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New York Tax Free Fund

Summary

Summary

What is the New York Tax Free Fund?

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

Yield

Dividend Yield 1 as of 02/15/2019  

w/o sales charge 2.64%

30-Day Standardized Yield 2 as of 01/31/2019  

2.36%

Fund Basicsas of 12/31/2018

Total Net Assets
$332.62 M
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.69%
Number of Holdings
243
CUSIP
543902746

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.67% 2.90% 1.93% 3.85% 5.34% 3.96%
Lipper Category Avg. New York Municipal Debt Funds 0.61% 2.42% 1.79% 3.50% 4.51% -
Bloomberg Barclays Municipal Bond Index 0.76% 3.26% 2.15% 3.58% 4.55% 4.23%

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.08% 1.08% 2.15% 4.18% 5.86% 3.93%
Lipper Category Avg. New York Municipal Debt Funds 0.82% 0.82% 1.92% 3.80% 4.93% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

0.69%

RELATED CONTENT

Sector Assets
Transportation
IDR/PCR
Special Tax
Education
Healthcare/Hospital
GO Local
Water & Sewer
Lease
Power
Pre-Refunded
VRDN
Housing
Resource Recovery
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 12/31/2018 View Portfolio

Rating Assets
A-1/MIG1
A-2/MIG2
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 11 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 02/15/2019  

w/o sales charge 2.64%

30-Day Standardized Yield 2 as of 01/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.36% 2.36%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.67% 2.90% 1.93% 3.85% 5.34% 3.96%
Lipper Category Avg. New York Municipal Debt Funds 0.61% 2.42% 1.79% 3.50% 4.51% -
Bloomberg Barclays Municipal Bond Index 0.76% 3.26% 2.15% 3.58% 4.55% 4.23%

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.08% 1.08% 2.15% 4.18% 5.86% 3.93%
Lipper Category Avg. New York Municipal Debt Funds 0.82% 0.82% 1.92% 3.80% 4.93% -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% 4.85% 4.19%

Fund Expense Ratio :

0.69%

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 1.08% 1.28%
2017 4.78% 5.45%
2016 0.64% 0.25%
2015 3.24% 3.30%
2014 11.55% 9.05%
2013 -4.80% -2.55%
2012 10.62% 6.78%
2011 9.48% 10.70%
2010 1.37% 2.38%
2009 23.16% 12.91%
2008 -12.51% -
2007 -0.17% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 1.16%
2018 -0.94% 1.10% -0.15% 1.08% 1.08%
2017 1.52% 2.02% 0.70% 0.46% 4.78%
2016 1.90% 3.25% -0.02% -4.32% 0.64%
2015 0.99% -1.15% 1.53% 1.86% 3.24%
2014 4.18% 3.20% 2.20% 1.52% 11.55%
2013 0.31% -4.13% -0.96% -0.04% -4.80%
2012 3.87% 2.28% 2.97% 1.12% 10.62%
2011 0.44% 4.27% 2.89% 1.60% 9.48%
2010 1.76% 1.26% 3.98% -5.39% 1.37%
2009 7.03% 5.64% 9.52% -0.54% 23.16%
2008 -2.14% 1.34% -6.24% -5.91% -12.51%
2007 - - - -0.17% -0.17%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
IDR/PCR
Special Tax
Education
Healthcare/Hospital
GO Local
Water & Sewer
Lease
Power
Pre-Refunded
VRDN
Housing
Resource Recovery
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 12/31/2018

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2018

  • 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 ‘BBB’ credit quality range due to relatively attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight to revenue bonds, specifically in the industrial development, special tax-backed, transportation, and education sectors.

Portfolio Details as of 12/31/2018

Total Net Assets
$332.62 M
Number of Issues
243
Average Coupon
4.9%
Average Effective Maturity
16.7 Years
Average Effective Duration
6.83 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/15/2019
$0.024
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2019 $0.02473 $11.18

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 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2018 12/20/2018 $0.0038 - $0.0038 $11.12

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
12/19/2019 12/20/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2019

0.69%

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

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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. 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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