High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 07/25/2017

$11.81

$0.01

YTD Returns w/o sales charge as of 07/25/2017

5.78%

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 07/25/2017

w/o sales charge	4.17%
w/ sales charge	4.08%

30 Day Standardized yield ² as of 06/30/2017

3.64%

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

Fund Basicsas of 06/30/2017

Total Net Assets: $2.13 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 545
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 06/30/2017

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	4.68%	0.67%	5.19%	4.87%	2.45%	3.29%
Lipper Category Avg. High Yield Municipal Debt Funds	4.78%	-0.25%	4.84%	4.58%	3.76%	-
Bloomberg Barclays High Yield Muni Index	6.13%	1.22%	5.62%	5.22%	4.46%	-
w/ sales charge	2.36%	-1.60%	4.38%	4.39%	2.22%	3.01%

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	4.68%	0.67%	5.19%	4.87%	2.45%	3.29%
Lipper Category Avg. High Yield Municipal Debt Funds	4.78%	-0.25%	4.84%	4.58%	3.76%	-
Bloomberg Barclays High Yield Muni Index	6.13%	1.22%	5.62%	5.22%	4.46%	-
w/ sales charge	2.36%	-1.60%	4.38%	4.39%	2.22%	3.01%

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 06/30/2017

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

Ratings provided by Standard & Poor's and Moody's. Where S&P and Moody's 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

30 Years of Industry Experience

Supported By 14 Investment Professionals and 12 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 07/25/2017

w/o sales charge	4.17%
w/ sales charge	4.08%

30-Day Standardized Yield ² as of 06/30/2017

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	3.64%	3.64%

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	4.68%	0.67%	5.19%	4.87%	2.45%	3.29%
Lipper Category Avg. High Yield Municipal Debt Funds	4.78%	-0.25%	4.84%	4.58%	3.76%	-
Bloomberg Barclays High Yield Muni Index	6.13%	1.22%	5.62%	5.22%	4.46%	-
w/ sales charge	2.36%	-1.60%	4.38%	4.39%	2.22%	3.01%

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	4.68%	0.67%	5.19%	4.87%	2.45%	3.29%
Lipper Category Avg. High Yield Municipal Debt Funds	4.78%	-0.25%	4.84%	4.58%	3.76%	-
Bloomberg Barclays High Yield Muni Index	6.13%	1.22%	5.62%	5.22%	4.46%	-
w/ sales charge	2.36%	-1.60%	4.38%	4.39%	2.22%	3.01%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

Best returns

Durations	Fund Returns	Blended Index

3-Mo	14.65	7.12
1-Yr	35.92	12.91

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-23.81	0.74
1-Yr	-32.87	-2.47

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

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%	-2.27%
2006	9.37%	-
2005	6.63%	-
2004	0.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2017	2.70%	1.94%	-	-	5.78%
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 06/30/2017

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 06/30/2017

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

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

PORTFOLIO BREAKDOWN as of 06/30/2017

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 06/30/2017

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

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

Credit QUALITY DISTRIBUTION as of 06/30/2017

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

Portfolio Positioning as of 03/31/2017

The portfolio has an overweight to ‘BBB’ rated bonds, compared to its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, since these securities offer potentially more attractive risk-adjusted income, liquidity, and total return characteristics versus below investment-grade bonds.
The portfolio holds an overweight allocation to health care bonds and an underweight to the industrial development sector.
The portfolio is overweight bonds with maturities in the 27- to 30-year range. Demand for the incremental yield available in longer bonds continues to provide attractive performance potential.
The portfolio maintains holdings in Puerto Rico bonds. This allocation represents a significant underweight relative to the large exposure in its benchmark.

Portfolio Details as of 06/30/2017

Total Net Assets: $2.13 B
Number of Issues: 545
Average Coupon: 5.3%
Average Effective Maturity: 20.8 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	2.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.8%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.7%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%

% of Total Assets			10.7%

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 of05/31/2017

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	2.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.3%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.9%
Golden St Tobacco Securitization Corp.	5.750%	06/01/2047	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%
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%
TSASC, Inc.	5.000%	06/01/2048	0.7%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.7%
Chicago Brd of Ed	5.250%	12/01/2041	0.6%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.6%
Adelanto Public Utility Auth	6.625%	07/01/2031	0.6%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2028	0.6%
Chicago Brd of Ed	1.590%	03/01/2036	0.6%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	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%
Baltimore Mayor & City Council, MD	5.875%	09/01/2039	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.5%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	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%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Alachua Cnty, FL	5.875%	11/15/2036	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Louisiana Pub Facs Auth	6.500%	05/15/2037	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Arizona Hlth Facs Auth	5.200%	10/01/2037	0.5%
Vigo Cnty Hosp Auth	5.700%	09/01/2037	0.4%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.4%
Maryland Econ Dev Corp.	5.000%	12/01/2031	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	0.000%	12/15/2036	0.4%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.4%
Susquehanna Area Regl Arpt Auth	6.500%	01/01/2038	0.4%
Capital Region Wtr Swr Rev	6.000%	09/01/2036	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.4%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	9.831%	01/01/2034	0.4%
Puerto Rico Aqueduct & Swr Auth	5.000%	07/01/2017	0.4%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.4%
Public Auth For CO Energy	6.500%	11/15/2038	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Illinois, IL	5.000%	01/01/2035	0.3%
Long Beach Natural Gas - Merrill Lynch	5.500%	11/15/2037	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.3%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Orange Cnty Hlth Facs Auth, FL	5.500%	07/01/2038	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2045	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Baker Correctional Dev Corp.	7.500%	02/01/2030	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
Chicago Brd of Ed	5.250%	12/01/2039	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
New Mexico Hosp Equipment Loan Council	5.500%	07/01/2042	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
Rockdale Cnty Dev Auth	6.125%	01/01/2034	0.3%
Padre Dam Muni Wtr Dist, CA	5.250%	10/01/2034	0.3%
New Jersey Econ Dev Auth	5.375%	11/01/2036	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
New Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
California Statewide Comntys Dev Auth	5.250%	12/01/2044	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2046	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Palomar Hlth	5.000%	11/01/2039	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
Maryland Hlth & Hgr Ed Facs Auth	5.750%	07/01/2038	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.3%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Pub Fin Auth	6.850%	11/01/2046	0.3%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.3%
California	4.000%	09/01/2035	0.3%
NY Transportation Dev Corp - American Airlines	5.000%	08/01/2031	0.3%
Marietta Dev Auth	7.000%	06/15/2030	0.3%
Massachusetts Dev Fin Agy	5.000%	09/01/2045	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Illinois, IL	5.000%	02/01/2029	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.2%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
California Sch Fin Auth	6.000%	01/01/2019	0.2%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.2%
NJ Tobacco Settlement Finance Corp	4.750%	06/01/2034	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Ohio Air Qlty Dev Auth	4.375%	06/01/2033	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Chicago Brd of Ed	6.500%	12/01/2046	0.2%
Pima Cnty Indus Dev Auth, AZ	5.500%	07/01/2026	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
New Jersey Edl Facs Auth	7.125%	12/01/2023	0.2%
Illinois Fin Auth	5.875%	02/15/2038	0.2%
Arborwood Comnty Dev Dist	5.350%	05/01/2036	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Alachua Cnty, FL	5.875%	11/15/2042	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Maricopa Cnty Indus Dev Auth, AZ	3.375%	12/01/2031	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Pima Cnty Indus Dev Auth, AZ	5.625%	07/01/2038	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Massachusetts Port Auth	2.385%	01/01/2031	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
Lake Elsinore Public Fing Auth	5.000%	09/01/2040	0.2%
Cnty of Cuyahoga, OH	6.000%	05/15/2037	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%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	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%
Chicago Brd of Ed	5.500%	12/01/2039	0.2%
Capital Region Cmnty Dev, FL	7.000%	05/01/2039	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Illinois Fin Auth	5.625%	02/15/2037	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Hamilton Cnty, OH	5.000%	01/01/2051	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
Baltimore Mayor & City Council, MD	7.000%	09/01/2038	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2029	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.500%	07/01/2026	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
Provo, UT	5.500%	06/15/2037	0.2%
Collier Cnty Indus Dev Auth, FL	8.125%	05/15/2044	0.2%
Washington St Hsg Fin Comm	5.000%	01/01/2051	0.2%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.2%
Yosemite Comnty Coll Dist, CA	0.000%	08/01/2042	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Illinois Fin Auth	5.375%	02/15/2025	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
Chicago	5.000%	01/01/2031	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Ashland, KY	5.000%	02/01/2040	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2035	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Broward Cnty, FL	5.125%	10/01/2038	0.2%
Illinois Fin Auth	5.250%	05/15/2050	0.2%
New York City Indl Dev Agy	5.000%	01/01/2036	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Hamilton Cnty, OH	5.000%	01/01/2046	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Pub Fin Auth	4.300%	11/01/2030	0.1%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
Illinois Fin Auth	4.000%	11/15/2052	0.1%
Washington St Hsg Fin Comm	5.000%	01/01/2046	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	10.338%	08/15/2030	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Baltimore Mayor & City Council, MD	5.250%	09/01/2039	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2037	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Nez Perce County - Potlatch Corporation	2.750%	10/01/2024	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Puerto Rico	5.000%	07/01/2019	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2034	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Connecticut	4.000%	04/15/2037	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Lombard Pub Facs Corp.	7.125%	01/01/2036	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2036	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
City of Scranton, PA	5.000%	11/15/2032	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Cnty of Cuyahoga, OH	6.000%	05/15/2042	0.1%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Palm Beach Cnty, FL	6.750%	05/15/2035	0.1%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2028	0.1%
Palm Bay, FL	7.000%	07/01/2036	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Louisiana Pub Facs Auth	5.000%	07/01/2046	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Cnty of Anne Arundel, MD	6.100%	07/01/2040	0.1%
Riverside Cnty Redev Agy, CA	6.500%	10/01/2040	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
New Jersey Edl Facs Auth	7.500%	12/01/2032	0.1%
Puerto Rico	5.625%	07/01/2033	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Collier Cnty Indus Dev Auth, FL	7.750%	05/15/2035	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2040	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
Philadelphia Muni Auth, PA	6.375%	04/01/2029	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2044	0.1%
Illinois Fin Auth	0.750%	11/01/2038	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
New York St Thruway Auth	5.250%	01/01/2056	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2046	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	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%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2051	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
California Muni Fin Auth	5.000%	06/01/2046	0.1%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.1%
Appling Cnty Dev Auth, GA	0.930%	09/01/2029	0.1%
Chicago, IL	5.000%	01/01/2040	0.1%
Blount Cnty Hlth & Edl Facs Bd	5.000%	01/01/2047	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
Baltimore Mayor & City Council, MD	5.000%	09/01/2046	0.1%
Prince William Cnty Indus Dev Auth	5.000%	01/01/2046	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
New York City Municipal Water Finance Authority	0.950%	06/15/2032	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Baltimore Mayor & City Council, MD	5.000%	09/01/2038	0.1%
Indiana Fin Auth	5.250%	09/01/2034	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
Puerto Rico	5.000%	07/01/2020	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2030	0.1%
Puerto Rico	5.000%	07/01/2022	0.1%
Kansas City Indus Dev Auth, MO	5.875%	01/01/2037	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	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%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2029	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
California Sch Fin Auth	5.000%	08/01/2046	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
IA Finance Auth - Alcoa	4.750%	08/01/2042	0.1%
City of Chicago General Obligation	5.000%	01/01/2024	0.1%
California Muni Fin Auth	6.125%	07/01/2038	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
Illinois Fin Auth	5.000%	09/01/2046	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
New Jersey Econ Dev Auth	5.300%	11/01/2026	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2031	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
Maryland Econ Dev Corp.	5.000%	06/01/2035	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Lancaster Redev Agy, CA	6.875%	08/01/2034	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2036	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2032	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2033	0.1%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2035	0.1%
Ohio Air Qlty Dev Auth	3.750%	12/01/2023	0.1%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.1%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.1%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.1%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.1%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.1%
Lake Elsinore Public Fing Auth	5.000%	09/01/2035	0.1%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.1%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2037	0.1%
Pub Fin Auth	5.250%	05/15/2047	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Prince William Cnty Indus Dev Auth	5.000%	01/01/2037	0.0%
Baltimore Mayor & City Council, MD	5.000%	09/01/2042	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	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%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Ohio Wtr Dev Auth	4.375%	06/01/2033	0.0%
Chesterfield Cnty Econ Dev Auth	5.125%	01/01/2043	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Chicago, IL	5.500%	01/01/2037	0.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Cnty of Anne Arundel, MD	5.625%	07/01/2025	0.0%
Austin Convention Center Enterprises, Inc.	5.000%	01/01/2034	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2036	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2046	0.0%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2041	0.0%
Chicago, IL	5.000%	11/01/2029	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.0%
TSASC, Inc.	5.000%	06/01/2041	0.0%
Ohio Wtr Dev Auth	4.375%	06/01/2033	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
West Virginia Econ Dev Auth, WV	2.875%	12/15/2026	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2046	0.0%
Austin Convention Center Enterprises, Inc.	5.000%	01/01/2032	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
Florida Dev Fin Corp.	2.338%	05/15/2037	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2043	0.0%
Marietta Dev Auth	7.000%	06/15/2039	0.0%
Idaho Hlth Facs Auth	5.000%	09/01/2029	0.0%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2036	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Sayre Memorial Hosp Auth	6.000%	07/01/2037	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2051	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Palm Bay, FL	6.750%	07/01/2022	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Blount Cnty Hlth & Edl Facs Bd	5.000%	01/01/2037	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
TSASC, Inc.	5.000%	06/01/2035	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
New York City Transitional Fin Auth	0.950%	08/01/2022	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Maryland Econ Dev Corp.	5.000%	06/01/2043	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Chicago, IL	5.000%	11/01/2028	0.0%
Chicago, IL	5.000%	11/01/2030	0.0%
Plaza Metropolitan Dist No 1	5.000%	12/01/2022	0.0%
Brooklyn Arena Local Dev Corp.	4.000%	07/15/2035	0.0%
Arborwood Comnty Dev Dist	5.500%	05/01/2036	0.0%
Lancaster Redev Agy, CA	6.875%	08/01/2039	0.0%
Alaska Indus Dev & Export Auth, AK	6.120%	08/01/2031	0.0%
Whispering Spring Dev Dist	5.200%	10/01/2021	0.0%
Atlantic City, NJ	5.000%	03/01/2037	0.0%
Atlantic City, NJ	5.000%	03/01/2042	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	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%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2036	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%
Chicago, IL	5.500%	01/01/2042	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Middlesex Cnty Impt Auth	5.000%	01/01/2020	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Grandview Indus Dev Auth	5.750%	12/01/2028	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Doctor Charles Drew Academy	5.700%	11/01/2036	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%
Florida Dev Fin Corp.	2.800%	05/15/2037	0.0%
Michigan Strategic Fnd	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev	8.375%	07/15/2033	0.0%
Moraine Ohio Solid Waste Disp	8.375%	07/15/2033	0.0%
US 10YR Treasury Future Sep 2007	-	-	0.0%
US 20YR Treasury Future Sep 2007	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 07/25/2017: $0.252
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	06/30/2017	$0.04105	$11.72
Daily	Daily	05/31/2017	$0.04178	$11.75
Daily	Daily	04/30/2017	$0.04172	$11.67
Daily	Daily	03/31/2017	$0.04140	$11.62
Daily	Daily	02/28/2017	$0.04195	$11.63
Daily	Daily	01/31/2017	$0.04423	$11.53

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	07/31/2017
Daily	Daily	08/31/2017
Daily	Daily	09/30/2017
Daily	Daily	10/31/2017
Daily	Daily	11/30/2017
Daily	Daily	12/31/2017

Fees & Expenses

Sales Charge Schedule as of 07/25/2017

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.08
$100,000 to $249,999	1.75%	1.50%	$12.02
$250,000 to $499,999	1.25%	1.00%	$11.96
$500,000 to $999,999	0.00%	1.00%	$11.81
$1,000,000 to $5,000,000	0.00%	1.00%	$11.81

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

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 06/30/2017

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.

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 07/25/2017

30 Day Standardized yield 2 as of 06/30/2017

Fund Basicsas of 06/30/2017

Expense Ratioas of 06/30/2017

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 06/30/2017

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 07/25/2017

30-Day Standardized Yield 2 as of 06/30/2017

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%

Register For a LordAbbett.com Account
Using Your Email Address.

Dividend Yield ¹ as of 07/25/2017

30 Day Standardized yield ² as of 06/30/2017

Dividend Yield ¹ as of 07/25/2017

30-Day Standardized Yield ² as of 06/30/2017