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National Tax Free Fund

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 11/15/2019  

w/o sales charge 3.20%

30-Day Standardized Yield 2 as of 10/31/2019  

2.04%

Fund Basicsas of 10/31/2019

Total Net Assets
$3.02 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.53%
Fund Net Expense Ratio
0.50%
Number of Holdings
759

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 8.87% 11.03% 4.31% 4.41% - 5.31%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.11% 9.10% 3.34% 3.35% - -
Bloomberg Barclays Municipal Bond Index 6.94% 9.42% 3.62% 3.55% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 8.86% 9.95% 3.90% 4.57% - 5.36%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.09% 8.20% 3.00% 3.48% - -
Bloomberg Barclays Municipal Bond Index 6.75% 8.55% 3.19% 3.66% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

RELATED CONTENT

Municipal Bonds: Look Beyond the “Tax-Free” Label
November 4, 2019

Investors have long embraced municipal bonds for their tax-advantaged status, but they may not be aware of other potential advantages the asset class offers.

Muni Matters: Demystifying Non-Rated Muni Bonds
October 14, 2019

Here’s a closer look at this $82 billion segment of the tax-free bond market—and how portfolio managers might find opportunities in the sector.

California Charter Schools: How Might Political Shifts Affect Credit?
August 23, 2019

Legislation under consideration in Sacramento could influence future authorizations of charter schools.

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Lease
Special Tax
GO Local
GO State
Education
Water & Sewer
Housing
Power
Pre-Refunded
VRDN
Other
Insured
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 10/31/2019 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 11/15/2019  

w/o sales charge 3.20%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.04% 2.04%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 8.87% 11.03% 4.31% 4.41% - 5.31%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.11% 9.10% 3.34% 3.35% - -
Bloomberg Barclays Municipal Bond Index 6.94% 9.42% 3.62% 3.55% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 8.86% 9.95% 3.90% 4.57% - 5.36%
Lipper Category Avg. General & Insured Municipal Debt Funds 7.09% 8.20% 3.00% 3.48% - -
Bloomberg Barclays Municipal Bond Index 6.75% 8.55% 3.19% 3.66% - -

Fund Expense Ratio :

Gross 0.53%

Net 0.50%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.96% 1.28%
2017 7.41% 5.45%
2016 0.48% 0.25%
2015 3.52% 3.30%
2014 13.06% 9.05%
2013 -5.90% -2.55%
2012 14.14% 6.78%
2011 11.29% 10.70%
2010 -2.66% 2.38%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.53% 2.89% 2.19% - 8.57%
2018 -1.16% 1.33% -0.20% 1.00% 0.96%
2017 1.93% 2.16% 1.74% 1.39% 7.41%
2016 2.10% 3.56% 0.01% -4.97% 0.48%
2015 1.30% -1.16% 1.41% 1.96% 3.52%
2014 4.78% 3.55% 2.34% 1.82% 13.06%
2013 0.64% -4.76% -1.88% 0.06% -5.90%
2012 4.93% 2.73% 3.94% 1.87% 14.14%
2011 -0.13% 5.20% 3.49% 2.35% 11.29%
2010 - - - -5.79% -2.66%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

Credit Quality Distribution as of 10/31/2019

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 09/30/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 12-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio continues to maintain an overweight in revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their dedicated income streams and favorable return prospects.
  • The portfolio continues to maintain an overweight in lower tier investment grade bonds due to the incremental yield advantage and relatively attractive credit spreads.

Portfolio Details as of 10/31/2019

Total Net Assets
$3.02 B
Number of Issues
759
Average Coupon
4.6%
Average Effective Maturity
19.9 Years
Average Effective Duration
6.81 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/15/2019
$0.325
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.03122 $11.77
Daily Daily 09/30/2019 $0.03139 $11.80
Daily Daily 08/31/2019 $0.03161 $11.92
Daily Daily 07/31/2019 $0.03212 $11.70
Daily Daily 06/30/2019 $0.03273 $11.64
Daily Daily 05/31/2019 $0.03279 $11.62
Daily Daily 04/30/2019 $0.03314 $11.45
Daily Daily 03/31/2019 $0.03285 $11.41
Daily Daily 02/28/2019 $0.03442 $11.22
Daily Daily 01/31/2019 $0.03355 $11.16

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 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.53% 0.50%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
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
Commentary
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays 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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