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

Summary

Summary

What is the Short Duration Tax Free Fund?

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

EXPERIENCED TEAM, TRUSTED LEGACY

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

HIGH QUALITY, LOW DURATION

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

STRONG PERFORMANCE

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

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

 

Yield

Dividend Yield 1 as of 01/14/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.05% 1.04%
w/ sales charge 1.03% 1.02%

30-Day Standardized Yield 2 as of 12/31/2020  

0.26%

Fund Basicsas of 12/31/2020

Total Net Assets
$2.03 B
Inception Date
12/31/2008
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.66%
Fund Net Expense Ratio
0.65%
Number of Holdings
403
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 2.03% 2.03% 2.39% 1.62% 1.60% 2.02%
Lipper Category Avg. Short Municipal Debt Funds 1.81% 1.81% 1.94% 1.43% 1.30% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 2.82% 2.82% 2.75% 1.98% 1.87% 2.17%
w/ sales charge -0.24% -0.24% 1.61% 1.16% 1.37% 1.83%

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 2.03% 2.03% 2.39% 1.62% 1.60% 2.02%
Lipper Category Avg. Short Municipal Debt Funds 1.81% 1.81% 1.94% 1.43% 1.30% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 2.82% 2.82% 2.75% 1.98% 1.87% 2.17%
w/ sales charge -0.24% -0.24% 1.61% 1.16% 1.37% 1.83%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

RELATED CONTENT

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

CREDIT QUALITY DISTRIBUTION as of 12/31/2020

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

30 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 01/14/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.05% 1.04%
w/ sales charge 1.03% 1.02%

30-Day Standardized Yield 2 as of 12/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.26% 0.26%

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 2.03% 2.03% 2.39% 1.62% 1.60% 2.02%
Lipper Category Avg. Short Municipal Debt Funds 1.81% 1.81% 1.94% 1.43% 1.30% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 2.82% 2.82% 2.75% 1.98% 1.87% 2.17%
w/ sales charge -0.24% -0.24% 1.61% 1.16% 1.37% 1.83%

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 2.03% 2.03% 2.39% 1.62% 1.60% 2.02%
Lipper Category Avg. Short Municipal Debt Funds 1.81% 1.81% 1.94% 1.43% 1.30% -
Bloomberg Barclays Municipal Bond Short 1-5 Year Index 2.82% 2.82% 2.75% 1.98% 1.87% 2.17%
w/ sales charge -0.24% -0.24% 1.61% 1.16% 1.37% 1.83%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Year Fund Returns Bloomberg Barclays Municipal Bond Short 1-5 Year Index
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% 3.45%
2010 2.17% -
2009 6.14% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 - - - - 0.16%
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%

Growth of $10,000 as of 12/31/2020

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
GO Local
Healthcare/Hospital
Transportation
VRDN
Special Tax
Power
GO State
Housing
Lease
Water & Sewer
Education
Other
Pre-Refunded
Maturity Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years
State Assets
NY
IL
PA
NJ
TX
AL
OH
CT
NC
FL
CA
GA
VA
LA
AR
MD
WV
KY
DE
SC
CO
NM
IA
NE
WI
OR
IN
ID
TN
MA
MI
ND
AZ
WA
MN
MO
MS
NH
HI
NV
KS
OK
Puerto Rico
DC

CREDIT QUALITY DISTRIBUTION as of 12/31/2020

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

Portfolio Positioning as of 09/30/2020

  • The portfolio is overweight bonds maturing in less than one year. These positions represent a sizable weighting in variable rate demand notes which typically exhibit low volatility and strong liquidity. These securities are always priced at par, and therefore, do not have the duration risk of fixed coupon bonds.
  • In the upcoming Presidential election, we believe if the Republican party maintains control of the Executive Branch, the Affordable Care Act may come under renewed pressure, potentially leading to higher numbers of uninsured patients and more unpaid hospital bills. Conversely, if Democrats win the election, we believe certain provisions of the Affordable Care Act may be reinstated, leading to fewer unpaid bills and more proactive care.
  • We believe infrastructure will be a key focus for Washington after the election, regardless of the outcome. This may lead to an increase in municipal bond supply. While yields may face upward pressure as a result, we believe the market is likely to absorb the elevated levels of supply.

Portfolio Details as of 12/31/2020

Total Net Assets
$2.03 B
Number of Issues
403
Average Coupon
3.3%
Average Effective Maturity
4.4 Years
Average Effective Duration
2.5 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/14/2021
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2020 $0.01398 $15.90
Daily Daily 11/30/2020 $0.01448 $15.85
Daily Daily 10/31/2020 $0.01453 $15.77
Daily Daily 09/30/2020 $0.01604 $15.80
Daily Daily 08/31/2020 $0.01578 $15.82
Daily Daily 07/31/2020 $0.01839 $15.82
Daily Daily 06/30/2020 $0.01714 $15.70
Daily Daily 05/31/2020 $0.01875 $15.57
Daily Daily 04/30/2020 $0.02111 $15.37
Daily Daily 03/31/2020 $0.02479 $15.47
Daily Daily 02/29/2020 $0.02196 $15.99
Daily Daily 01/31/2020 $0.02080 $15.91

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 01/31/2021
Daily Daily 02/28/2021
Daily Daily 03/31/2021
Daily Daily 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Capital Gains Distributions

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

Upcoming Capital Gain Distribution

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

Record Date Ex-Dividend Date
12/21/2021 12/22/2021

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 01/14/2021

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $16.29
$100,000 to $249,999 1.75% 1.50% $16.20
$250,000 to $499,999 1.25% 1.00% $16.12
$500,000 to $999,999 0.00% 1.00% $15.92
$1,000,000 to $5,000,000 0.00% 1.00% $15.92

Expense Ratioas of 12/31/2020

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

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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.

The Bloomberg Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year.  To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. 

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