SDHCX | Short Duration High Income Municipal Bond Fund Class C | Lord Abbett

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(as of 12/05/2015)

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Short Duration High Income Municipal Bond Fund

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Summary

Summary

What is the Short Duration High Income Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in short duration high-yield municipal bonds.
 

ATTRACTIVE INCOME

Municipal bonds offer attractive taxable equivalent yields relative to taxable fixed income alternatives.

LOWER DURATION

Shorter maturity bonds have less interest rate sensitivity, and have historically demonstrated lower volatility than longer maturity bonds.

PORTFOLIO DIVERSIFICATION

Short high income municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

Yield

30-Day Standardized Yield 1 as of 02/29/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.17% 3.15%

Average Yield to Worst as of 02/29/2024

5.04%

Fund Basicsas of 02/29/2024

Total Net Assets
$1.17 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.37%
Fund Net Expense Ratio
1.31%
Number of Holdings
327
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.92% 3.46% -1.20% 0.74% - 1.37%
Lipper Category Avg. High Yield Municipal Debt Funds 0.99% 6.74% -0.63% 1.93% - -
w/ sales charge -0.08% 2.46% -1.20% 0.74% - 1.37%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.52% 3.52% -1.22% 0.79% - 1.28%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% - -
w/ sales charge 2.52% 2.52% -1.22% 0.79% - 1.28%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
GO Local
Transportation
Education
GO State
Other
VRDN
Pre-Refunded
Lease
Water & Sewer
Housing
Power
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
>30 Years

CREDIT QUALITY DISTRIBUTION as of 02/29/2024

Rating Assets
A-3/MIG3
AAA
AA
A
BBB
BB
B
< B
Not Rated

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Performance

Performance

Average Yield to Worst as of 02/29/2024

5.04%

30-Day Standardized Yield 1 as of 02/29/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.17% 3.15%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.92% 3.46% -1.20% 0.74% - 1.37%
Lipper Category Avg. High Yield Municipal Debt Funds 0.99% 6.74% -0.63% 1.93% - -
w/ sales charge -0.08% 2.46% -1.20% 0.74% - 1.37%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.52% 3.52% -1.22% 0.79% - 1.28%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% - -
w/ sales charge 2.52% 2.52% -1.22% 0.79% - 1.28%

Fund Expense Ratio :

Gross 1.37%

Net 1.31%

Year Fund Returns
2023 3.52%
2022 -9.92%
2021 3.38%
2020 1.48%
2019 6.35%
2018 1.44%
2017 4.55%
2016 -0.96%
Year Q1 Q2 Q3 Q4
2024 - - - -
2023 1.51% 0.39% -1.50% 3.13%
2022 -6.20% -3.78% -2.34% 2.20%
2021 1.37% 1.92% -0.38% 0.43%
2020 -5.68% 2.80% 1.60% 3.01%
2019 2.32% 1.81% 1.43% 0.65%
2018 0.24% 0.71% 0.25% 0.22%
2017 1.88% 1.56% 1.27% -0.23%
2016 1.21% 1.77% 0.43% -4.26%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
GO Local
Transportation
Education
GO State
Other
VRDN
Pre-Refunded
Lease
Water & Sewer
Housing
Power
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
>30 Years
State Assets
NY
IL
FL
TX
PA
CA
Puerto Rico
WI
AL
MD
WA
OH
GA
AZ
IA
NJ
CO
KY
OK
LA
MO
NV
RI
VA
TN
CT
SC
NH
UT
VT
MA
NE
Other U.S. Territories
IN
NM
ID
MI
MS
WV
KS
DC
AS
NC

CREDIT QUALITY DISTRIBUTION as of 02/29/2024

Rating Assets
A-3/MIG3
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioningas of 12/31/2023

  • We are finding opportunities in certain bonds with short call dates that are experiencing technical selling pressures resulting in attractive relative value.
  • Although primarily invested in non-investment grade bonds, the Fund 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.
  • We continue to buy into selective parts of the Health Care sector and 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.
  • We continue to have a positive view on various corporate-backed bonds within the Industrial Development sector. While corporate borrowing costs have increased and corporations have seen some adverse impacts from inflation, many corporate-backed municipal issuers tend to provide essential services or produce materials critical to infrastructure, energy procurement and global stability. As a result, operations are generally stable across subsectors and credit pressure, where it exists, is largely idiosyncratic.

Portfolio Details as of 02/29/2024

Total Net Assets
$1.17 B
Average Effective Duration
3.23 Years
Average Effective Maturity
7.0 Years
Number of Issues
327
Average Yield to Worst
5.04%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/27/2024
$0.07960
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2024 $0.04028 $14.15
Daily Daily 01/31/2024 $0.03932 $14.12

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 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

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2017 12/20/2017 $0.0023 - $0.0023 $15.14

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
1.37% 1.31%

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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