HYMIX | High Income Municipal Bond Fund Class I | Lord Abbett

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

 

High Income Municipal Bond Fund

Track this Fund
Add to Hypo Tool

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 06/24/2022  

w/o sales charge 3.80%

30 Day Standardized yield 2 as of 05/31/2022  

3.95%

Fund Basicsas of 05/31/2022

Total Net Assets
$3.88 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Expense Ratio
0.55%
Number of Holdings
700
Minimum Initial Investment
$1,000,000+
 
 

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -11.24% -9.34% 0.85% 3.23% 4.16% 4.52%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% 3.61% -
Bloomberg High Yield Municipal Bond Index -8.86% -6.27% 2.43% 4.26% 4.84% 5.54%

Fund Expense Ratio :

0.55%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -8.59% -4.07% 2.69% 4.21% 4.75% 4.85%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% 4.17% -
Bloomberg High Yield Municipal Bond Index -6.53% -1.35% 4.04% 5.25% 5.44% 5.85%

Fund Expense Ratio :

0.55%

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

RELATED CONTENT

A Powerful Trend That Could Support U.S. High Yield in 2022
December 6, 2021

We expect a surge in “rising stars”—upgrades of U.S. debt issues from high yield to investment grade—over the next two years.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
GO Local
Transportation
Lease
Water & Sewer
GO State
Housing
Power
Other
Pre-Refunded
VRDN
Treasury
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 05/31/2022

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 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 06/24/2022  

w/o sales charge 3.80%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.95% 3.95%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -11.24% -9.34% 0.85% 3.23% 4.16% 4.52%
Lipper Category Avg. High Yield Municipal Debt Funds -8.98% -7.29% 0.93% 2.53% 3.61% -
Bloomberg High Yield Municipal Bond Index -8.86% -6.27% 2.43% 4.26% 4.84% 5.54%

Fund Expense Ratio :

0.55%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge -8.59% -4.07% 2.69% 4.21% 4.75% 4.85%
Lipper Category Avg. High Yield Municipal Debt Funds -6.76% -2.80% 2.47% 3.54% 4.17% -
Bloomberg High Yield Municipal Bond Index -6.53% -1.35% 4.04% 5.25% 5.44% 5.85%

Fund Expense Ratio :

0.55%

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
2022 -8.59% - - - -15.15%
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 05/31/2022

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

PORTFOLIO BREAKDOWN as of 05/31/2022

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 05/31/2022

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

Credit QUALITY DISTRIBUTION as of 05/31/2022

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

Portfolio Positioning as of 3/31/2022

  • 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.
  • The fundamental backdrop of the municipal market is currently strong, and credit may continue to strengthen into the near future. Almost all municipal sectors have stable or positive outlooks by the credit rating agencies as the market continues to be supported by the robust fiscal spending over the past two years, a better-than-expected economic recovery from the pandemic and strong tax revenue growth. In terms of fiscal spending, it has been estimated that approximately $1 trillion has been passed down to state and local governments as a result of pandemic relief spending by the Federal government. Regarding tax revenues, according to the National Conference of State Legislatures, it is anticipated that half of states will see revenue figures that surpass their original forecasts for fiscal year 2022. More specifically, increased sales tax revenue streams may be powered by higher consumer demand as well as inflationary pressures. Similarly, in the longer term, real estate tax revenues may be pushed up by inflation as well. Given this strong credit backdrop, we are positive on credit risk going forward.
  • From a sector perspective, the Fund is currently overweight the Industrial Development and Transportation sectors relative to the secondary benchmark.
  • The current weakness in demand has largely been tied to investor concerns over rising Treasury yields and, to some extent, tax loss selling. The current outflow cycle may endure over the near term should Treasury yields continue to increase, but we expect demand to recover once the market volatility eases. In terms of tax loss selling, some investors have been exiting municipal bond positions to recognize losses in an effort to offset gains achieved in more profitable investments. We expect these tax loss pressures to subside in the near term. While tax exempt supply has been roughly in line with 2021, it would be a negative for the market if supply were to pick up in the near term in concert with continuing outflows.
  • While the strategy’s longer duration relative to the benchmark has led to underperformance in the short term, we expect this positioning to support performance over the long term for various reasons. First, the municipal yield curve remains upward sloping, even given the recent inversion of the Treasury yield curve. We are regularly monitoring the overall shape of the curve in an effort to identify the steepest portions to optimize total return. As we typically do not hold bonds to maturity, we are able exploit this steepness through strategies such as yield curve roll down to generate capital appreciation along with tax free income for our clients. Strategies such as this may require positioning further out on the yield curve relative to the benchmark. Additionally, even considering the underperformance of longer-dated bonds in the last quarter, over the long term, intermediate and long-dated bonds have outperformed bonds on the shorter end of the curve. We expect this trend to remain intact going forward, while there will be periods of short-term volatility as seen this quarter. Of note, we continue to maintain the strategy’s duration within a tight band of the benchmark.
  • The market turbulence seen over the last quarter, while painful in the short term, has brought opportunity. With the significant fall in prices since the start of the year, not only do we have access to bonds that were much harder to buy in the strong market environment seen last year, but we can enter these positions at more attractive yields compared to just three months ago at the end of 2021. Additionally, Muni/Treasury ratios have started to normalize from the rich levels seen in 2021 and ratios at the longer end of the curve are starting to approach ‘cheaper’ levels compared to history.

Portfolio Details as of 05/31/2022

Total Net Assets
$3.88 B
Number of Issues
700
Average Coupon
4.6%
Average Effective Maturity
22.2 Years
Average Effective Duration
9.73 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0.168
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.03425 $11.35
Daily Daily 04/30/2022 $0.03451 $11.25
Daily Daily 03/31/2022 $0.03367 $11.76
Daily Daily 02/28/2022 $0.03324 $12.32
Daily Daily 01/31/2022 $0.03264 $12.49

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 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 05/31/2022

0.55%

Fund Documents

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

0Documents selected
Order
n/a
Portfolio Holdings 1Q
Publish Date:11/03/2015
n/a
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
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

To order literature visit full website

You may add to your cart by selecting quantities in each row below.

No rows selected. Please Go back and select at least one fund document

 
Quantity
Quantity
Remove
Remove

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

Select funds to run a Morningstar Hypothetical Report.

    Please confirm your literature shipping address

    Please review the address information below and make any necessary changes.

    All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

    Current Literature Shipping Address

    * Required field