Lord Abbett High Income Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Lord Abbett High Income Municipal Bond Fund held 604 positions with $4.54B in net assets. Its ten largest holdings made up 11.9% of the fund. The HYMAX share class costs 0.84% a year. Over the 12 months to May 2026, HYMAX returned 6.8%, with dividends reinvested. In 2026 Q2 it added 55 new positions and exited 53.
The investment objective of the Fund is to seek a high level of income exempt from federal income tax.
The fund invests at least 80% of its net assets in municipal bonds exempt from federal income tax, with at least 50% in below-investment-grade bonds rated BBB+/Baa1 or lower, emphasizing high-yield municipal debt. The fund may also hold defaulted and distressed securities, unrated bonds, and inverse floaters providing leveraged exposure to municipal bonds. Because the fund concentrates on lower-rated and potentially unrated municipal bonds, credit deterioration in its holdings can materially affect returns.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 5.00% · due 2055-06-01 | 1.94% | $88.04M | — |
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE 5.50% · due 2060-12-31 | 1.64% | $74.30M | — |
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE 4.75% · due 2053-07-01 | 1.41% | $64.03M | — |
PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE 5.00% · due 2058-07-01 | 1.17% | $52.85M | — |
HGR EDU FACS FING AUTH FL HGR EDUCTNL FACS REVENUE 6.25% · due 2055-07-01 | 1.07% | $48.49M | — |
PUERTO RICO CMWLTH 4.00% · due 2046-07-01 | 1.06% | $48.11M | — |
LOUISIANA PUB FACS AUTH REVENUE 5.75% · due 2064-09-01 | 1.03% | $46.54M | — |
PUBLIC FIN AUTH WI TOLL REVENUE 5.75% · due 2065-12-31 | 0.97% | $44.03M | — |
CALIFORNIA STWD CMNTYS DEV AUTH REVENUE 5.50% · due 2058-12-01 | 0.83% | $37.47M | — |
BERKS CNTY PA MUNI AUTH 5.00% · due 2039-06-30 | 0.81% | $36.91M | — |
The 200 largest of 604 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.26% |
| Derivatives | 0.12% |
Derivatives are shown at market value, not notional exposure.
How it has done
HYMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.84%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.84% | +6.76% | +16.64% | +1.69% | -6.84% | |
| 1.47% | +6.08% | +14.40% | -1.46% | -6.98% | |
| 0.74% | +6.87% | +16.98% | +2.18% | -6.72% | |
| 0.64% | +6.96% | +17.33% | +2.67% | -6.81% | |
| 0.59% | +7.03% | +17.52% | +2.98% | -6.79% |
These classes hold the same portfolio, so the 4.44pp spread over 5 years is the cost difference between them — roughly 0.89pp a year — not a difference in what they own.
Fees & fund details
Lord Abbett High Income Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.59% – 1.47%· HYMAX 0.84%
- Portfolio turnover
- 27.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
55 new· the largest 7
53 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.5% |
| Floating rate | 8.3% |
| Zero-coupon or unclassified | 4.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.5% |
| 3-5y | 1.0% |
| 5-10y | 5.1% |
| 10y+ | 93.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +5.79 yr |
| Investment grade | +2.34 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 5% |
| 5 yr | 1.55 yr | 20% |
| 10 yr | 3.51 yr | 45% |
| 30 yr | 2.34 yr | 30% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.39 yr | 5% |
| 5 yr | 1.59 yr | 20% |
| 10 yr | 3.82 yr | 47% |
| 30 yr | 2.32 yr | 28% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.02 | $1.6k | $7.0k |
| 1 yr | +0.36 | +0.08 | +0.31 | $35.3k | $139.4k |
| 5 yr | +1.55 | +0.47 | +1.11 | $214.8k | $505.8k |
| 10 yr | +3.51 | +1.16 | +2.66 | $526.2k | $1.21m |
| 30 yr | +2.34 | +0.63 | +1.69 | $284.4k | $766.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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