High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 04/20/2018

$11.80

$0.01

YTD Returns w/o sales charge as of 04/20/2018

1.31%

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 04/20/2018

w/o sales charge	3.98%
w/ sales charge	3.89%

30 Day Standardized yield ² as of 03/31/2018

3.35%

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

Fund Basicsas of 03/29/2018

Total Net Assets: $2.07 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 504
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 03/31/2018

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, the net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	0.75%	5.34%	4.27%	3.82%	4.20%	3.35%
Lipper Category Avg. High Yield Municipal Debt Funds	-0.26%	5.02%	3.67%	3.83%	4.75%	-
Bloomberg Barclays High Yield Muni Index	0.58%	6.01%	4.58%	4.06%	5.61%	-
w/ sales charge	-1.51%	2.95%	3.49%	3.35%	3.97%	3.10%

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	0.75%	5.34%	4.27%	3.82%	4.20%	3.35%
Lipper Category Avg. High Yield Municipal Debt Funds	-0.26%	5.02%	3.67%	3.83%	4.75%	-
Bloomberg Barclays High Yield Muni Index	0.58%	6.01%	4.58%	4.06%	5.61%	-
w/ sales charge	-1.51%	2.95%	3.49%	3.35%	3.97%	3.10%

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 03/29/2018

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

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

Investment Team

Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 04/20/2018

w/o sales charge	3.98%
w/ sales charge	3.89%

30-Day Standardized Yield ² as of 03/31/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	3.35%	3.35%

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	0.75%	5.34%	4.27%	3.82%	4.20%	3.35%
Lipper Category Avg. High Yield Municipal Debt Funds	-0.26%	5.02%	3.67%	3.83%	4.75%	-
Bloomberg Barclays High Yield Muni Index	0.58%	6.01%	4.58%	4.06%	5.61%	-
w/ sales charge	-1.51%	2.95%	3.49%	3.35%	3.97%	3.10%

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	0.75%	5.34%	4.27%	3.82%	4.20%	3.35%
Lipper Category Avg. High Yield Municipal Debt Funds	-0.26%	5.02%	3.67%	3.83%	4.75%	-
Bloomberg Barclays High Yield Muni Index	0.58%	6.01%	4.58%	4.06%	5.61%	-
w/ sales charge	-1.51%	2.95%	3.49%	3.35%	3.97%	3.10%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

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

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	0.75%	-	-	-	1.33%
2017	2.70%	1.94%	1.97%	0.59%	7.38%
2016	2.38%	4.29%	1.22%	-5.00%	2.68%
2015	1.56%	-1.15%	1.19%	2.04%	3.66%
2014	5.31%	4.09%	2.66%	1.75%	14.50%
2013	1.64%	-5.21%	-3.47%	0.01%	-6.99%
2012	6.89%	3.28%	3.65%	3.11%	17.99%
2011	-1.71%	5.25%	1.63%	-0.56%	4.55%
2010	3.26%	1.46%	4.51%	-5.32%	3.68%
2009	8.26%	10.13%	14.65%	-0.57%	35.92%
2008	-5.23%	0.14%	-7.16%	-23.81%	-32.87%
2007	1.06%	-0.35%	-3.13%	-5.03%	-7.35%
2006	1.77%	1.17%	3.87%	2.26%	9.37%
2005	1.73%	3.52%	0.30%	0.95%	6.63%
2004	-	-	-	-	0.16%

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

Growth of $10,000 as of 02/28/2018

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

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 03/29/2018

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

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

PORTFOLIO BREAKDOWN as of 03/29/2018

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

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

PORTFOLIO BREAKDOWN as of 03/29/2018

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

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

Credit QUALITY DISTRIBUTION as of 03/29/2018

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

Portfolio Positioning as of 03/31/2018

Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer potentially more attractive risk-adjusted income and liquidity versus below investment-grade bonds.
The portfolio’s largest sector weights include health care, an overweight, and the industrial development sector, a slight underweight.
The portfolio has an underweight in Puerto Rico bonds, relative to the benchmark, given the economic headwinds faced by the Commonwealth.

Portfolio Details as of 03/29/2018

Total Net Assets: $2.07 B
Number of Issues: 504
Average Coupon: 5.2%
Average Effective Maturity: 21.6 Years
Average Effective Duration: 8.07 Years

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

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

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

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

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.8%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.3%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.3%
Jefferson County Sewer	6.500%	10/01/2053	1.2%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	1.0%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.9%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2029	0.9%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.8%

% of Total Assets			11.2%

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

Holdings as of02/28/2018

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.7%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.3%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.2%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	1.0%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.9%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2029	0.9%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.8%
Chicago Board of Education	5.250%	12/01/2041	0.8%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.8%
Golden St Tobacco Securitization Corp.	5.750%	06/01/2047	0.8%
Chicago Brd of Ed	5.000%	12/01/2042	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.8%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Pub Fin Auth	7.000%	12/01/2050	0.7%
Atlanta Dev Auth	7.000%	01/01/2040	0.7%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.6%
Chicago Brd of Ed	1.920%	03/01/2036	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%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.5%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.5%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.5%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Iowa Fin Auth	5.250%	12/01/2050	0.5%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Alachua Cnty, FL	5.875%	11/15/2036	0.5%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.5%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Chicago Brd of Ed	7.000%	12/01/2046	0.4%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Chicago Brd of Ed	5.250%	12/01/2039	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.4%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	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%
Chicago Brd of Ed	5.250%	12/01/2035	0.4%
Tender Option Bnd Tr Receipts/Certificates	9.680%	01/01/2034	0.4%
Howard Cnty, MD	5.000%	04/01/2046	0.4%
Illinois, IL	5.000%	01/01/2035	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
New Jersey Econ Dev Auth	5.375%	11/01/2036	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Frederick Cnty, MD	5.000%	09/01/2045	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Pub Fin Auth	6.850%	10/01/2047	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
Illinois, IL	4.000%	06/01/2037	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2046	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	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 Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
Rockdale Cnty Dev Auth	6.125%	01/01/2034	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%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
California Statewide Comntys Dev Auth	5.250%	12/01/2044	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.3%
Chicago Brd of Ed	6.500%	12/01/2046	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Pub Fin Auth	6.850%	11/01/2046	0.3%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2046	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.3%
California	4.000%	09/01/2035	0.3%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.3%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.3%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.3%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.3%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.3%
Utah St Charter Sch Fin Auth	5.375%	06/15/2048	0.3%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.3%
City of Blaine, MN	6.125%	07/01/2050	0.3%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.3%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.3%
Glendale Industrial Development Authority	5.000%	11/15/2045	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
New Jersey Tpk Auth	4.000%	01/01/2043	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
St. Louis Indus Dev Auth, MO	4.750%	11/15/2047	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
NJ Tobacco Settlement Fin Corp	4.750%	06/01/2034	0.2%
Valparaiso, IN	7.000%	01/01/2044	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%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
Arborwood Comnty Dev Dist	5.350%	05/01/2036	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Alachua Cnty, FL	5.875%	11/15/2042	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Dorm Auth of the St of New York	5.000%	01/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.2%
Maricopa Cnty Indus Dev Auth, AZ	3.375%	12/01/2031	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Philadelphia Auth for Indus Dev	5.000%	07/01/2049	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Capital Region Cmnty Dev, FL	7.000%	05/01/2039	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2040	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2047	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Massachusetts Dev Fin Agy	4.000%	07/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2037	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.2%
County of Ward ND	5.000%	06/01/2053	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2046	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Glenville State College	5.250%	06/01/2047	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2042	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Puerto Rico	5.000%	07/01/2020	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Prairie Center Metropolitan District No 3	5.000%	12/15/2041	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2052	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	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%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.2%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.2%
Illinois Fin Auth	5.250%	05/15/2050	0.2%
Chicago Brd of Ed	5.000%	12/01/2031	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Pub Fin Auth	4.300%	11/01/2030	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2054	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.2%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.2%
Chicago	5.000%	01/01/2031	0.2%
Broward Cnty, FL	5.125%	10/01/2038	0.2%
New York City Indl Dev Agy	5.000%	01/01/2036	0.2%
River Islands Public Fing Auth	5.500%	09/01/2045	0.2%
Chicago, IL	5.250%	01/01/2032	0.2%
Marietta Dev Auth	5.000%	11/01/2047	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.2%
New York City Transitional Fin Auth	1.150%	08/01/2031	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	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%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Houston, TX	5.000%	07/15/2028	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2051	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
City of Scranton, PA	5.000%	11/15/2032	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Dauphin Cnty Gen Auth, PA	5.125%	10/15/2041	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
Cnty of Anne Arundel, MD	6.100%	07/01/2040	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2050	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2033	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Puerto Rico Aqueduct & Swr Auth	5.000%	07/01/2033	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
New Jersey Edl Facs Auth	7.500%	12/01/2032	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Frederick Cnty, MD	5.000%	09/01/2037	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%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	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%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2051	0.1%
Puerto Rico Aqueduct & Sewer Authority	5.125%	07/01/2037	0.1%
Chicago, IL	5.000%	01/01/2040	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
Massachusetts Dev Fin Agy	4.000%	07/01/2044	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
District of Columbia, DC	5.000%	07/01/2052	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2048	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
Virgin Islands Pub Fin Auth	5.000%	10/01/2029	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2030	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
Upper Illinois River Vly Dev Auth	7.375%	11/15/2045	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2042	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
IA Finance Auth - Alcoa	4.750%	08/01/2042	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%
Dorm Auth of the St of New York	5.000%	11/01/2031	0.1%
Glendale Industrial Development Authority	5.000%	11/15/2036	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2040	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2039	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.1%
Glenville State College	5.000%	06/01/2037	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2052	0.1%
Philadelphia Auth for Indus Dev	5.000%	07/01/2042	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2032	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
City of Chicago General Obligation	5.000%	01/01/2024	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Clackamas Cnty Hosp Facs Auth, OR	5.000%	11/15/2047	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Ohio Air Qlty Dev Auth	4.250%	01/15/2038	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Tempe Industrial Development Authority	6.000%	10/01/2037	0.1%
Chicago Brd of Ed	6.750%	12/01/2030	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	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%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
New Jersey Econ Dev Auth	5.300%	11/01/2026	0.1%
Frederick Cnty, MD	5.000%	09/01/2032	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.1%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.1%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.1%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.1%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.1%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.1%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	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%
Pub Fin Auth	5.250%	05/15/2047	0.1%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.1%
City of Scranton, PA	5.000%	09/01/2029	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2037	0.1%
Clackamas Cnty Hosp Facs Auth, OR	5.000%	11/15/2052	0.1%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.1%
Southlands Metropolitan District No 1	5.000%	12/01/2047	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2047	0.1%
Chicago, IL	5.500%	01/01/2037	0.1%
Illinois Fin Auth	5.000%	02/15/2037	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2046	0.1%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.1%
Illinois, IL	4.500%	11/01/2039	0.1%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.1%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2037	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2036	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2047	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2041	0.0%
Metropolitan Pier & Exposition Auth, IL	5.000%	12/15/2022	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.0%
Cnty of Anne Arundel, MD	5.625%	07/01/2025	0.0%
Illinois Fin Auth	5.000%	02/15/2047	0.0%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.0%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.0%
New York City Transitional Fin Auth	1.150%	11/01/2022	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Puerto Rico	5.000%	07/01/2023	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Florida Dev Fin Corp.	2.902%	05/15/2037	0.0%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2037	0.0%
Puerto Rico Elec Pwr Auth	5.050%	07/01/2042	0.0%
Idaho Hlth Facs Auth	5.000%	09/01/2029	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.0%
Cook Cnty, IL	5.000%	11/15/2034	0.0%
Plaza Metropolitan Dist No 1	5.000%	12/01/2022	0.0%
City of Scranton, PA	5.000%	09/01/2028	0.0%
Southlands Metropolitan District No 1	5.000%	12/01/2037	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Arborwood Comnty Dev Dist	5.500%	05/01/2036	0.0%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.0%
New York City Transitional Fin Auth	1.170%	11/01/2022	0.0%
New York City Transitional Fin Auth	1.220%	08/01/2023	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	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%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Florida Dev Fin Corp.	2.800%	05/15/2037	0.0%
Michagan St Strategic Fd Escrow	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev Escrow	8.375%	07/15/2033	0.0%
Moraine OH Solid Waste Dis Escrow	8.375%	07/15/2033	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 04/20/2018: $0.117
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	03/31/2018	$0.03915	$11.76
Daily	Daily	02/28/2018	$0.03994	$11.68
Daily	Daily	01/31/2018	$0.03833	$11.73

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	04/30/2018
Daily	Daily	05/31/2018
Daily	Daily	06/30/2018
Daily	Daily	07/31/2018
Daily	Daily	08/31/2018
Daily	Daily	09/30/2018
Daily	Daily	10/31/2018
Daily	Daily	11/30/2018
Daily	Daily	12/31/2018

Fees & Expenses

Sales Charge Schedule as of 04/20/2018

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.07
$100,000 to $249,999	1.75%	1.50%	$12.01
$250,000 to $499,999	1.25%	1.00%	$11.95
$500,000 to $999,999	0.00%	1.00%	$11.80
$1,000,000 to $5,000,000	0.00%	1.00%	$11.80

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 03/31/2018

Expense ratio details, Click here.

Fund Documents

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

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IMPORTANT INFORMATION

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

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

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

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

IMPORTANT INFORMATION

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

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

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

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

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

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

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

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

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

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

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 04/20/2018

30 Day Standardized yield 2 as of 03/31/2018

Fund Basicsas of 03/29/2018

Expense Ratioas of 03/31/2018

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

RELATED CONTENT

Credit Quality Distribution as of 03/29/2018

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 04/20/2018

30-Day Standardized Yield 2 as of 03/31/2018

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

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Using Your Email Address.

Dividend Yield ¹ as of 04/20/2018

30 Day Standardized yield ² as of 03/31/2018

Dividend Yield ¹ as of 04/20/2018

30-Day Standardized Yield ² as of 03/31/2018