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

30-Day Standardized Yield 1 as of 08/31/2023  

3.14%

Average Yield to Worst as of 08/31/2023

4.63%

Fund Basicsas of 08/31/2023

Total Net Assets
$3.75 B
Inception Date
07/15/1996
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.35%
Fund Net Expense Ratio
1.34%
Number of Holdings
723
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 2.33% 1.14% -2.53% 0.38% 2.48% 3.38%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.87% 1.16% -1.65% 0.99% 2.61% -
Bloomberg Municipal Bond Index 1.59% 1.70% -1.32% 1.52% 2.81% -
w/ sales charge 1.33% 1.14% -2.53% 0.38% 2.48% 3.38%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 3.56% 2.73% -1.55% 0.69% 2.11% 3.44%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.89% 2.48% -0.82% 1.28% 2.40% -
Bloomberg Municipal Bond Index 2.67% 3.19% -0.58% 1.84% 2.68% -
w/ sales charge 2.56% 2.73% -1.55% 0.69% 2.11% 3.44%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Special Tax
Lease
Education
GO Local
GO State
Water & Sewer
Power
Other
Housing
Pre-Refunded
VRDN
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 08/31/2023 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

36 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

13 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 08/31/2023

4.63%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.14% 3.14%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 2.33% 1.14% -2.53% 0.38% 2.48% 3.38%
Lipper Category Avg. General & Insured Municipal Debt Funds 1.87% 1.16% -1.65% 0.99% 2.61% -
Bloomberg Municipal Bond Index 1.59% 1.70% -1.32% 1.52% 2.81% -
w/ sales charge 1.33% 1.14% -2.53% 0.38% 2.48% 3.38%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 3.56% 2.73% -1.55% 0.69% 2.11% 3.44%
Lipper Category Avg. General & Insured Municipal Debt Funds 2.89% 2.48% -0.82% 1.28% 2.40% -
Bloomberg Municipal Bond Index 2.67% 3.19% -0.58% 1.84% 2.68% -
w/ sales charge 2.56% 2.73% -1.55% 0.69% 2.11% 3.44%

Fund Expense Ratio :

Gross 1.35%

Net 1.34%

Year Fund Returns Bloomberg Municipal Bond Index
2022 -14.46% -8.53%
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% -
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% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.94% 0.60% - - -1.25%
2022 -8.30% -5.98% -4.55% 3.93% -14.46%
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
Special Tax
Lease
Education
GO Local
GO State
Water & Sewer
Power
Other
Housing
Pre-Refunded
VRDN
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
GA
OH
MD
FL
TX
IA
TN
VA
CT
Puerto Rico
LA
CO
MA
MI
KY
MN
WI
AZ
NC
OR
IN
NH
NE
MO
SC
WA
NM
AR
RI
UT
NV
VT
DC
OK
MT
WV
OT
HI
KS
Other U.S. Territories

Credit Quality Distribution as of 08/31/2023

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

Portfolio Positioning as of 6/30/2023

  • We continue to overweight some of the more volatile segments of the market, such as bonds subject to AMT, Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits. While these parts of the market underperformed in last year’s sell off, many have performed well in the first half of the year. We believe as mutual fund flows continue to recover in the second half of 2023, these areas of the market may exhibit strong performance.
  • 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.
  • Over the quarter, we trimmed our exposure to Prepaid Gas bonds based on relative value opportunities in other areas of the market. However, we remain overweight Prepaid Gas bonds relative to the benchmark given their attractive yields, shorter maturities and strong liquidity characteristics.
  • We have continued to add to corporate-backed bonds within the Industrial Development sector and remain overweight relative to the benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • The Hospital sector faced challenges in 2022 due to increased supply and labor costs, coupled with mounting investment losses. Despite this pressure, we consider the market's reaction to the sector's financial downturn in certain segments to have been overly drastic. Going forward, we expect an improvement in the Hospital sector’s prospects due to continued revenue growth and slowing expenses. According to Kaufman Hall, hospitals’ operating margins turned positive in May and expenses fell while outpatient volumes rose.  We continue to see opportunity in the sector but believe security selection will remain important given the dispersion between strong and weak performers.

Portfolio Details as of 08/31/2023

Total Net Assets
$3.75 B
Average Coupon
4.6%
Average Effective Duration
7.91 Years
Average Effective Maturity
19.0 Years
Number of Issues
723
Average Yield to Worst
4.63%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/28/2023
$0.18815
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.02393 $10.21
Daily Daily 07/31/2023 $0.02373 $10.39
Daily Daily 06/30/2023 $0.02586 $10.38
Daily Daily 05/31/2023 $0.02300 $10.30
Daily Daily 04/30/2023 $0.02323 $10.40
Daily Daily 03/31/2023 $0.02296 $10.39
Daily Daily 02/28/2023 $0.02370 $10.22
Daily Daily 01/31/2023 $0.02176 $10.51

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 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
1.35% 1.34%

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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