Lord Abbett National Tax-Free Income Fund
LORD ABBETT MUNICIPAL INCOME FUND INC · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Lord Abbett National Tax-Free Income 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
- Mixed credit
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Fund is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk.
The fund invests at least 80% of net assets in municipal bonds paying interest exempt from federal income tax, with a focus on investment-grade credits rated BBB/Baa or higher but permitted to hold up to 35% in below-investment-grade bonds. The portfolio management team emphasizes credit analysis, tax-exempt yield, total return, interest rate risk, and call protection, with a target dollar-weighted average maturity between twelve and twenty-five years. Because security selection depends on the manager's credit assessment and market outlook, fund performance will diverge from any benchmark. The fund may invest up to 20% of assets in inverse floaters, which provide leveraged exposure to municipal bonds whose interest rates move inversely with short-term tax-exempt rates.
| Share class | Expense ratio |
|---|---|
| C000020588 | 1.05% |
| LANSX | 0.80% |
| LTNSX | 1.42% |
| LTNIX | 0.60% |
| LANFX | 0.70% |
| LONSX | 0.56% |
Portfolio turnover 36.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.16% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: MIAMI-DADE CNTY FL SCH DIST, MASSACHUSETTS ST DEV FIN AGY REVENUE, BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE, RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE, TEXAS ST MUNI GAS ACQUISITION & SPLY CORP V GAS SPLY REVENUE, KING CNTY WA PUBLIC HOSP DIST #2, TENDER OPTION BOND TRUST RECEIPTS / CTFS VARIOUS STATES, CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE
Largest exited: NEW YORK CITY NY TRANSITIONAL FIN AUTH REV ×2, MED UNIV SC HOSP AUTH HOSP MTGE REVENUE, MINNESOTA ST AGRIC & ECON DEVBRD, NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE, MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE, ILLINOIS ST FIN AUTH REVENUE, SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT 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 |
|---|---|---|---|---|---|
| +5.64% | +10.90% | +0.73% | 4.61% | -6.48% | |
| +4.99% | +8.85% | -2.38% | 4.61% | -6.63% | |
| +5.88% | +11.54% | +1.70% | 4.61% | -6.45% | |
| +5.78% | +11.38% | +1.26% | 4.65% | -6.47% | |
| +5.93% | +11.78% | +2.01% | 4.64% | -6.33% |
These classes hold the same portfolio, so the 4.39pp spread over 5 years is the cost difference between them — roughly 0.88pp 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 | 84.6% |
| Floating rate | 14.3% |
| Zero-coupon or unclassified | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.0% |
| 1-3y | 0.3% |
| 3-5y | 0.9% |
| 5-10y | 7.2% |
| 10y+ | 91.6% |
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 | 52% |
| Interest rates | 48% |
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.
| Investment grade | +6.37 yr |
| High yield | +1.66 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 | 0.04 yr | 0% |
| 1 yr | 0.29 yr | 4% |
| 5 yr | 1.44 yr | 19% |
| 10 yr | 3.79 yr | 51% |
| 30 yr | 1.92 yr | 26% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.31 yr | 4% |
| 5 yr | 1.63 yr | 20% |
| 10 yr | 4.15 yr | 52% |
| 30 yr | 1.92 yr | 24% |
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 | +0.04 | +0.01 | +0.00 | $6.7k | $2.3k |
| 1 yr | +0.29 | +0.23 | +0.08 | $113.5k | $38.7k |
| 5 yr | +1.44 | +1.34 | +0.30 | $655.5k | $146.5k |
| 10 yr | +3.79 | +3.41 | +0.75 | $1.67m | $366.3k |
| 30 yr | +1.92 | +1.39 | +0.53 | $679.5k | $262.1k |
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 |
|---|---|---|---|---|
| — | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.50% · due 2060-12-31 | 1.41% | $69.18M | — |
| — | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH5.00% · due 2055-06-01 | 1.00% | $49.28M | — |
| — | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE5.50% floating · due 2056-11-01 | 0.92% | $44.99M | — |
| — | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE5.25% floating · due 2054-01-01 | 0.90% | $44.18M | — |
| — | MIAMI-DADE CNTY FL SCH DIST4.00% · due 2047-03-15 | 0.75% | $36.69M | — |
| — | MINNESOTA MUNI GAS AGY GAS PROJ REVENUE5.00% · due 2035-09-01 | 0.74% | $36.55M | — |
| — | PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV6.00% · due 2061-06-30 | 0.73% | $35.66M | — |
| — | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE5.00% · due 2040-10-01 | 0.70% | $34.35M | — |
| — | PUBLIC FIN AUTH WI TOLL REVENUE5.75% · due 2065-12-31 | 0.68% | $33.54M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE5.00% · due 2035-11-01 | 0.67% | $32.64M | — |
Top 10 positions are 8.50% of net assets, top 25 16.69%, across 341 issuers.
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