LISAX | Intermediate Tax Free Fund Class A | 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 05/31/2024  

3.12%

Average Yield to Worst as of 05/31/2024

4.26%

Fund Basicsas of 05/31/2024

Total Net Assets
$4.79 B
Inception Date
06/30/2003
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.71%
Number of Holdings
897
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -0.48% 3.66% -1.54% 0.71% 1.92% 3.10%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.92% 3.09% -1.00% 0.92% 1.73% -
Bloomberg 1-15 Year Municipal Index -1.90% 2.15% -0.83% 0.98% 1.96% 3.14%
w/ sales charge -2.74% 1.34% -2.28% 0.26% 1.69% 2.99%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.47% 3.97% -0.70% 1.27% 2.27% 3.17%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.15% 3.31% -0.26% 1.44% 2.05% -
Bloomberg 1-15 Year Municipal Index -0.29% 2.62% -0.04% 1.60% 2.32% 3.25%
w/ sales charge -1.82% 1.67% -1.46% 0.81% 2.04% 3.06%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
GO Local
GO State
Special Tax
Lease
Education
Power
Water & Sewer
Housing
Other
VRDN
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 05/31/2024 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 05/31/2024

4.26%

30-Day Standardized Yield 1 as of 05/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.12% 3.12%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -0.48% 3.66% -1.54% 0.71% 1.92% 3.10%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.92% 3.09% -1.00% 0.92% 1.73% -
Bloomberg 1-15 Year Municipal Index -1.90% 2.15% -0.83% 0.98% 1.96% 3.14%
w/ sales charge -2.74% 1.34% -2.28% 0.26% 1.69% 2.99%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.47% 3.97% -0.70% 1.27% 2.27% 3.17%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.15% 3.31% -0.26% 1.44% 2.05% -
Bloomberg 1-15 Year Municipal Index -0.29% 2.62% -0.04% 1.60% 2.32% 3.25%
w/ sales charge -1.82% 1.67% -1.46% 0.81% 2.04% 3.06%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

Year Fund Returns Bloomberg 1-15 Year Municipal Index
2023 6.15% 5.26%
2022 -10.11% -5.95%
2021 2.08% 0.87%
2020 4.15% 4.73%
2019 7.61% 6.44%
2018 1.13% 1.58%
2017 5.08% 4.33%
2016 -0.64% 0.01%
2015 2.86% 2.83%
2014 8.35% 6.36%
2013 -2.82% -
2012 6.40% -
2011 9.87% -
2010 3.49% -
2009 12.09% -
2008 -0.40% -
2007 3.44% -
2006 3.91% -
2005 1.50% -
2004 2.29% -
Year Q1 Q2 Q3 Q4
2024 0.47% - - -
2023 2.58% 0.20% -2.77% 6.23%
2022 -6.67% -3.82% -3.00% 3.24%
2021 -0.04% 2.04% -0.58% 0.65%
2020 -3.08% 3.34% 1.21% 2.74%
2019 2.98% 2.34% 1.55% 0.55%
2018 -1.04% 1.02% -0.01% 1.17%
2017 1.70% 1.84% 1.22% 0.24%
2016 1.60% 2.28% 0.05% -4.43%
2015 1.14% -1.15% 1.36% 1.50%
2014 3.10% 2.37% 1.48% 1.17%
2013 0.64% -3.29% -0.16% -0.01%
2012 1.53% 1.78% 2.09% 0.85%
2011 0.39% 3.79% 2.98% 2.40%
2010 1.75% 1.95% 3.37% -3.48%
2009 4.33% 1.79% 6.55% -0.94%
2008 0.77% 0.04% -1.49% 0.31%
2007 0.71% -0.77% 2.34% 1.14%
2006 -0.16% -0.21% 3.44% 0.82%
2005 -0.88% 2.24% -0.42% 0.58%
2004 1.14% -2.23% 2.98% 0.45%

Growth of $10,000 as of 05/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 05/31/2024

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

PORTFOLIO BREAKDOWN as of 05/31/2024

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 05/31/2024

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

Credit QUALITY DISTRIBUTION as of 05/31/2024

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

Portfolio Positioning as of 3/31/2024

  • Given the rate volatility, we have been selling callable bonds priced close to par seeking to improve convexity, in order to position the portfolio to have a higher probability of performing better in a wide range of interest rate scenarios. We have been reallocating to bonds with more favorable structures, such as higher coupon bonds with longer call protection.
  • Due to the inversion of the front end of the yield curve, we continue to favor a barbell structure while maintaining the portfolio’s targeted duration range. We have been adding to short-term bonds (1-3 years) given their elevated yields and lower duration, and adding to bonds maturing beyond 12 years, given the steepness at this part of the curve. Simultaneously, we have been reducing 6-to-10-year bonds where yields are lowest.
  • We remain overweight the lower quality tiers of investment grade, which offer a significant yield pickup compared to higher-rated tiers, 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.

Portfolio Details as of 05/31/2024

Total Net Assets
$4.79 B
Average Effective Duration
5.24 Years
Average Effective Maturity
9.7 Years
Number of Issues
897
Average Yield to Worst
4.26%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/13/2024
$0.13160
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2024 $0.02623 $10.11
Daily Daily 04/30/2024 $0.02729 $10.14
Daily Daily 03/31/2024 $0.02579 $10.26
Daily Daily 02/29/2024 $0.02716 $10.26
Daily Daily 01/31/2024 $0.02513 $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 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

Sales Charge Schedule as of 06/13/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.48
$100,000 to $249,999 1.75% 1.50% $10.42
Greater than $250,000 0.00% 1.00% $10.24

Expense Ratioas of 05/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.71% 0.71%

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
Commentary
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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