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 01/31/2024  

  Subsidized Un-Subsidized
w/o sales charge 4.22% 4.21%

Average Yield to Worst as of 01/31/2024

5.23%

Fund Basicsas of 01/31/2024

Total Net Assets
$3.61 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.81%
Fund Net Expense Ratio
0.77%
Number of Holdings
558
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 0.57% 3.65% -2.16% 1.93% 3.84% 3.01%
Lipper Category Avg. High Yield Municipal Debt Funds 0.37% 3.24% -1.23% 1.98% 3.57% -
Bloomberg High Yield Municipal Bond Index -0.46% 4.08% -0.09% 3.26% 4.61% 4.75%
w/ sales charge -1.71% 1.32% -2.91% 1.47% 3.61% 2.84%

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 7.25% 7.25% -1.61% 1.90% 4.08% 3.00%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% 3.85% -
Bloomberg High Yield Municipal Bond Index 9.21% 9.21% 0.75% 3.49% 5.00% 4.80%
w/ sales charge 4.84% 4.84% -2.36% 1.44% 3.85% 2.82%

Fund Expense Ratio :

Gross 0.81%

Net 0.77%

Sector Assets
IDR/PCR
Healthcare/Hospital
Education
Special Tax
Transportation
GO Local
Lease
GO State
Housing
Water & Sewer
VRDN
Other
Pre-Refunded
Power
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 01/31/2024

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

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 01/31/2024

5.23%

30-Day Standardized Yield 1 as of 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.22% 4.21%

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 0.57% 3.65% -2.16% 1.93% 3.84% 3.01%
Lipper Category Avg. High Yield Municipal Debt Funds 0.37% 3.24% -1.23% 1.98% 3.57% -
Bloomberg High Yield Municipal Bond Index -0.46% 4.08% -0.09% 3.26% 4.61% 4.75%
w/ sales charge -1.71% 1.32% -2.91% 1.47% 3.61% 2.84%

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 7.25% 7.25% -1.61% 1.90% 4.08% 3.00%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% 3.85% -
Bloomberg High Yield Municipal Bond Index 9.21% 9.21% 0.75% 3.49% 5.00% 4.80%
w/ sales charge 4.84% 4.84% -2.36% 1.44% 3.85% 2.82%

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% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2024 - - - - 0.76%
2023 2.26% 1.95% -4.25% 7.43% 7.25%
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 01/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 01/31/2024

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

PORTFOLIO BREAKDOWN as of 01/31/2024

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 01/31/2024

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

Credit QUALITY DISTRIBUTION as of 01/31/2024

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

Portfolio Positioning as of 12/31/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve convexity, 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 buying bonds with higher coupons and longer call protection to position in more favorable structures.
  • We continue to focus on the most attractive segments of the yield 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 quality investment grade bonds are showing attractive relative value in the current market environment.
  • We have added to prepaid gas bonds over the quarter given elevated supply. We feel that these high-quality bonds trade at attractive credit spreads compared to similarly-rated debt and tend to have shorter maturities. Additionally, gas bonds typically have a high degree of liquidity given their larger buyer base outside of tax exempt investors.
  • We continue to buy into selective parts of the Health Care sector. While lower quality hospitals underperformed in 2023, we expect acute care margins to improve going forward. We believe rebounding patient volumes, mostly in outpatient, and higher reimbursement rates with insurers will drive revenue growth. Expense growth, especially labor costs, should decelerate, as long-term employment contracts and significant increases in compensation have moved the supply-demand scenario closer to equilibrium in several markets.

Portfolio Details as of 01/31/2024

Total Net Assets
$3.61 B
Average Effective Duration
7.8 Years
Average Effective Maturity
21.7 Years
Number of Issues
558
Average Yield to Worst
5.23%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/20/2024
$0.04176
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 02/29/2024
Daily Daily 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/20/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.01
$100,000 to $249,999 1.75% 1.50% $10.95
Greater than $250,000 0.00% 1.00% $10.76

Expense Ratioas of 01/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.81% 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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The Bloomberg High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. 

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