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New Jersey Tax Free Fund

Summary

Summary

What is the New Jersey Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal and state taxation by investing primarily in New Jersey municipal bonds.

Yield

Dividend Yield 1 as of 09/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.76% 2.70%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.56% 1.50%

Fund Basicsas of 08/30/2019

Total Net Assets
$120.94 M
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.64%
Fund Net Expense Ratio
0.58%
Number of Holdings
201

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 8.97% 9.62% 3.99% 4.63% - 5.81%
Lipper Category Avg. New Jersey Municipal Debt Funds 7.67% 8.28% 3.20% 3.69% - -
Bloomberg Barclays Municipal Bond Index 7.61% 8.72% 3.30% 3.85% - -

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 6.21% 7.81% 3.22% 4.48% - 5.60%
Lipper Category Avg. New Jersey Municipal Debt Funds 5.16% 6.45% 2.48% 3.52% - -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% - -

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

RELATED CONTENT

Sector Assets
Transportation
Lease
IDR/PCR
Healthcare/Hospital
Education
GO Local
Special Tax
Water & Sewer
Power
GO State
VRDN
Housing
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 08/30/2019 View Portfolio

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Philip B. Herman
Philip B. Herman

Partner, Portfolio Manager

20 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 09/20/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.76% 2.70%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.56% 1.50%

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 8.97% 9.62% 3.99% 4.63% - 5.81%
Lipper Category Avg. New Jersey Municipal Debt Funds 7.67% 8.28% 3.20% 3.69% - -
Bloomberg Barclays Municipal Bond Index 7.61% 8.72% 3.30% 3.85% - -

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 6.21% 7.81% 3.22% 4.48% - 5.60%
Lipper Category Avg. New Jersey Municipal Debt Funds 5.16% 6.45% 2.48% 3.52% - -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% - -

Fund Expense Ratio :

Gross 0.64%

Net 0.58%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 2.01% 1.28%
2017 6.08% 5.45%
2016 1.29% 0.25%
2015 2.70% 3.30%
2014 12.38% 9.05%
2013 -5.73% -2.55%
2012 11.03% 6.78%
2011 12.49% 10.70%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 3.21% 2.91% - - 7.91%
2018 -0.65% 1.16% 0.54% 0.96% 2.01%
2017 1.46% 2.04% 1.52% 0.94% 6.08%
2016 2.12% 3.67% 0.20% -4.52% 1.29%
2015 0.91% -1.90% 1.15% 2.57% 2.70%
2014 4.93% 2.85% 2.18% 1.91% 12.38%
2013 0.31% -4.27% -1.74% -0.09% -5.73%
2012 4.04% 2.47% 2.99% 1.12% 11.03%
2011 - 5.33% 3.38% 2.44% 12.49%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
Lease
IDR/PCR
Healthcare/Hospital
Education
GO Local
Special Tax
Water & Sewer
Power
GO State
VRDN
Housing
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 08/30/2019

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 7-year maturity range, while maintaining an overweight to longer maturity bonds.
  • The portfolio is overweight the lower tiers of the investment grade range, relative to its benchmark, due to relatively attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the transportation, health care, government lease, education, and industrial development sectors. 

Portfolio Details as of 08/30/2019

Total Net Assets
$120.94 M
Number of Issues
201
Average Coupon
4.7%
Average Effective Maturity
15.4 Years
Average Effective Duration
5.68 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/20/2019
$0.098
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.01199 $5.27
Daily Daily 07/31/2019 $0.01191 $5.19
Daily Daily 06/30/2019 $0.01209 $5.16
Daily Daily 05/31/2019 $0.01205 $5.14
Daily Daily 04/30/2019 $0.01239 $5.07
Daily Daily 03/31/2019 $0.01215 $5.05
Daily Daily 02/28/2019 $0.01341 $4.98
Daily Daily 01/31/2019 $0.01222 $4.95

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 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
0.64% 0.58%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
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
Commentary
Publish Date:11/03/2015
Flyer
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays 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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