High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 09/23/2016

$12.17

$0.00

YTD Returns w/o sales charge as of 09/23/2016

7.99%

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 09/23/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.07%	4.03%
w/ sales charge	3.98%	3.94%

30 Day Standardized yield ² as of 08/31/2016

4.02%

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

Fund Basicsas of 08/31/2016

Total Net Assets: $2.24 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 561
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

The net expense ratio takes into account a management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through 01/31/2017. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such waiver/reimbursement, 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 0.87%

Net 0.82%

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

w/o sales charge	7.89%	11.29%	9.53%	7.19%	2.89%	3.56%
Lipper Category Avg. High Yield Municipal Debt Funds	6.52%	9.83%	9.27%	7.14%	4.22%	-
Barclays High Yield Municipal Bond Index	9.08%	13.38%	9.14%	7.59%	4.97%	-
w/ sales charge	5.44%	8.82%	8.69%	6.71%	2.66%	3.27%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

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

w/o sales charge	6.78%	10.25%	6.95%	7.05%	3.07%	3.52%
Lipper Category Avg. High Yield Municipal Debt Funds	5.94%	10.04%	7.28%	7.42%	4.41%	-
Barclays High Yield Municipal Bond Index	7.98%	12.09%	6.53%	7.77%	5.11%	-
w/ sales charge	4.35%	7.73%	6.16%	6.57%	2.84%	3.22%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

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 08/31/2016

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

29 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 09/23/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.07%	4.03%
w/ sales charge	3.98%	3.94%

30-Day Standardized Yield ² as of 08/31/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.02%	4.02%

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

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

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

w/o sales charge	7.89%	11.29%	9.53%	7.19%	2.89%	3.56%
Lipper Category Avg. High Yield Municipal Debt Funds	6.52%	9.83%	9.27%	7.14%	4.22%	-
Barclays High Yield Municipal Bond Index	9.08%	13.38%	9.14%	7.59%	4.97%	-
w/ sales charge	5.44%	8.82%	8.69%	6.71%	2.66%	3.27%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

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

w/o sales charge	6.78%	10.25%	6.95%	7.05%	3.07%	3.52%
Lipper Category Avg. High Yield Municipal Debt Funds	5.94%	10.04%	7.28%	7.42%	4.41%	-
Barclays High Yield Municipal Bond Index	7.98%	12.09%	6.53%	7.77%	5.11%	-
w/ sales charge	4.35%	7.73%	6.16%	6.57%	2.84%	3.22%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

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	Barclays High Yield Municipal Bond Index

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%	10.74%
2005	6.63%	-
2004	0.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2016	2.38%	4.29%	-	-	7.99%
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 08/31/2016

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 08/31/2016

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

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

PORTFOLIO BREAKDOWN as of 08/31/2016

Maturity	Assets
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

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

PORTFOLIO BREAKDOWN as of 08/31/2016

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

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

Credit QUALITY DISTRIBUTION as of 08/31/2016

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

Portfolio Positioning as of 06/30/2016

The portfolio has an overweight in ‘BBB’ rated bonds, compared to its benchmark, the Barclays High Yield Municipal Bond Index, since these securities trade at wide spreads and offer potentially more attractive risk-adjusted income, liquidity and total return characteristics than below investment-grade bonds.
The portfolio continues to overweight revenue bonds, including transportation and health care bonds, given their dedicated income stream and favorable return prospects.
The portfolio is overweight bonds with maturities in the 25- to 30-year range in order to take advantage of the relative value opportunity in bonds with longer maturities due to new issue supply. Demand for the incremental yield available in longer bonds, amid a steady low interest rate environment, continues to provide attractive performance potential.
While the portfolio maintains holdings in Puerto Rico bonds, this allocation represents a significant underweight relative to the large exposure in the Barclays High Yield Municipal Bond Index.

Portfolio Details as of 08/31/2016

Total Net Assets: $2.24 B
Number of Issues: 561
Average Coupon: 5.40%
Average Effective Maturity: 21.0 Years
Average Effective Duration: 7.02 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 Center	5.000%	11/15/2044	1.6%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.0%
NY Tobacco Settlement Asset-Backed Bonds	5.125%	06/01/2042	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%

% of Total Assets			9.4%

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 of07/29/2016

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.6%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.0%
California Statewide Comntys Dev Auth	5.250%	12/01/2056	0.9%
NY Tobacco Settlement Corp	5.125%	06/01/2042	0.8%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%
San Antonio Electric & Gas	8.087%	02/01/2031	0.7%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%
Golden State Tobacco Securitization Corp	4.500%	06/01/2027	0.7%
Chicago Brd of Ed	5.250%	12/01/2041	0.7%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.6%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.6%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2041	0.6%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.6%
Chicago Brd of Ed	5.000%	12/01/2042	0.6%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.6%
Adelanto Public Utility Auth	6.625%	07/01/2031	0.6%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	0.6%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.6%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2028	0.6%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.5%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Harrisburg Auth	6.000%	09/01/2036	0.5%
Chicago Brd of Ed	1.270%	03/01/2036	0.5%
Baltimore Mayor & City Council, MD	5.875%	09/01/2039	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Mohave Co Indus Dev Auth - Mohave Prision	8.000%	05/01/2025	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Louisiana Pub Facs Auth	6.500%	05/15/2037	0.5%
Inglewood Redev Agy, CA	5.000%	05/01/2033	0.5%
Alachua Cnty, FL	5.875%	11/15/2036	0.5%
San Diego Cnty Tobacco Asset Securitization Corp	5.000%	06/01/2037	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Arizona Hlth Facs Auth	5.200%	10/01/2037	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Vigo Cnty Hosp Auth	5.700%	09/01/2037	0.4%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.4%
New York Transp Dev Corp.	5.000%	08/01/2031	0.4%
Port Authur Navigation Dist - Motiva Enterprises	0.560%	04/01/2040	0.4%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
M-S-R Energy Auth	6.500%	11/01/2039	0.4%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.4%
Puerto Rico General Obligation	8.000%	07/01/2035	0.4%
Susquehanna Area Regl Arpt Auth	6.500%	01/01/2038	0.4%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	8.523%	01/01/2034	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Puerto Rico General Obligation	5.500%	07/01/2039	0.4%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.4%
Long Beach Natural Gas - Merrill Lynch	5.500%	11/15/2037	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.4%
Illinois, IL	5.000%	01/01/2035	0.3%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.3%
Chicago Brd of Ed	7.000%	12/01/2044	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Baker Correctional Dev Corp.	7.500%	02/01/2030	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Lower Alabama Gas Dist	5.000%	09/01/2046	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Golden State Tobacco Securitization Corp	5.750%	06/01/2047	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Orange Cnty Hlth Facs Auth, FL	5.500%	07/01/2038	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2045	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
Padre Dam Muni Wtr Dist, CA	5.250%	10/01/2034	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
Puerto Rico Aqueduct & Swr Auth	5.000%	07/01/2017	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%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
New Jersey Econ Dev Auth	5.375%	11/01/2036	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
City of Tallahassee, FL	5.000%	12/01/2055	0.3%
IA Finance Auth - Alcoa	4.750%	08/01/2042	0.3%
Rockdale Cnty Dev Auth	6.125%	01/01/2034	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%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
New York Liberty Dev Corp.	7.250%	11/15/2044	0.3%
California Statewide Comntys Dev Auth	5.250%	12/01/2044	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Pennsylvania Econ Dev Fing Auth	5.000%	12/31/2034	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Illinois Fin Auth	5.000%	12/01/2046	0.3%
Dallas Fort Worth, TX	5.000%	11/01/2028	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.3%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Massachusetts Dev Fin Agy	5.000%	09/01/2045	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.3%
HFDC of Central Texas, Inc.	5.750%	11/01/2036	0.3%
Kent Hosp Fin Auth, MI	6.000%	07/01/2035	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
Marietta Dev Auth	7.000%	06/15/2030	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
California Poll Cntrl Fin Auth	3.125%	11/01/2040	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.750%	07/01/2038	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Pub Fin Auth	4.000%	08/01/2035	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
South Carolina Edl Facs Auth	0.340%	10/01/2039	0.2%
Howard Cnty, MD	5.250%	04/01/2037	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
California Sch Fin Auth	6.000%	01/01/2019	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Philadelphia School District	6.000%	09/01/2038	0.2%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.2%
Nassau Cnty Tobacco Settlement Corp.	5.125%	06/01/2046	0.2%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.2%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Houston Airport - Continental Airlines	5.000%	07/01/2029	0.2%
New York City Indl Dev Agy	5.000%	01/01/2039	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	5.000%	07/01/2046	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Arborwood Comnty Dev Dist	5.350%	05/01/2036	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
New Jersey Edl Facs Auth	7.125%	12/01/2023	0.2%
Lake Elsinore Public Fing Auth	5.000%	09/01/2040	0.2%
Pima Cnty Indus Dev Auth, AZ	5.500%	07/01/2026	0.2%
Illinois Fin Auth	5.875%	02/15/2038	0.2%
Alachua Cnty, FL	5.875%	11/15/2042	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	8.958%	05/15/2031	0.2%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Maricopa Cnty Indus Dev Auth, AZ	3.375%	12/01/2031	0.2%
Dorm Auth of the St of New York	5.500%	01/01/2044	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Massachusetts Port Auth	1.113%	01/01/2031	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Cnty of Cuyahoga, OH	6.000%	05/15/2037	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
Capital Region Cmnty Dev, FL	7.000%	05/01/2039	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Pima Cnty Indus Dev Auth, AZ	5.625%	07/01/2038	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Successor Agy to the Inland Vy Dev Agy, CA	5.250%	09/01/2037	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Gainesville Redev Auth	5.125%	03/01/2037	0.2%
Illinois Fin Auth	5.625%	02/15/2037	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2038	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
New York City	0.390%	08/01/2038	0.2%
Yosemite Comnty Coll Dist, CA	0.000%	08/01/2042	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
North Carolina Medical Care Comm	5.000%	07/01/2045	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%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Illinois Fin Auth	5.375%	02/15/2025	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
Buckeye Tobacco Settlement Fing Auth	6.500%	06/01/2047	0.2%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.2%
Collier Cnty Indus Dev Auth, FL	8.125%	05/15/2044	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Baytown Twp, MN	6.750%	08/01/2028	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%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.500%	07/01/2026	0.2%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.2%
Oregon Facs Auth	5.000%	04/01/2045	0.2%
San Antonio, TX	5.000%	07/15/2039	0.2%
Provo, UT	5.500%	06/15/2037	0.2%
Puerto Rico Aqueduct & Swr Auth	5.750%	07/01/2037	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2035	0.2%
Chicago, IL	5.500%	01/01/2033	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%
Chicago Brd of Ed	5.250%	12/01/2039	0.2%
Kent Hosp Fin Auth, MI	5.750%	07/01/2025	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2047	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Chicago	5.000%	01/01/2031	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	8.958%	08/15/2030	0.2%
Puerto Rico	5.250%	07/01/2037	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Lathrop Fing Auth	6.000%	06/01/2035	0.2%
River Islands Public Fing Auth	5.500%	09/01/2045	0.2%
Broward Cnty, FL	5.125%	10/01/2038	0.2%
Lombard Pub Facs Corp.	7.125%	01/01/2036	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.1%
Borough of Aleutians East, AK	5.500%	06/01/2036	0.1%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.1%
New York City Indl Dev Agy	5.000%	01/01/2036	0.1%
Indiana Fin Auth	5.000%	06/01/2039	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Puerto Rico	5.000%	07/01/2019	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
California Statewide Fing Auth	0.000%	06/01/2046	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Baltimore Mayor & City Council, MD	5.250%	09/01/2039	0.1%
Western Illinois Econ Dev Auth, IL	7.000%	06/01/2033	0.1%
Wisconsin Health Facs - Wheaton Healthcare	5.125%	08/15/2030	0.1%
Buffalo & Erie Cnty Indus Land Dev Corp., NY	5.250%	04/01/2035	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Austin Convention Center Enterprises, Inc.	5.750%	01/01/2034	0.1%
Hawaii Arpt Sys	5.000%	07/01/2041	0.1%
Maryland Econ Dev Corp.	5.000%	03/31/2051	0.1%
Pennsylvania Econ Dev Fing Auth	5.000%	12/31/2038	0.1%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2037	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	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%
California Poll Cntrl Fin Auth	5.000%	07/01/2037	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	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%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.1%
Illinois Fin Auth	5.000%	02/15/2041	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
ABAG Fin Auth For Nonprofit Corps, CA	5.000%	11/15/2035	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Puerto Rico	5.250%	07/01/2022	0.1%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.1%
NJ Tobacco Settlement Finance Corp	4.750%	06/01/2034	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	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%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Puerto Rico	5.625%	07/01/2033	0.1%
Cnty of Cuyahoga, OH	6.000%	05/15/2042	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Rochester, MN	5.000%	12/01/2049	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Palm Beach Cnty, FL	6.750%	05/15/2035	0.1%
Delaware Econ Dev Auth	5.375%	10/01/2045	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.1%
Lathrop Fing Auth	5.900%	06/01/2027	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Riverside Cnty Redev Agy, CA	6.500%	10/01/2040	0.1%
New Jersey Edl Facs Auth	7.500%	12/01/2032	0.1%
Collier Cnty Indus Dev Auth, FL	7.750%	05/15/2035	0.1%
Cnty of Anne Arundel, MD	6.100%	07/01/2040	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.1%
Pub Fin Auth	4.300%	11/01/2030	0.1%
Philadelphia Muni Auth, PA	6.375%	04/01/2029	0.1%
New York St Thruway Auth	5.250%	01/01/2056	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Shelby Cnty Hlth Edl & Hsg Facs Bd	5.000%	12/01/2032	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2046	0.1%
Puerto Rico	6.000%	07/01/2039	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	0.1%
Chesterfield Cnty Econ Dev Auth	5.000%	01/01/2032	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.1%
Vigo Cnty Hosp Auth	5.750%	09/01/2042	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
New York City Indl Dev Agy	5.000%	01/01/2046	0.1%
California Muni Fin Auth	5.000%	06/01/2046	0.1%
Guam Waterworks Auth	5.000%	01/01/2046	0.1%
TSASC, Inc.	5.000%	06/01/2034	0.1%
Puerto Rico	6.000%	07/01/2038	0.1%
HFDC of Central Texas, Inc.	5.625%	11/01/2026	0.1%
Puerto Rico	5.000%	07/01/2020	0.1%
Indiana Fin Auth	5.250%	09/01/2034	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Puerto Rico	5.000%	07/01/2022	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
Palm Bay, FL	7.000%	07/01/2036	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	6.000%	06/01/2021	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2037	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	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%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Oakland Unif Sch Dist, CA	6.125%	08/01/2029	0.1%
Virginia Coll Bldg Auth	5.000%	07/01/2045	0.1%
Puerto Rico	5.000%	07/01/2033	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Valparaiso, IN	5.875%	01/01/2024	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%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Kansas City Indus Dev Auth, MO	5.875%	01/01/2037	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2046	0.1%
Puerto Rico	5.250%	07/01/2019	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
District of Columbia, DC	5.000%	06/01/2046	0.1%
Rumford, ME	6.875%	10/01/2026	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%
Maryland Econ Dev Corp.	5.000%	03/31/2046	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.1%
Port of Port Arthur Navig Dist Jefferson Cnty, TX	0.560%	11/01/2040	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
Roseville, CA	5.000%	09/01/2037	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
California Statewide Comntys Dev Auth	4.750%	08/01/2020	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
City of Tallahassee, FL	5.000%	12/01/2040	0.1%
California Sch Fin Auth	5.000%	08/01/2046	0.1%
Dorm Auth of the St of New York	4.000%	07/01/2040	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
Gainesville Redev Auth	5.125%	03/01/2027	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Borough of Aleutians East, AK	5.500%	06/01/2025	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2044	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
Florida Dev Fin Corp.	6.000%	05/15/2036	0.1%
Illinois Fin Auth	5.000%	09/01/2046	0.1%
Virginia Coll Bldg Auth	5.000%	07/01/2035	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2031	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2030	0.1%
California Muni Fin Auth	6.125%	07/01/2038	0.1%
Puerto Rico	5.750%	07/01/2041	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
Florida Dev Fin Corp.	6.125%	05/15/2037	0.1%
Poway Unif Sch Dist Pub Fing Auth, CA	5.000%	09/15/2027	0.1%
La Vernia Higher Ed Fin Corp., TX	6.375%	02/15/2037	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
New Jersey Econ Dev Auth	5.300%	11/01/2026	0.1%
Maryland Econ Dev Corp.	5.000%	06/01/2035	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Howard Cnty, MD	5.250%	04/01/2027	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Roseville, CA	5.000%	09/01/2032	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
Pub Fin Auth	0.000%	10/01/2042	0.1%
Lake Elsinore Public Fing Auth	5.000%	09/01/2035	0.1%
Lancaster Redev Agy, CA	6.875%	08/01/2034	0.1%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.1%
Poway Unif Sch Dist Pub Fing Auth, CA	5.000%	09/15/2032	0.1%
Tustin Comnty Fac Dist	5.000%	09/01/2045	0.1%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.1%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2037	0.1%
City of Irvine CA	5.000%	09/01/2039	0.1%
Chicago	5.000%	01/01/2046	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.1%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.1%
North Texas Ed Fin Corp.	5.125%	12/01/2042	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.1%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.0%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.0%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.0%
Chicago, IL	5.000%	11/01/2029	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Chesterfield Cnty Econ Dev Auth	5.125%	01/01/2043	0.0%
Chicago, IL	5.500%	01/01/2037	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
La Vernia Higher Ed Fin Corp., TX	6.250%	02/15/2026	0.0%
Cnty of Anne Arundel, MD	5.625%	07/01/2025	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2029	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%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Chelan County Development Corp.	5.850%	12/01/2031	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Illinois Fin Auth	5.000%	09/01/2036	0.0%
Puerto Rico	5.000%	07/01/2021	0.0%
Massachusetts Dev Fin Agy	5.000%	07/01/2041	0.0%
Illinois Fin Auth	5.250%	11/15/2016	0.0%
Idaho Hlth Facs Auth	5.000%	09/01/2029	0.0%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2043	0.0%
LA Environmental Facs - Westlake Chemical	6.500%	08/01/2029	0.0%
Marietta Dev Auth	7.000%	06/15/2039	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2051	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	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%
Alaska Indus Dev & Export Auth, AK	6.120%	08/01/2031	0.0%
Poway Unif Sch Dist Pub Fing Auth, CA	5.000%	09/15/2024	0.0%
Chicago, IL	5.000%	11/01/2028	0.0%
Maryland Econ Dev Corp.	5.000%	06/01/2043	0.0%
Chicago, IL	5.000%	11/01/2030	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Plaza Metropolitan Dist No 1	5.000%	12/01/2022	0.0%
City of Irvine CA	5.000%	09/01/2044	0.0%
Palm Bay, FL	6.750%	07/01/2022	0.0%
Arborwood Comnty Dev Dist	5.500%	05/01/2036	0.0%
Sayre Memorial Hosp Auth	6.000%	07/01/2037	0.0%
Lancaster Redev Agy, CA	6.875%	08/01/2039	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Whispering Spring Dev Dist	5.200%	10/01/2021	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	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%
Doctor Charles Drew Academy	5.700%	11/01/2036	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2036	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Middlesex Cnty Impt Auth	5.000%	01/01/2020	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	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%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Grandview Indus Dev Auth	5.750%	12/01/2028	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Riverside Cnty Pub Fing Auth, CA	4.750%	10/01/2035	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Red River Hlth Facs Dev Corp.	6.125%	11/15/2020	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Michigan Strategic Fnd	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev	8.375%	07/15/2033	0.0%
California Statewide Comntys Dev Auth	5.500%	07/01/2037	0.0%
Moraine Ohio Solid Waste Disp	8.375%	07/15/2033	0.0%
US 10YR Treasury Future Sep 2016	0.000%	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/23/2016: $0.355
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2016	$0.04127	$12.19
Daily	Daily	07/31/2016	$0.04518	$12.18
Daily	Daily	06/30/2016	$0.04466	$12.15
Daily	Daily	05/31/2016	$0.04435	$11.93
Daily	Daily	04/30/2016	$0.04443	$11.85
Daily	Daily	03/31/2016	$0.04419	$11.78
Daily	Daily	02/29/2016	$0.04458	$11.72
Daily	Daily	01/31/2016	$0.04699	$11.69

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	09/30/2016
Daily	Daily	10/31/2016
Daily	Daily	11/30/2016
Daily	Daily	12/31/2016

Fees & Expenses

Sales Charge Schedule as of 09/23/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.45
$100,000 to $249,999	1.75%	1.50%	$12.39
$250,000 to $499,999	1.25%	1.00%	$12.32
$500,000 to $999,999	0.00%	1.00%	$12.17
$1,000,000 to $5,000,000	0.00%	1.00%	$12.17

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 08/31/2016

Expense ratio details, Click here.

Fund Review

Market Review as of 06/30/2016

The U.S. municipal bond market (as represented by the Barclays Municipal Bond Index[1]) continued to advance in the second quarter, surpassing the returns of other notable asset classes during the period, including large-cap equities (as represented by the S&P 500 Index[2]), international equities (as represented by the MSCI EAFE Index[3]), and taxable investment-grade bonds (as represented by the Barclays U.S. Aggregate Bond Index[4]).

Total issuance was slightly ahead of the second quarter of the prior year, with refunding issues exceeding new capital issuance during the period, as issuers continue to take advantage of low market rates. Investor demand for municipal bonds remained strong, as investors sought income in a low-yield environment as well as greater insulation from global factors that have introduced volatility to other parts of the market. Consequently, year-to-date municipal fund flows, based on information from Lipper U.S. fund flows, exceeded $33 billion at the end of the quarter. In terms of maturity and quality, the demand for incremental yield has resulted in longer-maturity municipal bonds outperforming shorter-maturity municipal bonds and lower-quality bonds generally outperforming higher-quality bonds during the second quarter.

High-profile issuers, such as Illinois and New Jersey, remained in the spotlight during the past quarter, as these issuers continue to struggle with pension and budget issues. In the case of Puerto Rico, the commonwealth has marked the headlines with defaults, the most recent of which was on general obligation debt, a type of debt that has not experienced a default in decades. In order to help manage the situation in Puerto Rico and address its debt crisis, Congress approved a financial rescue bill on June 30, which will place the island’s finances under the control of a federally appointed oversight board. Despite the aforementioned defaults, Puerto Rico bonds, in general, have outperformed the broad municipal bond market (as represented by the Barclays Municipal Bond Index) as well as the Barclays High Yield Municipal Bond Index[5] during the second quarter and YTD period. Isolated pockets of distress aside, overall creditworthiness continues to improve, as many states’ finances experienced rising revenues, while maintaining balanced budgets.

Fund Review as of 06/30/2016

The Fund* underperformed its benchmark, the Barclays High Yield Municipal Bond Index¹, with all distributions reinvested, for the three-month period ended June 30, 2016.

The largest detractor from relative performance was the Fund’s more diversified positioning stemming from a significant underweight to Puerto Rico bonds, which performed well during the period and make up a large portion of the index. With regard to maturities, although the Fund’s neutral positioning had little impact on relative performance, bonds twenty five years and longer performed the best within the Fund, as investors showed a strong willingness to obtain more attractive yields in the low rate environment. The strategy benefitted from its underweight to bonds with maturities five years and shorter. This range performed the worst by cause of short durations and low yields, which left little room for a decline in rates.

In terms of credit qualities, the Fund derived its best performance from its high yield holdings, particularly those rated ‘B’ and lower as some of the large issuers, such as Puerto Rico, heavily influenced the performance of bonds in that range with their positive momentum. Overall the Fund’s underweight to lower rated credits detracted from relative performance.

In terms of sectors, the best performance came from local general obligation and state general obligation bonds, both Fund underweights. This outperformance was atypical within the high yield space and was due to the price recovery of Chicago and Puerto Rico bonds, which delivered signs of progress in working towards solutions to fiscal issues. An overweight to airlines acted as a headwind to relative performance as spreads failed to tighten over the most recent quarter despite outperforming over several prior quarters due to credit upgrades. An underweight to special tax bonds had a positive influence on relative performance as they lacked trading volume sufficient enough to keep pace with more actively traded sectors.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Municipal Market Outlook

Demand for municipal bonds showed no sign of diminishing as the second quarter came to a close. Investors were drawn to the relative stability of the municipal market and the relatively attractive yields offered in this low-rate environment. Therefore, we believe that healthy demand likely will persist, given that municipal yields continue to provide investors with compelling taxable-equivalent income, default rates that remain low, and overall creditworthiness that continues to improve. New-issue supply is expected to remain relatively strong going forward, as new-money issuance for new projects remains stable and the refunding of outstanding bonds will likely increase by reason of a flatter yield curve and persistently low interest rates.

Ratios of municipal bond yields to Treasuries have decreased substantially this year, and are likely to remain stable at these levels due to the strong demand for municipals aiding market performance. Lower-rated municipal bond spreads may remain somewhat stable or slightly tighten as desire for incremental yield remains strong. Although the low yields offered at the short end of the yield curve make a rally in shorter-term bonds less probable, investor uncertainty regarding the state of the global economy could prolong the rally in longer-term tax-free bonds, as fears of inflation or a Federal Reserve rate hike remain subdued.

Although a few high-profile issuers, such as New Jersey and Illinois, are hampered by challenges, and likely will continue to remain under pressure (as a result of pension reform and funding of pension liabilities), it is important to focus on overall state health and creditworthiness, which are expected to remain stable. In general, the pace of revenue growth has slowed, compared with recent years; however, budgets are being successfully balanced across most states, and tax revenues remain strong as employment continues to improve nationally and the economy continues to slowly grow. Since it is an election year, it is unlikely that Washington will introduce any legislation that would affect the overall municipal bond market. However, Puerto Rico bonds could be affected by the actions of the federally-appointed financial control board created by the recent legislation, which aims to give the island an avenue to restructure its $72 billion of debt. Municipal bonds continue to offer the combination of a high credit-quality profile and relatively attractive, taxable-equivalent returns to investors.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

If applicable, “Modestly” is defined as any under or outperformance within 100 basis points (bps) for equity funds and 50 basis points (bps) for fixed income funds as compared to the Fund's benchmark.

¹The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, Standard & Poor’s, or Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

²The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

³ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

⁴ The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

⁵ The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

The indexes are presented for informational purposes only and are not presented to illustrate any specific product or security. Unless otherwise specified, indexes reflect total return, with all dividends reinvested. An index is unmanaged, does not reflect the deduction of fees or expenses, and is not available for direct investment.Past performance is not a reliable indicator or guarantee of future results.

The credit qualities of securities in the portfolio are assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) ‘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.

The yield spread is the difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. The spread can be measured between debt instruments of differing maturities, credit ratings and risk.

A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

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 bonds of issuers 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.

U.S. Treasuries are backed by the full faith and credit of the U.S. government. The rate of return of a mutual fund investment, however, is not guaranteed and will fluctuate with changes in market conditions; therefore, there is a greater risk to your investment capital.

The views and information discussed in this commentary are as of June 30, 2016, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only and should not be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in the Fund’s summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional, Lord Abbett Distributor LLC at 888-522-2388 or visit us at www.lordabbett.com. Read the prospectus carefully before investing.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
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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

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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 Fund’s Dividend Yield and 12-Month Dividend Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

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 munimum 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 09/23/2016

30 Day Standardized yield 2 as of 08/31/2016

Fund Basicsas of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

RELATED CONTENT

Credit Quality Distribution as of 08/31/2016

Investment Team

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Performance

Performance

Dividend Yield 1 as of 09/23/2016

30-Day Standardized Yield 2 as of 08/31/2016

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

Net 0.82%

Fund Expense Ratio :

Gross 0.87%

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Using Your Email Address.

Dividend Yield ¹ as of 09/23/2016

30 Day Standardized yield ² as of 08/31/2016

Dividend Yield ¹ as of 09/23/2016

30-Day Standardized Yield ² as of 08/31/2016