New Jersey Tax Free Fund

LONJX

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Daily price w/o sales charge as of 02/27/2020

$5.38

$0.01

YTD Returns w/o sales charge as of 02/27/2020

3.70%

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.

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yield

Dividend Yield ¹ as of 02/27/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.61%	2.57%

30-Day Standardized Yield ² as of 01/31/2020

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.55%	1.53%

Fund Basicsas of 01/31/2020

Total Net Assets: $130.17 M
Inception Date: 04/05/2017
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 0.63%
Fund Net Expense Ratio: 0.59%
Number of Holdings: 208

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/31/2011

w/o sales charge	2.14%	10.34%	6.22%	4.13%	-	5.75%
Lipper Category Avg. New Jersey Municipal Debt Funds	1.90%	8.72%	5.18%	3.41%	-	-
Bloomberg Barclays Municipal Bond Index	1.80%	8.65%	5.12%	3.53%	-	-

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/31/2011

w/o sales charge	8.73%	8.73%	5.57%	4.12%	-	5.56%
Lipper Category Avg. New Jersey Municipal Debt Funds	7.41%	7.41%	4.62%	3.35%	-	-
Bloomberg Barclays Municipal Bond Index	7.54%	7.54%	4.72%	3.53%	-	-

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

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 for future results.

Credit Quality Distribution as of 01/31/2020 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

33 Years of Industry Experience

Philip B. Herman

Partner, Portfolio Manager

21 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Dividend Yield ¹ as of 02/27/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.61%	2.57%

30-Day Standardized Yield ² as of 01/31/2020

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.55%	1.53%

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

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/31/2011

w/o sales charge	2.14%	10.34%	6.22%	4.13%	-	5.75%
Lipper Category Avg. New Jersey Municipal Debt Funds	1.90%	8.72%	5.18%	3.41%	-	-
Bloomberg Barclays Municipal Bond Index	1.80%	8.65%	5.12%	3.53%	-	-

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/31/2011

w/o sales charge	8.73%	8.73%	5.57%	4.12%	-	5.56%
Lipper Category Avg. New Jersey Municipal Debt Funds	7.41%	7.41%	4.62%	3.35%	-	-
Bloomberg Barclays Municipal Bond Index	7.54%	7.54%	4.72%	3.53%	-	-

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

2019	8.73%	7.54%
2018	2.01%	1.28%
2017	6.08%	5.45%
2016	1.29%	0.25%
2015	2.70%	3.30%
2014	12.38%	9.05%
2013	-5.73%	-2.55%
2012	11.03%	6.78%
2011	12.49%	10.70%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-	-	-	-	3.70%
2019	3.21%	2.91%	1.86%	0.50%	8.73%
2018	-0.65%	1.16%	0.54%	0.96%	2.01%
2017	1.46%	2.04%	1.52%	0.94%	6.08%
2016	2.12%	3.67%	0.20%	-4.52%	1.29%
2015	0.91%	-1.90%	1.15%	2.57%	2.70%
2014	4.93%	2.85%	2.18%	1.91%	12.38%
2013	0.31%	-4.27%	-1.74%	-0.09%	-5.73%
2012	4.04%	2.47%	2.99%	1.12%	11.03%
2011	-	5.33%	3.38%	2.44%	12.49%

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

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

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 01/31/2020

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2019

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 12-year maturity range, while maintaining an overweight to longer maturity bonds.
The portfolio continues to maintain an overweight in revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their dedicated income streams and favorable return prospects.
The portfolio continues to maintain an overweight in lower tier investment grade bonds due to the incremental yield advantage and relatively attractive credit spreads.

Portfolio Details as of 01/31/2020

Total Net Assets: $130.17 M
Number of Issues: 208
Average Coupon: 4.5%
Average Effective Maturity: 16.1 Years
Average Effective Duration: 5.93 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

Tobacco Settlement Financing Corp	5.000%	06/01/2046	2.1%
New Jersey Transportation Trust Fund Authority	6.000%	06/15/2035	1.7%
New Jersey Economic Development Authority	5.250%	09/15/2029	1.4%
New Jersey Infrastructure Bank	4.000%	09/01/2047	1.3%
New Jersey Economic Development Authority	5.375%	01/01/2043	1.3%
Passaic Valley Sewerage Commission	2.500%	12/01/2032	1.2%
Garden State Preservation Trust	5.750%	11/01/2028	1.2%
New Jersey Economic Development Authority	4.000%	06/15/2049	1.2%
New Jersey Turnpike Authority	5.000%	01/01/2033	1.1%
New Jersey Economic Development Authority	5.000%	03/01/2026	1.1%

% of Total Assets			13.6%

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

NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	2.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	1.7%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	1.5%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	1.3%
NJ Infrastructure Bank - American Water	4.000%	09/01/2047	1.3%
Garden State Preservation Trust	5.750%	11/01/2028	1.2%
New Jersey State Turnpike Authority	5.000%	01/01/2033	1.2%
NJ Eco Dev Auth - School Facilities	5.000%	03/01/2026	1.1%
Port Authority of New York & New Jersey	5.000%	10/15/2036	1.1%
New Jersey Transportation Trust Fund	5.000%	06/15/2038	1.1%
New Jersey Econ Dev Auth	3.500%	04/01/2042	1.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2033	1.0%
New Jersey Hlthcare Facs Fing Auth	0.450%	07/01/2043	1.0%
Delaware River Jt Toll Br Comm, PA	4.000%	07/01/2047	1.0%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	1.0%
Essex Cnty Imp Auth, NJ	4.000%	11/01/2049	1.0%
Delaware River Port Auth, PA	5.000%	01/01/2022	1.0%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2039	0.9%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2031	0.9%
New Jersey Edl Facs Auth	5.000%	09/01/2033	0.9%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2028	0.9%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.9%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2046	0.9%
New Jersey Tpk Auth	4.000%	01/01/2048	0.9%
New Jersey Tpk Auth	4.000%	01/01/2043	0.9%
Delaware River & Bay Auth	5.000%	01/01/2042	0.9%
New Jersey Hlthcare Facs Fing Auth	4.000%	07/01/2044	0.9%
New Jersey Econ Dev Auth	5.000%	01/01/2035	0.9%
NJ Eco Dev Auth - Cigarette Tax	5.000%	06/15/2026	0.9%
New Jersey Hgr Ed Stud Asst Auth	5.000%	12/01/2021	0.8%
New Jersey Turnpike Auth	5.250%	01/01/2028	0.8%
Union Cnty Util Auth, NJ	4.750%	12/01/2031	0.8%
New Jersey Econ Dev Auth	4.750%	06/15/2032	0.8%
County of Bergen NJ	3.000%	07/15/2038	0.8%
New Jersey Econ Dev Auth	4.000%	06/15/2049	0.8%
Passaic Vly Sewerage Comm	2.500%	12/01/2032	0.8%
New Jersey Transportation Trust Fund	4.000%	06/15/2050	0.8%
New Jersey Edl Facs Auth	5.000%	07/01/2030	0.8%
Salem Co Pollution Control - Atlantic City Electric	4.875%	06/01/2029	0.8%
Delaware River Jt Toll Br Comm, PA	3.000%	07/01/2049	0.8%
New Jersey Transp Tr Fnd Auth	4.750%	06/15/2038	0.8%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2043	0.8%
New Jersey Transp Tr Fnd Auth	4.000%	12/15/2031	0.8%
New Jersey Econ Dev Auth	3.000%	08/01/2041	0.8%
Port Authority of New York & New Jersey	4.000%	09/01/2043	0.8%
Port Authority of New York & New Jersey	4.000%	09/01/2043	0.8%
New Jersey Edl Facs Auth	5.000%	07/01/2041	0.7%
New Jersey Economic Dev Auth - Cigarette Tax	5.000%	06/15/2024	0.7%
Delaware River & Bay Auth	4.000%	01/01/2044	0.7%
Atlantic City, NJ	5.000%	03/01/2042	0.7%
New Jersey Econ Dev Auth	5.000%	06/15/2035	0.7%
NJ Health Care Facs - St. Josephs Healthcare	5.000%	07/01/2041	0.7%
New Jersey Econ Dev Auth	5.000%	10/01/2047	0.7%
New Jersey	5.000%	06/01/2027	0.7%
New Jersey Hgr Ed Stud Asst Auth	5.000%	12/01/2022	0.7%
Cumberland Cnty Imp Auth, NJ	4.000%	10/01/2048	0.7%
New Jersey Econ Dev Auth	6.500%	04/01/2028	0.6%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2031	0.6%
Essex Cnty Imp Auth, NJ	6.250%	11/01/2030	0.6%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2029	0.6%
New Jersey Tpk Auth	5.000%	01/01/2034	0.6%
Puerto Rico General Obligation	5.375%	07/01/2030	0.6%
New Jersey Tpk Auth	5.000%	01/01/2030	0.6%
New Jersey Econ Dev Auth	5.000%	06/15/2035	0.6%
New Jersey Tpk Auth	5.000%	01/01/2033	0.6%
Port Auth of New York & New Jersey	5.000%	11/15/2047	0.5%
New Jersey Econ Dev Auth	5.000%	07/01/2033	0.5%
New Jersey Hgr Ed Stud Asst Auth	3.250%	12/01/2039	0.5%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2042	0.5%
New Jersey Econ Dev Auth	4.000%	06/15/2030	0.5%
New Jersey Tpk Auth	5.000%	01/01/2030	0.5%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2030	0.5%
New Jersey Tpk Auth	5.000%	01/01/2031	0.5%
New Jersey Econ Dev Auth	5.000%	06/15/2031	0.5%
Delaware River Port Auth, PA	5.000%	01/01/2040	0.5%
Port Auth of New York & New Jersey	5.000%	11/15/2033	0.5%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2036	0.5%
New Jersey Edl Facs Auth	5.000%	09/01/2036	0.5%
New Jersey Edl Facs Auth	5.000%	07/01/2027	0.5%
Delaware River Port Auth, PA	5.000%	01/01/2028	0.5%
Port Auth of New York & New Jersey	5.000%	10/15/2035	0.5%
New Jersey Econ Dev Auth	5.000%	11/01/2025	0.5%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.5%
New Jersey Tpk Auth	5.000%	01/01/2034	0.5%
New Jersey Tpk Auth	5.000%	01/01/2035	0.5%
Port Auth of New York & New Jersey	5.000%	11/15/2032	0.5%
New Jersey Hlthcare Facs Fing Auth	5.000%	10/01/2038	0.5%
South Jersey Transp Auth, NJ	5.000%	11/01/2039	0.5%
Atlantic City, NJ	5.000%	03/01/2037	0.5%
New Jersey Transportation Trust Fund	5.250%	06/15/2043	0.5%
New Jersey Econ Dev Auth	5.000%	06/15/2029	0.5%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.5%
South Jersey Port Corp, NJ	5.000%	01/01/2048	0.5%
New Jersey Econ Dev Auth	5.000%	06/01/2042	0.5%
Newark Hsg Auth	4.000%	01/01/2037	0.5%
New Jersey Econ Dev Auth	4.250%	06/15/2027	0.5%
New Jersey Hlthcare Facs Fing Auth	5.250%	07/01/2028	0.5%
Gloucester Cnty Impt Auth, NJ	4.000%	07/01/2048	0.5%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2039	0.5%
New Jersey Edl Facs Auth	5.000%	07/01/2047	0.5%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2034	0.5%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2030	0.5%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2032	0.4%
Hudson Cnty Impt Auth, NJ	4.000%	01/01/2040	0.4%
Casino Reinvestment Dev Auth, NJ	5.000%	11/01/2032	0.4%
New Jersey Econ Dev Auth	4.000%	08/01/2059	0.4%
New Jersey Econ Dev Auth	5.000%	03/01/2035	0.4%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2038	0.4%
Port Auth of New York & New Jersey	5.000%	07/15/2038	0.4%
New Jersey Edl Facs Auth	5.000%	07/01/2025	0.4%
New Jersey Hlthcare Facs Fing Auth	4.000%	07/01/2047	0.4%
New Jersey Econ Dev Auth	2.200%	10/01/2039	0.4%
Port Auth of New York & New Jersey	5.000%	09/15/2032	0.4%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.4%
New Jersey Edl Facs Auth	5.500%	09/01/2033	0.4%
New Jersey Hgr Ed Stud Asst Auth	4.125%	12/01/2024	0.4%
Camden Cnty Impt Auth, NJ	5.750%	02/15/2042	0.4%
Port Auth of New York & New Jersey	6.000%	12/01/2042	0.4%
Gloucester Cnty Impt Auth, NJ	5.000%	07/01/2044	0.4%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.4%
County of Bergen NJ	3.000%	07/15/2040	0.4%
Guam Pwr Auth	5.000%	10/01/2034	0.4%
Port Auth of New York & New Jersey	5.000%	09/15/2033	0.3%
New Jersey Econ Dev Auth	5.250%	09/01/2026	0.3%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.3%
Delaware River Port Auth, PA	5.000%	01/01/2024	0.3%
Port Auth of New York & New Jersey	5.000%	09/15/2029	0.3%
New Jersey Edl Facs Auth	5.000%	07/01/2027	0.3%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.3%
New Jersey Edl Facs Auth	5.000%	07/01/2034	0.3%
New Jersey Econ Dev Auth	5.000%	03/01/2027	0.3%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2027	0.3%
New Jersey Tpk Auth	5.000%	01/01/2037	0.3%
Rutgers Univ, NJ	5.000%	05/01/2028	0.3%
New Jersey Edl Facs Auth	4.000%	07/01/2046	0.3%
New Jersey Econ Dev Auth	5.000%	06/01/2041	0.3%
New Jersey Envr Infrastr Tr	4.000%	09/01/2036	0.3%
Delaware River Jt Toll Br Comm, PA	5.000%	07/01/2029	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2025	0.3%
Delaware River Jt Toll Br Comm, PA	5.000%	07/01/2030	0.3%
Gloucester Cnty Impt Auth, NJ	5.000%	11/01/2030	0.3%
New Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2033	0.3%
New Jersey Transp Tr Fnd Auth	4.250%	12/15/2038	0.3%
Gloucester Cnty Impt Auth, NJ	5.000%	11/01/2029	0.2%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2034	0.2%
Puerto Rico Sales Tax Fincg Corp	4.329%	07/01/2040	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2036	0.2%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2030	0.2%
Puerto Rico Sales Tax Fincg Corp	4.750%	07/01/2053	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
New Jersey Transp Tr Fnd Auth	4.500%	06/15/2049	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2035	0.2%
New Jersey Edl Facs Auth	5.000%	09/01/2026	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2034	0.2%
New Jersey Transp Tr Fnd Auth	4.000%	12/15/2039	0.2%
New Jersey Econ Dev Auth	5.250%	01/01/2044	0.2%
New Jersey Econ Dev Auth	5.000%	01/01/2031	0.2%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.2%
New Jersey Hgr Ed Stud Asst Auth	5.000%	12/01/2028	0.2%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.2%
Mercer Cnty Impt Auth, NJ	4.000%	04/01/2031	0.2%
New Jersey Econ Dev Auth	5.000%	06/01/2036	0.2%
New Jersey Transp Tr Fnd Auth	5.250%	06/15/2041	0.2%
Mercer Cnty Impt Auth, NJ	4.000%	03/15/2040	0.2%
Port Auth of New York & New Jersey	4.000%	11/01/2059	0.2%
New Jersey	5.000%	06/01/2027	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2024	0.2%
New Jersey Econ Dev Auth	5.000%	11/01/2027	0.2%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2033	0.2%
Puerto Rico Sales Tax Financing Corporation	5.000%	07/01/2058	0.2%
New Jersey Hsg & Mtg Fin Agy	3.800%	10/01/2032	0.2%
Puerto Rico Aqueduct & Swr Auth	6.000%	07/01/2044	0.2%
Port Auth of New York & New Jersey	6.000%	12/01/2036	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2026	0.1%
Jersey City, NJ	5.000%	11/01/2033	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2031	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2030	0.1%
New Jersey Edl Facs Auth	5.000%	09/01/2024	0.1%
Tobacco Settlement Fing Corp.	5.000%	06/01/2046	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2046	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2030	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2029	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2031	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2027	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2051	0.1%
Guam Waterworks Auth	5.000%	07/01/2036	0.1%
New Jersey Econ Dev Auth	5.000%	01/01/2028	0.1%
Puerto Rico Infrastr Fing Auth	6.500%	10/01/2037	0.1%
New Jersey Hsg & Mtg Fin Agy	3.150%	05/01/2053	0.1%
Puerto Rico Sales Tax Fincg Corp	4.329%	07/01/2040	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2037	0.1%
New Jersey Econ Dev Auth	5.000%	07/01/2023	0.1%
Puerto Rico Elec Pwr Auth	7.000%	07/01/2040	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Puerto Rico Elec Pwr Auth	5.750%	07/01/2036	0.0%
Puerto Rico Sales Tax Fincg Corp	4.784%	07/01/2058	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2027	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2029	0.0%
Puerto Rico Sales Tax Fincg Corp	4.550%	07/01/2040	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2024	0.0%
Puerto Rico Sales Tax Fincg Corp	4.536%	07/01/2053	0.0%
US 20YR Treasury Future Mar 2020	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 02/27/2020: $0.011
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	01/31/2020	$0.01170	$5.31

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	02/29/2020
Daily	Daily	03/31/2020
Daily	Daily	04/30/2020
Daily	Daily	05/31/2020
Daily	Daily	06/30/2020
Daily	Daily	07/31/2020
Daily	Daily	08/31/2020
Daily	Daily	09/30/2020
Daily	Daily	10/31/2020
Daily	Daily	11/30/2020
Daily	Daily	12/31/2020

Fees & Expenses

Expense Ratioas of 01/31/2020

Fund Gross Expense Ratio	Fund Net Expense Ratio
0.63%	0.59%

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2021. 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.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	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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Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

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 Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

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.

Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017, a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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 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.

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 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.

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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

Dividend Yield 1 as of 02/27/2020

30-Day Standardized Yield 2 as of 01/31/2020

Fund Basicsas of 01/31/2020

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

RELATED CONTENT

Credit Quality Distribution as of 01/31/2020 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 02/27/2020

30-Day Standardized Yield 2 as of 01/31/2020

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

Fund Expense Ratio :

Gross 0.63%

Net 0.59%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 01/31/2020

Portfolio Positioning as of 12/31/2019

Portfolio Details as of 01/31/2020

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Fees & Expenses

Dividend Yield ¹ as of 02/27/2020

30-Day Standardized Yield ² as of 01/31/2020

Dividend Yield ¹ as of 02/27/2020

30-Day Standardized Yield ² as of 01/31/2020