LANSX | National Tax Free Fund Class A | 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 05/31/2024  

3.56%

Average Yield to Worst as of 05/31/2024

4.45%

Fund Basicsas of 05/31/2024

Total Net Assets
$4.30 B
Inception Date
04/02/1984
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.70%
Number of Holdings
745
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.53% 4.02% -2.36% 0.63% 2.43% 5.65%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.88% 3.52% -1.72% 0.70% 2.07% -
Bloomberg Municipal Bond Index -1.91% 2.67% -1.29% 0.93% 2.25% -
w/ sales charge -2.74% 1.65% -3.10% 0.17% 2.19% 5.59%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 0.41% 4.66% -1.35% 1.27% 2.88% 5.70%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.21% 3.97% -0.84% 1.29% 2.47% -
Bloomberg Municipal Bond Index -0.39% 3.13% -0.41% 1.59% 2.66% -
w/ sales charge -1.83% 2.30% -2.10% 0.82% 2.65% 5.64%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Education
Lease
Special Tax
GO Local
Water & Sewer
GO State
Power
Housing
Pre-Refunded
Other
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 05/31/2024 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 of Tax Free Fixed Income

37 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Supported By 18 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 05/31/2024

4.45%

30-Day Standardized Yield 1 as of 05/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.56% 3.56%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.53% 4.02% -2.36% 0.63% 2.43% 5.65%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.88% 3.52% -1.72% 0.70% 2.07% -
Bloomberg Municipal Bond Index -1.91% 2.67% -1.29% 0.93% 2.25% -
w/ sales charge -2.74% 1.65% -3.10% 0.17% 2.19% 5.59%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 0.41% 4.66% -1.35% 1.27% 2.88% 5.70%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.21% 3.97% -0.84% 1.29% 2.47% -
Bloomberg Municipal Bond Index -0.39% 3.13% -0.41% 1.59% 2.66% -
w/ sales charge -1.83% 2.30% -2.10% 0.82% 2.65% 5.64%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

Year Fund Returns Bloomberg Municipal Bond Index
2023 7.47% 6.40%
2022 -13.93% -8.53%
2021 3.63% 1.52%
2020 4.80% 5.21%
2019 9.38% 7.54%
2018 0.72% 1.28%
2017 7.07% 5.45%
2016 0.36% 0.25%
2015 3.28% 3.30%
2014 12.83% 9.05%
2013 -6.11% -
2012 13.75% -
2011 11.08% -
2010 2.20% -
2009 24.60% -
2008 -15.24% -
2007 -1.44% -
2006 4.57% -
2005 3.69% -
2004 3.85% -
Year Q1 Q2 Q3 Q4
2024 0.41% - - -
2023 3.10% 0.76% -4.19% 7.97%
2022 -8.24% -5.75% -4.40% 4.10%
2021 0.25% 2.92% -0.81% 1.26%
2020 -3.38% 3.33% 1.56% 3.35%
2019 3.56% 2.83% 2.05% 0.65%
2018 -1.13% 1.18% -0.26% 0.94%
2017 1.87% 2.10% 1.68% 1.25%
2016 2.14% 3.51% -0.05% -5.03%
2015 1.24% -1.22% 1.35% 1.90%
2014 4.72% 3.50% 2.28% 1.77%
2013 0.58% -4.82% -1.93% 0.00%
2012 4.76% 2.75% 3.78% 1.82%
2011 -0.10% 5.03% 3.41% 2.38%
2010 2.25% 1.57% 4.52% -5.86%
2009 7.21% 5.87% 11.02% -1.11%
2008 -1.89% 0.54% -6.18% -8.41%
2007 0.72% -0.58% -0.55% -1.03%
2006 0.26% -0.13% 3.19% 1.21%
2005 0.19% 3.26% -0.38% 0.60%
2004 1.71% -3.15% 3.95% 1.42%
2003 0.92% 2.86% -0.84% 1.66%
2002 1.01% 3.03% 5.02% -0.44%
2001 1.60% 0.32% 2.88% -0.68%
2000 3.45% 1.13% 2.09% 5.52%
1999 1.03% -2.59% -2.39% -1.65%
1998 1.05% 1.82% 3.27% 0.10%
1997 -0.49% 3.56% 3.49% 3.14%
1996 -1.79% 0.87% 2.40% 2.49%
1995 7.66% 1.62% 2.71% 4.76%
1994 -6.40% -0.27% 0.52% -2.26%
1993 4.83% 3.39% 3.68% 0.60%
1992 0.25% 4.14% 2.16% 1.95%
1991 2.17% 2.00% 3.93% 3.88%
1990 0.33% 2.36% 0.06% 4.35%
1989 0.54% 5.79% -0.24% 3.21%
1988 3.58% 2.40% 3.21% 2.89%
1987 2.61% -5.00% -3.03% 6.14%
1986 9.43% -0.87% 5.46% 4.96%
1985 3.71% 8.30% -1.48% 8.13%

Growth of $10,000 as of 05/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

Credit Quality Distribution as of 05/31/2024

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

Portfolio Positioning as of 3/31/2024

  • Given interest rate volatility, we have been selling callable bonds priced close to par seeking to improve convexity, to position the portfolio to have a higher probability of performing better in a wide range of interest rate scenarios. We have been reallocating to bonds with more favorable structures, such as higher coupon bonds with longer call protection.
  • We remain overweight credit, particularly within lower-rated investment grade tiers where we continue to find notable yield pickup relative to higher-rated investment grade bonds.
  • We continue to focus on the most attractive segments of the yield curve from a total return and roll down perspective, while selling flatter segments of the curve or maturities that do not provide much incremental yield for added risk. 

Portfolio Details as of 05/31/2024

Total Net Assets
$4.30 B
Average Coupon
4.7%
Average Effective Duration
7.8 Years
Average Effective Maturity
19.8 Years
Number of Issues
745
Average Yield to Worst
4.45%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/13/2024
$0.15526
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2024 $0.03078 $10.33
Daily Daily 04/30/2024 $0.03143 $10.33
Daily Daily 03/31/2024 $0.03035 $10.49
Daily Daily 02/29/2024 $0.03219 $10.51
Daily Daily 01/31/2024 $0.03052 $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 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/13/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.74
$100,000 to $249,999 1.75% 1.50% $10.69
Greater than $250,000 0.00% 1.00% $10.50

Expense Ratioas of 05/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.77% 0.70%

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
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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