PORTFOLIO BREAKDOWN as of 12/31/2021

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 12/31/2021

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

Credit QUALITY DISTRIBUTION as of 12/31/2021

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 12/31/2021

Total Net Assets
$4.90 B
Number of Issues
779
Average Coupon
4.4%
Average Effective Maturity
24.7 Years
Average Effective Duration
7.6 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/21/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.03460 $12.97
Daily Daily 11/30/2021 $0.03301 $12.96
Daily Daily 10/31/2021 $0.03306 $12.79
Daily Daily 09/30/2021 $0.03324 $12.89
Daily Daily 08/31/2021 $0.03323 $13.07
Daily Daily 07/31/2021 $0.03342 $13.16
Daily Daily 06/30/2021 $0.03467 $13.05
Daily Daily 05/31/2021 $0.04148 $12.93
Daily Daily 04/30/2021 $0.03555 $12.81
Daily Daily 03/31/2021 $0.03554 $12.66
Daily Daily 02/28/2021 $0.03652 $12.59
Daily Daily 01/31/2021 $0.03665 $12.81

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 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
Daily Daily 05/31/2022
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2021

0.57%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Annual Report
Publish Date:11/03/2015
Annual Report
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Semi-Annual Report
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Fact Sheet
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Commentary
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Publish Date:11/03/2015

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The Bloomberg High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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