LONSX | National Tax Free Fund Class F3 | Lord Abbett

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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 01/14/2022  

w/o sales charge 2.63%

30-Day Standardized Yield 2 as of 12/31/2021  

1.29%

Fund Basicsas of 12/31/2021

Total Net Assets
$4.68 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.48%
Number of Holdings
949

Fund Expense Ratio :

0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.79% 3.79% 6.12% 5.32% 5.05% -
Lipper Category Avg. General & Insured Municipal Debt Funds 2.28% 2.28% 4.84% 4.14% 3.81% -
Bloomberg Municipal Bond Index 1.52% 1.52% 4.73% 4.17% 3.72% -

Fund Expense Ratio :

0.48%

Fund Expense Ratio :

0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.79% 3.79% 6.12% 5.32% 5.05% -
Lipper Category Avg. General & Insured Municipal Debt Funds 2.28% 2.28% 4.84% 4.14% 3.81% -
Bloomberg Municipal Bond Index 1.52% 1.52% 4.73% 4.17% 3.72% -

Fund Expense Ratio :

0.48%

RELATED CONTENT

Municipal Bonds Stay on Track in an Unpredictable Year
September 13, 2021

A look at the key trends that have contributed to the solid performance of the municipal bond market since Fall 2020.

Lessons from One Week in the Muni Bond New Issue Market
June 19, 2020

A look at one week’s worth of new issuance of municipal bonds illustrates key themes at work in today’s market—and the range of potential investment opportunities on offer.

Uncovering Value in Municipal Bonds after the Recent Volatility
May 27, 2020

Our director of municipal bonds identifies areas of the market where performance disparities may create potential opportunities.

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
GO State
Water & Sewer
Housing
Power
Muni_Pre-Refunded
Pre-Refunded
VRDN
Other
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 12/31/2021 View Portfolio

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

34 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

11 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 01/14/2022  

w/o sales charge 2.63%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.29% 1.29%

Fund Expense Ratio :

0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.79% 3.79% 6.12% 5.32% 5.05% -
Lipper Category Avg. General & Insured Municipal Debt Funds 2.28% 2.28% 4.84% 4.14% 3.81% -
Bloomberg Municipal Bond Index 1.52% 1.52% 4.73% 4.17% 3.72% -

Fund Expense Ratio :

0.48%

Fund Expense Ratio :

0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.79% 3.79% 6.12% 5.32% 5.05% -
Lipper Category Avg. General & Insured Municipal Debt Funds 2.28% 2.28% 4.84% 4.14% 3.81% -
Bloomberg Municipal Bond Index 1.52% 1.52% 4.73% 4.17% 3.72% -

Fund Expense Ratio :

0.48%

Year Fund Returns Bloomberg Municipal Bond Index
2021 3.79% 1.52%
2020 5.12% 5.21%
2019 9.53% 7.54%
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% -
2010 -2.66% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 0.22% 2.98% -0.67% 1.24% 3.79%
2020 -3.25% 3.30% 1.62% 3.50% 5.12%
2019 3.53% 2.89% 2.19% 0.62% 9.53%
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
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
GO State
Water & Sewer
Housing
Power
Muni_Pre-Refunded
Pre-Refunded
VRDN
Other
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
State Assets
NY
CA
IL
NJ
PA
TX
FL
OH
GA
AL
MD
CT
LA
TN
Puerto Rico
MA
AZ
MI
NE
CO
MO
VA
KY
HI
WI
IN
MN
NC
SC
IA
NH
DC
UT
NV
AR
OR
OK
ME
WY
MT
NM
WA
VT
WV
OT
Other U.S. Territories
AK
ID
SD
ND

Credit Quality Distribution as of 12/31/2021

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 09/30/2021

  • As the economy further reopens and recovers, we expect the credit fundamentals of the municipal market to remain positive. The credit outlook may continue to strengthen as the unprecedented fiscal spending over the last eighteen months continues to trickle down to state and local governments. Overall, in excess of $1 trillion in emergency aid was earmarked for municipalities, amounting to approximately one quarter of the total outstanding of municipal bonds. Given this strong credit backdrop, we are positive on credit risk and the Fund is overweight lower-rated, investment grade bonds. Additionally, while primarily invested in high quality bonds, the Fund is modestly overweight bonds rated below BBB relative to its benchmark due to relatively attractive credit spreads.
  • From a sector perspective, we currently favor the Industrial Development, Transportation, and Healthcare sectors.
  • On August 10, 2021, the U.S. Senate voted to pass the Infrastructure Investment and Jobs Act. The legislation provides nearly $1 trillion in total spending over the next five years, resulting in $550 billion in new spending. The Infrastructure Investment and Jobs Act is currently being debated on in the House of Representatives and some House members are fighting for the inclusion of advanced refunding and direct pay bonds, both of which were not included in the Senate’s version of the Bill. From a technical perspective, the reinstatement of advanced refunding could result in a notable increase in issuance for the municipal market.
  • The House of Representatives’ Ways and Means Committee has drafted legislation that, among other measures, would increase the rate on the top individual tax bracket from 37% to 39.6% for individuals earning more than $400,000 and households earning more than $450,000 as well as raise the corporate tax rate to 26.5%. An increase to the top individual tax bracket would allow high earners a higher tax-equivalent yield and potentially lead to a higher demand from the retail segment of the market, which has the largest ownership of municipal bonds. The next largest segment holding municipal bonds is financial services firms, such as banks and insurance companies. Should the corporate tax rate rise, it may result in growing demand from these firms as well for tax free bonds.

Portfolio Details as of 12/31/2021

Total Net Assets
$4.68 B
Number of Issues
949
Average Coupon
4.3%
Average Effective Maturity
20.2 Years
Average Effective Duration
6.45 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/14/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.02630 $12.13
Daily Daily 11/30/2021 $0.02671 $12.13
Daily Daily 10/31/2021 $0.02596 $12.00
Daily Daily 09/30/2021 $0.02650 $12.06
Daily Daily 08/31/2021 $0.02638 $12.22
Daily Daily 07/31/2021 $0.02652 $12.32
Daily Daily 06/30/2021 $0.02759 $12.22
Daily Daily 05/31/2021 $0.02986 $12.16
Daily Daily 04/30/2021 $0.02794 $12.09
Daily Daily 03/31/2021 $0.02779 $11.95
Daily Daily 02/28/2021 $0.02897 $11.88
Daily Daily 01/31/2021 $0.02966 $12.15

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 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
Daily Daily 05/31/2022
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2021

0.48%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
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Annual Report
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Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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Commentary
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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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