LONSX | National Tax Free Fund Class F3 | 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 07/01/2022  

w/o sales charge 3.21%

30-Day Standardized Yield 2 as of 05/31/2022  

3.39%

Fund Basicsas of 05/31/2022

Total Net Assets
$3.79 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.46%
Number of Holdings
847

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.42% -12.93% -0.97% 1.50% 2.77% -
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.42% -12.93% -0.97% 1.50% 2.77% -
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -

Fund Expense Ratio :

0.46%

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
Power
Housing
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 05/31/2022 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 07/01/2022  

w/o sales charge 3.21%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.39% 3.39%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.42% -12.93% -0.97% 1.50% 2.77% -
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.42% -12.93% -0.97% 1.50% 2.77% -
Lipper Category Avg. General & Insured Municipal Debt Funds - - - - - -
Bloomberg Municipal Bond Index -8.98% -8.57% -0.18% 1.51% 2.38% -

Fund Expense Ratio :

0.46%

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
2022 -8.11% -5.78% - - -12.91%
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
GO State
Special Tax
Education
Water & Sewer
Power
Housing
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
PA
AL
FL
TX
GA
OH
CT
MD
LA
CO
Puerto Rico
MA
KY
VA
AZ
MI
HI
WI
MN
TN
NC
NE
IN
IA
SC
MO
NH
UT
NV
DC
WA
OR
OK
WY
ME
NM
MT
AR
WV
VT
OT
Other U.S. Territories
ID
ND
SD

Credit Quality Distribution as of 05/31/2022

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 3/31/2022

  • The fundamental backdrop of the municipal market is currently strong, and credit may continue to strengthen into the near future. Almost all municipal sectors have stable or positive outlooks by the credit rating agencies as the market continues to be supported by the robust fiscal spending over the past two years, a better-than-expected economic recovery from the pandemic and strong tax revenue growth. In terms of fiscal spending, it has been estimated that approximately $1 trillion has been passed down to state and local governments as a result of pandemic relief spending by the Federal government. Regarding tax revenues, according to the National Conference of State Legislatures, it is anticipated that half of states will see revenue figures that surpass their original forecasts for fiscal year 2022. More specifically, increased sales tax revenue streams may be powered by higher consumer demand as well as inflationary pressures. Similarly, in the longer term, real estate tax revenues may be pushed up by inflation as well.
  • 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 higher quality bonds, the Fund is modestly overweight non-investment grade bonds relative to its benchmark due to relatively attractive risk-adjusted returns.
  • From a sector perspective, we currently favor the Industrial Development, Transportation and Health Care sectors.
  • While the strategy’s longer duration relative to the benchmark has led to underperformance in the short term, we expect this positioning to support performance over the long term for various reasons. First, the municipal yield curve remains upward sloping, even given the recent inversion of the Treasury yield curve. We are regularly monitoring the overall shape of the curve in an effort to identify the steepest portions to optimize total return. As we typically do not hold bonds to maturity, we are able exploit this steepness through strategies such as yield curve roll down to generate capital appreciation along with tax free income for our clients. Strategies such as this may require positioning further out on the yield curve relative to the benchmark. Additionally, even considering the underperformance of longer-dated bonds in the last quarter, over the long term, intermediate and long-dated bonds have outperformed bonds on the shorter end of the curve. We expect this trend to remain intact going forward, while there will be periods of short-term volatility as seen this quarter. Of note, we continue to maintain the strategy’s duration within a tight band of the benchmark.
  • The current weakness in demand has largely been tied to investor concerns over rising Treasury yields and, to some extent, tax loss selling. The current outflow cycle may endure over the near term should Treasury yields continue to increase, but we expect demand to recover once the market volatility eases. In terms of tax loss selling, some investors have been exiting municipal bond positions to recognize losses in an effort to offset gains achieved in more profitable investments. We expect these tax loss pressures to subside in the near term. While tax exempt supply has been roughly in line with 2021, it would be a negative for the market if supply were to pick up in the near term in concert with continuing outflows.
  • The market turbulence seen over the last quarter, while painful in the short term, has brought opportunity. With the significant fall in prices since the start of the year, not only do we have access to bonds that were much harder to buy in the strong market environment seen last year, but we can enter these positions at more attractive yields compared to just three months ago at the end of 2021. Additionally, Muni/Treasury ratios have started to normalize from the rich levels seen in 2021 and ratios at the longer end of the curve are starting to approach ‘cheaper’ levels compared to history. 

Portfolio Details as of 05/31/2022

Total Net Assets
$3.79 B
Number of Issues
847
Average Coupon
4.5%
Average Effective Maturity
18.4 Years
Average Effective Duration
8.21 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/01/2022
$0.160
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2022 $0.02780 $10.35
Daily Daily 05/31/2022 $0.02701 $10.72
Daily Daily 04/30/2022 $0.02693 $10.61
Daily Daily 03/31/2022 $0.02585 $11.07
Daily Daily 02/28/2022 $0.02696 $11.55
Daily Daily 01/31/2022 $0.02591 $11.70

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 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 05/31/2022

0.46%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
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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
Commentary
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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