LISFX | Intermediate Tax Free Fund Class F | Lord Abbett

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Intermediate Tax Free Fund

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Summary

Summary

What is the Intermediate Tax Free Fund?

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

Yield

30-Day Standardized Yield 1 as of 08/31/2023  

3.34%

Average Yield to Worst as of 08/31/2023

4.22%

Fund Basicsas of 08/31/2023

Total Net Assets
$4.98 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.61%
Fund Net Expense Ratio
0.61%
Number of Holdings
998

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.20% 1.79% -1.27% 1.23% 2.44% 3.26%
Lipper Category Avg. Intermediate Municipal Debt Funds 1.60% 1.60% -0.98% 1.30% 2.10% -
Bloomberg 1-15 Year Municipal Index 1.22% 1.68% -0.88% 1.60% 2.38% 3.14%
w/ sales charge 2.20% 1.79% -1.27% 1.23% 2.44% 3.26%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.83% 3.13% -0.55% 1.47% 2.29% 3.34%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.17% 2.62% -0.32% 1.49% 2.01% -
Bloomberg 1-15 Year Municipal Index 1.85% 2.78% -0.32% 1.83% 2.34% 3.21%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
GO Local
GO State
Lease
Special Tax
Education
Water & Sewer
Other
Power
Housing
VRDN
Pre-Refunded
Treasury
Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

CREDIT QUALITY DISTRIBUTION as of 08/31/2023 View Portfolio

Rating Assets
A-1/MIG1
A-3/MIG3
AAA
AA
A
BBB
< BBB
Not Rated

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Performance

Performance

Average Yield to Worst as of 08/31/2023

4.22%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.34% 3.34%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.20% 1.79% -1.27% 1.23% 2.44% 3.26%
Lipper Category Avg. Intermediate Municipal Debt Funds 1.60% 1.60% -0.98% 1.30% 2.10% -
Bloomberg 1-15 Year Municipal Index 1.22% 1.68% -0.88% 1.60% 2.38% 3.14%
w/ sales charge 2.20% 1.79% -1.27% 1.23% 2.44% 3.26%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 2.83% 3.13% -0.55% 1.47% 2.29% 3.34%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.17% 2.62% -0.32% 1.49% 2.01% -
Bloomberg 1-15 Year Municipal Index 1.85% 2.78% -0.32% 1.83% 2.34% 3.21%

Fund Expense Ratio :

Gross 0.61%

Net 0.61%

Year Fund Returns Bloomberg 1-15 Year Municipal Index
2022 -10.02% -5.95%
2021 2.18% 0.87%
2020 4.25% 4.73%
2019 7.82% 6.44%
2018 1.14% 1.58%
2017 5.18% 4.33%
2016 -0.54% 0.01%
2015 2.96% 2.83%
2014 8.46% 6.36%
2013 -2.64% -1.05%
2012 6.42% -
2011 9.98% -
2010 3.60% -
2009 12.19% -
2008 -0.25% -
2007 1.17% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.60% 0.22% - - -0.12%
2022 -6.73% -3.80% -2.98% 3.38% -10.02%
2021 -0.02% 1.98% -0.46% 0.68% 2.18%
2020 -3.05% 3.36% 1.24% 2.76% 4.25%
2019 3.10% 2.37% 1.58% 0.57% 7.82%
2018 -1.02% 0.95% 0.11% 1.10% 1.14%
2017 1.72% 1.77% 1.34% 0.26% 5.18%
2016 1.53% 2.40% 0.08% -4.41% -0.54%
2015 1.17% -1.22% 1.48% 1.53% 2.96%
2014 3.13% 2.39% 1.50% 1.19% 8.46%
2013 0.67% -3.18% -0.13% 0.02% -2.64%
2012 1.46% 1.90% 2.12% 0.79% 6.42%
2011 0.41% 3.81% 3.00% 2.43% 9.98%
2010 1.68% 2.07% 3.40% -3.46% 3.60%
2009 4.22% 1.93% 6.58% -0.92% 12.19%
2008 0.70% 0.17% -1.45% 0.34% -0.25%
2007 - - - 1.17% 1.17%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2023

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

PORTFOLIO BREAKDOWN as of 08/31/2023

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

PORTFOLIO BREAKDOWN as of 08/31/2023

Rating Assets
NY
IL
TX
CA
NJ
PA
FL
AL
GA
OH
Puerto Rico
WA
LA
CO
CT
WI
AZ
TN
MI
KY
IN
VA
DC
UT
MD
MA
MO
NC
DE
NH
IA
OR
WV
KS
OK
MS
NV
NE
SC
MN
ID
HI
NM
RI
AK
VT
Other U.S. Territories
SD

Credit QUALITY DISTRIBUTION as of 08/31/2023

Rating Assets
A-1/MIG1
A-3/MIG3
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 6/30/2023

  • We continue to overweight some of the more volatile segments of the market, such as bonds subject to AMT, Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits. While these parts of the market underperformed in last year’s sell off, many have performed well in the first half of the year. We believe as mutual fund flows continue to recover in the second half of 2023, these areas of the market may exhibit strong performance.
  • Given the flatter curve out to 12 years and the inversion of the shorter end, we have been transitioning to a barbell structure without changing the targeted duration range. We have increased weightings to short-term bonds (1-4 years), given their elevated yields and lesser duration, and bonds beyond 12 years, given the attractive steepness at this part of the curve. Simultaneously, we have been selling 8-to-12-year bonds where yields are lowest.
  • We remain overweight the lower quality tiers of investment grade, which show attractive relative value, and maintain a modest exposure to non-investment grade bonds relative to the all-investment grade benchmark. We believe this will help drive outperformance over the long term.
  • Over the quarter, we modestly trimmed our exposure to Prepaid Gas bonds based on relative value opportunities in other areas of the market. However, we remain overweight Prepaid Gas bonds relative to the benchmark given their attractive yields, shorter maturities and strong liquidity characteristics.
  • We have continued to add to corporate-backed bonds within the Industrial Development sector and remain overweight relative to the benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • The Hospital sector faced challenges in 2022 due to increased supply and labor costs, coupled with mounting investment losses. Despite this pressure, we consider the market's reaction to the sector's financial downturn in certain segments to have been overly drastic. Going forward, we expect an improvement in the Hospital sector’s prospects due to continued revenue growth and slowing expenses. According to Kaufman Hall, hospitals’ operating margins turned positive in May and expenses fell while outpatient volumes rose.  We continue to see opportunity in the sector but believe security selection will remain important given the dispersion between strong and weak performers.

Portfolio Details as of 08/31/2023

Total Net Assets
$4.98 B
Average Effective Duration
5.25 Years
Average Effective Maturity
9.1 Years
Number of Issues
998
Average Yield to Worst
4.22%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/28/2023
$0.18977
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.02441 $10.00
Daily Daily 07/31/2023 $0.02401 $10.12
Daily Daily 06/30/2023 $0.02563 $10.11
Daily Daily 05/31/2023 $0.02324 $10.04
Daily Daily 04/30/2023 $0.02353 $10.14
Daily Daily 03/31/2023 $0.02302 $10.16
Daily Daily 02/28/2023 $0.02389 $10.01
Daily Daily 01/31/2023 $0.02204 $10.23

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 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/20/2016 12/21/2016 $0.0039 - $0.0039 $10.51

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.61% 0.61%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015

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The Bloomberg 1-15 Year Municipal Bond index is the 1-15 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.

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