Choose a Role
* includes items 7-11 of form N-CSR as required, if any.
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LORD ABBETT
MUNICIPAL INCOME FUND
Lord Abbett
Sustainable Municipal Bond
Fund (the “Fund”)
Supplement dated
February
7
,
2025
to the
Summary Prospectus, Prospectus, and Statement of
Additional Information of the Fund,
each dated
February
1, 20
2
5
, as supplemented
Liquidation of the Fund
On
February 4, 2025
, the Board of
Directors
of Lord Abbett
Municipal Income Fund
approved a plan of
liquidation (the “Plan”) pursuant to which the Fund will be liquidated and dissolved
. It is currently
anticipated that the liquidation and dissolution of the Fund will be completed on or around
Spring
202
5
(
the
“Liquidation Date”
).
Any Fund shares outstanding on the Liquidation Date will be automatically redeemed
on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value (“NAV”)
of such shares after dividend distributions required to eliminate
any Fund
-
level taxes are made
,
the
Fund’s
expenses and liabilities have been paid or otherwise provided for as directed by the Plan
,
and the
Fund has
distributed to its shareholders of record the remaining proceeds in one or more liquidating
distributions
on
the Liquidation Date as set forth in the Plan
.
At any time before the Liquidation Date, shareholders may
:
Exchange their
Fund
shares for the same class of shares of another
Lord Abbett
Fund, provided
that the exchange satisfies the investment minimum of the Fund selected;
Redeem their Fund shares at the NAV of such shares pursuant to the procedures set forth under
“Purchases and Redemptions” in the prospectus
; or
Do nothing and their
Fund
shares will be redeemed on or about
the Liquidation Date
. However,
shareholders in individual retirement accounts who do not take other action will automatically have
their shares exchanged for shares of
Lord Abbett
U
.
S
.
Government
& Government Spon
sored
Enterprises
Money Market Fund on or about
the Liquidation Date
.
In connection with the liquidation of the Fund, the Fund no longer will accept purchase orders or exchange
requests
as
of
February 7
, 2025
.
Capitalized terms used in this Supplement
shall, unless otherwise defined herein, have the same meaning as given in the Prospectus and/or SAIs.
Please retain this document for your future reference.
STATEMENT OF ADDITIONAL INFORMATION
FEBRUARY 1, 2025
LORD ABBETT MUNICIPAL INCOME FUND, INC.
Lord Abbett Short Duration Tax Free Fund
Lord Abbett Sustainable Municipal
Bond Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LSDAX
F3
LSDOX
A
LASMX
F3
LSMOX
C
LSDCX
I
LISDX
C
LCSBX
I
LISMX
F
LSDFX
F
LSMFX
Lord Abbett Intermediate Tax Free Fund
Lord Abbett California Tax Free Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LISAX
F3
LOISX
A
LCFIX
F3
LCFOX
C
LISCX
I
LAIIX
C
CALAX
I
CAILX
F
LISFX
P
N/A
F
LCFFX
P
N/A
Lord Abbett National Tax Free Fund
Lord Abbett New Jersey Tax Free Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LANSX
F3
LONSX
A
LANJX
I
LINJX
C
LTNSX
I
LTNIX
F
LNJFX
P
N/A
F
LANFX
P
N/A
F3
LONJX
Lord Abbett High Income Municipal Bond
Fund
Lord Abbett New York Tax Free Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
HYMAX
F3
HYMOX
A
LANYX
F3
LONYX
C
HYMCX
I
HYMIX
C
NYLAX
I
NYLIX
F
HYMFX
P
N/A
F
LNYFX
P
N/A
Lord Abbett Short Duration High Income
Municipal Bond Fund
CLASS
TICKER
CLASS
TICKER
A
SDHAX
F3
HYMQX
C
SDHCX
I
SDHIX
F
SDHFX
This SAI is not a prospectus. A prospectus may be obtained from your financial intermediary or from the
Distributor at 30 Hudson Street, Jersey City, NJ 07302-4804. This SAI is divided into two Parts - Part I
and Part II. Part I contains information that is particular to the Funds offered in this SAI, and should be
read in conjunction with the prospectus for the Funds offered in this SAI, dated February 1, 2025, as
supplemented from time to time. Part I includes information about the Funds, including investment
policies, management fees paid by the Funds, and information about other fees applicable to and
services provided to the Funds. Part II contains additional information that more generally applies to the
Lord Abbett Funds.
Each Fund’s
audited financial statements are incorporated into this SAI by reference to the Funds' most
recent Form N-CSR. The Funds' annual and semiannual reports to shareholders and Form N-CSR are
available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries
through your financial intermediary.
PART I
TABLE OF CONTENTS
PAGE
1.
GLOSSARY
1-1
2.
FUND INFORMATION
2-1
3.
INVESTMENT POLICIES
3-1
4.
FUND INVESTMENTS
4-1
5.
BOARD MEMBERS
5-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
6-1
7.
PORTFOLIO MANAGER INFORMATION
7-1
8.
SECURITIES LENDING
8-1
9.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
9-1
10.
FINANCIAL STATEMENTS
10-1
11.
STATE TAX CONSIDERATIONS
11-1
APPENDIX A: RISK FACTORS REGARDING INVESTMENTS IN PUERTO RICO, CALIFORNIA,
NEW JERSEY, AND NEW YORK MUNICIPAL BONDS
A-1
APPENDIX B: DESCRIPTION OF MUNICIPAL BOND RATINGS
B-1
Part I
1-1
1.
GLOSSARY
Lord Abbett Municipal Income Fund, Inc. is comprised of the following Funds:
Lord Abbett Short Duration Tax Free Fund:
Short Duration Tax Free Fund
Lord Abbett Intermediate Tax Free Fund:
Intermediate Fund
Lord Abbett National Tax Free Fund:
National Fund
Lord Abbett High Income Municipal Bond Fund:
High Income Municipal Bond Fund
Lord Abbett Short Duration High Income Municipal Bond Fund:
Short Duration High Income Municipal
Bond Fund
Lord Abbett Sustainable Municipal Bond Fund:
Sustainable Municipal Bond Fund
Lord Abbett California Tax Free Fund:
California Fund
Lord Abbett New Jersey Tax Free Fund:
New Jersey Fund
Lord Abbett New York Tax Free Fund:
New York Fund
Lord Abbett Funds
are comprised of the following management investment companies:
Lord Abbett Affiliated Fund, Inc.:
Affiliated Fund
Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund
Lord Abbett Developing Growth Fund, Inc.:
Developing Growth Fund
Lord Abbett Global Fund, Inc.:
Global Fund
Lord Abbett Investment Trust:
Investment Trust
Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund
Lord Abbett Municipal Income Fund, Inc.:
Municipal Income Fund
Lord Abbett Research Fund, Inc.:
Research Fund
Lord Abbett Securities Trust:
Securities Trust
Lord Abbett Series Fund, Inc.:
Series Fund
Lord Abbett Trust I:
Trust I
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.:
Money Market Fund
1933 Act
Securities Act of 1933, as amended
1940 Act
Investment Company Act of 1940, as amended
Board
Board of Directors
Board Member(s)
Director(s) of the Board
CDSC
Contingent deferred sales charge
CEA
Commodity Exchange Act, as amended
CPO
Commodity pool operator
Distributor
Lord Abbett Distributor LLC
Fitch
Fitch Ratings, Inc.
Fund(s)
Each separate investment portfolio of the Registrant
Independent Board
Member(s)
Director(s) of the Board who are not “interested persons” as defined in the
1940 Act, of each Fund
Interested Board
Member(s)
Director(s) of the Board who are not Independent Board Members
Lord Abbett
Lord, Abbett & Co. LLC
Moody’s
Moody’s Investor Service, Inc.
NYSE
New York Stock Exchange
Registrant
Municipal Income Fund
Rule 12b-1 Plan
Distribution and/or Shareholder Service Plan adopted under Rule 12b-1
(under the 1940 Act)
S&P
S&P Global Ratings
SAI
Statement of Additional Information
SEC
United States Securities and Exchange Commission
Part I
2-1
2.
FUND INFORMATION
The Registrant is an open-end management investment company registered under the 1940 Act. Short
Duration Tax Free Fund, Sustainable Municipal Bond Fund, Intermediate Fund, and National Fund are
diversified within the meaning of the 1940 Act. New Jersey Fund and New York Fund are non-diversified
investment companies. California Fund, High Income Municipal Bond Fund, and Short Duration High
Income Municipal Bond Fund are currently operating as diversified investment companies. Each of
California Fund, High Income Municipal Bond Fund, and Short Duration High Income Municipal Bond
Fund has previously operated as a non-diversified investment company and may operate as a non-
diversified investment company in the future to the extent permitted by applicable law. Under current law,
shareholder approval would be required for those Funds to resume operating as non-diversified. The
table below sets forth information about the Registrant’s organization.
Registrant Organization
Registrant
Form of
Organization
Date of Organization
Number of
Funds
Shares Available
for Issuance
Municipal
Income Fund
Maryland
corporation
December 27, 1983
9
11,757,501,500
shares, $0.001 par
value
Part I
3-1
3.
INVESTMENT POLICIES
Fundamental Investment Restrictions.
Each Fund’s (except for Sustainable Municipal Bond Fund)
investment objective cannot be changed without the approval of a “majority of the Fund’s outstanding
shares.”
1
Each Fund also is subject to the following fundamental investment restrictions that cannot be
changed without the approval of a majority of the Fund’s outstanding shares.
All Funds (except for Sustainable Municipal Bond Fund)
1. Each Fund may not borrow money, except that (i) it may borrow from banks (as defined in the
1940 Act)
2
in amounts up to
33⅓%
of its total assets (including the amount borrowed), (ii) it may
borrow up to an additional 5% of its total assets for temporary purposes, (iii) it may obtain such
short-term credit as may be necessary for the clearance of purchases and sales of portfolio
securities, (iv) it may purchase securities on margin to the extent permitted by applicable law,
3
and (v) it may borrow money from other Lord Abbett Funds to the extent permitted by applicable
law and any exemptive relief obtained by the Fund;
2. Each Fund may not pledge its assets (other than to secure such borrowings, or to the extent
permitted by each Fund’s investment policies as permitted by applicable law);
4
3. Each Fund may not engage in the underwriting of securities, except pursuant to a merger or
acquisition or to the extent that, in connection with the disposition of its portfolio securities, it may
be deemed to be an underwriter under federal securities laws;
4. Each Fund may not make loans to other persons, except that (i) the acquisition of bonds,
debentures or other corporate debt securities and investments in government obligations,
commercial paper, pass-through instruments, certificates of deposit, bankers’ acceptances,
repurchase agreements or any similar instruments shall not be subject to this limitation, and (ii)
the Fund may lend its portfolio securities, provided that the lending of portfolio securities may be
made only in accordance with applicable law, and (iii) the Fund may lend money to other Lord
Abbett Funds to the extent permitted by applicable law and any exemptive relief obtained by the
Fund;
5. Each Fund may not buy or sell real estate (except that each Fund may invest in securities directly
or indirectly secured by real estate or interests therein or issued by companies that invest in real
estate or interests therein), or commodities or commodity contracts (except to the extent each
Fund may do so in accordance with applicable law and without registering as a CPO under the
CEA as, for example, with futures contracts);
6. Each Fund may not, with respect to 75% of the gross assets of the National Fund, Intermediate
Fund, and Short Duration Tax Free Fund, buy securities of one issuer representing more than (i)
5% of the Fund’s gross assets, except securities issued or guaranteed by the U.S. Government,
its agencies or instrumentalities or (ii) 10% of the voting securities of such issuer;
7. Each Fund may not invest more than 25% of its assets, taken at market value, in the securities of
issuers in any particular industry (excluding tax-exempt securities such as tax-exempt securities
financing facilities in the same industry or issued by nongovernmental users and securities of the
U.S. Government, its agencies and instrumentalities); and
1
A “majority of the Fund’s outstanding shares” means the vote of the lesser of (1) 67% or more of the voting securities present at a
shareholder meeting, provided that more than 50% of the outstanding voting securities of the Fund are present at the meeting or
represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund regardless of whether such
shareholders are present at the meeting (or represented by proxy).
2
The term “bank” is defined in Section 2(a)(5) of the 1940 Act.
3
SEC staff guidance currently prohibits a Fund from purchasing any security on margin, except such short-term credits as are
necessary for the clearance of transactions.
4
For the purpose of this restriction, the deposit of assets in a segregated account with a Fund’s custodian in connection with any of
the Fund’s investment transactions is not considered to be a pledge of the Fund’s assets.
Part I
3-2
8. Each Fund may not issue senior securities to the extent such issuance would violate applicable
law.
5
Compliance with these fundamental investment restrictions will be determined at the time of the purchase
or sale of the security, except in the case of the first fundamental investment restriction, with which each
Fund must comply on a continuous basis.
Sustainable Municipal Bond Fund
1. The Fund may not borrow money, except that (i) it may borrow from banks (as defined in the
1940 Act)
2
in amounts up to
33⅓%
of its total assets (including the amount borrowed), (ii) it may
borrow up to an additional 5% of its total assets for temporary purposes, (iii) it may obtain such
short-term credit as may be necessary for the clearance of purchases and sales of portfolio
securities, (iv) it may purchase securities on margin to the extent permitted by applicable law,
3
and (v) it may borrow money from other Lord Abbett Funds to the extent permitted by applicable
law and any exemptive relief applicable to the Fund;
2. The Fund may not engage in the underwriting of securities, except pursuant to a merger or
acquisition or to the extent that, in connection with the disposition of its portfolio securities, it may
be deemed to be an underwriter under federal securities laws;
3. The Fund may not make loans to other persons, except that (i) the acquisition of bonds,
debentures or other corporate debt securities and investments in government obligations,
commercial paper, pass-through instruments, certificates of deposit, bankers’ acceptances,
repurchase agreements or any similar instruments shall not be subject to this limitation, (ii) the
Fund may lend its portfolio securities, provided that the lending of portfolio securities may be
made only in accordance with applicable law, and (iii) the Fund may lend money to other Lord
Abbett Funds to the extent permitted by applicable law and any exemptive relief obtained by the
Fund;
4. The Fund may not buy or sell real estate (except that the Fund may invest in securities directly or
indirectly secured by real estate or interests therein or issued by companies which invest in real
estate or interests therein), or commodities or commodity contracts other than in accordance with
applicable law;
5. The Fund may not invest more than 25% of its assets, taken at market value, in the securities of
issuers in any particular industry. (Tax-exempt securities, including tax-exempt securities
financing facilities in the same industry or issued by nongovernmental users, and securities of the
U.S. Government, its agencies and instrumentalities will not be considered to represent an
industry); and
6. The Fund may not issue senior securities to the extent such issuance would violate applicable
law
5
.
Compliance with these fundamental investment restrictions will be determined at the time of the purchase
or sale of the security, except in the case of the first fundamental investment restriction, with which each
Fund must comply on a continuous basis.
Non-Fundamental Investment Restriction.
Each Fund also is subject to the following non-fundamental
investment restriction that may be changed by the Registrant’s Board without shareholder approval:
Each Fund may not invest in securities issued by other investment companies as defined in the 1940 Act,
except to the extent permitted by applicable law. A Fund may not, however, rely on Sections 12(d)(1)(F)
and 12(d)(1)(G) of the 1940 Act.
5
Current federal securities laws prohibit a Fund from issuing senior securities (which generally are defined as securities representing
indebtedness), except that a Fund may borrow money from banks in amounts of up to
33⅓%
of its total assets (including the
amount borrowed).
Part I
4-1
4.
FUND INVESTMENTS
The following table identifies the investment types and techniques that Lord Abbett may use in managing
the Funds. A more detailed description of these investment types and techniques, along with the risks
associated with each, is contained in the “Additional Information on Portfolio Investments, Risks, and
Techniques” section of Part II. A Fund may use any or all of these investment types and techniques
indicated below at any one time, and the fact that a Fund may use a particular investment type or
technique does not mean that it will be used. A Fund’s transactions in a particular investment type or use
of a particular technique is subject to the limitations imposed by the Fund’s investment objective, policies,
and restrictions described in the Funds' prospectus and in this SAI, as well as the federal securities laws.
Each Fund may make other types of investments provided the investments are consistent with the Fund's
investment objective and policies and the Fund's investment restrictions do not expressly prohibit it from
doing so.
In addition, a Fund may receive instruments or investments not contemplated herein through
the conversion or exchange of a permissible investment or as a result of the reorganization or bankruptcy
of the issuer of an otherwise permissible investment, and the Fund may hold or dispose of these
instruments or investments at its discretion.
Please refer to the applicable Fund's prospectus and the fundamental and non-fundamental investment
restrictions in the “Investment Policies” section of Part I for more information on any applicable limitations.
Investment Types and Techniques
Short
Duration Tax
Free Fund
Intermediate
Fund
National
Fund
Cash Balance Management Practices
X
X
X
Convertible Securities
Synthetic Convertible Securities
Contingent Convertible Securities
Debt Securities
X
X
X
High-Yield or Lower-Rated Debt Securities
X
X
X
Defaulted Bonds and Distressed Debt
X
X
X
Depositary Receipts
X
X
X
Derivatives
X
X
X
Combined Transactions
Commodity-Related Investments
Credit Derivatives
X
X
X
Forward Contracts
X
X
X
Futures Contracts
X
X
X
Options Contracts
X
X
X
Participation Notes
Swap Agreements
X
X
X
Equity Securities
X
X
X
Common Stocks
X
X
X
Initial Public Offerings
Master Limited Partnerships
Preferred Stocks
X
X
X
Warrants and Rights
X
X
X
Foreign Currency Transactions
Foreign Securities
Emerging Market Securities
Illiquid Securities
X
X
X
Inflation-Indexed Securities
X
X
X
Investments in Other Investment Companies
X
X
X
Loans
Mortgage-Related and Asset-Backed Securities and Other
Collateralized Obligations
Part I
4-2
Investment Types and Techniques
Short
Duration Tax
Free Fund
Intermediate
Fund
National
Fund
Municipal Bonds
X
X
X
Non-U.S. Government and Supranational Debt Securities
Real Estate Investment Trusts
Short Sales
X
X
X
Structured Notes and Other Hybrid Instruments
X
X
X
U.S. Government Securities
X
X
X
When-Issued or Forward Transactions
X
X
X
Zero Coupon, Deferred Interest, Pay-In-Kind, and Capital
Appreciation Bonds
X
X
X
Investment Types and Techniques
High
Income
Municipal
Bond Fund
Short Duration
High Income
Municipal
Bond Fund
Sustainable
Municipal
Bond Fund
Cash Balance Management Practices
X
X
X
Convertible Securities
Synthetic Convertible Securities
Contingent Convertible Securities
Debt Securities
X
X
X
High-Yield or Lower-Rated Debt Securities
X
X
X
Defaulted Bonds and Distressed Debt
X
X
X
Depositary Receipts
Derivatives
X
X
X
Combined Transactions
Commodity-Related Investments
Credit Derivatives
X
X
X
Forward Contracts
X
X
X
Futures Contracts
X
X
X
Options Contracts
X
X
X
Participation Notes
Swap Agreements
X
X
X
Equity Securities
X
X
X
Common Stocks
X
X
X
Initial Public Offerings
Master Limited Partnerships
Preferred Stocks
X
X
X
Warrants and Rights
X
X
X
Foreign Currency Transactions
Foreign Securities
Emerging Market Securities
Illiquid Securities
X
X
X
Inflation-Indexed Securities
X
X
X
Investments in Other Investment Companies
X
X
X
Loans
Mortgage-Related and Asset-Backed Securities and Other
Collateralized Obligations
Municipal Bonds
X
X
X
Non-U.S. Government and Supranational Debt Securities
Real Estate Investment Trusts
X
Short Sales
X
X
X
Structured Notes and Other Hybrid Instruments
X
X
X
U.S. Government Securities
X
X
X
When-Issued or Forward Transactions
X
X
X
Zero Coupon, Deferred Interest, Pay-In-Kind, and Capital
X
X
X
Part I
4-3
Investment Types and Techniques
High
Income
Municipal
Bond Fund
Short Duration
High Income
Municipal
Bond Fund
Sustainable
Municipal
Bond Fund
Appreciation Bonds
Investment Types and Techniques
California
Fund
New Jersey
Fund
New York
Fund
Cash Balance Management Practices
X
X
X
Convertible Securities
Synthetic Convertible Securities
Contingent Convertible Securities
Debt Securities
X
X
X
High-Yield or Lower-Rated Debt Securities
X
X
X
Defaulted Bonds and Distressed Debt
X
X
X
Depositary Receipts
Derivatives
X
X
X
Combined Transactions
Commodity-Related Investments
Credit Derivatives
X
X
X
Forward Contracts
X
X
X
Futures Contracts
X
X
X
Options Contracts
X
X
X
Participation Notes
Swap Agreements
X
X
X
Equity Securities
X
X
X
Common Stocks
X
X
X
Initial Public Offerings
Master Limited Partnerships
Preferred Stocks
X
X
X
Warrants and Rights
X
X
X
Foreign Currency Transactions
Foreign Securities
Emerging Market Securities
Illiquid Securities
X
X
X
Inflation-Indexed Securities
X
X
X
Investments in Other Investment Companies
X
X
X
Loans
Mortgage-Related and Asset-Backed Securities and Other
Collateralized Obligations
Municipal Bonds
X
X
X
Non-U.S. Government and Supranational Debt Securities
Real Estate Investment Trusts
Short Sales
X
X
X
Structured Notes and Other Hybrid Instruments
X
X
X
U.S. Government Securities
X
X
X
When-Issued or Forward Transactions
X
X
X
Zero Coupon, Deferred Interest, Pay-In-Kind, and Capital
Appreciation Bonds
X
X
X
Related Additional Investment Restrictions
In addition to the principal investment strategies (and related restrictions) discussed in each Funds'
prospectus, each Fund may use other investment techniques in seeking to achieve its investment
objective, as set forth in the table above. The applicable investment restrictions associated with such
other investment techniques are set forth below. Please see ‘‘Additional Information on Portfolio
Part I
4-4
Investments, Risks, and Techniques’’ in Part II of the SAI for more information on these and the other
investment techniques that may be used by the Funds.
Borrowing Money.
Each Fund may borrow money to the extent permitted by its investment policies and
restrictions and applicable law. When a Fund borrows money or otherwise leverages its portfolio, the
value of an investment in the Fund may be more volatile and other investment risks will tend to be
compounded.
Each Fund may engage in other transactions that may have the effect of creating leverage in the Fund’s
portfolio, including, by way of example, derivatives transactions and reverse repurchase agreements. A
Fund will generally not treat derivative transactions as borrowings of money.
Illiquid Securities.
Each Fund may invest up to 15% of its net assets in illiquid securities. An illiquid
security is a security that a Fund reasonably expects cannot be sold or disposed of in then-current market
conditions in seven calendar days or less without the sale or disposition significantly changing the market
value of the security. In determining the liquidity of an investment, a Fund may consider, among other
things, the relevant market, trading and investment specific considerations of the security, including
anticipated trading sizes.
When-Issued or Forward Transactions
. Each Fund may purchase portfolio securities on a when-issued
or forward basis. When-issued or forward transactions involve a commitment by the Fund to purchase
securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is
considered to be an advantageous price or yield at the time of entering into the transaction. When-issued
purchases and forward transactions are negotiated directly with the other party, and such commitments
are not traded on exchanges. Each Fund also may sell securities it has committed to purchase before
those securities are delivered to the Fund on the settlement date.
Part I
5-1
5.
BOARD MEMBERS
The Board Members of the Registrant are also Board Members of each of the Lord Abbett Funds, which
collectively consist of 63 funds. For more information on the Board Members, please see the
“Management of the Funds” section of Part II.
Compensation
The following table sets forth the compensation accrued by the Registrant for the Independent Board
Members and the total compensation paid by all Lord Abbett Funds to the Independent Board Members,
including amounts payable but deferred at the option of each Independent Board Member. No Interested
Board Member or officer of the Lord Abbett Funds received any compensation from the Funds for acting
as a Board Member or officer. The Lord Abbett Funds currently do not offer a bonus, pension, profit-
sharing, or retirement plan.
Board Members
For the Fiscal Year Ended September
30, 2024 Aggregate Compensation
Accrued by the Registrant
1
Total Compensation Paid
by the Lord Abbett
Funds
2
Evelyn E. Guernsey
$62,242
$630,000
Julie A. Hill
3
8,626
0
Kathleen M. Lutito
47,811
470,000
Peter J. McNamara
4
N/A
N/A
James M. McTaggart
5
45,273
445,000
Charles O. Prince
47,811
470,000
Karla M. Rabusch
48,917
480,000
Lorin Patrick Taylor Radtke
42,734
420,000
Leah Song Richardson
42,734
420,000
Mark A. Schmid
43,657
420,000
James L.L. Tullis
5
46,129
420,000
1
Independent Board Members’ fees, including attendance fees for Board and committee meetings, are allocated among all Lord
Abbett Funds based on the net assets of the Fund. A portion of the fees payable by each Fund to its Independent Board Members
may be deferred at the option of a Board Member under an equity-based plan (the “deferred compensation plan”) that deems the
deferred amounts to be invested in shares of the Registrant for later distribution to the Board Members. The total deferred amounts
for Ms. Guernsey, Ms. Hill, Ms. Lutito, Mr. McTaggart, Mr. Prince, Ms. Rabusch, Mr. Radtke, Ms. Richardson, Mr. Schmid, and Mr.
Tullis attributable to the Fund are $0, $1,612, $8,626, $17,675, $44,878, $0, $21,367, $21,718, $0, and $3,332, respectively.
2
The second column shows total compensation, including the types of compensation described in the “For the Fiscal Year Ended
September 30, 2024 Aggregate Compensation Accrued by the Registrant” column, accrued by all Lord Abbett Funds for the
calendar year ended December 31, 2024, including fees of Independent Board Members that have been deferred.
3
Ms. Hill retired as a Trustee/Director of the Lord Abbett Funds effective December 31, 2023.
4
Mr. McNamara was appointed as a Trustee/Director of the Lord Abbett Funds effective January 1, 2025.
5
Mr. McTaggart and Mr. Tullis retired as Trustees/Directors of the Lord Abbett Funds effective December 31, 2024.
Fund Ownership
The following table sets forth certain information about the dollar range of equity securities beneficially
owned by each current Board Member in the Registrant and all other Lord Abbett Funds as of December
31, 2024. The amounts shown include deferred compensation (including any earnings) to the Board
Members deemed invested in Fund shares under the deferred compensation plan. The amounts
ultimately received by the Board Members under the deferred compensation plan will be directly linked to
the investment performance of the Lord Abbett Funds.
Part I
5-2
Board Members
Short Duration
Tax Free Fund
Intermediate Fund
National Fund
Independent Directors
Evelyn E. Guernsey
$1 - $10,000
$10,001 - $50,000
$1 - $10,000
Kathleen M. Lutito
$1 - $10,000
$1 - $10,000
$1 - $10,000
Peter J. McNamara
1
N/A
N/A
N/A
Charles O. Prince
$1 - $10,000
$1 - $10,000
$1 - $10,000
Karla M. Rabusch
$1 - $10,000
$1 - $10,000
Over $100,000
Lorin Patrick Taylor Radtke
None
None
None
Leah Song Richardson
None
None
None
Mark A. Schmid
$1 - $10,000
$1 - $10,000
$1 - $10,000
Interested Director
Douglas B. Sieg
None
None
None
Board Members
High Income
Municipal Bond
Fund
Short Duration High
Income Municipal Bond
Fund
Sustainable
Municipal Bond Fund
Independent Directors
Evelyn E. Guernsey
$1 - $10,000
$1 - $10,000
None
Kathleen M. Lutito
$1 - $10,000
$1 - $10,000
None
Peter J. McNamara
1
N/A
N/A
N/A
Charles O. Prince
Over $100,000
$1 - $10,000
None
Karla M. Rabusch
$1 - $10,000
$1 - $10,000
None
Lorin Patrick Taylor Radtke
None
None
None
Leah Song Richardson
None
None
None
Mark A. Schmid
$1 - $10,000
$1 - $10,000
None
Interested Director
Douglas B. Sieg
None
None
None
Board Members
California Fund
New Jersey
Fund
New York Fund
Aggregate Dollar
Range of Equity
Securities in Lord
Abbett Funds
Independent Directors
Evelyn E. Guernsey
$1 - $10,000
$1 - $10,000
Over $100,000
Over $100,000
Kathleen M. Lutito
$1 - $10,000
$1 - $10,000
$1 - $10,000
Over $100,000
Peter J. McNamara
1
N/A
N/A
N/A
N/A
Charles O. Prince
$1 - $10,000
$1 - $10,000
$1 - $10,000
Over $100,000
Karla M. Rabusch
Over $100,000
$1 - $10,000
$1 - $10,000
Over $100,000
Lorin Patrick Taylor
Radtke
None
None
None
Over $100,000
Leah Song Richardson
None
None
None
Over $100,000
Mark A. Schmid
$1 - $10,000
$1 - $10,000
$1 - $10,000
Over $100,000
Interested Director
Douglas B. Sieg
None
None
None
Over $100,000
1
Mr. McNamara was appointed as a Trustee/Director of the Lord Abbett Funds effective January 1, 2025.
Part I
5-3
Committee Meetings
The following table sets forth the number of times each committee of the Board met during the most
recent fiscal year:
Fiscal Year
Ended
Audit
Committee
Sustainability
and Proxy
Committee
1
Governance
Committee
Ad Hoc
Compensation
Committee
Investment
Committee
Proxy
Conflict
Committee
2
September
30, 2024
5
1
4
0
4
0
1
The Sustainability and Proxy Committee was eliminated, with its responsibilities generally assumed by the Board.
2
The Proxy Conflict Committee was eliminated, with its responsibilities generally assumed by the Board.
Part I
6-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
For more information on Lord Abbett, please see the “Investment Adviser” section of Part II.
Lord Abbett is each Fund’s investment adviser. Lord Abbett is a privately held investment adviser. Lord
Abbett’s address is 30 Hudson Street, Jersey City, NJ 07302-4804.
Under the Management Agreements between Lord Abbett and Municipal Income Fund, on behalf of each
Fund, Lord Abbett is entitled to an annual management fee based on each Fund’s average daily net
assets. The management fee is allocated to each class of shares based upon the relative proportion of
each Fund’s net assets represented by that class.
For certain Funds, Lord Abbett has contractually agreed to waive a portion of its fees and reimburse
certain expenses. These agreements may be terminated only by the Funds’ Board.
Each Fund pays all expenses attributable to its operations not expressly assumed by Lord Abbett,
including, without limitation, Rule 12b-1 Plan expenses, Independent Board Members’ fees and
expenses, association membership dues, legal and auditing fees, taxes, transfer and dividend disbursing
agent fees, shareholder servicing costs, expenses relating to shareholder meetings, expenses of
registering its shares under federal and state securities laws, expenses of preparing, printing and mailing
prospectuses and shareholder reports to existing shareholders, insurance premiums, and other expenses
connected with executing portfolio transactions.
Management Fee Rates
The management fee is accrued daily, payable monthly, and calculated at the following annual rates:
Short Duration Tax Free Fund
First $2 billion
0.34%
Next $3 billion
0.32%
Over $5 billion
0.29%
Intermediate Fund
First $2 billion
0.40%
Next $3 billion
0.375%
Next $5 billion
0.35%
Over $10 billion
0.32%
National Fund, California Fund, New Jersey Fund, and New York
Fund
First $1 billion
0.45%
Next $1 billion
0.40%
Over $2 billion
0.35%
High Income Municipal Bond Fund
First $1 billion
0.50%
Next $1 billion
0.45%
Over $2 billion
0.40%
Short Duration High Income Municipal Bond Fund
First $1 billion
0.35%
Over $1 billion
0.31%
Sustainable Municipal Bond Fund
First $1 billion
0.32%
Over $1 billion
0.29%
Management Fees Paid to Lord Abbett
The following tables set forth the management fees each Fund paid to Lord Abbett (taking into account
any management fee waivers) for the last three fiscal years ended September 30
th
:
Part I
6-2
2022
Gross
Management
Fees
Management
Fees
Waived
Net
Management
Fees
Short Duration Tax Free Fund
$7,550,075
$(73,974)
$7,476,101
Intermediate Fund
22,890,553
0
22,890,553
National Fund
15,894,634
0
15,894,634
High Income Municipal Bond Fund
18,555,563
0
18,555,563
Short Duration High Income Municipal Bond
Fund
1
4,500,262
(778,654)
3,721,608
Sustainable Municipal Bond Fund
2
11,125
(11,125)
N/A
California Fund
2,391,938
0
2,391,938
New Jersey Fund
555,178
(25,949)
529,229
New York Fund
2,226,676
0
2,226,676
2023
Gross
Management
Fees
Management
Fees
Waived
Net
Management
Fees
Short Duration Tax Free Fund
$6,135,521
$(114,621)
$6,020,900
Intermediate Fund
19,216,181
0
19,216,181
National Fund
14,079,047
0
14,079,047
High Income Municipal Bond Fund
15,021,497
0
15,021,497
Short Duration High Income Municipal Bond Fund
3,197,302
(382,171)
2,815,131
Sustainable Municipal Bond Fund
16,260
(16,260)
0
California Fund
2,231,684
0
2,231,684
New Jersey Fund
464,704
(40,498)
424,206
New York Fund
1,942,518
0
1,942,518
2024
Gross
Management
Fees
Management
Fees
Waived
Net
Management
Fees
Short Duration Tax Free Fund
$5,295,253
$(153,814)
$5,141,439
Intermediate Fund
18,635,236
0
18,635,236
National Fund
16,281,601
0
16,281,601
High Income Municipal Bond Fund
16,137,454
0
16,137,454
Short Duration High Income Municipal Bond Fund
4,133,953
(325,123)
3,808,830
Sustainable Municipal Bond Fund
17,503
(17,503)
0
California Fund
2,699,455
0
2,699,455
New Jersey Fund
544,843
(31,203)
513,640
New York Fund
2,228,010
0
2,228,010
1
Prior to December 9, 2022, the management fees for Short Duration High Income Municipal Bond Fund were calculated at the
following annual rates:
0.40% on the first $2 billion of average daily net assets;
0.375% on the next $1 billion of average daily net assets; and
0.35% on the Fund’s average daily net assets over $3 billion.
2
The Fund commenced operations on January 5, 2022.
Contractual Fee Waivers and Expense Limitations
Lord Abbett has contractually agreed to waive its fees and/or reimburse Fund expenses to the extent
necessary to limit each Fund’s total net annual operating expenses (excluding certain expenses such as
Part I
6-3
fees under a Rule 12b-1 Plan and acquired fund fees and expenses) to the annual rates set forth in the
following table. This agreement may be terminated only by the Fund’s Board.
Contract Period
Class F3
All
Other
Share
Classes
Short Duration Tax Free Fund
February 1, 2025 – January 31,
2026
0.41%
0.45%
Short Duration High Income Municipal Bond
Fund
February 1, 2025 – January 31,
2026
0.40%
0.45%
Sustainable Municipal Bond Fund
February 1, 2025 – January 31,
2026
0.42%
0.43%
New Jersey Fund
February 1, 2025 – January 31,
2026
0.59%
0.62%
Administrative Services Fees Paid to Lord Abbett
Pursuant to an Administrative Services Agreement with the Funds, Lord Abbett provides certain
administrative services not involving the provision of investment advice to the Funds. The following table
sets forth the administrative services fees each Fund paid to Lord Abbett for the last three fiscal years
ended September 30
th
:
2022
Gross Administrative
Fees
Administrative Fees
Voluntarily Waived
Net
Administrative
Fees
Short Duration Tax Free Fund
$893,759
$(25,798)
$867,961
Intermediate Fund
2,416,063
(69,196)
2,346,867
National Fund
1,645,101
(51,537)
1,593,564
High Income Municipal Bond Fund
1,705,556
(47,341)
1,658,215
Short Duration High Income
Municipal Bond Fund
450,026
(23,660)
426,366
Sustainable Municipal Bond Fund
1
1,391
(1,391)
0
California Fund
212,617
(8,836)
203,781
New Jersey Fund
49,349
(1,161)
48,188
New York Fund
197,927
(7,478)
190,449
1
The Fund commenced operations on January 5, 2022.
2023
Gross Administrative
Fees
Administrative Fees
Voluntarily Waived
Net
Administrative
Fees
Short Duration Tax Free Fund
$721,895
$(25,183)
$696,712
Intermediate Fund
1,996,970
(59,261)
1,937,709
National Fund
1,437,605
(37,659)
1,339,946
High Income Municipal Bond Fund
1,352,150
(38,526)
1,313,624
Short Duration High Income
Municipal Bond Fund
356,218
(19,371)
336,847
Sustainable Municipal Bond Fund
2,033
(577)
1,456
California Fund
198,372
(9,086)
189,286
New Jersey Fund
41,307
(3,906)
37,401
New York Fund
172,668
(12,595)
160,073
Part I
6-4
2024
Gross Administrative
Fees
Administrative Fees
Voluntarily Waived
Net
Administrative
Fees
Short Duration Tax Free Fund
$622,971
$(18,281)
$604,690
Intermediate Fund
1,934,425
(53,740)
1,880,685
National Fund
1,689,326
(42,936)
1,646,390
High Income Municipal Bond Fund
1,463,745
(39,709)
1,424,036
Short Duration High Income
Municipal Bond Fund
482,406
(13,546)
468,860
Sustainable Municipal Bond Fund
1
2,188
(2,188)
0
California Fund
239,951
(8,476)
231,475
New Jersey Fund
48,431
(2,900)
45,531
New York Fund
198,045
(7,010)
191,035
Distributor
For additional information on the Distributor, please see the “Investment Advisory and Other Services,
Fees, and Expenses – Distributor” section of Part II. The Distributor received no other compensation
(including compensation on redemption and repurchase and brokerage commissions in connections with
Fund transactions) apart from that reflected below.
The following table sets forth the net sales charge received (after allowance of a portion of the sales
charge to independent dealers) by the Distributor, as the Registrant’s principal underwriter, for the last
three fiscal years ended September 30
th
:
2022
2023
2024
Gross sales charge
$3,178,261
$6,320,317
$16,898,655
Amount allowed to dealers
2,750,792
6,107,609
16,592,109
Net commissions received by the Distributor
427,469
212,708
306,546
The following table sets forth the CDSC received by the Distributor for the last three fiscal years ended
September 30
th
:
2022
2023
2024
CDSC received by the Distributor
$710,562
$719,900
$775,903
Rule 12b-1 Plan
The following table sets forth the amounts paid by each applicable class of the Funds to the Distributor
pursuant to the Rule 12b-1 Plan for the fiscal year ended September 30, 2024. For additional information,
please see the “Investment Advisory and Other Services, Fees, and Expenses – Rule 12b-1 Plan” section
of Part II.
Class A
Class C
Class F
Class P
1
Short Duration Tax Free Fund
$1,516,137
$136,652
$29,844
N/A
Intermediate Fund
3,887,396
634,402
100,236
N/A
National Fund
5,011,803
550,465
78,242
N/A
High Income Municipal Bond Fund
3,658,018
1,079,883
96,996
N/A
Short Duration High Income
Municipal Bond Fund
637,115
166,435
15,393
N/A
Sustainable Municipal Bond Fund
6,182
1,416
72
N/A
California Fund
769,562
153,163
11,682
N/A
New Jersey Fund
182,996
0
3,500
N/A
New York Fund
709,248
141,744
8,764
N/A
Part I
6-5
1
There are no outstanding Class P shares as of the date of this SAI.
Brokerage Commissions
The Funds’ policy with respect to portfolio transactions and brokerage is set forth under the “Brokerage
Allocation and Other Practices” section of Part II.
Brokerage Commissions Paid to Independent Broker-Dealer Firms
.
The following table sets forth the total brokerage commissions on transactions of securities each Fund
paid to independent broker-dealer firms for the last three fiscal years ended September 30
th
:
2022
2023
2024
Short Duration Tax Free Fund
$0
$885
$0
Intermediate Fund
0
2,010
0
National Fund
1,089
5,184
0
High Income Municipal Bond Fund
692
7,386
0
Short Duration High Income
Municipal Bond Fund
3,592
5,180
0
Sustainable Municipal Bond Fund
1
0
0
0
California Fund
148
909
0
New Jersey Fund
0
93
0
New York Fund
89
448
0
1
The Fund commenced operations on January 5, 2022.
The amount of brokerage commissions paid by the Fund may change from year to year because of
changing asset levels, shareholder activity, and portfolio turnover, among other factors.
In addition to the purchase of research services through “commission sharing arrangements,” Lord Abbett
purchased third party research services with its own resources during the past three fiscal years ended
September 30
th
. For the fiscal year ended September 30, 2024, no Fund directed portfolio transactions to
broker-dealers because of Research Services provided.
Regular Broker-Dealers
During the fiscal year ended September 30, 2024, the Funds did not acquire securities of their “regular
brokers or dealers,” as that term is defined in Rule 10b-1 under the 1940 Act, that derived, or have a
parent that derived, more than 15% of its gross revenues from the business of a broker, a dealer, an
underwriter, or an investment adviser.
Part I
7-1
7.
PORTFOLIO MANAGER INFORMATION
Other Accounts Managed
The following table sets forth information about the other accounts managed by the Funds' portfolio
managers as of the Funds' fiscal year ended September 30, 2024 (or another date, if indicated). For more
information, please see the “Portfolio Management Information” section of Part II. The data shown below
are approximate.
Included in the Registered Investment Companies category are those U.S.-registered funds managed or
sub-advised by Lord Abbett, including funds underlying variable annuity contracts and variable life
insurance policies offered through insurance companies. The Other Pooled Investment Vehicles category
includes collective investment funds, offshore funds and similar non-registered investment vehicles. Lord
Abbett does not manage any hedge funds. The Other Accounts category encompasses retirement and
benefit plans (including both defined contribution and defined benefit plans) sponsored by various
corporations and other entities, individually managed institutional accounts of various corporations, other
entities and individuals, and separately managed accounts in so-called wrap fee programs sponsored by
financial intermediaries unaffiliated with Lord Abbett.
Number of
Registered
Investment
Companies
Total
Assets
($MM)
Number of
Other
Pooled
Investment
Vehicles
Total
Assets
($MM)
Number of
Other
Accounts
Total
Assets
($MM)
Short Duration Tax
Free Fund
Daniel T. Vande Velde
1
4,875.01
0
0
7,215
8,126.97
Daniel S. Solender
10
16,172.52
0
0
10,122
10,311.97
Intermediate Fund
Daniel T. Vande Velde
1
1,545.82
0
0
7,215
8,126.97
Christopher T. English
2
5.64
0
0
7,178
7,681.88
Daniel S. Solender
10
12,843.33
0
0
10,122
10,311.97
National Fund
Daniel S. Solender
10
13,170.81
0
0
10,122
10,311.97
Gregory M. Shuman
6
6,069.08
0
0
6,607
6,522.16
High Income Municipal
Bond Fund
Daniel S. Solender
10
13,757.72
0
0
10,122
10,311.97
Gregory M. Shuman
6
6,656.00
0
0
6,607
6,522.16
Short Duration High Income
Municipal Bond Fund
Gregory M. Shuman
6
9,171.37
0
0
6,607
6,522.16
Daniel S. Solender
10
16,273.10
0
0
10,122
10,311.97
Thomas J. Raleigh
2
1,451.93
0
0
7,178
7,681.88
Sustainable Municipal Bond Fund
Gregory M. Shuman
6
11,181.99
0
0
6,930
6,867.92
Daniel S. Solender
10
17,712.69
0
0
10,122
10,311.97
Part I
7-2
Number of
Registered
Investment
Companies
Total
Assets
($MM)
Number of
Other
Pooled
Investment
Vehicles
Total
Assets
($MM)
Number of
Other
Accounts
Total
Assets
($MM)
Christopher T. English
2
4,875.01
0
0
7,178
7,681.88
California Fund
Gregory M. Shuman
6
9,965.71
0
0
6,607
6,522.16
Daniel S. Solender
10
17,067.44
0
0
10,122
10,311.97
Carson Houle
1
5.64
0
0
3,043
2,604.52
New Jersey Fund
Philip B. Herman
1
545.03
0
0
7,178
7,681.88
Daniel S. Solender
10
17,582.46
0
0
10,122
10,311.97
New York Fund
Philip B. Herman
1
135.88
0
0
7,178
7,681.88
Daniel S. Solender
10
17,173.31
0
0
10,122
10,311.97
Thomas J. Raleigh
1
2
1,451.93
0
0
7,178
7,681.88
1
Mr. Raleigh was newly added to New York Tax Free Fund effective February 1, 2025.
Holdings of Portfolio Managers
The following table indicates the dollar range of securities beneficially owned by each portfolio manager in
the Funds he or she manages, as of September 30, 2024 (or another date, if indicated). This table
includes the value of securities beneficially owned by the portfolio managers through 401(k) plans and
certain other plans or accounts, if any.
Ownership of Securities
Aggregate Dollar Range of Securities
Short Duration Tax Free Fund
Daniel T. Vande Velde
$10,001-$50,000
Daniel S. Solender
$1-$10,000
Intermediate Fund
Daniel T. Vande Velde
$100,001-$500,000
Christopher T. English
$10,001-$50,000
Daniel S. Solender
$10,001-$50,000
National Fund
Daniel S. Solender
Over $1,000,000
Gregory M. Shuman
$50,001-$100,000
High Income Municipal Bond Fund
Daniel S. Solender
Over $1,000,000
Gregory M. Shuman
$100,001-$500,000
Short Duration High Income Municipal Bond Fund
Gregory M. Shuman
$10,001-$50,000
Daniel S. Solender
Over $1,000,000
Thomas J. Raleigh
$10,001-$50,000
Sustainable Municipal Bond Fund
Part I
7-3
Gregory M. Shuman
$10,001-$50,000
Christopher T. English
$10,001-$50,000
Daniel S. Solender
$10,001-$50,000
California Fund
Gregory M. Shuman
$10,001-$50,000
Carson Houle
$10,001-$50,000
Daniel S. Solender
$0
New Jersey Fund
Philip B. Herman
$1-$10,000
Daniel S. Solender
$1-$10,000
New York Fund
Philip B. Herman
$0
Daniel S. Solender
$0
Thomas J. Raleigh
1
N/A
1
Mr. Raleigh was newly added to New York Tax Free Fund effective February 1, 2025 and his portfolio holdings will be reported in a
future filing.
Part 1
8-1
8.
SECURITIES LENDING
The Funds did not engage in securities lending during the Funds' most recent fiscal year.
Part I
9-1
9.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
Shareholders beneficially owning more than 25% of outstanding shares may be in control and may be
able to affect the outcome of certain matters presented for a shareholder vote. As of December 31, 2024,
to the best of the Fund’s knowledge, the following persons or entities owned of record or were known by
the Fund to beneficially own more than 25% of the Fund’s outstanding shares:
California Fund
EDWARD D JONES & CO
FOR THE BENEFIT OF
CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-
3710
33.12%
National Fund
EDWARD D JONES & CO
FOR THE BENEFIT OF
CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-
3710
42.34%
Short Duration Tax Free Fund
EDWARD D JONES & CO
FOR THE BENEFIT OF
CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-
3710
29.31%
Sustainable Municipal Bond Fund
LORD ABBETT & CO LLC
30 HUDSON ST
JERSEY CITY, NJ 07302-
4804
81.58%
As of December 31, 2024, to the best of the Fund’s knowledge, the following persons or entities owned of
record or were known by the Fund to beneficially own 5% or more of the specified class of the Fund’s
outstanding shares:
CALIFORNIA TAX FREE CLASS FUND
CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
37.70%
Part I
9-2
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
5.21%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
7.27%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
15.77%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
11.33%
CALIFORNIA TAX FREE CLASS FUND
CLASS C
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
6.58%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
7.03%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
36.28%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
13.45%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
17.10%
CALIFORNIA TAX FREE CLASS FUND
CLASS F
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
23.99%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
7.33%
Part I
9-3
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
6.53%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
55.40%
CALIFORNIA TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
99.10%
CALIFORNIA TAX FREE CLASS FUND
CLASS I
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS
MUTUAL FUNDS
200 LIBERTY ST # 1WFC
NEW YORK NY 10281-1015
14.99%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
16.56%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
9.17%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
16.81%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
7.14%
UBS WM USA
0O0 11011 6100
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
6.62%
Part I
9-4
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
8.29%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
13.93%
HIGH INCOME MUNICIPAL BOND CLASS
FUND CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
37.41%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
6.89%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
9.27%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
11.24%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
5.56%
HIGH INCOME MUNICIPAL BOND CLASS
FUND CLASS C
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
5.63%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
7.43%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
6.35%
Part I
9-5
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
26.12%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
11.16%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
6.46%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
8.31%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
8.26%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
5.61%
HIGH INCOME MUNICIPAL BOND CLASS
FUND CLASS F
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
9.14%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
18.72%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
10.90%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
42.93%
Part I
9-6
HIGH INCOME MUNICIPAL BOND CLASS
FUND CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
91.32%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
5.48%
HIGH INCOME MUNICIPAL BOND CLASS
FUND CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
7.99%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
8.13%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
8.55%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
11.15%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
7.26%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
9.52%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
6.66%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
8.81%
Part I
9-7
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
6.49%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
16.92%
INTERMEDIATE TAX FREE CLASS FUND
CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
44.98%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
11.27%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
9.83%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
7.41%
INTERMEDIATE TAX FREE CLASS FUND
CLASS C
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
8.17%
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS
MUTUAL FUNDS
200 LIBERTY ST # 1WFC
NEW YORK NY 10281-1015
5.77%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
16.26%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
10.26%
Part I
9-8
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
5.48%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
16.85%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
7.92%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
8.92%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
7.51%
INTERMEDIATE TAX FREE CLASS FUND
CLASS F
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
12.59%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
13.93%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
16.77%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
7.65%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
26.73%
Part I
9-9
INTERMEDIATE TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
71.78%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
26.78%
INTERMEDIATE TAX FREE CLASS FUND
CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
31.46%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
9.66%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
13.87%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
8.20%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
12.77%
NATIONAL TAX FREE CLASS FUND
CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
56.22%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
6.62%
NATIONAL TAX FREE CLASS FUND
CLASS C
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
16.09%
Part I
9-10
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
9.60%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
7.17%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
8.79%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
16.16%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
5.90%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
5.37%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
10.15%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
7.22%
NATIONAL TAX FREE CLASS FUND
CLASS F
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
11.65%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
20.37%
Part I
9-11
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
5.97%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
6.20%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
42.12%
NATIONAL TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
94.04%
NATIONAL TAX FREE CLASS FUND
CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
17.45%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
9.70%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
7.07%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
10.86%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
7.68%
Part I
9-12
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
7.69%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
7.70%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
7.08%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
16.40%
NEW JERSEY TAX FREE CLASS FUND
CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
9.64%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
12.11%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
11.35%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
10.72%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
13.67%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
8.54%
Part I
9-13
NEW JERSEY TAX FREE CLASS FUND
CLASS F
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
62.59%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
6.33%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
8.92%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
10.83%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
5.86%
NEW JERSEY TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
82.96%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
17.04%
NEW JERSEY TAX FREE CLASS FUND
CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
25.01%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
12.29%
LPL FINANCIAL
FBO CUSTOMER ACCOUNTS
ATTN MUTUAL FUND OPERATIONS
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
10.46%
Part I
9-14
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
12.49%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
12.45%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
7.94%
NEW YORK TAX FREE CLASS FUND
CLASS A
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
6.51%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
23.57%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
5.56%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
24.32%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
11.55%
NEW YORK TAX FREE CLASS FUND
CLASS C
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
8.70%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
33.52%
Part I
9-15
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
5.96%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
33.68%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
5.82%
NEW YORK TAX FREE CLASS FUND
CLASS F
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
15.74%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
6.37%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
59.49%
SEI PRIVATE TRUST COMPANY
C/O GWP US ADVISORS
1 FREEDOM VALLEY DRIVE
OAKS, PA 19456
7.48%
NEW YORK TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
68.89%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
31.07%
NEW YORK TAX FREE CLASS FUND
CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
16.16%
Part I
9-16
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
8.47%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
5.53%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
12.25%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
12.64%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
13.85%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
19.22%
SHORT DURATION HIGH INCOME
MUNICIPAL BOND CLASS FUND CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
24.29%
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS
MUTUAL FUNDS
200 LIBERTY ST # 1WFC
NEW YORK NY 10281-1015
5.68%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
6.62%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
11.70%
Part I
9-17
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
8.90%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
5.26%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
16.67%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
5.85%
SHORT DURATION HIGH INCOME
MUNICIPAL BOND CLASS FUND CLASS C
NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS
MUTUAL FUNDS
200 LIBERTY ST # 1WFC
NEW YORK NY 10281-1015
6.13%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
11.93%
LPL FINANCIAL
FBO: CUSTOMER ACCOUNTS
ATTN: MUTUAL FUND OPERATIONS
PO BOX 509046
SAN DIEGO CA 92150-9046
7.86%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
21.83%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
7.51%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
HOUSE ACCT FIRM 92500015
ATTN COURTNEY WALLER
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
6.69%
Part I
9-18
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
20.38%
SHORT DURATION HIGH INCOME
MUNICIPAL BOND CLASS FUND CLASS F
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
41.25%
LPL FINANCIAL
FBO: CUSTOMER ACCOUNTS
MUTUAL FUND OPERATIONS
PO BOX 509046
SAN DIEGO CA 92150-9046
21.74%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCT FBO
CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN ST
SAN FRANCISCO CA 94105-1901
13.09%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
10.77%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
9.66%
SHORT DURATION HIGH INCOME
MUNICIPAL BOND CLASS FUND CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
77.95%
JP MORGAN SECURITIES LLC
FOR EXCLUSIVE BENEFIT OF CUSTOMERS
4 CHASE METROTECH CTR
BROOKLYN NY 11245-0001
20.91%
SHORT DURATION HIGH INCOME
MUNICIPAL BOND CLASS FUND CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
5.79%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
6.08%
Part I
9-19
LPL FINANCIAL
FBO CUSTOMER ACCOUNTS
ATTN MUTUAL FUND OPERATIONS
4707 EXECUTIVE DR
SAN DIEGO CA 92121-3091
8.32%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
17.71%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
17.33%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
5.04%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
11.33%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
8.11%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
15.32%
SHORT DURATION TAX FREE CLASS FUND
CLASS A
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
40.90%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
11.31%
Part I
9-20
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
8.54%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
11.66%
SHORT DURATION TAX FREE CLASS FUND
CLASS C
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
10.26%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
11.25%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
5.96%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
8.59%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
17.15%
AMERICAN ENTERPRISE INVESTMENT
SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
5.34%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
6.98%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
18.27%
Part I
9-21
SHORT DURATION TAX FREE CLASS FUND
CLASS F
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
8.35%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
12.75%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
15.09%
MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1965
6.41%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
ATTN MUTUAL FUNDS
211 MAIN STREET
SAN FRANCISCO CA 94105-1901
10.74%
NATIONAL FINANCIAL SERVICES LLC
FOR THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499 WASHINGTON BLVD
JERSEY CITY NJ 07310
32.65%
SHORT DURATION TAX FREE CLASS FUND
CLASS F3
EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
58.52%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
37.82%
SHORT DURATION TAX FREE CLASS FUND
CLASS I
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
ATTN FUND ADMINISTRATION
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
26.01%
LPL FINANCIAL
--OMNIBUS CUSTOMER ACCOUNT--
ATTN: DAN SPILLANE
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
6.38%