high_income_municipal_bond_fund_summary

SUMMARY PROSPECTUS

Lord Abbett High Income Municipal Bond Fund

FEBRUARY 1, 2025

CLASS/TICKER

CLASS A ............

HYMAX

CLASS F .........

HYMFX

CLASS I...........

HYMIX

CLASS C............

HYMCX

CLASS F3 .......

HYMOX

CLASS P .........

N/A

Before you invest, you may want to review the Fund’s prospectus and statement of additional

information, which contain more information about the Fund and its risks. You can find the

Fund’s prospectus, statement of additional information and other information about the Fund at

www.lordabbett.com/documentsandliterature. You can also get this information at no cost by

calling 888-522-2388 (Option #2) or by sending an email request to literature@lordabbett.com.

The current prospectus and statement of additional information dated February 1, 2025, as may

be supplemented from time to time, are incorporated by reference into this summary prospectus.

SUMMARY – High Income Municipal Bond Fund

INVESTMENT OBJECTIVE

The investment objective of the Fund is to seek a high level of income exempt from

federal income tax.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy, hold, and

sell shares of the Fund.

You may pay other fees, such as brokerage commissions

and other fees to financial intermediaries, which are not reflected in the tables

and examples below.

You may qualify for sales charge discounts if you and certain

members of your family invest, or agree to invest in the future, at least $100,000 in

the Lord Abbett Family of Funds. More information about these and other discounts

is available from your financial intermediary and in “Sales Charge Reductions and

Waivers” on page 147 of the prospectus, Appendix A to the prospectus, titled

“Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases,

Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the

statement of additional information (“SAI”).

Shareholder Fees

(1)

(Fees paid directly from your investment)

Class

F, F3, I, and P

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

2.25%

None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption

proceeds, whichever is lower)

None

(2)

1.00%

(3)

None

SUMMARY – High Income Municipal Bond Fund

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.44%

Distribution and Service (12b-1) Fees

0.20%

0.81%

(4)

0.10%

None

0.45%

Total Other Expenses

0.18%

0.14%

0.18%

Interest and Related Expenses from Inverse Floaters

0.06%

Other Expenses

0.12%

0.08%

0.12%

Total Annual Fund Operating Expenses

0.82%

1.43%

0.72%

0.58%

0.62%

1.07%

(1)

A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its

financial intermediary. Please contact your financial intermediary for more information about whether such a commission

may apply to your transaction.

(2)

A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or

acquired without a sales charge if they are redeemed before the first day of the month in which the 18-month anniversary

of the purchase falls.

(3)

A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their

purchase.

(4)

The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s

average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net

assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the

same rate.

Example

This Example is intended to help you compare the cost of investing in the Fund with

the cost of investing in other mutual funds. The Example assumes that you invest

$10,000 in the Fund for the time periods indicated and then redeem all of your shares

at the end of those periods. The Example also assumes that your investment has a

5% return each year and that the Fund’s operating expenses remain the same. Class

C shares automatically convert to Class A shares after eight years. The expense

example for Class C shares for the ten-year period reflects the conversion to Class A

shares. Although your actual costs may be higher or lower, based on these

assumptions your costs would be:

Class

If Shares Are Redeemed

If Shares Are Not Redeemed

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

Class A Shares

307

481

670

1,216

307

481

670

1,216

Class C Shares

246

452

782

1,547

146

452

782

1,547

Class F Shares

230

401

894

230

401

894

Class F3 Shares

186

324

726

186

324

726

Class I Shares

199

346

774

199

346

774

Class P Shares

109

340

590

1,306

109

340

590

1,306

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it

buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover

rate may indicate higher transaction costs and may result in higher taxes when Fund

SUMMARY – High Income Municipal Bond Fund

shares are held in a taxable account. These costs, which are not reflected in the

annual fund operating expenses or in the example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the

average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal conditions, the Fund invests at least 80% of its net assets, plus the

amount of any borrowings for investment purposes, in municipal bonds that pay

interest exempt from federal income tax. These municipal bonds and other securities

in which the Fund may invest may pay interest that is subject to the federal

alternative minimum tax (“AMT”) for certain taxpayers.

Although the Fund may invest in municipal bonds in any rating category, under

normal conditions, the Fund invests at least 50% of its net assets in municipal bonds

rated BBB+/Baa1 or lower (at the time of purchase), or an equivalent short-term

rating, as applicable, by an independent rating agency or that are unrated but deemed

by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of comparable quality, with a

particular emphasis on lower rated municipal bonds (commonly referred to as

“below investment grade,” “high yield,” or “junk” bonds), which are bonds that are

rated BB+/Ba1 or lower (at the time of purchase), or an equivalent short-term rating,

as applicable, by an independent rating agency or are unrated but deemed by Lord

Abbett to be of comparable quality. The Fund may invest without limitation in

unrated municipal bonds, which may constitute a significant portion of the Fund’s

portfolio.

The Fund also may invest in defaulted securities (

i.e.,

bonds on which the issuer has

not paid principal or interest on time) and securities of issuers that are or may

become involved in reorganizations, financial restructurings, or bankruptcy

(commonly referred to as “distressed debt”). The Fund presently does not intend to

invest more than 20% of its net assets (measured at the time of investment) in such

defaulted or distressed securities. However, the Fund’s defaulted or distressed debt

holdings may exceed this level from time to time if the Fund purchased securities

that were not considered in default or distressed at their time of purchase and such

securities subsequently become defaulted or distressed. These investment strategies

are generally higher risk relative to strategies employed by funds that invest

primarily in investment grade municipal bonds.

The Fund may invest in all types of municipal bonds, including general obligation

bonds, revenue bonds, municipal leases, and variable rate demand notes. The Fund

may invest in 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 100% of its net assets in private activity bonds

(commonly referred to as “AMT paper”), which are a type of municipal bond that

pays interest that is subject to AMT. Although the Fund is permitted to invest up to

20% of its net assets in fixed income securities that pay interest that is subject to

regular federal income tax, the Fund presently has no intention of investing in this

SUMMARY – High Income Municipal Bond Fund

manner. There is a risk that a bond issued as tax-exempt may be reclassified by the

Internal Revenue Service (“IRS”) as taxable. The Fund will not invest more than

25% of its total assets in any industry; however, this limitation does not apply to tax-

exempt securities and securities issued 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 special tax bonds)

are not considered a part of any “industry” for purposes of this industry

concentration policy. Therefore, the Fund may invest more than 25% of its total

assets in these types of municipal securities. 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 100% of its net assets in inverse floaters (also known as

“residual interest bonds”), which are a type of derivative investment that provides

leveraged exposure to underlying municipal bonds whose interest payments vary

inversely 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 securities of any maturity or duration. Normally,

the Fund seeks to maintain a dollar-weighted average maturity of between ten and

twenty-five years.

The Fund’s portfolio management team focuses on credit risk analysis, tax exempt

income yield, total return potential, interest rate risk, and call protection in managing

its portfolio. The investment team may also consider the risks and return potential

presented by environmental, social, and governance (“ESG”) factors in investment

decisions. The Fund may sell a security when the Fund believes the security is less

likely to benefit from the current market and economic environment or shows signs

of deteriorating fundamentals, among other reasons.

The Fund may deviate from the investment strategy described above for temporary

defensive purposes. The Fund may miss certain investment opportunities if

defensive strategies are used and thus may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk,

including the risk that you may receive little or no return on your investment. When

you redeem your shares, they may be worth more or less than what you paid for

them, which means that you may lose a portion or all of the money you invested in

the Fund. The principal risks of investing in the Fund, which could adversely affect

its performance, include:

•

Portfolio Management Risk:

If the strategies used and investments selected by

the Fund’s portfolio management team fail to produce the intended result, the

Fund may suffer losses or underperform other funds with the same investment

objective or strategies, even in a favorable market.

SUMMARY – High Income Municipal Bond Fund

•

Market Risk:

The market values of securities will fluctuate, sometimes sharply

and unpredictably, based on overall economic conditions, governmental actions

or intervention, market disruptions caused by trade disputes or other factors,

political developments, and other factors. Prices of equity securities tend to rise

and fall more dramatically than those of debt securities.

•

Fixed Income Securities Risk:

The Fund is subject to the general risks and

considerations associated with investing in debt securities, including the risk

that issuers will fail to make timely payments of principal or interest or default

altogether. Lower-rated securities in which the Fund may invest may be more

volatile and may decline more in price in response to negative issuer

developments or general economic news due to their increased credit risk

relative to other fixed-income investments. In addition, as interest rates rise, the

Fund’s investments typically will lose value.

•

Municipal Securities Risk:

Municipal securities are subject to the same risks

affecting fixed income securities in general. In addition, the prices of municipal

securities may be adversely affected by legislative or political changes, tax

rulings, judicial action, changes in market and economic conditions, and the

fiscal condition of the municipal issuer, including an insolvent municipality

filing for bankruptcy. The Fund may be more sensitive to these events and

conditions if it invests a substantial portion of its assets in the municipal

securities of similar projects (such as those relating to education, health care,

housing, transportation, and utilities), in particular types of municipal securities

(such as general obligation bonds, private activity bonds, and special tax bonds),

or in the securities of issuers located within a single state, municipality, territory

(such as Puerto Rico), or geographic area. The market for municipal securities

generally is less liquid than other securities markets, which may make it more

difficult for the Fund to sell its municipal securities. Nongovernmental users of

facilities financed by tax-exempt revenue bonds (

e.g.

, companies in the electric

utility and health care industries) may have difficulty making payments on their

obligations in the event of an economic downturn. This would negatively affect

the valuation of municipal securities issued by such facilities.

•

Below Investment Grade Municipal Bond Risk:

Below investment grade

municipal bonds typically pay a higher yield than investment grade municipal

bonds, but have greater price fluctuations and a higher risk of default than

investment grade municipal bonds. The market for below investment grade

municipal bonds may be less liquid due to such factors as specific municipal

developments, interest rate sensitivity, negative perceptions of the junk bond

markets generally, and less secondary market liquidity. This may make such

bonds more difficult to sell at an acceptable price, especially during periods of

financial distress, increased market volatility, or significant market decline.

•

Call Risk:

A substantial portion of bonds are “callable,” meaning they give the

issuer the right to call or redeem the bonds before maturity. Issuers may call

outstanding bonds when there is a decline in interest rates, when credit spreads

SUMMARY – High Income Municipal Bond Fund

change, or when the issuer’s credit quality improves. As interest rates decline,

these bond issuers may pay off their loans early by buying back the bonds, thus

depriving the Fund of above market interest rates.

•

Credit Risk:

Municipal bonds are subject to the risk that the issuer or guarantor

of a security may not make interest and principal payments as they become due

or may default altogether. In addition, if the market perceives a deterioration in

the creditworthiness of an issuer, the value and liquidity of bonds issued by that

issuer may decline. Credit risk varies based upon the economic and fiscal

conditions of each issuer and the municipalities, agencies, instrumentalities, and

other issuers within the state, territory, or possession. To the extent that the

Fund holds below investment grade securities, these risks may be heightened.

Insured municipal bonds have the credit risk of the insurer in addition to the

credit risk of the underlying investment being insured. A decline in the credit

quality of private activity bonds usually is directly related to a decline in the

credit standing of the private user of the facility.

•

Defaulted Bonds Risk:

Defaulted bonds are subject to greater risk of loss of

income and principal than securities of issuers whose debt obligations are being

met. Defaulted bonds are considered speculative with respect to the issuer’s

ability to make interest payments and pay its obligations in full. The repayment

of defaulted bonds therefore is subject to significant uncertainties, and in some

cases, there may be no recovery of repayment. Defaulted bonds may be repaid

only after lengthy workout or bankruptcy proceedings, which typically result in

only partial recovery of cash payments or an exchange of the defaulted bond for

other securities of the issuer or its affiliates.

•

Derivatives Risk:

The risks associated with derivatives may be different from

and greater than the risks associated with directly investing in securities and

other investments. Derivatives may increase the Fund’s volatility and reduce its

returns. Derivatives may not perform as expected and the Fund may not realize

the intended benefits. Whether the Fund’s use of derivatives is successful may

depend on, among other things, the portfolio managers’ ability to correctly

forecast market movements, company and industry valuation levels and trends,

changes in foreign exchange and interest rates, and other factors. If the portfolio

managers incorrectly forecast these and other factors, the Fund’s performance

could suffer. In addition, given their complexity, derivatives are subject to the

risk that improper or misunderstood documentation may expose the Fund to

losses.

•

Inverse Floater Risk:

The Fund’s use of inverse floaters may reduce the

Fund’s returns and/or increase the Fund’s volatility. Distributions on inverse

floaters are inversely related to short-term municipal bond interest rates.

Therefore, distributions paid to the Fund on its inverse floaters will fall when

short-term municipal interest rates rise and will rise when short-term municipal

interest rates fall. Holders of inverse floaters bear the risk of the fluctuation in

value of the issuing trust’s underlying municipal bonds because holders of the

SUMMARY – High Income Municipal Bond Fund

floaters have the right to tender their notes back to the trust for payment at par

plus accrued interest. This creates effective leverage because the Fund’s net cash

investment is significantly less than the value of the underlying bonds. The

leverage ratio increases as the value of the inverse floaters becomes a greater

proportion of the value of the municipal bonds deposited into the trust.

•

Distressed Debt Risk:

Distressed bonds are speculative and involve substantial

risks in addition to the risks of investing in high-yield debt securities. The Fund

is subject to an increased risk that it may lose a portion or all of its investment in

the distressed debt and may incur higher expenses trying to protect its interests

in distressed debt. The prices of distressed bonds are likely to be more sensitive

to adverse economic changes or individual issuer developments than the prices

of higher rated securities. During an economic downturn or substantial period of

rising interest rates, distressed debt issuers may experience financial stress that

would adversely affect their ability to service their principal and interest

payment obligations. Moreover, it is unlikely that a liquid market will exist for

the Fund to sell its holdings in distressed debt securities.

•

Extension Risk:

Rising interest rates may cause an issuer to pay off or retire a

debt security later than expected, extending the duration of a bond, making it

more sensitive to changes in interest rates reducing the bond’s value.

•

Governmental Risk:

Government actions, including U.S. federal government

actions and actions by local, state, and regional governments, could have an

adverse effect on municipal bond prices. In addition, the Fund’s performance

may be affected by local, state, and regional factors depending on the states or

territories in which the Fund’s investments are issued.

•

Interest Rate Risk:

As interest rates rise, prices of bonds (including tax-exempt

bonds) generally fall, typically causing the Fund’s investments to lose value.

Additionally, rising interest rates or lack of market participants may lead to

decreased liquidity in fixed income markets. Interest rate changes generally

have a more pronounced effect on the market value of fixed-rate instruments,

such as corporate bonds, than they have on floating rate instruments, and

typically have a greater effect on the price of fixed income securities with longer

durations. A wide variety of market factors can cause interest rates to rise,

including central bank monetary policy, rising inflation, and changes in general

economic conditions.

•

Liquidity/Redemption Risk:

The Fund may lose money when selling securities

at inopportune times to fulfill shareholder redemption requests. The risk of loss

may increase depending on the size and frequency of redemption requests,

whether the redemption requests occur in times of overall market turmoil or

declining prices, and whether the securities the Fund intends to sell have

decreased in value or are illiquid. The Fund may be less able to sell illiquid

securities at its desired time or price. It may be more difficult for the Fund to

value its investments in illiquid securities than more liquid securities.

SUMMARY – High Income Municipal Bond Fund

•

State and Territory Risk:

From time to time, the Fund may be more exposed

to risks affecting a particular state, territory (such as Puerto Rico), municipality,

or region. As a result, adverse economic, political, and regulatory conditions

affecting a single state, territory, municipality, or region (and their political

subdivisions, agencies, instrumentalities, and public authorities) can

disproportionately affect the Fund’s performance.

•

Taxability Risk:

There is a risk that a bond issued as tax-exempt may be

reclassified by the IRS as taxable (for example, if the bond was issued in a

transaction deemed by the IRS to be abusive), creating taxable rather than tax-

exempt income. In addition, the Fund may invest up to 100% of its net assets in

municipal bonds the interest on which may be subject to AMT and invest up to

20% of its net assets in fixed income securities that pay interest that is subject to

regular federal income tax. The income from private activity bonds is an item of

tax preference for purposes of AMT, which may cause the income to be taxable

to you. Additionally, the Fund’s use of derivatives may increase the amount of

distributions taxable to you as ordinary income, increase or decrease the amount

of capital gain distributions to you, and/or decrease the amount available for

distribution to you as exempt-interest dividends.

•

Zero Coupon, Deferred Interest, Pay-In-Kind, and Capital Appreciation

Bonds Risk:

Because these securities bear no interest and compound

semiannually at the rate fixed at the time of issuance, their value generally is

more volatile than the value of other fixed income securities. Since the

bondholders do not receive interest payments, when interest rates rise, these

securities fall more dramatically in value than bonds paying interest on a current

basis. When interest rates fall, these securities rise more rapidly in value because

the bonds reflect a fixed rate of return. If the issuer defaults, the Fund may not

receive any return on its investment.

An investment in zero coupon and deferred interest securities may cause the

Fund to recognize income and make distributions to shareholders before it

receives any cash payments on its investment. To generate cash to satisfy

distribution requirements, the Fund may have to sell portfolio securities that it

otherwise would have continued to hold or to use cash flows from other sources

including the sale of Fund shares.

An investment in the Fund is not a deposit of any bank and is not insured or

guaranteed by the Federal Deposit Insurance Corporation or any other government

agency. For more information on the principal risks of the Fund, please see the

“More Information About the Funds – Principal Risks” section in the prospectus.

PERFORMANCE

The bar chart and table below provide some indication of the risks of investing in the

Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment

of dividends and distributions. The Fund’s past performance, before and after taxes,

is not necessarily an indication of how the Fund will perform in the future. No

SUMMARY – High Income Municipal Bond Fund

performance is shown for Class P shares because the Fund has no Class P shares

outstanding.

The bar chart shows changes in the performance of the Fund’s Class A shares from

calendar year to calendar year. This chart does not reflect the sales charge applicable

to Class A shares. If the sales charge were reflected, returns would be lower.

Performance for the Fund’s other share classes will vary due to the different

expenses each class bears. Updated performance information is available at

www.lordabbett.com or by calling 888-522-2388.

Bar Chart (per calendar year) - Class A Shares

Best

Quarter

4th

2023

+7.43%

Worst

Quarter

1st

2022

-8.62%

The table below shows how the Fund’s average annual total returns compare to the

returns of securities market indices with investment characteristics similar to those

of the Fund as well as to a broad-based securities market index.

The Fund’s

average annual total returns include applicable sales charges.

The after-tax returns of Class A shares included in the table below are calculated

using the historical highest individual federal marginal income tax rates and do not

reflect the impact of state and local taxes. In some cases, the return after taxes on

distributions and sale of Fund shares may exceed the return before taxes due to a tax

benefit resulting from realized losses on a sale of Fund shares at the end of the

period that is used to offset other gains. Actual after-tax returns depend on an

investor’s tax situation and may differ from those shown. The after-tax returns

shown are not relevant to investors who hold their Fund shares through tax-

advantaged arrangements such as 401(k) plans or Individual Retirement Accounts

(“IRAs”). After-tax returns for other share classes are not shown in the table and will

vary from those shown for Class A shares.

The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.

SUMMARY – High Income Municipal Bond Fund

Average Annual Total Returns

(for the periods ended December 31, 2024)

Class

1 Year

5 Years

10 Years

Life of Class

Inception

Date for

Performance

Class A Shares

Before Taxes

3.81%

0.46%

3.07%

After Taxes on Distributions

3.80%

0.44%

3.04%

After Taxes on Distributions and Sale of Fund Shares

4.05%

1.18%

3.26%

Class C Shares

(1)

4.58%

0.28%

2.65%

Class F Shares

6.33%

1.02%

3.41%

Class F3 Shares

6.49%

1.18%

3.35%

4/4/2017

Class I Shares

6.44%

1.13%

3.49%

Index

Bloomberg High Yield Municipal Bond Index

(reflects no deduction for fees, expenses, or taxes)

6.32%

2.66%

4.28%

4.39%

4/4/2017

Bloomberg 65% High Yield Municipal Bond Index/35%

Bloomberg Municipal Bond Index

(reflects no deduction for fees, expenses, or taxes)

4.45%

2.10%

3.59%

3.65%

4/4/2017

Bloomberg U.S. Aggregate Bond Index

(reflects no deduction for fees, expenses, or taxes)

1.25%

-0.33%

1.35%

1.19%

4/4/2017

(1)

Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the

impact of such conversion to Class A shares.

MANAGEMENT

Investment Adviser.

The Fund’s investment adviser is Lord Abbett.

Portfolio Managers

Portfolio Managers/Title

Member of

the Portfolio

Management

Team Since

Daniel S. Solender, Partner and Director of Tax Free Fixed

Income

2006

Gregory M. Shuman, Partner and Portfolio Manager

2014

PURCHASE AND SALE OF FUND SHARES

The minimum initial and additional amounts shown below vary depending on the

class of shares you buy and the type of account. Certain financial intermediaries may

impose different restrictions than those described below. For Class I shares, the

SUMMARY – High Income Municipal Bond Fund

minimum investment shown below applies to certain types of institutional investors,

but does not apply to registered investment advisers or retirement and benefit plans

otherwise eligible to invest in Class I shares. Class P shares are closed to

substantially all new investors. See “Choosing a Share Class – Investment

Minimums” in the prospectus for more information.

Investment Minimums — Initial/Additional Investments

Class

(1)

and C

F, F3, and P

General and IRAs without Invest-A-

Matic Investments

Initial: $1,000

Additional: No minimum

N/A

Initial: $1 million

Additional: No minimum

Invest-A-Matic Accounts

(2)

Initial: $250

Additional: $50

N/A

IRAs, SIMPLE and SEP Accounts

with Payroll Deductions

No minimum

N/A

Fee-Based Advisory Programs and

Retirement and Benefit Plans

No minimum

(1)

There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial

intermediary that has entered into an agreement with Lord Abbett Distributor LLC ("Lord Abbett Distributor") to offer

Class A shares through a load-waived network or platform, which may or may not charge transaction fees.

(2)

There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

You may sell (redeem) shares through your securities broker, financial professional

or financial intermediary on any business day the Fund calculates its net asset value

(“NAV”). If you have direct account access privileges, you may redeem your shares

by contacting the Fund in writing at Lord Abbett Funds Service Center, P.O. Box

534489, Pittsburgh, PA 15253-4489 (regular mail) or Attention: 534489, 500 Ross

Street 154-0520, Pittsburgh, PA 15262 (overnight mail), by calling 888-522-2388 or

by accessing your account online at www.lordabbett.com.

TAX INFORMATION

The Fund’s distributions of interest on municipal bonds generally are not subject to

U.S. federal income tax; however, the Fund may distribute taxable dividends,

including distributions of short-term and long-term capital gains. In addition, interest

on certain bonds may be subject to the federal alternative minimum tax. To the

extent that the Fund’s distributions are derived from interest on bonds that are not

exempt from applicable state and local taxes, such distributions will be subject to

such state and local taxes.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL

INTERMEDIARIES

If you purchase Fund shares through a broker-dealer or other financial intermediary

(such as a bank), the Fund and the Fund’s distributor or its affiliates may pay the

intermediary for the sale of Fund shares and related services. These payments may

create a conflict of interest by influencing the broker-dealer or other financial

SUMMARY – High Income Municipal Bond Fund

intermediary and your individual financial professional to recommend the Fund over

another investment. Ask your individual financial professional or visit your financial

intermediary’s website for more information.

NOTES: