Lord Abbett National Tax-Free Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Lord Abbett National Tax-Free Income Fund held 706 positions with $4.91B in net assets. Its ten largest holdings made up 8.5% of the fund. The LANSX share class costs 0.8% a year. Over the 12 months to May 2026, LANSX returned 7.1%, with dividends reinvested. In 2026 Q2 it added 87 new positions and exited 89.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE 5.50% · due 2060-12-31 | 1.41% | $69.18M | — |
BUCKEYE OH TOBACCO SETTLEMENT FING AUTH 5.00% · due 2055-06-01 | 1.00% | $49.28M | — |
BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 5.50% floating · due 2056-11-01 | 0.92% | $44.99M | — |
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE 5.25% floating · due 2054-01-01 | 0.90% | $44.18M | — |
MIAMI-DADE CNTY FL SCH DIST 4.00% · due 2047-03-15 | 0.75% | $36.69M | — |
MINNESOTA MUNI GAS AGY GAS PROJ REVENUE 5.00% · due 2035-09-01 | 0.74% | $36.55M | — |
PENNSYLVANIA ST ECON DEV FING AUTH T/E PRIVATE ACTIVITY REV 6.00% · due 2061-06-30 | 0.73% | $35.66M | — |
NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE 5.00% · due 2040-10-01 | 0.70% | $34.35M | — |
PUBLIC FIN AUTH WI TOLL REVENUE 5.75% · due 2065-12-31 | 0.68% | $33.54M | — |
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE 5.00% · due 2035-11-01 | 0.67% | $32.64M | — |
The 200 largest of 706 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.16% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
How it has done
LANSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.44%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.80% | +7.12% | +12.47% | +0.64% | -6.48% | |
| 1.42% | +6.45% | +10.39% | -2.47% | -6.63% | |
| 0.60% | +7.24% | +13.12% | +1.61% | -6.45% | |
| 0.70% | +7.26% | +12.84% | +1.18% | -6.47% | |
| 0.56% | +7.30% | +13.36% | +1.92% | -6.33% |
These classes hold the same portfolio, so the 4.38pp spread over 5 years is the cost difference between them — roughly 0.88pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.56% – 1.42%· LANSX 0.80%
- Portfolio turnover
- 36.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
87 new· the largest 8
89 exited· the largest 7
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.
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