New York Tax Free Fund

NYLAX

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Daily price w/o sales charge as of 02/15/2019

$11.19

$0.00

YTD Returns w/o sales charge as of 02/15/2019

1.07%

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

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Summary

What is the New York Tax Free Fund?

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

Yield

Dividend Yield ¹ as of 02/15/2019

w/o sales charge

1.93%

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

1.66%

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

Fund Basicsas of 12/31/2018

Total Net Assets: $332.62 M
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Expense Ratio: 1.41%
Number of Holdings: 243
CUSIP: 543902837
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

1.41%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	0.61%	2.08%	1.19%	3.10%	4.57%	3.83%
Lipper Category Avg. New York Municipal Debt Funds	0.61%	2.42%	1.79%	3.50%	4.51%	-
Bloomberg Barclays Municipal Bond Index	0.76%	3.26%	2.15%	3.58%	4.55%	-
w/ sales charge	-0.39%	2.08%	1.19%	3.10%	4.57%	3.83%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	0.35%	0.35%	1.41%	3.43%	5.06%	3.81%
Lipper Category Avg. New York Municipal Debt Funds	0.82%	0.82%	1.92%	3.80%	4.93%	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	4.85%	-

Fund Expense Ratio :

1.41%

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 of future results.

Credit Quality Distribution as of 12/31/2018 View Portfolio

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

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

32 Years of Industry Experience

Philip B. Herman

Partner, Portfolio Manager

20 Years of Industry Experience

Supported By 15 Investment Professionals with 11 Years Avg. Industry Experience

Contact a Representative

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Performance

Dividend Yield ¹ as of 02/15/2019

w/o sales charge

1.93%

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

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.66%	1.66%

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

Fund Expense Ratio :

1.41%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	0.61%	2.08%	1.19%	3.10%	4.57%	3.83%
Lipper Category Avg. New York Municipal Debt Funds	0.61%	2.42%	1.79%	3.50%	4.51%	-
Bloomberg Barclays Municipal Bond Index	0.76%	3.26%	2.15%	3.58%	4.55%	-
w/ sales charge	-0.39%	2.08%	1.19%	3.10%	4.57%	3.83%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	0.35%	0.35%	1.41%	3.43%	5.06%	3.81%
Lipper Category Avg. New York Municipal Debt Funds	0.82%	0.82%	1.92%	3.80%	4.93%	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	4.85%	-

Fund Expense Ratio :

1.41%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

2018	0.35%	1.28%
2017	4.02%	5.45%
2016	-0.11%	0.25%
2015	2.48%	3.30%
2014	10.77%	9.05%
2013	-5.53%	-2.55%
2012	9.83%	6.78%
2011	8.58%	10.70%
2010	0.59%	2.38%
2009	22.18%	12.91%
2008	-13.24%	-
2007	-0.51%	-
2006	3.99%	-
2005	2.19%	-
2004	3.33%	-
2003	3.68%	-
2002	8.95%	-
2001	3.71%	-
2000	13.33%	-
1999	-5.24%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	-	-	-	-	1.07%
2018	-1.04%	0.83%	-0.33%	0.90%	0.35%
2017	1.43%	1.84%	0.51%	0.19%	4.02%
2016	1.72%	3.07%	-0.12%	-4.60%	-0.11%
2015	0.81%	-1.25%	1.34%	1.58%	2.48%
2014	4.09%	2.92%	2.02%	1.34%	10.77%
2013	0.12%	-4.24%	-1.15%	-0.32%	-5.53%
2012	3.79%	2.10%	2.78%	0.84%	9.83%
2011	0.25%	4.08%	2.70%	1.32%	8.58%
2010	1.56%	1.06%	3.78%	-5.57%	0.59%
2009	6.72%	5.58%	9.24%	-0.74%	22.18%
2008	-2.40%	1.16%	-6.52%	-6.00%	-13.24%
2007	0.44%	-0.99%	0.39%	-0.35%	-0.51%
2006	-0.07%	-0.36%	3.40%	1.01%	3.99%
2005	-0.27%	2.68%	-0.50%	0.29%	2.19%
2004	1.52%	-2.85%	3.76%	0.96%	3.33%
2003	0.46%	2.71%	-0.70%	1.19%	3.68%
2002	0.94%	2.87%	5.53%	-0.57%	8.95%
2001	1.56%	0.54%	2.19%	-0.62%	3.71%
2000	3.27%	0.99%	2.38%	6.14%	13.33%
1999	0.79%	-2.41%	-2.09%	-1.60%	-5.24%
1998	0.99%	1.53%	2.97%	-0.25%	5.32%
1997	-0.78%	3.17%	2.46%	2.61%	7.62%
1996	-	-	-	2.14%	4.64%

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
IDR/PCR
Special Tax
Education
Healthcare/Hospital
GO Local
Water & Sewer
Lease
Power
Pre-Refunded
VRDN
Housing
Resource Recovery

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 12/31/2018

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

Portfolio Positioning as of 12/31/2018

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 7-year maturity range, while maintaining an overweight to longer maturity bonds.
The portfolio is overweight the ‘BBB’ credit quality range due to relatively attractive spreads and solid credit fundamentals.
The portfolio continues to maintain an overweight to revenue bonds, specifically in the industrial development, special tax-backed, transportation, and education sectors.

Portfolio Details as of 12/31/2018

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

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

NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	2.7%
NY Liberty Dev Corp - Goldman Sachs	5.250%	10/01/2035	2.0%
NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.9%
New York Metropolitan Transit Authority	5.250%	11/15/2028	1.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	1.3%
NY Transportation Dev Corp - Delta	5.000%	01/01/2033	1.3%
NY Transportation Dev Corp - American Airlines	5.000%	08/01/2031	1.1%
New York City General Obligation	5.000%	08/01/2029	1.1%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	1.1%
New York Dorm Auth - Personal Income Tax	5.000%	02/15/2041	1.0%

% of Total Assets			14.8%

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

NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	2.7%
NY Liberty Dev Corp - Goldman Sachs	5.250%	10/01/2035	2.0%
NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.9%
New York Metropolitan Transit Authority	5.250%	11/15/2028	1.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	1.3%
NY Transportation Dev Corp - Delta	5.000%	01/01/2033	1.3%
NY Transportation Dev Corp - American Airlines	5.000%	08/01/2031	1.1%
New York City General Obligation	5.000%	08/01/2029	1.1%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	1.1%
New York Dorm Auth - Personal Income Tax	5.000%	02/15/2041	1.0%
Brooklyn Arena Local Dev Corp - Barclays Center	5.000%	07/15/2042	1.0%
New York Liberty Dev Corp.	5.500%	10/01/2037	0.9%
New York City Transitional Fin Auth	5.000%	08/01/2040	0.9%
New York City Transitional Fin Auth	5.000%	02/01/2043	0.9%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	0.9%
New York Liberty Dev Corp.	5.625%	07/15/2047	0.9%
Metropolitan Transp Auth, NY	5.000%	11/15/2028	0.8%
Port Auth of New York & New Jersey	5.000%	09/15/2033	0.8%
Erie Cnty Indl Dev Agy, NY	5.250%	05/01/2030	0.8%
Metropolitan Transp Auth, NY	5.000%	11/15/2023	0.8%
New York City Transitional Fin Auth	5.000%	08/01/2042	0.8%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.8%
New York Transp Dev Corp.	5.000%	01/01/2036	0.8%
New York City Mun Fin Auth	5.000%	06/15/2036	0.8%
New York City Transitional Fin Auth	5.000%	11/01/2030	0.7%
Hudson Yards Infrastr Corp., NY	5.000%	02/15/2031	0.7%
Dorm Auth of the St of New York	5.000%	02/15/2042	0.7%
New York City Transitional Fin Auth	5.000%	07/15/2035	0.7%
Dorm Auth of the St of New York	5.000%	03/15/2043	0.7%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2028	0.7%
Dorm Auth of the St of New York	5.000%	03/15/2045	0.7%
Dorm Auth of the St of New York	5.000%	03/15/2036	0.7%
Long Island Pwr Auth, NY	5.000%	09/01/2034	0.7%
Dorm Auth of the St of New York	5.000%	07/01/2040	0.7%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.7%
Puerto Rico General Obligation	5.375%	07/01/2030	0.7%
New York State Urban Dev Corp.	5.000%	03/15/2033	0.7%
Jefferson County Civic Facility Development Corp	5.000%	11/01/2037	0.7%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2032	0.7%
New York City Mun Fin Auth	1.530%	06/15/2049	0.7%
NY Dorm Auth - Mount Sinai Hospital	5.000%	07/01/2026	0.6%
Dorm Auth of the St of New York	5.000%	12/01/2029	0.6%
Dorm Auth of the St of New York	0.000%	08/01/2021	0.6%
Dorm Auth of the St of New York	5.125%	07/01/2030	0.6%
New York City Indl Dev Agy	5.000%	01/01/2031	0.6%
Port Auth of New York & New Jersey	5.000%	11/15/2032	0.6%
New York City	5.000%	08/01/2026	0.6%
Erie Cnty Indl Dev Agy, NY	5.000%	05/01/2027	0.6%
Triborough Br & Tunnel Auth, NY	4.000%	11/15/2048	0.6%
New York St Envr Facs Corp.	5.000%	06/15/2029	0.6%
New York City	5.000%	08/01/2027	0.6%
New York City Indl Dev Agy	5.000%	07/01/2028	0.6%
New York St Thruway Auth	5.000%	01/01/2036	0.6%
New York City Mun Fin Auth	5.000%	06/15/2036	0.6%
Nassau Cnty Tobacco Settlement Corp.	5.125%	06/01/2046	0.6%
New York City Mun Fin Auth	5.000%	06/15/2035	0.6%
St Lawrence Cnty Indus Dev Agy	6.000%	09/01/2034	0.5%
Westchester Tobacco Asset Securitization/NY	5.125%	06/01/2051	0.5%
New York City Transitional Fin Auth	5.000%	11/01/2032	0.5%
New York City Mun Fin Auth	5.000%	06/15/2046	0.5%
New York City Mun Fin Auth	5.250%	06/15/2037	0.5%
New York City Transitional Fin Auth	5.000%	08/01/2041	0.5%
Port Auth of New York & New Jersey	6.000%	12/01/2042	0.5%
Dorm Auth of the St of New York	5.500%	08/15/2026	0.5%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2023	0.5%
New York City	5.000%	12/01/2044	0.5%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2035	0.5%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.5%
New York Transp Dev Corp.	5.000%	01/01/2034	0.5%
New York City Mun Fin Auth	5.000%	06/15/2035	0.5%
Suffolk Cnty, NY	5.000%	02/01/2025	0.5%
New York State Urban Dev Corp.	4.000%	03/15/2047	0.5%
Metropolitan Transp Auth, NY	5.000%	11/15/2029	0.5%
New York State Urban Dev Corp.	5.000%	03/15/2036	0.5%
New York City Transitional Fin Auth	5.000%	07/15/2025	0.5%
Dorm Auth of the St of New York	4.000%	08/01/2037	0.5%
New York Transp Dev Corp.	5.000%	01/01/2023	0.5%
Port Authority of New York & New Jersey	5.000%	10/01/2033	0.5%
New York City	5.000%	10/01/2034	0.5%
New York City Indl Dev Agy	4.500%	03/01/2039	0.5%
New York City Transitional Finance Auth - Future Tax	5.000%	02/01/2027	0.5%
Dorm Auth of the St of New York	5.000%	01/01/2047	0.5%
Westchester Cnty Local Dev Corp.	5.000%	11/01/2046	0.5%
New York City Transitional Fin Auth	5.000%	05/01/2043	0.5%
Troy Capital Resources Corp., NY	5.000%	08/01/2032	0.5%
New York City	5.000%	08/01/2027	0.5%
New York City Transitional Fin Auth	5.000%	07/15/2027	0.5%
Buffalo & Erie Cnty Indus Land Dev Corp., NY	5.750%	10/01/2026	0.4%
Build NYC Resource Corp., NY	5.000%	08/01/2042	0.4%
Dorm Auth of the St of New York	5.000%	03/15/2027	0.4%
New York City Mun Fin Auth	5.000%	06/15/2040	0.4%
Port Auth of New York & New Jersey	5.000%	11/15/2042	0.4%
Dorm Auth of the St of New York	5.000%	02/15/2034	0.4%
New York City Transitional Fin Auth	5.000%	05/01/2035	0.4%
Suffolk Tobacco Asset Securitization Corp.	5.000%	06/01/2032	0.4%
Suffolk Tobacco Asset Securitization Corp.	6.000%	06/01/2048	0.4%
Port Auth of New York & New Jersey	5.000%	10/15/2024	0.4%
Port Auth of New York & New Jersey	5.000%	10/15/2041	0.4%
Westchester Cnty Local Dev Corp.	5.000%	01/01/2034	0.4%
Build NYC Resource Corp., NY	5.000%	08/01/2033	0.4%
Dorm Auth of the St of New York	5.250%	01/01/2034	0.4%
Metropolitan Transp Auth, NY	5.250%	11/15/2031	0.4%
Port Auth of New York & New Jersey	6.000%	12/01/2042	0.4%
Hudson Yards Infrastr Corp., NY	5.000%	02/15/2033	0.4%
Suffolk Tobacco Asset Securitization Corp.	5.250%	06/01/2037	0.4%
Erie Cnty Indl Dev Agy, NY	5.000%	05/01/2028	0.4%
Dorm Auth of the St of New York	5.000%	07/01/2028	0.4%
Dorm Auth of the St of New York	5.000%	07/01/2029	0.4%
New York City	5.000%	08/01/2026	0.4%
Port Auth of New York & New Jersey	5.000%	09/15/2028	0.4%
Onondaga Cnty Indus Dev Agy, NY	5.750%	03/01/2024	0.4%
Hudson Yards Infrastr Corp., NY	5.000%	02/15/2042	0.4%
Port Auth of New York & New Jersey	5.000%	10/15/2027	0.4%
New York City	5.000%	04/01/2045	0.4%
Dorm Auth of the St of New York	5.000%	03/15/2026	0.4%
Metropolitan Transp Auth, NY	5.000%	11/15/2034	0.4%
Dorm Auth of the St of New York	5.000%	07/01/2034	0.4%
Metropolitan Transp Auth, NY	5.250%	11/15/2029	0.3%
Long Island Pwr Auth, NY	5.000%	09/01/2047	0.3%
New York State Urban Dev Corp.	5.000%	03/15/2040	0.3%
New York City	5.000%	10/01/2039	0.3%
Dorm Auth of the St of New York	5.000%	02/15/2039	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2033	0.3%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2038	0.3%
Port Auth of New York & New Jersey	5.000%	10/15/2033	0.3%
Dorm Auth of the St of New York	5.000%	10/01/2027	0.3%
New York City Mun Fin Auth	5.250%	06/15/2047	0.3%
Dorm Auth of the St of New York	5.000%	05/01/2028	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2039	0.3%
Yonkers Econ Dev Corp., NY	6.250%	10/15/2040	0.3%
New York City Mun Fin Auth	5.000%	06/15/2048	0.3%
Port Auth of New York & New Jersey	5.000%	04/01/2036	0.3%
Dorm Auth of the St of New York	5.000%	12/01/2026	0.3%
Hudson Yards Infrastr Corp., NY	5.750%	02/15/2047	0.3%
Long Island Pwr Auth, NY	5.000%	09/01/2039	0.3%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2027	0.3%
Long Island Pwr Auth, NY	5.000%	09/01/2025	0.3%
New York Liberty Dev Corp.	5.000%	09/15/2040	0.3%
Build NYC Resource Corp., NY	5.000%	06/01/2040	0.3%
Genesee Cnty Indus Dev Agy	5.000%	12/01/2032	0.3%
Westchester Cnty Local Dev Corp.	5.000%	11/01/2033	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2041	0.3%
New York City Mun Fin Auth	1.500%	06/15/2032	0.3%
TSASC, Inc.	5.000%	06/01/2034	0.3%
Onondaga Civic Dev Corp., NY	5.500%	12/01/2031	0.3%
Westchester Cnty Local Dev Corp.	5.000%	06/01/2047	0.3%
Dorm Auth of the St of New York	5.000%	09/01/2026	0.3%
Westchester Cnty Local Dev Corp.	5.000%	11/01/2034	0.3%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.3%
Erie Cnty Indl Dev Agy, NY	5.250%	05/01/2032	0.3%
New York Liberty Dev Corp.	5.000%	11/15/2031	0.3%
New York St Br Auth	4.000%	01/01/2027	0.3%
Build NYC Resource Corp., NY	5.000%	07/01/2041	0.3%
Buffalo & Erie Cnty Indus Land Dev Corp., NY	5.000%	11/15/2037	0.3%
New York City Hlth & Hosp Corp.	5.000%	02/15/2025	0.3%
Monroe Cnty Indus Dev Corp., NY	4.000%	07/01/2043	0.3%
New York City Transitional Fin Auth	4.000%	08/01/2039	0.3%
New York City Hsg Dev Corp, NY	4.500%	02/15/2048	0.3%
New York City Transitional Fin Auth	4.000%	05/01/2043	0.3%
Southold Local Dev Corp.	5.000%	12/01/2045	0.3%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.3%
Tompkins Cnty Dev Corp,, NY	5.000%	07/01/2044	0.3%
Dorm Auth of the St of New York	5.000%	05/01/2023	0.3%
Port Auth of New York & New Jersey	6.000%	12/01/2036	0.3%
Hempstead Town Local Dev Corp., NY	5.000%	07/01/2034	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2028	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2032	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2033	0.3%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2028	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2028	0.2%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.2%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2042	0.2%
Suffolk Cnty Indus Dev Agy	5.375%	01/01/2027	0.2%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2027	0.2%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2028	0.2%
Hempstead Town Local Dev Corp., NY	5.000%	07/01/2037	0.2%
Buffalo & Fort Erie Public Bridge Auth	5.000%	01/01/2034	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.2%
Hempstead Town Local Dev Corp., NY	5.000%	07/01/2039	0.2%
Hempstead Town Local Dev Corp., NY	5.000%	07/01/2042	0.2%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2027	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2028	0.2%
New York Liberty Dev Corp.	7.250%	11/15/2044	0.2%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2034	0.2%
Build NYC Resource Corp., NY	5.000%	08/01/2040	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2032	0.2%
Guam Pwr Auth	5.000%	10/01/2021	0.2%
Guam Pwr Auth	5.000%	10/01/2020	0.2%
Puerto Rico Aqueduct & Swr Auth	6.000%	07/01/2044	0.1%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2033	0.1%
Guam Waterworks Auth	5.000%	07/01/2036	0.1%
Port Auth of New York & New Jersey	6.000%	12/01/2036	0.1%
Monroe Cnty Indus Dev Corp., NY	5.000%	07/01/2031	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2033	0.1%
Port Auth of New York & New Jersey	5.000%	09/15/2048	0.1%
Metropolitan Transp Auth, NY	5.000%	11/15/2027	0.1%
New York City Transitional Fin Auth	1.570%	08/01/2031	0.1%
Albany Capital Resource Corp.	5.000%	05/01/2030	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2036	0.1%
Erie Tobacco Asset Securitization Corp	0.000%	06/01/2055	0.1%
Buffalo & Erie Cnty Indus Land Dev Corp., NY	5.000%	07/01/2025	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Erie Cnty, NY	5.000%	09/15/2028	0.1%
Port Auth of New York & New Jersey	5.500%	12/01/2031	0.1%
TSASC, Inc.	5.000%	06/01/2041	0.1%
New York City Indl Dev Agy	3.057%	03/01/2026	0.1%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2046	0.1%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2027	0.1%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.1%
Albany Capital Resource Corp.	5.000%	05/01/2032	0.1%
Monroe Cnty Indus Dev Corp., NY	5.000%	12/01/2034	0.1%
New Rochelle Local Dev Corp, NY	5.000%	07/01/2029	0.1%
Build NYC Resource Corp., NY	4.500%	01/01/2025	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2038	0.1%
New Rochelle Local Dev Corp, NY	5.000%	07/01/2030	0.1%
Port Auth of New York & New Jersey	5.500%	12/01/2031	0.1%
New Rochelle Local Dev Corp, NY	5.000%	07/01/2028	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.1%
New Rochelle Local Dev Corp, NY	5.000%	07/01/2031	0.1%
Dutchess Cnty Local Dev Corp., NY	5.000%	07/01/2041	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
New York St Thruway Auth	5.000%	01/01/2032	0.1%
Westchester Cnty Hlthcare Corp., NY	6.125%	11/01/2037	0.0%
Dorm Auth of the St of New York	5.000%	08/01/2034	0.0%
New York City Transitional Finance Authority	5.000%	05/01/2034	0.0%
Port Authority of NY & NJ - JFK International Airport	5.000%	12/01/2020	0.0%
Westchester Cnty Hlthcare Corp., NY	6.000%	11/01/2030	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Puerto Rico Infrastr Fing Auth	6.500%	10/01/2037	0.0%
Puerto Rico	6.125%	07/01/2033	0.0%
Puerto Rico	5.125%	07/01/2028	0.0%
Westchester Cnty Hlthcare Corp., NY	6.125%	11/01/2037	0.0%
Puerto Rico	5.000%	07/01/2027	0.0%
Puerto Rico	5.500%	07/01/2027	0.0%
Dorm Auth of the St of New York	4.000%	05/01/2022	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2023	0.0%
Brooklyn Arena Local Dev Corp.	6.000%	07/15/2030	0.0%
US 20YR Treasury Future Mar 2019	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 02/15/2019: $0.017
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	01/31/2019	$0.01796	$11.15

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	02/28/2019
Daily	Daily	03/31/2019
Daily	Daily	04/30/2019
Daily	Daily	05/31/2019
Daily	Daily	06/30/2019
Daily	Daily	07/31/2019
Daily	Daily	08/31/2019
Daily	Daily	09/30/2019
Daily	Daily	10/31/2019
Daily	Daily	11/30/2019
Daily	Daily	12/31/2019

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/19/2018	12/20/2018	$0.0038	-	$0.0038	$11.09

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.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
12/19/2019	12/20/2019

Fees & Expenses

Expense Ratioas of 01/31/2019

1.41%

Expense ratio details, Click here.

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

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

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 C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C 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.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

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 York Tax Free Fund?

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

Yield

Dividend Yield 1 as of 02/15/2019

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

Fund Basicsas of 12/31/2018

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

RELATED CONTENT

Credit Quality Distribution as of 12/31/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 02/15/2019

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

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 12/31/2018

Portfolio Positioning as of 12/31/2018

Portfolio Details as of 12/31/2018

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2019

Fund Documents

Fund Documents

Coming Soon.......

Dividend Yield ¹ as of 02/15/2019

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

Dividend Yield ¹ as of 02/15/2019

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