High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 09/22/2017

$11.90

$0.00

YTD Returns w/o sales charge as of 09/22/2017

7.19%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield ¹ as of 09/22/2017

w/o sales charge	3.47%
w/ sales charge	3.40%

30 Day Standardized yield ² as of 08/31/2017

3.30%

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

Fund Basicsas of 08/31/2017

Total Net Assets: $2.19 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 543
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 08/31/2017

Expense ratio details, Click here.

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

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	7.23%	2.05%	5.37%	4.79%	3.25%	3.44%
Lipper Category Avg. High Yield Municipal Debt Funds	6.58%	0.90%	4.79%	4.38%	4.23%	-
Bloomberg Barclays High Yield Muni Index	8.30%	2.25%	5.03%	5.02%	4.92%	-
w/ sales charge	4.85%	-0.24%	4.56%	4.32%	3.02%	3.17%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

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

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Credit Quality Distribution as of 08/31/2017

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

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

Investment Team

Daniel S. Solender, CFA

Partner & Director

30 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 09/22/2017

w/o sales charge	3.47%
w/ sales charge	3.40%

30-Day Standardized Yield ² as of 08/31/2017

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	3.30%	3.30%

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	7.23%	2.05%	5.37%	4.79%	3.25%	3.44%
Lipper Category Avg. High Yield Municipal Debt Funds	6.58%	0.90%	4.79%	4.38%	4.23%	-
Bloomberg Barclays High Yield Muni Index	8.30%	2.25%	5.03%	5.02%	4.92%	-
w/ sales charge	4.85%	-0.24%	4.56%	4.32%	3.02%	3.17%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

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

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

Best returns

Durations	Fund Returns	Blended Index

3-Mo	14.65	7.12
1-Yr	35.92	12.91

Worst returns

Durations	Fund Returns	Blended Index

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

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

Year	Fund Returns	Bloomberg Barclays High Yield Muni Index

2016	2.68%	2.99%
2015	3.66%	1.81%
2014	14.50%	13.84%
2013	-6.99%	-5.51%
2012	17.99%	18.14%
2011	4.55%	9.25%
2010	3.68%	7.79%
2009	35.92%	32.73%
2008	-32.87%	-27.01%
2007	-7.35%	-2.27%
2006	9.37%	-
2005	6.63%	-
2004	0.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2017	2.70%	1.94%	-	-	7.21%
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 07/31/2017

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

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2017

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

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

PORTFOLIO BREAKDOWN as of 08/31/2017

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

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

PORTFOLIO BREAKDOWN as of 08/31/2017

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

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

Credit QUALITY DISTRIBUTION as of 08/31/2017

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

Portfolio Positioning as of 06/30/2017

The portfolio has an overweight in ‘BBB’ rated bonds, relative to its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, since these securities offer potentially more attractive risk-adjusted income, liquidity, and total return characteristics versus below investment-grade bonds.
The portfolio holds an overweight allocation in health care bonds and an underweight to the industrial development sector.
The portfolio is overweight bonds with maturities in the 25- to 30-year range. Demand for the incremental yield available in longer bonds continues to provide attractive performance potential.
The portfolio maintains holdings in Puerto Rico bonds. However, this allocation represents a significant underweight relative to the large exposure in its benchmark.

Portfolio Details as of 08/31/2017

Total Net Assets: $2.19 B
Number of Issues: 543
Average Coupon: 5.2%
Average Effective Maturity: 21.2 Years
Average Effective Duration: 8.82 Years

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

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

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

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

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	2.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.8%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2029	0.8%
Chicago Brd of Ed	5.250%	12/01/2041	0.7%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.7%

% 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 of07/31/2017

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	2.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.2%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2029	0.8%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.8%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.8%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.7%
Golden St Tobacco Securitization Corp.	5.750%	06/01/2047	0.7%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
TSASC, Inc.	5.000%	06/01/2048	0.7%
Chicago Brd of Ed	5.250%	12/01/2041	0.7%
Pub Fin Auth	7.000%	12/01/2050	0.6%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.6%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.6%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.6%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2028	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.6%
Chicago Brd of Ed	1.650%	03/01/2036	0.6%
Adelanto Public Utility Auth	6.625%	07/01/2031	0.6%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	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%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.5%
Franklin Hlth & Edl Facs Bd	7.500%	06/01/2047	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2042	0.5%
Alachua Cnty, FL	5.875%	11/15/2036	0.5%
Louisiana Pub Facs Auth	6.500%	05/15/2037	0.5%
Arizona Hlth Facs Auth	5.200%	10/01/2037	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.4%
Vigo Cnty Hosp Auth	5.700%	09/01/2037	0.4%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
Capital Region Wtr Swr Rev	6.000%	09/01/2036	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.4%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Susquehanna Area Regl Arpt Auth	6.500%	01/01/2038	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%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	0.4%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2050	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Tender Option Bnd Tr Receipts/Certificates	9.680%	01/01/2034	0.4%
Public Auth For CO Energy	6.500%	11/15/2038	0.4%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.4%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Illinois, IL	5.000%	01/01/2035	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Baker Correctional Dev Corp.	8.000%	02/01/2030	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Chicago Brd of Ed	5.250%	12/01/2039	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
New Jersey Econ Dev Auth	5.375%	11/01/2036	0.3%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2045	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2046	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
New Mexico Hosp Equipment Loan Council	5.500%	07/01/2042	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	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%
Rockdale Cnty Dev Auth	6.125%	01/01/2034	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
California Statewide Comntys Dev Auth	5.250%	12/01/2044	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
New York City General Obligation	0.670%	10/01/2039	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	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%
Illinois, IL	5.000%	02/01/2029	0.3%
Atlanta Dev Auth	7.000%	01/01/2040	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	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%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
California	4.000%	09/01/2035	0.3%
NY Transportation Dev Corp - American Airlines	5.000%	08/01/2031	0.3%
Massachusetts Dev Fin Agy	5.000%	09/01/2045	0.3%
Maryland Hlth & Hgr Ed Facs Auth	5.750%	07/01/2038	0.3%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.3%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Marietta Dev Auth	7.000%	06/15/2030	0.2%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.2%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
California Muni Fin Auth	5.625%	03/01/2045	0.2%
Chester Cnty Indus Dev Auth	5.375%	10/15/2042	0.2%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	4.000%	07/01/2047	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
California Sch Fin Auth	6.000%	01/01/2019	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Chicago Brd of Ed	6.500%	12/01/2046	0.2%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.2%
Ohio Air Qlty Dev Auth	4.375%	06/01/2033	0.2%
Illinois, IL	4.000%	06/01/2037	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
Chicago Brd of Ed	7.000%	12/01/2046	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
NJ Tobacco Settlement Fin Corp	4.750%	06/01/2034	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
Illinois Fin Auth	5.875%	02/15/2038	0.2%
Arborwood Comnty Dev Dist	5.350%	05/01/2036	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Alachua Cnty, FL	5.875%	11/15/2042	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
New Jersey Edl Facs Auth	7.125%	12/01/2023	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Illinois Fin Auth	5.000%	04/01/2021	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Cnty of Cuyahoga, OH	6.000%	05/15/2037	0.2%
Maricopa Cnty Indus Dev Auth, AZ	3.375%	12/01/2031	0.2%
Massachusetts Port Auth	2.279%	01/01/2031	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Chicago Brd of Ed	5.500%	12/01/2039	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Capital Region Cmnty Dev, FL	7.000%	05/01/2039	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Illinois Fin Auth	5.625%	02/15/2037	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Hamilton Cnty, OH	5.000%	01/01/2051	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Marietta Dev Auth	5.000%	11/01/2037	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
New Jersey Econ Dev Auth	5.500%	06/15/2029	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	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%
Chicago, IL	5.000%	01/01/2034	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2029	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
Illinois, IL	3.500%	06/01/2029	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.500%	07/01/2026	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.2%
Washington St Hsg Fin Comm	5.000%	01/01/2051	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Yosemite Comnty Coll Dist, CA	0.000%	08/01/2042	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
Illinois Fin Auth	5.375%	02/15/2025	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Provo, UT	5.500%	06/15/2037	0.2%
Collier Cnty Indus Dev Auth, FL	8.125%	05/15/2044	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
Chicago	5.000%	01/01/2031	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Illinois Fin Auth	5.250%	05/15/2050	0.2%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.500%	09/01/2042	0.2%
New York City General Obligation	0.780%	11/01/2026	0.2%
Ashland, KY	5.000%	02/01/2040	0.2%
Baltimore Mayor & City Council, MD	5.000%	09/01/2039	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Broward Cnty, FL	5.125%	10/01/2038	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%
Pub Fin Auth	4.300%	11/01/2030	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
Hamilton Cnty, OH	5.000%	01/01/2046	0.1%
New York City Indl Dev Agy	5.000%	01/01/2036	0.1%
Houston, TX	5.000%	07/15/2035	0.1%
Washington St Hsg Fin Comm	5.000%	01/01/2046	0.1%
Celebration Pointe Comnty Dev Dist	5.000%	05/01/2048	0.1%
Marietta Dev Auth	5.000%	11/01/2047	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Nez Perce County - Potlatch Corporation	2.750%	10/01/2024	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2037	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2042	0.1%
Puerto Rico	5.000%	07/01/2019	0.1%
Illinois Fin Auth	5.250%	02/15/2047	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2052	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Illinois, IL	4.000%	01/01/2026	0.1%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Appling County Dev Auth - Georgia Power	0.870%	09/01/2041	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2034	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
New Hope Cultural Ed Fin Corp, TX	5.500%	01/01/2049	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Connecticut	4.000%	04/15/2037	0.1%
Lombard Pub Facs Corp.	7.125%	01/01/2036	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.750%	11/15/2047	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	0.1%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Chicago, IL	5.000%	11/01/2029	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2036	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2045	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
City of Scranton, PA	5.000%	11/15/2032	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2047	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
Cnty of Cuyahoga, OH	6.000%	05/15/2042	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Pub Fin Auth	5.250%	05/15/2052	0.1%
Dauphin Cnty Gen Auth, PA	5.125%	10/15/2041	0.1%
Palm Beach Cnty, FL	6.750%	05/15/2035	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2028	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Cnty of Anne Arundel, MD	6.100%	07/01/2040	0.1%
Puerto Rico	5.625%	07/01/2033	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%
Anson Ed Facs Corp.	5.000%	08/15/2045	0.1%
New York City General Obligation	0.690%	08/01/2038	0.1%
Palm Bay, FL	7.000%	07/01/2036	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
New Jersey Edl Facs Auth	7.500%	12/01/2032	0.1%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.1%
Collier Cnty Indus Dev Auth, FL	7.750%	05/15/2035	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Baltimore Mayor & City Council, MD	5.000%	09/01/2046	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	0.1%
Illinois Finance Authority - Advocate Health System	0.820%	11/01/2038	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.250%	07/01/2044	0.1%
Pub Fin Auth	5.750%	11/15/2044	0.1%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
New York St Thruway Auth	5.250%	01/01/2056	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Cumberland Cnty Muni Auth, PA	6.000%	01/01/2040	0.1%
West Virginia Hosp Fin Auth	6.500%	10/01/2038	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	0.1%
Fort Bend Cnty Indus Dev Corp.	4.750%	11/01/2042	0.1%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	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%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	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%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2047	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2050	0.1%
Arizona Indus Dev Auth	5.000%	07/01/2022	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2051	0.1%
Chicago, IL	5.000%	01/01/2040	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
California Muni Fin Auth	5.000%	06/01/2046	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Gainesville & Hall Cnty Dev Auth	5.000%	03/01/2047	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Baltimore Mayor & City Council, MD	5.000%	09/01/2038	0.1%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.1%
Indiana Fin Auth	5.250%	09/01/2034	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
Puerto Rico	5.000%	07/01/2020	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2030	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
Puerto Rico	5.000%	07/01/2022	0.1%
Chicago	5.000%	01/01/2052	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
Kansas City Indus Dev Auth, MO	5.875%	01/01/2037	0.1%
Upper Illinois River Vly Dev Auth	7.375%	11/15/2045	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.125%	01/01/2048	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Rumford, ME	6.875%	10/01/2026	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%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.1%
IA Finance Auth - Alcoa	4.750%	08/01/2042	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
District of Columbia, DC	5.000%	07/01/2052	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
City of Chicago General Obligation	5.000%	01/01/2024	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
Gainesville & Hall Cnty Dev Auth	5.125%	03/01/2052	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
California Muni Fin Auth	6.125%	07/01/2038	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Illinois Fin Auth	5.000%	09/01/2046	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%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
Southeastern Ohio Port Auth	5.500%	12/01/2043	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Maryland Econ Dev Corp.	5.000%	06/01/2035	0.1%
Red River Hlth Facs Dev Corp.	8.000%	11/15/2049	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
Ohio Air Qlty Dev Auth	3.750%	12/01/2023	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.1%
Plymouth Edl Ctr Charter Sch, MI	5.375%	11/01/2030	0.1%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	0.1%
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%
California Statewide Comntys Dev Auth	5.625%	10/01/2032	0.1%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.1%
Illinois, IL	4.500%	11/01/2039	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2037	0.1%
Pub Fin Auth	5.250%	05/15/2047	0.1%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.1%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.1%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.1%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Baltimore Mayor & City Council, MD	5.000%	09/01/2042	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.0%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.0%
Austin Convention Center Enterprises, Inc.	5.000%	01/01/2034	0.0%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.0%
Ohio Wtr Dev Auth	4.375%	06/01/2033	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Chicago, IL	5.500%	01/01/2037	0.0%
Chesterfield Cnty Econ Dev Auth	5.125%	01/01/2043	0.0%
Chester Cnty Indus Dev Auth	5.125%	10/15/2037	0.0%
Chicago, IL	5.000%	11/01/2029	0.0%
Metropolitan Pier & Exposition Auth, IL	5.000%	12/15/2022	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2036	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2046	0.0%
Chicago, IL	5.000%	11/01/2036	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2041	0.0%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.0%
Ohio Wtr Dev Auth	4.375%	06/01/2033	0.0%
Cnty of Anne Arundel, MD	5.625%	07/01/2025	0.0%
TSASC, Inc.	5.000%	06/01/2041	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Austin Convention Center Enterprises, Inc.	5.000%	01/01/2032	0.0%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Illinois Fin Auth	7.000%	11/15/2027	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Florida Dev Fin Corp.	6.500%	05/15/2037	0.0%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
New York City General Obligation	0.720%	06/01/2044	0.0%
Marietta Dev Auth	7.000%	06/15/2039	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%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2037	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
Chicago, IL	5.000%	01/01/2047	0.0%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2036	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
New York City Municipal Water Finance Authority	0.780%	06/15/2032	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Palm Bay, FL	6.750%	07/01/2022	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
TSASC, Inc.	5.000%	06/01/2035	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Chicago, IL	5.000%	11/01/2028	0.0%
Maryland Econ Dev Corp.	5.000%	06/01/2043	0.0%
Chicago, IL	5.000%	11/01/2030	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Plaza Metropolitan Dist No 1	5.000%	12/01/2022	0.0%
Brooklyn Arena Local Dev Corp.	4.000%	07/15/2035	0.0%
Arborwood Comnty Dev Dist	5.500%	05/01/2036	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Whispering Spring Dev Dist	5.200%	10/01/2021	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Alaska Indus Dev & Export Auth, AK	6.120%	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%
Middlesex Cnty Impt Auth	5.000%	01/01/2020	0.0%
Grandview Indus Dev Auth	5.750%	12/01/2028	0.0%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Doctor Charles Drew Academy	5.700%	11/01/2036	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Sayre Memorial Hosp Auth	6.000%	07/01/2037	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 09/22/2017: $0.326
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2017	$0.03444	$11.93
Daily	Daily	07/31/2017	$0.04005	$11.79
Daily	Daily	06/30/2017	$0.04105	$11.72
Daily	Daily	05/31/2017	$0.04178	$11.75
Daily	Daily	04/30/2017	$0.04172	$11.67
Daily	Daily	03/31/2017	$0.04140	$11.62
Daily	Daily	02/28/2017	$0.04195	$11.63
Daily	Daily	01/31/2017	$0.04423	$11.53

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2017
Daily	Daily	10/31/2017
Daily	Daily	11/30/2017
Daily	Daily	12/31/2017

Fees & Expenses

Sales Charge Schedule as of 09/22/2017

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.17
$100,000 to $249,999	1.75%	1.50%	$12.11
$250,000 to $499,999	1.25%	1.00%	$12.05
$500,000 to $999,999	0.00%	1.00%	$11.90
$1,000,000 to $5,000,000	0.00%	1.00%	$11.90

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

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

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

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

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

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

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

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

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

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

Expense Ratioas of 08/31/2017

Expense ratio details, Click here.

Fund Documents

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

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IMPORTANT INFORMATION

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

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

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

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

IMPORTANT INFORMATION

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

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

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

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

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

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

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

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

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

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

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

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

The net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

Yields

Dividend Yield 1 as of 09/22/2017

30 Day Standardized yield 2 as of 08/31/2017

Fund Basicsas of 08/31/2017

Expense Ratioas of 08/31/2017

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

RELATED CONTENT

Credit Quality Distribution as of 08/31/2017

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 09/22/2017

30-Day Standardized Yield 2 as of 08/31/2017

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

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Using Your Email Address.

Dividend Yield ¹ as of 09/22/2017

30 Day Standardized yield ² as of 08/31/2017

Dividend Yield ¹ as of 09/22/2017

30-Day Standardized Yield ² as of 08/31/2017