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Lord
Abbett
Municipal
Income
Fund
*
F
or
the
six-month
period
ended
March
31,
2024
Short
Duration
Tax Free
Fund
Intermediate
Tax Free
Fund
National
Tax Free
Fund
High
Income
Municipal
Bond
Fund
Short
Duration
High
Income
Municipal
Bond
Fund
Sustainable
Municipal
Bond
Fund
California
Tax Free
Fund
New
Jersey
Tax Free
Fund
New
York
Tax Free
Fund
Table of Content
s
1
A Letter
to Shareholders
Investment
Comparisons
2
Information
About
Your
Fund’
s Expenses
and
Holdings
Presented
by Credit
Rating
Schedules
of Investments:
14
Short
Dur ation
Tax Fr ee Fund
30
Intermediate
Tax Fr ee Fund
76
National
Tax Fr ee Fund
115
High
Income
Municipal
Bond
Fund
148
Short
Dur ation
High
Income
Municipal
Bond
Fund
168
Sustainable
Municipal
Bond
Fund
172
California
Tax Fr ee Fund
188
New Jer sey Tax Fr ee Fund
199
New York Tax Fr ee Fund
216
Statements
of Assets
and
Liabilities
220
Statements
of Operations
222
Statements
of Changes
in Net
Assets
228
Financial
Highlights
246
Notes
to Financial
Statements
266
Supplemental
Information
to Shareholders
1
Dear
Shar
eholder
s:
We ar e pleased
to pr ovide
you
with this semiannual
report for Lor d Abbett
Municipal
Income Fund for the six-month period ended March 31,
2024. For additional information about the Funds, please
visit our website
at www.lordabbett.com, wher e you can
access
quarterly
commentaries
by the Funds’
portfolio
managers. General information about Lord Abbett
mutual
funds , as well as in-depth
discussions
of market
tr ends and investment
str ategies
, is also pr ovided
in
Lor
d
Abbett
Insights
,
a quarterly
newsletter
available
on
our website.
Thank
you for investing
in Lor d Abbett
mutual
funds . We value the trust that you place in us and look
forwar
d to serving
your investment
needs
in the year s
to come.
Best
regar ds ,
Douglas
B. Sieg
Dir ector
, Pr esident
and Chief
Executive
Officer
Lor d Abbett Municipal
Income
Fund
Lor d Abbett Short Dur ation Tax Fr ee Fund, Lor d Abbett
Intermediate
Tax Fr ee Fund, Lor d Abbett National
Tax-
Fr ee Income
Fund, Lor d Abbett High Income
Municipal
Bond Fund, Lor d Abbett Short Dur ation High Income
Municipal
Bond Fund, Lor d Abbett Su stainable
Municipal
Bond Fund, Lor d Abbett California
Tax-Fr ee
Income
Fund, Lor d Abbett Ne w Jer se y Tax-Fr ee Income
Fund, and Lor d Abbett Ne w York Tax-Fr ee Income
Fund
Semiannual
Report
For
the
six-month
period
ended
Mar
ch
3
1,
20
24
From left to right: Evelyn E. Guernsey,
Independent
Chair
of the
Lord
Abbett
Fun
ds
an d Doug las
B. Sieg
Director
, President
and
Chief
Executive
Officer
of
the
Lord
Abbett
Funds.
Expen se Ex ample
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including
sales charges (loads) on purchase payments (these charges vary among the share classes);
and (2) ongoing costs, including management fees; distribution and service (12b-1) fees
(these charges vary among the share classes); and other Fund expenses. This Example is
intended to help you understand your ongoing costs (in dollars) of investing in each Fund
and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example
is based
on an investment
of $1,000
invested
at the beginning
of the
period
and held for the entir e period
(October
1, 20 23 thr ough Mar ch 31, 20 24.)
Actual
Expen
ses
For each class of each Fund,
the fir st line of the applicable
table on the following
pages
pr ovides
information
about
actual
account
values
and actual
expenses
. You may
use the information
in this line, together
with the amount
you invested,
to estimate
the
expenses
that you paid over the period.
Simply
divide
your account
value by $1,000
(for
example,
an $8,600
account
value divided
by $1,000
= 8.6), then multiply
the result by
the number
in the fir st line under
the heading
titled
“Expenses
Paid During
Period
10/1/23
- 3/3 1/24” to estimate
the expenses
you paid on your account
during
this period.
Hypothetical
Example
for
Compari
son
Purposes
For each class of each Fund, the second line of the applicable table on the following
pages provides information about hypothetical account values and hypothetical expenses
based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year
before expenses, which is not the Fund’s actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or expenses you
paid for the period. You may use this information to compare the ongoing costs of investing
in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
2