LORD ABBETT
MUNICIPAL INCOME FUND
Lord Abbett
Sustainable Municipal Bond
Fund (the “Fund”)
Supplement dated
February
7
,
2025
to the
Summary Prospectus, Prospectus, and Statement of
Additional Information of the Fund,
each dated
February
1, 20
2
5
, as supplemented
Liquidation of the Fund
On
February 4, 2025
, the Board of
Directors
of Lord Abbett
Municipal Income Fund
approved a plan of
liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved
. It is currently
anticipated that the liquidation and dissolution of the Fund will be completed on or around
Spring
202
5
(
the
“Liquidation Date”
).
Any Fund shares outstanding on the Liquidation Date will be automatically redeemed
on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”)
of such shares after dividend distributions required to eliminate
any Fund
-
level taxes are made
,
the
Fund’s
expenses and liabilities have been paid or otherwise provided for as directed by the Plan
,
and the
Fund has
distributed to its shareholders of record the remaining proceeds in one or more liquidating
distributions
on
the Liquidation Date as set forth in the Plan
.
At any time before the Liquidation Date, shareholders may
:
▪
Exchange their
Fund
shares for the same class of shares of another
Lord Abbett
Fund, provided
that the exchange satisfies the investment minimum of the Fund selected;
▪
Redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under
“Purchases and Redemptions” in the prospectus
; or
▪
Do nothing and their
Fund
shares will be redeemed on or about
the Liquidation Date
. However,
shareholders in individual retirement accounts who do not take other action will automatically have
their shares exchanged for shares of
Lord Abbett
U
.
S
.
Government
& Government Spon
sored
Enterprises
Money Market Fund on or about
the Liquidation Date
.
In connection with the liquidation of the Fund, the Fund no longer will accept purchase orders or exchange
requests
as
of
February 7
, 2025
.
Capitalized terms used in this Supplement
shall, unless otherwise defined herein, have the same meaning as given in the Prospectus and/or SAIs.
Please retain this document for your future reference.