Intermediate Tax Free Fund

LISAX

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Daily price w/o sales charge as of 09/26/2016

$11.10

$0.00

YTD Returns w/o sales charge as of 09/26/2016

3.94%

Overall Morningstar Ratings

Muni National Interm

as of 08/31/2016

Load & Load Waived

Morningstar rated the Lord Abbett Intermediate Tax Free Fund class A share (load) 3, 3 and 4 stars and (load waived) 4, 4 and 4 stars among 308, 268 and 177 Muni National Interm Funds for the overall rating and the 3, 5 and 10 year periods ended 8/31/2016, respectively.

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

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Summary

What is the Intermediate Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in intermediate-term investment grade municipal bonds.

Yield

Dividend Yield ¹ as of 09/26/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	2.29%
w/ sales charge	-	2.24%

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

1.79%

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

Fund Basicsas of 08/31/2016

Total Net Assets: $4.92 B
Inception Date: 06/30/2003
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 917
CUSIP: 543912604
Minimum Initial Investment: $1,000+

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

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 :

0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2003

w/o sales charge	4.24%	6.74%	5.78%	4.33%	4.81%	4.21%
Lipper Category Avg. Intermediate Municipal Debt Funds	3.58%	5.58%	4.80%	3.59%	3.79%	-
Barclays 1-15 Year Muni Bond Index	3.56%	5.46%	4.93%	3.76%	4.52%	4.16%
w/ sales charge	1.90%	4.31%	4.97%	3.86%	4.57%	4.03%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2003

w/o sales charge	3.92%	6.91%	4.96%	4.78%	5.07%	4.24%
Lipper Category Avg. Intermediate Municipal Debt Funds	3.44%	6.07%	4.20%	4.02%	4.02%	-
Barclays 1-15 Year Muni Bond Index	3.38%	6.12%	4.50%	4.22%	4.75%	4.20%
w/ sales charge	1.58%	4.48%	4.18%	4.30%	4.83%	4.06%

Fund Expense Ratio :

0.71%

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

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

CREDIT QUALITY DISTRIBUTION as of 08/31/2016 View Portfolio

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

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

Investment Team

Daniel S. Solender, CFA

Partner & Director

29 Years of Industry Experience

Daniel T. Vande Velde

Partner & Portfolio Manager

26 Years of Industry Experience

Supported By 11 Investment Professionals and 11 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 09/26/2016

	Subsidized³	Un-Subsidized⁴
w/o sales charge	-	2.29%
w/ sales charge	-	2.24%

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

	Subsidized³	Un-Subsidized⁴
w/o sales charge	1.79%	-

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

Fund Expense Ratio :

0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2003

w/o sales charge	4.24%	6.74%	5.78%	4.33%	4.81%	4.21%
Lipper Category Avg. Intermediate Municipal Debt Funds	3.58%	5.58%	4.80%	3.59%	3.79%	-
Barclays 1-15 Year Muni Bond Index	3.56%	5.46%	4.93%	3.76%	4.52%	4.16%
w/ sales charge	1.90%	4.31%	4.97%	3.86%	4.57%	4.03%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2003

w/o sales charge	3.92%	6.91%	4.96%	4.78%	5.07%	4.24%
Lipper Category Avg. Intermediate Municipal Debt Funds	3.44%	6.07%	4.20%	4.02%	4.02%	-
Barclays 1-15 Year Muni Bond Index	3.38%	6.12%	4.50%	4.22%	4.75%	4.20%
w/ sales charge	1.58%	4.48%	4.18%	4.30%	4.83%	4.06%

Fund Expense Ratio :

0.71%

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

Best returns

Durations	Fund Returns	Blended Index

3-Mo	7.17	6.39
1-Yr	13.5	12.3

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-5.02	-3.12
1-Yr	-3.54	-1.86

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

Year	Fund Returns	Barclays 1-15 Year Muni Bond Index

2015	2.86%	2.83%
2014	8.35%	6.36%
2013	-2.82%	-1.05%
2012	6.40%	4.74%
2011	9.87%	8.80%
2010	3.49%	2.97%
2009	12.09%	8.88%
2008	-0.40%	2.48%
2007	3.44%	4.45%
2006	3.91%	4.10%
2005	1.50%	-
2004	2.29%	-
2003	1.16%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2016	1.60%	2.28%	-	-	3.94%
2015	1.14%	-1.15%	1.36%	1.50%	2.86%
2014	3.10%	2.37%	1.48%	1.17%	8.35%
2013	0.64%	-3.29%	-0.16%	-0.01%	-2.82%
2012	1.53%	1.78%	2.09%	0.85%	6.40%
2011	0.39%	3.79%	2.98%	2.40%	9.87%
2010	1.75%	1.95%	3.37%	-3.48%	3.49%
2009	4.33%	1.79%	6.55%	-0.94%	12.09%
2008	0.77%	0.04%	-1.49%	0.31%	-0.40%
2007	0.71%	-0.77%	2.34%	1.14%	3.44%
2006	-0.16%	-0.21%	3.44%	0.82%	3.91%
2005	-0.88%	2.24%	-0.42%	0.58%	1.50%
2004	1.14%	-2.23%	2.98%	0.45%	2.29%
2003	-	-	0.16%	0.99%	1.16%

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

Growth of $10,000 as of 08/31/2016

The chart begins on the Fund's inception date of 06/30/2003.

Based on a hypothetical Class A share investment of $10,000 on 06/30/2003 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2016

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

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

PORTFOLIO BREAKDOWN as of 08/31/2016

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

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

PORTFOLIO BREAKDOWN as of 08/31/2016

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

Credit QUALITY DISTRIBUTION as of 08/31/2016

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

Portfolio Positioning as of 6/30/2016

The portfolio continues to overweight revenue bonds, including health care and transportation bonds, relative to its benchmark, the Barclays 1-15 Year Municipal Bond Index, given the dedicated income stream and favorable return prospects.
The portfolio is overweight bonds with effective maturities of six to ten years, relative to its benchmark, due to the greater steepness of the yield curve and total return potential relative to other maturities within the intermediate range.
We continue to focus on higher-coupon bonds priced at premiums in order to take advantage of their attractive relative value. In addition, higher-coupon bonds offer greater protection from rising interest rates than lower-coupon bonds.
The portfolio is overweight lower-rated investment-grade bonds, relative to its benchmark, due to attractive credit spreads and improving overall credit quality.

Portfolio Details as of 08/31/2016

Total Net Assets: $4.92 B
Number of Issues: 917
Average Coupon: 4.90%
Average Effective Maturity: 8.0 Years
Average Effective Duration: 5.06 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

TX Muni Gas Acq & Supply - Merrill Lynch	6.250%	12/15/2026	0.8%
Port Authur Navigation Dist - Motiva Enterprises	0.650%	04/01/2040	0.6%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.6%
TX Muni Gas Acq & Supply - Macquarie	5.000%	12/15/2024	0.6%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.5%
Pennsylvania State General Obligation	5.000%	09/15/2025	0.5%
California State General Obligation	5.000%	09/01/2022	0.5%
California State General Obligation	5.000%	02/01/2022	0.5%
Illinois State General Obligation	5.000%	08/01/2022	0.5%
New York Metropolitan Transit Authority	5.000%	11/15/2026	0.5%

% of Total Assets			5.6%

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

Holdings as of07/29/2016

Holding	Coupon	Maturity	Assets

TX Muni Gas Acq & Supply - Merrill Lynch	6.250%	12/15/2026	0.8%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2030	0.7%
Port Authur Navigation Dist - Motiva Enterprises	0.560%	04/01/2040	0.6%
TX Muni Gas Acq & Supply - Macquarie	5.000%	12/15/2024	0.6%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.5%
Pennsylvania State General Obligation	5.000%	09/15/2025	0.5%
California State General Obligation	5.000%	09/01/2022	0.5%
California State General Obligation	5.000%	02/01/2022	0.5%
Illinois State General Obligation	5.000%	08/01/2022	0.5%
New York Metropolitan Transit Authority	5.000%	11/15/2026	0.5%
Illinois State General Obligation	5.000%	01/01/2022	0.4%
Illinois State General Obligation	5.000%	01/01/2032	0.4%
Dallas Indpt Sch Dist	5.000%	02/15/2036	0.4%
New York City	0.590%	11/01/2026	0.4%
Beaver County Indus Dev Auth - FirstEnergy	4.000%	01/01/2035	0.4%
Dallas Waterworks & Sewer System	5.000%	10/01/2024	0.4%
New York City	5.000%	08/01/2024	0.4%
New York State UDC - Personal Income Tax	5.000%	03/15/2026	0.4%
California State General Obligation	5.000%	09/01/2021	0.4%
California State Dept of Water - Power Supply	5.000%	05/01/2019	0.4%
University of California	5.000%	05/15/2026	0.4%
New York Dorm Auth - Personal Income Tax	5.000%	03/15/2024	0.4%
Dorm Auth of the St of New York	5.000%	10/01/2022	0.4%
Hawaii	5.000%	04/01/2024	0.4%
Washington State General Obligation	5.000%	08/01/2022	0.4%
New York Dorm Auth - Personal Income Tax	5.000%	12/15/2019	0.4%
California State General Obligation	5.000%	09/01/2021	0.3%
Pennsylvania Econ Dev Fing Auth	5.000%	12/31/2034	0.3%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2026	0.3%
Illinois, IL	5.000%	08/01/2024	0.3%
Texas Transp Comm	5.000%	10/01/2022	0.3%
South Carolina Edl Facs Auth	0.340%	10/01/2039	0.3%
NJ Eco Dev Auth - Continental Airlines	5.250%	09/15/2029	0.3%
Chicago, IL	5.000%	01/01/2024	0.3%
Denver City & Cnty Dept of Aviation, CO	0.370%	12/01/2029	0.3%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.3%
New York City	5.000%	08/01/2025	0.3%
Dorm Auth of the St of New York	5.000%	03/15/2028	0.3%
Lubbock, TX	5.000%	02/15/2026	0.3%
University of North Carolina at Chapel Hill	1.081%	12/01/2041	0.3%
Citizen's Prop Insurance Corp., FL	5.000%	06/01/2022	0.3%
Connecticut	5.000%	05/15/2021	0.3%
Arizona Hlth Facs Auth	2.290%	02/01/2048	0.3%
Detroit, MI	4.500%	11/01/2023	0.3%
Denver City & Cnty Dept of Aviation, CO	5.000%	11/15/2022	0.3%
Louisiana	5.000%	05/01/2028	0.3%
Clark Cnty, NV	5.000%	11/01/2027	0.3%
California Dept of Wtr Resources	5.000%	12/01/2022	0.3%
Los Angeles Cnty Metropolitan Transp Auth, CA	5.000%	07/01/2021	0.3%
Chicago	5.000%	01/01/2021	0.3%
Port of Oakland, CA	5.000%	05/01/2022	0.3%
New York State Urban Dev Corp.	5.000%	03/15/2026	0.3%
Foothill-Eastern Transp Corridor Agy, CA	5.000%	01/15/2053	0.3%
California Public Works	5.250%	10/01/2019	0.3%
New York Transp Dev Corp.	5.000%	08/01/2026	0.3%
Virginia Coll Bldg Auth	5.000%	09/01/2027	0.3%
Texas Transp Comm	5.000%	10/01/2024	0.3%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.3%
Genesis Hlthcare Sys, OH	5.000%	02/15/2033	0.3%
California	5.000%	09/01/2030	0.3%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.3%
Washington	5.000%	08/01/2024	0.3%
Texas Transp Comm	5.000%	10/01/2026	0.3%
Chicago Brd of Ed	5.000%	12/01/2022	0.3%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2026	0.3%
Los Angeles Unif Sch Dist, CA	5.000%	07/01/2023	0.3%
Port Auth of New York & New Jersey	5.000%	12/01/2025	0.3%
Univ of California Bd of Regents	5.000%	05/15/2048	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2027	0.3%
California	5.000%	10/01/2027	0.3%
California State General Obligation	5.250%	09/01/2024	0.3%
Dorm Auth of the St of New York	5.000%	03/15/2023	0.3%
City of Columbus, OH	4.000%	08/15/2027	0.3%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2026	0.3%
Maryland Hlth & Hgr Ed Facs Auth	5.250%	07/01/2026	0.3%
Virginia Small Business Fing Auth	5.250%	01/01/2032	0.3%
Cook Cnty, IL	5.250%	11/15/2023	0.3%
New York City	5.000%	08/01/2022	0.3%
Golden State Tobacco Securitization Corp	4.500%	06/01/2027	0.3%
Massachusetts	5.000%	08/01/2023	0.3%
Orlando Orange Cnty Expwy Auth, FL	5.000%	07/01/2030	0.3%
Pima Cnty Indus Dev Auth, AZ	4.950%	10/01/2020	0.3%
San Francisco Airport	5.000%	05/01/2026	0.3%
Washington	5.000%	09/01/2021	0.2%
Commonwealth Transp Bd, VA	5.000%	05/15/2021	0.2%
Arkansas Dev Fin Auth	1.990%	09/01/2044	0.2%
San Diego Comnty College Dist	5.000%	08/01/2026	0.2%
Arizona Transp Brd	5.000%	07/01/2021	0.2%
New York City Transitional Fin Auth	5.000%	07/15/2024	0.2%
Florida	5.000%	07/01/2026	0.2%
Massachusetts	5.000%	06/01/2023	0.2%
Maryland	4.000%	06/01/2027	0.2%
St Charles Parish, LA	4.000%	12/01/2040	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2024	0.2%
California State General Obligation	5.250%	10/01/2020	0.2%
SA Energy Acquisition Pub Fac Corp.	5.500%	08/01/2023	0.2%
Indianapolis Local Pub Impt Bnd Bank	5.000%	01/01/2026	0.2%
San Antonio, TX	5.000%	02/01/2022	0.2%
Valdez, AK	5.000%	01/01/2021	0.2%
Roanoke Econ Dev - Carilion Clinic	5.000%	07/01/2025	0.2%
Illinois, IL	5.000%	06/01/2024	0.2%
NJ Tobacco Settlement Finance Corp	4.500%	06/01/2023	0.2%
Metropolitan Pier & Exposition Auth, IL	5.000%	12/15/2028	0.2%
Black Belt Energy Gas Dist	4.000%	07/01/2046	0.2%
Wisconsin	5.000%	05/01/2021	0.2%
Energy Northwest, WA	5.000%	07/01/2027	0.2%
Chicago Brd of Ed	7.500%	03/01/2026	0.2%
NJ Hlth Care Facs - Barnabas Health	5.000%	07/01/2019	0.2%
New York City Tr for Cultural Resources	4.000%	04/01/2026	0.2%
Louisiana	5.000%	08/01/2025	0.2%
San Francisco Unif Sch Dist, CA	4.000%	06/15/2021	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	0.2%
Salt River Pj Agri Impt & Pwr Dist, AZ	5.000%	12/01/2023	0.2%
Montgomery Cnty, MD	5.000%	11/01/2023	0.2%
Tennessee Energy Acquisition Corp.	5.250%	09/01/2024	0.2%
New York City Transitional Fin Auth	5.500%	11/01/2027	0.2%
New York St Thruway Auth	5.500%	04/01/2020	0.2%
Dorm Auth of the St of New York	5.000%	03/15/2023	0.2%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2018	0.2%
California Poll Cntrl Fin Auth	3.000%	11/01/2025	0.2%
Illinois Fin Auth	5.000%	02/15/2027	0.2%
Chicago, IL	5.000%	11/01/2024	0.2%
Oakland-Alameda Cnty Coliseum Auth	5.000%	02/01/2021	0.2%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2024	0.2%
NJ Tobacco Settlement Finance Corp	4.750%	06/01/2034	0.2%
Modesto Irr Dist, CA	5.000%	07/01/2025	0.2%
Indianapolis Local Pub Impt Bnd Bank	5.000%	01/01/2027	0.2%
Illinois Fin Auth	5.000%	07/01/2025	0.2%
NJ Tobacco Settlement Finance Corp	5.000%	06/01/2029	0.2%
Port Authur Navigation Dist - Motiva Enterprises	0.560%	04/01/2040	0.2%
Illinois, IL	5.000%	01/01/2020	0.2%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2033	0.2%
Hawaii	5.000%	08/01/2026	0.2%
North Texas Tollway Auth	5.000%	01/01/2031	0.2%
Nevada	5.000%	11/01/2026	0.2%
Los Angeles Comnty College Dist, CA	5.000%	08/01/2024	0.2%
Bd of Regents of the Texas A&M Univ Sys	5.000%	07/01/2021	0.2%
California Statewide Comntys Dev Auth	5.000%	12/01/2036	0.2%
Oakland-Alameda Cnty Coliseum Auth	5.000%	02/01/2020	0.2%
Energy Northwest, WA	5.000%	07/01/2025	0.2%
Florida	5.000%	07/01/2021	0.2%
New York St Energy Rsch & Dev Auth	2.000%	06/01/2029	0.2%
Bay Area Toll Auth, CA	2.000%	04/01/2034	0.2%
Dallas Area Rapid Transit, TX	5.000%	12/01/2026	0.2%
Houston, TX	4.750%	07/01/2024	0.2%
Delaware River Port Auth, PA	5.000%	01/01/2028	0.2%
Central Texas Turnpike	5.000%	08/15/2033	0.2%
California	5.000%	03/01/2025	0.2%
Fulton Co Dev Auth - GA Tech Athletic Association	5.000%	10/01/2022	0.2%
Piedmont Muni Pwr Agy, SC	5.000%	01/01/2024	0.2%
North Sumter Cnty Util Dependent Dist, FL	5.000%	10/01/2032	0.2%
San Francisco City & Cnty Arpt Comm, CA	5.000%	05/01/2028	0.2%
Massachusetts	5.000%	04/01/2024	0.2%
Metropolitan Wtr Reclamation Dist of Greater Chica	5.000%	12/01/2027	0.2%
Ohio Air Quality Auth - Ohio Valley Electric Corp	5.625%	10/01/2019	0.2%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.2%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2020	0.2%
Kansas City Indus Dev Auth, MO	5.000%	09/01/2022	0.2%
Florida Board of Education - Lottery Revs	5.000%	07/01/2020	0.2%
New Jersey EDA - School Facs Construction	5.250%	12/15/2020	0.2%
Michigan Fin Auth	5.000%	06/01/2027	0.2%
Illinois Fin Auth	5.000%	02/15/2026	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.000%	01/15/2034	0.2%
Central Plains Energy	5.000%	09/01/2027	0.2%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.2%
Dorm Auth of the St of New York	5.250%	02/15/2023	0.2%
San Diego Public Facs Fing Auth Wtr Rev	5.000%	08/01/2021	0.2%
Matagorda Cnty Navigation Dist No 1, TX	4.000%	06/01/2030	0.2%
Puerto Rico General Obligation	8.000%	07/01/2035	0.2%
Indiana Fin Auth	5.000%	02/01/2023	0.2%
New Jersey Transp Tr Fnd Auth	5.750%	06/15/2020	0.2%
Railsplitter Tobacco Settlement Auth	6.250%	06/01/2024	0.2%
Louisiana Pub Facs Auth	5.000%	06/01/2024	0.2%
Puerto Rico	5.000%	07/01/2041	0.2%
Ohio Wtr Dev Auth	4.000%	12/01/2033	0.2%
LA Environmental Facs - Westlake Chemical	6.500%	08/01/2029	0.2%
Michigan Strategic Fnd	5.250%	10/15/2024	0.2%
California Hlth Facs Fing Auth	5.250%	08/15/2024	0.2%
Clark Cnty Sch Dist, NV	5.000%	06/15/2027	0.2%
New York Metropolitan Transit Authority	5.250%	11/15/2028	0.2%
Chicago, IL	5.000%	01/01/2022	0.2%
Whiting, IN	5.000%	11/01/2045	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2031	0.2%
California State Pub Wks Bd	5.000%	03/01/2018	0.2%
Nassau Cnty, NY	5.000%	01/01/2025	0.2%
East Bay Mun Util Dist, CA	5.000%	06/01/2028	0.2%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2023	0.2%
Tobacco Settlement Auth	5.000%	06/01/2021	0.2%
Arizona Brd of Regents	5.000%	06/01/2021	0.2%
Rhode Island & Providence Plantations	5.000%	08/01/2022	0.2%
Puerto Rico	5.500%	07/01/2026	0.2%
Chicago	5.000%	01/01/2024	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	6.250%	07/01/2023	0.2%
Kansas Dev Fin Auth	5.000%	03/01/2021	0.2%
California	5.000%	09/01/2023	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2026	0.2%
Wisconsin	5.000%	07/01/2026	0.2%
New Jersey Econ Dev Auth	5.125%	09/15/2023	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.000%	12/01/2019	0.2%
Port of Seattle, WA	5.000%	12/01/2020	0.2%
California State Pub Wks Bd	5.000%	06/01/2026	0.2%
Michigan Fin Auth	5.000%	08/01/2028	0.2%
Tobacco Settlement Auth	5.000%	06/01/2023	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2027	0.2%
Nez Perce Cnty, ID	2.750%	10/01/2024	0.2%
Colorado Hlth Facs Auth	5.000%	01/01/2021	0.2%
Clemson University	5.000%	05/01/2027	0.2%
California	5.250%	03/01/2022	0.2%
Richland Cnty, SC	3.875%	04/01/2023	0.2%
Chicago, IL	5.000%	01/01/2026	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2028	0.2%
New Jersey Econ Dev Auth	5.250%	09/01/2023	0.2%
Orlando Cmnty Redev Agy - Downtown District	5.250%	09/01/2021	0.2%
Metro Atlanta Rapid Transit Auth, GA	5.000%	07/01/2025	0.2%
Port Auth of New York & New Jersey	5.000%	10/15/2026	0.2%
Illinois, IL	5.000%	07/01/2022	0.2%
Citizen's Prop Insurance Corp., FL	5.250%	06/01/2017	0.2%
Chicago, IL	5.000%	01/01/2025	0.2%
New York City	5.000%	10/01/2021	0.2%
Univ of Texas Sys Brd of Regents	5.000%	08/15/2026	0.1%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2030	0.1%
Chicago	5.000%	01/01/2020	0.1%
Dallas Convention Center Hotel Dev Corp., TX	5.250%	01/01/2022	0.1%
Erie Cnty Indl Dev Agy, NY	5.000%	05/01/2024	0.1%
Municipal Elec Auth of Georgia	5.000%	01/01/2020	0.1%
Arizona Hlth Facs Auth	5.000%	02/01/2030	0.1%
California Infrastr & Econ Dev Bnk	5.000%	07/01/2023	0.1%
Cook Cnty, IL	5.000%	11/15/2025	0.1%
Metropolitan Transp Auth, NY	5.000%	11/15/2027	0.1%
Massachusetts Sch Bldg Auth	5.000%	08/15/2030	0.1%
Metropolitan Transp Auth, NY	5.000%	11/01/2023	0.1%
Cnty of Cuyahoga, OH	5.000%	12/01/2023	0.1%
California	5.000%	09/01/2022	0.1%
Ohio Wtr Dev Auth	5.000%	06/01/2023	0.1%
Port Auth of New York & New Jersey	5.000%	12/01/2020	0.1%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2023	0.1%
Williamson Cnty, TX	5.000%	02/15/2021	0.1%
Houston, TX	5.000%	11/15/2026	0.1%
Chester Cnty Indus Dev Auth	5.250%	10/15/2032	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2034	0.1%
Port Auth of New York & New Jersey	5.000%	12/01/2023	0.1%
Public Gas Partners, GA	5.000%	10/01/2019	0.1%
Illinois Fin Auth	5.000%	08/15/2021	0.1%
Michigan Tobacco Settlement Fin Auth	5.250%	06/01/2022	0.1%
San Francisco Pub Util Comm, CA	5.000%	11/01/2023	0.1%
Kansas Dept of Transp	5.000%	09/01/2026	0.1%
Pittsburg Redev Agy, CA	5.000%	08/01/2019	0.1%
Los Angeles Mun Impt Corp., CA	5.000%	11/01/2025	0.1%
Salt Verde Financial Corp.	5.500%	12/01/2029	0.1%
California Hlth Facs Fing Auth	5.000%	11/15/2026	0.1%
California Infrastr & Econ Dev Bnk	5.000%	06/01/2021	0.1%
Los Angeles Unif Sch Dist, CA	4.500%	07/01/2025	0.1%
El Paso Downtown Dev Corp., TX	6.250%	08/15/2023	0.1%
Pittsburgh Sch Dist, PA	4.000%	09/01/2019	0.1%
Massachusetts	5.000%	08/01/2024	0.1%
New York St Thruway Auth	5.000%	01/01/2026	0.1%
Wisconsin	5.000%	11/01/2022	0.1%
Wisconsin Hlth & Edl Facs Auth	5.000%	07/15/2026	0.1%
Puerto Rico General Obligation	5.375%	07/01/2030	0.1%
Westchester Cnty Hlthcare Corp., NY	5.125%	11/01/2020	0.1%
New York City	5.000%	08/01/2026	0.1%
Michigan Hosp Fin Auth	5.000%	06/01/2020	0.1%
Wisconsin	5.000%	07/01/2024	0.1%
Niagara Area Dev Corp - Covanta Energy	4.000%	11/01/2024	0.1%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2027	0.1%
Port Authur Navigation Dist - Motiva Enterprises	0.570%	12/01/2039	0.1%
Regl Transp Dist	5.125%	07/15/2023	0.1%
Los Angeles, CA	5.000%	09/01/2021	0.1%
New York City Water & Sewer Authority	0.590%	06/15/2032	0.1%
Martin Cnty Indus Dev Auth, FL	4.200%	12/15/2025	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2027	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2026	0.1%
San Francisco Unif Sch Dist, CA	5.000%	06/15/2027	0.1%
Valparaiso, IN	6.750%	01/01/2034	0.1%
Utah Associated Mun Pwr Sys	5.000%	04/01/2021	0.1%
Lower Alabama Gas Dist	5.000%	09/01/2027	0.1%
Kentucky Tpk Auth	5.000%	07/01/2026	0.1%
New Jersey Tpk Auth	5.000%	01/01/2031	0.1%
Florida	5.000%	07/01/2023	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2024	0.1%
Alachua Cnty, FL	5.750%	11/15/2026	0.1%
New Jersey Econ Dev Auth	5.250%	09/01/2025	0.1%
Thomasville Hosp Auth, GA	4.750%	11/01/2025	0.1%
Massachusetts Dev Fin Agy	5.000%	01/01/2026	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2021	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2021	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2024	0.1%
New Jersey Hlthcare Facs Fing Auth	6.000%	07/01/2026	0.1%
Illinois, IL	5.000%	08/01/2023	0.1%
North Texas Tollway Auth	5.000%	01/01/2025	0.1%
Port Auth of New York & New Jersey	5.000%	10/15/2027	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2031	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2027	0.1%
New Jersey Health Facs - Virtua Health	5.500%	07/01/2020	0.1%
Philadelphia Redev Auth, PA	5.000%	04/15/2022	0.1%
Houston, TX	5.000%	11/15/2022	0.1%
Florida	5.000%	06/01/2023	0.1%
New Jersey Tpk Auth	5.000%	01/01/2031	0.1%
Texas Transp Comm	5.000%	04/01/2022	0.1%
South Jersey Transp Auth, NJ	5.000%	11/01/2021	0.1%
New York City Hlth & Hosp Corp.	5.000%	02/15/2022	0.1%
North Texas Tollway Auth	5.000%	01/01/2023	0.1%
Village of Bellwood, IL	5.875%	12/01/2027	0.1%
California	5.000%	09/01/2029	0.1%
California State University System	5.000%	11/01/2024	0.1%
Illinois, IL	5.250%	07/01/2030	0.1%
Illinois Fin Auth	5.000%	07/01/2034	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2032	0.1%
California Statewide Comntys Dev Auth	5.250%	12/01/2029	0.1%
Nebraska Pub Pwr Dist	5.000%	01/01/2024	0.1%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2023	0.1%
Beaver Cnty Indl Dev Auth, PA	2.500%	12/01/2041	0.1%
Bay Area Toll Auth, CA	1.140%	04/01/2047	0.1%
Farmington, NM	4.700%	05/01/2024	0.1%
Hawaii Arpt Sys	5.000%	07/01/2022	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2022	0.1%
Clifton Hgr Ed Fin Corp., TX	5.700%	12/01/2025	0.1%
Broward Cnty Sch Brd, FL	5.000%	07/01/2021	0.1%
Tobacco Settlement Fing Corp.	5.000%	05/15/2022	0.1%
New York City Tr for Cultural Resources	5.000%	07/01/2021	0.1%
New Jersey Econ Dev Auth	5.125%	01/01/2034	0.1%
Chicago	5.000%	01/01/2024	0.1%
New Jersey Tpk Auth	5.000%	01/01/2021	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	12/15/2022	0.1%
Houston, TX	5.000%	07/01/2021	0.1%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2040	0.1%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2022	0.1%
Cook Cnty, IL	5.000%	11/15/2021	0.1%
Whiting Env Facs - British Petroleum	5.250%	01/01/2021	0.1%
Orange Cnty Hlth Facs Auth, FL	5.250%	10/01/2020	0.1%
Gwinnett Cnty Dev Auth, GA	5.250%	01/01/2020	0.1%
California Hlth Facs Fing Auth	5.000%	11/15/2025	0.1%
Cook Cnty, IL	5.000%	11/15/2020	0.1%
Washington	5.000%	01/01/2024	0.1%
California Hlth Facs Fing Auth	5.000%	07/01/2043	0.1%
Wise Cnty Indus Dev Auth, VA	2.150%	10/01/2040	0.1%
San Diego Pub Facs Fing Auth, CA	5.000%	05/15/2020	0.1%
Illinois, IL	5.000%	06/15/2019	0.1%
St. Paul Hsg & Redev Auth, MN	5.000%	11/15/2024	0.1%
California Dept of Wtr Resources	5.000%	12/01/2021	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2029	0.1%
Texas Muni Gas Acquisition & Supply Corp.	5.250%	12/15/2021	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2020	0.1%
Pennsylvania Econ Dev - PPL Electric Utility	4.000%	10/01/2023	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2020	0.1%
Piedmont Muni Pwr Agy, SC	5.000%	01/01/2022	0.1%
Iowa Higher Ed Loan Auth	5.000%	10/01/2032	0.1%
Texas State University System	5.250%	03/15/2019	0.1%
Decatur Hosp Auth	5.000%	09/01/2034	0.1%
La Vernia Higher Ed Fin Corp., TX	7.000%	08/15/2026	0.1%
HI Dept Budget & Finance - Hawaiian Electric	3.250%	01/01/2025	0.1%
Illinois Fin Auth	5.000%	08/15/2035	0.1%
Gulf Coast Indus Dev Auth, TX	4.875%	05/01/2025	0.1%
California Statewide Comntys Dev Auth	5.250%	12/01/2034	0.1%
Inland Empire Tobacco Securitization Auth	4.625%	06/01/2021	0.1%
Louisville & Jefferson Cnty Metro Swr Dist, KY	5.000%	05/15/2019	0.1%
Philadelphia Redev Auth, PA	5.000%	04/15/2028	0.1%
California Statewide Comntys Dev Auth	3.000%	08/01/2021	0.1%
Mohave Co Indus Dev Auth - Mohave Prision	8.000%	05/01/2025	0.1%
Minnesota Agri & Econ Dev Bd	5.500%	02/15/2025	0.1%
Moon Indus Dev Auth	5.125%	07/01/2025	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2028	0.1%
Farmington, NM	4.750%	06/01/2040	0.1%
California State Pub Wks Bd	5.000%	04/01/2022	0.1%
Seminole Cnty, FL	5.000%	10/01/2024	0.1%
Bay Area Toll Auth, CA	1.875%	04/01/2047	0.1%
Glendale Redev Agy, CA	5.500%	12/01/2024	0.1%
Los Angeles Dept of Wtr & Pwr, CA	5.000%	07/01/2022	0.1%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.1%
Floyd Cnty Dev Auth, GA	2.350%	07/01/2022	0.1%
California Sch Fin Auth	6.000%	01/01/2019	0.1%
Houston, TX	5.000%	11/15/2023	0.1%
Albuquerque Bernalillo Cnty Wtr Util Auth, NM	5.000%	07/01/2025	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2026	0.1%
New York City Hlth & Hosp Corp.	5.000%	02/15/2023	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2023	0.1%
Houston, TX	5.000%	03/01/2023	0.1%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.1%
Municipal Elec Auth of Georgia	5.000%	01/01/2021	0.1%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.1%
Jackson Cnty Hosp Fin Auth, MI	5.000%	06/01/2019	0.1%
Duluth Econ Dev Auth, MN	5.750%	06/15/2032	0.1%
New Jersey Hlthcare Facs Fing Auth	6.000%	07/01/2018	0.1%
Luzerne Cnty, PA	5.000%	11/15/2024	0.1%
Palomar Hlth	5.250%	11/01/2021	0.1%
San Diego Convtn Ctr Expansion Fing Auth, CA	5.000%	04/15/2020	0.1%
M-S-R Energy Auth	6.125%	11/01/2029	0.1%
Ohio Air Qlty Dev Auth	5.700%	08/01/2020	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/15/2024	0.1%
New Jersey Tpk Auth	5.000%	01/01/2023	0.1%
Jackson Cnty Hosp Fin Auth, MI	5.000%	06/01/2018	0.1%
Indianapolis Local Pub Impt Bnd Bank	5.000%	06/01/2024	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2025	0.1%
Michigan Strategic Fnd	5.250%	10/15/2023	0.1%
California Hlth Facs Fing Auth	5.000%	11/15/2027	0.1%
Trustees of the Tulsa Muni Arpt Tr, OK	5.000%	06/01/2035	0.1%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2024	0.1%
California State Pub Wks Bd	5.000%	04/01/2020	0.1%
Modesto Irr Dist, CA	5.000%	07/01/2024	0.1%
Port of Port Arthur Navig Dist Jefferson Cnty, TX	0.560%	11/01/2040	0.1%
Plaza Metropolitan Dist No 1	4.500%	12/01/2030	0.1%
Village of Bellwood, IL	6.150%	12/01/2032	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2032	0.1%
St. Paul Hsg & Redev Auth, MN	5.000%	11/15/2023	0.1%
Multnomah Cnty Hosp Facs Auth, OR	5.125%	10/01/2034	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2020	0.1%
New Jersey Edl Facs Auth	5.000%	07/01/2027	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2028	0.1%
Westchester Cnty Hlthcare Corp., NY	5.000%	11/01/2019	0.1%
Tyler Hlth Facs Dev Corp.	5.500%	07/01/2027	0.1%
Dorm Auth of the St of New York	5.000%	05/01/2019	0.1%
San Diego Convtn Ctr Expansion Fing Auth, CA	5.000%	04/15/2021	0.1%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.1%
Pittsburg Redev Agy, CA	5.000%	09/01/2025	0.1%
Alachua Cnty Hlth Facs Auth	5.000%	11/15/2024	0.1%
Dallas Convention Center Hotel Dev Corp., TX	5.250%	01/01/2020	0.1%
Lakeland, FL	5.000%	10/01/2018	0.1%
Babylon Indus Dev Agy, NY	5.000%	01/01/2019	0.1%
Western Michigan Univ Brd of Trustees	5.250%	11/15/2020	0.1%
Iowa Finance Auth - Iowa Fertilizer Co	5.500%	12/01/2022	0.1%
Clark Cnty, NV	5.000%	07/01/2022	0.1%
Utah St Brd of Regents	5.000%	08/01/2022	0.1%
Metropolitan Transp Auth, NY	5.000%	11/15/2025	0.1%
Northern California Pwr Agy	5.000%	07/01/2026	0.1%
Pub Fin Auth	5.250%	07/01/2028	0.1%
Dallas, TX	5.000%	08/15/2021	0.1%
California Hlth Facs Fing Auth	5.000%	11/15/2026	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2028	0.1%
Puerto Rico Pub Bldgs Auth	5.500%	07/01/2035	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.1%
Pennsylvania Tpk Comm	5.000%	12/01/2022	0.1%
Pennsylvania Econ Dev Fing Auth	5.000%	07/01/2021	0.1%
New York City Tr for Cultural Resources	4.000%	04/01/2027	0.1%
New York State Urban Dev Corp.	5.000%	01/01/2022	0.1%
Erie Cnty Indl Dev Agy, NY	5.000%	05/01/2020	0.1%
New Jersey Hlthcare Facs Fing Auth	5.250%	07/01/2023	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2024	0.1%
Arkansas Dev Fin Auth	1.500%	09/01/2044	0.1%
New Jersey Econ Dev Auth	5.250%	09/01/2023	0.1%
Florida Muni Pwr Agy	5.000%	10/01/2021	0.1%
Burke Cnty Dev Auth, GA	2.400%	01/01/2040	0.1%
Fresno Unif Sch Dist, CA	5.250%	02/01/2024	0.1%
Kentucky Public Transp Infrastr Auth	5.000%	07/01/2017	0.1%
Sparks, NV	6.500%	06/15/2020	0.1%
Puerto Rico Elec Pwr Auth	0.953%	07/01/2029	0.1%
Shelby Cnty Hlth Edl & Hsg Facs Bd	5.000%	12/01/2032	0.1%
Washington Econ Dev Fin Auth	2.125%	06/01/2020	0.1%
Puerto Rico Aqueduct & Swr Auth	6.125%	07/01/2024	0.1%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2027	0.1%
Build NYC Resource Corp., NY	4.500%	01/01/2025	0.1%
Central Texas Turnpike Sys	5.000%	08/15/2027	0.1%
Puerto Rico Pub Bldgs Auth	5.750%	07/01/2022	0.1%
Chicago, IL	5.250%	01/01/2028	0.1%
Philadelphia Redev Auth, PA	5.000%	04/15/2020	0.1%
Central Texas Turnpike Sys	5.000%	08/15/2028	0.1%
California Muni Fin Auth	5.000%	02/01/2030	0.1%
New York City	0.390%	06/01/2044	0.1%
Puerto Rico Sales Tax Financing Corp	5.250%	08/01/2041	0.1%
New York City Indl Dev Agy	5.000%	07/01/2028	0.1%
Clifton Hgr Ed Fin Corp., TX	5.125%	08/15/2030	0.1%
Blount Cnty Hlth & Edl Facs Bd	5.125%	04/01/2023	0.1%
Pennsylvania Indus Dev Auth	5.000%	07/01/2019	0.1%
South Florida Wtr Mgmt Dist	5.000%	10/01/2025	0.1%
California State Pub Wks Bd	5.000%	04/01/2021	0.1%
Louisiana Pub Facs Auth	5.000%	06/01/2023	0.1%
Regl Transp Dist	5.000%	07/15/2021	0.1%
Cnty of Wood, OH	5.000%	12/01/2027	0.1%
Successor Agy to the Emeryville RDA, CA	5.000%	09/01/2021	0.1%
Chabot-Las Positas Comnty Coll Dist, CA	5.000%	08/01/2023	0.1%
Long Beach Bnd Fin Auth	1.850%	11/15/2026	0.1%
District of Columbia, DC	5.000%	06/01/2021	0.1%
Indiana Muni Pwr Agy	5.000%	01/01/2029	0.1%
New York Transp Dev Corp.	4.000%	07/01/2033	0.1%
Wyandotte Cnty / Kansas City Unif Govt	5.000%	09/01/2021	0.1%
Alaska International Arpts Sys	5.000%	10/01/2031	0.1%
California State Pub Wks Bd	5.000%	06/01/2023	0.1%
Michigan Hosp Fin Auth	5.000%	06/01/2019	0.1%
Philadelphia, PA	5.000%	07/01/2022	0.1%
Chicago	5.000%	01/01/2022	0.1%
Gaithersburg, MD	5.500%	01/01/2018	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2027	0.1%
Nashville & Davidson Cnty Metro Govt Convention Ct	5.000%	07/01/2022	0.1%
Martin Cnty Hosp Dist	7.000%	04/01/2031	0.1%
City of Blaine, MN	5.125%	07/01/2025	0.1%
New York City Indl Dev Agy	1.842%	03/01/2021	0.1%
San Diego Public Facs Fing Auth Wtr Rev	5.000%	08/01/2022	0.1%
Pittsburg Redev Agy, CA	5.000%	09/01/2024	0.1%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.1%
California Hlth Facs Fing Auth	5.000%	07/01/2034	0.1%
Peralta Comnty Coll Dist, CA	5.000%	08/01/2021	0.1%
Houston, TX	5.000%	05/15/2022	0.1%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2023	0.1%
New Jersey Tpk Auth	5.000%	01/01/2024	0.1%
Dallas Area Rapid Transit, TX	5.000%	12/01/2021	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2020	0.1%
Michigan Fin Auth	5.000%	06/01/2022	0.1%
California St Univ	5.000%	11/01/2026	0.1%
Florida Muni Pwr Agy	5.250%	10/01/2022	0.1%
City of Atlanta, GA, Department of Aviation	5.500%	01/01/2021	0.1%
Clifton Hgr Ed Fin Corp., TX	3.750%	08/15/2022	0.1%
Tennessee Energy Acquisition Corp.	5.250%	09/01/2021	0.1%
Louisiana Pub Facs Auth	5.250%	07/01/2020	0.1%
Chicago, IL	5.000%	01/01/2023	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2028	0.1%
Chicago	5.000%	01/01/2020	0.1%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2021	0.1%
Puerto Rico General Obligation	5.500%	07/01/2039	0.1%
Texas Muni Gas Acquisition & Supply Corp.	5.250%	12/15/2023	0.1%
Florida Dev Fin Corp.	7.500%	06/15/2033	0.1%
Detroit, MI	5.000%	11/01/2018	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2023	0.1%
Miami Dade Cnty, FL	5.250%	07/01/2019	0.1%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2033	0.1%
Eden Twp Hlthcare Dist, CA	5.375%	06/01/2023	0.1%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2027	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2029	0.1%
District of Columbia, DC	5.000%	06/01/2032	0.1%
Indus Dev Auth of the Twn of Florence, Inc., AZ	5.750%	07/01/2033	0.1%
New York St Thruway Auth	5.000%	01/01/2020	0.1%
Allegheny Cnty Indl Dev Auth, PA	6.500%	05/01/2017	0.1%
New Jersey Economic Dev Auth - Cigarette Tax	5.000%	06/15/2024	0.1%
Guadalupe Regional Medical Center	5.250%	12/01/2035	0.1%
Long Island Pwr Auth, NY	5.000%	05/01/2020	0.1%
Successor Agy to the Emeryville RDA, CA	5.000%	09/01/2025	0.1%
NJ Eco Dev Auth - Continental Airlines	4.875%	09/15/2019	0.1%
Troy Capital Resources Corp., NY	5.000%	08/01/2025	0.1%
Albuquerque Bernalillo Cnty Wtr Util Auth, NM	5.000%	07/01/2024	0.1%
Miami Dade Cnty, FL	5.250%	10/01/2018	0.1%
Northwest Allen Sch Bldg Corp., IN	5.000%	07/15/2020	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2021	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2021	0.1%
Polk Cnty, FL	5.000%	12/01/2021	0.1%
NJ Eco Dev Auth - Transportation	5.000%	05/01/2019	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2026	0.1%
Massachusetts Dev Fin Agy	5.000%	01/01/2027	0.1%
Puerto Rico	5.750%	07/01/2028	0.1%
Greater Orlando Aviation Auth	5.000%	11/15/2026	0.1%
Intermountain Pwr Agy, UT	5.000%	07/01/2021	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
New York Transp Dev Corp.	4.000%	07/01/2032	0.1%
Indiana Fin Auth	5.250%	02/01/2029	0.1%
Triborough Br & Tunnel Auth, NY	5.500%	11/15/2021	0.1%
Chicago, IL	5.000%	11/01/2025	0.1%
Univ of North Carolina at Wilmington	5.000%	06/01/2024	0.1%
Puerto Rico	5.250%	07/01/2016	0.1%
Massachusetts Hlth & Edl Facs Auth	5.250%	11/15/2019	0.1%
Illinois Fin Auth	5.000%	08/15/2020	0.1%
Puerto Rico	5.000%	07/01/2033	0.1%
Indiana Fin Auth	6.000%	12/01/2019	0.1%
Regl Transp Dist	5.125%	01/15/2023	0.1%
Dorm Auth of the St of New York	5.000%	10/01/2023	0.1%
New York St Thruway Auth	5.000%	01/01/2028	0.1%
Central Texas Turnpike Sys	5.000%	08/15/2026	0.1%
Regl Transp Dist	5.000%	01/15/2022	0.1%
Univ of Toledo, OH	5.000%	06/01/2019	0.1%
Chicago, IL	5.125%	01/01/2027	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2023	0.1%
Illinois St Toll Hwy Auth	5.000%	01/01/2028	0.1%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2029	0.1%
Puerto Rico Pub Bldgs Auth	7.000%	07/01/2021	0.1%
Brooklyn Arena Local Dev Corp.	5.750%	07/15/2019	0.1%
Jacksonville, FL	5.000%	10/01/2021	0.1%
Puerto Rico Conv Ctr Dist Auth	5.000%	07/01/2031	0.1%
Inland Empire Tobacco Securitization Auth	5.000%	06/01/2021	0.1%
Michigan Fin Auth	5.000%	06/01/2019	0.1%
Univ of North Carolina at Wilmington	5.000%	06/01/2023	0.1%
Carmel Local Public Improvement Bond Bank	5.000%	07/15/2027	0.1%
Luzerne Cnty, PA	5.000%	11/15/2023	0.1%
Southeastern Pennsylvania Transp Auth	5.000%	06/01/2023	0.1%
Hanover Cnty Econ Dev Auth	4.500%	07/01/2030	0.1%
New Jersey Econ Dev Auth	5.000%	01/01/2030	0.1%
Florida Dept of Children & Families	5.000%	10/01/2022	0.1%
Utah St Brd of Regents	5.000%	08/01/2021	0.1%
Regl Transp Dist	6.000%	01/15/2026	0.1%
Cleveland, OH	5.000%	01/01/2028	0.1%
Village Comnty Dev Dist No 9	6.750%	05/01/2031	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Cleveland, OH	5.000%	01/01/2029	0.1%
Main Street Natural Gas, Inc.	5.000%	03/15/2021	0.1%
Tobacco Settlement Fing Corp.	5.000%	06/01/2027	0.1%
SA Energy Acquisition Pub Fac Corp.	5.500%	08/01/2021	0.1%
Central Texas Turnpike Sys	5.000%	08/15/2025	0.1%
Puerto Rico	5.000%	07/01/2027	0.1%
San Jose, CA	5.000%	03/01/2027	0.1%
North Carolina Capital Facs Fin Agy	5.000%	05/01/2032	0.1%
Houston, TX	5.000%	07/15/2030	0.1%
Carmel Local Public Improvement Bond Bank	5.000%	07/15/2026	0.1%
Metropolitan Pier & Exposition Auth, IL	5.000%	12/15/2020	0.1%
Puerto Rico	5.750%	07/01/2041	0.1%
New York City Tr for Cultural Resources	5.750%	12/01/2018	0.1%
Clarksville Natural Gas Acquisition Corp.	5.000%	12/15/2021	0.1%
North Carolina Medical Care Comm	4.750%	03/01/2032	0.1%
King Cnty Sch Dist No. 414 Lake Washington	5.000%	12/01/2019	0.1%
Cleveland, OH	5.000%	11/15/2019	0.1%
Louisville Regl Arpt Auth, KY	5.000%	07/01/2023	0.1%
Maryland Econ Dev Corp.	5.125%	06/01/2020	0.1%
Comanche Cnty Hosp Auth, OK	5.000%	07/01/2022	0.1%
Puerto Rico Elec Pwr Auth	7.000%	07/01/2033	0.1%
Kent Hosp Fin Auth, MI	5.500%	07/01/2020	0.1%
Cleveland, OH	5.000%	01/01/2027	0.1%
Massachusetts Dev Fin Agy	5.000%	12/01/2030	0.1%
Mohave Co IDA - Mohave Prison	7.500%	05/01/2019	0.1%
Luzerne Cnty, PA	5.000%	11/15/2022	0.1%
New York Transp Dev Corp.	5.000%	07/01/2034	0.1%
Fairfax Cnty Econ Dev Auth, VA	4.500%	12/01/2032	0.1%
Michigan Fin Auth	5.000%	07/01/2034	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2035	0.1%
South Florida Wtr Mgmt Dist	5.000%	10/01/2027	0.1%
Village Comnty Dev Dist No 9	5.750%	05/01/2021	0.1%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2032	0.1%
Los Angeles, CA	5.000%	05/15/2027	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2026	0.1%
Imperial Irr Dist	5.000%	11/01/2032	0.1%
Kentucky Econ Dev Fin Auth	5.375%	11/15/2032	0.1%
Alaska International Arpts Sys	5.000%	10/01/2028	0.1%
Houston, TX	5.000%	03/01/2024	0.1%
Kansas City Indus Dev Auth, MO	6.500%	01/01/2035	0.1%
Successor Agy to the Emeryville RDA, CA	5.000%	09/01/2024	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2020	0.1%
Appling Cnty Dev Auth, GA	0.450%	09/01/2029	0.1%
Cnty of Wood, OH	5.000%	12/01/2032	0.1%
Triborough Br & Tunnel Auth, NY	5.000%	11/15/2023	0.1%
Cleveland, OH	5.000%	01/01/2026	0.1%
New York St Thruway Auth	5.000%	01/01/2024	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2028	0.1%
Northern Tobacco Securitization Corp.	4.625%	06/01/2023	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2027	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2023	0.1%
Missouri Joint Muni Electric Utility Comm	5.000%	01/01/2023	0.1%
Illinois, IL	5.000%	02/01/2020	0.1%
Central Texas Regl Mobility Auth, TX	5.750%	01/01/2031	0.1%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2032	0.0%
Louisiana Citizens Property Insurance Corp.	5.000%	06/01/2022	0.0%
Montgomery Cnty Indus Dev Auth, PA	5.250%	01/15/2026	0.0%
Stockton Pub Fincg Auth, CA	5.000%	09/01/2021	0.0%
California Hlth Facs Fing Auth	5.000%	11/15/2024	0.0%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.0%
Philadelphia Redev Auth, PA	5.000%	04/15/2021	0.0%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.0%
Alabama Indl Dev Auth	6.450%	12/01/2023	0.0%
Pub Fin Auth	4.300%	11/01/2030	0.0%
City of Atlantic Beach, FL	5.000%	11/15/2028	0.0%
Tobacco Settlement Fing Corp.	5.000%	06/01/2028	0.0%
Univ of North Carolina at Wilmington	5.000%	06/01/2021	0.0%
Pennsylvania Indus Dev Auth	5.000%	07/01/2020	0.0%
Kaweah Delta Hlthcare Dist	5.000%	06/01/2020	0.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.500%	07/01/2030	0.0%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2021	0.0%
Wisconsin Hlth & Edl Facs Auth	5.000%	11/15/2033	0.0%
South Jersey Transp Auth, NJ	5.000%	11/01/2020	0.0%
Illinois Fin Auth	6.500%	02/01/2023	0.0%
Pittsburg Redev Agy, CA	5.000%	08/01/2021	0.0%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2041	0.0%
Dorm Auth of the St of New York	5.000%	07/01/2019	0.0%
Athens Hsg Auth	4.000%	12/01/2019	0.0%
Puerto Rico	5.250%	07/01/2026	0.0%
Northhampton Cnty Gen Purp Auth, PA	5.000%	08/15/2019	0.0%
California Statewide Comntys Dev Auth	6.000%	05/15/2023	0.0%
Modesto Irr Dist, CA	5.000%	07/01/2023	0.0%
California Statewide Comntys Dev Auth	2.100%	10/01/2019	0.0%
New York City Transitional Fin Auth	5.000%	07/15/2026	0.0%
City of Irvine CA	4.000%	09/02/2019	0.0%
Massachusetts Dev Fin Agy	5.000%	12/01/2032	0.0%
Massachusetts Dev Fin Agy	5.000%	01/01/2028	0.0%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2040	0.0%
Gaithersburg, MD	5.650%	01/01/2019	0.0%
New Jersey Hlthcare Facs Fing Auth	5.250%	07/01/2021	0.0%
District of Columbia, DC	5.000%	07/15/2026	0.0%
New Hampshire Hlth & Ed Facs Auth	5.500%	07/01/2020	0.0%
Michigan Fin Auth	5.000%	07/01/2035	0.0%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2022	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2021	0.0%
Piedmont Muni Pwr Agy, SC	5.250%	01/01/2019	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2019	0.0%
Cleveland St Univ, OH	5.000%	06/01/2024	0.0%
Montgomery Cnty Indus Dev Auth, PA	5.000%	01/01/2030	0.0%
Delaware River Port Auth, PA	5.000%	01/01/2027	0.0%
Cuyahoga Comnty Coll Dist, OH	5.000%	08/01/2020	0.0%
Love Field Arpt Modernization Corp., TX	5.000%	11/01/2028	0.0%
Alachua Cnty, FL	5.625%	11/15/2022	0.0%
San Jose, CA	5.000%	03/01/2028	0.0%
Wisconsin Hlth & Edl Facs Auth	5.250%	08/15/2018	0.0%
Howard Cnty, MD	5.250%	04/01/2027	0.0%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2031	0.0%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.0%
Troy Capital Resources Corp., NY	5.000%	08/01/2027	0.0%
Village Comnty Dev Dist No 9	5.250%	05/01/2031	0.0%
Ohio Wtr Dev Auth	3.625%	10/01/2033	0.0%
West Virginia Econ Dev Auth, WV	2.875%	12/15/2026	0.0%
Indiana Bnd Bank	5.000%	02/01/2019	0.0%
Karnes Cnty Hosp Dist	5.000%	02/01/2024	0.0%
Michigan Fin Auth	5.000%	06/01/2019	0.0%
Pittsburg Redev Agy, CA	5.000%	08/01/2020	0.0%
Austin Convention Center Enterprises, Inc.	6.000%	01/01/2017	0.0%
New Jersey Econ Dev Auth	5.300%	11/01/2026	0.0%
New York City Hlth & Hosp Corp.	5.000%	02/15/2021	0.0%
Louisville Regl Arpt Auth, KY	5.000%	07/01/2022	0.0%
Oneida Tribe of Indians, WI	5.500%	02/01/2021	0.0%
Wayne Cnty Arpt Auth	5.000%	12/01/2026	0.0%
Delaware Cnty Auth, PA	5.000%	12/15/2026	0.0%
New York St Thruway Auth	5.000%	01/01/2022	0.0%
Maryland Econ Dev Corp.	6.200%	09/01/2022	0.0%
California Sch Fin Auth	5.000%	08/01/2036	0.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	3.875%	11/15/2020	0.0%
New York St Thruway Auth	5.000%	01/01/2030	0.0%
Miami Dade Cnty, FL	5.000%	10/01/2022	0.0%
Massachusetts	5.000%	09/01/2024	0.0%
New York City Transitional Fin Auth	5.000%	07/15/2028	0.0%
Illinois Fin Auth	5.000%	05/15/2030	0.0%
JEA, FL	5.000%	10/01/2022	0.0%
Missouri Joint Muni Electric Utility Comm	5.000%	01/01/2025	0.0%
Atlanta, GA	6.750%	01/01/2020	0.0%
Western Minnesota Muni Pwr Agy	5.000%	01/01/2023	0.0%
Clackamas Cnty Sch Dist No. 12 North Clackamas, OR	5.000%	06/15/2025	0.0%
California Hlth Facs Fing Auth	5.000%	11/15/2022	0.0%
Washington St Hsg Fin Comm	4.375%	01/01/2021	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2022	0.0%
Georgia Private College & Univ Auth	5.000%	04/01/2029	0.0%
California Hlth Facs Fing Auth	5.000%	11/15/2023	0.0%
Dorm Auth of the St of New York	5.000%	10/01/2021	0.0%
Metropolitan Transp Auth, NY	5.000%	11/15/2021	0.0%
Miami Dade Cnty, FL	5.000%	10/01/2021	0.0%
New Jersey Econ Dev Auth	5.250%	06/01/2019	0.0%
Phoenix Civ Impt Corp., AZ	5.000%	07/01/2022	0.0%
Miami Beach Hlth Facs Auth	5.000%	11/15/2030	0.0%
California State Pub Wks Bd	5.000%	11/01/2020	0.0%
Oklahoma Dev Fin Auth	2.375%	12/01/2021	0.0%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2027	0.0%
Illinois Fin Auth	5.000%	09/01/2025	0.0%
City of Irvine CA	4.000%	09/02/2022	0.0%
West Virginia Hosp Fin Auth	6.000%	10/01/2020	0.0%
Valparaiso, IN	5.875%	01/01/2024	0.0%
Hawaii St Dept of Budget & Fin	5.000%	11/15/2027	0.0%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2033	0.0%
Indiana Fin Auth	5.250%	09/01/2027	0.0%
JPMorgan Secs PUTTERs & DRIVERs Tr Ser, NY	8.958%	08/15/2030	0.0%
Georgia Private College & Univ Auth	5.000%	04/01/2031	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	6.375%	01/01/2033	0.0%
New Jersey Hlthcare Facs Fing Auth	5.125%	07/01/2019	0.0%
Michigan Strategic Fnd	5.250%	06/01/2032	0.0%
Hlth & Ed Facs Bd of the Metro Govt of Nashville &	5.000%	07/01/2031	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2042	0.0%
New Orleans, LA	5.000%	06/01/2020	0.0%
California Hlth Facs Fing Auth	5.000%	08/15/2032	0.0%
Puerto Rico	4.500%	07/01/2023	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	11/15/2026	0.0%
Puerto Rico Elec Pwr Auth	5.500%	07/01/2038	0.0%
Metropolitan Transp Auth, NY	5.000%	11/15/2019	0.0%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.0%
Marietta Dev Auth	6.250%	06/15/2020	0.0%
American Muni Pwr, Inc., OH	5.000%	02/15/2021	0.0%
Westchester Cnty Local Dev Corp.	5.000%	01/01/2028	0.0%
Los Angeles Cnty, CA	5.000%	09/01/2022	0.0%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2025	0.0%
New Jersey Econ Dev Auth	5.000%	05/01/2018	0.0%
Indiana Muni Pwr Agy	5.000%	01/01/2026	0.0%
Washington St Hsg Fin Comm	6.000%	01/01/2024	0.0%
San Jose, CA	5.000%	03/01/2026	0.0%
Massachusetts Port Auth	5.500%	01/01/2022	0.0%
California Hlth Facs Fing Auth	5.000%	11/15/2029	0.0%
Cleveland, OH	5.000%	01/01/2025	0.0%
California Hlth Facs Fing Auth	5.000%	08/15/2031	0.0%
Louisville Regl Arpt Auth, KY	5.000%	07/01/2021	0.0%
California Statewide Comntys Dev Auth	4.750%	08/01/2020	0.0%
Michigan Fin Auth	5.000%	06/01/2020	0.0%
California Statewide Comntys Dev Auth	6.250%	11/15/2019	0.0%
Pennsylvania Tpk Comm	5.250%	07/15/2019	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	4.000%	01/01/2023	0.0%
Los Angeles Comnty College Dist, CA	4.000%	08/01/2026	0.0%
Piedmont Muni Pwr Agy, SC	5.000%	01/01/2019	0.0%
South Carolina St Pub Svc Auth	5.000%	12/01/2022	0.0%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.0%
Moon Indus Dev Auth	5.000%	07/01/2020	0.0%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2019	0.0%
New York Transp Dev Corp.	5.000%	01/01/2022	0.0%
Indiana Fin Auth	5.250%	09/01/2026	0.0%
New Hope Cultural Ed Fin Corp, TX	5.000%	07/01/2036	0.0%
Bay Area Rapid Transit	5.000%	07/01/2026	0.0%
Onondaga Cnty Tr for Cultural Resources, NY	5.000%	03/01/2020	0.0%
California Hlth Facs Fing Auth	5.000%	08/15/2030	0.0%
Imperial Irr Dist	5.000%	11/01/2030	0.0%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2032	0.0%
Troy Capital Resources Corp., NY	5.000%	08/01/2026	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2025	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2026	0.0%
Stockton Pub Fincg Auth, CA	5.000%	09/01/2024	0.0%
Alaska International Arpts Sys	5.000%	10/01/2027	0.0%
Colorado Hlth Facs Auth	7.000%	08/01/2019	0.0%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2031	0.0%
Village Comnty Dev Dist No 9	5.000%	05/01/2022	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2024	0.0%
Philadelphia, PA	5.000%	08/01/2026	0.0%
New York St Thruway Auth	5.000%	01/01/2029	0.0%
Indiana Muni Pwr Agy	5.000%	01/01/2025	0.0%
Massachusetts Dev Fin Agy	5.000%	12/01/2031	0.0%
Troy Capital Resources Corp., NY	5.000%	08/01/2024	0.0%
San Jose Fing Auth, CA	5.000%	06/01/2023	0.0%
Philadelphia, PA	5.000%	08/01/2027	0.0%
New York St Thruway Auth	5.000%	01/01/2031	0.0%
San Jose Fing Auth, CA	5.000%	06/01/2022	0.0%
California Muni Fin Auth	5.000%	11/01/2025	0.0%
Illinois St Toll Hwy Auth	5.000%	01/01/2027	0.0%
Worcester, MA	5.250%	10/01/2020	0.0%
Washington St Hsg Fin Comm	4.000%	07/01/2019	0.0%
California Muni Fin Auth	5.000%	11/01/2024	0.0%
Louisiana Stadium & Exposition Dist	5.000%	07/01/2021	0.0%
California State Pub Wks Bd	5.000%	11/01/2021	0.0%
Puerto Rico Pub Bldgs Auth	5.250%	07/01/2029	0.0%
Camden Cnty Impt Auth, NJ	5.000%	02/15/2027	0.0%
Western Minnesota Muni Pwr Agy	5.000%	01/01/2022	0.0%
Washington St Hsg Fin Comm	5.000%	07/01/2022	0.0%
Orange Cnty Comnty Facs Dist	5.000%	08/15/2035	0.0%
Puerto Rico Pub Bldgs Auth	5.250%	07/01/2033	0.0%
Edl Enhancement Funding Corp.	5.000%	06/01/2024	0.0%
Edl Enhancement Funding Corp.	5.000%	06/01/2025	0.0%
Illinois Fin Auth	5.000%	09/01/2034	0.0%
California Hlth Facs Fing Auth	5.000%	11/15/2023	0.0%
Port of Oakland, CA	5.000%	05/01/2021	0.0%
Edl Enhancement Funding Corp.	5.000%	06/01/2023	0.0%
Guam Waterworks Auth	5.000%	07/01/2036	0.0%
Guam Waterworks Auth	5.000%	07/01/2029	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2023	0.0%
Central Texas Regl Mobility Auth, TX	5.750%	01/01/2020	0.0%
New Jersey Transp Tr Fnd Auth	5.500%	12/15/2020	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2026	0.0%
Univ of Arizona Hlth Network Corp.	6.000%	07/01/2024	0.0%
New York City Indl Dev Agy	5.000%	07/01/2022	0.0%
California State Pub Wks Bd	5.000%	11/01/2019	0.0%
Tennessee Energy Acquisition Corp.	5.000%	02/01/2018	0.0%
Karnes Cnty Hosp Dist	5.000%	02/01/2034	0.0%
Puerto Rico Hwy & Transp Auth	5.500%	07/01/2023	0.0%
California Muni Fin Auth	4.000%	11/01/2023	0.0%
Long Island Pwr Auth, NY	5.000%	05/01/2019	0.0%
City of Irvine CA	4.000%	09/02/2020	0.0%
Alachua Cnty Hlth Facs Auth	5.625%	11/15/2029	0.0%
California Muni Fin Auth	5.625%	10/01/2023	0.0%
Dorm Auth of the St of New York	6.500%	12/01/2021	0.0%
New Mexico Hosp Equipment Loan Council	5.000%	07/01/2032	0.0%
Salt River Pj Agri Impt & Pwr Dist, AZ	5.000%	01/01/2021	0.0%
Woodbury Hsg & Redev Auth	5.000%	12/01/2029	0.0%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.000%	09/01/2027	0.0%
Greater Wenatchee Regl Events Center Pub Facs Dist	5.250%	09/01/2032	0.0%
Sartell, MN	5.250%	09/01/2030	0.0%
Illinois Fin Auth	5.750%	05/01/2018	0.0%
Woodbury Hsg & Redev Auth	5.000%	12/01/2034	0.0%
Puerto Rico	5.250%	07/01/2032	0.0%
Pennsylvania Econ Dev Fing Auth	5.500%	01/01/2018	0.0%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2032	0.0%
Maryland Econ Dev Corp.	5.125%	06/01/2020	0.0%
North Texas Tollway Auth	6.250%	01/01/2024	0.0%
E-470 Pub Hwy Auth, CO	5.000%	09/01/2020	0.0%
Clifton Hgr Ed Fin Corp., TX	5.000%	08/15/2032	0.0%
Puerto Rico Indus Tourist Edl Med Envr Cntrl Facs	5.000%	10/01/2020	0.0%
Puerto Rico Indus Tourist Edl Med Envr Cntrl Facs	5.000%	10/01/2019	0.0%
Worcester, MA	5.250%	10/01/2019	0.0%
Virgin Islands Pub Fin Auth	5.000%	10/01/2018	0.0%
Delaware Cnty Auth, PA	5.000%	12/15/2019	0.0%
Nez Perce Cnty, ID	6.000%	10/01/2024	0.0%
Baker Correctional Dev Corp.	7.500%	02/01/2030	0.0%
Illinois Fin Auth	5.000%	04/01/2020	0.0%
Ohio Air Qlty Dev Auth	3.625%	10/01/2033	0.0%
Tender Option Bnd Tr Receipts/Certificates	0.720%	09/01/2033	0.0%
Central Texas Regl Mobility Auth, TX	5.000%	01/01/2030	0.0%
Alaska International Arpts Sys	5.000%	10/01/2024	0.0%
California Statewide Comntys Dev Auth	5.000%	05/15/2027	0.0%
Decatur Hosp Auth	5.250%	09/01/2029	0.0%
Twin Rivers Unif Sch Dist, CA	3.200%	06/01/2035	0.0%
New York Transp Dev Corp.	5.000%	01/01/2023	0.0%
Puerto Rico	5.250%	07/01/2024	0.0%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2027	0.0%
Southeastern Ohio Port Auth	5.500%	12/01/2029	0.0%
Los Angeles Comnty College Dist, CA	4.000%	08/01/2027	0.0%
Baytown Twp, MN	6.000%	08/01/2018	0.0%
Puerto Rico Hwy & Transp Auth	5.500%	07/01/2024	0.0%
Houston Hgr Ed Fin Corp., TX	4.000%	02/15/2022	0.0%
Kansas City Indus Dev Auth, MO	6.250%	01/01/2024	0.0%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2037	0.0%
Puerto Rico	5.375%	07/01/2033	0.0%
Colorado Hlth Facs Auth	5.125%	01/01/2030	0.0%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2032	0.0%
Dorm Auth of the St of New York	5.000%	07/01/2027	0.0%
New York State Urban Dev Corp.	5.000%	12/15/2026	0.0%
Build NYC Resource Corp., NY	5.000%	01/01/2035	0.0%
Harris Cnty Cultural Ed Facs Fin Corp., TX	5.000%	01/01/2033	0.0%
Puerto Rico	5.500%	07/01/2019	0.0%
New Jersey Econ Dev Auth	5.000%	06/15/2029	0.0%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.0%
New Jersey Edl Facs Auth	5.000%	07/01/2025	0.0%
California Muni Fin Auth	5.000%	10/01/2030	0.0%
Connecticut Hlth & Educl Facs Auth	3.250%	09/01/2021	0.0%
California Muni Fin Auth	5.000%	10/01/2028	0.0%
Puerto Rico Elec Pwr Auth	7.000%	07/01/2040	0.0%
New Orleans, LA	5.000%	06/01/2021	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2030	0.0%
New York State Urban Dev Corp.	5.000%	12/15/2025	0.0%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.0%
Glynn Brunswick Mem Hosp Auth, GA	4.750%	08/01/2019	0.0%
Indianapolis Local Pub Impt Bnd Bank	5.000%	07/01/2019	0.0%
Puerto Rico Hwy & Transp Auth	5.000%	07/01/2033	0.0%
Eaton Area Park & Recreation Dist	5.500%	12/01/2030	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Sparks, NV	6.500%	09/01/2020	0.0%
California Dept of Wtr Resources	5.000%	12/01/2022	0.0%
Pennsylvania Higher Edl Facs Auth	5.000%	07/01/2018	0.0%
California Dept of Wtr Resources	5.000%	12/01/2021	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2023	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2026	0.0%
Michigan Strategic Fnd	8.375%	07/15/2033	0.0%
US 10YR Treasury Future Sep 2016	0.000%	-	0.0%
US 20YR Treasury Future Sep 2006	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/26/2016: $0.188
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2016	$0.02116	$11.15
Daily	Daily	07/31/2016	$0.02336	$11.16
Daily	Daily	06/30/2016	$0.02342	$11.16
Daily	Daily	05/31/2016	$0.02296	$11.02
Daily	Daily	04/30/2016	$0.02372	$11.02
Daily	Daily	03/31/2016	$0.02347	$10.98
Daily	Daily	02/29/2016	$0.02465	$10.98
Daily	Daily	01/31/2016	$0.02530	$10.98

Upcoming Dividend Payment Dates

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

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	09/30/2016
Daily	Daily	10/31/2016
Daily	Daily	11/30/2016
Daily	Daily	12/31/2016

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/21/2015	12/22/2015	$0.0078	-	$0.0078	$10.86

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
12/20/2016	12/21/2016

Fees & Expenses

Sales Charge Schedule as of 09/26/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$11.36
$100,000 to $249,999	1.75%	1.50%	$11.30
$250,000 to $499,999	1.25%	1.00%	$11.24
$500,000 to $999,999	0.00%	1.00%	$11.10
$1,000,000 to $5,000,000	0.00%	1.00%	$11.10

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

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

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

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

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

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

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

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

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

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

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

Expense Ratioas of 08/31/2016

Expense ratio details, Click here.

Fund Review

Market Review as of 06/30/2016

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

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

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

Fund Review as of 06/30/2016

The Fund* modestly outperformed its benchmark, the Barclays 1-15 Year Municipal Bond Index⁶, for the three-month period ended June 30, 2016.

The strongest driver of outperformance was the Fund’s slightly longer duration, due to its overweight to non-callable bonds compared to the benchmark, as the yield curve flattened over the period. While yields across all maturities declined, bonds with maturities of 8 years and longer generally performed best by cause of investor appetite for their higher relative yields and their longer durations while expectations for a U.S. Federal Reserve interest rate increase remained on hold. Although showing positive returns, bonds with maturities shorter than 5 years underperformed given their shorter durations and already low yields, which left little room for rates to decline. The Fund’s overweight to longer term bonds and underweight to shorter bonds aided relative performance.

The Fund’s overweight in lower tiers of credit quality served as a tailwind to relative performance given lower rated bonds in both the investment grade and below investment grade categories performed well as investors continued to show strong demand for incremental yield in the low interest rate environment and as credit quality outlooks remained predominantly stable. While there was demand for all rating categories, ‘AAA’ rated bonds, a Fund underweight, underperformed as they offered lower yields relative to lower tiered credits, rendering them unable to participate in the tightening of credit spreads driven by stronger demand for bonds with higher yields.

In terms of sectors, the Fund received its best performance from tobacco and prepaid gas bonds, both Fund overweights. Both sectors have higher than average credit risk, which allowed them to participate in credit spread tightening stemming from the demand for yield. In addition, the credit quality of tobacco bonds generally trended positively with consumption statistics being higher than forecasted while prepaid gas bonds had solid backing from financial institutions which provide the underlying credit. The investor owned utility (IOU) and lease appropriation exposure underperformed. Within the IOU sector, generally shorter bond maturities and increased volatility associated with energy providers were headwinds while the lease appropriation sector saw underperformance from a few larger issuers in budget challenged states due to the weaker security structure of their credits.

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

Municipal Market Outlook

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

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

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

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

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

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

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

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

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

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

⁶ The Barclays 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

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

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

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

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

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

A Note about Risk: The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. A portion of the income derived from the Fund’s portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These factors may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. Shareholders should consult with their tax advisors for more specific information on taxation.

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

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

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

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IMPORTANT INFORMATION

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional 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.

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 value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. 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. Shareholders should consult with their tax advisors for more specific information on taxation.

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.

Effective June 28, 2013, the Fund adopted the Barclays 1-15 Year Municipal Index as its primary benchmark.

The Barclays 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

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.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

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 Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

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 Intermediate Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in intermediate-term investment grade municipal bonds.

Yield

Dividend Yield 1 as of 09/26/2016

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

Fund Basicsas of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

RELATED CONTENT

CREDIT QUALITY DISTRIBUTION as of 08/31/2016 View Portfolio

Investment Team

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Performance

Performance

Dividend Yield 1 as of 09/26/2016

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

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

Growth of $10,000 as of 08/31/2016

NAV Historical Prices

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 08/31/2016

PORTFOLIO BREAKDOWN as of 08/31/2016

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Dividend Yield ¹ as of 09/26/2016

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

Dividend Yield ¹ as of 09/26/2016

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