LAIIX | Intermediate Tax Free Fund Class I | 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 02/29/2024  

3.19%

Average Yield to Worst as of 02/29/2024

3.90%

Fund Basicsas of 02/29/2024

Total Net Assets
$4.83 B
Inception Date
01/31/2011
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.51%
Fund Net Expense Ratio
0.51%
Number of Holdings
908
Minimum Initial Investment

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.35% 5.60% -0.38% 1.73% 2.44% 3.20%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.07% 5.03% -0.11% 1.67% 2.02% -
Bloomberg 1-15 Year Municipal Index -0.29% 4.61% 0.12% 1.84% 2.31% 2.92%
w/ sales charge 0.35% 5.60% -0.38% 1.73% 2.44% 3.20%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 6.26% 6.26% -0.71% 1.95% 2.73% 3.22%
Lipper Category Avg. Intermediate Municipal Debt Funds 5.52% 5.52% -0.37% 1.93% 2.28% -
Bloomberg 1-15 Year Municipal Index 5.26% 5.26% -0.05% 2.17% 2.58% 2.98%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
GO Local
GO State
Special Tax
Lease
Education
Power
Water & Sewer
Other
VRDN
Housing
Pre-Refunded
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 02/29/2024 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 02/29/2024

3.90%

30-Day Standardized Yield 1 as of 02/29/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.19% 3.19%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.35% 5.60% -0.38% 1.73% 2.44% 3.20%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.07% 5.03% -0.11% 1.67% 2.02% -
Bloomberg 1-15 Year Municipal Index -0.29% 4.61% 0.12% 1.84% 2.31% 2.92%
w/ sales charge 0.35% 5.60% -0.38% 1.73% 2.44% 3.20%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 6.26% 6.26% -0.71% 1.95% 2.73% 3.22%
Lipper Category Avg. Intermediate Municipal Debt Funds 5.52% 5.52% -0.37% 1.93% 2.28% -
Bloomberg 1-15 Year Municipal Index 5.26% 5.26% -0.05% 2.17% 2.58% 2.98%

Fund Expense Ratio :

Gross 0.51%

Net 0.51%

Year Fund Returns Bloomberg 1-15 Year Municipal Index
2023 6.26% 5.26%
2022 -9.92% -5.95%
2021 2.28% 0.87%
2020 4.35% 4.73%
2019 7.82% 6.44%
2018 1.33% 1.58%
2017 5.29% 4.33%
2016 -0.45% 0.01%
2015 3.06% 2.83%
2014 8.56% 6.36%
2013 -2.63% -
2012 6.59% -
Year Q1 Q2 Q3 Q4
2024 - - - -
2023 2.63% 0.25% -2.72% 6.18%
2022 -6.62% -3.77% -3.05% 3.40%
2021 0.01% 2.09% -0.52% 0.70%
2020 -3.03% 3.39% 1.35% 2.70%
2019 3.03% 2.39% 1.60% 0.60%
2018 -0.99% 1.07% 0.04% 1.22%
2017 1.75% 1.89% 1.27% 0.29%
2016 1.64% 2.33% 0.10% -4.39%
2015 1.19% -1.10% 1.41% 1.55%
2014 3.15% 2.42% 1.62% 1.12%
2013 0.69% -3.24% -0.11% 0.04%
2012 1.58% 1.83% 2.23% 0.80%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 02/29/2024

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

PORTFOLIO BREAKDOWN as of 02/29/2024

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 02/29/2024

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

Credit QUALITY DISTRIBUTION as of 02/29/2024

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

Portfolio Positioning as of 12/31/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve convexity, positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons and longer call protection to position in more favorable structures.
  • Given the flatter curve out to 10 years and the inversion of the shorter end of the curve, we have been transitioning to a barbell structure without changing the targeted duration range. We believe short-term bonds (1-4 years) are attractive given their elevated yields and lower duration, along with bonds beyond 12 years, given the attractive steepness at this part of the curve. Simultaneously, we have been selling 6-to-10-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.
  • We have added to prepaid gas bonds over the quarter given elevated supply. We feel that these high-quality bonds trade at attractive credit spreads compared to similarly-rated debt and tend to have shorter maturities. Additionally, gas bonds typically have a high degree of liquidity given their larger buyer base outside of tax exempt investors.
  • Transportation systems continue to see volume recovery driven by positive economic growth and low unemployment. Toll roads and airports can charge higher rates to offset rising costs, and volumes have generally returned to or close to pre-pandemic levels. Although we are still seeing some pockets of stress in transit, federal and state governments have generally been providing additional relief to offset lower utilization, and funding from the Bipartisan Infrastructure Law could provide hundreds of billions for infrastructure investment.

Portfolio Details as of 02/29/2024

Total Net Assets
$4.83 B
Average Effective Duration
5.23 Years
Average Effective Maturity
9.6 Years
Number of Issues
908
Average Yield to Worst
3.90%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/27/2024
$0.05564
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2024 $0.02878 $10.26
Daily Daily 01/31/2024 $0.02686 $10.26

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 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

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 02/29/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.51% 0.51%

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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