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 02/01/2023  

w/o sales charge 3.83%
w/ sales charge 3.75%

30 Day Standardized yield 2 as of 12/31/2022  

4.32%

Average Yield to Worst as of 12/30/2022

5.52%

Fund Basicsas of 12/30/2022

Total Net Assets
$3.18 B
Inception Date
12/30/2004
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
580
Minimum Initial Investment
$1,000+

Expense Ratioas of 12/31/2022

 
 

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.06% -10.03% -2.19% 2.08% 2.90% 2.98%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg High Yield Municipal Bond Index 4.44% -6.63% 0.04% 3.73% 3.82% 4.79%
w/ sales charge 1.73% -12.07% -2.94% 1.62% 2.67% 2.79%

Fund Expense Ratio :

0.77%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -16.53% -16.53% -2.78% 1.24% 2.61% 2.77%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% 2.46% -
Bloomberg High Yield Municipal Bond Index -13.10% -13.10% -0.59% 2.63% 3.49% 4.56%
w/ sales charge -18.42% -18.42% -3.51% 0.78% 2.38% 2.58%

Fund Expense Ratio :

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
Education
Special Tax
Transportation
GO Local
Lease
GO State
Housing
Water & Sewer
Other
Power
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 12/30/2022

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

Partner, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/01/2023  

w/o sales charge 3.83%
w/ sales charge 3.75%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.32% 4.32%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.06% -10.03% -2.19% 2.08% 2.90% 2.98%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
Bloomberg High Yield Municipal Bond Index 4.44% -6.63% 0.04% 3.73% 3.82% 4.79%
w/ sales charge 1.73% -12.07% -2.94% 1.62% 2.67% 2.79%

Fund Expense Ratio :

0.77%

Fund Expense Ratio :

0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge -16.53% -16.53% -2.78% 1.24% 2.61% 2.77%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% 2.46% -
Bloomberg High Yield Municipal Bond Index -13.10% -13.10% -0.59% 2.63% 3.49% 4.56%
w/ sales charge -18.42% -18.42% -3.51% 0.78% 2.38% 2.58%

Fund Expense Ratio :

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 - - - - 4.27%
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 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 12/30/2022

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

PORTFOLIO BREAKDOWN as of 12/30/2022

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 12/30/2022

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

Credit QUALITY DISTRIBUTION as of 12/30/2022

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

Portfolio Positioning as of 12/31/2022

  • We continue to be very focused on bond structure, including coupon, call protection and convexity, as numerous asymmetries of risk exist, and we are positioning to fully participate when the market turns. For example, we prefer bonds with more call protection to bonds with shorter calls because we believe both call structures have similar downside, but longer call bonds have superior upside potential.
  • We have shortened average maturity since the start of the year, but generally remain overweight longer maturity bonds compared to the benchmark due to relative value opportunities and a relatively steeper yield curve. Although this has detracted year to date, we feel this positioning will contribute to performance in the long term.
  • The Fund is overweight the Industrial Development and Transportation sectors. The IDR sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. The Transportation sector has experienced a strong recovery from the pandemic, and we believe many segments within the sector will continue to benefit from elevated user volumes. Additionally, many parts of the sector are deemed essential and have received significant Federal support over the last few years, bolstering the financial position of issuers.
  • Although primarily invested in non-investment-grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds relative to its benchmark. The Fund has a higher quality positioning to provide diversification and enhance liquidity.

Portfolio Details as of 12/30/2022

Total Net Assets
$3.18 B
Number of Issues
580
Average Coupon
4.6%
Average Effective Maturity
21.9 Years
Average Effective Duration
8.59 Years
Average Yield to Worst
5.52%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/01/2023
$0.034
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 02/28/2023
Daily Daily 03/31/2023
Daily Daily 04/30/2023
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 02/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.12
$100,000 to $249,999 1.75% 1.50% $11.06
$250,000 to $499,999 0.00% 1.00% $10.87
$500,000 to $999,999 0.00% 1.00% $10.87
$1,000,000 to $5,000,000 0.00% 1.00% $10.87