New Jersey Tax Free Fund
Daily price w/o sales charge as of 09/30/2016
$5.11
$0.00
YTD Returns w/o sales charge as of 09/30/2016
6.10%
Please click here for performance current to the most recent quarter-end and month-end.
Summary
Summary
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 09/30/2016
| Subsidized3 | Un-Subsidized4 | |
|---|---|---|
| w/o sales charge | 2.92% | 2.88% |
| w/ sales charge | 2.86% | 2.82% |
30-Day Standardized Yield 2 as of 08/31/2016
| Subsidized3 | Un-Subsidized4 | |
|---|---|---|
| w/o sales charge | 2.78% | 2.75% |
In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.
Fund Basicsas of 08/31/2016
- Total Net Assets
- $108.74 M
- Inception Date
- 01/02/1991
- Dividend Frequency
- Monthly (Daily Accrual)
- Number of Holdings
- 145
- CUSIP
- 543902407
- Minimum Initial Investment
- $1,000+
Expense Ratioas of 08/31/2016
Expense ratio details, Click here.
The net expense ratio takes into account a management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 01/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such waiver/reimbursement, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
| YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 01/02/1991 |
|---|
| w/o sales charge | 6.10% | 8.53% | 6.65% | 5.35% | 3.94% | 5.29% |
| Lipper Category Avg. New Jersey Municipal Debt Funds | - | - | - | - | - | - |
| Barclays Municipal Bond Index | - | - | - | - | - | - |
| w/ sales charge | 3.78% | 6.12% | 5.83% | 4.86% | 3.71% | 5.20% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
| YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 01/02/1991 |
|---|
| w/o sales charge | 6.10% | 8.53% | 6.65% | 5.35% | 3.94% | 5.29% |
| Lipper Category Avg. New Jersey Municipal Debt Funds | - | - | - | - | - | - |
| Barclays Municipal Bond Index | - | - | - | - | - | - |
| w/ sales charge | 3.78% | 6.12% | 5.83% | 4.86% | 3.71% | 5.20% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
Returns with sales charges reflect a maximum sales charge of 2.25%.
The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.
RELATED CONTENT
Principles of Portfolio Construction: Lord Abbett Municipal Bond Strategy
Daniel Solender, Lord Abbett Partner & Director of Municipal Bonds, discusses the philosophy and methodology that guides portfolio construction in the firm’s municipal bond strategy.
| Sector | Assets |
|---|---|
| Transportation | |
| Lease | |
| Healthcare/Hospital | |
| Education | |
| IDR/PCR | |
| Special Tax | |
| GO Local | |
| Pre-Refunded | |
| Housing | |
| Water & Sewer | |
| Insured | |
| Power | |
| GO State |
The Fund's portfolio is actively managed and is subject to change.
| Maturity | Assets |
|---|---|
| 1-4.99 Years | |
| 5-9.99 Years | |
| 10-19.99 Years | |
| 20-29.99 Years | |
| >30 Years |
The Fund's portfolio is actively managed and is subject to change.
Credit Quality Distribution as of 08/31/2016 View Portfolio
| Rating | Assets |
|---|---|
| AAA | |
| AA | |
| A | |
| BBB | |
| < BBB | |
| Not Rated |
Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. The credit quality distribution breakdown is not an S&P credit rating or an opinion of S&P as to the credit worthiness of the portfolio.
Investment Team
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Performance
Performance
Dividend Yield 1 as of 09/30/2016
| Subsidized3 | Un-Subsidized4 | |
|---|---|---|
| w/o sales charge | 2.92% | 2.88% |
| w/ sales charge | 2.86% | 2.82% |
30-Day Standardized Yield 2 as of 08/31/2016
| Subsidized3 | Un-Subsidized4 | |
|---|---|---|
| w/o sales charge | 2.78% | 2.75% |
In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
| YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 01/02/1991 |
|---|
| w/o sales charge | 6.10% | 8.53% | 6.65% | 5.35% | 3.94% | 5.29% |
| Lipper Category Avg. New Jersey Municipal Debt Funds | - | - | - | - | - | - |
| Barclays Municipal Bond Index | - | - | - | - | - | - |
| w/ sales charge | 3.78% | 6.12% | 5.83% | 4.86% | 3.71% | 5.20% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
| YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 01/02/1991 |
|---|
| w/o sales charge | 6.10% | 8.53% | 6.65% | 5.35% | 3.94% | 5.29% |
| Lipper Category Avg. New Jersey Municipal Debt Funds | - | - | - | - | - | - |
| Barclays Municipal Bond Index | - | - | - | - | - | - |
| w/ sales charge | 3.78% | 6.12% | 5.83% | 4.86% | 3.71% | 5.20% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 0.86%
Net 0.82%
Returns with sales charges reflect a maximum sales charge of 2.25%.
The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.
Best returns
| Durations | Fund Returns | Blended Index |
|---|
| 3-Mo | 9.69 | 8.18 |
| 1-Yr | 22.23 | 12.91 |
Worst returns
| Durations | Fund Returns | Blended Index |
|---|
| 3-Mo | -12.21 | -5.36 |
| 1-Yr | -15.02 | -2.47 |
Best & Worst returns reflect a cumulative return for the three-month and one-year periods.
| Year | Fund Returns | Barclays Municipal Bond Index |
|---|
| 2015 | 2.19% | 3.30% |
| 2014 | 12.07% | 9.05% |
| 2013 | -5.99% | -2.55% |
| 2012 | 10.73% | 6.78% |
| 2011 | 10.42% | 10.70% |
| 2010 | 1.04% | 2.38% |
| 2009 | 22.23% | 12.91% |
| 2008 | -15.02% | -2.47% |
| 2007 | -0.55% | 3.36% |
| 2006 | 4.11% | 4.84% |
| 2005 | 3.65% | - |
| 2004 | 3.77% | - |
| 2003 | 3.35% | - |
| 2002 | 7.62% | - |
| 2001 | 4.74% | - |
| 2000 | 12.49% | - |
| 1999 | -5.63% | - |
| 1998 | 6.50% | - |
| 1997 | 8.92% | - |
| 1996 | 4.08% | - |
| Year | Q1 | Q2 | Q3 | Q4 | Yearly Returns |
|---|
| 2016 | 2.06% | 3.81% | - | - | 6.10% |
| 2015 | 0.84% | -2.18% | 1.28% | 2.29% | 2.19% |
| 2014 | 4.86% | 2.78% | 2.11% | 1.84% | 12.07% |
| 2013 | 0.25% | -4.34% | -1.81% | -0.16% | -5.99% |
| 2012 | 3.97% | 2.20% | 3.13% | 1.05% | 10.73% |
| 2011 | -0.81% | 5.26% | 3.09% | 2.58% | 10.42% |
| 2010 | 1.80% | 1.36% | 4.11% | -5.95% | 1.04% |
| 2009 | 6.87% | 6.14% | 9.08% | -1.21% | 22.23% |
| 2008 | -1.96% | 0.91% | -6.06% | -8.57% | -15.02% |
| 2007 | 0.62% | -0.55% | -0.31% | -0.31% | -0.55% |
| 2006 | 0.24% | -0.19% | 3.01% | 1.02% | 4.11% |
| 2005 | 0.41% | 3.14% | -0.34% | 0.43% | 3.65% |
| 2004 | 1.81% | -2.64% | 3.46% | 1.18% | 3.77% |
| 2003 | 0.73% | 2.40% | -1.09% | 1.29% | 3.35% |
| 2002 | 0.57% | 3.16% | 4.45% | -0.71% | 7.62% |
| 2001 | 1.68% | 0.80% | 2.57% | -0.39% | 4.74% |
| 2000 | 3.47% | 1.37% | 2.11% | 5.02% | 12.49% |
| 1999 | 0.66% | -2.90% | -1.79% | -1.65% | -5.63% |
| 1998 | 1.40% | 1.78% | 2.89% | 0.30% | 6.50% |
| 1997 | -0.44% | 3.11% | 3.03% | 2.96% | 8.92% |
| 1996 | -1.56% | 1.11% | 2.15% | 2.35% | 4.08% |
| 1995 | 7.38% | 2.21% | 2.21% | 4.51% | 17.23% |
| 1994 | -5.69% | 0.49% | 0.33% | -1.98% | -6.77% |
| 1993 | 5.81% | 3.31% | 3.46% | 1.10% | 14.29% |
| 1992 | 0.27% | 4.23% | 2.50% | 1.92% | 9.17% |
| 1991 | - | 2.20% | 4.72% | 3.18% | 13.52% |
Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.
Growth of $10,000 as of 08/31/2016
The chart begins on the Fund's inception date of 01/02/1991.
Based on a hypothetical Class A share investment of $10,000 on 01/02/1991 without sales charge and includes the reinvestment of all distributions.
NAV Historical Prices
| Date | Net Asset Value |
|---|
Portfolio
Portfolio
| Sector | Assets |
|---|---|
| Transportation | |
| Lease | |
| Healthcare/Hospital | |
| Education | |
| IDR/PCR | |
| Special Tax | |
| GO Local | |
| Pre-Refunded | |
| Housing | |
| Water & Sewer | |
| Insured | |
| Power | |
| GO State |
The Fund's portfolio is actively managed and is subject to change.
| Maturity | Assets |
|---|---|
| 1-4.99 Years | |
| 5-9.99 Years | |
| 10-19.99 Years | |
| 20-29.99 Years | |
| >30 Years |
The Fund's portfolio is actively managed and is subject to change.
Credit Quality Distribution as of 08/31/2016
| Rating | Assets |
|---|---|
| AAA | |
| AA | |
| A | |
| BBB | |
| < BBB | |
| Not Rated |
Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. The credit quality distribution breakdown is not an S&P credit rating or an opinion of S&P as to the credit worthiness of the portfolio.
Portfolio Details as of 08/31/2016
- Total Net Assets
- $108.74 M
- Number of Issues
- 145
- Average Coupon
- 5.10%
- Average Effective Maturity
- 15.0 Years
- Average Effective Duration
- 5.94 Years
To view definitions for the above Portfolio Details, Click here.
Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.
Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.
Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.
| Holding | Coupon | Maturity | Assets |
|---|
| NJ Tobacco Settlement Fin Corp | 4.750% | 06/01/2034 | 3.1% |
| New Jersey Transportation Trust Fund | 6.000% | 06/15/2035 | 2.2% |
| NJ Eco Dev Auth - Goethals Bridge | 5.375% | 01/01/2043 | 2.2% |
| NJ Health Care Facs - Virtua Health | 5.750% | 07/01/2033 | 2.1% |
| Hudson Co Improvement Auth - Solid Waste | 5.750% | 01/01/2035 | 2.0% |
| NJ Health Care Facs - Hsp. Asset Trans Program | 5.750% | 10/01/2031 | 1.7% |
| NJ Eco Dev Auth - Cigarette Tax | 5.000% | 06/15/2026 | 1.6% |
| Garden State Preservation Trust | 5.750% | 11/01/2028 | 1.5% |
| New Jersey State Turnpike Authority | 5.000% | 01/01/2033 | 1.5% |
| Salem County Pollution Control Fin Auth - Chambers | 5.000% | 12/01/2023 | 1.4% |
Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.
| Holding | Coupon | Maturity | Assets |
|---|
| NJ Tobacco Settlement Finance Corp | 4.750% | 06/01/2034 | 3.1% |
| NJ Eco Dev Auth - Goethals Bridge | 5.375% | 01/01/2043 | 2.3% |
| New Jersey Transportation Trust Fund | 6.000% | 06/15/2035 | 2.2% |
| NJ Health Care Facs - Virtua Health | 5.750% | 07/01/2033 | 2.1% |
| Hudson Co Improvement Auth - Solid Waste | 5.750% | 01/01/2035 | 2.0% |
| NJ Health Care Facs - Hsp. Asset Trans Program | 5.750% | 10/01/2031 | 1.7% |
| NJ Eco Dev Auth - Cigarette Tax | 5.000% | 06/15/2026 | 1.6% |
| Garden State Preservation Trust | 5.750% | 11/01/2028 | 1.5% |
| New Jersey State Turnpike Authority | 5.000% | 01/01/2033 | 1.5% |
| Salem County Pollution Control Fin Auth - Chambers | 5.000% | 12/01/2023 | 1.4% |
| New Jersey Economic Dev Auth - Cigarette Tax | 5.000% | 06/15/2024 | 1.4% |
| NJ Health Care Facs - Hsp. Asset Trans Program | 5.000% | 10/01/2028 | 1.4% |
| Essex Cnty Imp Auth, NJ | 6.250% | 11/01/2030 | 1.3% |
| New Jersey Econ Dev Auth | 5.500% | 12/15/2029 | 1.3% |
| New Jersey Hlthcare Facs Fing Auth | 5.625% | 07/01/2037 | 1.3% |
| New Jersey Econ Dev Auth | 5.875% | 06/01/2042 | 1.2% |
| Delaware River Port Auth, PA | 5.000% | 01/01/2022 | 1.2% |
| Port Auth of New York & New Jersey | 5.000% | 09/01/2030 | 1.2% |
| NJ Health Care Facs - St Josephs Healthcare | 6.625% | 07/01/2038 | 1.2% |
| Port Auth of New York & New Jersey | 5.000% | 12/01/2025 | 1.2% |
| New Jersey Transp Tr Fnd Auth | 5.000% | 06/15/2038 | 1.2% |
| New Jersey Hlthcare Facs Fing Auth | 5.000% | 07/01/2039 | 1.1% |
| Port Auth of New York & New Jersey | 5.000% | 10/15/2036 | 1.1% |
| NJ Eco Dev Auth - Continental Airlines | 5.250% | 09/15/2029 | 1.1% |
| Delaware River & Bay Auth | 5.000% | 01/01/2042 | 1.1% |
| New Jersey Hlthcare Facs Fing Auth | 5.000% | 07/01/2046 | 1.1% |
| New Jersey Transp Tr Fnd Auth | 5.250% | 12/15/2022 | 1.1% |
| New Jersey Econ Dev Auth | 5.000% | 01/01/2035 | 1.1% |
| New Jersey Transp Tr Fnd Auth | 5.000% | 06/15/2022 | 1.1% |
| New Jersey Hgr Ed Stud Asst Auth | 5.000% | 12/01/2021 | 1.1% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2038 | 1.1% |
| New Jersey Edl Facs Auth | 5.000% | 09/01/2033 | 1.1% |
| Salem Co Pollution Control - Atlantic City Electric | 4.875% | 06/01/2029 | 1.0% |
| New Jersey Hlthcare Facs Fing Auth | 5.625% | 07/01/2032 | 1.0% |
| Port Auth of New York & New Jersey | 5.750% | 11/01/2030 | 1.0% |
| Union Cnty Util Auth, NJ | 4.750% | 12/01/2031 | 1.0% |
| New Jersey Hgr Ed Stud Asst Auth | 4.125% | 12/01/2024 | 1.0% |
| New Jersey Econ Dev Auth | 4.750% | 06/15/2032 | 1.0% |
| New Jersey Turnpike Auth | 5.250% | 01/01/2028 | 1.0% |
| New Jersey | 5.250% | 06/15/2029 | 1.0% |
| Port Auth of New York & New Jersey | 5.000% | 10/15/2041 | 1.0% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2030 | 1.0% |
| Port Auth of New York & New Jersey | 5.000% | 12/01/2038 | 0.9% |
| NJ Tobacco Settlement Finance Corp | 4.500% | 06/01/2023 | 0.9% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2025 | 0.9% |
| New Jersey Econ Dev Auth | 5.375% | 11/01/2036 | 0.8% |
| Newark Hsg Auth | 6.750% | 12/01/2038 | 0.8% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2034 | 0.8% |
| New Jersey Tpk Auth | 5.000% | 01/01/2038 | 0.8% |
| New Jersey Econ Dev Auth | 6.500% | 04/01/2028 | 0.8% |
| New Jersey Hgr Ed Stud Asst Auth | 5.000% | 12/01/2022 | 0.8% |
| New Jersey Econ Dev Auth | 5.000% | 03/01/2035 | 0.8% |
| New Jersey Transp Tr Fnd Auth | 0.000% | 12/15/2031 | 0.8% |
| New Jersey Hlthcare Facs Fing Auth | 6.000% | 07/01/2037 | 0.7% |
| NJ Health Care Facs - Barnabas Health | 5.000% | 07/01/2023 | 0.7% |
| NJ Tobacco Settlement Fin Corp | 4.625% | 06/01/2026 | 0.7% |
| New Jersey Hlthcare Facs Fing Auth | 4.750% | 11/15/2029 | 0.7% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2028 | 0.6% |
| Port Auth of New York & New Jersey | 5.000% | 10/15/2026 | 0.6% |
| Port Auth of New York & New Jersey | 5.000% | 05/01/2027 | 0.6% |
| New Jersey Tpk Auth | 5.000% | 01/01/2028 | 0.6% |
| Puerto Rico General Obligation | 5.375% | 07/01/2030 | 0.6% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2023 | 0.6% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2027 | 0.6% |
| Rutgers Univ, NJ | 5.000% | 05/01/2034 | 0.6% |
| Hudson Cnty Impt Auth, NJ | 5.000% | 05/01/2035 | 0.6% |
| Rutgers Univ, NJ | 5.000% | 05/01/2023 | 0.6% |
| New Jersey Econ Dev Auth | 5.000% | 06/15/2038 | 0.6% |
| Delaware River Port Auth, PA | 5.000% | 01/01/2028 | 0.6% |
| New Jersey Tpk Auth | 5.000% | 01/01/2035 | 0.6% |
| City of Bayonne NJ | 5.000% | 07/15/2023 | 0.6% |
| New Jersey Tpk Auth | 5.000% | 01/01/2034 | 0.6% |
| Delaware River Port Auth, PA | 5.000% | 01/01/2034 | 0.6% |
| New Jersey Edl Facs Auth | 5.250% | 09/01/2029 | 0.6% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2034 | 0.6% |
| New Jersey Hlthcare Facs Fing Auth | 5.250% | 07/01/2028 | 0.6% |
| City of Bayonne NJ | 5.000% | 07/01/2039 | 0.6% |
| Camden Cnty Impt Auth, NJ | 5.000% | 02/15/2030 | 0.6% |
| South Jersey Transp Auth, NJ | 5.000% | 11/01/2039 | 0.6% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2041 | 0.6% |
| New Jersey Hlthcare Facs Fing Auth | 5.000% | 07/01/2039 | 0.6% |
| Camden Cnty Impt Auth, NJ | 5.000% | 02/15/2032 | 0.6% |
| New Jersey Hlthcare Facs Fing Auth | 5.000% | 07/01/2034 | 0.5% |
| New Jersey Econ Dev Auth | 4.250% | 06/15/2027 | 0.5% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2038 | 0.5% |
| Casino Reinvestment Dev Auth, NJ | 5.000% | 11/01/2032 | 0.5% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2022 | 0.5% |
| Puerto Rico Sales Tax Fincg Corp | 5.250% | 08/01/2027 | 0.5% |
| Puerto Rico Sales Tax Fin Corp | 5.000% | 08/01/2035 | 0.5% |
| Camden Cnty Impt Auth, NJ | 5.750% | 02/15/2042 | 0.5% |
| Monroe Twp Bd of Ed, NJ | 5.000% | 08/01/2025 | 0.5% |
| Passaic Vly Sewerage Comm | 2.500% | 12/01/2032 | 0.5% |
| Casino Reinvestment Dev Auth, NJ | 5.250% | 11/01/2039 | 0.5% |
| Guam Pwr Auth | 5.000% | 10/01/2034 | 0.4% |
| Port Auth of New York & New Jersey | 6.000% | 12/01/2042 | 0.4% |
| New Jersey Econ Dev Auth | 5.250% | 09/01/2026 | 0.4% |
| Rutgers Univ, NJ | 5.000% | 05/01/2031 | 0.4% |
| New Jersey Tpk Auth | 5.000% | 01/01/2023 | 0.4% |
| New Jersey | 5.000% | 06/01/2023 | 0.4% |
| Essex Cnty Imp Auth, NJ | 5.250% | 07/01/2045 | 0.4% |
| Delaware River Port Auth, PA | 5.000% | 01/01/2024 | 0.4% |
| New Jersey Econ Dev Auth | 5.000% | 03/01/2026 | 0.4% |
| New Jersey Econ Dev Auth | 5.500% | 06/01/2033 | 0.4% |
| New Jersey Transp Tr Fnd Auth | 0.000% | 12/15/2038 | 0.4% |
| New Jersey Econ Dev Auth | 5.000% | 06/15/2025 | 0.3% |
| Delaware River Jt Toll Br Comm, PA | 5.000% | 07/01/2029 | 0.3% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2024 | 0.3% |
| New Jersey Econ Dev Auth | 5.500% | 04/01/2028 | 0.3% |
| New Jersey Edl Facs Auth | 5.000% | 07/01/2024 | 0.3% |
| Rutgers Univ, NJ | 5.000% | 05/01/2023 | 0.3% |
| New Jersey Hlthcare Facs Fing Auth | 5.000% | 07/01/2034 | 0.3% |
| Gloucester Cnty Pollution Cntrl Fing Auth | 5.000% | 12/01/2024 | 0.3% |
| New Jersey Econ Dev Auth | 5.250% | 01/01/2044 | 0.2% |
| Puerto Rico Infrastr Fing Auth | 6.500% | 10/01/2037 | 0.2% |
| New Jersey Econ Dev Auth | 5.625% | 01/01/2052 | 0.2% |
| New Jersey Econ Dev Auth | 5.000% | 06/15/2034 | 0.2% |
| Puerto Rico Aqueduct & Swr Auth | 5.250% | 07/01/2024 | 0.2% |
| New Brunswick Parking Auth | 5.000% | 09/01/2039 | 0.2% |
| Port Auth of New York & New Jersey | 6.000% | 12/01/2036 | 0.2% |
| New Jersey Econ Dev Auth | 5.000% | 06/15/2029 | 0.1% |
| New Jersey Econ Dev Auth | 5.000% | 03/01/2028 | 0.1% |
| Guam Waterworks Auth | 5.000% | 07/01/2036 | 0.1% |
| New Jersey Econ Dev Auth | 5.000% | 01/01/2028 | 0.1% |
| New Jersey Transp Tr Fnd Auth | 5.250% | 06/15/2041 | 0.1% |
| New Jersey Econ Dev Auth | 5.000% | 01/01/2031 | 0.1% |
| New Jersey Hlthcare Facs Fing Auth | 4.000% | 07/01/2026 | 0.1% |
| New Jersey Econ Dev Auth | 5.000% | 07/01/2023 | 0.1% |
| Puerto Rico | 5.375% | 07/01/2033 | 0.1% |
| Puerto Rico Elec Pwr Auth | 5.000% | 07/01/2037 | 0.1% |
| Puerto Rico Elec Pwr Auth | 7.000% | 07/01/2040 | 0.1% |
| Puerto Rico | 5.625% | 07/01/2032 | 0.1% |
| Port Auth of New York & New Jersey | 6.000% | 12/01/2042 | 0.1% |
| Middlesex Cnty Impt Auth | 6.250% | 01/01/2037 | 0.0% |
| Puerto Rico Electric Power Authority | 5.750% | 07/01/2036 | 0.0% |
| Puerto Rico | 5.000% | 07/01/2027 | 0.0% |
| Rahway, NJ | 4.125% | 12/15/2026 | 0.0% |
| Dreyfus NJ Municipal Cash | 0.000% | - | 0.0% |
| US 10YR Treasury Future Sep 2016 | 0.000% | - | 0.0% |
| US 20YR Treasury Future Sep 2006 | - | - | 0.0% |
Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.
Dividends & Cap Gains
Dividends & Cap Gains
Dividend Payments
- YTD Dividends Paidas of 09/30/2016
- $0.118
- Dividend Frequency
- Monthly (Daily Accrual)
| Record Date | Ex-Dividend Date | Reinvest & Payable Date | Dividend | Reinvest Price |
|---|---|---|---|---|
| Daily | Daily | 09/30/2016 | $0.01244 | $5.11 |
| Daily | Daily | 08/31/2016 | $0.01211 | $5.13 |
| Daily | Daily | 07/31/2016 | $0.01274 | $5.12 |
| Daily | Daily | 06/30/2016 | $0.01322 | $5.14 |
| Daily | Daily | 05/31/2016 | $0.01299 | $5.05 |
| Daily | Daily | 04/30/2016 | $0.01334 | $5.03 |
| Daily | Daily | 03/31/2016 | $0.01337 | $4.99 |
| Daily | Daily | 02/29/2016 | $0.01404 | $4.97 |
| Daily | Daily | 01/31/2016 | $0.01396 | $4.98 |
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 | 09/30/2016 |
| Daily | Daily | 10/31/2016 |
| Daily | Daily | 11/30/2016 |
| Daily | Daily | 12/31/2016 |
Capital Gains Distributions
| Record Date | Reinvest & Payable Date | Long-term | Short-term * | Total | Reinvest Price |
|---|---|---|---|---|---|
| 12/10/1998 | 12/18/1998 | - | - | $0.1100 | $5.42 |
Taxed as ordinary income
Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.
Upcoming Capital Gain Distribution
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 |
|---|---|
| 12/20/2016 | 12/21/2016 |
Fees & Expenses
Fees & Expenses
Sales Charge Schedule as of 09/30/2016
| Sales Charge | Dealer's Concession | Prices at Breakpoint | |
|---|---|---|---|
| Less than $100,000 | 2.25% | 2.00% | $5.23 |
| $100,000 to $249,999 | 1.75% | 1.50% | $5.20 |
| $250,000 to $499,999 | 1.25% | 1.00% | $5.17 |
| $500,000 to $999,999 | 0.00% | 1.00% | $5.11 |
| $1,000,000 to $5,000,000 | 0.00% | 1.00% | $5.11 |
The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.
Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.
Expense Ratioas of 08/31/2016
Expense ratio details, Click here.
The net expense ratio takes into account a management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 01/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such waiver/reimbursement, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.
Fund Review
Fund Review
Fund Review1 The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Bonds 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.
2 The S&P 500® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.
3 The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
4 The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.
5 The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.
The indexes are presented for informational purposes only and are not presented to illustrate any specific product or security. Unless otherwise specified, indexes reflect total return, with all dividends reinvested. An index is unmanaged, does not reflect the deduction of fees or expenses, and is not available for direct investment.
Instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.
The credit qualities of securities in the portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) ‘D’ (lowest). Bonds rated ‘BBB’ or above are considered investment grade. Credit ratings ‘BB’ and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principal on these securities.
The yield spread is the difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk.
A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.
The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.
Note: Class A shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. Please refer to the prospectus for more information on redemptions that may be subject to a CDSC. The CDSC is not reflected in the average annual returns. If these charges had been included, performance would have been lower.
Expense ratio: The gross expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund’s investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Such interest and related expenses are excluded from the net expense ratio. Therefore, the Fund’s total returns and net asset value were not affected by such interest and related expenses. The net expense ratio (excluding interest and related expenses) is not the result of a fee waiver or expense reimbursement.
A Note about Risk: The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. A portion of the income derived from the Fund’s portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. Shareholders should consult with their tax advisors for more specific information on taxation.
U.S. Treasuries are backed by the full faith and credit of the U.S. government. The rate of return of a mutual fund investment, however, is not guaranteed and will fluctuate with changes in market conditions; therefore, there is a greater risk to your investment capital.
The views and information discussed in this commentary are as of September 30, 2015, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only and should not be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in the Fund’s summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional, Lord Abbett Distributor LLC at 888-522-2388 or visit us at www.lordabbett.com. Read the prospectus carefully before investing.
Fund Documents
Fund Documents
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Summary Prospectus
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Statutory Prospectus
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Prospectus (XBRL)
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SAI
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Annual Report
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Semi-Annual Report
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Fact Sheet
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