LISAX | Intermediate Tax Free Fund Class A | Lord Abbett

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

 

Intermediate Tax Free Fund

Track this Fund
Add to Hypo Tool

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 10/06/2022  

w/o sales charge 2.50%
w/ sales charge 2.44%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.56% 2.55%

Fund Basicsas of 08/31/2022

Total Net Assets
$5.35 B
Inception Date
06/30/2003
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1150
Minimum Initial Investment
$1,000+

Expense Ratioas of 09/30/2022

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -12.93% -12.36% -2.37% 0.19% 1.40% 2.91%
Lipper Category Avg. Intermediate Municipal Debt Funds -10.47% -10.00% -1.52% 0.38% 1.19% -
Bloomberg 1-15 Year Municipal Index -9.21% -8.86% -1.12% 0.76% 1.64% 3.06%
w/ sales charge -14.88% -14.33% -3.11% -0.26% 1.17% 2.79%

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 -12.93% -12.36% -2.37% 0.19% 1.40% 2.91%
Lipper Category Avg. Intermediate Municipal Debt Funds -10.47% -10.00% -1.52% 0.38% 1.19% -
Bloomberg 1-15 Year Municipal Index -9.21% -8.86% -1.12% 0.76% 1.64% 3.06%
w/ sales charge -14.88% -14.33% -3.11% -0.26% 1.17% 2.79%

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
Transportation
IDR/PCR
Healthcare/Hospital
GO Local
GO State
Education
Lease
Special Tax
Power
Water & Sewer
Pre-Refunded
Other
Housing
VRDN
Treasury
Resource 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 08/31/2022 View Portfolio

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Daniel T. Vande Velde
Daniel T. Vande Velde

Partner & Portfolio Manager

32 Years of Industry Experience

Daniel S. Solender
Christopher T. English, CFA

Portfolio Manager

12 Years of Industry Experience

Supported By 15 Investment Professionals with 14 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 10/06/2022  

w/o sales charge 2.50%
w/ sales charge 2.44%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.56% 2.55%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -12.93% -12.36% -2.37% 0.19% 1.40% 2.91%
Lipper Category Avg. Intermediate Municipal Debt Funds -10.47% -10.00% -1.52% 0.38% 1.19% -
Bloomberg 1-15 Year Municipal Index -9.21% -8.86% -1.12% 0.76% 1.64% 3.06%
w/ sales charge -14.88% -14.33% -3.11% -0.26% 1.17% 2.79%

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 -12.93% -12.36% -2.37% 0.19% 1.40% 2.91%
Lipper Category Avg. Intermediate Municipal Debt Funds -10.47% -10.00% -1.52% 0.38% 1.19% -
Bloomberg 1-15 Year Municipal Index -9.21% -8.86% -1.12% 0.76% 1.64% 3.06%
w/ sales charge -14.88% -14.33% -3.11% -0.26% 1.17% 2.79%

Fund Expense Ratio :

0.70%

Year Fund Returns Bloomberg 1-15 Year Municipal Index
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% 4.74%
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
2022 -6.67% -3.82% -3.00% - -12.27%
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 08/31/2022

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

PORTFOLIO BREAKDOWN as of 08/31/2022

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 08/31/2022

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

Credit QUALITY DISTRIBUTION as of 08/31/2022

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

Portfolio Positioning as of 6/30/2022

  • While the yield curve has continued its upward shift since the start of year, the second quarter brought a steepening in the benchmark muni curve compared to a virtually flat Treasury curve. While painful in the short term, the price impact from the significant rise in rates creates a favorable earnings potential over the long term and the curve steepening brings opportunity for active managers, who can capitalize on this dynamic through strategies such as yield curve roll down. Currently, we find the best risk/reward profile in the intermediate section (9-12) of the curve as well as in longer parts of the curve that exhibit steepness.
  • We have been focused closely on bond structure, including their coupon, call protection, and convexity profile, as these factors will continue to play an increasingly important role in performance given the higher level of interest rates. We have been focusing on buying or swapping into higher coupon bonds, which are less sensitive to rate rises.
  • In terms of sectors, the portfolios have an emphasis on the Transportation, Industrial Development, and Healthcare sectors. While underperforming during the pandemic, the Transportation sector continues to have upside potential due to heavy usage of airports, toll roads, and ports. IDR bonds are linked to the improving quality of corporates, exhibit attractive yields relative to their credit ratings and we believe can withstand recession given sound balance sheets. The Health Care sector generally offers attractive incremental yield and strong credit fundamentals and has proven resilient during historic downturns. Additionally, we are able to identify idiosyncratic opportunities in stronger hospital systems.
  • The fundamental backdrop of the municipal market continues to show strength due to the significant Federal aid passed down to state and local governments, robust tax revenue growth and a better-than-expected economic recovery from the pandemic over the last two years. As such, upgrades have continued to overtake downgrades by a substantial margin throughout 2022 and state and local governments’ rainy-day balances rose to record levels this last fiscal year.
  • While municipal fundamentals are currently very positive, the credit environment may be impacted should the tightening of monetary policy by the Federal Reserve significantly reduce demand and/or push the U.S. economy into a recession. Of note, during past periods of economic contractions, municipals have historically shown lower default rates and a significantly lesser downgrade trajectory relative to corporate bonds along with a reduced correlation with other asset classes.
  • In terms of technicals, demand may continue to be weaker than 2021, especially if rate volatility continues. However, we do expect demand to recover. On the supply side, the summer months have historically been favorable, partly due to increasing bond redemptions, with a negative net supply projected for July and August. However, it would be negative for the market should supply come in higher than expected in concert with continuing outflows. Conversely, if Treasury yields stabilize and demand turns positive, munis stand to benefit.

Portfolio Details as of 08/31/2022

Total Net Assets
$5.35 B
Number of Issues
1150
Average Coupon
4.5%
Average Effective Maturity
9.6 Years
Average Effective Duration
5.65 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.171
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

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
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/06/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.02
$100,000 to $249,999 1.75% 1.50% $9.96
$250,000 to $499,999 0.00% 1.00% $9.79
$500,000 to $999,999 0.00% 1.00% $9.79
$1,000,000 to $5,000,000 0.00% 1.00% $9.79

Expense Ratioas of 09/30/2022

Fund Documents

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

0Documents selected
Order
n/a
Portfolio Holdings 1Q
Publish Date:11/03/2015
n/a
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
n/a
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