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 03/23/2023  

w/o sales charge 3.34%
w/ sales charge 3.26%

30-Day Standardized Yield 2 as of 02/28/2023  

3.45%

Average Yield to Worst as of 02/28/2023

4.56%

Fund Basicsas of 02/28/2023

Total Net Assets
$3.54 B
Inception Date
04/02/1984
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.70%
Number of Holdings
726
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 1.14% -8.88% -3.22% 1.15% 1.94% 5.69%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.75% -7.01% -2.33% 1.12% 1.71% -
Bloomberg Municipal Bond Index 0.55% -5.10% -1.60% 1.66% 2.11% -
w/ sales charge -1.10% -10.96% -3.95% 0.69% 1.71% 5.62%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -13.93% -13.93% -2.22% 0.59% 1.93% 5.68%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.82% -10.82% -1.51% 0.69% 1.72% -
Bloomberg Municipal Bond Index -8.53% -8.53% -0.77% 1.25% 2.13% -
w/ sales charge -15.87% -15.87% -2.96% 0.14% 1.70% 5.62%

Fund Expense Ratio :

Gross 0.71%

Net 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
Special Tax
Education
GO State
Water & Sewer
Power
Housing
Other
VRDN
Pre-Refunded
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 02/28/2023 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 03/23/2023  

w/o sales charge 3.34%
w/ sales charge 3.26%

30-Day Standardized Yield 2 as of 02/28/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.45% 3.45%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge 1.14% -8.88% -3.22% 1.15% 1.94% 5.69%
Lipper Category Avg. General & Insured Municipal Debt Funds 0.75% -7.01% -2.33% 1.12% 1.71% -
Bloomberg Municipal Bond Index 0.55% -5.10% -1.60% 1.66% 2.11% -
w/ sales charge -1.10% -10.96% -3.95% 0.69% 1.71% 5.62%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -13.93% -13.93% -2.22% 0.59% 1.93% 5.68%
Lipper Category Avg. General & Insured Municipal Debt Funds -10.82% -10.82% -1.51% 0.69% 1.72% -
Bloomberg Municipal Bond Index -8.53% -8.53% -0.77% 1.25% 2.13% -
w/ sales charge -15.87% -15.87% -2.96% 0.14% 1.70% 5.62%

Fund Expense Ratio :

Gross 0.71%

Net 0.70%

Year Fund Returns Bloomberg Municipal Bond Index
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% -2.55%
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% -
2003 4.65% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 2.34%
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 07/31/2021

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

Credit Quality Distribution as of 02/28/2023

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2022

  • We continue to be very focused on bond structure, including coupon, call protection and convexity, as numerous asymmetries of risk exist, and we are positioning to fully participate when the market turns. For example, we prefer bonds with more call protection to bonds with shorter calls because we believe both call structures have similar downside, but longer call bonds have superior upside potential.
  • The Fund is overweight the Industrial Development, Transportation and Health Care sectors. The IDR 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. The Transportation sector has experienced a strong recovery from the pandemic, and we believe many segments within the sector will continue to benefit from elevated user volumes. Additionally, many parts of the sector are deemed essential and have received significant Federal support over the last few years, bolstering the financial position of many issuers. The Health Care sector has experienced some fundamental pressures this year due to higher costs and staffing shortages, but we continue to find opportunities in larger Hospital systems with strong credit fundamentals. The sector has proven resilient during past economic downturns and issuers have navigated changing operating environments well.
  • We have shortened average maturity since the start of the year, but generally remain overweight longer maturity bonds due to relative value opportunities and the upward-sloping yield curve. We feel this positioning will contribute to performance over the long term.
  • 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 spreads. We feel this positioning will help drive outperformance over the long term.

Portfolio Details as of 02/28/2023

Total Net Assets
$3.54 B
Number of Issues
726
Average Coupon
4.6%
Average Effective Maturity
18.1 Years
Average Effective Duration
7.88 Years
Average Yield to Worst
4.56%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/23/2023
$0.056
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/28/2023 $0.02870 $10.21
Daily Daily 01/31/2023 $0.02730 $10.50

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 03/31/2023
Daily Daily 04/30/2023
Daily Daily 05/31/2023
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 03/23/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.55
$100,000 to $249,999 1.75% 1.50% $10.49
$250,000 to $499,999 0.00% 1.00% $10.31
$500,000 to $999,999 0.00% 1.00% $10.31
$1,000,000 to $5,000,000 0.00% 1.00% $10.31

Expense Ratioas of 02/28/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.71% 0.70%

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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