LISAX | Intermediate Tax Free Fund Class A | Lord Abbett

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(as of 12/05/2015)

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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

Dividend Yield 1 as of 01/27/2023  

w/o sales charge 2.57%
w/ sales charge 2.51%

30-Day Standardized Yield 2 as of 12/31/2022  

2.94%

Average Yield to Worst as of 12/30/2022

4.05%

Fund Basicsas of 12/30/2022

Total Net Assets
$4.86 B
Inception Date
06/30/2003
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1055
Minimum Initial Investment
$1,000+

Expense Ratioas of 12/31/2022

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -10.11% -10.11% -1.50% 0.79% 1.63% 3.04%
Lipper Category Avg. Intermediate Municipal Debt Funds -7.63% -7.63% -0.69% 0.96% 1.48% -
Bloomberg 1-15 Year Municipal Index -5.95% -5.95% -0.22% 1.44% 1.95% 3.21%
w/ sales charge -12.12% -12.12% -2.25% 0.33% 1.41% 2.92%

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 -10.11% -10.11% -1.50% 0.79% 1.63% 3.04%
Lipper Category Avg. Intermediate Municipal Debt Funds -7.63% -7.63% -0.69% 0.96% 1.48% -
Bloomberg 1-15 Year Municipal Index -5.95% -5.95% -0.22% 1.44% 1.95% 3.21%
w/ sales charge -12.12% -12.12% -2.25% 0.33% 1.41% 2.92%

Fund Expense Ratio :

0.70%

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
GO Local
GO State
Lease
Education
Special Tax
Power
Water & Sewer
Other
Housing
Pre-Refunded
VRDN
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 12/30/2022 View Portfolio

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

36 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

33 Years of Industry Experience

Daniel S. Solender
Christopher T. English, CFA

Portfolio Manager

13 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 01/27/2023  

w/o sales charge 2.57%
w/ sales charge 2.51%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.94% 2.94%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -10.11% -10.11% -1.50% 0.79% 1.63% 3.04%
Lipper Category Avg. Intermediate Municipal Debt Funds -7.63% -7.63% -0.69% 0.96% 1.48% -
Bloomberg 1-15 Year Municipal Index -5.95% -5.95% -0.22% 1.44% 1.95% 3.21%
w/ sales charge -12.12% -12.12% -2.25% 0.33% 1.41% 2.92%

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 -10.11% -10.11% -1.50% 0.79% 1.63% 3.04%
Lipper Category Avg. Intermediate Municipal Debt Funds -7.63% -7.63% -0.69% 0.96% 1.48% -
Bloomberg 1-15 Year Municipal Index -5.95% -5.95% -0.22% 1.44% 1.95% 3.21%
w/ sales charge -12.12% -12.12% -2.25% 0.33% 1.41% 2.92%

Fund Expense Ratio :

0.70%

Year Fund Returns Bloomberg 1-15 Year Municipal Index
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% -1.05%
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% -
2003 1.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 2.79%
2022 -6.67% -3.82% -3.00% 3.24% -10.11%
2021 -0.04% 2.04% -0.58% 0.65% 2.08%
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 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 12/30/2022

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

PORTFOLIO BREAKDOWN as of 12/30/2022

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 12/30/2022

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

Credit QUALITY DISTRIBUTION as of 12/30/2022

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

Portfolio Positioning as of 12/31/2022

  • We continue to be very focused on bond structure, including coupon, call protection and convexity, as numerous asymmetries of risk exist, and we are positioning to fully participate when the market turns. For example, we prefer bonds with more call protection to bonds with shorter calls because both call structures have similar downside, but longer call bonds have superior upside potential.
  • The Fund is overweight the Industrial Development, Transportation and Health Care sectors. The Industrial Development sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. The Transportation sector has experienced a strong recovery from the pandemic, and we believe many segments within the sector will continue to benefit from elevated user volumes. Additionally, many parts of the sector are deemed essential and have received significant Federal support over the last few years, bolstering the financial position of many issuers. The Health Care sector has experienced some fundamental pressures this year due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. The sector has proven resilient during past economic downturns and issuers have navigated changing operating environments well.
  • We have shortened average maturity since the start of the year, but generally remain overweight longer intermediate-maturity bonds due to relative value opportunities and the upward-sloping yield curve. We feel this positioning will contribute to performance over the long term. In terms of yield curve positioning, with the flattening out to 10 years, we think a barbell approach makes sense and have been focusing exposure on the shorter end (2-4 years), which provides a similar yield to the belly of the curve with less duration, as well as 11-15 years given the attractive steepness found at this part of the curve.
  • Given the strong credit backdrop, we are positive on credit risk and the Fund is overweight lower-rated, investment grade bonds. Additionally, while primarily invested in higher quality bonds, the Fund is modestly overweight non-investment grade bonds relative to its benchmark due to relatively attractive risk-adjusted spreads. We feel this positioning will help drive outperformance over the long term.

Portfolio Details as of 12/30/2022

Total Net Assets
$4.86 B
Number of Issues
1055
Average Coupon
4.5%
Average Effective Maturity
9.1 Years
Average Effective Duration
5.33 Years
Average Yield to Worst
4.05%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/27/2023
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2022 $0.02190 $9.97
Daily Daily 11/30/2022 $0.02169 $9.98
Daily Daily 10/31/2022 $0.02082 $9.61
Daily Daily 09/30/2022 $0.02036 $9.72
Daily Daily 08/31/2022 $0.01963 $10.11
Daily Daily 07/31/2022 $0.01919 $10.32
Daily Daily 06/30/2022 $0.01957 $10.08
Daily Daily 05/31/2022 $0.01904 $10.29
Daily Daily 04/30/2022 $0.01921 $10.21
Daily Daily 03/31/2022 $0.01838 $10.54
Daily Daily 02/28/2022 $0.01890 $10.91
Daily Daily 01/31/2022 $0.01702 $11.01

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 01/31/2023
Daily Daily 02/28/2023
Daily Daily 03/31/2023
Daily Daily 04/30/2023
Daily Daily 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
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

Sales Charge Schedule as of 01/27/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.47
$100,000 to $249,999 1.75% 1.50% $10.41
$250,000 to $499,999 0.00% 1.00% $10.23
$500,000 to $999,999 0.00% 1.00% $10.23
$1,000,000 to $5,000,000 0.00% 1.00% $10.23

Expense Ratioas of 12/31/2022

Fund Documents

Fund Documents

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

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