# EDGAR Filing Document

**Accession Number:** 0000737800
**File Stem:** 0000930413-25-003568
**Filing Date:** 2025-12
**Character Count:** 1250883
**Document Hash:** 102f06b502606dce7cf2b1f6983563ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003568.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0000930413-25-003568

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT MUNICIPAL INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000737800

**ORGANIZATION NAME:**
- **EIN:** 133200760
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03942
- **FILM NUMBER:** 251548913

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LORD ABBETT TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Lord Abbett California Tax-Free Income Fund (Series ID: S000007531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020575 | Class P      |  |
| C000020576 | Class A      | LCFIX           |
| C000020577 | Class C      | CALAX           |
| C000054742 | Class F      | LCFFX           |
| C000096845 | Class I      | CAILX           |
| C000188221 | Class F3     | LCFOX           |

### Lord Abbett National Tax-Free Income Fund (Series ID: S000007537)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020588 | Class P      |  |
| C000020589 | Class A      | LANSX           |
| C000020591 | Class C      | LTNSX           |
| C000050290 | Class I      | LTNIX           |
| C000054746 | Class F      | LANFX           |
| C000188222 | Class F3     | LONSX           |

### Lord Abbett New Jersey Tax-Free Income Fund (Series ID: S000007538)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020592 | Class P      |  |
| C000020593 | Class A      | LANJX           |
| C000054747 | Class F      | LNJFX           |
| C000096846 | Class I      | LINJX           |
| C000188223 | Class F3     | LONJX           |

### Lord Abbett New York Tax-Free Income Fund (Series ID: S000007539)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020594 | Class P      |  |
| C000020595 | Class A      | LANYX           |
| C000020596 | Class C      | NYLAX           |
| C000054748 | Class F      | LNYFX           |
| C000096847 | Class I      | NYLIX           |
| C000188224 | Class F3     | LONYX           |

### Lord Abbett High Income Municipal Bond Fund (Series ID: S000031145)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096621 | Class A      | HYMAX           |
| C000096623 | Class C      | HYMCX           |
| C000096624 | Class F      | HYMFX           |
| C000096625 | Class I      | HYMIX           |
| C000096626 | Class P      |  |
| C000188226 | Class F3     | HYMOX           |

### Lord Abbett Intermediate Tax Free Fund (Series ID: S000031146)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096627 | Class F      | LISFX           |
| C000096628 | Class I      | LAIIX           |
| C000096629 | Class P      |  |
| C000096630 | Class A      | LISAX           |
| C000096632 | Class C      | LISCX           |
| C000188227 | Class F3     | LOISX           |

### Lord Abbett Short Duration Tax Free Fund (Series ID: S000031147)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000096633 | Class A      | LSDAX           |
| C000096635 | Class C      | LSDCX           |
| C000096636 | Class F      | LSDFX           |
| C000096637 | Class I      | LISDX           |
| C000188228 | Class F3     | LSDOX           |

### Lord Abbett Short Duration High Income Municipal Bond Fund (Series ID: S000049302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000155633 | Class A      | SDHAX           |
| C000155634 | Class C      | SDHCX           |
| C000155635 | Class F      | SDHFX           |
| C000155636 | Class I      | SDHIX           |
| C000188229 | Class F3     | HYMQX           |

?xml version='1.0' encoding='ASCII'?

**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)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u>

(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: 9/30/2025

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# HYMAX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.20%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 0.20% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** The Fund's allocation to investment grade bonds was the primary contributor to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration relative to the Bloomberg High Yield Municipal Bond Index detracted as the yield curve steepened and intermediate and longer maturity rates rose over the period. An overweight allocation to the Industrial Development sector and underweight allocation to the Special Tax, Local General Obligation, and Tobacco sectors detracted from relative performance. Security selection within the Education, Transportation and Special Tax sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i622a30ba375cc84ccd83d3e3.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 U.S. Aggregate Bond Index** |
| **9/30/2015** | $9771 | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9877 | $10122 | $10093 | $10073 | $10002 |
| **11/30/2015** | $9916 | $10162 | $10133 | $10129 | $9975 |
| **12/31/2015** | $9971 | $10178 | $10168 | $10221 | $9943 |
| **1/31/2016** | $10054 | $10236 | $10248 | $10313 | $10080 |
| **2/29/2016** | $10118 | $10348 | $10327 | $10333 | $10151 |
| **3/31/2016** | $10208 | $10457 | $10409 | $10433 | $10244 |
| **4/30/2016** | $10307 | $10521 | $10477 | $10533 | $10284 |
| **5/31/2016** | $10415 | $10659 | $10577 | $10618 | $10286 |
| **6/30/2016** | $10647 | $10990 | $10849 | $10827 | $10471 |
| **7/31/2016** | $10712 | $11062 | $10898 | $10842 | $10537 |
| **8/31/2016** | $10757 | $11102 | $10929 | $10886 | $10525 |
| **9/30/2016** | $10776 | $11132 | $10928 | $10863 | $10519 |
| **10/31/2016** | $10662 | $10994 | $10800 | $10733 | $10439 |
| **11/30/2016** | $10193 | $10340 | $10241 | $10233 | $10192 |
| **12/31/2016** | $10238 | $10482 | $10375 | $10301 | $10206 |
| **1/31/2017** | $10358 | $10629 | $10494 | $10376 | $10226 |
| **2/28/2017** | $10485 | $10883 | $10682 | $10491 | $10295 |
| **3/31/2017** | $10514 | $10907 | $10706 | $10546 | $10290 |
| **4/30/2017** | $10597 | $10981 | $10780 | $10728 | $10369 |
| **5/31/2017** | $10707 | $11149 | $10947 | $10892 | $10449 |
| **6/30/2017** | $10717 | $11125 | $10918 | $10884 | $10438 |
| **7/31/2017** | $10818 | $11198 | $10996 | $10955 | $10483 |
| **8/31/2017** | $10978 | $11352 | $11123 | $11072 | $10577 |
| **9/30/2017** | $10929 | $11291 | $11065 | $11060 | $10527 |
| **10/31/2017** | $10863 | $11322 | $11094 | $11060 | $10533 |
| **11/30/2017** | $10872 | $11351 | $11091 | $11077 | $10519 |
| **12/31/2017** | $10993 | $11498 | $11225 | $11197 | $10568 |
| **1/31/2018** | $10973 | $11391 | $11111 | $11126 | $10446 |
| **2/28/2018** | $10963 | $11399 | $11104 | $11094 | $10347 |
| **3/31/2018** | $11075 | $11566 | $11224 | $11168 | $10413 |
| **4/30/2018** | $11130 | $11617 | $11243 | $11173 | $10336 |
| **5/31/2018** | $11280 | $11860 | $11441 | $11316 | $10410 |
| **6/30/2018** | $11384 | $11919 | $11481 | $11351 | $10397 |
| **7/31/2018** | $11421 | $11961 | $11517 | $11390 | $10399 |
| **8/31/2018** | $11515 | $12057 | $11588 | $11434 | $10466 |
| **9/30/2018** | $11456 | $12010 | $11532 | $11376 | $10399 |
| **10/31/2018** | $11293 | $11859 | $11413 | $11254 | $10317 |
| **11/30/2018** | $11322 | $11942 | $11509 | $11301 | $10378 |
| **12/31/2018** | $11410 | $12045 | $11622 | $11397 | $10569 |
| **1/31/2019** | $11458 | $12126 | $11703 | $11460 | $10681 |
| **2/28/2019** | $11601 | $12192 | $11767 | $11552 | $10675 |
| **3/31/2019** | $11886 | $12507 | $12029 | $11779 | $10880 |
| **4/30/2019** | $11975 | $12577 | $12089 | $11845 | $10883 |
| **5/31/2019** | $12182 | $12781 | $12275 | $12026 | $11076 |
| **6/30/2019** | $12262 | $12848 | $12332 | $12081 | $11215 |
| **7/31/2019** | $12350 | $12928 | $12418 | $12160 | $11240 |
| **8/31/2019** | $12646 | $13239 | $12680 | $12387 | $11531 |
| **9/30/2019** | $12595 | $13213 | $12628 | $12331 | $11470 |
| **10/31/2019** | $12593 | $13241 | $12653 | $12339 | $11504 |
| **11/30/2019** | $12641 | $13292 | $12696 | $12388 | $11498 |
| **12/31/2019** | $12719 | $13331 | $12734 | $12429 | $11490 |
| **1/31/2020** | $12999 | $13660 | $13018 | $12671 | $11711 |
| **2/29/2020** | $13330 | $13948 | $13255 | $12899 | $11922 |
| **3/31/2020** | $11775 | $12414 | $12140 | $11728 | $11852 |
| **4/30/2020** | $11344 | $11995 | $11820 | $11389 | $12063 |
| **5/31/2020** | $11770 | $12485 | $12265 | $11755 | $12119 |
| **6/30/2020** | $12288 | $12979 | $12616 | $12141 | $12195 |
| **7/31/2020** | $12592 | $13332 | $12913 | $12401 | $12377 |
| **8/31/2020** | $12618 | $13367 | $12914 | $12406 | $12277 |
| **9/30/2020** | $12583 | $13380 | $12924 | $12402 | $12271 |
| **10/31/2020** | $12568 | $13404 | $12925 | $12391 | $12216 |
| **11/30/2020** | $12907 | $13726 | $13195 | $12675 | $12336 |
| **12/31/2020** | $13163 | $13983 | $13384 | $12889 | $12353 |
| **1/31/2021** | $13461 | $14275 | $13595 | $13108 | $12264 |
| **2/28/2021** | $13256 | $14125 | $13427 | $12948 | $12087 |
| **3/31/2021** | $13365 | $14278 | $13551 | $13049 | $11936 |
| **4/30/2021** | $13558 | $14487 | $13719 | $13222 | $12030 |
| **5/31/2021** | $13727 | $14654 | $13836 | $13371 | $12070 |
| **6/30/2021** | $13888 | $14840 | $13964 | $13512 | $12155 |
| **7/31/2021** | $14038 | $15018 | $14113 | $13639 | $12290 |
| **8/31/2021** | $13976 | $14994 | $14081 | $13591 | $12267 |
| **9/30/2021** | $13817 | $14896 | $13985 | $13468 | $12161 |
| **10/31/2021** | $13754 | $14836 | $13934 | $13434 | $12157 |
| **11/30/2021** | $13969 | $15030 | $14094 | $13596 | $12193 |
| **12/31/2021** | $14004 | $15069 | $14126 | $13629 | $12162 |
| **1/31/2022** | $13520 | $14648 | $13734 | $13268 | $11900 |
| **2/28/2022** | $13370 | $14613 | $13696 | $13158 | $11767 |
| **3/31/2022** | $12797 | $14085 | $13219 | $12707 | $11441 |
| **4/30/2022** | $12279 | $13585 | $12785 | $12254 | $11006 |
| **5/31/2022** | $12423 | $13735 | $12943 | $12405 | $11077 |
| **6/30/2022** | $11947 | $13296 | $12600 | $11968 | $10904 |
| **7/31/2022** | $12377 | $13792 | $13023 | $12395 | $11170 |
| **8/31/2022** | $12072 | $13485 | $12734 | $12106 | $10854 |
| **9/30/2022** | $11304 | $12654 | $12053 | $11452 | $10385 |
| **10/31/2022** | $11043 | $12395 | $11857 | $11248 | $10251 |
| **11/30/2022** | $11727 | $13117 | $12500 | $11849 | $10628 |
| **12/31/2022** | $11689 | $13095 | $12500 | $11800 | $10580 |
| **1/31/2023** | $12164 | $13677 | $12986 | $12249 | $10905 |
| **2/28/2023** | $11834 | $13247 | $12618 | $11918 | $10623 |
| **3/31/2023** | $11953 | $13453 | $12844 | $12086 | $10893 |
| **4/30/2023** | $12049 | $13530 | $12882 | $12126 | $10959 |
| **5/31/2023** | $11965 | $13437 | $12785 | $12057 | $10840 |
| **6/30/2023** | $12186 | $13676 | $12977 | $12176 | $10801 |
| **7/31/2023** | $12228 | $13764 | $13050 | $12209 | $10794 |
| **8/31/2023** | $12075 | $13556 | $12855 | $12037 | $10725 |
| **9/30/2023** | $11669 | $13095 | $12440 | $11658 | $10452 |
| **10/31/2023** | $11391 | $12885 | $12273 | $11423 | $10287 |
| **11/30/2023** | $12153 | $13884 | $13164 | $12217 | $10753 |
| **12/31/2023** | $12536 | $14301 | $13528 | $12585 | $11165 |
| **1/31/2024** | $12608 | $14234 | $13463 | $12632 | $11134 |
| **2/29/2024** | $12704 | $14346 | $13538 | $12709 | $10977 |
| **3/31/2024** | $12794 | $14517 | $13642 | $12785 | $11078 |
| **4/30/2024** | $12655 | $14428 | $13529 | $12633 | $10798 |
| **5/31/2024** | $12736 | $14537 | $13582 | $12710 | $10981 |
| **6/30/2024** | $12985 | $14893 | $13870 | $13005 | $11086 |
| **7/31/2024** | $13117 | $15056 | $14014 | $13138 | $11344 |
| **8/31/2024** | $13248 | $15233 | $14159 | $13245 | $11507 |
| **9/30/2024** | $13463 | $15371 | $14291 | $13409 | $11662 |
| **10/31/2024** | $13305 | $15137 | $14077 | $13224 | $11372 |
| **11/30/2024** | $13498 | $15462 | $14359 | $13445 | $11493 |
| **12/31/2024** | $13316 | $15205 | $14130 | $13236 | $11304 |
| **1/31/2025** | $13401 | $15320 | $14225 | $13306 | $11364 |
| **2/28/2025** | $13560 | $15511 | $14389 | $13471 | $11614 |
| **3/31/2025** | $13315 | $15329 | $14194 | $13224 | $11619 |
| **4/30/2025** | $13121 | $15056 | $13990 | $13031 | $11665 |
| **5/31/2025** | $13073 | $15066 | $13999 | $12979 | $11581 |
| **6/30/2025** | $13137 | $15155 | $14083 | $12944 | $11759 |
| **7/31/2025** | $12915 | $14926 | $13935 | $12790 | $11728 |
| **8/31/2025** | $12981 | $15006 | $14026 | $12879 | $11868 |
| **9/30/2025** | $13437 | $15401 | $14380 | $13279 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | (0.20%) | 1.32% | 3.24% |
| Class A with sales charge | (2.47%) | 0.86% | 3.00% |
| Bloomberg High Yield Municipal Bond Index | 0.20% | 2.85% | 4.41% |
| Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index | 0.62% | 2.16% | 3.70% |
| Lipper High Yield Municipal Debt Funds Average | (0.97%) | 1.38% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4140786753 |
| # of Portfolio Holdings | 600 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $17835908 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A3.37%

* A-1.85%

* A+2.61%

* AA3.34%

* AA-2.21%

* AA+1.13%

* AAA0.55%

* B0.16%

* B-2.42%

* B+1.56%

* BB4.29%

* BB-1.50%

* BB+11.52%

* BBB4.53%

* BBB-9.17%

* BBB+2.06%

* CCC0.35%

* CCC-0.86%

* CCC+1.06%

* NR45.46%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# HYMAX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1430-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# HYMCX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 1.46% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.73%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 0.20% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** The Fund's allocation to investment grade bonds was the primary contributor to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration relative to the Bloomberg High Yield Municipal Bond Index detracted as the yield curve steepened and intermediate and longer maturity rates rose over the period. An overweight allocation to the Industrial Development sector and underweight allocation to the Special Tax, Local General Obligation, and Tobacco sectors detracted from relative performance. Security selection within the Education, Transportation and Special Tax sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic36b4dad2ece916ccf8a912c.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C 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 U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10094 | $10122 | $10093 | $10073 | $10002 |
| **11/30/2015** | $10137 | $10162 | $10133 | $10129 | $9975 |
| **12/31/2015** | $10179 | $10178 | $10168 | $10221 | $9943 |
| **1/31/2016** | $10259 | $10236 | $10248 | $10313 | $10080 |
| **2/29/2016** | $10319 | $10348 | $10327 | $10333 | $10151 |
| **3/31/2016** | $10406 | $10457 | $10409 | $10433 | $10244 |
| **4/30/2016** | $10510 | $10521 | $10477 | $10533 | $10284 |
| **5/31/2016** | $10615 | $10659 | $10577 | $10618 | $10286 |
| **6/30/2016** | $10845 | $10990 | $10849 | $10827 | $10471 |
| **7/31/2016** | $10897 | $11062 | $10898 | $10842 | $10537 |
| **8/31/2016** | $10947 | $11102 | $10929 | $10886 | $10525 |
| **9/30/2016** | $10951 | $11132 | $10928 | $10863 | $10519 |
| **10/31/2016** | $10829 | $10994 | $10800 | $10733 | $10439 |
| **11/30/2016** | $10347 | $10340 | $10241 | $10233 | $10192 |
| **12/31/2016** | $10388 | $10482 | $10375 | $10301 | $10206 |
| **1/31/2017** | $10504 | $10629 | $10494 | $10376 | $10226 |
| **2/28/2017** | $10628 | $10883 | $10682 | $10491 | $10295 |
| **3/31/2017** | $10651 | $10907 | $10706 | $10546 | $10290 |
| **4/30/2017** | $10730 | $10981 | $10780 | $10728 | $10369 |
| **5/31/2017** | $10836 | $11149 | $10947 | $10892 | $10449 |
| **6/30/2017** | $10841 | $11125 | $10918 | $10884 | $10438 |
| **7/31/2017** | $10937 | $11198 | $10996 | $10955 | $10483 |
| **8/31/2017** | $11093 | $11352 | $11123 | $11072 | $10577 |
| **9/30/2017** | $11037 | $11291 | $11065 | $11060 | $10527 |
| **10/31/2017** | $10966 | $11322 | $11094 | $11060 | $10533 |
| **11/30/2017** | $10978 | $11351 | $11091 | $11077 | $10519 |
| **12/31/2017** | $11085 | $11498 | $11225 | $11197 | $10568 |
| **1/31/2018** | $11059 | $11391 | $11111 | $11126 | $10446 |
| **2/28/2018** | $11053 | $11399 | $11104 | $11094 | $10347 |
| **3/31/2018** | $11160 | $11566 | $11224 | $11168 | $10413 |
| **4/30/2018** | $11201 | $11617 | $11243 | $11173 | $10336 |
| **5/31/2018** | $11346 | $11860 | $11441 | $11316 | $10410 |
| **6/30/2018** | $11444 | $11919 | $11481 | $11351 | $10397 |
| **7/31/2018** | $11475 | $11961 | $11517 | $11390 | $10399 |
| **8/31/2018** | $11564 | $12057 | $11588 | $11434 | $10466 |
| **9/30/2018** | $11499 | $12010 | $11532 | $11376 | $10399 |
| **10/31/2018** | $11338 | $11859 | $11413 | $11254 | $10317 |
| **11/30/2018** | $11352 | $11942 | $11509 | $11301 | $10378 |
| **12/31/2018** | $11434 | $12045 | $11622 | $11397 | $10569 |
| **1/31/2019** | $11486 | $12126 | $11703 | $11460 | $10681 |
| **2/28/2019** | $11624 | $12192 | $11767 | $11552 | $10675 |
| **3/31/2019** | $11892 | $12507 | $12029 | $11779 | $10880 |
| **4/30/2019** | $11976 | $12577 | $12089 | $11845 | $10883 |
| **5/31/2019** | $12186 | $12781 | $12275 | $12026 | $11076 |
| **6/30/2019** | $12250 | $12848 | $12332 | $12081 | $11215 |
| **7/31/2019** | $12341 | $12928 | $12418 | $12160 | $11240 |
| **8/31/2019** | $12621 | $13239 | $12680 | $12387 | $11531 |
| **9/30/2019** | $12573 | $13213 | $12628 | $12331 | $11470 |
| **10/31/2019** | $12564 | $13241 | $12653 | $12339 | $11504 |
| **11/30/2019** | $12596 | $13292 | $12696 | $12388 | $11498 |
| **12/31/2019** | $12667 | $13331 | $12734 | $12429 | $11490 |
| **1/31/2020** | $12949 | $13660 | $13018 | $12671 | $11711 |
| **2/29/2020** | $13262 | $13948 | $13255 | $12899 | $11922 |
| **3/31/2020** | $11708 | $12414 | $12140 | $11728 | $11852 |
| **4/30/2020** | $11284 | $11995 | $11820 | $11389 | $12063 |
| **5/31/2020** | $11690 | $12485 | $12265 | $11755 | $12119 |
| **6/30/2020** | $12198 | $12979 | $12616 | $12141 | $12195 |
| **7/31/2020** | $12504 | $13332 | $12913 | $12401 | $12377 |
| **8/31/2020** | $12512 | $13367 | $12914 | $12406 | $12277 |
| **9/30/2020** | $12471 | $13380 | $12924 | $12402 | $12271 |
| **10/31/2020** | $12459 | $13404 | $12925 | $12391 | $12216 |
| **11/30/2020** | $12778 | $13726 | $13195 | $12675 | $12336 |
| **12/31/2020** | $13035 | $13983 | $13384 | $12889 | $12353 |
| **1/31/2021** | $13311 | $14275 | $13595 | $13108 | $12264 |
| **2/28/2021** | $13113 | $14125 | $13427 | $12948 | $12087 |
| **3/31/2021** | $13213 | $14278 | $13551 | $13049 | $11936 |
| **4/30/2021** | $13397 | $14487 | $13719 | $13222 | $12030 |
| **5/31/2021** | $13546 | $14654 | $13836 | $13371 | $12070 |
| **6/30/2021** | $13698 | $14840 | $13964 | $13512 | $12155 |
| **7/31/2021** | $13849 | $15018 | $14113 | $13639 | $12290 |
| **8/31/2021** | $13769 | $14994 | $14081 | $13591 | $12267 |
| **9/30/2021** | $13616 | $14896 | $13985 | $13468 | $12161 |
| **10/31/2021** | $13536 | $14836 | $13934 | $13434 | $12157 |
| **11/30/2021** | $13741 | $15030 | $14094 | $13596 | $12193 |
| **12/31/2021** | $13779 | $15069 | $14126 | $13629 | $12162 |
| **1/31/2022** | $13295 | $14648 | $13734 | $13268 | $11900 |
| **2/28/2022** | $13130 | $14613 | $13696 | $13158 | $11767 |
| **3/31/2022** | $12561 | $14085 | $13219 | $12707 | $11441 |
| **4/30/2022** | $12046 | $13585 | $12785 | $12254 | $11006 |
| **5/31/2022** | $12181 | $13735 | $12943 | $12405 | $11077 |
| **6/30/2022** | $11707 | $13296 | $12600 | $11968 | $10904 |
| **7/31/2022** | $12123 | $13792 | $13023 | $12395 | $11170 |
| **8/31/2022** | $11817 | $13485 | $12734 | $12106 | $10854 |
| **9/30/2022** | $11059 | $12654 | $12053 | $11452 | $10385 |
| **10/31/2022** | $10809 | $12395 | $11857 | $11248 | $10251 |
| **11/30/2022** | $11472 | $13117 | $12500 | $11849 | $10628 |
| **12/31/2022** | $11418 | $13095 | $12500 | $11800 | $10580 |
| **1/31/2023** | $11886 | $13677 | $12986 | $12249 | $10905 |
| **2/28/2023** | $11548 | $13247 | $12618 | $11918 | $10623 |
| **3/31/2023** | $11669 | $13453 | $12844 | $12086 | $10893 |
| **4/30/2023** | $11746 | $13530 | $12882 | $12126 | $10959 |
| **5/31/2023** | $11668 | $13437 | $12785 | $12057 | $10840 |
| **6/30/2023** | $11867 | $13676 | $12977 | $12176 | $10801 |
| **7/31/2023** | $11901 | $13764 | $13050 | $12209 | $10794 |
| **8/31/2023** | $11746 | $13556 | $12855 | $12037 | $10725 |
| **9/30/2023** | $11345 | $13095 | $12440 | $11658 | $10452 |
| **10/31/2023** | $11069 | $12885 | $12273 | $11423 | $10287 |
| **11/30/2023** | $11815 | $13884 | $13164 | $12217 | $10753 |
| **12/31/2023** | $12170 | $14301 | $13528 | $12585 | $11165 |
| **1/31/2024** | $12245 | $14234 | $13463 | $12632 | $11134 |
| **2/29/2024** | $12320 | $14346 | $13538 | $12709 | $10977 |
| **3/31/2024** | $12402 | $14517 | $13642 | $12785 | $11078 |
| **4/30/2024** | $12272 | $14428 | $13529 | $12633 | $10798 |
| **5/31/2024** | $12333 | $14537 | $13582 | $12710 | $10981 |
| **6/30/2024** | $12579 | $14893 | $13870 | $13005 | $11086 |
| **7/31/2024** | $12688 | $15056 | $14014 | $13138 | $11344 |
| **8/31/2024** | $12808 | $15233 | $14159 | $13245 | $11507 |
| **9/30/2024** | $13010 | $15371 | $14291 | $13409 | $11662 |
| **10/31/2024** | $12851 | $15137 | $14077 | $13224 | $11372 |
| **11/30/2024** | $13042 | $15462 | $14359 | $13445 | $11493 |
| **12/31/2024** | $12848 | $15205 | $14130 | $13236 | $11304 |
| **1/31/2025** | $12923 | $15320 | $14225 | $13306 | $11364 |
| **2/28/2025** | $13071 | $15511 | $14389 | $13471 | $11614 |
| **3/31/2025** | $12828 | $15329 | $14194 | $13224 | $11619 |
| **4/30/2025** | $12634 | $15056 | $13990 | $13031 | $11665 |
| **5/31/2025** | $12581 | $15066 | $13999 | $12979 | $11581 |
| **6/30/2025** | $12636 | $15155 | $14083 | $12944 | $11759 |
| **7/31/2025** | $12416 | $14926 | $13935 | $12790 | $11728 |
| **8/31/2025** | $12485 | $15006 | $14026 | $12879 | $11868 |
| **9/30/2025** | $12916 | $15401 | $14380 | $13279 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | (0.73%) | 0.70% | 2.59% |
| Class C with sales charge | (1.68%) | 0.70% | 2.59% |
| Bloomberg High Yield Municipal Bond Index | 0.20% | 2.85% | 4.41% |
| Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index | 0.62% | 2.16% | 3.70% |
| Lipper High Yield Municipal Debt Funds Average | (0.97%) | 1.38% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4140786753 |
| # of Portfolio Holdings | 600 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $17835908 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A3.37%

* A-1.85%

* A+2.61%

* AA3.34%

* AA-2.21%

* AA+1.13%

* AAA0.55%

* B0.16%

* B-2.42%

* B+1.56%

* BB4.29%

* BB-1.50%

* BB+11.52%

* BBB4.53%

* BBB-9.17%

* BBB+2.06%

* CCC0.35%

* CCC-0.86%

* CCC+1.06%

* NR45.46%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# HYMCX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1432-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# HYMFX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $73 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.10%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 0.20% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** The Fund's allocation to investment grade bonds was the primary contributor to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration relative to the Bloomberg High Yield Municipal Bond Index detracted as the yield curve steepened and intermediate and longer maturity rates rose over the period. An overweight allocation to the Industrial Development sector and underweight allocation to the Special Tax, Local General Obligation, and Tobacco sectors detracted from relative performance. Security selection within the Education, Transportation and Special Tax sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iac12bc407fe8353edf6580ca.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10109 | $10122 | $10093 | $10073 | $10002 |
| **11/30/2015** | $10149 | $10162 | $10133 | $10129 | $9975 |
| **12/31/2015** | $10207 | $10178 | $10168 | $10221 | $9943 |
| **1/31/2016** | $10292 | $10236 | $10248 | $10313 | $10080 |
| **2/29/2016** | $10359 | $10348 | $10327 | $10333 | $10151 |
| **3/31/2016** | $10452 | $10457 | $10409 | $10433 | $10244 |
| **4/30/2016** | $10554 | $10521 | $10477 | $10533 | $10284 |
| **5/31/2016** | $10666 | $10659 | $10577 | $10618 | $10286 |
| **6/30/2016** | $10903 | $10990 | $10849 | $10827 | $10471 |
| **7/31/2016** | $10971 | $11062 | $10898 | $10842 | $10537 |
| **8/31/2016** | $11019 | $11102 | $10929 | $10886 | $10525 |
| **9/30/2016** | $11039 | $11132 | $10928 | $10863 | $10519 |
| **10/31/2016** | $10923 | $10994 | $10800 | $10733 | $10439 |
| **11/30/2016** | $10443 | $10340 | $10241 | $10233 | $10192 |
| **12/31/2016** | $10490 | $10482 | $10375 | $10301 | $10206 |
| **1/31/2017** | $10614 | $10629 | $10494 | $10376 | $10226 |
| **2/28/2017** | $10745 | $10883 | $10682 | $10491 | $10295 |
| **3/31/2017** | $10775 | $10907 | $10706 | $10546 | $10290 |
| **4/30/2017** | $10861 | $10981 | $10780 | $10728 | $10369 |
| **5/31/2017** | $10966 | $11149 | $10947 | $10892 | $10449 |
| **6/30/2017** | $10987 | $11125 | $10918 | $10884 | $10438 |
| **7/31/2017** | $11091 | $11198 | $10996 | $10955 | $10483 |
| **8/31/2017** | $11255 | $11352 | $11123 | $11072 | $10577 |
| **9/30/2017** | $11206 | $11291 | $11065 | $11060 | $10527 |
| **10/31/2017** | $11140 | $11322 | $11094 | $11060 | $10533 |
| **11/30/2017** | $11150 | $11351 | $11091 | $11077 | $10519 |
| **12/31/2017** | $11274 | $11498 | $11225 | $11197 | $10568 |
| **1/31/2018** | $11255 | $11391 | $11111 | $11126 | $10446 |
| **2/28/2018** | $11246 | $11399 | $11104 | $11094 | $10347 |
| **3/31/2018** | $11361 | $11566 | $11224 | $11168 | $10413 |
| **4/30/2018** | $11419 | $11617 | $11243 | $11173 | $10336 |
| **5/31/2018** | $11574 | $11860 | $11441 | $11316 | $10410 |
| **6/30/2018** | $11681 | $11919 | $11481 | $11351 | $10397 |
| **7/31/2018** | $11720 | $11961 | $11517 | $11390 | $10399 |
| **8/31/2018** | $11817 | $12057 | $11588 | $11434 | $10466 |
| **9/30/2018** | $11748 | $12010 | $11532 | $11376 | $10399 |
| **10/31/2018** | $11591 | $11859 | $11413 | $11254 | $10317 |
| **11/30/2018** | $11622 | $11942 | $11509 | $11301 | $10378 |
| **12/31/2018** | $11713 | $12045 | $11622 | $11397 | $10569 |
| **1/31/2019** | $11764 | $12126 | $11703 | $11460 | $10681 |
| **2/28/2019** | $11911 | $12192 | $11767 | $11552 | $10675 |
| **3/31/2019** | $12204 | $12507 | $12029 | $11779 | $10880 |
| **4/30/2019** | $12297 | $12577 | $12089 | $11845 | $10883 |
| **5/31/2019** | $12510 | $12781 | $12275 | $12026 | $11076 |
| **6/30/2019** | $12593 | $12848 | $12332 | $12081 | $11215 |
| **7/31/2019** | $12685 | $12928 | $12418 | $12160 | $11240 |
| **8/31/2019** | $12990 | $13239 | $12680 | $12387 | $11531 |
| **9/30/2019** | $12938 | $13213 | $12628 | $12331 | $11470 |
| **10/31/2019** | $12937 | $13241 | $12653 | $12339 | $11504 |
| **11/30/2019** | $12987 | $13292 | $12696 | $12388 | $11498 |
| **12/31/2019** | $13069 | $13331 | $12734 | $12429 | $11490 |
| **1/31/2020** | $13357 | $13660 | $13018 | $12671 | $11711 |
| **2/29/2020** | $13698 | $13948 | $13255 | $12899 | $11922 |
| **3/31/2020** | $12102 | $12414 | $12140 | $11728 | $11852 |
| **4/30/2020** | $11661 | $11995 | $11820 | $11389 | $12063 |
| **5/31/2020** | $12099 | $12485 | $12265 | $11755 | $12119 |
| **6/30/2020** | $12632 | $12979 | $12616 | $12141 | $12195 |
| **7/31/2020** | $12946 | $13332 | $12913 | $12401 | $12377 |
| **8/31/2020** | $12974 | $13367 | $12914 | $12406 | $12277 |
| **9/30/2020** | $12938 | $13380 | $12924 | $12402 | $12271 |
| **10/31/2020** | $12924 | $13404 | $12925 | $12391 | $12216 |
| **11/30/2020** | $13274 | $13726 | $13195 | $12675 | $12336 |
| **12/31/2020** | $13538 | $13983 | $13384 | $12889 | $12353 |
| **1/31/2021** | $13845 | $14275 | $13595 | $13108 | $12264 |
| **2/28/2021** | $13635 | $14125 | $13427 | $12948 | $12087 |
| **3/31/2021** | $13748 | $14278 | $13551 | $13049 | $11936 |
| **4/30/2021** | $13948 | $14487 | $13719 | $13222 | $12030 |
| **5/31/2021** | $14122 | $14654 | $13836 | $13371 | $12070 |
| **6/30/2021** | $14290 | $14840 | $13964 | $13512 | $12155 |
| **7/31/2021** | $14445 | $15018 | $14113 | $13639 | $12290 |
| **8/31/2021** | $14382 | $14994 | $14081 | $13591 | $12267 |
| **9/30/2021** | $14220 | $14896 | $13985 | $13468 | $12161 |
| **10/31/2021** | $14156 | $14836 | $13934 | $13434 | $12157 |
| **11/30/2021** | $14379 | $15030 | $14094 | $13596 | $12193 |
| **12/31/2021** | $14416 | $15069 | $14126 | $13629 | $12162 |
| **1/31/2022** | $13919 | $14648 | $13734 | $13268 | $11900 |
| **2/28/2022** | $13766 | $14613 | $13696 | $13158 | $11767 |
| **3/31/2022** | $13178 | $14085 | $13219 | $12707 | $11441 |
| **4/30/2022** | $12646 | $13585 | $12785 | $12254 | $11006 |
| **5/31/2022** | $12795 | $13735 | $12943 | $12405 | $11077 |
| **6/30/2022** | $12295 | $13296 | $12600 | $11968 | $10904 |
| **7/31/2022** | $12750 | $13792 | $13023 | $12395 | $11170 |
| **8/31/2022** | $12437 | $13485 | $12734 | $12106 | $10854 |
| **9/30/2022** | $11648 | $12654 | $12053 | $11452 | $10385 |
| **10/31/2022** | $11380 | $12395 | $11857 | $11248 | $10251 |
| **11/30/2022** | $12085 | $13117 | $12500 | $11849 | $10628 |
| **12/31/2022** | $12047 | $13095 | $12500 | $11800 | $10580 |
| **1/31/2023** | $12537 | $13677 | $12986 | $12249 | $10905 |
| **2/28/2023** | $12198 | $13247 | $12618 | $11918 | $10623 |
| **3/31/2023** | $12322 | $13453 | $12844 | $12086 | $10893 |
| **4/30/2023** | $12411 | $13530 | $12882 | $12126 | $10959 |
| **5/31/2023** | $12337 | $13437 | $12785 | $12057 | $10840 |
| **6/30/2023** | $12554 | $13676 | $12977 | $12176 | $10801 |
| **7/31/2023** | $12598 | $13764 | $13050 | $12209 | $10794 |
| **8/31/2023** | $12441 | $13556 | $12855 | $12037 | $10725 |
| **9/30/2023** | $12036 | $13095 | $12440 | $11658 | $10452 |
| **10/31/2023** | $11751 | $12885 | $12273 | $11423 | $10287 |
| **11/30/2023** | $12537 | $13884 | $13164 | $12217 | $10753 |
| **12/31/2023** | $12933 | $14301 | $13528 | $12585 | $11165 |
| **1/31/2024** | $13008 | $14234 | $13463 | $12632 | $11134 |
| **2/29/2024** | $13108 | $14346 | $13538 | $12709 | $10977 |
| **3/31/2024** | $13202 | $14517 | $13642 | $12785 | $11078 |
| **4/30/2024** | $13060 | $14428 | $13529 | $12633 | $10798 |
| **5/31/2024** | $13145 | $14537 | $13582 | $12710 | $10981 |
| **6/30/2024** | $13402 | $14893 | $13870 | $13005 | $11086 |
| **7/31/2024** | $13539 | $15056 | $14014 | $13138 | $11344 |
| **8/31/2024** | $13676 | $15233 | $14159 | $13245 | $11507 |
| **9/30/2024** | $13899 | $15371 | $14291 | $13409 | $11662 |
| **10/31/2024** | $13737 | $15137 | $14077 | $13224 | $11372 |
| **11/30/2024** | $13937 | $15462 | $14359 | $13445 | $11493 |
| **12/31/2024** | $13751 | $15205 | $14130 | $13236 | $11304 |
| **1/31/2025** | $13840 | $15320 | $14225 | $13306 | $11364 |
| **2/28/2025** | $14005 | $15511 | $14389 | $13471 | $11614 |
| **3/31/2025** | $13753 | $15329 | $14194 | $13224 | $11619 |
| **4/30/2025** | $13554 | $15056 | $13990 | $13031 | $11665 |
| **5/31/2025** | $13506 | $15066 | $13999 | $12979 | $11581 |
| **6/30/2025** | $13573 | $15155 | $14083 | $12944 | $11759 |
| **7/31/2025** | $13345 | $14926 | $13935 | $12790 | $11728 |
| **8/31/2025** | $13414 | $15006 | $14026 | $12879 | $11868 |
| **9/30/2025** | $13886 | $15401 | $14380 | $13279 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | (0.10%) | 1.42% | 3.34% |
| Bloomberg High Yield Municipal Bond Index | 0.20% | 2.85% | 4.41% |
| Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index | 0.62% | 2.16% | 3.70% |
| Lipper High Yield Municipal Debt Funds Average | (0.97%) | 1.38% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4140786753 |
| # of Portfolio Holdings | 600 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $17835908 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A3.37%

* A-1.85%

* A+2.61%

* AA3.34%

* AA-2.21%

* AA+1.13%

* AAA0.55%

* B0.16%

* B-2.42%

* B+1.56%

* BB4.29%

* BB-1.50%

* BB+11.52%

* BBB4.53%

* BBB-9.17%

* BBB+2.06%

* CCC0.35%

* CCC-0.86%

* CCC+1.06%

* NR45.46%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# HYMFX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1038-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# HYMOX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $58 | 0.58% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.05%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 0.20% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** The Fund's allocation to investment grade bonds was the primary contributor to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration relative to the Bloomberg High Yield Municipal Bond Index detracted as the yield curve steepened and intermediate and longer maturity rates rose over the period. An overweight allocation to the Industrial Development sector and underweight allocation to the Special Tax, Local General Obligation, and Tobacco sectors detracted from relative performance. Security selection within the Education, Transportation and Special Tax sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5d526ee9459b46ac1b27efb.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10085 | $10075 | $10070 | $10156 | $10051 |
| **5/31/2017** | $10183 | $10229 | $10226 | $10312 | $10128 |
| **6/30/2017** | $10203 | $10207 | $10198 | $10305 | $10118 |
| **7/31/2017** | $10292 | $10274 | $10271 | $10371 | $10162 |
| **8/31/2017** | $10447 | $10415 | $10390 | $10482 | $10253 |
| **9/30/2017** | $10411 | $10360 | $10335 | $10471 | $10204 |
| **10/31/2017** | $10350 | $10388 | $10363 | $10471 | $10210 |
| **11/30/2017** | $10360 | $10414 | $10360 | $10487 | $10197 |
| **12/31/2017** | $10468 | $10549 | $10486 | $10601 | $10244 |
| **1/31/2018** | $10451 | $10451 | $10379 | $10533 | $10126 |
| **2/28/2018** | $10452 | $10458 | $10372 | $10503 | $10030 |
| **3/31/2018** | $10561 | $10611 | $10485 | $10574 | $10094 |
| **4/30/2018** | $10607 | $10659 | $10502 | $10578 | $10019 |
| **5/31/2018** | $10761 | $10882 | $10687 | $10714 | $10091 |
| **6/30/2018** | $10854 | $10936 | $10725 | $10747 | $10078 |
| **7/31/2018** | $10900 | $10974 | $10758 | $10783 | $10080 |
| **8/31/2018** | $10992 | $11062 | $10824 | $10825 | $10145 |
| **9/30/2018** | $10929 | $11019 | $10772 | $10770 | $10080 |
| **10/31/2018** | $10784 | $10881 | $10661 | $10655 | $10000 |
| **11/30/2018** | $10813 | $10957 | $10751 | $10699 | $10060 |
| **12/31/2018** | $10900 | $11051 | $10856 | $10790 | $10245 |
| **1/31/2019** | $10948 | $11125 | $10932 | $10850 | $10354 |
| **2/28/2019** | $11087 | $11185 | $10991 | $10937 | $10348 |
| **3/31/2019** | $11361 | $11474 | $11236 | $11152 | $10546 |
| **4/30/2019** | $11439 | $11539 | $11292 | $11214 | $10549 |
| **5/31/2019** | $11649 | $11726 | $11466 | $11385 | $10736 |
| **6/30/2019** | $11727 | $11788 | $11519 | $11437 | $10871 |
| **7/31/2019** | $11814 | $11862 | $11599 | $11512 | $10895 |
| **8/31/2019** | $12100 | $12147 | $11844 | $11727 | $11177 |
| **9/30/2019** | $12053 | $12122 | $11796 | $11674 | $11118 |
| **10/31/2019** | $12053 | $12148 | $11819 | $11682 | $11151 |
| **11/30/2019** | $12092 | $12195 | $11859 | $11728 | $11146 |
| **12/31/2019** | $12169 | $12231 | $11895 | $11768 | $11138 |
| **1/31/2020** | $12449 | $12533 | $12160 | $11996 | $11352 |
| **2/29/2020** | $12769 | $12797 | $12382 | $12212 | $11557 |
| **3/31/2020** | $11279 | $11390 | $11339 | $11103 | $11489 |
| **4/30/2020** | $10868 | $11005 | $11041 | $10782 | $11693 |
| **5/31/2020** | $11279 | $11454 | $11457 | $11129 | $11747 |
| **6/30/2020** | $11779 | $11908 | $11785 | $11495 | $11821 |
| **7/31/2020** | $12073 | $12231 | $12062 | $11741 | $11998 |
| **8/31/2020** | $12091 | $12264 | $12063 | $11746 | $11901 |
| **9/30/2020** | $12069 | $12276 | $12072 | $11742 | $11894 |
| **10/31/2020** | $12057 | $12298 | $12073 | $11731 | $11841 |
| **11/30/2020** | $12375 | $12593 | $12325 | $12000 | $11958 |
| **12/31/2020** | $12634 | $12829 | $12502 | $12203 | $11974 |
| **1/31/2021** | $12912 | $13097 | $12699 | $12410 | $11888 |
| **2/28/2021** | $12728 | $12960 | $12542 | $12259 | $11716 |
| **3/31/2021** | $12835 | $13100 | $12657 | $12354 | $11570 |
| **4/30/2021** | $13023 | $13292 | $12815 | $12518 | $11662 |
| **5/31/2021** | $13177 | $13444 | $12924 | $12659 | $11700 |
| **6/30/2021** | $13346 | $13615 | $13043 | $12792 | $11782 |
| **7/31/2021** | $13493 | $13778 | $13183 | $12913 | $11914 |
| **8/31/2021** | $13425 | $13757 | $13152 | $12867 | $11891 |
| **9/30/2021** | $13285 | $13667 | $13063 | $12751 | $11788 |
| **10/31/2021** | $13216 | $13611 | $13015 | $12719 | $11785 |
| **11/30/2021** | $13427 | $13790 | $13165 | $12872 | $11820 |
| **12/31/2021** | $13473 | $13826 | $13195 | $12903 | $11789 |
| **1/31/2022** | $13009 | $13439 | $12828 | $12562 | $11535 |
| **2/28/2022** | $12857 | $13408 | $12793 | $12457 | $11407 |
| **3/31/2022** | $12318 | $12923 | $12347 | $12030 | $11090 |
| **4/30/2022** | $11820 | $12464 | $11943 | $11601 | $10669 |
| **5/31/2022** | $11962 | $12601 | $12090 | $11745 | $10738 |
| **6/30/2022** | $11505 | $12199 | $11770 | $11331 | $10569 |
| **7/31/2022** | $11923 | $12654 | $12164 | $11735 | $10828 |
| **8/31/2022** | $11631 | $12372 | $11895 | $11461 | $10522 |
| **9/30/2022** | $10892 | $11610 | $11259 | $10843 | $10067 |
| **10/31/2022** | $10653 | $11372 | $11076 | $10649 | $9937 |
| **11/30/2022** | $11305 | $12034 | $11676 | $11218 | $10302 |
| **12/31/2022** | $11271 | $12014 | $11676 | $11172 | $10256 |
| **1/31/2023** | $11732 | $12548 | $12130 | $11597 | $10571 |
| **2/28/2023** | $11415 | $12154 | $11786 | $11284 | $10298 |
| **3/31/2023** | $11532 | $12343 | $11997 | $11443 | $10559 |
| **4/30/2023** | $11617 | $12414 | $12032 | $11480 | $10623 |
| **5/31/2023** | $11548 | $12328 | $11942 | $11415 | $10508 |
| **6/30/2023** | $11754 | $12547 | $12122 | $11528 | $10470 |
| **7/31/2023** | $11807 | $12629 | $12190 | $11559 | $10463 |
| **8/31/2023** | $11661 | $12437 | $12008 | $11396 | $10396 |
| **9/30/2023** | $11271 | $12014 | $11620 | $11038 | $10132 |
| **10/31/2023** | $11005 | $11822 | $11464 | $10815 | $9972 |
| **11/30/2023** | $11744 | $12738 | $12296 | $11566 | $10424 |
| **12/31/2023** | $12118 | $13121 | $12636 | $11915 | $10823 |
| **1/31/2024** | $12190 | $13060 | $12576 | $11960 | $10793 |
| **2/29/2024** | $12285 | $13162 | $12645 | $12032 | $10640 |
| **3/31/2024** | $12376 | $13319 | $12743 | $12104 | $10739 |
| **4/30/2024** | $12243 | $13237 | $12637 | $11961 | $10467 |
| **5/31/2024** | $12324 | $13337 | $12686 | $12033 | $10645 |
| **6/30/2024** | $12568 | $13664 | $12956 | $12313 | $10746 |
| **7/31/2024** | $12698 | $13814 | $13090 | $12438 | $10997 |
| **8/31/2024** | $12828 | $13976 | $13226 | $12540 | $11155 |
| **9/30/2024** | $13039 | $14102 | $13349 | $12695 | $11304 |
| **10/31/2024** | $12889 | $13887 | $13149 | $12520 | $11024 |
| **11/30/2024** | $13078 | $14186 | $13412 | $12729 | $11140 |
| **12/31/2024** | $12904 | $13950 | $13199 | $12532 | $10958 |
| **1/31/2025** | $12990 | $14056 | $13287 | $12597 | $11016 |
| **2/28/2025** | $13147 | $14231 | $13441 | $12754 | $11258 |
| **3/31/2025** | $12911 | $14064 | $13258 | $12520 | $11263 |
| **4/30/2025** | $12725 | $13813 | $13067 | $12337 | $11307 |
| **5/31/2025** | $12681 | $13823 | $13076 | $12288 | $11226 |
| **6/30/2025** | $12746 | $13904 | $13155 | $12254 | $11399 |
| **7/31/2025** | $12533 | $13694 | $13017 | $12109 | $11368 |
| **8/31/2025** | $12600 | $13767 | $13101 | $12193 | $11504 |
| **9/30/2025** | $13046 | $14130 | $13432 | $12572 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 0.05% | 1.57% | 3.18% |
| Bloomberg High Yield Municipal Bond Index | 0.20% | 2.85% | 4.16% |
| Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index | 0.62% | 2.16% | 3.54% |
| Lipper High Yield Municipal Debt Funds Average | (0.97%) | 1.38% | 2.73% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4140786753 |
| # of Portfolio Holdings | 600 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $17835908 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A3.37%

* A-1.85%

* A+2.61%

* AA3.34%

* AA-2.21%

* AA+1.13%

* AAA0.55%

* B0.16%

* B-2.42%

* B+1.56%

* BB4.29%

* BB-1.50%

* BB+11.52%

* BBB4.53%

* BBB-9.17%

* BBB+2.06%

* CCC0.35%

* CCC-0.86%

* CCC+1.06%

* NR45.46%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# HYMOX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8986-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# HYMIX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $63 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.01%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 0.20% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** The Fund's allocation to investment grade bonds was the primary contributor to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration relative to the Bloomberg High Yield Municipal Bond Index detracted as the yield curve steepened and intermediate and longer maturity rates rose over the period. An overweight allocation to the Industrial Development sector and underweight allocation to the Special Tax, Local General Obligation, and Tobacco sectors detracted from relative performance. Security selection within the Education, Transportation and Special Tax sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i57ebd27881481d35fa5b09b3.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10101 | $10122 | $10093 | $10073 | $10002 |
| **11/30/2015** | $10151 | $10162 | $10133 | $10129 | $9975 |
| **12/31/2015** | $10200 | $10178 | $10168 | $10221 | $9943 |
| **1/31/2016** | $10287 | $10236 | $10248 | $10313 | $10080 |
| **2/29/2016** | $10354 | $10348 | $10327 | $10333 | $10151 |
| **3/31/2016** | $10448 | $10457 | $10409 | $10433 | $10244 |
| **4/30/2016** | $10560 | $10521 | $10477 | $10533 | $10284 |
| **5/31/2016** | $10664 | $10659 | $10577 | $10618 | $10286 |
| **6/30/2016** | $10912 | $10990 | $10849 | $10827 | $10471 |
| **7/31/2016** | $10972 | $11062 | $10898 | $10842 | $10537 |
| **8/31/2016** | $11020 | $11102 | $10929 | $10886 | $10525 |
| **9/30/2016** | $11041 | $11132 | $10928 | $10863 | $10519 |
| **10/31/2016** | $10925 | $10994 | $10800 | $10733 | $10439 |
| **11/30/2016** | $10444 | $10340 | $10241 | $10233 | $10192 |
| **12/31/2016** | $10492 | $10482 | $10375 | $10301 | $10206 |
| **1/31/2017** | $10608 | $10629 | $10494 | $10376 | $10226 |
| **2/28/2017** | $10749 | $10883 | $10682 | $10491 | $10295 |
| **3/31/2017** | $10779 | $10907 | $10706 | $10546 | $10290 |
| **4/30/2017** | $10866 | $10981 | $10780 | $10728 | $10369 |
| **5/31/2017** | $10971 | $11149 | $10947 | $10892 | $10449 |
| **6/30/2017** | $10992 | $11125 | $10918 | $10884 | $10438 |
| **7/31/2017** | $11097 | $11198 | $10996 | $10955 | $10483 |
| **8/31/2017** | $11254 | $11352 | $11123 | $11072 | $10577 |
| **9/30/2017** | $11214 | $11291 | $11065 | $11060 | $10527 |
| **10/31/2017** | $11149 | $11322 | $11094 | $11060 | $10533 |
| **11/30/2017** | $11160 | $11351 | $11091 | $11077 | $10519 |
| **12/31/2017** | $11286 | $11498 | $11225 | $11197 | $10568 |
| **1/31/2018** | $11267 | $11391 | $11111 | $11126 | $10446 |
| **2/28/2018** | $11259 | $11399 | $11104 | $11094 | $10347 |
| **3/31/2018** | $11376 | $11566 | $11224 | $11168 | $10413 |
| **4/30/2018** | $11434 | $11617 | $11243 | $11173 | $10336 |
| **5/31/2018** | $11590 | $11860 | $11441 | $11316 | $10410 |
| **6/30/2018** | $11699 | $11919 | $11481 | $11351 | $10397 |
| **7/31/2018** | $11738 | $11961 | $11517 | $11390 | $10399 |
| **8/31/2018** | $11837 | $12057 | $11588 | $11434 | $10466 |
| **9/30/2018** | $11769 | $12010 | $11532 | $11376 | $10399 |
| **10/31/2018** | $11612 | $11859 | $11413 | $11254 | $10317 |
| **11/30/2018** | $11644 | $11942 | $11509 | $11301 | $10378 |
| **12/31/2018** | $11736 | $12045 | $11622 | $11397 | $10569 |
| **1/31/2019** | $11788 | $12126 | $11703 | $11460 | $10681 |
| **2/28/2019** | $11937 | $12192 | $11767 | $11552 | $10675 |
| **3/31/2019** | $12232 | $12507 | $12029 | $11779 | $10880 |
| **4/30/2019** | $12326 | $12577 | $12089 | $11845 | $10883 |
| **5/31/2019** | $12541 | $12781 | $12275 | $12026 | $11076 |
| **6/30/2019** | $12626 | $12848 | $12332 | $12081 | $11215 |
| **7/31/2019** | $12719 | $12928 | $12418 | $12160 | $11240 |
| **8/31/2019** | $13027 | $13239 | $12680 | $12387 | $11531 |
| **9/30/2019** | $12975 | $13213 | $12628 | $12331 | $11470 |
| **10/31/2019** | $12975 | $13241 | $12653 | $12339 | $11504 |
| **11/30/2019** | $13017 | $13292 | $12696 | $12388 | $11498 |
| **12/31/2019** | $13100 | $13331 | $12734 | $12429 | $11490 |
| **1/31/2020** | $13401 | $13660 | $13018 | $12671 | $11711 |
| **2/29/2020** | $13745 | $13948 | $13255 | $12899 | $11922 |
| **3/31/2020** | $12141 | $12414 | $12140 | $11728 | $11852 |
| **4/30/2020** | $11698 | $11995 | $11820 | $11389 | $12063 |
| **5/31/2020** | $12139 | $12485 | $12265 | $11755 | $12119 |
| **6/30/2020** | $12676 | $12979 | $12616 | $12141 | $12195 |
| **7/31/2020** | $12993 | $13332 | $12913 | $12401 | $12377 |
| **8/31/2020** | $13011 | $13367 | $12914 | $12406 | $12277 |
| **9/30/2020** | $12987 | $13380 | $12924 | $12402 | $12271 |
| **10/31/2020** | $12974 | $13404 | $12925 | $12391 | $12216 |
| **11/30/2020** | $13327 | $13726 | $13195 | $12675 | $12336 |
| **12/31/2020** | $13593 | $13983 | $13384 | $12889 | $12353 |
| **1/31/2021** | $13892 | $14275 | $13595 | $13108 | $12264 |
| **2/28/2021** | $13693 | $14125 | $13427 | $12948 | $12087 |
| **3/31/2021** | $13808 | $14278 | $13551 | $13049 | $11936 |
| **4/30/2021** | $14011 | $14487 | $13719 | $13222 | $12030 |
| **5/31/2021** | $14187 | $14654 | $13836 | $13371 | $12070 |
| **6/30/2021** | $14357 | $14840 | $13964 | $13512 | $12155 |
| **7/31/2021** | $14515 | $15018 | $14113 | $13639 | $12290 |
| **8/31/2021** | $14452 | $14994 | $14081 | $13591 | $12267 |
| **9/30/2021** | $14290 | $14896 | $13985 | $13468 | $12161 |
| **10/31/2021** | $14216 | $14836 | $13934 | $13434 | $12157 |
| **11/30/2021** | $14441 | $15030 | $14094 | $13596 | $12193 |
| **12/31/2021** | $14491 | $15069 | $14126 | $13629 | $12162 |
| **1/31/2022** | $13991 | $14648 | $13734 | $13268 | $11900 |
| **2/28/2022** | $13838 | $14613 | $13696 | $13158 | $11767 |
| **3/31/2022** | $13247 | $14085 | $13219 | $12707 | $11441 |
| **4/30/2022** | $12711 | $13585 | $12785 | $12254 | $11006 |
| **5/31/2022** | $12863 | $13735 | $12943 | $12405 | $11077 |
| **6/30/2022** | $12371 | $13296 | $12600 | $11968 | $10904 |
| **7/31/2022** | $12820 | $13792 | $13023 | $12395 | $11170 |
| **8/31/2022** | $12505 | $13485 | $12734 | $12106 | $10854 |
| **9/30/2022** | $11710 | $12654 | $12053 | $11452 | $10385 |
| **10/31/2022** | $11452 | $12395 | $11857 | $11248 | $10251 |
| **11/30/2022** | $12153 | $13117 | $12500 | $11849 | $10628 |
| **12/31/2022** | $12115 | $13095 | $12500 | $11800 | $10580 |
| **1/31/2023** | $12610 | $13677 | $12986 | $12249 | $10905 |
| **2/28/2023** | $12270 | $13247 | $12618 | $11918 | $10623 |
| **3/31/2023** | $12395 | $13453 | $12844 | $12086 | $10893 |
| **4/30/2023** | $12497 | $13530 | $12882 | $12126 | $10959 |
| **5/31/2023** | $12412 | $13437 | $12785 | $12057 | $10840 |
| **6/30/2023** | $12644 | $13676 | $12977 | $12176 | $10801 |
| **7/31/2023** | $12689 | $13764 | $13050 | $12209 | $10794 |
| **8/31/2023** | $12532 | $13556 | $12855 | $12037 | $10725 |
| **9/30/2023** | $12112 | $13095 | $12440 | $11658 | $10452 |
| **10/31/2023** | $11825 | $12885 | $12273 | $11423 | $10287 |
| **11/30/2023** | $12619 | $13884 | $13164 | $12217 | $10753 |
| **12/31/2023** | $13020 | $14301 | $13528 | $12585 | $11165 |
| **1/31/2024** | $13097 | $14234 | $13463 | $12632 | $11134 |
| **2/29/2024** | $13199 | $14346 | $13538 | $12709 | $10977 |
| **3/31/2024** | $13295 | $14517 | $13642 | $12785 | $11078 |
| **4/30/2024** | $13152 | $14428 | $13529 | $12633 | $10798 |
| **5/31/2024** | $13239 | $14537 | $13582 | $12710 | $10981 |
| **6/30/2024** | $13500 | $14893 | $13870 | $13005 | $11086 |
| **7/31/2024** | $13639 | $15056 | $14014 | $13138 | $11344 |
| **8/31/2024** | $13778 | $15233 | $14159 | $13245 | $11507 |
| **9/30/2024** | $14005 | $15371 | $14291 | $13409 | $11662 |
| **10/31/2024** | $13842 | $15137 | $14077 | $13224 | $11372 |
| **11/30/2024** | $14045 | $15462 | $14359 | $13445 | $11493 |
| **12/31/2024** | $13858 | $15205 | $14130 | $13236 | $11304 |
| **1/31/2025** | $13949 | $15320 | $14225 | $13306 | $11364 |
| **2/28/2025** | $14117 | $15511 | $14389 | $13471 | $11614 |
| **3/31/2025** | $13864 | $15329 | $14194 | $13224 | $11619 |
| **4/30/2025** | $13663 | $15056 | $13990 | $13031 | $11665 |
| **5/31/2025** | $13615 | $15066 | $13999 | $12979 | $11581 |
| **6/30/2025** | $13684 | $15155 | $14083 | $12944 | $11759 |
| **7/31/2025** | $13455 | $14926 | $13935 | $12790 | $11728 |
| **8/31/2025** | $13526 | $15006 | $14026 | $12879 | $11868 |
| **9/30/2025** | $14004 | $15401 | $14380 | $13279 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | (0.01%) | 1.52% | 3.42% |
| Bloomberg High Yield Municipal Bond Index | 0.20% | 2.85% | 4.41% |
| Bloomberg 65% High Yield Municipal Bond Index/ 35% Bloomberg Municipal Bond Index | 0.62% | 2.16% | 3.70% |
| Lipper High Yield Municipal Debt Funds Average | (0.97%) | 1.38% | 2.88% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4140786753 |
| # of Portfolio Holdings | 600 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $17835908 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A3.37%

* A-1.85%

* A+2.61%

* AA3.34%

* AA-2.21%

* AA+1.13%

* AAA0.55%

* B0.16%

* B-2.42%

* B+1.56%

* BB4.29%

* BB-1.50%

* BB+11.52%

* BBB4.53%

* BBB-9.17%

* BBB+2.06%

* CCC0.35%

* CCC-0.86%

* CCC+1.06%

* NR45.46%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# HYMIX

# Lord Abbett High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1451-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LCFIX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $80 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.17%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection, particularly within the Education, Power, Healthcare, Housing, and Transportation sectors contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Housing and Industrial Development sectors and underweight to General Obligation bonds modestly contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i40788ec61daa45b06d1b9f4b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Index** | **Lipper California Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9775 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9829 | $10040 | $10046 | $10002 |
| **11/30/2015** | $9885 | $10080 | $10103 | $9975 |
| **12/31/2015** | $9977 | $10151 | $10197 | $9943 |
| **1/31/2016** | $10106 | $10272 | $10300 | $10080 |
| **2/29/2016** | $10125 | $10288 | $10312 | $10151 |
| **3/31/2016** | $10171 | $10320 | $10380 | $10244 |
| **4/30/2016** | $10264 | $10396 | $10467 | $10284 |
| **5/31/2016** | $10328 | $10424 | $10520 | $10286 |
| **6/30/2016** | $10540 | $10590 | $10711 | $10471 |
| **7/31/2016** | $10549 | $10597 | $10697 | $10537 |
| **8/31/2016** | $10576 | $10611 | $10724 | $10525 |
| **9/30/2016** | $10537 | $10558 | $10672 | $10519 |
| **10/31/2016** | $10414 | $10447 | $10550 | $10439 |
| **11/30/2016** | $9918 | $10058 | $10088 | $10192 |
| **12/31/2016** | $9992 | $10176 | $10193 | $10206 |
| **1/31/2017** | $10085 | $10243 | $10248 | $10226 |
| **2/28/2017** | $10160 | $10314 | $10321 | $10295 |
| **3/31/2017** | $10177 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10261 | $10411 | $10512 | $10369 |
| **5/31/2017** | $10421 | $10577 | $10680 | $10449 |
| **6/30/2017** | $10419 | $10539 | $10667 | $10438 |
| **7/31/2017** | $10493 | $10624 | $10731 | $10483 |
| **8/31/2017** | $10585 | $10705 | $10819 | $10577 |
| **9/30/2017** | $10525 | $10650 | $10770 | $10527 |
| **10/31/2017** | $10551 | $10676 | $10787 | $10533 |
| **11/30/2017** | $10530 | $10619 | $10768 | $10519 |
| **12/31/2017** | $10662 | $10730 | $10882 | $10568 |
| **1/31/2018** | $10533 | $10604 | $10762 | $10446 |
| **2/28/2018** | $10483 | $10572 | $10712 | $10347 |
| **3/31/2018** | $10558 | $10611 | $10765 | $10413 |
| **4/30/2018** | $10517 | $10573 | $10731 | $10336 |
| **5/31/2018** | $10661 | $10694 | $10869 | $10410 |
| **6/30/2018** | $10678 | $10703 | $10879 | $10397 |
| **7/31/2018** | $10695 | $10729 | $10896 | $10399 |
| **8/31/2018** | $10732 | $10757 | $10926 | $10466 |
| **9/30/2018** | $10651 | $10687 | $10848 | $10399 |
| **10/31/2018** | $10530 | $10622 | $10747 | $10317 |
| **11/30/2018** | $10618 | $10739 | $10832 | $10378 |
| **12/31/2018** | $10716 | $10868 | $10941 | $10569 |
| **1/31/2019** | $10773 | $10950 | $11000 | $10681 |
| **2/28/2019** | $10843 | $11009 | $11060 | $10675 |
| **3/31/2019** | $11072 | $11182 | $11254 | $10880 |
| **4/30/2019** | $11150 | $11224 | $11308 | $10883 |
| **5/31/2019** | $11338 | $11379 | $11488 | $11076 |
| **6/30/2019** | $11386 | $11421 | $11532 | $11215 |
| **7/31/2019** | $11463 | $11513 | $11615 | $11240 |
| **8/31/2019** | $11733 | $11695 | $11831 | $11531 |
| **9/30/2019** | $11646 | $11601 | $11752 | $11470 |
| **10/31/2019** | $11641 | $11622 | $11755 | $11504 |
| **11/30/2019** | $11667 | $11651 | $11782 | $11498 |
| **12/31/2019** | $11712 | $11687 | $11810 | $11490 |
| **1/31/2020** | $11973 | $11897 | $12036 | $11711 |
| **2/29/2020** | $12203 | $12050 | $12226 | $11922 |
| **3/31/2020** | $11372 | $11613 | $11536 | $11852 |
| **4/30/2020** | $11108 | $11467 | $11307 | $12063 |
| **5/31/2020** | $11546 | $11832 | $11704 | $12119 |
| **6/30/2020** | $11747 | $11929 | $11870 | $12195 |
| **7/31/2020** | $12000 | $12130 | $12085 | $12377 |
| **8/31/2020** | $11940 | $12073 | $12033 | $12277 |
| **9/30/2020** | $11921 | $12076 | $12033 | $12271 |
| **10/31/2020** | $11903 | $12040 | $12013 | $12216 |
| **11/30/2020** | $12158 | $12221 | $12240 | $12336 |
| **12/31/2020** | $12255 | $12296 | $12330 | $12353 |
| **1/31/2021** | $12373 | $12374 | $12429 | $12264 |
| **2/28/2021** | $12123 | $12177 | $12221 | $12087 |
| **3/31/2021** | $12220 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12370 | $12355 | $12441 | $12030 |
| **5/31/2021** | $12456 | $12392 | $12522 | $12070 |
| **6/30/2021** | $12510 | $12426 | $12577 | $12155 |
| **7/31/2021** | $12628 | $12529 | $12684 | $12290 |
| **8/31/2021** | $12555 | $12483 | $12628 | $12267 |
| **9/30/2021** | $12417 | $12393 | $12512 | $12161 |
| **10/31/2021** | $12407 | $12357 | $12498 | $12157 |
| **11/30/2021** | $12547 | $12462 | $12619 | $12193 |
| **12/31/2021** | $12579 | $12482 | $12636 | $12162 |
| **1/31/2022** | $12149 | $12141 | $12280 | $11900 |
| **2/28/2022** | $12042 | $12097 | $12201 | $11767 |
| **3/31/2022** | $11557 | $11705 | $11786 | $11441 |
| **4/30/2022** | $11051 | $11381 | $11367 | $11006 |
| **5/31/2022** | $11226 | $11550 | $11531 | $11077 |
| **6/30/2022** | $10848 | $11361 | $11214 | $10904 |
| **7/31/2022** | $11253 | $11661 | $11580 | $11170 |
| **8/31/2022** | $10950 | $11406 | $11305 | $10854 |
| **9/30/2022** | $10418 | $10968 | $10791 | $10385 |
| **10/31/2022** | $10268 | $10877 | $10654 | $10251 |
| **11/30/2022** | $10898 | $11386 | $11244 | $10628 |
| **12/31/2022** | $10902 | $11418 | $11245 | $10580 |
| **1/31/2023** | $11303 | $11746 | $11610 | $10905 |
| **2/28/2023** | $10999 | $11480 | $11319 | $10623 |
| **3/31/2023** | $11216 | $11735 | $11516 | $10893 |
| **4/30/2023** | $11221 | $11708 | $11518 | $10959 |
| **5/31/2023** | $11138 | $11607 | $11437 | $10840 |
| **6/30/2023** | $11279 | $11723 | $11523 | $10801 |
| **7/31/2023** | $11308 | $11770 | $11554 | $10794 |
| **8/31/2023** | $11136 | $11600 | $11404 | $10725 |
| **9/30/2023** | $10783 | $11260 | $11068 | $10452 |
| **10/31/2023** | $10588 | $11164 | $10873 | $10287 |
| **11/30/2023** | $11332 | $11873 | $11630 | $10753 |
| **12/31/2023** | $11659 | $12149 | $11944 | $11165 |
| **1/31/2024** | $11655 | $12087 | $11942 | $11134 |
| **2/29/2024** | $11676 | $12102 | $11963 | $10977 |
| **3/31/2024** | $11684 | $12102 | $11983 | $11078 |
| **4/30/2024** | $11544 | $11952 | $11838 | $10798 |
| **5/31/2024** | $11564 | $11917 | $11858 | $10981 |
| **6/30/2024** | $11746 | $12100 | $12067 | $11086 |
| **7/31/2024** | $11848 | $12210 | $12167 | $11344 |
| **8/31/2024** | $11904 | $12306 | $12249 | $11507 |
| **9/30/2024** | $12053 | $12428 | $12386 | $11662 |
| **10/31/2024** | $11875 | $12247 | $12218 | $11372 |
| **11/30/2024** | $12072 | $12458 | $12407 | $11493 |
| **12/31/2024** | $11906 | $12277 | $12243 | $11304 |
| **1/31/2025** | $11892 | $12338 | $12251 | $11364 |
| **2/28/2025** | $12021 | $12461 | $12386 | $11614 |
| **3/31/2025** | $11782 | $12250 | $12168 | $11619 |
| **4/30/2025** | $11662 | $12151 | $12040 | $11665 |
| **5/31/2025** | $11589 | $12159 | $11972 | $11581 |
| **6/30/2025** | $11648 | $12234 | $12037 | $11759 |
| **7/31/2025** | $11563 | $12210 | $11952 | $11728 |
| **8/31/2025** | $11659 | $12316 | $12054 | $11868 |
| **9/30/2025** | $12032 | $12601 | $12412 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | (0.17%) | 0.18% | 2.10% |
| Class A with sales charge | (2.44%) | (0.27%) | 1.87% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper California Municipal Debt Funds Average | 0.21% | 0.62% | 2.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $672823285 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $2963199 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.24%

* A-4.18%

* A+10.57%

* AA25.70%

* AA-14.21%

* AA+3.22%

* AAA1.51%

* B1.10%

* B+0.07%

* BB2.67%

* BB+2.18%

* BBB3.94%

* BBB-5.14%

* BBB+4.71%

* CCC0.10%

* CCC-0.03%

* NR8.43%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LCFIX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# CALAX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $143 | 1.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.80%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection, particularly within the Education, Power, Healthcare, Housing, and Transportation sectors contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Housing and Industrial Development sectors and underweight to General Obligation bonds modestly contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i312dbac2c84e2161fd2e85b8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond Index** | **Lipper California Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10051 | $10040 | $10046 | $10002 |
| **11/30/2015** | $10102 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10191 | $10151 | $10197 | $9943 |
| **1/31/2016** | $10317 | $10272 | $10300 | $10080 |
| **2/29/2016** | $10332 | $10288 | $10312 | $10151 |
| **3/31/2016** | $10383 | $10320 | $10380 | $10244 |
| **4/30/2016** | $10471 | $10396 | $10467 | $10284 |
| **5/31/2016** | $10531 | $10424 | $10520 | $10286 |
| **6/30/2016** | $10742 | $10590 | $10711 | $10471 |
| **7/31/2016** | $10745 | $10597 | $10697 | $10537 |
| **8/31/2016** | $10757 | $10611 | $10724 | $10525 |
| **9/30/2016** | $10721 | $10558 | $10672 | $10519 |
| **10/31/2016** | $10581 | $10447 | $10550 | $10439 |
| **11/30/2016** | $10072 | $10058 | $10088 | $10192 |
| **12/31/2016** | $10141 | $10176 | $10193 | $10206 |
| **1/31/2017** | $10230 | $10243 | $10248 | $10226 |
| **2/28/2017** | $10310 | $10314 | $10321 | $10295 |
| **3/31/2017** | $10322 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10402 | $10411 | $10512 | $10369 |
| **5/31/2017** | $10558 | $10577 | $10680 | $10449 |
| **6/30/2017** | $10541 | $10539 | $10667 | $10438 |
| **7/31/2017** | $10610 | $10624 | $10731 | $10483 |
| **8/31/2017** | $10697 | $10705 | $10819 | $10577 |
| **9/30/2017** | $10630 | $10650 | $10770 | $10527 |
| **10/31/2017** | $10651 | $10676 | $10787 | $10533 |
| **11/30/2017** | $10634 | $10619 | $10768 | $10519 |
| **12/31/2017** | $10752 | $10730 | $10882 | $10568 |
| **1/31/2018** | $10617 | $10604 | $10762 | $10446 |
| **2/28/2018** | $10561 | $10572 | $10712 | $10347 |
| **3/31/2018** | $10641 | $10611 | $10765 | $10413 |
| **4/30/2018** | $10584 | $10573 | $10731 | $10336 |
| **5/31/2018** | $10724 | $10694 | $10869 | $10410 |
| **6/30/2018** | $10746 | $10703 | $10879 | $10397 |
| **7/31/2018** | $10747 | $10729 | $10896 | $10399 |
| **8/31/2018** | $10789 | $10757 | $10926 | $10466 |
| **9/30/2018** | $10692 | $10687 | $10848 | $10399 |
| **10/31/2018** | $10575 | $10622 | $10747 | $10317 |
| **11/30/2018** | $10648 | $10739 | $10832 | $10378 |
| **12/31/2018** | $10740 | $10868 | $10941 | $10569 |
| **1/31/2019** | $10802 | $10950 | $11000 | $10681 |
| **2/28/2019** | $10867 | $11009 | $11060 | $10675 |
| **3/31/2019** | $11081 | $11182 | $11254 | $10880 |
| **4/30/2019** | $11153 | $11224 | $11308 | $10883 |
| **5/31/2019** | $11336 | $11379 | $11488 | $11076 |
| **6/30/2019** | $11378 | $11421 | $11532 | $11215 |
| **7/31/2019** | $11459 | $11513 | $11615 | $11240 |
| **8/31/2019** | $11712 | $11695 | $11831 | $11531 |
| **9/30/2019** | $11620 | $11601 | $11752 | $11470 |
| **10/31/2019** | $11619 | $11622 | $11755 | $11504 |
| **11/30/2019** | $11628 | $11651 | $11782 | $11498 |
| **12/31/2019** | $11677 | $11687 | $11810 | $11490 |
| **1/31/2020** | $11930 | $11897 | $12036 | $11711 |
| **2/29/2020** | $12144 | $12050 | $12226 | $11922 |
| **3/31/2020** | $11310 | $11613 | $11536 | $11852 |
| **4/30/2020** | $11041 | $11467 | $11307 | $12063 |
| **5/31/2020** | $11470 | $11832 | $11704 | $12119 |
| **6/30/2020** | $11674 | $11929 | $11870 | $12195 |
| **7/31/2020** | $11908 | $12130 | $12085 | $12377 |
| **8/31/2020** | $11852 | $12073 | $12033 | $12277 |
| **9/30/2020** | $11827 | $12076 | $12033 | $12271 |
| **10/31/2020** | $11803 | $12040 | $12013 | $12216 |
| **11/30/2020** | $12048 | $12221 | $12240 | $12336 |
| **12/31/2020** | $12127 | $12296 | $12330 | $12353 |
| **1/31/2021** | $12237 | $12374 | $12429 | $12264 |
| **2/28/2021** | $11994 | $12177 | $12221 | $12087 |
| **3/31/2021** | $12073 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12215 | $12355 | $12441 | $12030 |
| **5/31/2021** | $12293 | $12392 | $12522 | $12070 |
| **6/30/2021** | $12341 | $12426 | $12577 | $12155 |
| **7/31/2021** | $12450 | $12529 | $12684 | $12290 |
| **8/31/2021** | $12382 | $12483 | $12628 | $12267 |
| **9/30/2021** | $12240 | $12393 | $12512 | $12161 |
| **10/31/2021** | $12213 | $12357 | $12498 | $12157 |
| **11/30/2021** | $12345 | $12462 | $12619 | $12193 |
| **12/31/2021** | $12370 | $12482 | $12636 | $12162 |
| **1/31/2022** | $11940 | $12141 | $12280 | $11900 |
| **2/28/2022** | $11839 | $12097 | $12201 | $11767 |
| **3/31/2022** | $11357 | $11705 | $11786 | $11441 |
| **4/30/2022** | $10843 | $11381 | $11367 | $11006 |
| **5/31/2022** | $11009 | $11550 | $11531 | $11077 |
| **6/30/2022** | $10644 | $11361 | $11214 | $10904 |
| **7/31/2022** | $11025 | $11661 | $11580 | $11170 |
| **8/31/2022** | $10722 | $11406 | $11305 | $10854 |
| **9/30/2022** | $10195 | $10968 | $10791 | $10385 |
| **10/31/2022** | $10043 | $10877 | $10654 | $10251 |
| **11/30/2022** | $10654 | $11386 | $11244 | $10628 |
| **12/31/2022** | $10663 | $11418 | $11245 | $10580 |
| **1/31/2023** | $11038 | $11746 | $11610 | $10905 |
| **2/28/2023** | $10736 | $11480 | $11319 | $10623 |
| **3/31/2023** | $10942 | $11735 | $11516 | $10893 |
| **4/30/2023** | $10952 | $11708 | $11518 | $10959 |
| **5/31/2023** | $10865 | $11607 | $11437 | $10840 |
| **6/30/2023** | $10986 | $11723 | $11523 | $10801 |
| **7/31/2023** | $11009 | $11770 | $11554 | $10794 |
| **8/31/2023** | $10835 | $11600 | $11404 | $10725 |
| **9/30/2023** | $10498 | $11260 | $11068 | $10452 |
| **10/31/2023** | $10303 | $11164 | $10873 | $10287 |
| **11/30/2023** | $11021 | $11873 | $11630 | $10753 |
| **12/31/2023** | $11332 | $12149 | $11944 | $11165 |
| **1/31/2024** | $11312 | $12087 | $11942 | $11134 |
| **2/29/2024** | $11327 | $12102 | $11963 | $10977 |
| **3/31/2024** | $11329 | $12102 | $11983 | $11078 |
| **4/30/2024** | $11188 | $11952 | $11838 | $10798 |
| **5/31/2024** | $11202 | $11917 | $11858 | $10981 |
| **6/30/2024** | $11384 | $12100 | $12067 | $11086 |
| **7/31/2024** | $11465 | $12210 | $12167 | $11344 |
| **8/31/2024** | $11525 | $12306 | $12249 | $11507 |
| **9/30/2024** | $11663 | $12428 | $12386 | $11662 |
| **10/31/2024** | $11474 | $12247 | $12218 | $11372 |
| **11/30/2024** | $11659 | $12458 | $12407 | $11493 |
| **12/31/2024** | $11492 | $12277 | $12243 | $11304 |
| **1/31/2025** | $11473 | $12338 | $12251 | $11364 |
| **2/28/2025** | $11591 | $12461 | $12386 | $11614 |
| **3/31/2025** | $11367 | $12250 | $12168 | $11619 |
| **4/30/2025** | $11234 | $12151 | $12040 | $11665 |
| **5/31/2025** | $11157 | $12159 | $11972 | $11581 |
| **6/30/2025** | $11208 | $12234 | $12037 | $11759 |
| **7/31/2025** | $11132 | $12210 | $11952 | $11728 |
| **8/31/2025** | $11217 | $12316 | $12054 | $11868 |
| **9/30/2025** | $11570 | $12601 | $12412 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | (0.80%) | (0.44%) | 1.47% |
| Class C with sales charge | (1.76%) | (0.44%) | 1.47% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper California Municipal Debt Funds Average | 0.21% | 0.62% | 2.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $672823285 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $2963199 |

---

**Portfolio Holdings Presented by Credit Rating S&P or
Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.24%

* A-4.18%

* A+10.57%

* AA25.70%

* AA-14.21%

* AA+3.22%

* AAA1.51%

* B1.10%

* B+0.07%

* BB2.67%

* BB+2.18%

* BBB3.94%

* BBB-5.14%

* BBB+4.71%

* CCC0.10%

* CCC-0.03%

* NR8.43%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# CALAX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-670-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LCFFX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $70 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.07%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection, particularly within the Education, Power, Healthcare, Housing, and Transportation sectors contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Housing and Industrial Development sectors and underweight to General Obligation bonds modestly contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id5e86e7fe81cc5a64796e480.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond Index** | **Lipper California Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10057 | $10040 | $10046 | $10002 |
| **11/30/2015** | $10115 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10209 | $10151 | $10197 | $9943 |
| **1/31/2016** | $10342 | $10272 | $10300 | $10080 |
| **2/29/2016** | $10363 | $10288 | $10312 | $10151 |
| **3/31/2016** | $10411 | $10320 | $10380 | $10244 |
| **4/30/2016** | $10506 | $10396 | $10467 | $10284 |
| **5/31/2016** | $10573 | $10424 | $10520 | $10286 |
| **6/30/2016** | $10791 | $10590 | $10711 | $10471 |
| **7/31/2016** | $10801 | $10597 | $10697 | $10537 |
| **8/31/2016** | $10829 | $10611 | $10724 | $10525 |
| **9/30/2016** | $10790 | $10558 | $10672 | $10519 |
| **10/31/2016** | $10665 | $10447 | $10550 | $10439 |
| **11/30/2016** | $10158 | $10058 | $10088 | $10192 |
| **12/31/2016** | $10234 | $10176 | $10193 | $10206 |
| **1/31/2017** | $10330 | $10243 | $10248 | $10226 |
| **2/28/2017** | $10408 | $10314 | $10321 | $10295 |
| **3/31/2017** | $10426 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10513 | $10411 | $10512 | $10369 |
| **5/31/2017** | $10678 | $10577 | $10680 | $10449 |
| **6/30/2017** | $10677 | $10539 | $10667 | $10438 |
| **7/31/2017** | $10754 | $10624 | $10731 | $10483 |
| **8/31/2017** | $10849 | $10705 | $10819 | $10577 |
| **9/30/2017** | $10788 | $10650 | $10770 | $10527 |
| **10/31/2017** | $10816 | $10676 | $10787 | $10533 |
| **11/30/2017** | $10795 | $10619 | $10768 | $10519 |
| **12/31/2017** | $10931 | $10730 | $10882 | $10568 |
| **1/31/2018** | $10800 | $10604 | $10762 | $10446 |
| **2/28/2018** | $10750 | $10572 | $10712 | $10347 |
| **3/31/2018** | $10827 | $10611 | $10765 | $10413 |
| **4/30/2018** | $10786 | $10573 | $10731 | $10336 |
| **5/31/2018** | $10935 | $10694 | $10869 | $10410 |
| **6/30/2018** | $10953 | $10703 | $10879 | $10397 |
| **7/31/2018** | $10972 | $10729 | $10896 | $10399 |
| **8/31/2018** | $11010 | $10757 | $10926 | $10466 |
| **9/30/2018** | $10918 | $10687 | $10848 | $10399 |
| **10/31/2018** | $10805 | $10622 | $10747 | $10317 |
| **11/30/2018** | $10896 | $10739 | $10832 | $10378 |
| **12/31/2018** | $10997 | $10868 | $10941 | $10569 |
| **1/31/2019** | $11057 | $10950 | $11000 | $10681 |
| **2/28/2019** | $11129 | $11009 | $11060 | $10675 |
| **3/31/2019** | $11365 | $11182 | $11254 | $10880 |
| **4/30/2019** | $11446 | $11224 | $11308 | $10883 |
| **5/31/2019** | $11641 | $11379 | $11488 | $11076 |
| **6/30/2019** | $11690 | $11421 | $11532 | $11215 |
| **7/31/2019** | $11771 | $11513 | $11615 | $11240 |
| **8/31/2019** | $12048 | $11695 | $11831 | $11531 |
| **9/30/2019** | $11961 | $11601 | $11752 | $11470 |
| **10/31/2019** | $11956 | $11622 | $11755 | $11504 |
| **11/30/2019** | $11983 | $11651 | $11782 | $11498 |
| **12/31/2019** | $12031 | $11687 | $11810 | $11490 |
| **1/31/2020** | $12300 | $11897 | $12036 | $11711 |
| **2/29/2020** | $12538 | $12050 | $12226 | $11922 |
| **3/31/2020** | $11685 | $11613 | $11536 | $11852 |
| **4/30/2020** | $11414 | $11467 | $11307 | $12063 |
| **5/31/2020** | $11865 | $11832 | $11704 | $12119 |
| **6/30/2020** | $12073 | $11929 | $11870 | $12195 |
| **7/31/2020** | $12334 | $12130 | $12085 | $12377 |
| **8/31/2020** | $12273 | $12073 | $12033 | $12277 |
| **9/30/2020** | $12255 | $12076 | $12033 | $12271 |
| **10/31/2020** | $12237 | $12040 | $12013 | $12216 |
| **11/30/2020** | $12500 | $12221 | $12240 | $12336 |
| **12/31/2020** | $12601 | $12296 | $12330 | $12353 |
| **1/31/2021** | $12723 | $12374 | $12429 | $12264 |
| **2/28/2021** | $12467 | $12177 | $12221 | $12087 |
| **3/31/2021** | $12567 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12723 | $12355 | $12441 | $12030 |
| **5/31/2021** | $12812 | $12392 | $12522 | $12070 |
| **6/30/2021** | $12870 | $12426 | $12577 | $12155 |
| **7/31/2021** | $12992 | $12529 | $12684 | $12290 |
| **8/31/2021** | $12917 | $12483 | $12628 | $12267 |
| **9/30/2021** | $12777 | $12393 | $12512 | $12161 |
| **10/31/2021** | $12768 | $12357 | $12498 | $12157 |
| **11/30/2021** | $12913 | $12462 | $12619 | $12193 |
| **12/31/2021** | $12947 | $12482 | $12636 | $12162 |
| **1/31/2022** | $12505 | $12141 | $12280 | $11900 |
| **2/28/2022** | $12396 | $12097 | $12201 | $11767 |
| **3/31/2022** | $11898 | $11705 | $11786 | $11441 |
| **4/30/2022** | $11378 | $11381 | $11367 | $11006 |
| **5/31/2022** | $11559 | $11550 | $11531 | $11077 |
| **6/30/2022** | $11182 | $11361 | $11214 | $10904 |
| **7/31/2022** | $11589 | $11661 | $11580 | $11170 |
| **8/31/2022** | $11278 | $11406 | $11305 | $10854 |
| **9/30/2022** | $10730 | $10968 | $10791 | $10385 |
| **10/31/2022** | $10577 | $10877 | $10654 | $10251 |
| **11/30/2022** | $11227 | $11386 | $11244 | $10628 |
| **12/31/2022** | $11232 | $11418 | $11245 | $10580 |
| **1/31/2023** | $11646 | $11746 | $11610 | $10905 |
| **2/28/2023** | $11334 | $11480 | $11319 | $10623 |
| **3/31/2023** | $11558 | $11735 | $11516 | $10893 |
| **4/30/2023** | $11576 | $11708 | $11518 | $10959 |
| **5/31/2023** | $11480 | $11607 | $11437 | $10840 |
| **6/30/2023** | $11626 | $11723 | $11523 | $10801 |
| **7/31/2023** | $11657 | $11770 | $11554 | $10794 |
| **8/31/2023** | $11480 | $11600 | $11404 | $10725 |
| **9/30/2023** | $11117 | $11260 | $11068 | $10452 |
| **10/31/2023** | $10917 | $11164 | $10873 | $10287 |
| **11/30/2023** | $11686 | $11873 | $11630 | $10753 |
| **12/31/2023** | $12023 | $12149 | $11944 | $11165 |
| **1/31/2024** | $12021 | $12087 | $11942 | $11134 |
| **2/29/2024** | $12043 | $12102 | $11963 | $10977 |
| **3/31/2024** | $12052 | $12102 | $11983 | $11078 |
| **4/30/2024** | $11909 | $11952 | $11838 | $10798 |
| **5/31/2024** | $11930 | $11917 | $11858 | $10981 |
| **6/30/2024** | $12120 | $12100 | $12067 | $11086 |
| **7/31/2024** | $12226 | $12210 | $12167 | $11344 |
| **8/31/2024** | $12284 | $12306 | $12249 | $11507 |
| **9/30/2024** | $12439 | $12428 | $12386 | $11662 |
| **10/31/2024** | $12257 | $12247 | $12218 | $11372 |
| **11/30/2024** | $12461 | $12458 | $12407 | $11493 |
| **12/31/2024** | $12290 | $12277 | $12243 | $11304 |
| **1/31/2025** | $12277 | $12338 | $12251 | $11364 |
| **2/28/2025** | $12399 | $12461 | $12386 | $11614 |
| **3/31/2025** | $12166 | $12250 | $12168 | $11619 |
| **4/30/2025** | $12043 | $12151 | $12040 | $11665 |
| **5/31/2025** | $11956 | $12159 | $11972 | $11581 |
| **6/30/2025** | $12018 | $12234 | $12037 | $11759 |
| **7/31/2025** | $11944 | $12210 | $11952 | $11728 |
| **8/31/2025** | $12044 | $12316 | $12054 | $11868 |
| **9/30/2025** | $12430 | $12601 | $12412 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | (0.07%) | 0.28% | 2.20% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper California Municipal Debt Funds Average | 0.21% | 0.62% | 2.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $672823285 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $2963199 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.24%

* A-4.18%

* A+10.57%

* AA25.70%

* AA-14.21%

* AA+3.22%

* AAA1.51%

* B1.10%

* B+0.07%

* BB2.67%

* BB+2.18%

* BBB3.94%

* BBB-5.14%

* BBB+4.71%

* CCC0.10%

* CCC-0.03%

* NR8.43%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LCFFX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1030-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LCFOX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $56 | 0.56% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.07%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection, particularly within the Education, Power, Healthcare, Housing, and Transportation sectors contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Housing and Industrial Development sectors and underweight to General Obligation bonds modestly contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i723afe4653d224f028d0261a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond Index** | **Lipper California Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10071 | $10060 | $10130 | $10051 |
| **5/31/2017** | $10230 | $10219 | $10293 | $10128 |
| **6/30/2017** | $10230 | $10183 | $10280 | $10118 |
| **7/31/2017** | $10295 | $10265 | $10341 | $10162 |
| **8/31/2017** | $10388 | $10343 | $10427 | $10253 |
| **9/30/2017** | $10330 | $10291 | $10379 | $10204 |
| **10/31/2017** | $10358 | $10316 | $10396 | $10210 |
| **11/30/2017** | $10348 | $10260 | $10377 | $10197 |
| **12/31/2017** | $10470 | $10368 | $10487 | $10244 |
| **1/31/2018** | $10346 | $10246 | $10371 | $10126 |
| **2/28/2018** | $10308 | $10215 | $10324 | $10030 |
| **3/31/2018** | $10384 | $10253 | $10374 | $10094 |
| **4/30/2018** | $10345 | $10216 | $10341 | $10019 |
| **5/31/2018** | $10488 | $10333 | $10474 | $10091 |
| **6/30/2018** | $10507 | $10342 | $10485 | $10078 |
| **7/31/2018** | $10517 | $10367 | $10500 | $10080 |
| **8/31/2018** | $10565 | $10394 | $10529 | $10145 |
| **9/30/2018** | $10477 | $10326 | $10455 | $10080 |
| **10/31/2018** | $10370 | $10263 | $10357 | $10000 |
| **11/30/2018** | $10448 | $10376 | $10439 | $10060 |
| **12/31/2018** | $10546 | $10501 | $10543 | $10245 |
| **1/31/2019** | $10614 | $10580 | $10601 | $10354 |
| **2/28/2019** | $10685 | $10637 | $10658 | $10348 |
| **3/31/2019** | $10903 | $10805 | $10846 | $10546 |
| **4/30/2019** | $10991 | $10845 | $10898 | $10549 |
| **5/31/2019** | $11169 | $10995 | $11071 | $10736 |
| **6/30/2019** | $11218 | $11035 | $11113 | $10871 |
| **7/31/2019** | $11306 | $11124 | $11194 | $10895 |
| **8/31/2019** | $11564 | $11300 | $11401 | $11177 |
| **9/30/2019** | $11481 | $11209 | $11325 | $11118 |
| **10/31/2019** | $11488 | $11229 | $11328 | $11151 |
| **11/30/2019** | $11515 | $11257 | $11354 | $11146 |
| **12/31/2019** | $11562 | $11292 | $11382 | $11138 |
| **1/31/2020** | $11822 | $11495 | $11599 | $11352 |
| **2/29/2020** | $12041 | $11643 | $11782 | $11557 |
| **3/31/2020** | $11233 | $11221 | $11118 | $11489 |
| **4/30/2020** | $10973 | $11080 | $10897 | $11693 |
| **5/31/2020** | $11409 | $11432 | $11280 | $11747 |
| **6/30/2020** | $11610 | $11526 | $11440 | $11821 |
| **7/31/2020** | $11851 | $11720 | $11646 | $11998 |
| **8/31/2020** | $11804 | $11665 | $11597 | $11901 |
| **9/30/2020** | $11788 | $11668 | $11597 | $11894 |
| **10/31/2020** | $11772 | $11633 | $11577 | $11841 |
| **11/30/2020** | $12027 | $11808 | $11796 | $11958 |
| **12/31/2020** | $12125 | $11880 | $11883 | $11974 |
| **1/31/2021** | $12233 | $11956 | $11978 | $11888 |
| **2/28/2021** | $11998 | $11766 | $11777 | $11716 |
| **3/31/2021** | $12086 | $11839 | $11860 | $11570 |
| **4/30/2021** | $12247 | $11938 | $11990 | $11662 |
| **5/31/2021** | $12324 | $11974 | $12067 | $11700 |
| **6/30/2021** | $12391 | $12007 | $12120 | $11782 |
| **7/31/2021** | $12500 | $12106 | $12223 | $11914 |
| **8/31/2021** | $12440 | $12062 | $12170 | $11891 |
| **9/30/2021** | $12306 | $11975 | $12058 | $11788 |
| **10/31/2021** | $12287 | $11940 | $12045 | $11785 |
| **11/30/2021** | $12439 | $12041 | $12161 | $11820 |
| **12/31/2021** | $12463 | $12061 | $12178 | $11789 |
| **1/31/2022** | $12038 | $11731 | $11834 | $11535 |
| **2/28/2022** | $11945 | $11688 | $11758 | $11407 |
| **3/31/2022** | $11466 | $11310 | $11358 | $11090 |
| **4/30/2022** | $10955 | $10997 | $10954 | $10669 |
| **5/31/2022** | $11131 | $11160 | $11112 | $10738 |
| **6/30/2022** | $10769 | $10977 | $10807 | $10569 |
| **7/31/2022** | $11173 | $11267 | $11160 | $10828 |
| **8/31/2022** | $10875 | $11020 | $10895 | $10522 |
| **9/30/2022** | $10337 | $10597 | $10399 | $10067 |
| **10/31/2022** | $10190 | $10509 | $10268 | $9937 |
| **11/30/2022** | $10829 | $11001 | $10836 | $10302 |
| **12/31/2022** | $10835 | $11032 | $10837 | $10256 |
| **1/31/2023** | $11225 | $11349 | $11189 | $10571 |
| **2/28/2023** | $10935 | $11093 | $10908 | $10298 |
| **3/31/2023** | $11141 | $11339 | $11098 | $10559 |
| **4/30/2023** | $11160 | $11313 | $11100 | $10623 |
| **5/31/2023** | $11079 | $11215 | $11022 | $10508 |
| **6/30/2023** | $11211 | $11327 | $11105 | $10470 |
| **7/31/2023** | $11253 | $11372 | $11135 | $10463 |
| **8/31/2023** | $11072 | $11208 | $10991 | $10396 |
| **9/30/2023** | $10734 | $10880 | $10666 | $10132 |
| **10/31/2023** | $10542 | $10787 | $10478 | $9972 |
| **11/30/2023** | $11286 | $11472 | $11208 | $10424 |
| **12/31/2023** | $11613 | $11739 | $11511 | $10823 |
| **1/31/2024** | $11600 | $11679 | $11509 | $10793 |
| **2/29/2024** | $11623 | $11694 | $11528 | $10640 |
| **3/31/2024** | $11633 | $11693 | $11548 | $10739 |
| **4/30/2024** | $11496 | $11548 | $11409 | $10467 |
| **5/31/2024** | $11518 | $11515 | $11427 | $10645 |
| **6/30/2024** | $11714 | $11691 | $11629 | $10746 |
| **7/31/2024** | $11817 | $11798 | $11726 | $10997 |
| **8/31/2024** | $11875 | $11891 | $11804 | $11155 |
| **9/30/2024** | $12026 | $12008 | $11936 | $11304 |
| **10/31/2024** | $11851 | $11833 | $11774 | $11024 |
| **11/30/2024** | $12050 | $12037 | $11957 | $11140 |
| **12/31/2024** | $11875 | $11862 | $11799 | $10958 |
| **1/31/2025** | $11875 | $11922 | $11806 | $11016 |
| **2/28/2025** | $11994 | $12040 | $11936 | $11258 |
| **3/31/2025** | $11770 | $11836 | $11727 | $11263 |
| **4/30/2025** | $11653 | $11741 | $11603 | $11307 |
| **5/31/2025** | $11570 | $11748 | $11538 | $11226 |
| **6/30/2025** | $11631 | $11821 | $11600 | $11399 |
| **7/31/2025** | $11561 | $11797 | $11518 | $11368 |
| **8/31/2025** | $11659 | $11900 | $11616 | $11504 |
| **9/30/2025** | $12034 | $12175 | $11961 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 0.07% | 0.41% | 2.20% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.35% |
| Lipper California Municipal Debt Funds Average | 0.21% | 0.62% | 2.13% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $672823285 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $2963199 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.24%

* A-4.18%

* A+10.57%

* AA25.70%

* AA-14.21%

* AA+3.22%

* AAA1.51%

* B1.10%

* B+0.07%

* BB2.67%

* BB+2.18%

* BBB3.94%

* BBB-5.14%

* BBB+4.71%

* CCC0.10%

* CCC-0.03%

* NR8.43%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LCFOX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8985-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# CAILX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.12%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection, particularly within the Education, Power, Healthcare, Housing, and Transportation sectors contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds contributed to relative performance. An overweight allocation to the Housing and Industrial Development sectors and underweight to General Obligation bonds modestly contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4be6c3d6271cba98b7484300.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Lipper California Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10058 | $10040 | $10046 | $10002 |
| **11/30/2015** | $10116 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10212 | $10151 | $10197 | $9943 |
| **1/31/2016** | $10346 | $10272 | $10300 | $10080 |
| **2/29/2016** | $10367 | $10288 | $10312 | $10151 |
| **3/31/2016** | $10426 | $10320 | $10380 | $10244 |
| **4/30/2016** | $10522 | $10396 | $10467 | $10284 |
| **5/31/2016** | $10589 | $10424 | $10520 | $10286 |
| **6/30/2016** | $10809 | $10590 | $10711 | $10471 |
| **7/31/2016** | $10820 | $10597 | $10697 | $10537 |
| **8/31/2016** | $10839 | $10611 | $10724 | $10525 |
| **9/30/2016** | $10810 | $10558 | $10672 | $10519 |
| **10/31/2016** | $10677 | $10447 | $10550 | $10439 |
| **11/30/2016** | $10169 | $10058 | $10088 | $10192 |
| **12/31/2016** | $10246 | $10176 | $10193 | $10206 |
| **1/31/2017** | $10344 | $10243 | $10248 | $10226 |
| **2/28/2017** | $10422 | $10314 | $10321 | $10295 |
| **3/31/2017** | $10451 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10539 | $10411 | $10512 | $10369 |
| **5/31/2017** | $10705 | $10577 | $10680 | $10449 |
| **6/30/2017** | $10695 | $10539 | $10667 | $10438 |
| **7/31/2017** | $10773 | $10624 | $10731 | $10483 |
| **8/31/2017** | $10870 | $10705 | $10819 | $10577 |
| **9/30/2017** | $10809 | $10650 | $10770 | $10527 |
| **10/31/2017** | $10838 | $10676 | $10787 | $10533 |
| **11/30/2017** | $10828 | $10619 | $10768 | $10519 |
| **12/31/2017** | $10956 | $10730 | $10882 | $10568 |
| **1/31/2018** | $10825 | $10604 | $10762 | $10446 |
| **2/28/2018** | $10775 | $10572 | $10712 | $10347 |
| **3/31/2018** | $10854 | $10611 | $10765 | $10413 |
| **4/30/2018** | $10814 | $10573 | $10731 | $10336 |
| **5/31/2018** | $10964 | $10694 | $10869 | $10410 |
| **6/30/2018** | $10993 | $10703 | $10879 | $10397 |
| **7/31/2018** | $11002 | $10729 | $10896 | $10399 |
| **8/31/2018** | $11042 | $10757 | $10926 | $10466 |
| **9/30/2018** | $10961 | $10687 | $10848 | $10399 |
| **10/31/2018** | $10838 | $10622 | $10747 | $10317 |
| **11/30/2018** | $10930 | $10739 | $10832 | $10378 |
| **12/31/2018** | $11032 | $10868 | $10941 | $10569 |
| **1/31/2019** | $11093 | $10950 | $11000 | $10681 |
| **2/28/2019** | $11177 | $11009 | $11060 | $10675 |
| **3/31/2019** | $11404 | $11182 | $11254 | $10880 |
| **4/30/2019** | $11487 | $11224 | $11308 | $10883 |
| **5/31/2019** | $11683 | $11379 | $11488 | $11076 |
| **6/30/2019** | $11734 | $11421 | $11532 | $11215 |
| **7/31/2019** | $11816 | $11513 | $11615 | $11240 |
| **8/31/2019** | $12096 | $11695 | $11831 | $11531 |
| **9/30/2019** | $12009 | $11601 | $11752 | $11470 |
| **10/31/2019** | $12016 | $11622 | $11755 | $11504 |
| **11/30/2019** | $12033 | $11651 | $11782 | $11498 |
| **12/31/2019** | $12082 | $11687 | $11810 | $11490 |
| **1/31/2020** | $12353 | $11897 | $12036 | $11711 |
| **2/29/2020** | $12594 | $12050 | $12226 | $11922 |
| **3/31/2020** | $11737 | $11613 | $11536 | $11852 |
| **4/30/2020** | $11466 | $11467 | $11307 | $12063 |
| **5/31/2020** | $11921 | $11832 | $11704 | $12119 |
| **6/30/2020** | $12141 | $11929 | $11870 | $12195 |
| **7/31/2020** | $12394 | $12130 | $12085 | $12377 |
| **8/31/2020** | $12333 | $12073 | $12033 | $12277 |
| **9/30/2020** | $12327 | $12076 | $12033 | $12271 |
| **10/31/2020** | $12300 | $12040 | $12013 | $12216 |
| **11/30/2020** | $12565 | $12221 | $12240 | $12336 |
| **12/31/2020** | $12668 | $12296 | $12330 | $12353 |
| **1/31/2021** | $12792 | $12374 | $12429 | $12264 |
| **2/28/2021** | $12535 | $12177 | $12221 | $12087 |
| **3/31/2021** | $12637 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12795 | $12355 | $12441 | $12030 |
| **5/31/2021** | $12886 | $12392 | $12522 | $12070 |
| **6/30/2021** | $12944 | $12426 | $12577 | $12155 |
| **7/31/2021** | $13069 | $12529 | $12684 | $12290 |
| **8/31/2021** | $12994 | $12483 | $12628 | $12267 |
| **9/30/2021** | $12865 | $12393 | $12512 | $12161 |
| **10/31/2021** | $12846 | $12357 | $12498 | $12157 |
| **11/30/2021** | $12993 | $12462 | $12619 | $12193 |
| **12/31/2021** | $13029 | $12482 | $12636 | $12162 |
| **1/31/2022** | $12585 | $12141 | $12280 | $11900 |
| **2/28/2022** | $12476 | $12097 | $12201 | $11767 |
| **3/31/2022** | $11986 | $11705 | $11786 | $11441 |
| **4/30/2022** | $11452 | $11381 | $11367 | $11006 |
| **5/31/2022** | $11635 | $11550 | $11531 | $11077 |
| **6/30/2022** | $11257 | $11361 | $11214 | $10904 |
| **7/31/2022** | $11668 | $11661 | $11580 | $11170 |
| **8/31/2022** | $11355 | $11406 | $11305 | $10854 |
| **9/30/2022** | $10804 | $10968 | $10791 | $10385 |
| **10/31/2022** | $10651 | $10877 | $10654 | $10251 |
| **11/30/2022** | $11307 | $11386 | $11244 | $10628 |
| **12/31/2022** | $11313 | $11418 | $11245 | $10580 |
| **1/31/2023** | $11731 | $11746 | $11610 | $10905 |
| **2/28/2023** | $11417 | $11480 | $11319 | $10623 |
| **3/31/2023** | $11644 | $11735 | $11516 | $10893 |
| **4/30/2023** | $11663 | $11708 | $11518 | $10959 |
| **5/31/2023** | $11567 | $11607 | $11437 | $10840 |
| **6/30/2023** | $11716 | $11723 | $11523 | $10801 |
| **7/31/2023** | $11748 | $11770 | $11554 | $10794 |
| **8/31/2023** | $11570 | $11600 | $11404 | $10725 |
| **9/30/2023** | $11205 | $11260 | $11068 | $10452 |
| **10/31/2023** | $11016 | $11164 | $10873 | $10287 |
| **11/30/2023** | $11793 | $11873 | $11630 | $10753 |
| **12/31/2023** | $12122 | $12149 | $11944 | $11165 |
| **1/31/2024** | $12121 | $12087 | $11942 | $11134 |
| **2/29/2024** | $12144 | $12102 | $11963 | $10977 |
| **3/31/2024** | $12154 | $12102 | $11983 | $11078 |
| **4/30/2024** | $12010 | $11952 | $11838 | $10798 |
| **5/31/2024** | $12034 | $11917 | $11858 | $10981 |
| **6/30/2024** | $12238 | $12100 | $12067 | $11086 |
| **7/31/2024** | $12333 | $12210 | $12167 | $11344 |
| **8/31/2024** | $12405 | $12306 | $12249 | $11507 |
| **9/30/2024** | $12551 | $12428 | $12386 | $11662 |
| **10/31/2024** | $12368 | $12247 | $12218 | $11372 |
| **11/30/2024** | $12575 | $12458 | $12407 | $11493 |
| **12/31/2024** | $12404 | $12277 | $12243 | $11304 |
| **1/31/2025** | $12392 | $12338 | $12251 | $11364 |
| **2/28/2025** | $12528 | $12461 | $12386 | $11614 |
| **3/31/2025** | $12293 | $12250 | $12168 | $11619 |
| **4/30/2025** | $12158 | $12151 | $12040 | $11665 |
| **5/31/2025** | $12084 | $12159 | $11972 | $11581 |
| **6/30/2025** | $12147 | $12234 | $12037 | $11759 |
| **7/31/2025** | $12073 | $12210 | $11952 | $11728 |
| **8/31/2025** | $12175 | $12316 | $12054 | $11868 |
| **9/30/2025** | $12566 | $12601 | $12412 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 0.12% | 0.39% | 2.31% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper California Municipal Debt Funds Average | 0.21% | 0.62% | 2.18% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $672823285 |
| # of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 40% |
| Total Advisory Fees Paid | $2963199 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A12.24%

* A-4.18%

* A+10.57%

* AA25.70%

* AA-14.21%

* AA+3.22%

* AAA1.51%

* B1.10%

* B+0.07%

* BB2.67%

* BB+2.18%

* BBB3.94%

* BBB-5.14%

* BBB+4.71%

* CCC0.10%

* CCC-0.03%

* NR8.43%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# CAILX

# Lord Abbett California Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3325-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LISAX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $72 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.04%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 2.61% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A- and BBB-rated bonds contributed to relative performance. Security selection within the Transportation, State General Obligation, and Education sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic8e8e4d012fc3edd593127d3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg 1-15 Year Municipal Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9774 | $10000 | $10000 |
| **10/31/2015** | $9832 | $10038 | $10002 |
| **11/30/2015** | $9864 | $10059 | $9975 |
| **12/31/2015** | $9921 | $10112 | $9943 |
| **1/31/2016** | $10035 | $10232 | $10080 |
| **2/29/2016** | $10057 | $10250 | $10151 |
| **3/31/2016** | $10079 | $10259 | $10244 |
| **4/30/2016** | $10137 | $10321 | $10284 |
| **5/31/2016** | $10159 | $10326 | $10286 |
| **6/30/2016** | $10309 | $10454 | $10471 |
| **7/31/2016** | $10331 | $10468 | $10537 |
| **8/31/2016** | $10341 | $10472 | $10525 |
| **9/30/2016** | $10314 | $10434 | $10519 |
| **10/31/2016** | $10222 | $10349 | $10439 |
| **11/30/2016** | $9815 | $10016 | $10192 |
| **12/31/2016** | $9857 | $10113 | $10206 |
| **1/31/2017** | $9944 | $10184 | $10226 |
| **2/28/2017** | $10004 | $10252 | $10295 |
| **3/31/2017** | $10025 | $10269 | $10290 |
| **4/30/2017** | $10112 | $10343 | $10369 |
| **5/31/2017** | $10236 | $10478 | $10449 |
| **6/30/2017** | $10209 | $10438 | $10438 |
| **7/31/2017** | $10285 | $10514 | $10483 |
| **8/31/2017** | $10389 | $10584 | $10577 |
| **9/30/2017** | $10333 | $10535 | $10527 |
| **10/31/2017** | $10344 | $10550 | $10533 |
| **11/30/2017** | $10280 | $10464 | $10519 |
| **12/31/2017** | $10358 | $10551 | $10568 |
| **1/31/2018** | $10264 | $10459 | $10446 |
| **2/28/2018** | $10229 | $10432 | $10347 |
| **3/31/2018** | $10250 | $10455 | $10413 |
| **4/30/2018** | $10224 | $10427 | $10336 |
| **5/31/2018** | $10333 | $10525 | $10410 |
| **6/30/2018** | $10355 | $10543 | $10397 |
| **7/31/2018** | $10387 | $10577 | $10399 |
| **8/31/2018** | $10409 | $10596 | $10466 |
| **9/30/2018** | $10354 | $10537 | $10399 |
| **10/31/2018** | $10280 | $10493 | $10317 |
| **11/30/2018** | $10373 | $10601 | $10378 |
| **12/31/2018** | $10475 | $10718 | $10569 |
| **1/31/2019** | $10549 | $10809 | $10681 |
| **2/28/2019** | $10624 | $10861 | $10675 |
| **3/31/2019** | $10787 | $10987 | $10880 |
| **4/30/2019** | $10822 | $11009 | $10883 |
| **5/31/2019** | $10985 | $11143 | $11076 |
| **6/30/2019** | $11040 | $11189 | $11215 |
| **7/31/2019** | $11124 | $11277 | $11240 |
| **8/31/2019** | $11297 | $11409 | $11531 |
| **9/30/2019** | $11211 | $11316 | $11470 |
| **10/31/2019** | $11215 | $11345 | $11504 |
| **11/30/2019** | $11239 | $11372 | $11498 |
| **12/31/2019** | $11272 | $11407 | $11490 |
| **1/31/2020** | $11497 | $11582 | $11711 |
| **2/29/2020** | $11663 | $11692 | $11922 |
| **3/31/2020** | $10926 | $11351 | $11852 |
| **4/30/2020** | $10735 | $11270 | $12063 |
| **5/31/2020** | $11074 | $11589 | $12119 |
| **6/30/2020** | $11290 | $11657 | $12195 |
| **7/31/2020** | $11496 | $11820 | $12377 |
| **8/31/2020** | $11466 | $11781 | $12277 |
| **9/30/2020** | $11427 | $11790 | $12271 |
| **10/31/2020** | $11407 | $11761 | $12216 |
| **11/30/2020** | $11615 | $11891 | $12336 |
| **12/31/2020** | $11740 | $11947 | $12353 |
| **1/31/2021** | $11868 | $12004 | $12264 |
| **2/28/2021** | $11663 | $11853 | $12087 |
| **3/31/2021** | $11735 | $11908 | $11936 |
| **4/30/2021** | $11860 | $11983 | $12030 |
| **5/31/2021** | $11923 | $12000 | $12070 |
| **6/30/2021** | $11975 | $12016 | $12155 |
| **7/31/2021** | $12067 | $12103 | $12290 |
| **8/31/2021** | $12023 | $12079 | $12267 |
| **9/30/2021** | $11906 | $12005 | $12161 |
| **10/31/2021** | $11862 | $11970 | $12157 |
| **11/30/2021** | $11975 | $12033 | $12193 |
| **12/31/2021** | $11983 | $12051 | $12162 |
| **1/31/2022** | $11642 | $11756 | $11900 |
| **2/28/2022** | $11557 | $11720 | $11767 |
| **3/31/2022** | $11184 | $11408 | $11441 |
| **4/30/2022** | $10854 | $11169 | $11006 |
| **5/31/2022** | $10960 | $11326 | $11077 |
| **6/30/2022** | $10757 | $11231 | $10904 |
| **7/31/2022** | $11034 | $11482 | $11170 |
| **8/31/2022** | $10830 | $11283 | $10854 |
| **9/30/2022** | $10434 | $10941 | $10385 |
| **10/31/2022** | $10338 | $10899 | $10251 |
| **11/30/2022** | $10760 | $11281 | $10628 |
| **12/31/2022** | $10772 | $11334 | $10580 |
| **1/31/2023** | $11076 | $11589 | $10905 |
| **2/28/2023** | $10874 | $11371 | $10623 |
| **3/31/2023** | $11050 | $11591 | $10893 |
| **4/30/2023** | $11064 | $11559 | $10959 |
| **5/31/2023** | $10979 | $11457 | $10840 |
| **6/30/2023** | $11072 | $11543 | $10801 |
| **7/31/2023** | $11108 | $11589 | $10794 |
| **8/31/2023** | $11002 | $11472 | $10725 |
| **9/30/2023** | $10765 | $11214 | $10452 |
| **10/31/2023** | $10649 | $11168 | $10287 |
| **11/30/2023** | $11174 | $11708 | $10753 |
| **12/31/2023** | $11435 | $11929 | $11165 |
| **1/31/2024** | $11430 | $11883 | $11134 |
| **2/29/2024** | $11460 | $11895 | $10977 |
| **3/31/2024** | $11489 | $11895 | $11078 |
| **4/30/2024** | $11385 | $11773 | $10798 |
| **5/31/2024** | $11381 | $11703 | $10981 |
| **6/30/2024** | $11535 | $11854 | $11086 |
| **7/31/2024** | $11610 | $11959 | $11344 |
| **8/31/2024** | $11697 | $12065 | $11507 |
| **9/30/2024** | $11820 | $12163 | $11662 |
| **10/31/2024** | $11668 | $12009 | $11372 |
| **11/30/2024** | $11825 | $12157 | $11493 |
| **12/31/2024** | $11708 | $12035 | $11304 |
| **1/31/2025** | $11766 | $12117 | $11364 |
| **2/28/2025** | $11890 | $12235 | $11614 |
| **3/31/2025** | $11715 | $12082 | $11619 |
| **4/30/2025** | $11645 | $12007 | $11665 |
| **5/31/2025** | $11654 | $12075 | $11581 |
| **6/30/2025** | $11746 | $12166 | $11759 |
| **7/31/2025** | $11733 | $12196 | $11728 |
| **8/31/2025** | $11826 | $12299 | $11868 |
| **9/30/2025** | $12060 | $12481 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 2.04% | 1.08% | 2.12% |
| Class A with sales charge | (0.27%) | 0.62% | 1.89% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.61% | 1.15% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5187149373 |
| # of Portfolio Holdings | 898 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $19313394 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.39%

* A-5.65%

* A+14.53%

* AA13.73%

* AA-8.96%

* AA+10.37%

* AAA5.43%

* B0.34%

* B-0.46%

* B+0.45%

* BB1.06%

* BB-1.02%

* BB+3.34%

* BBB6.72%

* BBB-4.37%

* BBB+5.05%

* NR9.13%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LISAX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1409-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# LISCX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $134 | 1.33% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 1.51%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 2.61% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A- and BBB-rated bonds contributed to relative performance. Security selection within the Transportation, State General Obligation, and Education sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2036ee505a30477430df2e2d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg 1-15 Year Municipal Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10054 | $10038 | $10002 |
| **11/30/2015** | $10073 | $10059 | $9975 |
| **12/31/2015** | $10134 | $10112 | $9943 |
| **1/31/2016** | $10236 | $10232 | $10080 |
| **2/29/2016** | $10264 | $10250 | $10151 |
| **3/31/2016** | $10271 | $10259 | $10244 |
| **4/30/2016** | $10335 | $10321 | $10284 |
| **5/31/2016** | $10341 | $10326 | $10286 |
| **6/30/2016** | $10499 | $10454 | $10471 |
| **7/31/2016** | $10506 | $10468 | $10537 |
| **8/31/2016** | $10511 | $10472 | $10525 |
| **9/30/2016** | $10487 | $10434 | $10519 |
| **10/31/2016** | $10379 | $10349 | $10439 |
| **11/30/2016** | $9968 | $10016 | $10192 |
| **12/31/2016** | $10006 | $10113 | $10206 |
| **1/31/2017** | $10079 | $10184 | $10226 |
| **2/28/2017** | $10145 | $10252 | $10295 |
| **3/31/2017** | $10160 | $10269 | $10290 |
| **4/30/2017** | $10243 | $10343 | $10369 |
| **5/31/2017** | $10363 | $10478 | $10449 |
| **6/30/2017** | $10321 | $10438 | $10438 |
| **7/31/2017** | $10393 | $10514 | $10483 |
| **8/31/2017** | $10493 | $10584 | $10577 |
| **9/30/2017** | $10440 | $10535 | $10527 |
| **10/31/2017** | $10436 | $10550 | $10533 |
| **11/30/2017** | $10375 | $10464 | $10519 |
| **12/31/2017** | $10449 | $10551 | $10568 |
| **1/31/2018** | $10349 | $10459 | $10446 |
| **2/28/2018** | $10299 | $10432 | $10347 |
| **3/31/2018** | $10324 | $10455 | $10413 |
| **4/30/2018** | $10292 | $10427 | $10336 |
| **5/31/2018** | $10396 | $10525 | $10410 |
| **6/30/2018** | $10404 | $10543 | $10397 |
| **7/31/2018** | $10440 | $10577 | $10399 |
| **8/31/2018** | $10447 | $10596 | $10466 |
| **9/30/2018** | $10397 | $10537 | $10399 |
| **10/31/2018** | $10317 | $10493 | $10317 |
| **11/30/2018** | $10404 | $10601 | $10378 |
| **12/31/2018** | $10492 | $10718 | $10569 |
| **1/31/2019** | $10570 | $10809 | $10681 |
| **2/28/2019** | $10641 | $10861 | $10675 |
| **3/31/2019** | $10789 | $10987 | $10880 |
| **4/30/2019** | $10828 | $11009 | $10883 |
| **5/31/2019** | $10986 | $11143 | $11076 |
| **6/30/2019** | $11035 | $11189 | $11215 |
| **7/31/2019** | $11103 | $11277 | $11240 |
| **8/31/2019** | $11281 | $11409 | $11531 |
| **9/30/2019** | $11189 | $11316 | $11470 |
| **10/31/2019** | $11187 | $11345 | $11504 |
| **11/30/2019** | $11196 | $11372 | $11498 |
| **12/31/2019** | $11233 | $11407 | $11490 |
| **1/31/2020** | $11442 | $11582 | $11711 |
| **2/29/2020** | $11601 | $11692 | $11922 |
| **3/31/2020** | $10871 | $11351 | $11852 |
| **4/30/2020** | $10666 | $11270 | $12063 |
| **5/31/2020** | $11007 | $11589 | $12119 |
| **6/30/2020** | $11206 | $11657 | $12195 |
| **7/31/2020** | $11405 | $11820 | $12377 |
| **8/31/2020** | $11380 | $11781 | $12277 |
| **9/30/2020** | $11335 | $11790 | $12271 |
| **10/31/2020** | $11309 | $11761 | $12216 |
| **11/30/2020** | $11499 | $11891 | $12336 |
| **12/31/2020** | $11627 | $11947 | $12353 |
| **1/31/2021** | $11738 | $12004 | $12264 |
| **2/28/2021** | $11538 | $11853 | $12087 |
| **3/31/2021** | $11604 | $11908 | $11936 |
| **4/30/2021** | $11711 | $11983 | $12030 |
| **5/31/2021** | $11767 | $12000 | $12070 |
| **6/30/2021** | $11812 | $12016 | $12155 |
| **7/31/2021** | $11897 | $12103 | $12290 |
| **8/31/2021** | $11847 | $12079 | $12267 |
| **9/30/2021** | $11735 | $12005 | $12161 |
| **10/31/2021** | $11685 | $11970 | $12157 |
| **11/30/2021** | $11781 | $12033 | $12193 |
| **12/31/2021** | $11793 | $12051 | $12162 |
| **1/31/2022** | $11450 | $11756 | $11900 |
| **2/28/2022** | $11360 | $11720 | $11767 |
| **3/31/2022** | $10977 | $11408 | $11441 |
| **4/30/2022** | $10658 | $11169 | $11006 |
| **5/31/2022** | $10755 | $11326 | $11077 |
| **6/30/2022** | $10551 | $11231 | $10904 |
| **7/31/2022** | $10817 | $11482 | $11170 |
| **8/31/2022** | $10601 | $11283 | $10854 |
| **9/30/2022** | $10207 | $10941 | $10385 |
| **10/31/2022** | $10118 | $10899 | $10251 |
| **11/30/2022** | $10526 | $11281 | $10628 |
| **12/31/2022** | $10533 | $11334 | $10580 |
| **1/31/2023** | $10824 | $11589 | $10905 |
| **2/28/2023** | $10621 | $11371 | $10623 |
| **3/31/2023** | $10788 | $11591 | $10893 |
| **4/30/2023** | $10796 | $11559 | $10959 |
| **5/31/2023** | $10707 | $11457 | $10840 |
| **6/30/2023** | $10792 | $11543 | $10801 |
| **7/31/2023** | $10822 | $11589 | $10794 |
| **8/31/2023** | $10713 | $11472 | $10725 |
| **9/30/2023** | $10476 | $11214 | $10452 |
| **10/31/2023** | $10358 | $11168 | $10287 |
| **11/30/2023** | $10853 | $11708 | $10753 |
| **12/31/2023** | $11102 | $11929 | $11165 |
| **1/31/2024** | $11091 | $11883 | $11134 |
| **2/29/2024** | $11125 | $11895 | $10977 |
| **3/31/2024** | $11137 | $11895 | $11078 |
| **4/30/2024** | $11041 | $11773 | $10798 |
| **5/31/2024** | $11031 | $11703 | $10981 |
| **6/30/2024** | $11164 | $11854 | $11086 |
| **7/31/2024** | $11242 | $11959 | $11344 |
| **8/31/2024** | $11321 | $12065 | $11507 |
| **9/30/2024** | $11423 | $12163 | $11662 |
| **10/31/2024** | $11281 | $12009 | $11372 |
| **11/30/2024** | $11428 | $12157 | $11493 |
| **12/31/2024** | $11297 | $12035 | $11304 |
| **1/31/2025** | $11358 | $12117 | $11364 |
| **2/28/2025** | $11473 | $12235 | $11614 |
| **3/31/2025** | $11287 | $12082 | $11619 |
| **4/30/2025** | $11224 | $12007 | $11665 |
| **5/31/2025** | $11227 | $12075 | $11581 |
| **6/30/2025** | $11310 | $12166 | $11759 |
| **7/31/2025** | $11281 | $12196 | $11728 |
| **8/31/2025** | $11375 | $12299 | $11868 |
| **9/30/2025** | $11595 | $12481 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 1.51% | 0.45% | 1.49% |
| Class C with sales charge | 0.52% | 0.45% | 1.49% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.61% | 1.15% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5187149373 |
| # of Portfolio Holdings | 898 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $19313394 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.39%

* A-5.65%

* A+14.53%

* AA13.73%

* AA-8.96%

* AA+10.37%

* AAA5.43%

* B0.34%

* B-0.46%

* B+0.45%

* BB1.06%

* BB-1.02%

* BB+3.34%

* BBB6.72%

* BBB-4.37%

* BBB+5.05%

* NR9.13%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# LISCX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1411-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LISFX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $62 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.24%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 2.61% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A- and BBB-rated bonds contributed to relative performance. Security selection within the Transportation, State General Obligation, and Education sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iec1dfd5b8b53086b82cafeed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F** | **Bloomberg 1-15 Year Municipal Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10061 | $10038 | $10002 |
| **11/30/2015** | $10085 | $10059 | $9975 |
| **12/31/2015** | $10153 | $10112 | $9943 |
| **1/31/2016** | $10271 | $10232 | $10080 |
| **2/29/2016** | $10294 | $10250 | $10151 |
| **3/31/2016** | $10308 | $10259 | $10244 |
| **4/30/2016** | $10378 | $10321 | $10284 |
| **5/31/2016** | $10391 | $10326 | $10286 |
| **6/30/2016** | $10555 | $10454 | $10471 |
| **7/31/2016** | $10569 | $10468 | $10537 |
| **8/31/2016** | $10580 | $10472 | $10525 |
| **9/30/2016** | $10563 | $10434 | $10519 |
| **10/31/2016** | $10470 | $10349 | $10439 |
| **11/30/2016** | $10053 | $10016 | $10192 |
| **12/31/2016** | $10098 | $10113 | $10206 |
| **1/31/2017** | $10178 | $10184 | $10226 |
| **2/28/2017** | $10250 | $10252 | $10295 |
| **3/31/2017** | $10272 | $10269 | $10290 |
| **4/30/2017** | $10362 | $10343 | $10369 |
| **5/31/2017** | $10490 | $10478 | $10449 |
| **6/30/2017** | $10453 | $10438 | $10438 |
| **7/31/2017** | $10532 | $10514 | $10483 |
| **8/31/2017** | $10640 | $10584 | $10577 |
| **9/30/2017** | $10593 | $10535 | $10527 |
| **10/31/2017** | $10596 | $10550 | $10533 |
| **11/30/2017** | $10540 | $10464 | $10519 |
| **12/31/2017** | $10621 | $10551 | $10568 |
| **1/31/2018** | $10526 | $10459 | $10446 |
| **2/28/2018** | $10481 | $10432 | $10347 |
| **3/31/2018** | $10513 | $10455 | $10413 |
| **4/30/2018** | $10487 | $10427 | $10336 |
| **5/31/2018** | $10599 | $10525 | $10410 |
| **6/30/2018** | $10613 | $10543 | $10397 |
| **7/31/2018** | $10657 | $10577 | $10399 |
| **8/31/2018** | $10671 | $10596 | $10466 |
| **9/30/2018** | $10625 | $10537 | $10399 |
| **10/31/2018** | $10550 | $10493 | $10317 |
| **11/30/2018** | $10646 | $10601 | $10378 |
| **12/31/2018** | $10742 | $10718 | $10569 |
| **1/31/2019** | $10828 | $10809 | $10681 |
| **2/28/2019** | $10907 | $10861 | $10675 |
| **3/31/2019** | $11074 | $10987 | $10880 |
| **4/30/2019** | $11111 | $11009 | $10883 |
| **5/31/2019** | $11280 | $11143 | $11076 |
| **6/30/2019** | $11337 | $11189 | $11215 |
| **7/31/2019** | $11413 | $11277 | $11240 |
| **8/31/2019** | $11603 | $11409 | $11531 |
| **9/30/2019** | $11515 | $11316 | $11470 |
| **10/31/2019** | $11520 | $11345 | $11504 |
| **11/30/2019** | $11535 | $11372 | $11498 |
| **12/31/2019** | $11581 | $11407 | $11490 |
| **1/31/2020** | $11803 | $11582 | $11711 |
| **2/29/2020** | $11974 | $11692 | $11922 |
| **3/31/2020** | $11228 | $11351 | $11852 |
| **4/30/2020** | $11033 | $11270 | $12063 |
| **5/31/2020** | $11382 | $11589 | $12119 |
| **6/30/2020** | $11605 | $11657 | $12195 |
| **7/31/2020** | $11807 | $11820 | $12377 |
| **8/31/2020** | $11788 | $11781 | $12277 |
| **9/30/2020** | $11749 | $11790 | $12271 |
| **10/31/2020** | $11730 | $11761 | $12216 |
| **11/30/2020** | $11944 | $11891 | $12336 |
| **12/31/2020** | $12073 | $11947 | $12353 |
| **1/31/2021** | $12196 | $12004 | $12264 |
| **2/28/2021** | $11996 | $11853 | $12087 |
| **3/31/2021** | $12071 | $11908 | $11936 |
| **4/30/2021** | $12190 | $11983 | $12030 |
| **5/31/2021** | $12256 | $12000 | $12070 |
| **6/30/2021** | $12310 | $12016 | $12155 |
| **7/31/2021** | $12406 | $12103 | $12290 |
| **8/31/2021** | $12362 | $12079 | $12267 |
| **9/30/2021** | $12253 | $12005 | $12161 |
| **10/31/2021** | $12209 | $11970 | $12157 |
| **11/30/2021** | $12316 | $12033 | $12193 |
| **12/31/2021** | $12336 | $12051 | $12162 |
| **1/31/2022** | $11986 | $11756 | $11900 |
| **2/28/2022** | $11899 | $11720 | $11767 |
| **3/31/2022** | $11505 | $11408 | $11441 |
| **4/30/2022** | $11178 | $11169 | $11006 |
| **5/31/2022** | $11276 | $11326 | $11077 |
| **6/30/2022** | $11068 | $11231 | $10904 |
| **7/31/2022** | $11354 | $11482 | $11170 |
| **8/31/2022** | $11145 | $11283 | $10854 |
| **9/30/2022** | $10738 | $10941 | $10385 |
| **10/31/2022** | $10651 | $10899 | $10251 |
| **11/30/2022** | $11075 | $11281 | $10628 |
| **12/31/2022** | $11101 | $11334 | $10580 |
| **1/31/2023** | $11415 | $11589 | $10905 |
| **2/28/2023** | $11196 | $11371 | $10623 |
| **3/31/2023** | $11389 | $11591 | $10893 |
| **4/30/2023** | $11393 | $11559 | $10959 |
| **5/31/2023** | $11307 | $11457 | $10840 |
| **6/30/2023** | $11415 | $11543 | $10801 |
| **7/31/2023** | $11453 | $11589 | $10794 |
| **8/31/2023** | $11345 | $11472 | $10725 |
| **9/30/2023** | $11101 | $11214 | $10452 |
| **10/31/2023** | $10982 | $11168 | $10287 |
| **11/30/2023** | $11513 | $11708 | $10753 |
| **12/31/2023** | $11784 | $11929 | $11165 |
| **1/31/2024** | $11779 | $11883 | $11134 |
| **2/29/2024** | $11811 | $11895 | $10977 |
| **3/31/2024** | $11842 | $11895 | $11078 |
| **4/30/2024** | $11747 | $11773 | $10798 |
| **5/31/2024** | $11744 | $11703 | $10981 |
| **6/30/2024** | $11892 | $11854 | $11086 |
| **7/31/2024** | $11983 | $11959 | $11344 |
| **8/31/2024** | $12074 | $12065 | $11507 |
| **9/30/2024** | $12189 | $12163 | $11662 |
| **10/31/2024** | $12046 | $12009 | $11372 |
| **11/30/2024** | $12209 | $12157 | $11493 |
| **12/31/2024** | $12077 | $12035 | $11304 |
| **1/31/2025** | $12149 | $12117 | $11364 |
| **2/28/2025** | $12279 | $12235 | $11614 |
| **3/31/2025** | $12087 | $12082 | $11619 |
| **4/30/2025** | $12027 | $12007 | $11665 |
| **5/31/2025** | $12038 | $12075 | $11581 |
| **6/30/2025** | $12122 | $12166 | $11759 |
| **7/31/2025** | $12110 | $12196 | $11728 |
| **8/31/2025** | $12206 | $12299 | $11868 |
| **9/30/2025** | $12461 | $12481 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 2.24% | 1.19% | 2.22% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.61% | 1.15% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5187149373 |
| # of Portfolio Holdings | 898 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $19313394 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.39%

* A-5.65%

* A+14.53%

* AA13.73%

* AA-8.96%

* AA+10.37%

* AAA5.43%

* B0.34%

* B-0.46%

* B+0.45%

* BB1.06%

* BB-1.02%

* BB+3.34%

* BBB6.72%

* BBB-4.37%

* BBB+5.05%

* NR9.13%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LISFX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1039-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LOISX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.40%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 2.61% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A- and BBB-rated bonds contributed to relative performance. Security selection within the Transportation, State General Obligation, and Education sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2f5277fe5732e6a256a1b759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg 1-15 Year Municipal Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10086 | $10061 | $10051 |
| **5/31/2017** | $10202 | $10193 | $10128 |
| **6/30/2017** | $10177 | $10154 | $10118 |
| **7/31/2017** | $10255 | $10228 | $10162 |
| **8/31/2017** | $10361 | $10296 | $10253 |
| **9/30/2017** | $10316 | $10248 | $10204 |
| **10/31/2017** | $10320 | $10262 | $10210 |
| **11/30/2017** | $10257 | $10179 | $10197 |
| **12/31/2017** | $10346 | $10263 | $10244 |
| **1/31/2018** | $10255 | $10174 | $10126 |
| **2/28/2018** | $10212 | $10148 | $10030 |
| **3/31/2018** | $10245 | $10170 | $10094 |
| **4/30/2018** | $10221 | $10143 | $10019 |
| **5/31/2018** | $10321 | $10238 | $10091 |
| **6/30/2018** | $10346 | $10256 | $10078 |
| **7/31/2018** | $10380 | $10289 | $10080 |
| **8/31/2018** | $10404 | $10307 | $10145 |
| **9/30/2018** | $10352 | $10250 | $10080 |
| **10/31/2018** | $10289 | $10208 | $10000 |
| **11/30/2018** | $10374 | $10312 | $10060 |
| **12/31/2018** | $10479 | $10426 | $10245 |
| **1/31/2019** | $10564 | $10514 | $10354 |
| **2/28/2019** | $10642 | $10565 | $10348 |
| **3/31/2019** | $10797 | $10688 | $10546 |
| **4/30/2019** | $10843 | $10710 | $10549 |
| **5/31/2019** | $11009 | $10840 | $10736 |
| **6/30/2019** | $11066 | $10884 | $10871 |
| **7/31/2019** | $11142 | $10970 | $10895 |
| **8/31/2019** | $11328 | $11098 | $11177 |
| **9/30/2019** | $11244 | $11008 | $11118 |
| **10/31/2019** | $11250 | $11036 | $11151 |
| **11/30/2019** | $11266 | $11062 | $11146 |
| **12/31/2019** | $11312 | $11097 | $11138 |
| **1/31/2020** | $11530 | $11267 | $11352 |
| **2/29/2020** | $11698 | $11373 | $11557 |
| **3/31/2020** | $10971 | $11041 | $11489 |
| **4/30/2020** | $10772 | $10963 | $11693 |
| **5/31/2020** | $11124 | $11274 | $11747 |
| **6/30/2020** | $11333 | $11339 | $11821 |
| **7/31/2020** | $11542 | $11498 | $11998 |
| **8/31/2020** | $11515 | $11460 | $11901 |
| **9/30/2020** | $11488 | $11469 | $11894 |
| **10/31/2020** | $11471 | $11440 | $11841 |
| **11/30/2020** | $11671 | $11567 | $11958 |
| **12/31/2020** | $11809 | $11622 | $11974 |
| **1/31/2021** | $11931 | $11677 | $11888 |
| **2/28/2021** | $11736 | $11530 | $11716 |
| **3/31/2021** | $11812 | $11584 | $11570 |
| **4/30/2021** | $11929 | $11657 | $11662 |
| **5/31/2021** | $11995 | $11674 | $11700 |
| **6/30/2021** | $12050 | $11688 | $11782 |
| **7/31/2021** | $12145 | $11774 | $11914 |
| **8/31/2021** | $12104 | $11750 | $11891 |
| **9/30/2021** | $11999 | $11678 | $11788 |
| **10/31/2021** | $11956 | $11644 | $11785 |
| **11/30/2021** | $12063 | $11706 | $11820 |
| **12/31/2021** | $12084 | $11723 | $11789 |
| **1/31/2022** | $11743 | $11436 | $11535 |
| **2/28/2022** | $11659 | $11401 | $11407 |
| **3/31/2022** | $11276 | $11097 | $11090 |
| **4/30/2022** | $10956 | $10864 | $10669 |
| **5/31/2022** | $11065 | $11017 | $10738 |
| **6/30/2022** | $10852 | $10925 | $10569 |
| **7/31/2022** | $11144 | $11169 | $10828 |
| **8/31/2022** | $10931 | $10976 | $10522 |
| **9/30/2022** | $10534 | $10643 | $10067 |
| **10/31/2022** | $10450 | $10602 | $9937 |
| **11/30/2022** | $10867 | $10974 | $10302 |
| **12/31/2022** | $10893 | $11025 | $10256 |
| **1/31/2023** | $11203 | $11273 | $10571 |
| **2/28/2023** | $10989 | $11061 | $10298 |
| **3/31/2023** | $11170 | $11275 | $10559 |
| **4/30/2023** | $11186 | $11244 | $10623 |
| **5/31/2023** | $11103 | $11145 | $10508 |
| **6/30/2023** | $11210 | $11229 | $10470 |
| **7/31/2023** | $11249 | $11273 | $10463 |
| **8/31/2023** | $11144 | $11159 | $10396 |
| **9/30/2023** | $10906 | $10909 | $10132 |
| **10/31/2023** | $10791 | $10864 | $9972 |
| **11/30/2023** | $11314 | $11389 | $10424 |
| **12/31/2023** | $11581 | $11605 | $10823 |
| **1/31/2024** | $11578 | $11560 | $10793 |
| **2/29/2024** | $11611 | $11571 | $10640 |
| **3/31/2024** | $11643 | $11571 | $10739 |
| **4/30/2024** | $11541 | $11452 | $10467 |
| **5/31/2024** | $11550 | $11384 | $10645 |
| **6/30/2024** | $11698 | $11531 | $10746 |
| **7/31/2024** | $11788 | $11634 | $10997 |
| **8/31/2024** | $11868 | $11736 | $11155 |
| **9/30/2024** | $11994 | $11832 | $11304 |
| **10/31/2024** | $11855 | $11682 | $11024 |
| **11/30/2024** | $12016 | $11826 | $11140 |
| **12/31/2024** | $11889 | $11707 | $10958 |
| **1/31/2025** | $11961 | $11787 | $11016 |
| **2/28/2025** | $12090 | $11902 | $11258 |
| **3/31/2025** | $11903 | $11753 | $11263 |
| **4/30/2025** | $11846 | $11680 | $11307 |
| **5/31/2025** | $11858 | $11746 | $11226 |
| **6/30/2025** | $11943 | $11835 | $11399 |
| **7/31/2025** | $11932 | $11864 | $11368 |
| **8/31/2025** | $12029 | $11964 | $11504 |
| **9/30/2025** | $12282 | $12141 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 2.40% | 1.35% | 2.45% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.61% | 1.15% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5187149373 |
| # of Portfolio Holdings | 898 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $19313394 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.39%

* A-5.65%

* A+14.53%

* AA13.73%

* AA-8.96%

* AA+10.37%

* AAA5.43%

* B0.34%

* B-0.46%

* B+0.45%

* BB1.06%

* BB-1.02%

* BB+3.34%

* BBB6.72%

* BBB-4.37%

* BBB+5.05%

* NR9.13%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LOISX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8987-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# LAIIX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $52 | 0.51% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.24%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 2.61% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A- and BBB-rated bonds contributed to relative performance. Security selection within the Transportation, State General Obligation, and Education sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95c736bf21103f81f3695ca1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg 1-15 Year Municipal Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10061 | $10038 | $10002 |
| **11/30/2015** | $10096 | $10059 | $9975 |
| **12/31/2015** | $10155 | $10112 | $9943 |
| **1/31/2016** | $10274 | $10232 | $10080 |
| **2/29/2016** | $10299 | $10250 | $10151 |
| **3/31/2016** | $10322 | $10259 | $10244 |
| **4/30/2016** | $10393 | $10321 | $10284 |
| **5/31/2016** | $10407 | $10326 | $10286 |
| **6/30/2016** | $10563 | $10454 | $10471 |
| **7/31/2016** | $10587 | $10468 | $10537 |
| **8/31/2016** | $10599 | $10472 | $10525 |
| **9/30/2016** | $10574 | $10434 | $10519 |
| **10/31/2016** | $10481 | $10349 | $10439 |
| **11/30/2016** | $10065 | $10016 | $10192 |
| **12/31/2016** | $10110 | $10113 | $10206 |
| **1/31/2017** | $10201 | $10184 | $10226 |
| **2/28/2017** | $10273 | $10252 | $10295 |
| **3/31/2017** | $10287 | $10269 | $10290 |
| **4/30/2017** | $10387 | $10343 | $10369 |
| **5/31/2017** | $10507 | $10478 | $10449 |
| **6/30/2017** | $10481 | $10438 | $10438 |
| **7/31/2017** | $10561 | $10514 | $10483 |
| **8/31/2017** | $10670 | $10584 | $10577 |
| **9/30/2017** | $10614 | $10535 | $10527 |
| **10/31/2017** | $10627 | $10550 | $10533 |
| **11/30/2017** | $10562 | $10464 | $10519 |
| **12/31/2017** | $10645 | $10551 | $10568 |
| **1/31/2018** | $10550 | $10459 | $10446 |
| **2/28/2018** | $10516 | $10432 | $10347 |
| **3/31/2018** | $10539 | $10455 | $10413 |
| **4/30/2018** | $10514 | $10427 | $10336 |
| **5/31/2018** | $10627 | $10525 | $10410 |
| **6/30/2018** | $10652 | $10543 | $10397 |
| **7/31/2018** | $10687 | $10577 | $10399 |
| **8/31/2018** | $10711 | $10596 | $10466 |
| **9/30/2018** | $10657 | $10537 | $10399 |
| **10/31/2018** | $10582 | $10493 | $10317 |
| **11/30/2018** | $10679 | $10601 | $10378 |
| **12/31/2018** | $10786 | $10718 | $10569 |
| **1/31/2019** | $10874 | $10809 | $10681 |
| **2/28/2019** | $10943 | $10861 | $10675 |
| **3/31/2019** | $11113 | $10987 | $10880 |
| **4/30/2019** | $11150 | $11009 | $10883 |
| **5/31/2019** | $11321 | $11143 | $11076 |
| **6/30/2019** | $11379 | $11189 | $11215 |
| **7/31/2019** | $11467 | $11277 | $11240 |
| **8/31/2019** | $11658 | $11409 | $11531 |
| **9/30/2019** | $11561 | $11316 | $11470 |
| **10/31/2019** | $11567 | $11345 | $11504 |
| **11/30/2019** | $11593 | $11372 | $11498 |
| **12/31/2019** | $11630 | $11407 | $11490 |
| **1/31/2020** | $11864 | $11582 | $11711 |
| **2/29/2020** | $12037 | $11692 | $11922 |
| **3/31/2020** | $11278 | $11351 | $11852 |
| **4/30/2020** | $11083 | $11270 | $12063 |
| **5/31/2020** | $11434 | $11589 | $12119 |
| **6/30/2020** | $11660 | $11657 | $12195 |
| **7/31/2020** | $11875 | $11820 | $12377 |
| **8/31/2020** | $11846 | $11781 | $12277 |
| **9/30/2020** | $11818 | $11790 | $12271 |
| **10/31/2020** | $11789 | $11761 | $12216 |
| **11/30/2020** | $12005 | $11891 | $12336 |
| **12/31/2020** | $12136 | $11947 | $12353 |
| **1/31/2021** | $12272 | $12004 | $12264 |
| **2/28/2021** | $12061 | $11853 | $12087 |
| **3/31/2021** | $12138 | $11908 | $11936 |
| **4/30/2021** | $12269 | $11983 | $12030 |
| **5/31/2021** | $12336 | $12000 | $12070 |
| **6/30/2021** | $12392 | $12016 | $12155 |
| **7/31/2021** | $12489 | $12103 | $12290 |
| **8/31/2021** | $12446 | $12079 | $12267 |
| **9/30/2021** | $12327 | $12005 | $12161 |
| **10/31/2021** | $12294 | $11970 | $12157 |
| **11/30/2021** | $12403 | $12033 | $12193 |
| **12/31/2021** | $12413 | $12051 | $12162 |
| **1/31/2022** | $12062 | $11756 | $11900 |
| **2/28/2022** | $11975 | $11720 | $11767 |
| **3/31/2022** | $11591 | $11408 | $11441 |
| **4/30/2022** | $11251 | $11169 | $11006 |
| **5/31/2022** | $11362 | $11326 | $11077 |
| **6/30/2022** | $11154 | $11231 | $10904 |
| **7/31/2022** | $11442 | $11482 | $11170 |
| **8/31/2022** | $11222 | $11283 | $10854 |
| **9/30/2022** | $10813 | $10941 | $10385 |
| **10/31/2022** | $10727 | $10899 | $10251 |
| **11/30/2022** | $11166 | $11281 | $10628 |
| **12/31/2022** | $11181 | $11334 | $10580 |
| **1/31/2023** | $11498 | $11589 | $10905 |
| **2/28/2023** | $11290 | $11371 | $10623 |
| **3/31/2023** | $11475 | $11591 | $10893 |
| **4/30/2023** | $11491 | $11559 | $10959 |
| **5/31/2023** | $11405 | $11457 | $10840 |
| **6/30/2023** | $11503 | $11543 | $10801 |
| **7/31/2023** | $11543 | $11589 | $10794 |
| **8/31/2023** | $11435 | $11472 | $10725 |
| **9/30/2023** | $11190 | $11214 | $10452 |
| **10/31/2023** | $11071 | $11168 | $10287 |
| **11/30/2023** | $11608 | $11708 | $10753 |
| **12/31/2023** | $11881 | $11929 | $11165 |
| **1/31/2024** | $11889 | $11883 | $11134 |
| **2/29/2024** | $11922 | $11895 | $10977 |
| **3/31/2024** | $11943 | $11895 | $11078 |
| **4/30/2024** | $11848 | $11773 | $10798 |
| **5/31/2024** | $11846 | $11703 | $10981 |
| **6/30/2024** | $12008 | $11854 | $11086 |
| **7/31/2024** | $12089 | $11959 | $11344 |
| **8/31/2024** | $12182 | $12065 | $11507 |
| **9/30/2024** | $12311 | $12163 | $11662 |
| **10/31/2024** | $12155 | $12009 | $11372 |
| **11/30/2024** | $12321 | $12157 | $11493 |
| **12/31/2024** | $12201 | $12035 | $11304 |
| **1/31/2025** | $12263 | $12117 | $11364 |
| **2/28/2025** | $12395 | $12235 | $11614 |
| **3/31/2025** | $12214 | $12082 | $11619 |
| **4/30/2025** | $12143 | $12007 | $11665 |
| **5/31/2025** | $12155 | $12075 | $11581 |
| **6/30/2025** | $12252 | $12166 | $11759 |
| **7/31/2025** | $12241 | $12196 | $11728 |
| **8/31/2025** | $12340 | $12299 | $11868 |
| **9/30/2025** | $12587 | $12481 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 2.24% | 1.27% | 2.33% |
| Bloomberg 1-15 Year Municipal Bond Index | 2.61% | 1.15% | 2.24% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5187149373 |
| # of Portfolio Holdings | 898 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $19313394 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.39%

* A-5.65%

* A+14.53%

* AA13.73%

* AA-8.96%

* AA+10.37%

* AAA5.43%

* B0.34%

* B-0.46%

* B+0.45%

* BB1.06%

* BB-1.02%

* BB+3.34%

* BBB6.72%

* BBB-4.37%

* BBB+5.05%

* NR9.13%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# LAIIX

# Lord Abbett Intermediate Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3326-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LANSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $80 | 0.80% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.11%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection within the Health Care, Transportation, and Special Tax sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight longer maturity bonds relative to the Bloomberg Municipal Bond Index detracted from relative performance over the period as rates on the long end rose amid a steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to Variable Rate Demand Notes along with the Tobacco and Education sectors as well as an underweight to Local General Obligation Bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i331596c0c391ddbc17355043.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Index** | **Lipper General Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9774 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9838 | $10040 | $10048 | $10002 |
| **11/30/2015** | $9877 | $10080 | $10095 | $9975 |
| **12/31/2015** | $9959 | $10151 | $10172 | $9943 |
| **1/31/2016** | $10094 | $10272 | $10266 | $10080 |
| **2/29/2016** | $10116 | $10288 | $10268 | $10151 |
| **3/31/2016** | $10173 | $10320 | $10326 | $10244 |
| **4/30/2016** | $10256 | $10396 | $10407 | $10284 |
| **5/31/2016** | $10312 | $10424 | $10450 | $10286 |
| **6/30/2016** | $10529 | $10590 | $10618 | $10471 |
| **7/31/2016** | $10531 | $10597 | $10610 | $10537 |
| **8/31/2016** | $10559 | $10611 | $10634 | $10525 |
| **9/30/2016** | $10524 | $10558 | $10587 | $10519 |
| **10/31/2016** | $10390 | $10447 | $10482 | $10439 |
| **11/30/2016** | $9931 | $10058 | $10094 | $10192 |
| **12/31/2016** | $9995 | $10176 | $10187 | $10206 |
| **1/31/2017** | $10078 | $10243 | $10232 | $10226 |
| **2/28/2017** | $10153 | $10314 | $10297 | $10295 |
| **3/31/2017** | $10182 | $10336 | $10325 | $10290 |
| **4/30/2017** | $10266 | $10411 | $10399 | $10369 |
| **5/31/2017** | $10414 | $10577 | $10546 | $10449 |
| **6/30/2017** | $10396 | $10539 | $10523 | $10438 |
| **7/31/2017** | $10478 | $10624 | $10590 | $10483 |
| **8/31/2017** | $10598 | $10705 | $10675 | $10577 |
| **9/30/2017** | $10570 | $10650 | $10644 | $10527 |
| **10/31/2017** | $10589 | $10676 | $10658 | $10533 |
| **11/30/2017** | $10571 | $10619 | $10629 | $10519 |
| **12/31/2017** | $10702 | $10730 | $10737 | $10568 |
| **1/31/2018** | $10589 | $10604 | $10627 | $10446 |
| **2/28/2018** | $10525 | $10572 | $10585 | $10347 |
| **3/31/2018** | $10581 | $10611 | $10627 | $10413 |
| **4/30/2018** | $10544 | $10573 | $10597 | $10336 |
| **5/31/2018** | $10686 | $10694 | $10716 | $10410 |
| **6/30/2018** | $10706 | $10703 | $10725 | $10397 |
| **7/31/2018** | $10735 | $10729 | $10746 | $10399 |
| **8/31/2018** | $10754 | $10757 | $10763 | $10466 |
| **9/30/2018** | $10678 | $10687 | $10701 | $10399 |
| **10/31/2018** | $10574 | $10622 | $10616 | $10317 |
| **11/30/2018** | $10672 | $10739 | $10704 | $10378 |
| **12/31/2018** | $10779 | $10868 | $10811 | $10569 |
| **1/31/2019** | $10848 | $10950 | $10879 | $10681 |
| **2/28/2019** | $10938 | $11009 | $10945 | $10675 |
| **3/31/2019** | $11163 | $11182 | $11129 | $10880 |
| **4/30/2019** | $11233 | $11224 | $11178 | $10883 |
| **5/31/2019** | $11419 | $11379 | $11339 | $11076 |
| **6/30/2019** | $11479 | $11421 | $11383 | $11215 |
| **7/31/2019** | $11567 | $11513 | $11462 | $11240 |
| **8/31/2019** | $11804 | $11695 | $11658 | $11531 |
| **9/30/2019** | $11714 | $11601 | $11578 | $11470 |
| **10/31/2019** | $11713 | $11622 | $11580 | $11504 |
| **11/30/2019** | $11742 | $11651 | $11613 | $11498 |
| **12/31/2019** | $11790 | $11687 | $11637 | $11490 |
| **1/31/2020** | $12048 | $11897 | $11852 | $11711 |
| **2/29/2020** | $12297 | $12050 | $12032 | $11922 |
| **3/31/2020** | $11391 | $11613 | $11417 | $11852 |
| **4/30/2020** | $11097 | $11467 | $11196 | $12063 |
| **5/31/2020** | $11479 | $11832 | $11544 | $12119 |
| **6/30/2020** | $11771 | $11929 | $11727 | $12195 |
| **7/31/2020** | $12032 | $12130 | $11942 | $12377 |
| **8/31/2020** | $11998 | $12073 | $11907 | $12277 |
| **9/30/2020** | $11955 | $12076 | $11892 | $12271 |
| **10/31/2020** | $11921 | $12040 | $11862 | $12216 |
| **11/30/2020** | $12195 | $12221 | $12077 | $12336 |
| **12/31/2020** | $12355 | $12296 | $12190 | $12353 |
| **1/31/2021** | $12538 | $12374 | $12296 | $12264 |
| **2/28/2021** | $12287 | $12177 | $12101 | $12087 |
| **3/31/2021** | $12386 | $12253 | $12180 | $11936 |
| **4/30/2021** | $12557 | $12355 | $12303 | $12030 |
| **5/31/2021** | $12658 | $12392 | $12383 | $12070 |
| **6/30/2021** | $12747 | $12426 | $12437 | $12155 |
| **7/31/2021** | $12866 | $12529 | $12532 | $12290 |
| **8/31/2021** | $12787 | $12483 | $12481 | $12267 |
| **9/30/2021** | $12644 | $12393 | $12373 | $12161 |
| **10/31/2021** | $12606 | $12357 | $12351 | $12157 |
| **11/30/2021** | $12769 | $12462 | $12464 | $12193 |
| **12/31/2021** | $12804 | $12482 | $12483 | $12162 |
| **1/31/2022** | $12365 | $12141 | $12146 | $11900 |
| **2/28/2022** | $12233 | $12097 | $12063 | $11767 |
| **3/31/2022** | $11749 | $11705 | $11670 | $11441 |
| **4/30/2022** | $11287 | $11381 | $11302 | $11006 |
| **5/31/2022** | $11441 | $11550 | $11444 | $11077 |
| **6/30/2022** | $11074 | $11361 | $11177 | $10904 |
| **7/31/2022** | $11433 | $11661 | $11487 | $11170 |
| **8/31/2022** | $11128 | $11406 | $11209 | $10854 |
| **9/30/2022** | $10587 | $10968 | $10745 | $10385 |
| **10/31/2022** | $10411 | $10877 | $10617 | $10251 |
| **11/30/2022** | $11045 | $11386 | $11151 | $10628 |
| **12/31/2022** | $11021 | $11418 | $11135 | $10580 |
| **1/31/2023** | $11431 | $11746 | $11492 | $10905 |
| **2/28/2023** | $11146 | $11480 | $11219 | $10623 |
| **3/31/2023** | $11363 | $11735 | $11430 | $10893 |
| **4/30/2023** | $11405 | $11708 | $11435 | $10959 |
| **5/31/2023** | $11326 | $11607 | $11354 | $10840 |
| **6/30/2023** | $11449 | $11723 | $11455 | $10801 |
| **7/31/2023** | $11492 | $11770 | $11487 | $10794 |
| **8/31/2023** | $11325 | $11600 | $11339 | $10725 |
| **9/30/2023** | $10969 | $11260 | $11008 | $10452 |
| **10/31/2023** | $10747 | $11164 | $10840 | $10287 |
| **11/30/2023** | $11507 | $11873 | $11556 | $10753 |
| **12/31/2023** | $11844 | $12149 | $11857 | $11165 |
| **1/31/2024** | $11845 | $12087 | $11849 | $11134 |
| **2/29/2024** | $11881 | $12102 | $11866 | $10977 |
| **3/31/2024** | $11893 | $12102 | $11882 | $11078 |
| **4/30/2024** | $11747 | $11952 | $11743 | $10798 |
| **5/31/2024** | $11782 | $11917 | $11752 | $10981 |
| **6/30/2024** | $11988 | $12100 | $11951 | $11086 |
| **7/31/2024** | $12081 | $12210 | $12056 | $11344 |
| **8/31/2024** | $12175 | $12306 | $12143 | $11507 |
| **9/30/2024** | $12349 | $12428 | $12276 | $11662 |
| **10/31/2024** | $12166 | $12247 | $12101 | $11372 |
| **11/30/2024** | $12376 | $12458 | $12300 | $11493 |
| **12/31/2024** | $12192 | $12277 | $12124 | $11304 |
| **1/31/2025** | $12198 | $12338 | $12159 | $11364 |
| **2/28/2025** | $12317 | $12461 | $12289 | $11614 |
| **3/31/2025** | $12097 | $12250 | $12071 | $11619 |
| **4/30/2025** | $11971 | $12151 | $11981 | $11665 |
| **5/31/2025** | $11891 | $12159 | $11931 | $11581 |
| **6/30/2025** | $11965 | $12234 | $12008 | $11759 |
| **7/31/2025** | $11874 | $12210 | $11937 | $11728 |
| **8/31/2025** | $11950 | $12316 | $12037 | $11868 |
| **9/30/2025** | $12336 | $12601 | $12356 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | (0.11%) | 0.63% | 2.36% |
| Class A with sales charge | (2.39%) | 0.17% | 2.12% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper General Municipal Debt Funds Average | 0.65% | 0.77% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4804390749 |
| # of Portfolio Holdings | 707 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $17786662 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.82%

* A-6.37%

* A+14.09%

* AA13.59%

* AA-7.25%

* AA+7.17%

* AAA2.58%

* B0.35%

* B-0.46%

* B+0.32%

* BB0.97%

* BB-0.73%

* BB+3.59%

* BBB7.30%

* BBB-10.23%

* BBB+6.97%

* CCC+0.38%

* NR7.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LANSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-6-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# LTNSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $141 | 1.42% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.72%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection within the Health Care, Transportation, and Special Tax sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight longer maturity bonds relative to the Bloomberg Municipal Bond Index detracted from relative performance over the period as rates on the long end rose amid a steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to Variable Rate Demand Notes along with the Tobacco and Education sectors as well as an underweight to Local General Obligation Bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifc46f3d8f9f65bad3183883b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond Index** | **Lipper General Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10051 | $10040 | $10048 | $10002 |
| **11/30/2015** | $10086 | $10080 | $10095 | $9975 |
| **12/31/2015** | $10174 | $10151 | $10172 | $9943 |
| **1/31/2016** | $10297 | $10272 | $10266 | $10080 |
| **2/29/2016** | $10323 | $10288 | $10268 | $10151 |
| **3/31/2016** | $10366 | $10320 | $10326 | $10244 |
| **4/30/2016** | $10446 | $10396 | $10407 | $10284 |
| **5/31/2016** | $10507 | $10424 | $10450 | $10286 |
| **6/30/2016** | $10713 | $10590 | $10618 | $10471 |
| **7/31/2016** | $10718 | $10597 | $10610 | $10537 |
| **8/31/2016** | $10741 | $10611 | $10634 | $10525 |
| **9/30/2016** | $10691 | $10558 | $10587 | $10519 |
| **10/31/2016** | $10559 | $10447 | $10482 | $10439 |
| **11/30/2016** | $10078 | $10058 | $10094 | $10192 |
| **12/31/2016** | $10138 | $10176 | $10187 | $10206 |
| **1/31/2017** | $10217 | $10243 | $10232 | $10226 |
| **2/28/2017** | $10297 | $10314 | $10297 | $10295 |
| **3/31/2017** | $10312 | $10336 | $10325 | $10290 |
| **4/30/2017** | $10391 | $10411 | $10399 | $10369 |
| **5/31/2017** | $10535 | $10577 | $10546 | $10449 |
| **6/30/2017** | $10511 | $10539 | $10523 | $10438 |
| **7/31/2017** | $10599 | $10624 | $10590 | $10483 |
| **8/31/2017** | $10705 | $10705 | $10675 | $10577 |
| **9/30/2017** | $10671 | $10650 | $10644 | $10527 |
| **10/31/2017** | $10684 | $10676 | $10658 | $10533 |
| **11/30/2017** | $10670 | $10619 | $10629 | $10519 |
| **12/31/2017** | $10787 | $10730 | $10737 | $10568 |
| **1/31/2018** | $10668 | $10604 | $10627 | $10446 |
| **2/28/2018** | $10598 | $10572 | $10585 | $10347 |
| **3/31/2018** | $10650 | $10611 | $10627 | $10413 |
| **4/30/2018** | $10607 | $10573 | $10597 | $10336 |
| **5/31/2018** | $10744 | $10694 | $10716 | $10410 |
| **6/30/2018** | $10768 | $10703 | $10725 | $10397 |
| **7/31/2018** | $10782 | $10729 | $10746 | $10399 |
| **8/31/2018** | $10805 | $10757 | $10763 | $10466 |
| **9/30/2018** | $10724 | $10687 | $10701 | $10399 |
| **10/31/2018** | $10604 | $10622 | $10616 | $10317 |
| **11/30/2018** | $10696 | $10739 | $10704 | $10378 |
| **12/31/2018** | $10808 | $10868 | $10811 | $10569 |
| **1/31/2019** | $10872 | $10950 | $10879 | $10681 |
| **2/28/2019** | $10947 | $11009 | $10945 | $10675 |
| **3/31/2019** | $11166 | $11182 | $11129 | $10880 |
| **4/30/2019** | $11230 | $11224 | $11178 | $10883 |
| **5/31/2019** | $11410 | $11379 | $11339 | $11076 |
| **6/30/2019** | $11464 | $11421 | $11383 | $11215 |
| **7/31/2019** | $11546 | $11513 | $11462 | $11240 |
| **8/31/2019** | $11786 | $11695 | $11658 | $11531 |
| **9/30/2019** | $11690 | $11601 | $11578 | $11470 |
| **10/31/2019** | $11683 | $11622 | $11580 | $11504 |
| **11/30/2019** | $11696 | $11651 | $11613 | $11498 |
| **12/31/2019** | $11738 | $11687 | $11637 | $11490 |
| **1/31/2020** | $11988 | $11897 | $11852 | $11711 |
| **2/29/2020** | $12230 | $12050 | $12032 | $11922 |
| **3/31/2020** | $11333 | $11613 | $11417 | $11852 |
| **4/30/2020** | $11025 | $11467 | $11196 | $12063 |
| **5/31/2020** | $11408 | $11832 | $11544 | $12119 |
| **6/30/2020** | $11681 | $11929 | $11727 | $12195 |
| **7/31/2020** | $11934 | $12130 | $11942 | $12377 |
| **8/31/2020** | $11894 | $12073 | $11907 | $12277 |
| **9/30/2020** | $11844 | $12076 | $11892 | $12271 |
| **10/31/2020** | $11804 | $12040 | $11862 | $12216 |
| **11/30/2020** | $12068 | $12221 | $12077 | $12336 |
| **12/31/2020** | $12231 | $12296 | $12190 | $12353 |
| **1/31/2021** | $12394 | $12374 | $12296 | $12264 |
| **2/28/2021** | $12140 | $12177 | $12101 | $12087 |
| **3/31/2021** | $12230 | $12253 | $12180 | $11936 |
| **4/30/2021** | $12393 | $12355 | $12303 | $12030 |
| **5/31/2021** | $12486 | $12392 | $12383 | $12070 |
| **6/30/2021** | $12567 | $12426 | $12437 | $12155 |
| **7/31/2021** | $12677 | $12529 | $12532 | $12290 |
| **8/31/2021** | $12592 | $12483 | $12481 | $12267 |
| **9/30/2021** | $12456 | $12393 | $12373 | $12161 |
| **10/31/2021** | $12411 | $12357 | $12351 | $12157 |
| **11/30/2021** | $12554 | $12462 | $12464 | $12193 |
| **12/31/2021** | $12582 | $12482 | $12483 | $12162 |
| **1/31/2022** | $12144 | $12141 | $12146 | $11900 |
| **2/28/2022** | $12019 | $12097 | $12063 | $11767 |
| **3/31/2022** | $11538 | $11705 | $11670 | $11441 |
| **4/30/2022** | $11069 | $11381 | $11302 | $11006 |
| **5/31/2022** | $11214 | $11550 | $11444 | $11077 |
| **6/30/2022** | $10849 | $11361 | $11177 | $10904 |
| **7/31/2022** | $11194 | $11661 | $11487 | $11170 |
| **8/31/2022** | $10890 | $11406 | $11209 | $10854 |
| **9/30/2022** | $10356 | $10968 | $10745 | $10385 |
| **10/31/2022** | $10178 | $10877 | $10617 | $10251 |
| **11/30/2022** | $10792 | $11386 | $11151 | $10628 |
| **12/31/2022** | $10763 | $11418 | $11135 | $10580 |
| **1/31/2023** | $11156 | $11746 | $11492 | $10905 |
| **2/28/2023** | $10874 | $11480 | $11219 | $10623 |
| **3/31/2023** | $11079 | $11735 | $11430 | $10893 |
| **4/30/2023** | $11114 | $11708 | $11435 | $10959 |
| **5/31/2023** | $11032 | $11607 | $11354 | $10840 |
| **6/30/2023** | $11145 | $11723 | $11455 | $10801 |
| **7/31/2023** | $11182 | $11770 | $11487 | $10794 |
| **8/31/2023** | $11014 | $11600 | $11339 | $10725 |
| **9/30/2023** | $10663 | $11260 | $11008 | $10452 |
| **10/31/2023** | $10441 | $11164 | $10840 | $10287 |
| **11/30/2023** | $11174 | $11873 | $11556 | $10753 |
| **12/31/2023** | $11494 | $12149 | $11857 | $11165 |
| **1/31/2024** | $11489 | $12087 | $11849 | $11134 |
| **2/29/2024** | $11519 | $12102 | $11866 | $10977 |
| **3/31/2024** | $11524 | $12102 | $11882 | $11078 |
| **4/30/2024** | $11377 | $11952 | $11743 | $10798 |
| **5/31/2024** | $11405 | $11917 | $11752 | $10981 |
| **6/30/2024** | $11599 | $12100 | $11951 | $11086 |
| **7/31/2024** | $11683 | $12210 | $12056 | $11344 |
| **8/31/2024** | $11767 | $12306 | $12143 | $11507 |
| **9/30/2024** | $11930 | $12428 | $12276 | $11662 |
| **10/31/2024** | $11747 | $12247 | $12101 | $11372 |
| **11/30/2024** | $11944 | $12458 | $12300 | $11493 |
| **12/31/2024** | $11760 | $12277 | $12124 | $11304 |
| **1/31/2025** | $11760 | $12338 | $12159 | $11364 |
| **2/28/2025** | $11869 | $12461 | $12289 | $11614 |
| **3/31/2025** | $11651 | $12250 | $12071 | $11619 |
| **4/30/2025** | $11524 | $12151 | $11981 | $11665 |
| **5/31/2025** | $11441 | $12159 | $11931 | $11581 |
| **6/30/2025** | $11506 | $12234 | $12008 | $11759 |
| **7/31/2025** | $11413 | $12210 | $11937 | $11728 |
| **8/31/2025** | $11480 | $12316 | $12037 | $11868 |
| **9/30/2025** | $11845 | $12601 | $12356 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | (0.72%) | 0.00% | 1.71% |
| Class C with sales charge | (1.68%) | 0.00% | 1.71% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper General Municipal Debt Funds Average | 0.65% | 0.77% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4804390749 |
| # of Portfolio Holdings | 707 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $17786662 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.82%

* A-6.37%

* A+14.09%

* AA13.59%

* AA-7.25%

* AA+7.17%

* AAA2.58%

* B0.35%

* B-0.46%

* B+0.32%

* BB0.97%

* BB-0.73%

* BB+3.59%

* BBB7.30%

* BBB-10.23%

* BBB+6.97%

* CCC+0.38%

* NR7.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# LTNSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-669-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LANFX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $70 | 0.70% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.08%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection within the Health Care, Transportation, and Special Tax sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight longer maturity bonds relative to the Bloomberg Municipal Bond Index detracted from relative performance over the period as rates on the long end rose amid a steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to Variable Rate Demand Notes along with the Tobacco and Education sectors as well as an underweight to Local General Obligation Bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icdcb949d6f71213ceeea8552.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond Index** | **Lipper General Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10066 | $10040 | $10048 | $10002 |
| **11/30/2015** | $10107 | $10080 | $10095 | $9975 |
| **12/31/2015** | $10201 | $10151 | $10172 | $9943 |
| **1/31/2016** | $10331 | $10272 | $10266 | $10080 |
| **2/29/2016** | $10354 | $10288 | $10268 | $10151 |
| **3/31/2016** | $10413 | $10320 | $10326 | $10244 |
| **4/30/2016** | $10499 | $10396 | $10407 | $10284 |
| **5/31/2016** | $10558 | $10424 | $10450 | $10286 |
| **6/30/2016** | $10781 | $10590 | $10618 | $10471 |
| **7/31/2016** | $10792 | $10597 | $10610 | $10537 |
| **8/31/2016** | $10822 | $10611 | $10634 | $10525 |
| **9/30/2016** | $10778 | $10558 | $10587 | $10519 |
| **10/31/2016** | $10651 | $10447 | $10482 | $10439 |
| **11/30/2016** | $10171 | $10058 | $10094 | $10192 |
| **12/31/2016** | $10238 | $10176 | $10187 | $10206 |
| **1/31/2017** | $10324 | $10243 | $10232 | $10226 |
| **2/28/2017** | $10401 | $10314 | $10297 | $10295 |
| **3/31/2017** | $10432 | $10336 | $10325 | $10290 |
| **4/30/2017** | $10519 | $10411 | $10399 | $10369 |
| **5/31/2017** | $10671 | $10577 | $10546 | $10449 |
| **6/30/2017** | $10653 | $10539 | $10523 | $10438 |
| **7/31/2017** | $10739 | $10624 | $10590 | $10483 |
| **8/31/2017** | $10863 | $10705 | $10675 | $10577 |
| **9/30/2017** | $10835 | $10650 | $10644 | $10527 |
| **10/31/2017** | $10855 | $10676 | $10658 | $10533 |
| **11/30/2017** | $10847 | $10619 | $10629 | $10519 |
| **12/31/2017** | $10973 | $10730 | $10737 | $10568 |
| **1/31/2018** | $10858 | $10604 | $10627 | $10446 |
| **2/28/2018** | $10793 | $10572 | $10585 | $10347 |
| **3/31/2018** | $10852 | $10611 | $10627 | $10413 |
| **4/30/2018** | $10814 | $10573 | $10597 | $10336 |
| **5/31/2018** | $10961 | $10694 | $10716 | $10410 |
| **6/30/2018** | $10992 | $10703 | $10725 | $10397 |
| **7/31/2018** | $11013 | $10729 | $10746 | $10399 |
| **8/31/2018** | $11043 | $10757 | $10763 | $10466 |
| **9/30/2018** | $10956 | $10687 | $10701 | $10399 |
| **10/31/2018** | $10850 | $10622 | $10616 | $10317 |
| **11/30/2018** | $10951 | $10739 | $10704 | $10378 |
| **12/31/2018** | $11072 | $10868 | $10811 | $10569 |
| **1/31/2019** | $11144 | $10950 | $10879 | $10681 |
| **2/28/2019** | $11227 | $11009 | $10945 | $10675 |
| **3/31/2019** | $11459 | $11182 | $11129 | $10880 |
| **4/30/2019** | $11531 | $11224 | $11178 | $10883 |
| **5/31/2019** | $11724 | $11379 | $11339 | $11076 |
| **6/30/2019** | $11786 | $11421 | $11383 | $11215 |
| **7/31/2019** | $11878 | $11513 | $11462 | $11240 |
| **8/31/2019** | $12122 | $11695 | $11658 | $11531 |
| **9/30/2019** | $12030 | $11601 | $11578 | $11470 |
| **10/31/2019** | $12041 | $11622 | $11580 | $11504 |
| **11/30/2019** | $12061 | $11651 | $11613 | $11498 |
| **12/31/2019** | $12112 | $11687 | $11637 | $11490 |
| **1/31/2020** | $12378 | $11897 | $11852 | $11711 |
| **2/29/2020** | $12635 | $12050 | $12032 | $11922 |
| **3/31/2020** | $11704 | $11613 | $11417 | $11852 |
| **4/30/2020** | $11403 | $11467 | $11196 | $12063 |
| **5/31/2020** | $11807 | $11832 | $11544 | $12119 |
| **6/30/2020** | $12097 | $11929 | $11727 | $12195 |
| **7/31/2020** | $12367 | $12130 | $11942 | $12377 |
| **8/31/2020** | $12333 | $12073 | $11907 | $12277 |
| **9/30/2020** | $12289 | $12076 | $11892 | $12271 |
| **10/31/2020** | $12255 | $12040 | $11862 | $12216 |
| **11/30/2020** | $12538 | $12221 | $12077 | $12336 |
| **12/31/2020** | $12715 | $12296 | $12190 | $12353 |
| **1/31/2021** | $12893 | $12374 | $12296 | $12264 |
| **2/28/2021** | $12636 | $12177 | $12101 | $12087 |
| **3/31/2021** | $12739 | $12253 | $12180 | $11936 |
| **4/30/2021** | $12916 | $12355 | $12303 | $12030 |
| **5/31/2021** | $13022 | $12392 | $12383 | $12070 |
| **6/30/2021** | $13114 | $12426 | $12437 | $12155 |
| **7/31/2021** | $13237 | $12529 | $12532 | $12290 |
| **8/31/2021** | $13157 | $12483 | $12481 | $12267 |
| **9/30/2021** | $13011 | $12393 | $12373 | $12161 |
| **10/31/2021** | $12973 | $12357 | $12351 | $12157 |
| **11/30/2021** | $13141 | $12462 | $12464 | $12193 |
| **12/31/2021** | $13179 | $12482 | $12483 | $12162 |
| **1/31/2022** | $12728 | $12141 | $12146 | $11900 |
| **2/28/2022** | $12592 | $12097 | $12063 | $11767 |
| **3/31/2022** | $12106 | $11705 | $11670 | $11441 |
| **4/30/2022** | $11620 | $11381 | $11302 | $11006 |
| **5/31/2022** | $11769 | $11550 | $11444 | $11077 |
| **6/30/2022** | $11402 | $11361 | $11177 | $10904 |
| **7/31/2022** | $11773 | $11661 | $11487 | $11170 |
| **8/31/2022** | $11460 | $11406 | $11209 | $10854 |
| **9/30/2022** | $10903 | $10968 | $10745 | $10385 |
| **10/31/2022** | $10723 | $10877 | $10617 | $10251 |
| **11/30/2022** | $11377 | $11386 | $11151 | $10628 |
| **12/31/2022** | $11353 | $11418 | $11135 | $10580 |
| **1/31/2023** | $11776 | $11746 | $11492 | $10905 |
| **2/28/2023** | $11484 | $11480 | $11219 | $10623 |
| **3/31/2023** | $11708 | $11735 | $11430 | $10893 |
| **4/30/2023** | $11742 | $11708 | $11435 | $10959 |
| **5/31/2023** | $11673 | $11607 | $11354 | $10840 |
| **6/30/2023** | $11800 | $11723 | $11455 | $10801 |
| **7/31/2023** | $11846 | $11770 | $11487 | $10794 |
| **8/31/2023** | $11674 | $11600 | $11339 | $10725 |
| **9/30/2023** | $11308 | $11260 | $11008 | $10452 |
| **10/31/2023** | $11079 | $11164 | $10840 | $10287 |
| **11/30/2023** | $11865 | $11873 | $11556 | $10753 |
| **12/31/2023** | $12214 | $12149 | $11857 | $11165 |
| **1/31/2024** | $12215 | $12087 | $11849 | $11134 |
| **2/29/2024** | $12242 | $12102 | $11866 | $10977 |
| **3/31/2024** | $12267 | $12102 | $11882 | $11078 |
| **4/30/2024** | $12117 | $11952 | $11743 | $10798 |
| **5/31/2024** | $12154 | $11917 | $11752 | $10981 |
| **6/30/2024** | $12368 | $12100 | $11951 | $11086 |
| **7/31/2024** | $12465 | $12210 | $12056 | $11344 |
| **8/31/2024** | $12563 | $12306 | $12143 | $11507 |
| **9/30/2024** | $12733 | $12428 | $12276 | $11662 |
| **10/31/2024** | $12556 | $12247 | $12101 | $11372 |
| **11/30/2024** | $12774 | $12458 | $12300 | $11493 |
| **12/31/2024** | $12573 | $12277 | $12124 | $11304 |
| **1/31/2025** | $12592 | $12338 | $12159 | $11364 |
| **2/28/2025** | $12716 | $12461 | $12289 | $11614 |
| **3/31/2025** | $12490 | $12250 | $12071 | $11619 |
| **4/30/2025** | $12360 | $12151 | $11981 | $11665 |
| **5/31/2025** | $12279 | $12159 | $11931 | $11581 |
| **6/30/2025** | $12357 | $12234 | $12008 | $11759 |
| **7/31/2025** | $12251 | $12210 | $11937 | $11728 |
| **8/31/2025** | $12343 | $12316 | $12037 | $11868 |
| **9/30/2025** | $12743 | $12601 | $12356 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 0.08% | 0.73% | 2.45% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper General Municipal Debt Funds Average | 0.65% | 0.77% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4804390749 |
| # of Portfolio Holdings | 707 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $17786662 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.82%

* A-6.37%

* A+14.09%

* AA13.59%

* AA-7.25%

* AA+7.17%

* AAA2.58%

* B0.35%

* B-0.46%

* B+0.32%

* BB0.97%

* BB-0.73%

* BB+3.59%

* BBB7.30%

* BBB-10.23%

* BBB+6.97%

* CCC+0.38%

* NR7.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LANFX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1034-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LONSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $55 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.14%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection within the Health Care, Transportation, and Special Tax sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight longer maturity bonds relative to the Bloomberg Municipal Bond Index detracted from relative performance over the period as rates on the long end rose amid a steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to Variable Rate Demand Notes along with the Tobacco and Education sectors as well as an underweight to Local General Obligation Bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i95f64dd51a4abc06f710223b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond Index** | **Lipper General Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10072 | $10060 | $10054 | $10051 |
| **5/31/2017** | $10219 | $10219 | $10196 | $10128 |
| **6/30/2017** | $10203 | $10183 | $10174 | $10118 |
| **7/31/2017** | $10295 | $10265 | $10239 | $10162 |
| **8/31/2017** | $10406 | $10343 | $10321 | $10253 |
| **9/30/2017** | $10380 | $10291 | $10291 | $10204 |
| **10/31/2017** | $10400 | $10316 | $10304 | $10210 |
| **11/30/2017** | $10393 | $10260 | $10277 | $10197 |
| **12/31/2017** | $10524 | $10368 | $10381 | $10244 |
| **1/31/2018** | $10406 | $10246 | $10275 | $10126 |
| **2/28/2018** | $10354 | $10215 | $10234 | $10030 |
| **3/31/2018** | $10402 | $10253 | $10275 | $10094 |
| **4/30/2018** | $10376 | $10216 | $10246 | $10019 |
| **5/31/2018** | $10519 | $10333 | $10361 | $10091 |
| **6/30/2018** | $10540 | $10342 | $10369 | $10078 |
| **7/31/2018** | $10561 | $10367 | $10390 | $10080 |
| **8/31/2018** | $10592 | $10394 | $10406 | $10145 |
| **9/30/2018** | $10519 | $10326 | $10346 | $10080 |
| **10/31/2018** | $10418 | $10263 | $10264 | $10000 |
| **11/30/2018** | $10507 | $10376 | $10350 | $10060 |
| **12/31/2018** | $10625 | $10501 | $10452 | $10245 |
| **1/31/2019** | $10695 | $10580 | $10518 | $10354 |
| **2/28/2019** | $10786 | $10637 | $10582 | $10348 |
| **3/31/2019** | $11000 | $10805 | $10760 | $10546 |
| **4/30/2019** | $11070 | $10845 | $10807 | $10549 |
| **5/31/2019** | $11266 | $10995 | $10963 | $10736 |
| **6/30/2019** | $11317 | $11035 | $11005 | $10871 |
| **7/31/2019** | $11407 | $11124 | $11081 | $10895 |
| **8/31/2019** | $11652 | $11300 | $11272 | $11177 |
| **9/30/2019** | $11566 | $11209 | $11195 | $11118 |
| **10/31/2019** | $11567 | $11229 | $11196 | $11151 |
| **11/30/2019** | $11597 | $11257 | $11228 | $11146 |
| **12/31/2019** | $11637 | $11292 | $11251 | $11138 |
| **1/31/2020** | $11894 | $11495 | $11459 | $11352 |
| **2/29/2020** | $12143 | $11643 | $11633 | $11557 |
| **3/31/2020** | $11259 | $11221 | $11038 | $11489 |
| **4/30/2020** | $10961 | $11080 | $10824 | $11693 |
| **5/31/2020** | $11350 | $11432 | $11162 | $11747 |
| **6/30/2020** | $11631 | $11526 | $11338 | $11821 |
| **7/31/2020** | $11892 | $11720 | $11546 | $11998 |
| **8/31/2020** | $11860 | $11665 | $11512 | $11901 |
| **9/30/2020** | $11820 | $11668 | $11498 | $11894 |
| **10/31/2020** | $11798 | $11633 | $11469 | $11841 |
| **11/30/2020** | $12061 | $11808 | $11677 | $11958 |
| **12/31/2020** | $12233 | $11880 | $11786 | $11974 |
| **1/31/2021** | $12406 | $11956 | $11888 | $11888 |
| **2/28/2021** | $12160 | $11766 | $11699 | $11716 |
| **3/31/2021** | $12260 | $11839 | $11776 | $11570 |
| **4/30/2021** | $12432 | $11938 | $11895 | $11662 |
| **5/31/2021** | $12535 | $11974 | $11973 | $11700 |
| **6/30/2021** | $12625 | $12007 | $12024 | $11782 |
| **7/31/2021** | $12756 | $12106 | $12117 | $11914 |
| **8/31/2021** | $12680 | $12062 | $12067 | $11891 |
| **9/30/2021** | $12541 | $11975 | $11962 | $11788 |
| **10/31/2021** | $12506 | $11940 | $11942 | $11785 |
| **11/30/2021** | $12669 | $12041 | $12051 | $11820 |
| **12/31/2021** | $12696 | $12061 | $12069 | $11789 |
| **1/31/2022** | $12274 | $11731 | $11743 | $11535 |
| **2/28/2022** | $12144 | $11688 | $11663 | $11407 |
| **3/31/2022** | $11667 | $11310 | $11283 | $11090 |
| **4/30/2022** | $11211 | $10997 | $10927 | $10669 |
| **5/31/2022** | $11355 | $11160 | $11065 | $10738 |
| **6/30/2022** | $10993 | $10977 | $10806 | $10569 |
| **7/31/2022** | $11352 | $11267 | $11106 | $10828 |
| **8/31/2022** | $11051 | $11020 | $10837 | $10522 |
| **9/30/2022** | $10526 | $10597 | $10389 | $10067 |
| **10/31/2022** | $10353 | $10509 | $10265 | $9937 |
| **11/30/2022** | $10976 | $11001 | $10781 | $10302 |
| **12/31/2022** | $10953 | $11032 | $10766 | $10256 |
| **1/31/2023** | $11363 | $11349 | $11111 | $10571 |
| **2/28/2023** | $11093 | $11093 | $10847 | $10298 |
| **3/31/2023** | $11311 | $11339 | $11051 | $10559 |
| **4/30/2023** | $11344 | $11313 | $11056 | $10623 |
| **5/31/2023** | $11268 | $11215 | $10978 | $10508 |
| **6/30/2023** | $11403 | $11327 | $11075 | $10470 |
| **7/31/2023** | $11437 | $11372 | $11106 | $10463 |
| **8/31/2023** | $11274 | $11208 | $10963 | $10396 |
| **9/30/2023** | $10921 | $10880 | $10642 | $10132 |
| **10/31/2023** | $10713 | $10787 | $10480 | $9972 |
| **11/30/2023** | $11473 | $11472 | $11173 | $10424 |
| **12/31/2023** | $11811 | $11739 | $11464 | $10823 |
| **1/31/2024** | $11814 | $11679 | $11456 | $10793 |
| **2/29/2024** | $11841 | $11694 | $11472 | $10640 |
| **3/31/2024** | $11855 | $11693 | $11488 | $10739 |
| **4/30/2024** | $11724 | $11548 | $11354 | $10467 |
| **5/31/2024** | $11761 | $11515 | $11362 | $10645 |
| **6/30/2024** | $11958 | $11691 | $11554 | $10746 |
| **7/31/2024** | $12065 | $11798 | $11656 | $10997 |
| **8/31/2024** | $12161 | $11891 | $11740 | $11155 |
| **9/30/2024** | $12326 | $12008 | $11869 | $11304 |
| **10/31/2024** | $12146 | $11833 | $11699 | $11024 |
| **11/30/2024** | $12358 | $12037 | $11893 | $11140 |
| **12/31/2024** | $12177 | $11862 | $11722 | $10958 |
| **1/31/2025** | $12185 | $11922 | $11756 | $11016 |
| **2/28/2025** | $12318 | $12040 | $11881 | $11258 |
| **3/31/2025** | $12089 | $11836 | $11670 | $11263 |
| **4/30/2025** | $11965 | $11741 | $11584 | $11307 |
| **5/31/2025** | $11900 | $11748 | $11536 | $11226 |
| **6/30/2025** | $11976 | $11821 | $11610 | $11399 |
| **7/31/2025** | $11876 | $11797 | $11541 | $11368 |
| **8/31/2025** | $11966 | $11900 | $11638 | $11504 |
| **9/30/2025** | $12344 | $12175 | $11946 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 0.14% | 0.87% | 2.51% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.35% |
| Lipper General Municipal Debt Funds Average | 0.65% | 0.77% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4804390749 |
| # of Portfolio Holdings | 707 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $17786662 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.82%

* A-6.37%

* A+14.09%

* AA13.59%

* AA-7.25%

* AA+7.17%

* AAA2.58%

* B0.35%

* B-0.46%

* B+0.32%

* BB0.97%

* BB-0.73%

* BB+3.59%

* BBB7.30%

* BBB-10.23%

* BBB+6.97%

* CCC+0.38%

* NR7.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LONSX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8988-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# LTNIX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | 0.60% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.09%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection within the Health Care, Transportation, and Special Tax sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight longer maturity bonds relative to the Bloomberg Municipal Bond Index detracted from relative performance over the period as rates on the long end rose amid a steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to Variable Rate Demand Notes along with the Tobacco and Education sectors as well as an underweight to Local General Obligation Bonds detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9306303e31687dfd915e4c82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Lipper General Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10058 | $10040 | $10048 | $10002 |
| **11/30/2015** | $10108 | $10080 | $10095 | $9975 |
| **12/31/2015** | $10195 | $10151 | $10172 | $9943 |
| **1/31/2016** | $10325 | $10272 | $10266 | $10080 |
| **2/29/2016** | $10358 | $10288 | $10268 | $10151 |
| **3/31/2016** | $10408 | $10320 | $10326 | $10244 |
| **4/30/2016** | $10495 | $10396 | $10407 | $10284 |
| **5/31/2016** | $10563 | $10424 | $10450 | $10286 |
| **6/30/2016** | $10777 | $10590 | $10618 | $10471 |
| **7/31/2016** | $10790 | $10597 | $10610 | $10537 |
| **8/31/2016** | $10820 | $10611 | $10634 | $10525 |
| **9/30/2016** | $10777 | $10558 | $10587 | $10519 |
| **10/31/2016** | $10650 | $10447 | $10482 | $10439 |
| **11/30/2016** | $10172 | $10058 | $10094 | $10192 |
| **12/31/2016** | $10240 | $10176 | $10187 | $10206 |
| **1/31/2017** | $10326 | $10243 | $10232 | $10226 |
| **2/28/2017** | $10414 | $10314 | $10297 | $10295 |
| **3/31/2017** | $10436 | $10336 | $10325 | $10290 |
| **4/30/2017** | $10524 | $10411 | $10399 | $10369 |
| **5/31/2017** | $10677 | $10577 | $10546 | $10449 |
| **6/30/2017** | $10660 | $10539 | $10523 | $10438 |
| **7/31/2017** | $10757 | $10624 | $10590 | $10483 |
| **8/31/2017** | $10871 | $10705 | $10675 | $10577 |
| **9/30/2017** | $10845 | $10650 | $10644 | $10527 |
| **10/31/2017** | $10866 | $10676 | $10658 | $10533 |
| **11/30/2017** | $10858 | $10619 | $10629 | $10519 |
| **12/31/2017** | $10995 | $10730 | $10737 | $10568 |
| **1/31/2018** | $10872 | $10604 | $10627 | $10446 |
| **2/28/2018** | $10816 | $10572 | $10585 | $10347 |
| **3/31/2018** | $10867 | $10611 | $10627 | $10413 |
| **4/30/2018** | $10839 | $10573 | $10597 | $10336 |
| **5/31/2018** | $10988 | $10694 | $10716 | $10410 |
| **6/30/2018** | $11010 | $10703 | $10725 | $10397 |
| **7/31/2018** | $11032 | $10729 | $10746 | $10399 |
| **8/31/2018** | $11063 | $10757 | $10763 | $10466 |
| **9/30/2018** | $10987 | $10687 | $10701 | $10399 |
| **10/31/2018** | $10881 | $10622 | $10616 | $10317 |
| **11/30/2018** | $10974 | $10739 | $10704 | $10378 |
| **12/31/2018** | $11096 | $10868 | $10811 | $10569 |
| **1/31/2019** | $11169 | $10950 | $10879 | $10681 |
| **2/28/2019** | $11263 | $11009 | $10945 | $10675 |
| **3/31/2019** | $11487 | $11182 | $11129 | $10880 |
| **4/30/2019** | $11560 | $11224 | $11178 | $10883 |
| **5/31/2019** | $11764 | $11379 | $11339 | $11076 |
| **6/30/2019** | $11817 | $11421 | $11383 | $11215 |
| **7/31/2019** | $11910 | $11513 | $11462 | $11240 |
| **8/31/2019** | $12166 | $11695 | $11658 | $11531 |
| **9/30/2019** | $12075 | $11601 | $11578 | $11470 |
| **10/31/2019** | $12076 | $11622 | $11580 | $11504 |
| **11/30/2019** | $12108 | $11651 | $11613 | $11498 |
| **12/31/2019** | $12150 | $11687 | $11637 | $11490 |
| **1/31/2020** | $12418 | $11897 | $11852 | $11711 |
| **2/29/2020** | $12677 | $12050 | $12032 | $11922 |
| **3/31/2020** | $11754 | $11613 | $11417 | $11852 |
| **4/30/2020** | $11442 | $11467 | $11196 | $12063 |
| **5/31/2020** | $11849 | $11832 | $11544 | $12119 |
| **6/30/2020** | $12141 | $11929 | $11727 | $12195 |
| **7/31/2020** | $12413 | $12130 | $11942 | $12377 |
| **8/31/2020** | $12380 | $12073 | $11907 | $12277 |
| **9/30/2020** | $12337 | $12076 | $11892 | $12271 |
| **10/31/2020** | $12315 | $12040 | $11862 | $12216 |
| **11/30/2020** | $12589 | $12221 | $12077 | $12336 |
| **12/31/2020** | $12768 | $12296 | $12190 | $12353 |
| **1/31/2021** | $12948 | $12374 | $12296 | $12264 |
| **2/28/2021** | $12691 | $12177 | $12101 | $12087 |
| **3/31/2021** | $12795 | $12253 | $12180 | $11936 |
| **4/30/2021** | $12974 | $12355 | $12303 | $12030 |
| **5/31/2021** | $13081 | $12392 | $12383 | $12070 |
| **6/30/2021** | $13175 | $12426 | $12437 | $12155 |
| **7/31/2021** | $13311 | $12529 | $12532 | $12290 |
| **8/31/2021** | $13220 | $12483 | $12481 | $12267 |
| **9/30/2021** | $13086 | $12393 | $12373 | $12161 |
| **10/31/2021** | $13049 | $12357 | $12351 | $12157 |
| **11/30/2021** | $13219 | $12462 | $12464 | $12193 |
| **12/31/2021** | $13247 | $12482 | $12483 | $12162 |
| **1/31/2022** | $12805 | $12141 | $12146 | $11900 |
| **2/28/2022** | $12670 | $12097 | $12063 | $11767 |
| **3/31/2022** | $12172 | $11705 | $11670 | $11441 |
| **4/30/2022** | $11695 | $11381 | $11302 | $11006 |
| **5/31/2022** | $11845 | $11550 | $11444 | $11077 |
| **6/30/2022** | $11467 | $11361 | $11177 | $10904 |
| **7/31/2022** | $11841 | $11661 | $11487 | $11170 |
| **8/31/2022** | $11527 | $11406 | $11209 | $10854 |
| **9/30/2022** | $10979 | $10968 | $10745 | $10385 |
| **10/31/2022** | $10798 | $10877 | $10617 | $10251 |
| **11/30/2022** | $11447 | $11386 | $11151 | $10628 |
| **12/31/2022** | $11423 | $11418 | $11135 | $10580 |
| **1/31/2023** | $11850 | $11746 | $11492 | $10905 |
| **2/28/2023** | $11568 | $11480 | $11219 | $10623 |
| **3/31/2023** | $11795 | $11735 | $11430 | $10893 |
| **4/30/2023** | $11829 | $11708 | $11435 | $10959 |
| **5/31/2023** | $11750 | $11607 | $11354 | $10840 |
| **6/30/2023** | $11890 | $11723 | $11455 | $10801 |
| **7/31/2023** | $11926 | $11770 | $11487 | $10794 |
| **8/31/2023** | $11754 | $11600 | $11339 | $10725 |
| **9/30/2023** | $11387 | $11260 | $11008 | $10452 |
| **10/31/2023** | $11157 | $11164 | $10840 | $10287 |
| **11/30/2023** | $11961 | $11873 | $11556 | $10753 |
| **12/31/2023** | $12313 | $12149 | $11857 | $11165 |
| **1/31/2024** | $12316 | $12087 | $11849 | $11134 |
| **2/29/2024** | $12343 | $12102 | $11866 | $10977 |
| **3/31/2024** | $12358 | $12102 | $11882 | $11078 |
| **4/30/2024** | $12220 | $11952 | $11743 | $10798 |
| **5/31/2024** | $12258 | $11917 | $11752 | $10981 |
| **6/30/2024** | $12463 | $12100 | $11951 | $11086 |
| **7/31/2024** | $12574 | $12210 | $12056 | $11344 |
| **8/31/2024** | $12673 | $12306 | $12143 | $11507 |
| **9/30/2024** | $12845 | $12428 | $12276 | $11662 |
| **10/31/2024** | $12657 | $12247 | $12101 | $11372 |
| **11/30/2024** | $12878 | $12458 | $12300 | $11493 |
| **12/31/2024** | $12688 | $12277 | $12124 | $11304 |
| **1/31/2025** | $12696 | $12338 | $12159 | $11364 |
| **2/28/2025** | $12835 | $12461 | $12289 | $11614 |
| **3/31/2025** | $12595 | $12250 | $12071 | $11619 |
| **4/30/2025** | $12466 | $12151 | $11981 | $11665 |
| **5/31/2025** | $12397 | $12159 | $11931 | $11581 |
| **6/30/2025** | $12476 | $12234 | $12008 | $11759 |
| **7/31/2025** | $12371 | $12210 | $11937 | $11728 |
| **8/31/2025** | $12464 | $12316 | $12037 | $11868 |
| **9/30/2025** | $12857 | $12601 | $12356 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 0.09% | 0.83% | 2.54% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper General Municipal Debt Funds Average | 0.65% | 0.77% | 2.14% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4804390749 |
| # of Portfolio Holdings | 707 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $17786662 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A9.82%

* A-6.37%

* A+14.09%

* AA13.59%

* AA-7.25%

* AA+7.17%

* AAA2.58%

* B0.35%

* B-0.46%

* B+0.32%

* BB0.97%

* BB-0.73%

* BB+3.59%

* BBB7.30%

* BBB-10.23%

* BBB+6.97%

* CCC+0.38%

* NR7.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# LTNIX

# Lord Abbett National Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1452-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LANJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.03%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to the Education sector and underweight allocation to the Housing and Industrial Development sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](if9d3af362afea07221836c88.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Index** | **Lipper New Jersey Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9779 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9846 | $10040 | $10055 | $10002 |
| **11/30/2015** | $9894 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10002 | $10151 | $10199 | $9943 |
| **1/31/2016** | $10132 | $10272 | $10303 | $10080 |
| **2/29/2016** | $10140 | $10288 | $10308 | $10151 |
| **3/31/2016** | $10208 | $10320 | $10367 | $10244 |
| **4/30/2016** | $10317 | $10396 | $10445 | $10284 |
| **5/31/2016** | $10385 | $10424 | $10495 | $10286 |
| **6/30/2016** | $10597 | $10590 | $10682 | $10471 |
| **7/31/2016** | $10582 | $10597 | $10681 | $10537 |
| **8/31/2016** | $10628 | $10611 | $10715 | $10525 |
| **9/30/2016** | $10612 | $10558 | $10681 | $10519 |
| **10/31/2016** | $10493 | $10447 | $10586 | $10439 |
| **11/30/2016** | $10040 | $10058 | $10181 | $10192 |
| **12/31/2016** | $10107 | $10176 | $10260 | $10206 |
| **1/31/2017** | $10134 | $10243 | $10288 | $10226 |
| **2/28/2017** | $10224 | $10314 | $10361 | $10295 |
| **3/31/2017** | $10249 | $10336 | $10373 | $10290 |
| **4/30/2017** | $10338 | $10411 | $10445 | $10369 |
| **5/31/2017** | $10469 | $10577 | $10576 | $10449 |
| **6/30/2017** | $10452 | $10539 | $10553 | $10438 |
| **7/31/2017** | $10518 | $10624 | $10611 | $10483 |
| **8/31/2017** | $10667 | $10705 | $10718 | $10577 |
| **9/30/2017** | $10604 | $10650 | $10677 | $10527 |
| **10/31/2017** | $10606 | $10676 | $10672 | $10533 |
| **11/30/2017** | $10587 | $10619 | $10641 | $10519 |
| **12/31/2017** | $10719 | $10730 | $10742 | $10568 |
| **1/31/2018** | $10592 | $10604 | $10645 | $10446 |
| **2/28/2018** | $10532 | $10572 | $10618 | $10347 |
| **3/31/2018** | $10621 | $10611 | $10682 | $10413 |
| **4/30/2018** | $10602 | $10573 | $10666 | $10336 |
| **5/31/2018** | $10713 | $10694 | $10787 | $10410 |
| **6/30/2018** | $10759 | $10703 | $10819 | $10397 |
| **7/31/2018** | $10806 | $10729 | $10861 | $10399 |
| **8/31/2018** | $10852 | $10757 | $10897 | $10466 |
| **9/30/2018** | $10789 | $10687 | $10840 | $10399 |
| **10/31/2018** | $10682 | $10622 | $10759 | $10317 |
| **11/30/2018** | $10795 | $10739 | $10850 | $10378 |
| **12/31/2018** | $10908 | $10868 | $10957 | $10569 |
| **1/31/2019** | $10977 | $10950 | $11029 | $10681 |
| **2/28/2019** | $11050 | $11009 | $11103 | $10675 |
| **3/31/2019** | $11252 | $11182 | $11270 | $10880 |
| **4/30/2019** | $11300 | $11224 | $11324 | $10883 |
| **5/31/2019** | $11504 | $11379 | $11483 | $11076 |
| **6/30/2019** | $11551 | $11421 | $11528 | $11215 |
| **7/31/2019** | $11643 | $11513 | $11620 | $11240 |
| **8/31/2019** | $11848 | $11695 | $11807 | $11531 |
| **9/30/2019** | $11760 | $11601 | $11722 | $11470 |
| **10/31/2019** | $11762 | $11622 | $11721 | $11504 |
| **11/30/2019** | $11787 | $11651 | $11739 | $11498 |
| **12/31/2019** | $11812 | $11687 | $11776 | $11490 |
| **1/31/2020** | $12063 | $11897 | $11998 | $11711 |
| **2/29/2020** | $12270 | $12050 | $12167 | $11922 |
| **3/31/2020** | $11473 | $11613 | $11499 | $11852 |
| **4/30/2020** | $11154 | $11467 | $11212 | $12063 |
| **5/31/2020** | $11499 | $11832 | $11547 | $12119 |
| **6/30/2020** | $11776 | $11929 | $11742 | $12195 |
| **7/31/2020** | $12030 | $12130 | $11988 | $12377 |
| **8/31/2020** | $12008 | $12073 | $11966 | $12277 |
| **9/30/2020** | $11986 | $12076 | $11959 | $12271 |
| **10/31/2020** | $11963 | $12040 | $11939 | $12216 |
| **11/30/2020** | $12219 | $12221 | $12163 | $12336 |
| **12/31/2020** | $12358 | $12296 | $12297 | $12353 |
| **1/31/2021** | $12521 | $12374 | $12434 | $12264 |
| **2/28/2021** | $12265 | $12177 | $12225 | $12087 |
| **3/31/2021** | $12382 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12522 | $12355 | $12443 | $12030 |
| **5/31/2021** | $12615 | $12392 | $12502 | $12070 |
| **6/30/2021** | $12683 | $12426 | $12557 | $12155 |
| **7/31/2021** | $12798 | $12529 | $12657 | $12290 |
| **8/31/2021** | $12750 | $12483 | $12613 | $12267 |
| **9/30/2021** | $12655 | $12393 | $12518 | $12161 |
| **10/31/2021** | $12606 | $12357 | $12484 | $12157 |
| **11/30/2021** | $12724 | $12462 | $12590 | $12193 |
| **12/31/2021** | $12770 | $12482 | $12612 | $12162 |
| **1/31/2022** | $12388 | $12141 | $12286 | $11900 |
| **2/28/2022** | $12293 | $12097 | $12206 | $11767 |
| **3/31/2022** | $11887 | $11705 | $11846 | $11441 |
| **4/30/2022** | $11432 | $11381 | $11485 | $11006 |
| **5/31/2022** | $11552 | $11550 | $11611 | $11077 |
| **6/30/2022** | $11241 | $11361 | $11383 | $10904 |
| **7/31/2022** | $11602 | $11661 | $11681 | $11170 |
| **8/31/2022** | $11265 | $11406 | $11407 | $10854 |
| **9/30/2022** | $10710 | $10968 | $10952 | $10385 |
| **10/31/2022** | $10542 | $10877 | $10841 | $10251 |
| **11/30/2022** | $11225 | $11386 | $11372 | $10628 |
| **12/31/2022** | $11178 | $11418 | $11361 | $10580 |
| **1/31/2023** | $11619 | $11746 | $11711 | $10905 |
| **2/28/2023** | $11305 | $11480 | $11466 | $10623 |
| **3/31/2023** | $11553 | $11735 | $11695 | $10893 |
| **4/30/2023** | $11605 | $11708 | $11705 | $10959 |
| **5/31/2023** | $11509 | $11607 | $11622 | $10840 |
| **6/30/2023** | $11637 | $11723 | $11715 | $10801 |
| **7/31/2023** | $11664 | $11770 | $11749 | $10794 |
| **8/31/2023** | $11520 | $11600 | $11614 | $10725 |
| **9/30/2023** | $11150 | $11260 | $11281 | $10452 |
| **10/31/2023** | $10955 | $11164 | $11118 | $10287 |
| **11/30/2023** | $11710 | $11873 | $11826 | $10753 |
| **12/31/2023** | $12040 | $12149 | $12117 | $11165 |
| **1/31/2024** | $12019 | $12087 | $12094 | $11134 |
| **2/29/2024** | $12024 | $12102 | $12111 | $10977 |
| **3/31/2024** | $12029 | $12102 | $12112 | $11078 |
| **4/30/2024** | $11882 | $11952 | $11963 | $10798 |
| **5/31/2024** | $11887 | $11917 | $11959 | $10981 |
| **6/30/2024** | $12070 | $12100 | $12148 | $11086 |
| **7/31/2024** | $12177 | $12210 | $12253 | $11344 |
| **8/31/2024** | $12233 | $12306 | $12331 | $11507 |
| **9/30/2024** | $12392 | $12428 | $12466 | $11662 |
| **10/31/2024** | $12218 | $12247 | $12302 | $11372 |
| **11/30/2024** | $12429 | $12458 | $12500 | $11493 |
| **12/31/2024** | $12253 | $12277 | $12340 | $11304 |
| **1/31/2025** | $12259 | $12338 | $12365 | $11364 |
| **2/28/2025** | $12396 | $12461 | $12483 | $11614 |
| **3/31/2025** | $12089 | $12250 | $12243 | $11619 |
| **4/30/2025** | $12017 | $12151 | $12161 | $11665 |
| **5/31/2025** | $11918 | $12159 | $12098 | $11581 |
| **6/30/2025** | $12030 | $12234 | $12192 | $11759 |
| **7/31/2025** | $11958 | $12210 | $12130 | $11728 |
| **8/31/2025** | $12044 | $12316 | $12227 | $11868 |
| **9/30/2025** | $12396 | $12601 | $12565 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 0.03% | 0.68% | 2.40% |
| Class A with sales charge | (2.20%) | 0.21% | 2.17% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New Jersey Municipal Debt Funds Average | 0.80% | 0.99% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $161136434 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $666364 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.88%

* A-2.60%

* A+23.09%

* AA14.79%

* AA-27.53%

* AA+0.95%

* AAA6.18%

* B+0.15%

* BB+2.62%

* BBB2.68%

* BBB-3.39%

* BBB+5.36%

* NR4.78%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LANJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-20-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LNJFX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.34%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to the Education sector and underweight allocation to the Housing and Industrial Development sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i43b99e8cab20f837a9b6e0d5.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond Index** | **Lipper New Jersey Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10070 | $10040 | $10055 | $10002 |
| **11/30/2015** | $10119 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10252 | $10151 | $10199 | $9943 |
| **1/31/2016** | $10385 | $10272 | $10303 | $10080 |
| **2/29/2016** | $10374 | $10288 | $10308 | $10151 |
| **3/31/2016** | $10465 | $10320 | $10367 | $10244 |
| **4/30/2016** | $10557 | $10396 | $10445 | $10284 |
| **5/31/2016** | $10627 | $10424 | $10495 | $10286 |
| **6/30/2016** | $10845 | $10590 | $10682 | $10471 |
| **7/31/2016** | $10830 | $10597 | $10681 | $10537 |
| **8/31/2016** | $10878 | $10611 | $10715 | $10525 |
| **9/30/2016** | $10863 | $10558 | $10681 | $10519 |
| **10/31/2016** | $10741 | $10447 | $10586 | $10439 |
| **11/30/2016** | $10278 | $10058 | $10181 | $10192 |
| **12/31/2016** | $10348 | $10176 | $10260 | $10206 |
| **1/31/2017** | $10398 | $10243 | $10288 | $10226 |
| **2/28/2017** | $10491 | $10314 | $10361 | $10295 |
| **3/31/2017** | $10496 | $10336 | $10373 | $10290 |
| **4/30/2017** | $10588 | $10411 | $10445 | $10369 |
| **5/31/2017** | $10745 | $10577 | $10576 | $10449 |
| **6/30/2017** | $10706 | $10539 | $10553 | $10438 |
| **7/31/2017** | $10775 | $10624 | $10611 | $10483 |
| **8/31/2017** | $10929 | $10705 | $10718 | $10577 |
| **9/30/2017** | $10865 | $10650 | $10677 | $10527 |
| **10/31/2017** | $10890 | $10676 | $10672 | $10533 |
| **11/30/2017** | $10850 | $10619 | $10641 | $10519 |
| **12/31/2017** | $10985 | $10730 | $10742 | $10568 |
| **1/31/2018** | $10857 | $10604 | $10645 | $10446 |
| **2/28/2018** | $10817 | $10572 | $10618 | $10347 |
| **3/31/2018** | $10887 | $10611 | $10682 | $10413 |
| **4/30/2018** | $10869 | $10573 | $10666 | $10336 |
| **5/31/2018** | $11006 | $10694 | $10787 | $10410 |
| **6/30/2018** | $11032 | $10703 | $10819 | $10397 |
| **7/31/2018** | $11080 | $10729 | $10861 | $10399 |
| **8/31/2018** | $11129 | $10757 | $10897 | $10466 |
| **9/30/2018** | $11065 | $10687 | $10840 | $10399 |
| **10/31/2018** | $10956 | $10622 | $10759 | $10317 |
| **11/30/2018** | $11073 | $10739 | $10850 | $10378 |
| **12/31/2018** | $11190 | $10868 | $10957 | $10569 |
| **1/31/2019** | $11262 | $10950 | $11029 | $10681 |
| **2/28/2019** | $11337 | $11009 | $11103 | $10675 |
| **3/31/2019** | $11546 | $11182 | $11270 | $10880 |
| **4/30/2019** | $11596 | $11224 | $11324 | $10883 |
| **5/31/2019** | $11806 | $11379 | $11483 | $11076 |
| **6/30/2019** | $11855 | $11421 | $11528 | $11215 |
| **7/31/2019** | $11951 | $11513 | $11620 | $11240 |
| **8/31/2019** | $12162 | $11695 | $11807 | $11531 |
| **9/30/2019** | $12073 | $11601 | $11722 | $11470 |
| **10/31/2019** | $12076 | $11622 | $11721 | $11504 |
| **11/30/2019** | $12079 | $11651 | $11739 | $11498 |
| **12/31/2019** | $12128 | $11687 | $11776 | $11490 |
| **1/31/2020** | $12387 | $11897 | $11998 | $11711 |
| **2/29/2020** | $12601 | $12050 | $12167 | $11922 |
| **3/31/2020** | $11783 | $11613 | $11499 | $11852 |
| **4/30/2020** | $11457 | $11467 | $11212 | $12063 |
| **5/31/2020** | $11813 | $11832 | $11547 | $12119 |
| **6/30/2020** | $12098 | $11929 | $11742 | $12195 |
| **7/31/2020** | $12360 | $12130 | $11988 | $12377 |
| **8/31/2020** | $12338 | $12073 | $11966 | $12277 |
| **9/30/2020** | $12316 | $12076 | $11959 | $12271 |
| **10/31/2020** | $12294 | $12040 | $11939 | $12216 |
| **11/30/2020** | $12558 | $12221 | $12163 | $12336 |
| **12/31/2020** | $12702 | $12296 | $12297 | $12353 |
| **1/31/2021** | $12870 | $12374 | $12434 | $12264 |
| **2/28/2021** | $12609 | $12177 | $12225 | $12087 |
| **3/31/2021** | $12729 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12875 | $12355 | $12443 | $12030 |
| **5/31/2021** | $12971 | $12392 | $12502 | $12070 |
| **6/30/2021** | $13043 | $12426 | $12557 | $12155 |
| **7/31/2021** | $13162 | $12529 | $12657 | $12290 |
| **8/31/2021** | $13113 | $12483 | $12613 | $12267 |
| **9/30/2021** | $13017 | $12393 | $12518 | $12161 |
| **10/31/2021** | $12968 | $12357 | $12484 | $12157 |
| **11/30/2021** | $13090 | $12462 | $12590 | $12193 |
| **12/31/2021** | $13138 | $12482 | $12612 | $12162 |
| **1/31/2022** | $12747 | $12141 | $12286 | $11900 |
| **2/28/2022** | $12675 | $12097 | $12206 | $11767 |
| **3/31/2022** | $12232 | $11705 | $11846 | $11441 |
| **4/30/2022** | $11766 | $11381 | $11485 | $11006 |
| **5/31/2022** | $11890 | $11550 | $11611 | $11077 |
| **6/30/2022** | $11570 | $11361 | $11383 | $10904 |
| **7/31/2022** | $11944 | $11661 | $11681 | $11170 |
| **8/31/2022** | $11598 | $11406 | $11407 | $10854 |
| **9/30/2022** | $11027 | $10968 | $10952 | $10385 |
| **10/31/2022** | $10855 | $10877 | $10841 | $10251 |
| **11/30/2022** | $11559 | $11386 | $11372 | $10628 |
| **12/31/2022** | $11511 | $11418 | $11361 | $10580 |
| **1/31/2023** | $11967 | $11746 | $11711 | $10905 |
| **2/28/2023** | $11644 | $11480 | $11466 | $10623 |
| **3/31/2023** | $11901 | $11735 | $11695 | $10893 |
| **4/30/2023** | $11955 | $11708 | $11705 | $10959 |
| **5/31/2023** | $11858 | $11607 | $11622 | $10840 |
| **6/30/2023** | $11990 | $11723 | $11715 | $10801 |
| **7/31/2023** | $12045 | $11770 | $11749 | $10794 |
| **8/31/2023** | $11871 | $11600 | $11614 | $10725 |
| **9/30/2023** | $11492 | $11260 | $11281 | $10452 |
| **10/31/2023** | $11317 | $11164 | $11118 | $10287 |
| **11/30/2023** | $12096 | $11873 | $11826 | $10753 |
| **12/31/2023** | $12411 | $12149 | $12117 | $11165 |
| **1/31/2024** | $12391 | $12087 | $12094 | $11134 |
| **2/29/2024** | $12398 | $12102 | $12111 | $10977 |
| **3/31/2024** | $12403 | $12102 | $12112 | $11078 |
| **4/30/2024** | $12253 | $11952 | $11963 | $10798 |
| **5/31/2024** | $12259 | $11917 | $11959 | $10981 |
| **6/30/2024** | $12449 | $12100 | $12148 | $11086 |
| **7/31/2024** | $12560 | $12210 | $12253 | $11344 |
| **8/31/2024** | $12645 | $12306 | $12331 | $11507 |
| **9/30/2024** | $12784 | $12428 | $12466 | $11662 |
| **10/31/2024** | $12605 | $12247 | $12302 | $11372 |
| **11/30/2024** | $12824 | $12458 | $12500 | $11493 |
| **12/31/2024** | $12644 | $12277 | $12340 | $11304 |
| **1/31/2025** | $12678 | $12338 | $12365 | $11364 |
| **2/28/2025** | $12793 | $12461 | $12483 | $11614 |
| **3/31/2025** | $12504 | $12250 | $12243 | $11619 |
| **4/30/2025** | $12404 | $12151 | $12161 | $11665 |
| **5/31/2025** | $12330 | $12159 | $12098 | $11581 |
| **6/30/2025** | $12419 | $12234 | $12192 | $11759 |
| **7/31/2025** | $12346 | $12210 | $12130 | $11728 |
| **8/31/2025** | $12436 | $12316 | $12227 | $11868 |
| **9/30/2025** | $12828 | $12601 | $12565 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 0.34% | 0.82% | 2.52% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New Jersey Municipal Debt Funds Average | 0.80% | 0.99% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $161136434 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $666364 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.88%

* A-2.60%

* A+23.09%

* AA14.79%

* AA-27.53%

* AA+0.95%

* AAA6.18%

* B+0.15%

* BB+2.62%

* BBB2.68%

* BBB-3.39%

* BBB+5.36%

* NR4.78%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LNJFX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1035-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LONJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $59 | 0.59% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.47%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to the Education sector and underweight allocation to the Housing and Industrial Development sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iab090cae6ebac1beb494d43a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond Index** | **Lipper New Jersey Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10065 | $10060 | $10057 | $10051 |
| **5/31/2017** | $10214 | $10219 | $10183 | $10128 |
| **6/30/2017** | $10200 | $10183 | $10161 | $10118 |
| **7/31/2017** | $10246 | $10265 | $10216 | $10162 |
| **8/31/2017** | $10393 | $10343 | $10320 | $10253 |
| **9/30/2017** | $10355 | $10291 | $10281 | $10204 |
| **10/31/2017** | $10359 | $10316 | $10275 | $10210 |
| **11/30/2017** | $10322 | $10260 | $10246 | $10197 |
| **12/31/2017** | $10452 | $10368 | $10343 | $10244 |
| **1/31/2018** | $10331 | $10246 | $10249 | $10126 |
| **2/28/2018** | $10295 | $10215 | $10224 | $10030 |
| **3/31/2018** | $10384 | $10253 | $10285 | $10094 |
| **4/30/2018** | $10368 | $10216 | $10269 | $10019 |
| **5/31/2018** | $10478 | $10333 | $10386 | $10091 |
| **6/30/2018** | $10504 | $10342 | $10417 | $10078 |
| **7/31/2018** | $10551 | $10367 | $10457 | $10080 |
| **8/31/2018** | $10599 | $10394 | $10492 | $10145 |
| **9/30/2018** | $10561 | $10326 | $10437 | $10080 |
| **10/31/2018** | $10458 | $10263 | $10359 | $10000 |
| **11/30/2018** | $10549 | $10376 | $10447 | $10060 |
| **12/31/2018** | $10662 | $10501 | $10550 | $10245 |
| **1/31/2019** | $10731 | $10580 | $10619 | $10354 |
| **2/28/2019** | $10825 | $10637 | $10690 | $10348 |
| **3/31/2019** | $11004 | $10805 | $10851 | $10546 |
| **4/30/2019** | $11075 | $10845 | $10904 | $10549 |
| **5/31/2019** | $11254 | $10995 | $11056 | $10736 |
| **6/30/2019** | $11324 | $11035 | $11100 | $10871 |
| **7/31/2019** | $11416 | $11124 | $11188 | $10895 |
| **8/31/2019** | $11618 | $11300 | $11368 | $11177 |
| **9/30/2019** | $11535 | $11209 | $11287 | $11118 |
| **10/31/2019** | $11539 | $11229 | $11286 | $11151 |
| **11/30/2019** | $11543 | $11257 | $11303 | $11146 |
| **12/31/2019** | $11592 | $11292 | $11339 | $11138 |
| **1/31/2020** | $11841 | $11495 | $11552 | $11352 |
| **2/29/2020** | $12023 | $11643 | $11715 | $11557 |
| **3/31/2020** | $11267 | $11221 | $11071 | $11489 |
| **4/30/2020** | $10934 | $11080 | $10795 | $11693 |
| **5/31/2020** | $11297 | $11432 | $11118 | $11747 |
| **6/30/2020** | $11548 | $11526 | $11306 | $11821 |
| **7/31/2020** | $11823 | $11720 | $11543 | $11998 |
| **8/31/2020** | $11780 | $11665 | $11521 | $11901 |
| **9/30/2020** | $11760 | $11668 | $11514 | $11894 |
| **10/31/2020** | $11740 | $11633 | $11495 | $11841 |
| **11/30/2020** | $11993 | $11808 | $11711 | $11958 |
| **12/31/2020** | $12155 | $11880 | $11840 | $11974 |
| **1/31/2021** | $12294 | $11956 | $11972 | $11888 |
| **2/28/2021** | $12069 | $11766 | $11770 | $11716 |
| **3/31/2021** | $12162 | $11839 | $11850 | $11570 |
| **4/30/2021** | $12325 | $11938 | $11981 | $11662 |
| **5/31/2021** | $12396 | $11974 | $12038 | $11700 |
| **6/30/2021** | $12466 | $12007 | $12091 | $11782 |
| **7/31/2021** | $12581 | $12106 | $12186 | $11914 |
| **8/31/2021** | $12559 | $12062 | $12144 | $11891 |
| **9/30/2021** | $12445 | $11975 | $12053 | $11788 |
| **10/31/2021** | $12422 | $11940 | $12020 | $11785 |
| **11/30/2021** | $12540 | $12041 | $12122 | $11820 |
| **12/31/2021** | $12565 | $12061 | $12143 | $11789 |
| **1/31/2022** | $12215 | $11731 | $11829 | $11535 |
| **2/28/2022** | $12124 | $11688 | $11752 | $11407 |
| **3/31/2022** | $11726 | $11310 | $11406 | $11090 |
| **4/30/2022** | $11258 | $10997 | $11058 | $10669 |
| **5/31/2022** | $11402 | $11160 | $11179 | $10738 |
| **6/30/2022** | $11097 | $10977 | $10960 | $10569 |
| **7/31/2022** | $11455 | $11267 | $11247 | $10828 |
| **8/31/2022** | $11102 | $11020 | $10983 | $10522 |
| **9/30/2022** | $10557 | $10597 | $10545 | $10067 |
| **10/31/2022** | $10418 | $10509 | $10438 | $9937 |
| **11/30/2022** | $11069 | $11001 | $10949 | $10302 |
| **12/31/2022** | $11025 | $11032 | $10939 | $10256 |
| **1/31/2023** | $11463 | $11349 | $11276 | $10571 |
| **2/28/2023** | $11179 | $11093 | $11040 | $10298 |
| **3/31/2023** | $11426 | $11339 | $11260 | $10559 |
| **4/30/2023** | $11455 | $11313 | $11270 | $10623 |
| **5/31/2023** | $11363 | $11215 | $11190 | $10508 |
| **6/30/2023** | $11491 | $11327 | $11280 | $10470 |
| **7/31/2023** | $11545 | $11372 | $11312 | $10463 |
| **8/31/2023** | $11380 | $11208 | $11182 | $10396 |
| **9/30/2023** | $11042 | $10880 | $10862 | $10132 |
| **10/31/2023** | $10851 | $10787 | $10704 | $9972 |
| **11/30/2023** | $11600 | $11472 | $11386 | $10424 |
| **12/31/2023** | $11903 | $11739 | $11667 | $10823 |
| **1/31/2024** | $11885 | $11679 | $11644 | $10793 |
| **2/29/2024** | $11918 | $11694 | $11661 | $10640 |
| **3/31/2024** | $11900 | $11693 | $11662 | $10739 |
| **4/30/2024** | $11757 | $11548 | $11518 | $10467 |
| **5/31/2024** | $11764 | $11515 | $11514 | $10645 |
| **6/30/2024** | $11973 | $11691 | $11696 | $10746 |
| **7/31/2024** | $12081 | $11798 | $11798 | $10997 |
| **8/31/2024** | $12138 | $11891 | $11873 | $11155 |
| **9/30/2024** | $12273 | $12008 | $12002 | $11304 |
| **10/31/2024** | $12103 | $11833 | $11845 | $11024 |
| **11/30/2024** | $12340 | $12037 | $12036 | $11140 |
| **12/31/2024** | $12168 | $11862 | $11881 | $10958 |
| **1/31/2025** | $12176 | $11922 | $11906 | $11016 |
| **2/28/2025** | $12288 | $12040 | $12019 | $11258 |
| **3/31/2025** | $12012 | $11836 | $11788 | $11263 |
| **4/30/2025** | $11943 | $11741 | $11709 | $11307 |
| **5/31/2025** | $11847 | $11748 | $11649 | $11226 |
| **6/30/2025** | $11935 | $11821 | $11739 | $11399 |
| **7/31/2025** | $11865 | $11797 | $11679 | $11368 |
| **8/31/2025** | $11953 | $11900 | $11773 | $11504 |
| **9/30/2025** | $12331 | $12175 | $12098 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 0.47% | 0.95% | 2.50% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.35% |
| Lipper New Jersey Municipal Debt Funds Average | 0.80% | 0.99% | 2.27% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $161136434 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $666364 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.88%

* A-2.60%

* A+23.09%

* AA14.79%

* AA-27.53%

* AA+0.95%

* AAA6.18%

* B+0.15%

* BB+2.62%

* BBB2.68%

* BBB-3.39%

* BBB+5.36%

* NR4.78%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LONJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8989-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# LINJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 0.44%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** An overweight allocation to A-rated, BBB-rated and non-investment grade bonds contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to the Education sector and underweight allocation to the Housing and Industrial Development sectors detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i6aa5d6db4beeed32cd26a81d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Lipper New Jersey Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10071 | $10040 | $10055 | $10002 |
| **11/30/2015** | $10122 | $10080 | $10103 | $9975 |
| **12/31/2015** | $10256 | $10151 | $10199 | $9943 |
| **1/31/2016** | $10390 | $10272 | $10303 | $10080 |
| **2/29/2016** | $10401 | $10288 | $10308 | $10151 |
| **3/31/2016** | $10472 | $10320 | $10367 | $10244 |
| **4/30/2016** | $10565 | $10396 | $10445 | $10284 |
| **5/31/2016** | $10636 | $10424 | $10495 | $10286 |
| **6/30/2016** | $10856 | $10590 | $10682 | $10471 |
| **7/31/2016** | $10863 | $10597 | $10681 | $10537 |
| **8/31/2016** | $10891 | $10611 | $10715 | $10525 |
| **9/30/2016** | $10876 | $10558 | $10681 | $10519 |
| **10/31/2016** | $10755 | $10447 | $10586 | $10439 |
| **11/30/2016** | $10292 | $10058 | $10181 | $10192 |
| **12/31/2016** | $10384 | $10176 | $10260 | $10206 |
| **1/31/2017** | $10413 | $10243 | $10288 | $10226 |
| **2/28/2017** | $10506 | $10314 | $10361 | $10295 |
| **3/31/2017** | $10534 | $10336 | $10373 | $10290 |
| **4/30/2017** | $10605 | $10411 | $10445 | $10369 |
| **5/31/2017** | $10763 | $10577 | $10576 | $10449 |
| **6/30/2017** | $10747 | $10539 | $10553 | $10438 |
| **7/31/2017** | $10817 | $10624 | $10611 | $10483 |
| **8/31/2017** | $10950 | $10705 | $10718 | $10577 |
| **9/30/2017** | $10909 | $10650 | $10677 | $10527 |
| **10/31/2017** | $10913 | $10676 | $10672 | $10533 |
| **11/30/2017** | $10895 | $10619 | $10641 | $10519 |
| **12/31/2017** | $11010 | $10730 | $10742 | $10568 |
| **1/31/2018** | $10882 | $10604 | $10645 | $10446 |
| **2/28/2018** | $10843 | $10572 | $10618 | $10347 |
| **3/31/2018** | $10937 | $10611 | $10682 | $10413 |
| **4/30/2018** | $10919 | $10573 | $10666 | $10336 |
| **5/31/2018** | $11035 | $10694 | $10787 | $10410 |
| **6/30/2018** | $11062 | $10703 | $10819 | $10397 |
| **7/31/2018** | $11112 | $10729 | $10861 | $10399 |
| **8/31/2018** | $11162 | $10757 | $10897 | $10466 |
| **9/30/2018** | $11121 | $10687 | $10840 | $10399 |
| **10/31/2018** | $11013 | $10622 | $10759 | $10317 |
| **11/30/2018** | $11108 | $10739 | $10850 | $10378 |
| **12/31/2018** | $11226 | $10868 | $10957 | $10569 |
| **1/31/2019** | $11299 | $10950 | $11029 | $10681 |
| **2/28/2019** | $11398 | $11009 | $11103 | $10675 |
| **3/31/2019** | $11586 | $11182 | $11270 | $10880 |
| **4/30/2019** | $11660 | $11224 | $11324 | $10883 |
| **5/31/2019** | $11849 | $11379 | $11483 | $11076 |
| **6/30/2019** | $11900 | $11421 | $11528 | $11215 |
| **7/31/2019** | $12020 | $11513 | $11620 | $11240 |
| **8/31/2019** | $12233 | $11695 | $11807 | $11531 |
| **9/30/2019** | $12144 | $11601 | $11722 | $11470 |
| **10/31/2019** | $12125 | $11622 | $11721 | $11504 |
| **11/30/2019** | $12153 | $11651 | $11739 | $11498 |
| **12/31/2019** | $12203 | $11687 | $11776 | $11490 |
| **1/31/2020** | $12464 | $11897 | $11998 | $11711 |
| **2/29/2020** | $12656 | $12050 | $12167 | $11922 |
| **3/31/2020** | $11860 | $11613 | $11499 | $11852 |
| **4/30/2020** | $11510 | $11467 | $11212 | $12063 |
| **5/31/2020** | $11868 | $11832 | $11547 | $12119 |
| **6/30/2020** | $12156 | $11929 | $11742 | $12195 |
| **7/31/2020** | $12420 | $12130 | $11988 | $12377 |
| **8/31/2020** | $12399 | $12073 | $11966 | $12277 |
| **9/30/2020** | $12378 | $12076 | $11959 | $12271 |
| **10/31/2020** | $12357 | $12040 | $11939 | $12216 |
| **11/30/2020** | $12623 | $12221 | $12163 | $12336 |
| **12/31/2020** | $12793 | $12296 | $12297 | $12353 |
| **1/31/2021** | $12939 | $12374 | $12434 | $12264 |
| **2/28/2021** | $12701 | $12177 | $12225 | $12087 |
| **3/31/2021** | $12799 | $12253 | $12307 | $11936 |
| **4/30/2021** | $12971 | $12355 | $12443 | $12030 |
| **5/31/2021** | $13044 | $12392 | $12502 | $12070 |
| **6/30/2021** | $13117 | $12426 | $12557 | $12155 |
| **7/31/2021** | $13238 | $12529 | $12657 | $12290 |
| **8/31/2021** | $13215 | $12483 | $12613 | $12267 |
| **9/30/2021** | $13094 | $12393 | $12518 | $12161 |
| **10/31/2021** | $13071 | $12357 | $12484 | $12157 |
| **11/30/2021** | $13195 | $12462 | $12590 | $12193 |
| **12/31/2021** | $13220 | $12482 | $12612 | $12162 |
| **1/31/2022** | $12827 | $12141 | $12286 | $11900 |
| **2/28/2022** | $12756 | $12097 | $12206 | $11767 |
| **3/31/2022** | $12312 | $11705 | $11846 | $11441 |
| **4/30/2022** | $11843 | $11381 | $11485 | $11006 |
| **5/31/2022** | $11994 | $11550 | $11611 | $11077 |
| **6/30/2022** | $11649 | $11361 | $11383 | $10904 |
| **7/31/2022** | $12050 | $11661 | $11681 | $11170 |
| **8/31/2022** | $11678 | $11406 | $11407 | $10854 |
| **9/30/2022** | $11105 | $10968 | $10952 | $10385 |
| **10/31/2022** | $10958 | $10877 | $10841 | $10251 |
| **11/30/2022** | $11642 | $11386 | $11372 | $10628 |
| **12/31/2022** | $11595 | $11418 | $11361 | $10580 |
| **1/31/2023** | $12055 | $11746 | $11711 | $10905 |
| **2/28/2023** | $11756 | $11480 | $11466 | $10623 |
| **3/31/2023** | $12016 | $11735 | $11695 | $10893 |
| **4/30/2023** | $12046 | $11708 | $11705 | $10959 |
| **5/31/2023** | $11949 | $11607 | $11622 | $10840 |
| **6/30/2023** | $12083 | $11723 | $11715 | $10801 |
| **7/31/2023** | $12140 | $11770 | $11749 | $10794 |
| **8/31/2023** | $11966 | $11600 | $11614 | $10725 |
| **9/30/2023** | $11584 | $11260 | $11281 | $10452 |
| **10/31/2023** | $11409 | $11164 | $11118 | $10287 |
| **11/30/2023** | $12196 | $11873 | $11826 | $10753 |
| **12/31/2023** | $12514 | $12149 | $12117 | $11165 |
| **1/31/2024** | $12495 | $12087 | $12094 | $11134 |
| **2/29/2024** | $12529 | $12102 | $12111 | $10977 |
| **3/31/2024** | $12509 | $12102 | $12112 | $11078 |
| **4/30/2024** | $12359 | $11952 | $11963 | $10798 |
| **5/31/2024** | $12366 | $11917 | $11959 | $10981 |
| **6/30/2024** | $12559 | $12100 | $12148 | $11086 |
| **7/31/2024** | $12672 | $12210 | $12253 | $11344 |
| **8/31/2024** | $12759 | $12306 | $12331 | $11507 |
| **9/30/2024** | $12900 | $12428 | $12466 | $11662 |
| **10/31/2024** | $12721 | $12247 | $12302 | $11372 |
| **11/30/2024** | $12970 | $12458 | $12500 | $11493 |
| **12/31/2024** | $12789 | $12277 | $12340 | $11304 |
| **1/31/2025** | $12797 | $12338 | $12365 | $11364 |
| **2/28/2025** | $12914 | $12461 | $12483 | $11614 |
| **3/31/2025** | $12624 | $12250 | $12243 | $11619 |
| **4/30/2025** | $12524 | $12151 | $12161 | $11665 |
| **5/31/2025** | $12450 | $12159 | $12098 | $11581 |
| **6/30/2025** | $12542 | $12234 | $12192 | $11759 |
| **7/31/2025** | $12468 | $12210 | $12130 | $11728 |
| **8/31/2025** | $12561 | $12316 | $12227 | $11868 |
| **9/30/2025** | $12957 | $12601 | $12565 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 0.44% | 0.92% | 2.62% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New Jersey Municipal Debt Funds Average | 0.80% | 0.99% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $161136434 |
| # of Portfolio Holdings | 192 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $666364 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A5.88%

* A-2.60%

* A+23.09%

* AA14.79%

* AA-27.53%

* AA+0.95%

* AAA6.18%

* B+0.15%

* BB+2.62%

* BBB2.68%

* BBB-3.39%

* BBB+5.36%

* NR4.78%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# LINJX

# Lord Abbett New Jersey Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3327-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LSDAX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.81%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 3.22% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance**: An overweight allocation to A- and BBB-rated bonds contributed to relative performance. The Fund's greater yield relative to the Bloomberg Municipal Bond Short 1-5 Year Index contributed to relative returns over the period.

**Top detractors from the Fund's performance:** An overweight allocation to Variable Rate Demand Notes detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i650d0c057f51d42843711f6e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Short 1-5 Year Index** | **Lipper Short Duration Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9776 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9797 | $10027 | $10018 | $10002 |
| **11/30/2015** | $9782 | $10009 | $10008 | $9975 |
| **12/31/2015** | $9790 | $10008 | $10010 | $9943 |
| **1/31/2016** | $9835 | $10070 | $10046 | $10080 |
| **2/29/2016** | $9864 | $10102 | $10060 | $10151 |
| **3/31/2016** | $9841 | $10078 | $10046 | $10244 |
| **4/30/2016** | $9863 | $10103 | $10064 | $10284 |
| **5/31/2016** | $9859 | $10096 | $10059 | $10286 |
| **6/30/2016** | $9900 | $10144 | $10091 | $10471 |
| **7/31/2016** | $9921 | $10172 | $10106 | $10537 |
| **8/31/2016** | $9923 | $10160 | $10104 | $10525 |
| **9/30/2016** | $9901 | $10123 | $10086 | $10519 |
| **10/31/2016** | $9878 | $10113 | $10078 | $10439 |
| **11/30/2016** | $9711 | $9986 | $9990 | $10192 |
| **12/31/2016** | $9725 | $10015 | $10000 | $10206 |
| **1/31/2017** | $9778 | $10082 | $10035 | $10226 |
| **2/28/2017** | $9813 | $10137 | $10067 | $10295 |
| **3/31/2017** | $9815 | $10135 | $10069 | $10290 |
| **4/30/2017** | $9856 | $10168 | $10092 | $10369 |
| **5/31/2017** | $9903 | $10218 | $10125 | $10449 |
| **6/30/2017** | $9887 | $10192 | $10115 | $10438 |
| **7/31/2017** | $9921 | $10235 | $10144 | $10483 |
| **8/31/2017** | $9955 | $10276 | $10172 | $10577 |
| **9/30/2017** | $9926 | $10242 | $10159 | $10527 |
| **10/31/2017** | $9929 | $10240 | $10158 | $10533 |
| **11/30/2017** | $9868 | $10156 | $10117 | $10519 |
| **12/31/2017** | $9885 | $10176 | $10129 | $10568 |
| **1/31/2018** | $9875 | $10190 | $10135 | $10446 |
| **2/28/2018** | $9867 | $10193 | $10136 | $10347 |
| **3/31/2018** | $9872 | $10186 | $10134 | $10413 |
| **4/30/2018** | $9859 | $10161 | $10125 | $10336 |
| **5/31/2018** | $9903 | $10217 | $10161 | $10410 |
| **6/30/2018** | $9922 | $10254 | $10182 | $10397 |
| **7/31/2018** | $9947 | $10285 | $10202 | $10399 |
| **8/31/2018** | $9954 | $10281 | $10208 | $10466 |
| **9/30/2018** | $9930 | $10243 | $10189 | $10399 |
| **10/31/2018** | $9912 | $10238 | $10184 | $10317 |
| **11/30/2018** | $9953 | $10290 | $10217 | $10378 |
| **12/31/2018** | $9993 | $10356 | $10254 | $10569 |
| **1/31/2019** | $10046 | $10413 | $10293 | $10681 |
| **2/28/2019** | $10083 | $10448 | $10316 | $10675 |
| **3/31/2019** | $10144 | $10494 | $10355 | $10880 |
| **4/30/2019** | $10160 | $10496 | $10365 | $10883 |
| **5/31/2019** | $10234 | $10564 | $10411 | $11076 |
| **6/30/2019** | $10269 | $10611 | $10441 | $11215 |
| **7/31/2019** | $10324 | $10669 | $10480 | $11240 |
| **8/31/2019** | $10385 | $10698 | $10509 | $11531 |
| **9/30/2019** | $10342 | $10645 | $10486 | $11470 |
| **10/31/2019** | $10363 | $10690 | $10507 | $11504 |
| **11/30/2019** | $10378 | $10713 | $10523 | $11498 |
| **12/31/2019** | $10399 | $10735 | $10534 | $11490 |
| **1/31/2020** | $10485 | $10807 | $10584 | $11711 |
| **2/29/2020** | $10552 | $10845 | $10615 | $11922 |
| **3/31/2020** | $10225 | $10690 | $10480 | $11852 |
| **4/30/2020** | $10173 | $10705 | $10461 | $12063 |
| **5/31/2020** | $10318 | $10903 | $10572 | $12119 |
| **6/30/2020** | $10415 | $10925 | $10616 | $12195 |
| **7/31/2020** | $10507 | $10990 | $10664 | $12377 |
| **8/31/2020** | $10518 | $10989 | $10669 | $12277 |
| **9/30/2020** | $10515 | $11002 | $10675 | $12271 |
| **10/31/2020** | $10505 | $10985 | $10669 | $12216 |
| **11/30/2020** | $10568 | $11017 | $10702 | $12336 |
| **12/31/2020** | $10610 | $11038 | $10723 | $12353 |
| **1/31/2021** | $10659 | $11064 | $10747 | $12264 |
| **2/28/2021** | $10589 | $11020 | $10713 | $12087 |
| **3/31/2021** | $10610 | $11047 | $10724 | $11936 |
| **4/30/2021** | $10645 | $11072 | $10745 | $12030 |
| **5/31/2021** | $10660 | $11074 | $10754 | $12070 |
| **6/30/2021** | $10667 | $11075 | $10756 | $12155 |
| **7/31/2021** | $10701 | $11112 | $10776 | $12290 |
| **8/31/2021** | $10688 | $11108 | $10769 | $12267 |
| **9/30/2021** | $10641 | $11084 | $10744 | $12161 |
| **10/31/2021** | $10627 | $11068 | $10734 | $12157 |
| **11/30/2021** | $10641 | $11074 | $10744 | $12193 |
| **12/31/2021** | $10641 | $11078 | $10742 | $12162 |
| **1/31/2022** | $10479 | $10908 | $10639 | $11900 |
| **2/28/2022** | $10433 | $10879 | $10613 | $11767 |
| **3/31/2022** | $10279 | $10709 | $10510 | $11441 |
| **4/30/2022** | $10166 | $10606 | $10436 | $11006 |
| **5/31/2022** | $10222 | $10729 | $10495 | $11077 |
| **6/30/2022** | $10184 | $10718 | $10474 | $10904 |
| **7/31/2022** | $10282 | $10835 | $10551 | $11170 |
| **8/31/2022** | $10179 | $10700 | $10476 | $10854 |
| **9/30/2022** | $10036 | $10517 | $10372 | $10385 |
| **10/31/2022** | $10017 | $10515 | $10367 | $10251 |
| **11/30/2022** | $10167 | $10711 | $10495 | $10628 |
| **12/31/2022** | $10196 | $10727 | $10514 | $10580 |
| **1/31/2023** | $10307 | $10870 | $10612 | $10905 |
| **2/28/2023** | $10194 | $10715 | $10536 | $10623 |
| **3/31/2023** | $10307 | $10873 | $10630 | $10893 |
| **4/30/2023** | $10283 | $10827 | $10621 | $10959 |
| **5/31/2023** | $10254 | $10769 | $10603 | $10840 |
| **6/30/2023** | $10310 | $10834 | $10651 | $10801 |
| **7/31/2023** | $10331 | $10859 | $10676 | $10794 |
| **8/31/2023** | $10319 | $10835 | $10677 | $10725 |
| **9/30/2023** | $10266 | $10732 | $10624 | $10452 |
| **10/31/2023** | $10270 | $10745 | $10634 | $10287 |
| **11/30/2023** | $10420 | $11006 | $10807 | $10753 |
| **12/31/2023** | $10521 | $11111 | $10893 | $11165 |
| **1/31/2024** | $10525 | $11091 | $10903 | $11134 |
| **2/29/2024** | $10549 | $11103 | $10924 | $10977 |
| **3/31/2024** | $10560 | $11090 | $10936 | $11078 |
| **4/30/2024** | $10544 | $11051 | $10926 | $10798 |
| **5/31/2024** | $10562 | $11042 | $10940 | $10981 |
| **6/30/2024** | $10637 | $11128 | $11011 | $11086 |
| **7/31/2024** | $10704 | $11222 | $11081 | $11344 |
| **8/31/2024** | $10780 | $11329 | $11155 | $11507 |
| **9/30/2024** | $10848 | $11386 | $11203 | $11662 |
| **10/31/2024** | $10781 | $11322 | $11169 | $11372 |
| **11/30/2024** | $10865 | $11380 | $11224 | $11493 |
| **12/31/2024** | $10826 | $11341 | $11207 | $11304 |
| **1/31/2025** | $10879 | $11402 | $11259 | $11364 |
| **2/28/2025** | $10940 | $11472 | $11311 | $11614 |
| **3/31/2025** | $10894 | $11454 | $11301 | $11619 |
| **4/30/2025** | $10871 | $11414 | $11293 | $11665 |
| **5/31/2025** | $10926 | $11493 | $11343 | $11581 |
| **6/30/2025** | $10988 | $11575 | $11403 | $11759 |
| **7/31/2025** | $11035 | $11661 | $11453 | $11728 |
| **8/31/2025** | $11098 | $11731 | $11509 | $11868 |
| **9/30/2025** | $11153 | $11752 | $11551 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 2.81% | 1.19% | 1.33% |
| Class A with sales charge | 0.50% | 0.73% | 1.10% |
| Bloomberg Municipal Bond Short 1-5 Year Index | 3.22% | 1.33% | 1.63% |
| Lipper Short Duration Municipal Debt Funds Average | 3.11% | 1.59% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1645941158 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $5131802 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A21.88%

* A-8.68%

* A+16.53%

* AA12.90%

* AA-3.52%

* AA+10.40%

* AAA6.75%

* B0.66%

* BB0.28%

* BB+0.29%

* BBB3.18%

* BBB-4.21%

* BBB+5.60%

* NR5.12%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LSDAX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2074-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# LSDCX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.24%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 3.22% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance**: An overweight allocation to A- and BBB-rated bonds contributed to relative performance. The Fund's greater yield relative to the Bloomberg Municipal Bond Short 1-5 Year Index contributed to relative returns over the period.

**Top detractors from the Fund's performance:** An overweight allocation to Variable Rate Demand Notes detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8996c91af09e6a6f9fbf4e90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond Short 1-5 Year Index** | **Lipper Short Duration Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10016 | $10027 | $10018 | $10002 |
| **11/30/2015** | $9995 | $10009 | $10008 | $9975 |
| **12/31/2015** | $9998 | $10008 | $10010 | $9943 |
| **1/31/2016** | $10039 | $10070 | $10046 | $10080 |
| **2/29/2016** | $10063 | $10102 | $10060 | $10151 |
| **3/31/2016** | $10035 | $10078 | $10046 | $10244 |
| **4/30/2016** | $10052 | $10103 | $10064 | $10284 |
| **5/31/2016** | $10043 | $10096 | $10059 | $10286 |
| **6/30/2016** | $10080 | $10144 | $10091 | $10471 |
| **7/31/2016** | $10096 | $10172 | $10106 | $10537 |
| **8/31/2016** | $10093 | $10160 | $10104 | $10525 |
| **9/30/2016** | $10065 | $10123 | $10086 | $10519 |
| **10/31/2016** | $10037 | $10113 | $10078 | $10439 |
| **11/30/2016** | $9862 | $9986 | $9990 | $10192 |
| **12/31/2016** | $9871 | $10015 | $10000 | $10206 |
| **1/31/2017** | $9920 | $10082 | $10035 | $10226 |
| **2/28/2017** | $9957 | $10137 | $10067 | $10295 |
| **3/31/2017** | $9947 | $10135 | $10069 | $10290 |
| **4/30/2017** | $9984 | $10168 | $10092 | $10369 |
| **5/31/2017** | $10026 | $10218 | $10125 | $10449 |
| **6/30/2017** | $10005 | $10192 | $10115 | $10438 |
| **7/31/2017** | $10034 | $10235 | $10144 | $10483 |
| **8/31/2017** | $10063 | $10276 | $10172 | $10577 |
| **9/30/2017** | $10029 | $10242 | $10159 | $10527 |
| **10/31/2017** | $10027 | $10240 | $10158 | $10533 |
| **11/30/2017** | $9961 | $10156 | $10117 | $10519 |
| **12/31/2017** | $9972 | $10176 | $10129 | $10568 |
| **1/31/2018** | $9957 | $10190 | $10135 | $10446 |
| **2/28/2018** | $9951 | $10193 | $10136 | $10347 |
| **3/31/2018** | $9944 | $10186 | $10134 | $10413 |
| **4/30/2018** | $9926 | $10161 | $10125 | $10336 |
| **5/31/2018** | $9965 | $10217 | $10161 | $10410 |
| **6/30/2018** | $9979 | $10254 | $10182 | $10397 |
| **7/31/2018** | $10000 | $10285 | $10202 | $10399 |
| **8/31/2018** | $10002 | $10281 | $10208 | $10466 |
| **9/30/2018** | $9972 | $10243 | $10189 | $10399 |
| **10/31/2018** | $9949 | $10238 | $10184 | $10317 |
| **11/30/2018** | $9985 | $10290 | $10217 | $10378 |
| **12/31/2018** | $10020 | $10356 | $10254 | $10569 |
| **1/31/2019** | $10068 | $10413 | $10293 | $10681 |
| **2/28/2019** | $10100 | $10448 | $10316 | $10675 |
| **3/31/2019** | $10156 | $10494 | $10355 | $10880 |
| **4/30/2019** | $10167 | $10496 | $10365 | $10883 |
| **5/31/2019** | $10236 | $10564 | $10411 | $11076 |
| **6/30/2019** | $10266 | $10611 | $10441 | $11215 |
| **7/31/2019** | $10315 | $10669 | $10480 | $11240 |
| **8/31/2019** | $10371 | $10698 | $10509 | $11531 |
| **9/30/2019** | $10323 | $10645 | $10486 | $11470 |
| **10/31/2019** | $10339 | $10690 | $10507 | $11504 |
| **11/30/2019** | $10348 | $10713 | $10523 | $11498 |
| **12/31/2019** | $10364 | $10735 | $10534 | $11490 |
| **1/31/2020** | $10444 | $10807 | $10584 | $11711 |
| **2/29/2020** | $10506 | $10845 | $10615 | $11922 |
| **3/31/2020** | $10175 | $10690 | $10480 | $11852 |
| **4/30/2020** | $10118 | $10705 | $10461 | $12063 |
| **5/31/2020** | $10257 | $10903 | $10572 | $12119 |
| **6/30/2020** | $10349 | $10925 | $10616 | $12195 |
| **7/31/2020** | $10434 | $10990 | $10664 | $12377 |
| **8/31/2020** | $10439 | $10989 | $10669 | $12277 |
| **9/30/2020** | $10431 | $11002 | $10675 | $12271 |
| **10/31/2020** | $10415 | $10985 | $10669 | $12216 |
| **11/30/2020** | $10472 | $11017 | $10702 | $12336 |
| **12/31/2020** | $10509 | $11038 | $10723 | $12353 |
| **1/31/2021** | $10551 | $11064 | $10747 | $12264 |
| **2/28/2021** | $10477 | $11020 | $10713 | $12087 |
| **3/31/2021** | $10492 | $11047 | $10724 | $11936 |
| **4/30/2021** | $10521 | $11072 | $10745 | $12030 |
| **5/31/2021** | $10529 | $11074 | $10754 | $12070 |
| **6/30/2021** | $10531 | $11075 | $10756 | $12155 |
| **7/31/2021** | $10558 | $11112 | $10776 | $12290 |
| **8/31/2021** | $10539 | $11108 | $10769 | $12267 |
| **9/30/2021** | $10487 | $11084 | $10744 | $12161 |
| **10/31/2021** | $10468 | $11068 | $10734 | $12157 |
| **11/30/2021** | $10476 | $11074 | $10744 | $12193 |
| **12/31/2021** | $10470 | $11078 | $10742 | $12162 |
| **1/31/2022** | $10305 | $10908 | $10639 | $11900 |
| **2/28/2022** | $10255 | $10879 | $10613 | $11767 |
| **3/31/2022** | $10098 | $10709 | $10510 | $11441 |
| **4/30/2022** | $9982 | $10606 | $10436 | $11006 |
| **5/31/2022** | $10031 | $10729 | $10495 | $11077 |
| **6/30/2022** | $9989 | $10718 | $10474 | $10904 |
| **7/31/2022** | $10073 | $10835 | $10551 | $11170 |
| **8/31/2022** | $9974 | $10700 | $10476 | $10854 |
| **9/30/2022** | $9822 | $10517 | $10372 | $10385 |
| **10/31/2022** | $9804 | $10515 | $10367 | $10251 |
| **11/30/2022** | $9946 | $10711 | $10495 | $10628 |
| **12/31/2022** | $9970 | $10727 | $10514 | $10580 |
| **1/31/2023** | $10073 | $10870 | $10612 | $10905 |
| **2/28/2023** | $9958 | $10715 | $10536 | $10623 |
| **3/31/2023** | $10056 | $10873 | $10630 | $10893 |
| **4/30/2023** | $10035 | $10827 | $10621 | $10959 |
| **5/31/2023** | $10002 | $10769 | $10603 | $10840 |
| **6/30/2023** | $10051 | $10834 | $10651 | $10801 |
| **7/31/2023** | $10066 | $10859 | $10676 | $10794 |
| **8/31/2023** | $10049 | $10835 | $10677 | $10725 |
| **9/30/2023** | $9993 | $10732 | $10624 | $10452 |
| **10/31/2023** | $9991 | $10745 | $10634 | $10287 |
| **11/30/2023** | $10132 | $11006 | $10807 | $10753 |
| **12/31/2023** | $10219 | $11111 | $10893 | $11165 |
| **1/31/2024** | $10224 | $11091 | $10903 | $11134 |
| **2/29/2024** | $10243 | $11103 | $10924 | $10977 |
| **3/31/2024** | $10248 | $11090 | $10936 | $11078 |
| **4/30/2024** | $10227 | $11051 | $10926 | $10798 |
| **5/31/2024** | $10239 | $11042 | $10940 | $10981 |
| **6/30/2024** | $10307 | $11128 | $11011 | $11086 |
| **7/31/2024** | $10366 | $11222 | $11081 | $11344 |
| **8/31/2024** | $10434 | $11329 | $11155 | $11507 |
| **9/30/2024** | $10488 | $11386 | $11203 | $11662 |
| **10/31/2024** | $10425 | $11322 | $11169 | $11372 |
| **11/30/2024** | $10494 | $11380 | $11224 | $11493 |
| **12/31/2024** | $10458 | $11341 | $11207 | $11304 |
| **1/31/2025** | $10504 | $11402 | $11259 | $11364 |
| **2/28/2025** | $10558 | $11472 | $11311 | $11614 |
| **3/31/2025** | $10507 | $11454 | $11301 | $11619 |
| **4/30/2025** | $10480 | $11414 | $11293 | $11665 |
| **5/31/2025** | $10527 | $11493 | $11343 | $11581 |
| **6/30/2025** | $10581 | $11575 | $11403 | $11759 |
| **7/31/2025** | $10621 | $11661 | $11453 | $11728 |
| **8/31/2025** | $10675 | $11731 | $11509 | $11868 |
| **9/30/2025** | $10723 | $11752 | $11551 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 2.24% | 0.55% | 0.70% |
| Class C with sales charge | 1.24% | 0.55% | 0.70% |
| Bloomberg Municipal Bond Short 1-5 Year Index | 3.22% | 1.33% | 1.63% |
| Lipper Short Duration Municipal Debt Funds Average | 3.11% | 1.59% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1645941158 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $5131802 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A21.88%

* A-8.68%

* A+16.53%

* AA12.90%

* AA-3.52%

* AA+10.40%

* AAA6.75%

* B0.66%

* BB0.28%

* BB+0.29%

* BBB3.18%

* BBB-4.21%

* BBB+5.60%

* NR5.12%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# LSDCX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2076-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LSDFX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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 | $56 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.91%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 3.22% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance**: An overweight allocation to A- and BBB-rated bonds contributed to relative performance. The Fund's greater yield relative to the Bloomberg Municipal Bond Short 1-5 Year Index contributed to relative returns over the period.

**Top detractors from the Fund's performance:** An overweight allocation to Variable Rate Demand Notes detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i0c7b33c784caef65ffb6b3a3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond Short 1-5 Year Index** | **Lipper Short Duration Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10022 | $10027 | $10018 | $10002 |
| **11/30/2015** | $10007 | $10009 | $10008 | $9975 |
| **12/31/2015** | $10016 | $10008 | $10010 | $9943 |
| **1/31/2016** | $10064 | $10070 | $10046 | $10080 |
| **2/29/2016** | $10093 | $10102 | $10060 | $10151 |
| **3/31/2016** | $10071 | $10078 | $10046 | $10244 |
| **4/30/2016** | $10094 | $10103 | $10064 | $10284 |
| **5/31/2016** | $10091 | $10096 | $10059 | $10286 |
| **6/30/2016** | $10134 | $10144 | $10091 | $10471 |
| **7/31/2016** | $10156 | $10172 | $10106 | $10537 |
| **8/31/2016** | $10159 | $10160 | $10104 | $10525 |
| **9/30/2016** | $10137 | $10123 | $10086 | $10519 |
| **10/31/2016** | $10115 | $10113 | $10078 | $10439 |
| **11/30/2016** | $9944 | $9986 | $9990 | $10192 |
| **12/31/2016** | $9960 | $10015 | $10000 | $10206 |
| **1/31/2017** | $10015 | $10082 | $10035 | $10226 |
| **2/28/2017** | $10058 | $10137 | $10067 | $10295 |
| **3/31/2017** | $10054 | $10135 | $10069 | $10290 |
| **4/30/2017** | $10097 | $10168 | $10092 | $10369 |
| **5/31/2017** | $10146 | $10218 | $10125 | $10449 |
| **6/30/2017** | $10130 | $10192 | $10115 | $10438 |
| **7/31/2017** | $10166 | $10235 | $10144 | $10483 |
| **8/31/2017** | $10202 | $10276 | $10172 | $10577 |
| **9/30/2017** | $10173 | $10242 | $10159 | $10527 |
| **10/31/2017** | $10176 | $10240 | $10158 | $10533 |
| **11/30/2017** | $10115 | $10156 | $10117 | $10519 |
| **12/31/2017** | $10133 | $10176 | $10129 | $10568 |
| **1/31/2018** | $10124 | $10190 | $10135 | $10446 |
| **2/28/2018** | $10123 | $10193 | $10136 | $10347 |
| **3/31/2018** | $10122 | $10186 | $10134 | $10413 |
| **4/30/2018** | $10110 | $10161 | $10125 | $10336 |
| **5/31/2018** | $10156 | $10217 | $10161 | $10410 |
| **6/30/2018** | $10176 | $10254 | $10182 | $10397 |
| **7/31/2018** | $10203 | $10285 | $10202 | $10399 |
| **8/31/2018** | $10211 | $10281 | $10208 | $10466 |
| **9/30/2018** | $10187 | $10243 | $10189 | $10399 |
| **10/31/2018** | $10169 | $10238 | $10184 | $10317 |
| **11/30/2018** | $10212 | $10290 | $10217 | $10378 |
| **12/31/2018** | $10254 | $10356 | $10254 | $10569 |
| **1/31/2019** | $10309 | $10413 | $10293 | $10681 |
| **2/28/2019** | $10348 | $10448 | $10316 | $10675 |
| **3/31/2019** | $10411 | $10494 | $10355 | $10880 |
| **4/30/2019** | $10428 | $10496 | $10365 | $10883 |
| **5/31/2019** | $10506 | $10564 | $10411 | $11076 |
| **6/30/2019** | $10542 | $10611 | $10441 | $11215 |
| **7/31/2019** | $10600 | $10669 | $10480 | $11240 |
| **8/31/2019** | $10663 | $10698 | $10509 | $11531 |
| **9/30/2019** | $10620 | $10645 | $10486 | $11470 |
| **10/31/2019** | $10643 | $10690 | $10507 | $11504 |
| **11/30/2019** | $10658 | $10713 | $10523 | $11498 |
| **12/31/2019** | $10681 | $10735 | $10534 | $11490 |
| **1/31/2020** | $10777 | $10807 | $10584 | $11711 |
| **2/29/2020** | $10840 | $10845 | $10615 | $11922 |
| **3/31/2020** | $10512 | $10690 | $10480 | $11852 |
| **4/30/2020** | $10452 | $10705 | $10461 | $12063 |
| **5/31/2020** | $10608 | $10903 | $10572 | $12119 |
| **6/30/2020** | $10703 | $10925 | $10616 | $12195 |
| **7/31/2020** | $10798 | $10990 | $10664 | $12377 |
| **8/31/2020** | $10810 | $10989 | $10669 | $12277 |
| **9/30/2020** | $10808 | $11002 | $10675 | $12271 |
| **10/31/2020** | $10798 | $10985 | $10669 | $12216 |
| **11/30/2020** | $10864 | $11017 | $10702 | $12336 |
| **12/31/2020** | $10908 | $11038 | $10723 | $12353 |
| **1/31/2021** | $10966 | $11064 | $10747 | $12264 |
| **2/28/2021** | $10888 | $11020 | $10713 | $12087 |
| **3/31/2021** | $10911 | $11047 | $10724 | $11936 |
| **4/30/2021** | $10948 | $11072 | $10745 | $12030 |
| **5/31/2021** | $10964 | $11074 | $10754 | $12070 |
| **6/30/2021** | $10972 | $11075 | $10756 | $12155 |
| **7/31/2021** | $11008 | $11112 | $10776 | $12290 |
| **8/31/2021** | $10995 | $11108 | $10769 | $12267 |
| **9/30/2021** | $10955 | $11084 | $10744 | $12161 |
| **10/31/2021** | $10935 | $11068 | $10734 | $12157 |
| **11/30/2021** | $10957 | $11074 | $10744 | $12193 |
| **12/31/2021** | $10957 | $11078 | $10742 | $12162 |
| **1/31/2022** | $10785 | $10908 | $10639 | $11900 |
| **2/28/2022** | $10746 | $10879 | $10613 | $11767 |
| **3/31/2022** | $10587 | $10709 | $10510 | $11441 |
| **4/30/2022** | $10465 | $10606 | $10436 | $11006 |
| **5/31/2022** | $10530 | $10729 | $10495 | $11077 |
| **6/30/2022** | $10485 | $10718 | $10474 | $10904 |
| **7/31/2022** | $10587 | $10835 | $10551 | $11170 |
| **8/31/2022** | $10489 | $10700 | $10476 | $10854 |
| **9/30/2022** | $10335 | $10517 | $10372 | $10385 |
| **10/31/2022** | $10316 | $10515 | $10367 | $10251 |
| **11/30/2022** | $10471 | $10711 | $10495 | $10628 |
| **12/31/2022** | $10503 | $10727 | $10514 | $10580 |
| **1/31/2023** | $10617 | $10870 | $10612 | $10905 |
| **2/28/2023** | $10502 | $10715 | $10536 | $10623 |
| **3/31/2023** | $10619 | $10873 | $10630 | $10893 |
| **4/30/2023** | $10596 | $10827 | $10621 | $10959 |
| **5/31/2023** | $10574 | $10769 | $10603 | $10840 |
| **6/30/2023** | $10625 | $10834 | $10651 | $10801 |
| **7/31/2023** | $10647 | $10859 | $10676 | $10794 |
| **8/31/2023** | $10636 | $10835 | $10677 | $10725 |
| **9/30/2023** | $10583 | $10732 | $10624 | $10452 |
| **10/31/2023** | $10587 | $10745 | $10634 | $10287 |
| **11/30/2023** | $10750 | $11006 | $10807 | $10753 |
| **12/31/2023** | $10848 | $11111 | $10893 | $11165 |
| **1/31/2024** | $10852 | $11091 | $10903 | $11134 |
| **2/29/2024** | $10879 | $11103 | $10924 | $10977 |
| **3/31/2024** | $10891 | $11090 | $10936 | $11078 |
| **4/30/2024** | $10875 | $11051 | $10926 | $10798 |
| **5/31/2024** | $10895 | $11042 | $10940 | $10981 |
| **6/30/2024** | $10973 | $11128 | $11011 | $11086 |
| **7/31/2024** | $11050 | $11222 | $11081 | $11344 |
| **8/31/2024** | $11122 | $11329 | $11155 | $11507 |
| **9/30/2024** | $11194 | $11386 | $11203 | $11662 |
| **10/31/2024** | $11125 | $11322 | $11169 | $11372 |
| **11/30/2024** | $11212 | $11380 | $11224 | $11493 |
| **12/31/2024** | $11174 | $11341 | $11207 | $11304 |
| **1/31/2025** | $11229 | $11402 | $11259 | $11364 |
| **2/28/2025** | $11293 | $11472 | $11311 | $11614 |
| **3/31/2025** | $11247 | $11454 | $11301 | $11619 |
| **4/30/2025** | $11231 | $11414 | $11293 | $11665 |
| **5/31/2025** | $11281 | $11493 | $11343 | $11581 |
| **6/30/2025** | $11346 | $11575 | $11403 | $11759 |
| **7/31/2025** | $11396 | $11661 | $11453 | $11728 |
| **8/31/2025** | $11461 | $11731 | $11509 | $11868 |
| **9/30/2025** | $11520 | $11752 | $11551 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 2.91% | 1.28% | 1.42% |
| Bloomberg Municipal Bond Short 1-5 Year Index | 3.22% | 1.33% | 1.63% |
| Lipper Short Duration Municipal Debt Funds Average | 3.11% | 1.59% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1645941158 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $5131802 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A21.88%

* A-8.68%

* A+16.53%

* AA12.90%

* AA-3.52%

* AA+10.40%

* AAA6.75%

* B0.66%

* BB0.28%

* BB+0.29%

* BBB3.18%

* BBB-4.21%

* BBB+5.60%

* NR5.12%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LSDFX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2078-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LSDOX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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, 2025, the Fund returned 3.13%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 3.22% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance**: An overweight allocation to A- and BBB-rated bonds contributed to relative performance. The Fund's greater yield relative to the Bloomberg Municipal Bond Short 1-5 Year Index contributed to relative returns over the period.

**Top detractors from the Fund's performance:** An overweight allocation to Variable Rate Demand Notes detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i2d58ac50acc5a96b94254422.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond Short 1-5 Year Index** | **Lipper Short Duration Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10036 | $10028 | $10022 | $10051 |
| **5/31/2017** | $10085 | $10077 | $10054 | $10128 |
| **6/30/2017** | $10071 | $10052 | $10045 | $10118 |
| **7/31/2017** | $10107 | $10094 | $10073 | $10162 |
| **8/31/2017** | $10144 | $10134 | $10102 | $10253 |
| **9/30/2017** | $10123 | $10101 | $10088 | $10204 |
| **10/31/2017** | $10121 | $10099 | $10087 | $10210 |
| **11/30/2017** | $10061 | $10016 | $10047 | $10197 |
| **12/31/2017** | $10086 | $10036 | $10058 | $10244 |
| **1/31/2018** | $10078 | $10050 | $10064 | $10126 |
| **2/28/2018** | $10072 | $10053 | $10065 | $10030 |
| **3/31/2018** | $10078 | $10046 | $10063 | $10094 |
| **4/30/2018** | $10060 | $10021 | $10054 | $10019 |
| **5/31/2018** | $10114 | $10076 | $10090 | $10091 |
| **6/30/2018** | $10135 | $10113 | $10112 | $10078 |
| **7/31/2018** | $10163 | $10143 | $10132 | $10080 |
| **8/31/2018** | $10172 | $10140 | $10138 | $10145 |
| **9/30/2018** | $10142 | $10102 | $10119 | $10080 |
| **10/31/2018** | $10132 | $10097 | $10114 | $10000 |
| **11/30/2018** | $10175 | $10149 | $10147 | $10060 |
| **12/31/2018** | $10218 | $10213 | $10183 | $10245 |
| **1/31/2019** | $10268 | $10270 | $10222 | $10354 |
| **2/28/2019** | $10314 | $10304 | $10245 | $10348 |
| **3/31/2019** | $10378 | $10349 | $10283 | $10546 |
| **4/30/2019** | $10397 | $10351 | $10293 | $10549 |
| **5/31/2019** | $10475 | $10419 | $10339 | $10736 |
| **6/30/2019** | $10512 | $10465 | $10368 | $10871 |
| **7/31/2019** | $10564 | $10522 | $10407 | $10895 |
| **8/31/2019** | $10635 | $10551 | $10436 | $11177 |
| **9/30/2019** | $10592 | $10499 | $10413 | $11118 |
| **10/31/2019** | $10616 | $10542 | $10434 | $11151 |
| **11/30/2019** | $10634 | $10565 | $10451 | $11146 |
| **12/31/2019** | $10657 | $10587 | $10461 | $11138 |
| **1/31/2020** | $10747 | $10658 | $10511 | $11352 |
| **2/29/2020** | $10818 | $10696 | $10542 | $11557 |
| **3/31/2020** | $10485 | $10543 | $10407 | $11489 |
| **4/30/2020** | $10434 | $10557 | $10388 | $11693 |
| **5/31/2020** | $10584 | $10753 | $10499 | $11747 |
| **6/30/2020** | $10686 | $10774 | $10543 | $11821 |
| **7/31/2020** | $10775 | $10839 | $10590 | $11998 |
| **8/31/2020** | $10788 | $10837 | $10595 | $11901 |
| **9/30/2020** | $10788 | $10850 | $10601 | $11894 |
| **10/31/2020** | $10786 | $10833 | $10595 | $11841 |
| **11/30/2020** | $10846 | $10865 | $10628 | $11958 |
| **12/31/2020** | $10892 | $10886 | $10649 | $11974 |
| **1/31/2021** | $10951 | $10911 | $10672 | $11888 |
| **2/28/2021** | $10874 | $10868 | $10639 | $11716 |
| **3/31/2021** | $10898 | $10895 | $10650 | $11570 |
| **4/30/2021** | $10943 | $10919 | $10670 | $11662 |
| **5/31/2021** | $10953 | $10922 | $10679 | $11700 |
| **6/30/2021** | $10970 | $10923 | $10681 | $11782 |
| **7/31/2021** | $11007 | $10959 | $10701 | $11914 |
| **8/31/2021** | $10995 | $10955 | $10694 | $11891 |
| **9/30/2021** | $10949 | $10931 | $10669 | $11788 |
| **10/31/2021** | $10931 | $10916 | $10659 | $11785 |
| **11/30/2021** | $10954 | $10922 | $10669 | $11820 |
| **12/31/2021** | $10956 | $10926 | $10667 | $11789 |
| **1/31/2022** | $10792 | $10758 | $10565 | $11535 |
| **2/28/2022** | $10746 | $10729 | $10540 | $11407 |
| **3/31/2022** | $10590 | $10562 | $10437 | $11090 |
| **4/30/2022** | $10468 | $10460 | $10363 | $10669 |
| **5/31/2022** | $10535 | $10581 | $10422 | $10738 |
| **6/30/2022** | $10491 | $10570 | $10401 | $10569 |
| **7/31/2022** | $10594 | $10686 | $10478 | $10828 |
| **8/31/2022** | $10497 | $10552 | $10403 | $10522 |
| **9/30/2022** | $10345 | $10372 | $10300 | $10067 |
| **10/31/2022** | $10334 | $10371 | $10295 | $9937 |
| **11/30/2022** | $10484 | $10563 | $10422 | $10302 |
| **12/31/2022** | $10517 | $10579 | $10441 | $10256 |
| **1/31/2023** | $10633 | $10720 | $10539 | $10571 |
| **2/28/2023** | $10526 | $10567 | $10463 | $10298 |
| **3/31/2023** | $10637 | $10724 | $10556 | $10559 |
| **4/30/2023** | $10622 | $10678 | $10548 | $10623 |
| **5/31/2023** | $10594 | $10621 | $10530 | $10508 |
| **6/30/2023** | $10646 | $10684 | $10577 | $10470 |
| **7/31/2023** | $10670 | $10710 | $10602 | $10463 |
| **8/31/2023** | $10660 | $10686 | $10603 | $10396 |
| **9/30/2023** | $10608 | $10584 | $10551 | $10132 |
| **10/31/2023** | $10614 | $10597 | $10560 | $9972 |
| **11/30/2023** | $10778 | $10855 | $10732 | $10424 |
| **12/31/2023** | $10878 | $10958 | $10818 | $10823 |
| **1/31/2024** | $10891 | $10938 | $10828 | $10793 |
| **2/29/2024** | $10919 | $10950 | $10849 | $10640 |
| **3/31/2024** | $10932 | $10937 | $10860 | $10739 |
| **4/30/2024** | $10917 | $10899 | $10851 | $10467 |
| **5/31/2024** | $10931 | $10890 | $10864 | $10645 |
| **6/30/2024** | $11011 | $10975 | $10935 | $10746 |
| **7/31/2024** | $11090 | $11067 | $11004 | $10997 |
| **8/31/2024** | $11170 | $11173 | $11077 | $11155 |
| **9/30/2024** | $11236 | $11229 | $11125 | $11304 |
| **10/31/2024** | $11176 | $11166 | $11091 | $11024 |
| **11/30/2024** | $11258 | $11223 | $11147 | $11140 |
| **12/31/2024** | $11220 | $11184 | $11129 | $10958 |
| **1/31/2025** | $11285 | $11245 | $11181 | $11016 |
| **2/28/2025** | $11343 | $11314 | $11233 | $11258 |
| **3/31/2025** | $11297 | $11297 | $11223 | $11263 |
| **4/30/2025** | $11283 | $11257 | $11215 | $11307 |
| **5/31/2025** | $11334 | $11335 | $11264 | $11226 |
| **6/30/2025** | $11409 | $11416 | $11324 | $11399 |
| **7/31/2025** | $11460 | $11500 | $11373 | $11368 |
| **8/31/2025** | $11527 | $11570 | $11429 | $11504 |
| **9/30/2025** | $11587 | $11590 | $11470 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 3.13% | 1.44% | 1.75% |
| Bloomberg Municipal Bond Short 1-5 Year Index | 3.22% | 1.33% | 1.75% |
| Lipper Short Duration Municipal Debt Funds Average | 3.11% | 1.59% | 1.63% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1645941158 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $5131802 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A21.88%

* A-8.68%

* A+16.53%

* AA12.90%

* AA-3.52%

* AA+10.40%

* AAA6.75%

* B0.66%

* BB0.28%

* BB+0.29%

* BBB3.18%

* BBB-4.21%

* BBB+5.60%

* NR5.12%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LSDOX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8992-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# LISDX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments
This annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2024 to September 30, 2025. 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, 2025, the Fund returned 3.08%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 3.22% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance**: An overweight allocation to A- and BBB-rated bonds contributed to relative performance. The Fund's greater yield relative to the Bloomberg Municipal Bond Short 1-5 Year Index contributed to relative returns over the period.

**Top detractors from the Fund's performance:** An overweight allocation to Variable Rate Demand Notes detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i7888ea2c4315823edf72ccad.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Short 1-5 Year Index** | **Lipper Short Duration Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10023 | $10027 | $10018 | $10002 |
| **11/30/2015** | $10015 | $10009 | $10008 | $9975 |
| **12/31/2015** | $10019 | $10008 | $10010 | $9943 |
| **1/31/2016** | $10073 | $10070 | $10046 | $10080 |
| **2/29/2016** | $10098 | $10102 | $10060 | $10151 |
| **3/31/2016** | $10076 | $10078 | $10046 | $10244 |
| **4/30/2016** | $10106 | $10103 | $10064 | $10284 |
| **5/31/2016** | $10098 | $10096 | $10059 | $10286 |
| **6/30/2016** | $10141 | $10144 | $10091 | $10471 |
| **7/31/2016** | $10171 | $10172 | $10106 | $10537 |
| **8/31/2016** | $10168 | $10160 | $10104 | $10525 |
| **9/30/2016** | $10147 | $10123 | $10086 | $10519 |
| **10/31/2016** | $10126 | $10113 | $10078 | $10439 |
| **11/30/2016** | $9956 | $9986 | $9990 | $10192 |
| **12/31/2016** | $9972 | $10015 | $10000 | $10206 |
| **1/31/2017** | $10034 | $10082 | $10035 | $10226 |
| **2/28/2017** | $10072 | $10137 | $10067 | $10295 |
| **3/31/2017** | $10076 | $10135 | $10069 | $10290 |
| **4/30/2017** | $10113 | $10168 | $10092 | $10369 |
| **5/31/2017** | $10162 | $10218 | $10125 | $10449 |
| **6/30/2017** | $10148 | $10192 | $10115 | $10438 |
| **7/31/2017** | $10184 | $10235 | $10144 | $10483 |
| **8/31/2017** | $10221 | $10276 | $10172 | $10577 |
| **9/30/2017** | $10200 | $10242 | $10159 | $10527 |
| **10/31/2017** | $10197 | $10240 | $10158 | $10533 |
| **11/30/2017** | $10137 | $10156 | $10117 | $10519 |
| **12/31/2017** | $10162 | $10176 | $10129 | $10568 |
| **1/31/2018** | $10148 | $10190 | $10135 | $10446 |
| **2/28/2018** | $10147 | $10193 | $10136 | $10347 |
| **3/31/2018** | $10147 | $10186 | $10134 | $10413 |
| **4/30/2018** | $10136 | $10161 | $10125 | $10336 |
| **5/31/2018** | $10189 | $10217 | $10161 | $10410 |
| **6/30/2018** | $10211 | $10254 | $10182 | $10397 |
| **7/31/2018** | $10232 | $10285 | $10202 | $10399 |
| **8/31/2018** | $10241 | $10281 | $10208 | $10466 |
| **9/30/2018** | $10217 | $10243 | $10189 | $10399 |
| **10/31/2018** | $10200 | $10238 | $10184 | $10317 |
| **11/30/2018** | $10244 | $10290 | $10217 | $10378 |
| **12/31/2018** | $10293 | $10356 | $10254 | $10569 |
| **1/31/2019** | $10343 | $10413 | $10293 | $10681 |
| **2/28/2019** | $10383 | $10448 | $10316 | $10675 |
| **3/31/2019** | $10447 | $10494 | $10355 | $10880 |
| **4/30/2019** | $10472 | $10496 | $10365 | $10883 |
| **5/31/2019** | $10544 | $10564 | $10411 | $11076 |
| **6/30/2019** | $10588 | $10611 | $10441 | $11215 |
| **7/31/2019** | $10640 | $10669 | $10480 | $11240 |
| **8/31/2019** | $10712 | $10698 | $10509 | $11531 |
| **9/30/2019** | $10662 | $10645 | $10486 | $11470 |
| **10/31/2019** | $10686 | $10690 | $10507 | $11504 |
| **11/30/2019** | $10709 | $10713 | $10523 | $11498 |
| **12/31/2019** | $10733 | $10735 | $10534 | $11490 |
| **1/31/2020** | $10823 | $10807 | $10584 | $11711 |
| **2/29/2020** | $10888 | $10845 | $10615 | $11922 |
| **3/31/2020** | $10559 | $10690 | $10480 | $11852 |
| **4/30/2020** | $10500 | $10705 | $10461 | $12063 |
| **5/31/2020** | $10658 | $10903 | $10572 | $12119 |
| **6/30/2020** | $10753 | $10925 | $10616 | $12195 |
| **7/31/2020** | $10850 | $10990 | $10664 | $12377 |
| **8/31/2020** | $10863 | $10989 | $10669 | $12277 |
| **9/30/2020** | $10862 | $11002 | $10675 | $12271 |
| **10/31/2020** | $10860 | $10985 | $10669 | $12216 |
| **11/30/2020** | $10920 | $11017 | $10702 | $12336 |
| **12/31/2020** | $10966 | $11038 | $10723 | $12353 |
| **1/31/2021** | $11025 | $11064 | $10747 | $12264 |
| **2/28/2021** | $10947 | $11020 | $10713 | $12087 |
| **3/31/2021** | $10971 | $11047 | $10724 | $11936 |
| **4/30/2021** | $11016 | $11072 | $10745 | $12030 |
| **5/31/2021** | $11026 | $11074 | $10754 | $12070 |
| **6/30/2021** | $11042 | $11075 | $10756 | $12155 |
| **7/31/2021** | $11079 | $11112 | $10776 | $12290 |
| **8/31/2021** | $11060 | $11108 | $10769 | $12267 |
| **9/30/2021** | $11021 | $11084 | $10744 | $12161 |
| **10/31/2021** | $11001 | $11068 | $10734 | $12157 |
| **11/30/2021** | $11024 | $11074 | $10744 | $12193 |
| **12/31/2021** | $11026 | $11078 | $10742 | $12162 |
| **1/31/2022** | $10861 | $10908 | $10639 | $11900 |
| **2/28/2022** | $10815 | $10879 | $10613 | $11767 |
| **3/31/2022** | $10656 | $10709 | $10510 | $11441 |
| **4/30/2022** | $10534 | $10606 | $10436 | $11006 |
| **5/31/2022** | $10601 | $10729 | $10495 | $11077 |
| **6/30/2022** | $10557 | $10718 | $10474 | $10904 |
| **7/31/2022** | $10660 | $10835 | $10551 | $11170 |
| **8/31/2022** | $10562 | $10700 | $10476 | $10854 |
| **9/30/2022** | $10408 | $10517 | $10372 | $10385 |
| **10/31/2022** | $10397 | $10515 | $10367 | $10251 |
| **11/30/2022** | $10547 | $10711 | $10495 | $10628 |
| **12/31/2022** | $10580 | $10727 | $10514 | $10580 |
| **1/31/2023** | $10696 | $10870 | $10612 | $10905 |
| **2/28/2023** | $10588 | $10715 | $10536 | $10623 |
| **3/31/2023** | $10699 | $10873 | $10630 | $10893 |
| **4/30/2023** | $10684 | $10827 | $10621 | $10959 |
| **5/31/2023** | $10656 | $10769 | $10603 | $10840 |
| **6/30/2023** | $10708 | $10834 | $10651 | $10801 |
| **7/31/2023** | $10732 | $10859 | $10676 | $10794 |
| **8/31/2023** | $10721 | $10835 | $10677 | $10725 |
| **9/30/2023** | $10668 | $10732 | $10624 | $10452 |
| **10/31/2023** | $10674 | $10745 | $10634 | $10287 |
| **11/30/2023** | $10839 | $11006 | $10807 | $10753 |
| **12/31/2023** | $10939 | $11111 | $10893 | $11165 |
| **1/31/2024** | $10944 | $11091 | $10903 | $11134 |
| **2/29/2024** | $10979 | $11103 | $10924 | $10977 |
| **3/31/2024** | $10992 | $11090 | $10936 | $11078 |
| **4/30/2024** | $10977 | $11051 | $10926 | $10798 |
| **5/31/2024** | $10990 | $11042 | $10940 | $10981 |
| **6/30/2024** | $11070 | $11128 | $11011 | $11086 |
| **7/31/2024** | $11149 | $11222 | $11081 | $11344 |
| **8/31/2024** | $11222 | $11329 | $11155 | $11507 |
| **9/30/2024** | $11296 | $11386 | $11203 | $11662 |
| **10/31/2024** | $11235 | $11322 | $11169 | $11372 |
| **11/30/2024** | $11317 | $11380 | $11224 | $11493 |
| **12/31/2024** | $11278 | $11341 | $11207 | $11304 |
| **1/31/2025** | $11336 | $11402 | $11259 | $11364 |
| **2/28/2025** | $11401 | $11472 | $11311 | $11614 |
| **3/31/2025** | $11355 | $11454 | $11301 | $11619 |
| **4/30/2025** | $11340 | $11414 | $11293 | $11665 |
| **5/31/2025** | $11392 | $11493 | $11343 | $11581 |
| **6/30/2025** | $11458 | $11575 | $11403 | $11759 |
| **7/31/2025** | $11517 | $11661 | $11453 | $11728 |
| **8/31/2025** | $11576 | $11731 | $11509 | $11868 |
| **9/30/2025** | $11644 | $11752 | $11551 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 3.08% | 1.40% | 1.53% |
| Bloomberg Municipal Bond Short 1-5 Year Index | 3.22% | 1.33% | 1.63% |
| Lipper Short Duration Municipal Debt Funds Average | 3.11% | 1.59% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1645941158 |
| # of Portfolio Holdings | 266 |
| Portfolio Turnover Rate | 64% |
| Total Advisory Fees Paid | $5131802 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A21.88%

* A-8.68%

* A+16.53%

* AA12.90%

* AA-3.52%

* AA+10.40%

* AAA6.75%

* B0.66%

* BB0.28%

* BB+0.29%

* BBB3.18%

* BBB-4.21%

* BBB+5.60%

* NR5.12%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# LISDX

# Lord Abbett Short Duration Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-2077-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# LANYX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $81 | 0.81% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.24%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection with the Special Tax, Education, Leasing, and Transportation sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to the Tobacco and Education sectors and underweight allocation to the Housing sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic9d3822f6b0425289e80f722.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Index** | **Lipper New York Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $9773 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9824 | $10040 | $10041 | $10002 |
| **11/30/2015** | $9867 | $10080 | $10088 | $9975 |
| **12/31/2015** | $9953 | $10151 | $10166 | $9943 |
| **1/31/2016** | $10082 | $10272 | $10263 | $10080 |
| **2/29/2016** | $10089 | $10288 | $10270 | $10151 |
| **3/31/2016** | $10131 | $10320 | $10321 | $10244 |
| **4/30/2016** | $10225 | $10396 | $10399 | $10284 |
| **5/31/2016** | $10274 | $10424 | $10451 | $10286 |
| **6/30/2016** | $10466 | $10590 | $10647 | $10471 |
| **7/31/2016** | $10472 | $10597 | $10633 | $10537 |
| **8/31/2016** | $10511 | $10611 | $10662 | $10525 |
| **9/30/2016** | $10462 | $10558 | $10617 | $10519 |
| **10/31/2016** | $10331 | $10447 | $10504 | $10439 |
| **11/30/2016** | $9912 | $10058 | $10119 | $10192 |
| **12/31/2016** | $10006 | $10176 | $10212 | $10206 |
| **1/31/2017** | $10083 | $10243 | $10259 | $10226 |
| **2/28/2017** | $10143 | $10314 | $10323 | $10295 |
| **3/31/2017** | $10156 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10242 | $10411 | $10435 | $10369 |
| **5/31/2017** | $10392 | $10577 | $10580 | $10449 |
| **6/30/2017** | $10359 | $10539 | $10560 | $10438 |
| **7/31/2017** | $10427 | $10624 | $10617 | $10483 |
| **8/31/2017** | $10501 | $10705 | $10682 | $10577 |
| **9/30/2017** | $10429 | $10650 | $10631 | $10527 |
| **10/31/2017** | $10413 | $10676 | $10626 | $10533 |
| **11/30/2017** | $10352 | $10619 | $10573 | $10519 |
| **12/31/2017** | $10474 | $10730 | $10682 | $10568 |
| **1/31/2018** | $10356 | $10604 | $10580 | $10446 |
| **2/28/2018** | $10305 | $10572 | $10539 | $10347 |
| **3/31/2018** | $10373 | $10611 | $10592 | $10413 |
| **4/30/2018** | $10338 | $10573 | $10558 | $10336 |
| **5/31/2018** | $10463 | $10694 | $10688 | $10410 |
| **6/30/2018** | $10485 | $10703 | $10702 | $10397 |
| **7/31/2018** | $10488 | $10729 | $10718 | $10399 |
| **8/31/2018** | $10528 | $10757 | $10743 | $10466 |
| **9/30/2018** | $10466 | $10687 | $10672 | $10399 |
| **10/31/2018** | $10375 | $10622 | $10584 | $10317 |
| **11/30/2018** | $10465 | $10739 | $10668 | $10378 |
| **12/31/2018** | $10577 | $10868 | $10778 | $10569 |
| **1/31/2019** | $10647 | $10950 | $10844 | $10681 |
| **2/28/2019** | $10730 | $11009 | $10914 | $10675 |
| **3/31/2019** | $10934 | $11182 | $11105 | $10880 |
| **4/30/2019** | $10996 | $11224 | $11157 | $10883 |
| **5/31/2019** | $11163 | $11379 | $11314 | $11076 |
| **6/30/2019** | $11205 | $11421 | $11350 | $11215 |
| **7/31/2019** | $11285 | $11513 | $11427 | $11240 |
| **8/31/2019** | $11500 | $11695 | $11634 | $11531 |
| **9/30/2019** | $11406 | $11601 | $11551 | $11470 |
| **10/31/2019** | $11389 | $11622 | $11537 | $11504 |
| **11/30/2019** | $11401 | $11651 | $11561 | $11498 |
| **12/31/2019** | $11443 | $11687 | $11592 | $11490 |
| **1/31/2020** | $11688 | $11897 | $11811 | $11711 |
| **2/29/2020** | $11887 | $12050 | $11994 | $11922 |
| **3/31/2020** | $11165 | $11613 | $11381 | $11852 |
| **4/30/2020** | $10835 | $11467 | $11082 | $12063 |
| **5/31/2020** | $11220 | $11832 | $11445 | $12119 |
| **6/30/2020** | $11459 | $11929 | $11617 | $12195 |
| **7/31/2020** | $11649 | $12130 | $11804 | $12377 |
| **8/31/2020** | $11592 | $12073 | $11750 | $12277 |
| **9/30/2020** | $11544 | $12076 | $11716 | $12271 |
| **10/31/2020** | $11537 | $12040 | $11692 | $12216 |
| **11/30/2020** | $11807 | $12221 | $11937 | $12336 |
| **12/31/2020** | $11962 | $12296 | $12064 | $12353 |
| **1/31/2021** | $12113 | $12374 | $12183 | $12264 |
| **2/28/2021** | $11886 | $12177 | $11981 | $12087 |
| **3/31/2021** | $11978 | $12253 | $12068 | $11936 |
| **4/30/2021** | $12150 | $12355 | $12213 | $12030 |
| **5/31/2021** | $12252 | $12392 | $12317 | $12070 |
| **6/30/2021** | $12324 | $12426 | $12386 | $12155 |
| **7/31/2021** | $12426 | $12529 | $12482 | $12290 |
| **8/31/2021** | $12356 | $12483 | $12416 | $12267 |
| **9/30/2021** | $12226 | $12393 | $12306 | $12161 |
| **10/31/2021** | $12196 | $12357 | $12295 | $12157 |
| **11/30/2021** | $12350 | $12462 | $12422 | $12193 |
| **12/31/2021** | $12371 | $12482 | $12444 | $12162 |
| **1/31/2022** | $11974 | $12141 | $12094 | $11900 |
| **2/28/2022** | $11875 | $12097 | $12015 | $11767 |
| **3/31/2022** | $11416 | $11705 | $11597 | $11441 |
| **4/30/2022** | $10979 | $11381 | $11210 | $11006 |
| **5/31/2022** | $11135 | $11550 | $11366 | $11077 |
| **6/30/2022** | $10789 | $11361 | $11061 | $10904 |
| **7/31/2022** | $11143 | $11661 | $11391 | $11170 |
| **8/31/2022** | $10826 | $11406 | $11086 | $10854 |
| **9/30/2022** | $10281 | $10968 | $10609 | $10385 |
| **10/31/2022** | $10130 | $10877 | $10465 | $10251 |
| **11/30/2022** | $10760 | $11386 | $11056 | $10628 |
| **12/31/2022** | $10733 | $11418 | $11033 | $10580 |
| **1/31/2023** | $11167 | $11746 | $11423 | $10905 |
| **2/28/2023** | $10870 | $11480 | $11139 | $10623 |
| **3/31/2023** | $11106 | $11735 | $11365 | $10893 |
| **4/30/2023** | $11123 | $11708 | $11376 | $10959 |
| **5/31/2023** | $11054 | $11607 | $11311 | $10840 |
| **6/30/2023** | $11199 | $11723 | $11424 | $10801 |
| **7/31/2023** | $11226 | $11770 | $11449 | $10794 |
| **8/31/2023** | $11051 | $11600 | $11271 | $10725 |
| **9/30/2023** | $10685 | $11260 | $10905 | $10452 |
| **10/31/2023** | $10468 | $11164 | $10703 | $10287 |
| **11/30/2023** | $11248 | $11873 | $11500 | $10753 |
| **12/31/2023** | $11611 | $12149 | $11838 | $11165 |
| **1/31/2024** | $11608 | $12087 | $11830 | $11134 |
| **2/29/2024** | $11627 | $12102 | $11842 | $10977 |
| **3/31/2024** | $11635 | $12102 | $11846 | $11078 |
| **4/30/2024** | $11492 | $11952 | $11700 | $10798 |
| **5/31/2024** | $11478 | $11917 | $11709 | $10981 |
| **6/30/2024** | $11683 | $12100 | $11924 | $11086 |
| **7/31/2024** | $11780 | $12210 | $12024 | $11344 |
| **8/31/2024** | $11844 | $12306 | $12099 | $11507 |
| **9/30/2024** | $11963 | $12428 | $12227 | $11662 |
| **10/31/2024** | $11785 | $12247 | $12047 | $11372 |
| **11/30/2024** | $12016 | $12458 | $12262 | $11493 |
| **12/31/2024** | $11827 | $12277 | $12058 | $11304 |
| **1/31/2025** | $11837 | $12338 | $12073 | $11364 |
| **2/28/2025** | $11948 | $12461 | $12199 | $11614 |
| **3/31/2025** | $11713 | $12250 | $11943 | $11619 |
| **4/30/2025** | $11634 | $12151 | $11846 | $11665 |
| **5/31/2025** | $11555 | $12159 | $11751 | $11581 |
| **6/30/2025** | $11590 | $12234 | $11810 | $11759 |
| **7/31/2025** | $11477 | $12210 | $11713 | $11728 |
| **8/31/2025** | $11546 | $12316 | $11803 | $11868 |
| **9/30/2025** | $11934 | $12601 | $12195 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | (0.24%) | 0.67% | 2.02% |
| Class A with sales charge | (2.49%) | 0.21% | 1.78% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New York Municipal Debt Funds Average | (0.25%) | 0.81% | 2.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $584787933 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2602315 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A10.03%

* A-4.19%

* A+3.54%

* AA12.20%

* AA-4.36%

* AA+11.94%

* AAA9.52%

* B-1.17%

* B+1.37%

* BB1.25%

* BB-0.67%

* BB+1.02%

* BBB10.19%

* BBB-13.79%

* BBB+7.07%

* CCC+0.28%

* NR7.41%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# LANYX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-7-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# NYLAX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $143 | 1.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.88%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection with the Special Tax, Education, Leasing, and Transportation sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to the Tobacco and Education sectors and underweight allocation to the Housing sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i913618dea4d525d16f3ce342.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond Index** | **Lipper New York Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10038 | $10040 | $10041 | $10002 |
| **11/30/2015** | $10085 | $10080 | $10088 | $9975 |
| **12/31/2015** | $10158 | $10151 | $10166 | $9943 |
| **1/31/2016** | $10285 | $10272 | $10263 | $10080 |
| **2/29/2016** | $10296 | $10288 | $10270 | $10151 |
| **3/31/2016** | $10333 | $10320 | $10321 | $10244 |
| **4/30/2016** | $10423 | $10396 | $10399 | $10284 |
| **5/31/2016** | $10468 | $10424 | $10451 | $10286 |
| **6/30/2016** | $10650 | $10590 | $10647 | $10471 |
| **7/31/2016** | $10658 | $10597 | $10633 | $10537 |
| **8/31/2016** | $10684 | $10611 | $10662 | $10525 |
| **9/30/2016** | $10637 | $10558 | $10617 | $10519 |
| **10/31/2016** | $10498 | $10447 | $10504 | $10439 |
| **11/30/2016** | $10066 | $10058 | $10119 | $10192 |
| **12/31/2016** | $10148 | $10176 | $10212 | $10206 |
| **1/31/2017** | $10229 | $10243 | $10259 | $10226 |
| **2/28/2017** | $10285 | $10314 | $10323 | $10295 |
| **3/31/2017** | $10293 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10365 | $10411 | $10435 | $10369 |
| **5/31/2017** | $10511 | $10577 | $10580 | $10449 |
| **6/30/2017** | $10482 | $10539 | $10560 | $10438 |
| **7/31/2017** | $10545 | $10624 | $10617 | $10483 |
| **8/31/2017** | $10605 | $10705 | $10682 | $10577 |
| **9/30/2017** | $10536 | $10650 | $10631 | $10527 |
| **10/31/2017** | $10514 | $10676 | $10626 | $10533 |
| **11/30/2017** | $10447 | $10619 | $10573 | $10519 |
| **12/31/2017** | $10556 | $10730 | $10682 | $10568 |
| **1/31/2018** | $10440 | $10604 | $10580 | $10446 |
| **2/28/2018** | $10384 | $10572 | $10539 | $10347 |
| **3/31/2018** | $10446 | $10611 | $10592 | $10413 |
| **4/30/2018** | $10397 | $10573 | $10558 | $10336 |
| **5/31/2018** | $10526 | $10694 | $10688 | $10410 |
| **6/30/2018** | $10533 | $10703 | $10702 | $10397 |
| **7/31/2018** | $10531 | $10729 | $10718 | $10399 |
| **8/31/2018** | $10576 | $10757 | $10743 | $10466 |
| **9/30/2018** | $10498 | $10687 | $10672 | $10399 |
| **10/31/2018** | $10411 | $10622 | $10584 | $10317 |
| **11/30/2018** | $10496 | $10739 | $10668 | $10378 |
| **12/31/2018** | $10593 | $10868 | $10778 | $10569 |
| **1/31/2019** | $10658 | $10950 | $10844 | $10681 |
| **2/28/2019** | $10745 | $11009 | $10914 | $10675 |
| **3/31/2019** | $10935 | $11182 | $11105 | $10880 |
| **4/30/2019** | $11001 | $11224 | $11157 | $10883 |
| **5/31/2019** | $11153 | $11379 | $11314 | $11076 |
| **6/30/2019** | $11189 | $11421 | $11350 | $11215 |
| **7/31/2019** | $11263 | $11513 | $11427 | $11240 |
| **8/31/2019** | $11472 | $11695 | $11634 | $11531 |
| **9/30/2019** | $11373 | $11601 | $11551 | $11470 |
| **10/31/2019** | $11359 | $11622 | $11537 | $11504 |
| **11/30/2019** | $11366 | $11651 | $11561 | $11498 |
| **12/31/2019** | $11401 | $11687 | $11592 | $11490 |
| **1/31/2020** | $11630 | $11897 | $11811 | $11711 |
| **2/29/2020** | $11821 | $12050 | $11994 | $11922 |
| **3/31/2020** | $11096 | $11613 | $11381 | $11852 |
| **4/30/2020** | $10771 | $11467 | $11082 | $12063 |
| **5/31/2020** | $11138 | $11832 | $11445 | $12119 |
| **6/30/2020** | $11370 | $11929 | $11617 | $12195 |
| **7/31/2020** | $11562 | $12130 | $11804 | $12377 |
| **8/31/2020** | $11489 | $12073 | $11750 | $12277 |
| **9/30/2020** | $11446 | $12076 | $11716 | $12271 |
| **10/31/2020** | $11432 | $12040 | $11692 | $12216 |
| **11/30/2020** | $11694 | $12221 | $11937 | $12336 |
| **12/31/2020** | $11830 | $12296 | $12064 | $12353 |
| **1/31/2021** | $11973 | $12374 | $12183 | $12264 |
| **2/28/2021** | $11753 | $12177 | $11981 | $12087 |
| **3/31/2021** | $11827 | $12253 | $12068 | $11936 |
| **4/30/2021** | $11991 | $12355 | $12213 | $12030 |
| **5/31/2021** | $12085 | $12392 | $12317 | $12070 |
| **6/30/2021** | $12159 | $12426 | $12386 | $12155 |
| **7/31/2021** | $12253 | $12529 | $12482 | $12290 |
| **8/31/2021** | $12168 | $12483 | $12416 | $12267 |
| **9/30/2021** | $12033 | $12393 | $12306 | $12161 |
| **10/31/2021** | $12008 | $12357 | $12295 | $12157 |
| **11/30/2021** | $12142 | $12462 | $12422 | $12193 |
| **12/31/2021** | $12157 | $12482 | $12444 | $12162 |
| **1/31/2022** | $11769 | $12141 | $12094 | $11900 |
| **2/28/2022** | $11666 | $12097 | $12015 | $11767 |
| **3/31/2022** | $11199 | $11705 | $11597 | $11441 |
| **4/30/2022** | $10773 | $11381 | $11210 | $11006 |
| **5/31/2022** | $10911 | $11550 | $11366 | $11077 |
| **6/30/2022** | $10566 | $11361 | $11061 | $10904 |
| **7/31/2022** | $10907 | $11661 | $11391 | $11170 |
| **8/31/2022** | $10590 | $11406 | $11086 | $10854 |
| **9/30/2022** | $10061 | $10968 | $10609 | $10385 |
| **10/31/2022** | $9908 | $10877 | $10465 | $10251 |
| **11/30/2022** | $10509 | $11386 | $11056 | $10628 |
| **12/31/2022** | $10488 | $11418 | $11033 | $10580 |
| **1/31/2023** | $10907 | $11746 | $11423 | $10905 |
| **2/28/2023** | $10611 | $11480 | $11139 | $10623 |
| **3/31/2023** | $10836 | $11735 | $11365 | $10893 |
| **4/30/2023** | $10847 | $11708 | $11376 | $10959 |
| **5/31/2023** | $10774 | $11607 | $11311 | $10840 |
| **6/30/2023** | $10909 | $11723 | $11424 | $10801 |
| **7/31/2023** | $10930 | $11770 | $11449 | $10794 |
| **8/31/2023** | $10754 | $11600 | $11271 | $10725 |
| **9/30/2023** | $10392 | $11260 | $10905 | $10452 |
| **10/31/2023** | $10175 | $11164 | $10703 | $10287 |
| **11/30/2023** | $10929 | $11873 | $11500 | $10753 |
| **12/31/2023** | $11266 | $12149 | $11838 | $11165 |
| **1/31/2024** | $11257 | $12087 | $11830 | $11134 |
| **2/29/2024** | $11271 | $12102 | $11842 | $10977 |
| **3/31/2024** | $11272 | $12102 | $11846 | $11078 |
| **4/30/2024** | $11138 | $11952 | $11700 | $10798 |
| **5/31/2024** | $11119 | $11917 | $11709 | $10981 |
| **6/30/2024** | $11302 | $12100 | $11924 | $11086 |
| **7/31/2024** | $11389 | $12210 | $12024 | $11344 |
| **8/31/2024** | $11446 | $12306 | $12099 | $11507 |
| **9/30/2024** | $11566 | $12428 | $12227 | $11662 |
| **10/31/2024** | $11387 | $12247 | $12047 | $11372 |
| **11/30/2024** | $11594 | $12458 | $12262 | $11493 |
| **12/31/2024** | $11405 | $12277 | $12058 | $11304 |
| **1/31/2025** | $11408 | $12338 | $12073 | $11364 |
| **2/28/2025** | $11522 | $12461 | $12199 | $11614 |
| **3/31/2025** | $11288 | $12250 | $11943 | $11619 |
| **4/30/2025** | $11195 | $12151 | $11846 | $11665 |
| **5/31/2025** | $11113 | $12159 | $11751 | $11581 |
| **6/30/2025** | $11140 | $12234 | $11810 | $11759 |
| **7/31/2025** | $11036 | $12210 | $11713 | $11728 |
| **8/31/2025** | $11097 | $12316 | $11803 | $11868 |
| **9/30/2025** | $11464 | $12601 | $12195 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | (0.88%) | 0.03% | 1.38% |
| Class C with sales charge | (1.85%) | 0.03% | 1.38% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New York Municipal Debt Funds Average | (0.25%) | 0.81% | 2.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $584787933 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2602315 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A10.03%

* A-4.19%

* A+3.54%

* AA12.20%

* AA-4.36%

* AA+11.94%

* AAA9.52%

* B-1.17%

* B+1.37%

* BB1.25%

* BB-0.67%

* BB+1.02%

* BBB10.19%

* BBB-13.79%

* BBB+7.07%

* CCC+0.28%

* NR7.41%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# NYLAX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-671-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# LNYFX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.14%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection with the Special Tax, Education, Leasing, and Transportation sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to the Tobacco and Education sectors and underweight allocation to the Housing sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i1f802010107e37ec10c620e2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond Index** | **Lipper New York Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10053 | $10040 | $10041 | $10002 |
| **11/30/2015** | $10097 | $10080 | $10088 | $9975 |
| **12/31/2015** | $10186 | $10151 | $10166 | $9943 |
| **1/31/2016** | $10319 | $10272 | $10263 | $10080 |
| **2/29/2016** | $10327 | $10288 | $10270 | $10151 |
| **3/31/2016** | $10380 | $10320 | $10321 | $10244 |
| **4/30/2016** | $10468 | $10396 | $10399 | $10284 |
| **5/31/2016** | $10519 | $10424 | $10451 | $10286 |
| **6/30/2016** | $10717 | $10590 | $10647 | $10471 |
| **7/31/2016** | $10723 | $10597 | $10633 | $10537 |
| **8/31/2016** | $10764 | $10611 | $10662 | $10525 |
| **9/30/2016** | $10714 | $10558 | $10617 | $10519 |
| **10/31/2016** | $10591 | $10447 | $10504 | $10439 |
| **11/30/2016** | $10154 | $10058 | $10119 | $10192 |
| **12/31/2016** | $10251 | $10176 | $10212 | $10206 |
| **1/31/2017** | $10331 | $10243 | $10259 | $10226 |
| **2/28/2017** | $10393 | $10314 | $10323 | $10295 |
| **3/31/2017** | $10407 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10496 | $10411 | $10435 | $10369 |
| **5/31/2017** | $10650 | $10577 | $10580 | $10449 |
| **6/30/2017** | $10618 | $10539 | $10560 | $10438 |
| **7/31/2017** | $10688 | $10624 | $10617 | $10483 |
| **8/31/2017** | $10764 | $10705 | $10682 | $10577 |
| **9/30/2017** | $10692 | $10650 | $10631 | $10527 |
| **10/31/2017** | $10676 | $10676 | $10626 | $10533 |
| **11/30/2017** | $10614 | $10619 | $10573 | $10519 |
| **12/31/2017** | $10741 | $10730 | $10682 | $10568 |
| **1/31/2018** | $10621 | $10604 | $10580 | $10446 |
| **2/28/2018** | $10569 | $10572 | $10539 | $10347 |
| **3/31/2018** | $10639 | $10611 | $10592 | $10413 |
| **4/30/2018** | $10605 | $10573 | $10558 | $10336 |
| **5/31/2018** | $10733 | $10694 | $10688 | $10410 |
| **6/30/2018** | $10757 | $10703 | $10702 | $10397 |
| **7/31/2018** | $10761 | $10729 | $10718 | $10399 |
| **8/31/2018** | $10804 | $10757 | $10743 | $10466 |
| **9/30/2018** | $10741 | $10687 | $10672 | $10399 |
| **10/31/2018** | $10648 | $10622 | $10584 | $10317 |
| **11/30/2018** | $10741 | $10739 | $10668 | $10378 |
| **12/31/2018** | $10857 | $10868 | $10778 | $10569 |
| **1/31/2019** | $10929 | $10950 | $10844 | $10681 |
| **2/28/2019** | $11015 | $11009 | $10914 | $10675 |
| **3/31/2019** | $11226 | $11182 | $11105 | $10880 |
| **4/30/2019** | $11290 | $11224 | $11157 | $10883 |
| **5/31/2019** | $11462 | $11379 | $11314 | $11076 |
| **6/30/2019** | $11506 | $11421 | $11350 | $11215 |
| **7/31/2019** | $11590 | $11513 | $11427 | $11240 |
| **8/31/2019** | $11811 | $11695 | $11634 | $11531 |
| **9/30/2019** | $11716 | $11601 | $11551 | $11470 |
| **10/31/2019** | $11709 | $11622 | $11537 | $11504 |
| **11/30/2019** | $11713 | $11651 | $11561 | $11498 |
| **12/31/2019** | $11756 | $11687 | $11592 | $11490 |
| **1/31/2020** | $12010 | $11897 | $11811 | $11711 |
| **2/29/2020** | $12214 | $12050 | $11994 | $11922 |
| **3/31/2020** | $11474 | $11613 | $11381 | $11852 |
| **4/30/2020** | $11136 | $11467 | $11082 | $12063 |
| **5/31/2020** | $11532 | $11832 | $11445 | $12119 |
| **6/30/2020** | $11779 | $11929 | $11617 | $12195 |
| **7/31/2020** | $11975 | $12130 | $11804 | $12377 |
| **8/31/2020** | $11917 | $12073 | $11750 | $12277 |
| **9/30/2020** | $11870 | $12076 | $11716 | $12271 |
| **10/31/2020** | $11863 | $12040 | $11692 | $12216 |
| **11/30/2020** | $12152 | $12221 | $11937 | $12336 |
| **12/31/2020** | $12301 | $12296 | $12064 | $12353 |
| **1/31/2021** | $12458 | $12374 | $12183 | $12264 |
| **2/28/2021** | $12226 | $12177 | $11981 | $12087 |
| **3/31/2021** | $12321 | $12253 | $12068 | $11936 |
| **4/30/2021** | $12499 | $12355 | $12213 | $12030 |
| **5/31/2021** | $12605 | $12392 | $12317 | $12070 |
| **6/30/2021** | $12680 | $12426 | $12386 | $12155 |
| **7/31/2021** | $12796 | $12529 | $12482 | $12290 |
| **8/31/2021** | $12715 | $12483 | $12416 | $12267 |
| **9/30/2021** | $12582 | $12393 | $12306 | $12161 |
| **10/31/2021** | $12553 | $12357 | $12295 | $12157 |
| **11/30/2021** | $12712 | $12462 | $12422 | $12193 |
| **12/31/2021** | $12735 | $12482 | $12444 | $12162 |
| **1/31/2022** | $12328 | $12141 | $12094 | $11900 |
| **2/28/2022** | $12226 | $12097 | $12015 | $11767 |
| **3/31/2022** | $11756 | $11705 | $11597 | $11441 |
| **4/30/2022** | $11306 | $11381 | $11210 | $11006 |
| **5/31/2022** | $11469 | $11550 | $11366 | $11077 |
| **6/30/2022** | $11102 | $11361 | $11061 | $10904 |
| **7/31/2022** | $11478 | $11661 | $11391 | $11170 |
| **8/31/2022** | $11142 | $11406 | $11086 | $10854 |
| **9/30/2022** | $10593 | $10968 | $10609 | $10385 |
| **10/31/2022** | $10438 | $10877 | $10465 | $10251 |
| **11/30/2022** | $11088 | $11386 | $11056 | $10628 |
| **12/31/2022** | $11062 | $11418 | $11033 | $10580 |
| **1/31/2023** | $11509 | $11746 | $11423 | $10905 |
| **2/28/2023** | $11204 | $11480 | $11139 | $10623 |
| **3/31/2023** | $11449 | $11735 | $11365 | $10893 |
| **4/30/2023** | $11466 | $11708 | $11376 | $10959 |
| **5/31/2023** | $11397 | $11607 | $11311 | $10840 |
| **6/30/2023** | $11546 | $11723 | $11424 | $10801 |
| **7/31/2023** | $11575 | $11770 | $11449 | $10794 |
| **8/31/2023** | $11396 | $11600 | $11271 | $10725 |
| **9/30/2023** | $11020 | $11260 | $10905 | $10452 |
| **10/31/2023** | $10797 | $11164 | $10703 | $10287 |
| **11/30/2023** | $11602 | $11873 | $11500 | $10753 |
| **12/31/2023** | $11977 | $12149 | $11838 | $11165 |
| **1/31/2024** | $11975 | $12087 | $11830 | $11134 |
| **2/29/2024** | $11996 | $12102 | $11842 | $10977 |
| **3/31/2024** | $12005 | $12102 | $11846 | $11078 |
| **4/30/2024** | $11858 | $11952 | $11700 | $10798 |
| **5/31/2024** | $11845 | $11917 | $11709 | $10981 |
| **6/30/2024** | $12058 | $12100 | $11924 | $11086 |
| **7/31/2024** | $12159 | $12210 | $12024 | $11344 |
| **8/31/2024** | $12226 | $12306 | $12099 | $11507 |
| **9/30/2024** | $12350 | $12428 | $12227 | $11662 |
| **10/31/2024** | $12167 | $12247 | $12047 | $11372 |
| **11/30/2024** | $12407 | $12458 | $12262 | $11493 |
| **12/31/2024** | $12212 | $12277 | $12058 | $11304 |
| **1/31/2025** | $12224 | $12338 | $12073 | $11364 |
| **2/28/2025** | $12340 | $12461 | $12199 | $11614 |
| **3/31/2025** | $12098 | $12250 | $11943 | $11619 |
| **4/30/2025** | $12018 | $12151 | $11846 | $11665 |
| **5/31/2025** | $11937 | $12159 | $11751 | $11581 |
| **6/30/2025** | $11974 | $12234 | $11810 | $11759 |
| **7/31/2025** | $11859 | $12210 | $11713 | $11728 |
| **8/31/2025** | $11931 | $12316 | $11803 | $11868 |
| **9/30/2025** | $12333 | $12601 | $12195 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | (0.14%) | 0.77% | 2.12% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New York Municipal Debt Funds Average | (0.25%) | 0.81% | 2.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $584787933 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2602315 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A10.03%

* A-4.19%

* A+3.54%

* AA12.20%

* AA-4.36%

* AA+11.94%

* AAA9.52%

* B-1.17%

* B+1.37%

* BB1.25%

* BB-0.67%

* BB+1.02%

* BBB10.19%

* BBB-13.79%

* BBB+7.07%

* CCC+0.28%

* NR7.41%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# LNYFX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-1036-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# LONYX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $56 | 0.56% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.10%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection with the Special Tax, Education, Leasing, and Transportation sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to the Tobacco and Education sectors and underweight allocation to the Housing sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ifa168512ad378557101cbf55.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond Index** | **Lipper New York Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10065 | $10060 | $10059 | $10051 |
| **5/31/2017** | $10214 | $10219 | $10199 | $10128 |
| **6/30/2017** | $10193 | $10183 | $10179 | $10118 |
| **7/31/2017** | $10261 | $10265 | $10234 | $10162 |
| **8/31/2017** | $10336 | $10343 | $10297 | $10253 |
| **9/30/2017** | $10267 | $10291 | $10248 | $10204 |
| **10/31/2017** | $10253 | $10316 | $10243 | $10210 |
| **11/30/2017** | $10194 | $10260 | $10192 | $10197 |
| **12/31/2017** | $10316 | $10368 | $10297 | $10244 |
| **1/31/2018** | $10202 | $10246 | $10199 | $10126 |
| **2/28/2018** | $10153 | $10215 | $10159 | $10030 |
| **3/31/2018** | $10222 | $10253 | $10210 | $10094 |
| **4/30/2018** | $10190 | $10216 | $10177 | $10019 |
| **5/31/2018** | $10315 | $10333 | $10302 | $10091 |
| **6/30/2018** | $10329 | $10342 | $10317 | $10078 |
| **7/31/2018** | $10343 | $10367 | $10331 | $10080 |
| **8/31/2018** | $10386 | $10394 | $10356 | $10145 |
| **9/30/2018** | $10317 | $10326 | $10287 | $10080 |
| **10/31/2018** | $10239 | $10263 | $10202 | $10000 |
| **11/30/2018** | $10329 | $10376 | $10284 | $10060 |
| **12/31/2018** | $10432 | $10501 | $10390 | $10245 |
| **1/31/2019** | $10513 | $10580 | $10453 | $10354 |
| **2/28/2019** | $10596 | $10637 | $10521 | $10348 |
| **3/31/2019** | $10791 | $10805 | $10705 | $10546 |
| **4/30/2019** | $10863 | $10845 | $10755 | $10549 |
| **5/31/2019** | $11020 | $10995 | $10906 | $10736 |
| **6/30/2019** | $11064 | $11035 | $10941 | $10871 |
| **7/31/2019** | $11155 | $11124 | $11015 | $10895 |
| **8/31/2019** | $11369 | $11300 | $11215 | $11177 |
| **9/30/2019** | $11278 | $11209 | $11135 | $11118 |
| **10/31/2019** | $11263 | $11229 | $11121 | $11151 |
| **11/30/2019** | $11278 | $11257 | $11144 | $11146 |
| **12/31/2019** | $11321 | $11292 | $11174 | $11138 |
| **1/31/2020** | $11566 | $11495 | $11385 | $11352 |
| **2/29/2020** | $11764 | $11643 | $11562 | $11557 |
| **3/31/2020** | $11052 | $11221 | $10971 | $11489 |
| **4/30/2020** | $10728 | $11080 | $10683 | $11693 |
| **5/31/2020** | $11111 | $11432 | $11032 | $11747 |
| **6/30/2020** | $11350 | $11526 | $11199 | $11821 |
| **7/31/2020** | $11540 | $11720 | $11378 | $11998 |
| **8/31/2020** | $11486 | $11665 | $11326 | $11901 |
| **9/30/2020** | $11441 | $11668 | $11293 | $11894 |
| **10/31/2020** | $11436 | $11633 | $11271 | $11841 |
| **11/30/2020** | $11706 | $11808 | $11507 | $11958 |
| **12/31/2020** | $11861 | $11880 | $11629 | $11974 |
| **1/31/2021** | $12013 | $11956 | $11744 | $11888 |
| **2/28/2021** | $11791 | $11766 | $11549 | $11716 |
| **3/31/2021** | $11874 | $11839 | $11633 | $11570 |
| **4/30/2021** | $12047 | $11938 | $11773 | $11662 |
| **5/31/2021** | $12150 | $11974 | $11873 | $11700 |
| **6/30/2021** | $12234 | $12007 | $11939 | $11782 |
| **7/31/2021** | $12337 | $12106 | $12032 | $11914 |
| **8/31/2021** | $12260 | $12062 | $11968 | $11891 |
| **9/30/2021** | $12144 | $11975 | $11863 | $11788 |
| **10/31/2021** | $12117 | $11940 | $11851 | $11785 |
| **11/30/2021** | $12261 | $12041 | $11974 | $11820 |
| **12/31/2021** | $12285 | $12061 | $11996 | $11789 |
| **1/31/2022** | $11903 | $11731 | $11658 | $11535 |
| **2/28/2022** | $11806 | $11688 | $11582 | $11407 |
| **3/31/2022** | $11343 | $11310 | $11179 | $11090 |
| **4/30/2022** | $10921 | $10997 | $10806 | $10669 |
| **5/31/2022** | $11068 | $11160 | $10956 | $10738 |
| **6/30/2022** | $10726 | $10977 | $10662 | $10569 |
| **7/31/2022** | $11080 | $11267 | $10980 | $10828 |
| **8/31/2022** | $10767 | $11020 | $10686 | $10522 |
| **9/30/2022** | $10238 | $10597 | $10227 | $10067 |
| **10/31/2022** | $10079 | $10509 | $10088 | $9937 |
| **11/30/2022** | $10708 | $11001 | $10657 | $10302 |
| **12/31/2022** | $10684 | $11032 | $10635 | $10256 |
| **1/31/2023** | $11128 | $11349 | $11011 | $10571 |
| **2/28/2023** | $10834 | $11093 | $10737 | $10298 |
| **3/31/2023** | $11072 | $11339 | $10955 | $10559 |
| **4/30/2023** | $11090 | $11313 | $10965 | $10623 |
| **5/31/2023** | $11014 | $11215 | $10904 | $10508 |
| **6/30/2023** | $11170 | $11327 | $11012 | $10470 |
| **7/31/2023** | $11200 | $11372 | $11037 | $10463 |
| **8/31/2023** | $11028 | $11208 | $10864 | $10396 |
| **9/30/2023** | $10654 | $10880 | $10512 | $10132 |
| **10/31/2023** | $10440 | $10787 | $10317 | $9972 |
| **11/30/2023** | $11231 | $11472 | $11085 | $10424 |
| **12/31/2023** | $11584 | $11739 | $11411 | $10823 |
| **1/31/2024** | $11584 | $11679 | $11404 | $10793 |
| **2/29/2024** | $11605 | $11694 | $11415 | $10640 |
| **3/31/2024** | $11616 | $11693 | $11419 | $10739 |
| **4/30/2024** | $11475 | $11548 | $11278 | $10467 |
| **5/31/2024** | $11474 | $11515 | $11287 | $10645 |
| **6/30/2024** | $11670 | $11691 | $11495 | $10746 |
| **7/31/2024** | $11769 | $11798 | $11591 | $10997 |
| **8/31/2024** | $11836 | $11891 | $11663 | $11155 |
| **9/30/2024** | $11969 | $12008 | $11786 | $11304 |
| **10/31/2024** | $11793 | $11833 | $11613 | $11024 |
| **11/30/2024** | $12015 | $12037 | $11819 | $11140 |
| **12/31/2024** | $11828 | $11862 | $11623 | $10958 |
| **1/31/2025** | $11840 | $11922 | $11638 | $11016 |
| **2/28/2025** | $11965 | $12040 | $11760 | $11258 |
| **3/31/2025** | $11732 | $11836 | $11512 | $11263 |
| **4/30/2025** | $11645 | $11741 | $11419 | $11307 |
| **5/31/2025** | $11568 | $11748 | $11327 | $11226 |
| **6/30/2025** | $11605 | $11821 | $11384 | $11399 |
| **7/31/2025** | $11506 | $11797 | $11290 | $11368 |
| **8/31/2025** | $11577 | $11900 | $11377 | $11504 |
| **9/30/2025** | $11957 | $12175 | $11756 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | (0.10%) | 0.89% | 2.13% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.35% |
| Lipper New York Municipal Debt Funds Average | (0.25%) | 0.81% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $584787933 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2602315 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A10.03%

* A-4.19%

* A+3.54%

* AA12.20%

* AA-4.36%

* AA+11.94%

* AAA9.52%

* B-1.17%

* B+1.37%

* BB1.25%

* BB-0.67%

* BB+1.02%

* BBB10.19%

* BBB-13.79%

* BBB+7.07%

* CCC+0.28%

* NR7.41%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# LONYX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8990-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# NYLIX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | $61 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned -0.14%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 1.39% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, contributed to relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** Security selection with the Special Tax, Education, Leasing, and Transportation sectors contributed to relative performance.

**Top detractors from the Fund's performance:** The Fund's longer duration positioning and overweight allocation to longer maturity bonds detracted from relative performance amid a rise in long-term rates with the steepening of the yield curve. An overweight allocation to non-investment grade bonds detracted from relative performance. An overweight allocation to the Tobacco and Education sectors and underweight allocation to the Housing sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic1f2089568bc2d53c513e29a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Lipper New York Municipal Debt Funds Average** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10045 | $10040 | $10041 | $10002 |
| **11/30/2015** | $10099 | $10080 | $10088 | $9975 |
| **12/31/2015** | $10180 | $10151 | $10166 | $9943 |
| **1/31/2016** | $10314 | $10272 | $10263 | $10080 |
| **2/29/2016** | $10332 | $10288 | $10270 | $10151 |
| **3/31/2016** | $10375 | $10320 | $10321 | $10244 |
| **4/30/2016** | $10473 | $10396 | $10399 | $10284 |
| **5/31/2016** | $10526 | $10424 | $10451 | $10286 |
| **6/30/2016** | $10724 | $10590 | $10647 | $10471 |
| **7/31/2016** | $10731 | $10597 | $10633 | $10537 |
| **8/31/2016** | $10774 | $10611 | $10662 | $10525 |
| **9/30/2016** | $10725 | $10558 | $10617 | $10519 |
| **10/31/2016** | $10593 | $10447 | $10504 | $10439 |
| **11/30/2016** | $10166 | $10058 | $10119 | $10192 |
| **12/31/2016** | $10255 | $10176 | $10212 | $10206 |
| **1/31/2017** | $10345 | $10243 | $10259 | $10226 |
| **2/28/2017** | $10408 | $10314 | $10323 | $10295 |
| **3/31/2017** | $10423 | $10336 | $10357 | $10290 |
| **4/30/2017** | $10503 | $10411 | $10435 | $10369 |
| **5/31/2017** | $10659 | $10577 | $10580 | $10449 |
| **6/30/2017** | $10636 | $10539 | $10560 | $10438 |
| **7/31/2017** | $10707 | $10624 | $10617 | $10483 |
| **8/31/2017** | $10776 | $10705 | $10682 | $10577 |
| **9/30/2017** | $10713 | $10650 | $10631 | $10527 |
| **10/31/2017** | $10699 | $10676 | $10626 | $10533 |
| **11/30/2017** | $10637 | $10619 | $10573 | $10519 |
| **12/31/2017** | $10765 | $10730 | $10682 | $10568 |
| **1/31/2018** | $10646 | $10604 | $10580 | $10446 |
| **2/28/2018** | $10595 | $10572 | $10539 | $10347 |
| **3/31/2018** | $10666 | $10611 | $10592 | $10413 |
| **4/30/2018** | $10633 | $10573 | $10558 | $10336 |
| **5/31/2018** | $10762 | $10694 | $10688 | $10410 |
| **6/30/2018** | $10777 | $10703 | $10702 | $10397 |
| **7/31/2018** | $10791 | $10729 | $10718 | $10399 |
| **8/31/2018** | $10835 | $10757 | $10743 | $10466 |
| **9/30/2018** | $10763 | $10687 | $10672 | $10399 |
| **10/31/2018** | $10681 | $10622 | $10584 | $10317 |
| **11/30/2018** | $10775 | $10739 | $10668 | $10378 |
| **12/31/2018** | $10882 | $10868 | $10778 | $10569 |
| **1/31/2019** | $10966 | $10950 | $10844 | $10681 |
| **2/28/2019** | $11053 | $11009 | $10914 | $10675 |
| **3/31/2019** | $11255 | $11182 | $11105 | $10880 |
| **4/30/2019** | $11330 | $11224 | $11157 | $10883 |
| **5/31/2019** | $11494 | $11379 | $11314 | $11076 |
| **6/30/2019** | $11539 | $11421 | $11350 | $11215 |
| **7/31/2019** | $11634 | $11513 | $11427 | $11240 |
| **8/31/2019** | $11857 | $11695 | $11634 | $11531 |
| **9/30/2019** | $11763 | $11601 | $11551 | $11470 |
| **10/31/2019** | $11747 | $11622 | $11537 | $11504 |
| **11/30/2019** | $11762 | $11651 | $11561 | $11498 |
| **12/31/2019** | $11806 | $11687 | $11592 | $11490 |
| **1/31/2020** | $12062 | $11897 | $11811 | $11711 |
| **2/29/2020** | $12268 | $12050 | $11994 | $11922 |
| **3/31/2020** | $11526 | $11613 | $11381 | $11852 |
| **4/30/2020** | $11187 | $11467 | $11082 | $12063 |
| **5/31/2020** | $11586 | $11832 | $11445 | $12119 |
| **6/30/2020** | $11835 | $11929 | $11617 | $12195 |
| **7/31/2020** | $12032 | $12130 | $11804 | $12377 |
| **8/31/2020** | $11975 | $12073 | $11750 | $12277 |
| **9/30/2020** | $11928 | $12076 | $11716 | $12271 |
| **10/31/2020** | $11922 | $12040 | $11692 | $12216 |
| **11/30/2020** | $12204 | $12221 | $11937 | $12336 |
| **12/31/2020** | $12365 | $12296 | $12064 | $12353 |
| **1/31/2021** | $12523 | $12374 | $12183 | $12264 |
| **2/28/2021** | $12291 | $12177 | $11981 | $12087 |
| **3/31/2021** | $12377 | $12253 | $12068 | $11936 |
| **4/30/2021** | $12557 | $12355 | $12213 | $12030 |
| **5/31/2021** | $12675 | $12392 | $12317 | $12070 |
| **6/30/2021** | $12751 | $12426 | $12386 | $12155 |
| **7/31/2021** | $12859 | $12529 | $12482 | $12290 |
| **8/31/2021** | $12789 | $12483 | $12416 | $12267 |
| **9/30/2021** | $12657 | $12393 | $12306 | $12161 |
| **10/31/2021** | $12628 | $12357 | $12295 | $12157 |
| **11/30/2021** | $12789 | $12462 | $12422 | $12193 |
| **12/31/2021** | $12813 | $12482 | $12444 | $12162 |
| **1/31/2022** | $12405 | $12141 | $12094 | $11900 |
| **2/28/2022** | $12304 | $12097 | $12015 | $11767 |
| **3/31/2022** | $11831 | $11705 | $11597 | $11441 |
| **4/30/2022** | $11380 | $11381 | $11210 | $11006 |
| **5/31/2022** | $11534 | $11550 | $11366 | $11077 |
| **6/30/2022** | $11176 | $11361 | $11061 | $10904 |
| **7/31/2022** | $11545 | $11661 | $11391 | $11170 |
| **8/31/2022** | $11219 | $11406 | $11086 | $10854 |
| **9/30/2022** | $10666 | $10968 | $10609 | $10385 |
| **10/31/2022** | $10501 | $10877 | $10465 | $10251 |
| **11/30/2022** | $11156 | $11386 | $11056 | $10628 |
| **12/31/2022** | $11131 | $11418 | $11033 | $10580 |
| **1/31/2023** | $11593 | $11746 | $11423 | $10905 |
| **2/28/2023** | $11286 | $11480 | $11139 | $10623 |
| **3/31/2023** | $11534 | $11735 | $11365 | $10893 |
| **4/30/2023** | $11553 | $11708 | $11376 | $10959 |
| **5/31/2023** | $11473 | $11607 | $11311 | $10840 |
| **6/30/2023** | $11635 | $11723 | $11424 | $10801 |
| **7/31/2023** | $11666 | $11770 | $11449 | $10794 |
| **8/31/2023** | $11486 | $11600 | $11271 | $10725 |
| **9/30/2023** | $11097 | $11260 | $10905 | $10452 |
| **10/31/2023** | $10873 | $11164 | $10703 | $10287 |
| **11/30/2023** | $11696 | $11873 | $11500 | $10753 |
| **12/31/2023** | $12064 | $12149 | $11838 | $11165 |
| **1/31/2024** | $12063 | $12087 | $11830 | $11134 |
| **2/29/2024** | $12085 | $12102 | $11842 | $10977 |
| **3/31/2024** | $12096 | $12102 | $11846 | $11078 |
| **4/30/2024** | $11948 | $11952 | $11700 | $10798 |
| **5/31/2024** | $11948 | $11917 | $11709 | $10981 |
| **6/30/2024** | $12152 | $12100 | $11924 | $11086 |
| **7/31/2024** | $12254 | $12210 | $12024 | $11344 |
| **8/31/2024** | $12323 | $12306 | $12099 | $11507 |
| **9/30/2024** | $12461 | $12428 | $12227 | $11662 |
| **10/31/2024** | $12277 | $12247 | $12047 | $11372 |
| **11/30/2024** | $12509 | $12458 | $12262 | $11493 |
| **12/31/2024** | $12313 | $12277 | $12058 | $11304 |
| **1/31/2025** | $12326 | $12338 | $12073 | $11364 |
| **2/28/2025** | $12456 | $12461 | $12199 | $11614 |
| **3/31/2025** | $12212 | $12250 | $11943 | $11619 |
| **4/30/2025** | $12121 | $12151 | $11846 | $11665 |
| **5/31/2025** | $12041 | $12159 | $11751 | $11581 |
| **6/30/2025** | $12078 | $12234 | $11810 | $11759 |
| **7/31/2025** | $11975 | $12210 | $11713 | $11728 |
| **8/31/2025** | $12049 | $12316 | $11803 | $11868 |
| **9/30/2025** | $12444 | $12601 | $12195 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | (0.14%) | 0.85% | 2.21% |
| Bloomberg Municipal Bond Index | 1.39% | 0.86% | 2.34% |
| Lipper New York Municipal Debt Funds Average | (0.25%) | 0.81% | 2.00% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $584787933 |
| # of Portfolio Holdings | 290 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $2602315 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A10.03%

* A-4.19%

* A+3.54%

* AA12.20%

* AA-4.36%

* AA+11.94%

* AAA9.52%

* B-1.17%

* B+1.37%

* BB1.25%

* BB-0.67%

* BB+1.02%

* BBB10.19%

* BBB-13.79%

* BBB+7.07%

* CCC+0.28%

* NR7.41%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# NYLIX

# Lord Abbett New York Tax Free Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3328-I

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class A

# SDHAX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.66% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 3.13%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 3.34% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, detracted from relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** There were no material contributors to relative performance over the period.

**Top detractors from the Fund's performance:** Security selection within the Industrial Development sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie998d2a6e042d784a68636f3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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 U.S. Aggregate Bond Index** |
| **9/30/2015** | $9773 | $10000 | $10000 | $10000 |
| **10/31/2015** | $9861 | $10038 | $10050 | $10002 |
| **11/30/2015** | $9895 | $10031 | $10049 | $9975 |
| **12/31/2015** | $9950 | $10045 | $10021 | $9943 |
| **1/31/2016** | $10019 | $10135 | $10042 | $10080 |
| **2/29/2016** | $10055 | $10165 | $10092 | $10151 |
| **3/31/2016** | $10090 | $10141 | $10093 | $10244 |
| **4/30/2016** | $10158 | $10180 | $10119 | $10284 |
| **5/31/2016** | $10180 | $10170 | $10135 | $10286 |
| **6/30/2016** | $10281 | $10240 | $10275 | $10471 |
| **7/31/2016** | $10324 | $10268 | $10303 | $10537 |
| **8/31/2016** | $10357 | $10260 | $10325 | $10525 |
| **9/30/2016** | $10352 | $10229 | $10296 | $10519 |
| **10/31/2016** | $10300 | $10197 | $10251 | $10439 |
| **11/30/2016** | $9922 | $9993 | $9781 | $10192 |
| **12/31/2016** | $9930 | $10036 | $9778 | $10206 |
| **1/31/2017** | $10041 | $10114 | $9842 | $10226 |
| **2/28/2017** | $10099 | $10178 | $9889 | $10295 |
| **3/31/2017** | $10135 | $10182 | $9894 | $10290 |
| **4/30/2017** | $10219 | $10234 | $10002 | $10369 |
| **5/31/2017** | $10296 | $10314 | $10061 | $10449 |
| **6/30/2017** | $10312 | $10281 | $10056 | $10438 |
| **7/31/2017** | $10376 | $10340 | $10115 | $10483 |
| **8/31/2017** | $10480 | $10391 | $10210 | $10577 |
| **9/30/2017** | $10462 | $10341 | $10151 | $10527 |
| **10/31/2017** | $10450 | $10341 | $10173 | $10533 |
| **11/30/2017** | $10419 | $10245 | $10102 | $10519 |
| **12/31/2017** | $10457 | $10284 | $10100 | $10568 |
| **1/31/2018** | $10466 | $10268 | $10133 | $10446 |
| **2/28/2018** | $10463 | $10255 | $10122 | $10347 |
| **3/31/2018** | $10499 | $10253 | $10127 | $10413 |
| **4/30/2018** | $10481 | $10222 | $10202 | $10336 |
| **5/31/2018** | $10553 | $10299 | $10308 | $10410 |
| **6/30/2018** | $10584 | $10331 | $10359 | $10397 |
| **7/31/2018** | $10622 | $10367 | $10413 | $10399 |
| **8/31/2018** | $10660 | $10365 | $10444 | $10466 |
| **9/30/2018** | $10628 | $10319 | $10408 | $10399 |
| **10/31/2018** | $10590 | $10306 | $10406 | $10317 |
| **11/30/2018** | $10622 | $10377 | $10468 | $10378 |
| **12/31/2018** | $10676 | $10463 | $10545 | $10569 |
| **1/31/2019** | $10731 | $10542 | $10627 | $10681 |
| **2/28/2019** | $10815 | $10585 | $10676 | $10675 |
| **3/31/2019** | $10941 | $10651 | $10765 | $10880 |
| **4/30/2019** | $10982 | $10656 | $10784 | $10883 |
| **5/31/2019** | $11102 | $10752 | $10882 | $11076 |
| **6/30/2019** | $11157 | $10801 | $10938 | $11215 |
| **7/31/2019** | $11227 | $10874 | $11010 | $11240 |
| **8/31/2019** | $11368 | $10931 | $11093 | $11531 |
| **9/30/2019** | $11329 | $10858 | $11048 | $11470 |
| **10/31/2019** | $11347 | $10903 | $11093 | $11504 |
| **11/30/2019** | $11381 | $10926 | $11129 | $11498 |
| **12/31/2019** | $11429 | $10955 | $11176 | $11490 |
| **1/31/2020** | $11607 | $11065 | $11311 | $11711 |
| **2/29/2020** | $11748 | $11121 | $11403 | $11922 |
| **3/31/2020** | $10791 | $10886 | $10937 | $11852 |
| **4/30/2020** | $10617 | $10881 | $10862 | $12063 |
| **5/31/2020** | $10833 | $11132 | $11081 | $12119 |
| **6/30/2020** | $11118 | $11170 | $11193 | $12195 |
| **7/31/2020** | $11285 | $11272 | $11331 | $12377 |
| **8/31/2020** | $11310 | $11266 | $11350 | $12277 |
| **9/30/2020** | $11315 | $11279 | $11374 | $12271 |
| **10/31/2020** | $11311 | $11259 | $11376 | $12216 |
| **11/30/2020** | $11502 | $11318 | $11464 | $12336 |
| **12/31/2020** | $11675 | $11351 | $11576 | $12353 |
| **1/31/2021** | $11886 | $11385 | $11667 | $12264 |
| **2/28/2021** | $11789 | $11299 | $11601 | $12087 |
| **3/31/2021** | $11847 | $11337 | $11662 | $11936 |
| **4/30/2021** | $11958 | $11376 | $11732 | $12030 |
| **5/31/2021** | $12022 | $11379 | $11775 | $12070 |
| **6/30/2021** | $12102 | $11381 | $11826 | $12155 |
| **7/31/2021** | $12195 | $11438 | $11901 | $12290 |
| **8/31/2021** | $12167 | $11431 | $11908 | $12267 |
| **9/30/2021** | $12078 | $11388 | $11874 | $12161 |
| **10/31/2021** | $12041 | $11362 | $11862 | $12157 |
| **11/30/2021** | $12127 | $11380 | $11903 | $12193 |
| **12/31/2021** | $12152 | $11391 | $11929 | $12162 |
| **1/31/2022** | $11862 | $11171 | $11737 | $11900 |
| **2/28/2022** | $11773 | $11137 | $11710 | $11767 |
| **3/31/2022** | $11418 | $10920 | $11507 | $11441 |
| **4/30/2022** | $11150 | $10775 | $11356 | $11006 |
| **5/31/2022** | $11196 | $10915 | $11460 | $11077 |
| **6/30/2022** | $11006 | $10889 | $11409 | $10904 |
| **7/31/2022** | $11224 | $11054 | $11582 | $11170 |
| **8/31/2022** | $11104 | $10895 | $11442 | $10854 |
| **9/30/2022** | $10767 | $10651 | $11170 | $10385 |
| **10/31/2022** | $10679 | $10635 | $11158 | $10251 |
| **11/30/2022** | $10982 | $10888 | $11414 | $10628 |
| **12/31/2022** | $11022 | $10922 | $11451 | $10580 |
| **1/31/2023** | $11250 | $11107 | $11655 | $10905 |
| **2/28/2023** | $11134 | $10924 | $11507 | $10623 |
| **3/31/2023** | $11207 | $11105 | $11659 | $10893 |
| **4/30/2023** | $11216 | $11061 | $11654 | $10959 |
| **5/31/2023** | $11146 | $10979 | $11594 | $10840 |
| **6/30/2023** | $11269 | $11049 | $11681 | $10801 |
| **7/31/2023** | $11312 | $11081 | $11735 | $10794 |
| **8/31/2023** | $11267 | $11025 | $11691 | $10725 |
| **9/30/2023** | $11118 | $10872 | $11559 | $10452 |
| **10/31/2023** | $11019 | $10865 | $11530 | $10287 |
| **11/30/2023** | $11316 | $11219 | $11886 | $10753 |
| **12/31/2023** | $11484 | $11368 | $12052 | $11165 |
| **1/31/2024** | $11538 | $11338 | $12050 | $11134 |
| **2/29/2024** | $11601 | $11348 | $12088 | $10977 |
| **3/31/2024** | $11664 | $11335 | $12117 | $11078 |
| **4/30/2024** | $11636 | $11262 | $12079 | $10798 |
| **5/31/2024** | $11683 | $11216 | $12072 | $10981 |
| **6/30/2024** | $11797 | $11322 | $12204 | $11086 |
| **7/31/2024** | $11877 | $11428 | $12308 | $11344 |
| **8/31/2024** | $11967 | $11554 | $12454 | $11507 |
| **9/30/2024** | $12091 | $11626 | $12531 | $11662 |
| **10/31/2024** | $12046 | $11523 | $12438 | $11372 |
| **11/30/2024** | $12145 | $11606 | $12538 | $11493 |
| **12/31/2024** | $12075 | $11538 | $12477 | $11304 |
| **1/31/2025** | $12158 | $11610 | $12562 | $11364 |
| **2/28/2025** | $12258 | $11701 | $12655 | $11614 |
| **3/31/2025** | $12154 | $11643 | $12626 | $11619 |
| **4/30/2025** | $12076 | $11588 | $12556 | $11665 |
| **5/31/2025** | $12126 | $11685 | $12659 | $11581 |
| **6/30/2025** | $12220 | $11780 | $12756 | $11759 |
| **7/31/2025** | $12184 | $11862 | $12676 | $11728 |
| **8/31/2025** | $12278 | $11951 | $12779 | $11868 |
| **9/30/2025** | $12469 | $12014 | $12877 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class A at NAV | 3.13% | 1.96% | 2.47% |
| Class A with sales charge | 0.82% | 1.50% | 2.23% |
| Bloomberg Municipal Bond 1-8 Year Index | 3.34% | 1.27% | 1.85% |
| Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50% | 2.77% | 2.51% | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2338434325 |
| # of Portfolio Holdings | 474 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $5569163 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.48%

* A-2.55%

* A+5.73%

* AA1.05%

* AA-3.50%

* AA+2.11%

* AAA0.21%

* B1.51%

* B-2.18%

* B+3.60%

* BB3.99%

* BB-3.47%

* BB+13.58%

* BBB9.24%

* BBB-3.94%

* BBB+6.55%

* CCC+0.48%

* NR31.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class A

# SDHAX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3385-A

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class C

# SDHCX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 1.30% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 2.47%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 3.34% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, detracted from relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** There were no material contributors to relative performance over the period.

**Top detractors from the Fund's performance:** Security selection within the Industrial Development sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](idda55eb29df7613e6170bf58.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond 1-8 Year Index** | **Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10084 | $10038 | $10050 | $10002 |
| **11/30/2015** | $10112 | $10031 | $10049 | $9975 |
| **12/31/2015** | $10161 | $10045 | $10021 | $9943 |
| **1/31/2016** | $10224 | $10135 | $10042 | $10080 |
| **2/29/2016** | $10261 | $10165 | $10092 | $10151 |
| **3/31/2016** | $10284 | $10141 | $10093 | $10244 |
| **4/30/2016** | $10354 | $10180 | $10119 | $10284 |
| **5/31/2016** | $10369 | $10170 | $10135 | $10286 |
| **6/30/2016** | $10466 | $10240 | $10275 | $10471 |
| **7/31/2016** | $10502 | $10268 | $10303 | $10537 |
| **8/31/2016** | $10523 | $10260 | $10325 | $10525 |
| **9/30/2016** | $10511 | $10229 | $10296 | $10519 |
| **10/31/2016** | $10452 | $10197 | $10251 | $10439 |
| **11/30/2016** | $10061 | $9993 | $9781 | $10192 |
| **12/31/2016** | $10063 | $10036 | $9778 | $10206 |
| **1/31/2017** | $10169 | $10114 | $9842 | $10226 |
| **2/28/2017** | $10222 | $10178 | $9889 | $10295 |
| **3/31/2017** | $10252 | $10182 | $9894 | $10290 |
| **4/30/2017** | $10331 | $10234 | $10002 | $10369 |
| **5/31/2017** | $10402 | $10314 | $10061 | $10449 |
| **6/30/2017** | $10412 | $10281 | $10056 | $10438 |
| **7/31/2017** | $10470 | $10340 | $10115 | $10483 |
| **8/31/2017** | $10569 | $10391 | $10210 | $10577 |
| **9/30/2017** | $10544 | $10341 | $10151 | $10527 |
| **10/31/2017** | $10526 | $10341 | $10173 | $10533 |
| **11/30/2017** | $10488 | $10245 | $10102 | $10519 |
| **12/31/2017** | $10521 | $10284 | $10100 | $10568 |
| **1/31/2018** | $10524 | $10268 | $10133 | $10446 |
| **2/28/2018** | $10522 | $10255 | $10122 | $10347 |
| **3/31/2018** | $10546 | $10253 | $10127 | $10413 |
| **4/30/2018** | $10522 | $10222 | $10202 | $10336 |
| **5/31/2018** | $10588 | $10299 | $10308 | $10410 |
| **6/30/2018** | $10621 | $10331 | $10359 | $10397 |
| **7/31/2018** | $10646 | $10367 | $10413 | $10399 |
| **8/31/2018** | $10678 | $10365 | $10444 | $10466 |
| **9/30/2018** | $10648 | $10319 | $10408 | $10399 |
| **10/31/2018** | $10603 | $10306 | $10406 | $10317 |
| **11/30/2018** | $10623 | $10377 | $10468 | $10378 |
| **12/31/2018** | $10672 | $10463 | $10545 | $10569 |
| **1/31/2019** | $10727 | $10542 | $10627 | $10681 |
| **2/28/2019** | $10799 | $10585 | $10676 | $10675 |
| **3/31/2019** | $10919 | $10651 | $10765 | $10880 |
| **4/30/2019** | $10961 | $10656 | $10784 | $10883 |
| **5/31/2019** | $11067 | $10752 | $10882 | $11076 |
| **6/30/2019** | $11116 | $10801 | $10938 | $11215 |
| **7/31/2019** | $11179 | $10874 | $11010 | $11240 |
| **8/31/2019** | $11314 | $10931 | $11093 | $11531 |
| **9/30/2019** | $11276 | $10858 | $11048 | $11470 |
| **10/31/2019** | $11281 | $10903 | $11093 | $11504 |
| **11/30/2019** | $11308 | $10926 | $11129 | $11498 |
| **12/31/2019** | $11349 | $10955 | $11176 | $11490 |
| **1/31/2020** | $11527 | $11065 | $11311 | $11711 |
| **2/29/2020** | $11654 | $11121 | $11403 | $11922 |
| **3/31/2020** | $10705 | $10886 | $10937 | $11852 |
| **4/30/2020** | $10527 | $10881 | $10862 | $12063 |
| **5/31/2020** | $10728 | $11132 | $11081 | $12119 |
| **6/30/2020** | $11005 | $11170 | $11193 | $12195 |
| **7/31/2020** | $11163 | $11272 | $11331 | $12377 |
| **8/31/2020** | $11182 | $11266 | $11350 | $12277 |
| **9/30/2020** | $11180 | $11279 | $11374 | $12271 |
| **10/31/2020** | $11178 | $11259 | $11376 | $12216 |
| **11/30/2020** | $11352 | $11318 | $11464 | $12336 |
| **12/31/2020** | $11517 | $11351 | $11576 | $12353 |
| **1/31/2021** | $11719 | $11385 | $11667 | $12264 |
| **2/28/2021** | $11617 | $11299 | $11601 | $12087 |
| **3/31/2021** | $11675 | $11337 | $11662 | $11936 |
| **4/30/2021** | $11770 | $11376 | $11732 | $12030 |
| **5/31/2021** | $11827 | $11379 | $11775 | $12070 |
| **6/30/2021** | $11899 | $11381 | $11826 | $12155 |
| **7/31/2021** | $11984 | $11438 | $11901 | $12290 |
| **8/31/2021** | $11948 | $11431 | $11908 | $12267 |
| **9/30/2021** | $11854 | $11388 | $11874 | $12161 |
| **10/31/2021** | $11811 | $11362 | $11862 | $12157 |
| **11/30/2021** | $11889 | $11380 | $11903 | $12193 |
| **12/31/2021** | $11906 | $11391 | $11929 | $12162 |
| **1/31/2022** | $11615 | $11171 | $11737 | $11900 |
| **2/28/2022** | $11522 | $11137 | $11710 | $11767 |
| **3/31/2022** | $11167 | $10920 | $11507 | $11441 |
| **4/30/2022** | $10899 | $10775 | $11356 | $11006 |
| **5/31/2022** | $10938 | $10915 | $11460 | $11077 |
| **6/30/2022** | $10745 | $10889 | $11409 | $10904 |
| **7/31/2022** | $10952 | $11054 | $11582 | $11170 |
| **8/31/2022** | $10836 | $10895 | $11442 | $10854 |
| **9/30/2022** | $10494 | $10651 | $11170 | $10385 |
| **10/31/2022** | $10409 | $10635 | $11158 | $10251 |
| **11/30/2022** | $10699 | $10888 | $11414 | $10628 |
| **12/31/2022** | $10724 | $10922 | $11451 | $10580 |
| **1/31/2023** | $10948 | $11107 | $11655 | $10905 |
| **2/28/2023** | $10829 | $10924 | $11507 | $10623 |
| **3/31/2023** | $10886 | $11105 | $11659 | $10893 |
| **4/30/2023** | $10889 | $11061 | $11654 | $10959 |
| **5/31/2023** | $10823 | $10979 | $11594 | $10840 |
| **6/30/2023** | $10929 | $11049 | $11681 | $10801 |
| **7/31/2023** | $10964 | $11081 | $11735 | $10794 |
| **8/31/2023** | $10915 | $11025 | $11691 | $10725 |
| **9/30/2023** | $10765 | $10872 | $11559 | $10452 |
| **10/31/2023** | $10663 | $10865 | $11530 | $10287 |
| **11/30/2023** | $10953 | $11219 | $11886 | $10753 |
| **12/31/2023** | $11102 | $11368 | $12052 | $11165 |
| **1/31/2024** | $11149 | $11338 | $12050 | $11134 |
| **2/29/2024** | $11204 | $11348 | $12088 | $10977 |
| **3/31/2024** | $11267 | $11335 | $12117 | $11078 |
| **4/30/2024** | $11234 | $11262 | $12079 | $10798 |
| **5/31/2024** | $11266 | $11216 | $12072 | $10981 |
| **6/30/2024** | $11370 | $11322 | $12204 | $11086 |
| **7/31/2024** | $11442 | $11428 | $12308 | $11344 |
| **8/31/2024** | $11522 | $11554 | $12454 | $11507 |
| **9/30/2024** | $11636 | $11626 | $12531 | $11662 |
| **10/31/2024** | $11587 | $11523 | $12438 | $11372 |
| **11/30/2024** | $11675 | $11606 | $12538 | $11493 |
| **12/31/2024** | $11602 | $11538 | $12477 | $11304 |
| **1/31/2025** | $11675 | $11610 | $12562 | $11364 |
| **2/28/2025** | $11766 | $11701 | $12655 | $11614 |
| **3/31/2025** | $11660 | $11643 | $12626 | $11619 |
| **4/30/2025** | $11579 | $11588 | $12556 | $11665 |
| **5/31/2025** | $11620 | $11685 | $12659 | $11581 |
| **6/30/2025** | $11704 | $11780 | $12756 | $11759 |
| **7/31/2025** | $11671 | $11862 | $12676 | $11728 |
| **8/31/2025** | $11747 | $11951 | $12779 | $11868 |
| **9/30/2025** | $11922 | $12014 | $12877 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class C at NAV | 2.47% | 1.29% | 1.77% |
| Class C with sales charge | 1.48% | 1.29% | 1.77% |
| Bloomberg Municipal Bond 1-8 Year Index | 3.34% | 1.27% | 1.85% |
| Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50% | 2.77% | 2.51% | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2338434325 |
| # of Portfolio Holdings | 474 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $5569163 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.48%

* A-2.55%

* A+5.73%

* AA1.05%

* AA-3.50%

* AA+2.11%

* AAA0.21%

* B1.51%

* B-2.18%

* B+3.60%

* BB3.99%

* BB-3.47%

* BB+13.58%

* BBB9.24%

* BBB-3.94%

* BBB+6.55%

* CCC+0.48%

* NR31.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class C

# SDHCX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3386-C

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F

# SDHFX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.56% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 3.23%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 3.34% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, detracted from relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** There were no material contributors to relative performance over the period.

**Top detractors from the Fund's performance:** Security selection within the Industrial Development sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id1f8e0c0371d537fd2660e08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F** | **Bloomberg Municipal Bond 1-8 Year Index** | **Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10091 | $10038 | $10050 | $10002 |
| **11/30/2015** | $10127 | $10031 | $10049 | $9975 |
| **12/31/2015** | $10184 | $10045 | $10021 | $9943 |
| **1/31/2016** | $10255 | $10135 | $10042 | $10080 |
| **2/29/2016** | $10293 | $10165 | $10092 | $10151 |
| **3/31/2016** | $10329 | $10141 | $10093 | $10244 |
| **4/30/2016** | $10400 | $10180 | $10119 | $10284 |
| **5/31/2016** | $10423 | $10170 | $10135 | $10286 |
| **6/30/2016** | $10528 | $10240 | $10275 | $10471 |
| **7/31/2016** | $10572 | $10268 | $10303 | $10537 |
| **8/31/2016** | $10607 | $10260 | $10325 | $10525 |
| **9/30/2016** | $10603 | $10229 | $10296 | $10519 |
| **10/31/2016** | $10551 | $10197 | $10251 | $10439 |
| **11/30/2016** | $10164 | $9993 | $9781 | $10192 |
| **12/31/2016** | $10173 | $10036 | $9778 | $10206 |
| **1/31/2017** | $10287 | $10114 | $9842 | $10226 |
| **2/28/2017** | $10347 | $10178 | $9889 | $10295 |
| **3/31/2017** | $10385 | $10182 | $9894 | $10290 |
| **4/30/2017** | $10472 | $10234 | $10002 | $10369 |
| **5/31/2017** | $10552 | $10314 | $10061 | $10449 |
| **6/30/2017** | $10569 | $10281 | $10056 | $10438 |
| **7/31/2017** | $10636 | $10340 | $10115 | $10483 |
| **8/31/2017** | $10743 | $10391 | $10210 | $10577 |
| **9/30/2017** | $10726 | $10341 | $10151 | $10527 |
| **10/31/2017** | $10715 | $10341 | $10173 | $10533 |
| **11/30/2017** | $10683 | $10245 | $10102 | $10519 |
| **12/31/2017** | $10723 | $10284 | $10100 | $10568 |
| **1/31/2018** | $10733 | $10268 | $10133 | $10446 |
| **2/28/2018** | $10731 | $10255 | $10122 | $10347 |
| **3/31/2018** | $10769 | $10253 | $10127 | $10413 |
| **4/30/2018** | $10751 | $10222 | $10202 | $10336 |
| **5/31/2018** | $10826 | $10299 | $10308 | $10410 |
| **6/30/2018** | $10859 | $10331 | $10359 | $10397 |
| **7/31/2018** | $10899 | $10367 | $10413 | $10399 |
| **8/31/2018** | $10938 | $10365 | $10444 | $10466 |
| **9/30/2018** | $10907 | $10319 | $10408 | $10399 |
| **10/31/2018** | $10868 | $10306 | $10406 | $10317 |
| **11/30/2018** | $10902 | $10377 | $10468 | $10378 |
| **12/31/2018** | $10959 | $10463 | $10545 | $10569 |
| **1/31/2019** | $11016 | $10542 | $10627 | $10681 |
| **2/28/2019** | $11103 | $10585 | $10676 | $10675 |
| **3/31/2019** | $11233 | $10651 | $10765 | $10880 |
| **4/30/2019** | $11276 | $10656 | $10784 | $10883 |
| **5/31/2019** | $11400 | $10752 | $10882 | $11076 |
| **6/30/2019** | $11458 | $10801 | $10938 | $11215 |
| **7/31/2019** | $11530 | $10874 | $11010 | $11240 |
| **8/31/2019** | $11676 | $10931 | $11093 | $11531 |
| **9/30/2019** | $11637 | $10858 | $11048 | $11470 |
| **10/31/2019** | $11657 | $10903 | $11093 | $11504 |
| **11/30/2019** | $11692 | $10926 | $11129 | $11498 |
| **12/31/2019** | $11743 | $10955 | $11176 | $11490 |
| **1/31/2020** | $11927 | $11065 | $11311 | $11711 |
| **2/29/2020** | $12073 | $11121 | $11403 | $11922 |
| **3/31/2020** | $11089 | $10886 | $10937 | $11852 |
| **4/30/2020** | $10912 | $10881 | $10862 | $12063 |
| **5/31/2020** | $11135 | $11132 | $11081 | $12119 |
| **6/30/2020** | $11429 | $11170 | $11193 | $12195 |
| **7/31/2020** | $11601 | $11272 | $11331 | $12377 |
| **8/31/2020** | $11621 | $11266 | $11350 | $12277 |
| **9/30/2020** | $11634 | $11279 | $11374 | $12271 |
| **10/31/2020** | $11631 | $11259 | $11376 | $12216 |
| **11/30/2020** | $11820 | $11318 | $11464 | $12336 |
| **12/31/2020** | $12007 | $11351 | $11576 | $12353 |
| **1/31/2021** | $12217 | $11385 | $11667 | $12264 |
| **2/28/2021** | $12125 | $11299 | $11601 | $12087 |
| **3/31/2021** | $12186 | $11337 | $11662 | $11936 |
| **4/30/2021** | $12293 | $11376 | $11732 | $12030 |
| **5/31/2021** | $12369 | $11379 | $11775 | $12070 |
| **6/30/2021** | $12452 | $11381 | $11826 | $12155 |
| **7/31/2021** | $12541 | $11438 | $11901 | $12290 |
| **8/31/2021** | $12520 | $11431 | $11908 | $12267 |
| **9/30/2021** | $12430 | $11388 | $11874 | $12161 |
| **10/31/2021** | $12393 | $11362 | $11862 | $12157 |
| **11/30/2021** | $12482 | $11380 | $11903 | $12193 |
| **12/31/2021** | $12501 | $11391 | $11929 | $12162 |
| **1/31/2022** | $12212 | $11171 | $11737 | $11900 |
| **2/28/2022** | $12121 | $11137 | $11710 | $11767 |
| **3/31/2022** | $11756 | $10920 | $11507 | $11441 |
| **4/30/2022** | $11481 | $10775 | $11356 | $11006 |
| **5/31/2022** | $11530 | $10915 | $11460 | $11077 |
| **6/30/2022** | $11334 | $10889 | $11409 | $10904 |
| **7/31/2022** | $11561 | $11054 | $11582 | $11170 |
| **8/31/2022** | $11445 | $10895 | $11442 | $10854 |
| **9/30/2022** | $11091 | $10651 | $11170 | $10385 |
| **10/31/2022** | $11001 | $10635 | $11158 | $10251 |
| **11/30/2022** | $11315 | $10888 | $11414 | $10628 |
| **12/31/2022** | $11357 | $10922 | $11451 | $10580 |
| **1/31/2023** | $11593 | $11107 | $11655 | $10905 |
| **2/28/2023** | $11474 | $10924 | $11507 | $10623 |
| **3/31/2023** | $11550 | $11105 | $11659 | $10893 |
| **4/30/2023** | $11560 | $11061 | $11654 | $10959 |
| **5/31/2023** | $11489 | $10979 | $11594 | $10840 |
| **6/30/2023** | $11617 | $11049 | $11681 | $10801 |
| **7/31/2023** | $11662 | $11081 | $11735 | $10794 |
| **8/31/2023** | $11617 | $11025 | $11691 | $10725 |
| **9/30/2023** | $11464 | $10872 | $11559 | $10452 |
| **10/31/2023** | $11362 | $10865 | $11530 | $10287 |
| **11/30/2023** | $11669 | $11219 | $11886 | $10753 |
| **12/31/2023** | $11844 | $11368 | $12052 | $11165 |
| **1/31/2024** | $11901 | $11338 | $12050 | $11134 |
| **2/29/2024** | $11967 | $11348 | $12088 | $10977 |
| **3/31/2024** | $12032 | $11335 | $12117 | $11078 |
| **4/30/2024** | $12004 | $11262 | $12079 | $10798 |
| **5/31/2024** | $12054 | $11216 | $12072 | $10981 |
| **6/30/2024** | $12172 | $11322 | $12204 | $11086 |
| **7/31/2024** | $12257 | $11428 | $12308 | $11344 |
| **8/31/2024** | $12350 | $11554 | $12454 | $11507 |
| **9/30/2024** | $12479 | $11626 | $12531 | $11662 |
| **10/31/2024** | $12434 | $11523 | $12438 | $11372 |
| **11/30/2024** | $12537 | $11606 | $12538 | $11493 |
| **12/31/2024** | $12466 | $11538 | $12477 | $11304 |
| **1/31/2025** | $12543 | $11610 | $12562 | $11364 |
| **2/28/2025** | $12656 | $11701 | $12655 | $11614 |
| **3/31/2025** | $12550 | $11643 | $12626 | $11619 |
| **4/30/2025** | $12471 | $11588 | $12556 | $11665 |
| **5/31/2025** | $12524 | $11685 | $12659 | $11581 |
| **6/30/2025** | $12621 | $11780 | $12756 | $11759 |
| **7/31/2025** | $12585 | $11862 | $12676 | $11728 |
| **8/31/2025** | $12684 | $11951 | $12779 | $11868 |
| **9/30/2025** | $12882 | $12014 | $12877 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class F at NAV | 3.23% | 2.06% | 2.56% |
| Bloomberg Municipal Bond 1-8 Year Index | 3.34% | 1.27% | 1.85% |
| Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50% | 2.77% | 2.51% | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2338434325 |
| # of Portfolio Holdings | 474 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $5569163 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.48%

* A-2.55%

* A+5.73%

* AA1.05%

* AA-3.50%

* AA+2.11%

* AAA0.21%

* B1.51%

* B-2.18%

* B+3.60%

* BB3.99%

* BB-3.47%

* BB+13.58%

* BBB9.24%

* BBB-3.94%

* BBB+6.55%

* CCC+0.48%

* NR31.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F

# SDHFX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3387-F

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class F3

# HYMQX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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, 2025, the Fund returned 3.38%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 3.34% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, detracted from relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** There were no material contributors to relative performance over the period.

**Top detractors from the Fund's performance:** Security selection within the Industrial Development sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ie2a0ec2d7486f7f03c21b3c0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class F3** | **Bloomberg Municipal Bond 1-8 Year Index** | **Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/4/2017** | $10000 | $10000 | $10000 | $10000 |
| **4/30/2017** | $10082 | $10044 | $10111 | $10051 |
| **5/31/2017** | $10160 | $10123 | $10170 | $10128 |
| **6/30/2017** | $10179 | $10091 | $10165 | $10118 |
| **7/31/2017** | $10244 | $10149 | $10225 | $10162 |
| **8/31/2017** | $10349 | $10199 | $10321 | $10253 |
| **9/30/2017** | $10333 | $10149 | $10262 | $10204 |
| **10/31/2017** | $10324 | $10150 | $10284 | $10210 |
| **11/30/2017** | $10295 | $10055 | $10212 | $10197 |
| **12/31/2017** | $10341 | $10094 | $10210 | $10244 |
| **1/31/2018** | $10345 | $10078 | $10243 | $10126 |
| **2/28/2018** | $10351 | $10065 | $10232 | $10030 |
| **3/31/2018** | $10382 | $10063 | $10237 | $10094 |
| **4/30/2018** | $10374 | $10033 | $10313 | $10019 |
| **5/31/2018** | $10440 | $10108 | $10420 | $10091 |
| **6/30/2018** | $10480 | $10140 | $10472 | $10078 |
| **7/31/2018** | $10520 | $10175 | $10527 | $10080 |
| **8/31/2018** | $10553 | $10173 | $10558 | $10145 |
| **9/30/2018** | $10531 | $10128 | $10522 | $10080 |
| **10/31/2018** | $10495 | $10115 | $10519 | $10000 |
| **11/30/2018** | $10522 | $10185 | $10582 | $10060 |
| **12/31/2018** | $10578 | $10270 | $10660 | $10245 |
| **1/31/2019** | $10641 | $10347 | $10743 | $10354 |
| **2/28/2019** | $10720 | $10389 | $10792 | $10348 |
| **3/31/2019** | $10847 | $10453 | $10882 | $10546 |
| **4/30/2019** | $10897 | $10459 | $10902 | $10549 |
| **5/31/2019** | $11011 | $10553 | $11001 | $10736 |
| **6/30/2019** | $11068 | $10601 | $11057 | $10871 |
| **7/31/2019** | $11139 | $10673 | $11130 | $10895 |
| **8/31/2019** | $11282 | $10728 | $11214 | $11177 |
| **9/30/2019** | $11253 | $10657 | $11168 | $11118 |
| **10/31/2019** | $11266 | $10701 | $11214 | $11151 |
| **11/30/2019** | $11302 | $10724 | $11250 | $11146 |
| **12/31/2019** | $11352 | $10752 | $11298 | $11138 |
| **1/31/2020** | $11539 | $10860 | $11434 | $11352 |
| **2/29/2020** | $11674 | $10916 | $11527 | $11557 |
| **3/31/2020** | $10732 | $10684 | $11056 | $11489 |
| **4/30/2020** | $10562 | $10679 | $10980 | $11693 |
| **5/31/2020** | $10772 | $10926 | $11202 | $11747 |
| **6/30/2020** | $11057 | $10963 | $11315 | $11821 |
| **7/31/2020** | $11225 | $11064 | $11454 | $11998 |
| **8/31/2020** | $11253 | $11057 | $11474 | $11901 |
| **9/30/2020** | $11260 | $11071 | $11498 | $11894 |
| **10/31/2020** | $11267 | $11051 | $11500 | $11841 |
| **11/30/2020** | $11451 | $11108 | $11589 | $11958 |
| **12/31/2020** | $11626 | $11141 | $11702 | $11974 |
| **1/31/2021** | $11839 | $11174 | $11794 | $11888 |
| **2/28/2021** | $11744 | $11090 | $11728 | $11716 |
| **3/31/2021** | $11812 | $11127 | $11789 | $11570 |
| **4/30/2021** | $11918 | $11166 | $11860 | $11662 |
| **5/31/2021** | $11985 | $11169 | $11903 | $11700 |
| **6/30/2021** | $12067 | $11171 | $11955 | $11782 |
| **7/31/2021** | $12163 | $11227 | $12031 | $11914 |
| **8/31/2021** | $12137 | $11219 | $12037 | $11891 |
| **9/30/2021** | $12051 | $11177 | $12004 | $11788 |
| **10/31/2021** | $12017 | $11152 | $11991 | $11785 |
| **11/30/2021** | $12105 | $11169 | $12032 | $11820 |
| **12/31/2021** | $12133 | $11180 | $12058 | $11789 |
| **1/31/2022** | $11847 | $10964 | $11864 | $11535 |
| **2/28/2022** | $11760 | $10931 | $11838 | $11407 |
| **3/31/2022** | $11408 | $10718 | $11632 | $11090 |
| **4/30/2022** | $11142 | $10575 | $11479 | $10669 |
| **5/31/2022** | $11191 | $10713 | $11585 | $10738 |
| **6/30/2022** | $11003 | $10687 | $11533 | $10569 |
| **7/31/2022** | $11224 | $10849 | $11708 | $10828 |
| **8/31/2022** | $11114 | $10693 | $11567 | $10522 |
| **9/30/2022** | $10771 | $10453 | $11292 | $10067 |
| **10/31/2022** | $10693 | $10439 | $11280 | $9937 |
| **11/30/2022** | $10999 | $10686 | $11538 | $10302 |
| **12/31/2022** | $11034 | $10720 | $11576 | $10256 |
| **1/31/2023** | $11273 | $10902 | $11782 | $10571 |
| **2/28/2023** | $11151 | $10722 | $11633 | $10298 |
| **3/31/2023** | $11226 | $10900 | $11786 | $10559 |
| **4/30/2023** | $11238 | $10856 | $11781 | $10623 |
| **5/31/2023** | $11171 | $10775 | $11720 | $10508 |
| **6/30/2023** | $11297 | $10844 | $11808 | $10470 |
| **7/31/2023** | $11342 | $10876 | $11863 | $10463 |
| **8/31/2023** | $11301 | $10821 | $11818 | $10396 |
| **9/30/2023** | $11154 | $10671 | $11685 | $10132 |
| **10/31/2023** | $11056 | $10664 | $11655 | $9972 |
| **11/30/2023** | $11357 | $11012 | $12016 | $10424 |
| **12/31/2023** | $11528 | $11157 | $12184 | $10823 |
| **1/31/2024** | $11586 | $11128 | $12181 | $10793 |
| **2/29/2024** | $11651 | $11138 | $12219 | $10640 |
| **3/31/2024** | $11716 | $11125 | $12249 | $10739 |
| **4/30/2024** | $11691 | $11054 | $12210 | $10467 |
| **5/31/2024** | $11741 | $11008 | $12204 | $10645 |
| **6/30/2024** | $11857 | $11113 | $12337 | $10746 |
| **7/31/2024** | $11941 | $11216 | $12442 | $10997 |
| **8/31/2024** | $12034 | $11340 | $12590 | $11155 |
| **9/30/2024** | $12160 | $11411 | $12667 | $11304 |
| **10/31/2024** | $12118 | $11310 | $12573 | $11024 |
| **11/30/2024** | $12220 | $11392 | $12674 | $11140 |
| **12/31/2024** | $12152 | $11325 | $12613 | $10958 |
| **1/31/2025** | $12238 | $11396 | $12699 | $11016 |
| **2/28/2025** | $12341 | $11484 | $12793 | $11258 |
| **3/31/2025** | $12239 | $11428 | $12764 | $11263 |
| **4/30/2025** | $12163 | $11374 | $12692 | $11307 |
| **5/31/2025** | $12216 | $11468 | $12796 | $11226 |
| **6/30/2025** | $12313 | $11561 | $12895 | $11399 |
| **7/31/2025** | $12279 | $11642 | $12814 | $11368 |
| **8/31/2025** | $12378 | $11730 | $12918 | $11504 |
| **9/30/2025** | $12572 | $11792 | $13017 | $11630 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | Since Inception 4/4/17 |
| Class F3 at NAV | 3.38% | 2.23% | 2.73% |
| Bloomberg Municipal Bond 1-8 Year Index | 3.34% | 1.27% | 1.96% |
| Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50% | 2.77% | 2.51% | 3.15% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.79% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2338434325 |
| # of Portfolio Holdings | 474 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $5569163 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.48%

* A-2.55%

* A+5.73%

* AA1.05%

* AA-3.50%

* AA+2.11%

* AAA0.21%

* B1.51%

* B-2.18%

* B+3.60%

* BB3.99%

* BB-3.47%

* BB+13.58%

* BBB9.24%

* BBB-3.94%

* BBB+6.55%

* CCC+0.48%

* NR31.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class F3

# HYMQX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-8991-F3

#### 11/25
![Image](i4dede08db50fae732c33d8b8.jpg)

# Class I

# SDHIX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### 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, 2024 to September 30, 2025. 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 | 0.46% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended September 30, 2025, the Fund returned 3.33%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 3.34% return 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 securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 2.88% over the same period. The Fund's use of derivatives, which are generally used for hedging, non-hedging, and duration management purposes, detracted from relative performance for the period.

The municipal yield curve steepened over the one-year period, with shorter maturities experiencing a fall in rates while yields moved higher in longer maturities. Positive factors for the municipal market included healthy demand for municipal bond funds and a strong fundamental backdrop as evidenced by growing tax revenue and positive ratings actions by public ratings agencies. Also supporting the market was the start of interest rate cuts by the U.S. Federal Reserve towards the end of the period. Negative factors included periods of rate volatility, uncertainty driven by the current administration's fiscal policies and a continued increase in municipal bond supply after an above-average year of issuance in the prior year. Against this backdrop, municipal bonds delivered modest returns.

**Top contributors to the Fund's performance:** There were no material contributors to relative performance over the period.

**Top detractors from the Fund's performance:** Security selection within the Industrial Development sector detracted from relative performance.

## **Fund Performance** 

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i86d52c45f13c9ac13f72a4e1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond 1-8 Year Index** | **Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50%** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10092 | $10038 | $10050 | $10002 |
| **11/30/2015** | $10129 | $10031 | $10049 | $9975 |
| **12/31/2015** | $10186 | $10045 | $10021 | $9943 |
| **1/31/2016** | $10259 | $10135 | $10042 | $10080 |
| **2/29/2016** | $10304 | $10165 | $10092 | $10151 |
| **3/31/2016** | $10335 | $10141 | $10093 | $10244 |
| **4/30/2016** | $10413 | $10180 | $10119 | $10284 |
| **5/31/2016** | $10437 | $10170 | $10135 | $10286 |
| **6/30/2016** | $10543 | $10240 | $10275 | $10471 |
| **7/31/2016** | $10588 | $10268 | $10303 | $10537 |
| **8/31/2016** | $10617 | $10260 | $10325 | $10525 |
| **9/30/2016** | $10613 | $10229 | $10296 | $10519 |
| **10/31/2016** | $10562 | $10197 | $10251 | $10439 |
| **11/30/2016** | $10176 | $9993 | $9781 | $10192 |
| **12/31/2016** | $10185 | $10036 | $9778 | $10206 |
| **1/31/2017** | $10300 | $10114 | $9842 | $10226 |
| **2/28/2017** | $10361 | $10178 | $9889 | $10295 |
| **3/31/2017** | $10400 | $10182 | $9894 | $10290 |
| **4/30/2017** | $10488 | $10234 | $10002 | $10369 |
| **5/31/2017** | $10569 | $10314 | $10061 | $10449 |
| **6/30/2017** | $10587 | $10281 | $10056 | $10438 |
| **7/31/2017** | $10654 | $10340 | $10115 | $10483 |
| **8/31/2017** | $10764 | $10391 | $10210 | $10577 |
| **9/30/2017** | $10747 | $10341 | $10151 | $10527 |
| **10/31/2017** | $10736 | $10341 | $10173 | $10533 |
| **11/30/2017** | $10705 | $10245 | $10102 | $10519 |
| **12/31/2017** | $10746 | $10284 | $10100 | $10568 |
| **1/31/2018** | $10757 | $10268 | $10133 | $10446 |
| **2/28/2018** | $10763 | $10255 | $10122 | $10347 |
| **3/31/2018** | $10795 | $10253 | $10127 | $10413 |
| **4/30/2018** | $10778 | $10222 | $10202 | $10336 |
| **5/31/2018** | $10854 | $10299 | $10308 | $10410 |
| **6/30/2018** | $10895 | $10331 | $10359 | $10397 |
| **7/31/2018** | $10929 | $10367 | $10413 | $10399 |
| **8/31/2018** | $10970 | $10365 | $10444 | $10466 |
| **9/30/2018** | $10946 | $10319 | $10408 | $10399 |
| **10/31/2018** | $10908 | $10306 | $10406 | $10317 |
| **11/30/2018** | $10936 | $10377 | $10468 | $10378 |
| **12/31/2018** | $10994 | $10463 | $10545 | $10569 |
| **1/31/2019** | $11059 | $10542 | $10627 | $10681 |
| **2/28/2019** | $11140 | $10585 | $10676 | $10675 |
| **3/31/2019** | $11272 | $10651 | $10765 | $10880 |
| **4/30/2019** | $11323 | $10656 | $10784 | $10883 |
| **5/31/2019** | $11441 | $10752 | $10882 | $11076 |
| **6/30/2019** | $11500 | $10801 | $10938 | $11215 |
| **7/31/2019** | $11573 | $10874 | $11010 | $11240 |
| **8/31/2019** | $11721 | $10931 | $11093 | $11531 |
| **9/30/2019** | $11690 | $10858 | $11048 | $11470 |
| **10/31/2019** | $11704 | $10903 | $11093 | $11504 |
| **11/30/2019** | $11740 | $10926 | $11129 | $11498 |
| **12/31/2019** | $11792 | $10955 | $11176 | $11490 |
| **1/31/2020** | $11985 | $11065 | $11311 | $11711 |
| **2/29/2020** | $12125 | $11121 | $11403 | $11922 |
| **3/31/2020** | $11146 | $10886 | $10937 | $11852 |
| **4/30/2020** | $10968 | $10881 | $10862 | $12063 |
| **5/31/2020** | $11186 | $11132 | $11081 | $12119 |
| **6/30/2020** | $11482 | $11170 | $11193 | $12195 |
| **7/31/2020** | $11656 | $11272 | $11331 | $12377 |
| **8/31/2020** | $11684 | $11266 | $11350 | $12277 |
| **9/30/2020** | $11691 | $11279 | $11374 | $12271 |
| **10/31/2020** | $11697 | $11259 | $11376 | $12216 |
| **11/30/2020** | $11888 | $11318 | $11464 | $12336 |
| **12/31/2020** | $12069 | $11351 | $11576 | $12353 |
| **1/31/2021** | $12289 | $11385 | $11667 | $12264 |
| **2/28/2021** | $12190 | $11299 | $11601 | $12087 |
| **3/31/2021** | $12260 | $11337 | $11662 | $11936 |
| **4/30/2021** | $12369 | $11376 | $11732 | $12030 |
| **5/31/2021** | $12438 | $11379 | $11775 | $12070 |
| **6/30/2021** | $12523 | $11381 | $11826 | $12155 |
| **7/31/2021** | $12621 | $11438 | $11901 | $12290 |
| **8/31/2021** | $12594 | $11431 | $11908 | $12267 |
| **9/30/2021** | $12504 | $11388 | $11874 | $12161 |
| **10/31/2021** | $12468 | $11362 | $11862 | $12157 |
| **11/30/2021** | $12559 | $11380 | $11903 | $12193 |
| **12/31/2021** | $12587 | $11391 | $11929 | $12162 |
| **1/31/2022** | $12289 | $11171 | $11737 | $11900 |
| **2/28/2022** | $12199 | $11137 | $11710 | $11767 |
| **3/31/2022** | $11841 | $10920 | $11507 | $11441 |
| **4/30/2022** | $11565 | $10775 | $11356 | $11006 |
| **5/31/2022** | $11615 | $10915 | $11460 | $11077 |
| **6/30/2022** | $11411 | $10889 | $11409 | $10904 |
| **7/31/2022** | $11640 | $11054 | $11582 | $11170 |
| **8/31/2022** | $11525 | $10895 | $11442 | $10854 |
| **9/30/2022** | $11177 | $10651 | $11170 | $10385 |
| **10/31/2022** | $11087 | $10635 | $11158 | $10251 |
| **11/30/2022** | $11404 | $10888 | $11414 | $10628 |
| **12/31/2022** | $11440 | $10922 | $11451 | $10580 |
| **1/31/2023** | $11686 | $11107 | $11655 | $10905 |
| **2/28/2023** | $11567 | $10924 | $11507 | $10623 |
| **3/31/2023** | $11637 | $11105 | $11659 | $10893 |
| **4/30/2023** | $11648 | $11061 | $11654 | $10959 |
| **5/31/2023** | $11586 | $10979 | $11594 | $10840 |
| **6/30/2023** | $11708 | $11049 | $11681 | $10801 |
| **7/31/2023** | $11754 | $11081 | $11735 | $10794 |
| **8/31/2023** | $11710 | $11025 | $11691 | $10725 |
| **9/30/2023** | $11557 | $10872 | $11559 | $10452 |
| **10/31/2023** | $11455 | $10865 | $11530 | $10287 |
| **11/30/2023** | $11774 | $11219 | $11886 | $10753 |
| **12/31/2023** | $11943 | $11368 | $12052 | $11165 |
| **1/31/2024** | $12001 | $11338 | $12050 | $11134 |
| **2/29/2024** | $12068 | $11348 | $12088 | $10977 |
| **3/31/2024** | $12135 | $11335 | $12117 | $11078 |
| **4/30/2024** | $12109 | $11262 | $12079 | $10798 |
| **5/31/2024** | $12160 | $11216 | $12072 | $10981 |
| **6/30/2024** | $12280 | $11322 | $12204 | $11086 |
| **7/31/2024** | $12366 | $11428 | $12308 | $11344 |
| **8/31/2024** | $12462 | $11554 | $12454 | $11507 |
| **9/30/2024** | $12592 | $11626 | $12531 | $11662 |
| **10/31/2024** | $12548 | $11523 | $12438 | $11372 |
| **11/30/2024** | $12653 | $11606 | $12538 | $11493 |
| **12/31/2024** | $12582 | $11538 | $12477 | $11304 |
| **1/31/2025** | $12671 | $11610 | $12562 | $11364 |
| **2/28/2025** | $12777 | $11701 | $12655 | $11614 |
| **3/31/2025** | $12671 | $11643 | $12626 | $11619 |
| **4/30/2025** | $12591 | $11588 | $12556 | $11665 |
| **5/31/2025** | $12646 | $11685 | $12659 | $11581 |
| **6/30/2025** | $12745 | $11780 | $12756 | $11759 |
| **7/31/2025** | $12710 | $11862 | $12676 | $11728 |
| **8/31/2025** | $12811 | $11951 | $12779 | $11868 |
| **9/30/2025** | $13012 | $12014 | $12877 | $11998 |

---

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 (%)** 

---

| | | | |
|:---|:---|:---|:---|
| AATR | 1 Year | 5 Years | 10 Years |
| Class I at NAV | 3.33% | 2.16% | 2.67% |
| Bloomberg Municipal Bond 1-8 Year Index | 3.34% | 1.27% | 1.85% |
| Bloomberg Municipal Bond 1-8 Year 50% + Bloomberg Municipal HY 1-8 Year 50% | 2.77% | 2.51% | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

**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.** 

## **What did the Fund invest in?** 
(as of September 30, 2025)

## **Key Fund Statistics** 
(as of *September 30, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $2338434325 |
| # of Portfolio Holdings | 474 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $5569163 |

---

**Portfolio Holdings Presented by Credit Rating S&P
or Moody's<sup>Footnote Reference(a)</sup>**
**%<sup>Footnote
Reference\*\*</sup>**
* A4.48%

* A-2.55%

* A+5.73%

* AA1.05%

* AA-3.50%

* AA+2.11%

* AAA0.21%

* B1.51%

* B-2.18%

* B+3.60%

* BB3.99%

* BB-3.47%

* BB+13.58%

* BBB9.24%

* BBB-3.94%

* BBB+6.55%

* CCC+0.48%

* NR31.83%

* Total 100.00%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;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.

![Image](i165b40aec62a5016ccc0da6b.jpg)

# Class I

# SDHIX

# Lord Abbett Short Duration High Income Municipal Bond Fund

#### Annual Shareholder Report

#### September 30, 2025

#### lordabbett.com/FundDocuments

#### TSR-A-3388-I

#### 11/25
Item 1(b): Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025 (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, Karla M. Rabusch, and Peter J. McNamara. 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, 2025 and 2024 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:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| Audit Fees {a} | $357000 | $394000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | $357000 | $394000 |
| Tax Fees | - 0 - | - 0 - |
| All Other Fees {b} | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $357000 | $394000 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements.

{b} Fees for the fiscal year ended September 30, 2025 and 2024 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, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| All Other Fees {a} | $260000 | $250000 |

---

{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, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2025* | *2024* |
| 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.** |
|  | The Fund's Board of Directors did not approve any investment advisory contract during the Fund's most recent fiscal half-year. |

---

![](x8_c114065x1x1m4.jpg)

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

California Tax Free Fund

New Jersey Tax Free Fund

New York Tax Free Fund

*For the fiscal year ended September 30, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | [**Schedules of Investments (Item 7)**](#xx8xc114065a001xm4) |
| 1 | [Short Duration Tax Free Fund](#xx8xc114065a002xm4) |
| 18 | [Intermediate Tax Free Fund](#xx8xc114065a003xm4) |
| 65 | [National Tax Free Fund](#xx8xc114065a004xm4) |
| 102 | [High Income Municipal Bond Fund](#xx8xc114065a005xm4) |
| 136 | [Short Duration High Income Municipal Bond Fund](#xx8xc114065a006xm4) |
| 164 | [California Tax Free Fund](#xx8xc114065a007xm4) |
| 181 | [New Jersey Tax Free Fund](#xx8xc114065a008xm4) |
| 192 | [New York Tax Free Fund](#xx8xc114065a009xm4) |
| 210 | [**Statements of Assets and Liabilities (Item 7)**](#xx8xc114065a010xm4) |
| 214 | [**Statements of Operations (Item 7)**](#xx8xc114065a011xm4) |
| 216 | [**Statements of Changes in Net Assets (Item 7)**](#xx8xc114065a012xm4) |
| 222 | [**Financial Highlights (Item 7)**](#xx8xc114065a013xm4) |
| 238 | [**Notes to Financial Statements (Item 7)**](#xx8xc114065a014xm4) |
| 262 | [**Report of Independent Registered Public Accounting Firm (Item 7)**](#xx8xc114065a015xm4) |
| 263 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx8xc114065a016xm4) |
| 263 | [**Proxy Disclosures (Item 9)**](#xx8xc114065a017xm4) |
| 263 | [**Remuneration Paid to Directors, Officers, and Others (Item 10)**](#xx8xc114065a018xm4) |

---

**Schedule of Investments**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 80.20%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 80.20%** |  |  |  |  |  |  |
| **Corporate-Backed 2.50%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 10/1/2052 | A2 | $15000000 | $15181925 |
| California Municipal Finance Authority<sup>†</sup> | &nbsp;&nbsp;3.30% | <sup>#(b)</sup> | 2/1/2039 | A- | 4750000 | 4741665 |
| City of Farmington-Public Service Co of New Mexico | &nbsp;&nbsp;3.90% | <sup>#(b)</sup> | 6/1/2040 | BBB | 2500000 | 2535857 |
| Industrial Development Board of the City of Mobile Alabama-Alabama Power Co AL | 3.375% | <sup>#(b)</sup> | 6/1/2034 | A1 | 5000000 | 5078022 |
| Iowa Finance Authority-Howmet Aerospace Inc | &nbsp;&nbsp;4.75% |  | 8/1/2042 | BBB+ | 2500000 | 2475434 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc | 2.40% | <sup>#(b)</sup> | 12/1/2038 | BBB | 10700000 | 10201614 |
| Ohio Air Quality Development Authority-Ohio valley Electric Corp | &nbsp;&nbsp;1.50% | <sup>#(b)</sup> | 2/1/2026 | Baa3 | 1000000 | 996872 |
| *Total* |  |  |  |  |  | 41211389 |
| **Education 6.61%** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 6/15/2030 | Ba2 | 2500000 | 2641659 |
| California Community Choice Financing Authority | 4.501%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 15000000 | 15082709 |
| California State University | &nbsp;&nbsp;0.55% | <sup>#(b)</sup> | 11/1/2049 | Aa2 | 5000000 | 4875125 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | &nbsp;&nbsp;4.00% |  | 6/15/2029 | NR | 850000 | 837803 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | &nbsp;&nbsp;5.00% |  | 8/15/2028 | Aaa | 800000 | 848152 |
| County of Douglas-Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2028 | A2 | 1000000 | 1063741 |
| County of Douglas-Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A2 | 750000 | 813323 |
| County of Douglas-Creighton University NE | &nbsp;&nbsp;5.00% |  | 7/1/2030 | A2 | 1000000 | 1103293 |
| Illinois Finance Authority-Illinois Institute of Technology | &nbsp;&nbsp;5.00% |  | 9/1/2028 | Ba2 | 1135000 | 1163280 |
| Illinois Finance Authority-Illinois Institute of Technology | &nbsp;&nbsp;5.00% |  | 9/1/2029 | Ba2 | 630000 | 649898 |
| Louisiana State Citizens Property Insurance Corp. | &nbsp;&nbsp;5.00% |  | 6/1/2026 | A1 | 6740000 | 6843899 |

---

<br> *See Notes to Financial Statements.* 1

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Massachusetts Development Finance Agency-President & Trustees of Williams College | &nbsp;&nbsp;3.30% | <sup>#(b)</sup> | 7/1/2041 | AA+ | $6000000 | $6083150 |
| New Jersey Educational Facilities Authority-State of New Jersey | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A1 | 2500000 | 2722156 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 7/1/2064 | AAA | 10000000 | 11157762 |
| New York State Dormitory Authority-Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2026 | BBB- | 1375000 | 1389581 |
| New York State Dormitory Authority-Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2027 | BBB- | 1500000 | 1547443 |
| New York State Dormitory Authority-Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2028 | BBB- | 1480000 | 1543581 |
| New York State Dormitory Authority-Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2036 | BBB- | 2500000 | 2666618 |
| New York State Dormitory Authority-Pace University | &nbsp;&nbsp;5.00% |  | 5/1/2037 | BBB- | 3000000 | 3172589 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | &nbsp;&nbsp;5.00% |  | 10/1/2030 | AA | 5285000 | 5932743 |
| Northside Independent School District TX GO (PSF-GTD) | &nbsp;&nbsp;3.45% | <sup>#(b)</sup> | 8/1/2054 | Aaa | 3945000 | 3987962 |
| Ohio Air Quality Development Authority-Duke Energy Corp | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 9/1/2030 | BBB | 1300000 | 1325807 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 6/15/2034 | NR | 625000 | 647036 |
| Temple University-of The Commonwealth System of Higher Education PA (AG) | &nbsp;&nbsp;5.00% |  | 4/1/2031 | AA | 2310000 | 2592029 |
| Temple University-of The Commonwealth System of Higher Education PA (AG) | &nbsp;&nbsp;5.00% |  | 4/1/2032 | AA | 2850000 | 3234217 |
| Temple University-of The Commonwealth System of Higher Education PA (AG) | &nbsp;&nbsp;5.00% |  | 4/1/2033 | AA | 2190000 | 2502874 |
| University of North Carolina at Chapel Hill | 3.837%<br> (SOFR \* .67 + 1.05% |)<sup>#</sup> | 12/1/2041 | AAA | 20000000 | 20098138 |
| University of South Alabama (AG) | &nbsp;&nbsp;5.00% |  | 11/1/2028 | AA | 2285000 | 2337521 |
| *Total* |  |  |  |  |  | 108864089 |
| **General Obligation 10.82%** |  |  |  |  |  |  |
| California State Public Works Board | &nbsp;&nbsp;5.00% |  | 10/1/2026 | NR | 90000 | 92410 |
| California State Public Works Board | &nbsp;&nbsp;5.00% |  | 10/1/2026 | Aa3 | 1410000 | 1446201 |

---

<br> 2 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |  |
| California State Public Works Board | 5.00% |  | 10/1/2027 | Aa3 | $3095000 | $3265613 |
| City of Brockton MA GO | 5.625% |  | 10/9/2025 | NR | 13150000 | 13158584 |
| City of Chicago IL GO | 5.00% |  | 1/1/2026 | BBB | 6890000 | 6921872 |
| City of Chicago IL GO | 5.00% |  | 1/1/2027 | BBB | 6400000 | 6508630 |
| City of Chicago IL GO | 5.00% |  | 1/1/2034 | BBB | 5000000 | 5327825 |
| City of Madison WI GO | 5.00% |  | 10/1/2030 | Aaa | 9985000 | 11223819 |
| County of Cook IL GO | 5.00% |  | 11/15/2031 | Aa3 | 2350000 | 2394503 |
| Delaware Valley Regional Finance Authority PA | 3.29%<br> (MUNIPSA \* 1 + .40% |)<sup>#</sup> | 3/1/2057 | A+ | 6070000 | 6053291 |
| Denton Independent School District TX GO (PSF-GTD) | 4.00% | <sup>#(b)</sup> | 8/15/2055 | AAA | 5000000 | 5201808 |
| Louisiana Stadium & Exposition District | 5.00% |  | 7/1/2035 | A2 | 2690000 | 3017195 |
| Metropolitan Water Reclamation District of Greater Chicago IL GO | 5.00% |  | 12/1/2030 | AA+ | 1620000 | 1656617 |
| State of California GO | 5.00% |  | 8/1/2030 | Aa2 | 4680000 | 4775372 |
| State of California GO | 5.00% |  | 9/1/2030 | Aa2 | 10200000 | 10218557 |
| State of Connecticut GO | 5.00% |  | 12/1/2028 | Aa2 | 8000000 | 8629046 |
| State of Connecticut GO | 5.00% |  | 12/1/2029 | Aa2 | 3850000 | 4241932 |
| State of Illinois GO | 5.00% |  | 7/1/2029 | A- | 9465000 | 10225955 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A- | 5880000 | 6379416 |
| State of Illinois GO | 5.00% |  | 10/1/2029 | A- | 2115000 | 2249662 |
| State of Illinois GO | 5.00% |  | 10/1/2030 | A- | 3000000 | 3185684 |
| State of Illinois GO | 5.00% |  | 11/1/2030 | A- | 7200000 | 7358802 |
| State of Illinois GO | 5.25% |  | 9/1/2031 | A- | 10000000 | 11253303 |
| State of Illinois GO | 5.25% |  | 9/1/2033 | A- | 15000000 | 17103407 |
| State of Maryland GO | 4.00% |  | 8/1/2028 | AAA | 5000000 | 5225732 |
| Town of Cumberland RI GO | 4.00% |  | 8/26/2026 | NR | 15000000 | 15179393 |
| Township of Little Egg Harbor NJ GO | 3.50% |  | 12/18/2025 | NR | 5861000 | 5867007 |
| *Total* |  |  |  |  |  | 178161636 |
| **Health Care 17.26%** |  |  |  |  |  |  |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon |  | 6/30/2044 | NR | 1399000 | 990133 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% |  | 6/30/2039 | NR | 2801000 | 2536146 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% |  | 6/30/2034 | NR | 208897 | 218571 |

---

<br> *See Notes to Financial Statements.* 3

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% |  | 6/30/2034 | NR | $416899 | $411792 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% |  | 4/1/2028 | A | 3720000 | 3929092 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2037 | BBB+ | 8000000 | 8530629 |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | 5.00% | <sup>#(b)</sup> | 10/1/2050 | A | 20000000 | 21866494 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% |  | 11/1/2027 | B | 10000000 | 9437755 |
| Charlotte-Mecklenburg Hospital Authority-Atrium Health Obligated Group NC | 5.00% | <sup>#(b)</sup> | 1/15/2050 | AA | 4275000 | 4561270 |
| Citizens Memorial Hospital District MO | 5.00% |  | 12/1/2026 | NR | 8825000 | 8876453 |
| City of Colby KS-Citizens Medical Center Inc | 5.50% |  | 7/1/2026 | NR | 5600000 | 5608386 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Obligated Group FL | 5.00% | <sup>#(b)</sup> | 8/15/2065 | AA- | 3000000 | 3298779 |
| Colorado Health Facilities Authority | 5.00% |  | 5/15/2033 | AA+ | 4375000 | 4910392 |
| Colorado Health Facilities Authority-AdventHealth Obligated Group | 5.00% | <sup>#(b)</sup> | 11/15/2049 | NR | 185000 | 189820 |
| Colorado Health Facilities Authority-AdventHealth Obligated Group | 5.00% | <sup>#(b)</sup> | 11/15/2049 | AA | 1825000 | 1868944 |
| County of Lehigh-St Luke's Hospital Obligated Group PA | 3.99%<br> (MUNIPSA \* 1 + 1.10% |)<sup>#</sup> | 8/15/2038 | A- | 14360000 | 14171288 |
| Crawford County Memorial Hospital Inc LA | 5.00% |  | 6/15/2027 | NR | 1260000 | 1276289 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2037 | AA- | 6000000 | 6675849 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% | <sup>#(b)</sup> | 7/1/2049 | AA- | 5420000 | 5562645 |
| Harris County Cultural Education Facilities Finance Corp.-Texas Children's Hospital Obligated Group | 5.00% | <sup>#(b)</sup> | 10/1/2051 | Aa2 | 12620000 | 14069066 |

---

<br> 4 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Health & Educational Facilities Authority of the State of Missouri-SSM Health Care Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 6/1/2039 | A+ | $10000000 | $10539789 |
| Hospitals & Higher Education Facilities Authority of Philadelphia-Temple University Health Obligated Group PA | &nbsp;&nbsp;5.00% |  | 7/1/2027 | BBB | 5000000 | 5130009 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota-HealthPartners Obligated Group MN | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A | 3450000 | 3722065 |
| Idaho Health Facilities Authority | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 3/1/2060 | A | 4000000 | 4382623 |
| Louisiana Public Facilities Authority-Ochsner Clinic Foundation Obligated Group | &nbsp;&nbsp;5.00% |  | 5/15/2030 | A | 6000000 | 6501617 |
| Maryland Health & Higher Educational Facilities Authority-University of Maryland Medical System Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 7/1/2045 | A | 5000000 | 5478810 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | &nbsp;&nbsp;5.00% |  | 7/1/2032 | BBB | 3760000 | 3800802 |
| Massachusetts Development Finance Agency-Mass General Brigham Inc | &nbsp;&nbsp;5.00% |  | 7/1/2031 | AA- | 5000000 | 5258767 |
| Massachusetts Development Finance Agency-Mass General Brigham Inc | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 7/1/2050 | AA- | 10000000 | 10895283 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Vanderbilt University Medical Center Obligated Group TN | &nbsp;&nbsp;5.00% |  | 7/1/2028 | A | 1500000 | 1587413 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Vanderbilt University Medical Center Obligated Group TN | &nbsp;&nbsp;5.00% |  | 7/1/2029 | A | 5000000 | 5390595 |
| Michigan Finance Authority-McLaren Health Care Corp Obligated Group | 1.20% | <sup>#(b)</sup> | 10/15/2038 | A1 | 10000000 | 9502631 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | &nbsp;&nbsp;4.25% |  | 10/1/2030 | NR | 1250000 | 1256015 |
| New York State Dormitory Authority-Montefiore Obligated Group | &nbsp;&nbsp;5.00% |  | 9/1/2028 | BBB- | 1500000 | 1580429 |
| New York State Dormitory Authority-Montefiore Obligated Group | &nbsp;&nbsp;5.00% |  | 9/1/2029 | BBB- | 1750000 | 1860293 |

---

<br> *See Notes to Financial Statements.* 5

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| New York State Dormitory Authority-Montefiore Obligated Group | &nbsp;&nbsp;5.00% |  | 9/1/2030 | BBB- | $1000000 | $1073863 |
| New York State Dormitory Authority-Northwell Health Obligated Group | &nbsp;&nbsp;5.00% |  | 5/1/2028 | A- | 3740000 | 3956860 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2030 | BBB- | 375000 | 405869 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2031 | BBB- | 2250000 | 2450142 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2032 | BBB- | 1000000 | 1092751 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | &nbsp;&nbsp;5.00% |  | 10/1/2033 | BBB- | 1000000 | 1093393 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | &nbsp;&nbsp;5.00% |  | 8/15/2026 | BB+ | 800000 | 807431 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | &nbsp;&nbsp;5.25% |  | 11/1/2039 | A | 8000000 | 8784384 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | &nbsp;&nbsp;6.50% |  | 11/1/2030 | NR | 5000000 | 5204279 |
| Shelby County Health Educational & Housing Facilities Board-Baptist Memorial Health Care Obligated Group TN | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 9/1/2049 | BBB+ | 8750000 | 9321819 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | &nbsp;&nbsp;5.25% |  | 11/15/2028 | NR | 2850000 | 2853004 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | &nbsp;&nbsp;5.00% |  | 11/1/2037 | A+ | 4000000 | 4385096 |
| Tarrant County Cultural Education Facilities Finance Corp.-Baylor Scott & White Health Obligated Group TX | 5.00% | <sup>#(b)</sup> | 11/15/2052 | Aa2 | 2180000 | 2198888 |
| Tulsa County Industrial Authority-Montereau Obligated Group OK | &nbsp;&nbsp;5.00% |  | 11/15/2026 | BBB- <sup>(c)</sup> | 500000 | 505188 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A- | 3425000 | 3695530 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% |  | 8/1/2029 | A- | 3500000 | 3776455 |

---

<br> 6 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 8/1/2049 | A- | $7515000 | $7549473 |
| Washington Health Care Facilities Authority-Multicare Health System Obligated Group | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 8/15/2055 | A | 10000000 | 10766324 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | &nbsp;&nbsp;5.00% |  | 8/15/2030 | A+ | 7000000 | 7702643 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | &nbsp;&nbsp;5.00% |  | 2/15/2029 | A+ | 6200000 | 6634368 |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | &nbsp;&nbsp;4.20% |  | 8/15/2028 | BBB- <sup>(c)</sup> | 4010000 | 4009923 |
| *Total* |  |  |  |  |  | 284144617 |
| **Housing 9.76%** |  |  |  |  |  |  |
| Atlanta Urban Residential Finance Authority-North Block Associates LLC GA (FHA), (HUD) | &nbsp;&nbsp;3.40% | <sup>#(b)</sup> | 2/1/2029 | Aa1 | 2500000 | 2533570 |
| California Housing Finance Agency-Del Sur Family Housing LP | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 5/1/2054 | Aa1 | 1750000 | 1779007 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 5/1/2055 | AA | 5000000 | 5638400 |
| Colorado Housing & Finance Authority (GNMA) | &nbsp;&nbsp;6.00% |  | 5/1/2053 | AA | 2285000 | 2495977 |
| Connecticut Housing Finance Authority | &nbsp;&nbsp;4.00% |  | 5/15/2049 | AAA | 2375000 | 2402592 |
| Connecticut Housing Finance Authority | &nbsp;&nbsp;6.25% |  | 5/15/2054 | AAA | 2325000 | 2532286 |
| Eagle County Housing & Development Authority-Eagle Villas Owner LP CO | &nbsp;&nbsp;3.55% | <sup>#(b)</sup> | 12/1/2045 | Aa1 | 3750000 | 3778173 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 1/1/2056 | Aa1 | 2000000 | 2271689 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 10/1/2055 | Aaa | 4990000 | 5664159 |
| Michigan State Housing Development Authority | &nbsp;&nbsp;4.25% |  | 12/1/2049 | AA+ | 1825000 | 1845225 |
| Michigan State Housing Development Authority | &nbsp;&nbsp;6.25% |  | 6/1/2055 | AA+ | 5000000 | 5516911 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;4.25% |  | 7/1/2049 | AA+ | 1490000 | 1510977 |

---

<br> *See Notes to Financial Statements.* 7

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 5.00% |  | 7/1/2053 | AA+ | $5375000 | $5598642 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2054 | AA+ | 5170000 | 5623677 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 2465000 | 2770273 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2055 | AA+ | 3475000 | 3931430 |
| New Jersey Housing & Mortgage Finance Agency | 6.00% |  | 10/1/2055 | AA | 3405000 | 3685465 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.00% |  | 12/15/2031 | Baa1 | 500000 | 517160 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 500000 | 514481 |
| New York State Housing Finance Agency (FHA), (SONYMA) | 0.75% |  | 11/1/2025 | Aa2 | 270000 | 269250 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 4.00% |  | 1/1/2050 | AA+ | 1395000 | 1403701 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 5235000 | 5684461 |
| North Dakota Housing Finance Agency | 4.00% |  | 1/1/2050 | Aa1 | 2215000 | 2244924 |
| North Dakota Housing Finance Agency | 6.00% |  | 1/1/2056 | Aa1 | 6250000 | 6921541 |
| Ohio Housing Finance Agency-Pebble Brooke Owner LP | 3.35% | <sup>#(b)</sup> | 7/1/2043 | Aa1 | 14000000 | 14138085 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 3/1/2055 | Aa1 | 3900000 | 4292890 |
| Pennsylvania Housing Finance Agency | 6.50% |  | 10/1/2055 | Aa1 | 5000000 | 5740932 |
| Seattle Housing Authority-Yesler Block 6.6 LLLP WA (HUD) | 5.00% |  | 6/1/2027 | AA | 7000000 | 7122859 |
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 5/1/2055 | AAA | 6640000 | 7257770 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue | 3.50% |  | 4/1/2049 | Aa1 | 320000 | 319668 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% |  | 7/1/2053 | AA+ | 2455000 | 2637779 |
| Texas State Affordable Housing Corp.-AHFC-FC Norman Housing LP | 3.625% | <sup>#(b)</sup> | 1/1/2045 | Aa1 | 3400000 | 3431941 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aa2 | 6875000 | 7760446 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% |  | 7/1/2055 | Aa2 | 5005000 | 5612271 |

---

<br> 8 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | &nbsp;&nbsp;&nbsp;BB+ <sup>(c)</sup> | $3800000 | $3837998 |
| Virginia Housing Development Authority | 3.625% | <sup>#(b)</sup> | 7/1/2055 | AAA | 8505000 | 8506520 |
| Wisconsin Housing & Economic Development Authority-East National LLC | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 8/1/2058 | Aa1 | 2000000 | 2030453 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | &nbsp;&nbsp;6.25% |  | 9/1/2055 | AA+ | 2100000 | 2347842 |
| Wisconsin Housing & Economic Development Authority Housing Revenue | &nbsp;&nbsp;3.75% | <sup>#(b)</sup> | 11/1/2055 | AA+ | 8365000 | 8442058 |
| *Total* |  |  |  |  |  | 160613483 |
| **Lease Obligations 1.15%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-New Jersey Transit Corp | &nbsp;&nbsp;5.00% |  | 11/1/2028 | A1 | 1315000 | 1411574 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | &nbsp;&nbsp;5.00% |  | 6/15/2028 | A1 | 11685000 | 12442033 |
| Virginia College Building Authority-Commonwealth of Virginia | &nbsp;&nbsp;4.00% |  | 2/1/2029 | AA+ | 5005000 | 5025304 |
| *Total* |  |  |  |  |  | 18878911 |
| **Multi-Family Housing 1.01%** |  |  |  |  |  |  |
| Housing Options, Inc. TX (HUD) | &nbsp;&nbsp;3.05% | <sup>#(b)</sup> | 2/1/2045 | Aa1 | 3850000 | 3865129 |
| Industrial Development Authority of the City of Phoenix Arizona-4201 S 91st Avenue Owner LLLP AZ | &nbsp;&nbsp;3.10% | <sup>#(b)</sup> | 2/1/2059 | Aa1 | 5000000 | 5021412 |
| Kansas Development Finance Authority-Manhattan HP LP | &nbsp;&nbsp;2.70% | <sup>#(b)</sup> | 10/1/2046 | Aa1 | 3000000 | 2982561 |
| Michigan State Housing Development Authority-28WPHASETHREE Ltd Dividend Housing Association LP | &nbsp;&nbsp;2.70% | <sup>#(b)</sup> | 10/1/2043 | Aa1 | 4695000 | 4667709 |
| *Total* |  |  |  |  |  | 16536811 |
| **Other Revenue 3.17%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 12/1/2049 | A1 | 12325000 | 12366587 |
| California Infrastructure & Economic Development Bank-Museum Associates | 3.59%<br> (MUNIPSA \* 1 + .70% |)<sup>#</sup> | 12/1/2050 | A3 | 6500000 | 6473595 |
| Illinois Finance Authority-Field Museum Natural of History | 4.062%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2750000 | 2748225 |

---

<br> *See Notes to Financial Statements.* 9

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</sup> | &nbsp;&nbsp;3.50% | 7/1/2025 | NR | $425000 | $340000 |
| Lower Alabama Gas District | 4.00% | 12/1/2050 | A2 | 19085000 | 19124403 |
| Oregon State Lottery | &nbsp;&nbsp;5.00% | 4/1/2031 | AAA | 3025000 | 3123336 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | &nbsp;&nbsp;5.00% | 12/1/2034 | NR | 2135000 | 2227014 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | &nbsp;&nbsp;5.00% | 5/15/2051 | AA+ | 5700000 | 5775689 |
| *Total* |  |  |  |  | 52178849 |
| **Pollution Control 0.29%** |  |  |  |  |  |
| Industrial Development Authority of the County of Yavapai-Republic Services Inc AZ | &nbsp;&nbsp;3.20% | 4/1/2029 | A- | 1500000 | 1500000 |
| North Carolina Capital Facilities Finance Agency-Republic Services Inc | 3.20% | 7/1/2034 | A- | 3250000 | 3248436 |
| *Total* |  |  |  |  | 4748436 |
| **Special Tax 0.33%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% | 5/1/2028 | NR | 1915000 | 1965712 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.585%<br> (CPI YoY \* 1 + 0.88% | 3/1/2026 | Baa1 | 2000000 | 1999211 |
| Village Community Development District No. 13 FL<sup>†</sup> | 2.625% | 5/1/2030 | NR | 1450000 | 1393169 |
| *Total* |  |  |  |  | 5358092 |
| **Tax Revenue 1.87%** |  |  |  |  |  |
| City of Sparks NV<sup>†</sup> | &nbsp;&nbsp;2.75% | 6/15/2028 | Baa2 | 80000 | 78669 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | &nbsp;&nbsp;5.00% | 10/1/2026 | NR | 2000000 | 2015770 |
| New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;5.00% | 6/15/2028 | A1 | 3995000 | 4253823 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | &nbsp;&nbsp;5.00% | 11/1/2032 | AAA | 14000000 | 16038229 |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.35% | 6/15/2054 | Aa1 | 3610000 | 3626885 |

---

<br> 10 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| Tax Revenue (continued) |  |  |  |  |  |  |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.45% | <sup>#(b)</sup> | 6/15/2054 | Aa1 | $1500000 | $1519243 |
| State of Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;5.00% |  | 5/1/2032 | AA | 2875000 | 3265147 |
| Total |  |  |  |  |  | 30797766 |
| Taxable Revenue-Water & Sewer 0.78% |  |  |  |  |  |  |
| Washington Suburban Sanitary Commission MD | &nbsp;&nbsp;4.00% |  | 6/15/2032 | AAA | 5000000 | 5103385 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | &nbsp;&nbsp;3.75% |  | 9/1/2026 | NR | 7750000 | 7750158 |
| Total |  |  |  |  |  | 12853543 |
| Transportation 5.09% |  |  |  |  |  |  |
| Central Texas Turnpike System | &nbsp;&nbsp;5.00% |  | 8/15/2031 | A- | 7500000 | 8414946 |
| City of Cleveland Airport System Revenue OH | &nbsp;&nbsp;5.00% |  | 1/1/2029 | A | 7500000 | 8053342 |
| City of Cleveland Airport System Revenue OH | &nbsp;&nbsp;5.00% |  | 1/1/2030 | A | 6000000 | 6568525 |
| Metropolitan Transportation Authority NY | &nbsp;&nbsp;5.00% |  | 11/15/2026 | A | 2250000 | 2306398 |
| Metropolitan Transportation Authority NY | &nbsp;&nbsp;5.00% |  | 11/15/2026 | A | 1675000 | 1716985 |
| Metropolitan Transportation Authority NY | &nbsp;&nbsp;5.00% |  | 11/15/2026 | A | 2315000 | 2373028 |
| New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;5.00% |  | 6/15/2036 | A1 | 5500000 | 6117567 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | &nbsp;&nbsp;5.00% |  | 6/15/2033 | A1 | 11500000 | 13122497 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | &nbsp;&nbsp;5.00% |  | 6/15/2033 | A1 | 4000000 | 4565445 |
| New Jersey Turnpike Authority (AG) | &nbsp;&nbsp;5.25% |  | 1/1/2026 | AA | 7645000 | 7694545 |
| North Carolina Turnpike Authority (AG) | &nbsp;&nbsp;5.00% |  | 1/1/2028 | AA | 1500000 | 1542253 |
| North Texas Tollway Authority | &nbsp;&nbsp;5.00% |  | 1/1/2026 | AA- | 5500000 | 5532112 |
| North Texas Tollway Authority | &nbsp;&nbsp;5.00% |  | 1/1/2031 | A+ | 5250000 | 5866019 |
| Oklahoma Turnpike Authority | &nbsp;&nbsp;5.00% |  | 1/1/2030 | AA- | 1730000 | 1781740 |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(b)</sup> | 12/1/2045 | AA- | 2500000 | 2821756 |
| Port Authority of New York & New Jersey | &nbsp;&nbsp;3.00% |  | 12/1/2027 | AA- | 2500000 | 2500406 |
| State of Louisiana Gasoline & Fuels Tax Revenue | &nbsp;&nbsp;5.00% |  | 5/1/2029 | AA | 2575000 | 2792553 |
| Total |  |  |  |  |  | 83770117 |

---

<br> *See Notes to Financial Statements.* 11

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities 19.56%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.00% |  | 10/1/2035 | A2 | $10000000 | $10451725 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 12/1/2055 | A1 | 8000000 | 8628756 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 5/1/2055 | A1 | 3750000 | 4091361 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 11/1/2055 | A1 | 14500000 | 15360302 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.25% |  | 11/1/2054 | A2 | 5480000 | 5944655 |
| Central Plains Energy Project NE | 4.981%<br> (SOFR \* .67 + 2.18% |)<sup>#</sup> | 5/1/2053 | A2 | 20000000 | 20757614 |
| City of San Antonio Electric & Gas Systems Revenue TX | &nbsp;&nbsp;5.00% |  | 2/1/2031 | Aa2 | 1790000 | 1844755 |
| Development Authority of Burke County-Georgia Power Co | 3.375% | <sup>#(b)</sup> | 11/1/2048 | A | 7750000 | 7799258 |
| Development Authority of Burke County-Oglethorpe Power Corp GA | &nbsp;&nbsp;3.60% | <sup>#(b)</sup> | 11/1/2045 | A3 | 3000000 | 3063975 |
| Development Authority of Monroe County-Georgia Power Co | 3.875% | <sup>#(b)</sup> | 6/1/2042 | A | 6000000 | 6023484 |
| Energy Southeast A Cooperative District AL | 5.001%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5112021 |
| Energy Southeast A Cooperative District AL | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 7/1/2054 | A1 | 6000000 | 6577662 |
| Illinois Finance Authority-Peoples Gas Light & Coke Co/The | &nbsp;&nbsp;3.90% |  | 3/1/2030 | Aa3 | 5000000 | 5001063 |
| Kentucky Municipal Power Agency | &nbsp;&nbsp;3.45% | <sup>#(b)</sup> | 9/1/2042 | Baa1 | 1700000 | 1698255 |
| Kentucky Public Energy Authority | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 4/1/2054 | A1 | 10000000 | 10963782 |
| Kentucky Public Energy Authority | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 6/1/2055 | A1 | 13000000 | 13947354 |
| Los Angeles Department of Water & Power System Revenue CA | &nbsp;&nbsp;5.00% |  | 7/1/2028 | Aa2 | 15000000 | 15797248 |
| Los Angeles Department of Water & Power System Revenue CA | &nbsp;&nbsp;5.00% |  | 7/1/2030 | Aa2 | 4000000 | 4428234 |
| Los Angeles Department of Water & Power Water System Revenue CA | &nbsp;&nbsp;5.00% |  | 1/1/2030 | Aa2 | 7410000 | 8058362 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | &nbsp;&nbsp;5.00% |  | 5/15/2030 | A1 | 6000000 | 6626917 |
| Lower Colorado River Authority TX | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 5/15/2039 | A | 20000000 | 20836622 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 8/1/2052 | BBB- | 21500000 | 21635319 |
| Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;5.00% |  | 12/1/2030 | A2 | 5000000 | 5580474 |

---

<br> 12 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;5.00% |  | 12/1/2031 | A2 | $6470000 | $7305303 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation LLC PA | &nbsp;&nbsp;4.10% | <sup>#(b)</sup> | 4/1/2053 | BBB+ | 7760000 | 7995320 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | &nbsp;&nbsp;5.00% |  | 3/1/2028 | A1 | 2840000 | 3006377 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(b)</sup> | 12/1/2038 | B | 1100000 | 1107607 |
| Philadelphia Gas Works Co.-Philadelphia Gas Works Co | &nbsp;&nbsp;5.00% |  | 8/1/2030 | A | 2000000 | 2220357 |
| Philadelphia Gas Works Co.-Philadelphia Gas Works Co | &nbsp;&nbsp;5.00% |  | 8/1/2031 | A | 1375000 | 1547603 |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | &nbsp;&nbsp;5.00% |  | 1/1/2028 | A- | 7695000 | 7905043 |
| Piedmont Municipal Power Agency Catawba Project Power Sales Revenue SC | &nbsp;&nbsp;5.00% |  | 1/1/2029 | A- | 8240000 | 8464304 |
| Public Power Generation Agency NE | &nbsp;&nbsp;5.00% |  | 1/1/2031 | A2 | 1500000 | 1676787 |
| Public Power Generation Agency NE | &nbsp;&nbsp;5.00% |  | 1/1/2032 | A2 | 1200000 | 1356083 |
| South Carolina Public Service Authority | &nbsp;&nbsp;5.00% |  | 12/1/2028 | A- | 4325000 | 4655481 |
| Southeast Energy Authority A Cooperative District AL | 4.591%<br> (SOFR \* .67 + 1.79%) | <sup>#</sup> | 5/1/2053 | A2 | 18000000 | 18319981 |
| Southeast Energy Authority A Cooperative District AL | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 3/1/2055 | A1 | 4550000 | 4866741 |
| Southern California Public Power Authority-City of Anaheim Electric System Revenue | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 4/1/2055 | A2 | 5250000 | 5650153 |
| Tennessee Energy Acquisition Corp. | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 5/1/2053 | A2 | 10000000 | 10441783 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(c)</sup> | 9040000 | 9185099 |
| Texas Municipal Gas Acquisition & Supply Corp. I | &nbsp;&nbsp;6.25% |  | 12/15/2026 | A1 | 2500000 | 2553044 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | &nbsp;&nbsp;5.25% |  | 1/1/2030 | A1 | 4660000 | 4983240 |
| West Virginia Economic Development Authority-Appalachian Power Co | 0.625% | <sup>#(b)</sup> | 12/1/2038 | BBB+ | 8500000 | 8456097 |
| *Total* |  |  |  |  |  | 321925601 |
| *Total Municipal Bonds* (cost $1,307,274,521) |  |  |  |  |  | 1320043340 |

---

<br> *See Notes to Financial Statements.* 13

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(e)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 17.32%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 17.24%** |  |  |  |  |  |  |
| **Education 3.37%** |  |  |  |  |  |  |
| New York State Dormitory Authority-Pace University | 3.670% | 10/1/2025 | 5/1/2044 | BBB- | $20000000 | $20000000 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 3.690% | 10/1/2025 | 9/1/2045 | A | 22325000 | 22325000 |
| Philadelphia Authority for Industrial Development-Thomas Jefferson University Obligated PA | 3.690% | 10/1/2025 | 9/1/2050 | A | 13125000 | 13125000 |
| *Total* |  |  |  |  |  | 55450000 |
| **General Obligation 2.16%** |  |  |  |  |  |  |
| City of New York NY GO | 3.850% | 10/1/2025 | 10/1/2046 | AA | 7070000 | 7070000 |
| City of New York NY GO | 3.900% | 10/1/2025 | 4/1/2042 | AA | 18500000 | 18500000 |
| Florida Insurance Assistance Interlocal Agency, Inc. | 3.630% | 10/1/2025 | 9/1/2032 | Aa2 | 10000000 | 10000000 |
| *Total* |  |  |  |  |  | 35570000 |
| **Health Care 8.34%** |  |  |  |  |  |  |
| Harris County Cultural Education Facilities Finance Corp.-Baylor College of Medicine TX | 3.390% | 10/1/2025 | 11/15/2046 | A | 25875000 | 25875000 |
| Health & Educational Facilities Authority of the State of Missouri-SSM Health Care Obligated Group | 4.310% | 10/1/2025 | 11/1/2042 | BBB+ | 28487000 | 28487000 |
| Highlands County Health Facilities Authority FL | 3.750% | 10/1/2025 | 11/15/2060 | AA | 13000000 | 13000000 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 3.690% | 10/1/2025 | 9/1/2050 | A | 7485000 | 7485000 |
| Public Finance Authority-Kaiser Obligated Group WI | 3.700% | 10/1/2025 | 10/1/2055 | AA+ | 8490000 | 8490000 |
| Rib Floater Trust Various States FL<sup>†</sup> | 3.240% | 10/1/2025 | 10/1/2054 | A1 | 18985000 | 18985000 |

---

<br> 14 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(e)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| South Dakota Health & Educational Facilities Authority-Sanford Obligated Group | 3.080% | 10/2/2025 | 7/1/2055 | A+ | $15000000 | $15000000 |
| State of Ohio-University Hospitals Health System Inc Obligated Group | 3.420% | 10/1/2025 | 1/15/2033 | A | 10000000 | 10000000 |
| State of Ohio-University Hospitals Health System Inc Obligated Group | 3.420% | 10/1/2025 | 1/15/2045 | A | 10035000 | 10035000 |
| *Total* |  |  |  |  |  | 137357000 |
| **Home Furnishings 0.61%** |  |  |  |  |  |  |
| Rib Floater Trust Various States MD<sup>†</sup> | 3.240% | 10/15/2025 | 11/15/2049 | A1 | 10000000 | 10000000 |
| **Pollution Control 1.24%** |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 4.050% | 10/1/2025 | 4/1/2040 | BBB+ | 20400000 | 20400000 |
| **Utilities 1.52%** |  |  |  |  |  |  |
| County of King Sewer Revenue-County of King WA Sewer Revenue WA | 3.700% | 10/1/2025 | 1/1/2065 | AA | 8500000 | 8500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.590% | 10/15/2025 | 6/15/2055 | AA+ | 6000000 | 6000000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 10/15/2025 | 6/15/2050 | AA+ | 10500000 | 10500000 |
| *Total* |  |  |  |  |  | 25000000 |
| *Total Variable Rate Demand Notes* (cost $283,777,000) |  |  |  |  |  | 283777000 |

---

<br> *See Notes to Financial Statements.* 15

**Schedule of Investments (continued)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.08%** |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $1,262,600 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $1,283,765; proceeds: $1,258,627<br> (cost $1,258,496) | $1258496 | $1258496 |
| *Total Short-Term Investments* (cost $285,035,496) |  | 285035496 |
| *Total Investments in Securities 97.52%* (cost $1,592,310,017) |  | 1605078836 |
| *Other Assets and Liabilities – Net 2.48%* |  | 40862322 |
| *Net Assets 100.00%* |  | $1645941158 |

---

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| 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. |
| 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. |
| YoY | Year on Year Inflation Rates. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $82,680,959, which represents 5.02% of net assets. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Defaulted (non-income producing security). |
| <sup>(e)</sup> | 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. |

---

<br> 16 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

SHORT DURATION TAX FREE FUND *September 30, 2025*

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $1320043340 | $– | $1320043340 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 283777000 |  | 283777000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1258496 | – | 1258496 |
| **Total** | $– | $1605078836 | $– | $1605078836 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. 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.

<br> *See Notes to Financial Statements.* 17

**Schedule of Investments**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.30%** |  |  |  |  | | |
| **MUNICIPAL BONDS 96.30%** |  |  |  |  | | |
| **Corporate-Backed 7.23%** |  |  |  |  | | |
| Arizona Industrial Development Authority | 3.625% |  | 5/20/2033 | BBB | $7878431 | $7788328 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 6/1/2055 | BB | 17000000 | 17402375 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(b)</sup> | 10/1/2052 | A2 | 12110000 | 12256874 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 3530000 | 3532956 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 5400000 | 5459983 |
| California Infrastructure & Economic Development Bank-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 22200000 | 20333917 |
| City of Farmington-Public Service Co of New Mexico | 3.90% | <sup>#(b)</sup> | 6/1/2040 | BBB | 7000000 | 7100400 |
| City of Granite City-Waste Management of Illinois Inc IL AMT | 1.25% |  | 5/1/2027 | A- | 5485000 | 5281064 |
| City of Henderson-Pratt Paper LLC KY AMT<sup>†</sup> | 3.70% |  | 1/1/2032 | NR | 6650000 | 6692979 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 1885000 | 1885521 |
| Downtown Doral South Community Development District FL<sup>†</sup> | 4.75% |  | 12/15/2038 | NR | 625000 | 629402 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(b)</sup> | 7/1/2032 | NR | 7430000 | 7505907 |
| Greater Orlando Aviation Authority-JetBlue Airways Corp FL | 5.00% |  | 11/15/2026 | NR | 2980000 | 2980946 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% |  | 5/1/2044 | NR | 1845000 | 1878277 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 6.375% | <sup>#(b)</sup> | 11/1/2050 | BB+ | 8525000 | 9377229 |
| Indiana Finance Authority-Ohio Valley Electric Corp | 2.50% |  | 11/1/2030 | Baa3 | 1000000 | 953455 |
| Indiana Finance Authority-Ohio Valley Electric Corp | 3.00% |  | 11/1/2030 | Baa3 | 5600000 | 5481438 |
| Indiana Finance Authority-United States Steel Corp AMT | 6.75% |  | 5/1/2039 | BB+ | 1500000 | 1667844 |
| Industrial Development Authority of the County of Yavapai-Waste Management Inc AZ AMT | 1.30% |  | 6/1/2027 | A- | 4650000 | 4472279 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  | | |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 4.00% | <sup>#(b)</sup> | 12/1/2050 | AA+ | $11050000 | $12012827 |
| Kansas City Industrial Development Authority MO AMT | 5.00% |  | 3/1/2035 | A | 3020000 | 3135807 |
| Louisiana Local Government Environmental Facilities & Community Development Authority-Westlake Corp | 3.50% |  | 11/1/2032 | BBB+ | 7655000 | 7482465 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | 6.75% | <sup>#(b)</sup> | 10/1/2053 | NR | 12000000 | 12706322 |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% |  | 12/1/2016 | NR | 2570000 | 1721900 |
| Maryland Economic Development Corp.-Core Natural Resources Inc<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 7/1/2048 | NR | 5150000 | 5320226 |
| Massachusetts Development Finance Agency-Waste Management of Massachusetts Inc AMT<sup>†</sup> | 1.25% |  | 5/1/2027 | A- | 3250000 | 3129163 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | 2.60% |  | 11/1/2029 | BBB+ | 6800000 | 6604806 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | 4.00% |  | 6/1/2030 | BBB+ | 8000000 | 8002743 |
| Michigan Strategic Fund-Graphic Packaging International LLC AMT | 4.00% | <sup>#(b)</sup> | 10/1/2061 | BB | 5640000 | 5637632 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 9335000 | 9346185 |
| New Hampshire Business Finance Authority | 4.125% |  | 1/20/2034 | BBB+ | 4552662 | 4579835 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 3.75% | <sup>#(b)</sup> | 7/1/2045 | B- | 1970000 | 1624035 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.00% |  | 11/1/2027 | B- | 6225000 | 6223184 |
| New Hampshire Business Finance Authority-New York State Electric & Gas Corp AMT | 4.00% |  | 12/1/2028 | A- | 9235000 | 9389857 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 13165000 | 13183124 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% |  | 6/1/2033 | BB+ | 1500000 | 1502462 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 1940000 | 1940612 |
| New York Liberty Development Corp. | 2.50% |  | 11/15/2036 | A+ | 2500000 | 2093163 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 1875000 | 1877021 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  | | |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | $1920000 | $1921513 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(b)</sup> | 12/1/2044 | B+ | 2000000 | 1894561 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(b)</sup> | 9/1/2050 | B+ | 1000000 | 1042395 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 660000 | 660138 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 2500000 | 2500467 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 1425000 | 1479632 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 1850000 | 1924383 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2026 | Baa2 | 3110000 | 3121530 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5500000 | 5008983 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc | 2.40% | <sup>#(b)</sup> | 12/1/2038 | BBB | 5685000 | 5420203 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc AMT | 2.50% | <sup>#(b)</sup> | 11/1/2042 | BBB | 8800000 | 8422581 |
| Ohio Air Quality Development Authority-American Electric Power Co Inc AMT | 2.60% | <sup>#(b)</sup> | 6/1/2041 | BBB | 18210000 | 17496186 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 6/1/2038 | BB+ | 1500000 | 1622893 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 12/1/2040 | BB+ | 9825000 | 10636241 |
| Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 1035000 | 829189 |
| Phenix City Industrial Development Board-WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 1500000 | 1463298 |
| Port of Beaumont Industrial Development Authority-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX<sup>†</sup> | 4.10% |  | 1/1/2028 | NR | 5000000 | 4488754 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | 6000000 | 5778956 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 7220000 | 6445006 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  | | |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | $7650000 | $7650185 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1260000 | 1261266 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2727000 | 2727447 |
| State of Nevada Department of Business & Industry-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 8050000 | 7360274 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 6740000 | 6723829 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 6/1/2052 | B+ | 5500000 | 5562351 |
| Village Community Development District No 15 Series 2024 Special Assessment FL<sup>†</sup> | 4.55% |  | 5/1/2044 | NR | 5750000 | 5476034 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.85% |  | 5/1/2038 | NR | 2180000 | 2226206 |
| Village Community Development District No. 15 FL<sup>†</sup> | 5.00% |  | 5/1/2043 | NR | 5145000 | 5173383 |
| Virginia Small Business Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 1/1/2048 | B- | 440000 | 413657 |
| West Pace Cooperative District AL<sup>(c)</sup> | 9.125% |  | 5/1/2039 | NR | 4900000 | 2450000 |
| West Virginia Economic Development Authority-Kentucky Power Co AMT | 4.70% | <sup>#(b)</sup> | 4/1/2036 | BBB | 5800000 | 5829049 |
| *Total* |  |  |  |  |  | 375205133 |
| **Education 9.30%** |  |  |  |  |  |  |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2038 | AA | 3250000 | 3648425 |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2039 | AA | 2000000 | 2226992 |
| Arizona Board of Regents-Arizona State University | 5.00% |  | 7/1/2041 | AA | 2500000 | 2733503 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | 1250000 | 1304784 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.125% |  | 6/15/2040 | Ba2 | 2400000 | 2416854 |
| California Community Choice Financing Authority | 4.501%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 10000000 | 10055139 |

---

*See Notes to Financial Statements.* 21

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2036 | AA | $1100000 | $1286964 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2037 | AA | 2500000 | 2883550 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2038 | AA | 2750000 | 3138359 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2039 | AA | 5000000 | 5632081 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2041 | AA | 3000000 | 3302569 |
| California Infrastructure & Economic Development Bank-University of California | 5.00% |  | 5/15/2042 | AA | 3965000 | 4316034 |
| California State University | 0.55% | <sup>#(b)</sup> | 11/1/2049 | Aa2 | 6750000 | 6581419 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2039 | NR | 2160000 | 2062640 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.00% |  | 4/1/2038 | A <sup>(d)</sup> | 3230000 | 3362235 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2034 | A <sup>(d)</sup> | 1625000 | 1779917 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2035 | A <sup>(d)</sup> | 1125000 | 1221525 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2036 | A <sup>(d)</sup> | 2175000 | 2337914 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% |  | 4/1/2039 | A <sup>(d)</sup> | 6220000 | 6531644 |
| Chicago Board of Education IL GO (AG) | 5.00% |  | 12/1/2031 | AA | 5000000 | 5234700 |
| Cleveland State University OH (BAM) | 5.00% |  | 6/1/2040 | AA | 5170000 | 5479197 |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 4.00% | <sup>#(b)</sup> | 2/15/2055 | Aaa | 4500000 | 4686563 |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 5.00% |  | 2/15/2035 | Aaa | 2275000 | 2539925 |
| Clifton Higher Education Finance Corp. TX (PSF-GTD) | 5.25% |  | 2/15/2043 | Aaa | 2500000 | 2647139 |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.50% |  | 7/1/2040 | A+ | 1100000 | 1111198 |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 4.75% |  | 7/1/2043 | A+ | 1100000 | 1100012 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| Connecticut State Health & Educational Facilities Authority-Quinnipiac University | 5.00% |  | 7/1/2033 | A- | $8230000 | $8232540 |
| County of Frederick-Mount St Mary's University Inc MD<sup>†</sup> | 5.00% |  | 9/1/2027 | BB+ | 860000 | 866666 |
| County of Frederick-Mount St Mary's University Inc MD<sup>†</sup> | 5.00% |  | 9/1/2032 | BB+ | 2400000 | 2406689 |
| County of Lincoln-Augustana College Association SD | 4.00% |  | 8/1/2041 | BBB- | 500000 | 437166 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2027 | Ba3 | 1545000 | 1550183 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% |  | 11/1/2037 | Ba3 | 1500000 | 1426465 |
| District of Columbia-Georgetown University/The | 5.00% | <sup>#(b)</sup> | 4/1/2060 | A- | 6000000 | 6717599 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% |  | 7/1/2040 | BBB- | 1150000 | 1173342 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.00% |  | 7/1/2045 | BB+ | 15000000 | 14907252 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% |  | 9/1/2035 | Ba2 | 2600000 | 2389554 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2030 | Ba2 | 625000 | 642370 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2031 | Ba2 | 1100000 | 1124887 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2032 | Ba2 | 1100000 | 1117545 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2033 | Ba2 | 1000000 | 1009916 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2034 | Ba2 | 3720000 | 3735687 |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% |  | 9/1/2036 | Ba2 | 3225000 | 3202841 |
| Illinois Finance Authority-University of Chicago/The | 4.00% |  | 10/1/2038 | Aa2 | 5130000 | 5130022 |
| Indiana Finance Authority-Ohio Valley Electric Corp | 4.25% |  | 11/1/2030 | Baa3 | 14550000 | 14912360 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2035 | BB+ | 2350000 | 2350089 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| IPS Multi-School Building Corp.-Indianapolis Board of School Commissioners IN (ST INTERCEPT) | 5.00% |  | 7/15/2041 | Aa2 | $2125000 | $2251051 |
| Lehigh County General Purpose Authority-Muhlenberg College PA | 5.00% |  | 2/1/2039 | Baa1 | 6495000 | 6529147 |
| Massachusetts Development Finance Agency-President and Fellows of Harvard College | 5.00% | <sup>#(b)</sup> | 5/15/2055 | AAA | 13000000 | 15106266 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% |  | 7/1/2041 | Baa3 | 4125000 | 4333746 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% |  | 7/1/2045 | Baa3 | 2350000 | 2426010 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2036 | AA | 2250000 | 2588597 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2037 | AA | 6250000 | 7107185 |
| Massachusetts School Building Authority | 5.00% |  | 2/15/2038 | AA | 3000000 | 3379214 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL | 5.00% |  | 4/1/2041 | A2 | 5000000 | 5375345 |
| Miami-Dade County Educational Facilities Authority-University of Miami FL | 5.00% |  | 4/1/2042 | A2 | 16000000 | 17026346 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2036 | AA | 1000000 | 1155225 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2038 | AA | 1400000 | 1582745 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2039 | AA | 1500000 | 1679734 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2040 | AA | 1200000 | 1331788 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2041 | AA | 2000000 | 2196247 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2042 | AA | 2125000 | 2307272 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2043 | AA | 4000000 | 4306241 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2038 | A | 4000000 | 4456877 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2039 | A | 5300000 | 5850171 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2040 | A | 5345000 | 5834376 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2041 | A | 5000000 | 5409363 |
| New York State Dormitory Authority-Barnard College | 5.25% |  | 7/1/2042 | A | 4230000 | 4529039 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% |  | 7/1/2027 | BBB | 10000000 | 10005692 |
| New York State Dormitory Authority-New School | 5.00% |  | 7/1/2035 | A3 | 5345000 | 5436439 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  | | |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2036 | A3 | $4405000 | $4472511 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2037 | A3 | 7800000 | 7907841 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2036 | Aa2 | 10000000 | 11547761 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2037 | Aa2 | 25000000 | 28570077 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2038 | Aa2 | 30300000 | 34121227 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2040 | Aa2 | 7000000 | 7667472 |
| New York State Dormitory Authority-New York University | 5.00% | 7/1/2042 | Aa2 | 18295000 | 19564133 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2031 | BBB- | 2705000 | 2906021 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2037 | BBB- | 11000000 | 11362246 |
| New York State Dormitory Authority (AG) | 5.00% | 10/1/2031 | AA | 10000 | 10747 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2032 | AA | 11750000 | 13483568 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2034 | AA | 5750000 | 6669296 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2036 | AA | 4750000 | 5367536 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2037 | AA | 9200000 | 10013924 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2040 | A+ | 1100000 | 1195393 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2041 | A+ | 1300000 | 1399649 |
| Ohio Higher Educational Facility Commission-University of Dayton | 5.00% | 2/1/2042 | A+ | 1700000 | 1812034 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2032 | Baa1 | 1270000 | 1401269 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2034 | Baa1 | 2175000 | 2414454 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2036 | Baa1 | 2320000 | 2518066 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% | 5/1/2037 | Baa1 | 1415000 | 1517929 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% |  | 5/1/2040 | Baa1 | $1575000 | $1642207 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.00% |  | 5/1/2042 | Baa1 | 1575000 | 1612308 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2044 | NR | 2000000 | 1887244 |
| State of Nevada Department of Business & Industry-Somerset Academy NLV Building 1/ Sky Pointe/Stephanie/ Losee Campuses<sup>†</sup> | 4.50% |  | 12/15/2029 | BB | 395000 | 395364 |
| State of Nevada Department of Business & Industry-Somerset Academy NLV Building 1/ Sky Pointe/Stephanie/ Losee Campuses<sup>†</sup> | 5.00% |  | 12/15/2038 | BB | 1000000 | 992026 |
| University of Illinois | 5.00% |  | 10/1/2035 | A2 | 885000 | 976680 |
| University of Illinois | 5.00% |  | 10/1/2036 | A2 | 920000 | 1006347 |
| University of Illinois | 5.00% |  | 10/1/2037 | A2 | 800000 | 868014 |
| University of Illinois | 5.00% |  | 10/1/2038 | A2 | 800000 | 860043 |
| University of Illinois | 5.50% |  | 10/1/2039 | A2 | 1360000 | 1496088 |
| University of Illinois | 5.50% |  | 10/1/2042 | A2 | 1650000 | 1773820 |
| University of Illinois (AG) | 4.00% |  | 4/1/2033 | AA | 4905000 | 4993319 |
| University of Kentucky (ST INTERCEPT) | 4.75% |  | 4/1/2034 | AA+ | 3000000 | 3002975 |
| *Total* |  |  |  |  |  | 482588160 |
| **Financial Services 0.03%** |  |  |  |  |  |  |
| Massachusetts Educational Financing Authority AMT | 3.625% |  | 7/1/2034 | AA | 140000 | 139479 |
| New Jersey Higher Education Student Assistance Authority AMT | 3.75% |  | 12/1/2030 | Aaa | 470000 | 470546 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% |  | 12/1/2032 | Aaa | 390000 | 390046 |
| New Jersey Higher Education Student Assistance Authority AMT | 4.00% |  | 12/1/2034 | Aaa | 355000 | 354935 |
| *Total* |  |  |  |  |  | 1355006 |
| **General Obligation 9.98%** |  |  |  |  |  |  |
| Arapahoe County Water & Wastewater Public Improvement District CO GO | 3.00% |  | 12/1/2039 | AA- | 4870000 | 4175537 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 12/1/2053 | A2 | 11335000 | 12069804 |

---

26 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  | | |
| California Community Choice Financing Authority | 5.50% | <sup>#(b)</sup> | 5/1/2054 | A2 | $10000000 | $10680921 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2040 | Aa3 | 4200000 | 4621236 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2041 | Aa3 | 3550000 | 3867297 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2042 | Aa3 | 6035000 | 6516930 |
| Chabot-Las Positas Community College District CA GO | 3.00% |  | 8/1/2038 | AA | 2500000 | 2307693 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2029 | BB+ | 3000000 | 3095182 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2031 | BB+ | 1500000 | 1537234 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2033 | BB+ | 900000 | 911624 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 475000 | 479511 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2035 | BB+ | 450000 | 452068 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 7300000 | 7318930 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2039 | BB+ | 2340000 | 2303599 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2037 | BB+ | 2000000 | 2084674 |
| Chicago Board of Education IL GO | 5.50% |  | 12/1/2038 | BB+ | 2250000 | 2324786 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 5000000 | 5281289 |
| Chicago Board of Education IL GO | 7.00% |  | 12/1/2044 | BB+ | 20000000 | 20005854 |
| City of Bellevue WA GO | 4.00% |  | 12/1/2030 | AAA | 5590000 | 5593873 |
| City of Chicago IL GO | 5.00% |  | 1/1/2031 | BBB | 2210000 | 2217132 |
| City of Chicago IL GO | 5.00% |  | 1/1/2042 | BBB | 34540000 | 33874497 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 6000000 | 6146602 |
| City of Chicago IL GO | 5.50% |  | 1/1/2041 | BBB | 5000000 | 5187652 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 3750000 | 3710629 |
| City of Chicago IL GO | 6.00% |  | 1/1/2043 | BBB | 3000000 | 3210006 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 4450000 | 4635533 |
| City of Frisco TX GO | 5.00% |  | 2/15/2041 | AAA | 4445000 | 4755348 |
| City of Houston TX GO | 5.00% |  | 3/1/2036 | Aa3 | 1800000 | 2004890 |
| City of Houston TX GO | 5.00% |  | 3/1/2038 | Aa3 | 1000000 | 1091228 |
| City of Houston TX GO | 5.00% |  | 3/1/2041 | AA | 3750000 | 4028250 |
| City of Houston TX GO | 5.25% |  | 3/1/2039 | Aa3 | 4610000 | 5074990 |
| City of Houston TX GO | 5.25% |  | 3/1/2040 | Aa3 | 5800000 | 6322382 |
| City of Hutto TX GO (BAM) | 5.00% |  | 8/1/2040 | AA | 2145000 | 2329796 |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |  |
| City of Hutto TX GO (BAM) | 5.00% |  | 8/1/2041 | AA | $3500000 | $3766241 |
| City of New York NY GO | 5.00% |  | 6/1/2035 | AA | 10000 | 10016 |
| City of New York NY GO | 5.00% |  | 10/1/2036 | AA | 1250000 | 1373065 |
| City of New York NY GO | 5.00% |  | 4/1/2040 | AA | 2000000 | 2165580 |
| Clark County School District NV GO | 5.00% |  | 6/15/2041 | AA- | 10645000 | 11363754 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 1727569 | 1235947 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 11385659 | 11114274 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 3035632 | 2883735 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2041 | NR | 5000000 | 4482393 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 1917657 | 1657388 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 5336508 | 5711099 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 1415665 | 1569714 |
| County of Clark NV GO | 3.00% |  | 7/1/2038 | AAA | 4000000 | 3550614 |
| County of Collin TX GO | 3.00% |  | 2/15/2039 | AAA | 5420000 | 4808890 |
| County of Howard MD GO | 3.00% |  | 8/15/2037 | AAA | 2255000 | 2093784 |
| County of Travis TX GO | 3.00% |  | 3/1/2038 | AAA | 4410000 | 3948766 |
| Davis Joint Unified School District CA GO (BAM) | 3.00% |  | 8/1/2038 | AA | 3140000 | 2788855 |
| Delaware Valley Regional Finance Authority PA | 3.29% <br> (MUNIPSA \* 1 + .40% |)<sup>#</sup> | 3/1/2057 | A+ | 5000000 | 4986236 |
| Denton Independent School District TX GO (PSF-GTD) | 5.00% |  | 8/15/2039 | AAA | 5500000 | 5995498 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% |  | 3/1/2036 | AA+ | 3000000 | 3457203 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% |  | 3/1/2037 | AA+ | 6500000 | 7414870 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% |  | 3/1/2038 | AA+ | 5000000 | 5645198 |
| Jackson County School District GA GO (ST AID WITHHLDG) | 5.00% |  | 3/1/2039 | AA+ | 5000000 | 5591621 |
| Janesville School District WI GO | 5.00% |  | 3/1/2034 | Aa2 | 2755000 | 3118531 |
| Janesville School District WI GO | 5.00% |  | 3/1/2035 | Aa2 | 2500000 | 2803401 |
| Janesville School District WI GO | 5.00% |  | 3/1/2036 | Aa2 | 5575000 | 6182463 |
| Janesville School District WI GO | 5.00% |  | 3/1/2037 | Aa2 | 3160000 | 3476591 |
| Louisiana Stadium & Exposition District | 5.00% |  | 7/1/2038 | A2 | 7345000 | 7980743 |
| Louisiana Stadium & Exposition District | 5.00% |  | 7/1/2039 | A2 | 6550000 | 7047635 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2037 | A1 | 4000000 | 4380944 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2036 | A1 | $2000000 | $2233457 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 4000000 | 4380944 |
| New York State Dormitory Authority (BAM) | 5.00% | 10/1/2035 | AA | 5000000 | 5421499 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2037 | Aa3 | 1000000 | 1100086 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2038 | Aa3 | 2375000 | 2587276 |
| Palm Beach County School District FL COPS | 5.00% | 8/1/2039 | Aa3 | 2250000 | 2433398 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% | 6/30/2035 | Baa2 | 5250000 | 5700735 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2037 | Baa2 | 5575000 | 6013847 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.50% | 6/30/2038 | Baa2 | 6200000 | 6613250 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2039 | Aa1 | 2005000 | 1786311 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2040 | Aa1 | 2000000 | 1751215 |
| Sheboygan Area School District WI GO | 3.00% | 3/1/2041 | Aa1 | 2425000 | 2084143 |
| State of California GO | 5.00% | 3/1/2042 | Aa2 | 4925000 | 5398119 |
| State of Connecticut GO | 3.00% | 1/15/2037 | Aa2 | 5090000 | 4701999 |
| State of Connecticut GO | 5.00% | 6/15/2035 | Aa2 | 1125000 | 1179716 |
| State of Florida GO | 3.00% | 6/1/2036 | AAA | 3985000 | 3685532 |
| State of Illinois GO | 4.00% | 10/1/2034 | A- | 5000000 | 5059557 |
| State of Illinois GO | 5.00% | 2/1/2028 | A- | 13620000 | 14022201 |
| State of Illinois GO | 5.00% | 11/1/2029 | A- | 2800000 | 2863752 |
| State of Illinois GO | 5.00% | 11/1/2032 | A- | 9200000 | 9369680 |
| State of Illinois GO | 5.00% | 10/1/2033 | A- | 5000000 | 5245151 |
| State of Illinois GO | 5.00% | 5/1/2040 | A- | 6000000 | 6357655 |
| State of Illinois GO | 5.00% | 5/1/2041 | A- | 6000000 | 6309530 |
| State of Illinois GO | 5.00% | 12/1/2042 | A- | 11320000 | 11727597 |
| State of Illinois GO | 5.25% | 10/1/2036 | A- | 17540000 | 19225878 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| State of Illinois GO | 5.25% | 5/1/2042 | A- | $15000000 | $15908286 |
| State of Illinois GO | 5.25% | 5/1/2043 | A- | 7830000 | 8243675 |
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 11000000 | 11680656 |
| State of West Virginia GO | 5.00% | 12/1/2034 | Aa2 | 5000000 | 5263663 |
| Town of Oyster Bay NY GO (AG) | 2.00% | 3/1/2031 | AA | 2040000 | 1896700 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2039 | AAA | 2095000 | 2314402 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2040 | AAA | 3545000 | 3863411 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2041 | AAA | 2500000 | 2705542 |
| Waller Consolidated Independent School District TX GO (PSF-GTD) | 5.00% | 2/15/2042 | AAA | 3180000 | 3414090 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2039 | AA | 4400000 | 4798569 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.00% | 7/15/2041 | AA | 7000000 | 7520248 |
| *Total* |  |  |  |  | 517683796 |
| **Health Care 15.81%** |  |  |  |  |  |
| Allegheny County Hospital Development Authority-Allegheny Health Network Obligated Group PA | 5.00% | 4/1/2031 | A | 16000000 | 16777786 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2031 | BBB | 7000000 | 7028689 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | 3875000 | 4199380 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.00% | 8/1/2034 | BBB | 12250000 | 13574029 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5774000 | 4086510 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 11556000 | 10463298 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 861962 | 901879 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1720232 | 1699158 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 5.25% |  | 12/1/2035 | BB | $3000000 | $3002239 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% |  | 4/1/2038 | A | 7000000 | 7691034 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% |  | 4/1/2039 | A | 5500000 | 5968631 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 4.00% |  | 3/1/2039 | BBB+ | 3915000 | 3630737 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2035 | BBB+ | 10000000 | 11021661 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% |  | 12/1/2037 | BBB+ | 5000000 | 5331643 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2040 | BBB+ | 3000000 | 3186636 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2041 | BBB+ | 3000000 | 3159446 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.25% |  | 12/1/2042 | BBB+ | 5500000 | 5741710 |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | 5.25% | <sup>#(b)</sup> | 10/1/2050 | A | 6000000 | 6757927 |
| California Municipal Finance Authority-Eisenhower Medical Center | 5.00% |  | 7/1/2033 | Baa2 | 4015000 | 4093447 |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% |  | 11/1/2027 | B | 5000000 | 4718877 |
| California Statewide Communities Development Authority<sup>†</sup> | 5.00% |  | 10/1/2035 | AA- | 10000000 | 11489587 |
| California Statewide Communities Development Authority-John Muir Health Obligated Group | 5.00% |  | 12/1/2043 | A+ | 4510000 | 4767350 |
| California Statewide Communities Development Authority-John Muir Health Obligated Group | 5.25% |  | 12/1/2042 | A+ | 3510000 | 3814445 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2033 | BB | $1000000 | $1022370 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB | 5000000 | 5003527 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2038 | BB | 1500000 | 1518608 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | 5.25% | 12/1/2041 | A | 1000000 | 1080221 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | 5.25% | 12/1/2042 | A | 3025000 | 3234885 |
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8825000 | 8876453 |
| City of Atlantic Beach-Naval Continuing Care Retirement Foundation Obligated Group FL | 5.00% | 11/15/2028 | BBB <sup>(d)</sup> | 1655000 | 1656785 |
| City of Blaine-Crest View Obligated Group MN<sup>(c)</sup> | 5.125% | 7/1/2025 | NR | 688161 | 378489 |
| City of Colby KS-Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 11100000 | 11116622 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2040 | AA- | 2100000 | 2262910 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2041 | AA- | 3000000 | 3190999 |
| City of Minneapolis/St. Paul Housing & Redevelopment Authority-Children's Health Care Obligated Group MN | 5.00% | 8/15/2042 | AA- | 2750000 | 2897562 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Foundation Inc FL | 5.00% | 8/15/2037 | AA- | 4000000 | 4098770 |
| City of South Miami Health Facilities Authority, Inc.-Baptist Health South Florida Obligated Group FL | 5.00% | 8/15/2035 | AA- | 10000000 | 11290641 |
| City of St. Cloud-CentraCare Health System Obligated Group MN | 5.00% | 5/1/2041 | A2 | 3000000 | 3177455 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.25% | 11/1/2038 | A- | 2095000 | 2259292 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2034 | BB+ | $225000 | $229580 |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2039 | BB+ | 1000000 | 994210 |
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2037 | Baa2 | 6400000 | 6434400 |
| County of Montgomery-Premier Health Partners Obligated Group OH | 4.00% | 11/15/2039 | Baa1 | 6000000 | 5665321 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 12355000 | 12384561 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 6680000 | 6757869 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.375% | 12/1/2037 | NR | 10000000 | 10686738 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2540000 | 2666088 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2036 | NR | 3830000 | 3847182 |
| District of Columbia-Children's National Medical Center Obligated Group | 5.00% | 7/15/2034 | A1 | 5000000 | 5025076 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1050115 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | 2000000 | 2169476 |
| Franklin County Industrial Development Authority-Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2031 | NR | 1000000 | 1013559 |
| Franklin County Industrial Development Authority-Menno-Haven Inc Obligated Group PA | 5.00% | 12/1/2033 | NR | 1000000 | 1009099 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1186079 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2039 | Baa2 | 3900000 | 4081372 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2040 | Baa2 | 4040000 | 4183766 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% |  | 6/1/2042 | Baa2 | $3990000 | $4015466 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% |  | 7/1/2035 | A- | 10510000 | 10807057 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% |  | 7/1/2036 | A- | 8500000 | 8712307 |
| Greeneville Health & Educational Facilities Board-Ballad Health Obligated Group TN | 5.00% |  | 7/1/2037 | A- | 16655000 | 17013272 |
| Harris County Cultural Education Facilities Finance Corp.-Brazos Presbyterian Homes Obligated Group TX | 6.375% |  | 1/1/2033 | BB+ <sup>(d)</sup> | 120000 | 120239 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2039 | AA- | 2500000 | 2729545 |
| Harris County Cultural Education Facilities Finance Corp.-Memorial Hermann Health System Obligated Group TX | 5.00% |  | 7/1/2040 | AA- | 1500000 | 1621187 |
| Health & Educational Facilities Authority of the State of Missouri-SSM Health Care Obligated Group | 5.00% | <sup>#(b)</sup> | 6/1/2039 | A+ | 3150000 | 3320034 |
| Hospitals & Higher Education Facilities Authority of Philadelphia-Temple University Health Obligated Group PA | 5.00% |  | 7/1/2032 | BBB | 4055000 | 4128553 |
| Illinois Finance Authority-Advocate Aurora Health Obligated Group | 4.00% |  | 8/1/2038 | AA | 9870000 | 9498923 |
| Illinois Finance Authority-Ascension Health Credit Group | 4.00% |  | 2/15/2033 | AA | 1460000 | 1473655 |
| Illinois Finance Authority-Rush Obligated Group | 5.00% |  | 11/15/2031 | A+ | 6025000 | 6029344 |
| Illinois Finance Authority-Rush Obligated Group | 5.00% |  | 11/15/2033 | A+ | 2500000 | 2501006 |
| Illinois Finance Authority-Rush Obligated Group | 5.00% |  | 11/15/2034 | A+ | 3000000 | 3001050 |
| Illinois Finance Authority-University of Chicago Medical Center Obligated Group | 4.00% |  | 8/15/2041 | A+ | 10000000 | 9374350 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2039 | BBB <sup>(d)</sup> | 2500000 | 2545246 |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2044 | BBB <sup>(d)</sup> | $3100000 | $2987749 |
| Kentucky Economic Development Finance Authority-Masonic Homes of Kentucky Inc Obligated Group | 5.375% |  | 11/15/2032 | NR | 1185000 | 1160447 |
| Kentucky Economic Development Finance Authority-Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2029 | Baa2 | 4235000 | 4331287 |
| Kentucky Economic Development Finance Authority-Owensboro Health Inc Obligated Group | 5.00% |  | 6/1/2032 | Baa2 | 6000000 | 6114561 |
| King County Public Hospital District No. 4 WA<sup>(e)</sup> | 6.625% |  | 12/1/2045 | NR | 7000000 | 6969010 |
| Louisville/Jefferson County Metropolitan Government-Norton Healthcare Obligated Group KY | 5.00% |  | 10/1/2040 | A | 3500000 | 3713214 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2033 | A2 | 500000 | 524840 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2034 | A2 | 1000000 | 1046833 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2035 | A2 | 1000000 | 1041487 |
| Maricopa County Industrial Development Authority-HonorHealth Obligated Group AZ | 5.00% |  | 9/1/2036 | A2 | 1800000 | 1865827 |
| Maryland Health & Higher Educational Facilities Authority-University of Maryland Medical System Obligated Group | 5.00% | <sup>#(b)</sup> | 7/1/2045 | A | 5000000 | 5478810 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2034 | BBB | 5255000 | 5302316 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% |  | 7/1/2035 | BBB- | 2000000 | 1911202 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% |  | 7/1/2037 | BBB- | 3930000 | 3684739 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2038 | BBB- | 3100000 | 3125264 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2039 | BBB- | 2750000 | 2761392 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 8.50% |  | 10/1/2026 | BBB- | $8910000 | $8922067 |
| Miami Beach Health Facilities Authority-Mount Sinai Medical Center of Florida Obligated Group FL | 5.00% |  | 11/15/2030 | A2 | 2500000 | 2503130 |
| Michigan Finance Authority-McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2033 | A1 | 4030000 | 4034713 |
| Michigan Finance Authority-McLaren Health Care Corp Obligated Group | 5.00% |  | 5/15/2035 | A1 | 4945000 | 4949395 |
| Michigan Finance Authority-McLaren Health Care Obligated Group | 5.00% |  | 5/15/2032 | A1 | 10390000 | 10404204 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.00% |  | 2/28/2038 | A3 | 2060000 | 2244529 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.25% |  | 2/29/2040 | A3 | 1400000 | 1509709 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.25% |  | 2/28/2042 | A3 | 1860000 | 1968869 |
| Michigan State Hospital Finance Authority-Corewell Health Obligated Group | 5.00% | <sup>#(b)</sup> | 8/15/2055 | AA | 13000000 | 14284877 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.00% |  | 1/1/2041 | A | 4000000 | 4208132 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.00% |  | 1/1/2042 | A | 4985000 | 5183228 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% |  | 6/15/2039 | NR | 10000000 | 9802503 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 4.00% |  | 9/1/2036 | A | 1350000 | 1335303 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 4.00% |  | 9/1/2038 | A | 2250000 | 2166844 |
| Montgomery County Industrial Development Authority-Whitemarsh Continuing Care Retirement Community Obligated PA | 5.00% |  | 1/1/2030 | NR | 2000000 | 2001015 |
| New Hampshire Business Finance Authority | 5.43% |  | 8/15/2035 | NR | 5380000 | 5421464 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | $4910000 | $4901265 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 4615000 | 4736897 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.00% | 12/1/2035 | A+ | 5500000 | 6067213 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.25% | 6/1/2042 | A+ | 5500000 | 5758841 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1500000 | 1507218 |
| New Hope Cultural Education Facilities Finance Corp. - Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2041 | AA | 5000000 | 5517569 |
| New Hope Cultural Education Facilities Finance Corp. - Children's Health System of Texas Obligated Group TX | 5.25% | 8/15/2042 | AA | 5000000 | 5459446 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2041 | AA- | 12000000 | 12906514 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2042 | AA- | 5000000 | 5329058 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 3185000 | 3197360 |
| New Jersey Health Care Facilities Financing Authority-University Hospital (AG) | 5.00% | 7/1/2028 | AA | 2000000 | 2003595 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2037 | B- | 1300000 | 1139980 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2039 | B- | 2305000 | 1972332 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2040 | B- | 1810000 | 1521721 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2036 | B- | 1945000 | 1883554 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB- | 1500000 | 1511053 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | $2700000 | $2727062 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2030 | BB- | 1100000 | 1110351 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | BB- | 1600000 | 1612054 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2041 | BBB- | 1750000 | 1848024 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2042 | BBB- | 1500000 | 1569653 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.25% | 11/1/2043 | BBB- | 1400000 | 1455760 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.50% | 11/1/2044 | BBB- | 1125000 | 1188377 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2034 | BBB- | 1240000 | 1354193 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2035 | BBB- | 1000000 | 1080941 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2036 | BBB- | 1305000 | 1396989 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.00% | 10/1/2037 | BBB- | 1620000 | 1717597 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2040 | AA | 1500000 | 1621848 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2041 | AA | 1800000 | 1924892 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2042 | AA | 3475000 | 3677281 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.25% | 10/1/2043 | AA | 1750000 | 1838916 |
| North Carolina Medical Care Commission-Penick Village Obligated Group | 4.25% | 9/1/2028 | NR | 1090000 | 1090317 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2033 | BB+ | 3920000 | 4052362 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 10050000 | 10204739 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2043 | BB+ | 6710000 | 6752972 |

---

38 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2037 | NR | $2770000 | $2888314 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2037 | A+ | 2495000 | 2721165 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2038 | A+ | 1530000 | 1654144 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2040 | A+ | 4000000 | 4320416 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2041 | A+ | 3750000 | 4006642 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.00% | 10/1/2042 | A+ | 5000000 | 5283398 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | B | 5280000 | 4789710 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group PA | 4.00% | 4/15/2038 | A | 3095000 | 2963625 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 4.00% | 11/1/2042 | A | 13960000 | 13158464 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.25% | 11/1/2040 | A | 5000000 | 5443686 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.25% | 11/1/2041 | A | 9000000 | 9683090 |
| Philadelphia Authority for Industrial Development-Thomas Jefferson University Obligated Group | 5.00% | 9/1/2035 | A | 5000000 | 5070063 |
| Public Finance Authority-Proton International Alabama LLC WI<sup>†(c)</sup> | 6.85% | 10/1/2047 | NR | 1410000 | 141000 |
| Public Finance Authority-RBS Evolution LLC WI<sup>†</sup> | 10.00% | 11/1/2038 | NR | 3500000 | 3930677 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 10000000 | 10408558 |

---

See Notes to Financial Statements. 39

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 7.25% |  | 11/1/2045 | NR | $2500000 | $2676208 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | 5700000 | 5706009 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.25% |  | 11/1/2040 | A+ | 6500000 | 7079704 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.25% |  | 11/1/2041 | A+ | 7500000 | 8082862 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.00% |  | 12/1/2035 | B <sup>(d)</sup> | 3850000 | 3611082 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(d)</sup> | 2085000 | 2085287 |
| Tulsa County Industrial Authority-Montereau Obligated Group OK | 5.25% |  | 11/15/2037 | BBB- <sup>(d)</sup> | 1250000 | 1262952 |
| University of Kansas Hospital Authority-University of Kansas Health System Obligated Group | 5.00% |  | 9/1/2034 | AA- | 5000000 | 5004023 |
| Washington Health Care Facilities Authority-Multicare Health System Obligated Group | 5.00% | <sup>#(b)</sup> | 8/15/2055 | A | 20000000 | 21941624 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group | 4.00% | <sup>#(b)</sup> | 10/1/2042 | A | 13220000 | 13708123 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group<sup>(e)</sup> | 5.00% |  | 10/1/2035 | A | 12500000 | 14041224 |
| West Virginia Hospital Finance Authority-West Virginia United Health System Obligated Group | 4.00% |  | 6/1/2030 | A | 5500000 | 5534371 |
| Westchester County Local Development Corp.-New York Blood Center Inc NY | 5.00% |  | 7/1/2035 | Baa1 | 3000000 | 3284082 |
| Westchester County Local Development Corp.-New York Blood Center Inc NY | 5.00% |  | 7/1/2038 | Baa1 | 3075000 | 3287698 |
| Winchester Economic Development Authority-Valley Health Obligated Group VA | 5.00% |  | 1/1/2042 | A+ | 2500000 | 2625871 |

---

40 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | $3660000 | $3760207 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 1210000 | 1241421 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% | 8/15/2035 | A+ | 2000000 | 2252776 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% | 8/15/2036 | A+ | 3250000 | 3594370 |
| Wisconsin Health & Educational Facilities Authority-Hospital Sisters Services Obligated Group | 5.00% | 8/15/2037 | A+ | 3540000 | 3868033 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.00% | 2/15/2032 | A+ | 12500000 | 13895644 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ | 5.00% | 8/1/2041 | A | 1500000 | 1585645 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% | 8/1/2042 | AA | 2125000 | 2287508 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ (AG) | 5.25% | 8/1/2043 | AA | 2250000 | 2403964 |
| *Total* |  |  |  |  | 820327957 |
| **Housing 10.43%** |  |  |  |  |  |
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7041165 | 6720402 |
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 5440645 | 5316569 |
| California Municipal Finance Authority-Park Western Housing LP (FNMA) | 2.65% | 8/1/2036 | Aa1 | 4173550 | 3629380 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% | 5/1/2055 | AA | 10000000 | 11276801 |
| Colorado Housing & Finance Authority (FHLMC), (FNMA), (GNMA) | 6.50% | 5/1/2055 | AAA | 8300000 | 9462120 |
| Colorado Housing & Finance Authority (GNMA) | 6.00% | 5/1/2053 | AA | 11250000 | 12288726 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% | 6/1/2047 | NR | 5000000 | 3449283 |

---

See Notes to Financial Statements. 41

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| EP Cimarron Ventanas PFC TX | 4.125% |  | 12/1/2039 | A+ | $6315000 | $6170825 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2056 | Aaa | 7000000 | 7848910 |
| Idaho Housing & Finance Association (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | Aa1 | 6000000 | 6815068 |
| Illinois Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 10/1/2055 | Aaa | 15410000 | 17491923 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.00% |  | 6/1/2038 | BBB- | 1550000 | 1607575 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.00% |  | 6/1/2043 | BBB- | 2525000 | 2535118 |
| Industrial Development Authority of the City of Phoenix Arizona-Downtown Phoenix Student Housing LLC AZ | 5.00% |  | 7/1/2032 | Baa3 | 1080000 | 1111374 |
| Maine State Housing Authority | 3.75% |  | 11/15/2038 | AA+ | 2940000 | 2879904 |
| Maryland Community Development Administration | 3.00% |  | 9/1/2039 | Aa1 | 10000000 | 8822287 |
| Michigan State Housing Development Authority | 3.10% |  | 12/1/2044 | AA+ | 10500000 | 8575389 |
| Michigan State Housing Development Authority | 6.25% |  | 6/1/2055 | AA+ | 9000000 | 9930440 |
| Michigan State Housing Development Authority | 6.25% |  | 12/1/2055 | AA+ | 16000000 | 17849955 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 9850000 | 11069855 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | AA+ | 5490000 | 6226615 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | AA+ | 4375000 | 4888444 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2055 | AA+ | 3475000 | 3931430 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% |  | 6/1/2044 | Aa1 | 625000 | 753363 |
| Mississippi Home Corp. (FHLMC), (FNMA), (GNMA) | 7.50% |  | 6/1/2049 | Aa1 | 940000 | 1134536 |
| Montana Board of Housing (FHLMC), (FNMA), (GNMA) | 5.75% |  | 6/1/2055 | AA+ | 8500000 | 9316769 |
| Nebraska Investment Finance Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AAA | 3750000 | 4204888 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(b)</sup> | 6/20/2041 | AA- | 14494008 | 14704784 |

---

42 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | $750000 | $771721 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2100000 | 2167578 |
| New York State Housing Finance Agency-West 38TH Street LLC (FHLMC) | 3.57% | <sup>#(b)</sup> | 5/1/2042 | Aa1 | 22255000 | 22711535 |
| New York State Housing Finance Agency-West 62nd Street LLC | 3.60% | <sup>#(b)</sup> | 11/1/2044 | Aa1 | 23000000 | 23480125 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2055 | AA+ | 4230000 | 4593175 |
| North Carolina Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 1/1/2056 | AA+ | 12000000 | 13773743 |
| North Dakota Housing Finance Agency | 4.00% |  | 1/1/2051 | Aa1 | 5220000 | 5267785 |
| North Dakota Housing Finance Agency | 6.00% |  | 7/1/2055 | Aa1 | 6000000 | 6699259 |
| North Dakota Housing Finance Agency | 6.00% |  | 1/1/2056 | Aa1 | 3750000 | 4152925 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 3/1/2056 | Aa1 | 8285000 | 9209842 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.00% |  | 3/1/2049 | Aa1 | 3500000 | 4090228 |
| Ohio Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 7.50% |  | 3/1/2049 | Aa1 | 3000000 | 3622618 |
| Oklahoma Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.50% |  | 3/1/2057 | Aaa | 27000000 | 31022503 |
| Pennsylvania Housing Finance Agency | 3.50% |  | 4/1/2051 | AA+ | 930000 | 928905 |
| Pennsylvania Housing Finance Agency | 4.00% |  | 10/1/2049 | AA+ | 510000 | 510348 |
| Pennsylvania Housing Finance Agency | 6.25% |  | 10/1/2055 | Aa1 | 12000000 | 13609968 |
| Pennsylvania Housing Finance Agency | 6.50% |  | 10/1/2055 | Aa1 | 20000000 | 22963730 |
| Pennsylvania Housing Finance Agency AMT | 3.65% |  | 10/1/2042 | AA+ | 2500000 | 2269701 |
| South Dakota Housing Development Authority (FHLMC), (FNMA), (GNMA) | 6.25% |  | 11/1/2056 | AAA | 8500000 | 9515026 |
| State of Oregon Housing & Community Services Department (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aa2 | 7250000 | 8182818 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.50% |  | 7/1/2053 | AA+ | 4890000 | 5254070 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.75% |  | 3/1/2054 | Aaa | 6925000 | 7537034 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.00% |  | 3/1/2053 | Aaa | 8755000 | 9573757 |
| Texas Department of Housing & Community Affairs (GNMA) | 6.25% |  | 1/1/2056 | AA+ | 20000000 | 22386572 |

---

See Notes to Financial Statements. 43

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.25% |  | 7/1/2055 | Aa2 | $15465000 | $17456770 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.50% |  | 7/1/2055 | Aa2 | 9915000 | 11118016 |
| Utah Housing Corp. (FHLMC), (FNMA), (GNMA) | 6.75% |  | 7/1/2055 | Aa2 | 11000000 | 12713076 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | BB+ <sup>(d)</sup> | 5000000 | 5049997 |
| Virginia Housing Development Authority | 3.625% | <sup>#(b)</sup> | 7/1/2055 | AAA | 8505000 | 8506520 |
| Washington State Housing Finance Commission | 3.50% |  | 12/20/2035 | BBB+ | 4667778 | 4500161 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2034 | AA | 1000000 | 1091422 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2035 | AA | 1000000 | 1087714 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2036 | AA | 1000000 | 1077181 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.00% |  | 7/1/2040 | AA | 1000000 | 1039944 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 4950000 | 5177071 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | 8805000 | 9120382 |
| Washington State Housing Finance Commission (FHLMC), (FNMA), (GNMA) | 6.25% |  | 6/1/2054 | Aaa | 7615000 | 8427739 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue (FHLMC), (FNMA), (GNMA) | 6.25% |  | 9/1/2055 | AA+ | 6150000 | 6875822 |
| Wisconsin Housing & Economic Development Authority Housing Revenue | 3.75% | <sup>#(b)</sup> | 11/1/2055 | AA+ | 4430000 | 4470809 |
| Wyoming Community Development Authority | 5.00% |  | 12/1/2039 | AA+ | 8360000 | 8950350 |
| *Total* |  |  |  |  |  | 540970673 |

---

44 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Lease Obligations 0.93%** |  |  |  |  |  |  |
| Illinois Sports Facilities Authority (AG) | 5.00% |  | 6/15/2027 | AA | $3000000 | $3006690 |
| Jefferson County School District Finance Corp.-Jefferson County Board of Education/KY (ST INTERCEPT) | 3.00% |  | 12/1/2035 | AA- | 6850000 | 6377712 |
| Kentucky State Property & Building Commission-Commonwealth of Kentucky | 5.00% |  | 4/1/2042 | Aa3 | 10525000 | 11266095 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2033 | A1 | 7215000 | 7666245 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2034 | A1 | 13645000 | 14430820 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2036 | A1 | 1320000 | 1363924 |
| New Jersey Transportation Trust Fund Authority | 3.25% |  | 6/15/2039 | A1 | 2000000 | 1781047 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2436762 |
| *Total* |  |  |  |  |  | 48329295 |
| **Multi-Family Housing 1.03%** |  |  |  |  |  |  |
| FW Chaparral PFC TX | 4.00% |  | 10/1/2035 | A+ | 4500000 | 4414934 |
| King County Housing Authority WA | 3.50% |  | 5/1/2038 | AAA | 10000000 | 9364321 |
| Michigan State Housing Development Authority | 3.80% |  | 10/1/2038 | AA+ | 10000000 | 9770193 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 7184801 | 6728029 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | AA- | 19983874 | 18975676 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | BBB | 4496372 | 4144439 |
| *Total* |  |  |  |  |  | 53397592 |
| **Other Revenue 1.70%** |  |  |  |  |  |  |
| City of Pembroke Pines-City of Pembroke Pines FL FL | 3.00% |  | 7/1/2037 | AA | 5390000 | 4772789 |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.00% |  | 12/1/2033 | BB+ | 2000000 | 2044172 |

---

See Notes to Financial Statements. 45

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.25% |  | 12/1/2038 | BB+ | $1650000 | $1666722 |
| County of St Johns FL | 5.00% |  | 10/1/2041 | Aaa | 7090000 | 7670673 |
| Illinois Finance Authority-Field Museum Natural of History | 4.062%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 4400000 | 4397160 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(c)</sup> | 5.00% |  | 7/1/2035 | NR | 5000000 | 4000000 |
| Maricopa County Industrial Development Authority-Legacy Traditional School Obligated Group AZ<sup>†</sup> | 5.00% |  | 7/1/2039 | BBB- | 2055000 | 2073843 |
| Maricopa County Industrial Development Authority-Paragon Management Inc AZ<sup>†</sup> | 5.00% |  | 7/1/2036 | BB+ | 2500000 | 2502927 |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% |  | 12/1/2016 | NR | 700000 | 469000 |
| M-S-R Energy Authority CA | 6.125% |  | 11/1/2029 | BBB+ | 2835000 | 3000100 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 2500000 | 2486064 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2037 | AA+ | 5000000 | 5560805 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% |  | 11/15/2041 | AA+ | 9000000 | 9649688 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2039 | AA+ | 13050000 | 14584517 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2040 | AA+ | 11000000 | 12222331 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% |  | 11/15/2042 | AA+ | 10000000 | 10917848 |
| *Total* |  |  |  |  |  | 88018639 |
| **Pre-Refunded 0.00%** |  |  |  |  |  |  |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 4.00% |  | 2/15/2034 | NR | 15000 | 15319 |

---

46 See Notes to Financial Statements.

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Single-Family Housing 0.17%** |  |  |  |  |  |
| Pennsylvania Housing Finance Agency | 5.50% | 10/1/2053 | AA+ | $8155000 | $8649682 |
| **Special Tax 1.20%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% | 5/1/2032 | Ba2 | 1250000 | 1273201 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 1730000 | 1791880 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2033 | NR | 1370000 | 1371685 |
| County of Orange CA Community Facilities District No 2015-1 | 5.00% | 8/15/2035 | NR | 975000 | 975968 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3980000 | 3637724 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 3000000 | 2579931 |
| Lakewood Ranch Stewardship District FL | 6.125% | 5/1/2043 | NR | 2240000 | 2363338 |
| Miami World Center Community Development District FL | 4.75% | 11/1/2027 | NR | 395000 | 401375 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 4.50% | 8/1/2040 | NR | 1250000 | 1225055 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2034 | AA | 1000000 | 959818 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2036 | AA | 5500000 | 5180017 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | 360000 | 363681 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 880874 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.00% | 9/1/2042 | AA | 4000000 | 4257361 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2036 | AA | 5000000 | 5661791 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2037 | AA | 6000000 | 6733886 |
| State of Connecticut Special Tax Revenue | 5.00% | 7/1/2038 | AA | 5000000 | 5554297 |
| Village Community Development District No. 12 FL | 3.25% | 5/1/2026 | NR | 770000 | 769735 |
| Village Community Development District No. 12 FL | 3.80% | 5/1/2028 | NR | 1240000 | 1248242 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1780000 | 1787074 |
| Village Community Development District No. 13 FL | 1.80% | 5/1/2026 | NR | 160000 | 158410 |

---

See Notes to Financial Statements. 47

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Village Community Development District No. 13 FL | 2.85% | 5/1/2036 | NR | $1835000 | $1604421 |
| Village Community Development District No. 13 FL | 3.00% | 5/1/2029 | NR | 385000 | 378767 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.00% | 5/1/2035 | NR | 3325000 | 3034305 |
| Village Community Development District No. 13 FL<sup>†</sup> | 3.25% | 5/1/2040 | NR | 4150000 | 3544615 |
| Village Community Development District No. 13 FL | 3.375% | 5/1/2034 | NR | 2430000 | 2336063 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2126808 |
| *Total* |  |  |  |  | 62200322 |
| **Tax Revenue 3.56%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 5500000 | 5515956 |
| City of Miami FL | 5.00% | 1/1/2041 | AA | 7590000 | 8200198 |
| City of Sparks NV<sup>†</sup> | 2.75% | 6/15/2028 | Baa2 | 615000 | 604767 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3784499 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2041 | AA | 1750000 | 1930582 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.25% | 6/1/2042 | AA | 2000000 | 2183688 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.50% | 6/15/2039 | NR | 2380000 | 2407766 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2041 | A1 | 9000000 | 9595989 |
| New York City Transitional Finance Authority Building Aid Revenue NY (ST AID WITHHLDG) | 5.25% | 7/15/2036 | AA | 11700000 | 12325785 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.00% | 11/1/2037 | AAA | 2500000 | 2266749 |

---

48 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 2/1/2034 | AAA | $10000000 | $10060936 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 5/1/2042 | AAA | 7500000 | 8067608 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 11/1/2042 | AAA | 7000000 | 7553773 |
| New York City Transitional Finance Authority NY | 5.00% |  | 5/1/2039 | AAA | 5000000 | 5468480 |
| New York City Transitional Finance Authority NY | 5.50% |  | 5/1/2044 | AAA | 8500000 | 9293857 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% |  | 2/15/2038 | AA+ | 1485000 | 1288292 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2034 | AA+ | 10000000 | 10008436 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2034 | Aa1 | 20000000 | 23018720 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2036 | Aa1 | 3800000 | 4373980 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2037 | Aa1 | 1750000 | 1993067 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2038 | Aa1 | 3250000 | 3661646 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2041 | Aa1 | 7400000 | 7974950 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2042 | Aa1 | 3250000 | 3504230 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% |  | 3/15/2038 | AA+ | 8815000 | 9007367 |
| New York State Housing Finance Agency-State of New York Personal Income Tax Revenue | 3.45% | <sup>#(b)</sup> | 6/15/2054 | Aa1 | 1500000 | 1519244 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 5.00% |  | 3/15/2035 | Aa1 | 5000000 | 5621023 |

---

*See Notes to Financial Statements.* 49

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |  |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2031 | NR | $1774000 | $1453589 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon |  | 7/1/2033 | NR | 11643000 | 8764046 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 81000 | 73137 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 268000 | 262122 |
| Williston Parks & Recreation District ND (AG)<sup>(e)</sup> | 5.00% |  | 12/1/2040 | AA | 11825000 | 12679666 |
| *Total* |  |  |  |  |  | 184464148 |
| **Taxable Revenue-Water & Sewer 0.36%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(b)</sup> | 11/1/2034 | A+ | 5500000 | 5549205 |
| Pittsburgh Water & Sewer Authority PA (AG) | 5.00% |  | 9/1/2037 | AA | 4750000 | 5229245 |
| Water Works Board of the City of Birmingham/The AL<sup>†</sup> | 3.75% |  | 9/1/2026 | NR | 7750000 | 7750158 |
| *Total* |  |  |  |  |  | 18528608 |
| **Tobacco 0.69%** |  |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% |  | 6/1/2055 | NR | 20000000 | 17095340 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon |  | 6/1/2060 | NR | 35000000 | 2015311 |
| Northern Tobacco Securitization Corp. AK | 4.00% |  | 6/1/2050 | BBB- | 650000 | 629343 |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BB+ | 8440000 | 8247958 |
| Tobacco Settlement Financing Corp. RI | 5.00% |  | 6/1/2027 | A | 2500000 | 2511756 |
| Tobacco Settlement Financing Corp. RI | 5.00% |  | 6/1/2028 | BBB | 2000000 | 2009425 |
| Tobacco Settlement Financing Corp. VA | 5.00% |  | 6/1/2047 | B- | 3690000 | 3142303 |
| *Total* |  |  |  |  |  | 35651436 |
| **Transportation 16.99%** |  |  |  |  |  |  |
| Allegheny County Airport Authority PA (AG) AMT | 5.25% |  | 1/1/2036 | AA | 1000000 | 1097239 |
| Allegheny County Airport Authority PA (AG) AMT | 5.25% |  | 1/1/2037 | AA | 350000 | 380943 |
| Allegheny County Airport Authority PA (AG) AMT | 5.25% |  | 1/1/2038 | AA | 350000 | 377861 |

---

50 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Allegheny County Airport Authority PA (AG) AMT | 5.25% | 1/1/2039 | AA | $1000000 | $1071089 |
| Allegheny County Airport Authority PA (AG) AMT | 5.25% | 1/1/2040 | AA | 1105000 | 1169806 |
| Allegheny County Airport Authority PA (AG) AMT | 5.50% | 1/1/2041 | AA | 750000 | 807836 |
| Allegheny County Airport Authority PA (AG) AMT | 5.50% | 1/1/2042 | AA | 680000 | 726921 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2043 | BBB+ | 1230000 | 1296757 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2044 | BBB+ | 1265000 | 1326247 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2045 | BBB+ | 1500000 | 1567298 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.125% | 7/1/2041 | AA | 3000000 | 2863534 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA (AG) AMT | 4.25% | 7/1/2043 | AA | 5390000 | 5133868 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2040 | A | 2250000 | 2423272 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2042 | A | 3000000 | 3172668 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC (AG) AMT | 3.25% | 12/31/2032 | AA | 5235000 | 5113272 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2036 | BB+ <sup>(d)</sup> | 3215000 | 3262497 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2037 | BB+ <sup>(d)</sup> | 7000000 | 7093635 |
| Central Texas Turnpike System | 5.00% | 8/15/2040 | A- | 5500000 | 5903419 |
| Chicago Midway International Airport IL | 4.00% | 1/1/2034 | A | 2175000 | 2176725 |
| Chicago Midway International Airport IL | 5.00% | 1/1/2037 | A+ | 10000000 | 10165351 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2037 | A | 5225000 | 5573505 |
| Chicago Midway International Airport IL AMT | 5.00% | 1/1/2038 | A | 4000000 | 4228229 |
| Chicago O'Hare International Airport IL | 4.00% | 1/1/2038 | A+ | 6820000 | 6745148 |
| Chicago O'Hare International Airport IL | 5.00% | 1/1/2039 | A+ | 20405000 | 20676211 |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2036 | AA | 2000000 | 2203016 |

---

*See Notes to Financial Statements.* 51

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Chicago O'Hare International Airport IL (BAM) | 5.00% | 1/1/2038 | AA | $2745000 | $2974597 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2039 | AA | 2385000 | 2601381 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1955000 | 2090644 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1645000 | 1745790 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1820000 | 1921312 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2040 | A+ | 4000000 | 4304833 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2041 | A+ | 2150000 | 2293277 |
| Chicago O'Hare International Airport IL AMT | 5.25% | 1/1/2042 | A+ | 2450000 | 2591260 |
| Chicago O'Hare International Airport IL AMT | 5.50% | 1/1/2044 | A+ | 2625000 | 2815404 |
| City & County of Denver Airport System Revenue CO AMT | 5.50% | 11/15/2033 | AA- | 8365000 | 9582174 |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2034 | AA- | 3500000 | 4030404 |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2035 | AA- | 3250000 | 3711596 |
| City & County of Denver Airport System Revenue CO AMT | 5.75% | 11/15/2037 | AA- | 2000000 | 2248293 |
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2036 | Aa3 | 7600000 | 8220671 |
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.00% | 7/1/2038 | Aa3 | 2750000 | 2923229 |
| City of Atlanta Airport Passenger Facility Charge GA AMT | 5.25% | 7/1/2041 | Aa3 | 6000000 | 6424301 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% | 7/15/2027 | BB <sup>(d)</sup> | 1000000 | 1018077 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2035 | Ba3 | 30000000 | 32971539 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.00% | 7/1/2036 | AA | 2850000 | 3082752 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.00% | 7/1/2037 | AA | 2000000 | 2144911 |

---

52 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| City of Houston Airport System Revenue TX (AG) AMT | 5.00% | 7/1/2038 | AA | $2000000 | $2125985 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2039 | AA | 5200000 | 5644257 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2040 | AA | 5000000 | 5378577 |
| City of Houston Airport System Revenue TX (AG) AMT | 5.25% | 7/1/2041 | AA | 5000000 | 5333118 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2036 | A+ | 3250000 | 3652222 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2037 | A+ | 4000000 | 4449172 |
| City of Houston Airport System Revenue TX AMT | 5.25% | 7/1/2038 | A+ | 3200000 | 3521724 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2036 | A+ | 1500000 | 1648550 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2037 | A+ | 2325000 | 2533620 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2039 | A+ | 3000000 | 3216975 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2041 | A+ | 4425000 | 4662994 |
| City of Salt Lake City Airport Revenue UT AMT | 5.25% | 7/1/2042 | A+ | 3500000 | 3658779 |
| Columbus Regional Airport Authority OH AMT | 5.00% | 1/1/2034 | A | 3120000 | 3433070 |
| Columbus Regional Airport Authority OH AMT | 5.00% | 1/1/2035 | A | 3000000 | 3291071 |
| County of Harris Toll Road Revenue TX | 3.00% | 8/15/2038 | Aa1 | 1730000 | 1528966 |
| County of Lee Airport Revenue FL AMT | 5.00% | 10/1/2036 | A2 | 8015000 | 8737711 |
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2040 | A2 | 6500000 | 6982557 |
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2038 | AA- | 3000000 | 3235611 |
| Dallas Fort Worth International Airport TX | 5.00% | 11/1/2039 | AA- | 2750000 | 2980896 |
| Dallas Fort Worth International Airport TX AMT<sup>(e)</sup> | 5.25% | 11/1/2037 | AA- | 12800000 | 14150307 |
| Dallas Fort Worth International Airport TX AMT<sup>(e)</sup> | 5.25% | 11/1/2041 | AA- | 8000000 | 8577482 |
| Dallas Fort Worth International Airport TX AMT<sup>(e)</sup> | 5.25% | 11/1/2042 | AA- | 6300000 | 6703027 |
| Delaware River Port Authority PA | 5.00% | 1/1/2036 | AA- | 6500000 | 7476585 |

---

*See Notes to Financial Statements.* 53

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's<sup>(a)</sup>** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2037 | AA- | $6000000 | $6817181 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2038 | AA- | 6000000 | 6748830 |
| Delaware River Port Authority PA | 5.00% |  | 1/1/2039 | AA- | 5250000 | 5851930 |
| E-470 Public Highway Authority CO | 5.00% |  | 9/1/2040 | A+ | 2850000 | 3099885 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(b)</sup> | 7/15/2059 | NR | 4500000 | 2806875 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 14.00% | <sup>#(b)</sup> | 7/15/2032 | NR | 5500000 | 3430625 |
| Grand Parkway Transportation Corp. TX | 5.45% |  | 10/1/2034 | AA+ | 5000000 | 5351450 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 12500000 | 12401320 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(b)</sup> | 12/1/2050 | BBB+ | 22575000 | 22396784 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 25500000 | 26193297 |
| Illinois State Toll Highway Authority | 5.00% |  | 1/1/2038 | AA- | 10105000 | 10108274 |
| Kansas City Industrial Development Authority MO AMT | 5.00% |  | 3/1/2036 | A | 5000000 | 5169424 |
| Kenton County Airport Board AMT | 5.00% |  | 1/1/2035 | A1 | 3500000 | 3855192 |
| Kenton County Airport Board AMT | 5.00% |  | 1/1/2036 | A1 | 6625000 | 7228618 |
| Kenton County Airport Board AMT | 5.25% |  | 1/1/2039 | A1 | 1795000 | 1957123 |
| Kenton County Airport Board AMT | 5.25% |  | 1/1/2041 | A1 | 2725000 | 2906595 |
| Kenton County Airport Board AMT | 5.25% |  | 1/1/2043 | A1 | 4355000 | 4579093 |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 5000000 | 4602947 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2034 | A1 | 1250000 | 1388107 |
| Metropolitan Nashville Airport Authority TN AMT | 5.25% |  | 7/1/2035 | A1 | 2595000 | 2859432 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2036 | A1 | 1000000 | 1108230 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2037 | A1 | 1250000 | 1374888 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2038 | A1 | 1500000 | 1637031 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 5000000 | 5014318 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 4130000 | 4141827 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2030 | A | 6540000 | 6560700 |

---

54 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's<sup>(a)</sup>** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2036 | AA- | $2175000 | $2341406 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2037 | AA- | 2335000 | 2494032 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2038 | AA- | 1860000 | 1970392 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.00% | 10/1/2040 | AA- | 1675000 | 1765400 |
| Metropolitan Washington Airports Authority Aviation Revenue DC AMT | 5.25% | 10/1/2039 | AA- | 4305000 | 4607783 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% | 1/1/2035 | NR | 4250000 | 4394925 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.125% | 1/1/2034 | A- | 5010000 | 5018323 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A1 | 10000000 | 11143635 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2034 | A1 | 2500000 | 2804967 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2035 | A1 | 2250000 | 2500166 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A1 | 4250000 | 4631695 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2037 | A1 | 4000000 | 4402264 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2038 | A1 | 1000000 | 1081232 |
| New Jersey Transportation Trust Fund Authority | 5.00% | 6/15/2039 | A1 | 3000000 | 3237088 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2040 | A1 | 6000000 | 6492148 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2041 | A1 | 5000000 | 5365003 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2042 | A1 | 5500000 | 5850991 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2041 | A1 | 3500000 | 3827509 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2041 | A2 | 1000000 | 1057256 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2042 | A2 | 3775000 | 3965292 |
| New Orleans Aviation Board LA | 5.00% | 1/1/2043 | A2 | 4170000 | 4360194 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 29000000 | 30317371 |

---

*See Notes to Financial Statements.* 55

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's<sup>(a)</sup>** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | $30000000 | $32994219 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2034 | BBB- <sup>(d)</sup> | 750000 | 749138 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | BBB- <sup>(d)</sup> | 3000000 | 2735722 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC | 5.00% | 12/1/2034 | Baa1 | 2000000 | 2159556 |
| New York Transportation Development Corp.-JFK NTO LLC (AG) AMT | 5.25% | 6/30/2039 | AA | 1400000 | 1495485 |
| New York Transportation Development Corp.-JFK NTO LLC (AG) AMT | 6.00% | 6/30/2043 | AA | 3135000 | 3477549 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 1000000 | 1065756 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2040 | Baa3 | 1500000 | 1568924 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1620000 | 1680196 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2043 | Baa3 | 8000000 | 8185571 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2044 | Baa3 | 11000000 | 11202771 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 1000000 | 1060769 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2042 | Baa3 | 2295000 | 2514061 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2044 | Baa3 | 2625000 | 2843871 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 17000000 | 17723943 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2032 | Baa2 | 3000000 | 3000180 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 6480000 | 6479885 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2027 | A3 | 3185000 | 3189415 |
| Niagara Frontier Transportation Authority NY AMT | 5.00% | 4/1/2030 | A3 | 365000 | 383581 |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2035 | A | 1500000 | 1524928 |

---

56 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's<sup>(a)</sup>** | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| North Carolina Turnpike Authority | 5.00% |  | 1/1/2032 | BBB | $1000000 | $1023915 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 5.25% |  | 6/30/2036 | Baa2 | 8550000 | 9186098 |
| Pennsylvania Turnpike Commission | 5.00% |  | 12/1/2041 | A+ | 5700000 | 6135152 |
| Pennsylvania Turnpike Commission | 5.00% | <sup>#(b)</sup> | 12/1/2045 | AA- | 6500000 | 7336564 |
| Pennsylvania Turnpike Commission Registration Fee Revenue | 3.74%<br> (MUNIPSA \* 1 + .85% |)<sup>#</sup> | 7/15/2041 | AA- | 25000000 | 24967605 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2036 | AA- | 2000000 | 2165658 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 7/15/2036 | AA- | 4000000 | 4332192 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2037 | AA- | 2000000 | 2147668 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 12/1/2037 | AA- | 2250000 | 2414592 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 1/15/2039 | AA- | 1500000 | 1587177 |
| Port Authority of New York & New Jersey AMT | 5.00% |  | 7/15/2039 | AA- | 5250000 | 5557557 |
| Port of Portland Airport Revenue-Port of Portland OR Airport Revenue OR AMT | 5.25% |  | 7/1/2041 | AA- | 10000000 | 10684768 |
| Port of Portland Airport Revenue-Port of Portland OR Airport Revenue OR AMT | 5.25% |  | 7/1/2042 | AA- | 12500000 | 13256662 |
| Port of Portland Airport Revenue OR AMT | 5.00% |  | 7/1/2037 | AA- | 4000000 | 4306450 |
| Port of Portland Airport Revenue OR AMT | 5.25% |  | 7/1/2039 | AA- | 3500000 | 3782038 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2040 | AA- | 5675000 | 6189450 |
| Port of Seattle WA AMT | 5.25% |  | 7/1/2041 | AA- | 4500000 | 4860220 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2034 | Aa3 | 2500000 | 2811853 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2035 | Aa3 | 2200000 | 2474624 |
| San Diego County Regional Airport Authority CA AMT | 5.00% |  | 7/1/2036 | Aa3 | 3000000 | 3338987 |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2037 | Aa3 | 3000000 | 3378449 |

---

*See Notes to Financial Statements.* 57

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| San Diego County Regional Airport Authority CA AMT | 5.25% |  | 7/1/2038 | Aa3 | $2865000 | $3202129 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2037 | A1 | 10000000 | 11156328 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% |  | 5/1/2038 | A1 | 14815000 | 16387501 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% |  | 6/30/2038 | Baa1 | 2500000 | 2638569 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.50% |  | 6/30/2040 | Baa1 | 2000000 | 2099242 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 6815000 | 7800444 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2034 | BBB | 5100000 | 5445083 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 7/1/2036 | BBB | 11165000 | 11710936 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2036 | BBB | 2500000 | 2631638 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI | 5.00% |  | 12/1/2035 | A+ | 3565000 | 3569451 |
| Wayne County Airport Authority-Detroit Metropolitan Wayne County Airport MI AMT | 5.00% |  | 12/1/2033 | A+ | 4495000 | 4503966 |
| *Total* |  |  |  |  |  | 881513582 |
| **Utilities 16.89%** |  |  |  |  |  |  |
| American Municipal Power, Inc.-Prairie |  |  |  |  |  |  |
| St Energy Campus OH | 5.00% |  | 2/15/2037 | A1 | 10750000 | 11967908 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(b)</sup> | 10/1/2052 | A2 | 13270000 | 13430943 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(b)</sup> | 12/1/2052 | Baa1 | 5000000 | 5113085 |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 45500000 | 47555349 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(b)</sup> | 3/1/2055 | A1 | 25000000 | 27280150 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(b)</sup> | 12/1/2055 | A1 | 14500000 | 15639620 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(b)</sup> | 5/1/2055 | A1 | 8125000 | 8864616 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2055 | A1 | 28250000 | 29932646 |

---

<br> 58 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 2/1/2055 | A1 | $6475000 | $7072240 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 10/1/2055 | NR | 25000000 | 26905945 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 11/1/2055 | A1 | 17000000 | 18008630 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | 5400000 | 5787770 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa3 | 5000000 | 5111525 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 7/1/2037 | Baa3 | 5570000 | 5575496 |
| Central Plains Energy Project NE | 5.00% | <sup>#(b)</sup> | 5/1/2054 | Aa2 | 7500000 | 8038256 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(b)</sup> | 12/1/2055 | Aa3 | 18505000 | 20277315 |
| Chautauqua County Capital Resource Corp.-NRG Energy Inc NY | 4.25% | <sup>#(b)</sup> | 4/1/2042 | BBB- | 7250000 | 7346094 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2039 | AA+ | 1250000 | 1372673 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2040 | AA+ | 875000 | 956846 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.00% |  | 9/1/2041 | AA+ | 1500000 | 1622988 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(b)</sup> | 4/1/2036 | NR | 16450000 | 16457605 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2040 | Aa2 | 4560000 | 4896721 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2041 | Aa2 | 2000000 | 2131904 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | 8250000 | 8733839 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.00% |  | 2/1/2042 | Aa2 | 3980000 | 4213415 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.25% |  | 2/1/2040 | Aa2 | 8550000 | 9280885 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2038 | Aaa | 3110000 | 2788480 |
| County of Hillsborough Utility Revenue FL | 3.00% |  | 8/1/2039 | Aaa | 3025000 | 2662502 |
| County of Trimble-Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(b)</sup> | 6/1/2054 | A1 | 6750000 | 6823359 |

---

<br> *See Notes to Financial Statements.* 59

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| County of Washoe-Sierra Pacific Power Co NV | 4.125% | <sup>#(b)</sup> | 3/1/2036 | A | $5500000 | $5569947 |
| Development Authority of Burke County-Georgia Power Co | 2.20% |  | 10/1/2032 | A | 1000000 | 873392 |
| Development Authority of Burke County-Oglethorpe Power Corp GA | 3.60% | <sup>#(b)</sup> | 11/1/2045 | A3 | 5000000 | 5106625 |
| Development Authority of Monroe County-Georgia Power Co | 3.875% | <sup>#(b)</sup> | 10/1/2048 | A | 8750000 | 8784247 |
| Energy Southeast A Cooperative District AL | 5.001%<br> (SOFR \* .67 + 2.20% |)<sup>#</sup> | 4/1/2054 | A1 | 5000000 | 5112020 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 7/1/2054 | A1 | 14000000 | 15347878 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(b)</sup> | 4/1/2054 | A1 | 3400000 | 3811390 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2039 | AA- | 3500000 | 3789153 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2040 | AA- | 2500000 | 2710268 |
| Grand River Dam Authority OK | 5.00% |  | 6/1/2042 | AA- | 5925000 | 6342599 |
| Illinois Finance Authority-Peoples Gas Light & Coke Co/The | 3.90% |  | 3/1/2030 | Aa3 | 10000000 | 10002125 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2033 | Baa1 | 11295000 | 11440398 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2034 | Baa1 | 5000000 | 5061653 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(b)</sup> | 8/1/2052 | A1 | 18770000 | 19206690 |
| Kentucky Public Energy Authority | 5.00% | <sup>#(b)</sup> | 1/1/2055 | A1 | 16110000 | 17464619 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(b)</sup> | 4/1/2054 | A1 | 10000000 | 10963782 |
| Long Beach Bond Finance Authority CA | 4.427%<br> (3 mo. USD Term <br> SOFR \* 0.67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 4000000 | 4021417 |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2034 | Aa2 | 10000000 | 11467983 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2035 | AA | 1020000 | 1169586 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2036 | AA | 700000 | 792141 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2037 | AA | 1125000 | 1258581 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2038 | AA | 1500000 | 1663382 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2039 | AA | 1250000 | 1374375 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2040 | AA | 1500000 | 1639349 |

---

<br> 60 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2041 | AA | $1735000 | $1877474 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2042 | AA | 1500000 | 1610405 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2041 | A1 | 6810000 | 7245138 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 5.00% |  | 5/15/2042 | A1 | 4400000 | 4636676 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2041 | A | 10000000 | 10569079 |
| Lower Colorado River Authority TX | 5.00% |  | 5/15/2042 | A | 1750000 | 1834873 |
| Luzerne County Industrial Development Authority-Pennsylvania-American Water Co AMT | 2.45% | <sup>#(b)</sup> | 12/1/2039 | Aa3 | 4000000 | 3697380 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(b)</sup> | 8/1/2052 | BBB- | 50655000 | 50973817 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(b)</sup> | 9/1/2052 | A3 | 30235000 | 31025313 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(b)</sup> | 12/1/2053 | Aa1 | 10000000 | 10780260 |
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% |  | 2/1/2040 | Baa2 | 5085000 | 4592101 |
| Maricopa County Pollution Control Corp.-El Paso Electric Co AZ | 3.60% |  | 4/1/2040 | Baa2 | 3870000 | 3491663 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation LLC PA | 4.10% | <sup>#(b)</sup> | 4/1/2053 | BBB+ | 6500000 | 6697111 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2039 | A2 | 1500000 | 1609305 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2040 | A2 | 1500000 | 1588344 |
| Municipal Electric Authority of Georgia | 5.00% |  | 1/1/2042 | A2 | 1550000 | 1612815 |
| Municipal Electric Authority of Georgia (BAM) | 5.25% |  | 1/1/2041 | AA | 1250000 | 1355904 |
| New York Energy Finance Development Corp.-New York Energy Finance Development Corp | 5.00% | <sup>#(b)</sup> | 7/1/2056 | NR | 17000000 | 18177621 |
| North Texas Municipal Water District Water System Revenue | 3.00% |  | 9/1/2038 | AAA | 4825000 | 4298944 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(b)</sup> | 2/1/2054 | Aa1 | 10000000 | 10919152 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(b)</sup> | 10/1/2054 | A1 | 15000000 | 16350093 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(b)</sup> | 12/1/2038 | B | 2200000 | 2215213 |
| Pennsylvania Economic Development Financing Authority-Waste Management Inc AMT | 1.10% | <sup>#(b)</sup> | 6/1/2031 | A- | 5000000 | 4855450 |

---

<br> *See Notes to Financial Statements.* 61

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Philadelphia Gas Works Co.-Philadelphia Gas Works Co | 5.00% |  | 8/1/2039 | A | $2250000 | $2458768 |
| Philadelphia Gas Works Co.-Philadelphia Gas Works Co | 5.00% |  | 8/1/2042 | A | 2000000 | 2117643 |
| Philadelphia Gas Works Co. PA (AG) | 5.25% |  | 8/1/2041 | AA | 2000000 | 2206581 |
| Puerto Rico Electric Power Authority (AG) | 3.571% <br> (3 mo. USD Term SOFR \* 0.67 + 0.52% |)<sup>#</sup> | 7/1/2029 | AA | 4155000 | 3999629 |
| Salt Verde Financial Corp. AZ | 5.50% |  | 12/1/2029 | A3 | 5100000 | 5505118 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2036 | A- | 2000000 | 2233832 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2037 | A- | 2250000 | 2487170 |
| South Carolina Public Service Authority | 5.00% |  | 12/1/2040 | A- | 1010000 | 1087847 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(b)</sup> | 8/1/2054 | Aa3 | 10000000 | 10839061 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 33000000 | 34810928 |
| Southeast Energy Authority A Cooperative District AL<sup>(f)</sup> | 5.00% |  | 1/1/2056 | A1 | 21100000 | 22267110 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 3/1/2055 | A1 | 11350000 | 12140111 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 11/1/2055 | A1 | 30000000 | 33340059 |
| Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(b)</sup> | 1/1/2053 | A1 | 5000000 | 5431617 |
| Southern California Public Power Authority-City of Anaheim Electric System Revenue | 5.00% | <sup>#(b)</sup> | 4/1/2055 | A2 | 10500000 | 11300306 |
| Tennergy Corp. TN | 5.50% | <sup>#(b)</sup> | 10/1/2053 | Baa1 | 10000000 | 10796891 |
| Tennessee Energy Acquisition Corp. | 5.625% |  | 9/1/2026 | BBB <sup>(d)</sup> | 5000000 | 5080254 |
| Texas Municipal Gas Acquisition & Supply Corp. I | 6.25% |  | 12/15/2026 | A1 | 5325000 | 5437984 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | <sup>#(b)</sup> | 1/1/2054 | A1 | 10000000 | 10761051 |
| Texas Municipal Power Agency (AG) | 3.00% |  | 9/1/2034 | AA | 1470000 | 1420977 |
| Texas Municipal Power Agency (AG) | 3.00% |  | 9/1/2036 | AA | 5250000 | 4882136 |
| Texas Water Development Board-State Water Implementation Revenue Fund for Texas | 5.00% |  | 10/15/2036 | AAA | 2450000 | 2735979 |
| *Total* |  |  |  |  |  | 876177588 |
| *Total Municipal Bonds* (cost $4,959,711,377) |  |  |  |  |  | 4995076936 |

---

<br> 62 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate**<sup>#</sup> | **Interest<br> Rate<br> Reset<br> Date**<sup>(g)</sup> | **Final<br> Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 2.36%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 2.25%** |  |  |  |  |  |  |
| **General Obligation 1.26%** |  |  |  |  |  |  |
| City of New York NY GO | 3.700% | 10/1/2025 | 10/1/2046 | AA | $545000 | $545000 |
| City of New York NY GO | 3.850% | 10/1/2025 | 10/1/2046 | AA | 4000000 | 4000000 |
| City of New York NY GO | 3.850% | 10/1/2025 | 10/1/2046 | AA | 26580000 | 26580000 |
| City of New York NY GO | 3.900% | 10/1/2025 | 4/1/2042 | AA | 18000000 | 18000000 |
| City of New York NY GO | 3.900% | 10/1/2025 | 4/1/2042 | AA | 16305000 | 16305000 |
| *Total* |  |  |  |  |  | 65430000 |
| **Tax Revenue 0.37%** |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.520% | 10/1/2025 | 2/1/2044 | AAA | 19025000 | 19025000 |
| **Utilities 0.62%** |  |  |  |  |  |  |
| Development Authority of Appling County-Georgia Power Co | 4.000% | 10/1/2025 | 9/1/2041 | A | 1600000 | 1600000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.590% | 10/15/2025 | 6/15/2055 | AA+ | 5500000 | 5500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 10/15/2025 | 6/15/2050 | AA+ | 25055000 | 25055000 |
| *Total* |  |  |  |  |  | 32155000 |
| *Total Variable Rate Demand Notes* (cost $116,610,000) | *Total Variable Rate Demand Notes* (cost $116,610,000) |  |  |  |  | 116610000 |
| **REPURCHASE AGREEMENTS 0.11%** |  |  |  |  |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $6,100,800 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $6,202,846; proceeds: $6,081,821<br> (cost $6,081,188) | Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $6,100,800 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $6,202,846; proceeds: $6,081,821<br> (cost $6,081,188) | Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $6,100,800 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $6,202,846; proceeds: $6,081,821<br> (cost $6,081,188) |  |  | 6081188 | 6081188 |
| *Total Short–Term Investments* (cost $122,691,188) | *Total Short–Term Investments* (cost $122,691,188) | *Total Short–Term Investments* (cost $122,691,188) |  |  |  | 122691188 |
| *Total Investments in Securities 98.66%* (cost $5,082,402,565) | *Total Investments in Securities 98.66%* (cost $5,082,402,565) | *Total Investments in Securities 98.66%* (cost $5,082,402,565) |  |  |  | 5117768124 |
| *Other Assets and Liabilities – Net 1.34%* | *Other Assets and Liabilities – Net 1.34%* | *Other Assets and Liabilities – Net 1.34%* |  |  |  | 69381249 |
| *Net Assets 100.00%* | *Net Assets 100.00%* | *Net Assets 100.00%* |  |  |  | $5187149373 |

---

<br> *See Notes to Financial Statements.* 63

**Schedule of Investments (concluded)**

INTERMEDIATE TAX FREE FUND *September 30, 2025*

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by–Build America Mutual. |
| COPS | Certificates of Participation. |
| FHLMC | Insured by–Federal Home Loan Mortgage Corporation. |
| FNMA | Federal National Mortgage Association. |
| GNMA | Government National Mortgage Association. |
| GTD | Guaranteed. |
| 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. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $432,939,237, which represents 8.35% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(e)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(f)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(g)</sup> | 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, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $4995076936 | $– | $4995076936 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 116610000 |  | 116610000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 6081188 | – | 6081188 |
| **Total** | $– | $5117768124 | $– | $5117768124 |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| <sup>(3)</sup> | Includes Municipal Bonds held in Trust 2(e). |

---

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.

64 *See Notes to Financial Statements.*

**Schedule of Investments**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.85%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 100.85%** |  |  |  |  |  |  |
| **Corporate-Backed 7.66%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority-Big River Steel LLC AMT<sup>†</sup> | &nbsp;&nbsp;4.50% |  | 9/1/2049 | BB+ | $10000000 | $9593968 |
| Arkansas Development Finance Authority-United States Steel Corp AMT | &nbsp;&nbsp;5.45% |  | 9/1/2052 | BB+ | 3500000 | 3499244 |
| Arkansas Development Finance Authority-US Steel Corp AMT | &nbsp;&nbsp;5.70% |  | 5/1/2053 | BB+ | 4600000 | 4672504 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 6/1/2055 | BB | 17000000 | 17402375 |
| California Infrastructure & Economic Development Bank-Desertxpress Enterprises LLC AMT<sup>†</sup> | &nbsp;&nbsp;9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 19500000 | 17860873 |
| City of Valparaiso-Pratt Paper LLC AMT IN<sup>†</sup> | 4.875% |  | 1/1/2044 | NR | 1000000 | 994942 |
| City of Valparaiso-Pratt Paper LLC AMT IN<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 1/1/2054 | NR | 5200000 | 5049881 |
| City of Whiting-BP Products North America Inc IN AMT | &nbsp;&nbsp;3.00% |  | 11/1/2051 | A1 | 6195000 | 4434933 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(b)</sup> | 7/1/2032 | NR | 4500000 | 4545973 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | &nbsp;&nbsp;5.25% |  | 12/1/2044 | NR | 8000000 | 7693834 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | &nbsp;&nbsp;5.75% |  | 10/1/2049 | BB+ | 4090000 | 4133760 |
| Iowa Finance Authority-Howmet Aerospace Inc | &nbsp;&nbsp;4.75% |  | 8/1/2042 | BBB+ | 3570000 | 3534920 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 5.00% | <sup>#(b)</sup> | 12/1/2050 | AA+ | 24000000 | 27647863 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | &nbsp;&nbsp;5.00% |  | 12/1/2050 | AA+ | 25025000 | 28828657 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 12/1/2053 | Ba1 | 5350000 | 5412792 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | &nbsp;&nbsp;6.00% |  | 5/1/2056 | NR | 3565000 | 3639427 |
| Love Field Airport Modernization Corp.-Southwest Airlines Co TX | &nbsp;&nbsp;5.00% |  | 11/1/2028 | BBB | 2340000 | 2341006 |
| Maricopa County Industrial Development Authority-Commercial Metals Co AZ AMT<sup>†</sup> | &nbsp;&nbsp;4.00% |  | 10/15/2047 | BB+ | 3250000 | 2712156 |

---

*See Notes to Financial Statements.* 65

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Maryland Economic Development Corp.<sup>(c)</sup> | 5.00% |  | 12/1/2016 | NR | $855000 | $572850 |
| Maryland Economic Development Corp.-Core Natural Resources Inc<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 7/1/2048 | NR | 5150000 | 5320226 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 4900000 | 4905871 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 5.00% |  | 6/1/2054 | BBB | 14750000 | 14205554 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.875% |  | 11/1/2042 | B- | 5000000 | 4621946 |
| New Hampshire Business Finance Authority-New York State Electric & Gas Corp AMT | 4.00% |  | 12/1/2028 | A- | 5000000 | 5083843 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 4770000 | 4776567 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 17455000 | 13240761 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 6100000 | 6101924 |
| New York Liberty Development Corp. | 3.00% |  | 11/15/2051 | A+ | 17085000 | 12210380 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 7500000 | 7500027 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.00% |  | 9/15/2043 | Aaa | 27180000 | 21893561 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.125% |  | 9/15/2050 | Aaa | 5000000 | 3728968 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(b)</sup> | 9/1/2050 | B+ | 1000000 | 1042395 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 4250000 | 4250794 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% |  | 8/1/2031 | B+ | 700000 | 726837 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 3000000 | 3120620 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5000000 | 4553621 |
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | 13110000 | 12014064 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 6/1/2038 | BB+ | 3050000 | 3299882 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 12/1/2040 | BB+ | 3250000 | 3518350 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 7/1/2040 | BB+ | 6650000 | 7223912 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 10/1/2040 | BB+ | 2500000 | 2715625 |

---

66 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Phenix City Industrial Development Board AL | 3.625% |  | 5/15/2030 | BBB | $3160000 | $3145738 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | 5400000 | 5143590 |
| Port of Seattle Industrial Development Corp.-Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 9200000 | 9201524 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 5095000 | 4548103 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 1000000 | 832606 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 15055000 | 15055364 |
| Savannah Georgia Convention Center Authority (AG) | 5.00% |  | 6/1/2058 | AA | 2000000 | 2017685 |
| Savannah Georgia Convention Center Authority (AG) | 5.50% |  | 6/1/2050 | AA | 1000000 | 1059978 |
| State of Nevada Department of Business & Industry-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 7000000 | 6400239 |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | 5000000 | 5001256 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 1950000 | 2170232 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 7000000 | 6983206 |
| Virginia Small Business Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 1/1/2048 | B- | 910000 | 855517 |
| West Pace Cooperative District AL<sup>(c)</sup> | 9.125% |  | 5/1/2039 | NR | 4900000 | 2450000 |
| Williamsburg Economic Development Authority VA-Provident Group-Williamsburg Properties LLC (AG) | 5.25% |  | 7/1/2053 | AA | 2500000 | 2632573 |
| *Total* |  |  |  |  |  | 368125297 |
| **Education 11.84%** |  |  |  |  |  |  |
| Brunswick City School District OH<sup>(d)</sup> | 5.50% |  | 12/1/2060 | A1 | 11000000 | 11564713 |
| Build NYC Resource Corp.-Kipp NYC Public Charter Schools NY | 5.25% |  | 7/1/2052 | BBB- | 4000000 | 4010451 |
| California Educational Facilities Authority-Loma Linda University | 5.00% |  | 4/1/2042 | A | 5745000 | 5766571 |
| California Infrastructure & Economic Development Bank<sup>(d)</sup> | 5.25% |  | 5/15/2059 | AA | 14900000 | 15943639 |

---

*See Notes to Financial Statements.* 67

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2045 | BBB- | $1500000 | $1489784 |
| California School Finance Authority-Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2047 | BBB | 2050000 | 2028887 |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2062 | BBB | 2540000 | 2627509 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A <sup>(e)</sup> | 7250000 | 7544653 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A <sup>(e)</sup> | 4235000 | 4360710 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL TCRS (BAM) | 5.00% | 4/1/2045 | AA | 2500000 | 2524617 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 15510000 | 11857975 |
| City of Waltham MA GO | 2.00% | 10/15/2035 | AA+ | 4920000 | 4189913 |
| City of Waltham MA GO | 2.00% | 10/15/2036 | AA+ | 5015000 | 4212584 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 3.00% | 8/15/2051 | Aaa | 5750000 | 4162913 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8382506 |
| Connecticut State Health & Educational Facilities Authority-Quinnipiac University | 5.25% | 7/1/2053 | A- | 15000000 | 15431176 |
| District of Columbia-Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5000000 | 5295013 |
| Florida Development Finance Corp.-Mater Academy Inc | 5.00% | 6/15/2047 | BBB | 6600000 | 6363923 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.00% | 7/1/2045 | BB+ | 15000000 | 14907252 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 20000000 | 19888568 |
| Great Oaks Career Campuses Board of Education OH | 3.00% | 12/1/2050 | Aa1 | 15460000 | 11766465 |
| Homewood Educational Building Authority-Samford University AL | 5.00% | 12/1/2047 | Baa2 | 13425000 | 13007652 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% | 9/1/2037 | Ba2 | 3135000 | 2815248 |
| Illinois Finance Authority-Illinois Institute of Technology | 4.00% | 9/1/2039 | Ba2 | 4295000 | 3734868 |

---

68 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Illinois Finance Authority-Illinois Institute of Technology | 5.00% | 9/1/2040 | Ba2 | $2045000 | $1967811 |
| Illinois Finance Authority-Illinois Institute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 3000000 | 2979673 |
| Illinois Finance Authority-University of Chicago | 5.25% | 5/15/2048 | Aa2 | 7500000 | 7837252 |
| Illinois Finance Authority-University of Chicago | 5.25% | 5/15/2054 | Aa2 | 18850000 | 19576456 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2038 | BBB+ | 2730000 | 2825232 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2039 | BBB+ | 2870000 | 2955023 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2040 | BBB+ | 3535000 | 3613554 |
| Iowa Higher Education Loan Authority-Des Moines University Osteopathic Medical Center | 5.00% | 10/1/2047 | BBB+ | 1800000 | 1807251 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.00% | 10/1/2045 | BBB- | 1725000 | 1666976 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2069413 |
| Iowa Higher Education Loan Authority-University of Dubuque | 6.00% | 10/1/2055 | BBB- | 10275000 | 10743938 |
| Louisiana Public Facilities Authority-Loyola University New Orleans | 5.25% | 10/1/2053 | Baa1 | 20000000 | 19731674 |
| Louisiana Public Facilities Authority-South Quad L3C (AG) | 5.25% | 7/1/2055 | A1 | 2750000 | 2847254 |
| Louisiana Public Facilities Authority-South Quad L3C (AG) | 5.25% | 7/1/2065 | A1 | 7750000 | 8034761 |
| Louisiana Public Facilities Authority-Tulane University | 4.00% | 4/1/2050 | A+ | 9040000 | 7977316 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 10/1/2043 | Baa3 | 6000000 | 5617302 |
| Massachusetts Development Finance Agency-Emerson College | 5.25% | 1/1/2042 | BBB+ | 17000000 | 17039761 |
| Massachusetts Development Finance Agency-Franklin W Olin College of Engineering Inc | 5.25% | 11/1/2051 | A | 8500000 | 8896658 |

---

*See Notes to Financial Statements.* 69

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2032 | Baa3 | $3750000 | $3797726 |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2033 | Baa3 | 1250000 | 1263015 |
| Massachusetts Development Finance Agency-Suffolk University | 5.00% | 7/1/2034 | Baa3 | 1600000 | 1613390 |
| Massachusetts Development Finance Agency-Suffolk University | 5.25% | 7/1/2055 | Baa3 | 11850000 | 11737520 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% | 7/1/2045 | Baa3 | 2900000 | 2993800 |
| Massachusetts Development Finance Agency-Suffolk University | 6.00% | 7/1/2050 | Baa3 | 5250000 | 5609237 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | 5165000 | 4869775 |
| Michigan State University | 5.25% | 2/15/2050 | AA | 8000000 | 8526574 |
| Middlesex County Improvement Authority-Rutgers The State University of New Jersey<sup>(d)</sup> | 5.00% | 8/15/2053 | Aa3 | 15000000 | 15570781 |
| Montebello Unified School District CA GO (AG) | 5.50% | 8/1/2047 | AA | 6500000 | 6874093 |
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A1 | 2100000 | 2183261 |
| New York St Dorm Auth Revenues Nyshgr<sup>(d)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15531699 |
| New York State Dormitory Authority-Cornell University | 5.50% | 7/1/2054 | Aa1 | 22500000 | 24462013 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 5000000 | 4999626 |
| New York State Dormitory Authority-New School | 4.00% | 7/1/2052 | A3 | 4870000 | 4108300 |
| New York State Dormitory Authority-New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 1300000 | 1334883 |
| New York State Dormitory Authority-New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1900000 | 1942227 |
| New York State Dormitory Authority-Pace University | 5.50% | 5/1/2056 | BBB- | 13175000 | 13414852 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3720000 | 3722321 |
| Ohio Higher Educational Facility Commission<sup>(d)</sup> | 5.25% | 10/1/2053 | AA- | 11500000 | 11977716 |

---

70 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Ohio Higher Educational Facility Commission-Oberlin College | 5.25% | 10/1/2053 | AA- | $2680000 | $2791329 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.25% | 5/1/2049 | Baa1 | 2805000 | 2851658 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.25% | 5/1/2054 | Baa1 | 4690000 | 4741820 |
| Onondaga Civic Development Corp.<sup>(d)</sup> | 5.50% | 12/1/2056 | AA- | 12745000 | 13886531 |
| Pennsylvania State University<sup>(d)</sup> | 5.50% | 9/1/2055 | AA | 22000000 | 23979550 |
| Private Colleges & Universities Authority-Emory University GA | 5.25% | 9/1/2045 | AA | 13280000 | 14396261 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BBB- | 2000000 | 1899951 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BBB- | 1050000 | 1052549 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2038 | BBB- | 2220000 | 2226169 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2043 | BBB- | 1000000 | 969939 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2054 | NR | 700000 | 626563 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% | 6/15/2059 | NR | 700000 | 617137 |
| Town of Davie-Nova Southeastern University Inc FL | 5.00% | 4/1/2048 | A- | 3000000 | 3037126 |
| University of Connecticut | 5.25% | 11/15/2047 | Aa3 | 8080000 | 8306029 |
| University of Illinois (AG) | 4.00% | 4/1/2038 | AA | 4965000 | 4981501 |
| University of North Carolina at Wilmington | 5.00% | 6/1/2037 | A1 | 7055000 | 7068154 |
| University of Oregon TCRS (BAM) | 3.50% | 4/1/2052 | AA | 5000000 | 4125580 |
| Waco Educational Finance Corp.-Baylor University TX | 5.25% | 3/1/2052 | A+ | 3775000 | 3960312 |
| Waco Educational Finance Corp.-Baylor University TX | 5.25% | 3/1/2053 | A+ | 3975000 | 4162258 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.125% | 7/1/2053 | BBB | 2500000 | 2678584 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% | 7/1/2063 | BBB | 1525000 | 1645125 |
| Total |  |  |  |  | 568601830 |

---

*See Notes to Financial Statements.* 71

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric Revenue Bonds 0.32%** |  |  |  |  |  |  |
| City of San Antonio TX Electric & Gas Systems Revenue<sup>(d)</sup> | 5.00% |  | 2/1/2054 | Aa2 | $15000000 | $15515319 |
| **Energy 0.37%** |  |  |  |  |  |  |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2038 | A1 | 3745000 | 3976909 |
| PEFA, Inc. IA | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 9/1/2049 | A3 | 13635000 | 13875858 |
| Total |  |  |  |  |  | 17852767 |
| **Financial Services 0.10%** |  |  |  |  |  |  |
| Massachusetts Educational Financing Authority AMT | 4.125% |  | 7/1/2046 | BBB | 5755000 | 4920319 |
| **General Obligation 11.43%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 1/1/2054 | Baa1 | 41700000 | 44509813 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2040 | BB+ | 2600000 | 2229012 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 5000000 | 4184403 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2029 | BB+ | 2000000 | 2063455 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2030 | BB+ | 2070000 | 2130914 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2031 | BB+ | 1000000 | 1024823 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 3500000 | 3443474 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 3750000 | 3774381 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 4875000 | 4970952 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 3250000 | 3387975 |
| Chicago Board of Education IL GO | 6.50% |  | 12/1/2046 | BB+ | 4100000 | 4137845 |
| Chicago Board of Education IL GO<sup>†</sup> | 7.00% |  | 12/1/2046 | BB+ | 1200000 | 1222392 |
| City of Chicago IL GO | 5.50% |  | 1/1/2039 | BBB | 2125000 | 2176922 |
| City of Chicago IL GO | 5.50% |  | 1/1/2049 | BBB | 7375000 | 7297570 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8854390 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1254231 |
| City of Horace ND GO | 4.75% |  | 5/1/2044 | Baa3 | 1100000 | 1070219 |
| City of New York NY GO | 5.25% |  | 9/1/2043 | AA | 6500000 | 6931677 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 4350000 | 4612736 |
| City of New York NY GO | 5.50% |  | 5/1/2046 | AA | 2675000 | 2856159 |
| City of New York NY GO TCRS (BAM) | 3.00% |  | 3/1/2051 | AA | 5000000 | 3680055 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2042 | AA+ | 1740000 | 1886748 |
| Commonwealth of Massachusetts GO | 5.00% |  | 4/1/2043 | AA+ | 2000000 | 2150969 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 8782789 | 8343317 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 15000000 | 12964165 |
| County of Anne Arundel MD GO | 3.00% |  | 10/1/2044 | AAA | 7415000 | 5972079 |

---

72 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or <br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| County of Harris TX GO | 4.00% | 9/15/2049 | Aaa | $8000000 | $7509030 |
| County of Luzerne PA GO (AG) | 5.00% | 11/15/2029 | AA | 4215000 | 4225516 |
| County of Pasco-State of Florida Cigarette Tax Revenue (AG) | 5.75% | 9/1/2054 | AA | 4770000 | 5091744 |
| El Paso County Hospital District TX GO (AG) | 5.50% | 2/15/2055 | AA | 12000000 | 12713803 |
| Forney Independent School District TX GO (PSF-GTD) | 3.00% | 2/15/2045 | AAA | 6050000 | 4808071 |
| Grant County Public Hospital District No. 1 WA GO | 5.125% | 12/1/2048 | Baa2 | 5000000 | 5016427 |
| King County Public Hospital District No. 4 WA GO | 5.00% | 12/1/2038 | NR | 5000000 | 4999326 |
| Louisiana Stadium & Exposition District | 5.25% | 7/1/2053 | A2 | 15715000 | 16331653 |
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2027 | A1 | 4500000 | 4625076 |
| Main Street Natural Gas, Inc. GA | 5.00% | 5/15/2029 | A1 | 2940000 | 3106215 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 2000000 | 2098868 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2048 | AA | 3980000 | 4176748 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% | 7/1/2053 | AA | 5000000 | 5198760 |
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2050 | A | 25900000 | 22053505 |
| Metropolitan Pier & Exposition Authority IL (AG) | 4.00% | 6/15/2050 | AA | 6000000 | 5208105 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 5.25% | 11/1/2047 | A1 | 11050000 | 11570920 |
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2029 | A1 | 10365000 | 9195500 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2041 | A1 | 6250000 | 6753487 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2042 | A1 | 2000000 | 2143095 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2045 | AAA | 7500000 | 8068558 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 19635000 | 14873226 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 7085000 | 5310925 |
| New York State Thruway Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2051 | AA+ | 4110000 | 3019748 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 4970000 | 3680307 |

---

*See Notes to Financial Statements.* 73

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% | 6/30/2061 | Baa2 | $33325000 | $34989920 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue CA | 3.00% | 7/1/2044 | AA+ | 6505000 | 5230449 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 6810000 | 7887926 |
| School District of Philadelphia PA GO (ST AID WITHHLDG) | 5.00% | 9/1/2037 | Aa3 | 1200000 | 1208214 |
| Southwest Local School District/Hamilton County OH GO (SD CRED PROG) | 4.00% | 1/15/2055 | Aa1 | 7000000 | 6401457 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.35% | 2/1/2037 | AAA | 6350000 | 6107716 |
| St. Louis County Reorganized School District No. R-6 MO GO | 3.40% | 2/1/2038 | AAA | 6150000 | 5849355 |
| State of California GO | 5.00% | 3/1/2044 | Aa2 | 3000000 | 3238439 |
| State of California GO | 5.25% | 8/1/2032 | Aa2 | 7500000 | 7513777 |
| State of California GO | 5.25% | 10/1/2050 | Aa2 | 7500000 | 8012440 |
| State of Connecticut GO | 3.00% | 11/15/2042 | Aa2 | 4000000 | 3367382 |
| State of Connecticut GO | 3.00% | 11/15/2043 | Aa2 | 2800000 | 2313379 |
| State of Illinois GO | 4.00% | 11/1/2037 | A- | 6810000 | 6643685 |
| State of Illinois GO | 5.00% | 1/1/2035 | A- | 6200000 | 6220436 |
| State of Illinois GO | 5.00% | 12/1/2035 | A- | 2145000 | 2204045 |
| State of Illinois GO | 5.00% | 5/1/2038 | A- | 4515000 | 4626803 |
| State of Illinois GO | 5.00% | 1/1/2041 | A- | 3580000 | 3582249 |
| State of Illinois GO | 5.00% | 9/1/2041 | A- | 10000000 | 10511223 |
| State of Illinois GO | 5.00% | 5/1/2043 | A- | 3000000 | 3032397 |
| State of Illinois GO | 5.25% | 5/1/2045 | A- | 2500000 | 2605588 |
| State of Illinois GO | 5.25% | 9/1/2047 | A- | 30000000 | 31031724 |
| State of Illinois GO | 5.50% | 5/1/2039 | A- | 8250000 | 8760492 |
| State of Illinois GO | 5.50% | 10/1/2039 | A- | 6000000 | 6523000 |
| State of Illinois GO | 5.50% | 3/1/2042 | A- | 5250000 | 5592456 |
| State of Illinois GO | 5.50% | 3/1/2047 | A- | 18425000 | 19282619 |
| State of Illinois GO | 5.50% | 5/1/2047 | A- | 11165000 | 11692064 |
| State of Illinois GO | 5.75% | 5/1/2045 | A- | 2600000 | 2726879 |
| Union County Utilities Authority-Covanta Union LLC NJ GTD AMT | 4.75% | 12/1/2031 | AA+ | 3775000 | 3776305 |
| Washington State Convention Center Public Facilities District | 5.00% | 7/1/2048 | A3 | 7000000 | 7012314 |

---

74 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Washington Township Health Care District CA GO | 5.50% | 8/1/2053 | AA | $2000000 | $2159280 |
| *Total* |  |  |  |  | 549013302 |
| **Health Care 16.65%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2041 | BBB | 3000000 | 2880934 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2046 | BBB | 2615000 | 2376056 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 3950000 | 3963292 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 4250000 | 4247769 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 8008000 | 5667609 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 16473000 | 14915361 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 1218914 | 1275361 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 2432609 | 2402809 |
| Brevard County Health Facilities Authority-Health First Inc Obligated Group FL | 5.00% | 4/1/2041 | A | 6065000 | 6268580 |
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2051 | BBB+ | 3500000 | 2928999 |
| California Health Facilities Financing Authority-Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 5565000 | 4077690 |
| California Health Facilities Financing Authority-Children's Hospital Los Angeles Obligated Group | 5.00% | 8/15/2047 | Baa3 | 3025000 | 2958631 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(e)</sup> | 5000000 | 5055837 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 5.00% | 2/1/2047 | BBB+ | 6940000 | 6951280 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB | 4510000 | 4526838 |

---

*See Notes to Financial Statements.* 75

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2056 | BB | $4500000 | $4343672 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 6875000 | 6874593 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB | 3375000 | 3367933 |
| Chattanooga Health Educational & Housing Facility Board-Erlanger Health Obligated Group TN | 5.25% | 12/1/2054 | A | 22950000 | 23698856 |
| City of Colby KS-Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7400000 | 7411081 |
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2049 | BBB+ | 12120000 | 12144074 |
| City of St. Cloud-CentraCare Health System Obligated Group MN | 5.00% | 5/1/2054 | A2 | 8750000 | 8896915 |
| City of Tampa-H Lee Moffitt Cancer Center & Research Institute Obligated Group FL | 4.00% | 7/1/2045 | A | 7400000 | 6653414 |
| Colorado Health Facilities Authority-CommonSpirit Health Obligated Group | 5.50% | 11/1/2047 | A- | 4390000 | 4564828 |
| Columbia County Hospital Authority-WellStar Health System Obligated Group GA | 5.75% | 4/1/2053 | A+ | 2670000 | 2861594 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 7920000 | 7466201 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2049 | BBB+ | 6875000 | 5960761 |
| County of Cuyahoga-MetroHealth System OH | 5.50% | 2/15/2052 | Baa2 | 8925000 | 8927619 |
| County of Cuyahoga-MetroHealth System OH | 5.50% | 2/15/2057 | Baa2 | 5250000 | 5239284 |
| County of Cuyahoga-MetroHealth System/The OH | 5.00% | 2/15/2057 | Baa2 | 5185000 | 4717932 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 2650000 | 2548403 |
| County of Okaloosa-AIR Force Enlisted Village Inc Obligated Group FL<sup>†(f)</sup> | 5.75% | 5/15/2055 | NR | 1690000 | 1709827 |

---

76 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity <br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| County of Warren-Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2049 | AA- | $8610000 | $8934722 |
| County of Warren-Bowling Green-Warren County Community Hospital Corp KY | 5.25% | 4/1/2054 | AA- | 8000000 | 8235927 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 950000 | 952755 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 1115000 | 1116544 |
| Cumberland County Municipal Authority-Penn State Health Obligated Group PA | 3.00% | 11/1/2038 | A | 4315000 | 3777748 |
| Denver Health & Hospital Authority CO | 5.125% | 12/1/2050 | BBB | 1000000 | 1009811 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 700000 | 701313 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 3050000 | 3271085 |
| Duluth Economic Development Authority-Essentia Health Obligated Group MN | 5.25% | 2/15/2053 | A- | 2870000 | 2890393 |
| Duluth Economic Development Authority-Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 21000000 | 21113261 |
| Duluth Economic Development Authority-St Luke's Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | 5000000 | 5182787 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 6275000 | 6205118 |
| Genesee County Funding Corp.-Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 4000000 | 4015787 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2043 | Baa2 | 4720000 | 4694749 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2044 | Baa2 | 4135000 | 4075870 |
| Greenville Health System-Prisma Health Obligated Group SC | 5.00% | 5/1/2034 | A | 3970000 | 3976685 |
| Illinois Finance Authority-University of Chicago Medical Center Obligated Group | 4.00% | 8/15/2041 | A+ | 5000000 | 4687175 |
| Isle of Weight County Economic Development Authority-Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2048 | AA | 3000000 | 3121180 |
| Isle of Weight County Economic Development Authority-Riverside Healthcare Association Obligated Group VA (AG) | 5.25% | 7/1/2053 | AA | 6000000 | 6199925 |

---

<br> See Notes to Financial Statements. 77

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity<br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| Lee County Industrial Development Authority-Lee Health System Inc Obligated Group FL | 4.00% | 4/1/2049 | A+ | $5500000 | $4819586 |
| Louisiana Public Facilities Authority-Ochsner Clinic Foundation Obligated Group | 5.50% | 5/15/2055 | A | 5000000 | 5289310 |
| Louisville/Jefferson County Metropolitan Government-Norton Healthcare Obligated Group KY | 5.00% | 10/1/2041 | A | 3200000 | 3363090 |
| Maryland Health & Higher Educational Facilities Authority-Adventist Healthcare Obligated Group | 5.00% | 1/1/2036 | Baa3 | 3290000 | 3437351 |
| Maryland Health & Higher Educational Facilities Authority-Adventist Healthcare Obligated Group | 5.50% | 1/1/2046 | Baa3 | 17990000 | 18103342 |
| Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center Obligated Group | 5.00% | 7/1/2036 | A- | 1320000 | 1333100 |
| Maryland Health & Higher Educational Facilities Authority-Mercy Medical Center Obligated Group | 5.00% | 7/1/2038 | A- | 2250000 | 2266961 |
| Maryland Health & Higher Educational Facilities Authority-Meritus Medical Center Obligated Group (AG) | 5.00% | 7/1/2055 | AA | 6445000 | 6588939 |
| Maryland Health & Higher Educational Facilities Authority-UPMC Obligated Group | 4.00% | 4/15/2050 | A | 6200000 | 5395998 |
| Massachusetts Development Finance Agency-Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 18130000 | 19339222 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2033 | BBB | 2575000 | 2600507 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% | 7/1/2037 | BBB | 4030000 | 4051328 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.25% | 7/1/2048 | BBB | 2600000 | 2598312 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2035 | BBB- | 2000000 | 1911202 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 5380000 | 4572432 |

---

<br> 78 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity <br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2039 | BBB- | $3360000 | $3373918 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 1600000 | 1554509 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 8.50% | 10/1/2026 | BBB- | 8910000 | 8922067 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 3100000 | 3259422 |
| Minnesota Agricultural & Economic Development Board-HealthPartners Obligated Group | 5.25% | 1/1/2054 | A | 12900000 | 13288031 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 10000000 | 9802503 |
| Montana Facility Finance Authority-Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2043 | A | 4000000 | 4057756 |
| Montana Facility Finance Authority-Kalispell Regional Medical Center Obligated Group | 5.00% | 7/1/2048 | A | 5760000 | 5781884 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA | 4.00% | 9/1/2049 | A | 3960000 | 3412215 |
| Montgomery County Higher Education & Health Authority-Thomas Jefferson University Obligated Group PA (AG) | 4.00% | 5/1/2056 | AA | 4020000 | 3369552 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2029 | A- | 1000000 | 1001094 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2030 | A- | 580000 | 580610 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2031 | A- | 1620000 | 1621538 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2034 | A- | 1100000 | 1100585 |
| Nebraska Educational Health Cultural & Social Services Finance Authority-Immanuel Retirement Communities Obligated Group | 4.00% | 1/1/2044 | AA <sup>(e)</sup> | 3500000 | 3167231 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 4035000 | 4066098 |

---

<br> See Notes to Financial Statements. 79

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity <br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | $3680000 | $3673453 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 2100000 | 2155468 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 2075000 | 2140655 |
| New Hampshire Business Finance Authority-Novant Health Obligated Group | 5.50% | 6/1/2050 | A+ | 20925000 | 21871486 |
| New Hampshire Health & Education Facilities Authority Act-Dartmouth Health Obligated Group | 5.50% | 8/1/2050 | A | 21000000 | 22501389 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 8110000 | 6922099 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | BB- | 1300000 | 1309794 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2040 | BB- | 1300000 | 1204740 |
| New York State Dormitory Authority-Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 2000000 | 2115081 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 4900000 | 4660243 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.00% | 8/1/2028 | BBB- | 3055000 | 3214311 |
| New York State Dormitory Authority-Northwell Health Obligated Group<sup>(d)</sup> | 5.00% | 5/1/2052 | A- | 33500000 | 33945711 |
| New York State Dormitory Authority-NYU Langone Hospitals Obligated Group | 4.00% | 7/1/2050 | A+ | 14330000 | 12637947 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3028144 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 6500000 | 6803716 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B- | 2475000 | 2060742 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | 1500000 | 1350932 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 4660000 | 4661630 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 10015000 | 10050622 |

---

<br> 80 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity<br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | $10345000 | $10367852 |
| Orange County Health Facilities Authority-Orlando Health Obligated Group FL | 5.25% | 10/1/2056 | A+ | 6905000 | 7186197 |
| Oregon State Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% | 10/1/2045 | A | 7000000 | 7000636 |
| Palm Beach County Health Facilities Authority-Baptist Health South Obligated Group FL | 4.00% | 8/15/2049 | AA- | 6765000 | 5968237 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | B | 11025000 | 10001241 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | B | 8240000 | 7176447 |
| Pennsylvania Economic Development Financing Authority-UPMC Obligated Group | 4.00% | 5/15/2048 | A | 3500000 | 3115108 |
| Pennsylvania Higher Educational Facilities Authority-Thomas Jefferson University Obligated Group | 5.50% | 11/1/2054 | A | 16750000 | 17662418 |
| Pennsylvania Higher Educational Facilities Authority-University of Pennsylvania Health System Obligated Group/The | 5.00% | 8/15/2042 | AA | 3455000 | 3497210 |
| Pennsylvania Higher Educational Facilities Authority-University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4150000 | 4469653 |
| Public Finance Authority-Proton International Alabama LLC WI<sup>†(c)</sup> | 6.85% | 10/1/2047 | NR | 1410000 | 141000 |
| Rhode Island Health & Educational Building Corp.-Lifespan Obligated Group | 5.25% | 5/15/2049 | BBB+ | 1825000 | 1847781 |
| Roanoke Economic Development Authority-Carilion Clinic Obligated Group | 3.00% | 7/1/2045 | AA- | 20870000 | 15759941 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 6.50% | 11/1/2030 | NR | 7000000 | 7285991 |
| Rockland County Economic Assistance Corp.-Bon Secours Health System Inc Obligated Group NY | 7.25% | 11/1/2045 | NR | 2500000 | 2676208 |
| Skagit County Public Hospital District No. 1 WA | 5.50% | 12/1/2054 | Baa3 | 3720000 | 3799894 |
| South Broward Hospital District Obligated Group FL TCRS (BAM) | 3.00% | 5/1/2051 | AA | 5150000 | 3742676 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.50% | 11/1/2046 | A+ | 9500000 | 10108704 |
| South Carolina Jobs-Economic Development Authority-Novant Health Obligated Group | 5.50% | 11/1/2054 | A+ | 19640000 | 20732864 |

---

<br> See Notes to Financial Statements. 81

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity<br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| State of Ohio-Premier Health Partners Obligated | 4.00% | 11/15/2039 | Baa1 | $2640000 | $2482224 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(d)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9706368 |
| Virginia Small Business Financing Authority-Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2050 | A3 | 5000000 | 5205553 |
| Virginia Small Business Financing Authority-Mary Washington Healthcare Obligated Group | 5.25% | 6/15/2055 | A3 | 8500000 | 8793152 |
| Washington Health Care Facilities Authority-Overlake Hospital Medical Center Obligated Group | 5.00% | 7/1/2038 | A | 4000000 | 4000583 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2236052 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3505777 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB+ | 95000 | 95030 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB+ | 30000 | 29998 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2051 | AA | 2750000 | 2793644 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2048 | AA | 1750000 | 1874225 |
| Wisconsin Health & Educational Facilities Authority-Ascension Health Credit Group | 4.00% | 11/15/2046 | AA | 4525000 | 4138488 |
| Wisconsin Health & Educational Facilities Authority-Ascension Health Credit Group | 4.00% | 11/15/2046 | NR | 35000 | 35290 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2745000 | 2820155 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 910000 | 933631 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | A+ | 9750000 | 10330516 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group (BAM) | 5.25% | 2/15/2054 | AA | 1250000 | 1318027 |

---

<br> 82 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate | Maturity<br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Health Care (continued)** |  |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | $840000 | $795543 |
| Yuma Industrial Development Authority-Yuma Regional Medical Center Obligated Group AZ | 5.25% | 8/1/2054 | A | 13500000 | 13999812 |
| *Total* |  |  |  |  | 800018850 |
| **Housing 3.84%** |  |  |  |  |  |
| California Municipal Finance Authority-Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 1410000 | 1409940 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2039 | Baa3 | 1000000 | 1006291 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2041 | Baa3 | 1000000 | 984582 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1350000 | 1286992 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1745000 | 1639118 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1750000 | 1623952 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% | 12/1/2045 | NR | 5000000 | 3896287 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% | 8/1/2056 | NR | 4500000 | 3302967 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% | 6/1/2057 | NR | 4020000 | 1196799 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% | 1/1/2055 | Aa1 | 8150000 | 8961495 |
| Florida Housing Finance Corp. (FHLMC), (FNMA), (GNMA) | 6.25% | 7/1/2055 | Aaa | 4835000 | 5401418 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.00% | 6/1/2053 | BBB- | 1350000 | 1317704 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.125% | 6/1/2058 | BBB- | 1700000 | 1676449 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | 4460000 | 4485170 |

---

<br> See Notes to Financial Statements. 83

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate |  | Maturity<br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Housing (continued)** |  |  |  |  |  |  |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.00% |  | 7/1/2054 | BBB- | $1175000 | $1165512 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.25% |  | 7/1/2064 | BBB- | 1625000 | 1632415 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.25% |  | 7/1/2049 | AA | 2700000 | 2786717 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2054 | AA | 1150000 | 1206575 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.50% |  | 7/1/2059 | AA | 2000000 | 2097039 |
| Knox County Health Educational & Housing Facility Board TN (BAM) | 5.125% |  | 7/1/2054 | AA | 3775000 | 3857495 |
| Maryland Economic Development Corp. | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2088020 |
| Maryland Economic Development Corp. | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5276203 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.25% |  | 6/1/2065 | A | 2125000 | 2171184 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.50% |  | 6/1/2050 | A | 1500000 | 1597139 |
| New Hampshire Business Finance Authority | 4.00% |  | 10/20/2036 | BBB | 10555372 | 10134955 |
| New Hampshire Business Finance Authority | 4.168% | <sup>#(b)</sup> | 1/20/2041 | AA- | 5974203 | 5759970 |
| New Hampshire Business Finance Authority | 4.168% | <sup>#(b)</sup> | 1/20/2041 | BBB | 5078072 | 4637421 |
| New Hampshire Business Finance Authority | 4.25% |  | 7/20/2041 | A2 | 6387568 | 6205286 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 5263835 | 5207276 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(b)</sup> | 6/20/2041 | AA- | 12494834 | 12676538 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4901874 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 1350000 | 1393443 |
| New York State Dormitory Authority-State University of New York Dormitory Facilities Revenue | 3.00% |  | 7/1/2045 | Aa3 | 5037000 | 3941766 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.50% |  | 7/1/2043 | BBB- | 4500000 | 4523391 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2053 | BBB- | 12785000 | 12789307 |
| Texas Department of Housing & Community Affairs (GNMA) | 5.125% |  | 7/1/2055 | AA+ | 10000000 | 10309865 |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2034 | BBB- | 1000000 | 1000003 |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2039 | BBB- | 1500000 | 1456594 |

---

<br> 84 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate |  | Maturity <br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Housing (continued)** |  |  |  |  |  |  |
| Toledo-Lucas County Port Authority-CHF-Toledo LLC OH | 5.00% |  | 7/1/2046 | BBB- | $1000000 | $922578 |
| University of Idaho (AG) | 5.50% |  | 4/1/2051 | AA | 3000000 | 3241753 |
| University of Idaho (AG) | 5.50% |  | 4/1/2055 | AA | 3000000 | 3231461 |
| University of Idaho (AG) | 5.50% |  | 4/1/2057 | AA | 5000000 | 5377760 |
| Washington State Housing Finance Commission | 4.22% | <sup>#(b)</sup> | 3/1/2050 | A3 | 10933815 | 10519640 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.25% |  | 7/1/2055 | AA | 4000000 | 4038192 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.00% |  | 7/1/2054 | BBB- | 2500000 | 2472334 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 1350000 | 1411928 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | 1000000 | 1035819 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2059 | BBB- | 5135000 | 5269604 |
| *Total* |  |  |  |  |  | 184526221 |
| **Lease Obligations 1.47%** |  |  |  |  |  |  |
| Kentucky Bond Development Corp. | 4.00% |  | 9/1/2048 | A+ | 6645000 | 6046296 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% |  | 12/1/2054 | AA+ | 5500000 | 6022911 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% |  | 1/1/2052 | A- | 9000000 | 9006530 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% |  | 6/15/2043 | A1 | 4500000 | 4605957 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2036 | A1 | 1285000 | 1327759 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% |  | 6/15/2047 | A1 | 6050000 | 6120659 |
| New Jersey Transportation Trust Fund Authority | Zero Coupon |  | 12/15/2028 | A1 | 10000000 | 9136973 |

---

<br> See Notes to Financial Statements. 85

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investments | Interest<br> Rate |  | Maturity <br> Date | Credit<br> Rating:<br> S&P or<br> **Moody's**<sup>(a)</sup> | Principal<br> Amount | Fair<br> Value |
| **Lease Obligations (continued)** |  |  |  |  |  |  |
| New Jersey Transportation Trust Fund Authority | Zero Coupon |  | 12/15/2031 | A1 | $1935000 | $1601010 |
| New Jersey Transportation Trust Fund Authority | Zero Coupon |  | 12/15/2037 | A1 | 3390000 | 2098459 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2030 | A+ | 3000000 | 3047927 |
| New Jersey Transportation Trust Fund Authority | 5.00% |  | 6/15/2031 | A+ | 2400000 | 2436762 |
| Northern Illinois University (BAM) | 5.50% |  | 4/1/2049 | AA | 2500000 | 2615891 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue | 5.25% |  | 7/15/2059 | AA | 6500000 | 6843809 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue DC | 5.50% |  | 7/15/2060 | AA | 9170000 | 9856387 |
| *Total* |  |  |  |  |  | 70767330 |
| **Multi-Family Housing 0.68%** |  |  |  |  |  |  |
| FHLMC Multifamily VRD Certificates NY | 4.783% | <sup>#(b)</sup> | 7/25/2042 | AA+ | 9987093 | 10295280 |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 6937049 | 6496028 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | AA- | 9991937 | 9487838 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | BBB | 4246573 | 3914192 |
| New York City Housing Development Corp. NY | 2.40% |  | 11/1/2046 | AA+ | 3800000 | 2563942 |
| *Total* |  |  |  |  |  | 32757280 |
| **Other Revenue 2.09%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | Ba2 | 2000000 | 2113052 |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 5305000 | 5316439 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2048 | BBB- | 1650000 | 1635627 |
| City of Miami Beach Parking Revenue FL (BAM) | 5.00% |  | 9/1/2040 | AA | 2000000 | 2001969 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority-County of Cobb GA | 5.50% |  | 10/1/2050 | Aa2 | 5500000 | 5961480 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority-County of Cobb GA | 5.50% |  | 10/1/2053 | Aa2 | 5000000 | 5401976 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(b)</sup> | 11/1/2051 | NR | 4635942 | 3135056 |
| County of Broward FL Convention Center Hotel Revenue<sup>(d)</sup> | 5.50% |  | 1/1/2055 | AA | 31540000 | 33214291 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2034 | AA | 1000000 | 1045612 |

---

<br> 86 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2035 | AA | $1000000 | $1040771 |
| Grand River Hospital District CO GO (AG) | 5.25% |  | 12/1/2037 | AA | 1160000 | 1198319 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2037 | A1 | 2990000 | 3202426 |
| Main Street Natural Gas, Inc. GA | 5.00% |  | 5/15/2043 | A1 | 3250000 | 3293237 |
| Michigan Finance Authority-Bradford Academy | 4.30% |  | 9/1/2030 | NR | 195000 | 185758 |
| Michigan Finance Authority-Bradford Academy | 4.80% |  | 9/1/2040 | NR | 565000 | 473220 |
| Michigan Finance Authority-Bradford Academy | 5.00% |  | 9/1/2050 | NR | 925000 | 716599 |
| M-S-R Energy Authority CA | 6.125% |  | 11/1/2029 | BBB+ | 1650000 | 1746090 |
| New Jersey Economic Development Authority-Friends of TEAM Academy Charter School Obligated Group | 6.00% |  | 10/1/2043 | BBB | 3500000 | 3502871 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% |  | 12/1/2054 | NR | 4000000 | 3963447 |
| Territory of Guam | 5.00% |  | 1/1/2036 | Baa3 | 1900000 | 2061312 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 1000000 | 1092528 |
| Territory of Guam | 5.25% |  | 1/1/2038 | Baa3 | 2250000 | 2439369 |
| Territory of Guam | 5.25% |  | 1/1/2039 | Baa3 | 1000000 | 1075341 |
| Territory of Guam | 5.25% |  | 1/1/2040 | Baa3 | 1000000 | 1067183 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2031 | NR | 10000000 | 10329231 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2048 | Baa1 | 3745000 | 3185878 |
| *Total* |  |  |  |  |  | 100399082 |
| **Pollution Control 0.03%** |  |  |  |  |  |  |
| Finance Authority of Maine-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(b)</sup> | 12/1/2047 | B+ | 1200000 | 1182689 |
| **Special Tax 1.48%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% |  | 5/1/2042 | NR | 3010000 | 3075093 |
| Gramercy Farms Community Development District FL | 6.75% |  | 5/1/2039 | NR | 196000 | 188466 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% |  | 11/15/2047 | NR | 3000000 | 2579931 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% |  | 9/1/2037 | A+ | 4875000 | 4913669 |

---

See Notes to Financial Statements. 87

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | $1303322 | $1344240 |
| New York Transportation Dev. Corp.<sup>(d)</sup> | 6.00% | 6/30/2055 | Baa3 | 20000000 | 21205876 |
| New York Transportation Development Corp<sup>(d)</sup> | 6.00% | 6/30/2050 | Baa3 | 6500000 | 6922029 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% | 9/1/2052 | AA | 2500000 | 2600949 |
| Riverside County Redevelopment Successor Agency CA Tax Allocation | 8.50% | 10/1/2041 | A2 | 11195000 | 11850120 |
| State of Connecticut Special Tax Revenue | 5.00% | 8/1/2034 | AA | 2380000 | 2383177 |
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2037 | AA | 7000000 | 7255222 |
| State of Connecticut Special Tax Revenue | 5.00% | 1/1/2038 | AA | 4250000 | 4393364 |
| Stone Canyon Community Improvement District MO<sup>(c)</sup> | 5.70% | 4/1/2022 | NR | 1000000 | 210000 |
| Stone Canyon Community Improvement District MO<sup>(c)</sup> | 5.75% | 4/1/2027 | NR | 1300000 | 273000 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2126808 |
| *Total* |  |  |  |  | 71321944 |
| **Tax Revenue 6.91%** |  |  |  |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund IL | 4.00% | 12/1/2050 | A+ | 13615000 | 12106632 |
| City of Sparks NV<sup>†</sup> | 2.75% | 6/15/2028 | Baa2 | 205000 | 201589 |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2042 | AA | 1250000 | 1315087 |
| County of Cook Sales Tax Revenue IL | 4.00% | 11/15/2034 | AA- | 3750000 | 3784499 |
| County of Pinal AZ (BAM) | 5.25% | 8/1/2055 | AA | 10000000 | 10611865 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2050 | AA | 4500000 | 4814400 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 19760000 | 21165934 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 16140000 | 17223381 |

---

88 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX | 6.00% | 5/15/2052 | A | $1700000 | $1839265 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 3500000 | 3561051 |
| Metropolitan Pier & Exposition Authority-State of Illinois McCormick Place Expansion Project Fund | 4.00% | 12/15/2042 | A | 2000000 | 1838674 |
| Metropolitan Pier & Exposition Authority IL | 4.00% | 6/15/2052 | A | 7210000 | 6066976 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2030 | A | 10535000 | 8885022 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 6/15/2033 | A | 15000000 | 11380470 |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2036 | A | 10000000 | 6342623 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | 850000 | 858112 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 6.00% | 6/15/2054 | NR | 1250000 | 1270952 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2049 | AAA | 7810000 | 8269393 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 25705000 | 27135707 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 4750000 | 5166196 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 12/1/2059 | A+ | 25000000 | 26974590 |
| New York Convention Center Development Corp.-New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 5000000 | 5003974 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2042 | Aa1 | 5000000 | 4090752 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2480000 | 1823746 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 8980000 | 6526572 |

---

See Notes to Financial Statements. 89

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2046 | Aa1 | $10000000 | $10478049 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2047 | AA+ | 5825000 | 4462176 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2048 | AA+ | 9590000 | 7264285 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | AA+ | 6495000 | 4860153 |
| New York State Urban Development Corp.-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2050 | AA+ | 7620000 | 5636772 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 2122000 | 1738735 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 2549000 | 1918711 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2523000 | 634654 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 27628000 | 26465066 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 8253000 | 7905610 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 39000 | 35214 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 24416000 | 22979463 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 17980000 | 17379344 |
| San Leandro Unified School District CA GO | 5.25% | 8/1/2048 | AA- | 10500000 | 11075486 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% | 5/15/2052 | AA+ | 10335000 | 10829403 |
| *Total* |  |  |  |  | 331920583 |
| **Taxable Revenue-Water & Sewer 1.29%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(d)</sup> | 5.50% | 11/1/2062 | AA | 20300000 | 21400167 |
| County of Miami-Dade Water & Sewer System Revenue FL | 5.25% | 10/1/2054 | AA | 7610000 | 7996816 |

---

90 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Taxable Revenue-Water & Sewer (continued)** | **Taxable Revenue-Water & Sewer (continued)** | **Taxable Revenue-Water & Sewer (continued)** |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | $11500000 | $12144527 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% | 6/15/2054 | AA+ | 12500000 | 13267204 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2108796 |
| Washington Suburban Sanitary Commission MD | 3.00% | 6/1/2045 | AAA | 6165000 | 4924028 |
| *Total* |  |  |  |  | 61841538 |
| **Tobacco 1.93%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 57825000 | 49426902 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 20000000 | 1151606 |
| Tobacco Securitization Authority of Northern California-Sacramento County Tobacco Securitization Corp | 4.00% | 6/1/2049 | BBB+ | 2850000 | 2449877 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 8900000 | 8805241 |
| Tobacco Settlement Financing Corp. NJ | 5.25% | 6/1/2046 | BBB+ | 4305000 | 4312307 |
| Tobacco Settlement Financing Corp. VA | 5.00% | 6/1/2047 | B- | 10910000 | 9290656 |
| TSASC, Inc. NY | 5.00% | 6/1/2035 | BBB | 1390000 | 1410775 |
| TSASC, Inc. NY | 5.00% | 6/1/2045 | CCC+ | 7500000 | 6592994 |
| TSASC, Inc. NY | 5.00% | 6/1/2048 | NR | 10550000 | 9180612 |
| *Total* |  |  |  |  | 92620970 |
| **Transportation 20.41%** |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2034 | AA | 3650000 | 3720550 |
| Bay Area Toll Authority CA | 3.00% | 4/1/2054 | AA- | 5100000 | 3742161 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2050 | BBB+ | 3000000 | 3095836 |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% | 7/1/2055 | BBB+ | 5425000 | 5584043 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 3875000 | 4020926 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2038 | BB+ <sup>(e)</sup> | 5000000 | 5060325 |

---

See Notes to Financial Statements. 91

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ <sup>(e)</sup> | $2500000 | $2503904 |
| Charleston County Airport District SC AMT | 5.25% | 7/1/2049 | A+ | 3500000 | 3616591 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2041 | AA | 1950000 | 2085297 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2042 | AA | 1470000 | 1560068 |
| Chicago O'Hare International Airport IL (BAM) | 5.25% | 1/1/2043 | AA | 1660000 | 1752406 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2047 | A+ | 9375000 | 9340040 |
| Chicago O'Hare International Airport IL AMT | 5.00% | 1/1/2048 | A+ | 20000000 | 20031556 |
| City of Charlotte Airport Revenue NC | 5.25% | 7/1/2053 | Aa3 | 18650000 | 19714178 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2037 | Ba3 | 11220000 | 12121391 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2038 | Ba3 | 10750000 | 11541819 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% | 7/15/2039 | Ba3 | 4700000 | 5009623 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 6.625% | 7/15/2038 | BB+ | 2500000 | 2506527 |
| City of Los Angeles Department of Airports CA AMT | 3.00% | 5/15/2049 | AA- | 5890000 | 4153463 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2051 | AA- | 4490000 | 3987351 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2047 | AA | 6440000 | 6732511 |
| City of Salt Lake City Airport Revenue UT AMT | 5.50% | 7/1/2053 | A+ | 7500000 | 7859120 |
| City of St. Louis Airport Revenue MO (AG) | 5.00% | 7/1/2047 | AA | 7500000 | 7559631 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% | 12/1/2049 | AA | 3825000 | 4067720 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.25% | 12/1/2054 | AA | 10000000 | 10584776 |
| Colorado Bridge & Tunnel Enterprise (AG) | 5.50% | 12/1/2054 | AA | 4250000 | 4581047 |
| Columbus Regional Airport Authority OH | 5.25% | 1/1/2050 | A | 4125000 | 4347309 |
| Columbus Regional Airport Authority OH | 5.25% | 1/1/2055 | A | 4125000 | 4326986 |
| County of Lee Airport Revenue FL AMT | 5.25% | 10/1/2049 | A2 | 6200000 | 6384328 |
| County of Miami-Dade Seaport Department FL (AG) AMT | 4.00% | 10/1/2045 | AA | 10480000 | 9363515 |
| County of Osceola Transportation Revenue FL | 4.00% | 10/1/2054 | BBB+ | 1775000 | 1545646 |

---

92 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2032 | A+ | $4200000 | $3410213 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2037 | A+ | 7720000 | 4283234 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon |  | 1/15/2033 | A | 5000000 | 3932492 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% |  | 1/15/2053 | A | 10830000 | 8809727 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% |  | 1/15/2053 | A | 5000000 | 4410374 |
| Grand Parkway Transportation Corp. TX | 4.00% |  | 10/1/2049 | A1 | 6405000 | 5714124 |
| Greater Asheville Regional Airport Authority NC (AG) AMT | 5.25% |  | 7/1/2048 | AA | 1250000 | 1279914 |
| Greenville-Spartanburg Airport District SC | 5.25% |  | 7/1/2054 | A+ | 4160000 | 4363967 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 5000000 | 4960528 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.125% | <sup>#(b)</sup> | 12/1/2050 | BBB+ | 12630000 | 12530294 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 25500000 | 26193297 |
| Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT | 5.75% |  | 9/1/2064 | Baa3 | 15910000 | 16340746 |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% |  | 9/1/2040 | NR | 2000000 | 1841179 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 5000000 | 5046401 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2047 | Baa3 | 2500000 | 2514149 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2052 | Baa3 | 2760000 | 2765652 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.25% |  | 6/30/2055 | Baa3 | 9000000 | 9007704 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% |  | 7/1/2052 | A1 | 6500000 | 6769783 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2045 | A | 4675000 | 4190285 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 9825000 | 8724131 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2049 | A | 6605000 | 5857662 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 4.75% |  | 11/15/2045 | A | 13890000 | 13804337 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 4265000 | 4335553 |

---

See Notes to Financial Statements. 93

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(b)</sup> | 11/15/2045 | A2 | $2700000 | $2912696 |
| Metropolitan Transportation Authority NY | 5.25% |  | 11/15/2055 | A | 10850000 | 11066178 |
| Metropolitan Transportation Authority NY<sup>(d)</sup> | 5.25% |  | 11/15/2055 | A | 6610000 | 6741699 |
| Metropolitan Transportation Authority NY | 5.50% |  | 11/15/2047 | A | 15750000 | 16854946 |
| New Jersey Transportation Trust Fund Authority | 5.25% |  | 6/15/2050 | A1 | 15155000 | 15888150 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% |  | 6/15/2046 | A1 | 8000000 | 7241737 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% |  | 6/15/2042 | A1 | 8500000 | 9044661 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% |  | 6/15/2050 | A1 | 13500000 | 14183255 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2054 | AA- | 9000000 | 9528360 |
| New Jersey Turnpike Authority | 5.25% |  | 1/1/2055 | AA- | 15000000 | 15960249 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% |  | 6/30/2060 | Baa3 | 21750000 | 21550990 |
| New York State Thruway Authority | 4.00% |  | 1/1/2050 | A1 | 9315000 | 8457871 |
| New York State Thruway Authority-New York State Thruway Authority | 5.25% |  | 1/1/2056 | A1 | 7455000 | 7459200 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% |  | 1/1/2036 | Baa2 | 7160000 | 6895474 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2029 | Baa2 | 2955000 | 3058749 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2030 | Baa2 | 4440000 | 4590207 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2033 | Baa2 | 12450000 | 12759918 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2036 | Baa2 | 8720000 | 8860083 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 10/1/2040 | Baa2 | 33350000 | 33713081 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% |  | 4/1/2040 | Baa2 | 7000000 | 7317986 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% |  | 4/1/2035 | Baa2 | 16530000 | 18179815 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% |  | 12/1/2039 | Baa1 | 5840000 | 6033567 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% |  | 12/1/2042 | Baa1 | 3270000 | 3307520 |

---

94 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | $77500000 | $79164297 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 17185000 | 17352492 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 20750000 | 21633637 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 12365000 | 11239331 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2046 | Baa2 | 2440000 | 2063434 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 19245000 | 19244138 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 1/1/2051 | AA | 4740000 | 4125188 |
| Northern Indiana Commuter Transportation District IN | 5.25% | 1/1/2049 | A+ | 4150000 | 4400941 |
| Oklahoma Turnpike Authority | 5.50% | 1/1/2053 | AA- | 7500000 | 7943956 |
| Oklahoma Turnpike Authority<sup>(d)</sup> | 5.50% | 1/1/2054 | Aa3 | 12500000 | 13611020 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Motor License Fund AMT (AG) | 5.75% | 12/31/2062 | AA | 8100000 | 8548785 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2038 | A2 | 3425000 | 3432978 |
| Pennsylvania Turnpike Commission | 4.00% | 12/1/2050 | A+ | 14135000 | 12527858 |
| Pennsylvania Turnpike Commission | 5.00% | 6/1/2029 | A2 | 9000000 | 9031090 |
| Pennsylvania Turnpike Commission | 5.25% | 12/1/2053 | AA- | 14250000 | 15193779 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 4.00% | 12/1/2053 | A2 | 5000000 | 4417409 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2035 | AA- | 6250000 | 6828583 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2038 | AA- | 5000000 | 5324701 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3940000 | 4145591 |
| Port of Portland Airport Revenue OR AMT | 5.50% | 7/1/2048 | AA- | 6250000 | 6602617 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% | 6/30/2060 | Baa3 | 19240000 | 19797304 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | 5.75% | 12/31/2065 | Baa3 | 32000000 | 32926909 |

---

See Notes to Financial Statements. 95

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| San Diego County Regional Airport Authority CA AMT | 5.50% |  | 7/1/2055 | Aa3 | $16000000 | $17063886 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 4.00% |  | 5/1/2049 | AA- | 3465000 | 3063274 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% |  | 5/1/2049 | A1 | 9400000 | 9762259 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% |  | 1/15/2049 | A- | 510000 | 510162 |
| State of Michigan Trunk Line Revenue | 5.50% |  | 11/15/2049 | AA+ | 15000000 | 16283751 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners LLC AMT | 5.50% |  | 12/31/2058 | Baa1 | 2500000 | 2577755 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue NY | 5.25% |  | 5/15/2058 | AA+ | 7300000 | 7657623 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 2725000 | 3119033 |
| Virginia Small Business Financing |  |  |  |  |  |  |
| Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2037 | BBB | 5455000 | 5701407 |
| *Total* |  |  |  |  |  | 980487970 |
| **Utilities 12.35%** |  |  |  |  |  |  |
| Adelanto Public Utility Authority CA (AG) | 5.00% |  | 7/1/2039 | AA | 1500000 | 1536555 |
| Black Belt Energy Gas District AL | 4.00% | <sup>#(b)</sup> | 10/1/2052 | A2 | 11660000 | 11801416 |
| Black Belt Energy Gas District AL | 5.00% | <sup>#(b)</sup> | 5/1/2055 | Aa3 | 5000000 | 5429310 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(b)</sup> | 5/1/2055 | A1 | 3750000 | 4091361 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(b)</sup> | 6/1/2049 | A2 | 9450000 | 10130855 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(b)</sup> | 11/1/2053 | A2 | 6665000 | 7110558 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2055 | A1 | 28710000 | 30420045 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | 2740000 | 2936757 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 3/1/2056 | Aa3 | 16875000 | 18518635 |
| California Community Choice Financing Authority<sup>(d)</sup> | 5.25% |  | 11/1/2054 | A2 | 14000000 | 15149410 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 7/1/2039 | Baa3 | 2200000 | 2249071 |

---

96 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Casitas Municipal Water District CA Special Tax (BAM) | 5.25% |  | 9/1/2047 | AA | $500000 | $509601 |
| Central Plains Energy Project NE | 5.00% |  | 9/1/2042 | BBB+ | 3305000 | 3491979 |
| City of Baltimore MD | 5.00% |  | 7/1/2039 | A1 | 4750000 | 4752878 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2047 | AA- | 7190000 | 7572692 |
| City of Baltimore MD<sup>(d)</sup> | 5.25% |  | 7/1/2052 | AA- | 12190000 | 12838820 |
| City of Chicago Waterworks Revenue IL (AG) | 5.00% |  | 11/1/2036 | AA | 3000000 | 3081106 |
| City of Chicago Waterworks Revenue IL (AG) | 5.00% |  | 11/1/2037 | AA | 2500000 | 2554832 |
| City of Compton Water Revenue CA | 6.00% |  | 8/1/2039 | NR | 5500000 | 5628955 |
| City of Fort Lauderdale Water & Sewer Revenue FL | 5.50% |  | 9/1/2053 | AA+ | 5000000 | 5384193 |
| City of Philadelphia Water & Wastewater Revenue PA | 5.25% |  | 10/1/2052 | A+ | 6610000 | 6653305 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2049 | Aa2 | 2000000 | 2161187 |
| City of San Antonio Electric & Gas Systems Revenue TX | 5.50% |  | 2/1/2050 | Aa2 | 10880000 | 11658091 |
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% |  | 11/1/2052 | Aa2 | 7000000 | 7463492 |
| County of Jefferson Sewer Revenue AL | 5.25% |  | 10/1/2049 | BBB+ | 10345000 | 10679898 |
| County of Jefferson Sewer Revenue AL | 5.50% |  | 10/1/2053 | BBB+ | 20850000 | 21848321 |
| County of Manatee Public Utilities Revenue-County of Manatee FL Public Utilities Revenue FL | 4.00% |  | 10/1/2053 | Aa1 | 5820000 | 5304984 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 7/1/2054 | A1 | 22500000 | 24666232 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(b)</sup> | 4/1/2054 | A1 | 10710000 | 12005879 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 5.25% |  | 8/1/2029 | NR | 1500000 | 1560469 |
| Great Lakes Water Authority Sewage Disposal System Revenue MI | 5.50% |  | 7/1/2052 | A+ | 12000000 | 12718414 |
| JEA Water & Sewer System Revenue FL | 5.50% |  | 10/1/2054 | AA+ | 5000000 | 5383937 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2035 | Baa1 | 5000000 | 5058043 |
| Kentucky Municipal Power Agency (NATL) | 5.00% |  | 9/1/2036 | Baa1 | 5000000 | 5054887 |
| Kentucky Public Energy Authority | 4.00% | <sup>#(b)</sup> | 8/1/2052 | A1 | 15500000 | 15860612 |
| Kentucky Public Energy Authority | 5.25% | <sup>#(b)</sup> | 4/1/2054 | A1 | 26455000 | 29004685 |

---

See Notes to Financial Statements. 97

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity <br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2053 | AA | $4500000 | $4646760 |
| Lower Colorado River Authority-LCRA Transmission Services Corp TX (AG) | 5.25% |  | 5/15/2054 | AA | 9000000 | 9429202 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(b)</sup> | 8/1/2052 | BBB- | 20850000 | 20981228 |
| Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue TN | 5.25% |  | 7/1/2055 | AA | 11000000 | 11710630 |
| Municipal Electric Authority of Georgia | 5.25% |  | 1/1/2049 | A2 | 3475000 | 3616590 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.50% |  | 6/15/2048 | AA+ | 5000000 | 4225764 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2047 | AA+ | 4500000 | 4763588 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2053 | AA+ | 9910000 | 10456459 |
| New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 4265000 | 3904101 |
| Omaha Public Power District Nebraska City Station Unit 2 | 5.25% |  | 2/1/2042 | A+ | 4000000 | 4003414 |
| Paducah Electric Plant Board KY (AG) | 5.00% |  | 10/1/2035 | AA | 1000000 | 1013960 |
| Patriots Energy Group Financing Agency SC | 5.25% | <sup>#(b)</sup> | 10/1/2054 | A1 | 15000000 | 16350093 |
| Philadelphia Gas Works Co.-Philadelphia Gas Works Co | 5.25% |  | 8/1/2049 | A | 13000000 | 13620086 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 5000000 | 4508588 |
| Salt Verde Financial Corp. AZ | 5.25% |  | 12/1/2027 | A3 | 3750000 | 3893594 |
| South Carolina Public Service Authority | 5.25% |  | 12/1/2054 | A- | 3000000 | 3107284 |
| South Carolina Public Service Authority | 5.50% |  | 12/1/2054 | A- | 6780000 | 7214508 |
| Southeast Alabama Gas Supply District AL | 5.00% | <sup>#(b)</sup> | 6/1/2049 | A1 | 10000000 | 10847316 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 23000000 | 24262162 |
| Southeast Energy Authority A Cooperative District AL | 5.00% | <sup>#(b)</sup> | 10/1/2055 | Aa3 | 9200000 | 10041090 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 1/1/2056 | A1 | 10100000 | 10671110 |
| Southeast Energy Authority A Cooperative District AL<sup>(d)</sup> | 5.00% |  | 1/1/2056 | A1 | 20000000 | 21106265 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 3/1/2055 | A1 | 18500000 | 19787846 |

---

98 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| Southeast Energy Authority A Cooperative District AL |  | 5.25% | <sup>#(b)</sup> | 11/1/2055 | A1 | $5000000 | $5556676 |
| Southeast Energy Authority A Cooperative District AL |  | 5.50% | <sup>#(b)</sup> | 1/1/2053 | A1 | 5000000 | 5431617 |
| Southern California Public Power Authority | 4.524%<br> (3 mo. USD Term SOFR \* 0.67 + 1.47% | 4.524%<br> (3 mo. USD Term SOFR \* 0.67 + 1.47% |)<sup>#</sup> | 11/1/2038 | A2 | 3090000 | 2987505 |
| Tennergy Corp. TN |  | 5.50% | <sup>#(b)</sup> | 10/1/2053 | Baa1 | 6000000 | 6478135 |
| Tennessee Energy Acquisition Corp. |  | 5.625% |  | 9/1/2026 | BBB <sup>(e)</sup> | 10550000 | 10719336 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  | 5.50% | <sup>#(b)</sup> | 1/1/2054 | A1 | 5000000 | 5632500 |
| *Total* |  |  |  |  |  |  | 593238872 |
| *Total Municipal Bonds* (cost $4,854,995,839) |  |  |  |  |  |  | 4845112163 |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(g)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.74%** |  |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.63%** |  |  |  |  |  |  |  |
| **General Obligation 1.14%** |  |  |  |  |  |  |  |
| City of New York NY GO | 3.850% | 10/1/2025 |  | 10/1/2046 | AA | 27600000 | 27600000 |
| City of New York NY GO | 3.900% | 10/1/2025 |  | 4/1/2042 | AA | 18750000 | 18750000 |
| City of New York NY GO | 3.900% | 10/1/2025 |  | 4/1/2042 | AA | 8425000 | 8425000 |
| *Total* |  |  |  |  |  |  | 54775000 |
| **Utilities 0.49%** |  |  |  |  |  |  |  |
| Development Authority of Appling County-Georgia Power Co | 4.000% | 10/1/2025 |  | 9/1/2041 | A | 8700000 | 8700000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.590% | 10/15/2025 |  | 6/15/2055 | AA+ | 5000000 | 5000000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 10/15/2025 |  | 6/15/2033 | AA+ | 1865000 | 1865000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 11/15/2025 |  | 6/15/2050 | AA+ | 8305000 | 8305000 |
| *Total* |  |  |  |  |  |  | 23870000 |
| *Total Variable Rate Demand Notes* (cost $78,645,000) | *Total Variable Rate Demand Notes* (cost $78,645,000) | *Total Variable Rate Demand Notes* (cost $78,645,000) | *Total Variable Rate Demand Notes* (cost $78,645,000) |  |  |  | 78645000 |

---

See Notes to Financial Statements. 99

**Schedule of Investments (continued)**

NATIONAL TAX FREE FUND *September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS 0.11%** |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $5,164,000 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $5,250,376; proceeds: $5,147,936<br> (cost $5,147,400) | $5147400 | $5147400 |
| *Total Short-Term Investments* (cost $83,792,400) |  | 83792400 |
| *Total Investments in Securities 102.59%* (cost $4,938,788,239) |  | 4928904563 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *(2.59)%* |  | 124513814 |
| *Net Assets 100.00%* |  | $4804390749 |

---

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| 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. |
| 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. |
| TCRS | Transferable Custodial Receipts. |
| TRIPS | Tax Refund Intercept Programs. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $345,291,435, which represents 7.19% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | Defaulted (non-income producing security). |
| <sup>(d)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(e)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(f)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(g)</sup> | 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. |
| <sup>(h)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Long Bond | December 2025 | 516 | Short | $(58607295) | $(60162375) | $(1555080) |

---

100 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

NATIONAL TAX FREE FUND *September 30, 2025*

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $4845112163 | $– | $4845112163 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 78645000 |  | 78645000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 5147400 | – | 5147400 |
| **Total** | $– | $4928904563 | $– | $4928904563 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (1555080) | – | – | (1555080) |
| **Total** | $(1555080) | $– | $– | $(1555080) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

<sup>(3)</sup> Includes Municipal Bonds held in Trust 2(e).

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, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.96%** |  |  |  |  |  |  |
| **CORPORATE BONDS 0.05%** |  |  |  |  |  |  |
| **Health Care Services 0.05%** |  |  |  |  |  |  |
| Care New England Health System <br> (cost $1,958,415) | 5.50% |  | 9/1/2026 | BB- | $2000000 | $1996800 |
| **MUNICIPAL BONDS 100.91%** |  |  |  |  |  |  |
| **Corporate-Backed 16.51%** |  |  |  |  |  |  |
| Arkansas Development Finance Authority-Big River Steel LLC AMT<sup>†</sup> | 4.50% |  | 9/1/2049 | BB+ | 26635000 | 25553534 |
| Arkansas Development Finance Authority-Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | 10550000 | 11343835 |
| Arkansas Development Finance Authority-Hybar LLC AMT<sup>†</sup> | 7.375% |  | 7/1/2048 | NR | 16800000 | 18230029 |
| Arkansas Development Finance Authority-United States Steel Corp AMT | 5.45% |  | 9/1/2052 | BB+ | 5500000 | 5498813 |
| Arkansas Development Finance Authority-US Steel Corp AMT | 5.70% |  | 5/1/2053 | BB+ | 17250000 | 17521889 |
| Avenir Community Development District FL 5.375% |  |  | 5/1/2043 | NR | 3230000 | 3267914 |
| Avenir Community Development District FL 5.625% |  |  | 5/1/2054 | NR | 3830000 | 3868885 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 6/1/2055 | BB | 11250000 | 11516277 |
| Boggy Creek Improvement District FL | 5.125% |  | 5/1/2043 | NR | 1775000 | 1793680 |
| Boggy Creek Improvement District FL | 5.375% |  | 5/1/2053 | NR | 4300000 | 4322631 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 3800000 | 3842210 |
| California Infrastructure & Economic Development Bank-Desertxpress Enterprises LLC AMT<sup>†</sup> | &nbsp;&nbsp;9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 43500000 | 39843486 |
| City of Henderson-Pratt Paper LLC KY AMT<sup>†</sup> | 4.70% |  | 1/1/2052 | NR | 5500000 | 5120469 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 4.00% |  | 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB <sup>(c)</sup> | 4475000 | 4068133 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 15040000 | 15044157 |
| City of Valparaiso-Pratt Paper LLC AMT IN<sup>†</sup> | 5.00% |  | 1/1/2054 | NR | 7775000 | 7550544 |
| Crosswinds East Community Development District FL | 5.50% |  | 5/1/2044 | NR | 1000000 | 1009166 |
| Crosswinds East Community Development District FL | 5.75% |  | 5/1/2054 | NR | 1500000 | 1510125 |

---

102 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Downtown Doral South Community Development District FL<sup>†</sup> | 4.75% |  | 12/15/2038 | NR | $625000 | $629402 |
| East Nassau Stewardship District Special Assessment 2025 FL | 6.25% |  | 5/1/2056 | NR | 11700000 | 12036070 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(b)</sup> | 7/1/2032 | NR | 9000000 | 9091947 |
| Gas Worx Community Development District-Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 5.75% |  | 5/1/2045 | NR | 1000000 | 1014799 |
| Gas Worx Community Development District-Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | 6.00% |  | 5/1/2057 | NR | 2250000 | 2279871 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | 5.25% |  | 12/1/2044 | NR | 8000000 | 7693834 |
| Greater Orlando Aviation Authority-JetBlue Airways Corp FL | 5.00% |  | 11/15/2036 | NR | 5570000 | 5570033 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.60% |  | 5/1/2044 | NR | 1840000 | 1873187 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | 5.875% |  | 5/1/2055 | NR | 5500000 | 5579569 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 5.75% |  | 10/1/2049 | BB+ | 17770000 | 17960127 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(b)</sup> | 9/1/2042 | NR | 10000000 | 11101739 |
| Indiana Finance Authority-United States Steel Corp AMT | 6.75% |  | 5/1/2039 | BB+ | 3500000 | 3891636 |
| Industrial Development Board of The City of Kingsport Tennessee-Domtar Paper Co LLC TN AMT<sup>†</sup> | 5.25% | <sup>#(b)</sup> | 12/1/2054 | B1 | 5000000 | 5082070 |
| Iowa Finance Authority-Howmet Aerospace Inc | 4.75% |  | 8/1/2042 | BBB+ | 14780000 | 14634767 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 12/1/2053 | Ba1 | 12500000 | 12646710 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH AMT<sup>†</sup> | 3.50% |  | 12/1/2051 | Ba1 | 9450000 | 7174724 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 5.875% |  | 5/1/2045 | NR | 2800000 | 2777135 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | 6.125% |  | 5/1/2056 | NR | 4315000 | 4292112 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | 6.00% |  | 5/1/2056 | NR | 3565000 | 3639427 |

---

See Notes to Financial Statements. 103

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | 6.50% | <sup>#(b)</sup> | 10/1/2053 | NR | $3745000 | $3941416 |
| Louisiana Public Facilities Authority-Waste Pro USA Inc AMT<sup>†</sup> | 6.75% | <sup>#(b)</sup> | 10/1/2053 | NR | 2000000 | 2117720 |
| Maryland Economic Development Corp.<sup>(d)</sup> | 5.00% |  | 12/1/2016 | NR | 3430000 | 2298100 |
| Miami-Dade County Industrial Development Authority-CFC MB I LLC FL<sup>†</sup> | 6.25% |  | 1/1/2059 | NR | 8000000 | 8002140 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 12055000 | 12069444 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 4.75% |  | 12/1/2054 | BBB | 15810000 | 14635333 |
| Mobile County Industrial Development Authority-AM/NS Calvert LLC AL AMT | 5.00% |  | 6/1/2054 | BBB | 19065000 | 18361280 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.875% |  | 11/1/2042 | B- | 17000000 | 15714616 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 12155000 | 12171734 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% |  | 6/1/2033 | BB+ | 6960000 | 6971421 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 10335000 | 7839774 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 3400000 | 3401072 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 11700000 | 11700042 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 5100000 | 5105497 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.375% |  | 11/15/2040 | NR | 5000000 | 5000883 |
| New York Liberty Development Corp.-7 World Trade Center II LLC | 3.125% |  | 9/15/2050 | Aaa | 2500000 | 1864484 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 680000 | 680143 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 32495000 | 32501073 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 10/1/2035 | Baa2 | 10500000 | 10974436 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 13000000 | 11839415 |
| Normandy Community Development District Assessment Area One FL<sup>†</sup> | 5.55% |  | 5/1/2054 | NR | 2475000 | 2372741 |

---

104 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Ohio Air Quality Development Authority-AMG Vanadium LLC AMT<sup>†</sup> | 5.00% |  | 7/1/2049 | B3 | $33290000 | $30507109 |
| Parish of Beauregard-OfficeMax Inc LA | 6.80% |  | 2/1/2027 | NR | 5000000 | 5011154 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 6/1/2038 | BB+ | 6375000 | 6897295 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/2040 | BB+ | 2750000 | 2977065 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 7/1/2040 | BB+ | 5000000 | 5431513 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.35% |  | 10/1/2040 | BB+ | 7690000 | 8353263 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% |  | 9/1/2045 | NR | 1375000 | 1251565 |
| Pennsylvania Economic Development Financing Authority-New NGC Inc AMT | 5.50% |  | 11/1/2044 | NR | 1000000 | 1000215 |
| Polk County Industrial Development Authority-Mineral Development LLC FL<sup>†(d)</sup> | 5.875% |  | 1/1/2033 | NR | 7020000 | 3861000 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.125% |  | 1/1/2044 | NR | 1500000 | 1447868 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 5.25% |  | 1/1/2054 | NR | 19750000 | 18812205 |
| Prairie Center Metropolitan District No. 3 CO GO | 5.875% |  | 12/15/2046 | NR | 3125000 | 3261310 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.25% |  | 7/1/2054 | NR | 28335000 | 23591877 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.00% |  | 7/1/2042 | BBB+ | 11000000 | 11000266 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 3180000 | 3180522 |
| Savannah Georgia Convention Center Authority | 5.25% |  | 6/1/2061 | BBB- | 1200000 | 1195440 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 6.25% |  | 6/1/2061 | NR | 6250000 | 6261333 |
| Southwestern Illinois Development Authority-United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | 2500000 | 2500697 |
| Spring Valley Community Infrastructure District No. 1 ID<sup>†</sup> | 6.25% |  | 9/1/2053 | NR | 7000000 | 7124377 |
| State of Nevada Department of Business & Industry-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 13750000 | 12571897 |
| Town of Rumford-OfficeMax Inc ME | 6.875% |  | 10/1/2026 | NR | 1500000 | 1503353 |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 12/1/2035 | NR | 2700000 | 2700678 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2040 | B+ | 3900000 | 4340463 |

---

See Notes to Financial Statements. 105

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Village Community Development District No 15 Series 2024 Special Assessment FL<sup>†</sup> | 4.80% |  | 5/1/2055 | NR | $4250000 | $4038119 |
| Virginia Small Business Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 1/1/2048 | B- | 3150000 | 2961406 |
| West Pace Cooperative District AL<sup>(d)</sup> | 9.125% |  | 5/1/2039 | NR | 13770000 | 6885000 |
| West Virginia Economic Development Authority-Core Natural Resources Inc AMT<sup>†</sup> | &nbsp;&nbsp;5.45% | <sup>#(b)</sup> | 1/1/2055 | NR | 5300000 | 5531153 |
| *Total* |  |  |  |  |  | 683635843 |
| **Education 9.77%** |  |  |  |  |  |  |
| Arizona Industrial Development Authority-Academies of Math & Science Obligated Group<sup>†</sup> | 5.625% |  | 7/1/2048 | BB+ | 2235000 | 2214171 |
| Arizona Industrial Development Authority-Academies of Math & Science Obligated Group<sup>†</sup> | 5.75% |  | 7/1/2053 | BB+ | 3000000 | 2974935 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.875% |  | 6/15/2065 | Ba2 | 7250000 | 7303582 |
| Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% |  | 6/1/2052 | BB | 1250000 | 1228423 |
| Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% |  | 6/1/2062 | BB | 3750000 | 3620277 |
| California Infrastructure & Economic Development Bank<sup>(e)</sup> | 5.25% |  | 5/15/2059 | AA | 4560000 | 4879396 |
| California Municipal Finance Authority-California Baptist University<sup>†</sup> | 5.625% |  | 11/1/2054 | NR | 500000 | 506394 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.625% |  | 3/1/2045 | B+ | 11500000 | 10388776 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 6.20% |  | 6/15/2054 | BB | 2650000 | 2763265 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 6.375% |  | 6/15/2064 | BB | 5000000 | 5235083 |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% |  | 6/15/2062 | BBB | 2535000 | 2622337 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2039 | NR | 1950000 | 1862106 |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 5.00% |  | 6/15/2049 | NR | 9815000 | 8738216 |

---

106 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Capital Trust Agency, Inc.-Southeastern University Obligated Group FL<sup>†</sup> | 6.375% | 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB | $6150000 | $6214497 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 5.625% | 6/15/2044 | BB | 815000 | 820798 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 6.00% | 6/15/2054 | BB | 1155000 | 1167556 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 6.125% | 6/15/2060 | BB | 800000 | 809179 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2048 | A <sup>(c)</sup> | 8500000 | 8845455 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2043 | BB+ | 2975000 | 2389876 |
| Chicago Board of Education IL GO | 4.00% | 12/1/2047 | BB+ | 35665000 | 27267226 |
| City of Jacksonville-Jacksonville University FL<sup>†</sup> | 5.00% | 6/1/2053 | NR | 6500000 | 5363133 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.00% | 8/1/2044 | NR | 1000000 | 1021797 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.25% | 8/1/2049 | NR | 1195000 | 1222087 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 6.25% | 8/1/2056 | NR | 2000000 | 2031635 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.875% | 1/1/2049 | NR | 1450000 | 1427199 |
| Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD) | 5.25% | 2/15/2049 | Aaa | 8015000 | 8382506 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.75% | 4/1/2059 | BB | 2250000 | 2171303 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 5.80% | 4/1/2054 | BB | 3200000 | 3139662 |
| Columbus-Franklin County Finance Authority-Ohio Dominican University | 6.50% | 3/1/2048 | NR | 4830000 | 3151518 |
| Columbus-Franklin County Finance Authority-Ohio Dominican University | 6.50% | 3/1/2053 | NR | 3500000 | 2219245 |
| County of Tuscarawas-Ashland University OH | 6.00% | 3/1/2045 | NR | 5000000 | 4806966 |
| Development Authority of Cobb County-MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2055 | BB+ | 2655000 | 2709880 |
| Development Authority of Cobb County-MT Bethel Christian Academy Inc GA<sup>†</sup> | 6.25% | 6/1/2064 | BB+ | 2150000 | 2179424 |
| Development Authority of The City of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2047 | Ba3 | 3480000 | 2995964 |

---

See Notes to Financial Statements. 107

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | Ba3 | $13000000 | $12362700 |
| District of Columbia-Catholic University of America/The | 5.75% | 10/1/2055 | A- | 5000000 | 5295013 |
| Florida Development Finance Corp.-Renaissance Charter School Inc<sup>†</sup> | 6.75% | 6/15/2053 | NR | 8000000 | 8375069 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2020C/D Obligated Group<sup>†</sup> | 5.00% | 9/15/2040 | NR | 1505000 | 1403619 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.00% | 6/15/2055 | Ba1 | 2600000 | 2628239 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 6.125% | 6/15/2050 | Ba1 | 2600000 | 2669442 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 5.00% | 6/1/2048 | NR | 9000000 | 7707777 |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 6.25% | 7/1/2055 | BB+ | 47500000 | 47235349 |
| Illinois Finance Authority-Benedictine University | 5.00% | 10/1/2038 | BB | 3700000 | 3154345 |
| Illinois Finance Authority-DePaul College Prep<sup>†</sup> | 5.50% | 8/1/2043 | BB+ | 1360000 | 1410710 |
| Illinois Finance Authority-DePaul College Prep<sup>†</sup> | 5.625% | 8/1/2053 | BB+ | 4500000 | 4583413 |
| Illinois Finance Authority-Illinois Institute of Technology<sup>†</sup> | 5.875% | 9/1/2046 | BB+ | 9250000 | 9187325 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2045 | BB+ | 7200000 | 6807875 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.25% | 10/1/2040 | BBB- | 2000000 | 2069413 |
| Iowa Higher Education Loan Authority-University of Dubuque | 6.00% | 10/1/2055 | BBB- | 3775000 | 3947286 |
| Louisiana Public Facilities Authority-Acadiana Renaissance Charter Academy<sup>†</sup> | 6.00% | 6/15/2059 | NR | 2200000 | 2198728 |
| Louisiana Public Facilities Authority-Lafayette Renaissance Charter Academy<sup>†</sup> | 6.375% | 6/15/2053 | NR | 8000000 | 8070868 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.25% | 7/1/2044 | NR | 3490000 | 3538510 |

---

108 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.50% | 7/1/2054 | NR | $5660000 | $5713044 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.625% | 7/1/2059 | NR | 3125000 | 3163471 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 6.75% | 7/1/2063 | NR | 1000000 | 1015849 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.25% | 10/1/2040 | NR | 3000000 | 2500293 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.50% | 10/1/2051 | NR | 7915000 | 6085702 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 10/1/2043 | Baa3 | 15915000 | 14899894 |
| Massachusetts Development Finance Agency-Suffolk University | 5.25% | 7/1/2055 | Baa3 | 3000000 | 2971524 |
| Massachusetts Development Finance Agency-Suffolk University | 6.00% | 7/1/2050 | Baa3 | 1000000 | 1068426 |
| Massachusetts School Building Authority | 3.00% | 8/15/2050 | AA+ | 5000000 | 3731885 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board-Lipscomb University Obligated Group TN | 5.25% | 10/1/2058 | BBB- | 2255000 | 2126107 |
| Middlesex County Improvement Authority-Rutgers The State University of New Jersey<sup>(e)</sup> | 5.00% | 8/15/2053 | Aa3 | 15000000 | 15570781 |
| New York St Dorm Auth Revenues Nyshgr<sup>(e)</sup> | 5.25% | 7/1/2055 | AA- | 14750000 | 15531699 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2042 | BBB- | 3725000 | 3727324 |
| Ohio Higher Educational Facility Commission-Xavier University | 5.25% | 5/1/2049 | Baa1 | 2805000 | 2851658 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.25% | 6/15/2065 | BBB- | 2000000 | 1899951 |
| Public Finance Authority-Triad Math & Science Academy Co WI | 5.50% | 6/15/2055 | BBB- | 1050000 | 1052549 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2034 | BB+ | 2610000 | 2671362 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2039 | BB+ | 8250000 | 8257505 |
| Public Finance Authority-Wingate University WI | 5.25% | 10/1/2043 | BBB- | 2000000 | 1939879 |

---

See Notes to Financial Statements. 109

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2054 | NR | $4790000 | $4287481 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2059 | NR | 1050000 | 925705 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2064 | NR | 2580000 | 2243990 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.75% |  | 6/15/2058 | NR | 19000000 | 18878117 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.25% |  | 7/1/2059 | BBB | 2250000 | 2418471 |
| Washington State Housing Finance Commission-Seattle Academy of Arts & Sciences<sup>†</sup> | 6.375% |  | 7/1/2063 | BBB | 1525000 | 1645125 |
| *Total* |  |  |  |  |  | 404497340 |
| **General Obligation 7.55%** |  |  |  |  |  |  |
| American Samoa Economic Development Authority | 6.625% |  | 9/1/2035 | Ba3 | 2275000 | 2279367 |
| American Samoa Economic Development Authority<sup>†</sup> | 7.125% |  | 9/1/2038 | Ba3 | 7020000 | 7463528 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 1/1/2054 | Baa1 | 5500000 | 5870599 |
| Chicago Board of Education IL GO | 4.00% |  | 12/1/2041 | BB+ | 11150000 | 9331219 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 9515000 | 9656331 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 4000000 | 3969002 |
| Chicago Board of Education IL GO | 5.75% |  | 12/1/2050 | BB+ | 10000000 | 9838498 |
| Chicago Board of Education IL GO | 5.875% |  | 12/1/2047 | BB+ | 6750000 | 6793885 |
| Chicago Board of Education IL GO | 6.00% |  | 12/1/2049 | BB+ | 4875000 | 4970952 |
| Chicago Board of Education IL GO | 6.25% |  | 12/1/2050 | BB+ | 9500000 | 9903311 |
| Chicago Board of Education IL GO | 6.50% |  | 12/1/2046 | BB+ | 5000000 | 5046152 |
| Chicago Board of Education IL GO<sup>†</sup> | 6.75% |  | 12/1/2030 | BB+ | 2000000 | 2112516 |
| Chicago Board of Education IL GO | 7.00% |  | 12/1/2044 | BB+ | 13895000 | 13899067 |
| Chicago Board of Education IL GO<sup>†</sup> | 7.00% |  | 12/1/2046 | BB+ | 6560000 | 6682410 |
| City of Chicago IL GO | 6.00% |  | 1/1/2050 | BBB | 8500000 | 8854390 |
| City of Horace ND GO | 4.50% |  | 5/1/2039 | Baa3 | 1250000 | 1254231 |
| City of Horace ND GO | 5.00% |  | 5/1/2050 | Baa3 | 1350000 | 1328054 |

---

110 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |  |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(b)</sup> | 11/1/2043 | NR | $10923633 | $7236907 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2041 | NR | 19219000 | 17229422 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 47246156 | 40833799 |
| County of Pasco-State of Florida Cigarette Tax Revenue (AG) | 5.75% |  | 9/1/2054 | AA | 2000000 | 2134903 |
| Grant County Public Hospital District No. 1 WA GO | 5.125% |  | 12/1/2052 | Baa2 | 4750000 | 4710348 |
| Grapevine Wash Local District-Grapevine Wash Local District Residential Facilities Fee Revenue UT GO<sup>†</sup> | 6.00% |  | 3/1/2055 | NR | 17335000 | 15976116 |
| Idaho Falls Auditorium District COPS<sup>†</sup> | 5.25% |  | 5/15/2051 | NR | 16700000 | 15708541 |
| Metropolitan Government Nashville & Davidson County Sports Authority TN (AG) | 5.25% |  | 7/1/2048 | AA | 3975000 | 4171501 |
| Mida Cormont Public Infrastructure District UT GO<sup>†</sup> | Zero Coupon |  | 6/1/2055 | NR | 4850000 | 4035491 |
| Mida Cormont Public Infrastructure District UT GO<sup>†</sup> | 6.25% |  | 6/1/2055 | NR | 2000000 | 2086055 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 3.00% |  | 3/15/2049 | Aa1 | 10000000 | 7405044 |
| Pennsylvania Economic Development Financing Authority-Commonwealth of Pennsylvania Department of Transportation AMT | 6.00% |  | 6/30/2061 | Baa2 | 23480000 | 24653063 |
| State of Illinois GO | 5.25% |  | 5/1/2045 | A- | 2500000 | 2605588 |
| State of Illinois GO | 5.50% |  | 5/1/2039 | A- | 8280000 | 8792348 |
| State of Illinois GO | 5.50% |  | 10/1/2039 | A- | 4000000 | 4348666 |
| State of Illinois GO | 5.50% |  | 3/1/2042 | A- | 5250000 | 5592456 |
| State of Illinois GO | 5.50% |  | 3/1/2047 | A- | 15270000 | 15980765 |
| State of Illinois GO | 5.50% |  | 5/1/2047 | A- | 6000000 | 6283241 |
| STC Metropolitan District No. 2 CO GO<sup>†</sup> | 6.25% |  | 12/1/2055 | NR | 6500000 | 6608695 |
| University City Industrial Development Authority MO | 4.875% |  | 6/15/2036 | NR | 1060000 | 1072995 |
| University City Industrial Development Authority MO | 5.50% |  | 6/15/2042 | NR | 6000000 | 5968076 |
| *Total* |  |  |  |  |  | 312687532 |
| **Health Care 26.11%** |  |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% |  | 3/1/2041 | BBB | 4000000 | 3841245 |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% |  | 3/1/2046 | BBB | 3300000 | 2998464 |

---

See Notes to Financial Statements. 111

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB | $1000000 | $1004144 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.625% | 5/1/2054 | NR | 13750000 | 15252445 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2049 | BBB | 5195000 | 5212481 |
| Astoria Hospital Facilities Authority-Columbia Lutheran Charities Obligated Group OR | 5.25% | 8/1/2054 | BBB | 8350000 | 8345617 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(d)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 1140000 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(d)</sup> | 6.75% | 1/1/2035 | NR | 1500000 | 855000 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(d)</sup> | 7.00% | 1/1/2040 | NR | 4000000 | 2280000 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 23200000 | 16419647 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 43616000 | 39491798 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 3253832 | 3404515 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 6493734 | 6414183 |
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville Obligated Group PA | 4.00% | 7/1/2046 | BBB+ | 24575000 | 21489068 |
| Bucks County Industrial Development Authority-Grand View Hospital/Sellersville PA Obligated Group PA | 5.00% | 7/1/2054 | BBB+ | 1000000 | 975635 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 4.00% | 7/1/2045 | B- | 2880000 | 2354300 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B- | 11020000 | 10542367 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% | 12/1/2055 | BBB <sup>(c)</sup> | 5000000 | 5055837 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 3.00% | 2/1/2046 | BBB+ | 5000000 | 3650332 |

---

<br> 112 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% | 11/1/2027 | B | $2435000 | $2298093 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 10.00% | 5/15/2028 | NR | 6500000 | 6725629 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 12.00% | 5/15/2028 | NR | 1000000 | 1072330 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.50% | 6/1/2055 | NR | 2840000 | 2913389 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.625% | 6/1/2065 | NR | 8750000 | 8987650 |
| California Public Finance Authority-QSH/MB LLC<sup>†</sup> | 6.75% | 7/1/2065 | NR | 14815000 | 15721826 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% | 12/1/2048 | BB | 4080000 | 4039616 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2041 | BB | 1700000 | 1700638 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2046 | BB | 6000000 | 5679527 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB | 12840000 | 12839716 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2056 | BB | 36625000 | 35352666 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 13695000 | 13694189 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB | 37035000 | 36957452 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.125% | 1/1/2065 | NR | 6250000 | 6209607 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 7.25% | 1/1/2055 | NR | 4000000 | 4060725 |
| Capital Trust Authority-Convivial St Petersburg LLC FL<sup>†</sup> | 12.00% | 10/3/2029 | NR | 6000000 | 6146455 |

---

<br> See Notes to Financial Statements. 113

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 5.00% | 11/1/2037 | BB- <sup>(c)</sup> | $4000000 | $3655590 |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 5.00% | 11/1/2046 | BB- <sup>(c)</sup> | 4150000 | 3445012 |
| City of Blaine-Crest View Obligated Group MN<sup>(d)</sup> | 6.125% | 7/1/2050 | NR | 4468580 | 2457719 |
| City of Colby KS-Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 7400000 | 7411082 |
| City of Fruita Healthcare Revenue-Lower Valley Hospital Association Obligated Group CO<sup>†</sup> | 5.50% | 1/1/2048 | NR | 16350000 | 15593909 |
| City of Jacksonville-Genesis Health Inc Obligated Group FL | 5.00% | 11/1/2050 | A- | 6635000 | 6495920 |
| City of Wichita-Presbyterian Manors Obligated Group KS | 5.75% | 5/15/2045 | NR | 2000000 | 1914339 |
| County of Cuyahoga-MetroHealth System OH | 5.50% | 2/15/2057 | Baa2 | 4900000 | 4889999 |
| County of Howard-Columbia Vantage House Corp MD | 5.00% | 4/1/2044 | NR | 1955000 | 1724849 |
| County of Howard-Columbia Vantage House Corp MD | 5.00% | 4/1/2046 | NR | 7000000 | 6090716 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 2765000 | 2771616 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2044 | BB+ | 15000000 | 14424923 |
| County of Okaloosa-AIR Force Enlisted Village Inc Obligated Group FL<sup>†(f)</sup> | 5.75% | 5/15/2060 | NR | 1685000 | 1698078 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.75% | 12/1/2052 | NR | 16600000 | 17146995 |
| County of Wilson-Wilson County Hospital KS | 5.60% | 9/1/2036 | NR | 3530000 | 3082031 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2046 | NR | 2225000 | 2231451 |
| Crawford County Hospital Authority-Meadville Medical Center Obligated Group PA | 6.00% | 6/1/2051 | NR | 2600000 | 2603600 |
| Denver Health & Hospital Authority CO | 5.25% | 12/1/2045 | BBB | 3700000 | 3706938 |
| Denver Health & Hospital Authority CO | 6.00% | 12/1/2055 | BBB | 1250000 | 1340609 |

---

<br> 114 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.375% | 7/1/2039 | NR | $2000000 | $2169476 |
| Duluth Economic Development Authority-Essentia Health Obligated Group MN | 5.25% | 2/15/2058 | A- | 12000000 | 12064721 |
| Duluth Economic Development Authority-St Luke's Hospital of Duluth Obligated MN | 5.25% | 6/15/2052 | AA- | 5500000 | 5701065 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.75% | 11/15/2055 | NR | 3000000 | 3092093 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 6.875% | 11/15/2064 | NR | 6000000 | 6194344 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2036 | NR | 1500000 | 1186079 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 5.00% | 11/15/2040 | NR | 3000000 | 2218641 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2049 | BB+ | 7500000 | 8301029 |
| Grays Harbor County Public Hospital District No. 1 WA | 6.875% | 12/1/2053 | BB+ | 8000000 | 8796290 |
| Holmes County Hospital Corp. FL<sup>(d)</sup> | 5.75% | 11/1/2026 | NR | 2775000 | 2721819 |
| Holmes County Hospital Corp. FL | 6.00% | 11/1/2038 | NR | 7115000 | 6145190 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 7.00% | 11/1/2048 | NR | 8000000 | 8493187 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 7.125% | 11/1/2057 | NR | 7000000 | 7455112 |
| Industrial Development Authority of the County of Pima-La Posada at Park Centre Inc Obligated Group AZ<sup>†</sup> | 6.875% | 11/15/2052 | NR | 4000000 | 4206347 |
| Industrial Development Authority of the County of Pima-La Posada at Park Centre Inc Obligated Group AZ<sup>†</sup> | 7.00% | 11/15/2057 | NR | 5500000 | 5806898 |
| Jefferson County Public Hospital District No. 2 WA | 6.875% | 12/1/2053 | NR | 10000000 | 10238032 |
| King County Public Hospital District No. 4 WA | 6.25% | 12/1/2045 | NR | 4000000 | 3999921 |
| King County Public Hospital District No. 4 WA<sup>(f)</sup> | 7.00% | 12/1/2060 | NR | 25200000 | 25482479 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 6.375% | 12/1/2049 | NR | 4495000 | 4300811 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 6.625% | 12/1/2056 | NR | 6125000 | 5914699 |

---

<br> See Notes to Financial Statements. 115

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority-St James Place of Baton Rouge Obligated Group | 6.25% | 11/15/2045 | NR | $6100000 | $5982568 |
| Magnolia West Community Development District FL | 5.35% | 5/1/2037 | NR | 180000 | 181238 |
| Maryland Health & Higher Educational Facilities Authority<sup>(e)</sup> | 5.00% | 7/1/2054 | A+ | 4230000 | 4371976 |
| Maryland Health & Higher Educational Facilities Authority<sup>(e)</sup> | 5.25% | 7/1/2054 | A+ | 4300000 | 4444119 |
| Massachusetts Development Finance Agency-Beth Israel Lahey Health Obligated Group (AG) | 5.50% | 7/1/2055 | AA | 12000000 | 12800368 |
| Massachusetts Development Finance Agency-Care Communities LLC Obligated Group MA<sup>†</sup> | 6.50% | 7/15/2060 | NR | 16500000 | 16588887 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 4.00% | 7/1/2044 | BBB- | 10920000 | 9280847 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% | 7/1/2044 | BBB- | 3000000 | 2914704 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 8.50% | 10/1/2026 | BBB- | 8905000 | 8917060 |
| Michigan Finance Authority Provident Group-HFH Energy LLC | 5.50% | 2/28/2049 | A3 | 1100000 | 1156569 |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | 20000000 | 19605006 |
| Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA | 6.00% | 7/1/2045 | NR | 9250000 | 8804477 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 10760000 | 10842927 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 9820000 | 9802530 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 3705000 | 3802861 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 6.25% | 12/15/2038 | NR | 4045000 | 4172987 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2055 | NR | 2180000 | 2239106 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 6.50% | 10/1/2060 | NR | 1875000 | 1918804 |

---

<br> 116 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 6.50% | 7/1/2056 | NR | $19600000 | $18196077 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 1500000 | 1501981 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 3690000 | 2797231 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B- | 15500000 | 12510283 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 3000000 | 3028144 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 6500000 | 6803716 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 4.50% | 7/1/2052 | B- | 3490000 | 2905855 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | 8545000 | 7695810 |
| Norman Regional Hospital Authority-Norman Regional Hospital Authority Obligated Group OK | 4.00% | 9/1/2037 | CCC | 2960000 | 1998068 |
| Norman Regional Hospital Authority-Norman Regional Hospital Authority Obligated Group OK | 5.00% | 9/1/2045 | CCC | 1050000 | 866830 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% | 8/15/2038 | BB+ | 6015000 | 6107612 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% | 8/15/2048 | BB+ | 21795000 | 21802624 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.45% | 8/15/2028 | BB+ | 3000000 | 2960870 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2044 | NR | 1300000 | 1302172 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2052 | BB+ | 15000000 | 15053354 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.50% | 8/15/2057 | BB+ | 23690000 | 23742331 |
| Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY | 5.375% | 8/1/2054 | B+ <sup>(c)</sup> | 4000000 | 3321120 |
| Pennsylvania Higher Educational Facilities Authority-University of Pennsylvania Health System Obligated Group/The | 5.50% | 8/15/2055 | AA | 4150000 | 4469653 |

---

<br> See Notes to Financial Statements. 117

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 6.50% |  | 6/1/2045 | NR | $2485000 | $2465832 |
| Philadelphia Authority for Industrial Development-Greater Philadelphia Health Action Inc PA | 6.625% |  | 6/1/2050 | NR | 3415000 | 3372038 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group<sup>†</sup> | 5.125% |  | 6/1/2048 | NR | 7345000 | 6805764 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 4.625% |  | 6/1/2036 | NR | 4380000 | 4285504 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 7.25% |  | 12/1/2042 | NR | 8750000 | 8777759 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 7.50% |  | 12/1/2052 | NR | 8650000 | 8748726 |
| Public Finance Authority-Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 7.25% |  | 1/1/2061 | NR | 13000000 | 13832235 |
| Public Finance Authority-Proton International Alabama LLC WI<sup>†(d)</sup> | 6.85% |  | 10/1/2047 | NR | 3000000 | 300000 |
| Public Finance Authority-Proton Intl-Delray LLC WI<sup>†(d)</sup> | 6.85% |  | 11/1/2046 | NR | 2000000 | 1100000 |
| Public Finance Authority-QCF Behavioral Hospitals I Obligated Group WI<sup>†</sup> | Zero Coupon |  | 7/1/2064 | NR | 534160000 | 5893868 |
| Public Finance Authority-QCF Behavioral Hospitals I Obligated Group WI<sup>†</sup> | 7.50% |  | 7/1/2059 | NR | 13650000 | 15259556 |
| Public Finance Authority-RBS Evolution LLC WI<sup>†</sup> | 10.00% |  | 11/1/2038 | NR | 13100000 | 14711963 |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% |  | 9/1/2031 | BB- | 3000000 | 3014777 |
| Roanoke County Economic Development Authority-Friendship Foundation | 5.50% | <sup>#(b)</sup> | 9/1/2058 | NR | 10615000 | 10510663 |
| Shelby County Health Educational & Housing Facilities Board-Luke Inc Obligated Group TN | 5.75% |  | 10/1/2059 | NR | 11500000 | 7705093 |
| Skagit County Public Hospital District No. 1 WA | 5.50% |  | 12/1/2054 | Baa3 | 5680000 | 5801989 |
| South Carolina Jobs-Economic Development Authority-Beaufort Memorial Hospital Obligated Group | 5.50% |  | 11/15/2044 | BB | 2575000 | 2602558 |

---

<br> 118 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| South Carolina Jobs-Economic Development Authority-Beaufort Memorial Hospital Obligated Group | 5.75% | 11/15/2054 | BB | $5335000 | $5482030 |
| South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2042 | NR | 3815000 | 3388992 |
| South Carolina Jobs-Economic Development Authority-Hampton Regional Medical Center Obligated Group | 5.00% | 11/1/2046 | NR | 6070000 | 5221090 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.75% | 11/15/2029 | NR | 3500000 | 3500846 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 7.50% | 11/15/2053 | NR | 9000000 | 9476486 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 7.75% | 11/15/2058 | NR | 17600000 | 18748794 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% | 12/1/2043 | B <sup>(c)</sup> | 5025000 | 4530145 |
| Stamford Housing Authority-TJH Senior Living LLC Obligated Group CT | 6.25% | 10/1/2060 | NR | 1000000 | 985566 |
| Stamford Housing Authority-TJH Senior Living LLC Obligated Group CT | 6.50% | 10/1/2055 | NR | 2200000 | 2227880 |
| Tarrant County Cultural Education Facilities Finance Corp TX<sup>(e)</sup> | 5.00% | 7/1/2053 | A1 | 9550000 | 9706368 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.00% | 6/1/2041 | NR | 2225000 | 2188959 |
| Upper San Juan Health Service District Medical Center Revenue CO | 6.125% | 6/1/2046 | NR | 3015000 | 2921406 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2048 | BBB+ | 2060000 | 2236052 |
| West Virginia Hospital Finance Authority-Vandalia Health Inc Obligated Group | 6.00% | 9/1/2053 | BBB+ | 3250000 | 3505777 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.00% | 11/1/2047 | AA | 3325000 | 3400702 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2053 | AA | 2250000 | 2394362 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% | 11/1/2055 | AA | 2500000 | 2812336 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 6.50% | 11/1/2030 | NR | 5000000 | 5204279 |

---

<br> See Notes to Financial Statements. 119

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 7.25% | 11/1/2045 | NR | $5000000 | $5352416 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 7.50% | 11/1/2055 | NR | 12000000 | 12846035 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 7320000 | 7520414 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% | 9/15/2035 | NR | 2425000 | 2487972 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 5.625% | 7/1/2045 | NR | 8000000 | 7935089 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 6.00% | 7/1/2060 | NR | 2500000 | 2500856 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 6.625% | 7/1/2060 | NR | 4300000 | 4446885 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group | 5.50% | 2/15/2054 | A+ | 9750000 | 10330516 |
| Wisconsin Health & Educational Facilities Authority-Marshfield Clinic Health System Obligated Group (BAM) | 5.25% | 2/15/2054 | AA | 1250000 | 1318027 |
| Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.375% | 2/1/2048 | Ba2 | 4000000 | 3788302 |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | 5.75% | 8/15/2059 | BBB- <sup>(c)</sup> | 2380000 | 2420610 |
| *Total* |  |  |  |  | 1081258477 |
| **Housing 5.11%** |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% | 8/1/2050 | NR | 10630000 | 9827005 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 3.00% | 2/1/2057 | NR | 14310000 | 9577483 |
| California Community Housing Agency Summit at Sausalito Apartments<sup>†</sup> | 4.00% | 2/1/2050 | NR | 16345000 | 12241019 |

---

<br> 120 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.375% | 1/1/2055 | NR | $2500000 | $2406902 |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.50% | 1/1/2060 | NR | 2000000 | 1944774 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% | 6/1/2059 | NR | 17700000 | 16502991 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% | 6/1/2054 | NR | 15100000 | 14530528 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2038 | Baa3 | 1000000 | 1018080 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2040 | Baa3 | 1000000 | 996943 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2048 | Baa3 | 1350000 | 1286992 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2053 | Baa3 | 1770000 | 1662601 |
| Capital Projects Finance Authority-Provident Group-Continuum Properties LLC FL | 5.00% | 11/1/2058 | Baa3 | 1750000 | 1623952 |
| CMFA Special Finance Agency CA<sup>†</sup> | 4.00% | 12/1/2045 | NR | 9650000 | 7519835 |
| CSCDA Community Improvement Authority Dublin CA<sup>†</sup> | 4.00% | 2/1/2057 | NR | 4500000 | 3308626 |
| CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments CA<sup>†</sup> | 3.125% | 8/1/2056 | NR | 6500000 | 4770952 |
| CSCDA Community Improvement Authority Orange Portfolio CA<sup>†</sup> | 4.00% | 3/1/2057 | NR | 3500000 | 2517887 |
| CSCDA Community Improvement Authority Pasadena Portfolio CA<sup>†</sup> | 4.00% | 12/1/2056 | NR | 13250000 | 9993472 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% | 6/1/2047 | NR | 14640000 | 10099502 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% | 6/1/2057 | NR | 25980000 | 7734540 |
| Indiana Finance Authority-CHF-Tippecanoe LLC | 5.375% | 6/1/2064 | BBB- | 5450000 | 5480758 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.00% | 7/1/2054 | BBB- | 1445000 | 1433332 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.00% | 7/1/2059 | BBB- | 1400000 | 1376731 |
| Indiana Finance Authority-SFP-PUFW I LLC | 5.25% | 7/1/2064 | BBB- | 3975000 | 3993137 |

---

<br> See Notes to Financial Statements. 121

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 7.50% |  | 5/15/2053 | BBB <sup>(c)</sup> | $5750000 | $6367741 |
| Knox County Health Educational & Housing Facility Board-Provident Group-UTK Properties LLC TN (BAM) | 5.25% |  | 7/1/2049 | AA | 2500000 | 2580293 |
| Maryland Economic Development Corp. | 5.75% |  | 7/1/2053 | BBB- | 2000000 | 2088020 |
| Maryland Economic Development Corp. | 6.00% |  | 7/1/2058 | BBB- | 5000000 | 5276203 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.25% |  | 6/1/2060 | A | 3000000 | 3069829 |
| Massachusetts Development Finance Agency-PRG Medford Properties Inc | 5.25% |  | 6/1/2065 | A | 2125000 | 2171184 |
| New Hampshire Business Finance Authority<sup>†</sup> | 4.168% | <sup>#(b)</sup> | 1/20/2041 | NR | 2750000 | 2074555 |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | 4750000 | 4901874 |
| New Jersey Economic Development Authority-Provident Group-Rowan Properties LLC | 5.00% |  | 1/1/2048 | B1 | 500000 | 467805 |
| Palm Beach County School District-Lifespace Communities Inc Obligated Group FL | 7.50% |  | 5/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(c)</sup> | 1000000 | 1109175 |
| Palm Beach County School District-Lifespace Communities Inc Obligated Group FL | 7.625% |  | 5/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(c)</sup> | 2000000 | 2226327 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2053 | BBB- | 11540000 | 11543888 |
| Public Finance Authority-CHF-Manoa LLC WI<sup>†</sup> | 5.75% |  | 7/1/2063 | BBB- | 9870000 | 9729345 |
| Vail Home Partners Corp. CO<sup>†</sup> | 5.875% |  | 10/1/2055 | NR | 2500000 | 2527502 |
| Vail Home Partners Corp. CO<sup>†</sup> | 6.00% |  | 10/1/2064 | NR | 5250000 | 5316973 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 7.00% |  | 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB+ <sup>(c)</sup> | 8000000 | 8766243 |
| Washington State Housing Finance Commission-Provident Group-SH II Properties LLC (BAM)<sup>†</sup> | 5.25% |  | 7/1/2064 | AA | 2500000 | 2506738 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.00% |  | 7/1/2054 | BBB- | 2000000 | 1977868 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2044 | BBB- | 1350000 | 1411928 |

---

122 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2049 | BBB- | $1000000 | $1035818 |
| Washington State Housing Finance Commission-Provident Group-SH I Properties LLC | 5.50% |  | 7/1/2059 | BBB- | 2500000 | 2565532 |
| *Total* |  |  |  |  |  | 211562883 |
| **Lease Obligations 0.51%** |  |  |  |  |  |  |
| City of Charlotte NC | 3.00% |  | 6/1/2048 | AA+ | 12715000 | 9538128 |
| Kansas City Industrial Development Authority-City of Kansas City MO Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% |  | 6/1/2046 | NR | 2790000 | 2672108 |
| Kansas City Industrial Development Authority-City of Kansas City MO Historic Northeast Redevelopment Area MO<sup>†</sup> | 5.00% |  | 6/1/2054 | NR | 1525000 | 1407333 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.375% |  | 1/1/2043 | A- | 1175000 | 1175927 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% |  | 1/1/2052 | A- | 6500000 | 6504716 |
| *Total* |  |  |  |  |  | 21298212 |
| **Other Revenue 3.27%** |  |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% |  | 5/1/2042 | NR | 3425000 | 3406515 |
| Anson Education Facilities Corp.-Arlington Classics Academy TX | 5.00% |  | 8/15/2045 | BBB- | 2250000 | 2193377 |
| Arizona Industrial Development Authority-Odyssey Preparatory Academy Inc<sup>†</sup> | 5.50% |  | 7/1/2052 | BB- | 2850000 | 2643487 |
| Arlington Higher Education Finance Corp.-Newman International Academy TX | 5.50% |  | 8/15/2046 | NR | 5000000 | 3957199 |
| Capital Trust Agency, Inc.-Educational Growth Fund FL<sup>†</sup> | 5.00% |  | 7/1/2056 | NR | 18350000 | 15893814 |
| Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2050 | NR | 10000000 | 8762220 |
| Chester County Industrial Development Authority-Collegium Charter School PA | 5.25% |  | 10/15/2047 | BB | 7210000 | 6464899 |
| Commonwealth of Puerto Rico | Zero Coupon | <sup>#(b)</sup> | 11/1/2051 | NR | 796127 | 269688 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(b)</sup> | 11/1/2051 | NR | 17025048 | 11513189 |
| County of Broward FL Convention Center Hotel Revenue<sup>(e)</sup> | 5.50% |  | 1/1/2055 | AA | 17000000 | 17902439 |

---

*See Notes to Financial Statements.* 123

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Florida Development Finance Corp.-Franklin Academy Series 2016 Obligated Group<sup>†</sup> | 5.00% | 7/15/2046 | NR | $4000000 | $3644803 |
| Florida Development Finance Corp.-Palm Bay Academy Inc<sup>†</sup> | Zero Coupon | 5/15/2037 | NR | 940000 | 9 |
| Florida Development Finance Corp.-Palm Bay Academy Inc<sup>†</sup> | 6.375% | 5/15/2037 | NR | 2575000 | 2329295 |
| Florida Development Finance Corp.-Palm Bay Academy Inc<sup>†</sup> | 6.375% | 5/15/2037 | NR | 1220000 | 122000 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2020C/D Obligated Group<sup>†</sup> | 5.00% | 9/15/2050 | NR | 3505000 | 3006691 |
| GDB Debt Recovery Authority of Puerto Rico | 7.50% | 8/20/2040 | NR | 362050 | 351145 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2046 | BB+ | 5130000 | 4806120 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</sup> | 5.00% | 7/1/2049 | NR | 6000000 | 4800000 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</sup> | 5.00% | 7/1/2055 | NR | 4000000 | 3200000 |
| Maryland Economic Development Corp.<sup>(d)</sup> | 5.00% | 12/1/2031 | NR | 10700000 | 7169000 |
| Maryland Economic Development Corp.<sup>(d)</sup> | 5.25% | 12/1/2031 | NR | 3000000 | 2010000 |
| Michigan Finance Authority-Bradford Academy | 4.30% | 9/1/2030 | NR | 650000 | 619195 |
| Michigan Finance Authority-Bradford Academy | 4.80% | 9/1/2040 | NR | 1845000 | 1545294 |
| Michigan Finance Authority-Bradford Academy | 5.00% | 9/1/2050 | NR | 3010000 | 2331853 |
| Michigan Public Educational Facilities Authority-Crescent Academy | 7.00% | 10/1/2036 | NR | 535000 | 535306 |
| Plymouth Educational Center Charter School MI | 5.375% | 11/1/2030 | NR | 1425000 | 712500 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% | 12/1/2044 | NR | 2500000 | 2486064 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.75% | 12/1/2054 | NR | 12000000 | 11890341 |
| Utah Charter School Finance Authority-Freedom Academy Foundation<sup>†</sup> | 5.375% | 6/15/2048 | NR | 5150000 | 4683994 |

---

124 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2058 | Baa1 | $2400000 | $1561585 |
| Washington State Convention Center Public Facilities District | 4.00% | 7/1/2058 | Baa1 | 6000000 | 4838102 |
| *Total* |  |  |  |  | 135650124 |
| **Pollution Control 0.30%** |  |  |  |  |  |
| Pennsylvania Economic Development Financing Authority-Noble Environmental Inc PA<sup>†</sup> | 6.875% | 9/1/2047 | NR | 12000000 | 12301676 |
| **Special Tax 4.37%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 10620000 | 10999867 |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 545000 | 545388 |
| Arborwood Community Development District FL | 6.90% | 5/1/2036 | NR | 25000 | 25014 |
| Babcock Ranch Community Independent Special District FL | 5.00% | 5/1/2053 | NR | 4000000 | 3783472 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.00% | 5/1/2044 | NR | 1375000 | 1352944 |
| Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL<sup>†</sup> | 5.25% | 5/1/2055 | NR | 2000000 | 1979438 |
| Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT<sup>†</sup> | 5.625% | 12/1/2053 | NR | 15435000 | 15476475 |
| Celebration Pointe Community Development District No. 1 FL<sup>(d)</sup> | 3.375% | 5/1/2041 | NR | 3970000 | 3176000 |
| Celebration Pointe Community Development District No. 1 FL<sup>(d)</sup> | 5.00% | 5/1/2048 | NR | 6555000 | 5244000 |
| City of North Las Vegas-City of North Las Vegas Special Improvement Dist No 67 Apex Moonwater West NV<sup>†</sup> | 6.50% | 6/1/2045 | NR | 6495000 | 6503771 |
| City of North Las Vegas-City of North Las Vegas Special Improvement Dist No 67 Apex Moonwater West NV<sup>†</sup> | 6.75% | 6/1/2055 | NR | 8440000 | 8456807 |
| County of Denton Green Meadows Public Improvement District Impt Area #1 TX<sup>†</sup> | 5.625% | 12/31/2055 | NR | 2725000 | 2780415 |

---

*See Notes to Financial Statements.* 125

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| County of Denton Green Meadows Public Improvement District Major Impt Area TX<sup>†</sup> | 5.875% | 12/31/2045 | NR | $2500000 | $2549380 |
| County of Denton Green Meadows Public Improvement District Major Impt Area TX<sup>†</sup> | 6.125% | 12/31/2055 | NR | 3100000 | 3171085 |
| Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2049 | NR | 4205000 | 4253506 |
| Grandview Industrial Development Authority MO Tax Allocation<sup>(d)</sup> | 5.75% | 12/1/2028 | NR | 1000000 | 640000 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 3585000 | 3276693 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.75% | 11/15/2047 | NR | 11095000 | 9541445 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% | 9/1/2037 | A+ | 3375000 | 3401771 |
| Lakewood Ranch Stewardship District FL | 6.30% | 5/1/2054 | NR | 4450000 | 4657167 |
| Mida Mountain Village Public Infrastructure District-Mountain Village Assessment Area No 2 UT<sup>†</sup> | 4.00% | 8/1/2050 | NR | 7845000 | 6562572 |
| Mida Mountain Village Public Infrastructure District UT<sup>†</sup> | 5.00% | 8/1/2050 | NR | 3500000 | 3386835 |
| Military Installation Development Authority UT | 4.00% | 6/1/2052 | NR | 10000000 | 8034974 |
| New York City Transitional Finance Authority<sup>(e)</sup> | 5.50% | 5/1/2052 | AAA | 11600000 | 12562660 |
| New York Transportation Dev. Corp.<sup>(e)</sup> | 6.00% | 6/30/2055 | Baa3 | 20000000 | 21205876 |
| New York Transportation Development Corp<sup>(e)</sup> | 6.00% | 6/30/2050 | Baa3 | 6500000 | 6922029 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2037 | NR | 875000 | 880874 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 5.00% | 9/1/2045 | NR | 6350000 | 6169874 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2041 | NR | 2000000 | 1898853 |
| Rocky Mountain Rail Park Metropolitan District CO GO<sup>†</sup> | 5.00% | 12/1/2051 | NR | 7020000 | 6300614 |
| Stone Canyon Community Improvement District MO<sup>(d)</sup> | 5.70% | 4/1/2022 | NR | 1485000 | 311850 |
| Tern Bay Community Development District FL | 5.375% | 5/1/2037 | NR | 330000 | 330259 |
| Town of Bridgeville-Heritage Shores Special Development District DE<sup>†</sup> | 5.625% | 7/1/2053 | NR | 3045000 | 3092856 |

---

126 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | $1230000 | $1241368 |
| Westview South Community Development District FL | 5.375% | 5/1/2043 | NR | 1000000 | 1009242 |
| Westview South Community Development District FL | 5.60% | 5/1/2053 | NR | 1840000 | 1854767 |
| Westview South Community Development District FL | 5.625% | 5/1/2053 | NR | 995000 | 1007591 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 6265000 | 6344976 |
| *Total* |  |  |  |  | 180932708 |
| **Tax Revenue 4.45%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.375% | 5/1/2042 | NR | 5200000 | 5215086 |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 1755000 | 1845424 |
| City of Garden City-City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1126241 |
| City of Reno-County of Washoe NV Sales Tax Revenue NV<sup>†</sup> | Zero Coupon | 7/1/2058 | NR | 20500000 | 3224105 |
| City of Reno-County of Washoe NV Sales Tax Revenue NV<sup>†</sup> | Zero Coupon | 7/1/2058 | NR | 18500000 | 2164724 |
| City of Sparks NV<sup>†</sup> | 2.75% | 6/15/2028 | Baa2 | 200000 | 196672 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 5.00% | 6/1/2033 | NR | 395000 | 412337 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 5.75% | 6/1/2043 | NR | 875000 | 912160 |
| County of Monongalia-Monongalia County Building Commission Development District No 4 WV Tax Allocation<sup>†</sup> | 6.00% | 6/1/2053 | NR | 1535000 | 1600929 |
| Dallas Area Rapid Transit TX | 3.00% | 12/1/2047 | AA+ | 5000000 | 3802562 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 6760000 | 7240977 |
| Downtown Revitalization Public Infrastructure District-City of Salt Lake City UT Revitalization Sales Tax Revenue UT (AG) | 5.50% | 6/1/2055 | AA | 4500000 | 4802058 |

---

*See Notes to Financial Statements.* 127

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Metropolitan Pier & Exposition Authority IL (NATL) | Zero Coupon | 12/15/2037 | A | $10000000 | $5979133 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | 860000 | 868208 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 6.00% | 6/15/2054 | NR | 4035000 | 4102633 |
| New York Liberty Development Corp. TCRS (BAM) | 3.00% | 2/15/2042 | AA | 4115000 | 3418667 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 3.00% | 3/15/2049 | Aa1 | 2505000 | 1842130 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue<sup>(e)</sup> | 5.25% | 3/15/2052 | Aa1 | 12610000 | 13281581 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 3965000 | 2984578 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 15225000 | 14584140 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 124000 | 118780 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 59706000 | 56193144 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 44960000 | 43458026 |
| Washington State Convention Center Public Facilities District | 3.00% | 7/1/2048 | Baa1 | 6710000 | 4812497 |
| *Total* |  |  |  |  | 184186792 |
| **Taxable Revenue-Water & Sewer 0.57%** |  |  |  |  |  |
| City of Chicago IL Waterworks Revenue<sup>(e)</sup> | 5.50% | 11/1/2062 | AA | 20290000 | 21389625 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% | 7/1/2047 | NR | 2500000 | 2108796 |
| *Total* |  |  |  |  | 23498421 |
| **Tobacco 6.49%** |  |  |  |  |  |
| Buckeye Tobacco Settlement Financing Authority OH | 5.00% | 6/1/2055 | NR | 102230000 | 87382830 |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | 26325000 | 6530985 |

---

128 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | $42500000 | $2549035 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2046 | NR | 4780000 | 1008046 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 21000000 | 2008205 |
| District of Columbia Tobacco Settlement Financing Corp. | Zero Coupon | 6/15/2055 | NR | 100000000 | 8531620 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2060 | NR | 30000000 | 1192965 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 240775000 | 25644199 |
| Inland Empire Tobacco Securitization Corp.-Inland Empire Tobacco Securitization Corp CA | Zero Coupon | 6/1/2036 | CCC | 19000000 | 9045784 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 47000000 | 3037135 |
| Michigan Tobacco Settlement Finance Authority | Zero Coupon | 6/1/2058 | NR | 93300000 | 2306842 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 6/1/2061 | NR | 22900000 | 986241 |
| Nassau County Tobacco Settlement Corp. NY | Zero Coupon | 6/1/2060 | NR | 50000000 | 2879015 |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3170000 | 2709746 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 3218190 | 3179344 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | Zero Coupon | 8/15/2060 | NR | 41035000 | 2896628 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 10000000 | 5533715 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 8000000 | 2875051 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 20000000 | 1768006 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 10000000 | 1934036 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 10000000 | 2407678 |

---

*See Notes to Financial Statements.* 129

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair <br> Value** |
| **Tobacco (continued)** |  |  |  |  |  |  |
| Tobacco Settlement Financing Corp. RI | Zero Coupon |  | 6/1/2052 | CCC- | $15885000 | $2258517 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 9500000 | 2321661 |
| Tobacco Settlement Financing Corp. VA | Zero Coupon |  | 6/1/2047 | CCC- | 110695000 | 27625753 |
| Tobacco Settlement Financing Corp. VA | 5.00% |  | 6/1/2047 | B- | 42235000 | 35966165 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2045 | CCC+ | 9670000 | 8500567 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 17835000 | 15520021 |
| *Total* |  |  |  |  |  | 268599790 |
| **Transportation 11.43%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2055 | BBB+ | 2875000 | 2959285 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 4.00% |  | 12/31/2047 | BB+ <sup>(c)</sup> | 5475000 | 4712832 |
| City & County of Denver-United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | 7300000 | 7302081 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2038 | Ba3 | 4250000 | 4563045 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2039 | Ba3 | 4700000 | 5009623 |
| City of Salt Lake City Airport Revenue UT AMT | 5.50% |  | 7/1/2053 | A+ | 2500000 | 2619707 |
| E-470 Public Highway Authority CO (NATL) | Zero Coupon |  | 9/1/2031 | A+ | 20000000 | 16885676 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(b)</sup> | 7/15/2059 | NR | 9000000 | 5613750 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 14.00% | <sup>#(b)</sup> | 7/15/2032 | NR | 16500000 | 10291875 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% |  | 1/15/2053 | A | 6235000 | 5499736 |
| Foothill-Eastern Transportation Corridor Agency CA (AGM-CR) | 3.50% |  | 1/15/2053 | AA | 5335000 | 4447493 |
| Greater Asheville Regional Airport Authority NC (AG) AMT | 5.25% |  | 7/1/2048 | AA | 1250000 | 1279914 |
| Greater Orlando Aviation Authority FL AMT 4.00% |  |  | 10/1/2049 | AA | 6370000 | 5649574 |
| Louisiana Public Facilities Authority-Calcasieu Bridge Partners LLC AMT | 5.75% |  | 9/1/2064 | Baa3 | 15905000 | 16335610 |

---

130 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Maryland Economic Development Corp.-City of Baltimore Port Covington Development District Tax Allocation | 4.00% | 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NR | $10000000 | $8313523 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.25% | 6/30/2047 | Baa3 | 2500000 | 2514149 |
| Metropolitan Nashville Airport Authority TN AMT | 5.50% | 7/1/2052 | A1 | 9400000 | 9790147 |
| Metropolitan Transportation Authority NY | 4.00% | 11/15/2050 | A | 5000000 | 4487338 |
| Metropolitan Transportation Authority NY<sup>(e)</sup> | 4.75% | 11/15/2045 | A | 14710000 | 14619280 |
| Metropolitan Transportation Authority NY<sup>(e)</sup> | 5.25% | 11/15/2055 | A | 7000000 | 7139469 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.625% | 1/1/2045 | NR | 8750000 | 9048398 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 34340000 | 34025793 |
| New York State Thruway Authority TCRS (BAM) | 3.00% | 1/1/2051 | AA | 5365000 | 4006649 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 8480000 | 8572322 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 13000000 | 13590546 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 9000000 | 9898266 |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% | 12/31/2060 | BBB- | 82500000 | 84271671 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2060 | Baa3 | 23185000 | 23410970 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% | 6/30/2054 | Baa3 | 21500000 | 22415575 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2041 | Baa2 | 5000000 | 4544817 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% | 1/1/2050 | Baa2 | 8730000 | 8729609 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 4.75% | 9/15/2041 | NR | 2930000 | 2741148 |
| Oklahoma Turnpike Authority<sup>(e)</sup> | 5.50% | 1/1/2054 | Aa3 | 5270000 | 5737973 |
| Oklahoma Turnpike Authority<sup>(e)</sup> | 5.50% | 1/1/2054 | Aa3 | 12500000 | 13611020 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue | 3.00% | 12/1/2051 | Aa3 | 5375000 | 3993414 |
| Port Authority of New York & New Jersey AMT | 5.50% | 8/1/2052 | AA- | 3500000 | 3682631 |

---

*See Notes to Financial Statements.* 131

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity<br> Date** | **Credit<br>Rating:<br>S&P or<br>Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Port of Portland Airport Revenue OR AMT | &nbsp;&nbsp;5.50% |  | 7/1/2048 | AA- | $6250000 | $6602617 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | &nbsp;&nbsp;6.25% |  | 9/1/2046 | NR | 1500000 | 1541615 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | &nbsp;&nbsp;7.00% |  | 9/1/2054 | NR | 5810000 | 6177194 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | &nbsp;&nbsp;5.75% |  | 6/30/2060 | Baa3 | 15000000 | 15434489 |
| Public Finance Authority-SR 400 Peach Partners LLC WI AMT | &nbsp;&nbsp;5.75% |  | 12/31/2065 | Baa3 | 32000000 | 32926909 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners LLC AMT | &nbsp;&nbsp;5.50% |  | 12/31/2058 | Baa1 | 2500000 | 2577755 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | &nbsp;&nbsp;6.25% |  | 12/1/2035 | B+ | 8175000 | 9357099 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | &nbsp;&nbsp;4.00% |  | 1/1/2048 | BBB | 7205000 | 6257531 |
| *Total* |  |  |  |  |  | 473190118 |
| **Utilities 4.47%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL<sup>(e)</sup> | &nbsp;&nbsp;5.00% |  | 10/1/2035 | A2 | 18500000 | 19326100 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 5/1/2055 | A1 | 6250000 | 6818936 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.50% | <sup>#(b)</sup> | 6/1/2049 | A2 | 9450000 | 10130855 |
| Black Belt Energy Gas District AL | &nbsp;&nbsp;5.50% | <sup>#(b)</sup> | &nbsp;&nbsp;11/1/2053 | A2 | 16335000 | 17427001 |
| California Community Choice Financing Authority | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | 5000000 | 5359047 |
| California Community Choice Financing Authority<sup>(e)</sup> | &nbsp;&nbsp;5.25% |  | 11/1/2054 | A2 | 14000000 | 15149410 |
| City of Baltimore MD<sup>(e)</sup> | &nbsp;&nbsp;5.25% |  | 7/1/2047 | AA- | 7195000 | 7578504 |
| City of Baltimore MD<sup>(e)</sup> | &nbsp;&nbsp;5.25% |  | 7/1/2052 | AA- | 12190000 | 12838010 |
| City of Compton Water Revenue CA | &nbsp;&nbsp;6.00% |  | 8/1/2039 | NR | 3710000 | 3796986 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | &nbsp;&nbsp;5.50% | <sup>#(b)</sup> | 4/1/2036 | NR | 16450000 | 16457605 |
| Energy Southeast A Cooperative District AL | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | 7/1/2054 | A1 | 6000000 | 6577662 |
| Energy Southeast A Cooperative District AL | &nbsp;&nbsp;5.75% | <sup>#(b)</sup> | 4/1/2054 | A1 | 7500000 | 8407478 |
| Main Street Natural Gas, Inc. GA | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 9/1/2052 | A3 | 2165000 | 2221591 |
| Patriots Energy Group Financing Agency SC | &nbsp;&nbsp;5.25% | <sup>#(b)</sup> | &nbsp;&nbsp;10/1/2054 | A1 | 15000000 | 16350093 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 7/1/2035 | NR | 1500000 | 1545798 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 7/1/2047 | NR | 20000000 | 19505350 |

---

132 See Notes to Financial Statements.

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br>**Rating:**<br>**S&P or**<br>**Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| Southeast Energy Authority A Cooperative District AL | Southeast Energy Authority A Cooperative District AL | 5.50% | <sup>#(b)</sup> | 1/1/2053 | A1 | $5000000 | $5431618 |
| VeVerk Industrial Regional Public Infrastructure Dist Industrial Park Project Area UT<sup>†</sup> | VeVerk Industrial Regional Public Infrastructure Dist Industrial Park Project Area UT<sup>†</sup> | 6.625% |  | 9/1/2047 | NR | 9750000 | 10132722 |
| *Total* |  |  |  |  |  |  | 185054766 |
| *Total Municipal Bonds* (cost $4,263,073,783) | *Total Municipal Bonds* (cost $4,263,073,783) |  |  |  |  |  | 4178354682 |
|  | **Interest**<br>**Rate**<sup>#</sup> | **Interest**<br>**Rate**<br>**Reset**<br>**Date**<sup>(g)</sup> |  | **Final<br>Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.28%** |  |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.25%** |  |  |  |  |  |  |  |
| **General Obligation 0.31%** |  |  |  |  |  |  |  |
| City of New York NY GO | 3.850% | 10/1/2025 |  | 10/1/2046 | AA | 3225000 | 3225000 |
| City of New York NY GO | 3.900% | 10/1/2025 |  | 4/1/2042 | AA | 8900000 | 8900000 |
| City of New York NY GO | 3.900% | 10/1/2025 |  | 4/1/2042 | AA | 835000 | 835000 |
| *Total* |  |  |  |  |  |  | 12960000 |
| **Pollution Control 0.03%** |  |  |  |  |  |  |  |
| Port of Port Arthur Navigation District-Motiva Enterprises LLC TX | 4.050% | 10/1/2025 |  | 4/1/2040 | BBB+ | 1000000 | 1000000 |
| **Tax Revenue 0.02%** |  |  |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 3.850% | 10/1/2025 |  | 11/1/2044 | AAA | 685000 | 685000 |
| **Utilities 0.89%** |  |  |  |  |  |  |  |
| Development Authority of Appling County-Georgia Power Co | 4.000% | 10/1/2025 |  | 9/1/2041 | A | 28630000 | 28630000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.590% | 10/15/2025 |  | 6/15/2055 | AA+ | 6325000 | 6325000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 10/15/2025 |  | 6/15/2050 | AA+ | 2000000 | 2000000 |
| *Total* |  |  |  |  |  |  | 36955000 |
| *Total Variable Rate Demand Notes* (cost $51,600,000) | *Total Variable Rate Demand Notes* (cost $51,600,000) |  |  |  |  |  | 51600000 |

---

*See Notes to Financial Statements.* 133

**Schedule of Investments (continued)**

HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount** | **Fair <br> Value** |
| **REPURCHASE AGREEMENTS 0.03%** |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $1,436,900 of U.S. Treasury Note at 4.500% due 4/15/2027; value: $1,483,965; proceeds: $1,454,829 <br> (cost $1,454,677) | $1454677 | $1454677 |
| *Total Short-Term Investments* (cost $53,054,677) |  | 53054677 |
| *Total Investments in Securities 102.24%* (cost $4,318,086,875) |  | 4233406159 |
| *Other Assets and Liabilities – Net (2.24)%* |  | (92619406) |
| *Net Assets 100.00%* |  | $4140786753 |

---

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by–Build America Mutual. |
| COPS | Certificates of Participation. |
| CR | Custodian Receipt. |
| GTD | Guaranteed. |
| NATL | Insured by-National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| PSF | Permanent School Fund. |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. |
| TCRS | Transferable Custodial Receipts. |
| TRIPS | Tax Refund Intercept Programs. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $1,450,944,500, which represents 35.04% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Defaulted (non-income producing security). |
| <sup>(e)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(f)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(g)</sup> | 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, 2025*

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $1996800 | $– | $1996800 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> |  | 4178354682 |  | 4178354682 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 51600000 |  | 51600000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1454677 | – | 1454677 |
| **Total** | $– | $4233406159 | $– | $4233406159 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

<sup>(3)</sup> Includes Municipal Bonds held in Trust 2(e).

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.* 135

**Schedule of Investments**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.74%** |  |  |  |  |  |  |
| **CORPORATE BONDS 0.07%** |  |  |  |  |  |  |
| **Health Care Services 0.07%** |  |  |  |  |  |  |
| Care New England Health System <br> (cost $1,468,811) | 5.50% |  | 9/1/2026 | BB- | $1500000 | $1497600 |
| **MUNICIPAL BONDS 96.67%** |  |  |  |  |  |  |
| **Airlines 0.24%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2026 | Baa2 | 2135000 | 2160606 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% |  | 10/1/2027 | Baa2 | 3440000 | 3530882 |
| *Total* |  |  |  |  |  | 5691488 |
| **Corporate-Backed 22.03%** |  |  |  |  |  |  |
| Allegheny County Industrial Development Authority-United States Steel Corp PA | 5.75% |  | 8/1/2042 | BB+ | 495000 | 495138 |
| Arkansas Development Finance Authority-Hybar LLC AMT<sup>†</sup> | 6.875% |  | 7/1/2048 | NR | 1000000 | 1075245 |
| Avenir Community Development District FL | 4.50% |  | 5/1/2030 | NR | 1670000 | 1714844 |
| Baldwin County Industrial Development Authority-Novelis Corp AL AMT<sup>†</sup> | &nbsp;&nbsp;5.00% | <sup>#(b)</sup> | 6/1/2055 | BB | 22000000 | 22520720 |
| Boggy Creek Improvement District FL | 4.50% |  | 5/1/2033 | NR | 910000 | 935598 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 8905000 | 8912457 |
| Cabot Citrus Farms Community Development District FL | 5.25% |  | 3/1/2029 | NR | 12900000 | 13043292 |
| California Infrastructure & Economic Development Bank-Desertxpress Enterprises LLC AMT<sup>†</sup> | &nbsp;&nbsp;9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 31000000 | 28394208 |
| Chandler Industrial Development Authority-Intel Corp AZ AMT | &nbsp;&nbsp;4.00% | <sup>#(b)</sup> | 6/1/2049 | BBB | 10250000 | 10467671 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2027 | BB <sup>(c)</sup> | 1000000 | 1018077 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2028 | BB+ | 2850000 | 2922030 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/1/2029 | BB+ | 5930000 | 5931639 |

---

<br> 136 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | &nbsp;&nbsp;6.50% |  | 7/15/2030 | BB+ | $3435000 | $3445272 |
| City of Valparaiso-Pratt Paper LLC AMT IN<sup>†</sup> | &nbsp;&nbsp;4.50% |  | 1/1/2034 | NR | 2525000 | 2604475 |
| Crosswinds East Community Development District-Crosswinds East Community Development District Assessment Area One FL | 4.625% |  | 5/1/2031 | NR | 440000 | 449795 |
| East Nassau Stewardship District Special Assessment 2025 FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 4740000 | 4888276 |
| Florida Development Finance Corp.-Waste pro USA Inc AMT<sup>†</sup> | 6.125% | <sup>#(b)</sup> | 7/1/2032 | NR | 8375000 | 8460562 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 5/1/2029 | NR | 5730000 | 5806857 |
| Gas Worx Community Development District-Gas Worx Community Development District Series 2025 Special Assessments FL<sup>†</sup> | &nbsp;&nbsp;5.00% |  | 5/1/2036 | NR | 615000 | 632780 |
| Grapevine Wash Local District-Grapevine Wash Local District Assessment Area No 1 UT<sup>†</sup> | &nbsp;&nbsp;5.25% |  | 12/1/2044 | NR | 6000000 | 5770376 |
| Greater Orlando Aviation Authority-JetBlue Airways Corp FL | 5.00% |  | 11/15/2026 | NR | 2600000 | 2600825 |
| Hobe-St Lucie Conservancy District Unit of Development No 1A FL | &nbsp;&nbsp;4.75% |  | 5/1/2031 | NR | 1700000 | 1772658 |
| Hoover Industrial Development Board-United States Steel Corp AL AMT | 6.375% | <sup>#(b)</sup> | 11/1/2050 | BB+ | 1570000 | 1726950 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.375% | <sup>#(b)</sup> | 9/1/2042 | NR | 7000000 | 7771217 |
| Industrial Development Board of The City of Kingsport Tennessee-Domtar Paper Co LLC TN AMT<sup>†</sup> | 5.25% | <sup>#(b)</sup> | 12/1/2054 | B1 | 10000000 | 10164140 |
| Iowa Finance Authority-Howmet Aerospace Inc | &nbsp;&nbsp;4.75% |  | 8/1/2042 | BBB+ | 14750000 | 14605062 |
| Iowa Finance Authority-Iowa Fertilizer Co LLC | 4.00% | <sup>#(b)</sup> | 12/1/2050 | AA+ | 8370000 | 9099309 |
| Jefferson County Port Authority-JSW Steel USA Ohio Inc OH<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 12/1/2053 | Ba1 | 15130000 | 15307578 |
| KD52 Community Development District No. 1 Series 2025 Assessment FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 1210000 | 1201515 |
| Lakewood Ranch Stewardship District Series 2025 Assessment Southeast FL | &nbsp;&nbsp;5.00% |  | 5/1/2035 | NR | 2795000 | 2840661 |

---

<br> *See Notes to Financial Statements.* 137

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Love Field Airport Modernization Corp.-Southwest Airlines Co TX | 5.00% |  | 11/1/2028 | BBB | $4540000 | $4541952 |
| Michigan Strategic Fund-Graphic Packaging International LLC AMT | 4.00% | <sup>#(b)</sup> | 10/1/2061 | BB | 3635000 | 3633474 |
| Mission Economic Development Corp.-Natgasoline LLC TX AMT<sup>†</sup> | 4.625% |  | 10/1/2031 | BB- | 21705000 | 21731007 |
| Mississippi Business Finance Corp.-Huntington Ingalls Industries Inc | 4.55% |  | 12/1/2028 | BBB- | 2205000 | 2205829 |
| Montgomery County Industrial Development Authority-Constellation Energy Generation PA AMT | 4.45% | <sup>#(b)</sup> | 10/1/2034 | BBB+ | 7500000 | 7736191 |
| New Hampshire Business Finance Authority-Covanta Holding Corp AMT<sup>†</sup> | 4.00% |  | 11/1/2027 | B- | 4730000 | 4728620 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.50% |  | 1/1/2026 | A- | 500000 | 501052 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.50% |  | 1/1/2027 | A- | 1000000 | 1002257 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% |  | 9/15/2029 | BB+ | 5935000 | 5943171 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.75% |  | 9/15/2027 | BB+ | 5080000 | 5092188 |
| New York City Industrial Development Agency-TRIPS Obligated Group NY | 5.00% |  | 7/1/2028 | BBB+ | 555000 | 555175 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 56740000 | 56740204 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 8660000 | 8669335 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1000000 | 1000788 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(b)</sup> | 12/1/2044 | B+ | 1000000 | 947280 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(b)</sup> | 12/1/2044 | B+ | 4500000 | 4467285 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(b)</sup> | 9/1/2050 | B+ | 1000000 | 1042394 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2026 | B+ | 7065000 | 7066482 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.00% |  | 8/1/2031 | B+ | 26345000 | 26349924 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% |  | 8/1/2036 | B+ | 5500000 | 5721137 |

---

<br> 138 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% |  | 1/1/2027 | Baa2 | $5455000 | $5561637 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% |  | 11/1/2042 | B- | 5000000 | 4553621 |
| Normandy Community Development District Assessment Area One FL<sup>†</sup> | 4.625% |  | 5/1/2031 | NR | 520000 | 526706 |
| Ohio Air Quality Development Authority-Pratt Paper Inc AMT<sup>†</sup> | 4.25% |  | 1/15/2038 | NR | 8045000 | 8004206 |
| Parish of St. James-NuStar Logistics LP LA<sup>†</sup> | 6.10% | <sup>#(b)</sup> | 6/1/2038 | BB+ | 7095000 | 7676283 |
| Pennsylvania Economic Development Financing Authority-Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(b)</sup> | 1/1/2051 | B3 | 15870000 | 16551469 |
| Pennsylvania Economic Development Financing Authority-Covanta Holding Corp AMT<sup>†</sup> | 3.25% |  | 8/1/2039 | B- | 7700000 | 6168847 |
| Phenix City Industrial Development Board-WestRock Coated Board LLC AL AMT | 4.125% |  | 5/15/2035 | BBB | 10435000 | 10179673 |
| Polk County Industrial Development Authority-Mineral Development LLC FL<sup>†(d)</sup> | 5.875% |  | 1/1/2033 | NR | 1310000 | 720500 |
| Port of Seattle Industrial Development Corp.-Delta Air Lines Inc WA AMT | 5.00% |  | 4/1/2030 | BBB- | 3350000 | 3350555 |
| Public Finance Authority-Celanese US Holdings LLC WI AMT | 4.30% |  | 11/1/2030 | BB+ | 1955000 | 1957537 |
| Public Finance Authority-Celanese US Holdings LLC WI AMT | 5.00% |  | 12/1/2025 | BB+ | 11515000 | 11524712 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2036 | NR | 12030000 | 11586808 |
| Public Finance Authority-Sky Harbour Capital LLC Obligated Group WI AMT | 4.00% |  | 7/1/2041 | NR | 1600000 | 1428256 |
| Public Finance Authority-TRIPS Obligated Group WI AMT | 5.25% |  | 7/1/2028 | BBB+ | 1600000 | 1601608 |
| Public Finance Authority WI<sup>†</sup> | 5.375% |  | 12/15/2032 | NR | 2726000 | 2726447 |
| Savannah Georgia Convention Center Authority<sup>†</sup> | 5.50% |  | 6/1/2040 | NR | 3500000 | 3508136 |
| Southwestern Illinois Development Authority-United States Street Corp | 5.75% |  | 8/1/2042 | BB+ | 10000000 | 10002786 |
| State of Nevada Department of Business & Industry-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | 6000000 | 5485919 |

---

<br> *See Notes to Financial Statements.* 139

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |  |
| Tulsa Airports Improvement Trust-American Airlines Inc OK AMT | 5.50% |  | 6/1/2035 | NR | $2875000 | $2875722 |
| Tuscaloosa County Industrial Development Authority-Hunt Refining Co AL<sup>†</sup> | 5.25% |  | 5/1/2044 | NR | 16060000 | 16021469 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 6/1/2052 | B+ | 6000000 | 6068020 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.25% |  | 5/1/2028 | NR | 770000 | 780644 |
| Village Community Development District No. 15 FL<sup>†</sup> | 4.375% |  | 5/1/2033 | NR | 1480000 | 1525727 |
| West Virginia Economic Development Authority-Core Natural Resources Inc AMT<sup>†</sup> | 5.45% | <sup>#(b)</sup> | 1/1/2055 | NR | 5000000 | 5218068 |
| West Virginia Economic Development Authority-Kentucky Power Co AMT | 4.70% | <sup>#(b)</sup> | 4/1/2036 | BBB | 3225000 | 3241152 |
| *Total* |  |  |  |  |  | 515101480 |
| **Education 7.03%** |  |  |  |  |  |  |
| Arizona Industrial Development Authority-BASIS Schools Inc Obligated Group<sup>†</sup> | 5.125% |  | 7/1/2037 | BB+ | 970000 | 972477 |
| Arizona Industrial Development Authority-Odyssey Preparatory Academy Inc<sup>†</sup> | 4.00% |  | 7/1/2029 | BB- | 305000 | 303563 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.125% |  | 6/15/2034 | Ba2 | 1540000 | 1521029 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 4.25% |  | 6/15/2039 | Ba2 | 1075000 | 1011841 |
| Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX<sup>†</sup> | 5.00% |  | 6/15/2035 | Ba2 | 1250000 | 1304784 |
| California Community Choice Financing Authority | 4.501%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 5/1/2053 | A1 | 10000000 | 10055139 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.00% |  | 3/1/2027 | B+ | 1150000 | 1143497 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.00% |  | 6/15/2034 | BB | 915000 | 964224 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.50% |  | 6/15/2039 | BB | 900000 | 941830 |

---

<br> 140 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL<sup>†</sup> | 4.00% | 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NR | $590000 | $581534 |
| Capital Trust Authority-Kipp Miami Obligated Group FL<sup>†</sup> | 5.00% | 6/15/2034 | BB | 610000 | 633334 |
| Chester County Health & Education Facilities Authority-Immaculata University PA | 4.25% | 11/1/2032 | BB- <sup>(c)</sup> | 1885000 | 1754891 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.25% | 4/1/2033 | A <sup>(c)</sup> | 1260000 | 1389991 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 5.75% | 4/1/2033 | A <sup>(c)</sup> | 5000000 | 5147179 |
| Chicago Board of Education Dedicated Capital Improvement Tax IL | 6.10% | 4/1/2036 | A <sup>(c)</sup> | 5100000 | 5251386 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2033 | BB+ | 1535000 | 1535078 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 7625000 | 7675532 |
| Chicago Board of Education IL GO | 5.00% | 12/1/2034 | BB+ | 5885000 | 5885364 |
| Chicago Board of Education IL GO | 5.125% | 12/1/2032 | BB+ | 6295000 | 6297370 |
| Clarksville Public Educational Facilities Board-University of the Ozarks AR | 5.50% | 8/1/2039 | NR | 580000 | 587005 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.25% | 1/1/2034 | NR | 850000 | 876555 |
| Cleveland-Cuyahoga County Port Authority OH<sup>†</sup> | 5.375% | 1/1/2039 | NR | 850000 | 855394 |
| Colorado Educational & Cultural Facilities Authority<sup>†</sup> | 4.75% | 4/1/2034 | BB | 4290000 | 4344441 |
| County of Frederick-Mount St Mary's University Inc MD<sup>†</sup> | 5.00% | 9/1/2032 | BB+ | 3150000 | 3158779 |
| Development Authority Of The City Of Marietta-Life University Inc GA<sup>†</sup> | 5.00% | 11/1/2037 | Ba3 | 4000000 | 3803908 |
| Florida Development Finance Corp.-Renaissance Charter School Inc<sup>†</sup> | 6.00% | 6/15/2033 | NR | 1830000 | 1997820 |
| Florida Development Finance Corp.-Renaissance Charter School Inc Series 2025 Obligated Group<sup>†</sup> | 5.50% | 6/15/2040 | Ba1 | 2700000 | 2778981 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 4.50% | 6/1/2033 | NR | 3615000 | 3468043 |
| Florida Higher Educational Facilities Financial Authority-Jacksonville University<sup>†</sup> | 4.75% | 6/1/2038 | NR | 1450000 | 1317151 |

---

<br> *See Notes to Financial Statements.* 141

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Florida Higher Educational Facilities Financing Authority-Keiser University Obligated Group<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | $22830000 | $22791173 |
| Industrial Development Authority of the City of Phoenix Arizona-BASIS Schools Inc Obligated Group AZ<sup>†</sup> | 5.00% | 7/1/2035 | BB+ | 3625000 | 3625137 |
| Iowa Higher Education Loan Authority-University of Dubuque | 5.00% | 10/1/2033 | BBB- | 1855000 | 1990958 |
| Louisiana Public Facilities Authority-Acadiana Renaissance Charter Academy<sup>†</sup> | 5.00% | 6/15/2035 | NR | 5000000 | 5125877 |
| Louisiana Public Facilities Authority-Lafayette Renaissance Charter Academy<sup>†</sup> | 5.25% | 6/15/2035 | NR | 4750000 | 4868293 |
| Maricopa County Industrial Development Authority-Morrison Education Group Obligated Group AZ<sup>†</sup> | 5.25% | 7/1/2034 | NR | 1745000 | 1783849 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.00% | 10/1/2026 | NR | 65000 | 64238 |
| Maricopa County Industrial Development Authority-Ottawa University AZ<sup>†</sup> | 5.125% | 10/1/2030 | NR | 425000 | 407809 |
| Massachusetts Development Finance Agency-Emerson College | 5.00% | 1/1/2036 | BBB+ | 2100000 | 2118912 |
| Massachusetts Development Finance Agency-Emmanuel College | 5.00% | 10/1/2036 | Baa3 | 3660000 | 3662214 |
| Massachusetts Development Finance Agency-Suffolk University | 5.50% | 7/1/2041 | Baa3 | 4125000 | 4333746 |
| New Jersey Educational Facilities Authority-Stockton University | 5.00% | 7/1/2033 | A3 | 2435000 | 2458623 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.595%<br> (CPI YoY \* 1 + 0.89%) | 3/1/2027 | Baa1 | 2650000 | 2651038 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2032 | BBB- | 1960000 | 2110544 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2025 | BB+ | 1120000 | 1120000 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2026 | BB+ | 1185000 | 1197702 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2027 | BB+ | 1125000 | 1150792 |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% | 10/1/2034 | BB+ | 11580000 | 11852248 |

---

142 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Public Finance Authority-UMA Education Inc WI<sup>†</sup> | 5.00% |  | 10/1/2039 | BB+ | $3000000 | $3002729 |
| Public Finance Authority-Wingate University WI | 5.25% |  | 10/1/2038 | BBB- | 3250000 | 3259031 |
| Sierra Vista Industrial Development Authority-American Leadership Academy Inc AZ<sup>†</sup> | 5.00% |  | 6/15/2033 | NR | 7000000 | 7247546 |
| *Total* |  |  |  |  |  | 164380579 |
| **Energy 0.44%** |  |  |  |  |  |  |
| PEFA, Inc. IA | 5.00% | <sup>#(b)</sup> | 9/1/2049 | A3 | 10165000 | 10344562 |
| **General Obligation 6.05%** |  |  |  |  |  |  |
| Academical Village Community Development District FL | 3.25% |  | 5/1/2031 | NR | 4265000 | 4097918 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.125% |  | 5/1/2032 | NR | 1685000 | 1726490 |
| California Community Choice Financing Authority | 5.25% | <sup>#(b)</sup> | 1/1/2054 | Baa1 | 8575000 | 9152797 |
| California Community Choice Financing Authority | 5.50% | <sup>#(b)</sup> | 5/1/2054 | A2 | 7500000 | 8010691 |
| Chicago Board of Education IL | 4.00% |  | 12/1/2035 | BB+ | 1500000 | 1408551 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 7325000 | 7394565 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2034 | BB+ | 2000000 | 2009164 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 4120000 | 4088072 |
| Chicago Board of Education IL GO | 5.00% |  | 12/1/2036 | BB+ | 2500000 | 2506483 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2035 | BB+ | 7775000 | 7787690 |
| Chicago Board of Education IL GO | 5.25% |  | 12/1/2039 | BB+ | 1000000 | 994456 |
| Chicago Board of Education IL GO | 6.50% |  | 12/1/2046 | BB+ | 3000000 | 3027691 |
| Chicago Board of Education IL GO<sup>†</sup> | 7.00% |  | 12/1/2042 | BB+ | 5000000 | 5109341 |
| Chicago Board of Education IL GO | 7.00% |  | 12/1/2044 | BB+ | 28725000 | 28733408 |
| Chicago Board of Education IL GO (AG) | 5.00% |  | 12/1/2035 | AA | 4055000 | 4193046 |
| City of Chicago IL GO | 5.00% |  | 1/1/2031 | BBB | 1000000 | 1042471 |
| City of Chicago IL GO | 5.00% |  | 1/1/2034 | BBB | 5025000 | 5354464 |
| City of Chicago IL GO | 5.00% |  | 1/1/2035 | BBB | 4700000 | 4994375 |
| City of New York NY GO | 5.00% |  | 3/1/2032 | AA | 5000 | 5008 |
| City of Scranton PA GO | 5.00% |  | 9/1/2029 | BBB+ | 3650000 | 3760332 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 2680000 | 1917341 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 3244368 | 3210341 |

---

*See Notes to Financial Statements.* 143

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Commonwealth of Puerto Rico GO | 4.00% | 7/1/2037 | NR | $139 | $132 |
| Commonwealth of Puerto Rico GO | 5.625% | 7/1/2027 | NR | 8230472 | 8521454 |
| Commonwealth of Puerto Rico GO | 5.75% | 7/1/2031 | NR | 12933161 | 14340515 |
| Jefferson County Civic Facility Development Corp.-Samaritan Medical Center Obligated NY | 5.00% | 11/1/2037 | BB | 4500000 | 4447120 |
| New York Liberty Development Corp. | 1.20% | 11/15/2028 | A+ | 2870000 | 2636953 |
| University City Industrial Development Authority MO | 4.875% | 6/15/2036 | NR | 1055000 | 1067934 |
| *Total* |  |  |  |  | 141538803 |
| **Health Care 19.12%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB | 525000 | 526056 |
| Arizona Industrial Development Authority-Navajo Health Foundation-Sage Memorial Hospital Inc Obligated Group<sup>†</sup> | 7.125% | 5/1/2044 | NR | 3875000 | 4199380 |
| Atlanta Development Authority-Georgia ProtonCare Center Inc<sup>(d)</sup> | 6.00% | 1/1/2023 | NR | 2000000 | 1140000 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | Zero Coupon | 6/30/2044 | NR | 5693000 | 4029183 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 5.00% | 6/30/2039 | NR | 28013000 | 25364172 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 6.00% | 6/30/2034 | NR | 995395 | 1041491 |
| Berks County Municipal Authority-Tower Health Obligated Group PA | 8.00% | 6/30/2034 | NR | 1986526 | 1962190 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital TX | 4.00% | 12/1/2026 | BB | 1255000 | 1249429 |
| Bucks County Industrial Development Authority PA | 5.00% | 7/1/2035 | BBB+ | 1100000 | 1162381 |
| Bucks County Industrial Development Authority PA | 5.00% | 7/1/2036 | BBB+ | 1250000 | 1311346 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2040 | B- | 2900000 | 2774307 |
| Buffalo & Erie County Industrial Land Development Corp.-Catholic Health System Obligated Group NY | 5.25% | 7/1/2035 | B- | 2000000 | 1958050 |

---

144 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-Palomar Health Obligated Group COPS<sup>†</sup> | 5.00% | 11/1/2027 | B | $7280000 | $6870686 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 10.00% | 5/15/2028 | NR | 3500000 | 3621493 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 12.00% | 5/15/2028 | NR | 375000 | 402124 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.00% | 6/1/2040 | NR | 1500000 | 1559655 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2036 | BB | 5500000 | 5520781 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2031 | BB | 1000000 | 1009674 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB | 14275000 | 14285071 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2038 | BB | 1485000 | 1503422 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.25% | 12/1/2043 | BB | 5000000 | 5018667 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2044 | BB | 8675000 | 8674808 |
| Capital Projects Finance Authority-Trilogy Community Development Foundation Inc Obligated Group FL<sup>†</sup> | 6.00% | 1/1/2035 | NR | 2515000 | 2552354 |
| Capital Trust Authority-Convivial St Petersburg LLC FL<sup>†</sup> | 12.00% | 10/3/2029 | NR | 2500000 | 2561023 |
| Citizens Memorial Hospital District MO | 5.00% | 12/1/2026 | NR | 8825000 | 8876453 |
| City of Blaine-Crest View Obligated Group MN<sup>(d)</sup> | 5.125% | 7/1/2025 | NR | 53623 | 29493 |
| City of Colby KS-Citizens Medical Center Inc | 5.50% | 7/1/2026 | NR | 4600000 | 4606889 |
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2033 | BBB+ | 1320000 | 1368978 |
| City of Minneapolis-Fairview Health Services Obligated Group MN | 5.00% | 11/15/2034 | BBB+ | 2000000 | 2002743 |

---

*See Notes to Financial Statements.* 145

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| City of Venice-Southwest Florida Retirement Center Inc Obligated Group FL<sup>†</sup> | 4.25% | 1/1/2030 | BB+ <sup>(c)</sup> | $900000 | $903000 |
| City of Wichita-Presbyterian Manors Obligated Group KS | 5.25% | 5/15/2039 | NR | 1500000 | 1468348 |
| Connecticut State Health & Educational Facilities Authority-Griffin Health Obligated Group<sup>†</sup> | 5.00% | 7/1/2032 | BB+ | 1000000 | 1029039 |
| Connecticut State Health & Educational Facilities Authority-Hartford HealthCare Obligated Group | 5.00% | 7/1/2034 | A | 2360000 | 2362301 |
| Connecticut State Health & Educational Facilities Authority-Nuvance Health Obligated Group | 4.00% | 7/1/2041 | BBB+ | 4395000 | 4143176 |
| County of Cuyahoga-MetroHealth System OH | 5.00% | 2/15/2037 | Baa2 | 7300000 | 7339238 |
| County of Montgomery-Trinity Health Corp Obligated Group MD | 5.00% | 12/1/2044 | AA- | 8030000 | 8032821 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2027 | BB+ | 1445000 | 1452756 |
| County of Muskingum-Genesis Healthcare Obligated Group OH | 5.00% | 2/15/2033 | BB+ | 8545000 | 8565445 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 5.50% | 12/1/2027 | NR | 5620000 | 5685513 |
| County of Washington-Marietta Area Health Care Inc Obligated Group OH | 6.625% | 12/1/2042 | NR | 2000000 | 2099282 |
| Crawford County Memorial Hospital Inc LA | 5.00% | 6/15/2027 | NR | 1255000 | 1271224 |
| Doylestown Hospital Authority-Doylestown Hospital Obligated Group PA<sup>†</sup> | 5.00% | 7/1/2031 | NR | 985000 | 1050115 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2034 | BBB+ | 6435000 | 6450124 |
| Florida Local Government Finance Commission-Ponte Vedra Pine Co LLC Obligated Group<sup>†</sup> | 5.50% | 11/15/2035 | NR | 1000000 | 1034495 |
| Glendale Industrial Development Authority-Beatitudes Campus Obligated Group AZ | 4.00% | 11/15/2027 | NR | 200000 | 188996 |
| Grays Harbor County Public Hospital District No. 1 WA | 5.75% | 12/1/2033 | BB+ | 5105000 | 5514627 |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% | 6/1/2037 | Baa2 | 730000 | 777726 |

---

146 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Greater Texas Cultural Education Facilities Finance Corp.-Texas Biomedical Research Institute TX | 5.00% |  | 6/1/2038 | Baa2 | $3710000 | $3914576 |
| Henry County Hospital Authority-Piedmont Healthcare Inc Obligated Group GA | 5.00% |  | 7/1/2034 | AA- | 4695000 | 4698345 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 5.50% |  | 11/1/2029 | NR | 1125000 | 1152297 |
| Idaho Health Facilities Authority-North Canyon Medical Center Inc | 6.25% |  | 11/1/2035 | NR | 2610000 | 2764906 |
| Illinois Finance Authority-Lifespace Communities Inc Obligated Group | 5.00% |  | 5/15/2035 | BBB <sup>(c)</sup> | 1350000 | 1350185 |
| Illinois Finance Authority-Rush Obligated Group | 5.00% |  | 11/15/2038 | A+ | 2250000 | 2250472 |
| King County Public Hospital District No. 4 WA | 5.00% |  | 12/1/2025 | NR | 25000 | 25006 |
| King County Public Hospital District No. 4 WA<sup>(e)</sup> | 5.50% |  | 12/1/2035 | NR | 5400000 | 5335170 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.00% |  | 12/1/2029 | NR | 1760000 | 1772083 |
| Kremmling Memorial Hospital District CO<sup>†</sup> | 5.125% |  | 12/1/2034 | NR | 2825000 | 2800045 |
| Maryland Health & Higher Educational Facilities Authority-Adventist Healthcare Obligated Group | 5.00% |  | 1/1/2033 | BBB | 2500000 | 2684488 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2032 | BBB | 6000000 | 6065110 |
| Massachusetts Development Finance Agency-Boston Medical Center Corp Obligated Group | 5.00% |  | 7/1/2035 | BBB | 1050000 | 1058403 |
| Massachusetts Development Finance Agency-Care Communities LLC Obligated Group MA<sup>†</sup> | 5.50% |  | 7/15/2035 | NR | 2315000 | 2363546 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2036 | BBB- | 5615000 | 5665844 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 5.00% |  | 7/1/2037 | BBB- | 1500000 | 1463901 |
| Massachusetts Development Finance Agency-Tufts Medicine Obligated Group | 8.50% |  | 10/1/2026 | BBB- | 8900000 | 8912053 |
| Massachusetts Health & Educational Facilities Authority-Trinity Health Corp Obligated Group | 3.79%<br> (MUNIPSA \* 1 + .90% |)<sup>#</sup> | 11/15/2032 | AA- | 1130000 | 1098427 |

---

*See Notes to Financial Statements.* 147

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Monroe County Hospital Authority-Centurion Foundation Lehigh Valley LLC PA<sup>†</sup> | 5.10% | 6/15/2039 | NR | $10000000 | $9802503 |
| Moon Industrial Development Authority-Baptist Homes Society Obligated Group PA | 5.75% | 7/1/2035 | NR | 2600000 | 2527770 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2032 | A- | 1300000 | 1301053 |
| New Hampshire Business Finance Authority | 5.43% | 8/15/2035 | NR | 5380000 | 5421464 |
| New Hampshire Business Finance Authority-Centurion Foundation Wilkens Avenue LLC | 5.00% | 9/15/2035 | NR | 6140000 | 6129077 |
| New Hampshire Business Finance Authority-NFA UH SPV LLC<sup>†</sup> | 5.625% | 12/15/2033 | NR | 4615000 | 4736897 |
| New Hope Cultural Education Facilities Finance Corp.-Bella Vida Forefront Living Obligated Group TX | 4.25% | 10/1/2030 | NR | 1250000 | 1256015 |
| New Hope Cultural Education Facilities Finance Corp.-SLF CHP LLC TX<sup>†</sup> | 5.75% | 7/1/2035 | NR | 12500000 | 12542981 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | 2300000 | 2303038 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2034 | BBB- | 1895000 | 1882020 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2028 | B- | 1000000 | 1000940 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2030 | B- | 2905000 | 2901982 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2041 | B- | 1850000 | 1755086 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2027 | BB- | 1300000 | 1313378 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 2800000 | 2828064 |
| New York State Dormitory Authority-Garnet Health Medical Center Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 1000000 | 1000264 |
| North Carolina Medical Care Commission-Penick Village Obligated Group | 5.00% | 9/1/2034 | NR | 900000 | 942665 |

---

148 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% |  | 8/15/2027 | BB+ | $500000 | $514641 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% |  | 8/15/2029 | BB+ | 1200000 | 1253031 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% |  | 8/15/2033 | BB+ | 4205000 | 4346985 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.00% |  | 8/15/2038 | BB+ | 4700000 | 4772365 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% |  | 8/15/2043 | BB+ | 3960000 | 3985361 |
| Oklahoma Development Finance Authority-OU Medicine Obligated Group | 5.25% |  | 8/15/2048 | BB+ | 14515000 | 14520077 |
| Palm Beach County Health Facilities Authority-Lifespace Communities Inc Obligated Group FL | 5.00% |  | 5/15/2038 | BBB <sup>(c)</sup> | 9380000 | 9380736 |
| Palomar Health-Palomar Health Obligated Group CA | 5.00% |  | 11/1/2032 | B | 1950000 | 1849962 |
| Palomar Health-Palomar Health Obligated Group CA | 5.00% |  | 11/1/2042 | B | 1000000 | 827830 |
| Palomar Health Obligated Group CA | 5.00% |  | 11/1/2031 | B | 5360000 | 5123671 |
| Palomar Health Obligated Group CA | 5.00% |  | 11/1/2039 | B | 1000000 | 870928 |
| Public Finance Authority-Bancroft Neurohealth Obligated Group WI<sup>†</sup> | 5.00% |  | 6/1/2036 | NR | 1500000 | 1501981 |
| Public Finance Authority-Lehigh Valley Health Network Inc WI<sup>†</sup> | 6.625% |  | 12/1/2032 | NR | 2975000 | 2989065 |
| Public Finance Authority-Munificent Behavioral Hospitals I Inc Obligated Group WI<sup>†</sup> | 6.00% |  | 1/1/2035 | NR | 1040000 | 1086746 |
| Public Finance Authority-RBS Evolution LLC WI<sup>†</sup> | 9.00% |  | 11/1/2028 | NR | 2500000 | 2628411 |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% |  | 9/1/2031 | BB- | 5250000 | 5275860 |
| Rhode Island Health & Educational Building Corp.-Care New England Health System Obligated Group | 5.00% |  | 9/1/2036 | BB- | 16000000 | 16006954 |
| Roanoke County Economic Development Authority-Friendship Foundation | 5.50% | <sup>#(b)</sup> | 9/1/2058 | NR | 8585000 | 8500616 |
| South Carolina Jobs-Economic Development Authority-Beaufort Memorial Hospital Obligated Group | 5.25% |  | 11/15/2039 | BB | 1000000 | 1053343 |

---

*See Notes to Financial Statements.* 149

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.25% |  | 11/15/2028 | NR | $2850000 | $2853005 |
| South Carolina Jobs-Economic Development Authority-Kiawah Life Plan Village Inc | 5.75% |  | 11/15/2029 | NR | 6500000 | 6501571 |
| Southeastern Ohio Port Authority-Marietta Area Healthcare Inc Obligated Group | 5.50% |  | 12/1/2029 | B <sup>(c)</sup> | 2335000 | 2335322 |
| Vermont Educational & Health Buildings Financing Agency-University of Vermont Health Network Obligated Group | 5.00% |  | 12/1/2035 | A | 2305000 | 2318990 |
| Vermont Educational & Health Buildings Financing Agency-University of Vermont Health Network Obligated Group VT | 5.00% |  | 12/1/2034 | A | 3660000 | 3686287 |
| Washington Health Care Facilities Authority-CommonSpirit Health Obligated Group | 5.00% | <sup>#(b)</sup> | 8/1/2049 | A- | 5120000 | 5143486 |
| Washington Health Care Facilities Authority-Providence St Joseph Health Obligated Group | 5.00% |  | 10/1/2038 | A | 3905000 | 3907556 |
| West Virginia Hospital Finance Authority-Cabell Huntington Hospital Obligated Group WV | 5.00% |  | 1/1/2035 | BBB | 2300000 | 2314323 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% |  | 11/1/2046 | BB+ | 7000000 | 6294384 |
| Westchester County Local Development Corp.-Westchester County Health Care Corp Obligated Group NY | 6.50% |  | 11/1/2030 | NR | 20000000 | 20817116 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 4575000 | 4700259 |
| Wisconsin Health & Educational Facilities Authority-Centurion Foundation Se Wisconsin LLC | 5.00% |  | 9/15/2035 | NR | 1515000 | 1554342 |
| Wisconsin Health & Educational Facilities Authority-Chiara Housing & Services Inc Obligated Group | 5.00% |  | 7/1/2035 | NR | 3070000 | 3111834 |
| Wisconsin Health & Educational Facilities Authority-Sauk-Prairie Memorial Hospital Inc Obligated Group | 5.125% |  | 2/1/2038 | Ba2 | 1950000 | 1907510 |

---

150 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Wisconsin Health & Educational Facilities Authority-Wisconsin Masonic Home Obligated Group | 5.25% |  | 8/15/2039 | BBB- <sup>(c)</sup> | $1415000 | $1469811 |
| *Total* |  |  |  |  |  | 446974938 |
| **Housing 4.24%** |  |  |  |  |  |  |
| California Housing Finance Agency | 3.25% |  | 8/20/2036 | BBB | 12063862 | 11514288 |
| California Municipal Finance Authority-Ascent 613<sup>†</sup> | 5.00% |  | 1/1/2038 | NR | 1000000 | 1009740 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.70% |  | 6/1/2034 | NR | 1000000 | 1036634 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 5.875% |  | 6/1/2039 | NR | 7500000 | 7470712 |
| Capital Trust Authority-Madrone Florida Tech Student Housing I LLC FL<sup>†</sup> | 4.75% |  | 7/1/2040 | BB | 1250000 | 1233225 |
| Capital Trust Authority-Madrone Florida Tech Student Housing I LLC FL<sup>†</sup> | 5.00% |  | 7/1/2045 | BB | 1300000 | 1250480 |
| Connecticut Housing Finance Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 11/15/2054 | AAA | 4535000 | 4917597 |
| Delaware State Housing Authority (FHLMC), (FNMA), (GNMA) | 6.00% |  | 1/1/2055 | Aa1 | 3500000 | 3848495 |
| Indiana Finance Authority-SFP-PUFW I LLC | 4.00% |  | 7/1/2034 | BBB- | 3070000 | 3090190 |
| Iowa Finance Authority-Lifespace Communities Inc Obligated Group | 6.75% |  | 5/15/2033 | BBB <sup>(c)</sup> | 4700000 | 5364228 |
| Massachusetts Development Finance Agency-CHF Merrimack Inc MA<sup>†</sup> | 4.25% |  | 7/1/2034 | BB | 450000 | 455095 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2054 | AA+ | 4040000 | 4405774 |
| Minnesota Housing Finance Agency (FHLMC), (FNMA), (GNMA) | 6.25% |  | 1/1/2056 | AA+ | 1875000 | 2095048 |
| Montgomery County Housing Opportunities Commission MD | 4.00% |  | 7/1/2048 | Aa2 | 315000 | 315792 |
| New Hampshire Business Finance Authority | 4.168% | <sup>#(b)</sup> | 1/20/2041 | AA- | 6142476 | 5922209 |
| New Hampshire Business Finance Authority | 4.168% | <sup>#(b)</sup> | 1/20/2041 | BBB | 5078072 | 4637421 |
| New Hampshire Business Finance Authority | 4.375% |  | 9/20/2036 | BBB | 6029484 | 5964698 |
| New Hampshire Business Finance Authority | 4.75% | <sup>#(b)</sup> | 6/20/2041 | AA- | 12494834 | 12676538 |

---

*See Notes to Financial Statements.* 151

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |  |
| New Hampshire Business Finance Authority | 5.75% |  | 4/28/2042 | BBB | $2500000 | $2579934 |
| New Hampshire Business Finance Authority (HUD) | 4.15% | <sup>#(b)</sup> | 10/20/2040 | A | 7641894 | 7467039 |
| New Jersey Housing & Mortgage Finance Agency | 6.00% |  | 10/1/2055 | AA | 1700000 | 1840027 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2500000 | 2580450 |
| North Carolina Housing Finance Agency | 4.00% |  | 7/1/2047 | AA+ | 110000 | 110306 |
| Pennsylvania Housing Finance Agency AMT | 4.00% |  | 4/1/2039 | AA+ | 75000 | 75013 |
| Virginia Beach Development Authority-Westminster-Canterbury on Chesapeake Bay Obligated Group | 5.375% |  | 9/1/2029 | BB+ <sup>(c)</sup> | 1650000 | 1666499 |
| Washington State Housing Finance Commission | 3.50% |  | 12/20/2035 | BBB+ | 5844057 | 5634201 |
| *Total* |  |  |  |  |  | 99161633 |
| **Lease Obligations 0.27%** |  |  |  |  |  |  |
| New Jersey Economic Development Authority-State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% |  | 7/1/2034 | Baa2 | 2580000 | 2590532 |
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP PA | 5.00% |  | 6/30/2042 | BBB | 3700000 | 3704886 |
| *Total* |  |  |  |  |  | 6295418 |
| **Multi-Family Housing 0.85%** |  |  |  |  |  |  |
| New Hampshire Business Finance Authority | 3.625% |  | 8/20/2039 | A3 | 6937049 | 6496028 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | AA- | 9991937 | 9487838 |
| New Hampshire Business Finance Authority | 4.216% | <sup>#(b)</sup> | 11/20/2042 | BBB | 4246573 | 3914192 |
| *Total* |  |  |  |  |  | 19898058 |
| **Other Revenue 1.53%** |  |  |  |  |  |  |
| Arlington Higher Education Finance Corp.-Newman International Academy TX | 4.00% |  | 8/15/2031 | NR | 360000 | 325568 |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 4000000 | 4008625 |
| Capital Trust Agency, Inc.-Franklin Academy Series 2020 Obligated Group FL<sup>†</sup> | 5.00% |  | 12/15/2029 | NR | 1095000 | 1101274 |

---

152 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |  |
| Cleveland-Cuyahoga County Port Authority-Playhouse Square Foundation OH | 5.00% |  | 12/1/2028 | BB+ | $2095000 | $2138177 |
| Illinois Finance Authority-Field Museum |  |  |  |  |  |  |
| Natural of History | 4.062%<br> (SOFR \* .70 + 1.15% |)<sup>#</sup> | 11/1/2034 | A | 2750000 | 2748225 |
| Industrial Development Authority of the County of Pima-Edkey Inc Obligated Group AZ<sup>†(d)</sup> | 3.50% |  | 7/1/2025 | NR | 265000 | 212000 |
| Jefferson Parish Economic Development & Port District-Kenner Discovery Health Science Foundation Inc LA<sup>†</sup> | 4.80% |  | 6/15/2029 | NR | 2815000 | 2835659 |
| Maryland Economic Development Corp.<sup>(d)</sup> | 5.00% |  | 12/1/2031 | NR | 1500000 | 1005000 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.00% |  | 12/1/2034 | NR | 5000000 | 5215489 |
| Public Finance Authority-Inperium Inc Obligated Group WI<sup>†</sup> | 5.50% |  | 12/1/2044 | NR | 4500000 | 4474915 |
| Washington State Convention Center Public Facilities District | 4.00% |  | 7/1/2031 | NR | 11350000 | 11723677 |
| *Total* |  |  |  |  |  | 35788609 |
| **Pollution Control 1.06%** |  |  |  |  |  |  |
| Finance Authority of Maine-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(b)</sup> | 12/1/2047 | B+ | 4700000 | 4632197 |
| Finance Authority of Maine-Casella Waste Systems Inc AMT<sup>†</sup> | 5.00% |  | 8/1/2035 | B+ | 4150000 | 4222169 |
| Florida Development Finance Corp.-GFL Solid Waste Southeast LLC AMT<sup>†</sup> | 4.375% | <sup>#(b)</sup> | 10/1/2054 | BB | 6520000 | 6586323 |
| Illinois Finance Authority-LRS Holdings LLC AMT<sup>†</sup> | 7.25% | <sup>#(b)</sup> | 9/1/2052 | NR | 4500000 | 4840962 |
| Matagorda County Navigation District No. 1-AEP Texas Inc | 4.00% |  | 6/1/2030 | BBB+ | 1065000 | 1065365 |
| Mississippi Business Finance Corp.-Waste Pro USA Inc AMT<sup>†</sup> | 5.00% | <sup>#(b)</sup> | 2/1/2036 | NR | 1500000 | 1529285 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 4.375% | <sup>#(b)</sup> | 6/1/2052 | B+ | 1375000 | 1369952 |
| Vermont Economic Development Authority-Casella Waste Systems Inc AMT<sup>†</sup> | 4.625% | <sup>#(b)</sup> | 4/1/2036 | B+ | 475000 | 479296 |
| *Total* |  |  |  |  |  | 24725549 |

---

*See Notes to Financial Statements.* 153

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax 2.17%** |  |  |  |  |  |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.00% | 5/1/2028 | NR | $770000 | $790391 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2032 | NR | 1660000 | 1693079 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | 4070000 | 4158017 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 5.25% | 5/1/2042 | NR | 1750000 | 1711758 |
| Allentown Neighborhood Improvement Zone Development Authority PA<sup>†</sup> | 6.00% | 5/1/2042 | NR | 3590000 | 3718411 |
| Babcock Ranch Community Independent Special District FL | 4.125% | 5/1/2027 | NR | 640000 | 642473 |
| Babcock Ranch Community Independent Special District FL | 4.25% | 5/1/2032 | NR | 2000000 | 2037305 |
| Celebration Pointe Community Development District No. 1 FL<sup>(d)</sup> | 2.375% | 5/1/2026 | NR | 430000 | 344000 |
| City of North Las Vegas-City of North Las Vegas Special Improvement Dist No 67 Apex Moonwater West NV<sup>†</sup> | 5.375% | 6/1/2035 | NR | 1250000 | 1262549 |
| City of North Las Vegas-City of North Las Vegas Special Improvement Dist No 67 Apex Moonwater West NV<sup>†</sup> | 6.00% | 6/1/2040 | NR | 2925000 | 2987597 |
| County of Denton Green Meadows Public Improvement District Major Impt Area TX<sup>†</sup> | 4.75% | 12/31/2030 | NR | 650000 | 656235 |
| County of Denton Green Meadows Public Improvement District Major Impt Area TX<sup>†</sup> | 5.00% | 12/31/2035 | NR | 1000000 | 1023790 |
| Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% | 9/1/2044 | NR | 4335000 | 4403636 |
| Industrial Development Authority of the City of St. Louis Missouri | 3.875% | 11/15/2029 | NR | 2525000 | 2431163 |
| Industrial Development Authority of the City of St. Louis Missouri | 4.375% | 11/15/2035 | NR | 575000 | 525550 |
| Lakewood Ranch Stewardship District FL | 5.40% | 5/1/2028 | NR | 780000 | 796911 |
| Lakewood Ranch Stewardship District FL | 5.45% | 5/1/2033 | NR | 2660000 | 2838351 |
| Military Installation Development Authority UT | 4.00% | 6/1/2036 | NR | 8250000 | 7791867 |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 560568 | 578168 |

---

154 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.585%<br> (CPI YoY \* 1 + 0.88%) | 3/1/2026 | Baa1 | $1350000 | $1349467 |
| Peninsula Town Center Community Development Authority VA<sup>†</sup> | 4.50% | 9/1/2028 | NR | 320000 | 323272 |
| Scranton Redevelopment Authority PA GTD | 5.00% | 11/15/2028 | BBB+ | 150000 | 150106 |
| Village Community Development District No. 12 FL | 4.00% | 5/1/2033 | NR | 1290000 | 1295127 |
| Village Metropolitan District CO GO | 5.00% | 12/1/2040 | NR | 1100000 | 1111641 |
| West Villages Improvement District FL | 4.75% | 5/1/2039 | NR | 2000000 | 1967225 |
| West Villages Improvement District Unit of Development No 7 FL | 4.25% | 5/1/2029 | NR | 1580000 | 1600447 |
| Westview South Community Development District FL | 4.75% | 5/1/2028 | NR | 140000 | 141710 |
| Westview South Community Development District FL | 4.875% | 5/1/2028 | NR | 265000 | 268414 |
| Wolf Creek Infrastructure Financing District No. 1 Wolf Creek Assessment Area 1 UT | 5.75% | 12/1/2044 | NR | 2100000 | 2126807 |
| *Total* |  |  |  |  | 50725467 |
| **Tax Revenue 3.07%** |  |  |  |  |  |
| American Samoa Economic Development Authority<sup>†</sup> | 6.50% | 9/1/2028 | Ba3 | 800000 | 841219 |
| City of Garden City-City of Garden City STAR Bond District KS<sup>†</sup> | 4.25% | 6/1/2033 | NR | 750000 | 743794 |
| City of Garden City-City of Garden City STAR Bond District KS<sup>†</sup> | 5.375% | 6/1/2039 | NR | 1125000 | 1126242 |
| City of Sparks NV<sup>†</sup> | 2.75% | 6/15/2028 | Baa2 | 1790000 | 1760217 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2027 | NR | 2000000 | 2033507 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2028 | NR | 1250000 | 1280962 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2032 | NR | 4035000 | 4192832 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2039 | NR | 6620000 | 6735474 |

---

*See Notes to Financial Statements.* 155

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.50% | 6/15/2039 | NR | $2370000 | $2397650 |
| Mida Mountain Village Public Infrastructure District-Military Installation Development Auth Military Recreation Fac Project Area UT Tax Allocation<sup>†</sup> | 5.75% | 6/15/2044 | NR | 665000 | 671347 |
| Military Installation Development Authority-Military Installation Development Auth Military Recreation Fac Project Area UT | 4.00% | 6/1/2041 | NR | 6540000 | 5801616 |
| Public Finance Authority-Southeast Overtown Park West Community Redevelopment Agency WI Tax Allocation<sup>†</sup> | 5.00% | 6/1/2041 | NR | 16000000 | 16102847 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 6066000 | 5810666 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.50% | 7/1/2034 | NR | 22370000 | 22377062 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 1000 | 903 |
| *Total* |  |  |  |  | 71876338 |
| **Tobacco 0.91%** |  |  |  |  |  |
| Nassau County Tobacco Settlement Corp. NY | 5.00% | 6/1/2035 | CCC+ | 3675000 | 3141425 |
| Nassau County Tobacco Settlement Corp. NY | 5.25% | 6/1/2026 | CCC+ | 8081680 | 7984127 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2036 | NR | 4000000 | 2213486 |
| Tobacco Settlement Financing Corp.-Tobacco Settlement Financing Corp/VA VA | 5.20% | 6/1/2046 | B- | 8905000 | 7846284 |
| *Total* |  |  |  |  | 21185322 |
| **Transportation 11.89%** |  |  |  |  |  |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2027 | BB+ <sup>(c)</sup> | 695000 | 713877 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 6/30/2028 | BB+ <sup>(c)</sup> | 2210000 | 2298203 |
| Chicago Midway International Airport IL AMT | 4.00% | 1/1/2032 | A | 3010000 | 3013152 |

---

156 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| City & County of Denver-United Airlines Inc CO AMT | 5.00% |  | 10/1/2032 | BB+ | $32935000 | $32944390 |
| City & County of Denver Airport System Revenue CO AMT | 5.00% |  | 12/1/2035 | A+ | 4205000 | 4354500 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.00% |  | 7/15/2035 | BB+ | 8000000 | 8002342 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.25% |  | 7/15/2033 | Ba3 | 10000000 | 10723477 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2035 | Ba3 | 9750000 | 10715750 |
| City of Houston Airport System Revenue-United Airlines Inc TX AMT | 5.50% |  | 7/15/2037 | Ba3 | 2100000 | 2268710 |
| County of Miami-Dade Aviation Revenue FL AMT | 5.00% |  | 10/1/2033 | A+ | 2705000 | 2708114 |
| County of Miami-Dade Seaport Department FL AMT | 5.00% |  | 10/1/2036 | A3 | 1300000 | 1397802 |
| County of Sacramento Airport System Revenue CA AMT | 5.00% |  | 7/1/2036 | A+ | 6000000 | 6177452 |
| Eagle County Airport Terminal Corp. CO AMT | 5.00% |  | 5/1/2037 | Baa2 | 2045000 | 2056516 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 12.00% | <sup>#(b)</sup> | 7/15/2059 | NR | 4500000 | 2806875 |
| Florida Development Finance Corp.-AAF Operations Holdings LLC AMT<sup>†</sup> | 14.00% | <sup>#(b)</sup> | 7/15/2032 | NR | 10500000 | 6549375 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 15000000 | 15407821 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 7750000 | 7960708 |
| Illinois Finance Authority-Centerpoint Joliet Terminal Railroad LLC AMT<sup>†</sup> | 4.80% | <sup>#(b)</sup> | 12/1/2043 | BBB+ | 7000000 | 7190317 |
| Illinois State Toll Highway Authority | 5.00% |  | 1/1/2040 | AA- | 2005000 | 2009208 |
| Maryland Economic Development Corp.-Purple Line Transit Partners LLC AMT | 5.00% |  | 11/12/2028 | Baa3 | 9995000 | 10087756 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2031 | A | 1975000 | 1980656 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2035 | A | 3980000 | 3991397 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue DC | 5.00% |  | 10/1/2034 | A- | 1260000 | 1330308 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% |  | 1/1/2035 | NR | 4250000 | 4394925 |

---

*See Notes to Financial Statements.* 157

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% | 10/1/2030 | Baa2 | $14780000 | $14994209 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 5845000 | 5629056 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 1/1/2033 | Baa2 | 2500000 | 2562232 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 14725000 | 14961551 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 1625000 | 1698818 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 3000000 | 3299422 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 2.50% | 10/31/2031 | BBB- <sup>(c)</sup> | 1365000 | 1210982 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% | 12/1/2036 | Baa1 | 2700000 | 2851264 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2038 | Baa3 | 2720000 | 2898857 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% | 6/30/2041 | Baa3 | 1000000 | 1037158 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2038 | Baa3 | 2065000 | 2190487 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% | 6/30/2039 | Baa3 | 1035000 | 1091747 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% | 7/1/2033 | Baa2 | 2815000 | 2814950 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.00% | 7/1/2034 | Baa2 | 8750000 | 8755644 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC (AG) AMT | 4.00% | 7/1/2036 | AA | 1555000 | 1531687 |
| New York Transportation Development Corp.-Laguardia Gateway Partners LLC AMT | 5.00% | 7/1/2041 | Baa2 | 6030000 | 6029691 |
| North Parkway Municipal Management District No. 1 TX<sup>†</sup> | 3.625% | 9/15/2026 | NR | 200000 | 199580 |
| Pennsylvania Economic Development Financing Authority-PA Bridges Finco LP | 5.00% | 12/31/2038 | BBB | 3905000 | 3917343 |

---

158 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| Pennsylvania Turnpike Commission Registration Fee Revenue | 3.74%<br> (MUNIPSA \* 1 + .85% |)<sup>#</sup> | 7/15/2041 | AA- | $5000000 | $4993521 |
| Port of Beaumont Navigation District-Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group TX AMT<sup>†</sup> | 3.625% |  | 1/1/2035 | NR | 2000000 | 1850629 |
| Public Finance Authority-Air Cargo Obligated Group WI AMT | 5.00% |  | 7/1/2031 | BBB | 1875000 | 2010941 |
| Public Finance Authority-Air Cargo Obligated Group WI AMT | 5.00% |  | 7/1/2032 | BBB | 1845000 | 1985421 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.50% |  | 9/1/2030 | NR | 605000 | 637035 |
| Public Finance Authority-Million Air Three Obligated Group WI AMT<sup>†</sup> | 5.75% |  | 9/1/2035 | NR | 2000000 | 2088886 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% |  | 5/1/2037 | AA- | 8000000 | 8273943 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% |  | 6/30/2037 | Baa1 | 1835000 | 1943506 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% |  | 6/30/2038 | Baa1 | 1215000 | 1282345 |
| Texas Private Activity Bond Surface Transportation Corp.-NTE Mobility Partners Segments 3 LLC AMT | 5.375% |  | 6/30/2039 | Baa1 | 1580000 | 1659973 |
| Tulsa Municipal Airport Trust Trustees-American Airlines Inc OK AMT | 6.25% |  | 12/1/2035 | B+ | 8175000 | 9357099 |
| Virginia Small Business Financing Authority-95 Express Lanes LLC AMT | 5.00% |  | 1/1/2034 | BBB | 6710000 | 7164021 |
| Virginia Small Business Financing Authority-Elizabeth River Crossings OpCo LLC AMT | 4.00% |  | 7/1/2033 | BBB | 6000000 | 6102210 |
| *Total* |  |  |  |  |  | 278107839 |
| **Utilities 15.77%** |  |  |  |  |  |  |
| Black Belt Energy Gas District AL | 5.00% |  | 10/1/2035 | A2 | 31000000 | 32400347 |
| Black Belt Energy Gas District AL | 5.25% | <sup>#(b)</sup> | 5/1/2055 | A1 | 8930000 | 9742895 |
| Black Belt Energy Gas District AL | 5.50% | <sup>#(b)</sup> | 6/1/2049 | A2 | 2350000 | 2519313 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 10/1/2055 | NR | 19000000 | 20448518 |

---

*See Notes to Financial Statements.* 159

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | $3600000 | $3858513 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 3/1/2056 | Aa3 | 16875000 | 18518635 |
| California Community Choice Financing Authority | 5.25% |  | 11/1/2054 | A2 | 3300000 | 3579810 |
| Central Plains Energy Project NE | 5.00% | <sup>#(b)</sup> | 5/1/2054 | Aa2 | 5000000 | 5358838 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC<sup>†</sup> | 5.00% |  | 10/1/2029 | NR | 1770000 | 1822841 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC<sup>†</sup> | 5.00% |  | 10/1/2034 | NR | 1000000 | 1018591 |
| Charlotte County Industrial Development Authority-MSKP Town & Country Utility LLC AMT<sup>†</sup> | 5.50% |  | 10/1/2036 | NR | 3135000 | 3138061 |
| City of Osceola-Plum Point Energy Associates LLC AR AMT | 5.50% | <sup>#(b)</sup> | 4/1/2036 | NR | 11750000 | 11755432 |
| City of Seattle Municipal Light & |  |  |  |  |  |  |
| Power Revenue WA | 3.14%<br> (MUNIPSA \* 1 + .25% |)<sup>#</sup> | 5/1/2045 | AA | 3000000 | 2973707 |
| County of Trimble-Louisville Gas and Electric Co KY AMT | 4.70% | <sup>#(b)</sup> | 6/1/2054 | A1 | 1750000 | 1769019 |
| County of Washoe-Sierra Pacific Power Co NV | 4.125% | <sup>#(b)</sup> | 3/1/2036 | A | 3175000 | 3215379 |
| Energy Southeast A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 7/1/2054 | A1 | 3000000 | 3288831 |
| Energy Southeast A Cooperative District AL | 5.75% | <sup>#(b)</sup> | 4/1/2054 | A1 | 2000000 | 2241994 |
| Florida Development Finance Corp.-Waste Pro USA Inc AMT | 3.00% |  | 6/1/2032 | NR | 7000000 | 6393059 |
| Illinois Finance Authority-Peoples Gas Light & Coke Co/The | 3.90% |  | 3/1/2030 | Aa3 | 5000000 | 5001063 |
| Kentucky Public Energy Authority | 5.00% | <sup>#(b)</sup> | 5/1/2055 | A2 | 4500000 | 4771384 |
| Main Street Natural Gas, Inc. GA<sup>†</sup> | 4.00% | <sup>#(b)</sup> | 8/1/2052 | BBB- | 23050000 | 23195074 |
| Main Street Natural Gas, Inc. GA | 4.00% | <sup>#(b)</sup> | 9/1/2052 | A3 | 1190000 | 1221105 |
| Main Street Natural Gas, Inc. GA | 4.487%<br> (SOFR \* .67 + 1.70% |)<sup>#</sup> | 12/1/2053 | Aa1 | 5000000 | 5048157 |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(b)</sup> | 5/1/2055 | A3 | 6320000 | 6913135 |

---

160 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Main Street Natural Gas, Inc. GA | 5.00% | <sup>#(b)</sup> | 12/1/2055 | A3 | $19000000 | $20648843 |
| New York Energy Finance Development Corp.-New York Energy Finance Development Corp | 5.00% | <sup>#(b)</sup> | 7/1/2056 | NR | 7000000 | 7484903 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(b)</sup> | 12/1/2037 | B | 11155000 | 11244127 |
| Pennsylvania Economic Development Financing Authority-Talen Energy Supply LLC | 5.25% | <sup>#(b)</sup> | 12/1/2038 | B | 5640000 | 5679001 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 6285000 | 6559769 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2033 | NR | 1150000 | 1197744 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2033 | NR | 5230000 | 5468076 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2035 | NR | 1500000 | 1545798 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 11/1/2035 | Baa1 | 35100000 | 37026169 |
| Southeast Energy Authority A Cooperative District AL | 5.00% |  | 1/1/2056 | A1 | 14535000 | 15356889 |
| Southeast Energy Authority A Cooperative District AL<sup>(f)</sup> | 5.00% |  | 1/1/2056 | A1 | 15000000 | 15829699 |
| Southeast Energy Authority A Cooperative District AL | 5.221%<br> (SOFR \* .67 + 2.42% |)<sup>#</sup> | 1/1/2053 | A1 | 10000000 | 10482918 |
| Southeast Energy Authority A Cooperative District AL | 5.25% | <sup>#(b)</sup> | 11/1/2055 | A1 | 25000000 | 27783382 |
| Tennergy Corp. TN | 5.50% | <sup>#(b)</sup> | 10/1/2053 | Baa1 | 8195000 | 8848052 |
| Texas Municipal Gas Acquisition & Supply Corp. III | 5.00% |  | 12/15/2032 | A1 | 4080000 | 4441780 |
| Texas Municipal Gas Acquisition & Supply Corp. IV | 5.50% | <sup>#(b)</sup> | 1/1/2054 | A1 | 8000000 | 9012000 |
| *Total* |  |  |  |  |  | 368802851 |
| *Total Municipal Bonds* (cost $2,233,667,142) | *Total Municipal Bonds* (cost $2,233,667,142) |  |  |  |  | 2260598934 |

---

*See Notes to Financial Statements.* 161

**Schedule of Investments (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(g)</sup> | **Final**<br> **Maturity**<br> **Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **SHORT-TERM INVESTMENTS 1.84%** | **SHORT-TERM INVESTMENTS 1.84%** |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 1.84%** | **VARIABLE RATE DEMAND NOTES 1.84%** |  |  |  |  |  |
| **Corporate-Backed 0.24%** |  |  |  |  |  |  |
| Maryland Industrial Development Financing Authority-Occidental Petroleum Corp | 4.920% | 10/1/2025 | 3/1/2030 | Baa3 | $5645000 | $5645000 |
| **General Obligation 0.34%** |  |  |  |  |  |  |
| City of New York NY GO | 3.850% | 10/1/2025 | 10/1/2046 | AA | 1470000 | 1470000 |
| City of New York NY GO | 3.900% | 10/1/2025 | 4/1/2042 | AA | 6000000 | 6000000 |
| City of New York NY GO | 3.900% | 10/1/2025 | 4/1/2042 | AA | 480000 | 480000 |
| *Total* |  |  |  |  |  | 7950000 |
| **Utilities 1.26%** |  |  |  |  |  |  |
| Development Authority of Appling County-Georgia Power Co | 4.000% | 10/1/2025 | 9/1/2041 | A | 5500000 | 5500000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.590% | 10/15/2025 | 6/15/2055 | AA+ | 5000000 | 5000000 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 3.700% | 10/15/2025 | 6/15/2050 | AA+ | 19050000 | 19050000 |
| *Total* |  |  |  |  |  | 29550000 |
| *Total Variable Rate Demand Notes* (cost $43,145,000) | *Total Variable Rate Demand Notes* (cost $43,145,000) | *Total Variable Rate Demand Notes* (cost $43,145,000) |  |  |  | 43145000 |
| *Total Short-Term Investments* (cost $43,145,000) | *Total Short-Term Investments* (cost $43,145,000) | *Total Short-Term Investments* (cost $43,145,000) |  |  |  | 43145000 |
| *Total Investments in Securities 98.58%* (cost $2,278,280,953) | *Total Investments in Securities 98.58%* (cost $2,278,280,953) | *Total Investments in Securities 98.58%* (cost $2,278,280,953) |  |  |  | 2305241534 |
| *Other Assets and Liabilities – Net*<sup>(h)</sup> *1.42%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *1.42%* | *Other Assets and Liabilities – Net*<sup>(h)</sup> *1.42%* |  |  |  | 33192791 |
| *Net Assets 100.00%* |  |  |  |  |  | $2338434325 |

---

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| 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. |
| 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. |

---

162 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND *September 30, 2025*

SOFR Secured Overnight Financing Rate. <br> TRIPS Tax Refund Intercept Programs. <br> YoY Year on Year Inflation Rates.

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $676,493,798, which represents 28.93% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | Defaulted (non-income producing security). |
| <sup>(e)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(f)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(g)</sup> | 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. |
| <sup>(h)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Treasury Note | December 2025 | 277 | Short | $(30989053) | $(31162500) | $(173447) |
| U.S. Long Bond | December 2025 | 331 | Short | (37862645) | (38592531) | (729886) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  | $(903333) |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $1497600 | $– | $1497600 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> |  | 2260598934 |  | 2260598934 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes | – | 43145000 | – | 43145000 |
| **Total** | $– | $2305241534 | $– | $2305241534 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (903333) | – | – | (903333) |
| **Total** | $(903333) | $– | $– | $(903333) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

<sup>(3)</sup> Includes Municipal Bonds held in Trust 2(e).

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, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.89%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 98.89%** |  |  |  |  |  |  |
| **Corporate-Backed 2.19%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank-Desertxpress Enterprises LLC AMT<sup>†</sup> | 9.50% | <sup>#(b)</sup> | 1/1/2065 | NR | $3750000 | $3434783 |
| California Municipal Finance Authority-United Airlines Inc AMT | 4.00% |  | 7/15/2029 | BB+ | 4020000 | 4046316 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa3 | 4410000 | 4397617 |
| California Pollution Control Financing Authority-Waste Management Inc AMT | 4.30% |  | 7/1/2040 | A- | 1065000 | 1064951 |
| San Francisco City & County Airport Comm-San Francisco International Airport-SFO Fuel Co LLC CA AMT | 5.00% |  | 1/1/2038 | A+ | 1715000 | 1763809 |
| *Total* |  |  |  |  |  | 14707476 |
| **Education 14.35%** |  |  |  |  |  |  |
| Alvord Unified School District CA GO (BAM) | 5.00% |  | 8/1/2052 | AA | 4000000 | 4184258 |
| Brentwood Union School District CA GO | 5.25% |  | 8/1/2052 | Aa3 | 2125000 | 2240461 |
| California Educational Facilities Authority-Art Center College of Design | 4.00% |  | 12/1/2037 | Baa2 | 1150000 | 1106668 |
| California Educational Facilities Authority-Art Center College of Design | 5.00% |  | 12/1/2044 | Baa2 | 3500000 | 3503892 |
| California Educational Facilities Authority-Chapman University | 5.00% |  | 4/1/2044 | A2 | 1000000 | 1063537 |
| California Educational Facilities Authority-Chapman University | 5.00% |  | 4/1/2045 | A2 | 1050000 | 1106673 |
| California Educational Facilities Authority-University of Southern California | 5.00% |  | 10/1/2055 | AA | 5000000 | 5255781 |
| California Educational Facilities Authority-University of the Pacific | 5.00% |  | 11/1/2053 | A2 | 2900000 | 3006609 |
| California Educational Facilities Authority-University of the Pacific | 5.00% |  | 11/1/2055 | A2 | 3750000 | 3893549 |
| California Enterprise Development Authority-Campbell Hall Episcopal | 5.00% |  | 8/1/2040 | A | 3000000 | 3308480 |
| California Enterprise Development Authority-Castilleja School Foundation | 5.00% |  | 6/1/2049 | A | 2750000 | 2872934 |
| California Health Facilities Financing Authority-Art Center College of Design | 5.00% |  | 12/1/2048 | Baa2 | 1000000 | 988534 |

---

164 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| California Infrastructure & Economic Development Bank<sup>(c)</sup> | 5.25% | 5/15/2059 | AA | $4000000 | $4280172 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2049 | A | 2750000 | 2784214 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2054 | A | 1500000 | 1510495 |
| California Infrastructure & Economic Development Bank-Equitable School Revolving Fund LLC Obligated Group | 5.00% | 11/1/2059 | A | 1520000 | 1526185 |
| California Municipal Finance Authority-Biola University Inc | 5.00% | 10/1/2032 | Baa2 | 400000 | 411845 |
| California Municipal Finance Authority-Biola University Inc | 5.00% | 10/1/2039 | Baa2 | 1000000 | 1011280 |
| California Municipal Finance Authority-California Baptist University<sup>†</sup> | 5.375% | 11/1/2045 | NR | 775000 | 785873 |
| California Municipal Finance Authority-Samuel Merritt University | 5.25% | 6/1/2053 | A3 | 5500000 | 5643885 |
| California Municipal Finance Authority-SDORI Charter School Properties LLC<sup>†</sup> | 5.625% | 3/1/2045 | B+ | 500000 | 451686 |
| California Municipal Finance Authority-University of the Pacific | 3.00% | 11/1/2048 | NR | 115000 | 118925 |
| California Municipal Finance Authority-University of the Pacific | 3.00% | 11/1/2048 | A2 | 3885000 | 2825159 |
| California Municipal Finance Authority-University of the Pacific | 4.00% | 11/1/2042 | NR | 10000 | 10917 |
| California Municipal Finance Authority-University of the Pacific | 4.00% | 11/1/2042 | A2 | 1165000 | 1131537 |
| California Municipal Finance Authority-Westside Neighborhood School<sup>†</sup> | 5.90% | 6/15/2044 | BB | 1815000 | 1895233 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% | 8/1/2045 | BBB- | 620000 | 615777 |
| California School Finance Authority-Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2045 | BBB | 2190000 | 2177809 |
| California School Finance Authority-Kipp SoCal Public Schools Obligated<sup>†</sup> | 5.00% | 7/1/2047 | BBB | 4415000 | 4369529 |
| California State University | 4.625% | 11/1/2056 | Aa2 | 2500000 | 2548741 |
| California State University | 5.25% | 11/1/2050 | Aa2 | 4000000 | 4352734 |

---

See Notes to Financial Statements. 165

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| California State University | 5.50% |  | 11/1/2055 | Aa2 | $8000000 | $8782610 |
| Central Unified School District CA GO | 5.25% |  | 8/1/2052 | Aa3 | 2940000 | 3117464 |
| Montebello Unified School District CA GO (AG) | 5.50% |  | 8/1/2047 | AA | 2000000 | 2115105 |
| Rincon Valley Union School District CA GO | 5.00% |  | 8/1/2054 | AA | 2875000 | 3035936 |
| Santa Clarita Community College District CA GO | 5.25% |  | 8/1/2045 | AA | 1500000 | 1605113 |
| University of California | 5.00% |  | 5/15/2053 | AA | 2500000 | 2662375 |
| University of California | 5.00% |  | 5/15/2054 | AA | 2500000 | 2646451 |
| University of California | 5.25% |  | 5/15/2055 | AA | 1500000 | 1626846 |
| *Total* |  |  |  |  |  | 96575272 |
| **General Obligation 14.61%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 12/1/2053 | A2 | 1925000 | 2049790 |
| California Community Choice Financing Authority | 5.25% | <sup>#(b)</sup> | 1/1/2054 | Baa1 | 7595000 | 8106763 |
| California Community Choice Financing Authority | 5.50% | <sup>#(b)</sup> | 5/1/2054 | A2 | 4905000 | 5238992 |
| California State Public Works Board | 4.00% |  | 5/1/2046 | Aa3 | 2050000 | 1964630 |
| California State Public Works Board-State of California Department of General Services | 5.00% |  | 4/1/2049 | Aa3 | 1000000 | 1049501 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2046 | NR | 2000000 | 1728555 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 165067 | 183029 |
| Dublin Unified School District CA GO | 3.00% |  | 8/1/2041 | Aa2 | 2425000 | 2055511 |
| El Rancho Unified School District CA GO (BAM) | 5.75% |  | 8/1/2048 | AA | 1425000 | 1607541 |
| Imperial Community College District CA GO (AG) | 5.00% |  | 8/1/2054 | AA | 2500000 | 2615546 |
| Imperial Community College District CA GO (AG) | 5.25% |  | 8/1/2053 | AA | 1620000 | 1716594 |
| Irvine Facilities Financing Authority CA GO | 4.25% |  | 9/1/2050 | Aa1 | 1565000 | 1532104 |
| Las Virgenes Unified School District CA GO | 5.25% |  | 8/1/2051 | AA | 3000000 | 3226264 |
| Los Angeles Unified School District-Los Angeles Unified School District/CA GO | 5.25% |  | 7/1/2049 | Aa2 | 1625000 | 1747000 |
| Mt San Antonio Community College District CA GO | 5.25% |  | 8/1/2055 | Aa1 | 1500000 | 1624054 |
| Newport Mesa Unified School District CA GO | Zero Coupon |  | 8/1/2041 | Aaa | 1325000 | 662491 |

---

166 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| Newport Mesa Unified School District CA GO | Zero Coupon | 8/1/2045 | Aaa | $1000000 | $396167 |
| North Orange County Community College District CA GO | 2.75% | 8/1/2036 | AA+ | 2000000 | 1819683 |
| Novato Unified School District CA GO | 3.00% | 8/1/2044 | Aa1 | 4765000 | 3847867 |
| Pajaro Valley Health Care District CA GO | 5.00% | 9/1/2046 | Ba2 | 2750000 | 2760311 |
| Peralta Community College District CA GO | 5.00% | 8/1/2054 | AA- | 1750000 | 1849729 |
| Pomona Unified School District CA GO | 5.00% | 8/1/2050 | Aa3 | 1100000 | 1156910 |
| Ravenswood City School District CA GO (BAM) | 5.25% | 8/1/2053 | AA | 2000000 | 2108572 |
| Redlands Unified School District CA GO | 5.00% | 7/1/2054 | Aa2 | 2500000 | 2601706 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2042 | Aa3 | 1795000 | 855045 |
| San Benito High School District CA GO | Zero Coupon | 8/1/2043 | Aa3 | 2600000 | 1165532 |
| San Diego Community College District CA GO | 5.00% | 8/1/2055 | AAA | 5000000 | 5297206 |
| San Diego Public Facilities Financing Authority CA | 5.25% | 10/15/2052 | AA- | 4125000 | 4371676 |
| Santa Barbara Community College District CA GO | 6.00% | 8/1/2055 | AA+ | 3410000 | 3949755 |
| Santa Monica-Malibu Unified School District CA GO | 3.00% | 8/1/2044 | AA+ | 1515000 | 1211644 |
| Santa Monica-Malibu Unified School District CA GO | 4.25% | 8/1/2052 | AA+ | 2000000 | 1955356 |
| Southwestern Community College District CA GO | Zero Coupon | 8/1/2041 | Aa2 | 1100000 | 573669 |
| Southwestern Community College District CA GO | 5.25% | 8/1/2055 | Aa2 | 2000000 | 2157049 |
| State of California GO | 5.00% | 3/1/2044 | Aa2 | 1000000 | 1079480 |
| State of California GO | 5.00% | 9/1/2053 | Aa2 | 1000000 | 1055981 |
| State of California GO | 5.00% | 3/1/2055 | Aa2 | 4000000 | 4248784 |
| State of California GO | 5.25% | 9/1/2053 | Aa2 | 3000000 | 3213752 |
| State of California GO | 5.25% | 8/1/2054 | Aa2 | 1250000 | 1346621 |
| State of California GO<sup>(d)</sup> | 5.25% | 8/1/2055 | Aa2 | 2500000 | 2715098 |
| State of California GO | 5.50% | 8/1/2054 | Aa2 | 3600000 | 3952489 |
| Sunnyvale School District CA GO | 5.00% | 9/1/2056 | AAA | 3500000 | 3735827 |
| Washington Township Health Care District CA GO | 5.25% | 8/1/2048 | AA | 1625000 | 1755445 |
| *Total* |  |  |  |  | 98289719 |

---

See Notes to Financial Statements. 167

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 15.12%** |  |  |  |  |  |
| Antelope Valley Healthcare District Obligated Group CA | 5.00% | 3/1/2026 | BBB | $545000 | $546096 |
| Antelope Valley Healthcare District Obligated Group CA | 5.25% | 3/1/2036 | BBB | 1000000 | 1004144 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 3.00% | 10/1/2041 | A | 2840000 | 2348654 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 3.00% | 10/1/2047 | A | 1845000 | 1360369 |
| California Community Choice Financing Authority-Providence St Joseph Health Obligated Group | 5.00% | 10/1/2044 | A | 2410000 | 2410608 |
| California Health Facilities Financing Authority-Adventist Health System/West Obligated Group | 5.00% | 12/1/2035 | BBB+ | 1500000 | 1653249 |
| California Health Facilities Financing Authority-Cedars-Saini Medical Center Obligated Group | 3.00% | 8/15/2051 | AA- | 4705000 | 3447535 |
| California Health Facilities Financing Authority-Children's Hospital Los Angeles Obligated Group | 5.00% | 10/1/2030 | A | 1470000 | 1472693 |
| California Health Facilities Financing Authority-Children's Hospital Los Angeles Obligated Group | 5.00% | 8/15/2047 | Baa3 | 3870000 | 3785091 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 2.125% | 11/1/2041 | AA | 2500000 | 1753797 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 3.00% | 11/1/2038 | AA | 3000000 | 2749667 |
| California Health Facilities Financing Authority-Children's Hospital of Orange County Obligated Group | 5.00% | 11/1/2054 | AA | 4000000 | 4160290 |
| California Health Facilities Financing Authority-CommonSpirit Health Obligated Group | 5.00% | 12/1/2044 | A- | 1485000 | 1542185 |
| California Health Facilities Financing Authority-CommonSpirit Health Obligated Group | 5.00% | 12/1/2054 | A- | 4405000 | 4531155 |
| California Health Facilities Financing Authority-El Camino Healthcare Obligated Group | 5.25% | 2/1/2048 | AA | 3000000 | 3196999 |

---

168 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| California Health Facilities Financing Authority-Providence St Joseph Health Obligated Group | 5.25% | <sup>#(b)</sup> | 10/1/2050 | A | $3000000 | $3378964 |
| California Health Facilities Financing Authority-Scripps Health Obligated Group | 5.00% |  | 11/15/2044 | AA- | 6000000 | 6388225 |
| California Health Facilities Financing Authority-Stanford Health Care Obligated Group | 5.25% |  | 8/15/2054 | Aa2 | 6000000 | 6462788 |
| California Health Facilities Financing Authority-Sutter Health Obligated Group | 5.00% |  | 11/15/2038 | A+ | 2250000 | 2317337 |
| California Infrastructure & Economic Development Bank-Roseville Sustainable Energy Partner LLC | 5.25% |  | 7/1/2049 | BBB+ | 2450000 | 2487723 |
| California Municipal Finance Authority | 4.00% |  | 8/15/2037 | A- | 1000000 | 997822 |
| California Municipal Finance Authority-Community Health Centers of The Central Coast Inc | 5.75% |  | 12/1/2055 | BBB <sup>(e)</sup> | 1000000 | 1011167 |
| California Municipal Finance Authority-Community Hospitals of Central California Obligated Group | 5.00% |  | 2/1/2037 | BBB+ | 2000000 | 2022891 |
| California Municipal Finance Authority-Eisenhower Medical Center | 5.00% |  | 7/1/2036 | Baa2 | 1580000 | 1595059 |
| California Municipal Finance Authority-PRS-California Obligated Group | 5.00% |  | 4/1/2044 | BBB+ <sup>(e)</sup> | 1415000 | 1430186 |
| California Municipal Finance Authority (AG) | 4.00% |  | 2/1/2051 | AA | 1000000 | 904737 |
| California Public Finance Authority-Hazelden Betty Ford Foundation | 5.00% |  | 11/1/2054 | Baa1 | 2000000 | 1977560 |
| California Public Finance Authority-Kendal At Ventura<sup>†</sup> | 10.00% |  | 5/15/2028 | NR | 500000 | 517356 |
| California Public Finance Authority-QSH/LB LLC<sup>†</sup> | 6.625% |  | 6/1/2065 | NR | 1000000 | 1027160 |
| California Public Finance Authority-QSH/MB LLC<sup>†</sup> | 6.75% |  | 7/1/2065 | NR | 990000 | 1050598 |
| California Statewide Communities Development Authority-John Muir Health Obligated Group | 5.25% |  | 12/1/2054 | A+ | 3850000 | 4057361 |
| California Statewide Communities Development Authority-Loma Linda University Medical Center Obligated Group<sup>†</sup> | 5.25% |  | 12/1/2048 | BB | 1395000 | 1381192 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% |  | 12/1/2026 | BB | 2335000 | 2357151 |

---

See Notes to Financial Statements. 169

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.00% | 12/1/2041 | BB | $2350000 | $2350881 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.25% | 12/1/2034 | BB | 2150000 | 2151517 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group | 5.50% | 12/1/2054 | BB | 2225000 | 2224868 |
| California Statewide Communities Development Authority-Loma Linda University Medical Obligated Group<sup>†</sup> | 5.50% | 12/1/2058 | BB | 2645000 | 2639462 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% | 12/1/2053 | AA+ | 2000000 | 2176492 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2036 | B | 3555000 | 3224890 |
| Palomar Health Obligated Group CA | 5.00% | 11/1/2039 | B | 4750000 | 4136908 |
| Regents of the University of California Medical Center Pooled Revenue | 3.50% | 5/15/2054 | AA- | 4000000 | 3274367 |
| Washington Township Health Care District CA | 5.75% | 7/1/2053 | Baa3 | 2100000 | 2189996 |
| *Total* |  |  |  |  | 101697190 |
| **Housing 5.82%** |  |  |  |  |  |
| California Community Housing Agency Arbors Apartments<sup>†</sup> | 5.00% | 8/1/2050 | NR | 965000 | 892104 |
| California Enterprise Development Authority-Provident Group-Pomona Properties LLC | 5.00% | 1/15/2045 | Baa3 | 4295000 | 4366318 |
| California Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% | 8/1/2040 | Baa3 | 1625000 | 1667740 |
| California Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% | 8/1/2050 | Baa3 | 2030000 | 2047251 |
| California Enterprise Development Authority-Provident Group-SDSU Properties LLC | 5.00% | 8/1/2055 | Baa3 | 1075000 | 1085802 |
| California Housing Finance Agency | 3.25% | 8/20/2036 | BBB | 7979987 | 7616455 |
| California Housing Finance Agency | 3.50% | 11/20/2035 | BBB+ | 2241360 | 2190245 |
| California Municipal Finance Authority-Bowles Hall Foundation | 5.00% | 6/1/2050 | Baa3 | 500000 | 499979 |

---

170 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% | 8/15/2049 | A- | $2230000 | $2273318 |
| California Municipal Finance Authority-Caritas Corp CMFA Mobile Home Park Financing 2024 Portfolio | 5.00% | 8/15/2054 | A- | 2000000 | 2026631 |
| California Municipal Finance Authority-CHF-Davis I LLC | 5.00% | 5/15/2048 | Baa3 | 1000000 | 1000678 |
| California Municipal Finance Authority-CHF-Davis II LLC (BAM) | 3.00% | 5/15/2051 | AA | 2500000 | 1858352 |
| California Municipal Finance Authority-CHF-Riverside I LLC | 5.00% | 5/15/2043 | Baa3 | 3000000 | 3017429 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.375% | 6/1/2059 | NR | 2000000 | 1864745 |
| California Public Finance Authority-P3 Irvine SL Holdings LLC Obligated Group<sup>†</sup> | 6.50% | 6/1/2054 | NR | 1000000 | 962287 |
| California Statewide Communities Development Authority-CHF-Irvine LLC | 5.00% | 5/15/2035 | Baa1 | 3100000 | 3128425 |
| CSCDA Community Improvement Authority Orange Portfolio CA<sup>†</sup> | 3.00% | 3/1/2057 | NR | 2000000 | 1326302 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 3.00% | 6/1/2047 | NR | 1500000 | 1034785 |
| CSCDA Community Improvement Authority Westgate Apartments CA<sup>†</sup> | 4.00% | 6/1/2057 | NR | 1000000 | 297711 |
| *Total* |  |  |  |  | 39156557 |
| **Lease Obligations 2.23%** |  |  |  |  |  |
| California State Public Works Board | 4.00% | 11/1/2046 | Aa3 | 2100000 | 2011236 |
| California State Public Works Board | 5.00% | 4/1/2050 | Aa3 | 2000000 | 2103566 |
| Los Angeles County Public Works Financing Authority-County of Los Angeles CA | 5.50% | 12/1/2054 | AA+ | 2000000 | 2190150 |
| Pasadena Public Financing Authority-City of Pasadena CA | Zero Coupon | 6/1/2047 | AA+ | 1000000 | 372102 |
| Pasadena Public Financing Authority-City of Pasadena CA | Zero Coupon | 6/1/2048 | AA+ | 1125000 | 398277 |
| San Diego Public Facilities Financing Authority-City of San Diego CA | 5.00% | 10/15/2054 | AA- | 5000000 | 5239505 |
| San Diego Public Facilities Financing Authority-City of San Diego CA<sup>(d)</sup> | 5.25% | 10/15/2055 | AA- | 2500000 | 2682590 |
| *Total* |  |  |  |  | 14997426 |

---

See Notes to Financial Statements. 171

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue 0.61%** |  |  |  |  |  |  |
| California Infrastructure & Economic Development Bank-Los Angeles County Museum of Natural History Foundation | 4.00% |  | 7/1/2050 | A2 | $2625000 | $2474385 |
| California School Finance Authority-Green Dot Public Schools Obligated Group<sup>†</sup> | 5.00% |  | 8/1/2038 | BBB- | 1000000 | 1015874 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(b)</sup> | 11/1/2051 | NR | 74820 | 50597 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 500000 | 546264 |
| *Total* |  |  |  |  |  | 4087120 |
| **Pollution Control 0.24%** |  |  |  |  |  |  |
| California Municipal Finance Authority-Republic Services Inc AMT | 3.875% | <sup>#(b)</sup> | 3/1/2054 | A- | 1600000 | 1597435 |
| **Power 0.49%** |  |  |  |  |  |  |
| Southern California Public Power Authority | 5.25% |  | 7/1/2053 | Aa2 | 3180000 | 3314732 |
| **Pre-Refunded 0.10%** |  |  |  |  |  |  |
| M-S-R Energy Authority CA | 6.50% |  | 11/1/2039 | BBB+ | 555000 | 680696 |
| **Special Tax 2.81%** |  |  |  |  |  |  |
| California Statewide Communities Development Authority | 5.00% |  | 9/2/2054 | BBB- | 3000000 | 3044515 |
| City of Fontana Community Facilities District No 109 CA | 5.00% |  | 9/1/2049 | NR | 1000000 | 1012258 |
| City of Fontana Community Facilities District No 109 CA | 5.00% |  | 9/1/2054 | NR | 1400000 | 1409651 |
| City of Irvine CA Special Tax (BAM) | 5.25% |  | 9/1/2053 | AA | 3000000 | 3135558 |
| City of Roseville Westpark Community Facilities District No 1 CA Special Tax | 5.00% |  | 9/1/2031 | NR | 1000000 | 1000833 |
| County of Los Angeles Community Facilities District No. CA Special Tax | 5.00% |  | 9/1/2052 | NR | 1500000 | 1519877 |
| County of Orange CA Community Facilities District No 2023-1 | 5.50% |  | 8/15/2053 | NR | 1375000 | 1426183 |
| Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA | 5.00% |  | 9/1/2054 | NR | 2000000 | 2012351 |
| Inland Valley Development Agency CA Tax Allocation | 5.25% |  | 9/1/2037 | A+ | 1325000 | 1335510 |
| River Islands Public Financing Authority CA Special Tax (AG) | 5.25% |  | 9/1/2052 | AA | 1000000 | 1040380 |

---

172 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Special Tax (continued)** |  |  |  |  |  |
| 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 | $2000000 | $1998953 |
| *Total* |  |  |  |  | 18936069 |
| **Tax Revenue 2.90%** |  |  |  |  |  |
| Compton Community Redevelopment Agency Successor Agency CA Tax Allocation (AG) | 5.00% | 8/1/2037 | AA | 1700000 | 1872608 |
| Matching Fund Special Purpose Securitization Corp.-United States Virgin Islands Federal Excise Tax | 5.00% | 10/1/2026 | NR | 1925000 | 1940178 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 1569000 | 394678 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 503000 | 481827 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 4283000 | 4102717 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 7000 | 6321 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 4798854 | 4516509 |
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA | 5.00% | 9/1/2048 | NR | 1650000 | 1650602 |
| River Islands Public Financing Authority Community Facs District No 2023-1 Area 2 CA | 5.00% | 9/1/2054 | NR | 1000000 | 994951 |
| San Diego Unified School District CA GO | 3.00% | 7/1/2044 | Aa2 | 4400000 | 3549281 |
| *Total* |  |  |  |  | 19509672 |
| **Taxable Revenue-Water & Sewer 2.19%** |  |  |  |  |  |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP AMT<sup>†</sup> | 5.00% | 11/21/2045 | Baa3 | 1100000 | 1122451 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue<sup>(c)</sup> | 5.00% | 10/1/2054 | AA | 10000000 | 10477517 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue CA | 5.00% | 10/1/2054 | AA | 3000000 | 3143255 |
| *Total* |  |  |  |  | 14743223 |

---

See Notes to Financial Statements. 173

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tobacco 1.88%** |  |  |  |  |  |
| California Statewide Financing Authority | Zero Coupon | 6/1/2046 | NR | $8675000 | $2152186 |
| California Statewide Financing Authority<sup>†</sup> | Zero Coupon | 6/1/2055 | NR | 10000000 | 599773 |
| Golden State Tobacco Securitization Corp. CA | Zero Coupon | 6/1/2066 | NR | 15000000 | 1597603 |
| Inland Empire Tobacco Securitization Corp.-Inland Empire Tobacco Securitization Corp CA | Zero Coupon | 6/1/2036 | CCC | 1000000 | 476094 |
| Inland Empire Tobacco Securitization Corp. CA<sup>†</sup> | Zero Coupon | 6/1/2057 | CCC | 3000000 | 193860 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2041 | NR | 5000000 | 1796907 |
| Silicon Valley Tobacco Securitization Authority CA | Zero Coupon | 6/1/2056 | NR | 2250000 | 198901 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | Zero Coupon | 6/1/2046 | CCC- | 1000000 | 193403 |
| Tobacco Securitization Authority of Southern California-San Diego County Tobacco Asset Securitization Corp | 5.00% | 6/1/2048 | BBB+ | 5475000 | 5416707 |
| *Total* |  |  |  |  | 12625434 |
| **Transportation 18.62%** |  |  |  |  |  |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2051 | AA | 1000000 | 575576 |
| Alameda Corridor Transportation Authority CA (AG) | Zero Coupon | 10/1/2053 | AA | 5000000 | 1273694 |
| Alameda Corridor Transportation Authority CA (AG) | 5.00% | 10/1/2052 | AA | 6300000 | 6494176 |
| Bay Area Toll Authority CA | 5.00% | 4/1/2045 | AA | 1200000 | 1300564 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2049 | A | 1365000 | 1416403 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign CA AMT | 5.25% | 7/1/2054 | A | 5350000 | 5522643 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 4.00% | 12/31/2047 | BB+ <sup>(e)</sup> | 4650000 | 4002680 |

---

174 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2034 | BB+ <sup>(e)</sup> | $1700000 | $1731370 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2035 | BB+ <sup>(e)</sup> | 1205000 | 1223835 |
| California Municipal Finance Authority-LAX Integrated Express Solutions LLC AMT | 5.00% | 12/31/2043 | BB+ <sup>(e)</sup> | 3565000 | 3570567 |
| City of Fresno Airport Revenue CA (BAM) AMT | 5.00% | 7/1/2048 | AA | 5220000 | 5325705 |
| City of Long Beach Airport System Revenue CA (AG) AMT | 5.25% | 6/1/2047 | AA | 1330000 | 1360044 |
| City of Los Angeles Department of Airports CA | 5.25% | 5/15/2051 | Aa3 | 5750000 | 6176193 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2041 | AA- | 4420000 | 4220790 |
| City of Los Angeles Department of Airports CA AMT | 4.00% | 5/15/2049 | AA- | 2000000 | 1799179 |
| City of Los Angeles Department of Airports CA AMT | 5.00% | 5/15/2032 | AA- | 1895000 | 2090058 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2045 | Aa3 | 2000000 | 2116925 |
| City of Los Angeles Department of Airports CA AMT | 5.25% | 5/15/2048 | AA- | 2000000 | 2079513 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2036 | AA | 1100000 | 1217242 |
| City of Los Angeles Department of Airports CA AMT | 5.50% | 5/15/2055 | Aa3 | 5250000 | 5595553 |
| County of Sacramento Airport System Revenue-County of Sacramento CA Airport System Revenue CA | 5.25% | 7/1/2054 | A+ | 3500000 | 3734043 |
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2049 | A+ | 2000000 | 2101273 |
| County of Sacramento Airport System Revenue CA | 5.00% | 7/1/2054 | A+ | 2000000 | 2081365 |
| Foothill-Eastern Transportation Corridor Agency CA | Zero Coupon | 1/15/2033 | A | 1500000 | 1179747 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.50% | 1/15/2053 | A | 3600000 | 2928441 |
| Foothill-Eastern Transportation Corridor Agency CA | 3.95% | 1/15/2053 | A | 2850000 | 2513913 |
| Foothill-Eastern Transportation Corridor Agency CA | 6.85% | 1/15/2042 | A | 1150000 | 1307234 |

---

See Notes to Financial Statements. 175

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Foothill-Eastern Transportation Corridor Agency CA (AG) | 3.95% | 1/15/2053 | AA | $2530000 | $2285579 |
| Norman Y Mineta San Jose International Airport SJC CA (BAM) AMT | 4.00% | 3/1/2042 | AA | 6000000 | 5622563 |
| Norman Y Mineta San Jose International Airport SJC CA AMT | 5.00% | 3/1/2031 | A | 1750000 | 1913354 |
| Port Commission of the City & County of San Francisco CA AMT | 5.00% | 3/1/2030 | Aa3 | 1415000 | 1417369 |
| San Diego County Regional Airport Authority CA AMT | 5.25% | 7/1/2045 | Aa3 | 4700000 | 4977602 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA | 5.00% | 5/1/2042 | A1 | 3180000 | 3433527 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2031 | A1 | 6500000 | 7159094 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.00% | 5/1/2039 | A1 | 2695000 | 2860801 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.25% | 5/1/2049 | A1 | 3600000 | 3738738 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.50% | 5/1/2055 | AA- | 3000000 | 3196866 |
| San Francisco City & County Airport Comm-San Francisco International Airport CA AMT | 5.75% | 5/1/2048 | A1 | 2000000 | 2135957 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2044 | A | 3932000 | 3651702 |
| San Joaquin Hills Transportation Corridor Agency CA | 4.00% | 1/15/2050 | A | 1825000 | 1643638 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2044 | A- | 2850000 | 2850976 |
| San Joaquin Hills Transportation Corridor Agency CA | 5.25% | 1/15/2049 | A- | 2505000 | 2505798 |
| San Joaquin Hills Transportation Corridor Agency CA (NATL) | Zero Coupon | 1/15/2036 | Baa2 | 1450000 | 978178 |
| *Total* |  |  |  |  | 125310468 |

---

176 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities 14.73%** |  |  |  |  |  |  |
| California Community Choice Financing Authority | 4.00% | <sup>#(b)</sup> | 2/1/2052 | A1 | $4000000 | $4101977 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 2/1/2054 | A1 | 2500000 | 2690881 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2055 | A1 | 6850000 | 7258005 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 2/1/2055 | A1 | 5775000 | 6307674 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 2/1/2055 | Aa3 | 3000000 | 3269043 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 8/1/2055 | A2 | 3000000 | 3236037 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 10/1/2055 | NR | 7000000 | 7533665 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 1/1/2056 | A1 | 5975000 | 6404061 |
| California Community Choice Financing Authority | 5.00% | <sup>#(b)</sup> | 3/1/2056 | Aa3 | 4500000 | 4938303 |
| California Pollution Control Financing Authority-Poseidon Resources Channelside LP<sup>†</sup> | 5.00% |  | 11/21/2045 | Baa3 | 3870000 | 3906446 |
| Central Valley Energy Authority CA | 5.00% | <sup>#(b)</sup> | 12/1/2055 | Aa3 | 5570000 | 6103466 |
| City of Burbank Electric Revenue CA | 5.00% |  | 6/1/2053 | AA- | 3790000 | 3919461 |
| City of Glendale Electric Revenue CA | 5.00% |  | 2/1/2054 | A+ | 2000000 | 2080996 |
| City of San Francisco Public Utilities Commission Water Revenue CA | 5.25% |  | 11/1/2052 | Aa2 | 1000000 | 1066213 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 267878 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2044 | A- | 1000000 | 1063645 |
| Guam Waterworks Authority Water And Wastewater System | 5.00% |  | 7/1/2042 | A- | 1500000 | 1547723 |
| Indio Electric Financing Authority-Imperial Irrigation District Electric System Revenue CA | 5.25% |  | 1/1/2053 | A1 | 3685000 | 3925663 |
| Long Beach Bond Finance Authority CA | 4.427%<br> (3 mo. USD Term SOFR \* 0.67 + 1.43% |)<sup>#</sup> | 11/15/2026 | A1 | 1025000 | 1030488 |

---

See Notes to Financial Statements. 177

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |
| Los Angeles Department of Water & Power System Revenue CA | 5.00% |  | 7/1/2035 | Aa2 | $4000000 | $4595635 |
| Los Angeles Department of Water & Power System Revenue CA (BAM) | 5.00% |  | 7/1/2053 | AA | 3500000 | 3614147 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2034 | Aa2 | 1200000 | 1378143 |
| Los Angeles Department of Water & Power Water System Revenue CA | 5.00% |  | 7/1/2035 | Aa2 | 1160000 | 1334831 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 700000 | 628971 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2047 | NR | 1000000 | 843518 |
| Sacramento Municipal Utility District CA | 5.00% |  | 11/15/2054 | Aa2 | 1000000 | 1053398 |
| Southern California Public Power Authority | 4.524%<br> (3 mo. USD Term SOFR \* 0.67 + 1.47% |)<sup>#</sup> | 11/1/2038 | A2 | 815000 | 787966 |
| Southern California Public Power Authority | 5.00% |  | 11/1/2033 | A2 | 3625000 | 3911168 |
| Southern California Public Power Authority-City of Anaheim Electric System Revenue | 5.00% | <sup>#(b)</sup> | 4/1/2055 | A2 | 5500000 | 5919208 |
| Southern California Public Power Authority-Los Angeles Department of Water & Power | 5.00% |  | 7/1/2053 | Aa2 | 2000000 | 2055080 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2032 | BBB+ <sup>(e)</sup> | 1090000 | 1141119 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2034 | BBB+ <sup>(e)</sup> | 300000 | 312329 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2035 | BBB+ <sup>(e)</sup> | 200000 | 207130 |
| Transbay Joint Powers Authority CA Tax Allocation | 5.00% |  | 10/1/2038 | BBB+ <sup>(e)</sup> | 650000 | 662342 |
| *Total* |  |  |  |  |  | 99096610 |
| *Total Municipal Bonds* (cost $669,634,651) |  |  |  |  |  | 665325099 |

---

178 See Notes to Financial Statements.

**Schedule of Investments (continued)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(f)</sup> | **Final**<br> **Maturity**<br> **Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal**<br> **Amount** | **Fair**<br> **Value** |
| **SHORT-TERM INVESTMENTS 0.30%** |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 0.13%** | **VARIABLE RATE DEMAND NOTES 0.13%** |  |  |  |  |  |
| **Education 0.07%** |  |  |  |  |  |  |
| University of California | 3.000% | 10/1/2025 | 5/15/2048 | AA | $500000 | $500000 |
| **Transportation 0.06%** |  |  |  |  |  |  |
| Bay Area Toll Authority CA | 3.300% | 10/1/2025 | 4/1/2055 | AA+ | 425000 | 425000 |
| *Total Variable Rate Demand Notes* (cost $925,000) |  |  |  |  |  | 925000 |
| **REPURCHASE AGREEMENTS 0.17%** |  |  |  |  |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $1,131,800 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $1,150,740; proceeds: $1,128,271<br> (cost $1,128,153) |  |  |  |  | 1128153 | 1128153 |
| *Total Short-Term Investments* (cost $2,053,153) | *Total Short-Term Investments* (cost $2,053,153) | *Total Short-Term Investments* (cost $2,053,153) |  |  |  | 2053153 |
| *Total Investments in Securities 99.19%* (cost $671,687,804) | *Total Investments in Securities 99.19%* (cost $671,687,804) | *Total Investments in Securities 99.19%* (cost $671,687,804) |  |  |  | 667378252 |
| *Other Assets and Liabilities – Net*<sup>(g)</sup> *0.81%* | *Other Assets and Liabilities – Net*<sup>(g)</sup> *0.81%* | *Other Assets and Liabilities – Net*<sup>(g)</sup> *0.81%* |  |  |  | 5445033 |
| *Net Assets 100.00%* |  |  |  |  |  | $672823285 |

---

---

| | |
|:---|:---|
| AG | Insured by–Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by–Build America Mutual. |
| NATL | Insured by–National Public Finance Guarantee Corporation. |
| NR | Not Rated. |
| SIFMA | Insured by–Securities Industry and Financial Markets Association. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $44,140,934, which represents 6.56% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(h)). |
| <sup>(e)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(f)</sup> | 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. |
| <sup>(g)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

See Notes to Financial Statements. 179

**Schedule of Investments (concluded)**

CALIFORNIA TAX FREE FUND *September 30, 2025*

**Futures Contracts at September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Long Bond | December 2025 | 58 | Short | $(6587642) | $(6762438) | $(174796) |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $– | $665325099 | $– | $665325099 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 925000 |  | 925000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1128153 | – | 1128153 |
| **Total** | $– | $667378252 | $– | $667378252 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (174796) | – | – | (174796) |
| **Total** | $(174796) | $– | $– | $(174796) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

<sup>(3)</sup> Includes Municipal Bonds held in Trust 2(e).

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.

180 See Notes to Financial Statements.

**Schedule of Investments**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 97.99%** |  |  |  |  |  |
| **MUNICIPAL BONDS 97.99%** |  |  |  |  |  |
| **Corporate-Backed 1.86%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AG) AMT | 5.00% | 1/1/2031 | AA | $225000 | $225457 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.00% | 1/1/2028 | A- | 100000 | 100192 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.50% | 1/1/2026 | A- | 250000 | 250526 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2037 | Baa2 | 295000 | 298750 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.25% | 9/15/2029 | BB+ | 1180000 | 1181625 |
| New Jersey Economic Development Authority-United Airlines Inc | 5.50% | 6/1/2033 | BB+ | 650000 | 651067 |
| New Jersey Infrastructure Bank | 2.125% | 9/1/2046 | AAA | 450000 | 281535 |
| *Total* |  |  |  |  | 2989152 |
| **Education 15.81%** |  |  |  |  |  |
| Camden County Improvement Authority-KIPP Cooper Norcross Obligated Group NJ | 6.00% | 6/15/2047 | BBB | 615000 | 642308 |
| Gloucester County Improvement Authority-Rowan University NJ | 5.00% | 7/1/2043 | A | 600000 | 637481 |
| Gloucester County Improvement Authority-Rowan University NJ (BAM) | 5.00% | 7/1/2054 | AA | 1000000 | 1030589 |
| Hudson County Improvement Authority NJ | 4.00% | 6/1/2049 | AA | 500000 | 468148 |
| Middlesex County Improvement Authority-Rutgers The State University of New Jersey | 5.00% | 8/15/2053 | Aa3 | 2055000 | 2133197 |
| Middlesex County Improvement Authority NJ GTD | 4.00% | 8/15/2053 | AAA | 1000000 | 940426 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2036 | AA | 250000 | 283858 |
| Montclair State University, Inc. NJ (AG) | 5.00% | 7/1/2041 | AA | 200000 | 216738 |
| New Jersey Economic Development Authority-Provident Group-Montclair Properties LLC (AG) | 5.00% | 6/1/2042 | AA | 1250000 | 1263700 |
| New Jersey Educational Facilities Authority | 5.00% | 9/1/2036 | A1 | 1145000 | 1262238 |
| New Jersey Educational Facilities Authority | 5.25% | 9/1/2053 | A1 | 750000 | 779736 |
| New Jersey Educational Facilities Authority-Montclair State University Inc (AG) | 5.00% | 7/1/2041 | AA | 845000 | 907700 |

---

See Notes to Financial Statements. 181

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| New Jersey Educational Facilities Authority-Montclair State University Inc (AG) | 5.00% |  | 7/1/2044 | AA | $500000 | $522443 |
| New Jersey Educational Facilities Authority-New Jersey City University Inc (AG) | 4.00% |  | 7/1/2036 | AA | 745000 | 723763 |
| New Jersey Educational Facilities Authority-Ramapo College of New Jersey (AG) | 4.00% |  | 7/1/2041 | AA | 545000 | 535663 |
| New Jersey Educational Facilities Authority-Seton Hall University | 4.00% |  | 7/1/2046 | BBB+ | 545000 | 477847 |
| New Jersey Educational Facilities Authority-Seton Hall University | 5.00% |  | 7/1/2034 | BBB+ | 335000 | 337521 |
| New Jersey Educational Facilities Authority-Seton Hall University (AG) | 3.25% |  | 7/1/2049 | AA | 480000 | 391028 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 3.00% |  | 7/1/2050 | BBB+ | 1350000 | 961500 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 4.00% |  | 7/1/2050 | BBB+ | 200000 | 173064 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2030 | BBB+ | 530000 | 548566 |
| New Jersey Educational Facilities Authority-Stevens Institute of Technology International Inc | 5.00% |  | 7/1/2047 | BBB+ | 1750000 | 1753694 |
| New Jersey Educational Facilities Authority-Stockton University-Stockton University | 5.00% |  | 7/1/2041 | A3 | 800000 | 802693 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.00% |  | 3/1/2038 | AAA | 355000 | 400204 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.00% | <sup>#(b)</sup> | 7/1/2064 | AAA | 1000000 | 1151013 |
| New Jersey Educational Facilities Authority-Trustees of Princeton University | 5.25% |  | 3/1/2054 | AAA | 3635000 | 3919920 |
| New Jersey Educational Facilities Authority-William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2039 | AA | 250000 | 213810 |
| New Jersey Educational Facilities Authority-William Paterson University of New Jersey (AG) | 3.00% |  | 7/1/2040 | AA | 250000 | 210323 |
| New Jersey Higher Education Student Assistance Authority AMT | 2.50% |  | 12/1/2040 | AA | 605000 | 567815 |

---

182 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  | | |
| New Jersey Higher Education Student Assistance Authority AMT | 3.25% |  | 12/1/2039 | Aa1 | $110000 | $107043 |
| New Jersey Institute of Technology (BAM) | 5.00% |  | 7/1/2037 | AA | 500000 | 571513 |
| New Jersey Institute of Technology (BAM) | 5.25% |  | 7/1/2055 | AA | 500000 | 534973 |
| *Total* |  |  |  |  |  | 25470515 |
| **Financial Services 0.13%** |  |  |  |  |  |  |
| New Jersey Higher Education Student Assistance Authority AMT | 5.00% |  | 12/1/2028 | Aaa | 200000 | 209583 |
| **General Obligation 7.04%** |  |  |  |  |  |  |
| City of Atlantic City NJ GO (BAM), (ST AID WITHHLDG) | 5.00% |  | 3/1/2042 | AA | 750000 | 758773 |
| City of Newark Mass Transit Access Tax Revenue NJ (AG) | 5.375% |  | 11/15/2052 | AA | 1670000 | 1790321 |
| Commonwealth of Puerto Rico GO | Zero Coupon |  | 7/1/2033 | NR | 52676 | 37686 |
| Commonwealth of Puerto Rico GO | Zero Coupon | <sup>#(b)</sup> | 11/1/2043 | NR | 168588 | 111689 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 40933 | 40504 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 36793 | 35916 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 31578 | 29998 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 45175 | 46772 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 44442 | 47562 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 43166 | 47863 |
| County of Hudson NJ GO | 2.00% |  | 11/15/2035 | AA | 1000000 | 809347 |
| County of Ocean NJ GO | 4.00% |  | 11/1/2044 | Aaa | 1000000 | 994273 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 5.25% |  | 11/1/2047 | A1 | 860000 | 900542 |
| New Jersey Health Care Facilities Financing Authority-State of New Jersey | 5.00% |  | 10/1/2037 | A1 | 1000000 | 1030322 |
| New Jersey Infrastructure Bank | 5.00% |  | 9/1/2052 | AAA | 500000 | 523131 |
| New Jersey Transportation Trust Fund Authority | 4.25% |  | 6/15/2044 | A1 | 500000 | 481729 |
| Plainfield Board of Education NJ GO (AG) | 4.00% |  | 10/15/2043 | AA | 480000 | 468063 |
| Rutherford Board of Education NJ GO | 2.50% |  | 12/15/2034 | AA- | 1000000 | 885137 |
| State of New Jersey GO | 2.50% |  | 6/1/2038 | Aa3 | 1375000 | 1128208 |
| Union County Improvement Authority NJ | 4.125% |  | 4/15/2054 | Aaa | 250000 | 235840 |
| Union County Utilities Authority-Covanta Union LLC NJ GTD AMT | 4.75% |  | 12/1/2031 | AA+ | 945000 | 945327 |
| *Total* |  |  |  |  |  | 11349003 |

---

See Notes to Financial Statements. 183

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care 10.68%** |  |  |  | | |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2036 | NR | $220000 | $220291 |
| New Jersey Health Care Facilities Financing Authority-AtlantiCare Health System Obligated Group | 2.375% | 7/1/2046 | AA- | 695000 | 440385 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 4.125% | 7/1/2054 | A2 | 1665000 | 1492892 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 5.00% | 7/1/2042 | A2 | 1215000 | 1222913 |
| New Jersey Health Care Facilities Financing Authority-Inspira Health Obligated Group | 5.25% | 7/1/2054 | A2 | 1720000 | 1808452 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 3.00% | 7/1/2051 | AA- | 1280000 | 970313 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 4.00% | 7/1/2051 | AA- | 1500000 | 1359077 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.00% | 7/1/2043 | AA- | 1925000 | 1932822 |
| New Jersey Health Care Facilities Financing Authority-RWJ Barnabas Health Obligated Group | 5.25% | 7/1/2054 | AA- | 1500000 | 1594688 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 4.00% | 7/1/2048 | BBB- | 1345000 | 1147993 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2027 | BBB- | 100000 | 101034 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2035 | BBB- | 1000000 | 1003881 |
| New Jersey Health Care Facilities Financing Authority-St Joseph's Healthcare System Obligated Group | 5.00% | 7/1/2041 | BBB- | 2635000 | 2637455 |
| New Jersey Health Care Facilities Financing Authority-University Hospital (AG) | 5.00% | 7/1/2046 | AA | 1275000 | 1275254 |
| *Total* |  |  |  |  | 17207450 |

---

184 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Housing 0.47%** |  |  |  | | |
| New Jersey Economic Development Authority-Provident Group-Rowan Properties LLC | 5.00% | 1/1/2048 | B1 | $250000 | $233902 |
| New Jersey Housing & Mortgage Finance Agency (HUD) | 3.15% | 5/1/2053 | AA- | 100000 | 74715 |
| Passaic County Improvement Authority NJ | 4.00% | 11/1/2051 | Aa1 | 475000 | 452722 |
| *Total* |  |  |  |  | 761339 |
| **Lease Obligations 7.68%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.375% | 1/1/2043 | A- | 1710000 | 1711349 |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC AMT | 5.625% | 1/1/2052 | A- | 210000 | 210152 |
| New Jersey Economic Development Authority-State Capitol Joint Management Commission | 5.00% | 6/15/2035 | A1 | 1100000 | 1157907 |
| New Jersey Economic Development Authority-State of New Jersey | 5.00% | 6/15/2042 | A1 | 900000 | 916777 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% | 6/15/2047 | A1 | 540000 | 546307 |
| New Jersey Economic Development Authority-State of New Jersey Department of the Treasury | 5.00% | 6/15/2048 | A1 | 500000 | 507154 |
| New Jersey Economic Development Authority-State of New Jersey Motor Vehicle Surcharge Revenue | 4.00% | 7/1/2034 | Baa2 | 500000 | 502041 |
| New Jersey Health Care Facilities Financing Authority-State of New Jersey | 5.00% | 10/1/2038 | A1 | 520000 | 534255 |
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2031 | A1 | 1980000 | 1638243 |
| New Jersey Transportation Trust Fund Authority | Zero Coupon | 12/15/2038 | A1 | 1120000 | 655262 |
| New Jersey Transportation Trust Fund Authority | 4.00% | 12/15/2039 | A1 | 660000 | 650720 |
| New Jersey Transportation Trust Fund Authority | 4.25% | 12/15/2038 | A1 | 470000 | 472047 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 9/1/2036 | A1 | 545000 | 552134 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 12/15/2039 | A1 | 1000000 | 1043358 |

---

See Notes to Financial Statements. 185

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Lease Obligations (continued)** |  |  |  | | |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2046 | A1 | $800000 | $829534 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.50% | 9/1/2033 | A1 | 435000 | 444544 |
| *Total* |  |  |  |  | 12371784 |
| **Other Revenue 1.89%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. GA (AG) | 4.00% | 11/1/2044 | AA | 1250000 | 1150511 |
| Casino Reinvestment Development Authority, Inc. GA (AG) | 5.00% | 11/1/2041 | AA | 285000 | 302024 |
| Casino Reinvestment Development Authority, Inc. GA (AG) | 5.00% | 11/1/2044 | AA | 200000 | 208301 |
| New Jersey Economic Development Authority-Bancroft Neurohealth Obligated Group | 5.00% | 6/1/2041 | NR | 365000 | 354131 |
| Passaic County Improvement Authority-200 Hospital Plaza Corp. NJ | 5.00% | 5/1/2042 | AA | 750000 | 762161 |
| Territory of Guam | 5.00% | 1/1/2036 | Baa3 | 250000 | 271225 |
| *Total* |  |  |  |  | 3048353 |
| **Special Tax 0.44%** |  |  |  |  |  |
| New Jersey Economic Development Authority-NJ Metromall Urban Renewal Inc | 6.50% | 4/1/2028 | Baa2 | 378384 | 390263 |
| New Jersey Infrastructure Bank | 2.00% | 9/1/2046 | AAA | 520000 | 316689 |
| *Total* |  |  |  |  | 706952 |
| **Tax Revenue 4.35%** |  |  |  |  |  |
| Casino Reinvestment Development Authority, Inc. NJ (AG) | 5.00% | 11/1/2035 | AA | 325000 | 364931 |
| Garden State Preservation Trust NJ (AG) | 5.75% | 11/1/2028 | AA | 765000 | 802824 |
| New Jersey Infrastructure Bank | 5.00% | 9/1/2049 | AAA | 800000 | 849081 |
| New Jersey Transportation Trust Fund Authority | 3.00% | 6/15/2050 | A1 | 550000 | 406566 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 235000 | 192555 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 699000 | 526159 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 2675000 | 672889 |

---

186 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  | | |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | $596000 | $570913 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% |  | 7/1/2040 | NR | 527000 | 504817 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% |  | 7/1/2053 | NR | 18000 | 16253 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 19000 | 18583 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% |  | 7/1/2040 | NR | 380000 | 371666 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% |  | 7/1/2053 | NR | 1429000 | 1344923 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% |  | 7/1/2058 | NR | 149000 | 138553 |
| Territory of Guam | 4.00% |  | 1/1/2042 | Baa3 | 250000 | 232515 |
| *Total* |  |  |  |  |  | 7013228 |
| **Taxable Revenue-Water & Sewer 0.70%** |  |  |  |  |  |  |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (AG), (MUN GOVT GTD) | 5.25% |  | 10/15/2054 | AA | 500000 | 527472 |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 3.75% | <sup>#(b)</sup> | 11/1/2034 | A+ | 600000 | 605368 |
| *Total* |  |  |  |  |  | 1132840 |
| **Tobacco 2.68%** |  |  |  |  |  |  |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BBB+ | 1000000 | 977504 |
| Tobacco Settlement Financing Corp. NJ | 5.00% |  | 6/1/2046 | BB+ | 2395000 | 2340505 |
| Tobacco Settlement Financing Corp. NJ | 5.25% |  | 6/1/2046 | BBB+ | 1000000 | 1001697 |
| *Total* |  |  |  |  |  | 4319706 |
| **Transportation 39.01%** |  |  |  |  |  |  |
| Delaware River & Bay Authority | 4.00% |  | 1/1/2044 | A+ | 515000 | 496260 |
| Delaware River & Bay Authority | 5.00% |  | 1/1/2049 | A+ | 1250000 | 1315661 |
| Delaware River Joint Toll Bridge Commission PA | 3.00% |  | 7/1/2049 | A+ | 1025000 | 735967 |
| New Jersey Economic Development Authority-DRP Urban Renewal 4 LLC AMT<sup>†</sup> | 6.375% |  | 1/1/2035 | NR | 500000 | 517050 |
| New Jersey Economic Development Authority-New Jersey Transit Corp | 4.00% |  | 11/1/2044 | A1 | 275000 | 251885 |

---

See Notes to Financial Statements. 187

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  | | |
| New Jersey Economic Development Authority-NYNJ Link Borrower LLC (AG) AMT | 5.125% | 1/1/2039 | AA | $925000 | $926186 |
| New Jersey Economic Development Authority-Port Newark Container Terminal LLC AMT | 5.00% | 10/1/2047 | Baa2 | 1440000 | 1425176 |
| New Jersey Transportation Trust Fund Authority | 4.00% | 6/15/2050 | A1 | 1080000 | 967764 |
| New Jersey Transportation Trust Fund Authority | 5.25% | 6/15/2050 | A1 | 3185000 | 3339080 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 3.00% | 6/15/2050 | A1 | 750000 | 554408 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.00% | 6/15/2042 | A1 | 435000 | 411367 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 4.125% | 6/15/2050 | A1 | 1100000 | 1019251 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2035 | A1 | 465000 | 529049 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.00% | 6/15/2037 | A1 | 1000000 | 1110395 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2041 | A1 | 200000 | 218715 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2046 | A | 385000 | 404219 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2050 | A1 | 3005000 | 3157088 |
| New Jersey Transportation Trust Fund Authority-State of New Jersey | 5.25% | 6/15/2055 | A1 | 3905000 | 4083543 |
| New Jersey Turnpike Authority | 4.00% | 1/1/2043 | AA- | 610000 | 588931 |
| New Jersey Turnpike Authority | 4.00% | 1/1/2048 | AA- | 1000000 | 928421 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2035 | AA- | 660000 | 763691 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2036 | AA- | 1050000 | 1207444 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2042 | AA- | 270000 | 286769 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2044 | AA- | 835000 | 886099 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2045 | AA- | 1750000 | 1851261 |
| New Jersey Turnpike Authority | 5.00% | 1/1/2046 | AA- | 1250000 | 1305504 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2050 | AA- | 2850000 | 3054350 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2052 | AA- | 1250000 | 1315773 |
| New Jersey Turnpike Authority | 5.25% | 1/1/2054 | AA- | 2800000 | 2964379 |

---

188 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  | | |
| New Jersey Turnpike Authority | 5.25% | 1/1/2055 | AA- | $660000 | $702251 |
| Port Authority of New York & New Jersey | 4.00% | 9/1/2043 | AA- | 870000 | 833392 |
| Port Authority of New York & New Jersey | 5.00% | 12/1/2035 | AA- | 500000 | 570533 |
| Port Authority of New York & New Jersey | 5.00% | 1/15/2038 | AA- | 500000 | 566217 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2045 | AA- | 500000 | 530464 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 360000 | 373299 |
| Port Authority of New York & New Jersey | 5.00% | 7/15/2053 | AA- | 500000 | 518212 |
| Port Authority of New York & New Jersey | 5.00% | 9/1/2054 | AA- | 3375000 | 3517074 |
| Port Authority of New York & New Jersey | 5.25% | 10/15/2051 | AA- | 750000 | 803123 |
| Port Authority of New York & New Jersey | 5.25% | 8/1/2052 | AA- | 1330000 | 1392799 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2032 | AA- | 555000 | 616731 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2034 | AA- | 605000 | 674806 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/15/2034 | AA- | 415000 | 430437 |
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2034 | AA- | 500000 | 500395 |
| Port Authority of New York & New Jersey AMT | 5.00% | 10/15/2035 | AA- | 1500000 | 1667679 |
| Port Authority of New York & New Jersey AMT | 5.00% | 7/15/2036 | AA- | 545000 | 590261 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 750000 | 780355 |
| Port Authority of New York & New Jersey AMT | 5.00% | 9/1/2036 | AA- | 970000 | 1053780 |
| Port Authority of New York & New Jersey AMT | 5.00% | 8/1/2037 | AA- | 825000 | 879145 |
| Port Authority of New York & New Jersey AMT | 5.00% | 11/15/2041 | AA- | 600000 | 604693 |
| Port Authority of New York & New Jersey AMT | 5.00% | 12/1/2044 | AA- | 500000 | 514535 |
| South Jersey Port Corp.-South Jersey Port Corp AMT | 5.00% | 1/1/2035 | A2 | 860000 | 882501 |
| South Jersey Port Corp.-South Jersey Port Corp NJ AMT | 5.00% | 1/1/2036 | A2 | 1010000 | 1032057 |
| South Jersey Port Corp. NJ AMT | 5.00% | 1/1/2048 | A2 | 1885000 | 1874749 |
| South Jersey Transportation Authority (BAM) | 5.00% | 11/1/2039 | AA | 100000 | 109325 |
| South Jersey Transportation Authority (BAM) | 5.25% | 11/1/2052 | AA | 415000 | 437549 |
| South Jersey Transportation Authority NJ | 4.625% | 11/1/2047 | BBB+ | 450000 | 448709 |
| South Jersey Transportation Authority NJ | 5.25% | 11/1/2052 | BBB+ | 1765000 | 1839051 |
| South Jersey Transportation Authority NJ (BAM) | 4.00% | 11/1/2050 | AA | 1080000 | 979003 |
| South Jersey Transportation Authority NJ (BAM) | 5.00% | 11/1/2045 | AA | 500000 | 516882 |
| *Total* |  |  |  |  | 62855693 |

---

See Notes to Financial Statements. 189

**Schedule of Investments (continued)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities 5.25%** |  |  |  |  | | |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | $995000 | $1066155 |
| Jersey City Municipal Utilities Authority Sewer Fund NJ (BAM) | 5.75% |  | 10/15/2055 | AA | 1600000 | 1782911 |
| New Jersey Economic Development Authority-Middlesex Water Co AMT | 4.00% |  | 8/1/2059 | A+ | 500000 | 432051 |
| New Jersey Economic Development Authority-New Jersey Natural Gas Co | 3.50% |  | 4/1/2042 | A1 | 1680000 | 1400766 |
| New Jersey Economic Development Authority-New Jersey Natural Gas Co AMT | 3.00% |  | 8/1/2041 | A1 | 1040000 | 830573 |
| New Jersey Economic Development Authority-New Jersey-American Water Co Inc AMT | 2.20% | <sup>#(b)</sup> | 10/1/2039 | A+ | 500000 | 460549 |
| New Jersey Economic Development Authority-UMM Energy Partners LLC AMT | 4.75% |  | 6/15/2032 | Baa2 | 1000000 | 1000427 |
| Passaic Valley Sewerage Commission NJ (AG) | 3.00% |  | 12/1/2038 | AA | 1000000 | 884069 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 380000 | 341442 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 250000 | 260930 |
| *Total* |  |  |  |  |  | 8459873 |
| *Total Municipal Bonds* (cost $162,477,991) |  |  |  |  |  | 157895471 |
| **SHORT-TERM INVESTMENTS 0.71%** |  |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.71%** |  |  |  |  |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $1,148,700 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $1,167,951; proceeds: $1,145,091<br> (cost $1,144,971) |  |  |  |  | 1144971 | 1144971 |
| *Total Short-Term Investments* (cost $1,144,971) |  |  |  |  |  | 1144971 |
| *Total Investments in Securities 98.70%* (cost $163,622,962) | *Total Investments in Securities 98.70%* (cost $163,622,962) |  |  |  |  | 159040442 |
| *Other Assets and Liabilities – Net*<sup>(c)</sup> *1.30%* |  |  |  |  |  | 2095992 |
| *Net Assets 100.00%* |  |  |  |  |  | $161136434 |

---

---

| | |
|:---|:---|
| AG | Insured by-Assured Guaranty, inc. |
| 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. |

---

190 See Notes to Financial Statements.

**Schedule of Investments (concluded)**

NEW JERSEY TAX FREE FUND *September 30, 2025*

---

| | |
|:---|:---|
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $1,119,422, which represents 0.69% of net assets. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Long Bond | December 2025 | 9 | Short | $(1022220) | $(1049343) | $(27123) |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $157895471 | $– | $157895471 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 1144971 | – | 1144971 |
| **Total** | $– | $159040442 | $– | $159040442 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (27123) | – | – | (27123) |
| **Total** | $(27123) | $– | $– | $(27123) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. 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. 191

**Schedule of Investments**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit<br> Rating:<br> S&P or<br> Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.41%** |  |  |  |  |  |  |
| **MUNICIPAL BONDS 99.41%** |  |  |  |  |  |  |
| **Corporate-Backed 9.90%** |  |  |  |  |  |  |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | Zero Coupon |  | 7/15/2047 | Ba1 | $250000 | $81141 |
| Build NYC Resource Corp.-Pratt Paper Inc NY AMT<sup>†</sup> | 5.00% |  | 1/1/2035 | NR | 240000 | 240201 |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% |  | 1/1/2046 | AA | 3240000 | 2457752 |
| New York City Transitional Finance Authority-New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% |  | 5/1/2050 | AAA | 1535000 | 1597873 |
| New York Liberty Development Corp. | 2.10% |  | 11/15/2032 | A+ | 2790000 | 2462383 |
| New York Liberty Development Corp. | 2.875% |  | 11/15/2046 | A+ | 7355000 | 5302455 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.00% |  | 11/15/2044 | NR | 8655000 | 8655031 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 5.15% |  | 11/15/2034 | NR | 750000 | 750808 |
| New York Liberty Development Corp.-3 World Trade Center LLC<sup>†</sup> | 7.25% |  | 11/15/2044 | NR | 1200000 | 1200946 |
| New York Liberty Development Corp.-Goldman Sachs Headquarters LLC | 5.25% |  | 10/1/2035 | A2 | 7215000 | 8302980 |
| New York Liberty Development Corp.-Goldman Sachs Headquarters LLC | 5.50% |  | 10/1/2037 | A2 | 3650000 | 4274434 |
| New York Liberty Development Corp.-One Bryant Park LLC | 2.80% |  | 9/15/2069 | Baa1 | 4630000 | 4297811 |
| New York State Energy Research & Development Authority-New York State Electric & Gas Corp | 4.00% |  | 4/1/2034 | A- | 2030000 | 2076337 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 2.875% | <sup>#(b)</sup> | 12/1/2044 | B+ | 1500000 | 1420921 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 3.125% | <sup>#(b)</sup> | 12/1/2044 | B+ | 2000000 | 1985460 |
| New York State Environmental Facilities Corp.-Casella Waste Systems Inc AMT<sup>†</sup> | 5.125% | <sup>#(b)</sup> | 9/1/2050 | B+ | 1000000 | 1042395 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 2.25% |  | 8/1/2026 | BB <sup>(c)</sup> | 55000 | 54499 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 3.00% |  | 8/1/2031 | BB <sup>(c)</sup> | 3500000 | 3290767 |

---

<br> 192 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Corporate-Backed (continued)** |  |  |  |  |  |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.25% | 8/1/2031 | B+ | $1025000 | $1064297 |
| New York Transportation Development Corp.-American Airlines Inc AMT | 5.375% | 8/1/2036 | B+ | 1025000 | 1066212 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2035 | Baa2 | 1000000 | 1045184 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2038 | Baa1 | 3600000 | 3413363 |
| Niagara Area Development Corp.-Reworld Holding Corp NY AMT<sup>†</sup> | 4.75% | 11/1/2042 | B- | 1750000 | 1593767 |
| Westchester County Local Development Corp.-Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% | 7/1/2034 | A <sup>(c)</sup> | 200000 | 206170 |
| *Total* |  |  |  |  | 57883187 |
| **Education 12.61%** |  |  |  |  |  |
| Build NYC Resource Corp.-East Harlem Scholars Academy Charter School Obligated Group NY<sup>†</sup> | 5.75% | 6/1/2042 | BB | 1000000 | 1012427 |
| Build NYC Resource Corp.-Kipp NYC Public Charter Schools NY | 5.25% | 7/1/2052 | BBB- | 1250000 | 1253266 |
| Build NYC Resource Corp.-Manhattan College NY | 5.00% | 8/1/2033 | BBB | 1125000 | 1137444 |
| Build NYC Resource Corp.-New York Law School | 5.00% | 7/1/2041 | BBB- | 1175000 | 1127677 |
| Build NYC Resource Corp.-Nightingale-Bamford School NY | 5.00% | 7/1/2040 | A3 | 4500000 | 4833590 |
| Build NYC Resource Corp.-Packer Collegiate Institute NY | 5.00% | 6/1/2040 | A2 | 1690000 | 1691580 |
| Clinton County Capital Resource Corp.-Clinton-Essex-Warren-Washington Board of Cooperative Educational Services NY<sup>†</sup> | 5.00% | 7/1/2046 | A+ | 1000000 | 1018813 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2045 | BBB- | 1000000 | 1000583 |
| Dutchess County Local Development Corp.-Bard College NY | 5.00% | 7/1/2051 | BBB- | 1000000 | 982782 |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 4.00% | 7/1/2040 | Baa1 | 425000 | 404952 |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 5.00% | 7/1/2041 | Baa1 | 200000 | 200611 |

---

<br> See Notes to Financial Statements. 193

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or** <br> **Moody's**<sup>(a)</sup> | **Principal <br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| Dutchess County Local Development Corp.-Culinary Institute of America NY | 5.00% | 7/1/2046 | Baa1 | $275000 | $275226 |
| Dutchess County Local Development Corp.-Marist College NY | 5.00% | 7/1/2043 | A2 | 2120000 | 2162164 |
| Dutchess County Local Development Corp.-Millbrook School NY | 4.00% | 9/1/2051 | A | 1530000 | 1324549 |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2034 | BBB | 825000 | 841796 |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2037 | BBB | 630000 | 639053 |
| Hempstead Town Local Development Corp.-Molloy College NY | 5.00% | 7/1/2039 | BBB | 555000 | 560437 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | 3.00% | 3/1/2049 | AA | 2050000 | 1521171 |
| New York State Dormitory Authority-Cornell University | 5.50% | 7/1/2054 | Aa1 | 5625000 | 6115503 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2040 | BBB | 2220000 | 2219834 |
| New York State Dormitory Authority-Iona College | 5.00% | 7/1/2046 | BBB | 375000 | 377076 |
| New York State Dormitory Authority-Iona University (AG) | 5.50% | 7/1/2044 | AA | 785000 | 848325 |
| New York State Dormitory Authority-Iona University (AG) | 5.50% | 7/1/2045 | AA | 870000 | 936977 |
| New York State Dormitory Authority-New School | 4.00% | 7/1/2047 | A3 | 1000000 | 865687 |
| New York State Dormitory Authority-New School | 4.00% | 7/1/2052 | A3 | 2580000 | 2176471 |
| New York State Dormitory Authority-New School | 5.00% | 7/1/2045 | A3 | 2000000 | 2041159 |
| New York State Dormitory Authority-New York Institute of Technology NY | 5.25% | 7/1/2049 | BBB | 2410000 | 2474668 |
| New York State Dormitory Authority-New York Institute of Technology NY | 5.25% | 7/1/2054 | BBB | 1485000 | 1518004 |
| New York State Dormitory Authority-New York University | 5.25% | 7/1/2051 | Aa2 | 5000000 | 5284665 |
| New York State Dormitory Authority-Pace University | 5.00% | 5/1/2035 | BBB- | 2000000 | 2152272 |
| New York State Dormitory Authority-Pace University | 5.50% | 5/1/2049 | BBB- | 3250000 | 3330538 |

---

<br> 194 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |
| New York State Dormitory Authority-Pratt Institute | 5.00% | 7/1/2039 | A2 | $1045000 | $1051575 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 2/15/2041 | NR | 5000 | 5240 |
| New York State Dormitory Authority-State University of New York Dormitory Facilities Revenue | 5.25% | 7/1/2055 | Aa3 | 2710000 | 2861505 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2037 | BBB- | 1000000 | 1032931 |
| New York State Dormitory Authority-Yeshiva University | 5.00% | 7/15/2042 | BBB- | 1030000 | 1030643 |
| New York State Dormitory Authority (AG), (ST AID WITHHLDG) | 5.00% | 10/1/2040 | AA | 1500000 | 1635078 |
| Onondaga Civic Development Corp.<sup>(d)</sup> | 5.50% | 12/1/2056 | AA- | 3500000 | 3813607 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 4.00% | 7/1/2038 | Baa2 | 150000 | 142578 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 4.00% | 7/1/2040 | Baa2 | 300000 | 276053 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 4.00% | 7/1/2041 | Baa2 | 415000 | 374665 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 5.00% | 7/1/2035 | Baa2 | 365000 | 382440 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 5.00% | 7/1/2036 | Baa2 | 465000 | 484428 |
| Onondaga Civic Development Corp.-Le Moyne College NY | 5.00% | 7/1/2046 | Baa2 | 600000 | 591805 |
| Schenectady County Capital Resource Corp.-Trustees of Union College NY | 5.25% | 7/1/2052 | A1 | 740000 | 768380 |
| St. Lawrence County Industrial Development Agency-Clarkson University NY | 5.00% | 9/1/2037 | Baa2 | 455000 | 463643 |
| St. Lawrence County Industrial Development Agency-Clarkson University NY | 5.00% | 9/1/2038 | Baa2 | 475000 | 480620 |
| St. Lawrence County Industrial Development Agency-Clarkson University NY | 5.00% | 9/1/2041 | Baa2 | 160000 | 156529 |
| Troy Capital Resource Corp.-Rensselaer Polytechnic Institute NY | 5.00% | 8/1/2032 | A3 | 1495000 | 1503539 |

---

<br> See Notes to Financial Statements. 195

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Education (continued)** |  |  |  |  |  |  |
| Westchester County Local Development Corp.-Miriam Osborn Memorial Home Association Obligated Group NY | 5.00% |  | 7/1/2042 | A <sup>(c)</sup> | $450000 | $452862 |
| Westchester County Local Development Corp.-Sarah Lawrence College | 4.00% |  | 6/1/2030 | BBB- | 2165000 | 2168195 |
| Westchester County Local Development Corp.-Sarah Lawrence College NY | 4.00% |  | 6/1/2033 | BBB- | 1710000 | 1702026 |
| *Total* |  |  |  |  |  | 73707642 |
| **General Obligation 7.89%** |  |  |  |  |  |  |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2034 | AA | 510000 | 560140 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2035 | AA | 400000 | 436450 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2036 | AA | 300000 | 325326 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2037 | AA | 810000 | 873077 |
| City of Long Beach NY GO (BAM) | 5.25% |  | 7/15/2042 | AA | 500000 | 522979 |
| City of New York NY GO | 4.125% |  | 8/1/2053 | AA | 2230000 | 2034222 |
| City of New York NY GO | 5.00% |  | 10/1/2037 | AA | 2500000 | 2568440 |
| City of New York NY GO | 5.25% |  | 3/1/2049 | AA | 2500000 | 2642876 |
| City of New York NY GO | 5.25% |  | 2/1/2050 | AA | 1500000 | 1594715 |
| City of New York NY GO | 5.25% |  | 8/1/2050 | AA | 2000000 | 2121093 |
| City of New York NY GO | 5.25% |  | 9/1/2050 | AA | 2500000 | 2645905 |
| City of New York NY GO | 5.25% |  | 2/1/2053 | AA | 500000 | 530199 |
| City of New York NY GO | 5.25% |  | 3/1/2053 | AA | 2500000 | 2633127 |
| City of New York NY GO | 5.50% |  | 5/1/2044 | AA | 2085000 | 2240741 |
| Commonwealth of Puerto Rico GO | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 7/1/2033 | NR | 256309 | 183370 |
| Commonwealth of Puerto Rico GO | &nbsp;&nbsp;&nbsp;Zero Coupon | <sup>#(b)</sup> | 11/1/2043 | NR | 781880 | 517995 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2033 | NR | 189842 | 187851 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2035 | NR | 170642 | 166575 |
| Commonwealth of Puerto Rico GO | 4.00% |  | 7/1/2037 | NR | 146457 | 139129 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2027 | NR | 209517 | 216924 |
| Commonwealth of Puerto Rico GO | 5.625% |  | 7/1/2029 | NR | 206118 | 220586 |
| Commonwealth of Puerto Rico GO | 5.75% |  | 7/1/2031 | NR | 215202 | 238620 |
| County of Nassau NY GO | 4.00% |  | 4/1/2053 | AA | 2140000 | 1965034 |
| Hudson Yards Infrastructure Corp. NY | 5.00% |  | 2/15/2042 | AA | 3595000 | 3644402 |
| Jefferson County Civic Facility Development Corp.-Samaritan Medical Center Obligated NY | 5.00% |  | 11/1/2037 | BB | 3000000 | 2964747 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% |  | 2/1/2051 | AAA | 3750000 | 3480696 |

---

<br> 196 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **General Obligation (continued)** |  |  |  |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2040 | AAA | $2000000 | $2174642 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 5.00% | 3/15/2044 | Aa1 | 3000000 | 3155850 |
| New York State Urban Development Corp.-State of New York Sales Tax Revenue | 5.00% | 3/15/2050 | Aa1 | 5000000 | 5174739 |
| *Total* |  |  |  |  | 46160450 |
| **Health Care 14.37%** |  |  |  |  |  |
| Brookhaven Local Development Corp.-Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ <sup>(c)</sup> | 1170000 | 1039265 |
| Brookhaven Local Development Corp.-Active Retirement Community Inc Obligated Group NY | 4.00% | 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp;BBB+ <sup>(c)</sup> | 1000000 | 818026 |
| Brookhaven Local Development Corp.-Long Island Community Hospital At NYU Langone Health Obligated NY | 3.375% | 10/1/2040 | A | 610000 | 532764 |
| Broome County Local Development Corp.-United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2036 | AA | 1030000 | 949864 |
| Broome County Local Development Corp.-United Health Services Hospitals Obligated Group NY (AG) | 3.00% | 4/1/2037 | AA | 1500000 | 1352039 |
| Buffalo & Erie County Industrial Land Development Corp.-Orchard Park CCRC Inc NY | 5.00% | 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB <sup>(c)</sup> | 1000000 | 1000370 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2044 | BBB+ | 1250000 | 1127305 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 4.00% | 7/1/2049 | BBB+ | 3620000 | 3138612 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2035 | BBB+ | 1765000 | 1781735 |
| Dutchess County Local Development Corp.-Nuvance Health Obligated Group NY | 5.00% | 7/1/2046 | BBB+ | 2000000 | 1977727 |
| Genesee County Funding Corp.-Rochester Regional Health Obligated NY | 5.25% | 12/1/2052 | BBB+ | 1000000 | 1003947 |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2035 | BBB+ | 600000 | 600360 |

---

<br> See Notes to Financial Statements. 197

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 4.00% | 12/1/2036 | BBB+ | $450000 | $444023 |
| Monroe County Industrial Development Corp.-Rochester Regional Health Obligated Group NY | 5.00% | 12/1/2034 | BBB+ | 250000 | 252335 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2027 | A- | 625000 | 625710 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2028 | A- | 2045000 | 2047327 |
| Nassau County Local Economic Assistance Corp.-Catholic Health Services of Long Island Obligated Group NY | 5.00% | 7/1/2033 | A- | 905000 | 905607 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY | 3.00% | 3/1/2049 | Baa1 | 2160000 | 1549433 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 4.00% | 7/1/2045 | B- | 2895000 | 2336598 |
| New York State Dormitory Authority-Catholic Health System Obligated Group | 5.00% | 7/1/2032 | B- | 500000 | 496010 |
| New York State Dormitory Authority-Garnet Health Medical Center |  |  |  |  |  |
| Obligated Group<sup>†</sup> | 5.00% | 12/1/2026 | BB- | 1000000 | 1000312 |
| New York State Dormitory Authority-Garnet Health Medical Center |  |  |  |  |  |
| Obligated Group<sup>†</sup> | 5.00% | 12/1/2029 | BB- | 2900000 | 2929066 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2033 | BBB | 4340000 | 4340661 |
| New York State Dormitory Authority-Icahn School of Medicine Mount Sinai | 5.00% | 7/1/2034 | BBB | 1750000 | 1750092 |
| New York State Dormitory Authority-Maimonides Medical Center (FHA) | 3.00% | 2/1/2050 | AA+ | 1000000 | 749219 |
| New York State Dormitory Authority-Memorial Sloan-Kettering Cancer Center | 5.25% | 7/1/2054 | AA- | 1000000 | 1057540 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2036 | BBB- | 475000 | 465358 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2037 | BBB- | 1820000 | 1750465 |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 8/1/2038 | BBB- | 1540000 | 1464648 |

---

<br> 198 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |
| New York State Dormitory Authority-Montefiore Obligated Group | 4.00% | 9/1/2050 | BBB- | $5500000 | $4584211 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.00% | 8/1/2035 | BBB- | 525000 | 533548 |
| New York State Dormitory Authority-Montefiore Obligated Group | 5.50% | 11/1/2047 | BBB- | 1000000 | 1046642 |
| New York State Dormitory Authority-Mount Sinai Hospital Obligated Group | 5.25% | 7/1/2050 | BBB | 2000000 | 2031976 |
| New York State Dormitory Authority-Northwell Health Obligated Group | 5.00% | 5/1/2038 | A- | 1005000 | 1072164 |
| New York State Dormitory Authority-Northwell Health Obligated Group | 5.25% | 5/1/2054 | A- | 5000000 | 5153415 |
| New York State Dormitory Authority-Roswell Park Cancer Institute Corp Obligated Group (AG) | 5.50% | 7/1/2050 | AA | 2100000 | 2249261 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group | 5.25% | 10/1/2049 | BBB- | 1125000 | 1135554 |
| New York State Dormitory Authority-White Plains Hospital Obligated Group (AG) | 5.50% | 10/1/2054 | AA | 3000000 | 3140177 |
| Niagara Area Development Corp.-Catholic Health System Obligated Group NY | 5.00% | 7/1/2052 | B- | 1000000 | 900621 |
| Oneida County Local Development Corp.-Mohawk Valley Health System Obligated Group NY (AG) | 4.00% | 12/1/2049 | AA | 4645000 | 4178929 |
| Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY | 5.125% | 8/1/2044 | B+ <sup>(c)</sup> | 1250000 | 1052848 |
| Onondaga Civic Development Corp.-Crouse Health Hospital Inc Obligated Group NY | 5.375% | 8/1/2054 | B+ <sup>(c)</sup> | 500000 | 415140 |
| Southold Local Development Corp.-Peconic Landing at Southold Inc NY | 5.00% | 12/1/2045 | BBB- <sup>(c)</sup> | 1000000 | 966262 |
| Tompkins County Development Corp.-Kendal at Ithaca Inc NY | 5.00% | 7/1/2044 | BBB+ | 920000 | 920029 |
| Westchester County Health Care Corp Obligated Group NY | 5.00% | 11/1/2046 | BB+ | 2965000 | 2666121 |
| Westchester County Health Care Corp Obligated Group NY | 6.00% | 11/1/2030 | BB+ | 95000 | 95030 |
| Westchester County Health Care Corp Obligated Group NY | 6.125% | 11/1/2037 | BB+ | 40000 | 39997 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% | 11/1/2049 | AA | 4295000 | 4592631 |

---

<br> See Notes to Financial Statements. 199

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care (continued)** |  |  |  |  |  |  |
| Westchester County Health Care Corp Obligated Group NY (AG) | 5.75% |  | 11/1/2053 | AA | $1640000 | $1745224 |
| Westchester County Health Care Corp Obligated Group NY (AG) | 6.50% |  | 11/1/2055 | AA | 3000000 | 3374803 |
| Westchester County Local Development Corp.-New York Blood Center Inc NY | 5.00% |  | 7/1/2035 | Baa1 | 1510000 | 1652988 |
| Westchester County Local Development Corp.-New York Blood Center Inc NY | 5.00% |  | 7/1/2038 | Baa1 | 950000 | 1015711 |
| Total |  |  |  |  |  | 84049700 |
| **Housing 2.40%** |  |  |  |  |  |  |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 4.375% |  | 12/15/2031 | Baa3 | 500000 | 514480 |
| New York City Housing Development Corp.-8 Spruce NY Owner LLC | 5.25% |  | 12/15/2031 | NR | 2250000 | 2322404 |
| New York City Housing Development Corp.-New York City Housing Development Corp NY | 4.55% |  | 11/1/2054 | AA+ | 1500000 | 1480151 |
| New York City Housing Development Corp. NY | 3.35% |  | 11/1/2065 | AA+ | 1270000 | 966531 |
| New York State Dormitory Authority | 5.00% |  | 7/1/2048 | Aa3 | 1040000 | 1077227 |
| New York State Dormitory Authority | 5.00% |  | 7/1/2053 | Aa3 | 2090000 | 2154801 |
| New York State Housing Finance Agency-325 Kent LLC (FNMA) | 3.95% | <sup>#(b)</sup> | 11/1/2050 | Aa1 | 3000000 | 3022011 |
| New York State Housing Finance Agency-New York State Housing Finance Agency | 3.15% |  | 11/1/2054 | Aa2 | 1000000 | 765879 |
| Westchester County Local Development Corp.-Purchase Housing Corp II NY | 5.00% |  | 6/1/2047 | BBB | 1815000 | 1747886 |
| Total |  |  |  |  |  | 14051370 |
| **Other 0.43%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-Children's Aid Society NY | 4.00% |  | 7/1/2049 | A+ | 2775000 | 2484838 |
| **Other Revenue 2.26%** |  |  |  |  |  |  |
| Brooklyn Arena Local Development Corp.-Brooklyn Events Center LLC NY | 5.00% |  | 7/15/2042 | Ba1 | 3085000 | 3091652 |
| Build NYC Resource Corp.-Shefa School NY<sup>†</sup> | 5.00% |  | 6/15/2051 | NR | 1315000 | 1197339 |
| Territory of Guam | 5.25% |  | 1/1/2037 | Baa3 | 500000 | 546264 |

---

<br> 200 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Other Revenue (continued)** |  |  |  |  |  |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.00% | 11/15/2032 | AA+ | $1250000 | $1427124 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.25% | 5/15/2054 | AA+ | 1500000 | 1584746 |
| Triborough Bridge & Tunnel Authority-Metropolitan Transportation Authority Payroll Mobility Tax Revenue NY | 5.50% | 5/15/2052 | AA+ | 5020000 | 5354926 |
| *Total* |  |  |  |  | 13202051 |
| **Special Tax 3.70%** |  |  |  |  |  |
| New York City Industrial Development Agency-Queens Ballpark Co LLC NY (AG) | 3.00% | 1/1/2040 | AA | 2145000 | 1808203 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY | 4.00% | 3/1/2045 | Baa1 | 1950000 | 1767934 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2043 | AA | 425000 | 183043 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2044 | AA | 640000 | 259169 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (AG) | Zero Coupon | 3/1/2047 | AA | 385000 | 130983 |
| New York City Industrial Development Agency-Yankee Stadium LLC NY (FGIC) | 3.585%<br> (CPI YoY \* 1 + 0.88%) | 3/1/2026 | Baa1 | 3590000 | 3588583 |
| New York City Transitional Finance Authority<sup>(d)</sup> | 5.50% | 5/1/2052 | AAA | 3000000 | 3248964 |
| New York City Transitional Finance Authority<sup>(d)</sup> | 5.50% | 5/1/2053 | AAA | 5000000 | 5418060 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 11/1/2037 | AAA | 1370000 | 1522740 |
| New York Transportation Dev. Corp.<sup>(d)</sup> | 6.00% | 6/30/2055 | Baa3 | 2500000 | 2651075 |
| New York Transportation Development Corp<sup>(d)</sup> | 6.00% | 6/30/2050 | Baa3 | 1000000 | 1065302 |
| *Total* |  |  |  |  | 21644056 |
| **Tax Revenue 14.81%** |  |  |  |  |  |
| Metropolitan Transportation Authority Dedicated Tax Fund NY | 5.00% | 11/15/2049 | AA | 1000000 | 1040925 |
| Metropolitan Transportation Authority Dedicated Tax Fund NY | 5.25% | 11/15/2054 | AA | 3060000 | 3236326 |

---

<br> See Notes to Financial Statements. 201

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2042 | AA | $2555000 | $2592312 |
| New York City Transitional Finance Authority-New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2052 | AAA | 3000000 | 3187631 |
| New York City Transitional Finance Authority-New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 5/1/2050 | AAA | 1500000 | 1638340 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 4.00% | 5/1/2053 | AAA | 1215000 | 1119803 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2037 | AAA | 2000000 | 2243933 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 2/1/2043 | AAA | 4000000 | 4048245 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2043 | AAA | 2000000 | 2131309 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 11/1/2050 | AAA | 1190000 | 1238742 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.00% | 5/1/2053 | AAA | 2500000 | 2572520 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.25% | 5/1/2051 | AAA | 6205000 | 6550362 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2049 | AAA | 3000000 | 3261500 |
| New York City Transitional Finance Authority Future Tax Secured Revenue NY | 5.50% | 11/1/2051 | AAA | 1000000 | 1087620 |
| New York City Transitional Finance Authority NY | 5.25% | 2/1/2053 | AAA | 1750000 | 1842031 |
| New York City Transitional Finance Authority NY | 5.50% | 5/1/2047 | AAA | 5000000 | 5396909 |
| New York Convention Center Development Corp.-New York City Hotel Unit Fee Revenue NY | 5.00% | 11/15/2040 | A2 | 6690000 | 6695317 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 3500000 | 3621755 |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue<sup>(d)</sup> | 5.25% | 3/15/2052 | Aa1 | 3500000 | 3686402 |

---

<br> 202 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Tax Revenue (continued)** |  |  |  |  |  |
| New York State Dormitory Authority-State of New York Personal Income Tax Revenue | 5.50% | 3/15/2053 | Aa1 | $1500000 | $1627680 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% | 3/15/2049 | Aa1 | 3620000 | 3757911 |
| New York State Dormitory Authority-State of New York Sales Tax Revenue | 5.00% | 3/15/2054 | Aa1 | 4500000 | 4653044 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2031 | NR | 708000 | 580125 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2033 | NR | 779000 | 586377 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | Zero Coupon | 7/1/2051 | NR | 7476000 | 1880568 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 2510000 | 2404348 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.329% | 7/1/2040 | NR | 1189000 | 1138952 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.536% | 7/1/2053 | NR | 64000 | 57787 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 250000 | 244517 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.55% | 7/1/2040 | NR | 380000 | 371666 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.75% | 7/1/2053 | NR | 2325000 | 2188207 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 4.784% | 7/1/2058 | NR | 180000 | 167379 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue | 5.00% | 7/1/2058 | NR | 1922000 | 1857792 |
| Territory of Guam | 4.00% | 1/1/2042 | Baa3 | 750000 | 697544 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.00% | 12/1/2050 | A+ | 2610000 | 2700613 |
| Triborough Bridge & Tunnel Authority Real Estate Transfer Tax NY | 5.25% | 12/1/2047 | A+ | 4250000 | 4511330 |
| *Total* |  |  |  |  | 86617822 |
| **Taxable Revenue-Water & Sewer 2.22%** |  |  |  |  |  |
| New York City Municipal Water Finance Authority | 5.25% | 6/15/2053 | AA+ | 3715000 | 3953711 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.00% | 6/15/2046 | AA+ | 1500000 | 1584069 |

---

<br> See Notes to Financial Statements. 203

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Taxable Revenue-Water & Sewer (continued)** |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2054 | AA+ | $2500000 | $2653441 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2055 | AA+ | 4500000 | 4794342 |
| *Total* |  |  |  |  |  | 12985563 |
| **Tobacco 2.23%** |  |  |  |  |  |  |
| Erie Tobacco Asset Securitization Corp. NY | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2055 | NR | 8000000 | 609524 |
| Erie Tobacco Asset Securitization Corp. NY<sup>†</sup> | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2060 | NR | 20000000 | 795310 |
| Monroe Tobacco Asset Securitization Corp. NY<sup>†</sup> | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2061 | NR | 10000000 | 430673 |
| Nassau County Tobacco Settlement Corp. NY | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2060 | NR | 15000000 | 863704 |
| Nassau County Tobacco Settlement Corp. NY | 5.125% |  | 6/1/2046 | CCC+ | 2085000 | 1636301 |
| New York Counties Tobacco Trust IV | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2060 | NR | 20000000 | 914450 |
| Rockland Tobacco Asset Securitization Corp. NY<sup>†</sup> | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 8/15/2060 | NR | 10575000 | 746481 |
| Suffolk Tobacco Asset Securitization Corp. NY | &nbsp;&nbsp;&nbsp;Zero Coupon |  | 6/1/2066 | NR | 7700000 | 669262 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2034 | BBB | 1000000 | 1017693 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2035 | BBB | 300000 | 304484 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2036 | BBB | 100000 | 101221 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2041 | BBB | 545000 | 545394 |
| TSASC, Inc. NY | 5.00% |  | 6/1/2048 | NR | 3300000 | 2871661 |
| Westchester Tobacco Asset Securitization Corp. NY | 5.125% |  | 6/1/2051 | B- | 1845000 | 1550239 |
| *Total* |  |  |  |  |  | 13056397 |
| **Transportation 23.29%** |  |  |  |  |  |  |
| Build NYC Resource Corp.-TRIPS Obligated Group NY AMT | 5.50% |  | 7/1/2050 | BBB+ | 3100000 | 3199031 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2048 | A | 1750000 | 1577337 |
| Metropolitan Transportation Authority NY | 4.00% |  | 11/15/2051 | A | 3200000 | 2811261 |
| Metropolitan Transportation Authority NY | 4.75% |  | 11/15/2045 | A | 3255000 | 3240541 |
| Metropolitan Transportation Authority NY | 5.00% |  | 11/15/2043 | A | 1000000 | 1051417 |
| Metropolitan Transportation Authority NY | 5.00% | <sup>#(b)</sup> | 11/15/2045 | A2 | 3030000 | 3268692 |

---

<br> 204 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2046 | A | $1250000 | $1252154 |
| Metropolitan Transportation Authority NY | 5.00% | 11/15/2050 | A | 4340000 | 4377268 |
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2049 | A | 4355000 | 4557973 |
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A | 1000000 | 1019924 |
| Metropolitan Transportation Authority NY | 5.25% | 11/15/2055 | A | 3465000 | 3623726 |
| Metropolitan Transportation Authority NY | 5.50% | 11/15/2047 | A | 3135000 | 3354937 |
| New York City Transitional Development Corp.-JFK NTO LLC NY AMT | 5.375% | 6/30/2060 | Baa3 | 6945000 | 6881454 |
| New York State Thruway Authority | 4.00% | 1/1/2044 | Aa3 | 1120000 | 1056942 |
| New York State Thruway Authority-Junior Lien | 5.00% | 1/1/2036 | A1 | 1510000 | 1514664 |
| New York State Thruway Authority NY | 5.25% | 1/1/2054 | Aa3 | 1500000 | 1581688 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 4.00% | 1/1/2036 | Baa2 | 3625000 | 3491074 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 1/1/2036 | Baa2 | 3370000 | 3424138 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.00% | 10/1/2040 | Baa2 | 4645000 | 4695570 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 5.625% | 4/1/2040 | Baa2 | 1500000 | 1568140 |
| New York Transportation Development Corp.-Delta Air Lines Inc AMT | 6.00% | 4/1/2035 | Baa2 | 1500000 | 1649711 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2041 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- <sup>(c)</sup> | 860000 | 784240 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 10/31/2046 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- <sup>(c)</sup> | 1500000 | 1313535 |
| New York Transportation Development Corp.-Empire State Thruway Partners LLC AMT | 4.00% | 4/30/2053 | &nbsp;&nbsp;&nbsp;&nbsp;BBB- <sup>(c)</sup> | 4910000 | 4087618 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC | 4.00% | 12/1/2042 | Baa1 | 1800000 | 1673133 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2039 | Baa1 | 345000 | 323483 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% | 12/1/2040 | Baa1 | 1450000 | 1340904 |

---

<br> See Notes to Financial Statements. 205

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Transportation (continued)** |  |  |  |  |  |  |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 4.00% |  | 12/1/2041 | Baa1 | $2950000 | $2676746 |
| New York Transportation Development Corp.-JFK International Air Terminal LLC AMT | 5.00% |  | 12/1/2042 | Baa1 | 1055000 | 1067105 |
| New York Transportation Development Corp.-JFK Millennium Partners LLC AMT | 5.50% |  | 12/31/2060 | BBB- | 15000000 | 15322122 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.25% |  | 6/30/2049 | Baa3 | 2500000 | 2523768 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 5.50% |  | 6/30/2060 | Baa3 | 5380000 | 5432436 |
| New York Transportation Development Corp.-JFK NTO LLC AMT | 6.00% |  | 6/30/2054 | Baa3 | 10000000 | 10425849 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2041 | Baa2 | 2500000 | 2272408 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 4.00% |  | 7/1/2046 | Baa2 | 2315000 | 1957725 |
| New York Transportation Development Corp.-Laguardia Gateway Partner AMT | 5.25% |  | 1/1/2050 | Baa2 | 13805000 | 13804381 |
| Port Authority of New York & New Jersey | 5.00% |  | 10/15/2041 | AA- | 4090000 | 4093553 |
| Port Authority of New York & New Jersey AMT | 5.50% |  | 8/1/2052 | AA- | 4225000 | 4445462 |
| Triborough Bridge & Tunnel Authority NY | 5.25% |  | 11/15/2050 | AA- | 3240000 | 3468495 |
| *Total* |  |  |  |  |  | 136210605 |
| **Utilities 3.30%** |  |  |  |  |  |  |
| Chautauqua County Capital Resource Corp.-NRG Energy Inc NY | 4.25% | <sup>#(b)</sup> | 4/1/2042 | BBB- | 1000000 | 1013255 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2043 | A- | 250000 | 267878 |
| Guam Government Waterworks Authority-Guam Waterworks Authority Water And Wastewater System | 5.50% |  | 7/1/2045 | A- | 1000000 | 1060064 |
| Long Island Power Authority NY | 5.00% |  | 9/1/2053 | A | 2000000 | 2071023 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2048 | AA+ | 2050000 | 2172162 |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY | 5.25% |  | 6/15/2053 | AA+ | 3000000 | 3165427 |

---

<br> 206 See Notes to Financial Statements.

**Schedule of Investments (continued)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | | **Interest<br> Rate** | | **Maturity<br> Date** | **Credit**<br> **Rating:**<br> **S&P or**<br> **Moody's**<sup>(a)</sup> | **Principal<br> Amount** | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |  |  |  |
| New York Energy Finance Development Corp.-New York Energy Finance Development Corp | New York Energy Finance Development Corp.-New York Energy Finance Development Corp | 5.00% | <sup>#(b)</sup> | 7/1/2056 | NR | $5000000 | $5346359 |
| New York Power Authority | New York Power Authority | 4.00% |  | 11/15/2050 | Aa1 | 1000000 | 915381 |
| New York State Environmental Facilities Corp.-State of New York State Revolving Fund | New York State Environmental Facilities Corp.-State of New York State Revolving Fund | 5.25% |  | 6/15/2053 | AAA | 2000000 | 2144168 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 4.00% |  | 7/1/2042 | NR | 700000 | 628971 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>†</sup> | 5.00% |  | 7/1/2030 | NR | 500000 | 521859 |
| *Total* |  |  |  |  |  |  | 19306547 |
| *Total Municipal Bonds* (cost $602,016,136) | *Total Municipal Bonds* (cost $602,016,136) |  |  |  |  |  | 581360228 |
|  | **Interest**<br> **Rate**<sup>#</sup> | **Interest**<br> **Rate**<br> **Reset**<br> **Date**<sup>(e)</sup> |  | **Final<br> Maturity<br> Date** |  |  |  |
| **SHORT-TERM INVESTMENTS 1.01%** |  |  |  |  |  |  |  |
| **VARIABLE RATE DEMAND NOTES 0.77%** |  |  |  |  |  |  |  |
| **Utilities** |  |  |  |  |  |  |  |
| New York City Municipal Water Finance Authority-New York City Water & Sewer System NY (cost $4,500,000) | 3.590% | 10/15/2025 |  | 6/15/2055 | AA+ | 4500000 | 4500000 |
| **REPURCHASE AGREEMENTS 0.24%** |  |  |  |  |  |  |  |
| Repurchase Agreement dated 9/30/2025, 3.750% due 10/1/2025 with Fixed Income Clearing Corp. collateralized by $1,416,300 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $1,440,056; proceeds: $1,411,829 (cost $1,411,682) |  |  |  |  |  | 1411682 | 1411682 |
| *Total Short-Term Investments* (cost $5,911,682) | *Total Short-Term Investments* (cost $5,911,682) | *Total Short-Term Investments* (cost $5,911,682) |  |  |  |  | 5911682 |
| *Total Investments in Securities 100.42%* (cost $607,927,818) | *Total Investments in Securities 100.42%* (cost $607,927,818) | *Total Investments in Securities 100.42%* (cost $607,927,818) |  |  |  |  | 587271910 |
| *Other Assets and Liabilities – Net*<sup>(f)</sup> *(0.42)%* | *Other Assets and Liabilities – Net*<sup>(f)</sup> *(0.42)%* | *Other Assets and Liabilities – Net*<sup>(f)</sup> *(0.42)%* |  |  |  |  | (2483977) |
| *Net Assets 100.00%* | *Net Assets 100.00%* |  |  |  |  |  | $584787933 |

---

---

| | |
|:---|:---|
| AG | Insured by-Assured Guaranty, inc. |
| AMT | Income from the security may be subject to Alternative Minimum Tax. |
| BAM | Insured by-Build America Mutual. |

---

<br> See Notes to Financial Statements. 207

**Schedule of Investments (concluded)**

NEW YORK TAX FREE FUND *September 30, 2025*

---

| | |
|:---|:---|
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| FGIC | Insured by-Financial Guaranty Insurance Company. |
| FHA | Insured by-Federal Housing Administration. |
| FNMA | Federal National Mortgage Association. |
| NR | Not Rated. |
| SIFMA | Insured by-Securities Industry and Financial Markets Association. |
| TRIPS | Tax Refund Intercept Programs. |
| YoY | Year on Year Inflation Rates. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the total value of Rule 144A securities was $27,170,780, which represents 4.65% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at September 30, 2025. |
| <sup>(a)</sup> | Unaudited. |
| <sup>(b)</sup> | Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date. |
| <sup>(c)</sup> | This investment has been rated by Fitch IBCA. |
| <sup>(d)</sup> | 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(e) to Financial Statements for details of Municipal Bonds Held in Trust. |
| <sup>(e)</sup> | 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. |
| <sup>(f)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows: |

---

**Futures Contracts at September 30, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. Long Bond | December 2025 | 65 | Short | $(7382702) | $(7578594) | $(195892) |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds<sup>(3)</sup> | $— | $581360228 | $— | $581360228 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable Rate Demand Notes |  | 4500000 |  | 4500000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 1411682 |  | 1411682 |
| **Total** | $— | $587271910 | $— | $587271910 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (195892) |  |  | (195892) |
| **Total** | $(195892) | $— | $— | $(195892) |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| <sup>(3)</sup> | Includes Municipal Bonds held in Trust 2(e). |

---

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.

208 See Notes to Financial Statements.

This page is intentionally left blank.

**Statements of Assets and Liabilities**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **ASSETS:** |  |  |  |
| Investments in securities, at cost | $1592310017 | $5082402565 | $4938788239 |
| Investments in securities, at fair value | $1605078836 | $5117768124 | $4928904563 |
| Cash | 573 |  |  |
| Deposits with brokers for futures collateral |  |  | 1909200 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 27332334 | 65147462 | 350734 |
| &nbsp;&nbsp;&nbsp;Interest | 16602457 | 66325100 | 69012798 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 5394271 | 42898969 | 21409327 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 27859 |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  | 129685 |
| Prepaid expenses | 76039 | 77176 | 76899 |
| **Total assets** | 1654512369 | 5292216831 | 5021793206 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 3374398 | 7884458 | 11998658 |
| &nbsp;&nbsp;&nbsp;Management fee | 464096 | 1616394 | 1469765 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 243275 | 626906 | 512958 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 167034 | 632440 | 613751 |
| &nbsp;&nbsp;&nbsp;Fund administration | 54600 | 168292 | 153883 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 62612789 | 14412179 |
| &nbsp;&nbsp;&nbsp;Trust certificates (See Note 2(e)) |  | 10550000 | 166755000 |
| &nbsp;&nbsp;&nbsp;Interest expense and fees |  | 121633 | 1611499 |
| &nbsp;&nbsp;&nbsp;To bank |  | 4906128 | 3691769 |
| Distributions payable | 4072299 | 15325059 | 15667565 |
| Accrued expenses | 195509 | 623359 | 515430 |
| **Total liabilities** | 8571211 | 105067458 | 217402457 |
| **Commitments and contingent liabilities (See Note 2(e))** | – | – | – |
| **NET ASSETS** | $1645941158 | $5187149373 | $4804390749 |
| **COMPOSITION OF NET ASSETS:** |  |  |  |
| Paid-in capital | $1735902454 | $5572094198 | $5237296872 |
| Total distributable earnings/(loss) | (89961296) | (384944825) | (432906123) |
| **Net Assets** | $1645941158 | $5187149373 | $4804390749 |

---

<br> 210 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br> High Income** | **California** | **New Jersey** | **New York** |
| $4318086875 | $2278280953 | $671687804 | $163622962 | $607927818 |
| $4233406159 | $2305241534 | $667378252 | $159040442 | $587271910 |
| 418 | 1396911 | 3464 | 10 | 186 |
|  | 1744075 | 214600 | 33300 | 240500 |
| 967570 | 29845621 | 10856437 | 225000 |  |
| 66678143 | 34309014 | 8893087 | 1913574 | 8095055 |
| 23008728 | 12463781 | 2187149 | 612493 | 1952963 |
|  | 111682 |  | 4045 |  |
|  | 87151 | 14692 | 2299 | 16499 |
| 51143 | 115973 | 17750 | 11617 | 16686 |
| 4324112161 | 2385315742 | 689565431 | 161842780 | 597593799 |
| 9335728 | 4801954 | 830876 | 107235 | 656990 |
| 1458702 | 612023 | 244556 | 58094 | 214328 |
| 424650 | 95295 | 81914 | 22483 | 78205 |
| 356233 | 126404 | 83326 | 26688 | 96731 |
| 133541 | 74729 | 21738 | 5164 | 19051 |
| 27076690 | 25079763 | 6261060 |  |  |
| 126245000 | 7500000 | 7000000 |  | 9830000 |
| 1125920 | 86469 | 103002 |  | 76144 |
| 16542401 | 8005977 | 2018356 | 442544 | 1745317 |
| 626543 | 498803 | 97318 | 44138 | 89100 |
| 183325408 | 46881417 | 16742146 | 706346 | 12805866 |
| – | – | – | – | – |
| $4140786753 | $2338434325 | $672823285 | $161136434 | $584787933 |
| $4850684407 | $2438730056 | $722114539 | $170430667 | $631599687 |
| (709897654) | (100295731) | (49291254) | (9294233) | (46811754) |
| $4140786753 | $2338434325 | $672823285 | $161136434 | $584787933 |

---

<br> *See Notes to Financial Statements.* 211

**Statements of Assets and Liabilities (concluded)**

*September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **Net Assets by class:** |  |  |  |
| Class A Shares | $756482218 | $1936959664 | $2623831814 |
| Class C Shares | $15784157 | $49153883 | $51316466 |
| Class F Shares | $20013311 | $65874861 | $49560337 |
| Class F3 Shares | $265511490 | $363994363 | $525782434 |
| Class I Shares | $588149982 | $2771166602 | $1553899698 |
| **Outstanding shares by class:\*** |  |  |  |
| Class A Shares | 49760823 | 188960163 | 254996449 |
| Class C Shares | 1038322 | 4801202 | 4982088 |
| Class F Shares | 1316330 | 6429308 | 4821628 |
| Class F3 Shares | 17458645 | 35494099 | 51123889 |
| Class I Shares | 38676819 | 270365438 | 151106250 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*\*** |  |  |  |
| Class A Shares-Net asset value | $15.20 | $10.25 | $10.29 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25% and 2.25%, respectively) | $15.55 | $10.49 | $10.53 |
| Class C Shares-Net asset value | $15.20 | $10.24 | $10.30 |
| Class F Shares-Net asset value | $15.20 | $10.25 | $10.28 |
| Class F3 Shares-Net asset value | $15.21 | $10.26 | $10.28 |
| Class I Shares-Net asset value | $15.21 | $10.25 | $10.28 |

---

\* 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, 450,000,000 to California, 525,000,000 to New Jersey, 450,000,000 to New York and 750,000,000 shares of unclassified remaining (as of September 30, 2025).

\*\* Net asset value may not recalculate due to rounding of fractional shares

<br> 212 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br> High Income** | **California** | **New Jersey** | **New York** |
| $1993186061 | $644761591 | $426116920 | $121573537 | $411498698 |
| $104294867 | $27231019 | $13735095 | $– | $14504452 |
| $46904412 | $9936795 | $4400914 | $1922241 | $8907778 |
| $192719734 | $82641705 | $65964076 | $2650068 | $6089327 |
| $1803681679 | $1573863215 | $162606280 | $34990588 | $143787678 |
| 187271240 | 45191357 | 42770293 | 26014111 | 39380062 |
| 9795799 | 1908382 | 1377991 |  | 1389834 |
| 4403137 | 696470 | 441781 | 411097 | 851704 |
| 18141502 | 5792099 | 6623102 | 566373 | 582494 |
| 169779207 | 110309167 | 16331487 | 7480639 | 13753651 |
| $10.64 | $14.27 | $9.96 | $4.67 | $10.45 |
| $10.88 | $14.60 | $10.19 | $4.78 | $10.69 |
| $10.65 | $14.27 | $9.97 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.44 |
| $10.65 | $14.27 | $9.96 | $4.68 | $10.46 |
| $10.62 | $14.27 | $9.96 | $4.68 | $10.45 |
| $10.62 | $14.27 | $9.96 | $4.68 | $10.45 |

---

<br> *See Notes to Financial Statements.* 213

**Statements of Operations**

*For the Year Ended September 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration** | **Intermediate** | **National** |
| **Investment income:** |  |  |  |
| Interest and other | $55578415 | $207611402 | $217574168 |
| **Expenses:** |  |  |  |
| Management fee | 5389919 | 19313394 | 17786662 |
| 12b-1 distribution plan–Class A | 1476412 | 3838047 | 5284388 |
| 12b-1 distribution plan–Class C | 130050 | 459977 | 462486 |
| 12b-1 distribution plan–Class F | 22293 | 76841 | 56464 |
| Shareholder servicing | 715118 | 3008240 | 2139847 |
| Fund administration | 634108 | 2007940 | 1861333 |
| Registration | 235929 | 286130 | 398116 |
| Directors' fees | 79002 | 249105 | 231603 |
| Professional | 66228 | 135741 | 131314 |
| Reports to shareholders | 53279 | 192163 | 157851 |
| Custody | 15620 | 48018 | 46862 |
| Interest expense and fees (See Note 2(e)) |  | 267968 | 4671094 |
| Other | 118128 | 166813 | 167043 |
| Gross expenses | 8936086 | 30050377 | 33395063 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 4) | (273737) | (48018) | (46862) |
| **Net expenses** | 8662349 | 30002359 | 33348201 |
| **Net investment income** | 46916066 | 177609043 | 184225967 |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Net realized gain/(loss) on investments | (2094196) | (7703082) | (41919296) |
| Net realized gain/(loss) on futures contracts |  |  | 2339380 |
| Net change in unrealized appreciation/(depreciation) on investments | 2791191 | (60039625) | (148001907) |
| Net change in unrealized appreciation/(depreciation) on futures contracts | – | – | (1626896) |
| **Net realized and unrealized gain/(loss)** | 696995 | (67742707) | (189208719) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $47613061 | $109866336 | $(4982752) |

---

<br> 214 *See Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Income** | **Short Duration<br> High Income** | **California** | **New Jersey** | **New York** |
| $229736447 | $88829052 | $28603137 | $6062465 | $24643884 |
| 17835908 | 6068091 | 2963199 | 675751 | 2602315 |
| 3985228 | 1030013 | 835443 | 224664 | 815891 |
| 945776 | 199010 | 132034 |  | 135289 |
| 64176 | 11339 | 8164 | 2450 | 8845 |
| 2248764 | 1352567 | 240503 | 58402 | 253949 |
| 1633591 | 731367 | 263395 | 60066 | 231317 |
| 236068 | 186101 | 78565 | 63743 | 80343 |
| 203128 | 84615 | 32883 | 7322 | 28558 |
| 109660 | 87490 | 47237 | 42093 | 54908 |
| 150325 | 63980 | 23751 | 7822 | 18698 |
| 48064 | 16762 | 9081 | 3531 | 8112 |
| 3293668 | 190499 | 188590 |  | 147675 |
| 115365 | 119757 | 99624 | 24456 | 80025 |
| 30869721 | 10141591 | 4922469 | 1170300 | 4465925 |
| (48064) | (515690) | (9081) | (12918) | (8112) |
| 30821657 | 9625901 | 4913388 | 1157382 | 4457813 |
| 198914790 | 79203151 | 23689749 | 4905083 | 20186071 |
| (18299519) | (3424486) | (4590305) | (360414) | (5208127) |
|  | 10291 | 254038 | 90278 | 693704 |
| (187644892) | (7982228) | (20440364) | (4046320) | (17223036) |
| – | (912721) | (183949) | (29235) | (211617) |
| (205944411) | (12309144) | (24960580) | (4345691) | (21949076) |
| $(7029621) | $66894007 | $(1270831) | $559392 | $(1763005) |

---

<br> *See Notes to Financial Statements.* 215

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Short Duration** | **Short Duration** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $46916066 | $46180498 |
| Net realized gain/(loss) | (2094196) | (10904580) |
| Net change in unrealized appreciation/(depreciation) | 2791191 | 52154687 |
| **Net increase (decrease) in net assets resulting from operations** | 47613061 | 87430605 |
| **Distributions to Shareholders**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (20979951) | (21627929) |
| &nbsp;&nbsp;&nbsp;Class C | (349355) | (378150) |
| &nbsp;&nbsp;&nbsp;Class F | (654723) | (880678) |
| &nbsp;&nbsp;&nbsp;Class F3 | (7717202) | (7813681) |
| &nbsp;&nbsp;&nbsp;Class I | (17001400) | (15261638) |
| **Total distribution to shareholders** | (46702631) | (45962076) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 649135818 | 537940631 |
| Reinvestment of distributions | 36347375 | 35728540 |
| Cost of shares reacquired | (601683929) | (646117873) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 83799264 | (72448702) |
| **Net increase (decrease) in net assets** | 84709694 | (30980173) |
| **NET ASSETS:** |  |  |
| Beginning of year | $1561231464 | $1592211637 |
| **End of year** | $1645941158 | $1561231464 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

<br> 216 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Intermediate** | **Intermediate** | **National** | **National** |
| **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| $177609043 | $157494137 | $184225967 | $157534067 |
| (7703082) | (74635048) | (39579916) | (48115930) |
| (60039625) | 368932218 | (149628803) | 378014357 |
| 109866336 | 451791307 | (4982752) | 487432494 |
| (64789881) | (60246031) | (100504162) | (89801459) |
| (1551880) | (1943680) | (1791140) | (2017748) |
| (2661477) | (3199421) | (2196221) | (2881101) |
| (12173781) | (9945514) | (20922673) | (16261099) |
| (94269155) | (79795617) | (55385186) | (43423463) |
| (175446174) | (155130263) | (180799382) | (154384870) |
| 1680661072 | 1480121755 | 1655040069 | 1797998461 |
| 132698117 | 118883166 | 166428284 | 141143008 |
| (1518164782) | (1782675662) | (1590520994) | (1186020738) |
| 295194407 | (183670741) | 230947359 | 753120731 |
| 229614569 | 112990303 | 45165225 | 1086168355 |
| $4957534804 | $4844544501 | $4759225524 | $3673057169 |
| $5187149373 | $4957534804 | $4804390749 | $4759225524 |

---

<br> *See Notes to Financial Statements.* 217

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **High Income** | **High Income** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $198914790 | $169522514 |
| Net realized gain/(loss) | (18299519) | (113236297) |
| Net change in unrealized appreciation/(depreciation) | (187644892) | 461847527 |
| **Net increase (decrease) in net assets resulting from operations** | (7029621) | 518133744 |
| **Distributions to Shareholders**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (92964476) | (81380815) |
| &nbsp;&nbsp;&nbsp;Class C | (4620201) | (5122399) |
| &nbsp;&nbsp;&nbsp;Class F | (3035918) | (4419955) |
| &nbsp;&nbsp;&nbsp;Class F3 | (8840528) | (6652640) |
| &nbsp;&nbsp;&nbsp;Class I | (84412663) | (67807483) |
| **Total distribution to shareholders** | (193873786) | (165383292) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 1554595024 | 1482234622 |
| Reinvestment of distributions | 176188272 | 149273252 |
| Cost of shares reacquired | (1487806659) | (1170684610) |
| **Net increase in net assets resulting from capital share transactions** | 242976637 | 460823264 |
| **Net increase in net assets** | 42073230 | 813573716 |
| **NET ASSETS:** |  |  |
| Beginning of year | $4098713523 | $3285139807 |
| **End of year** | $4140786753 | $4098713523 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

<br> 218 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration High Income** | **Short Duration High Income** | **California** | **California** |
| **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| $79203151 | $51794384 | $23689749 | $20427368 |
| (3414195) | (17939263) | (4336267) | (3474364) |
| (8894949) | 68865605 | (20624313) | 47397422 |
| 66894007 | 102720726 | (1270831) | 64350426 |
| (21014951) | (12726619) | (14532288) | (12660728) |
| (804767) | (694519) | (447660) | (514874) |
| (471182) | (629616) | (287731) | (396208) |
| (2843149) | (1767207) | (2310197) | (1838400) |
| (51908278) | (34033491) | (5698561) | (4614513) |
| (77042327) | (49851452) | (23276437) | (20024723) |
| 1425037379 | 1021021301 | 217656925 | 261027649 |
| 71824132 | 47827129 | 21462105 | 18447524 |
| (669403037) | (500872805) | (209369702) | (172050143) |
| 827458474 | 567975625 | 29749328 | 107425030 |
| 817310154 | 620844899 | 5202060 | 151750733 |
| $1521124171 | $900279272 | $667621225 | $515870492 |
| $2338434325 | $1521124171 | $672823285 | $667621225 |

---

<br> *See Notes to Financial Statements.* 219

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **New Jersey** | **New Jersey** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $4905083 | $3740684 |
| Net realized gain/(loss) | (270136) | (1549624) |
| Net change in unrealized appreciation/(depreciation) | (4075555) | 10040878 |
| **Net increase (decrease) in net assets resulting from operations** | 559392 | 12231938 |
| **Distributions to Shareholders**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3597221) | (2771026) |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class F | (80258) | (109345) |
| &nbsp;&nbsp;&nbsp;Class F3 | (87215) | (66109) |
| &nbsp;&nbsp;&nbsp;Class I | (1117766) | (777542) |
| **Total distribution to shareholders** | (4882460) | (3724022) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 60083925 | 54223269 |
| Reinvestment of distributions | 3978351 | 2953296 |
| Cost of shares reacquired | (38973583) | (26597145) |
| **Net increase in net assets resulting from capital share transactions** | 25088693 | 30579420 |
| **Net increase in net assets** | 20765625 | 39087336 |
| **NET ASSETS:** |  |  |
| Beginning of year | $140370809 | $101283473 |
| **End of year** | $161136434 | $140370809 |

---

<sup>(1)</sup> Refer to Note 5 in the Notes to Financial Statements for the tax character of distributions.

<br> 220 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **New York** | **New York** |
| **For the<br> Year Ended<br> September 30, 2025** | **For the<br> Year Ended<br> September 30, 2024** |
| $20186071 | $15848495 |
| (4514423) | (3555944) |
| (17434653) | 40881756 |
| (1763005) | 53174307 |
| (13960802) | (11157801) |
| (446712) | (443278) |
| (311374) | (284503) |
| (213878) | (125401) |
| (5069136) | (3698928) |
| (20001902) | (15709911) |
| 191744135 | 229341745 |
| 17845399 | 13771800 |
| (173592627) | (127701141) |
| 35996907 | 115412404 |
| 14232000 | 152876800 |
| $570555933 | $417679133 |
| $584787933 | $570555933 |

---

<br> *See Notes to Financial Statements.* 221

**Financial Highlights**

SHORT DURATION TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $15.21 | $0.43 | $(0.01)<sup>(b)</sup> | $0.42 | $(0.43) | $15.20 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 15.20 | 0.34 | (0.01)<sup>(b)</sup> | 0.33 | (0.33) | 15.20 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 15.21 | 0.45 | (0.02)<sup>(b)</sup> | 0.43 | (0.44) | 15.20 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 15.21 | 0.47 | – <sup>(d)</sup> | 0.47 | (0.47) | 15.21 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 15.21 | 0.46 | – <sup>(d)</sup> | 0.46 | (0.46) | 15.21 |
| 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 |

---

<sup>(a)</sup> Calculated based on average shares outstanding during the period.

<sup>(b)</sup> 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 year ended September 30, 2025, 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Amount less than $0.01.

222 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.81 | 0.65 | 0.67 | 2.86 | $756482 | 64 |
| 5.67 | 0.65 | 0.66 | 2.87 | 764412 | 66 |
| 2.29 | 0.65 | 0.66 | 2.12 | 758931 | 59 |
| (5.68) | 0.65 | 0.65 | 0.99 | 875792 | 43 |
| 1.20 | 0.65 | 0.65 | 0.93 | 1067651 | 26 |
| 2.24 | 1.28 | 1.29 | 2.23 | 15784 | 64 |
| 4.96 | 1.26 | 1.27 | 2.26 | 15740 | 66 |
| 1.74 | 1.26 | 1.27 | 1.51 | 17796 | 59 |
| (6.34) | 1.29 | 1.29 | 0.35 | 23284 | 43 |
| 0.54 | 1.30 | 1.31 | 0.30 | 31450 | 26 |
| 2.91 | 0.55 | 0.57 | 2.95 | 20013 | 64 |
| 5.77 | 0.55 | 0.56 | 2.97 | 27240 | 66 |
| 2.39 | 0.55 | 0.56 | 2.03 | 33367 | 59 |
| (5.65) | 0.55 | 0.55 | 1.01 | 246974 | 43 |
| 1.36 | 0.55 | 0.55 | 1.03 | 736826 | 26 |
| 3.13 | 0.41 | 0.42 | 3.10 | 265511 | 64 |
| 5.92 | 0.41 | 0.41 | 3.11 | 246042 | 66 |
| 2.54 | 0.41 | 0.42 | 2.35 | 264658 | 59 |
| (5.52) | 0.41 | 0.41 | 1.25 | 361359 | 43 |
| 1.50 | 0.42 | 0.42 | 1.16 | 331257 | 26 |
| 3.08 | 0.45 | 0.47 | 3.05 | 588150 | 64 |
| 5.88 | 0.45 | 0.46 | 3.07 | 507797 | 66 |
| 2.50 | 0.45 | 0.46 | 2.34 | 517459 | 59 |
| (5.55) | 0.45 | 0.46 | 1.30 | 563762 | 43 |
| 1.46 | 0.45 | 0.45 | 1.13 | 206551 | 26 |

---

See Notes to Financial Statements. 223

**Financial Highlights (continued)**

INTERMEDIATE TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $10.39 | $0.35 | $(0.15) | $0.20 | $(0.34) | $10.25 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 10.37 | 0.28 | (0.13) | 0.15 | (0.28) | 10.24 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 10.38 | 0.36 | (0.14) | 0.22 | (0.35) | 10.25 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 10.39 | 0.37 | (0.13) | 0.24 | (0.37) | 10.26 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 10.39 | 0.37 | (0.15) | 0.22 | (0.36) | 10.25 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

224 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.04 | 0.71 | 0.71 | 0.72 | 3.42 | $1936960 | 49 |
| 9.80 | 0.71 | 0.71 | 0.71 | 3.15 | 1974387 | 49 |
| 3.17 | 0.71 | 0.71 | 0.71 | 2.74 | 1935887 | 44 |
| (12.36) | 0.71 | 0.71 | 0.71 | 2.11 | 2075394 | 33 |
| 4.19 | 0.70 | 0.70 | 0.70 | 2.15 | 2656030 | 13 |
| 1.51 | 1.33 | 1.32 | 1.33 | 2.80 | 49154 | 49 |
| 9.03 | 1.32 | 1.32 | 1.32 | 2.53 | 66671 | 49 |
| 2.64 | 1.32 | 1.32 | 1.32 | 2.12 | 86956 | 44 |
| (13.02) | 1.35 | 1.35 | 1.35 | 1.47 | 123238 | 33 |
| 3.53 | 1.33 | 1.33 | 1.33 | 1.52 | 190855 | 13 |
| 2.24 | 0.61 | 0.61 | 0.62 | 3.51 | 65875 | 49 |
| 9.80 | 0.61 | 0.61 | 0.61 | 3.24 | 90249 | 49 |
| 3.38 | 0.60 | 0.60 | 0.60 | 2.78 | 113056 | 44 |
| (12.37) | 0.60 | 0.60 | 0.60 | 2.13 | 522922 | 33 |
| 4.30 | 0.60 | 0.60 | 0.60 | 2.24 | 2697578 | 13 |
| 2.40 | 0.45 | 0.45 | 0.45 | 3.69 | 363994 | 49 |
| 9.97 | 0.44 | 0.44 | 0.44 | 3.41 | 316234 | 49 |
| 3.54 | 0.45 | 0.45 | 0.45 | 3.00 | 274934 | 44 |
| (12.21) | 0.45 | 0.45 | 0.45 | 2.39 | 194787 | 33 |
| 4.45 | 0.45 | 0.45 | 0.45 | 2.36 | 171655 | 13 |
| 2.24 | 0.51 | 0.51 | 0.52 | 3.62 | 2771167 | 49 |
| 10.02 | 0.51 | 0.51 | 0.51 | 3.35 | 2509993 | 49 |
| 3.48 | 0.51 | 0.51 | 0.51 | 2.95 | 2433710 | 44 |
| (12.28) | 0.52 | 0.52 | 0.52 | 2.39 | 2131673 | 33 |
| 4.31 | 0.50 | 0.50 | 0.50 | 2.35 | 896545 | 13 |

---

See Notes to Financial Statements. 225

**Financial Highlights (continued)**

NATIONAL TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $10.70 | $0.40 | $(0.42) | $(0.02) | $(0.39) | $10.29 |
| 9/30/2024 | 9.85 | 0.38 | 0.84 | 1.22 | (0.37) | 10.70 |
| 9/30/2023 | 9.83 | 0.35 | 0.01 <sup>(d)</sup> | 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 10.71 | 0.34 | (0.42) | (0.08) | (0.33) | 10.30 |
| 9/30/2024 | 9.86 | 0.32 | 0.84 | 1.16 | (0.31) | 10.71 |
| 9/30/2023 | 9.84 | 0.29 | 0.01 <sup>(d)</sup> | 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 10.68 | 0.41 | (0.41) | – <sup>(e)</sup> | (0.40) | 10.28 |
| 9/30/2024 | 9.84 | 0.39 | 0.83 | 1.22 | (0.38) | 10.68 |
| 9/30/2023 | 9.82 | 0.35 | 0.02 <sup>(d)</sup> | 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 10.69 | 0.42 | (0.41) | 0.01 | (0.42) | 10.28 |
| 9/30/2024 | 9.84 | 0.41 | 0.84 | 1.25 | (0.40) | 10.69 |
| 9/30/2023 | 9.83 | 0.37 | 0.01 <sup>(d)</sup> | 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 10.69 | 0.42 | (0.42) | – <sup>(e)</sup> | (0.41) | 10.28 |
| 9/30/2024 | 9.84 | 0.40 | 0.84 | 1.24 | (0.39) | 10.69 |
| 9/30/2023 | 9.83 | 0.37 | – <sup>(d)(e)</sup> | 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> 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.

<sup>(e)</sup> Amount less than $0.01.

226 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.11) | 0.80 | 0.70 | 0.80 | 3.88 | $2623832 | 36 |
| 12.58 | 0.78 | 0.69 | 0.78 | 3.66 | 2715060 | 27 |
| 3.61 | 0.77 | 0.70 | 0.77 | 3.41 | 2257591 | 41 |
| (16.27) | 0.71 | 0.70 | 0.71 | 2.66 | 2235687 | 40 |
| 5.77 | 0.70 | 0.70 | 0.70 | 2.58 | 2925529 | 18 |
| (0.72) | 1.42 | 1.32 | 1.42 | 3.25 | 51316 | 36 |
| 11.89 | 1.40 | 1.30 | 1.40 | 3.05 | 63653 | 27 |
| 2.97 | 1.40 | 1.33 | 1.40 | 2.78 | 70892 | 41 |
| (16.86) | 1.35 | 1.34 | 1.35 | 2.01 | 83743 | 40 |
| 5.16 | 1.35 | 1.35 | 1.35 | 1.94 | 135544 | 18 |
| 0.08 | 0.70 | 0.60 | 0.70 | 3.97 | 49560 | 36 |
| 12.60 | 0.68 | 0.59 | 0.68 | 3.76 | 68624 | 27 |
| 3.72 | 0.67 | 0.60 | 0.67 | 3.48 | 79394 | 41 |
| (16.20) | 0.61 | 0.60 | 0.61 | 2.66 | 222942 | 40 |
| 5.88 | 0.60 | 0.60 | 0.60 | 2.68 | 984235 | 18 |
| 0.14 | 0.55 | 0.45 | 0.55 | 4.13 | 525782 | 36 |
| 12.86 | 0.54 | 0.45 | 0.54 | 3.90 | 499690 | 27 |
| 3.75 | 0.53 | 0.46 | 0.53 | 3.65 | 346879 | 41 |
| (16.07) | 0.47 | 0.46 | 0.47 | 2.91 | 268560 | 40 |
| 6.10 | 0.45 | 0.45 | 0.45 | 2.78 | 288718 | 18 |
| 0.09 | 0.60 | 0.50 | 0.60 | 4.08 | 1553900 | 36 |
| 12.81 | 0.58 | 0.49 | 0.58 | 3.85 | 1412199 | 27 |
| 3.72 | 0.57 | 0.50 | 0.57 | 3.63 | 918301 | 41 |
| (16.10) | 0.52 | 0.51 | 0.52 | 2.99 | 567725 | 40 |
| 6.07 | 0.50 | 0.50 | 0.50 | 2.78 | 209640 | 18 |

---

See Notes to Financial Statements. 227

**Financial Highlights (continued)**

HIGH INCOME MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $11.17 | $0.51 | $(0.54) | $(0.03) | $(0.50) | $10.64 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 11.17 | 0.45 | (0.54) | (0.09) | (0.43) | 10.65 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 11.18 | 0.52 | (0.54) | (0.02) | (0.51) | 10.65 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 11.15 | 0.54 | (0.54) | – <sup>(d)</sup> | (0.53) | 10.62 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 11.15 | 0.53 | (0.54) | (0.01) | (0.52) | 10.62 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Amount less than $0.01.

228 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.20) | 0.84 | 0.76 | 0.84 | 4.79 | $1993186 | 27 |
| 15.38 | 0.82 | 0.76 | 0.82 | 4.56 | 2025711 | 27 |
| 3.23 | 0.81 | 0.77 | 0.81 | 4.26 | 1680507 | 42 |
| (18.19) | 0.77 | 0.77 | 0.77 | 3.28 | 1787225 | 40 |
| 9.81 | 0.75 | 0.75 | 0.75 | 3.23 | 2388758 | 15 |
| (0.73) | 1.46 | 1.38 | 1.46 | 4.15 | 104295 | 27 |
| 14.68 | 1.43 | 1.37 | 1.43 | 3.96 | 127062 | 27 |
| 2.58 | 1.44 | 1.40 | 1.44 | 3.63 | 141950 | 42 |
| (18.78) | 1.41 | 1.41 | 1.41 | 2.63 | 174127 | 40 |
| 9.19 | 1.40 | 1.40 | 1.40 | 2.60 | 267871 | 15 |
| (0.10) | 0.74 | 0.66 | 0.74 | 4.86 | 46904 | 27 |
| 15.48 | 0.72 | 0.66 | 0.72 | 4.68 | 85597 | 27 |
| 3.33 | 0.71 | 0.67 | 0.71 | 4.31 | 112452 | 42 |
| (18.09) | 0.66 | 0.66 | 0.66 | 3.27 | 369471 | 40 |
| 9.90 | 0.65 | 0.65 | 0.65 | 3.30 | 1450736 | 15 |
| 0.05 | 0.58 | 0.50 | 0.58 | 5.06 | 192720 | 27 |
| 15.69 | 0.56 | 0.51 | 0.56 | 4.81 | 166070 | 27 |
| 3.48 | 0.57 | 0.53 | 0.57 | 4.50 | 122429 | 42 |
| (18.01) | 0.51 | 0.51 | 0.51 | 3.55 | 114134 | 40 |
| 10.07 | 0.52 | 0.51 | 0.51 | 3.42 | 118100 | 15 |
| (0.01) | 0.64 | 0.56 | 0.64 | 4.99 | 1803682 | 27 |
| 15.63 | 0.62 | 0.56 | 0.62 | 4.75 | 1694273 | 27 |
| 3.43 | 0.61 | 0.57 | 0.61 | 4.46 | 1227801 | 42 |
| (18.06) | 0.57 | 0.57 | 0.57 | 3.59 | 961328 | 40 |
| 10.03 | 0.56 | 0.55 | 0.55 | 3.41 | 487688 | 15 |

---

See Notes to Financial Statements. 229

**Financial Highlights (continued)**

SHORT DURATION HIGH INCOME MUNICIPAL BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $14.41 | $0.59 | $(0.15) | $0.44 | $(0.58) | $14.27 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 14.41 | 0.50 | (0.15) | 0.35 | (0.49) | 14.27 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 14.41 | 0.61 | (0.16) | 0.45 | (0.59) | 14.27 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 14.41 | 0.63 | (0.16) | 0.47 | (0.61) | 14.27 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 14.41 | 0.62 | (0.15) | 0.47 | (0.61) | 14.27 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>Total<br> **return**<sup>(b)</sup><br>**(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (includes<br> interest<br> expense)<br> (%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (excludes<br> interest<br> expense)<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 3.13 | 0.66 | 0.65 | 0.69 | 4.19 | $644762 | 29 |
| 8.74 | 0.65 | 0.65 | 0.68 | 4.15 | 409918 | 38 |
| 3.27 | 0.66 | 0.66 | 0.71 | 3.73 | 261115 | 71 |
| (10.85) | 0.70 | 0.70 | 0.77 | 2.27 | 325756 | 81 |
| 6.74 | 0.69 | 0.69 | 0.75 | 2.09 | 409286 | 14 |
| 2.47 | 1.30 | 1.29 | 1.33 | 3.54 | 27231 | 29 |
| 8.08 | 1.26 | 1.26 | 1.29 | 3.55 | 21802 | 38 |
| 2.59 | 1.32 | 1.32 | 1.37 | 3.08 | 19626 | 71 |
| (11.48) | 1.40 | 1.40 | 1.47 | 1.56 | 21392 | 81 |
| 6.03 | 1.36 | 1.36 | 1.43 | 1.43 | 26412 | 14 |
| 3.23 | 0.56 | 0.55 | 0.59 | 4.28 | 9937 | 29 |
| 8.85 | 0.55 | 0.55 | 0.58 | 4.26 | 12342 | 38 |
| 3.36 | 0.57 | 0.57 | 0.62 | 3.72 | 17573 | 71 |
| (10.77) | 0.60 | 0.60 | 0.66 | 2.18 | 139299 | 81 |
| 6.84 | 0.59 | 0.59 | 0.65 | 2.17 | 495439 | 14 |
| 3.38 | 0.41 | 0.40 | 0.41 | 4.44 | 82642 | 29 |
| 9.03 | 0.39 | 0.39 | 0.42 | 4.41 | 50999 | 38 |
| 3.55 | 0.38 | 0.38 | 0.45 | 4.03 | 35447 | 71 |
| (10.62) | 0.44 | 0.44 | 0.50 | 2.56 | 28251 | 81 |
| 7.02 | 0.43 | 0.42 | 0.49 | 2.31 | 31122 | 14 |
| 3.33 | 0.46 | 0.45 | 0.49 | 4.39 | 1573863 | 29 |
| 8.96 | 0.45 | 0.45 | 0.48 | 4.35 | 1026063 | 38 |
| 3.40 | 0.46 | 0.46 | 0.50 | 3.97 | 566518 | 71 |
| (10.61) | 0.50 | 0.50 | 0.58 | 2.59 | 362870 | 81 |
| 6.95 | 0.50 | 0.49 | 0.55 | 2.28 | 244728 | 14 |

---

See Notes to Financial Statements. 231

**Financial Highlights (continued)**

CALIFORNIA TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $10.33 | $0.35 | $(0.37) | $(0.02) | $(0.35) | $9.96 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 10.34 | 0.29 | (0.38) | (0.09) | (0.28) | 9.97 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 10.33 | 0.36 | (0.37) | (0.01) | (0.36) | 9.96 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 10.33 | 0.38 | (0.38) | – <sup>(d)</sup> | (0.37) | 9.96 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 10.32 | 0.37 | (0.36) | 0.01 | (0.37) | 9.96 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

<sup>(d)</sup> Amount less than $0.01.

232 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.17) | 0.80 | 0.77 | 0.80 | 3.54 | $426117 | 40 |
| 11.78 | 0.77 | 0.77 | 0.77 | 3.36 | 422861 | 26 |
| 3.50 | 0.76 | 0.76 | 0.76 | 3.08 | 341314 | 57 |
| (16.10) | 0.77 | 0.77 | 0.77 | 2.39 | 303455 | 44 |
| 4.16 | 0.77 | 0.77 | 0.77 | 2.27 | 381200 | 14 |
| (0.80) | 1.44 | 1.41 | 1.44 | 2.89 | 13735 | 40 |
| 11.10 | 1.37 | 1.37 | 1.37 | 2.76 | 18313 | 26 |
| 2.97 | 1.38 | 1.39 | 1.38 | 2.45 | 18912 | 57 |
| (16.70) | 1.40 | 1.40 | 1.40 | 1.75 | 21221 | 44 |
| 3.49 | 1.41 | 1.41 | 1.41 | 1.63 | 33274 | 14 |
| (0.07) | 0.70 | 0.67 | 0.70 | 3.59 | 4401 | 40 |
| 11.89 | 0.67 | 0.67 | 0.67 | 3.45 | 12612 | 26 |
| 3.61 | 0.66 | 0.67 | 0.66 | 3.13 | 7929 | 57 |
| (16.02) | 0.67 | 0.67 | 0.67 | 2.37 | 20964 | 44 |
| 4.26 | 0.67 | 0.67 | 0.67 | 2.36 | 130104 | 14 |
| 0.07 | 0.56 | 0.53 | 0.56 | 3.79 | 65964 | 40 |
| 12.04 | 0.54 | 0.54 | 0.54 | 3.59 | 59192 | 26 |
| 3.84 | 0.54 | 0.54 | 0.54 | 3.31 | 45077 | 57 |
| (16.00) | 0.54 | 0.54 | 0.54 | 2.64 | 29694 | 44 |
| 4.39 | 0.54 | 0.54 | 0.54 | 2.48 | 20625 | 14 |
| 0.12 | 0.60 | 0.57 | 0.60 | 3.74 | 162606 | 40 |
| 12.01 | 0.57 | 0.57 | 0.57 | 3.55 | 154644 | 26 |
| 3.71 | 0.56 | 0.56 | 0.56 | 3.29 | 102638 | 57 |
| (16.02) | 0.58 | 0.57 | 0.58 | 2.69 | 78796 | 44 |
| 4.37 | 0.57 | 0.57 | 0.57 | 2.46 | 39117 | 14 |

---

See Notes to Financial Statements. 233

**Financial Highlights (continued)**

NEW JERSEY TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $4.82 | $0.15 | $(0.15) | $– <sup>(c)</sup> | $(0.15) | $4.67 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 4.82 | 0.15 | (0.14) | 0.01 | (0.15) | 4.68 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 4.82 | 0.16 | (0.14) | 0.02 | (0.16) | 4.68 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 4.82 | 0.16 | (0.14) | 0.02 | (0.16) | 4.68 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Amount less than $0.01.

234 See Notes to Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 0.03 | 0.82 | 0.83 | 3.21 | $121574 | 27 |
| 11.14 | 0.82 | 0.85 | 3.04 | 105747 | 8 |
| 4.11 | 0.82 | 0.87 | 2.91 | 77950 | 23 |
| (15.36) | 0.82 | 0.84 | 2.39 | 80854 | 11 |
| 5.58 | 0.82 | 0.84 | 2.21 | 99356 | 13 |
| 0.34 | 0.72 | 0.73 | 3.29 | 1922 | 27 |
| 11.25 | 0.72 | 0.75 | 3.14 | 2998 | 8 |
| 4.21 | 0.72 | 0.77 | 3.00 | 3693 | 23 |
| (15.28) | 0.72 | 0.74 | 2.40 | 5885 | 11 |
| 5.68 | 0.72 | 0.74 | 2.30 | 28097 | 13 |
| 0.47 | 0.59 | 0.59 | 3.43 | 2650 | 27 |
| 11.15 | 0.59 | 0.62 | 3.27 | 2731 | 8 |
| 4.59 | 0.58 | 0.63 | 3.15 | 1697 | 23 |
| (15.16) | 0.58 | 0.60 | 2.65 | 1342 | 11 |
| 5.82 | 0.59 | 0.60 | 2.40 | 1148 | 13 |
| 0.44 | 0.62 | 0.63 | 3.42 | 34991 | 27 |
| 11.36 | 0.62 | 0.65 | 3.24 | 28895 | 8 |
| 4.32 | 0.62 | 0.66 | 3.11 | 17943 | 23 |
| (15.19) | 0.62 | 0.65 | 2.68 | 13415 | 11 |
| 5.79 | 0.62 | 0.64 | 2.38 | 6905 | 13 |

---

See Notes to Financial Statements. 235

**Financial Highlights (concluded)**

NEW YORK TAX FREE FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | <br> **Investment Operations:** | <br> **Investment Operations:** | <br> **Investment Operations:** | **Distributions<br> to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning of<br> period** | **Net**<br> **investment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 9/30/2025 | $10.84 | $0.36 | $(0.39) | $(0.03) | $(0.36) | $10.45 |
| 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 |
| **Class C** |  |  |  |  |  |  |
| 9/30/2025 | 10.83 | 0.29 | (0.39) | (0.10) | (0.29) | 10.44 |
| 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 |
| **Class F** |  |  |  |  |  |  |
| 9/30/2025 | 10.85 | 0.37 | (0.39) | (0.02) | (0.37) | 10.46 |
| 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 |
| **Class F3** |  |  |  |  |  |  |
| 9/30/2025 | 10.85 | 0.39 | (0.41) | (0.02) | (0.38) | 10.45 |
| 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 |
| **Class I** |  |  |  |  |  |  |
| 9/30/2025 | 10.85 | 0.38 | (0.40) | (0.02) | (0.38) | 10.45 |
| 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 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Interest expense, if applicable, relates to the liability for trust certificates issued in conjunction with tender option bond trusts.

236 See Notes to Financial Statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(includes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total**<br> **expenses**<br> **after**<br> **waivers**<br> **and/or reim-**<br> **bursements**<br> **(excludes**<br> **interest**<br> **expense)**<sup>(c)</sup><br> **(%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (0.24) | 0.81 | 0.78 | 0.81 | 3.45 | $411499 | 29 |
| 11.96 | 0.78 | 0.78 | 0.78 | 3.17 | 410877 | 18 |
| 3.93 | 0.78 | 0.78 | 0.78 | 2.98 | 303557 | 24 |
| (15.91) | 0.78 | 0.78 | 0.78 | 2.39 | 322138 | 23 |
| 5.90 | 0.77 | 0.77 | 0.77 | 2.20 | 390194 | 13 |
| (0.88) | 1.44 | 1.42 | 1.45 | 2.81 | 14504 | 29 |
| 11.29 | 1.39 | 1.39 | 1.39 | 2.56 | 17497 | 18 |
| 3.29 | 1.40 | 1.40 | 1.40 | 2.36 | 17453 | 24 |
| (16.39) | 1.42 | 1.42 | 1.42 | 1.74 | 20927 | 23 |
| 5.13 | 1.42 | 1.42 | 1.42 | 1.56 | 32845 | 13 |
| (0.14) | 0.71 | 0.68 | 0.71 | 3.55 | 8908 | 29 |
| 12.07 | 0.68 | 0.68 | 0.68 | 3.27 | 9768 | 18 |
| 4.04 | 0.68 | 0.69 | 0.68 | 3.06 | 6898 | 24 |
| (15.81) | 0.68 | 0.68 | 0.68 | 2.40 | 19360 | 23 |
| 6.00 | 0.67 | 0.67 | 0.67 | 2.30 | 71401 | 13 |
| (0.10) | 0.56 | 0.54 | 0.57 | 3.70 | 6089 | 29 |
| 12.33 | 0.54 | 0.54 | 0.54 | 3.41 | 5526 | 18 |
| 4.07 | 0.55 | 0.55 | 0.55 | 3.21 | 2290 | 24 |
| (15.70) | 0.54 | 0.54 | 0.54 | 2.65 | 2364 | 23 |
| 6.14 | 0.54 | 0.54 | 0.54 | 2.41 | 2071 | 13 |
| (0.14) | 0.61 | 0.58 | 0.61 | 3.66 | 143788 | 29 |
| 12.29 | 0.58 | 0.58 | 0.58 | 3.37 | 126889 | 18 |
| 4.04 | 0.58 | 0.58 | 0.58 | 3.18 | 87480 | 24 |
| (15.73) | 0.58 | 0.58 | 0.58 | 2.66 | 70220 | 23 |
| 6.11 | 0.57 | 0.57 | 0.57 | 2.38 | 43385 | 13 |

---

See Notes to Financial Statements. 237

**Notes to Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** ORGANIZATION

Lord Abbett Municipal Income Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "1940 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 eight 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 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 and California are diversified as defined in the 1940 Act. New Jersey and New York are non-diversified as defined in the 1940 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.

**Basis of Preparation**

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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements

**Notes to Financial Statements (continued)**

and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedules of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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 (the "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. |
|  | Fixed income 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. |

---

**Notes to Financial Statements (continued)**

---

| |
|:---|
| Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. |
| 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 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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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, 2025 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. |
| (b) | 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. |
| (c) | 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. |

---

**Notes to Financial Statements (continued)**

---

| | |
|:---|:---|
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of September 30, 2025, no liability for Federal Income tax is required in each Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (d) | Investment Income**–**Dividend income, if any, 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. |
| (e) | 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 a Fund which made the transfer or to affiliates of a 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 a 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 share of the municipal securities from the TOB to a Fund. The TOB may also be terminated without the consent of a 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 each Fund's liability for trust certificates, range of interest rates for such certificates and the aggregate value of the underlying municipal securities transferred |

---

**Notes to Financial Statements (continued)**

to TOBs as of September 30, 2025, as well as the average trust certificates for the fiscal year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Liability<br> for Trust<br> Certificates** | **Interest Rate<br> or Range of<br> Interest Rates** | **Underlying<br> Municipal Bonds<br> Transferred<br> to TOBs** | **Average<br> Trust<br> Certificates<br> Outstanding** |
| Short Duration | $– |  | $– | $– |
| Intermediate | 10550000 | 3.20% | 22267110 | 6330000 |
| National | 166755000 | 2.85%–3.27% | 341188633 | 134129000 |
| High Income | 126245000 | 2.85%–3.27% | 243768315 | 89431000 |
| Short Duration High Income | 7500000 | 3.20% | 15829699 | 4500000 |
| California | 7000000 | 2.89%–2.91% | 14757689 | 5800000 |
| New Jersey |  |  |  |  |
| New York | 9830000 | 2.89%–3.15% | 19883410 | 4766000 |

---

---

| | |
|:---|:---|
|  | 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. |
|  | If measured at fair value, the amounts would be level 2 in the fair value hierarchy on September 30, 2025. |
|  | 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. |
| (f) | Repurchase Agreements**–**Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, each Fund may incur a loss upon disposition of the securities. |
|  | Due to the absence of a master netting agreement related to the Funds' participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Funds. |
| (g) | 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. |

---

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** DERIVATIVE TRANSACTIONS

Derivatives**–**During the fiscal year, the Funds used derivative instruments including futures contracts and purchased options in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Futures Contracts**–**The Funds may enter into futures contracts to manage and hedge interest rate risk associated with portfolio investments. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statements

**Notes to Financial Statements (continued)**

of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

Options**–**During the fiscal year, the Funds purchased over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

When a Fund writes (sells) an option, an amount equal to the premium received by each Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, each Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and net change in

**Notes to Financial Statements (continued)**

unrealized gains and losses on purchased options are included in Net realized and Net change in unrealized appreciation/(depreciation) on investments, respectively, in the Funds' Statements of Operations.

Summary of Derivatives Information**–**As of September 30, 2025, each Fund in the tables below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| | **National Tax Free Fund** | **National Tax Free Fund** |
| **Liability Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest<br> Rate<br> Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation/depreciation on futures contracts | $1555080 |
|  | **Short Duration High Income Municipal Bond Fund** | **Short Duration High Income Municipal Bond Fund** |
| **Liability Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation/depreciation on futures contracts | $903333 |
|  | **California Tax Free Fund** | **California Tax Free Fund** |
| **Liability Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation/depreciation on futures contracts | $174796 |
|  | **New Jersey Tax Free Fund** | **New Jersey Tax Free Fund** |
| **Liability Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation/depreciation on futures contracts | $27123 |
|  | **New York Tax Free Fund** | **New York Tax Free Fund** |
| **Liability Derivatives** | **Statements of<br> Assets and<br> Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Unrealized appreciation/depreciation on futures contracts | $195892 |

---

<sup>(1)</sup> Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

**Notes to Financial Statements (continued)**

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the fiscal year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **National Tax Free Fund** | **National Tax Free Fund** |
|  | **Statements of<br> Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $2339380 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(1626896) |
| **Average Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 417 |
|  | **Short Duration High Income Municipal Bond Fund** | **Short Duration High Income Municipal Bond Fund** |
|  | **Statements of<br> Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $10291 |
| &nbsp;&nbsp;&nbsp;Options Purchased | Net realized gain/(loss) on investments | $(75191) |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(912721) |
| **Average Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 220 |
| &nbsp;&nbsp;&nbsp;Options Purchased |  | $23077 |
|  | **California Tax Free Fund** | **California Tax Free Fund** |
|  | **Statements of<br> Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $254038 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(183949) |
| **Average Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 41 |

---

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
|  | **New Jersey Tax Free Fund** | **New Jersey Tax Free Fund** |
|  | **Statements of<br> Operations Location** | **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $90278 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(29235) |
| **Average Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 9 |
|  | **New York Tax Free Fund** | **New York Tax Free Fund** |
|  | **Statements of<br> Operations Location** | **Inflation**<br> **Linked/**<br> **Interest**<br> **Rate**<br> **Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net realized gain/(loss) on futures contracts | $693704 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(211617) |
| **Average Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** 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% |

---

**Notes to Financial Statements (continued)**

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% |

---

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% |

---

For the fiscal year ended September 30, 2025, 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**<br> **Management Fee** |
| Short Duration | .32% |
| Intermediate | .38% |
| National | .38% |
| High Income | .44% |
| Short Duration High Income | .30% |
| California | .45% |
| New Jersey | .44% |
| 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 certain fees and expenses during the fiscal year ended September 30, 2025 for the following funds:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Intermediate | $48018 |
| National | 46862 |
| High Income | 48064 |
| California | 9081 |
| New York | 8112 |

---

**Notes to Financial Statements (continued)**

For the fiscal year ended September 30, 2025, and continuing through January 31, 2026 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:

---

| | | |
|:---|:---|:---|
| | **Classes\*** | **Classes\*** |
| <br>**Fund** | **A,C,F and I** | **F3** |
| Short Duration | .45% | .41% |
| Short Duration High Income | .45% | .40% |
| New Jersey | .62% | .59% |

---

\* 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 1940 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<sup>(1)</sup>** | **Class F<sup>(2)</sup>** |
| Service | .15% | .25% |  |
| Distribution | .05% | .75% | .10% |

---

<sup>(1)</sup> The 12b-1 fee each applicable Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of each Fund's average daily net assets attributable to shares held for less than one year and (ii) .80% (.25% service fee and .55% distribution fee) of each Fund's average daily net assets attributable to shares held one year or more. All Class C shareholders of each Fund will bear 12b-1 fees at the same rate.

<sup>(2)</sup> 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, 2025:

---

| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Short Duration | $23833 | $1476403 |
| Intermediate | 51155 | 2537014 |
| National | 104981 | 4512505 |
| High Income | 82730 | 3821551 |
| Short Duration High Income | 18728 | 2327655 |
| California | 10503 | 882586 |
| New Jersey | 2322 | 286978 |
| New York | 7596 | 857570 |

---

**Notes to Financial Statements (continued)**

The Distributor received the following amounts of CDSCs for the fiscal year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Short Duration | $104064 | $850 |
| Intermediate | 145428 | 5238 |
| National | 326302 | 8440 |
| High Income | 357095 | 13148 |
| Short Duration High Income | 84905 | 15312 |
| California | 80585 | 2147 |
| New Jersey | 9363 |  |
| New York | 117462 | 3465 |

---

One Director and certain of the Funds' officers have an interest in Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** 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, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Short Duration Tax Free Fund | $46673539 | $29092 | $– $|  | $46702631 |
| Intermediate Tax Free Fund | 174253626 | 1192548 | – |  | 175446174 |
| National Tax Free Fund | 179663887 | 1135495 | – |  | 180799382 |
| High Income Municipal Bond Fund | 193485905 | 387881 | – |  | 193873786 |
| Short Duration High Income Muni Fund | 75932640 | 1109687 | – |  | 77042327 |
| California Tax Free Fund | 23159577 | 116860 | – |  | 23276437 |
| New Jersey Tax Free Fund | 4872321 | 10139 | – |  | 4882460 |
| New York Tax Free Fund | 19956524 | 45378 | – |  | 20001902 |

---

**Notes to Financial Statements (continued)**

The tax character of distributions paid during the fiscal year ended September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Tax-Exempt<br> Income** | **Ordinary<br> Income** | **Net<br> Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions<br> Paid** |
| Short Duration Tax Free Fund | $45804910 | $157166 | $– $|  | $45962076 |
| Intermediate Tax Free Fund | 154066237 | 1064026 | – |  | 155130263 |
| National Tax Free Fund | 153677257 | 707613 | – |  | 154384870 |
| High Income Municipal Bond Fund | 164256718 | 1126574 | – |  | 165383292 |
| Short Duration High Income Muni Fund | 49177767 | 673685 | – |  | 49851452 |
| California Tax Free Fund | 20011035 | 13688 | – |  | 20024723 |
| New Jersey Tax Free Fund | 3724022 |  | – |  | 3724022 |
| New York Tax Free Fund | 15709324 | 587 | – |  | 15709911 |

---

As of September 30, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Tax-Exempt<br> Income** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Net<br> Long-Term<br> Capital Gains** | **Accumulated<br> Capital and<br> Other Losses** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Temporary<br> Differences** | **Total<br> Distributable<br> Earnings/<br> (Loss)** |
| Short Duration Tax Free Fund | $5365657 | $– $|  | $(104110575) | $13111296 | $(4327674) | $(89961296) |
| Intermediate Tax Free Fund | 31302009 | – |  | (439361534) | 39066665 | (15951965) | (384944825) |
| National Tax Free Fund | 25815246 | – |  | (439864209) | (2676637) | (16180523) | (432906123) |
| High Income Municipal Bond Fund | 44497359 | – |  | (660482303) | (76945659) | (16967051) | (709897654) |
| Short Duration High Income Muni Fund | 11822633 | – |  | (133498565) | 29481473 | (8101272) | (100295731) |
| California Tax Free Fund | 2560931 | – |  | (46738903) | (3013012) | (2100270) | (49291254) |
| New Jersey Tax Free Fund | 434504 | – |  | (4733977) | (4529733) | (465027) | (9294233) |
| New York Tax Free Fund | 1355740 | – |  | (26405654) | (19938318) | (1823522) | (46811754) |

---

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<br> Losses** | **Long-Term<br> Losses** | **Net Capital<br> Losses** |
| Short Duration Tax Free Fund | $(28801713) | $(75308862) | $(104110575) |
| Intermediate Tax Free Fund | (166316349) | (273045185) | (439361534) |
| National Tax Free Fund | (176411136) | (263453073) | (439864209) |
| High Income Municipal Bond Fund | (222395803) | (438086500) | (660482303) |
| Short Duration High Income Muni Fund | (75376889) | (58121676) | (133498565) |
| California Tax Free Fund | (13845331) | (32893572) | (46738903) |
| New Jersey Tax Free Fund | (685104) | (4048873) | (4733977) |
| New York Tax Free Fund | (9148600) | (17257054) | (26405654) |

---

**Notes to Financial Statements (continued)**

As of September 30, 2025, 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<br> Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Short Duration Tax Free Fund | $1591967540 | $17363832 | $(4252536) | $13111296 |
| Intermediate Tax Free Fund | 5068151459 | 95826809 | (56760144) | 39066665 |
| National Tax Free Fund | 4763271120 | 79597982 | (82274619) | (2676637) |
| High Income Municipal Bond Fund | 4184106813 | 80809826 | (157755480) | (76945654) |
| Short Duration High Income Muni Fund | 2267356728 | 42936574 | (13455101) | 29481473 |
| California Tax Free Fund | 663216468 | 8346385 | (11359397) | (3013012) |
| New Jersey Tax Free Fund | 163543052 | 1301746 | (5831479) | (4529733) |
| New York Tax Free Fund | 597184336 | 4909811 | (24848129) | (19938318) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| Short Duration | $– | $881607069 | $– | $831589712 |
| Intermediate |  | 2597544663 |  | 2405517058 |
| National | 9996470 | 1972606165 | 12907 | 1716832400 |
| High Income |  | 1434692389 |  | 1125520893 |
| Short Duration High Income |  | 1310080071 |  | 507670330 |
| California |  | 289237479 |  | 259911924 |
| New Jersey |  | 64833489 |  | 40394516 |
| New York |  | 209645300 |  | 166931218 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** 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.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** LINE OF CREDIT

For the period ended June 5, 2025, 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, 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 the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, 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, 2025, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** 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.

During the fiscal year ended September 30, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** CUSTODIAN AND ACCOUNTING AGENT

SSB is the Funds' custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**Notes to Financial Statements (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;**11.** 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 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, if any, 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, 2025, the Funds did not have any securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** 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, 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, 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 and, to a lesser extent, other Funds invest a portion of its assets in such bonds. Some issuers,

**Notes to Financial Statements (continued)**

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.

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 and Short Duration High Income), and may do so disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

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, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments.

**Notes to Financial Statements (continued)**

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 14799742 | $223433715 | 15643152 | $234690754 |
| Reinvestment of distributions | 1236869 | 18677049 | 1219224 | 18316255 |
| Shares reacquired | (16548578) | (249883085) | (17840915) | (267666142) |
| Decrease | (511967) | $(7772321) | (978539) | $(14659133) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 294918 | $4452513 | 237113 | $3560165 |
| Reinvestment of distributions | 20539 | 310114 | 21813 | 327611 |
| Shares reacquired | (312340) | (4716888) | (425544) | (6393128) |
| Increase (decrease) | 3117 | $45739 | (166618) | $(2505352) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 117335 | $1771414 | 384442 | $5785476 |
| Reinvestment of distributions | 39667 | 598988 | 53950 | 810353 |
| Shares reacquired | (631981) | (9539641) | (900148) | (13520219) |
| Decrease | (474979) | $(7169239) | (461756) | $(6924390) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 5838974 | $88145019 | 4720776 | $70770896 |
| Reinvestment of distributions | 320226 | 4837590 | 303446 | 4560161 |
| Shares reacquired | (4875931) | (73613010) | (6715104) | (100752974) |
| Increase (decrease) | 1283269 | $19369599 | (1690882) | $(25421917) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 21967501 | $331333157 | 14864720 | $223133340 |
| Reinvestment of distributions | 789418 | 11923634 | 779500 | 11714160 |
| Shares reacquired | (17466874) | (263931305) | (17191531) | (257785410) |
| Increase (decrease) | 5290045 | $79325486 | (1547311) | $(22937910) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 37580226 | $381920530 | 39660511 | $403340644 |
| Reinvestment of distributions | 5650611 | 57409080 | 5207337 | 53029586 |
| Shares reacquired | (44336168) | (450341861) | (53113566) | (538007792) |
| Decrease | (1105331) | $(11012251) | (8245718) | $(81637562) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 655894 | $6659454 | 768785 | $7815343 |
| Reinvestment of distributions | 128853 | 1308056 | 158491 | 1610363 |
| Shares reacquired | (2409774) | (24487484) | (3419719) | (34751804) |
| Decrease | (1625027) | $(16519974) | (2492443) | $(25326098) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 705932 | $7182471 | 808598 | $8183961 |
| Reinvestment of distributions | 228662 | 2323523 | 275312 | 2799496 |
| Shares reacquired | (3197122) | (32485168) | (3978642) | (40209214) |
| Decrease | (2262528) | $(22979174) | (2894732) | $(29225757) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 14437855 | $146589395 | 10118593 | $102537324 |
| Reinvestment of distributions | 886037 | 9004432 | 716304 | 7298581 |
| Shares reacquired | (10259253) | (103991783) | (8557573) | (86426044) |
| Increase | 5064639 | $51602044 | 2277324 | $23409861 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 111887495 | $1138309222 | 94367146 | $958244483 |
| Reinvestment of distributions | 6166678 | 62653026 | 5316230 | 54145140 |
| Shares reacquired | (89342533) | (906858486) | (107360202) | (1083280808) |
| Increase (decrease) | 28711640 | $294103762 | (7676826) | $(70891185) |
| **National** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 55999329 | $577167311 | 69788527 | $724457933 |
| Reinvestment of distributions | 9250843 | 95079385 | 8094456 | 84253985 |
| Shares reacquired | (64112266) | (657348097) | (53325836) | (551704951) |
| Increase | 1137906 | $14898599 | 24557147 | $257006967 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 976486 | $10065822 | 942131 | $9771525 |
| Reinvestment of distributions | 156520 | 1611595 | 172598 | 1795567 |
| Shares reacquired | (2096477) | (21579466) | (2362347) | (24474066) |
| Decrease | (963471) | $(9902049) | (1247618) | $(12906974) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 927841 | $9480410 | 2087349 | $21089393 |
| Reinvestment of distributions | 200692 | 2062900 | 266012 | 2761736 |
| Shares reacquired | (2730103) | (28188755) | (4002770) | (41446446) |
| Decrease | (1601570) | $(16645445) | (1649409) | $(17595317) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 22098250 | $226697932 | 22107409 | $228612522 |
| Reinvestment of distributions | 2037332 | 20918268 | 1561340 | 16259694 |
| Shares reacquired | (19756528) | (201117656) | (12175178) | (125116719) |
| Increase | 4379054 | $46498544 | 11493571 | $119755497 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 81160667 | $831628594 | 78535986 | $814067088 |
| Reinvestment of distributions | 4553522 | 46756136 | 3462908 | 36072026 |
| Shares reacquired | (66722478) | (682287020) | (43208000) | (443278556) |
| Increase | 18991711 | $196097710 | 38790894 | $406860558 |
| **High Income** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 49089142 | $527883365 | 52151746 | $558676538 |
| Reinvestment of distributions | 8046057 | 86238823 | 6947144 | 74628508 |
| Shares reacquired | (51239224) | (548601333) | (43799732) | (465898841) |
| Increase | 5895975 | $65520855 | 15299158 | $167406205 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1985684 | $21446129 | 1765117 | $18944541 |
| Reinvestment of distributions | 407308 | 4372035 | 446335 | 4786662 |
| Shares reacquired | (3970288) | (42619100) | (4861990) | (51888761) |
| Decrease | (1577296) | $(16800936) | (2650538) | $(28157558) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 632246 | $6842422 | 1022752 | $10793489 |
| Reinvestment of distributions | 273367 | 2947322 | 402922 | 4318227 |
| Shares reacquired | (4160731) | (45189908) | (4871935) | (51514143) |
| Decrease | (3255118) | $(35400164) | (3446261) | $(36402427) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 9230918 | $98759639 | 6598739 | $70424087 |
| Reinvestment of distributions | 825848 | 8827769 | 619706 | 6651490 |
| Shares reacquired | (6813292) | (72304395) | (4443345) | (46908409) |
| Increase | 3243474 | $35283013 | 2775100 | $30167168 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 84297417 | $899663469 | 77485314 | $823395967 |
| Reinvestment of distributions | 6900134 | 73802323 | 5485797 | 58888365 |
| Shares reacquired | (73398326) | (779091923) | (52553924) | (554474456) |
| Increase | 17799225 | $194373869 | 30417187 | $327809876 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration High Income** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 23638682 | $335846677 | 16100631 | $227346901 |
| Reinvestment of distributions | 1350357 | 19168983 | 865187 | 12232826 |
| Shares reacquired | (8241113) | (117022778) | (7459418) | (104862047) |
| Increase | 16747926 | $237992882 | 9506400 | $134717680 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 850300 | $12075137 | 484575 | $6838819 |
| Reinvestment of distributions | 54236 | 770292 | 47497 | 670972 |
| Shares reacquired | (508807) | (7227175) | (442559) | (6236978) |
| Increase | 395729 | $5618254 | 89513 | $1272813 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 172253 | $2455010 | 389729 | $5447630 |
| Reinvestment of distributions | 33160 | 471098 | 44631 | 629309 |
| Shares reacquired | (365393) | (5201075) | (852394) | (11992743) |
| Decrease | (159980) | $(2274967) | (418034) | $(5915804) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 3384543 | $48008763 | 2480479 | $34867355 |
| Reinvestment of distributions | 199853 | 2837021 | 124730 | 1763206 |
| Shares reacquired | (1331003) | (18844579) | (1637174) | (22917481) |
| Increase | 2253393 | $32001205 | 968035 | $13713080 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 72462040 | $1026651792 | 53043819 | $746520596 |
| Reinvestment of distributions | 3421559 | 48576738 | 2299047 | 32530816 |
| Shares reacquired | (36770892) | (521107430) | (25227624) | (354863556) |
| Increase | 39112707 | $554121100 | 30115242 | $424187856 |
| **California** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11263162 | $111891094 | 13083533 | $131047706 |
| Reinvestment of distributions | 1375163 | 13654974 | 1180461 | 11916739 |
| Shares reacquired | (10796840) | (106697830) | (9070571) | (90849925) |
| Increase | 1841485 | $18848238 | 5193423 | $52114520 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 283567 | $2849705 | 485872 | $4915824 |
| Reinvestment of distributions | 41761 | 415490 | 47529 | 479600 |
| Shares reacquired | (719041) | (7151727) | (740947) | (7478376) |
| Decrease | (393713) | $(3886532) | (207546) | $(2082952) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 260861 | $2623507 | 967474 | $9637066 |
| Reinvestment of distributions | 27801 | 278243 | 37418 | 378590 |
| Shares reacquired | (1067667) | (10566218) | (614205) | (6131825) |
| Increase (decrease) | (779005) | $(7664468) | 390687 | $3883831 |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2946930 | $29120614 | 2319004 | $23322491 |
| Reinvestment of distributions | 232860 | 2309938 | 182130 | 1838410 |
| Shares reacquired | (2287867) | (22501449) | (1491244) | (14835695) |
| Increase | 891923 | $8929103 | 1009890 | $10325206 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 7191395 | $71172005 | 9148226 | $92104562 |
| Reinvestment of distributions | 484318 | 4803460 | 379571 | 3834185 |
| Shares reacquired | (6322416) | (62452478) | (5303164) | (52754322) |
| Increase | 1353297 | $13522987 | 4224633 | $43184425 |
| **New Jersey** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8768471 | $40899794 | 7632346 | $35975977 |
| Reinvestment of distributions | 638611 | 2966444 | 461873 | 2177577 |
| Shares reacquired | (5349747) | (24859321) | (3575896) | (16864980) |
| Increase | 4057335 | $19006917 | 4518323 | $21288574 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 35325 | $164873 | 167784 | $787584 |
| Reinvestment of distributions | 16448 | 76621 | 22344 | 105213 |
| Shares reacquired | (262752) | (1222745) | (393820) | (1855462) |
| Decrease | (210979) | $(981251) | (203692) | $(962665) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 160001 | $738339 | 234483 | $1114745 |
| Reinvestment of distributions | 18719 | 87215 | 14003 | 66109 |
| Shares reacquired | (178647) | (822640) | (61471) | (287684) |
| Increase | 73 | $2914 | 187015 | $893170 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3930259 | $18280919 | 3468564 | $16344963 |
| Reinvestment of distributions | 182427 | 848071 | 128020 | 604397 |
| Shares reacquired | (2625928) | (12068877) | (1613138) | (7589019) |
| Increase | 1486758 | $7060113 | 1983446 | $9360341 |
| **New York** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2025** | **Year Ended<br> September 30, 2024** | **Year Ended<br> September 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9906433 | $103984068 | 13575400 | $144378225 |
| Reinvestment of distributions | 1211439 | 12641721 | 938378 | 9955744 |
| Shares reacquired | (9630274) | (100515620) | (7014215) | (73999182) |
| Increase | 1487598 | $16110169 | 7499563 | $80334787 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 376605 | $3955501 | 431344 | $4588622 |
| Reinvestment of distributions | 39458 | 411444 | 37363 | 395251 |
| Shares reacquired | (641952) | (6672907) | (602710) | (6360926) |
| Decrease | (225889) | $(2305962) | (134003) | $(1377053) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 158258 | $1661840 | 471608 | $5046265 |
| Reinvestment of distributions | 27020 | 282205 | 22626 | 240409 |
| Shares reacquired | (233625) | (2479044) | (284182) | (3042979) |
| Increase (decrease) | (48347) | $(534999) | 210052 | $2243695 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 200514 | $2090912 | 358466 | $3815825 |
| Reinvestment of distributions | 20499 | 213877 | 11792 | 125402 |
| Shares reacquired | (147882) | (1526701) | (90078) | (950857) |
| Increase | 73131 | $778088 | 280180 | $2990370 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 7655681 | $80051814 | 6750679 | $71512808 |
| Reinvestment of distributions | 411861 | 4296152 | 287663 | 3054994 |
| Shares reacquired | (6010243) | (62398355) | (4096431) | (43347197) |
| Increase | 2057299 | $21949611 | 2941911 | $31220605 |

---

**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 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, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). 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. as of September 30, 2025, 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.

**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, 2025, by correspondence with the custodian and 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 25, 2025

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**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 Directors, Officers, and Others**

Remuneration paid to directors, officers, and others is included in "Directors' Remuneration" under Item 7 of this Form N-CSR.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions paid during the fiscal year ended September 30, 2025 that is tax-exempt dividend income.

---

| | |
|:---|:---|
| **Fund Name** | **Tax-Exempt<br> Dividends** |
| Short Duration Tax Free Fund | 100% |
| Intermediate Tax Free Fund | 99% |
| National Tax Free Fund | 99% |
| High Income Municipal Bond Fund | 100% |
| Short Duration High Income Municipal Bond Fund | 99% |
| California Tax Free Fund | 100% |
| New Jersey Tax Free Fund | 100% |
| New York Tax Free Fund | 100% |

---

![](x8_c114065x272x1m4.jpg)

---

| | | |
|:---|:---|:---|
| ![](x8_c114065x272x2m4.jpg) | **Lord Abbett Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br>Lord Abbett Intermediate Tax Free Fund<br>Lord Abbett National Tax-Free Income Fund<br>Lord Abbett High Income Municipal Bond Fund<br>Lord Abbett Short Duration High Income Municipal Bond Fund<br>Lord Abbett California Tax-Free Income Fund<br>Lord Abbett New Jersey Tax-Free Income Fund<br>Lord Abbett New York Tax-Free Income Fund |  |
|  | **Lord Abbett Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br>Lord Abbett Intermediate Tax Free Fund<br>Lord Abbett National Tax-Free Income Fund<br>Lord Abbett High Income Municipal Bond Fund<br>Lord Abbett Short Duration High Income Municipal Bond Fund<br>Lord Abbett California Tax-Free Income Fund<br>Lord Abbett New Jersey Tax-Free Income Fund<br>Lord Abbett New York Tax-Free Income Fund |  |
| 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 Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br>Lord Abbett Intermediate Tax Free Fund<br>Lord Abbett National Tax-Free Income Fund<br>Lord Abbett High Income Municipal Bond Fund<br>Lord Abbett Short Duration High Income Municipal Bond Fund<br>Lord Abbett California Tax-Free Income Fund<br>Lord Abbett New Jersey Tax-Free Income Fund<br>Lord Abbett New York Tax-Free Income Fund |  |
|  | **Lord Abbett Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br>Lord Abbett Intermediate Tax Free Fund<br>Lord Abbett National Tax-Free Income Fund<br>Lord Abbett High Income Municipal Bond Fund<br>Lord Abbett Short Duration High Income Municipal Bond Fund<br>Lord Abbett California Tax-Free Income Fund<br>Lord Abbett New Jersey Tax-Free Income Fund<br>Lord Abbett New York Tax-Free Income Fund |  |
| Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Municipal Income Fund, Inc.**<br>Lord Abbett Short Duration Tax Free Fund<br>Lord Abbett Intermediate Tax Free Fund<br>Lord Abbett National Tax-Free Income Fund<br>Lord Abbett High Income Municipal Bond Fund<br>Lord Abbett Short Duration High Income Municipal Bond Fund<br>Lord Abbett California Tax-Free Income Fund<br>Lord Abbett New Jersey Tax-Free Income Fund<br>Lord Abbett New York Tax-Free Income Fund | LATFI-2<br> (11/25) |

---

---

| | |
|:---|:---|
| **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.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](c114065_ex-99codeeth.htm)

---

| | |
|:---|:---|
| (a)(2) | Not applicable. |
| (a)(3) | [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.](c114065_ex-99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (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.](c114065_ex99-906cert.htm) |

---

**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: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: November 25, 2025

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: | <u><u>/s/ Douglas B. Sieg</u></u> |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: November 25, 2025

---

| | |
|:---|:---|
| By: | <u><u>/s/ Michael J. Hebert</u></u> |
|  | Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date: November 25, 2025

## Ex-99.Code

**Exhibit 99.CODEETH**

**THE LORD ABBETT FAMILY OF FUNDS<br>SARBANES-OXLEY CODE OF ETHICS <br>FOR THE PRINCIPAL EXECUTIVE OFFICER <br>AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the
SEC and in other public communications made by the Funds;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by
a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the
benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other
than Lord Abbett or any affiliated person of Lord Abbett;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions
or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such as compensation or
as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees and auditors, and to governmental regulators
and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees
of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and
documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee") of a Fund that he/she has received,
read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds'
Annual Directors & Officers Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify Lord Abbett's General Counsel promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation
of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to
take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate
modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss
the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u>Persons Covered by this Code of Ethics</u> | <u>Persons Covered by this Code of Ethics</u> | <u>Position With Funds</u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Ex-99.Cert

**Exhibit 99.CERT**

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: November 25, 2025

---

| |
|:---|
| <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

**Exhibit 99.CERT**

CERTIFICATIONS

Pursuant to Section 302 of the<br> Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial
information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

Date: November 25, 2025

---

| |
|:---|
| <u>/s/ Michael J. Hebert</u> |
| Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATIONS

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc. (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: November 25, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.