SUMMARY PROSPECTUS
Lord Abbett New York Tax Free Fund
FEBRUARY 1, 2025
CLASS/TICKER
CLASS A ............
LANYX
CLASS F .........
LNYFX
CLASS I...........
NYLIX
CLASS C............
NYLAX
CLASS F3 .......
LONYX
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 – New York Tax Free Fund
2
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. The
Fund also seeks as high a level of interest income exempt from the personal income
tax of New York State as is consistent with reasonable risk. The Fund also seeks as
high a level of interest income exempt from New York City personal 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
A
C
F, F3, I, and P
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
2.25%
None
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 – New York Tax Free Fund
3
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Class
A
C
F
F3
I
P
Management Fees
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
Distribution and Service (12b-1) Fees
0.20%
0.81%
(4)
0.10%
None
None
0.45%
Other Expenses
0.13%
0.13%
0.13%
0.10%
0.13%
0.13%
Total Annual Fund Operating Expenses
0.78%
1.39%
0.68%
0.55%
0.58%
1.03%
(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
$
303
$
469
$
649
$
1,169
$
303
$
469
$
649
$
1,169
Class C Shares
$
242
$
440
$
761
$
1,502
$
142
$
440
$
761
$
1,502
Class F Shares
$
69
$
218
$
379
$
847
$
69
$
218
$
379
$
847
Class F3 Shares
$
56
$
176
$
307
$
689
$
56
$
176
$
307
$
689
Class I Shares
$
59
$
186
$
324
$
726
$
59
$
186
$
324
$
726
Class P Shares
$
105
$
328
$
569
$
1,259
$
105
$
328
$
569
$
1,259
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 – New York Tax Free Fund
4
During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% 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, New York State, and New York City personal income
tax. If the interest on a municipal bond meets these standards, the Fund will treat the
bond as qualifying for purposes of the 80% requirement even if the issuer is located
outside of New York State or New York City. As a result, the Fund may invest
substantially in municipal bonds issued by or on behalf of issuers located outside of
New York State. The Fund is nondiversified, which means it may invest a greater
portion of its assets in a single issuer than a diversified fund. The Fund uses the
volatility of the Bloomberg 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 federal, New York State, or New York City personal
income taxes, 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