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

Average Yield to Worst as of 03/31/2025

4.61%

30-Day Standardized Yield 1 as of 03/31/2025  

3.73%

Fund Basicsas of 03/31/2025

Total Net Assets
$4.68 B
Inception Date
04/02/1984
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.78%
Fund Net Expense Ratio
0.69%
Number of Holdings
714
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.78% 1.72% 0.98% 1.21% 2.17% 5.60%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.45% 1.61% 1.14% 1.12% 1.92% -
Bloomberg Municipal Bond Index -0.22% 1.22% 1.53% 1.07% 2.13% -
w/ sales charge -3.01% -0.56% 0.23% 0.75% 1.94% 5.54%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.78% 1.72% 0.98% 1.21% 2.17% 5.60%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.45% 1.61% 1.14% 1.12% 1.92% -
Bloomberg Municipal Bond Index -0.22% 1.22% 1.53% 1.07% 2.13% -
w/ sales charge -3.01% -0.56% 0.23% 0.75% 1.94% 5.54%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Education
Special Tax
Lease
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 03/31/2025 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

38 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 14 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Worst as of 03/31/2025

4.61%

30-Day Standardized Yield 1 as of 03/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.73% 3.73%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.78% 1.72% 0.98% 1.21% 2.17% 5.60%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.45% 1.61% 1.14% 1.12% 1.92% -
Bloomberg Municipal Bond Index -0.22% 1.22% 1.53% 1.07% 2.13% -
w/ sales charge -3.01% -0.56% 0.23% 0.75% 1.94% 5.54%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/02/1984
w/o sales charge -0.78% 1.72% 0.98% 1.21% 2.17% 5.60%
Lipper Category Avg. General & Insured Municipal Debt Funds -0.45% 1.61% 1.14% 1.12% 1.92% -
Bloomberg Municipal Bond Index -0.22% 1.22% 1.53% 1.07% 2.13% -
w/ sales charge -3.01% -0.56% 0.23% 0.75% 1.94% 5.54%

Fund Expense Ratio :

Gross 0.78%

Net 0.69%

Year Fund Returns Bloomberg Municipal Bond Index
2024 2.94% 1.05%
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% -
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% -
Year Q1 Q2 Q3 Q4
2025 -0.78% - - -
2024 0.41% 0.80% 3.01% -1.27%
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 03/31/2025

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Transportation
Healthcare/Hospital
Education
Special Tax
Lease
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
AL
NJ
PA
OH
TX
FL
GA
KY
MD
IA
SC
Puerto Rico
LA
TN
MN
MA
WA
WI
CT
VA
OK
NH
OR
MI
IN
NC
DC
CO
AZ
MO
RI
UT
AR
ME
NV
KS
NE
MT
DE
WV
Other U.S. Territories
ND

Credit Quality Distribution as of 03/31/2025

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

Portfolio Positioning as of 9/30/2024

  • We continue to underweight callable bonds priced close to par to improve the performance characteristics 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 mostly buying bonds with higher coupons and longer calls along with bonds trading at deep discounts to position in more favorable structures.
  • With the municipal yield curve showing considerable steepness from 10 to 30 years, we continue to focus on the most attractive segments of the 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 remain overweight the lower quality tiers of investment grade, which allow for significant yield pickup compared to higher-rated tiers, and maintain a modest exposure to non-investment grade bonds relative to the all-investment grade benchmark. We believe this will help drive outperformance over the long term.

Portfolio Details as of 03/31/2025

Total Net Assets
$4.68 B
Average Coupon
5.0%
Average Effective Duration
8.62 Years
Average Effective Maturity
20.9 Years
Number of Issues
714
Average Yield to Worst
4.61%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/17/2025
$0.09896
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2025 $0.03197 $10.29
Daily Daily 02/28/2025 $0.03225 $10.51
Daily Daily 01/31/2025 $0.03475 $10.44

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 04/30/2025
Daily Daily 05/31/2025
Daily Daily 06/30/2025
Daily Daily 07/31/2025
Daily Daily 08/31/2025
Daily Daily 09/30/2025
Daily Daily 10/31/2025
Daily Daily 11/30/2025
Daily Daily 12/31/2025

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/17/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.31
$100,000 to $249,999 1.75% 1.50% $10.26
Greater than $250,000 0.00% 1.00% $10.08

Expense Ratioas of 03/31/2025

Fund Gross Expense Ratio 0.78%
Fund Net Expense Ratio 0.69%

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 Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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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