Short Duration Tax Free Fund

LSDAX

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Daily price w/o sales charge as of 09/23/2016

$15.76

$0.00

YTD Returns w/o sales charge as of 09/23/2016

1.05%

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 09/23/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	1.01%	0.96%
w/ sales charge	0.99%	0.94%

30-Day Standardized Yield ² as of 08/31/2016

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	0.60%	0.55%

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

Fund Basicsas of 08/31/2016

Total Net Assets: $2.11 B
Inception Date: 12/31/2008
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 393
CUSIP: 543912778
Minimum Initial Investment: $1,000+

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

The net expense ratio takes into account a management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 01/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such waiver/reimbursement, 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 0.70%

Net 0.65%

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

w/o sales charge	1.36%	1.72%	1.42%	1.27%	-	2.28%
Lipper Category Avg. Short Municipal Debt Funds	0.94%	1.19%	0.98%	0.95%	-	-
Barclays 1-5 Year Muni Bond Index	1.53%	1.93%	1.67%	1.45%	-	2.31%
w/ sales charge	-0.91%	-0.56%	0.66%	0.82%	-	1.98%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

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

w/o sales charge	1.12%	1.79%	1.30%	1.41%	-	2.30%
Lipper Category Avg. Short Municipal Debt Funds	0.80%	1.22%	0.91%	1.08%	-	-
Barclays 1-5 Year Muni Bond Index	1.37%	2.20%	1.70%	1.63%	-	2.34%
w/ sales charge	-1.14%	-0.50%	0.54%	0.95%	-	1.99%

Fund Expense Ratio :

Gross 0.70%

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 of future results.

CREDIT QUALITY DISTRIBUTION as of 08/31/2016

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

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's 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

29 Years of Industry Experience

Daniel T. Vande Velde

Partner & Portfolio Manager

26 Years of Industry Experience

Supported By 11 Investment Professionals and 11 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 09/23/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	1.01%	0.96%
w/ sales charge	0.99%	0.94%

30-Day Standardized Yield ² as of 08/31/2016

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	0.60%	0.55%

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

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

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

w/o sales charge	1.36%	1.72%	1.42%	1.27%	-	2.28%
Lipper Category Avg. Short Municipal Debt Funds	0.94%	1.19%	0.98%	0.95%	-	-
Barclays 1-5 Year Muni Bond Index	1.53%	1.93%	1.67%	1.45%	-	2.31%
w/ sales charge	-0.91%	-0.56%	0.66%	0.82%	-	1.98%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

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

w/o sales charge	1.12%	1.79%	1.30%	1.41%	-	2.30%
Lipper Category Avg. Short Municipal Debt Funds	0.80%	1.22%	0.91%	1.08%	-	-
Barclays 1-5 Year Muni Bond Index	1.37%	2.20%	1.70%	1.63%	-	2.34%
w/ sales charge	-1.14%	-0.50%	0.54%	0.95%	-	1.99%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

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

Year	Fund Returns	Barclays 1-5 Year Muni Bond Index

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

2016	0.52%	0.60%	-	-	1.05%
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 08/31/2016

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

Best returns

Durations	Fund Returns	Blended Index

3-Mo	2.36	2.08
1-Yr	6.14	5.55

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-1.09	-0.41
1-Yr	-0.37	0.97

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Portfolio

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

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

Maturity	Assets
<1 Year
1-4.99 Years
5-9.99 Years

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

State	Assets
CA
NY
TX
FL
IL
PA
NJ
GA
WI
OH
AZ
SC
WA
NC
LA
VA
CT
KY
IN
NM
MA
AL
MD
MS
HI
NV
AR
TN
MN
CO
MO
RI
MI
OR
AK
IA
UT
NE
N/A
Puerto Rico
WV
DC
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 08/31/2016

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

Portfolio Positioning as of 06/30/2016

The portfolio is overweight lower-quality investment-grade bonds, relative to its benchmark, the Barclays Municipal Bond Short 1-5 Year Index, due to attractive credit spreads.
The portfolio combines money market securities with three- to six-year maturity bonds and is positioned with a sizable weighting in variable-rate demand notes due to their 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 continues to have a weighting in floating-rate notes, whose coupons adjust as short-term rates fluctuate. This characteristic provides a viable alternative to lower-yielding, variable-rate demand notes.
The portfolio continues to overweight revenue bonds, including industrial development and health care bonds, relative to the benchmark, given the dedicated income stream and favorable return prospects.

Portfolio Details as of 08/31/2016

Total Net Assets: $2.11 B
Number of Issues: 393
Average Coupon: 3.80%
Average Effective Maturity: 2.7 Years
Average Effective Duration: 2.15 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

New York City General Obligation	0.570%	06/01/2044	1.6%
Palm Beach County School Board	1.260%	08/01/2029	1.4%
University of North Carolina at Chapel Hill	1.081%	12/01/2041	1.2%
Houston Utility System	1.310%	05/15/2034	1.1%
Nassau County General Obligation	5.000%	01/01/2021	1.0%
St James Parish - Nucor Steel Corp	0.750%	11/01/2040	0.9%
New York Metropolitan Transit Authority	0.681%	11/01/2041	0.9%
New York State Thruway Authority	5.000%	05/01/2019	0.8%
Lakeland Energy System	1.310%	10/01/2017	0.8%
New York City General Obligation	5.000%	08/01/2019	0.8%

% of Total Assets			10.5%

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

HOLDINGS as of07/29/2016

Holding	Coupon	Maturity	Assets

Palm Beach County School Board	1.140%	08/01/2029	1.4%
Illinois Fin Auth	0.320%	08/01/2044	1.3%
University of North Carolina at Chapel Hill	1.081%	12/01/2041	1.2%
New York City	0.390%	06/01/2044	1.2%
Houston Utility System	1.190%	05/15/2034	1.1%
Nassau County General Obligation	5.000%	01/01/2021	1.0%
St James Parish - Nucor Steel Corp	0.650%	11/01/2040	1.0%
New York Metropolitan Transit Authority	0.681%	11/01/2041	1.0%
New York State Thruway Authority	5.000%	05/01/2019	0.8%
New York City General Obligation	5.000%	08/01/2019	0.8%
Lakeland Energy System	1.190%	10/01/2017	0.8%
California	5.000%	02/01/2019	0.8%
Denver City & Cnty Dept of Aviation, CO	0.370%	12/01/2029	0.8%
Illinois, IL	5.000%	06/01/2020	0.8%
Arkansas Dev Fin Auth	1.500%	09/01/2044	0.8%
Bay Area Toll Auth, CA	1.875%	04/01/2034	0.7%
Bay Area Toll Auth, CA	1.233%	04/01/2045	0.7%
New Jersey	5.000%	06/01/2019	0.7%
Metropolitan Transp Auth, NY	0.985%	11/01/2022	0.7%
New York City Water & Sewer Authority	0.590%	06/15/2032	0.7%
California Dept of Wtr Resources	5.000%	12/01/2020	0.7%
Black Belt Energy Gas Dist	4.000%	07/01/2046	0.7%
Ashland, KY	2.190%	02/01/2040	0.7%
Port Authur Navigation Dist - Motiva Enterprises	0.560%	12/01/2039	0.7%
Wisconsin	5.000%	05/01/2021	0.7%
California	5.000%	09/01/2022	0.7%
San Francisco City & Cnty, CA	5.000%	09/01/2017	0.6%
California	5.000%	11/01/2018	0.6%
Port Authur Navigation Dist - Motiva Enterprises	0.570%	11/01/2040	0.6%
Burke Cnty Dev Auth, GA	1.300%	01/01/2052	0.6%
Maryland Dept of Transp	5.000%	12/15/2021	0.6%
Florida	5.000%	07/01/2022	0.6%
Dorm Auth of the St of New York	5.000%	10/01/2021	0.6%
Beaver County Indus Dev Auth - FirstEnergy	2.700%	04/01/2035	0.6%
Washington	5.000%	08/01/2021	0.6%
California	5.000%	09/01/2020	0.6%
New Mexico	5.000%	07/01/2021	0.6%
Arizona Hlth Facs Auth	2.290%	02/01/2048	0.6%
Pennsylvania	5.000%	08/15/2020	0.6%
Florida	5.000%	07/01/2020	0.6%
Indiana Hlth Fac Fin Auth	1.600%	11/15/2036	0.6%
Georgia	5.000%	02/01/2019	0.5%
Mississippi Bus Fin Corp.	0.750%	01/01/2033	0.5%
New York City	5.000%	08/01/2018	0.5%
New Jersey Econ Dev Auth	5.000%	06/15/2019	0.5%
New York State Urban Dev Corp.	5.000%	03/15/2018	0.5%
Los Angeles Mun Impt Corp., CA	5.000%	03/01/2019	0.5%
Long Island Pwr Auth, NY	0.996%	05/01/2033	0.5%
Fairfax Cnty Indl Dev Auth, VA	5.000%	05/15/2022	0.5%
California	5.500%	04/01/2019	0.5%
California Infrastr & Econ Dev Bnk	0.720%	10/01/2047	0.5%
California Dept of Wtr Resources	5.000%	12/01/2019	0.5%
Houston Indpt Sch Dist, TX	5.000%	02/15/2019	0.5%
Kansas City, MO	4.000%	02/01/2018	0.5%
Burke Cnty Dev Auth, GA	0.867%	01/01/2024	0.5%
Valdez, AK	5.000%	01/01/2018	0.5%
Wisconsin	5.000%	05/01/2019	0.5%
San Francisco City & Cnty, CA	5.000%	06/15/2018	0.5%
South Carolina	5.000%	10/01/2022	0.5%
Central Texas Turnpike Sys	5.000%	08/15/2042	0.4%
California Hlth Facs Fing Auth	2.240%	07/01/2042	0.4%
Clark Cnty, NV	5.000%	07/01/2018	0.4%
Florida	5.000%	07/01/2021	0.4%
New Jersey Econ Dev Auth	5.000%	06/15/2018	0.4%
New York City	5.000%	08/01/2021	0.4%
Washington	5.000%	02/01/2019	0.4%
NJ Hlth Care Facs - Barnabas Health	5.000%	07/01/2019	0.4%
Los Angeles Unif Sch Dist, CA	5.000%	07/01/2018	0.4%
Citizen's Prop Insurance Corp., FL	5.000%	06/01/2018	0.4%
Illinois St Toll Hwy Auth	5.000%	12/01/2019	0.4%
Philadelphia, PA	5.000%	08/01/2019	0.4%
Broward Cnty Sch Brd, FL	5.000%	07/01/2020	0.4%
Pennsylvania	5.000%	07/01/2019	0.4%
North Carolina	4.000%	03/01/2023	0.4%
California	5.000%	09/01/2018	0.4%
Long Beach, CA	5.000%	11/15/2018	0.4%
Kentucky Public Transp Infrastr Auth	5.000%	07/01/2017	0.4%
Wisconsin	5.000%	05/01/2020	0.4%
Municipal Elec Auth of Georgia	5.000%	01/01/2021	0.4%
San Diego Public Facs Fing Auth Wtr Rev	5.000%	08/01/2020	0.4%
New York St Thruway Auth	5.000%	04/01/2018	0.4%
Univ Sys of Maryland	1.250%	07/01/2023	0.4%
Bd of Regents of the Texas A&M Univ Sys	5.000%	05/15/2019	0.4%
Houston, TX	5.000%	03/01/2018	0.4%
Bay Area Toll Auth, CA	1.140%	04/01/2047	0.4%
Massachusetts Sch Bldg Auth	5.000%	08/15/2018	0.4%
Foothill-Eastern Transp Corridor Agy, CA	5.000%	01/15/2053	0.4%
Rangely Hosp Dist	4.500%	11/01/2021	0.4%
Clark Cnty, NV	5.250%	07/01/2018	0.4%
Maricopa Cnty Poll Cntrl Corp., AZ	2.400%	06/01/2043	0.4%
Pittsburgh Sch Dist, PA	4.000%	09/01/2018	0.4%
South Carolina Transp Infrastr Bank	5.000%	10/01/2020	0.4%
Miami Dade Cnty Sch Bd, FL	5.000%	11/01/2019	0.4%
New Jersey Hlthcare Facs Fing Auth	0.730%	07/01/2038	0.4%
Metropolitan Transp Auth, NY	1.171%	11/01/2030	0.4%
California	5.000%	10/01/2018	0.4%
East Baton Rouge Sewerage Comm	0.846%	02/01/2046	0.3%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2019	0.3%
Illinois, IL	5.000%	08/01/2016	0.3%
Connecticut	5.000%	02/15/2021	0.3%
Florida	5.000%	07/01/2020	0.3%
Mississippi Hosp Equip & Facs Auth	1.740%	08/15/2036	0.3%
California Infrastr & Econ Dev Bnk	5.000%	07/01/2023	0.3%
South Carolina Edl Facs Auth	0.340%	10/01/2039	0.3%
Ohio	5.000%	09/15/2018	0.3%
Ohio	5.000%	12/15/2019	0.3%
Illinois Fin Auth	1.875%	02/01/2033	0.3%
Chicago, IL	5.000%	01/01/2021	0.3%
Miami Dade Cnty, FL	4.250%	10/01/2017	0.3%
Wisconsin Hlth & Edl Facs Auth	1.190%	08/01/2026	0.3%
New York City Tr for Cultural Resources	5.000%	07/01/2017	0.3%
New York City	5.000%	08/01/2019	0.3%
Los Angeles Mun Impt Corp., CA	5.000%	11/01/2020	0.3%
Washington	5.000%	02/01/2019	0.3%
Tennessee Energy Acquisition Corp.	5.250%	09/01/2018	0.3%
Portland	5.000%	10/01/2022	0.3%
Illinois, IL	5.000%	07/01/2017	0.3%
Carmel 2002 Sch Bldg Corp., IN	4.750%	07/15/2019	0.3%
Wisconsin	5.000%	11/01/2022	0.3%
Muni Gas Auth of Georgia	5.000%	10/01/2019	0.3%
South Carolina St Pub Svc Auth	5.000%	12/01/2021	0.3%
New York St Energy Rsch & Dev Auth	2.000%	06/01/2029	0.3%
Port of Port Arthur Navig Dist Jefferson Cnty, TX	0.560%	11/01/2040	0.3%
University of Nebraska Facs Corp.	5.000%	02/15/2022	0.3%
Texas Transp Comm	5.000%	04/01/2022	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2020	0.3%
New York St Tobacco Settlement Fing Corp.	5.000%	06/01/2017	0.3%
Hawaii	5.000%	11/01/2021	0.3%
Rockland Cnty, NY	2.000%	03/16/2017	0.3%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2021	0.3%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2022	0.3%
Connecticut	5.000%	08/15/2021	0.3%
Beaver Cnty Indl Dev Auth, PA	2.500%	12/01/2041	0.3%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2021	0.3%
Massachusetts Dev Fin Agy	5.000%	07/01/2021	0.3%
Florida	5.000%	07/01/2021	0.3%
Rochester, MN	4.000%	11/15/2038	0.3%
California St Univ	5.000%	11/01/2020	0.3%
Port Authur Navigation Dist - Motiva Enterprises	0.560%	04/01/2040	0.3%
New York City Tr for Cultural Resources	4.000%	02/01/2023	0.3%
Houston, TX	5.000%	05/15/2020	0.3%
Dallas Indpt Sch Dist	5.000%	02/15/2036	0.3%
Univ of Missouri Bd of Curator	5.000%	11/01/2019	0.3%
New Mexico	4.000%	07/01/2021	0.3%
Illinois Fin Auth	5.000%	02/15/2021	0.3%
California State Pub Wks Bd	5.000%	01/01/2020	0.3%
New Jersey Tpk Auth	5.000%	01/01/2020	0.3%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2045	0.3%
Wisconsin	5.000%	05/01/2019	0.3%
California Hlth Facs Fing Auth	5.000%	07/01/2043	0.3%
Wise Cnty Indus Dev Auth, VA	2.150%	10/01/2040	0.3%
New Jersey Econ Dev Auth	5.500%	12/15/2019	0.3%
Rockport, IN	1.750%	06/01/2025	0.3%
Pennsylvania Econ Dev Fing Auth	5.000%	07/01/2019	0.3%
Tobacco Settlement Auth	5.000%	06/01/2019	0.3%
Wisconsin Hlth & Edl Facs Auth	1.250%	08/15/2025	0.3%
Rhode Island & Providence Plantations	5.000%	08/01/2018	0.3%
Tender Option Bnd Tr Receipts/Certificates	0.720%	09/01/2033	0.3%
Northside Independent School Dist	2.000%	08/01/2044	0.3%
Los Angeles Mun Impt Corp., CA	5.000%	03/01/2018	0.3%
Rhode Island & Providence Plantations	5.000%	08/01/2017	0.3%
Illinois St Toll Hwy Auth	5.000%	12/01/2017	0.3%
Cook Cnty, IL	5.000%	11/15/2017	0.3%
Port of Port Arthur Navig Dist Jefferson Cnty, TX	0.570%	12/01/2039	0.3%
JEA	5.000%	10/01/2020	0.3%
California Hlth Facs Fing Auth	5.000%	07/01/2043	0.3%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2019	0.3%
SA Energy Acquisition Pub Fac Corp.	5.500%	08/01/2021	0.3%
Onondaga Civic Dev Corp., NY	5.000%	07/01/2017	0.3%
Philadelphia, PA	5.000%	07/01/2020	0.2%
Montgomery Cnty Indus Dev Auth, PA	2.500%	10/01/2030	0.2%
Montgomery Cnty Indus Dev Auth, PA	2.550%	06/01/2029	0.2%
California State Pub Wks Bd	4.000%	06/01/2018	0.2%
California Statewide Comntys Dev Auth	1.375%	04/01/2028	0.2%
Bay Area Toll Auth, CA	1.500%	04/01/2047	0.2%
Charles City Cnty Econ Dev Auth, VA	3.125%	02/01/2029	0.2%
Farmington, NM	1.875%	06/01/2032	0.2%
Virginia Peninsula Ports Auth	2.375%	10/01/2033	0.2%
Western Mun Wtr Dist Facs Auth	1.500%	10/01/2039	0.2%
Ohio Air Qlty Dev Auth	2.250%	08/01/2029	0.2%
California Muni Fin Auth - Republic Services	0.600%	09/01/2021	0.2%
Cnty of Cuyahoga, OH	5.000%	12/01/2018	0.2%
NJ Tobacco Settlement Finance Corp	4.500%	06/01/2023	0.2%
Atlanta, GA	5.500%	11/01/2018	0.2%
Public Auth For CO Energy	5.750%	11/15/2018	0.2%
Nashville & Davidson Cnty Metro Govt, TN	5.000%	07/01/2018	0.2%
Metropolitan Transp Auth, NY	4.000%	11/15/2018	0.2%
Railsplitter Tobacco Settlement Auth	5.250%	06/01/2021	0.2%
Indianapolis Local Pub Impt Bnd Bank	5.000%	06/01/2022	0.2%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	0.750%	12/01/2020	0.2%
Illinois, IL	5.000%	10/01/2017	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.000%	12/01/2019	0.2%
Gloucester Cnty Impt Auth, NJ	2.125%	12/01/2029	0.2%
Massachusetts Hlth & Edl Facs Auth	1.700%	11/01/2038	0.2%
Illinois Fin Auth	5.000%	02/15/2022	0.2%
Clemson University	5.000%	05/01/2019	0.2%
California State Pub Wks Bd	5.000%	01/01/2019	0.2%
Iowa Higher Ed Loan Auth	2.500%	10/01/2020	0.2%
Orlando Orange Cnty Expwy Auth, FL	5.000%	07/01/2018	0.2%
Pennsylvania Higher Edl Facs Auth	5.000%	06/15/2020	0.2%
JEA	5.000%	10/01/2020	0.2%
Florida	5.000%	07/01/2022	0.2%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2018	0.2%
Duluth Econ Dev Auth, MN	4.750%	06/15/2022	0.2%
Southeastern Ohio Port Auth	5.000%	12/01/2022	0.2%
Pittsburg Redev Agy, CA	5.000%	09/01/2022	0.2%
Miami-Dade Cnty Indus Dev Auth, FL	1.500%	10/01/2018	0.2%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2017	0.2%
St Charles Parish, LA	4.000%	12/01/2040	0.2%
York Cnty Econ Dev Auth, VA	1.875%	05/01/2033	0.2%
New York St Thruway Auth	5.000%	04/01/2018	0.2%
Metropolitan Transp Auth, NY	5.000%	11/15/2018	0.2%
California Statewide Comntys Dev Auth	2.500%	08/01/2020	0.2%
California Muni Fin Auth	1.550%	02/01/2019	0.2%
Citizen's Prop Insurance Corp., FL	5.500%	06/01/2017	0.2%
Katy Indpt Sch Dist, TX	5.000%	02/15/2020	0.2%
Arizona Brd of Regents	5.000%	06/01/2018	0.2%
Los Angeles Comnty College Dist, CA	5.000%	08/01/2019	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2020	0.2%
Municipal Elec Auth of Georgia	5.000%	01/01/2018	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2019	0.2%
Dorm Auth of the St of New York	4.000%	07/01/2020	0.2%
Los Angeles Unif Sch Dist, CA	5.000%	10/01/2018	0.2%
Michigan Fin Auth	4.000%	08/01/2019	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2018	0.2%
Los Angeles, CA	5.000%	06/01/2018	0.2%
Erie Cnty Indl Dev Agy, NY	5.000%	05/01/2018	0.2%
Los Angeles Unif Sch Dist, CA	5.000%	10/01/2017	0.2%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2019	0.2%
American Muni Pwr, Inc., OH	5.000%	02/15/2018	0.2%
Burke Cnty Dev Auth, GA	2.400%	01/01/2040	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2017	0.1%
California State Pub Wks Bd	5.000%	04/01/2018	0.1%
Mobile Indl Dev Brd, AL	1.625%	07/15/2034	0.1%
Mobile Indl Dev Brd, AL	1.650%	06/01/2034	0.1%
Pennsylvania Econ Dev Fing Auth	1.500%	11/01/2021	0.1%
Mission Econ Dev Corp, TX	0.600%	01/01/2020	0.1%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2019	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2018	0.1%
California	6.000%	04/01/2019	0.1%
North Carolina Capital Facs Fin Agy	4.000%	05/01/2017	0.1%
Ohio	5.000%	12/15/2019	0.1%
North Texas Tollway Auth	5.000%	01/01/2020	0.1%
Houston, TX	5.000%	11/15/2019	0.1%
California Hlth Facs Fing Auth	1.450%	08/15/2023	0.1%
Pennsylvania Indus Dev Auth	5.000%	07/01/2018	0.1%
Citizen's Prop Insurance Corp., FL	4.250%	06/01/2017	0.1%
Atlanta, GA	5.000%	11/01/2018	0.1%
Pittsburg Redev Agy, CA	5.000%	08/01/2018	0.1%
Dallas Area Rapid Transit, TX	5.000%	12/01/2018	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2018	0.1%
Illinois Fin Auth	4.000%	09/01/2019	0.1%
Philadelphia, PA	5.000%	07/01/2019	0.1%
Intermountain Pwr Agy, UT	5.000%	07/01/2019	0.1%
Puerto Rico Indus Tourist Edl Med Envr Cntrl Facs	5.000%	07/01/2017	0.1%
Intermountain Pwr Agy, UT	5.000%	07/01/2018	0.1%
Michigan Fin Auth	4.000%	08/01/2020	0.1%
Puerto Rico Indus Tourist Edl Med Envr Cntrl Facs	5.000%	10/01/2018	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2021	0.1%
Cnty of Mason WV	1.625%	10/01/2022	0.1%
Transit Auth, UT	1.350%	06/15/2017	0.1%
Successor Agy to the Brea Redev Agy, CA	5.000%	08/01/2020	0.1%
Gulf Coast Waste Disp Auth, TX	5.750%	09/01/2017	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2021	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2021	0.1%
Philadelphia, PA	5.000%	08/01/2020	0.1%
Chicago, IL	5.000%	01/01/2022	0.1%
California St Univ	5.000%	11/01/2019	0.1%
Successor Agy to the Brea Redev Agy, CA	5.000%	08/01/2019	0.1%
Dallas Area Rapid Transit, TX	5.000%	12/01/2019	0.1%
New York St Thruway Auth	5.000%	01/01/2020	0.1%
Arizona Brd of Regents	4.000%	06/01/2018	0.1%
Missouri Joint Muni Electric Utility Comm	5.000%	01/01/2020	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/15/2021	0.1%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2041	0.1%
San Diego Convtn Ctr Expansion Fing Auth, CA	4.000%	04/15/2018	0.1%
Dorm Auth of the St of New York	4.000%	07/01/2020	0.1%
California State Pub Wks Bd	5.000%	11/01/2018	0.1%
California Hlth Facs Fing Auth	5.000%	07/01/2034	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2020	0.1%
Tobacco Settlement Auth	5.000%	06/01/2018	0.1%
City of Irvine CA	4.000%	09/02/2017	0.1%
Ohio Air Quality Auth - FirstEnergy	5.625%	06/01/2018	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	04/01/2017	0.1%
Kaweah Delta Hlthcare Dist	5.000%	06/01/2017	0.1%
Tobacco Settlement Auth	5.000%	06/01/2017	0.1%
Successor Agy to the Emeryville RDA, CA	5.000%	09/01/2018	0.1%
Tobacco Settlement Fing Corp.	5.000%	05/15/2017	0.1%
Triborough Br & Tunnel Auth, NY	5.500%	11/15/2021	0.1%
California St Univ	5.000%	11/01/2020	0.1%
Stockton Pub Fincg Auth, CA	5.000%	09/01/2019	0.1%
San Buenaventura Pub Fac Fing Auth, CA	5.750%	12/01/2018	0.1%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.1%
Houston, TX	5.000%	11/15/2018	0.1%
Sartell, MN	4.000%	09/01/2020	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2019	0.1%
South Florida Wtr Mgmt Dist	5.000%	10/01/2022	0.1%
San Buenaventura Pub Fac Fing Auth, CA	5.250%	12/01/2017	0.1%
Multnomah Cnty Hosp Facs Auth, OR	5.000%	10/01/2024	0.1%
Philadelphia Redev Auth, PA	5.000%	04/15/2018	0.1%
Port Authur Navigation Dist - Motiva Enterprises	0.570%	12/01/2039	0.1%
San Buenaventura Pub Fac Fing Auth, CA	5.000%	12/01/2016	0.1%
North Carolina Capital Facs Fin Agy	5.000%	05/01/2018	0.1%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2027	0.1%
Chicago	5.000%	01/01/2021	0.1%
St. Louis, MO	5.000%	07/01/2018	0.1%
Karnes Cnty Hosp Dist	4.000%	02/01/2019	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2021	0.1%
Michigan Fin Auth	4.000%	08/01/2018	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2019	0.1%
Kansas City, MO	5.000%	10/01/2020	0.1%
Houston, TX	5.000%	07/01/2017	0.1%
Washington Econ Dev Fin Auth	2.125%	06/01/2020	0.1%
Floyd Cnty Dev Auth, GA	2.350%	07/01/2022	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2017	0.1%
South Florida Wtr Mgmt Dist	5.000%	10/01/2021	0.1%
Dorm Auth of the St of New York	5.000%	10/01/2018	0.1%
Southeastern Pennsylvania Transp Auth	5.000%	06/01/2017	0.1%
Katy Indpt Sch Dist, TX	5.000%	02/15/2019	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2020	0.1%
St. Paul Hsg & Redev Auth, MN	5.000%	11/15/2020	0.1%
District of Columbia, DC	5.000%	07/15/2021	0.1%
Cleveland St Univ, OH	5.000%	06/01/2019	0.1%
Clackamas Cnty Sch Dist No. 12 North Clackamas, OR	5.000%	06/15/2019	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/15/2019	0.1%
Illinois Fin Auth	5.000%	05/15/2025	0.1%
Southeastern Pennsylvania Transp Auth	5.000%	06/01/2018	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%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2019	0.1%
City of Irvine CA	4.000%	09/02/2018	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2018	0.1%
New York St Thruway Auth	5.000%	01/01/2018	0.1%
Phoenix Indus Dev Auth, AZ	3.000%	07/01/2020	0.1%
San Diego Convtn Ctr Expansion Fing Auth, CA	4.000%	04/15/2017	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	3.875%	11/15/2020	0.1%
California Statewide Comntys Dev Auth	2.400%	10/01/2020	0.1%
New Jersey Transp Tr Fnd Auth	5.500%	12/15/2016	0.1%
Washington St Hsg Fin Comm	4.375%	01/01/2021	0.1%
Troy Capital Resources Corp., NY	5.000%	08/01/2022	0.1%
California Statewide Comntys Dev Auth	5.000%	05/15/2022	0.1%
Pittsburg Redev Agy, CA	5.000%	09/01/2021	0.1%
Cleveland, OH	5.000%	01/01/2023	0.1%
Philadelphia Redev Auth, PA	5.000%	04/15/2017	0.1%
California Statewide Comntys Dev Auth	4.750%	08/01/2020	0.1%
Stockton Pub Fincg Auth, CA	5.000%	09/01/2020	0.1%
Los Angeles Cnty, CA	5.000%	08/01/2019	0.1%
Successor Agy to the Emeryville RDA, CA	5.000%	09/01/2019	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2019	0.1%
Illinois Fin Auth	5.000%	11/15/2019	0.1%
Chicago, IL	5.000%	01/01/2021	0.1%
E-470 Pub Hwy Auth, CO	5.000%	09/01/2019	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%
California Statewide Comntys Dev Auth	5.000%	05/15/2019	0.1%
Cleveland St Univ, OH	5.000%	06/01/2018	0.1%
New Orleans, LA	5.000%	06/01/2018	0.1%
Stockton Pub Fincg Auth, CA	4.000%	09/01/2018	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2018	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2018	0.1%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2018	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2021	0.1%
Washington St Hsg Fin Comm	4.000%	07/01/2018	0.1%
Los Angeles Cnty Regl Fing Auth, CA	3.000%	11/15/2021	0.1%
American Muni Pwr, Inc., OH	5.000%	02/15/2017	0.1%
Niagara Area Dev Corp - Covanta Energy	4.000%	11/01/2024	0.0%
Northside Independent School Dist	2.000%	06/01/2039	0.0%
New York St Envr Facs Corp.	2.750%	07/01/2017	0.0%
Puerto Rico Indus Tourist Edl Med Envr Cntrl Facs	5.000%	10/01/2016	0.0%
California Sch Fin Auth	6.000%	01/01/2019	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2021	0.0%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2035	0.0%
Buncombe Cnty, NC	5.000%	06/01/2019	0.0%
Buncombe Cnty, NC	5.000%	06/01/2020	0.0%
Illinois Fin Auth	5.000%	11/15/2021	0.0%
Los Angeles Comnty College Dist, CA	2.000%	08/01/2022	0.0%
Puerto Rico Pub Bldgs Auth	5.750%	07/01/2016	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2020	0.0%
St. Louis Cnty MO Indl Dev	4.150%	08/15/2021	0.0%
Illinois, IL	5.000%	02/01/2020	0.0%
Michigan Fin Auth	5.000%	07/01/2022	0.0%
Illinois Fin Auth	5.000%	11/15/2020	0.0%
Multnomah Cnty Hosp Facs Auth, OR	5.000%	10/01/2019	0.0%
Cleveland, OH	5.000%	01/01/2022	0.0%
Troy Capital Resources Corp., NY	5.000%	08/01/2021	0.0%
Cleveland, OH	5.000%	01/01/2021	0.0%
Connecticut Hlth & Educl Facs Auth	2.875%	09/01/2020	0.0%
Michigan Fin Auth	5.000%	07/01/2021	0.0%
St. Louis Cnty MO Indl Dev	3.850%	08/15/2020	0.0%
California Dept of Wtr Resources	5.000%	12/01/2020	0.0%
Los Angeles, CA	4.000%	05/15/2020	0.0%
California Dept of Wtr Resources	5.000%	12/01/2019	0.0%
Indus Dev Auth of the Twn of Florence, Inc., AZ	4.000%	07/01/2018	0.0%
Indiana Hlth Fac Fin Auth	1.600%	11/15/2036	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/23/2016: $0.113
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2016	$0.01324	$15.82
Daily	Daily	07/31/2016	$0.01379	$15.83
Daily	Daily	06/30/2016	$0.01474	$15.81
Daily	Daily	05/31/2016	$0.01410	$15.76
Daily	Daily	04/30/2016	$0.01512	$15.78
Daily	Daily	03/31/2016	$0.01362	$15.76
Daily	Daily	02/29/2016	$0.01535	$15.81
Daily	Daily	01/31/2016	$0.01321	$15.78

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2016
Daily	Daily	10/31/2016
Daily	Daily	11/30/2016
Daily	Daily	12/31/2016

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
12/20/2016	12/21/2016

Fees & Expenses

Sales Charge Schedule as of 09/23/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$16.12
$100,000 to $249,999	1.75%	1.50%	$16.04
$250,000 to $499,999	1.25%	1.00%	$15.96
$500,000 to $999,999	0.00%	1.00%	$15.76
$1,000,000 to $5,000,000	0.00%	1.00%	$15.76

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

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 08/31/2016

Expense ratio details, Click here.

Fund Review

Market Review as of 06/30/2016

The U.S. municipal bond market (as represented by the Barclays Municipal Bond Index[1]) continued to advance in the second quarter, surpassing the returns of other notable asset classes during the period, including large-cap equities (as represented by the S&P 500 Index[2]), international equities (as represented by the MSCI EAFE Index[3]), and taxable investment-grade bonds (as represented by the Barclays U.S. Aggregate Bond Index[4]).

Total issuance was slightly ahead of the second quarter of the prior year, with refunding issues exceeding new capital issuance during the period, as issuers continue to take advantage of low market rates. Investor demand for municipal bonds remained strong, as investors sought income in a low-yield environment as well as greater insulation from global factors that have introduced volatility to other parts of the market. Consequently, year-to-date municipal fund flows, based on information from Lipper U.S. fund flows, exceeded $33 billion at the end of the quarter. In terms of maturity and quality, the demand for incremental yield has resulted in longer-maturity municipal bonds outperforming shorter-maturity municipal bonds and lower-quality bonds generally outperforming higher-quality bonds during the second quarter.

High-profile issuers, such as Illinois and New Jersey, remained in the spotlight during the past quarter, as these issuers continue to struggle with pension and budget issues. In the case of Puerto Rico, the commonwealth has marked the headlines with defaults, the most recent of which was on general obligation debt, a type of debt that has not experienced a default in decades. In order to help manage the situation in Puerto Rico and address its debt crisis, Congress approved a financial rescue bill on June 30, which will place the island’s finances under the control of a federally appointed oversight board. Despite the aforementioned defaults, Puerto Rico bonds, in general, have outperformed the broad municipal bond market (as represented by the Barclays Municipal Bond Index) as well as the Barclays High Yield Municipal Bond Index[5] during the second quarter and YTD period. Isolated pockets of distress aside, overall creditworthiness continues to improve, as many states’ finances experienced rising revenues, while maintaining balanced budgets.

Fund Review as of 06/30/2016

The Fund* modestly underperformed its benchmark, the Barclays 1-5 Year Municipal Bond Index⁶, for the three-month period ended June 30, 2016.

The strongest driver of underperformance was the Fund’s overweight to shorter dated bonds, which did not participate as much in the overall drop in interest rates and yield curve flattening. Within the short term range, bonds with final maturities of 4 years and longer generally performed the best given their longer durations in a falling rate environment. With expectations for a Fed interest rate increase on hold given global economic uncertainty, investor willingness to acquire the incremental yield offered by longer dated bonds was strong. Although still showing positive returns, bonds with maturities shorter than 4 years performed the worst by cause of shorter durations and already low yields with little room for decline.

Within the investment grade range, the Fund’s ‘A’ rated bonds performed the best, while its ‘BB’ rated bonds outperformed among below investment grade bonds as investors continued to show strong demand for incremental yield in the low interest rate environment. In addition, credit quality outlooks remained predominantly stable. The Fund’s positioning in ‘AA’ rated bonds with floating rate structures negatively impacted relative performance as these bonds lagged fixed coupon bonds within this rating tier.

In terms of sectors, the Fund benefitted from an overweight to pre-paid gas and private education bonds. Both sectors performed well as they maintained steady credit quality while containing mostly credits in the lower investment grade tiers, allowing them to participate in the credit spread tightening that resulted from strong demand for yield.

The Fund’s overweight to the investor owned utility (IOU) and transportation sectors negatively impacted relative performance. Within the IOU sector, generally shorter bond maturities and increased volatility associated with energy providers were headwinds, while transportation sector performance was negatively influenced by heavy issuance and, in some cases, issuers with heavier reliance on Federal funding subject to political agreements.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Municipal Market Outlook

Demand for municipal bonds showed no sign of diminishing as the second quarter came to a close. Investors were drawn to the relative stability of the municipal market and the relatively attractive yields offered in this low-rate environment. Therefore, we believe that healthy demand likely will persist, given that municipal yields continue to provide investors with compelling taxable-equivalent income, default rates that remain low, and overall creditworthiness that continues to improve. New-issue supply is expected to remain relatively strong going forward, as new-money issuance for new projects remains stable and the refunding of outstanding bonds will likely increase by reason of a flatter yield curve and persistently low interest rates.

Ratios of municipal bond yields to Treasuries have decreased substantially this year, and are likely to remain stable at these levels due to the strong demand for municipals aiding market performance. Lower-rated municipal bond spreads may remain somewhat stable or slightly tighten as desire for incremental yield remains strong. Although the low yields offered at the short end of the yield curve make a rally in shorter-term bonds less probable, investor uncertainty regarding the state of the global economy could prolong the rally in longer-term tax-free bonds, as fears of inflation or a Federal Reserve rate hike remain subdued.

Although a few high-profile issuers, such as New Jersey and Illinois, are hampered by challenges, and likely will continue to remain under pressure (as a result of pension reform and funding of pension liabilities), it is important to focus on overall state health and creditworthiness, which are expected to remain stable. In general, the pace of revenue growth has slowed, compared with recent years; however, budgets are being successfully balanced across most states, and tax revenues remain strong as employment continues to improve nationally and the economy continues to slowly grow. Since it is an election year, it is unlikely that Washington will introduce any legislation that would affect the overall municipal bond market. However, Puerto Rico bonds could be affected by the actions of the federally-appointed financial control board created by the recent legislation, which aims to give the island an avenue to restructure its $72 billion of debt. Municipal bonds continue to offer the combination of a high credit-quality profile and relatively attractive, taxable-equivalent returns to investors.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

If applicable, “Modestly” is defined as any under or outperformance within 100 basis points (bps) for equity funds and 50 basis points (bps) for fixed income funds as compared to the Fund's benchmark.

¹The 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, Standard & Poor’s, or 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. Bonds 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.

²The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

³ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

⁴ The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

⁵ The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

⁶ The Barclays Municipal Bond Short 1-5 Year Index is the Muni Short 1-5 year component of the Municipal Bond index. The 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.

The indexes are presented for informational purposes only and are not presented to illustrate any specific product or security. Unless otherwise specified, indexes reflect total return, with all dividends reinvested. An index is unmanaged, does not reflect the deduction of fees or expenses, and is not available for direct investment.Past performance is not a reliable indicator or guarantee of future results.

The credit qualities of securities in the portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. 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.

The yield spread is the difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk.

A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings 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.

A Note about Risk: The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. High yield securities, sometimes called “junk bonds”, carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. A portion of the income derived from the Fund’s portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issues as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks such as call, credit, and general market risks. The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. Stockholders should consult their tax advisors for more specific information on taxation. These factors can affect Fund performance.

U.S. Treasuries are backed by the full faith and credit of the U.S. government. The rate of return of a mutual fund investment, however, is not guaranteed and will fluctuate with changes in market conditions; therefore, there is a greater risk to your investment capital.

The views and information discussed in this commentary are as of June 30, 2016, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only and should not be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in the Fund’s summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional, Lord Abbett Distributor LLC at 888-522-2388 or visit us at www.lordabbett.com. Read the prospectus carefully before investing.

Fund Documents

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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 and 12-Month Dividend 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.

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.

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 Barclays 1-5 Year Municipal Bond Index is the Muni Short 1-5 year component of the Municipal Bond Index. The 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 09/23/2016

30-Day Standardized Yield 2 as of 08/31/2016

Fund Basicsas of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

RELATED CONTENT

CREDIT QUALITY DISTRIBUTION as of 08/31/2016

Investment Team

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Performance

Performance

Dividend Yield 1 as of 09/23/2016

30-Day Standardized Yield 2 as of 08/31/2016

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

Net 0.65%

Fund Expense Ratio :

Gross 0.70%

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Dividend Yield ¹ as of 09/23/2016

30-Day Standardized Yield ² as of 08/31/2016

Dividend Yield ¹ as of 09/23/2016

30-Day Standardized Yield ² as of 08/31/2016