National Tax Free Fund

LTNSX

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Daily price w/o sales charge as of 03/18/2019

$11.30

$0.01

YTD Returns w/o sales charge as of 03/18/2019

2.04%

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 03/18/2019

w/o sales charge

2.89%

30-Day Standardized Yield ² as of 02/28/2019

1.97%

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

Fund Basicsas of 02/28/2019

Total Net Assets: $2.08 B
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.39%
Fund Net Expense Ratio: 1.36%
Number of Holdings: 517
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	1.28%	3.29%	1.97%	3.52%	5.35%	4.03%
Lipper Category Avg. General & Insured Municipal Debt Funds	1.25%	3.42%	2.15%	3.38%	4.85%	-
Bloomberg Barclays Municipal Bond Index	1.30%	4.13%	2.28%	3.44%	4.55%	-
w/ sales charge	0.28%	3.29%	1.97%	3.52%	5.35%	4.03%

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	0.19%	0.19%	2.04%	4.12%	5.99%	4.00%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.68%	0.68%	2.05%	3.86%	5.28%	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	4.85%	-

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 02/28/2019 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

32 Years of Industry Experience

Supported By 16 Investment Professionals with 11 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 03/18/2019

w/o sales charge

2.89%

30-Day Standardized Yield ² as of 02/28/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.97%	1.97%

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	1.28%	3.29%	1.97%	3.52%	5.35%	4.03%
Lipper Category Avg. General & Insured Municipal Debt Funds	1.25%	3.42%	2.15%	3.38%	4.85%	-
Bloomberg Barclays Municipal Bond Index	1.30%	4.13%	2.28%	3.44%	4.55%	-
w/ sales charge	0.28%	3.29%	1.97%	3.52%	5.35%	4.03%

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	0.19%	0.19%	2.04%	4.12%	5.99%	4.00%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.68%	0.68%	2.05%	3.86%	5.28%	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	4.85%	-

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

2018	0.19%	1.28%
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%	-
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%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	-	-	-	-	2.04%
2018	-1.27%	1.11%	-0.41%	0.79%	0.19%
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

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
AL
CO
KY
HI
NE
IN
MN
VA
NC
WI
Puerto Rico
LA
GA
MI
SC
DC
ME
WA
OR
NV
MT
DE
MO
OK
AR
WV
VT
ND
NH
TN
IA

Credit Quality Distribution as of 02/28/2019

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

Portfolio Positioning as of 12/31/2018

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 02/28/2019

Total Net Assets: $2.08 B
Number of Issues: 517
Average Coupon: 5.0%
Average Effective Maturity: 18.4 Years
Average Effective Duration: 7.79 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%
Duluth Economic Development Auth - Essentia Health	5.250%	02/15/2058	0.9%
Pennsylvania Financing Auth - Tobacco Settlement	4.000%	06/01/2039	0.7%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	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%
North Carolina Turnpike Auth	4.000%	01/01/2037	0.6%
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%

% 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%
Pennsylvania Financing Auth - Tobacco Settlement	4.000%	06/01/2039	0.8%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.8%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Duluth Economic Development Auth - Essentia Health	5.250%	02/15/2058	0.7%
North Carolina Turnpike Auth	4.000%	01/01/2037	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%
Cnty of Trimble, KY	3.750%	06/01/2033	0.6%
Tender Option Bnd Tr Receipts/Certificates	8.620%	11/01/2028	0.6%
Baltimore Mayor & City Council, MD	5.000%	07/01/2046	0.6%
Cook Cnty, IL	5.000%	11/15/2024	0.6%
California State General Obligation	5.000%	02/01/2033	0.6%
New York City Transitional Fin Auth	5.000%	07/15/2030	0.5%
Chicago	5.000%	01/01/2053	0.5%
Pennsylvania	4.000%	09/15/2030	0.5%
Central Texas Regl Mobility Auth, TX	6.000%	01/01/2041	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.5%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	0.5%
Louisville & Jefferson Cnty Metro Swr Dist, KY	5.000%	05/15/2028	0.5%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	0.5%
Pennsylvania Tpk Comm	5.000%	06/01/2029	0.5%
California Muni Fin Auth - LINXS	4.000%	12/31/2047	0.5%
Chicago	5.000%	01/01/2052	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%
Philadelphia General Obligation	5.000%	08/01/2036	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%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Long Beach Bnd Fin Auth	3.203%	11/15/2027	0.5%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.5%
Louisiana Pub Facs Auth	6.250%	05/15/2031	0.4%
California State General Obligation	5.250%	08/01/2032	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2034	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	0.4%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.4%
Illinois State General Obligation	5.000%	11/01/2028	0.4%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.4%
Washington & Multnomah Cntys Sch Dist No 48J Beave	5.000%	06/15/2036	0.4%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.4%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.4%
Univ of Connecticut	5.250%	11/15/2047	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2033	0.4%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.4%
California	5.600%	03/01/2036	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%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.4%
Greater Orlando Aviation Auth	4.000%	10/01/2052	0.4%
Wisconsin Hlth & Edl Facs Auth	4.000%	02/15/2050	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.4%
Lucas Cnty, OH	5.250%	11/15/2048	0.4%
California Edl Facs Auth	5.000%	05/01/2045	0.4%
Univ of North Carolina at Wilmington	5.000%	06/01/2037	0.4%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.4%
Chicago	4.000%	01/01/2044	0.4%
Illinois, IL	5.000%	12/01/2036	0.4%
San Antonio, TX	5.000%	07/15/2039	0.3%
Connecticut	5.000%	01/01/2037	0.3%
Richland Environmental Improvement - International Paper Co	3.875%	04/01/2023	0.3%
Indiana Fin Auth	5.000%	07/01/2035	0.3%
New York City	5.000%	08/01/2027	0.3%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.3%
Illinois, IL	5.000%	03/01/2030	0.3%
Clifton Hgr Ed Fin Corp., TX	6.125%	08/15/2048	0.3%
Texas Water Development Board	4.000%	10/15/2037	0.3%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.3%
New York City Transitional Finance Authority	5.000%	07/15/2031	0.3%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.3%
Virginia Small Business Fing Auth	5.250%	01/01/2032	0.3%
Southwest Local School District/Hamilton County	4.000%	01/15/2055	0.3%
Illinois, IL	5.000%	01/01/2035	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Philadelphia, PA	5.250%	10/01/2052	0.3%
California	6.500%	04/01/2033	0.3%
Pulaski Cnty Hlth Fac Brd, AR	5.000%	12/01/2039	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2037	0.3%
Arlington Higher Ed Fin Corp., TX	7.650%	08/15/2040	0.3%
Massachusetts	3.000%	04/01/2041	0.3%
Railsplitter Tobacco Settlement Authority	6.000%	06/01/2028	0.3%
California State Pub Wks Bd	5.000%	12/01/2028	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2030	0.3%
Pub Fin Auth	5.000%	07/01/2044	0.3%
Minneapolis, MN	5.000%	11/15/2049	0.3%
Erie Co Indus Dev Auth - Buffalo City Sch Dist	5.000%	05/01/2026	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Onondaga County Industrial Development- Bristol Myers Squibb	5.750%	03/01/2024	0.3%
Tender Option Bnd Tr Receipts/Certificates	0.001%	12/01/2027	0.3%
Florida Dev Fin Corp.	7.625%	06/15/2041	0.3%
New York City Hlth & Hosp Corp.	5.000%	02/15/2030	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Compton, CA	6.000%	08/01/2039	0.3%
New Jersey Tpk Auth	4.000%	01/01/2043	0.3%
Illinois Fin Auth	6.125%	09/01/2039	0.3%
New Jersey Edl Facs Auth	4.000%	09/01/2029	0.3%
New York City Indl Dev Agy	0.000%	03/01/2030	0.3%
NY Transportation Dev Corp - Delta	5.000%	01/01/2033	0.3%
Kentucky Mun Pwr Agy	5.000%	09/01/2035	0.3%
Tuscaloosa City Bd of Ed	5.000%	08/01/2046	0.3%
Montana Facility Finance Authority	5.000%	07/01/2048	0.3%
Illinois, IL	5.500%	07/01/2038	0.3%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2030	0.3%
Massachusetts Port Auth	4.000%	07/01/2046	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%
Norman Y Mineta San Jose International Arpt SJC	6.250%	03/01/2034	0.3%
Allegheny Cnty Hosp Dev Auth, PA	4.000%	04/01/2044	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Upland, CA	6.375%	01/01/2032	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
San Francisco Airport	5.000%	05/01/2025	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
California Statewide Comntys Dev Auth	5.000%	02/01/2045	0.3%
North Sumter Cnty Util Dependent Dist, FL	5.375%	10/01/2030	0.3%
California	4.000%	09/01/2037	0.3%
Chicago, IL	5.000%	01/01/2026	0.3%
Pima Cnty Indus Dev Auth, AZ	4.000%	09/01/2029	0.3%
Chicago, IL	5.000%	11/01/2029	0.3%
Dorm Auth of the St of New York	5.000%	01/01/2047	0.3%
Chicago, IL	5.500%	01/01/2042	0.3%
Cass Cnty, ND	5.125%	02/15/2037	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Pell City Special Care Facs - Noland Health	5.000%	12/01/2031	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Denver City & Cnty Dept of Aviation, CO	4.000%	12/01/2043	0.3%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.3%
Univ of Illinois Bd of Trustees	4.000%	04/01/2038	0.3%
Vermont Edl & Hlth Bldgs Fing Agy	5.000%	12/01/2035	0.3%
Illinois Fin Auth	4.000%	10/01/2049	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%	01/01/2040	0.3%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.3%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.3%
North Texas Tollway Auth	5.000%	01/01/2048	0.3%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.3%
Central Texas Turnpike	5.000%	08/15/2033	0.3%
Bay Area Toll Auth, CA	4.000%	04/01/2049	0.3%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.2%
Connecticut	5.000%	01/01/2038	0.2%
New Jersey Transp Tr Fnd Auth	5.250%	06/15/2043	0.2%
New Hampshire Bus Fin Auth	4.875%	11/01/2042	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.2%
King Cnty Public Hosp Dist No 4	5.000%	12/01/2038	0.2%
Philadelphia, PA	5.000%	07/01/2042	0.2%
Central Texas Mobility Authority	5.000%	01/01/2045	0.2%
Niagara Area Dev Corp., NY	4.750%	11/01/2042	0.2%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.2%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.2%
Illinois, IL	5.000%	05/01/2038	0.2%
Dorm Auth of the St of New York	5.000%	07/01/2031	0.2%
Franklin Cnty, OH	6.125%	07/01/2040	0.2%
North Texas Tollway Auth	5.000%	01/01/2040	0.2%
Buckeye Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.2%
West Virginia Parkways Authority	4.000%	06/01/2047	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%
New Jersey Econ Dev Auth	3.030%	03/01/2028	0.2%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2042	0.2%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2031	0.2%
New York City Indl Dev Agy	2.770%	03/01/2024	0.2%
Los Angeles, CA	5.000%	05/15/2041	0.2%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.2%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.2%
Canaveral Port Authority	5.000%	06/01/2045	0.2%
Denver Hlth and Hosp Auth, CO	2.935%	12/01/2033	0.2%
Pennsylvania	4.000%	03/01/2037	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Greenville Hosp Sys Bd of Trustees, SC	5.000%	05/01/2034	0.2%
Palomar Hlth	5.000%	11/01/2036	0.2%
Detroit Pub Schs, MI	5.000%	05/01/2029	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2030	0.2%
Oklahoma Tpk Auth	4.000%	01/01/2048	0.2%
Washington Hlthcare Facs Auth	5.000%	07/01/2038	0.2%
Salt Verde Financial Corp.	5.250%	12/01/2027	0.2%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2048	0.2%
Los Angeles Hsg Auth	6.250%	06/01/2034	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2031	0.2%
Union Cnty Util Auth, NJ	4.750%	12/01/2031	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	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%
Chandler Industrial Development Authority	2.700%	12/01/2037	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%
Metropolitan Transp Auth, NY	4.000%	11/15/2046	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2043	0.2%
Lee Cnty, FL	5.375%	10/01/2032	0.2%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.2%
Montana Facility Finance Authority	5.000%	07/01/2043	0.2%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.2%
New Jersey Econ Dev Auth	6.000%	10/01/2043	0.2%
Philadelphia, PA	5.000%	07/01/2030	0.2%
Mission Econ Dev Corp, TX	4.625%	10/01/2031	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
Salt Verde Financial Corp.	5.000%	12/01/2032	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.2%
California	5.000%	08/01/2038	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2035	0.2%
California Muni Fin Auth	5.000%	12/31/2047	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2036	0.2%
Luzerne Cnty, PA	5.000%	11/15/2029	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%
Illinois, IL	5.000%	01/01/2041	0.2%
Massachusetts Dev Fin Agy	5.000%	10/01/2057	0.2%
Massachusetts Port Auth	5.000%	07/01/2045	0.2%
Illinois, IL	5.000%	01/01/2033	0.2%
Tennessee Energy Acquisition Corp.	5.625%	09/01/2026	0.2%
Casino Reinvestment Dev Auth, NJ	5.250%	11/01/2039	0.2%
Philadelphia, PA	5.000%	08/01/2037	0.2%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.2%
Jefferson Cnty, AL	0.000%	10/01/2027	0.2%
Pennsylvania Tpk Comm	4.000%	12/01/2038	0.2%
Town of Davie FL	6.000%	04/01/2042	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%
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%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.2%
Indiana Fin Auth	5.000%	07/01/2044	0.2%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	0.2%
Allegheny Cnty Hosp Dev Auth, PA	4.000%	04/01/2037	0.2%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2033	0.2%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.2%
Indiana Fin Auth	5.000%	07/01/2040	0.2%
County of Cook IL Sales Tax Revenue	4.000%	11/15/2034	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.2%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2025	0.2%
New York City Transitional Fin Auth	1.550%	11/01/2022	0.2%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.2%
Hawaii Airport System	5.000%	07/01/2034	0.2%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.2%
St. Louis, MO	6.250%	07/01/2029	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.2%
Chicago Brd of Ed	5.000%	12/01/2046	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	0.2%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.1%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Chicago, IL	5.000%	11/01/2039	0.1%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.1%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2029	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2029	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2041	0.1%
Southern California Pub Pwr Auth	3.303%	11/01/2038	0.1%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.1%
California Muni Fin Auth	5.000%	02/01/2047	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	5.000%	07/15/2028	0.1%
California State Pub Wks Bd	5.125%	10/01/2031	0.1%
Chicago	5.000%	07/01/2048	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2033	0.1%
New Jersey Econ Dev Auth	6.500%	04/01/2028	0.1%
California Poll Cntrl Fin Auth	4.300%	07/01/2040	0.1%
Houston, TX	6.625%	07/15/2038	0.1%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	0.1%
Dorm Auth of the St of New York	5.500%	01/01/2039	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
New Jersey Hgr Ed Stud Asst Auth	3.750%	12/01/2031	0.1%
Puerto Rico Aqueduct & Swr Auth	5.750%	07/01/2037	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2032	0.1%
Chicago, IL	5.500%	01/01/2034	0.1%
New York City Hlth & Hosp Corp.	5.000%	02/15/2025	0.1%
Port of Oakland, CA	5.000%	05/01/2028	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 Transp Dev Corp.	5.000%	01/01/2036	0.1%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.1%
Jefferson County Sewer	5.500%	10/01/2053	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2030	0.1%
Cook Cnty, IL	5.000%	11/15/2031	0.1%
Chicago, IL	5.000%	01/01/2033	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Jefferson County Sewer	6.500%	10/01/2053	0.1%
Puerto Rico Elec Pwr Auth	2.570%	07/01/2031	0.1%
Valparaiso, IN	7.000%	01/01/2044	0.1%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.1%
Miami Beach, FL	5.000%	09/01/2040	0.1%
Pub Fin Auth	6.850%	10/01/2047	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2042	0.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth	5.700%	05/01/2034	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%
Build NYC Resource Corp., NY	4.000%	07/01/2045	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2028	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2031	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2036	0.1%
Puerto Rico Highway & Transportation Auth	5.500%	07/01/2025	0.1%
Chicago Brd of Ed	5.000%	12/01/2030	0.1%
Chicago Brd of Ed	5.000%	04/01/2046	0.1%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2032	0.1%
Port of Portland, OR Arpt Rev	5.000%	07/01/2039	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2041	0.1%
Gramercy Farms Comnty Dev Dist	0.000%	05/01/2039	0.1%
Chula Vista, CA	5.875%	01/01/2034	0.1%
Illinois, IL	5.000%	06/01/2027	0.1%
Chicago Brd of Ed	5.000%	12/01/2029	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
Cleveland, OH	5.000%	01/01/2030	0.1%
Tobacco Settlement Auth	5.250%	06/01/2032	0.1%
Illinois, IL	4.000%	06/01/2034	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%
California Hlth Facs Fing Auth	4.000%	11/15/2042	0.1%
Philadelphia, PA	5.000%	08/01/2029	0.1%
Hawaii Hsg Fin & Dev Corp.	6.500%	07/01/2033	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%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2032	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%
Shelby Cnty Hlth Edl & Hsg Facs Bd	1.570%	06/01/2042	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2039	0.1%
Midlothian Wtr Dist, TX	0.000%	09/01/2022	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Illinois Fin Auth	5.000%	04/01/2031	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2031	0.1%
Michigan Fin Auth	5.000%	07/01/2034	0.1%
Philadelphia, PA	5.000%	08/01/2030	0.1%
Adelanto Pub Util Auth, CA	5.000%	07/01/2039	0.1%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.1%
New York City Mun Fin Auth	1.550%	06/15/2045	0.1%
Indiana Fin Auth	5.000%	10/01/2029	0.1%
Massachusetts Port Auth	5.000%	07/01/2040	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2031	0.1%
Pennsylvania Econ Dev Fing Auth	7.500%	05/01/2020	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%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2041	0.1%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.1%
Philadelphia, PA	5.250%	07/15/2031	0.1%
Pub Fin Auth	6.125%	01/01/2033	0.1%
West Virginia Hosp Fin Auth	6.250%	10/01/2023	0.1%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.1%
Pub Fin Auth	5.250%	10/01/2038	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Chicago Brd of Ed	5.000%	12/01/2046	0.1%
San Francisco City & Cnty Arpt Comm, CA	4.000%	05/01/2049	0.1%
California Sch Fin Auth	5.000%	08/01/2048	0.1%
California Muni Fin Auth	5.000%	06/01/2050	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2036	0.1%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	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%
Chicago Brd of Ed	7.000%	12/01/2046	0.1%
Connecticut	5.000%	06/15/2033	0.1%
La Verne CA C.O.P.	5.000%	05/15/2036	0.1%
Puerto Rico General Obligation	5.500%	07/01/2039	0.1%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2025	0.1%
Chicago, IL	5.000%	01/01/2047	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2040	0.1%
Pittsburgh, PA	5.000%	09/01/2030	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Pittsburgh, PA	5.000%	09/01/2032	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2042	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
Yorba Linda Redev Agy, CA	6.000%	09/01/2026	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%
Pittsburgh, PA	5.000%	09/01/2029	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
New York City General Obligation	1.480%	08/01/2038	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2033	0.1%
District of Columbia, DC	6.000%	07/01/2043	0.1%
District of Columbia, DC	6.000%	07/01/2048	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2039	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	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%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2033	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2035	0.1%
Cook Cnty, IL	5.000%	11/15/2030	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
Philadelphia, PA	5.250%	07/15/2033	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2034	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2029	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2036	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2037	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
Connecticut	5.000%	06/15/2038	0.1%
New Orleans, LA	5.000%	12/01/2034	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2037	0.1%
Illinois Fin Auth	5.000%	04/01/2019	0.1%
Pub Fin Auth	5.250%	10/01/2043	0.1%
Gloucester Cnty Pollution Cntrl Fing Auth	5.000%	12/01/2024	0.1%
City of Chicago General Obligation	5.500%	01/01/2037	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Pub Fin Auth	6.375%	01/01/2048	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2046	0.1%
Cleveland, OH	5.000%	01/01/2031	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.0%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.0%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2045	0.0%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2032	0.0%
New York City Mun Fin Auth	1.550%	06/15/2045	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%
Connecticut	4.000%	06/15/2037	0.0%
City of Rockville MD	5.000%	11/01/2042	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%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2030	0.0%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	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%
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%
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%
US 20YR Treasury Future Mar 2019	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 03/18/2019: $0.052
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	02/28/2019	$0.02721	$11.23
Daily	Daily	01/31/2019	$0.02554	$11.18

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	03/31/2019
Daily	Daily	04/30/2019
Daily	Daily	05/31/2019
Daily	Daily	06/30/2019
Daily	Daily	07/31/2019
Daily	Daily	08/31/2019
Daily	Daily	09/30/2019
Daily	Daily	10/31/2019
Daily	Daily	11/30/2019
Daily	Daily	12/31/2019

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
12/19/2019	12/20/2019

Fees & Expenses

Expense Ratioas of 02/28/2019

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 03/18/2019

30-Day Standardized Yield 2 as of 02/28/2019

Fund Basicsas of 02/28/2019

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 02/28/2019 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 03/18/2019

30-Day Standardized Yield 2 as of 02/28/2019

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%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 02/28/2019

Portfolio Positioning as of 12/31/2018

Portfolio Details as of 02/28/2019

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Dividend Yield ¹ as of 03/18/2019

30-Day Standardized Yield ² as of 02/28/2019

Dividend Yield ¹ as of 03/18/2019

30-Day Standardized Yield ² as of 02/28/2019