LISAX | Intermediate Tax Free Fund Class A | Lord Abbett
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Intermediate Tax Free Fund

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

Dividend Yield 1 as of 05/14/2021  

w/o sales charge 2.11%
w/ sales charge 2.06%

30-Day Standardized Yield 2 as of 04/30/2021  

0.73%

Fund Basicsas of 03/31/2021

Total Net Assets
$5.99 B
Inception Date
06/30/2003
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1190
Minimum Initial Investment
$1,000+

Expense Ratioas of 04/30/2021

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.02% 10.48% 5.07% 3.19% 4.02% 3.89%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.64% 8.15% 4.49% 2.72% 3.44% -
Bloomberg Barclays 1-15 Yr. Municipal Index 0.30% 6.33% 4.74% 3.03% 3.64% 3.84%
w/ sales charge -1.24% 8.02% 4.29% 2.73% 3.79% 3.75%

Fund Expense Ratio :

0.70%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -0.04% 7.41% 4.61% 3.09% 4.08% 3.84%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.17% 5.81% 4.10% 2.69% 3.52% -
Bloomberg Barclays 1-15 Yr. Municipal Index -0.33% 4.91% 4.43% 3.03% 3.72% 3.82%
w/ sales charge -2.28% 4.97% 3.84% 2.63% 3.85% 3.71%

Fund Expense Ratio :

0.70%

RELATED CONTENT

The Impact of Fed Liquidity Moves on the Municipal Market
June 11, 2020

In our view, the U.S. Federal Reserve’s Municipal Liquidity Facility may potentially offer important support for certain lower-quality municipal bond issuers—and thus, the broader market.

Four Reasons to Consider Intermediate Municipal Bonds
June 3, 2020

This maturity segment of the municipal bond market offers the potential for more favorable risk-adjusted returns than longer munis and higher yield ratios than short munis.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
GO State
GO Local
Lease
Special Tax
Education
Power
Water & Sewer
Housing
Pre-Refunded
VRDN
Other
Muni_Solid_Waste/Res_Recovery
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 03/31/2021 View Portfolio

Rating Assets
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 16 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 05/14/2021  

w/o sales charge 2.11%
w/ sales charge 2.06%

30-Day Standardized Yield 2 as of 04/30/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.73% 0.73%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.02% 10.48% 5.07% 3.19% 4.02% 3.89%
Lipper Category Avg. Intermediate Municipal Debt Funds 0.64% 8.15% 4.49% 2.72% 3.44% -
Bloomberg Barclays 1-15 Yr. Municipal Index 0.30% 6.33% 4.74% 3.03% 3.64% 3.84%
w/ sales charge -1.24% 8.02% 4.29% 2.73% 3.79% 3.75%

Fund Expense Ratio :

0.70%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -0.04% 7.41% 4.61% 3.09% 4.08% 3.84%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.17% 5.81% 4.10% 2.69% 3.52% -
Bloomberg Barclays 1-15 Yr. Municipal Index -0.33% 4.91% 4.43% 3.03% 3.72% 3.82%
w/ sales charge -2.28% 4.97% 3.84% 2.63% 3.85% 3.71%

Fund Expense Ratio :

0.70%

Year Fund Returns Bloomberg Barclays 1-15 Yr. Municipal Index
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% -1.05%
2012 6.40% 4.74%
2011 9.87% 8.80%
2010 3.49% -
2009 12.09% -
2008 -0.40% -
2007 3.44% -
2006 3.91% -
2005 1.50% -
2004 2.29% -
2003 1.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 -0.04% - - - 1.12%
2020 -3.08% 3.34% 1.21% 2.74% 4.15%
2019 2.98% 2.34% 1.55% 0.55% 7.61%
2018 -1.04% 1.02% -0.01% 1.17% 1.13%
2017 1.70% 1.84% 1.22% 0.24% 5.08%
2016 1.60% 2.28% 0.05% -4.43% -0.64%
2015 1.14% -1.15% 1.36% 1.50% 2.86%
2014 3.10% 2.37% 1.48% 1.17% 8.35%
2013 0.64% -3.29% -0.16% -0.01% -2.82%
2012 1.53% 1.78% 2.09% 0.85% 6.40%
2011 0.39% 3.79% 2.98% 2.40% 9.87%
2010 1.75% 1.95% 3.37% -3.48% 3.49%
2009 4.33% 1.79% 6.55% -0.94% 12.09%
2008 0.77% 0.04% -1.49% 0.31% -0.40%
2007 0.71% -0.77% 2.34% 1.14% 3.44%
2006 -0.16% -0.21% 3.44% 0.82% 3.91%
2005 -0.88% 2.24% -0.42% 0.58% 1.50%
2004 1.14% -2.23% 2.98% 0.45% 2.29%
2003 - - 0.16% 0.99% 1.16%

Growth of $10,000 as of 04/30/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 03/31/2021

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

PORTFOLIO BREAKDOWN as of 03/31/2021

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 03/31/2021

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

Credit QUALITY DISTRIBUTION as of 03/31/2021

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2021

  • The portfolio has an overweight in lower rated investment grade bonds, relative to its benchmark, due to relatively attractive credit spreads.
  • The strong underlying credit quality of the municipal market and the ability of issuers in different sectors to respond to the challenges posed by the economic damage caused by the virus supported the recovery since the market sell-off.
  • On top of the overall strength displayed last year, municipalities are receiving significant support from the U.S. government under the American Rescue Plan (ARP) signed into law by President Joe Biden on March 11, 2021.
  • We expect these funds to go beyond recovery and likely prove stimulative. Further, as the economy continues to reopen, and consumer confidence continues to improve, we believe investors’ perceptions of higher credit quality and lower default risk for the broad municipal market will strengthen.

Portfolio Details as of 03/31/2021

Total Net Assets
$5.99 B
Number of Issues
1190
Average Coupon
4.6%
Average Effective Maturity
10.6 Years
Average Effective Duration
5.34 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/14/2021
$0.085
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2021 $0.01998 $11.38
Daily Daily 03/31/2021 $0.01974 $11.28
Daily Daily 02/28/2021 $0.02149 $11.23
Daily Daily 01/31/2021 $0.02445 $11.45

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 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
12/20/2016 12/21/2016 $0.0039 - $0.0039 $10.51

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 05/14/2021

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.64
$100,000 to $249,999 1.75% 1.50% $11.58
$250,000 to $499,999 1.25% 1.00% $11.52
$500,000 to $999,999 0.00% 1.00% $11.38
$1,000,000 to $5,000,000 0.00% 1.00% $11.38

Expense Ratioas of 04/30/2021

Fund Documents

Fund Documents

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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 1-15 Year Municipal Bond index is the 1-15 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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