High Yield Municipal Bond Fund

HYMCX

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Daily price w/o sales charge as of 05/24/2019

$12.30

$0.00

YTD Returns w/o sales charge as of 05/24/2019

6.08%

Please click here for performance current to the most recent quarter-end and month-end.

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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 05/24/2019

w/o sales charge

3.40%

30 Day Standardized yield ² as of 04/30/2019

2.76%

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

Fund Basicsas of 04/30/2019

Total Net Assets: $2.52 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.44%
Fund Net Expense Ratio: 1.43%
Number of Holdings: 568
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	4.74%	6.92%	4.45%	5.20%	6.83%	3.07%
Lipper Category Avg. High Yield Municipal Debt Funds	3.93%	6.03%	3.67%	5.08%	7.02%	-
Bloomberg Barclays High Yield Muni Index	4.41%	8.25%	6.12%	5.98%	8.55%	-
w/ sales charge	3.74%	6.92%	4.45%	5.20%	6.83%	3.07%

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	4.01%	6.56%	4.55%	5.41%	7.07%	3.04%
Lipper Category Avg. High Yield Municipal Debt Funds	3.36%	5.47%	3.82%	5.29%	7.33%	-
Bloomberg Barclays High Yield Muni Index	3.82%	8.14%	6.14%	6.10%	8.72%	-
w/ sales charge	3.01%	6.56%	4.55%	5.41%	7.07%	3.04%

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 04/30/2019

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

Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 05/24/2019

w/o sales charge

3.40%

30-Day Standardized Yield ² as of 04/30/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.76%	2.76%

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	4.74%	6.92%	4.45%	5.20%	6.83%	3.07%
Lipper Category Avg. High Yield Municipal Debt Funds	3.93%	6.03%	3.67%	5.08%	7.02%	-
Bloomberg Barclays High Yield Muni Index	4.41%	8.25%	6.12%	5.98%	8.55%	-
w/ sales charge	3.74%	6.92%	4.45%	5.20%	6.83%	3.07%

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	4.01%	6.56%	4.55%	5.41%	7.07%	3.04%
Lipper Category Avg. High Yield Municipal Debt Funds	3.36%	5.47%	3.82%	5.29%	7.33%	-
Bloomberg Barclays High Yield Muni Index	3.82%	8.14%	6.14%	6.10%	8.72%	-
w/ sales charge	3.01%	6.56%	4.55%	5.41%	7.07%	3.04%

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	4.01%	-	-	-	6.11%
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 04/30/2019

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

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

PORTFOLIO BREAKDOWN as of 04/30/2019

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 04/30/2019

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

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

Credit QUALITY DISTRIBUTION as of 04/30/2019

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

Portfolio Positioning as of 03/31/2019

Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘A’ and ‘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 allocation is a significant overweight to the health care and a slight overweight to the education sector.
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 20 years and longer.

Portfolio Details as of 04/30/2019

Total Net Assets: $2.52 B
Number of Issues: 568
Average Coupon: 5.1%
Average Effective Maturity: 23.1 Years
Average Effective Duration: 8.55 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	1.5%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.1%
Puerto Rico Sales Tax Financing Corporation	5.000%	07/01/2058	1.1%
Public Finance Auth - American Dream	7.000%	12/01/2050	1.0%
Jefferson County Sewer	6.500%	10/01/2053	0.9%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.8%
City of Chicago General Obligation	6.000%	01/01/2038	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%

% of Total Assets			10.0%

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 of03/29/2019

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	1.1%
Jefferson County Sewer	6.500%	10/01/2053	1.0%
Public Finance Auth - American Dream	7.000%	12/01/2050	1.0%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.0%
Puerto Rico Sales Tax Fincg Corp	5.000%	07/01/2058	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%
Clifton Hgr Ed Fin Corp., TX	6.125%	08/15/2048	0.7%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.7%
Chicago Board of Education	5.250%	12/01/2041	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.6%
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%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.6%
Atlanta Dev Auth	7.000%	01/01/2040	0.6%
Velocity Metropolitan District No 3	5.500%	12/01/2048	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
Iowa Fin Auth	5.250%	12/01/2050	0.5%
New Hampshire Bus Fin Auth	4.875%	11/01/2042	0.5%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.5%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.5%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.5%
Illinois, IL	6.000%	05/01/2026	0.5%
Chicago, IL	5.500%	01/01/2049	0.5%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.5%
Puerto Rico Sales Tax Fincg Corp	4.750%	07/01/2053	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
California Muni Fin Auth	5.625%	03/01/2045	0.5%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.5%
Main Street Natural Gas, Inc.	5.000%	05/15/2049	0.4%
New Jersey Transportation Trust Fund	5.250%	06/15/2043	0.4%
New York City Transitional Fin Auth	1.520%	08/01/2031	0.4%
Mission Econ Dev Corp, TX	4.625%	10/01/2031	0.4%
Chicago	4.000%	01/01/2044	0.4%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.4%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2053	0.4%
Frederick Cnty, MD	5.000%	09/01/2045	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%
Moon Indus Dev Auth	6.000%	07/01/2045	0.4%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
City of Oroville CA	5.250%	04/01/2054	0.4%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.4%
California Muni Fin Auth - LINXS	4.000%	12/31/2047	0.4%
County of Ward ND	5.000%	06/01/2053	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.3%
Puerto Rico Sales Tax Fincg Corp	4.550%	07/01/2040	0.3%
Chicago Brd of Ed	7.000%	12/01/2046	0.3%
Chicago Brd of Ed	5.250%	12/01/2039	0.3%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.3%
West Pace Cooperative District	9.125%	05/01/2039	0.3%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	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%
Public Auth For CO Energy	6.500%	11/15/2038	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%
Lucas Cnty, OH	5.250%	11/15/2048	0.3%
Chicago	5.000%	01/01/2053	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.3%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.3%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Pub Fin Auth	6.850%	10/01/2047	0.3%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2046	0.3%
Colorado International Center Metropolitan Distric	5.875%	12/01/2046	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Texas Water Development Board	4.000%	10/15/2037	0.3%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2034	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Illinois, IL	4.000%	06/01/2037	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Glendale Industrial Development Authority	5.000%	11/15/2053	0.3%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2050	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2046	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Velocity Metropolitan District No 3	5.375%	12/01/2039	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Chicago Brd of Ed	5.000%	12/01/2046	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
City of Scranton, PA	5.000%	11/15/2032	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
Univ of Illinois Bd of Trustees	4.000%	04/01/2037	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	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%
Chicago Brd of Ed	5.500%	12/01/2039	0.2%
Marietta Dev Auth	5.000%	11/01/2047	0.2%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.2%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.2%
Pub Fin Auth	6.850%	11/01/2046	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.375%	05/01/2042	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Chicago Brd of Ed	5.000%	12/01/2030	0.2%
Chicago Brd of Ed	6.500%	12/01/2046	0.2%
Jefferson Cnty, AL	5.000%	10/01/2044	0.2%
Chicago	5.000%	01/01/2052	0.2%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.2%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.2%
South Carolina St Ports Auth	5.250%	07/01/2055	0.2%
Chicago Brd of Ed	5.000%	12/01/2029	0.2%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.2%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.2%
California State Pub Wks Bd	5.000%	04/01/2034	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2043	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.2%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.2%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Detroit, MI	5.250%	07/01/2041	0.2%
North Texas Tollway Auth	4.250%	01/01/2049	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Utah St Charter Sch Fin Auth	5.375%	06/15/2048	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Illinois, IL	5.000%	05/01/2039	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
West Virginia Hosp Fin Auth	4.000%	06/01/2051	0.2%
Metropolitan Pier & Exposition Auth, IL	5.250%	06/15/2050	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
St. Louis Indus Dev Auth, MO	4.750%	11/15/2047	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.2%
Puerto Rico Aqueduct & Swr Auth	6.000%	07/01/2038	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
New Hope Cultural Ed Fin Corp, TX	5.500%	07/01/2054	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
American Samoa Economic Development Authority	7.125%	09/01/2038	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2052	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Jefferson Parish Economic Development & Port Distr	5.625%	06/15/2048	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
City of Reno NV	0.000%	07/01/2058	0.2%
Pub Fin Auth	6.375%	01/01/2048	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2037	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%
Glendale Industrial Development Authority	5.000%	11/15/2040	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2046	0.2%
Glenville State College	5.250%	06/01/2047	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2043	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2054	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Philadelphia Auth for Indus Dev	5.000%	07/01/2049	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%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2041	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.2%
Illinois Fin Auth	7.250%	02/15/2045	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%
Chicago, IL	5.500%	01/01/2033	0.2%
Arista Metropolitan District	5.125%	12/01/2048	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.2%
Floyd Cnty Dev Auth, GA	6.500%	12/01/2053	0.2%
Prairie Center Metropolitan District No 3	5.000%	12/15/2041	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.1%
Wilson Cnty, KS	5.600%	09/01/2036	0.1%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.1%
Jacksonville, FL	5.000%	06/01/2053	0.1%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	06/01/2048	0.1%
Norfolk Redevelopment & Housing Authority	5.250%	01/01/2054	0.1%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	5.250%	10/01/2058	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.1%
Village of Bellwood, IL	5.875%	12/01/2027	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.1%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.1%
Pub Fin Auth	5.250%	10/01/2048	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%
Pennsylvania	4.000%	07/01/2046	0.1%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.1%
Houston, TX	5.000%	07/15/2035	0.1%
Virginia Small Business Fing Auth	5.000%	01/01/2048	0.1%
Pub Fin Auth	4.300%	11/01/2030	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.1%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.1%
Chicago	5.000%	01/01/2031	0.1%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
Michigan Strategic Fnd	4.500%	06/30/2048	0.1%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	07/01/2058	0.1%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.1%
New York City Indl Dev Agy	5.000%	01/01/2036	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Village of Bellwood, IL	6.150%	12/01/2032	0.1%
Broward Cnty, FL	5.125%	10/01/2038	0.1%
Arizona Indus Dev Auth	5.750%	07/01/2053	0.1%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
Oconee County Industrial Development Authority	6.375%	12/01/2053	0.1%
Village Comnty Dev Dist No. 12	4.375%	05/01/2050	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Columbus-Franklin County Finance Authority	6.500%	03/01/2053	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.1%
West Villages Improvement District	5.000%	05/01/2050	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2051	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.1%
Pub Fin Auth	6.250%	01/01/2038	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Virgin Islands Pub Fin Auth	5.000%	10/01/2029	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Puerto Rico Aqueduct & Sewer Authority	5.125%	07/01/2037	0.1%
Pub Fin Auth	4.625%	06/01/2036	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Puerto Rico	5.500%	07/01/2026	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2033	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2051	0.1%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage	1.670%	07/01/2047	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Texas Transp Comm	5.000%	08/01/2057	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	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%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Tender Option Bnd Tr Receipts/Certificates	7.785%	08/15/2030	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.1%
Norfolk Redevelopment & Housing Authority	5.000%	01/01/2049	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
Floyd Cnty Dev Auth, GA	6.250%	12/01/2048	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
City of Oroville CA	5.250%	04/01/2049	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Northern Tobacco Securitization Corp.	5.000%	06/01/2046	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Massachusetts Dev Fin Agy	4.125%	10/01/2042	0.1%
Puerto Rico Elec Pwr Auth	5.050%	07/01/2042	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
Illinois Fin Auth	6.000%	05/15/2043	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%
Peninsula Town Center Community Development Author	5.000%	09/01/2045	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
City of Oroville CA	5.250%	04/01/2039	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Arizona Indus Dev Auth	5.625%	07/01/2048	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Pub Fin Auth	5.250%	10/01/2043	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Pub Fin Auth	5.000%	12/01/2025	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%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Chicago Brd of Ed	5.000%	12/01/2032	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Southlands Metropolitan District No 1	5.000%	12/01/2047	0.1%
Main Street Natural Gas, Inc.	5.000%	05/15/2043	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
County of Prince George's MD	5.250%	07/01/2048	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
Columbus-Franklin County Finance Authority	6.500%	03/01/2048	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
Oconee County Industrial Development Authority	6.250%	12/01/2048	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
Pub Fin Auth	5.500%	12/01/2048	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
TSASC, Inc.	5.000%	06/01/2045	0.1%
Puerto Rico Sales Tax Fincg Corp	4.500%	07/01/2034	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Puerto Rico	5.000%	07/01/2023	0.1%
New York City Transitional Fin Auth	1.450%	11/01/2022	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
West Villages Improvement District	4.750%	05/01/2039	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
State of Connecticut Bradley International Airport	4.000%	07/01/2049	0.1%
Chicago Brd of Ed	5.000%	12/01/2033	0.1%
Upper Illinois River Vly Dev Auth	7.375%	11/15/2045	0.1%
California Statewide Comntys Dev Auth	5.250%	07/01/2049	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Glendale Industrial Development Authority	5.000%	11/15/2036	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2039	0.1%
Director St Dept Business & Indus, NV	5.000%	12/15/2048	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
New Jersey Econ Dev Auth	5.000%	06/01/2036	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2052	0.1%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2040	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
Dorm Auth of the St of New York	5.000%	11/01/2031	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Downtown Doral South Community Development Distric	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%
Atlanta Dev Auth	6.750%	01/01/2035	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
City of Reno NV	0.000%	07/01/2058	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
New Haven, CT	5.500%	08/01/2037	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2032	0.1%
Michigan Tobacco Settlement Fin Auth	0.000%	06/01/2058	0.1%
California Cnty Tobacco Securitization Agy	0.000%	06/01/2046	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2024	0.1%
Philadelphia Auth for Indus Dev	5.000%	07/01/2042	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2047	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Tempe Industrial Development Authority	6.000%	10/01/2037	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Ohio Air Qlty Dev Auth	4.250%	01/15/2038	0.1%
Finance Authority of Maine	4.375%	08/01/2035	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2027	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2031	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Chicago Brd of Ed	6.750%	12/01/2030	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
California Statewide Comntys Dev Auth	5.250%	07/01/2052	0.0%
Nassau Cnty Tobacco Settlement Corp.	5.000%	06/01/2035	0.0%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.0%
New Haven, CT	5.500%	08/01/2033	0.0%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.0%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.0%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.0%
County of Prince George's MD	5.125%	07/01/2039	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.0%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.0%
Illinois, IL	4.500%	11/01/2039	0.0%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.0%
City of Scranton, PA	5.000%	09/01/2029	0.0%
Valparaiso, IN	5.875%	01/01/2024	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2029	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%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.0%
City of Chicago General Obligation	5.500%	01/01/2037	0.0%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.0%
Pub Fin Auth	6.125%	01/01/2033	0.0%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.0%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.0%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.0%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2051	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%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.0%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.0%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.0%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.0%
New York City Transitional Fin Auth	1.520%	11/01/2022	0.0%
Peninsula Town Center Community Development Author	5.000%	09/01/2037	0.0%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.0%
Puerto Rico Sales Tax Fincg Corp	4.550%	07/01/2040	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2024	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%
Chicago Brd of Ed	5.000%	12/01/2035	0.0%
Florida Dev Fin Corp.	5.250%	05/15/2037	0.0%
District of Columbia Tobacco Settlement Financing	0.000%	06/15/2055	0.0%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2037	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
New Haven, CT	5.500%	08/01/2035	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Chicago, IL	5.000%	01/01/2034	0.0%
Chicago Brd of Ed	5.000%	12/01/2034	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Downtown Doral South Community Development Distric	4.750%	12/15/2038	0.0%
Puerto Rico	4.000%	07/01/2020	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%
Texas Transp Comm	0.000%	08/01/2036	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.0%
Texas Transp Comm	0.000%	08/01/2040	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.0%
Texas Transp Comm	0.000%	08/01/2047	0.0%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.0%
Texas Transp Comm	0.000%	08/01/2048	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Puerto Rico Sales Tax Fincg Corp	4.750%	07/01/2053	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%
New York City General Obligation	1.400%	08/01/2038	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 Jun 2019	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/24/2019: $0.143
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	04/30/2019	$0.03480	$12.17
Daily	Daily	03/31/2019	$0.03469	$12.12
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	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 04/30/2019

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

Download fund documents & literature, create email subscriptions, and place direct mail order

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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 05/24/2019

30 Day Standardized yield 2 as of 04/30/2019

Fund Basicsas of 04/30/2019

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 04/30/2019

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 05/24/2019

30-Day Standardized Yield 2 as of 04/30/2019

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 04/30/2019

PORTFOLIO BREAKDOWN as of 04/30/2019

PORTFOLIO BREAKDOWN as of 04/30/2019

Credit QUALITY DISTRIBUTION as of 04/30/2019

Portfolio Positioning as of 03/31/2019

Portfolio Details as of 04/30/2019

Holdings as of03/29/2019

Dividend Yield ¹ as of 05/24/2019

30 Day Standardized yield ² as of 04/30/2019

Dividend Yield ¹ as of 05/24/2019

30-Day Standardized Yield ² as of 04/30/2019