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 06/30/2024  

4.08%

Average Yield to Worst as of 06/28/2024

5.05%

Fund Basicsas of 06/28/2024

Total Net Assets
$3.84 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.81%
Fund Net Expense Ratio
0.77%
Number of Holdings
595
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 3.58% 6.55% -2.22% 1.15% 3.50% 3.10%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% 3.25% -
Bloomberg High Yield Municipal Bond Index 4.14% 8.90% 0.12% 3.00% 4.66% 4.89%
w/ sales charge 1.23% 4.12% -2.95% 0.70% 3.26% 2.93%

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 3.58% 6.55% -2.22% 1.15% 3.50% 3.10%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% 3.25% -
Bloomberg High Yield Municipal Bond Index 4.14% 8.90% 0.12% 3.00% 4.66% 4.89%
w/ sales charge 1.23% 4.12% -2.95% 0.70% 3.26% 2.93%

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 06/28/2024

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 06/28/2024

5.05%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.08% 4.08%

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 3.58% 6.55% -2.22% 1.15% 3.50% 3.10%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% 3.25% -
Bloomberg High Yield Municipal Bond Index 4.14% 8.90% 0.12% 3.00% 4.66% 4.89%
w/ sales charge 1.23% 4.12% -2.95% 0.70% 3.26% 2.93%

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 3.58% 6.55% -2.22% 1.15% 3.50% 3.10%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% 3.25% -
Bloomberg High Yield Municipal Bond Index 4.14% 8.90% 0.12% 3.00% 4.66% 4.89%
w/ sales charge 1.23% 4.12% -2.95% 0.70% 3.26% 2.93%

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% - -
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 06/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 06/28/2024

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 06/28/2024

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 06/28/2024

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

Credit QUALITY DISTRIBUTION as of 06/28/2024

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

Portfolio Positioning as of 3/31/2024

  • 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.

Portfolio Details as of 06/28/2024

Total Net Assets
$3.84 B
Average Effective Duration
7.36 Years
Average Effective Maturity
21.6 Years
Number of Issues
595
Average Yield to Worst
5.05%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/11/2024
$0.24047
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 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 07/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.18
$100,000 to $249,999 1.75% 1.50% $11.12
Greater than $250,000 0.00% 1.00% $10.93

Expense Ratioas of 06/30/2024

Fund Gross Expense Ratio 0.81%
Fund Net Expense Ratio 0.77%
Adjusted Expense Ratio -

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
Fact Sheet
Publish Date:11/03/2015
Commentary
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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