SDHIX | Short Duration High Income Municipal Bond Fund Class I | Lord Abbett
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Short Duration High Income Municipal Bond Fund

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

Dividend Yield 1 as of 12/06/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.83%

30-Day Standardized Yield 2 as of 10/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.26% 1.22%

Fund Basicsas of 10/29/2021

Total Net Assets
$1.21 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.58%
Fund Net Expense Ratio
0.50%
Number of Holdings
585
Minimum Initial Investment
$1,000,000+
 
 

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.06% 5.64% 4.72% 4.30% - 3.71%
Lipper Category Avg. High Yield Municipal Debt Funds 5.27% 7.06% 6.30% 5.63% - -

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

RELATED CONTENT

What Might Fuel Renewed Strength in Muni Bonds?
March 1, 2021

Our Director of Tax-Free Fixed Income assesses key trends and opportunities in the municipal bond market.

Municipal Bonds: Looking for Extra Yield with Less Interest-Rate Risk?
February 18, 2020

Here’s why investors may wish to consider a strategy employing short duration, high yield municipal bonds.

Sector Assets
IDR/PCR
Healthcare/Hospital
Transportation
Special Tax
GO Local
Lease
GO State
Education
Water & Sewer
Power
Treasury
Housing
Other
VRDN
Muni_Pre-Refunded
Resource Recovery
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 10/29/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AA
A
BBB
BB
B
< B
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

11 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 12/06/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.91% 1.83%

30-Day Standardized Yield 2 as of 10/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.26% 1.22%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 4.06% 5.64% 4.72% 4.30% - 3.71%
Lipper Category Avg. High Yield Municipal Debt Funds 5.27% 7.06% 6.30% 5.63% - -

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Year Fund Returns
2020 2.35%
2019 7.26%
2018 2.30%
2017 5.50%
2016 -0.01%
2015 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.58% 2.14% -0.15% - 4.16%
2020 -5.48% 3.01% 1.82% 3.24% 2.35%
2019 2.53% 2.03% 1.65% 0.87% 7.26%
2018 0.45% 0.93% 0.47% 0.43% 2.30%
2017 2.11% 1.80% 1.51% 0.00% 5.50%
2016 1.46% 2.01% 0.67% -4.03% -0.01%
2015 - - 1.13% 1.86% 2.64%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Transportation
Special Tax
GO Local
Lease
GO State
Education
Water & Sewer
Power
Treasury
Housing
Other
VRDN
Muni_Pre-Refunded
Resource Recovery
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
State Assets
NY
IL
CA
TX
FL
Puerto Rico
PA
NJ
AL
TN
GA
LA
IA
WA
CO
WI
OH
KY
IN
MD
AZ
NH
MA
SC
MO
UT
VA
VT
NV
ID
MN
HI
MI
MS
DE
WV
AK
CT
OK
KS
Other U.S. Territories
AS
AR
SD
NC
OR

CREDIT QUALITY DISTRIBUTION as of 10/29/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning
as of 09/30/2021

  • As the economy further reopens and recovers, we expect the credit fundamentals of the municipal market to remain positive. The credit outlook may continue to strengthen as the unprecedented fiscal spending over the last eighteen months continues to trickle down to state and local governments. Overall, in excess of $1 trillion in emergency aid was earmarked for municipalities, amounting to approximately one quarter of the total outstanding of municipal bonds. Given this strong credit backdrop, we are positive on credit risk and the portfolio has an overweight to bonds rated ‘BB’ and ‘B’ relative to its benchmark, due to relatively attractive credit spreads. For enhanced liquidity, the Fund is overweight investment grade bonds, though primarily lower tiered investment grade credits, while underweight bonds in the ‘AAA’ and ‘AA’ credit quality tiers.
  • From a sector perspective, the Fund’s overweight to Revenue bonds is driven primarily by a significant overweight to the IDR sector and an overweight to the Transportation sector.
  • On August 10, 2021, the U.S. Senate voted to pass the Infrastructure Investment and Jobs Act. The legislation provides nearly $1 trillion in total spending over the next five years, resulting in $550 billion in new spending. The Infrastructure Investment and Jobs Act is currently being debated on in the House of Representatives and some House members are fighting for the inclusion of advanced refunding and direct pay bonds, both of which were not included in the Senate’s version of the Bill. From a technical perspective, the reinstatement of advanced refunding could result in a notable increase in issuance for the municipal market.
  • The House of Representatives’ Ways and Means Committee has drafted legislation that, among other measures, would increase the rate on the top individual tax bracket from 37% to 39.6% for individuals earning more than $400,000 and households earning more than $450,000 as well as raise the corporate tax rate to 26.5%. An increase to the top individual tax bracket would allow high earners a higher tax-equivalent yield and potentially lead to a higher demand from the retail segment of the market, which has the largest ownership of municipal bonds. The next largest segment holding municipal bonds is financial services firms, such as banks and insurance companies. Should the corporate tax rate rise, it may result in growing demand from these firms as well for tax free bonds.

Portfolio Details as of 10/29/2021

Total Net Assets
$1.21 B
Number of Issues
585
Average Coupon
4.4%
Average Effective Maturity
7.2 Years
Average Effective Duration
4.48 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/06/2021
$0.308
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2021 $0.02538 $15.90
Daily Daily 10/31/2021 $0.02443 $15.81
Daily Daily 09/30/2021 $0.02559 $15.88
Daily Daily 08/31/2021 $0.02475 $16.02
Daily Daily 07/31/2021 $0.02571 $16.08
Daily Daily 06/30/2021 $0.02820 $15.98
Daily Daily 05/31/2021 $0.02832 $15.90
Daily Daily 04/30/2021 $0.03000 $15.84
Daily Daily 03/31/2021 $0.02964 $15.73
Daily Daily 02/28/2021 $0.03278 $15.67
Daily Daily 01/31/2021 $0.03418 $15.83

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 12/31/2021

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

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/21/2021 12/22/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2021

Fund Gross Expense Ratio Fund Net Expense Ratio
0.58% 0.50%

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