LSDFX | Short Duration Tax Free Fund Class F | Lord Abbett
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Short Duration Tax Free Fund

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 09/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.31% 1.30%

30-Day Standardized Yield 2 as of 08/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.58% 0.57%

Fund Basicsas of 08/31/2020

Total Net Assets
$1.87 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.56%
Fund Net Expense Ratio
0.55%
Number of Holdings
394

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.19% 1.77% 2.04% 1.57% 1.54% 2.08%
Lipper Category Avg. Short Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index - - - - - -

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.19% 1.77% 2.04% 1.57% 1.54% 2.08%
Lipper Category Avg. Short Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index - - - - - -

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

RELATED CONTENT

Sector Assets
IDR/PCR
GO Local
Healthcare/Hospital
VRDN
Transportation
Special Tax
Power
GO State
Lease
Housing
Education
Water & Sewer
Other
Pre-Refunded
Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

CREDIT QUALITY DISTRIBUTION as of 08/31/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

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 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 09/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.31% 1.30%

30-Day Standardized Yield 2 as of 08/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.58% 0.57%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.19% 1.77% 2.04% 1.57% 1.54% 2.08%
Lipper Category Avg. Short Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index - - - - - -

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.19% 1.77% 2.04% 1.57% 1.54% 2.08%
Lipper Category Avg. Short Municipal Debt Funds - - - - - -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index - - - - - -

Fund Expense Ratio :

Gross 0.56%

Net 0.55%

Year Fund Returns Bloomberg Barclays Municipal Bond Short 1-5 Year Index
2019 4.16% 3.66%
2018 1.19% 1.77%
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% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -1.58% 1.82% 0.98% - 1.19%
2019 1.53% 1.26% 0.73% 0.58% 4.16%
2018 -0.11% 0.54% 0.10% 0.66% 1.19%
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
GO Local
Healthcare/Hospital
VRDN
Transportation
Special Tax
Power
GO State
Lease
Housing
Education
Water & Sewer
Other
Pre-Refunded
Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years
State Assets
NY
IL
PA
NJ
TX
CA
AL
FL
CT
WV
OH
GA
LA
AR
VA
MD
NC
KY
SC
NM
CO
IA
ID
OR
IN
MA
AK
MI
ND
TN
MN
WI
AZ
WA
DE
MO
MS
HI
NH
NV
KS
OK
Puerto Rico
NE
DC

CREDIT QUALITY DISTRIBUTION as of 08/31/2020

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2020

  • 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 portfolio is overweight lower rated investment grade bonds due to relatively attractive credit spreads.
  • Municipals are now positive on the year despite volatility towards the end of the first quarter of 2020. The recovery in the tax-free market has taken place without much support from the federal government compared to taxable fixed income markets. However, the market is anticipating more support from U.S. Congress in the future.
  • State and local municipalities have seen revenues decline in the economic downturn due to individuals’ ability to defer their tax payments for several months. Despite these headwinds, municipalities have been cutting expenses and taking steps to remain financially healthy.

Portfolio Details as of 08/31/2020

Total Net Assets
$1.87 B
Number of Issues
394
Average Coupon
3.3%
Average Effective Maturity
4.3 Years
Average Effective Duration
2.57 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/30/2020
$0.185
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2020 $0.01729 $15.80
Daily Daily 08/31/2020 $0.01707 $15.82
Daily Daily 07/31/2020 $0.01968 $15.82
Daily Daily 06/30/2020 $0.01842 $15.70
Daily Daily 05/31/2020 $0.01998 $15.58
Daily Daily 04/30/2020 $0.02227 $15.37
Daily Daily 03/31/2020 $0.02592 $15.48
Daily Daily 02/29/2020 $0.02319 $15.99
Daily Daily 01/31/2020 $0.02210 $15.92

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 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

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

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
12/21/2020 12/22/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.56% 0.55%

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

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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.

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. 

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