0000930413-13-000931.txt : 20130219 0000930413-13-000931.hdr.sgml : 20130218 20130219082531 ACCESSION NUMBER: 0000930413-13-000931 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130219 DATE AS OF CHANGE: 20130219 EFFECTIVENESS DATE: 20130219 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORD ABBETT MUNICIPAL INCOME FUND INC CENTRAL INDEX KEY: 0000737800 IRS NUMBER: 133200760 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-88912 FILM NUMBER: 13621571 BUSINESS ADDRESS: STREET 1: 90 HUDSON STREET STREET 2: 11TH FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07302 BUSINESS PHONE: 201-827-2000 MAIL ADDRESS: STREET 1: 90 HUDSON STREET STREET 2: 11TH FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: LORD ABBETT TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORD ABBETT MUNICIPAL INCOME FUND INC CENTRAL INDEX KEY: 0000737800 IRS NUMBER: 133200760 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03942 FILM NUMBER: 13621572 BUSINESS ADDRESS: STREET 1: 90 HUDSON STREET STREET 2: 11TH FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07302 BUSINESS PHONE: 201-827-2000 MAIL ADDRESS: STREET 1: 90 HUDSON STREET STREET 2: 11TH FLOOR CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: LORD ABBETT TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 0000737800 S000007531 Lord Abbett California Tax-Free Income Fund C000020575 Class P C000020576 Class A LCFIX C000020577 Class C CALAX C000054742 Class F LCFFX C000096845 Class I CAILX 0000737800 S000007537 Lord Abbett National Tax-Free Income Fund C000020588 Class P C000020589 Class A LANSX C000020590 Class B LANBX C000020591 Class C LTNSX C000050290 Class I LTNIX C000054746 Class F LANFX 0000737800 S000007538 Lord Abbett New Jersey Tax-Free Income Fund C000020592 Class P C000020593 Class A LANJX C000054747 Class F LNJFX C000096846 Class I LINJX 0000737800 S000007539 Lord Abbett New York Tax-Free Income Fund C000020594 Class P C000020595 Class A LANYX C000020596 Class C NYLAX C000054748 Class F LNYFX C000096847 Class I NYLIX 0000737800 S000030155 Lord Abbett AMT Free Municipal Bond Fund C000092621 Class A LATAX C000092622 Class C LATCX C000092623 Class F LATFX C000092624 Class I LMCIX 0000737800 S000031145 Lord Abbett High Yield Municipal Bond Fund C000096621 Class A HYMAX C000096622 Class B HYMBX C000096623 Class C HYMCX C000096624 Class F HYMFX C000096625 Class I HYMIX C000096626 Class P HYMPX 0000737800 S000031146 Lord Abbett Intermediate Tax Free Fund C000096627 Class F LISFX C000096628 Class I LAIIX C000096629 Class P LISPX C000096630 Class A LISAX C000096631 Class B LISBX C000096632 Class C LISCX 0000737800 S000031147 Lord Abbett Short Duration Tax Free Fund C000096633 Class A LSDAX C000096634 Class B C000096635 Class C LSDCX C000096636 Class F LSDFX C000096637 Class I LISDX 485BPOS 1 c71105_485bpos.htm

 

Securities Act File No. 002-88912

Investment Company Act File No. 811-03942

 

 

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

  

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

 x

Pre-Effective Amendment No.

 

 o

Post-Effective Amendment No. 66

 

 x
and/or  

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

 x
Amendment No. 67 x

 

LORD ABBETT MUNICIPAL INCOME FUND, INC.

  

(Exact Name of Registrant as Specified in Charter)

 

90 Hudson Street, Jersey City, New Jersey                                   07302-3973

(Address of Principal Executive Office)                                       (Zip Code)

  
Registrant’s Telephone Number, including Area Code:   (800) 201-6984  

Thomas R. Phillips, Esq.

Vice President and Assistant Secretary

90 Hudson Street, Jersey City, New Jersey  07302-3973

(Name and Address of Agent for Service)

  

 

It is proposed that this filing will become effective (check appropriate box):

 

x immediately upon filing pursuant to paragraph (b)
o on (date) pursuant to paragraph (b)
o 60 days after filing pursuant to paragraph (a)(1)
o on (date) pursuant to paragraph (a) (1)
o 75 days after filing pursuant to paragraph (a)(2)
o on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
     

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to its Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, duly authorized, in the City of Jersey City, and State of New Jersey on the 19th day of February, 2013.

.

         

LORD ABBETT MUNICIPAL INCOME FUND, INC.
           
            BY: /s/ Thomas R. Phillips
              Thomas R. Phillips
              Vice President and Assistant Secretary
            BY: /s/ Joan A. Binstock
              Joan A. Binstock
              Chief Financial Officer and Vice President

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment has been signed below by the following persons in the capacities and on the dates indicated.

 

Signatures   Title   Date
             
/s/ E. Thayer Bigelow*     Chairman and Director     February 19, 2013

E. Thayer Bigelow

 

            
/s/ Daria L. Foster*     President, CEO, and Director     February 19, 2013

Daria L. Foster

 

            
/s/ Robert B. Calhoun, Jr.*     Director     February 19, 2013

Robert B. Calhoun, Jr.

 

            
/s/ Evelyn E. Guernsey*     Director     February 19, 2013

Evelyn E. Guernsey

 

            
/s/ Julie A. Hill*     Director     February 19, 2013

Julie A. Hill

 

            
/s/ Franklin W. Hobbs*     Director     February 19, 2013

Franklin W. Hobbs

 

            
/s/ James M. McTaggart*     Director     February 19, 2013

James M. McTaggart

 

            
/s/ James L.L. Tullis*     Director     February 19, 2013

James L.L. Tullis

 

            
*BY: /s/ Thomas R. Phillips  
  Thomas R. Phillips  
  Attorney-in-Fact*  
                 

 

 

POWER OF ATTORNEY

 

 

Each person whose signature appears below on this Registration Statement hereby constitutes and appoints Lawrence H. Kaplan, Lawrence B. Stoller, Thomas R. Phillips, and Brooke A. Fapohunda, each of them, with full power to act without the other, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities (until revoked in writing) to sign any and all Registration Statements of each Fund enumerated on Exhibit A hereto for which such person serves as a Director/Trustee (including Registration Statements on Forms N-1A and N-14 and any amendments thereto), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

 

Signatures   Title   Date
             
/s/ E. Thayer Bigelow     Chairman and Director/Trustee     January 1, 2013

E. Thayer Bigelow

 

            
/s/ Daria L. Foster     President, CEO, and Director/Trustee     January 1, 2013

Daria L. Foster

 

            
/s/ Robert B. Calhoun, Jr.     Director/Trustee     January 1, 2013

Robert B. Calhoun, Jr.

 

            
/s/ Evelyn E. Guernsey     Director/Trustee     January 1, 2013

Evelyn E. Guernsey

 

            
/s/ Julie A. Hill     Director/Trustee     January 1, 2013

Julie A. Hill

 

            
/s/ Franklin W. Hobbs     Director/Trustee     January 1, 2013

Franklin W. Hobbs

 

            
/s/ James M. McTaggart     Director/Trustee     January 1, 2013

James M. McTaggart

 

            
/s/ James L.L. Tullis     Director/Trustee     January 1, 2013

James L.L. Tullis

 

            

 

 

EXHIBIT A

 

Lord Abbett Affiliated Fund, Inc.

 

Lord Abbett Bond-Debenture Fund, Inc.

 

Lord Abbett Developing Growth Fund, Inc.

 

Lord Abbett Equity Trust

 

Lord Abbett Global Fund, Inc.

 

Lord Abbett Investment Trust

 

Lord Abbett Mid Cap Stock Fund, Inc.

 

Lord Abbett Municipal Income Fund, Inc.

 

Lord Abbett Research Fund, Inc.

 

Lord Abbett Securities Trust

 

Lord Abbett Series Fund, Inc.

 

Lord Abbett Stock Appreciation Fund

 

Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
EX-101.INS   XBRL Instance Document
EX-101.SCH   XBRL Taxonomy Extension Schema Document
EX-101.DEF   XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB   XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

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cik0000737800:index_Barclays_Municipal_Bond_Index_9282007reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 0000737800 cik0000737800:S000007539_345Member cik0000737800:S000007539Member cik0000737800:index_Barclays_Municipal_Bond_Index_1312011reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD 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 of the one-year anniversary of the purchase. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. 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. This amount has been updated from fiscal year amounts to reflect the current fee waiver and/or expense limitation agreement. For the period February 1, 2013 through January 31, 2014, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of 0.43%. This agreement may be terminated only by the Fund's Board of Directors. This amount includes interest and related expenses from inverse floaters of less than 0.01%. This amount has been updated from fiscal year amounts to reflect the current fee waiver/expense limitation agreement. For the period February 1, 2013 through January 31, 2014, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of 0.49%. This agreement may be terminated only by the Fund's Board of Directors. For the period February 1, 2013 through January 31, 2014, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, to an annual rate of 0.40%. This agreement may be terminated only by the Fund's Board of Directors. 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 of the one-year anniversary of the purchase. These amounts have been updated from fiscal year amounts to reflect current fees and expenses. This amount has been updated from fiscal year amounts to reflect current fees and expenses. LORD ABBETT MUNICIPAL INCOME FUND INC 485BPOS false 0000737800 2012-09-30 2013-01-25 2013-02-01 2013-02-01 Lord Abbett Short Duration Tax Free Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0500 0.0100 0.0000 0.0000 0.0040 0.0040 0.0040 0.0040 0.0040 0.0020 0.0100 0.0086 0.0010 0.0000 0.0010 0.0010 0.0010 0.0010 0.0010 0.0070 0.0150 0.0136 0.0060 0.0050 -0.0007 -0.0007 -0.0007 -0.0007 -0.0007 0.0063 0.0143 0.0129 0.0053 0.0043 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0000737800_S000031147Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0000737800_S000031147Member row primary compact * ~ 2014-01-31 This amount has been updated from fiscal year amounts to reflect the current fee waiver and/or expense limitation agreement. 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same (except that the example takes into account the fee waiver and expense limitation agreement between the Fund and Lord, Abbett &amp; Co. LLC for the term of the agreement). The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year, three-year, and five-year periods for Class&#160;B shares and for the one-year period for Class&#160;C shares. Class B shares automatically convert to Class A shares after approximately eight years. The expense example for Class B shares for the ten-year period reflects the conversion to Class A shares. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 288 437 599 1070 288 437 599 1070 646 767 1012 1568 146 467 812 1568 231 424 738 1629 131 424 738 1629 54 185 328 743 54 185 328 743 44 153 273 621 44 153 273 621 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0000737800_S000031147Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20004 column dei_LegalEntityAxis compact cik0000737800_S000031147Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.8mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18.11% of the average value of its portfolio.</font> </p> 0.1811 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class B shares because the Fund has not issued Class B shares to date.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0614 0.0217 0.0346 0.0216 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20005 column dei_LegalEntityAxis compact cik0000737800_S000031147Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.0236 2009-03-31 Worst Quarter -0.0063 2010-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.9%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.36%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 1st Q &#8216;09 <b>+2.36%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8216;10 <b>-0.63%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> -0.0011 0.0288 -0.0012 0.0288 0.0047 0.0278 0.0049 0.0270 0.0226 0.0357 0.0235 0.0368 0.0084 0.0176 2008-12-31 2008-12-31 2008-12-31 2008-12-31 2008-12-31 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20006 column dei_LegalEntityAxis compact cik0000737800_S000031147Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable,&#8221; meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Concentration Risk</b> &#8211; The Fund may concentrate its investments in issuers within a particular state, territory or possession, which may expose the Fund&#8217;s assets to negative economic, business or political developments in such region. This focus may adversely affect the value of the Fund&#8217;s investments more than if such assets were not so concentrated.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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 facility.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices. In addition, the Fund&#8217;s performance may be affected by local, state, and regional factors depending on the states in which the Fund&#8217;s investments are issued.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State and Territory Risks</b> &#8211; Although the Fund does not focus on a particular state or territory, the Fund&#8217;s performance may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of the Fund and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies. The effects of the national economic recession that began in 2008 caused extraordinary declines in tax revenues, increased demands for government services and added pressure on budgetary reserves for affected governments. State, territory, and local economies continue to be affected by severely decreased tax revenues and additional pressure on budgets. State and local governments also have relied heavily on federal stimulus funds and other one-time measures to deal with their current budget crises and may face less flexibility and liquidity in the future. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest that is subject to regular federal income tax), 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.</font> </p> </li> </ul> <br/><p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index: 1 Year (1-2) as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 20% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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 up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal income tax, the Fund presently has no intention of investing in this manner. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in securities of any maturity or duration. The Fund&#8217;s dollar-weighted average maturity generally is expected to be between one and three years, but will vary with market conditions. Although the Fund may invest significantly in money market securities and their equivalents, it is not a money market fund and is not subject to money market fund requirements.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett Intermediate Tax Free Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0500 0.0100 0.0000 0.0000 0.0000 0.0039 0.0039 0.0039 0.0039 0.0039 0.0039 0.0020 0.0100 0.0087 0.0010 0.0000 0.0045 0.0011 0.0011 0.0011 0.0011 0.0011 0.0011 0.0070 0.0150 0.0137 0.0060 0.0050 0.0095 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 0.0069 0.0149 0.0136 0.0059 0.0049 0.0094 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20009 column dei_LegalEntityAxis compact cik0000737800_S000031146Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20010 column dei_LegalEntityAxis compact cik0000737800_S000031146Member row primary compact * ~ 2014-01-31 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. This amount has been updated from fiscal year amounts to reflect the current fee waiver/expense limitation agreement. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same (except that the example takes into account the fee waiver and expense limitation agreement between the Fund and Lord, Abbett &amp; Co. LLC for the term of the agreement). The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year, three-year, and five-year periods for Class B shares and for the one-year period for Class C shares. Class B shares automatically convert to Class A shares after approximately eight years. The expense example for Class B shares for the ten-year period reflects the conversion to Class A shares. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 294 443 605 1075 294 443 605 1075 652 773 1018 1573 152 473 818 1573 238 433 749 1645 138 433 749 1645 60 191 334 749 60 191 334 749 50 159 279 627 50 159 279 627 96 302 525 1165 96 302 525 1165 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20011 column dei_LegalEntityAxis compact cik0000737800_S000031146Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact cik0000737800_S000031146Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 21.39% of the average value of its portfolio.</font> </p> 0.2139 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0229 0.0150 0.0391 0.0344 -0.0040 0.1209 0.0349 0.0987 0.0640 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20013 column dei_LegalEntityAxis compact cik0000737800_S000031146Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b/></font> </p> Best Quarter 0.0655 2009-09-30 Worst Quarter -0.0348 2010-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.9%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.36%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8217;09 <b>+6.55%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8217;10 <b>-3.48%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.0396 0.0573 0.0429 0.0396 0.0573 0.0429 0.0360 0.0544 0.0416 0.0056 0.0505 0.0388 0.0460 0.0544 0.0377 0.0642 0.0629 0.0621 0.0659 0.0908 0.0615 0.0598 0.0433 0.0420 0.0621 0.0488 0.0420 0.0621 0.0628 0.0420 0.0621 0.0769 2007-09-28 2003-06-30 2003-06-30 2003-06-30 2003-06-30 2003-06-30 2011-01-31 2007-09-28 2011-01-31 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact cik0000737800_S000031146Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable,&#8221; meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Concentration Risk</b> &#8211; The Fund may concentrate its investments in issuers within a particular state, territory or possession, which may expose the Fund&#8217;s assets to negative economic, business or political developments in such region. This focus may adversely affect the value of the Fund&#8217;s investments more than if such assets were not so concentrated.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices. In addition, the Fund&#8217;s performance may be affected by local, state, and regional factors depending on the states in which the Fund&#8217;s investments are issued.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State and Territory Risks</b> &#8211; Although the Fund does not focus on a particular state or territory, the Fund&#8217;s performance may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of the Fund and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies. The effects of the national economic recession that began in 2008 caused extraordinary declines in tax revenues, increased demands for government services and added pressure on budgetary reserves for affected governments. State, territory, and local economies continue to be affected by severely decreased tax revenues and additional pressure on budgets. State and local governments also have relied heavily on federal stimulus funds and other one-time measures to deal with their current budget crises and may face less flexibility and liquidity in the future. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest that is subject to regular federal income tax), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index: 7 Year (6-8) as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 20% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal income tax, the Fund presently has no intention of investing in this manner. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in securities of any maturity or duration. The Fund&#8217;s dollar-weighted average maturity generally is expected to be between three and ten years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett AMT Free Municipal Bond Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of&#160;additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0050 0.0050 0.0050 0.0050 0.0020 0.0096 0.0010 0.0000 0.0021 0.0021 0.0021 0.0021 0.0001 0.0001 0.0001 0.0001 0.0020 0.0020 0.0020 0.0020 0.0091 0.0167 0.0081 0.0071 -0.0030 -0.0030 -0.0030 -0.0030 0.0061 0.0137 0.0051 0.0041 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20017 column dei_LegalEntityAxis compact cik0000737800_S000030155Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20018 column dei_LegalEntityAxis compact cik0000737800_S000030155Member row primary compact * ~ 2014-01-31 This amount has been updated from fiscal year amounts to reflect the current fee waiver/expense limitation agreement. 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same (except that the example takes into account the fee waiver and expense limitation agreement between the Fund and Lord, Abbett &amp; Co. LLC for the term of the agreement). The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year period for Class C shares. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 286 479 689 1292 286 479 689 1292 239 497 879 1951 139 497 879 1951 52 229 420 974 52 229 420 974 42 197 365 854 42 197 365 854 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20019 column dei_LegalEntityAxis compact cik0000737800_S000030155Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact cik0000737800_S000030155Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 17.32% of the average value of its portfolio.</font> </p> 0.1732 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.1291 0.1261 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact cik0000737800_S000030155Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to ClassA shares. If the sales charge were reflected, the returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b/></font> </p> Best Quarter 0.0567 2011-06-30 Worst Quarter 0.0058 2011-03-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.8%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.45%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 2nd Q &#8217;11 <b>+5.67%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 1st Q &#8217;11 <b>+0.58%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.1008 0.0791 0.1008 0.0791 0.0799 0.0737 0.1068 0.0816 0.1273 0.0916 0.1292 0.0933 0.0678 0.0606 2010-10-29 2010-10-29 2010-10-29 2010-10-29 2010-10-29 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact cik0000737800_S000030155Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, the returns would be lower. www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable,&#8221; meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Concentration Risk</b> &#8211; The Fund may concentrate its investments in issuers within a particular state, territory or possession, which may expose the Fund&#8217;s assets to negative economic, business or political developments in such region. This focus may adversely affect the value of the Fund&#8217;s investments more than if such assets were not so concentrated.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. Insured municipal bonds have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices. In addition, the Fund&#8217;s performance may be affected by local, state, and regional factors depending on the states in which the Fund&#8217;s investments are issued.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State and Territory Risks</b> &#8211; Although the Fund does not focus on a particular state or territory, the Fund&#8217;s performance may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of the Fund and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies. The effects of the national economic recession that began in 2008 caused extraordinary declines in tax revenues, increased demands for government services and added pressure on budgetary reserves for affected governments. State, territory, and local economies continue to be affected by severely decreased tax revenues and additional pressure on budgets. State and local governments also have relied heavily on federal stimulus funds and other one-time measures to deal with their current budget crises and may face less flexibility and liquidity in the future. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to regular federal income tax), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. As a non-fundamental policy, the Fund will not invest in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;). Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 35% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal income tax, the Fund presently has no intention of investing in this manner. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett National Tax-Free Income Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0500 0.0100 0.0000 0.0000 0.0000 0.0043 0.0043 0.0043 0.0043 0.0043 0.0043 0.0020 0.0100 0.0084 0.0010 0.0000 0.0045 0.0016 0.0016 0.0016 0.0016 0.0016 0.0016 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0079 0.0159 0.0143 0.0069 0.0059 0.0104 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20025 column dei_LegalEntityAxis compact cik0000737800_S000007537Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20026 column dei_LegalEntityAxis compact cik0000737800_S000007537Member row primary compact * ~ 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same. The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year, three-year, and five- year periods for Class B shares and for the one-year period for Class&#160;C shares. Class B shares automatically convert to Class A shares after approximately eight years. The expense example for Class B shares for the ten-year period reflects the conversion to Class A shares. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 304 472 654 1181 304 472 654 1181 662 802 1066 1674 162 502 866 1674 246 452 782 1713 146 452 782 1713 70 221 384 859 70 221 384 859 60 189 329 738 60 189 329 738 106 331 574 1271 106 331 574 1271 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20027 column dei_LegalEntityAxis compact cik0000737800_S000007537Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20028 column dei_LegalEntityAxis compact cik0000737800_S000007537Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 43.81% of the average value of its portfolio.</font> </p> 0.4381 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has not issued Class P shares to date.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0465 0.0385 0.0369 0.0457 -0.0144 -0.1524 0.2460 0.0220 0.1108 0.1375 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20029 column dei_LegalEntityAxis compact cik0000737800_S000007537Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.1102 2009-09-30 Worst Quarter -0.0841 2008-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.9%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.36%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8216;09 <b>+11.02%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8217;08 <b>-8.41%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.1114 0.0592 0.0446 0.1114 0.0591 0.0445 0.0879 0.0573 0.0443 0.0791 0.0522 0.0411 0.1202 0.0568 0.0402 0.1387 0.0649 0.0596 0.1409 0.0907 0.0678 0.0591 0.0510 0.0589 0.0678 0.0591 0.0510 0.0623 2007-09-28 2010-07-26 2010-07-26 2007-09-28 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20030 column dei_LegalEntityAxis compact cik0000737800_S000007537Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable&#8221;, meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices. In addition, the Fund&#8217;s performance may be affected by local, state, and regional factors depending on the states in which the Fund&#8217;s investments are issued.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State and Territory Risks</b> &#8211; Although the Fund does not focus on a particular state or territory, the Fund&#8217;s performance may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of the Fund and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies. The effects of the national economic recession that began in 2008 caused extraordinary declines in tax revenues, increased demands for government services and added pressure on budgetary reserves for affected governments. State, territory, and local economies continue to be affected by severely decreased tax revenues and additional pressure on budgets. State and local governments also have relied heavily on federal stimulus funds and other one-time measures to deal with their current budget crises and may face less flexibility and liquidity in the future. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest subject to regular federal income tax), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 35% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds).</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal income tax, the Fund presently has no intention of investing in this manner. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett High Yield Municipal Bond Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0500 0.0100 0.0000 0.0000 0.0000 0.0048 0.0048 0.0048 0.0048 0.0048 0.0048 0.0020 0.0100 0.0083 0.0010 0.0000 0.0045 0.0018 0.0018 0.0018 0.0018 0.0018 0.0018 0.0006 0.0006 0.0006 0.0006 0.0006 0.0006 0.0012 0.0012 0.0012 0.0012 0.0012 0.0012 0.0086 0.0166 0.0149 0.0076 0.0066 0.0111 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20033 column dei_LegalEntityAxis compact cik0000737800_S000031145Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20034 column dei_LegalEntityAxis compact cik0000737800_S000031145Member row primary compact * ~ These amounts have been updated from fiscal year amounts to reflect current fees and expenses. 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The investment objective of the Fund is to seek a high level of income exempt from federal income tax.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same. The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year, three-year, and five- year periods for Class B shares and for the one-year period for Class C shares. Class B shares automatically convert to Class A shares after approximately eight years. The expense example for Class B shares for the ten-year period reflects the conversion to Class A shares. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 311 493 691 1262 311 493 691 1262 669 823 1102 1752 169 523 902 1752 252 471 813 1779 152 471 813 1779 78 243 422 942 78 243 422 942 67 211 368 822 67 211 368 822 113 353 612 1352 113 353 612 1352 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20035 column dei_LegalEntityAxis compact cik0000737800_S000031145Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20036 column dei_LegalEntityAxis compact cik0000737800_S000031145Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.8mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 27.20% of the average value of its portfolio.</font> </p> 0.2720 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0663 0.0937 -0.0735 -0.3287 0.3592 0.0368 0.0455 0.1799 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_LegalEntityAxis compact cik0000737800_S000031145Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.1465 2009-09-30 Worst Quarter -0.2381 2008-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 51.2%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 43.06%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8217;09 <b>+14.65%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8217;08 <b>-23.81%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of securities indices. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.1533 0.0267 0.0253 0.1531 0.0266 0.0252 0.1186 0.0302 0.0289 0.1135 0.0196 0.0229 0.1635 0.0249 0.0243 0.1808 0.0324 0.0208 0.1829 0.0812 0.1775 0.0295 0.0285 0.1814 0.0615 0.0592 0.1814 0.0615 0.0525 0.1814 0.0615 0.1073 0.1638 0.0617 0.0583 0.1638 0.0617 0.0539 0.1638 0.0617 0.1005 2004-12-30 2004-12-30 2004-12-30 2004-12-30 2004-12-30 2010-07-26 2007-09-28 2010-07-26 2010-07-26 2007-09-28 2007-09-28 2004-12-30 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_LegalEntityAxis compact cik0000737800_S000031145Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. The Fund invests substantially in lower rated municipal bonds, which may be more volatile and may decline more in price in response to negative issuer developments or general economic news than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds and high yield bonds, in particular, generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. Below investment grade municipal bonds may be subject to greater credit and liquidity risks than investment grade municipal bonds, which may make below investment grade bonds more difficult to sell at a reasonable price, especially during periods of increased market volatility or significant market decline. Some issuers of below investment grade municipal bonds may be more likely to default as to principal and interest payments after the Fund purchases their securities. Below investment grade municipal bonds are considered predominantly speculative by traditional investment standards.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Nondiversification Risk</b> &#8211; Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable,&#8221; meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Distressed Debt Risk</b> &#8211; To the extent that the Fund invests in (or otherwise holds) distressed debt securities, the Fund is subject to an increased risk that it may lose a portion or all of its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt. Moreover, it is unlikely that a liquid market will exist for the Fund to sell its holdings in distressed debt securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters, and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices. In addition, the Fund&#8217;s performance may be affected by local, state, and regional factors depending on the states in which the Fund&#8217;s investments are issued.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; Prices of bonds, including tax-exempt bonds, generally fall during a rising interest rate environment. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds. Because the Fund tends to invest in longer-term bonds, including inverse floaters, to a greater degree than some municipal bond funds, it is more sensitive to interest rate risk than those funds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, such as below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State and Territory Risks</b> &#8211; Although the Fund does not focus on a particular state or territory, the Fund&#8217;s performance may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of the Fund and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies. The effects of the national economic recession that began in 2008 caused extraordinary declines in tax revenues, increased demands for government services and added pressure on budgetary reserves for affected governments. State, territory, and local economies continue to be affected by severely decreased tax revenues and additional pressure on budgets. State and local governments also have relied heavily on federal stimulus funds and other one-time measures to deal with their current budget crises and may face less flexibility and liquidity in the future. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. 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. In addition, the Fund may invest up to 100% of its net assets in municipal bonds the interest on which may be subject to AMT and invest up to 20% of its net assets in fixed income securities that pay interest that is subject to regular federal income tax. The income from private activity bonds is an item of tax preference for purposes of AMT, which may cause the income to be taxable to you.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> 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. Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax. Under normal market conditions, the Fund invests a substantial portion of its assets in lower rated municipal bonds (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds). Lower rated municipal bonds are rated BB/Ba or lower (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality. Although the Fund may invest in municipal bonds in any rating category, under normal market conditions, the Fund invests at least 50% of its net assets in municipal bonds rated BBB/Baa or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality. The Fund may invest without limitation in unrated municipal bonds, which may constitute a significant portion of the Fund&#8217;s portfolio. The Fund is nondiversified, which means it may invest a greater portion of its assets in a single issuer than a diversified fund.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may also invest in defaulted securities (i.e., bonds on which the issuer has not paid principal or interest on time) or securities of issuers that are or may become involved in reorganizations, financial restructurings, or bankruptcy (commonly referred to as &#8220;distressed debt&#8221;). The Fund presently does not intend to invest more than 20% of its net assets (measured at the time of investment) in such defaulted or distressed securities. However, the Fund&#8217;s defaulted or distressed debt holdings may exceed this level from time to time if the Fund purchased securities that were not considered in default or distressed at their time of purchase and such securities subsequently become defaulted or distressed. These investment strategies should be considered to entail higher risk relative to strategies employed by funds that invest primarily in investment grade municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest in both insured and uninsured municipal bonds. The Fund may invest up to 100% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal income tax, the Fund presently has no intention of investing in this manner.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is a type of derivative investment that provide leveraged exposure to underlying municipal bonds whose interest payments vary inversely with changes in short-term tax-exempt interest rates. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund may also invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on research to select higher yielding securities that offer attractive value in terms of credit quality and yield. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> Lord Abbett California Tax Free Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0045 0.0045 0.0045 0.0045 0.0045 0.0020 0.0086 0.0010 0.0000 0.0045 0.0017 0.0017 0.0017 0.0017 0.0017 0.0003 0.0003 0.0003 0.0003 0.0003 0.0014 0.0014 0.0014 0.0014 0.0014 0.0082 0.0148 0.0072 0.0062 0.0107 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20041 column dei_LegalEntityAxis compact cik0000737800_S000007531Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20042 column dei_LegalEntityAxis compact cik0000737800_S000007531Member row primary compact * ~ This amount has been updated from fiscal year amounts to reflect current fees and expenses. 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font></p> <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund also seeks as high a level of interest income exempt from California personal income tax as is consistent with reasonable risk.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, for the time periods indicated and then redeem all of your shares at the end of those periods. The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year period for Class C shares. The example also assumes that your investment has a 5% return each year, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 307 481 670 1216 307 481 670 1216 251 468 808 1768 151 468 808 1768 74 230 401 894 74 230 401 894 63 199 346 774 63 199 346 774 109 340 590 1306 109 340 590 1306 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20043 column dei_LegalEntityAxis compact cik0000737800_S000007531Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20044 column dei_LegalEntityAxis compact cik0000737800_S000007531Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28.15% of the average value of its portfolio.</font> </p> 0.2815 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for P shares because the Fund has not issued P shares as of the date of this prospectus.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0368 0.0446 0.0395 0.0419 -0.0056 -0.1346 0.2007 0.0099 0.1118 0.1188 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20045 column dei_LegalEntityAxis compact cik0000737800_S000007531Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.1078 2009-09-30 Worst Quarter -0.0703 2008-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.9%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.36%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8217;09 <b>+10.78%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8217;08 <b>-7.03%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.0938 0.0500 0.0406 0.0938 0.0499 0.0406 0.0751 0.0490 0.0406 0.1006 0.0478 0.0362 0.1199 0.0558 0.0525 0.1202 0.1357 0.0678 0.0591 0.0510 0.0589 0.0678 0.0591 0.0510 0.0955 2007-09-28 2011-01-31 2011-01-31 2007-09-28 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20046 column dei_LegalEntityAxis compact cik0000737800_S000007531Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. 888-522-2388 www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Nondiversification Risk</b> &#8211; Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State Specific Risk</b> &#8211; Because the Fund focuses on the State of California, the Fund&#8217;s performance may be more affected by local, state, and regional factors than a fund that invests in municipal bonds issued in many states. These factors may include decreased tax revenues, budget deficits, statutory limitations on tax increases, changes in legislation or policies, adverse economic or political changes and changes in the credit ratings assigned to California&#8217;s municipal issuers. There also is a risk that the supply of California municipal bonds may be inadequate. In addition, the Fund&#8217;s performance also can be tied to the economic and political changes of U.S. territories and possessions, including Puerto Rico. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable&#8221;, meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest that is subject to regular federal and California income taxes), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax and California 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 California. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 20% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds). The Fund is nondiversified, which means it may invest a greater portion of its assets in a single issuer than a diversified fund.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal and California personal income taxes, the Fund presently has no intention of investing in this manner. These bonds may include municipal bonds issued by other states, which may be exempt from federal income tax but not from California income tax. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett New Jersey Tax-Free Income Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of&#160;additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0045 0.0045 0.0045 0.0045 0.0020 0.0010 0.0000 0.0045 0.0019 0.0019 0.0019 0.0019 0.0002 0.0002 0.0002 0.0002 0.0017 0.0017 0.0017 0.0017 0.0084 0.0074 0.0064 0.0109 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20049 column dei_LegalEntityAxis compact cik0000737800_S000007538Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20050 column dei_LegalEntityAxis compact cik0000737800_S000007538Member row primary compact * ~ This amount has been updated from fiscal year amounts to reflect current fees and expenses. 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. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font></p> <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund also seeks as high a level of interest income exempt from New Jersey personal income tax as is consistent with reasonable risk.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, 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, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 309 487 680 1239 309 487 680 1239 76 237 411 918 76 237 411 918 65 205 357 798 65 205 357 798 111 347 601 1329 111 347 601 1329 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20051 column dei_LegalEntityAxis compact cik0000737800_S000007538Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20052 column dei_LegalEntityAxis compact cik0000737800_S000007538Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 31.06% of the average value of its portfolio.</font> </p> 0.3106 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has not issued Class P shares as of the date of this prospectus.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0335 0.0377 0.0365 0.0411 -0.0055 -0.1502 0.2223 0.0104 0.1042 0.1073 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20053 column dei_LegalEntityAxis compact cik0000737800_S000007538Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses the class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.0908 2009-09-30 Worst Quarter -0.0857 2008-12-31 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.9%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.36%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8216;09 <b>+9.08%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 4th Q &#8217;08 <b>-8.57%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for the other share class are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.0823 0.0465 0.0374 0.0823 0.0464 0.0374 0.0670 0.0457 0.0378 0.1082 0.0521 0.0489 0.1098 0.1227 0.0678 0.0591 0.0510 0.0589 0.0678 0.0591 0.0510 0.0955 2007-09-28 2011-01-31 2007-09-28 2011-01-31 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20054 column dei_LegalEntityAxis compact cik0000737800_S000007538Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns for the other share class are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. 888-522-2388 www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Nondiversification Risk</b> &#8211; Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State Specific Risk</b> &#8211; Because the Fund focuses on the State of New Jersey, the Fund&#8217;s performance may be more affected by local, state, and regional factors than a fund that invests in municipal bonds issued in many states. These factors may include decreased tax revenues, budget deficits, changes in legislation or policies, adverse economic or political changes and changes in the credit ratings assigned to New Jersey&#8217;s municipal issuers. There also is a risk that the supply of New Jersey municipal bonds may be inadequate. In addition, the Fund&#8217;s performance also can be tied to the economic and political changes of U.S. territories and possessions, including Puerto Rico. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable&#8221;, meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest that is subject to regular federal and New Jersey income taxes), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets in municipal bonds that pay interest exempt from federal income tax and New Jersey 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 Jersey. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 20% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds). The Fund is nondiversified, which means it may invest a greater portion of its assets in a single issuer than a diversified fund.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal and New Jersey personal income taxes, the Fund presently has no intention of investing in this manner. These bonds may include municipal bonds issued by other states, which may be exempt from federal income tax but not from New Jersey income tax. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. Lord Abbett New York Tax-Free Income Fund FEES AND EXPENSES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in &#8220;Sales Charge Reductions and Waivers&#8221; on page 104 of the prospectus and &#8220;Purchases, Redemptions, Pricing, and Payments to Dealers&#8221; on page 8-1 of the statement of additional information (&#8220;SAI&#8221;).</font> </p> 0.0225 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0045 0.0045 0.0045 0.0045 0.0045 0.0020 0.0085 0.0010 0.0000 0.0045 0.0019 0.0019 0.0019 0.0019 0.0019 0.0006 0.0006 0.0006 0.0006 0.0006 0.0013 0.0013 0.0013 0.0013 0.0013 0.0084 0.0149 0.0074 0.0064 0.0109 ~ http://lordabbett.com/20130125/role/ScheduleShareholderFees20057 column dei_LegalEntityAxis compact cik0000737800_S000007539Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleAnnualFundOperatingExpenses20058 column dei_LegalEntityAxis compact cik0000737800_S000007539Member row primary compact * ~ 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. This amount has been updated from fiscal year amounts to reflect current fees and expenses. Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 100000 Shareholder Fees (Fees paid directly from your investment) INVESTMENT OBJECTIVE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font></p> <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> Example <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following 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 at the maximum sales charge, if any, for the time periods indicated and then redeem all of your shares at the end of those periods. The example assumes a deduction of the applicable contingent deferred sales charge (&#8220;CDSC&#8221;) for the one-year period for Class C shares. The example also assumes that your investment has a 5% return each year, that dividends and distributions are reinvested, and that the Fund&#8217;s operating expenses remain the same. The first example assumes that you redeem all of your shares at the end of the periods. Although your actual costs may be higher or lower, based on these assumptions, your costs (including any applicable CDSC) would be as shown below. The second example assumes that you do not redeem and instead keep your shares.</font> </p> 309 487 680 1239 309 487 680 1239 252 471 813 1779 152 471 813 1779 76 237 411 918 76 237 411 918 65 205 357 798 65 205 357 798 111 347 601 1329 111 347 601 1329 ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleTransposed20059 column dei_LegalEntityAxis compact cik0000737800_S000007539Member row primary compact * ~ ~ http://lordabbett.com/20130125/role/ScheduleExpenseExampleNoRedemptionTransposed20060 column dei_LegalEntityAxis compact cik0000737800_S000007539Member row primary compact * ~ If Shares Are Redeemed If Shares Are Not Redeemed Portfolio Turnover. <p style="MARGIN: 2.1mm 0px 0px"><font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18.34% of the average value of its portfolio.</font> </p> 0.1834 PERFORMANCE <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund&#8217;s returns. Each assumes reinvestment of dividends and distributions. The Fund&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has not issued Class P shares as of the date of this prospectus.</font> </p> Bar Chart (per calendar year) - Class A Shares 0.0443 0.0409 0.0275 0.0465 0.0010 -0.1260 0.2290 0.0128 0.0938 0.1052 ~ http://lordabbett.com/20130125/role/ScheduleAnnualTotalReturnsBarChart20061 column dei_LegalEntityAxis compact cik0000737800_S000007539Member row primary compact * ~ <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</font> </p> <br/><p align="center"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"/> </p> Best Quarter 0.0949 2009-09-30 Worst Quarter -0.0636 2008-09-30 <table style="WIDTH: 97.24%; MARGIN-LEFT: 0.88%; MARGIN-RIGHT: 0.88%" cellspacing="0"> <tr valign="bottom"> <td style="WIDTH: 52.78%"> <font style="FONT-SIZE: 0.6mm">&#160;</font> <p> </p> </td> <td style="WIDTH: 2.63%"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> <td style="WIDTH: 41.48%" align="right"> <p> <font style="FONT-SIZE: 0.6mm"></font>&#160; </p> </td> </tr> <tr valign="bottom"> <td> <p style="TEXT-INDENT: -2.8mm; MARGIN: 0px 0px 0px 2.8mm"> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Best Quarter</b> 3rd Q &#8217;09 <b>+9.49%</b></font> </p> </td> <td width="3"> &#160; </td> <td align="right"> <p> <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 3.1mm"><b>Worst Quarter</b> 3rd Q &#8217;08 <b>-6.36%</b></font> </p> </td> </tr> </table> Average Annual Total Returns (for the periods ended December 31, 2012) <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The table below shows how the Fund&#8217;s average annual total returns compare to the returns of a securities index. The Fund&#8217;s average annual total returns include applicable sales charges.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</font> </p> 0.0799 0.0515 0.0417 0.0799 0.0515 0.0417 0.0654 0.0502 0.0417 0.0883 0.0492 0.0372 0.1062 0.0575 0.0543 0.1085 0.1134 0.0678 0.0591 0.0510 0.0589 0.0678 0.0591 0.0510 0.0955 2007-09-28 2011-01-31 2007-09-28 2011-01-31 ~ http://lordabbett.com/20130125/role/ScheduleAverageAnnualReturnsTransposed20062 column dei_LegalEntityAxis compact cik0000737800_S000007539Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ The Fund's average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. (reflects no deduction for fees, expenses, or taxes) This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. 888-522-2388 www.lordabbett.com The after-tax returns shown are not relevant to investors who hold their Fund shares through tax- deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). PRINCIPAL RISKS <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">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.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The following is a summary of certain risks that could adversely affect the Fund&#8217;s performance or increase volatility:</font> </p> <br/><ul> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Portfolio Management Risk</b> &#8211; If the strategies used and securities selected by the Fund&#8217;s portfolio management 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 rising market.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Fixed Income Securities Risk</b> &#8211; 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. Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields and more stable interest income than shorter-term bonds. Lower rated municipal bonds 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 than higher rated securities. In addition, as interest rates rise, the Fund&#8217;s investments typically will lose value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Municipal Bond Risk</b> &#8211; Municipal bonds are subject to the same risks affecting fixed income securities in general. In addition, the price of municipal bonds 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. The market for municipal bonds generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Below Investment Grade Municipal Bond Risk</b> &#8211; Below investment grade municipal bonds typically pay a higher yield than investment grade municipal bonds, but may have greater price fluctuations and have a higher risk of default than investment grade municipal bonds. The market for below investment grade municipal bonds may be less liquid, which may make such bonds more difficult to sell at an acceptable price, especially during periods of increased market volatility or significant market decline.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Nondiversification Risk</b> &#8211; Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>State Specific Risk</b> &#8211; Because the Fund focuses on New York State and New York City, the Fund&#8217;s performance may be more affected by local, state, and regional factors than a fund that invests in municipal bonds issued in many states. These factors may include decreased tax revenues, budget deficits, changes in legislation or policies, adverse economic or political changes and changes in the credit ratings assigned to New York&#8217;s municipal issuers. There also is a risk that the supply of New York municipal bonds may be inadequate. In addition, the Fund&#8217;s performance also can be tied to the economic and political changes of U.S. territories and possessions, including Puerto Rico. All of this could have significant consequences for the Fund because a worsening of the economic position of a state or other issuer of bonds in which the Fund invests could lower the value of the Fund&#8217;s investments and could cause you to lose money.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Call Risk</b> &#8211; A substantial portion of municipal bonds are &#8220;callable,&#8221; meaning they give the issuer the right to call or redeem the bonds before maturity. 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. Moreover, the Fund may have to reinvest the prepayment proceeds in lower yielding securities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Credit Risk</b> &#8211; Municipal bonds are subject to the risk that the issuer 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 of bonds issued by that issuer tends to 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. 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.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Industry Risk</b> &#8211; 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 bonds issued by such facilities.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Derivatives Risk</b> &#8211; Loss may result from the Fund&#8217;s investments in futures contracts, inverse floaters and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to the Fund. They also may increase the Fund&#8217;s interest rate risk and may cause the Fund to realize a limited amount of taxable income. Losses also may arise from the failure of a derivative counterparty to meet its contractual obligations.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Extension Risk</b> &#8211; Rising interest rates may cause payments to occur at a slower-than-expected rate, extending the duration of a bond and typically reducing its value.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Governmental Risk</b> &#8211; Government actions, including actions by local, state and regional governments, could have an adverse effect on municipal bond prices.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Interest Rate Risk</b> &#8211; As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, causing the Fund&#8217;s investments typically to lose value. Interest rate changes typically have a greater effect on the price of longer-term bonds, including inverse floaters, than on shorter-term bonds.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Liquidity Risk</b> &#8211; It may be difficult for the Fund to sell certain securities, including below investment grade municipal bonds, in a timely manner and at their stated value, which could result in losses to the Fund. In addition, the Fund could experience a loss when selling securities to meet redemption requests if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font> </p> </li> <li> <p> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm"><b>Taxability Risk</b> &#8211; The Internal Revenue Service (&#8220;IRS&#8221;) has announced that holders of tax-exempt bonds have risks that their tax-exempt income may be reclassified as taxable if the bonds that they own were issued in an abusive transaction. Although the Fund attempts to purchase only bona fide tax-exempt securities (except for its ability to invest up to 20% of its net assets in municipal bonds that pay interest subject to AMT and fixed income securities that pay interest that is subject to regular federal income tax, New York State, and New York City personal income taxes), 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.</font> </p> </li> </ul> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the &#8220;More Information About the Funds &#8211; Principal Risks&#8221; section in the prospectus.</font> </p> Because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. 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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PRINCIPAL INVESTMENT STRATEGIES <p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">For purposes of its investment objective, the Fund uses the volatility of the Barclays Municipal Bond Index as an approximation of reasonable risk. To pursue its objective, under normal market conditions, the Fund invests at least 80% of its net assets 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. Under normal market conditions, the Fund invests primarily in investment grade municipal bonds. Investment grade municipal bonds are rated BBB/Baa or higher (at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest up to 20% of its net assets in municipal bonds rated BB/Ba or lower (at the time of purchase) by an independent rating agency or unrated but deemed by Lord Abbett to be of comparable quality (commonly referred to as &#8220;below investment grade,&#8221; &#8220;high yield,&#8221; or &#8220;junk&#8221; bonds). The Fund is nondiversified, which means it may invest a greater portion of its assets in a single issuer than a diversified fund.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, and municipal leases. The Fund may invest up to 20% of its net assets in municipal bonds that pay interest subject to the federal alternative minimum tax (&#8220;AMT&#8221;), including certain private activity bonds (commonly referred to as &#8220;AMT paper&#8221;). Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest subject to federal, New York State, and New York City income taxes, the Fund presently has no intention of investing in this manner. These bonds may include municipal bonds issued by other states, which may be exempt from federal income tax but not from New York State and New York City income taxes. The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. The Fund may invest in both insured and uninsured municipal bonds.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund may use inverse floaters, which is 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. These investments are intended to increase the Fund&#8217;s income and potential investment return and are speculative. The Fund also may invest in other types of derivatives, such as futures, for speculative, hedging, or duration management purposes.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s dollar-weighted average maturity generally is expected to be between ten and twenty-five years, but will vary with market conditions.</font> </p> <br/><p style="MARGIN: 2.1mm 0px 0px"> <font style="FONT-FAMILY: serif; FONT-SIZE: 3.8mm">The Fund&#8217;s investment team focuses on credit quality, income tax exemption, total return potential, and call protection in selecting municipal bonds. The Fund generally will sell a security when it believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner.</font> </p> The Fund will not invest 25% or more of its total assets in any industry; however, this limitation does not apply to tax-exempt securities issued by governments or their political subdivisions. 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