National Tax Free Fund

LTNSX

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Daily price w/o sales charge as of 11/20/2018

$11.01

$0.01

YTD Returns w/o sales charge as of 11/20/2018

-1.28%

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Summary

What is the National Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in investment grade municipal bonds with select exposure to lower-rated municipal bonds.

Yield

Dividend Yield ¹ as of 11/20/2018

w/o sales charge

2.76%

30-Day Standardized Yield ² as of 10/31/2018

2.28%

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

Fund Basicsas of 10/31/2018

Total Net Assets: $1.95 B
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.39%
Fund Net Expense Ratio: 1.36%
Number of Holdings: 504
CUSIP: 543902860
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-1.70%	-0.76%	1.80%	3.51%	5.39%	3.95%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.15%	-0.39%	1.87%	3.36%	4.87%	-
Bloomberg Barclays Municipal Bond Index	-1.01%	-0.51%	1.90%	3.25%	4.80%	-
w/ sales charge	-2.66%	-0.76%	1.80%	3.51%	5.39%	3.95%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-0.59%	0.49%	2.36%	3.92%	4.95%	4.01%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.35%	0.53%	2.29%	3.68%	4.63%	-
Bloomberg Barclays Municipal Bond Index	-0.40%	0.35%	2.24%	3.54%	4.75%	-
w/ sales charge	-1.56%	0.49%	2.36%	3.92%	4.95%	4.01%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

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 10/31/2018 View Portfolio

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

Ratings provided by Standard & Poor’s, Moody’s, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating.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. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

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

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Performance

Dividend Yield ¹ as of 11/20/2018

w/o sales charge

2.76%

30-Day Standardized Yield ² as of 10/31/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.28%	2.28%

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

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-1.70%	-0.76%	1.80%	3.51%	5.39%	3.95%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.15%	-0.39%	1.87%	3.36%	4.87%	-
Bloomberg Barclays Municipal Bond Index	-1.01%	-0.51%	1.90%	3.25%	4.80%	-
w/ sales charge	-2.66%	-0.76%	1.80%	3.51%	5.39%	3.95%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-0.59%	0.49%	2.36%	3.92%	4.95%	4.01%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.35%	0.53%	2.29%	3.68%	4.63%	-
Bloomberg Barclays Municipal Bond Index	-0.40%	0.35%	2.24%	3.54%	4.75%	-
w/ sales charge	-1.56%	0.49%	2.36%	3.92%	4.95%	4.01%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

2017	6.40%	5.45%
2016	-0.35%	0.25%
2015	2.64%	3.30%
2014	12.22%	9.05%
2013	-6.71%	-2.55%
2012	13.02%	6.78%
2011	10.35%	10.70%
2010	1.49%	2.38%
2009	23.82%	12.91%
2008	-15.90%	-2.47%
2007	-2.06%	-
2006	3.98%	-
2005	3.01%	-
2004	3.15%	-
2003	4.01%	-
2002	8.18%	-
2001	3.47%	-
2000	11.97%	-
1999	-6.14%	-
1998	5.60%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	-1.27%	1.11%	-0.41%	-	-1.28%
2017	1.71%	1.94%	1.52%	1.09%	6.40%
2016	1.89%	3.34%	-0.20%	-5.17%	-0.35%
2015	1.00%	-1.37%	1.28%	1.74%	2.64%
2014	4.56%	3.43%	2.03%	1.70%	12.22%
2013	0.42%	-4.88%	-2.18%	-0.16%	-6.71%
2012	4.60%	2.58%	3.62%	1.66%	13.02%
2011	-0.26%	4.85%	3.24%	2.21%	10.35%
2010	2.07%	1.39%	4.43%	-6.10%	1.49%
2009	7.15%	5.71%	10.74%	-1.28%	23.82%
2008	-2.11%	0.40%	-6.31%	-8.66%	-15.90%
2007	0.46%	-0.73%	-0.62%	-1.18%	-2.06%
2006	0.09%	-0.29%	3.02%	1.14%	3.98%
2005	0.02%	3.09%	-0.54%	0.44%	3.01%
2004	1.54%	-3.39%	3.76%	1.34%	3.15%
2003	0.77%	2.70%	-1.00%	1.51%	4.01%
2002	0.84%	2.86%	4.99%	-0.65%	8.18%
2001	1.35%	0.26%	2.72%	-0.87%	3.47%
2000	3.18%	0.96%	1.94%	5.44%	11.97%
1999	0.85%	-2.77%	-2.48%	-1.84%	-6.14%
1998	0.87%	1.63%	3.09%	-0.08%	5.60%
1997	-0.65%	3.38%	3.39%	2.95%	9.31%
1996	-	-	-	2.29%	5.04%

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

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

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

Maturity	Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

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

State	Assets
CA
IL
NY
PA
NJ
TX
OH
MA
FL
MD
AZ
CT
KY
AL
CO
NE
IN
VA
HI
LA
MN
Puerto Rico
MI
WI
SC
DC
ME
GA
WA
DE
NC
OR
MT
MO
OK
WV
AR
ND
VT
NH
TN
IA
NV

Credit Quality Distribution as of 10/31/2018

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

Portfolio Positioning as of 09/30/2018

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-year maturity range, while maintaining an overweight to longer maturity bonds.
The portfolio continues to maintain an overweight in revenue bonds, specifically in the transportation, health care, and industrial development sectors, given their dedicated income streams and favorable return prospects.
The portfolio continues to maintain an overweight in lower tier investment grade bonds due to the incremental yield advantage and relatively attractive credit spreads.

Portfolio Details as of 10/31/2018

Total Net Assets: $1.95 B
Number of Issues: 504
Average Coupon: 4.9%
Average Effective Maturity: 18.1 Years
Average Effective Duration: 7.69 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 Effective 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

City of Chicago General Obligation	6.000%	01/01/2038	1.0%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.8%
Pennsylvania Financing Auth - Tobacco Settlement	4.000%	06/01/2039	0.8%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	0.7%
Duluth Econ Dev Auth, MN	5.250%	02/15/2058	0.6%
ME Hlth & Higher Ed - MaineGeneral Hlth	7.500%	07/01/2032	0.6%
Central Plains Energy - Goldman Sachs	5.000%	09/01/2042	0.6%
MD Hlth & Higher Ed - Mercy Medical Center	6.250%	07/01/2031	0.6%
Metropolitan Boston Transit Parking Corp	5.250%	07/01/2033	0.6%

% of Total Assets			7.0%

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.

Holding	Coupon	Maturity	Assets

City of Chicago General Obligation	6.000%	01/01/2038	1.0%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.8%
Pennsylvania Financing Auth - Tobacco Settlement	4.000%	06/01/2039	0.8%
Rochester Hlth - Mayo Clinic	4.000%	11/15/2048	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	0.7%
Central Plains Energy - Goldman Sachs	5.000%	09/01/2042	0.6%
ME Hlth & Higher Ed - MaineGeneral Hlth	7.500%	07/01/2032	0.6%
MD Hlth & Higher Ed - Mercy Medical Center	6.250%	07/01/2031	0.6%
Metropolitan Boston Transit Parking Corp	5.250%	07/01/2033	0.6%
Massachusetts School Building Auth- Sales Tax	8.660%	10/15/2032	0.6%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.6%
Tender Option Bnd Tr Receipts/Certificates	8.620%	11/01/2028	0.6%
Cnty of Trimble, KY	3.750%	06/01/2033	0.6%
Baltimore Mayor & City Council, MD	5.000%	07/01/2046	0.6%
Cook Cnty, IL	5.000%	11/15/2024	0.6%
New York City Transitional Fin Auth	5.000%	07/15/2030	0.6%
Central Texas Regl Mobility Auth, TX	6.000%	01/01/2041	0.6%
California State General Obligation	5.000%	02/01/2033	0.5%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY	5.000%	05/15/2028	0.5%
Pennsylvania	4.000%	09/15/2030	0.5%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.5%
California Muni Fin Auth - LINXS	4.000%	12/31/2047	0.5%
Chicago	5.000%	01/01/2052	0.5%
Pennsylvania Tpk Comm	5.000%	06/01/2029	0.5%
Maryland Hlth & Hgr Ed Facs Auth	5.500%	01/01/2046	0.5%
Central Plains Energy Pj	5.250%	09/01/2037	0.5%
California State General Obligation	5.500%	03/01/2040	0.5%
Illinois, IL	5.500%	07/01/2033	0.5%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.5%
Delaware Econ Dev Auth	5.375%	10/01/2045	0.5%
California State Pub Wks Bd	5.000%	04/01/2033	0.5%
Philadelphia General Obligation	5.000%	08/01/2036	0.5%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.5%
San Antonio, TX	5.000%	07/01/2045	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Louisiana Pub Facs Auth	6.250%	05/15/2031	0.5%
Long Beach Bnd Fin Auth	3.000%	11/15/2027	0.5%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2034	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
California State General Obligation	5.250%	08/01/2032	0.4%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave	5.000%	06/15/2036	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Illinois State General Obligation	5.000%	11/01/2028	0.4%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.4%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.4%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.4%
Univ of Connecticut	5.250%	11/15/2047	0.4%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2033	0.4%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.4%
County of Allen OH Hospital Facilities Revenue	5.000%	05/01/2033	0.4%
California	5.600%	03/01/2036	0.4%
Erie Cnty Indl Dev Agy, NY	5.250%	05/01/2028	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
Wisconsin Hlth & Edl Facs Auth	4.000%	02/15/2050	0.4%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.4%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.4%
Greater Orlando Aviation Auth	4.000%	10/01/2052	0.4%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.4%
Allegheny Cnty Hosp Dev Auth, PA	4.000%	04/01/2044	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.4%
Chandler Industrial Development Authority	2.700%	12/01/2037	0.4%
Univ of North Carolina at Wilmington	5.000%	06/01/2037	0.4%
Richland Environmental Improvement - International Paper Co	3.875%	04/01/2023	0.4%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.4%
San Antonio, TX	5.000%	07/15/2039	0.4%
California Edl Facs Auth	5.000%	05/01/2045	0.4%
Illinois, IL	5.000%	12/01/2036	0.4%
Indiana Fin Auth	5.000%	07/01/2035	0.4%
Connecticut	5.000%	01/01/2037	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
New York City	5.000%	08/01/2027	0.3%
Illinois, IL	5.000%	03/01/2030	0.3%
New York City Transitional Finance Authority	5.000%	07/15/2031	0.3%
Virginia Small Business Fing Auth	5.250%	01/01/2032	0.3%
Texas Water Development Board	4.000%	10/15/2037	0.3%
California	6.500%	04/01/2033	0.3%
Illinois, IL	5.000%	01/01/2035	0.3%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.3%
Southwest Local School District/Hamilton County	4.000%	01/15/2055	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Philadelphia, PA	5.250%	10/01/2052	0.3%
Pulaski Cnty Hlth Fac Brd, AR	5.000%	12/01/2039	0.3%
Railsplitter Tobacco Settlement Authority	6.000%	06/01/2028	0.3%
Arlington Higher Ed Fin Corp., TX	7.650%	08/15/2040	0.3%
California State Pub Wks Bd	5.000%	12/01/2028	0.3%
Florida Dev Fin Corp.	7.625%	06/15/2041	0.3%
Pub Fin Auth	5.000%	07/01/2044	0.3%
Tender Option Bnd Tr Receipts/Certificates	0.001%	12/01/2027	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2037	0.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist	5.000%	05/01/2026	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.3%
Minneapolis, MN	5.000%	11/15/2049	0.3%
Onondaga Cnty Indus Dev Agy, NY	5.750%	03/01/2024	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
New York City Hlth & Hosp Corp.	5.000%	02/15/2030	0.3%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2030	0.3%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2026	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2026	0.3%
New Jersey Tpk Auth	4.000%	01/01/2043	0.3%
Illinois, IL	5.500%	07/01/2038	0.3%
Compton, CA	6.000%	08/01/2039	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2030	0.3%
NY Transportation Dev Corp - Delta	5.000%	01/01/2033	0.3%
Illinois Fin Auth	6.125%	09/01/2039	0.3%
Tuscaloosa City Bd of Ed	5.000%	08/01/2046	0.3%
Upland, CA	6.375%	01/01/2032	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Massachusetts Port Auth	4.000%	07/01/2046	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Hawaii Arpt Sys	5.000%	07/01/2048	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2040	0.3%
Hawaii Arpt Sys	5.000%	07/01/2041	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
California State General Obligation	5.250%	09/01/2024	0.3%
Norman Y Mineta San Jose International Arpt SJC	6.250%	03/01/2034	0.3%
New Jersey Edl Facs Auth	4.000%	09/01/2029	0.3%
Montana Facility Finance Authority	5.000%	07/01/2048	0.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.3%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.3%
Kentucky Mun Pwr Agy	5.000%	09/01/2035	0.3%
San Francisco Airport	5.000%	05/01/2025	0.3%
North Sumter Cnty Util Dependent Dist, FL	5.375%	10/01/2030	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
Chicago, IL	5.000%	01/01/2026	0.3%
Dorm Auth of the St of New York	5.000%	01/01/2047	0.3%
California Statewide Comntys Dev Auth	5.000%	02/01/2045	0.3%
New York City Indl Dev Agy	0.000%	03/01/2030	0.3%
Chicago, IL	5.500%	01/01/2042	0.3%
California	4.000%	09/01/2037	0.3%
Pell City Special Care Facs - Noland Health	5.000%	12/01/2031	0.3%
Pima Cnty Indus Dev Auth, AZ	4.000%	09/01/2029	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Cass Cnty, ND	5.125%	02/15/2037	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
Chicago, IL	5.000%	11/01/2029	0.3%
Virginia Small Business Fing Auth	5.000%	01/01/2040	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.3%
Chicago, IL	5.000%	01/01/2040	0.3%
Lansing Bd of Wtr & Lt, MI	5.000%	07/01/2030	0.3%
Illinois Fin Auth	4.000%	10/01/2049	0.3%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.3%
Massachusetts Dev Fin Agy	4.000%	07/01/2041	0.3%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.3%
Vermont Edl & Hlth Bldgs Fing Agy	5.000%	12/01/2035	0.3%
Denver City & Cnty Dept of Aviation, CO	4.000%	12/01/2043	0.3%
New Hampshire Bus Fin Auth	4.875%	11/01/2042	0.3%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.3%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	0.3%
Connecticut	5.000%	01/01/2038	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
Central Texas Turnpike	5.000%	08/15/2033	0.2%
Central Texas Mobility Authority	5.000%	01/01/2045	0.2%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.2%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.2%
Philadelphia, PA	5.000%	07/01/2042	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.2%
Franklin Cnty, OH	6.125%	07/01/2040	0.2%
King Cnty Public Hosp Dist No 4	5.000%	12/01/2038	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.2%
North Texas Tollway Auth	5.000%	01/01/2040	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2031	0.2%
San Jose, CA	6.125%	05/01/2031	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.2%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2042	0.2%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.2%
New Jersey Econ Dev Auth	3.160%	03/01/2028	0.2%
Pennsylvania	4.000%	03/01/2038	0.2%
West Virginia Parkways Authority	4.000%	06/01/2047	0.2%
Denver Hlth and Hosp Auth, CO	2.655%	12/01/2033	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.2%
New York City Indl Dev Agy	3.810%	03/01/2024	0.2%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2031	0.2%
Los Angeles, CA	5.000%	05/15/2041	0.2%
Palomar Hlth	5.000%	11/01/2036	0.2%
Greenville Hosp Sys Bd of Trustees, SC	5.000%	05/01/2034	0.2%
Detroit Pub Schs, MI	5.000%	05/01/2029	0.2%
Los Angeles Hsg Auth	6.250%	06/01/2034	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2048	0.2%
Washington Hlthcare Facs Auth	5.000%	07/01/2038	0.2%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2031	0.2%
Salt Verde Financial Corp.	5.250%	12/01/2027	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Union Cnty Util Auth, NJ	4.750%	12/01/2031	0.2%
Pennsylvania	4.000%	03/01/2037	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2030	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Metropolitan Transp Auth, NY	4.000%	11/15/2046	0.2%
Lee Cnty, FL	5.375%	10/01/2032	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.2%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.2%
Connecticut Special Tax - Transportation Infrastructure	5.000%	08/01/2034	0.2%
New Jersey Econ Dev Auth	6.000%	10/01/2043	0.2%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.2%
Montana Facility Finance Authority	5.000%	07/01/2043	0.2%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
Philadelphia, PA	5.000%	07/01/2030	0.2%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
California	5.000%	08/01/2038	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Luzerne Cnty, PA	5.000%	11/15/2029	0.2%
Illinois, IL	5.000%	01/01/2041	0.2%
Salt Verde Financial Corp.	5.000%	12/01/2032	0.2%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2027	0.2%
Sacramento City Fing Auth, CA	5.250%	12/01/2023	0.2%
Massachusetts Port Auth	5.000%	07/01/2045	0.2%
Illinois, IL	5.000%	01/01/2033	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2039	0.2%
Philadelphia, PA	5.000%	08/01/2037	0.2%
Town of Davie FL	6.000%	04/01/2042	0.2%
Selma Indus Dev Bd, AL	6.250%	11/01/2033	0.2%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2024	0.2%
Pennsylvania Tpk Comm	4.000%	12/01/2038	0.2%
Tennessee Energy Acquisition Corp.	5.625%	09/01/2026	0.2%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.2%
Jefferson Cnty, AL	0.000%	10/01/2027	0.2%
Indiana Fin Auth	5.000%	07/01/2044	0.2%
Chicago, IL	5.000%	11/01/2036	0.2%
Philadelphia, PA	5.250%	07/15/2032	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2030	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.2%
HI Dept Budget & Finance - Hawaiian Electric	3.250%	01/01/2025	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	0.2%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2033	0.2%
Indiana Fin Auth	5.000%	07/01/2040	0.2%
Hawaii Airport System	5.000%	07/01/2034	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
St. Louis, MO	6.250%	07/01/2029	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.2%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2025	0.2%
County of Cook IL Sales Tax Revenue	4.000%	11/15/2034	0.2%
Chicago Brd of Ed	5.000%	12/01/2046	0.2%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.2%
Love Field Arpt Modernization Corp., TX	5.000%	11/01/2028	0.2%
New York Transp Dev Corp.	5.000%	01/01/2034	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.2%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.1%
Philadelphia, PA	5.000%	07/01/2028	0.1%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.1%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.1%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2029	0.1%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2029	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
Southern California Pub Pwr Auth	3.040%	11/01/2038	0.1%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.1%
Chicago, IL	5.000%	11/01/2039	0.1%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2041	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Chicago, IL	5.000%	11/01/2037	0.1%
California State Pub Wks Bd	5.125%	10/01/2031	0.1%
New Jersey Econ Dev Auth	6.500%	04/01/2028	0.1%
Baltimore Mayor & City Council, MD	5.000%	07/01/2032	0.1%
California Muni Fin Auth	5.000%	02/01/2047	0.1%
Houston, TX	6.625%	07/15/2038	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2033	0.1%
Chicago	5.000%	07/01/2048	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Houston, TX	5.000%	07/15/2028	0.1%
Dorm Auth of the St of New York	5.500%	01/01/2039	0.1%
California Poll Cntrl Fin Auth	4.300%	07/01/2040	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.1%
Puerto Rico Aqueduct & Swr Auth	5.750%	07/01/2037	0.1%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	0.1%
Chicago, IL	5.500%	01/01/2034	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.1%
Port of Oakland, CA	5.000%	05/01/2028	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
New Jersey Hgr Ed Stud Asst Auth	3.750%	12/01/2031	0.1%
New York City Hlth & Hosp Corp.	5.000%	02/15/2025	0.1%
New York Transp Dev Corp.	5.000%	01/01/2036	0.1%
Jefferson County Sewer	5.500%	10/01/2053	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2032	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Puerto Rico Elec Pwr Auth	2.310%	07/01/2031	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.1%
Cook Cnty, IL	5.000%	11/15/2031	0.1%
Chicago, IL	5.000%	01/01/2033	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2030	0.1%
Jefferson County Sewer	6.500%	10/01/2053	0.1%
Valparaiso, IN	7.000%	01/01/2044	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth	5.700%	05/01/2034	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2042	0.1%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2032	0.1%
Build NYC Resource Corp., NY	4.000%	07/01/2045	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
County of Ward ND	5.000%	06/01/2048	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.1%
Puerto Rico Highway & Transportation Auth	5.500%	07/01/2025	0.1%
St of Alabama Docks Department	5.000%	10/01/2034	0.1%
St of Alabama Docks Department	5.000%	10/01/2035	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2023	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2028	0.1%
Chicago Brd of Ed	5.000%	04/01/2046	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2031	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2036	0.1%
Chula Vista, CA	5.875%	01/01/2034	0.1%
Miami Beach, FL	5.000%	09/01/2040	0.1%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.1%
Chicago Brd of Ed	5.000%	12/01/2030	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Port of Portland, OR Arpt Rev	5.000%	07/01/2039	0.1%
Gramercy Farms Comnty Dev Dist	0.000%	05/01/2039	0.1%
Tobacco Settlement Auth	5.250%	06/01/2032	0.1%
Cleveland, OH	5.000%	01/01/2030	0.1%
Pub Fin Auth	6.850%	10/01/2047	0.1%
California Muni Fin Auth	6.000%	01/01/2042	0.1%
Illinois, IL	4.000%	06/01/2034	0.1%
Illinois, IL	5.000%	06/01/2027	0.1%
Chicago Brd of Ed	5.000%	12/01/2029	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2031	0.1%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2044	0.1%
Hawaii Hsg Fin & Dev Corp.	6.500%	07/01/2033	0.1%
California Hlth Facs Fing Auth	4.000%	11/15/2042	0.1%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.1%
Port Auth of New York & New Jersey	6.000%	12/01/2042	0.1%
Connecticut	4.000%	04/15/2037	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2032	0.1%
Philadelphia, PA	5.000%	08/01/2029	0.1%
Chicago, IL	5.000%	11/01/2036	0.1%
Chicago Brd of Ed	5.000%	04/01/2042	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2039	0.1%
West Virginia Hosp Fin Auth	6.250%	10/01/2023	0.1%
New Jersey Econ Dev Auth	5.000%	07/01/2022	0.1%
Midlothian Wtr Dist, TX	0.000%	09/01/2022	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2031	0.1%
Puerto Rico General Obligation	5.500%	07/01/2039	0.1%
Illinois Fin Auth	5.000%	04/01/2031	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Michigan Fin Auth	5.000%	07/01/2034	0.1%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.1%
Millsboro, DE	5.450%	07/01/2036	0.1%
Adelanto Pub Util Auth, CA	5.000%	07/01/2039	0.1%
Philadelphia, PA	5.000%	08/01/2030	0.1%
New Jersey Econ Dev Auth	5.000%	01/01/2024	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2036	0.1%
Massachusetts Port Auth	5.000%	07/01/2040	0.1%
Pennsylvania Econ Dev Fing Auth	7.500%	05/01/2020	0.1%
Indiana Fin Auth	5.000%	10/01/2029	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
District of Columbia, DC	5.000%	06/01/2041	0.1%
Virginia Small Business Fing Auth	5.000%	07/01/2034	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2042	0.1%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.1%
Illinois Fin Auth	5.000%	02/15/2050	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2041	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2031	0.1%
Philadelphia, PA	5.250%	07/15/2031	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Pub Fin Auth	6.125%	01/01/2033	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.250%	07/01/2028	0.1%
California Muni Fin Auth	5.000%	06/01/2050	0.1%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.1%
Massachusetts Port Auth	5.500%	01/01/2019	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
California Sch Fin Auth	5.000%	08/01/2048	0.1%
Chicago Brd of Ed	7.000%	12/01/2046	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2031	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2036	0.1%
La Verne CA C.O.P.	5.000%	05/15/2036	0.1%
Chicago, IL	5.000%	01/01/2047	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2025	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2040	0.1%
Connecticut	5.000%	06/15/2033	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Pittsburgh, PA	5.000%	09/01/2030	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2042	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2032	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Pittsburgh, PA	5.000%	09/01/2032	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
Yorba Linda Redev Agy, CA	6.000%	09/01/2026	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
Pittsburgh, PA	5.000%	09/01/2029	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2033	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2039	0.1%
District of Columbia, DC	6.000%	07/01/2043	0.1%
District of Columbia, DC	6.000%	07/01/2048	0.1%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
Cook Cnty, IL	5.000%	11/15/2030	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2033	0.1%
Atlanta Airport	5.000%	01/01/2028	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2026	0.1%
Connecticut	5.000%	06/15/2032	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2033	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2034	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
New Orleans, LA	5.000%	12/01/2034	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2035	0.1%
Philadelphia, PA	5.250%	07/15/2033	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2029	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2037	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2036	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2041	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2037	0.1%
Connecticut	5.000%	06/15/2038	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2025	0.1%
Chicago, IL	5.500%	01/01/2037	0.1%
Illinois Fin Auth	5.000%	04/01/2019	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2046	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Pub Fin Auth	6.375%	01/01/2048	0.1%
Illinois Fin Auth	7.125%	02/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Cleveland, OH	5.000%	01/01/2031	0.1%
Illinois Fin Auth	5.000%	02/15/2047	0.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2032	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2045	0.0%
Dorm Auth of the St of New York	4.000%	08/01/2038	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.0%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.0%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.0%
City of Rockville MD	5.000%	11/01/2042	0.0%
Rockdale Cnty Dev Auth	4.000%	01/01/2038	0.0%
Connecticut	4.000%	06/15/2037	0.0%
Denver Hlth and Hosp Auth, CO	5.250%	12/01/2045	0.0%
Univ of California Bd of Regents	5.250%	05/15/2038	0.0%
City of Rockville MD	5.000%	11/01/2047	0.0%
City of Aurora, IL	6.750%	12/30/2027	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Dorm Auth of the St of New York	4.000%	08/01/2037	0.0%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2030	0.0%
Sparks, NV	6.500%	06/15/2020	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2030	0.0%
California Muni Fin Auth	5.250%	08/15/2039	0.0%
Illinois Fin Auth	6.250%	02/01/2019	0.0%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.0%
Dorm Auth of the St of New York	5.000%	08/01/2034	0.0%
Cook Cnty, IL	5.000%	11/15/2034	0.0%
Houston Cnty Cooperative Dist	10.000%	05/01/2039	0.0%
City of Irvine CA	5.000%	09/01/2044	0.0%
Appling County Dev Auth - Georgia Power	1.920%	09/01/2041	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Stone Canyon Comnty Impt Dist	5.750%	04/01/2027	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
Chicago	5.625%	01/01/2035	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Virginia Small Business Fing Auth	5.000%	01/01/2048	0.0%
Cumberland Cnty Muni Auth, PA	6.125%	01/01/2029	0.0%
Middlesex Cnty Impt Auth	6.250%	01/01/2037	0.0%
Middlesex Cnty Impt Auth	6.125%	01/01/2025	0.0%
US 20YR Treasury Future Dec 2008	-	-	0.0%
Gramercy Farms Comnty Dev Dist	5.250%	05/01/2039	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 11/20/2018: $0.247
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	10/31/2018	$0.02531	$10.98
Daily	Daily	09/30/2018	$0.02510	$11.13
Daily	Daily	08/31/2018	$0.02448	$11.24
Daily	Daily	07/31/2018	$0.02462	$11.24
Daily	Daily	06/30/2018	$0.02498	$11.25
Daily	Daily	05/31/2018	$0.02420	$11.25
Daily	Daily	04/30/2018	$0.02467	$11.13
Daily	Daily	03/31/2018	$0.02413	$11.20
Daily	Daily	02/28/2018	$0.02585	$11.17
Daily	Daily	01/31/2018	$0.02435	$11.27

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	11/30/2018
Daily	Daily	12/31/2018

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/10/1998	12/18/1998	-	-	$0.1900	$11.76

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
12/19/2018	12/20/2018

Fees & Expenses

Expense Ratioas of 10/31/2018

Fund Gross Expense Ratio	Fund Net Expense Ratio
1.39%	1.36%

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 Documents

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	Summary Prospectus Publish Date:11/03/2015
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	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015

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

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

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

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

IMPORTANT INFORMATION

A Note about Risk: The 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 likley to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yielding non-investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on those securities. 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, comonwealths, 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. Stockholders should consult with their tax advisor 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 C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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

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

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

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

The Bloomberg Barclays Municipal Bond Index a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. Bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two ratings agencies. 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.

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.

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 National Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in investment grade municipal bonds with select exposure to lower-rated municipal bonds.

Yield

Dividend Yield 1 as of 11/20/2018

30-Day Standardized Yield 2 as of 10/31/2018

Fund Basicsas of 10/31/2018

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

RELATED CONTENT

Credit Quality Distribution as of 10/31/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 11/20/2018

30-Day Standardized Yield 2 as of 10/31/2018

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

Fund Expense Ratio :

Gross 1.39%

Net 1.36%

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

Dividend Yield ¹ as of 11/20/2018

30-Day Standardized Yield ² as of 10/31/2018

Dividend Yield ¹ as of 11/20/2018

30-Day Standardized Yield ² as of 10/31/2018