High Yield Municipal Bond Fund

HYMCX

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Daily price w/o sales charge as of 03/19/2019

$11.99

$0.01

YTD Returns w/o sales charge as of 03/19/2019

2.78%

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Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield ¹ as of 03/19/2019

w/o sales charge

4.09%

30 Day Standardized yield ² as of 02/28/2019

2.99%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Basicsas of 02/28/2019

Total Net Assets: $2.28 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.44%
Fund Net Expense Ratio: 1.43%
Number of Holdings: 544
CUSIP: 543912851
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/30/2004

w/o sales charge	1.66%	5.16%	4.05%	4.98%	6.71%	2.89%
Lipper Category Avg. High Yield Municipal Debt Funds	1.36%	4.11%	3.47%	5.00%	7.05%	-
Bloomberg Barclays High Yield Muni Index	1.21%	6.96%	5.61%	5.66%	8.40%	-
w/ sales charge	0.66%	5.16%	4.05%	4.98%	6.71%	2.89%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/30/2004

w/o sales charge	3.15%	3.15%	3.95%	5.64%	7.48%	2.81%
Lipper Category Avg. High Yield Municipal Debt Funds	1.74%	1.74%	3.40%	5.67%	7.70%	-
Bloomberg Barclays High Yield Muni Index	4.75%	4.75%	5.77%	6.52%	9.12%	-

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Credit Quality Distribution as of 02/28/2019

Rating	Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Investment Team

Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Supported By 16 Investment Professionals with 11 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 03/19/2019

w/o sales charge

4.09%

30-Day Standardized Yield ² as of 02/28/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.99%	2.99%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/30/2004

w/o sales charge	1.66%	5.16%	4.05%	4.98%	6.71%	2.89%
Lipper Category Avg. High Yield Municipal Debt Funds	1.36%	4.11%	3.47%	5.00%	7.05%	-
Bloomberg Barclays High Yield Muni Index	1.21%	6.96%	5.61%	5.66%	8.40%	-
w/ sales charge	0.66%	5.16%	4.05%	4.98%	6.71%	2.89%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/30/2004

w/o sales charge	3.15%	3.15%	3.95%	5.64%	7.48%	2.81%
Lipper Category Avg. High Yield Municipal Debt Funds	1.74%	1.74%	3.40%	5.67%	7.70%	-
Bloomberg Barclays High Yield Muni Index	4.75%	4.75%	5.77%	6.52%	9.12%	-

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

2018	3.15%	4.75%
2017	6.71%	9.68%
2016	2.04%	2.99%
2015	2.93%	1.81%
2014	13.78%	13.84%
2013	-7.58%	-5.51%
2012	17.35%	18.14%
2011	3.78%	9.25%
2010	3.02%	7.79%
2009	34.90%	32.73%
2008	-33.18%	-
2007	-7.83%	-
2006	8.95%	-
2005	6.55%	-
2004	0.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	-	-	-	-	2.78%
2018	0.68%	2.55%	0.48%	-0.56%	3.15%
2017	2.54%	1.78%	1.81%	0.43%	6.71%
2016	2.22%	4.22%	0.98%	-5.14%	2.04%
2015	1.32%	-1.30%	1.12%	1.79%	2.93%
2014	5.14%	3.84%	2.50%	1.67%	13.78%
2013	1.40%	-5.37%	-3.54%	-0.15%	-7.58%
2012	6.73%	3.12%	3.49%	3.03%	17.35%
2011	-1.87%	5.08%	1.38%	-0.72%	3.78%
2010	3.07%	1.27%	4.32%	-5.40%	3.02%
2009	8.07%	9.97%	14.47%	-0.83%	34.90%
2008	-5.36%	0.08%	-7.35%	-23.86%	-33.18%
2007	0.94%	-0.48%	-3.26%	-5.16%	-7.83%
2006	1.69%	1.11%	3.74%	2.14%	8.95%
2005	1.72%	3.52%	0.30%	0.89%	6.55%
2004	-	-	-	-	0.16%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 02/28/2019

Sector	Assets
Healthcare/Hospital
IDR/PCR
Education
Special Tax
GO Local
Transportation
Lease
Water & Sewer
Pre-Refunded
GO State
Housing
VRDN
Power

The Fund's portfolio is actively managed and is subject to change.

PORTFOLIO BREAKDOWN as of 02/28/2019

Maturity	Assets
< 0
<1 Year
1-4.99 Years
5-9.99 Years
10-14.99 Years
15-19.99 Years
20-24.99 Years
25-29.99 Years
>30 Years

The Fund's portfolio is actively managed and is subject to change.

PORTFOLIO BREAKDOWN as of 02/28/2019

Rating	Assets
IL
CA
OH
NY
PA
TX
Puerto Rico
CO
NJ
FL
WI
AL
AZ
MD
GA
IA
MI
VA
MO
MN
LA
IN
OK
WA
KS
SC
MA
NH
NV
WV
TN
RI
ND
AK
OR
NM
CT
Other U.S. Territories
UT
AMERICAN SAMOA
ME
KY
DC

The Fund's portfolio is actively managed and is subject to change.

Credit QUALITY DISTRIBUTION as of 02/28/2019

Rating	Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 12/31/2018

Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer attractive risk-adjusted income and greater liquidity relative to below investment-grade bonds.
The portfolio’s largest sector weights include health care, a significant overweight, and the industrial development sector, an underweight.
While the flattening and partial inversion of the front end of the Treasury yield curve has made headlines as of late, the municipal yield curve remains steep and offers incremental yield opportunities in longer maturities. To that end, the portfolio is overweight bonds with maturities of 25 years and longer.

Portfolio Details as of 02/28/2019

Total Net Assets: $2.28 B
Number of Issues: 544
Average Coupon: 5.2%
Average Effective Maturity: 22.5 Years
Average Effective Duration: 9.68 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.6%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.0%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.0%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Public Finance Auth - American Dream	7.000%	12/01/2050	0.8%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%

% of Total Assets			10.2%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Holdings as of01/31/2019

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.7%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.0%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Public Finance Auth - American Dream	7.000%	12/01/2050	0.9%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.8%
Lower AL Gas Dist - Goldman Sachs	5.000%	09/01/2046	0.8%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.8%
Clifton Hgr Ed Fin Corp., TX	6.125%	08/15/2048	0.7%
Chicago Board of Education	5.250%	12/01/2041	0.7%
Puerto Rico Sales Tax Financing Corporation	5.250%	08/01/2040	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.6%
Duluth Economic Development Auth - Essentia Health	5.250%	02/15/2058	0.6%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.6%
Atlanta Dev Auth	7.000%	01/01/2040	0.6%
Iowa Fin Auth	5.250%	12/01/2050	0.5%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.5%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.5%
New Hampshire Bus Fin Auth	4.875%	11/01/2042	0.5%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.5%
Illinois, IL	6.000%	05/01/2026	0.5%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.5%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.5%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.5%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.5%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.5%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
New Jersey Transp Tr Fnd Auth	5.250%	06/15/2043	0.5%
Mission Econ Dev Corp, TX	4.625%	10/01/2031	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Chicago	4.000%	01/01/2044	0.4%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.4%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.4%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.4%
Moon Indus Dev Auth	6.000%	07/01/2045	0.4%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.4%
County of Ward ND	5.000%	06/01/2053	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2053	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.4%
California Muni Fin Auth - LINXS	4.000%	12/31/2047	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.4%
Frederick Cnty, MD	5.000%	09/01/2045	0.4%
California Muni Fin Auth	5.625%	03/01/2045	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Chicago Brd of Ed	7.000%	12/01/2046	0.3%
Chicago Brd of Ed	5.250%	12/01/2039	0.3%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.3%
Village Comnty Dev Dist No. 12	4.250%	05/01/2043	0.3%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	0.3%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.3%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.3%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.3%
Lucas Cnty, OH	5.250%	11/15/2048	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Pub Fin Auth	6.850%	10/01/2047	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Texas Water Development Board	4.000%	10/15/2037	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Oklahoma Tpk Auth	4.000%	01/01/2048	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2050	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2034	0.3%
Illinois, IL	4.000%	06/01/2037	0.3%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2046	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Glendale Industrial Development Authority	5.000%	11/15/2053	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
City of Scranton, PA	5.000%	11/15/2032	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
Chicago Brd of Ed	5.000%	12/01/2046	0.3%
New Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
New Mexico Hosp Equipment Loan Council	5.500%	07/01/2042	0.3%
Univ of Illinois Bd of Trustees	4.000%	04/01/2037	0.3%
Chicago Brd of Ed	5.500%	12/01/2039	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Pub Fin Auth	6.850%	11/01/2046	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Allentown Neighborhood Impt Zone Dev Auth	5.375%	05/01/2042	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.2%
Chicago Brd of Ed	6.500%	12/01/2046	0.2%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.2%
Chicago Brd of Ed	5.000%	12/01/2030	0.2%
California State Pub Wks Bd	5.000%	04/01/2034	0.2%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.2%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.2%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.2%
South Carolina St Ports Auth	5.250%	07/01/2055	0.2%
Puerto Rico	5.000%	07/01/2020	0.2%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.2%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.2%
Chicago Brd of Ed	5.000%	12/01/2029	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.2%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Detroit, MI	5.250%	07/01/2041	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
North Texas Tollway Auth	4.250%	01/01/2049	0.2%
Illinois, IL	5.000%	05/01/2039	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
New Jersey Tpk Auth	4.000%	01/01/2043	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Utah St Charter Sch Fin Auth	5.375%	06/15/2048	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Metropolitan Pier & Exposition Auth, IL	5.250%	06/15/2050	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
St. Louis Indus Dev Auth, MO	4.750%	11/15/2047	0.2%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Puerto Rico Aqueduct & Swr Auth	6.000%	07/01/2038	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
New Hope Cultural Ed Fin Corp, TX	5.500%	07/01/2054	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
American Samoa Economic Development Authority	7.125%	09/01/2038	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Jefferson Parish Economic Development & Port Distr	5.625%	06/15/2048	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2052	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Pub Fin Auth	6.375%	01/01/2048	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Glenville State College	5.250%	06/01/2047	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2037	0.2%
Philadelphia Auth for Indus Dev	5.000%	07/01/2049	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2047	0.2%
Massachusetts Dev Fin Agy	4.000%	07/01/2047	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2043	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2040	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.2%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2042	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2046	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2054	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2041	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.2%
Arista Metropolitan District	5.125%	12/01/2048	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2035	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Floyd Cnty Dev Auth, GA	6.500%	12/01/2053	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Prairie Center Metropolitan District No 3	5.000%	12/15/2041	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
City of Reno NV	0.000%	07/01/2058	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Jacksonville, FL	5.000%	06/01/2053	0.2%
Florida Hgr Edl Facs Fin Auth	5.000%	06/01/2048	0.1%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.1%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.1%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.1%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.1%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Jefferson Parish Economic Development & Port Distr	5.500%	06/15/2038	0.1%
Illinois Fin Auth	5.250%	05/15/2050	0.1%
Houston, TX	5.000%	07/15/2035	0.1%
New York City General Obligation	1.480%	08/01/2038	0.1%
Pub Fin Auth	4.300%	11/01/2030	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Chicago	5.000%	01/01/2031	0.1%
New York City Indl Dev Agy	5.000%	01/01/2036	0.1%
Pub Fin Auth	5.250%	10/01/2048	0.1%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
Village of Bellwood, IL	6.150%	12/01/2032	0.1%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Marietta Dev Auth	5.000%	11/01/2047	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
Broward Cnty, FL	5.125%	10/01/2038	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.1%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.1%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.1%
Michigan Strategic Fnd	4.500%	06/30/2048	0.1%
Arizona Indus Dev Auth	5.750%	07/01/2053	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Village Comnty Dev Dist No. 12	4.375%	05/01/2050	0.1%
Virgin Islands Pub Fin Auth	5.000%	10/01/2029	0.1%
Oconee County Industrial Development Authority	6.375%	12/01/2053	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Colorado International Center Metropolitan Distric	5.875%	12/01/2046	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Pub Fin Auth	6.250%	01/01/2038	0.1%
Columbus-Franklin County Finance Authority	6.500%	03/01/2053	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
New York City Transitional Fin Auth	1.550%	11/01/2022	0.1%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage	1.600%	07/01/2047	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
Pub Fin Auth	4.625%	06/01/2036	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2051	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.1%
Puerto Rico Aqueduct & Sewer Authority	5.125%	07/01/2037	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
Floyd Cnty Dev Auth, GA	6.250%	12/01/2048	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Peninsula Town Center Community Development Author	5.000%	09/01/2045	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
Puerto Rico	5.500%	07/01/2026	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Arizona Indus Dev Auth	5.625%	07/01/2048	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Virginia Small Business Fing Auth	5.000%	01/01/2048	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Puerto Rico Elec Pwr Auth	5.050%	07/01/2042	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Pub Fin Auth	5.250%	10/01/2043	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
Chicago Brd of Ed	5.000%	12/01/2032	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.1%
Southlands Metropolitan District No 1	5.000%	12/01/2047	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
County of Prince George's MD	5.250%	07/01/2048	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	0.1%
Oconee County Industrial Development Authority	6.250%	12/01/2048	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
Columbus-Franklin County Finance Authority	6.500%	03/01/2048	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
New York City Transitional Fin Auth	1.550%	08/01/2031	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
Columbia Industrial Dev Board - Alabama Power	1.610%	12/01/2037	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
Upper Illinois River Vly Dev Auth	7.375%	11/15/2045	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Chicago Brd of Ed	5.000%	12/01/2033	0.1%
California Statewide Comntys Dev Auth	5.250%	07/01/2049	0.1%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2040	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Dorm Auth of the St of New York	5.000%	11/01/2031	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2039	0.1%
New Jersey Econ Dev Auth	5.000%	06/01/2036	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Puerto Rico	5.000%	07/01/2023	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2052	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Glendale Industrial Development Authority	5.000%	11/15/2036	0.1%
San Francisco City & Cnty Arpt Comm, CA	4.000%	05/01/2049	0.1%
Director St Dept Business & Indus, NV	5.000%	12/15/2048	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Glenville State College	5.000%	06/01/2037	0.1%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2043	0.1%
Downtown Doral South Community Development Distric	5.000%	12/15/2048	0.1%
City of Reno NV	0.000%	07/01/2058	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
New Haven, CT	5.500%	08/01/2037	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2032	0.1%
Atlanta Dev Auth	6.750%	01/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Philadelphia Auth for Indus Dev	5.000%	07/01/2042	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
Tempe Industrial Development Authority	6.000%	10/01/2037	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Finance Authority of Maine	4.375%	08/01/2035	0.1%
Michigan Tobacco Settlement Fin Auth	0.000%	06/01/2058	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2024	0.1%
Ohio Air Qlty Dev Auth	4.250%	01/15/2038	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Chicago Brd of Ed	6.750%	12/01/2030	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
New Haven, CT	5.500%	08/01/2033	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
California Statewide Comntys Dev Auth	5.250%	07/01/2052	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Nassau Cnty Tobacco Settlement Corp.	5.000%	06/01/2035	0.1%
County of Prince George's MD	5.125%	07/01/2039	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.0%
City of Scranton, PA	5.000%	09/01/2029	0.0%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.0%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.0%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.0%
Illinois, IL	4.500%	11/01/2039	0.0%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.0%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.0%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.0%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2042	0.0%
City of Chicago General Obligation	5.500%	01/01/2037	0.0%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.0%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.0%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.0%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.0%
Pub Fin Auth	6.125%	01/01/2033	0.0%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.0%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.0%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2051	0.0%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.0%
Arizona Indus Dev Auth	5.000%	07/01/2047	0.0%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.0%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Peninsula Town Center Community Development Author	5.000%	09/01/2037	0.0%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.0%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
District of Columbia Tobacco Settlement Financing	0.000%	06/15/2055	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Florida Dev Fin Corp.	5.250%	05/15/2037	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2037	0.0%
Chicago Brd of Ed	5.000%	12/01/2035	0.0%
Chicago, IL	5.000%	01/01/2034	0.0%
New Haven, CT	5.500%	08/01/2035	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Chicago Brd of Ed	5.000%	12/01/2034	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Downtown Doral South Community Development Distric	4.750%	12/15/2038	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
City of Scranton, PA	5.000%	09/01/2028	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.0%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Illinois Fin Auth	4.000%	11/15/2052	0.0%
Grandview Indus Dev Auth	5.750%	12/01/2028	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Florida Dev Fin Corp.	5.250%	05/15/2037	0.0%
Michagan St Strategic Fd Escrow	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev Escrow	8.375%	07/15/2033	0.0%
Moraine OH Solid Waste Dis Escrow	8.375%	07/15/2033	0.0%
US 20YR Treasury Future Mar 2019	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 03/19/2019: $0.074
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	02/28/2019	$0.04085	$11.88
Daily	Daily	01/31/2019	$0.03365	$11.78

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	03/31/2019
Daily	Daily	04/30/2019
Daily	Daily	05/31/2019
Daily	Daily	06/30/2019
Daily	Daily	07/31/2019
Daily	Daily	08/31/2019
Daily	Daily	09/30/2019
Daily	Daily	10/31/2019
Daily	Daily	11/30/2019
Daily	Daily	12/31/2019

Fees & Expenses

Expense Ratioas of 02/28/2019

Fund Gross Expense Ratio	Fund Net Expense Ratio
1.44%	1.43%

Expense ratio details, Click here.

The net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015
	Flyer Publish Date:11/03/2015

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IMPORTANT INFORMATION

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

IMPORTANT INFORMATION

A Note about Risk: The Fund invests substantially in high-yield securities which carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Fund may invest in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. These factors can affect Fund performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. The Barclays High Yield Municipal Bond Index is a subset of the Barclays Municipal Bond Index; a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield 1 as of 03/19/2019

30 Day Standardized yield 2 as of 02/28/2019

Fund Basicsas of 02/28/2019

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

RELATED CONTENT

Credit Quality Distribution as of 02/28/2019

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 03/19/2019

30-Day Standardized Yield 2 as of 02/28/2019

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

Fund Expense Ratio :

Gross 1.44%

Net 1.43%

NAV Historical Prices

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 02/28/2019

PORTFOLIO BREAKDOWN as of 02/28/2019

PORTFOLIO BREAKDOWN as of 02/28/2019

Credit QUALITY DISTRIBUTION as of 02/28/2019

Portfolio Positioning as of 12/31/2018

Portfolio Details as of 02/28/2019

Holdings as of01/31/2019

Dividend Yield ¹ as of 03/19/2019

30 Day Standardized yield ² as of 02/28/2019

Dividend Yield ¹ as of 03/19/2019

30-Day Standardized Yield ² as of 02/28/2019