High Yield Municipal Bond Fund

HYMAX

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Daily price w/o sales charge as of 05/26/2017

$11.72

$0.01

YTD Returns w/o sales charge as of 05/26/2017

4.26%

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 05/26/2017

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	4.27%
w/ sales charge	-	4.18%

30 Day Standardized yield ² as of 04/30/2017

4.45%

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

Fund Basicsas of 04/28/2017

Total Net Assets: $2.11 B
Inception Date: 12/30/2004
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 539
CUSIP: 543912877
Minimum Initial Investment: $1,000+

Expense Ratioas of 04/30/2017

Expense ratio details, Click here.

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

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

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

w/o sales charge	3.51%	2.81%	5.59%	4.92%	2.25%	3.24%
Lipper Category Avg. High Yield Municipal Debt Funds	3.27%	1.03%	5.12%	4.63%	3.53%	-
Bloomberg Barclays High Yield Muni Index	4.76%	4.37%	5.29%	5.31%	4.30%	-
w/ sales charge	1.21%	0.52%	4.79%	4.44%	2.02%	2.96%

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	2.70%	2.99%	5.92%	5.14%	2.22%	3.19%
Lipper Category Avg. High Yield Municipal Debt Funds	2.39%	1.16%	5.37%	4.77%	3.50%	-
Bloomberg Barclays High Yield Muni Index	4.06%	4.31%	5.46%	5.64%	4.29%	-
w/ sales charge	0.41%	0.69%	5.12%	4.67%	1.98%	2.92%

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 04/28/2017

Rating	Assets
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 05/26/2017

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	4.27%
w/ sales charge	-	4.18%

30-Day Standardized Yield ² as of 04/30/2017

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.45%	4.45%

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	3.51%	2.81%	5.59%	4.92%	2.25%	3.24%
Lipper Category Avg. High Yield Municipal Debt Funds	3.27%	1.03%	5.12%	4.63%	3.53%	-
Bloomberg Barclays High Yield Muni Index	4.76%	4.37%	5.29%	5.31%	4.30%	-
w/ sales charge	1.21%	0.52%	4.79%	4.44%	2.02%	2.96%

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	2.70%	2.99%	5.92%	5.14%	2.22%	3.19%
Lipper Category Avg. High Yield Municipal Debt Funds	2.39%	1.16%	5.37%	4.77%	3.50%	-
Bloomberg Barclays High Yield Muni Index	4.06%	4.31%	5.46%	5.64%	4.29%	-
w/ sales charge	0.41%	0.69%	5.12%	4.67%	1.98%	2.92%

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%	-	-	-	4.26%
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 04/30/2017

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 04/28/2017

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

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

PORTFOLIO BREAKDOWN as of 04/28/2017

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

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

PORTFOLIO BREAKDOWN as of 04/28/2017

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

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

Credit QUALITY DISTRIBUTION as of 04/28/2017

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

Portfolio Positioning as of 03/31/2017

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

Portfolio Details as of 04/28/2017

Total Net Assets: $2.11 B
Number of Issues: 539
Average Coupon: 5.3%
Average Effective Maturity: 20.6 Years
Average Effective Duration: 8.77 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	1.3%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.1%
Jefferson County Sewer	6.500%	10/01/2053	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	1.0%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.9%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.8%

% of Total Assets			11.4%

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

Holdings as of03/31/2017

Holding	Coupon	Maturity	Assets

NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	2.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	1.3%
Jefferson County Sewer	6.500%	10/01/2053	1.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	1.1%
California Statewide - Loma Linda Univ Medical Center	5.250%	12/01/2056	1.1%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	1.0%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.9%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.9%
Golden St. Tobacco Securitization Corp	5.750%	06/01/2047	0.8%
Niagara Area Dev Corp - Covanta Energy	5.250%	11/01/2042	0.8%
Cleveland Airport - Continental Airlines	5.375%	09/15/2027	0.7%
TSASC, Inc.	5.000%	06/01/2048	0.7%
E-470 Public Highway Authority	0.000%	09/01/2031	0.7%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.6%
Chicago Brd of Ed	5.250%	12/01/2041	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%
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%
Adelanto Public Utility Auth	6.625%	07/01/2031	0.6%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.6%
Chicago Brd of Ed	1.740%	03/01/2036	0.6%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.5%
Baltimore Mayor & City Council, MD	5.875%	09/01/2039	0.5%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.5%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.5%
Chicago Brd of Ed	5.000%	12/01/2042	0.5%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.5%
Massachusetts Port Auth	5.500%	01/01/2022	0.5%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.5%
Alachua Cnty, FL	5.875%	11/15/2036	0.5%
Inglewood Redev Agy, CA	5.000%	05/01/2033	0.5%
Louisiana Pub Facs Auth	6.500%	05/15/2037	0.5%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.5%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	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%
Arizona Hlth Facs Auth	5.200%	10/01/2037	0.5%
Mission Econ Dev Corp, TX	5.750%	10/01/2031	0.5%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.5%
Moon Indus Dev Auth	6.000%	07/01/2045	0.5%
Vigo Cnty Hosp Auth	5.700%	09/01/2037	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Appling Cnty Dev Auth, GA	1.340%	09/01/2029	0.5%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.4%
West Pace Cooperative District	9.125%	05/01/2039	0.4%
Indiana Fin Auth	5.000%	07/01/2044	0.4%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.4%
Kirkwood Indus Dev Auth	8.250%	05/15/2039	0.4%
Susquehanna Area Regl Arpt Auth	6.500%	01/01/2038	0.4%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.4%
Harrisburg Auth	6.000%	09/01/2036	0.4%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.4%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	9.831%	01/01/2034	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.4%
Puerto Rico Aqueduct & Swr Auth	5.000%	07/01/2017	0.4%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.4%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2045	0.4%
Long Beach Natural Gas - Merrill Lynch	5.500%	11/15/2037	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Illinois, IL	5.000%	01/01/2035	0.3%
Overland Park Dev Corp	5.125%	01/01/2032	0.3%
Jefferson Cnty, AL	6.000%	10/01/2042	0.3%
Rhode Island Hlth & Edl Bldg Corp.	5.000%	09/01/2036	0.3%
Pub Fin Auth	7.000%	10/01/2042	0.3%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.3%
Holmes Cnty Hosp Corp.	6.000%	11/01/2038	0.3%
Cnty of Botetourt VA	6.000%	07/01/2044	0.3%
Howard Cnty, MD	5.000%	04/01/2046	0.3%
Arkansas City Public Bldg Comm	6.750%	09/01/2038	0.3%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2046	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Hesperia Public Fing Auth	5.000%	09/01/2031	0.3%
Rochester, MN	7.375%	12/01/2041	0.3%
Orange Cnty Hlth Facs Auth, FL	5.500%	07/01/2038	0.3%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2045	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.250%	11/15/2045	0.3%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2046	0.3%
Cnty of Licking, OH	6.000%	07/01/2050	0.3%
Louisiana Pub Facs Auth	6.375%	12/01/2034	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2029	0.3%
Baker Correctional Dev Corp.	7.500%	02/01/2030	0.3%
Padre Dam Muni Wtr Dist, CA	5.250%	10/01/2034	0.3%
Allegheny Cnty Indl Dev Auth, PA	6.875%	05/01/2030	0.3%
Pub Fin Auth	5.000%	07/01/2042	0.3%
Iowa Tobacco Settlement Auth	5.375%	06/01/2038	0.3%
New York City Indl Dev Agy	5.000%	01/01/2031	0.3%
Chicago Brd of Ed	5.250%	12/01/2039	0.3%
New Jersey Econ Dev Auth	5.500%	04/01/2028	0.3%
Puerto Rico	5.000%	07/01/2020	0.3%
Rockdale Cnty Dev Auth	6.125%	01/01/2034	0.3%
New Jersey Econ Dev Auth	5.375%	11/01/2036	0.3%
New Mexico Hosp Equipment Loan Council	5.500%	07/01/2042	0.3%
Decatur Hosp Auth	5.250%	09/01/2044	0.3%
New York City Municipal Water Finance Authority	1.080%	06/15/2032	0.3%
Chicago Brd of Ed	5.250%	12/01/2035	0.3%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.3%
California Statewide Comntys Dev Auth	5.250%	12/01/2044	0.3%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.3%
California State Pub Wks Bd	5.000%	04/01/2034	0.3%
Jefferson Cnty, AL	5.000%	10/01/2044	0.3%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.3%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.3%
Palomar Hlth	5.000%	11/01/2039	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Detroit, MI	5.250%	07/01/2041	0.3%
Maryland Hlth & Hgr Ed Facs Auth	5.750%	07/01/2038	0.3%
Colorado Hlth Facs Auth	7.750%	08/01/2039	0.3%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.3%
River Islands Public Fing Auth	5.500%	09/01/2045	0.3%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.3%
West Virginia Hosp Fin Auth	6.500%	10/01/2028	0.3%
Marietta Dev Auth	7.000%	06/15/2030	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
NY Transportation Dev Corp - American Airlines	5.000%	08/01/2031	0.3%
Illinois, IL	5.000%	02/01/2029	0.2%
Massachusetts Dev Fin Agy	5.000%	09/01/2045	0.2%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.2%
Kirkwood Indus Dev Auth	5.250%	05/15/2050	0.2%
Florida Dev Fin Corp.	6.125%	06/15/2046	0.2%
Scranton Redev Auth	5.000%	11/15/2028	0.2%
Golden St Tobacco Securitization Corp.	5.300%	06/01/2037	0.2%
Compton Comnty Redev Agy	6.000%	08/01/2042	0.2%
Guadalupe Regional Medical Center	5.000%	12/01/2040	0.2%
City of Blaine, MN	6.125%	07/01/2050	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Parish of Beauregard, LA	6.800%	02/01/2027	0.2%
Cnty of Tuscarawas OH	6.000%	03/01/2045	0.2%
California Sch Fin Auth	6.000%	01/01/2019	0.2%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.2%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.2%
Northern Tobacco Securitization Corp.	5.000%	06/01/2032	0.2%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	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%
Northern Palm Beach Cnty Impt Dist	5.000%	08/01/2046	0.2%
Michigan Tobacco Settlement Fin Auth	6.000%	06/01/2034	0.2%
Prince George's Cnty Rev Auth	5.000%	07/01/2046	0.2%
Gaithersburg, MD	6.000%	01/01/2023	0.2%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.2%
Pub Fin Auth	5.125%	06/01/2048	0.2%
Valparaiso, IN	7.000%	01/01/2044	0.2%
NJ Tobacco Settlement Finance Corp	4.750%	06/01/2034	0.2%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.2%
Ohio Air Qlty Dev Auth	4.375%	06/01/2033	0.2%
Arlington Higher Ed Fin Corp., TX	5.500%	08/15/2046	0.2%
Clifton Hgr Ed Fin Corp., TX	5.750%	08/15/2045	0.2%
Chicago Brd of Ed	6.500%	12/01/2046	0.2%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.2%
Millsboro, DE	5.450%	07/01/2036	0.2%
Arborwood Comnty Dev Dist	5.350%	05/01/2036	0.2%
Pima Cnty Indus Dev Auth, AZ	5.500%	07/01/2026	0.2%
Alachua Cnty, FL	5.875%	11/15/2042	0.2%
New Jersey Edl Facs Auth	7.125%	12/01/2023	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
Illinois Fin Auth	5.000%	04/01/2031	0.2%
Illinois Fin Auth	5.875%	02/15/2038	0.2%
Holmes Cnty Hosp Corp.	5.750%	11/01/2026	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Illinois Fin Auth	5.000%	04/01/2021	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	2.094%	01/01/2031	0.2%
Tern Bay Comnty Dev Dist	5.375%	05/01/2037	0.2%
Lake Elsinore Public Fing Auth	5.000%	09/01/2040	0.2%
Capital Region Cmnty Dev, FL	7.000%	05/01/2039	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Michigan Public Edl Facs Auth	6.500%	09/01/2037	0.2%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.2%
Michigan Strategic Fnd	5.500%	06/01/2047	0.2%
Jefferson Cnty, AL	0.000%	10/01/2046	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2047	0.2%
Denver City & Cnty Dept of Aviation, CO	5.500%	11/15/2025	0.2%
Illinois Fin Auth	5.000%	04/01/2023	0.2%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.2%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.2%
Chicago Brd of Ed	5.500%	12/01/2039	0.2%
Gainesville Redev Auth	5.125%	03/01/2037	0.2%
Illinois Fin Auth	5.625%	02/15/2037	0.2%
Jefferson Cnty, AL	0.000%	10/01/2042	0.2%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.2%
Hamilton Cnty, OH	5.000%	01/01/2051	0.2%
Harris Cnty Cultural Ed Facs Fin Corp., TX	7.000%	01/01/2043	0.2%
Pima Cnty Indus Dev Auth, AZ	5.625%	07/01/2038	0.2%
Compton, CA	6.000%	08/01/2039	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Philadelphia Auth for Indus Dev	6.625%	06/01/2050	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Vigo Cnty Hosp Auth	8.000%	09/01/2041	0.2%
Illinois Fin Auth	7.250%	02/15/2045	0.2%
Iowa Higher Ed Loan Auth	5.000%	10/01/2037	0.2%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.500%	11/15/2045	0.2%
Florida Dev Fin Corp.	5.000%	07/15/2046	0.2%
Baltimore Mayor & City Council, MD	7.000%	09/01/2038	0.2%
Chicago, IL	5.000%	01/01/2038	0.2%
King Cnty Public Hosp Dist No 4	6.250%	12/01/2045	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.500%	07/01/2026	0.2%
Provo, UT	5.500%	06/15/2037	0.2%
Multnomah Cnty Hosp Facs Auth, OR	5.400%	10/01/2044	0.2%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.2%
Collier Cnty Indus Dev Auth, FL	8.125%	05/15/2044	0.2%
Indus Dev Auth of the Twn of Florence, Inc., AZ	6.000%	07/01/2043	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2029	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Village of Bellwood, IL	5.875%	12/01/2027	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
Wilson Cnty, KS	5.600%	09/01/2036	0.2%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.2%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.2%
Illinois Fin Auth	5.375%	02/15/2025	0.2%
Chicago, IL	5.500%	01/01/2033	0.2%
Lathrop Fing Auth	6.000%	06/01/2035	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Washington St Hsg Fin Comm	5.000%	01/01/2051	0.2%
Chicago	5.000%	01/01/2031	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%
Yosemite Comnty Coll Dist, CA	0.000%	08/01/2042	0.2%
Illinois Fin Auth	7.125%	02/01/2034	0.2%
Washington St Hsg Fin Comm	6.750%	10/01/2047	0.2%
New York City Indl Dev Agy	5.000%	01/01/2036	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Pub Fin Auth	4.300%	11/01/2030	0.2%
Maricopa Cnty Indus Dev Auth, AZ	5.000%	07/01/2035	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Fremont Cmnty Facs Dist No 1	5.000%	09/01/2045	0.2%
Hamilton Cnty, OH	5.000%	01/01/2046	0.2%
River Islands Public Fing Auth	5.500%	09/01/2045	0.2%
Illinois Fin Auth	4.000%	11/15/2052	0.2%
Ashland, KY	5.000%	02/01/2040	0.1%
Broward Cnty, FL	5.125%	10/01/2038	0.1%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Tobacco Settlement Fing Corp.	0.000%	06/01/2052	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Washington St Hsg Fin Comm	5.000%	01/01/2046	0.1%
Alachua Cnty Hlth Facs Auth	6.250%	11/15/2044	0.1%
Indiana Fin Auth	5.000%	06/01/2039	0.1%
Baltimore Mayor & City Council, MD	5.250%	09/01/2039	0.1%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	10.338%	08/15/2030	0.1%
Puerto Rico	5.000%	07/01/2019	0.1%
Upper San Juan Hlth Svcs Dist	6.125%	06/01/2046	0.1%
Chicago, IL	5.250%	01/01/2032	0.1%
Flint Hosp Bldg Auth	7.375%	07/01/2035	0.1%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.1%
Sarasota Cnty Hlth Fac Auth	5.750%	07/01/2037	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
New Jersey Econ Dev Auth	5.625%	11/15/2030	0.1%
Tulsa Cnty Indus Auth	5.250%	11/15/2045	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%
Nez Perce County - Potlatch Corporation	2.750%	10/01/2024	0.1%
Buffalo & Erie Cnty Indus Land Dev Corp., NY	5.250%	04/01/2035	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
California Statewide Comntys Dev Auth	7.250%	11/15/2041	0.1%
Howard Cnty, MD	5.000%	04/01/2044	0.1%
California Statewide Comntys Dev Auth	6.000%	10/01/2042	0.1%
Puerto Rico	5.625%	07/01/2032	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
Palm Beach Cnty Hlth Facs Auth, FL	7.500%	06/01/2049	0.1%
Pub Fin Auth	5.250%	04/01/2030	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2034	0.1%
Lombard Pub Facs Corp.	7.125%	01/01/2036	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%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2044	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Florida Dev Fin Corp.	6.375%	05/15/2037	0.1%
Plaza Metropolitan Dist No 1	5.000%	12/01/2040	0.1%
City of Scranton, PA	5.000%	11/15/2032	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Illinois Fin Auth	5.000%	04/01/2025	0.1%
Cnty of Cuyahoga, OH	6.000%	05/15/2042	0.1%
Philadelphia Auth for Indus Dev	6.500%	06/01/2045	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2035	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%
Jefferson Cnty, AL	0.000%	10/01/2028	0.1%
Woodbury Hsg & Redev Auth	5.125%	12/01/2044	0.1%
California Sch Fin Auth	5.125%	07/01/2044	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.1%
Indiana Fin Auth	5.000%	07/01/2040	0.1%
Palm Beach Cnty, FL	6.750%	05/15/2035	0.1%
Illinois Fin Auth	6.000%	05/15/2043	0.1%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2051	0.1%
Lathrop Fing Auth	5.900%	06/01/2027	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2039	0.1%
Puerto Rico	5.625%	07/01/2033	0.1%
Cnty of Anne Arundel, MD	6.100%	07/01/2040	0.1%
Fulton Cnty Indus Dev Auth, PA	5.000%	07/01/2046	0.1%
Colorado Hlth Facs Auth	5.250%	05/15/2047	0.1%
Indiana Fin Auth	5.000%	07/01/2035	0.1%
Riverside Cnty Redev Agy, CA	6.500%	10/01/2040	0.1%
Foothill-Eastern Transp Corridor Agy, CA	6.500%	01/15/2043	0.1%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2028	0.1%
Louisiana Pub Facs Auth	5.000%	07/01/2046	0.1%
New Jersey Edl Facs Auth	7.500%	12/01/2032	0.1%
Collier Cnty Indus Dev Auth, FL	7.750%	05/15/2035	0.1%
Palm Bay, FL	7.000%	07/01/2036	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.1%
Philadelphia Muni Auth, PA	6.375%	04/01/2029	0.1%
Puerto Rico	4.500%	07/01/2023	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2040	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2042	0.1%
Upper San Juan Hlth Svcs Dist	6.000%	06/01/2041	0.1%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.1%
Pub Fin Auth	5.000%	12/01/2025	0.1%
Anson Ed Facs Corp.	5.000%	08/15/2045	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%
Massachusetts Dev Fin Agy	4.875%	11/01/2042	0.1%
Rochester, MN	6.875%	12/01/2029	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2044	0.1%
Washington St Hsg Fin Comm	6.500%	10/01/2032	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%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.1%
San Mateo, CA	5.000%	09/01/2042	0.1%
New York St Thruway Auth	5.250%	01/01/2056	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
New Jersey Econ Dev Auth	5.500%	06/01/2033	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%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2041	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2046	0.1%
Hanover Cnty Econ Dev Auth	5.000%	07/01/2042	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.1%
Woodbury Hsg & Redev Auth	5.250%	12/01/2049	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2046	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%
Miami World Center Comnty Dev Dist	5.250%	11/01/2049	0.1%
Magnolia West Comnty Dev Dist	5.350%	05/01/2037	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2046	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
City of Aurora, IL	6.500%	12/30/2023	0.1%
Washington St Hsg Fin Comm	5.000%	07/01/2051	0.1%
California Muni Fin Auth	5.000%	06/01/2046	0.1%
Maryland Econ Dev Corp.	5.250%	12/01/2031	0.1%
Blount Cnty Hlth & Edl Facs Bd	5.000%	01/01/2047	0.1%
Chicago, IL	5.000%	01/01/2040	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Kirkwood Indus Dev Auth	5.250%	05/15/2042	0.1%
Prince William Cnty Indus Dev Auth	5.000%	01/01/2046	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
California State Pub Wks Bd	5.750%	10/01/2031	0.1%
Puerto Rico	5.000%	07/01/2020	0.1%
Salem Hosp Fac Auth	6.000%	05/15/2047	0.1%
Puerto Rico	5.000%	07/01/2022	0.1%
Spanish Fort Cooperative Dist	9.000%	02/01/2029	0.1%
Red River Hlth Facs Dev Corp.	7.750%	11/15/2044	0.1%
Indiana Fin Auth	5.250%	09/01/2034	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Upper Illinois River Vly Dev Auth	7.375%	11/15/2045	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2030	0.1%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2020	0.1%
Kansas City Indus Dev Auth, MO	5.875%	01/01/2037	0.1%
California Statewide Comntys Dev Auth	5.750%	07/01/2024	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%
Michigan Strategic Fnd	5.250%	06/01/2032	0.1%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.1%
Rumford, ME	6.875%	10/01/2026	0.1%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.1%
Valparaiso, IN	5.875%	01/01/2024	0.1%
Chicago Brd of Ed	7.000%	12/01/2044	0.1%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2053	0.1%
Southeastern Ohio Port Auth	6.000%	12/01/2042	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2029	0.1%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.1%
Washington St Hsg Fin Comm	7.000%	07/01/2045	0.1%
Gainesville Redev Auth	5.125%	03/01/2027	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Suffolk Cnty Indus Dev Agy	5.500%	01/01/2037	0.1%
Eaton Area Park & Recreation Dist	5.250%	12/01/2034	0.1%
Yonkers Econ Dev Corp., NY	6.000%	10/15/2030	0.1%
California Sch Fin Auth	5.000%	08/01/2046	0.1%
California Muni Fin Auth	6.125%	07/01/2038	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
City of Chicago General Obligation	5.000%	01/01/2024	0.1%
NJ Eco Dev Auth - Goethals Bridge	5.375%	01/01/2043	0.1%
City of Aurora, IL	6.750%	12/30/2027	0.1%
Upper Illinois River Vly Dev Auth	7.250%	11/15/2040	0.1%
Rockland Tobacco Asset Securitization Corp	0.000%	08/15/2060	0.1%
New Jersey Econ Dev Auth	5.300%	11/01/2026	0.1%
IA Finance Auth - Alcoa	4.750%	08/01/2042	0.1%
Illinois Fin Auth	5.000%	09/01/2046	0.1%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2031	0.1%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2046	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%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2047	0.1%
Maryland Econ Dev Corp.	5.000%	06/01/2035	0.1%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.1%
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%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2036	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Lancaster Redev Agy, CA	6.875%	08/01/2034	0.1%
Alachua Cnty Hlth Facs Auth	6.375%	11/15/2049	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%
Port of Seattle Indus Dev Corp., WA	5.000%	04/01/2030	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2032	0.1%
Salem Hosp Fac Auth	5.625%	05/15/2032	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2033	0.1%
Village Comnty Dev Dist No 10	6.000%	05/01/2044	0.1%
Illinois Fin Auth	5.000%	09/01/2036	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2035	0.1%
Pennsylvania Econ Dev Fing Auth	5.500%	11/01/2044	0.1%
Lake Elsinore Public Fing Auth	5.000%	09/01/2035	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
Fairfax Cnty Econ Dev Auth, VA	5.000%	12/01/2032	0.1%
Idaho Hlth Facs Auth	5.000%	09/01/2037	0.1%
Anne Arundel Cnty Consolidated Spl Taxing Dist	5.125%	07/01/2036	0.1%
Lancaster Cnty Hosp Auth, PA	5.250%	07/01/2041	0.0%
Colorado Hlth Facs Auth	5.250%	01/01/2037	0.0%
Lancaster Cnty Hosp Auth, PA	5.125%	07/01/2037	0.0%
Prince William Cnty Indus Dev Auth	5.000%	01/01/2037	0.0%
Chesterfield Cnty Econ Dev Auth	5.125%	01/01/2043	0.0%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	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%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.0%
Chicago, IL	5.500%	01/01/2037	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2036	0.0%
Chicago, IL	5.000%	11/01/2029	0.0%
Ohio Air Qlty Dev Auth	3.750%	12/01/2023	0.0%
Connecticut Hlth & Educl Facs Auth	5.000%	09/01/2046	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2046	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2041	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
TSASC, Inc.	5.000%	06/01/2041	0.0%
Ohio Wtr Dev Auth	4.375%	06/01/2033	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2052	0.0%
West Virginia Econ Dev Auth, WV	2.875%	12/15/2026	0.0%
Flint Hosp Bldg Auth	7.500%	07/01/2039	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2046	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.0%
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%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.0%
Florida Dev Fin Corp.	6.500%	05/15/2037	0.0%
Colorado Hlth Facs Auth	5.250%	05/15/2037	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Marietta Dev Auth	7.000%	06/15/2039	0.0%
San Francisco City & Cnty Redev Fing Auth, CA	5.000%	08/01/2043	0.0%
Idaho Hlth Facs Auth	5.000%	09/01/2029	0.0%
Sparks, NV	6.750%	09/01/2027	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
South Carolina Jobs Econ Dev Auth	5.250%	11/01/2036	0.0%
Sayre Memorial Hosp Auth	6.000%	07/01/2037	0.0%
Michigan Public Edl Facs Auth	7.000%	10/01/2036	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2051	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2025	0.0%
Puerto Rico	4.000%	07/01/2020	0.0%
Monroe Tobacco Asset Securitization Corp	0.000%	06/01/2061	0.0%
Palm Bay, FL	6.750%	07/01/2022	0.0%
Puerto Rico Pub Fin Corp.	5.500%	08/01/2031	0.0%
Blount Cnty Hlth & Edl Facs Bd	5.000%	01/01/2037	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%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2029	0.0%
Maryland Econ Dev Corp.	5.000%	06/01/2043	0.0%
Chicago, IL	5.000%	11/01/2028	0.0%
Chicago, IL	5.000%	11/01/2030	0.0%
Plaza Metropolitan Dist No 1	5.000%	12/01/2022	0.0%
Alaska Indus Dev & Export Auth, AK	6.120%	08/01/2031	0.0%
Arborwood Comnty Dev Dist	5.500%	05/01/2036	0.0%
Brooklyn Arena Local Dev Corp.	4.000%	07/15/2035	0.0%
Tobacco Settlement Fing Corp.	0.000%	06/01/2047	0.0%
Lancaster Redev Agy, CA	6.875%	08/01/2039	0.0%
Whispering Spring Dev Dist	5.200%	10/01/2021	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2022	0.0%
Illinois Fin Auth	5.875%	03/01/2027	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Yamhill Cnty Hosp Auth	5.000%	11/15/2036	0.0%
Orange Grove Cmty Dev Dist	5.300%	11/01/2021	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2028	0.0%
Durbin Crossing Cmnty Dev Dist	5.500%	05/01/2037	0.0%
Middlesex Cnty Impt Auth	5.000%	01/01/2020	0.0%
Grandview Indus Dev Auth	5.750%	12/01/2028	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
Riverside Cnty Pub Fing Auth, CA	4.750%	10/01/2035	0.0%
Doctor Charles Drew Academy	5.700%	11/01/2036	0.0%
Illinois Fin Auth	0.000%	11/15/2052	0.0%
Arborwood Comnty Dev Dist	6.900%	05/01/2036	0.0%
Pub Fin Auth	0.000%	10/01/2042	0.0%
Florida Dev Fin Corp.	2.800%	05/15/2037	0.0%
Michigan Strategic Fnd	8.375%	07/15/2033	0.0%
Ohio St Pollution Ctl Rev	8.375%	07/15/2033	0.0%
Moraine Ohio Solid Waste Disp	8.375%	07/15/2033	0.0%
US 20YR Treasury Future Jun 2007	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/26/2017: $0.169
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	05/31/2017
Daily	Daily	06/30/2017
Daily	Daily	07/31/2017
Daily	Daily	08/31/2017
Daily	Daily	09/30/2017
Daily	Daily	10/31/2017
Daily	Daily	11/30/2017
Daily	Daily	12/31/2017

Fees & Expenses

Sales Charge Schedule as of 05/26/2017

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$11.99
$100,000 to $249,999	1.75%	1.50%	$11.93
$250,000 to $499,999	1.25%	1.00%	$11.87
$500,000 to $999,999	0.00%	1.00%	$11.72
$1,000,000 to $5,000,000	0.00%	1.00%	$11.72

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

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

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

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

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

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

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

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

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

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

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

Expense Ratioas of 04/30/2017

Expense ratio details, Click here.

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

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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
n/a	Fact Sheet Publish Date:11/03/2015
n/a	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 Fund’s Dividend Yield and 12-Month Dividend Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

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

IMPORTANT INFORMATION

A Note about Risk: The Fund invests substantially in high-yield securities which carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. In addition, because the Fund is nondiversified, it will be more exposed to risks from a single adverse economic, political, or regulatory event than a diversified fund. A portion of the income derived from the Fund's portfolio may be subject to the alternative 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 05/26/2017

30 Day Standardized yield 2 as of 04/30/2017

Fund Basicsas of 04/28/2017

Expense Ratioas of 04/30/2017

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

RELATED CONTENT

Credit Quality Distribution as of 04/28/2017

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 05/26/2017

30-Day Standardized Yield 2 as of 04/30/2017

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

Gross 0.80%

Net 0.79%

Fund Expense Ratio :

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Dividend Yield ¹ as of 05/26/2017

30 Day Standardized yield ² as of 04/30/2017

Dividend Yield ¹ as of 05/26/2017

30-Day Standardized Yield ² as of 04/30/2017