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 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.41% 3.40%

Average Yield to Worst as of 01/31/2024

4.28%

Fund Basicsas of 01/31/2024

Total Net Assets
$4.21 B
Inception Date
04/02/1984
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.70%
Number of Holdings
727
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 0.00% 3.62% -1.88% 1.77% 3.07% 5.71%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.07% 3.13% -1.28% 1.69% 2.60% -
Bloomberg Municipal Bond Index -0.51% 2.90% -0.78% 2.00% 2.78% -
w/ sales charge -2.22% 1.31% -2.62% 1.30% 2.83% 5.65%

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 7.47% 7.47% -1.40% 1.90% 3.32% 5.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 6.51% 6.51% -0.96% 1.84% 2.83% -
Bloomberg Municipal Bond Index 6.40% 6.40% -0.40% 2.25% 3.03% -
w/ sales charge 5.09% 5.09% -2.15% 1.43% 3.08% 5.66%

Fund Expense Ratio :

Gross 0.77%

Net 0.70%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Lease
Special Tax
Education
GO Local
Water & Sewer
GO State
Power
VRDN
Pre-Refunded
Other
Housing
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 01/31/2024 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

36 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

13 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 01/31/2024

4.28%

30-Day Standardized Yield 1 as of 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.41% 3.40%

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 0.00% 3.62% -1.88% 1.77% 3.07% 5.71%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.07% 3.13% -1.28% 1.69% 2.60% -
Bloomberg Municipal Bond Index -0.51% 2.90% -0.78% 2.00% 2.78% -
w/ sales charge -2.22% 1.31% -2.62% 1.30% 2.83% 5.65%

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 7.47% 7.47% -1.40% 1.90% 3.32% 5.72%
Lipper Category Avg. General & Insured Municipal Debt Funds 6.51% 6.51% -0.96% 1.84% 2.83% -
Bloomberg Municipal Bond Index 6.40% 6.40% -0.40% 2.25% 3.03% -
w/ sales charge 5.09% 5.09% -2.15% 1.43% 3.08% 5.66%

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 Yearly Returns
2024 - - - - 0.20%
2023 3.10% 0.76% -4.19% 7.97% 7.47%
2022 -8.24% -5.75% -4.40% 4.10% -13.93%
2021 0.25% 2.92% -0.81% 1.26% 3.63%
2020 -3.38% 3.33% 1.56% 3.35% 4.80%
2019 3.56% 2.83% 2.05% 0.65% 9.38%
2018 -1.13% 1.18% -0.26% 0.94% 0.72%
2017 1.87% 2.10% 1.68% 1.25% 7.07%
2016 2.14% 3.51% -0.05% -5.03% 0.36%
2015 1.24% -1.22% 1.35% 1.90% 3.28%
2014 4.72% 3.50% 2.28% 1.77% 12.83%
2013 0.58% -4.82% -1.93% 0.00% -6.11%
2012 4.76% 2.75% 3.78% 1.82% 13.75%
2011 -0.10% 5.03% 3.41% 2.38% 11.08%
2010 2.25% 1.57% 4.52% -5.86% 2.20%
2009 7.21% 5.87% 11.02% -1.11% 24.60%
2008 -1.89% 0.54% -6.18% -8.41% -15.24%
2007 0.72% -0.58% -0.55% -1.03% -1.44%
2006 0.26% -0.13% 3.19% 1.21% 4.57%
2005 0.19% 3.26% -0.38% 0.60% 3.69%
2004 1.71% -3.15% 3.95% 1.42% 3.85%
2003 0.92% 2.86% -0.84% 1.66% 4.65%
2002 1.01% 3.03% 5.02% -0.44% 8.83%
2001 1.60% 0.32% 2.88% -0.68% 4.15%
2000 3.45% 1.13% 2.09% 5.52% 12.71%
1999 1.03% -2.59% -2.39% -1.65% -5.56%
1998 1.05% 1.82% 3.27% 0.10% 6.36%
1997 -0.49% 3.56% 3.49% 3.14% 10.02%
1996 -1.79% 0.87% 2.40% 2.49% 3.98%
1995 7.66% 1.62% 2.71% 4.76% 17.71%
1994 -6.40% -0.27% 0.52% -2.26% -8.27%
1993 4.83% 3.39% 3.68% 0.60% 13.00%
1992 0.25% 4.14% 2.16% 1.95% 8.72%
1991 2.17% 2.00% 3.93% 3.88% 12.51%
1990 0.33% 2.36% 0.06% 4.35% 7.22%
1989 0.54% 5.79% -0.24% 3.21% 9.53%
1988 3.58% 2.40% 3.21% 2.89% 12.60%
1987 2.61% -5.00% -3.03% 6.14% 0.36%
1986 9.43% -0.87% 5.46% 4.96% 20.07%
1985 3.71% 8.30% -1.48% 8.13% 19.63%
1984 - - 5.84% 5.87% 6.19%

Growth of $10,000 as of 01/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

Credit Quality Distribution as of 01/31/2024

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

Portfolio Positioning as of 9/30/2023

  • Given the rate volatility, we have been selling callable bonds priced close to par to improve the convexity of the Fund and positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been buying bonds with higher coupons and longer call protection to position in more favorable structures.
  • We continue to overweight Industrial Development issuers, lower quality investment grade bonds and non-investment grade credits and bonds subject to AMT. While these parts of the market can exhibit volatility in periods of stress and underperformed in last year’s sell off, many have performed well since the start of the year. We believe that these areas of the market may exhibit strong performance as rate volatility diminishes and mutual fund flows recover.
  • 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.
  • We continue to have a positive view on corporate-backed bonds within the Industrial Development sector and remain overweight relative to the benchmark. We believe many of these issuers, particularly those tied to commodities, are in a strong fundamental position.
  • We remain constructive on the Transportation sector. Many issuers within the sector are in strong fundamental positions and have benefitted from the increased user volumes in the recovery from the pandemic. Additionally, many parts of the sector are deemed essential and have received significant government support over the past three years.

Portfolio Details as of 01/31/2024

Total Net Assets
$4.21 B
Average Coupon
4.7%
Average Effective Duration
7.79 Years
Average Effective Maturity
19.4 Years
Number of Issues
727
Average Yield to Worst
4.28%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/27/2024
$0.03052
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 02/29/2024
Daily Daily 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
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 02/27/2024

  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 01/31/2024

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

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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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