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

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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

Dividend Yield 1 as of 02/01/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.34%
w/ sales charge 3.34% 3.27%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.62% 3.56%

Average Yield to Worst as of 12/30/2022

4.91%

Fund Basicsas of 12/30/2022

Total Net Assets
$869.65 M
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
338
Minimum Initial Investment
$1,000+

Expense Ratioas of 12/31/2022

 
 

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.07% -5.16% -1.04% 1.46% - 1.96%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge -0.20% -7.31% -1.79% 0.99% - 1.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.29% -9.29% -1.20% 1.06% - 1.70%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% - -
w/ sales charge -11.36% -11.36% -1.95% 0.60% - 1.39%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

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

CREDIT QUALITY DISTRIBUTION as of 12/30/2022

Rating Assets
AA
A
BBB
BB
B
< B
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 02/01/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.41% 3.34%
w/ sales charge 3.34% 3.27%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.62% 3.56%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.07% -5.16% -1.04% 1.46% - 1.96%
Lipper Category Avg. High Yield Municipal Debt Funds - - - - - -
w/ sales charge -0.20% -7.31% -1.79% 0.99% - 1.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -9.29% -9.29% -1.20% 1.06% - 1.70%
Lipper Category Avg. High Yield Municipal Debt Funds -13.43% -13.43% -1.83% 0.90% - -
w/ sales charge -11.36% -11.36% -1.95% 0.60% - 1.39%

Fund Expense Ratio :

Gross 0.72%

Net 0.65%

Year Fund Returns
2022 -9.29%
2021 4.08%
2020 2.15%
2019 7.05%
2018 2.10%
2017 5.30%
2016 -0.20%
2015 2.53%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 2.08%
2022 -6.04% -3.61% -2.17% 2.37% -9.29%
2021 1.47% 2.16% -0.20% 0.61% 4.08%
2020 -5.59% 3.04% 1.77% 3.18% 2.15%
2019 2.48% 1.98% 1.54% 0.88% 7.05%
2018 0.41% 0.81% 0.42% 0.45% 2.10%
2017 2.06% 1.75% 1.45% -0.05% 5.30%
2016 1.41% 1.90% 0.69% -4.08% -0.20%
2015 - - 1.08% 1.81% 2.53%

Growth of $10,000 as of 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 12/30/2022

Rating Assets
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioningas of 12/31/2022

  • We continue to be very focused on bond structure, including coupon, call protection and convexity, as numerous asymmetries of risk exist, and we are positioning to fully participate when the market turns. For example, we prefer bonds with more call protection to bonds with shorter calls because both call structures have similar downside, but longer call bonds have superior upside potential.
  • With the flattening of the yield curve out to 10 years, we think a barbell approach makes sense and have been focusing exposure on the shorter end (1-2 years), which provides a similar yield to the belly of the curve with less duration, as well as 8-10 years.
  • The Fund is overweight the Industrial Development and Health Care sectors. The Industrial Development sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. The Health Care sector has experienced some fundamental pressures this year due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. The sector has proven resilient during past economic downturns and issuers have navigated changing operating environments well.
  • Although primarily invested in non-investment-grade bonds, the Fund is overweight ‘A’ and ‘BBB’ rated bonds relative to its secondary benchmark. The non-investment grade allocation enhances the yield of the portfolio, while the inclusion of higher quality bonds improves diversification and the liquidity profile.

Portfolio Details as of 12/30/2022

Total Net Assets
$869.65 M
Number of Issues
338
Average Coupon
4.6%
Average Effective Maturity
6.4 Years
Average Effective Duration
3.66 Years
Average Yield to Worst
4.91%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/01/2023
$0.040
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2023 $0.04066 $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 02/28/2023
Daily Daily 03/31/2023
Daily Daily 04/30/2023
Daily Daily 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

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 02/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.63
$100,000 to $249,999 1.75% 1.50% $14.55
$250,000 to $499,999 0.00% 1.00% $14.30
$500,000 to $999,999 0.00% 1.00% $14.30
$1,000,000 to $5,000,000 0.00% 1.00% $14.30

Expense Ratioas of 12/31/2022

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
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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
Publish Date:11/03/2015

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