LSDAX | Short Duration Tax Free Fund Class A | Lord Abbett

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Short Duration Tax Free Fund

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Daily price w/o sales charge as of 06/24/2022

$15.04

$0.00

YTD Returns w/o sales charge as of 06/24/2022

-4.44%

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the Short Duration Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in short-term investment grade municipal bonds.
 

EXPERIENCED TEAM, TRUSTED LEGACY

A firm with over 30 years of experience navigating the nuances of the municipal market. 

HIGH QUALITY, LOW DURATION

The strategy seeks to generate tax-free income by combining high-quality, short maturity bonds with money market securities*, limiting credit risk and interest rate risk.  

STRONG PERFORMANCE

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

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

 

Yield

Dividend Yield 1 as of 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.99% 0.98%
w/ sales charge 0.97% 0.96%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.50% 1.49%

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

Fund Basicsas of 05/31/2022

Total Net Assets
$2.19 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.66%
Fund Net Expense Ratio
0.65%
Number of Holdings
424
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -3.94% -4.11% -0.04% 0.64% 0.74% 1.52%
Lipper Category Avg. Short Municipal Debt Funds -2.32% -2.42% 0.23% 0.67% 0.66% -
Bloomberg Municipal Bond Short 1-5 Year Index -3.15% -3.12% 0.52% 0.98% 1.13% 1.73%
w/ sales charge -6.08% -6.29% -0.79% 0.18% 0.51% 1.35%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -3.40% -3.12% 0.44% 0.93% 0.86% 1.58%
Lipper Category Avg. Short Municipal Debt Funds -2.16% -2.04% 0.45% 0.82% 0.72% -
Bloomberg Municipal Bond Short 1-5 Year Index -3.33% -3.06% 0.68% 1.11% 1.16% 1.73%
w/ sales charge -5.55% -5.33% -0.32% 0.47% 0.63% 1.41%

Fund Expense Ratio :

Gross 0.66%

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 for future results.

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

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

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

Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

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

CREDIT QUALITY DISTRIBUTION as of 05/31/2022

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

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

32 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.99% 0.98%
w/ sales charge 0.97% 0.96%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.50% 1.49%

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

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -3.94% -4.11% -0.04% 0.64% 0.74% 1.52%
Lipper Category Avg. Short Municipal Debt Funds -2.32% -2.42% 0.23% 0.67% 0.66% -
Bloomberg Municipal Bond Short 1-5 Year Index -3.15% -3.12% 0.52% 0.98% 1.13% 1.73%
w/ sales charge -6.08% -6.29% -0.79% 0.18% 0.51% 1.35%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2008
w/o sales charge -3.40% -3.12% 0.44% 0.93% 0.86% 1.58%
Lipper Category Avg. Short Municipal Debt Funds -2.16% -2.04% 0.45% 0.82% 0.72% -
Bloomberg Municipal Bond Short 1-5 Year Index -3.33% -3.06% 0.68% 1.11% 1.16% 1.73%
w/ sales charge -5.55% -5.33% -0.32% 0.47% 0.63% 1.41%

Fund Expense Ratio :

Gross 0.66%

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 for future results.

Year Fund Returns Bloomberg Municipal Bond Short 1-5 Year Index
2021 0.29% 0.37%
2020 2.03% 2.82%
2019 4.06% 3.66%
2018 1.10% 1.77%
2017 1.64% 1.61%
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% -
2010 2.17% -
2009 6.14% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -3.40% - - - -4.44%
2021 0.00% 0.54% -0.25% 0.00% 0.29%
2020 -1.67% 1.86% 0.96% 0.91% 2.03%
2019 1.51% 1.24% 0.71% 0.55% 4.06%
2018 -0.13% 0.51% 0.08% 0.63% 1.10%
2017 0.92% 0.73% 0.40% -0.42% 1.64%
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 07/31/2021

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

Portfolio

Portfolio

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

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

Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

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

State Assets
NY
NJ
PA
IL
AL
TX
NC
VA
CA
MA
OH
FL
CT
GA
LA
WV
MD
IN
WI
AR
NE
DE
NM
MO
MI
CO
KY
SC
OR
ID
MN
ND
IA
AZ
MS
NH
TN
RI
NV
WA
OK
KS
WY
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 05/31/2022

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

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Details as of 05/31/2022

Total Net Assets
$2.19 B
Number of Issues
424
Average Coupon
3.1%
Average Effective Maturity
4.0 Years
Average Effective Duration
2.31 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
New York City Transitional Finance Authority Futur 0.650% 11/01/2044 2.3%
City of Jersey City NJ 1.500% 06/16/2022 1.4%
Columbia Industrial Development Board 0.650% 12/01/2037 1.4%
County of Mason WV 2.750% 10/01/2022 1.3%
Arkansas Development Finance Authority 1.130% 09/01/2044 1.2%
Hannibal Central School District 1.500% 06/29/2022 1.2%
Geneva City School District 1.500% 06/24/2022 1.1%
Auburn Enlarged City School District 1.500% 06/22/2022 1.1%
Lower Alabama Gas District/The 4.000% 12/01/2050 1.1%
North Carolina Medical Care Commission 2.200% 12/01/2048 1.0%
% of Total Assets 13.1%

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 of04/29/2022

Holding Coupon Maturity Assets
Arkansas Development Finance Authority0.740% 09/01/20442.2%
New York City Municipal Water Finance Authority0.360% 06/15/20452.0%
City of Jersey City NJ1.500% 06/16/20221.5%
Columbia Industrial Development Board0.390% 12/01/20371.4%
County of Mason WV2.750% 10/01/20221.3%
Hannibal Central School District1.500% 06/29/20221.2%
Geneva City School District1.500% 06/24/20221.2%
Auburn Enlarged City School District1.500% 06/22/20221.1%
Lower Alabama Gas District/The4.000% 12/01/20501.1%
North Carolina Medical Care Commission2.200% 12/01/20481.1%
North Carolina Turnpike Authority5.000% 02/01/20241.0%
City of New York NY0.640% 10/01/20461.0%
Industrial Development Board of the City of Mobile2.900% 07/15/20341.0%
Main Street Natural Gas Inc4.000% 08/01/20521.0%
Town of Leicester MA1.500% 08/25/20220.9%
Lee Memorial Health System0.690% 04/01/20490.9%
Geisinger Authority5.000% 04/01/20430.9%
Long Island Power Authority1.500% 09/01/20510.9%
Pittsburgh Water & Sewer Authority1.090% 09/01/20400.8%
Health Care Authority for Baptist Health/The0.740% 11/01/20420.8%
Hampton Roads Transportation Accountability Commis5.000% 07/01/20260.8%
City of Brockton MA1.500% 06/17/20220.8%
Triborough Bridge & Tunnel Authority5.000% 11/01/20250.8%
City of Farmington NM1.100% 06/01/20400.7%
County of Lehigh PA1.540% 08/15/20380.7%
Main Street Natural Gas Inc4.000% 03/01/20500.7%
Jersey City Municipal Utilities Authority3.750% 05/05/20230.7%
North Carolina Capital Facilities Finance Agency0.170% 07/01/20340.7%
Nebraska Public Power District0.600% 01/01/20510.7%
Louisiana Local Government Environmental Facilitie0.875% 02/01/20460.6%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20250.6%
Addison Central School District1.500% 06/28/20220.6%
City of New York NY0.640% 04/01/20420.6%
Black Belt Energy Gas District4.000% 12/01/20490.6%
Health & Educational Facilities Authority of the S4.000% 05/01/20510.6%
California Community Choice Financing Authority4.000% 10/01/20520.6%
Buckeye Tobacco Settlement Financing Authority5.000% 06/01/20290.6%
New York City Transitional Finance Authority Futur0.350% 11/01/20440.6%
San Antonio Water System2.625% 05/01/20490.5%
Metropolitan Transportation Authority5.000% 11/15/20300.5%
City of Tampa FL4.000% 11/15/20330.5%
New York State Housing Finance Agency0.750% 11/01/20250.5%
County of Nez Perce ID2.750% 10/01/20240.5%
Wise County Industrial Development Authority0.750% 10/01/20400.5%
Triborough Bridge & Tunnel Authority5.000% 05/15/20500.5%
Chicago Board of Education5.000% 12/01/20250.5%
Lehigh County Industrial Development Authority1.800% 02/15/20270.5%
State of Illinois5.000% 11/01/20230.5%
Oregon State Business Development Commission2.400% 12/01/20400.5%
Central Plains Energy Project4.000% 12/01/20490.5%
Grand Parkway Transportation Corp5.000% 02/01/20230.5%
Germantown Central School District1.250% 06/24/20220.5%
Delaware State Economic Development Authority1.250% 10/01/20450.5%
Township of Florence NJ1.500% 06/08/20220.5%
American Municipal Power Inc1.000% 02/15/20480.5%
Ohio Air Quality Development Authority2.400% 12/01/20380.5%
Indiana Finance Authority0.220% 05/01/20280.5%
State of Ohio0.950% 11/01/20350.5%
City of New York NY0.630% 04/01/20420.5%
Long Island Power Authority1.068% 05/01/20330.5%
Black Belt Energy Gas District4.000% 10/01/20520.5%
Town of Truro MA1.500% 06/10/20220.5%
Long Island Power Authority0.850% 09/01/20500.5%
Lansing Board of Water & Light2.000% 07/01/20510.5%
Delaware Valley Regional Finance Authority0.680% 11/01/20550.5%
Wisconsin Health & Educational Facilities Authorit5.000% 02/15/20520.5%
Chesapeake Bay Bridge & Tunnel District5.000% 11/01/20230.4%
Illinois Housing Development Authority3.000% 04/01/20510.4%
City of New York NY5.000% 06/01/20440.4%
Delaware State Economic Development Authority1.250% 10/01/20400.4%
General Authority of Southcentral Pennsylvania1.040% 06/01/20490.4%
New Jersey Turnpike Authority5.000% 01/01/20280.4%
State of New Jersey5.000% 06/01/20260.4%
Colorado Health Facilities Authority5.000% 08/01/20490.4%
State of Connecticut4.000% 01/15/20260.4%
Orlando Utilities Commission1.250% 10/01/20460.4%
Patriots Energy Group Financing Agency4.000% 10/01/20480.4%
State of California5.000% 08/01/20260.4%
City of San Antonio TX Electric & Gas Systems Reve2.750% 02/01/20480.4%
State of Connecticut4.000% 01/15/20270.4%
Northampton County General Purpose Authority1.358% 08/15/20480.4%
County of Prince George's MD4.000% 08/01/20310.4%
Harris County Cultural Education Facilities Financ1.010% 12/01/20490.4%
Parish of St John the Baptist LA2.100% 06/01/20370.4%
Wisconsin Housing & Economic Development Authority0.810% 11/01/20520.4%
State of Illinois Sales Tax Revenue5.000% 06/15/20240.4%
Illinois State Toll Highway Authority5.000% 01/01/20240.4%
Maryland Community Development Administration3.500% 03/01/20500.4%
New Jersey Transportation Trust Fund Authority5.000% 06/15/20230.4%
Nassau Health Care Corp5.000% 08/01/20250.4%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20240.4%
State of Connecticut5.000% 04/15/20250.4%
New Mexico Mortgage Finance Authority3.000% 07/01/20520.4%
Metropolitan Transportation Authority5.000% 11/15/20450.3%
Metropolitan Transportation Authority5.000% 05/15/20220.3%
Central Bradford Progress Authority0.170% 12/01/20410.3%
City of Newark NJ1.250% 10/03/20220.3%
County of Miami-Dade FL5.000% 04/01/20250.3%
Metropolitan Transportation Authority5.000% 09/01/20220.3%
Parish of St Charles LA4.000% 12/01/20400.3%
Maryland Health & Higher Educational Facilities Au5.000% 07/01/20450.3%
Minnesota Housing Finance Agency3.000% 01/01/20520.3%
North Carolina Medical Care Commission5.000% 02/01/20510.3%
Triborough Bridge & Tunnel Authority0.388% 01/01/20320.3%
New York City Transitional Finance Authority Futur0.330% 02/01/20450.3%
California Infrastructure & Economic Development B1.140% 12/01/20500.3%
Main Street Natural Gas Inc4.000% 05/01/20520.3%
Illinois Finance Authority5.000% 12/01/20250.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20270.3%
Indiana Finance Authority0.700% 12/01/20460.3%
City of Newark NJ Mass Transit Access Tax Revenue2.000% 12/08/20220.3%
West Virginia Economic Development Authority0.625% 12/01/20380.3%
Parish of St John the Baptist LA2.125% 06/01/20370.3%
Delaware State Economic Development Authority1.050% 01/01/20310.3%
California Infrastructure & Economic Development B0.400% 08/01/20470.3%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.3%
California Municipal Finance Authority5.000% 11/01/20270.3%
Commonwealth of Pennsylvania5.000% 05/01/20270.3%
Metropolitan Transportation Authority5.000% 11/15/20330.3%
Jersey City Redevelopment Agency4.000% 12/15/20240.3%
Louisa Industrial Development Authority0.750% 11/01/20350.3%
State of Connecticut5.000% 10/15/20260.3%
State of Connecticut Special Tax Revenue5.000% 01/01/20260.3%
York County Economic Development Authority1.900% 05/01/20330.3%
Hospitals & Higher Education Facilities Authority5.000% 07/01/20270.3%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20260.3%
New Jersey Economic Development Authority5.000% 03/01/20250.3%
Commonwealth Financing Authority5.000% 06/01/20240.3%
Wise County Industrial Development Authority1.200% 11/01/20400.3%
City of Chicago IL5.000% 01/01/20280.3%
Commonwealth of Massachusetts5.000% 06/01/20440.2%
Kentucky Public Energy Authority4.000% 12/01/20500.2%
Metropolitan Water Reclamation District of Greater5.000% 12/01/20220.2%
Berks County Municipal Authority/The5.000% 02/01/20400.2%
Main Street Natural Gas Inc5.000% 05/15/20250.2%
Northern California Energy Authority4.000% 07/01/20490.2%
California Infrastructure & Economic Development B3.000% 10/01/20470.2%
State of Maryland Department of Transportation4.000% 09/01/20260.2%
Louisa Industrial Development Authority1.900% 11/01/20350.2%
New Hampshire Business Finance Authority2.800% 10/01/20330.2%
Massachusetts Development Finance Agency0.940% 07/01/20380.2%
Illinois Finance Authority5.000% 05/15/20500.2%
North Dakota Housing Finance Agency3.000% 07/01/20520.2%
Central Texas Regional Mobility Authority5.000% 01/01/20270.2%
Chicago O'Hare International Airport5.000% 01/01/20310.2%
Chicago Board of Education5.000% 12/01/20340.2%
Allegheny County Industrial Development Authority4.875% 11/01/20240.2%
State of New Jersey2.000% 06/01/20270.2%
New York State Housing Finance Agency0.750% 11/01/20250.2%
Maricopa County Industrial Development Authority1.010% 01/01/20350.2%
New Caney Independent School District1.250% 02/15/20500.2%
Western Placer Unified School District2.000% 06/01/20250.2%
Allegheny County Hospital Development Authority5.000% 07/15/20290.2%
California Statewide Communities Development Autho3.000% 07/01/20260.2%
County of Miami-Dade FL5.000% 06/01/20260.2%
City of San Antonio TX5.000% 02/01/20260.2%
Connecticut Housing Finance Authority4.000% 05/15/20490.2%
Iowa Finance Authority3.000% 01/01/20470.2%
North Dakota Housing Finance Agency4.000% 01/01/20500.2%
Michigan State Housing Development Authority4.250% 12/01/20490.2%
State of Illinois5.000% 03/01/20290.2%
New Jersey Economic Development Authority5.000% 06/15/20260.2%
County of Cook IL5.000% 11/15/20260.2%
State of Illinois5.000% 03/01/20270.2%
County of Warren MS2.900% 09/01/20320.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20250.2%
Nassau Health Care Corp5.000% 08/01/20240.2%
Ohio Housing Finance Agency4.500% 03/01/20500.2%
Illinois Finance Authority5.000% 07/15/20570.2%
Chicago Board of Education4.000% 12/01/20220.2%
New York City Transitional Finance Authority Futur0.350% 05/01/20340.2%
Indiana Finance Authority0.650% 08/01/20250.2%
South Carolina State Housing Finance & Development4.000% 01/01/20500.2%
State of Ohio0.620% 01/15/20490.2%
Long Island Power Authority1.650% 09/01/20490.2%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20280.2%
Missouri Housing Development Commission4.250% 05/01/20470.2%
Wisconsin Housing & Economic Development Authority3.000% 03/01/20520.2%
Chicago Board of Education5.000% 12/01/20220.2%
Parish of St James LA5.850% 08/01/20410.2%
New York City Educational Construction Fund5.000% 04/01/20250.2%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.2%
PEFA Inc5.000% 09/01/20490.2%
California State Public Works Board5.000% 10/01/20270.2%
New Jersey Economic Development Authority5.000% 03/01/20230.2%
North Carolina Housing Finance Agency4.000% 01/01/20500.2%
Chicago Board of Education4.000% 12/01/20220.2%
Development Authority of Burke County/The1.500% 01/01/20400.2%
Minnesota Housing Finance Agency4.250% 07/01/20490.2%
City of Rockport IN3.050% 06/01/20250.2%
Florida Housing Finance Corp3.000% 07/01/20520.2%
New Jersey Turnpike Authority5.000% 01/01/20270.2%
Chicago Board of Education5.000% 12/01/20230.2%
City of Cranston RI1.000% 08/23/20220.2%
Louisiana Offshore Terminal Authority1.650% 09/01/20270.2%
State of Connecticut Special Tax Revenue5.000% 10/01/20220.2%
Charles City County Economic Development Authority2.875% 02/01/20290.2%
New Jersey Economic Development Authority5.000% 11/01/20220.2%
State of Connecticut Special Tax Revenue5.000% 05/01/20270.2%
State of Connecticut5.000% 06/15/20220.2%
E-470 Public Highway Authority0.384% 09/01/20390.2%
New Jersey Health Care Facilities Financing Author5.750% 07/01/20370.2%
City of New York NY5.000% 10/01/20330.2%
Maryland Community Development Administration4.000% 09/01/20490.2%
State of Illinois5.000% 11/01/20250.2%
Massachusetts Development Finance Agency0.450% 07/01/20410.2%
Kentucky Public Energy Authority4.000% 04/01/20480.2%
State of Illinois5.375% 05/01/20230.2%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20230.1%
Texas Private Activity Bond Surface Transportation4.000% 12/31/20300.1%
State of Illinois5.250% 02/01/20300.1%
University of California4.250% 05/15/20390.1%
West Virginia Economic Development Authority2.625% 12/01/20420.1%
County of Escambia FL2.600% 06/01/20230.1%
Texas Municipal Gas Acquisition & Supply Corp III5.000% 12/15/20240.1%
Industrial Development Board of the City of Mobile1.000% 06/01/20340.1%
New York City Educational Construction Fund5.000% 04/01/20260.1%
City of Chicago IL Waterworks Revenue5.000% 11/01/20280.1%
Lee Memorial Health System5.000% 04/01/20250.1%
Wisconsin Housing & Economic Development Authority0.610% 11/01/20420.1%
Allegheny County Hospital Development Authority5.000% 04/01/20260.1%
Florida Housing Finance Corp3.000% 01/01/20520.1%
State of Illinois5.000% 03/01/20260.1%
County of Cook IL5.000% 11/15/20280.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20270.1%
Selma Industrial Development Board2.000% 11/01/20330.1%
State of Illinois5.125% 05/01/20220.1%
Chicago O'Hare International Airport5.000% 01/01/20290.1%
Monroeville Finance Authority3.000% 02/15/20230.1%
Michigan Finance Authority5.000% 12/01/20260.1%
New Jersey Turnpike Authority2.207% 01/01/20300.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20260.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20250.1%
Parish of St John the Baptist LA2.375% 06/01/20370.1%
Bay Area Toll Authority1.690% 04/01/20360.1%
Florida Development Finance Corp5.000% 11/15/20240.1%
New York State Dormitory Authority5.000% 10/01/20240.1%
New York State Dormitory Authority5.000% 09/01/20300.1%
City of Philadelphia PA5.000% 02/01/20250.1%
Commonwealth Financing Authority5.000% 06/01/20220.1%
California Statewide Communities Development Autho3.000% 07/01/20270.1%
City of Philadelphia PA5.000% 02/01/20280.1%
County of Cook IL5.000% 11/15/20270.1%
Illinois Finance Authority5.000% 08/15/20290.1%
Illinois Finance Authority5.000% 08/15/20280.1%
New York City Industrial Development Agency5.000% 03/01/20290.1%
Village Community Development District No 131.875% 05/01/20250.1%
West Virginia Economic Development Authority2.550% 03/01/20400.1%
Chicago Transit Authority Capital Grant Receipts R5.000% 06/01/20250.1%
City of Rockport IN1.350% 07/01/20250.1%
Massachusetts Development Finance Agency5.000% 07/01/20240.1%
Massachusetts Development Finance Agency5.000% 07/01/20380.1%
County of Jefferson AL5.000% 09/15/20230.1%
Chicago Board of Education5.000% 12/01/20330.1%
Clifton Higher Education Finance Corp5.250% 08/15/20280.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20280.1%
New York City Industrial Development Agency9.422% 03/01/20260.1%
Wisconsin Housing & Economic Development Authority0.500% 11/01/20500.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20220.1%
Ohio Higher Educational Facility Commission2.963% 12/01/20220.1%
City of Rockport IN1.350% 07/01/20250.1%
Louisiana Offshore Terminal Authority2.000% 10/01/20400.1%
Missouri Housing Development Commission3.250% 11/01/20520.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20260.1%
Washington Health Care Facilities Authority1.840% 01/01/20350.1%
Ohio Air Quality Development Authority1.900% 05/01/20260.1%
County of Lehigh PA5.000% 07/01/20260.1%
New York Transportation Development Corp5.000% 12/01/20260.1%
Tobacco Settlement Financing Corp3.200% 06/01/20270.1%
Western Placer Unified School District2.000% 06/01/20250.1%
New York City Housing Development Corp0.700% 05/01/20600.1%
New York State Dormitory Authority5.000% 09/01/20290.1%
Parish of St John the Baptist LA2.200% 06/01/20370.1%
Kentucky Public Energy Authority4.000% 01/01/20490.1%
Development Authority of Monroe County/The1.500% 01/01/20390.1%
North Carolina Capital Facilities Finance Agency5.000% 10/01/20250.1%
New York State Dormitory Authority5.000% 10/01/20250.1%
City of Chicago IL5.250% 01/01/20270.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20280.1%
City of Lenexa KS5.000% 05/15/20220.1%
State of Connecticut5.000% 09/15/20300.1%
Clifton Higher Education Finance Corp5.250% 08/15/20260.1%
California Housing Finance Agency4.000% 03/20/20330.1%
Kentucky Municipal Power Agency3.450% 09/01/20420.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20270.1%
North Carolina Turnpike Authority5.000% 01/01/20280.1%
California State Public Works Board5.000% 10/01/20260.1%
Matagorda County Navigation District No 14.400% 05/01/20300.1%
County of Cuyahoga OH5.000% 02/15/20250.1%
New York State Dormitory Authority5.000% 09/01/20280.1%
Industrial Development Authority of the County of3.500% 07/01/20250.1%
Greeneville Health & Educational Facilities Board5.000% 07/01/20230.1%
New York State Dormitory Authority5.000% 08/01/20240.1%
Kentucky Economic Development Finance Authority5.000% 06/01/20250.1%
New York Transportation Development Corp5.000% 12/01/20280.1%
New York State Dormitory Authority5.000% 09/01/20270.1%
California Municipal Finance Authority5.000% 07/01/20260.1%
Oneida County Local Development Corp5.000% 12/01/20270.1%
State of Connecticut Special Tax Revenue5.000% 05/01/20260.1%
Central Plains Energy Project5.000% 09/01/20270.1%
City Of South Miami Health Facilities Authority In5.000% 08/15/20230.1%
New Jersey Health Care Facilities Financing Author5.000% 07/01/20270.1%
City of Philadelphia PA5.000% 02/01/20270.1%
Pennsylvania Higher Educational Facilities Authori5.000% 08/15/20270.1%
Virginia Small Business Financing Authority5.000% 01/01/20250.1%
Capital Trust Agency Inc4.000% 06/15/20290.1%
State of New York Mortgage Agency3.500% 04/01/20490.1%
Village Community Development District No 132.625% 05/01/20300.1%
New Jersey Economic Development Authority5.000% 06/15/20250.1%
Public Finance Authority5.000% 12/01/20270.1%
University of California5.000% 05/15/20240.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20260.1%
Matagorda County Navigation District No 12.600% 11/01/20290.1%
New Jersey Transportation Trust Fund Authority5.000% 12/15/20230.1%
City of San Antonio TX Electric & Gas Systems Reve5.000% 02/01/20240.1%
New York City Transitional Finance Authority Futur0.330% 02/01/20450.1%
School District of Philadelphia/The5.000% 09/01/20230.1%
City of Chicago IL5.250% 01/01/20230.1%
School District of Philadelphia/The5.000% 09/01/20250.1%
Bay Area Toll Authority4.000% 04/01/20290.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20260.1%
Illinois Finance Authority5.000% 09/01/20280.1%
Massachusetts Development Finance Agency5.000% 07/01/20220.1%
California County Tobacco Securitization Agency5.000% 06/01/20260.1%
Development Authority of Appling County1.500% 01/01/20380.1%
North Carolina Capital Facilities Finance Agency5.000% 10/01/20240.1%
Virginia Small Business Financing Authority5.000% 01/01/20280.1%
Commonwealth Financing Authority5.000% 06/01/20230.1%
School District of Philadelphia/The5.000% 09/01/20220.1%
Cleveland Department of Public Utilities Division5.000% 11/15/20290.1%
Montgomery County Higher Education and Health Auth5.000% 09/01/20290.1%
Clark County School District5.000% 06/15/20270.1%
Florida Development Finance Corp5.000% 11/15/20260.1%
Texas Municipal Power Agency3.000% 09/01/20260.1%
City of Philadelphia PA5.000% 02/01/20260.1%
New York City Industrial Development Agency5.000% 01/01/20270.1%
Virginia Small Business Financing Authority5.000% 01/01/20270.1%
New York Transportation Development Corp5.000% 12/01/20240.1%
Regional Transportation District5.000% 07/15/20270.1%
City of Lenexa KS5.000% 05/15/20250.1%
Monroeville Finance Authority5.000% 02/15/20240.1%
Oneida County Local Development Corp5.000% 12/01/20280.1%
Oneida County Local Development Corp5.000% 12/01/20290.1%
Chicago Board of Education5.000% 12/01/20220.0%
City of Chicago IL Waterworks Revenue5.000% 11/01/20220.0%
City Of South Miami Health Facilities Authority In5.000% 08/15/20220.0%
Troy Capital Resource Corp5.000% 08/01/20220.0%
Hospital Facilities Authority of Multnomah County5.000% 10/01/20240.0%
Mississippi Business Finance Corp1.980% 11/01/20320.0%
New York City Industrial Development Agency5.000% 01/01/20290.0%
School District of Philadelphia/The5.000% 09/01/20240.0%
Virginia Small Business Financing Authority5.000% 01/01/20230.0%
New Jersey Economic Development Authority5.000% 06/15/20220.0%
Ohio Air Quality Development Authority1.500% 02/01/20260.0%
State of Connecticut Special Tax Revenue5.000% 05/01/20250.0%
Philadelphia Gas Works Co5.000% 08/01/20230.0%
Regional Transportation District3.000% 01/15/20260.0%
Iowa Tobacco Settlement Authority0.375% 06/01/20300.0%
Massachusetts Development Finance Agency5.000% 07/01/20250.0%
Texas Municipal Power Agency3.000% 09/01/20240.0%
Oklahoma Development Finance Authority5.000% 08/15/20260.0%
Pennsylvania Turnpike Commission5.000% 12/01/20260.0%
Philadelphia Gas Works Co5.000% 08/01/20240.0%
Illinois Finance Authority5.000% 05/15/20250.0%
Kirkwood Industrial Development Authority5.000% 05/15/20220.0%
Pennsylvania Turnpike Commission5.000% 12/01/20250.0%
Southeastern Ohio Port Authority5.000% 12/01/20220.0%
Territory of Guam5.000% 01/01/20290.0%
California Municipal Finance Authority5.000% 08/01/20220.0%
Duluth Economic Development Authority4.750% 06/15/20220.0%
Maricopa County Industrial Development Authority5.000% 09/01/20220.0%
Niagara Area Development Corp3.500% 11/01/20240.0%
North Carolina Medical Care Commission5.000% 10/01/20230.0%
Texas Municipal Power Agency3.000% 09/01/20250.0%
New York City Industrial Development Agency5.000% 01/01/20280.0%
California County Tobacco Securitization Agency5.000% 06/01/20250.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20250.0%
Illinois Finance Authority5.000% 09/01/20290.0%
Clark County School District3.000% 06/15/20250.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20240.0%
California County Tobacco Securitization Agency5.000% 06/01/20240.0%
Massachusetts Development Finance Agency5.000% 07/01/20230.0%
City of Santa Fe NM2.250% 05/15/20240.0%
Clark County School District3.000% 06/15/20240.0%
Long Island Power Authority5.000% 09/01/20270.0%
Oklahoma Development Finance Authority5.000% 08/15/20250.0%
School District of Philadelphia/The5.000% 09/01/20220.0%
Clark County School District5.000% 06/15/20260.0%
Commonwealth of Pennsylvania5.000% 07/01/20250.0%
Long Island Power Authority5.000% 09/01/20260.0%
New Jersey Economic Development Authority5.000% 06/15/20290.0%
State of Ohio5.000% 01/15/20260.0%
Tulsa County Industrial Authority5.000% 11/15/20260.0%
Commonwealth of Pennsylvania5.000% 07/01/20230.0%
Franklin County Industrial Development Authority/P5.000% 12/01/20230.0%
New Jersey Building Authority5.000% 06/15/20220.0%
School District of Philadelphia/The5.000% 09/01/20230.0%
State of Ohio4.000% 01/15/20280.0%
Illinois Finance Authority5.000% 09/01/20220.0%
Maricopa County Industrial Development Authority4.000% 07/01/20290.0%
Massachusetts Development Finance Agency4.000% 07/01/20220.0%
Michigan Finance Authority5.000% 07/01/20220.0%
New Jersey Economic Development Authority5.000% 06/15/20270.0%
New Jersey Economic Development Authority5.000% 06/15/20280.0%
Pennsylvania Turnpike Commission5.000% 12/01/20260.0%
Florida Higher Educational Facilities Financial Au5.000% 03/01/20230.0%
New York Transportation Development Corp5.000% 12/01/20250.0%
County of Laramie WY4.000% 05/01/20270.0%
Atlanta Urban Redevelopment Agency2.375% 07/01/20260.0%
County of Laramie WY4.000% 05/01/20250.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20220.0%
City of Sparks NV2.750% 06/15/20280.0%
State of Ohio5.000% 01/15/20270.0%
County of Laramie WY4.000% 05/01/20260.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20260.0%
Pennsylvania Turnpike Commission5.000% 12/01/20250.0%
Village Community Development District No 123.250% 05/01/20230.0%
Peninsula Town Center Community Development Author4.000% 09/01/20230.0%
Allentown Neighborhood Improvement Zone Developmen5.000% 05/01/20230.0%
Village Community Development District No 132.625% 05/01/20240.0%
California County Tobacco Securitization Agency1.750% 06/01/20300.0%
City of Sparks NV2.500% 06/15/20240.0%
Downtown Doral South Community Development Distric3.875% 12/15/20230.0%
Industrial Development Authority of the City of Ph5.000% 07/01/20230.0%
Wisconsin Health & Educational Facilities Authorit3.500% 08/01/20220.0%

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 06/24/2022
$0.057
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.01244 $15.13
Daily Daily 04/30/2022 $0.01263 $15.06
Daily Daily 03/31/2022 $0.01073 $15.24
Daily Daily 02/28/2022 $0.01156 $15.48
Daily Daily 01/31/2022 $0.01002 $15.56

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 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2013 12/20/2013 $0.0121 - $0.0121 $15.71
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $15.39
$100,000 to $249,999 1.75% 1.50% $15.31
$250,000 to $499,999 0.00% 1.00% $15.04
$500,000 to $999,999 0.00% 1.00% $15.04
$1,000,000 to $5,000,000 0.00% 1.00% $15.04

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 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. However, effective 12/1/2021, 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 of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

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 (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored 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 singlebank 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 05/31/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
0.66% 0.65%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
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Publish Date:11/03/2015

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The Short Duration Tax Free Fund A share rankings within the Lipper Short Municipal Debt Funds Funds Average as of 12/31/2019 for the one-year time period was 5% (6/136); five year, 26% (25/98); and 10-year, 20% (13/67). Source: Lipper Analytical Services. Lipper Funds Average ranking reflect all share classes within the category and are based on total return and do not reflect the effect of sales charges.

 

+

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

                    

1

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

 

2

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

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

The 30-day Standardized Subsidized yields reflect 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

 

*"Barron's Best Fund Families of 2021", #7 ranking in the Tax Exempt Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families.  Ranking for the ten-year period ending 12/31/2021 is #4 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal to the Fund. The Fund may invest in high yield, lower-rated debt securities, sometimes called junk bonds and may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance. Past performance is no guarantee of future results.

Although the Short Duration Tax Free Fund may invest significantly in money market securities and their equivalents for investment purposes as well as for cash management purposes, it is not a money market fund and is not subject to the regulatory requirements applicable to money market funds.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class 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, effective 12/1/2021, 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 of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed 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. 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 Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg 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.

Select funds to run a Morningstar Hypothetical Report.

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