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 11/30/2024  

3.04%

Average Yield to Worst as of 11/29/2024

3.82%

Fund Basicsas of 11/29/2024

Total Net Assets
$5.13 B
Inception Date
06/30/2003
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.71%
Number of Holdings
898
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 3.41% 5.83% -0.42% 1.02% 2.09% 3.21%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.83% 5.03% 0.07% 1.28% 1.94% -
Bloomberg 1-15 Year Municipal Index 1.91% 3.83% 0.34% 1.34% 2.17% 3.25%
w/ sales charge 1.05% 3.47% -1.17% 0.56% 1.86% 3.10%

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 3.36% 9.80% -0.24% 1.06% 2.17% 3.24%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.80% 9.13% 0.20% 1.32% 1.99% -
Bloomberg 1-15 Year Municipal Index 1.96% 8.47% 0.44% 1.45% 2.24% 3.28%
w/ sales charge 1.01% 7.38% -0.99% 0.60% 1.94% 3.13%

Fund Expense Ratio :

Gross 0.71%

Net 0.71%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Special Tax
GO Local
GO State
Power
Lease
Education
Housing
VRDN
Pre-Refunded
Water & Sewer
Other
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 11/29/2024 View Portfolio

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

INVESTMENT TEAM

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner, Portfolio Manager

34 Years of Industry Experience

Christopher T. English
Christopher T. English, CFA

Senior Managing Director, Portfolio Manager

14 Years of Industry Experience

Daniel S. Solender
Daniel S. Solender, CFA

Partner, Director of Tax Free Fixed Income

37 Years of Industry Experience

Supported By 17 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 11/29/2024

3.82%

30-Day Standardized Yield 1 as of 11/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.04% 3.04%

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 3.41% 5.83% -0.42% 1.02% 2.09% 3.21%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.83% 5.03% 0.07% 1.28% 1.94% -
Bloomberg 1-15 Year Municipal Index 1.91% 3.83% 0.34% 1.34% 2.17% 3.25%
w/ sales charge 1.05% 3.47% -1.17% 0.56% 1.86% 3.10%

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 3.36% 9.80% -0.24% 1.06% 2.17% 3.24%
Lipper Category Avg. Intermediate Municipal Debt Funds 2.80% 9.13% 0.20% 1.32% 1.99% -
Bloomberg 1-15 Year Municipal Index 1.96% 8.47% 0.44% 1.45% 2.24% 3.28%
w/ sales charge 1.01% 7.38% -0.99% 0.60% 1.94% 3.13%

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% 0.40% 2.47% -
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 11/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 11/29/2024

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

PORTFOLIO BREAKDOWN as of 11/29/2024

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 11/29/2024

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

Credit QUALITY DISTRIBUTION as of 11/29/2024

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

Portfolio Positioning as of 9/30/2024

  • We continue to underweight callable bonds priced close to par to improve the performance characteristics of the Fund and 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 mostly buying bonds with higher coupons and longer calls along with bonds trading at deep discounts to position in more favorable structures.
  • With a normalization of the yield curve over the quarter, we’ve sold bonds under 4 years, where the curve is the flattest, and reallocated to 7-to-10-year bonds, where the curve has steepened. We’ve also been allocating to bonds beyond 15 years given the attractive risk/reward dynamic found at this part of the curve while not materially changing the interest rate risk of the Fund.
  • We remain overweight the lower quality tiers of investment grade, which allow for 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 11/29/2024

Total Net Assets
$5.13 B
Average Effective Duration
5.47 Years
Average Effective Maturity
10.7 Years
Number of Issues
898
Average Yield to Worst
3.82%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/13/2024
$0.29459
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2024 $0.02756 $10.34
Daily Daily 10/31/2024 $0.02706 $10.23
Daily Daily 09/30/2024 $0.02767 $10.39
Daily Daily 08/31/2024 $0.02706 $10.31
Daily Daily 07/31/2024 $0.02681 $10.26
Daily Daily 06/30/2024 $0.02683 $10.22
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 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 12/13/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.52
$100,000 to $249,999 1.75% 1.50% $10.46
Greater than $250,000 0.00% 1.00% $10.28

Expense Ratioas of 11/30/2024

Fund Gross Expense Ratio 0.71%
Fund Net Expense Ratio 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
SAI
Publish Date:11/03/2015
Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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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