LSDCX | Short Duration Tax Free Fund Class C | Lord Abbett

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Short Duration Tax Free Fund

Daily price w/o sales charge as of 01/26/2022

$15.63

arrowDown$0.03

YTD Returns w/o sales charge as of 01/26/2022

-1.13%

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the Short Duration Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in short-term investment grade municipal bonds.
 

EXPERIENCED TEAM, TRUSTED LEGACY

A firm with over 30 years of experience navigating the nuances of the municipal market. 

HIGH QUALITY, LOW DURATION

The strategy seeks to generate tax-free income by combining high-quality, short maturity bonds with money market securities*, limiting credit risk and interest rate risk.  

STRONG PERFORMANCE

The disciplined process, based on in-depth credit research and strategic portfolio positioning, has provided investors with attractive returns relative to peers. 

* Although the Fund may invest in money market securities, this is not a money market fund.

Yield

Dividend Yield 1 as of 01/26/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.08% 0.07%

30-Day Standardized Yield 2 as of 12/31/2021  

0.00%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Basicsas of 12/31/2021

Total Net Assets
$2.34 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.28%
Fund Net Expense Ratio
1.27%
Number of Holdings
448
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.37% -0.37% 1.48% 1.18% 0.65% 1.21%
Lipper Category Avg. Short Municipal Debt Funds 0.13% 0.13% 1.55% 1.43% 1.02% -
Bloomberg Municipal Bond Short 1-5 Year Index 0.37% 0.37% 2.27% 2.04% 1.56% 2.03%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.37% -0.37% 1.48% 1.18% 0.65% 1.21%
Lipper Category Avg. Short Municipal Debt Funds 0.13% 0.13% 1.55% 1.43% 1.02% -
Bloomberg Municipal Bond Short 1-5 Year Index 0.37% 0.37% 2.27% 2.04% 1.56% 2.03%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

What’s Behind Municipal Bonds’ Recent Volatility?
What’s Behind Municipal Bonds’ Recent Volatility?
October 14, 2021

Concerns about rates and supply/demand factors have weighed on municipal bonds in recent weeks, but we expect that longer-term market fundamentals will remain positive

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

The Fund's portfolio is actively managed and is subject to change.

Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

The Fund's portfolio is actively managed and is subject to change.

CREDIT QUALITY DISTRIBUTION as of 12/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

34 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

31 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 01/26/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.08% 0.07%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.00% 0.00%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.37% -0.37% 1.48% 1.18% 0.65% 1.21%
Lipper Category Avg. Short Municipal Debt Funds 0.13% 0.13% 1.55% 1.43% 1.02% -
Bloomberg Municipal Bond Short 1-5 Year Index 0.37% 0.37% 2.27% 2.04% 1.56% 2.03%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.37% -0.37% 1.48% 1.18% 0.65% 1.21%
Lipper Category Avg. Short Municipal Debt Funds 0.13% 0.13% 1.55% 1.43% 1.02% -
Bloomberg Municipal Bond Short 1-5 Year Index 0.37% 0.37% 2.27% 2.04% 1.56% 2.03%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns Bloomberg Municipal Bond Short 1-5 Year Index
2021 -0.37% 0.37%
2020 1.40% 2.82%
2019 3.43% 3.66%
2018 0.48% 1.77%
2017 1.02% 1.61%
2016 -1.27% 0.07%
2015 0.09% 1.21%
2014 0.94% 1.31%
2013 -0.64% 1.14%
2012 1.49% 1.73%
2011 2.75% -
2010 1.36% -
2009 5.24% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 - - - - -1.13%
2021 -0.16% 0.37% -0.41% -0.16% -0.37%
2020 -1.82% 1.70% 0.80% 0.75% 1.40%
2019 1.36% 1.08% 0.55% 0.40% 3.43%
2018 -0.28% 0.36% -0.07% 0.48% 0.48%
2017 0.77% 0.58% 0.25% -0.57% 1.02%
2016 0.37% 0.44% -0.14% -1.92% -1.27%
2015 0.16% -0.35% 0.30% -0.02% 0.09%
2014 0.47% 0.33% 0.23% -0.10% 0.94%
2013 0.38% -1.17% 0.01% 0.15% -0.64%
2012 0.59% 0.47% 0.57% -0.14% 1.49%
2011 0.41% 1.18% 0.80% 0.33% 2.75%
2010 0.29% 0.75% 1.16% -0.83% 1.36%
2009 2.13% 0.77% 2.05% 0.21% 5.24%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

The Fund's portfolio is actively managed and is subject to change.

Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

The Fund's portfolio is actively managed and is subject to change.

State Assets
NY
PA
IL
NJ
AL
CA
OH
VA
TX
LA
FL
MA
NC
CT
GA
AR
WV
MD
WI
IA
DE
TN
KY
NM
SC
IN
MI
MO
NE
CO
MN
ID
OR
KS
ND
AZ
WA
MS
NH
NV
RI
OK
Other U.S. Territories
WY

CREDIT QUALITY DISTRIBUTION as of 12/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Details as of 12/31/2021

Total Net Assets
$2.34 B
Number of Issues
448
Average Coupon
3.0%
Average Effective Maturity
4.8 Years
Average Effective Duration
2.69 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding Coupon Maturity Assets
Arkansas Development Finance Authority 0.250% 09/01/2044 2.0%
Hampton Roads Transportation Accountability Commis 5.000% 07/01/2026 1.7%
Parish of St James LA 0.170% 11/01/2040 1.4%
City of Jersey City NJ 1.500% 06/16/2022 1.3%
County of Mason WV 2.750% 10/01/2022 1.2%
PEFA Inc 5.000% 09/01/2049 1.2%
Hannibal Central School District 1.500% 06/29/2022 1.1%
State of California 5.000% 12/01/2027 1.1%
Geneva City School District 1.500% 06/24/2022 1.0%
Auburn Enlarged City School District 1.500% 06/22/2022 1.0%
% of Total Assets 13.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

HOLDINGS as of11/30/2021

Holding Coupon Maturity Assets
Arkansas Development Finance Authority0.180% 09/01/20442.0%
Hampton Roads Transportation Accountability Commis5.000% 07/01/20261.7%
New York City Water & Sewer System0.020% 06/15/20451.5%
Parish of St James LA0.090% 11/01/20401.4%
City of Jersey City NJ1.500% 06/16/20221.3%
County of Mason WV2.750% 10/01/20221.2%
PEFA Inc5.000% 09/01/20491.2%
State of California5.000% 12/01/20271.1%
Hannibal Central School District1.500% 06/29/20221.1%
New York City Water & Sewer System0.050% 06/15/20501.0%
Geneva City School District1.500% 06/24/20221.0%
Auburn Enlarged City School District1.500% 06/22/20221.0%
North Carolina Medical Care Commission2.200% 12/01/20481.0%
North Carolina Turnpike Authority5.000% 02/01/20240.9%
Lower Alabama Gas District/The4.000% 12/01/20500.9%
Industrial Development Board of the City of Mobile2.900% 07/15/20340.9%
City of New York NY0.100% 10/01/20460.9%
Geisinger Authority5.000% 04/01/20430.9%
Long Island Power Authority1.500% 09/01/20510.8%
Lee Memorial Health System0.120% 04/01/20490.8%
Triborough Bridge & Tunnel Authority5.000% 11/01/20250.7%
Pittsburgh Water & Sewer Authority0.700% 09/01/20400.7%
Tennergy Corp/TN4.000% 12/01/20510.7%
Main Street Natural Gas Inc4.000% 03/01/20500.7%
Health Care Authority for Baptist Health/The0.180% 11/01/20420.7%
City of Fall River MA1.500% 02/04/20220.7%
City of Brockton MA1.500% 06/17/20220.7%
City of Farmington NM1.100% 06/01/20400.7%
State of Ohio0.150% 11/01/20350.7%
County of Lehigh PA1.150% 08/15/20380.6%
Louisiana Local Government Environmental Facilitie0.875% 02/01/20460.6%
Nebraska Public Power District0.600% 01/01/20510.6%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20250.6%
Buckeye Tobacco Settlement Financing Authority5.000% 06/01/20290.6%
Black Belt Energy Gas District4.000% 12/01/20490.6%
California Community Choice Financing Authority4.000% 10/01/20520.6%
Health & Educational Facilities Authority of the S4.000% 05/01/20510.6%
Addison Central School District1.500% 06/28/20220.6%
Columbia Industrial Development Board0.050% 12/01/20370.5%
Development Authority of Appling County0.090% 09/01/20410.5%
City of New York NY0.100% 04/01/20420.5%
Wise County Industrial Development Authority0.750% 10/01/20400.5%
San Antonio Water System2.625% 05/01/20490.5%
County of Nez Perce ID2.750% 10/01/20240.5%
New York State Housing Finance Agency0.750% 11/01/20250.5%
Triborough Bridge & Tunnel Authority5.000% 05/15/20500.5%
Chicago Board of Education5.000% 12/01/20250.5%
County of Carroll KY1.550% 09/01/20420.5%
Main Street Natural Gas Inc4.000% 05/01/20520.5%
Metropolitan Transportation Authority5.000% 11/15/20300.5%
Lancaster Port Authority5.000% 08/01/20490.5%
City of Tampa FL4.000% 11/15/20330.5%
Ohio Air Quality Development Authority2.400% 12/01/20380.5%
Delaware State Economic Development Authority1.250% 10/01/20450.5%
Oregon State Business Development Commission2.400% 12/01/20400.5%
State of Illinois5.000% 11/01/20230.5%
Lehigh County Industrial Development Authority1.800% 02/15/20270.5%
Lansing Board of Water & Light2.000% 07/01/20510.5%
American Municipal Power Inc1.000% 02/15/20480.4%
Grand Parkway Transportation Corp5.000% 02/01/20230.4%
Long Island Power Authority0.850% 09/01/20500.4%
Germantown Central School District1.250% 06/24/20220.4%
Wisconsin Health & Educational Facilities Authorit5.000% 02/15/20520.4%
Orlando Utilities Commission1.250% 10/01/20460.4%
Township of Florence NJ1.500% 06/08/20220.4%
Delaware State Economic Development Authority1.250% 10/01/20400.4%
Long Island Power Authority0.810% 05/01/20330.4%
City of New York NY5.000% 06/01/20440.4%
City of New York NY0.100% 04/01/20420.4%
Chesapeake Bay Bridge & Tunnel District5.000% 11/01/20230.4%
Town of Truro MA1.500% 06/10/20220.4%
Florida Housing Finance Corp3.000% 07/01/20520.4%
Delaware Valley Regional Finance Authority0.100% 11/01/20550.4%
State of New Jersey5.000% 06/01/20260.4%
Colorado Health Facilities Authority5.000% 08/01/20490.4%
New Jersey Turnpike Authority5.000% 01/01/20280.4%
Town of Orleans MA1.500% 02/04/20220.4%
New York City Housing Development Corp0.120% 11/01/20510.4%
South Carolina State Housing Finance & Development3.000% 01/01/20520.4%
Maryland Community Development Administration3.500% 03/01/20500.4%
General Authority of Southcentral Pennsylvania0.650% 06/01/20490.4%
Kansas Development Finance Authority5.000% 11/15/20540.4%
State of California5.000% 08/01/20260.4%
Patriots Energy Group Financing Agency4.000% 10/01/20480.4%
New York City Transitional Finance Authority Futur0.040% 02/01/20450.4%
Metropolitan Transportation Authority5.000% 11/15/20450.3%
Parish of St John the Baptist LA2.100% 06/01/20370.3%
City of San Antonio TX Electric & Gas Systems Reve2.750% 02/01/20480.3%
County of Prince George's MD4.000% 08/01/20310.3%
State of Illinois Sales Tax Revenue5.000% 06/15/20240.3%
Nassau Health Care Corp5.000% 08/01/20250.3%
City of Chicago IL5.000% 01/01/20270.3%
New Mexico Mortgage Finance Authority3.000% 07/01/20520.3%
State of Connecticut5.000% 04/15/20250.3%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20240.3%
Northampton County General Purpose Authority1.100% 08/15/20480.3%
Illinois State Toll Highway Authority5.000% 01/01/20240.3%
Ohio Higher Educational Facility Commission0.480% 10/01/20440.3%
New York City Transitional Finance Authority Futur0.040% 02/01/20450.3%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20230.3%
Harris County Cultural Education Facilities Financ0.620% 12/01/20490.3%
Minnesota Housing Finance Agency3.000% 01/01/20520.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20270.3%
City of Pittsfield MA1.000% 02/25/20220.3%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20450.3%
Metropolitan Transportation Authority5.000% 05/15/20220.3%
Central Bradford Progress Authority0.170% 12/01/20410.3%
City of Newark NJ1.250% 10/03/20220.3%
Indiana Finance Authority0.700% 12/01/20460.3%
Metropolitan Transportation Authority5.000% 09/01/20220.3%
Parish of St Charles LA4.000% 12/01/20400.3%
Triborough Bridge & Tunnel Authority0.382% 01/01/20320.3%
California Infrastructure & Economic Development B0.750% 12/01/20500.3%
State of Ohio0.100% 01/15/20490.3%
West Virginia Economic Development Authority0.625% 12/01/20380.3%
Delaware State Economic Development Authority1.050% 01/01/20310.3%
New York City Transitional Finance Authority Futur0.050% 05/01/20340.3%
Parish of St John the Baptist LA2.125% 06/01/20370.3%
California Municipal Finance Authority5.000% 11/01/20270.3%
Commonwealth of Pennsylvania5.000% 05/01/20270.3%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20270.3%
City of Newark NJ Mass Transit Access Tax Revenue2.000% 12/08/20220.3%
City of Chicago IL5.000% 01/01/20280.3%
State of Connecticut5.000% 10/15/20260.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20260.3%
California Infrastructure & Economic Development B0.400% 08/01/20470.3%
Louisa Industrial Development Authority0.750% 11/01/20350.3%
North Carolina Medical Care Commission5.000% 02/01/20510.3%
State of Connecticut Special Tax Revenue5.000% 01/01/20260.3%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.3%
Southeast Energy Authority A Cooperative District4.000% 11/01/20510.2%
Kentucky Public Energy Authority4.000% 12/01/20500.2%
Metropolitan Transportation Authority5.000% 11/15/20330.2%
Commonwealth Financing Authority5.000% 06/01/20240.2%
Tennessee Housing Development Agency3.000% 01/01/20510.2%
York County Economic Development Authority1.900% 05/01/20330.2%
Wise County Industrial Development Authority1.200% 11/01/20400.2%
California Infrastructure & Economic Development B3.000% 10/01/20470.2%
New Jersey Economic Development Authority5.000% 03/01/20250.2%
State of Maryland Department of Transportation4.000% 09/01/20260.2%
Berks County Municipal Authority/The5.000% 02/01/20400.2%
Main Street Natural Gas Inc5.000% 05/15/20250.2%
Northern California Energy Authority4.000% 07/01/20490.2%
North Dakota Housing Finance Agency3.000% 07/01/20520.2%
Chicago Board of Education5.000% 12/01/20340.2%
Metropolitan Water Reclamation District of Greater5.000% 12/01/20220.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Illinois Finance Authority5.000% 05/15/20500.2%
State of New Jersey2.000% 06/01/20270.2%
Connecticut Housing Finance Authority4.000% 05/15/20490.2%
Allegheny County Hospital Development Authority5.000% 07/15/20290.2%
Michigan State Housing Development Authority4.250% 12/01/20490.2%
New Hampshire Business Finance Authority2.800% 10/01/20330.2%
Louisa Industrial Development Authority1.900% 11/01/20350.2%
North Dakota Housing Finance Agency4.000% 01/01/20500.2%
Borough of Wildwood Crest NJ2.000% 03/17/20220.2%
Chicago Board of Education5.000% 12/01/20310.2%
Massachusetts Development Finance Agency0.550% 07/01/20380.2%
New York State Housing Finance Agency0.750% 11/01/20250.2%
State of Illinois5.000% 03/01/20290.2%
Allegheny County Industrial Development Authority4.875% 11/01/20240.2%
Ohio Housing Finance Agency4.500% 03/01/20500.2%
Charles City County Economic Development Authority2.875% 02/01/20290.2%
County of Miami-Dade FL5.000% 06/01/20260.2%
Western Placer Unified School District2.000% 06/01/20250.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.2%
Chicago O'Hare International Airport5.000% 01/01/20310.2%
Chicago Board of Education4.000% 12/01/20210.2%
New Caney Independent School District1.250% 02/15/20500.2%
State of Illinois5.000% 03/01/20270.2%
New Jersey Economic Development Authority5.000% 06/15/20260.2%
Maricopa County Industrial Development Authority0.620% 01/01/20350.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.2%
County of Cook IL5.000% 11/15/20260.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20250.2%
South Carolina State Housing Finance & Development4.000% 01/01/20500.2%
Delaware Valley Regional Finance Authority2.000% 10/01/20290.2%
California Statewide Communities Development Autho3.000% 07/01/20260.2%
Nassau Health Care Corp5.000% 08/01/20240.2%
Indiana Finance Authority0.650% 08/01/20250.2%
County of Warren MS2.900% 09/01/20320.2%
Missouri Housing Development Commission4.250% 05/01/20470.2%
North Carolina Housing Finance Agency4.000% 01/01/20500.2%
Wisconsin Housing & Economic Development Authority3.000% 03/01/20520.2%
Illinois Finance Authority5.000% 07/15/20570.2%
Chicago Board of Education4.000% 12/01/20220.2%
Minnesota Housing Finance Agency4.250% 07/01/20490.2%
California State Public Works Board5.000% 10/01/20270.2%
Illinois Finance Authority5.000% 02/15/20220.2%
Long Island Power Authority1.650% 09/01/20490.2%
Maryland Community Development Administration4.000% 09/01/20490.2%
Parish of St James LA5.850% 08/01/20410.2%
New York City Educational Construction Fund5.000% 04/01/20250.2%
Washington Health Care Facilities Authority2.506% 01/01/20420.2%
New Jersey Turnpike Authority5.000% 01/01/20270.2%
Chicago Board of Education5.000% 12/01/20220.2%
Development Authority of Burke County/The1.500% 01/01/20400.2%
City of Rockport IN3.050% 06/01/20250.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.2%
Chicago Board of Education4.000% 12/01/20220.2%
Chicago Board of Education5.000% 12/01/20230.2%
State of Connecticut Special Tax Revenue5.000% 05/01/20270.2%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20300.2%
Southeast Energy Authority A Cooperative District4.000% 12/01/20510.2%
Louisiana Offshore Terminal Authority1.650% 09/01/20270.2%
State of Connecticut Special Tax Revenue5.000% 10/01/20220.2%
City of Cranston RI1.000% 08/23/20220.1%
Massachusetts Development Finance Agency0.450% 07/01/20410.1%
State of Illinois5.000% 11/01/20250.1%
Chicago Board of Education4.000% 12/01/20210.1%
New Jersey Economic Development Authority5.000% 11/01/20220.1%
State of Connecticut5.000% 06/15/20220.1%
E-470 Public Highway Authority0.384% 09/01/20390.1%
Triborough Bridge & Tunnel Authority0.020% 01/01/20320.1%
City of New York NY5.000% 10/01/20330.1%
Kentucky Public Energy Authority4.000% 04/01/20480.1%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.1%
State of Illinois5.250% 02/01/20300.1%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20230.1%
University of California4.250% 05/15/20390.1%
State of Illinois5.375% 05/01/20230.1%
New York City Educational Construction Fund5.000% 04/01/20260.1%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20240.1%
County of Escambia FL2.600% 06/01/20230.1%
Industrial Development Board of the City of Mobile1.000% 06/01/20340.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20280.1%
State of Illinois5.000% 03/01/20280.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
Lee Memorial Health System5.000% 04/01/20250.1%
Allegheny County Hospital Development Authority5.000% 04/01/20260.1%
State of Illinois5.000% 03/01/20260.1%
County of Cook IL5.000% 11/15/20280.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20270.1%
New York State Dormitory Authority5.000% 09/01/20300.1%
City of Atlantic Beach FL3.000% 11/15/20230.1%
Michigan Finance Authority5.000% 12/01/20260.1%
Parish of St John the Baptist LA2.375% 06/01/20370.1%
Selma Industrial Development Board2.000% 11/01/20330.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20260.1%
Illinois Finance Authority5.000% 08/15/20290.1%
Monroeville Finance Authority3.000% 02/15/20230.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20250.1%
American Municipal Power Inc5.250% 02/15/20300.1%
Chicago O'Hare International Airport5.000% 01/01/20290.1%
New York City Industrial Development Agency5.000% 03/01/20290.1%
New York State Dormitory Authority5.000% 10/01/20240.1%
State of Illinois5.125% 05/01/20220.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20280.1%
Illinois Finance Authority5.000% 08/15/20280.1%
City of Philadelphia PA5.000% 02/01/20280.1%
New Jersey Turnpike Authority2.207% 01/01/20300.1%
Bay Area Toll Authority1.300% 04/01/20360.1%
Florida Development Finance Corp5.000% 11/15/20240.1%
City of Philadelphia PA5.000% 02/01/20250.1%
County of Cook IL5.000% 11/15/20270.1%
New Jersey Economic Development Authority5.000% 03/01/20220.1%
Village Community Development District No 131.875% 05/01/20250.1%
Chicago Transit Authority Capital Grant Receipts R5.000% 06/01/20250.1%
Commonwealth Financing Authority5.000% 06/01/20220.1%
Chicago Board of Education5.000% 12/01/20330.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20280.1%
Massachusetts Development Finance Agency5.000% 07/01/20240.1%
California Statewide Communities Development Autho3.000% 07/01/20270.1%
Wisconsin Housing & Economic Development Authority0.500% 11/01/20500.1%
Clifton Higher Education Finance Corp5.250% 08/15/20280.1%
New York State Dormitory Authority5.000% 09/01/20290.1%
New York City Industrial Development Agency6.270% 03/01/20260.1%
City of Rockport IN1.350% 07/01/20250.1%
County of Jefferson AL5.000% 09/15/20230.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.1%
New York Transportation Development Corp5.000% 12/01/20260.1%
County of Lehigh PA5.000% 07/01/20260.1%
Parish of St John the Baptist LA2.200% 06/01/20370.1%
West Virginia Economic Development Authority2.550% 03/01/20400.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20220.1%
New York City Industrial Development Agency5.000% 03/01/20300.1%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.1%
Ohio Air Quality Development Authority1.900% 05/01/20260.1%
Western Placer Unified School District2.000% 06/01/20250.1%
City of Chicago IL Wastewater Transmission Revenue5.000% 01/01/20220.1%
City of Rockport IN1.350% 07/01/20250.1%
Louisiana Offshore Terminal Authority2.000% 10/01/20400.1%
Washington Health Care Facilities Authority1.450% 01/01/20350.1%
New York City Housing Development Corp0.700% 05/01/20600.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20280.1%
Kentucky Public Energy Authority4.000% 01/01/20490.1%
North Carolina Capital Facilities Finance Agency5.000% 10/01/20250.1%
City of Chicago IL5.250% 01/01/20270.1%
New York State Dormitory Authority5.000% 10/01/20250.1%
Tobacco Settlement Financing Corp3.200% 06/01/20270.1%
Development Authority of Monroe County/The1.500% 01/01/20390.1%
California Housing Finance Agency4.000% 03/20/20330.1%
Clifton Higher Education Finance Corp5.250% 08/15/20260.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20270.1%
California State Public Works Board5.000% 10/01/20260.1%
North Carolina Turnpike Authority5.000% 01/01/20280.1%
Gloucester County Improvement Authority/The0.600% 03/01/20240.1%
Matagorda County Navigation District No 14.400% 05/01/20300.1%
State of Connecticut5.000% 09/15/20300.1%
City of Lenexa KS5.000% 05/15/20220.1%
New York Transportation Development Corp5.000% 12/01/20280.1%
New York State Dormitory Authority4.000% 12/01/20210.1%
County of Cuyahoga OH5.000% 02/15/20250.1%
New York State Dormitory Authority5.000% 09/01/20270.1%
New York City Industrial Development Agency5.000% 03/01/20280.1%
New York State Dormitory Authority5.000% 08/01/20240.1%
State of New York Mortgage Agency3.500% 04/01/20490.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20230.1%
Kentucky Economic Development Finance Authority5.000% 06/01/20250.1%
California Municipal Finance Authority5.000% 07/01/20260.1%
Central Plains Energy Project5.000% 09/01/20270.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20270.1%
Village Community Development District No 132.625% 05/01/20300.1%
City of Philadelphia PA5.000% 02/01/20270.1%
Oneida County Local Development Corp5.000% 12/01/20270.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20260.1%
Public Finance Authority5.000% 12/01/20270.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.1%
Virginia Small Business Financing Authority5.000% 01/01/20250.1%
City Of South Miami Health Facilities Authority In5.000% 08/15/20230.1%
New Jersey Economic Development Authority5.000% 06/15/20250.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20260.1%
Illinois Finance Authority5.000% 09/01/20280.1%
Bay Area Toll Authority4.000% 04/01/20290.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
School District of Philadelphia/The5.000% 09/01/20250.1%
University of California5.000% 05/15/20240.1%
California County Tobacco Securitization Agency5.000% 06/01/20260.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20260.1%
School District of Philadelphia/The5.000% 09/01/20230.1%
Virginia Small Business Financing Authority5.000% 01/01/20280.1%
City of Chicago IL5.250% 01/01/20230.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20290.1%
Development Authority of Appling County1.500% 01/01/20380.1%
Massachusetts Development Finance Agency5.000% 07/01/20220.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20290.1%
North Carolina Capital Facilities Finance Agency5.000% 10/01/20240.1%
Clark County School District5.000% 06/15/20270.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
New York City Industrial Development Agency5.000% 01/01/20270.1%
Regional Transportation District5.000% 07/15/20270.1%
Virginia Small Business Financing Authority5.000% 01/01/20270.1%
Florida Development Finance Corp5.000% 11/15/20260.1%
School District of Philadelphia/The5.000% 09/01/20220.1%
Texas Municipal Power Agency3.000% 09/01/20260.1%
City of Philadelphia PA5.000% 02/01/20260.1%
Iowa Finance Authority3.125% 12/01/20220.0%
New York Transportation Development Corp5.000% 12/01/20240.0%
City of Lenexa KS5.000% 05/15/20250.0%
Oneida County Local Development Corp5.000% 12/01/20280.0%
Oneida County Local Development Corp5.000% 12/01/20290.0%
Illinois Finance Authority5.000% 05/15/20250.0%
New York City Industrial Development Agency5.000% 01/01/20290.0%
Chicago Board of Education5.000% 12/01/20220.0%
Metropolitan Pier & Exposition Authority3.000% 06/15/20250.0%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.0%
City Of South Miami Health Facilities Authority In5.000% 08/15/20220.0%
Metropolitan Pier & Exposition Authority3.000% 06/15/20240.0%
Troy Capital Resource Corp5.000% 08/01/20220.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
School District of Philadelphia/The5.000% 09/01/20240.0%
Mississippi Business Finance Corp1.550% 11/01/20320.0%
Ohio Air Quality Development Authority1.500% 02/01/20260.0%
Virginia Small Business Financing Authority5.000% 01/01/20230.0%
Regional Transportation District3.000% 01/15/20260.0%
State of Connecticut Special Tax Revenue5.000% 05/01/20250.0%
New Jersey Economic Development Authority5.000% 06/15/20220.0%
Oklahoma Development Finance Authority5.000% 08/15/20260.0%
Massachusetts Development Finance Agency5.000% 07/01/20250.0%
Pennsylvania Turnpike Commission5.000% 12/01/20260.0%
Philadelphia Gas Works Co5.000% 08/01/20230.0%
Territory of Guam5.000% 01/01/20290.0%
Texas Municipal Power Agency3.000% 09/01/20240.0%
Philadelphia Gas Works Co5.000% 08/01/20240.0%
Pennsylvania Turnpike Commission5.000% 12/01/20250.0%
Iowa Tobacco Settlement Authority0.375% 06/01/20300.0%
Southeastern Ohio Port Authority5.000% 12/01/20220.0%
Kirkwood Industrial Development Authority5.000% 05/15/20220.0%
Texas Municipal Power Agency3.000% 09/01/20250.0%
Illinois Finance Authority5.000% 09/01/20290.0%
New York City Industrial Development Agency5.000% 01/01/20280.0%
North Carolina Medical Care Commission5.000% 10/01/20230.0%
California Municipal Finance Authority5.000% 08/01/20220.0%
Maricopa County Industrial Development Authority5.000% 09/01/20220.0%
Niagara Area Development Corp3.500% 11/01/20240.0%
California County Tobacco Securitization Agency5.000% 06/01/20250.0%
Duluth Economic Development Authority4.750% 06/15/20220.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20250.0%
Clark County School District3.000% 06/15/20250.0%
California County Tobacco Securitization Agency5.000% 06/01/20240.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20240.0%
Massachusetts Development Finance Agency5.000% 07/01/20230.0%
New Jersey Economic Development Authority5.000% 06/15/20290.0%
Oklahoma Development Finance Authority5.000% 08/15/20250.0%
Clark County School District3.000% 06/15/20240.0%
Clark County School District5.000% 06/15/20260.0%
Long Island Power Authority5.000% 09/01/20260.0%
Long Island Power Authority5.000% 09/01/20270.0%
New York City Water & Sewer System0.020% 06/15/20490.0%
City of Santa Fe NM2.250% 05/15/20240.0%
Commonwealth of Pennsylvania5.000% 07/01/20250.0%
New York City Transitional Finance Authority Futur0.050% 11/01/20440.0%
State of Ohio5.000% 01/15/20260.0%
State of Ohio4.000% 01/15/20280.0%
Tulsa County Industrial Authority5.000% 11/15/20260.0%
Maricopa County Industrial Development Authority4.000% 07/01/20290.0%
School District of Philadelphia/The5.000% 09/01/20220.0%
Commonwealth of Pennsylvania5.000% 07/01/20230.0%
Franklin County Industrial Development Authority/P5.000% 12/01/20230.0%
New Jersey Building Authority5.000% 06/15/20220.0%
School District of Philadelphia/The5.000% 09/01/20230.0%
Illinois Finance Authority5.000% 09/01/20220.0%
Massachusetts Development Finance Agency4.000% 07/01/20220.0%
Michigan Finance Authority5.000% 07/01/20220.0%
New Jersey Economic Development Authority5.000% 06/15/20270.0%
New Jersey Economic Development Authority5.000% 06/15/20280.0%
Pennsylvania Turnpike Commission5.000% 12/01/20260.0%
City of Cleveland OH Airport System Revenue5.000% 01/01/20220.0%
New York Transportation Development Corp5.000% 12/01/20250.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20230.0%
County of Laramie WY4.000% 05/01/20270.0%
Chicago Board of Education5.000% 12/01/20210.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20220.0%
Village Community Development District No 123.250% 05/01/20230.0%
City of Sparks NV2.750% 06/15/20280.0%
State of Ohio5.000% 01/15/20270.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.0%
County of Laramie WY4.000% 05/01/20250.0%
County of Laramie WY4.000% 05/01/20260.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.0%
Pennsylvania Turnpike Commission5.000% 12/01/20250.0%
Village Community Development District No 132.625% 05/01/20240.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
California County Tobacco Securitization Agency1.750% 06/01/20300.0%
City of Sparks NV2.500% 06/15/20240.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20230.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/26/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.00103 $15.81
Daily Daily 11/30/2021 $0.00190 $15.82
Daily Daily 10/31/2021 $0.00098 $15.81
Daily Daily 09/30/2021 $0.00191 $15.84
Daily Daily 08/31/2021 $0.00073 $15.92
Daily Daily 07/31/2021 $0.00170 $15.95
Daily Daily 06/30/2021 $0.00279 $15.91
Daily Daily 05/31/2021 $0.00265 $15.91
Daily Daily 04/30/2021 $0.00356 $15.90
Daily Daily 03/31/2021 $0.00305 $15.86
Daily Daily 02/28/2021 $0.00684 $15.84
Daily Daily 01/31/2021 $0.00426 $15.96

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 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
Daily Daily 05/31/2022
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2013 12/20/2013 $0.0121 - $0.0121 $15.71
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

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
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2021

Fund Gross Expense Ratio Fund Net Expense Ratio
1.28% 1.27%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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The Short Duration Tax Free Fund A share rankings within the Lipper Short Municipal Debt Funds Funds Average as of 12/31/2019 for the one-year time period was 5% (6/136); five year, 26% (25/98); and 10-year, 20% (13/67). Source: Lipper Analytical Services. Lipper Funds Average ranking reflect all share classes within the category and are based on total return and do not reflect the effect of sales charges.

 

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal to the Fund. The Fund may invest in high yield, lower-rated debt securities, sometimes called junk bonds and may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance. Past performance is no guarantee of future results.

Although the Short Duration Tax Free Fund may invest significantly in money market securities and their equivalents for investment purposes as well as for cash management purposes, it is not a money market fund and is not subject to the regulatory requirements applicable to money market funds.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The Bloomberg Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg 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.  To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They 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 bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

Select funds to run a Morningstar Hypothetical Report.

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