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Short Duration Tax Free Fund

Daily price w/o sales charge as of 07/26/2017

$15.66

$0.00

YTD Returns w/o sales charge as of 07/26/2017

2.00%

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 07/26/2017  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.11% 1.05%
w/ sales charge 1.09% 1.03%

30-Day Standardized Yield 2 as of 06/30/2017  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.78% 0.70%

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

Fund Basicsas of 06/30/2017

Total Net Assets
$1.65 B
Inception Date
12/31/2008
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
333
CUSIP
543912778
Minimum Initial Investment
$1,000+

Expense Ratioas of 06/30/2017

Expense ratio details, Click here.

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.66% -0.13% 0.72% 0.81% - 2.01%
Lipper Category Avg. Short Municipal Debt Funds 1.13% 0.24% 0.54% 0.64% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.77% 0.47% 1.11% 1.22% - 2.12%
w/ sales charge -0.66% -2.36% -0.04% 0.35% - 1.74%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.66% -0.13% 0.72% 0.81% - 2.01%
Lipper Category Avg. Short Municipal Debt Funds 1.13% 0.24% 0.54% 0.64% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.77% 0.47% 1.11% 1.22% - 2.12%
w/ sales charge -0.66% -2.36% -0.04% 0.35% - 1.74%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

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

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

RELATED CONTENT

Sector Assets
VRDN
Transportation
GO State
Healthcare/Hospital
Education
GO Local
IDR/PCR
Power
Special Tax
Lease
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 06/30/2017

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

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's 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

30 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

27 Years of Industry Experience

Supported By 13 Investment Professionals and 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 07/26/2017  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.11% 1.05%
w/ sales charge 1.09% 1.03%

30-Day Standardized Yield 2 as of 06/30/2017  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.78% 0.70%

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

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.66% -0.13% 0.72% 0.81% - 2.01%
Lipper Category Avg. Short Municipal Debt Funds 1.13% 0.24% 0.54% 0.64% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.77% 0.47% 1.11% 1.22% - 2.12%
w/ sales charge -0.66% -2.36% -0.04% 0.35% - 1.74%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge 1.66% -0.13% 0.72% 0.81% - 2.01%
Lipper Category Avg. Short Municipal Debt Funds 1.13% 0.24% 0.54% 0.64% - -
Bloomberg Barclays Municipal Bond: Muni Short (1-5) 1.77% 0.47% 1.11% 1.22% - 2.12%
w/ sales charge -0.66% -2.36% -0.04% 0.35% - 1.74%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

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

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

Year Fund Returns Bloomberg Barclays Municipal Bond: Muni Short (1-5)
2016 -0.66% 0.07%
2015 0.71% 1.21%
2014 1.58% 1.31%
2013 0.02% 1.14%
2012 2.16% 1.73%
2011 3.46% 3.45%
2010 2.17% 1.87%
2009 6.14% 5.55%
Year Q1 Q2 Q3 Q4 Yearly Returns
2017 0.92% 0.73% - - 2.00%
2016 0.52% 0.60% 0.01% -1.77% -0.66%
2015 0.31% -0.25% 0.52% 0.14% 0.71%
2014 0.57% 0.56% 0.39% 0.06% 1.58%
2013 0.54% -1.01% 0.17% 0.32% 0.02%
2012 0.75% 0.64% 0.74% 0.02% 2.16%
2011 0.53% 1.42% 0.97% 0.50% 3.46%
2010 0.49% 0.95% 1.36% -0.63% 2.17%
2009 2.36% 0.99% 2.26% 0.41% 6.14%

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

Growth of $10,000 as of 06/30/2017

The chart begins on the Fund's inception date of 12/31/2008.

Based on a hypothetical Class A share investment of $10,000 on 12/31/2008 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Best returns

Durations Fund Returns Blended Index
3-Mo 2.36 2.08
1-Yr 6.14 5.55

Worst returns

Durations Fund Returns Blended Index
3-Mo -1.09 -0.41
1-Yr -0.37 0.97

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Portfolio

Portfolio

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

CREDIT QUALITY DISTRIBUTION as of 06/30/2017

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

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's 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 03/31/2017

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

Portfolio Details as of 06/30/2017

Total Net Assets
$1.65 B
Number of Issues
333
Average Coupon
3.8%
Average Effective Maturity
2.8 Years
Average Effective Duration
2.19 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
Appling County Development Authority - Georgia Power 0.960% 09/01/2041 2.4%
Columbia Industrial Dev Board - Alabama Power 0.920% 12/01/2037 1.9%
Illinois Fin Auth 0.910% 11/01/2038 1.9%
New York City Municipal Water Finance Authority 0.970% 06/15/2032 1.8%
University of North Carolina at Chapel Hill 1.572% 12/01/2041 1.5%
New York City 0.870% 06/01/2044 1.5%
Nassau County General Obligation 5.000% 01/01/2021 1.3%
St James Parish - Nucor Steel Corp 1.050% 11/01/2040 1.2%
Saint Lucie - Florida Power & Light 0.860% 09/01/2028 1.1%
New York State Thruway Authority 5.000% 05/01/2019 1.0%
% of Total Assets 15.6%

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

HOLDINGS as of05/31/2017

Holding Coupon Maturity Assets
Appling County Development Authority - Georgia Power0.930% 09/01/20412.1%
Illinois Fin Auth0.750% 11/01/20381.9%
Columbia Industrial Dev Board - Alabama Power0.830% 12/01/20371.7%
Palm Beach County School Board1.460% 08/01/20291.7%
University of North Carolina at Chapel Hill1.454% 12/01/20411.5%
Nassau County General Obligation5.000% 01/01/20211.3%
St James Parish - Nucor Steel Corp0.860% 11/01/20401.2%
New York City Municipal Water Finance Authority0.950% 06/15/20321.1%
New York State Thruway Authority5.000% 05/01/20191.0%
Lakeland Energy System1.510% 10/01/20171.0%
New York City General Obligation5.000% 08/01/20191.0%
California5.000% 02/01/20190.9%
Illinois, IL5.000% 06/01/20200.9%
Bay Area Toll Auth, CA1.875% 04/01/20340.9%
AR Development Finance Auth - Baptist Memorial Health1.500% 09/01/20440.9%
New York City General Obligation0.740% 10/01/20390.9%
New Jersey5.000% 06/01/20190.9%
Connecticut5.000% 10/15/20230.8%
Bd of Regents of the Texas A&M Univ Sys5.000% 05/15/20230.8%
New York City0.740% 10/01/20390.7%
California Hlth Facs Fing Auth1.250% 10/01/20360.7%
Maryland Dept of Transp5.000% 12/15/20210.7%
Arizona Hlth Facs Auth2.610% 02/01/20480.7%
New Mexico5.000% 07/01/20210.7%
Dorm Auth of the St of New York5.000% 10/01/20210.7%
California5.000% 09/01/20200.7%
Florida5.000% 07/01/20200.7%
Pennsylvania5.000% 08/15/20200.7%
Bay Area Toll Auth, CA1.353% 04/01/20450.6%
Virginia Coll Bldg Auth5.000% 02/01/20210.6%
New York City5.000% 08/01/20180.6%
Los Angeles Mun Impt Corp., CA5.000% 03/01/20190.6%
Long Island Pwr Auth, NY1.385% 05/01/20330.6%
Connecticut Hlth & Educl Facs Auth1.254% 07/01/20490.6%
New York City General Obligation0.950% 11/01/20260.6%
New York State Urban Dev Corp.5.000% 03/15/20310.6%
Fairfax Cnty Indl Dev Auth, VA5.000% 05/15/20220.6%
California5.500% 04/01/20190.6%
Valdez, AK5.000% 01/01/20180.6%
Houston Indpt Sch Dist, TX5.000% 02/15/20190.6%
California Hlth Facs Fing Auth2.560% 07/01/20420.6%
Wisconsin5.000% 05/01/20190.5%
South Carolina5.000% 10/01/20220.5%
Florida5.000% 07/01/20210.5%
Central Texas Turnpike Sys5.000% 08/15/20420.5%
Black Belt Energy Gas Dist4.000% 07/01/20460.5%
Nashville & Davidson Cnty Metro Govt, TN5.000% 07/01/20210.5%
New York City5.000% 08/01/20210.5%
Washington5.000% 02/01/20190.5%
Citizen's Prop Insurance Corp., FL5.000% 06/01/20180.5%
Illinois St Toll Hwy Auth5.000% 12/01/20190.5%
Broward Cnty Sch Brd, FL5.000% 07/01/20200.5%
Pennsylvania5.000% 07/01/20190.5%
Philadelphia, PA5.000% 08/01/20190.5%
California1.423% 12/01/20280.5%
Rockland Cnty, NY2.500% 03/22/20180.5%
Bay Area Toll Auth, CA1.460% 04/01/20470.5%
New York City Transitional Fin Auth0.880% 11/01/20220.5%
San Diego Public Facs Fing Auth Wtr Rev5.000% 08/01/20200.5%
Municipal Elec Auth of Georgia5.000% 01/01/20210.5%
Wisconsin5.000% 05/01/20200.5%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20230.5%
Bd of Regents of the Texas A&M Univ Sys5.000% 05/15/20190.5%
Maricopa Cnty Poll Cntrl Corp., AZ2.400% 06/01/20430.5%
Foothill-Eastern Transp Corridor Agy, CA5.000% 01/15/20530.5%
Clark Cnty, NV5.250% 07/01/20180.4%
South Central Regl Medical Center, Inc.1.700% 03/01/20200.4%
California Infrastr & Econ Dev Bnk1.211% 04/01/20380.4%
Rangely Hosp Dist4.500% 11/01/20210.4%
Pittsburgh Sch Dist, PA4.000% 09/01/20180.4%
New Jersey Hlthcare Facs Fing Auth1.050% 07/01/20380.4%
Connecticut5.000% 09/01/20200.4%
Metropolitan Transp Auth, NY1.544% 11/01/20300.4%
South Carolina Transp Infrastr Bank5.000% 10/01/20200.4%
Miami Dade Cnty Sch Bd, FL5.000% 11/01/20190.4%
Railsplitter Tobacco Settlement Auth5.250% 06/01/20210.4%
East Baton Rouge Sewerage Comm1.235% 02/01/20460.4%
Mississippi Hosp Equip & Facs Auth2.060% 08/15/20360.4%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20190.4%
Florida5.000% 07/01/20200.4%
California Infrastr & Econ Dev Bnk5.000% 07/01/20230.4%
Connecticut5.000% 02/15/20210.4%
Chicago, IL5.000% 01/01/20210.4%
California Hlth Facs Fing Auth5.000% 11/01/20270.4%
Illinois Fin Auth1.875% 02/01/20330.4%
Tender Option Bnd Tr Receipts/Certificates1.040% 09/01/20330.4%
Wisconsin Hlth & Edl Facs Auth1.510% 08/01/20260.4%
Arizona Transp Bd5.000% 07/01/20250.4%
New York City5.000% 08/01/20190.4%
New York City Transitional Fin Auth5.000% 11/01/20210.4%
Los Angeles Mun Impt Corp., CA5.000% 11/01/20200.4%
Tennessee Energy Acquisition Corp.5.250% 09/01/20180.4%
Washington5.000% 02/01/20190.4%
Muni Gas Auth of Georgia5.000% 10/01/20190.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20200.4%
Univ of Massachusetts Bldg Auth5.000% 11/01/20210.4%
New York St Tobacco Settlement Fing Corp.5.000% 06/01/20170.4%
Wisconsin5.000% 11/01/20220.4%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20220.4%
Portland5.000% 10/01/20220.4%
South Carolina St Pub Svc Auth5.000% 12/01/20210.4%
Texas Transp Comm5.000% 04/01/20220.4%
Cnty of Arlington, VA5.000% 08/15/20200.3%
Florida5.000% 07/01/20210.3%
Washington0.850% 07/01/20170.3%
Triborough Br & Tunnel Auth, NY5.000% 11/15/20210.3%
Hawaii5.000% 11/01/20210.3%
Massachusetts Dev Fin Agy5.000% 07/01/20210.3%
New Hampshire Turnpike Sys5.000% 10/01/20210.3%
Connecticut5.000% 09/01/20210.3%
Boston, MA5.000% 04/01/20210.3%
Kentucky St Prop & Bldg Comm5.000% 11/01/20210.3%
Connecticut5.000% 08/15/20210.3%
California St Univ5.000% 11/01/20200.3%
Illinois Fin Auth5.000% 07/01/20200.3%
New Hampshire Turnpike Sys5.000% 10/01/20200.3%
Central Texas Regl Mobility Auth, TX5.000% 01/01/20450.3%
Illinois Fin Auth5.000% 02/15/20210.3%
California State Pub Wks Bd5.000% 01/01/20200.3%
New Jersey Tpk Auth5.000% 01/01/20200.3%
Houston, TX5.000% 05/15/20200.3%
Wise Cnty Indus Dev Auth, VA2.150% 10/01/20400.3%
Dallas Indpt Sch Dist5.000% 02/15/20360.3%
California Hlth Facs Fing Auth5.000% 07/01/20430.3%
Pennsylvania Econ Dev Fing Auth5.000% 07/01/20190.3%
New Jersey Econ Dev Auth5.500% 12/15/20190.3%
Univ of Missouri Bd of Curator5.000% 11/01/20190.3%
Tobacco Settlement Auth5.000% 06/01/20190.3%
Wisconsin5.000% 05/01/20190.3%
Northside Independent School Dist2.000% 08/01/20440.3%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20190.3%
Cook Cnty, IL5.000% 11/15/20170.3%
Philadelphia, PA5.000% 07/01/20200.3%
Montgomery Cnty Indus Dev Auth, PA2.550% 06/01/20290.3%
JEA5.000% 10/01/20200.3%
Western Mun Wtr Dist Facs Auth1.500% 10/01/20390.3%
Montgomery Cnty Indus Dev Auth, PA2.500% 10/01/20300.3%
SA Energy Acquisition Pub Fac Corp.5.500% 08/01/20210.3%
Cnty of Cuyahoga, OH5.000% 12/01/20180.3%
NJ Tobacco Settlement Finance Corp4.500% 06/01/20230.3%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20260.3%
Atlanta, GA5.500% 11/01/20180.3%
Indianapolis Local Pub Impt Bnd Bank5.000% 06/01/20220.3%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &1.100% 12/01/20200.3%
Metropolitan Transp Auth, NY4.000% 11/15/20180.3%
Illinois Fin Auth5.000% 02/15/20220.3%
Chicago5.000% 01/01/20200.3%
Clemson University5.000% 05/01/20190.3%
New York City Transitional Fin Auth0.950% 11/01/20220.3%
Pennsylvania Higher Edl Facs Auth5.000% 06/15/20200.3%
California State Pub Wks Bd5.000% 10/01/20270.2%
Southeastern Ohio Port Auth5.000% 12/01/20220.2%
Florida5.000% 07/01/20220.2%
Miami-Dade Cnty Indus Dev Auth, FL1.500% 10/01/20180.2%
City of Austin, TX Wtr & Wastewater Sys Rev5.000% 05/15/20210.2%
Washington Hlthcare Facs Auth1.804% 01/01/20420.2%
Farmington, NM1.875% 04/01/20330.2%
Triborough Br & Tunnel Auth, NY5.000% 11/15/20180.2%
New Jersey Tpk Auth5.000% 01/01/20270.2%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20170.2%
Pittsburg Redev Agy, CA5.000% 09/01/20220.2%
St Charles Parish, LA4.000% 12/01/20400.2%
York Cnty Econ Dev Auth, VA1.875% 05/01/20330.2%
California Statewide Comntys Dev Auth2.500% 08/01/20200.2%
Ohio Air Qlty Dev Auth3.750% 12/01/20230.2%
California Muni Fin Auth1.550% 02/01/20190.2%
Duluth Econ Dev Auth, MN4.750% 06/15/20220.2%
Iowa Higher Ed Loan Auth2.500% 10/01/20200.2%
Citizen's Prop Insurance Corp., FL5.500% 06/01/20170.2%
Metropolitan Transp Auth, NY5.000% 11/15/20180.2%
Maryland Hlth & Hgr Ed Facs Auth5.000% 07/01/20200.2%
Los Angeles Comnty College Dist, CA5.000% 08/01/20190.2%
Public Auth For CO Energy5.750% 11/15/20180.2%
Dorm Auth of the St of New York4.000% 07/01/20200.2%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20180.2%
JEA5.000% 10/01/20200.2%
Minneapolis St Paul Metro Arpts Comm, MN5.000% 01/01/20210.2%
New Jersey Econ Dev Auth5.000% 06/15/20170.2%
Burke Cnty Dev Auth, GA2.400% 01/01/20400.2%
Mobile Indl Dev Brd, AL1.625% 07/15/20340.2%
Denver City & Cnty Dept of Aviation, CO1.595% 11/15/20310.2%
Indiana Hsg & Comnty Dev Auth0.970% 07/01/20390.2%
Pennsylvania Econ Dev Fing Auth1.500% 11/01/20210.2%
Virginia Peninsula Ports Auth1.550% 10/01/20330.2%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20220.2%
Phoenix Civ Impt Corp., AZ5.000% 07/01/20190.2%
North Texas Tollway Auth5.000% 01/01/20200.2%
Philadelphia Sch Dist, PA5.000% 09/01/20200.2%
Pennsylvania Indus Dev Auth5.000% 07/01/20180.2%
Citizen's Prop Insurance Corp., FL4.250% 06/01/20170.2%
Houston, TX5.000% 11/15/20190.2%
Wisconsin5.000% 07/01/20220.2%
Illinois Fin Auth4.000% 09/01/20190.2%
Pittsburg Redev Agy, CA5.000% 08/01/20180.2%
Atlanta, GA5.000% 11/01/20180.2%
Philadelphia, PA5.000% 07/01/20190.2%
Intermountain Pwr Agy, UT5.000% 07/01/20190.2%
Appling Cnty Dev Auth, GA0.930% 09/01/20290.1%
Gulf Coast Waste Disp Auth, TX5.750% 09/01/20170.1%
Successor Agy to the Brea Redev Agy, CA5.000% 08/01/20200.1%
Long Island Pwr Auth, NY5.000% 09/01/20220.1%
Dorm Auth of the St of New York5.000% 07/01/20210.1%
Dorm Auth of the St of New York5.000% 07/01/20210.1%
Chicago, IL5.000% 01/01/20220.1%
Philadelphia, PA5.000% 08/01/20200.1%
Dallas Area Rapid Transit, TX5.000% 12/01/20190.1%
New York St Thruway Auth5.000% 01/01/20200.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20210.1%
Missouri Joint Muni Electric Utility Comm5.000% 01/01/20200.1%
Dorm Auth of the St of New York4.000% 07/01/20200.1%
California St Univ5.000% 11/01/20190.1%
Successor Agy to the Brea Redev Agy, CA5.000% 08/01/20190.1%
California Hlth Facs Fing Auth5.000% 07/01/20340.1%
Tobacco Settlement Auth5.000% 06/01/20180.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.000% 11/15/20200.1%
Michigan Fin Auth5.000% 11/15/20220.1%
City of Irvine CA4.000% 09/02/20170.1%
California1.495% 12/01/20310.1%
Ohio Air Quality Auth - FirstEnergy5.625% 06/01/20180.1%
Iowa Finance Auth - Iowa Fertilizer Co5.000% 12/01/20190.1%
E-470 Pub Hwy Auth, CO1.754% 09/01/20390.1%
Antelope Valley Hlthcare Dist5.000% 03/01/20210.1%
Michigan Strategic Fnd1.450% 09/01/20300.1%
Triborough Br & Tunnel Auth, NY5.500% 11/15/20210.1%
Twin Rivers Unif Sch Dist, CA3.200% 06/01/20410.1%
San Buenaventura Pub Fac Fing Auth, CA5.750% 12/01/20180.1%
California St Univ5.000% 11/01/20200.1%
Stockton Pub Fincg Auth, CA5.000% 09/01/20190.1%
Sartell, MN4.000% 09/01/20200.1%
California State Pub Wks Bd5.000% 10/01/20260.1%
Modesto Irr Dist, CA5.000% 10/01/20210.1%
Houston, TX5.000% 11/15/20180.1%
Inland Empire Tobacco Securitization Auth4.625% 06/01/20210.1%
North Carolina Turnpike Auth5.000% 01/01/20280.1%
San Buenaventura Pub Fac Fing Auth, CA5.250% 12/01/20170.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.000% 11/15/20190.1%
South Florida Wtr Mgmt Dist5.000% 10/01/20220.1%
Cnty of Cuyahoga, OH5.000% 02/15/20250.1%
Chicago5.000% 01/01/20210.1%
TSASC, Inc.5.000% 06/01/20210.1%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20240.1%
North Carolina Capital Facs Fin Agy5.000% 05/01/20180.1%
Kentucky Econ Dev Fin Auth5.000% 06/01/20250.1%
California Muni Fin Auth5.000% 07/01/20260.1%
Dorm Auth of the St of New York4.000% 12/01/20190.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX5.000% 11/15/20210.1%
Floyd Cnty Dev Auth, GA2.350% 07/01/20220.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20190.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA5.000% 07/01/20170.1%
Kansas City, MO5.000% 10/01/20200.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20220.1%
Dorm Auth of the St of New York5.000% 10/01/20180.1%
South Florida Wtr Mgmt Dist5.000% 10/01/20210.1%
Katy Indpt Sch Dist, TX5.000% 02/15/20190.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20200.1%
District of Columbia, DC5.000% 07/15/20210.1%
New York City Transitional Fin Auth0.950% 08/01/20220.1%
Puerto Rico Elec Pwr Auth5.250% 07/01/20180.1%
Cleveland St Univ, OH5.000% 06/01/20190.1%
Clackamas Cnty Sch Dist No. 12 North Clackamas, OR5.000% 06/15/20190.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20200.1%
Southeastern Pennsylvania Transp Auth5.000% 06/01/20180.1%
Montgomery Cnty Indus Dev Auth, PA5.000% 01/15/20200.1%
New Jersey Transp Tr Fnd Auth5.000% 06/15/20190.1%
Illinois Fin Auth5.000% 05/15/20250.1%
St. Paul Hsg & Redev Auth, MN5.000% 11/15/20190.1%
City of Irvine CA4.000% 09/02/20180.1%
New York City Transitional Fin Auth0.880% 08/01/20310.1%
Dorm Auth of the St of New York4.000% 12/01/20210.1%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20210.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20200.1%
Washington St Hsg Fin Comm4.375% 01/01/20210.1%
City of Poughkeepsie, NY4.000% 05/04/20180.1%
Cleveland, OH5.000% 01/01/20230.1%
Troy Capital Resources Corp., NY5.000% 08/01/20220.1%
California Statewide Comntys Dev Auth4.750% 08/01/20200.1%
Pittsburg Redev Agy, CA5.000% 09/01/20210.1%
California Statewide Comntys Dev Auth5.000% 05/15/20220.1%
Stockton Pub Fincg Auth, CA5.000% 09/01/20200.1%
Texas Muni Gas Acquisition & Supply Corp. III5.000% 12/15/20190.1%
Chicago, IL5.000% 01/01/20210.1%
Pub Fin Auth3.000% 11/15/20220.1%
Los Angeles Cnty, CA5.000% 08/01/20190.1%
Phoenix Indus Dev Auth, AZ3.000% 07/01/20200.1%
Successor Agy to the Emeryville RDA, CA5.000% 09/01/20190.1%
Alameda Corridor Transp Auth5.000% 10/01/20190.1%
E-470 Pub Hwy Auth, CO5.000% 09/01/20190.1%
Illinois Fin Auth5.000% 11/15/20190.1%
Guam Pwr Auth5.000% 10/01/20190.1%
Karnes Cnty Hosp Dist4.000% 02/01/20190.1%
Dorm Auth of the St of New York4.000% 12/01/20200.1%
Dorm Auth of the St of New York5.000% 12/01/20180.1%
California Statewide Comntys Dev Auth5.000% 05/15/20190.1%
Washington St Hsg Fin Comm4.000% 07/01/20180.1%
Genesis Hlthcare Sys, OH5.000% 02/15/20180.1%
New Jersey Hlthcare Facs Fing Auth5.000% 07/01/20210.1%
New York St Envr Facs Corp.2.750% 07/01/20170.1%
Niagara Area Dev Corp - Covanta Energy4.000% 11/01/20240.1%
California Sch Fin Auth6.000% 01/01/20190.1%
Northside Independent School Dist2.000% 06/01/20390.1%
California Statewide Comntys Dev Auth5.000% 05/15/20210.1%
Buncombe Cnty, NC5.000% 06/01/20190.1%
Kirkwood Indus Dev Auth5.000% 05/15/20220.1%
Illinois, IL5.000% 02/01/20200.1%
Buncombe Cnty, NC5.000% 06/01/20200.1%
North Carolina Medical Care Comm5.000% 10/01/20230.0%
Los Angeles Comnty College Dist, CA2.000% 08/01/20220.0%
Illinois Fin Auth5.000% 11/15/20210.0%
Lancaster Cnty Hosp Auth, PA5.000% 07/01/20250.0%
JEA5.000% 10/01/20200.0%
California Statewide Comntys Dev Auth5.000% 05/15/20200.0%
Saint Lucie - Florida Power & Light0.770% 09/01/20280.0%
Michigan Fin Auth5.000% 07/01/20220.0%
Brooklyn Arena Local Dev Corp.5.000% 07/15/20200.0%
Illinois Fin Auth5.000% 11/15/20200.0%
Tulsa Cnty Indus Auth5.000% 11/15/20260.0%
Palomar Hlth5.000% 11/01/20210.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX3.875% 11/15/20220.0%
Cleveland, OH5.000% 01/01/20220.0%
Cleveland, OH5.000% 01/01/20210.0%
Troy Capital Resources Corp., NY5.000% 08/01/20210.0%
Michigan Fin Auth5.000% 07/01/20210.0%
St. Louis Cnty MO Indl Dev4.150% 08/15/20210.0%
Multnomah Cnty Hosp Facs Auth, OR5.000% 10/01/20190.0%
Colorado Hlth Facs Auth4.000% 01/01/20210.0%
St. Louis Cnty MO Indl Dev3.850% 08/15/20200.0%
California Dept of Wtr Resources5.000% 12/01/20200.0%
Los Angeles, CA4.000% 05/15/20200.0%
California Dept of Wtr Resources5.000% 12/01/20190.0%
Indus Dev Auth of the Twn of Florence, Inc., AZ4.000% 07/01/20180.0%
JEA5.000% 10/01/20200.0%

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 07/26/2017
$0.085
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2017 $0.01451 $15.62
Daily Daily 05/31/2017 $0.01408 $15.66
Daily Daily 04/30/2017 $0.01485 $15.60
Daily Daily 03/31/2017 $0.01310 $15.55
Daily Daily 02/28/2017 $0.01554 $15.56
Daily Daily 01/31/2017 $0.01385 $15.52

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 07/31/2017
Daily Daily 08/31/2017
Daily Daily 09/30/2017
Daily Daily 10/31/2017
Daily Daily 11/30/2017
Daily Daily 12/31/2017

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
12/19/2017 12/20/2017

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/26/2017

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $16.02
$100,000 to $249,999 1.75% 1.50% $15.94
$250,000 to $499,999 1.25% 1.00% $15.86
$500,000 to $999,999 0.00% 1.00% $15.66
$1,000,000 to $5,000,000 0.00% 1.00% $15.66

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

    To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.

  • Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 06/30/2017

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Fund Documents

Fund Documents

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

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

                    

1

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

 

2

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

 

3

The Fund’s Dividend Yield and 12-Month Dividend 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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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.

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