National Tax Free Fund

LTNSX

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Daily price w/o sales charge as of 07/20/2018

$11.27

$0.01

YTD Returns w/o sales charge as of 07/20/2018

0.14%

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

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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 07/20/2018

w/o sales charge

2.66%

30-Day Standardized Yield ² as of 06/30/2018

1.93%

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

Fund Basicsas of 06/29/2018

Total Net Assets: $2.01 B
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.39%
Fund Net Expense Ratio: 1.36%
Number of Holdings: 502
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	-0.18%	2.44%	2.93%	3.55%	4.31%	4.08%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	4.16%	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	4.43%	-
w/ sales charge	-1.16%	2.44%	2.93%	3.55%	4.31%	4.08%

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	-0.18%	2.44%	2.93%	3.55%	4.31%	4.08%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	4.16%	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	4.43%	-
w/ sales charge	-1.16%	2.44%	2.93%	3.55%	4.31%	4.08%

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 06/29/2018 View Portfolio

Rating	Assets
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 07/20/2018

w/o sales charge

2.66%

30-Day Standardized Yield ² as of 06/30/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.93%	1.93%

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	-0.18%	2.44%	2.93%	3.55%	4.31%	4.08%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	4.16%	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	4.43%	-
w/ sales charge	-1.16%	2.44%	2.93%	3.55%	4.31%	4.08%

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	-0.18%	2.44%	2.93%	3.55%	4.31%	4.08%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	4.16%	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	4.43%	-
w/ sales charge	-1.16%	2.44%	2.93%	3.55%	4.31%	4.08%

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%	-	-	0.14%
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 Local
GO State
Education
Special Tax
Lease
Pre-Refunded
Water & Sewer
Power
Housing
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
TX
NJ
MA
FL
OH
MD
CT
IN
AZ
KY
VA
AL
NE
CO
LA
MI
HI
GA
SC
NC
DC
ME
Puerto Rico
WA
DE
OR
WI
MO
ND
OK
AR
MN
VT
TN
IA
NV
WV

Credit Quality Distribution as of 06/29/2018

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2018

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 06/29/2018

Total Net Assets: $2.01 B
Number of Issues: 502
Average Coupon: 5.0%
Average Effective Maturity: 17.9 Years
Average Effective Duration: 6.98 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%
Commonwealth Financing Authority	4.000%	06/01/2039	0.8%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Central Plains Energy Pj	5.000%	09/01/2042	0.7%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	0.7%
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%

% of Total Assets			7.1%

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%
Commonwealth Financing Authority	4.000%	06/01/2039	0.8%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Central Plains Energy Pj	5.000%	09/01/2042	0.7%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	0.7%
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%
Illinois, IL	5.000%	01/01/2035	0.6%
Massachusetts School Building Auth- Sales Tax	8.660%	10/15/2032	0.6%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.6%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	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%
Tender Option Bnd Tr Receipts/Certificates	8.620%	11/01/2028	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	0.6%
Cook Cnty, IL	5.000%	11/15/2024	0.5%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	0.5%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.5%
Pennsylvania	4.000%	09/15/2030	0.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY	5.000%	05/15/2028	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.5%
Dorm Auth of the St of New York	5.000%	01/01/2047	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%
Philadelphia General Obligation	5.000%	08/01/2036	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	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%
San Antonio, TX	5.000%	07/01/2045	0.5%
Long Beach Bnd Fin Auth	3.020%	11/15/2027	0.5%
Louisiana Pub Facs Auth	6.250%	05/15/2031	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
California State General Obligation	5.250%	08/01/2032	0.4%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2034	0.4%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.4%
Philadelphia, PA	5.000%	07/01/2047	0.4%
New Jersey Econ Dev Auth	5.625%	01/01/2052	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%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave	0.000%	06/15/2036	0.4%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.4%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.4%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.4%
Univ of Connecticut	5.250%	11/15/2047	0.4%
Massachusetts Dev Fin Agy	5.250%	04/01/2037	0.4%
Wisconsin Hlth & Edl Facs Auth	4.000%	02/15/2050	0.4%
California	5.600%	03/01/2036	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2033	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
County of Allen OH Hospital Facilities Revenue	5.000%	05/01/2033	0.4%
Erie Cnty Indl Dev Agy, NY	5.250%	05/01/2028	0.4%
Greater Orlando Aviation Auth	4.000%	10/01/2052	0.4%
California	6.500%	04/01/2033	0.4%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.4%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.4%
California Edl Facs Auth	5.000%	05/01/2045	0.4%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.4%
Univ of North Carolina at Wilmington	5.000%	06/01/2037	0.4%
Miami Dade Cnty, FL	5.000%	10/01/2041	0.4%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.4%
Illinois, IL	5.000%	12/01/2036	0.4%
Connecticut	5.000%	01/01/2037	0.4%
Indiana Fin Auth	5.000%	07/01/2035	0.4%
San Antonio, TX	5.000%	07/15/2039	0.4%
Richland Environmental Improvement - International Paper Co	3.875%	04/01/2023	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
New York City	5.000%	08/01/2027	0.3%
Virginia Small Business Fing Auth	5.250%	01/01/2032	0.3%
Illinois, IL	5.000%	03/01/2030	0.3%
New York City Transitional Finance Authority	5.000%	07/15/2031	0.3%
California Hlth Facs Fing Auth	5.000%	11/01/2047	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%
California	6.500%	04/01/2033	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%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.3%
Tender Option Bnd Tr Receipts/Certificates	0.001%	12/01/2027	0.3%
Onondaga Cnty Indus Dev Agy, NY	5.750%	03/01/2024	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	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%
New York City Hlth & Hosp Corp.	5.000%	02/15/2030	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
District of Columbia, DC	4.000%	06/01/2037	0.3%
New Jersey Tpk Auth	4.000%	01/01/2043	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2026	0.3%
Arlington, TX	5.000%	02/15/2048	0.3%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2026	0.3%
Compton, CA	6.000%	08/01/2039	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2030	0.3%
Tuscaloosa City Bd of Ed	5.000%	08/01/2046	0.3%
Illinois, IL	5.500%	07/01/2038	0.3%
Illinois Fin Auth	6.125%	09/01/2039	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Upland, CA	6.375%	01/01/2032	0.3%
Massachusetts Port Auth	4.000%	07/01/2046	0.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.3%
Hawaii Arpt Sys	5.000%	07/01/2041	0.3%
New York Transp Dev Corp.	5.000%	01/01/2033	0.3%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2030	0.3%
Norman Y Mineta San Jose International Arpt SJC	6.250%	03/01/2034	0.3%
California State General Obligation	5.250%	09/01/2024	0.3%
Kentucky Mun Pwr Agy	5.000%	09/01/2035	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2040	0.3%
New Orleans Avtn Brd, LA	5.000%	01/01/2040	0.3%
Charlotte, NC	5.000%	07/01/2031	0.3%
California Statewide Comntys Dev Auth	5.000%	02/01/2045	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
New York City Indl Dev Agy	0.000%	03/01/2030	0.3%
San Francisco Airport	5.000%	05/01/2025	0.3%
Chicago, IL	5.500%	01/01/2042	0.3%
Chicago, IL	5.000%	01/01/2026	0.3%
San Diego Public Facs Fing Auth, CA	5.250%	09/01/2035	0.3%
North Sumter Cnty Util Dependent Dist, FL	5.375%	10/01/2030	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%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Virginia Small Business Fing Auth	5.000%	01/01/2040	0.3%
Cass Cnty, ND	5.125%	02/15/2037	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Massachusetts Dev Fin Agy	4.000%	07/01/2041	0.3%
Lansing Bd of Wtr & Lt, MI	5.000%	07/01/2030	0.3%
Chicago, IL	5.000%	11/01/2029	0.3%
Connecticut	4.000%	08/15/2032	0.3%
Vermont Edl & Hlth Bldgs Fing Agy	5.000%	12/01/2035	0.3%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.3%
New York St Energy Rsch & Dev Auth	2.478%	10/01/2035	0.3%
Chicago, IL	5.000%	01/01/2040	0.3%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.3%
Connecticut	5.000%	01/01/2038	0.3%
Illinois Fin Auth	4.000%	10/01/2049	0.3%
Philadelphia, PA	5.000%	07/01/2042	0.3%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.2%
Central Texas Turnpike	5.000%	08/15/2033	0.2%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.2%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.2%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.2%
King Cnty Public Hosp Dist No 4	5.000%	12/01/2038	0.2%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	0.2%
Central Texas Mobility Authority	5.000%	01/01/2045	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.2%
Franklin Cnty, OH	6.125%	07/01/2040	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%
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%
San Jose, CA	6.125%	05/01/2031	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
Pennsylvania	4.000%	03/01/2038	0.2%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2031	0.2%
New Jersey Econ Dev Auth	2.660%	03/01/2028	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.2%
Los Angeles Hsg Auth	6.250%	06/01/2034	0.2%
Denver Hlth and Hosp Auth, CO	2.641%	12/01/2033	0.2%
Los Angeles, CA	5.000%	05/15/2041	0.2%
Washington Hlthcare Facs Auth	5.000%	07/01/2038	0.2%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.2%
New York City Indl Dev Agy	3.323%	03/01/2024	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2031	0.2%
Greenville Hosp Sys Bd of Trustees, SC	5.000%	05/01/2034	0.2%
Salt Verde Financial Corp.	5.250%	12/01/2027	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Palomar Hlth	5.000%	11/01/2036	0.2%
Detroit Pub Schs, MI	5.000%	05/01/2029	0.2%
Union Cnty Util Auth, NJ	4.750%	12/01/2031	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
Metropolitan Transp Auth, NY	4.000%	11/15/2046	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2030	0.2%
Indiana Hlth Fac Fin Auth	5.000%	11/15/2036	0.2%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.2%
Colorado Edl & Cultural Facs Auth	5.000%	03/01/2040	0.2%
Lee Cnty, FL	5.375%	10/01/2032	0.2%
Connecticut Special Tax - Transportation Infrastructure	5.000%	08/01/2034	0.2%
New York City	5.000%	12/01/2041	0.2%
Philadelphia, PA	5.000%	07/01/2030	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.2%
New Jersey Econ Dev Auth	6.000%	10/01/2043	0.2%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.2%
California	5.000%	08/01/2038	0.2%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Salt Verde Financial Corp.	5.000%	12/01/2032	0.2%
Illinois, IL	5.000%	01/01/2041	0.2%
Massachusetts Dev Fin Agy	5.250%	10/01/2037	0.2%
Sacramento City Fing Auth, CA	5.250%	12/01/2023	0.2%
Massachusetts Port Auth	5.000%	07/01/2045	0.2%
Rochester, MN	5.000%	11/15/2036	0.2%
Luzerne Cnty, PA	5.000%	11/15/2029	0.2%
Northern Indiana Commuter Transp Dist	5.000%	07/01/2041	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Illinois Finance Auth - Roosevelt University	6.500%	04/01/2039	0.2%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2027	0.2%
Illinois, IL	5.000%	01/01/2033	0.2%
Philadelphia, PA	5.000%	08/01/2037	0.2%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2039	0.2%
California	5.000%	09/01/2037	0.2%
Pennsylvania Tpk Comm	4.000%	12/01/2038	0.2%
Tennessee Energy Acquisition Corp.	5.625%	09/01/2026	0.2%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2024	0.2%
Selma Indus Dev Bd, AL	6.250%	11/01/2033	0.2%
Town of Davie FL	6.000%	04/01/2042	0.2%
Tobacco Settlement Fing Corp.	5.000%	06/01/2046	0.2%
Indiana Fin Auth	5.000%	07/01/2044	0.2%
Philadelphia, PA	5.250%	07/15/2032	0.2%
Philadelphia, PA	5.000%	08/01/2047	0.2%
Chicago, IL	5.000%	11/01/2036	0.2%
Jefferson Cnty, AL	0.000%	10/01/2027	0.2%
HI Dept Budget & Finance - Hawaiian Electric	3.250%	01/01/2025	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2033	0.2%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Indiana Fin Auth	5.000%	07/01/2040	0.2%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Hawaii Airport System	5.000%	07/01/2034	0.2%
St. Louis, MO	6.250%	07/01/2029	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.2%
New York Transp Dev Corp.	4.000%	01/01/2036	0.2%
Cook Cnty, IL	4.000%	11/15/2034	0.2%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2025	0.2%
Chicago Brd of Ed	5.000%	12/01/2046	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.2%
New York Transp Dev Corp.	5.000%	01/01/2034	0.2%
Love Field Arpt Modernization Corp., TX	5.000%	11/01/2028	0.1%
Philadelphia, PA	5.000%	07/01/2028	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%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.1%
Southern California Pub Pwr Auth	3.050%	11/01/2038	0.1%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2029	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
Chicago, IL	5.000%	11/01/2039	0.1%
Chicago, IL	5.000%	11/01/2037	0.1%
Baltimore Mayor & City Council, MD	5.000%	07/01/2032	0.1%
Houston, TX	6.625%	07/15/2038	0.1%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2041	0.1%
California Muni Fin Auth	5.000%	02/01/2047	0.1%
Chicago	5.000%	07/01/2048	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%
Dorm Auth of the St of New York	5.000%	07/01/2035	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%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2033	0.1%
Houston, TX	5.000%	07/15/2028	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
Chicago, IL	5.500%	01/01/2034	0.1%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
New York City Hlth & Hosp Corp.	5.000%	02/15/2025	0.1%
Volusia County Educational Facility Authority	5.000%	10/15/2047	0.1%
New York Transp Dev Corp.	5.000%	01/01/2036	0.1%
Port of Oakland, CA	5.000%	05/01/2028	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2032	0.1%
New Jersey Hgr Ed Stud Asst Auth	3.750%	12/01/2031	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.1%
Jefferson County Sewer	5.500%	10/01/2053	0.1%
Build NYC Resource Corp., NY	4.000%	07/01/2045	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2030	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Chicago, IL	5.000%	01/01/2033	0.1%
Cook Cnty, IL	5.000%	11/15/2031	0.1%
Valparaiso, IN	7.000%	01/01/2044	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2032	0.1%
San Diego Association of Governments South Bay Exp	5.000%	07/01/2037	0.1%
Jefferson County Sewer	6.500%	10/01/2053	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2030	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2042	0.1%
County of Ward ND	5.000%	06/01/2048	0.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth	5.700%	05/01/2034	0.1%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
Chicago, IL	5.000%	01/01/2026	0.1%
Massachusetts Dev Fin Agy	5.000%	01/01/2035	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2023	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2031	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%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2032	0.1%
Chula Vista, CA	5.875%	01/01/2034	0.1%
Miami Beach, FL	5.000%	09/01/2040	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.1%
Puerto Rico Highway & Transportation Auth	5.500%	07/01/2025	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2028	0.1%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2036	0.1%
Port of Portland, OR Arpt Rev	5.000%	07/01/2039	0.1%
Chicago Brd of Ed	5.000%	04/01/2046	0.1%
Tobacco Settlement Auth	5.250%	06/01/2032	0.1%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	0.1%
California Muni Fin Auth	6.000%	01/01/2042	0.1%
Cleveland, OH	5.000%	01/01/2030	0.1%
Pub Fin Auth	6.850%	10/01/2047	0.1%
Gramercy Farms Comnty Dev Dist	0.000%	05/01/2039	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2031	0.1%
Illinois, IL	5.000%	06/01/2027	0.1%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.1%
Illinois, IL	4.000%	06/01/2034	0.1%
Yosemite Community College District	0.000%	08/01/2042	0.1%
Chicago Brd of Ed	5.000%	12/01/2030	0.1%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.1%
Hawaii Hsg Fin & Dev Corp.	6.500%	07/01/2033	0.1%
Port Auth of New York & New Jersey	6.000%	12/01/2042	0.1%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2044	0.1%
California Hlth Facs Fing Auth	4.000%	11/15/2042	0.1%
Chicago Brd of Ed	5.000%	12/01/2029	0.1%
Connecticut	4.000%	04/15/2037	0.1%
West Virginia Hosp Fin Auth	6.250%	10/01/2023	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%
Regl Transp Dist	6.000%	01/15/2034	0.1%
Chicago Brd of Ed	5.000%	04/01/2042	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2048	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2039	0.1%
California Muni Fin Auth	5.000%	04/01/2041	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
New Jersey Econ Dev Auth	5.000%	07/01/2022	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2031	0.1%
Millsboro, DE	5.450%	07/01/2036	0.1%
Michigan Fin Auth	5.000%	07/01/2034	0.1%
Midlothian Wtr Dist, TX	0.000%	09/01/2022	0.1%
Adelanto Pub Util Auth, CA	5.000%	07/01/2039	0.1%
Illinois Fin Auth	5.000%	04/01/2031	0.1%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Philadelphia, PA	5.000%	08/01/2030	0.1%
Nassau Cnty, NY	5.000%	01/01/2038	0.1%
New Jersey Econ Dev Auth	5.000%	01/01/2024	0.1%
Massachusetts Port Auth	5.000%	07/01/2040	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2042	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%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.1%
Illinois Fin Auth	5.000%	02/15/2050	0.1%
Indiana Fin Auth	5.000%	10/01/2029	0.1%
Pennsylvania Econ Dev Fing Auth	7.500%	05/01/2020	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2041	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2031	0.1%
New York City Transitional Fin Auth	1.070%	08/01/2031	0.1%
Philadelphia, PA	5.250%	07/15/2031	0.1%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	6.250%	07/01/2028	0.1%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.1%
California Muni Fin Auth	5.000%	06/01/2050	0.1%
California Edl Facs Auth	4.000%	04/01/2047	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Puerto Rico Elec Pwr Auth	2.249%	07/01/2031	0.1%
San Antonio, TX	5.250%	07/01/2032	0.1%
Massachusetts Port Auth	5.500%	01/01/2019	0.1%
Chicago Brd of Ed	7.000%	12/01/2046	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 Statewide Comntys Dev Auth	5.000%	12/01/2057	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2036	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2031	0.1%
Chicago, IL	5.000%	01/01/2047	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2040	0.1%
La Verne CA C.O.P.	5.000%	05/15/2036	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2025	0.1%
New Orleans, LA	5.000%	12/01/2040	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	0.1%
Pittsburgh, PA	5.000%	09/01/2030	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2042	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Pittsburgh, PA	5.000%	09/01/2032	0.1%
Nassau Cnty, NY	5.000%	01/01/2036	0.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2032	0.1%
Yorba Linda Redev Agy, CA	6.000%	09/01/2026	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2033	0.1%
Pittsburgh, PA	5.000%	09/01/2029	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2039	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
District of Columbia, DC	6.000%	07/01/2043	0.1%
District of Columbia, DC	6.000%	07/01/2048	0.1%
Nassau Cnty, NY	5.000%	01/01/2035	0.1%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2033	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	0.1%
Atlanta Airport	5.000%	01/01/2028	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2034	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
New Orleans, LA	5.000%	12/01/2034	0.1%
Philadelphia, PA	5.250%	07/15/2033	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2029	0.1%
Cook Cnty, IL	5.000%	11/15/2030	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2026	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2033	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2035	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2037	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2037	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%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.1%
New York City Transitional Fin Auth	1.100%	08/01/2022	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2025	0.1%
Chicago, IL	5.500%	01/01/2037	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2034	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2046	0.1%
Illinois Fin Auth	5.000%	04/01/2019	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Illinois Fin Auth	7.125%	02/01/2034	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
Port of Houston Auth, TX	6.250%	10/01/2029	0.1%
Cleveland, OH	5.000%	01/01/2031	0.1%
Ohio	1.300%	01/15/2045	0.0%
Appling County Dev Auth - Georgia Power	1.090%	09/01/2041	0.0%
Illinois Fin Auth	5.000%	02/15/2047	0.0%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	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%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.0%
Volusia County Educational Facility Authority	5.000%	10/15/2042	0.0%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.0%
West Virginia Econ Dev Auth, WV	2.875%	12/15/2026	0.0%
City of Rockville MD	5.000%	11/01/2042	0.0%
Rockdale Cnty Dev Auth	4.000%	01/01/2038	0.0%
Tarrant Cnty Cult Ed Facs Fin Corp, TX	5.000%	10/01/2049	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%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.0%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	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%
Illinois Fin Auth	6.250%	02/01/2019	0.0%
California Muni Fin Auth	5.250%	08/15/2039	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%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.0%
Illinois Fin Auth	6.000%	03/01/2037	0.0%
Atlantic City, NJ	5.000%	03/01/2032	0.0%
Stone Canyon Comnty Impt Dist	5.750%	04/01/2027	0.0%
Chicago	5.625%	01/01/2035	0.0%
Chicago, IL	5.500%	01/01/2042	0.0%
Houston Cnty Cooperative Dist	12.500%	06/07/2013	0.0%
Stone Canyon Comnty Impt Dist	5.700%	04/01/2022	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%
Gramercy Farms Comnty Dev Dist	5.250%	05/01/2039	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 07/20/2018: $0.148
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	07/31/2018
Daily	Daily	08/31/2018
Daily	Daily	09/30/2018
Daily	Daily	10/31/2018
Daily	Daily	11/30/2018
Daily	Daily	12/31/2018

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 06/30/2018

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

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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 07/20/2018

30-Day Standardized Yield 2 as of 06/30/2018

Fund Basicsas of 06/29/2018

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 06/29/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 07/20/2018

30-Day Standardized Yield 2 as of 06/30/2018

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 07/20/2018

30-Day Standardized Yield ² as of 06/30/2018

Dividend Yield ¹ as of 07/20/2018

30-Day Standardized Yield ² as of 06/30/2018