LTNIX | National Tax Free Fund Class I | 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 01/15/2021  

w/o sales charge 2.85%

30-Day Standardized Yield 2 as of 12/31/2020  

1.61%

Fund Basicsas of 12/31/2020

Total Net Assets
$4.04 B
Inception Date
07/26/2010
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.55%
Number of Holdings
864
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 5.09% 5.09% 5.11% 4.60% 5.75% 5.23%
Lipper Category Avg. General & Insured Municipal Debt Funds 4.83% 4.83% 4.36% 3.72% 4.62% -
Bloomberg Barclays Municipal Bond Index 5.21% 5.21% 4.64% 3.91% 4.63% 4.23%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 5.09% 5.09% 5.11% 4.60% 5.75% 5.23%
Lipper Category Avg. General & Insured Municipal Debt Funds 4.83% 4.83% 4.36% 3.72% 4.62% -
Bloomberg Barclays Municipal Bond Index 5.21% 5.21% 4.64% 3.91% 4.63% 4.23%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

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Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
GO Local
Special Tax
Education
GO State
Water & Sewer
Housing
Power
Pre-Refunded
Other
VRDN
Muni_Pre-Refunded
Muni_Solid_Waste/Res_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 12/31/2020 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

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

10 Years of Industry Experience

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

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 01/15/2021  

w/o sales charge 2.85%

30-Day Standardized Yield 2 as of 12/31/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.61% 1.61%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 5.09% 5.09% 5.11% 4.60% 5.75% 5.23%
Lipper Category Avg. General & Insured Municipal Debt Funds 4.83% 4.83% 4.36% 3.72% 4.62% -
Bloomberg Barclays Municipal Bond Index 5.21% 5.21% 4.64% 3.91% 4.63% 4.23%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/26/2010
w/o sales charge 5.09% 5.09% 5.11% 4.60% 5.75% 5.23%
Lipper Category Avg. General & Insured Municipal Debt Funds 4.83% 4.83% 4.36% 3.72% 4.62% -
Bloomberg Barclays Municipal Bond Index 5.21% 5.21% 4.64% 3.91% 4.63% 4.23%

Fund Expense Ratio :

Gross 0.57%

Net 0.55%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2020 5.09% 5.21%
2019 9.49% 7.54%
2018 0.92% 1.28%
2017 7.37% 5.45%
2016 0.44% 0.25%
2015 3.48% 3.30%
2014 13.02% 9.05%
2013 -5.93% -2.55%
2012 14.09% 6.78%
2011 11.24% 10.70%
2010 -2.68% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 - - - - 0.47%
2020 -3.26% 3.29% 1.61% 3.49% 5.09%
2019 3.52% 2.88% 2.18% 0.61% 9.49%
2018 -1.17% 1.32% -0.21% 1.00% 0.92%
2017 1.92% 2.15% 1.73% 1.38% 7.37%
2016 2.09% 3.55% 0.00% -4.98% 0.44%
2015 1.29% -1.17% 1.40% 1.95% 3.48%
2014 4.77% 3.54% 2.33% 1.81% 13.02%
2013 0.63% -4.77% -1.89% 0.05% -5.93%
2012 4.92% 2.72% 3.93% 1.86% 14.09%
2011 -0.14% 5.19% 3.48% 2.34% 11.24%
2010 - - - -5.80% -2.68%

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
Pre-Refunded
Other
VRDN
Muni_Pre-Refunded
Muni_Solid_Waste/Res_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
CA
NY
IL
NJ
PA
TX
FL
OH
GA
CT
AL
MD
LA
AZ
Puerto Rico
MA
MO
KY
MI
VA
CO
TN
HI
NE
IN
MN
NC
SC
IA
WI
DC
NH
NV
AR
NM
OK
ME
WY
OR
WA
MT
VT
UT
WV
OT
Other U.S. Territories

Credit Quality Distribution as of 12/31/2020

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

Portfolio Positioning as of 09/30/2020

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 15-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The Fund is overweight the industrial development sector which stands to benefit from better-than-expected corporate earnings and the Federal Reserve’s support for the corporate bond market.
  • In the upcoming Presidential election, we believe if the Republican party maintains control of the Executive Branch, the Affordable Care Act may come under renewed pressure, potentially leading to higher numbers of uninsured patients and more unpaid hospital bills. Conversely, if Democrats win the election, we believe certain provisions of the Affordable Care Act may be reinstated, leading to fewer unpaid bills and more proactive care.
  • We believe infrastructure will be a key focus for Washington after the election, regardless of the outcome. This may lead to an increase in municipal bond supply. While yields may face upward pressure as a result, we believe the market is likely to absorb the elevated levels of supply.

Portfolio Details as of 12/31/2020

Total Net Assets
$4.04 B
Number of Issues
864
Average Coupon
4.5%
Average Effective Maturity
19.7 Years
Average Effective Duration
6.8 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/15/2021
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2020 $0.02864 $12.01
Daily Daily 11/30/2020 $0.02919 $11.87
Daily Daily 10/31/2020 $0.02872 $11.64
Daily Daily 09/30/2020 $0.02909 $11.69
Daily Daily 08/31/2020 $0.02872 $11.76
Daily Daily 07/31/2020 $0.02948 $11.82
Daily Daily 06/30/2020 $0.03013 $11.59
Daily Daily 05/31/2020 $0.02979 $11.34
Daily Daily 04/30/2020 $0.03010 $10.98
Daily Daily 03/31/2020 $0.02988 $11.31
Daily Daily 02/29/2020 $0.03032 $12.23
Daily Daily 01/31/2020 $0.03018 $12.01

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 01/31/2021
Daily Daily 02/28/2021
Daily Daily 03/31/2021
Daily Daily 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.57% 0.55%

Fund Documents

Fund Documents

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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