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

Dividend Yield 1 as of 05/26/2023  

w/o sales charge 4.07%
w/ sales charge 3.98%

30 Day Standardized yield 2 as of 04/30/2023  

4.19%

Average Yield to Worst as of 04/28/2023

5.33%

Fund Basicsas of 04/28/2023

Total Net Assets
$3.42 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.77%
Number of Holdings
594
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 3.08% -1.87% 2.03% 1.60% 2.67% 2.89%
Lipper Category Avg. High Yield Municipal Debt Funds 2.76% -1.07% 2.02% 1.52% 2.57% -
Bloomberg High Yield Municipal Bond Index 3.33% -0.40% 4.10% 3.10% 3.53% 4.66%
w/ sales charge 0.77% -4.08% 1.25% 1.14% 2.44% 2.70%

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 2.26% -6.60% 0.50% 1.54% 2.67% 2.85%
Lipper Category Avg. High Yield Municipal Debt Funds 2.43% -4.93% 0.91% 1.45% 2.64% -
Bloomberg High Yield Municipal Bond Index 2.73% -4.49% 2.72% 3.07% 3.57% 4.65%
w/ sales charge -0.04% -8.69% -0.27% 1.08% 2.44% 2.67%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

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
Transportation
GO Local
Lease
GO State
Housing
Water & Sewer
Other
VRDN
Power
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 04/28/2023

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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To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 05/26/2023  

w/o sales charge 4.07%
w/ sales charge 3.98%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.19% 4.19%

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 3.08% -1.87% 2.03% 1.60% 2.67% 2.89%
Lipper Category Avg. High Yield Municipal Debt Funds 2.76% -1.07% 2.02% 1.52% 2.57% -
Bloomberg High Yield Municipal Bond Index 3.33% -0.40% 4.10% 3.10% 3.53% 4.66%
w/ sales charge 0.77% -4.08% 1.25% 1.14% 2.44% 2.70%

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 2.26% -6.60% 0.50% 1.54% 2.67% 2.85%
Lipper Category Avg. High Yield Municipal Debt Funds 2.43% -4.93% 0.91% 1.45% 2.64% -
Bloomberg High Yield Municipal Bond Index 2.73% -4.49% 2.72% 3.07% 3.57% 4.65%
w/ sales charge -0.04% -8.69% -0.27% 1.08% 2.44% 2.67%

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% - - - -
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 03/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 04/28/2023

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

PORTFOLIO BREAKDOWN as of 04/28/2023

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 04/28/2023

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

Credit QUALITY DISTRIBUTION as of 04/28/2023

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

Portfolio Positioning as of 3/31/2023

  • Through the market sell off last year and the record outflows across the municipal bond mutual fund industry, we successfully met all liquidity needs while maintaining overweights to parts of the market that we view as having strong long-term performance potential. Many of these segments of the market underperformed due to low demand, such as bonds subject to AMT, IDR and Tobacco bonds as well as lower rated investment grade and non-investment grade credits. As flows have stabilized, these parts of the market have slowly started coming back but still have not fully rebounded.
  • Although primarily invested in non-investment grade bonds, the Funds is overweight ‘A’ and ‘BBB’ rated bonds relative to the secondary benchmark 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.
  • In terms of bond structure, we have been selling callable bonds priced close to par to improve the convexity of the Fund and positioning the portfolio to have higher probabilities of performing better in the full range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons and longer calls to position in more favorable structures.
  • We remain bullish on the Transportation sector. Many issuers within the sector are in strong fundamental positions and have benefitted from the increased user volumes in the recovery from the pandemic. Additionally, many parts of the sector are deemed essential and have received significant government support over the past three years.
  • In regard to Health Care Sector, Hospitals experienced a challenging 2022 amid increasing labor and supply expenses, which lead to operating deficits for many issuers within the sector. While lower quality hospitals trailed over the quarter, partially due to 2022’s financials, we have expected this selling pressure and have been selectively buying into the weakness. We believe that headwinds have peaked for the sector overall and the pace of downgrades will ease considerably going forward. However, security selection will remain crucial, as there should be clear winners and losers. We favor larger hospital systems with a diversified geographic presence, strong liquidity and attractive market shares. 

Portfolio Details as of 04/28/2023

Total Net Assets
$3.42 B
Number of Issues
594
Average Coupon
4.6%
Average Effective Maturity
21.3 Years
Average Effective Duration
8.25 Years
Average Yield to Worst
5.33%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/26/2023
$0.14183
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
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 05/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.69
$100,000 to $249,999 1.75% 1.50% $10.64
$250,000 to $499,999 0.00% 1.00% $10.45
$500,000 to $999,999 0.00% 1.00% $10.45
$1,000,000 to $5,000,000 0.00% 1.00% $10.45

Expense Ratioas of 04/30/2023

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

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
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Statutory Prospectus
Publish Date:11/03/2015
SAI
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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