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 05/06/2021

$15.90

$0.00

YTD Returns w/o sales charge as of 05/06/2021

0.12%

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 05/06/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.27% 0.26%

30-Day Standardized Yield 2 as of 03/31/2021  

0.00%

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

Fund Basicsas of 03/31/2021

Total Net Assets
$2.18 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.28%
Fund Net Expense Ratio
1.27%
Number of Holdings
440
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 0.11% 3.98% 1.96% 0.91% 0.89% 1.32%
Lipper Category Avg. Short Municipal Debt Funds 0.20% 2.73% 2.02% 1.33% 1.23% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 0.31% 3.43% 2.90% 1.85% 1.78% 2.14%
w/ sales charge -0.89% 3.98% 1.96% 0.91% 0.89% 1.32%

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 -0.16% 3.11% 1.80% 0.89% 0.90% 1.30%
Lipper Category Avg. Short Municipal Debt Funds 0.01% 2.35% 1.91% 1.34% 1.26% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 0.08% 3.33% 2.74% 1.85% 1.81% 2.14%
w/ sales charge -1.16% 3.11% 1.80% 0.89% 0.90% 1.30%

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

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

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 03/31/2021

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

33 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

30 Years of Industry Experience

Supported By 16 Investment Professionals with 13 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 05/06/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.27% 0.26%

30-Day Standardized Yield 2 as of 03/31/2021  

  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 0.11% 3.98% 1.96% 0.91% 0.89% 1.32%
Lipper Category Avg. Short Municipal Debt Funds 0.20% 2.73% 2.02% 1.33% 1.23% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 0.31% 3.43% 2.90% 1.85% 1.78% 2.14%
w/ sales charge -0.89% 3.98% 1.96% 0.91% 0.89% 1.32%

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 -0.16% 3.11% 1.80% 0.89% 0.90% 1.30%
Lipper Category Avg. Short Municipal Debt Funds 0.01% 2.35% 1.91% 1.34% 1.26% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 0.08% 3.33% 2.74% 1.85% 1.81% 2.14%
w/ sales charge -1.16% 3.11% 1.80% 0.89% 0.90% 1.30%

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 Barclays Municipal Bond Short 1-5 Year Index
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% 3.45%
2010 1.36% -
2009 5.24% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 -0.16% - - - 0.12%
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
GO State
Power
Lease
Housing
Special Tax
Water & Sewer
Education
Other
Pre-Refunded
Muni_Solid_Waste/Res_Recovery

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
IL
PA
NJ
TX
CA
AL
OH
FL
NC
CT
VA
LA
AR
MA
MD
GA
WV
IA
DE
SC
KY
IN
CO
NM
MI
MO
NE
WI
OR
ID
TN
AZ
WA
MN
MS
ND
NH
HI
NV
KS
OK
Puerto Rico
DC
WY

CREDIT QUALITY DISTRIBUTION as of 03/31/2021

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 Positioning as of 03/31/2021

  • The portfolio is overweight bonds maturing in less than one year. These positions represent a sizable weighting in variable rate demand notes which typically exhibit 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 strong underlying credit quality of the municipal market and the ability of issuers in different sectors to respond to the challenges posed by the economic damage caused by the virus supported the recovery since the market sell-off.
  • On top of the overall strength displayed last year, municipalities are receiving significant support from the U.S. government under the American Rescue Plan (ARP) signed into law by President Joe Biden on March 11, 2021.
  • We expect these funds to go beyond recovery and likely prove stimulative. Further, as the economy continues to reopen, and consumer confidence continues to improve, we believe investors’ perceptions of higher credit quality and lower default risk for the broad municipal market will strengthen.

Portfolio Details as of 03/31/2021

Total Net Assets
$2.18 B
Number of Issues
440
Average Coupon
3.1%
Average Effective Maturity
4.0 Years
Average Effective Duration
2.63 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 0.210% 09/01/2044 2.2%
New York City Water & Sewer System 0.070% 06/15/2045 1.7%
State of Texas 4.000% 08/26/2021 1.4%
County of Mason WV 2.750% 10/01/2022 1.3%
Binghamton City School District 1.500% 06/25/2021 1.3%
PEFA Inc 5.000% 09/01/2049 1.3%
State of California 5.000% 12/01/2027 1.2%
North Carolina Medical Care Commission 2.200% 12/01/2048 1.1%
Lower Alabama Gas District/The 4.000% 12/01/2050 1.0%
Industrial Development Board of the City of Mobile 2.900% 07/15/2034 1.0%
% of Total Assets 13.5%

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 of03/31/2021

Holding Coupon Maturity Assets
Arkansas Development Finance Authority0.210% 09/01/20442.2%
New York City Water & Sewer System0.070% 06/15/20451.7%
State of Texas4.000% 08/26/20211.4%
County of Mason WV2.750% 10/01/20221.3%
Binghamton City School District1.500% 06/25/20211.3%
PEFA Inc5.000% 09/01/20491.3%
State of California5.000% 12/01/20271.2%
North Carolina Medical Care Commission2.200% 12/01/20481.1%
Lower Alabama Gas District/The4.000% 12/01/20501.0%
Industrial Development Board of the City of Mobile2.900% 07/15/20341.0%
Clyde-Savannah Central School District1.250% 06/24/20211.0%
Geisinger Authority5.000% 04/01/20431.0%
City of New York NY0.210% 10/01/20460.9%
Lee Memorial Health System0.160% 04/01/20490.9%
Pittsburgh Water & Sewer Authority0.700% 09/01/20400.8%
Main Street Natural Gas Inc4.000% 03/01/20500.8%
Health Care Authority for Baptist Health/The0.210% 11/01/20420.8%
Saranac Central School District1.500% 07/15/20210.8%
City of Fall River MA1.500% 02/04/20220.8%
Katy Independent School District0.351% 08/15/20360.8%
Railsplitter Tobacco Settlement Authority5.250% 06/01/20210.8%
City of Farmington NM1.100% 06/01/20400.7%
County of Suffolk NY2.000% 07/22/20210.7%
North Carolina Turnpike Authority5.000% 02/01/20240.7%
Nebraska Public Power District0.600% 01/01/20510.7%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20250.7%
Louisiana Local Government Environmental Facilitie0.875% 02/01/20460.7%
Black Belt Energy Gas District4.000% 12/01/20490.7%
Medina Central School District1.500% 07/16/20210.7%
Health & Educational Facilities Authority of the S4.000% 05/01/20510.6%
City of New York NY0.210% 04/01/20420.6%
Township of Moorestown NJ2.500% 07/30/20210.6%
School District of Philadelphia/The4.000% 06/30/20210.6%
South Carolina Transportation Infrastructure Bank4.000% 10/01/20330.6%
San Antonio Water System2.625% 05/01/20490.6%
Massena Central School District1.500% 08/27/20210.6%
New York State Housing Finance Agency0.750% 11/01/20250.6%
Wise County Industrial Development Authority0.750% 10/01/20400.5%
Metropolitan Transportation Authority5.000% 11/15/20300.5%
Chicago Board of Education5.000% 12/01/20250.5%
County of Nez Perce ID2.750% 10/01/20240.5%
City of Tampa FL4.000% 11/15/20330.5%
Lancaster Port Authority5.000% 08/01/20490.5%
Corinth Central School District1.500% 07/23/20210.5%
Ohio Air Quality Development Authority2.400% 12/01/20380.5%
State of Illinois5.000% 11/01/20230.5%
County of Carroll KY1.550% 09/01/20420.5%
Grand Parkway Transportation Corp5.000% 02/01/20230.5%
Oregon State Business Development Commission2.400% 12/01/20400.5%
Delaware State Economic Development Authority1.250% 10/01/20450.5%
Lehigh County Industrial Development Authority1.800% 02/15/20270.5%
Lansing Board of Water & Light2.000% 07/01/20510.5%
County of Erie NY3.000% 06/24/20210.5%
Wisconsin Health & Educational Facilities Authorit5.000% 02/15/20520.5%
Town of Ledyard CT2.000% 05/11/20210.5%
Chesapeake Bay Bridge & Tunnel District5.000% 11/01/20230.5%
New Jersey Transportation Trust Fund Authority1.250% 06/15/20340.5%
Long Island Power Authority0.830% 05/01/20330.5%
Maryland Community Development Administration3.500% 03/01/20500.5%
City of New York NY0.210% 04/01/20420.5%
Delaware State Economic Development Authority1.250% 10/01/20400.5%
Indiana Finance Authority0.150% 05/01/20280.5%
State of Ohio0.150% 11/01/20350.5%
University of North Carolina at Chapel Hill0.427% 12/01/20410.5%
City of New York NY5.000% 06/01/20440.5%
Orlando Utilities Commission1.250% 10/01/20460.5%
New Jersey Turnpike Authority5.000% 01/01/20280.5%
State of New Jersey5.000% 06/01/20260.5%
Delaware Valley Regional Finance Authority0.260% 11/01/20550.4%
Colorado Health Facilities Authority5.000% 08/01/20490.4%
Town of Orleans MA1.500% 02/04/20220.4%
General Authority of Southcentral Pennsylvania0.650% 06/01/20490.4%
Long Island Power Authority0.850% 09/01/20500.4%
State of California5.000% 08/01/20260.4%
Patriots Energy Group Financing Agency4.000% 10/01/20480.4%
County of Prince George's MD4.000% 08/01/20310.4%
State of Connecticut5.000% 04/15/20250.4%
City of San Antonio TX Electric & Gas Systems Reve2.750% 02/01/20480.4%
Parish of St John the Baptist LA2.100% 06/01/20370.4%
Metropolitan Transportation Authority5.000% 11/15/20450.4%
Illinois State Toll Highway Authority5.000% 01/01/20240.4%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20240.4%
State of Illinois5.000% 06/15/20240.4%
Northampton County General Purpose Authority1.120% 08/15/20480.4%
State of Connecticut5.000% 11/01/20220.4%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20230.4%
City of Chicago IL5.000% 01/01/20270.4%
Ohio Higher Educational Facility Commission0.500% 10/01/20440.4%
Binghamton City School District1.500% 11/12/20210.4%
Harris County Cultural Education Facilities Financ0.620% 12/01/20490.4%
City of New York NY5.000% 08/01/20210.3%
Metropolitan Transportation Authority5.000% 05/15/20220.3%
Triborough Bridge & Tunnel Authority0.080% 01/01/20320.3%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20450.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20270.3%
City of Pittsfield MA1.000% 02/25/20220.3%
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%
Delaware State Economic Development Authority1.050% 01/01/20310.3%
Commonwealth of Pennsylvania5.000% 05/01/20270.3%
State of Connecticut5.000% 10/15/20260.3%
California Municipal Finance Authority5.000% 11/01/20270.3%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.3%
Michigan State Housing Development Authority4.250% 12/01/20490.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20260.3%
North Carolina Medical Care Commission5.000% 02/01/20510.3%
State of Connecticut Special Tax Revenue5.000% 01/01/20260.3%
Board of Cooperative Educational Services for the1.250% 04/30/20210.3%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20270.3%
E-470 Public Highway Authority0.493% 09/01/20390.3%
Louisa Industrial Development Authority0.750% 11/01/20350.3%
City of Chicago IL5.000% 01/01/20280.3%
Metropolitan Transportation Authority5.000% 11/15/20330.3%
Tennessee Housing Development Agency3.000% 01/01/20510.3%
Parish of St John the Baptist LA2.125% 06/01/20370.3%
Connecticut Housing Finance Authority4.000% 05/15/20490.3%
Kentucky Public Energy Authority4.000% 12/01/20500.3%
Commonwealth Financing Authority5.000% 06/01/20240.3%
Main Street Natural Gas Inc5.000% 05/15/20250.3%
York County Economic Development Authority1.900% 05/01/20330.3%
New Jersey Economic Development Authority5.000% 03/01/20250.3%
State of Maryland Department of Transportation4.000% 09/01/20260.3%
Northern California Energy Authority4.000% 07/01/20490.3%
Wise County Industrial Development Authority1.200% 11/01/20400.3%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.3%
Illinois Finance Authority5.000% 05/15/20500.3%
Metropolitan Water Reclamation District of Greater5.000% 12/01/20220.3%
North Dakota Housing Finance Agency4.000% 01/01/20500.3%
Berks County Municipal Authority/The5.000% 02/01/20400.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Chicago Board of Education5.000% 12/01/20340.2%
New Hampshire Business Finance Authority2.800% 10/01/20330.2%
Ohio Housing Finance Agency4.500% 03/01/20500.2%
State of Hawaii5.000% 11/01/20210.2%
Allegheny County Hospital Development Authority5.000% 07/15/20290.2%
Louisa Industrial Development Authority1.900% 11/01/20350.2%
Development Authority of Appling County0.110% 09/01/20410.2%
State of Connecticut5.000% 08/15/20210.2%
Borough of Wildwood Crest NJ2.000% 03/17/20220.2%
Central Texas Regional Mobility Authority4.000% 01/01/20220.2%
Missouri Housing Development Commission4.250% 05/01/20470.2%
New Caney Independent School District3.000% 02/15/20500.2%
Charles City County Economic Development Authority2.875% 02/01/20290.2%
South Carolina State Housing Finance & Development4.000% 01/01/20500.2%
Massachusetts Development Finance Agency0.550% 07/01/20380.2%
New York State Housing Finance Agency0.750% 11/01/20250.2%
Chicago O'Hare International Airport5.000% 01/01/20310.2%
County of Miami-Dade FL5.000% 06/01/20260.2%
Chicago Board of Education4.000% 12/01/20210.2%
Allegheny County Industrial Development Authority4.875% 11/01/20240.2%
Western Placer Unified School District2.000% 06/01/20250.2%
State of Illinois5.000% 03/01/20290.2%
New Jersey Economic Development Authority5.000% 06/15/20260.2%
North Carolina Housing Finance Agency4.000% 01/01/20500.2%
Chicago Board of Education5.000% 12/01/20310.2%
County of Cook IL5.000% 11/15/20260.2%
Minnesota Housing Finance Agency4.250% 07/01/20490.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.2%
Maryland Community Development Administration4.000% 09/01/20490.2%
State of Illinois5.000% 03/01/20270.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20250.2%
Maricopa County Industrial Development Authority0.620% 01/01/20350.2%
New Jersey Economic Development Authority5.000% 06/15/20210.2%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20210.2%
California Statewide Communities Development Autho3.000% 07/01/20260.2%
Delaware Valley Regional Finance Authority2.000% 10/01/20290.2%
County of Warren MS2.900% 09/01/20320.2%
SA Energy Acquisition Public Facility Corp5.500% 08/01/20210.2%
Illinois Finance Authority5.000% 07/15/20570.2%
Chicago Board of Education4.000% 12/01/20220.2%
City of Newark NJ2.000% 10/05/20210.2%
New York City Water & Sewer System0.070% 06/15/20490.2%
California State Public Works Board5.000% 10/01/20270.2%
Illinois Finance Authority5.000% 02/15/20220.2%
Indianapolis Local Public Improvement Bond Bank5.000% 06/01/20220.2%
Long Island Power Authority1.650% 09/01/20490.2%
New York City Educational Construction Fund5.000% 04/01/20250.2%
Tompkins-Seneca-Tioga Board of Cooperative Educati1.000% 06/30/20210.2%
City of Farmington NM1.875% 04/01/20330.2%
Suffolk Tobacco Asset Securitization Corp5.375% 06/01/20280.2%
Parish of St James LA5.850% 08/01/20410.2%
Tobacco Settlement Financing Corp3.200% 06/01/20270.2%
Washington Health Care Facilities Authority2.482% 01/01/20420.2%
Chicago Board of Education5.000% 12/01/20220.2%
New York City Transitional Finance Authority Futur0.060% 05/01/20340.2%
New Jersey Turnpike Authority5.000% 01/01/20270.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
City of Rockport IN3.050% 06/01/20250.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.2%
Development Authority of Burke County/The1.500% 01/01/20400.2%
New York City Water & Sewer System0.060% 06/15/20500.2%
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% 10/01/20220.2%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20300.2%
Louisiana Offshore Terminal Authority1.650% 09/01/20270.2%
New Jersey Economic Development Authority5.000% 11/01/20220.2%
Chicago Board of Education4.000% 12/01/20210.2%
State of Illinois5.000% 11/01/20250.2%
City of New York NY5.000% 10/01/20330.2%
State of Connecticut5.000% 06/15/20220.2%
Kentucky Public Energy Authority4.000% 04/01/20480.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20230.2%
State of Illinois5.375% 05/01/20230.2%
University of California4.250% 05/15/20390.2%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.2%
State of Illinois5.250% 02/01/20300.2%
New York City Educational Construction Fund5.000% 04/01/20260.2%
City of Chicago IL Waterworks Revenue5.000% 11/01/20280.1%
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%
Lee Memorial Health System5.000% 04/01/20250.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
Allegheny County Hospital Development Authority5.000% 04/01/20260.1%
State of California0.030% 05/01/20340.1%
State of Illinois5.000% 03/01/20280.1%
County of Cook IL5.000% 11/15/20280.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20270.1%
State of Illinois5.000% 03/01/20260.1%
City of Atlantic Beach FL3.000% 11/15/20230.1%
Michigan Finance Authority5.000% 12/01/20260.1%
New York State Dormitory Authority5.000% 09/01/20300.1%
Selma Industrial Development Board2.000% 11/01/20330.1%
Parish of St John the Baptist LA2.375% 06/01/20370.1%
New York State Dormitory Authority5.000% 10/01/20240.1%
State of Illinois5.125% 05/01/20220.1%
American Municipal Power Inc5.250% 02/15/20300.1%
Chicago O'Hare International Airport5.000% 01/01/20290.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20280.1%
Illinois Finance Authority5.000% 08/15/20290.1%
Monroeville Finance Authority3.000% 02/15/20230.1%
Illinois Finance Authority5.000% 08/15/20280.1%
New York City Industrial Development Agency5.000% 03/01/20290.1%
City of Philadelphia PA5.000% 02/01/20280.1%
County of Cook IL5.000% 11/15/20270.1%
City of Philadelphia PA5.000% 02/01/20250.1%
New Jersey Turnpike Authority2.207% 01/01/20300.1%
Bay Area Toll Authority1.300% 04/01/20360.1%
New Jersey Economic Development Authority5.000% 03/01/20220.1%
Village Community Development District No 131.875% 05/01/20250.1%
Commonwealth Financing Authority5.000% 06/01/20220.1%
Chicago Transit Authority5.000% 06/01/20250.1%
Massachusetts Development Finance Agency5.000% 07/01/20240.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20280.1%
Chicago Board of Education5.000% 12/01/20330.1%
California Statewide Communities Development Autho3.000% 07/01/20270.1%
Clifton Higher Education Finance Corp5.250% 08/15/20280.1%
County of Jefferson AL5.000% 09/15/20230.1%
New York State Dormitory Authority5.000% 09/01/20290.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.1%
Public Finance Authority5.000% 12/01/20270.1%
City of Rockport IN1.350% 07/01/20250.1%
County of Lehigh PA5.000% 07/01/20260.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20220.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20220.1%
West Virginia Economic Development Authority2.550% 03/01/20400.1%
City of Chicago IL Wastewater Transmission Revenue5.000% 01/01/20220.1%
Ohio Air Quality Development Authority1.900% 05/01/20260.1%
Parish of St John the Baptist LA2.200% 06/01/20370.1%
New York City Industrial Development Agency5.000% 03/01/20300.1%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.1%
Western Placer Unified School District2.000% 06/01/20250.1%
New York City Industrial Development Agency2.279% 03/01/20260.1%
New York State Dormitory Authority5.000% 07/01/20210.1%
Louisiana Offshore Terminal Authority2.000% 10/01/20400.1%
New York State Dormitory Authority5.000% 10/01/20250.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20280.1%
City of Rockport IN1.350% 07/01/20250.1%
E-470 Public Highway Authority2.432% 09/01/20390.1%
New York City Housing Development Corp0.700% 05/01/20600.1%
State of California0.837% 12/01/20310.1%
Washington Health Care Facilities Authority1.450% 01/01/20350.1%
Kentucky Public Energy Authority4.000% 01/01/20490.1%
State of New York Mortgage Agency3.500% 04/01/20490.1%
California Housing Finance4.000% 03/20/20330.1%
Development Authority of Monroe County/The1.500% 01/01/20390.1%
California State Public Works Board5.000% 10/01/20260.1%
City of Chicago IL5.250% 01/01/20270.1%
Clifton Higher Education Finance Corp5.250% 08/15/20260.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20270.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
North Carolina Turnpike Authority5.000% 01/01/20280.1%
Matagorda County Navigation District No 14.400% 05/01/20300.1%
New York Transportation Development Corp5.000% 12/01/20260.1%
State of Connecticut5.000% 09/15/20300.1%
City of Lenexa KS5.000% 05/15/20220.1%
Gloucester County Improvement Authority/The0.600% 03/01/20240.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20210.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Wappingers Central School District2.000% 08/12/20210.1%
New York State Dormitory Authority4.000% 12/01/20210.1%
Triborough Bridge & Tunnel Authority5.500% 11/15/20210.1%
County of Cuyahoga OH5.000% 02/15/20250.1%
New York State Dormitory Authority5.000% 08/01/20240.1%
New York State Dormitory Authority5.000% 09/01/20270.1%
New York City Industrial Development Agency5.000% 03/01/20280.1%
Tuscaloosa County Industrial Development Authority4.500% 05/01/20320.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20230.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
Southeastern Ohio Port Authority5.000% 12/01/20220.1%
California Municipal Finance Authority5.000% 07/01/20260.1%
Central Plains Energy Project5.000% 09/01/20270.1%
Kentucky Economic Development Finance Authority5.000% 06/01/20250.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20260.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20270.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.1%
Oneida County Local Development Corp5.000% 12/01/20270.1%
Rangely Hospital District4.500% 11/01/20210.1%
Village Community Development District No 132.625% 05/01/20300.1%
City of Philadelphia PA5.000% 02/01/20270.1%
Iowa Finance Authority3.125% 12/01/20220.1%
School District of Philadelphia/The5.000% 09/01/20210.1%
TSASC Inc/NY5.000% 06/01/20210.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
City Of South Miami Health Facilities Authority In5.000% 08/15/20230.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
Virginia Small Business Financing Authority5.000% 01/01/20250.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20260.1%
Duluth Economic Development Authority4.750% 06/15/20220.1%
New Jersey Economic Development Authority5.000% 06/15/20250.1%
Bay Area Toll Authority4.000% 04/01/20290.1%
New York Transportation Development Corp5.000% 12/01/20280.1%
University of California5.000% 05/15/20240.1%
Illinois Finance Authority5.000% 09/01/20280.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
School District of Philadelphia/The5.000% 09/01/20250.1%
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%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.1%
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%
Illinois Finance Authority5.000% 05/15/20250.1%
Massachusetts Development Finance Agency5.000% 07/01/20220.1%
Development Authority of Appling County1.500% 01/01/20380.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20290.1%
Clark County School District5.000% 06/15/20270.1%
Washington State Housing Finance Commission2.375% 01/01/20260.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
District of Columbia5.000% 07/15/20210.1%
New York City Industrial Development Agency5.000% 01/01/20270.1%
Regional Transportation District5.000% 07/15/20270.1%
School District of Philadelphia/The5.000% 09/01/20220.1%
Virginia Small Business Financing Authority5.000% 01/01/20270.1%
City of Philadelphia PA5.000% 02/01/20260.1%
Oswego City School District1.500% 07/23/20210.1%
Johnson City Central School District1.500% 08/06/20210.1%
New York Transportation Development Corp5.000% 12/01/20240.1%
City of Lenexa KS5.000% 05/15/20250.1%
Oneida County Local Development Corp5.000% 12/01/20280.1%
Oneida County Local Development Corp5.000% 12/01/20290.1%
Chicago Board of Education5.000% 12/01/20220.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.1%
New York City Industrial Development Agency5.000% 01/01/20290.1%
Triborough Bridge & Tunnel Authority0.070% 01/01/20320.1%
City Of South Miami Health Facilities Authority In5.000% 08/15/20220.0%
Troy Capital Resource Corp5.000% 08/01/20220.0%
School District of Philadelphia/The5.000% 09/01/20240.0%
State of Connecticut Special Tax Revenue5.000% 05/01/20250.0%
Mississippi Business Finance Corp1.800% 11/01/20320.0%
Virginia Small Business Financing Authority5.000% 01/01/20230.0%
Regional Transportation District3.000% 01/15/20260.0%
School District of Philadelphia/The5.000% 09/01/20210.0%
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%
Philadelphia Gas Works Co5.000% 08/01/20230.0%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20210.0%
Philadelphia Gas Works Co5.000% 08/01/20240.0%
Kirkwood Industrial Development Authority5.000% 05/15/20220.0%
New York City Industrial Development Agency5.000% 01/01/20280.0%
Illinois Finance Authority5.000% 09/01/20290.0%
Maricopa County Industrial Development Authority5.000% 09/01/20220.0%
North Carolina Medical Care Commission5.000% 10/01/20230.0%
California County Tobacco Securitization Agency5.000% 06/01/20250.0%
California Municipal Finance Authority5.000% 08/01/20220.0%
Niagara Area Development Corp3.500% 11/01/20240.0%
California County Tobacco Securitization Agency1.750% 06/01/20300.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20250.0%
Maricopa County Industrial Development Authority5.000% 09/01/20210.0%
Clark County School District3.000% 06/15/20250.0%
Illinois Finance Authority5.000% 11/15/20210.0%
Massachusetts Development Finance Agency4.000% 07/01/20210.0%
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%
Clark County School District3.000% 06/15/20240.0%
Long Island Power Authority5.000% 09/01/20270.0%
New Jersey Economic Development Authority5.000% 06/15/20290.0%
Oklahoma Development Finance Authority5.000% 08/15/20250.0%
City of Santa Fe NM2.250% 05/15/20240.0%
Clark County School District5.000% 06/15/20260.0%
Long Island Power Authority5.000% 09/01/20260.0%
State of Ohio5.000% 01/15/20260.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.0%
Commonwealth of Pennsylvania5.000% 07/01/20250.0%
School District of Philadelphia/The5.000% 09/01/20220.0%
State of Ohio4.000% 01/15/20280.0%
Commonwealth of Pennsylvania5.000% 07/01/20230.0%
Tulsa County Industrial Authority5.000% 11/15/20260.0%
Franklin County Industrial Development Authority/P5.000% 12/01/20230.0%
Maricopa County Industrial Development Authority4.000% 07/01/20290.0%
Michigan Finance Authority5.000% 07/01/20220.0%
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%
Palomar Health5.000% 11/01/20210.0%
Illinois Finance Authority5.000% 09/01/20210.0%
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%
Troy Capital Resource Corp5.000% 08/01/20210.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20230.0%
Michigan Finance Authority5.000% 07/01/20210.0%
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%
County of Laramie WY4.000% 05/01/20250.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%
County of Laramie WY4.000% 05/01/20260.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.0%
Montgomery County Industrial Development Authority4.000% 01/01/20230.0%
Village Community Development District No 132.625% 05/01/20240.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Pennsylvania Turnpike Commission5.000% 12/01/20250.0%
City of Sparks NV2.500% 06/15/20240.0%
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 05/06/2021
$0.017
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

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
12/21/2021 12/22/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2021

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 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 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.

 

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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