High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 08/21/2018

$12.05

$0.01

YTD Returns w/o sales charge as of 08/21/2018

4.81%

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 08/21/2018

w/o sales charge	3.84%
w/ sales charge	3.75%

30 Day Standardized yield ² as of 07/31/2018

3.22%

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

Fund Basicsas of 07/31/2018

Total Net Assets: $2.14 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 518
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 07/31/2018

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	3.89%	5.57%	5.82%	6.00%	4.58%	3.50%
Lipper Category Avg. High Yield Municipal Debt Funds	1.71%	3.97%	4.53%	5.70%	4.99%	-
Bloomberg Barclays High Yield Muni Index	-	-	-	-	-	-
w/ sales charge	1.57%	3.21%	5.04%	5.52%	4.33%	3.25%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

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	3.56%	6.22%	5.64%	5.52%	4.48%	3.50%
Lipper Category Avg. High Yield Municipal Debt Funds	1.37%	4.31%	4.59%	5.17%	4.88%	-
Bloomberg Barclays High Yield Muni Index	3.66%	7.13%	6.72%	5.56%	6.02%	-
w/ sales charge	1.24%	3.83%	4.83%	5.05%	4.24%	3.25%

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 07/31/2018

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

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

Investment Team

Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 08/21/2018

w/o sales charge	3.84%
w/ sales charge	3.75%

30-Day Standardized Yield ² as of 07/31/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	3.22%	3.22%

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	3.89%	5.57%	5.82%	6.00%	4.58%	3.50%
Lipper Category Avg. High Yield Municipal Debt Funds	1.71%	3.97%	4.53%	5.70%	4.99%	-
Bloomberg Barclays High Yield Muni Index	-	-	-	-	-	-
w/ sales charge	1.57%	3.21%	5.04%	5.52%	4.33%	3.25%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

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	3.56%	6.22%	5.64%	5.52%	4.48%	3.50%
Lipper Category Avg. High Yield Municipal Debt Funds	1.37%	4.31%	4.59%	5.17%	4.88%	-
Bloomberg Barclays High Yield Muni Index	3.66%	7.13%	6.72%	5.56%	6.02%	-
w/ sales charge	1.24%	3.83%	4.83%	5.05%	4.24%	3.25%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

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

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	0.75%	2.79%	-	-	4.81%
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 04/30/2018

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

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 07/31/2018

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

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

PORTFOLIO BREAKDOWN as of 07/31/2018

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 07/31/2018

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

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

Credit QUALITY DISTRIBUTION as of 07/31/2018

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

Portfolio Positioning as of 06/30/2018

Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer potentially more attractive risk-adjusted income and liquidity versus below investment-grade bonds.
The portfolio’s largest sector weights include health care, a significant overweight, and the industrial development sector, a slight overweight.
The portfolio is overweight bonds within the 25- to 30-year maturity range.

Portfolio Details as of 07/31/2018

Total Net Assets: $2.14 B
Number of Issues: 518
Average Coupon: 5.1%
Average Effective Maturity: 22.0 Years
Average Effective Duration: 8.42 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	1.9%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.9%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.8%
Chicago Board of Education	5.250%	12/01/2041	0.8%

% of Total Assets			10.8%

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 of06/29/2018

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	1.9%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	1.0%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.8%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	0.8%
Chicago Board of Education	5.250%	12/01/2041	0.8%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%
Golden St Tobacco Securitization Corp.	5.750%	06/01/2047	0.7%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Pub Fin Auth	7.000%	12/01/2050	0.7%
Atlanta Dev Auth	7.000%	01/01/2040	0.6%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.6%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.6%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
Illinois, IL	6.000%	05/01/2026	0.5%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Tobacco Settlement Fing Corp.	5.000%	06/01/2046	0.5%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.5%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Iowa Fin Auth	5.250%	12/01/2050	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.5%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.5%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.5%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.5%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.4%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2053	0.4%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	0.4%
Frederick Cnty, MD	5.000%	09/01/2045	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.4%
Chicago Brd of Ed	7.000%	12/01/2046	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.4%
Village Comnty Dev Dist No. 12	4.250%	05/01/2043	0.4%
New York City Transitional Fin Auth	1.550%	08/01/2031	0.4%
Chicago Brd of Ed	5.250%	12/01/2039	0.4%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.4%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.4%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	0.4%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.3%
Tender Option Bnd Tr Receipts/Certificates	9.680%	01/01/2034	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2050	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Pub Fin Auth	6.850%	10/01/2047	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Illinois, IL	4.000%	06/01/2037	0.3%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2046	0.3%
Central Plains Energy Pj	5.000%	09/01/2042	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
New Mexico Hosp Equipment Loan Council	5.500%	07/01/2042	0.3%
City of Scranton, PA	5.000%	11/15/2032	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 Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
Chicago Brd of Ed	5.500%	12/01/2039	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
California Muni Fin Auth	4.000%	12/31/2047	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Chicago Brd of Ed	6.500%	12/01/2046	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Pub Fin Auth	6.850%	11/01/2046	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.3%
Chicago Brd of Ed	5.000%	12/01/2030	0.3%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.3%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.3%
Suffolk Tobacco Asset Securitization Corp.	6.625%	06/01/2044	0.3%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
New Jersey Tpk Auth	4.000%	01/01/2043	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Utah St Charter Sch Fin Auth	5.375%	06/15/2048	0.2%
Chicago Brd of Ed	5.000%	12/01/2029	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2045	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%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Village Comnty Dev Dist No. 12	4.375%	05/01/2050	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
Metropolitan Pier & Exposition Auth, IL	5.250%	06/15/2050	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
St. Louis Indus Dev Auth, MO	4.750%	11/15/2047	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%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Puerto Rico	5.000%	07/01/2020	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Philadelphia Auth for Indus Dev	5.000%	07/01/2049	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Massachusetts Dev Fin Agy	4.000%	07/01/2047	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2047	0.2%
Glendale Industrial Development Authority	5.000%	11/15/2040	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2037	0.2%
County of Ward ND	5.000%	06/01/2053	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Chester County Health & Education Facilities Autho	5.000%	11/01/2046	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
South Carolina Jobs Econ Dev Auth	5.000%	11/01/2042	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	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%
Compton, CA	6.000%	08/01/2039	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.2%
Pima Cnty Indus Dev Auth, AZ	5.000%	06/15/2052	0.2%
Prairie Center Metropolitan District No 3	5.000%	12/15/2041	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2054	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Jacksonville, FL	5.000%	06/01/2053	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.2%
Florida Hgr Edl Facs Fin Auth	5.000%	06/01/2048	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2052	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Illinois Fin Auth	5.250%	05/15/2050	0.2%
City of Reno NV	0.000%	07/01/2058	0.2%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.2%
Pub Fin Auth	4.300%	11/01/2030	0.2%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Chicago	5.000%	01/01/2031	0.2%
New York City Indl Dev Agy	5.000%	01/01/2036	0.2%
Chicago, IL	5.250%	01/01/2032	0.2%
Chicago Brd of Ed	5.000%	12/01/2031	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Marietta Dev Auth	5.000%	11/01/2047	0.2%
River Islands Public Fing Auth	5.500%	09/01/2045	0.2%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.2%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.1%
New York Transp Dev Corp.	4.000%	01/01/2036	0.1%
Village of Bellwood, IL	6.150%	12/01/2032	0.1%
Broward Cnty, FL	5.125%	10/01/2038	0.1%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
New York City Transitional Fin Auth	1.550%	11/01/2022	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2051	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Colorado International Center Metropolitan Distric	5.875%	12/01/2046	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2024	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Puerto Rico Aqueduct & Sewer Authority	5.125%	07/01/2037	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Virgin Islands Pub Fin Auth	5.000%	10/01/2029	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Frederick Cnty, MD	5.000%	09/01/2037	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.1%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	0.1%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Chicago Brd of Ed	5.000%	12/01/2032	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
Rockdale Cnty Dev Auth	4.000%	01/01/2038	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
District of Columbia, DC	5.000%	07/01/2052	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	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%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
IA Finance Auth - Alcoa	4.750%	08/01/2042	0.1%
Appling County Dev Auth - Georgia Power	1.530%	09/01/2041	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2042	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
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%
Kansas City Land Clearance Redevelopment Authority	5.000%	02/01/2040	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.1%
Michigan Tobacco Settlement Fin Auth	0.000%	06/01/2058	0.1%
Glendale Industrial Development Authority	5.000%	11/15/2036	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2039	0.1%
Dorm Auth of the St of New York	5.000%	11/01/2031	0.1%
Director St Dept Business & Indus, NV	5.000%	12/15/2048	0.1%
Chicago Brd of Ed	5.000%	12/01/2033	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2052	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
New York City General Obligation	1.400%	06/01/2044	0.1%
Cleveland-Cuyahoga County Port Authority	5.500%	12/01/2043	0.1%
Glenville State College	5.000%	06/01/2037	0.1%
Philadelphia Auth for Indus Dev	5.000%	07/01/2042	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	08/01/2032	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Puerto Rico Electric Power Authority	5.750%	07/01/2036	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
Ohio Air Qlty Dev Auth	4.250%	01/15/2038	0.1%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.1%
Tempe Industrial Development Authority	6.000%	10/01/2037	0.1%
California Muni Fin Auth	5.000%	06/01/2048	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Finance Authority of Maine	4.375%	08/01/2035	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
Puerto Rico	5.000%	07/01/2023	0.1%
Chicago Brd of Ed	6.750%	12/01/2030	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
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%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.1%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2042	0.1%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.1%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2047	0.1%
Pub Fin Auth	5.250%	05/15/2047	0.1%
Chicago, IL	5.500%	01/01/2037	0.1%
Illinois, IL	4.500%	11/01/2039	0.1%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.1%
City of Scranton, PA	5.000%	09/01/2029	0.1%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2047	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.1%
Southlands Metropolitan District No 1	5.000%	12/01/2047	0.1%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.1%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Arizona Indus Dev Auth	5.000%	07/01/2047	0.0%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.0%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
City of Reno NV	0.000%	07/01/2058	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
District of Columbia Tobacco Settlement Financing	0.000%	06/15/2055	0.0%
Puerto Rico Elec Pwr Auth	5.050%	07/01/2042	0.0%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2037	0.0%
Florida Dev Fin Corp.	3.528%	05/15/2037	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Chicago Brd of Ed	5.000%	12/01/2035	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Chicago Brd of Ed	5.000%	12/01/2034	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Virginia Small Business Fing Auth	5.000%	01/01/2048	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
City of Scranton, PA	5.000%	09/01/2028	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%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	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%
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%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	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%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Florida Dev Fin Corp.	2.800%	05/15/2037	0.0%
Michagan St Strategic Fd Escrow	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev Escrow	8.375%	07/15/2033	0.0%
Moraine OH Solid Waste Dis Escrow	8.375%	07/15/2033	0.0%
US 20YR Treasury Future Sep 2008	0.000%	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 08/21/2018: $0.272
Dividend Frequency: Monthly (Daily Accrual)

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

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	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 08/21/2018

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.33
$100,000 to $249,999	1.75%	1.50%	$12.26
$250,000 to $499,999	1.25%	1.00%	$12.20
$500,000 to $999,999	0.00%	1.00%	$12.05
$1,000,000 to $5,000,000	0.00%	1.00%	$12.05

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 07/31/2018

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 08/21/2018

30 Day Standardized yield 2 as of 07/31/2018

Fund Basicsas of 07/31/2018

Expense Ratioas of 07/31/2018

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 07/31/2018

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 08/21/2018

30-Day Standardized Yield 2 as of 07/31/2018

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%

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

Dividend Yield ¹ as of 08/21/2018

30 Day Standardized yield ² as of 07/31/2018

Dividend Yield ¹ as of 08/21/2018

30-Day Standardized Yield ² as of 07/31/2018