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

Summary

Summary

What is the Short Duration High Yield 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 yield municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

Yield

Dividend Yield 1 as of 10/21/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.84% 2.71%
w/ sales charge 2.78% 2.65%

30-Day Standardized Yield 2 as of 09/30/2020  

2.17%

Fund Basicsas of 09/30/2020

Total Net Assets
$460.51 M
Inception Date
06/15/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
386
Minimum Initial Investment
$1,000+

Expense Ratioas of 09/30/2020

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -1.00% -0.12% 2.65% 2.97% - 2.94%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 1.77% 2.95% 3.86% 2.61% - 2.31%
w/ sales charge -3.22% -2.37% 1.87% 2.50% - 2.50%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -1.00% -0.12% 2.65% 2.97% - 2.94%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 1.77% 2.95% 3.86% 2.61% - 2.31%
w/ sales charge -3.22% -2.37% 1.87% 2.50% - 2.50%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

RELATED CONTENT

Muni Bonds: Rising Rates? Think Short—and High

A strategy employing short-duration, high-yield municipal bonds historically has performed well during periods of rising U.S. Treasury yields.

RELATED CONTENT

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
Education
Lease
GO Local
Special Tax
GO State
Transportation
Power
Water & Sewer
Housing
Other
VRDN
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
25-30 Years
>30 Years

CREDIT QUALITY DISTRIBUTION as of 09/30/2020

Rating Assets
A-1/MIG1
AAA
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

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 10/21/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.84% 2.71%
w/ sales charge 2.78% 2.65%

30-Day Standardized Yield 2 as of 09/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.17% 2.17%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -1.00% -0.12% 2.65% 2.97% - 2.94%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 1.77% 2.95% 3.86% 2.61% - 2.31%
w/ sales charge -3.22% -2.37% 1.87% 2.50% - 2.50%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -1.00% -0.12% 2.65% 2.97% - 2.94%
Lipper Category Avg. High Yield Municipal Debt Funds -0.34% 0.40% 3.81% 4.18% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 1.77% 2.95% 3.86% 2.61% - 2.31%
w/ sales charge -3.22% -2.37% 1.87% 2.50% - 2.50%

Fund Expense Ratio :

Gross 0.78%

Net 0.65%

Year Fund Returns Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index
2019 7.05% 5.99%
2018 2.10% 4.41%
2017 5.30% 3.29%
2016 -0.20% -2.42%
2015 2.53% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -5.59% 3.04% 1.77% - -1.10%
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 09/30/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 09/30/2020

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

Portfolio Positioning
as of 06/30/2020

  • Benchmarked against a 50%/50% blend of the Bloomberg Barclays Municipal 1-8 Year Index and the Bloomberg Barclays High Yield Municipal 1-8 Year Index, approximately half of the portfolio is allocated to investment grade credits while the remaining portion is invested in lower rated or non-rated bonds.
  • Municipals are now positive on the year despite volatility towards the end of the first quarter of 2020. The recovery in the tax-free market has taken place without much support from the federal government compared to taxable fixed income markets. However, the market is anticipating more support from U.S. Congress in the future.
  • State and local municipalities have seen revenues decline in the economic downturn due to individuals’ ability to defer their tax payments for several months. Despite these headwinds, municipalities have been cutting expenses and taking steps to remain financially healthy.

Portfolio Details as of 09/30/2020

Total Net Assets
$460.51 M
Number of Issues
386
Average Coupon
4.4%
Average Effective Maturity
6.6 Years
Average Effective Duration
4.29 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/21/2020
$0.309
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2020 $0.03590 $15.20
Daily Daily 08/31/2020 $0.03497 $15.23
Daily Daily 07/31/2020 $0.03499 $15.23
Daily Daily 06/30/2020 $0.03613 $15.04
Daily Daily 05/31/2020 $0.03410 $14.69
Daily Daily 04/30/2020 $0.03366 $14.43
Daily Daily 03/31/2020 $0.03222 $14.70
Daily Daily 02/29/2020 $0.03317 $16.04
Daily Daily 01/31/2020 $0.03440 $15.88

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 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

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
12/21/2020 12/22/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/21/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $15.51
$100,000 to $249,999 1.75% 1.50% $15.43
$250,000 to $499,999 1.25% 1.00% $15.35
$500,000 to $999,999 0.00% 1.00% $15.16
$1,000,000 to $5,000,000 0.00% 1.00% $15.16

Expense Ratioas of 09/30/2020

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

50% Barclays Municipal Bond 1-8 Year Index / 50% Barclays High Yield Municipal Bond 1-8 Year Index

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The Barclays Municipal Bond index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

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