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Please )Tj 0 -1.0875 TD (see prospectus for more information.)Tj ET q 0.6 i 25.5 421.316 1 6 re W n 0 0 0 0.1 k 25.5 427.316 1 -6 re f Q q 0.2 i 197 656.916 397 9.95 re W n BT /F1 1 Tf 8.75 0 0 8.75 197 660.4156 Tm (A)Tj ET Q BT /F1 1 Tf 8.75 0 0 8.75 202.8363 660.4156 Tm (VERAGE ANNUAL TOTAL RETURNS \(%\) AS OF 12/31/2023)Tj ET 0 0 0 0.1 k 197 655.916 396.851 -20.9 re f 0 0 0 1 K 0 J 0 j 0.5 w 10 M []0 d 0.6 i 197 655.916 m 593.851 655.916 l S q 197 635.016 113.386 20.9 re W n 197 635.016 m 310.386 635.016 l S Q BT /F4 1 Tf 8 0 0 8 199 642.8657 Tm 0 0 0 1 k (CLASS A SHARES)Tj ET q 310.386 635.016 53.15 20.9 re W n 310.386 635.016 m 363.536 635.016 l S Q BT 8 0 0 8 326.6288 642.8657 Tm (1 YEAR)Tj ET q 363.536 635.016 53.15 20.9 re W n 363.536 635.016 m 416.685 635.016 l S Q BT 8 0 0 8 377.7026 642.8657 Tm (3 YEARS)Tj ET q 416.685 635.016 53.15 20.9 re W n 416.685 635.016 m 469.835 635.016 l S Q BT 8 0 0 8 430.8522 642.8657 Tm (5 YEARS)Tj ET q 469.835 635.016 53.15 20.9 re W n 469.835 635.016 m 522.985 635.016 l S Q BT 8 0 0 8 487.934 647.2157 Tm (SINCE )Tj -0.934 -1.0875 TD (INCEPTION)Tj ET q 522.985 635.016 70.866 20.9 re W n 522.985 635.016 m 593.851 635.016 l 522.985 635.016 m 522.985 655.916 l S Q BT 8 0 0 8 530.9498 642.8657 Tm (EXPENSE RATIOS)Tj ET q 0.2 i 524.985 640.366 68.866 9.2 re W n BT /F2 1 Tf 6 0 0 6 585.0059 645.3657 Tm (1)Tj ET Q 197 591.016 m 593.851 591.016 l S q 197 613.016 113.386 22 re W n 197 613.016 m 310.386 613.016 l S Q BT /F1 1 Tf 8 0 0 8 199 625.7657 Tm (Net Asset Value)Tj /F3 1 Tf T* (\(without sales charge\))Tj ET q 310.386 613.016 53.15 22 re W n 310.386 613.016 m 363.536 613.016 l S Q BT 8 0 0 8 330.1768 621.4156 Tm (4.19)Tj ET q 363.536 613.016 53.15 22 re W n 363.536 613.016 m 416.685 613.016 l S Q BT 8 0 0 8 381.7706 621.4156 Tm (-0.55)Tj ET q 416.685 613.016 53.15 22 re W n 416.685 613.016 m 469.835 613.016 l S Q BT 8 0 0 8 436.4763 621.4156 Tm (1.47)Tj ET q 469.835 613.016 53.15 22 re W n 469.835 613.016 m 522.985 613.016 l S Q BT 8 0 0 8 489.626 621.4156 Tm (1.99)Tj /F1 1 Tf -36.3282 -2.1375 TD (Maximum Offering Price)Tj /F3 1 Tf 0 -1.0875 TD (\(with 2.25% sales charge\))Tj 16.3971 0.5437 TD [(1.87)-4503.2(-1.30)-4503.2(1.00)-4697.7(1.72)]TJ ET q 522.985 591.016 70.866 44 re W n 522.985 591.016 m 522.985 635.016 l S Q q 522.985 613.016 35.433 22 re W n 522.985 613.016 m 558.418 613.016 l S Q BT 8 0 0 8 530.0374 621.4156 Tm (Gross)Tj ET q 558.418 613.016 35.433 22 re W n 558.418 613.016 m 593.851 613.016 l S Q BT 8 0 0 8 568.3984 621.4156 Tm (Net)Tj ET q 0.2 i 558.418 618.916 35.433 9.2 re W n BT /F2 1 Tf 6 0 0 6 580.9905 623.9156 Tm ()Tj ET Q BT 8 0 0 8 528.9173 599.4156 Tm [(0.72%)-1483.1(0.65%)]TJ /F1 1 Tf 8.75 0 0 8.75 197 554.5657 Tm (CALENDAR YEAR TOTAL RETURNS AT NAV \(%\))Tj ET 0 0 0 0.1 k 197 550.066 396.851 -15 re f 197 550.066 m 593.851 550.066 l S q 197 535.066 99.213 15 re W n 197 535.066 m 296.213 535.066 l S Q q 296.213 535.066 37.205 15 re W n 296.213 535.066 m 333.418 535.066 l S Q BT /F4 1 Tf 8 0 0 8 308.1352 539.9656 Tm 0 0 0 1 k (2016)Tj ET q 333.418 535.066 37.205 15 re W n 333.418 535.066 m 370.622 535.066 l S Q BT 8 0 0 8 345.3399 539.9656 Tm (2017)Tj ET q 370.622 535.066 37.205 15 re W n 370.622 535.066 m 407.827 535.066 l S Q BT 8 0 0 8 382.5447 539.9656 Tm (2018)Tj ET q 407.827 535.066 37.205 15 re W n 407.827 535.066 m 445.032 535.066 l S Q BT 8 0 0 8 419.7495 539.9656 Tm (2019)Tj ET q 445.032 535.066 37.205 15 re W n 445.032 535.066 m 482.237 535.066 l S Q BT 8 0 0 8 456.9543 539.9656 Tm (2020)Tj ET q 482.237 535.066 37.205 15 re W n 482.237 535.066 m 519.441 535.066 l S Q BT 8 0 0 8 494.1591 539.9656 Tm (2021)Tj ET q 519.441 535.066 37.205 15 re W n 519.441 535.066 m 556.646 535.066 l S Q BT 8 0 0 8 531.3638 539.9656 Tm (2022)Tj ET q 556.646 535.066 37.205 15 re W n 556.646 535.066 m 593.851 535.066 l S Q BT 8 0 0 8 568.5686 539.9656 Tm (2023)Tj ET q 197 520.066 99.213 15 re W n 197 520.066 m 296.213 520.066 l S Q BT /F1 1 Tf 8 0 0 8 199 524.9656 Tm (NAV)Tj ET q 296.213 520.066 37.205 15 re W n 296.213 520.066 m 333.418 520.066 l S Q BT /F3 1 Tf 8 0 0 8 306.4752 524.9656 Tm (-0.20)Tj ET q 333.418 520.066 37.205 15 re W n 333.418 520.066 m 370.622 520.066 l S Q BT 8 0 0 8 345.2359 524.9656 Tm (5.30)Tj ET q 370.622 520.066 37.205 15 re W n 370.622 520.066 m 407.827 520.066 l S Q BT 8 0 0 8 382.4407 524.9656 Tm (2.10)Tj ET q 407.827 520.066 37.205 15 re W n 407.827 520.066 m 445.032 520.066 l S Q BT 8 0 0 8 419.6455 524.9656 Tm (7.05)Tj ET q 445.032 520.066 37.205 15 re W n 445.032 520.066 m 482.237 520.066 l S Q BT 8 0 0 8 456.8503 524.9656 Tm (2.15)Tj ET q 482.237 520.066 37.205 15 re W n 482.237 520.066 m 519.441 520.066 l S Q BT 8 0 0 8 494.0551 524.9656 Tm (4.08)Tj ET q 519.441 520.066 37.205 15 re W n 519.441 520.066 m 556.646 520.066 l S Q BT 8 0 0 8 529.7038 524.9656 Tm (-9.29)Tj ET q 556.646 520.066 37.205 15 re W n 556.646 520.066 m 593.851 520.066 l S Q BT 8 0 0 8 568.4646 524.9656 Tm (4.19)Tj /F2 1 Tf -46.4331 -1.7 TD (Reects the percent change in net asset value \(NAV\) of Class A shares and includes the reinvestment of all distributions. Perfo)Tj 41.514 0 TD (rmance is shown for )Tj -41.514 -1.0875 TD (each calendar year. Performance of Class A shares with sales charge reects the reinvestment of all distributions and includes )Tj 41.684 0 TD (initial maximum sales )Tj -41.684 -1.0875 TD (charge. Certain purchases of Class A shares without a sales charge are subject to a contingent deferred sales charge \(CDSC\). Th)Tj 42.591 0 TD (e CDSC is not )Tj -42.591 -1.0875 TD (reected in the performance shown. Returns for less than one year are not annualized. Instances of high double-digit returns we)Tj 42.197 0 TD (re achieved primarily )Tj -42.197 -1.0875 TD (during favorable market conditions and may not be sustainable over time.)Tj /F5 1 Tf 0 -1.15 TD -0.025 Tc (Performance data quoted reect past performance and are no guarantee of future results. Current performance may be higher or lo)Tj 47.282 0 TD (wer )Tj -47.282 -1.0875 TD (than the performance quoted. The investment return and principal value of an investment in the Fund will uctuate so that share)Tj 46.202 0 TD (s, on any )Tj -46.202 -1.0875 TD (given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the )Tj 46.59 0 TD (most )Tj -46.59 -1.0875 TD (recent month-end by calling Lord Abbett at 888-522-2388 or referring to lordabbett.com.)Tj ET q 18 10 576 149.1 re W n 0 0 0 0 k 18 159.1 576 -149.1 re f 3 w 18 159.1 m 594 159.1 l S Q BT /F2 1 Tf 8 0 0 8 18 149.4 Tm 0 Tc (Effective November 1, 2021 the Lord Abbett Short Duration High Yield Municipal Bond Fund changed its name to Lord Abbett Short )Tj 44.083 0 TD (Duration High Income Municipal Bond Fund. There was no change to the Funds )Tj -44.083 -1.0875 TD (investment strategy.)Tj 6 0 0 6 18 133.2 Tm (1)Tj 8 0 0 8 20.88 130.7 Tm (Reects expenses for the Funds scal year end and is subject to change. Fund expenses may uctuate with market volatility. A s)Tj 42.567 0 TD (ubstantial reduction in Fund assets \(since its most recently completed scal year\), )Tj -42.927 -1.1875 TD (whether caused by market conditions or signicant redemptions or both, will likely cause total operating expenses \(as a percent)Tj 41.963 0 TD (age of Fund assets\) to become higher than those shown.)Tj 6 0 0 6 18 113.7 Tm (2)Tj 8 0 0 8 20.88 111.2 Tm (Reects the average net expenses of Class A shares of all funds within the Lipper High Yield Municipal Debt Funds Category base)Tj 42.737 0 TD (d on Lipper data available.)Tj ET q 0.2 i 18 21.2 576 87.5 re W n BT /F5 1 Tf 8 0 0 8 18 102 Tm (A)Tj ET Q BT /F5 1 Tf 8 0 0 8 21.952 102 Tm -0.025 Tc ( Note about Risk:)Tj /F2 1 Tf 6.127 0 TD 0 Tc ( The Fund invests substantially in lower rated municipal bonds \(commonly referred to as below investment grade, high yield )Tj 41.996 0 TD (or junk bonds\). High-yield securities carry increased risks of price )Tj -48.617 -1.0875 TD (volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. High-yield municipal b)Tj 38.296 0 TD (onds are subject to greater risk of loss of income and principal than higher-rated securities, and are )Tj -38.296 -1.0875 TD (likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securit)Tj 42.24 0 TD (ies. The Fund concentrates on high yield municipal bonds with shorter maturities and )Tj -42.24 -1.0875 TD (durations, which carry heightened credit risk, liquidity risk and potential for default. In addition, because the Fund is nondi)Tj 39.846 0 TD (versied, it will be more exposed to risks from a single adverse economic, political, or regulatory )Tj -39.846 -1.0875 TD (event than a diversied fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative minim)Tj 41.68 0 TD (um tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes )Tj -41.68 -1.0875 TD (may apply. There is a risk that a bond issued as tax-exempt may be reclassied by the IRS as taxable, creating taxable rather t)Tj 41.719 0 TD (han tax-exempt income. In addition, the Fund is subject to other types of risks, such as )Tj -41.719 -1.0875 TD (call, credit, liquidity, interest rate, and general market risks. The Fund may invest in derivatives, which are subject to grea)Tj 39.792 0 TD (ter liquidity, leverage, and counterparty risk. The Fund may invest in Puerto Rico and other U.S. )Tj -39.792 -1.0875 TD (territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for )Tj 42.147 0 TD (example, economic or political developments, erosion of the tax base, and the possibility )Tj -42.147 -1.0875 TD (of credit problems. These factors can affect Fund performance. The fund performance history at this time is very limited; there)Tj 41.574 0 TD (fore, performance achieved during its initial period of investment operation may not be )Tj -41.574 -1.0875 TD (replicated over longer periods and may not be indicative of how the Fund will perform in the future. Past performance is no gua)Tj 41.941 0 TD (rantee of future results.)Tj -41.941 -1.15 TD (The Fund's portfolio is actively managed and is subject to change.)Tj /F6 1 Tf 42.509 -0.25 TD [(NOT FDIC INSURED - NO BANK GUARANTEE - MA)74(Y LOSE V)55(ALUE)]TJ ET q 356 10 238 11 re W n 1 w 356 10 238 11 re 356 10 m S Q 0 0 0 0 k 0.2 i 32.439 754.574 m 32.98 754.989 l 32.765 755.023 32.501 755.163 v 32.281 755.248 32.243 755.145 v 32.206 755.044 32.294 754.785 32.439 754.574 c f 0.36 0.37 0.7 0.06 k 18 772.866 35.961 -35.961 re f 0 0 0 0 k 43.38 742.915 m 43.38 743.338 43.038 743.678 42.614 743.678 c 42.191 743.678 41.85 743.338 41.85 742.915 c 41.85 742.491 42.191 742.149 42.614 742.149 c 43.038 742.149 43.38 742.491 43.38 742.915 c 43.254 742.915 m 43.254 742.562 42.967 742.276 42.614 742.276 c 42.261 742.276 41.977 742.562 41.977 742.915 c 41.977 743.267 42.261 743.552 42.614 743.552 c 42.967 743.552 43.254 743.267 43.254 742.915 c 42.28 742.491 m 42.413 742.491 l 42.413 742.84 l 42.492 742.84 l 42.593 742.84 42.633 742.805 42.737 742.62 c 42.809 742.491 l 42.971 742.491 l 42.872 742.651 l 42.802 742.762 42.751 742.832 42.681 742.856 c 42.681 742.861 l 42.819 742.869 42.915 742.964 42.915 743.098 c 42.915 743.186 42.846 743.313 42.643 743.313 c 42.28 743.313 l h 42.413 742.954 m 42.413 743.201 l 42.627 743.201 l 42.713 743.201 42.774 743.153 42.774 743.079 c 42.774 742.994 42.705 742.954 42.604 742.954 c 42.413 742.954 l f 37.75 743.205 m 37.676 743.645 37.34 744.141 36.711 744.692 c 36.191 745.148 36.195 746.083 36.16 746.334 c 33.113 746.334 l 32.869 746.018 32.705 745.626 31.747 745.079 c 30.504 744.395 30.04 744.17 29.758 743.205 c 37.75 743.205 l f 37.233 744.688 m 38.102 744.012 38.348 743.623 38.539 743.198 c 40.953 743.198 l 40.724 744.12 40.182 744.381 38.981 745.102 c 38.063 745.651 37.807 746.035 37.616 746.326 c 36.585 746.326 l 36.572 746.135 36.567 745.208 37.233 744.688 c f 36.596 749.182 0.907 -1.473 re f 33.223 749.185 2.942 -1.474 re f 38.828 750.944 m 38.828 751.177 38.636 751.303 38.396 751.304 c 32.329 751.304 l 32.091 751.303 31.897 751.177 31.897 750.944 c 31.897 750.711 32.091 750.583 32.329 750.582 c 38.396 750.582 l 38.636 750.583 38.828 750.711 38.828 750.944 c f 37.63 750.231 m 33.095 750.231 l 32.856 750.23 32.662 750.071 32.662 749.874 c 32.662 749.676 32.856 749.516 33.095 749.516 c 37.63 749.516 l 37.869 749.516 38.064 749.676 38.064 749.874 c 38.064 750.071 37.869 750.231 37.63 750.231 c f 37.63 747.391 m 33.095 747.391 l 32.856 747.389 32.662 747.228 32.662 747.03 c 32.662 746.831 32.856 746.67 33.095 746.669 c 37.63 746.669 l 37.869 746.669 38.064 746.83 38.064 747.03 c 38.064 747.228 37.869 747.391 37.63 747.391 c f 41.462 742.511 m 41.462 742.709 41.27 742.87 41.031 742.871 c 41.031 742.872 l 29.693 742.872 l 29.693 742.871 l 29.455 742.87 29.263 742.709 29.263 742.511 c 29.263 742.312 29.455 742.151 29.693 742.15 c 41.031 742.15 l 41.27 742.151 41.462 742.312 41.462 742.511 c f 40.729 758.573 m 39.387 758.4 l 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0.5438 TD (New York City Transitional Finance Authority Future Tax )Tj 0 -1.0875 TD (Secured Revenue)Tj 21.6682 0.5437 TD (1.2%)Tj -46.4714 -2.0687 TD (New York Transportation Development Corp)Tj ET q 367.079 650.416 28.346 12.2 re W n 395.426 650.416 m 395.426 662.616 l S Q BT 8 0 0 8 375.3455 653.9158 Tm [(1.4%)-1250(New York Transportation Development Corp)-7115.2(1.2%)]TJ -21.6682 -1.525 TD (Commonwealth Of Puerto Rico)Tj ET q 367.079 638.216 28.346 12.2 re W n 395.426 638.216 m 395.426 650.416 l S Q BT 8 0 0 8 375.3455 641.7157 Tm [(1.3%)-1250(Berks County Municipal Authority/The)-9265.2(1.1%)]TJ -22.2932 -1.9 TD (Holdings are for informational purposes only and are not a recommendation to buy, sell, or hold any security.)Tj /F1 1 Tf 8.75 0 0 8.75 197 613.5657 Tm (MATURITY BREAKDOWN)Tj ET 0.36 0.36 0.7 0.06 k 273.536 541.066 1.338 -7 re f BT /F2 1 Tf 8 0 0 8 275.8735 534.5657 Tm 0 0 0 1 k (0.8%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 552.066 0.502 -7 re f BT 8 0 0 8 275.0373 545.5657 Tm 0 0 0 1 k (0.3%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 563.066 5.519 -7 re f BT 8 0 0 8 280.0547 556.5657 Tm 0 0 0 1 k (3.3%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 574.066 26.257 -7 re f BT 8 0 0 8 300.7929 567.5657 Tm 0 0 0 1 k (15.7%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 585.066 69.574 -7 re f BT 8 0 0 8 344.1092 578.5657 Tm 0 0 0 1 k (41.6%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 596.066 53.685 -7 re f BT 8 0 0 8 328.221 589.5657 Tm 0 0 0 1 k (32.1%)Tj ET 0.36 0.36 0.7 0.06 k 273.536 607.066 10.536 -7 re f BT 8 0 0 8 285.072 600.5657 Tm 0 0 0 1 k (6.3%)Tj ET 273.536 532.066 m 273.536 609.066 l S BT 8 0 0 8 227.733 534.5657 Tm (25-30 Years)Tj 0 1.375 TD (20-25 Years)Tj T* (15-20 Years)Tj T* (10-15 Years)Tj 0.48 1.375 TD (5-10 Years)Tj 0.48 1.375 TD (1-5 Years)Tj 0.547 1.375 TD (<1 Year)Tj -5.3486 -10.025 TD (Maturity Breakdowns exclude cash and futures and therefore Fund )Tj 0 -1.0875 TD (percentage allocations may not equal 100%.)Tj /F1 1 Tf 8.75 0 0 8.75 402.5 613.5657 Tm (CREDIT QUALITY DISTRIBUTION)Tj ET 0.88 0.24 1 0.11 k 440.433 576.133 m 440.433 609.066 l 440.502 609.066 440.571 609.065 440.64 609.065 c h 440.433 576.133 m f 0 0 0 0 K 440.433 576.133 m 440.433 609.066 l 440.502 609.066 440.571 609.065 440.64 609.065 c h 440.433 576.133 m S 0.56 0.15 1 0.01 k 440.433 576.133 m 440.64 609.065 l 441.744 609.058 442.847 608.996 443.944 608.878 c h 440.433 576.133 m f 440.433 576.133 m 440.64 609.065 l 441.744 609.058 442.847 608.996 443.944 608.878 c h 440.433 576.133 m S 0.13 0.86 1 0.03 k 440.433 576.133 m 443.944 608.878 l 445.591 608.701 447.222 608.401 448.824 607.979 c h 440.433 576.133 m f 440.433 576.133 m 443.944 608.878 l 445.591 608.701 447.222 608.401 448.824 607.979 c h 440.433 576.133 m S 0.24 0.94 0.7 0.13 k 440.433 576.133 m 448.824 607.979 l 460.943 604.786 470.2 594.99 472.703 582.71 c h 440.433 576.133 m f 440.433 576.133 m 448.824 607.979 l 460.943 604.786 470.2 594.99 472.703 582.71 c h 440.433 576.133 m S 0.93 0.73 0.02 0 k 440.433 576.133 m 472.703 582.71 l 476.032 566.374 466.629 550.127 450.807 544.876 c h 440.433 576.133 m f 440.433 576.133 m 472.703 582.71 l 476.032 566.374 466.629 550.127 450.807 544.876 c h 440.433 576.133 m S 0.36 0.37 0.7 0.06 k 440.433 576.133 m 450.807 544.876 l 434.382 539.425 416.54 547.616 409.967 563.625 c h 440.433 576.133 m f 440.433 576.133 m 450.807 544.876 l 434.382 539.425 416.54 547.616 409.967 563.625 c h 440.433 576.133 m S 0.6 0.78 0.25 0.07 k 440.433 576.133 m 409.967 563.625 l 408.76 566.565 407.985 569.665 407.666 572.827 c h 440.433 576.133 m f 440.433 576.133 m 409.967 563.625 l 408.76 566.565 407.985 569.665 407.666 572.827 c h 440.433 576.133 m S 0.04 0.23 0.88 0 k 440.433 576.133 m 407.666 572.827 l 407.472 574.75 407.448 576.686 407.594 578.613 c h 440.433 576.133 m f 440.433 576.133 m 407.666 572.827 l 407.472 574.75 407.448 576.686 407.594 578.613 c h 440.433 576.133 m S 0.78 0.36 0.41 0.07 k 440.433 576.133 m 407.594 578.613 l 408.891 595.79 423.207 609.066 440.433 609.066 c h 440.433 576.133 m f 440.433 576.133 m 407.594 578.613 l 408.891 595.79 423.207 609.066 440.433 609.066 c h 440.433 576.133 m S BT /F7 1 Tf 7 0 0 7 478.3663 603.0657 Tm 0.88 0.24 1 0.11 k ()Tj ET q 0.2 i 488.366 599.266 105.634 9.8 re W n BT /F2 1 Tf 8 0 0 8 488.3663 602.7656 Tm 0 0 0 1 k (A)Tj ET Q BT /F2 1 Tf 8 0 0 8 492.2142 602.7656 Tm 0 0 0 1 k (-3/MIG3 0.1%)Tj /F7 1 Tf 7 0 0 7 478.3663 593.2656 Tm 0.56 0.15 1 0.01 k ()Tj ET q 0.2 i 488.366 589.466 105.634 9.8 re W n BT /F2 1 Tf 8 0 0 8 488.3663 592.9656 Tm 0 0 0 1 k (A)Tj ET Q BT /F2 1 Tf 8 0 0 8 492.2142 592.9656 Tm 0 0 0 1 k (AA 1.6%)Tj /F7 1 Tf 7 0 0 7 478.3663 583.4656 Tm 0.13 0.86 1 0.03 k ()Tj ET q 0.2 i 488.366 579.666 105.634 9.8 re W n BT /F2 1 Tf 8 0 0 8 488.3663 583.1656 Tm 0 0 0 1 k (A)Tj ET Q BT /F2 1 Tf 8 0 0 8 492.2142 583.1656 Tm 0 0 0 1 k (A 2.4%)Tj /F7 1 Tf 7 0 0 7 478.3663 573.6656 Tm 0.24 0.94 0.7 0.13 k ()Tj ET q 0.2 i 488.366 569.866 105.634 9.8 re W n BT /F2 1 Tf 8 0 0 8 488.3663 573.3657 Tm 0 0 0 1 k (A)Tj ET Q BT /F2 1 Tf 8 0 0 8 492.2142 573.3657 Tm 0 0 0 1 k ( 17.7%)Tj /F7 1 Tf 7 0 0 7 478.3663 563.8657 Tm 0.93 0.73 0.02 0 k ()Tj /F2 1 Tf 8 0 0 8 488.3663 563.5657 Tm 0 0 0 1 k (BBB 23.1%)Tj /F7 1 Tf 7 0 0 7 478.3663 554.0657 Tm 0.36 0.37 0.7 0.06 k ()Tj /F2 1 Tf 8 0 0 8 488.3663 553.7657 Tm 0 0 0 1 k (BB 23.9%)Tj /F7 1 Tf 7 0 0 7 478.3663 544.2657 Tm 0.6 0.78 0.25 0.07 k ()Tj /F2 1 Tf 8 0 0 8 488.3663 543.9657 Tm 0 0 0 1 k (B 4.6%)Tj /F7 1 Tf 7 0 0 7 478.3663 534.4657 Tm 0.04 0.23 0.88 0 k ()Tj /F2 1 Tf 8 0 0 8 488.3663 534.1656 Tm 0 0 0 1 k (< B 2.8%)Tj /F7 1 Tf 7 0 0 7 478.3663 524.6656 Tm 0.78 0.36 0.41 0.07 k ()Tj /F2 1 Tf 8 0 0 8 488.3663 524.3656 Tm 0 0 0 1 k (Not Rated 23.8%)Tj -10.7333 -1.4 TD (Ratings provided by Standard & Poors, Moodys, and Fitch. Where the )Tj 0 -1.0875 TD (rating agencies rate a security differently, Lord Abbett uses the higher )Tj T* (credit rating. For a security with both a short-term and a long-term )Tj T* (rating, Lord Abbett has categorized the security in the chart above using )Tj T* (its short-term rating only. Ratings range from AAA \(highest\) to D )Tj T* (\(lowest\). Bonds rated BBB or above are considered investment grade. )Tj T* (Credit ratings BB and below are lower-rated securities \(junk bonds\). )Tj T* (High-yielding, non-investment grade bonds \(junk bonds\) involve higher )Tj T* (risks than investment grade bonds. Adverse conditions may affect the )Tj T* (issuer's ability to pay interest and principal on these securities. Credit )Tj T* (quality allocation reects market value weightings. Breakdown is not an )Tj T* (S&P credit rating or an opinion of S&P as to the creditworthiness of )Tj T* (such portfolio. Ratings apply to the creditworthiness of the issuers of the )Tj T* (underlying securities and not the fund or its shares. Ratings may be )Tj T* (subject to change.)Tj ET 0 0 0 0 k 197 227.15 396 -200.65 re f 197 227.15 396 -200.65 re f 197 227.15 396 -119.35 re f q 197 107.8 396 119.35 re W n 0 0 0 1 K 5 w 197 107.8 m 593 107.8 l S Q BT /F1 1 Tf 8.75 0 0 8.75 197 220.7 Tm 0 0 0 1 k (GLOSSARY OF TERMS)Tj /F5 1 Tf 8 0 0 8 197 210.5 Tm -0.025 Tc (Effective Duration)Tj /F2 1 Tf 6.382 0 TD 0 Tc ( is the change in the value of a xed income security that will result from a 1% change in market interest rates, taking into a)Tj 40.733 0 TD (ccount )Tj -47.115 -1.0875 TD (anticipated cash ow uctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is exp)Tj 42.632 0 TD (ressed as a number )Tj -42.632 -1.0875 TD (of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio's underlying bond )Tj 39.759 0 TD (prices. Where applicable, )Tj -39.759 -1.0875 TD (securities, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs and ADRs, and CPI swaps )Tj 43.461 0 TD (and related )Tj -43.461 -1.0875 TD (futures, are excluded from these calculations.)Tj ET q 0.2 i 197 146.6 396 26.6 re W n BT /F5 1 Tf 8 0 0 8 197 166.5 Tm (A)Tj ET Q BT /F5 1 Tf 8 0 0 8 200.952 166.5 Tm -0.025 Tc (verage Effective Maturity)Tj /F2 1 Tf 8.984 0 TD 0 Tc ( is the length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its )Tj -9.478 -1.0875 TD (dollar value. Indicating a portfolio's sensitivity to general market interest rate changes, a longer average maturity implies g)Tj 39.869 0 TD (reater relative portfolio )Tj -39.869 -1.0875 TD (volatility.)Tj /F5 1 Tf 0 -1.15 TD -0.025 Tc (Lipper High Yield Municipal Debt Funds Average)Tj /F2 1 Tf 17.283 0 TD 0 Tc ( is based on a universe of funds with similar investment objectives as the Fund. Source: Lipper )Tj ET q 0.2 i 197 128.7 396 17.9 re W n BT 8 0 0 8 197 131.2 Tm (A)Tj ET Q BT 8 0 0 8 200.848 131.2 Tm (nalytical Services.)Tj /F5 1 Tf -0.481 -1.15 TD -0.025 Tc (Important Information:)Tj /F2 1 Tf 8.057 0 TD 0 Tc ( The portfolio characteristics and maturity breakdown exclude characteristics of any securities that are distressed or in defau)Tj 40.71 0 TD (lt. )Tj -48.767 -1.0875 TD (Such securities comprised 0.09% of the fund as of 12/31/2023.)Tj ET 0 0 0 0 k 197 107.8 396 -81.3 re f BT 8 0 0 8 197 99.1 Tm 0 0 0 1 k (The information provided is not directed at any investor or category of investors and is provided solely as general information)Tj 41.004 0 TD ( about Lord Abbett's )Tj -41.004 -1.0875 TD (products and services and to otherwise provide general investment education. None of the information provided should be regarde)Tj 43.075 0 TD (d as a suggestion )Tj -43.075 -1.0875 TD (to engage in or refrain from any investment-related course of action as neither Lord Abbett nor its afliates are undertaking t)Tj 40.816 0 TD (o provide impartial )Tj -40.816 -1.0875 TD (investment advice, act as an impartial adviser, or give advice in a duciary capacity. If you are an individual retirement inve)Tj 40.218 0 TD (stor, contact your nancial )Tj -40.218 -1.0875 TD (professional or other duciary about whether any given investment idea, strategy, product or service may be appropriate for you)Tj 42.114 0 TD (r circumstances.)Tj /F4 1 Tf -42.114 -1.15 TD (Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This )Tj 0 -1.0875 TD (and other important information is contained in the Fund's summary prospectus and/or prospectus. To obtain a prospectus )Tj T* (or summary prospectus on any Lord Abbett mutual fund, contact your investment professional, Lord Abbett Distributor LLC )Tj T* (at 888-522-2388 or visit us at lordabbett.com. Read the prospectus carefully before you invest.)Tj /F6 1 Tf 8.5 0 0 8.5 524.3055 20.5 Tm [(LA-SDHY)111(-12-4Q23)]TJ ET 0.04 0.23 0.88 0 k 18 772.866 576 -36 re f BT /F1 1 Tf 9.5 0 0 9.5 27 750.8657 Tm 0 0 0 1 k [(SHOR)18(T DURA)92(TION HIGH INCOME MUNICIP)74(AL BOND FUND)]TJ /F6 1 Tf 56.3278 0 TD (4Q23)Tj ET endstream endobj 12 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 121 /Widths [278 512 512 512 512 1000 512 512 278 278 512 512 512 389 278 352 556 556 556 556 512 556 556 512 512 512 278 512 512 512 512 512 512 667 704 722 722 630 593 759 722 278 512 685 574 889 722 760 667 760 704 648 593 722 611 944 648 648 512 512 512 512 512 512 512 556 512 556 611 556 315 593 512 241 512 512 241 870 574 593 611 512 352 519 333 574 512 512 537 519] /Encoding 20 0 R /BaseFont /OLNODP+HelveticaNeueLTPro-Md /FontDescriptor 21 0 R /ToUnicode 22 0 R >> endobj 13 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 148 /Widths [240 512 512 512 512 685 537 184 222 222 512 512 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