Short Duration Tax Free Fund

LSDAX

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Daily price w/o sales charge as of 11/20/2019

$15.79

$0.01

YTD Returns w/o sales charge as of 11/20/2019

3.81%

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.

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

STRONG PERFORMANCE

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

Yield

Dividend Yield ¹ as of 11/20/2019

	Subsidized³	Un-Subsidized⁴
w/o sales charge	1.73%	1.72%
w/ sales charge	1.69%	1.68%

30-Day Standardized Yield ² as of 10/31/2019

1.14%

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

Fund Basicsas of 10/31/2019

Total Net Assets: $1.48 B
Inception Date: 12/31/2008
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 334
Minimum Initial Investment: $1,000+

Expense Ratioas of 10/31/2019

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 01/31/2020. 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 Expense Ratio :

Gross 0.66%

Net 0.65%

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

w/o sales charge	3.71%	4.55%	1.61%	1.26%	1.66%	2.02%
Lipper Category Avg. Short Municipal Debt Funds	2.42%	3.15%	1.39%	1.05%	1.23%	-
Bloomberg Barclays Municipal Bond: Muni Short (1-5)	3.22%	4.41%	1.87%	1.53%	1.84%	2.11%
w/ sales charge	1.35%	2.23%	0.85%	0.80%	1.43%	1.80%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

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

w/o sales charge	3.49%	4.15%	1.46%	1.26%	1.60%	2.01%
Lipper Category Avg. Short Municipal Debt Funds	2.22%	2.90%	1.29%	1.04%	1.17%	-
Bloomberg Barclays Municipal Bond: Muni Short (1-5)	2.79%	3.93%	1.69%	1.47%	1.77%	2.08%
w/ sales charge	1.14%	1.77%	0.70%	0.80%	1.37%	1.80%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

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

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. 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

32 Years of Industry Experience

Daniel T. Vande Velde

Partner & Portfolio Manager

29 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 11/20/2019

	Subsidized³	Un-Subsidized⁴
w/o sales charge	1.73%	1.72%
w/ sales charge	1.69%	1.68%

30-Day Standardized Yield ² as of 10/31/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.14%	1.14%

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

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

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

w/o sales charge	3.71%	4.55%	1.61%	1.26%	1.66%	2.02%
Lipper Category Avg. Short Municipal Debt Funds	2.42%	3.15%	1.39%	1.05%	1.23%	-
Bloomberg Barclays Municipal Bond: Muni Short (1-5)	3.22%	4.41%	1.87%	1.53%	1.84%	2.11%
w/ sales charge	1.35%	2.23%	0.85%	0.80%	1.43%	1.80%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

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

w/o sales charge	3.49%	4.15%	1.46%	1.26%	1.60%	2.01%
Lipper Category Avg. Short Municipal Debt Funds	2.22%	2.90%	1.29%	1.04%	1.17%	-
Bloomberg Barclays Municipal Bond: Muni Short (1-5)	2.79%	3.93%	1.69%	1.47%	1.77%	2.08%
w/ sales charge	1.14%	1.77%	0.70%	0.80%	1.37%	1.80%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond: Muni Short (1-5)

2018	1.10%	1.77%
2017	1.64%	1.61%
2016	-0.66%	0.07%
2015	0.71%	1.21%
2014	1.58%	1.31%
2013	0.02%	1.14%
2012	2.16%	1.73%
2011	3.46%	3.45%
2010	2.17%	1.87%
2009	6.14%	5.55%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	1.51%	1.24%	0.71%	-	3.81%
2018	-0.13%	0.51%	0.08%	0.63%	1.10%
2017	0.92%	0.73%	0.40%	-0.42%	1.64%
2016	0.52%	0.60%	0.01%	-1.77%	-0.66%
2015	0.31%	-0.25%	0.52%	0.14%	0.71%
2014	0.57%	0.56%	0.39%	0.06%	1.58%
2013	0.54%	-1.01%	0.17%	0.32%	0.02%
2012	0.75%	0.64%	0.74%	0.02%	2.16%
2011	0.53%	1.42%	0.97%	0.50%	3.46%
2010	0.49%	0.95%	1.36%	-0.63%	2.17%
2009	2.36%	0.99%	2.26%	0.41%	6.14%

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

Growth of $10,000 as of 10/31/2019

The chart begins on the Fund's inception date of 12/31/2008.

Based on a hypothetical Class A share investment of $10,000 on 12/31/2008 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Sector	Assets
IDR/PCR
Healthcare/Hospital
VRDN
GO Local
Transportation
GO State
Lease
Housing
Power
Education
Special Tax
Water & Sewer
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
IL
NY
PA
NJ
CA
TX
WV
OH
CT
AL
KY
MD
NC
VA
MA
TN
GA
IN
CO
LA
FL
AZ
MS
AR
ID
MN
OR
IA
MO
AK
WI
ND
MI
SC
HI
WA
NH
NM
KS
OK
Puerto Rico
NE
DIST. OF COLUMBIA

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 09/30/2019

The portfolio is overweight bonds maturing in less than one year. These positions represent a sizable weighting in variable rate demand notes which typically exhibit low volatility and strong liquidity. These securities are always priced at par, and therefore, do not have the duration risk of fixed coupon bonds. The portfolio maintains a general underweight to longer maturities. For maturities longer than one year, the portfolio is focused on the 2- to 4-year range.
The portfolio is overweight lower rated investment grade bonds due to solid credit fundamentals and relatively attractive credit spreads.
The portfolio continues to maintain an overweight to revenue bonds, specifically in the health care and industrial development sectors given their dedicated income streams and favorable return prospects.

Portfolio Details as of 10/31/2019

Total Net Assets: $1.48 B
Number of Issues: 334
Average Coupon: 3.6%
Average Effective Maturity: 4.5 Years
Average Effective Duration: 2.72 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

Mason County Pollution Control - Appalachian Power Co	2.750%	10/01/2022	1.9%
West Virginia Hsp Auth - WVA University Health System	1.330%	06/01/2033	1.8%
New York City Transitional Finance Auth - Future Tax	1.300%	05/01/2034	1.7%
Mobile Ind Dev - Alabama Power	2.900%	07/15/2034	1.4%
City of Fall River General Obligation	3.500%	02/07/2020	1.4%
New York City Water & Sewer Auth	1.220%	06/15/2045	1.4%
Katy Independent School District	1.562%	08/15/2036	1.2%
Ohio State Hsp Facs - Cleveland Clinic Health System	1.200%	01/01/2052	1.2%
Railsplitter Illinois Tobacco Settlement Authority	5.250%	06/01/2021	1.2%
Kentucky Public Energy Auth Gas Supply - Morgan Stanley	4.000%	04/01/2048	1.1%

% of Total Assets			14.3%

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 of09/30/2019

Holding	Coupon	Maturity	Assets

Mason County Pollution Control - Appalachian Power Co	2.750%	10/01/2022	2.0%
New York City Transitional Finance Auth - Future Tax	1.650%	05/01/2034	1.9%
West Virginia Hsp Auth - WVA University Health System	1.770%	06/01/2033	1.8%
Mobile Ind Dev - Alabama Power	2.900%	07/15/2034	1.4%
City of Fall River General Obligation	3.500%	02/07/2020	1.4%
Ohio State Hsp Facs - Cleveland Clinic Health System	1.670%	01/01/2052	1.4%
New York City Mun Fin Auth	1.690%	06/15/2045	1.2%
Katy Independent School District	1.638%	08/15/2036	1.2%
Railsplitter Illinois Tobacco Settlement Authority	5.250%	06/01/2021	1.2%
Kentucky Public Energy Auth Gas Supply - Morgan Stanley	4.000%	04/01/2048	1.2%
New York Metropolitan Transportation Authority	5.000%	05/15/2021	1.1%
Southeast Alabama Gas Supply District/The	4.000%	04/01/2049	1.1%
North Carolina Medical Care Comm	2.200%	12/01/2048	1.1%
AR Development Finance Auth - Baptist Memorial Health	2.030%	09/01/2044	1.0%
Illinois State General Obligation	5.000%	08/01/2020	1.0%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2025	1.0%
Wise Cnty Indus Dev Auth, VA	2.150%	10/01/2040	0.9%
Pennsylvania	5.000%	07/15/2029	0.9%
Montgomery Cnty Indus Dev Auth, PA	2.500%	10/01/2030	0.8%
New York City Transitional Fin Auth	1.520%	11/01/2022	0.8%
Nez Perce County - Potlatch Corporation	2.750%	10/01/2024	0.8%
Grand Parkway Transportation Corp	5.000%	02/01/2023	0.8%
County of Carroll KY	1.550%	09/01/2042	0.8%
Illinois, IL	5.000%	11/01/2023	0.8%
Illinois, IL	5.250%	02/01/2032	0.8%
New York City General Obligation	1.520%	03/01/2034	0.8%
Bay Area Toll Auth, CA	2.019%	04/01/2045	0.8%
Oregon State Business Development Commission	2.400%	12/01/2040	0.8%
Lehigh County Industrial Development Authority	1.800%	02/15/2027	0.7%
Valdez, AK	5.000%	01/01/2021	0.7%
California	5.000%	09/01/2020	0.7%
Kentucky Public Energy Auth	4.000%	01/01/2049	0.7%
Chesapeake Bay Bridge & Tunnel District	5.000%	11/01/2023	0.7%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage	1.770%	07/01/2047	0.7%
New Jersey Transp Tr Fnd Auth	2.780%	06/15/2034	0.7%
Long Island Pwr Auth, NY	2.172%	05/01/2033	0.7%
The Bd of Governors of the Univ of North Carolina	1.711%	12/01/2041	0.7%
Washington Hlthcare Facs Auth	5.000%	08/01/2049	0.7%
St Charles Parish, LA	4.000%	12/01/2040	0.6%
Southcentral General Auth	2.180%	06/01/2049	0.6%
Main Street Natural Gas, Inc.	4.000%	04/01/2048	0.6%
County of Prince George's MD	4.000%	08/01/2031	0.6%
Connecticut	5.000%	04/15/2025	0.6%
Connecticut	5.000%	11/01/2022	0.6%
Colorado Hlth Facs Auth	5.000%	08/01/2049	0.6%
Illinois St Toll Hwy Auth	5.000%	01/01/2024	0.6%
San Antonio, TX	2.750%	02/01/2048	0.6%
PEFA Inc	5.000%	09/01/2049	0.6%
Illinois, IL	5.000%	06/15/2024	0.6%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2024	0.6%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2023	0.6%
Parish of St. John Baptist, LA	2.100%	06/01/2037	0.6%
California	2.111%	12/01/2028	0.6%
Northhampton Cnty Gen Purp Auth, PA	2.462%	08/15/2048	0.6%
Ohio Hgr Edl Fac Comm	1.842%	10/01/2044	0.6%
New York City	5.000%	08/01/2021	0.6%
Maricopa Cnty Poll Cntrl Corp., AZ	2.400%	06/01/2043	0.5%
California Infrastr & Econ Dev Bnk	1.839%	04/01/2038	0.5%
Municipal Elec Auth of Georgia	5.000%	01/01/2021	0.5%
Tusaloosa Ind Dev Auth - Hunt Refining Co	4.500%	05/01/2032	0.5%
Mississippi Hosp Equip & Facs Auth	2.880%	08/15/2036	0.5%
Cook Cnty, IL	5.250%	11/15/2033	0.5%
Michigan St Hsg Dev Auth	4.250%	12/01/2049	0.5%
Chicago, IL	5.000%	01/01/2021	0.5%
American Muni Pwr, Inc., OH	2.250%	02/15/2048	0.5%
Illinois Fin Auth	1.875%	02/01/2033	0.5%
Tennessee Energy Acquisition Corp.	4.000%	05/01/2048	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2022	0.4%
Chicago, IL	5.000%	11/01/2022	0.4%
Connecticut Hsg Fin Auth	4.000%	05/15/2049	0.4%
Connecticut	5.000%	10/15/2026	0.4%
New York City Transitional Fin Auth	1.650%	11/01/2044	0.4%
Connecticut	5.000%	01/01/2026	0.4%
Illinois, IL	5.000%	11/01/2026	0.4%
New Jersey Hlthcare Facs Fing Auth	1.870%	07/01/2038	0.4%
Monroe Cnty Dev Auth, GA	2.000%	09/01/2037	0.4%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2027	0.4%
E-470 Pub Hwy Auth, CO	1.791%	09/01/2039	0.4%
Commonwealth Financing Authority	5.000%	06/01/2024	0.4%
Missouri Hsg Dev Comm	4.250%	05/01/2047	0.4%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2028	0.4%
New Jersey Econ Dev Auth	5.000%	03/01/2025	0.4%
Main Street Natural Gas, Inc.	5.000%	05/15/2025	0.4%
Scranton School District/PA	2.231%	04/01/2031	0.4%
Metropolitan Wtr Reclamation Dist of Greater Chica	5.000%	12/01/2022	0.4%
North Dakota Housing Finance Agency	4.000%	01/01/2050	0.4%
Ohio Housing Finance Agency	4.500%	03/01/2050	0.4%
York Cnty Econ Dev Auth, VA	1.900%	05/01/2033	0.4%
Maryland Dept of Transp	4.000%	09/01/2026	0.4%
South Carolina State Housing Finance & Development	4.000%	01/01/2050	0.4%
North Carolina Hsg Fin Agy	4.000%	01/01/2050	0.4%
Hawaii	5.000%	11/01/2021	0.4%
Maryland Community Development Administration	4.000%	09/01/2049	0.4%
Northern California Energy Authority	4.000%	07/01/2049	0.4%
Minnesota Hsg Fin Agy	4.250%	07/01/2049	0.4%
NJ Tobacco Settlement Fin Corp	3.200%	06/01/2027	0.4%
Illinois Fin Auth	5.000%	02/15/2021	0.4%
Connecticut	5.000%	08/15/2021	0.4%
California St Univ	5.000%	11/01/2020	0.4%
New Hampshire Bus Fin Auth	2.800%	10/01/2033	0.4%
San Antonio Water System	2.625%	05/01/2049	0.4%
Central Texas Regl Mobility Auth, TX	4.000%	01/01/2022	0.4%
Allegheny Cnty Hosp Dev Auth, PA	5.000%	07/15/2029	0.4%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2045	0.4%
New Caney Independent School District	3.000%	02/15/2050	0.4%
Univ of Missouri Bd of Curator	5.000%	11/01/2019	0.4%
New Jersey Tpk Auth	5.000%	01/01/2020	0.4%
Louisa Cnty Indus Dev Auth, VA	1.900%	11/01/2035	0.4%
Montgomery Cnty Indus Dev Auth, PA	2.550%	06/01/2029	0.4%
Louisville & Jefferson Cnty Metro Govt	1.850%	10/01/2033	0.4%
California Hlth Facs Fing Auth	5.000%	07/01/2043	0.4%
City of West Fargo ND	2.150%	05/01/2021	0.3%
Maricopa Cnty Indus Dev Auth, AZ	2.150%	01/01/2035	0.3%
Massachusetts Dev Fin Agy	2.080%	07/01/2038	0.3%
Chicago Brd of Ed	4.000%	12/01/2021	0.3%
New York City Transitional Fin Auth	1.500%	08/01/2042	0.3%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2026	0.3%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2021	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2021	0.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2026	0.3%
Wisconsin Hlth & Edl Facs Auth	2.080%	08/01/2026	0.3%
SA Energy Acquisition Pub Fac Corp.	5.500%	08/01/2021	0.3%
California Statewide Comntys Dev Auth	3.000%	07/01/2026	0.3%
Rangely Hosp Dist	4.500%	11/01/2021	0.3%
Illinois Fin Auth	5.000%	07/15/2057	0.3%
Montgomery County Public Building Authority	1.630%	11/01/2027	0.3%
Warren Cnty, MS	2.900%	09/01/2032	0.3%
Illinois Fin Auth	5.000%	02/15/2022	0.3%
Indianapolis Local Pub Impt Bnd Bank	5.000%	06/01/2022	0.3%
Chicago Brd of Ed	4.000%	12/01/2022	0.3%
California State Pub Wks Bd	5.000%	10/01/2027	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.3%
Farmington, NM	1.875%	04/01/2033	0.3%
Chicago Brd of Ed	5.000%	12/01/2022	0.3%
Washington Hlthcare Facs Auth	2.471%	01/01/2042	0.3%
California Infrastr & Econ Dev Bnk	2.088%	12/01/2050	0.3%
New Jersey Tpk Auth	5.000%	01/01/2027	0.3%
California Poll Cntrl Fin Auth	1.350%	08/01/2024	0.3%
Long Island Pwr Auth, NY	1.650%	09/01/2049	0.3%
New Jersey Economic Development Authority	5.000%	03/01/2023	0.3%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	1.700%	12/01/2020	0.3%
Connecticut	5.000%	10/01/2022	0.3%
Chicago Brd of Ed	4.000%	12/01/2022	0.3%
Rockport, IN	3.050%	06/01/2025	0.3%
Chicago Brd of Ed	5.000%	12/01/2023	0.3%
New Jersey Econ Dev Auth	4.000%	07/01/2022	0.3%
New Jersey Econ Dev Auth	5.000%	11/01/2022	0.3%
Maryland Eco Dev Corp - CNX Marine Terminals	5.750%	09/01/2025	0.2%
Connecticut	5.000%	06/15/2022	0.2%
New York City	5.000%	10/01/2033	0.2%
Chicago Brd of Ed	4.000%	12/01/2021	0.2%
Wisconsin Hlth & Edl Facs Auth	2.650%	11/01/2020	0.2%
Hammond Local Public Impt Bnd Bank , IN	3.100%	12/31/2019	0.2%
Illinois, IL	5.250%	02/01/2030	0.2%
Southeastern Ohio Port Auth	5.000%	12/01/2022	0.2%
Port Authority of NY & NJ - JFK International Airport	5.000%	12/01/2020	0.2%
Lee Memorial Health System	5.000%	04/01/2025	0.2%
Illinois, IL	5.000%	02/01/2021	0.2%
Escambia Cnty, FL	2.600%	06/01/2023	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2020	0.2%
West Virginia Econ Dev Auth, WV	2.625%	12/01/2042	0.2%
Chicago, IL	5.000%	11/01/2028	0.2%
Chicago Brd of Ed	4.000%	12/01/2020	0.2%
Allegheny Cnty Hosp Dev Auth, PA	5.000%	04/01/2026	0.2%
Ohio Air Qlty Dev Auth	2.400%	12/01/2038	0.2%
Mississippi Hosp Equip & Facs Auth	1.800%	09/01/2022	0.2%
City of Atlantic Beach, FL	3.000%	11/15/2023	0.2%
Michigan Fin Auth	5.000%	12/01/2026	0.2%
North Carolina Hsg Fin Agy	4.000%	01/01/2050	0.2%
American Muni Pwr, Inc., OH	5.250%	02/15/2030	0.2%
Monroeville Finance Authority	3.000%	02/15/2023	0.2%
Selma Indus Dev Bd, AL	2.000%	11/01/2033	0.2%
Kanabec Hospital	2.750%	12/01/2019	0.2%
Philadelphia Sch Dist, PA	5.000%	09/01/2020	0.2%
Denver City & Cnty Dept of Aviation, CO	2.282%	11/15/2031	0.2%
Philadelphia, PA	5.000%	02/01/2025	0.2%
Philadelphia, PA	5.000%	02/01/2028	0.2%
New Jersey Tpk Auth	2.172%	01/01/2030	0.2%
New York City Transitional Fin Auth	1.700%	11/01/2022	0.2%
NJ Eco Dev Auth - School Facilities	5.000%	03/01/2022	0.2%
Commonwealth Financing Authority	5.000%	06/01/2022	0.2%
Chicago Transit Auth, IL	5.000%	06/01/2025	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2024	0.2%
Montgomery Cnty Hgr Ed & Hlth Auth, PA	5.000%	09/01/2028	0.2%
California Statewide Comntys Dev Auth	3.000%	07/01/2027	0.2%
Iowa Fin Auth	3.125%	12/01/2022	0.2%
Pub Fin Auth	5.000%	12/01/2027	0.2%
Jefferson Cnty, AL	5.000%	09/15/2023	0.2%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2022	0.2%
Successor Agy to the Brea Redev Agy, CA	5.000%	08/01/2020	0.2%
Duluth Econ Dev Auth, MN	4.750%	06/15/2022	0.2%
Chicago, IL	5.000%	01/01/2022	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2021	0.1%
Clifton Hgr Ed Fin Corp., TX	5.250%	08/15/2028	0.1%
Rockport, IN	1.350%	07/01/2025	0.1%
Puerto Rico Aqueduct & Swr Auth	5.000%	07/01/2022	0.1%
Tempe Industrial Development Authority	4.000%	10/01/2023	0.1%
West Virginia Econ Dev Auth, WV	2.550%	03/01/2040	0.1%
New York City Mun Fin Auth	1.580%	06/15/2049	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/15/2021	0.1%
Philadelphia, PA	5.000%	08/01/2020	0.1%
Montgomery Cnty Indus Dev Auth, PA	4.000%	01/01/2023	0.1%
Ohio Hgr Edl Fac Comm	2.963%	12/01/2022	0.1%
Louisiana Offshore Term Auth	2.000%	10/01/2040	0.1%
E-470 Pub Hwy Auth, CO	2.421%	09/01/2039	0.1%
California	2.171%	12/01/2031	0.1%
Rockport, IN	1.350%	07/01/2025	0.1%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2041	0.1%
Chicago, IL	5.250%	01/01/2027	0.1%
California State Pub Wks Bd	5.000%	10/01/2026	0.1%
Connecticut	5.000%	09/15/2030	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2021	0.1%
City of Lenexa KS	5.000%	05/15/2022	0.1%
Montgomery Cnty Hgr Ed & Hlth Auth, PA	5.000%	09/01/2027	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2028	0.1%
Triborough Br & Tunnel Auth, NY	5.500%	11/15/2021	0.1%
Clifton Hgr Ed Fin Corp., TX	5.250%	08/15/2026	0.1%
Dorm Auth of the St of New York	4.000%	12/01/2021	0.1%
Kentucky Mun Pwr Agy	3.450%	09/01/2042	0.1%
Multnomah Cnty Hosp Facs Auth, OR	5.000%	10/01/2024	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2024	0.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.000%	12/01/2019	0.1%
Cnty of Cuyahoga, OH	5.000%	02/15/2025	0.1%
Greeneville Health & Educational Facilities Board	5.000%	07/01/2023	0.1%
California Muni Fin Auth	5.000%	07/01/2026	0.1%
Kentucky Econ Dev Fin Auth	5.000%	06/01/2025	0.1%
TSASC, Inc.	5.000%	06/01/2021	0.1%
Idaho Hlth Facs Auth	4.000%	09/01/2020	0.1%
Central Plains Energy Pj	5.000%	09/01/2027	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2018	0.1%
Philadelphia, PA	5.000%	02/01/2027	0.1%
South Miami Hlth Fac Auth, FL	5.000%	08/15/2023	0.1%
Dorm Auth of the St of New York	4.000%	12/01/2019	0.1%
Floyd Cnty Dev Auth, GA	2.350%	07/01/2022	0.1%
Pinellas County Industrial Development Authority	5.000%	07/01/2029	0.1%
Capital Trust Agency Inc	4.000%	06/15/2029	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2025	0.1%
Bay Area Toll Auth, CA	4.000%	04/01/2029	0.1%
Matagorda Cnty Navigation Dist No 1, TX	2.600%	11/01/2029	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.1%
Montgomery Cnty Hgr Ed & Hlth Auth, PA	5.000%	09/01/2026	0.1%
Illinois Fin Auth	5.000%	05/15/2025	0.1%
Chicago, IL	5.250%	01/01/2023	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2022	0.1%
St. Paul Hsg & Redev Auth, MN	5.000%	11/15/2020	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2020	0.1%
District of Columbia, DC	5.000%	07/15/2021	0.1%
Montgomery Cnty Hgr Ed & Hlth Auth, PA	5.000%	09/01/2029	0.1%
Commonwealth Financing Authority	5.000%	06/01/2023	0.1%
Washington St Hsg Fin Comm	2.375%	01/01/2026	0.1%
St. Paul Hsg & Redev Auth, MN	5.000%	11/15/2019	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/15/2020	0.1%
Chicago Brd of Ed	5.000%	12/01/2019	0.1%
Philadelphia, PA	5.000%	02/01/2026	0.1%
City of Lenexa KS	5.000%	05/15/2025	0.1%
Chicago, IL	5.000%	11/01/2022	0.1%
Troy Capital Resources Corp., NY	5.000%	08/01/2022	0.1%
South Miami Hlth Fac Auth, FL	5.000%	08/15/2022	0.1%
Chicago Brd of Ed	5.000%	12/01/2022	0.1%
Chicago, IL	5.000%	01/01/2021	0.1%
Dorm Auth of the St of New York	4.000%	12/01/2020	0.1%
Guam Pwr Auth	5.000%	10/01/2019	0.1%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2019	0.1%
Alaska Indus Dev & Export Auth, AK	3.500%	12/01/2020	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2021	0.1%
Mississippi Bus Fin Corp.	2.630%	11/01/2032	0.1%
New York City Transitional Fin Auth	1.500%	08/01/2045	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2021	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2022	0.1%
Philadelphia, PA	5.000%	08/01/2023	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2021	0.1%
Oklahoma Dev Fin Auth	5.000%	08/15/2026	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2025	0.1%
Philadelphia, PA	5.000%	08/01/2024	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2022	0.1%
Kirkwood Indus Dev Auth	5.000%	05/15/2022	0.1%
New Mexico Hosp Equipment Loan Council	1.520%	08/01/2034	0.1%
North Carolina Medical Care Comm	5.000%	10/01/2023	0.1%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	09/01/2022	0.1%
California Muni Fin Auth	5.000%	08/01/2022	0.1%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	09/01/2021	0.1%
Niagara Area Dev Corp., NY	3.500%	11/01/2024	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	03/01/2025	0.1%
Illinois Fin Auth	5.000%	11/15/2021	0.1%
Massachusetts Dev Fin Agy	4.000%	07/01/2021	0.1%
Lancaster Cnty Hosp Auth, PA	5.000%	07/01/2025	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	03/01/2024	0.0%
Massachusetts Dev Fin Agy	5.000%	07/01/2023	0.0%
Oklahoma Dev Fin Auth	5.000%	08/15/2025	0.0%
Long Island Pwr Auth, NY	5.000%	09/01/2027	0.0%
Long Island Pwr Auth, NY	5.000%	09/01/2026	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2022	0.0%
Pennsylvania	5.000%	07/01/2025	0.0%
Tulsa Cnty Indus Auth	5.000%	11/15/2026	0.0%
Pennsylvania	5.000%	07/01/2023	0.0%
New Jersey Bldg Auth	5.000%	06/15/2022	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2023	0.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	3.875%	11/15/2022	0.0%
Franklin Cnty Indus Dev Auth, PA	5.000%	12/01/2023	0.0%
Michigan Fin Auth	5.000%	07/01/2022	0.0%
Palomar Hlth	5.000%	11/01/2021	0.0%
Massachusetts Dev Fin Agy	4.000%	07/01/2022	0.0%
Illinois Fin Auth	5.000%	11/15/2020	0.0%
Village Comnty Dev Dist No. 12	3.250%	05/01/2023	0.0%
Sartell, MN	4.000%	09/01/2020	0.0%
New York City Transitional Fin Auth	1.500%	02/01/2045	0.0%
Pennsylvania Tpk Comm	5.000%	12/01/2026	0.0%
Cleveland, OH	5.000%	01/01/2022	0.0%
Troy Capital Resources Corp., NY	5.000%	08/01/2021	0.0%
Wisconsin Hlth & Edl Facs Auth	3.500%	08/01/2022	0.0%
Florida Hgr Edl Facs Fin Auth	5.000%	03/01/2023	0.0%
Michigan Fin Auth	5.000%	07/01/2021	0.0%
California Muni Fin Auth	5.000%	08/01/2020	0.0%
Florida Hgr Edl Facs Fin Auth	5.000%	03/01/2021	0.0%
Florida Hgr Edl Facs Fin Auth	5.000%	03/01/2022	0.0%
Phoenix Indus Dev Auth, AZ	3.000%	07/01/2020	0.0%
Colorado Hlth Facs Auth	4.000%	01/01/2021	0.0%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2023	0.0%
Downtown Doral South Community Development Distric	3.875%	12/15/2023	0.0%
Peninsula Town Center Community Development Author	4.000%	09/01/2023	0.0%
Multnomah Cnty Hosp Facs Auth, OR	5.000%	10/01/2019	0.0%
California Dept of Wtr Resources	5.000%	12/01/2019	0.0%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2026	0.0%
Pennsylvania Tpk Comm	5.000%	12/01/2025	0.0%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2023	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 11/20/2019: $0.240
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	10/31/2019	$0.02279	$15.79
Daily	Daily	09/30/2019	$0.02377	$15.78
Daily	Daily	08/31/2019	$0.02351	$15.87
Daily	Daily	07/31/2019	$0.02409	$15.80
Daily	Daily	06/30/2019	$0.02379	$15.74
Daily	Daily	05/31/2019	$0.02418	$15.71
Daily	Daily	04/30/2019	$0.02496	$15.62
Daily	Daily	03/31/2019	$0.02343	$15.62
Daily	Daily	02/28/2019	$0.02721	$15.55
Daily	Daily	01/31/2019	$0.02235	$15.52

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	11/30/2019
Daily	Daily	12/31/2019

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/19/2013	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
12/19/2019	12/20/2019

Fees & Expenses

Sales Charge Schedule as of 11/20/2019

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$16.15
$100,000 to $249,999	1.75%	1.50%	$16.07
$250,000 to $499,999	1.25%	1.00%	$15.99
$500,000 to $999,999	0.00%	1.00%	$15.79
$1,000,000 to $5,000,000	0.00%	1.00%	$15.79

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 10/31/2019

Expense ratio details, Click here.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015

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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 A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

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

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

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

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Summary

Summary

What is the 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 11/20/2019

30-Day Standardized Yield 2 as of 10/31/2019

Fund Basicsas of 10/31/2019

Expense Ratioas of 10/31/2019

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

RELATED CONTENT

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

INVESTMENT TEAM

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 11/20/2019

30-Day Standardized Yield 2 as of 10/31/2019

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Fund Expense Ratio :

Gross 0.66%

Net 0.65%

Growth of $10,000 as of 10/31/2019

NAV Historical Prices

Portfolio

Portfolio

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Portfolio Positioning as of 09/30/2019

Portfolio Details as of 10/31/2019

Dividend Yield ¹ as of 11/20/2019

30-Day Standardized Yield ² as of 10/31/2019

Dividend Yield ¹ as of 11/20/2019

30-Day Standardized Yield ² as of 10/31/2019