Class A

HYMAX

Lord Abbett High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$44	0.87%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,355,247,183
# of Portfolio Holdings	603
Portfolio Turnover Rate	10%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A4.19%
A-0.67%
A+2.54%
AA3.91%
AA-1.94%
AA+0.95%
AAA0.84%
B1.03%
B-2.10%
B+1.53%
BB2.09%
BB-0.64%
BB+13.21%
BBB4.81%
BBB-9.95%
BBB+1.61%
CC0.12%
CCC0.34%
CCC-0.80%
CCC+0.25%
NR46.48%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

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.

TSR-SA-1430-A

05/26

Class C

HYMCX

Lord Abbett High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$75	1.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,355,247,183
# of Portfolio Holdings	603
Portfolio Turnover Rate	10%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A4.19%
A-0.67%
A+2.54%
AA3.91%
AA-1.94%
AA+0.95%
AAA0.84%
B1.03%
B-2.10%
B+1.53%
BB2.09%
BB-0.64%
BB+13.21%
BBB4.81%
BBB-9.95%
BBB+1.61%
CC0.12%
CCC0.34%
CCC-0.80%
CCC+0.25%
NR46.48%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1432-C

05/26

Class F

HYMFX

Lord Abbett High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$39	0.77%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,355,247,183
# of Portfolio Holdings	603
Portfolio Turnover Rate	10%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A4.19%
A-0.67%
A+2.54%
AA3.91%
AA-1.94%
AA+0.95%
AAA0.84%
B1.03%
B-2.10%
B+1.53%
BB2.09%
BB-0.64%
BB+13.21%
BBB4.81%
BBB-9.95%
BBB+1.61%
CC0.12%
CCC0.34%
CCC-0.80%
CCC+0.25%
NR46.48%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1038-F

05/26

Class F3

HYMOX

Lord Abbett High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$31	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,355,247,183
# of Portfolio Holdings	603
Portfolio Turnover Rate	10%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A4.19%
A-0.67%
A+2.54%
AA3.91%
AA-1.94%
AA+0.95%
AAA0.84%
B1.03%
B-2.10%
B+1.53%
BB2.09%
BB-0.64%
BB+13.21%
BBB4.81%
BBB-9.95%
BBB+1.61%
CC0.12%
CCC0.34%
CCC-0.80%
CCC+0.25%
NR46.48%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8986-F3

05/26

Class I

HYMIX

Lord Abbett High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$34	0.67%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,355,247,183
# of Portfolio Holdings	603
Portfolio Turnover Rate	10%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A4.19%
A-0.67%
A+2.54%
AA3.91%
AA-1.94%
AA+0.95%
AAA0.84%
B1.03%
B-2.10%
B+1.53%
BB2.09%
BB-0.64%
BB+13.21%
BBB4.81%
BBB-9.95%
BBB+1.61%
CC0.12%
CCC0.34%
CCC-0.80%
CCC+0.25%
NR46.48%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1451-I

05/26

Class A

LCFIX

Lord Abbett California Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett California Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$41	0.82%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$705,308,053
# of Portfolio Holdings	290
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A11.31%
A-3.58%
A+6.16%
AA26.91%
AA-20.43%
AA+3.86%
AAA1.70%
B+0.06%
BB0.91%
BB+3.06%
BBB3.91%
BBB-4.56%
BBB+6.00%
CCC0.09%
CCC+0.50%
NR6.96%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2-A

05/26

Class C

CALAX

Lord Abbett California Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$73	1.46%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$705,308,053
# of Portfolio Holdings	290
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A11.31%
A-3.58%
A+6.16%
AA26.91%
AA-20.43%
AA+3.86%
AAA1.70%
B+0.06%
BB0.91%
BB+3.06%
BBB3.91%
BBB-4.56%
BBB+6.00%
CCC0.09%
CCC+0.50%
NR6.96%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-670-C

05/26

Class F

LCFFX

Lord Abbett California Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$36	0.72%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$705,308,053
# of Portfolio Holdings	290
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A11.31%
A-3.58%
A+6.16%
AA26.91%
AA-20.43%
AA+3.86%
AAA1.70%
B+0.06%
BB0.91%
BB+3.06%
BBB3.91%
BBB-4.56%
BBB+6.00%
CCC0.09%
CCC+0.50%
NR6.96%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1030-F

05/26

Class F3

LCFOX

Lord Abbett California Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$30	0.59%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$705,308,053
# of Portfolio Holdings	290
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A11.31%
A-3.58%
A+6.16%
AA26.91%
AA-20.43%
AA+3.86%
AAA1.70%
B+0.06%
BB0.91%
BB+3.06%
BBB3.91%
BBB-4.56%
BBB+6.00%
CCC0.09%
CCC+0.50%
NR6.96%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8985-F3

05/26

Class I

CAILX

Lord Abbett California Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$31	0.62%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$705,308,053
# of Portfolio Holdings	290
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A11.31%
A-3.58%
A+6.16%
AA26.91%
AA-20.43%
AA+3.86%
AAA1.70%
B+0.06%
BB0.91%
BB+3.06%
BBB3.91%
BBB-4.56%
BBB+6.00%
CCC0.09%
CCC+0.50%
NR6.96%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3325-I

05/26

Class A

LISAX

Lord Abbett Intermediate Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Intermediate Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$36	0.71%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$5,463,859,080
# of Portfolio Holdings	924
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.83%
A-4.25%
A+16.62%
AA11.69%
AA-8.42%
AA+8.67%
AAA6.92%
B0.27%
B-0.31%
B+0.52%
BB1.77%
BB-0.28%
BB+3.24%
BBB5.82%
BBB-4.93%
BBB+5.09%
CCC+0.18%
NR8.19%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1409-A

05/26

Class C

LISCX

Lord Abbett Intermediate Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$67	1.33%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$5,463,859,080
# of Portfolio Holdings	924
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.83%
A-4.25%
A+16.62%
AA11.69%
AA-8.42%
AA+8.67%
AAA6.92%
B0.27%
B-0.31%
B+0.52%
BB1.77%
BB-0.28%
BB+3.24%
BBB5.82%
BBB-4.93%
BBB+5.09%
CCC+0.18%
NR8.19%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1411-C

05/26

Class F

LISFX

Lord Abbett Intermediate Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$31	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$5,463,859,080
# of Portfolio Holdings	924
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.83%
A-4.25%
A+16.62%
AA11.69%
AA-8.42%
AA+8.67%
AAA6.92%
B0.27%
B-0.31%
B+0.52%
BB1.77%
BB-0.28%
BB+3.24%
BBB5.82%
BBB-4.93%
BBB+5.09%
CCC+0.18%
NR8.19%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1039-F

05/26

Class F3

LOISX

Lord Abbett Intermediate Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$23	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$5,463,859,080
# of Portfolio Holdings	924
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.83%
A-4.25%
A+16.62%
AA11.69%
AA-8.42%
AA+8.67%
AAA6.92%
B0.27%
B-0.31%
B+0.52%
BB1.77%
BB-0.28%
BB+3.24%
BBB5.82%
BBB-4.93%
BBB+5.09%
CCC+0.18%
NR8.19%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8987-F3

05/26

Class I

LAIIX

Lord Abbett Intermediate Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$26	0.51%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$5,463,859,080
# of Portfolio Holdings	924
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.83%
A-4.25%
A+16.62%
AA11.69%
AA-8.42%
AA+8.67%
AAA6.92%
B0.27%
B-0.31%
B+0.52%
BB1.77%
BB-0.28%
BB+3.24%
BBB5.82%
BBB-4.93%
BBB+5.09%
CCC+0.18%
NR8.19%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3326-I

05/26

Class A

LANSX

Lord Abbett National Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett National Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$41	0.81%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,814,052,700
# of Portfolio Holdings	709
Portfolio Turnover Rate	17%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.57%
A-3.04%
A+12.27%
AA14.98%
AA-6.84%
AA+8.40%
AAA4.22%
B0.07%
B-0.62%
B+0.27%
BB1.14%
BB-0.14%
BB+3.92%
BBB6.41%
BBB-10.56%
BBB+6.16%
CCC+0.51%
NR7.88%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-6-A

05/26

Class C

LTNSX

Lord Abbett National Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$72	1.44%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,814,052,700
# of Portfolio Holdings	709
Portfolio Turnover Rate	17%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.57%
A-3.04%
A+12.27%
AA14.98%
AA-6.84%
AA+8.40%
AAA4.22%
B0.07%
B-0.62%
B+0.27%
BB1.14%
BB-0.14%
BB+3.92%
BBB6.41%
BBB-10.56%
BBB+6.16%
CCC+0.51%
NR7.88%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-669-C

05/26

Class F

LANFX

Lord Abbett National Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$36	0.71%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,814,052,700
# of Portfolio Holdings	709
Portfolio Turnover Rate	17%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.57%
A-3.04%
A+12.27%
AA14.98%
AA-6.84%
AA+8.40%
AAA4.22%
B0.07%
B-0.62%
B+0.27%
BB1.14%
BB-0.14%
BB+3.92%
BBB6.41%
BBB-10.56%
BBB+6.16%
CCC+0.51%
NR7.88%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1034-F

05/26

Class F3

LONSX

Lord Abbett National Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$28	0.56%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,814,052,700
# of Portfolio Holdings	709
Portfolio Turnover Rate	17%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.57%
A-3.04%
A+12.27%
AA14.98%
AA-6.84%
AA+8.40%
AAA4.22%
B0.07%
B-0.62%
B+0.27%
BB1.14%
BB-0.14%
BB+3.92%
BBB6.41%
BBB-10.56%
BBB+6.16%
CCC+0.51%
NR7.88%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8988-F3

05/26

Class I

LTNIX

Lord Abbett National Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$31	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$4,814,052,700
# of Portfolio Holdings	709
Portfolio Turnover Rate	17%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A12.57%
A-3.04%
A+12.27%
AA14.98%
AA-6.84%
AA+8.40%
AAA4.22%
B0.07%
B-0.62%
B+0.27%
BB1.14%
BB-0.14%
BB+3.92%
BBB6.41%
BBB-10.56%
BBB+6.16%
CCC+0.51%
NR7.88%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1452-I

05/26

Class A

LANJX

Lord Abbett New Jersey Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett New Jersey Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$42	0.84%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$172,859,708
# of Portfolio Holdings	199
Portfolio Turnover Rate	3%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A7.30%
A-3.57%
A+24.97%
AA13.89%
AA-26.95%
AA+0.85%
AAA5.62%
B+0.14%
BB+2.40%
BBB2.50%
BBB-3.40%
BBB+3.64%
NR4.77%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-20-A

05/26

Class F

LNJFX

Lord Abbett New Jersey Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$37	0.74%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$172,859,708
# of Portfolio Holdings	199
Portfolio Turnover Rate	3%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A7.30%
A-3.57%
A+24.97%
AA13.89%
AA-26.95%
AA+0.85%
AAA5.62%
B+0.14%
BB+2.40%
BBB2.50%
BBB-3.40%
BBB+3.64%
NR4.77%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1035-F

05/26

Class F3

LONJX

Lord Abbett New Jersey Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$31	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$172,859,708
# of Portfolio Holdings	199
Portfolio Turnover Rate	3%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A7.30%
A-3.57%
A+24.97%
AA13.89%
AA-26.95%
AA+0.85%
AAA5.62%
B+0.14%
BB+2.40%
BBB2.50%
BBB-3.40%
BBB+3.64%
NR4.77%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8989-F3

05/26

Class I

LINJX

Lord Abbett New Jersey Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$32	0.64%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$172,859,708
# of Portfolio Holdings	199
Portfolio Turnover Rate	3%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A7.30%
A-3.57%
A+24.97%
AA13.89%
AA-26.95%
AA+0.85%
AAA5.62%
B+0.14%
BB+2.40%
BBB2.50%
BBB-3.40%
BBB+3.64%
NR4.77%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3327-I

05/26

Class A

LSDAX

Lord Abbett Short Duration Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$33	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$1,718,068,772
# of Portfolio Holdings	270
Portfolio Turnover Rate	35%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A17.58%
A-8.45%
A+15.77%
AA9.79%
AA-8.16%
AA+12.44%
AAA5.83%
B0.06%
BB1.01%
BB+0.36%
BBB2.18%
BBB-3.48%
BBB+3.39%
CCC+0.57%
NR10.93%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2074-A

05/26

Class C

LSDCX

Lord Abbett Short Duration Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$64	1.29%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$1,718,068,772
# of Portfolio Holdings	270
Portfolio Turnover Rate	35%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A17.58%
A-8.45%
A+15.77%
AA9.79%
AA-8.16%
AA+12.44%
AAA5.83%
B0.06%
BB1.01%
BB+0.36%
BBB2.18%
BBB-3.48%
BBB+3.39%
CCC+0.57%
NR10.93%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2076-C

05/26

Class F

LSDFX

Lord Abbett Short Duration Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$28	0.55%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$1,718,068,772
# of Portfolio Holdings	270
Portfolio Turnover Rate	35%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A17.58%
A-8.45%
A+15.77%
AA9.79%
AA-8.16%
AA+12.44%
AAA5.83%
B0.06%
BB1.01%
BB+0.36%
BBB2.18%
BBB-3.48%
BBB+3.39%
CCC+0.57%
NR10.93%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2078-F

05/26

Class F3

LSDOX

Lord Abbett Short Duration Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$21	0.41%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$1,718,068,772
# of Portfolio Holdings	270
Portfolio Turnover Rate	35%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A17.58%
A-8.45%
A+15.77%
AA9.79%
AA-8.16%
AA+12.44%
AAA5.83%
B0.06%
BB1.01%
BB+0.36%
BBB2.18%
BBB-3.48%
BBB+3.39%
CCC+0.57%
NR10.93%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8992-F3

05/26

Class I

LISDX

Lord Abbett Short Duration Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$23	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$1,718,068,772
# of Portfolio Holdings	270
Portfolio Turnover Rate	35%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A17.58%
A-8.45%
A+15.77%
AA9.79%
AA-8.16%
AA+12.44%
AAA5.83%
B0.06%
BB1.01%
BB+0.36%
BBB2.18%
BBB-3.48%
BBB+3.39%
CCC+0.57%
NR10.93%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-2077-I

05/26

Class A

LANYX

Lord Abbett New York Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett New York Tax Free Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$43	0.85%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$590,836,462
# of Portfolio Holdings	285
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A9.18%
A-2.40%
A+4.83%
AA12.51%
AA-3.90%
AA+14.55%
AAA9.76%
B0.89%
B-0.51%
B+1.10%
BB1.54%
BB-0.65%
BB+0.54%
BBB9.69%
BBB-13.04%
BBB+7.21%
CC0.25%
NR7.45%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-7-A

05/26

Class C

NYLAX

Lord Abbett New York Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$75	1.50%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$590,836,462
# of Portfolio Holdings	285
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A9.18%
A-2.40%
A+4.83%
AA12.51%
AA-3.90%
AA+14.55%
AAA9.76%
B0.89%
B-0.51%
B+1.10%
BB1.54%
BB-0.65%
BB+0.54%
BBB9.69%
BBB-13.04%
BBB+7.21%
CC0.25%
NR7.45%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-671-C

05/26

Class F

LNYFX

Lord Abbett New York Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$38	0.75%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$590,836,462
# of Portfolio Holdings	285
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A9.18%
A-2.40%
A+4.83%
AA12.51%
AA-3.90%
AA+14.55%
AAA9.76%
B0.89%
B-0.51%
B+1.10%
BB1.54%
BB-0.65%
BB+0.54%
BBB9.69%
BBB-13.04%
BBB+7.21%
CC0.25%
NR7.45%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-1036-F

05/26

Class F3

LONYX

Lord Abbett New York Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$31	0.61%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$590,836,462
# of Portfolio Holdings	285
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A9.18%
A-2.40%
A+4.83%
AA12.51%
AA-3.90%
AA+14.55%
AAA9.76%
B0.89%
B-0.51%
B+1.10%
BB1.54%
BB-0.65%
BB+0.54%
BBB9.69%
BBB-13.04%
BBB+7.21%
CC0.25%
NR7.45%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8990-F3

05/26

Class I

NYLIX

Lord Abbett New York Tax Free Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$33	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$590,836,462
# of Portfolio Holdings	285
Portfolio Turnover Rate	15%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A9.18%
A-2.40%
A+4.83%
AA12.51%
AA-3.90%
AA+14.55%
AAA9.76%
B0.89%
B-0.51%
B+1.10%
BB1.54%
BB-0.65%
BB+0.54%
BBB9.69%
BBB-13.04%
BBB+7.21%
CC0.25%
NR7.45%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3328-I

05/26

Class A

SDHAX

Lord Abbett Short Duration High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Short Duration High Income Municipal Bond Fund for the period of October 1, 2025 to March 31, 2026. 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 period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$33	0.65%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$2,787,862,610
# of Portfolio Holdings	528
Portfolio Turnover Rate	19%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A5.45%
A-2.70%
A+3.65%
AA3.71%
AA-2.72%
AA+1.92%
AAA0.91%
B1.70%
B-1.34%
B+3.73%
BB3.82%
BB-2.65%
BB+13.19%
BBB8.98%
BBB-6.03%
BBB+7.69%
CC0.45%
CCC+0.63%
NR28.73%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3385-A

05/26

Class C

SDHCX

Lord Abbett Short Duration High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$66	1.32%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$2,787,862,610
# of Portfolio Holdings	528
Portfolio Turnover Rate	19%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A5.45%
A-2.70%
A+3.65%
AA3.71%
AA-2.72%
AA+1.92%
AAA0.91%
B1.70%
B-1.34%
B+3.73%
BB3.82%
BB-2.65%
BB+13.19%
BBB8.98%
BBB-6.03%
BBB+7.69%
CC0.45%
CCC+0.63%
NR28.73%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3386-C

05/26

Class F

SDHFX

Lord Abbett Short Duration High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$28	0.55%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$2,787,862,610
# of Portfolio Holdings	528
Portfolio Turnover Rate	19%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A5.45%
A-2.70%
A+3.65%
AA3.71%
AA-2.72%
AA+1.92%
AAA0.91%
B1.70%
B-1.34%
B+3.73%
BB3.82%
BB-2.65%
BB+13.19%
BBB8.98%
BBB-6.03%
BBB+7.69%
CC0.45%
CCC+0.63%
NR28.73%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3387-F

05/26

Class F3

HYMQX

Lord Abbett Short Duration High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$20	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$2,787,862,610
# of Portfolio Holdings	528
Portfolio Turnover Rate	19%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A5.45%
A-2.70%
A+3.65%
AA3.71%
AA-2.72%
AA+1.92%
AAA0.91%
B1.70%
B-1.34%
B+3.73%
BB3.82%
BB-2.65%
BB+13.19%
BBB8.98%
BBB-6.03%
BBB+7.69%
CC0.45%
CCC+0.63%
NR28.73%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-8991-F3

05/26

Class I

SDHIX

Lord Abbett Short Duration High Income Municipal Bond Fund

Semi-Annual Shareholder Report

March 31, 2026

lordabbett.com/FundDocuments

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$23	0.45%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized.

Key Fund Statistics

(as of March 31, 2026)

Table Summary
Total Net Assets	$2,787,862,610
# of Portfolio Holdings	528
Portfolio Turnover Rate	19%

What did the Fund invest in?

(as of March 31, 2026)

Table Summary
Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference*}	%^{Footnote Reference**}

A5.45%
A-2.70%
A+3.65%
AA3.71%
AA-2.72%
AA+1.92%
AAA0.91%
B1.70%
B-1.34%
B+3.73%
BB3.82%
BB-2.65%
BB+13.19%
BBB8.98%
BBB-6.03%
BBB+7.69%
CC0.45%
CCC+0.63%
NR28.73%
Total 100.00%

Footnote	Description
Footnote*	Investments in investment grade municipal bonds, which are 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.
Footnote**	Represents percent of total investments, which excludes derivatives.

Where can I find additional information about the Fund?

TSR-SA-3388-I

05/26

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments carried at fair value⁽¹⁾:

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 period in relation to the Fund’s net assets.

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments carried at fair value⁽¹⁾:

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 period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation and a summary of unobservable inputs 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 period.

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments carried at fair value⁽¹⁾:

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 period in relation to the Fund’s net assets.

The following is a summary of the inputs used as of March 31, 2026 in valuing the Fund’s investments carried at fair value⁽¹⁾:

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 period in relation to the Fund’s net assets.

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:

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.

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 generally accepted accounting principles 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 and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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.

Derivatives–During the six months ended March 31, 2026, the Funds used derivative instruments including futures contracts 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–During the six months ended March 31, 2026, the Funds listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the six months ended March 31, 2026, the Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. 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 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).

Summary of Derivatives Information–As of March 31, 2026, the Funds 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:

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the six months ended March 31, 2026:

The Company has a management fee 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:

The management fee for Intermediate is based on the Fund’s average daily net assets at the following annual rates:

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:

The management fee for High Income is based on the Fund’s average daily net assets at the following annual rates:

The management fee for Short Duration High Income is based on the Fund’s average daily net assets at the following annual rates:

For the six months ended March 31, 2026, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

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 six months ended March 31, 2026 for the following funds:

For the six months ended March 31, 2026 and continuing through January 31, 2027, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to limit the total net annual operating expenses for each class, if applicable, excluding certain of the Funds’ expenses and interest related expenses, to the following annual rates:

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

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:

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the six months ended March 31, 2026:

The Distributor received the following amounts of CDSCs for the six months ended March 31, 2026:

One Director and certain of the Funds’ officers have an interest in Lord Abbett.

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 six months ended March 31, 2026 was as follows:

The tax character of distributions paid during the period ended September 30, 2025 was as follows:

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:

As of March 31, 2026, 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 accretion on market discount, tender option bond trusts, other financial instruments and wash sales.

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2026 were as follows:

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.

For the period ended March 31, 2026, 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 $1.675 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, $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 March 31, 2026, 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.

Interest associated with these credit facilities is charged to each Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing line loans. In addition, there is a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which is allocated among the Participating Funds at the end of each quarter. There is no fee associated with the unused portion of the Bilateral Facility.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended March 31, 2026, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

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 six months ended March 31, 2026, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

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.

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.

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, 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.

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.

Remuneration paid to directors, officers, and others is included in Directors Remuneration under Item 7 of this Form N-CSR.

(Lord Abbett California Tax Free Fund, Lord Abbett High Income Municipal Bond Fund, Lord Abbett Intermediate Tax Free Fund, Lord Abbett National Tax Free Fund, Lord Abbett New Jersey Tax Free Fund, Lord Abbett New York Tax Free Fund, Lord Abbett Short Duration High Income Municipal Bond Fund, and Lord Abbett Short Duration Tax Free Fund)

The Board, including all of the Directors who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund, information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, risk oversight and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements and investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2025. As to California Tax Free Fund and National Tax Free Fund, the Board observed that each Fund’s investment performance was above the median of its performance peer group for the three- and ten-year periods, but below the median of its performance peer group for the one- and five-year periods. As to High Income Municipal Bond Fund, the Board observed that the Fund’s investment performance was above the median of its performance peer group for the one-, three- and ten-year periods, but below the median of its performance peer group for the five-year period. As to New York Tax Free Fund, the Board observed that the Fund’s investment performance was above the median of its performance peer group for the three-, five- and ten-year periods, but below the median of its performance peer group for the one-year period. As to Short Duration Tax Free Fund, the Board observed that the Fund’s investment performance was below the median of its performance peer group for the one-, three-, five- and ten-year periods. As to New Jersey Tax Free Fund, the Board observed that the Fund’s investment performance was above the median of its performance peer group for the ten-year period, but below the median of its performance peer group for the one-, three- and five-year periods. As to Intermediate Tax Free Fund, the Board observed that the Fund’s investment performance was above the median of its performance peer group for the one- and three-year periods, but below the median of its performance peer group for the five- and ten-year periods. As to Short Duration High Income Municipal Bond Fund, the Board observed that the Fund’s investment performance was above the median of its performance peer group for the one- and three- year periods, below the median of its performance peer group for the five-year period, and equal to the median of its performance peer group for the ten-year period. In each case, the Board considered Lord Abbett’s explanation of the Fund’s performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and strategy, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, the resources made available to them, Lord Abbett’s investment methodologies and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third-party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of High Income Municipal Bond Fund, Short Duration High Income Municipal Bond Fund, New York Tax Free Fund and California Tax Free Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. As to each of Intermediate Tax Free Fund and New Jersey Tax Free Fund, the Board observed that the net total expense ratio of the Fund was the same as the median of the expense peer group. As to each of National Tax Free Fund and Short Duration Tax Free Fund, the Board observed that the net total expense ratio of the Fund was above the median of the expense peer group. As to each of High Income Municipal Bond Fund, National Tax Free Fund, New Jersey Tax Free Fund and Short Duration High Income Municipal Bond Fund, the Board observed that the actual management fee was below the median of the expense peer group. As to each of California Tax Free Fund, New York Tax Free Fund and Short Duration Tax Free Fund, the Board observed that the actual management fee was the same as the median of the expense peer group. As to Intermediate Tax Free Fund, the Board observed that the actual management fee was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including the administrative services it provides to the Fund, and reviewed Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from any such economies of scale, and whether, where applicable, there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule, with one or more contractual breakpoints in the level of management fee, and, with respect to each of Short Duration Tax Free Fund and New Jersey Tax Free Fund, the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions, including transactions on behalf of the Funds.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

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.

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.

(b)		Not applicable.

Item 2:		Code of Ethics.
(a)		Not applicable.

(b)		Not applicable.

(c)		The Registrant has not amended its Sarbanes-Oxley Code of Ethics for the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”) during the six-month period ended March 31, 2026 (the “Period”). Subsequent to the Period, the Registrant updated its Code of Ethics solely to reflect a change to the Registrant’s principal financial officer and principal accounting officer, effective May 22, 2026.

(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.
		Not applicable.

Item 4:		Principal Accountant Fees and Services.
		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 basis for the approval of the investment adviser contract is included as part of the report to shareholders filed under Iitem 1 (a) of this form N-CSR.

		Schedules of Investments (Item 7):
1		Short Duration Tax Free Fund
18		Intermediate Tax Free Fund
67		National Tax Free Fund
106		High Income Municipal Bond Fund
141		Short Duration High Income Municipal Bond Fund
173		California Tax Free Fund
191		New Jersey Tax Free Fund
203		New York Tax Free Fund
220		Statements of Assets and Liabilities (Item 7)
224		Statements of Operations (Item 7)
226		Statements of Changes in Net Assets (Item 7)
232		Financial Highlights (Item 7)
248		Notes to Financial Statements (Item 7)
271		Changes in and Disagreements with Accountants (Item 8)
271		Proxy Disclosures (Item 9)
271		Remuneration Paid to Directors, Officers, and Others (Item 10)
271		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Investments	Interest Rate		Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
LONG-TERM INVESTMENTS 85.99%

MUNICIPAL BONDS 85.99%

Corporate-Backed 3.27%
Cabot Citrus Farms Community Development District FL	5.25%		3/1/2029	NR	$	8,890,000	$	8,969,870
California Municipal Finance Authority^†	3.30%	^#(a)	2/1/2039	A-		4,750,000		4,732,076
City of Farmington-Public Service Co of New Mexico NM	3.90%	^#(a)	6/1/2040	BBB		2,500,000		2,541,222
Industrial Development Board of the City of Mobile Alabama-Alabama Power Co AL	3.375%	^#(a)	6/1/2034	A1		5,000,000		5,049,063
Iowa Finance Authority-Howmet Aerospace Inc	4.75%		8/1/2042	BBB+		2,500,000		2,500,190
Jersey City Redevelopment Agency NJ	5.00%		12/9/2026	NR		15,000,000		15,246,174
Matagorda County Navigation District No. 1–AEP Texas Inc	2.60%		11/1/2029	BBB+		6,120,000		5,957,445
Ohio Air Quality Development Authority-American Electric Power Co Inc	2.40%	^#(a)	12/1/2038	BBB		10,700,000		10,205,977
Village Community Development District No. 16 FL	3.55%		5/1/2030	NR		1,025,000		1,022,766
Total								56,224,783

Education 6.75%
Arlington Higher Education Finance Corp.-BASIS Texas Charter Schools Inc TX^†	5.00%		6/15/2030	Ba2		2,500,000		2,571,783
California Community Choice Financing Authority	4.146% (SOFR * .67 + 1.70%	)^#	5/1/2053	A1		15,000,000		15,161,445
California State University	0.55%	^#(a)	11/1/2049	Aa2		5,000,000		4,930,120
Capital Trust Agency, Inc.-Renaissance Charter School Inc Series 2019 Obligated Group FL^†	4.00%		6/15/2029	NR		745,000		733,656
Clifton Higher Education Finance Corp.-International Leadership of Texas Inc (PSF-GTD)	5.00%		8/15/2028	Aaa		800,000		837,926
County of Douglas-Creighton University NE	5.00%		7/1/2028	A2		1,000,000		1,046,055
County of Douglas-Creighton University NE	5.00%		7/1/2029	A2		750,000		796,468
County of Douglas-Creighton University NE	5.00%		7/1/2030	A2		1,000,000		1,076,771

AG		AG Insured by Assured Guaranty, Inc.
COPS		Certificates of Participation.
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.

^†		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 March 31, 2026, the total value of Rule 144A securities was $81,408,281, which represents 4.74% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at March 31, 2026.
^(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
^(b)		Securities purchased on a when-issued basis (See Note 2(h)).
^(c)		This investment has been rated by Fitch IBCA.
^(d)		Defaulted.
^(e)		The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	–	$	1,477,346,853	$	–	$	1,477,346,853
Short-Term Investments
Variable Rate Demand Notes		–		257,427,000		–		257,427,000
Repurchase Agreements		–		1,901,278		–		1,901,278
Total	$	–	$	1,736,675,131	$	–	$	1,736,675,131

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

Investments	Interest Rate^#	Interest Rate Reset Date^(g)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Health Care 0.11%
Public Finance Authority-Kaiser Obligated Group WI	2.550%	4/1/2026	10/1/2055	AA+	$	3,095,000	$	3,095,000
Regents of the University of California Medical Center Pooled Revenue	2.550%	4/1/2026	5/15/2045	AA-		2,900,000		2,900,000
Total								5,995,000

Tax Revenue 0.67%
New York City Transitional Finance Authority Future Tax Secured Revenue NY	2.750%	4/1/2026	2/1/2056	AAA		36,500,000		36,500,000

Utilities 0.65%
County of King Sewer Revenue WA	2.800%	4/1/2026	1/1/2042	AA		3,450,000		3,450,000
Development Authority of Appling County-Georgia Power Co	2.700%	4/1/2026	11/1/2052	A		2,500,000		2,500,000
Development Authority of Appling County-Georgia Power Co	2.850%	4/1/2026	9/1/2029	A		11,100,000		11,100,000
Development Authority of Appling County-Georgia Power Co	2.850%	4/1/2026	9/1/2041	A		8,650,000		8,650,000
New York City Municipal Water Finance Authority-New York City Water & Sewer System NY	2.700%	4/15/2026	6/15/2050	AA+		2,000,000		2,000,000
New York City Municipal Water Finance Authority-New York City Water & Sewer System NY	2.740%	4/15/2026	6/15/2055	AA+		1,500,000		1,500,000
New York City Municipal Water Finance Authority-New York City Water & Sewer System NY	2.850%	4/15/2026	6/15/2044	AA+		3,660,000		3,660,000
New York City Municipal Water Finance Authority-New York City Water & Sewer System NY	2.850%	4/15/2026	6/15/2053	AA+		2,500,000		2,500,000
Total								35,360,000
Total Variable Rate Demand Notes (cost $104,945,000)								104,945,000

AG		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.
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.

Investments	Interest Rate	Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Special Tax (continued)
Arborwood Community Development District FL	6.90%	5/1/2036	NR	$	25,000	$	25,014
Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL^†	5.00%	5/1/2044	NR		1,370,000		1,355,549
Babcock Ranch Community Independent Special District Series 2024 Assessment Area FL^†	5.25%	5/1/2055	NR		2,000,000		1,941,944
Black Desert Public Infrastructure District Black Desert Assessment Area No 1 UT^†	5.625%	12/1/2053	NR		16,220,000		16,237,865
Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT	5.00%	12/1/2035	NR		3,140,000		3,136,908
Black Ridge Infrastructure Financing District Black Ridge Assessment Area UT	6.25%	12/1/2054	NR		8,400,000		8,382,717
Celebration Pointe Community Development District No. 1 FL^(c)	3.375%	5/1/2041	NR		3,970,000		3,176,000
Celebration Pointe Community Development District No. 1 FL^(c)	5.00%	5/1/2048	NR		6,555,000		5,244,000
City of Mesquite TX	5.50%	9/1/2045	NR		1,050,000		1,056,243
City of Mesquite TX	5.75%	9/1/2055	NR		1,300,000		1,273,927
City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV^†	6.50%	6/1/2045	NR		6,495,000		6,632,258
City of North Las Vegas Special Improvement District No 67 Apex Moonwater West NV^†	6.75%	6/1/2055	NR		8,440,000		8,524,557
City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX	6.00%	9/15/2046	NR		1,000,000		994,445
City of Pilot Point Maverick Farms Public Improvement Dist Major Impt Area 1 TX	6.25%	9/15/2056	NR		2,000,000		1,959,602
County of Denton Green Meadows Public Improvement District Improvement Area #1 TX^†	5.625%	12/31/2055	NR		2,725,000		2,762,878
County of Denton Green Meadows Public Improvement District Major Improvement Area TX^†	5.875%	12/31/2045	NR		4,500,000		4,604,690
County of Denton Green Meadows Public Improvement District Major Improvement Area TX^†	6.125%	12/31/2055	NR		3,100,000		3,165,053
Fairfield Community Facilities District-City of Fairfield Community Facilities District No 2023-1 Area No 1 CA	5.00%	9/1/2049	NR		3,205,000		3,208,745

Type	Expiration	Contracts	Position	Notional Amount			Notional Value			Unrealized Appreciation
U.S. 10-Year Treasury Note	June 2026	497	Short	$	(56,055,557	)	$	(55,190,297	)		$	865,260
U.S. Long Bond	June 2026	312	Short		(36,463,128	)		(35,529,000	)			934,128
Total Unrealized Appreciation on Futures Contracts											$	1,799,388

Investments	Interest Rate^#	Interest Rate Reset Date^(f)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
Transportation 0.78%
Bay Area Toll Authority CA	2.350%	4/1/2026	4/1/2055	AA+	$	5,500,000	$	5,500,000
Total Variable Rate Demand Notes (cost $10,685,000)								10,685,000

REPURCHASE AGREEMENTS 0.15%
Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,039,400 of U.S. Treasury Note at 4.375% due 7/15/2027 value: $1,055,608; proceeds: $1,034,831 (cost $1,034,738)						1,034,738		1,034,738
Total Short-Term Investments (cost $11,719,738)								11,719,738
Total Investments in Securities 103.12% (cost $736,338,852)								727,341,328
Other Assets and Liabilities – Net^(g) (3.12)%								(22,033,275	)
Net Assets 100.00%							$	705,308,053

†		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 March 31, 2026, the total value of Rule 144A securities was $41,897,037, which represents 5.94% of net assets.
#		Variable rate security. The interest rate represents the rate in effect at March 31, 2026.
*		Non-income producing security.
(a)		Variable Rate is Fixed to Float: Rate remains fixed or at Zero Coupon until designated future date.
(b)		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.
(c)		Securities purchased on a when-issued basis (See Note 2(h)).
(d)		This investment has been rated by Fitch IBCA.
(e)		Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
(f)		The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
(g)		Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

Investments	Interest Rate^#	Interest Rate Reset Date^(e)	Final Maturity Date	Credit Rating: S&P or Moody’s	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.61%

VARIABLE RATE DEMAND NOTES 0.36%

General Obligation 0.19%
City of New York NY GO	2.850%	4/1/2026	10/1/2046	AA	$	600,000	$	600,000
City of New York NY GO	2.900%	4/1/2026	4/1/2042	AA		500,000		500,000
Total								1,100,000

Utilities 0.17%
New York City Municipal Water Finance Authority-New York City Water & Sewer System NY	2.700%	4/15/2026	6/15/2050	AA+		1,000,000		1,000,000
Total Variable Rate Demand Notes (cost $2,100,000)								2,100,000

REPURCHASE AGREEMENTS 0.25%
Repurchase Agreement dated 3/31/2026, 3.250% due 4/1/2026 with Fixed Income Clearing Corp. collateralized by $1,497,300 of U. S. Treasury Note at 4.375% due 7/15/2027 value: $1,520,606; proceeds: $1,490,761 (cost $1,490,626)						1,490,626		1,490,626
Total Short-Term Investments (cost $3,590,626)								3,590,626
Total Investments in Securities 101.78% (cost $622,943,955)								601,333,761
Other Assets and Liabilities – Net^(f) (1.78)%								(10,497,299	)
Net Assets 100.00%							$	590,836,462

^(e)		The interest rate reset date shown represents the date in which the Fund has the right to sell a Variable Rate Demand Note (“VRDN”) back to the issuer for Principal Amount. The interest rate on the VRDN is generally reset daily based on the SIFMA Municipal Swap Index.
^(f)		Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

	Short Duration			Intermediate			National
ASSETS:
Investments in securities, at cost	$	1,736,978,083		$	5,495,709,188		$	5,081,328,988
Investments in securities, at fair value	$	1,736,675,131		$	5,489,002,829		$	5,034,178,934
Cash		299			14,968			47,073
Deposits with brokers for futures collateral		–			–			1,801,900
Receivables:
Interest		17,808,664			73,087,108			69,923,470
Capital shares sold		5,686,077			18,087,495			19,480,826
Investment securities sold		1,097,822			3,404,690			5,390,151
From advisor (See Note 4)		13,632			–			–
Prepaid expenses		47,294			165,849			201,890
Total assets		1,761,328,919			5,583,762,939			5,131,024,244
LIABILITIES:
Payables:
Investment securities purchased		34,596,612			80,029,970			59,844,734
Capital shares reacquired		3,448,266			9,140,857			11,333,129
Management fee		497,441			1,785,870			1,568,818
Directors’ fees		232,633			606,239			499,592
12b-1 distribution plan		175,274			650,151			633,392
Fund administration		58,522			187,113			164,734
Trust certificates (See Note 2(e))		–			10,550,000			224,150,000
Interest expense and fees		–			101,262			1,642,472
Variation margin for futures contracts		–			–			182,579
Distributions payable		4,081,393			16,288,459			16,518,470
Accrued expenses		170,006			563,938			433,624
Total liabilities		43,260,147			119,903,859			316,971,544
Commitments and contingent liabilities (See Note 2(e))		–			–			–
NET ASSETS	$	1,718,068,772		$	5,463,859,080		$	4,814,052,700
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,819,779,244		$	5,874,138,604		$	5,286,400,956
Total distributable earnings/(loss)		(101,710,472	)		(410,279,524	)		(472,348,256	)
Net Assets	$	1,718,068,772		$	5,463,859,080		$	4,814,052,700

High Income			Short Duration High Income			California			New Jersey			New York

$	4,606,811,300		$	2,800,029,768		$	736,338,852		$	176,878,809		$	622,943,955
$	4,475,009,312		$	2,794,243,191		$	727,341,328		$	172,356,028		$	601,333,761
	209			1,077,511			7			–			–
	–			2,086,275			203,500			88,800			321,900

	77,042,989			43,341,859			9,471,413			2,131,112			8,284,620
	22,495,757			14,401,491			2,968,885			1,090,702			1,862,342
	6,294,827			7,109,001			–			–			–
	–			–			–			–			–
	114,751			172,387			37,913			27,749			35,500
	4,580,957,845			2,862,431,715			740,023,046			175,694,391			611,838,123


	19,145,455			45,942,986			14,593,292			151,129			3,193,735
	10,904,548			9,207,896			1,255,987			359,765			808,172
	1,612,993			768,224			269,646			66,163			225,715
	415,239			103,339			79,135			21,547			75,154
	376,220			162,808			90,230			28,980			98,436
	148,560			94,742			23,968			5,881			20,064
	172,915,000			7,500,000			16,000,000			1,665,000			14,500,000
	1,418,190			71,987			140,879			12,323			122,327
	–			233,455			20,594			9,000			32,599
	18,264,011			10,204,058			2,144,206			475,293			1,838,259
	510,446			279,610			97,056			39,602			87,200
	225,710,662			74,569,105			34,714,993			2,834,683			21,001,661

	–			–			–			–			–
$	4,355,247,183		$	2,787,862,610		$	705,308,053		$	172,859,708		$	590,836,462

$	5,105,623,611		$	2,915,236,672		$	759,588,870		$	182,122,551		$	640,192,437
	(750,376,428	)		(127,374,062	)		(54,280,817	)		(9,262,843	)		(49,355,975	)
$	4,355,247,183		$	2,787,862,610		$	705,308,053		$	172,859,708		$	590,836,462

	Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2026 (unaudited)			For the Year Ended September 30, 2025
Operations:
Net investment income	$	24,286,320		$	46,916,066
Net realized gain/(loss)		1,227,590			(2,094,196	)
Net change in unrealized appreciation/(depreciation)		(13,071,771	)		2,791,191
Net increase (decrease) in net assets resulting from operations		12,442,139			47,613,061
Distributions to Shareholders:⁽¹⁾
Class A		(10,723,339	)		(20,979,951	)
Class C		(161,715	)		(349,355	)
Class F		(275,853	)		(654,723	)
Class F3		(4,062,983	)		(7,717,202	)
Class I		(8,967,425	)		(17,001,400	)
Total distribution to shareholders		(24,191,315	)		(46,702,631	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares		320,649,083			649,135,818
Reinvestment of distributions		19,161,174			36,347,375
Cost of shares reacquired		(255,933,467	)		(601,683,929	)
Net increase in net assets resulting from capital share transactions		83,876,790			83,799,264
Net increase in net assets		72,127,614			84,709,694
NET ASSETS:
Beginning of period	$	1,645,941,158		$	1,561,231,464
End of period	$	1,718,068,772		$	1,645,941,158

Short Duration High Income						California
For the Six Months Ended March 31, 2026 (unaudited)			For the Year Ended September 30, 2025			For the Six Months Ended March 31, 2026 (unaudited)			For the Year Ended September 30, 2025

$	57,345,167		$	79,203,151		$	12,846,665		$	23,689,749
	1,328,725			(3,414,195	)		(889,945	)		(4,336,267	)
	(30,044,437	)		(8,894,949	)		(4,348,567	)		(20,624,313	)
	28,629,455			66,894,007			7,608,153			(1,270,831	)

	(15,350,854	)		(21,014,951	)		(7,889,558	)		(14,532,288	)
	(529,489	)		(804,767	)		(193,285	)		(447,660	)
	(191,609	)		(471,182	)		(52,215	)		(287,731	)
	(2,084,471	)		(2,843,149	)		(1,369,778	)		(2,310,197	)
	(37,551,363	)		(51,908,278	)		(3,092,880	)		(5,698,561	)
	(55,707,786	)		(77,042,327	)		(12,597,716	)		(23,276,437	)

	903,366,937			1,425,037,379			137,043,094			217,656,925
	51,731,391			71,824,132			11,538,135			21,462,105
	(478,591,712	)		(669,403,037	)		(111,106,898	)		(209,369,702	)

	476,506,616			827,458,474			37,474,331			29,749,328
	449,428,285			817,310,154			32,484,768			5,202,060

$	2,338,434,325		$	1,521,124,171		$	672,823,285		$	667,621,225
$	2,787,862,610		$	2,338,434,325		$	705,308,053		$	672,823,285

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain/(loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
3/31/2026^(c)	$	15.20	$	0.21	$	(0.10	)	$	0.11		$	(0.21	)	$	15.10
9/30/2025		15.21		0.43		(0.01	)^(f)		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
3/31/2026^(c)		15.20		0.16		(0.10	)		0.06			(0.16	)		15.10
9/30/2025		15.20		0.34		(0.01	)^(f)		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
3/31/2026^(c)		15.20		0.22		(0.10	)		0.12			(0.22	)		15.10
9/30/2025		15.21		0.45		(0.02	)^(f)		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
3/31/2026^(c)		15.21		0.23		(0.10	)		0.13			(0.23	)		15.11
9/30/2025		15.21		0.47		–	^(g)		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
3/31/2026^(c)		15.21		0.23		(0.11	)		0.12			(0.23	)		15.10
9/30/2025		15.21		0.46		–	^(g)		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


^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	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, 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.
^(g)	Amount less than $0.01.

			Ratios to Average Net Assets:									Supplemental Data:

Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	0.72	^(d)		0.65	^(e)		0.67	^(e)		2.78	^(e)	$	782,991		35	^(d)
	2.81			0.65			0.67			2.86			756,482		64
	5.67			0.65			0.66			2.87			764,412		66
	2.29			0.65			0.66			2.12			758,931		59
	(5.68	)		0.65			0.65			0.99			875,792		43
	1.20			0.65			0.65			0.93			1,067,651		26

	0.40	^(d)		1.29	^(e)		1.30	^(e)		2.14	^(e)		14,571		35	^(d)
	2.24			1.28			1.29			2.23			15,784		64
	4.96			1.26			1.27			2.26			15,740		66
	1.74			1.26			1.27			1.51			17,796		59
	(6.34	)		1.29			1.29			0.35			23,284		43
	0.54			1.30			1.31			0.30			31,450		26

	0.77	^(d)		0.55	^(e)		0.56	^(e)		2.88	^(e)		18,302		35	^(d)
	2.91			0.55			0.57			2.95			20,013		64
	5.77			0.55			0.56			2.97			27,240		66
	2.39			0.55			0.56			2.03			33,367		59
	(5.65	)		0.55			0.55			1.01			246,974		43
	1.36			0.55			0.55			1.03			736,826		26

	0.84	^(d)		0.41	^(e)		0.41	^(e)		3.02	^(e)		276,027		35	^(d)
	3.13			0.41			0.42			3.10			265,511		64
	5.92			0.41			0.41			3.11			246,042		66
	2.54			0.41			0.42			2.35			264,658		59
	(5.52	)		0.41			0.41			1.25			361,359		43
	1.50			0.42			0.42			1.16			331,257		26

	0.76	^(d)		0.45	^(e)		0.47	^(e)		2.98	^(e)		626,177		35	^(d)
	3.08			0.45			0.47			3.05			588,150		64
	5.88			0.45			0.46			3.07			507,797		66
	2.50			0.45			0.46			2.34			517,459		59
	(5.55	)		0.45			0.46			1.30			563,762		43
	1.46			0.45			0.45			1.13			206,551		26

			Ratios to Average Net Assets:												Supplemental Data:
Total return^(b)(%)			Total expenses after waivers and/or reim- bursements (includes interest expense)^(c) (%)			Total expenses after waivers and/or reim- bursements (excludes interest expense)^(c) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	1.59	^(e)		0.87	^(f)		0.75	^(f)		0.87	^(f)		5.02	^(f)	$	2,045,316		10	^(e)
	(0.20	)		0.84			0.76			0.84			4.79			1,993,186		27
	15.38			0.82			0.76			0.82			4.56			2,025,711		27
	3.23			0.81			0.77			0.81			4.26			1,680,507		42
	(18.19	)		0.77			0.77			0.77			3.28			1,787,225		40
	9.81			0.75			0.75			0.75			3.23			2,388,758		15

	1.18	^(e)		1.50	^(f)		1.38	^(f)		1.50	^(f)		4.38	^(f)		99,623		10	^(e)
	(0.73	)		1.46			1.38			1.46			4.15			104,295		27
	14.68			1.43			1.37			1.43			3.96			127,062		27
	2.58			1.44			1.40			1.44			3.63			141,950		42
	(18.78	)		1.41			1.41			1.41			2.63			174,127		40
	9.19			1.40			1.40			1.40			2.60			267,871		15

	1.65	^(e)		0.77	^(f)		0.65	^(f)		0.77	^(f)		5.11	^(f)		40,075		10	^(e)
	(0.10	)		0.74			0.66			0.74			4.86			46,904		27
	15.48			0.72			0.66			0.72			4.68			85,597		27
	3.33			0.71			0.67			0.71			4.31			112,452		42
	(18.09	)		0.66			0.66			0.66			3.27			369,471		40
	9.90			0.65			0.65			0.65			3.30			1,450,736		15

	1.72	^(e)		0.61	^(f)		0.49	^(f)		0.61	^(f)		5.28	^(f)		207,889		10	^(e)
	0.05			0.58			0.50			0.58			5.06			192,720		27
	15.69			0.56			0.51			0.56			4.81			166,070		27
	3.48			0.57			0.53			0.57			4.50			122,429		42
	(18.01	)		0.51			0.51			0.51			3.55			114,134		40
	10.07			0.52			0.51			0.51			3.42			118,100		15

	1.69	^(e)		0.67	^(f)		0.55	^(f)		0.67	^(f)		5.22	^(f)		1,962,345		10	^(e)
	(0.01	)		0.64			0.56			0.64			4.99			1,803,682		27
	15.63			0.62			0.56			0.62			4.75			1,694,273		27
	3.43			0.61			0.57			0.61			4.46			1,227,801		42
	(18.06	)		0.57			0.57			0.57			3.59			961,328		40
	10.03			0.56			0.55			0.55			3.41			487,688		15

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

(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.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

●	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).

	If applicable, a summary of inputs used in valuing each Fund’s investments and other financial instruments as of March 31, 2026 and Level 3 rollforwards for the six months 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 of 1986, as amended, 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.

	Management has reviewed each Fund’s tax positions for all open tax years and has determined that as of March 31, 2026, 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 an 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 to TOBs as of March 31, 2026, as well as the average trust certificates for the period ended March 31, 2026:

Fund	Liability for Trust Certificates		Interest Rate or Range of Interest Rates		Underlying Municipal Bonds Transferred to TOBs		Average Trust Certificates Outstanding
Short Duration	$	–		–%	$	–	$	–
Intermediate		10,550,000		2.75%		21,235,483		10,550,000
National		224,150,000		2.20%–6.123%		434,518,654		196,331,667
High Income		172,915,000		2.20%–2.82%		313,106,064		154,025,000
Short Duration High Income		7,500,000		2.75%		15,096,315		7,500,000
California		16,000,000		2.20%–2.44%		28,810,614		13,000,000
New Jersey		1,665,000		2.75%		2,548,314		1,110,000
New York		14,500,000		2.42%–2.72%		26,862,985		12,943,333

	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 March 31, 2026.

	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.

(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.