Lord Abbett Sustainable Muni Bd Fd USD Class F (LSMFX) Exchange: NMFQS

The Fund seeks to invest in municipal securitiesthat the Fund’s portfolio management team believes support sustainable initiatives, as described below.Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowingsfor investment purposes, in municipal bonds that pay interest exempt from federal income tax. In addition,under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowingsfor investment purposes, in investments that Lord Abbett believes support initiatives that provide socialor environmental benefits (sustainable initiatives).Under normal conditions,the Fund invests in investment grade municipal bonds, which are bonds that are rated BBB/Baa or higher(at the time of purchase) by an independent rating agency or are unrated but deemed by Lord Abbett tobe of comparable quality. The Fund may invest up to 20% of its net assets in lower rated municipal bonds(commonly referred to as “below investment grade,” “high yield,” or “junk” bonds), whichare bonds that are rated BB+/Ba1 or lower (at the time of purchase) by an independent rating agency orare unrated but deemed by Lord Abbett to be of comparable quality.LordAbbett applies a proprietary sustainability framework to its fundamental and quantitative research-basedinvestment strategy to identify securities that, in its view, support initiatives that provide socialor environmental benefits (sustainable initiatives). The Fund seeks to invest in municipal securitieswhose use of proceeds the Fund’s portfolio management team believes at the time of purchase have, orin the future is likely to have, a positive social or environmental impact. In evaluating a potentialinvestment to determine if it has a positive social or environmental impact, Lord Abbett will initiallyconsider the alignment of the security’s intended use of proceeds with the United Nations SustainableDevelopment Goals (UN SDGs). In certaininstances, Lord Abbett may also consider the principles or standards set forth by the International CapitalMarket Association (ICMA). The guidelines provided by the UN SDGs and ICMA may change over time andLord Abbett may deem other international committees or similar organizations relevant to its determinationin the future. A potential investment may have a variety of intended uses of proceeds; not all intendeduses of proceeds are required to have a positive social or environmental impact to be eligible for theFund’s portfolio. When considering the potential impact of a proposed investment, Lord Abbett willalso consider the environmental, social and governance (ESG) matters that it believes are most materialto the issuer based on the sector in which it operates, with a focus on environmental or social purposesfollowing an initial general ESG screen as part of its proprietary sustainability framework. LordAbbett applies its sustainability framework to all potential Fund investments. The factors Lord Abbettconsiders will depend on the data available, will differ from sector to sector and may change over time.In its evaluation of these factors, Lord Abbett may use its internally-developed research, third partyresearch and data providers, and information made available by the issuer. The Fund generally will notinvest in municipal securities of any issuer determined by Lord Abbett to be involved in settlementswith manufacturers of tobacco products or operators of gambling casinos.TheFund may invest in all types of municipal bonds, including revenue bonds, municipal leases, floatingor adjustable rate bonds, variable rate demand notes, and general obligation bonds. The Fund may investin both insured and uninsured municipal bonds. The Fund also may invest in zero coupon, deferred interest,pay-in-kind, and capital appreciation bonds.The Fund may invest up to 20% of its netassets in municipal bonds that pay interest that is subject to the federal alternative minimum tax (‘‘AMT’’),including private activity bonds (commonly referred to as ‘‘AMT paper’’). The Fund is permittedto invest up to 20% of its net assets in fixed income securities that pay interest that is subject toregular federal income tax. There is a risk that a bond issued as tax-exempt may be reclassified by theInternal Revenue Service (‘‘IRS’’) as taxable. The Fund will not invest more than 25% of itstotal assets in any industry; however, this limitation does not apply to tax-exempt securities and securitiesissued by the U.S. Government or its agencies or instrumentalities. Certain types of municipal securities(including general obligation, general appropriation, municipal leases, special assessment, and specialtax bonds) are not considered a part of any ‘‘industry’’ for purposes of this industry concentrationpolicy. Therefore, the Fund may invest more than 25% of its total assets in these types of municipalsecurities. The Fund may invest without limitation in securities of issuers located in a single state,territory, municipality, or region.The Fund may invest up to 20% of its netassets in inverse floaters (also known as ‘‘residual interest bonds’’), which are a type of derivativeinvestment that provides leveraged exposure to underlying municipal bonds whose interest payments varyinversely with changes in short-term tax-exempt interest rates. The Fund also may invest in other types of derivatives, such as futures, for non-hedging, hedging,or duration management purposes.The Fund may invest in individual securitiesof any maturity or duration. Normally, the Fund seeks to maintain a dollar-weighted average maturityof between five and twelve years. The Fund may invest in money market securities and their equivalents,typically for cash management purposes.The Fund’s portfolio management team focuseson credit risk analysis, tax-exempt income yield, total return potential, interest rate risk, and callprotection in managing its portfolio. The Fund may sell a security when the Fundbelieves the security is less likely to benefit from the current market and economic environment or showssigns of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategydescribed above for temporary defensive purposes. The Fund may miss certain investment opportunitiesif defensive strategies are used and thus may not achieve its investment objective.