Short Duration Tax Free Fund

LSDCX

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Daily price w/o sales charge as of 09/21/2021

$15.91

$0.00

YTD Returns w/o sales charge as of 09/21/2021

0.23%

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

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Summary

What is the Short Duration Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in short-term investment grade municipal bonds.

EXPERIENCED TEAM, TRUSTED LEGACY

A firm with over 30 years of experience navigating the nuances of the municipal market.

HIGH QUALITY, LOW DURATION

The strategy seeks to generate tax-free income by combining high-quality, short maturity bonds with money market securities^*, limiting credit risk and interest rate risk.

STRONG PERFORMANCE

The disciplined process, based on in-depth credit research and strategic portfolio positioning, has provided investors with attractive returns relative to peers.

^* Although the Fund may invest in money market securities, this is not a money market fund.

Yield

Dividend Yield ¹ as of 09/21/2021

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.06%	0.04%

30-Day Standardized Yield ² as of 08/31/2021

0.00%

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

Fund Basicsas of 08/31/2021

Total Net Assets: $2.38 B
Inception Date: 12/31/2008
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.28%
Fund Net Expense Ratio: 1.27%
Number of Holdings: 451
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/2008

w/o sales charge	0.29%	0.96%	1.76%	0.87%	0.75%	1.30%
Lipper Category Avg. Short Municipal Debt Funds	0.40%	0.91%	1.82%	1.29%	1.11%	-
Bloomberg Barclays Municipal Bond Short 1-5 Year Index	0.64%	1.09%	2.61%	1.80%	1.62%	2.11%
w/ sales charge	-0.71%	0.96%	1.76%	0.87%	0.75%	1.30%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/2008

w/o sales charge	0.21%	1.76%	1.81%	0.88%	0.82%	1.31%
Lipper Category Avg. Short Municipal Debt Funds	0.27%	1.29%	1.85%	1.29%	1.23%	-
Bloomberg Barclays Municipal Bond Short 1-5 Year Index	0.34%	1.38%	2.60%	1.77%	1.70%	2.11%
w/ sales charge	-0.79%	1.76%	1.81%	0.88%	0.82%	1.31%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

CREDIT QUALITY DISTRIBUTION as of 08/31/2021

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

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

INVESTMENT TEAM

Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Daniel T. Vande Velde

Partner & Portfolio Manager

30 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 09/21/2021

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.06%	0.04%

30-Day Standardized Yield ² as of 08/31/2021

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	0.00%	0.00%

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

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/2008

w/o sales charge	0.29%	0.96%	1.76%	0.87%	0.75%	1.30%
Lipper Category Avg. Short Municipal Debt Funds	0.40%	0.91%	1.82%	1.29%	1.11%	-
Bloomberg Barclays Municipal Bond Short 1-5 Year Index	0.64%	1.09%	2.61%	1.80%	1.62%	2.11%
w/ sales charge	-0.71%	0.96%	1.76%	0.87%	0.75%	1.30%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/2008

w/o sales charge	0.21%	1.76%	1.81%	0.88%	0.82%	1.31%
Lipper Category Avg. Short Municipal Debt Funds	0.27%	1.29%	1.85%	1.29%	1.23%	-
Bloomberg Barclays Municipal Bond Short 1-5 Year Index	0.34%	1.38%	2.60%	1.77%	1.70%	2.11%
w/ sales charge	-0.79%	1.76%	1.81%	0.88%	0.82%	1.31%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Year	Fund Returns	Bloomberg Barclays Municipal Bond Short 1-5 Year Index

2020	1.40%	2.82%
2019	3.43%	3.66%
2018	0.48%	1.77%
2017	1.02%	1.61%
2016	-1.27%	0.07%
2015	0.09%	1.21%
2014	0.94%	1.31%
2013	-0.64%	1.14%
2012	1.49%	1.73%
2011	2.75%	3.45%
2010	1.36%	-
2009	5.24%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2021	-0.16%	0.37%	-	-	0.23%
2020	-1.82%	1.70%	0.80%	0.75%	1.40%
2019	1.36%	1.08%	0.55%	0.40%	3.43%
2018	-0.28%	0.36%	-0.07%	0.48%	0.48%
2017	0.77%	0.58%	0.25%	-0.57%	1.02%
2016	0.37%	0.44%	-0.14%	-1.92%	-1.27%
2015	0.16%	-0.35%	0.30%	-0.02%	0.09%
2014	0.47%	0.33%	0.23%	-0.10%	0.94%
2013	0.38%	-1.17%	0.01%	0.15%	-0.64%
2012	0.59%	0.47%	0.57%	-0.14%	1.49%
2011	0.41%	1.18%	0.80%	0.33%	2.75%
2010	0.29%	0.75%	1.16%	-0.83%	1.36%
2009	2.13%	0.77%	2.05%	0.21%	5.24%

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

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

The Fund's portfolio is actively managed and is subject to change.

Maturity	Assets
<1 Year
1-2 Years
2-4 Years
4-6 Years
>6 Years

The Fund's portfolio is actively managed and is subject to change.

State	Assets
NY
IL
PA
NJ
AL
CA
TX
OH
FL
MA
NC
GA
VA
CT
LA
AR
WV
SC
MD
IA
DE
TN
KY
NM
MI
MO
IN
WI
CO
NE
MN
OR
ID
KS
AZ
WA
MS
NH
ND
HI
NV
RI
OK
WY
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 08/31/2021

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

Portfolio Details as of 08/31/2021

Total Net Assets: $2.38 B
Number of Issues: 451
Average Coupon: 3.0%
Average Effective Maturity: 4.5 Years
Average Effective Duration: 2.64 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding	Coupon	Maturity	Assets

Arkansas Development Finance Authority	0.170%	09/01/2044	2.0%
City of New York NY	0.010%	12/01/2047	1.8%
New York City Transitional Finance Authority Futur	0.010%	05/01/2034	1.4%
County of Mason WV	2.750%	10/01/2022	1.2%
PEFA Inc	5.000%	09/01/2049	1.2%
State of California	5.000%	12/01/2027	1.1%
Hannibal Central School District	1.500%	06/29/2022	1.1%
Geneva City School District	1.500%	06/24/2022	1.0%
Auburn Enlarged City School District	1.500%	06/22/2022	1.0%
North Carolina Medical Care Commission	2.200%	12/01/2048	1.0%

% of Total Assets			12.8%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

HOLDINGS as of07/30/2021

Holding	Coupon	Maturity	Assets

Arkansas Development Finance Authority	0.170%	09/01/2044	2.0%
City of New York NY	0.020%	12/01/2047	1.9%
New York City Transitional Finance Authority Futur	0.020%	05/01/2034	1.7%
State of Texas	4.000%	08/26/2021	1.3%
County of Mason WV	2.750%	10/01/2022	1.2%
PEFA Inc	5.000%	09/01/2049	1.2%
State of California	5.000%	12/01/2027	1.1%
Hannibal Central School District	1.500%	06/29/2022	1.1%
Geneva City School District	1.500%	06/24/2022	1.0%
Auburn Enlarged City School District	1.500%	06/22/2022	1.0%
North Carolina Medical Care Commission	2.200%	12/01/2048	1.0%
North Carolina Turnpike Authority	5.000%	02/01/2024	1.0%
Lower Alabama Gas District/The	4.000%	12/01/2050	1.0%
New York City Water & Sewer System	0.030%	06/15/2045	0.9%
Industrial Development Board of the City of Mobile	2.900%	07/15/2034	0.9%
Geisinger Authority	5.000%	04/01/2043	0.9%
City of New York NY	0.130%	10/01/2046	0.9%
Lee Memorial Health System	0.090%	04/01/2049	0.8%
New York City Transitional Finance Authority Futur	0.030%	02/01/2045	0.8%
Triborough Bridge & Tunnel Authority	5.000%	11/01/2025	0.8%
Main Street Natural Gas Inc	4.000%	03/01/2050	0.8%
Pittsburgh Water & Sewer Authority	0.670%	09/01/2040	0.8%
Health Care Authority for Baptist Health/The	0.170%	11/01/2042	0.7%
City of Fall River MA	1.500%	02/04/2022	0.7%
City of Brockton MA	1.500%	06/17/2022	0.7%
City of Farmington NM	1.100%	06/01/2040	0.7%
State of Ohio	0.120%	11/01/2035	0.7%
New York City Water & Sewer System	0.020%	06/15/2050	0.7%
Louisiana Local Government Environmental Facilitie	0.875%	02/01/2046	0.7%
Nebraska Public Power District	0.600%	01/01/2051	0.7%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2025	0.6%
New York City Transitional Finance Authority Futur	0.030%	02/01/2045	0.6%
Buckeye Tobacco Settlement Financing Authority	5.000%	06/01/2029	0.6%
Black Belt Energy Gas District	4.000%	12/01/2049	0.6%
Health & Educational Facilities Authority of the S	4.000%	05/01/2051	0.6%
Addison Central School District	1.500%	06/28/2022	0.6%
Development Authority of Appling County	0.050%	09/01/2041	0.6%
City of New York NY	0.120%	04/01/2042	0.6%
San Antonio Water System	2.625%	05/01/2049	0.5%
County of Nez Perce ID	2.750%	10/01/2024	0.5%
South Carolina Transportation Infrastructure Bank	4.000%	10/01/2033	0.5%
Wise County Industrial Development Authority	0.750%	10/01/2040	0.5%
Massena Central School District	1.500%	08/27/2021	0.5%
Tennergy Corp/TN	4.000%	12/01/2051	0.5%
New York State Housing Finance Agency	0.750%	11/01/2025	0.5%
Chicago Board of Education	5.000%	12/01/2025	0.5%
Metropolitan Transportation Authority	5.000%	11/15/2030	0.5%
Lancaster Port Authority	5.000%	08/01/2049	0.5%
City of Tampa FL	4.000%	11/15/2033	0.5%
County of Carroll KY	1.550%	09/01/2042	0.5%
Ohio Air Quality Development Authority	2.400%	12/01/2038	0.5%
Delaware State Economic Development Authority	1.250%	10/01/2045	0.5%
State of Illinois	5.000%	11/01/2023	0.5%
Oregon State Business Development Commission	2.400%	12/01/2040	0.5%
Lehigh County Industrial Development Authority	1.800%	02/15/2027	0.5%
Grand Parkway Transportation Corp	5.000%	02/01/2023	0.5%
Lansing Board of Water & Light	2.000%	07/01/2051	0.5%
American Municipal Power Inc	1.000%	02/15/2048	0.5%
Wisconsin Health & Educational Facilities Authorit	5.000%	02/15/2052	0.5%
Delaware State Economic Development Authority	1.250%	10/01/2040	0.4%
Germantown Central School District	1.250%	06/24/2022	0.4%
Orlando Utilities Commission	1.250%	10/01/2046	0.4%
Township of Florence NJ	1.500%	06/08/2022	0.4%
Maryland Community Development Administration	3.500%	03/01/2050	0.4%
City of New York NY	5.000%	06/01/2044	0.4%
Long Island Power Authority	0.820%	05/01/2033	0.4%
Chesapeake Bay Bridge & Tunnel District	5.000%	11/01/2023	0.4%
City of New York NY	0.120%	04/01/2042	0.4%
Florida Housing Finance Corp	3.000%	07/01/2052	0.4%
Town of Truro MA	1.500%	06/10/2022	0.4%
Colorado Health Facilities Authority	5.000%	08/01/2049	0.4%
State of New Jersey	5.000%	06/01/2026	0.4%
Delaware Valley Regional Finance Authority	0.230%	11/01/2055	0.4%
New Jersey Turnpike Authority	5.000%	01/01/2028	0.4%
Town of Orleans MA	1.500%	02/04/2022	0.4%
Kansas Development Finance Authority	5.000%	11/15/2054	0.4%
Long Island Power Authority	0.850%	09/01/2050	0.4%
General Authority of Southcentral Pennsylvania	0.620%	06/01/2049	0.4%
State of California	5.000%	08/01/2026	0.4%
Patriots Energy Group Financing Agency	4.000%	10/01/2048	0.4%
Metropolitan Transportation Authority	5.000%	11/15/2045	0.4%
County of Prince George's MD	4.000%	08/01/2031	0.4%
City of San Antonio TX Electric & Gas Systems Reve	2.750%	02/01/2048	0.4%
Parish of St John the Baptist LA	2.100%	06/01/2037	0.4%
State of Connecticut	5.000%	04/15/2025	0.4%
Nassau Health Care Corp	5.000%	08/01/2025	0.4%
State of Illinois	5.000%	06/15/2024	0.4%
City of Chicago IL	5.000%	01/01/2027	0.4%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2024	0.4%
Illinois State Toll Highway Authority	5.000%	01/01/2024	0.3%
Northampton County General Purpose Authority	1.110%	08/15/2048	0.3%
Ohio Higher Educational Facility Commission	0.487%	10/01/2044	0.3%
New Jersey Transportation Trust Fund Authority	5.000%	06/15/2023	0.3%
State of Connecticut	5.000%	11/01/2022	0.3%
Binghamton City School District	1.500%	11/12/2021	0.3%
Minnesota Housing Finance Agency	3.000%	01/01/2052	0.3%
Harris County Cultural Education Facilities Financ	0.590%	12/01/2049	0.3%
City of New York NY	5.000%	08/01/2021	0.3%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2027	0.3%
Metropolitan Transportation Authority	5.000%	05/15/2022	0.3%
City of Pittsfield MA	1.000%	02/25/2022	0.3%
Maryland Health & Higher Educational Facilities Au	5.000%	07/01/2045	0.3%
Indiana Finance Authority	0.700%	12/01/2046	0.3%
Metropolitan Transportation Authority	5.000%	09/01/2022	0.3%
Parish of St Charles LA	4.000%	12/01/2040	0.3%
New York City Transitional Finance Authority Futur	0.020%	11/01/2044	0.3%
Triborough Bridge & Tunnel Authority	0.382%	01/01/2032	0.3%
California Infrastructure & Economic Development B	0.720%	12/01/2050	0.3%
West Virginia Economic Development Authority	0.625%	12/01/2038	0.3%
Delaware State Economic Development Authority	1.050%	01/01/2031	0.3%
California Municipal Finance Authority	5.000%	11/01/2027	0.3%
Commonwealth of Pennsylvania	5.000%	05/01/2027	0.3%
State of Connecticut	5.000%	10/15/2026	0.3%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2026	0.3%
City of Chicago IL	5.000%	01/01/2028	0.3%
North Carolina Medical Care Commission	5.000%	02/01/2051	0.3%
City of Chicago IL Waterworks Revenue	5.000%	11/01/2022	0.3%
Southeast Energy Authority A Cooperative District	4.000%	11/01/2051	0.3%
Hospitals & Higher Education Facilities Authority	5.000%	07/01/2027	0.3%
Louisa Industrial Development Authority	0.750%	11/01/2035	0.3%
State of Connecticut Special Tax Revenue	5.000%	01/01/2026	0.3%
California Infrastructure & Economic Development B	0.400%	08/01/2047	0.3%
Parish of St John the Baptist LA	2.125%	06/01/2037	0.3%
Metropolitan Transportation Authority	5.000%	11/15/2033	0.3%
Kentucky Public Energy Authority	4.000%	12/01/2050	0.3%
Tennessee Housing Development Agency	3.000%	01/01/2051	0.2%
Michigan State Housing Development Authority	4.250%	12/01/2049	0.2%
Main Street Natural Gas Inc	5.000%	05/15/2025	0.2%
New Jersey Economic Development Authority	5.000%	03/01/2025	0.2%
Commonwealth Financing Authority	5.000%	06/01/2024	0.2%
State of Maryland Department of Transportation	4.000%	09/01/2026	0.2%
York County Economic Development Authority	1.900%	05/01/2033	0.2%
Wise County Industrial Development Authority	1.200%	11/01/2040	0.2%
Northern California Energy Authority	4.000%	07/01/2049	0.2%
Berks County Municipal Authority/The	5.000%	02/01/2040	0.2%
Illinois Finance Authority	5.000%	05/15/2050	0.2%
Chicago Board of Education	5.000%	12/01/2034	0.2%
Connecticut Housing Finance Authority	4.000%	05/15/2049	0.2%
Central Texas Regional Mobility Authority	5.000%	01/01/2027	0.2%
Metropolitan Water Reclamation District of Greater	5.000%	12/01/2022	0.2%
State of New Jersey	2.000%	06/01/2027	0.2%
Ohio Housing Finance Agency	4.500%	03/01/2050	0.2%
Allegheny County Hospital Development Authority	5.000%	07/15/2029	0.2%
New Hampshire Business Finance Authority	2.800%	10/01/2033	0.2%
Chicago Board of Education	5.000%	12/01/2031	0.2%
North Dakota Housing Finance Agency	4.000%	01/01/2050	0.2%
State of Illinois	5.000%	03/01/2029	0.2%
Louisa Industrial Development Authority	1.900%	11/01/2035	0.2%
State of Connecticut	5.000%	08/15/2021	0.2%
State of Hawaii	5.000%	11/01/2021	0.2%
Borough of Wildwood Crest NJ	2.000%	03/17/2022	0.2%
Charles City County Economic Development Authority	2.875%	02/01/2029	0.2%
Central Texas Regional Mobility Authority	4.000%	01/01/2022	0.2%
Massachusetts Development Finance Agency	0.520%	07/01/2038	0.2%
New York State Housing Finance Agency	0.750%	11/01/2025	0.2%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2028	0.2%
Allegheny County Industrial Development Authority	4.875%	11/01/2024	0.2%
New Caney Independent School District	3.000%	02/15/2050	0.2%
State of Illinois	5.000%	03/01/2027	0.2%
County of Miami-Dade FL	5.000%	06/01/2026	0.2%
South Carolina State Housing Finance & Development	4.000%	01/01/2050	0.2%
Western Placer Unified School District	2.000%	06/01/2025	0.2%
Chicago O'Hare International Airport	5.000%	01/01/2031	0.2%
County of Cook IL	5.000%	11/15/2026	0.2%
New Caney Independent School District	1.250%	02/15/2050	0.2%
New Jersey Economic Development Authority	5.000%	06/15/2026	0.2%
Chicago Board of Education	4.000%	12/01/2021	0.2%
Maryland Community Development Administration	4.000%	09/01/2049	0.2%
Missouri Housing Development Commission	4.250%	05/01/2047	0.2%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2026	0.2%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2025	0.2%
Maricopa County Industrial Development Authority	0.590%	01/01/2035	0.2%
Delaware Valley Regional Finance Authority	2.000%	10/01/2029	0.2%
Nassau Health Care Corp	5.000%	08/01/2024	0.2%
North Carolina Housing Finance Agency	4.000%	01/01/2050	0.2%
California Pollution Control Financing Authority	0.300%	08/01/2024	0.2%
California Statewide Communities Development Autho	3.000%	07/01/2026	0.2%
County of Warren MS	2.900%	09/01/2032	0.2%
Indiana Finance Authority	0.650%	08/01/2025	0.2%
Minnesota Housing Finance Agency	4.250%	07/01/2049	0.2%
SA Energy Acquisition Public Facility Corp	5.500%	08/01/2021	0.2%
Wisconsin Housing & Economic Development Authority	3.000%	03/01/2052	0.2%
City of Newark NJ	2.000%	10/05/2021	0.2%
Illinois Finance Authority	5.000%	07/15/2057	0.2%
California State Public Works Board	5.000%	10/01/2027	0.2%
Chicago Board of Education	4.000%	12/01/2022	0.2%
Illinois Finance Authority	5.000%	02/15/2022	0.2%
Long Island Power Authority	1.650%	09/01/2049	0.2%
New York City Educational Construction Fund	5.000%	04/01/2025	0.2%
Parish of St James LA	5.850%	08/01/2041	0.2%
City of Farmington NM	1.875%	04/01/2033	0.2%
Suffolk Tobacco Asset Securitization Corp	5.375%	06/01/2028	0.2%
Washington Health Care Facilities Authority	2.482%	01/01/2042	0.2%
New Jersey Turnpike Authority	5.000%	01/01/2027	0.2%
Chicago Board of Education	5.000%	12/01/2022	0.2%
New Jersey Economic Development Authority	5.000%	03/01/2023	0.2%
City of Rockport IN	3.050%	06/01/2025	0.2%
Development Authority of Burke County/The	1.500%	01/01/2040	0.2%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2027	0.2%
State of Connecticut Special Tax Revenue	5.000%	05/01/2027	0.2%
Southeast Energy Authority A Cooperative District	4.000%	12/01/2051	0.2%
Chicago Board of Education	4.000%	12/01/2022	0.2%
Texas Private Activity Bond Surface Transportation	4.000%	12/31/2030	0.2%
Chicago Board of Education	5.000%	12/01/2023	0.2%
State of Connecticut Special Tax Revenue	5.000%	10/01/2022	0.2%
State of Illinois	5.000%	11/01/2025	0.2%
Louisiana Offshore Terminal Authority	1.650%	09/01/2027	0.2%
Massachusetts Development Finance Agency	0.450%	07/01/2041	0.2%
New Jersey Economic Development Authority	5.000%	11/01/2022	0.2%
Chicago Board of Education	4.000%	12/01/2021	0.1%
Kentucky Public Energy Authority	4.000%	04/01/2048	0.1%
State of Illinois	5.250%	02/01/2030	0.1%
City of New York NY	5.000%	10/01/2033	0.1%
State of Connecticut	5.000%	06/15/2022	0.1%
E-470 Public Highway Authority	0.357%	09/01/2039	0.1%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2023	0.1%
University of California	4.250%	05/15/2039	0.1%
New York City Educational Construction Fund	5.000%	04/01/2026	0.1%
State of Illinois	5.375%	05/01/2023	0.1%
New Jersey Health Care Facilities Financing Author	5.750%	07/01/2037	0.1%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2024	0.1%
City of Chicago IL Waterworks Revenue	5.000%	11/01/2028	0.1%
State of Illinois	5.000%	03/01/2028	0.1%
Industrial Development Board of the City of Mobile	1.000%	06/01/2034	0.1%
County of Escambia FL	2.600%	06/01/2023	0.1%
Lee Memorial Health System	5.000%	04/01/2025	0.1%
Allegheny County Hospital Development Authority	5.000%	04/01/2026	0.1%
West Virginia Economic Development Authority	2.625%	12/01/2042	0.1%
State of Illinois	5.000%	03/01/2026	0.1%
County of Cook IL	5.000%	11/15/2028	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2027	0.1%
New York State Dormitory Authority	5.000%	09/01/2030	0.1%
City of Atlantic Beach FL	3.000%	11/15/2023	0.1%
Michigan Finance Authority	5.000%	12/01/2026	0.1%
Selma Industrial Development Board	2.000%	11/01/2033	0.1%
Parish of St John the Baptist LA	2.375%	06/01/2037	0.1%
State of Connecticut Special Tax Revenue	5.000%	05/01/2026	0.1%
Illinois Finance Authority	5.000%	08/15/2029	0.1%
Triborough Bridge & Tunnel Authority	0.060%	01/01/2032	0.1%
State of Connecticut Special Tax Revenue	5.000%	05/01/2025	0.1%
New York City Industrial Development Agency	5.000%	03/01/2029	0.1%
American Municipal Power Inc	5.250%	02/15/2030	0.1%
Illinois Finance Authority	5.000%	08/15/2028	0.1%
Monroeville Finance Authority	3.000%	02/15/2023	0.1%
New York State Dormitory Authority	5.000%	10/01/2024	0.1%
State of Illinois	5.125%	05/01/2022	0.1%
City of Philadelphia PA	5.000%	02/01/2028	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2028	0.1%
Chicago O'Hare International Airport	5.000%	01/01/2029	0.1%
City of Philadelphia PA	5.000%	02/01/2025	0.1%
County of Cook IL	5.000%	11/15/2027	0.1%
Florida Development Finance Corp	5.000%	11/15/2024	0.1%
New Jersey Turnpike Authority	2.207%	01/01/2030	0.1%
Triborough Bridge & Tunnel Authority	0.020%	01/01/2032	0.1%
Bay Area Toll Authority	1.270%	04/01/2036	0.1%
New Jersey Economic Development Authority	5.000%	03/01/2022	0.1%
Village Community Development District No 13	1.875%	05/01/2025	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2028	0.1%
Chicago Transit Authority Capital Grant Receipts R	5.000%	06/01/2025	0.1%
Commonwealth Financing Authority	5.000%	06/01/2022	0.1%
Chicago Board of Education	5.000%	12/01/2033	0.1%
Clifton Higher Education Finance Corp	5.250%	08/15/2028	0.1%
Massachusetts Development Finance Agency	5.000%	07/01/2024	0.1%
New York State Dormitory Authority	5.000%	09/01/2029	0.1%
California Statewide Communities Development Autho	3.000%	07/01/2027	0.1%
Wisconsin Housing & Economic Development Authority	0.500%	11/01/2050	0.1%
County of Jefferson AL	5.000%	09/15/2023	0.1%
New York Transportation Development Corp	5.000%	12/01/2026	0.1%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2026	0.1%
City of Rockport IN	1.350%	07/01/2025	0.1%
County of Lehigh PA	5.000%	07/01/2026	0.1%
New York City Industrial Development Agency	5.000%	03/01/2030	0.1%
West Virginia Economic Development Authority	2.550%	03/01/2040	0.1%
New York City Industrial Development Agency	5.872%	03/01/2026	0.1%
Parish of St John the Baptist LA	2.200%	06/01/2037	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2022	0.1%
Ohio Air Quality Development Authority	1.900%	05/01/2026	0.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.000%	07/01/2022	0.1%
Ohio Higher Educational Facility Commission	2.963%	12/01/2022	0.1%
Pennsylvania Higher Educational Facilities Authori	5.000%	08/15/2028	0.1%
Western Placer Unified School District	2.000%	06/01/2025	0.1%
City of Chicago IL Wastewater Transmission Revenue	5.000%	01/01/2022	0.1%
City of Rockport IN	1.350%	07/01/2025	0.1%
Louisiana Offshore Terminal Authority	2.000%	10/01/2040	0.1%
New York City Housing Development Corp	0.700%	05/01/2060	0.1%
North Carolina Capital Facilities Finance Agency	5.000%	10/01/2025	0.1%
Washington Health Care Facilities Authority	1.420%	01/01/2035	0.1%
New York State Dormitory Authority	5.000%	10/01/2025	0.1%
California Housing Finance	4.000%	03/20/2033	0.1%
Kentucky Public Energy Authority	4.000%	01/01/2049	0.1%
Development Authority of Monroe County/The	1.500%	01/01/2039	0.1%
State of New York Mortgage Agency	3.500%	04/01/2049	0.1%
Tobacco Settlement Financing Corp	3.200%	06/01/2027	0.1%
City of Chicago IL	5.250%	01/01/2027	0.1%
Clifton Higher Education Finance Corp	5.250%	08/15/2026	0.1%
New York State Dormitory Authority	5.000%	09/01/2028	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2027	0.1%
California State Public Works Board	5.000%	10/01/2026	0.1%
Kentucky Municipal Power Agency	3.450%	09/01/2042	0.1%
Matagorda County Navigation District No 1	4.400%	05/01/2030	0.1%
North Carolina Turnpike Authority	5.000%	01/01/2028	0.1%
State of Connecticut	5.000%	09/15/2030	0.1%
Gloucester County Improvement Authority/The	0.600%	03/01/2024	0.1%
New York Transportation Development Corp	5.000%	12/01/2028	0.1%
City of Lenexa KS	5.000%	05/15/2022	0.1%
Wappingers Central School District	2.000%	08/12/2021	0.1%
County of Cuyahoga OH	5.000%	02/15/2025	0.1%
New York State Dormitory Authority	5.000%	09/01/2027	0.1%
New York City Industrial Development Agency	5.000%	03/01/2028	0.1%
New York State Dormitory Authority	4.000%	12/01/2021	0.1%
New York State Dormitory Authority	5.000%	08/01/2024	0.1%
Triborough Bridge & Tunnel Authority	5.500%	11/15/2021	0.1%
Industrial Development Authority of the County of	3.500%	07/01/2025	0.1%
Central Plains Energy Project	5.000%	09/01/2027	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2023	0.1%
California Municipal Finance Authority	5.000%	07/01/2026	0.1%
Southeastern Ohio Port Authority	5.000%	12/01/2022	0.1%
Kentucky Economic Development Finance Authority	5.000%	06/01/2025	0.1%
Pennsylvania Higher Educational Facilities Authori	5.000%	08/15/2027	0.1%
Public Finance Authority	5.000%	12/01/2027	0.1%
State of Connecticut Special Tax Revenue	5.000%	05/01/2026	0.1%
Village Community Development District No 13	2.625%	05/01/2030	0.1%
City of Philadelphia PA	5.000%	02/01/2027	0.1%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2027	0.1%
Oneida County Local Development Corp	5.000%	12/01/2027	0.1%
Rangely Hospital District	4.500%	11/01/2021	0.1%
Capital Trust Agency Inc	4.000%	06/15/2029	0.1%
Matagorda County Navigation District No 1	2.600%	11/01/2029	0.1%
School District of Philadelphia/The	5.000%	09/01/2021	0.1%
City Of South Miami Health Facilities Authority In	5.000%	08/15/2023	0.1%
Tuscaloosa County Industrial Development Authority	4.500%	05/01/2032	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2025	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2026	0.1%
Illinois Finance Authority	5.000%	09/01/2028	0.1%
New Jersey Economic Development Authority	5.000%	06/15/2025	0.1%
Bay Area Toll Authority	4.000%	04/01/2029	0.1%
School District of Philadelphia/The	5.000%	09/01/2025	0.1%
University of California	5.000%	05/15/2024	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2026	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2023	0.1%
School District of Philadelphia/The	5.000%	09/01/2023	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2028	0.1%
California County Tobacco Securitization Agency	5.000%	06/01/2026	0.1%
Hospital Facilities Authority of Multnomah County	5.000%	10/01/2024	0.1%
City of Chicago IL	5.250%	01/01/2023	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2029	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2029	0.1%
Development Authority of Appling County	1.500%	01/01/2038	0.1%
North Carolina Capital Facilities Finance Agency	5.000%	10/01/2024	0.1%
Massachusetts Development Finance Agency	5.000%	07/01/2022	0.1%
Clark County School District	5.000%	06/15/2027	0.1%
Regional Transportation District	5.000%	07/15/2027	0.1%
City of Philadelphia PA	5.000%	02/01/2026	0.1%
Commonwealth Financing Authority	5.000%	06/01/2023	0.1%
Florida Development Finance Corp	5.000%	11/15/2026	0.1%
New York City Industrial Development Agency	5.000%	01/01/2027	0.1%
School District of Philadelphia/The	5.000%	09/01/2022	0.1%
Texas Municipal Power Agency	3.000%	09/01/2026	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2027	0.1%
Iowa Finance Authority	3.125%	12/01/2022	0.1%
Johnson City Central School District	1.500%	08/06/2021	0.1%
New York Transportation Development Corp	5.000%	12/01/2024	0.1%
City of Lenexa KS	5.000%	05/15/2025	0.0%
Illinois Finance Authority	5.000%	05/15/2025	0.0%
New York City Industrial Development Agency	5.000%	01/01/2029	0.0%
Oneida County Local Development Corp	5.000%	12/01/2028	0.0%
Oneida County Local Development Corp	5.000%	12/01/2029	0.0%
Chicago Board of Education	5.000%	12/01/2022	0.0%
City of Chicago IL Waterworks Revenue	5.000%	11/01/2022	0.0%
City Of South Miami Health Facilities Authority In	5.000%	08/15/2022	0.0%
Metropolitan Pier & Exposition Authority	3.000%	06/15/2025	0.0%
Troy Capital Resource Corp	5.000%	08/01/2022	0.0%
Metropolitan Pier & Exposition Authority	3.000%	06/15/2024	0.0%
School District of Philadelphia/The	5.000%	09/01/2024	0.0%
State of Connecticut Special Tax Revenue	5.000%	05/01/2025	0.0%
Columbia Industrial Development Board	0.030%	12/01/2037	0.0%
Mississippi Business Finance Corp	1.520%	11/01/2032	0.0%
Regional Transportation District	3.000%	01/15/2026	0.0%
Virginia Small Business Financing Authority	5.000%	01/01/2023	0.0%
Oklahoma Development Finance Authority	5.000%	08/15/2026	0.0%
New Jersey Economic Development Authority	5.000%	06/15/2022	0.0%
Philadelphia Gas Works Co	5.000%	08/01/2023	0.0%
School District of Philadelphia/The	5.000%	09/01/2021	0.0%
Massachusetts Development Finance Agency	5.000%	07/01/2025	0.0%
Pennsylvania Turnpike Commission	5.000%	12/01/2026	0.0%
Philadelphia Gas Works Co	5.000%	08/01/2024	0.0%
Territory of Guam	5.000%	01/01/2029	0.0%
Texas Municipal Power Agency	3.000%	09/01/2024	0.0%
Pennsylvania Turnpike Commission	5.000%	12/01/2025	0.0%
Iowa Tobacco Settlement Authority	0.375%	06/01/2030	0.0%
Illinois Finance Authority	5.000%	09/01/2029	0.0%
Kirkwood Industrial Development Authority	5.000%	05/15/2022	0.0%
New York City Industrial Development Agency	5.000%	01/01/2028	0.0%
Texas Municipal Power Agency	3.000%	09/01/2025	0.0%
Maricopa County Industrial Development Authority	5.000%	09/01/2022	0.0%
North Carolina Medical Care Commission	5.000%	10/01/2023	0.0%
California Municipal Finance Authority	5.000%	08/01/2022	0.0%
Niagara Area Development Corp	3.500%	11/01/2024	0.0%
California County Tobacco Securitization Agency	5.000%	06/01/2025	0.0%
Duluth Economic Development Authority	4.750%	06/15/2022	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	03/01/2025	0.0%
Maricopa County Industrial Development Authority	5.000%	09/01/2021	0.0%
Clark County School District	3.000%	06/15/2025	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	03/01/2024	0.0%
Illinois Finance Authority	5.000%	11/15/2021	0.0%
California County Tobacco Securitization Agency	5.000%	06/01/2024	0.0%
Long Island Power Authority	5.000%	09/01/2027	0.0%
Massachusetts Development Finance Agency	5.000%	07/01/2023	0.0%
New Jersey Economic Development Authority	5.000%	06/15/2029	0.0%
Oklahoma Development Finance Authority	5.000%	08/15/2025	0.0%
Clark County School District	3.000%	06/15/2024	0.0%
Long Island Power Authority	5.000%	09/01/2026	0.0%
New York City Water & Sewer System	0.020%	06/15/2049	0.0%
City of Santa Fe NM	2.250%	05/15/2024	0.0%
Clark County School District	5.000%	06/15/2026	0.0%
State of Ohio	5.000%	01/15/2026	0.0%
State of Ohio	4.000%	01/15/2028	0.0%
Tulsa County Industrial Authority	5.000%	11/15/2026	0.0%
Commonwealth of Pennsylvania	5.000%	07/01/2025	0.0%
Maricopa County Industrial Development Authority	4.000%	07/01/2029	0.0%
School District of Philadelphia/The	5.000%	09/01/2022	0.0%
Commonwealth of Pennsylvania	5.000%	07/01/2023	0.0%
School District of Philadelphia/The	5.000%	09/01/2023	0.0%
Franklin County Industrial Development Authority/P	5.000%	12/01/2023	0.0%
Illinois Finance Authority	5.000%	09/01/2022	0.0%
Michigan Finance Authority	5.000%	07/01/2022	0.0%
New Jersey Building Authority	5.000%	06/15/2022	0.0%
Illinois Finance Authority	5.000%	09/01/2021	0.0%
Massachusetts Development Finance Agency	4.000%	07/01/2022	0.0%
New Jersey Economic Development Authority	5.000%	06/15/2027	0.0%
New Jersey Economic Development Authority	5.000%	06/15/2028	0.0%
Palomar Health	5.000%	11/01/2021	0.0%
Pennsylvania Turnpike Commission	5.000%	12/01/2026	0.0%
New York Transportation Development Corp	5.000%	12/01/2025	0.0%
City of Cleveland OH Airport System Revenue	5.000%	01/01/2022	0.0%
Troy Capital Resource Corp	5.000%	08/01/2021	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	03/01/2023	0.0%
County of Laramie WY	4.000%	05/01/2027	0.0%
Chicago Board of Education	5.000%	12/01/2021	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	03/01/2022	0.0%
Village Community Development District No 12	3.250%	05/01/2023	0.0%
City of Sparks NV	2.750%	06/15/2028	0.0%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2022	0.0%
State of Ohio	5.000%	01/15/2027	0.0%
County of Laramie WY	4.000%	05/01/2025	0.0%
County of Laramie WY	4.000%	05/01/2026	0.0%
Industrial Development Authority of the City of Ph	5.000%	07/01/2026	0.0%
Peninsula Town Center Community Development Author	4.000%	09/01/2023	0.0%
Pennsylvania Turnpike Commission	5.000%	12/01/2025	0.0%
Village Community Development District No 13	2.625%	05/01/2024	0.0%
Wisconsin Health & Educational Facilities Authorit	3.500%	08/01/2022	0.0%
Downtown Doral South Community Development Distric	3.875%	12/15/2023	0.0%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2023	0.0%
California County Tobacco Securitization Agency	1.750%	06/01/2030	0.0%
City of Sparks NV	2.500%	06/15/2024	0.0%
Industrial Development Authority of the City of Ph	5.000%	07/01/2023	0.0%
Montgomery County Industrial Development Authority	4.000%	01/01/2023	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/21/2021: $0.025
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2021	$0.00073	$15.92
Daily	Daily	07/31/2021	$0.00170	$15.95
Daily	Daily	06/30/2021	$0.00279	$15.91
Daily	Daily	05/31/2021	$0.00265	$15.91
Daily	Daily	04/30/2021	$0.00356	$15.90
Daily	Daily	03/31/2021	$0.00305	$15.86
Daily	Daily	02/28/2021	$0.00684	$15.84
Daily	Daily	01/31/2021	$0.00426	$15.96

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2021
Daily	Daily	10/31/2021
Daily	Daily	11/30/2021
Daily	Daily	12/31/2021

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/19/2013	12/20/2013	$0.0121	-	$0.0121	$15.71

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
12/21/2021	12/22/2021

Fees & Expenses

Expense Ratioas of 08/31/2021

Fund Gross Expense Ratio	Fund Net Expense Ratio
1.28%	1.27%

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2022. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Fund Documents

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n/a	Portfolio Holdings 1Q Publish Date:11/03/2015
n/a	Portfolio Holdings 3Q Publish Date:11/03/2015
	Summary Prospectus Publish Date:11/03/2015
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n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015

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The Short Duration Tax Free Fund A share rankings within the Lipper Short Municipal Debt Funds Funds Average as of 12/31/2019 for the one-year time period was 5% (6/136); five year, 26% (25/98); and 10-year, 20% (13/67). Source: Lipper Analytical Services. Lipper Funds Average ranking reflect all share classes within the category and are based on total return and do not reflect the effect of sales charges.

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

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

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

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

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

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

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

IMPORTANT INFORMATION

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. Debt securities are subject to credit risk, which is the risk that the issuer will fail to make timely payments of interest and principal to the Fund. The Fund may invest in high yield, lower-rated debt securities, sometimes called junk bonds and may involve greater risks than higher rated debt securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance. Past performance is no guarantee of future results.

Although the Short Duration Tax Free Fund may invest significantly in money market securities and their equivalents for investment purposes as well as for cash management purposes, it is not a money market fund and is not subject to the regulatory requirements applicable to money market funds.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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

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

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Bloomberg Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

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

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

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Securing a sustainable future forour clients, our people, and our world. Inspired by our mission, we are committed to creating long-term financial security for our clients, empowering our people, advancing our communities, and ensuring a vibrant future for our planet.

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Summary

Summary

What is the Short Duration Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in short-term investment grade municipal bonds.

EXPERIENCED TEAM, TRUSTED LEGACY

HIGH QUALITY, LOW DURATION

STRONG PERFORMANCE

Yield

Dividend Yield 1 as of 09/21/2021

30-Day Standardized Yield 2 as of 08/31/2021

Fund Basicsas of 08/31/2021

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

RELATED CONTENT

CREDIT QUALITY DISTRIBUTION as of 08/31/2021

INVESTMENT TEAM

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 09/21/2021

30-Day Standardized Yield 2 as of 08/31/2021

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

Fund Expense Ratio :

Gross 1.28%

Net 1.27%

NAV Historical Prices

Portfolio

Portfolio

CREDIT QUALITY DISTRIBUTION as of 08/31/2021

Portfolio Details as of 08/31/2021

HOLDINGS as of07/30/2021

Securing a sustainable future for
our clients, our people, and our world.

Inspired by our mission, we are committed to creating long-term financial security for our clients, empowering our people, advancing our communities, and ensuring a vibrant future for our planet.

Dividend Yield ¹ as of 09/21/2021

30-Day Standardized Yield ² as of 08/31/2021

Dividend Yield ¹ as of 09/21/2021

30-Day Standardized Yield ² as of 08/31/2021