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

Dividend Yield 1 as of 12/07/2022  

w/o sales charge 3.19%
w/ sales charge 3.11%

30-Day Standardized Yield 2 as of 11/30/2022  

3.72%

Fund Basicsas of 10/31/2022

Total Net Assets
$3.24 B
Inception Date
04/02/1984
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
771
Minimum Initial Investment
$1,000+

Expense Ratioas of 11/30/2022

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -13.74% -13.50% -2.02% 0.88% 1.81% 5.70%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.68% -10.55% -1.34% 0.92% 1.58% -
Bloomberg Municipal Bond Index -8.79% -8.64% -0.77% 1.40% 1.98% -
w/ sales charge -15.68% -15.45% -2.76% 0.42% 1.58% 5.64%

Fund Expense Ratio :

0.70%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -17.32% -16.27% -3.32% 0.03% 1.71% 5.61%
Lipper Category Avg. General & Insured Municipal Debt Funds -13.92% -13.21% -2.51% 0.15% 1.47% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -
w/ sales charge -19.18% -18.17% -4.04% -0.42% 1.47% 5.55%

Fund Expense Ratio :

0.70%

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
Housing
Power
Other
Pre-Refunded
VRDN
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 10/31/2022 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

Partner, 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 12/07/2022  

w/o sales charge 3.19%
w/ sales charge 3.11%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.72% 3.72%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -13.74% -13.50% -2.02% 0.88% 1.81% 5.70%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.68% -10.55% -1.34% 0.92% 1.58% -
Bloomberg Municipal Bond Index -8.79% -8.64% -0.77% 1.40% 1.98% -
w/ sales charge -15.68% -15.45% -2.76% 0.42% 1.58% 5.64%

Fund Expense Ratio :

0.70%

Fund Expense Ratio :

0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -17.32% -16.27% -3.32% 0.03% 1.71% 5.61%
Lipper Category Avg. General & Insured Municipal Debt Funds -13.92% -13.21% -2.51% 0.15% 1.47% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -
w/ sales charge -19.18% -18.17% -4.04% -0.42% 1.47% 5.55%

Fund Expense Ratio :

0.70%

Year Fund Returns Bloomberg Municipal Bond Index
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% -2.55%
2012 13.75% 6.78%
2011 11.08% -
2010 2.20% -
2009 24.60% -
2008 -15.24% -
2007 -1.44% -
2006 4.57% -
2005 3.69% -
2004 3.85% -
2003 4.65% -
2002 8.83% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -8.24% -5.75% -4.40% - -12.84%
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 07/31/2021

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

Credit Quality Distribution as of 10/31/2022

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 9/30/2022

  • Given the recent rate volatility, the team has been focused on bond structure, including coupon, call protection, and convexity profile, as this has been a primary driver of performance in the current environment. More specifically, we have been selling select bonds priced close to par and buying deep discount or premium bonds due to inherent asymmetry of risk and convexity dynamic. Similarly, we prefer longer call bonds to shorter call bonds because, while both call structures have similar downside, longer call bonds have superior upside potential.
  • We have shortened average maturity since the start of the year, but generally remain overweight longer maturity bonds compared to the benchmark due to relative value opportunities and a relatively steeper yield curve. Although this has detracted year to date, we feel this positioning will contribute to performance in the long term.
  • The Fund is overweight the Industrial Development (IDR), Transportation and Health Care sectors. The Industrial Development sector is a diversified sector covering many corporate issuers and has a strong liquidity profile given its larger buyer base. Furthermore, many issuers within the sector have strong balance sheets, which we believe will help withstand any potential economic contraction. We believe the Transportation sector will continue to benefit from pent-up consumer demand after limited travel during the pandemic. Additionally, many parts of the segment are deemed essential and have received significant Federal support over the last few years. The Health Care sector has experienced some pressure due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. Additionally, the sector has proven resilient during past economic downturns.
  • Given the 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 spread.

Portfolio Details as of 10/31/2022

Total Net Assets
$3.24 B
Number of Issues
771
Average Coupon
4.5%
Average Effective Maturity
17.6 Years
Average Effective Duration
9.65 Years
Average Yield to Worst
5.17%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/07/2022
$0.278
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.02735 $10.20
Daily Daily 10/31/2022 $0.02663 $9.64
Daily Daily 09/30/2022 $0.02626 $9.83
Daily Daily 08/31/2022 $0.02568 $10.36
Daily Daily 07/31/2022 $0.02553 $10.67
Daily Daily 06/30/2022 $0.02564 $10.36
Daily Daily 05/31/2022 $0.02478 $10.73
Daily Daily 04/30/2022 $0.02473 $10.61
Daily Daily 03/31/2022 $0.02352 $11.07
Daily Daily 02/28/2022 $0.02482 $11.55
Daily Daily 01/31/2022 $0.02348 $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 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/10/1998 12/18/1998 - - $0.1900 $11.75

Upcoming Capital Gain Distribution

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
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/07/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.54
$100,000 to $249,999 1.75% 1.50% $10.48
$250,000 to $499,999 0.00% 1.00% $10.30
$500,000 to $999,999 0.00% 1.00% $10.30
$1,000,000 to $5,000,000 0.00% 1.00% $10.30

Expense Ratioas of 11/30/2022

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
Publish Date:11/03/2015
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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

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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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