intermediate_tax_free_fund_summary

SUMMARY PROSPECTUS

Lord Abbett Intermediate Tax Free Fund

FEBRUARY 1, 2025

CLASS/TICKER

CLASS A ............

LISAX

CLASS F .........

LISFX

CLASS I...........

LAIIX

CLASS C............

LISCX

CLASS F3 .......

LOISX

CLASS P .........

N/A

Before you invest, you may want to review the Fund’s prospectus and statement of additional

information, which contain more information about the Fund and its risks. You can find the

Fund’s prospectus, statement of additional information and other information about the Fund at

www.lordabbett.com/documentsandliterature. You can also get this information at no cost by

calling 888-522-2388 (Option #2) or by sending an email request to literature@lordabbett.com.

The current prospectus and statement of additional information dated February 1, 2025, as may

be supplemented from time to time, are incorporated by reference into this summary prospectus.

SUMMARY – Intermediate Tax Free Fund

INVESTMENT OBJECTIVE

The investment objective of the Fund is to seek the maximum amount of interest

income exempt from federal income tax as is consistent with reasonable risk.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy, hold, and

sell shares of the Fund.

You may pay other fees, such as brokerage commissions

and other fees to financial intermediaries, which are not reflected in the tables

and examples below.

You may qualify for sales charge discounts if you and certain

members of your family invest, or agree to invest in the future, at least $100,000 in

the Lord Abbett Family of Funds. More information about these and other discounts

is available from your financial intermediary and in “Sales Charge Reductions and

Waivers” on page 147 of the prospectus, Appendix A to the prospectus, titled

“Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases,

Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the

statement of additional information (“SAI”).

Shareholder Fees

(1)

(Fees paid directly from your investment)

Class

F, F3, I, and P

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

2.25%

None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption

proceeds, whichever is lower)

None

(2)

1.00%

(3)

None

SUMMARY – Intermediate Tax Free Fund

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.39%

Distribution and Service (12b-1) Fees

0.20%

0.81%

(4)

0.10%

None

0.45%

Other Expenses

0.12%

0.07%

0.12%

Total Annual Fund Operating Expenses

0.71%

1.32%

0.61%

0.46%

0.51%

0.96%

(1)

A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its

financial intermediary. Please contact your financial intermediary for more information about whether such a commission

may apply to your transaction.

(2)

A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or

acquired without a sales charge if they are redeemed before the first day of the month in which the 18-month anniversary

of the purchase falls.

(3)

A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their

purchase.

(4)

The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s

average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net

assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the

same rate.

Example

This Example is intended to help you compare the cost of investing in the Fund with

the cost of investing in other mutual funds. The Example assumes that you invest

$10,000 in the Fund for the time periods indicated and then redeem all of your shares

at the end of those periods. The Example also assumes that your investment has a

5% return each year and that the Fund’s operating expenses remain the same. Class

C shares automatically convert to Class A shares after eight years. The expense

example for Class C shares for the ten-year period reflects the conversion to Class A

shares. Although your actual costs may be higher or lower, based on these

assumptions your costs would be:

Class

If Shares Are Redeemed

If Shares Are Not Redeemed

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

Class A Shares

296

447

611

1,088

296

447

611

1,088

Class C Shares

234

418

723

1,422

134

418

723

1,422

Class F Shares

195

340

762

195

340

762

Class F3 Shares

148

258

579

148

258

579

Class I Shares

164

285

640

164

285

640

Class P Shares

306

531

1,178

306

531

1,178

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it

buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover

rate may indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in the

annual fund operating expenses or in the example, affect the Fund’s performance.

SUMMARY – Intermediate Tax Free Fund

During the most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the

average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal conditions, the Fund invests at least 80% of its net assets, plus the

amount of any borrowings for investment purposes, in municipal bonds that pay

interest exempt from federal income tax. The Fund uses the volatility of the

Bloomberg 1-15 Year Municipal Bond Index as an approximation of reasonable risk.

Under normal conditions, the Fund invests in investment grade municipal bonds,

which are bonds that are rated BBB/Baa or higher (at the time of purchase), or an

equivalent short-term rating, as applicable, by an independent rating agency or are

unrated but deemed by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of

comparable quality. The Fund may invest up to 20% of its net assets in lower rated

municipal bonds (commonly referred to as “below investment grade,” “high yield,”

or “junk” bonds), which are bonds that are rated BB+/Ba1 or lower (at the time of

purchase), or an equivalent short-term rating, as applicable, by an independent rating

agency or are unrated but deemed by Lord Abbett to be of comparable quality.

The Fund may invest in all types of municipal bonds, including general obligation

bonds, revenue bonds, municipal leases, and variable rate demand notes. The Fund

may invest in both insured and uninsured municipal bonds. The Fund also may

invest in zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds.

The Fund may invest up to 20% of its net assets in municipal bonds that pay interest

that is subject to the federal alternative minimum tax (‘‘AMT’’), including private

activity bonds (commonly referred to as ‘‘AMT paper’’). Although the Fund is

permitted to invest up to 20% of its net assets in fixed income securities that pay

interest that is subject to regular federal income tax, the Fund presently has no

intention of investing in this manner. There is a risk that a bond issued as tax-exempt

may be reclassified by the Internal Revenue Service (‘‘IRS’’) as taxable. The Fund

will not invest more than 25% of its total assets in any industry; however, this

limitation does not apply to tax-exempt securities and securities issued by the U.S.

Government or its agencies or instrumentalities. Certain types of municipal

securities (including general obligation, general appropriation, municipal leases,

special assessment, and special tax bonds) are not considered a part of any

‘‘industry’’ for purposes of this industry concentration policy. Therefore, the Fund

may invest more than 25% of its total assets in these types of municipal securities.

The Fund may invest without limitation in securities of issuers located in a single

state, territory, municipality, or region.

The Fund may invest up to 20% of its net assets in inverse floaters (also known as

‘‘residual interest bonds’’), which are a type of derivative investment that provides

leveraged exposure to underlying municipal bonds whose interest payments vary

inversely with changes in short-term tax-exempt interest rates. The Fund also may

invest in other types of derivatives, such as futures, for non-hedging, hedging, or

duration management purposes.

SUMMARY – Intermediate Tax Free Fund

The Fund may invest in individual securities of any maturity or duration. Normally,

the Fund seeks to maintain a dollar-weighted average maturity of between five and

twelve years. The Fund may invest in money market securities and their equivalents,

typically for cash management purposes.

The Fund’s portfolio management team focuses on credit risk analysis, tax-exempt

income yield, total return potential, interest rate risk, and call protection in managing

its portfolio. The investment team may also consider the risks and return potential

presented by environmental, social, and governance (“ESG”) factors in investment

decisions. The Fund may sell a security when the Fund believes the security is less

likely to benefit from the current market and economic environment or shows signs

of deteriorating fundamentals, among other reasons.

The Fund may deviate from the investment strategy described above for temporary

defensive purposes. The Fund may miss certain investment opportunities if

defensive strategies are used and thus may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk,

including the risk that you may receive little or no return on your investment. When

you redeem your shares, they may be worth more or less than what you paid for

them, which means that you may lose a portion or all of the money you invested in

the Fund. The principal risks of investing in the Fund, which could adversely affect

its performance, include:

•

Portfolio Management Risk:

If the strategies used and investments selected by

the Fund’s portfolio management team fail to produce the intended result, the

Fund may suffer losses or underperform other funds with the same investment

objective or strategies, even in a favorable market.

•

Market Risk:

The market values of securities will fluctuate, sometimes sharply

and unpredictably, based on overall economic conditions, governmental actions

or intervention, market disruptions caused by trade disputes or other factors,

political developments, and other factors. Prices of equity securities tend to rise

and fall more dramatically than those of debt securities.

•

Fixed Income Securities Risk:

The Fund is subject to the general risks and

considerations associated with investing in debt securities, including the risk

that issuers will fail to make timely payments of principal or interest or default

altogether. Lower-rated securities in which the Fund may invest may be more

volatile and may decline more in price in response to negative issuer

developments or general economic news due to their increased credit risk

relative to other fixed-income investments. In addition, as interest rates rise, the

Fund’s investments typically will lose value.

•

Municipal Securities Risk:

Municipal securities are subject to the same risks

affecting fixed income securities in general. In addition, the prices of municipal

SUMMARY – Intermediate Tax Free Fund

securities may be adversely affected by legislative or political changes, tax

rulings, judicial action, changes in market and economic conditions, and the

fiscal condition of the municipal issuer, including an insolvent municipality

filing for bankruptcy. The Fund may be more sensitive to these events and

conditions if it invests a substantial portion of its assets in the municipal

securities of similar projects (such as those relating to education, health care,

housing, transportation, and utilities), in particular types of municipal securities

(such as general obligation bonds, private activity bonds, and special tax bonds),

or in the securities of issuers located within a single state, municipality, territory

(such as Puerto Rico), or geographic area. The market for municipal securities

generally is less liquid than other securities markets, which may make it more

difficult for the Fund to sell its municipal securities. Nongovernmental users of

facilities financed by tax-exempt revenue bonds (

e.g.

, companies in the electric

utility and health care industries) may have difficulty making payments on their

obligations in the event of an economic downturn. This would negatively affect

the valuation of municipal securities issued by such facilities.

•

Below Investment Grade Municipal Bond Risk:

Below investment grade

municipal bonds typically pay a higher yield than investment grade municipal

bonds, but have greater price fluctuations and a higher risk of default than

investment grade municipal bonds. The market for below investment grade

municipal bonds may be less liquid due to such factors as specific municipal

developments, interest rate sensitivity, negative perceptions of the junk bond

markets generally, and less secondary market liquidity. This may make such

bonds more difficult to sell at an acceptable price, especially during periods of

financial distress, increased market volatility, or significant market decline.

•

Call Risk:

A substantial portion of bonds are “callable,” meaning they give the

issuer the right to call or redeem the bonds before maturity. Issuers may call

outstanding bonds when there is a decline in interest rates, when credit spreads

change, or when the issuer’s credit quality improves. As interest rates decline,

these bond issuers may pay off their loans early by buying back the bonds, thus

depriving the Fund of above market interest rates.

•

Credit Risk:

Municipal bonds are subject to the risk that the issuer or guarantor

of a security may not make interest and principal payments as they become due

or may default altogether. In addition, if the market perceives a deterioration in

the creditworthiness of an issuer, the value and liquidity of bonds issued by that

issuer may decline. Credit risk varies based upon the economic and fiscal

conditions of each issuer and the municipalities, agencies, instrumentalities, and

other issuers within the state, territory, or possession. To the extent that the

Fund holds below investment grade securities, these risks may be heightened.

Insured municipal bonds have the credit risk of the insurer in addition to the

credit risk of the underlying investment being insured. A decline in the credit

quality of private activity bonds usually is directly related to a decline in the

credit standing of the private user of the facility.