Lord Abbett Municipal Income Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03942

LORD ABBETT MUNICIPAL INCOME FUND, INC.

(Exact name of Registrant as specified in charter)

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 522-2388

Date of fiscal year end: 9/30

Date of reporting period: 9/30/2024

Item 1: Report(s) to Shareholders.

Class A 

HYMAX 

Lord Abbett High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$88	0.82%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 15.38%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 17.38% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg High Yield Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: Security selection within the Education, Health Care and Tobacco sectors contributed to relative performance. An overweight allocation to the Health Care sector and underweight allocation to the Education sector contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s allocation to investment grade bonds was the primary detractor from relative performance. The Fund’s yield curve positioning led to a modest negative impact on relative performance. In particular, an overweight allocation to intermediate maturity bonds detracted as yields fell less at this part of the curve.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg High Yield Municipal Bond Index	Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	Lipper High Yield Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,774	$10,000	$10,000	$10,000	$10,000
10/31/2014	$9,827	$9,964	$10,000	$10,077	$10,098
11/30/2014	$9,880	$10,067	$10,074	$10,117	$10,170
12/31/2014	$9,945	$10,121	$10,127	$10,206	$10,179
1/31/2015	$10,125	$10,302	$10,307	$10,402	$10,393
2/28/2015	$10,061	$10,261	$10,243	$10,324	$10,295
3/31/2015	$10,100	$10,234	$10,236	$10,364	$10,343
4/30/2015	$10,095	$10,192	$10,190	$10,330	$10,306
5/31/2015	$10,107	$10,307	$10,255	$10,315	$10,281
6/30/2015	$9,984	$9,927	$10,006	$10,188	$10,169
7/31/2015	$9,964	$9,873	$9,996	$10,240	$10,240
8/31/2015	$9,994	$9,914	$10,030	$10,261	$10,225
9/30/2015	$10,103	$10,124	$10,194	$10,348	$10,294
10/31/2015	$10,212	$10,248	$10,288	$10,424	$10,296
11/30/2015	$10,252	$10,289	$10,330	$10,481	$10,269
12/31/2015	$10,309	$10,304	$10,365	$10,577	$10,235
1/31/2016	$10,395	$10,363	$10,447	$10,672	$10,376
2/29/2016	$10,461	$10,477	$10,527	$10,693	$10,450
3/31/2016	$10,554	$10,587	$10,611	$10,796	$10,546
4/30/2016	$10,657	$10,652	$10,680	$10,900	$10,586
5/31/2016	$10,769	$10,792	$10,782	$10,987	$10,589
6/30/2016	$11,008	$11,127	$11,059	$11,204	$10,779
7/31/2016	$11,076	$11,200	$11,109	$11,219	$10,847
8/31/2016	$11,122	$11,240	$11,140	$11,265	$10,835
9/30/2016	$11,142	$11,270	$11,140	$11,241	$10,829
10/31/2016	$11,024	$11,130	$11,009	$11,107	$10,746
11/30/2016	$10,538	$10,468	$10,440	$10,589	$10,492
12/31/2016	$10,585	$10,613	$10,576	$10,659	$10,506
1/31/2017	$10,709	$10,761	$10,697	$10,737	$10,527
2/28/2017	$10,841	$11,018	$10,889	$10,856	$10,598
3/31/2017	$10,870	$11,043	$10,913	$10,913	$10,592
4/30/2017	$10,956	$11,118	$10,989	$11,101	$10,674
5/31/2017	$11,071	$11,288	$11,159	$11,271	$10,756
6/30/2017	$11,081	$11,263	$11,129	$11,263	$10,745
7/31/2017	$11,185	$11,337	$11,208	$11,336	$10,792
8/31/2017	$11,350	$11,493	$11,339	$11,457	$10,888
9/30/2017	$11,299	$11,432	$11,279	$11,445	$10,836
10/31/2017	$11,232	$11,463	$11,309	$11,445	$10,843
11/30/2017	$11,241	$11,492	$11,306	$11,462	$10,829
12/31/2017	$11,366	$11,641	$11,443	$11,587	$10,879
1/31/2018	$11,345	$11,532	$11,326	$11,513	$10,753
2/28/2018	$11,335	$11,540	$11,319	$11,480	$10,651
3/31/2018	$11,451	$11,709	$11,442	$11,557	$10,720
4/30/2018	$11,508	$11,762	$11,461	$11,562	$10,640
5/31/2018	$11,663	$12,008	$11,663	$11,710	$10,716
6/30/2018	$11,770	$12,068	$11,704	$11,746	$10,703
7/31/2018	$11,808	$12,110	$11,740	$11,786	$10,705
8/31/2018	$11,905	$12,207	$11,812	$11,832	$10,774
9/30/2018	$11,845	$12,159	$11,755	$11,772	$10,705
10/31/2018	$11,676	$12,007	$11,634	$11,646	$10,620
11/30/2018	$11,706	$12,091	$11,732	$11,694	$10,683
12/31/2018	$11,797	$12,195	$11,847	$11,794	$10,880
1/31/2019	$11,847	$12,277	$11,930	$11,859	$10,995
2/28/2019	$11,995	$12,343	$11,994	$11,954	$10,989
3/31/2019	$12,289	$12,662	$12,262	$12,189	$11,200
4/30/2019	$12,381	$12,733	$12,323	$12,257	$11,203
5/31/2019	$12,595	$12,940	$12,512	$12,444	$11,402
6/30/2019	$12,677	$13,007	$12,571	$12,501	$11,545
7/31/2019	$12,769	$13,089	$12,658	$12,583	$11,570
8/31/2019	$13,075	$13,404	$12,926	$12,818	$11,870
9/30/2019	$13,022	$13,377	$12,872	$12,760	$11,807
10/31/2019	$13,020	$13,405	$12,898	$12,768	$11,842
11/30/2019	$13,070	$13,457	$12,942	$12,819	$11,836
12/31/2019	$13,151	$13,497	$12,981	$12,862	$11,828
1/31/2020	$13,440	$13,830	$13,270	$13,112	$12,056
2/29/2020	$13,782	$14,121	$13,512	$13,348	$12,273
3/31/2020	$12,174	$12,568	$12,375	$12,136	$12,201
4/30/2020	$11,729	$12,144	$12,049	$11,785	$12,417
5/31/2020	$12,169	$12,640	$12,503	$12,164	$12,475
6/30/2020	$12,705	$13,141	$12,861	$12,564	$12,554
7/31/2020	$13,019	$13,497	$13,163	$12,833	$12,741
8/31/2020	$13,046	$13,533	$13,164	$12,838	$12,638
9/30/2020	$13,010	$13,546	$13,174	$12,834	$12,632
10/31/2020	$12,994	$13,571	$13,175	$12,822	$12,575
11/30/2020	$13,345	$13,897	$13,451	$13,116	$12,699
12/31/2020	$13,610	$14,157	$13,643	$13,338	$12,716
1/31/2021	$13,917	$14,452	$13,859	$13,564	$12,625
2/28/2021	$13,705	$14,301	$13,687	$13,399	$12,443
3/31/2021	$13,818	$14,456	$13,813	$13,503	$12,287
4/30/2021	$14,018	$14,667	$13,985	$13,682	$12,384
5/31/2021	$14,192	$14,836	$14,104	$13,836	$12,425
6/30/2021	$14,359	$15,024	$14,234	$13,982	$12,512
7/31/2021	$14,515	$15,204	$14,386	$14,114	$12,652
8/31/2021	$14,450	$15,181	$14,353	$14,064	$12,628
9/30/2021	$14,285	$15,081	$14,256	$13,937	$12,518
10/31/2021	$14,220	$15,020	$14,204	$13,902	$12,515
11/30/2021	$14,443	$15,217	$14,367	$14,069	$12,552
12/31/2021	$14,479	$15,257	$14,399	$14,103	$12,520
1/31/2022	$13,978	$14,830	$14,000	$13,730	$12,250
2/28/2022	$13,823	$14,795	$13,961	$13,616	$12,114
3/31/2022	$13,231	$14,261	$13,474	$13,149	$11,777
4/30/2022	$12,695	$13,754	$13,033	$12,680	$11,330
5/31/2022	$12,844	$13,905	$13,194	$12,837	$11,403
6/30/2022	$12,352	$13,461	$12,844	$12,385	$11,224
7/31/2022	$12,797	$13,964	$13,275	$12,826	$11,498
8/31/2022	$12,482	$13,653	$12,981	$12,527	$11,174
9/30/2022	$11,687	$12,812	$12,287	$11,851	$10,691
10/31/2022	$11,417	$12,549	$12,087	$11,639	$10,552
11/30/2022	$12,125	$13,280	$12,742	$12,261	$10,940
12/31/2022	$12,086	$13,258	$12,742	$12,211	$10,891
1/31/2023	$12,576	$13,847	$13,237	$12,675	$11,226
2/28/2023	$12,235	$13,412	$12,862	$12,333	$10,936
3/31/2023	$12,358	$13,620	$13,092	$12,507	$11,214
4/30/2023	$12,458	$13,699	$13,131	$12,548	$11,282
5/31/2023	$12,371	$13,604	$13,032	$12,477	$11,159
6/30/2023	$12,600	$13,846	$13,228	$12,600	$11,119
7/31/2023	$12,642	$13,936	$13,302	$12,634	$11,111
8/31/2023	$12,484	$13,724	$13,104	$12,456	$11,040
9/30/2023	$12,065	$13,258	$12,680	$12,064	$10,760
10/31/2023	$11,778	$13,045	$12,511	$11,821	$10,590
11/30/2023	$12,565	$14,057	$13,419	$12,642	$11,069
12/31/2023	$12,961	$14,479	$13,790	$13,023	$11,493
1/31/2024	$13,036	$14,411	$13,724	$13,072	$11,462
2/29/2024	$13,135	$14,525	$13,800	$13,151	$11,300
3/31/2024	$13,228	$14,697	$13,906	$13,230	$11,404
4/30/2024	$13,084	$14,607	$13,791	$13,073	$11,116
5/31/2024	$13,168	$14,718	$13,844	$13,152	$11,304
6/30/2024	$13,426	$15,078	$14,139	$13,458	$11,412
7/31/2024	$13,562	$15,243	$14,285	$13,595	$11,678
8/31/2024	$13,697	$15,423	$14,434	$13,706	$11,846
9/30/2024	$13,920	$15,562	$14,568	$13,876	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	15.38%	1.34%	3.60%
Class A with sales charge	12.81%	0.88%	3.36%
Bloomberg High Yield Municipal Bond Index	17.38%	3.07%	4.52%
Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	14.89%	2.51%	3.83%
Lipper High Yield Municipal Debt Funds Average	15.02%	1.69%	3.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,098,713,523
# of Portfolio Holdings	611
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,137,454

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.12%
• A-3.62%
• A+4.07%
• AA4.24%
• AA-2.36%
• AA+0.32%
• AAA1.03%
• B0.75%
• B-2.26%
• B+2.14%
• BB6.67%
• BB-5.00%
• BB+6.47%
• BBB3.00%
• BBB-8.39%
• BBB+4.73%
• CCC0.30%
• CCC-1.01%
• CCC+0.36%
• NR40.16%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

HYMAX 

Lord Abbett High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1430-A

11/24

Class C 

HYMCX 

Lord Abbett High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$153	1.43%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 14.68%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 17.38% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg High Yield Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: Security selection within the Education, Health Care and Tobacco sectors contributed to relative performance. An overweight allocation to the Health Care sector and underweight allocation to the Education sector contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s allocation to investment grade bonds was the primary detractor from relative performance. The Fund’s yield curve positioning led to a modest negative impact on relative performance. In particular, an overweight allocation to intermediate maturity bonds detracted as yields fell less at this part of the curve.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg High Yield Municipal Bond Index	Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	Lipper High Yield Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,058	$9,964	$10,000	$10,077	$10,098
11/30/2014	$10,106	$10,067	$10,074	$10,117	$10,170
12/31/2014	$10,167	$10,121	$10,127	$10,206	$10,179
1/31/2015	$10,338	$10,302	$10,307	$10,402	$10,393
2/28/2015	$10,267	$10,261	$10,243	$10,324	$10,295
3/31/2015	$10,301	$10,234	$10,236	$10,364	$10,343
4/30/2015	$10,299	$10,192	$10,190	$10,330	$10,306
5/31/2015	$10,297	$10,307	$10,255	$10,315	$10,281
6/30/2015	$10,167	$9,927	$10,006	$10,188	$10,169
7/31/2015	$10,141	$9,873	$9,996	$10,240	$10,240
8/31/2015	$10,166	$9,914	$10,030	$10,261	$10,225
9/30/2015	$10,281	$10,124	$10,194	$10,348	$10,294
10/31/2015	$10,377	$10,248	$10,288	$10,424	$10,296
11/30/2015	$10,421	$10,289	$10,330	$10,481	$10,269
12/31/2015	$10,465	$10,304	$10,365	$10,577	$10,235
1/31/2016	$10,547	$10,363	$10,447	$10,672	$10,376
2/29/2016	$10,609	$10,477	$10,527	$10,693	$10,450
3/31/2016	$10,698	$10,587	$10,611	$10,796	$10,546
4/30/2016	$10,805	$10,652	$10,680	$10,900	$10,586
5/31/2016	$10,913	$10,792	$10,782	$10,987	$10,589
6/30/2016	$11,149	$11,127	$11,059	$11,204	$10,779
7/31/2016	$11,203	$11,200	$11,109	$11,219	$10,847
8/31/2016	$11,254	$11,240	$11,140	$11,265	$10,835
9/30/2016	$11,258	$11,270	$11,140	$11,241	$10,829
10/31/2016	$11,133	$11,130	$11,009	$11,107	$10,746
11/30/2016	$10,637	$10,468	$10,440	$10,589	$10,492
12/31/2016	$10,679	$10,613	$10,576	$10,659	$10,506
1/31/2017	$10,799	$10,761	$10,697	$10,737	$10,527
2/28/2017	$10,926	$11,018	$10,889	$10,856	$10,598
3/31/2017	$10,950	$11,043	$10,913	$10,913	$10,592
4/30/2017	$11,031	$11,118	$10,989	$11,101	$10,674
5/31/2017	$11,140	$11,288	$11,159	$11,271	$10,756
6/30/2017	$11,145	$11,263	$11,129	$11,263	$10,745
7/31/2017	$11,244	$11,337	$11,208	$11,336	$10,792
8/31/2017	$11,404	$11,493	$11,339	$11,457	$10,888
9/30/2017	$11,347	$11,432	$11,279	$11,445	$10,836
10/31/2017	$11,273	$11,463	$11,309	$11,445	$10,843
11/30/2017	$11,286	$11,492	$11,306	$11,462	$10,829
12/31/2017	$11,396	$11,641	$11,443	$11,587	$10,879
1/31/2018	$11,369	$11,532	$11,326	$11,513	$10,753
2/28/2018	$11,363	$11,540	$11,319	$11,480	$10,651
3/31/2018	$11,473	$11,709	$11,442	$11,557	$10,720
4/30/2018	$11,515	$11,762	$11,461	$11,562	$10,640
5/31/2018	$11,664	$12,008	$11,663	$11,710	$10,716
6/30/2018	$11,765	$12,068	$11,704	$11,746	$10,703
7/31/2018	$11,797	$12,110	$11,740	$11,786	$10,705
8/31/2018	$11,888	$12,207	$11,812	$11,832	$10,774
9/30/2018	$11,821	$12,159	$11,755	$11,772	$10,705
10/31/2018	$11,656	$12,007	$11,634	$11,646	$10,620
11/30/2018	$11,671	$12,091	$11,732	$11,694	$10,683
12/31/2018	$11,755	$12,195	$11,847	$11,794	$10,880
1/31/2019	$11,808	$12,277	$11,930	$11,859	$10,995
2/28/2019	$11,950	$12,343	$11,994	$11,954	$10,989
3/31/2019	$12,226	$12,662	$12,262	$12,189	$11,200
4/30/2019	$12,311	$12,733	$12,323	$12,257	$11,203
5/31/2019	$12,528	$12,940	$12,512	$12,444	$11,402
6/30/2019	$12,593	$13,007	$12,571	$12,501	$11,545
7/31/2019	$12,688	$13,089	$12,658	$12,583	$11,570
8/31/2019	$12,975	$13,404	$12,926	$12,818	$11,870
9/30/2019	$12,926	$13,377	$12,872	$12,760	$11,807
10/31/2019	$12,916	$13,405	$12,898	$12,768	$11,842
11/30/2019	$12,949	$13,457	$12,942	$12,819	$11,836
12/31/2019	$13,022	$13,497	$12,981	$12,862	$11,828
1/31/2020	$13,312	$13,830	$13,270	$13,112	$12,056
2/29/2020	$13,633	$14,121	$13,512	$13,348	$12,273
3/31/2020	$12,036	$12,568	$12,375	$12,136	$12,201
4/30/2020	$11,600	$12,144	$12,049	$11,785	$12,417
5/31/2020	$12,018	$12,640	$12,503	$12,164	$12,475
6/30/2020	$12,540	$13,141	$12,861	$12,564	$12,554
7/31/2020	$12,854	$13,497	$13,163	$12,833	$12,741
8/31/2020	$12,863	$13,533	$13,164	$12,838	$12,638
9/30/2020	$12,820	$13,546	$13,174	$12,834	$12,632
10/31/2020	$12,809	$13,571	$13,175	$12,822	$12,575
11/30/2020	$13,137	$13,897	$13,451	$13,116	$12,699
12/31/2020	$13,400	$14,157	$13,643	$13,338	$12,716
1/31/2021	$13,685	$14,452	$13,859	$13,564	$12,625
2/28/2021	$13,481	$14,301	$13,687	$13,399	$12,443
3/31/2021	$13,584	$14,456	$13,813	$13,503	$12,287
4/30/2021	$13,773	$14,667	$13,985	$13,682	$12,384
5/31/2021	$13,926	$14,836	$14,104	$13,836	$12,425
6/30/2021	$14,082	$15,024	$14,234	$13,982	$12,512
7/31/2021	$14,238	$15,204	$14,386	$14,114	$12,652
8/31/2021	$14,156	$15,181	$14,353	$14,064	$12,628
9/30/2021	$13,998	$15,081	$14,256	$13,937	$12,518
10/31/2021	$13,916	$15,020	$14,204	$13,902	$12,515
11/30/2021	$14,127	$15,217	$14,367	$14,069	$12,552
12/31/2021	$14,165	$15,257	$14,399	$14,103	$12,520
1/31/2022	$13,668	$14,830	$14,000	$13,730	$12,250
2/28/2022	$13,499	$14,795	$13,961	$13,616	$12,114
3/31/2022	$12,913	$14,261	$13,474	$13,149	$11,777
4/30/2022	$12,383	$13,754	$13,033	$12,680	$11,330
5/31/2022	$12,522	$13,905	$13,194	$12,837	$11,403
6/30/2022	$12,036	$13,461	$12,844	$12,385	$11,224
7/31/2022	$12,463	$13,964	$13,275	$12,826	$11,498
8/31/2022	$12,149	$13,653	$12,981	$12,527	$11,174
9/30/2022	$11,370	$12,812	$12,287	$11,851	$10,691
10/31/2022	$11,112	$12,549	$12,087	$11,639	$10,552
11/30/2022	$11,794	$13,280	$12,742	$12,261	$10,940
12/31/2022	$11,738	$13,258	$12,742	$12,211	$10,891
1/31/2023	$12,220	$13,847	$13,237	$12,675	$11,226
2/28/2023	$11,872	$13,412	$12,862	$12,333	$10,936
3/31/2023	$11,996	$13,620	$13,092	$12,507	$11,214
4/30/2023	$12,075	$13,699	$13,131	$12,548	$11,282
5/31/2023	$11,995	$13,604	$13,032	$12,477	$11,159
6/30/2023	$12,200	$13,846	$13,228	$12,600	$11,119
7/31/2023	$12,234	$13,936	$13,302	$12,634	$11,111
8/31/2023	$12,075	$13,724	$13,104	$12,456	$11,040
9/30/2023	$11,663	$13,258	$12,680	$12,064	$10,760
10/31/2023	$11,380	$13,045	$12,511	$11,821	$10,590
11/30/2023	$12,147	$14,057	$13,419	$12,642	$11,069
12/31/2023	$12,511	$14,479	$13,790	$13,023	$11,493
1/31/2024	$12,588	$14,411	$13,724	$13,072	$11,462
2/29/2024	$12,666	$14,525	$13,800	$13,151	$11,300
3/31/2024	$12,749	$14,697	$13,906	$13,230	$11,404
4/30/2024	$12,616	$14,607	$13,791	$13,073	$11,116
5/31/2024	$12,679	$14,718	$13,844	$13,152	$11,304
6/30/2024	$12,932	$15,078	$14,139	$13,458	$11,412
7/31/2024	$13,044	$15,243	$14,285	$13,595	$11,678
8/31/2024	$13,168	$15,423	$14,434	$13,706	$11,846
9/30/2024	$13,375	$15,562	$14,568	$13,876	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	14.68%	0.69%	2.95%
Class C with sales charge	13.68%	0.69%	2.95%
Bloomberg High Yield Municipal Bond Index	17.38%	3.07%	4.52%
Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	14.89%	2.51%	3.83%
Lipper High Yield Municipal Debt Funds Average	15.02%	1.69%	3.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,098,713,523
# of Portfolio Holdings	611
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,137,454

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.12%
• A-3.62%
• A+4.07%
• AA4.24%
• AA-2.36%
• AA+0.32%
• AAA1.03%
• B0.75%
• B-2.26%
• B+2.14%
• BB6.67%
• BB-5.00%
• BB+6.47%
• BBB3.00%
• BBB-8.39%
• BBB+4.73%
• CCC0.30%
• CCC-1.01%
• CCC+0.36%
• NR40.16%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

HYMCX 

Lord Abbett High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1432-C

11/24

Class F 

HYMFX 

Lord Abbett High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$78	0.72%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 15.48%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 17.38% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg High Yield Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: Security selection within the Education, Health Care and Tobacco sectors contributed to relative performance. An overweight allocation to the Health Care sector and underweight allocation to the Education sector contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s allocation to investment grade bonds was the primary detractor from relative performance. The Fund’s yield curve positioning led to a modest negative impact on relative performance. In particular, an overweight allocation to intermediate maturity bonds detracted as yields fell less at this part of the curve.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg High Yield Municipal Bond Index	Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	Lipper High Yield Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,064	$9,964	$10,000	$10,077	$10,098
11/30/2014	$10,118	$10,067	$10,074	$10,117	$10,170
12/31/2014	$10,186	$10,121	$10,127	$10,206	$10,179
1/31/2015	$10,363	$10,302	$10,307	$10,402	$10,393
2/28/2015	$10,306	$10,261	$10,243	$10,324	$10,295
3/31/2015	$10,347	$10,234	$10,236	$10,364	$10,343
4/30/2015	$10,343	$10,192	$10,190	$10,330	$10,306
5/31/2015	$10,356	$10,307	$10,255	$10,315	$10,281
6/30/2015	$10,231	$9,927	$10,006	$10,188	$10,169
7/31/2015	$10,211	$9,873	$9,996	$10,240	$10,240
8/31/2015	$10,243	$9,914	$10,030	$10,261	$10,225
9/30/2015	$10,355	$10,124	$10,194	$10,348	$10,294
10/31/2015	$10,468	$10,248	$10,288	$10,424	$10,296
11/30/2015	$10,510	$10,289	$10,330	$10,481	$10,269
12/31/2015	$10,569	$10,304	$10,365	$10,577	$10,235
1/31/2016	$10,658	$10,363	$10,447	$10,672	$10,376
2/29/2016	$10,727	$10,477	$10,527	$10,693	$10,450
3/31/2016	$10,823	$10,587	$10,611	$10,796	$10,546
4/30/2016	$10,929	$10,652	$10,680	$10,900	$10,586
5/31/2016	$11,045	$10,792	$10,782	$10,987	$10,589
6/30/2016	$11,290	$11,127	$11,059	$11,204	$10,779
7/31/2016	$11,361	$11,200	$11,109	$11,219	$10,847
8/31/2016	$11,410	$11,240	$11,140	$11,265	$10,835
9/30/2016	$11,431	$11,270	$11,140	$11,241	$10,829
10/31/2016	$11,311	$11,130	$11,009	$11,107	$10,746
11/30/2016	$10,814	$10,468	$10,440	$10,589	$10,492
12/31/2016	$10,863	$10,613	$10,576	$10,659	$10,506
1/31/2017	$10,991	$10,761	$10,697	$10,737	$10,527
2/28/2017	$11,127	$11,018	$10,889	$10,856	$10,598
3/31/2017	$11,158	$11,043	$10,913	$10,913	$10,592
4/30/2017	$11,247	$11,118	$10,989	$11,101	$10,674
5/31/2017	$11,356	$11,288	$11,159	$11,271	$10,756
6/30/2017	$11,377	$11,263	$11,129	$11,263	$10,745
7/31/2017	$11,485	$11,337	$11,208	$11,336	$10,792
8/31/2017	$11,655	$11,493	$11,339	$11,457	$10,888
9/30/2017	$11,604	$11,432	$11,279	$11,445	$10,836
10/31/2017	$11,536	$11,463	$11,309	$11,445	$10,843
11/30/2017	$11,546	$11,492	$11,306	$11,462	$10,829
12/31/2017	$11,675	$11,641	$11,443	$11,587	$10,879
1/31/2018	$11,655	$11,532	$11,326	$11,513	$10,753
2/28/2018	$11,645	$11,540	$11,319	$11,480	$10,651
3/31/2018	$11,765	$11,709	$11,442	$11,557	$10,720
4/30/2018	$11,825	$11,762	$11,461	$11,562	$10,640
5/31/2018	$11,985	$12,008	$11,663	$11,710	$10,716
6/30/2018	$12,096	$12,068	$11,704	$11,746	$10,703
7/31/2018	$12,136	$12,110	$11,740	$11,786	$10,705
8/31/2018	$12,237	$12,207	$11,812	$11,832	$10,774
9/30/2018	$12,166	$12,159	$11,755	$11,772	$10,705
10/31/2018	$12,003	$12,007	$11,634	$11,646	$10,620
11/30/2018	$12,035	$12,091	$11,732	$11,694	$10,683
12/31/2018	$12,129	$12,195	$11,847	$11,794	$10,880
1/31/2019	$12,182	$12,277	$11,930	$11,859	$10,995
2/28/2019	$12,335	$12,343	$11,994	$11,954	$10,989
3/31/2019	$12,638	$12,662	$12,262	$12,189	$11,200
4/30/2019	$12,734	$12,733	$12,323	$12,257	$11,203
5/31/2019	$12,954	$12,940	$12,512	$12,444	$11,402
6/30/2019	$13,040	$13,007	$12,571	$12,501	$11,545
7/31/2019	$13,135	$13,089	$12,658	$12,583	$11,570
8/31/2019	$13,451	$13,404	$12,926	$12,818	$11,870
9/30/2019	$13,398	$13,377	$12,872	$12,760	$11,807
10/31/2019	$13,396	$13,405	$12,898	$12,768	$11,842
11/30/2019	$13,449	$13,457	$12,942	$12,819	$11,836
12/31/2019	$13,533	$13,497	$12,981	$12,862	$11,828
1/31/2020	$13,832	$13,830	$13,270	$13,112	$12,056
2/29/2020	$14,185	$14,121	$13,512	$13,348	$12,273
3/31/2020	$12,532	$12,568	$12,375	$12,136	$12,201
4/30/2020	$12,076	$12,144	$12,049	$11,785	$12,417
5/31/2020	$12,529	$12,640	$12,503	$12,164	$12,475
6/30/2020	$13,081	$13,141	$12,861	$12,564	$12,554
7/31/2020	$13,406	$13,497	$13,163	$12,833	$12,741
8/31/2020	$13,434	$13,533	$13,164	$12,838	$12,638
9/30/2020	$13,398	$13,546	$13,174	$12,834	$12,632
10/31/2020	$13,383	$13,571	$13,175	$12,822	$12,575
11/30/2020	$13,745	$13,897	$13,451	$13,116	$12,699
12/31/2020	$14,019	$14,157	$13,643	$13,338	$12,716
1/31/2021	$14,336	$14,452	$13,859	$13,564	$12,625
2/28/2021	$14,120	$14,301	$13,687	$13,399	$12,443
3/31/2021	$14,237	$14,456	$13,813	$13,503	$12,287
4/30/2021	$14,444	$14,667	$13,985	$13,682	$12,384
5/31/2021	$14,624	$14,836	$14,104	$13,836	$12,425
6/30/2021	$14,798	$15,024	$14,234	$13,982	$12,512
7/31/2021	$14,959	$15,204	$14,386	$14,114	$12,652
8/31/2021	$14,893	$15,181	$14,353	$14,064	$12,628
9/30/2021	$14,725	$15,081	$14,256	$13,937	$12,518
10/31/2021	$14,659	$15,020	$14,204	$13,902	$12,515
11/30/2021	$14,890	$15,217	$14,367	$14,069	$12,552
12/31/2021	$14,928	$15,257	$14,399	$14,103	$12,520
1/31/2022	$14,413	$14,830	$14,000	$13,730	$12,250
2/28/2022	$14,255	$14,795	$13,961	$13,616	$12,114
3/31/2022	$13,646	$14,261	$13,474	$13,149	$11,777
4/30/2022	$13,095	$13,754	$13,033	$12,680	$11,330
5/31/2022	$13,250	$13,905	$13,194	$12,837	$11,403
6/30/2022	$12,732	$13,461	$12,844	$12,385	$11,224
7/31/2022	$13,203	$13,964	$13,275	$12,826	$11,498
8/31/2022	$12,879	$13,653	$12,981	$12,527	$11,174
9/30/2022	$12,061	$12,812	$12,287	$11,851	$10,691
10/31/2022	$11,784	$12,549	$12,087	$11,639	$10,552
11/30/2022	$12,515	$13,280	$12,742	$12,261	$10,940
12/31/2022	$12,475	$13,258	$12,742	$12,211	$10,891
1/31/2023	$12,982	$13,847	$13,237	$12,675	$11,226
2/28/2023	$12,632	$13,412	$12,862	$12,333	$10,936
3/31/2023	$12,760	$13,620	$13,092	$12,507	$11,214
4/30/2023	$12,852	$13,699	$13,131	$12,548	$11,282
5/31/2023	$12,775	$13,604	$13,032	$12,477	$11,159
6/30/2023	$13,000	$13,846	$13,228	$12,600	$11,119
7/31/2023	$13,045	$13,936	$13,302	$12,634	$11,111
8/31/2023	$12,883	$13,724	$13,104	$12,456	$11,040
9/30/2023	$12,463	$13,258	$12,680	$12,064	$10,760
10/31/2023	$12,168	$13,045	$12,511	$11,821	$10,590
11/30/2023	$12,982	$14,057	$13,419	$12,642	$11,069
12/31/2023	$13,392	$14,479	$13,790	$13,023	$11,493
1/31/2024	$13,470	$14,411	$13,724	$13,072	$11,462
2/29/2024	$13,574	$14,525	$13,800	$13,151	$11,300
3/31/2024	$13,671	$14,697	$13,906	$13,230	$11,404
4/30/2024	$13,524	$14,607	$13,791	$13,073	$11,116
5/31/2024	$13,612	$14,718	$13,844	$13,152	$11,304
6/30/2024	$13,878	$15,078	$14,139	$13,458	$11,412
7/31/2024	$14,020	$15,243	$14,285	$13,595	$11,678
8/31/2024	$14,161	$15,423	$14,434	$13,706	$11,846
9/30/2024	$14,393	$15,562	$14,568	$13,876	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	15.48%	1.44%	3.71%
Bloomberg High Yield Municipal Bond Index	17.38%	3.07%	4.52%
Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	14.89%	2.51%	3.83%
Lipper High Yield Municipal Debt Funds Average	15.02%	1.69%	3.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,098,713,523
# of Portfolio Holdings	611
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,137,454

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.12%
• A-3.62%
• A+4.07%
• AA4.24%
• AA-2.36%
• AA+0.32%
• AAA1.03%
• B0.75%
• B-2.26%
• B+2.14%
• BB6.67%
• BB-5.00%
• BB+6.47%
• BBB3.00%
• BBB-8.39%
• BBB+4.73%
• CCC0.30%
• CCC-1.01%
• CCC+0.36%
• NR40.16%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

HYMFX 

Lord Abbett High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1038-F

11/24

Class F3 

HYMOX 

Lord Abbett High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$60	0.56%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 15.69%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 17.38% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg High Yield Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: Security selection within the Education, Health Care and Tobacco sectors contributed to relative performance. An overweight allocation to the Health Care sector and underweight allocation to the Education sector contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s allocation to investment grade bonds was the primary detractor from relative performance. The Fund’s yield curve positioning led to a modest negative impact on relative performance. In particular, an overweight allocation to intermediate maturity bonds detracted as yields fell less at this part of the curve.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg High Yield Municipal Bond Index	Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	Lipper High Yield Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,085	$10,075	$10,070	$10,156	$10,051
5/31/2017	$10,183	$10,229	$10,226	$10,312	$10,128
6/30/2017	$10,203	$10,207	$10,198	$10,305	$10,118
7/31/2017	$10,292	$10,274	$10,271	$10,371	$10,162
8/31/2017	$10,447	$10,415	$10,390	$10,482	$10,253
9/30/2017	$10,411	$10,360	$10,335	$10,471	$10,204
10/31/2017	$10,350	$10,388	$10,363	$10,471	$10,210
11/30/2017	$10,360	$10,414	$10,360	$10,487	$10,197
12/31/2017	$10,468	$10,549	$10,486	$10,601	$10,244
1/31/2018	$10,451	$10,451	$10,379	$10,533	$10,126
2/28/2018	$10,452	$10,458	$10,372	$10,503	$10,030
3/31/2018	$10,561	$10,611	$10,485	$10,574	$10,094
4/30/2018	$10,607	$10,659	$10,502	$10,578	$10,019
5/31/2018	$10,761	$10,882	$10,687	$10,714	$10,091
6/30/2018	$10,854	$10,936	$10,725	$10,747	$10,078
7/31/2018	$10,900	$10,974	$10,758	$10,783	$10,080
8/31/2018	$10,992	$11,062	$10,824	$10,825	$10,145
9/30/2018	$10,929	$11,019	$10,772	$10,770	$10,080
10/31/2018	$10,784	$10,881	$10,661	$10,655	$10,000
11/30/2018	$10,813	$10,957	$10,751	$10,699	$10,060
12/31/2018	$10,900	$11,051	$10,856	$10,790	$10,245
1/31/2019	$10,948	$11,125	$10,932	$10,850	$10,354
2/28/2019	$11,087	$11,185	$10,991	$10,937	$10,348
3/31/2019	$11,361	$11,474	$11,236	$11,152	$10,546
4/30/2019	$11,439	$11,539	$11,292	$11,214	$10,549
5/31/2019	$11,649	$11,726	$11,466	$11,385	$10,736
6/30/2019	$11,727	$11,788	$11,519	$11,437	$10,871
7/31/2019	$11,814	$11,862	$11,599	$11,512	$10,895
8/31/2019	$12,100	$12,147	$11,844	$11,727	$11,177
9/30/2019	$12,053	$12,122	$11,796	$11,674	$11,118
10/31/2019	$12,053	$12,148	$11,819	$11,682	$11,151
11/30/2019	$12,092	$12,195	$11,859	$11,728	$11,146
12/31/2019	$12,169	$12,231	$11,895	$11,768	$11,138
1/31/2020	$12,449	$12,533	$12,160	$11,996	$11,352
2/29/2020	$12,769	$12,797	$12,382	$12,212	$11,557
3/31/2020	$11,279	$11,390	$11,339	$11,103	$11,489
4/30/2020	$10,868	$11,005	$11,041	$10,782	$11,693
5/31/2020	$11,279	$11,454	$11,457	$11,129	$11,747
6/30/2020	$11,779	$11,908	$11,785	$11,495	$11,821
7/31/2020	$12,073	$12,231	$12,062	$11,741	$11,998
8/31/2020	$12,091	$12,264	$12,063	$11,746	$11,901
9/30/2020	$12,069	$12,276	$12,072	$11,742	$11,894
10/31/2020	$12,057	$12,298	$12,073	$11,731	$11,841
11/30/2020	$12,375	$12,593	$12,325	$12,000	$11,958
12/31/2020	$12,634	$12,829	$12,502	$12,203	$11,974
1/31/2021	$12,912	$13,097	$12,699	$12,410	$11,888
2/28/2021	$12,728	$12,960	$12,542	$12,259	$11,716
3/31/2021	$12,835	$13,100	$12,657	$12,354	$11,570
4/30/2021	$13,023	$13,292	$12,815	$12,518	$11,662
5/31/2021	$13,177	$13,444	$12,924	$12,659	$11,700
6/30/2021	$13,346	$13,615	$13,043	$12,792	$11,782
7/31/2021	$13,493	$13,778	$13,183	$12,913	$11,914
8/31/2021	$13,425	$13,757	$13,152	$12,867	$11,891
9/30/2021	$13,285	$13,667	$13,063	$12,751	$11,788
10/31/2021	$13,216	$13,611	$13,015	$12,719	$11,785
11/30/2021	$13,427	$13,790	$13,165	$12,872	$11,820
12/31/2021	$13,473	$13,826	$13,195	$12,903	$11,789
1/31/2022	$13,009	$13,439	$12,828	$12,562	$11,535
2/28/2022	$12,857	$13,408	$12,793	$12,457	$11,407
3/31/2022	$12,318	$12,923	$12,347	$12,030	$11,090
4/30/2022	$11,820	$12,464	$11,943	$11,601	$10,669
5/31/2022	$11,962	$12,601	$12,090	$11,745	$10,738
6/30/2022	$11,505	$12,199	$11,770	$11,331	$10,569
7/31/2022	$11,923	$12,654	$12,164	$11,735	$10,828
8/31/2022	$11,631	$12,372	$11,895	$11,461	$10,522
9/30/2022	$10,892	$11,610	$11,259	$10,843	$10,067
10/31/2022	$10,653	$11,372	$11,076	$10,649	$9,937
11/30/2022	$11,305	$12,034	$11,676	$11,218	$10,302
12/31/2022	$11,271	$12,014	$11,676	$11,172	$10,256
1/31/2023	$11,732	$12,548	$12,130	$11,597	$10,571
2/28/2023	$11,415	$12,154	$11,786	$11,284	$10,298
3/31/2023	$11,532	$12,343	$11,997	$11,443	$10,559
4/30/2023	$11,617	$12,414	$12,032	$11,480	$10,623
5/31/2023	$11,548	$12,328	$11,942	$11,415	$10,508
6/30/2023	$11,754	$12,547	$12,122	$11,528	$10,470
7/31/2023	$11,807	$12,629	$12,190	$11,559	$10,463
8/31/2023	$11,661	$12,437	$12,008	$11,396	$10,396
9/30/2023	$11,271	$12,014	$11,620	$11,038	$10,132
10/31/2023	$11,005	$11,822	$11,464	$10,815	$9,972
11/30/2023	$11,744	$12,738	$12,296	$11,566	$10,424
12/31/2023	$12,118	$13,121	$12,636	$11,915	$10,823
1/31/2024	$12,190	$13,060	$12,576	$11,960	$10,793
2/29/2024	$12,285	$13,162	$12,645	$12,032	$10,640
3/31/2024	$12,376	$13,319	$12,743	$12,104	$10,739
4/30/2024	$12,243	$13,237	$12,637	$11,961	$10,467
5/31/2024	$12,324	$13,337	$12,686	$12,033	$10,645
6/30/2024	$12,568	$13,664	$12,956	$12,313	$10,746
7/31/2024	$12,698	$13,814	$13,090	$12,438	$10,997
8/31/2024	$12,828	$13,976	$13,226	$12,540	$11,155
9/30/2024	$13,039	$14,102	$13,349	$12,695	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	15.69%	1.59%	3.61%
Bloomberg High Yield Municipal Bond Index	17.38%	3.07%	4.70%
Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	14.89%	2.51%	3.93%
Lipper High Yield Municipal Debt Funds Average	15.02%	1.69%	3.24%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,098,713,523
# of Portfolio Holdings	611
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,137,454

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.12%
• A-3.62%
• A+4.07%
• AA4.24%
• AA-2.36%
• AA+0.32%
• AAA1.03%
• B0.75%
• B-2.26%
• B+2.14%
• BB6.67%
• BB-5.00%
• BB+6.47%
• BBB3.00%
• BBB-8.39%
• BBB+4.73%
• CCC0.30%
• CCC-1.01%
• CCC+0.36%
• NR40.16%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

HYMOX 

Lord Abbett High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8986-F3

11/24

Class I 

HYMIX 

Lord Abbett High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$67	0.62%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 15.63%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 17.38% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg High Yield Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: Security selection within the Education, Health Care and Tobacco sectors contributed to relative performance. An overweight allocation to the Health Care sector and underweight allocation to the Education sector contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s allocation to investment grade bonds was the primary detractor from relative performance. The Fund’s yield curve positioning led to a modest negative impact on relative performance. In particular, an overweight allocation to intermediate maturity bonds detracted as yields fell less at this part of the curve.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg High Yield Municipal Bond Index	Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	Lipper High Yield Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,064	$9,964	$10,000	$10,077	$10,098
11/30/2014	$10,119	$10,067	$10,074	$10,117	$10,170
12/31/2014	$10,187	$10,121	$10,127	$10,206	$10,179
1/31/2015	$10,366	$10,302	$10,307	$10,402	$10,393
2/28/2015	$10,310	$10,261	$10,243	$10,324	$10,295
3/31/2015	$10,343	$10,234	$10,236	$10,364	$10,343
4/30/2015	$10,348	$10,192	$10,190	$10,330	$10,306
5/31/2015	$10,362	$10,307	$10,255	$10,315	$10,281
6/30/2015	$10,237	$9,927	$10,006	$10,188	$10,169
7/31/2015	$10,209	$9,873	$9,996	$10,240	$10,240
8/31/2015	$10,242	$9,914	$10,030	$10,261	$10,225
9/30/2015	$10,364	$10,124	$10,194	$10,348	$10,294
10/31/2015	$10,469	$10,248	$10,288	$10,424	$10,296
11/30/2015	$10,520	$10,289	$10,330	$10,481	$10,269
12/31/2015	$10,572	$10,304	$10,365	$10,577	$10,235
1/31/2016	$10,661	$10,363	$10,447	$10,672	$10,376
2/29/2016	$10,731	$10,477	$10,527	$10,693	$10,450
3/31/2016	$10,828	$10,587	$10,611	$10,796	$10,546
4/30/2016	$10,945	$10,652	$10,680	$10,900	$10,586
5/31/2016	$11,052	$10,792	$10,782	$10,987	$10,589
6/30/2016	$11,309	$11,127	$11,059	$11,204	$10,779
7/31/2016	$11,371	$11,200	$11,109	$11,219	$10,847
8/31/2016	$11,421	$11,240	$11,140	$11,265	$10,835
9/30/2016	$11,442	$11,270	$11,140	$11,241	$10,829
10/31/2016	$11,322	$11,130	$11,009	$11,107	$10,746
11/30/2016	$10,824	$10,468	$10,440	$10,589	$10,492
12/31/2016	$10,874	$10,613	$10,576	$10,659	$10,506
1/31/2017	$10,994	$10,761	$10,697	$10,737	$10,527
2/28/2017	$11,140	$11,018	$10,889	$10,856	$10,598
3/31/2017	$11,172	$11,043	$10,913	$10,913	$10,592
4/30/2017	$11,261	$11,118	$10,989	$11,101	$10,674
5/31/2017	$11,371	$11,288	$11,159	$11,271	$10,756
6/30/2017	$11,393	$11,263	$11,129	$11,263	$10,745
7/31/2017	$11,501	$11,337	$11,208	$11,336	$10,792
8/31/2017	$11,664	$11,493	$11,339	$11,457	$10,888
9/30/2017	$11,623	$11,432	$11,279	$11,445	$10,836
10/31/2017	$11,555	$11,463	$11,309	$11,445	$10,843
11/30/2017	$11,566	$11,492	$11,306	$11,462	$10,829
12/31/2017	$11,697	$11,641	$11,443	$11,587	$10,879
1/31/2018	$11,677	$11,532	$11,326	$11,513	$10,753
2/28/2018	$11,669	$11,540	$11,319	$11,480	$10,651
3/31/2018	$11,790	$11,709	$11,442	$11,557	$10,720
4/30/2018	$11,851	$11,762	$11,461	$11,562	$10,640
5/31/2018	$12,012	$12,008	$11,663	$11,710	$10,716
6/30/2018	$12,125	$12,068	$11,704	$11,746	$10,703
7/31/2018	$12,166	$12,110	$11,740	$11,786	$10,705
8/31/2018	$12,268	$12,207	$11,812	$11,832	$10,774
9/30/2018	$12,197	$12,159	$11,755	$11,772	$10,705
10/31/2018	$12,035	$12,007	$11,634	$11,646	$10,620
11/30/2018	$12,068	$12,091	$11,732	$11,694	$10,683
12/31/2018	$12,164	$12,195	$11,847	$11,794	$10,880
1/31/2019	$12,218	$12,277	$11,930	$11,859	$10,995
2/28/2019	$12,372	$12,343	$11,994	$11,954	$10,989
3/31/2019	$12,678	$12,662	$12,262	$12,189	$11,200
4/30/2019	$12,775	$12,733	$12,323	$12,257	$11,203
5/31/2019	$12,998	$12,940	$12,512	$12,444	$11,402
6/30/2019	$13,085	$13,007	$12,571	$12,501	$11,545
7/31/2019	$13,182	$13,089	$12,658	$12,583	$11,570
8/31/2019	$13,501	$13,404	$12,926	$12,818	$11,870
9/30/2019	$13,448	$13,377	$12,872	$12,760	$11,807
10/31/2019	$13,447	$13,405	$12,898	$12,768	$11,842
11/30/2019	$13,490	$13,457	$12,942	$12,819	$11,836
12/31/2019	$13,577	$13,497	$12,981	$12,862	$11,828
1/31/2020	$13,889	$13,830	$13,270	$13,112	$12,056
2/29/2020	$14,245	$14,121	$13,512	$13,348	$12,273
3/31/2020	$12,582	$12,568	$12,375	$12,136	$12,201
4/30/2020	$12,123	$12,144	$12,049	$11,785	$12,417
5/31/2020	$12,581	$12,640	$12,503	$12,164	$12,475
6/30/2020	$13,138	$13,141	$12,861	$12,564	$12,554
7/31/2020	$13,466	$13,497	$13,163	$12,833	$12,741
8/31/2020	$13,484	$13,533	$13,164	$12,838	$12,638
9/30/2020	$13,460	$13,546	$13,174	$12,834	$12,632
10/31/2020	$13,446	$13,571	$13,175	$12,822	$12,575
11/30/2020	$13,812	$13,897	$13,451	$13,116	$12,699
12/31/2020	$14,088	$14,157	$13,643	$13,338	$12,716
1/31/2021	$14,398	$14,452	$13,859	$13,564	$12,625
2/28/2021	$14,192	$14,301	$13,687	$13,399	$12,443
3/31/2021	$14,311	$14,456	$13,813	$13,503	$12,287
4/30/2021	$14,521	$14,667	$13,985	$13,682	$12,384
5/31/2021	$14,704	$14,836	$14,104	$13,836	$12,425
6/30/2021	$14,880	$15,024	$14,234	$13,982	$12,512
7/31/2021	$15,043	$15,204	$14,386	$14,114	$12,652
8/31/2021	$14,978	$15,181	$14,353	$14,064	$12,628
9/30/2021	$14,810	$15,081	$14,256	$13,937	$12,518
10/31/2021	$14,733	$15,020	$14,204	$13,902	$12,515
11/30/2021	$14,967	$15,217	$14,367	$14,069	$12,552
12/31/2021	$15,018	$15,257	$14,399	$14,103	$12,520
1/31/2022	$14,500	$14,830	$14,000	$13,730	$12,250
2/28/2022	$14,342	$14,795	$13,961	$13,616	$12,114
3/31/2022	$13,729	$14,261	$13,474	$13,149	$11,777
4/30/2022	$13,174	$13,754	$13,033	$12,680	$11,330
5/31/2022	$13,331	$13,905	$13,194	$12,837	$11,403
6/30/2022	$12,821	$13,461	$12,844	$12,385	$11,224
7/31/2022	$13,286	$13,964	$13,275	$12,826	$11,498
8/31/2022	$12,960	$13,653	$12,981	$12,527	$11,174
9/30/2022	$12,136	$12,812	$12,287	$11,851	$10,691
10/31/2022	$11,869	$12,549	$12,087	$11,639	$10,552
11/30/2022	$12,595	$13,280	$12,742	$12,261	$10,940
12/31/2022	$12,556	$13,258	$12,742	$12,211	$10,891
1/31/2023	$13,069	$13,847	$13,237	$12,675	$11,226
2/28/2023	$12,716	$13,412	$12,862	$12,333	$10,936
3/31/2023	$12,846	$13,620	$13,092	$12,507	$11,214
4/30/2023	$12,952	$13,699	$13,131	$12,548	$11,282
5/31/2023	$12,864	$13,604	$13,032	$12,477	$11,159
6/30/2023	$13,104	$13,846	$13,228	$12,600	$11,119
7/31/2023	$13,151	$13,936	$13,302	$12,634	$11,111
8/31/2023	$12,988	$13,724	$13,104	$12,456	$11,040
9/30/2023	$12,553	$13,258	$12,680	$12,064	$10,760
10/31/2023	$12,255	$13,045	$12,511	$11,821	$10,590
11/30/2023	$13,079	$14,057	$13,419	$12,642	$11,069
12/31/2023	$13,494	$14,479	$13,790	$13,023	$11,493
1/31/2024	$13,574	$14,411	$13,724	$13,072	$11,462
2/29/2024	$13,679	$14,525	$13,800	$13,151	$11,300
3/31/2024	$13,779	$14,697	$13,906	$13,230	$11,404
4/30/2024	$13,631	$14,607	$13,791	$13,073	$11,116
5/31/2024	$13,721	$14,718	$13,844	$13,152	$11,304
6/30/2024	$13,991	$15,078	$14,139	$13,458	$11,412
7/31/2024	$14,136	$15,243	$14,285	$13,595	$11,678
8/31/2024	$14,280	$15,423	$14,434	$13,706	$11,846
9/30/2024	$14,515	$15,562	$14,568	$13,876	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	15.63%	1.54%	3.80%
Bloomberg High Yield Municipal Bond Index	17.38%	3.07%	4.52%
Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index	14.89%	2.51%	3.83%
Lipper High Yield Municipal Debt Funds Average	15.02%	1.69%	3.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,098,713,523
# of Portfolio Holdings	611
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,137,454

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.12%
• A-3.62%
• A+4.07%
• AA4.24%
• AA-2.36%
• AA+0.32%
• AAA1.03%
• B0.75%
• B-2.26%
• B+2.14%
• BB6.67%
• BB-5.00%
• BB+6.47%
• BBB3.00%
• BBB-8.39%
• BBB+4.73%
• CCC0.30%
• CCC-1.01%
• CCC+0.36%
• NR40.16%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

HYMIX 

Lord Abbett High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1451-I

11/24

Class A 

LCFIX 

Lord Abbett California Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$82	0.77%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.78%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Tobacco and Industrial Development sectors contributed to relative performance.

Top detractors from the Fund’s performance:  Security selection within the Transportation, Local General Obligation and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond Index	Lipper California Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,775	$10,000	$10,000	$10,000
10/31/2014	$9,875	$10,069	$10,080	$10,098
11/30/2014	$9,885	$10,086	$10,093	$10,170
12/31/2014	$9,967	$10,137	$10,163	$10,179
1/31/2015	$10,168	$10,316	$10,356	$10,393
2/28/2015	$10,050	$10,210	$10,248	$10,295
3/31/2015	$10,078	$10,240	$10,282	$10,343
4/30/2015	$10,014	$10,186	$10,215	$10,306
5/31/2015	$9,996	$10,158	$10,191	$10,281
6/30/2015	$9,951	$10,148	$10,126	$10,169
7/31/2015	$10,008	$10,222	$10,199	$10,240
8/31/2015	$10,037	$10,242	$10,230	$10,225
9/30/2015	$10,121	$10,316	$10,303	$10,294
10/31/2015	$10,177	$10,357	$10,350	$10,296
11/30/2015	$10,235	$10,398	$10,409	$10,269
12/31/2015	$10,330	$10,472	$10,506	$10,235
1/31/2016	$10,463	$10,596	$10,612	$10,376
2/29/2016	$10,484	$10,613	$10,624	$10,450
3/31/2016	$10,532	$10,647	$10,694	$10,546
4/30/2016	$10,627	$10,725	$10,784	$10,586
5/31/2016	$10,694	$10,754	$10,839	$10,589
6/30/2016	$10,914	$10,925	$11,036	$10,779
7/31/2016	$10,923	$10,932	$11,021	$10,847
8/31/2016	$10,950	$10,947	$11,049	$10,835
9/30/2016	$10,910	$10,892	$10,995	$10,829
10/31/2016	$10,783	$10,778	$10,870	$10,746
11/30/2016	$10,269	$10,376	$10,394	$10,492
12/31/2016	$10,345	$10,497	$10,502	$10,506
1/31/2017	$10,442	$10,567	$10,558	$10,527
2/28/2017	$10,519	$10,640	$10,634	$10,598
3/31/2017	$10,537	$10,663	$10,671	$10,592
4/30/2017	$10,624	$10,740	$10,830	$10,674
5/31/2017	$10,790	$10,911	$11,004	$10,756
6/30/2017	$10,788	$10,872	$10,990	$10,745
7/31/2017	$10,865	$10,960	$11,056	$10,792
8/31/2017	$10,960	$11,043	$11,147	$10,888
9/30/2017	$10,897	$10,987	$11,096	$10,836
10/31/2017	$10,925	$11,014	$11,114	$10,843
11/30/2017	$10,902	$10,955	$11,094	$10,829
12/31/2017	$11,040	$11,069	$11,212	$10,879
1/31/2018	$10,906	$10,939	$11,088	$10,753
2/28/2018	$10,854	$10,906	$11,037	$10,651
3/31/2018	$10,932	$10,947	$11,091	$10,720
4/30/2018	$10,889	$10,908	$11,056	$10,640
5/31/2018	$11,039	$11,033	$11,198	$10,716
6/30/2018	$11,056	$11,042	$11,209	$10,703
7/31/2018	$11,074	$11,069	$11,226	$10,705
8/31/2018	$11,112	$11,097	$11,257	$10,774
9/30/2018	$11,028	$11,025	$11,177	$10,705
10/31/2018	$10,903	$10,957	$11,073	$10,620
11/30/2018	$10,994	$11,079	$11,160	$10,683
12/31/2018	$11,095	$11,211	$11,272	$10,880
1/31/2019	$11,155	$11,296	$11,333	$10,995
2/28/2019	$11,227	$11,357	$11,395	$10,989
3/31/2019	$11,464	$11,536	$11,595	$11,200
4/30/2019	$11,545	$11,579	$11,651	$11,203
5/31/2019	$11,740	$11,739	$11,836	$11,402
6/30/2019	$11,789	$11,782	$11,881	$11,545
7/31/2019	$11,869	$11,877	$11,967	$11,570
8/31/2019	$12,148	$12,065	$12,189	$11,870
9/30/2019	$12,059	$11,968	$12,108	$11,807
10/31/2019	$12,053	$11,989	$12,111	$11,842
11/30/2019	$12,080	$12,019	$12,139	$11,836
12/31/2019	$12,127	$12,056	$12,168	$11,828
1/31/2020	$12,397	$12,273	$12,401	$12,056
2/29/2020	$12,635	$12,431	$12,596	$12,273
3/31/2020	$11,775	$11,980	$11,886	$12,201
4/30/2020	$11,501	$11,830	$11,650	$12,417
5/31/2020	$11,955	$12,206	$12,059	$12,475
6/30/2020	$12,163	$12,307	$12,230	$12,554
7/31/2020	$12,425	$12,514	$12,451	$12,741
8/31/2020	$12,363	$12,455	$12,398	$12,638
9/30/2020	$12,344	$12,458	$12,398	$12,632
10/31/2020	$12,325	$12,420	$12,377	$12,575
11/30/2020	$12,588	$12,608	$12,611	$12,699
12/31/2020	$12,689	$12,685	$12,704	$12,716
1/31/2021	$12,811	$12,765	$12,806	$12,625
2/28/2021	$12,552	$12,563	$12,591	$12,443
3/31/2021	$12,652	$12,640	$12,680	$12,287
4/30/2021	$12,808	$12,746	$12,818	$12,384
5/31/2021	$12,897	$12,784	$12,901	$12,425
6/30/2021	$12,953	$12,819	$12,958	$12,512
7/31/2021	$13,076	$12,925	$13,068	$12,652
8/31/2021	$12,999	$12,878	$13,011	$12,628
9/30/2021	$12,857	$12,785	$12,891	$12,518
10/31/2021	$12,846	$12,748	$12,877	$12,515
11/30/2021	$12,992	$12,856	$13,001	$12,552
12/31/2021	$13,025	$12,877	$13,019	$12,520
1/31/2022	$12,579	$12,525	$12,652	$12,250
2/28/2022	$12,468	$12,480	$12,571	$12,114
3/31/2022	$11,966	$12,075	$12,143	$11,777
4/30/2022	$11,442	$11,741	$11,711	$11,330
5/31/2022	$11,623	$11,916	$11,880	$11,403
6/30/2022	$11,232	$11,720	$11,554	$11,224
7/31/2022	$11,652	$12,030	$11,931	$11,498
8/31/2022	$11,338	$11,766	$11,648	$11,174
9/30/2022	$10,787	$11,315	$11,118	$10,691
10/31/2022	$10,632	$11,221	$10,977	$10,552
11/30/2022	$11,284	$11,746	$11,585	$10,940
12/31/2022	$11,288	$11,779	$11,586	$10,891
1/31/2023	$11,703	$12,117	$11,962	$11,226
2/28/2023	$11,389	$11,843	$11,662	$10,936
3/31/2023	$11,613	$12,106	$11,865	$11,214
4/30/2023	$11,618	$12,079	$11,867	$11,282
5/31/2023	$11,532	$11,974	$11,784	$11,159
6/30/2023	$11,678	$12,094	$11,872	$11,119
7/31/2023	$11,708	$12,142	$11,904	$11,111
8/31/2023	$11,530	$11,967	$11,750	$11,040
9/30/2023	$11,165	$11,616	$11,403	$10,760
10/31/2023	$10,963	$11,517	$11,202	$10,590
11/30/2023	$11,734	$12,249	$11,982	$11,069
12/31/2023	$12,071	$12,533	$12,306	$11,493
1/31/2024	$12,068	$12,469	$12,304	$11,462
2/29/2024	$12,089	$12,485	$12,325	$11,300
3/31/2024	$12,098	$12,485	$12,346	$11,404
4/30/2024	$11,952	$12,330	$12,197	$11,116
5/31/2024	$11,973	$12,294	$12,217	$11,304
6/30/2024	$12,162	$12,482	$12,433	$11,412
7/31/2024	$12,268	$12,596	$12,536	$11,678
8/31/2024	$12,325	$12,696	$12,620	$11,846
9/30/2024	$12,479	$12,821	$12,761	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	11.78%	0.69%	2.47%
Class A with sales charge	9.26%	0.24%	2.24%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper California Municipal Debt Funds Average	11.91%	1.06%	2.47%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$667,621,225
# of Portfolio Holdings	274
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$2,699,455

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.21%
• A-7.22%
• A+12.73%
• AA25.04%
• AA-10.22%
• AA+2.93%
• AAA0.17%
• B+0.07%
• BB2.47%
• BB-0.31%
• BB+3.20%
• BBB4.70%
• BBB-3.58%
• BBB+6.68%
• CCC0.10%
• CCC-0.08%
• NR8.29%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LCFIX 

Lord Abbett California Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-2-A

11/24

Class C 

CALAX 

Lord Abbett California Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$145	1.37%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.10%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Tobacco and Industrial Development sectors contributed to relative performance.

Top detractors from the Fund’s performance:  Security selection within the Transportation, Local General Obligation and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg Municipal Bond Index	Lipper California Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,097	$10,069	$10,080	$10,098
11/30/2014	$10,102	$10,086	$10,093	$10,170
12/31/2014	$10,181	$10,137	$10,163	$10,179
1/31/2015	$10,390	$10,316	$10,356	$10,393
2/28/2015	$10,265	$10,210	$10,248	$10,295
3/31/2015	$10,288	$10,240	$10,282	$10,343
4/30/2015	$10,217	$10,186	$10,215	$10,306
5/31/2015	$10,194	$10,158	$10,191	$10,281
6/30/2015	$10,133	$10,148	$10,126	$10,169
7/31/2015	$10,185	$10,222	$10,199	$10,240
8/31/2015	$10,209	$10,242	$10,230	$10,225
9/30/2015	$10,289	$10,316	$10,303	$10,294
10/31/2015	$10,341	$10,357	$10,350	$10,296
11/30/2015	$10,395	$10,398	$10,409	$10,269
12/31/2015	$10,485	$10,472	$10,506	$10,235
1/31/2016	$10,615	$10,596	$10,612	$10,376
2/29/2016	$10,630	$10,613	$10,624	$10,450
3/31/2016	$10,683	$10,647	$10,694	$10,546
4/30/2016	$10,774	$10,725	$10,784	$10,586
5/31/2016	$10,836	$10,754	$10,839	$10,589
6/30/2016	$11,053	$10,925	$11,036	$10,779
7/31/2016	$11,056	$10,932	$11,021	$10,847
8/31/2016	$11,068	$10,947	$11,049	$10,835
9/30/2016	$11,031	$10,892	$10,995	$10,829
10/31/2016	$10,887	$10,778	$10,870	$10,746
11/30/2016	$10,363	$10,376	$10,394	$10,492
12/31/2016	$10,434	$10,497	$10,502	$10,506
1/31/2017	$10,526	$10,567	$10,558	$10,527
2/28/2017	$10,608	$10,640	$10,634	$10,598
3/31/2017	$10,621	$10,663	$10,671	$10,592
4/30/2017	$10,703	$10,740	$10,830	$10,674
5/31/2017	$10,863	$10,911	$11,004	$10,756
6/30/2017	$10,846	$10,872	$10,990	$10,745
7/31/2017	$10,917	$10,960	$11,056	$10,792
8/31/2017	$11,007	$11,043	$11,147	$10,888
9/30/2017	$10,938	$10,987	$11,096	$10,836
10/31/2017	$10,959	$11,014	$11,114	$10,843
11/30/2017	$10,941	$10,955	$11,094	$10,829
12/31/2017	$11,063	$11,069	$11,212	$10,879
1/31/2018	$10,924	$10,939	$11,088	$10,753
2/28/2018	$10,867	$10,906	$11,037	$10,651
3/31/2018	$10,949	$10,947	$11,091	$10,720
4/30/2018	$10,890	$10,908	$11,056	$10,640
5/31/2018	$11,034	$11,033	$11,198	$10,716
6/30/2018	$11,056	$11,042	$11,209	$10,703
7/31/2018	$11,058	$11,069	$11,226	$10,705
8/31/2018	$11,101	$11,097	$11,257	$10,774
9/30/2018	$11,001	$11,025	$11,177	$10,705
10/31/2018	$10,881	$10,957	$11,073	$10,620
11/30/2018	$10,956	$11,079	$11,160	$10,683
12/31/2018	$11,051	$11,211	$11,272	$10,880
1/31/2019	$11,115	$11,296	$11,333	$10,995
2/28/2019	$11,182	$11,357	$11,395	$10,989
3/31/2019	$11,401	$11,536	$11,595	$11,200
4/30/2019	$11,476	$11,579	$11,651	$11,203
5/31/2019	$11,664	$11,739	$11,836	$11,402
6/30/2019	$11,707	$11,782	$11,881	$11,545
7/31/2019	$11,791	$11,877	$11,967	$11,570
8/31/2019	$12,051	$12,065	$12,189	$11,870
9/30/2019	$11,956	$11,968	$12,108	$11,807
10/31/2019	$11,955	$11,989	$12,111	$11,842
11/30/2019	$11,964	$12,019	$12,139	$11,836
12/31/2019	$12,015	$12,056	$12,168	$11,828
1/31/2020	$12,275	$12,273	$12,401	$12,056
2/29/2020	$12,495	$12,431	$12,596	$12,273
3/31/2020	$11,637	$11,980	$11,886	$12,201
4/30/2020	$11,360	$11,830	$11,650	$12,417
5/31/2020	$11,802	$12,206	$12,059	$12,475
6/30/2020	$12,012	$12,307	$12,230	$12,554
7/31/2020	$12,253	$12,514	$12,451	$12,741
8/31/2020	$12,195	$12,455	$12,398	$12,638
9/30/2020	$12,169	$12,458	$12,398	$12,632
10/31/2020	$12,144	$12,420	$12,377	$12,575
11/30/2020	$12,397	$12,608	$12,611	$12,699
12/31/2020	$12,478	$12,685	$12,704	$12,716
1/31/2021	$12,591	$12,765	$12,806	$12,625
2/28/2021	$12,341	$12,563	$12,591	$12,443
3/31/2021	$12,422	$12,640	$12,680	$12,287
4/30/2021	$12,568	$12,746	$12,818	$12,384
5/31/2021	$12,649	$12,784	$12,901	$12,425
6/30/2021	$12,698	$12,819	$12,958	$12,512
7/31/2021	$12,811	$12,925	$13,068	$12,652
8/31/2021	$12,740	$12,878	$13,011	$12,628
9/30/2021	$12,594	$12,785	$12,891	$12,518
10/31/2021	$12,566	$12,748	$12,877	$12,515
11/30/2021	$12,701	$12,856	$13,001	$12,552
12/31/2021	$12,727	$12,877	$13,019	$12,520
1/31/2022	$12,285	$12,525	$12,652	$12,250
2/28/2022	$12,181	$12,480	$12,571	$12,114
3/31/2022	$11,685	$12,075	$12,143	$11,777
4/30/2022	$11,157	$11,741	$11,711	$11,330
5/31/2022	$11,328	$11,916	$11,880	$11,403
6/30/2022	$10,952	$11,720	$11,554	$11,224
7/31/2022	$11,343	$12,030	$11,931	$11,498
8/31/2022	$11,032	$11,766	$11,648	$11,174
9/30/2022	$10,490	$11,315	$11,118	$10,691
10/31/2022	$10,334	$11,221	$10,977	$10,552
11/30/2022	$10,963	$11,746	$11,585	$10,940
12/31/2022	$10,971	$11,779	$11,586	$10,891
1/31/2023	$11,358	$12,117	$11,962	$11,226
2/28/2023	$11,047	$11,843	$11,662	$10,936
3/31/2023	$11,258	$12,106	$11,865	$11,214
4/30/2023	$11,269	$12,079	$11,867	$11,282
5/31/2023	$11,180	$11,974	$11,784	$11,159
6/30/2023	$11,304	$12,094	$11,872	$11,119
7/31/2023	$11,327	$12,142	$11,904	$11,111
8/31/2023	$11,149	$11,967	$11,750	$11,040
9/30/2023	$10,801	$11,616	$11,403	$10,760
10/31/2023	$10,600	$11,517	$11,202	$10,590
11/30/2023	$11,340	$12,249	$11,982	$11,069
12/31/2023	$11,660	$12,533	$12,306	$11,493
1/31/2024	$11,639	$12,469	$12,304	$11,462
2/29/2024	$11,654	$12,485	$12,325	$11,300
3/31/2024	$11,657	$12,485	$12,346	$11,404
4/30/2024	$11,511	$12,330	$12,197	$11,116
5/31/2024	$11,526	$12,294	$12,217	$11,304
6/30/2024	$11,713	$12,482	$12,433	$11,412
7/31/2024	$11,797	$12,596	$12,536	$11,678
8/31/2024	$11,858	$12,696	$12,620	$11,846
9/30/2024	$12,000	$12,821	$12,761	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	11.10%	0.07%	1.84%
Class C with sales charge	10.10%	0.07%	1.84%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper California Municipal Debt Funds Average	11.91%	1.06%	2.47%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$667,621,225
# of Portfolio Holdings	274
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$2,699,455

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.21%
• A-7.22%
• A+12.73%
• AA25.04%
• AA-10.22%
• AA+2.93%
• AAA0.17%
• B+0.07%
• BB2.47%
• BB-0.31%
• BB+3.20%
• BBB4.70%
• BBB-3.58%
• BBB+6.68%
• CCC0.10%
• CCC-0.08%
• NR8.29%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

CALAX 

Lord Abbett California Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-670-C

11/24

Class F 

LCFFX 

Lord Abbett California Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$71	0.67%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.89%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Tobacco and Industrial Development sectors contributed to relative performance.

Top detractors from the Fund’s performance:  Security selection within the Transportation, Local General Obligation and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond Index	Lipper California Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,103	$10,069	$10,080	$10,098
11/30/2014	$10,114	$10,086	$10,093	$10,170
12/31/2014	$10,200	$10,137	$10,163	$10,179
1/31/2015	$10,406	$10,316	$10,356	$10,393
2/28/2015	$10,286	$10,210	$10,248	$10,295
3/31/2015	$10,315	$10,240	$10,282	$10,343
4/30/2015	$10,251	$10,186	$10,215	$10,306
5/31/2015	$10,233	$10,158	$10,191	$10,281
6/30/2015	$10,188	$10,148	$10,126	$10,169
7/31/2015	$10,247	$10,222	$10,199	$10,240
8/31/2015	$10,277	$10,242	$10,230	$10,225
9/30/2015	$10,364	$10,316	$10,303	$10,294
10/31/2015	$10,423	$10,357	$10,350	$10,296
11/30/2015	$10,483	$10,398	$10,409	$10,269
12/31/2015	$10,581	$10,472	$10,506	$10,235
1/31/2016	$10,718	$10,596	$10,612	$10,376
2/29/2016	$10,740	$10,613	$10,624	$10,450
3/31/2016	$10,790	$10,647	$10,694	$10,546
4/30/2016	$10,889	$10,725	$10,784	$10,586
5/31/2016	$10,958	$10,754	$10,839	$10,589
6/30/2016	$11,184	$10,925	$11,036	$10,779
7/31/2016	$11,194	$10,932	$11,021	$10,847
8/31/2016	$11,223	$10,947	$11,049	$10,835
9/30/2016	$11,183	$10,892	$10,995	$10,829
10/31/2016	$11,053	$10,778	$10,870	$10,746
11/30/2016	$10,528	$10,376	$10,394	$10,492
12/31/2016	$10,607	$10,497	$10,502	$10,506
1/31/2017	$10,706	$10,567	$10,558	$10,527
2/28/2017	$10,786	$10,640	$10,634	$10,598
3/31/2017	$10,806	$10,663	$10,671	$10,592
4/30/2017	$10,896	$10,740	$10,830	$10,674
5/31/2017	$11,066	$10,911	$11,004	$10,756
6/30/2017	$11,065	$10,872	$10,990	$10,745
7/31/2017	$11,145	$10,960	$11,056	$10,792
8/31/2017	$11,244	$11,043	$11,147	$10,888
9/30/2017	$11,180	$10,987	$11,096	$10,836
10/31/2017	$11,209	$11,014	$11,114	$10,843
11/30/2017	$11,188	$10,955	$11,094	$10,829
12/31/2017	$11,329	$11,069	$11,212	$10,879
1/31/2018	$11,193	$10,939	$11,088	$10,753
2/28/2018	$11,141	$10,906	$11,037	$10,651
3/31/2018	$11,221	$10,947	$11,091	$10,720
4/30/2018	$11,179	$10,908	$11,056	$10,640
5/31/2018	$11,333	$11,033	$11,198	$10,716
6/30/2018	$11,352	$11,042	$11,209	$10,703
7/31/2018	$11,371	$11,069	$11,226	$10,705
8/31/2018	$11,411	$11,097	$11,257	$10,774
9/30/2018	$11,315	$11,025	$11,177	$10,705
10/31/2018	$11,198	$10,957	$11,073	$10,620
11/30/2018	$11,292	$11,079	$11,160	$10,683
12/31/2018	$11,397	$11,211	$11,272	$10,880
1/31/2019	$11,459	$11,296	$11,333	$10,995
2/28/2019	$11,535	$11,357	$11,395	$10,989
3/31/2019	$11,779	$11,536	$11,595	$11,200
4/30/2019	$11,863	$11,579	$11,651	$11,203
5/31/2019	$12,064	$11,739	$11,836	$11,402
6/30/2019	$12,116	$11,782	$11,881	$11,545
7/31/2019	$12,199	$11,877	$11,967	$11,570
8/31/2019	$12,487	$12,065	$12,189	$11,870
9/30/2019	$12,396	$11,968	$12,108	$11,807
10/31/2019	$12,392	$11,989	$12,111	$11,842
11/30/2019	$12,420	$12,019	$12,139	$11,836
12/31/2019	$12,469	$12,056	$12,168	$11,828
1/31/2020	$12,748	$12,273	$12,401	$12,056
2/29/2020	$12,994	$12,431	$12,596	$12,273
3/31/2020	$12,110	$11,980	$11,886	$12,201
4/30/2020	$11,829	$11,830	$11,650	$12,417
5/31/2020	$12,297	$12,206	$12,059	$12,475
6/30/2020	$12,512	$12,307	$12,230	$12,554
7/31/2020	$12,783	$12,514	$12,451	$12,741
8/31/2020	$12,719	$12,455	$12,398	$12,638
9/30/2020	$12,701	$12,458	$12,398	$12,632
10/31/2020	$12,683	$12,420	$12,377	$12,575
11/30/2020	$12,955	$12,608	$12,611	$12,699
12/31/2020	$13,059	$12,685	$12,704	$12,716
1/31/2021	$13,186	$12,765	$12,806	$12,625
2/28/2021	$12,921	$12,563	$12,591	$12,443
3/31/2021	$13,025	$12,640	$12,680	$12,287
4/30/2021	$13,186	$12,746	$12,818	$12,384
5/31/2021	$13,279	$12,784	$12,901	$12,425
6/30/2021	$13,338	$12,819	$12,958	$12,512
7/31/2021	$13,465	$12,925	$13,068	$12,652
8/31/2021	$13,387	$12,878	$13,011	$12,628
9/30/2021	$13,242	$12,785	$12,891	$12,518
10/31/2021	$13,232	$12,748	$12,877	$12,515
11/30/2021	$13,383	$12,856	$13,001	$12,552
12/31/2021	$13,418	$12,877	$13,019	$12,520
1/31/2022	$12,960	$12,525	$12,652	$12,250
2/28/2022	$12,847	$12,480	$12,571	$12,114
3/31/2022	$12,331	$12,075	$12,143	$11,777
4/30/2022	$11,792	$11,741	$11,711	$11,330
5/31/2022	$11,979	$11,916	$11,880	$11,403
6/30/2022	$11,589	$11,720	$11,554	$11,224
7/31/2022	$12,011	$12,030	$11,931	$11,498
8/31/2022	$11,688	$11,766	$11,648	$11,174
9/30/2022	$11,121	$11,315	$11,118	$10,691
10/31/2022	$10,962	$11,221	$10,977	$10,552
11/30/2022	$11,636	$11,746	$11,585	$10,940
12/31/2022	$11,641	$11,779	$11,586	$10,891
1/31/2023	$12,070	$12,117	$11,962	$11,226
2/28/2023	$11,746	$11,843	$11,662	$10,936
3/31/2023	$11,978	$12,106	$11,865	$11,214
4/30/2023	$11,997	$12,079	$11,867	$11,282
5/31/2023	$11,897	$11,974	$11,784	$11,159
6/30/2023	$12,049	$12,094	$11,872	$11,119
7/31/2023	$12,081	$12,142	$11,904	$11,111
8/31/2023	$11,898	$11,967	$11,750	$11,040
9/30/2023	$11,522	$11,616	$11,403	$10,760
10/31/2023	$11,314	$11,517	$11,202	$10,590
11/30/2023	$12,111	$12,249	$11,982	$11,069
12/31/2023	$12,461	$12,533	$12,306	$11,493
1/31/2024	$12,458	$12,469	$12,304	$11,462
2/29/2024	$12,481	$12,485	$12,325	$11,300
3/31/2024	$12,491	$12,485	$12,346	$11,404
4/30/2024	$12,342	$12,330	$12,197	$11,116
5/31/2024	$12,365	$12,294	$12,217	$11,304
6/30/2024	$12,561	$12,482	$12,433	$11,412
7/31/2024	$12,671	$12,596	$12,536	$11,678
8/31/2024	$12,731	$12,696	$12,620	$11,846
9/30/2024	$12,892	$12,821	$12,761	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	11.89%	0.79%	2.57%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper California Municipal Debt Funds Average	11.91%	1.06%	2.47%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$667,621,225
# of Portfolio Holdings	274
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$2,699,455

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.21%
• A-7.22%
• A+12.73%
• AA25.04%
• AA-10.22%
• AA+2.93%
• AAA0.17%
• B+0.07%
• BB2.47%
• BB-0.31%
• BB+3.20%
• BBB4.70%
• BBB-3.58%
• BBB+6.68%
• CCC0.10%
• CCC-0.08%
• NR8.29%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LCFFX 

Lord Abbett California Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1030-F

11/24

Class F3 

LCFOX 

Lord Abbett California Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$57	0.54%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.04%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Tobacco and Industrial Development sectors contributed to relative performance.

Top detractors from the Fund’s performance:  Security selection within the Transportation, Local General Obligation and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond Index	Lipper California Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,071	$10,060	$10,130	$10,051
5/31/2017	$10,230	$10,219	$10,293	$10,128
6/30/2017	$10,230	$10,183	$10,280	$10,118
7/31/2017	$10,295	$10,265	$10,341	$10,162
8/31/2017	$10,388	$10,343	$10,427	$10,253
9/30/2017	$10,330	$10,291	$10,379	$10,204
10/31/2017	$10,358	$10,316	$10,396	$10,210
11/30/2017	$10,348	$10,260	$10,377	$10,197
12/31/2017	$10,470	$10,368	$10,487	$10,244
1/31/2018	$10,346	$10,246	$10,371	$10,126
2/28/2018	$10,308	$10,215	$10,324	$10,030
3/31/2018	$10,384	$10,253	$10,374	$10,094
4/30/2018	$10,345	$10,216	$10,341	$10,019
5/31/2018	$10,488	$10,333	$10,474	$10,091
6/30/2018	$10,507	$10,342	$10,485	$10,078
7/31/2018	$10,517	$10,367	$10,500	$10,080
8/31/2018	$10,565	$10,394	$10,529	$10,145
9/30/2018	$10,477	$10,326	$10,455	$10,080
10/31/2018	$10,370	$10,263	$10,357	$10,000
11/30/2018	$10,448	$10,376	$10,439	$10,060
12/31/2018	$10,546	$10,501	$10,543	$10,245
1/31/2019	$10,614	$10,580	$10,601	$10,354
2/28/2019	$10,685	$10,637	$10,658	$10,348
3/31/2019	$10,903	$10,805	$10,846	$10,546
4/30/2019	$10,991	$10,845	$10,898	$10,549
5/31/2019	$11,169	$10,995	$11,071	$10,736
6/30/2019	$11,218	$11,035	$11,113	$10,871
7/31/2019	$11,306	$11,124	$11,194	$10,895
8/31/2019	$11,564	$11,300	$11,401	$11,177
9/30/2019	$11,481	$11,209	$11,325	$11,118
10/31/2019	$11,488	$11,229	$11,328	$11,151
11/30/2019	$11,515	$11,257	$11,354	$11,146
12/31/2019	$11,562	$11,292	$11,382	$11,138
1/31/2020	$11,822	$11,495	$11,599	$11,352
2/29/2020	$12,041	$11,643	$11,782	$11,557
3/31/2020	$11,233	$11,221	$11,118	$11,489
4/30/2020	$10,973	$11,080	$10,897	$11,693
5/31/2020	$11,409	$11,432	$11,280	$11,747
6/30/2020	$11,610	$11,526	$11,440	$11,821
7/31/2020	$11,851	$11,720	$11,646	$11,998
8/31/2020	$11,804	$11,665	$11,597	$11,901
9/30/2020	$11,788	$11,668	$11,597	$11,894
10/31/2020	$11,772	$11,633	$11,577	$11,841
11/30/2020	$12,027	$11,808	$11,796	$11,958
12/31/2020	$12,125	$11,880	$11,883	$11,974
1/31/2021	$12,233	$11,956	$11,978	$11,888
2/28/2021	$11,998	$11,766	$11,777	$11,716
3/31/2021	$12,086	$11,839	$11,860	$11,570
4/30/2021	$12,247	$11,938	$11,990	$11,662
5/31/2021	$12,324	$11,974	$12,067	$11,700
6/30/2021	$12,391	$12,007	$12,120	$11,782
7/31/2021	$12,500	$12,106	$12,223	$11,914
8/31/2021	$12,440	$12,062	$12,170	$11,891
9/30/2021	$12,306	$11,975	$12,058	$11,788
10/31/2021	$12,287	$11,940	$12,045	$11,785
11/30/2021	$12,439	$12,041	$12,161	$11,820
12/31/2021	$12,463	$12,061	$12,178	$11,789
1/31/2022	$12,038	$11,731	$11,834	$11,535
2/28/2022	$11,945	$11,688	$11,758	$11,407
3/31/2022	$11,466	$11,310	$11,358	$11,090
4/30/2022	$10,955	$10,997	$10,954	$10,669
5/31/2022	$11,131	$11,160	$11,112	$10,738
6/30/2022	$10,769	$10,977	$10,807	$10,569
7/31/2022	$11,173	$11,267	$11,160	$10,828
8/31/2022	$10,875	$11,020	$10,895	$10,522
9/30/2022	$10,337	$10,597	$10,399	$10,067
10/31/2022	$10,190	$10,509	$10,268	$9,937
11/30/2022	$10,829	$11,001	$10,836	$10,302
12/31/2022	$10,835	$11,032	$10,837	$10,256
1/31/2023	$11,225	$11,349	$11,189	$10,571
2/28/2023	$10,935	$11,093	$10,908	$10,298
3/31/2023	$11,141	$11,339	$11,098	$10,559
4/30/2023	$11,160	$11,313	$11,100	$10,623
5/31/2023	$11,079	$11,215	$11,022	$10,508
6/30/2023	$11,211	$11,327	$11,105	$10,470
7/31/2023	$11,253	$11,372	$11,135	$10,463
8/31/2023	$11,072	$11,208	$10,991	$10,396
9/30/2023	$10,734	$10,880	$10,666	$10,132
10/31/2023	$10,542	$10,787	$10,478	$9,972
11/30/2023	$11,286	$11,472	$11,208	$10,424
12/31/2023	$11,613	$11,739	$11,511	$10,823
1/31/2024	$11,600	$11,679	$11,509	$10,793
2/29/2024	$11,623	$11,694	$11,528	$10,640
3/31/2024	$11,633	$11,693	$11,548	$10,739
4/30/2024	$11,496	$11,548	$11,409	$10,467
5/31/2024	$11,518	$11,515	$11,427	$10,645
6/30/2024	$11,714	$11,691	$11,629	$10,746
7/31/2024	$11,817	$11,798	$11,726	$10,997
8/31/2024	$11,875	$11,891	$11,804	$11,155
9/30/2024	$12,026	$12,008	$11,936	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	12.04%	0.93%	2.49%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.47%
Lipper California Municipal Debt Funds Average	11.91%	1.06%	2.39%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$667,621,225
# of Portfolio Holdings	274
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$2,699,455

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.21%
• A-7.22%
• A+12.73%
• AA25.04%
• AA-10.22%
• AA+2.93%
• AAA0.17%
• B+0.07%
• BB2.47%
• BB-0.31%
• BB+3.20%
• BBB4.70%
• BBB-3.58%
• BBB+6.68%
• CCC0.10%
• CCC-0.08%
• NR8.29%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LCFOX 

Lord Abbett California Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8985-F3

11/24

Class I 

CAILX 

Lord Abbett California Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.57%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.01%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Tobacco and Industrial Development sectors contributed to relative performance.

Top detractors from the Fund’s performance:  Security selection within the Transportation, Local General Obligation and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond Index	Lipper California Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,094	$10,069	$10,080	$10,098
11/30/2014	$10,115	$10,086	$10,093	$10,170
12/31/2014	$10,192	$10,137	$10,163	$10,179
1/31/2015	$10,408	$10,316	$10,356	$10,393
2/28/2015	$10,289	$10,210	$10,248	$10,295
3/31/2015	$10,319	$10,240	$10,282	$10,343
4/30/2015	$10,256	$10,186	$10,215	$10,306
5/31/2015	$10,239	$10,158	$10,191	$10,281
6/30/2015	$10,185	$10,148	$10,126	$10,169
7/31/2015	$10,244	$10,222	$10,199	$10,240
8/31/2015	$10,275	$10,242	$10,230	$10,225
9/30/2015	$10,363	$10,316	$10,303	$10,294
10/31/2015	$10,423	$10,357	$10,350	$10,296
11/30/2015	$10,484	$10,398	$10,409	$10,269
12/31/2015	$10,583	$10,472	$10,506	$10,235
1/31/2016	$10,722	$10,596	$10,612	$10,376
2/29/2016	$10,744	$10,613	$10,624	$10,450
3/31/2016	$10,805	$10,647	$10,694	$10,546
4/30/2016	$10,904	$10,725	$10,784	$10,586
5/31/2016	$10,974	$10,754	$10,839	$10,589
6/30/2016	$11,201	$10,925	$11,036	$10,779
7/31/2016	$11,213	$10,932	$11,021	$10,847
8/31/2016	$11,233	$10,947	$11,049	$10,835
9/30/2016	$11,203	$10,892	$10,995	$10,829
10/31/2016	$11,065	$10,778	$10,870	$10,746
11/30/2016	$10,539	$10,376	$10,394	$10,492
12/31/2016	$10,619	$10,497	$10,502	$10,506
1/31/2017	$10,720	$10,567	$10,558	$10,527
2/28/2017	$10,801	$10,640	$10,634	$10,598
3/31/2017	$10,831	$10,663	$10,671	$10,592
4/30/2017	$10,923	$10,740	$10,830	$10,674
5/31/2017	$11,094	$10,911	$11,004	$10,756
6/30/2017	$11,084	$10,872	$10,990	$10,745
7/31/2017	$11,165	$10,960	$11,056	$10,792
8/31/2017	$11,265	$11,043	$11,147	$10,888
9/30/2017	$11,202	$10,987	$11,096	$10,836
10/31/2017	$11,232	$11,014	$11,114	$10,843
11/30/2017	$11,221	$10,955	$11,094	$10,829
12/31/2017	$11,354	$11,069	$11,212	$10,879
1/31/2018	$11,219	$10,939	$11,088	$10,753
2/28/2018	$11,167	$10,906	$11,037	$10,651
3/31/2018	$11,249	$10,947	$11,091	$10,720
4/30/2018	$11,207	$10,908	$11,056	$10,640
5/31/2018	$11,362	$11,033	$11,198	$10,716
6/30/2018	$11,393	$11,042	$11,209	$10,703
7/31/2018	$11,402	$11,069	$11,226	$10,705
8/31/2018	$11,444	$11,097	$11,257	$10,774
9/30/2018	$11,359	$11,025	$11,177	$10,705
10/31/2018	$11,232	$10,957	$11,073	$10,620
11/30/2018	$11,327	$11,079	$11,160	$10,683
12/31/2018	$11,433	$11,211	$11,272	$10,880
1/31/2019	$11,496	$11,296	$11,333	$10,995
2/28/2019	$11,584	$11,357	$11,395	$10,989
3/31/2019	$11,819	$11,536	$11,595	$11,200
4/30/2019	$11,904	$11,579	$11,651	$11,203
5/31/2019	$12,108	$11,739	$11,836	$11,402
6/30/2019	$12,161	$11,782	$11,881	$11,545
7/31/2019	$12,245	$11,877	$11,967	$11,570
8/31/2019	$12,535	$12,065	$12,189	$11,870
9/30/2019	$12,445	$11,968	$12,108	$11,807
10/31/2019	$12,452	$11,989	$12,111	$11,842
11/30/2019	$12,471	$12,019	$12,139	$11,836
12/31/2019	$12,521	$12,056	$12,168	$11,828
1/31/2020	$12,802	$12,273	$12,401	$12,056
2/29/2020	$13,051	$12,431	$12,596	$12,273
3/31/2020	$12,164	$11,980	$11,886	$12,201
4/30/2020	$11,883	$11,830	$11,650	$12,417
5/31/2020	$12,354	$12,206	$12,059	$12,475
6/30/2020	$12,583	$12,307	$12,230	$12,554
7/31/2020	$12,844	$12,514	$12,451	$12,741
8/31/2020	$12,782	$12,455	$12,398	$12,638
9/30/2020	$12,775	$12,458	$12,398	$12,632
10/31/2020	$12,747	$12,420	$12,377	$12,575
11/30/2020	$13,022	$12,608	$12,611	$12,699
12/31/2020	$13,128	$12,685	$12,704	$12,716
1/31/2021	$13,257	$12,765	$12,806	$12,625
2/28/2021	$12,991	$12,563	$12,591	$12,443
3/31/2021	$13,096	$12,640	$12,680	$12,287
4/30/2021	$13,260	$12,746	$12,818	$12,384
5/31/2021	$13,354	$12,784	$12,901	$12,425
6/30/2021	$13,415	$12,819	$12,958	$12,512
7/31/2021	$13,544	$12,925	$13,068	$12,652
8/31/2021	$13,467	$12,878	$13,011	$12,628
9/30/2021	$13,333	$12,785	$12,891	$12,518
10/31/2021	$13,313	$12,748	$12,877	$12,515
11/30/2021	$13,466	$12,856	$13,001	$12,552
12/31/2021	$13,502	$12,877	$13,019	$12,520
1/31/2022	$13,042	$12,525	$12,652	$12,250
2/28/2022	$12,929	$12,480	$12,571	$12,114
3/31/2022	$12,422	$12,075	$12,143	$11,777
4/30/2022	$11,868	$11,741	$11,711	$11,330
5/31/2022	$12,058	$11,916	$11,880	$11,403
6/30/2022	$11,666	$11,720	$11,554	$11,224
7/31/2022	$12,092	$12,030	$11,931	$11,498
8/31/2022	$11,768	$11,766	$11,648	$11,174
9/30/2022	$11,197	$11,315	$11,118	$10,691
10/31/2022	$11,038	$11,221	$10,977	$10,552
11/30/2022	$11,718	$11,746	$11,585	$10,940
12/31/2022	$11,724	$11,779	$11,586	$10,891
1/31/2023	$12,158	$12,117	$11,962	$11,226
2/28/2023	$11,832	$11,843	$11,662	$10,936
3/31/2023	$12,067	$12,106	$11,865	$11,214
4/30/2023	$12,087	$12,079	$11,867	$11,282
5/31/2023	$11,988	$11,974	$11,784	$11,159
6/30/2023	$12,141	$12,094	$11,872	$11,119
7/31/2023	$12,175	$12,142	$11,904	$11,111
8/31/2023	$11,991	$11,967	$11,750	$11,040
9/30/2023	$11,613	$11,616	$11,403	$10,760
10/31/2023	$11,416	$11,517	$11,202	$10,590
11/30/2023	$12,221	$12,249	$11,982	$11,069
12/31/2023	$12,563	$12,533	$12,306	$11,493
1/31/2024	$12,561	$12,469	$12,304	$11,462
2/29/2024	$12,585	$12,485	$12,325	$11,300
3/31/2024	$12,596	$12,485	$12,346	$11,404
4/30/2024	$12,447	$12,330	$12,197	$11,116
5/31/2024	$12,471	$12,294	$12,217	$11,304
6/30/2024	$12,682	$12,482	$12,433	$11,412
7/31/2024	$12,782	$12,596	$12,536	$11,678
8/31/2024	$12,856	$12,696	$12,620	$11,846
9/30/2024	$13,007	$12,821	$12,761	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	12.01%	0.89%	2.66%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper California Municipal Debt Funds Average	11.91%	1.06%	2.47%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$667,621,225
# of Portfolio Holdings	274
Portfolio Turnover Rate	26%
Total Advisory Fees Paid	$2,699,455

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.21%
• A-7.22%
• A+12.73%
• AA25.04%
• AA-10.22%
• AA+2.93%
• AAA0.17%
• B+0.07%
• BB2.47%
• BB-0.31%
• BB+3.20%
• BBB4.70%
• BBB-3.58%
• BBB+6.68%
• CCC0.10%
• CCC-0.08%
• NR8.29%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

CAILX 

Lord Abbett California Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3325-I

11/24

Class A 

LISAX 

Lord Abbett Intermediate Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$74	0.71%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.80%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care, Industrial Development and Transportation sectors contributed to relative performance. Security selection within the Transportation, Health Care and State General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: There were no significant detractors over the period.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
9/30/2014	$9,774	$10,000	$10,000
10/31/2014	$9,843	$10,052	$10,098
11/30/2014	$9,857	$10,063	$10,170
12/31/2014	$9,889	$10,090	$10,179
1/31/2015	$10,066	$10,243	$10,393
2/28/2015	$9,980	$10,154	$10,295
3/31/2015	$10,002	$10,175	$10,343
4/30/2015	$9,960	$10,137	$10,306
5/31/2015	$9,928	$10,108	$10,281
6/30/2015	$9,887	$10,107	$10,169
7/31/2015	$9,919	$10,169	$10,240
8/31/2015	$9,933	$10,188	$10,225
9/30/2015	$10,021	$10,261	$10,294
10/31/2015	$10,081	$10,299	$10,296
11/30/2015	$10,114	$10,321	$10,269
12/31/2015	$10,172	$10,375	$10,235
1/31/2016	$10,289	$10,498	$10,376
2/29/2016	$10,312	$10,517	$10,450
3/31/2016	$10,334	$10,527	$10,546
4/30/2016	$10,394	$10,590	$10,586
5/31/2016	$10,416	$10,595	$10,589
6/30/2016	$10,570	$10,726	$10,779
7/31/2016	$10,592	$10,741	$10,847
8/31/2016	$10,603	$10,745	$10,835
9/30/2016	$10,575	$10,706	$10,829
10/31/2016	$10,481	$10,618	$10,746
11/30/2016	$10,063	$10,277	$10,492
12/31/2016	$10,106	$10,376	$10,506
1/31/2017	$10,196	$10,450	$10,527
2/28/2017	$10,257	$10,519	$10,598
3/31/2017	$10,278	$10,537	$10,592
4/30/2017	$10,368	$10,612	$10,674
5/31/2017	$10,495	$10,751	$10,756
6/30/2017	$10,467	$10,710	$10,745
7/31/2017	$10,545	$10,788	$10,792
8/31/2017	$10,652	$10,860	$10,888
9/30/2017	$10,595	$10,810	$10,836
10/31/2017	$10,606	$10,825	$10,843
11/30/2017	$10,540	$10,737	$10,829
12/31/2017	$10,620	$10,826	$10,879
1/31/2018	$10,524	$10,731	$10,753
2/28/2018	$10,488	$10,704	$10,651
3/31/2018	$10,510	$10,727	$10,720
4/30/2018	$10,483	$10,699	$10,640
5/31/2018	$10,594	$10,799	$10,716
6/30/2018	$10,617	$10,818	$10,703
7/31/2018	$10,650	$10,853	$10,705
8/31/2018	$10,673	$10,872	$10,774
9/30/2018	$10,616	$10,811	$10,705
10/31/2018	$10,540	$10,767	$10,620
11/30/2018	$10,635	$10,877	$10,683
12/31/2018	$10,740	$10,997	$10,880
1/31/2019	$10,816	$11,090	$10,995
2/28/2019	$10,893	$11,144	$10,989
3/31/2019	$11,060	$11,274	$11,200
4/30/2019	$11,096	$11,296	$11,203
5/31/2019	$11,263	$11,434	$11,402
6/30/2019	$11,319	$11,481	$11,545
7/31/2019	$11,405	$11,571	$11,570
8/31/2019	$11,583	$11,706	$11,870
9/30/2019	$11,495	$11,611	$11,807
10/31/2019	$11,498	$11,641	$11,842
11/30/2019	$11,523	$11,668	$11,836
12/31/2019	$11,558	$11,705	$11,828
1/31/2020	$11,788	$11,884	$12,056
2/29/2020	$11,958	$11,996	$12,273
3/31/2020	$11,202	$11,646	$12,201
4/30/2020	$11,007	$11,564	$12,417
5/31/2020	$11,354	$11,891	$12,475
6/30/2020	$11,576	$11,960	$12,554
7/31/2020	$11,787	$12,128	$12,741
8/31/2020	$11,757	$12,088	$12,638
9/30/2020	$11,716	$12,098	$12,632
10/31/2020	$11,696	$12,067	$12,575
11/30/2020	$11,909	$12,200	$12,699
12/31/2020	$12,037	$12,259	$12,716
1/31/2021	$12,169	$12,317	$12,625
2/28/2021	$11,958	$12,161	$12,443
3/31/2021	$12,032	$12,219	$12,287
4/30/2021	$12,160	$12,295	$12,384
5/31/2021	$12,225	$12,313	$12,425
6/30/2021	$12,278	$12,329	$12,512
7/31/2021	$12,372	$12,419	$12,652
8/31/2021	$12,327	$12,394	$12,628
9/30/2021	$12,207	$12,318	$12,518
10/31/2021	$12,162	$12,281	$12,515
11/30/2021	$12,278	$12,347	$12,552
12/31/2021	$12,287	$12,365	$12,520
1/31/2022	$11,937	$12,063	$12,250
2/28/2022	$11,849	$12,025	$12,114
3/31/2022	$11,467	$11,705	$11,777
4/30/2022	$11,129	$11,460	$11,330
5/31/2022	$11,237	$11,621	$11,403
6/30/2022	$11,029	$11,524	$11,224
7/31/2022	$11,313	$11,781	$11,498
8/31/2022	$11,104	$11,577	$11,174
9/30/2022	$10,698	$11,226	$10,691
10/31/2022	$10,600	$11,183	$10,552
11/30/2022	$11,032	$11,575	$10,940
12/31/2022	$11,045	$11,629	$10,891
1/31/2023	$11,357	$11,891	$11,226
2/28/2023	$11,149	$11,667	$10,936
3/31/2023	$11,330	$11,893	$11,214
4/30/2023	$11,344	$11,860	$11,282
5/31/2023	$11,257	$11,755	$11,159
6/30/2023	$11,352	$11,844	$11,119
7/31/2023	$11,389	$11,891	$11,111
8/31/2023	$11,281	$11,771	$11,040
9/30/2023	$11,037	$11,506	$10,760
10/31/2023	$10,918	$11,459	$10,590
11/30/2023	$11,457	$12,013	$11,069
12/31/2023	$11,724	$12,240	$11,493
1/31/2024	$11,719	$12,193	$11,462
2/29/2024	$11,750	$12,205	$11,300
3/31/2024	$11,779	$12,205	$11,404
4/30/2024	$11,673	$12,080	$11,116
5/31/2024	$11,669	$12,008	$11,304
6/30/2024	$11,827	$12,163	$11,412
7/31/2024	$11,904	$12,271	$11,678
8/31/2024	$11,993	$12,379	$11,846
9/30/2024	$12,119	$12,480	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	9.80%	1.06%	2.17%
Class A with sales charge	7.38%	0.60%	1.94%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	1.45%	2.24%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,957,534,804
# of Portfolio Holdings	886
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$18,635,236

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A11.96%
• A-8.12%
• A+12.71%
• AA11.41%
• AA-8.70%
• AA+6.09%
• AAA4.90%
• B0.39%
• B-0.16%
• B+0.51%
• BB1.36%
• BB-1.25%
• BB+2.47%
• BBB5.69%
• BBB-7.74%
• BBB+7.91%
• NR8.63%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LISAX 

Lord Abbett Intermediate Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1409-A

11/24

Class C 

LISCX 

Lord Abbett Intermediate Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$138	1.32%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.03%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care, Industrial Development and Transportation sectors contributed to relative performance. Security selection within the Transportation, Health Care and State General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: There were no significant detractors over the period.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000
10/31/2014	$10,064	$10,052	$10,098
11/30/2014	$10,074	$10,063	$10,170
12/31/2014	$10,101	$10,090	$10,179
1/31/2015	$10,276	$10,243	$10,393
2/28/2015	$10,184	$10,154	$10,295
3/31/2015	$10,201	$10,175	$10,343
4/30/2015	$10,154	$10,137	$10,306
5/31/2015	$10,115	$10,108	$10,281
6/30/2015	$10,059	$10,107	$10,169
7/31/2015	$10,096	$10,169	$10,240
8/31/2015	$10,104	$10,188	$10,225
9/30/2015	$10,189	$10,261	$10,294
10/31/2015	$10,244	$10,299	$10,296
11/30/2015	$10,263	$10,321	$10,269
12/31/2015	$10,326	$10,375	$10,235
1/31/2016	$10,430	$10,498	$10,376
2/29/2016	$10,457	$10,517	$10,450
3/31/2016	$10,465	$10,527	$10,546
4/30/2016	$10,530	$10,590	$10,586
5/31/2016	$10,536	$10,595	$10,589
6/30/2016	$10,697	$10,726	$10,779
7/31/2016	$10,704	$10,741	$10,847
8/31/2016	$10,709	$10,745	$10,835
9/30/2016	$10,685	$10,706	$10,829
10/31/2016	$10,575	$10,618	$10,746
11/30/2016	$10,156	$10,277	$10,492
12/31/2016	$10,195	$10,376	$10,506
1/31/2017	$10,270	$10,450	$10,527
2/28/2017	$10,336	$10,519	$10,598
3/31/2017	$10,352	$10,537	$10,592
4/30/2017	$10,436	$10,612	$10,674
5/31/2017	$10,559	$10,751	$10,756
6/30/2017	$10,516	$10,710	$10,745
7/31/2017	$10,589	$10,788	$10,792
8/31/2017	$10,691	$10,860	$10,888
9/30/2017	$10,637	$10,810	$10,836
10/31/2017	$10,633	$10,825	$10,843
11/30/2017	$10,571	$10,737	$10,829
12/31/2017	$10,646	$10,826	$10,879
1/31/2018	$10,544	$10,731	$10,753
2/28/2018	$10,493	$10,704	$10,651
3/31/2018	$10,519	$10,727	$10,720
4/30/2018	$10,487	$10,699	$10,640
5/31/2018	$10,593	$10,799	$10,716
6/30/2018	$10,600	$10,818	$10,703
7/31/2018	$10,637	$10,853	$10,705
8/31/2018	$10,645	$10,872	$10,774
9/30/2018	$10,593	$10,811	$10,705
10/31/2018	$10,511	$10,767	$10,620
11/30/2018	$10,601	$10,877	$10,683
12/31/2018	$10,690	$10,997	$10,880
1/31/2019	$10,770	$11,090	$10,995
2/28/2019	$10,842	$11,144	$10,989
3/31/2019	$10,993	$11,274	$11,200
4/30/2019	$11,033	$11,296	$11,203
5/31/2019	$11,193	$11,434	$11,402
6/30/2019	$11,244	$11,481	$11,545
7/31/2019	$11,313	$11,571	$11,570
8/31/2019	$11,494	$11,706	$11,870
9/30/2019	$11,401	$11,611	$11,807
10/31/2019	$11,398	$11,641	$11,842
11/30/2019	$11,407	$11,668	$11,836
12/31/2019	$11,445	$11,705	$11,828
1/31/2020	$11,658	$11,884	$12,056
2/29/2020	$11,820	$11,996	$12,273
3/31/2020	$11,076	$11,646	$12,201
4/30/2020	$10,867	$11,564	$12,417
5/31/2020	$11,215	$11,891	$12,475
6/30/2020	$11,418	$11,960	$12,554
7/31/2020	$11,620	$12,128	$12,741
8/31/2020	$11,595	$12,088	$12,638
9/30/2020	$11,549	$12,098	$12,632
10/31/2020	$11,523	$12,067	$12,575
11/30/2020	$11,716	$12,200	$12,699
12/31/2020	$11,846	$12,259	$12,716
1/31/2021	$11,959	$12,317	$12,625
2/28/2021	$11,756	$12,161	$12,443
3/31/2021	$11,823	$12,219	$12,287
4/30/2021	$11,932	$12,295	$12,384
5/31/2021	$11,989	$12,313	$12,425
6/30/2021	$12,035	$12,329	$12,512
7/31/2021	$12,121	$12,419	$12,652
8/31/2021	$12,070	$12,394	$12,628
9/30/2021	$11,957	$12,318	$12,518
10/31/2021	$11,906	$12,281	$12,515
11/30/2021	$12,003	$12,347	$12,552
12/31/2021	$12,015	$12,365	$12,520
1/31/2022	$11,667	$12,063	$12,250
2/28/2022	$11,575	$12,025	$12,114
3/31/2022	$11,185	$11,705	$11,777
4/30/2022	$10,859	$11,460	$11,330
5/31/2022	$10,958	$11,621	$11,403
6/30/2022	$10,750	$11,524	$11,224
7/31/2022	$11,021	$11,781	$11,498
8/31/2022	$10,801	$11,577	$11,174
9/30/2022	$10,399	$11,226	$10,691
10/31/2022	$10,309	$11,183	$10,552
11/30/2022	$10,724	$11,575	$10,940
12/31/2022	$10,731	$11,629	$10,891
1/31/2023	$11,028	$11,891	$11,226
2/28/2023	$10,822	$11,667	$10,936
3/31/2023	$10,991	$11,893	$11,214
4/30/2023	$10,999	$11,860	$11,282
5/31/2023	$10,909	$11,755	$11,159
6/30/2023	$10,996	$11,844	$11,119
7/31/2023	$11,026	$11,891	$11,111
8/31/2023	$10,915	$11,771	$11,040
9/30/2023	$10,674	$11,506	$10,760
10/31/2023	$10,553	$11,459	$10,590
11/30/2023	$11,058	$12,013	$11,069
12/31/2023	$11,311	$12,240	$11,493
1/31/2024	$11,300	$12,193	$11,462
2/29/2024	$11,335	$12,205	$11,300
3/31/2024	$11,347	$12,205	$11,404
4/30/2024	$11,250	$12,080	$11,116
5/31/2024	$11,240	$12,008	$11,304
6/30/2024	$11,375	$12,163	$11,412
7/31/2024	$11,455	$12,271	$11,678
8/31/2024	$11,535	$12,379	$11,846
9/30/2024	$11,638	$12,480	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	9.03%	0.41%	1.53%
Class C with sales charge	8.03%	0.41%	1.53%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	1.45%	2.24%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,957,534,804
# of Portfolio Holdings	886
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$18,635,236

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A11.96%
• A-8.12%
• A+12.71%
• AA11.41%
• AA-8.70%
• AA+6.09%
• AAA4.90%
• B0.39%
• B-0.16%
• B+0.51%
• BB1.36%
• BB-1.25%
• BB+2.47%
• BBB5.69%
• BBB-7.74%
• BBB+7.91%
• NR8.63%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

LISCX 

Lord Abbett Intermediate Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1411-C

11/24

Class F 

LISFX 

Lord Abbett Intermediate Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$64	0.61%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.80%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care, Industrial Development and Transportation sectors contributed to relative performance. Security selection within the Transportation, Health Care and State General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: There were no significant detractors over the period.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000
10/31/2014	$10,071	$10,052	$10,098
11/30/2014	$10,086	$10,063	$10,170
12/31/2014	$10,119	$10,090	$10,179
1/31/2015	$10,301	$10,243	$10,393
2/28/2015	$10,214	$10,154	$10,295
3/31/2015	$10,237	$10,175	$10,343
4/30/2015	$10,196	$10,137	$10,306
5/31/2015	$10,164	$10,108	$10,281
6/30/2015	$10,113	$10,107	$10,169
7/31/2015	$10,157	$10,169	$10,240
8/31/2015	$10,172	$10,188	$10,225
9/30/2015	$10,262	$10,261	$10,294
10/31/2015	$10,325	$10,299	$10,296
11/30/2015	$10,349	$10,321	$10,269
12/31/2015	$10,419	$10,375	$10,235
1/31/2016	$10,540	$10,498	$10,376
2/29/2016	$10,564	$10,517	$10,450
3/31/2016	$10,578	$10,527	$10,546
4/30/2016	$10,650	$10,590	$10,586
5/31/2016	$10,664	$10,595	$10,589
6/30/2016	$10,832	$10,726	$10,779
7/31/2016	$10,846	$10,741	$10,847
8/31/2016	$10,858	$10,745	$10,835
9/30/2016	$10,841	$10,706	$10,829
10/31/2016	$10,745	$10,618	$10,746
11/30/2016	$10,317	$10,277	$10,492
12/31/2016	$10,363	$10,376	$10,506
1/31/2017	$10,445	$10,450	$10,527
2/28/2017	$10,519	$10,519	$10,598
3/31/2017	$10,541	$10,537	$10,592
4/30/2017	$10,634	$10,612	$10,674
5/31/2017	$10,765	$10,751	$10,756
6/30/2017	$10,727	$10,710	$10,745
7/31/2017	$10,809	$10,788	$10,792
8/31/2017	$10,919	$10,860	$10,888
9/30/2017	$10,871	$10,810	$10,836
10/31/2017	$10,874	$10,825	$10,843
11/30/2017	$10,816	$10,737	$10,829
12/31/2017	$10,900	$10,826	$10,879
1/31/2018	$10,802	$10,731	$10,753
2/28/2018	$10,756	$10,704	$10,651
3/31/2018	$10,789	$10,727	$10,720
4/30/2018	$10,762	$10,699	$10,640
5/31/2018	$10,877	$10,799	$10,716
6/30/2018	$10,892	$10,818	$10,703
7/31/2018	$10,936	$10,853	$10,705
8/31/2018	$10,951	$10,872	$10,774
9/30/2018	$10,904	$10,811	$10,705
10/31/2018	$10,826	$10,767	$10,620
11/30/2018	$10,925	$10,877	$10,683
12/31/2018	$11,024	$10,997	$10,880
1/31/2019	$11,112	$11,090	$10,995
2/28/2019	$11,193	$11,144	$10,989
3/31/2019	$11,365	$11,274	$11,200
4/30/2019	$11,402	$11,296	$11,203
5/31/2019	$11,575	$11,434	$11,402
6/30/2019	$11,634	$11,481	$11,545
7/31/2019	$11,713	$11,571	$11,570
8/31/2019	$11,907	$11,706	$11,870
9/30/2019	$11,817	$11,611	$11,807
10/31/2019	$11,822	$11,641	$11,842
11/30/2019	$11,838	$11,668	$11,836
12/31/2019	$11,885	$11,705	$11,828
1/31/2020	$12,113	$11,884	$12,056
2/29/2020	$12,288	$11,996	$12,273
3/31/2020	$11,522	$11,646	$12,201
4/30/2020	$11,323	$11,564	$12,417
5/31/2020	$11,680	$11,891	$12,475
6/30/2020	$11,910	$11,960	$12,554
7/31/2020	$12,117	$12,128	$12,741
8/31/2020	$12,098	$12,088	$12,638
9/30/2020	$12,057	$12,098	$12,632
10/31/2020	$12,037	$12,067	$12,575
11/30/2020	$12,257	$12,200	$12,699
12/31/2020	$12,390	$12,259	$12,716
1/31/2021	$12,516	$12,317	$12,625
2/28/2021	$12,311	$12,161	$12,443
3/31/2021	$12,388	$12,219	$12,287
4/30/2021	$12,510	$12,295	$12,384
5/31/2021	$12,578	$12,313	$12,425
6/30/2021	$12,633	$12,329	$12,512
7/31/2021	$12,732	$12,419	$12,652
8/31/2021	$12,686	$12,394	$12,628
9/30/2021	$12,575	$12,318	$12,518
10/31/2021	$12,529	$12,281	$12,515
11/30/2021	$12,639	$12,347	$12,552
12/31/2021	$12,660	$12,365	$12,520
1/31/2022	$12,301	$12,063	$12,250
2/28/2022	$12,211	$12,025	$12,114
3/31/2022	$11,807	$11,705	$11,777
4/30/2022	$11,471	$11,460	$11,330
5/31/2022	$11,572	$11,621	$11,403
6/30/2022	$11,358	$11,524	$11,224
7/31/2022	$11,652	$11,781	$11,498
8/31/2022	$11,437	$11,577	$11,174
9/30/2022	$11,020	$11,226	$10,691
10/31/2022	$10,931	$11,183	$10,552
11/30/2022	$11,366	$11,575	$10,940
12/31/2022	$11,392	$11,629	$10,891
1/31/2023	$11,714	$11,891	$11,226
2/28/2023	$11,490	$11,667	$10,936
3/31/2023	$11,688	$11,893	$11,214
4/30/2023	$11,692	$11,860	$11,282
5/31/2023	$11,604	$11,755	$11,159
6/30/2023	$11,714	$11,844	$11,119
7/31/2023	$11,754	$11,891	$11,111
8/31/2023	$11,643	$11,771	$11,040
9/30/2023	$11,392	$11,506	$10,760
10/31/2023	$11,270	$11,459	$10,590
11/30/2023	$11,815	$12,013	$11,069
12/31/2023	$12,093	$12,240	$11,493
1/31/2024	$12,088	$12,193	$11,462
2/29/2024	$12,121	$12,205	$11,300
3/31/2024	$12,153	$12,205	$11,404
4/30/2024	$12,055	$12,080	$11,116
5/31/2024	$12,052	$12,008	$11,304
6/30/2024	$12,204	$12,163	$11,412
7/31/2024	$12,297	$12,271	$11,678
8/31/2024	$12,390	$12,379	$11,846
9/30/2024	$12,509	$12,480	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	9.80%	1.14%	2.26%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	1.45%	2.24%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,957,534,804
# of Portfolio Holdings	886
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$18,635,236

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A11.96%
• A-8.12%
• A+12.71%
• AA11.41%
• AA-8.70%
• AA+6.09%
• AAA4.90%
• B0.39%
• B-0.16%
• B+0.51%
• BB1.36%
• BB-1.25%
• BB+2.47%
• BBB5.69%
• BBB-7.74%
• BBB+7.91%
• NR8.63%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LISFX 

Lord Abbett Intermediate Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1039-F

11/24

Class F3 

LOISX 

Lord Abbett Intermediate Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$46	0.44%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.97%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care, Industrial Development and Transportation sectors contributed to relative performance. Security selection within the Transportation, Health Care and State General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: There were no significant detractors over the period.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000
4/30/2017	$10,086	$10,061	$10,051
5/31/2017	$10,202	$10,193	$10,128
6/30/2017	$10,177	$10,154	$10,118
7/31/2017	$10,255	$10,228	$10,162
8/31/2017	$10,361	$10,296	$10,253
9/30/2017	$10,316	$10,248	$10,204
10/31/2017	$10,320	$10,262	$10,210
11/30/2017	$10,257	$10,179	$10,197
12/31/2017	$10,346	$10,263	$10,244
1/31/2018	$10,255	$10,174	$10,126
2/28/2018	$10,212	$10,148	$10,030
3/31/2018	$10,245	$10,170	$10,094
4/30/2018	$10,221	$10,143	$10,019
5/31/2018	$10,321	$10,238	$10,091
6/30/2018	$10,346	$10,256	$10,078
7/31/2018	$10,380	$10,289	$10,080
8/31/2018	$10,404	$10,307	$10,145
9/30/2018	$10,352	$10,250	$10,080
10/31/2018	$10,289	$10,208	$10,000
11/30/2018	$10,374	$10,312	$10,060
12/31/2018	$10,479	$10,426	$10,245
1/31/2019	$10,564	$10,514	$10,354
2/28/2019	$10,642	$10,565	$10,348
3/31/2019	$10,797	$10,688	$10,546
4/30/2019	$10,843	$10,710	$10,549
5/31/2019	$11,009	$10,840	$10,736
6/30/2019	$11,066	$10,884	$10,871
7/31/2019	$11,142	$10,970	$10,895
8/31/2019	$11,328	$11,098	$11,177
9/30/2019	$11,244	$11,008	$11,118
10/31/2019	$11,250	$11,036	$11,151
11/30/2019	$11,266	$11,062	$11,146
12/31/2019	$11,312	$11,097	$11,138
1/31/2020	$11,530	$11,267	$11,352
2/29/2020	$11,698	$11,373	$11,557
3/31/2020	$10,971	$11,041	$11,489
4/30/2020	$10,772	$10,963	$11,693
5/31/2020	$11,124	$11,274	$11,747
6/30/2020	$11,333	$11,339	$11,821
7/31/2020	$11,542	$11,498	$11,998
8/31/2020	$11,515	$11,460	$11,901
9/30/2020	$11,488	$11,469	$11,894
10/31/2020	$11,471	$11,440	$11,841
11/30/2020	$11,671	$11,567	$11,958
12/31/2020	$11,809	$11,622	$11,974
1/31/2021	$11,931	$11,677	$11,888
2/28/2021	$11,736	$11,530	$11,716
3/31/2021	$11,812	$11,584	$11,570
4/30/2021	$11,929	$11,657	$11,662
5/31/2021	$11,995	$11,674	$11,700
6/30/2021	$12,050	$11,688	$11,782
7/31/2021	$12,145	$11,774	$11,914
8/31/2021	$12,104	$11,750	$11,891
9/30/2021	$11,999	$11,678	$11,788
10/31/2021	$11,956	$11,644	$11,785
11/30/2021	$12,063	$11,706	$11,820
12/31/2021	$12,084	$11,723	$11,789
1/31/2022	$11,743	$11,436	$11,535
2/28/2022	$11,659	$11,401	$11,407
3/31/2022	$11,276	$11,097	$11,090
4/30/2022	$10,956	$10,864	$10,669
5/31/2022	$11,065	$11,017	$10,738
6/30/2022	$10,852	$10,925	$10,569
7/31/2022	$11,144	$11,169	$10,828
8/31/2022	$10,931	$10,976	$10,522
9/30/2022	$10,534	$10,643	$10,067
10/31/2022	$10,450	$10,602	$9,937
11/30/2022	$10,867	$10,974	$10,302
12/31/2022	$10,893	$11,025	$10,256
1/31/2023	$11,203	$11,273	$10,571
2/28/2023	$10,989	$11,061	$10,298
3/31/2023	$11,170	$11,275	$10,559
4/30/2023	$11,186	$11,244	$10,623
5/31/2023	$11,103	$11,145	$10,508
6/30/2023	$11,210	$11,229	$10,470
7/31/2023	$11,249	$11,273	$10,463
8/31/2023	$11,144	$11,159	$10,396
9/30/2023	$10,906	$10,909	$10,132
10/31/2023	$10,791	$10,864	$9,972
11/30/2023	$11,314	$11,389	$10,424
12/31/2023	$11,581	$11,605	$10,823
1/31/2024	$11,578	$11,560	$10,793
2/29/2024	$11,611	$11,571	$10,640
3/31/2024	$11,643	$11,571	$10,739
4/30/2024	$11,541	$11,452	$10,467
5/31/2024	$11,550	$11,384	$10,645
6/30/2024	$11,698	$11,531	$10,746
7/31/2024	$11,788	$11,634	$10,997
8/31/2024	$11,868	$11,736	$11,155
9/30/2024	$11,994	$11,832	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	9.97%	1.30%	2.46%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	1.45%	2.27%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,957,534,804
# of Portfolio Holdings	886
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$18,635,236

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A11.96%
• A-8.12%
• A+12.71%
• AA11.41%
• AA-8.70%
• AA+6.09%
• AAA4.90%
• B0.39%
• B-0.16%
• B+0.51%
• BB1.36%
• BB-1.25%
• BB+2.47%
• BBB5.69%
• BBB-7.74%
• BBB+7.91%
• NR8.63%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LOISX 

Lord Abbett Intermediate Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8987-F3

11/24

Class I 

LAIIX 

Lord Abbett Intermediate Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$54	0.51%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 10.02%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care, Industrial Development and Transportation sectors contributed to relative performance. Security selection within the Transportation, Health Care and State General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: There were no significant detractors over the period.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000
10/31/2014	$10,071	$10,052	$10,098
11/30/2014	$10,078	$10,063	$10,170
12/31/2014	$10,112	$10,090	$10,179
1/31/2015	$10,295	$10,243	$10,393
2/28/2015	$10,218	$10,154	$10,295
3/31/2015	$10,233	$10,175	$10,343
4/30/2015	$10,201	$10,137	$10,306
5/31/2015	$10,160	$10,108	$10,281
6/30/2015	$10,120	$10,107	$10,169
7/31/2015	$10,155	$10,169	$10,240
8/31/2015	$10,171	$10,188	$10,225
9/30/2015	$10,263	$10,261	$10,294
10/31/2015	$10,326	$10,299	$10,296
11/30/2015	$10,361	$10,321	$10,269
12/31/2015	$10,422	$10,375	$10,235
1/31/2016	$10,544	$10,498	$10,376
2/29/2016	$10,569	$10,517	$10,450
3/31/2016	$10,593	$10,527	$10,546
4/30/2016	$10,666	$10,590	$10,586
5/31/2016	$10,680	$10,595	$10,589
6/30/2016	$10,840	$10,726	$10,779
7/31/2016	$10,865	$10,741	$10,847
8/31/2016	$10,878	$10,745	$10,835
9/30/2016	$10,851	$10,706	$10,829
10/31/2016	$10,756	$10,618	$10,746
11/30/2016	$10,329	$10,277	$10,492
12/31/2016	$10,375	$10,376	$10,506
1/31/2017	$10,469	$10,450	$10,527
2/28/2017	$10,543	$10,519	$10,598
3/31/2017	$10,557	$10,537	$10,592
4/30/2017	$10,660	$10,612	$10,674
5/31/2017	$10,783	$10,751	$10,756
6/30/2017	$10,756	$10,710	$10,745
7/31/2017	$10,838	$10,788	$10,792
8/31/2017	$10,950	$10,860	$10,888
9/30/2017	$10,893	$10,810	$10,836
10/31/2017	$10,906	$10,825	$10,843
11/30/2017	$10,840	$10,737	$10,829
12/31/2017	$10,924	$10,826	$10,879
1/31/2018	$10,827	$10,731	$10,753
2/28/2018	$10,792	$10,704	$10,651
3/31/2018	$10,816	$10,727	$10,720
4/30/2018	$10,790	$10,699	$10,640
5/31/2018	$10,906	$10,799	$10,716
6/30/2018	$10,932	$10,818	$10,703
7/31/2018	$10,967	$10,853	$10,705
8/31/2018	$10,993	$10,872	$10,774
9/30/2018	$10,937	$10,811	$10,705
10/31/2018	$10,860	$10,767	$10,620
11/30/2018	$10,959	$10,877	$10,683
12/31/2018	$11,070	$10,997	$10,880
1/31/2019	$11,159	$11,090	$10,995
2/28/2019	$11,231	$11,144	$10,989
3/31/2019	$11,405	$11,274	$11,200
4/30/2019	$11,443	$11,296	$11,203
5/31/2019	$11,618	$11,434	$11,402
6/30/2019	$11,678	$11,481	$11,545
7/31/2019	$11,768	$11,571	$11,570
8/31/2019	$11,964	$11,706	$11,870
9/30/2019	$11,865	$11,611	$11,807
10/31/2019	$11,870	$11,641	$11,842
11/30/2019	$11,898	$11,668	$11,836
12/31/2019	$11,935	$11,705	$11,828
1/31/2020	$12,176	$11,884	$12,056
2/29/2020	$12,353	$11,996	$12,273
3/31/2020	$11,574	$11,646	$12,201
4/30/2020	$11,374	$11,564	$12,417
5/31/2020	$11,735	$11,891	$12,475
6/30/2020	$11,966	$11,960	$12,554
7/31/2020	$12,186	$12,128	$12,741
8/31/2020	$12,157	$12,088	$12,638
9/30/2020	$12,128	$12,098	$12,632
10/31/2020	$12,098	$12,067	$12,575
11/30/2020	$12,321	$12,200	$12,699
12/31/2020	$12,455	$12,259	$12,716
1/31/2021	$12,594	$12,317	$12,625
2/28/2021	$12,377	$12,161	$12,443
3/31/2021	$12,456	$12,219	$12,287
4/30/2021	$12,591	$12,295	$12,384
5/31/2021	$12,660	$12,313	$12,425
6/30/2021	$12,717	$12,329	$12,512
7/31/2021	$12,817	$12,419	$12,652
8/31/2021	$12,773	$12,394	$12,628
9/30/2021	$12,650	$12,318	$12,518
10/31/2021	$12,616	$12,281	$12,515
11/30/2021	$12,728	$12,347	$12,552
12/31/2021	$12,739	$12,365	$12,520
1/31/2022	$12,379	$12,063	$12,250
2/28/2022	$12,289	$12,025	$12,114
3/31/2022	$11,895	$11,705	$11,777
4/30/2022	$11,547	$11,460	$11,330
5/31/2022	$11,660	$11,621	$11,403
6/30/2022	$11,447	$11,524	$11,224
7/31/2022	$11,743	$11,781	$11,498
8/31/2022	$11,517	$11,577	$11,174
9/30/2022	$11,097	$11,226	$10,691
10/31/2022	$11,009	$11,183	$10,552
11/30/2022	$11,459	$11,575	$10,940
12/31/2022	$11,475	$11,629	$10,891
1/31/2023	$11,800	$11,891	$11,226
2/28/2023	$11,587	$11,667	$10,936
3/31/2023	$11,776	$11,893	$11,214
4/30/2023	$11,793	$11,860	$11,282
5/31/2023	$11,705	$11,755	$11,159
6/30/2023	$11,805	$11,844	$11,119
7/31/2023	$11,846	$11,891	$11,111
8/31/2023	$11,735	$11,771	$11,040
9/30/2023	$11,484	$11,506	$10,760
10/31/2023	$11,362	$11,459	$10,590
11/30/2023	$11,912	$12,013	$11,069
12/31/2023	$12,193	$12,240	$11,493
1/31/2024	$12,201	$12,193	$11,462
2/29/2024	$12,235	$12,205	$11,300
3/31/2024	$12,256	$12,205	$11,404
4/30/2024	$12,159	$12,080	$11,116
5/31/2024	$12,157	$12,008	$11,304
6/30/2024	$12,324	$12,163	$11,412
7/31/2024	$12,406	$12,271	$11,678
8/31/2024	$12,502	$12,379	$11,846
9/30/2024	$12,634	$12,480	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	10.02%	1.26%	2.37%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	1.45%	2.24%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,957,534,804
# of Portfolio Holdings	886
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$18,635,236

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A11.96%
• A-8.12%
• A+12.71%
• AA11.41%
• AA-8.70%
• AA+6.09%
• AAA4.90%
• B0.39%
• B-0.16%
• B+0.51%
• BB1.36%
• BB-1.25%
• BB+2.47%
• BBB5.69%
• BBB-7.74%
• BBB+7.91%
• NR8.63%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

LAIIX 

Lord Abbett Intermediate Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3326-I

11/24

Class A 

LANSX 

Lord Abbett National Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$83	0.78%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.58%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care and Special Tax sectors contributed to relative performance. An underweight allocation to the State General Obligation bonds contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Health Care, Education and Leasing sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond Index	Lipper General Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,775	$10,000	$10,000	$10,000
10/31/2014	$9,856	$10,069	$10,064	$10,098
11/30/2014	$9,875	$10,086	$10,074	$10,170
12/31/2014	$9,948	$10,137	$10,139	$10,179
1/31/2015	$10,152	$10,316	$10,312	$10,393
2/28/2015	$10,041	$10,210	$10,208	$10,295
3/31/2015	$10,071	$10,240	$10,236	$10,343
4/30/2015	$10,022	$10,186	$10,181	$10,306
5/31/2015	$9,998	$10,158	$10,144	$10,281
6/30/2015	$9,949	$10,148	$10,118	$10,169
7/31/2015	$9,987	$10,222	$10,181	$10,240
8/31/2015	$10,008	$10,242	$10,197	$10,225
9/30/2015	$10,083	$10,316	$10,263	$10,294
10/31/2015	$10,150	$10,357	$10,312	$10,296
11/30/2015	$10,189	$10,398	$10,361	$10,269
12/31/2015	$10,275	$10,472	$10,440	$10,235
1/31/2016	$10,414	$10,596	$10,536	$10,376
2/29/2016	$10,436	$10,613	$10,538	$10,450
3/31/2016	$10,495	$10,647	$10,598	$10,546
4/30/2016	$10,581	$10,725	$10,681	$10,586
5/31/2016	$10,639	$10,754	$10,725	$10,589
6/30/2016	$10,863	$10,925	$10,897	$10,779
7/31/2016	$10,864	$10,932	$10,889	$10,847
8/31/2016	$10,893	$10,947	$10,914	$10,835
9/30/2016	$10,858	$10,892	$10,865	$10,829
10/31/2016	$10,719	$10,778	$10,758	$10,746
11/30/2016	$10,245	$10,376	$10,359	$10,492
12/31/2016	$10,312	$10,497	$10,455	$10,506
1/31/2017	$10,397	$10,567	$10,501	$10,527
2/28/2017	$10,475	$10,640	$10,568	$10,598
3/31/2017	$10,504	$10,663	$10,597	$10,592
4/30/2017	$10,591	$10,740	$10,672	$10,674
5/31/2017	$10,744	$10,911	$10,823	$10,756
6/30/2017	$10,725	$10,872	$10,800	$10,745
7/31/2017	$10,810	$10,960	$10,869	$10,792
8/31/2017	$10,934	$11,043	$10,956	$10,888
9/30/2017	$10,905	$10,987	$10,924	$10,836
10/31/2017	$10,924	$11,014	$10,938	$10,843
11/30/2017	$10,905	$10,955	$10,909	$10,829
12/31/2017	$11,041	$11,069	$11,019	$10,879
1/31/2018	$10,925	$10,939	$10,907	$10,753
2/28/2018	$10,858	$10,906	$10,863	$10,651
3/31/2018	$10,916	$10,947	$10,907	$10,720
4/30/2018	$10,878	$10,908	$10,876	$10,640
5/31/2018	$11,025	$11,033	$10,998	$10,716
6/30/2018	$11,045	$11,042	$11,007	$10,703
7/31/2018	$11,075	$11,069	$11,029	$10,705
8/31/2018	$11,095	$11,097	$11,046	$10,774
9/30/2018	$11,017	$11,025	$10,982	$10,705
10/31/2018	$10,909	$10,957	$10,895	$10,620
11/30/2018	$11,010	$11,079	$10,986	$10,683
12/31/2018	$11,121	$11,211	$11,095	$10,880
1/31/2019	$11,192	$11,296	$11,165	$10,995
2/28/2019	$11,285	$11,357	$11,233	$10,989
3/31/2019	$11,517	$11,536	$11,422	$11,200
4/30/2019	$11,588	$11,579	$11,472	$11,203
5/31/2019	$11,781	$11,739	$11,637	$11,402
6/30/2019	$11,843	$11,782	$11,682	$11,545
7/31/2019	$11,934	$11,877	$11,763	$11,570
8/31/2019	$12,178	$12,065	$11,965	$11,870
9/30/2019	$12,085	$11,968	$11,883	$11,807
10/31/2019	$12,084	$11,989	$11,885	$11,842
11/30/2019	$12,114	$12,019	$11,918	$11,836
12/31/2019	$12,163	$12,056	$11,943	$11,828
1/31/2020	$12,430	$12,273	$12,164	$12,056
2/29/2020	$12,687	$12,431	$12,348	$12,273
3/31/2020	$11,752	$11,980	$11,717	$12,201
4/30/2020	$11,449	$11,830	$11,490	$12,417
5/31/2020	$11,843	$12,206	$11,848	$12,475
6/30/2020	$12,144	$12,307	$12,035	$12,554
7/31/2020	$12,413	$12,514	$12,256	$12,741
8/31/2020	$12,378	$12,455	$12,220	$12,638
9/30/2020	$12,333	$12,458	$12,205	$12,632
10/31/2020	$12,298	$12,420	$12,174	$12,575
11/30/2020	$12,581	$12,608	$12,395	$12,699
12/31/2020	$12,747	$12,685	$12,511	$12,716
1/31/2021	$12,935	$12,765	$12,619	$12,625
2/28/2021	$12,676	$12,563	$12,419	$12,443
3/31/2021	$12,778	$12,640	$12,500	$12,287
4/30/2021	$12,955	$12,746	$12,627	$12,384
5/31/2021	$13,059	$12,784	$12,709	$12,425
6/30/2021	$13,151	$12,819	$12,764	$12,512
7/31/2021	$13,274	$12,925	$12,862	$12,652
8/31/2021	$13,192	$12,878	$12,809	$12,628
9/30/2021	$13,045	$12,785	$12,698	$12,518
10/31/2021	$13,006	$12,748	$12,676	$12,515
11/30/2021	$13,173	$12,856	$12,792	$12,552
12/31/2021	$13,210	$12,877	$12,811	$12,520
1/31/2022	$12,757	$12,525	$12,465	$12,250
2/28/2022	$12,620	$12,480	$12,380	$12,114
3/31/2022	$12,121	$12,075	$11,977	$11,777
4/30/2022	$11,645	$11,741	$11,599	$11,330
5/31/2022	$11,804	$11,916	$11,745	$11,403
6/30/2022	$11,425	$11,720	$11,471	$11,224
7/31/2022	$11,795	$12,030	$11,789	$11,498
8/31/2022	$11,481	$11,766	$11,504	$11,174
9/30/2022	$10,922	$11,315	$11,028	$10,691
10/31/2022	$10,741	$11,221	$10,896	$10,552
11/30/2022	$11,395	$11,746	$11,444	$10,940
12/31/2022	$11,370	$11,779	$11,428	$10,891
1/31/2023	$11,793	$12,117	$11,794	$11,226
2/28/2023	$11,499	$11,843	$11,514	$10,936
3/31/2023	$11,723	$12,106	$11,731	$11,214
4/30/2023	$11,766	$12,079	$11,736	$11,282
5/31/2023	$11,685	$11,974	$11,653	$11,159
6/30/2023	$11,811	$12,094	$11,756	$11,119
7/31/2023	$11,856	$12,142	$11,789	$11,111
8/31/2023	$11,684	$11,967	$11,637	$11,040
9/30/2023	$11,317	$11,616	$11,297	$10,760
10/31/2023	$11,087	$11,517	$11,125	$10,590
11/30/2023	$11,872	$12,249	$11,860	$11,069
12/31/2023	$12,219	$12,533	$12,169	$11,493
1/31/2024	$12,220	$12,469	$12,161	$11,462
2/29/2024	$12,257	$12,485	$12,178	$11,300
3/31/2024	$12,269	$12,485	$12,194	$11,404
4/30/2024	$12,119	$12,330	$12,052	$11,116
5/31/2024	$12,155	$12,294	$12,061	$11,304
6/30/2024	$12,368	$12,482	$12,265	$11,412
7/31/2024	$12,464	$12,596	$12,373	$11,678
8/31/2024	$12,560	$12,696	$12,462	$11,846
9/30/2024	$12,741	$12,821	$12,599	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	12.58%	1.06%	2.69%
Class A with sales charge	10.01%	0.61%	2.45%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper General Municipal Debt Funds Average	11.53%	1.18%	2.34%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,759,225,524
# of Portfolio Holdings	744
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,281,601

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.57%
• A-9.95%
• A+12.51%
• AA13.25%
• AA-7.93%
• AA+6.40%
• AAA3.72%
• B0.27%
• B-0.35%
• B+0.17%
• BB1.37%
• BB-0.62%
• BB+2.12%
• BBB5.29%
• BBB-9.72%
• BBB+7.92%
• CCC+0.14%
• NR5.70%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LANSX 

Lord Abbett National Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-6-A

11/24

Class C 

LTNSX 

Lord Abbett National Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$148	1.40%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.89%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care and Special Tax sectors contributed to relative performance. An underweight allocation to the State General Obligation bonds contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Health Care, Education and Leasing sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg Municipal Bond Index	Lipper General Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,078	$10,069	$10,064	$10,098
11/30/2014	$10,092	$10,086	$10,074	$10,170
12/31/2014	$10,170	$10,137	$10,139	$10,179
1/31/2015	$10,364	$10,316	$10,312	$10,393
2/28/2015	$10,246	$10,210	$10,208	$10,295
3/31/2015	$10,271	$10,240	$10,236	$10,343
4/30/2015	$10,224	$10,186	$10,181	$10,306
5/31/2015	$10,186	$10,158	$10,144	$10,281
6/30/2015	$10,131	$10,148	$10,118	$10,169
7/31/2015	$10,164	$10,222	$10,181	$10,240
8/31/2015	$10,181	$10,242	$10,197	$10,225
9/30/2015	$10,261	$10,316	$10,263	$10,294
10/31/2015	$10,313	$10,357	$10,312	$10,296
11/30/2015	$10,348	$10,398	$10,361	$10,269
12/31/2015	$10,439	$10,472	$10,440	$10,235
1/31/2016	$10,565	$10,596	$10,536	$10,376
2/29/2016	$10,592	$10,613	$10,538	$10,450
3/31/2016	$10,636	$10,647	$10,598	$10,546
4/30/2016	$10,718	$10,725	$10,681	$10,586
5/31/2016	$10,781	$10,754	$10,725	$10,589
6/30/2016	$10,992	$10,925	$10,897	$10,779
7/31/2016	$10,998	$10,932	$10,889	$10,847
8/31/2016	$11,021	$10,947	$10,914	$10,835
9/30/2016	$10,970	$10,892	$10,865	$10,829
10/31/2016	$10,834	$10,778	$10,758	$10,746
11/30/2016	$10,341	$10,376	$10,359	$10,492
12/31/2016	$10,403	$10,497	$10,455	$10,506
1/31/2017	$10,483	$10,567	$10,501	$10,527
2/28/2017	$10,565	$10,640	$10,568	$10,598
3/31/2017	$10,580	$10,663	$10,597	$10,592
4/30/2017	$10,662	$10,740	$10,672	$10,674
5/31/2017	$10,810	$10,911	$10,823	$10,756
6/30/2017	$10,785	$10,872	$10,800	$10,745
7/31/2017	$10,875	$10,960	$10,869	$10,792
8/31/2017	$10,984	$11,043	$10,956	$10,888
9/30/2017	$10,949	$10,987	$10,924	$10,836
10/31/2017	$10,963	$11,014	$10,938	$10,843
11/30/2017	$10,948	$10,955	$10,909	$10,829
12/31/2017	$11,068	$11,069	$11,019	$10,879
1/31/2018	$10,947	$10,939	$10,907	$10,753
2/28/2018	$10,875	$10,906	$10,863	$10,651
3/31/2018	$10,927	$10,947	$10,907	$10,720
4/30/2018	$10,883	$10,908	$10,876	$10,640
5/31/2018	$11,024	$11,033	$10,998	$10,716
6/30/2018	$11,048	$11,042	$11,007	$10,703
7/31/2018	$11,063	$11,069	$11,029	$10,705
8/31/2018	$11,087	$11,097	$11,046	$10,774
9/30/2018	$11,003	$11,025	$10,982	$10,705
10/31/2018	$10,880	$10,957	$10,895	$10,620
11/30/2018	$10,975	$11,079	$10,986	$10,683
12/31/2018	$11,090	$11,211	$11,095	$10,880
1/31/2019	$11,155	$11,296	$11,165	$10,995
2/28/2019	$11,232	$11,357	$11,233	$10,989
3/31/2019	$11,457	$11,536	$11,422	$11,200
4/30/2019	$11,522	$11,579	$11,472	$11,203
5/31/2019	$11,708	$11,739	$11,637	$11,402
6/30/2019	$11,763	$11,782	$11,682	$11,545
7/31/2019	$11,847	$11,877	$11,763	$11,570
8/31/2019	$12,093	$12,065	$11,965	$11,870
9/30/2019	$11,995	$11,968	$11,883	$11,807
10/31/2019	$11,988	$11,989	$11,885	$11,842
11/30/2019	$12,001	$12,019	$11,918	$11,836
12/31/2019	$12,044	$12,056	$11,943	$11,828
1/31/2020	$12,301	$12,273	$12,164	$12,056
2/29/2020	$12,548	$12,431	$12,348	$12,273
3/31/2020	$11,628	$11,980	$11,717	$12,201
4/30/2020	$11,313	$11,830	$11,490	$12,417
5/31/2020	$11,705	$12,206	$11,848	$12,475
6/30/2020	$11,986	$12,307	$12,035	$12,554
7/31/2020	$12,245	$12,514	$12,256	$12,741
8/31/2020	$12,204	$12,455	$12,220	$12,638
9/30/2020	$12,153	$12,458	$12,205	$12,632
10/31/2020	$12,112	$12,420	$12,174	$12,575
11/30/2020	$12,383	$12,608	$12,395	$12,699
12/31/2020	$12,549	$12,685	$12,511	$12,716
1/31/2021	$12,717	$12,765	$12,619	$12,625
2/28/2021	$12,456	$12,563	$12,419	$12,443
3/31/2021	$12,549	$12,640	$12,500	$12,287
4/30/2021	$12,716	$12,746	$12,627	$12,384
5/31/2021	$12,811	$12,784	$12,709	$12,425
6/30/2021	$12,894	$12,819	$12,764	$12,512
7/31/2021	$13,007	$12,925	$12,862	$12,652
8/31/2021	$12,920	$12,878	$12,809	$12,628
9/30/2021	$12,780	$12,785	$12,698	$12,518
10/31/2021	$12,735	$12,748	$12,676	$12,515
11/30/2021	$12,881	$12,856	$12,792	$12,552
12/31/2021	$12,910	$12,877	$12,811	$12,520
1/31/2022	$12,461	$12,525	$12,465	$12,250
2/28/2022	$12,332	$12,480	$12,380	$12,114
3/31/2022	$11,839	$12,075	$11,977	$11,777
4/30/2022	$11,358	$11,741	$11,599	$11,330
5/31/2022	$11,506	$11,916	$11,745	$11,403
6/30/2022	$11,132	$11,720	$11,471	$11,224
7/31/2022	$11,486	$12,030	$11,789	$11,498
8/31/2022	$11,174	$11,766	$11,504	$11,174
9/30/2022	$10,626	$11,315	$11,028	$10,691
10/31/2022	$10,443	$11,221	$10,896	$10,552
11/30/2022	$11,074	$11,746	$11,444	$10,940
12/31/2022	$11,043	$11,779	$11,428	$10,891
1/31/2023	$11,447	$12,117	$11,794	$11,226
2/28/2023	$11,157	$11,843	$11,514	$10,936
3/31/2023	$11,368	$12,106	$11,731	$11,214
4/30/2023	$11,404	$12,079	$11,736	$11,282
5/31/2023	$11,320	$11,974	$11,653	$11,159
6/30/2023	$11,436	$12,094	$11,756	$11,119
7/31/2023	$11,473	$12,142	$11,789	$11,111
8/31/2023	$11,301	$11,967	$11,637	$11,040
9/30/2023	$10,941	$11,616	$11,297	$10,760
10/31/2023	$10,713	$11,517	$11,125	$10,590
11/30/2023	$11,465	$12,249	$11,860	$11,069
12/31/2023	$11,794	$12,533	$12,169	$11,493
1/31/2024	$11,789	$12,469	$12,161	$11,462
2/29/2024	$11,819	$12,485	$12,178	$11,300
3/31/2024	$11,825	$12,485	$12,194	$11,404
4/30/2024	$11,674	$12,330	$12,052	$11,116
5/31/2024	$11,703	$12,294	$12,061	$11,304
6/30/2024	$11,902	$12,482	$12,265	$11,412
7/31/2024	$11,987	$12,596	$12,373	$11,678
8/31/2024	$12,074	$12,696	$12,462	$11,846
9/30/2024	$12,241	$12,821	$12,599	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	11.89%	0.41%	2.04%
Class C with sales charge	10.89%	0.41%	2.04%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper General Municipal Debt Funds Average	11.53%	1.18%	2.34%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,759,225,524
# of Portfolio Holdings	744
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,281,601

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.57%
• A-9.95%
• A+12.51%
• AA13.25%
• AA-7.93%
• AA+6.40%
• AAA3.72%
• B0.27%
• B-0.35%
• B+0.17%
• BB1.37%
• BB-0.62%
• BB+2.12%
• BBB5.29%
• BBB-9.72%
• BBB+7.92%
• CCC+0.14%
• NR5.70%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

LTNSX 

Lord Abbett National Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-669-C

11/24

Class F 

LANFX 

Lord Abbett National Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$72	0.68%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.60%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care and Special Tax sectors contributed to relative performance. An underweight allocation to the State General Obligation bonds contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Health Care, Education and Leasing sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond Index	Lipper General Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,084	$10,069	$10,064	$10,098
11/30/2014	$10,104	$10,086	$10,074	$10,170
12/31/2014	$10,180	$10,137	$10,139	$10,179
1/31/2015	$10,389	$10,316	$10,312	$10,393
2/28/2015	$10,277	$10,210	$10,208	$10,295
3/31/2015	$10,308	$10,240	$10,236	$10,343
4/30/2015	$10,258	$10,186	$10,181	$10,306
5/31/2015	$10,235	$10,158	$10,144	$10,281
6/30/2015	$10,185	$10,148	$10,118	$10,169
7/31/2015	$10,225	$10,222	$10,181	$10,240
8/31/2015	$10,248	$10,242	$10,197	$10,225
9/30/2015	$10,325	$10,316	$10,263	$10,294
10/31/2015	$10,394	$10,357	$10,312	$10,296
11/30/2015	$10,436	$10,398	$10,361	$10,269
12/31/2015	$10,533	$10,472	$10,440	$10,235
1/31/2016	$10,668	$10,596	$10,536	$10,376
2/29/2016	$10,691	$10,613	$10,538	$10,450
3/31/2016	$10,752	$10,647	$10,598	$10,546
4/30/2016	$10,841	$10,725	$10,681	$10,586
5/31/2016	$10,901	$10,754	$10,725	$10,589
6/30/2016	$11,131	$10,925	$10,897	$10,779
7/31/2016	$11,144	$10,932	$10,889	$10,847
8/31/2016	$11,174	$10,947	$10,914	$10,835
9/30/2016	$11,129	$10,892	$10,865	$10,829
10/31/2016	$10,997	$10,778	$10,758	$10,746
11/30/2016	$10,502	$10,376	$10,359	$10,492
12/31/2016	$10,571	$10,497	$10,455	$10,506
1/31/2017	$10,660	$10,567	$10,501	$10,527
2/28/2017	$10,740	$10,640	$10,568	$10,598
3/31/2017	$10,771	$10,663	$10,597	$10,592
4/30/2017	$10,861	$10,740	$10,672	$10,674
5/31/2017	$11,019	$10,911	$10,823	$10,756
6/30/2017	$11,000	$10,872	$10,800	$10,745
7/31/2017	$11,089	$10,960	$10,869	$10,792
8/31/2017	$11,216	$11,043	$10,956	$10,888
9/30/2017	$11,188	$10,987	$10,924	$10,836
10/31/2017	$11,208	$11,014	$10,938	$10,843
11/30/2017	$11,200	$10,955	$10,909	$10,829
12/31/2017	$11,330	$11,069	$11,019	$10,879
1/31/2018	$11,212	$10,939	$10,907	$10,753
2/28/2018	$11,144	$10,906	$10,863	$10,651
3/31/2018	$11,205	$10,947	$10,907	$10,720
4/30/2018	$11,166	$10,908	$10,876	$10,640
5/31/2018	$11,318	$11,033	$10,998	$10,716
6/30/2018	$11,349	$11,042	$11,007	$10,703
7/31/2018	$11,371	$11,069	$11,029	$10,705
8/31/2018	$11,403	$11,097	$11,046	$10,774
9/30/2018	$11,313	$11,025	$10,982	$10,705
10/31/2018	$11,203	$10,957	$10,895	$10,620
11/30/2018	$11,307	$11,079	$10,986	$10,683
12/31/2018	$11,433	$11,211	$11,095	$10,880
1/31/2019	$11,507	$11,296	$11,165	$10,995
2/28/2019	$11,593	$11,357	$11,233	$10,989
3/31/2019	$11,832	$11,536	$11,422	$11,200
4/30/2019	$11,907	$11,579	$11,472	$11,203
5/31/2019	$12,106	$11,739	$11,637	$11,402
6/30/2019	$12,170	$11,782	$11,682	$11,545
7/31/2019	$12,265	$11,877	$11,763	$11,570
8/31/2019	$12,517	$12,065	$11,965	$11,870
9/30/2019	$12,422	$11,968	$11,883	$11,807
10/31/2019	$12,433	$11,989	$11,885	$11,842
11/30/2019	$12,453	$12,019	$11,918	$11,836
12/31/2019	$12,506	$12,056	$11,943	$11,828
1/31/2020	$12,781	$12,273	$12,164	$12,056
2/29/2020	$13,046	$12,431	$12,348	$12,273
3/31/2020	$12,085	$11,980	$11,717	$12,201
4/30/2020	$11,774	$11,830	$11,490	$12,417
5/31/2020	$12,191	$12,206	$11,848	$12,475
6/30/2020	$12,491	$12,307	$12,035	$12,554
7/31/2020	$12,770	$12,514	$12,256	$12,741
8/31/2020	$12,735	$12,455	$12,220	$12,638
9/30/2020	$12,689	$12,458	$12,205	$12,632
10/31/2020	$12,654	$12,420	$12,174	$12,575
11/30/2020	$12,946	$12,608	$12,395	$12,699
12/31/2020	$13,129	$12,685	$12,511	$12,716
1/31/2021	$13,313	$12,765	$12,619	$12,625
2/28/2021	$13,047	$12,563	$12,419	$12,443
3/31/2021	$13,153	$12,640	$12,500	$12,287
4/30/2021	$13,337	$12,746	$12,627	$12,384
5/31/2021	$13,445	$12,784	$12,709	$12,425
6/30/2021	$13,541	$12,819	$12,764	$12,512
7/31/2021	$13,668	$12,925	$12,862	$12,652
8/31/2021	$13,585	$12,878	$12,809	$12,628
9/30/2021	$13,435	$12,785	$12,698	$12,518
10/31/2021	$13,395	$12,748	$12,676	$12,515
11/30/2021	$13,569	$12,856	$12,792	$12,552
12/31/2021	$13,608	$12,877	$12,811	$12,520
1/31/2022	$13,142	$12,525	$12,465	$12,250
2/28/2022	$13,002	$12,480	$12,380	$12,114
3/31/2022	$12,500	$12,075	$11,977	$11,777
4/30/2022	$11,998	$11,741	$11,599	$11,330
5/31/2022	$12,152	$11,916	$11,745	$11,403
6/30/2022	$11,773	$11,720	$11,471	$11,224
7/31/2022	$12,156	$12,030	$11,789	$11,498
8/31/2022	$11,833	$11,766	$11,504	$11,174
9/30/2022	$11,258	$11,315	$11,028	$10,691
10/31/2022	$11,071	$11,221	$10,896	$10,552
11/30/2022	$11,748	$11,746	$11,444	$10,940
12/31/2022	$11,723	$11,779	$11,428	$10,891
1/31/2023	$12,160	$12,117	$11,794	$11,226
2/28/2023	$11,858	$11,843	$11,514	$10,936
3/31/2023	$12,089	$12,106	$11,731	$11,214
4/30/2023	$12,124	$12,079	$11,736	$11,282
5/31/2023	$12,053	$11,974	$11,653	$11,159
6/30/2023	$12,184	$12,094	$11,756	$11,119
7/31/2023	$12,231	$12,142	$11,789	$11,111
8/31/2023	$12,054	$11,967	$11,637	$11,040
9/30/2023	$11,676	$11,616	$11,297	$10,760
10/31/2023	$11,440	$11,517	$11,125	$10,590
11/30/2023	$12,251	$12,249	$11,860	$11,069
12/31/2023	$12,611	$12,533	$12,169	$11,493
1/31/2024	$12,613	$12,469	$12,161	$11,462
2/29/2024	$12,640	$12,485	$12,178	$11,300
3/31/2024	$12,666	$12,485	$12,194	$11,404
4/30/2024	$12,511	$12,330	$12,052	$11,116
5/31/2024	$12,550	$12,294	$12,061	$11,304
6/30/2024	$12,771	$12,482	$12,265	$11,412
7/31/2024	$12,871	$12,596	$12,373	$11,678
8/31/2024	$12,972	$12,696	$12,462	$11,846
9/30/2024	$13,147	$12,821	$12,599	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	12.60%	1.14%	2.77%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper General Municipal Debt Funds Average	11.53%	1.18%	2.34%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,759,225,524
# of Portfolio Holdings	744
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,281,601

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.57%
• A-9.95%
• A+12.51%
• AA13.25%
• AA-7.93%
• AA+6.40%
• AAA3.72%
• B0.27%
• B-0.35%
• B+0.17%
• BB1.37%
• BB-0.62%
• BB+2.12%
• BBB5.29%
• BBB-9.72%
• BBB+7.92%
• CCC+0.14%
• NR5.70%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LANFX 

Lord Abbett National Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1034-F

11/24

Class F3 

LONSX 

Lord Abbett National Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$57	0.54%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.86%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care and Special Tax sectors contributed to relative performance. An underweight allocation to the State General Obligation bonds contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Health Care, Education and Leasing sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond Index	Lipper General Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,072	$10,060	$10,054	$10,051
5/31/2017	$10,219	$10,219	$10,196	$10,128
6/30/2017	$10,203	$10,183	$10,174	$10,118
7/31/2017	$10,295	$10,265	$10,239	$10,162
8/31/2017	$10,406	$10,343	$10,321	$10,253
9/30/2017	$10,380	$10,291	$10,291	$10,204
10/31/2017	$10,400	$10,316	$10,304	$10,210
11/30/2017	$10,393	$10,260	$10,277	$10,197
12/31/2017	$10,524	$10,368	$10,381	$10,244
1/31/2018	$10,406	$10,246	$10,275	$10,126
2/28/2018	$10,354	$10,215	$10,234	$10,030
3/31/2018	$10,402	$10,253	$10,275	$10,094
4/30/2018	$10,376	$10,216	$10,246	$10,019
5/31/2018	$10,519	$10,333	$10,361	$10,091
6/30/2018	$10,540	$10,342	$10,369	$10,078
7/31/2018	$10,561	$10,367	$10,390	$10,080
8/31/2018	$10,592	$10,394	$10,406	$10,145
9/30/2018	$10,519	$10,326	$10,346	$10,080
10/31/2018	$10,418	$10,263	$10,264	$10,000
11/30/2018	$10,507	$10,376	$10,350	$10,060
12/31/2018	$10,625	$10,501	$10,452	$10,245
1/31/2019	$10,695	$10,580	$10,518	$10,354
2/28/2019	$10,786	$10,637	$10,582	$10,348
3/31/2019	$11,000	$10,805	$10,760	$10,546
4/30/2019	$11,070	$10,845	$10,807	$10,549
5/31/2019	$11,266	$10,995	$10,963	$10,736
6/30/2019	$11,317	$11,035	$11,005	$10,871
7/31/2019	$11,407	$11,124	$11,081	$10,895
8/31/2019	$11,652	$11,300	$11,272	$11,177
9/30/2019	$11,566	$11,209	$11,195	$11,118
10/31/2019	$11,567	$11,229	$11,196	$11,151
11/30/2019	$11,597	$11,257	$11,228	$11,146
12/31/2019	$11,637	$11,292	$11,251	$11,138
1/31/2020	$11,894	$11,495	$11,459	$11,352
2/29/2020	$12,143	$11,643	$11,633	$11,557
3/31/2020	$11,259	$11,221	$11,038	$11,489
4/30/2020	$10,961	$11,080	$10,824	$11,693
5/31/2020	$11,350	$11,432	$11,162	$11,747
6/30/2020	$11,631	$11,526	$11,338	$11,821
7/31/2020	$11,892	$11,720	$11,546	$11,998
8/31/2020	$11,860	$11,665	$11,512	$11,901
9/30/2020	$11,820	$11,668	$11,498	$11,894
10/31/2020	$11,798	$11,633	$11,469	$11,841
11/30/2020	$12,061	$11,808	$11,677	$11,958
12/31/2020	$12,233	$11,880	$11,786	$11,974
1/31/2021	$12,406	$11,956	$11,888	$11,888
2/28/2021	$12,160	$11,766	$11,699	$11,716
3/31/2021	$12,260	$11,839	$11,776	$11,570
4/30/2021	$12,432	$11,938	$11,895	$11,662
5/31/2021	$12,535	$11,974	$11,973	$11,700
6/30/2021	$12,625	$12,007	$12,024	$11,782
7/31/2021	$12,756	$12,106	$12,117	$11,914
8/31/2021	$12,680	$12,062	$12,067	$11,891
9/30/2021	$12,541	$11,975	$11,962	$11,788
10/31/2021	$12,506	$11,940	$11,942	$11,785
11/30/2021	$12,669	$12,041	$12,051	$11,820
12/31/2021	$12,696	$12,061	$12,069	$11,789
1/31/2022	$12,274	$11,731	$11,743	$11,535
2/28/2022	$12,144	$11,688	$11,663	$11,407
3/31/2022	$11,667	$11,310	$11,283	$11,090
4/30/2022	$11,211	$10,997	$10,927	$10,669
5/31/2022	$11,355	$11,160	$11,065	$10,738
6/30/2022	$10,993	$10,977	$10,806	$10,569
7/31/2022	$11,352	$11,267	$11,106	$10,828
8/31/2022	$11,051	$11,020	$10,837	$10,522
9/30/2022	$10,526	$10,597	$10,389	$10,067
10/31/2022	$10,353	$10,509	$10,265	$9,937
11/30/2022	$10,976	$11,001	$10,781	$10,302
12/31/2022	$10,953	$11,032	$10,766	$10,256
1/31/2023	$11,363	$11,349	$11,111	$10,571
2/28/2023	$11,093	$11,093	$10,847	$10,298
3/31/2023	$11,311	$11,339	$11,051	$10,559
4/30/2023	$11,344	$11,313	$11,056	$10,623
5/31/2023	$11,268	$11,215	$10,978	$10,508
6/30/2023	$11,403	$11,327	$11,075	$10,470
7/31/2023	$11,437	$11,372	$11,106	$10,463
8/31/2023	$11,274	$11,208	$10,963	$10,396
9/30/2023	$10,921	$10,880	$10,642	$10,132
10/31/2023	$10,713	$10,787	$10,480	$9,972
11/30/2023	$11,473	$11,472	$11,173	$10,424
12/31/2023	$11,811	$11,739	$11,464	$10,823
1/31/2024	$11,814	$11,679	$11,456	$10,793
2/29/2024	$11,841	$11,694	$11,472	$10,640
3/31/2024	$11,855	$11,693	$11,488	$10,739
4/30/2024	$11,724	$11,548	$11,354	$10,467
5/31/2024	$11,761	$11,515	$11,362	$10,645
6/30/2024	$11,958	$11,691	$11,554	$10,746
7/31/2024	$12,065	$11,798	$11,656	$10,997
8/31/2024	$12,161	$11,891	$11,740	$11,155
9/30/2024	$12,326	$12,008	$11,869	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	12.86%	1.28%	2.83%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.47%
Lipper General Municipal Debt Funds Average	11.53%	1.18%	2.31%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,759,225,524
# of Portfolio Holdings	744
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,281,601

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.57%
• A-9.95%
• A+12.51%
• AA13.25%
• AA-7.93%
• AA+6.40%
• AAA3.72%
• B0.27%
• B-0.35%
• B+0.17%
• BB1.37%
• BB-0.62%
• BB+2.12%
• BBB5.29%
• BBB-9.72%
• BBB+7.92%
• CCC+0.14%
• NR5.70%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LONSX 

Lord Abbett National Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8988-F3

11/24

Class I 

LTNIX 

Lord Abbett National Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$62	0.58%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.81%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care and Special Tax sectors contributed to relative performance. An underweight allocation to the State General Obligation bonds contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Health Care, Education and Leasing sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond Index	Lipper General Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,075	$10,069	$10,064	$10,098
11/30/2014	$10,096	$10,086	$10,074	$10,170
12/31/2014	$10,181	$10,137	$10,139	$10,179
1/31/2015	$10,382	$10,316	$10,312	$10,393
2/28/2015	$10,280	$10,210	$10,208	$10,295
3/31/2015	$10,312	$10,240	$10,236	$10,343
4/30/2015	$10,263	$10,186	$10,181	$10,306
5/31/2015	$10,232	$10,158	$10,144	$10,281
6/30/2015	$10,192	$10,148	$10,118	$10,169
7/31/2015	$10,232	$10,222	$10,181	$10,240
8/31/2015	$10,247	$10,242	$10,197	$10,225
9/30/2015	$10,334	$10,316	$10,263	$10,294
10/31/2015	$10,394	$10,357	$10,312	$10,296
11/30/2015	$10,446	$10,398	$10,361	$10,269
12/31/2015	$10,535	$10,472	$10,440	$10,235
1/31/2016	$10,671	$10,596	$10,536	$10,376
2/29/2016	$10,704	$10,613	$10,538	$10,450
3/31/2016	$10,756	$10,647	$10,598	$10,546
4/30/2016	$10,846	$10,725	$10,681	$10,586
5/31/2016	$10,916	$10,754	$10,725	$10,589
6/30/2016	$11,137	$10,925	$10,897	$10,779
7/31/2016	$11,150	$10,932	$10,889	$10,847
8/31/2016	$11,182	$10,947	$10,914	$10,835
9/30/2016	$11,137	$10,892	$10,865	$10,829
10/31/2016	$11,006	$10,778	$10,758	$10,746
11/30/2016	$10,512	$10,376	$10,359	$10,492
12/31/2016	$10,582	$10,497	$10,455	$10,506
1/31/2017	$10,671	$10,567	$10,501	$10,527
2/28/2017	$10,762	$10,640	$10,568	$10,598
3/31/2017	$10,785	$10,663	$10,597	$10,592
4/30/2017	$10,875	$10,740	$10,672	$10,674
5/31/2017	$11,034	$10,911	$10,823	$10,756
6/30/2017	$11,017	$10,872	$10,800	$10,745
7/31/2017	$11,116	$10,960	$10,869	$10,792
8/31/2017	$11,235	$11,043	$10,956	$10,888
9/30/2017	$11,207	$10,987	$10,924	$10,836
10/31/2017	$11,229	$11,014	$10,938	$10,843
11/30/2017	$11,221	$10,955	$10,909	$10,829
12/31/2017	$11,362	$11,069	$11,019	$10,879
1/31/2018	$11,235	$10,939	$10,907	$10,753
2/28/2018	$11,178	$10,906	$10,863	$10,651
3/31/2018	$11,230	$10,947	$10,907	$10,720
4/30/2018	$11,202	$10,908	$10,876	$10,640
5/31/2018	$11,355	$11,033	$10,998	$10,716
6/30/2018	$11,378	$11,042	$11,007	$10,703
7/31/2018	$11,400	$11,069	$11,029	$10,705
8/31/2018	$11,433	$11,097	$11,046	$10,774
9/30/2018	$11,354	$11,025	$10,982	$10,705
10/31/2018	$11,245	$10,957	$10,895	$10,620
11/30/2018	$11,340	$11,079	$10,986	$10,683
12/31/2018	$11,467	$11,211	$11,095	$10,880
1/31/2019	$11,543	$11,296	$11,165	$10,995
2/28/2019	$11,640	$11,357	$11,233	$10,989
3/31/2019	$11,871	$11,536	$11,422	$11,200
4/30/2019	$11,946	$11,579	$11,472	$11,203
5/31/2019	$12,157	$11,739	$11,637	$11,402
6/30/2019	$12,212	$11,782	$11,682	$11,545
7/31/2019	$12,309	$11,877	$11,763	$11,570
8/31/2019	$12,573	$12,065	$11,965	$11,870
9/30/2019	$12,479	$11,968	$11,883	$11,807
10/31/2019	$12,480	$11,989	$11,885	$11,842
11/30/2019	$12,513	$12,019	$11,918	$11,836
12/31/2019	$12,556	$12,056	$11,943	$11,828
1/31/2020	$12,833	$12,273	$12,164	$12,056
2/29/2020	$13,101	$12,431	$12,348	$12,273
3/31/2020	$12,147	$11,980	$11,717	$12,201
4/30/2020	$11,825	$11,830	$11,490	$12,417
5/31/2020	$12,245	$12,206	$11,848	$12,475
6/30/2020	$12,547	$12,307	$12,035	$12,554
7/31/2020	$12,828	$12,514	$12,256	$12,741
8/31/2020	$12,794	$12,455	$12,220	$12,638
9/30/2020	$12,750	$12,458	$12,205	$12,632
10/31/2020	$12,726	$12,420	$12,174	$12,575
11/30/2020	$13,010	$12,608	$12,395	$12,699
12/31/2020	$13,195	$12,685	$12,511	$12,716
1/31/2021	$13,381	$12,765	$12,619	$12,625
2/28/2021	$13,115	$12,563	$12,419	$12,443
3/31/2021	$13,222	$12,640	$12,500	$12,287
4/30/2021	$13,408	$12,746	$12,627	$12,384
5/31/2021	$13,518	$12,784	$12,709	$12,425
6/30/2021	$13,615	$12,819	$12,764	$12,512
7/31/2021	$13,756	$12,925	$12,862	$12,652
8/31/2021	$13,662	$12,878	$12,809	$12,628
9/30/2021	$13,523	$12,785	$12,698	$12,518
10/31/2021	$13,485	$12,748	$12,676	$12,515
11/30/2021	$13,661	$12,856	$12,792	$12,552
12/31/2021	$13,690	$12,877	$12,811	$12,520
1/31/2022	$13,233	$12,525	$12,465	$12,250
2/28/2022	$13,094	$12,480	$12,380	$12,114
3/31/2022	$12,578	$12,075	$11,977	$11,777
4/30/2022	$12,086	$11,741	$11,599	$11,330
5/31/2022	$12,241	$11,916	$11,745	$11,403
6/30/2022	$11,850	$11,720	$11,471	$11,224
7/31/2022	$12,236	$12,030	$11,789	$11,498
8/31/2022	$11,912	$11,766	$11,504	$11,174
9/30/2022	$11,346	$11,315	$11,028	$10,691
10/31/2022	$11,159	$11,221	$10,896	$10,552
11/30/2022	$11,829	$11,746	$11,444	$10,940
12/31/2022	$11,805	$11,779	$11,428	$10,891
1/31/2023	$12,246	$12,117	$11,794	$11,226
2/28/2023	$11,955	$11,843	$11,514	$10,936
3/31/2023	$12,189	$12,106	$11,731	$11,214
4/30/2023	$12,225	$12,079	$11,736	$11,282
5/31/2023	$12,142	$11,974	$11,653	$11,159
6/30/2023	$12,288	$12,094	$11,756	$11,119
7/31/2023	$12,324	$12,142	$11,789	$11,111
8/31/2023	$12,147	$11,967	$11,637	$11,040
9/30/2023	$11,767	$11,616	$11,297	$10,760
10/31/2023	$11,530	$11,517	$11,125	$10,590
11/30/2023	$12,361	$12,249	$11,860	$11,069
12/31/2023	$12,724	$12,533	$12,169	$11,493
1/31/2024	$12,727	$12,469	$12,161	$11,462
2/29/2024	$12,756	$12,485	$12,178	$11,300
3/31/2024	$12,771	$12,485	$12,194	$11,404
4/30/2024	$12,628	$12,330	$12,052	$11,116
5/31/2024	$12,668	$12,294	$12,061	$11,304
6/30/2024	$12,880	$12,482	$12,265	$11,412
7/31/2024	$12,994	$12,596	$12,373	$11,678
8/31/2024	$13,097	$12,696	$12,462	$11,846
9/30/2024	$13,275	$12,821	$12,599	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	12.81%	1.24%	2.87%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper General Municipal Debt Funds Average	11.53%	1.18%	2.34%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$4,759,225,524
# of Portfolio Holdings	744
Portfolio Turnover Rate	27%
Total Advisory Fees Paid	$16,281,601

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A12.57%
• A-9.95%
• A+12.51%
• AA13.25%
• AA-7.93%
• AA+6.40%
• AAA3.72%
• B0.27%
• B-0.35%
• B+0.17%
• BB1.37%
• BB-0.62%
• BB+2.12%
• BBB5.29%
• BBB-9.72%
• BBB+7.92%
• CCC+0.14%
• NR5.70%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

LTNIX 

Lord Abbett National Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1452-I

11/24

Class A 

LANJX 

Lord Abbett New Jersey Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$87	0.82%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.14%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

Top detractors from the Fund’s performance: An overweight allocation to the Leasing, Industrial Development and Tobacco sectors detracted from relative performance. Security selection within the Leasing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond Index	Lipper New Jersey Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,782	$10,000	$10,000	$10,000
10/31/2014	$9,869	$10,069	$10,055	$10,098
11/30/2014	$9,874	$10,086	$10,057	$10,170
12/31/2014	$9,962	$10,137	$10,121	$10,179
1/31/2015	$10,169	$10,316	$10,288	$10,393
2/28/2015	$10,018	$10,210	$10,175	$10,295
3/31/2015	$10,045	$10,240	$10,192	$10,343
4/30/2015	$9,973	$10,186	$10,123	$10,306
5/31/2015	$9,900	$10,158	$10,088	$10,281
6/30/2015	$9,827	$10,148	$10,034	$10,169
7/31/2015	$9,856	$10,222	$10,085	$10,240
8/31/2015	$9,843	$10,242	$10,073	$10,225
9/30/2015	$9,952	$10,316	$10,155	$10,294
10/31/2015	$10,021	$10,357	$10,211	$10,296
11/30/2015	$10,069	$10,398	$10,260	$10,269
12/31/2015	$10,180	$10,472	$10,357	$10,235
1/31/2016	$10,312	$10,596	$10,463	$10,376
2/29/2016	$10,320	$10,613	$10,468	$10,450
3/31/2016	$10,390	$10,647	$10,528	$10,546
4/30/2016	$10,501	$10,725	$10,607	$10,586
5/31/2016	$10,569	$10,754	$10,658	$10,589
6/30/2016	$10,785	$10,925	$10,848	$10,779
7/31/2016	$10,770	$10,932	$10,847	$10,847
8/31/2016	$10,817	$10,947	$10,881	$10,835
9/30/2016	$10,801	$10,892	$10,847	$10,829
10/31/2016	$10,679	$10,778	$10,750	$10,746
11/30/2016	$10,218	$10,376	$10,339	$10,492
12/31/2016	$10,287	$10,497	$10,419	$10,506
1/31/2017	$10,314	$10,567	$10,447	$10,527
2/28/2017	$10,405	$10,640	$10,522	$10,598
3/31/2017	$10,431	$10,663	$10,534	$10,592
4/30/2017	$10,522	$10,740	$10,607	$10,674
5/31/2017	$10,655	$10,911	$10,740	$10,756
6/30/2017	$10,638	$10,872	$10,717	$10,745
7/31/2017	$10,705	$10,960	$10,775	$10,792
8/31/2017	$10,857	$11,043	$10,884	$10,888
9/30/2017	$10,792	$10,987	$10,843	$10,836
10/31/2017	$10,795	$11,014	$10,837	$10,843
11/30/2017	$10,775	$10,955	$10,806	$10,829
12/31/2017	$10,909	$11,069	$10,909	$10,879
1/31/2018	$10,780	$10,939	$10,810	$10,753
2/28/2018	$10,719	$10,906	$10,783	$10,651
3/31/2018	$10,809	$10,947	$10,848	$10,720
4/30/2018	$10,790	$10,908	$10,831	$10,640
5/31/2018	$10,903	$11,033	$10,954	$10,716
6/30/2018	$10,950	$11,042	$10,987	$10,703
7/31/2018	$10,998	$11,069	$11,029	$10,705
8/31/2018	$11,045	$11,097	$11,066	$10,774
9/30/2018	$10,981	$11,025	$11,008	$10,705
10/31/2018	$10,872	$10,957	$10,926	$10,620
11/30/2018	$10,987	$11,079	$11,018	$10,683
12/31/2018	$11,102	$11,211	$11,127	$10,880
1/31/2019	$11,172	$11,296	$11,200	$10,995
2/28/2019	$11,246	$11,357	$11,275	$10,989
3/31/2019	$11,452	$11,536	$11,445	$11,200
4/30/2019	$11,501	$11,579	$11,500	$11,203
5/31/2019	$11,708	$11,739	$11,661	$11,402
6/30/2019	$11,757	$11,782	$11,707	$11,545
7/31/2019	$11,850	$11,877	$11,800	$11,570
8/31/2019	$12,058	$12,065	$11,990	$11,870
9/30/2019	$11,969	$11,968	$11,904	$11,807
10/31/2019	$11,971	$11,989	$11,903	$11,842
11/30/2019	$11,996	$12,019	$11,921	$11,836
12/31/2019	$12,021	$12,056	$11,959	$11,828
1/31/2020	$12,277	$12,273	$12,184	$12,056
2/29/2020	$12,488	$12,431	$12,356	$12,273
3/31/2020	$11,677	$11,980	$11,677	$12,201
4/30/2020	$11,352	$11,830	$11,386	$12,417
5/31/2020	$11,704	$12,206	$11,726	$12,475
6/30/2020	$11,985	$12,307	$11,924	$12,554
7/31/2020	$12,244	$12,514	$12,174	$12,741
8/31/2020	$12,221	$12,455	$12,151	$12,638
9/30/2020	$12,199	$12,458	$12,144	$12,632
10/31/2020	$12,175	$12,420	$12,124	$12,575
11/30/2020	$12,436	$12,608	$12,352	$12,699
12/31/2020	$12,577	$12,685	$12,488	$12,716
1/31/2021	$12,743	$12,765	$12,627	$12,625
2/28/2021	$12,483	$12,563	$12,414	$12,443
3/31/2021	$12,601	$12,640	$12,498	$12,287
4/30/2021	$12,744	$12,746	$12,636	$12,384
5/31/2021	$12,839	$12,784	$12,696	$12,425
6/30/2021	$12,908	$12,819	$12,752	$12,512
7/31/2021	$13,025	$12,925	$12,853	$12,652
8/31/2021	$12,976	$12,878	$12,808	$12,628
9/30/2021	$12,879	$12,785	$12,712	$12,518
10/31/2021	$12,830	$12,748	$12,678	$12,515
11/30/2021	$12,950	$12,856	$12,785	$12,552
12/31/2021	$12,997	$12,877	$12,807	$12,520
1/31/2022	$12,608	$12,525	$12,476	$12,250
2/28/2022	$12,512	$12,480	$12,395	$12,114
3/31/2022	$12,098	$12,075	$12,030	$11,777
4/30/2022	$11,635	$11,741	$11,663	$11,330
5/31/2022	$11,757	$11,916	$11,791	$11,403
6/30/2022	$11,440	$11,720	$11,559	$11,224
7/31/2022	$11,808	$12,030	$11,862	$11,498
8/31/2022	$11,465	$11,766	$11,584	$11,174
9/30/2022	$10,901	$11,315	$11,122	$10,691
10/31/2022	$10,730	$11,221	$11,009	$10,552
11/30/2022	$11,424	$11,746	$11,548	$10,940
12/31/2022	$11,376	$11,779	$11,537	$10,891
1/31/2023	$11,826	$12,117	$11,893	$11,226
2/28/2023	$11,506	$11,843	$11,644	$10,936
3/31/2023	$11,758	$12,106	$11,876	$11,214
4/30/2023	$11,811	$12,079	$11,886	$11,282
5/31/2023	$11,714	$11,974	$11,802	$11,159
6/30/2023	$11,843	$12,094	$11,897	$11,119
7/31/2023	$11,872	$12,142	$11,931	$11,111
8/31/2023	$11,724	$11,967	$11,794	$11,040
9/30/2023	$11,348	$11,616	$11,456	$10,760
10/31/2023	$11,150	$11,517	$11,290	$10,590
11/30/2023	$11,918	$12,249	$12,009	$11,069
12/31/2023	$12,254	$12,533	$12,305	$11,493
1/31/2024	$12,233	$12,469	$12,281	$11,462
2/29/2024	$12,238	$12,485	$12,299	$11,300
3/31/2024	$12,243	$12,485	$12,300	$11,404
4/30/2024	$12,093	$12,330	$12,148	$11,116
5/31/2024	$12,098	$12,294	$12,144	$11,304
6/30/2024	$12,285	$12,482	$12,336	$11,412
7/31/2024	$12,394	$12,596	$12,443	$11,678
8/31/2024	$12,450	$12,696	$12,522	$11,846
9/30/2024	$12,612	$12,821	$12,659	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	11.14%	1.05%	2.57%
Class A with sales charge	8.71%	0.59%	2.35%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New Jersey Municipal Debt Funds Average	10.50%	1.24%	2.39%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$140,370,809
# of Portfolio Holdings	187
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$513,640

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A22.30%
• A-3.86%
• A+9.20%
• AA16.65%
• AA-23.07%
• AA+1.48%
• AAA6.67%
• BB-1.51%
• BBB2.16%
• BBB-3.20%
• BBB+6.82%
• NR3.08%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LANJX 

Lord Abbett New Jersey Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-20-A

11/24

Class F 

LNJFX 

Lord Abbett New Jersey Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$76	0.72%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.25%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

Top detractors from the Fund’s performance: An overweight allocation to the Leasing, Industrial Development and Tobacco sectors detracted from relative performance. Security selection within the Leasing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond Index	Lipper New Jersey Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,090	$10,069	$10,055	$10,098
11/30/2014	$10,096	$10,086	$10,057	$10,170
12/31/2014	$10,186	$10,137	$10,121	$10,179
1/31/2015	$10,399	$10,316	$10,288	$10,393
2/28/2015	$10,245	$10,210	$10,175	$10,295
3/31/2015	$10,274	$10,240	$10,192	$10,343
4/30/2015	$10,200	$10,186	$10,123	$10,306
5/31/2015	$10,127	$10,158	$10,088	$10,281
6/30/2015	$10,074	$10,148	$10,034	$10,169
7/31/2015	$10,104	$10,222	$10,085	$10,240
8/31/2015	$10,071	$10,242	$10,073	$10,225
9/30/2015	$10,184	$10,316	$10,155	$10,294
10/31/2015	$10,255	$10,357	$10,211	$10,296
11/30/2015	$10,305	$10,398	$10,260	$10,269
12/31/2015	$10,440	$10,472	$10,357	$10,235
1/31/2016	$10,576	$10,596	$10,463	$10,376
2/29/2016	$10,564	$10,613	$10,468	$10,450
3/31/2016	$10,658	$10,647	$10,528	$10,546
4/30/2016	$10,751	$10,725	$10,607	$10,586
5/31/2016	$10,822	$10,754	$10,658	$10,589
6/30/2016	$11,044	$10,925	$10,848	$10,779
7/31/2016	$11,030	$10,932	$10,847	$10,847
8/31/2016	$11,078	$10,947	$10,881	$10,835
9/30/2016	$11,063	$10,892	$10,847	$10,829
10/31/2016	$10,939	$10,778	$10,750	$10,746
11/30/2016	$10,467	$10,376	$10,339	$10,492
12/31/2016	$10,539	$10,497	$10,419	$10,506
1/31/2017	$10,589	$10,567	$10,447	$10,527
2/28/2017	$10,684	$10,640	$10,522	$10,598
3/31/2017	$10,689	$10,663	$10,534	$10,592
4/30/2017	$10,783	$10,740	$10,607	$10,674
5/31/2017	$10,942	$10,911	$10,740	$10,756
6/30/2017	$10,903	$10,872	$10,717	$10,745
7/31/2017	$10,973	$10,960	$10,775	$10,792
8/31/2017	$11,129	$11,043	$10,884	$10,888
9/30/2017	$11,064	$10,987	$10,843	$10,836
10/31/2017	$11,090	$11,014	$10,837	$10,843
11/30/2017	$11,049	$10,955	$10,806	$10,829
12/31/2017	$11,187	$11,069	$10,909	$10,879
1/31/2018	$11,056	$10,939	$10,810	$10,753
2/28/2018	$11,016	$10,906	$10,783	$10,651
3/31/2018	$11,087	$10,947	$10,848	$10,720
4/30/2018	$11,069	$10,908	$10,831	$10,640
5/31/2018	$11,208	$11,033	$10,954	$10,716
6/30/2018	$11,235	$11,042	$10,987	$10,703
7/31/2018	$11,284	$11,069	$11,029	$10,705
8/31/2018	$11,333	$11,097	$11,066	$10,774
9/30/2018	$11,269	$11,025	$11,008	$10,705
10/31/2018	$11,158	$10,957	$10,926	$10,620
11/30/2018	$11,277	$11,079	$11,018	$10,683
12/31/2018	$11,396	$11,211	$11,127	$10,880
1/31/2019	$11,469	$11,296	$11,200	$10,995
2/28/2019	$11,545	$11,357	$11,275	$10,989
3/31/2019	$11,758	$11,536	$11,445	$11,200
4/30/2019	$11,809	$11,579	$11,500	$11,203
5/31/2019	$12,023	$11,739	$11,661	$11,402
6/30/2019	$12,073	$11,782	$11,707	$11,545
7/31/2019	$12,171	$11,877	$11,800	$11,570
8/31/2019	$12,385	$12,065	$11,990	$11,870
9/30/2019	$12,294	$11,968	$11,904	$11,807
10/31/2019	$12,298	$11,989	$11,903	$11,842
11/30/2019	$12,301	$12,019	$11,921	$11,836
12/31/2019	$12,351	$12,056	$11,959	$11,828
1/31/2020	$12,615	$12,273	$12,184	$12,056
2/29/2020	$12,833	$12,431	$12,356	$12,273
3/31/2020	$12,000	$11,980	$11,677	$12,201
4/30/2020	$11,668	$11,830	$11,386	$12,417
5/31/2020	$12,030	$12,206	$11,726	$12,475
6/30/2020	$12,321	$12,307	$11,924	$12,554
7/31/2020	$12,588	$12,514	$12,174	$12,741
8/31/2020	$12,565	$12,455	$12,151	$12,638
9/30/2020	$12,543	$12,458	$12,144	$12,632
10/31/2020	$12,520	$12,420	$12,124	$12,575
11/30/2020	$12,789	$12,608	$12,352	$12,699
12/31/2020	$12,936	$12,685	$12,488	$12,716
1/31/2021	$13,107	$12,765	$12,627	$12,625
2/28/2021	$12,840	$12,563	$12,414	$12,443
3/31/2021	$12,963	$12,640	$12,498	$12,287
4/30/2021	$13,111	$12,746	$12,636	$12,384
5/31/2021	$13,210	$12,784	$12,696	$12,425
6/30/2021	$13,282	$12,819	$12,752	$12,512
7/31/2021	$13,404	$12,925	$12,853	$12,652
8/31/2021	$13,355	$12,878	$12,808	$12,628
9/30/2021	$13,256	$12,785	$12,712	$12,518
10/31/2021	$13,206	$12,748	$12,678	$12,515
11/30/2021	$13,330	$12,856	$12,785	$12,552
12/31/2021	$13,380	$12,877	$12,807	$12,520
1/31/2022	$12,981	$12,525	$12,476	$12,250
2/28/2022	$12,908	$12,480	$12,395	$12,114
3/31/2022	$12,457	$12,075	$12,030	$11,777
4/30/2022	$11,982	$11,741	$11,663	$11,330
5/31/2022	$12,109	$11,916	$11,791	$11,403
6/30/2022	$11,783	$11,720	$11,559	$11,224
7/31/2022	$12,163	$12,030	$11,862	$11,498
8/31/2022	$11,811	$11,766	$11,584	$11,174
9/30/2022	$11,230	$11,315	$11,122	$10,691
10/31/2022	$11,055	$11,221	$11,009	$10,552
11/30/2022	$11,771	$11,746	$11,548	$10,940
12/31/2022	$11,723	$11,779	$11,537	$10,891
1/31/2023	$12,187	$12,117	$11,893	$11,226
2/28/2023	$11,858	$11,843	$11,644	$10,936
3/31/2023	$12,119	$12,106	$11,876	$11,214
4/30/2023	$12,175	$12,079	$11,886	$11,282
5/31/2023	$12,076	$11,974	$11,802	$11,159
6/30/2023	$12,210	$12,094	$11,897	$11,119
7/31/2023	$12,266	$12,142	$11,931	$11,111
8/31/2023	$12,089	$11,967	$11,794	$11,040
9/30/2023	$11,703	$11,616	$11,456	$10,760
10/31/2023	$11,525	$11,517	$11,290	$10,590
11/30/2023	$12,319	$12,249	$12,009	$11,069
12/31/2023	$12,640	$12,533	$12,305	$11,493
1/31/2024	$12,619	$12,469	$12,281	$11,462
2/29/2024	$12,625	$12,485	$12,299	$11,300
3/31/2024	$12,631	$12,485	$12,300	$11,404
4/30/2024	$12,478	$12,330	$12,148	$11,116
5/31/2024	$12,484	$12,294	$12,144	$11,304
6/30/2024	$12,678	$12,482	$12,336	$11,412
7/31/2024	$12,791	$12,596	$12,443	$11,678
8/31/2024	$12,878	$12,696	$12,522	$11,846
9/30/2024	$13,019	$12,821	$12,659	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	11.25%	1.15%	2.67%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New Jersey Municipal Debt Funds Average	10.50%	1.24%	2.39%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$140,370,809
# of Portfolio Holdings	187
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$513,640

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A22.30%
• A-3.86%
• A+9.20%
• AA16.65%
• AA-23.07%
• AA+1.48%
• AAA6.67%
• BB-1.51%
• BBB2.16%
• BBB-3.20%
• BBB+6.82%
• NR3.08%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LNJFX 

Lord Abbett New Jersey Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1035-F

11/24

Class F3 

LONJX 

Lord Abbett New Jersey Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$62	0.59%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.15%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

Top detractors from the Fund’s performance: An overweight allocation to the Leasing, Industrial Development and Tobacco sectors detracted from relative performance. Security selection within the Leasing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond Index	Lipper New Jersey Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,065	$10,060	$10,057	$10,051
5/31/2017	$10,214	$10,219	$10,183	$10,128
6/30/2017	$10,200	$10,183	$10,161	$10,118
7/31/2017	$10,246	$10,265	$10,216	$10,162
8/31/2017	$10,393	$10,343	$10,320	$10,253
9/30/2017	$10,355	$10,291	$10,281	$10,204
10/31/2017	$10,359	$10,316	$10,275	$10,210
11/30/2017	$10,322	$10,260	$10,246	$10,197
12/31/2017	$10,452	$10,368	$10,343	$10,244
1/31/2018	$10,331	$10,246	$10,249	$10,126
2/28/2018	$10,295	$10,215	$10,224	$10,030
3/31/2018	$10,384	$10,253	$10,285	$10,094
4/30/2018	$10,368	$10,216	$10,269	$10,019
5/31/2018	$10,478	$10,333	$10,386	$10,091
6/30/2018	$10,504	$10,342	$10,417	$10,078
7/31/2018	$10,551	$10,367	$10,457	$10,080
8/31/2018	$10,599	$10,394	$10,492	$10,145
9/30/2018	$10,561	$10,326	$10,437	$10,080
10/31/2018	$10,458	$10,263	$10,359	$10,000
11/30/2018	$10,549	$10,376	$10,447	$10,060
12/31/2018	$10,662	$10,501	$10,550	$10,245
1/31/2019	$10,731	$10,580	$10,619	$10,354
2/28/2019	$10,825	$10,637	$10,690	$10,348
3/31/2019	$11,004	$10,805	$10,851	$10,546
4/30/2019	$11,075	$10,845	$10,904	$10,549
5/31/2019	$11,254	$10,995	$11,056	$10,736
6/30/2019	$11,324	$11,035	$11,100	$10,871
7/31/2019	$11,416	$11,124	$11,188	$10,895
8/31/2019	$11,618	$11,300	$11,368	$11,177
9/30/2019	$11,535	$11,209	$11,287	$11,118
10/31/2019	$11,539	$11,229	$11,286	$11,151
11/30/2019	$11,543	$11,257	$11,303	$11,146
12/31/2019	$11,592	$11,292	$11,339	$11,138
1/31/2020	$11,841	$11,495	$11,552	$11,352
2/29/2020	$12,023	$11,643	$11,715	$11,557
3/31/2020	$11,267	$11,221	$11,071	$11,489
4/30/2020	$10,934	$11,080	$10,795	$11,693
5/31/2020	$11,297	$11,432	$11,118	$11,747
6/30/2020	$11,548	$11,526	$11,306	$11,821
7/31/2020	$11,823	$11,720	$11,543	$11,998
8/31/2020	$11,780	$11,665	$11,521	$11,901
9/30/2020	$11,760	$11,668	$11,514	$11,894
10/31/2020	$11,740	$11,633	$11,495	$11,841
11/30/2020	$11,993	$11,808	$11,711	$11,958
12/31/2020	$12,155	$11,880	$11,840	$11,974
1/31/2021	$12,294	$11,956	$11,972	$11,888
2/28/2021	$12,069	$11,766	$11,770	$11,716
3/31/2021	$12,162	$11,839	$11,850	$11,570
4/30/2021	$12,325	$11,938	$11,981	$11,662
5/31/2021	$12,396	$11,974	$12,038	$11,700
6/30/2021	$12,466	$12,007	$12,091	$11,782
7/31/2021	$12,581	$12,106	$12,186	$11,914
8/31/2021	$12,559	$12,062	$12,144	$11,891
9/30/2021	$12,445	$11,975	$12,053	$11,788
10/31/2021	$12,422	$11,940	$12,020	$11,785
11/30/2021	$12,540	$12,041	$12,122	$11,820
12/31/2021	$12,565	$12,061	$12,143	$11,789
1/31/2022	$12,215	$11,731	$11,829	$11,535
2/28/2022	$12,124	$11,688	$11,752	$11,407
3/31/2022	$11,726	$11,310	$11,406	$11,090
4/30/2022	$11,258	$10,997	$11,058	$10,669
5/31/2022	$11,402	$11,160	$11,179	$10,738
6/30/2022	$11,097	$10,977	$10,960	$10,569
7/31/2022	$11,455	$11,267	$11,247	$10,828
8/31/2022	$11,102	$11,020	$10,983	$10,522
9/30/2022	$10,557	$10,597	$10,545	$10,067
10/31/2022	$10,418	$10,509	$10,438	$9,937
11/30/2022	$11,069	$11,001	$10,949	$10,302
12/31/2022	$11,025	$11,032	$10,939	$10,256
1/31/2023	$11,463	$11,349	$11,276	$10,571
2/28/2023	$11,179	$11,093	$11,040	$10,298
3/31/2023	$11,426	$11,339	$11,260	$10,559
4/30/2023	$11,455	$11,313	$11,270	$10,623
5/31/2023	$11,363	$11,215	$11,190	$10,508
6/30/2023	$11,491	$11,327	$11,280	$10,470
7/31/2023	$11,545	$11,372	$11,312	$10,463
8/31/2023	$11,380	$11,208	$11,182	$10,396
9/30/2023	$11,042	$10,880	$10,862	$10,132
10/31/2023	$10,851	$10,787	$10,704	$9,972
11/30/2023	$11,600	$11,472	$11,386	$10,424
12/31/2023	$11,903	$11,739	$11,667	$10,823
1/31/2024	$11,885	$11,679	$11,644	$10,793
2/29/2024	$11,918	$11,694	$11,661	$10,640
3/31/2024	$11,900	$11,693	$11,662	$10,739
4/30/2024	$11,757	$11,548	$11,518	$10,467
5/31/2024	$11,764	$11,515	$11,514	$10,645
6/30/2024	$11,973	$11,691	$11,696	$10,746
7/31/2024	$12,081	$11,798	$11,798	$10,997
8/31/2024	$12,138	$11,891	$11,873	$11,155
9/30/2024	$12,273	$12,008	$12,002	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	11.15%	1.25%	2.77%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.47%
Lipper New Jersey Municipal Debt Funds Average	10.50%	1.24%	2.47%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$140,370,809
# of Portfolio Holdings	187
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$513,640

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A22.30%
• A-3.86%
• A+9.20%
• AA16.65%
• AA-23.07%
• AA+1.48%
• AAA6.67%
• BB-1.51%
• BBB2.16%
• BBB-3.20%
• BBB+6.82%
• NR3.08%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LONJX 

Lord Abbett New Jersey Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8989-F3

11/24

Class I 

LINJX 

Lord Abbett New Jersey Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$66	0.62%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.36%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

Top detractors from the Fund’s performance: An overweight allocation to the Leasing, Industrial Development and Tobacco sectors detracted from relative performance. Security selection within the Leasing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond Index	Lipper New Jersey Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,091	$10,069	$10,055	$10,098
11/30/2014	$10,119	$10,086	$10,057	$10,170
12/31/2014	$10,190	$10,137	$10,121	$10,179
1/31/2015	$10,404	$10,316	$10,288	$10,393
2/28/2015	$10,272	$10,210	$10,175	$10,295
3/31/2015	$10,282	$10,240	$10,192	$10,343
4/30/2015	$10,210	$10,186	$10,123	$10,306
5/31/2015	$10,158	$10,158	$10,088	$10,281
6/30/2015	$10,085	$10,148	$10,034	$10,169
7/31/2015	$10,117	$10,222	$10,085	$10,240
8/31/2015	$10,085	$10,242	$10,073	$10,225
9/30/2015	$10,200	$10,316	$10,155	$10,294
10/31/2015	$10,272	$10,357	$10,211	$10,296
11/30/2015	$10,324	$10,398	$10,260	$10,269
12/31/2015	$10,461	$10,472	$10,357	$10,235
1/31/2016	$10,598	$10,596	$10,463	$10,376
2/29/2016	$10,609	$10,613	$10,468	$10,450
3/31/2016	$10,682	$10,647	$10,528	$10,546
4/30/2016	$10,776	$10,725	$10,607	$10,586
5/31/2016	$10,849	$10,754	$10,658	$10,589
6/30/2016	$11,073	$10,925	$10,848	$10,779
7/31/2016	$11,080	$10,932	$10,847	$10,847
8/31/2016	$11,108	$10,947	$10,881	$10,835
9/30/2016	$11,093	$10,892	$10,847	$10,829
10/31/2016	$10,970	$10,778	$10,750	$10,746
11/30/2016	$10,498	$10,376	$10,339	$10,492
12/31/2016	$10,591	$10,497	$10,419	$10,506
1/31/2017	$10,621	$10,567	$10,447	$10,527
2/28/2017	$10,716	$10,640	$10,522	$10,598
3/31/2017	$10,745	$10,663	$10,534	$10,592
4/30/2017	$10,817	$10,740	$10,607	$10,674
5/31/2017	$10,978	$10,911	$10,740	$10,756
6/30/2017	$10,962	$10,872	$10,717	$10,745
7/31/2017	$11,034	$10,960	$10,775	$10,792
8/31/2017	$11,169	$11,043	$10,884	$10,888
9/30/2017	$11,127	$10,987	$10,843	$10,836
10/31/2017	$11,131	$11,014	$10,837	$10,843
11/30/2017	$11,113	$10,955	$10,806	$10,829
12/31/2017	$11,230	$11,069	$10,909	$10,879
1/31/2018	$11,099	$10,939	$10,810	$10,753
2/28/2018	$11,060	$10,906	$10,783	$10,651
3/31/2018	$11,155	$10,947	$10,848	$10,720
4/30/2018	$11,138	$10,908	$10,831	$10,640
5/31/2018	$11,256	$11,033	$10,954	$10,716
6/30/2018	$11,284	$11,042	$10,987	$10,703
7/31/2018	$11,334	$11,069	$11,029	$10,705
8/31/2018	$11,385	$11,097	$11,066	$10,774
9/30/2018	$11,344	$11,025	$11,008	$10,705
10/31/2018	$11,233	$10,957	$10,926	$10,620
11/30/2018	$11,331	$11,079	$11,018	$10,683
12/31/2018	$11,451	$11,211	$11,127	$10,880
1/31/2019	$11,525	$11,296	$11,200	$10,995
2/28/2019	$11,626	$11,357	$11,275	$10,989
3/31/2019	$11,818	$11,536	$11,445	$11,200
4/30/2019	$11,893	$11,579	$11,500	$11,203
5/31/2019	$12,086	$11,739	$11,661	$11,402
6/30/2019	$12,138	$11,782	$11,707	$11,545
7/31/2019	$12,260	$11,877	$11,800	$11,570
8/31/2019	$12,477	$12,065	$11,990	$11,870
9/30/2019	$12,387	$11,968	$11,904	$11,807
10/31/2019	$12,367	$11,989	$11,903	$11,842
11/30/2019	$12,396	$12,019	$11,921	$11,836
12/31/2019	$12,447	$12,056	$11,959	$11,828
1/31/2020	$12,714	$12,273	$12,184	$12,056
2/29/2020	$12,909	$12,431	$12,356	$12,273
3/31/2020	$12,097	$11,980	$11,677	$12,201
4/30/2020	$11,740	$11,830	$11,386	$12,417
5/31/2020	$12,105	$12,206	$11,726	$12,475
6/30/2020	$12,399	$12,307	$11,924	$12,554
7/31/2020	$12,668	$12,514	$12,174	$12,741
8/31/2020	$12,647	$12,455	$12,151	$12,638
9/30/2020	$12,626	$12,458	$12,144	$12,632
10/31/2020	$12,604	$12,420	$12,124	$12,575
11/30/2020	$12,875	$12,608	$12,352	$12,699
12/31/2020	$13,049	$12,685	$12,488	$12,716
1/31/2021	$13,198	$12,765	$12,627	$12,625
2/28/2021	$12,955	$12,563	$12,414	$12,443
3/31/2021	$13,055	$12,640	$12,498	$12,287
4/30/2021	$13,230	$12,746	$12,636	$12,384
5/31/2021	$13,305	$12,784	$12,696	$12,425
6/30/2021	$13,379	$12,819	$12,752	$12,512
7/31/2021	$13,503	$12,925	$12,853	$12,652
8/31/2021	$13,479	$12,878	$12,808	$12,628
9/30/2021	$13,356	$12,785	$12,712	$12,518
10/31/2021	$13,332	$12,748	$12,678	$12,515
11/30/2021	$13,458	$12,856	$12,785	$12,552
12/31/2021	$13,484	$12,877	$12,807	$12,520
1/31/2022	$13,084	$12,525	$12,476	$12,250
2/28/2022	$13,011	$12,480	$12,395	$12,114
3/31/2022	$12,558	$12,075	$12,030	$11,777
4/30/2022	$12,080	$11,741	$11,663	$11,330
5/31/2022	$12,234	$11,916	$11,791	$11,403
6/30/2022	$11,882	$11,720	$11,559	$11,224
7/31/2022	$12,291	$12,030	$11,862	$11,498
8/31/2022	$11,912	$11,766	$11,584	$11,174
9/30/2022	$11,327	$11,315	$11,122	$10,691
10/31/2022	$11,177	$11,221	$11,009	$10,552
11/30/2022	$11,874	$11,746	$11,548	$10,940
12/31/2022	$11,827	$11,779	$11,537	$10,891
1/31/2023	$12,296	$12,117	$11,893	$11,226
2/28/2023	$11,992	$11,843	$11,644	$10,936
3/31/2023	$12,256	$12,106	$11,876	$11,214
4/30/2023	$12,287	$12,079	$11,886	$11,282
5/31/2023	$12,188	$11,974	$11,802	$11,159
6/30/2023	$12,325	$12,094	$11,897	$11,119
7/31/2023	$12,383	$12,142	$11,931	$11,111
8/31/2023	$12,205	$11,967	$11,794	$11,040
9/30/2023	$11,816	$11,616	$11,456	$10,760
10/31/2023	$11,637	$11,517	$11,290	$10,590
11/30/2023	$12,439	$12,249	$12,009	$11,069
12/31/2023	$12,765	$12,533	$12,305	$11,493
1/31/2024	$12,745	$12,469	$12,281	$11,462
2/29/2024	$12,779	$12,485	$12,299	$11,300
3/31/2024	$12,759	$12,485	$12,300	$11,404
4/30/2024	$12,606	$12,330	$12,148	$11,116
5/31/2024	$12,613	$12,294	$12,144	$11,304
6/30/2024	$12,810	$12,482	$12,336	$11,412
7/31/2024	$12,926	$12,596	$12,443	$11,678
8/31/2024	$13,014	$12,696	$12,522	$11,846
9/30/2024	$13,158	$12,821	$12,659	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	11.36%	1.22%	2.78%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New Jersey Municipal Debt Funds Average	10.50%	1.24%	2.39%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$140,370,809
# of Portfolio Holdings	187
Portfolio Turnover Rate	8%
Total Advisory Fees Paid	$513,640

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A22.30%
• A-3.86%
• A+9.20%
• AA16.65%
• AA-23.07%
• AA+1.48%
• AAA6.67%
• BB-1.51%
• BBB2.16%
• BBB-3.20%
• BBB+6.82%
• NR3.08%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

LINJX 

Lord Abbett New Jersey Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3327-I

11/24

Class A 

LSDAX 

Lord Abbett Short Duration Tax Free Income Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Income Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$67	0.65%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 5.67%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 6.09% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Short 1-5 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to A- and BBB-rated bonds contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s shorter duration positioning relative to the prospectus benchmark detracted from relative performance with the fall in rates over the period. An overweight allocation to the Power sector and Variable Rate Demand Notes detracted from relative performance. Security selection within the Housing and Health Care sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond Short 1-5 Year Index	Lipper Short Duration Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,777	$10,000	$10,000	$10,000
10/31/2014	$9,798	$10,012	$10,008	$10,098
11/30/2014	$9,800	$10,019	$10,010	$10,170
12/31/2014	$9,783	$9,994	$9,999	$10,179
1/31/2015	$9,846	$10,062	$10,038	$10,393
2/28/2015	$9,818	$10,039	$10,022	$10,295
3/31/2015	$9,813	$10,034	$10,017	$10,343
4/30/2015	$9,803	$10,031	$10,011	$10,306
5/31/2015	$9,786	$10,013	$9,994	$10,281
6/30/2015	$9,788	$10,033	$9,995	$10,169
7/31/2015	$9,815	$10,064	$10,010	$10,240
8/31/2015	$9,817	$10,075	$10,013	$10,225
9/30/2015	$9,839	$10,107	$10,029	$10,294
10/31/2015	$9,860	$10,134	$10,047	$10,296
11/30/2015	$9,844	$10,116	$10,037	$10,269
12/31/2015	$9,852	$10,115	$10,039	$10,235
1/31/2016	$9,898	$10,178	$10,075	$10,376
2/29/2016	$9,927	$10,211	$10,089	$10,450
3/31/2016	$9,904	$10,186	$10,075	$10,546
4/30/2016	$9,926	$10,211	$10,093	$10,586
5/31/2016	$9,922	$10,204	$10,088	$10,589
6/30/2016	$9,963	$10,253	$10,120	$10,779
7/31/2016	$9,984	$10,281	$10,135	$10,847
8/31/2016	$9,986	$10,269	$10,133	$10,835
9/30/2016	$9,964	$10,232	$10,115	$10,829
10/31/2016	$9,941	$10,221	$10,107	$10,746
11/30/2016	$9,773	$10,093	$10,019	$10,492
12/31/2016	$9,787	$10,122	$10,029	$10,506
1/31/2017	$9,840	$10,190	$10,064	$10,527
2/28/2017	$9,876	$10,246	$10,096	$10,598
3/31/2017	$9,878	$10,244	$10,098	$10,592
4/30/2017	$9,919	$10,276	$10,121	$10,674
5/31/2017	$9,966	$10,327	$10,154	$10,756
6/30/2017	$9,950	$10,301	$10,144	$10,745
7/31/2017	$9,984	$10,345	$10,173	$10,792
8/31/2017	$10,018	$10,386	$10,202	$10,888
9/30/2017	$9,989	$10,352	$10,188	$10,836
10/31/2017	$9,992	$10,350	$10,187	$10,843
11/30/2017	$9,931	$10,264	$10,146	$10,829
12/31/2017	$9,948	$10,285	$10,158	$10,879
1/31/2018	$9,938	$10,299	$10,164	$10,753
2/28/2018	$9,930	$10,302	$10,165	$10,651
3/31/2018	$9,935	$10,295	$10,163	$10,720
4/30/2018	$9,922	$10,270	$10,154	$10,640
5/31/2018	$9,966	$10,326	$10,190	$10,716
6/30/2018	$9,985	$10,364	$10,212	$10,703
7/31/2018	$10,011	$10,395	$10,232	$10,705
8/31/2018	$10,018	$10,391	$10,238	$10,774
9/30/2018	$9,993	$10,353	$10,219	$10,705
10/31/2018	$9,975	$10,348	$10,214	$10,620
11/30/2018	$10,016	$10,400	$10,247	$10,683
12/31/2018	$10,057	$10,467	$10,284	$10,880
1/31/2019	$10,110	$10,525	$10,323	$10,995
2/28/2019	$10,147	$10,559	$10,346	$10,989
3/31/2019	$10,208	$10,606	$10,385	$11,200
4/30/2019	$10,225	$10,608	$10,395	$11,203
5/31/2019	$10,299	$10,677	$10,441	$11,402
6/30/2019	$10,335	$10,724	$10,471	$11,545
7/31/2019	$10,390	$10,783	$10,510	$11,570
8/31/2019	$10,451	$10,813	$10,539	$11,870
9/30/2019	$10,408	$10,759	$10,516	$11,807
10/31/2019	$10,429	$10,804	$10,537	$11,842
11/30/2019	$10,444	$10,827	$10,554	$11,836
12/31/2019	$10,465	$10,850	$10,565	$11,828
1/31/2020	$10,552	$10,923	$10,615	$12,056
2/29/2020	$10,619	$10,961	$10,646	$12,273
3/31/2020	$10,290	$10,805	$10,510	$12,201
4/30/2020	$10,238	$10,819	$10,491	$12,417
5/31/2020	$10,384	$11,019	$10,603	$12,475
6/30/2020	$10,482	$11,042	$10,647	$12,554
7/31/2020	$10,574	$11,108	$10,695	$12,741
8/31/2020	$10,585	$11,106	$10,700	$12,638
9/30/2020	$10,582	$11,119	$10,706	$12,632
10/31/2020	$10,572	$11,102	$10,700	$12,575
11/30/2020	$10,635	$11,135	$10,733	$12,699
12/31/2020	$10,678	$11,156	$10,754	$12,716
1/31/2021	$10,727	$11,182	$10,778	$12,625
2/28/2021	$10,657	$11,138	$10,744	$12,443
3/31/2021	$10,678	$11,165	$10,755	$12,287
4/30/2021	$10,713	$11,190	$10,776	$12,384
5/31/2021	$10,728	$11,193	$10,785	$12,425
6/30/2021	$10,735	$11,194	$10,787	$12,512
7/31/2021	$10,770	$11,231	$10,807	$12,652
8/31/2021	$10,756	$11,227	$10,800	$12,628
9/30/2021	$10,709	$11,202	$10,775	$12,518
10/31/2021	$10,695	$11,187	$10,765	$12,515
11/30/2021	$10,709	$11,193	$10,775	$12,552
12/31/2021	$10,709	$11,197	$10,773	$12,520
1/31/2022	$10,546	$11,025	$10,670	$12,250
2/28/2022	$10,500	$10,996	$10,644	$12,114
3/31/2022	$10,344	$10,824	$10,540	$11,777
4/30/2022	$10,231	$10,720	$10,466	$11,330
5/31/2022	$10,287	$10,844	$10,525	$11,403
6/30/2022	$10,249	$10,833	$10,504	$11,224
7/31/2022	$10,347	$10,951	$10,582	$11,498
8/31/2022	$10,244	$10,814	$10,506	$11,174
9/30/2022	$10,100	$10,629	$10,402	$10,691
10/31/2022	$10,080	$10,628	$10,397	$10,552
11/30/2022	$10,232	$10,825	$10,525	$10,940
12/31/2022	$10,262	$10,842	$10,544	$10,891
1/31/2023	$10,372	$10,986	$10,643	$11,226
2/28/2023	$10,259	$10,830	$10,567	$10,936
3/31/2023	$10,372	$10,990	$10,661	$11,214
4/30/2023	$10,349	$10,943	$10,652	$11,282
5/31/2023	$10,320	$10,885	$10,634	$11,159
6/30/2023	$10,375	$10,950	$10,682	$11,119
7/31/2023	$10,397	$10,976	$10,707	$11,111
8/31/2023	$10,385	$10,951	$10,708	$11,040
9/30/2023	$10,332	$10,847	$10,655	$10,760
10/31/2023	$10,335	$10,860	$10,665	$10,590
11/30/2023	$10,486	$11,124	$10,838	$11,069
12/31/2023	$10,589	$11,230	$10,925	$11,493
1/31/2024	$10,592	$11,209	$10,935	$11,462
2/29/2024	$10,617	$11,222	$10,956	$11,300
3/31/2024	$10,628	$11,208	$10,968	$11,404
4/30/2024	$10,611	$11,169	$10,958	$11,116
5/31/2024	$10,629	$11,160	$10,972	$11,304
6/30/2024	$10,705	$11,247	$11,043	$11,412
7/31/2024	$10,772	$11,342	$11,113	$11,678
8/31/2024	$10,848	$11,450	$11,187	$11,846
9/30/2024	$10,917	$11,508	$11,235	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	5.67%	0.96%	1.11%
Class A with sales charge	3.30%	0.51%	0.88%
Bloomberg Municipal Bond Short 1-5 Year Index	6.09%	1.35%	1.41%
Lipper Short Duration Municipal Debt Funds Average	5.44%	1.33%	1.17%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,561,231,464
# of Portfolio Holdings	277
Portfolio Turnover Rate	66%
Total Advisory Fees Paid	$5,141,439

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A23.84%
• A-9.35%
• A+13.90%
• AA10.21%
• AA-5.98%
• AA+5.72%
• AAA4.03%
• B0.05%
• BB0.48%
• BB-0.49%
• BB+0.89%
• BBB4.31%
• BBB-7.01%
• BBB+7.46%
• NR6.28%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LSDAX 

Lord Abbett Short Duration Tax Free Income Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-2074-A

11/24

Class C 

LSDCX 

Lord Abbett Short Duration Tax Free Income Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Income Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$129	1.26%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 4.96%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 6.09% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Short 1-5 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to A- and BBB-rated bonds contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s shorter duration positioning relative to the prospectus benchmark detracted from relative performance with the fall in rates over the period. An overweight allocation to the Power sector and Variable Rate Demand Notes detracted from relative performance. Security selection within the Housing and Health Care sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg Municipal Bond Short 1-5 Year Index	Lipper Short Duration Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,016	$10,012	$10,008	$10,098
11/30/2014	$10,013	$10,019	$10,010	$10,170
12/31/2014	$9,990	$9,994	$9,999	$10,179
1/31/2015	$10,049	$10,062	$10,038	$10,393
2/28/2015	$10,016	$10,039	$10,022	$10,295
3/31/2015	$10,006	$10,034	$10,017	$10,343
4/30/2015	$9,990	$10,031	$10,011	$10,306
5/31/2015	$9,967	$10,013	$9,994	$10,281
6/30/2015	$9,971	$10,033	$9,995	$10,169
7/31/2015	$9,987	$10,064	$10,010	$10,240
8/31/2015	$9,984	$10,075	$10,013	$10,225
9/30/2015	$10,001	$10,107	$10,029	$10,294
10/31/2015	$10,017	$10,134	$10,047	$10,296
11/30/2015	$9,996	$10,116	$10,037	$10,269
12/31/2015	$9,999	$10,115	$10,039	$10,235
1/31/2016	$10,040	$10,178	$10,075	$10,376
2/29/2016	$10,064	$10,211	$10,089	$10,450
3/31/2016	$10,036	$10,186	$10,075	$10,546
4/30/2016	$10,053	$10,211	$10,093	$10,586
5/31/2016	$10,044	$10,204	$10,088	$10,589
6/30/2016	$10,080	$10,253	$10,120	$10,779
7/31/2016	$10,097	$10,281	$10,135	$10,847
8/31/2016	$10,094	$10,269	$10,133	$10,835
9/30/2016	$10,066	$10,232	$10,115	$10,829
10/31/2016	$10,038	$10,221	$10,107	$10,746
11/30/2016	$9,863	$10,093	$10,019	$10,492
12/31/2016	$9,872	$10,122	$10,029	$10,506
1/31/2017	$9,921	$10,190	$10,064	$10,527
2/28/2017	$9,958	$10,246	$10,096	$10,598
3/31/2017	$9,948	$10,244	$10,098	$10,592
4/30/2017	$9,984	$10,276	$10,121	$10,674
5/31/2017	$10,027	$10,327	$10,154	$10,756
6/30/2017	$10,005	$10,301	$10,144	$10,745
7/31/2017	$10,035	$10,345	$10,173	$10,792
8/31/2017	$10,064	$10,386	$10,202	$10,888
9/30/2017	$10,030	$10,352	$10,188	$10,836
10/31/2017	$10,027	$10,350	$10,187	$10,843
11/30/2017	$9,961	$10,264	$10,146	$10,829
12/31/2017	$9,972	$10,285	$10,158	$10,879
1/31/2018	$9,958	$10,299	$10,164	$10,753
2/28/2018	$9,952	$10,302	$10,165	$10,651
3/31/2018	$9,944	$10,295	$10,163	$10,720
4/30/2018	$9,927	$10,270	$10,154	$10,640
5/31/2018	$9,966	$10,326	$10,190	$10,716
6/30/2018	$9,980	$10,364	$10,212	$10,703
7/31/2018	$10,000	$10,395	$10,232	$10,705
8/31/2018	$10,002	$10,391	$10,238	$10,774
9/30/2018	$9,973	$10,353	$10,219	$10,705
10/31/2018	$9,950	$10,348	$10,214	$10,620
11/30/2018	$9,985	$10,400	$10,247	$10,683
12/31/2018	$10,021	$10,467	$10,284	$10,880
1/31/2019	$10,069	$10,525	$10,323	$10,995
2/28/2019	$10,101	$10,559	$10,346	$10,989
3/31/2019	$10,157	$10,606	$10,385	$11,200
4/30/2019	$10,168	$10,608	$10,395	$11,203
5/31/2019	$10,237	$10,677	$10,441	$11,402
6/30/2019	$10,267	$10,724	$10,471	$11,545
7/31/2019	$10,316	$10,783	$10,510	$11,570
8/31/2019	$10,372	$10,813	$10,539	$11,870
9/30/2019	$10,323	$10,759	$10,516	$11,807
10/31/2019	$10,340	$10,804	$10,537	$11,842
11/30/2019	$10,349	$10,827	$10,554	$11,836
12/31/2019	$10,364	$10,850	$10,565	$11,828
1/31/2020	$10,445	$10,923	$10,615	$12,056
2/29/2020	$10,507	$10,961	$10,646	$12,273
3/31/2020	$10,176	$10,805	$10,510	$12,201
4/30/2020	$10,119	$10,819	$10,491	$12,417
5/31/2020	$10,258	$11,019	$10,603	$12,475
6/30/2020	$10,349	$11,042	$10,647	$12,554
7/31/2020	$10,435	$11,108	$10,695	$12,741
8/31/2020	$10,440	$11,106	$10,700	$12,638
9/30/2020	$10,432	$11,119	$10,706	$12,632
10/31/2020	$10,416	$11,102	$10,700	$12,575
11/30/2020	$10,473	$11,135	$10,733	$12,699
12/31/2020	$10,510	$11,156	$10,754	$12,716
1/31/2021	$10,552	$11,182	$10,778	$12,625
2/28/2021	$10,477	$11,138	$10,744	$12,443
3/31/2021	$10,493	$11,165	$10,755	$12,287
4/30/2021	$10,521	$11,190	$10,776	$12,384
5/31/2021	$10,530	$11,193	$10,785	$12,425
6/30/2021	$10,532	$11,194	$10,787	$12,512
7/31/2021	$10,559	$11,231	$10,807	$12,652
8/31/2021	$10,540	$11,227	$10,800	$12,628
9/30/2021	$10,488	$11,202	$10,775	$12,518
10/31/2021	$10,469	$11,187	$10,765	$12,515
11/30/2021	$10,477	$11,193	$10,775	$12,552
12/31/2021	$10,471	$11,197	$10,773	$12,520
1/31/2022	$10,306	$11,025	$10,670	$12,250
2/28/2022	$10,256	$10,996	$10,644	$12,114
3/31/2022	$10,099	$10,824	$10,540	$11,777
4/30/2022	$9,982	$10,720	$10,466	$11,330
5/31/2022	$10,032	$10,844	$10,525	$11,403
6/30/2022	$9,990	$10,833	$10,504	$11,224
7/31/2022	$10,074	$10,951	$10,582	$11,498
8/31/2022	$9,974	$10,814	$10,506	$11,174
9/30/2022	$9,823	$10,629	$10,402	$10,691
10/31/2022	$9,805	$10,628	$10,397	$10,552
11/30/2022	$9,947	$10,825	$10,525	$10,940
12/31/2022	$9,971	$10,842	$10,544	$10,891
1/31/2023	$10,074	$10,986	$10,643	$11,226
2/28/2023	$9,959	$10,830	$10,567	$10,936
3/31/2023	$10,057	$10,990	$10,661	$11,214
4/30/2023	$10,036	$10,943	$10,652	$11,282
5/31/2023	$10,002	$10,885	$10,634	$11,159
6/30/2023	$10,051	$10,950	$10,682	$11,119
7/31/2023	$10,067	$10,976	$10,707	$11,111
8/31/2023	$10,050	$10,951	$10,708	$11,040
9/30/2023	$9,994	$10,847	$10,655	$10,760
10/31/2023	$9,992	$10,860	$10,665	$10,590
11/30/2023	$10,133	$11,124	$10,838	$11,069
12/31/2023	$10,220	$11,230	$10,925	$11,493
1/31/2024	$10,224	$11,209	$10,935	$11,462
2/29/2024	$10,243	$11,222	$10,956	$11,300
3/31/2024	$10,248	$11,208	$10,968	$11,404
4/30/2024	$10,227	$11,169	$10,958	$11,116
5/31/2024	$10,240	$11,160	$10,972	$11,304
6/30/2024	$10,308	$11,247	$11,043	$11,412
7/31/2024	$10,367	$11,342	$11,113	$11,678
8/31/2024	$10,435	$11,450	$11,187	$11,846
9/30/2024	$10,489	$11,508	$11,235	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	4.96%	0.32%	0.48%
Class C with sales charge	3.96%	0.32%	0.48%
Bloomberg Municipal Bond Short 1-5 Year Index	6.09%	1.35%	1.41%
Lipper Short Duration Municipal Debt Funds Average	5.44%	1.33%	1.17%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,561,231,464
# of Portfolio Holdings	277
Portfolio Turnover Rate	66%
Total Advisory Fees Paid	$5,141,439

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A23.84%
• A-9.35%
• A+13.90%
• AA10.21%
• AA-5.98%
• AA+5.72%
• AAA4.03%
• B0.05%
• BB0.48%
• BB-0.49%
• BB+0.89%
• BBB4.31%
• BBB-7.01%
• BBB+7.46%
• NR6.28%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

LSDCX 

Lord Abbett Short Duration Tax Free Income Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-2076-C

11/24

Class F 

LSDFX 

Lord Abbett Short Duration Tax Free Income Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Income Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$57	0.55%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 5.77%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 6.09% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Short 1-5 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to A- and BBB-rated bonds contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s shorter duration positioning relative to the prospectus benchmark detracted from relative performance with the fall in rates over the period. An overweight allocation to the Power sector and Variable Rate Demand Notes detracted from relative performance. Security selection within the Housing and Health Care sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond Short 1-5 Year Index	Lipper Short Duration Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,022	$10,012	$10,008	$10,098
11/30/2014	$10,025	$10,019	$10,010	$10,170
12/31/2014	$10,008	$9,994	$9,999	$10,179
1/31/2015	$10,074	$10,062	$10,038	$10,393
2/28/2015	$10,046	$10,039	$10,022	$10,295
3/31/2015	$10,042	$10,034	$10,017	$10,343
4/30/2015	$10,032	$10,031	$10,011	$10,306
5/31/2015	$10,015	$10,013	$9,994	$10,281
6/30/2015	$10,025	$10,033	$9,995	$10,169
7/31/2015	$10,047	$10,064	$10,010	$10,240
8/31/2015	$10,050	$10,075	$10,013	$10,225
9/30/2015	$10,073	$10,107	$10,029	$10,294
10/31/2015	$10,095	$10,134	$10,047	$10,296
11/30/2015	$10,080	$10,116	$10,037	$10,269
12/31/2015	$10,089	$10,115	$10,039	$10,235
1/31/2016	$10,137	$10,178	$10,075	$10,376
2/29/2016	$10,167	$10,211	$10,089	$10,450
3/31/2016	$10,144	$10,186	$10,075	$10,546
4/30/2016	$10,168	$10,211	$10,093	$10,586
5/31/2016	$10,165	$10,204	$10,088	$10,589
6/30/2016	$10,207	$10,253	$10,120	$10,779
7/31/2016	$10,230	$10,281	$10,135	$10,847
8/31/2016	$10,233	$10,269	$10,133	$10,835
9/30/2016	$10,211	$10,232	$10,115	$10,829
10/31/2016	$10,188	$10,221	$10,107	$10,746
11/30/2016	$10,016	$10,093	$10,019	$10,492
12/31/2016	$10,032	$10,122	$10,029	$10,506
1/31/2017	$10,088	$10,190	$10,064	$10,527
2/28/2017	$10,131	$10,246	$10,096	$10,598
3/31/2017	$10,127	$10,244	$10,098	$10,592
4/30/2017	$10,170	$10,276	$10,121	$10,674
5/31/2017	$10,219	$10,327	$10,154	$10,756
6/30/2017	$10,204	$10,301	$10,144	$10,745
7/31/2017	$10,240	$10,345	$10,173	$10,792
8/31/2017	$10,276	$10,386	$10,202	$10,888
9/30/2017	$10,247	$10,352	$10,188	$10,836
10/31/2017	$10,250	$10,350	$10,187	$10,843
11/30/2017	$10,189	$10,264	$10,146	$10,829
12/31/2017	$10,206	$10,285	$10,158	$10,879
1/31/2018	$10,198	$10,299	$10,164	$10,753
2/28/2018	$10,197	$10,302	$10,165	$10,651
3/31/2018	$10,196	$10,295	$10,163	$10,720
4/30/2018	$10,183	$10,270	$10,154	$10,640
5/31/2018	$10,229	$10,326	$10,190	$10,716
6/30/2018	$10,250	$10,364	$10,212	$10,703
7/31/2018	$10,277	$10,395	$10,232	$10,705
8/31/2018	$10,285	$10,391	$10,238	$10,774
9/30/2018	$10,261	$10,353	$10,219	$10,705
10/31/2018	$10,243	$10,348	$10,214	$10,620
11/30/2018	$10,286	$10,400	$10,247	$10,683
12/31/2018	$10,328	$10,467	$10,284	$10,880
1/31/2019	$10,384	$10,525	$10,323	$10,995
2/28/2019	$10,423	$10,559	$10,346	$10,989
3/31/2019	$10,487	$10,606	$10,385	$11,200
4/30/2019	$10,504	$10,608	$10,395	$11,203
5/31/2019	$10,582	$10,677	$10,441	$11,402
6/30/2019	$10,619	$10,724	$10,471	$11,545
7/31/2019	$10,677	$10,783	$10,510	$11,570
8/31/2019	$10,741	$10,813	$10,539	$11,870
9/30/2019	$10,697	$10,759	$10,516	$11,807
10/31/2019	$10,720	$10,804	$10,537	$11,842
11/30/2019	$10,736	$10,827	$10,554	$11,836
12/31/2019	$10,758	$10,850	$10,565	$11,828
1/31/2020	$10,855	$10,923	$10,615	$12,056
2/29/2020	$10,919	$10,961	$10,646	$12,273
3/31/2020	$10,588	$10,805	$10,510	$12,201
4/30/2020	$10,528	$10,819	$10,491	$12,417
5/31/2020	$10,686	$11,019	$10,603	$12,475
6/30/2020	$10,781	$11,042	$10,647	$12,554
7/31/2020	$10,876	$11,108	$10,695	$12,741
8/31/2020	$10,888	$11,106	$10,700	$12,638
9/30/2020	$10,886	$11,119	$10,706	$12,632
10/31/2020	$10,877	$11,102	$10,700	$12,575
11/30/2020	$10,943	$11,135	$10,733	$12,699
12/31/2020	$10,988	$11,156	$10,754	$12,716
1/31/2021	$11,046	$11,182	$10,778	$12,625
2/28/2021	$10,967	$11,138	$10,744	$12,443
3/31/2021	$10,990	$11,165	$10,755	$12,287
4/30/2021	$11,027	$11,190	$10,776	$12,384
5/31/2021	$11,043	$11,193	$10,785	$12,425
6/30/2021	$11,052	$11,194	$10,787	$12,512
7/31/2021	$11,088	$11,231	$10,807	$12,652
8/31/2021	$11,075	$11,227	$10,800	$12,628
9/30/2021	$11,034	$11,202	$10,775	$12,518
10/31/2021	$11,014	$11,187	$10,765	$12,515
11/30/2021	$11,036	$11,193	$10,775	$12,552
12/31/2021	$11,037	$11,197	$10,773	$12,520
1/31/2022	$10,864	$11,025	$10,670	$12,250
2/28/2022	$10,824	$10,996	$10,644	$12,114
3/31/2022	$10,664	$10,824	$10,540	$11,777
4/30/2022	$10,541	$10,720	$10,466	$11,330
5/31/2022	$10,607	$10,844	$10,525	$11,403
6/30/2022	$10,562	$10,833	$10,504	$11,224
7/31/2022	$10,664	$10,951	$10,582	$11,498
8/31/2022	$10,565	$10,814	$10,506	$11,174
9/30/2022	$10,411	$10,629	$10,402	$10,691
10/31/2022	$10,391	$10,628	$10,397	$10,552
11/30/2022	$10,548	$10,825	$10,525	$10,940
12/31/2022	$10,579	$10,842	$10,544	$10,891
1/31/2023	$10,695	$10,986	$10,643	$11,226
2/28/2023	$10,579	$10,830	$10,567	$10,936
3/31/2023	$10,696	$10,990	$10,661	$11,214
4/30/2023	$10,673	$10,943	$10,652	$11,282
5/31/2023	$10,651	$10,885	$10,634	$11,159
6/30/2023	$10,702	$10,950	$10,682	$11,119
7/31/2023	$10,725	$10,976	$10,707	$11,111
8/31/2023	$10,713	$10,951	$10,708	$11,040
9/30/2023	$10,659	$10,847	$10,655	$10,760
10/31/2023	$10,664	$10,860	$10,665	$10,590
11/30/2023	$10,828	$11,124	$10,838	$11,069
12/31/2023	$10,927	$11,230	$10,925	$11,493
1/31/2024	$10,931	$11,209	$10,935	$11,462
2/29/2024	$10,958	$11,222	$10,956	$11,300
3/31/2024	$10,970	$11,208	$10,968	$11,404
4/30/2024	$10,954	$11,169	$10,958	$11,116
5/31/2024	$10,974	$11,160	$10,972	$11,304
6/30/2024	$11,053	$11,247	$11,043	$11,412
7/31/2024	$11,131	$11,342	$11,113	$11,678
8/31/2024	$11,203	$11,450	$11,187	$11,846
9/30/2024	$11,275	$11,508	$11,235	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	5.77%	1.06%	1.21%
Bloomberg Municipal Bond Short 1-5 Year Index	6.09%	1.35%	1.41%
Lipper Short Duration Municipal Debt Funds Average	5.44%	1.33%	1.17%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,561,231,464
# of Portfolio Holdings	277
Portfolio Turnover Rate	66%
Total Advisory Fees Paid	$5,141,439

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A23.84%
• A-9.35%
• A+13.90%
• AA10.21%
• AA-5.98%
• AA+5.72%
• AAA4.03%
• B0.05%
• BB0.48%
• BB-0.49%
• BB+0.89%
• BBB4.31%
• BBB-7.01%
• BBB+7.46%
• NR6.28%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LSDFX 

Lord Abbett Short Duration Tax Free Income Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-2078-F

11/24

Class F3 

LSDOX 

Lord Abbett Short Duration Tax Free Income Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Income Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$42	0.41%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 5.92%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 6.09% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Short 1-5 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to A- and BBB-rated bonds contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s shorter duration positioning relative to the prospectus benchmark detracted from relative performance with the fall in rates over the period. An overweight allocation to the Power sector and Variable Rate Demand Notes detracted from relative performance. Security selection within the Housing and Health Care sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond Short 1-5 Year Index	Lipper Short Duration Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,036	$10,028	$10,022	$10,051
5/31/2017	$10,085	$10,077	$10,054	$10,128
6/30/2017	$10,071	$10,052	$10,045	$10,118
7/31/2017	$10,107	$10,094	$10,073	$10,162
8/31/2017	$10,144	$10,134	$10,102	$10,253
9/30/2017	$10,123	$10,101	$10,088	$10,204
10/31/2017	$10,121	$10,099	$10,087	$10,210
11/30/2017	$10,061	$10,016	$10,047	$10,197
12/31/2017	$10,086	$10,036	$10,058	$10,244
1/31/2018	$10,078	$10,050	$10,064	$10,126
2/28/2018	$10,072	$10,053	$10,065	$10,030
3/31/2018	$10,078	$10,046	$10,063	$10,094
4/30/2018	$10,060	$10,021	$10,054	$10,019
5/31/2018	$10,114	$10,076	$10,090	$10,091
6/30/2018	$10,135	$10,113	$10,112	$10,078
7/31/2018	$10,163	$10,143	$10,132	$10,080
8/31/2018	$10,172	$10,140	$10,138	$10,145
9/30/2018	$10,142	$10,102	$10,119	$10,080
10/31/2018	$10,132	$10,097	$10,114	$10,000
11/30/2018	$10,175	$10,149	$10,147	$10,060
12/31/2018	$10,218	$10,213	$10,183	$10,245
1/31/2019	$10,268	$10,270	$10,222	$10,354
2/28/2019	$10,314	$10,304	$10,245	$10,348
3/31/2019	$10,378	$10,349	$10,283	$10,546
4/30/2019	$10,397	$10,351	$10,293	$10,549
5/31/2019	$10,475	$10,419	$10,339	$10,736
6/30/2019	$10,512	$10,465	$10,368	$10,871
7/31/2019	$10,564	$10,522	$10,407	$10,895
8/31/2019	$10,635	$10,551	$10,436	$11,177
9/30/2019	$10,592	$10,499	$10,413	$11,118
10/31/2019	$10,616	$10,542	$10,434	$11,151
11/30/2019	$10,634	$10,565	$10,451	$11,146
12/31/2019	$10,657	$10,587	$10,461	$11,138
1/31/2020	$10,747	$10,658	$10,511	$11,352
2/29/2020	$10,818	$10,696	$10,542	$11,557
3/31/2020	$10,485	$10,543	$10,407	$11,489
4/30/2020	$10,434	$10,557	$10,388	$11,693
5/31/2020	$10,584	$10,753	$10,499	$11,747
6/30/2020	$10,686	$10,774	$10,543	$11,821
7/31/2020	$10,775	$10,839	$10,590	$11,998
8/31/2020	$10,788	$10,837	$10,595	$11,901
9/30/2020	$10,788	$10,850	$10,601	$11,894
10/31/2020	$10,786	$10,833	$10,595	$11,841
11/30/2020	$10,846	$10,865	$10,628	$11,958
12/31/2020	$10,892	$10,886	$10,649	$11,974
1/31/2021	$10,951	$10,911	$10,672	$11,888
2/28/2021	$10,874	$10,868	$10,639	$11,716
3/31/2021	$10,898	$10,895	$10,650	$11,570
4/30/2021	$10,943	$10,919	$10,670	$11,662
5/31/2021	$10,953	$10,922	$10,679	$11,700
6/30/2021	$10,970	$10,923	$10,681	$11,782
7/31/2021	$11,007	$10,959	$10,701	$11,914
8/31/2021	$10,995	$10,955	$10,694	$11,891
9/30/2021	$10,949	$10,931	$10,669	$11,788
10/31/2021	$10,931	$10,916	$10,659	$11,785
11/30/2021	$10,954	$10,922	$10,669	$11,820
12/31/2021	$10,956	$10,926	$10,667	$11,789
1/31/2022	$10,792	$10,758	$10,565	$11,535
2/28/2022	$10,746	$10,729	$10,540	$11,407
3/31/2022	$10,590	$10,562	$10,437	$11,090
4/30/2022	$10,468	$10,460	$10,363	$10,669
5/31/2022	$10,535	$10,581	$10,422	$10,738
6/30/2022	$10,491	$10,570	$10,401	$10,569
7/31/2022	$10,594	$10,686	$10,478	$10,828
8/31/2022	$10,497	$10,552	$10,403	$10,522
9/30/2022	$10,345	$10,372	$10,300	$10,067
10/31/2022	$10,334	$10,371	$10,295	$9,937
11/30/2022	$10,484	$10,563	$10,422	$10,302
12/31/2022	$10,517	$10,579	$10,441	$10,256
1/31/2023	$10,633	$10,720	$10,539	$10,571
2/28/2023	$10,526	$10,567	$10,463	$10,298
3/31/2023	$10,637	$10,724	$10,556	$10,559
4/30/2023	$10,622	$10,678	$10,548	$10,623
5/31/2023	$10,594	$10,621	$10,530	$10,508
6/30/2023	$10,646	$10,684	$10,577	$10,470
7/31/2023	$10,670	$10,710	$10,602	$10,463
8/31/2023	$10,660	$10,686	$10,603	$10,396
9/30/2023	$10,608	$10,584	$10,551	$10,132
10/31/2023	$10,614	$10,597	$10,560	$9,972
11/30/2023	$10,778	$10,855	$10,732	$10,424
12/31/2023	$10,878	$10,958	$10,818	$10,823
1/31/2024	$10,891	$10,938	$10,828	$10,793
2/29/2024	$10,919	$10,950	$10,849	$10,640
3/31/2024	$10,932	$10,937	$10,860	$10,739
4/30/2024	$10,917	$10,899	$10,851	$10,467
5/31/2024	$10,931	$10,890	$10,864	$10,645
6/30/2024	$11,011	$10,975	$10,935	$10,746
7/31/2024	$11,090	$11,067	$11,004	$10,997
8/31/2024	$11,170	$11,173	$11,077	$11,155
9/30/2024	$11,236	$11,229	$11,125	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	5.92%	1.19%	1.57%
Bloomberg Municipal Bond Short 1-5 Year Index	6.09%	1.35%	1.56%
Lipper Short Duration Municipal Debt Funds Average	5.44%	1.33%	1.43%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,561,231,464
# of Portfolio Holdings	277
Portfolio Turnover Rate	66%
Total Advisory Fees Paid	$5,141,439

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A23.84%
• A-9.35%
• A+13.90%
• AA10.21%
• AA-5.98%
• AA+5.72%
• AAA4.03%
• B0.05%
• BB0.48%
• BB-0.49%
• BB+0.89%
• BBB4.31%
• BBB-7.01%
• BBB+7.46%
• NR6.28%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LSDOX 

Lord Abbett Short Duration Tax Free Income Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8992-F3

11/24

Class I 

LISDX 

Lord Abbett Short Duration Tax Free Income Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Income Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$46	0.45%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 5.88%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 6.09% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Short 1-5 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to A- and BBB-rated bonds contributed to relative performance.

Top detractors from the Fund’s performance: The Fund’s shorter duration positioning relative to the prospectus benchmark detracted from relative performance with the fall in rates over the period. An overweight allocation to the Power sector and Variable Rate Demand Notes detracted from relative performance. Security selection within the Housing and Health Care sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond Short 1-5 Year Index	Lipper Short Duration Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,022	$10,012	$10,008	$10,098
11/30/2014	$10,027	$10,019	$10,010	$10,170
12/31/2014	$10,011	$9,994	$9,999	$10,179
1/31/2015	$10,077	$10,062	$10,038	$10,393
2/28/2015	$10,050	$10,039	$10,022	$10,295
3/31/2015	$10,047	$10,034	$10,017	$10,343
4/30/2015	$10,038	$10,031	$10,011	$10,306
5/31/2015	$10,022	$10,013	$9,994	$10,281
6/30/2015	$10,032	$10,033	$9,995	$10,169
7/31/2015	$10,055	$10,064	$10,010	$10,240
8/31/2015	$10,059	$10,075	$10,013	$10,225
9/30/2015	$10,083	$10,107	$10,029	$10,294
10/31/2015	$10,106	$10,134	$10,047	$10,296
11/30/2015	$10,098	$10,116	$10,037	$10,269
12/31/2015	$10,102	$10,115	$10,039	$10,235
1/31/2016	$10,157	$10,178	$10,075	$10,376
2/29/2016	$10,181	$10,211	$10,089	$10,450
3/31/2016	$10,159	$10,186	$10,075	$10,546
4/30/2016	$10,190	$10,211	$10,093	$10,586
5/31/2016	$10,182	$10,204	$10,088	$10,589
6/30/2016	$10,225	$10,253	$10,120	$10,779
7/31/2016	$10,255	$10,281	$10,135	$10,847
8/31/2016	$10,252	$10,269	$10,133	$10,835
9/30/2016	$10,231	$10,232	$10,115	$10,829
10/31/2016	$10,209	$10,221	$10,107	$10,746
11/30/2016	$10,038	$10,093	$10,019	$10,492
12/31/2016	$10,055	$10,122	$10,029	$10,506
1/31/2017	$10,118	$10,190	$10,064	$10,527
2/28/2017	$10,155	$10,246	$10,096	$10,598
3/31/2017	$10,159	$10,244	$10,098	$10,592
4/30/2017	$10,196	$10,276	$10,121	$10,674
5/31/2017	$10,247	$10,327	$10,154	$10,756
6/30/2017	$10,232	$10,301	$10,144	$10,745
7/31/2017	$10,269	$10,345	$10,173	$10,792
8/31/2017	$10,306	$10,386	$10,202	$10,888
9/30/2017	$10,284	$10,352	$10,188	$10,836
10/31/2017	$10,282	$10,350	$10,187	$10,843
11/30/2017	$10,221	$10,264	$10,146	$10,829
12/31/2017	$10,246	$10,285	$10,158	$10,879
1/31/2018	$10,232	$10,299	$10,164	$10,753
2/28/2018	$10,231	$10,302	$10,165	$10,651
3/31/2018	$10,231	$10,295	$10,163	$10,720
4/30/2018	$10,220	$10,270	$10,154	$10,640
5/31/2018	$10,274	$10,326	$10,190	$10,716
6/30/2018	$10,295	$10,364	$10,212	$10,703
7/31/2018	$10,316	$10,395	$10,232	$10,705
8/31/2018	$10,326	$10,391	$10,238	$10,774
9/30/2018	$10,302	$10,353	$10,219	$10,705
10/31/2018	$10,285	$10,348	$10,214	$10,620
11/30/2018	$10,329	$10,400	$10,247	$10,683
12/31/2018	$10,379	$10,467	$10,284	$10,880
1/31/2019	$10,429	$10,525	$10,323	$10,995
2/28/2019	$10,469	$10,559	$10,346	$10,989
3/31/2019	$10,534	$10,606	$10,385	$11,200
4/30/2019	$10,559	$10,608	$10,395	$11,203
5/31/2019	$10,631	$10,677	$10,441	$11,402
6/30/2019	$10,676	$10,724	$10,471	$11,545
7/31/2019	$10,728	$10,783	$10,510	$11,570
8/31/2019	$10,800	$10,813	$10,539	$11,870
9/30/2019	$10,750	$10,759	$10,516	$11,807
10/31/2019	$10,774	$10,804	$10,537	$11,842
11/30/2019	$10,798	$10,827	$10,554	$11,836
12/31/2019	$10,822	$10,850	$10,565	$11,828
1/31/2020	$10,913	$10,923	$10,615	$12,056
2/29/2020	$10,978	$10,961	$10,646	$12,273
3/31/2020	$10,646	$10,805	$10,510	$12,201
4/30/2020	$10,587	$10,819	$10,491	$12,417
5/31/2020	$10,746	$11,019	$10,603	$12,475
6/30/2020	$10,842	$11,042	$10,647	$12,554
7/31/2020	$10,940	$11,108	$10,695	$12,741
8/31/2020	$10,953	$11,106	$10,700	$12,638
9/30/2020	$10,952	$11,119	$10,706	$12,632
10/31/2020	$10,950	$11,102	$10,700	$12,575
11/30/2020	$11,010	$11,135	$10,733	$12,699
12/31/2020	$11,056	$11,156	$10,754	$12,716
1/31/2021	$11,116	$11,182	$10,778	$12,625
2/28/2021	$11,038	$11,138	$10,744	$12,443
3/31/2021	$11,062	$11,165	$10,755	$12,287
4/30/2021	$11,107	$11,190	$10,776	$12,384
5/31/2021	$11,117	$11,193	$10,785	$12,425
6/30/2021	$11,134	$11,194	$10,787	$12,512
7/31/2021	$11,171	$11,231	$10,807	$12,652
8/31/2021	$11,152	$11,227	$10,800	$12,628
9/30/2021	$11,112	$11,202	$10,775	$12,518
10/31/2021	$11,092	$11,187	$10,765	$12,515
11/30/2021	$11,116	$11,193	$10,775	$12,552
12/31/2021	$11,117	$11,197	$10,773	$12,520
1/31/2022	$10,951	$11,025	$10,670	$12,250
2/28/2022	$10,904	$10,996	$10,644	$12,114
3/31/2022	$10,745	$10,824	$10,540	$11,777
4/30/2022	$10,621	$10,720	$10,466	$11,330
5/31/2022	$10,688	$10,844	$10,525	$11,403
6/30/2022	$10,644	$10,833	$10,504	$11,224
7/31/2022	$10,748	$10,951	$10,582	$11,498
8/31/2022	$10,649	$10,814	$10,506	$11,174
9/30/2022	$10,495	$10,629	$10,402	$10,691
10/31/2022	$10,483	$10,628	$10,397	$10,552
11/30/2022	$10,635	$10,825	$10,525	$10,940
12/31/2022	$10,668	$10,842	$10,544	$10,891
1/31/2023	$10,785	$10,986	$10,643	$11,226
2/28/2023	$10,676	$10,830	$10,567	$10,936
3/31/2023	$10,788	$10,990	$10,661	$11,214
4/30/2023	$10,772	$10,943	$10,652	$11,282
5/31/2023	$10,744	$10,885	$10,634	$11,159
6/30/2023	$10,797	$10,950	$10,682	$11,119
7/31/2023	$10,821	$10,976	$10,707	$11,111
8/31/2023	$10,810	$10,951	$10,708	$11,040
9/30/2023	$10,757	$10,847	$10,655	$10,760
10/31/2023	$10,762	$10,860	$10,665	$10,590
11/30/2023	$10,928	$11,124	$10,838	$11,069
12/31/2023	$11,030	$11,230	$10,925	$11,493
1/31/2024	$11,035	$11,209	$10,935	$11,462
2/29/2024	$11,070	$11,222	$10,956	$11,300
3/31/2024	$11,083	$11,208	$10,968	$11,404
4/30/2024	$11,068	$11,169	$10,958	$11,116
5/31/2024	$11,081	$11,160	$10,972	$11,304
6/30/2024	$11,162	$11,247	$11,043	$11,412
7/31/2024	$11,241	$11,342	$11,113	$11,678
8/31/2024	$11,315	$11,450	$11,187	$11,846
9/30/2024	$11,389	$11,508	$11,235	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	5.88%	1.16%	1.31%
Bloomberg Municipal Bond Short 1-5 Year Index	6.09%	1.35%	1.41%
Lipper Short Duration Municipal Debt Funds Average	5.44%	1.33%	1.17%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,561,231,464
# of Portfolio Holdings	277
Portfolio Turnover Rate	66%
Total Advisory Fees Paid	$5,141,439

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A23.84%
• A-9.35%
• A+13.90%
• AA10.21%
• AA-5.98%
• AA+5.72%
• AAA4.03%
• B0.05%
• BB0.48%
• BB-0.49%
• BB+0.89%
• BBB4.31%
• BBB-7.01%
• BBB+7.46%
• NR6.28%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

LISDX 

Lord Abbett Short Duration Tax Free Income Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-2077-I

11/24

Class A 

LASMX 

Lord Abbett Sustainable Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Sustainable Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$66	0.63%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.30%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Education and Local General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Housing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
1/20/2022	$9,775	$10,000	$10,000
1/31/2022	$9,637	$9,873	$9,992
2/28/2022	$9,598	$9,842	$9,880
3/31/2022	$9,305	$9,580	$9,606
4/30/2022	$9,032	$9,379	$9,241
5/31/2022	$9,132	$9,511	$9,301
6/30/2022	$8,967	$9,432	$9,155
7/31/2022	$9,187	$9,642	$9,379
8/31/2022	$9,044	$9,475	$9,114
9/30/2022	$8,714	$9,188	$8,720
10/31/2022	$8,672	$9,153	$8,607
11/30/2022	$8,999	$9,473	$8,924
12/31/2022	$9,037	$9,518	$8,883
1/31/2023	$9,276	$9,732	$9,157
2/28/2023	$9,078	$9,549	$8,920
3/31/2023	$9,238	$9,734	$9,146
4/30/2023	$9,249	$9,707	$9,202
5/31/2023	$9,169	$9,621	$9,102
6/30/2023	$9,261	$9,694	$9,069
7/31/2023	$9,283	$9,732	$9,063
8/31/2023	$9,215	$9,634	$9,005
9/30/2023	$9,026	$9,417	$8,776
10/31/2023	$8,938	$9,379	$8,638
11/30/2023	$9,350	$9,832	$9,029
12/31/2023	$9,549	$10,018	$9,374
1/31/2024	$9,563	$9,980	$9,349
2/29/2024	$9,588	$9,990	$9,217
3/31/2024	$9,602	$9,989	$9,302
4/30/2024	$9,514	$9,887	$9,067
5/31/2024	$9,508	$9,828	$9,220
6/30/2024	$9,628	$9,955	$9,308
7/31/2024	$9,706	$10,043	$9,525
8/31/2024	$9,774	$10,132	$9,662
9/30/2024	$9,865	$10,215	$9,791

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	Since Inception 1/20/22
Class A at NAV	9.30%	0.34%
Class A with sales charge	6.89%	(0.50%)
Bloomberg 1-15 Year Municipal Bond Index	8.47%	0.79%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	(0.78%)

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$5,689,525
# of Portfolio Holdings	40
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A21.51%
• A+13.18%
• AA7.32%
• AA-2.86%
• AA+2.53%
• AAA6.98%
• BB7.63%
• BB+2.14%
• BBB4.81%
• BBB-21.95%
• BBB+3.34%
• NR5.75%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LASMX 

Lord Abbett Sustainable Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-9264-A

11/24

Class C 

LCSBX 

Lord Abbett Sustainable Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Sustainable Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$132	1.27%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 8.60%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Education and Local General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Housing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
1/20/2022	$10,000	$10,000	$10,000
1/31/2022	$9,860	$9,873	$9,992
2/28/2022	$9,809	$9,842	$9,880
3/31/2022	$9,501	$9,580	$9,606
4/30/2022	$9,216	$9,379	$9,241
5/31/2022	$9,312	$9,511	$9,301
6/30/2022	$9,138	$9,432	$9,155
7/31/2022	$9,355	$9,642	$9,379
8/31/2022	$9,203	$9,475	$9,114
9/30/2022	$8,862	$9,188	$8,720
10/31/2022	$8,813	$9,153	$8,607
11/30/2022	$9,139	$9,473	$8,924
12/31/2022	$9,172	$9,518	$8,883
1/31/2023	$9,408	$9,732	$9,157
2/28/2023	$9,202	$9,549	$8,920
3/31/2023	$9,358	$9,734	$9,146
4/30/2023	$9,362	$9,707	$9,202
5/31/2023	$9,275	$9,621	$9,102
6/30/2023	$9,372	$9,694	$9,069
7/31/2023	$9,379	$9,732	$9,063
8/31/2023	$9,304	$9,634	$9,005
9/30/2023	$9,107	$9,417	$8,776
10/31/2023	$9,013	$9,379	$8,638
11/30/2023	$9,424	$9,832	$9,029
12/31/2023	$9,619	$10,018	$9,374
1/31/2024	$9,628	$9,980	$9,349
2/29/2024	$9,648	$9,990	$9,217
3/31/2024	$9,657	$9,989	$9,302
4/30/2024	$9,564	$9,887	$9,067
5/31/2024	$9,553	$9,828	$9,220
6/30/2024	$9,668	$9,955	$9,308
7/31/2024	$9,741	$10,043	$9,525
8/31/2024	$9,804	$10,132	$9,662
9/30/2024	$9,890	$10,215	$9,791

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	Since Inception 1/20/22
Class C at NAV	8.60%	(0.41%)
Class C with sales charge	7.60%	(0.41%)
Bloomberg 1-15 Year Municipal Bond Index	8.47%	0.79%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	(0.78%)

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$5,689,525
# of Portfolio Holdings	40
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A21.51%
• A+13.18%
• AA7.32%
• AA-2.86%
• AA+2.53%
• AAA6.98%
• BB7.63%
• BB+2.14%
• BBB4.81%
• BBB-21.95%
• BBB+3.34%
• NR5.75%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

LCSBX 

Lord Abbett Sustainable Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-9265-C

11/24

Class F 

LSMFX 

Lord Abbett Sustainable Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Sustainable Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$55	0.53%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.41%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Education and Local General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Housing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
1/20/2022	$10,000	$10,000	$10,000
1/31/2022	$9,870	$9,873	$9,992
2/28/2022	$9,819	$9,842	$9,880
3/31/2022	$9,522	$9,580	$9,606
4/30/2022	$9,243	$9,379	$9,241
5/31/2022	$9,346	$9,511	$9,301
6/30/2022	$9,178	$9,432	$9,155
7/31/2022	$9,404	$9,642	$9,379
8/31/2022	$9,258	$9,475	$9,114
9/30/2022	$8,922	$9,188	$8,720
10/31/2022	$8,879	$9,153	$8,607
11/30/2022	$9,215	$9,473	$8,924
12/31/2022	$9,255	$9,518	$8,883
1/31/2023	$9,500	$9,732	$9,157
2/28/2023	$9,298	$9,549	$8,920
3/31/2023	$9,463	$9,734	$9,146
4/30/2023	$9,475	$9,707	$9,202
5/31/2023	$9,393	$9,621	$9,102
6/30/2023	$9,488	$9,694	$9,069
7/31/2023	$9,512	$9,732	$9,063
8/31/2023	$9,443	$9,634	$9,005
9/30/2023	$9,250	$9,417	$8,776
10/31/2023	$9,160	$9,379	$8,638
11/30/2023	$9,584	$9,832	$9,029
12/31/2023	$9,788	$10,018	$9,374
1/31/2024	$9,804	$9,980	$9,349
2/29/2024	$9,830	$9,990	$9,217
3/31/2024	$9,845	$9,989	$9,302
4/30/2024	$9,756	$9,887	$9,067
5/31/2024	$9,751	$9,828	$9,220
6/30/2024	$9,875	$9,955	$9,308
7/31/2024	$9,956	$10,043	$9,525
8/31/2024	$10,026	$10,132	$9,662
9/30/2024	$10,121	$10,215	$9,791

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	Since Inception 1/20/22
Class F at NAV	9.41%	0.45%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	0.79%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	(0.78%)

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$5,689,525
# of Portfolio Holdings	40
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A21.51%
• A+13.18%
• AA7.32%
• AA-2.86%
• AA+2.53%
• AAA6.98%
• BB7.63%
• BB+2.14%
• BBB4.81%
• BBB-21.95%
• BBB+3.34%
• NR5.75%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LSMFX 

Lord Abbett Sustainable Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-9266-F

11/24

Class F3 

LSMOX 

Lord Abbett Sustainable Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Sustainable Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$42	0.40%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.56%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Education and Local General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Housing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
1/20/2022	$10,000	$10,000	$10,000
1/31/2022	$9,870	$9,873	$9,992
2/28/2022	$9,819	$9,842	$9,880
3/31/2022	$9,525	$9,580	$9,606
4/30/2022	$9,248	$9,379	$9,241
5/31/2022	$9,352	$9,511	$9,301
6/30/2022	$9,185	$9,432	$9,155
7/31/2022	$9,411	$9,642	$9,379
8/31/2022	$9,267	$9,475	$9,114
9/30/2022	$8,931	$9,188	$8,720
10/31/2022	$8,890	$9,153	$8,607
11/30/2022	$9,226	$9,473	$8,924
12/31/2022	$9,268	$9,518	$8,883
1/31/2023	$9,515	$9,732	$9,157
2/28/2023	$9,313	$9,549	$8,920
3/31/2023	$9,479	$9,734	$9,146
4/30/2023	$9,492	$9,707	$9,202
5/31/2023	$9,412	$9,621	$9,102
6/30/2023	$9,508	$9,694	$9,069
7/31/2023	$9,533	$9,732	$9,063
8/31/2023	$9,465	$9,634	$9,005
9/30/2023	$9,272	$9,417	$8,776
10/31/2023	$9,184	$9,379	$8,638
11/30/2023	$9,610	$9,832	$9,029
12/31/2023	$9,816	$10,018	$9,374
1/31/2024	$9,832	$9,980	$9,349
2/29/2024	$9,860	$9,990	$9,217
3/31/2024	$9,876	$9,989	$9,302
4/30/2024	$9,787	$9,887	$9,067
5/31/2024	$9,783	$9,828	$9,220
6/30/2024	$9,909	$9,955	$9,308
7/31/2024	$9,991	$10,043	$9,525
8/31/2024	$10,063	$10,132	$9,662
9/30/2024	$10,159	$10,215	$9,791

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	Since Inception 1/20/22
Class F3 at NAV	9.56%	0.59%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	0.79%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	(0.78%)

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$5,689,525
# of Portfolio Holdings	40
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A21.51%
• A+13.18%
• AA7.32%
• AA-2.86%
• AA+2.53%
• AAA6.98%
• BB7.63%
• BB+2.14%
• BBB4.81%
• BBB-21.95%
• BBB+3.34%
• NR5.75%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LSMOX 

Lord Abbett Sustainable Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-9267-F3

11/24

Class I 

LISMX 

Lord Abbett Sustainable Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Sustainable Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$45	0.43%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.52%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 8.47% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg 1-15 Year Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Education and Local General Obligation sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Housing sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg 1-15 Year Municipal Bond Index	Bloomberg Aggregate Bond Index
1/20/2022	$10,000	$10,000	$10,000
1/31/2022	$9,870	$9,873	$9,992
2/28/2022	$9,819	$9,842	$9,880
3/31/2022	$9,524	$9,580	$9,606
4/30/2022	$9,246	$9,379	$9,241
5/31/2022	$9,350	$9,511	$9,301
6/30/2022	$9,183	$9,432	$9,155
7/31/2022	$9,409	$9,642	$9,379
8/31/2022	$9,264	$9,475	$9,114
9/30/2022	$8,929	$9,188	$8,720
10/31/2022	$8,887	$9,153	$8,607
11/30/2022	$9,223	$9,473	$8,924
12/31/2022	$9,264	$9,518	$8,883
1/31/2023	$9,510	$9,732	$9,157
2/28/2023	$9,309	$9,549	$8,920
3/31/2023	$9,475	$9,734	$9,146
4/30/2023	$9,487	$9,707	$9,202
5/31/2023	$9,407	$9,621	$9,102
6/30/2023	$9,502	$9,694	$9,069
7/31/2023	$9,527	$9,732	$9,063
8/31/2023	$9,459	$9,634	$9,005
9/30/2023	$9,266	$9,417	$8,776
10/31/2023	$9,177	$9,379	$8,638
11/30/2023	$9,603	$9,832	$9,029
12/31/2023	$9,808	$10,018	$9,374
1/31/2024	$9,824	$9,980	$9,349
2/29/2024	$9,851	$9,990	$9,217
3/31/2024	$9,867	$9,989	$9,302
4/30/2024	$9,779	$9,887	$9,067
5/31/2024	$9,774	$9,828	$9,220
6/30/2024	$9,900	$9,955	$9,308
7/31/2024	$9,981	$10,043	$9,525
8/31/2024	$10,053	$10,132	$9,662
9/30/2024	$10,148	$10,215	$9,791

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	Since Inception 1/20/22
Class I at NAV	9.52%	0.55%
Bloomberg 1-15 Year Municipal Bond Index	8.47%	0.79%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	(0.78%)

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$5,689,525
# of Portfolio Holdings	40
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A21.51%
• A+13.18%
• AA7.32%
• AA-2.86%
• AA+2.53%
• AAA6.98%
• BB7.63%
• BB+2.14%
• BBB4.81%
• BBB-21.95%
• BBB+3.34%
• NR5.75%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

LISMX 

Lord Abbett Sustainable Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-9268-I

11/24

Class A 

LANYX 

Lord Abbett New York Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$83	0.78%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.96%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Education and Special Tax sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Special Tax, Leasing and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond Index	Lipper New York Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$9,774	$10,000	$10,000	$10,000
10/31/2014	$9,843	$10,069	$10,063	$10,098
11/30/2014	$9,850	$10,086	$10,078	$10,170
12/31/2014	$9,911	$10,137	$10,146	$10,179
1/31/2015	$10,104	$10,316	$10,328	$10,393
2/28/2015	$9,990	$10,210	$10,222	$10,295
3/31/2015	$10,016	$10,240	$10,250	$10,343
4/30/2015	$9,945	$10,186	$10,189	$10,306
5/31/2015	$9,953	$10,158	$10,181	$10,281
6/30/2015	$9,899	$10,148	$10,139	$10,169
7/31/2015	$9,951	$10,222	$10,204	$10,240
8/31/2015	$9,977	$10,242	$10,234	$10,225
9/30/2015	$10,048	$10,316	$10,294	$10,294
10/31/2015	$10,100	$10,357	$10,336	$10,296
11/30/2015	$10,144	$10,398	$10,385	$10,269
12/31/2015	$10,232	$10,472	$10,465	$10,235
1/31/2016	$10,366	$10,596	$10,565	$10,376
2/29/2016	$10,373	$10,613	$10,572	$10,450
3/31/2016	$10,415	$10,647	$10,624	$10,546
4/30/2016	$10,512	$10,725	$10,705	$10,586
5/31/2016	$10,563	$10,754	$10,758	$10,589
6/30/2016	$10,761	$10,925	$10,960	$10,779
7/31/2016	$10,766	$10,932	$10,946	$10,847
8/31/2016	$10,807	$10,947	$10,975	$10,835
9/30/2016	$10,756	$10,892	$10,929	$10,829
10/31/2016	$10,621	$10,778	$10,813	$10,746
11/30/2016	$10,191	$10,376	$10,416	$10,492
12/31/2016	$10,288	$10,497	$10,512	$10,506
1/31/2017	$10,367	$10,567	$10,561	$10,527
2/28/2017	$10,428	$10,640	$10,626	$10,598
3/31/2017	$10,442	$10,663	$10,661	$10,592
4/30/2017	$10,530	$10,740	$10,742	$10,674
5/31/2017	$10,684	$10,911	$10,891	$10,756
6/30/2017	$10,651	$10,872	$10,870	$10,745
7/31/2017	$10,720	$10,960	$10,929	$10,792
8/31/2017	$10,796	$11,043	$10,996	$10,888
9/30/2017	$10,722	$10,987	$10,944	$10,836
10/31/2017	$10,706	$11,014	$10,938	$10,843
11/30/2017	$10,643	$10,955	$10,884	$10,829
12/31/2017	$10,769	$11,069	$10,996	$10,879
1/31/2018	$10,648	$10,939	$10,891	$10,753
2/28/2018	$10,595	$10,906	$10,849	$10,651
3/31/2018	$10,664	$10,947	$10,903	$10,720
4/30/2018	$10,629	$10,908	$10,868	$10,640
5/31/2018	$10,757	$11,033	$11,002	$10,716
6/30/2018	$10,779	$11,042	$11,017	$10,703
7/31/2018	$10,782	$11,069	$11,033	$10,705
8/31/2018	$10,824	$11,097	$11,059	$10,774
9/30/2018	$10,760	$11,025	$10,986	$10,705
10/31/2018	$10,667	$10,957	$10,895	$10,620
11/30/2018	$10,759	$11,079	$10,982	$10,683
12/31/2018	$10,874	$11,211	$11,095	$10,880
1/31/2019	$10,946	$11,296	$11,163	$10,995
2/28/2019	$11,031	$11,357	$11,235	$10,989
3/31/2019	$11,242	$11,536	$11,432	$11,200
4/30/2019	$11,305	$11,579	$11,485	$11,203
5/31/2019	$11,476	$11,739	$11,647	$11,402
6/30/2019	$11,520	$11,782	$11,684	$11,545
7/31/2019	$11,602	$11,877	$11,763	$11,570
8/31/2019	$11,823	$12,065	$11,976	$11,870
9/30/2019	$11,726	$11,968	$11,891	$11,807
10/31/2019	$11,709	$11,989	$11,876	$11,842
11/30/2019	$11,722	$12,019	$11,901	$11,836
12/31/2019	$11,764	$12,056	$11,933	$11,828
1/31/2020	$12,017	$12,273	$12,158	$12,056
2/29/2020	$12,221	$12,431	$12,347	$12,273
3/31/2020	$11,479	$11,980	$11,716	$12,201
4/30/2020	$11,139	$11,830	$11,408	$12,417
5/31/2020	$11,535	$12,206	$11,781	$12,475
6/30/2020	$11,781	$12,307	$11,959	$12,554
7/31/2020	$11,976	$12,514	$12,151	$12,741
8/31/2020	$11,917	$12,455	$12,095	$12,638
9/30/2020	$11,869	$12,458	$12,060	$12,632
10/31/2020	$11,861	$12,420	$12,036	$12,575
11/30/2020	$12,139	$12,608	$12,288	$12,699
12/31/2020	$12,298	$12,685	$12,419	$12,716
1/31/2021	$12,453	$12,765	$12,541	$12,625
2/28/2021	$12,220	$12,563	$12,333	$12,443
3/31/2021	$12,314	$12,640	$12,423	$12,287
4/30/2021	$12,491	$12,746	$12,572	$12,384
5/31/2021	$12,596	$12,784	$12,679	$12,425
6/30/2021	$12,670	$12,819	$12,750	$12,512
7/31/2021	$12,775	$12,925	$12,849	$12,652
8/31/2021	$12,703	$12,878	$12,781	$12,628
9/30/2021	$12,569	$12,785	$12,668	$12,518
10/31/2021	$12,539	$12,748	$12,656	$12,515
11/30/2021	$12,697	$12,856	$12,787	$12,552
12/31/2021	$12,719	$12,877	$12,810	$12,520
1/31/2022	$12,311	$12,525	$12,450	$12,250
2/28/2022	$12,208	$12,480	$12,368	$12,114
3/31/2022	$11,737	$12,075	$11,938	$11,777
4/30/2022	$11,287	$11,741	$11,540	$11,330
5/31/2022	$11,448	$11,916	$11,700	$11,403
6/30/2022	$11,092	$11,720	$11,386	$11,224
7/31/2022	$11,456	$12,030	$11,726	$11,498
8/31/2022	$11,130	$11,766	$11,412	$11,174
9/30/2022	$10,570	$11,315	$10,921	$10,691
10/31/2022	$10,414	$11,221	$10,773	$10,552
11/30/2022	$11,062	$11,746	$11,381	$10,940
12/31/2022	$11,035	$11,779	$11,357	$10,891
1/31/2023	$11,481	$12,117	$11,759	$11,226
2/28/2023	$11,175	$11,843	$11,466	$10,936
3/31/2023	$11,419	$12,106	$11,699	$11,214
4/30/2023	$11,435	$12,079	$11,710	$11,282
5/31/2023	$11,365	$11,974	$11,644	$11,159
6/30/2023	$11,513	$12,094	$11,760	$11,119
7/31/2023	$11,541	$12,142	$11,786	$11,111
8/31/2023	$11,362	$11,967	$11,602	$11,040
9/30/2023	$10,985	$11,616	$11,226	$10,760
10/31/2023	$10,762	$11,517	$11,018	$10,590
11/30/2023	$11,564	$12,249	$11,838	$11,069
12/31/2023	$11,937	$12,533	$12,186	$11,493
1/31/2024	$11,934	$12,469	$12,178	$11,462
2/29/2024	$11,954	$12,485	$12,190	$11,300
3/31/2024	$11,962	$12,485	$12,194	$11,404
4/30/2024	$11,815	$12,330	$12,044	$11,116
5/31/2024	$11,801	$12,294	$12,053	$11,304
6/30/2024	$12,012	$12,482	$12,275	$11,412
7/31/2024	$12,111	$12,596	$12,378	$11,678
8/31/2024	$12,177	$12,696	$12,455	$11,846
9/30/2024	$12,300	$12,821	$12,586	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class A at NAV	11.96%	0.96%	2.33%
Class A with sales charge	9.44%	0.50%	2.09%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New York Municipal Debt Funds Average	12.11%	1.14%	2.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$570,555,933
# of Portfolio Holdings	306
Portfolio Turnover Rate	18%
Total Advisory Fees Paid	$2,228,010

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A6.04%
• A-8.36%
• A+2.63%
• AA13.76%
• AA-5.81%
• AA+15.61%
• AAA8.80%
• B0.30%
• B-0.74%
• B+0.92%
• BB1.53%
• BB-0.32%
• BB+0.55%
• BBB7.38%
• BBB-13.62%
• BBB+7.48%
• CCC+0.33%
• NR5.82%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

LANYX 

Lord Abbett New York Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-7-A

11/24

Class C 

NYLAX 

Lord Abbett New York Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$147	1.39%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 11.29%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Education and Special Tax sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Special Tax, Leasing and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg Municipal Bond Index	Lipper New York Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,066	$10,069	$10,063	$10,098
11/30/2014	$10,077	$10,086	$10,078	$10,170
12/31/2014	$10,134	$10,137	$10,146	$10,179
1/31/2015	$10,326	$10,316	$10,328	$10,393
2/28/2015	$10,204	$10,210	$10,222	$10,295
3/31/2015	$10,216	$10,240	$10,250	$10,343
4/30/2015	$10,146	$10,186	$10,189	$10,306
5/31/2015	$10,140	$10,158	$10,181	$10,281
6/30/2015	$10,088	$10,148	$10,139	$10,169
7/31/2015	$10,127	$10,222	$10,204	$10,240
8/31/2015	$10,148	$10,242	$10,234	$10,225
9/30/2015	$10,223	$10,316	$10,294	$10,294
10/31/2015	$10,262	$10,357	$10,336	$10,296
11/30/2015	$10,311	$10,398	$10,385	$10,269
12/31/2015	$10,385	$10,472	$10,465	$10,235
1/31/2016	$10,515	$10,596	$10,565	$10,376
2/29/2016	$10,526	$10,613	$10,572	$10,450
3/31/2016	$10,564	$10,647	$10,624	$10,546
4/30/2016	$10,656	$10,725	$10,705	$10,586
5/31/2016	$10,702	$10,754	$10,758	$10,589
6/30/2016	$10,887	$10,925	$10,960	$10,779
7/31/2016	$10,896	$10,932	$10,946	$10,847
8/31/2016	$10,922	$10,947	$10,975	$10,835
9/30/2016	$10,874	$10,892	$10,929	$10,829
10/31/2016	$10,732	$10,778	$10,813	$10,746
11/30/2016	$10,291	$10,376	$10,416	$10,492
12/31/2016	$10,374	$10,497	$10,512	$10,506
1/31/2017	$10,458	$10,567	$10,561	$10,527
2/28/2017	$10,515	$10,640	$10,626	$10,598
3/31/2017	$10,523	$10,663	$10,661	$10,592
4/30/2017	$10,597	$10,740	$10,742	$10,674
5/31/2017	$10,746	$10,911	$10,891	$10,756
6/30/2017	$10,716	$10,872	$10,870	$10,745
7/31/2017	$10,780	$10,960	$10,929	$10,792
8/31/2017	$10,842	$11,043	$10,996	$10,888
9/30/2017	$10,771	$10,987	$10,944	$10,836
10/31/2017	$10,749	$11,014	$10,938	$10,843
11/30/2017	$10,680	$10,955	$10,884	$10,829
12/31/2017	$10,792	$11,069	$10,996	$10,879
1/31/2018	$10,674	$10,939	$10,891	$10,753
2/28/2018	$10,616	$10,906	$10,849	$10,651
3/31/2018	$10,680	$10,947	$10,903	$10,720
4/30/2018	$10,629	$10,908	$10,868	$10,640
5/31/2018	$10,761	$11,033	$11,002	$10,716
6/30/2018	$10,769	$11,042	$11,017	$10,703
7/31/2018	$10,766	$11,069	$11,033	$10,705
8/31/2018	$10,812	$11,097	$11,059	$10,774
9/30/2018	$10,733	$11,025	$10,986	$10,705
10/31/2018	$10,644	$10,957	$10,895	$10,620
11/30/2018	$10,730	$11,079	$10,982	$10,683
12/31/2018	$10,829	$11,211	$11,095	$10,880
1/31/2019	$10,896	$11,296	$11,163	$10,995
2/28/2019	$10,985	$11,357	$11,235	$10,989
3/31/2019	$11,180	$11,536	$11,432	$11,200
4/30/2019	$11,247	$11,579	$11,485	$11,203
5/31/2019	$11,402	$11,739	$11,647	$11,402
6/30/2019	$11,439	$11,782	$11,684	$11,545
7/31/2019	$11,515	$11,877	$11,763	$11,570
8/31/2019	$11,729	$12,065	$11,976	$11,870
9/30/2019	$11,627	$11,968	$11,891	$11,807
10/31/2019	$11,613	$11,989	$11,876	$11,842
11/30/2019	$11,619	$12,019	$11,901	$11,836
12/31/2019	$11,655	$12,056	$11,933	$11,828
1/31/2020	$11,889	$12,273	$12,158	$12,056
2/29/2020	$12,085	$12,431	$12,347	$12,273
3/31/2020	$11,344	$11,980	$11,716	$12,201
4/30/2020	$11,011	$11,830	$11,408	$12,417
5/31/2020	$11,387	$12,206	$11,781	$12,475
6/30/2020	$11,624	$12,307	$11,959	$12,554
7/31/2020	$11,820	$12,514	$12,151	$12,741
8/31/2020	$11,746	$12,455	$12,095	$12,638
9/30/2020	$11,701	$12,458	$12,060	$12,632
10/31/2020	$11,687	$12,420	$12,036	$12,575
11/30/2020	$11,955	$12,608	$12,288	$12,699
12/31/2020	$12,094	$12,685	$12,419	$12,716
1/31/2021	$12,241	$12,765	$12,541	$12,625
2/28/2021	$12,015	$12,563	$12,333	$12,443
3/31/2021	$12,091	$12,640	$12,423	$12,287
4/30/2021	$12,259	$12,746	$12,572	$12,384
5/31/2021	$12,355	$12,784	$12,679	$12,425
6/30/2021	$12,431	$12,819	$12,750	$12,512
7/31/2021	$12,527	$12,925	$12,849	$12,652
8/31/2021	$12,440	$12,878	$12,781	$12,628
9/30/2021	$12,302	$12,785	$12,668	$12,518
10/31/2021	$12,276	$12,748	$12,656	$12,515
11/30/2021	$12,414	$12,856	$12,787	$12,552
12/31/2021	$12,428	$12,877	$12,810	$12,520
1/31/2022	$12,032	$12,525	$12,450	$12,250
2/28/2022	$11,926	$12,480	$12,368	$12,114
3/31/2022	$11,449	$12,075	$11,938	$11,777
4/30/2022	$11,014	$11,741	$11,540	$11,330
5/31/2022	$11,155	$11,916	$11,700	$11,403
6/30/2022	$10,802	$11,720	$11,386	$11,224
7/31/2022	$11,151	$12,030	$11,726	$11,498
8/31/2022	$10,827	$11,766	$11,412	$11,174
9/30/2022	$10,286	$11,315	$10,921	$10,691
10/31/2022	$10,129	$11,221	$10,773	$10,552
11/30/2022	$10,744	$11,746	$11,381	$10,940
12/31/2022	$10,722	$11,779	$11,357	$10,891
1/31/2023	$11,150	$12,117	$11,759	$11,226
2/28/2023	$10,848	$11,843	$11,466	$10,936
3/31/2023	$11,078	$12,106	$11,699	$11,214
4/30/2023	$11,089	$12,079	$11,710	$11,282
5/31/2023	$11,015	$11,974	$11,644	$11,159
6/30/2023	$11,153	$12,094	$11,760	$11,119
7/31/2023	$11,174	$12,142	$11,786	$11,111
8/31/2023	$10,994	$11,967	$11,602	$11,040
9/30/2023	$10,625	$11,616	$11,226	$10,760
10/31/2023	$10,403	$11,517	$11,018	$10,590
11/30/2023	$11,173	$12,249	$11,838	$11,069
12/31/2023	$11,517	$12,533	$12,186	$11,493
1/31/2024	$11,509	$12,469	$12,178	$11,462
2/29/2024	$11,522	$12,485	$12,190	$11,300
3/31/2024	$11,524	$12,485	$12,194	$11,404
4/30/2024	$11,387	$12,330	$12,044	$11,116
5/31/2024	$11,367	$12,294	$12,053	$11,304
6/30/2024	$11,554	$12,482	$12,275	$11,412
7/31/2024	$11,644	$12,596	$12,378	$11,678
8/31/2024	$11,701	$12,696	$12,455	$11,846
9/30/2024	$11,825	$12,821	$12,586	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class C at NAV	11.29%	0.34%	1.69%
Class C with sales charge	10.29%	0.34%	1.69%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New York Municipal Debt Funds Average	12.11%	1.14%	2.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$570,555,933
# of Portfolio Holdings	306
Portfolio Turnover Rate	18%
Total Advisory Fees Paid	$2,228,010

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A6.04%
• A-8.36%
• A+2.63%
• AA13.76%
• AA-5.81%
• AA+15.61%
• AAA8.80%
• B0.30%
• B-0.74%
• B+0.92%
• BB1.53%
• BB-0.32%
• BB+0.55%
• BBB7.38%
• BBB-13.62%
• BBB+7.48%
• CCC+0.33%
• NR5.82%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

NYLAX 

Lord Abbett New York Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-671-C

11/24

Class F 

LNYFX 

Lord Abbett New York Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$72	0.68%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.07%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Education and Special Tax sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Special Tax, Leasing and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond Index	Lipper New York Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,072	$10,069	$10,063	$10,098
11/30/2014	$10,080	$10,086	$10,078	$10,170
12/31/2014	$10,152	$10,137	$10,146	$10,179
1/31/2015	$10,341	$10,316	$10,328	$10,393
2/28/2015	$10,226	$10,210	$10,222	$10,295
3/31/2015	$10,253	$10,240	$10,250	$10,343
4/30/2015	$10,189	$10,186	$10,189	$10,306
5/31/2015	$10,190	$10,158	$10,181	$10,281
6/30/2015	$10,135	$10,148	$10,139	$10,169
7/31/2015	$10,190	$10,222	$10,204	$10,240
8/31/2015	$10,217	$10,242	$10,234	$10,225
9/30/2015	$10,290	$10,316	$10,294	$10,294
10/31/2015	$10,345	$10,357	$10,336	$10,296
11/30/2015	$10,390	$10,398	$10,385	$10,269
12/31/2015	$10,481	$10,472	$10,465	$10,235
1/31/2016	$10,619	$10,596	$10,565	$10,376
2/29/2016	$10,627	$10,613	$10,572	$10,450
3/31/2016	$10,681	$10,647	$10,624	$10,546
4/30/2016	$10,771	$10,725	$10,705	$10,586
5/31/2016	$10,824	$10,754	$10,758	$10,589
6/30/2016	$11,028	$10,925	$10,960	$10,779
7/31/2016	$11,034	$10,932	$10,946	$10,847
8/31/2016	$11,077	$10,947	$10,975	$10,835
9/30/2016	$11,025	$10,892	$10,929	$10,829
10/31/2016	$10,898	$10,778	$10,813	$10,746
11/30/2016	$10,449	$10,376	$10,416	$10,492
12/31/2016	$10,549	$10,497	$10,512	$10,506
1/31/2017	$10,631	$10,567	$10,561	$10,527
2/28/2017	$10,694	$10,640	$10,626	$10,598
3/31/2017	$10,709	$10,663	$10,661	$10,592
4/30/2017	$10,801	$10,740	$10,742	$10,674
5/31/2017	$10,959	$10,911	$10,891	$10,756
6/30/2017	$10,926	$10,872	$10,870	$10,745
7/31/2017	$10,998	$10,960	$10,929	$10,792
8/31/2017	$11,077	$11,043	$10,996	$10,888
9/30/2017	$11,002	$10,987	$10,944	$10,836
10/31/2017	$10,986	$11,014	$10,938	$10,843
11/30/2017	$10,922	$10,955	$10,884	$10,829
12/31/2017	$11,052	$11,069	$10,996	$10,879
1/31/2018	$10,929	$10,939	$10,891	$10,753
2/28/2018	$10,876	$10,906	$10,849	$10,651
3/31/2018	$10,948	$10,947	$10,903	$10,720
4/30/2018	$10,913	$10,908	$10,868	$10,640
5/31/2018	$11,045	$11,033	$11,002	$10,716
6/30/2018	$11,069	$11,042	$11,017	$10,703
7/31/2018	$11,073	$11,069	$11,033	$10,705
8/31/2018	$11,117	$11,097	$11,059	$10,774
9/30/2018	$11,052	$11,025	$10,986	$10,705
10/31/2018	$10,957	$10,957	$10,895	$10,620
11/30/2018	$11,053	$11,079	$10,982	$10,683
12/31/2018	$11,171	$11,211	$11,095	$10,880
1/31/2019	$11,246	$11,296	$11,163	$10,995
2/28/2019	$11,335	$11,357	$11,235	$10,989
3/31/2019	$11,552	$11,536	$11,432	$11,200
4/30/2019	$11,618	$11,579	$11,485	$11,203
5/31/2019	$11,795	$11,739	$11,647	$11,402
6/30/2019	$11,840	$11,782	$11,684	$11,545
7/31/2019	$11,926	$11,877	$11,763	$11,570
8/31/2019	$12,154	$12,065	$11,976	$11,870
9/30/2019	$12,056	$11,968	$11,891	$11,807
10/31/2019	$12,049	$11,989	$11,876	$11,842
11/30/2019	$12,053	$12,019	$11,901	$11,836
12/31/2019	$12,097	$12,056	$11,933	$11,828
1/31/2020	$12,358	$12,273	$12,158	$12,056
2/29/2020	$12,568	$12,431	$12,347	$12,273
3/31/2020	$11,807	$11,980	$11,716	$12,201
4/30/2020	$11,459	$11,830	$11,408	$12,417
5/31/2020	$11,867	$12,206	$11,781	$12,475
6/30/2020	$12,121	$12,307	$11,959	$12,554
7/31/2020	$12,322	$12,514	$12,151	$12,741
8/31/2020	$12,263	$12,455	$12,095	$12,638
9/30/2020	$12,214	$12,458	$12,060	$12,632
10/31/2020	$12,207	$12,420	$12,036	$12,575
11/30/2020	$12,505	$12,608	$12,288	$12,699
12/31/2020	$12,658	$12,685	$12,419	$12,716
1/31/2021	$12,819	$12,765	$12,541	$12,625
2/28/2021	$12,580	$12,563	$12,333	$12,443
3/31/2021	$12,678	$12,640	$12,423	$12,287
4/30/2021	$12,862	$12,746	$12,572	$12,384
5/31/2021	$12,971	$12,784	$12,679	$12,425
6/30/2021	$13,047	$12,819	$12,750	$12,512
7/31/2021	$13,167	$12,925	$12,849	$12,652
8/31/2021	$13,084	$12,878	$12,781	$12,628
9/30/2021	$12,947	$12,785	$12,668	$12,518
10/31/2021	$12,917	$12,748	$12,656	$12,515
11/30/2021	$13,081	$12,856	$12,787	$12,552
12/31/2021	$13,104	$12,877	$12,810	$12,520
1/31/2022	$12,685	$12,525	$12,450	$12,250
2/28/2022	$12,581	$12,480	$12,368	$12,114
3/31/2022	$12,097	$12,075	$11,938	$11,777
4/30/2022	$11,634	$11,741	$11,540	$11,330
5/31/2022	$11,801	$11,916	$11,700	$11,403
6/30/2022	$11,424	$11,720	$11,386	$11,224
7/31/2022	$11,811	$12,030	$11,726	$11,498
8/31/2022	$11,465	$11,766	$11,412	$11,174
9/30/2022	$10,900	$11,315	$10,921	$10,691
10/31/2022	$10,741	$11,221	$10,773	$10,552
11/30/2022	$11,409	$11,746	$11,381	$10,940
12/31/2022	$11,383	$11,779	$11,357	$10,891
1/31/2023	$11,843	$12,117	$11,759	$11,226
2/28/2023	$11,529	$11,843	$11,466	$10,936
3/31/2023	$11,781	$12,106	$11,699	$11,214
4/30/2023	$11,799	$12,079	$11,710	$11,282
5/31/2023	$11,728	$11,974	$11,644	$11,159
6/30/2023	$11,881	$12,094	$11,760	$11,119
7/31/2023	$11,911	$12,142	$11,786	$11,111
8/31/2023	$11,727	$11,967	$11,602	$11,040
9/30/2023	$11,340	$11,616	$11,226	$10,760
10/31/2023	$11,111	$11,517	$11,018	$10,590
11/30/2023	$11,939	$12,249	$11,838	$11,069
12/31/2023	$12,325	$12,533	$12,186	$11,493
1/31/2024	$12,322	$12,469	$12,178	$11,462
2/29/2024	$12,344	$12,485	$12,190	$11,300
3/31/2024	$12,354	$12,485	$12,194	$11,404
4/30/2024	$12,203	$12,330	$12,044	$11,116
5/31/2024	$12,189	$12,294	$12,053	$11,304
6/30/2024	$12,408	$12,482	$12,275	$11,412
7/31/2024	$12,511	$12,596	$12,378	$11,678
8/31/2024	$12,581	$12,696	$12,455	$11,846
9/30/2024	$12,708	$12,821	$12,586	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class F at NAV	12.07%	1.06%	2.43%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New York Municipal Debt Funds Average	12.11%	1.14%	2.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$570,555,933
# of Portfolio Holdings	306
Portfolio Turnover Rate	18%
Total Advisory Fees Paid	$2,228,010

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A6.04%
• A-8.36%
• A+2.63%
• AA13.76%
• AA-5.81%
• AA+15.61%
• AAA8.80%
• B0.30%
• B-0.74%
• B+0.92%
• BB1.53%
• BB-0.32%
• BB+0.55%
• BBB7.38%
• BBB-13.62%
• BBB+7.48%
• CCC+0.33%
• NR5.82%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

LNYFX 

Lord Abbett New York Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-1036-F

11/24

Class F3 

LONYX 

Lord Abbett New York Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$57	0.54%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.33%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Education and Special Tax sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Special Tax, Leasing and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond Index	Lipper New York Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,065	$10,060	$10,059	$10,051
5/31/2017	$10,214	$10,219	$10,199	$10,128
6/30/2017	$10,193	$10,183	$10,179	$10,118
7/31/2017	$10,261	$10,265	$10,234	$10,162
8/31/2017	$10,336	$10,343	$10,297	$10,253
9/30/2017	$10,267	$10,291	$10,248	$10,204
10/31/2017	$10,253	$10,316	$10,243	$10,210
11/30/2017	$10,194	$10,260	$10,192	$10,197
12/31/2017	$10,316	$10,368	$10,297	$10,244
1/31/2018	$10,202	$10,246	$10,199	$10,126
2/28/2018	$10,153	$10,215	$10,159	$10,030
3/31/2018	$10,222	$10,253	$10,210	$10,094
4/30/2018	$10,190	$10,216	$10,177	$10,019
5/31/2018	$10,315	$10,333	$10,302	$10,091
6/30/2018	$10,329	$10,342	$10,317	$10,078
7/31/2018	$10,343	$10,367	$10,331	$10,080
8/31/2018	$10,386	$10,394	$10,356	$10,145
9/30/2018	$10,317	$10,326	$10,287	$10,080
10/31/2018	$10,239	$10,263	$10,202	$10,000
11/30/2018	$10,329	$10,376	$10,284	$10,060
12/31/2018	$10,432	$10,501	$10,390	$10,245
1/31/2019	$10,513	$10,580	$10,453	$10,354
2/28/2019	$10,596	$10,637	$10,521	$10,348
3/31/2019	$10,791	$10,805	$10,705	$10,546
4/30/2019	$10,863	$10,845	$10,755	$10,549
5/31/2019	$11,020	$10,995	$10,906	$10,736
6/30/2019	$11,064	$11,035	$10,941	$10,871
7/31/2019	$11,155	$11,124	$11,015	$10,895
8/31/2019	$11,369	$11,300	$11,215	$11,177
9/30/2019	$11,278	$11,209	$11,135	$11,118
10/31/2019	$11,263	$11,229	$11,121	$11,151
11/30/2019	$11,278	$11,257	$11,144	$11,146
12/31/2019	$11,321	$11,292	$11,174	$11,138
1/31/2020	$11,566	$11,495	$11,385	$11,352
2/29/2020	$11,764	$11,643	$11,562	$11,557
3/31/2020	$11,052	$11,221	$10,971	$11,489
4/30/2020	$10,728	$11,080	$10,683	$11,693
5/31/2020	$11,111	$11,432	$11,032	$11,747
6/30/2020	$11,350	$11,526	$11,199	$11,821
7/31/2020	$11,540	$11,720	$11,378	$11,998
8/31/2020	$11,486	$11,665	$11,326	$11,901
9/30/2020	$11,441	$11,668	$11,293	$11,894
10/31/2020	$11,436	$11,633	$11,271	$11,841
11/30/2020	$11,706	$11,808	$11,507	$11,958
12/31/2020	$11,861	$11,880	$11,629	$11,974
1/31/2021	$12,013	$11,956	$11,744	$11,888
2/28/2021	$11,791	$11,766	$11,549	$11,716
3/31/2021	$11,874	$11,839	$11,633	$11,570
4/30/2021	$12,047	$11,938	$11,773	$11,662
5/31/2021	$12,150	$11,974	$11,873	$11,700
6/30/2021	$12,234	$12,007	$11,939	$11,782
7/31/2021	$12,337	$12,106	$12,032	$11,914
8/31/2021	$12,260	$12,062	$11,968	$11,891
9/30/2021	$12,144	$11,975	$11,863	$11,788
10/31/2021	$12,117	$11,940	$11,851	$11,785
11/30/2021	$12,261	$12,041	$11,974	$11,820
12/31/2021	$12,285	$12,061	$11,996	$11,789
1/31/2022	$11,903	$11,731	$11,658	$11,535
2/28/2022	$11,806	$11,688	$11,582	$11,407
3/31/2022	$11,343	$11,310	$11,179	$11,090
4/30/2022	$10,921	$10,997	$10,806	$10,669
5/31/2022	$11,068	$11,160	$10,956	$10,738
6/30/2022	$10,726	$10,977	$10,662	$10,569
7/31/2022	$11,080	$11,267	$10,980	$10,828
8/31/2022	$10,767	$11,020	$10,686	$10,522
9/30/2022	$10,238	$10,597	$10,227	$10,067
10/31/2022	$10,079	$10,509	$10,088	$9,937
11/30/2022	$10,708	$11,001	$10,657	$10,302
12/31/2022	$10,684	$11,032	$10,635	$10,256
1/31/2023	$11,128	$11,349	$11,011	$10,571
2/28/2023	$10,834	$11,093	$10,737	$10,298
3/31/2023	$11,072	$11,339	$10,955	$10,559
4/30/2023	$11,090	$11,313	$10,965	$10,623
5/31/2023	$11,014	$11,215	$10,904	$10,508
6/30/2023	$11,170	$11,327	$11,012	$10,470
7/31/2023	$11,200	$11,372	$11,037	$10,463
8/31/2023	$11,028	$11,208	$10,864	$10,396
9/30/2023	$10,654	$10,880	$10,512	$10,132
10/31/2023	$10,440	$10,787	$10,317	$9,972
11/30/2023	$11,231	$11,472	$11,085	$10,424
12/31/2023	$11,584	$11,739	$11,411	$10,823
1/31/2024	$11,584	$11,679	$11,404	$10,793
2/29/2024	$11,605	$11,694	$11,415	$10,640
3/31/2024	$11,616	$11,693	$11,419	$10,739
4/30/2024	$11,475	$11,548	$11,278	$10,467
5/31/2024	$11,474	$11,515	$11,287	$10,645
6/30/2024	$11,670	$11,691	$11,495	$10,746
7/31/2024	$11,769	$11,798	$11,591	$10,997
8/31/2024	$11,836	$11,891	$11,663	$11,155
9/30/2024	$11,969	$12,008	$11,786	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	12.33%	1.20%	2.43%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.47%
Lipper New York Municipal Debt Funds Average	12.11%	1.14%	2.22%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$570,555,933
# of Portfolio Holdings	306
Portfolio Turnover Rate	18%
Total Advisory Fees Paid	$2,228,010

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A6.04%
• A-8.36%
• A+2.63%
• AA13.76%
• AA-5.81%
• AA+15.61%
• AAA8.80%
• B0.30%
• B-0.74%
• B+0.92%
• BB1.53%
• BB-0.32%
• BB+0.55%
• BBB7.38%
• BBB-13.62%
• BBB+7.48%
• CCC+0.33%
• NR5.82%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

LONYX 

Lord Abbett New York Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8990-F3

11/24

Class I 

NYLIX 

Lord Abbett New York Tax Free Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$62	0.58%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 12.29%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 10.37% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: The Fund’s longer duration positioning contributed to relative performance with the fall in rates over the period. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Education and Special Tax sectors contributed to relative performance.

Top detractors from the Fund’s performance: Security selection within the Special Tax, Leasing and Education sectors detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond Index	Lipper New York Municipal Debt Funds Average	Bloomberg Aggregate Bond Index
9/30/2014	$10,000	$10,000	$10,000	$10,000
10/31/2014	$10,073	$10,069	$10,063	$10,098
11/30/2014	$10,091	$10,086	$10,078	$10,170
12/31/2014	$10,155	$10,137	$10,146	$10,179
1/31/2015	$10,354	$10,316	$10,328	$10,393
2/28/2015	$10,239	$10,210	$10,222	$10,295
3/31/2015	$10,258	$10,240	$10,250	$10,343
4/30/2015	$10,196	$10,186	$10,189	$10,306
5/31/2015	$10,197	$10,158	$10,181	$10,281
6/30/2015	$10,152	$10,148	$10,139	$10,169
7/31/2015	$10,199	$10,222	$10,204	$10,240
8/31/2015	$10,227	$10,242	$10,234	$10,225
9/30/2015	$10,310	$10,316	$10,294	$10,294
10/31/2015	$10,356	$10,357	$10,336	$10,296
11/30/2015	$10,412	$10,398	$10,385	$10,269
12/31/2015	$10,495	$10,472	$10,465	$10,235
1/31/2016	$10,634	$10,596	$10,565	$10,376
2/29/2016	$10,652	$10,613	$10,572	$10,450
3/31/2016	$10,697	$10,647	$10,624	$10,546
4/30/2016	$10,798	$10,725	$10,705	$10,586
5/31/2016	$10,852	$10,754	$10,758	$10,589
6/30/2016	$11,057	$10,925	$10,960	$10,779
7/31/2016	$11,064	$10,932	$10,946	$10,847
8/31/2016	$11,108	$10,947	$10,975	$10,835
9/30/2016	$11,057	$10,892	$10,929	$10,829
10/31/2016	$10,921	$10,778	$10,813	$10,746
11/30/2016	$10,481	$10,376	$10,416	$10,492
12/31/2016	$10,572	$10,497	$10,512	$10,506
1/31/2017	$10,665	$10,567	$10,561	$10,527
2/28/2017	$10,730	$10,640	$10,626	$10,598
3/31/2017	$10,746	$10,663	$10,661	$10,592
4/30/2017	$10,829	$10,740	$10,742	$10,674
5/31/2017	$10,989	$10,911	$10,891	$10,756
6/30/2017	$10,966	$10,872	$10,870	$10,745
7/31/2017	$11,039	$10,960	$10,929	$10,792
8/31/2017	$11,110	$11,043	$10,996	$10,888
9/30/2017	$11,045	$10,987	$10,944	$10,836
10/31/2017	$11,030	$11,014	$10,938	$10,843
11/30/2017	$10,967	$10,955	$10,884	$10,829
12/31/2017	$11,099	$11,069	$10,996	$10,879
1/31/2018	$10,976	$10,939	$10,891	$10,753
2/28/2018	$10,923	$10,906	$10,849	$10,651
3/31/2018	$10,996	$10,947	$10,903	$10,720
4/30/2018	$10,962	$10,908	$10,868	$10,640
5/31/2018	$11,095	$11,033	$11,002	$10,716
6/30/2018	$11,110	$11,042	$11,017	$10,703
7/31/2018	$11,125	$11,069	$11,033	$10,705
8/31/2018	$11,171	$11,097	$11,059	$10,774
9/30/2018	$11,097	$11,025	$10,986	$10,705
10/31/2018	$11,012	$10,957	$10,895	$10,620
11/30/2018	$11,109	$11,079	$10,982	$10,683
12/31/2018	$11,219	$11,211	$11,095	$10,880
1/31/2019	$11,305	$11,296	$11,163	$10,995
2/28/2019	$11,395	$11,357	$11,235	$10,989
3/31/2019	$11,604	$11,536	$11,432	$11,200
4/30/2019	$11,681	$11,579	$11,485	$11,203
5/31/2019	$11,850	$11,739	$11,647	$11,402
6/30/2019	$11,897	$11,782	$11,684	$11,545
7/31/2019	$11,995	$11,877	$11,763	$11,570
8/31/2019	$12,225	$12,065	$11,976	$11,870
9/30/2019	$12,127	$11,968	$11,891	$11,807
10/31/2019	$12,111	$11,989	$11,876	$11,842
11/30/2019	$12,126	$12,019	$11,901	$11,836
12/31/2019	$12,172	$12,056	$11,933	$11,828
1/31/2020	$12,435	$12,273	$12,158	$12,056
2/29/2020	$12,648	$12,431	$12,347	$12,273
3/31/2020	$11,883	$11,980	$11,716	$12,201
4/30/2020	$11,533	$11,830	$11,408	$12,417
5/31/2020	$11,945	$12,206	$11,781	$12,475
6/30/2020	$12,201	$12,307	$11,959	$12,554
7/31/2020	$12,405	$12,514	$12,151	$12,741
8/31/2020	$12,346	$12,455	$12,095	$12,638
9/30/2020	$12,298	$12,458	$12,060	$12,632
10/31/2020	$12,292	$12,420	$12,036	$12,575
11/30/2020	$12,582	$12,608	$12,288	$12,699
12/31/2020	$12,748	$12,685	$12,419	$12,716
1/31/2021	$12,911	$12,765	$12,541	$12,625
2/28/2021	$12,672	$12,563	$12,333	$12,443
3/31/2021	$12,761	$12,640	$12,423	$12,287
4/30/2021	$12,946	$12,746	$12,572	$12,384
5/31/2021	$13,068	$12,784	$12,679	$12,425
6/30/2021	$13,146	$12,819	$12,750	$12,512
7/31/2021	$13,258	$12,925	$12,849	$12,652
8/31/2021	$13,185	$12,878	$12,781	$12,628
9/30/2021	$13,049	$12,785	$12,668	$12,518
10/31/2021	$13,019	$12,748	$12,656	$12,515
11/30/2021	$13,185	$12,856	$12,787	$12,552
12/31/2021	$13,210	$12,877	$12,810	$12,520
1/31/2022	$12,789	$12,525	$12,450	$12,250
2/28/2022	$12,685	$12,480	$12,368	$12,114
3/31/2022	$12,198	$12,075	$11,938	$11,777
4/30/2022	$11,733	$11,741	$11,540	$11,330
5/31/2022	$11,891	$11,916	$11,700	$11,403
6/30/2022	$11,523	$11,720	$11,386	$11,224
7/31/2022	$11,903	$12,030	$11,726	$11,498
8/31/2022	$11,566	$11,766	$11,412	$11,174
9/30/2022	$10,997	$11,315	$10,921	$10,691
10/31/2022	$10,826	$11,221	$10,773	$10,552
11/30/2022	$11,501	$11,746	$11,381	$10,940
12/31/2022	$11,475	$11,779	$11,357	$10,891
1/31/2023	$11,952	$12,117	$11,759	$11,226
2/28/2023	$11,636	$11,843	$11,466	$10,936
3/31/2023	$11,891	$12,106	$11,699	$11,214
4/30/2023	$11,911	$12,079	$11,710	$11,282
5/31/2023	$11,828	$11,974	$11,644	$11,159
6/30/2023	$11,996	$12,094	$11,760	$11,119
7/31/2023	$12,027	$12,142	$11,786	$11,111
8/31/2023	$11,842	$11,967	$11,602	$11,040
9/30/2023	$11,441	$11,616	$11,226	$10,760
10/31/2023	$11,210	$11,517	$11,018	$10,590
11/30/2023	$12,059	$12,249	$11,838	$11,069
12/31/2023	$12,438	$12,533	$12,186	$11,493
1/31/2024	$12,437	$12,469	$12,178	$11,462
2/29/2024	$12,460	$12,485	$12,190	$11,300
3/31/2024	$12,470	$12,485	$12,194	$11,404
4/30/2024	$12,319	$12,330	$12,044	$11,116
5/31/2024	$12,318	$12,294	$12,053	$11,304
6/30/2024	$12,528	$12,482	$12,275	$11,412
7/31/2024	$12,634	$12,596	$12,378	$11,678
8/31/2024	$12,705	$12,696	$12,455	$11,846
9/30/2024	$12,847	$12,821	$12,586	$12,004

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Class I at NAV	12.29%	1.16%	2.54%
Bloomberg Municipal Bond Index	10.37%	1.39%	2.52%
Lipper New York Municipal Debt Funds Average	12.11%	1.14%	2.33%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.84%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$570,555,933
# of Portfolio Holdings	306
Portfolio Turnover Rate	18%
Total Advisory Fees Paid	$2,228,010

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A6.04%
• A-8.36%
• A+2.63%
• AA13.76%
• AA-5.81%
• AA+15.61%
• AAA8.80%
• B0.30%
• B-0.74%
• B+0.92%
• BB1.53%
• BB-0.32%
• BB+0.55%
• BBB7.38%
• BBB-13.62%
• BBB+7.48%
• CCC+0.33%
• NR5.82%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

NYLIX 

Lord Abbett New York Tax Free Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3328-I

11/24

Class A 

SDHAX 

Lord Abbett Short Duration High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$68	0.65%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 8.74%, reflecting performance at the net asset value (NAV) of Class A shares, compared to the 6.93% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond 1-8 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care sector contributed to relative performance. Security selection within the Local General Obligation and Health Care sectors contributed to relative performance.

Top detractors from the Fund’s performance: While the Fund’s overall sector allocation led to a positive impact, an overweight allocation to the Industrial Development sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg Municipal Bond 1-8 Year Index	Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	Bloomberg Aggregate Bond Index
6/15/2015	$9,773	$10,000	$10,000	$10,000
6/30/2015	$9,737	$10,025	$9,884	$10,015
7/31/2015	$9,751	$10,067	$9,804	$10,084
8/31/2015	$9,779	$10,078	$9,812	$10,070
9/30/2015	$9,842	$10,128	$9,920	$10,138
10/31/2015	$9,931	$10,166	$9,969	$10,140
11/30/2015	$9,965	$10,159	$9,968	$10,113
12/31/2015	$10,020	$10,174	$9,941	$10,080
1/31/2016	$10,090	$10,265	$9,962	$10,219
2/29/2016	$10,126	$10,295	$10,011	$10,291
3/31/2016	$10,161	$10,271	$10,012	$10,386
4/30/2016	$10,230	$10,311	$10,038	$10,426
5/31/2016	$10,252	$10,300	$10,054	$10,428
6/30/2016	$10,354	$10,371	$10,192	$10,616
7/31/2016	$10,397	$10,400	$10,220	$10,683
8/31/2016	$10,431	$10,391	$10,242	$10,670
9/30/2016	$10,425	$10,360	$10,214	$10,664
10/31/2016	$10,373	$10,328	$10,169	$10,583
11/30/2016	$9,992	$10,121	$9,702	$10,332
12/31/2016	$10,000	$10,165	$9,700	$10,347
1/31/2017	$10,112	$10,243	$9,764	$10,367
2/28/2017	$10,170	$10,309	$9,810	$10,437
3/31/2017	$10,207	$10,312	$9,815	$10,431
4/30/2017	$10,291	$10,365	$9,922	$10,512
5/31/2017	$10,369	$10,446	$9,980	$10,593
6/30/2017	$10,385	$10,413	$9,975	$10,582
7/31/2017	$10,449	$10,472	$10,034	$10,628
8/31/2017	$10,554	$10,525	$10,128	$10,723
9/30/2017	$10,536	$10,473	$10,070	$10,672
10/31/2017	$10,524	$10,474	$10,092	$10,678
11/30/2017	$10,492	$10,376	$10,021	$10,664
12/31/2017	$10,531	$10,416	$10,019	$10,713
1/31/2018	$10,540	$10,400	$10,052	$10,590
2/28/2018	$10,537	$10,386	$10,041	$10,490
3/31/2018	$10,573	$10,384	$10,046	$10,557
4/30/2018	$10,555	$10,353	$10,120	$10,478
5/31/2018	$10,628	$10,431	$10,225	$10,553
6/30/2018	$10,659	$10,464	$10,276	$10,540
7/31/2018	$10,697	$10,499	$10,330	$10,543
8/31/2018	$10,735	$10,498	$10,361	$10,610
9/30/2018	$10,703	$10,451	$10,325	$10,542
10/31/2018	$10,664	$10,438	$10,323	$10,459
11/30/2018	$10,697	$10,510	$10,384	$10,521
12/31/2018	$10,752	$10,597	$10,461	$10,715
1/31/2019	$10,807	$10,677	$10,542	$10,828
2/28/2019	$10,892	$10,721	$10,591	$10,822
3/31/2019	$11,019	$10,787	$10,679	$11,030
4/30/2019	$11,060	$10,792	$10,698	$11,033
5/31/2019	$11,180	$10,889	$10,795	$11,229
6/30/2019	$11,236	$10,939	$10,850	$11,370
7/31/2019	$11,306	$11,014	$10,922	$11,395
8/31/2019	$11,448	$11,071	$11,004	$11,690
9/30/2019	$11,409	$10,997	$10,959	$11,628
10/31/2019	$11,428	$11,042	$11,004	$11,663
11/30/2019	$11,461	$11,066	$11,040	$11,657
12/31/2019	$11,510	$11,095	$11,087	$11,649
1/31/2020	$11,689	$11,206	$11,220	$11,873
2/29/2020	$11,832	$11,264	$11,312	$12,086
3/31/2020	$10,867	$11,025	$10,849	$12,015
4/30/2020	$10,692	$11,020	$10,775	$12,229
5/31/2020	$10,910	$11,274	$10,993	$12,286
6/30/2020	$11,197	$11,313	$11,103	$12,363
7/31/2020	$11,364	$11,417	$11,240	$12,548
8/31/2020	$11,390	$11,410	$11,260	$12,447
9/30/2020	$11,395	$11,424	$11,283	$12,440
10/31/2020	$11,391	$11,403	$11,285	$12,384
11/30/2020	$11,583	$11,463	$11,372	$12,506
12/31/2020	$11,758	$11,496	$11,483	$12,523
1/31/2021	$11,970	$11,530	$11,573	$12,433
2/28/2021	$11,872	$11,444	$11,509	$12,254
3/31/2021	$11,930	$11,482	$11,569	$12,101
4/30/2021	$12,042	$11,522	$11,638	$12,196
5/31/2021	$12,107	$11,525	$11,681	$12,236
6/30/2021	$12,188	$11,527	$11,732	$12,322
7/31/2021	$12,282	$11,585	$11,806	$12,460
8/31/2021	$12,253	$11,577	$11,812	$12,436
9/30/2021	$12,163	$11,534	$11,779	$12,328
10/31/2021	$12,126	$11,507	$11,767	$12,325
11/30/2021	$12,213	$11,526	$11,807	$12,361
12/31/2021	$12,238	$11,537	$11,833	$12,330
1/31/2022	$11,946	$11,314	$11,643	$12,064
2/28/2022	$11,857	$11,280	$11,617	$11,930
3/31/2022	$11,499	$11,060	$11,415	$11,598
4/30/2022	$11,229	$10,913	$11,265	$11,158
5/31/2022	$11,276	$11,055	$11,368	$11,230
6/30/2022	$11,083	$11,028	$11,318	$11,054
7/31/2022	$11,304	$11,195	$11,489	$11,324
8/31/2022	$11,182	$11,035	$11,351	$11,004
9/30/2022	$10,843	$10,787	$11,081	$10,529
10/31/2022	$10,754	$10,772	$11,069	$10,392
11/30/2022	$11,060	$11,027	$11,322	$10,774
12/31/2022	$11,100	$11,062	$11,360	$10,726
1/31/2023	$11,330	$11,249	$11,561	$11,056
2/28/2023	$11,213	$11,064	$11,415	$10,770
3/31/2023	$11,286	$11,248	$11,565	$11,043
4/30/2023	$11,295	$11,202	$11,561	$11,110
5/31/2023	$11,225	$11,119	$11,501	$10,989
6/30/2023	$11,349	$11,190	$11,587	$10,950
7/31/2023	$11,392	$11,223	$11,641	$10,943
8/31/2023	$11,347	$11,166	$11,597	$10,873
9/30/2023	$11,197	$11,011	$11,467	$10,596
10/31/2023	$11,097	$11,005	$11,437	$10,429
11/30/2023	$11,396	$11,363	$11,791	$10,901
12/31/2023	$11,565	$11,513	$11,956	$11,319
1/31/2024	$11,620	$11,483	$11,954	$11,288
2/29/2024	$11,683	$11,493	$11,991	$11,128
3/31/2024	$11,746	$11,480	$12,020	$11,231
4/30/2024	$11,718	$11,406	$11,982	$10,947
5/31/2024	$11,766	$11,360	$11,976	$11,133
6/30/2024	$11,880	$11,467	$12,107	$11,238
7/31/2024	$11,961	$11,574	$12,210	$11,501
8/31/2024	$12,052	$11,702	$12,354	$11,666
9/30/2024	$12,176	$11,775	$12,430	$11,822

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 6/15/15
Class A at NAV	8.74%	1.31%	2.39%
Class A with sales charge	6.28%	0.85%	2.14%
Bloomberg Municipal Bond 1-8 Year Index	6.93%	1.38%	1.77%
Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	8.40%	2.55%	2.37%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.82%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,521,124,171
# of Portfolio Holdings	399
Portfolio Turnover Rate	38%
Total Advisory Fees Paid	$3,808,830

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.98%
• A-3.14%
• A+6.31%
• AA1.50%
• AA-1.83%
• AA+0.95%
• AAA1.04%
• B1.10%
• B-0.68%
• B+4.20%
• BB5.39%
• BB-7.06%
• BB+7.99%
• BBB5.96%
• BBB-9.91%
• BBB+6.72%
• CCC+0.63%
• NR31.61%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A 

SDHAX 

Lord Abbett Short Duration High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3385-A

11/24

Class C 

SDHCX 

Lord Abbett Short Duration High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$131	1.26%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 8.08%, reflecting performance at the net asset value (NAV) of Class C shares, compared to the 6.93% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond 1-8 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care sector contributed to relative performance. Security selection within the Local General Obligation and Health Care sectors contributed to relative performance.

Top detractors from the Fund’s performance: While the Fund’s overall sector allocation led to a positive impact, an overweight allocation to the Industrial Development sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C	Bloomberg Municipal Bond 1-8 Year Index	Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	Bloomberg Aggregate Bond Index
6/15/2015	$10,000	$10,000	$10,000	$10,000
6/30/2015	$9,959	$10,025	$9,884	$10,015
7/31/2015	$9,966	$10,067	$9,804	$10,084
8/31/2015	$9,987	$10,078	$9,812	$10,070
9/30/2015	$10,045	$10,128	$9,920	$10,138
10/31/2015	$10,129	$10,166	$9,969	$10,140
11/30/2015	$10,157	$10,159	$9,968	$10,113
12/31/2015	$10,206	$10,174	$9,941	$10,080
1/31/2016	$10,270	$10,265	$9,962	$10,219
2/29/2016	$10,307	$10,295	$10,011	$10,291
3/31/2016	$10,330	$10,271	$10,012	$10,386
4/30/2016	$10,400	$10,311	$10,038	$10,426
5/31/2016	$10,415	$10,300	$10,054	$10,428
6/30/2016	$10,512	$10,371	$10,192	$10,616
7/31/2016	$10,549	$10,400	$10,220	$10,683
8/31/2016	$10,570	$10,391	$10,242	$10,670
9/30/2016	$10,558	$10,360	$10,214	$10,664
10/31/2016	$10,498	$10,328	$10,169	$10,583
11/30/2016	$10,106	$10,121	$9,702	$10,332
12/31/2016	$10,108	$10,165	$9,700	$10,347
1/31/2017	$10,214	$10,243	$9,764	$10,367
2/28/2017	$10,267	$10,309	$9,810	$10,437
3/31/2017	$10,298	$10,312	$9,815	$10,431
4/30/2017	$10,377	$10,365	$9,922	$10,512
5/31/2017	$10,448	$10,446	$9,980	$10,593
6/30/2017	$10,459	$10,413	$9,975	$10,582
7/31/2017	$10,517	$10,472	$10,034	$10,628
8/31/2017	$10,616	$10,525	$10,128	$10,723
9/30/2017	$10,592	$10,473	$10,070	$10,672
10/31/2017	$10,573	$10,474	$10,092	$10,678
11/30/2017	$10,535	$10,376	$10,021	$10,664
12/31/2017	$10,568	$10,416	$10,019	$10,713
1/31/2018	$10,571	$10,400	$10,052	$10,590
2/28/2018	$10,569	$10,386	$10,041	$10,490
3/31/2018	$10,593	$10,384	$10,046	$10,557
4/30/2018	$10,569	$10,353	$10,120	$10,478
5/31/2018	$10,636	$10,431	$10,225	$10,553
6/30/2018	$10,668	$10,464	$10,276	$10,540
7/31/2018	$10,694	$10,499	$10,330	$10,543
8/31/2018	$10,726	$10,498	$10,361	$10,610
9/30/2018	$10,695	$10,451	$10,325	$10,542
10/31/2018	$10,651	$10,438	$10,323	$10,459
11/30/2018	$10,671	$10,510	$10,384	$10,521
12/31/2018	$10,719	$10,597	$10,461	$10,715
1/31/2019	$10,775	$10,677	$10,542	$10,828
2/28/2019	$10,847	$10,721	$10,591	$10,822
3/31/2019	$10,968	$10,787	$10,679	$11,030
4/30/2019	$11,010	$10,792	$10,698	$11,033
5/31/2019	$11,116	$10,889	$10,795	$11,229
6/30/2019	$11,166	$10,939	$10,850	$11,370
7/31/2019	$11,229	$11,014	$10,922	$11,395
8/31/2019	$11,364	$11,071	$11,004	$11,690
9/30/2019	$11,326	$10,997	$10,959	$11,628
10/31/2019	$11,331	$11,042	$11,004	$11,663
11/30/2019	$11,358	$11,066	$11,040	$11,657
12/31/2019	$11,400	$11,095	$11,087	$11,649
1/31/2020	$11,579	$11,206	$11,220	$11,873
2/29/2020	$11,706	$11,264	$11,312	$12,086
3/31/2020	$10,753	$11,025	$10,849	$12,015
4/30/2020	$10,574	$11,020	$10,775	$12,229
5/31/2020	$10,776	$11,274	$10,993	$12,286
6/30/2020	$11,054	$11,313	$11,103	$12,363
7/31/2020	$11,213	$11,417	$11,240	$12,548
8/31/2020	$11,232	$11,410	$11,260	$12,447
9/30/2020	$11,230	$11,424	$11,283	$12,440
10/31/2020	$11,228	$11,403	$11,285	$12,384
11/30/2020	$11,403	$11,463	$11,372	$12,506
12/31/2020	$11,568	$11,496	$11,483	$12,523
1/31/2021	$11,771	$11,530	$11,573	$12,433
2/28/2021	$11,669	$11,444	$11,509	$12,254
3/31/2021	$11,727	$11,482	$11,569	$12,101
4/30/2021	$11,823	$11,522	$11,638	$12,196
5/31/2021	$11,880	$11,525	$11,681	$12,236
6/30/2021	$11,952	$11,527	$11,732	$12,322
7/31/2021	$12,037	$11,585	$11,806	$12,460
8/31/2021	$12,002	$11,577	$11,812	$12,436
9/30/2021	$11,907	$11,534	$11,779	$12,328
10/31/2021	$11,864	$11,507	$11,767	$12,325
11/30/2021	$11,942	$11,526	$11,807	$12,361
12/31/2021	$11,959	$11,537	$11,833	$12,330
1/31/2022	$11,667	$11,314	$11,643	$12,064
2/28/2022	$11,573	$11,280	$11,617	$11,930
3/31/2022	$11,217	$11,060	$11,415	$11,598
4/30/2022	$10,947	$10,913	$11,265	$11,158
5/31/2022	$10,986	$11,055	$11,368	$11,230
6/30/2022	$10,793	$11,028	$11,318	$11,054
7/31/2022	$11,001	$11,195	$11,489	$11,324
8/31/2022	$10,884	$11,035	$11,351	$11,004
9/30/2022	$10,540	$10,787	$11,081	$10,529
10/31/2022	$10,456	$10,772	$11,069	$10,392
11/30/2022	$10,747	$11,027	$11,322	$10,774
12/31/2022	$10,772	$11,062	$11,360	$10,726
1/31/2023	$10,997	$11,249	$11,561	$11,056
2/28/2023	$10,877	$11,064	$11,415	$10,770
3/31/2023	$10,934	$11,248	$11,565	$11,043
4/30/2023	$10,937	$11,202	$11,561	$11,110
5/31/2023	$10,871	$11,119	$11,501	$10,989
6/30/2023	$10,977	$11,190	$11,587	$10,950
7/31/2023	$11,013	$11,223	$11,641	$10,943
8/31/2023	$10,964	$11,166	$11,597	$10,873
9/30/2023	$10,813	$11,011	$11,467	$10,596
10/31/2023	$10,711	$11,005	$11,437	$10,429
11/30/2023	$11,002	$11,363	$11,791	$10,901
12/31/2023	$11,152	$11,513	$11,956	$11,319
1/31/2024	$11,199	$11,483	$11,954	$11,288
2/29/2024	$11,254	$11,493	$11,991	$11,128
3/31/2024	$11,317	$11,480	$12,020	$11,231
4/30/2024	$11,285	$11,406	$11,982	$10,947
5/31/2024	$11,316	$11,360	$11,976	$11,133
6/30/2024	$11,421	$11,467	$12,107	$11,238
7/31/2024	$11,493	$11,574	$12,210	$11,501
8/31/2024	$11,574	$11,702	$12,354	$11,666
9/30/2024	$11,687	$11,775	$12,430	$11,822

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 6/15/15
Class C at NAV	8.08%	0.63%	1.69%
Class C with sales charge	7.08%	0.63%	1.69%
Bloomberg Municipal Bond 1-8 Year Index	6.93%	1.38%	1.77%
Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	8.40%	2.55%	2.37%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.82%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,521,124,171
# of Portfolio Holdings	399
Portfolio Turnover Rate	38%
Total Advisory Fees Paid	$3,808,830

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.98%
• A-3.14%
• A+6.31%
• AA1.50%
• AA-1.83%
• AA+0.95%
• AAA1.04%
• B1.10%
• B-0.68%
• B+4.20%
• BB5.39%
• BB-7.06%
• BB+7.99%
• BBB5.96%
• BBB-9.91%
• BBB+6.72%
• CCC+0.63%
• NR31.61%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class C 

SDHCX 

Lord Abbett Short Duration High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3386-C

11/24

Class F 

SDHFX 

Lord Abbett Short Duration High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$57	0.55%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 8.85%, reflecting performance at the net asset value (NAV) of Class F shares, compared to the 6.93% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond 1-8 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care sector contributed to relative performance. Security selection within the Local General Obligation and Health Care sectors contributed to relative performance.

Top detractors from the Fund’s performance: While the Fund’s overall sector allocation led to a positive impact, an overweight allocation to the Industrial Development sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg Municipal Bond 1-8 Year Index	Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	Bloomberg Aggregate Bond Index
6/15/2015	$10,000	$10,000	$10,000	$10,000
6/30/2015	$9,964	$10,025	$9,884	$10,015
7/31/2015	$9,979	$10,067	$9,804	$10,084
8/31/2015	$10,008	$10,078	$9,812	$10,070
9/30/2015	$10,074	$10,128	$9,920	$10,138
10/31/2015	$10,166	$10,166	$9,969	$10,140
11/30/2015	$10,202	$10,159	$9,968	$10,113
12/31/2015	$10,259	$10,174	$9,941	$10,080
1/31/2016	$10,331	$10,265	$9,962	$10,219
2/29/2016	$10,369	$10,295	$10,011	$10,291
3/31/2016	$10,405	$10,271	$10,012	$10,386
4/30/2016	$10,477	$10,311	$10,038	$10,426
5/31/2016	$10,500	$10,300	$10,054	$10,428
6/30/2016	$10,605	$10,371	$10,192	$10,616
7/31/2016	$10,650	$10,400	$10,220	$10,683
8/31/2016	$10,686	$10,391	$10,242	$10,670
9/30/2016	$10,681	$10,360	$10,214	$10,664
10/31/2016	$10,628	$10,328	$10,169	$10,583
11/30/2016	$10,239	$10,121	$9,702	$10,332
12/31/2016	$10,248	$10,165	$9,700	$10,347
1/31/2017	$10,363	$10,243	$9,764	$10,367
2/28/2017	$10,423	$10,309	$9,810	$10,437
3/31/2017	$10,462	$10,312	$9,815	$10,431
4/30/2017	$10,549	$10,365	$9,922	$10,512
5/31/2017	$10,630	$10,446	$9,980	$10,593
6/30/2017	$10,647	$10,413	$9,975	$10,582
7/31/2017	$10,714	$10,472	$10,034	$10,628
8/31/2017	$10,822	$10,525	$10,128	$10,723
9/30/2017	$10,805	$10,473	$10,070	$10,672
10/31/2017	$10,794	$10,474	$10,092	$10,678
11/30/2017	$10,762	$10,376	$10,021	$10,664
12/31/2017	$10,802	$10,416	$10,019	$10,713
1/31/2018	$10,812	$10,400	$10,052	$10,590
2/28/2018	$10,810	$10,386	$10,041	$10,490
3/31/2018	$10,848	$10,384	$10,046	$10,557
4/30/2018	$10,831	$10,353	$10,120	$10,478
5/31/2018	$10,906	$10,431	$10,225	$10,553
6/30/2018	$10,939	$10,464	$10,276	$10,540
7/31/2018	$10,979	$10,499	$10,330	$10,543
8/31/2018	$11,019	$10,498	$10,361	$10,610
9/30/2018	$10,987	$10,451	$10,325	$10,542
10/31/2018	$10,948	$10,438	$10,323	$10,459
11/30/2018	$10,983	$10,510	$10,384	$10,521
12/31/2018	$11,040	$10,597	$10,461	$10,715
1/31/2019	$11,097	$10,677	$10,542	$10,828
2/28/2019	$11,185	$10,721	$10,591	$10,822
3/31/2019	$11,316	$10,787	$10,679	$11,030
4/30/2019	$11,359	$10,792	$10,698	$11,033
5/31/2019	$11,484	$10,889	$10,795	$11,229
6/30/2019	$11,543	$10,939	$10,850	$11,370
7/31/2019	$11,615	$11,014	$10,922	$11,395
8/31/2019	$11,762	$11,071	$11,004	$11,690
9/30/2019	$11,723	$10,997	$10,959	$11,628
10/31/2019	$11,743	$11,042	$11,004	$11,663
11/30/2019	$11,778	$11,066	$11,040	$11,657
12/31/2019	$11,829	$11,095	$11,087	$11,649
1/31/2020	$12,015	$11,206	$11,220	$11,873
2/29/2020	$12,162	$11,264	$11,312	$12,086
3/31/2020	$11,171	$11,025	$10,849	$12,015
4/30/2020	$10,992	$11,020	$10,775	$12,229
5/31/2020	$11,217	$11,274	$10,993	$12,286
6/30/2020	$11,513	$11,313	$11,103	$12,363
7/31/2020	$11,686	$11,417	$11,240	$12,548
8/31/2020	$11,706	$11,410	$11,260	$12,447
9/30/2020	$11,719	$11,424	$11,283	$12,440
10/31/2020	$11,717	$11,403	$11,285	$12,384
11/30/2020	$11,907	$11,463	$11,372	$12,506
12/31/2020	$12,095	$11,496	$11,483	$12,523
1/31/2021	$12,307	$11,530	$11,573	$12,433
2/28/2021	$12,215	$11,444	$11,509	$12,254
3/31/2021	$12,276	$11,482	$11,569	$12,101
4/30/2021	$12,384	$11,522	$11,638	$12,196
5/31/2021	$12,460	$11,525	$11,681	$12,236
6/30/2021	$12,544	$11,527	$11,732	$12,322
7/31/2021	$12,633	$11,585	$11,806	$12,460
8/31/2021	$12,612	$11,577	$11,812	$12,436
9/30/2021	$12,521	$11,534	$11,779	$12,328
10/31/2021	$12,484	$11,507	$11,767	$12,325
11/30/2021	$12,574	$11,526	$11,807	$12,361
12/31/2021	$12,593	$11,537	$11,833	$12,330
1/31/2022	$12,302	$11,314	$11,643	$12,064
2/28/2022	$12,210	$11,280	$11,617	$11,930
3/31/2022	$11,843	$11,060	$11,415	$11,598
4/30/2022	$11,566	$10,913	$11,265	$11,158
5/31/2022	$11,615	$11,055	$11,368	$11,230
6/30/2022	$11,418	$11,028	$11,318	$11,054
7/31/2022	$11,646	$11,195	$11,489	$11,324
8/31/2022	$11,530	$11,035	$11,351	$11,004
9/30/2022	$11,173	$10,787	$11,081	$10,529
10/31/2022	$11,082	$10,772	$11,069	$10,392
11/30/2022	$11,398	$11,027	$11,322	$10,774
12/31/2022	$11,441	$11,062	$11,360	$10,726
1/31/2023	$11,678	$11,249	$11,561	$11,056
2/28/2023	$11,558	$11,064	$11,415	$10,770
3/31/2023	$11,635	$11,248	$11,565	$11,043
4/30/2023	$11,645	$11,202	$11,561	$11,110
5/31/2023	$11,574	$11,119	$11,501	$10,989
6/30/2023	$11,703	$11,190	$11,587	$10,950
7/31/2023	$11,748	$11,223	$11,641	$10,943
8/31/2023	$11,702	$11,166	$11,597	$10,873
9/30/2023	$11,549	$11,011	$11,467	$10,596
10/31/2023	$11,446	$11,005	$11,437	$10,429
11/30/2023	$11,755	$11,363	$11,791	$10,901
12/31/2023	$11,931	$11,513	$11,956	$11,319
1/31/2024	$11,989	$11,483	$11,954	$11,288
2/29/2024	$12,055	$11,493	$11,991	$11,128
3/31/2024	$12,121	$11,480	$12,020	$11,231
4/30/2024	$12,093	$11,406	$11,982	$10,947
5/31/2024	$12,143	$11,360	$11,976	$11,133
6/30/2024	$12,262	$11,467	$12,107	$11,238
7/31/2024	$12,347	$11,574	$12,210	$11,501
8/31/2024	$12,441	$11,702	$12,354	$11,666
9/30/2024	$12,571	$11,775	$12,430	$11,822

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 6/15/15
Class F at NAV	8.85%	1.41%	2.49%
Bloomberg Municipal Bond 1-8 Year Index	6.93%	1.38%	1.77%
Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	8.40%	2.55%	2.37%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.82%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,521,124,171
# of Portfolio Holdings	399
Portfolio Turnover Rate	38%
Total Advisory Fees Paid	$3,808,830

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.98%
• A-3.14%
• A+6.31%
• AA1.50%
• AA-1.83%
• AA+0.95%
• AAA1.04%
• B1.10%
• B-0.68%
• B+4.20%
• BB5.39%
• BB-7.06%
• BB+7.99%
• BBB5.96%
• BBB-9.91%
• BBB+6.72%
• CCC+0.63%
• NR31.61%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F 

SDHFX 

Lord Abbett Short Duration High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3387-F

11/24

Class F3 

HYMQX 

Lord Abbett Short Duration High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$41	0.39%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 9.03%, reflecting performance at the net asset value (NAV) of Class F3 shares, compared to the 6.93% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond 1-8 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care sector contributed to relative performance. Security selection within the Local General Obligation and Health Care sectors contributed to relative performance.

Top detractors from the Fund’s performance: While the Fund’s overall sector allocation led to a positive impact, an overweight allocation to the Industrial Development sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg Municipal Bond 1-8 Year Index	Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	Bloomberg Aggregate Bond Index
4/4/2017	$10,000	$10,000	$10,000	$10,000
4/30/2017	$10,082	$10,044	$10,111	$10,051
5/31/2017	$10,160	$10,123	$10,170	$10,128
6/30/2017	$10,179	$10,091	$10,165	$10,118
7/31/2017	$10,244	$10,149	$10,225	$10,162
8/31/2017	$10,349	$10,199	$10,321	$10,253
9/30/2017	$10,333	$10,149	$10,262	$10,204
10/31/2017	$10,324	$10,150	$10,284	$10,210
11/30/2017	$10,295	$10,055	$10,212	$10,197
12/31/2017	$10,341	$10,094	$10,210	$10,244
1/31/2018	$10,345	$10,078	$10,243	$10,126
2/28/2018	$10,351	$10,065	$10,232	$10,030
3/31/2018	$10,382	$10,063	$10,237	$10,094
4/30/2018	$10,374	$10,033	$10,313	$10,019
5/31/2018	$10,440	$10,108	$10,420	$10,091
6/30/2018	$10,480	$10,140	$10,472	$10,078
7/31/2018	$10,520	$10,175	$10,527	$10,080
8/31/2018	$10,553	$10,173	$10,558	$10,145
9/30/2018	$10,531	$10,128	$10,522	$10,080
10/31/2018	$10,495	$10,115	$10,519	$10,000
11/30/2018	$10,522	$10,185	$10,582	$10,060
12/31/2018	$10,578	$10,270	$10,660	$10,245
1/31/2019	$10,641	$10,347	$10,743	$10,354
2/28/2019	$10,720	$10,389	$10,792	$10,348
3/31/2019	$10,847	$10,453	$10,882	$10,546
4/30/2019	$10,897	$10,459	$10,902	$10,549
5/31/2019	$11,011	$10,553	$11,001	$10,736
6/30/2019	$11,068	$10,601	$11,057	$10,871
7/31/2019	$11,139	$10,673	$11,130	$10,895
8/31/2019	$11,282	$10,728	$11,214	$11,177
9/30/2019	$11,253	$10,657	$11,168	$11,118
10/31/2019	$11,266	$10,701	$11,214	$11,151
11/30/2019	$11,302	$10,724	$11,250	$11,146
12/31/2019	$11,352	$10,752	$11,298	$11,138
1/31/2020	$11,539	$10,860	$11,434	$11,352
2/29/2020	$11,674	$10,916	$11,527	$11,557
3/31/2020	$10,732	$10,684	$11,056	$11,489
4/30/2020	$10,562	$10,679	$10,980	$11,693
5/31/2020	$10,772	$10,926	$11,202	$11,747
6/30/2020	$11,057	$10,963	$11,315	$11,821
7/31/2020	$11,225	$11,064	$11,454	$11,998
8/31/2020	$11,253	$11,057	$11,474	$11,901
9/30/2020	$11,260	$11,071	$11,498	$11,894
10/31/2020	$11,267	$11,051	$11,500	$11,841
11/30/2020	$11,451	$11,108	$11,589	$11,958
12/31/2020	$11,626	$11,141	$11,702	$11,974
1/31/2021	$11,839	$11,174	$11,794	$11,888
2/28/2021	$11,744	$11,090	$11,728	$11,716
3/31/2021	$11,812	$11,127	$11,789	$11,570
4/30/2021	$11,918	$11,166	$11,860	$11,662
5/31/2021	$11,985	$11,169	$11,903	$11,700
6/30/2021	$12,067	$11,171	$11,955	$11,782
7/31/2021	$12,163	$11,227	$12,031	$11,914
8/31/2021	$12,137	$11,219	$12,037	$11,891
9/30/2021	$12,051	$11,177	$12,004	$11,788
10/31/2021	$12,017	$11,152	$11,991	$11,785
11/30/2021	$12,105	$11,169	$12,032	$11,820
12/31/2021	$12,133	$11,180	$12,058	$11,789
1/31/2022	$11,847	$10,964	$11,864	$11,535
2/28/2022	$11,760	$10,931	$11,838	$11,407
3/31/2022	$11,408	$10,718	$11,632	$11,090
4/30/2022	$11,142	$10,575	$11,479	$10,669
5/31/2022	$11,191	$10,713	$11,585	$10,738
6/30/2022	$11,003	$10,687	$11,533	$10,569
7/31/2022	$11,224	$10,849	$11,708	$10,828
8/31/2022	$11,114	$10,693	$11,567	$10,522
9/30/2022	$10,771	$10,453	$11,292	$10,067
10/31/2022	$10,693	$10,439	$11,280	$9,937
11/30/2022	$10,999	$10,686	$11,538	$10,302
12/31/2022	$11,034	$10,720	$11,576	$10,256
1/31/2023	$11,273	$10,902	$11,782	$10,571
2/28/2023	$11,151	$10,722	$11,633	$10,298
3/31/2023	$11,226	$10,900	$11,786	$10,559
4/30/2023	$11,238	$10,856	$11,781	$10,623
5/31/2023	$11,171	$10,775	$11,720	$10,508
6/30/2023	$11,297	$10,844	$11,808	$10,470
7/31/2023	$11,342	$10,876	$11,863	$10,463
8/31/2023	$11,301	$10,821	$11,818	$10,396
9/30/2023	$11,154	$10,671	$11,685	$10,132
10/31/2023	$11,056	$10,664	$11,655	$9,972
11/30/2023	$11,357	$11,012	$12,016	$10,424
12/31/2023	$11,528	$11,157	$12,184	$10,823
1/31/2024	$11,586	$11,128	$12,181	$10,793
2/29/2024	$11,651	$11,138	$12,219	$10,640
3/31/2024	$11,716	$11,125	$12,249	$10,739
4/30/2024	$11,691	$11,054	$12,210	$10,467
5/31/2024	$11,741	$11,008	$12,204	$10,645
6/30/2024	$11,857	$11,113	$12,337	$10,746
7/31/2024	$11,941	$11,216	$12,442	$10,997
8/31/2024	$12,034	$11,340	$12,590	$11,155
9/30/2024	$12,160	$11,411	$12,667	$11,304

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 4/4/17
Class F3 at NAV	9.03%	1.56%	2.65%
Bloomberg Municipal Bond 1-8 Year Index	6.93%	1.38%	1.78%
Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	8.40%	2.55%	3.21%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.65%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,521,124,171
# of Portfolio Holdings	399
Portfolio Turnover Rate	38%
Total Advisory Fees Paid	$3,808,830

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.98%
• A-3.14%
• A+6.31%
• AA1.50%
• AA-1.83%
• AA+0.95%
• AAA1.04%
• B1.10%
• B-0.68%
• B+4.20%
• BB5.39%
• BB-7.06%
• BB+7.99%
• BBB5.96%
• BBB-9.91%
• BBB+6.72%
• CCC+0.63%
• NR31.61%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class F3 

HYMQX 

Lord Abbett Short Duration High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-8991-F3

11/24

Class I 

SDHIX 

Lord Abbett Short Duration High Income Municipal Bond Fund 

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2023 to September 30, 2024, as well as certain changes to the Fund. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$47	0.45%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended September 30, 2024, the Fund returned 8.96%, reflecting performance at the net asset value (NAV) of Class I shares, compared to the 6.93% of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond 1-8 Year Index. The Fund's broad-based market index, the Bloomberg Aggregate Bond Index, returned 11.57% over the same period.

Positive factors for the municipal market included decreasing Treasury yields, easing inflationary pressures and the start of interest rate cuts by the U.S. Federal Reserve. Also supporting the market was increased demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Negative factors included a significant increase in municipal bond supply, which pressured the market in second half of the fiscal year, and periods of interest rate volatility driven by sticky inflation readings at points throughout the fiscal year. Against this backdrop, municipal bonds delivered strong returns.

Top contributors to the Fund’s performance: An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. The Fund’s longer duration positioning relative to the prospectus benchmark led to a positive impact as yields fell over the period. An overweight allocation to the Health Care sector contributed to relative performance. Security selection within the Local General Obligation and Health Care sectors contributed to relative performance.

Top detractors from the Fund’s performance: While the Fund’s overall sector allocation led to a positive impact, an overweight allocation to the Industrial Development sector detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg Municipal Bond 1-8 Year Index	Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	Bloomberg Aggregate Bond Index
6/15/2015	$10,000	$10,000	$10,000	$10,000
6/30/2015	$9,964	$10,025	$9,884	$10,015
7/31/2015	$9,987	$10,067	$9,804	$10,084
8/31/2015	$10,010	$10,078	$9,812	$10,070
9/30/2015	$10,077	$10,128	$9,920	$10,138
10/31/2015	$10,169	$10,166	$9,969	$10,140
11/30/2015	$10,207	$10,159	$9,968	$10,113
12/31/2015	$10,264	$10,174	$9,941	$10,080
1/31/2016	$10,337	$10,265	$9,962	$10,219
2/29/2016	$10,383	$10,295	$10,011	$10,291
3/31/2016	$10,414	$10,271	$10,012	$10,386
4/30/2016	$10,493	$10,311	$10,038	$10,426
5/31/2016	$10,517	$10,300	$10,054	$10,428
6/30/2016	$10,623	$10,371	$10,192	$10,616
7/31/2016	$10,669	$10,400	$10,220	$10,683
8/31/2016	$10,699	$10,391	$10,242	$10,670
9/30/2016	$10,694	$10,360	$10,214	$10,664
10/31/2016	$10,643	$10,328	$10,169	$10,583
11/30/2016	$10,254	$10,121	$9,702	$10,332
12/31/2016	$10,263	$10,165	$9,700	$10,347
1/31/2017	$10,379	$10,243	$9,764	$10,367
2/28/2017	$10,441	$10,309	$9,810	$10,437
3/31/2017	$10,480	$10,312	$9,815	$10,431
4/30/2017	$10,568	$10,365	$9,922	$10,512
5/31/2017	$10,650	$10,446	$9,980	$10,593
6/30/2017	$10,668	$10,413	$9,975	$10,582
7/31/2017	$10,736	$10,472	$10,034	$10,628
8/31/2017	$10,846	$10,525	$10,128	$10,723
9/30/2017	$10,829	$10,473	$10,070	$10,672
10/31/2017	$10,818	$10,474	$10,092	$10,678
11/30/2017	$10,787	$10,376	$10,021	$10,664
12/31/2017	$10,828	$10,416	$10,019	$10,713
1/31/2018	$10,840	$10,400	$10,052	$10,590
2/28/2018	$10,845	$10,386	$10,041	$10,490
3/31/2018	$10,878	$10,384	$10,046	$10,557
4/30/2018	$10,861	$10,353	$10,120	$10,478
5/31/2018	$10,937	$10,431	$10,225	$10,553
6/30/2018	$10,978	$10,464	$10,276	$10,540
7/31/2018	$11,012	$10,499	$10,330	$10,543
8/31/2018	$11,054	$10,498	$10,361	$10,610
9/30/2018	$11,030	$10,451	$10,325	$10,542
10/31/2018	$10,991	$10,438	$10,323	$10,459
11/30/2018	$11,020	$10,510	$10,384	$10,521
12/31/2018	$11,078	$10,597	$10,461	$10,715
1/31/2019	$11,143	$10,677	$10,542	$10,828
2/28/2019	$11,225	$10,721	$10,591	$10,822
3/31/2019	$11,358	$10,787	$10,679	$11,030
4/30/2019	$11,410	$10,792	$10,698	$11,033
5/31/2019	$11,529	$10,889	$10,795	$11,229
6/30/2019	$11,588	$10,939	$10,850	$11,370
7/31/2019	$11,662	$11,014	$10,922	$11,395
8/31/2019	$11,811	$11,071	$11,004	$11,690
9/30/2019	$11,780	$10,997	$10,959	$11,628
10/31/2019	$11,793	$11,042	$11,004	$11,663
11/30/2019	$11,830	$11,066	$11,040	$11,657
12/31/2019	$11,882	$11,095	$11,087	$11,649
1/31/2020	$12,077	$11,206	$11,220	$11,873
2/29/2020	$12,218	$11,264	$11,312	$12,086
3/31/2020	$11,231	$11,025	$10,849	$12,015
4/30/2020	$11,052	$11,020	$10,775	$12,229
5/31/2020	$11,272	$11,274	$10,993	$12,286
6/30/2020	$11,570	$11,313	$11,103	$12,363
7/31/2020	$11,745	$11,417	$11,240	$12,548
8/31/2020	$11,774	$11,410	$11,260	$12,447
9/30/2020	$11,780	$11,424	$11,283	$12,440
10/31/2020	$11,787	$11,403	$11,285	$12,384
11/30/2020	$11,979	$11,463	$11,372	$12,506
12/31/2020	$12,161	$11,496	$11,483	$12,523
1/31/2021	$12,383	$11,530	$11,573	$12,433
2/28/2021	$12,284	$11,444	$11,509	$12,254
3/31/2021	$12,354	$11,482	$11,569	$12,101
4/30/2021	$12,464	$11,522	$11,638	$12,196
5/31/2021	$12,533	$11,525	$11,681	$12,236
6/30/2021	$12,619	$11,527	$11,732	$12,322
7/31/2021	$12,718	$11,585	$11,806	$12,460
8/31/2021	$12,690	$11,577	$11,812	$12,436
9/30/2021	$12,599	$11,534	$11,779	$12,328
10/31/2021	$12,563	$11,507	$11,767	$12,325
11/30/2021	$12,655	$11,526	$11,807	$12,361
12/31/2021	$12,683	$11,537	$11,833	$12,330
1/31/2022	$12,383	$11,314	$11,643	$12,064
2/28/2022	$12,292	$11,280	$11,617	$11,930
3/31/2022	$11,931	$11,060	$11,415	$11,598
4/30/2022	$11,653	$10,913	$11,265	$11,158
5/31/2022	$11,704	$11,055	$11,368	$11,230
6/30/2022	$11,498	$11,028	$11,318	$11,054
7/31/2022	$11,729	$11,195	$11,489	$11,324
8/31/2022	$11,613	$11,035	$11,351	$11,004
9/30/2022	$11,263	$10,787	$11,081	$10,529
10/31/2022	$11,172	$10,772	$11,069	$10,392
11/30/2022	$11,491	$11,027	$11,322	$10,774
12/31/2022	$11,527	$11,062	$11,360	$10,726
1/31/2023	$11,776	$11,249	$11,561	$11,056
2/28/2023	$11,656	$11,064	$11,415	$10,770
3/31/2023	$11,726	$11,248	$11,565	$11,043
4/30/2023	$11,737	$11,202	$11,561	$11,110
5/31/2023	$11,675	$11,119	$11,501	$10,989
6/30/2023	$11,797	$11,190	$11,587	$10,950
7/31/2023	$11,844	$11,223	$11,641	$10,943
8/31/2023	$11,799	$11,166	$11,597	$10,873
9/30/2023	$11,645	$11,011	$11,467	$10,596
10/31/2023	$11,543	$11,005	$11,437	$10,429
11/30/2023	$11,864	$11,363	$11,791	$10,901
12/31/2023	$12,034	$11,513	$11,956	$11,319
1/31/2024	$12,093	$11,483	$11,954	$11,288
2/29/2024	$12,161	$11,493	$11,991	$11,128
3/31/2024	$12,228	$11,480	$12,020	$11,231
4/30/2024	$12,201	$11,406	$11,982	$10,947
5/31/2024	$12,253	$11,360	$11,976	$11,133
6/30/2024	$12,374	$11,467	$12,107	$11,238
7/31/2024	$12,461	$11,574	$12,210	$11,501
8/31/2024	$12,557	$11,702	$12,354	$11,666
9/30/2024	$12,689	$11,775	$12,430	$11,822

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception 6/15/15
Class I at NAV	8.96%	1.50%	2.60%
Bloomberg Municipal Bond 1-8 Year Index	6.93%	1.38%	1.77%
Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%	8.40%	2.55%	2.37%
Bloomberg Aggregate Bond IndexFootnote Reference*	11.57%	0.33%	1.82%

Footnote	Description
Footnote*	The Fund has adopted the Bloomberg Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

 (as of September 30, 2024)

Total Net Assets	$1,521,124,171
# of Portfolio Holdings	399
Portfolio Turnover Rate	38%
Total Advisory Fees Paid	$3,808,830

What did the Fund invest in?

(as of September 30, 2024)

Credit Rating S&P or Moody's^{Footnote Reference(a)} %^{Footnote Reference**}

• A3.98%
• A-3.14%
• A+6.31%
• AA1.50%
• AA-1.83%
• AA+0.95%
• AAA1.04%
• B1.10%
• B-0.68%
• B+4.20%
• BB5.39%
• BB-7.06%
• BB+7.99%
• BBB5.96%
• BBB-9.91%
• BBB+6.72%
• CCC+0.63%
• NR31.61%
• Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders.If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class I 

SDHIX 

Lord Abbett Short Duration High Income Municipal Bond Fund

Annual Shareholder Report

September 30, 2024 

lordabbett.com/FundDocuments

TSR-A-3388-I

11/24

Item 1(b): Not applicable.

Item 2: Code of Ethics.

(a)	In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended September 30, 2024 (the “Period”).
(b)	Not applicable.
(c)	The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.
(d)	The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.
(e)	Not applicable.
(f)	See Item 19(a)(1) concerning the filing of the Code of Ethics.

Item 3:	Audit Committee Financial Expert.
	The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey and Karla M. Rabusch. Each of these persons is independent within the meaning of the Form N-CSR.
Item 4:	Principal Accountant Fees and Services.
	In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended September 30, 2024 and 2023 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2024	2023
Audit Fees {a}	$394,000	$385,000
Audit-Related Fees	- 0 -	- 0 -
Total audit and audit-related fees	$394,000	$385,000
Tax Fees	- 0 -	- 0 -
All Other Fees {b}	- 0 -	- 0 -
Total Fees	$394,000	$385,000

{a}	Consists of fees for audits of the Registrant’s annual financial statements.
{b}	Fees for the fiscal year ended September 30, 2024 and 2023 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

· any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

· any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.
(g)	The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended September 30, 2024 and 2023 were:

	Fiscal year ended:
	2024	2023
All Other Fees {a}	$250,000	$230,000

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended September 30, 2024 and 2023 were:

	Fiscal year ended:
	2024	2023
All Other Fees	$ - 0 -	$ - 0-

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

(i)	Not Applicable.
(j)	Not Applicable.

Item 5:	Audit Committee of Listed Registrants.
	Not applicable.
Item 6:	Investments.
	The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” as of the close of the reporting period is included under Item 7 of this Form N-CSR.
Item 7:	Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 8:	Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Item 9:	Proxy Disclosures for Open-End Management Investment Companies.
Item 10:	Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.
Item 11:	Statement Regarding Basis for Approval of Investment Advisory Contract.

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett Municipal Income Fund

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

For the fiscal year ended September 30, 2024

Table of Contents

	Schedules of Investments (Item 7)
1	Short Duration Tax Free Fund
18	Intermediate Tax Free Fund
64	National Tax Free Fund
102	High Income Municipal Bond Fund
136	Short Duration High Income Municipal Bond Fund
160	Sustainable Municipal Bond Fund
164	California Tax Free Fund
181	New Jersey Tax Free Fund
192	New York Tax Free Fund
210	Statements of Assets and Liabilities (Item 7)
214	Statements of Operations (Item 7)
216	Statements of Changes in Net Assets (Item 7)
222	Financial Highlights (Item 7)
240	Notes to Financial Statements (Item 7)
260	Report of Independent Registered Public Accounting Firm (Item 7)
261	Changes in and Disagreements with Accountants (Item 8)
261	Proxy Disclosures (Item 9)
261	Remuneration Paid to Directors, Officers, and Others (Item 10)

Schedule of Investments

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 81.56%
MUNICIPAL BONDS 81.56%
Corporate-Backed 5.15%
Allegheny County Industrial Development Authority–United States Steel Corp PA	4.875%		11/1/2024	BB-	$	6,375,000	$	6,381,528
Black Belt Energy Gas District AL	4.00%	#(b)	10/1/2052	A2		15,000,000		15,144,670
City of Farmington–Public Service Co of New Mexico	3.90%	#(b)	6/1/2040	BBB		2,500,000		2,575,765
County of Nez Perce–PotlatchDeltic Corp ID	2.75%		10/1/2024	BBB-		11,310,000		11,310,000
Development Authority of Burke County–Oglethorpe Power Corp GA	1.50%	#(b)	1/1/2040	BBB+		3,750,000		3,701,954
Industrial Development Board of the City of Mobile Alabama–Alabama Power Co AL	1.00%	#(b)	6/1/2034	A1		3,100,000		3,041,619
Industrial Development Board of the City of Mobile Alabama–Alabama Power Co AL	3.65%	#(b)	7/15/2034	A1		5,000,000		4,996,845
Iowa Finance Authority–Howmet Aerospace Inc	4.75%		8/1/2042	Baa1		2,500,000		2,502,792
Niagara Area Development Corp.–Covanta Holding Corp NY†	3.50%		11/1/2024	B		750,000		749,937
Ohio Air Quality Development Authority–American Electric Power Co Inc	2.40%	#(b)	12/1/2038	BBB		10,700,000		10,122,006
Ohio Air Quality Development Authority–Ohio valley Electric Corp	1.50%	#(b)	2/1/2026	Baa3		1,000,000		964,518
Parish of St. James–NuStar Logistics LP LA†	5.85%	#(b)	8/1/2041	BB+		3,500,000		3,547,507
Parish of St. John the Baptist–Marathon Oil Corp LA	2.375%	#(b)	6/1/2037	BBB-		4,575,000		4,496,628
Parish of St. John the Baptist–Marathon Oil Corp LA	4.05%	#(b)	6/1/2037	BBB-		4,650,000		4,701,523
Virginia Resources Authority	5.00%		11/1/2036	Aa1		2,365,000		2,789,191
Virginia Resources Authority	5.00%		11/1/2038	Aa1		2,845,000		3,318,676
Total								80,345,159

See Notes to Financial Statements. 1

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

				Credit
				Rating:
	Interest		Maturity	S&P or	Principal		Fair
Investments	Rate		Date	Moody’s(a)	Amount		Value
Education 4.97%
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%	)#	5/1/2053	A1	$	15,000,000	$	15,057,822
California State University	0.55%	#(b)	11/1/2049	Aa2		5,000,000		4,648,145
Capital Trust Agency, Inc.–Renaissance Charter School Inc Series 2019 Obligated Group FL†	4.00%		6/15/2029	NR		1,050,000		1,028,773
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc (PSF-GTD)	5.00%		8/15/2026	Aaa		1,000,000		1,043,516
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc (PSF-GTD)	5.00%		8/15/2027	Aaa		1,400,000		1,493,668
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc (PSF-GTD)	5.00%		8/15/2028	Aaa		800,000		869,918
Florida Higher Educational Facilities Financial Authority–St Leo University Inc Obligated Group	5.00%		3/1/2025	BB		675,000		670,109
Hospital Facilities Authority of Multnomah County Oregon–Mirabella South Waterfront	5.00%		10/1/2024	NR		335,000		335,000
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2028	Ba2		1,135,000		1,148,220
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2029	Ba2		630,000		639,291
Louisiana Public Facilities Authority–Tulane University	5.00%		4/15/2037	A+		1,250,000		1,453,273
Louisiana State Citizens Property Insurance Corp.	5.00%		6/1/2025	A1		7,490,000		7,582,401
Louisiana State Citizens Property Insurance Corp.	5.00%		6/1/2026	A1		6,740,000		6,990,360
New Jersey Educational Facilities Authority–Montclair State University Inc (AGM)	5.00%		7/1/2027	AA		1,445,000		1,541,927
New York State Dormitory Authority–Pace University	5.00%		5/1/2025	BBB-		625,000		630,262
New York State Dormitory Authority–Pace University	5.00%		5/1/2026	BBB-		1,375,000		1,414,724
New York State Dormitory Authority–Pace University	5.00%		5/1/2027	BBB-		1,500,000		1,575,322

2 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
New York State Dormitory Authority–Pace University	5.00%		5/1/2028	BBB-	$	1,480,000	$	1,578,830
New York State Dormitory Authority–Pace University	5.00%		5/1/2036	BBB-		2,500,000		2,816,274
New York State Dormitory Authority–Pace University	5.00%		5/1/2037	BBB-		3,000,000		3,360,855
Northside Independent School District TX (PSF-GTD)	3.45%	#(b)	8/1/2054	Aaa		4,000,000		4,064,918
Ohio Air Quality Development Authority–Duke Energy Corp	4.00%	#(b)	9/1/2030	BBB		1,300,000		1,323,561
School District of Broward County FL COPS	5.00%		7/1/2035	Aa3		5,000,000		5,701,225
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(c)	5.00%		6/15/2034	NR		625,000		654,940
University of Colorado	2.00%	#(b)	6/1/2054	Aa1		10,000,000		9,989,710
Total								77,613,044
Energy 0.54%
New Mexico Municipal Energy Acquisition Authority	5.00%	#(b)	11/1/2039	Aa1		8,300,000		8,379,460
General Obligation 14.32%
California State Public Works Board	5.00%		10/1/2026	NR		90,000		94,884
California State Public Works Board	5.00%		10/1/2026	Aa3		1,410,000		1,486,239
California State Public Works Board	5.00%		10/1/2027	NR		205,000		221,673
California State Public Works Board	5.00%		10/1/2027	Aa3		3,095,000		3,330,839
City of Chicago IL GO	5.00%		1/1/2026	BBB+		6,890,000		7,045,558
City of Chicago IL GO	5.00%		1/1/2027	BBB+		6,400,000		6,665,065
City of Chicago IL GO	5.25%		1/1/2027	BBB+		1,665,000		1,671,481
City of Hutto TX GO (BAM)	5.00%		8/1/2037	AA		3,715,000		4,258,329
City of Jersey City NJ GO	4.50%		7/10/2025	NR		10,000,000		10,105,929
City of Lees Summit MO GO	5.00%		4/1/2027	Aaa		3,960,000		4,206,638
Commonwealth Financing Authority–Commonwealth of Pennsylvania Department of Community & Economic Development PA	5.00%		6/1/2025	A1		2,895,000		2,934,944
County of Cook IL GO	4.00%		11/15/2026	A+		4,945,000		5,086,133
County of Lake IL GO	4.00%		11/30/2027	AAA		2,620,000		2,731,805

See Notes to Financial Statements. 3

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Danville Community School Corp IN (ST INTERCEPT)		4.50%		12/15/2024	NR	$	11,935,000	$	11,956,837
Delaware Valley Regional Finance Authority PA	3.55% (MUNIPSA * 1 + .40%		)#	3/1/2057	A+		6,070,000		6,013,873
Eagle Mountain & Saginaw Independent School District TX (PSF-GTD)		4.00%	#(b)	8/1/2050	AAA		5,250,000		5,423,384
Florida Insurance Assistance Interlocal Agency, Inc.		5.00%		9/1/2025	A		25,540,000		25,736,773
Louisiana Stadium & Exposition District		5.00%		7/1/2035	A2		2,690,000		3,062,161
Louisiana Stadium & Exposition District		5.00%		7/1/2036	A2		4,325,000		4,897,727
New Caney Independent School District TX (PSF-GTD)		4.00%	#(b)	2/15/2050	Aaa		6,500,000		6,715,907
Portland Community College District OR GO		5.00%		6/15/2038	AA+		3,500,000		4,041,522
Schenectady City School District NY (ST AID WITHHLDG)		4.00%		7/25/2025	NR		15,000,000		15,109,932
State of California GO		5.00%		8/1/2037	Aa2		17,725,000		20,955,833
State of Illinois GO		5.00%		3/1/2025	A-		4,000,000		4,030,466
State of Illinois GO		5.00%		3/1/2025	A-		5,500,000		5,541,891
State of Illinois GO		5.00%		12/1/2025	A-		10,000,000		10,241,114
State of Illinois GO		5.00%		3/1/2026	A-		4,050,000		4,171,764
State of Illinois GO		5.00%		11/1/2027	A-		5,000,000		5,331,016
State of Illinois GO		5.00%		2/1/2028	A-		5,990,000		6,286,455
State of Illinois GO		5.00%		10/1/2029	A-		2,115,000		2,284,681
State of Illinois GO		5.00%		11/1/2030	A-		7,200,000		7,460,425
State of Illinois GO		5.00%		5/1/2037	A-		4,500,000		5,067,728
State of Maryland GO		4.00%		8/1/2028	AAA		5,000,000		5,296,637
State of New Jersey GO		5.00%		6/1/2027	A1		5,000,000		5,334,618
Washington Metropolitan Area Transit Authority Dedicated Revenue DC		5.00%		7/15/2035	AA		1,000,000		1,166,456
Washington Metropolitan Area Transit Authority Dedicated Revenue DC		5.00%		7/15/2036	AA		5,000,000		5,533,237
Washington Metropolitan Area Transit Authority Dedicated Revenue DC		5.00%		7/15/2036	AA		1,800,000		2,089,227
Total									223,589,181

4 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care 14.36%
Allegheny County Hospital Development Authority–Allegheny Health Network Obligated Group PA	5.00%		4/1/2026	A		$	2,500,000	$	2,574,111
Berks County Municipal Authority–Tower Health Obligated Group PA	Zero Coupon		6/30/2044	NR			1,399,000		891,945
Berks County Municipal Authority–Tower Health Obligated Group PA	5.00%		6/30/2039	NR			2,801,000		2,776,716
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%		6/30/2034	NR			198,834		216,197
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%		6/30/2034	NR			10,063		10,942
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%		6/30/2034	NR			396,773		406,117
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%		6/30/2034	NR			20,126		20,126
Brevard County Health Facilities Authority–Health First Inc Obligated Group FL	5.00%		4/1/2027	A			3,590,000		3,775,190
Brevard County Health Facilities Authority–Health First Inc Obligated Group FL	5.00%		4/1/2028	A			3,720,000		3,982,278
California Health Facilities Financing Authority–Adventist Health System/West Obligated Group CA	5.00%		12/1/2037	BBB+			8,000,000		8,970,512
California Municipal Finance Authority–Eisenhower Medical Center	5.00%		7/1/2026	Baa2			1,345,000		1,382,286
California Municipal Finance Authority–Palomar Health Obligated Group COPS†	5.00%		11/1/2027	BB+			10,000,000		10,218,739
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.00%		12/1/2038	A+			4,500,000		5,251,830
Charlotte-Mecklenburg Hospital Authority–Atrium Health Obligated Group NC	5.00%	#(b)	1/15/2050	AA			4,275,000		4,648,386
Chattanooga Health Educational & Housing Facility Board–Erlanger Health Obligated Group TN	5.00%		12/1/2035	A			3,085,000		3,511,747
Citizens Memorial Hospital District MO	5.00%		12/1/2026	NR			8,825,000		8,911,839
City of Colby KS–Citizens Medical Center Inc	5.50%		7/1/2026	NR			5,600,000		5,647,056
City of Lenexa–Lakeview Village Inc KS	5.00%		5/15/2025	BB+	(d)		990,000		993,195

See Notes to Financial Statements. 5

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
City of Seneca–Nemaha Valley Community Hospital KS		5.00%		9/1/2025	NR	$	2,000,000	$	2,010,113
Colorado Health Facilities Authority–AdventHealth Obligated Group		5.00%	#(b)	11/15/2049	NR		185,000		194,510
Colorado Health Facilities Authority–AdventHealth Obligated Group		5.00%	#(b)	11/15/2049	AA		1,825,000		1,908,011
County of Cuyahoga–MetroHealth System OH		5.00%		2/15/2025	BBB		1,500,000		1,504,547
County of Lehigh–St Luke’s Hospital Obligated Group PA	4.25% (MUNIPSA * 1 + 1.10%		)#	8/15/2038	A-		14,630,000		14,531,997
Crawford County Memorial Hospital Inc LA		5.00%		6/15/2027	NR		1,260,000		1,280,093
Gainesville & Hall County Hospital Authority–Northeast Georgia Health System Obligated Group GA		5.00%		10/15/2034	A		4,250,000		4,903,922
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX		4.00% (MUNIPSA * 1 + .85%	)#	7/1/2049	AA-		11,000,000		10,997,376
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX		5.00%		7/1/2037	AA-		6,000,000		6,921,623
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX		5.00%	#(b)	7/1/2049	AA-		5,420,000		5,686,687
Health & Educational Facilities Authority of the State of Missouri–SSM Health Care Obligated Group WA		5.00%	#(b)	6/1/2039	A+		10,000,000		10,725,960
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA		5.00%		7/1/2027	BBB		5,000,000		5,185,309
Illinois Finance Authority–Plymouth Place Obligated Group		5.00%		5/15/2025	NR		270,000		272,921
Illinois Finance Authority–University of Chicago Medical Center Obligated Group		5.00%	#(b)	8/15/2052	AA-		8,825,000		9,322,774
Industrial Development Authority of the County of Pima–La Posada at Park Centre Inc Obligated Group AZ†		5.125%		11/15/2029	NR		1,500,000		1,514,813
Kentucky Economic Development Finance Authority–Owensboro Health Inc Obligated Group		5.00%		6/1/2025	Baa2		1,400,000		1,404,923

6 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Maricopa County Industrial Development Authority–Banner Health Obligated Group AZ	3.72% (MUNIPSA * 1 + .57%	)#	1/1/2035	AA-	$	4,240,000	$	4,239,699
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%		7/1/2025	BBB-		800,000		808,425
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board–Vanderbilt University Medical Center Obligated Group TN	5.00%		7/1/2028	A		1,500,000		1,619,392
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%		7/1/2037	AA-		3,055,000		3,554,916
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%		7/1/2038	AA-		2,500,000		2,889,513
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%		7/1/2039	AA-		5,000,000		5,772,839
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	5.00%		7/1/2025	BBB-		1,600,000		1,611,406
New York State Dormitory Authority–Montefiore Obligated Group	5.00%		9/1/2027	BBB-		1,400,000		1,451,547
New York State Dormitory Authority–Montefiore Obligated Group	5.00%		9/1/2028	BBB-		1,500,000		1,572,582
New York State Dormitory Authority–Montefiore Obligated Group	5.00%		9/1/2029	BBB-		1,750,000		1,840,257
New York State Dormitory Authority–Montefiore Obligated Group	5.00%		9/1/2030	BBB-		1,000,000		1,057,242
Northampton County General Purpose Authority–St Luke’s Hospital Obligated Group PA	5.00%		8/15/2027	A-		3,250,000		3,446,121
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%		8/15/2025	BB		550,000		550,809
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%		8/15/2026	BB		800,000		820,627
Shelby County Health Educational & Housing Facilities Board–Baptist Memorial Health Care Obligated Group TN	5.00%	#(b)	9/1/2049	BBB+		8,750,000		9,453,412

See Notes to Financial Statements. 7

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Village Inc		5.25%		11/15/2028	NR		$	2,850,000	$	2,866,128
South Carolina Jobs-Economic Development Authority–Novant Health Obligated Group		5.00%		11/1/2037	A+			4,000,000		4,592,784
State of Ohio–University Hospitals Health System Inc Obligated Group		5.00%		1/15/2027	A			250,000		260,951
Tarrant County Cultural Education Facilities Finance Corp.–Baylor Scott & White Health Obligated Group TX		5.00%	#(b)	11/15/2052	AA-			2,180,000		2,241,914
Tulsa County Industrial Authority–Montereau Obligated Group OK		5.00%		11/15/2026	BBB-	(d)		500,000		508,017
Washington Health Care Facilities Authority–CommonSpirit Health Obligated Group	4.55% (MUNIPSA * 1 + 1.40%		)#	1/1/2035	A-			2,000,000		2,000,982
Washington Health Care Facilities Authority–CommonSpirit Health Obligated Group		5.00%		8/1/2029	A-			3,425,000		3,762,187
Washington Health Care Facilities Authority–CommonSpirit Health Obligated Group		5.00%		8/1/2029	A-			3,500,000		3,844,571
Washington Health Care Facilities Authority–CommonSpirit Health Obligated Group		5.00%	#(b)	8/1/2049	A-			7,515,000		7,681,977
Winchester Economic Development Authority–Valley Health Obligated Group VA		5.00%		1/1/2039	A+			1,350,000		1,527,040
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group		5.00%		2/15/2029	BBB			6,200,000		6,665,136
Wisconsin Health & Educational Facilities Authority–Wisconsin Masonic Home Obligated Group		4.20%		8/15/2028	BBB-	(d)		5,000,000		5,042,494
Total										224,237,759
Housing 5.89%
California Housing Finance Agency–Del Sur Family Housing LP		5.00%	#(b)	5/1/2054	Aaa			1,750,000		1,820,693
Connecticut Housing Finance Authority		4.00%		5/15/2049	AAA			2,965,000		3,004,519
Connecticut Housing Finance Authority		6.25%		5/15/2054	AAA			2,435,000		2,695,160

8 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Housing (continued)
Michigan State Housing Development Authority	4.25%		12/1/2049	AA+		$	2,550,000	$	2,588,359
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	4.25%		7/1/2049	AA+			2,065,000		2,102,936
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	5.00%		7/1/2053	AA+			6,640,000		6,964,929
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%		7/1/2054	AA+			5,680,000		6,292,355
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%		1/1/2055	AA+			2,500,000		2,860,007
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.50%		1/1/2055	AA+			3,550,000		4,097,840
Missouri Housing Development Commission (FHLMC), (FNMA), (GNMA)	3.25%		11/1/2052	AA+			1,650,000		1,641,006
New Jersey Housing & Mortgage Finance Agency	6.00%		10/1/2055	AA			3,560,000		3,947,506
New York State Housing Finance Agency (FHA), (SONYMA)	0.75%		11/1/2025	Aa2			3,955,000		3,819,009
New York State Housing Finance Agency (SONYMA)	0.75%		11/1/2025	Aa2			8,055,000		7,778,032
North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA)	4.00%		1/1/2050	AA+			2,035,000		2,051,136
North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%		1/1/2055	AA+			5,495,000		6,084,575
North Dakota Housing Finance Agency	4.00%		1/1/2050	Aa1			2,800,000		2,836,788
Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%		3/1/2055	Aaa			4,000,000		4,500,659
Seattle Housing Authority–Yesler Block 6.6 LLLP WA (HUD)	5.00%		6/1/2027	AA			7,000,000		7,256,946
South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA)	6.25%		5/1/2055	AAA			6,755,000		7,555,613
State of New York Mortgage Agency Homeowner Mortgage Revenue	3.50%		4/1/2049	Aa1			545,000		543,756
Texas State Affordable Housing Corp.–AHFC-FC Norman Housing LP	3.625%	#(b)	1/1/2045	Aaa			3,400,000		3,447,691
Virginia Beach Development Authority–Westminster-Canterbury on Chesapeake Bay Obligated Group	5.375%		9/1/2029	BB+	(d)		3,800,000		3,961,005

See Notes to Financial Statements. 9

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
Wisconsin Housing & Economic Development Authority–East National LLC	5.00%	#(b)	8/1/2058	Aaa	$	2,000,000	$	2,075,406
Wisconsin Housing & Economic Development Authority Housing Revenue (HUD)	0.81%	#(b)	11/1/2052	AA+		2,035,000		1,991,290
Total								91,917,216
Lease Obligations 1.75%
Commonwealth of Pennsylvania COPS	5.00%		7/1/2025	A		500,000		507,461
New Jersey Economic Development Authority–New Jersey Transit Corp	5.00%		11/1/2028	A2		1,315,000		1,436,737
New Jersey Economic Development Authority–State Capitol Joint Management Commission	5.00%		6/15/2026	A2		4,000,000		4,161,114
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%		6/15/2025	A2		1,250,000		1,268,186
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2024	A2		7,000,000		7,022,355
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2025	A2		12,500,000		12,841,365
Total								27,237,218
Multi-Family Housing 0.17%
Illinois Housing Development Authority–South Shore IL Preservation LP (FHA), (HUD)	4.00%	#(b)	6/1/2026	Aaa		2,700,000		2,710,145
Other Revenue 3.87%
Black Belt Energy Gas District AL	4.00%	#(b)	12/1/2049	A1		12,325,000		12,397,220
California Infrastructure & Economic Development Bank–Museum Associates	3.85% (MUNIPSA * 1 + .70%	)#	12/1/2050	A3		6,500,000		6,499,438
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.25%		8/15/2026	Baa3		1,605,000		1,630,907
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.25%		8/15/2028	Baa3		1,920,000		1,953,659
Illinois Finance Authority–Field Museum Natural of History	4.588% (SOFR * .67 + 1.20%	)#	11/1/2034	A		4,365,000		4,360,576

10 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Industrial Development Authority of the County of Pima–Edkey Inc Obligated Group†	3.50%		7/1/2025	NR	$	425,000	$	421,934
Lower Alabama Gas District	4.00%	#(b)	12/1/2050	A2		19,085,000		19,197,205
Main Street Natural Gas, Inc. GA	5.00%		5/15/2025	A1		4,850,000		4,883,532
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.00%	#(b)	5/15/2051	AA+		5,700,000		5,882,292
Washington Convention & Sports Authority DC	5.00%		10/1/2030	Aa3		3,000,000		3,194,132
Total								60,420,895
Pollution Control 0.35%
North Carolina Capital Facilities Finance Agency–Republic Services Inc	3.50%	#(b)	7/1/2034	BBB+		5,500,000		5,500,000
Special Tax 0.42%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2028	NR		2,495,000		2,573,231
New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC)	3.775% (CPI YoY * 1 + 0.88%	)	3/1/2026	Baa1		2,000,000		2,006,188
Village Community Development District No. 13 FL†	1.875%		5/1/2025	NR		590,000		585,365
Village Community Development District No. 13 FL†	2.625%		5/1/2030	NR		1,460,000		1,383,410
Total								6,548,194
Tax Revenue 1.76%
City of Sparks NV†	2.75%		6/15/2028	Baa2		180,000		176,200
Massachusetts Bay Transportation Authority Sales Tax Revenue	5.00%		7/1/2038	AA+		7,000,000		8,264,753
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%		10/1/2026	NR		2,000,000		2,064,852
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2028	A2		3,995,000		4,336,170
New York State Dormitory Authority (AGM)	5.00%		10/1/2024	AA		5,000		5,000

See Notes to Financial Statements. 11

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
New York State Dormitory Authority (AGM)	5.00%	10/1/2024	AA	$	2,245,000	$	2,245,000
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	5.00%	3/15/2038	Aa1		4,650,000		5,371,393
Sales Tax Securitization Corp. IL	5.00%	1/1/2025	AA-		5,000,000		5,021,683
Total							27,485,051
Taxable Revenue–Water & Sewer 2.80%
Augusta Water & Sewer Revenue GA(c)	5.00%	10/1/2037	A+		10,000,000		11,672,991
City of Houston Combined Utility System Revenue TX	5.00%	11/15/2037	Aa2		2,000,000		2,322,018
City of Houston Combined Utility System Revenue TX	5.00%	11/15/2038	Aa2		3,250,000		3,742,568
Jersey City Municipal Utilities Authority Sewer Fund NJ	5.00%	5/1/2025	NR		4,875,000		4,915,174
Pittsburgh Water & Sewer Authority PA (AGM)	5.00%	9/1/2036	AA		6,750,000		7,826,043
Pittsburgh Water & Sewer Authority PA (AGM)	5.00%	9/1/2037	AA		4,750,000		5,491,123
Water Works Board of the City of Birmingham/The AL†	3.75%	9/1/2026	NR		7,750,000		7,759,437
Total							43,729,354
Transportation 4.26%
Central Texas Regional Mobility Authority	5.00%	1/1/2025	A		2,500,000		2,504,746
Central Texas Turnpike System	5.00%	8/15/2031	A-		4,500,000		4,506,432
Central Texas Turnpike System	5.00%	8/15/2039	A-		4,570,000		5,152,403
Chicago O’Hare International Airport IL	5.00%	1/1/2031	A+		4,750,000		4,752,304
Chicago Transit Authority Capital Grant Receipts Revenue IL	5.00%	6/1/2025	A+		2,000,000		2,020,172
County of Clark–Regional Transportation Commission of Southern Nevada Motor Fuel Tax Revenue NV	5.00%	7/1/2037	Aa2		8,200,000		9,534,322
Maryland Economic Development Corp.–CONSOL Marine Terminals LLC	5.75%	9/1/2025	BB		3,505,000		3,532,980
Metropolitan Transportation Authority NY	5.00%	11/15/2026	A-		2,250,000		2,360,276
Metropolitan Transportation Authority NY	5.00%	11/15/2026	A-		1,675,000		1,757,095
Metropolitan Transportation Authority NY	5.00%	11/15/2026	A-		2,315,000		2,428,462
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2036	A2		5,500,000		6,327,309

12 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New Jersey Turnpike Authority (AGM)		5.25%		1/1/2026	AA	$	8,600,000	$	8,781,016
North Carolina Turnpike Authority (AGM)		5.00%		1/1/2028	AA		1,500,000		1,576,901
North Texas Tollway Authority		5.00%		1/1/2026	AA-		5,500,000		5,666,112
Port Authority of New York & New Jersey		3.00%		12/1/2027	AA-		2,500,000		2,500,120
State of Illinois GO		5.00%		11/1/2025	A-		3,000,000		3,065,670
Total									66,466,320
Utilities 20.95%
Black Belt Energy Gas District AL		5.25%	#(b)	5/1/2055	A1		3,750,000		4,134,620
California Community Choice Financing Authority		5.25%		11/1/2054	A2		8,800,000		9,584,002
Central Plains Energy Project NE		5.00%		9/1/2027	BBB+		1,305,000		1,362,976
Central Plains Energy Project NE		5.423% (SOFR * .67 + 2.18%	)#	5/1/2053	A2		20,000,000		20,839,086
City of Rockport–Indiana Michigan Power Co IN		3.05%		6/1/2025	A3		3,500,000		3,485,743
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2037	Aa2		7,500,000		8,684,839
City of Seattle Municipal Light & Power Revenue WA	3.40% (MUNIPSA * 1 + .25%		)#	5/1/2045	AA		5,000,000		4,910,040
County of Jefferson Sewer Revenue AL		5.00%		10/1/2037	BBB+		12,035,000		13,530,953
Delaware State Economic Development Authority–Delmarva Power & Light Co		1.05%	#(b)	1/1/2031	A		6,315,000		6,190,110
Delaware State Economic Development Authority–NRG Energy Inc		1.25%	#(b)	10/1/2040	BBB-		10,000,000		9,735,963
Delaware State Economic Development Authority–NRG Energy Inc		1.25%	#(b)	10/1/2045	BBB-		16,000,000		15,577,541
Development Authority of Appling County–Oglethorpe Power Corp GA		1.50%	#(b)	1/1/2038	BBB+		1,250,000		1,233,985
Development Authority of Burke County–Georgia Power Co		2.875%	#(b)	12/1/2049	A		5,650,000		5,607,652
Development Authority of Burke County–Georgia Power Co		3.375%	#(b)	11/1/2048	BBB+		7,750,000		7,838,288
Development Authority of Monroe County–Georgia Power Co		3.875%	#(b)	6/1/2042	A		6,000,000		6,085,385
Development Authority of Monroe County–Oglethorpe Power Corp GA		1.50%	#(b)	1/1/2039	BBB+		1,875,000		1,850,977
Energy Southeast A Cooperative District AL		5.25%	#(b)	7/1/2054	A1		6,000,000		6,646,454

See Notes to Financial Statements. 13

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Energy Southeast A Cooperative District AL	5.443% (SOFR * .67 + 2.20%	)#	4/1/2054	A1	$	5,000,000	$	5,126,375
Illinois Finance Authority–Peoples Gas Light & Coke Co/The	3.90%		3/1/2030	Aa3		5,000,000		4,999,842
Indiana Finance Authority–Indianapolis Power & Light Co	0.65%		8/1/2025	A2		4,500,000		4,385,759
Intermountain Power Agency UT	5.00%		7/1/2036	Aa3		4,000,000		4,576,577
Intermountain Power Agency UT	5.00%		7/1/2037	Aa3		3,500,000		3,992,552
Kentucky Municipal Power Agency	3.45%	#(b)	9/1/2042	Baa1		1,700,000		1,696,576
Kentucky Public Energy Authority	4.00%	#(b)	12/1/2049	A1		10,000,000		10,036,892
Kentucky Public Energy Authority	5.25%	#(b)	4/1/2054	A1		10,000,000		11,120,672
Long Island Power Authority NY	0.85%	#(b)	9/1/2050	A		12,000,000		11,690,893
Louisiana Local Government Environmental Facilities & Community Development Authority–East Baton Rouge Sewerage Commission	0.875%	#(b)	2/1/2046	A+		26,500,000		26,348,131
Lower Colorado River Authority TX	5.00%	#(b)	5/15/2039	A		20,000,000		21,076,240
Main Street Natural Gas, Inc. GA†	4.00%	#(b)	8/1/2052	BBB-		18,000,000		17,977,885
Montgomery County Industrial Development Authority–Constellation Energy Generation LLC PA	4.10%	#(b)	4/1/2053	BBB+		7,760,000		7,979,461
Municipal Electric Authority of Georgia(c)	5.00%		1/1/2035	A2		3,895,000		4,466,313
Municipal Electric Authority of Georgia(c)	5.00%		1/1/2036	A2		2,800,000		3,196,806
New Jersey Economic Development Authority–New Jersey Transit Corp	5.00%		3/1/2028	A2		2,840,000		3,075,105
Pennsylvania Economic Development Financing Authority–Talen Energy Supply LLC	5.25%	#(b)	12/1/2038	BB-		1,100,000		1,121,118
Philadelphia Gas Works Co.–Philadelphia Gas Works Co	5.00%		8/1/2030	A		2,000,000		2,246,616
Philadelphia Gas Works Co.–Philadelphia Gas Works Co	5.00%		8/1/2031	A		1,375,000		1,559,499
Philadelphia Gas Works Co.–Philadelphia Gas Works Co	5.00%		8/1/2032	A		3,000,000		3,429,966
Public Power Generation Agency NE(c)	5.00%		1/1/2031	A2		1,500,000		1,692,372
Public Power Generation Agency NE(c)	5.00%		1/1/2032	A2		1,200,000		1,364,956
Southeast Energy Authority A Cooperative District AL	5.033% (SOFR * .67 + 1.79%	)#	5/1/2053	A2		18,000,000		18,388,960

14 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Southern California Public Power Authority–City of Anaheim Electric System Revenue CA		5.00%	#(b)	4/1/2055	A2	$	5,250,000	$	5,686,180
Tennessee Energy Acquisition Corp.		5.625%		9/1/2026	BBB		9,040,000		9,419,951
Texas Municipal Gas Acquisition & Supply Corp. IV		5.25%		1/1/2030	A1		4,660,000		5,065,423
West Virginia Economic Development Authority–Appalachian Power Co		0.625%	#(b)	12/1/2038	BBB+		8,500,000		8,106,364
Total									327,126,098
Total Municipal Bonds (cost $1,263,327,466)									1,273,305,094
	Interest Rate#	Interest Rate Reset Date(e)		Final Maturity Date
SHORT-TERM INVESTMENTS 17.15%
VARIABLE RATE DEMAND NOTES 17.15%
Education 3.36%
Connecticut State Health & Educational Facilities Authority–Yale University	3.600%	10/1/2024		7/1/2042	AAA		2,500,000		2,500,000
New York State Dormitory Authority–Pace University	4.050%	10/1/2024		5/1/2044	BBB-		20,000,000		20,000,000
Pennsylvania Higher Educational Facilities Authority–Thomas Jefferson University Obligated Group	3.950%	10/1/2024		9/1/2045	A		16,825,000		16,825,000
Philadelphia Authority for Industrial Development–Thomas Jefferson University Obligated PA	3.950%	10/1/2024		9/1/2050	A		13,125,000		13,125,000
Total									52,450,000
General Obligation 2.73%
City of New York NY GO	4.050%	10/1/2024		10/1/2046	AA		1,000,000		1,000,000
City of New York NY GO	4.150%	10/1/2024		4/1/2042	AA		31,675,000		31,675,000
Florida Insurance Assistance Interlocal Agency, Inc.	3.920%	10/1/2024		9/1/2032	A2		10,000,000		10,000,000
Total									42,675,000
Health Care 8.66%
Harris County Cultural Education Facilities Finance Corp.–Baylor College of Medicine TX	3.680%	10/1/2024		11/15/2046	A		39,975,000		39,975,000

See Notes to Financial Statements. 15

Schedule of Investments (continued)

SHORT DURATION TAX FREE FUND September 30, 2024

Investments	Interest Rate#	Interest Rate Reset Date(e)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Health Care Authority for Baptist Health–Brazos Presbyterian Homes Obligated Group AL	4.570%	10/1/2024	11/1/2042	A3	$	29,133,000	$	29,133,000
Rib Floater Trust Various States FL†	3.500%	10/1/2024	10/1/2054	A1		19,380,000		19,380,000
State of Ohio–University Hospitals Health System Inc Obligated Group	3.680%	10/1/2024	1/15/2033	A		10,000,000		10,000,000
State of Ohio–University Hospitals Health System Inc Obligated Group	3.680%	10/1/2024	1/15/2045	A		10,035,000		10,035,000
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.000%	10/1/2024	2/15/2053	BBB		26,675,000		26,675,000
Total								135,198,000
Home Furnishings 0.64%
Rib Floater Trust Various States MD†	3.500%	10/1/2024	11/15/2049	A1		10,000,000		10,000,000
Pollution Control 1.53%
Port of Port Arthur Navigation District–Motiva Enterprises LLC TX	4.350%	10/1/2024	4/1/2040	BBB+		23,900,000		23,900,000
Utilities 0.23%
Development Authority of Appling County–Georgia Power Co	4.400%	10/1/2024	9/1/2041	A		3,500,000		3,500,000
Total Short-Term Investments (cost $267,723,000)								267,723,000
Total Investments in Securities 98.71% (cost $1,531,050,466)								1,541,028,094
Other Assets and Liabilities – Net 1.29%								20,203,370
Net Assets 100.00%							$	1,561,231,464

AGM	Insured by–Assured Guaranty Municipal Corporation.
BAM	Insured by–Build America Mutual.
COPS	Certificates of Participation.
CPI	Consumer Price Index: Rate fluctuates based on CPI.
FGIC	Insured by–Financial Guaranty Insurance Company.
FHA	Insured by–Federal Housing Administration.
FHLMC	Insured by–Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NR	Not Rated.

16 See Notes to Financial Statements.

Schedule of Investments (concluded)

SHORT DURATION TAX FREE FUND September 30, 2024

PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
SONYMA	State of New York Mortgage Agency.
ST INTERCEPT	State Intercept.
YoY	Year on Year Inflation Rates.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $77,972,171, which represents 4.99% of net assets.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Securities purchased on a when-issued basis (See Note 2g)).
(d)	This investment has been rated by Fitch IBCA.
(e)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	1,273,305,094	$	–	$	1,273,305,094
Short-Term Investments
Variable Rate Demand Notes		–		267,723,000		–		267,723,000
Total	$	–	$	1,541,028,094	$	–	$	1,541,028,094

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

See Notes to Financial Statements. 17

Schedule of Investments

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.76%
MUNICIPAL BONDS 98.76%
Corporate-Backed 9.79%
Allegheny County Industrial Development Authority–United States Steel Corp PA	4.875%		11/1/2024	BB-	$	6,745,000	$	6,751,907
Arizona Industrial Development Authority	3.625%		5/20/2033	BBB		9,097,225		8,923,980
Black Belt Energy Gas District AL	4.00%	#(b)	10/1/2052	A2		31,580,000		31,884,580
Build NYC Resource Corp.–Pratt Paper Inc NY AMT†	4.50%		1/1/2025	NR		420,000		420,578
Build NYC Resource Corp.–Pratt Paper Inc NY AMT†	5.00%		1/1/2035	NR		550,000		551,597
Cabot Citrus Farms Community Development District FL	5.25%		3/1/2029	NR		3,900,000		3,952,384
California Infrastructure & Economic Development Bank–DesertXpress Enterprises LLC AMT†	8.00%	#(b)	1/1/2050	NR		6,000,000		6,179,527
California Municipal Finance Authority–Waste Management Inc AMT	4.125%	#(b)	10/1/2041	A-		7,250,000		7,292,037
City of Farmington–Public Service Co of New Mexico	3.90%	#(b)	6/1/2040	BBB		7,000,000		7,212,141
City of Granite City–Waste Management of Illinois Inc IL AMT	1.25%		5/1/2027	A-		5,485,000		5,035,885
City of Henderson–Pratt Paper LLC KY AMT†	3.70%		1/1/2032	NR		7,470,000		7,399,371
City of Houston Airport System Revenue–United Airlines Inc TX AMT	5.00%		7/1/2029	BB-		2,295,000		2,296,047
Development Authority of Burke County–Oglethorpe Power Corp GA	1.50%	#(b)	1/1/2040	BBB+		3,750,000		3,701,954
Downtown Doral South Community Development District FL†	4.75%		12/15/2038	NR		625,000		635,424
Florida Development Finance Corp.–Waste pro USA Inc AMT†	6.125%	#(b)	7/1/2032	NR		7,430,000		7,638,376
Greater Orlando Aviation Authority–JetBlue Airways Corp FL	5.00%		11/15/2026	NR		2,980,000		2,982,478
Hobe-St Lucie Conservancy District Unit of Development No 1A	5.60%		5/1/2044	NR		1,845,000		1,932,252
Hoover Industrial Development Board–United States Steel Corp AL AMT	6.375%	#(b)	11/1/2050	BB-		8,525,000		9,831,963
Indiana Finance Authority–Ohio Valley Electric Corp	2.50%		11/1/2030	Baa3		1,000,000		932,337
Indiana Finance Authority–Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3		5,600,000		5,449,419

18 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Indiana Finance Authority–Ohio Valley Electric Corp	3.00%		11/1/2030	Baa3	$	9,850,000	$	9,579,867
Indiana Finance Authority–United States Steel Corp	4.125%		12/1/2026	BB-		1,625,000		1,651,388
Indiana Finance Authority–United States Steel Corp AMT	6.75%		5/1/2039	BB-		1,500,000		1,742,685
Industrial Development Authority of the County of Yavapai–Waste Management Inc AZ AMT	1.30%		6/1/2027	A-		4,650,000		4,263,449
Industrial Development Board of the City of Mobile Alabama–Alabama Power Co AL	3.65%	#(b)	7/15/2034	A1		7,500,000		7,495,267
Iowa Finance Authority–Howmet Aerospace Inc	4.75%		8/1/2042	Baa1		13,710,000		13,725,311
Iowa Finance Authority–Iowa Fertilizer Co LLC	4.00%	#(b)	12/1/2050	AA+		11,050,000		12,146,538
Kansas City Industrial Development Authority MO AMT	5.00%		3/1/2035	A		3,020,000		3,175,284
Louisiana Local Government Environmental Facilities & Community Development Authority–Westlake Corp	3.50%		11/1/2032	BBB+		7,655,000		7,543,443
Louisiana Public Facilities Authority–Waste Pro USA Inc AMT†	6.75%	#(b)	10/1/2053	NR		12,000,000		13,060,622
Maryland Economic Development Corp.(c)	5.00%		12/1/2016	NR		2,570,000		1,667,288
Massachusetts Development Finance Agency–Waste Management of Massachusetts Inc AMT†	1.25%		5/1/2027	A-		3,250,000		2,983,888
Matagorda County Navigation District No. 1–AEP Texas Inc	2.60%		11/1/2029	BBB+		6,800,000		6,538,991
Matagorda County Navigation District No. 1–AEP Texas Inc	4.00%		6/1/2030	BBB+		8,000,000		8,004,070
Michigan Strategic Fund–Graphic Packaging International LLC AMT	4.00%	#(b)	10/1/2061	BB		5,640,000		5,672,331
Mission Economic Development Corp.–Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		10,000,000		10,046,430
New Hampshire Business Finance Authority	4.125%		1/20/2034	BBB		4,642,269		4,717,093
New Hampshire Business Finance Authority–Covanta Holding Corp AMT†	3.75%	#(b)	7/1/2045	B		1,970,000		1,705,560
New Hampshire Business Finance Authority–Covanta Holding Corp AMT†	4.00%		11/1/2027	B		6,225,000		6,225,023

See Notes to Financial Statements. 19

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
New Hampshire Business Finance Authority–New York State Electric & Gas Corp AMT	4.00%		12/1/2028	A-	$	9,235,000	$	9,399,558
New Jersey Economic Development Authority–United Airlines Inc	5.25%		9/15/2029	BB-		15,990,000		16,008,686
New Jersey Economic Development Authority–United Airlines Inc	5.50%		6/1/2033	BB-		1,500,000		1,510,199
New York City Industrial Development Agency–TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		2,450,000		2,451,096
New York Liberty Development Corp.	2.50%		11/15/2036	A+		2,500,000		2,157,583
New York Liberty Development Corp.–3 World Trade Center LLC†	5.15%		11/15/2034	NR		1,875,000		1,877,492
New York Liberty Development Corp.–3 World Trade Center LLC†	7.25%		11/15/2044	NR		1,920,000		1,923,848
New York Liberty Development Corp.–Goldman Sachs Headquarters LLC	5.25%		10/1/2035	A2		16,385,000		19,351,322
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT	2.75%	#(b)	9/1/2050	B+		2,900,000		2,863,430
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	2.875%	#(b)	12/1/2044	B+		2,000,000		1,893,949
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	5.125%	#(b)	9/1/2050	B+		1,000,000		1,052,901
New York Transportation Development Corp.–American Airlines Inc AMT	5.00%		8/1/2026	B+		1,285,000		1,287,392
New York Transportation Development Corp.–American Airlines Inc AMT	5.25%		8/1/2031	B+		1,620,000		1,735,632
New York Transportation Development Corp.–American Airlines Inc AMT	5.375%		8/1/2036	B+		1,850,000		1,985,419
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%		1/1/2026	Baa3		3,110,000		3,162,167
Niagara Area Development Corp.–Covanta Holding Corp NY†	3.50%		11/1/2024	B		4,650,000		4,649,607
Niagara Area Development Corp.–Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B		5,500,000		5,350,123
Ohio Air Quality Development Authority–American Electric Power Co Inc	2.40%	#(b)	12/1/2038	BBB		5,685,000		5,377,907
Ohio Air Quality Development Authority–American Electric Power Co Inc AMT	2.50%	#(b)	11/1/2042	BBB		8,800,000		8,306,613
Ohio Air Quality Development Authority–American Electric Power Co Inc AMT	2.60%	#(b)	6/1/2041	BBB		18,210,000		17,271,373

20 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Parish of St. James–NuStar Logistics LP LA†	5.85%	#(b)	8/1/2041	BB+	$	7,685,000	$	7,789,312
Parish of St. James–NuStar Logistics LP LA†	6.10%	#(b)	6/1/2038	BB+		1,500,000		1,679,174
Parish of St. James–NuStar Logistics LP LA†	6.10%	#(b)	12/1/2040	BB+		9,825,000		11,025,234
Parish of St. John the Baptist–Marathon Oil Corp LA	2.20%	#(b)	6/1/2037	BBB-		6,000,000		5,879,533
Parish of St. John the Baptist–Marathon Oil Corp LA	2.375%	#(b)	6/1/2037	BBB-		12,480,000		12,266,211
Parish of St. John the Baptist–Marathon Oil Corp LA	4.05%	#(b)	6/1/2037	BBB-		7,750,000		7,835,872
Pennsylvania Economic Development Financing Authority–CONSOL Energy Inc AMT†	9.00%	#(b)	4/1/2051	BB		2,375,000		2,736,818
Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT†	3.25%		8/1/2039	B		1,035,000		862,212
Pennsylvania Economic Development Financing Authority–Procter & Gamble Co	5.375%		3/1/2031	AA-		1,365,000		1,539,550
Phenix City Industrial Development Board–WestRock Coated Board LLC AL AMT	4.125%		5/15/2035	BBB		1,500,000		1,499,956
Port of Beaumont Industrial Development Authority–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	4.10%		1/1/2028	NR		8,000,000		7,190,431
Port of Beaumont Navigation District–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	10.00%		7/1/2026	NR		5,000,000		5,159,467
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.00%		7/1/2036	NR		5,000,000		4,707,617
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.00%		7/1/2041	NR		7,220,000		6,444,937
Public Finance Authority–TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		7,650,000		7,652,019
Public Finance Authority–TRIPS Obligated Group WI AMT	5.25%		7/1/2028	BBB+		2,150,000		2,152,185
Public Finance Authority–Waste Management Inc WI AMT	1.10%	#(b)	7/1/2029	A-		8,000,000		7,645,540
Public Finance Authority WI†	5.375%		12/15/2032	NR		3,000,000		3,009,552
Tuscaloosa County Industrial Development Authority–Hunt Refining Co AL†	5.25%		5/1/2044	NR		6,740,000		6,916,117
Vermont Economic Development Authority–Casella Waste Systems Inc AMT†	5.00%	#(b)	6/1/2052	B+		5,500,000		5,626,876
Village Community Development District No 15 Series 2024 Special Assessment FL†(d)	4.55%		5/1/2044	NR		5,500,000		5,586,459

See Notes to Financial Statements. 21

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Village Community Development District No. 15 FL†	4.85%		5/1/2038	NR	$	2,200,000	$	2,310,174
Village Community Development District No. 15 FL†	5.00%		5/1/2043	NR		5,180,000		5,403,552
Virginia Small Business Financing Authority–Covanta Holding Corp AMT†	5.00%	#(b)	1/1/2048	B		440,000		440,078
West Pace Cooperative District AL(c)	9.125%		5/1/2039	NR		4,900,000		3,724,000
West Virginia Economic Development Authority–Kentucky Power Co AMT	4.70%	#(b)	4/1/2036	BBB		5,800,000		5,883,456
Total								485,531,394
Education 5.23%
Ann Arbor School District MI GO	4.00%		5/1/2037	A1		4,175,000		4,462,704
California Community Choice Financing Authority	4.00%	#(b)	5/1/2053	A1		10,000,000		10,243,234
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%	)#	5/1/2053	A1		10,000,000		10,038,548
California Educational Facilities Authority–St Mary’s College of California	5.25%		10/1/2044	BBB-		800,000		865,127
California School Finance Authority–Aspire Public Schools Obligated Group†	5.00%		8/1/2036	NR		125,000		127,336
California School Finance Authority–Aspire Public Schools Obligated Group†	5.00%		8/1/2036	BBB		1,475,000		1,488,981
California State University	0.55%	#(b)	11/1/2049	Aa2		6,750,000		6,274,996
Capital Trust Agency, Inc.–Renaissance Charter School Inc Series 2019 Obligated Group FL†	5.00%		6/15/2039	NR		2,160,000		2,163,685
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.00%		4/1/2038	A(e)		3,230,000		3,553,570
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2034	A(e)		1,625,000		1,846,393
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2035	A(e)		1,125,000		1,274,287
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2036	A(e)		2,175,000		2,452,030
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%		4/1/2039	A(e)		6,220,000		6,905,401
Chicago Board of Education IL GO (AGM)	5.00%		12/1/2031	AA		5,000,000		5,293,025
Clark County School District NV GO	5.00%		6/15/2037	AA-		5,770,000		6,598,092

22 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Clark County School District NV GO	5.00%		6/15/2038	AA-	$	4,240,000	$	4,826,251
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.125%		8/15/2030	NR		3,500,000		3,546,484
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.75%		8/15/2038	NR		1,405,000		1,430,886
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	6.00%		8/15/2038	Baa3		19,860,000		20,259,198
Connecticut State Health & Educational Facilities Authority–Quinnipiac University	5.00%		7/1/2033	A-		8,230,000		8,318,434
County of Frederick–Mount St Mary’s University Inc MD†	5.00%		9/1/2027	BB+		1,255,000		1,276,042
County of Frederick–Mount St Mary’s University Inc MD†	5.00%		9/1/2032	BB+		2,400,000		2,432,367
County of Lincoln–Augustana College Association SD	4.00%		8/1/2041	BBB-		500,000		467,329
Development Authority Of The City Of Marietta–Life University Inc GA†	5.00%		11/1/2027	Ba3		2,000,000		2,031,306
Development Authority Of The City Of Marietta–Life University Inc GA†	5.00%		11/1/2037	Ba3		1,500,000		1,525,198
Dutchess County Local Development Corp.–Bard College NY	5.00%		7/1/2040	BBB-		1,150,000		1,208,959
Dutchess County Local Development Corp.–Bard College NY	5.00%		7/1/2045	BBB-		2,000,000		2,074,951
Duval County Public Schools FL	5.00%		7/1/2032	A+		7,040,000		7,123,399
Duval County Public Schools FL COPS (AGM)	5.00%		7/1/2035	AA		3,750,000		4,153,497
Fort Bend Independent School District TX GO (PSF-GTD)	0.875%	#(b)	8/1/2050	AAA		5,325,000		5,217,424
Illinois Finance Authority–Illinois Institute of Technology	4.00%		9/1/2035	Ba2		2,600,000		2,374,996
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2030	Ba2		625,000		632,574
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2031	Ba2		1,100,000		1,111,888
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2032	Ba2		1,100,000		1,110,928
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2033	Ba2		1,000,000		1,007,755
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2034	Ba2		3,720,000		3,739,150

See Notes to Financial Statements. 23

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Illinois Finance Authority–Illinois Institute of Technology	5.00%		9/1/2036	Ba2	$	3,225,000	$	3,199,164
Illinois Finance Authority–Noble Network of Charter Schools	5.00%		9/1/2025	BBB		325,000		325,059
Indiana Finance Authority–Ohio Valley Electric Corp	4.25%		11/1/2030	Baa3		14,550,000		15,277,893
Industrial Development Authority of the City of Phoenix Arizona–BASIS Schools Inc Obligated Group AZ†	5.00%		7/1/2035	BB		2,350,000		2,364,994
IPS Multi-School Building Corp.–Indianapolis Board of School Commissioners IN(d)	5.00%		7/15/2041	Aa2		2,125,000		2,364,230
Massachusetts Development Finance Agency–Emerson College	5.00%		1/1/2026	BBB+		5,135,000		5,154,218
Massachusetts Development Finance Agency–Emerson College	5.00%		1/1/2027	BBB+		2,700,000		2,710,327
Massachusetts Development Finance Agency–Emerson College	5.00%		1/1/2028	BBB+		1,810,000		1,816,823
Miami-Dade County Educational Facilities Authority–University of Miami FL (AMBAC)	5.25%		4/1/2028	A2		5,000,000		5,407,732
New Hampshire Health & Education Facilities Authority Act–University System of New Hampshire	5.00%		7/1/2036	Aa3		5,000,000		5,055,147
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%		7/1/2026	BBB+		5,000,000		5,064,143
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%		7/1/2027	BBB+		10,000,000		10,112,447
New York State Dormitory Authority–New School	5.00%		7/1/2035	A3		5,345,000		5,544,536
New York State Dormitory Authority–Pace University	5.00%		5/1/2026	BBB-		980,000		982,242
New York State Dormitory Authority–Yeshiva University	5.00%		7/15/2031	BBB-		2,705,000		2,942,488
New York State Dormitory Authority–Yeshiva University	5.00%		7/15/2037	BBB-		11,000,000		11,776,182
New York State Dormitory Authority (AGM)	5.00%		10/1/2031	AA		10,000		10,973
New York State Dormitory Authority (AGM), (ST AID WITHHLDG)	5.00%		10/1/2037	AA		9,200,000		10,374,918
Ohio Air Quality Development Authority–Duke Energy Corp	4.00%	#(b)	9/1/2030	BBB		4,175,000		4,250,668
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(d)	5.00%		6/15/2044	NR		2,000,000		2,036,223

24 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
State of Nevada Department of Business & Industry–Somerset Academy NLV Building 1/Sky Pointe/Stephanie/Losee Campuses†	4.50%		12/15/2029	BB	$	465,000	$	468,176
State of Nevada Department of Business & Industry–Somerset Academy NLV Building 1/Sky Pointe/Stephanie/Losee Campuses†	5.00%		12/15/2038	BB		1,000,000		1,006,087
Troy Capital Resource Corp.–Rensselaer Polytechnic Institute NY	5.00%		8/1/2026	A3		1,000,000		1,025,968
University of Houston TX	2.00%		2/15/2032	AA		6,095,000		5,417,405
University of Illinois	5.00%		10/1/2035	A2		885,000		985,536
University of Illinois	5.00%		10/1/2036	A2		920,000		1,019,085
University of Illinois	5.00%		10/1/2037	A2		800,000		886,346
University of Illinois	5.00%		10/1/2038	A2		800,000		880,837
University of Illinois	5.50%		10/1/2039	A2		1,360,000		1,555,518
University of Illinois	5.50%		10/1/2042	A2		1,650,000		1,873,333
University of Illinois (AGM)	4.00%		4/1/2033	AA		4,905,000		4,983,367
University of Kentucky (ST INTERCEPT)	4.75%		4/1/2034	AA+		3,000,000		3,019,171
Total								259,347,661
Financial Services 0.05%
Massachusetts Educational Financing Authority AMT	3.625%		7/1/2034	AA		415,000		410,506
New Jersey Higher Education Student Assistance Authority AMT	3.75%		12/1/2030	Aaa		855,000		857,941
New Jersey Higher Education Student Assistance Authority AMT	4.00%		12/1/2032	Aaa		710,000		710,389
New Jersey Higher Education Student Assistance Authority AMT	4.00%		12/1/2034	Aaa		640,000		638,849
Total								2,617,685
General Obligation 18.02%
California Community Choice Financing Authority	5.00%	#(b)	12/1/2053	A2		11,335,000		12,135,166
California Community Choice Financing Authority	5.50%	#(b)	5/1/2054	A2		10,000,000		10,797,969
California State Public Works Board–State of California Department of General Services	5.00%		4/1/2038	Aa3		4,250,000		4,992,731

See Notes to Financial Statements. 25

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
California State Public Works Board–State of California Department of General Services	5.00%	4/1/2040	Aa3	$	4,200,000	$	4,866,537
California State Public Works Board–State of California Department of General Services	5.00%	4/1/2041	Aa3		3,550,000		4,091,969
California State Public Works Board–State of California Department of General Services	5.00%	4/1/2042	Aa3		6,035,000		6,936,663
Chabot-Las Positas Community College District CA GO	3.00%	8/1/2038	AA		2,500,000		2,344,717
Chicago Board of Education IL GO	5.00%	12/1/2029	BB+		8,000,000		8,497,052
Chicago Board of Education IL GO	5.00%	12/1/2029	BB+		3,000,000		3,136,192
Chicago Board of Education IL GO	5.00%	12/1/2031	BB+		1,500,000		1,559,300
Chicago Board of Education IL GO	5.00%	12/1/2032	BB+		4,845,000		5,026,585
Chicago Board of Education IL GO	5.00%	12/1/2033	BB+		900,000		932,636
Chicago Board of Education IL GO	5.00%	12/1/2034	BB+		475,000		491,688
Chicago Board of Education IL GO	5.00%	12/1/2035	BB+		450,000		464,231
Chicago Board of Education IL GO	5.00%	12/1/2036	BB+		7,300,000		7,646,522
Chicago Board of Education IL GO	5.00%	12/1/2039	BB+		2,340,000		2,427,619
Chicago Board of Education IL GO	5.50%	12/1/2037	BB+		2,000,000		2,213,050
Chicago Board of Education IL GO	5.50%	12/1/2038	BB+		2,250,000		2,476,100
Chicago Board of Education IL GO†	6.75%	12/1/2030	BB+		5,000,000		5,484,901
Chicago Board of Education IL GO (AGM)	5.00%	12/1/2027	AA		2,860,000		3,011,475
City of Bellevue WA GO	4.00%	12/1/2030	AAA		5,590,000		5,620,232
City of Chicago IL GO	5.00%	1/1/2025	BBB+		7,555,000		7,586,522
City of Chicago IL GO	5.00%	1/1/2031	BBB+		2,210,000		2,235,347
City of Chicago IL GO	5.00%	1/1/2042	BBB+		34,540,000		36,651,966
City of Chicago IL GO	5.00%	1/1/2043	BBB+		43,745,000		46,254,673
City of Chicago IL GO	5.125%	1/1/2027	NR		1,130,000		1,135,048
City of Chicago IL GO	5.125%	1/1/2027	BBB+		1,970,000		1,976,091
City of Chicago IL GO	5.25%	1/1/2028	NR		1,630,000		1,637,783
City of Chicago IL GO	5.25%	1/1/2028	BBB+		2,215,000		2,222,256
City of Chicago IL GO	5.25%	1/1/2029	BBB+		2,025,000		2,031,186
City of Chicago IL GO	5.50%	1/1/2037	BBB+		1,945,000		1,950,489
City of Chicago IL GO	5.50%	1/1/2039	BBB+		6,000,000		6,630,119
City of Chicago IL GO	5.50%	1/1/2049	BBB+		3,750,000		3,915,914
City of Chicago IL GO	5.625%	1/1/2030	BBB+		1,835,000		1,919,712

26 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
City of Chicago IL GO		5.75%		1/1/2033	BBB+	$	7,000,000	$	7,316,070
City of Chicago IL GO		6.00%		1/1/2038	BBB+		15,890,000		16,614,017
City of Frisco TX GO		5.00%		2/15/2041	AAA		4,445,000		5,023,037
City of Houston TX GO		5.00%		3/1/2036	Aa3		1,800,000		2,062,955
City of Houston TX GO		5.00%		3/1/2038	Aa3		1,000,000		1,133,641
City of Houston TX GO		5.00%		3/1/2041	AA		3,750,000		4,201,097
City of Houston TX GO		5.25%		3/1/2039	Aa3		4,610,000		5,274,542
City of Houston TX GO		5.25%		3/1/2040	Aa3		5,800,000		6,587,353
City of Hutto TX GO (BAM)		5.00%		8/1/2040	AA		2,145,000		2,414,048
City of Hutto TX GO (BAM)		5.00%		8/1/2041	AA		3,500,000		3,908,806
City of Hutto TX GO (BAM)		5.00%		8/1/2042	AA		4,790,000		5,321,447
City of Lubbock TX GO		4.00%		2/15/2032	AA+		5,120,000		5,128,221
City of New Orleans LA GO		4.00%		10/1/2036	A+		2,290,000		2,369,303
City of New York NY GO		5.00%		6/1/2035	AA		7,685,000		7,777,231
City of New York NY GO		5.00%		10/1/2036	AA		1,250,000		1,425,781
City of New York NY GO		5.00%		4/1/2040	AA		2,000,000		2,280,230
City of New York NY GO		5.00%		9/1/2042	AA		8,055,000		9,119,964
City of New York NY GO		5.00%		9/1/2043	AA		5,000,000		5,636,659
Clark County School District NV GO		5.00%		6/15/2041	AA-		10,645,000		11,867,822
Commonwealth of Massachusetts GO		5.00%		3/1/2039	AA+		8,000,000		9,307,990
Commonwealth of Puerto Rico GO		Zero Coupon		7/1/2033	NR		1,727,569		1,174,893
Commonwealth of Puerto Rico GO		Zero Coupon	#(b)	11/1/2043	NR		5,950,386		3,837,999
Commonwealth of Puerto Rico GO		4.00%		7/1/2035	NR		11,385,659		11,374,383
Commonwealth of Puerto Rico GO		4.00%		7/1/2037	NR		3,035,632		3,016,193
Commonwealth of Puerto Rico GO		4.00%		7/1/2041	NR		5,000,000		4,837,597
Commonwealth of Puerto Rico GO		4.00%		7/1/2046	NR		1,917,657		1,812,025
Commonwealth of Puerto Rico GO		5.375%		7/1/2025	NR		17,088,974		17,190,814
Commonwealth of Puerto Rico GO		5.625%		7/1/2027	NR		11,481,543		11,992,165
Commonwealth of Puerto Rico GO		5.625%		7/1/2029	NR		5,336,508		5,765,901
Commonwealth of Puerto Rico GO		5.75%		7/1/2031	NR		1,415,665		1,575,410
County of Howard MD GO		3.00%		8/15/2037	AAA		2,255,000		2,145,384
County of Luzerne PA GO (AGM)		5.00%		11/15/2024	AA		4,000,000		4,007,067
Delaware Valley Regional Finance Authority PA	3.55% (MUNIPSA * 1 + .40%		)#	3/1/2057	A+		5,000,000		4,953,767
Denton Independent School District TX GO (PSF-GTD)		5.00%		8/15/2038	AAA		2,750,000		3,161,251

See Notes to Financial Statements. 27

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Denton Independent School District TX GO (PSF-GTD)	5.00%		8/15/2039	AAA	$	5,500,000	$	6,275,523
Gregory-Portland Independent School District TX GO (PSF-GTD)	5.00%		2/15/2038	AAA		6,790,000		7,648,092
Houston Independent School District TX GO (PSF-GTD)	3.50%	#(b)	6/1/2039	AAA		10,000,000		10,014,116
Lamar Consolidated Independent School District TX GO	5.00%		2/15/2038	AA-		1,750,000		1,994,217
Louisiana Stadium & Exposition District	5.00%		7/1/2038	A2		7,345,000		8,279,420
Louisiana Stadium & Exposition District	5.00%		7/1/2039	A2		6,550,000		7,344,366
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2037	A2		4,000,000		4,551,292
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2036	A2		2,000,000		2,323,758
New Jersey Transportation Trust Fund Authority–State of New Jersey	5.00%		6/15/2037	A2		4,000,000		4,561,088
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%		8/1/2038	AAA		5,000,000		5,213,752
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%		2/1/2039	AAA		11,820,000		12,274,537
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%		11/1/2037	AAA		8,265,000		9,478,906
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%		3/15/2037	Aa1		7,500,000		7,798,235
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%		3/15/2037	AA+		5,195,000		5,449,261
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%		2/15/2038	Aa1		8,305,000		8,583,742
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%		3/15/2038	AA+		5,000,000		5,194,520
New York State Dormitory Authority (BAM)	5.00%		10/1/2035	AA		5,000,000		5,587,120
Palm Beach County School District FL COPS	5.00%		8/1/2037	Aa3		1,000,000		1,155,835
Palm Beach County School District FL COPS	5.00%		8/1/2038	Aa3		2,375,000		2,727,419
Palm Beach County School District FL COPS	5.00%		8/1/2039	Aa3		2,250,000		2,569,764
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT	5.25%		6/30/2035	Baa2		5,250,000		5,847,469

28 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT	5.25%	6/30/2036	Baa2	$	8,550,000	$	9,485,880
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT	5.50%	6/30/2037	Baa2		5,575,000		6,303,409
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT	5.50%	6/30/2038	Baa2		6,200,000		6,973,183
Pflugerville Independent School District TX GO	5.00%	2/15/2037	AA+		6,955,000		7,840,776
Pflugerville Independent School District TX GO	5.00%	2/15/2038	AA+		4,405,000		4,945,064
Pflugerville Independent School District TX GO	5.00%	2/15/2039	AA+		5,115,000		5,689,342
School District of Philadelphia PA GO (ST AID WITHHLDG)	5.00%	9/1/2026	A1		500,000		520,176
School District of Philadelphia PA GO (ST AID WITHHLDG)	5.00%	9/1/2027	A1		600,000		636,078
School District of Philadelphia PA GO (ST AID WITHHLDG)	5.00%	9/1/2028	A1		500,000		538,758
State of California GO	3.00%	11/1/2034	Aa2		5,900,000		5,819,787
State of California GO	4.00%	8/1/2035	Aa2		20,000,000		20,350,764
State of California GO	4.00%	3/1/2036	Aa2		10,000,000		10,503,078
State of California GO	4.00%	9/1/2037	Aa2		4,500,000		4,850,213
State of California GO	5.00%	9/1/2035	Aa2		9,000,000		10,416,303
State of California GO	5.00%	9/1/2037	Aa2		14,540,000		17,088,497
State of California GO	5.00%	8/1/2039	Aa2		6,500,000		7,627,344
State of California GO	5.00%	10/1/2039	Aa2		4,000,000		4,611,131
State of California GO	5.25%	8/1/2044	Aa2		5,000,000		5,856,096
State of Connecticut GO	4.00%	4/15/2037	AA-		1,825,000		1,861,012
State of Connecticut GO	4.00%	6/15/2037	AA-		775,000		785,453
State of Connecticut GO	5.00%	6/15/2035	AA-		1,125,000		1,205,416
State of Illinois GO	4.00%	10/1/2034	A-		5,000,000		5,112,974
State of Illinois GO	4.00%	10/1/2035	A-		5,000,000		5,096,521
State of Illinois GO	5.00%	2/1/2028	A-		13,620,000		14,294,077
State of Illinois GO	5.00%	11/1/2029	A-		2,800,000		2,907,581

See Notes to Financial Statements. 29

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
State of Illinois GO	5.00%	11/1/2032	A-	$	9,200,000	$	9,496,547
State of Illinois GO	5.00%	10/1/2033	A-		5,000,000		5,302,104
State of Illinois GO	5.00%	5/1/2038	A-		2,000,000		2,241,583
State of Illinois GO	5.00%	5/1/2039	A-		3,000,000		3,349,408
State of Illinois GO	5.00%	12/1/2039	A-		15,000,000		16,626,541
State of Illinois GO	5.00%	5/1/2040	A-		6,000,000		6,662,679
State of Illinois GO	5.00%	5/1/2041	A-		6,000,000		6,631,969
State of Illinois GO	5.00%	12/1/2042	A-		11,320,000		12,380,951
State of Illinois GO	5.25%	2/1/2034	A-		3,295,000		3,312,568
State of Illinois GO	5.25%	10/1/2036	A-		17,540,000		19,789,419
State of Illinois GO	5.25%	5/1/2038	A-		9,750,000		10,874,239
State of Illinois GO	5.25%	5/1/2042	A-		15,000,000		16,803,283
State of Illinois GO	5.25%	5/1/2043	A-		7,830,000		8,731,319
State of Illinois GO	5.50%	5/1/2039	A-		11,000,000		12,097,947
State of New Jersey GO	2.00%	6/1/2029	A1		5,000,000		4,658,486
State of Texas GO	4.00%	10/1/2032	AAA		14,570,000		14,593,054
State of Washington GO	5.00%	2/1/2038	Aaa		15,000,000		17,211,321
Town of Oyster Bay NY GO (AGM)	2.00%	3/1/2030	AA		2,125,000		1,933,330
Town of Oyster Bay NY GO (AGM)	2.00%	3/1/2031	AA		2,040,000		1,814,422
Village of Romeoville IL GO	4.00%	12/30/2036	Aa2		4,725,000		4,816,221
Village of Romeoville IL GO	4.00%	12/30/2037	Aa2		3,800,000		3,868,235
Village of Schaumburg IL GO	3.00%	12/1/2027	AAA		7,060,000		7,098,998
Village of Skokie IL GO	3.00%	12/1/2029	Aa2		1,080,000		1,088,493
Washington Metropolitan Area Transit Authority Dedicated Revenue DC	5.00%	7/15/2039	AA		4,400,000		5,022,563
Washington Metropolitan Area Transit Authority Dedicated Revenue DC	5.00%	7/15/2041	AA		7,000,000		7,912,645
Total							893,425,174
Health Care 14.82%
Allegheny County Hospital Development Authority–Allegheny Health Network Obligated Group PA	5.00%	4/1/2031	A		16,000,000		16,887,754
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2031	BBB		7,000,000		7,043,687
Arizona Health Facilities Authority–HonorHealth Obligated Group AZ	5.00%	12/1/2032	A2		5,000,000		5,012,805

30 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Astoria Hospital Facilities Authority–Columbia Lutheran Charities Obligated Group OR	5.00%	8/1/2034	BBB	$	12,250,000	$	13,839,684
Berks County Municipal Authority–Tower Health Obligated Group PA	Zero Coupon	6/30/2044	NR		5,774,000		3,681,267
Berks County Municipal Authority–Tower Health Obligated Group PA	5.00%	6/30/2039	NR		11,556,000		11,455,814
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%	6/30/2034	NR		820,439		892,083
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%	6/30/2034	NR		41,523		45,149
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%	6/30/2034	NR		1,637,186		1,675,742
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%	6/30/2034	NR		83,046		83,046
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.25%	12/1/2035	BB		3,000,000		3,006,880
Brevard County Health Facilities Authority–Health First Inc Obligated Group FL	5.00%	4/1/2038	A		7,000,000		7,864,210
Brevard County Health Facilities Authority–Health First Inc Obligated Group FL	5.00%	4/1/2039	A		5,500,000		6,148,731
Bucks County Industrial Development Authority–Grand View Hospital/Sellersville Obligated Group PA	5.00%	7/1/2030	BB-		2,075,000		2,165,207
Bucks County Industrial Development Authority–Grand View Hospital/Sellersville Obligated Group PA	5.00%	7/1/2031	BB-		1,150,000		1,202,107
Bucks County Industrial Development Authority–Grand View Hospital/Sellersville Obligated Group PA	5.00%	7/1/2032	BB-		1,000,000		1,042,127
California Health Facilities Financing Authority–Adventist Health System/West Obligated Group	5.25%	12/1/2040	BBB+		3,000,000		3,410,905

See Notes to Financial Statements. 31

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
California Health Facilities Financing Authority–Adventist Health System/West Obligated Group	5.25%		12/1/2041	BBB+	$	3,000,000	$	3,390,538
California Health Facilities Financing Authority–Adventist Health System/West Obligated Group	5.25%		12/1/2042	BBB+		5,500,000		6,179,356
California Health Facilities Financing Authority–Adventist Health System/West Obligated Group CA	5.00%		12/1/2037	BBB+		5,000,000		5,606,570
California Health Facilities Financing Authority–Providence St Joseph Health Obligated Group	2.00%	#(b)	10/1/2036	A		8,190,000		8,036,533
California Municipal Finance Authority–Eisenhower Medical Center	5.00%		7/1/2029	Baa2		1,000,000		1,043,346
California Municipal Finance Authority–Eisenhower Medical Center	5.00%		7/1/2031	Baa2		1,900,000		1,973,980
California Municipal Finance Authority–Eisenhower Medical Center	5.00%		7/1/2033	Baa2		4,015,000		4,161,960
California Municipal Finance Authority–Palomar Health Obligated Group COPS†	5.00%		11/1/2027	BB+		5,000,000		5,109,369
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.00%		12/1/2041	A+		3,760,000		4,304,813
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.00%		12/1/2043	A+		4,510,000		5,110,393
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.25%		12/1/2042	A+		3,510,000		4,095,006
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.00%		12/1/2033	BB		1,000,000		1,049,672
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.25%		12/1/2034	BB		5,000,000		5,011,434
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.25%		12/1/2038	BB		1,500,000		1,576,145
Chattanooga Health Educational & Housing Facility Board–Erlanger Health Obligated Group TN	5.25%		12/1/2041	A		1,000,000		1,135,793

32 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Chattanooga Health Educational & Housing Facility Board–Erlanger Health Obligated Group TN	5.25%		12/1/2042	A		$	3,025,000	$	3,417,545
Chattanooga Health Educational & Housing Facility Board–Erlanger Health Obligated Group TN	5.25%		12/1/2043	A			2,550,000		2,869,157
Citizens Memorial Hospital District MO	5.00%		12/1/2026	NR			8,825,000		8,911,839
City of Atlantic Beach–Naval Continuing Care Retirement Foundation Obligated Group FL	5.00%		11/15/2028	BBB	(e)		1,655,000		1,657,103
City of Blaine–Crest View Obligated Group MN(c)	5.125%		7/1/2025	NR			770,000		423,500
City of Colby KS–Citizens Medical Center Inc	5.50%		7/1/2026	NR			11,100,000		11,193,272
City of Seneca–Nemaha Valley Community Hospital KS	5.00%		9/1/2025	NR			5,500,000		5,527,810
City of St. Cloud–CentraCare Health System Obligated Group MN(d)	5.00%		5/1/2041	A2			3,000,000		3,372,757
Colorado Health Facilities Authority–CommonSpirit Health Obligated Group	5.00%	#(b)	8/1/2049	A-			2,345,000		2,356,787
Colorado Health Facilities Authority–CommonSpirit Health Obligated Group	5.25%		11/1/2038	A-			2,095,000		2,376,761
Connecticut State Health & Educational Facilities Authority–Griffin Health Obligated Group†	5.00%		7/1/2034	BB+			225,000		228,360
Connecticut State Health & Educational Facilities Authority–Griffin Health Obligated Group†	5.00%		7/1/2039	BB+			1,000,000		1,001,419
County of Cuyahoga–MetroHealth System OH	5.00%		2/15/2037	BBB			5,000,000		5,141,182
County of Miami-Dade–Public Health Trust of Miami-Dade County FL	5.00%		6/1/2030	Aa2			11,910,000		12,059,853
County of Miami-Dade–Public Health Trust of Miami-Dade County FL	5.00%		6/1/2031	Aa2			5,000,000		5,057,528
County of Montgomery–Premier Health Partners Obligated Group OH	4.00%		11/15/2039	Baa1			6,000,000		5,857,073
County of Muskingum–Genesis Healthcare Obligated Group OH	5.00%		2/15/2033	BB+			12,355,000		12,357,522

See Notes to Financial Statements. 33

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
County of Washington–Marietta Area Health Care Inc Obligated Group OH	5.50%	12/1/2027	NR	$	8,675,000	$	8,815,396
County of Washington–Marietta Area Health Care Inc Obligated Group OH	6.375%	12/1/2037	NR		10,000,000		11,004,223
Crawford County Hospital Authority–Meadville Medical Center Obligated Group PA	6.00%	6/1/2036	NR		3,830,000		3,916,965
District of Columbia–Children’s National Medical Center Obligated Group	5.00%	7/15/2026	A1		1,700,000		1,748,859
District of Columbia–Children’s National Medical Center Obligated Group	5.00%	7/15/2034	A1		5,000,000		5,114,186
Doylestown Hospital Authority–Doylestown Hospital Obligated Group PA†	5.00%	7/1/2031	NR		1,000,000		1,067,987
Doylestown Hospital Authority–Doylestown Hospital Obligated Group PA†	5.375%	7/1/2039	NR		2,000,000		2,193,275
Franklin County Industrial Development Authority–Menno-Haven Inc Obligated Group PA	5.00%	12/1/2031	NR		1,000,000		1,028,306
Franklin County Industrial Development Authority–Menno-Haven Inc Obligated Group PA	5.00%	12/1/2033	NR		1,000,000		1,025,235
Glendale Industrial Development Authority–Beatitudes Campus Obligated Group AZ	5.00%	11/15/2036	NR		1,500,000		1,434,183
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2039	Baa2		3,900,000		4,244,420
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2040	Baa2		4,040,000		4,370,449
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2042	Baa2		3,990,000		4,265,263
Greeneville Health & Educational Facilities Board–Ballad Health Obligated Group TN	5.00%	7/1/2035	A-		3,300,000		3,471,976
Greeneville Health & Educational Facilities Board–Ballad Health Obligated Group TN	5.00%	7/1/2036	A-		3,000,000		3,151,211
Greeneville Health & Educational Facilities Board–Ballad Health Obligated Group TN	5.00%	7/1/2037	A-		10,000,000		10,477,754

34 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Harris County Cultural Education Facilities Finance Corp.–Brazos Presbyterian Homes Obligated Group TX	6.375%		1/1/2033	BB+	(e)	$	120,000	$	120,261
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX	5.00%		7/1/2039	AA-			2,500,000		2,848,548
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX	5.00%		7/1/2040	AA-			1,500,000		1,696,069
Harris County Cultural Education Facilities Finance Corp.–Memorial Hermann Health System Obligated Group TX	5.00%	#(b)	6/1/2050	AA-			5,000,000		5,415,778
Health & Educational Facilities Authority of the State of Missouri–SSM Health Care Obligated Group WA	5.00%	#(b)	6/1/2039	A+			13,150,000		14,104,637
Hillsborough County Industrial Development Authority–BayCare Obligated Group FL	5.00%		11/15/2035	Aa2			4,000,000		4,646,164
Hillsborough County Industrial Development Authority–BayCare Obligated Group FL	5.00%		11/15/2036	Aa2			2,500,000		2,892,557
Hillsborough County Industrial Development Authority–BayCare Obligated Group FL	5.00%		11/15/2037	Aa2			2,500,000		2,885,078
Hillsborough County Industrial Development Authority–BayCare Obligated Group FL	5.00%		11/15/2042	Aa2			5,000,000		5,604,279
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA	5.00%		7/1/2030	BBB			4,775,000		4,905,243
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA	5.00%		7/1/2032	BBB			4,055,000		4,146,222
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA	5.00%		7/1/2033	BBB			4,870,000		4,975,186
Housing & Redevelopment Authority of The City of St. Paul Minnesota–Fairview Health Services Obligated Group	5.00%		11/15/2024	NR			4,500,000		4,507,478

See Notes to Financial Statements. 35

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Illinois Finance Authority–Ascension Health Credit Group	4.00%	2/15/2033	AA+	$	5,000,000	$	5,099,446
Illinois Finance Authority–Plymouth Place Obligated Group	5.00%	5/15/2030	NR		1,690,000		1,708,282
Illinois Finance Authority–Rush Obligated Group	5.00%	11/15/2031	A+		6,025,000		6,087,576
Illinois Finance Authority–Rush Obligated Group	5.00%	11/15/2033	A+		2,500,000		2,524,916
Illinois Finance Authority–Rush Obligated Group	5.00%	11/15/2034	A+		3,000,000		3,029,551
Illinois Finance Authority–Silver Cross Hospital Obligated	5.00%	8/15/2035	A3		6,565,000		6,642,396
Industrial Development Authority of the County of Pima–La Posada at Park Centre Inc Obligated Group AZ†	5.125%	11/15/2029	NR		4,000,000		4,039,500
Kentucky Economic Development Finance Authority–Masonic Homes of Kentucky Inc Obligated Group	5.375%	11/15/2032	NR		1,185,000		1,136,375
Kentucky Economic Development Finance Authority–Owensboro Health Inc Obligated Group	5.00%	6/1/2029	Baa2		4,235,000		4,392,582
Kentucky Economic Development Finance Authority–Owensboro Health Inc Obligated Group	5.00%	6/1/2032	Baa2		6,000,000		6,189,907
Louisville/Jefferson County Metropolitan Government–Norton Healthcare Obligated Group KY	5.00%	10/1/2040	A		3,500,000		3,876,041
Maricopa County Industrial Development Authority–HonorHealth Obligated Group AZ	5.00%	9/1/2033	A2		500,000		534,711
Maricopa County Industrial Development Authority–HonorHealth Obligated Group AZ	5.00%	9/1/2034	A2		1,000,000		1,068,025
Maricopa County Industrial Development Authority–HonorHealth Obligated Group AZ	5.00%	9/1/2035	A2		1,000,000		1,065,662
Maricopa County Industrial Development Authority–HonorHealth Obligated Group AZ	5.00%	9/1/2036	A2		1,800,000		1,913,350
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	4.00%	7/1/2035	BBB-		2,000,000		1,916,494

36 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	4.00%	7/1/2037	BBB-	$	3,930,000	$	3,763,985
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%	7/1/2038	BBB-		3,100,000		3,145,652
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%	7/1/2039	BBB-		2,750,000		2,780,800
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	8.50%	10/1/2026	BBB-		8,910,000		9,105,208
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board–Vanderbilt University Medical Center Obligated Group TN	5.00%	7/1/2031	A		1,300,000		1,339,499
Miami Beach Health Facilities Authority–Mount Sinai Medical Center of Florida Obligated Group FL	5.00%	11/15/2030	A3		2,500,000		2,502,944
Michigan Finance Authority–McLaren Health Care Corp Obligated Group	5.00%	5/15/2033	A1		4,030,000		4,069,351
Michigan Finance Authority–McLaren Health Care Corp Obligated Group	5.00%	5/15/2035	A1		4,945,000		4,991,691
Michigan Finance Authority–McLaren Health Care Obligated Group	5.00%	5/15/2032	A1		10,390,000		10,491,881
Michigan Finance Authority Provident Group–HFH Energy LLC	5.00%	2/28/2038	A3		2,060,000		2,322,101
Michigan Finance Authority Provident Group–HFH Energy LLC	5.25%	2/29/2040	A3		1,400,000		1,570,228
Michigan Finance Authority Provident Group–HFH Energy LLC	5.25%	2/28/2042	A3		1,860,000		2,061,725
Minnesota Agricultural & Economic Development Board–HealthPartners Obligated Group	5.00%	1/1/2040	A		3,600,000		4,064,684
Minnesota Agricultural & Economic Development Board–HealthPartners Obligated Group	5.00%	1/1/2041	A		4,000,000		4,497,610
Minnesota Agricultural & Economic Development Board–HealthPartners Obligated Group	5.00%	1/1/2042	A		4,985,000		5,573,710
Monroe County Hospital Authority–Centurion Foundation Lehigh Valley LLC PA†	5.10%	6/15/2039	NR		10,000,000		10,192,111
Montgomery County Higher Education & Health Authority–Thomas Jefferson University Obligated Group PA	4.00%	9/1/2036	A		1,350,000		1,365,001

See Notes to Financial Statements. 37

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Montgomery County Higher Education & Health Authority–Thomas Jefferson University Obligated Group PA	4.00%	9/1/2038	A	$	2,250,000	$	2,263,653
Montgomery County Industrial Development Authority–Albert Einstein Healthcare Network Obligated Group PA	5.25%	1/15/2026	NR		2,000,000		2,010,187
Montgomery County Industrial Development Authority–Albert Einstein Healthcare Network Obligated Group PA	5.25%	1/15/2028	NR		3,000,000		3,015,281
Montgomery County Industrial Development Authority–Whitemarsh Continuing Care Retirement Community Obligated PA	5.00%	1/1/2030	NR		2,000,000		2,001,543
Moon Industrial Development Authority–Baptist Homes Society Obligated Group PA	5.125%	7/1/2025	NR		1,015,000		991,823
New Hampshire Business Finance Authority–NFA UH SPV LLC†	5.625%	12/15/2033	NR		5,500,000		5,676,698
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%	7/1/2041	AA-		12,000,000		13,517,922
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%	7/1/2042	AA-		5,000,000		5,607,483
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	5.00%	7/1/2035	BBB-		3,185,000		3,241,181
New Jersey Health Care Facilities Financing Authority–University Hospital (AGM)	5.00%	7/1/2028	AA		2,000,000		2,031,753
New York State Dormitory Authority–Catholic Health System Obligated Group	4.00%	7/1/2037	B-		1,100,000		990,392
New York State Dormitory Authority–Catholic Health System Obligated Group	4.00%	7/1/2039	B-		1,000,000		882,114
New York State Dormitory Authority–Catholic Health System Obligated Group	4.00%	7/1/2040	B-		850,000		749,554
New York State Dormitory Authority–Catholic Health System Obligated Group	5.00%	7/1/2036	B-		1,945,000		1,934,606

38 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2026	Ba2	$	1,500,000	$	1,509,791
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2029	Ba2		2,700,000		2,712,654
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2030	Ba2		1,100,000		1,102,646
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2031	Ba2		1,600,000		1,601,639
New York State Dormitory Authority–Northwell Health Obligated Group	5.00%	5/1/2032	A-		9,230,000		9,322,023
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%	8/15/2033	BB		3,920,000		4,087,458
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%	8/15/2038	BB		10,050,000		10,380,565
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.25%	8/15/2043	BB		6,710,000		6,939,407
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.50%	8/15/2037	NR		2,770,000		2,959,066
Oneida County Local Development Corp.–Mohawk Valley Health System Obligated Group NY (AGM)	4.00%	12/1/2035	AA		1,000,000		1,008,857
Oneida County Local Development Corp.–Mohawk Valley Health System Obligated Group NY (AGM)	4.00%	12/1/2036	AA		1,250,000		1,257,188
Orange County Health Facilities Authority–Orlando Health Obligated Group FL	5.00%	10/1/2037	A+		2,495,000		2,833,638
Orange County Health Facilities Authority–Orlando Health Obligated Group FL	5.00%	10/1/2038	A+		1,530,000		1,727,300
Orange County Health Facilities Authority–Orlando Health Obligated Group FL	5.00%	10/1/2039	A+		1,500,000		1,681,234
Orange County Health Facilities Authority–Orlando Health Obligated Group FL	5.00%	10/1/2039	A+		7,565,000		7,783,168
Palomar Health Obligated Group CA	5.00%	11/1/2036	BB+		5,280,000		5,307,536

See Notes to Financial Statements. 39

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Pennsylvania Economic Development Financing Authority–UPMC Obligated Group	4.00%		2/15/2040	A		$	2,820,000	$	2,840,487
Public Finance Authority–Proton International Alabama LLC WI†(c)	6.85%		10/1/2047	NR			1,410,000		141,000
Public Finance Authority–RBS Evolution LLC WI†	10.00%		11/1/2038	NR			3,500,000		3,987,976
Rhode Island Health & Educational Building Corp.–Care New England Health System Obligated Group	5.00%		9/1/2031	B+			5,000,000		5,053,279
Shelby County Health Educational & Housing Facilities Board–Baptist Memorial Health Care Obligated Group TN	5.00%	#(b)	9/1/2049	BBB+			8,750,000		9,453,412
South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Village Inc	5.25%		11/15/2028	NR			5,700,000		5,732,256
South Carolina Jobs-Economic Development Authority–Novant Health Obligated Group	5.25%		11/1/2040	A+			6,500,000		7,492,326
South Carolina Jobs-Economic Development Authority–Novant Health Obligated Group	5.25%		11/1/2041	A+			7,500,000		8,600,179
Southeastern Ohio Port Authority–Marietta Area Healthcare Inc Obligated Group	5.00%		12/1/2035	B+	(e)		3,850,000		3,756,911
Southeastern Ohio Port Authority–Marietta Area Healthcare Inc Obligated Group	5.50%		12/1/2029	B+	(e)		2,085,000		2,086,836
Tarrant County Cultural Education Facilities Finance Corp.–Baylor Scott & White Health Obligated Group TX	5.00%	#(b)	11/15/2052	AA-			4,000,000		4,432,165
Tulsa County Industrial Authority–Montereau Obligated Group OK	5.25%		11/15/2037	BBB-	(e)		1,250,000		1,280,616
University of Kansas Hospital Authority–University of Kansas Health System Obligated Group KS	5.00%		9/1/2034	AA-			5,000,000		5,086,444
Washington Health Care Facilities Authority–Multicare Health System Obligated Group	5.00%		8/15/2030	A			5,000,000		5,060,614
Washington Health Care Facilities Authority–Multicare Health System Obligated Group	5.00%		8/15/2031	A			5,000,000		5,059,033

40 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Washington Health Care Facilities Authority–Providence St Joseph Health Obligated Group	4.00%	#(b)	10/1/2042	A	$	28,220,000	$	29,041,806
West Virginia Hospital Finance Authority–West Virginia United Health System Obligated Group	4.00%		6/1/2030	A		5,500,000		5,565,982
Westchester County Local Development Corp.–New York Blood Center Inc NY	5.00%		7/1/2035	Baa1		3,000,000		3,371,777
Westchester County Local Development Corp.–New York Blood Center Inc NY	5.00%		7/1/2038	Baa1		3,075,000		3,409,490
Winchester Economic Development Authority–Valley Health Obligated Group VA	5.00%		1/1/2041	A+		4,150,000		4,655,775
Winchester Economic Development Authority–Valley Health Obligated Group VA	5.00%		1/1/2042	A+		2,500,000		2,793,146
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.00%		2/15/2029	BBB		6,170,000		6,632,886
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.00%		2/15/2032	BBB		12,500,000		13,806,154
Yuma Industrial Development Authority–Yuma Regional Medical Center Obligated Group AZ(d)	5.00%		8/1/2041	A		1,500,000		1,671,110
Yuma Industrial Development Authority–Yuma Regional Medical Center Obligated Group AZ (AGC)(d)	5.25%		8/1/2042	AA		2,125,000		2,426,345
Yuma Industrial Development Authority–Yuma Regional Medical Center Obligated Group AZ (AGC)(d)	5.25%		8/1/2043	AA		2,250,000		2,558,108
Yuma Industrial Development Authority–Yuma Regional Medical Center Obligated Group AZ (AGC)(d)	5.25%		8/1/2044	AA		3,000,000		3,395,454
Total								734,711,684
Housing 2.41%
California Housing Finance Agency	3.25%		8/20/2036	BBB		7,167,861		6,857,092
California Housing Finance Agency	3.50%		11/20/2035	BBB+		5,538,665		5,422,875
California Municipal Finance Authority–Park Western Housing LP (FNMA)	2.65%		8/1/2036	Aaa		4,232,495		3,740,339

See Notes to Financial Statements. 41

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Housing (continued)
Colorado Housing & Finance Authority (GNMA)	6.00%	5/1/2053	AA		$	5,000,000	$	5,550,619
CSCDA Community Improvement Authority Westgate Apartments CA†	3.00%	6/1/2047	NR			5,000,000		3,658,237
Indiana Finance Authority–CHF-Tippecanoe LLC	5.00%	6/1/2038	BBB-			1,550,000		1,669,992
Indiana Finance Authority–CHF-Tippecanoe LLC	5.00%	6/1/2043	BBB-			2,525,000		2,672,031
Industrial Development Authority of the City of Phoenix Arizona–Downtown Phoenix Student Housing LLC AZ	5.00%	7/1/2032	Baa3			1,080,000		1,127,378
Maryland Community Development Administration	3.00%	9/1/2039	Aa1			10,000,000		8,809,481
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%	7/1/2054	AA+			3,785,000		4,193,057
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%	1/1/2055	AA+			10,000,000		11,440,027
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.50%	1/1/2055	AA+			3,550,000		4,097,840
Missouri Housing Development Commission (FHLMC), (FNMA), (GNMA)	3.25%	11/1/2052	AA+			2,485,000		2,471,455
New Jersey Housing & Mortgage Finance Agency	6.00%	10/1/2055	AA			3,560,000		3,947,506
North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%	1/1/2055	AA+			5,490,000		6,079,038
North Dakota Housing Finance Agency	4.00%	1/1/2051	Aa1			7,145,000		7,226,644
Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA)	7.00%	3/1/2049	Aaa			3,500,000		4,275,028
Pennsylvania Housing Finance Agency	3.50%	4/1/2051	AA+			1,740,000		1,735,976
Pennsylvania Housing Finance Agency	4.00%	10/1/2049	AA+			1,685,000		1,686,161
Texas Department of Housing & Community Affairs (GNMA)	5.75%	3/1/2054	Aaa			7,295,000		8,059,722
Virginia Beach Development Authority–Westminster-Canterbury on Chesapeake Bay Obligated Group	5.375%	9/1/2029	BB+	(e)		5,000,000		5,211,849
Washington State Housing Finance Commission	3.50%	12/20/2035	BBB+			4,750,098		4,541,774
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%	7/1/2044	BBB-			4,950,000		5,508,513

42 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%	7/1/2049	BBB-	$	8,805,000	$	9,665,540
Total							119,648,174
Lease Obligations 1.74%
Illinois Sports Facilities Authority (AGM)	5.00%	6/15/2027	AA		3,000,000		3,016,563
Indiana Finance Authority–Marion County Capital Improvement Board	5.25%	2/1/2029	AA+		2,500,000		2,547,094
Michigan State Building Authority	5.00%	4/15/2034	Aa2		6,525,000		6,645,203
New Jersey Economic Development Authority–New Jersey Economic Development Authority†	5.25%	9/1/2027	A-		24,555,000		26,401,131
New Jersey Economic Development Authority–State Capitol Joint Management Commission	5.00%	6/15/2033	A2		7,215,000		7,763,876
New Jersey Economic Development Authority–State Capitol Joint Management Commission	5.00%	6/15/2034	A2		13,645,000		14,640,551
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%	6/15/2025	A2		5,085,000		5,158,982
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%	6/15/2036	A2		1,320,000		1,383,224
New Jersey Transportation Trust Fund Authority	3.25%	6/15/2039	A2		2,000,000		1,873,605
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2035	A2		3,750,000		3,906,362
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2036	A2		2,770,000		2,860,863
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2030	A+		3,000,000		3,097,650
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2031	A+		2,400,000		2,475,540
Redevelopment Authority of the City of Philadelphia PA	5.00%	4/15/2028	A1		4,380,000		4,427,836
Total							86,198,480

See Notes to Financial Statements. 43

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Multi-Family Housing 0.59%
Illinois Housing Development Authority–South Shore IL Preservation LP (FHA), (HUD)		4.00%	#(b)	6/1/2026	Aaa	$	2,700,000	$	2,710,145
King County Housing Authority WA		3.50%		5/1/2038	AAA		10,000,000		9,727,637
Michigan State Housing Development Authority		3.80%		10/1/2038	AA+		10,000,000		10,005,217
New Hampshire Business Finance Authority		3.625%		8/20/2039	A3		7,235,701		6,939,742
Total									29,382,741
Other Revenue 3.27%
Black Belt Energy Gas District AL		4.00%	#(b)	12/1/2049	A1		12,675,000		12,749,270
Brooklyn Arena Local Development Corp.–Brooklyn Events Center LLC NY		5.00%		7/15/2042	Ba1		7,600,000		7,757,528
Cleveland-Cuyahoga County Port Authority–Playhouse Square Foundation OH		5.00%		12/1/2033	BB+		2,000,000		2,078,287
Cleveland-Cuyahoga County Port Authority–Playhouse Square Foundation OH		5.25%		12/1/2038	BB+		1,650,000		1,708,478
Commonwealth of Puerto Rico GO		Zero Coupon	#(b)	11/1/2051	NR		17,004,637		11,138,037
Duval County Public Schools FL COPS (AGM)		5.00%		7/1/2034	AA		2,000,000		2,219,830
Illinois Finance Authority–Field Museum Natural of History	4.588% (SOFR * .67 + 1.20%		)#	11/1/2034	A		10,190,000		10,179,673
Industrial Development Authority of the County of Pima–Edkey Inc Obligated Group†		5.00%		7/1/2035	NR		5,000,000		5,100,263
Lower Alabama Gas District		4.00%	#(b)	12/1/2050	A2		30,995,000		31,177,226
Maricopa County Industrial Development Authority–Legacy Traditional School Obligated Group AZ†		5.00%		7/1/2039	BBB-		2,055,000		2,114,805
Maricopa County Industrial Development Authority–Paragon Management Inc AZ†		5.00%		7/1/2036	BB+		2,500,000		2,533,667
Maryland Economic Development Corp.(c)		5.00%		12/1/2016	NR		700,000		454,125
M-S-R Energy Authority CA		6.125%		11/1/2029	BBB+		2,835,000		3,042,837
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY		5.00%		11/15/2036	AA+		5,750,000		6,719,792
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY		5.00%		11/15/2037	AA+		5,000,000		5,811,963

44 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.00%		11/15/2038	AA+	$	6,400,000	$	7,381,266
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.00%		11/15/2041	AA+		9,000,000		10,196,585
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.25%		11/15/2039	AA+		13,050,000		15,304,564
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.25%		11/15/2040	AA+		11,000,000		12,807,304
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.25%		11/15/2042	AA+		10,000,000		11,485,326
Total								161,960,826
Power 0.39%
Energy Northwest–Bonneville Power Administration WA	5.00%		7/1/2038	Aa1		14,000,000		16,113,887
York County Economic Development Authority–Virginia Electric and Power Co	3.65%	#(b)	5/1/2033	A2		3,000,000		3,072,511
Total								19,186,398
Pre-Refunded 0.00%
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%		2/15/2034	NR		15,000		15,553
Single-Family Housing 0.20%
Pennsylvania Housing Finance Agency	5.50%		10/1/2053	AA+		9,145,000		9,807,674
Special Tax 1.80%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2032	Ba3		1,250,000		1,277,036
Allentown Neighborhood Improvement Zone Development Authority PA†	5.375%		5/1/2042	NR		5,500,000		5,571,491
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%		5/1/2042	NR		1,795,000		1,913,909
County of Orange CA Community Facilities District No 2015-1	5.00%		8/15/2033	NR		1,370,000		1,387,896
County of Orange CA Community Facilities District No 2015-1	5.00%		8/15/2035	NR		975,000		986,914

See Notes to Financial Statements. 45

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
Emeryville Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	9/1/2025	AA	$	2,650,000	$	2,654,169
Industrial Development Authority of the City of St. Louis Missouri	4.375%	11/15/2035	NR		3,955,000		3,664,910
Industrial Development Authority of the City of St. Louis Missouri	4.75%	11/15/2047	NR		3,000,000		2,604,016
Lakewood Ranch Stewardship District FL	6.125%	5/1/2043	NR		2,240,000		2,414,826
Miami World Center Community Development District FL	4.75%	11/1/2027	NR		575,000		586,574
Mida Mountain Village Public Infrastructure District UT†	4.50%	8/1/2040	NR		1,250,000		1,227,863
New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM)	3.00%	1/1/2034	AA		1,000,000		966,602
New York City Industrial Development Agency–Yankee Stadium LLC NY (AGM)	3.00%	3/1/2036	AA		5,500,000		5,298,844
Peninsula Town Center Community Development Authority VA†	4.50%	9/1/2028	NR		450,000		457,659
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2037	NR		875,000		882,702
River Islands Public Financing Authority CA Special Tax (AGM)	5.00%	9/1/2042	AA		4,000,000		4,413,913
State of Connecticut Special Tax Revenue	4.00%	9/1/2034	AA		7,525,000		7,589,713
State of Connecticut Special Tax Revenue	5.00%	10/1/2030	AA		9,000,000		9,826,869
State of Connecticut Special Tax Revenue	5.00%	7/1/2036	AA		5,000,000		5,868,053
State of Connecticut Special Tax Revenue	5.00%	7/1/2037	AA		6,000,000		7,011,973
State of Connecticut Special Tax Revenue	5.00%	7/1/2038	AA		5,000,000		5,814,331
Village Community Development District No. 12 FL	3.25%	5/1/2026	NR		1,535,000		1,537,802
Village Community Development District No. 12 FL	3.80%	5/1/2028	NR		1,650,000		1,666,137
Village Community Development District No. 12 FL	4.00%	5/1/2033	NR		1,800,000		1,818,463
Village Community Development District No. 13 FL	1.80%	5/1/2026	NR		345,000		336,989
Village Community Development District No. 13 FL	2.85%	5/1/2036	NR		1,835,000		1,628,728
Village Community Development District No. 13 FL	3.00%	5/1/2029	NR		475,000		463,811
Village Community Development District No. 13 FL†	3.00%	5/1/2035	NR		3,345,000		3,075,942

46 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
Village Community Development District No. 13 FL†	3.25%	5/1/2040	NR	$	4,180,000	$	3,736,268
Village Community Development District No. 13 FL	3.375%	5/1/2034	NR		2,450,000		2,374,696
Total							89,059,099
Tax Revenue 3.94%
Chicago Board of Education IL GO	5.00%	12/1/2032	BB+		5,675,000		6,020,094
City of Miami FL	5.00%	1/1/2041	AA		7,590,000		8,591,725
City of Sparks NV†	2.75%	6/15/2028	Baa2		1,375,000		1,345,975
County of Cook Sales Tax Revenue IL	4.00%	11/15/2034	AA-		3,750,000		3,829,746
County of Cook Sales Tax Revenue IL	5.25%	11/15/2036	AA-		10,000,000		10,575,182
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2041	A2		9,000,000		10,084,398
New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG)	5.25%	7/15/2036	AA		11,700,000		12,627,050
New York City Transitional Finance Authority Future Tax Secured Revenue NY	3.00%	11/1/2037	AAA		2,500,000		2,378,962
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	8/1/2033	AAA		6,000,000		6,092,324
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	2/1/2034	AAA		10,000,000		10,240,634
New York City Transitional Finance Authority Future Tax Secured Revenue NY(d)	5.00%	5/1/2040	AAA		20,000,000		22,873,336
New York City Transitional Finance Authority Future Tax Secured Revenue NY(d)	5.00%	5/1/2041	AAA		13,590,000		15,445,386
New York City Transitional Finance Authority NY	5.00%	11/1/2038	AAA		5,000,000		5,778,952
New York City Transitional Finance Authority NY	5.00%	5/1/2039	AAA		5,000,000		5,702,624
New York City Transitional Finance Authority NY	5.50%	5/1/2044	AAA		8,500,000		9,873,359
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2034	AA+		10,000,000		10,174,579
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2041	Aa1		14,900,000		16,917,211

See Notes to Financial Statements. 47

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%		3/15/2042	Aa1	$	10,250,000	$	11,578,367
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	5.00%		3/15/2035	Aa1		5,000,000		5,780,360
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2029	NR		1,616,000		1,354,688
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2031	NR		1,774,000		1,370,899
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon		7/1/2033	NR		11,643,000		8,259,062
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%		7/1/2053	NR		81,000		80,331
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%		7/1/2040	NR		268,000		269,517
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%		7/1/2053	NR		1,967,000		1,973,055
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.784%		7/1/2058	NR		1,092,000		1,094,914
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%		7/1/2058	NR		4,974,000		5,025,504
Total								195,338,234
Taxable Revenue–Water & Sewer 0.53%
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2036	AA		1,500,000		1,684,462
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2037	AA		1,000,000		1,122,295
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2038	AA		1,500,000		1,671,046
County of Jefferson Sewer Revenue AL	5.00%		10/1/2039	BBB+		2,500,000		2,776,316
New Jersey Economic Development Authority–New Jersey-American Water Co Inc AMT	3.75%	#(b)	11/1/2034	A+		5,500,000		5,564,071
Pittsburgh Water & Sewer Authority PA (AGM)	5.00%		9/1/2037	AA		4,750,000		5,491,123
Water Works Board of the City of Birmingham/The AL†	3.75%		9/1/2026	NR		7,750,000		7,759,437
Total								26,068,750

48 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Tobacco 0.71%
Buckeye Tobacco Settlement Financing Authority OH	5.00%	6/1/2055	NR		$	9,155,000	$	8,628,087
Iowa Tobacco Settlement Authority	4.00%	6/1/2049	BBB+			830,000		837,224
Nassau County Tobacco Settlement Corp. NY	Zero Coupon	6/1/2060	NR			35,000,000		2,400,324
Northern Tobacco Securitization Corp. AK	4.00%	6/1/2050	BBB-			980,000		996,030
Tobacco Settlement Financing Corp. NJ	5.00%	6/1/2046	BBB-			8,965,000		9,046,833
Tobacco Settlement Financing Corp. NJ	5.25%	6/1/2046	BBB+			5,100,000		5,299,252
Tobacco Settlement Financing Corp. RI	5.00%	6/1/2027	A			2,500,000		2,527,522
Tobacco Settlement Financing Corp. RI	5.00%	6/1/2028	BBB			2,000,000		2,022,210
Tobacco Settlement Financing Corp. VA	5.00%	6/1/2047	B-			3,690,000		3,592,144
Total								35,349,626
Transportation 17.76%
Allegheny County Airport Authority PA (AGM) AMT	5.25%	1/1/2036	AA			1,000,000		1,126,340
Allegheny County Airport Authority PA (AGM) AMT	5.25%	1/1/2037	AA			350,000		395,193
Allegheny County Airport Authority PA (AGM) AMT	5.25%	1/1/2038	AA			350,000		393,943
Allegheny County Airport Authority PA (AGM) AMT	5.25%	1/1/2039	AA			1,000,000		1,115,734
Allegheny County Airport Authority PA (AGM) AMT	5.25%	1/1/2040	AA			1,105,000		1,226,410
Allegheny County Airport Authority PA (AGM) AMT	5.50%	1/1/2041	AA			750,000		844,627
Allegheny County Airport Authority PA (AGM) AMT	5.50%	1/1/2042	AA			680,000		762,879
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT	4.125%	7/1/2041	AA			3,000,000		3,015,466
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT	4.25%	7/1/2043	AA			5,390,000		5,466,724
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2040	A			2,250,000		2,548,497
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2042	A			3,000,000		3,365,367
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	6/30/2031	BB+	(e)		3,250,000		3,402,132

See Notes to Financial Statements. 49

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Transportation (continued)
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2036	BB+	(e)	$	3,215,000	$	3,338,327
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2037	BB+	(e)		7,000,000		7,256,969
Central Florida Expressway Authority	4.00%	7/1/2037	AA-			7,380,000		7,450,623
Central Texas Regional Mobility Authority	5.00%	1/1/2025	A			7,500,000		7,514,239
Central Texas Turnpike System	5.00%	8/15/2028	A-			3,705,000		3,710,296
Central Texas Turnpike System	5.00%	8/15/2033	A-			7,650,000		7,660,935
Central Texas Turnpike System	5.00%	8/15/2039	A-			4,575,000		5,158,040
Central Texas Turnpike System	5.00%	8/15/2040	A-			5,500,000		6,162,901
Chicago Midway International Airport IL	4.00%	1/1/2034	A			2,175,000		2,181,605
Chicago Midway International Airport IL AMT	5.00%	1/1/2031	A			2,000,000		2,032,447
Chicago Midway International Airport IL AMT	5.00%	1/1/2037	A			5,225,000		5,714,863
Chicago Midway International Airport IL AMT	5.00%	1/1/2038	A			4,000,000		4,359,786
Chicago O’Hare International Airport IL	4.00%	1/1/2038	A+			6,820,000		6,937,700
Chicago O’Hare International Airport IL	5.00%	1/1/2039	A+			16,750,000		17,268,302
Chicago O’Hare International Airport IL (BAM)	5.00%	1/1/2036	AA			2,000,000		2,294,313
Chicago O’Hare International Airport IL (BAM)	5.00%	1/1/2037	AA			1,330,000		1,513,866
Chicago O’Hare International Airport IL (BAM)	5.00%	1/1/2038	AA			2,745,000		3,103,836
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2039	AA			2,385,000		2,717,588
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2041	AA			1,955,000		2,205,714
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2042	AA			1,645,000		1,848,823
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2043	AA			1,820,000		2,037,977
Chicago O’Hare International Airport IL AMT	5.25%	1/1/2040	A+			4,000,000		4,418,307
Chicago O’Hare International Airport IL AMT	5.25%	1/1/2041	A+			2,150,000		2,371,726

50 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Transportation (continued)
Chicago O’Hare International Airport IL AMT	5.25%	1/1/2042	A+		$	2,450,000	$	2,691,330
Chicago O’Hare International Airport IL AMT	5.25%	1/1/2043	A+			2,625,000		2,876,242
Chicago O’Hare International Airport IL AMT	5.50%	1/1/2044	A+			2,625,000		2,977,675
City & County of Denver Airport System Revenue CA AMT	5.00%	12/1/2028	A+			16,500,000		17,685,664
City & County of Denver Airport System Revenue CO AMT	5.50%	11/15/2033	AA-			8,365,000		9,783,070
City & County of Denver Airport System Revenue CO AMT	5.75%	11/15/2034	AA-			3,500,000		4,144,645
City & County of Denver Airport System Revenue CO AMT	5.75%	11/15/2035	AA-			3,250,000		3,834,540
City & County of Denver Airport System Revenue CO AMT	5.75%	11/15/2037	AA-			2,000,000		2,342,563
City of Atlanta Airport Passenger Facility Charge GA AMT	4.00%	7/1/2037	AA-			4,150,000		4,161,057
City of Atlanta Airport Passenger Facility Charge GA AMT	5.00%	7/1/2036	Aa3			7,600,000		8,415,627
City of Atlanta Airport Passenger Facility Charge GA AMT	5.00%	7/1/2037	Aa3			3,750,000		4,138,843
City of Atlanta Airport Passenger Facility Charge GA AMT	5.00%	7/1/2038	Aa3			2,750,000		3,020,909
City of Atlanta Airport Passenger Facility Charge GA AMT	5.25%	7/1/2041	Aa3			6,000,000		6,684,763
City of Houston Airport System Revenue–United Airlines Inc TX AMT	5.00%	7/15/2027	BB-	(e)		1,000,000		1,025,050
City of Houston Airport System Revenue TX (AGM) AMT	5.00%	7/1/2035	AA			8,005,000		8,907,135
City of Houston Airport System Revenue TX (AGM) AMT	5.00%	7/1/2036	AA			2,850,000		3,155,860
City of Houston Airport System Revenue TX (AGM) AMT	5.00%	7/1/2037	AA			2,000,000		2,207,383
City of Houston Airport System Revenue TX (AGM) AMT	5.00%	7/1/2038	AA			2,000,000		2,197,025
City of Houston Airport System Revenue TX (AGM) AMT	5.25%	7/1/2039	AA			5,200,000		5,832,901
City of Houston Airport System Revenue TX (AGM) AMT	5.25%	7/1/2040	AA			5,000,000		5,577,646

See Notes to Financial Statements. 51

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
City of Houston Airport System Revenue TX (AGM) AMT	5.25%		7/1/2041	AA	$	5,000,000	$	5,550,908
City of Philadelphia Airport Revenue PA AMT	5.00%		7/1/2032	A2		3,660,000		3,981,855
City of Phoenix Civic Improvement Corp. AZ	5.00%		7/1/2036	Aa3		5,000,000		5,256,310
City of Salt Lake City Airport Revenue UT AMT	5.00%		7/1/2034	A+		10,000,000		10,506,416
City of Salt Lake City Airport Revenue UT AMT	5.25%		7/1/2036	A+		1,500,000		1,688,956
City of Salt Lake City Airport Revenue UT AMT	5.25%		7/1/2037	A+		2,325,000		2,609,361
City of Salt Lake City Airport Revenue UT AMT	5.25%		7/1/2039	A+		3,000,000		3,329,488
City of Salt Lake City Airport Revenue UT AMT	5.25%		7/1/2041	A+		4,425,000		4,860,619
City of Salt Lake City Airport Revenue UT AMT	5.25%		7/1/2042	A+		3,500,000		3,834,560
County of Lee Airport Revenue FL AMT(d)	5.00%		10/1/2036	A2		8,015,000		8,843,161
County of Lee Airport Revenue FL AMT(d)	5.25%		10/1/2040	A2		6,500,000		7,269,639
County of Lee Airport Revenue FL AMT(d)	5.25%		10/1/2041	A2		6,750,000		7,515,019
County of Miami-Dade Aviation Revenue FL AMT	5.00%		10/1/2027	A+		5,145,000		5,150,814
County of Miami-Dade Aviation Revenue FL AMT	5.00%		10/1/2028	A+		3,500,000		3,503,955
Dallas Fort Worth International Airport TX	5.00%		11/1/2038	AA-		3,000,000		3,371,071
Dallas Fort Worth International Airport TX	5.00%		11/1/2039	AA-		2,750,000		3,120,206
E-470 Public Highway Authority CO	5.00%		9/1/2040	A+		2,850,000		3,263,131
Florida Development Finance Corp.–AAF Operations Holdings LLC AMT†	12.00%	#(b)	7/15/2032	NR		5,500,000		5,867,011
Kansas City Industrial Development Authority MO AMT	5.00%		3/1/2036	A		5,000,000		5,244,432
Kenton County Airport Board AMT	5.00%		1/1/2035	A1		3,500,000		3,892,010
Kenton County Airport Board AMT	5.00%		1/1/2036	A1		6,625,000		7,335,302
Kenton County Airport Board AMT	5.25%		1/1/2039	A1		1,795,000		2,013,511
Kenton County Airport Board AMT	5.25%		1/1/2041	A1		2,725,000		3,023,893
Kenton County Airport Board AMT	5.25%		1/1/2043	A1		4,355,000		4,793,046
Maryland Economic Development Corp.–City of Baltimore Port Covington Development District Tax Allocation	4.00%		9/1/2040	NR		5,000,000		4,769,465

52 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
Maryland Economic Development Corp.–CONSOL Marine Terminals LLC	5.75%	9/1/2025	BB	$	3,000,000	$	3,023,949
Metropolitan Nashville Airport Authority TN AMT	5.25%	7/1/2034	A1		1,250,000		1,408,652
Metropolitan Nashville Airport Authority TN AMT	5.25%	7/1/2035	A1		2,595,000		2,915,140
Metropolitan Nashville Airport Authority TN AMT	5.50%	7/1/2036	A1		1,000,000		1,152,190
Metropolitan Nashville Airport Authority TN AMT	5.50%	7/1/2037	A1		1,250,000		1,436,007
Metropolitan Nashville Airport Authority TN AMT	5.50%	7/1/2038	A1		1,500,000		1,715,956
Metropolitan Transportation Authority NY	5.00%	11/15/2033	A-		4,025,000		4,261,664
Metropolitan Transportation Authority NY	5.00%	11/15/2035	A-		5,000,000		5,094,502
Metropolitan Transportation Authority NY	5.00%	11/15/2035	A-		4,130,000		4,208,059
Metropolitan Transportation Authority NY	5.00%	11/15/2035	A-		2,160,000		2,179,333
Metropolitan Transportation Authority NY	5.25%	11/15/2030	A-		6,540,000		6,698,220
Metropolitan Washington Airports Authority Aviation Revenue DC	5.00%	10/1/2040	AA-		1,675,000		1,821,401
Metropolitan Washington Airports Authority Aviation Revenue DC	5.25%	10/1/2041	AA-		2,000,000		2,233,881
Metropolitan Washington Airports Authority Aviation Revenue DC AMT	5.00%	10/1/2036	AA-		2,175,000		2,388,360
Metropolitan Washington Airports Authority Aviation Revenue DC AMT	5.00%	10/1/2037	AA-		2,335,000		2,557,733
Metropolitan Washington Airports Authority Aviation Revenue DC AMT	5.00%	10/1/2038	AA-		1,860,000		2,027,280
Metropolitan Washington Airports Authority Aviation Revenue DC AMT	5.25%	10/1/2039	AA-		4,305,000		4,806,282
New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT	5.125%	1/1/2034	A-		5,010,000		5,015,888
New Jersey Transportation Trust Fund Authority	4.00%	6/15/2039	A2		6,000,000		6,143,842
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2028	A+		6,275,000		6,500,107
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2034	A2		10,000,000		11,385,909
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2034	A2		2,500,000		2,866,359
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2035	A2		2,250,000		2,566,096

See Notes to Financial Statements. 53

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Transportation (continued)
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2037	A2		$	4,250,000	$	4,802,988
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2037	A2			4,000,000		4,578,478
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2038	A2			1,000,000		1,125,728
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2038	A2			2,000,000		2,264,744
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2039	A2			3,000,000		3,379,362
New Jersey Turnpike Authority	5.00%	1/1/2031	AA-			5,000,000		5,018,280
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	5.50%	6/30/2038	Baa3			1,000,000		1,112,062
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	6.00%	6/30/2054	Baa3			17,000,000		18,588,800
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.625%	4/1/2040	Baa3			29,000,000		31,539,095
New York Transportation Development Corp.–Delta Air Lines Inc AMT	6.00%	4/1/2035	Baa3			30,000,000		33,949,758
New York Transportation Development Corp.–Empire State Thruway Partners LLC AMT	4.00%	10/31/2034	BBB-	(e)		750,000		745,777
New York Transportation Development Corp.–Empire State Thruway Partners LLC AMT	4.00%	10/31/2041	BBB-	(e)		3,000,000		2,839,642
New York Transportation Development Corp.–JFK International Air Terminal LLC	5.00%	12/1/2034	Baa1			2,000,000		2,180,916
New York Transportation Development Corp.–JFK NTO LLC	5.25%	6/30/2038	Baa3			1,000,000		1,110,719
New York Transportation Development Corp.–JFK NTO LLC	5.25%	6/30/2040	Baa3			1,500,000		1,640,385
New York Transportation Development Corp.–JFK NTO LLC	5.25%	6/30/2043	Baa3			8,000,000		8,657,190
New York Transportation Development Corp.–JFK NTO LLC	5.25%	6/30/2044	Baa3			11,000,000		11,866,230
New York Transportation Development Corp.–JFK NTO LLC (AGM)	5.25%	6/30/2039	AA			1,400,000		1,564,783
New York Transportation Development Corp.–JFK NTO LLC AMT	5.25%	6/30/2041	Baa3			1,000,000		1,090,679
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	4.00%	7/1/2032	Baa2			3,000,000		3,000,180

54 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.–Laguardia Gateway Partner AMT		4.00%		7/1/2033	Baa2	$	6,480,000	$	6,480,263
New York Transportation Development Corp.–Laguardia Gateway Partner AMT		5.00%		7/1/2034	Baa2		2,250,000		2,253,212
Niagara Frontier Transportation Authority NY AMT		5.00%		4/1/2027	A3		3,185,000		3,187,242
Niagara Frontier Transportation Authority NY AMT		5.00%		4/1/2030	A3		365,000		386,612
Niagara Frontier Transportation Authority NY AMT		5.00%		4/1/2031	A3		300,000		316,628
Niagara Frontier Transportation Authority NY AMT		5.00%		4/1/2032	A3		775,000		816,026
Niagara Frontier Transportation Authority NY AMT		5.00%		4/1/2034	A3		865,000		908,120
Norman Y Mineta San Jose International Airport SJC CA		5.00%		3/1/2028	A		1,655,000		1,656,968
Norman Y Mineta San Jose International Airport SJC CA AMT		5.00%		3/1/2035	A		1,500,000		1,543,384
North Carolina Turnpike Authority		5.00%		1/1/2032	BBB		1,000,000		1,038,733
North Carolina Turnpike Authority (AGM)		4.00%		1/1/2037	AA		6,895,000		6,973,102
North Texas Tollway Authority		4.125%		1/1/2040	AA-		5,000,000		5,163,883
North Texas Tollway Authority		5.00%		1/1/2025	AA-		5,000,000		5,006,518
Pennsylvania Turnpike Commission Registration Fee Revenue	4.00% (MUNIPSA * 1 + .85%		)#	7/15/2041	AA-		25,000,000		25,009,630
Port Authority of New York & New Jersey		5.00%		11/15/2036	AA-		2,000,000		2,115,631
Port Authority of New York & New Jersey		5.00%		12/1/2036	AA-		2,750,000		3,220,232
Port Authority of New York & New Jersey		5.00%		12/1/2037	AA-		2,250,000		2,624,168
Port Authority of New York & New Jersey		5.00%		12/1/2038	AA-		2,500,000		2,901,594
Port Authority of New York & New Jersey		5.00%		12/1/2039	AA-		3,250,000		3,754,951
Port Authority of New York & New Jersey AMT		4.00%		11/1/2034	AA-		8,705,000		8,966,188
Port Authority of New York & New Jersey AMT		5.00%		1/15/2036	AA-		2,000,000		2,214,493
Port Authority of New York & New Jersey AMT		5.00%		7/15/2036	AA-		4,000,000		4,439,540
Port Authority of New York & New Jersey AMT		5.00%		12/1/2036	AA-		1,750,000		1,946,236
Port Authority of New York & New Jersey AMT		5.00%		1/15/2037	AA-		2,000,000		2,206,593

See Notes to Financial Statements. 55

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
Port Authority of New York & New Jersey AMT	5.00%	7/15/2037	AA-	$	3,250,000	$	3,598,216
Port Authority of New York & New Jersey AMT	5.00%	12/1/2037	AA-		2,250,000		2,496,073
Port Authority of New York & New Jersey AMT	5.00%	1/15/2038	AA-		1,000,000		1,102,674
Port Authority of New York & New Jersey AMT	5.00%	7/15/2038	AA-		4,500,000		4,972,380
Port Authority of New York & New Jersey AMT	5.00%	12/1/2038	AA-		2,000,000		2,212,993
Port Authority of New York & New Jersey AMT	5.00%	1/15/2039	AA-		1,500,000		1,639,789
Port Authority of New York & New Jersey AMT	5.00%	7/15/2039	AA-		5,250,000		5,764,319
Port of Portland Airport Revenue–Port of Portland OR Airport Revenue OR AMT	5.25%	7/1/2040	AA-		10,605,000		11,993,297
Port of Portland Airport Revenue–Port of Portland OR Airport Revenue OR AMT	5.25%	7/1/2041	AA-		10,000,000		11,249,899
Port of Portland Airport Revenue–Port of Portland OR Airport Revenue OR AMT	5.25%	7/1/2042	AA-		12,500,000		14,000,672
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2037	AA-		4,000,000		4,386,448
Port of Portland Airport Revenue OR AMT	5.25%	7/1/2039	AA-		3,500,000		3,939,972
Port of Seattle WA	4.00%	6/1/2038	AA-		2,700,000		2,793,686
Port of Seattle WA AMT	5.25%	7/1/2040	AA-		5,675,000		6,343,782
Port of Seattle WA AMT	5.25%	7/1/2041	AA-		4,500,000		5,004,042
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%	5/1/2037	A+		4,065,000		4,299,725
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.25%	5/1/2041	A1		23,100,000		25,986,380
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.50%	5/1/2037	A1		10,000,000		11,632,002
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.50%	5/1/2038	A1		14,815,000		17,161,511
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2026	AA		1,250,000		1,288,087
State of Alabama Docks Department (AGM) AMT	5.00%	10/1/2027	AA		2,000,000		2,082,748

56 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
State of Alabama Docks Department (AGM) AMT	5.00%		10/1/2029	AA	$	3,500,000	$	3,634,142
State of Alaska International Airports System	5.00%		10/1/2034	Aa3		5,000,000		5,080,772
State of Connecticut Special Tax Revenue	4.00%		5/1/2039	AA		10,000,000		10,311,842
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2031	AA-		1,275,000		1,345,250
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2033	AA-		3,300,000		3,471,398
State of Hawaii Airports System Revenue AMT	5.00%		7/1/2034	AA-		2,000,000		2,101,283
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segments 3 LLC AMT	5.375%		6/30/2038	Baa1		2,500,000		2,717,696
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segments 3 LLC AMT	5.50%		6/30/2040	Baa1		2,000,000		2,173,757
Triborough Bridge & Tunnel Authority NY	5.00%		11/15/2033	AA-		6,175,000		6,187,544
Virginia Small Business Financing Authority–95 Express Lanes LLC AMT	5.00%		1/1/2034	BBB		5,100,000		5,502,723
Virginia Small Business Financing Authority–95 Express Lanes LLC AMT	5.00%		7/1/2036	BBB		11,165,000		11,954,594
Virginia Small Business Financing Authority–95 Express Lanes LLC AMT	5.00%		1/1/2036	BBB		2,500,000		2,682,733
Wayne County Airport Authority–Detroit Metropolitan Wayne County Airport MI	5.00%		12/1/2035	A1		3,565,000		3,626,726
Total								880,508,270
Utilities 17.51%
Amelia County Industrial Development Authority–Waste Management Inc VA AMT	1.45%		4/1/2027	A-		2,500,000		2,313,227
American Municipal Power, Inc.–Prairie St Energy Campus OH	5.00%		2/15/2037	A1		10,750,000		12,262,009
American Municipal Power, Inc.–Prairie St Energy Campus OH	5.00%		2/15/2038	A1		10,000,000		11,408,446
American Municipal Power, Inc.–Prairie St Energy Campus OH	5.00%		2/15/2039	A1		7,000,000		7,940,869
Black Belt Energy Gas District AL	4.00%	#(b)	10/1/2052	A2		23,270,000		23,494,432
Black Belt Energy Gas District AL	4.00%	#(b)	12/1/2052	Baa1		20,680,000		20,850,424
Black Belt Energy Gas District AL	5.25%	#(b)	5/1/2055	A1		8,125,000		8,958,342

See Notes to Financial Statements. 57

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
California Community Choice Financing Authority		5.00%	#(b)	1/1/2055	A1	$	28,250,000	$	31,035,444
California Community Choice Financing Authority		5.25%		11/1/2054	A2		8,800,000		9,584,002
California Pollution Control Financing Authority–Poseidon Resources Channelside LP†		5.00%		7/1/2039	Baa3		5,000,000		5,257,198
California Pollution Control Financing Authority–Poseidon Resources Channelside LP AMT†		5.00%		7/1/2037	Baa3		5,570,000		5,582,818
Central Plains Energy Project NE		2.50%	#(b)	12/1/2049	Aa1		8,650,000		8,542,383
Central Plains Energy Project NE		5.00%	#(b)	5/1/2054	Aa2		7,500,000		8,047,617
Chautauqua County Capital Resource Corp.–NRG Energy Inc NY		4.25%	#(b)	4/1/2042	BBB-		7,250,000		7,457,238
City & County Honolulu Wastewater System Revenue CI		4.00%		7/1/2035	Aa2		15,500,000		15,552,103
City of Fort Lauderdale Water & Sewer Revenue FL		5.00%		9/1/2039	AA+		1,250,000		1,439,616
City of Fort Lauderdale Water & Sewer Revenue FL		5.00%		9/1/2040	AA+		875,000		1,001,277
City of Fort Lauderdale Water & Sewer Revenue FL		5.00%		9/1/2041	AA+		1,500,000		1,708,000
City of Osceola–Plum Point Energy Associates LLC AR AMT		5.50%	#(b)	4/1/2036	NR		16,450,000		16,548,374
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2040	Aa2		4,560,000		5,184,872
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2041	Aa2		2,000,000		2,261,943
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2042	Aa2		8,250,000		9,274,186
City of San Antonio Electric & Gas Systems Revenue TX		5.00%		2/1/2042	Aa2		3,980,000		4,474,092
City of San Antonio Electric & Gas Systems Revenue TX		5.25%		2/1/2040	Aa2		8,550,000		9,774,386
City of Seattle Municipal Light & Power Revenue WA	3.40% (MUNIPSA * 1 + .25%		)#	5/1/2045	AA		5,000,000		4,910,041
County of Jefferson Sewer Revenue AL		5.25%		10/1/2040	BBB+		16,910,000		18,994,404
County of Jefferson Sewer Revenue AL		5.25%		10/1/2041	BBB+		16,815,000		18,781,358

58 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
County of Trimble–Louisville Gas and Electric Co KY AMT		4.70%	#(b)	6/1/2054	A1	$	6,750,000	$	6,821,554
County of Washoe–Sierra Pacific Power Co NV		4.125%	#(b)	3/1/2036	A		5,500,000		5,586,524
Delaware State Economic Development Authority–NRG Energy Inc		1.25%	#(b)	10/1/2040	BBB-		7,500,000		7,301,972
Delaware State Economic Development Authority–NRG Energy Inc		1.25%	#(b)	10/1/2045	BBB-		32,300,000		31,447,160
Development Authority of Appling County–Oglethorpe Power Corp GA		1.50%	#(b)	1/1/2038	BBB+		1,250,000		1,233,985
Development Authority of Burke County–Georgia Power Co		2.20%		10/1/2032	A		1,000,000		842,329
Development Authority of Monroe County–Georgia Power Co		3.875%	#(b)	10/1/2048	A		8,750,000		8,874,519
Development Authority of Monroe County–Oglethorpe Power Corp GA		1.50%	#(b)	1/1/2039	BBB+		1,875,000		1,850,977
Energy Southeast A Cooperative District AL		5.25%	#(b)	7/1/2054	A1		14,000,000		15,508,394
Energy Southeast A Cooperative District AL		5.443% (SOFR * .67 + 2.20%	)#	4/1/2054	A1		5,000,000		5,126,375
Energy Southeast A Cooperative District AL		5.75%	#(b)	4/1/2054	A1		3,400,000		3,864,687
Grand River Dam Authority OK		5.00%		6/1/2038	AA-		3,350,000		3,836,850
Grand River Dam Authority OK		5.00%		6/1/2039	AA-		3,500,000		3,977,859
Grand River Dam Authority OK		5.00%		6/1/2040	AA-		2,500,000		2,857,636
Grand River Dam Authority OK		5.00%		6/1/2041	AA-		6,740,000		7,663,620
Grand River Dam Authority OK		5.00%		6/1/2042	AA-		5,925,000		6,696,767
Illinois Finance Authority–Peoples Gas Light & Coke Co/The		3.90%		3/1/2030	Aa3		10,000,000		9,999,684
Kentucky Municipal Power Agency		3.45%	#(b)	9/1/2042	Baa1		5,935,000		5,923,045
Kentucky Municipal Power Agency (NATL)		5.00%		9/1/2033	Baa1		11,295,000		11,640,609
Kentucky Municipal Power Agency (NATL)		5.00%		9/1/2034	Baa1		5,000,000		5,137,990
Kentucky Public Energy Authority		4.00%	#(b)	8/1/2052	A1		18,770,000		19,278,759
Kentucky Public Energy Authority		5.00%	#(b)	1/1/2055	A1		26,110,000		28,570,445
Kentucky Public Energy Authority		5.00%	#(b)	5/1/2055	A2		12,500,000		13,452,879
Kentucky Public Energy Authority		5.25%	#(b)	4/1/2054	A1		10,000,000		11,120,672
Long Beach Bond Finance Authority CA	5.034% (3 Mo. LIBOR * .67 + 1.43%		)#	11/15/2026	A1		4,000,000		4,039,893
Long Island Power Authority NY		0.85%	#(b)	9/1/2050	A		6,000,000		5,845,447
Long Island Power Authority NY		5.00%		9/1/2041	A		12,000,000		13,741,104

See Notes to Financial Statements. 59

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Louisiana Local Government Environmental Facilities & Community Development Authority–East Baton Rouge Sewerage Commission	0.875%	#(b)	2/1/2046	A+	$	34,500,000	$	34,302,284
Lower Colorado River Authority TX	5.00%		5/15/2040	A		10,000,000		11,129,714
Lower Colorado River Authority TX	5.00%		5/15/2041	A		10,000,000		11,076,500
Lower Colorado River Authority TX	5.00%		5/15/2042	A		1,750,000		1,930,618
Luzerne County Industrial Development Authority–Pennsylvania-American Water Co AMT	2.45%	#(b)	12/1/2039	A+		4,000,000		3,672,884
Main Street Natural Gas, Inc. GA†	4.00%	#(b)	8/1/2052	BBB-		56,250,000		56,180,891
Main Street Natural Gas, Inc. GA	4.00%	#(b)	9/1/2052	A3		30,235,000		30,825,384
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2053	Aa1		10,000,000		10,896,021
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2054	A3		11,150,000		12,040,862
Maricopa County Pollution Control Corp.–El Paso Electric Co AZ	3.60%		2/1/2040	Baa2		5,085,000		4,741,289
Maricopa County Pollution Control Corp.–El Paso Electric Co AZ	3.60%		4/1/2040	Baa2		3,870,000		3,610,745
Michigan Finance Authority–Great Lakes Water Authority Sewage Disposal System Revenue	5.00%		7/1/2034	A+		4,200,000		4,253,504
Michigan Finance Authority–Great Lakes Water Authority Sewage Disposal System Revenue	5.00%		7/1/2035	A+		1,925,000		1,949,666
Montgomery County Industrial Development Authority–Constellation Energy Generation LLC PA	4.10%	#(b)	4/1/2053	BBB+		9,000,000		9,254,530
Municipal Electric Authority of Georgia(d)	5.00%		1/1/2036	A2		4,200,000		4,795,209
Municipal Electric Authority of Georgia(d)	5.00%		1/1/2039	A2		1,500,000		1,689,618
Municipal Electric Authority of Georgia(d)	5.00%		1/1/2040	A2		1,500,000		1,679,786
Municipal Electric Authority of Georgia(d)	5.00%		1/1/2042	A2		1,550,000		1,717,096
Municipal Electric Authority of Georgia (BAM)(d)	5.25%		1/1/2041	AA		1,250,000		1,424,585
Okaloosa Gas District FL (AGM)	5.25%		10/1/2042	AA		7,500,000		8,627,212
Patriots Energy Group Financing Agency SC	5.25%	#(b)	2/1/2054	Aa1		10,000,000		11,001,976
Patriots Energy Group Financing Agency SC	5.25%	#(b)	10/1/2054	A1		15,000,000		16,296,883
Pennsylvania Economic Development Financing Authority–Talen Energy Supply LLC	5.25%	#(b)	12/1/2038	BB-		2,200,000		2,242,237

60 See Notes to Financial Statements.

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Utilities (continued)
Pennsylvania Economic Development Financing Authority–Waste Management Inc AMT		1.10%	#(b)	6/1/2031	A-		$	5,000,000	$	4,723,980
Philadelphia Gas Works Co.–Philadelphia Gas Works Co		5.00%		8/1/2039	A			2,250,000		2,552,229
Philadelphia Gas Works Co.–Philadelphia Gas Works Co		5.00%		8/1/2040	A			1,500,000		1,692,510
Philadelphia Gas Works Co.–Philadelphia Gas Works Co		5.00%		8/1/2042	A			2,000,000		2,234,045
Philadelphia Gas Works Co. PA (AGC)		5.25%		8/1/2041	AA			2,000,000		2,303,593
Puerto Rico Electric Power Authority (AGM)	4.263% (3 Mo. LIBOR * .67 + .52%		)#	7/1/2029	AA			5,720,000		5,509,947
Salt Verde Financial Corp. AZ		5.50%		12/1/2029	A3			5,100,000		5,598,753
Southeast Alabama Gas Supply District AL		5.00%	#(b)	8/1/2054	Aa3			10,000,000		10,873,692
Southeast Energy Authority A Cooperative District AL		5.50%	#(b)	1/1/2053	A1			5,000,000		5,456,266
Southern California Public Power Authority–City of Anaheim Electric System Revenue CA		5.00%	#(b)	4/1/2055	A2			10,500,000		11,372,361
Tennergy Corp. TN		5.50%	#(b)	10/1/2053	Baa1			15,000,000		16,371,397
Tennessee Energy Acquisition Corp.		5.625%		9/1/2026	BBB	(e)		5,000,000		5,210,150
Texas Municipal Gas Acquisition & Supply Corp. I		6.25%		12/15/2026	A1			7,680,000		7,943,476
Texas Municipal Gas Acquisition & Supply Corp. IV		5.50%	#(b)	1/1/2054	A1			10,000,000		10,893,475
Texas Municipal Power Agency (AGM)		3.00%		9/1/2034	AA			1,470,000		1,412,641
Texas Municipal Power Agency (AGM)		3.00%		9/1/2036	AA			5,250,000		4,912,693
Texas Water Development Board–State Water Implementation Revenue Fund for Texas		5.00%		10/15/2036	AAA			2,450,000		2,841,594
Texas Water Development Board–State Water Implementation Revenue Fund for Texas		5.00%		10/15/2038	AAA			5,000,000		5,780,371
Total										867,903,503
Total Municipal Bonds (cost $4,800,655,742)										4,896,060,926

See Notes to Financial Statements. 61

Schedule of Investments (continued)

INTERMEDIATE TAX FREE FUND September 30, 2024

Investments	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.62%
VARIABLE RATE DEMAND NOTES 1.62%
Education 0.06%
Connecticut State Health & Educational Facilities Authority–Yale University	3.600%	10/1/2024	7/1/2042	AAA	$	3,015,000	$	3,015,000
General Obligation 0.66%
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		8,665,000		8,665,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		16,025,000		16,025,000
City of New York NY GO	4.150%	10/1/2024	12/1/2047	AA		8,000,000		8,000,000
Total								32,690,000
Health Care 0.81%
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.000%	10/1/2024	2/15/2053	BBB		40,000,000		40,000,000
Taxable Revenue–Water & Sewer 0.05%
Los Angeles Department of Water & Power Water System Revenue CA	3.000%	10/1/2024	7/1/2045	Aa2		2,400,000		2,400,000
Utilities 0.04%
Los Angeles Department of Water & Power–Los Angeles Department of Water & Power Power System Revenue CA	2.650%	10/1/2024	7/1/2035	Aa2		2,000,000		2,000,000
Total Short-Term Investments (cost $80,105,000)								80,105,000
Total Investments in Securities 100.38% (cost $4,880,760,742)								4,976,165,926
Other Assets and Liabilities – Net (0.38)%								(18,631,122	)
Net Assets 100.00%							$	4,957,534,804

AGC	Insured by–Assured Guarantee Corp.
AGM	Insured by–Assured Guaranty Municipal Corporation.
AMBAC	Insured by–AMBAC Assurance Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
COPS	Certificates of Participation.
FHA	Insured by–Federal Housing Administration.
FHLMC	Insured by–Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.

62 See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERMEDIATE TAX FREE FUND September 30, 2024

GNMA	Government National Mortgage Association.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
LIBOR	London Interbank Offered Rate.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NATL	Insured by–National Public Finance Guarantee Corporation.
NR	Not Rated.
PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
ST INTERCEPT	State Intercept.
TRIPS	Tax Refund Intercept Programs.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $344,869,613, which represents 6.96% of net assets.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Defaulted (non-income producing security).
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	This investment has been rated by Fitch IBCA.
(f)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	4,896,060,926	$	–	$	4,896,060,926
Short-Term Investments
Variable Rate Demand Notes		–		80,105,000		–		80,105,000
Total	$	–	$	4,976,165,926	$	–	$	4,976,165,926

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.

See Notes to Financial Statements. 63

Schedule of Investments

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 100.52%
MUNICIPAL BONDS 100.52%
Corporate-Backed 7.21%
Arkansas Development Finance Authority–Big River Steel LLC AMT†	4.50%		9/1/2049	Ba2	$	12,500,000	$	12,443,896
Arkansas Development Finance Authority–United States Steel Corp AMT	5.45%		9/1/2052	BB-		3,500,000		3,670,897
Arkansas Development Finance Authority–US Steel Corp AMT	5.70%		5/1/2053	BB-		4,600,000		4,899,819
Black Belt Energy Gas District AL	4.00%	#(b)	10/1/2052	A2		5,300,000		5,351,117
California Infrastructure & Economic Development Bank–DesertXpress Enterprises LLC AMT†	8.00%	#(b)	1/1/2050	NR		6,000,000		6,179,527
California Municipal Finance Authority–Waste Management Inc AMT	4.80%	#(b)	11/1/2041	A-		5,250,000		5,269,622
California Pollution Control Financing Authority–Poseidon Resources Channelside LP AMT†	5.00%		11/21/2045	Baa3		18,025,000		18,052,908
City of Valparaiso–Pratt Paper LLC AMT IN†	4.875%		1/1/2044	NR		1,000,000		1,051,236
City of Valparaiso–Pratt Paper LLC AMT IN†	5.00%		1/1/2054	NR		5,200,000		5,438,672
City of Whiting–BP Products North America Inc IN AMT	3.00%		11/1/2051	A1		6,165,000		5,363,622
Florida Development Finance Corp.–Waste pro USA Inc AMT†	6.125%	#(b)	7/1/2032	NR		4,500,000		4,626,203
Grapevine Wash Local District–Grapevine Wash Local District Assessment Area No 1 UT†	5.25%		12/1/2044	NR		8,000,000		8,034,265
Hoover Industrial Development Board–United States Steel Corp AL AMT	5.75%		10/1/2049	BB-		4,090,000		4,316,643
Indiana Finance Authority–United States Steel Corp	4.125%		12/1/2026	BB-		1,625,000		1,651,388
Iowa Finance Authority–Howmet Aerospace Inc	4.75%		8/1/2042	Baa1		6,140,000		6,146,857
Iowa Finance Authority–Iowa Fertilizer Co LLC	4.00%	#(b)	12/1/2050	AA+		4,795,000		5,270,828
Iowa Finance Authority–Iowa Fertilizer Co LLC	5.00%	#(b)	12/1/2050	AA+		24,000,000		28,134,158
Iowa Finance Authority–Iowa Fertilizer Co LLC	5.00%		12/1/2050	AA+		25,025,000		29,335,721

64 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Jefferson County Port Authority–JSW Steel USA Ohio Inc OH†	5.00%	#(b)	12/1/2053	Ba1	$	5,350,000	$	5,491,338
Love Field Airport Modernization Corp.–Southwest Airlines Co TX	5.00%		11/1/2028	Baa1		2,855,000		2,855,965
Maryland Economic Development Corp.(c)	5.00%		12/1/2016	NR		855,000		554,681
Mission Economic Development Corp.–Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		5,250,000		5,274,376
Mobile County Industrial Development Authority–AM/NS Calvert LLC AL	5.00%		6/1/2054	BBB-		16,750,000		17,402,349
New Hampshire Business Finance Authority–Covanta Holding Corp AMT†	4.875%		11/1/2042	B		5,000,000		4,967,133
New Hampshire Business Finance Authority–New York State Electric & Gas Corp AMT	4.00%		12/1/2028	A-		5,000,000		5,089,095
New Jersey Economic Development Authority–United Airlines Inc	5.25%		9/15/2029	BB-		5,790,000		5,796,766
New York City Industrial Development Agency–TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		7,695,000		7,698,441
New York Liberty Development Corp.	3.00%		11/15/2051	A+		14,805,000		11,755,454
New York Liberty Development Corp.–7 World Trade Center II LLC	3.00%		9/15/2043	Aaa		27,780,000		23,946,679
New York Liberty Development Corp.–7 World Trade Center II LLC	3.125%		9/15/2050	Aaa		5,000,000		4,119,641
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	3.125%	#(b)	12/1/2044	B+		3,000,000		2,957,502
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	5.125%	#(b)	9/1/2050	B+		1,000,000		1,052,901
New York Transportation Development Corp.–American Airlines Inc AMT	5.25%		8/1/2031	B+		795,000		851,746
New York Transportation Development Corp.–American Airlines Inc AMT	5.375%		8/1/2036	B+		3,000,000		3,219,598
Niagara Area Development Corp.–Covanta Holding Corp NY†	3.50%		11/1/2024	B		2,500,000		2,499,789
Niagara Area Development Corp.–Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B		5,000,000		4,863,749
Ohio Air Quality Development Authority–AMG Vanadium LLC AMT†	5.00%		7/1/2049	B-		8,360,000		8,366,353
Parish of St. James–NuStar Logistics LP LA†	5.85%	#(b)	8/1/2041	BB+		1,000,000		1,013,573
Parish of St. James–NuStar Logistics LP LA†	6.10%	#(b)	6/1/2038	BB+		3,050,000		3,414,320
Parish of St. James–NuStar Logistics LP LA†	6.10%	#(b)	12/1/2040	BB+		3,250,000		3,647,024

See Notes to Financial Statements. 65

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Parish of St. James–NuStar Logistics LP LA†	6.35%		7/1/2040	BB+	$	3,250,000	$	3,617,938
Parish of St. James–NuStar Logistics LP LA†	6.35%		10/1/2040	BB+		2,500,000		2,783,029
Phenix City Industrial Development Board AL	3.625%		5/15/2030	BBB		3,160,000		3,141,629
Port of Beaumont Navigation District–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	5.25%		1/1/2054	NR		4,900,000		5,126,123
Port of Seattle Industrial Development Corp.–Delta Air Lines Inc WA AMT	5.00%		4/1/2030	BB+		9,200,000		9,203,708
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.00%		7/1/2041	NR		1,000,000		892,651
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.25%		7/1/2054	NR		1,000,000		861,839
Public Finance Authority–TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		15,055,000		15,058,973
Tulsa Airports Improvement Trust–American Airlines Inc OK AMT	5.50%		6/1/2035	NR		5,000,000		5,009,716
Tuscaloosa County Industrial Development Authority–Hunt Refining Co AL†	5.25%		5/1/2044	NR		5,000,000		5,130,650
Virginia Small Business Financing Authority–Covanta Holding Corp AMT†	5.00%	#(b)	1/1/2048	B		910,000		910,160
West Pace Cooperative District AL(c)	9.125%		5/1/2039	NR		4,900,000		3,724,000
West Virginia Economic Development Authority–Kentucky Power Co AMT	4.70%	#(b)	4/1/2036	BBB		3,000,000		3,043,167
Williamsburg Economic Development Authority VA–Provident Group–Williamsburg Properties LLC (AGM)	5.25%		7/1/2053	AA		2,500,000		2,753,321
Total								343,332,756
Education 9.00%
Brunswick City School District OH(d)	5.50%		12/1/2060	A1		11,000,000		12,051,774
Build NYC Resource Corp.–Kipp NYC Public Charter Schools NY	5.25%		7/1/2052	BBB-		4,000,000		4,228,538
California Educational Facilities Authority–Chapman University	5.00%		4/1/2045	A2		5,000,000		5,020,645
California Educational Facilities Authority–St Mary’s College of California	5.25%		10/1/2044	BBB-		600,000		648,845
California Educational Facilities Authority–St Mary’s College of California	5.50%		10/1/2053	BBB-		2,200,000		2,376,484

66 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Education (continued)
California School Finance Authority–Green Dot Public Schools Obligated Group†	5.00%	8/1/2045	BBB-		$	1,500,000	$	1,507,231
California School Finance Authority–Kipp SoCal Public Schools Obligated†	5.00%	7/1/2047	BBB			2,050,000		2,078,770
Camden County Improvement Authority–KIPP Cooper Norcross Obligated Group NJ	6.00%	6/15/2062	BBB			2,540,000		2,746,452
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.75%	4/1/2048	A	(e)		7,250,000		8,095,759
Chicago Board of Education Dedicated Capital Improvement Tax IL	6.10%	4/1/2036	A	(e)		4,235,000		4,492,467
Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM)	5.00%	4/1/2045	AA			2,500,000		2,691,714
Chicago Board of Education IL GO	4.00%	12/1/2047	BB+			15,510,000		13,803,469
Chicago Board of Education IL GO	5.00%	12/1/2044	BB+			1,750,000		1,769,895
City of Waltham MA GO	2.00%	10/15/2035	AA+			4,920,000		4,153,732
City of Waltham MA GO	2.00%	10/15/2036	AA+			5,015,000		4,134,911
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	6.00%	8/15/2038	Baa3			4,045,000		4,126,307
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc (PSF-GTD)	3.00%	8/15/2051	Aaa			5,750,000		4,520,243
Connecticut State Health & Educational Facilities Authority–Quinnipiac University	5.25%	7/1/2053	A-			15,000,000		16,270,876
Dutchess County Local Development Corp.–Bard College NY	5.00%	7/1/2045	BBB-			1,000,000		1,037,476
Florida Development Finance Corp.–Mater Academy Inc	5.00%	6/15/2047	BBB			6,600,000		6,679,475
Florida Higher Educational Facilities Financial Authority–Nova Southeastern University Inc	5.00%	4/1/2033	A-			1,475,000		1,506,826
Florida Higher Educational Facilities Financial Authority–Nova Southeastern University Inc	5.00%	4/1/2036	A-			2,000,000		2,040,156
Great Oaks Career Campuses Board of Education OH	3.00%	12/1/2050	Aa1			15,460,000		12,539,000
Homewood Educational Building Authority–Samford University AL	5.00%	12/1/2047	Baa2			13,425,000		13,608,102
Illinois Finance Authority–Illinois Institute of Technology	4.00%	9/1/2037	Ba2			3,135,000		2,754,500

See Notes to Financial Statements. 67

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Illinois Finance Authority–Illinois Institute of Technology	4.00%	9/1/2039	Ba2	$	4,295,000	$	3,664,518
Illinois Finance Authority–Illinois Institute of Technology	5.00%	9/1/2040	Ba2		2,020,000		1,932,274
Illinois Finance Authority–University of Chicago	5.25%	5/15/2048	Aa2		7,500,000		8,372,101
Illinois Finance Authority–University of Chicago	5.25%	5/15/2054	Aa2		18,850,000		20,852,173
Iowa Higher Education Loan Authority–Des Moines University Osteopathic Medical Center IA	5.00%	10/1/2038	BBB+		2,730,000		2,899,570
Iowa Higher Education Loan Authority–Des Moines University Osteopathic Medical Center IA	5.00%	10/1/2039	BBB+		2,870,000		3,036,774
Iowa Higher Education Loan Authority–Des Moines University Osteopathic Medical Center IA	5.00%	10/1/2040	BBB+		3,535,000		3,725,374
Iowa Higher Education Loan Authority–Des Moines University Osteopathic Medical Center IA	5.00%	10/1/2047	BBB+		1,800,000		1,864,140
Louisiana Public Facilities Authority–Loyola University New Orleans	5.25%	10/1/2053	Baa1		21,000,000		22,128,454
Louisiana Public Facilities Authority–Tulane University	4.00%	4/1/2050	A+		11,540,000		11,297,864
Maine Health & Higher Educational Facilities Authority–Northeastern University	5.25%	10/1/2054	A1		13,750,000		15,391,607
Massachusetts Development Finance Agency–Suffolk University	5.00%	7/1/2032	Baa3		3,750,000		3,860,916
Massachusetts Development Finance Agency–Suffolk University	5.00%	7/1/2033	Baa3		1,250,000		1,285,512
Massachusetts Development Finance Agency–Suffolk University	5.00%	7/1/2034	Baa3		1,600,000		1,643,515
Massachusetts Development Finance Agency–Trustees of Boston University	5.00%	10/1/2048	AA-		4,650,000		5,130,012
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board–Lipscomb University Obligated Group TN	5.25%	10/1/2058	BBB-		6,065,000		6,197,614
Miami-Dade County Educational Facilities Authority–University of Miami FL	5.00%	4/1/2053	A2		5,000,000		5,168,014

68 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Middlesex County Improvement Authority–Rutgers The State University of New Jersey(d)	5.00%	8/15/2053	Aa3	$	15,000,000	$	16,566,916
Montebello Unified School District CA GO (AGM)	5.50%	8/1/2047	AA		6,500,000		7,139,299
New Jersey Educational Facilities Authority	5.25%	9/1/2053	A2		2,100,000		2,299,928
New York State Dormitory Authority–Cornell University	5.50%	7/1/2054	Aa1		22,500,000		26,040,789
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%	7/1/2040	BBB+		5,000,000		5,017,813
New York State Dormitory Authority–New School	4.00%	7/1/2052	A3		7,870,000		7,605,067
New York State Dormitory Authority–New York Institute of Technology NY	5.25%	7/1/2049	BBB		1,300,000		1,420,195
New York State Dormitory Authority–New York Institute of Technology NY	5.25%	7/1/2054	BBB		1,900,000		2,059,165
New York State Dormitory Authority–Pace University	5.50%	5/1/2056	BBB-		8,500,000		9,382,787
New York State Dormitory Authority–Yeshiva University	5.00%	7/15/2042	BBB-		3,720,000		3,888,920
New York State Dormitory Authority–Yeshiva University	5.00%	7/15/2050	BBB-		8,000,000		8,234,386
Ohio Higher Educational Facility Commission(d)	5.25%	10/1/2053	AA-		11,500,000		12,744,703
Ohio Higher Educational Facility Commission–Oberlin College	5.25%	10/1/2053	AA-		2,680,000		2,971,121
Onondaga County Trust for Cultural Resources–Syracuse University NY	5.00%	12/1/2043	AA-		8,000,000		8,570,690
Public Finance Authority–Wingate University WI	5.25%	10/1/2038	BBB-		2,220,000		2,231,006
Public Finance Authority–Wingate University WI	5.25%	10/1/2043	BBB-		1,000,000		989,222
Rhode Island Health & Educational Building Corp.–Providence College	5.00%	11/1/2053	A		12,975,000		14,146,029
Shaker Heights City School District OH	5.25%	12/15/2059	AA		7,380,000		8,251,883
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(f)	5.00%	6/15/2054	NR		700,000		706,668
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(f)	5.00%	6/15/2059	NR		700,000		704,691

See Notes to Financial Statements. 69

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(f)	5.00%		6/15/2064	NR	$	720,000	$	722,789
Town of Davie–Nova Southeastern University Inc FL	5.00%		4/1/2048	A-		3,000,000		3,091,943
University of Connecticut	5.25%		11/15/2047	Aa3		8,080,000		8,547,236
University of Illinois (AGM)	4.00%		4/1/2038	AA		4,965,000		4,999,874
University of North Carolina at Wilmington	5.00%		6/1/2037	A1		7,055,000		7,116,642
Vermont Educational & Health Buildings Financing Agency–President & Fellows of Middlebury College	4.00%		11/1/2050	AA		4,625,000		4,639,680
Washington State Housing Finance Commission–Seattle Academy of Arts & Sciences†	6.125%		7/1/2053	BBB		2,500,000		2,768,044
Washington State Housing Finance Commission–Seattle Academy of Arts & Sciences†	6.375%		7/1/2063	BBB		2,000,000		2,222,138
Total								428,413,703
Electric Revenue Bonds 0.34%
City of San Antonio TX Electric & Gas Systems Revenue(d)	5.00%		2/1/2054	Aa2		15,000,000		16,307,066
Energy 0.60%
Main Street Natural Gas, Inc. GA	5.00%		5/15/2038	A1		3,745,000		4,084,505
PEFA, Inc. IA	5.00%	#(b)	9/1/2049	A3		23,635,000		24,312,679
Total								28,397,184
Financial Services 0.11%
Massachusetts Educational Financing Authority AMT	4.125%		7/1/2046	BBB		5,755,000		5,423,066
General Obligation 14.56%
Black Belt Energy Gas District AL	5.25%	#(b)	2/1/2053	A1		7,500,000		8,047,567
California Community Choice Financing Authority	5.25%	#(b)	1/1/2054	Baa1		41,700,000		45,077,083
California State Public Works Board–State of California Department of General Services	5.00%		4/1/2049	Aa3		9,600,000		10,813,393
Chicago Board of Education IL GO	4.00%		12/1/2040	BB+		2,600,000		2,468,935
Chicago Board of Education IL GO	4.00%		12/1/2041	BB+		5,000,000		4,698,073
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		2,000,000		2,090,794

70 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Chicago Board of Education IL GO	5.00%	12/1/2030	BB+	$	2,070,000	$	2,153,044
Chicago Board of Education IL GO	5.00%	12/1/2031	BB+		1,000,000		1,039,533
Chicago Board of Education IL GO	5.00%	12/1/2047	BB+		4,435,000		4,533,842
Chicago Board of Education IL GO	5.875%	12/1/2047	BB+		3,750,000		4,148,630
Chicago Board of Education IL GO	6.00%	12/1/2049	BB+		4,875,000		5,422,683
Chicago Board of Education IL GO	6.50%	12/1/2046	BB+		1,100,000		1,145,003
Chicago Board of Education IL GO†	7.00%	12/1/2046	BB+		1,200,000		1,298,566
City of Chicago IL GO	5.00%	1/1/2044	BBB+		4,060,000		4,279,419
City of Chicago IL GO	5.00%	1/1/2045	BBB+		7,200,000		7,567,444
City of Chicago IL GO	5.25%	1/1/2045	BBB+		13,400,000		14,361,934
City of Chicago IL GO	5.50%	1/1/2034	BBB+		2,400,000		2,407,973
City of Chicago IL GO	5.50%	1/1/2037	BBB+		3,245,000		3,254,157
City of Chicago IL GO	5.50%	1/1/2039	BBB+		2,125,000		2,348,167
City of Chicago IL GO	5.50%	1/1/2040	BBB+		2,500,000		2,505,620
City of Chicago IL GO	5.50%	1/1/2042	BBB+		5,000,000		5,009,659
City of Chicago IL GO	5.50%	1/1/2049	BBB+		18,285,000		19,093,998
City of Chicago IL GO	6.00%	1/1/2038	BBB+		19,430,000		20,315,314
City of New York NY GO	5.00%	8/1/2051	AA		7,275,000		7,935,957
City of New York NY GO	5.25%	9/1/2043	AA		6,500,000		7,303,837
City of New York NY GO	5.25%	4/1/2054	AA		8,500,000		9,472,635
City of New York NY GO	5.50%	5/1/2046	AA		2,675,000		3,016,236
City of New York NY GO TCRS (BAM)	3.00%	3/1/2051	AA		5,000,000		3,974,649
City of Philadelphia PA GO	5.00%	8/1/2037	A1		3,250,000		3,418,088
Commonwealth of Massachusetts GO	5.00%	1/1/2054	AA+		7,740,000		8,468,670
Commonwealth of Pennsylvania GO	4.00%	3/1/2037	Aa3		4,255,000		4,341,141
Commonwealth of Puerto Rico GO	4.00%	7/1/2037	NR		13,782,789		13,694,530
Commonwealth of Puerto Rico GO	4.00%	7/1/2046	NR		15,000,000		14,173,739
Commonwealth of Puerto Rico GO	5.375%	7/1/2025	NR		2,576,932		2,592,289
County of Anne Arundel MD GO	3.00%	10/1/2044	AAA		7,415,000		6,431,110
County of Cook IL GO	5.00%	11/15/2030	A+		1,000,000		1,045,667
County of Cook IL GO	5.00%	11/15/2035	A+		1,000,000		1,038,952
County of Luzerne PA GO (AGM)	5.00%	11/15/2029	AA		4,215,000		4,316,047
County of Pasco–State of Florida Cigarette Tax Revenue (AGM)	5.75%	9/1/2054	AA		4,770,000		5,403,853
Forney Independent School District TX GO (PSF-GTD)	3.00%	2/15/2045	AAA		6,050,000		5,040,786
Grant County Public Hospital District No. 1 WA GO	5.125%	12/1/2048	Baa2		5,000,000		5,158,592

See Notes to Financial Statements. 71

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Hudson Yards Infrastructure Corp. NY		4.00%		2/15/2044	AA	$	9,400,000	$	9,598,890
Irvine Unified School District–Community Facilities District No 01-1 CA Special Tax (BAM)		5.00%		9/1/2056	AA		500,000		514,959
King County Public Hospital District No. 4 WA GO		5.00%		12/1/2038	NR		5,000,000		5,015,750
Louisiana Stadium & Exposition District		5.00%		7/1/2048	A2		4,750,000		5,212,121
Louisiana Stadium & Exposition District		5.25%		7/1/2053	A2		15,715,000		17,424,508
Main Street Natural Gas, Inc. GA		5.00%		5/15/2027	A1		4,500,000		4,684,247
Main Street Natural Gas, Inc. GA		5.00%		5/15/2029	A1		2,940,000		3,144,313
Main Street Natural Gas, Inc. GA		5.00%	#(b)	6/1/2053	A3		20,965,000		22,396,299
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)		5.25%		7/1/2048	AA		2,000,000		2,216,981
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)		5.25%		7/1/2048	AA		3,980,000		4,405,260
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)		5.25%		7/1/2053	AA		4,000,000		4,398,504
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)		5.25%		7/1/2053	AA		5,000,000		5,490,001
Metropolitan Pier & Exposition Authority IL		4.00%		6/15/2050	A		25,900,000		24,743,531
Metropolitan Pier & Exposition Authority IL (AGM)		4.00%		6/15/2050	AA		6,000,000		5,832,356
New Jersey Economic Development Authority–New Jersey Transit Corp		5.25%		11/1/2047	A2		11,050,000		12,188,738
New Jersey Transportation Trust Fund Authority	Zero Coupon			12/15/2029	A2		15,365,000		13,096,568
New Jersey Transportation Trust Fund Authority		5.00%		6/15/2048	A2		5,000,000		5,425,049
New Jersey Transportation Trust Fund Authority–State of New Jersey		5.25%		6/15/2041	A2		6,250,000		7,135,995
New Jersey Transportation Trust Fund Authority–State of New Jersey		5.25%		6/15/2042	A2		2,000,000		2,273,713
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.00%		2/1/2044	AAA		15,000,000		16,527,294
New York City Transitional Finance Authority Future Tax Secured Revenue NY		5.50%		11/1/2045	AAA		7,500,000		8,589,353
New York State Thruway Authority–State of New York Personal Income Tax Revenue		3.00%		3/15/2048	AA+		19,635,000		16,096,649
New York State Thruway Authority–State of New York Personal Income Tax Revenue		3.00%		3/15/2049	AA+		7,085,000		5,761,993

72 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
New York State Thruway Authority–State of New York Personal Income Tax Revenue		3.00%	3/15/2051	AA+	$	4,110,000	$	3,289,580
New York State Urban Development Corp.–State of New York Sales Tax Revenue		3.00%	3/15/2049	Aa1		4,970,000		4,072,252
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT		6.00%	6/30/2061	Baa2		30,325,000		34,296,414
Royse City Independent School District TX (PSF-GTD)		5.00%	2/15/2054	Aaa		7,000,000		7,625,999
San Bernardino Community College District CA GO	Zero Coupon		8/1/2044	Aa1		7,750,000		3,549,894
San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA		3.00%	7/1/2044	AA+		6,505,000		5,689,671
School District of Philadelphia PA GO (ST AID WITHHLDG)		5.00%	9/1/2037	A1		1,200,000		1,230,740
Southwest Local School District/Hamilton County OH GO (SD CRED PROG)		4.00%	1/15/2055	Aa1		7,000,000		6,862,762
St. Louis County Reorganized School District No. R-6 MO GO		3.35%	2/1/2037	AAA		6,350,000		6,220,890
St. Louis County Reorganized School District No. R-6 MO GO		3.40%	2/1/2038	AAA		6,150,000		6,021,739
State of California GO		5.00%	8/1/2038	Aa2		3,700,000		3,823,604
State of California GO		5.25%	8/1/2032	Aa2		7,500,000		7,640,495
State of California GO		5.25%	10/1/2050	Aa2		7,500,000		8,523,918
State of Connecticut GO		5.00%	6/15/2038	AA-		1,000,000		1,064,921
State of Connecticut GO		5.00%	4/15/2039	AA-		1,650,000		1,778,071
State of Illinois GO		4.00%	11/1/2037	A-		6,810,000		6,880,163
State of Illinois GO		5.00%	1/1/2035	A-		6,200,000		6,306,091
State of Illinois GO		5.00%	12/1/2035	A-		2,145,000		2,239,243
State of Illinois GO		5.00%	5/1/2038	A-		4,515,000		4,706,332
State of Illinois GO		5.00%	1/1/2041	A-		3,580,000		3,620,603
State of Illinois GO		5.00%	5/1/2043	A-		3,000,000		3,096,612
State of Illinois GO		5.25%	5/1/2045	A-		2,500,000		2,766,414
State of Illinois GO		5.25%	5/1/2047	A-		1,500,000		1,652,442
State of Illinois GO		5.25%	5/1/2048	A-		1,500,000		1,648,853
State of Illinois GO		5.25%	5/1/2049	A-		1,750,000		1,919,460
State of Illinois GO		5.50%	5/1/2039	A-		8,250,000		9,073,461
State of Illinois GO		5.50%	10/1/2039	A-		6,000,000		6,813,138
State of Illinois GO		5.50%	3/1/2042	A-		5,250,000		5,863,290

See Notes to Financial Statements. 73

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
State of Illinois GO		5.50%	3/1/2047	A-	$	10,950,000	$	12,060,796
State of Illinois GO		5.50%	5/1/2047	A-		11,165,000		12,316,395
State of Illinois GO		5.75%	5/1/2045	A-		2,600,000		2,858,877
Union County Utilities Authority–Covanta Union LLC NJ GTD AMT		4.75%	12/1/2031	AA+		3,855,000		3,856,116
Washington & Multnomah Counties School District No. 48J Beaverton OR GO (SCH BD GTY)		5.00%	6/15/2036	AA+		8,000,000		8,433,971
Washington State Convention Center Public Facilities District		5.00%	7/1/2048	Baa1		7,000,000		7,164,087
Washington Township Health Care District CA GO		5.50%	8/1/2053	AA		2,000,000		2,288,611
Wilkes-Barre Area School District PA GO (BAM), (ST AID WITHHLDG)		5.00%	4/15/2059	AA		2,500,000		2,582,502
Total								692,919,088
Health Care 15.05%
Antelope Valley Healthcare District Obligated Group CA		5.00%	3/1/2041	BBB		3,000,000		3,002,315
Antelope Valley Healthcare District Obligated Group CA		5.00%	3/1/2046	BBB		2,615,000		2,596,253
Astoria Hospital Facilities Authority–Columbia Lutheran Charities Obligated Group OR		5.25%	8/1/2049	BBB		2,700,000		2,914,771
Astoria Hospital Facilities Authority–Columbia Lutheran Charities Obligated Group OR		5.25%	8/1/2054	BBB		4,250,000		4,559,642
Berks County Municipal Authority–Tower Health Obligated Group PA	Zero Coupon		6/30/2044	NR		8,008,000		5,105,574
Berks County Municipal Authority–Tower Health Obligated Group PA		5.00%	6/30/2039	NR		16,473,000		16,330,186
Berks County Municipal Authority–Tower Health Obligated Group PA		6.00%	6/30/2034	NR		1,160,196		1,261,509
Berks County Municipal Authority–Tower Health Obligated Group PA		6.00%	6/30/2034	NR		58,718		63,845
Berks County Municipal Authority–Tower Health Obligated Group PA		8.00%	6/30/2034	NR		2,315,173		2,369,696
Berks County Municipal Authority–Tower Health Obligated Group PA		8.00%	6/30/2034	NR		117,436		117,436
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX		5.00%	12/1/2045	BB		2,000,000		1,902,799

74 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
California Health Facilities Financing Authority–Children’s Hospital Los Angeles Obligated Group	5.00%	8/15/2047	BBB	$	3,025,000	$	3,101,260
California Health Facilities Financing Authority–City of Hope Obligated Group	4.00%	11/15/2045	A		7,050,000		6,942,860
California Municipal Finance Authority–Community Hospitals of Central California Obligated Group	5.00%	2/1/2047	A3		6,940,000		6,998,302
California Municipal Finance Authority (AGM)	4.00%	2/1/2051	AA		8,900,000		8,698,100
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.25%	12/1/2043	BB		4,510,000		4,695,401
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.50%	12/1/2054	BB		6,875,000		6,882,959
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.50%	12/1/2058	BB		3,375,000		3,497,667
Chattanooga Health Educational & Housing Facility Board–Erlanger Health Obligated Group TN	5.25%	12/1/2054	A		20,000,000		21,906,694
City of Colby KS–Citizens Medical Center Inc	5.50%	7/1/2026	NR		7,400,000		7,462,181
City of Jacksonville–Genesis Health Inc Obligated Group FL	5.00%	11/1/2050	A-		4,605,000		4,767,650
City of Minneapolis–Fairview Health Services Obligated Group MN	5.00%	11/15/2049	BBB+		9,650,000		9,785,799
City of Seneca–Nemaha Valley Community Hospital KS	5.00%	9/1/2025	NR		4,000,000		4,020,226
City of St. Cloud–CentraCare Health System Obligated Group MN(f)	5.00%	5/1/2054	A2		7,250,000		7,860,044
City of Tampa–H Lee Moffitt Cancer Center & Research Institute Obligated Group FL	4.00%	7/1/2045	A		7,400,000		7,216,742
Colorado Health Facilities Authority–CommonSpirit Health Obligated Group	5.00%	8/1/2044	A-		3,000,000		3,129,388
Colorado Health Facilities Authority–CommonSpirit Health Obligated Group	5.50%	11/1/2047	A-		4,390,000		4,943,593
Columbia County Hospital Authority–WellStar Health System Obligated Group GA	5.75%	4/1/2053	A+		2,670,000		3,057,210
Connecticut State Health & Educational Facilities Authority–Nuvance Health Obligated Group	4.00%	7/1/2041	BBB		7,920,000		7,665,757

See Notes to Financial Statements. 75

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Connecticut State Health & Educational Facilities Authority–Nuvance Health Obligated Group	4.00%	7/1/2049	BBB	$	6,875,000	$	6,472,614
County of Cuyahoga–MetroHealth System OH	5.50%	2/15/2052	BBB		8,925,000		9,138,960
County of Cuyahoga–MetroHealth System OH	5.50%	2/15/2057	BBB		5,250,000		5,363,791
County of Montgomery–Premier Health Partners Obligated Group OH	4.00%	11/15/2042	Baa1		10,800,000		10,307,344
County of Muskingum–Genesis Healthcare Obligated Group OH	5.00%	2/15/2044	BB+		2,650,000		2,649,960
County of Warren–Bowling Green-Warren County Community Hospital Corp KY	5.25%	4/1/2049	AA-		8,610,000		9,504,009
County of Warren–Bowling Green-Warren County Community Hospital Corp KY	5.25%	4/1/2054	AA-		8,000,000		8,768,344
Crawford County Hospital Authority–Meadville Medical Center Obligated Group PA	6.00%	6/1/2046	NR		950,000		961,377
Crawford County Hospital Authority–Meadville Medical Center Obligated Group PA	6.00%	6/1/2051	NR		1,115,000		1,124,370
Cumberland County Municipal Authority–Penn State Health Obligated Group PA	3.00%	11/1/2038	A		4,315,000		3,870,620
Denver Health & Hospital Authority CO	5.25%	12/1/2045	BBB		700,000		700,428
Duluth Economic Development Authority–Essentia Health Obligated Group MN	5.25%	2/15/2053	A-		2,870,000		2,958,247
Duluth Economic Development Authority–Essentia Health Obligated Group MN	5.25%	2/15/2058	A-		21,000,000		21,609,993
Duluth Economic Development Authority–St Luke’s Hospital of Duluth Obligated MN	5.25%	6/15/2052	AA-		5,000,000		5,459,701
Genesee County Funding Corp.–Rochester Regional Health Obligated NY	5.25%	12/1/2052	BBB+		4,000,000		4,205,166
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2043	Baa2		4,720,000		5,012,970
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2044	Baa2		4,135,000		4,376,625
Greenville Health System–Prisma Health Obligated Group SC	5.00%	5/1/2034	A		3,970,000		3,971,885
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA	5.00%	7/1/2032	BBB		1,000,000		1,022,496

76 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Hospitals & Higher Education Facilities Authority of Philadelphia–Temple University Health Obligated Group PA	5.00%	7/1/2033	BBB	$	2,950,000	$	3,013,716
Illinois Finance Authority–University of Chicago Medical Center Obligated Group	5.00%	8/15/2052	AA-		15,000,000		15,765,442
Isle of Weight County Economic Development Authority–Riverside Healthcare Association Obligated Group VA (AGM)	5.25%	7/1/2048	AA		3,000,000		3,333,289
Isle of Weight County Economic Development Authority–Riverside Healthcare Association Obligated Group VA (AGM)	5.25%	7/1/2053	AA		6,000,000		6,582,376
Lee Memorial Health System Obligated Group FL	4.00%	4/1/2049	A+		5,500,000		5,318,745
Louisville/Jefferson County Metropolitan Government–Norton Healthcare Obligated Group KY	5.00%	10/1/2041	A		3,200,000		3,515,999
Maryland Health & Higher Educational Facilities Authority–Adventist Healthcare Obligated Group	5.00%	1/1/2036	Baa3		3,290,000		3,496,220
Maryland Health & Higher Educational Facilities Authority–Adventist Healthcare Obligated Group	5.50%	1/1/2046	Baa3		17,990,000		18,325,229
Maryland Health & Higher Educational Facilities Authority–Mercy Medical Center Obligated Group	5.00%	7/1/2036	A-		1,320,000		1,346,027
Maryland Health & Higher Educational Facilities Authority–Mercy Medical Center Obligated Group	5.00%	7/1/2038	A-		2,250,000		2,286,285
Massachusetts Development Finance Agency–Boston Medical Center Corp Obligated Group	5.00%	7/1/2031	BBB		1,980,000		2,041,441
Massachusetts Development Finance Agency–Boston Medical Center Corp Obligated Group	5.00%	7/1/2035	BBB		5,115,000		5,232,208
Massachusetts Development Finance Agency–Boston Medical Center Corp Obligated Group	5.25%	7/1/2048	BBB		2,600,000		2,875,333
Massachusetts Development Finance Agency–Mass General Brigham Inc	5.00%	7/1/2054	AA-		11,000,000		11,946,091
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	4.00%	7/1/2035	BBB-		2,000,000		1,916,494

See Notes to Financial Statements. 77

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	4.00%	7/1/2044	BBB-		$	5,380,000	$	4,901,373
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%	7/1/2039	BBB-			3,360,000		3,397,632
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%	7/1/2044	BBB-			1,600,000		1,611,710
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	8.50%	10/1/2026	BBB-			8,910,000		9,105,208
Michigan Finance Authority Provident Group–HFH Energy LLC	5.50%	2/28/2049	A3			3,100,000		3,536,985
Michigan Finance Authority Provident Group–HFH Energy LLC	5.50%	2/28/2057	A3			2,200,000		2,476,109
Michigan State Hospital Finance Authority–Ascension Health Credit Group	5.00%	11/15/2047	AA+			4,000,000		4,221,561
Minnesota Agricultural & Economic Development Board–HealthPartners Obligated Group	5.25%	1/1/2054	A			12,900,000		14,232,240
Monroe County Hospital Authority–Centurion Foundation Lehigh Valley LLC PA†	5.10%	6/15/2039	NR			10,000,000		10,192,111
Montana Facility Finance Authority–Kalispell Regional Medical Center Obligated Group	5.00%	7/1/2043	A			4,000,000		4,072,517
Montana Facility Finance Authority–Kalispell Regional Medical Center Obligated Group	5.00%	7/1/2048	A			5,760,000		5,850,381
Montgomery County Higher Education & Health Authority–Thomas Jefferson University Obligated Group PA	4.00%	9/1/2049	A			3,960,000		3,739,180
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2029	A-			1,000,000		1,001,105
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2030	A-			580,000		580,574
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2031	A-			1,620,000		1,621,425
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2034	A-			1,100,000		1,100,712
Nebraska Educational Health Cultural & Social Services Finance Authority–Immanuel Retirement Communities Obligated Group	4.00%	1/1/2044	AA	(e)		3,500,000		3,315,046

78 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
New Hampshire Business Finance Authority–NFA UH SPV LLC†	5.625%	12/15/2033	NR	$	2,500,000	$	2,580,317
New Hampshire Business Finance Authority–NFA UH SPV LLC†	6.25%	12/15/2038	NR		2,565,000		2,694,833
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	4.00%	7/1/2048	BBB-		8,110,000		7,550,377
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2031	Ba2		1,300,000		1,301,332
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2040	Ba2		1,300,000		1,271,423
New York State Dormitory Authority–Montefiore Obligated Group	4.00%	8/1/2038	BBB-		4,900,000		4,890,051
New York State Dormitory Authority–Montefiore Obligated Group	5.00%	8/1/2028	BBB-		3,055,000		3,199,908
New York State Dormitory Authority–Northwell Health Obligated Group	5.00%	5/1/2037	A-		7,450,000		7,514,152
New York State Dormitory Authority–Northwell Health Obligated Group	5.00%	5/1/2052	A-		8,085,000		8,651,264
New York State Dormitory Authority–Northwell Health Obligated Group(d)	5.00%	5/1/2052	A-		33,500,000		35,819,618
Niagara Area Development Corp.–Catholic Health System Obligated Group NY	5.00%	7/1/2052	B-		1,500,000		1,456,069
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.25%	8/15/2048	BB		4,660,000		4,786,957
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.50%	8/15/2052	BB		10,015,000		10,369,646
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.50%	8/15/2057	BB		10,000,000		10,328,388
Oregon State Facilities Authority–Providence St Joseph Health Obligated Group	5.00%	10/1/2045	A		7,000,000		7,048,334
Palm Beach County Health Facilities Authority–Baptist Health South Obligated Group FL	4.00%	8/15/2049	AA-		6,765,000		6,589,955
Palomar Health Obligated Group CA	5.00%	11/1/2036	BB+		11,025,000		11,082,498
Palomar Health Obligated Group CA	5.00%	11/1/2039	BB+		8,240,000		8,255,096
Pennsylvania Economic Development Financing Authority–UPMC Obligated Group	4.00%	5/15/2048	A		3,500,000		3,421,932
Public Finance Authority–Moses H Cone Memorial Hospital Obligated Group WI	5.00%	10/1/2052	AA-		8,750,000		9,373,804
Public Finance Authority–Proton International Alabama LLC WI†(c)	6.85%	10/1/2047	NR		1,410,000		141,000

See Notes to Financial Statements. 79

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Rhode Island Health & Educational Building Corp.–Lifespan Obligated Group	5.25%	5/15/2049	BBB+	$	1,825,000	$	1,984,386
Rhode Island Health & Educational Building Corp.–Lifespan Obligated Group	5.25%	5/15/2054	BBB+		4,680,000		5,060,246
Roanoke Economic Development Authority–Carilion Clinic Obligated Group	3.00%	7/1/2045	AA-		20,740,000		17,795,911
Skagit County Public Hospital District No. 1 WA	5.50%	12/1/2054	Baa3		3,590,000		3,878,409
South Broward Hospital District Obligated Group FL TCRS (BAM)	3.00%	5/1/2051	AA		5,150,000		4,227,006
South Carolina Jobs-Economic Development Authority–Bon Secours Mercy Health Inc	5.00%	12/1/2046	A+		8,000,000		8,464,380
South Carolina Jobs-Economic Development Authority–Novant Health Obligated Group	5.50%	11/1/2046	A+		9,500,000		10,906,174
South Carolina Jobs-Economic Development Authority–Novant Health Obligated Group	5.50%	11/1/2054	A+		16,465,000		18,605,452
State of Ohio–Premier Health Partners Obligated	4.00%	11/15/2039	Baa1		2,640,000		2,520,155
Tarrant County Cultural Education Facilities Finance Corp TX(d)	5.00%	7/1/2053	A1		9,550,000		10,142,777
Washington Health Care Facilities Authority–Overlake Hospital Medical Center Obligated Group	5.00%	7/1/2038	BBB+		4,000,000		3,999,906
West Virginia Hospital Finance Authority–Vandalia Health Inc Obligated Group	6.00%	9/1/2048	BBB+		2,060,000		2,373,991
West Virginia Hospital Finance Authority–Vandalia Health Inc Obligated Group	6.00%	9/1/2053	BBB+		3,250,000		3,716,892
Westchester County Health Care Corp Obligated Group NY	6.00%	11/1/2030	BBB-		100,000		100,184
Westchester County Health Care Corp Obligated Group NY	6.125%	11/1/2037	BBB-		30,000		30,086
Westchester County Health Care Corp Obligated Group NY	6.25%	11/1/2052	BBB-		1,280,000		1,471,002
Westchester County Health Care Corp Obligated Group NY (AGM)	5.00%	11/1/2051	AA		2,750,000		2,955,479
Westchester County Health Care Corp Obligated Group NY (AGM)	5.75%	11/1/2048	AA		1,750,000		2,003,590
Wisconsin Health & Educational Facilities Authority–Ascension Health Credit Group	4.00%	11/15/2046	AA+		8,000,000		7,595,714

80 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.50%	2/15/2054	BBB	$	9,750,000	$	10,744,199
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group (BAM)	5.25%	2/15/2054	AA		1,250,000		1,360,511
Wisconsin Health & Educational Facilities Authority–Sauk-Prairie Memorial Hospital Inc Obligated Group	5.375%	2/1/2048	Ba2		840,000		840,005
Yuma Industrial Development Authority–Yuma Regional Medical Center Obligated Group AZ(f)	5.25%	8/1/2054	A		13,500,000		14,880,752
Total							716,269,684
Housing 2.99%
California Municipal Finance Authority–Bowles Hall Foundation	5.00%	6/1/2050	Baa3		1,410,000		1,416,261
Capital Projects Finance Authority–Provident Group–Continuum Properties LLC FL	5.00%	11/1/2039	Baa3		1,000,000		1,041,125
Capital Projects Finance Authority–Provident Group–Continuum Properties LLC FL	5.00%	11/1/2041	Baa3		1,000,000		1,033,906
Capital Projects Finance Authority–Provident Group–Continuum Properties LLC FL	5.00%	11/1/2048	Baa3		1,350,000		1,375,177
Capital Projects Finance Authority–Provident Group–Continuum Properties LLC FL	5.00%	11/1/2053	Baa3		1,745,000		1,770,024
Capital Projects Finance Authority–Provident Group–Continuum Properties LLC FL	5.00%	11/1/2058	Baa3		1,750,000		1,766,017
CMFA Special Finance Agency CA†	4.00%	12/1/2045	NR		5,000,000		4,200,172
CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA†	3.125%	8/1/2056	NR		4,500,000		3,557,912
CSCDA Community Improvement Authority Westgate Apartments CA†	4.00%	6/1/2057	NR		4,020,000		1,409,244
Delaware State Housing Authority (FHLMC), (FNMA), (GNMA)	6.00%	1/1/2055	Aa1		8,400,000		9,409,701
Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA)	6.25%	7/1/2055	Aaa		5,000,000		5,685,778
Indiana Finance Authority–CHF-Tippecanoe LLC	5.00%	6/1/2053	BBB-		1,350,000		1,407,490
Indiana Finance Authority–CHF-Tippecanoe LLC	5.125%	6/1/2058	BBB-		1,700,000		1,775,014

See Notes to Financial Statements. 81

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
Indiana Finance Authority–CHF-Tippecanoe LLC	5.375%	6/1/2064	BBB-	$	4,460,000	$	4,703,322
Indiana Finance Authority–SFP-PUFW I LLC	5.00%	7/1/2054	BBB-		1,175,000		1,221,486
Indiana Finance Authority–SFP-PUFW I LLC	5.25%	7/1/2064	BBB-		1,625,000		1,698,863
Industrial Development Authority of the City of Phoenix Arizona–Downtown Phoenix Student Housing LLC AZ	5.00%	7/1/2037	Baa3		1,000,000		1,033,498
Knox County Health Educational & Housing Facility Board–Provident Group–UTK Properties LLC TN (BAM)	5.25%	7/1/2049	AA		2,700,000		2,928,311
Knox County Health Educational & Housing Facility Board–Provident Group–UTK Properties LLC TN (BAM)	5.50%	7/1/2054	AA		1,150,000		1,268,764
Knox County Health Educational & Housing Facility Board–Provident Group–UTK Properties LLC TN (BAM)	5.50%	7/1/2059	AA		2,000,000		2,189,597
Knox County Health Educational & Housing Facility Board TN (BAM)	5.125%	7/1/2054	AA		3,775,000		4,030,088
Knox County Health Educational & Housing Facility Board TN (BAM)	5.125%	7/1/2059	AA		1,330,000		1,407,880
Maryland Economic Development Corp.	5.75%	7/1/2053	BBB-		2,000,000		2,204,125
Maryland Economic Development Corp.	6.00%	7/1/2058	BBB-		5,000,000		5,585,009
Maryland Economic Development Corp.–University of Maryland College Park (AGM)	5.00%	7/1/2054	AA		5,000,000		5,315,165
Maryland Economic Development Corp.–University of Maryland College Park (AGM)	5.125%	7/1/2059	AA		3,000,000		3,213,831
Maryland Economic Development Corp.–University of Maryland College Park (AGM)	5.25%	7/1/2064	AA		5,000,000		5,383,819
New Hampshire Business Finance Authority	4.00%	10/20/2036	BBB		10,714,335		10,733,613
New Hampshire Business Finance Authority	4.25%	7/20/2041	A2		6,465,274		6,507,780
New Hampshire Business Finance Authority	4.375%	9/20/2036	BBB		5,340,485		5,497,116
New York State Dormitory Authority–State University of New York Dormitory Facilities Revenue	3.00%	7/1/2045	Aa3		5,037,000		4,181,577
Public Finance Authority–CHF-Manoa LLC WI†	5.50%	7/1/2043	BBB-		4,500,000		4,948,227
Public Finance Authority–CHF-Manoa LLC WI†	5.75%	7/1/2053	BBB-		6,285,000		6,889,119

82 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
Toledo-Lucas County Port Authority–CHF-Toledo LLC OH	5.00%		7/1/2034	BBB-	$	1,000,000	$	1,000,130
Toledo-Lucas County Port Authority–CHF-Toledo LLC OH	5.00%		7/1/2039	BBB-		1,500,000		1,500,056
Toledo-Lucas County Port Authority–CHF-Toledo LLC OH	5.00%		7/1/2046	BBB-		1,000,000		995,347
Washington State Housing Finance Commission	4.084%	#(b)	3/20/2040	NR		11,000,000		10,939,090
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.00%		7/1/2054	BBB-		2,500,000		2,624,115
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%		7/1/2044	BBB-		1,350,000		1,502,322
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%		7/1/2049	BBB-		1,000,000		1,097,733
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%		7/1/2059	BBB-		5,135,000		5,589,798
Total								142,037,602
Lease Obligations 1.76%
Illinois Sports Facilities Authority (AGM)	5.00%		6/15/2027	AA		3,500,000		3,519,323
Indiana Finance Authority–Marion County Capital Improvement Board	5.25%		2/1/2032	AA+		5,000,000		5,085,058
Kentucky Bond Development Corp.	4.00%		9/1/2048	A+		6,645,000		6,461,979
New Jersey Economic Development Authority–New Jersey Transit Corp	5.00%		11/1/2044	A2		5,500,000		5,804,746
New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT	5.625%		1/1/2052	A-		9,000,000		9,008,824
New Jersey Economic Development Authority–State Capitol Joint Management Commission	5.00%		6/15/2043	A2		4,500,000		4,711,888
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%		6/15/2036	A2		1,285,000		1,346,548
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%		6/15/2047	A2		6,050,000		6,227,270

See Notes to Financial Statements. 83

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2028	A2		$	10,000,000	$	8,813,446
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2031	A2			1,935,000		1,526,549
New Jersey Transportation Trust Fund Authority	Zero Coupon		12/15/2037	A2			3,390,000		2,099,392
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2030	A+			3,000,000		3,097,651
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2031	A+			2,400,000		2,475,540
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2035	A2			4,200,000		4,497,682
New Jersey Transportation Trust Fund Authority	5.00%		12/15/2036	A2			3,500,000		3,737,136
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2046	A2			14,595,000		15,243,000
Total									83,656,032
Multi-Family Housing 0.20%
New Hampshire Business Finance Authority	3.625%		8/20/2039	A3			6,986,194		6,700,440
New York City Housing Development Corp. NY	2.40%		11/1/2046	AA+			3,800,000		2,689,721
Total									9,390,161
Other Revenue 3.20%
California School Finance Authority–Green Dot Public Schools Obligated Group†	5.00%		8/1/2048	BBB-			1,650,000		1,684,222
City of Miami Beach Parking Revenue FL (BAM)	5.00%		9/1/2040	AA			2,000,000		2,020,998
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	6.125%		8/15/2048	Baa3			9,775,000		9,945,342
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2051	NR			4,972,687		3,257,110
County of Broward FL Convention Center Hotel Revenue(d)	5.50%		1/1/2055	AA			31,540,000		35,177,751
District of Columbia–Friendship Public Charter School Inc	5.00%		6/1/2041	BBB			2,080,000		2,098,395
Fayette County Development Authority–United States Soccer Federation Inc GA	5.25%		10/1/2049	BBB	(e)		2,000,000		2,195,788
Fayette County Development Authority–United States Soccer Federation Inc GA	5.25%		10/1/2054	BBB	(e)		3,250,000		3,536,426
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2034	AA			1,000,000		1,059,911

84 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2035	AA	$	1,000,000	$	1,056,837
Grand River Hospital District CO GO (AGM)	5.25%		12/1/2037	AA		1,160,000		1,215,590
Illinois Finance Authority–Noble Network of Charter Schools	6.125%		9/1/2039	BBB		6,000,000		6,008,371
Indianapolis Local Public Improvement Bond Bank	5.00%		2/1/2031	AA-		7,120,000		7,125,982
Long Beach Bond Finance Authority CA	5.054% (3 Mo. LIBOR * .67 + 1.45%	)#	11/15/2027	A1		9,000,000		9,112,433
Main Street Natural Gas, Inc. GA	5.00%		5/15/2037	A1		2,990,000		3,267,747
Main Street Natural Gas, Inc. GA	5.00%		5/15/2043	A1		3,250,000		3,374,513
Michigan Finance Authority–Bradford Academy	4.30%		9/1/2030	NR		230,000		217,211
Michigan Finance Authority–Bradford Academy	4.80%		9/1/2040	NR		565,000		499,250
Michigan Finance Authority–Bradford Academy	5.00%		9/1/2050	NR		925,000		784,807
M-S-R Energy Authority CA	6.125%		11/1/2029	BBB+		1,650,000		1,770,964
New Jersey Economic Development Authority–Friends of TEAM Academy Charter School Obligated Group	6.00%		10/1/2043	BBB		3,500,000		3,504,774
New Jersey Economic Development Authority–New Jersey Transit Corp	5.00%		11/1/2052	A2		11,375,000		12,253,966
Ridley School District PA (AGM), (ST AID WITHHLDG)	5.00%		11/15/2050	AA		5,000,000		5,345,542
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.25%		5/15/2054	AA+		20,000,000		22,414,808
Washington State Convention Center Public Facilities District	4.00%		7/1/2031	NR		10,000,000		10,093,605
Washington State Convention Center Public Facilities District	4.00%		7/1/2048	BBB-		3,745,000		3,481,395
Total								152,503,738
Pre-Refunded 0.02%
School District of Philadelphia PA GO (ST AID WITHHLDG)	5.00%		9/1/2038	A1		995,000		1,019,375
Single-Family Housing 0.17%
Pennsylvania Housing Finance Agency	5.00%		10/1/2050	AA+		7,725,000		8,062,223

See Notes to Financial Statements. 85

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax 1.52%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%	5/1/2032	Ba3	$	1,845,000	$	1,884,905
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%	5/1/2042	NR		3,115,000		3,166,836
Gramercy Farms Community Development District FL~	Zero Coupon	5/1/2039	NR		2,375,000		1,235,000
Gramercy Farms Community Development District FL(c)	5.25%	5/1/2039	NR		1,340,000		214	(g)
Industrial Development Authority of the City of St. Louis Missouri	4.75%	11/15/2047	NR		3,000,000		2,604,016
Inland Valley Development Agency CA Tax Allocation	5.25%	9/1/2037	A+		4,875,000		4,912,150
Irvine Facilities Financing Authority–City of Irvine Community Facilities District No 2013-3 CA Special Tax (BAM)	5.25%	9/1/2053	AA		8,000,000		9,016,629
New Jersey Economic Development Authority–NJ Metromall Urban Renewal Inc	6.50%	4/1/2028	Baa2		1,634,245		1,649,420
New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM)	3.00%	1/1/2046	AA		16,455,000		13,640,119
Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	9/1/2030	AA		1,500,000		1,503,121
Rancho Cucamonga Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	9/1/2031	AA		1,400,000		1,402,696
River Islands Public Financing Authority CA Special Tax (AGM)	5.25%	9/1/2052	AA		2,500,000		2,745,919
Riverside County Redevelopment Successor Agency CA Tax Allocation	8.50%	10/1/2041	A2		11,195,000		12,504,199
State of Connecticut Special Tax Revenue	5.00%	8/1/2034	AA		3,600,000		3,651,346
State of Connecticut Special Tax Revenue	5.00%	1/1/2037	AA		7,000,000		7,418,801
State of Connecticut Special Tax Revenue	5.00%	1/1/2038	AA		4,250,000		4,496,951
Stone Canyon Community Improvement District MO(c)	5.70%	4/1/2022	NR		1,000,000		280,000
Stone Canyon Community Improvement District MO(c)	5.75%	4/1/2027	NR		1,300,000		364,000
Total							72,476,322
Tax Revenue 4.36%
Casino Reinvestment Development Authority, Inc. NJ	5.25%	11/1/2039	BBB+		3,300,000		3,304,821
Chicago Transit Authority Sales Tax Receipts Fund IL	4.00%	12/1/2050	A+		13,615,000		13,159,886

86 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
Chicago Transit Authority Sales Tax Receipts Fund IL	5.25%	12/1/2049	AA	$	13,245,000	$	13,262,992
City of Sparks NV†	2.75%	6/15/2028	Baa2		455,000		445,395
Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	8/1/2042	AA		1,250,000		1,375,128
County of Cook Sales Tax Revenue IL	4.00%	11/15/2034	AA-		3,750,000		3,829,746
County of Miami-Dade Transit System FL	5.00%	7/1/2051	AA		12,405,000		13,391,602
Lower Colorado River Authority–LCRA Transmission Services Corp TX	6.00%	5/15/2052	A		1,700,000		1,930,739
Metropolitan Pier & Exposition Authority IL	4.00%	6/15/2052	A		7,210,000		6,825,811
Metropolitan Pier & Exposition Authority IL	5.00%	6/15/2050	A		4,365,000		4,545,543
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon	12/15/2030	A		10,535,000		8,570,886
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon	6/15/2033	A		15,000,000		11,035,512
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon	12/15/2036	A		10,000,000		6,364,334
Metropolitan Pier & Exposition Authority IL TCRS (BAM)	5.00%	6/15/2053	AA		915,000		933,271
New York Convention Center Development Corp.–New York City Hotel Unit Fee Revenue	5.00%	11/15/2040	A2		5,000,000		5,057,223
New York State Dormitory Authority	3.00%	3/15/2049	Aa1		2,480,000		2,032,665
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	3.00%	3/15/2042	Aa1		5,000,000		4,401,366
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	3.00%	3/15/2050	AA+		8,980,000		7,312,319
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2046	AA+		2,455,000		2,675,463
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	3.00%	3/15/2047	AA+		5,775,000		4,916,798
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	3.00%	3/15/2048	AA+		9,590,000		8,075,639

See Notes to Financial Statements. 87

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	3.00%	3/15/2049	AA+	$	6,495,000	$	5,412,592
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	3.00%	3/15/2050	AA+		7,620,000		6,331,270
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2029	NR		1,271,000		1,065,475
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2031	NR		2,122,000		1,639,824
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		2,549,000		1,808,155
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR		2,523,000		622,262
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		11,598,000		11,592,281
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		5,253,000		5,250,410
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		39,000		38,678
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		12,847,000		12,886,544
San Leandro Unified School District CA GO	5.25%	8/1/2048	AA-		10,500,000		11,751,222
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.25%	5/15/2052	AA+		10,335,000		11,432,875
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.25%	5/15/2057	AA+		2,500,000		2,748,705
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.25%	5/15/2062	AA+		10,655,000		11,676,004
Total							207,703,436
Taxable Revenue–Water & Sewer 1.19%
City of Chicago IL Waterworks Revenue(d)	5.50%	11/1/2062	AA		20,300,000		22,536,983
County of Miami-Dade Water & Sewer System Revenue FL	5.25%	10/1/2054	AA		2,960,000		3,303,707
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.25%	6/15/2054	AA+		12,500,000		13,976,767
Oklahoma City Water Utilities Trust	5.25%	7/1/2064	AAA		7,500,000		8,324,799
Pittsburgh Water & Sewer Authority PA (AGM)	5.00%	9/1/2048	AA		3,000,000		3,261,903

88 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Taxable Revenue–Water & Sewer (continued)
Washington Suburban Sanitary Commission MD	3.00%	6/1/2045	AAA		$	6,165,000	$	5,294,087
Total								56,698,246
Tobacco 2.02%
Buckeye Tobacco Settlement Financing Authority OH	5.00%	6/1/2055	NR			44,815,000		42,235,686
Golden State Tobacco Securitization Corp. CA	5.00%	6/1/2051	BBB+			8,900,000		9,392,565
Michigan Finance Authority Tobacco Settlement Revenue	5.00%	6/1/2049	BBB+			2,445,000		2,524,667
Nassau County Tobacco Settlement Corp. NY	Zero Coupon	6/1/2060	NR			20,000,000		1,371,614
Tobacco Securitization Authority of Northern California–Sacramento County Tobacco Securitization Corp	4.00%	6/1/2049	BBB+			2,850,000		2,724,828
Tobacco Securitization Authority of Southern California–San Diego County Tobacco Asset Securitization Corp	5.00%	6/1/2048	BBB+			8,900,000		9,277,481
Tobacco Settlement Financing Corp. NJ	5.00%	6/1/2046	BBB+			3,415,000		3,507,922
Tobacco Settlement Financing Corp. NJ	5.25%	6/1/2046	BBB+			4,305,000		4,473,192
Tobacco Settlement Financing Corp. VA	5.00%	6/1/2047	B-			7,540,000		7,340,045
TSASC, Inc. NY	5.00%	6/1/2035	A-			1,390,000		1,439,820
TSASC, Inc. NY	5.00%	6/1/2045	CCC+			7,500,000		6,812,492
TSASC, Inc. NY	5.00%	6/1/2048	NR			5,550,000		5,015,556
Total								96,115,868
Transportation 23.25%
Alameda Corridor Transportation Authority CA (AGM)	Zero Coupon	10/1/2051	AA			5,000,000		2,934,442
Alameda Corridor Transportation Authority CA (AGM)	5.00%	10/1/2034	AA			3,650,000		3,798,337
Bay Area Toll Authority CA	3.00%	4/1/2054	AA-			5,100,000		4,143,577
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2049	A			3,875,000		4,256,166
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2054	A			2,875,000		3,132,663
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2038	BB+	(e)		5,000,000		5,170,394
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2043	BB+	(e)		2,500,000		2,562,332

See Notes to Financial Statements. 89

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
Canaveral Port Authority FL	5.00%	6/1/2048	A3	$	4,890,000	$	5,040,478
Canaveral Port Authority FL AMT	5.00%	6/1/2045	A3		4,630,000		4,742,276
Central Texas Regional Mobility Authority	5.00%	1/1/2045	A+		4,500,000		4,568,834
Central Texas Turnpike System	5.00%	8/15/2033	A-		5,750,000		5,758,219
Central Texas Turnpike System	5.00%	8/15/2037	A-		3,630,000		3,635,189
Central Texas Turnpike System	5.00%	8/15/2042	A-		6,265,000		6,273,955
Charleston County Airport District SC AMT(f)	5.25%	7/1/2049	A+		3,500,000		3,825,942
Charleston County Airport District SC AMT(f)	5.25%	7/1/2054	A+		6,500,000		7,081,464
Chicago O’Hare International Airport–TRIPS Obligated Group IL AMT	5.00%	7/1/2048	BBB+		7,840,000		7,950,562
Chicago O’Hare International Airport IL	4.00%	1/1/2044	A+		11,315,000		11,215,979
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2041	AA		1,950,000		2,200,073
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2042	AA		1,470,000		1,652,139
Chicago O’Hare International Airport IL (BAM)	5.25%	1/1/2043	AA		1,660,000		1,858,815
Chicago O’Hare International Airport IL AMT	5.00%	1/1/2047	A+		9,375,000		9,523,856
Chicago O’Hare International Airport IL AMT	5.00%	1/1/2048	A+		20,000,000		20,549,466
Chicago O’Hare International Airport IL AMT	5.50%	1/1/2059	A+		6,000,000		6,644,001
City of Atlanta Department of Aviation GA	5.00%	7/1/2048	Aa3		5,200,000		5,715,639
City of Charlotte Airport Revenue NC	5.25%	7/1/2053	Aa3		18,650,000		20,818,380
City of Charlotte Airport Revenue NC AMT	5.25%	7/1/2053	Aa3		4,325,000		4,679,800
City of Fresno Airport Revenue CA (BAM) AMT	5.00%	7/1/2053	AA		2,000,000		2,136,751
City of Houston Airport System Revenue–United Airlines Inc TX AMT	6.625%	7/15/2038	BB-		2,500,000		2,525,282
City of Los Angeles Department of Airports CA AMT	3.00%	5/15/2049	AA-		5,890,000		4,631,177
City of Los Angeles Department of Airports CA AMT	4.00%	5/15/2049	AA-		5,000,000		4,900,139
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2045	AA		6,410,000		6,694,462
City of Los Angeles Department of Airports CA AMT	5.50%	5/15/2047	AA		6,440,000		7,083,719
City of Salt Lake City Airport Revenue UT AMT	5.50%	7/1/2053	A+		7,500,000		8,309,902
City of St. Louis Airport Revenue MO (AGM)	5.00%	7/1/2047	AA		7,500,000		7,728,620
Colorado Bridge & Tunnel Enterprise (AGM)	5.25%	12/1/2049	AA		3,825,000		4,302,739
Colorado Bridge & Tunnel Enterprise (AGM)	5.50%	12/1/2054	AA		4,250,000		4,856,853
County of Lee Airport Revenue FL AMT(f)	5.25%	10/1/2049	A2		6,200,000		6,763,225
County of Miami-Dade Aviation Revenue FL AMT	5.00%	10/1/2028	A+		4,435,000		4,440,012

90 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
County of Miami-Dade Aviation Revenue FL AMT	5.00%	10/1/2029	A+	$	2,500,000	$	2,502,825
County of Miami-Dade Aviation Revenue FL AMT	5.00%	10/1/2035	A+		10,000,000		10,011,301
County of Osceola Transportation Revenue FL	4.00%	10/1/2054	BBB+		3,775,000		3,572,121
County of Osceola Transportation Revenue FL	5.00%	10/1/2039	BBB+		1,000,000		1,055,470
County of Sacramento Airport System Revenue CA	5.00%	7/1/2041	A		8,000,000		8,226,292
Delaware River Joint Toll Bridge Commission PA	5.00%	7/1/2047	A+		11,100,000		11,448,926
E-470 Public Highway Authority CO (NATL)	Zero Coupon	9/1/2032	A+		4,200,000		3,195,715
E-470 Public Highway Authority CO (NATL)	Zero Coupon	9/1/2037	A+		7,720,000		4,132,122
Eagle County Airport Terminal Corp. CO AMT	5.00%	5/1/2037	Baa2		1,000,000		1,020,078
Eagle County Airport Terminal Corp. CO AMT	5.00%	5/1/2041	Baa2		4,240,000		4,293,083
Foothill-Eastern Transportation Corridor Agency CA	Zero Coupon	1/15/2033	A		5,000,000		3,724,588
Foothill-Eastern Transportation Corridor Agency CA	3.50%	1/15/2053	A		10,830,000		9,560,570
Foothill-Eastern Transportation Corridor Agency CA	3.95%	1/15/2053	A		5,000,000		4,791,755
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2046	A		10,000,000		9,935,902
Greater Asheville Regional Airport Authority NC (AGM) AMT	5.25%	7/1/2048	AA		1,250,000		1,356,218
Greater Asheville Regional Airport Authority NC (AGM) AMT	5.25%	7/1/2053	AA		2,000,000		2,164,069
Greater Orlando Aviation Authority FL AMT	4.00%	10/1/2049	AA		6,375,000		6,207,971
Greenville-Spartanburg Airport District SC	5.25%	7/1/2054	A+		4,160,000		4,596,146
Kenton County Airport Board AMT	5.25%	1/1/2049	A1		8,500,000		9,252,664
Kenton County Airport Board AMT	5.25%	1/1/2054	A1		10,750,000		11,621,217
Louisiana Public Facilities Authority–Calcasieu Bridge Partners LLC AMT	5.50%	9/1/2059	Baa3		13,450,000		14,752,789
Louisiana Public Facilities Authority–Calcasieu Bridge Partners LLC AMT	5.75%	9/1/2064	Baa3		20,910,000		23,273,545

See Notes to Financial Statements. 91

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
Maryland Economic Development Corp.–City of Baltimore Port Covington Development District Tax Allocation	4.00%		9/1/2040	NR	$	2,000,000	$	1,907,786
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.00%		11/12/2028	Baa3		5,000,000		5,124,245
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.25%		6/30/2047	Baa3		2,500,000		2,644,870
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.25%		6/30/2052	Baa3		2,760,000		2,900,977
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.25%		6/30/2055	Baa3		14,500,000		15,200,270
Maryland State Transportation Authority	5.00%		7/1/2051	Aa2		10,000,000		10,720,333
Maryland State Transportation Authority Passenger Facility Charge Revenue AMT	3.00%		6/1/2036	A+		7,310,000		6,728,150
Metropolitan Nashville Airport Authority TN AMT	5.00%		7/1/2049	A2		5,000,000		5,212,579
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2052	A1		6,500,000		7,142,980
Metropolitan Transportation Authority NY	4.00%		11/15/2045	A-		4,675,000		4,637,015
Metropolitan Transportation Authority NY	4.00%		11/15/2048	A-		9,825,000		9,628,699
Metropolitan Transportation Authority NY	4.00%		11/15/2049	A-		6,605,000		6,449,953
Metropolitan Transportation Authority NY	4.00%		11/15/2050	A-		6,500,000		6,326,014
Metropolitan Transportation Authority NY(d)	4.75%		11/15/2045	A-		13,890,000		14,365,007
Metropolitan Transportation Authority NY	5.00%		11/15/2035	A-		4,265,000		4,416,918
Metropolitan Transportation Authority NY	5.00%	#(b)	11/15/2045	A3		2,700,000		2,958,788
Metropolitan Transportation Authority NY	5.00%		11/15/2050	A-		4,680,000		4,911,549
Metropolitan Transportation Authority NY	5.25%		11/15/2044	A-		12,180,000		12,196,344
Metropolitan Transportation Authority NY	5.25%		11/15/2049	A-		15,750,000		17,335,343
Metropolitan Transportation Authority NY	5.25%		11/15/2055	A-		10,850,000		11,487,110
Metropolitan Transportation Authority NY(d)	5.25%		11/15/2055	A3		6,610,000		6,996,196
Metropolitan Washington Airports Authority Aviation Revenue DC	5.50%		10/1/2054	AA-		7,000,000		7,762,789
Minneapolis–St. Paul Metropolitan Airports Commission AMT	5.00%		1/1/2047	A+		3,000,000		3,146,667
Minneapolis-St. Paul Metropolitan Airports Commission AMT	5.25%		1/1/2049	A+		15,000,000		16,376,541
New Jersey Transportation Trust Fund Authority	4.00%		6/15/2045	A2		23,630,000		23,738,084
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2045	A2		5,000,000		5,367,114

92 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New Jersey Transportation Trust Fund Authority	5.25%	6/15/2050	A2	$	15,155,000	$	16,990,712
New Jersey Transportation Trust Fund Authority	5.50%	6/15/2050	A2		2,000,000		2,253,312
New Jersey Turnpike Authority	5.25%	1/1/2054	AA-		9,000,000		10,183,232
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	5.375%	6/30/2060	Baa3		21,750,000		22,737,789
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	6.00%	6/30/2054	Baa3		18,500,000		20,228,988
New York State Thruway Authority–New York State Thruway Authority	5.25%	1/1/2056	A1		7,455,000		7,579,601
New York Transportation Development Corp.–Delta Air Lines Inc AMT	4.00%	1/1/2036	Baa3		5,210,000		5,212,891
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2029	Baa3		2,955,000		3,080,336
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2030	Baa3		4,440,000		4,621,299
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2033	Baa3		12,450,000		12,874,265
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2036	Baa3		11,100,000		11,434,030
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3		21,000,000		21,801,635
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.625%	4/1/2040	Baa3		7,000,000		7,612,885
New York Transportation Development Corp.–Delta Air Lines Inc AMT	6.00%	4/1/2035	Baa3		16,530,000		18,706,317
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%	12/1/2039	Baa1		5,840,000		6,212,058
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%	12/1/2042	Baa1		3,270,000		3,431,427
New York Transportation Development Corp.–JFK NTO LLC	5.50%	6/30/2060	Baa3		34,685,000		37,106,797
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	4.00%	7/1/2041	Baa2		12,365,000		12,011,342
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	4.00%	7/1/2046	Baa2		2,440,000		2,286,289
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	5.25%	1/1/2050	Baa2		19,245,000		19,246,007

See Notes to Financial Statements. 93

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.–Laguardia Gateway Partners LLC (AGM) AMT	4.00%	1/1/2051	AA	$	4,740,000	$	4,531,733
North Carolina Turnpike Authority	5.00%	1/1/2043	BBB		1,150,000		1,213,880
North Carolina Turnpike Authority (AGM)	4.00%	1/1/2037	AA		8,255,000		8,348,507
North Texas Tollway Authority	5.00%	1/1/2048	A+		5,000,000		5,162,093
Northern Indiana Commuter Transportation District IN	5.00%	1/1/2054	A+		4,750,000		5,132,686
Northern Indiana Commuter Transportation District IN	5.25%	1/1/2049	A+		4,150,000		4,621,994
Oklahoma Turnpike Authority	5.50%	1/1/2053	AA-		7,500,000		8,347,563
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Motor License Fund AMT (AGM)	5.75%	12/31/2062	AA		8,100,000		9,141,803
Pennsylvania Turnpike Commission	4.00%	12/1/2038	A2		3,425,000		3,481,061
Pennsylvania Turnpike Commission	5.00%	6/1/2029	A2		9,000,000		9,234,017
Port Authority of New York & New Jersey AMT	5.00%	7/15/2035	AA-		6,250,000		6,971,007
Port Authority of New York & New Jersey AMT	5.00%	7/15/2036	AA-		4,000,000		4,439,540
Port Authority of New York & New Jersey AMT	5.00%	7/15/2037	AA-		3,250,000		3,598,216
Port Authority of New York & New Jersey AMT	5.00%	7/15/2038	AA-		5,000,000		5,524,866
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-		6,950,000		7,125,130
Port Authority of New York & New Jersey AMT	5.00%	1/15/2052	AA-		13,855,000		14,661,239
Port Authority of New York & New Jersey AMT	5.00%	12/1/2053	AA-		7,100,000		7,537,635
Port Authority of New York & New Jersey AMT	5.50%	8/1/2052	AA-		3,940,000		4,325,559
Port Authority of New York & New Jersey NY	4.00%	7/15/2061	AA-		10,000,000		9,459,111
Port of Portland Airport Revenue–Port of Portland OR Airport Revenue OR AMT	5.25%	7/1/2054	AA-		11,000,000		11,995,071
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2039	AA-		2,000,000		2,003,210
Port of Portland Airport Revenue OR AMT	5.00%	7/1/2049	AA-		5,000,000		5,157,326
Port of Portland Airport Revenue OR AMT	5.50%	7/1/2048	AA-		6,250,000		6,953,401
Reno-Tahoe Airport Authority NV AMT	5.25%	7/1/2049	A		2,100,000		2,285,350

94 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
Reno-Tahoe Airport Authority NV AMT	5.25%		7/1/2054	A	$	2,340,000	$	2,526,300
San Diego County Regional Airport Authority CA	5.00%		7/1/2051	A2		15,475,000		16,820,246
San Diego County Regional Airport Authority CA AMT	5.00%		7/1/2053	A1		5,330,000		5,678,273
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.25%		5/1/2049	A1		9,400,000		10,311,918
San Joaquin Hills Transportation Corridor Agency CA	5.25%		1/15/2049	A-		1,600,000		1,606,717
State of Florida Department of Transportation Turnpike System Revenue	3.00%		7/1/2051	AA		11,745,000		9,455,990
State of Maryland Department of Transportation–Maryland Aviation Administration AMT	4.00%		8/1/2051	A1		10,000,000		9,570,824
State of Michigan Trunk Line Revenue	5.50%		11/15/2049	AA+		15,000,000		17,211,607
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners LLC AMT	5.50%		12/31/2058	Baa1		5,000,000		5,500,269
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.25%		5/15/2058	AA+		7,300,000		8,058,430
Virginia Small Business Financing Authority–95 Express Lanes LLC AMT	5.00%		7/1/2036	BBB		6,685,000		7,157,767
Washington Metropolitan Area Transit Authority Dedicated Revenue DC	5.00%		7/15/2054	AA		17,585,000		19,230,105
Wayne County Airport Authority–Detroit Metropolitan Wayne County Airport MI AMT	5.00%		12/1/2039	A1		1,700,000		1,701,584
Wayne County Airport Authority–Detroit Metropolitan Wayne County Airport MI AMT	5.00%		12/1/2042	A1		1,200,000		1,232,901
Wayne County Airport Authority–Detroit Metropolitan Wayne County Airport MI AMT	5.00%		12/1/2046	A1		2,825,000		2,982,272
Total								1,106,391,960
Utilities 12.97%
Adelanto Public Utility Authority CA (AGM)	5.00%		7/1/2039	AA		1,500,000		1,576,681
Black Belt Energy Gas District AL	4.00%	#(b)	10/1/2052	A2		11,660,000		11,772,457
Black Belt Energy Gas District AL	4.00%	#(b)	12/1/2052	Baa1		15,600,000		15,728,560
Black Belt Energy Gas District AL	5.00%	#(b)	5/1/2055	Aa3		5,000,000		5,445,206
Black Belt Energy Gas District AL	5.25%	#(b)	5/1/2055	A1		3,750,000		4,134,620
Black Belt Energy Gas District AL	5.50%	#(b)	6/1/2049	A2		9,450,000		10,228,632

See Notes to Financial Statements. 95

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Black Belt Energy Gas District AL	5.50%	#(b)	11/1/2053	A2	$	6,665,000	$	7,183,584
California Community Choice Financing Authority	5.00%	#(b)	1/1/2055	A1		16,250,000		17,852,247
California Community Choice Financing Authority(d)	5.25%		11/1/2054	A2		14,000,000		15,210,873
California Pollution Control Financing Authority–Poseidon Resources Channelside LP†	5.00%		7/1/2039	Baa3		2,200,000		2,313,167
Casitas Municipal Water District CA Special Tax (BAM)	5.25%		9/1/2047	AA		500,000		523,669
Central Plains Energy Project NE	5.00%		9/1/2042	BBB+		3,305,000		3,730,839
Chautauqua County Capital Resource Corp.–NRG Energy Inc NY	4.25%	#(b)	4/1/2042	BBB-		5,000,000		5,142,923
City of Baltimore MD	5.00%		7/1/2039	A1		4,750,000		4,761,476
City of Baltimore MD(d)	5.25%		7/1/2047	AA-		7,190,000		7,911,563
City of Baltimore MD(d)	5.25%		7/1/2052	AA-		12,190,000		13,413,346
City of Chicago Waterworks Revenue IL	5.00%		11/1/2036	A+		1,775,000		1,860,974
City of Chicago Waterworks Revenue IL	5.00%		11/1/2039	A+		3,455,000		3,467,546
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2036	AA		3,000,000		3,147,104
City of Chicago Waterworks Revenue IL (AGM)	5.00%		11/1/2037	AA		2,500,000		2,616,645
City of Compton Water Revenue CA	6.00%		8/1/2039	NR		5,500,000		5,614,575
City of Fort Lauderdale Water & Sewer Revenue FL	5.50%		9/1/2053	AA+		5,000,000		5,689,186
City of Philadelphia Water & Wastewater Revenue PA	5.00%		7/1/2030	A+		3,355,000		3,401,990
City of Philadelphia Water & Wastewater Revenue PA	5.25%		10/1/2052	A+		6,610,000		6,882,794
City of Rock Hill Combined Utility System Revenue SC	5.00%		1/1/2054	A+		1,125,000		1,220,849
City of Rock Hill Combined Utility System Revenue SC	5.00%		1/1/2064	A+		12,250,000		13,185,181
City of San Antonio Electric & Gas Systems Revenue–City of San Antonio TX Electric & Gas Systems Revenue TX	5.00%		2/1/2054	Aa2		15,710,000		17,091,303
City of San Antonio Electric & Gas Systems Revenue TX	5.50%		2/1/2049	Aa2		2,000,000		2,289,107
City of San Antonio Electric & Gas Systems Revenue TX	5.50%		2/1/2050	Aa2		10,880,000		12,310,328

96 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
City of San Francisco Public Utilities Commission Water Revenue CA	5.25%		11/1/2052	Aa2	$	7,000,000	$	7,910,000
County of Jefferson Sewer Revenue AL	5.25%		10/1/2049	BBB+		20,345,000		22,171,466
County of Jefferson Sewer Revenue AL	5.50%		10/1/2053	BBB+		14,150,000		15,591,779
County of Washoe–Sierra Pacific Power Co NV	4.125%	#(b)	3/1/2036	A		2,500,000		2,539,329
Energy Southeast A Cooperative District AL	5.25%	#(b)	7/1/2054	A1		22,500,000		24,924,204
Energy Southeast A Cooperative District AL	5.75%	#(b)	4/1/2054	A1		10,710,000		12,173,762
Florida Development Finance Corp.–Waste Pro USA Inc AMT†	5.25%		8/1/2029	NR		1,500,000		1,566,160
Great Lakes Water Authority Sewage Disposal System Revenue MI	5.50%		7/1/2052	A+		12,000,000		13,446,212
JEA Water & Sewer System Revenue FL	5.50%		10/1/2054	AA+		5,000,000		5,653,578
Kentucky Municipal Power Agency (NATL)	5.00%		9/1/2035	Baa1		5,000,000		5,125,843
Kentucky Municipal Power Agency (NATL)	5.00%		9/1/2036	Baa1		5,000,000		5,111,872
Kentucky Public Energy Authority	4.00%	#(b)	8/1/2052	A1		15,500,000		15,920,126
Kentucky Public Energy Authority	5.25%	#(b)	4/1/2054	A1		26,455,000		29,419,738
Los Angeles Department of Water & Power CA	5.00%		7/1/2053	Aa2		9,000,000		9,993,174
Lower Colorado River Authority–LCRA Transmission Services Corp TX	5.00%		5/15/2040	A		2,970,000		2,993,228
Lower Colorado River Authority–LCRA Transmission Services Corp TX (AGM)	5.25%		5/15/2054	AA		9,000,000		9,928,097
Main Street Natural Gas, Inc. GA†	4.00%	#(b)	8/1/2052	BBB-		17,500,000		17,478,499
Main Street Natural Gas, Inc. GA	4.00%	#(b)	9/1/2052	A3		14,205,000		14,482,374
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2052	A3		13,400,000		14,179,612
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2054	A3		11,000,000		11,878,877
Michigan Finance Authority–Great Lakes Water Authority Sewage Disposal System Revenue	5.00%		7/1/2034	A+		1,980,000		2,005,223
Municipal Electric Authority of Georgia	5.00%		1/1/2033	A2		1,910,000		1,917,946
Municipal Electric Authority of Georgia(f)	5.25%		1/1/2049	A2		3,250,000		3,598,220
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA		1,100,000		1,188,274
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2048	AA		1,750,000		1,895,582
Municipal Electric Authority of Georgia (AGM)	5.00%		7/1/2053	AA		2,300,000		2,473,053

See Notes to Financial Statements. 97

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Utilities (continued)
Municipal Electric Authority of Georgia (BAM)(f)	5.25%		1/1/2054	AA		$	5,000,000	$	5,530,084
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	3.50%		6/15/2048	AA+			5,000,000		4,636,073
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.25%		6/15/2047	AA+			4,500,000		5,047,051
Omaha Public Power District Nebraska City Station Unit 2	5.25%		2/1/2042	A+			4,000,000		4,020,256
Paducah Electric Plant Board KY (AGM)	5.00%		10/1/2035	AA			1,000,000		1,033,013
Patriots Energy Group Financing Agency SC	5.25%	#(b)	2/1/2054	Aa1			10,000,000		11,001,976
Patriots Energy Group Financing Agency SC	5.25%	#(b)	10/1/2054	A1			15,000,000		16,296,883
Philadelphia Gas Works Co.–Philadelphia Gas Works Co	5.25%		8/1/2049	A			13,000,000		14,458,115
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR			5,000,000		4,801,281
Salt Verde Financial Corp. AZ	5.25%		12/1/2027	A3			3,750,000		3,977,773
South Carolina Public Service Authority	5.25%		12/1/2049	A-			4,095,000		4,540,687
South Carolina Public Service Authority	5.50%		12/1/2054	A-			6,780,000		7,638,313
Southeast Alabama Gas Supply District AL	5.00%	#(b)	6/1/2049	A1			10,000,000		10,995,745
Southeast Alabama Gas Supply District AL	5.00%	#(b)	8/1/2054	Aa3			13,750,000		14,951,326
Southeast Energy Authority A Cooperative District AL	5.50%	#(b)	1/1/2053	A1			5,000,000		5,456,267
Southern California Public Power Authority	5.161% (3 Mo. LIBOR * .67 + 1.47%	)#	11/1/2038	A2			3,090,000		3,034,389
Southern California Public Power Authority–City of Anaheim Electric System Revenue CA	5.00%	#(b)	4/1/2055	A2			5,500,000		5,956,951
Tennergy Corp. TN	5.50%	#(b)	10/1/2053	Baa1			6,000,000		6,548,559
Tennessee Energy Acquisition Corp.	5.625%		9/1/2026	BBB	(e)		10,550,000		10,993,416
Texas Municipal Gas Acquisition & Supply Corp. IV	5.50%	#(b)	1/1/2054	A1			5,000,000		5,689,839
Texas Water Development Board–State Water Implementation Revenue Fund for Texas	4.00%		10/15/2037	AAA			7,760,000		7,939,976
Transbay Joint Powers Authority CA Tax Allocation	5.00%		10/1/2049	A-	(e)		1,310,000		1,349,980
Total									617,171,606
Total Municipal Bonds (cost $4,646,170,885)									4,784,289,116

98 See Notes to Financial Statements.

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

Investments	Interest Rate#	Interest Rate Reset Date(h)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 2.04%
VARIABLE RATE DEMAND NOTES 2.04%
Education 0.17%
Connecticut State Health & Educational Facilities Authority–Yale University	3.600%	10/1/2024	7/1/2042	AAA	$	2,500,000	$	2,500,000
Philadelphia Authority for Industrial Development–Thomas Jefferson University Obligated PA	3.950%	10/1/2024	9/1/2050	A		5,475,000		5,475,000
Total								7,975,000
General Obligation 0.96%
City of New York NY GO	4.050%	10/1/2024	3/1/2040	AA		7,600,000		7,600,000
City of New York NY GO	4.050%	10/1/2024	10/1/2046	AA		1,700,000		1,700,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		16,200,000		16,200,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		10,600,000		10,600,000
City of New York NY GO	4.150%	10/1/2024	12/1/2047	AA		9,615,000		9,615,000
Total								45,715,000
Taxable Revenue–Water & Sewer 0.42%
Los Angeles Department of Water & Power Water System Revenue CA	3.000%	10/1/2024	7/1/2045	Aa2		18,600,000		18,600,000
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	4.000%	10/15/2024	6/15/2049	AA+		1,610,000		1,610,000
Total								20,210,000
Utilities 0.49%
Development Authority of Appling County–Georgia Power Co	4.400%	10/1/2024	9/1/2041	A		20,635,000		20,635,000
Los Angeles Department of Water & Power–Los Angeles Department of Water & Power Power System Revenue CA	2.650%	10/1/2024	7/1/2035	Aa2		2,455,000		2,455,000
Total								23,090,000
Total Short-Term Investments (cost $96,990,000)								96,990,000
Total Investments in Securities 102.56% (cost $4,743,160,885)								4,881,279,116
Other Assets and Liabilities – Net(i) (2.56)%								(122,053,592	)
Net Assets 100.00%							$	4,759,225,524

See Notes to Financial Statements. 99

Schedule of Investments (continued)

NATIONAL TAX FREE FUND September 30, 2024

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
FHLMC	Insured by–Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
GTD	Guaranteed.
LIBOR	London Interbank Offered Rate.
NATL	Insured by–National Public Finance Guarantee Corporation.
PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
TCRS	Transferable Custodial Receipts.
TRIPS	Tax Refund Intercept Programs.

†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $209,670,785, which represents 4.41% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
~	Deferred interest debentures pay no interest for a stipulated number of years, after which they pay a predetermined interest rate.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Defaulted (non-income producing security).
(d)	Municipal Bonds Held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust.
(e)	This investment has been rated by Fitch IBCA.
(f)	Securities purchased on a when-issued basis (See Note 2(g)).
(g)	Level 3 Investment as described in Note 2(i) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(h)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
(i)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at September 30, 2024:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	December 2024	306	Short	$	(38,073,191	)	$	(38,001,375	)		$71,816

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds(3)
Special Tax	$	–	$	72,476,108	$	214	$	72,476,322
Remaining Industries		–		4,711,812,794		–		4,711,812,794
Short-Term Investments
Variable Rate Demand Notes		–		96,990,000		–		96,990,000
Total	$	–	$	4,881,278,902	$	214	$	4,881,279,116
Other Financial Instruments
Futures Contracts
Assets	$	71,816	$	–	$	–	$	71,816
Liabilities		–		–		–		–
Total	$	71,816	$	–	$	–	$	71,816

100 See Notes to Financial Statements.

Schedule of Investments (concluded)

NATIONAL TAX FREE FUND September 30, 2024

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
(3)	Includes Municipal Bonds held in the Trust (See Note 2(h)).

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.

See Notes to Financial Statements. 101

Schedule of Investments

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 99.28%
CORPORATE BONDS 0.12%
Health Care Services 0.12%
Care New England Health System (cost $4,790,627)	5.50%		9/1/2026			$	5,000,000	$	4,850,000
MUNICIPAL BONDS 99.16%
Corporate-Backed 18.58%
Allegheny County Industrial Development Authority-United States Steel Corp PA	5.125%		5/1/2030	BB-			3,990,000		4,360,558
Arkansas Development Finance Authority-Big River Steel LLC AMT†	4.50%		9/1/2049	Ba2			35,135,000		34,977,304
Arkansas Development Finance Authority-Hybar LLC AMT†	6.875%		7/1/2048	NR			10,250,000		11,362,208
Arkansas Development Finance Authority-Hybar LLC AMT†	7.375%		7/1/2048	NR			16,000,000		17,829,923
Arkansas Development Finance Authority-United States Steel Corp AMT	5.45%		9/1/2052	BB-			18,000,000		18,878,897
Arkansas Development Finance Authority-US Steel Corp AMT	5.70%		5/1/2053	BB-			17,250,000		18,374,320
Avenir Community Development District FL	5.375%		5/1/2043	NR			3,230,000		3,329,007
Avenir Community Development District FL	5.625%		5/1/2054	NR			3,830,000		3,973,088
Boggy Creek Improvement District FL	5.125%		5/1/2043	NR			1,775,000		1,833,332
Boggy Creek Improvement District FL	5.375%		5/1/2053	NR			4,300,000		4,423,725
Cabot Citrus Farms Community Development District FL	5.25%		3/1/2029	NR			3,800,000		3,851,041
Calhoun County Navigation Industrial Development Authority-Max Midstream Texas LLC AMT†	3.625%		7/1/2026	NR			7,800,000		6,681,906
California Infrastructure & Economic Development Bank-DesertXpress Enterprises LLC AMT†	8.00%	#(b)	1/1/2050	NR			12,000,000		12,359,054
California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT†	5.00%		11/21/2045	Baa3			3,025,000		3,029,684
City of Henderson-Pratt Paper LLC KY AMT†	4.70%		1/1/2052	NR			10,500,000		10,537,705
City of Houston Airport System Revenue-United Airlines Inc TX AMT	4.00%		7/15/2041	BB-	(c)		4,475,000		4,405,405

102 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/15/2028	BB-	$	5,000,000	$	5,174,205
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%		7/1/2029	BB-		18,325,000		18,333,356
City of Valparaiso-Pratt Paper LLC AMT IN†	4.875%		1/1/2044	NR		2,000,000		2,102,471
City of Valparaiso-Pratt Paper LLC AMT IN†	5.00%		1/1/2054	NR		6,100,000		6,379,981
Crosswinds East Community Development District FL	5.50%		5/1/2044	NR		1,000,000		1,034,860
Crosswinds East Community Development District FL	5.75%		5/1/2054	NR		1,500,000		1,547,856
Downtown Doral South Community Development District FL†	4.75%		12/15/2038	NR		625,000		635,424
Downtown Doral South Community Development District FL†	5.00%		12/15/2048	NR		1,500,000		1,522,229
Florida Development Finance Corp.-Waste pro USA Inc AMT†	6.125%	#(b)	7/1/2032	NR		9,000,000		9,252,407
Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT†	5.25%		12/1/2044	NR		8,000,000		8,034,265
Greater Orlando Aviation Authority-JetBlue Airways Corp FL	5.00%		11/15/2036	NR		5,570,000		5,573,431
Hobe-St Lucie Conservancy District Unit of Development No 1A	5.60%		5/1/2044	NR		1,840,000		1,927,016
Hobe-St Lucie Conservancy District Unit of Development No 1A	5.875%		5/1/2055	NR		4,000,000		4,179,134
Hoover Industrial Development Board-United States Steel Corp AL AMT	5.75%		10/1/2049	BB-		17,770,000		18,754,705
Illinois Finance Authority-LRS Holdings LLC AMT†	7.375%	#(b)	9/1/2042	NR		10,000,000		11,830,642
Indiana Finance Authority-United States Steel Corp AMT	6.75%		5/1/2039	BB-		3,500,000		4,066,265
Iowa Finance Authority-Howmet Aerospace Inc	4.75%		8/1/2042	Baa1		18,950,000		18,971,163
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%	#(b)	12/1/2050	AA+		9,145,000		10,720,287
Iowa Finance Authority-Iowa Fertilizer Co LLC	5.00%		12/1/2050	AA+		23,370,000		27,395,637
Jefferson County Port Authority-JSW Steel USA Ohio Inc OH†	5.00%	#(b)	12/1/2053	Ba1		12,500,000		12,830,230

See Notes to Financial Statements. 103

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Jefferson County Port Authority-JSW Steel USA Ohio Inc OH AMT†	3.50%		12/1/2051	Ba1	$	4,200,000	$	3,370,418
Louisiana Public Facilities Authority-Waste Pro USA Inc AMT†	6.75%	#(b)	10/1/2053	NR		2,000,000		2,176,770
Louisiana Public Facilities Authority-Waste Pro USA Inc LA†	6.50%	#(b)	10/1/2053	NR		3,745,000		4,043,784
Maricopa County Industrial Development Authority-Commercial Metals Co AZ†	4.00%		10/15/2047	BB+		8,080,000		7,427,921
Maryland Economic Development Corp.(d)	5.00%		12/1/2016	NR		3,430,000		2,225,213
Miami-Dade County Industrial Development Authority-CFC MB I LLC FL†	6.25%		1/1/2059	NR		8,000,000		8,214,064
Mission Economic Development Corp.-Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		12,915,000		12,974,964
Mobile County Industrial Development Authority-AM/NS Calvert LLC AL	5.00%		6/1/2054	BBB-		16,750,000		17,402,349
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.00%		11/1/2027	B		1,250,000		1,250,005
New Hampshire Business Finance Authority-Covanta Holding Corp AMT†	4.875%		11/1/2042	B		17,000,000		16,888,254
New Jersey Economic Development Authority-United Airlines Inc	5.25%		9/15/2029	BB-		14,760,000		14,777,249
New Jersey Economic Development Authority-United Airlines Inc	5.50%		6/1/2033	BB-		6,960,000		7,007,324
New York City Industrial Development Agency-TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		4,290,000		4,291,918
New York Liberty Development Corp.-3 World Trade Center LLC†	5.00%		11/15/2044	NR		16,700,000		16,710,701
New York Liberty Development Corp.-3 World Trade Center LLC†	5.15%		11/15/2034	NR		5,100,000		5,106,777
New York Liberty Development Corp.-3 World Trade Center LLC†	5.375%		11/15/2040	NR		5,000,000		5,006,004
New York Liberty Development Corp.-7 World Trade Center II LLC	3.125%		9/15/2050	Aaa		2,500,000		2,059,821
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	3.125%	#(b)	12/1/2044	B+		2,000,000		1,971,668
New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT†	5.125%	#(b)	9/1/2050	B+		1,000,000		1,052,901
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2026	B+		1,330,000		1,332,476
New York Transportation Development Corp.-American Airlines Inc AMT	5.00%		8/1/2031	B+		21,495,000		21,525,048

104 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
New York Transportation Development Corp.-American Airlines Inc AMT	5.25%		8/1/2031	B+	$	8,185,000	$	8,769,229
New York Transportation Development Corp.-American Airlines Inc AMT	5.375%		8/1/2036	B+		9,165,000		9,835,872
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%		10/1/2035	Baa3		10,500,000		11,093,751
Niagara Area Development Corp.-Covanta Holding Corp NY AMT†	4.75%		11/1/2042	B		10,000,000		9,727,497
Normandy Community Development District Assessment Area One FL†	5.30%		5/1/2044	NR		1,500,000		1,510,672
Normandy Community Development District Assessment Area One FL†	5.55%		5/1/2054	NR		2,500,000		2,511,601
Ohio Air Quality Development Authority-AMG Vanadium LLC AMT†	5.00%		7/1/2049	B-		33,290,000		33,315,297
Parish of Beauregard-OfficeMax Inc LA	6.80%		2/1/2027	NR		5,000,000		5,011,754
Parish of St. James-NuStar Logistics LP LA†	5.85%	#(b)	8/1/2041	BB+		1,000,000		1,013,573
Parish of St. James-NuStar Logistics LP LA†	6.10%	#(b)	6/1/2038	BB+		6,375,000		7,136,489
Parish of St. James-NuStar Logistics LP LA†	6.10%	#(b)	12/1/2040	BB+		2,750,000		3,085,943
Parish of St. James-NuStar Logistics LP LA†	6.35%		7/1/2040	BB+		5,000,000		5,566,058
Parish of St. James-NuStar Logistics LP LA†	6.35%		10/1/2040	BB+		7,690,000		8,560,597
Peninsula Town Center Community Development Authority VA†	4.50%		9/1/2045	NR		1,375,000		1,280,696
Pennsylvania Economic Development Financing Authority-CONSOL Energy Inc AMT†	9.00%	#(b)	4/1/2051	BB		4,250,000		4,897,463
Pennsylvania Economic Development Financing Authority-New NGC Inc AMT	5.50%		11/1/2044	NR		1,000,000		1,000,745
Polk County Industrial Development Authority-Mineral Development LLC FL†	5.875%		1/1/2033	NR		7,020,000		6,342,927
Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	5.125%		1/1/2044	NR		500,000		522,243
Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	5.25%		1/1/2054	NR		19,750,000		20,661,413
Prairie Center Metropolitan District No 3	5.875%		12/15/2046	NR		3,125,000		3,410,716
Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT	4.25%		7/1/2054	NR		24,745,000		21,326,206
Public Finance Authority-TRIPS Obligated Group WI AMT	5.00%		7/1/2042	BBB+		11,000,000		11,002,903

See Notes to Financial Statements. 105

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Public Finance Authority WI†	5.375%		12/15/2032	NR	$	3,500,000	$	3,511,144
Public Finance Authority WI†	5.50%		12/15/2028	NR		11,000,000		11,068,192
Southwestern Illinois Development Authority-United States Street Corp	5.75%		8/1/2042	BB-		2,500,000		2,502,626
Spring Valley Community Infrastructure District No. 1 ID†	6.25%		9/1/2053	NR		7,000,000		7,482,208
Town of Rumford-OfficeMax Inc ME	6.875%		10/1/2026	NR		1,500,000		1,503,572
Tulsa Airports Improvement Trust-American Airlines Inc OK AMT	5.00%	#(b)	6/1/2035	B+		6,750,000		6,802,030
Tulsa Airports Improvement Trust-American Airlines Inc OK AMT	5.50%		12/1/2035	NR		2,700,000		2,705,165
Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL†	5.25%		5/1/2044	NR		22,035,000		22,610,777
Vermont Economic Development Authority-Casella Waste Systems Inc AMT†	5.00%	#(b)	6/1/2052	B+		9,000,000		9,207,615
Village Community Development District No 15 Series 2024 Special Assessment FL†(e)	4.80%		5/1/2055	NR		7,250,000		7,349,325
Village Community Development District No. 15 FL†	5.25%		5/1/2054	NR		4,120,000		4,299,608
Virginia Small Business Financing Authority-Covanta Holding Corp AMT†	5.00%	#(b)	1/1/2048	B		3,150,000		3,150,555
West Pace Cooperative District AL(d)	9.125%		5/1/2039	NR		13,770,000		10,465,200
West Virginia Economic Development Authority-Kentucky Power Co AMT	4.70%	#(b)	4/1/2036	BBB		4,000,000		4,057,556
Total								761,587,568
Education 7.25%
Arizona Industrial Development Authority-Academies of Math & Science Obligated Group†	5.625%		7/1/2048	BB+		2,235,000		2,270,364
Arizona Industrial Development Authority-Academies of Math & Science Obligated Group†	5.75%		7/1/2053	BB+		3,000,000		3,050,888
Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX†	4.75%		6/15/2049	Ba2		915,000		916,780
Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX†	4.875%		6/15/2054	Ba2		1,100,000		1,104,208

106 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Education (continued)
Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX†	4.875%	6/15/2059	Ba2		$	1,000,000	$	1,002,566
Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX†	5.00%	6/15/2064	Ba2			1,400,000		1,404,460
Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY†	5.75%	6/1/2052	BB			1,250,000		1,334,360
Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY†	5.75%	6/1/2062	BB			3,750,000		3,995,386
California Educational Facilities Authority-St Mary’s College of California	5.25%	10/1/2044	BBB-			600,000		648,845
California Educational Facilities Authority-St Mary’s College of California	5.50%	10/1/2053	BBB-			2,200,000		2,376,484
California Municipal Finance Authority-SDORI Charter School Properties LLC†	5.625%	3/1/2045	B+			11,500,000		11,246,909
California Municipal Finance Authority-Westside Neighborhood School†	6.20%	6/15/2054	BB			2,650,000		2,873,431
California Municipal Finance Authority-Westside Neighborhood School†	6.375%	6/15/2064	BB			5,000,000		5,446,984
Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ	6.00%	6/15/2062	BBB			2,535,000		2,741,046
Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL†	5.00%	6/15/2039	NR			1,950,000		1,953,327
Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL†	5.00%	6/15/2049	NR			9,815,000		9,677,260
Capital Trust Agency, Inc.-Southeastern University Obligated Group FL†	6.375%	5/1/2053	BB			6,150,000		6,339,973
Capital Trust Authority-Kipp Miami Obligated Group FL†	5.625%	6/15/2044	BB			815,000		857,283
Capital Trust Authority-Kipp Miami Obligated Group FL†	6.00%	6/15/2054	BB			1,155,000		1,221,957
Capital Trust Authority-Kipp Miami Obligated Group FL†	6.125%	6/15/2060	BB			800,000		847,457
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.75%	4/1/2048	A	(c)		8,500,000		9,491,579
Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM)	5.00%	4/1/2045	AA			2,500,000		2,691,714

See Notes to Financial Statements. 107

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Chicago Board of Education IL GO	4.00%	12/1/2043	BB+	$	2,975,000	$	2,736,481
Chicago Board of Education IL GO	4.00%	12/1/2047	BB+		29,045,000		25,849,243
Chicago Board of Education IL GO	5.00%	12/1/2036	BB+		4,000,000		4,087,435
City of Jacksonville-Jacksonville University FL†	5.00%	6/1/2053	NR		6,500,000		6,344,775
Clarksville Public Educational Facilities Board-University of the Ozarks AR	6.00%	8/1/2044	NR		1,000,000		1,044,849
Clarksville Public Educational Facilities Board-University of the Ozarks AR	6.25%	8/1/2049	NR		1,195,000		1,251,600
Clarksville Public Educational Facilities Board-University of the Ozarks AR	6.25%	8/1/2056	NR		2,000,000		2,083,145
Clifton Higher Education Finance Corp.-International Leadership of Texas Inc	5.75%	8/15/2045	NR		6,500,000		6,592,854
Colorado Educational & Cultural Facilities Authority†	5.75%	4/1/2059	BB		2,250,000		2,349,860
Colorado Educational & Cultural Facilities Authority†	5.80%	4/1/2054	BB		3,200,000		3,370,988
Columbus-Franklin County Finance Authority-Ohio Dominican University	6.50%	3/1/2048	NR		4,920,000		3,439,043
Columbus-Franklin County Finance Authority-Ohio Dominican University	6.50%	3/1/2053	NR		3,500,000		2,386,723
County of Tuscarawas-Ashland University OH	6.00%	3/1/2045	NR		5,000,000		5,007,983
Development Authority Of The City of Marietta-Life University Inc GA†	5.00%	11/1/2047	Ba3		8,000,000		8,029,110
Development Authority Of The City Of Marietta-Life University Inc GA†	5.00%	11/1/2037	Ba3		13,000,000		13,218,379
Florida Development Finance Corp.-Renaissance Charter School Inc†	6.75%	6/15/2053	NR		8,000,000		8,880,510
Florida Development Finance Corp.-Renaissance Charter School Inc Series 2020C/D Obligated Group†	5.00%	9/15/2040	NR		1,505,000		1,477,376
Florida Higher Educational Facilities Financial Authority-Jacksonville University†	5.00%	6/1/2048	NR		9,000,000		8,913,107
Illinois Finance Authority-DePaul College Prep†	5.50%	8/1/2043	BB+		1,360,000		1,490,324
Illinois Finance Authority-DePaul College Prep†	5.625%	8/1/2053	BB+		4,500,000		4,867,738

108 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ†	5.00%	7/1/2045	BB	$	7,200,000	$	7,213,217
Louisiana Public Facilities Authority-Loyola University New Orleans	5.25%	10/1/2053	Baa1		14,000,000		14,752,303
Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ†	6.25%	7/1/2044	NR		3,490,000		3,681,813
Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ†	6.50%	7/1/2054	NR		5,660,000		5,948,932
Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ†	6.625%	7/1/2059	NR		3,125,000		3,297,261
Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ†	6.75%	7/1/2063	NR		1,000,000		1,059,185
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.25%	10/1/2040	NR		3,000,000		2,896,129
Maricopa County Industrial Development Authority-Ottawa University AZ†	5.50%	10/1/2051	NR		7,915,000		7,449,413
Middlesex County Improvement Authority-Rutgers The State University of New Jersey(f)	5.00%	8/15/2053	Aa3		15,000,000		16,566,916
New York State Dormitory Authority-Yeshiva University	5.00%	7/15/2042	BBB-		3,725,000		3,894,147
Public Finance Authority-Mater Academy of Nevada WI†(e)	5.00%	12/15/2044	BB		500,000		513,500
Public Finance Authority-Mater Academy of Nevada WI†(e)	5.00%	12/15/2054	BB		2,000,000		2,036,212
Public Finance Authority-UMA Education Inc WI†	5.00%	10/1/2034	BB+		2,610,000		2,704,480
Public Finance Authority-UMA Education Inc WI†	5.00%	10/1/2039	BB+		8,250,000		8,440,280
Public Finance Authority-Wingate University WI	5.25%	10/1/2043	BBB-		2,000,000		1,978,445
Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ†(e)	5.00%	6/15/2054	NR		1,050,000		1,060,001
Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ†(e)	5.00%	6/15/2059	NR		1,050,000		1,057,037

See Notes to Financial Statements. 109

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ†(e)	5.00%		6/15/2064	NR	$	1,080,000	$	1,084,183
Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ†	5.75%		6/15/2058	NR		19,000,000		20,006,210
Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences†	6.25%		7/1/2059	BBB		2,250,000		2,496,752
Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences†	6.375%		7/1/2063	BBB		2,000,000		2,222,138
Total								297,273,338
Energy 0.08%
PEFA, Inc. IA	5.00%	#(b)	9/1/2049	A3		3,180,000		3,271,179
General Obligation 10.10%
American Samoa Economic Development Authority	6.625%		9/1/2035	Ba3		2,275,000		2,328,277
American Samoa Economic Development Authority†	7.125%		9/1/2038	Ba3		7,020,000		7,631,273
Black Belt Energy Gas District AL	5.25%	#(b)	2/1/2053	A1		17,500,000		18,777,656
California Community Choice Financing Authority	5.25%	#(b)	1/1/2054	Baa1		20,500,000		22,160,197
Chicago Board of Education IL GO	4.00%		12/1/2041	BB+		11,150,000		10,476,702
Chicago Board of Education IL GO	5.00%		12/1/2029	BB+		5,000,000		5,226,986
Chicago Board of Education IL GO	5.00%		12/1/2030	BB+		5,170,000		5,377,409
Chicago Board of Education IL GO	5.00%		12/1/2031	BB+		2,500,000		2,598,833
Chicago Board of Education IL GO	5.00%		12/1/2033	BB+		1,500,000		1,554,394
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		9,515,000		10,032,779
Chicago Board of Education IL GO	5.875%		12/1/2047	BB+		6,750,000		7,467,534
Chicago Board of Education IL GO	6.00%		12/1/2049	BB+		4,875,000		5,422,683
Chicago Board of Education IL GO	6.50%		12/1/2046	BB+		5,000,000		5,204,560
Chicago Board of Education IL GO†	6.75%		12/1/2030	BB+		2,000,000		2,193,961
Chicago Board of Education IL GO	7.00%		12/1/2044	BB+		3,840,000		3,946,015
Chicago Board of Education IL GO†	7.00%		12/1/2046	BB+		6,560,000		7,098,825
City of Chicago IL GO	5.00%		1/1/2044	BBB+		4,060,000		4,279,419
City of Chicago IL GO	5.00%		1/1/2045	BBB+		8,800,000		9,249,098
City of Chicago IL GO	5.25%		1/1/2045	BBB+		8,425,000		9,029,798

110 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
City of Chicago IL GO	5.50%		1/1/2030	BBB+	$	3,435,000	$	3,446,931
City of Chicago IL GO	5.50%		1/1/2033	BBB+		3,305,000		3,316,202
City of Chicago IL GO	5.50%		1/1/2037	BBB+		1,000,000		1,002,822
City of Chicago IL GO	5.50%		1/1/2039	BBB+		2,125,000		2,348,167
City of Chicago IL GO	5.50%		1/1/2049	BBB+		9,090,000		9,492,176
City of Chicago IL GO	6.00%		1/1/2038	BBB+		18,085,000		18,909,030
City of New Haven CT GO	5.50%		8/1/2037	A-		1,280,000		1,368,262
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2043	NR		11,703,676		7,548,871
Commonwealth of Puerto Rico GO	4.00%		7/1/2041	NR		19,134,000		18,512,514
Commonwealth of Puerto Rico GO	4.00%		7/1/2046	NR		47,163,156		44,565,216
County of Pasco-State of Florida Cigarette Tax Revenue (AGM)	5.75%		9/1/2054	AA		2,000,000		2,265,766
Grant County Public Hospital District No. 1 WA GO	5.125%		12/1/2052	Baa2		4,750,000		4,869,527
Grapevine Wash Local District-Grapevine Wash Local District Residential Facilities Fee Revenue UT GO†	6.00%		3/1/2055	NR		14,000,000		14,055,643
Idaho Falls Auditorium District COPS†	5.25%		5/15/2051	NR		12,420,000		12,557,850
Main Street Natural Gas, Inc. GA	5.00%	#(b)	6/1/2053	A3		4,000,000		4,273,084
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)	5.25%		7/1/2048	AA		2,000,000		2,216,981
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)	5.25%		7/1/2048	AA		3,975,000		4,399,726
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)	5.25%		7/1/2053	AA		4,000,000		4,398,504
Metropolitan Government Nashville & Davidson County Sports Authority TN (AGM)	5.25%		7/1/2053	AA		3,000,000		3,294,000
New Jersey Transportation Trust Fund Authority-State of New Jersey	5.25%		6/15/2041	A2		1,500,000		1,712,639
New Jersey Transportation Trust Fund Authority-State of New Jersey	5.25%		6/15/2042	A2		1,000,000		1,136,857
New York State Urban Development Corp.-State of New York Sales Tax Revenue	3.00%		3/15/2049	Aa1		10,000,000		8,193,666
Pajaro Valley Health Care District CA GO	5.00%		9/1/2054	Ba2		7,250,000		7,702,005
Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT	6.00%		6/30/2061	Baa2		23,480,000		26,554,981
Puerto Rico Public Finance Corp.	Zero Coupon		8/1/2031	NR		12,250,000		122	(g)
State of Illinois GO	5.00%		12/1/2048	A-		7,190,000		7,730,007

See Notes to Financial Statements. 111

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
State of Illinois GO	5.25%	5/1/2045	A-	$	2,500,000	$	2,766,414
State of Illinois GO	5.25%	5/1/2047	A-		1,500,000		1,652,442
State of Illinois GO	5.25%	5/1/2048	A-		1,500,000		1,648,853
State of Illinois GO	5.25%	5/1/2049	A-		1,750,000		1,919,460
State of Illinois GO	5.50%	5/1/2039	A-		8,280,000		9,106,455
State of Illinois GO	5.50%	10/1/2039	A-		4,000,000		4,542,092
State of Illinois GO	5.50%	3/1/2042	A-		5,250,000		5,863,290
State of Illinois GO	5.50%	3/1/2047	A-		15,270,000		16,819,028
State of Illinois GO	5.50%	5/1/2047	A-		6,000,000		6,618,752
University City Industrial Development Authority MO	4.875%	6/15/2036	NR		1,120,000		1,154,377
University City Industrial Development Authority MO	5.50%	6/15/2042	NR		6,000,000		6,170,700
Total							414,189,811
Health Care 19.93%
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2041	BBB		4,000,000		4,003,087
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2046	BBB		3,300,000		3,276,342
Antelope Valley Healthcare District Obligated Group CA	5.25%	3/1/2036	BBB		1,000,000		1,005,686
Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR	5.25%	8/1/2049	BBB		5,195,000		5,608,236
Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR	5.25%	8/1/2054	BBB		8,350,000		8,958,356
Atlanta Development Authority-Georgia ProtonCare Center Inc(d)	6.00%	1/1/2023	NR		2,000,000		900,000
Atlanta Development Authority-Georgia ProtonCare Center Inc(d)	6.75%	1/1/2035	NR		1,500,000		675,000
Atlanta Development Authority-Georgia ProtonCare Center Inc(d)	7.00%	1/1/2040	NR		4,000,000		1,800,000
Berks County Municipal Authority-Tower Health Obligated Group PA	Zero Coupon	6/30/2044	NR		23,200,000		14,791,373
Berks County Municipal Authority-Tower Health Obligated Group PA	5.00%	6/30/2039	NR		43,616,000		43,237,867
Berks County Municipal Authority-Tower Health Obligated Group PA	6.00%	6/30/2034	NR		3,097,087		3,367,537

112 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Berks County Municipal Authority-Tower Health Obligated Group PA	6.00%	6/30/2034	NR	$	156,745	$	170,433
Berks County Municipal Authority-Tower Health Obligated Group PA	8.00%	6/30/2034	NR		6,180,243		6,325,790
Berks County Municipal Authority-Tower Health Obligated Group PA	8.00%	6/30/2034	NR		313,491		313,490
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%	12/1/2040	BB		4,880,000		4,751,918
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%	12/1/2045	BB		910,000		865,774
Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA	4.00%	7/1/2046	BB-		20,000,000		17,353,524
Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY	5.00%	7/1/2040	B-		11,020,000		10,959,775
California Municipal Finance Authority-Community Hospitals of Central California Obligated Group	3.00%	2/1/2046	A3		5,000,000		3,982,233
California Public Finance Authority-Kendal At Ventura†	10.00%	5/15/2028	NR		6,500,000		7,681,196
California Public Finance Authority-Kendal At Ventura†	12.00%	5/15/2028	NR		1,000,000		1,243,157
California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group†	5.25%	12/1/2048	BB		3,080,000		3,179,746
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group†	5.00%	12/1/2041	BB		1,700,000		1,724,865
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group†	5.00%	12/1/2046	BB		6,000,000		6,070,855
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group	5.25%	12/1/2044	BB		12,840,000		12,840,520
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group†	5.25%	12/1/2056	BB		29,545,000		29,921,844
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group	5.50%	12/1/2054	BB		13,255,000		13,270,345

See Notes to Financial Statements. 113

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group†	5.50%	12/1/2058	BB		$	17,750,000	$	18,395,140
California Statewide Communities Development Authority-Verity Health System of California Inc Obligated Group(d)	5.50%	7/1/2039	NR			26,376		24,793
California Statewide Communities Development Authority-Verity Health System of California Inc Obligated Group(d)	5.75%	7/1/2024	NR			6,458		6,071
California Statewide Communities Development Authority-Verity Health System of California Inc Obligated Group(d)	5.75%	7/1/2035	NR			12,917		12,142
Capital Trust Authority-Convivial St Petersburg LLC FL†(e)	12.00%	10/3/2029	NR			6,000,000		6,000,078
Chester County Health & Education Facilities Authority-Immaculata University PA	5.00%	11/1/2037	BB-	(c)		4,000,000		3,597,090
Chester County Health & Education Facilities Authority-Immaculata University PA	5.00%	11/1/2046	BB-	(c)		4,100,000		3,384,019
City of Blaine-Crest View Obligated Group MN	6.125%	7/1/2050	NR			5,000,000		2,750,000
City of Colby KS-Citizens Medical Center Inc	5.50%	7/1/2026	NR			7,400,000		7,462,181
City of Fruita Healthcare Revenue-Lower Valley Hospital Association Obligated Group CO†	5.375%	1/1/2033	NR			3,400,000		3,449,609
City of Fruita Healthcare Revenue-Lower Valley Hospital Association Obligated Group CO†	5.50%	1/1/2048	NR			16,350,000		16,523,297
City of Minneapolis-Fairview Health Services Obligated Group MN	5.00%	11/15/2049	BBB+			5,000,000		5,070,362
City of Wichita-Presbyterian Manors Obligated Group KS(e)	5.25%	5/15/2039	NR			1,500,000		1,505,541
City of Wichita-Presbyterian Manors Obligated Group KS(e)	5.75%	5/15/2045	NR			2,000,000		2,017,472
City of Wichita-Presbyterian Manors Obligated Group KS(e)	5.875%	5/15/2050	NR			2,000,000		2,006,437
County of Cuyahoga-MetroHealth System OH	5.50%	2/15/2057	BBB			4,900,000		5,006,205
County of Howard-Columbia Vantage House Corp MD	5.00%	4/1/2044	NR			1,955,000		1,884,242

114 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
County of Howard-Columbia Vantage House Corp MD	5.00%	4/1/2046	NR		$	7,000,000	$	6,663,478
County of Muskingum-Genesis Healthcare Obligated Group OH	5.00%	2/15/2033	BB+			2,765,000		2,765,564
County of Muskingum-Genesis Healthcare Obligated Group OH	5.00%	2/15/2044	BB+			20,000,000		19,999,700
County of Washington-Marietta Area Health Care Inc Obligated Group OH	6.75%	12/1/2052	NR			15,100,000		16,775,901
County of Wilson-Wilson County Hospital KS	5.60%	9/1/2036	NR			3,530,000		3,043,905
Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA	6.00%	6/1/2046	NR			2,225,000		2,251,645
Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA	6.00%	6/1/2051	NR			2,600,000		2,621,849
Denver Health & Hospital Authority CO	5.25%	12/1/2045	BBB			3,700,000		3,702,262
Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA†	5.375%	7/1/2039	NR			2,000,000		2,193,275
Duluth Economic Development Authority-Essentia Health Obligated Group MN	5.25%	2/15/2058	A-			12,000,000		12,348,568
Duluth Economic Development Authority-St Luke’s Hospital of Duluth Obligated MN	5.25%	6/15/2052	AA-			5,500,000		6,005,671
Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ	5.00%	11/15/2036	NR			1,500,000		1,434,183
Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ	5.00%	11/15/2040	NR			3,000,000		2,759,467
Grays Harbor County Public Hospital District No. 1 WA	6.875%	12/1/2049	BB+			7,500,000		8,535,277
Grays Harbor County Public Hospital District No. 1 WA	6.875%	12/1/2053	BB+			8,000,000		9,089,770
Harris County Cultural Education Facilities Finance Corp.-Brazos Presbyterian Homes Obligated Group TX	5.125%	1/1/2048	BB+	(c)		1,655,000		1,655,376
Holmes County Hospital Corp. FL(d)	5.75%	11/1/2026	NR			3,280,000		3,166,469
Holmes County Hospital Corp. FL	6.00%	11/1/2038	NR			7,115,000		6,514,912
Idaho Health Facilities Authority-North Canyon Medical Center Inc	7.00%	11/1/2048	NR			8,000,000		8,504,870
Idaho Health Facilities Authority-North Canyon Medical Center Inc	7.125%	11/1/2057	NR			7,000,000		7,362,927

See Notes to Financial Statements. 115

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Industrial Development Authority of the County of Pima-La Posada at Park Centre Inc Obligated Group AZ†	6.875%	11/15/2052	NR	$	4,000,000	$	4,378,442
Industrial Development Authority of the County of Pima-La Posada at Park Centre Inc Obligated Group AZ†	7.00%	11/15/2057	NR		5,500,000		6,032,582
Jefferson County Public Hospital District No. 2 WA	6.875%	12/1/2053	NR		10,000,000		10,232,033
Kentucky Economic Development Finance Authority-Masonic Homes of Kentucky Inc Obligated Group	5.375%	11/15/2032	NR		1,100,000		1,054,863
King County Public Hospital District No. 4 WA	6.25%	12/1/2045	NR		4,000,000		4,014,398
Kremmling Memorial Hospital District CO†	6.375%	12/1/2049	NR		4,495,000		4,447,428
Kremmling Memorial Hospital District CO†	6.625%	12/1/2056	NR		6,125,000		6,069,104
Louisiana Local Government Environmental Facilities & Community Development Authority-St James Place of Baton Rouge Obligated Group	6.25%	11/15/2045	NR		6,100,000		6,121,690
Magnolia West Community Development District FL	5.35%	5/1/2037	NR		190,000		191,373
Massachusetts Development Finance Agency-Ascentria Care Alliance Obligated Group†	5.00%	7/1/2041	NR		3,500,000		3,287,865
Massachusetts Development Finance Agency-Ascentria Care Alliance Obligated Group†	5.00%	7/1/2051	NR		5,625,000		4,927,100
Massachusetts Development Finance Agency-Tufts Medicine Obligated Group	4.00%	7/1/2044	BBB-		10,420,000		9,492,994
Massachusetts Development Finance Agency-Tufts Medicine Obligated Group	8.50%	10/1/2026	BBB-		8,905,000		9,100,099
Michigan Finance Authority Provident Group-HFH Energy LLC	5.50%	2/28/2049	A3		1,100,000		1,255,059
Michigan Finance Authority Provident Group-HFH Energy LLC	5.50%	2/28/2057	A3		1,375,000		1,547,568
Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA†	5.10%	6/15/2039	NR		20,000,000		20,384,222
Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA	6.00%	7/1/2045	NR		9,250,000		6,601,176
New Hampshire Business Finance Authority-Ascentria Care Alliance Obligated Group†	5.00%	7/1/2041	NR		1,885,000		1,770,750

116 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
New Hampshire Business Finance Authority-Ascentria Care Alliance Obligated Group†	5.00%	7/1/2051	NR		$	3,225,000	$	2,824,871
New Hampshire Business Finance Authority-NFA UH SPV LLC†	5.625%	12/15/2033	NR			4,420,000		4,562,001
New Hampshire Business Finance Authority-NFA UH SPV LLC†	6.25%	12/15/2038	NR			5,000,000		5,253,085
New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group	5.00%	6/1/2036	NR			1,500,000		1,508,231
New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group	3.00%	7/1/2051	AA-			3,690,000		3,067,409
New York State Dormitory Authority-Catholic Health System Obligated Group	4.00%	7/1/2045	B-			5,500,000		4,699,087
Niagara Area Development Corp.-Catholic Health System Obligated Group NY	4.50%	7/1/2052	B-			3,240,000		2,908,557
Niagara Area Development Corp.-Catholic Health System Obligated Group NY	5.00%	7/1/2052	B-			8,545,000		8,294,739
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.00%	8/15/2038	BB			6,015,000		6,212,845
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.25%	8/15/2048	BB			16,795,000		17,252,563
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.45%	8/15/2028	BB			3,000,000		2,914,519
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.50%	8/15/2044	NR			1,000,000		1,041,682
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.50%	8/15/2052	BB			15,000,000		15,531,172
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.50%	8/15/2057	BB			23,690,000		24,467,951
Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY	5.375%	8/1/2054	BB	(c)		4,000,000		4,151,790
Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA	6.50%	6/1/2045	NR			2,485,000		2,495,153
Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA	6.625%	6/1/2050	NR			3,415,000		3,430,147

See Notes to Financial Statements. 117

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Public Finance Authority-Bancroft Neurohealth Obligated Group†	4.625%		6/1/2036	NR	$	4,380,000	$	4,391,935
Public Finance Authority-Bancroft Neurohealth Obligated Group†	5.125%		6/1/2048	NR		7,165,000		7,175,245
Public Finance Authority-Lehigh Valley Health Network Inc WI†	7.25%		12/1/2042	NR		8,750,000		8,997,991
Public Finance Authority-Lehigh Valley Health Network Inc WI†	7.50%		12/1/2052	NR		8,650,000		8,974,173
Public Finance Authority-Proton International Alabama LLC WI†(d)	6.85%		10/1/2047	NR		3,000,000		300,000
Public Finance Authority-Proton Intl-Delray LLC WI†(d)	6.85%		11/1/2046	NR		2,000,000		1,100,000
Public Finance Authority-QCF Behavioral Hospitals I Obligated Group WI†	7.50%		7/1/2059	NR		13,400,000		14,988,085
Public Finance Authority-RBS Evolution LLC WI†	10.00%		11/1/2038	NR		13,100,000		14,926,424
Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group	5.00%		9/1/2036	B+		7,000,000		7,043,765
Rhode Island Health & Educational Building Corp.-Lifespan Obligated Group	5.25%		5/15/2049	BBB+		1,825,000		1,984,386
Rhode Island Health & Educational Building Corp.-Lifespan Obligated Group	5.25%		5/15/2054	BBB+		4,500,000		4,865,621
Roanoke County Economic Development Authority-Friendship Foundation	5.50%	#(b)	9/1/2058	NR		9,340,000		9,350,467
Shelby County Health Educational & Housing Facilities Board-Luke Inc Obligated Group TN	5.75%		10/1/2059	NR		10,000,000		6,923,164
Skagit County Public Hospital District No. 1 WA	5.50%		12/1/2054	Baa3		5,680,000		6,136,314
South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group	5.00%		11/1/2042	NR		3,815,000		3,591,106
South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group	5.00%		11/1/2046	NR		6,070,000		5,607,912
South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc	5.75%		11/15/2029	NR		3,500,000		3,486,355
South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc	7.50%		11/15/2053	NR		9,000,000		9,478,248

118 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc	7.75%	11/15/2058	NR		$	17,600,000	$	18,586,082
Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group	5.50%	12/1/2043	B+	(c)		5,025,000		5,024,324
Tarrant County Cultural Education Facilities Finance Corp TX(f)	5.00%	7/1/2053	A1			9,550,000		10,142,777
Upper San Juan Health Service District Medical Center Revenue CO	6.00%	6/1/2041	NR			2,225,000		2,231,069
Upper San Juan Health Service District Medical Center Revenue CO	6.125%	6/1/2046	NR			3,015,000		3,019,888
West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group	6.00%	9/1/2048	BBB+			2,060,000		2,373,991
West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group	6.00%	9/1/2053	BBB+			3,250,000		3,716,892
Westchester County Health Care Corp Obligated Group NY	6.25%	11/1/2052	BBB-			1,280,000		1,471,002
Westchester County Health Care Corp Obligated Group NY (AGM)	5.00%	11/1/2047	AA			3,325,000		3,597,243
Westchester County Health Care Corp Obligated Group NY (AGM)	5.75%	11/1/2053	AA			2,250,000		2,556,007
Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group	5.50%	2/15/2054	BBB			9,750,000		10,744,199
Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group (BAM)	5.25%	2/15/2054	AA			1,250,000		1,360,511
Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group	5.375%	2/1/2048	Ba2			4,000,000		4,000,022
Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group	5.75%	8/15/2059	BBB-	(c)		2,380,000		2,593,104
Total								817,031,547
Housing 4.80%
California Community Housing Agency Arbors Apartments†	5.00%	8/1/2050	NR			10,630,000		10,568,221
California Community Housing Agency Summit at Sausalito Apartments†	3.00%	2/1/2057	NR			14,310,000		10,592,299

See Notes to Financial Statements. 119

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
California Community Housing Agency Summit at Sausalito Apartments†	4.00%	2/1/2050	NR	$	20,000,000	$	16,017,062
Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL	5.00%	11/1/2038	Baa3		1,000,000		1,050,800
Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL	5.00%	11/1/2040	Baa3		1,000,000		1,037,505
Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL	5.00%	11/1/2048	Baa3		1,350,000		1,375,177
Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL	5.00%	11/1/2053	Baa3		1,770,000		1,795,383
Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL	5.00%	11/1/2058	Baa3		1,750,000		1,766,017
CMFA Special Finance Agency CA†	4.00%	12/1/2045	NR		9,650,000		8,106,332
CSCDA Community Improvement Authority Dublin CA†	4.00%	2/1/2057	NR		4,500,000		3,570,194
CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA†	3.125%	8/1/2056	NR		14,500,000		11,464,381
CSCDA Community Improvement Authority Orange Portfolio CA†	3.00%	3/1/2057	NR		7,000,000		5,227,592
CSCDA Community Improvement Authority Orange Portfolio CA†	4.00%	3/1/2057	NR		3,500,000		2,758,232
CSCDA Community Improvement Authority Pasadena Portfolio CA†	4.00%	12/1/2056	NR		13,250,000		10,315,986
CSCDA Community Improvement Authority Westgate Apartments CA†	3.00%	6/1/2047	NR		16,640,000		12,174,613
CSCDA Community Improvement Authority Westgate Apartments CA†	4.00%	6/1/2057	NR		25,980,000		9,107,505
Indiana Finance Authority-CHF-Tippecanoe LLC	5.00%	6/1/2053	BBB-		3,285,000		3,424,893
Indiana Finance Authority-CHF-Tippecanoe LLC	5.375%	6/1/2064	BBB-		5,450,000		5,747,333
Indiana Finance Authority-SFP-PUFW I LLC	5.00%	7/1/2054	BBB-		1,445,000		1,502,168
Indiana Finance Authority-SFP-PUFW I LLC	5.00%	7/1/2059	BBB-		1,400,000		1,442,003

120 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Housing (continued)
Indiana Finance Authority-SFP-PUFW I LLC	5.25%	7/1/2064	BBB-		$	3,975,000	$	4,155,680
Iowa Finance Authority-Lifespace Communities Inc Obligated Group IA	7.50%	5/15/2053	BBB	(c)		5,750,000		6,571,089
Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM)	5.25%	7/1/2049	AA			2,500,000		2,711,399
Knox County Health Educational & Housing Facility Board TN (BAM)	5.125%	7/1/2059	AA			1,100,000		1,164,412
Knox County Health Educational & Housing Facility Board TN (BAM)	5.25%	7/1/2064	AA			2,300,000		2,450,268
Maryland Economic Development Corp.	5.75%	7/1/2053	BBB-			2,000,000		2,204,125
Maryland Economic Development Corp.	6.00%	7/1/2058	BBB-			5,000,000		5,585,008
Maryland Economic Development Corp.-University of Maryland College Park (AGM)	5.00%	7/1/2054	AA			5,000,000		5,315,165
Maryland Economic Development Corp.-University of Maryland College Park (AGM)	5.125%	7/1/2059	AA			3,000,000		3,213,831
Maryland Economic Development Corp.-University of Maryland College Park (AGM)	5.25%	7/1/2064	AA			5,000,000		5,383,818
Massachusetts Development Finance Agency-CHF Merrimack Inc MA†	5.00%	7/1/2054	BB			1,200,000		1,241,103
Massachusetts Development Finance Agency-CHF Merrimack Inc MA†	5.00%	7/1/2060	BB			1,100,000		1,128,960
Palm Beach County School District-Lifespace Communities Inc Obligated Group FL	7.50%	5/15/2053	BBB	(c)		1,000,000		1,142,798
Palm Beach County School District-Lifespace Communities Inc Obligated Group FL	7.625%	5/15/2058	BBB	(c)		2,000,000		2,291,319
Public Finance Authority-CHF-Manoa LLC WI†	5.75%	7/1/2053	BBB-			5,040,000		5,524,449
Public Finance Authority-CHF-Manoa LLC WI†	5.75%	7/1/2063	BBB-			9,870,000		10,743,409
Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group	7.00%	9/1/2053	BB+	(c)		8,000,000		9,322,458
Washington State Housing Finance Commission-Provident Group-SH I Properties LLC	5.00%	7/1/2054	BBB-			2,000,000		2,099,292

See Notes to Financial Statements. 121

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
Washington State Housing Finance Commission-Provident Group-SH I Properties LLC	5.50%	7/1/2044	BBB-	$	1,350,000	$	1,502,322
Washington State Housing Finance Commission-Provident Group-SH I Properties LLC	5.50%	7/1/2049	BBB-		1,000,000		1,097,733
Washington State Housing Finance Commission-Provident Group-SH I Properties LLC	5.50%	7/1/2059	BBB-		2,500,000		2,721,421
Total							196,613,755
Lease Obligations 0.48%
Kansas City Industrial Development Authority-City of Kansas City MO Historic Northeast Redevelopment Area MO†	5.00%	6/1/2046	NR		2,790,000		2,838,543
Kansas City Industrial Development Authority-City of Kansas City MO Historic Northeast Redevelopment Area MO†	5.00%	6/1/2054	NR		1,525,000		1,536,919
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.375%	1/1/2043	A-		1,175,000		1,176,113
New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT	5.625%	1/1/2052	A-		6,500,000		6,506,373
New Jersey Economic Development Authority-State Capitol Joint Management Commission	5.00%	6/15/2043	A2		3,800,000		3,978,927
New Jersey Transportation Trust Fund Authority	5.00%	12/15/2035	A2		3,250,000		3,480,349
Total							19,517,224
Miscellaneous 0.32%
Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT†	5.625%	12/1/2053	NR		12,435,000		12,991,361
Other Revenue 5.26%
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%	5/1/2042	NR		3,500,000		3,721,790
Anson Education Facilities Corp.-Arlington Classics Academy TX	5.00%	8/15/2045	BBB-		2,250,000		2,265,164
Arizona Industrial Development Authority-American Charter Schools Foundation†	6.00%	7/1/2047	BB+		2,460,000		2,529,248

122 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Other Revenue (continued)
Arizona Industrial Development Authority-Odyssey Preparatory Academy Inc†	5.50%		7/1/2052	BB-		$	2,850,000	$	2,869,221
Arlington Higher Education Finance Corp.-Newman International Academy TX	5.50%		8/15/2046	NR			5,000,000		4,943,244
California School Finance Authority-Kipp SoCal Public Schools Obligated†	5.125%		7/1/2044	BBB			2,390,000		2,391,383
Capital Trust Agency, Inc.-Educational Growth Fund FL†	5.00%		7/1/2056	NR			18,350,000		18,204,180
Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL†	5.00%		12/15/2050	NR			10,000,000		9,428,429
Chester County Industrial Development Authority-Collegium Charter School PA	5.25%		10/15/2047	BB			3,000,000		3,011,227
Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH	5.25%		12/1/2038	BB+			1,400,000		1,449,617
Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH	5.50%		12/1/2043	BB+			3,350,000		3,454,713
Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH	5.50%		12/1/2053	BB+			11,485,000		11,706,377
Clifton Higher Education Finance Corp.-International Leadership of Texas Inc	6.125%		8/15/2048	Baa3			22,025,000		22,408,814
Commonwealth of Puerto Rico	Zero Coupon	#(b)	11/1/2051	NR			796,127		257,746
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2051	NR			25,593,914		16,764,014
County of Broward FL Convention Center Hotel Revenue(f)	5.50%		1/1/2055	AA			17,000,000		18,960,741
Fayette County Development Authority-United States Soccer Federation Inc GA	5.25%		10/1/2049	BBB	(c)		2,000,000		2,195,788
Fayette County Development Authority-United States Soccer Federation Inc GA	5.25%		10/1/2054	BBB	(c)		3,250,000		3,536,426
Florida Development Finance Corp.-Franklin Academy Series 2016 Obligated Group†	5.00%		7/15/2046	NR			4,000,000		3,968,231
Florida Development Finance Corp.-Palm Bay Academy Inc†	Zero Coupon		5/15/2037	NR			940,000		9
Florida Development Finance Corp.-Palm Bay Academy Inc†	6.375%		5/15/2037	NR			2,620,000		2,377,908
Florida Development Finance Corp.-Palm Bay Academy Inc†	6.375%		5/15/2037	NR			1,220,000		244,000
Florida Development Finance Corp.-Renaissance Charter School Inc Series 2015 Obligated Group†	6.125%		6/15/2046	NR			5,000,000		5,035,475

See Notes to Financial Statements. 123

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Florida Development Finance Corp.-Renaissance Charter School Inc Series 2020C/D Obligated Group†	5.00%	9/15/2050	NR	$	3,505,000	$	3,273,360
GDB Debt Recovery Authority of Puerto Rico	7.50%	8/20/2040	NR		393,456		374,767
Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ†	5.00%	7/1/2046	BB		5,130,000		5,138,342
Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group†	5.00%	7/1/2049	NR		6,000,000		5,808,654
Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group†	5.00%	7/1/2055	NR		4,000,000		3,829,856
Jefferson Parish Economic Development & Port District-Kenner Discovery Health Science Foundation Inc LA†	5.50%	6/15/2038	NR		3,200,000		3,266,260
Jefferson Parish Economic Development & Port District-Kenner Discovery Health Science Foundation Inc LA†	5.625%	6/15/2048	NR		4,350,000		4,403,901
Maricopa County Industrial Development Authority-Paragon Management Inc AZ†	5.00%	7/1/2047	BB+		4,000,000		4,018,292
Maryland Economic Development Corp.(d)	5.00%	12/1/2031	NR		10,700,000		6,941,625
Maryland Economic Development Corp.(d)	5.25%	12/1/2031	NR		3,000,000		1,946,250
Michigan Finance Authority-Bradford Academy	4.30%	9/1/2030	NR		755,000		713,017
Michigan Finance Authority-Bradford Academy	4.80%	9/1/2040	NR		1,845,000		1,630,293
Michigan Finance Authority-Bradford Academy	5.00%	9/1/2050	NR		3,010,000		2,553,804
Michigan Public Educational Facilities Authority-Crescent Academy	7.00%	10/1/2036	NR		572,500		573,058
New Jersey Economic Development Authority-New Jersey Transit Corp	5.00%	11/1/2052	A2		12,010,000		12,938,033
Plymouth Educational Center Charter School MI	5.375%	11/1/2030	NR		1,425,000		712,500
Utah Charter School Finance Authority-Freedom Academy Foundation†	5.375%	6/15/2048	NR		5,150,000		5,024,881
Washington State Convention Center Public Facilities District	3.00%	7/1/2043	BBB-		4,375,000		3,544,299

124 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Washington State Convention Center Public Facilities District	3.00%	7/1/2058	BBB-	$	2,400,000	$	1,677,270
Washington State Convention Center Public Facilities District	4.00%	7/1/2058	BBB-		6,000,000		5,391,821
Total							215,484,028
Special Tax 3.34%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%	5/1/2032	Ba3		2,425,000		2,477,450
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%	5/1/2042	NR		3,115,000		3,166,836
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%	5/1/2042	NR		2,500,000		2,588,791
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%	5/1/2042	NR		11,000,000		11,728,688
Anne Arundel County Consolidated Special Taxing District MD	5.125%	7/1/2036	NR		1,030,000		1,030,463
Anne Arundel County Consolidated Special Taxing District MD	5.25%	7/1/2044	NR		2,150,000		2,150,592
Arborwood Community Development District FL	6.90%	5/1/2036	NR		580,000		580,449
Arborwood Community Development District FL	6.90%	5/1/2036	NR		25,000		25,015
Babcock Ranch Community Independent Special District FL	5.00%	5/1/2053	NR		4,000,000		4,047,652
Celebration Pointe Community Development District No. 1 FL	3.375%	5/1/2041	NR		3,970,000		3,426,665
Celebration Pointe Community Development District No. 1 FL	5.00%	5/1/2048	NR		6,555,000		6,590,970
Grandview Industrial Development Authority MO Tax Allocation(d)	5.75%	12/1/2028	NR		1,000,000		400,000
Industrial Development Authority of the City of St. Louis Missouri	4.375%	11/15/2035	NR		3,520,000		3,261,816
Industrial Development Authority of the City of St. Louis Missouri	4.75%	11/15/2047	NR		9,820,000		8,523,813
Inland Valley Development Agency CA Tax Allocation	5.25%	9/1/2037	A+		3,375,000		3,400,719
Lakewood Ranch Stewardship District FL	6.30%	5/1/2054	NR		4,455,000		4,765,298
Maryland Stadium Authority Built to Learn Revenue	4.00%	6/1/2052	AA		7,000,000		6,848,400

See Notes to Financial Statements. 125

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
Miami World Center Community Development District FL	5.25%	11/1/2049	NR	$	4,500,000	$	4,602,483
Mida Mountain Village Public Infrastructure District-Mountain Village Assessment Area No 2 UT†	4.00%	8/1/2050	NR		8,500,000		7,475,720
Mida Mountain Village Public Infrastructure District UT†	4.25%	8/1/2035	NR		3,290,000		3,265,516
Mida Mountain Village Public Infrastructure District UT†	5.00%	8/1/2050	NR		3,500,000		3,510,705
Military Installation Development Authority UT	4.00%	6/1/2052	NR		10,000,000		8,706,057
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2037	NR		875,000		882,702
Peninsula Town Center Community Development Authority VA†	5.00%	9/1/2045	NR		6,350,000		6,361,038
Prince George’s County Revenue Authority-County of Prince George’s MD Suitland-Naylor Road Development District†	5.00%	7/1/2046	NR		5,000,000		5,023,340
River Islands Public Financing Authority CA Special Tax (AGM)	5.25%	9/1/2052	AA		2,500,000		2,745,919
Rocky Mountain Rail Park Metropolitan District CO GO†	5.00%	12/1/2041	NR		2,000,000		1,760,098
Rocky Mountain Rail Park Metropolitan District CO GO†	5.00%	12/1/2051	NR		6,520,000		5,609,191
Scranton Redevelopment Authority PA GTD	5.00%	11/15/2028	BBB+		3,720,000		3,722,153
Stone Canyon Community Improvement District MO(d)	5.70%	4/1/2022	NR		1,485,000		415,800
Tern Bay Community Development District FL	5.375%	5/1/2037	NR		330,000		330,308
Town of Bridgeville-Heritage Shores Special Development District DE†	5.25%	7/1/2044	NR		1,675,000		1,772,917
Town of Bridgeville-Heritage Shores Special Development District DE†	5.625%	7/1/2053	NR		3,070,000		3,270,937
Village Metropolitan District CO GO	5.00%	12/1/2040	NR		2,000,000		2,027,356
Village Metropolitan District CO GO	5.00%	12/1/2049	NR		4,085,000		4,128,645
Westview South Community Development District FL	5.375%	5/1/2043	NR		1,685,000		1,741,692
Westview South Community Development District FL	5.375%	5/1/2043	NR		1,000,000		1,033,622

126 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
Westview South Community Development District FL	5.60%	5/1/2053	NR	$	2,525,000	$	2,610,935
Westview South Community Development District FL	5.625%	5/1/2053	NR		1,000,000		1,039,604
Total							137,050,355
Tax Revenue 3.54%
American Samoa Economic Development Authority†	6.50%	9/1/2028	Ba3		2,285,000		2,414,931
Chicago Trans Authority Sales Tax Receipts Fund IL	5.00%	12/1/2046	A+		6,000,000		6,095,080
City of Reno-County of Washoe NV Sales Tax Revenue NV†	Zero Coupon	7/1/2058	NR		18,500,000		2,006,730
City of Sparks NV†	2.75%	6/15/2028	Baa2		455,000		445,395
County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation†	5.00%	6/1/2033	NR		460,000		486,684
County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation†	5.75%	6/1/2043	NR		1,000,000		1,088,596
County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation†	6.00%	6/1/2053	NR		1,750,000		1,904,337
Metropolitan Pier & Exposition Authority IL (NATL)	Zero Coupon	12/15/2037	A		10,000,000		6,097,300
New York Liberty Development Corp. TCRS (BAM)	3.00%	2/15/2042	AA		4,000,000		3,514,020
New York State Dormitory Authority	3.00%	3/15/2049	Aa1		2,480,000		2,032,665
New York State Urban Development Corp.-State of New York Personal Income Tax Revenue	3.00%	3/15/2047	AA+		3,740,000		3,184,212
Public Finance Authority-Southeast Overtown Park West Community Redevelopment Agency WI†	5.00%	6/1/2041	NR		4,500,000		4,624,616
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		3,965,000		2,812,607
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		15,225,000		15,217,493
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		124,000		123,939
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		39,699,000		39,821,197

See Notes to Financial Statements. 127

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%	7/1/2058	NR	$	44,960,000	$	45,425,547
River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA	5.00%	9/1/2054	NR		2,500,000		2,572,090
Washington State Convention Center Public Facilities District	3.00%	7/1/2048	BBB-		6,710,000		5,100,373
Total							144,967,812
Taxable Revenue-Water & Sewer 0.55%
City of Chicago IL Waterworks Revenue(f)	5.50%	11/1/2062	AA		20,290,000		22,525,882
Tobacco 6.57%
Buckeye Tobacco Settlement Financing Authority OH	5.00%	6/1/2055	NR		93,805,000		88,406,081
California Statewide Financing Authority	Zero Coupon	6/1/2046	NR		26,325,000		6,939,133
California Statewide Financing Authority†	Zero Coupon	6/1/2055	NR		42,500,000		2,382,440
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2046	NR		4,780,000		1,051,345
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2055	NR		21,000,000		2,255,425
District of Columbia Tobacco Settlement Financing Corp.	Zero Coupon	6/15/2055	NR		100,000,000		9,712,310
Erie Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2060	NR		30,000,000		1,510,872
Golden State Tobacco Securitization Corp. CA	Zero Coupon	6/1/2066	NR		209,000,000		24,967,391
Inland Empire Tobacco Securitization Corp.-Inland Empire Tobacco Securitization Corp CA	Zero Coupon	6/1/2036	CCC		19,000,000		8,809,280
Inland Empire Tobacco Securitization Corp. CA†	Zero Coupon	6/1/2057	CCC		47,000,000		3,670,371
Michigan Tobacco Settlement Finance Authority	Zero Coupon	6/1/2058	NR		93,300,000		2,933,081
Monroe Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2061	NR		22,900,000		1,175,368
Nassau County Tobacco Settlement Corp. NY	Zero Coupon	6/1/2060	NR		50,000,000		3,429,035
Nassau County Tobacco Settlement Corp. NY	5.00%	6/1/2035	CCC+		3,170,000		2,993,244

128 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Tobacco (continued)
Nassau County Tobacco Settlement Corp. NY	5.25%	6/1/2026	CCC+		$	3,218,190	$	3,157,285
Rockland Tobacco Asset Securitization Corp. NY†	Zero Coupon	8/15/2060	NR			41,035,000		2,801,722
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2036	NR			10,000,000		5,301,901
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2056	NR			20,000,000		2,053,304
Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp	Zero Coupon	6/1/2046	CCC-			15,000,000		3,158,597
Tobacco Settlement Financing Corp. RI	Zero Coupon	6/1/2052	CCC-			25,885,000		4,779,714
Tobacco Settlement Financing Corp. VA	Zero Coupon	6/1/2047	CCC-			9,500,000		2,616,970
Tobacco Settlement Financing Corp. VA	Zero Coupon	6/1/2047	CCC-			110,695,000		31,172,664
Tobacco Settlement Financing Corp. VA	5.00%	6/1/2047	B-			34,360,000		33,448,800
TSASC, Inc. NY	5.00%	6/1/2045	CCC+			9,670,000		8,783,573
TSASC, Inc. NY	5.00%	6/1/2048	NR			12,835,000		11,599,038
Total								269,108,944
Transportation 10.35%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2049	A			3,875,000		4,256,166
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2054	A			2,875,000		3,132,663
California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT	4.00%	12/31/2047	BB+	(c)		5,475,000		5,165,929
California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2043	BB+	(c)		13,445,000		13,780,219
California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2047	BB+	(c)		2,750,000		2,803,439
Chicago O’Hare International Airport IL AMT	5.50%	1/1/2059	A+			6,000,000		6,644,001
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%	7/15/2027	BB-	(c)		5,400,000		5,535,271
City of Houston Airport System Revenue-United Airlines Inc TX AMT	5.00%	7/15/2028	BB-			3,500,000		3,621,944
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2040	AA			8,495,000		8,544,117
City of Reno-County of Washoe NV Sales Tax Revenue NV†	Zero Coupon	7/1/2058	NR			23,000,000		3,399,161

See Notes to Financial Statements. 129

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
City of Salt Lake City Airport Revenue UT AMT	5.50%		7/1/2053	A+	$	2,500,000	$	2,769,967
E-470 Public Highway Authority CO (NATL)	Zero Coupon		9/1/2031	A+		20,000,000		15,859,440
Florida Development Finance Corp.-AAF Operations Holdings LLC AMT†	12.00%	#(b)	7/15/2032	NR		16,500,000		17,601,032
Foothill-Eastern Transportation Corridor Agency CA	3.95%		1/15/2053	A		5,500,000		5,270,930
Greater Asheville Regional Airport Authority NC (AGM) AMT	5.25%		7/1/2048	AA		1,250,000		1,356,218
Greater Asheville Regional Airport Authority NC (AGM) AMT	5.25%		7/1/2053	AA		2,000,000		2,164,069
Greater Orlando Aviation Authority FL AMT	4.00%		10/1/2049	AA		6,370,000		6,203,102
Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT	5.50%		9/1/2059	Baa3		4,000,000		4,387,446
Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT	5.75%		9/1/2064	Baa3		20,905,000		23,267,980
Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation	4.00%		9/1/2050	NR		10,000,000		8,865,870
Maryland Economic Development Corp.-CONSOL Marine Terminals LLC	5.75%		9/1/2025	BB		9,000,000		9,071,846
Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT	5.25%		6/30/2047	Baa3		2,500,000		2,644,870
Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT	5.25%		6/30/2055	Baa3		12,610,000		13,218,994
Metropolitan Nashville Airport Authority TN AMT	5.50%		7/1/2052	A1		9,400,000		10,329,848
Metropolitan Transportation Authority NY(f)	4.75%		11/15/2045	A-		14,710,000		15,213,049
Metropolitan Transportation Authority NY	5.25%		11/15/2049	A-		7,500,000		8,254,925
Metropolitan Transportation Authority NY(f)	5.25%		11/15/2055	A-		7,000,000		7,408,982
Metropolitan Washington Airports Authority Aviation Revenue DC	5.50%		10/1/2054	AA-		7,000,000		7,762,789
New Jersey Transportation Trust Fund Authority	5.50%		6/15/2050	A2		2,000,000		2,253,312
New York City Transitional Development Corp.-JFK NTO LLC NY AMT	5.375%		6/30/2060	Baa3		34,340,000		35,899,572

130 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New York City Transitional Development Corp.-JFK NTO LLC NY AMT	6.00%	6/30/2054	Baa3	$	16,500,000	$	18,042,070
New York State Thruway Authority TCRS (BAM)	3.00%	1/1/2051	AA		5,365,000		4,357,522
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3		8,480,000		8,803,708
New York Transportation Development Corp.-Delta Air Lines Inc AMT	5.625%	4/1/2040	Baa3		13,000,000		14,138,215
New York Transportation Development Corp.-Delta Air Lines Inc AMT	6.00%	4/1/2035	Baa3		9,000,000		10,184,927
New York Transportation Development Corp.-JFK NTO LLC	5.50%	6/30/2060	Baa3		34,685,000		37,106,797
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	4.00%	7/1/2041	Baa2		5,000,000		4,856,993
New York Transportation Development Corp.-Laguardia Gateway Partner AMT	5.25%	1/1/2050	Baa2		8,730,000		8,730,457
North Parkway Municipal Management District No. 1 TX†	4.75%	9/15/2041	NR		2,930,000		2,940,759
North Parkway Municipal Management District No. 1 TX†	5.00%	9/15/2051	NR		4,875,000		4,903,587
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue	3.00%	12/1/2051	Aa3		5,375,000		4,334,133
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-		10,500,000		10,764,585
Port Authority of New York & New Jersey AMT	5.25%	8/1/2047	AA-		5,000,000		5,429,727
Port Authority of New York & New Jersey AMT	5.50%	8/1/2052	AA-		3,500,000		3,842,502
Port of Portland Airport Revenue OR AMT	5.50%	7/1/2048	AA-		6,250,000		6,953,401
Reno-Tahoe Airport Authority NV AMT	5.25%	7/1/2049	A		2,100,000		2,285,350
Reno-Tahoe Airport Authority NV AMT	5.25%	7/1/2054	A		2,335,000		2,520,901
San Diego County Regional Airport Authority CA AMT	5.00%	7/1/2056	A2		5,000,000		5,261,635
Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners LLC AMT	5.50%	12/31/2058	Baa1		5,000,000		5,500,269
Virginia Small Business Financing Authority-95 Express Lanes LLC AMT	4.00%	1/1/2048	BBB		7,205,000		6,743,503
Total							424,388,192

See Notes to Financial Statements. 131

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities 8.01%
Black Belt Energy Gas District AL	4.00%	#(b)	12/1/2052	Baa1	$	9,915,000	$	9,996,710
Black Belt Energy Gas District AL	5.25%	#(b)	5/1/2055	A1		6,250,000		6,891,032
Black Belt Energy Gas District AL	5.50%	#(b)	6/1/2049	A2		9,450,000		10,228,632
Black Belt Energy Gas District AL	5.50%	#(b)	11/1/2053	A2		16,335,000		17,605,979
California Community Choice Financing Authority	5.00%	#(b)	5/1/2054	A1		15,000,000		16,510,131
California Community Choice Financing Authority	5.00%	#(b)	1/1/2055	A1		16,250,000		17,852,247
California Community Choice Financing Authority(f)	5.25%		11/1/2054	A2		14,000,000		15,210,873
City of Baltimore MD(f)	5.25%		7/1/2047	AA-		7,195,000		7,915,023
City of Baltimore MD(f)	5.25%		7/1/2052	AA-		12,190,000		13,409,886
City of Compton Water Revenue CA	6.00%		8/1/2039	NR		3,710,000		3,787,286
City of Osceola-Plum Point Energy Associates LLC AR AMT	5.50%	#(b)	4/1/2036	NR		16,450,000		16,548,374
County of Jefferson Sewer Revenue AL	5.25%		10/1/2049	BBB+		11,125,000		12,123,744
County of Jefferson Sewer Revenue AL	5.50%		10/1/2053	BBB+		11,750,000		12,947,237
Energy Southeast A Cooperative District AL	5.25%	#(b)	7/1/2054	A1		6,000,000		6,646,454
Energy Southeast A Cooperative District AL	5.75%	#(b)	4/1/2054	A1		7,500,000		8,525,044
Florida Development Finance Corp.-Waste Pro USA Inc AMT†	5.25%		8/1/2029	NR		7,000,000		7,308,745
Kentucky Public Energy Authority	5.00%	#(b)	5/1/2055	A2		2,250,000		2,421,518
Main Street Natural Gas, Inc. GA	4.00%	#(b)	5/1/2052	A3		2,115,000		2,152,152
Main Street Natural Gas, Inc. GA†	4.00%	#(b)	8/1/2052	BBB-		15,000,000		14,981,571
Main Street Natural Gas, Inc. GA	4.00%	#(b)	9/1/2052	A3		2,165,000		2,207,275
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2052	A3		9,000,000		9,523,620
Main Street Natural Gas, Inc. GA	5.00%	#(b)	12/1/2054	A3		4,250,000		4,589,566
Municipal Electric Authority of Georgia(e)	5.25%		1/1/2049	A2		3,250,000		3,598,220
Municipal Electric Authority of Georgia (BAM)(e)	5.25%		1/1/2054	AA		5,000,000		5,530,084
Patriots Energy Group Financing Agency SC	5.25%	#(b)	10/1/2054	A1		15,000,000		16,296,883
Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC	5.25%	#(b)	12/1/2037	BB-		4,400,000		4,484,819
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR		8,750,000		8,402,242
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2035	NR		1,500,000		1,575,426

132 See Notes to Financial Statements.

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%		7/1/2047	NR	$	29,000,000	$	29,694,585
South Carolina Public Service Authority		5.50%		12/1/2054	A-		5,250,000		5,914,623
Southeast Alabama Gas Supply District AL		5.00%	#(b)	8/1/2054	Aa3		10,750,000		11,689,219
Southeast Energy Authority A Cooperative District AL		5.50%	#(b)	1/1/2053	A1		5,000,000		5,456,266
Texas Municipal Gas Acquisition & Supply Corp. IV		5.50%	#(b)	1/1/2054	A1		14,250,000		16,216,043
Total									328,241,509
Total Municipal Bonds (cost $3,961,337,702)									4,064,242,505
	Interest Rate#	Interest Rate Reset Date(h)		Final Maturity Date
SHORT-TERM INVESTMENTS 1.59%
VARIABLE RATE DEMAND NOTES 1.59%
Education 0.06%
Connecticut State Health & Educational Facilities Authority-Yale University	3.600%	10/1/2024		7/1/2042	AAA		2,500,000		2,500,000
General Obligation 0.99%
City of New York NY GO	4.050%	10/1/2024		10/1/2046	AA		8,000,000		8,000,000
City of New York NY GO	4.150%	10/1/2024		4/1/2042	AA		18,150,000		18,150,000
City of New York NY GO	4.150%	10/1/2024		4/1/2042	AA		14,375,000		14,375,000
Total									40,525,000
Pollution Control 0.03%
Port of Port Arthur Navigation District-Motiva Enterprises LLC TX	4.350%	10/1/2024		4/1/2040	BBB+		1,000,000		1,000,000
Taxable Revenue-Water & Sewer 0.07%
Los Angeles Department of Water & Power Water System Revenue CA	3.000%	10/1/2024		7/1/2045	Aa2		2,990,000		2,990,000

See Notes to Financial Statements. 133

Schedule of Investments (continued)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate#	Interest Rate Reset Date(h)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities 0.44%
Development Authority of Appling County-Georgia Power Co	4.400%	10/1/2024	9/1/2041	A	$	16,115,000	$	16,115,000
Los Angeles Department of Water & Power-Los Angeles Department of Water & Power Power System Revenue CA	2.650%	10/1/2024	7/1/2035	Aa2		1,980,000		1,980,000
Total								18,095,000
Total Short-Term Investments (cost $65,110,000)								65,110,000
Total Investments in Securities 100.87% (cost $4,031,238,329)								4,134,202,505
Other Assets and Liabilities – Net (0.87)%								(35,488,982	)
Net Assets 100.00%							$	4,098,713,523

AGM	Insured by-Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by-Build America Mutual.
COPS	Certificates of Participation.
GTD	Guaranteed.
NATL	Insured by–National Public Finance Guarantee Corporation.
NR	Not Rated.
SIFMA	Insured by-Securities Industry and Financial Markets Association.
TCRS	Transferable Custodial Receipts.
TRIPS	Tax Refund Intercept Programs.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $1,258,389,657, which represents 30.70% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	This investment has been rated by Fitch IBCA.
(d)	Defaulted (non-income producing security).
(e)	Securities purchased on a when-issued basis (See Note 2(g)).
(f)	Municipal Bonds Held in Trust-Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust.
(g)	Level 3 Investment as described in Note 2(i) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(h)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

134 See Notes to Financial Statements.

Schedule of Investments (concluded)

HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Corporate Bonds	$	–	$	4,850,000	$	–	$	4,850,000
Municipal Bonds(3)
General Obligation		–		414,189,689		122		414,189,811
Remaining Industries		–		3,650,052,694		–		3,650,052,694
Short-Term Investments
Variable Rate Demand Notes		–		65,110,000		–		65,110,000
Total	$	–	$	4,134,202,383	$	122	$	4,134,202,505

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
(3)	Includes Municipal Bonds held in the Trust (See Note 2(h)).

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2023		$	60,493,822
Accrued Discounts (Premiums)			(2,956	)
Realized Gain (Loss)			(29,049	)
Change in Unrealized Appreciation (Depreciation)			167,191
Purchases			–
Sales			(2,447,052	)
Transfers into Level 3			–
Transfers out of Level 3(a)			(58,181,834	)
Balance as of September 30, 2024		$	122
Change in unrealized appreciation/depreciation for the year ended September 30, 2024, related to Level 3 investments held at September 30, 2024		$	77,204

^(a) The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

See Notes to Financial Statements. 135

Schedule of Investments

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 96.78%
CORPORATE BONDS 0.16%
Health Care Services 0.16%
Care New England Health System (cost $2,395,314)	5.50%		9/1/2026			$	2,500,000	$	2,425,000
MUNICIPAL BONDS 96.62%
Airlines 0.38%
New Jersey Economic Development Authority–Port Newark Container Terminal LLC AMT	5.00%		10/1/2026	Baa2			2,135,000		2,196,343
New Jersey Economic Development Authority–Port Newark Container Terminal LLC AMT	5.00%		10/1/2027	Baa2			3,440,000		3,591,728
Total									5,788,071
Corporate-Backed 24.47%
Allegheny County Industrial Development Authority–United States Steel Corp PA	4.875%		11/1/2024	BB-			2,400,000		2,402,458
Allegheny County Industrial Development Authority–United States Steel Corp PA	5.125%		5/1/2030	BB-			10,485,000		11,458,759
Allegheny County Industrial Development Authority–United States Steel Corp PA	5.75%		8/1/2042	BB-			275,000		275,289
Arkansas Development Finance Authority–Big River Steel LLC AR AMT†	4.75%		9/1/2049	Ba2			1,900,000		1,902,889
Avenir Community Development District FL	4.50%		5/1/2030	NR			1,955,000		1,991,813
Boggy Creek Improvement District FL	4.50%		5/1/2033	NR			1,005,000		1,030,264
Cabot Citrus Farms Community Development District FL	5.25%		3/1/2029	NR			6,200,000		6,283,277
California Infrastructure & Economic Development Bank–DesertXpress Enterprises LLC AMT†	8.00%	#(b)	1/1/2050	NR			6,000,000		6,179,527
California Municipal Finance Authority–United Airlines Inc AMT	4.00%		7/15/2029	BB-			4,700,000		4,740,589
California Municipal Finance Authority–Waste Management Inc AMT	4.80%	#(b)	11/1/2041	A-			2,500,000		2,509,344
City of Houston Airport System Revenue–United Airlines Inc TX AMT	5.00%		7/15/2027	BB-	(c)		1,000,000		1,025,050

136 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
City of Houston Airport System Revenue–United Airlines Inc TX AMT	5.00%		7/15/2028	BB-	$	2,850,000	$	2,949,297
City of Houston Airport System Revenue–United Airlines Inc TX AMT	5.00%		7/1/2029	BB-		7,225,000		7,228,295
City of Houston Airport System Revenue–United Airlines Inc TX AMT	6.50%		7/15/2030	BB-		4,000,000		4,040,452
City of Valparaiso–Pratt Paper LLC AMT IN†	4.50%		1/1/2034	NR		2,765,000		2,862,680
City of Whiting–BP Products North America Inc IN AMT	5.00%	#(b)	11/1/2047	A1		4,550,000		4,553,464
County of Clark–Southern California Edison Co NV	2.10%		6/1/2031	A2		5,060,000		4,514,620
Crosswinds East Community Development District–Crosswinds East Community Development District Assessment Area One FL	4.625%		5/1/2031	NR		500,000		507,762
Florida Development Finance Corp.–Waste pro USA Inc AMT†	6.125%	#(b)	7/1/2032	NR		8,375,000		8,609,878
Florida Development Finance Corp.–Waste Pro USA Inc AMT†	5.00%		5/1/2029	NR		3,910,000		3,996,256
Grapevine Wash Local District–Grapevine Wash Local District Assessment Area No 1 UT†	5.25%		12/1/2044	NR		3,000,000		3,012,849
Greater Orlando Aviation Authority–JetBlue Airways Corp FL	5.00%		11/15/2026	NR		2,600,000		2,602,162
Hobe-St Lucie Conservancy District Unit of Development No 1A	4.75%		5/1/2031	NR		1,700,000		1,760,852
Hoover Industrial Development Board–United States Steel Corp AL AMT	6.375%	#(b)	11/1/2050	BB-		1,570,000		1,810,696
Illinois Finance Authority–LRS Holdings LLC AMT†	7.375%	#(b)	9/1/2042	NR		5,000,000		5,915,321
Iowa Finance Authority–Howmet Aerospace Inc	4.75%		8/1/2042	Baa1		16,910,000		16,928,885
Iowa Finance Authority–Iowa Fertilizer Co LLC	4.00%	#(b)	12/1/2050	AA+		8,370,000		9,200,590
Jefferson County Port Authority–JSW Steel USA Ohio Inc OH†	5.00%	#(b)	12/1/2053	Ba1		11,880,000		12,193,851
Love Field Airport Modernization Corp.–Southwest Airlines Co TX	5.00%		11/1/2028	Baa1		5,540,000		5,541,872

See Notes to Financial Statements. 137

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Michigan Strategic Fund–Graphic Packaging International LLC AMT	4.00%	#(b)	10/1/2061	BB	$	3,635,000	$	3,655,837
Mission Economic Development Corp.–Natgasoline LLC TX AMT†	4.625%		10/1/2031	BB-		20,250,000		20,344,021
Mississippi Business Finance Corp.–Huntington Ingalls Industries Inc	4.55%		12/1/2028	BBB-		2,000,000		2,000,703
Montgomery County Industrial Development Authority–Constellation Energy Generation PA AMT	4.45%	#(b)	10/1/2034	BBB+		7,500,000		7,723,138
New Hampshire Business Finance Authority–Covanta Holding Corp AMT†	4.00%		11/1/2027	B		4,730,000		4,730,017
New Jersey Economic Development Authority–United Airlines Inc	5.25%		9/15/2029	BB-		7,210,000		7,218,426
New Jersey Economic Development Authority–United Airlines Inc	5.75%		9/15/2027	BB-		5,795,000		5,804,043
New York City Industrial Development Agency–TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+		700,000		700,313
New York Liberty Development Corp.–3 World Trade Center LLC†	5.00%		11/15/2044	NR		5,000,000		5,003,204
New York Liberty Development Corp.–3 World Trade Center LLC†	5.15%		11/15/2034	NR		8,660,000		8,671,508
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT	2.75%	#(b)	9/1/2050	B+		2,700,000		2,665,952
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	2.875%	#(b)	12/1/2044	B+		1,000,000		946,975
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	3.125%	#(b)	12/1/2044	B+		4,500,000		4,436,253
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	5.125%	#(b)	9/1/2050	B+		1,000,000		1,052,901
New York Transportation Development Corp.–American Airlines Inc AMT	5.00%		8/1/2026	B+		2,835,000		2,840,278
New York Transportation Development Corp.–American Airlines Inc AMT	5.00%		8/1/2031	B+		13,455,000		13,473,809
New York Transportation Development Corp.–American Airlines Inc AMT	5.25%		8/1/2031	B+		2,235,000		2,394,530
New York Transportation Development Corp.–American Airlines Inc AMT	5.375%		8/1/2036	B+		2,500,000		2,682,998
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%		1/1/2027	Baa3		5,100,000		5,255,823

138 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	4.00%		12/1/2038	Baa1	$	1,790,000	$	1,787,316
Niagara Area Development Corp.–Covanta Holding Corp NY†	3.50%		11/1/2024	B		7,600,000		7,599,357
Normandy Community Development District Assessment Area One FL†	4.625%		5/1/2031	NR		600,000		602,152
Ohio Air Quality Development Authority–Pratt Paper Inc AMT†	4.25%		1/15/2038	NR		7,045,000		7,117,902
Parish of St. James–NuStar Logistics LP LA†	5.85%	#(b)	8/1/2041	BB+		4,225,000		4,282,348
Parish of St. James–NuStar Logistics LP LA†	6.10%	#(b)	6/1/2038	BB+		7,095,000		7,942,493
Pennsylvania Economic Development Financing Authority–CONSOL Energy Inc AMT†	9.00%	#(b)	4/1/2051	BB		3,125,000		3,601,076
Pennsylvania Economic Development Financing Authority–Covanta Holding Corp AMT†	3.25%		8/1/2039	B		5,000,000		4,165,276
Phenix City Industrial Development Board–WestRock Coated Board LLC AL AMT	4.125%		5/15/2035	BBB		10,000,000		9,999,707
Polk County Industrial Development Authority–Mineral Development LLC FL†	5.875%		1/1/2033	NR		1,310,000		1,183,652
Port of Beaumont Navigation District–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	5.00%		1/1/2039	NR		5,400,000		5,652,035
Port of Beaumont Navigation District–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX†	5.125%		1/1/2044	NR		1,000,000		1,044,485
Port of Seattle Industrial Development Corp.–Delta Air Lines Inc WA AMT	5.00%		4/1/2030	BB+		2,350,000		2,350,947
Public Finance Authority–Celanese US Holdings LLC WI AMT	4.30%		11/1/2030	BBB-		1,935,000		1,944,354
Public Finance Authority–Celanese US Holdings LLC WI AMT	5.00%		12/1/2025	BBB-		10,975,000		11,122,086
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.00%		7/1/2036	NR		9,585,000		9,024,502
Public Finance Authority–Sky Harbour Capital LLC Obligated Group WI AMT	4.00%		7/1/2041	NR		1,600,000		1,428,241
Public Finance Authority WI†	5.375%		12/15/2032	NR		3,000,000		3,009,552

See Notes to Financial Statements. 139

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Corporate-Backed (continued)
Public Finance Authority WI†	5.50%		12/15/2028	NR	$	4,000,000	$	4,024,797
Southwestern Illinois Development Authority–United States Street Corp	5.75%		8/1/2042	BB-		10,000,000		10,010,504
Spring Valley Community Infrastructure District No. 1 Assessment Area One ID†	3.75%		9/1/2051	NR		6,000,000		5,794,172
Tulsa Airports Improvement Trust–American Airlines Inc OK AMT	5.00%	#(b)	6/1/2035	B+		8,490,000		8,555,443
Tulsa Airports Improvement Trust–American Airlines Inc OK AMT	5.50%		6/1/2035	NR		2,875,000		2,880,587
Tuscaloosa County Industrial Development Authority–Hunt Refining Co AL†	5.25%		5/1/2044	NR		5,400,000		5,541,102
Vermont Economic Development Authority–Casella Waste Systems Inc AMT†	5.00%	#(b)	6/1/2052	B+		6,000,000		6,138,410
Village Community Development District No. 15 FL†	4.25%		5/1/2028	NR		1,000,000		1,016,111
Village Community Development District No. 15 FL†	4.375%		5/1/2033	NR		1,500,000		1,557,194
West Virginia Economic Development Authority–Kentucky Power Co AMT	4.70%	#(b)	4/1/2036	BBB		3,210,000		3,256,188
Total								372,261,759
Education 7.89%
Arizona Industrial Development Authority–Academies of Math & Science Obligated Group†	5.00%		7/1/2029	BB+		1,500,000		1,534,800
Arizona Industrial Development Authority–BASIS Schools Inc Obligated Group†	5.125%		7/1/2037	BB		970,000		983,580
Arizona Industrial Development Authority–Odyssey Preparatory Academy Inc†	4.00%		7/1/2029	BB-		345,000		344,983
Arlington Higher Education Finance Corp.–BASIS Texas Charter Schools Inc TX†	4.125%		6/15/2034	Ba2		1,540,000		1,546,776
Arlington Higher Education Finance Corp.–BASIS Texas Charter Schools Inc TX†	4.25%		6/15/2039	Ba2		1,075,000		1,075,759
Build NYC Resource Corp.–East Harlem Scholars Academy Charter School Obligated Group NY†	5.00%		6/1/2032	BB		275,000		294,080
California Community Choice Financing Authority	4.943% (SOFR * .67 + 1.70%	)#	5/1/2053	A1		10,000,000		10,038,548

140 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Education (continued)
California Municipal Finance Authority–SDORI Charter School Properties LLC†	5.00%	3/1/2025	B+		$	610,000	$	609,424
California Municipal Finance Authority–SDORI Charter School Properties LLC†	5.00%	3/1/2027	B+			1,150,000		1,140,935
California Municipal Finance Authority–Westside Neighborhood School†	5.00%	6/15/2034	BB			915,000		980,960
California Municipal Finance Authority–Westside Neighborhood School†	5.50%	6/15/2039	BB			900,000		971,969
Capital Trust Agency, Inc.–Advantage Academy of Hillsborough Obligated Group FL	4.00%	12/15/2024	Baa3			110,000		109,825
Capital Trust Agency, Inc.–Advantage Academy of Hillsborough Obligated Group FL	5.00%	12/15/2029	Baa3			805,000		814,618
Capital Trust Agency, Inc.–Renaissance Charter School Inc Series 2019 Obligated Group FL†	4.00%	6/15/2029	NR			730,000		715,242
Capital Trust Authority–Kipp Miami Obligated Group FL†	5.00%	6/15/2034	BB			610,000		646,750
Chester County Health & Education Facilities Authority–Immaculata University PA	4.25%	11/1/2032	BB-	(c)		1,855,000		1,673,687
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.25%	4/1/2033	A	(c)		1,250,000		1,424,769
Chicago Board of Education Dedicated Capital Improvement Tax IL	5.75%	4/1/2033	A	(c)		5,000,000		5,268,253
Chicago Board of Education Dedicated Capital Improvement Tax IL	6.10%	4/1/2036	A			5,000,000		5,303,975
Chicago Board of Education IL GO	5.00%	12/1/2033	BB+			1,485,000		1,486,057
Chicago Board of Education IL GO	5.00%	12/1/2034	BB+			7,625,000		7,821,098
Chicago Board of Education IL GO	5.00%	12/1/2034	BB+			5,540,000		5,543,889
Chicago Board of Education IL GO	5.125%	12/1/2032	BB+			4,580,000		4,585,850
Chicago Board of Education IL GO	5.25%	12/1/2035	BB+			7,000,000		7,680,213
Clarksville Public Educational Facilities Board–University of the Ozarks AR	5.50%	8/1/2039	NR			580,000		599,620
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	4.625%	8/15/2025	NR			685,000		691,126
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.75%	8/15/2033	Baa3			2,025,000		2,066,135
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	5.75%	8/15/2038	NR			1,405,000		1,430,886

See Notes to Financial Statements. 141

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	6.00%		8/15/2038	Baa3	$	3,000,000	$	3,060,302
Colorado Educational & Cultural Facilities Authority†	4.75%		4/1/2034	BB		3,290,000		3,473,609
County of Frederick–Mount St Mary’s University Inc MD†	5.00%		9/1/2032	BB+		3,150,000		3,192,482
Development Authority Of The City Of Marietta–Life University Inc GA†	5.00%		11/1/2037	Ba3		4,000,000		4,067,194
Florida Development Finance Corp.–Renaissance Charter School Inc†	6.00%		6/15/2033	NR		1,830,000		2,077,980
Florida Higher Educational Facilities Financial Authority–Jacksonville University†	4.50%		6/1/2033	NR		2,900,000		2,930,113
Industrial Development Authority of the City of Phoenix Arizona–BASIS Schools Inc Obligated Group AZ†	5.00%		7/1/2035	BB		2,125,000		2,138,559
Maricopa County Industrial Development Authority–Morrison Education Group Obligated Group AZ†	5.25%		7/1/2034	NR		1,745,000		1,815,183
Maricopa County Industrial Development Authority–Ottawa University AZ†	5.00%		10/1/2026	NR		135,000		134,670
Maricopa County Industrial Development Authority–Ottawa University AZ†	5.125%		10/1/2030	NR		425,000		426,632
New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC)	3.785% (CPI YoY * 1 + 0.89%	)	3/1/2027	Baa1		2,550,000		2,570,058
New York State Dormitory Authority–Yeshiva University	5.00%		7/15/2030	BBB-		2,200,000		2,379,158
New York State Dormitory Authority–Yeshiva University	5.00%		7/15/2032	BBB-		1,960,000		2,141,247
Public Finance Authority–Mater Academy of Nevada WI†(d)	5.00%		12/15/2034	BB		825,000		878,722
Public Finance Authority–Mater Academy of Nevada WI†(d)	5.00%		12/15/2039	BB		700,000		733,516
Public Finance Authority–UMA Education Inc WI†	5.00%		10/1/2027	BB+		1,125,000		1,158,329
Public Finance Authority–UMA Education Inc WI†	5.00%		10/1/2034	BB+		8,110,000		8,403,576
Public Finance Authority–UMA Education Inc WI†	5.00%		10/1/2039	BB+		3,000,000		3,069,193

142 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†	5.00%		6/15/2033	NR	$	7,000,000	$	7,309,950
Sierra Vista Industrial Development Authority–American Leadership Academy Inc AZ†(d)	5.00%		6/15/2034	NR		625,000		654,940
Total								119,999,220
Energy 0.69%
PEFA, Inc. IA	5.00%	#(b)	9/1/2049	A3		10,165,000		10,456,458
General Obligation 7.61%
Academical Village Community Development District FL	3.25%		5/1/2031	NR		4,265,000		3,996,488
Allentown Neighborhood Improvement Zone Development Authority PA†	5.125%		5/1/2032	NR		1,685,000		1,724,605
California Community Choice Financing Authority	5.25%	#(b)	1/1/2054	Baa1		12,575,000		13,593,389
California Community Choice Financing Authority	5.50%	#(b)	5/1/2054	A2		7,500,000		8,098,477
Chicago Board of Education IL	4.00%		12/1/2035	BB+		1,500,000		1,479,314
Chicago Board of Education IL	5.00%		12/1/2036	BB+		2,500,000		2,620,717
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		7,325,000		7,582,346
Chicago Board of Education IL GO	5.00%		12/1/2034	BB+		2,000,000		2,051,436
Chicago Board of Education IL GO	5.25%		12/1/2035	BB+		5,160,000		5,166,339
City of Chicago IL GO	5.00%		1/1/2031	BBB+		1,000,000		1,062,000
City of Chicago IL GO	5.50%		1/1/2031	BBB+		2,595,000		2,604,049
City of Chicago IL GO	5.50%		1/1/2033	BBB+		7,915,000		7,941,915
City of Chicago IL GO	5.625%		1/1/2031	BBB+		2,500,000		2,611,693
City of New York NY GO	5.00%		3/1/2032	AA		5,150,000		5,156,382
City of Scranton PA GO	5.00%		9/1/2029	BBB+		3,650,000		3,806,818
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2033	NR		2,680,000		1,822,626
Commonwealth of Puerto Rico GO	4.00%		7/1/2033	NR		5,629,612		5,640,370
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR		6,043,139		6,004,441
Commonwealth of Puerto Rico GO	5.375%		7/1/2025	NR		1,085,498		1,091,967
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR		8,230,472		8,596,508
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR		12,933,161		14,392,552
New York Liberty Development Corp.	1.20%		11/15/2028	A+		2,870,000		2,582,929

See Notes to Financial Statements. 143

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
State of Illinois GO	5.25%	2/1/2031	A-	$	5,000,000	$	5,026,658
University City Industrial Development Authority MO	4.875%	6/15/2036	NR		1,120,000		1,154,377
Total							115,808,396
Health Care 17.99%
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2026	BBB		1,025,000		1,029,906
Atlanta Development Authority–Georgia ProtonCare Center Inc(e)	6.00%	1/1/2023	NR		2,000,000		900,000
Berks County Municipal Authority–Tower Health Obligated Group PA	Zero Coupon	6/30/2044	NR		5,693,000		3,629,625
Berks County Municipal Authority–Tower Health Obligated Group PA	5.00%	6/30/2039	NR		15,513,000		15,378,509
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%	6/30/2034	NR		947,444		1,030,179
Berks County Municipal Authority–Tower Health Obligated Group PA	6.00%	6/30/2034	NR		47,951		52,138
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%	6/30/2034	NR		1,890,625		1,935,150
Berks County Municipal Authority–Tower Health Obligated Group PA	8.00%	6/30/2034	NR		95,901		95,901
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	4.00%	12/1/2026	BB		1,255,000		1,243,738
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	5.00%	12/1/2024	BB		600,000		599,261
Bucks County Industrial Development Authority PA	5.00%	7/1/2035	BB-		1,100,000		1,138,542
Bucks County Industrial Development Authority PA	5.00%	7/1/2036	BB-		1,250,000		1,288,815
California Municipal Finance Authority–Palomar Health Obligated Group COPS†	5.00%	11/1/2027	BB+		5,280,000		5,395,494
California Public Finance Authority–Kendal At Ventura†	10.00%	5/15/2028	NR		3,500,000		4,136,028
California Public Finance Authority–Kendal At Ventura†	12.00%	5/15/2028	NR		375,000		466,184
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.00%	12/1/2031	BB		1,000,000		1,023,775

144 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.25%	12/1/2034	BB	$	14,275,000	$	14,307,644
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.25%	12/1/2044	BB		4,575,000		4,575,185
California Statewide Communities Development Authority–Verity Health System of California Inc Obligated Group(e)	5.50%	7/1/2022	NR		518		487
California Statewide Communities Development Authority–Verity Health System of California Inc Obligated Group(e)	5.75%	7/1/2024	NR		3,229		3,035
Capital Trust Authority–Convivial St Petersburg LLC FL†(d)	12.00%	10/3/2029	NR		2,500,000		2,500,033
Citizens Memorial Hospital District MO	5.00%	12/1/2026	NR		8,825,000		8,911,839
City of Blaine–Crest View Obligated Group MN(e)	5.125%	7/1/2025	NR		60,000		33,000
City of Colby KS–Citizens Medical Center Inc	5.50%	7/1/2026	NR		4,600,000		4,638,653
City of Fruita Healthcare Revenue–Lower Valley Hospital Association Obligated Group CO†	5.375%	1/1/2033	NR		2,000,000		2,029,182
City of Minneapolis–Fairview Health Services Obligated Group MN	5.00%	11/15/2033	BBB+		1,000,000		1,043,388
City of Minneapolis–Fairview Health Services Obligated Group MN	5.00%	11/15/2034	BBB+		2,000,000		2,013,761
City of Seneca–Nemaha Valley Community Hospital KS	5.00%	9/1/2025	NR		1,500,000		1,507,585
City of Wichita–Presbyterian Manors Obligated Group KS(d)	5.25%	5/15/2039	NR		1,500,000		1,505,541
Connecticut State Health & Educational Facilities Authority–Griffin Health Obligated Group†	5.00%	7/1/2032	BB+		1,000,000		1,017,941
Connecticut State Health & Educational Facilities Authority–Hartford HealthCare Obligated Group	5.00%	7/1/2034	A		2,360,000		2,361,127
County of Cuyahoga–MetroHealth System/The OH	5.00%	2/15/2042	BBB		9,295,000		9,448,896
County of Cuyahoga–MetroHealth System/The OH	5.25%	2/15/2047	BBB		2,440,000		2,491,649

See Notes to Financial Statements. 145

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
County of Muskingum–Genesis Healthcare Obligated Group OH	5.00%	2/15/2027	BB+		$	2,115,000	$	2,116,034
County of Muskingum–Genesis Healthcare Obligated Group OH	5.00%	2/15/2033	BB+			8,545,000		8,546,744
County of Washington–Marietta Area Health Care Inc Obligated Group OH	5.50%	12/1/2027	NR			7,300,000		7,418,143
Crawford County Memorial Hospital Inc LA	5.00%	6/15/2027	NR			1,255,000		1,275,013
Doylestown Hospital Authority–Doylestown Hospital Obligated Group PA†	5.00%	7/1/2031	NR			1,000,000		1,067,987
Dutchess County Local Development Corp.–Nuvance Health Obligated Group NY	4.00%	7/1/2034	BBB			6,435,000		6,462,320
Fulton County Industrial Development Authority–Fulton County Medical Center PA	4.00%	7/1/2028	NR			2,270,000		2,191,575
Glendale Industrial Development Authority–Beatitudes Campus Obligated Group AZ	4.00%	11/15/2027	NR			295,000		286,307
Grays Harbor County Public Hospital District No. 1 WA	5.75%	12/1/2033	BB+			5,105,000		5,362,377
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2037	Baa2			730,000		801,288
Greater Texas Cultural Education Facilities Finance Corp.–Texas Biomedical Research Institute TX	5.00%	6/1/2038	Baa2			3,710,000		4,052,628
Henry County Hospital Authority–Piedmont Healthcare Inc Obligated Group GA	5.00%	7/1/2034	AA-			4,695,000		4,710,538
Idaho Health Facilities Authority–North Canyon Medical Center Inc	5.50%	11/1/2029	NR			1,365,000		1,408,009
Idaho Health Facilities Authority–North Canyon Medical Center Inc	6.25%	11/1/2035	NR			2,610,000		2,783,038
Illinois Finance Authority–Lifespace Communities Inc Obligated Group	5.00%	5/15/2035	BBB	(c)		1,350,000		1,350,578
Illinois Finance Authority–Plymouth Place Obligated Group	5.00%	5/15/2025	NR			25,000		25,270
Illinois Finance Authority–Rush Obligated Group	5.00%	11/15/2038	A+			1,825,000		1,839,701

146 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Industrial Development Authority of the County of Pima–La Posada at Park Centre Inc Obligated Group AZ†	5.125%		11/15/2029	NR	$	1,500,000	$	1,514,813
King County Public Hospital District No. 4 WA	5.00%		12/1/2025	NR		45,000		45,069
Kremmling Memorial Hospital District CO†	5.00%		12/1/2029	NR		1,760,000		1,765,923
Kremmling Memorial Hospital District CO†	5.125%		12/1/2034	NR		2,825,000		2,772,689
Maryland Health & Higher Educational Facilities Authority–Adventist Healthcare Obligated Group	5.00%		1/1/2033	BBB		2,500,000		2,678,059
Massachusetts Development Finance Agency–Boston Medical Center Corp Obligated Group	5.00%		7/1/2035	BBB		1,000,000		1,022,915
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%		7/1/2025	BBB-		1,400,000		1,414,743
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%		7/1/2036	BBB-		3,460,000		3,525,878
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	8.50%		10/1/2026	BBB-		8,900,000		9,094,989
Massachusetts Health & Educational Facilities Authority–Trinity Health Corp Obligated Group	4.05% (MUNIPSA * 1 + .90%	)#	11/15/2032	AA-		1,265,000		1,220,980
Monroe County Hospital Authority–Centurion Foundation Lehigh Valley LLC PA†	5.10%		6/15/2039	NR		10,000,000		10,192,111
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%		7/1/2032	A-		1,250,000		1,250,990
New Hampshire Business Finance Authority–NFA UH SPV LLC†	5.625%		12/15/2033	NR		5,500,000		5,676,698
New York State Dormitory Authority–Catholic Health System Obligated Group	5.00%		7/1/2028	B-		1,000,000		999,585
New York State Dormitory Authority–Catholic Health System Obligated Group	5.00%		7/1/2030	B-		1,750,000		1,752,796
New York State Dormitory Authority–Catholic Health System Obligated Group	5.00%		7/1/2041	B-		1,400,000		1,384,248
New York State Dormitory Authority–Northwell Health Obligated Group	4.00%		5/1/2035	A-		3,075,000		3,075,932

See Notes to Financial Statements. 147

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Oklahoma Development Finance Authority-OU Medicine Obligated Group	5.00%		8/15/2027	BB		$	500,000	$	520,199
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%		8/15/2029	BB			1,200,000		1,262,499
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%		8/15/2033	BB			3,305,000		3,446,186
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.00%		8/15/2038	BB			4,600,000		4,751,303
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.25%		8/15/2048	BB			1,730,000		1,777,132
Oklahoma Development Finance Authority–OU Medicine Obligated Group	5.45%		8/15/2028	BB			3,500,000		3,400,272
Palm Beach County Health Facilities Authority–Lifespace Communities Inc Obligated Group FL	5.00%		5/15/2038	BBB	(c)		2,380,000		2,381,019
Palomar Health–Palomar Health Obligated Group CA	5.00%		11/1/2042	BB+			1,000,000		963,463
Palomar Health Obligated Group CA	5.00%		11/1/2031	BB+			2,875,000		2,903,643
Palomar Health Obligated Group CA	5.00%		11/1/2039	BB+			1,000,000		1,001,832
Public Finance Authority–Bancroft Neurohealth Obligated Group†	5.00%		6/1/2026	NR			470,000		474,080
Public Finance Authority–Bancroft Neurohealth Obligated Group WI†	5.00%		6/1/2036	NR			1,500,000		1,508,231
Public Finance Authority–Lehigh Valley Health Network Inc WI†	6.625%		12/1/2032	NR			2,975,000		3,018,853
Public Finance Authority–RBS Evolution LLC WI†	9.00%		11/1/2028	NR			4,000,000		4,210,983
Rhode Island Health & Educational Building Corp.–Care New England Health System Obligated Group	5.00%		9/1/2036	B+			10,500,000		10,565,647
Roanoke County Economic Development Authority–Friendship Foundation	5.50%	#(b)	9/1/2058	NR			350,000		350,392
South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Village Inc	5.25%		11/15/2028	NR			2,850,000		2,866,128
South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Village Inc	5.75%		11/15/2029	NR			9,500,000		9,462,964
Southeastern Ohio Port Authority–Marietta Area Healthcare Inc Obligated Group	5.50%		12/1/2029	B+	(c)		2,335,000		2,337,056

148 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
Washington Health Care Facilities Authority–CommonSpirit Health Obligated Group	5.00%	#(b)	8/1/2049	A-		$	5,120,000	$	5,233,762
Washington Health Care Facilities Authority–Providence St Joseph Health Obligated Group	5.00%		10/1/2038	A			3,000,000		3,000,932
Westchester County Health Care Corp Obligated Group NY	5.00%		11/1/2046	BBB-			2,400,000		2,326,616
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.00%		2/15/2029	BBB			3,265,000		3,509,947
Wisconsin Health & Educational Facilities Authority–Sauk-Prairie Memorial Hospital Inc Obligated Group	5.125%		2/1/2038	Ba2			1,950,000		1,950,222
Wisconsin Health & Educational Facilities Authority–Wisconsin Masonic Home Obligated Group	5.25%		8/15/2039	BBB-	(c)		1,415,000		1,554,394
Total									273,595,914
Housing 2.34%
California Housing Finance Agency	3.25%		8/20/2036	BBB			2,723,787		2,605,695
Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA)	6.00%		11/15/2054	AAA			4,650,000		5,140,924
Delaware State Housing Authority (FHLMC), (FNMA), (GNMA)	6.00%		1/1/2055	Aa1			3,600,000		4,032,729
Indiana Finance Authority–SFP-PUFWI LLC	4.00%		7/1/2034	BBB-			3,070,000		3,075,314
Iowa Finance Authority–Lifespace Communities Inc Obligated Group IA	6.75%		5/15/2033	BBB	(c)		4,700,000		5,394,712
Massachusetts Development Finance Agency–CHF Merrimack Inc MA†	4.25%		7/1/2034	BB			450,000		461,273
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%		1/1/2054	AA+			4,295,000		4,782,466
Montgomery County Housing Opportunities Commission MD	4.00%		7/1/2048	Aa2			315,000		316,089
New Hampshire Business Finance Authority	4.375%		9/20/2036	BBB			2,233,294		2,298,794
New Jersey Housing & Mortgage Finance Agency	6.00%		10/1/2055	AA			1,780,000		1,973,753
North Carolina Housing Finance Agency	4.00%		7/1/2047	AA+			200,000		200,736
Pennsylvania Housing Finance Agency AMT	4.00%		4/1/2039	AA+			120,000		119,754

See Notes to Financial Statements. 149

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Housing (continued)
Public Finance Authority–CHF–Manoa LLC WI†		5.25%		7/1/2038	BBB-		$	3,175,000	$	3,516,638
Virginia Beach Development Authority–Westminster-Canterbury on Chesapeake Bay Obligated Group		5.375%		9/1/2029	BB+	(c)		1,650,000		1,719,910
Total										35,638,787
Lease Obligations 0.27%
City of Phoenix Civic Improvement Corp. AZ AMT		5.00%		7/1/2036	Aa3			1,695,000		1,800,636
New Jersey Economic Development Authority	4.40% (MUNIPSA * 1 + 1.25%		)#	9/1/2025	A2			2,290,000		2,291,709
Total										4,092,345
Multi-Family Housing 0.53%
Illinois Housing Development Authority–South Shore IL Preservation LP (FHA), (HUD)		4.00%	#(b)	6/1/2026	Aaa			1,350,000		1,355,073
New Hampshire Business Finance Authority		3.625%		8/20/2039	A3			6,986,194		6,700,440
Total										8,055,513
Other Revenue 2.07%
Arlington Higher Education Finance Corp.–Newman International Academy TX		4.00%		8/15/2031	NR			360,000		344,310
Capital Trust Agency, Inc.–Franklin Academy Series 2020 Obligated Group FL†		4.00%		12/15/2025	NR			300,000		298,973
Capital Trust Agency, Inc.–Franklin Academy Series 2020 Obligated Group FL†		5.00%		12/15/2026	NR			300,000		304,283
Capital Trust Agency, Inc.–Franklin Academy Series 2020 Obligated Group FL†		5.00%		12/15/2029	NR			1,095,000		1,108,369
Cleveland-Cuyahoga County Port Authority–Playhouse Square Foundation OH		5.00%		12/1/2028	BB+			2,595,000		2,667,642
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc		5.25%		8/15/2026	Baa3			4,305,000		4,374,490
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc		5.25%		8/15/2028	Baa3			3,040,000		3,093,293

150 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Florida Development Finance Corp.–Renaissance Charter School Inc Series 2015 Obligated Group†	5.00%		6/15/2025	NR	$	100,000	$	100,324
Industrial Development Authority of the County of Pima–Edkey Inc Obligated Group†	3.50%		7/1/2025	NR		265,000		263,088
Jefferson Parish Economic Development & Port District–Kenner Discovery Health Science Foundation Inc LA†	4.80%		6/15/2029	NR		2,005,000		2,027,894
Maryland Economic Development Corp.(e)	5.00%		12/1/2031	NR		1,500,000		973,125
Territory of Guam	5.00%		11/15/2024	BB		4,500,000		4,502,144
Washington State Convention Center Public Facilities District	4.00%		7/1/2031	NR		11,350,000		11,456,242
Total								31,514,177
Pollution Control 1.17%
California Pollution Control Financing Authority	3.375%		7/1/2025	A-		1,000,000		1,000,296
California Pollution Control Financing Authority–Republic Services Inc AMT†	4.05%	#(b)	7/1/2043	BBB+		6,000,000		5,995,118
Finance Authority of Maine–Casella Waste Systems Inc ME AMT†	4.375%	#(b)	8/1/2035	B+		2,750,000		2,754,656
Illinois Finance Authority–LRS Holdings LLC AMT†	7.25%	#(b)	9/1/2052	NR		4,500,000		5,081,854
Matagorda County Navigation District No. 1–AEP Texas Inc	4.00%		6/1/2030	BBB+		1,000,000		1,000,508
Mississippi Business Finance Corp.–Waste Pro USA Inc AMT†	5.00%	#(b)	2/1/2036	NR		1,500,000		1,532,491
Vermont Economic Development Authority–Casella Waste Systems Inc AMT†	4.625%	#(b)	4/1/2036	B+		475,000		484,620
Total								17,849,543
Special Tax 2.62%
Allentown Neighborhood Improvement Zone Development Authority PA†	5.00%		5/1/2028	NR		1,000,000		1,031,355
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%		5/1/2032	NR		1,750,000		1,841,310
Allentown Neighborhood Improvement Zone Development Authority PA†	5.25%		5/1/2042	NR		1,750,000		1,812,154
Allentown Neighborhood Improvement Zone Development Authority PA†	6.00%		5/1/2042	NR		3,720,000		3,966,429

See Notes to Financial Statements. 151

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
Babcock Ranch Community Independent Special District FL	4.125%		5/1/2027	NR	$	940,000	$	942,191
Babcock Ranch Community Independent Special District FL	4.25%		5/1/2032	NR		2,000,000		2,022,241
Celebration Pointe Community Development District No. 1 FL	2.375%		5/1/2026	NR		430,000		419,764
City of Baltimore MD	4.50%		6/1/2033	NR		400,000		408,533
Industrial Development Authority of the City of St. Louis Missouri	3.875%		11/15/2029	NR		2,565,000		2,441,095
Lakewood Ranch Stewardship District FL	5.40%		5/1/2028	NR		990,000		1,011,465
Lakewood Ranch Stewardship District FL	5.45%		5/1/2033	NR		2,660,000		2,831,357
Mida Mountain Village Public Infrastructure District–Mountain Village Assessment Area No 2 UT†	4.00%		8/1/2025	NR		1,205,000		1,205,398
Military Installation Development Authority UT	4.00%		6/1/2036	NR		4,750,000		4,473,490
New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC)	3.765% (CPI YoY * 1 + 0.87%	)	3/1/2025	Baa1		1,585,000		1,583,341
New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC)	3.775% (CPI YoY * 1 + 0.88%	)	3/1/2026	Baa1		1,350,000		1,354,177
Northern Palm Beach County Improvement District FL	5.00%		8/1/2046	NR		2,150,000		2,153,791
Peninsula Town Center Community Development Authority VA†	4.50%		9/1/2028	NR		560,000		569,531
Scranton Redevelopment Authority PA GTD	5.00%		11/15/2028	BBB+		190,000		190,110
Village Community Development District No. 12 FL	4.00%		5/1/2033	NR		1,305,000		1,318,386
Village Metropolitan District CO GO	4.15%		12/1/2030	NR		3,650,000		3,631,507
West Villages Improvement District FL	4.25%		5/1/2029	NR		1,935,000		1,949,774
West Villages Improvement District FL	4.75%		5/1/2039	NR		2,000,000		1,993,880
Westview South Community Development District FL	4.75%		5/1/2028	NR		185,000		186,865
Westview South Community Development District FL	4.875%		5/1/2028	NR		475,000		480,486
Total								39,818,630

152 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Tax Revenue 3.62%
American Samoa Economic Development Authority†	6.50%	9/1/2028	Ba3		$	1,040,000	$	1,099,137
City of Sparks NV†	2.75%	6/15/2028	Baa2			3,995,000		3,910,668
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%	10/1/2027	NR			1,000,000		1,043,111
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%	10/1/2032	NR			2,535,000		2,692,056
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%	10/1/2039	NR			9,620,000		10,075,579
Public Finance Authority–Southeast Overtown Park West Community Redevelopment Agency WI†	5.00%	6/1/2041	NR			16,000,000		16,443,079
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.50%	7/1/2034	NR			19,855,000		19,894,186
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR			1,000		992
Total								55,158,808
Tobacco 1.03%
Nassau County Tobacco Settlement Corp. NY	5.00%	6/1/2035	CCC+			1,670,000		1,576,883
Nassau County Tobacco Settlement Corp. NY	5.25%	6/1/2026	CCC+			8,081,680		7,928,731
TSASC, Inc. NY	5.00%	6/1/2025	B-			6,100,000		6,104,336
Total								15,609,950
Transportation 10.32%
California Municipal Finance Authority–LAX Integrated Express Solutions LLC	5.00%	6/30/2027	BB+	(c)		695,000		723,136
California Municipal Finance Authority–LAX Integrated Express Solutions LLC	5.00%	6/30/2028	BB+	(c)		1,650,000		1,737,882
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2028	BB+	(c)		1,000,000		1,053,034
Chicago O’Hare International Airport IL	5.00%	1/1/2032	A+			2,325,000		2,333,919
City & County of Denver–United Airlines Inc CO AMT	5.00%	10/1/2032	BB-			9,040,000		9,042,743
City & County of Denver Airport System Revenue CO AMT	5.00%	12/1/2035	A+			4,165,000		4,385,477

See Notes to Financial Statements. 153

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Transportation (continued)
County of Miami-Dade Aviation Revenue FL AMT	5.00%		10/1/2032	A+		$	10,000,000	$	10,011,301
County of Miami-Dade Seaport Department FL AMT	5.00%		10/1/2036	A3			1,300,000		1,419,960
Eagle County Airport Terminal Corp. CO AMT	5.00%		5/1/2037	Baa2			2,045,000		2,086,059
Florida Development Finance Corp.–AAF Operations Holdings LLC AMT†	12.00%	#(b)	7/15/2032	NR			5,500,000		5,867,011
Maryland Economic Development Corp.–CONSOL Marine Terminals LLC	5.75%		9/1/2025	BB			14,270,000		14,383,916
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.00%		11/12/2028	Baa3			9,995,000		10,243,366
Metropolitan Transportation Authority NY	5.00%		11/15/2031	A-			1,975,000		2,016,278
Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC	5.00%		10/1/2034	A-			1,250,000		1,339,238
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	5.50%		6/30/2038	Baa3			2,000,000		2,224,124
New York Transportation Development Corp.–Delta Air Lines Inc AMT	4.00%		10/1/2030	Baa3			14,725,000		14,868,006
New York Transportation Development Corp.–Delta Air Lines Inc AMT	4.00%		1/1/2036	Baa3			5,000,000		5,002,774
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%		1/1/2033	Baa3			2,500,000		2,585,194
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%		1/1/2036	Baa3			14,000,000		14,421,299
New York Transportation Development Corp.–Delta Air Lines Inc AMT	6.00%		4/1/2035	Baa3			3,000,000		3,394,976
New York Transportation Development Corp.–Empire State Thruway Partners LLC AMT	2.50%		10/31/2031	BBB-	(c)		1,365,000		1,172,243
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%		12/1/2038	Baa1			2,240,000		2,392,447
New York Transportation Development Corp.–JFK NTO LLC	5.25%		6/30/2038	Baa3			2,565,000		2,848,995
New York Transportation Development Corp.–JFK NTO LLC	5.25%		6/30/2040	Baa3			1,500,000		1,640,385
New York Transportation Development Corp.–JFK NTO LLC AMT	5.25%		6/30/2041	Baa3			1,000,000		1,090,679
New York Transportation Development Corp.–JFK NTO LLC NY AMT	5.50%		6/30/2039	Baa3			1,000,000		1,106,280

154 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	5.00%		7/1/2034	Baa2	$	6,000,000	$	6,008,565
New York Transportation Development Corp.–Laguardia Gateway Partners LLC (AGM) AMT	4.00%		7/1/2031	AA		3,925,000		3,925,398
North Parkway Municipal Management District No. 1 TX†	3.625%		9/15/2026	NR		400,000		400,368
Pennsylvania Turnpike Commission Registration Fee Revenue	4.00% (MUNIPSA * 1 + .85%	)#	7/15/2041	AA-		5,000,000		5,001,926
Port of Beaumont Navigation District–Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT†	3.625%		1/1/2035	NR		2,000,000		1,876,274
Public Finance Authority–Air Cargo Obligated Group WI	5.00%		7/1/2031	BBB		1,875,000		2,028,572
Public Finance Authority–Air Cargo Obligated Group WI AMT	5.00%		7/1/2032	BBB		1,845,000		2,008,620
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segments 3 LLC AMT	5.375%		6/30/2037	Baa1		1,750,000		1,909,288
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segments 3 LLC AMT	5.375%		6/30/2038	Baa1		1,000,000		1,087,079
Texas Private Activity Bond Surface Transportation Corp.–NTE Mobility Partners Segments 3 LLC AMT	5.375%		6/30/2039	Baa1		1,580,000		1,713,793
Virginia Small Business Financing Authority–95 Express Lanes LLC AMT	5.00%		1/1/2034	BBB		6,605,000		7,126,565
Virginia Small Business Financing Authority–Elizabeth River Crossings OpCo LLC AMT	4.00%		1/1/2038	BBB		4,525,000		4,513,249
Total								156,990,419
Utilities 13.62%
Black Belt Energy Gas District AL	4.00%	#(b)	12/1/2052	Baa1		4,890,000		4,930,298
Black Belt Energy Gas District AL	5.25%	#(b)	5/1/2055	A1		8,905,000		9,818,343
Black Belt Energy Gas District AL	5.50%	#(b)	6/1/2049	A2		2,350,000		2,543,628
California Community Choice Financing Authority	5.00%	#(b)	1/1/2055	A1		16,250,000		17,852,247
California Community Choice Financing Authority	5.25%		11/1/2054	A2		3,300,000		3,594,001

See Notes to Financial Statements. 155

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Central Plains Energy Project NE		5.00%	#(b)	5/1/2054	Aa2	$	5,000,000	$	5,365,078
Charlotte County Industrial Development Authority–MSKP Town & Country Utility LLC†		5.00%		10/1/2029	NR		2,110,000		2,186,009
Charlotte County Industrial Development Authority–MSKP Town & Country Utility LLC†		5.00%		10/1/2034	NR		1,000,000		1,024,769
Charlotte County Industrial Development Authority–MSKP Town & Country Utility LLC AMT†		5.50%		10/1/2036	NR		3,345,000		3,390,461
City of Osceola–Plum Point Energy Associates LLC AR AMT		5.50%	#(b)	4/1/2036	NR		11,750,000		11,820,267
City of Seattle Municipal Light & Power Revenue WA	3.40% (MUNIPSA * 1 + .25%		)#	5/1/2045	AA		3,000,000		2,946,024
County of Trimble–Louisville Gas and Electric Co KY AMT		4.70%	#(b)	6/1/2054	A1		1,750,000		1,768,551
County of Washoe–Sierra Pacific Power Co NV		4.125%	#(b)	3/1/2036	A		1,365,000		1,386,474
Delaware State Economic Development Authority–NRG Energy Inc		1.25%	#(b)	10/1/2045	BBB-		5,000,000		4,867,982
Energy Southeast A Cooperative District AL		5.25%	#(b)	7/1/2054	A1		3,000,000		3,323,227
Energy Southeast A Cooperative District AL		5.75%	#(b)	4/1/2054	A1		2,000,000		2,273,345
Florida Development Finance Corp.–Waste Pro USA Inc AMT		3.00%		6/1/2032	NR		5,000,000		4,472,848
Illinois Finance Authority–Peoples Gas Light & Coke Co/The		3.90%		3/1/2030	Aa3		5,000,000		4,999,842
Kentucky Public Energy Authority		5.00%	#(b)	5/1/2055	A2		4,500,000		4,843,036
Main Street Natural Gas, Inc. GA†		4.00%	#(b)	8/1/2052	BBB-		17,800,000		17,778,131
Main Street Natural Gas, Inc. GA		4.00%	#(b)	9/1/2052	A3		1,190,000		1,213,237
Main Street Natural Gas, Inc. GA	4.943% (SOFR * .67 + 1.70%		)#	12/1/2053	Aa1		5,000,000		5,158,715
Main Street Natural Gas, Inc. GA		5.00%	#(b)	12/1/2054	A3		5,500,000		5,939,438
Northern Palm Beach County Improvement District FL		5.00%		8/1/2034	NR		3,200,000		3,205,643
Pennsylvania Economic Development Financing Authority–Talen Energy Supply LLC		5.25%	#(b)	12/1/2037	BB-		6,320,000		6,441,831
Pennsylvania Economic Development Financing Authority–Talen Energy Supply LLC		5.25%	#(b)	12/1/2038	BB-		4,390,000		4,474,282

156 See Notes to Financial Statements.

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR	$	6,370,000	$	6,116,832
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2030	NR		6,285,000		6,661,263
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2033	NR		5,230,000		5,570,365
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2035	NR		1,500,000		1,575,426
Puerto Rico Commonwealth Aqueduct & Sewer Authority PR†	5.00%		7/1/2037	NR		1,000,000		1,062,976
Southeast Alabama Gas Supply District AL	5.00%	#(b)	8/1/2054	Aa3		9,000,000		9,786,323
Southeast Energy Authority A Cooperative District AL	5.663% (SOFR * .67 + 2.42%	)#	1/1/2053	A1		10,000,000		10,539,000
Southern California Public Power Authority–City of Anaheim Electric System Revenue CA	5.00%	#(b)	4/1/2055	A2		5,250,000		5,686,180
Tennergy Corp. TN	5.50%	#(b)	10/1/2053	Baa1		8,195,000		8,944,240
Texas Municipal Gas Acquisition & Supply Corp. III–Texas Municipal Gas Acquisition & Supply Corp III TX	5.00%		12/15/2032	A1		4,080,000		4,466,712
Texas Municipal Gas Acquisition & Supply Corp. IV	5.50%	#(b)	1/1/2054	A1		8,000,000		9,103,743
Total								207,130,767
Total Municipal Bonds (cost $1,434,855,634)								1,469,768,757

	Interest Rate#	Interest Rate Reset Date(f)	Final Maturity Date
SHORT-TERM INVESTMENTS 2.06%
VARIABLE RATE DEMAND NOTES 2.06%
Corporate-Backed 0.37%
Maryland Industrial Development Financing Authority–Occidental Petroleum Corp	5.200%	10/1/2024	3/1/2030	Baa3	5,645,000	5,645,000
General Obligation 0.19%
City of New York NY GO	4.050%	10/1/2024	10/1/2046	AA	270,000	270,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA	1,075,000	1,075,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA	1,580,000	1,580,000
Total						2,925,000

See Notes to Financial Statements. 157

Schedule of Investments (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Interest Rate Reset Date(f)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care 1.50%
Montgomery County Higher Education & Health Authority–Thomas Jefferson University Obligated Group PA	3.950%	10/1/2024	9/1/2050	A	$	16,265,000	$	16,265,000
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.000%	10/1/2024	2/15/2053	BBB		6,450,000		6,450,000
Total								22,715,000
Total Short-Term Investments (cost $31,285,000)								31,285,000
Total Investments in Securities 98.84% (cost $1,468,535,948)								1,503,478,757
Other Assets and Liabilities – Net(g)1.16%								17,645,414
Net Assets 100.00%							$	1,521,124,171

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
COPS	Certificates of Participation.
CPI	Consumer Price Index: Rate fluctuates based on CPI.
FGIC	Insured by–Financial Guaranty Insurance Company.
FHA	Insured by–Federal Housing Administration.
FHLMC	Insured by-Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
MUNIPSA	SIFMA Municipal Swap Index Yield.
NR	Not Rated.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
SOFR	Secured Overnight Financing Rate.
TRIPS	Tax Refund Intercept Programs.
YoY	Year on Year Inflation Rates.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $373,254,287, which represents 24.54% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	This investment has been rated by Fitch IBCA.
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	Defaulted (non-income producing security).
(f)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
(g)	Other Assets and Liabilities–Net include net unrealized appreciation/depreciation on futures contracts as follows:

158 See Notes to Financial Statements.

Schedule of Investments (concluded)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND September 30, 2024

Futures Contracts at September 30, 2024:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	December 2024	40	Short		$(4,976,888	)		$(4,967,500	)		$9,388

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Corporate Bonds	$	–	$	2,425,000	$	–	$	2,425,000
Municipal Bonds		–		1,469,768,757		–		1,469,768,757
Short-Term Investments
Variable Rate Demand Notes		–		31,285,000		–		31,285,000
Total	$	–	$	1,503,478,757	$	–	$	1,503,478,757
Other Financial Instruments
Futures Contracts
Assets	$	9,388	$	–	$	–	$	9,388
Liabilities		–		–		–		–
Total	$	9,388	$	–	$	–	$	9,388

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2023	$	14,882,022
Accrued Discounts (Premiums)		13,012
Realized Gain (Loss)		(40,327	)
Change in Unrealized Appreciation (Depreciation)		92,267
Purchases		–
Sales		(4,732,500	)
Transfers into Level 3		–
Transfers out of Level 3(a)		(10,214,474	)
Balance as of September 30, 2024	$	–
Change in unrealized appreciation/depreciation for the year ended September 30, 2024, related to Level 3 investments held at September 30, 2024	$	–

^(a) The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of Level 3 were primarily related to the availability of market quotations in accordance with valuation methodology.

See Notes to Financial Statements. 159

Schedule of Investments

SUSTAINABLE MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.38%
MUNICIPAL BONDS 98.38%
Corporate-Backed 2.21%
Michigan Strategic Fund–Graphic Packaging International LLC AMT	4.00%	#(b)	10/1/2061	BB	$	125,000	$	125,716
Education 16.47%
Build NYC Resource Corp.–East Harlem Scholars Academy Charter School Obligated Group NY†	5.00%		6/1/2032	BB		100,000		106,938
California Community Choice Financing Authority	4.00%	#(b)	5/1/2053	A1		150,000		153,649
Clifton Higher Education Finance Corp.–International Leadership of Texas Inc	6.00%		8/15/2038	Baa3		110,000		112,211
Duval County Public Schools FL COPS (AGM)	5.00%		7/1/2035	AA		150,000		166,140
Florida Development Finance Corp.–Renaissance Charter School Inc Series 2020C/D Obligated Group†	5.00%		9/15/2040	NR		100,000		98,164
Fort Bend Independent School District TX GO (PSF-GTD)	0.875%	#(b)	8/1/2050	AAA		145,000		142,071
Massachusetts Development Finance Agency–Franklin W Olin College of Engineering Inc	5.00%		11/1/2039	A		140,000		157,947
Total								937,120
General Obligation 15.90%
California Community Choice Financing Authority	5.00%	#(b)	12/1/2053	A2		150,000		160,589
California Community Choice Financing Authority	5.50%	#(b)	5/1/2054	A2		100,000		107,979
Chicago Board of Education IL GO	4.00%		12/1/2039	BB+		125,000		121,147
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2036	A2		200,000		232,376
Pennsylvania Economic Development Financing Authority–Commonwealth of Pennsylvania Department of Transportation AMT	5.50%		6/30/2037	Baa2		125,000		141,332
San Marcos Consolidated Independent School District TX (PSF-GTD)	5.00%		8/15/2040	Aaa		125,000		141,306
Total								904,729

160 See Notes to Financial Statements.

Schedule of Investments (continued)

SUSTAINABLE MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care 26.80%
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2026	BBB	$	80,000	$	80,383
Board of Managers Joint Guadalupe County-City of Seguin Hospital TX	4.00%	12/1/2026	BB		200,000		198,205
Brevard County Health Facilities Authority–Health First Inc Obligated Group FL	5.00%	4/1/2038	A		210,000		234,397
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.25%	12/1/2042	A+		110,000		128,334
County of Franklin–Trinity Health Corp Obligated OH	5.00%	12/1/2036	AA-		150,000		161,300
Illinois Finance Authority–Rush Obligated Group	5.00%	11/15/2031	A+		150,000		151,558
Maryland Health & Higher Educational Facilities Authority–Adventist Healthcare Obligated Group	5.50%	1/1/2046	Baa3		125,000		127,329
Massachusetts Development Finance Agency–Tufts Medicine Obligated Group	5.00%	7/1/2038	BBB-		95,000		96,399
South Carolina Jobs-Economic Development Authority–Kiawah Life Plan Village Inc	5.25%	11/15/2028	NR		100,000		100,566
State of Ohio–University Hospitals Health System Inc Obligated Group	5.00%	1/15/2032	A		150,000		163,250
Westchester County Local Development Corp.–New York Blood Center Inc NY	5.00%	7/1/2038	Baa1		75,000		83,158
Total							1,524,879
Housing 16.46%
Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA)	6.00%	11/15/2054	AAA		100,000		110,558
Indiana Finance Authority–CHF-Tippecanoe LLC	5.00%	6/1/2043	BBB-		150,000		158,734
Maryland Economic Development Corp.	5.375%	7/1/2038	BBB-		150,000		165,801
Maryland Economic Development Corp.–University of Maryland College Park (AGM)	5.00%	7/1/2041	AA		125,000		136,209
Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA)	6.25%	1/1/2055	AA+		125,000		143,000

See Notes to Financial Statements. 161

Schedule of Investments (continued)

SUSTAINABLE MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
New Jersey Housing & Mortgage Finance Agency	6.00%		10/1/2055	AA	$	100,000	$	110,885
Washington State Housing Finance Commission–Provident Group-SH I Properties LLC	5.50%		7/1/2044	BBB-		100,000		111,283
Total								936,470
Other Revenue 2.78%
Indiana Finance Authority–Indianapolis Museum of Art Inc IN	4.00%		2/1/2034	A2		150,000		158,020
Taxable Revenue–Water & Sewer 2.21%
Jersey City Municipal Utilities Authority Sewer Fund NJ	5.00%		5/1/2025	NR		125,000		126,030
Transportation 5.46%
County of Osceola Transportation Revenue FL	5.00%		10/1/2028	BBB+		100,000		105,502
Maryland Economic Development Corp.–Purple Line Transit Partners LLC AMT	5.00%		11/12/2028	Baa3		200,000		204,970
Total								310,472
Utilities 10.09%
California Community Choice Financing Authority	5.00%	#(b)	1/1/2055	A1		150,000		164,790
California Pollution Control Financing Authority–Poseidon Resources Channelside LP†	5.00%		7/1/2039	Baa3		250,000		262,860
City of Chicago Waterworks Revenue IL	5.00%		11/1/2029	A+		140,000		146,212
Total								573,862
Total Municipal Bonds (cost $5,443,007)								5,597,298

162 See Notes to Financial Statements.

Schedule of Investments (concluded)

SUSTAINABLE MUNICIPAL BOND FUND September 30, 2024

Investments	Interest Rate#	Interest Rate Reset Date(c)	Final Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.88%
VARIABLE RATE DEMAND NOTES 0.88%
Health Care
Wisconsin Health & Educational Facilities Authority–Marshfield Clinic Health System Obligated Group	5.000%	10/1/2024	2/15/2053	BBB	$	50,000	$	50,000
Total Short-Term Investments (cost $50,000)								50,000
Total Investments in Securities 99.26% (cost $5,493,007)								5,647,298
Other Assets and Liabilities - Net 0.74%								42,227
Net Assets 100.00%							$	5,689,525

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
COPS	Certificates of Participation.
FHLMC	Insured by-Federal Home Loan Mortgage Corporation.
FNMA	Federal National Mortgage Association.
GNMA	Government National Mortgage Association.
GTD	Guaranteed.
NR	Not Rated.
PSF	Permanent School Fund.
SIFMA	Insured by–Securities Industry and Financial Markets Association.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $467,962, which represents 8.22% of net assets.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	5,597,298	$	–	$	5,597,298
Short-Term Investments
Variable Rate Demand Notes		–		50,000		–		50,000
Total	$	–	$	5,647,298	$	–	$	5,647,298

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

See Notes to Financial Statements. 163

Schedule of Investments

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 99.32%
MUNICIPAL BONDS 99.32%
Corporate-Backed 1.95%
California Infrastructure & Economic Development Bank–DesertXpress Enterprises LLC AMT†	8.00%	#(b)	1/1/2050	NR	$	1,500,000	$	1,544,882
California Municipal Finance Authority–United Airlines Inc AMT	4.00%		7/15/2029	BB-		2,020,000		2,037,445
California Municipal Finance Authority–Waste Management Inc AMT	4.125%	#(b)	10/1/2041	A-		3,000,000		3,017,394
California Pollution Control Financing Authority–Poseidon Resources Channelside LP AMT†	5.00%		11/21/2045	Baa3		4,410,000		4,416,828
California Pollution Control Financing Authority–Waste Management Inc AMT	4.30%		7/1/2040	A-		185,000		186,310
San Francisco City & County Airport Comm-San Francisco International Airport–SFO Fuel Co LLC CA AMT	5.00%		1/1/2038	A+		1,715,000		1,804,944
Total								13,007,803
Education 13.98%
Alameda Unified School District-Alameda County CA	5.00%		8/1/2049	AA		1,700,000		1,904,623
Alvord Unified School District CA GO (BAM)	5.00%		8/1/2052	AA		4,000,000		4,484,039
Brentwood Union School District CA GO	5.25%		8/1/2052	Aa3		2,125,000		2,359,330
California Community Choice Financing Authority	4.00%	#(b)	5/1/2053	A1		4,850,000		4,967,968
California Educational Facilities Authority–Art Center College of Design	4.00%		12/1/2037	Baa1		1,150,000		1,154,313
California Educational Facilities Authority–Art Center College of Design	5.00%		12/1/2044	Baa1		3,500,000		3,610,455
California Educational Facilities Authority–Chapman University	5.00%		4/1/2040	A2		1,000,000		1,005,286
California Educational Facilities Authority–Loyola Marymount University	5.00%		10/1/2048	A2		1,000,000		1,046,246
California Educational Facilities Authority–St Mary’s College of California	5.50%		10/1/2053	BBB-		1,125,000		1,215,248
California Educational Facilities Authority–University of San Francisco	5.00%		10/1/2053	A3		2,000,000		2,086,568
California Educational Facilities Authority–University of the Pacific	5.00%		11/1/2053	A2		2,900,000		3,171,468

164 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
California Enterprise Development Authority–Castilleja School Foundation(c)	5.00%	6/1/2049	A	$	2,750,000	$	3,058,209
California Health Facilities Financing Authority–Art Center College of Design	5.00%	12/1/2048	Baa1		1,000,000		1,025,452
California Municipal Finance Authority–Biola University Inc	5.00%	10/1/2032	Baa1		400,000		418,855
California Municipal Finance Authority–Biola University Inc	5.00%	10/1/2039	Baa1		1,000,000		1,036,184
California Municipal Finance Authority–Emerson College	5.00%	1/1/2042	BBB+		4,245,000		4,349,931
California Municipal Finance Authority–Samuel Merritt University	5.25%	6/1/2053	A3		5,500,000		6,045,909
California Municipal Finance Authority–SDORI Charter School Properties LLC†	5.625%	3/1/2045	B+		500,000		488,996
California Municipal Finance Authority–University of the Pacific	3.00%	11/1/2048	A2		4,000,000		3,222,746
California Municipal Finance Authority–University of the Pacific	4.00%	11/1/2042	A2		1,175,000		1,186,053
California Municipal Finance Authority–Westside Neighborhood School†	5.90%	6/15/2044	BB		1,815,000		1,967,657
California School Finance Authority–Aspire Public Schools Obligated Group†	5.00%	8/1/2046	NR		85,000		86,588
California School Finance Authority–Aspire Public Schools Obligated Group†	5.00%	8/1/2046	BBB		3,450,000		3,465,009
California School Finance Authority–Green Dot Public Schools Obligated Group†	5.00%	8/1/2045	BBB-		620,000		622,989
California School Finance Authority–Kipp SoCal Public Schools Obligated†	5.00%	7/1/2045	BBB		2,190,000		2,199,811
California School Finance Authority–Kipp SoCal Public Schools Obligated†	5.00%	7/1/2047	BBB		4,415,000		4,476,961
California School Finance Authority–Kipp SoCal Public Schools Obligated Group†	5.00%	7/1/2049	BBB		1,000,000		1,028,433
California State University	5.25%	11/1/2053	Aa2		8,075,000		9,184,554

See Notes to Financial Statements. 165

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
California Statewide Communities Development Authority–Culinary Institute of America	5.00%		7/1/2046	Baa2	$	1,010,000	$	1,018,933
Central Unified School District CA GO	5.25%		8/1/2052	Aa3		2,940,000		3,315,555
Montebello Unified School District CA GO (AGM)	5.50%		8/1/2047	AA		2,000,000		2,196,707
Morgan Hill Unified School District CA GO	5.25%		8/1/2040	Aa1		1,000,000		1,161,981
Rincon Valley Union School District CA	5.00%		8/1/2054	AA		2,875,000		3,199,780
San Rafael City High School District CA GO	4.00%		8/1/2053	Aa2		2,000,000		2,004,446
Santa Clarita Community College District CA GO	5.25%		8/1/2045	AA		1,500,000		1,704,977
University of California	5.00%		5/15/2052	AA		4,640,000		5,101,343
University of California	5.00%		5/15/2054	AA		2,500,000		2,792,435
Total								93,366,038
General Obligation 12.68%
California Community Choice Financing Authority	5.00%	#(b)	12/1/2053	A2		1,925,000		2,060,891
California Community Choice Financing Authority	5.25%	#(b)	1/1/2054	Baa1		8,595,000		9,291,068
California Community Choice Financing Authority	5.50%	#(b)	5/1/2054	A2		4,905,000		5,296,404
California State Public Works Board	4.00%		5/1/2046	Aa3		3,765,000		3,822,837
California State Public Works Board–State of California Department of General Services	5.00%		4/1/2049	Aa3		1,000,000		1,126,395
Commonwealth of Puerto Rico GO	4.00%		7/1/2046	NR		2,000,000		1,889,832
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR		165,067		183,693
Dublin Unified School District CA GO	3.00%		8/1/2041	AA+		2,425,000		2,228,406
El Rancho Unified School District CA GO (BAM)	5.75%		8/1/2048	AA		1,750,000		2,092,625
Grossmont Union High School District CA GO (AGM)	Zero Coupon		6/1/2040	AA		2,000,000		907,106
Imperial Community College District CA GO (AGM)	5.25%		8/1/2053	AA		1,620,000		1,824,197
Imperial Community College District GO (AGM)	5.00%		8/1/2054	AA		2,500,000		2,786,798
Irvine Facilities Financing Authority CA GO	4.25%		9/1/2050	Aa1		1,565,000		1,600,266

166 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Irvine Unified School District–Community Facilities District No 01-1 CA Special Tax (BAM)	5.00%	9/1/2038	AA	$	1,000,000	$	1,007,155
Irvine Unified School District–Community Facilities District No 01-1 CA Special Tax (BAM)	5.00%	9/1/2056	AA		995,000		1,024,769
Local Public Schools Funding Authority School Improvement District No. 2016-1 CA GO (BAM)	5.00%	8/1/2052	AA		2,000,000		2,092,039
Los Angeles Unified School District–Los Angeles Unified School District/CA(c)	5.25%	7/1/2049	Aa2		1,625,000		1,872,259
Newport Mesa Unified School District CA GO	Zero Coupon	8/1/2041	Aaa		1,325,000		686,541
Newport Mesa Unified School District CA GO	Zero Coupon	8/1/2045	Aaa		1,000,000		435,698
North Orange County Community College District CA GO	2.75%	8/1/2036	AA+		2,000,000		1,842,996
Pajaro Valley Health Care District CA GO	5.00%	9/1/2046	Ba2		2,750,000		2,995,576
Ravenswood City School District CA GO (BAM)	5.25%	8/1/2053	AA		2,000,000		2,240,895
San Benito High School District CA GO	Zero Coupon	8/1/2042	Aa3		1,795,000		859,891
San Benito High School District CA GO	Zero Coupon	8/1/2043	Aa3		2,600,000		1,189,925
San Diego Public Facilities Financing Authority CA	5.25%	10/15/2052	AA-		4,125,000		4,633,780
San Diego Unified School District CA GO	5.00%	7/1/2048	Aa2		3,000,000		3,359,459
Santa Monica-Malibu Unified School District CA GO	3.00%	8/1/2044	AA+		1,515,000		1,344,463
Simi Valley Unified School District CA GO	5.25%	8/1/2051	Aa2		3,000,000		3,321,023
Southwestern Community College District CA GO	Zero Coupon	8/1/2041	Aa2		1,100,000		605,365
State of California GO	5.00%	10/1/2041	Aa2		1,170,000		1,300,703
State of California GO	5.00%	4/1/2042	Aa2		2,000,000		2,248,774
State of California GO	5.00%	9/1/2053	Aa2		1,000,000		1,117,486
State of California GO	5.25%	9/1/2047	Aa2		3,000,000		3,393,525
State of California GO	5.25%	9/1/2053	Aa2		3,000,000		3,403,294
State of California GO	5.25%	8/1/2054	Aa2		1,250,000		1,431,336
State of California GO	5.50%	8/1/2054	Aa2		3,600,000		4,203,125

See Notes to Financial Statements. 167

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation (continued)
Washington Township Health Care District CA GO	5.25%	8/1/2048	AA	$	1,625,000	$	1,831,468
West Contra Costa Unified School District CA GO	6.00%	8/1/2027	A+		1,000,000		1,103,829
Total							84,655,892
Health Care 14.62%
Antelope Valley Healthcare District Obligated Group CA	5.00%	3/1/2026	BBB		1,065,000		1,070,097
Antelope Valley Healthcare District Obligated Group CA	5.25%	3/1/2036	BBB		1,000,000		1,005,685
California Community Choice Financing Authority–Providence St Joseph Health Obligated Group	3.00%	10/1/2041	A		1,910,000		1,695,614
California Community Choice Financing Authority–Providence St Joseph Health Obligated Group	3.00%	10/1/2047	A		1,680,000		1,363,090
California Community Choice Financing Authority–Providence St Joseph Health Obligated Group	5.00%	10/1/2044	A		2,410,000		2,410,025
California Health Facilities Financing Authority–Cedars-Saini Medical Center Obligated Group	3.00%	8/15/2051	AA-		2,705,000		2,193,123
California Health Facilities Financing Authority–Children’s Hospital Los Angeles Obligated Group	5.00%	8/15/2047	BBB		4,000,000		4,100,839
California Health Facilities Financing Authority–Children’s Hospital Los Angeles Obligated Group CA	5.00%	10/1/2030	A		1,470,000		1,473,119
California Health Facilities Financing Authority–Children’s Hospital Los Angeles Obligated Group CA	5.00%	8/15/2042	BBB		1,250,000		1,288,796
California Health Facilities Financing Authority–Children’s Hospital of Orange County Obligated Group	3.00%	11/1/2038	AA-		3,000,000		2,837,193
California Health Facilities Financing Authority–City of Hope Obligated Group	4.00%	11/15/2045	A		3,370,000		3,318,785
California Health Facilities Financing Authority–City of Hope Obligated Group	5.00%	11/15/2032	A		1,300,000		1,300,814
California Health Facilities Financing Authority–CommonSpirit Health Obligated Group	4.00%	4/1/2035	A-		3,380,000		3,486,893

168 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
California Health Facilities Financing Authority–CommonSpirit Health Obligated Group	5.00%	12/1/2054	A-		$	5,000,000	$	5,446,086
California Health Facilities Financing Authority–CommonSpirit Health Obligated Group CA	5.00%	12/1/2044	A-			1,485,000		1,668,532
California Health Facilities Financing Authority–Lucile Salter Packard Children’s Hospital at Stanford Obligated Group	4.00%	5/15/2051	A+			2,000,000		2,001,820
California Health Facilities Financing Authority–Lucile Salter Packard Children’s Hospital at Stanford Obligated Group	5.00%	8/15/2034	A+			2,000,000		2,388,768
California Health Facilities Financing Authority–Lucile Salter Packard Children’s Hospital at Stanford Obligated Group	5.00%	11/15/2056	A+			1,225,000		1,268,445
California Health Facilities Financing Authority–Scripps Health Obligated Group	5.00%	11/15/2044	AA-			9,000,000		10,169,479
California Health Facilities Financing Authority–Sutter Health Obligated Group	5.00%	11/15/2038	A+			2,250,000		2,365,718
California Infrastructure & Economic Development Bank–Roseville Sustainable Energy Partner LLC	5.25%	7/1/2049	BBB+			2,450,000		2,655,533
California Municipal Finance Authority	4.00%	8/15/2037	A-			1,000,000		1,008,846
California Municipal Finance Authority–Community Hospitals of Central California Obligated Group	5.00%	2/1/2037	A3			2,000,000		2,061,064
California Municipal Finance Authority–Eisenhower Medical Center	5.00%	7/1/2036	Baa2			1,580,000		1,626,435
California Municipal Finance Authority–Palomar Health Obligated Group COPS (AGM)	5.25%	11/1/2052	AA			1,000,000		1,086,164
California Municipal Finance Authority (AGM)	4.00%	2/1/2051	AA			1,000,000		977,315
California Public Finance Authority–Kendal At Ventura†	10.00%	5/15/2028	NR			500,000		590,861
California Statewide Communities Development Authority–HumanGood California Obligated Group	5.00%	10/1/2045	A-	(d)		1,000,000		1,008,076

See Notes to Financial Statements. 169

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
California Statewide Communities Development Authority–John Muir Health Obligated Group	5.25%	12/1/2054	A+	$	3,750,000	$	4,203,630
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.00%	12/1/2026	BB		2,335,000		2,400,035
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.00%	12/1/2041	BB		1,000,000		1,014,627
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.25%	12/1/2034	BB		2,150,000		2,154,917
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.25%	12/1/2056	BB		1,015,000		1,027,946
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group	5.50%	12/1/2054	BB		2,225,000		2,227,576
California Statewide Communities Development Authority–Loma Linda University Medical Obligated Group†	5.50%	12/1/2058	BB		2,600,000		2,694,499
California Statewide Communities Development Authority–Verity Health System of California Inc Obligated Group(e)	5.50%	7/1/2039	NR		2,268		2,132
Los Angeles County Public Works Financing Authority–County of Los Angeles CA	5.50%	12/1/2053	AA+		2,000,000		2,324,219
Palomar Health Obligated Group CA	5.00%	11/1/2036	BB+		3,555,000		3,573,540
Palomar Health Obligated Group CA	5.00%	11/1/2039	BB+		4,750,000		4,758,702
Regents of the University of California Medical Center Pooled Revenue	3.50%	5/15/2054	AA-		3,000,000		2,854,455
Regents of the University of California Medical Center Pooled Revenue	5.00%	5/15/2047	AA-		2,000,000		2,212,809
Washington Township Health Care District CA	5.75%	7/1/2053	Baa3		2,100,000		2,297,069
Total							97,613,371
Housing 6.46%
California Community Housing Agency Arbors Apartments†	5.00%	8/1/2050	NR		965,000		959,392
California Community Housing Agency Summit at Sausalito Apartments†	4.00%	2/1/2050	NR		4,495,000		3,599,835

170 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
California Enterprise Development Authority–Provident Group-Pomona Properties LLC	5.00%	1/15/2045	Baa3	$	3,500,000	$	3,716,891
California Enterprise Development Authority–Provident Group-SDSU Properties LLC	5.00%	8/1/2040	Baa3		1,625,000		1,694,788
California Enterprise Development Authority–Provident Group-SDSU Properties LLC	5.00%	8/1/2050	Baa3		2,030,000		2,099,542
California Enterprise Development Authority–Provident Group-SDSU Properties LLC	5.00%	8/1/2055	Baa3		1,075,000		1,106,493
California Housing Finance Agency	3.25%	8/20/2036	BBB		8,123,576		7,771,371
California Housing Finance Agency	3.50%	11/20/2035	BBB+		2,281,740		2,234,039
California Municipal Finance Authority–Bowles Hall Foundation	5.00%	6/1/2050	Baa3		500,000		502,220
California Municipal Finance Authority–Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio	5.00%	8/15/2054	A-		1,000,000		1,075,488
California Municipal Finance Authority–CHF-Davis II LLC (BAM)	3.00%	5/15/2051	AA		2,500,000		2,060,439
California Municipal Finance Authority–CHF-Davis II LLC (BAM)	4.00%	5/15/2046	AA		3,000,000		3,021,638
California Statewide Communities Development Authority–CHF-Irvine LLC	5.00%	5/15/2035	Baa1		3,100,000		3,172,754
California Statewide Communities Development Authority–CHF-Irvine LLC	5.00%	5/15/2050	Baa1		1,400,000		1,423,363
California Statewide Communities Development Authority–CHF-Irvine LLC (BAM)	4.00%	5/15/2046	AA		1,000,000		1,000,260
CSCDA Community Improvement Authority Orange Portfolio CA†	3.00%	3/1/2057	NR		2,000,000		1,493,598
CSCDA Community Improvement Authority Parallel-Anaheim CA†	4.00%	8/1/2056	NR		985,000		893,765
CSCDA Community Improvement Authority Pasadena Portfolio CA†	2.65%	12/1/2046	NR		2,425,000		1,955,961
CSCDA Community Improvement Authority Pasadena Portfolio CA†	4.00%	12/1/2056	NR		1,000,000		778,565

See Notes to Financial Statements. 171

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Housing (continued)
CSCDA Community Improvement Authority Westgate Apartments CA†	3.00%		6/1/2047	NR	$	3,000,000	$	2,194,942
CSCDA Community Improvement Authority Westgate Apartments CA†	4.00%		6/1/2057	NR		1,000,000		350,558
Total								43,105,902
Lease Obligations 1.21%
California State Public Works Board	4.00%		11/1/2046	Aa3		2,500,000		2,536,189
San Diego Public Facilities Financing Authority–City of San Diego CA	5.00%		10/15/2054	AA-		5,000,000		5,570,361
Total								8,106,550
Other Revenue 0.98%
California Infrastructure & Economic Development Bank–Los Angeles County Museum of Natural History Foundation	4.00%		7/1/2050	A2		2,625,000		2,593,248
California School Finance Authority–Aspire Public Schools Obligated Group†	4.00%		8/1/2051	BBB		785,000		718,453
California School Finance Authority–Green Dot Public Schools Obligated Group†	5.00%		8/1/2038	BBB-		1,000,000		1,036,280
California School Finance Authority–Kipp SoCal Public Schools Obligated†	5.00%		7/1/2034	BBB		600,000		600,602
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2051	NR		2,417,316		1,583,342
Total								6,531,925
Pollution Control 0.25%
California Municipal Finance Authority–Republic Services Inc AMT	3.875%	#(b)	3/1/2054	BBB+		1,600,000		1,637,805
Power 0.54%
Southern California Public Power Authority	5.25%		7/1/2053	Aa2		3,180,000		3,615,987
Pre-Refunded 0.11%
M-S-R Energy Authority CA	6.50%		11/1/2039	BBB+		555,000		726,998
Special Tax 3.09%
City of Irvine CA	5.00%		9/2/2028	NR		1,000,000		1,018,695
City of Irvine CA Special Tax (BAM)	5.25%		9/1/2053	AA		3,000,000		3,369,055
City of Roseville Westpark Community Facilities District No 1 CA Special Tax	5.00%		9/1/2031	NR		1,000,000		1,013,821

172 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Special Tax (continued)
County of Los Angeles Community Facilities District No. CA Special Tax	5.00%	9/1/2052	NR	$	1,500,000	$	1,589,200
County of Orange CA Community Facilities District No 2023-1	5.50%	8/15/2053	NR		1,375,000		1,493,350
Inland Valley Development Agency CA Tax Allocation	5.25%	9/1/2037	A+		1,325,000		1,335,097
Irvine Facilities Financing Authority–City of Irvine Community Facilities District No 2013-3 CA Special Tax (BAM)	5.25%	9/1/2053	AA		5,160,000		5,815,726
Poway Unified School District Public Financing Authority CA Special Tax (BAM)	5.00%	9/1/2035	AA+		1,765,000		1,798,548
River Islands Public Financing Authority CA Special Tax (AGM)	5.25%	9/1/2052	AA		1,000,000		1,098,367
Tejon Ranch Public Facilities Finance Authority–Tejon Ranch Public Facilities Finance Authority Community Facs District No 2008-1 CA	5.00%	9/1/2054	NR		2,000,000		2,108,105
Total							20,639,964
Tax Revenue 4.61%
City of Sacramento Transient Occupancy Tax Revenue CA	5.00%	6/1/2048	A1		1,000,000		1,042,535
Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AGM)	5.00%	8/1/2037	AA		1,700,000		1,905,678
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%	10/1/2026	NR		1,925,000		1,987,420
Matching Fund Special Purpose Securitization Corp.–United States Virgin Islands Federal Excise Tax	5.00%	10/1/2039	NR		2,000,000		2,094,715
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR		1,283,000		316,434
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		503,000		502,752
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		4,283,000		4,280,888
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		7,000		6,942
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		7,298,854		7,321,321

See Notes to Financial Statements. 173

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA	5.00%	9/1/2048	NR	$	1,650,000	$	1,706,760
River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA	5.00%	9/1/2054	NR		1,000,000		1,028,836
San Diego Unified School District CA GO	3.00%	7/1/2044	Aa2		4,400,000		3,881,883
San Leandro Unified School District CA GO	5.25%	8/1/2048	AA-		2,100,000		2,350,244
San Rafael City High School District CA GO	5.25%	8/1/2052	Aa2		1,215,000		1,328,944
Tustin Community Facilities District CA Special Tax	5.00%	9/1/2037	A		1,000,000		1,014,265
Total							30,769,617
Taxable Revenue–Water & Sewer 2.68%
California Pollution Control Financing Authority–Poseidon Resources Channelside LP AMT†	5.00%	11/21/2045	Baa3		1,100,000		1,178,793
San Diego Public Facilities Financing Authority–City of San Diego CA Sewer Utility Revenue CA	5.00%	5/15/2054	AA		5,000,000		5,606,523
San Francisco City & County Public Utilities Commission Wastewater Revenue CA(f)	5.00%	10/1/2054	AA		10,000,000		11,091,045
Total							17,876,361
Tobacco 2.56%
California Statewide Financing Authority	Zero Coupon	6/1/2046	NR		8,675,000		2,286,685
California Statewide Financing Authority†	Zero Coupon	6/1/2055	NR		10,000,000		560,574
Golden State Tobacco Securitization Corp. CA	Zero Coupon	6/1/2066	NR		21,500,000		2,568,416
Golden State Tobacco Securitization Corp. CA	5.00%	6/1/2051	BBB+		5,200,000		5,487,790
Inland Empire Tobacco Securitization Corp.–Inland Empire Tobacco Securitization Corp CA	Zero Coupon	6/1/2036	CCC		1,000,000		463,646
Inland Empire Tobacco Securitization Corp. CA†	Zero Coupon	6/1/2057	CCC		3,000,000		234,279
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2041	NR		5,000,000		1,966,025

174 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Tobacco (continued)
Silicon Valley Tobacco Securitization Authority CA	Zero Coupon	6/1/2056	NR		$	2,250,000	$	230,997
Tobacco Securitization Authority of Southern California–San Diego County Tobacco Asset Securitization Corp	Zero Coupon	6/1/2046	CCC-			2,500,000		526,433
Tobacco Securitization Authority of Southern California–San Diego County Tobacco Asset Securitization Corp	5.00%	6/1/2048	BBB+			2,675,000		2,788,456
Total								17,113,301
Transportation 21.29%
Alameda Corridor Transportation Authority CA (AGM)	Zero Coupon	10/1/2051	AA			1,000,000		586,888
Alameda Corridor Transportation Authority CA (AGM)	Zero Coupon	10/1/2053	AA			5,000,000		1,252,530
Alameda Corridor Transportation Authority CA (AGM)	5.00%	10/1/2052	AA			9,000,000		9,802,600
Bay Area Toll Authority CA	5.00%	4/1/2054	AA			2,720,000		3,008,573
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AGM) AMT	4.375%	7/1/2049	AA			1,000,000		1,013,047
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2049	A			1,000,000		1,098,365
Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT	5.25%	7/1/2054	A			4,350,000		4,739,856
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	4.00%	12/31/2047	BB+	(d)		1,000,000		943,549
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2034	BB+	(d)		1,700,000		1,772,516
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2035	BB+	(d)		1,205,000		1,253,937
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2043	BB+	(d)		3,565,000		3,653,885
California Municipal Finance Authority–LAX Integrated Express Solutions LLC AMT	5.00%	12/31/2047	BB+	(d)		6,500,000		6,626,311
City of Fresno Airport Revenue CA (BAM) AMT	5.00%	7/1/2048	AA			3,220,000		3,459,421
City of Long Beach Airport System Revenue CA (AGM) AMT	5.25%	6/1/2047	AA			1,330,000		1,449,811

See Notes to Financial Statements. 175

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
City of Los Angeles Department of Airports CA AMT	4.00%	5/15/2049	AA-	$	2,000,000	$	1,960,056
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2032	NR		105,000		118,217
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2032	AA-		1,895,000		2,117,325
City of Los Angeles Department of Airports CA AMT	5.00%	5/15/2051	AA-		4,000,000		4,216,254
City of Los Angeles Department of Airports CA AMT	5.25%	5/15/2048	AA-		2,000,000		2,189,207
City of Los Angeles Department of Airports CA AMT	5.50%	5/15/2036	AA		1,100,000		1,256,056
City of Los Angeles Department of Airports CA AMT	5.50%	5/15/2047	AA		7,000,000		7,699,694
County of Sacramento Airport System Revenue–County of Sacramento CA Airport System Revenue CA(c)	5.25%	7/1/2054	A+		3,500,000		3,947,592
Foothill-Eastern Transportation Corridor Agency CA	Zero Coupon	1/15/2033	A		1,500,000		1,117,376
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2046	A		1,225,000		1,217,148
Foothill-Eastern Transportation Corridor Agency CA	4.00%	1/15/2046	A		4,010,000		3,984,297
Foothill-Eastern Transportation Corridor Agency CA	6.85%	1/15/2042	A		1,150,000		1,375,267
Norman Y Mineta San Jose International Airport SJC CA AMT	5.00%	3/1/2031	A		1,750,000		1,942,375
Port Commission of the City & County of San Francisco CA AMT	5.00%	3/1/2030	Aa3		1,415,000		1,416,609
Riverside County Transportation Commission CA	4.00%	6/1/2047	A-		3,520,000		3,524,040
San Diego County Regional Airport Authority CA	5.00%	7/1/2039	A2		1,550,000		1,741,681
San Diego County Regional Airport Authority CA AMT	4.00%	7/1/2046	A2		3,750,000		3,672,450
San Diego County Regional Airport Authority CA AMT	5.00%	7/1/2051	A2		3,500,000		3,692,347
San Diego County Regional Airport Authority CA AMT	5.00%	7/1/2053	A1		3,615,000		3,851,212

176 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
San Francisco City & County Airport Comm-San Francisco International Airport CA	5.00%		5/1/2052	A1	$	1,025,000	$	1,123,608
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2031	A1		6,500,000		7,226,550
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2039	A1		2,695,000		2,995,143
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2045	A+		1,515,000		1,570,944
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.00%		5/1/2052	A1		7,100,000		7,521,268
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.25%		5/1/2049	A1		3,600,000		3,949,245
San Francisco City & County Airport Comm-San Francisco International Airport CA AMT	5.75%		5/1/2048	A1		2,000,000		2,265,392
San Joaquin Hills Transportation Corridor Agency CA	4.00%		1/15/2044	A		4,932,000		5,036,438
San Joaquin Hills Transportation Corridor Agency CA	4.00%		1/15/2050	A		1,825,000		1,841,242
San Joaquin Hills Transportation Corridor Agency CA	5.25%		1/15/2044	A-		8,920,000		8,959,624
San Joaquin Hills Transportation Corridor Agency CA	5.25%		1/15/2049	A-		6,930,000		6,959,091
San Joaquin Hills Transportation Corridor Agency CA (NATL)	Zero Coupon		1/15/2036	Baa2		1,450,000		971,671
Total								142,120,708
Utilities 12.31%
California Community Choice Financing Authority	4.00%	#(b)	2/1/2052	A1		4,000,000		4,127,393
California Community Choice Financing Authority	4.00%	#(b)	10/1/2052	A2		2,925,000		2,972,599
California Community Choice Financing Authority	5.00%	#(b)	2/1/2054	A1		2,500,000		2,717,601

See Notes to Financial Statements. 177

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
California Community Choice Financing Authority		5.00%	#(b)	1/1/2055	A1	$	6,850,000	$	7,525,409
California Community Choice Financing Authority		5.25%		11/1/2054	A2		1,125,000		1,225,228
California Pollution Control Financing Authority–Poseidon Resources Channelside LP†		5.00%		11/21/2045	Baa3		3,870,000		4,016,579
City of Burbank Electric Revenue CA		5.00%		6/1/2053	AA-		3,790,000		4,121,528
City of Glendale Electric Revenue CA		5.00%		2/1/2054	A+		2,500,000		2,760,694
City of Glendale Electric Revenue CA		5.00%		2/1/2054	A+		2,000,000		2,208,555
City of Los Angeles Wastewater System Revenue CA		5.00%		6/1/2043	AA+		3,125,000		3,125,608
City of San Francisco Public Utilities Commission Water Revenue CA		5.25%		11/1/2052	Aa2		1,000,000		1,130,000
Guam Waterworks Authority Water And Wastewater System		5.00%		7/1/2042	A-		1,500,000		1,640,749
Indio Electric Financing Authority–Imperial Irrigation District Electric System Revenue CA		5.25%		1/1/2053	A1		3,685,000		4,141,442
Long Beach Bond Finance Authority CA	5.034% (3 Mo. LIBOR * .67 + 1.43%		)#	11/15/2026	A1		1,000,000		1,009,973
Los Angeles Department of Water & Power CA		5.00%		7/1/2043	Aa2		2,000,000		2,233,804
Los Angeles Department of Water & Power CA		5.00%		7/1/2048	Aa2		2,000,000		2,175,855
Los Angeles Department of Water & Power CA		5.00%		7/1/2051	Aa2		1,200,000		1,308,077
Los Angeles Department of Water & Power CA		5.00%		7/1/2052	Aa2		4,645,000		5,113,525
Los Angeles Department of Water & Power Water System Revenue CA		5.00%		7/1/2052	AA+		1,745,000		1,923,503
Modesto Irrigation District CA		5.25%		10/1/2048	A+		3,060,000		3,502,299
Northern California Energy Authority		5.00%	#(b)	12/1/2054	Aa3		2,000,000		2,164,689
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		4.00%		7/1/2042	NR		700,000		672,179
Puerto Rico Commonwealth Aqueduct & Sewer Authority PR†		4.00%		7/1/2047	NR		1,000,000		937,212
Sacramento Municipal Utility District CA		5.00%	#(b)	8/15/2049	AA-		1,925,000		1,946,972

178 See Notes to Financial Statements.

Schedule of Investments (continued)

CALIFORNIA TAX FREE FUND September 30, 2024

Investments		Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Utilities (continued)
Sacramento Municipal Utility District CA		5.00%		11/15/2054	Aa2		$	1,000,000	$	1,125,656
Southern California Public Power Authority		5.00%		11/1/2033	A2			3,575,000		3,825,553
Southern California Public Power Authority	5.161% (3 Mo. LIBOR * .67 + 1.47%		)#	11/1/2038	A2			815,000		800,332
Southern California Public Power Authority–City of Anaheim Electric System Revenue CA		5.00%	#(b)	4/1/2055	A2			5,500,000		5,956,951
Southern California Public Power Authority–Los Angeles Department of Water & Power		5.00%		7/1/2053	Aa2			2,000,000		2,250,700
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2025	BBB+	(d)		1,130,000		1,146,079
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2032	BBB+	(d)		1,090,000		1,159,612
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2034	BBB+	(d)		300,000		317,657
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2035	BBB+	(d)		200,000		211,237
Transbay Joint Powers Authority CA Tax Allocation		5.00%		10/1/2038	BBB+	(d)		650,000		676,876
Total										82,172,126
Total Municipal Bonds (cost $646,929,536)										663,060,348
	Interest Rate#	Interest Rate Reset Date(g)		Final Maturity Date
SHORT-TERM INVESTMENTS 0.57%
VARIABLE RATE DEMAND NOTES 0.57%
Taxable Revenue–Water & Sewer 0.24%
Los Angeles Department of Water & Power Water System Revenue CA	3.000%	10/1/2024		7/1/2045	Aa2			1,650,000		1,650,000
Transportation 0.33%
Bay Area Toll Authority CA	3.400%	10/1/2024		4/1/2055	AA+			2,200,000		2,200,000
Total Short-Term Investments (cost $3,850,000)										3,850,000
Total Investments in Securities 99.89% (cost $650,779,536)										666,910,348
Other Assets and Liabilities – Net(h) 0.11%										710,877
Net Assets 100.00%									$	667,621,225

See Notes to Financial Statements. 179

Schedule of Investments (concluded)

CALIFORNIA TAX FREE FUND September 30, 2024

AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
COPS	Certificates of Participation.
LIBOR	London Interbank Offered Rate.
NATL	Insured by–National Public Finance Guarantee Corporation.
NR	Not Rated.
SIFMA	Insured by–Securities Industry and Financial Markets Association.

†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $50,207,689, which represents 7.52% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Securities purchased on a when-issued basis (See Note 2(g)).
(d)	This investment has been rated by Fitch IBCA.
(e)	Defaulted (non-income producing security).
(f)	Municipal Bonds Held in Trust–Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) to Financial Statements for details of Municipal Bonds Held in Trust.
(g)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
(h)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at September 30, 2024:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	December 2024	39	Short		$(4,852,466	)		$(4,843,313	)		$9,153

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds(3)	$	–	$	663,060,348	$	–	$	663,060,348
Short-Term Investments
Variable Rate Demand Notes		–		3,850,000		–		3,850,000
Total	$	–	$	666,910,348	$	–	$	666,910,348
Other Financial Instruments
Futures Contracts
Assets	$	9,153	$	–	$	–	$	9,153
Liabilities		–		–		–		–
Total	$	9,153	$	–	$	–	$	9,153

(1)	Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.
(3)	Includes Municipal Bonds held in the Trust (See Note 2(h)).

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or the end of the year.

180 See Notes to Financial Statements.

Schedule of Investments

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.62%
MUNICIPAL BONDS 98.62%
Corporate-Backed 2.69%
New Jersey Economic Development Authority–NYNJ Link Borrower LLC (AGM) AMT	5.00%	1/1/2031	AA	$	225,000	$	225,298
New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT	5.00%	1/1/2028	A-		100,000		100,106
New Jersey Economic Development Authority–United Airlines Inc	5.25%	9/15/2029	BB-		1,435,000		1,436,677
New Jersey Economic Development Authority–United Airlines Inc	5.50%	6/1/2033	BB-		650,000		654,420
New Jersey Infrastructure Bank	2.125%	9/1/2046	AAA		400,000		268,902
Salem County Pollution Control Financing Authority–Constellation Energy Generation LLC NJ AMT	4.45%	3/1/2025	BBB+		1,085,000		1,087,875
Total							3,773,278
Education 13.67%
Camden County Improvement Authority–KIPP Cooper Norcross Obligated Group NJ	6.00%	6/15/2047	BBB		500,000		546,982
Gloucester County Improvement Authority–Rowan University NJ (BAM)	5.00%	7/1/2054	AA		1,000,000		1,081,070
Hudson County Improvement Authority NJ	4.00%	6/1/2049	AA		500,000		498,318
Middlesex County Improvement Authority–Rutgers The State University of New Jersey	5.00%	8/15/2053	Aa3		1,960,000		2,166,311
Middlesex County Improvement Authority NJ GTD	4.00%	8/15/2053	AAA		1,000,000		999,722
New Jersey Economic Development Authority–Provident Group-Montclair Properties LLC (AGM)	5.00%	6/1/2042	AA		500,000		513,564
New Jersey Educational Facilities Authority	5.00%	9/1/2036	A2		290,000		330,255
New Jersey Educational Facilities Authority	5.25%	9/1/2053	A2		750,000		821,403
New Jersey Educational Facilities Authority–Montclair State University Inc (AGM)	5.00%	7/1/2041	AA		780,000		895,841
New Jersey Educational Facilities Authority–Montclair State University Inc (AGM)	5.00%	7/1/2044	AA		500,000		567,801

See Notes to Financial Statements. 181

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
New Jersey Educational Facilities Authority–New Jersey City University Inc (AGM)	4.00%	7/1/2036	AA	$	745,000	$	740,752
New Jersey Educational Facilities Authority–Ramapo College of New Jersey (AGM)	4.00%	7/1/2041	AA		545,000		557,543
New Jersey Educational Facilities Authority–Seton Hall University	4.00%	7/1/2046	BBB+		545,000		511,390
New Jersey Educational Facilities Authority–Seton Hall University	5.00%	7/1/2034	BBB+		325,000		332,497
New Jersey Educational Facilities Authority–Seton Hall University (AGM)	3.25%	7/1/2049	AA		450,000		391,291
New Jersey Educational Facilities Authority–Stevens Institute of Technology International Inc	3.00%	7/1/2050	BBB+		1,170,000		911,759
New Jersey Educational Facilities Authority–Stevens Institute of Technology International Inc	4.00%	7/1/2050	BBB+		200,000		189,269
New Jersey Educational Facilities Authority–Stevens Institute of Technology International Inc	5.00%	7/1/2030	BBB+		530,000		556,877
New Jersey Educational Facilities Authority–Stockton University–Stockton University	5.00%	7/1/2041	A3		800,000		816,221
New Jersey Educational Facilities Authority–Trustees of Princeton University	5.25%	3/1/2054	AAA		3,885,000		4,421,781
New Jersey Educational Facilities Authority–William Paterson University of New Jersey (AGM)	3.00%	7/1/2039	AA		250,000		236,181
New Jersey Educational Facilities Authority–William Paterson University of New Jersey (AGM)	3.00%	7/1/2040	AA		250,000		231,741
New Jersey Higher Education Student Assistance Authority AMT	2.50%	12/1/2040	AA		465,000		423,841
New Jersey Higher Education Student Assistance Authority AMT	3.25%	12/1/2039	Aa1		275,000		262,977
New Jersey Institute of Technology	5.00%	7/1/2033	A1		170,000		186,533
Total							19,191,920
Financial Services 0.15%
New Jersey Higher Education Student Assistance Authority AMT	5.00%	12/1/2028	Aaa		200,000		212,000

182 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
General Obligation 11.29%
City of Atlantic City NJ GO (AGM), (ST AID WITHHLDG)	5.00%		3/1/2037	AA	$	540,000	$	561,796
City of Atlantic City NJ GO (BAM), (ST AID WITHHLDG)	5.00%		3/1/2042	AA		750,000		773,409
City of Jersey City NJ GO	4.00%		2/15/2036	A1		750,000		771,836
City of Newark Mass Transit Access Tax Revenue NJ (AGM)	5.375%		11/15/2052	AA		1,670,000		1,885,637
City of Summit NJ GO	4.00%		7/15/2041	AAA		500,000		520,507
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2033	NR		52,676		35,824
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2043	NR		180,626		116,504
Commonwealth of Puerto Rico GO	4.00%		7/1/2033	NR		40,933		41,011
Commonwealth of Puerto Rico GO	4.00%		7/1/2035	NR		36,793		36,757
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR		31,578		31,376
Commonwealth of Puerto Rico GO	5.375%		7/1/2025	NR		22,763		22,899
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR		45,175		47,184
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR		44,442		48,018
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR		43,166		48,037
County of Atlantic NJ GO	4.00%		3/15/2039	AA		450,000		474,806
County of Hudson NJ GO	2.00%		11/15/2035	AA		935,000		761,150
Cumberland County Improvement Authority NJ GTD (BAM)	4.00%		10/1/2048	AA		750,000		748,349
New Jersey Economic Development Authority–New Jersey Transit Corp	5.25%		11/1/2047	A2		840,000		926,565
New Jersey Health Care Facilities Financing Authority	5.00%		10/1/2037	A2		1,000,000		1,051,222
New Jersey Infrastructure Bank	5.00%		9/1/2052	AAA		500,000		552,180
New Jersey Transportation Trust Fund Authority	4.25%		6/15/2044	A2		500,000		511,870
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2046	A2		790,000		881,556
Rutherford Board of Education NJ GO	2.50%		12/15/2034	AA-		1,000,000		881,975
State of New Jersey GO	2.50%		6/1/2038	A1		1,020,000		842,702
State of New Jersey GO	5.00%		6/1/2040	A1		750,000		812,805
State of New Jersey GO	5.00%		6/1/2041	A1		400,000		419,891
Township of Berkeley Heights NJ GO	4.00%		7/1/2041	Aa1		785,000		821,419
Union County Improvement Authority	4.125%		4/15/2054	Aaa		250,000		252,482
Union County Utilities Authority–Covanta Union LLC NJ GTD AMT	4.75%		12/1/2031	AA+		965,000		965,279
Total								15,845,046

See Notes to Financial Statements. 183

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care 13.22%
New Jersey Economic Development Authority–Bancroft Neurohealth Obligated Group	5.00%	6/1/2036	NR	$	220,000	$	221,207
New Jersey Health Care Facilities Financing Authority–AtlantiCare Health System Obligated Group	2.375%	7/1/2046	AA-		695,000		471,759
New Jersey Health Care Facilities Financing Authority–Inspira Health Obligated Group	4.00%	7/1/2047	A2		975,000		965,478
New Jersey Health Care Facilities Financing Authority–Inspira Health Obligated Group	4.125%	7/1/2054	A2		1,665,000		1,649,855
New Jersey Health Care Facilities Financing Authority–Inspira Health Obligated Group	5.00%	7/1/2035	A2		460,000		480,950
New Jersey Health Care Facilities Financing Authority–Inspira Health Obligated Group	5.00%	7/1/2042	A2		1,215,000		1,252,017
New Jersey Health Care Facilities Financing Authority–Inspira Health Obligated Group	5.25%	7/1/2054	A2		1,720,000		1,917,305
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	3.00%	7/1/2051	AA-		1,225,000		1,018,313
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	4.00%	7/1/2051	AA-		1,350,000		1,337,446
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.00%	7/1/2043	AA-		1,925,000		1,966,098
New Jersey Health Care Facilities Financing Authority–RWJ Barnabas Health Obligated Group	5.25%	7/1/2054	AA-		1,500,000		1,681,148
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	4.00%	7/1/2048	BBB-		1,325,000		1,233,570
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	5.00%	7/1/2027	BBB-		100,000		102,586
New Jersey Health Care Facilities Financing Authority–St Joseph’s Healthcare System Obligated Group	5.00%	7/1/2041	BBB-		785,000		790,694

184 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
New Jersey Health Care Facilities Financing Authority–University Hospital (AGM)	5.00%	7/1/2046	AA	$	1,000,000	$	1,006,837
New Jersey Health Care Facilities Financing Authority–University of Pennsylvania Health System Obligated Group	5.00%	7/1/2039	AA		1,000,000		1,027,017
New Jersey Health Care Facilities Financing Authority–Valley Health System Obligated Group	4.00%	7/1/2044	A		1,055,000		1,047,891
New Jersey Health Care Facilities Financing Authority–Valley Health System Obligated Group	5.00%	7/1/2030	A		355,000		388,604
Total							18,558,775
Housing 0.06%
New Jersey Housing & Mortgage Finance Agency (HUD)	3.15%	5/1/2053	AA-		100,000		77,154
Lease Obligations 11.63%
Gloucester County Improvement Authority–Rowan University NJ (AGM)	5.00%	11/1/2029	AA		295,000		309,375
Gloucester County Improvement Authority–Rowan University NJ (AGM)	5.00%	11/1/2030	AA		290,000		304,252
New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT	5.375%	1/1/2043	A-		1,660,000		1,661,572
New Jersey Economic Development Authority–NYNJ Link Borrower LLC AMT	5.625%	1/1/2052	A-		210,000		210,206
New Jersey Economic Development Authority–State Capitol Joint Management Commission	5.00%	6/15/2035	A2		750,000		802,354
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%	6/15/2029	A2		500,000		527,642
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%	6/15/2047	A2		540,000		555,822
New Jersey Economic Development Authority–State of New Jersey Department of the Treasury	5.00%	6/15/2048	A2		500,000		519,114
New Jersey Educational Facilities Authority–State of New Jersey Department of the Treasury	5.00%	9/1/2033	A2		1,070,000		1,071,230

See Notes to Financial Statements. 185

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Lease Obligations (continued)
New Jersey Health Care Facilities Financing Authority	5.00%	10/1/2038	A2	$	520,000	$	545,282
New Jersey Transportation Trust Fund Authority	Zero Coupon	12/15/2031	A2		1,980,000		1,562,050
New Jersey Transportation Trust Fund Authority	Zero Coupon	12/15/2038	A2		1,120,000		659,186
New Jersey Transportation Trust Fund Authority	4.00%	12/15/2039	A2		660,000		672,316
New Jersey Transportation Trust Fund Authority	4.25%	12/15/2038	A2		470,000		481,116
New Jersey Transportation Trust Fund Authority	4.75%	6/15/2038	A2		1,085,000		1,093,622
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2030	A+		545,000		562,740
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2031	A+		400,000		412,590
New Jersey Transportation Trust Fund Authority	5.00%	12/15/2036	A2		935,000		998,349
New Jersey Transportation Trust Fund Authority	5.00%	6/15/2038	A2		1,380,000		1,382,847
New Jersey Transportation Trust Fund Authority	5.25%	6/15/2041	A2		235,000		237,569
New Jersey Transportation Trust Fund Authority	5.25%	6/15/2043	A2		720,000		769,504
New Jersey Transportation Trust Fund Authority–State of New Jersey	5.00%	9/1/2036	A2		545,000		559,784
New Jersey Transportation Trust Fund Authority–State of New Jersey	5.50%	9/1/2033	A2		410,000		426,445
Total							16,324,967
Miscellaneous 0.54%
Bergen County Improvement Authority–County of Bergen NJ	5.00%	6/1/2054	Aaa		675,000		758,961
Other Revenue 1.50%
Casino Reinvestment Development Authority, Inc. GA (AGC)	4.00%	11/1/2044	AA		1,250,000		1,252,478
Casino Reinvestment Development Authority, Inc. GA (AGC)	5.00%	11/1/2041	AA		250,000		278,926
Casino Reinvestment Development Authority, Inc. GA (AGC)	5.00%	11/1/2044	AA		200,000		220,371

186 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
New Jersey Economic Development Authority–Bancroft Neurohealth Obligated Group	5.00%	6/1/2041	NR	$	350,000	$	351,030
Total							2,102,805
Special Tax 0.58%
New Jersey Economic Development Authority–NJ Metromall Urban Renewal Inc	6.50%	4/1/2028	Baa2		474,458		478,864
New Jersey Infrastructure Bank	2.00%	9/1/2046	AAA		520,000		340,240
Total							819,104
Tax Revenue 5.49%
Casino Reinvestment Development Authority, Inc. NJ	5.25%	11/1/2039	BBB+		875,000		876,278
Casino Reinvestment Development Authority, Inc. NJ	5.25%	11/1/2044	BBB+		810,000		811,184
Casino Reinvestment Development Authority, Inc. NJ (AGM)	5.00%	11/1/2032	AA		500,000		500,628
Garden State Preservation Trust NJ (AGM)	5.75%	11/1/2028	AA		1,205,000		1,282,566
New Jersey Infrastructure Bank	5.00%	9/1/2049	AAA		800,000		905,542
New Jersey Transportation Trust Fund Authority	3.00%	6/15/2050	A2		550,000		447,900
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2029	NR		18,000		15,089
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2031	NR		235,000		181,602
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		646,000		458,246
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR		2,675,000		659,751
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		96,000		95,953
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		492,000		491,757
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		18,000		17,851
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		19,000		19,108
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		380,000		382,151

See Notes to Financial Statements. 187

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%		7/1/2053	NR	$	267,000	$	267,822
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.784%		7/1/2058	NR		40,000		40,107
Territory of Guam	4.00%		1/1/2042	Baa3		250,000		247,021
Total								7,700,556
Taxable Revenue–Water & Sewer 0.76%
Jersey City Municipal Utilities Authority Sewer Fund NJ (AGM)	5.25%		10/15/2054	AA		500,000		564,777
New Jersey Economic Development Authority–New Jersey-American Water Co Inc AMT	3.75%	#(b)	11/1/2034	A+		500,000		505,825
Total								1,070,602
Tobacco 2.21%
Tobacco Settlement Financing Corp. NJ	5.00%		6/1/2046	BBB-		2,045,000		2,063,667
Tobacco Settlement Financing Corp. NJ	5.25%		6/1/2046	BBB+		1,000,000		1,039,069
Total								3,102,736
Transportation 30.40%
Delaware River & Bay Authority	4.00%		1/1/2044	A+		515,000		519,039
Delaware River & Bay Authority	5.00%		1/1/2039	A+		500,000		558,497
Delaware River & Bay Authority	5.00%		1/1/2049	A+		1,250,000		1,389,882
Delaware River Joint Toll Bridge Commission PA	3.00%		7/1/2049	A+		1,025,000		794,892
Delaware River Port Authority PA	5.00%		1/1/2040	A+		600,000		647,235
New Jersey Economic Development Authority–New Jersey Transit Corp	4.00%		11/1/2044	A2		275,000		275,738
New Jersey Economic Development Authority–NYNJ Link Borrower LLC (AGM) AMT	5.125%		1/1/2039	AA		925,000		926,034
New Jersey Economic Development Authority–Port Newark Container Terminal LLC AMT	5.00%		10/1/2047	Baa2		940,000		958,866
New Jersey Transportation Trust Fund Authority	4.00%		6/15/2050	A2		1,080,000		1,073,826
New Jersey Transportation Trust Fund Authority	5.00%		6/15/2028	A+		1,000,000		1,035,874
New Jersey Transportation Trust Fund Authority	5.25%		6/15/2050	A2		2,500,000		2,802,823
New Jersey Transportation Trust Fund Authority	5.50%		6/15/2050	A2		500,000		563,328

188 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New Jersey Transportation Trust Fund Authority–State of New Jersey	3.00%	6/15/2050	A2	$	750,000	$	610,773
New Jersey Turnpike Authority	4.00%	1/1/2043	AA-		610,000		623,944
New Jersey Turnpike Authority	4.00%	1/1/2048	AA-		1,000,000		995,706
New Jersey Turnpike Authority	5.00%	1/1/2030	AA-		715,000		753,771
New Jersey Turnpike Authority	5.00%	1/1/2034	AA-		615,000		642,528
New Jersey Turnpike Authority	5.00%	1/1/2042	AA-		270,000		302,142
New Jersey Turnpike Authority	5.00%	1/1/2046	AA-		1,250,000		1,388,098
New Jersey Turnpike Authority	5.00%	1/1/2048	AA-		840,000		884,367
New Jersey Turnpike Authority	5.25%	1/1/2052	AA-		1,110,000		1,243,621
New Jersey Turnpike Authority	5.25%	1/1/2054	AA-		2,500,000		2,828,675
New Jersey Turnpike Authority (AGM)	5.25%	1/1/2028	AA		810,000		883,419
Port Authority of New York & New Jersey	4.00%	9/1/2043	AA-		870,000		875,756
Port Authority of New York & New Jersey	5.00%	12/1/2035	AA-		500,000		588,875
Port Authority of New York & New Jersey	5.00%	7/15/2038	AA-		710,000		754,038
Port Authority of New York & New Jersey	5.00%	7/15/2045	AA-		500,000		561,813
Port Authority of New York & New Jersey	5.00%	7/15/2053	AA-		360,000		393,613
Port Authority of New York & New Jersey	5.00%	7/15/2053	AA-		500,000		546,685
Port Authority of New York & New Jersey(c)	5.00%	9/1/2054	AA-		1,325,000		1,460,633
Port Authority of New York & New Jersey	5.25%	8/1/2052	AA-		1,330,000		1,469,025
Port Authority of New York & New Jersey AMT	5.00%	9/15/2032	AA-		675,000		706,934
Port Authority of New York & New Jersey AMT	5.00%	9/15/2033	AA-		1,105,000		1,155,790
Port Authority of New York & New Jersey AMT	5.00%	9/15/2034	AA-		290,000		302,870
Port Authority of New York & New Jersey AMT	5.00%	7/15/2036	AA-		545,000		604,887
Port Authority of New York & New Jersey AMT	5.00%	9/1/2036	AA-		750,000		793,335
Port Authority of New York & New Jersey AMT	5.00%	10/15/2036	AA-		1,410,000		1,411,433
Port Authority of New York & New Jersey AMT	5.00%	11/15/2041	AA-		500,000		512,599
Port Authority of New York & New Jersey AMT	5.00%	12/1/2044	AA-		500,000		541,797
South Jersey Port Corp.–South Jersey Port Corp NJ AMT	5.00%	1/1/2036	A3		775,000		808,981
South Jersey Port Corp. NJ AMT	5.00%	1/1/2048	A3		1,705,000		1,744,091
South Jersey Transportation Authority NJ	5.00%	11/1/2039	BBB+		1,515,000		1,515,929

See Notes to Financial Statements. 189

Schedule of Investments (continued)

NEW JERSEY TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
South Jersey Transportation Authority NJ	5.25%		11/1/2052	BBB+	$	1,490,000	$	1,611,965
South Jersey Transportation Authority NJ (BAM)	4.00%		11/1/2050	AA		1,080,000		1,075,111
South Jersey Transportation Authority NJ (BAM)	5.00%		11/1/2045	AA		500,000		538,289
Total								42,677,527
Utilities 4.43%
Guam Power Authority (AGM)	5.00%		10/1/2034	AA		400,000		400,436
New Jersey Economic Development Authority–Middlesex Water Co AMT	4.00%		8/1/2059	A+		500,000		464,207
New Jersey Economic Development Authority–New Jersey Natural Gas Co	3.50%		4/1/2042	A1		1,680,000		1,511,218
New Jersey Economic Development Authority–New Jersey Natural Gas Co AMT	3.00%		8/1/2041	A1		1,000,000		845,716
New Jersey Economic Development Authority–New Jersey-American Water Co Inc AMT	2.20%	#(b)	10/1/2039	A+		500,000		449,081
New Jersey Economic Development Authority–UMM Energy Partners LLC AMT	4.75%		6/15/2032	Baa2		1,000,000		1,000,352
Passaic Valley Sewerage Commission NJ (AGM)	3.00%		12/1/2038	AA		1,000,000		912,620
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	4.00%		7/1/2042	NR		380,000		364,897
Puerto Rico Commonwealth Aqueduct & Sewer Authority†	5.00%		7/1/2030	NR		250,000		264,967
Total								6,213,494
Total Municipal Bonds (cost $138,965,125)								138,428,925
Total Investments in Securities 98.62% (cost $138,965,125)								138,428,925
Other Assets and Liabilities – Net(d) 1.38%								1,941,884
Net Assets 100.00%							$	140,370,809

AGC	Insured by–Assured Guarantee Corp.
AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
GTD	Guaranteed.
HUD	Insured by–Department of Housing and Urban Development.
NR	Not Rated.

#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $629,864, which represents 0.45% of net assets.

190 See Notes to Financial Statements.

Schedule of Investments (concluded)

NEW JERSEY TAX FREE FUND September 30, 2024

(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	Securities purchased on a when-issued basis (See Note 2(g)).
(d)	Other Assets and Liabilities–Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at September 30, 2024:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	December 2024	9	Short		$(1,119,800	)		$(1,117,688	)		$2,112

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	138,428,925	$	–	$	138,428,925
Total	$	–	$	138,428,925	$	–	$	138,428,925
Other Financial Instruments
Futures Contracts
Assets	$	2,112	$	–	$	–	$	2,112
Liabilities		–		–		–		–
Total	$	2,112	$	–	$	–	$	2,112

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Municipal Bonds
Balance as of October 1, 2023	$	1,132,981
Accrued Discounts (Premiums)		–
Realized Gain (Loss)		–
Change in Unrealized Appreciation (Depreciation)		–
Purchases		–
Sales		–
Transfers into Level 3		–
Transfers out of Level 3(a)		(1,132,981	)
Balance as of September 30, 2024	$	–
Change in unrealized appreciation/depreciation for the year ended September 30, 2024, related to Level 3 investments held at September 30, 2024	$	–

^(a) The Fund recognizes transfers within the fair value hierarchy as of the beginning of the period. Transfers into and out of level 3 were related to the availability of mark quotations in accordance with valuation methodology.

See Notes to Financial Statements. 191

Schedule of Investments

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
LONG-TERM INVESTMENTS 98.82%
MUNICIPAL BONDS 98.82%
Corporate-Backed 9.04%
Brooklyn Arena Local Development Corp.–Brooklyn Events Center LLC NY	Zero Coupon		7/15/2047	Ba1		$	250,000	$	91,084
Build NYC Resource Corp.–Pratt Paper Inc NY AMT†	4.50%		1/1/2025	NR			100,000		100,138
Build NYC Resource Corp.–Pratt Paper Inc NY AMT†	5.00%		1/1/2035	NR			250,000		250,726
New York City Industrial Development Agency–TRIPS Obligated Group NY	5.00%		7/1/2028	BBB+			1,275,000		1,275,570
New York Liberty Development Corp.	2.10%		11/15/2032	A+			2,790,000		2,454,186
New York Liberty Development Corp.	2.875%		11/15/2046	A+			7,355,000		5,738,541
New York Liberty Development Corp.–3 World Trade Center LLC†	5.00%		11/15/2044	NR			8,655,000		8,660,546
New York Liberty Development Corp.–3 World Trade Center LLC†	5.15%		11/15/2034	NR			750,000		750,997
New York Liberty Development Corp.–3 World Trade Center LLC†	7.25%		11/15/2044	NR			1,000,000		1,002,004
New York Liberty Development Corp.–Goldman Sachs Headquarters LLC	5.25%		10/1/2035	A2			7,215,000		8,521,196
New York Liberty Development Corp.–Goldman Sachs Headquarters LLC	5.50%		10/1/2037	A2			3,650,000		4,434,456
New York Liberty Development Corp.–One Bryant Park LLC	2.80%		9/15/2069	Baa1			4,630,000		4,273,379
New York State Energy Research & Development Authority–New York State Electric & Gas Corp	4.00%		4/1/2034	A-			2,030,000		2,106,656
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT	2.75%	#(b)	9/1/2050	B+			500,000		493,695
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	2.875%	#(b)	12/1/2044	B+			1,500,000		1,420,462
New York State Environmental Facilities Corp.–Casella Waste Systems Inc AMT†	5.125%	#(b)	9/1/2050	B+			1,000,000		1,052,901
New York Transportation Development Corp.–American Airlines Inc AMT	2.25%		8/1/2026	BB	(c)		105,000		102,410
New York Transportation Development Corp.–American Airlines Inc AMT	3.00%		8/1/2031	BB	(c)		1,000,000		944,707
New York Transportation Development Corp.–American Airlines Inc AMT	5.25%		8/1/2031	B+			1,165,000		1,248,155

192 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Corporate-Backed (continued)
New York Transportation Development Corp.–American Airlines Inc AMT	5.375%	8/1/2036	B+		$	1,025,000	$	1,100,029
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	10/1/2035	Baa3			1,000,000		1,056,548
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	4.00%	12/1/2038	Baa1			2,600,000		2,596,102
Niagara Area Development Corp.–Covanta Holding Corp NY AMT†	4.75%	11/1/2042	B			1,750,000		1,702,312
Westchester County Local Development Corp.–Miriam Osborn Memorial Home Association Obligated Group NY	5.00%	7/1/2034	A	(c)		200,000		208,176
Total								51,584,976
Education 10.53%
Build NYC Resource Corp.–East Harlem Scholars Academy Charter School Obligated Group NY†	5.75%	6/1/2042	BB			1,000,000		1,083,669
Build NYC Resource Corp.–Kipp NYC Public Charter Schools NY	5.25%	7/1/2052	BBB-			1,250,000		1,321,418
Build NYC Resource Corp.–Manhattan College NY	5.00%	8/1/2033	BBB+			1,125,000		1,162,389
Build NYC Resource Corp.–New York Law School	5.00%	7/1/2041	BBB-			1,175,000		1,178,158
Build NYC Resource Corp.–Packer Collegiate Institute NY	5.00%	6/1/2040	A2			1,000,000		1,007,117
City of New Rochelle–Iona College NY	5.00%	7/1/2028	BBB			205,000		207,657
City of New Rochelle–Iona College NY	5.00%	7/1/2029	BBB			250,000		253,175
City of New Rochelle–Iona College NY	5.00%	7/1/2030	BBB			220,000		222,588
City of New Rochelle–Iona College NY	5.00%	7/1/2031	BBB			200,000		202,205
Dutchess County Local Development Corp.–Bard College NY	5.00%	7/1/2045	BBB-			1,000,000		1,037,476
Dutchess County Local Development Corp.–Bard College NY	5.00%	7/1/2051	BBB-			1,000,000		1,028,080
Dutchess County Local Development Corp.–Culinary Institute of America NY	4.00%	7/1/2035	Baa2			1,145,000		1,150,781
Dutchess County Local Development Corp.–Culinary Institute of America NY	4.00%	7/1/2037	Baa2			965,000		959,535
Dutchess County Local Development Corp.–Culinary Institute of America NY	4.00%	7/1/2040	Baa2			425,000		407,110
Dutchess County Local Development Corp.–Culinary Institute of America NY	5.00%	7/1/2033	Baa2			390,000		398,771

See Notes to Financial Statements. 193

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
Dutchess County Local Development Corp.–Culinary Institute of America NY	5.00%	7/1/2041	Baa2	$	200,000	$	202,559
Dutchess County Local Development Corp.–Culinary Institute of America NY	5.00%	7/1/2046	Baa2		275,000		277,432
Dutchess County Local Development Corp.–Marist College NY	5.00%	7/1/2043	A2		2,120,000		2,218,012
Dutchess County Local Development Corp.–Millbrook School NY	4.00%	9/1/2051	A		1,530,000		1,404,937
Dutchess County Local Development Corp.–Vassar College NY	5.00%	7/1/2034	Aa3		275,000		288,960
Hempstead Town Local Development Corp.–Hofstra University NY	5.00%	7/1/2042	A		545,000		563,188
Hempstead Town Local Development Corp.–Molloy College NY	5.00%	7/1/2034	BBB		825,000		847,004
Hempstead Town Local Development Corp.–Molloy College NY	5.00%	7/1/2037	BBB		630,000		644,123
Hempstead Town Local Development Corp.–Molloy College NY	5.00%	7/1/2039	BBB		555,000		565,166
New York City Industrial Development Agency–Yankee Stadium LLC NY (AGM)	3.00%	3/1/2049	AA		2,050,000		1,636,005
New York State Dormitory Authority–Barnard College	4.00%	7/1/2034	A3		460,000		471,344
New York State Dormitory Authority–Barnard College	4.00%	7/1/2036	A3		325,000		331,312
New York State Dormitory Authority–Barnard College	4.00%	7/1/2037	A3		750,000		763,387
New York State Dormitory Authority–Cornell University	5.50%	7/1/2054	Aa1		5,625,000		6,510,197
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%	7/1/2040	BBB+		2,200,000		2,207,838
New York State Dormitory Authority–Iona College	5.00%	7/1/2046	BBB		375,000		386,118
New York State Dormitory Authority–New School	4.00%	7/1/2047	A3		1,000,000		989,872
New York State Dormitory Authority–New School	5.00%	7/1/2028	A3		780,000		812,485
New York State Dormitory Authority–New York Institute of Technology NY	5.25%	7/1/2049	BBB		2,355,000		2,572,738
New York State Dormitory Authority–New York Institute of Technology NY	5.25%	7/1/2054	BBB		1,485,000		1,609,400
New York State Dormitory Authority–New York University NY	5.00%	7/1/2045	Aa2		1,000,000		1,010,362

194 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Education (continued)
New York State Dormitory Authority–Pace University	5.00%	5/1/2035	BBB-	$	2,000,000	$	2,257,252
New York State Dormitory Authority–Pace University	5.50%	5/1/2049	BBB-		3,250,000		3,610,258
New York State Dormitory Authority–Pratt Institute	5.00%	7/1/2039	A2		1,045,000		1,068,403
New York State Dormitory Authority–St John’s University	5.00%	7/1/2027	A-		250,000		253,704
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%	2/15/2041	NR		5,000		5,362
New York State Dormitory Authority–Yeshiva University	5.00%	7/15/2037	BBB-		1,000,000		1,070,562
New York State Dormitory Authority–Yeshiva University	5.00%	7/15/2042	BBB-		1,030,000		1,076,771
Onondaga Civic Development Corp.–Le Moyne College NY	4.00%	7/1/2038	Baa2		150,000		147,150
Onondaga Civic Development Corp.–Le Moyne College NY	4.00%	7/1/2040	Baa2		300,000		287,372
Onondaga Civic Development Corp.–Le Moyne College NY	4.00%	7/1/2041	Baa2		415,000		394,041
Onondaga Civic Development Corp.–Le Moyne College NY	5.00%	7/1/2035	Baa2		365,000		390,094
Onondaga Civic Development Corp.–Le Moyne College NY	5.00%	7/1/2036	Baa2		465,000		495,044
Onondaga Civic Development Corp.–Le Moyne College NY	5.00%	7/1/2046	Baa2		600,000		617,437
Schenectady County Capital Resource Corp.–Trustees of Union College NY	5.25%	7/1/2052	A1		740,000		823,141
St. Lawrence County Industrial Development Agency–Clarkson University NY	5.00%	9/1/2037	Baa1		455,000		486,694
St. Lawrence County Industrial Development Agency–Clarkson University NY	5.00%	9/1/2038	Baa1		475,000		505,058
St. Lawrence County Industrial Development Agency–Clarkson University NY	5.00%	9/1/2041	Baa1		160,000		167,611
Troy Capital Resource Corp.–Rensselaer Polytechnic Institute NY	4.00%	9/1/2040	A3		1,000,000		1,004,424
Troy Capital Resource Corp.–Rensselaer Polytechnic Institute NY	5.00%	8/1/2032	A3		1,495,000		1,527,666

See Notes to Financial Statements. 195

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Education (continued)
Troy Capital Resource Corp.–Rensselaer Polytechnic Institute NY	5.00%		9/1/2034	A3		$	1,200,000	$	1,329,204
Troy Capital Resource Corp. NY	4.00%		9/1/2034	A3			855,000		882,420
Troy Capital Resource Corp. NY	4.00%		9/1/2035	A3			395,000		405,504
Troy Capital Resource Corp. NY	4.00%		9/1/2036	A3			1,140,000		1,165,919
Westchester County Local Development Corp.–Miriam Osborn Memorial Home Association Obligated Group NY	5.00%		7/1/2042	A	(c)		450,000		463,025
Westchester County Local Development Corp.–Sarah Lawrence College NY	4.00%		6/1/2033	BBB-			1,710,000		1,691,935
Total									60,058,619
General Obligation 11.04%
City of Long Beach NY GO (BAM)	5.25%		7/15/2034	AA			510,000		574,412
City of Long Beach NY GO (BAM)	5.25%		7/15/2035	AA			400,000		448,941
City of Long Beach NY GO (BAM)	5.25%		7/15/2036	AA			300,000		335,208
City of Long Beach NY GO (BAM)	5.25%		7/15/2037	AA			810,000		902,130
City of Long Beach NY GO (BAM)	5.25%		7/15/2042	AA			500,000		544,192
City of New York NY GO	4.00%		4/1/2050	AA			2,455,000		2,432,498
City of New York NY GO	4.125%		8/1/2053	AA			2,230,000		2,230,262
City of New York NY GO	5.00%		8/1/2037	AA			1,150,000		1,322,464
City of New York NY GO	5.00%		10/1/2037	AA			2,500,000		2,632,423
City of New York NY GO	5.25%		9/1/2043	AA			1,150,000		1,292,217
City of New York NY GO	5.25%		10/1/2047	AA			3,840,000		4,263,095
City of New York NY GO	5.25%		3/1/2049	AA			2,500,000		2,799,391
City of New York NY GO	5.25%		9/1/2050	AA			2,500,000		2,808,532
City of New York NY GO	5.25%		4/1/2054	AA			1,500,000		1,671,641
City of New York NY GO	5.50%		5/1/2044	AA			2,085,000		2,364,191
Commonwealth of Puerto Rico GO	Zero Coupon		7/1/2033	NR			244,309		166,151
Commonwealth of Puerto Rico GO	Zero Coupon	#(b)	11/1/2043	NR			837,713		540,325
Commonwealth of Puerto Rico GO	4.00%		7/1/2033	NR			189,842		190,205
Commonwealth of Puerto Rico GO	4.00%		7/1/2035	NR			170,642		170,473
Commonwealth of Puerto Rico GO	4.00%		7/1/2037	NR			146,457		145,519
Commonwealth of Puerto Rico GO	5.375%		7/1/2025	NR			105,570		106,199
Commonwealth of Puerto Rico GO	5.625%		7/1/2027	NR			209,517		218,835
Commonwealth of Puerto Rico GO	5.625%		7/1/2029	NR			206,118		222,703
Commonwealth of Puerto Rico GO	5.75%		7/1/2031	NR			200,202		222,793
County of Nassau NY GO	4.00%		4/1/2053	Aa2			2,140,000		2,114,033
Hudson Yards Infrastructure Corp. NY	5.00%		2/15/2042	AA			5,595,000		5,793,713

196 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
General Obligation (continued)
Jefferson County Civic Facility Development Corp.–Samaritan Medical Center Obligated NY	5.00%	11/1/2037	BB		$	2,000,000	$	1,976,769
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%	2/1/2051	AAA			3,750,000		3,724,436
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.25%	11/1/2040	AAA			2,000,000		2,275,878
New York State Dormitory Authority	5.00%	3/15/2053	AA+			2,500,000		2,713,019
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	4.00%	3/15/2044	AA+			2,540,000		2,550,491
New York State Thruway Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2053	AA+			1,550,000		1,678,550
New York State Urban Development Corp.	5.00%	3/15/2044	Aa1			3,000,000		3,358,993
New York State Urban Development Corp.	5.00%	3/15/2050	Aa1			5,000,000		5,480,383
New York State Urban Development Corp.–State of New York Personal Income Tax Revenue	5.00%	3/15/2050	Aa1			2,500,000		2,718,930
Total								62,989,995
Health Care 11.80%
Brookhaven Local Development Corp.–Active Retirement Community Inc Obligated Group NY	4.00%	11/1/2045	BBB	(c)		1,000,000		976,281
Brookhaven Local Development Corp.–Active Retirement Community Inc Obligated Group NY	4.00%	11/1/2055	BBB	(c)		1,000,000		929,362
Brookhaven Local Development Corp.–Long Island Community Hospital At NYU Langone Health Obligated NY	3.375%	10/1/2040	A			365,000		320,565
Broome County Local Development Corp.–United Health Services Hospitals Obligated Group NY (AGM)	3.00%	4/1/2036	AA			1,030,000		968,236
Broome County Local Development Corp.–United Health Services Hospitals Obligated Group NY (AGM)	3.00%	4/1/2037	AA			1,500,000		1,392,444
Buffalo & Erie County Industrial Land Development Corp.–Catholic Health System Obligated Group NY	5.00%	7/1/2025	B-			300,000		299,596
Buffalo & Erie County Industrial Land Development Corp.–Orchard Park CCRC Inc NY	5.00%	11/15/2037	BBB	(c)		1,000,000		1,009,946

See Notes to Financial Statements. 197

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Dutchess County Local Development Corp.–Nuvance Health Obligated Group NY	4.00%	7/1/2044	BBB	$	1,250,000	$	1,215,686
Dutchess County Local Development Corp.–Nuvance Health Obligated Group NY	4.00%	7/1/2049	BBB		3,620,000		3,525,511
Dutchess County Local Development Corp.–Nuvance Health Obligated Group NY	5.00%	7/1/2035	BBB		1,765,000		1,797,331
Genesee County Funding Corp.–Rochester Regional Health Obligated NY	5.25%	12/1/2052	BBB+		1,000,000		1,051,292
Monroe County Industrial Development Corp.–Rochester Regional Health Obligated Group NY	4.00%	12/1/2035	BBB+		600,000		604,918
Monroe County Industrial Development Corp.–Rochester Regional Health Obligated Group NY	4.00%	12/1/2036	BBB+		450,000		452,299
Monroe County Industrial Development Corp.–Rochester Regional Health Obligated Group NY	5.00%	12/1/2034	BBB+		250,000		256,366
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2027	A-		625,000		625,788
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2028	A-		2,045,000		2,048,542
Nassau County Local Economic Assistance Corp.–Catholic Health Services of Long Island Obligated Group NY	5.00%	7/1/2033	A-		905,000		905,652
New York City Industrial Development Agency–Yankee Stadium LLC NY	3.00%	3/1/2049	Baa1		2,115,000		1,633,409
New York State Dormitory Authority–Catholic Health System Obligated Group	4.00%	7/1/2045	B-		2,895,000		2,473,429
New York State Dormitory Authority–Catholic Health System Obligated Group	5.00%	7/1/2032	B-		500,000		499,643
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2026	Ba2		1,000,000		1,002,687
New York State Dormitory Authority–Garnet Health Medical Center Obligated Group†	5.00%	12/1/2029	Ba2		1,900,000		1,908,905
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%	7/1/2033	BBB+		4,340,000		4,365,787

198 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Health Care (continued)
New York State Dormitory Authority–Icahn School of Medicine Mount Sinai	5.00%	7/1/2034	BBB+		$	1,750,000	$	1,759,675
New York State Dormitory Authority–Maimonides Medical Center (FHA)	3.00%	2/1/2050	AA+			1,000,000		799,754
New York State Dormitory Authority–Montefiore Obligated Group	4.00%	8/1/2036	BBB-			475,000		474,667
New York State Dormitory Authority–Montefiore Obligated Group	4.00%	8/1/2037	BBB-			1,820,000		1,810,898
New York State Dormitory Authority–Montefiore Obligated Group	4.00%	8/1/2038	BBB-			1,540,000		1,536,873
New York State Dormitory Authority–Montefiore Obligated Group	4.00%	9/1/2050	BBB-			5,500,000		5,083,143
New York State Dormitory Authority–Montefiore Obligated Group	5.00%	8/1/2035	BBB-			525,000		540,303
New York State Dormitory Authority–Northwell Health Obligated Group	4.00%	5/1/2045	A-			2,130,000		2,092,326
New York State Dormitory Authority–Northwell Health Obligated Group	5.00%	5/1/2028	A-			1,000,000		1,011,231
New York State Dormitory Authority–Northwell Health Obligated Group	5.00%	5/1/2038	A-			1,005,000		1,117,635
Niagara Area Development Corp.–Catholic Health System Obligated Group NY	5.00%	7/1/2052	B-			1,000,000		970,713
Oneida County Local Development Corp.–Mohawk Valley Health System Obligated Group NY (AGM)	4.00%	12/1/2049	AA			4,645,000		4,529,699
Onondaga Civic Development Corp.–Crouse Health Hospital Inc Obligated Group NY	5.125%	8/1/2044	BB	(c)		1,250,000		1,285,849
Onondaga Civic Development Corp.–Crouse Health Hospital Inc Obligated Group NY	5.375%	8/1/2054	BB	(c)		500,000		518,974
Southold Local Development Corp.–Peconic Landing at Southold Inc NY	5.00%	12/1/2045	BBB-	(c)		1,000,000		1,000,585
Tompkins County Development Corp.–Kendal at Ithaca Inc NY	5.00%	7/1/2044	BBB+			920,000		920,654
Westchester County Health Care Corp Obligated Group NY	5.00%	11/1/2046	BBB-			2,240,000		2,171,508
Westchester County Health Care Corp Obligated Group NY	6.00%	11/1/2030	BBB-			100,000		100,184
Westchester County Health Care Corp Obligated Group NY	6.125%	11/1/2037	BBB-			40,000		40,115

See Notes to Financial Statements. 199

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Health Care (continued)
Westchester County Health Care Corp Obligated Group NY (AGM)	5.75%	11/1/2049	AA	$	4,295,000	$	4,908,384
Westchester County Health Care Corp Obligated Group NY (AGM)	5.75%	11/1/2053	AA		1,640,000		1,863,045
Westchester County Local Development Corp.–New York Blood Center Inc NY	5.00%	7/1/2035	Baa1		1,510,000		1,697,128
Westchester County Local Development Corp.–New York Blood Center Inc NY	5.00%	7/1/2038	Baa1		750,000		831,583
Total							67,328,601
Housing 1.53%
New York City Housing Development Corp.–FC 8 Spruce Street Residential LLC NY	4.50%	2/15/2048	NR		1,000,000		996,996
New York City Housing Development Corp. NY	3.35%	11/1/2065	AA+		1,270,000		982,642
New York State Dormitory Authority	5.00%	7/1/2048	Aa3		1,040,000		1,134,990
New York State Dormitory Authority	5.00%	7/1/2053	Aa3		2,090,000		2,264,931
New York State Dormitory Authority–State University of New York Dormitory Facilities Revenue	5.00%	7/1/2042	Aa3		1,510,000		1,566,940
New York State Housing Finance Agency–New York State Housing Finance Agency	3.15%	11/1/2054	Aa2		1,000,000		809,122
Westchester County Local Development Corp.–Purchase Housing Corp II NY	5.00%	6/1/2047	BBB		1,000,000		1,008,882
Total							8,764,503
Other 0.47%
Build NYC Resource Corp.–Children’s Aid Society NY	4.00%	7/1/2049	A+		2,775,000		2,690,611
Other Revenue 3.43%
Brooklyn Arena Local Development Corp.–Brooklyn Events Center LLC NY	5.00%	7/15/2042	Ba1		3,000,000		3,062,182
Build NYC Resource Corp.–Shefa School NY†	5.00%	6/15/2051	NR		1,315,000		1,318,616
New York State Thruway Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2046	AA+		2,500,000		2,735,715
New York State Thruway Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2048	AA+		3,365,000		3,660,573

200 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Other Revenue (continued)
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.00%		11/15/2032	AA+	$	1,250,000	$	1,457,051
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.25%		5/15/2054	AA+		1,500,000		1,681,111
Triborough Bridge & Tunnel Authority–Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY	5.50%		5/15/2052	AA+		5,020,000		5,655,525
Total								19,570,773
Special Tax 2.14%
New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM)	3.00%		1/1/2040	AA		2,145,000		1,926,484
New York City Industrial Development Agency–Queens Ballpark Co LLC NY (AGM)	3.00%		1/1/2046	AA		3,100,000		2,569,697
New York City Industrial Development Agency–Yankee Stadium LLC NY	4.00%		3/1/2045	Baa1		1,950,000		1,917,159
New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC)	Zero Coupon		3/1/2043	AA		425,000		188,586
New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC)	Zero Coupon		3/1/2044	AA		640,000		269,438
New York City Industrial Development Agency–Yankee Stadium LLC NY (AGC)	Zero Coupon		3/1/2047	AA		385,000		138,309
New York City Industrial Development Agency–Yankee Stadium LLC NY (FGIC)	3.775% (CPI YoY * 1 + 0.88%	)	3/1/2026	Baa1		3,590,000		3,601,108
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.25%		11/1/2037	AAA		1,370,000		1,587,375
Total								12,198,156
Tax Revenue 14.39%
Metropolitan Transportation Authority Dedicated Tax Fund NY	5.25%		11/15/2054	AA		3,060,000		3,448,191
Metropolitan Transportation Authority NY	5.00%		11/15/2034	AA		1,440,000		1,517,847
Metropolitan Transportation Authority NY	5.00%		11/15/2042	AA		2,555,000		2,644,399
New York City Transitional Finance Authority Future Tax Secured Revenue NY	4.00%		5/1/2053	AAA		1,215,000		1,203,061

See Notes to Financial Statements. 201

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	2/1/2037	AAA	$	2,145,000	$	2,190,686
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	2/1/2043	AAA		4,000,000		4,143,948
New York City Transitional Finance Authority Future Tax Secured Revenue NY(d)	5.00%	5/1/2050	AAA		7,350,000		8,077,666
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.00%	5/1/2053	AAA		2,500,000		2,707,844
New York City Transitional Finance Authority Future Tax Secured Revenue NY	5.25%	5/1/2051	AAA		6,205,000		6,927,157
New York City Transitional Finance Authority NY	5.00%	5/1/2046	AAA		1,600,000		1,758,547
New York City Transitional Finance Authority NY	5.25%	2/1/2053	AAA		1,750,000		1,945,876
New York City Transitional Finance Authority NY	5.50%	5/1/2047	AAA		5,000,000		5,764,025
New York Convention Center Development Corp.–New York City Hotel Unit Fee Revenue	5.00%	11/15/2040	A2		4,585,000		4,637,474
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.00%	3/15/2035	AA+		1,100,000		1,118,995
New York State Dormitory Authority–State of New York Personal Income Tax Revenue	5.25%	3/15/2052	Aa1		3,500,000		3,922,994
New York State Dormitory Authority–State of New York Sales Tax Revenue	5.00%	3/15/2043	AA+		2,550,000		2,692,909
New York State Dormitory Authority–State of New York Sales Tax Revenue	5.00%	3/15/2052	Aa1		3,000,000		3,298,179
New York State Dormitory Authority–State of New York Sales Tax Revenue	5.00%	3/15/2053	Aa1		2,375,000		2,606,729
New York State Dormitory Authority–State of New York Sales Tax Revenue	5.00%	3/15/2054	Aa1		1,500,000		1,643,653
New York State Urban Development Corp.	5.00%	3/15/2048	Aa1		3,950,000		4,350,972
New York State Urban Development Corp.	5.00%	3/15/2053	Aa1		1,835,000		2,001,849
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2029	NR		163,000		136,642
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2031	NR		708,000		547,123
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2033	NR		710,000		503,645

202 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tax Revenue (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	Zero Coupon	7/1/2051	NR	$	7,476,000	$	1,843,848
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		489,000		488,759
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.329%	7/1/2040	NR		858,000		857,577
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.536%	7/1/2053	NR		64,000		63,472
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		153,000		153,866
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.55%	7/1/2040	NR		380,000		382,151
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.75%	7/1/2053	NR		1,199,000		1,202,691
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	4.784%	7/1/2058	NR		180,000		180,480
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue	5.00%	7/1/2058	NR		1,922,000		1,941,902
Territory of Guam	4.00%	1/1/2042	Baa3		750,000		741,064
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.00%	5/15/2047	AA+		3,000,000		3,284,661
Triborough Bridge & Tunnel Authority Sales Tax Revenue NY	5.00%	5/15/2054	AA+		1,050,000		1,150,399
Total							82,081,281
Taxable Revenue–Water & Sewer 1.92%
New York City Municipal Water Finance Authority(d)	5.25%	6/15/2053	AA+		3,000,000		3,372,254
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.00%	6/15/2040	AA+		4,560,000		4,814,798
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.25%	6/15/2054	AA+		2,500,000		2,795,353
Total							10,982,405
Tobacco 2.60%
Erie Tobacco Asset Securitization Corp. NY	Zero Coupon	6/1/2055	NR		8,000,000		678,421
Erie Tobacco Asset Securitization Corp. NY†	Zero Coupon	6/1/2060	NR		20,000,000		1,007,248

See Notes to Financial Statements. 203

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Tobacco (continued)
Monroe Tobacco Asset Securitization Corp. NY†	Zero Coupon		6/1/2061	NR	$	10,000,000	$	513,261
Nassau County Tobacco Settlement Corp. NY	Zero Coupon		6/1/2060	NR		15,000,000		1,028,710
Nassau County Tobacco Settlement Corp. NY	5.125%		6/1/2046	CCC+		2,085,000		1,913,446
New York Counties Tobacco Trust IV	Zero Coupon		6/1/2060	NR		20,000,000		1,328,036
Rockland Tobacco Asset Securitization Corp. NY†	Zero Coupon		8/15/2060	NR		10,575,000		722,023
Suffolk Tobacco Asset Securitization Corp. NY	Zero Coupon		6/1/2066	NR		7,700,000		829,332
TSASC, Inc. NY	5.00%		6/1/2034	A-		1,000,000		1,037,816
TSASC, Inc. NY	5.00%		6/1/2035	A-		300,000		310,752
TSASC, Inc. NY	5.00%		6/1/2036	A-		100,000		103,308
TSASC, Inc. NY	5.00%		6/1/2041	A-		545,000		556,688
TSASC, Inc. NY	5.00%		6/1/2048	NR		3,300,000		2,982,222
Westchester Tobacco Asset Securitization Corp. NY	5.125%		6/1/2051	BB-		1,845,000		1,832,924
Total								14,844,187
Transportation 24.42%
Metropolitan Transportation Authority NY	4.00%		11/15/2051	A-		3,200,000		3,109,774
Metropolitan Transportation Authority NY	4.75%		11/15/2045	A-		3,255,000		3,375,465
Metropolitan Transportation Authority NY	5.00%		11/15/2029	A-		1,730,000		1,768,469
Metropolitan Transportation Authority NY	5.00%		11/15/2030	A-		1,885,000		1,962,089
Metropolitan Transportation Authority NY	5.00%		11/15/2030	A-		700,000		748,366
Metropolitan Transportation Authority NY	5.00%		11/15/2033	A-		1,900,000		2,011,717
Metropolitan Transportation Authority NY	5.00%	#(b)	11/15/2045	A3		3,030,000		3,320,417
Metropolitan Transportation Authority NY	5.00%		11/15/2050	A-		2,115,000		2,219,642
Metropolitan Transportation Authority NY	5.25%		11/15/2028	A-		3,740,000		3,834,239
Metropolitan Transportation Authority NY	5.50%		11/15/2047	A-		2,385,000		2,697,982
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	5.375%		6/30/2060	Baa3		6,945,000		7,260,411
New York City Transitional Development Corp.–JFK NTO LLC NY AMT	6.00%		6/30/2054	Baa3		10,000,000		10,934,588
New York State Thruway Authority–Junior Lien	5.00%		1/1/2036	A1		1,510,000		1,542,928
New York State Thruway Authority–New York State Thruway Authority	4.00%		1/1/2050	A1		1,920,000		1,901,262
New York State Thruway Authority NY	5.25%		1/1/2054	Aa3		1,500,000		1,680,883

204 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)		Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.–Delta Air Lines Inc AMT	4.00%	1/1/2036	Baa3		$	3,625,000	$	3,627,011
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2033	Baa3			1,550,000		1,602,820
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	1/1/2036	Baa3			3,295,000		3,394,156
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.00%	10/1/2040	Baa3			2,645,000		2,745,968
New York Transportation Development Corp.–Delta Air Lines Inc AMT	5.625%	4/1/2040	Baa3			1,500,000		1,631,333
New York Transportation Development Corp.–Delta Air Lines Inc AMT	6.00%	4/1/2035	Baa3			1,500,000		1,697,488
New York Transportation Development Corp.–Empire State Thruway Partners LLC AMT	4.00%	10/31/2041	BBB-	(c)		860,000		814,031
New York Transportation Development Corp.–Empire State Thruway Partners LLC AMT	4.00%	4/30/2053	BBB-	(c)		4,910,000		4,342,299
New York Transportation Development Corp.–JFK International Air Terminal LLC	4.00%	12/1/2041	Baa1			1,180,000		1,177,071
New York Transportation Development Corp.–JFK International Air Terminal LLC	4.00%	12/1/2042	Baa1			1,800,000		1,793,796
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	4.00%	12/1/2039	Baa1			345,000		342,493
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	4.00%	12/1/2040	Baa1			1,400,000		1,376,666
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	4.00%	12/1/2041	Baa1			2,950,000		2,874,755
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%	12/1/2034	Baa1			1,115,000		1,189,610
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%	12/1/2039	Baa1			1,405,000		1,494,511
New York Transportation Development Corp.–JFK International Air Terminal LLC AMT	5.00%	12/1/2042	Baa1			1,020,000		1,070,354
New York Transportation Development Corp.–JFK NTO LLC	5.50%	6/30/2060	Baa3			9,880,000		10,569,847

See Notes to Financial Statements. 205

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Transportation (continued)
New York Transportation Development Corp.–JFK NTO LLC AMT	5.25%		6/30/2049	AA	$	2,500,000	$	2,656,514
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	4.00%		7/1/2033	Baa2		2,840,000		2,840,115
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	4.00%		7/1/2046	Baa2		2,285,000		2,141,053
New York Transportation Development Corp.–Laguardia Gateway Partner AMT	5.25%		1/1/2050	Baa2		13,805,000		13,805,722
Niagara Frontier Transportation Authority NY AMT	5.00%		4/1/2036	A3		850,000		880,340
Niagara Frontier Transportation Authority NY AMT	5.00%		4/1/2039	A3		350,000		362,036
Port Authority of New York & New Jersey	5.00%		10/15/2041	AA-		4,090,000		4,157,841
Port Authority of New York & New Jersey	5.00%		7/15/2046	AA-		1,250,000		1,399,274
Port Authority of New York & New Jersey	5.00%		7/15/2053	AA-		1,000,000		1,093,370
Port Authority of New York & New Jersey	5.00%		7/15/2053	AA-		2,000,000		2,186,739
Port Authority of New York & New Jersey(d)	5.00%		9/1/2054	AA-		2,675,000		2,948,824
Port Authority of New York & New Jersey AMT	5.00%		7/15/2036	AA-		2,500,000		2,774,713
Port Authority of New York & New Jersey AMT	5.00%		9/1/2036	AA-		2,200,000		2,327,115
Port Authority of New York & New Jersey AMT	5.00%		11/15/2041	AA-		2,000,000		2,050,397
Port Authority of New York & New Jersey AMT	5.50%		8/1/2052	AA-		4,225,000		4,638,449
Triborough Bridge & Tunnel Authority NY	5.25%		11/15/2053	AA-		2,650,000		2,938,861
Total								139,313,804
Utilities 5.51%
Chautauqua County Capital Resource Corp.–NRG Energy Inc NY	4.25%	#(b)	4/1/2042	BBB-		1,000,000		1,028,585
Long Island Power Authority NY	5.00%		9/1/2039	A		2,265,000		2,269,601
Long Island Power Authority NY	5.00%		9/1/2053	A		2,000,000		2,181,427
Long Island Power Authority NY	5.00%		9/1/2054	A		5,000,000		5,486,610
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.25%		6/15/2048	AA+		2,050,000		2,303,646
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY	5.25%		6/15/2052	AA+		2,220,000		2,451,262

206 See Notes to Financial Statements.

Schedule of Investments (continued)

NEW YORK TAX FREE FUND September 30, 2024

Investments		Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s(a)	Principal Amount		Fair Value
Utilities (continued)
New York City Municipal Water Finance Authority–New York City Water & Sewer System NY		5.25%	6/15/2053	AA+	$	3,000,000	$	3,341,788
New York City Municipal Water Finance Authority NY		5.25%	6/15/2054	AA+		2,500,000		2,782,613
New York State Environmental Facilities Corp.–State of New York State Revolving Fund		5.25%	9/15/2052	AAA		4,470,000		4,978,886
New York State Environmental Facilities Corp.–State of New York State Revolving Fund		5.25%	6/15/2053	AAA		3,000,000		3,401,557
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		4.00%	7/1/2042	NR		700,000		672,179
Puerto Rico Commonwealth Aqueduct & Sewer Authority†		5.00%	7/1/2030	NR		500,000		529,933
Total								31,428,087
Total Municipal Bonds (cost $567,268,870)								563,835,998
	Interest Rate#	Interest Rate Reset Date(e)	Final Maturity Date
SHORT-TERM INVESTMENTS 2.15%
VARIABLE RATE DEMAND NOTES 2.15%
General Obligation
City of New York NY GO	4.050%	10/1/2024	10/1/2046	AA		5,000,000		5,000,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		5,250,000		5,250,000
City of New York NY GO	4.150%	10/1/2024	4/1/2042	AA		2,000,000		2,000,000
Total								12,250,000
Total Short-Term Investments (cost $12,250,000)								12,250,000
Total Investments in Securities 100.97% (cost $579,518,870)								576,085,998
Other Assets and Liabilities – Net(f) (0.97)%								(5,530,065	)
Net Assets 100.00%							$	570,555,933

AGC	Insured by–Assured Guarantee Corp.
AGM	Insured by–Assured Guaranty Municipal Corporation.
AMT	Income from the security may be subject to Alternative Minimum Tax.
BAM	Insured by–Build America Mutual.
CPI	Consumer Price Index: Rate fluctuates based on CPI.
FGIC	Insured by–Financial Guaranty Insurance Company.
FHA	Insured by–Federal Housing Administration.
NR	Not Rated.

See Notes to Financial Statements. 207

Schedule of Investments (concluded)

NEW YORK TAX FREE FUND September 30, 2024

SIFMA	Insured by–Securities Industry and Financial Markets Association.
TRIPS	Tax Refund Intercept Programs.
YoY	Year on Year Inflation Rates.

†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At September 30, 2024, the total value of Rule 144A securities was $23,698,607, which represents 4.15% of net assets.
#	Variable rate security. The interest rate represents the rate in effect at September 30, 2024.
(a)	Unaudited.
(b)	Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(c)	This investment has been rated by Fitch IBCA.
(d)	Securities purchased on a when-issued basis (See Note 2(g)).
(e)	The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
(f)	Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on futures contracts as follows:

Futures Contracts at September 30, 2024:

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. Long Bond	December 2024	67	Short		$(8,336,287	)		$(8,320,562	)		$15,725

The following is a summary of the inputs used as of September 30, 2024 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	563,835,998	$	–	$	563,835,998
Short-Term Investments
Variable Rate Demand Notes		–		12,250,000		–		12,250,000
Total	$	–	$	576,085,998	$	–	$	576,085,998
Other Financial Instruments
Futures Contracts
Assets	$	15,725	$	–	$	–	$	15,725
Liabilities		–		–		–		–
Total	$	15,725	$	–	$	–	$	15,725

(1)

Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.

208 See Notes to Financial Statements.

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209

Statements of Assets and Liabilities

September 30, 2024

	Short Duration			Intermediate			National
ASSETS:
Investments in securities, at cost	$	1,531,050,466		$	4,880,760,742		$	4,743,160,885
Investments in securities, at fair value	$	1,541,028,094		$	4,976,165,926		$	4,881,279,116
Cash		10,052,913			11,496,230			22,249,567
Deposits with brokers for futures collateral		–			–			1,132,200
Receivables:
Investment securities sold		79,339,637			6,490,306			6,665,000
Interest		14,075,481			59,397,924			62,908,606
Capital shares sold		4,602,052			23,707,660			21,940,231
From advisor (See Note 3)		8,120			–			–
Variation margin for futures contracts		–			–			211,084
Prepaid expenses and other assets		31,838			72,840			112,241
Total assets		1,649,138,135			5,077,330,886			4,996,498,045
LIABILITIES:
Payables:
Investment securities purchased		80,931,376			96,213,004			110,685,576
Capital shares reacquired		2,018,219			6,434,106			7,255,997
Management fee		432,582			1,551,005			1,448,588
Directors’ fees		240,698			589,428			463,261
12b–1 distribution plan		170,806			665,006			649,436
Fund administration		50,892			161,069			151,501
Trust certificates (See Note 2(h))		–			–			100,635,000
Interest expense and fees		–			–			1,367,623
Distributions payable		3,856,630			13,569,215			14,150,359
Accrued expenses		205,468			613,249			465,180
Total liabilities		87,906,671			119,796,082			237,272,521
NET ASSETS	$	1,561,231,464		$	4,957,534,804		$	4,759,225,524
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,652,103,190		$	5,276,899,791		$	5,006,349,513
Total distributable earnings (loss)		(90,871,726	)		(319,364,987	)		(247,123,989	)
Net Assets	$	1,561,231,464		$	4,957,534,804		$	4,759,225,524

210 See Notes to Financial Statements.

High Income			Short Duration High Income			Sustainable			California			New Jersey			New York
$	4,031,238,329		$	1,468,535,948		$	5,493,007		$	650,779,536		$	138,965,125		$	579,518,870
$	4,134,202,505		$	1,503,478,757		$	5,647,298		$	666,910,348		$	138,428,925		$	576,085,998
	4,910,588			3,278,986			5,316			6,294,588			1,918,052			2,429,665
	–			148,000			–			144,300			33,300			247,900
	40,000			820,000			–			–			–			–
	57,337,495			20,530,103			71,535			8,034,338			1,539,617			6,779,201
	19,393,977			9,199,582			2,893			3,131,151			500,184			2,355,017
	–			20,023			11,423			–			2,839			–
	–			27,556			–			27,022			6,260			46,311
	70,404			57,398			12,965			14,797			10,136			13,515
	4,215,954,969			1,537,560,405			5,751,430			684,556,544			142,439,313			587,957,607
	33,567,509			6,767,283			–			8,840,304			1,481,825			14,358,696
	6,989,861			3,756,625			1,716			702,367			83,111			1,070,318
	1,442,238			408,793			1,488			242,730			51,026			205,191
	375,485			55,947			587			76,844			22,243			75,308
	410,439			94,158			1,044			94,329			24,396			104,050
	131,929			48,517			186			21,576			4,536			18,239
	58,465,000			–			–			5,000,000			–			–
	642,152			–			–			33,657			–			–
	14,577,375			5,073,280			16,580			1,829,085			356,063			1,484,175
	639,458			231,631			40,304			94,427			45,304			85,697
	117,241,446			16,436,234			61,905			16,935,319			2,068,504			17,401,674
$	4,098,713,523		$	1,521,124,171		$	5,689,525		$	667,621,225		$	140,370,809		$	570,555,933
$	4,607,707,770		$	1,611,271,582		$	5,975,221		$	692,365,211		$	145,341,974		$	595,602,780
	(508,994,247	)		(90,147,411	)		(285,696	)		(24,743,986	)		(4,971,165	)		(25,046,847	)
$	4,098,713,523		$	1,521,124,171		$	5,689,525		$	667,621,225		$	140,370,809		$	570,555,933

See Notes to Financial Statements. 211

Statements of Assets and Liabilities (concluded)

September 30, 2024

	Short Duration		Intermediate		National
Net Assets by class:
Class A Shares	$	764,411,569	$	1,974,387,223	$	2,715,060,275
Class C Shares	$	15,739,669	$	66,670,883	$	63,652,742
Class F Shares	$	27,240,451	$	90,249,462	$	68,623,718
Class F3 Shares	$	246,042,356	$	316,234,055	$	499,689,560
Class I Shares	$	507,797,419	$	2,509,993,181	$	1,412,199,229
Outstanding shares by class*:
Class A Shares		50,272,790		190,065,494		253,858,543
Class C Shares		1,035,205		6,426,229		5,945,559
Class F Shares		1,791,309		8,691,836		6,423,198
Class F3 Shares		16,175,376		30,429,460		46,744,835
Class I Shares		33,386,774		241,653,798		132,114,539
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$15.21		$10.39		$10.70
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$15.56		$10.63		$10.95
Class C Shares-Net asset value		$15.20		$10.37		$10.71
Class F Shares-Net asset value		$15.21		$10.38		$10.68
Class F3 Shares-Net asset value		$15.21		$10.39		$10.69
Class I Shares-Net asset value		$15.21		$10.39		$10.69

* Lord Abbett Municipal Income Fund, Inc. has 11,757,501,500 authorized shares of capital stock (par value $.001), which are designated as follows: 1,950,001,500 to Short Duration, 2,445,000,000 to Intermediate, 1,250,000,000 to National, 1,987,500,000 to High Income, 1,950,000,000 to Short Duration High Income, 750,000,000 to Sustainable, 450,000,000 to California, 525,000,000 to New Jersey and 450,000,000 to New York (as of September 30, 2024).

212 See Notes to Financial Statements.

High Income		Short Duration High Income		Sustainable		California		New Jersey		New York
$	2,025,711,335	$	409,917,859	$	3,250,190	$	422,860,658	$	105,746,892	$	410,876,890
$	127,062,303	$	21,802,299	$	156,373	$	18,312,666	$	–	$	17,496,976
$	85,596,901	$	12,342,127	$	70,323	$	12,612,105	$	2,997,572	$	9,767,851
$	166,069,802	$	50,999,126	$	93,756	$	59,191,610	$	2,730,907	$	5,525,634
$	1,694,273,182	$	1,026,062,760	$	2,118,883	$	154,644,186	$	28,895,438	$	126,888,582
	181,375,265		28,443,431		346,675		40,928,808		21,956,776		37,892,464
	11,373,095		1,512,653		16,679		1,771,704		–		1,615,723
	7,658,255		856,450		7,500		1,220,786		622,076		900,051
	14,898,028		3,538,706		10,000		5,731,179		566,300		509,363
	151,979,982		71,196,460		226,001		14,978,190		5,993,881		11,696,352
	$11.17		$14.41		$9.38		$10.33		$4.82		$10.84
	$11.43		$14.74		$9.60		$10.57		$4.93		$11.09
	$11.17		$14.41		$9.38		$10.34		$     –		$10.83
	$11.18		$14.41		$9.38		$10.33		$4.82		$10.85
	$11.15		$14.41		$9.38		$10.33		$4.82		$10.85
	$11.15		$14.41		$9.38		$10.32		$4.82		$10.85

See Notes to Financial Statements. 213

Statements of Operations

For the Year Ended September 30, 2024

	Short Duration			Intermediate			National
Investment income:
Interest and other	$	54,770,479		$	186,450,579		$	187,640,156
Expenses:
Management fee		5,295,253			18,635,236			16,281,601
12b-1 distribution plan–Class A		1,516,137			3,887,396			5,011,803
12b-1 distribution plan–Class C		136,652			634,402			550,465
12b-1 distribution plan–Class F		29,844			100,236			78,242
Shareholder servicing		627,554			2,844,787			1,803,355
Fund administration		622,971			1,934,425			1,689,326
Registration		207,553			303,999			322,108
Professional		82,955			112,549			131,745
Directors’ fees		61,521			197,138			169,020
Reports to shareholders		44,414			134,888			133,852
Custody		18,281			53,740			42,936
Interest expense and fees (See Note 2(h))		–			–			3,795,444
Other		118,941			171,386			139,128
Gross expenses		8,762,076			29,010,182			30,149,025
Fees waived and expenses reimbursed (See Note 3)		(172,095	)		(53,740	)		(42,936	)
Net expenses		8,589,981			28,956,442			30,106,089
Net investment income		46,180,498			157,494,137			157,534,067
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(10,470,958	)		(74,635,048	)		(47,185,350	)
Net realized gain (loss) on futures contracts		(433,622	)		–			(930,580	)
Net change in unrealized appreciation/depreciation on investments		51,666,787			368,932,218			379,908,911
Net change in unrealized appreciation/depreciation on futures contracts		487,900			–			(1,894,554	)
Net realized and unrealized gain (loss)		41,250,107			294,297,170			329,898,427
Net Increase in Net Assets Resulting From Operations	$	87,430,605		$	451,791,307		$	487,432,494

214 See Notes to Financial Statements.

High Income			Short Duration High Income			Sustainable			California			New Jersey			New York
$	196,904,529		$	58,015,953		$	211,431		$	24,790,414		$	4,677,187		$	19,571,957
	16,137,454			4,133,953			17,503			2,699,455			544,843			2,228,010
	3,658,018			637,115			6,182			769,562			182,996			709,248
	1,079,883			166,435			1,416			153,163			–			141,744
	96,996			15,393			72			11,682			3,500			8,764
	1,896,470			696,872			1,081			187,193			44,286			206,618
	1,463,745			482,406			2,188			239,951			48,431			198,045
	247,577			149,134			78,071			81,701			66,187			80,428
	64,142			77,907			41,560			64,096			44,081			51,113
	146,308			45,766			453			24,037			5,400			19,677
	92,080			34,975			4,863			21,016			6,421			14,912
	39,709			13,546			504			8,476			2,900			7,010
	2,143,094			–			–			33,657			–			–
	356,248			106,736			13,716			77,533			21,561			64,903
	27,421,724			6,560,238			167,609			4,371,522			970,606			3,730,472
	(39,709	)		(338,669	)		(136,450	)		(8,476	)		(34,103	)		(7,010	)
	27,382,015			6,221,569			31,159			4,363,046			936,503			3,723,462
	169,522,514			51,794,384			180,272			20,427,368			3,740,684			15,848,495
	(114,043,257	)		(17,588,548	)		70			(3,318,933	)		(1,501,263	)		(3,222,772	)
	806,960			(350,715	)		–			(155,431	)		(48,361	)		(333,172	)
	463,709,221			68,856,217			303,672			47,742,652			10,081,292			41,209,473
	(1,861,694	)		9,388			–			(345,230	)		(40,414	)		(327,717	)
	348,611,230			50,926,342			303,742			43,923,058			8,491,254			37,325,812
$	518,133,744		$	102,720,726		$	484,014		$	64,350,426		$	12,231,938		$	53,174,307

See Notes to Financial Statements. 215

Statements of Changes in Net Assets

	Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
Operations:
Net investment income		$	46,180,498			$	39,883,579
Net realized gain (loss) on investments and futures contracts			(10,904,580	)			(39,902,898	)
Net change in unrealized appreciation/depreciation on investments and futures contracts			52,154,687				47,204,705
Net increase in net assets resulting from operations			87,430,605				47,185,386
Distributions to Shareholders(1)
Class A			(21,627,929	)			(17,584,763	)
Class C			(378,150	)			(324,642	)
Class F			(880,678	)			(2,101,757	)
Class F3			(7,813,681	)			(7,188,716	)
Class I			(15,261,638	)			(12,588,098	)
Total distribution to shareholders			(45,962,076	)			(39,787,976	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			537,940,631				783,794,119
Reinvestment of distributions			35,728,540				29,953,750
Cost of shares reacquired			(646,117,873	)			(1,300,105,517	)
Net increase (decrease) in net assets resulting from capital share transactions			(72,448,702	)			(486,357,648	)
Net increase (decrease) in net assets			(30,980,173	)			(478,960,238	)
NET ASSETS:
Beginning of year		$	1,592,211,637			$	2,071,171,875
End of year		$	1,561,231,464			$	1,592,211,637

⁽¹⁾ Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.

216 See Notes to Financial Statements.

Intermediate								National
For the Year Ended September 30, 2024				For the Year Ended September 30, 2023				For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
	$	157,494,137			$	141,645,834			$	157,534,067			$	124,651,299
		(74,635,048	)			(133,123,729	)			(48,115,930	)			(134,588,997	)
		368,932,218				151,612,635				378,014,357				116,122,825
		451,791,307				160,134,740				487,432,494				106,185,127
		(60,246,031	)			(55,377,086	)			(89,801,459	)			(77,238,597	)
		(1,943,680	)			(2,236,636	)			(2,017,748	)			(2,184,343	)
		(3,199,421	)			(7,640,736	)			(2,881,101	)			(4,878,775	)
		(9,945,514	)			(7,471,644	)			(16,261,099	)			(11,071,073	)
		(79,795,617	)			(67,416,716	)			(43,423,463	)			(26,764,425	)
		(155,130,263	)			(140,142,818	)			(154,384,870	)			(122,137,213	)
		1,480,121,755				2,440,944,276				1,797,998,461				1,660,801,824
		118,883,166				104,469,308				141,143,008				110,830,832
		(1,782,675,662	)			(2,768,876,136	)			(1,186,020,738	)			(1,461,281,131	)
		(183,670,741	)			(223,462,552	)			753,120,731				310,351,525
		112,990,303				(203,470,630	)			1,086,168,355				294,399,439
	$	4,844,544,501			$	5,048,015,131			$	3,673,057,169			$	3,378,657,730
	$	4,957,534,804			$	4,844,544,501			$	4,759,225,524			$	3,673,057,169

See Notes to Financial Statements. 217

Statements of Changes in Net Assets (continued)

	High Income
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
Operations:
Net investment income		$	169,522,514			$	145,539,733
Net realized gain (loss) on investments and futures contracts			(113,236,297	)			(204,668,914	)
Net change in unrealized appreciation/depreciation on investments and futures contracts			461,847,527				160,647,553
Net increase in net assets resulting from operations			518,133,744				101,518,372
Distributions to Shareholders(1)
Class A			(81,380,815	)			(72,790,503	)
Class C			(5,122,399	)			(5,689,822	)
Class F			(4,419,955	)			(9,499,288	)
Class F3			(6,652,640	)			(5,375,725	)
Class I			(67,807,483	)			(48,818,252	)
Total distribution to shareholders			(165,383,292	)			(142,173,590	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			1,482,234,622				1,594,496,427
Reinvestment of distributions			149,273,252				128,033,512
Cost of shares reacquired			(1,170,684,610	)			(1,803,019,789	)
Net increase (decrease) in net assets resulting from capital share transactions			460,823,264				(80,489,850	)
Net increase (decrease) in net assets			813,573,716				(121,145,068	)
NET ASSETS:
Beginning of year		$	3,285,139,807			$	3,406,284,875
End of year		$	4,098,713,523			$	3,285,139,807

⁽¹⁾ Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.

218 See Notes to Financial Statements.

Short Duration High Income								Sustainable
For the Year Ended September 30, 2024				For the Year Ended September 30, 2023				For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
	$	51,794,384			$	34,301,157			$	180,272			$	142,461
		(17,939,263	)			(33,739,132	)			70				(155,523	)
		68,865,605				27,460,386				303,672				169,162
		102,720,726				28,022,411				484,014				156,100
		(12,726,619	)			(10,532,484	)			(98,995	)			(79,924	)
		(694,519	)			(607,265	)			(4,241	)			(2,896	)
		(629,616	)			(2,560,295	)			(2,370	)			(1,919	)
		(1,767,207	)			(1,231,546	)			(3,159	)			(2,685	)
		(34,033,491	)			(17,898,923	)			(69,705	)			(53,809	)
		(49,851,452	)			(32,830,513	)			(178,470	)			(141,233	)
		1,021,021,301				685,583,676				295,833				588,055
		47,827,129				31,503,674				28,161				14,916
		(500,872,805	)			(689,567,706	)			(91,589	)			(6,445	)
		567,975,625				27,519,644				232,405				596,526
		620,844,899				22,711,542				537,949				611,393
	$	900,279,272			$	877,567,730			$	5,151,576			$	4,540,183
	$	1,521,124,171			$	900,279,272			$	5,689,525			$	5,151,576

See Notes to Financial Statements. 219

Statements of Changes in Net Assets (concluded)

	California
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
Operations:
Net investment income		$	20,427,368			$	15,447,264
Net realized gain (loss) on investments and futures contracts			(3,474,364	)			(18,231,152	)
Net change in unrealized appreciation/depreciation on investments and futures contracts			47,397,422				16,977,014
Net increase in net assets resulting from operations			64,350,426				14,193,126
Distributions to Shareholders(1)
Class A			(12,660,728	)			(10,048,395	)
Class C			(514,874	)			(498,898	)
Class F			(396,208	)			(413,866	)
Class F3			(1,838,400	)			(1,268,786	)
Class I			(4,614,513	)			(2,913,247	)
Total distribution to shareholders			(20,024,723	)			(15,143,192	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares			261,027,649				220,080,799
Reinvestment of distributions			18,447,524				13,735,450
Cost of shares reacquired			(172,050,143	)			(171,125,316	)
Net increase (decrease) in net assets resulting from capital share transactions			107,425,030				62,690,933
Net increase (decrease) in net assets			151,750,733				61,740,867
NET ASSETS:
Beginning of year		$	515,870,492			$	454,129,625
End of year		$	667,621,225			$	515,870,492

⁽¹⁾ Refer to Note 4 in the Notes to Financial Statements for the tax character of distributions.

220 See Notes to Financial Statements.

New Jersey								New York
For the Year Ended September 30, 2024				For the Year Ended September 30, 2023				For the Year Ended September 30, 2024				For the Year Ended September 30, 2023
	$	3,740,684			$	3,039,809			$	15,848,495			$	12,894,727
		(1,549,624	)			(1,642,816	)			(3,555,944	)			(6,393,410	)
		10,040,878				2,908,510				40,881,756				9,672,228
		12,231,938				4,305,503				53,174,307				16,173,545
		(2,771,026	)			(2,358,640	)			(11,157,801	)			(9,296,202	)
		–				–				(443,278	)			(471,328	)
		(109,345	)			(136,716	)			(284,503	)			(347,324	)
		(66,109	)			(50,515	)			(125,401	)			(78,854	)
		(777,542	)			(484,548	)			(3,698,928	)			(2,587,779	)
		(3,724,022	)			(3,030,419	)			(15,709,911	)			(12,781,487	)
		54,223,269				28,363,257				229,341,745				124,898,947
		2,953,296				2,409,229				13,771,800				10,761,359
		(26,597,145	)			(32,259,812	)			(127,701,141	)			(156,382,096	)
		30,579,420				(1,487,326	)			115,412,404				(20,721,790	)
		39,087,336				(212,242	)			152,876,800				(17,329,732	)
	$	101,283,473			$	101,495,715			$	417,679,133			$	435,008,865
	$	140,370,809			$	101,283,473			$	570,555,933			$	417,679,133

See Notes to Financial Statements. 221

Financial Highlights

SHORT DURATION TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024		$14.81		$0.43	$	0.40		$	0.83			$(0.43	)		$15.21
9/30/2023		14.78		0.32		0.03			0.35			(0.32	)		14.81
9/30/2022		15.84		0.15		(1.06	)		(0.91	)		(0.15	)		14.78
9/30/2021		15.80		0.15		0.04			0.19			(0.15	)		15.84
9/30/2020		15.78		0.24		0.02			0.26			(0.24	)		15.80
Class C
9/30/2024		14.81		0.34		0.39			0.73			(0.34	)		15.20
9/30/2023		14.78		0.23		0.03			0.26			(0.23	)		14.81
9/30/2022		15.84		0.05		(1.05	)		(1.00	)		(0.06	)		14.78
9/30/2021		15.80		0.05		0.04			0.09			(0.05	)		15.84
9/30/2020		15.78		0.15		0.01			0.16			(0.14	)		15.80
Class F
9/30/2024		14.81		0.45		0.39			0.84			(0.44	)		15.21
9/30/2023		14.79		0.30		0.05			0.35			(0.33	)		14.81
9/30/2022		15.85		0.16		(1.05	)		(0.89	)		(0.17	)		14.79
9/30/2021		15.80		0.16		0.05			0.21			(0.16	)		15.85
9/30/2020		15.78		0.26		0.02			0.28			(0.26	)		15.80
Class F3
9/30/2024		14.81		0.47		0.39			0.86			(0.46	)		15.21
9/30/2023		14.79		0.35		0.02			0.37			(0.35	)		14.81
9/30/2022		15.85		0.19		(1.06	)		(0.87	)		(0.19	)		14.79
9/30/2021		15.80		0.18		0.06			0.24			(0.19	)		15.85
9/30/2020		15.79		0.27		0.02			0.29			(0.28	)		15.80
Class I
9/30/2024		14.81		0.46		0.40			0.86			(0.46	)		15.21
9/30/2023		14.79		0.35		0.02			0.37			(0.35	)		14.81
9/30/2022		15.85		0.20		(1.08	)		(0.88	)		(0.18	)		14.79
9/30/2021		15.80		0.18		0.05			0.23			(0.18	)		15.85
9/30/2020		15.78		0.27		0.02			0.29			(0.27	)		15.80

(a)	Calculated based on average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

222 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	5.67			0.65		0.66		2.87	$	764,412		66
	2.29			0.65		0.66		2.12		758,931		59
	(5.68	)		0.65		0.65		0.99		875,792		43
	1.20			0.65		0.65		0.93		1,067,651		26
	1.68			0.65		0.66		1.52		895,461		28
	4.96			1.26		1.27		2.26		15,740		66
	1.74			1.26		1.27		1.51		17,796		59
	(6.34	)		1.29		1.29		0.35		23,284		43
	0.54			1.30		1.31		0.30		31,450		26
	1.05			1.27		1.28		0.96		39,779		28
	5.77			0.55		0.56		2.97		27,240		66
	2.39			0.55		0.56		2.03		33,367		59
	(5.65	)		0.55		0.55		1.01		246,974		43
	1.36			0.55		0.55		1.03		736,826		26
	1.77			0.55		0.56		1.62		587,635		28
	5.92			0.41		0.41		3.11		246,042		66
	2.54			0.41		0.42		2.35		264,658		59
	(5.52	)		0.41		0.41		1.25		361,359		43
	1.50			0.42		0.42		1.16		331,257		26
	1.84			0.42		0.43		1.74		246,193		28
	5.88			0.45		0.46		3.07		507,797		66
	2.50			0.45		0.46		2.34		517,459		59
	(5.55	)		0.45		0.46		1.30		563,762		43
	1.46			0.45		0.45		1.13		206,551		26
	1.87			0.45		0.46		1.70		177,634		28

See Notes to Financial Statements. 223

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024	$	9.76		$0.32	$	0.63		$	0.95			$(0.32	)	$	10.39
9/30/2023		9.71		0.27		0.05			0.32			(0.27	)		9.76
9/30/2022		11.33		0.23		(1.63	)		(1.40	)		(0.22	)		9.71
9/30/2021		11.11		0.24		0.22			0.46			(0.24	)		11.33
9/30/2020		11.17		0.27		(0.06	)		0.21			(0.27	)		11.11
Class C
9/30/2024		9.75		0.26		0.61			0.87			(0.25	)		10.37
9/30/2023		9.70		0.21		0.05			0.26			(0.21	)		9.75
9/30/2022		11.32		0.16		(1.62	)		(1.46	)		(0.16	)		9.70
9/30/2021		11.10		0.17		0.22			0.39			(0.17	)		11.32
9/30/2020		11.16		0.21		(0.07	)		0.14			(0.20	)		11.10
Class F
9/30/2024		9.76		0.33		0.62			0.95			(0.33	)		10.38
9/30/2023		9.71		0.28		0.05			0.33			(0.28	)		9.76
9/30/2022		11.33		0.23		(1.61	)		(1.38	)		(0.24	)		9.71
9/30/2021		11.11		0.25		0.22			0.47			(0.25	)		11.33
9/30/2020		11.17		0.28		(0.06	)		0.22			(0.28	)		11.11
Class F3
9/30/2024		9.77		0.35		0.61			0.96			(0.34	)		10.39
9/30/2023		9.72		0.30		0.05			0.35			(0.30	)		9.77
9/30/2022		11.34		0.25		(1.62	)		(1.37	)		(0.25	)		9.72
9/30/2021		11.12		0.27		0.22			0.49			(0.27	)		11.34
9/30/2020		11.18		0.30		(0.06	)		0.24			(0.30	)		11.12
Class I
9/30/2024		9.76		0.34		0.63			0.97			(0.34	)		10.39
9/30/2023		9.71		0.30		0.04			0.34			(0.29	)		9.76
9/30/2022		11.33		0.25		(1.62	)		(1.37	)		(0.25	)		9.71
9/30/2021		11.12		0.27		0.21			0.48			(0.27	)		11.33
9/30/2020		11.17		0.29		(0.05	)		0.24			(0.29	)		11.12

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

224 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	9.80			0.71		0.71		3.15	$	1,974,387		49
	3.17			0.71		0.71		2.74		1,935,887		44
	(12.36	)		0.71		0.71		2.11		2,075,394		33
	4.19			0.70		0.70		2.15		2,656,030		13
	1.93			0.70		0.70		2.45		2,239,629		14
	9.03			1.32		1.32		2.53		66,671		49
	2.64			1.32		1.32		2.12		86,956		44
	(13.02	)		1.35		1.35		1.47		123,238		33
	3.53			1.33		1.33		1.52		190,855		13
	1.30			1.32		1.32		1.86		215,475		14
	9.80			0.61		0.61		3.24		90,249		49
	3.38			0.60		0.60		2.78		113,056		44
	(12.37	)		0.60		0.60		2.13		522,922		33
	4.30			0.60		0.60		2.24		2,697,578		13
	2.03			0.60		0.60		2.56		2,140,068		14
	9.97			0.44		0.44		3.41		316,234		49
	3.54			0.45		0.45		3.00		274,934		44
	(12.21	)		0.45		0.45		2.39		194,787		33
	4.45			0.45		0.45		2.36		171,655		13
	2.17			0.46		0.46		2.68		85,559		14
	10.02			0.51		0.51		3.35		2,509,993		49
	3.48			0.51		0.51		2.95		2,433,710		44
	(12.28	)		0.52		0.52		2.39		2,131,673		33
	4.31			0.50		0.50		2.35		896,545		13
	2.22			0.50		0.50		2.65		870,771		14

See Notes to Financial Statements. 225

Financial Highlights (continued)

NATIONAL TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024	$	9.85	$	0.38	$	0.84		$	1.22			$(0.37	)	$	10.70
9/30/2023		9.83		0.35		0.01	(d)		0.36			(0.34	)		9.85
9/30/2022		12.06		0.30		(2.23	)		(1.93	)		(0.30	)		9.83
9/30/2021		11.70		0.31		0.36			0.67			(0.31	)		12.06
9/30/2020		11.80		0.34		(0.10	)		0.24			(0.34	)		11.70
Class C
9/30/2024		9.86		0.32		0.84			1.16			(0.31	)		10.71
9/30/2023		9.84		0.29		0.01	(d)		0.30			(0.28	)		9.86
9/30/2022		12.08		0.23		(2.24	)		(2.01	)		(0.23	)		9.84
9/30/2021		11.71		0.23		0.37			0.60			(0.23	)		12.08
9/30/2020		11.82		0.26		(0.11	)		0.15			(0.26	)		11.71
Class F
9/30/2024		9.84		0.39		0.83			1.22			(0.38	)		10.68
9/30/2023		9.82		0.35		0.02	(d)		0.37			(0.35	)		9.84
9/30/2022		12.05		0.31		(2.23	)		(1.92	)		(0.31	)		9.82
9/30/2021		11.69		0.32		0.36			0.68			(0.32	)		12.05
9/30/2020		11.79		0.35		(0.10	)		0.25			(0.35	)		11.69
Class F3
9/30/2024		9.84		0.41		0.84			1.25			(0.40	)		10.69
9/30/2023		9.83		0.37		0.01	(d)		0.38			(0.37	)		9.84
9/30/2022		12.06		0.32		(2.23	)		(1.91	)		(0.32	)		9.83
9/30/2021		11.69		0.34		0.37			0.71			(0.34	)		12.06
9/30/2020		11.80		0.36		(0.11	)		0.25			(0.36	)		11.69
Class I
9/30/2024		9.84		0.40		0.84			1.24			(0.39	)		10.69
9/30/2023		9.83		0.37		–	(d)(e)		0.37			(0.36	)		9.84
9/30/2022		12.06		0.32		(2.23	)		(1.91	)		(0.32	)		9.83
9/30/2021		11.69		0.34		0.36			0.70			(0.33	)		12.06
9/30/2020		11.80		0.36		(0.11	)		0.25			(0.36	)		11.69

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(d)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the period ended September 30, 2023, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.
(e)	Amount less than $0.01.

226 See Notes to Financial Statements.

			Ratios to Average Net Assets:								Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c)		Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	12.58			0.78		0.69		0.78		3.66	$	2,715,060		27
	3.61			0.77		0.70		0.77		3.41		2,257,591		41
	(16.27	)		0.71		0.70		0.71		2.66		2,235,687		40
	5.77			0.70		0.70		0.70		2.58		2,925,529		18
	2.06			0.71		0.71		0.71		2.90		2,504,023		24
	11.89			1.40		1.30		1.40		3.05		63,653		27
	2.97			1.40		1.33		1.40		2.78		70,892		41
	(16.86	)		1.35		1.34		1.35		2.01		83,743		40
	5.16			1.35		1.35		1.35		1.94		135,544		18
	1.32			1.35		1.35		1.35		2.27		138,705		24
	12.60			0.68		0.59		0.68		3.76		68,624		27
	3.72			0.67		0.60		0.67		3.48		79,394		41
	(16.20	)		0.61		0.60		0.61		2.66		222,942		40
	5.88			0.60		0.60		0.60		2.68		984,235		18
	2.15			0.61		0.61		0.61		2.99		871,094		24
	12.86			0.54		0.45		0.54		3.90		499,690		27
	3.75			0.53		0.46		0.53		3.65		346,879		41
	(16.07	)		0.47		0.46		0.47		2.91		268,560		40
	6.10			0.45		0.45		0.45		2.78		288,718		18
	2.19			0.48		0.48		0.48		3.10		140,730		24
	12.81			0.58		0.49		0.58		3.85		1,412,199		27
	3.72			0.57		0.50		0.57		3.63		918,301		41
	(16.10	)		0.52		0.51		0.52		2.99		567,725		40
	6.07			0.50		0.50		0.50		2.78		209,640		18
	2.17			0.51		0.51		0.51		3.09		155,620		24

See Notes to Financial Statements. 227

Financial Highlights (continued)

HIGH INCOME MUNICIPAL BOND FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024		$10.12		$0.49	$	1.04		$	1.53			$(0.48	)		$11.17
9/30/2023		10.22		0.45		(0.11	)		0.34			(0.44	)		10.12
9/30/2022		12.91		0.39		(2.69	)		(2.30	)		(0.39	)		10.22
9/30/2021		12.14		0.41		0.77			1.18			(0.41	)		12.91
9/30/2020		12.60		0.45		(0.47	)		(0.02	)		(0.44	)		12.14
Class C
9/30/2024		10.12		0.42		1.04			1.46			(0.41	)		11.17
9/30/2023		10.22		0.38		(0.11	)		0.27			(0.37	)		10.12
9/30/2022		12.92		0.31		(2.70	)		(2.39	)		(0.31	)		10.22
9/30/2021		12.14		0.33		0.78			1.11			(0.33	)		12.92
9/30/2020		12.61		0.37		(0.48	)		(0.11	)		(0.36	)		12.14
Class F
9/30/2024		10.13		0.50		1.04			1.54			(0.49	)		11.18
9/30/2023		10.23		0.45		(0.10	)		0.35			(0.45	)		10.13
9/30/2022		12.92		0.40		(2.69	)		(2.29	)		(0.40	)		10.23
9/30/2021		12.15		0.42		0.77			1.19			(0.42	)		12.92
9/30/2020		12.61		0.46		(0.47	)		(0.01	)		(0.45	)		12.15
Class F3
9/30/2024		10.10		0.52		1.03			1.55			(0.50	)		11.15
9/30/2023		10.20		0.47		(0.11	)		0.36			(0.46	)		10.10
9/30/2022		12.89		0.42		(2.70	)		(2.28	)		(0.41	)		10.20
9/30/2021		12.12		0.44		0.77			1.21			(0.44	)		12.89
9/30/2020		12.58		0.47		(0.46	)		0.01			(0.47	)		12.12
Class I
9/30/2024		10.10		0.51		1.04			1.55			(0.50	)		11.15
9/30/2023		10.20		0.47		(0.11	)		0.36			(0.46	)		10.10
9/30/2022		12.89		0.42		(2.70	)		(2.28	)		(0.41	)		10.20
9/30/2021		12.12		0.44		0.76			1.20			(0.43	)		12.89
9/30/2020		12.58		0.47		(0.47	)		–	(d)		(0.46	)		12.12

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.
(d)	Amount less than $0.01.

228 See Notes to Financial Statements.

			Ratios to Average Net Assets:								Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c)		Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	15.38			0.82		0.76		0.82		4.56	$	2,025,711		27
	3.23			0.81		0.77		0.81		4.26		1,680,507		42
	(18.19	)		0.77		0.77		0.77		3.28		1,787,225		40
	9.81			0.75		0.75		0.75		3.23		2,388,758		15
	(0.09	)		0.77		0.77		0.77		3.69		1,822,069		43
	14.68			1.43		1.37		1.43		3.96		127,062		27
	2.58			1.44		1.40		1.44		3.63		141,950		42
	(18.78	)		1.41		1.41		1.41		2.63		174,127		40
	9.19			1.40		1.40		1.40		2.60		267,871		15
	(0.81	)		1.42		1.42		1.42		3.06		242,392		43
	15.48			0.72		0.66		0.72		4.68		85,597		27
	3.33			0.71		0.67		0.71		4.31		112,452		42
	(18.09	)		0.66		0.66		0.66		3.27		369,471		40
	9.90			0.65		0.65		0.65		3.30		1,450,736		15
	0.00			0.67		0.67		0.67		3.78		861,795		43
	15.69			0.56		0.51		0.56		4.81		166,070		27
	3.48			0.57		0.53		0.57		4.50		122,429		42
	(18.01	)		0.51		0.51		0.51		3.55		114,134		40
	10.07			0.52		0.51		0.51		3.42		118,100		15
	0.14			0.53		0.53		0.53		3.92		55,503		43
	15.63			0.62		0.56		0.62		4.75		1,694,273		27
	3.43			0.61		0.57		0.61		4.46		1,227,801		42
	(18.06	)		0.57		0.57		0.57		3.59		961,328		40
	10.03			0.56		0.55		0.55		3.41		487,688		15
	0.09			0.57		0.57		0.57		3.88		301,236		43

See Notes to Financial Statements. 229

Financial Highlights (continued)

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND

				Per Share Operating Performance:
				Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period			Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024		$13.79			$0.59		$0.59		$	1.18			$(0.56	)		$14.41
9/30/2023		13.84			0.53		(0.08	)		0.45			(0.50	)		13.79
9/30/2022		15.88			0.34		(2.05	)		(1.71	)		(0.33	)		13.84
9/30/2021		15.20			0.33		0.69			1.02			(0.34	)		15.88
9/30/2020		15.64			0.43		(0.45	)		(0.02	)		(0.42	)		15.20
Class C
9/30/2024		13.79			0.50		0.60			1.10			(0.48	)		14.41
9/30/2023		13.84			0.43		(0.07	)		0.36			(0.41	)		13.79
9/30/2022		15.88			0.23		(2.04	)		(1.81	)		(0.23	)		13.84
9/30/2021		15.20			0.23		0.68			0.91			(0.23	)		15.88
9/30/2020		15.65			0.33		(0.46	)		(0.13	)		(0.32	)		15.20
Class F
9/30/2024		13.79			0.60		0.60			1.20			(0.58	)		14.41
9/30/2023		13.84			0.52		(0.05	)		0.47			(0.52	)		13.79
9/30/2022		15.88			0.33		(2.02	)		(1.69	)		(0.35	)		13.84
9/30/2021		15.20			0.34		0.69			1.03			(0.35	)		15.88
9/30/2020		15.64			0.45		(0.46	)		(0.01	)		(0.43	)		15.20
Class F3
9/30/2024		13.79			0.62		0.60			1.22			(0.60	)		14.41
9/30/2023		13.84			0.57		(0.08	)		0.49			(0.54	)		13.79
9/30/2022		15.88			0.38		(2.05	)		(1.67	)		(0.37	)		13.84
9/30/2021		15.20	��		0.37		0.69			1.06			(0.38	)		15.88
9/30/2020		15.65			0.47		(0.46	)		0.01			(0.46	)		15.20
Class I
9/30/2024		13.79			0.61		0.60			1.21			(0.59	)		14.41
9/30/2023		13.84			0.56		(0.08	)		0.48			(0.53	)		13.79
9/30/2022		15.88			0.38		(2.06	)		(1.68	)		(0.36	)		13.84
9/30/2021		15.20			0.36		0.69			1.05			(0.37	)		15.88
9/30/2020		15.65			0.46		(0.46	)		–			(0.45	)		15.20

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

230 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	8.74			0.65		0.68		4.15		$409,918		38
	3.27			0.66		0.71		3.73		261,115		71
	(10.85	)		0.70		0.77		2.27		325,756		81
	6.74			0.69		0.75		2.09		409,286		14
	(0.12	)		0.62		0.78		2.83		176,351		61
	8.08			1.26		1.29		3.55		21,802		38
	2.59			1.32		1.37		3.08		19,626		71
	(11.48	)		1.40		1.47		1.56		21,392		81
	6.03			1.36		1.43		1.43		26,412		14
	(0.85	)		1.28		1.45		2.18		12,758		61
	8.85			0.55		0.58		4.26		12,342		38
	3.36			0.57		0.62		3.72		17,573		71
	(10.77	)		0.60		0.66		2.18		139,299		81
	6.84			0.59		0.65		2.17		495,439		14
	(0.03	)		0.52		0.68		2.92		171,092		61
	9.03			0.39		0.42		4.41		50,999		38
	3.55			0.38		0.45		4.03		35,447		71
	(10.62	)		0.44		0.50		2.56		28,251		81
	7.02			0.43		0.49		2.31		31,122		14
	0.07			0.36		0.52		3.10		8,538		61
	8.96			0.45		0.48		4.35		1,026,063		38
	3.40			0.46		0.50		3.97		566,518		71
	(10.61	)		0.50		0.58		2.59		362,870		81
	6.95			0.50		0.55		2.28		244,728		14
	0.01			0.42		0.59		3.03		93,013		61

See Notes to Financial Statements. 231

Financial Highlights (continued)

SUSTAINABLE MUNICIPAL BOND FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024		$8.86		$0.30		$0.51			$0.81			$(0.29	)		$9.38
9/30/2023		8.79		0.25		0.07			0.32			(0.25	)		8.86
1/5/2022 to 9/30/2022(c)		10.00		0.10		(1.21	)		(1.11	)		(0.10	)		8.79
Class C
9/30/2024		8.86		0.24		0.51			0.75			(0.23	)		9.38
9/30/2023		8.79		0.18		0.07			0.25			(0.18	)		8.86
1/5/2022 to 9/30/2022(c)		10.00		0.05		(1.21	)		(1.16	)		(0.05	)		8.79
Class F
9/30/2024		8.86		0.31		0.51			0.82			(0.30	)		9.38
9/30/2023		8.79		0.26		0.07			0.33			(0.26	)		8.86
1/5/2022 to 9/30/2022(c)		10.00		0.11		(1.21	)		(1.10	)		(0.11	)		8.79
Class F3
9/30/2024		8.86		0.32		0.52			0.84			(0.32	)		9.38
9/30/2023		8.79		0.27		0.07			0.34			(0.27	)		8.86
1/5/2022 to 9/30/2022(c)		10.00		0.12		(1.21	)		(1.09	)		(0.12	)		8.79
Class I
9/30/2024		8.86		0.32		0.51			0.83			(0.31	)		9.38
9/30/2023		8.79		0.27		0.06			0.33			(0.26	)		8.86
1/5/2022 to 9/30/2022(c)		10.00		0.12		(1.21	)		(1.09	)		(0.12	)		8.79

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Commenced on January 5, 2022.
(d)	Not annualized.
(e)	Annualized.

232 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	9.30			0.63			3.12			3.23			$3,250		48
	3.57			0.63			2.92			2.74			2,910		58
	(11.11	)(d)		0.63	(e)		2.16	(e)		1.48	(e)		2,682		90	(d)
	8.60			1.27			3.75			2.58			156		48
	2.77			1.41			3.86			2.01			169		58
	(11.64	)(d)		1.43	(e)		2.96	(e)		0.68	(e)		66		90	(d)
	9.41			0.53			3.02			3.33			70		48
	3.67			0.53			2.80			2.84			66		58
	(11.05	)(d)		0.53	(e)		2.06	(e)		1.58	(e)		66		90	(d)
	9.56			0.40			2.92			3.46			94		48
	3.82			0.39			2.67			2.97			89		58
	(10.95	)(d)		0.39	(e)		1.91	(e)		1.72	(e)		88		90	(d)
	9.52			0.43			2.92			3.43			2,119		48
	3.78			0.43			2.74			2.95			1,917		58
	(10.98	)(d)		0.43	(e)		1.96	(e)		1.68	(e)		1,638		90	(d)

See Notes to Financial Statements. 233

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024	$	9.55		$0.34	$	0.77		$	1.11			$(0.33	)	$	10.33
9/30/2023		9.50		0.31		0.04			0.35			(0.30	)		9.55
9/30/2022		11.61		0.26		(2.11	)		(1.85	)		(0.26	)		9.50
9/30/2021		11.40		0.26		0.21			0.47			(0.26	)		11.61
9/30/2020		11.42		0.29		(0.03	)		0.26			(0.28	)		11.40
Class C
9/30/2024		9.56		0.28		0.77			1.05			(0.27	)		10.34
9/30/2023		9.51		0.24		0.05			0.29			(0.24	)		9.56
9/30/2022		11.62		0.19		(2.11	)		(1.92	)		(0.19	)		9.51
9/30/2021		11.41		0.19		0.21			0.40			(0.19	)		11.62
9/30/2020		11.42		0.21		(0.01	)		0.20			(0.21	)		11.41
Class F
9/30/2024		9.55		0.35		0.77			1.12			(0.34	)		10.33
9/30/2023		9.50		0.31		0.05			0.36			(0.31	)		9.55
9/30/2022		11.61		0.26		(2.10	)		(1.84	)		(0.27	)		9.50
9/30/2021		11.40		0.28		0.20			0.48			(0.27	)		11.61
9/30/2020		11.42		0.30		(0.02	)		0.28			(0.30	)		11.40
Class F3
9/30/2024		9.55		0.36		0.77			1.13			(0.35	)		10.33
9/30/2023		9.50		0.33		0.04			0.37			(0.32	)		9.55
9/30/2022		11.61		0.28		(2.11	)		(1.83	)		(0.28	)		9.50
9/30/2021		11.40		0.29		0.21			0.50			(0.29	)		11.61
9/30/2020		11.41		0.31		(0.01	)		0.30			(0.31	)		11.40
Class I
9/30/2024		9.54		0.36		0.77			1.13			(0.35	)		10.32
9/30/2023		9.50		0.33		0.03			0.36			(0.32	)		9.54
9/30/2022		11.61		0.28		(2.11	)		(1.83	)		(0.28	)		9.50
9/30/2021		11.40		0.29		0.21			0.50			(0.29	)		11.61
9/30/2020		11.41		0.31		(0.01	)		0.30			(0.31	)		11.40

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c)	Interest expense, if applicable, relates to the liability for floating rate notes issued in conjunction with tender option bond trusts.

234 See Notes to Financial Statements.

			Ratios to Average Net Assets:								Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (includes interest expense) (%)(c)		Total expenses after waivers and/or reim- bursements (excludes interest expense) (%)(c)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	11.78			0.77		0.77		0.77		3.36	$	422,861		26
	3.50			0.76		0.76		0.76		3.08		341,314		57
	(16.10	)		0.77		0.77		0.77		2.39		303,455		44
	4.16			0.77		0.77		0.77		2.27		381,200		14
	2.36			0.78		0.78		0.78		2.53		342,426		18
	11.10			1.37		1.37		1.37		2.76		18,313		26
	2.97			1.38		1.39		1.38		2.45		18,912		57
	(16.70	)		1.40		1.40		1.40		1.75		21,221		44
	3.49			1.41		1.41		1.41		1.63		33,274		14
	1.78			1.44		1.44		1.44		1.88		37,078		18
	11.89			0.67		0.67		0.67		3.45		12,612		26
	3.61			0.66		0.67		0.66		3.13		7,929		57
	(16.02	)		0.67		0.67		0.67		2.37		20,964		44
	4.26			0.67		0.67		0.67		2.36		130,104		14
	2.46			0.68		0.68		0.68		2.61		112,378		18
	12.04			0.54		0.54		0.54		3.59		59,192		26
	3.84			0.54		0.54		0.54		3.31		45,077		57
	(16.00	)		0.54		0.54		0.54		2.64		29,694		44
	4.39			0.54		0.54		0.54		2.48		20,625		14
	2.67			0.56		0.56		0.56		2.73		13,170		18
	12.01			0.57		0.57		0.57		3.55		154,644		26
	3.71			0.56		0.56		0.56		3.29		102,638		57
	(16.02	)		0.58		0.57		0.58		2.69		78,796		44
	4.37			0.57		0.57		0.57		2.46		39,117		14
	2.65			0.58		0.58		0.58		2.73		30,880		18

See Notes to Financial Statements. 235

Financial Highlights (continued)

NEW JERSEY TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024		$4.47		$0.14	$	0.35		$	0.49			$(0.14	)		$4.82
9/30/2023		4.42		0.13		0.05			0.18			(0.13	)		4.47
9/30/2022		5.35		0.12		(0.93	)		(0.81	)		(0.12	)		4.42
9/30/2021		5.18		0.12		0.17			0.29			(0.12	)		5.35
9/30/2020		5.21		0.13		(0.03	)		0.10			(0.13	)		5.18
Class F
9/30/2024		4.47		0.15		0.35			0.50			(0.15	)		4.82
9/30/2023		4.42		0.14		0.05			0.19			(0.14	)		4.47
9/30/2022		5.35		0.12		(0.93	)		(0.81	)		(0.12	)		4.42
9/30/2021		5.18		0.12		0.17			0.29			(0.12	)		5.35
9/30/2020		5.21		0.13		(0.03	)		0.10			(0.13	)		5.18
Class F3
9/30/2024		4.48		0.15		0.34			0.49			(0.15	)		4.82
9/30/2023		4.42		0.15		0.06			0.21			(0.15	)		4.48
9/30/2022		5.35		0.13		(0.93	)		(0.80	)		(0.13	)		4.42
9/30/2021		5.18		0.13		0.17			0.30			(0.13	)		5.35
9/30/2020		5.22		0.14		(0.04	)		0.10			(0.14	)		5.18
Class I
9/30/2024		4.47		0.15		0.35			0.50			(0.15	)		4.82
9/30/2023		4.42		0.14		0.05			0.19			(0.14	)		4.47
9/30/2022		5.35		0.13		(0.93	)		(0.80	)		(0.13	)		4.42
9/30/2021		5.18		0.13		0.17			0.30			(0.13	)		5.35
9/30/2020		5.22		0.14		(0.04	)		0.10			(0.14	)		5.18

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

236 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	11.14			0.82		0.85		3.04	$	105,747		8
	4.11			0.82		0.87		2.91		77,950		23
	(15.36	)		0.82		0.84		2.39		80,854		11
	5.58			0.82		0.84		2.21		99,356		13
	1.92			0.82		0.85		2.48		101,085		15
	11.25			0.72		0.75		3.14		2,998		8
	4.21			0.72		0.77		3.00		3,693		23
	(15.28	)		0.72		0.74		2.40		5,885		11
	5.68			0.72		0.74		2.30		28,097		13
	2.02			0.72		0.75		2.58		23,903		15
	11.15			0.59		0.62		3.27		2,731		8
	4.59			0.58		0.63		3.15		1,697		23
	(15.16	)		0.58		0.60		2.65		1,342		11
	5.82			0.59		0.60		2.40		1,148		13
	1.96			0.59		0.62		2.71		618		15
	11.36			0.62		0.65		3.24		28,895		8
	4.32			0.62		0.66		3.11		17,943		23
	(15.19	)		0.62		0.65		2.68		13,415		11
	5.79			0.62		0.64		2.38		6,905		13
	1.93			0.62		0.65		2.68		3,746		15

See Notes to Financial Statements. 237

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
9/30/2024	$	9.99		$0.34	$	0.84		$	1.18			$(0.33	)	$	10.84
9/30/2023		9.90		0.31		0.09			0.40			(0.31	)		9.99
9/30/2022		12.06		0.27		(2.16	)		(1.89	)		(0.27	)		9.90
9/30/2021		11.64		0.27		0.41			0.68			(0.26	)		12.06
9/30/2020		11.77		0.27		(0.13	)		0.14			(0.27	)		11.64
Class C
9/30/2024		9.97		0.27		0.86			1.13			(0.27	)		10.83
9/30/2023		9.89		0.24		0.08			0.32			(0.24	)		9.97
9/30/2022		12.04		0.20		(2.15	)		(1.95	)		(0.20	)		9.89
9/30/2021		11.63		0.19		0.41			0.60			(0.19	)		12.04
9/30/2020		11.75		0.20		(0.13	)		0.07			(0.19	)		11.63
Class F
9/30/2024		10.00		0.35		0.84			1.19			(0.34	)		10.85
9/30/2023		9.91		0.32		0.09			0.41			(0.32	)		10.00
9/30/2022		12.07		0.28		(2.16	)		(1.88	)		(0.28	)		9.91
9/30/2021		11.66		0.28		0.41			0.69			(0.28	)		12.07
9/30/2020		11.78		0.28		(0.12	)		0.16			(0.28	)		11.66
Class F3
9/30/2024		9.99		0.36		0.86			1.22			(0.36	)		10.85
9/30/2023		9.91		0.33		0.08			0.41			(0.33	)		9.99
9/30/2022		12.07		0.30		(2.17	)		(1.87	)		(0.29	)		9.91
9/30/2021		11.65		0.29		0.42			0.71			(0.29	)		12.07
9/30/2020		11.78		0.30		(0.13	)		0.17			(0.30	)		11.65
Class I
9/30/2024		9.99		0.36		0.85			1.21			(0.35	)		10.85
9/30/2023		9.91		0.33		0.08			0.41			(0.33	)		9.99
9/30/2022		12.07		0.29		(2.16	)		(1.87	)		(0.29	)		9.91
9/30/2021		11.65		0.29		0.42			0.71			(0.29	)		12.07
9/30/2020		11.78		0.29		(0.13	)		0.16			(0.29	)		11.65

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

238 See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net investment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)
	11.96			0.78		0.78		3.17	$	410,877		18
	3.93			0.78		0.78		2.98		303,557		24
	(15.91	)		0.78		0.78		2.39		322,138		23
	5.90			0.77		0.77		2.20		390,194		13
	1.21			0.78		0.78		2.33		357,909		22
	11.29			1.39		1.39		2.56		17,497		18
	3.29			1.40		1.40		2.36		17,453		24
	(16.39	)		1.42		1.42		1.74		20,927		23
	5.13			1.42		1.42		1.56		32,845		13
	0.64			1.44		1.44		1.68		34,749		22
	12.07			0.68		0.68		3.27		9,768		18
	4.04			0.68		0.68		3.06		6,898		24
	(15.81	)		0.68		0.68		2.40		19,360		23
	6.00			0.67		0.67		2.30		71,401		13
	1.31			0.68		0.68		2.43		63,388		22
	12.33			0.54		0.54		3.41		5,526		18
	4.07			0.55		0.55		3.21		2,290		24
	(15.70	)		0.54		0.54		2.65		2,364		23
	6.14			0.54		0.54		2.41		2,071		13
	1.44			0.56		0.56		2.56		1,366		22
	12.29			0.58		0.58		3.37		126,889		18
	4.04			0.58		0.58		3.18		87,480		24
	(15.73	)		0.58		0.58		2.66		70,220		23
	6.11			0.57		0.57		2.38		43,385		13
	1.41			0.59		0.59		2.51		29,600		22

See Notes to Financial Statements. 239

Notes to Financial Statements

1. ORGANIZATION  

Lord Abbett Municipal Income Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Company was organized as a Maryland corporation on December 27, 1983.

The Company currently consists of the following nine funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:

Funds	Classes
Lord Abbett Short Duration Tax Free Fund (“Short Duration”)	A,C,F,F3 and I
Lord Abbett Intermediate Tax Free Fund (“Intermediate”)	A,C,F,F3 and I
Lord Abbett National Tax-Free Income Fund (“National”)	A,C,F,F3 and I
Lord Abbett High Income Municipal Bond Fund (“High Income”)	A,C,F,F3 and I
Lord Abbett Short Duration High Income Municipal Bond Fund (“Short Duration High Income”)	A,C,F,F3 and I
Lord Abbett Sustainable Municipal Bond Fund (“Sustainable”)	A,C,F,F3 and I
Lord Abbett California Tax-Free Income Fund (“California”)	A,C,F,F3 and I
Lord Abbett New Jersey Tax-Free Income Fund (“New Jersey”)	A,F,F3 and I
Lord Abbett New York Tax-Free Income Fund (“New York”)	A,C,F,F3 and I

Short Duration, Intermediate, National, High Income, Short Duration High Income, Sustainable and California are diversified as defined in the Act. New Jersey and New York are non-diversified as defined in the Act.

The investment objective of each Fund (except for High Income and Short Duration High Income) is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. The investment objective of High Income and Short Duration High Income is to seek a high level of income exempt from federal income tax. Each of California, New Jersey and New York also seeks as high a level of interest income exempt from the personal income tax of its corresponding state as is consistent with reasonable risk. In addition, New York seeks as high a level of interest income exempt from New York City personal income tax as is consistent with reasonable risk.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3 and I shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the eighteen-month anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the

240

Notes to Financial Statements (continued)

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord, Abbett & Co. LLC (“Lord Abbett”) as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
	Securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

241

Notes to Financial Statements (continued)

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s, except Sustainable’s, filed U.S. federal tax returns remains open for the fiscal years ended September 30, 2021 through September 30, 2024. The statute of limitation for Sustainable’s filed U.S. federal tax return remains open for the period ended September 30, 2022 through the year ended September 30, 2024. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the Fund’s jurisdiction.
(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 shares bear their class-specific share of shareholder servicing expenses. Class A, C and F shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
(g)	When-Issued Municipal Bonds–Each Fund may purchase new issues of municipal bonds, which are generally offered on a when-issued basis. Payment and delivery may take place after customary settlement period for that security.
(h)	Municipal Bonds Held in Trust–Each Fund may invest in leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity into which a Fund, or an agent on behalf of the Fund, transfers municipal securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates (trust certificates), which are sold to third party investors, and residual certificates, which are generally issued to the Fund which made the transfer or to affiliates of the Fund. Each Fund’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented as investments in a Fund’s Schedule of Investments and the proceeds from the transactions are reported as a liability for Trust certificates in the Statements of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for Trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par and (2) to transfer a corresponding

242

Notes to Financial Statements (continued)

share of the municipal securities from the TOB to the Fund. The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.

The following is a summary of TOBs as of and during the fiscal year ended September 30, 2024:

Fund	Liability for Trust Certificates		Interest Rate or Range of Interest Rates		Underlying Municipal Bonds Transferred to TOBs		Average Trust Certificates Outstanding
Short Duration	$	–		–	$	–	$	–
Intermediate		–		–		–		–
National		100,635,000		3.16%–3.67%		219,244,573		94,736,000
High Income		58,465,000		3.16%–3.67%		127,354,129		57,065,000
Short Duration High Income		–		–		–		–
Sustainable		–		–		–		–
California		5,000,000		3.17%		11,091,045		1,000,000
New Jersey		–		–		–		–
New York		–		–		–		–

	Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate municipal bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, a Fund’s investment in TOB Residuals likely will adversely affect a Fund’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect a Fund’s NAV per share. The carrying value of each Fund’s liability for Trust certificates approximates its fair value.
	While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to TOB transactions, accounted for as secured borrowings.
(i)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is

243

Notes to Financial Statements (continued)

determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

●	Level 1 –	unadjusted quoted prices in active markets for identical investments;
●	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
●	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of September 30, 2024 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.

The management fee for Short Duration is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.34%
Next $3 billion	.32%
Over $5 billion	.29%

The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.40%
Next $3 billion	.375%
Next $5 billion	.35%
Over $10 billion	.32%

The management fee for each of National, California, New Jersey and New York is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.45%
Next $1 billion	.40%
Over $2 billion	.35%

The management fee for High Income is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.50%
Next $1 billion	.45%
Over $2 billion	.40%

244

Notes to Financial Statements (continued)

The management fee for Short Duration High Income is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.35%
Over $1 billion	.31%

The management fee for Sustainable is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.32%
Over $1 billion	.29%

For the fiscal year ended September 30, 2024, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Net Effective Management Fee
Short Duration	.33%
Intermediate	.39%
National	.39%
High Income	.44%
Short Duration High Income	.32%
Sustainable	.00%
California	.45%
New Jersey	.42%
New York	.45%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees during the fiscal year ended September 30, 2024:

Fund	Fund Administration Fee
Short Duration	$18,281
Intermediate	53,740
National	42,936
High Income	39,709
Short Duration High Income	13,546
Sustainable	504
California	8,476
New Jersey	2,900
New York	7,010

245

Notes to Financial Statements (continued)

For the fiscal year ended September 30, 2024 and continuing through January 31, 2025, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, excluding certain of the Funds’ expenses, and interest related expenses, to the following annual rates:

	Effective February 1, 2024		Prior to February 1, 2024
	Classes*		Classes*
Fund	A,C,F and I	F3	A,C,F and I	F3
Short Duration	.45%	.41%	.45%	.41%
Short Duration High Income	.45%	.40%	.45%	.37%
Sustainable	.43%	.40%	.43%	.39%
New Jersey	.62%	.59%	.62%	.58%

* If applicable.

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C and F shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly.

The following annual rates have been authorized by the Board pursuant to the plan:

Fees	Class A	Class C(1)	Class F(2)
Service	.15%	.25%	–
Distribution	.05%	.75%	.10%

(1)	The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund’s average daily net assets attributable to Class C shares held less than 1 year and .80% (.25% service and .55% distribution) of each Fund’s average daily net assets attributable to Class C for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate.
(2)	The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.

Class F3 and Class I Shares do not have a distribution plan.

Commissions

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the fiscal year ended September 30, 2024:

	Distributor Commissions		Dealers’ Concessions
Short Duration	$	23,035		$1,501,372
Intermediate		51,690		2,427,346
National		119,247		4,963,398
High Income		75,120		3,661,718
Short Duration High Income		14,797		1,585,461
Sustainable		28		1,514
California		10,860		997,376
New Jersey		3,415		279,745
New York		8,354		1,174,179

246

Notes to Financial Statements (continued)

The Distributor received the following amounts of CDSCs for the fiscal year ended September 30, 2024 :

	Class A		Class C
Short Duration	$	68,575	$	908
Intermediate		176,584		4,577
National		226,346		5,590
High Income		152,302		8,017
Short Duration High Income		19,018		1,949
Sustainable		–		–
California		67,335		2,419
New Jersey		10,584		–
New York		27,373		4,326

One Director and certain of the Funds’ officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND TAX INFORMATION  

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal year ended September 30, 2024 was as follows:

Fund	Tax-Exempt Income		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Short Duration Tax Free Fund	$	45,804,910	$	157,166	$	–	$	–	$	45,962,076
Intermediate Tax Free Fund		154,066,237		1,064,026		–		–		155,130,263
National Tax Free Fund		153,677,257		707,613		–		–		154,384,870
High Income Municipal Bond Fund		164,256,718		1,126,574		–		–		165,383,292
Short Duration High Income Municipal Bond Fund		49,177,767		673,685		–		–		49,851,452
Sustainable Municipal Bond Fund		177,598		872		–		–		178,470
California Tax Free Fund		20,011,035		13,688		–		–		20,024,723
New Jersey Tax Free Fund		3,724,022		–		–		–		3,724,022
New York Tax Free Fund		15,709,324		587		–		–		15,709,911

247

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal year ended September 30, 2023 was as follows:

Fund	Tax-Exempt Income		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Short Duration Tax Free Fund	$	39,787,976	$	–	$	–	$	–	$	39,787,976
Intermediate Tax Free Fund		139,976,590		166,228		–		–		140,142,818
National Tax Free Fund		121,933,970		203,243		–		–		122,137,213
High Income Municipal Bond Fund		141,937,657		235,933		–		–		142,173,590
Short Duration High Income Municipal Bond Fund		32,629,085		201,428		–		–		32,830,513
Sustainable Municipal Bond Fund		141,231		2		–		–		141,233
California Tax Free Fund		15,142,551		641		–		–		15,143,192
New Jersey Tax Free Fund		3,029,991		428		–		–		3,030,419
New York Tax Free Fund		12,781,487		–		–		–		12,781,487

As of September 30, 2024, the components of distributable earnings (loss) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Net Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)			Temporary Differences			Total Distributable Earnings (Loss) - Net
Short Duration Tax Free Fund	$	5,109,491	$	–	$	–	$	(102,074,414	)	$	10,190,525		$	(4,097,328	)	$	(90,871,726	)
Intermediate Tax Free Fund		27,902,151		–		–		(431,082,381	)		97,973,886			(14,158,643	)		(319,364,987	)
National Tax Free Fund		22,910,820		–		–		(399,260,076	)		143,838,887			(14,613,620	)		(247,123,989	)
High Income Municipal Bond Fund		40,360,091		–		–		(642,502,234	)		108,100,756			(14,952,860	)		(508,994,247	)
Short Duration High Income Municipal Bond Fund		7,733,403		–		–		(129,505,591	)		36,754,004			(5,129,227	)		(90,147,411	)
Sustainable Municipal Bond Fund		19,822		–		–		(444,583	)		156,232			(17,167	)		(285,696	)
California Tax Free Fund		2,240,150		–		–		(42,246,848	)		17,168,641			(1,905,929	)		(24,743,986	)
New Jersey Tax Free Fund		349,153		–		–		(4,436,357	)		(505,655	)		(378,306	)		(4,971,165	)
New York Tax Free Fund		1,043,952		–		–		(21,680,691	)		(2,850,625	)		(1,559,483	)		(25,046,847	)

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

Fund	Short-Term Losses			Long-Term Losses			Net Capital Losses
Short Duration Tax Free Fund	$	(26,910,668	)	$	(75,163,746	)	$	(102,074,414	)
Intermediate Tax Free Fund		(152,489,542	)		(278,592,839	)		(431,082,381	)
National Tax Free Fund		(154,555,554	)		(244,704,522	)		(399,260,076	)
High Income Municipal Bond Fund		(213,033,898	)		(429,468,336	)		(642,502,234	)
Short Duration High Income Municipal Bond Fund		(72,159,461	)		(57,346,130	)		(129,505,591	)
Sustainable Municipal Bond Fund		(385,783	)		(58,800	)		(444,583	)
California Tax Free Fund		(13,554,242	)		(28,692,606	)		(42,246,848	)
New Jersey Tax Free Fund		(529,018	)		(3,907,339	)		(4,436,357	)
New York Tax Free Fund		(6,890,156	)		(14,790,535	)		(21,680,691	)

248

Notes to Financial Statements (continued)

As of September 30, 2024, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments, amortization of premium, and wash sales.

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Short Duration Tax Free Fund	$	1,530,837,569	$	15,969,746	$	(5,779,221	)	$	10,190,525
Intermediate Tax Free Fund		4,878,192,040		130,349,925		(32,376,039	)		97,973,886
National Tax Free Fund		4,636,877,045		166,642,565		(22,803,678	)		143,838,887
High Income Municipal Bond Fund		3,967,636,744		180,651,852		(72,551,091	)		108,100,761
Short Duration High Income Municipal Bond Fund		1,466,734,141		40,002,911		(3,248,907	)		36,754,004
Sustainable Municipal Bond Fund		5,491,066		157,405		(1,173	)		156,232
California Tax Free Fund		644,750,860		19,627,560		(2,458,919	)		17,168,641
New Jersey Tax Free Fund		138,936,692		2,535,728		(3,041,383	)		(505,655	)
New York Tax Free Fund		578,952,348		9,995,003		(12,845,628	)		(2,850,625	)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended September 30, 2024 were as follows:

	Purchases		Sales
Short Duration	$	813,933,259	$	820,303,239
Intermediate		2,306,538,701		2,385,571,123
National		1,940,862,269		1,155,141,073
High Income		1,438,401,386		1,004,471,266
Short Duration High Income		996,205,566		446,650,429
Sustainable		2,868,069		2,580,896
California		269,468,495		157,069,234
New Jersey		40,869,456		9,504,373
New York		205,135,981		88,087,678

There were no purchases or sales of U.S. Government securities during the fiscal year ended September 30, 2024.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

Each Fund except Intermediate and Sustainable entered into U.S. Treasury futures contracts during the fiscal year ended September 30, 2024 (as described in Note 2(f)) to economically hedge against changes in interest rates. The Funds bear the risk of interest rates moving unexpectedly, in which case the Funds may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of September 30, 2024, the Funds had interest rate futures contracts with cumulative net unrealized appreciation/depreciation which are included in the Schedules of Investments. Only the current day’s variation margin is included in the Statements of Assets and Liabilities. The net realized gain (loss) on futures contracts and change in unrealized appreciation/depreciation on

249

Notes to Financial Statements (continued)

futures contracts are included in the Statements of Operations under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively.

The following is a summary of U.S. Treasury futures contracts as of and during the fiscal year ended September 30, 2024:

	Net Unrealized Appreciation (Depreciation) as of September 30, 2024		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)			Average Number of Contracts*
Short Duration	$	–	$	(433,622	)	$	487,900			47
National		71,816		(930,580	)		(1,894,554	)		441
High Income		–		806,960			(1,861,694	)		151
Short Duration High Income		9,388		(350,715	)		9,388			19
California		9,153		(155,431	)		(345,230	)		62
New Jersey		2,112		(48,361	)		(40,414	)		9
New York		15,725		(333,172	)		(327,717	)		67

* Calculated based on the number of contracts for the fiscal year ended September 30, 2024.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

FASB requires disclosure intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. These requirements include the disclosure of gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statement of Assets and Liabilities across transactions between a Fund and the applicable counterparty. As of September 30, 2024, the Funds did not have assets or liabilities subject to the FASB disclosure requirements.

8. DIRECTORS’ REMUNERATION  

The Company’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Company for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Directors’ fees in the Statements of Operations and in Directors’ fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

250

Notes to Financial Statements (continued)

9. LINE OF CREDIT  

For the period ended July 31, 2024, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.6 billion (the “Syndicated Facility”) under which State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 1, 2024, the Participating Funds renewed the Syndicated Facility for $1.6 billion. The Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended July 31, 2024, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 1, 2024, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended September 30, 2024, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended September 30, 2024, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

11. CUSTODIAN AND ACCOUNTING AGENT  

SSB is the Company’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

12. SECURITIES LENDING AGREEMENT  

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the

251

Notes to Financial Statements (continued)

market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in securities lending net income in each Fund’s Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of September 30, 2024, the Funds did not have any securities on loan.

13. INVESTMENT RISKS  

Each Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, a Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, each Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, a Fund’s investments may gain value; however, because Short Duration and Short Duration High Income typically invest in shorter term bonds, those Funds are subject to the risk that they will underperform funds invested in longer-term bonds during such periods.

Additional risks that could reduce each Fund’s performance or increase volatility include call risk, credit risk, defaulted bonds risk (High Income and Short Duration High Income only), derivatives risk, distressed debt risk (High Income and Short Duration High Income only), extension risk, floating rate interest risk (Sustainable only), fixed income securities risk, governmental risk, industry risk, liquidity risk, market and portfolio management risks, market disruption and geopolitical risk, municipal securities risk, short duration risk (Short Duration and Short Duration High Income only), state and territory risks, taxability risk and zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds risk (all Funds except Short Duration, Intermediate, Sustainable and Short Duration High Income). Credit risk varies among states based upon the economic and fiscal conditions of each state and the municipalities within the state.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to a Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). High Income, Short Duration High Income, Sustainable and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to a Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

252

Notes to Financial Statements (continued)

New Jersey and New York are non-diversified, which means that they may invest a greater portion of their assets in a single issuer than a diversified fund. Thus, they may be exposed to greater risk.

Because each of California, New Jersey, and New York focuses on a particular state or territory, the Fund’s performance may be more affected by local, state and regional factors than a Fund that invests in municipal bonds issued in many states. These factors may include, for example, economic or political developments, erosion of the tax base and the possibility of credit problems. In addition, downturns or developments in the U.S. economy or in foreign economies or significant world events may harm the performance of any of the Funds (including Short Duration, Intermediate, National, High Income, Short Duration High Income and Sustainable), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

Because Sustainable considers sustainability factors when evaluating an investment, the Fund may underperform funds that do not take sustainability-related factors into account. There is no guarantee that Lord Abbett will successfully implement and make investments in issuers that create a positive environmental, social or governance impact while achieving the desired financial returns. In evaluating an issuer, Lord Abbett may be dependent on data or information that may be incomplete, inaccurate or unavailable. Sustainable is a newly organized fund and there can be no assurance that it will reach or maintain a sufficient asset size to effectively implement its investment strategy.

Each Fund may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.

National, High Income, Short Duration High Income, California and, to a lesser extent, other Funds may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond (“RIB”), is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

In addition, loss may result from a Fund’s investments in certain derivative transactions such as futures contracts, swap transactions, interest rate caps, TOB Residuals and similar transactions. These instruments may be leveraged so that small changes may produce disproportionate and substantial losses to a Fund. They also may increase a Fund’s interest rate risk.

Each Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, infectious illness outbreaks, epidemics or pandemics) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund’s investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.

253

Notes to Financial Statements (continued)

Adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, each Fund or issuers in which each Fund invests. In addition, issuers in which each Fund invests and each Fund may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.

The impacts and effects of infectious illness outbreaks, epidemics or pandemics (such as the COVID-19 outbreak), may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crises could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Health crises caused by outbreaks of disease may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

Advancements in technology may also adversely impact markets and the overall performance of the Funds. For instance, the economy may be significantly impacted by the advanced development and increased regulation of technology. As the use of technology grows, liquidity and market movements may be affected. As technology is used more widely in the asset management industry, the profitability and growth of each Fund’s holdings may be impacted, which could significantly impact the overall performance of each Fund.

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of capital stock were as follows:

Short Duration	Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		15,643,152		$	234,690,754			18,770,106		$	280,029,821
Reinvestment of distributions		1,219,224			18,316,255			984,630			14,707,986
Shares reacquired		(17,840,915	)		(267,666,142	)		(27,741,560	)		(414,525,176	)
Decrease		(978,539	)	$	(14,659,133	)		(7,986,824	)	$	(119,787,369	)
Class C Shares
Shares sold		237,113		$	3,560,165			500,473		$	7,481,248
Reinvestment of distributions		21,813			327,611			18,679			279,015
Shares reacquired		(425,544	)		(6,393,128	)		(892,335	)		(13,327,281	)
Decrease		(166,618	)	$	(2,505,352	)		(373,183	)	$	(5,567,018	)
Class F Shares
Shares sold		384,442		$	5,785,476			2,003,418		$	29,862,090
Reinvestment of distributions		53,950			810,353			135,914			2,029,051
Shares reacquired		(900,148	)		(13,520,219	)		(16,589,985	)		(248,233,169	)
Decrease		(461,756	)	$	(6,924,390	)		(14,450,653	)	$	(216,342,028	)
Class F3 Shares
Shares sold		4,720,776		$	70,770,896			8,782,648		$	131,150,210
Reinvestment of distributions		303,446			4,560,161			268,196			4,007,378
Shares reacquired		(6,715,104	)		(100,752,974	)		(15,617,826	)		(233,120,113	)
Decrease		(1,690,882	)	$	(25,421,917	)		(6,566,982	)	$	(97,962,525	)

254

Notes to Financial Statements (continued)

Short Duration	Year Ended September 30, 2024						Year Ended September 30, 2023
Class I Shares
Shares sold		14,864,720		$	223,133,340			22,391,479		$	335,270,750
Reinvestment of distributions		779,500			11,714,160			597,701			8,930,320
Shares reacquired		(17,191,531	)		(257,785,410	)		(26,175,013	)		(390,899,778	)
Decrease		(1,547,311	)	$	(22,937,910	)		(3,185,833	)	$	(46,698,708	)
Intermediate		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		39,660,511		$	403,340,644			49,174,165		$	492,503,761
Reinvestment of distributions		5,207,337			53,029,586			4,828,479			48,337,760
Shares reacquired		(53,113,566	)		(538,007,792	)		(69,325,924	)		(692,617,725	)
Decrease		(8,245,718	)	$	(81,637,562	)		(15,323,280	)	$	(151,776,204	)
Class C Shares
Shares sold		768,785		$	7,815,343			1,102,429		$	11,030,272
Reinvestment of distributions		158,491			1,610,363			181,800			1,817,681
Shares reacquired		(3,419,719	)		(34,751,804	)		(5,066,758	)		(50,621,023	)
Decrease		(2,492,443	)	$	(25,326,098	)		(3,782,529	)	$	(37,773,070	)
Class F Shares
Shares sold		808,598		$	8,183,961			10,483,265		$	104,175,251
Reinvestment of distributions		275,312			2,799,496			722,128			7,207,593
Shares reacquired		(3,978,642	)		(40,209,214	)		(53,473,167	)		(538,192,977	)
Decrease		(2,894,732	)	$	(29,225,757	)		(42,267,774	)	$	(426,810,133	)
Class F3 Shares
Shares sold		10,118,593		$	102,537,324			17,855,155		$	177,891,929
Reinvestment of distributions		716,304			7,298,581			591,824			5,928,632
Shares reacquired		(8,557,573	)		(86,426,044	)		(10,335,665	)		(103,204,790	)
Increase		2,277,324		$	23,409,861			8,111,314		$	80,615,771
Class I Shares
Shares sold		94,367,146		$	958,244,483			164,710,208		$	1,655,343,063
Reinvestment of distributions		5,316,230			54,145,140			4,112,613			41,177,642
Shares reacquired		(107,360,202	)		(1,083,280,808	)		(138,932,589	)		(1,384,239,621	)
Increase (decrease)		(7,676,826	)	$	(70,891,185	)		29,890,232		$	312,281,084
National		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		69,788,527		$	724,457,933			60,088,538		$	614,813,100
Reinvestment of distributions		8,094,456			84,253,985			7,019,689			71,670,379
Shares reacquired		(53,325,836	)		(551,704,951	)		(65,161,550	)		(661,976,768	)
Increase		24,557,147		$	257,006,967			1,946,677		$	24,506,711
Class C Shares
Shares sold		942,131		$	9,771,525			1,515,238		$	15,488,288
Reinvestment of distributions		172,598			1,795,567			191,119			1,952,996
Shares reacquired		(2,362,347	)		(24,474,066	)		(3,020,841	)		(30,840,554	)
Decrease		(1,247,618	)	$	(12,906,974	)		(1,314,484	)	$	(13,399,270	)

255

Notes to Financial Statements (continued)

National	Year Ended September 30, 2024					Year Ended September 30, 2023
Class F Shares
Shares sold	2,087,349		$	21,089,393		5,080,629		$	52,023,332
Reinvestment of distributions	266,012			2,761,736		465,880			4,742,198
Shares reacquired	(4,002,770	)		(41,446,446	)	(20,167,972	)		(206,545,983	)
Decrease	(1,649,409	)	$	(17,595,317	)	(14,621,463	)	$	(149,780,453	)
Class F3 Shares
Shares sold	22,107,409		$	228,612,522		19,758,267		$	201,800,808
Reinvestment of distributions	1,561,340			16,259,694		1,084,751			11,068,830
Shares reacquired	(12,175,178	)		(125,116,719	)	(12,916,088	)		(131,080,515	)
Increase	11,493,571		$	119,755,497		7,926,930		$	81,789,123
Class I Shares
Shares sold	78,535,986		$	814,067,088		75,819,727		$	776,676,296
Reinvestment of distributions	3,462,908			36,072,026		2,095,587			21,396,429
Shares reacquired	(43,208,000	)		(443,278,556	)	(42,356,376	)		(430,837,311	)
Increase	38,790,894		$	406,860,558		35,558,938		$	367,235,414
High Income	Year Ended September 30, 2024					Year Ended September 30, 2023
Class A Shares	Shares			Amount		Shares			Amount
Shares sold	52,151,746		$	558,676,538		43,175,387		$	455,701,191
Reinvestment of distributions	6,947,144			74,628,508		6,304,263			66,202,615
Shares reacquired	(43,799,732	)		(465,898,841	)	(58,270,465	)		(611,695,648	)
Increase (decrease)	15,299,158		$	167,406,205		(8,790,815	)	$	(89,791,842	)
Class C Shares
Shares sold	1,765,117		$	18,944,541		2,009,353		$	21,245,804
Reinvestment of distributions	446,335			4,786,662		500,249			5,255,523
Shares reacquired	(4,861,990	)		(51,888,761	)	(5,517,532	)		(57,995,411	)
Decrease	(2,650,538	)	$	(28,157,558	)	(3,007,930	)	$	(31,494,084	)
Class F Shares
Shares sold	1,022,752		$	10,793,489		8,919,354		$	93,789,815
Reinvestment of distributions	402,922			4,318,227		889,451			9,334,333
Shares reacquired	(4,871,935	)		(51,514,143	)	(34,828,395	)		(369,484,678	)
Decrease	(3,446,261	)	$	(36,402,427	)	(25,019,590	)	$	(266,360,530	)
Class F3 Shares
Shares sold	6,598,739		$	70,424,087		6,739,512		$	70,945,394
Reinvestment of distributions	619,706			6,651,490		512,731			5,375,304
Shares reacquired	(4,443,345	)		(46,908,409	)	(6,318,034	)		(66,175,713	)
Increase	2,775,100		$	30,167,168		934,209		$	10,144,985
Class I Shares
Shares sold	77,485,314		$	823,395,967		90,058,661		$	952,814,223
Reinvestment of distributions	5,485,797			58,888,365		3,991,925			41,865,737
Shares reacquired	(52,553,924	)		(554,474,456	)	(66,709,134	)		(697,668,339	)
Increase	30,417,187		$	327,809,876		27,341,452		$	297,011,621

256

Notes to Financial Statements (continued)

Short Duration High Income	Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		16,100,631		$	227,346,901			6,812,042		$	95,722,989
Reinvestment of distributions		865,187			12,232,826			727,887			10,222,070
Shares reacquired		(7,459,418	)		(104,862,047	)		(12,136,845	)		(170,439,304	)
Increase (decrease)		9,506,400		$	134,717,680			(4,596,916	)	$	(64,494,245	)
Class C Shares
Shares sold		484,575		$	6,838,819			470,549		$	6,605,568
Reinvestment of distributions		47,497			670,972			41,977			589,760
Shares reacquired		(442,559	)		(6,236,978	)		(634,589	)		(8,936,164	)
Increase (decrease)		89,513		$	1,272,813			(122,063	)	$	(1,740,836	)
Class F Shares
Shares sold		389,729		$	5,447,630			3,946,365		$	55,097,018
Reinvestment of distributions		44,631			629,309			179,679			2,523,527
Shares reacquired		(852,394	)		(11,992,743	)		(12,914,805	)		(182,516,643	)
Decrease		(418,034	)	$	(5,915,804	)		(8,788,761	)	$	(124,896,098	)
Class F3 Shares
Shares sold		2,480,479		$	34,867,355			1,695,166		$	23,937,717
Reinvestment of distributions		124,730			1,763,206			87,418			1,227,833
Shares reacquired		(1,637,174	)		(22,917,481	)		(1,252,638	)		(17,587,532	)
Increase		968,035		$	13,713,080			529,946		$	7,578,018
Class I Shares
Shares sold		53,043,819		$	746,520,596			35,782,001		$	504,220,384
Reinvestment of distributions		2,299,047			32,530,816			1,206,000			16,940,484
Shares reacquired		(25,227,624	)		(354,863,556	)		(22,116,692	)		(310,088,063	)
Increase		30,115,242		$	424,187,856			14,871,309		$	211,072,805
Sustainable		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		20,015		$	183,096			22,877		$	208,187
Reinvestment of distributions		1,154			10,648			648			5,894
Shares reacquired		(3,003	)		(27,844	)		–			–
Increase		18,166		$	165,900			23,525		$	214,081
Class C Shares
Shares sold		1,069		$	10,000			11,460		$	104,753
Reinvestment of distributions		270			2,481			173			1,578
Shares reacquired		(3,784	)		(34,888	)		(9	)		(83	)
Increase (decrease)		(2,445	)	$	(22,407	)		11,624		$	106,248
Class F Shares
Shares sold		1,616		$	15,009			–		$	–
Reinvestment of distributions		9			83			–			–
Shares reacquired		(1,625	)		(14,995	)		–			–
Increase		–		$	97			–		$	–

257

Notes to Financial Statements (continued)

Sustainable	Year Ended September 30, 2024						Year Ended September 30, 2023
Class I Shares
Shares sold		9,486		$	87,728			29,967		$	275,115
Reinvestment of distributions		1,621			14,949			820			7,444
Shares reacquired		(1,503	)		(13,862	)		(701	)		(6,362	)
Increase		9,604		$	88,815			30,086		$	276,197
California		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		13,083,533		$	131,047,706			11,208,367		$	111,038,999
Reinvestment of distributions		1,180,461			11,916,739			940,809			9,324,002
Shares reacquired		(9,070,571	)		(90,849,925	)		(8,345,793	)		(82,402,978	)
Increase		5,193,423		$	52,114,520			3,803,383		$	37,960,023
Class C Shares
Shares sold		485,872		$	4,915,824			387,190		$	3,861,120
Reinvestment of distributions		47,529			479,600			46,040			456,338
Shares reacquired		(740,947	)		(7,478,376	)		(686,018	)		(6,812,975	)
Decrease		(207,546	)	$	(2,082,952	)		(252,788	)	$	(2,495,517	)
Class F Shares
Shares sold		967,474		$	9,637,066			269,732		$	2,620,114
Reinvestment of distributions		37,418			378,590			38,798			383,623
Shares reacquired		(614,205	)		(6,131,825	)		(1,684,119	)		(16,876,219	)
Increase (decrease)		390,687		$	3,883,831			(1,375,589	)	$	(13,872,482	)
Class F3 Shares
Shares sold		2,319,004		$	23,322,491			2,730,663		$	27,105,849
Reinvestment of distributions		182,130			1,838,410			128,028			1,268,743
Shares reacquired		(1,491,244	)		(14,835,695	)		(1,263,307	)		(12,461,095	)
Increase		1,009,890		$	10,325,206			1,595,384		$	15,913,497
Class I Shares
Shares sold		9,148,226		$	92,104,562			7,564,129		$	75,454,717
Reinvestment of distributions		379,571			3,834,185			232,500			2,302,744
Shares reacquired		(5,303,164	)		(52,754,322	)		(5,340,054	)		(52,572,049	)
Increase		4,224,633		$	43,184,425			2,456,575		$	25,185,412
New Jersey		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		7,632,346		$	35,975,977			2,800,538		$	12,920,067
Reinvestment of distributions		461,873			2,177,577			403,987			1,865,997
Shares reacquired		(3,575,896	)		(16,864,980	)		(4,072,862	)		(18,751,446	)
Increase (decrease)		4,518,323		$	21,288,574			(868,337	)	$	(3,965,382	)
Class F Shares
Shares sold		167,784		$	787,584			354,525		$	1,619,038
Reinvestment of distributions		22,344			105,213			28,480			131,187
Shares reacquired		(393,820	)		(1,855,462	)		(889,706	)		(4,134,346	)
Decrease		(203,692	)	$	(962,665	)		(506,701	)	$	(2,384,121	)

258

Notes to Financial Statements (concluded)

New Jersey	Year Ended September 30, 2024						Year Ended September 30, 2023
Class F3 Shares
Shares sold		234,483		$	1,114,745			194,925		$	880,635
Reinvestment of distributions		14,003			66,109			10,920			50,515
Shares reacquired		(61,471	)		(287,684	)		(130,090	)		(597,879	)
Increase		187,015		$	893,170			75,755		$	333,271
Class I Shares
Shares sold		3,468,564		$	16,344,963			2,798,519		$	12,943,517
Reinvestment of distributions		128,020			604,397			78,209			361,530
Shares reacquired		(1,613,138	)		(7,589,019	)		(1,900,516	)		(8,776,141	)
Increase		1,983,446		$	9,360,341			976,212		$	4,528,906
New York		Year Ended September 30, 2024						Year Ended September 30, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		13,575,400		$	144,378,225			6,385,398		$	66,001,310
Reinvestment of distributions		938,378			9,955,744			770,866			7,974,668
Shares reacquired		(7,014,215	)		(73,999,182	)		(9,299,195	)		(95,454,500	)
Increase (decrease)		7,499,563		$	80,334,787			(2,142,931	)	$	(21,478,522	)
Class C Shares
Shares sold		431,344		$	4,588,622			341,562		$	3,519,754
Reinvestment of distributions		37,363			395,251			40,695			420,468
Shares reacquired		(602,710	)		(6,360,926	)		(748,800	)		(7,720,191	)
Decrease		(134,003	)	$	(1,377,053	)		(366,543	)	$	(3,779,969	)
Class F Shares
Shares sold		471,608		$	5,046,265			318,808		$	3,262,153
Reinvestment of distributions		22,626			240,409			28,697			295,966
Shares reacquired		(284,182	)		(3,042,979	)		(1,611,382	)		(16,699,767	)
Increase (decrease)		210,052		$	2,243,695			(1,263,877	)	$	(13,141,648	)
Class F3 Shares
Shares sold		358,466		$	3,815,825			164,383		$	1,657,672
Reinvestment of distributions		11,792			125,402			7,620			78,852
Shares reacquired		(90,078	)		(950,857	)		(181,489	)		(1,879,392	)
Increase (decrease)		280,180		$	2,990,370			(9,486	)	$	(142,868	)
Class I Shares
Shares sold		6,750,679		$	71,512,808			4,841,720		$	50,458,058
Reinvestment of distributions		287,663			3,054,994			192,194			1,991,405
Shares reacquired		(4,096,431	)		(43,347,197	)		(3,368,217	)		(34,628,246	)
Increase		2,941,911		$	31,220,605			1,665,697		$	17,821,217

259

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Lord Abbett Municipal Income Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Lord Abbett Municipal Income Fund, Inc. comprising the Lord Abbett Short Duration Tax Free Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax-Free Income Fund, Lord Abbett High Income Municipal Bond Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, Lord Abbett Sustainable Municipal Bond Fund, Lord Abbett California Tax-Free Income Fund, Lord Abbett New Jersey Tax-Free Income Fund, and Lord Abbett New York Tax-Free Income Fund (the “Funds”), including the schedules of investments, as of September 30, 2024; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for each of the funds constituting the Lord Abbett Municipal Income Fund, Inc., except Lord Abbett Sustainable Municipal Bond Fund; the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for the years ended September 30, 2024 and 2023 and the period from January 5, 2022 (commencement of operations) to September 30, 2022; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Lord Abbett Municipal Income Fund, Inc., except Lord Abbett Sustainable Municipal Bond Fund, as of September 30, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Lord Abbett Sustainable Municipal Bond Fund as of September 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and financial highlights for the years ended September 30, 2024 and 2023 and the period from January 5, 2022 (commencement of operations) to September 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian or counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

November 22, 2024

We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.

260

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period.

Proxy Disclosures

There were no matters submitted to a vote of shareholders during the period.

Remuneration Paid to Trustees, Officers, and Others

Remuneration paid to directors, officers, and others is included in “Trustees’ Remuneration” under Item 7 of this Form N-CSR.

261

Tax Information (unaudited)

The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2024 that is tax-exempt dividend income.

Fund Name	Tax-Exempt Dividends
Short Duration Tax Free Fund	100%
Intermediate Tax Free Fund	100%
National Tax Free Fund	100%
High Income Municipal Bond Fund	100%
Short Duration High Income Municipal Bond Fund	99%
Sustainable Municipal Bond Fund	100%
California Tax Free Fund	100%
New Jersey Tax Free Fund	100%
New York Tax Free Fund	100%

262

  This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.   Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. Lord Abbett Municipal Income Fund, Inc.   Lord Abbett Short Duration Tax Free Fund   Lord Abbett Intermediate Tax Free Fund   Lord Abbett National Tax-Free Income Fund   Lord Abbett High Income Municipal Bond Fund   Lord Abbett Short Duration High Income Municipal Bond Fund   Lord Abbett Sustainable Municipal Bond Fund   Lord Abbett California Tax-Free Income Fund   Lord Abbett New Jersey Tax-Free Income Fund   Lord Abbett New York Tax-Free Income Fund LATFI-2
(11/24)

Item 12:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 13:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 14:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 15:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 16:	Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17:	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable.
Item 18:	Recovery of Erroneously Awarded Compensation.
	Not applicable.
Item 19:	Exhibits.

(a)(1)	The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.
(a)(2)	Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT MUNICIPAL INCOME FUND, INC.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer (Principal Executive Officer)

Date: November 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer (Principal Executive Officer)

Date: November 26, 2024

By:	/s/ Michael J. Hebert
	Michael J. Hebert
	Chief Financial Officer and Treasurer (Principal Financial Officer)

Date: November 26, 2024

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