Lord Abbett Short Duration High Income Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Lord Abbett Short Duration High Income Municipal Bond Fund held 558 positions with $3.13B in net assets. Its ten largest holdings made up 11.0% of the fund. The SDHAX share class costs 0.65% a year. Over the 12 months to May 2026, SDHAX returned 5.5%, with dividends reinvested. In 2026 Q2 it added 68 new positions and exited 40.
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 federal tax-exempt municipal bonds, with at least 50% in below-investment-grade or unrated bonds deemed comparable in quality, and may hold up to 100% in private activity bonds subject to the alternative minimum tax. The fund maintains a weighted average effective duration under 4.5 years and may invest in defaulted and distressed securities, inverse floaters, and other derivatives. Because the fund emphasizes lower-rated and unrated municipal bonds with potential for credit deterioration, holdings may experience significant price declines if issuers face financial stress or default.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE 5.00% · due 2044-11-15 | 1.92% | $60.14M | — |
MASSACHUSETTS ST DEV FIN AGY REVENUE 4.00% · due 2036-02-15 | 1.13% | $35.46M | — |
DENVER CITY & CNTY CO SPL FACS ARPT REVENUE 5.00% · due 2032-10-01 | 1.06% | $33.07M | — |
MISSION TX ECON DEV CORP REVENUE 4.63% · due 2031-10-01 | 1.04% | $32.45M | — |
BERKS CNTY PA MUNI AUTH 5.00% · due 2039-06-30 | 1.04% | $32.47M | — |
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE 5.00% · due 2035-11-01 | 1.02% | $31.95M | — |
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 5.00% · due 2036-06-01 | 1.00% | $31.34M | — |
BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE 5.00% floating · due 2055-06-01 | 0.95% | $29.61M | — |
PUB FIN AUTH WI TAX INCREMENT REVNUE 5.00% · due 2041-06-01 | 0.93% | $29.25M | — |
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 5.00% · due 2033-07-01 | 0.93% | $29.16M | — |
The 200 largest of 558 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 | 99.16% |
| Derivatives | 0.07% |
Derivatives are shown at market value, not notional exposure.
How it has done
SDHAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.65%. 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 |
|---|---|---|---|---|---|
| 0.65% | +5.50% | +14.80% | +6.42% | -2.59% | |
| 1.26% | +4.82% | +12.53% | +3.00% | -2.74% | |
| 0.55% | +5.61% | +15.12% | +6.93% | -2.56% | |
| 0.45% | +5.72% | +15.37% | +7.48% | -2.54% | |
| 0.40% | +5.75% | +15.67% | +7.83% | -2.52% |
These classes hold the same portfolio, so the 4.83pp spread over 5 years is the cost difference between them — roughly 0.97pp a year — not a difference in what they own.
Fees & fund details
Lord Abbett Short Duration 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
- Intermediate duration
- Expense ratio, by class
- 0.40% – 1.26%· SDHAX 0.65%
- Portfolio turnover
- 29.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
68 new· the largest 6
40 exited· the largest 5
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 | 76.1% |
| Floating rate | 23.5% |
| Zero-coupon or unclassified | 0.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 3.8% |
| 3-5y | 3.4% |
| 5-10y | 38.4% |
| 10y+ | 53.1% |
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 | 57% |
| Interest rates | 43% |
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 | +2.09 yr |
| Investment grade | +2.05 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 | 0.08 yr | 3% |
| 1 yr | 0.33 yr | 11% |
| 5 yr | 1.07 yr | 35% |
| 10 yr | 1.46 yr | 47% |
| 30 yr | 0.15 yr | 5% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.41 yr | 10% |
| 5 yr | 1.49 yr | 36% |
| 10 yr | 1.98 yr | 48% |
| 30 yr | 0.22 yr | 5% |
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 | +0.08 | +0.01 | +0.02 | $4.4k | $7.4k |
| 1 yr | +0.33 | +0.16 | +0.25 | $50.9k | $77.0k |
| 5 yr | +1.07 | +0.67 | +0.82 | $209.8k | $256.4k |
| 10 yr | +1.46 | +1.09 | +0.89 | $341.7k | $277.3k |
| 30 yr | +0.15 | +0.11 | +0.11 | $35.2k | $35.0k |
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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