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 11/30/2024  

4.02%

Average Yield to Worst as of 11/29/2024

4.85%

Fund Basicsas of 11/29/2024

Total Net Assets
$4.16 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.81%
Fund Net Expense Ratio
0.77%
Number of Holdings
608
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.67% 11.06% -1.14% 1.32% 3.51% 3.24%
Lipper Category Avg. High Yield Municipal Debt Funds 6.88% 10.08% -0.27% 1.72% 3.27% -
Bloomberg High Yield Municipal Bond Index 8.12% 11.36% 0.95% 3.07% 4.51% 4.99%
w/ sales charge 5.23% 8.57% -1.89% 0.86% 3.28% 3.07%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.40% 15.38% -0.86% 1.34% 3.60% 3.25%
Lipper Category Avg. High Yield Municipal Debt Funds 6.61% 15.06% -0.09% 1.71% 3.36% -
Bloomberg High Yield Municipal Bond Index 7.48% 17.38% 1.05% 3.07% 4.52% 5.00%
w/ sales charge 4.96% 12.81% -1.62% 0.88% 3.36% 3.08%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

Sector Assets
IDR/PCR
Healthcare/Hospital
Transportation
Education
Special Tax
GO Local
GO State
Lease
Housing
Water & Sewer
VRDN
Pre-Refunded
Power
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 11/29/2024

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner, Director of Tax Free Fixed Income

37 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Supported By 18 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 11/29/2024

4.85%

30-Day Standardized Yield 1 as of 11/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.02% 4.02%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.67% 11.06% -1.14% 1.32% 3.51% 3.24%
Lipper Category Avg. High Yield Municipal Debt Funds 6.88% 10.08% -0.27% 1.72% 3.27% -
Bloomberg High Yield Municipal Bond Index 8.12% 11.36% 0.95% 3.07% 4.51% 4.99%
w/ sales charge 5.23% 8.57% -1.89% 0.86% 3.28% 3.07%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 7.40% 15.38% -0.86% 1.34% 3.60% 3.25%
Lipper Category Avg. High Yield Municipal Debt Funds 6.61% 15.06% -0.09% 1.71% 3.36% -
Bloomberg High Yield Municipal Bond Index 7.48% 17.38% 1.05% 3.07% 4.52% 5.00%
w/ sales charge 4.96% 12.81% -1.62% 0.88% 3.36% 3.08%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

Year Fund Returns Bloomberg High Yield Municipal Bond Index
2023 7.25% 9.21%
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% -
2012 17.99% -
2011 4.55% -
2010 3.68% -
2009 35.92% -
2008 -32.87% -
2007 -7.35% -
2006 9.37% -
2005 6.63% -
Year Q1 Q2 Q3 Q4
2024 2.06% 1.49% 3.68% -
2023 2.26% 1.95% -4.25% 7.43%
2022 -8.62% -6.65% -5.38% 3.41%
2021 1.53% 3.92% -0.51% 1.36%
2020 -7.43% 4.36% 2.40% 4.61%
2019 4.17% 3.16% 2.72% 0.99%
2018 0.75% 2.79% 0.63% -0.41%
2017 2.70% 1.94% 1.97% 0.59%
2016 2.38% 4.29% 1.22% -5.00%
2015 1.56% -1.15% 1.19% 2.04%
2014 5.31% 4.09% 2.66% 1.75%
2013 1.64% -5.21% -3.47% 0.01%
2012 6.89% 3.28% 3.65% 3.11%
2011 -1.71% 5.25% 1.63% -0.56%
2010 3.26% 1.46% 4.51% -5.32%
2009 8.26% 10.13% 14.65% -0.57%
2008 -5.23% 0.14% -7.16% -23.81%
2007 1.06% -0.35% -3.13% -5.03%
2006 1.77% 1.17% 3.87% 2.26%
2005 1.73% 3.52% 0.30% 0.95%

Growth of $10,000 as of 11/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 11/29/2024

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

PORTFOLIO BREAKDOWN as of 11/29/2024

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 11/29/2024

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

Credit QUALITY DISTRIBUTION as of 11/29/2024

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

Portfolio Positioning as of 9/30/2024

  • We continue to underweight callable bonds priced close to par to improve the performance characteristics of the Fund and positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been mostly buying bonds with higher coupons and longer calls along with bonds trading at deep discounts to position in more favorable structures.
  • With the municipal yield curve showing considerable steepness from 10 to 30 years, we continue to focus on the most attractive segments of the curve from a total return and roll down perspective, while selling flatter segments of the curve or maturities that do not provide much incremental yield for added risk.
  • 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-rated investment grade bonds are showing attractive relative value in the current market environment.

Portfolio Details as of 11/29/2024

Total Net Assets
$4.16 B
Average Effective Duration
7.19 Years
Average Effective Maturity
22.2 Years
Number of Issues
608
Average Yield to Worst
4.85%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/10/2024
$0.43795
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2024 $0.03921 $11.12
Daily Daily 10/31/2024 $0.03892 $11.00
Daily Daily 09/30/2024 $0.03948 $11.17
Daily Daily 08/31/2024 $0.03944 $11.03
Daily Daily 07/31/2024 $0.04043 $10.96
Daily Daily 06/30/2024 $0.03947 $10.89
Daily Daily 05/31/2024 $0.03862 $10.72
Daily Daily 04/30/2024 $0.04182 $10.69
Daily Daily 03/31/2024 $0.03687 $10.85
Daily Daily 02/29/2024 $0.04194 $10.81
Daily Daily 01/31/2024 $0.04176 $10.77

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 12/31/2024

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/10/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.39
$100,000 to $249,999 1.75% 1.50% $11.33
Greater than $250,000 0.00% 1.00% $11.13

Expense Ratioas of 11/30/2024

Fund Gross Expense Ratio 0.81%
Fund Net Expense Ratio 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 Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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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