Lord Abbett Short Duration High Income Municipal Bond Fund
LORD ABBETT MUNICIPAL INCOME FUND INC · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| SDHAX | 0.66% | 0.65% | 2025 Q1 |
| SDHCX | 1.31% | 1.26% | 2025 Q1 |
| SDHFX | 0.56% | 0.55% | 2025 Q1 |
| SDHIX | 0.46% | 0.45% | 2025 Q1 |
| HYMQX | 0.41% | 0.40% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 29.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.16% |
| Derivatives | 0.07% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: MASSACHUSETTS ST DEV FIN AGY REVENUE ×2, BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE ×2, MAIN STREET ENERGY INC ENERGY PROJ REVENUE, TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE, NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE, NATIONAL FIN AUTH NH MUNI CTFS
Largest exited: BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE ×2, CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE ×2, NEW YORK NY ×2, OSCEOLA AR SOL WST DIST REVENUE, FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.37% | +13.46% | +6.41% | 2.65% | -2.59% | |
| +4.75% | +11.37% | +3.05% | 2.57% | -2.74% | |
| +5.46% | +13.78% | +6.98% | 2.66% | -2.56% | |
| +5.57% | +14.11% | +7.47% | 2.66% | -2.54% | |
| +5.62% | +14.32% | +7.82% | 2.65% | -2.52% |
These classes hold the same portfolio, so the 4.77pp spread over 5 years is the cost difference between them — roughly 0.95pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE5.00% · due 2044-11-15 | 1.92% | $60.14M | — |
| — | MASSACHUSETTS ST DEV FIN AGY REVENUE4.00% · due 2036-02-15 | 1.13% | $35.46M | — |
| — | DENVER CITY & CNTY CO SPL FACS ARPT REVENUE5.00% · due 2032-10-01 | 1.06% | $33.07M | — |
| — | MISSION TX ECON DEV CORP REVENUE4.63% · due 2031-10-01 | 1.04% | $32.45M | — |
| — | BERKS CNTY PA MUNI AUTH5.00% · due 2039-06-30 | 1.04% | $32.47M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE5.00% · due 2035-11-01 | 1.02% | $31.95M | — |
| — | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE5.00% · due 2036-06-01 | 1.00% | $31.34M | — |
| — | BALDWIN CNTY AL INDL DEV AUTH SOL WST DISP REVENUE5.00% floating · due 2055-06-01 | 0.95% | $29.61M | — |
| — | PUB FIN AUTH WI TAX INCREMENT REVNUE5.00% · due 2041-06-01 | 0.93% | $29.25M | — |
| — | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE5.00% · due 2033-07-01 | 0.93% | $29.16M | — |
Top 10 positions are 11.02% of net assets, top 25 21.90%, across 304 issuers.
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