HYMAX | High Income Municipal Bond Fund Class A | Lord Abbett

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High Income Municipal Bond Fund

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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

30 Day Standardized yield 1 as of 08/31/2023  

4.41%

Average Yield to Worst as of 08/31/2023

5.60%

Fund Basicsas of 08/31/2023

Total Net Assets
$3.41 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.77%
Number of Holdings
589
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 3.30% 0.02% -1.46% 0.95% 3.96% 2.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% 3.61% -
Bloomberg High Yield Municipal Bond Index 3.52% 0.52% 0.47% 2.37% 4.73% 4.59%
w/ sales charge 0.98% -2.21% -2.20% 0.49% 3.72% 2.66%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.26% 2.01% -0.28% 1.37% 3.43% 2.92%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% 3.20% -
Bloomberg High Yield Municipal Bond Index 4.43% 2.86% 1.76% 2.79% 4.17% 4.68%
w/ sales charge 1.92% -0.28% -1.04% 0.90% 3.19% 2.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Sector Assets
IDR/PCR
Healthcare/Hospital
Education
Special Tax
Transportation
GO Local
Lease
GO State
Housing
Water & Sewer
Other
Power
VRDN
Pre-Refunded
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 08/31/2023

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

36 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

13 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 08/31/2023

5.60%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.41% 4.41%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 3.30% 0.02% -1.46% 0.95% 3.96% 2.84%
Lipper Category Avg. High Yield Municipal Debt Funds 2.01% -0.59% -1.07% 0.94% 3.61% -
Bloomberg High Yield Municipal Bond Index 3.52% 0.52% 0.47% 2.37% 4.73% 4.59%
w/ sales charge 0.98% -2.21% -2.20% 0.49% 3.72% 2.66%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.26% 2.01% -0.28% 1.37% 3.43% 2.92%
Lipper Category Avg. High Yield Municipal Debt Funds 3.19% 1.72% 0.02% 1.31% 3.20% -
Bloomberg High Yield Municipal Bond Index 4.43% 2.86% 1.76% 2.79% 4.17% 4.68%
w/ sales charge 1.92% -0.28% -1.04% 0.90% 3.19% 2.74%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2022 -16.53% -13.10%
2021 6.39% 7.77%
2020 3.49% 4.89%
2019 11.48% 10.68%
2018 3.79% 4.76%
2017 7.38% 9.69%
2016 2.68% 2.99%
2015 3.66% 1.81%
2014 14.50% 13.85%
2013 -6.99% -5.51%
2012 17.99% -
2011 4.55% -
2010 3.68% -
2009 35.92% -
2008 -32.87% -
2007 -7.35% -
2006 9.37% -
2005 6.63% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.26% 1.95% - - -0.49%
2022 -8.62% -6.65% -5.38% 3.41% -16.53%
2021 1.53% 3.92% -0.51% 1.36% 6.39%
2020 -7.43% 4.36% 2.40% 4.61% 3.49%
2019 4.17% 3.16% 2.72% 0.99% 11.48%
2018 0.75% 2.79% 0.63% -0.41% 3.79%
2017 2.70% 1.94% 1.97% 0.59% 7.38%
2016 2.38% 4.29% 1.22% -5.00% 2.68%
2015 1.56% -1.15% 1.19% 2.04% 3.66%
2014 5.31% 4.09% 2.66% 1.75% 14.50%
2013 1.64% -5.21% -3.47% 0.01% -6.99%
2012 6.89% 3.28% 3.65% 3.11% 17.99%
2011 -1.71% 5.25% 1.63% -0.56% 4.55%
2010 3.26% 1.46% 4.51% -5.32% 3.68%
2009 8.26% 10.13% 14.65% -0.57% 35.92%
2008 -5.23% 0.14% -7.16% -23.81% -32.87%
2007 1.06% -0.35% -3.13% -5.03% -7.35%
2006 1.77% 1.17% 3.87% 2.26% 9.37%
2005 1.73% 3.52% 0.30% 0.95% 6.63%
2004 - - - - 0.16%

Growth of $10,000 as of 08/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2023

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

PORTFOLIO BREAKDOWN as of 08/31/2023

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 08/31/2023

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

Credit QUALITY DISTRIBUTION as of 08/31/2023

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

Portfolio Positioning as of 6/30/2023

  • We continue to overweight some of the more volatile segments of the market, such as bonds subject to AMT, Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits. While these parts of the market underperformed in last year’s sell off, many have performed well in the first half of the year. We believe as mutual fund flows continue to recover in the second half of 2023, these areas of the market may exhibit strong performance.
  • Although primarily invested in non-investment grade bonds, the Fund has an allocation to ‘A’ and ‘BBB’ rated bonds to provide diversification and enhance liquidity. We also believe that lower quality investment grade bonds are showing attractive relative value in the current market environment.
  • Over the quarter, we modestly trimmed our exposure to Prepaid Gas bonds based on relative value opportunities in other areas of the market. However, we remain overweight Prepaid Gas bonds relative to the secondary benchmark given their attractive yields, shorter maturities and strong liquidity characteristics.
  • We have continued to add to corporate-backed bonds within the Industrial Development sector and remain overweight relative to the secondary benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • The Hospital sector faced challenges in 2022 due to increased supply and labor costs, coupled with mounting investment losses. Despite this pressure, we consider the market's reaction to the sector's financial downturn in certain segments to have been overly drastic. Going forward, we expect an improvement in the Hospital sector’s prospects due to continued revenue growth and slowing expenses. According to Kaufman Hall, hospitals’ operating margins turned positive in May and expenses fell while outpatient volumes rose.  We continue to see opportunity in the sector but believe security selection will remain important given the dispersion between strong and weak performers. 

Portfolio Details as of 08/31/2023

Total Net Assets
$3.41 B
Average Effective Duration
8.26 Years
Average Effective Maturity
21.6 Years
Number of Issues
589
Average Yield to Worst
5.60%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/28/2023
$0.29480
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.03643 $10.51
Daily Daily 07/31/2023 $0.03611 $10.68
Daily Daily 06/30/2023 $0.04492 $10.68
Daily Daily 05/31/2023 $0.03551 $10.53
Daily Daily 04/30/2023 $0.03543 $10.64
Daily Daily 03/31/2023 $0.03577 $10.59
Daily Daily 02/28/2023 $0.03590 $10.52
Daily Daily 01/31/2023 $0.03473 $10.85

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 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/28/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.32
$100,000 to $249,999 1.75% 1.50% $10.27
$250,000 to $499,999 0.00% 1.00% $10.09
$500,000 to $999,999 0.00% 1.00% $10.09
$1,000,000 to $5,000,000 0.00% 1.00% $10.09

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.77% 0.77%

Fund Documents

Fund Documents

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

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