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

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

  Subsidized2 Un-Subsidized3
w/o sales charge 3.68% 3.66%

Average Yield to Worst as of 06/28/2024

5.14%

Fund Basicsas of 06/28/2024

Total Net Assets
$1.34 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.65%
Number of Holdings
370
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.72% 4.68% -0.85% 1.12% - 2.18%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% - -
w/ sales charge 0.44% 2.36% -1.60% 0.66% - 1.92%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.72% 4.68% -0.85% 1.12% - 2.18%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% - -
w/ sales charge 0.44% 2.36% -1.60% 0.66% - 1.92%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Transportation
Education
GO Local
Other
GO State
VRDN
Housing
Lease
Water & Sewer
Power
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 06/28/2024

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 06/28/2024

5.14%

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

  Subsidized2 Un-Subsidized3
w/o sales charge 3.68% 3.66%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.72% 4.68% -0.85% 1.12% - 2.18%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% - -
w/ sales charge 0.44% 2.36% -1.60% 0.66% - 1.92%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 2.72% 4.68% -0.85% 1.12% - 2.18%
Lipper Category Avg. High Yield Municipal Debt Funds 3.37% 6.90% -1.22% 1.50% - -
w/ sales charge 0.44% 2.36% -1.60% 0.66% - 1.92%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Year Fund Returns
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
2024 1.56% 1.14% - -
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 06/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 06/28/2024

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

Portfolio Positioningas of 3/31/2024

  • Over the quarter, we have increased the Fund’s weighting to shorter maturity bonds (<3 years) to gain exposure to attractive short-term yields given the inverted yield curve. Similarly, we have been lessening exposure to the flatter part of the curve.
  • 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.
  • Given the rate volatility, we have been selling callable bonds priced close to par seeking to improve convexity, in order to position the portfolio to have a higher probability of performing better in a wide range of interest rate scenarios. We have been reallocating to bonds with more favorable structures, such as higher coupon bonds with longer call protection.

Portfolio Details as of 06/28/2024

Total Net Assets
$1.34 B
Average Effective Duration
3.25 Years
Average Effective Maturity
7.5 Years
Number of Issues
370
Average Yield to Worst
5.14%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/11/2024
$0.28036
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.04703 $14.20
Daily Daily 05/31/2024 $0.04719 $14.11
Daily Daily 04/30/2024 $0.04631 $14.10
Daily Daily 03/31/2024 $0.04612 $14.18
Daily Daily 02/29/2024 $0.04713 $14.15
Daily Daily 01/31/2024 $0.04660 $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 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

Sales Charge Schedule as of 07/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.56
$100,000 to $249,999 1.75% 1.50% $14.48
Greater than $250,000 0.00% 1.00% $14.23

Expense Ratioas of 06/30/2024

Fund Gross Expense Ratio 0.71%
Fund Net Expense Ratio 0.65%
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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