LANFX | National Tax Free Fund Class F | Lord Abbett

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National Tax Free Fund

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Summary

Summary

What is the National Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in investment grade municipal bonds with select exposure to lower-rated municipal bonds.

Yield

30-Day Standardized Yield 1 as of 02/29/2024  

3.58%

Average Yield to Worst as of 02/29/2024

4.27%

Fund Basicsas of 02/29/2024

Total Net Assets
$4.28 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.67%
Fund Net Expense Ratio
0.60%
Number of Holdings
739

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.23% 6.60% -1.05% 1.75% 3.00% 3.60%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.08% 5.80% -0.67% 1.60% 2.49% -
Bloomberg Municipal Bond Index -0.38% 5.42% -0.21% 1.91% 2.68% 3.53%
w/ sales charge 0.23% 6.60% -1.05% 1.75% 3.00% 3.60%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 7.58% 7.58% -1.33% 1.98% 3.42% 3.62%
Lipper Category Avg. General & Insured Municipal Debt Funds 6.51% 6.51% -0.96% 1.84% 2.83% -
Bloomberg Municipal Bond Index 6.40% 6.40% -0.40% 2.25% 3.03% 3.59%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
Special Tax
Education
GO Local
Water & Sewer
GO State
Power
VRDN
Other
Housing
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 02/29/2024 View Portfolio

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

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner, Director of Tax Free Fixed Income

36 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

13 Years of Industry Experience

Supported By 18 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 02/29/2024

4.27%

30-Day Standardized Yield 1 as of 02/29/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.58% 3.58%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.23% 6.60% -1.05% 1.75% 3.00% 3.60%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.08% 5.80% -0.67% 1.60% 2.49% -
Bloomberg Municipal Bond Index -0.38% 5.42% -0.21% 1.91% 2.68% 3.53%
w/ sales charge 0.23% 6.60% -1.05% 1.75% 3.00% 3.60%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 7.58% 7.58% -1.33% 1.98% 3.42% 3.62%
Lipper Category Avg. General & Insured Municipal Debt Funds 6.51% 6.51% -0.96% 1.84% 2.83% -
Bloomberg Municipal Bond Index 6.40% 6.40% -0.40% 2.25% 3.03% 3.59%

Fund Expense Ratio :

Gross 0.67%

Net 0.60%

Year Fund Returns Bloomberg Municipal Bond Index
2023 7.58% 6.40%
2022 -13.86% -8.53%
2021 3.65% 1.52%
2020 4.98% 5.21%
2019 9.39% 7.54%
2018 0.91% 1.28%
2017 7.18% 5.45%
2016 0.36% 0.25%
2015 3.47% 3.30%
2014 12.94% 9.05%
2013 -6.03% -
2012 13.87% -
2011 11.19% -
2010 2.28% -
2009 24.77% -
2008 -15.25% -
Year Q1 Q2 Q3 Q4
2024 - - - -
2023 3.13% 0.78% -4.17% 8.01%
2022 -8.14% -5.81% -4.38% 4.13%
2021 0.19% 2.94% -0.78% 1.29%
2020 -3.36% 3.36% 1.59% 3.46%
2019 3.49% 2.85% 2.07% 0.67%
2018 -1.10% 1.29% -0.32% 1.06%
2017 1.89% 2.13% 1.70% 1.27%
2016 2.07% 3.53% -0.02% -5.01%
2015 1.26% -1.20% 1.38% 2.01%
2014 4.75% 3.62% 2.21% 1.80%
2013 0.61% -4.71% -2.00% 0.03%
2012 4.79% 2.77% 3.81% 1.85%
2011 -0.08% 5.06% 3.44% 2.40%
2010 2.27% 1.59% 4.54% -5.84%
2009 7.37% 5.79% 11.06% -1.10%
2008 -1.88% 0.47% -6.06% -8.49%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
Special Tax
Education
GO Local
Water & Sewer
GO State
Power
VRDN
Other
Housing
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
State Assets
NY
IL
CA
NJ
PA
AL
FL
GA
OH
MD
TX
IA
KY
LA
Puerto Rico
MA
TN
CT
VA
NC
AZ
CO
WA
WI
MI
SC
MN
IN
OR
OK
NE
NH
MO
RI
AR
NM
NV
UT
WV
VT
MT
DC
OT
HI
KS
Other U.S. Territories

Credit Quality Distribution as of 02/29/2024

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

Portfolio Positioning as of 12/31/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve convexity, positioning the portfolio to have higher probabilities of performing better in a wide range of interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons and longer call protection to position in more favorable structures.
  • We continue to focus on the most attractive segments of the yield curve from a total return and roll down perspective, while selling flatter segments of the curve or maturities that do not provide much incremental yield for added risk.
  • We remain overweight the lower quality tiers of investment grade, which show attractive relative value, 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.
  • We added to prepaid gas bonds over the quarter given elevated supply. We feel that these high-quality bonds trade at attractive credit spreads compared to similarly rated debt. Additionally, gas bonds typically have a high degree of liquidity given their larger buyer base outside of tax exempt investors.
  • We continue to have a positive view on the Transportation sector. Transportation systems continue to see volume recovery driven by positive economic growth and low unemployment. Toll roads and airports can charge higher rates to offset rising costs, and volumes have generally returned to or close to pre-pandemic levels. Although we are still seeing some pockets of stress in transit, federal and state governments have generally been providing additional relief to offset lower utilization, and funding from the Bipartisan Infrastructure Law could provide hundreds of billions for infrastructure investment.

Portfolio Details as of 02/29/2024

Total Net Assets
$4.28 B
Average Coupon
4.7%
Average Effective Duration
7.92 Years
Average Effective Maturity
19.5 Years
Number of Issues
739
Average Yield to Worst
4.27%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/27/2024
$0.06436
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2024 $0.03299 $10.49
Daily Daily 01/31/2024 $0.03137 $10.50

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 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.67% 0.60%

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

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The Bloomberg Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.  Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies.  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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