High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 10/19/2018

$11.73

$0.01

YTD Returns w/o sales charge as of 10/19/2018

2.68%

Overall Morningstar Ratings

High Yield Muni

as of 09/30/2018

Morningstar rated the Lord Abbett High Yield Municipal Bond Fund class A share 4, 4 and 3 stars among 159, 127 and 80 High Yield Muni Funds for the overall rating and the 3, 5 and 10 year periods ended 9/30/2018, respectively.

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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 10/19/2018

w/o sales charge	3.97%
w/ sales charge	3.88%

30 Day Standardized yield ² as of 09/30/2018

3.33%

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

Fund Basicsas of 09/28/2018

Total Net Assets: $2.16 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 525
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 09/30/2018

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, 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 Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	4.21%	4.83%	5.45%	6.40%	5.32%	3.48%
Lipper Category Avg. High Yield Municipal Debt Funds	1.59%	2.84%	4.14%	5.77%	5.57%	-
Bloomberg Barclays High Yield Muni Index	4.44%	6.35%	6.29%	6.36%	6.51%	-
w/ sales charge	1.88%	2.49%	4.64%	5.92%	5.09%	3.24%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	4.21%	4.83%	5.45%	6.40%	5.32%	3.48%
Lipper Category Avg. High Yield Municipal Debt Funds	1.59%	2.84%	4.14%	5.77%	5.57%	-
Bloomberg Barclays High Yield Muni Index	4.44%	6.35%	6.29%	6.36%	6.51%	-
w/ sales charge	1.88%	2.49%	4.64%	5.92%	5.09%	3.24%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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 09/28/2018

Rating	Assets
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

31 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 10/19/2018

w/o sales charge	3.97%
w/ sales charge	3.88%

30-Day Standardized Yield ² as of 09/30/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	3.33%	3.33%

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

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	4.21%	4.83%	5.45%	6.40%	5.32%	3.48%
Lipper Category Avg. High Yield Municipal Debt Funds	1.59%	2.84%	4.14%	5.77%	5.57%	-
Bloomberg Barclays High Yield Muni Index	4.44%	6.35%	6.29%	6.36%	6.51%	-
w/ sales charge	1.88%	2.49%	4.64%	5.92%	5.09%	3.24%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	4.21%	4.83%	5.45%	6.40%	5.32%	3.48%
Lipper Category Avg. High Yield Municipal Debt Funds	1.59%	2.84%	4.14%	5.77%	5.57%	-
Bloomberg Barclays High Yield Muni Index	4.44%	6.35%	6.29%	6.36%	6.51%	-
w/ sales charge	1.88%	2.49%	4.64%	5.92%	5.09%	3.24%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

2017	7.38%	9.68%
2016	2.68%	2.99%
2015	3.66%	1.81%
2014	14.50%	13.84%
2013	-6.99%	-5.51%
2012	17.99%	18.14%
2011	4.55%	9.25%
2010	3.68%	7.79%
2009	35.92%	32.73%
2008	-32.87%	-27.01%
2007	-7.35%	-
2006	9.37%	-
2005	6.63%	-
2004	0.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	0.75%	2.79%	0.63%	-	2.70%
2017	2.70%	1.94%	1.97%	0.59%	7.38%
2016	2.38%	4.29%	1.22%	-5.00%	2.68%
2015	1.56%	-1.15%	1.19%	2.04%	3.66%
2014	5.31%	4.09%	2.66%	1.75%	14.50%
2013	1.64%	-5.21%	-3.47%	0.01%	-6.99%
2012	6.89%	3.28%	3.65%	3.11%	17.99%
2011	-1.71%	5.25%	1.63%	-0.56%	4.55%
2010	3.26%	1.46%	4.51%	-5.32%	3.68%
2009	8.26%	10.13%	14.65%	-0.57%	35.92%
2008	-5.23%	0.14%	-7.16%	-23.81%	-32.87%
2007	1.06%	-0.35%	-3.13%	-5.03%	-7.35%
2006	1.77%	1.17%	3.87%	2.26%	9.37%
2005	1.73%	3.52%	0.30%	0.95%	6.63%
2004	-	-	-	-	0.16%

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

Growth of $10,000 as of 09/30/2018

The chart begins on the Fund's inception date of 12/30/2004.

Based on a hypothetical Class A share investment of $10,000 on 12/30/2004 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 09/28/2018

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

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

PORTFOLIO BREAKDOWN as of 09/28/2018

Maturity	Assets
<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 09/28/2018

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

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

Credit QUALITY DISTRIBUTION as of 09/28/2018

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

Portfolio Positioning as of 09/30/2018

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 potentially more attractive risk-adjusted income and liquidity versus below investment-grade bonds.
The portfolio’s largest sector weights include health care, a significant overweight, and the industrial development sector, an underweight.
The portfolio is overweight bonds within the 25- to 30-year maturity range.

Portfolio Details as of 09/28/2018

Total Net Assets: $2.16 B
Number of Issues: 525
Average Coupon: 5.1%
Average Effective Maturity: 22.0 Years
Average Effective Duration: 8.61 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	2.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	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%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.8%

% of Total Assets			10.9%

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 of08/31/2018

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.9%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	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%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.9%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.8%
Chicago Board of Education	5.250%	12/01/2041	0.8%
Puerto Rico Sales Tax Financing Corporation	5.250%	08/01/2040	0.7%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	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%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.7%
Pub Fin Auth	7.000%	12/01/2050	0.6%
Atlanta Dev Auth	7.000%	01/01/2040	0.6%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.6%
Iowa Fin Auth	5.250%	12/01/2050	0.6%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.6%
New Hampshire Bus Fin Auth	4.875%	11/01/2042	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.5%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Illinois, IL	6.000%	05/01/2026	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	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%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.5%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.4%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.4%
County of Ward ND	5.000%	06/01/2053	0.4%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.4%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	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%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.4%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2053	0.4%
Frederick Cnty, MD	5.000%	09/01/2045	0.4%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Chicago Brd of Ed	7.000%	12/01/2046	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Chicago Brd of Ed	5.250%	12/01/2039	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.4%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.4%
Village Comnty Dev Dist No. 12	4.250%	05/01/2043	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.3%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	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%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.3%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Tender Option Bnd Tr Receipts/Certificates	9.680%	01/01/2034	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.3%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2050	0.3%
Illinois, IL	4.000%	06/01/2037	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Pub Fin Auth	6.850%	10/01/2047	0.3%
Rochester, MN	7.375%	12/01/2041	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%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2046	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
Central Plains Energy - Goldman Sachs	5.000%	09/01/2042	0.3%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2034	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%
City of Scranton, PA	5.000%	11/15/2032	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	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	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
California Muni Fin Auth	4.000%	12/31/2047	0.3%
Chicago Brd of Ed	6.500%	12/01/2046	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
Pub Fin Auth	6.850%	11/01/2046	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Chicago Brd of Ed	5.000%	12/01/2030	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
Chicago	5.000%	01/01/2052	0.2%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.2%
Detroit, MI	5.250%	07/01/2041	0.2%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.2%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.2%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.2%
Chicago Brd of Ed	5.000%	12/01/2029	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	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%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
New Jersey Tpk Auth	4.000%	01/01/2043	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2045	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
Village Comnty Dev Dist No. 12	4.375%	05/01/2050	0.2%
Metropolitan Pier & Exposition Auth, IL	5.250%	06/15/2050	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
St. Louis Indus Dev Auth, MO	4.750%	11/15/2047	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Puerto Rico Aqueduct & Swr Auth	6.000%	07/01/2038	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
New Hope Cultural Ed Fin Corp, TX	5.500%	07/01/2054	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2052	0.2%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
West Virginia Hosp Fin Auth	4.000%	06/01/2051	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	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%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2040	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2037	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2046	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Massachusetts Dev Fin Agy	4.000%	07/01/2047	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Pub Fin Auth	6.375%	01/01/2048	0.2%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2042	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Glenville State College	5.250%	06/01/2047	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2054	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	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%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Arista Metropolitan District	5.125%	12/01/2048	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
New York City Transitional Fin Auth	1.550%	08/01/2031	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.2%
Jacksonville, FL	5.000%	06/01/2053	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Florida Hgr Edl Facs Fin Auth	5.000%	06/01/2048	0.2%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.2%
City of Reno NV	0.000%	07/01/2058	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2030	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Illinois Fin Auth	5.250%	05/15/2050	0.2%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.1%
Pub Fin Auth	4.300%	11/01/2030	0.1%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Houston, TX	5.000%	07/15/2035	0.1%
Marietta Dev Auth	5.000%	11/01/2047	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.1%
Chicago	5.000%	01/01/2031	0.1%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
New York City Indl Dev Agy	5.000%	01/01/2036	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Village of Bellwood, IL	6.150%	12/01/2032	0.1%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.1%
Broward Cnty, FL	5.125%	10/01/2038	0.1%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Illinois Fin Auth	7.125%	02/01/2034	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
New York City Transitional Fin Auth	1.550%	11/01/2022	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
New Mexico Hosp Equipment Loan Council	1.400%	08/01/2034	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.1%
Virgin Islands Pub Fin Auth	5.000%	10/01/2029	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	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%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Chicago, IL	5.250%	01/01/2028	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%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
Pub Fin Auth	6.250%	01/01/2038	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2051	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Puerto Rico Aqueduct & Sewer Authority	5.125%	07/01/2037	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	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%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
New York City Transitional Fin Auth	1.470%	11/01/2022	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	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%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	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%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Rockdale Cnty Dev Auth	4.000%	01/01/2038	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Puerto Rico Elec Pwr Auth	5.050%	07/01/2042	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
Frederick Cnty, MD	5.000%	09/01/2037	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%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	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%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
Chicago Brd of Ed	5.000%	12/01/2032	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Rochester, MN	6.875%	12/01/2029	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%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.1%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
Franklin Cnty Indus Dev Auth, PA	5.000%	12/01/2053	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
District of Columbia, DC	5.000%	07/01/2052	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%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	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%
City of Rockville MD	5.000%	11/01/2042	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%
Virginia Small Business Fing Auth	5.000%	01/01/2048	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
New York City Mun Fin Auth	1.500%	06/15/2045	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2036	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%
South Jersey Port Corp, NJ	5.000%	01/01/2042	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.1%
Chicago Brd of Ed	5.000%	12/01/2033	0.1%
Michigan Tobacco Settlement Fin Auth	0.000%	06/01/2058	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2052	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Glendale Industrial Development Authority	5.000%	11/15/2036	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2040	0.1%
Director St Dept Business & Indus, NV	5.000%	12/15/2048	0.1%
Dorm Auth of the St of New York	5.000%	11/01/2031	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2039	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Puerto Rico	5.000%	07/01/2023	0.1%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2043	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
Columbia Industrial Dev Board - Alabama Power	1.520%	12/01/2037	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Glenville State College	5.000%	06/01/2037	0.1%
Philadelphia Auth for Indus Dev	5.000%	07/01/2042	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2032	0.1%
New Haven, CT	5.500%	08/01/2037	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	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%
Washington St Hsg Fin Comm	6.000%	01/01/2024	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%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2024	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
California Muni Fin Auth	5.000%	06/01/2048	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%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Chicago Brd of Ed	6.750%	12/01/2030	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
New Haven, CT	5.500%	08/01/2033	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Illinois, IL	4.500%	11/01/2039	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.1%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.1%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2042	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.1%
Pub Fin Auth	5.250%	05/15/2047	0.1%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.1%
City of Scranton, PA	5.000%	09/01/2029	0.0%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.0%
Massachusetts Dev Fin Agy	5.000%	10/01/2047	0.0%
South Jersey Port Corp, NJ	5.000%	01/01/2048	0.0%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.0%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.0%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.0%
City of Reno NV	0.000%	07/01/2058	0.0%
Chicago, IL	5.500%	01/01/2037	0.0%
Southlands Metropolitan District No 1	5.000%	12/01/2047	0.0%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.0%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2051	0.0%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.0%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Arizona Indus Dev Auth	5.000%	07/01/2047	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Franklin Cnty Indus Dev Auth, PA	5.000%	12/01/2048	0.0%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.0%
Indiana Fin Auth	1.500%	02/01/2037	0.0%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.0%
Pub Fin Auth	6.125%	01/01/2033	0.0%
New York City Transitional Finance Auth - Future Tax	1.470%	08/01/2023	0.0%
District of Columbia Tobacco Settlement Financing	0.000%	06/15/2055	0.0%
Pub Fin Auth	0.000%	10/01/2042	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%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.0%
Dorm Auth of the St of New York	4.000%	08/01/2038	0.0%
Indiana Housing and Cmnty Dev Auth - Single Family Mortgage	1.780%	07/01/2047	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	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%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Florida Dev Fin Corp.	3.519%	05/15/2037	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%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2048	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
New Haven, CT	5.500%	08/01/2035	0.0%
Chicago Brd of Ed	5.000%	12/01/2034	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%
Dorm Auth of the St of New York	4.000%	08/01/2037	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Dorm Auth of the St of New York	5.000%	08/01/2034	0.0%
City of Scranton, PA	5.000%	09/01/2028	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%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Burke Cnty Dev Auth, GA	4.125%	11/01/2045	0.0%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2038	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Illinois Fin Auth	0.000%	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%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	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.	2.800%	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 Dec 2008	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 10/19/2018: $0.350
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	09/30/2018	$0.03881	$11.93
Daily	Daily	08/31/2018	$0.03861	$12.03
Daily	Daily	07/31/2018	$0.03851	$11.97
Daily	Daily	06/30/2018	$0.03962	$11.97
Daily	Daily	05/31/2018	$0.03851	$11.90
Daily	Daily	04/30/2018	$0.03872	$11.78
Daily	Daily	03/31/2018	$0.03915	$11.76
Daily	Daily	02/28/2018	$0.03994	$11.68
Daily	Daily	01/31/2018	$0.03833	$11.73

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	10/31/2018
Daily	Daily	11/30/2018
Daily	Daily	12/31/2018

Fees & Expenses

Sales Charge Schedule as of 10/19/2018

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.00
$100,000 to $249,999	1.75%	1.50%	$11.94
$250,000 to $499,999	1.25%	1.00%	$11.88
$500,000 to $999,999	0.00%	1.00%	$11.73
$1,000,000 to $5,000,000	0.00%	1.00%	$11.73

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 09/30/2018

Expense ratio details, Click here.

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

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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 A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

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.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

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.

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 10/19/2018

30 Day Standardized yield 2 as of 09/30/2018

Fund Basicsas of 09/28/2018

Expense Ratioas of 09/30/2018

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

RELATED CONTENT

Credit Quality Distribution as of 09/28/2018

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 10/19/2018

30-Day Standardized Yield 2 as of 09/30/2018

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

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Using Your Email Address.

Dividend Yield ¹ as of 10/19/2018

30 Day Standardized yield ² as of 09/30/2018

Dividend Yield ¹ as of 10/19/2018

30-Day Standardized Yield ² as of 09/30/2018