New Jersey Tax Free Fund

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Daily price w/o sales charge as of 04/29/2025

$4.57

$0.01

YTD Returns w/o sales charge as of 04/29/2025

-2.37%

Please click here for performance current to the most recent quarter-end and month-end.

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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

Average Yield to Worst as of 03/31/2025

4.41%

Distribution Yield as of 04/29/2025

3.19%

30-Day Standardized Yield ¹ as of 03/31/2025

3.32%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

Fund Basicsas of 03/31/2025

Total Net Assets: $151.12 M
Inception Date: 01/02/1991
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 0.85%
Fund Net Expense Ratio: 0.82%
Number of Holdings: 194
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991
w/o sales charge	-1.34%	0.50%	0.56%	1.05%	2.05%	4.35%
Lipper Category Avg. New Jersey Municipal Debt Funds	-0.78%	1.08%	1.10%	1.26%	1.99%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-3.58%	-1.78%	-0.17%	0.58%	1.83%	4.28%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991
w/o sales charge	-1.34%	0.50%	0.56%	1.05%	2.05%	4.35%
Lipper Category Avg. New Jersey Municipal Debt Funds	-0.78%	1.08%	1.10%	1.26%	1.99%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-3.58%	-1.78%	-0.17%	0.58%	1.83%	4.28%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Past performance is not a reliable indicator or guarantee 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.

Sector	Assets
Transportation
Lease
Education
Healthcare/Hospital
IDR/PCR
GO Local
Special Tax
Power
Water & Sewer
GO State
Pre-Refunded
Housing

The Fund's portfolio is actively managed and is subject to change.

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

The Fund's portfolio is actively managed and is subject to change.

Credit Quality Distribution as of 03/31/2025 View Portfolio

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor’s, Moody’s, and Fitch. Where the rating agencies 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. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

INVESTMENT TEAM

Daniel S. Solender, CFA

Partner, Director of Tax Free Fixed Income

38 Years of Industry Experience

Philip B. Herman

Partner, Portfolio Manager

26 Years of Industry Experience

Supported By 18 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

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Performance

Average Yield to Worst as of 03/31/2025

4.41%

Distribution Yield as of 04/29/2025

3.19%

30-Day Standardized Yield ¹ as of 03/31/2025

	Subsidized²	Un-Subsidized³
w/o sales charge	3.32%	3.32%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991
w/o sales charge	-1.34%	0.50%	0.56%	1.05%	2.05%	4.35%
Lipper Category Avg. New Jersey Municipal Debt Funds	-0.78%	1.08%	1.10%	1.26%	1.99%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-3.58%	-1.78%	-0.17%	0.58%	1.83%	4.28%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/02/1991
w/o sales charge	-1.34%	0.50%	0.56%	1.05%	2.05%	4.35%
Lipper Category Avg. New Jersey Municipal Debt Funds	-0.78%	1.08%	1.10%	1.26%	1.99%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-3.58%	-1.78%	-0.17%	0.58%	1.83%	4.28%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year	Fund Returns	Bloomberg Municipal Bond Index

Year	Fund Returns	Bloomberg Municipal Bond Index
2024	1.77%	1.05%
2023	7.71%	6.40%
2022	-12.47%	-8.53%
2021	3.33%	1.52%
2020	4.63%	5.21%
2019	8.28%	7.54%
2018	1.77%	1.28%
2017	6.05%	5.45%
2016	1.05%	0.25%
2015	2.19%	3.30%
2014	12.07%	-10000.0%
2013	-5.99%	-10000.0%
2012	10.73%	-10000.0%
2011	10.42%	-10000.0%
2010	1.04%	-10000.0%
2009	22.23%	-10000.0%
2008	-15.02%	-10000.0%
2007	-0.55%	-10000.0%
2006	4.11%	-10000.0%
2005	3.65%	-10000.0%

Year	Q1	Q2	Q3	Q4

Year	Q1	Q2	Q3	Q4
2025	-1.34%	-10000.0%	-10000.0%	-10000.0%
2024	-0.09%	0.34%	2.67%	-1.12%
2023	3.36%	0.72%	-4.18%	7.98%
2022	-6.92%	-5.43%	-4.72%	4.36%
2021	0.19%	2.44%	-0.22%	0.91%
2020	-2.87%	2.65%	1.78%	3.11%
2019	3.16%	2.66%	1.81%	0.44%
2018	-0.91%	1.31%	0.28%	1.10%
2017	1.41%	1.98%	1.45%	1.08%
2016	2.06%	3.81%	0.14%	-4.76%
2015	0.84%	-2.18%	1.28%	2.29%
2014	4.86%	2.78%	2.11%	1.84%
2013	0.25%	-4.34%	-1.81%	-0.16%
2012	3.97%	2.20%	3.13%	1.05%
2011	-0.81%	5.26%	3.09%	2.58%
2010	1.80%	1.36%	4.11%	-5.95%
2009	6.87%	6.14%	9.08%	-1.21%
2008	-1.96%	0.91%	-6.06%	-8.57%
2007	0.62%	-0.55%	-0.31%	-0.31%
2006	0.24%	-0.19%	3.01%	1.02%
2005	0.41%	3.14%	-0.34%	0.43%
2004	1.81%	-2.64%	3.46%	1.18%
2003	0.73%	2.40%	-1.09%	1.29%
2002	0.57%	3.16%	4.45%	-0.71%
2001	1.68%	0.80%	2.57%	-0.39%
2000	3.47%	1.37%	2.11%	5.02%
1999	0.66%	-2.90%	-1.79%	-1.65%
1998	1.40%	1.78%	2.89%	0.30%
1997	-0.44%	3.11%	3.03%	2.96%
1996	-1.56%	1.11%	2.15%	2.35%
1995	7.38%	2.21%	2.21%	4.51%
1994	-5.69%	0.49%	0.33%	-1.98%
1993	5.81%	3.31%	3.46%	1.10%
1992	0.27%	4.23%	2.50%	1.92%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 03/31/2025

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

Sector	Assets
Transportation
Lease
Education
Healthcare/Hospital
IDR/PCR
GO Local
Special Tax
Power
Water & Sewer
GO State
Pre-Refunded
Housing

The Fund's portfolio is actively managed and is subject to change.

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

The Fund's portfolio is actively managed and is subject to change.

Credit Quality Distribution as of 03/31/2025

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Details as of 03/31/2025

Total Net Assets: $151.12 M
Average Effective Duration: 8.2 Years
Average Effective Maturity: 19.6 Years
Number of Issues: 194
Average Yield to Worst: 4.41%
Distribution Yield (as of 04/29/2025): 3.19%

To view definitions for the above Portfolio Details, Click here.

Holding	Coupon	Maturity	Assets

Holding	Coupon	Maturity	Assets
New Jersey Educational Facilities Authority	5.250%	02/21/2054	3.1%
New Jersey Transportation Trust Fund Authority	5.250%	06/07/2055	2.7%
Port Authority Of New York & New Jersey	5.000%	08/24/2054	2.3%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	2.2%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	2.1%
New Jersey Turnpike Authority	5.250%	12/24/2053	2.0%
New Jersey Health Care Facilities Financing Author	5.000%	06/26/2041	1.8%
Tobacco Settlement Financing Corp	5.000%	05/26/2046	1.7%
Middlesex County Improvement Authority	5.000%	08/07/2053	1.4%
New Jersey Health Care Facilities Financing Author	5.000%	06/26/2043	1.3%

% of Total Assets			20.6%

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

Holding	Coupon	Maturity	Assets
New Jersey Educational Facilities Authority	5.250%	02/21/2054	3.2%
New Jersey Transportation Trust Fund Authority	5.250%	06/07/2055	2.8%
Port Authority Of New York & New Jersey	5.000%	08/24/2054	2.4%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	2.2%
New Jersey Turnpike Authority	5.250%	12/24/2053	2.0%
Tobacco Settlement Financing Corp	5.000%	05/26/2046	1.7%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	1.6%
New Jersey Health Care Facilities Financing Author	5.000%	06/26/2041	1.4%
Middlesex County Improvement Authority	5.000%	08/07/2053	1.4%
New Jersey Health Care Facilities Financing Author	5.000%	06/26/2043	1.3%
South Jersey Port Corp	5.000%	12/26/2047	1.2%
South Jersey Transportation Authority	5.250%	10/23/2052	1.2%
New Jersey Health Care Facilities Financing Author	5.250%	06/23/2054	1.2%
City Of Newark Nj Mass Transit Access Tax Revenue	5.375%	11/06/2052	1.2%
New Jersey Educational Facilities Authority	5.000%	06/25/2047	1.2%
New Jersey Economic Development Authority	5.375%	12/27/2042	1.1%
New Jersey Transportation Trust Fund Authority	5.000%	06/10/2042	1.1%
New Jersey Health Care Facilities Financing Author	5.250%	06/23/2054	1.1%
New Jersey Health Care Facilities Financing Author	4.125%	06/23/2054	1.0%
New Jersey Transportation Trust Fund Authority	0.000%	12/13/2031	1.0%
New Jersey Turnpike Authority	5.000%	12/27/2042	1.0%
New Jersey Economic Development Authority	5.000%	09/25/2047	1.0%
New Jersey Economic Development Authority	5.250%	09/13/2029	1.0%
New Jersey Economic Development Authority	3.500%	03/28/2042	0.9%
New Jersey Health Care Facilities Financing Author	4.000%	06/24/2051	0.9%
Port Authority Of New York & New Jersey	5.250%	07/24/2052	0.9%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue	4.750%	06/23/2053	0.9%
New Jersey Turnpike Authority	5.250%	12/25/2051	0.9%
Port Authority Of New York & New Jersey	5.000%	09/12/2033	0.9%
New Jersey Turnpike Authority	5.000%	12/26/2045	0.9%
Delaware River & Bay Authority	5.000%	12/24/2048	0.9%
New Jersey Health Care Facilities Financing Author	5.000%	06/25/2046	0.8%
New Jersey Health Care Facilities Financing Author	5.000%	06/26/2042	0.8%
Casino Reinvestment Development Authority Inc	4.000%	10/25/2044	0.8%
New Jersey Health Care Facilities Financing Author	4.000%	06/24/2048	0.8%
State Of New Jersey	2.500%	05/28/2038	0.7%
New Jersey Transportation Trust Fund Authority	5.000%	06/11/2037	0.7%
Salem County Pollution Control Financing Authority	4.450%	03/01/2025	0.7%
New Jersey Transportation Trust Fund Authority	4.125%	06/08/2050	0.7%
South Jersey Transportation Authority	4.000%	10/25/2050	0.7%
Garden State Preservation Trust	5.750%	10/29/2028	0.7%
Gloucester County Improvement Authority/The	5.000%	06/23/2054	0.7%
New Jersey Health Care Facilities Financing Author	5.000%	09/27/2037	0.7%
New Jersey Turnpike Authority	5.000%	12/26/2047	0.7%
New Jersey Transportation Trust Fund Authority	4.000%	06/08/2050	0.7%
New Jersey Transportation Trust Fund Authority	5.000%	06/13/2028	0.7%
Tobacco Settlement Financing Corp	5.250%	05/26/2046	0.7%
County Of Ocean Nj	4.000%	10/30/2034	0.7%
South Jersey Transportation Authority	5.000%	03/03/2025	0.7%
Tobacco Settlement Financing Corp	5.000%	05/26/2046	0.7%
New Jersey Economic Development Authority	4.750%	03/28/2025	0.7%
Middlesex County Improvement Authority	4.000%	08/08/2053	0.6%
New Jersey Turnpike Authority	4.000%	12/26/2047	0.6%
New Jersey Health Care Facilities Financing Author	3.000%	06/24/2051	0.6%
Union County Utilities Authority	4.750%	11/29/2031	0.6%
New Jersey Economic Development Authority	5.250%	10/26/2047	0.6%
New Jersey Economic Development Authority	5.125%	12/28/2038	0.6%
Passaic Valley Sewerage Commission	3.000%	11/28/2038	0.6%
New Jersey Infrastructure Bank	5.000%	08/25/2049	0.6%
New Jersey Educational Facilities Authority	3.000%	06/24/2050	0.6%
Port Authority Of New York & New Jersey	4.000%	08/27/2043	0.6%
New Jersey Educational Facilities Authority	5.000%	06/26/2041	0.6%
Rutherford Board Of Education	2.500%	12/13/2034	0.6%
New Jersey Turnpike Authority	5.250%	12/31/2027	0.6%
South Jersey Port Corp	5.000%	12/29/2035	0.6%
New Jersey Economic Development Authority	3.000%	07/27/2041	0.5%
New Jersey Turnpike Authority	5.000%	12/25/2044	0.5%
New Jersey Educational Facilities Authority	5.250%	08/24/2053	0.5%
New Jersey Educational Facilities Authority	5.000%	06/26/2041	0.5%
State Of New Jersey	5.000%	05/27/2040	0.5%
Township Of Berkeley Heights Nj	4.000%	06/30/2032	0.5%
County Of Hudson Nj	2.000%	11/12/2035	0.5%
New Jersey Economic Development Authority	5.000%	06/12/2035	0.5%
Port Authority Of New York & New Jersey	5.000%	08/27/2036	0.5%
City Of Atlantic City Nj	5.000%	03/01/2027	0.5%
Delaware River Joint Toll Bridge Commission	3.000%	06/24/2049	0.5%
City Of Jersey City Nj	4.000%	02/12/2036	0.5%
Bergen County Improvement Authority/The	5.000%	05/30/2034	0.5%
Cumberland County Improvement Authority/The	4.000%	09/25/2048	0.5%
New Jersey Educational Facilities Authority	4.000%	06/29/2036	0.5%
Port Authority Of New York & New Jersey	5.000%	09/11/2032	0.5%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/24/2051	0.4%
New Jersey Transportation Trust Fund Authority	4.000%	12/11/2039	0.4%
New Jersey Economic Development Authority	5.500%	05/29/2033	0.4%
New Jersey Transportation Trust Fund Authority	0.000%	12/11/2038	0.4%
Delaware River Port Authority	5.000%	12/28/2039	0.4%
New Jersey Turnpike Authority	5.000%	12/29/2033	0.4%
New Jersey Turnpike Authority	4.000%	12/27/2042	0.4%
New Jersey Transportation Trust Fund Authority	5.500%	06/08/2050	0.4%
Port Authority Of New York & New Jersey	5.000%	07/11/2036	0.4%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	06/26/2040	0.4%
Port Authority Of New York & New Jersey	5.000%	11/29/2033	0.4%
New Jersey Transportation Trust Fund Authority	3.000%	06/08/2050	0.4%
New Jersey Educational Facilities Authority	5.000%	08/27/2036	0.4%
City Of Atlantic City Nj	5.000%	03/01/2027	0.4%
New Jersey Transportation Trust Fund Authority	5.000%	06/13/2030	0.4%
Delaware River & Bay Authority	5.000%	12/31/2031	0.4%
Jersey City Municipal Utilities Authority	5.250%	10/07/2054	0.4%
New Jersey Economic Development Authority	5.000%	06/09/2047	0.4%
New Jersey Educational Facilities Authority	5.000%	07/01/2027	0.4%
Port Authority Of New York & New Jersey	5.000%	08/29/2034	0.4%
New Jersey Educational Facilities Authority	5.000%	06/25/2044	0.4%
New Jersey Health Care Facilities Financing Author	5.000%	09/27/2038	0.4%
New Jersey Infrastructure Bank	5.000%	08/23/2052	0.4%
New Jersey Educational Facilities Authority	4.000%	06/30/2032	0.4%
Port Authority Of New York & New Jersey	5.000%	07/09/2045	0.4%
Camden County Improvement Authority/The	6.000%	06/09/2047	0.4%
Port Authority Of New York & New Jersey	5.000%	07/07/2053	0.3%
Port Authority Of New York & New Jersey	5.000%	11/24/2044	0.3%
South Jersey Transportation Authority	5.000%	10/26/2045	0.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	06/26/2040	0.3%
New Jersey Economic Development Authority	5.000%	06/13/2029	0.3%
New Jersey Economic Development Authority	5.000%	06/08/2048	0.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/28/2033	0.3%
Port Authority Of New York & New Jersey	5.000%	11/10/2041	0.3%
City Of Summit Nj	4.000%	07/14/2031	0.3%
New Jersey Economic Development Authority	5.000%	05/27/2042	0.3%
Delaware River & Bay Authority	4.000%	12/27/2043	0.3%
New Jersey Economic Development Authority	3.750%	06/01/2028	0.3%
New Jersey Transportation Trust Fund Authority	4.250%	06/09/2044	0.3%
New Jersey Educational Facilities Authority	5.000%	02/27/2033	0.3%
New Jersey Educational Facilities Authority	4.000%	06/26/2046	0.3%
Hudson County Improvement Authority	4.000%	05/26/2049	0.3%
Plainfield Board Of Education	4.000%	10/13/2034	0.3%
New Jersey Health Care Facilities Financing Author	5.000%	06/28/2035	0.3%
New Jersey Transportation Trust Fund Authority	4.250%	12/11/2038	0.3%
New Jersey Transportation Trust Fund Authority	5.250%	06/09/2046	0.3%
Passaic County Improvement Authority/The	4.000%	10/26/2051	0.3%
County Of Atlantic Nj	4.000%	03/14/2032	0.3%
South Jersey Transportation Authority	4.625%	10/26/2047	0.3%
New Jersey Health Care Facilities Financing Author	2.375%	06/25/2046	0.3%
New Jersey Economic Development Authority	4.000%	07/24/2059	0.3%
South Jersey Transportation Authority	5.250%	10/23/2052	0.3%
New Jersey Economic Development Authority	2.200%	12/03/2029	0.3%
New Jersey Economic Development Authority	6.500%	03/30/2028	0.3%
New Jersey Educational Facilities Authority	5.500%	08/29/2033	0.3%
New Jersey Transportation Trust Fund Authority	4.000%	06/10/2042	0.3%
New Jersey Transportation Trust Fund Authority	3.000%	06/08/2050	0.3%
New Jersey Transportation Trust Fund Authority	5.250%	06/09/2046	0.3%
State Of New Jersey	5.000%	05/27/2041	0.3%
New Jersey Transportation Trust Fund Authority	5.000%	06/13/2031	0.3%
New Jersey Educational Facilities Authority	3.250%	06/24/2049	0.3%
New Jersey Health Care Facilities Financing Author	5.000%	06/29/2030	0.3%
Port Authority Of New York & New Jersey	5.000%	07/07/2053	0.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.550%	06/26/2040	0.2%
New Jersey Higher Education Student Assistance Aut	2.500%	11/25/2040	0.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	4.000%	06/26/2042	0.2%
New Jersey Economic Development Authority	5.000%	05/27/2041	0.2%
New Jersey Infrastructure Bank	2.000%	08/26/2046	0.2%
New Jersey Educational Facilities Authority	5.000%	07/01/2026	0.2%
Casino Reinvestment Development Authority Inc	5.000%	10/27/2041	0.2%
Gloucester County Improvement Authority/The	5.000%	11/01/2026	0.2%
Gloucester County Improvement Authority/The	5.000%	11/01/2026	0.2%
Port Authority Of New York & New Jersey	5.000%	09/12/2034	0.2%
New Jersey Turnpike Authority	5.000%	12/27/2041	0.2%
New Jersey Economic Development Authority	4.000%	10/25/2044	0.2%
New Jersey Infrastructure Bank	2.125%	08/27/2046	0.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.000%	06/29/2030	0.2%
Union County Improvement Authority	4.125%	04/07/2054	0.2%
Territory Of Guam	4.000%	12/27/2041	0.2%
New Jersey Economic Development Authority	5.000%	12/26/2047	0.2%
New Jersey Educational Facilities Authority	3.000%	06/28/2039	0.2%
New Jersey Educational Facilities Authority	3.000%	06/28/2040	0.1%
Plainfield Board Of Education	4.000%	10/13/2034	0.1%
New Jersey Transportation Trust Fund Authority	5.250%	06/10/2041	0.1%
New Jersey Economic Development Authority	5.000%	12/30/2030	0.1%
New Jersey Economic Development Authority	5.000%	05/28/2036	0.1%
Casino Reinvestment Development Authority Inc	5.000%	10/30/2034	0.1%
New Jersey Economic Development Authority	5.625%	12/25/2051	0.1%
New Jersey Higher Education Student Assistance Aut	5.000%	06/01/2028	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/29/2031	0.1%
New Jersey Educational Facilities Authority	4.000%	06/24/2050	0.1%
New Jersey Institute Of Technology/Nj	5.000%	06/30/2029	0.1%
New Jersey Higher Education Student Assistance Aut	3.250%	11/27/2039	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.784%	06/22/2058	0.1%
South Jersey Transportation Authority	5.000%	10/28/2039	0.1%
Commonwealth Of Puerto Rico	0.000%	10/28/2043	0.1%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2026	0.1%
New Jersey Economic Development Authority	5.000%	12/31/2027	0.1%
New Jersey Housing & Mortgage Finance Agency	3.150%	04/24/2053	0.0%
Commonwealth Of Puerto Rico	5.625%	06/30/2027	0.0%
Commonwealth Of Puerto Rico	5.625%	06/29/2029	0.0%
Commonwealth Of Puerto Rico	5.750%	06/29/2031	0.0%
Commonwealth Of Puerto Rico	4.000%	06/28/2033	0.0%
Commonwealth Of Puerto Rico	4.000%	06/28/2035	0.0%
Commonwealth Of Puerto Rico	0.000%	06/28/2033	0.0%
Commonwealth Of Puerto Rico	4.000%	06/27/2037	0.0%
Commonwealth Of Puerto Rico	5.375%	07/01/2025	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.536%	06/23/2053	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue	4.550%	06/26/2040	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/29/2029	0.0%
USM5 - Futures	0.000%	06/18/2025	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 04/29/2025: $0.03700
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	03/31/2025	$0.01216	$4.63
Daily	Daily	02/28/2025	$0.01264	$4.76
Daily	Daily	01/31/2025	$0.01221	$4.72

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	04/30/2025
Daily	Daily	05/31/2025
Daily	Daily	06/30/2025
Daily	Daily	07/31/2025
Daily	Daily	08/31/2025
Daily	Daily	09/30/2025
Daily	Daily	10/31/2025
Daily	Daily	11/30/2025
Daily	Daily	12/31/2025

Capital Gains Distributions

For

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.

Fees & Expenses

Sales Charge Schedule as of 04/29/2025

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$4.68
$100,000 to $249,999	1.75%	1.50%	$4.65
Greater than $250,000	0.00%	1.00%	$4.57

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) prior to 12/1/2021 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. However, effective 12/1/2021, 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 of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.
Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 03/31/2025

Fund Gross Expense Ratio	0.85%
Fund Net Expense Ratio	0.82%

Expense ratio details, Click here.

Fund Documents

0Documents selected
Portfolio Holdings 1Q Publish Date:11/03/2015
Portfolio Holdings 3Q Publish Date:11/03/2015
Summary Prospectus Publish Date:11/03/2015
Statutory Prospectus Publish Date:11/03/2015
SAI Publish Date:11/03/2015
Annual Financial Statements and Other Information * Publish Date:11/03/2015
Annual Tailored Shareholder Report Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information * Publish Date:11/03/2015
Fact Sheet Publish Date:11/03/2015

* includes items 7-11 of form N-CSR as required, if any.

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

Average Yield to Worst is a measure of the lowest possible yield that can be received on a bond with an early retirement provision.

IMPORTANT INFORMATION

A Note about Risk: The Fund invests a significant percentage of its assets in the securities of a single state. As a result, an investment in the Fund may be riskier than an investment in other, more diversified municipal bond funds. 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 price of debt securities tend to rise. High-yield securities, sometimes called "junk bonds" carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. 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. 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 may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. These factors can affect Fund performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, 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 of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed 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. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Bloomberg 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.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2026. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, 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.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data 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.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

About Barron's Best Fund Families
Source: Barron's, "Best Fund Families of 2024." February 27, 2025. Used with permission. ©2025 Dow Jones & Company, Inc.

The 2024 Barron’s Best Fund Families List ranks the active management ability of qualifying companies. Rankings are based on the asset-weighted one-year returns as of 12/31/24, excluding 12b-1 fees and sales loads, of a company’s actively managed fund line up in five asset class categories: US Equity, World Equity, Mixed Asset, Taxable Bond, and Tax-Exempt Bond as determined by Barron’s. Overall ranking based on aggregate, weighted score across the five asset categories. Performance data from Refinitiv Lipper.

Past performance does not guarantee future results. Lord Abbett ranked overall #1 of 48, #6 of 46, and #23 of 46 for the 1- ,5-, and 10-year periods respectively. Lord Abbett ranked #1 of 48 in US Equity, #2 of 48 in Mixed Asset, #2 of 48 in Taxable Bond, and #5 of 48 in Tax-Exempt Bond.

How We Ranked the Fund Families
In ranking mutual and exchange-traded funds, our aim is to measure manager skill, independent of expenses beyond annual management fees. That is why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.

Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking, and vice versa.

To be included in the ranking, a firm must have at least three funds in the general equity category, one in world equity, one in mixed equity such as a balanced or target-date fund, two taxable bond funds, and one national tax-exempt bond fund.

Single-sector and country equity funds are factored into the rankings as general equity. We exclude all index funds, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.

Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds. The category weightings for 2024 were general equity, 39.1%; mixed asset, 21.6%; world equity, 15.3%; taxable bond,20.1%; and tax-exempt bond, 3.9%.

The category weightings for the five-year results were general equity, 39%; mixed asset, 21.7%; world equity, 15.3%; taxable bond, 19.9%; and tax-exempt bond, 4%.For the 10-year list, they were general equity, 40%; mixed asset, 22.1%; world equity, 14.8%; taxable bond, 19.2%; and tax[1]exempt bond, 3.9%. The weightings may not total 100 due to rounding.

How the scoring works: Say a fund in the general U.S. equity category has $500million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 39.1%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times0.391, which equals 14.66. Similar calculations are done for each fund in our study; then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.

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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

Average Yield to Worst as of 03/31/2025

Distribution Yield as of 04/29/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Basicsas of 03/31/2025

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Credit Quality Distribution as of 03/31/2025 View Portfolio

INVESTMENT TEAM

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Performance

Performance

Average Yield to Worst as of 03/31/2025

Distribution Yield as of 04/29/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Fund Expense Ratio :

Gross 0.85%

Net 0.82%

Growth of $10,000 as of 03/31/2025

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 03/31/2025

Portfolio Details as of 03/31/2025

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/29/2025

Expense Ratioas of 03/31/2025

Fund Documents

Fund Documents

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30-Day Standardized Yield ¹ as of 03/31/2025

30-Day Standardized Yield ¹ as of 03/31/2025