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Short Duration Tax Free Fund

Daily price w/o sales charge as of 11/20/2018

$15.39

$0.00

YTD Returns w/o sales charge as of 11/20/2018

0.53%

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 11/20/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.81% 1.75%

30-Day Standardized Yield 2 as of 10/31/2018  

1.91%

Fund Basicsas of 10/31/2018

Total Net Assets
$1.33 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Expense Ratio
0.55%
Number of Holdings
302
CUSIP
543912745

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 0.36% -0.07% 0.49% 0.80% - 1.86%
Lipper Category Avg. Short Municipal Debt Funds 0.55% 0.24% 0.58% 0.71% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.61% -0.02% 0.70% 0.97% - 1.88%

Fund Expense Ratio :

0.55%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 0.53% 0.14% 0.62% 0.90% - 1.90%
Lipper Category Avg. Short Municipal Debt Funds 0.61% 0.27% 0.67% 0.78% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.66% 0.00% 0.80% 1.08% - 1.90%

Fund Expense Ratio :

0.55%

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

RELATED CONTENT

Sector Assets
IDR/PCR
VRDN
Healthcare/Hospital
Transportation
GO State
GO Local
Lease
Education
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 10/31/2018

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 11/20/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.81% 1.75%

30-Day Standardized Yield 2 as of 10/31/2018  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.91% 1.91%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 0.36% -0.07% 0.49% 0.80% - 1.86%
Lipper Category Avg. Short Municipal Debt Funds 0.55% 0.24% 0.58% 0.71% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.61% -0.02% 0.70% 0.97% - 1.88%

Fund Expense Ratio :

0.55%

Fund Expense Ratio :

0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 0.53% 0.14% 0.62% 0.90% - 1.90%
Lipper Category Avg. Short Municipal Debt Funds 0.61% 0.27% 0.67% 0.78% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 0.66% 0.00% 0.80% 1.08% - 1.90%

Fund Expense Ratio :

0.55%

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

Year Fund Returns Bloomberg Barclays Municipal Bond: Muni Short (1-5)
2017 1.74% 1.61%
2016 -0.56% 0.07%
2015 0.81% 1.21%
2014 1.68% 1.31%
2013 0.11% 1.14%
2012 2.26% 1.73%
2011 3.56% 3.45%
2010 2.27% 1.87%
2009 6.24% 5.55%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 -0.11% 0.54% 0.10% - 0.53%
2017 0.95% 0.75% 0.42% -0.39% 1.74%
2016 0.55% 0.62% 0.03% -1.75% -0.56%
2015 0.33% -0.17% 0.48% 0.16% 0.81%
2014 0.66% 0.52% 0.42% 0.08% 1.68%
2013 0.57% -0.98% 0.20% 0.34% 0.11%
2012 0.77% 0.66% 0.76% 0.05% 2.26%
2011 0.62% 1.38% 0.99% 0.52% 3.56%
2010 0.51% 0.97% 1.39% -0.60% 2.27%
2009 2.36% 1.02% 2.29% 0.43% 6.24%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
VRDN
Healthcare/Hospital
Transportation
GO State
GO Local
Lease
Education
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
IL
NY
NJ
CA
PA
TX
GA
OH
KY
VA
CT
FL
WV
LA
AZ
WI
IN
TN
AL
MS
NC
AR
WA
OR
CO
AK
MD
MI
MN
MO
HI
NH
MA
ND
NM
KS
ID
OK
IA
Puerto Rico
NE
DC
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 10/31/2018

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 09/30/2018

  • The portfolio is overweight bonds maturing in less than one year. These positions represent a sizable weighting in variable rate demand notes which 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 portfolio 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 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 10/31/2018

Total Net Assets
$1.33 B
Number of Issues
302
Average Coupon
3.8%
Average Effective Maturity
2.9 Years
Average Effective Duration
2.34 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
Ohio Hospital - University Hospital System 1.860% 01/15/2033 2.2%
Appling County Dev Auth - Georgia Power 1.870% 09/01/2041 2.1%
Mason County Pollution Control - Appalachian Power Co 2.750% 10/01/2022 2.0%
St James Parish - Nucor Steel 1.850% 11/01/2040 1.5%
West Virginia Hsp Auth - WVA University Health System 1.850% 06/01/2033 1.5%
Gainesville Utilities System 1.620% 10/01/2038 1.4%
Railsplitter Illinois Tobacco Settlement Authority 5.250% 06/01/2021 1.3%
Illinois State General Obligation 5.000% 08/01/2020 1.3%
Metropolitan Transp Auth, NY 5.000% 05/15/2021 1.2%
Kentucky Public Energy Auth Gas Supply - Morgan Stanley 4.000% 04/01/2048 1.2%
% of Total Assets 15.7%

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 of09/28/2018

Holding Coupon Maturity Assets
Ohio Hospital - University Hospital System1.810% 01/15/20332.2%
Appling County Dev Auth - Georgia Power1.920% 09/01/20412.1%
Mason County Pollution Control - Appalachian Power Co2.750% 10/01/20222.0%
Columbia Industrial Dev Board - Alabama Power1.540% 12/01/20371.8%
West Virginia Hsp Auth - WVA University Health System1.820% 06/01/20331.5%
St James Parish - Nucor Steel1.700% 11/01/20401.5%
Gainesville Utilities System1.580% 10/01/20381.4%
Railsplitter Illinois Tobacco Settlement Authority5.250% 06/01/20211.3%
Illinois State General Obligation5.000% 08/01/20201.3%
Kentucky Public Energy Auth Gas Supply - Morgan Stanley4.000% 04/01/20481.2%
Metropolitan Transp Auth, NY5.000% 05/15/20211.2%
New York City Transitional Fin Auth1.560% 08/01/20311.2%
New York City General Obligation5.000% 08/01/20191.1%
Southeast Alabama Gas Supply District/The4.000% 04/01/20491.1%
AR Development Finance Auth - Baptist Memorial Health2.130% 09/01/20441.1%
New York City Transitional Fin Auth1.540% 11/01/20221.1%
Wise Cnty Indus Dev Auth, VA2.150% 10/01/20401.0%
Bd of Regents of the Texas A&M Univ Sys5.000% 05/15/20231.0%
Montgomery Cnty Indus Dev Auth, PA2.500% 10/01/20300.9%
The Bd of Governors of the Univ of North Carolina1.912% 12/01/20410.9%
Arizona Hlth Facs Auth3.410% 02/01/20480.9%
Grand Parkway Transportation Corp5.000% 02/01/20230.8%
Bay Area Toll Auth, CA2.230% 04/01/20450.8%
Illinois, IL5.000% 11/01/20230.8%
Valdez, AK5.000% 01/01/20210.8%
California5.000% 09/01/20200.8%
Pennsylvania5.000% 08/15/20200.8%
Oregon State Business Development Commission2.400% 12/01/20400.8%
Long Island Pwr Auth, NY2.360% 05/01/20330.8%
New York City Transitional Fin Auth1.460% 08/01/20450.8%
Lehigh County Industrial Development Authority1.800% 02/15/20270.8%
New Brunswick, NJ3.000% 05/30/20190.7%
New York City Mun Fin Auth1.480% 06/15/20450.7%
Connecticut Hlth & Educl Facs Auth1.966% 07/01/20490.7%
New York City Transitional Fin Auth1.560% 11/01/20220.7%
Kentucky Public Energy Auth4.000% 01/01/20490.7%
LA Environmental Facs - Westlake Chemical6.500% 08/01/20290.7%
Tennessee Energy Acquisition Corp.4.000% 05/01/20480.7%
Fairfax Cnty Indl Dev Auth, VA5.000% 05/15/20220.7%
St Charles Parish, LA4.000% 12/01/20400.7%
California Dept of Wtr Resources1.930% 12/01/20350.6%
Main Street Natural Gas, Inc.4.000% 04/01/20480.6%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage1.800% 07/01/20470.6%
Connecticut5.000% 11/01/20220.6%
Illinois St Toll Hwy Auth5.000% 01/01/20240.6%
Illinois, IL5.000% 06/15/20240.6%
California2.177% 12/01/20280.6%
New York City5.000% 08/01/20210.6%
Bay Area Toll Auth, CA2.260% 04/01/20470.6%
Northhampton Cnty Gen Purp Auth, PA2.520% 08/15/20480.6%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20230.6%
Illinois St Toll Hwy Auth5.000% 12/01/20190.6%
Louisa Cnty Indus Dev Auth, VA1.850% 11/01/20350.6%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20190.6%
Wisconsin5.000% 05/01/20200.6%
Maricopa Cnty Poll Cntrl Corp., AZ2.400% 06/01/20430.6%
California Infrastr & Econ Dev Bnk1.995% 04/01/20380.6%
Municipal Elec Auth of Georgia5.000% 01/01/20210.6%
South Central Regl Medical Center, Inc.1.700% 03/01/20200.5%
Mississippi Hosp Equip & Facs Auth2.860% 08/15/20360.5%
NJ Tobacco Settlement Fin Corp3.200% 06/01/20270.5%
Chicago, IL5.000% 01/01/20210.5%
New Jersey Hlthcare Facs Fing Auth1.850% 07/01/20380.5%
California Infrastr & Econ Dev Bnk5.000% 07/01/20230.5%
Tender Option Bnd Tr Receipts/Certificates1.760% 09/01/20330.5%
Illinois Fin Auth1.875% 02/01/20330.5%
American Muni Pwr, Inc., OH2.250% 02/15/20480.5%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20220.5%
Chicago, IL5.000% 11/01/20220.5%
Rangely Hosp Dist4.500% 11/01/20210.4%
Monroe Cnty Dev Auth, GA2.000% 09/01/20370.4%
Scranton School District/PA2.287% 04/01/20310.4%
New Jersey Econ Dev Auth5.500% 12/15/20190.4%
New York City Transitional Fin Auth5.000% 11/01/20210.4%
New York City5.000% 08/01/20190.4%
Connecticut5.000% 01/01/20260.4%
Portland5.000% 10/01/20220.4%
City of Atlanta, GA, Department of Aviation5.000% 01/01/20260.4%
Wisconsin5.000% 11/01/20220.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20200.4%
Illinois, IL5.000% 11/01/20260.4%
New Jersey Econ Dev Auth5.000% 11/01/20240.4%
New Jersey Econ Dev Auth5.000% 03/01/20250.4%
Metropolitan Wtr Reclamation Dist of Greater Chica5.000% 12/01/20220.4%
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%
Kentucky St Prop & Bldg Comm5.000% 11/01/20210.4%
Illinois Fin Auth5.000% 02/15/20210.4%
California St Univ5.000% 11/01/20200.4%
Connecticut5.000% 08/15/20210.4%
Houston, TX5.000% 05/15/20200.4%
Wisconsin Hlth & Edl Facs Auth2.310% 08/01/20260.4%
Central Texas Regl Mobility Auth, TX5.000% 01/01/20450.4%
Kentucky St Prop & Bldg Comm5.000% 08/01/20200.4%
Univ of Missouri Bd of Curator5.000% 11/01/20190.4%
Maryland Dept of Transp4.000% 09/01/20260.4%
California State Pub Wks Bd5.000% 01/01/20200.4%
New Jersey Tpk Auth5.000% 01/01/20200.4%
California Hlth Facs Fing Auth5.000% 07/01/20430.4%
Tobacco Settlement Auth5.000% 06/01/20190.4%
New Caney Independent School District3.000% 02/15/20500.4%
Montgomery Cnty Indus Dev Auth, PA2.550% 06/01/20290.4%
Massachusetts Dev Fin Agy2.060% 07/01/20380.4%
City of West Fargo ND2.150% 05/01/20210.4%
New Hampshire Bus Fin Auth2.800% 10/01/20330.4%
Miami-Dade Cnty Indus Dev Auth, FL1.750% 09/01/20270.4%
Chicago Brd of Ed4.000% 12/01/20210.4%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20190.4%
Buckeye Tobacco Settlement Fin Auth5.125% 06/01/20240.4%
New Jersey Econ Dev Auth5.000% 06/15/20210.4%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20210.4%
SA Energy Acquisition Pub Fac Corp.5.500% 08/01/20210.4%
Port Authority of NY & NJ - JFK International Airport5.000% 12/01/20200.3%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20260.3%
California Statewide Comntys Dev Auth3.000% 07/01/20260.3%
North Texas Tollway Auth5.000% 01/01/20230.3%
Illinois Fin Auth5.000% 07/15/20570.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 06/01/20220.3%
Illinois Fin Auth5.000% 02/15/20220.3%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &1.850% 12/01/20200.3%
Warren Cnty, MS2.900% 09/01/20320.3%
Chicago Brd of Ed4.000% 12/01/20220.3%
Washington Hlthcare Facs Auth2.594% 01/01/20420.3%
California State Pub Wks Bd5.000% 10/01/20270.3%
Suffolk Tobacco Asset Securitization Corp.5.375% 06/01/20280.3%
California Infrastr & Econ Dev Bnk2.220% 12/01/20500.3%
Farmington, NM1.875% 04/01/20330.3%
Pennsylvania Higher Edl Facs Auth5.000% 06/15/20200.3%
Southeastern Ohio Port Auth5.000% 12/01/20220.3%
New Jersey Economic Development Authority5.000% 03/01/20230.3%
Florida5.000% 07/01/20220.3%
New Jersey Tpk Auth5.000% 01/01/20270.3%
York Cnty Econ Dev Auth, VA1.875% 05/01/20330.3%
Pittsburg Redev Agy, CA5.000% 09/01/20220.3%
Ohio5.000% 01/01/20210.3%
California Hlth Facs Fing Auth5.000% 11/15/20250.3%
New Jersey Econ Dev Auth4.000% 07/01/20220.3%
Chicago Brd of Ed4.000% 12/01/20220.3%
New Jersey Econ Dev Auth5.000% 11/01/20220.3%
Connecticut5.000% 06/15/20220.3%
New York City5.000% 08/01/20220.3%
Rockport, IN3.050% 06/01/20250.3%
California Muni Fin Auth1.550% 02/01/20190.3%
Chicago Brd of Ed4.000% 12/01/20210.3%
Wisconsin Hlth & Edl Facs Auth2.650% 11/01/20200.2%
Washington5.000% 08/01/20200.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20200.2%
Illinois, IL5.000% 02/01/20210.2%
Dorm Auth of the St of New York4.000% 07/01/20200.2%
Chicago Brd of Ed4.000% 12/01/20200.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20180.2%
Burke Cnty Dev Auth, GA2.400% 01/01/20400.2%
West Virginia Econ Dev Auth, WV2.625% 12/01/20420.2%
Virginia Peninsula Ports Auth1.550% 10/01/20330.2%
Escambia Cnty, FL2.600% 06/01/20230.2%
Denver City & Cnty Dept of Aviation, CO2.340% 11/15/20310.2%
Lehigh County Industrial Development Authority1.800% 09/01/20290.2%
Chicago, IL5.000% 11/01/20280.2%
Allegheny Cnty Hosp Dev Auth, PA5.000% 04/01/20260.2%
New Mexico Hosp Equipment Loan Council1.690% 08/01/20340.2%
Shelby Cnty Hlth Edl & Hsg Facs Bd1.630% 06/01/20420.2%
Duluth Econ Dev Auth, MN4.750% 06/15/20220.2%
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%
Kanabec Hospital2.750% 12/01/20190.2%
Monroeville Finance Authority3.000% 02/15/20230.2%
New Jersey Tpk Auth2.230% 01/01/20300.2%
NJ Eco Dev Auth - School Facilities5.000% 03/01/20220.2%
Commonwealth Financing Authority5.000% 06/01/20220.2%
California Hlth Facs Fing Auth5.000% 11/15/20230.2%
California Statewide Comntys Dev Auth3.000% 07/01/20270.2%
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%
Greeneville Health & Educational Facilities Board5.000% 07/01/20220.2%
Chicago, IL5.000% 01/01/20220.2%
Dorm Auth of the St of New York5.000% 07/01/20210.2%
Philadelphia, PA5.000% 08/01/20200.2%
West Virginia2.000% 06/01/20210.2%
Tempe Industrial Development Authority4.000% 10/01/20230.2%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20210.2%
Successor Agy to the Brea Redev Agy, CA5.000% 08/01/20190.2%
Morgan County Hospital Authority/GA2.750% 09/01/20190.1%
California2.339% 12/01/20310.1%
E-470 Pub Hwy Auth, CO2.544% 09/01/20390.1%
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%
Twin Rivers Unif Sch Dist, CA3.200% 06/01/20410.1%
Michigan Strategic Fnd1.450% 09/01/20300.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20210.1%
City of Lenexa KS5.000% 05/15/20220.1%
Iowa Higher Ed Loan Auth2.500% 10/01/20200.1%
Triborough Br & Tunnel Auth, NY5.500% 11/15/20210.1%
San Buenaventura Pub Fac Fing Auth, CA5.750% 12/01/20180.1%
California State Pub Wks Bd5.000% 10/01/20260.1%
Chicago, IL5.250% 01/01/20270.1%
North Carolina Turnpike Auth5.000% 01/01/20280.1%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20240.1%
Public Auth For CO Energy5.750% 11/15/20180.1%
South Florida Wtr Mgmt Dist5.000% 10/01/20220.1%
Dorm Auth of the St of New York5.000% 08/01/20240.1%
Kentucky Mun Pwr Agy3.450% 09/01/20420.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20230.1%
Wayne Cnty Arpt Auth5.000% 12/01/20220.1%
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%
Inland Empire Tobacco Securitization Auth4.625% 06/01/20210.1%
Kentucky Econ Dev Fin Auth5.000% 06/01/20250.1%
Dorm Auth of the St of New York4.000% 12/01/20190.1%
California Muni Fin Auth5.000% 07/01/20260.1%
South Miami Hlth Fac Auth, FL5.000% 08/15/20230.1%
Floyd Cnty Dev Auth, GA2.350% 07/01/20220.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20210.1%
Central Plains Energy Pj5.000% 09/01/20270.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20190.1%
New Jersey Econ Dev Auth5.000% 06/15/20250.1%
City of Rockville MD2.500% 11/01/20240.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20220.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20200.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20200.1%
Bay Area Toll Auth, CA4.000% 04/01/20290.1%
Illinois Fin Auth5.000% 05/15/20250.1%
Chicago, IL5.250% 01/01/20230.1%
District of Columbia, DC5.000% 07/15/20210.1%
Cleveland St Univ, OH5.000% 06/01/20190.1%
Puerto Rico Elec Pwr Auth5.250% 07/01/20180.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20190.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20190.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20200.1%
Dorm Auth of the St of New York4.000% 12/01/20210.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
Chicago Brd of Ed5.000% 12/01/20190.1%
Chicago, IL5.000% 11/01/20210.1%
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%
Pub Fin Auth3.000% 11/15/20220.1%
Chicago, IL5.000% 11/01/20220.1%
California Statewide Comntys Dev Auth5.000% 05/15/20220.1%
South Miami Hlth Fac Auth, FL5.000% 08/15/20220.1%
Troy Capital Resources Corp., NY5.000% 08/01/20220.1%
City of Lenexa KS5.000% 05/15/20250.1%
Chicago, IL5.000% 01/01/20210.1%
Stockton Pub Fincg Auth, CA5.000% 09/01/20200.1%
Chicago Brd of Ed5.000% 12/01/20220.1%
Guam Pwr Auth5.000% 10/01/20190.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20190.1%
Dorm Auth of the St of New York4.000% 12/01/20200.1%
Los Angeles Cnty, CA5.000% 08/01/20190.1%
E-470 Pub Hwy Auth, CO5.000% 09/01/20190.1%
Philadelphia, PA5.000% 11/01/20230.1%
Alaska Indus Dev & Export Auth, AK3.500% 12/01/20200.1%
Dorm Auth of the St of New York5.000% 12/01/20180.1%
Sartell, MN4.000% 09/01/20200.1%
Philadelphia Sch Dist, PA5.000% 09/01/20210.1%
New Jersey Econ Dev Auth5.000% 06/15/20220.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20210.1%
Philadelphia, PA5.000% 08/01/20230.1%
Nez Perce County - Potlatch Corporation2.750% 10/01/20240.1%
Philadelphia, PA5.000% 08/01/20240.1%
Oklahoma Dev Fin Auth5.000% 08/15/20260.1%
Illinois Fin Auth4.000% 09/01/20190.1%
Kirkwood Indus Dev Auth5.000% 05/15/20220.1%
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%
Illinois Fin Auth5.000% 11/15/20210.1%
Niagara Area Dev Corp., NY3.500% 11/01/20240.1%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.1%
Lancaster Cnty Hosp Auth, PA5.000% 07/01/20250.1%
JEA5.000% 10/01/20200.1%
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%
Pennsylvania5.000% 07/01/20250.0%
Tulsa Cnty Indus Auth5.000% 11/15/20260.0%
New Jersey Bldg Auth5.000% 06/15/20220.0%
Pennsylvania5.000% 07/01/20230.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20220.0%
Philadelphia Sch Dist, PA5.000% 09/01/20230.0%
Michigan Fin Auth5.000% 07/01/20220.0%
Palomar Hlth5.000% 11/01/20210.0%
Illinois Fin Auth5.000% 11/15/20200.0%
Karnes Cnty Hosp Dist4.000% 02/01/20190.0%
Franklin Cnty Indus Dev Auth, PA5.000% 12/01/20230.0%
Village Comnty Dev Dist No. 123.250% 05/01/20230.0%
Wisconsin Hlth & Edl Facs Auth3.500% 08/01/20220.0%
Cleveland, OH5.000% 01/01/20220.0%
Troy Capital Resources Corp., NY5.000% 08/01/20210.0%
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%
Allentown Neighborhood Impt Zone Dev Auth5.000% 05/01/20230.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20190.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
California Dept of Wtr Resources5.000% 12/01/20190.0%
Phoenix Indus Dev Auth, AZ5.000% 07/01/20260.0%
Phoenix Indus Dev Auth, AZ5.000% 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 11/20/2018
$0.205
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2018 $0.02325 $15.38
Daily Daily 09/30/2018 $0.02328 $15.43
Daily Daily 08/31/2018 $0.02249 $15.49
Daily Daily 07/31/2018 $0.02052 $15.50
Daily Daily 06/30/2018 $0.02139 $15.48
Daily Daily 05/31/2018 $0.01997 $15.47
Daily Daily 04/30/2018 $0.02127 $15.42
Daily Daily 03/31/2018 $0.01842 $15.46
Daily Daily 02/28/2018 $0.01818 $15.48
Daily Daily 01/31/2018 $0.01686 $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 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 10/31/2018

0.55%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
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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 F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. 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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