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 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.75% 3.72%

Average Yield to Worst as of 01/31/2024

5.12%

Fund Basicsas of 01/31/2024

Total Net Assets
$1.12 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.65%
Number of Holdings
317
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 0.47% 2.56% -0.99% 1.46% - 2.03%
Lipper Category Avg. High Yield Municipal Debt Funds 0.37% 3.24% -1.23% 1.98% - -
w/ sales charge -1.76% 0.25% -1.72% 1.00% - 1.75%

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 4.19% 4.19% -0.55% 1.47% - 1.99%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% - -
w/ sales charge 1.87% 1.87% -1.30% 1.00% - 1.72%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
GO Local
Education
Transportation
GO State
Other
VRDN
Pre-Refunded
Lease
Water & Sewer
Power
Housing
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 01/31/2024

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 01/31/2024

5.12%

30-Day Standardized Yield 1 as of 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.75% 3.72%

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 0.47% 2.56% -0.99% 1.46% - 2.03%
Lipper Category Avg. High Yield Municipal Debt Funds 0.37% 3.24% -1.23% 1.98% - -
w/ sales charge -1.76% 0.25% -1.72% 1.00% - 1.75%

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 4.19% 4.19% -0.55% 1.47% - 1.99%
Lipper Category Avg. High Yield Municipal Debt Funds 6.67% 6.67% -0.86% 1.97% - -
w/ sales charge 1.87% 1.87% -1.30% 1.00% - 1.72%

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%
2015 2.53%
Year Q1 Q2 Q3 Q4 Yearly Returns
2024 - - - - 0.93%
2023 1.67% 0.56% -1.34% 3.29% 4.19%
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 01/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 01/31/2024

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

Portfolio Positioningas of 9/30/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve the convexity of the Fund and positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons to position in more favorable structures.
  • We continue to overweight Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits and bonds subject to the Alternative Minimum Tax (AMT). While these parts of the market can exhibit volatility in periods of stress and underperformed in last year’s sell off, many have performed well since the start of the year. We believe that these areas of the market may exhibit strong performance as rate volatility diminishes and mutual fund flows recover.
  • 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.
  • Over the quarter, we have increased the Fund’s weighting to short maturity bonds (those with less than 3 years to maturity) and bonds with short call dates to gain exposure to attractive short-term yields given the inverted yield curve. Similarly, we have been reducing exposure to bonds in the 6 to 8-year maturity range given the flatter slope at this part of the curve.
  • We continue to have a positive view on corporate-backed bonds within the Industrial Development sector and remain overweight relative to the benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.

Portfolio Details as of 01/31/2024

Total Net Assets
$1.12 B
Average Effective Duration
3.15 Years
Average Effective Maturity
6.9 Years
Number of Issues
317
Average Yield to Worst
5.12%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/27/2024
$0.04660
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 02/29/2024
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

Sales Charge Schedule as of 02/27/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.47
$100,000 to $249,999 1.75% 1.50% $14.39
Greater than $250,000 0.00% 1.00% $14.14

Expense Ratioas of 01/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.71% 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 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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