SDHAX | Short Duration High Income Municipal Bond Fund Class A | 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

Average Yield to Worst as of 04/30/2025

5.02%

Distribution Yield as of 05/16/2025  

4.15%

30-Day Standardized Yield 1 as of 04/30/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.16% 4.14%

Fund Basicsas of 04/30/2025

Total Net Assets
$1.80 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.68%
Fund Net Expense Ratio
0.65%
Number of Holdings
457
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.01% 3.78% 2.70% 2.61% - 2.24%
Lipper Category Avg. High Yield Municipal Debt Funds -1.57% 3.14% 2.12% 2.77% - -
w/ sales charge -2.26% 1.48% 1.93% 2.15% - 2.00%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.65% 4.20% 2.10% 2.41% - 2.32%
Lipper Category Avg. High Yield Municipal Debt Funds -0.12% 3.41% 1.40% 2.50% - -
w/ sales charge -1.62% 1.83% 1.34% 1.94% - 2.09%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Transportation
Education
Housing
Other
GO Local
GO State
Power
VRDN
Lease
Water & Sewer
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 04/30/2025

Rating Assets
A-3/MIG3
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

38 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 04/30/2025

5.02%

Distribution Yield as of 05/16/2025  

4.15%

30-Day Standardized Yield 1 as of 04/30/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.16% 4.14%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.01% 3.78% 2.70% 2.61% - 2.24%
Lipper Category Avg. High Yield Municipal Debt Funds -1.57% 3.14% 2.12% 2.77% - -
w/ sales charge -2.26% 1.48% 1.93% 2.15% - 2.00%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 0.65% 4.20% 2.10% 2.41% - 2.32%
Lipper Category Avg. High Yield Municipal Debt Funds -0.12% 3.41% 1.40% 2.50% - -
w/ sales charge -1.62% 1.83% 1.34% 1.94% - 2.09%

Fund Expense Ratio :

Gross 0.68%

Net 0.65%

Year Fund Returns
2024 5.15%
2023 4.19%
2022 -9.29%
2021 4.08%
2020 2.15%
2019 7.05%
2018 2.10%
2017 5.30%
2016 -0.20%
Year Q1 Q2 Q3 Q4
2025 0.65% - - -
2024 1.56% 1.14% 2.49% -0.13%
2023 1.67% 0.56% -1.34% 3.29%
2022 -6.04% -3.61% -2.17% 2.37%
2021 1.47% 2.16% -0.20% 0.61%
2020 -5.59% 3.04% 1.77% 3.18%
2019 2.48% 1.98% 1.54% 0.88%
2018 0.41% 0.81% 0.42% 0.45%
2017 2.06% 1.75% 1.45% -0.05%
2016 1.41% 1.90% 0.69% -4.08%

Growth of $10,000 as of 04/30/2025

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 04/30/2025

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

Portfolio Positioningas of 03/31/2025

  • We continue to underweight callable bonds priced close to par to improve the performance characteristics of the Fund and positioning the portfolio to potentially have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been mostly buying bonds with higher coupons and longer calls along with bonds trading at deep discounts to position in more favorable structures.
  • 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-rated investment grade bonds are showing attractive relative value in the current market environment.

Portfolio Details as of 04/30/2025

Total Net Assets
$1.80 B
Average Effective Duration
4.15 Years
Average Effective Maturity
8.6 Years
Number of Issues
457
Average Yield to Worst
5.02%
Distribution Yield (as of 05/16/2025)
4.15%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/16/2025
$0.19226
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2025 $0.04872 $14.06
Daily Daily 03/31/2025 $0.04829 $14.20
Daily Daily 02/28/2025 $0.04773 $14.37
Daily Daily 01/31/2025 $0.04752 $14.30

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 05/31/2025
Daily Daily 06/30/2025
Daily Daily 07/31/2025
Daily Daily 08/31/2025
Daily Daily 09/30/2025
Daily Daily 10/31/2025
Daily Daily 11/30/2025
Daily Daily 12/31/2025

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

Sales Charge Schedule as of 05/16/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.40
$100,000 to $249,999 1.75% 1.50% $14.33
Greater than $250,000 0.00% 1.00% $14.08

Expense Ratioas of 04/30/2025

Fund Gross Expense Ratio 0.68%
Fund Net Expense Ratio 0.65%

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 Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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