Lord Abbett High Income Municipal Bond Fund
LORD ABBETT MUNICIPAL INCOME FUND INC · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Lord Abbett High Income Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Fund is to seek a high level of income exempt from federal income tax.
The fund invests at least 80% of its net assets in municipal bonds exempt from federal income tax, with at least 50% in below-investment-grade bonds rated BBB+/Baa1 or lower, emphasizing high-yield municipal debt. The fund may also hold defaulted and distressed securities, unrated bonds, and inverse floaters providing leveraged exposure to municipal bonds. Because the fund concentrates on lower-rated and potentially unrated municipal bonds, credit deterioration in its holdings can materially affect returns.
| Share class | Expense ratio |
|---|---|
| HYMAX | 0.84% |
| HYMCX | 1.47% |
| HYMFX | 0.74% |
| HYMIX | 0.64% |
| C000096626 | 1.09% |
| HYMOX | 0.59% |
Portfolio turnover 27.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.26% |
| Derivatives | 0.12% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES, CALIFORNIA PUBLIC FIN AUTH STUDENT RESIDENCE REVENUE, ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE ×2, MASSACHUSETTS ST DEV FIN AGY REVENUE, WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE, SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE, BREVARD CNTY FL HLTH FACS AUTH REVENUE
Largest exited: ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE ×2, OSCEOLA AR SOL WST DIST REVENUE, FRUITA CO HLTHCARE REVENUE, ARLINGTON TX HGR EDU FIN CORP EDU REVENUE, CALIFORNIA CMNTY HSG AGY ESSENTIAL HSG REVENUE, FLORIDA ST DEV FIN CORP SOL WST DISP REVENUE, PUBLIC FIN AUTH WI REVENUE
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.45% | +14.82% | +2.06% | 4.91% | -6.84% | |
| +4.77% | +12.72% | -1.17% | 4.90% | -6.98% | |
| +5.56% | +15.27% | +2.55% | 4.90% | -6.72% | |
| +5.64% | +15.50% | +3.05% | 4.92% | -6.81% | |
| +5.70% | +15.79% | +3.28% | 4.91% | -6.79% |
These classes hold the same portfolio, so the 4.45pp spread over 5 years is the cost difference between them — roughly 0.89pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.5% |
| Floating rate | 8.3% |
| Zero-coupon or unclassified | 4.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.5% |
| 3-5y | 1.0% |
| 5-10y | 5.1% |
| 10y+ | 93.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +5.79 yr |
| Investment grade | +2.34 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 5% |
| 5 yr | 1.55 yr | 20% |
| 10 yr | 3.51 yr | 45% |
| 30 yr | 2.34 yr | 30% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.39 yr | 5% |
| 5 yr | 1.59 yr | 20% |
| 10 yr | 3.82 yr | 47% |
| 30 yr | 2.32 yr | 28% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.02 | $1.6k | $7.0k |
| 1 yr | +0.36 | +0.08 | +0.31 | $35.3k | $139.4k |
| 5 yr | +1.55 | +0.47 | +1.11 | $214.8k | $505.8k |
| 10 yr | +3.51 | +1.16 | +2.66 | $526.2k | $1.21m |
| 30 yr | +2.34 | +0.63 | +1.69 | $284.4k | $766.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH5.00% · due 2055-06-01 | 1.94% | $88.04M | — |
| — | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.50% · due 2060-12-31 | 1.64% | $74.30M | — |
| — | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE4.75% · due 2053-07-01 | 1.41% | $64.03M | — |
| — | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE5.00% · due 2058-07-01 | 1.17% | $52.85M | — |
| — | HGR EDU FACS FING AUTH FL HGR EDUCTNL FACS REVENUE6.25% · due 2055-07-01 | 1.07% | $48.49M | — |
| — | PUERTO RICO CMWLTH4.00% · due 2046-07-01 | 1.06% | $48.11M | — |
| — | LOUISIANA PUB FACS AUTH REVENUE5.75% · due 2064-09-01 | 1.03% | $46.54M | — |
| — | PUBLIC FIN AUTH WI TOLL REVENUE5.75% · due 2065-12-31 | 0.97% | $44.03M | — |
| — | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE5.50% · due 2058-12-01 | 0.83% | $37.47M | — |
| — | BERKS CNTY PA MUNI AUTH5.00% · due 2039-06-30 | 0.81% | $36.91M | — |
Top 10 positions are 11.92% of net assets, top 25 21.70%, across 302 issuers.
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