Short Duration Tax Free Fund

LSDCX

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Daily price w/o sales charge as of 07/28/2021

$15.95

$0.01

YTD Returns w/o sales charge as of 07/28/2021

0.47%

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 07/28/2021

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.21%	0.20%

30-Day Standardized Yield ² as of 06/30/2021

0.00%

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

Fund Basicsas of 06/30/2021

Total Net Assets: $2.27 B
Inception Date: 12/31/2008
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.28%
Fund Net Expense Ratio: 1.27%
Number of Holdings: 455
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	0.21%	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%

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 06/30/2021

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

Contact a Representative

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Performance

Dividend Yield ¹ as of 07/28/2021

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.21%	0.20%

30-Day Standardized Yield ² as of 06/30/2021

	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	0.21%	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%

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%	-	-	0.47%
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
Healthcare/Hospital
Transportation
VRDN
GO State
Power
Housing
Education
Water & Sewer
Lease
Special Tax
Muni_Solid_Waste/Res_Recovery
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
TX
NJ
OH
CA
AL
MA
FL
CT
NC
VA
LA
AR
WV
GA
MD
IA
DE
KY
SC
TN
NM
MI
MO
IN
WI
CO
NE
MN
OR
ID
KS
AZ
WA
MS
NH
ND
HI
NV
OK
Puerto Rico
DC
WY
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 06/30/2021

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

Portfolio Details as of 06/30/2021

Total Net Assets: $2.27 B
Number of Issues: 455
Average Coupon: 3.1%
Average Effective Maturity: 4.6 Years
Average Effective Duration: 2.71 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	0.190%	09/01/2044	2.1%
State of Texas	4.000%	08/26/2021	1.4%
County of Mason WV	2.750%	10/01/2022	1.3%
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	1.1%
Auburn Enlarged City School District	1.500%	06/22/2022	1.0%
North Carolina Turnpike Authority	5.000%	02/01/2024	1.0%
North Carolina Medical Care Commission	2.200%	12/01/2048	1.0%

% of Total Assets			12.3%

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 of05/28/2021

Holding	Coupon	Maturity	Assets

Arkansas Development Finance Authority	0.200%	09/01/2044	2.1%
State of Texas	4.000%	08/26/2021	1.4%
Binghamton City School District	1.500%	06/25/2021	1.3%
County of Mason WV	2.750%	10/01/2022	1.3%
PEFA Inc	5.000%	09/01/2049	1.3%
State of California	5.000%	12/01/2027	1.2%
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%
Industrial Development Board of the City of Mobile	2.900%	07/15/2034	1.0%
Clyde-Savannah Central School District	1.250%	06/24/2021	1.0%
Geisinger Authority	5.000%	04/01/2043	0.9%
City of New York NY	0.180%	10/01/2046	0.9%
Lee Memorial Health System	0.130%	04/01/2049	0.8%
California Municipal Finance Authority	0.150%	09/01/2021	0.8%
Pittsburgh Water & Sewer Authority	0.700%	09/01/2040	0.8%
Main Street Natural Gas Inc	4.000%	03/01/2050	0.8%
Health Care Authority for Baptist Health/The	0.210%	11/01/2042	0.8%
Saranac Central School District	1.500%	07/15/2021	0.8%
City of Fall River MA	1.500%	02/04/2022	0.8%
Katy Independent School District	0.347%	08/15/2036	0.8%
Railsplitter Tobacco Settlement Authority	5.250%	06/01/2021	0.7%
City of Farmington NM	1.100%	06/01/2040	0.7%
County of Suffolk NY	2.000%	07/22/2021	0.7%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2025	0.7%
Nebraska Public Power District	0.600%	01/01/2051	0.7%
Louisiana Local Government Environmental Facilitie	0.875%	02/01/2046	0.7%
Buckeye Tobacco Settlement Financing Authority	5.000%	06/01/2029	0.7%
City of New York NY	0.020%	12/01/2047	0.7%
Black Belt Energy Gas District	4.000%	12/01/2049	0.6%
Medina Central School District	1.500%	07/16/2021	0.6%
Health & Educational Facilities Authority of the S	4.000%	05/01/2051	0.6%
City of New York NY	0.180%	04/01/2042	0.6%
Township of Moorestown NJ	2.500%	07/30/2021	0.6%
School District of Philadelphia/The	4.000%	06/30/2021	0.6%
San Antonio Water System	2.625%	05/01/2049	0.5%
South Carolina Transportation Infrastructure Bank	4.000%	10/01/2033	0.5%
Massena Central School District	1.500%	08/27/2021	0.5%
County of Nez Perce ID	2.750%	10/01/2024	0.5%
Wise County Industrial Development Authority	0.750%	10/01/2040	0.5%
New York State Housing Finance Agency	0.750%	11/01/2025	0.5%
Tennergy Corp/TN	4.000%	12/01/2051	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%
Corinth Central School District	1.500%	07/23/2021	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%
New York City Water & Sewer System	0.020%	06/15/2045	0.5%
State of Illinois	5.000%	11/01/2023	0.5%
Delaware State Economic Development Authority	1.250%	10/01/2045	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%
County of Erie NY	3.000%	06/24/2021	0.5%
Orlando Utilities Commission	1.250%	10/01/2046	0.5%
Chesapeake Bay Bridge & Tunnel District	5.000%	11/01/2023	0.5%
Delaware State Economic Development Authority	1.250%	10/01/2040	0.5%
Maryland Community Development Administration	3.500%	03/01/2050	0.5%
Long Island Power Authority	0.827%	05/01/2033	0.5%
City of New York NY	5.000%	06/01/2044	0.5%
City of New York NY	0.200%	04/01/2042	0.5%
University of North Carolina at Chapel Hill	0.423%	12/01/2041	0.5%
New Jersey Turnpike Authority	5.000%	01/01/2028	0.4%
State of New Jersey	5.000%	06/01/2026	0.4%
Colorado Health Facilities Authority	5.000%	08/01/2049	0.4%
Delaware Valley Regional Finance Authority	0.260%	11/01/2055	0.4%
Town of Orleans MA	1.500%	02/04/2022	0.4%
General Authority of Southcentral Pennsylvania	0.650%	06/01/2049	0.4%
Long Island Power Authority	0.850%	09/01/2050	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 Illinois	5.000%	06/15/2024	0.4%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2024	0.4%
State of Connecticut	5.000%	04/15/2025	0.4%
Illinois State Toll Highway Authority	5.000%	01/01/2024	0.4%
City of Chicago IL	5.000%	01/01/2027	0.4%
New Jersey Transportation Trust Fund Authority	5.000%	06/15/2023	0.4%
Northampton County General Purpose Authority	1.117%	08/15/2048	0.4%
Ohio Higher Educational Facility Commission	0.497%	10/01/2044	0.4%
State of Connecticut	5.000%	11/01/2022	0.4%
Binghamton City School District	1.500%	11/12/2021	0.4%
Harris County Cultural Education Facilities Financ	0.620%	12/01/2049	0.3%
Minnesota Housing Finance Agency	3.000%	01/01/2052	0.3%
City of New York NY	5.000%	08/01/2021	0.3%
Triborough Bridge & Tunnel Authority	0.120%	01/01/2032	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%
Maryland Health & Higher Educational Facilities Au	5.000%	07/01/2045	0.3%
City of Pittsfield MA	1.000%	02/25/2022	0.3%
Metropolitan Transportation Authority	5.000%	09/01/2022	0.3%
Parish of St Charles LA	4.000%	12/01/2040	0.3%
Triborough Bridge & Tunnel Authority	0.382%	01/01/2032	0.3%
California Infrastructure & Economic Development B	0.750%	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%
Commonwealth of Pennsylvania	5.000%	05/01/2027	0.3%
California Municipal Finance Authority	5.000%	11/01/2027	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%
State of Connecticut Special Tax Revenue	5.000%	01/01/2026	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%
Hospitals & Higher Education Facilities Authority	5.000%	07/01/2027	0.3%
Louisa Industrial Development Authority	0.750%	11/01/2035	0.3%
California Infrastructure & Economic Development B	0.400%	08/01/2047	0.3%
E-470 Public Highway Authority	0.481%	09/01/2039	0.3%
Southeast Energy Authority A Cooperative District	4.000%	11/01/2051	0.3%
Tennessee Housing Development Agency	3.000%	01/01/2051	0.3%
Kentucky Public Energy Authority	4.000%	12/01/2050	0.3%
Parish of St John the Baptist LA	2.125%	06/01/2037	0.3%
Michigan State Housing Development Authority	4.250%	12/01/2049	0.3%
Metropolitan Transportation Authority	5.000%	11/15/2033	0.3%
Commonwealth Financing Authority	5.000%	06/01/2024	0.3%
Connecticut Housing Finance Authority	4.000%	05/15/2049	0.3%
New Jersey Economic Development Authority	5.000%	03/01/2025	0.3%
Main Street Natural Gas Inc	5.000%	05/15/2025	0.3%
State of Maryland Department of Transportation	4.000%	09/01/2026	0.3%
York County Economic Development Authority	1.900%	05/01/2033	0.3%
Wise County Industrial Development Authority	1.200%	11/01/2040	0.3%
Northern California Energy Authority	4.000%	07/01/2049	0.3%
Chicago Board of Education	5.000%	12/01/2034	0.2%
Metropolitan Water Reclamation District of Greater	5.000%	12/01/2022	0.2%
North Dakota Housing Finance Agency	4.000%	01/01/2050	0.2%
Illinois Finance Authority	5.000%	05/15/2050	0.2%
Central Texas Regional Mobility Authority	5.000%	01/01/2027	0.2%
Allegheny County Hospital Development Authority	5.000%	07/15/2029	0.2%
State of New Jersey	2.000%	06/01/2027	0.2%
Berks County Municipal Authority/The	5.000%	02/01/2040	0.2%
Ohio Housing Finance Agency	4.500%	03/01/2050	0.2%
New Hampshire Business Finance Authority	2.800%	10/01/2033	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%
Development Authority of Appling County	0.070%	09/01/2041	0.2%
Borough of Wildwood Crest NJ	2.000%	03/17/2022	0.2%
Central Texas Regional Mobility Authority	4.000%	01/01/2022	0.2%
New Caney Independent School District	3.000%	02/15/2050	0.2%
State of Illinois	5.000%	03/01/2029	0.2%
Charles City County Economic Development Authority	2.875%	02/01/2029	0.2%
South Carolina State Housing Finance & Development	4.000%	01/01/2050	0.2%
Massachusetts Development Finance Agency	0.550%	07/01/2038	0.2%
Chicago Board of Education	5.000%	12/01/2031	0.2%
County of Miami-Dade FL	5.000%	06/01/2026	0.2%
New York State Housing Finance Agency	0.750%	11/01/2025	0.2%
Chicago O'Hare International Airport	5.000%	01/01/2031	0.2%
Missouri Housing Development Commission	4.250%	05/01/2047	0.2%
Allegheny County Industrial Development Authority	4.875%	11/01/2024	0.2%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2028	0.2%
Chicago Board of Education	4.000%	12/01/2021	0.2%
Western Placer Unified School District	2.000%	06/01/2025	0.2%
New Jersey Economic Development Authority	5.000%	06/15/2026	0.2%
State of Illinois	5.000%	03/01/2027	0.2%
North Carolina Housing Finance Agency	4.000%	01/01/2050	0.2%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2026	0.2%
Maryland Community Development Administration	4.000%	09/01/2049	0.2%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2025	0.2%
County of Cook IL	5.000%	11/15/2026	0.2%
Maricopa County Industrial Development Authority	0.620%	01/01/2035	0.2%
Minnesota Housing Finance Agency	4.250%	07/01/2049	0.2%
New Jersey Economic Development Authority	5.000%	06/15/2021	0.2%
New Jersey Transportation Trust Fund Authority	5.000%	06/15/2021	0.2%
Delaware Valley Regional Finance Authority	2.000%	10/01/2029	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%
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%
Illinois Finance Authority	5.000%	07/15/2057	0.2%
Chicago Board of Education	4.000%	12/01/2022	0.2%
City of Newark NJ	2.000%	10/05/2021	0.2%
Illinois Finance Authority	5.000%	02/15/2022	0.2%
California State Public Works Board	5.000%	10/01/2027	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%
Tompkins-Seneca-Tioga Board of Cooperative Educati	1.000%	06/30/2021	0.2%
Parish of St James LA	5.850%	08/01/2041	0.2%
Suffolk Tobacco Asset Securitization Corp	5.375%	06/01/2028	0.2%
City of Farmington NM	1.875%	04/01/2033	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%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2027	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%
Chicago Board of Education	4.000%	12/01/2022	0.2%
Chicago Board of Education	5.000%	12/01/2023	0.2%
State of Connecticut Special Tax Revenue	5.000%	05/01/2027	0.2%
Texas Private Activity Bond Surface Transportation	4.000%	12/31/2030	0.2%
New York City Transitional Finance Authority Futur	0.020%	05/01/2034	0.2%
State of Connecticut Special Tax Revenue	5.000%	10/01/2022	0.2%
Louisiana Offshore Terminal Authority	1.650%	09/01/2027	0.2%
State of Illinois	5.000%	11/01/2025	0.2%
Chicago Board of Education	4.000%	12/01/2021	0.2%
New Jersey Economic Development Authority	5.000%	11/01/2022	0.2%
State of Connecticut	5.000%	06/15/2022	0.2%
City of New York NY	5.000%	10/01/2033	0.2%
Kentucky Public Energy Authority	4.000%	04/01/2048	0.2%
E-470 Public Highway Authority	0.380%	09/01/2039	0.2%
Texas Municipal Gas Acquisition & Supply Corp III	5.000%	12/15/2023	0.2%
State of Illinois	5.250%	02/01/2030	0.2%
New Jersey Health Care Facilities Financing Author	5.750%	07/01/2037	0.2%
University of California	4.250%	05/15/2039	0.2%
State of Illinois	5.375%	05/01/2023	0.1%
New York City Educational Construction Fund	5.000%	04/01/2026	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%
County of Escambia FL	2.600%	06/01/2023	0.1%
Industrial Development Board of the City of Mobile	1.000%	06/01/2034	0.1%
State of Illinois	5.000%	03/01/2028	0.1%
West Virginia Economic Development Authority	2.625%	12/01/2042	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%
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%
Michigan Finance Authority	5.000%	12/01/2026	0.1%
City of Atlantic Beach FL	3.000%	11/15/2023	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%
State of Connecticut Special Tax Revenue	5.000%	05/01/2025	0.1%
American Municipal Power Inc	5.250%	02/15/2030	0.1%
Chicago O'Hare International Airport	5.000%	01/01/2029	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%
Illinois Finance Authority	5.000%	08/15/2028	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2028	0.1%
New York City Industrial Development Agency	5.000%	03/01/2029	0.1%
City of Philadelphia PA	5.000%	02/01/2028	0.1%
City of Philadelphia PA	5.000%	02/01/2025	0.1%
County of Cook IL	5.000%	11/15/2027	0.1%
New Jersey Turnpike Authority	2.207%	01/01/2030	0.1%
Bay Area Toll Authority	1.300%	04/01/2036	0.1%
New Jersey Economic Development Authority	5.000%	03/01/2022	0.1%
Commonwealth Financing Authority	5.000%	06/01/2022	0.1%
Village Community Development District No 13	1.875%	05/01/2025	0.1%
Chicago Transit Authority	5.000%	06/01/2025	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2028	0.1%
Chicago Board of Education	5.000%	12/01/2033	0.1%
Massachusetts Development Finance Agency	5.000%	07/01/2024	0.1%
California Statewide Communities Development Autho	3.000%	07/01/2027	0.1%
Clifton Higher Education Finance Corp	5.250%	08/15/2028	0.1%
New York State Dormitory Authority	5.000%	09/01/2029	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%
Wisconsin Housing & Economic Development Authority	0.500%	11/01/2050	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%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.000%	07/01/2022	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2022	0.1%
West Virginia Economic Development Authority	2.550%	03/01/2040	0.1%
City of Chicago IL Wastewater Transmission Revenue	5.000%	01/01/2022	0.1%
New York City Industrial Development Agency	3.499%	03/01/2026	0.1%
New York City Industrial Development Agency	5.000%	03/01/2030	0.1%
Ohio Air Quality Development Authority	1.900%	05/01/2026	0.1%
Ohio Higher Educational Facility Commission	2.963%	12/01/2022	0.1%
Parish of St John the Baptist LA	2.200%	06/01/2037	0.1%
Western Placer Unified School District	2.000%	06/01/2025	0.1%
New York State Dormitory Authority	5.000%	07/01/2021	0.1%
Pennsylvania Higher Educational Facilities Authori	5.000%	08/15/2028	0.1%
City of Rockport IN	1.350%	07/01/2025	0.1%
Louisiana Offshore Terminal Authority	2.000%	10/01/2040	0.1%
Washington Health Care Facilities Authority	1.450%	01/01/2035	0.1%
E-470 Public Highway Authority	1.110%	09/01/2039	0.1%
Kentucky Public Energy Authority	4.000%	01/01/2049	0.1%
New York City Housing Development Corp	0.700%	05/01/2060	0.1%
California Housing Finance	4.000%	03/20/2033	0.1%
New York State Dormitory Authority	5.000%	10/01/2025	0.1%
Tobacco Settlement Financing Corp	3.200%	06/01/2027	0.1%
City of Chicago IL	5.250%	01/01/2027	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%
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%
North Carolina Turnpike Authority	5.000%	01/01/2028	0.1%
State of Connecticut	5.000%	09/15/2030	0.1%
Matagorda County Navigation District No 1	4.400%	05/01/2030	0.1%
New York Transportation Development Corp	5.000%	12/01/2028	0.1%
Gloucester County Improvement Authority/The	0.600%	03/01/2024	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2021	0.1%
Kentucky Municipal Power Agency	3.450%	09/01/2042	0.1%
Wappingers Central School District	2.000%	08/12/2021	0.1%
City of Lenexa KS	5.000%	05/15/2022	0.1%
New York State Dormitory Authority	4.000%	12/01/2021	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 State Dormitory Authority	5.000%	08/01/2024	0.1%
New York City Industrial Development Agency	5.000%	03/01/2028	0.1%
Industrial Development Authority of the County of	3.500%	07/01/2025	0.1%
Triborough Bridge & Tunnel Authority	5.500%	11/15/2021	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2023	0.1%
Southeastern Ohio Port Authority	5.000%	12/01/2022	0.1%
California Municipal Finance Authority	5.000%	07/01/2026	0.1%
Kentucky Economic Development Finance Authority	5.000%	06/01/2025	0.1%
Central Plains Energy Project	5.000%	09/01/2027	0.1%
Pennsylvania Higher Educational Facilities Authori	5.000%	08/15/2027	0.1%
Public Finance Authority	5.000%	12/01/2027	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%
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%
Capital Trust Agency Inc	4.000%	06/15/2029	0.1%
Rangely Hospital District	4.500%	11/01/2021	0.1%
School District of Philadelphia/The	5.000%	09/01/2021	0.1%
TSASC Inc/NY	5.000%	06/01/2021	0.1%
City Of South Miami Health Facilities Authority In	5.000%	08/15/2023	0.1%
Matagorda County Navigation District No 1	2.600%	11/01/2029	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2025	0.1%
New Jersey Economic Development Authority	5.000%	06/15/2025	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%
Tuscaloosa County Industrial Development Authority	4.500%	05/01/2032	0.1%
University of California	5.000%	05/15/2024	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	12/15/2023	0.1%
School District of Philadelphia/The	5.000%	09/01/2025	0.1%
Bay Area Toll Authority	4.000%	04/01/2029	0.1%
California County Tobacco Securitization Agency	5.000%	06/01/2026	0.1%
Montgomery County Higher Education and Health Auth	5.000%	09/01/2026	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2028	0.1%
School District of Philadelphia/The	5.000%	09/01/2023	0.1%
City of Chicago IL	5.250%	01/01/2023	0.1%
Hospital Facilities Authority of Multnomah County	5.000%	10/01/2024	0.1%
Cleveland Department of Public Utilities Division	5.000%	11/15/2029	0.1%
Massachusetts Development Finance Agency	5.000%	07/01/2022	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%
Washington State Housing Finance Commission	2.375%	01/01/2026	0.1%
Clark County School District	5.000%	06/15/2027	0.1%
Commonwealth Financing Authority	5.000%	06/01/2023	0.1%
District of Columbia	5.000%	07/15/2021	0.1%
New York City Industrial Development Agency	5.000%	01/01/2027	0.1%
Regional Transportation District	5.000%	07/15/2027	0.1%
Virginia Small Business Financing Authority	5.000%	01/01/2027	0.1%
City of Philadelphia PA	5.000%	02/01/2026	0.1%
School District of Philadelphia/The	5.000%	09/01/2022	0.1%
Oswego City School District	1.500%	07/23/2021	0.1%
New York Transportation Development Corp	5.000%	12/01/2024	0.1%
Iowa Finance Authority	3.125%	12/01/2022	0.1%
Johnson City Central School District	1.500%	08/06/2021	0.1%
Oneida County Local Development Corp	5.000%	12/01/2028	0.1%
City of Lenexa KS	5.000%	05/15/2025	0.1%
Illinois Finance Authority	5.000%	05/15/2025	0.1%
New York City Industrial Development Agency	5.000%	01/01/2029	0.1%
Oneida County Local Development Corp	5.000%	12/01/2029	0.1%
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%
Troy Capital Resource Corp	5.000%	08/01/2022	0.0%
School District of Philadelphia/The	5.000%	09/01/2024	0.0%
Mississippi Business Finance Corp	1.550%	11/01/2032	0.0%
Regional Transportation District	3.000%	01/15/2026	0.0%
State of Connecticut Special Tax Revenue	5.000%	05/01/2025	0.0%
Virginia Small Business Financing Authority	5.000%	01/01/2023	0.0%
Massachusetts Development Finance Agency	5.000%	07/01/2025	0.0%
New Jersey Economic Development Authority	5.000%	06/15/2022	0.0%
Oklahoma Development Finance Authority	5.000%	08/15/2026	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%
Territory of Guam	5.000%	01/01/2029	0.0%
New Jersey Health Care Facilities Financing Author	5.000%	07/01/2021	0.0%
Philadelphia Gas Works Co	5.000%	08/01/2024	0.0%
Iowa Tobacco Settlement Authority	0.375%	06/01/2030	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%
North Carolina Medical Care Commission	5.000%	10/01/2023	0.0%
Illinois Finance Authority	5.000%	09/01/2029	0.0%
California Municipal Finance Authority	5.000%	08/01/2022	0.0%
Maricopa County Industrial Development Authority	5.000%	09/01/2022	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%
Maricopa County Industrial Development Authority	5.000%	09/01/2021	0.0%
California County Tobacco Securitization Agency	1.750%	06/01/2030	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%
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%
Massachusetts Development Finance Agency	4.000%	07/01/2021	0.0%
California County Tobacco Securitization Agency	5.000%	06/01/2024	0.0%
Massachusetts Development Finance Agency	5.000%	07/01/2023	0.0%
Long Island Power Authority	5.000%	09/01/2027	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%
Clark County School District	5.000%	06/15/2026	0.0%
Long Island Power Authority	5.000%	09/01/2026	0.0%
City of Santa Fe NM	2.250%	05/15/2024	0.0%
Commonwealth of Pennsylvania	5.000%	07/01/2025	0.0%
State of Ohio	5.000%	01/15/2026	0.0%
State of Ohio	4.000%	01/15/2028	0.0%
School District of Philadelphia/The	5.000%	09/01/2022	0.0%
Tulsa County Industrial Authority	5.000%	11/15/2026	0.0%
Maricopa County Industrial Development Authority	4.000%	07/01/2029	0.0%
Commonwealth of Pennsylvania	5.000%	07/01/2023	0.0%
Franklin County Industrial Development Authority/P	5.000%	12/01/2023	0.0%
New Jersey Building Authority	5.000%	06/15/2022	0.0%
School District of Philadelphia/The	5.000%	09/01/2023	0.0%
Illinois Finance Authority	5.000%	09/01/2022	0.0%
Massachusetts Development Finance Agency	4.000%	07/01/2022	0.0%
Michigan Finance Authority	5.000%	07/01/2022	0.0%
Illinois Finance Authority	5.000%	09/01/2021	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%
Florida Higher Educational Facilities Financial Au	5.000%	03/01/2023	0.0%
Troy Capital Resource Corp	5.000%	08/01/2021	0.0%
County of Laramie WY	4.000%	05/01/2027	0.0%
Michigan Finance Authority	5.000%	07/01/2021	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%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2022	0.0%
City of Sparks NV	2.750%	06/15/2028	0.0%
State of Ohio	5.000%	01/15/2027	0.0%
County of Laramie WY	4.000%	05/01/2025	0.0%
Wisconsin Health & Educational Facilities Authorit	3.500%	08/01/2022	0.0%
County of Laramie WY	4.000%	05/01/2026	0.0%
Peninsula Town Center Community Development Author	4.000%	09/01/2023	0.0%
Industrial Development Authority of the City of Ph	5.000%	07/01/2026	0.0%
Montgomery County Industrial Development Authority	4.000%	01/01/2023	0.0%
Village Community Development District No 13	2.625%	05/01/2024	0.0%
Downtown Doral South Community Development Distric	3.875%	12/15/2023	0.0%
Pennsylvania Turnpike Commission	5.000%	12/01/2025	0.0%
Allentown Neighborhood Improvement Zone Developmen	5.000%	05/01/2023	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%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 07/28/2021: $0.023
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	07/31/2021
Daily	Daily	08/31/2021
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 06/30/2021

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 07/28/2021

30-Day Standardized Yield 2 as of 06/30/2021

Fund Basicsas of 06/30/2021

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 06/30/2021

INVESTMENT TEAM

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 07/28/2021

30-Day Standardized Yield 2 as of 06/30/2021

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 06/30/2021

Portfolio Details as of 06/30/2021

HOLDINGS as of05/28/2021

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 07/28/2021

30-Day Standardized Yield ² as of 06/30/2021

Dividend Yield ¹ as of 07/28/2021

30-Day Standardized Yield ² as of 06/30/2021