LTNSX | National Tax Free Fund Class C | 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

Dividend Yield 1 as of 09/23/2022  

w/o sales charge 2.41%

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

2.55%

Fund Basicsas of 08/31/2022

Total Net Assets
$3.59 B
Inception Date
07/15/1996
Dividend Frequency
Monthly
Fund Expense Ratio
1.36%
Number of Holdings
828
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

1.36%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -13.45% -13.51% -2.60% 0.34% 1.66% 3.46%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.20% -10.24% -1.35% 0.95% 1.97% -
Bloomberg Municipal Bond Index -8.63% -8.63% -0.83% 1.28% 2.25% -
w/ sales charge -14.30% -13.51% -2.60% 0.34% 1.66% 3.46%

Fund Expense Ratio :

1.36%

Fund Expense Ratio :

1.36%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -13.78% -13.67% -1.82% 0.63% 1.90% 3.47%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.45% -10.17% -0.66% 1.18% 2.15% -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -
w/ sales charge -14.63% -13.67% -1.82% 0.63% 1.90% 3.47%

Fund Expense Ratio :

1.36%

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
Lease
GO Local
GO State
Special Tax
Education
Water & Sewer
Housing
Power
Pre-Refunded
Other
VRDN
Resource Recovery
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 08/31/2022 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/23/2022  

w/o sales charge 2.41%

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

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

Fund Expense Ratio :

1.36%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -13.45% -13.51% -2.60% 0.34% 1.66% 3.46%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.20% -10.24% -1.35% 0.95% 1.97% -
Bloomberg Municipal Bond Index -8.63% -8.63% -0.83% 1.28% 2.25% -
w/ sales charge -14.30% -13.51% -2.60% 0.34% 1.66% 3.46%

Fund Expense Ratio :

1.36%

Fund Expense Ratio :

1.36%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -13.78% -13.67% -1.82% 0.63% 1.90% 3.47%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.45% -10.17% -0.66% 1.18% 2.15% -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -
w/ sales charge -14.63% -13.67% -1.82% 0.63% 1.90% 3.47%

Fund Expense Ratio :

1.36%

Year Fund Returns Bloomberg Municipal Bond Index
2021 2.88% 1.52%
2020 4.20% 5.21%
2019 8.60% 7.54%
2018 0.19% 1.28%
2017 6.40% 5.45%
2016 -0.35% 0.25%
2015 2.64% 3.30%
2014 12.22% 9.05%
2013 -6.71% -2.55%
2012 13.02% 6.78%
2011 10.35% -
2010 1.49% -
2009 23.82% -
2008 -15.90% -
2007 -2.06% -
2006 3.98% -
2005 3.01% -
2004 3.15% -
2003 4.01% -
2002 8.18% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -8.30% -5.98% - - -16.49%
2021 0.00% 2.75% -0.88% 1.02% 2.88%
2020 -3.45% 3.07% 1.39% 3.26% 4.20%
2019 3.31% 2.67% 1.97% 0.41% 8.60%
2018 -1.27% 1.11% -0.41% 0.79% 0.19%
2017 1.71% 1.94% 1.52% 1.09% 6.40%
2016 1.89% 3.34% -0.20% -5.17% -0.35%
2015 1.00% -1.37% 1.28% 1.74% 2.64%
2014 4.56% 3.43% 2.03% 1.70% 12.22%
2013 0.42% -4.88% -2.18% -0.16% -6.71%
2012 4.60% 2.58% 3.62% 1.66% 13.02%
2011 -0.26% 4.85% 3.24% 2.21% 10.35%
2010 2.07% 1.39% 4.43% -6.10% 1.49%
2009 7.15% 5.71% 10.74% -1.28% 23.82%
2008 -2.11% 0.40% -6.31% -8.66% -15.90%
2007 0.46% -0.73% -0.62% -1.18% -2.06%
2006 0.09% -0.29% 3.02% 1.14% 3.98%
2005 0.02% 3.09% -0.54% 0.44% 3.01%
2004 1.54% -3.39% 3.76% 1.34% 3.15%
2003 0.77% 2.70% -1.00% 1.51% 4.01%
2002 0.84% 2.86% 4.99% -0.65% 8.18%
2001 1.35% 0.26% 2.72% -0.87% 3.47%
2000 3.18% 0.96% 1.94% 5.44% 11.97%
1999 0.85% -2.77% -2.48% -1.84% -6.14%
1998 0.87% 1.63% 3.09% -0.08% 5.60%
1997 -0.65% 3.38% 3.39% 2.95% 9.31%
1996 - - - 2.29% 5.04%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

Credit Quality Distribution as of 08/31/2022

Rating Assets
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
$3.59 B
Number of Issues
828
Average Coupon
4.5%
Average Effective Maturity
17.9 Years
Average Effective Duration
8.9 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/23/2022
$0.151
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2022 $0.02003 $10.37
Daily Daily 07/31/2022 $0.01994 $10.68
Daily Daily 06/30/2022 $0.02020 $10.37
Daily Daily 05/31/2022 $0.01911 $10.74
Daily Daily 04/30/2022 $0.01904 $10.62
Daily Daily 03/31/2022 $0.01739 $11.09
Daily Daily 02/28/2022 $0.01912 $11.57
Daily Daily 01/31/2022 $0.01699 $11.71

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 09/30/2022
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
12/10/1998 12/18/1998 - - $0.1900 $11.76

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

Expense Ratioas of 08/31/2022

1.36%

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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Statutory Prospectus
Publish Date:11/03/2015
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Annual Report
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Semi-Annual Report
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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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