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Short Duration Tax Free Fund

Daily price w/o sales charge as of 05/23/2018

$15.44

arrowUp$0.01

YTD Returns w/o sales charge as of 05/23/2018

-0.28%

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.  

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

STRONG PERFORMANCE

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

Yield

Dividend Yield 1 as of 05/23/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.96% 0.90%

30-Day Standardized Yield 2 as of 04/30/2018  

0.96%

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

Fund Basicsas of 04/30/2018

Total Net Assets
$1.40 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Expense Ratio
1.27%
Number of Holdings
315
CUSIP
543912752
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.46% -0.58% -0.21% -0.18% - 1.11%
Lipper Category Avg. Short Municipal Debt Funds -0.04% 0.35% 0.47% 0.44% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) -0.15% -0.07% 0.79% 0.89% - 1.90%
w/ sales charge -1.45% -0.58% -0.21% -0.18% - 1.11%

Fund Expense Ratio :

1.27%

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.28% -0.04% -0.20% -0.11% - 1.14%
Lipper Category Avg. Short Municipal Debt Funds 0.06% 0.66% 0.48% 0.49% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.10% 0.50% 0.86% 0.98% - 1.94%
w/ sales charge -1.28% -0.04% -0.20% -0.11% - 1.14%

Fund Expense Ratio :

1.27%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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 of future results.

RELATED CONTENT

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

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

Maturity Assets
<1 Year
1-1.99 Years
2-3.99 Years
4-5.99 Years
>6 Years

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

CREDIT QUALITY DISTRIBUTION as of 04/30/2018

Rating Assets
A-1/MIG1
A-2/MIG2
A-3/MIG3
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

31 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

28 Years of Industry Experience

Supported By 14 Investment Professionals with 11 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 05/23/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.96% 0.90%

30-Day Standardized Yield 2 as of 04/30/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.96% 0.96%

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

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.46% -0.58% -0.21% -0.18% - 1.11%
Lipper Category Avg. Short Municipal Debt Funds -0.04% 0.35% 0.47% 0.44% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) -0.15% -0.07% 0.79% 0.89% - 1.90%
w/ sales charge -1.45% -0.58% -0.21% -0.18% - 1.11%

Fund Expense Ratio :

1.27%

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -0.28% -0.04% -0.20% -0.11% - 1.14%
Lipper Category Avg. Short Municipal Debt Funds 0.06% 0.66% 0.48% 0.49% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.10% 0.50% 0.86% 0.98% - 1.94%
w/ sales charge -1.28% -0.04% -0.20% -0.11% - 1.14%

Fund Expense Ratio :

1.27%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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 of future results.

Year Fund Returns Bloomberg Barclays Municipal Bond: Muni Short (1-5)
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% 3.45%
2010 1.36% 1.87%
2009 5.24% 5.55%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 -0.28% - - - -0.28%
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
VRDN
IDR/PCR
Healthcare/Hospital
Transportation
GO State
Education
GO Local
Lease
Special Tax
Power
Water & Sewer
Resource Recovery
Pre-Refunded
Housing

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

Maturity Assets
<1 Year
1-1.99 Years
2-3.99 Years
4-5.99 Years
>6 Years

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

State Assets
CA
NY
IL
FL
NJ
PA
GA
TX
OH
LA
CT
AL
AZ
VA
IN
WI
TN
KY
NC
MA
HI
AR
MS
CO
MI
WA
AK
MN
MD
MO
OR
NH
IA
NM
KS
OK
NE
DC
Other U.S. Territories
Puerto Rico

CREDIT QUALITY DISTRIBUTION as of 04/30/2018

Rating Assets
A-1/MIG1
A-2/MIG2
A-3/MIG3
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 Positioning as of 03/31/2018

  • The portfolio is overweight bonds maturing in less than one year and maintains a general underweight to longer maturities. For maturities longer than one year, the portfolio is focused on the 2- to 4-year range.
  • The portfolio has a sizable weighting in variable rate demand notes due to their low volatility and strong liquidity. These securities are always priced at par, and therefore, do not have the duration risk of fixed coupon bonds.
  • The portfolio is overweight lower quality investment grade bonds due to solid credit fundamentals and relatively attractive credit spreads.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the health care and industrial development sectors given their dedicated income streams and favorable return prospects.

Portfolio Details as of 04/30/2018

Total Net Assets
$1.40 B
Number of Issues
315
Average Coupon
3.6%
Average Effective Maturity
2.7 Years
Average Effective Duration
2.00 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
Saint Lucie - Florida Power & Light 1.450% 09/01/2028 3.3%
Appling County Dev Auth - Georgia Power 1.520% 09/01/2041 3.2%
Illinois Finance Authority - Advocate Health System 1.600% 11/01/2038 2.7%
Columbia Industrial Dev Board - Alabama Power 1.530% 12/01/2037 2.3%
Ohio 2.300% 01/15/2033 2.1%
New York City Transitional Fin Auth 1.500% 08/01/2031 1.6%
St James Parish - Nucor Steel Corp 1.750% 11/01/2040 1.4%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage 1.890% 07/01/2047 1.4%
City of Gainesville Utilities System 1.630% 10/01/2038 1.3%
Railsplitter Tobacco Settlement Auth 5.250% 06/01/2021 1.3%
% of Total Assets 20.6%

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 of03/29/2018

Holding Coupon Maturity Assets
Saint Lucie - Florida Power & Light1.740% 09/01/20283.4%
Appling County Dev Auth - Georgia Power1.840% 09/01/20413.3%
Illinois Finance Authority - Advocate Health System1.650% 11/01/20382.7%
Columbia Industrial Dev Board - Alabama Power1.830% 12/01/20372.2%
New York City Transitional Fin Auth1.830% 08/01/20311.4%
St James Parish - Nucor Steel Corp1.800% 11/01/20401.4%
New York City General Obligation1.730% 06/01/20441.4%
City of Gainesville Utilities System1.530% 10/01/20381.3%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage1.800% 07/01/20471.3%
Railsplitter Tobacco Settlement Auth5.250% 06/01/20211.2%
New Mexico Hosp Equipment Loan Council1.700% 08/01/20341.2%
Illinois, IL5.000% 08/01/20201.2%
New York City General Obligation5.000% 08/01/20191.1%
AR Development Finance Auth - Baptist Memorial Health5.000% 09/01/20441.0%
New Jersey5.000% 06/01/20191.0%
Bd of Regents of the Texas A&M Univ Sys5.000% 05/15/20230.9%
Metropolitan Transp Auth, NY1.665% 11/01/20410.9%
Montgomery Cnty Indus Dev Auth, PA2.500% 10/01/20300.8%
The Bd of Governors of the Univ of North Carolina1.515% 12/01/20410.8%
Arizona Hlth Facs Auth3.430% 02/01/20480.8%
New York City Transitional Fin Auth1.810% 11/01/20220.8%
Bay Area Toll Auth, CA1.736% 04/01/20450.8%
Valdez, AK5.000% 01/01/20210.8%
California5.000% 09/01/20200.8%
Pennsylvania5.000% 08/15/20200.7%
Illinois, IL5.000% 11/01/20230.7%
New York City Transitional Fin Auth1.830% 11/01/20220.7%
Virginia Coll Bldg Auth5.000% 02/01/20210.7%
Connecticut Hlth & Educl Facs Auth1.665% 07/01/20490.7%
Long Island Pwr Auth, NY1.815% 05/01/20330.7%
LA Environmental Facs - Westlake Chemical6.500% 08/01/20290.7%
Fairfax Cnty Indl Dev Auth, VA5.000% 05/15/20220.6%
Triborough Br & Tunnel Auth, NY1.660% 01/01/20320.6%
Main Street Natural Gas, Inc.4.000% 04/01/20480.6%
California Dept of Wtr Resources1.950% 12/01/20350.6%
Central Texas Turnpike Sys5.000% 08/15/20420.6%
Florida5.000% 07/01/20210.6%
Nashville & Davidson Cnty Metro Govt, TN5.000% 07/01/20210.6%
New York City5.000% 08/01/20210.6%
California1.822% 12/01/20280.6%
Bay Area Toll Auth, CA2.280% 04/01/20470.6%
Illinois St Toll Hwy Auth5.000% 12/01/20190.6%
Broward Cnty Sch Brd, FL5.000% 07/01/20200.6%
Philadelphia, PA5.000% 08/01/20190.5%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20230.5%
Wisconsin5.000% 05/01/20200.5%
Municipal Elec Auth of Georgia5.000% 01/01/20210.5%
Maricopa Cnty Poll Cntrl Corp., AZ2.400% 06/01/20430.5%
California Infrastr & Econ Dev Bnk1.774% 04/01/20380.5%
South Central Regl Medical Center, Inc.1.700% 03/01/20200.5%
South Carolina Transp Infrastr Bank5.000% 10/01/20200.5%
Mississippi Hosp Equip & Facs Auth2.880% 08/15/20360.5%
New Jersey Hlthcare Facs Fing Auth1.870% 07/01/20380.5%
Miami Dade Cnty Sch Bd, FL5.000% 11/01/20190.5%
Chicago, IL5.000% 01/01/20210.5%
California Infrastr & Econ Dev Bnk5.000% 07/01/20230.5%
Connecticut5.000% 02/15/20210.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20220.5%
Tender Option Bnd Tr Receipts/Certificates1.830% 09/01/20330.5%
Illinois Fin Auth1.875% 02/01/20330.4%
Rangely Hosp Dist4.500% 11/01/20210.4%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20260.4%
California5.000% 11/01/20240.4%
New Jersey Econ Dev Auth5.500% 12/15/20190.4%
Ohio5.000% 08/01/20250.4%
New York City Transitional Fin Auth5.000% 11/01/20210.4%
Wisconsin Hlth & Edl Facs Auth2.330% 08/01/20260.4%
New York City5.000% 08/01/20190.4%
Tennessee Energy Acquisition Corp.5.250% 09/01/20180.4%
Kentucky Public Energy Auth4.000% 04/01/20480.4%
Univ of Massachusetts Bldg Auth5.000% 11/01/20210.4%
Portland5.000% 10/01/20220.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20200.4%
Connecticut5.000% 01/01/20260.4%
Scranton School District/PA2.132% 04/01/20310.4%
Wisconsin5.000% 11/01/20220.4%
Appling Cnty Dev Auth, GA1.840% 09/01/20290.4%
Triborough Br & Tunnel Auth, NY5.000% 11/15/20210.4%
Hawaii5.000% 11/01/20210.4%
New Hampshire Turnpike Sys5.000% 10/01/20210.4%
Boston, MA5.000% 04/01/20210.4%
New Jersey Econ Dev Auth5.000% 11/01/20240.4%
Kentucky St Prop & Bldg Comm5.000% 11/01/20210.4%
Illinois, IL5.000% 11/01/20260.4%
California St Univ5.000% 11/01/20200.4%
Massachusetts Dev Fin Agy5.000% 07/01/20210.4%
New Hampshire Turnpike Sys5.000% 10/01/20200.4%
Illinois Fin Auth5.000% 02/15/20210.4%
Connecticut5.000% 08/15/20210.4%
Wise Cnty Indus Dev Auth, VA2.150% 10/01/20400.4%
Houston, TX5.000% 05/15/20200.4%
Kentucky St Prop & Bldg Comm5.000% 08/01/20200.4%
Central Texas Regl Mobility Auth, TX5.000% 01/01/20450.4%
Univ of Missouri Bd of Curator5.000% 11/01/20190.4%
California State Pub Wks Bd5.000% 01/01/20200.4%
New York City Transitional Fin Auth1.810% 08/01/20220.4%
New Jersey Tpk Auth5.000% 01/01/20200.4%
Maryland Dept of Transp4.000% 09/01/20260.4%
California Hlth Facs Fing Auth5.000% 07/01/20430.4%
Tobacco Settlement Auth5.000% 06/01/20190.4%
Montgomery Cnty Indus Dev Auth, PA2.550% 06/01/20290.4%
Massachusetts Dev Fin Agy2.080% 07/01/20380.3%
Ohio1.800% 01/15/20450.3%
Western Mun Wtr Dist Facs Auth1.500% 10/01/20390.3%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.3%
JEA5.000% 10/01/20200.3%
Miami-Dade Cnty Indus Dev Auth, FL1.750% 09/01/20270.3%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20190.3%
Philadelphia, PA5.000% 07/01/20200.3%
New Jersey Econ Dev Auth5.000% 06/15/20210.3%
SA Energy Acquisition Pub Fac Corp.5.500% 08/01/20210.3%
NJ Tobacco Settlement Finance Corp4.500% 06/01/20230.3%
Port Authority of NY & NJ - JFK International Airport5.000% 12/01/20200.3%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20260.3%
North Texas Tollway Auth5.000% 01/01/20230.3%
Illinois Fin Auth5.000% 07/15/20570.3%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &1.900% 12/01/20200.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 06/01/20220.3%
New York City Transitional Fin Auth1.810% 08/01/20230.3%
Illinois Fin Auth5.000% 02/15/20220.3%
California State Pub Wks Bd5.000% 10/01/20270.3%
Washington Hlthcare Facs Auth2.358% 01/01/20420.3%
California Infrastr & Econ Dev Bnk1.971% 12/01/20500.3%
Pennsylvania Higher Edl Facs Auth5.000% 06/15/20200.3%
California Hlth Facs Fing Auth5.000% 11/15/20240.3%
Southeastern Ohio Port Auth5.000% 12/01/20220.3%
Farmington, NM1.875% 04/01/20330.3%
City of Austin, TX Wtr & Wastewater Sys Rev5.000% 05/15/20210.3%
Lehigh County Industrial Development Authority1.800% 02/15/20270.3%
Florida5.000% 07/01/20220.3%
Miami Dade Cnty, FL5.000% 10/01/20250.3%
New Jersey Tpk Auth5.000% 01/01/20270.3%
California Hlth Facs Fing Auth5.000% 11/01/20270.3%
Pittsburg Redev Agy, CA5.000% 09/01/20220.3%
St Charles Parish, LA4.000% 12/01/20400.3%
York Cnty Econ Dev Auth, VA1.875% 05/01/20330.3%
New Jersey Econ Dev Auth4.000% 07/01/20220.3%
California Hlth Facs Fing Auth5.000% 11/15/20250.3%
New York City5.000% 08/01/20220.3%
Honolulu City & Cnty, HI1.900% 09/01/20260.2%
Honolulu City & Cnty, HI1.900% 09/01/20270.2%
California Muni Fin Auth1.550% 02/01/20190.2%
Indiana Muni Pwr Agy5.000% 01/01/20220.2%
Duluth Econ Dev Auth, MN4.750% 06/15/20220.2%
Wisconsin Hlth & Edl Facs Auth2.650% 11/01/20200.2%
Wayne Cnty Arpt Auth5.000% 12/01/20210.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20200.2%
Dorm Auth of the St of New York4.000% 07/01/20200.2%
Illinois, IL5.000% 02/01/20210.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20180.2%
Tennessee Energy Acquisition Corp.4.000% 05/01/20480.2%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.2%
Pennsylvania Econ Dev Fing Auth1.500% 11/01/20210.2%
Virginia Peninsula Ports Auth1.550% 10/01/20330.2%
Burke Cnty Dev Auth, GA2.400% 01/01/20400.2%
Chicago, IL5.000% 11/01/20280.2%
Lehigh County Industrial Development Authority1.800% 09/01/20290.2%
Illinois Regl Transp Auth5.000% 07/01/20250.2%
Denver City & Cnty Dept of Aviation, CO2.025% 11/15/20310.2%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20220.2%
Town of Oyster Bay, NY2.500% 06/01/20180.2%
Iowa Higher Ed Loan Auth2.500% 10/01/20200.2%
Michigan Fin Auth5.000% 12/01/20260.2%
Philadelphia Sch Dist, PA5.000% 09/01/20200.2%
North Texas Tollway Auth5.000% 01/01/20200.2%
Houston, TX5.000% 11/15/20190.2%
Kanabec Hospital2.750% 12/01/20190.2%
Wisconsin5.000% 07/01/20220.2%
Monroeville Finance Authority3.000% 02/15/20230.2%
North Texas Tollway Auth5.000% 01/01/20220.2%
Wayne Cnty Arpt Auth5.000% 12/01/20200.2%
New Jersey Tpk Auth1.915% 01/01/20300.2%
Honolulu City & Cnty, HI1.900% 09/01/20280.2%
NJ Eco Dev Auth - School Facilities5.000% 03/01/20220.2%
Commonwealth Financing Authority5.000% 06/01/20220.2%
City of Austin, TX Wtr & Wastewater Sys Rev5.000% 11/15/20250.2%
California Hlth Facs Fing Auth5.000% 11/15/20230.2%
Illinois Regl Transp Auth5.000% 07/01/20240.2%
Chicago Transit Auth, IL5.000% 06/01/20250.2%
Black Belt Energy Gas Dist4.000% 08/01/20470.2%
Successor Agy to the Brea Redev Agy, CA5.000% 08/01/20200.2%
Jefferson Cnty, AL5.000% 09/15/20230.2%
St. Louis, MO5.000% 07/01/20220.2%
Long Island Pwr Auth, NY5.000% 09/01/20220.2%
Dorm Auth of the St of New York5.000% 07/01/20210.2%
Dorm Auth of the St of New York5.000% 07/01/20210.2%
Chicago, IL5.000% 01/01/20220.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20220.2%
Philadelphia, PA5.000% 08/01/20200.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20210.1%
Dorm Auth of the St of New York4.000% 07/01/20200.1%
Successor Agy to the Brea Redev Agy, CA5.000% 08/01/20190.1%
Tempe Industrial Development Authority4.000% 10/01/20230.1%
Tobacco Settlement Auth5.000% 06/01/20180.1%
California Hlth Facs Fing Auth5.000% 07/01/20340.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.000% 11/15/20200.1%
California1.925% 12/01/20310.1%
E-470 Pub Hwy Auth, CO2.307% 09/01/20390.1%
Morgan County Hospital Authority/GA2.750% 09/01/20190.1%
Iowa Finance Auth - Iowa Fertilizer Co5.000% 12/01/20190.1%
Louisiana Offshore Term Auth2.000% 10/01/20400.1%
Michigan Fin Auth5.000% 11/15/20220.1%
Michigan Strategic Fnd1.450% 09/01/20300.1%
Twin Rivers Unif Sch Dist, CA3.200% 06/01/20410.1%
Triborough Br & Tunnel Auth, NY5.500% 11/15/20210.1%
California St Univ5.000% 11/01/20200.1%
San Buenaventura Pub Fac Fing Auth, CA5.750% 12/01/20180.1%
Stockton Pub Fincg Auth, CA5.000% 09/01/20190.1%
Inland Empire Tobacco Securitization Auth4.625% 06/01/20210.1%
California State Pub Wks Bd5.000% 10/01/20260.1%
Chicago, IL5.250% 01/01/20270.1%
Illinois Fin Auth4.000% 09/01/20190.1%
North Carolina Turnpike Auth5.000% 01/01/20280.1%
Public Auth For CO Energy5.750% 11/15/20180.1%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20240.1%
South Florida Wtr Mgmt Dist5.000% 10/01/20220.1%
Illinois Fin Auth5.000% 01/01/20230.1%
Wayne Cnty Arpt Auth5.000% 12/01/20220.1%
Kentucky Mun Pwr Agy3.450% 09/01/20420.1%
North Carolina Capital Facs Fin Agy5.000% 05/01/20180.1%
Cnty of Cuyahoga, OH5.000% 02/15/20250.1%
Harris County Toll Road Authority/The5.000% 08/15/20210.1%
TSASC, Inc.5.000% 06/01/20210.1%
Chicago5.000% 01/01/20210.1%
California Muni Fin Auth5.000% 07/01/20260.1%
Kentucky Econ Dev Fin Auth5.000% 06/01/20250.1%
Dorm Auth of the St of New York4.000% 12/01/20190.1%
South Miami Hlth Fac Auth, FL5.000% 08/15/20230.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.000% 11/15/20210.1%
Floyd Cnty Dev Auth, GA2.350% 07/01/20220.1%
Central Plains Energy Pj5.000% 09/01/20270.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20210.1%
State of Louisiana Gasoline & Fuels Tax Revenue5.000% 05/01/20250.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20190.1%
Kansas City, MO5.000% 10/01/20200.1%
Sartell, MN4.000% 09/01/20200.1%
City of Rockville MD2.500% 11/01/20240.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20220.1%
New Jersey Econ Dev Auth5.000% 06/15/20250.1%
South Florida Wtr Mgmt Dist5.000% 10/01/20210.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20200.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20200.1%
Illinois Fin Auth5.000% 05/15/20250.1%
Bay Area Toll Auth, CA4.000% 04/01/20290.1%
District of Columbia, DC5.000% 07/15/20210.1%
Chicago, IL5.250% 01/01/20230.1%
Cleveland St Univ, OH5.000% 06/01/20190.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20190.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20190.1%
Southeastern Pennsylvania Transp Auth5.000% 06/01/20180.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20200.1%
Dorm Auth of the St of New York4.000% 12/01/20210.1%
City of Irvine CA4.000% 09/02/20180.1%
Chicago Brd of Ed5.000% 12/01/20190.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Chicago, IL5.000% 11/01/20210.1%
City of Poughkeepsie, NY4.000% 05/04/20180.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20210.1%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20220.1%
New Hope Cultural Ed Fin Corp, TX5.000% 08/15/20230.1%
Cleveland, OH5.000% 01/01/20230.1%
California Statewide Comntys Dev Auth5.000% 05/15/20220.1%
Chicago, IL5.000% 11/01/20220.1%
South Miami Hlth Fac Auth, FL5.000% 08/15/20220.1%
Troy Capital Resources Corp., NY5.000% 08/01/20220.1%
Pub Fin Auth3.000% 11/15/20220.1%
Pittsburg Redev Agy, CA5.000% 09/01/20210.1%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.1%
Stockton Pub Fincg Auth, CA5.000% 09/01/20200.1%
Chicago, IL5.000% 01/01/20210.1%
Chicago Brd of Ed5.000% 12/01/20220.1%
Alameda Corridor Transp Auth5.000% 10/01/20190.1%
Guam Pwr Auth5.000% 10/01/20190.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20190.1%
Los Angeles Cnty, CA5.000% 08/01/20190.1%
Successor Agy to the Emeryville RDA, CA5.000% 09/01/20190.1%
E-470 Pub Hwy Auth, CO5.000% 09/01/20190.1%
Dorm Auth of the St of New York4.000% 12/01/20200.1%
Philadelphia, PA5.000% 11/01/20230.1%
Dorm Auth of the St of New York5.000% 12/01/20180.1%
Alaska Indus Dev & Export Auth, AK3.500% 12/01/20200.1%
Niagara Area Dev Corp - Covanta Energy4.000% 11/01/20240.1%
Washington St Hsg Fin Comm4.000% 07/01/20180.1%
Philadelphia Sch Dist, PA5.000% 09/01/20210.1%
Ohio1.800% 01/15/20450.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20210.1%
New Jersey Econ Dev Auth5.000% 06/15/20220.1%
Northside Independent School Dist2.000% 06/01/20390.1%
Philadelphia, PA5.000% 08/01/20230.1%
Philadelphia, PA5.000% 08/01/20240.1%
California Statewide Comntys Dev Auth5.000% 05/15/20210.1%
Oklahoma Dev Fin Auth5.000% 08/15/20260.1%
Kirkwood Indus Dev Auth5.000% 05/15/20220.1%
Illinois, IL5.000% 02/01/20200.1%
North Carolina Medical Care Comm5.000% 10/01/20230.1%
Philadelphia, PA5.000% 08/01/20220.1%
Buncombe Cnty, NC5.000% 06/01/20200.1%
Los Angeles Comnty College Dist, CA2.000% 08/01/20220.1%
Illinois Fin Auth5.000% 11/15/20210.1%
Puerto Rico Elec Pwr Auth5.250% 07/01/20180.1%
Lancaster Cnty Hosp Auth, PA5.000% 07/01/20250.1%
JEA5.000% 10/01/20200.0%
California Statewide Comntys Dev Auth5.000% 05/15/20200.0%
Oklahoma Dev Fin Auth5.000% 08/15/20250.0%
Philadelphia Sch Dist, PA5.000% 09/01/20220.0%
Long Island Pwr Auth, NY5.000% 09/01/20270.0%
Long Island Pwr Auth, NY5.000% 09/01/20260.0%
Tulsa Cnty Indus Auth5.000% 11/15/20260.0%
New Jersey Bldg Auth5.000% 06/15/20220.0%
Michigan Fin Auth5.000% 07/01/20220.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20220.0%
Philadelphia Sch Dist, PA5.000% 09/01/20230.0%
Palomar Hlth5.000% 11/01/20210.0%
Illinois Fin Auth5.000% 11/15/20200.0%
Karnes Cnty Hosp Dist4.000% 02/01/20190.0%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20200.0%
Cleveland, OH5.000% 01/01/20220.0%
Wisconsin Hlth & Edl Facs Auth3.500% 08/01/20220.0%
Village Comnty Dev Dist No. 123.250% 05/01/20230.0%
Cleveland, OH5.000% 01/01/20210.0%
Troy Capital Resources Corp., NY5.000% 08/01/20210.0%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20190.0%
Michigan Fin Auth5.000% 07/01/20210.0%
New Hampshire Hlth & Ed Facs Auth3.500% 07/01/20220.0%
Colorado Hlth Facs Auth4.000% 01/01/20210.0%
California Dept of Wtr Resources5.000% 12/01/20190.0%
JEA5.000% 10/01/20200.0%
Indus Dev Auth of the Twn of Florence, Inc., AZ4.000% 07/01/20180.0%

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 05/23/2018
$0.038
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2018 $0.01230 $15.42
Daily Daily 03/31/2018 $0.00909 $15.46
Daily Daily 02/28/2018 $0.00981 $15.48
Daily Daily 01/31/2018 $0.00755 $15.50

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 05/31/2018
Daily Daily 06/30/2018
Daily Daily 07/31/2018
Daily Daily 08/31/2018
Daily Daily 09/30/2018
Daily Daily 10/31/2018
Daily Daily 11/30/2018
Daily Daily 12/31/2018

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
12/19/2018 12/20/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2018

1.27%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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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 yield reflects 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 in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. 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. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future. 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.

 

 

Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

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 Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg 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.  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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