National Tax Free Fund

LTNSX

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Daily price w/o sales charge as of 09/18/2018

$11.13

$0.03

YTD Returns w/o sales charge as of 09/18/2018

-0.68%

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 09/18/2018

w/o sales charge

2.64%

30-Day Standardized Yield ² as of 08/31/2018

1.92%

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

Fund Basicsas of 08/31/2018

Total Net Assets: $2.00 B
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.39%
Fund Net Expense Ratio: 1.36%
Number of Holdings: 512
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	0.17%	0.94%	2.88%	4.62%	4.29%	4.06%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.23%	0.84%	2.71%	4.33%	4.10%	-
Bloomberg Barclays Municipal Bond Index	0.25%	0.49%	2.71%	4.12%	4.32%	-
w/ sales charge	-0.82%	0.94%	2.88%	4.62%	4.29%	4.06%

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 08/31/2018 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 09/18/2018

w/o sales charge

2.64%

30-Day Standardized Yield ² as of 08/31/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.92%	1.92%

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	0.17%	0.94%	2.88%	4.62%	4.29%	4.06%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.23%	0.84%	2.71%	4.33%	4.10%	-
Bloomberg Barclays Municipal Bond Index	0.25%	0.49%	2.71%	4.12%	4.32%	-
w/ sales charge	-0.82%	0.94%	2.88%	4.62%	4.29%	4.06%

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%	-	-	-0.68%
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
Education
Special Tax
Lease
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
FL
MA
MD
AZ
CT
KY
AL
VA
IN
CO
NE
HI
LA
MI
GA
WI
SC
NC
DC
Puerto Rico
ME
WA
DE
OR
MO
ND
WV
OK
AR
MN
VT
NH
TN
IA
NV

Credit Quality Distribution as of 08/31/2018

Rating	Assets
A-1/MIG1
A-2/MIG2
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 08/31/2018

Total Net Assets: $2.00 B
Number of Issues: 512
Average Coupon: 4.9%
Average Effective Maturity: 17.9 Years
Average Effective Duration: 7.08 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%
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%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Central Plains Energy - Goldman Sachs	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%
Pennsylvania Financing Auth - Tobacco Settlement	4.000%	06/01/2039	0.8%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Central Plains Energy - Goldman Sachs	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%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.6%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	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%
California State General Obligation	5.000%	02/01/2033	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	0.5%
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%
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%
Central Plains Energy Pj	5.250%	09/01/2037	0.5%
Maryland Hlth & Hgr Ed Facs Auth	5.500%	01/01/2046	0.5%
California State General Obligation	5.500%	03/01/2040	0.5%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	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%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	0.5%
San Antonio, TX	5.000%	07/01/2045	0.5%
Louisiana Pub Facs Auth	6.250%	05/15/2031	0.5%
Long Beach Bnd Fin Auth	3.020%	11/15/2027	0.5%
California State General Obligation	5.250%	08/01/2032	0.5%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	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%
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%
Philadelphia, PA	5.000%	07/01/2047	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%
Univ of Connecticut	5.250%	11/15/2047	0.4%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.4%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.4%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.4%
California	5.600%	03/01/2036	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2033	0.4%
Wisconsin Hlth & Edl Facs Auth	4.000%	02/15/2050	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%
California	6.500%	04/01/2033	0.4%
Greater Orlando Aviation Auth	4.000%	10/01/2052	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 Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
Miami Dade Cnty, FL	5.000%	10/01/2041	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%
Illinois, IL	5.000%	12/01/2036	0.4%
Richland Environmental Improvement - International Paper Co	3.875%	04/01/2023	0.4%
Connecticut	5.000%	01/01/2037	0.4%
San Antonio, TX	5.000%	07/15/2039	0.3%
Indiana Fin Auth	5.000%	07/01/2035	0.3%
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%
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%
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%
California	6.500%	04/01/2033	0.3%
Philadelphia, PA	5.250%	10/01/2052	0.3%
Arlington Higher Ed Fin Corp., TX	7.650%	08/15/2040	0.3%
New York City Indl Dev Agy	5.000%	07/01/2028	0.3%
Railsplitter Tobacco Settlement Authority	6.000%	06/01/2028	0.3%
Pulaski Cnty Hlth Fac Brd, AR	5.000%	12/01/2039	0.3%
California State Pub Wks Bd	5.000%	12/01/2028	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2037	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%
Florida Dev Fin Corp.	7.625%	06/15/2041	0.3%
New York City Transitional Fin Auth	1.600%	08/01/2031	0.3%
Pub Fin Auth	5.000%	07/01/2044	0.3%
Onondaga Cnty Indus Dev Agy, NY	5.750%	03/01/2024	0.3%
New York City Hlth & Hosp Corp.	5.000%	02/15/2030	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%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2030	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%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2026	0.3%
Compton, CA	6.000%	08/01/2039	0.3%
California Muni Fin Auth	4.000%	12/31/2047	0.3%
Illinois Fin Auth	6.125%	09/01/2039	0.3%
Tuscaloosa City Bd of Ed	5.000%	08/01/2046	0.3%
Arlington, TX	5.000%	02/15/2048	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%
NY Transportation Dev Corp - Delta	5.000%	01/01/2033	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%
California State General Obligation	5.250%	09/01/2024	0.3%
New Jersey Edl Facs Auth	4.000%	09/01/2029	0.3%
Kentucky Mun Pwr Agy	5.000%	09/01/2035	0.3%
Upland, CA	6.375%	01/01/2032	0.3%
Hawaii Arpt Sys	5.000%	07/01/2041	0.3%
Massachusetts Port Auth	4.000%	07/01/2046	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	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%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.3%
Dorm Auth of the St of New York	5.000%	07/01/2040	0.3%
California Statewide Comntys Dev Auth	5.000%	02/01/2045	0.3%
New Orleans Avtn Brd, LA	5.000%	01/01/2040	0.3%
Charlotte, NC	5.000%	07/01/2031	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%
New York City Indl Dev Agy	0.000%	03/01/2030	0.3%
California	4.000%	09/01/2037	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%
Chicago, IL	5.500%	01/01/2042	0.3%
Cass Cnty, ND	5.125%	02/15/2037	0.3%
Chicago, IL	5.000%	01/01/2026	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
Pell City Special Care Facs - Noland Health	5.000%	12/01/2031	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Connecticut	4.000%	08/15/2032	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Chicago, IL	5.000%	11/01/2029	0.3%
New York St Energy Rsch & Dev Auth	2.770%	10/01/2035	0.3%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.3%
Virginia Small Business Fing Auth	5.000%	01/01/2040	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%
Illinois Fin Auth	4.000%	10/01/2049	0.3%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.3%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.3%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.3%
Chicago, IL	5.000%	01/01/2040	0.3%
Central Texas Turnpike	5.000%	08/15/2033	0.3%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	0.3%
Massachusetts Educational Financing Authority	4.125%	07/01/2046	0.3%
Vermont Edl & Hlth Bldgs Fing Agy	5.000%	12/01/2035	0.3%
Connecticut	5.000%	01/01/2038	0.2%
Town of Davie FL	5.000%	04/01/2048	0.2%
Philadelphia, PA	5.000%	07/01/2042	0.2%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.2%
Central Texas Mobility Authority	5.000%	01/01/2045	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.2%
King Cnty Public Hosp Dist No 4	5.000%	12/01/2038	0.2%
Franklin Cnty, OH	6.125%	07/01/2040	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%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2042	0.2%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.2%
Pennsylvania	4.000%	03/01/2038	0.2%
New Jersey Econ Dev Auth	2.540%	03/01/2028	0.2%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.2%
New York City Indl Dev Agy	3.661%	03/01/2024	0.2%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2031	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%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.2%
Los Angeles, CA	5.000%	05/15/2041	0.2%
Denver Hlth and Hosp Auth, CO	2.641%	12/01/2033	0.2%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.2%
Massachusetts Dev Fin Agy	5.000%	07/01/2048	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%
Palomar Hlth	5.000%	11/01/2036	0.2%
Los Angeles Hsg Auth	6.250%	06/01/2034	0.2%
Washington Hlthcare Facs Auth	5.000%	07/01/2038	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%
Union Cnty Util Auth, NJ	4.750%	12/01/2031	0.2%
Houston, TX	5.000%	07/15/2035	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2030	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
Metropolitan Transp Auth, NY	4.000%	11/15/2046	0.2%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.2%
Lee Cnty, FL	5.375%	10/01/2032	0.2%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	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%
New York City	5.000%	12/01/2041	0.2%
California	5.000%	08/01/2038	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%
Inland Valley Development Agency	5.250%	09/01/2037	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%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.2%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
Illinois, IL	5.000%	01/01/2041	0.2%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2027	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Rochester, MN	5.000%	11/15/2036	0.2%
Luzerne Cnty, PA	5.000%	11/15/2029	0.2%
Salt Verde Financial Corp.	5.000%	12/01/2032	0.2%
Sacramento City Fing Auth, CA	5.250%	12/01/2023	0.2%
Illinois Finance Auth - Roosevelt University	6.500%	04/01/2039	0.2%
Massachusetts Port Auth	5.000%	07/01/2045	0.2%
Northern Indiana Commuter Transp Dist	5.000%	07/01/2041	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%
Tennessee Energy Acquisition Corp.	5.625%	09/01/2026	0.2%
Town of Davie FL	6.000%	04/01/2042	0.2%
Pennsylvania Tpk Comm	4.000%	12/01/2038	0.2%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2024	0.2%
New York City Transitional Fin Auth	1.590%	11/01/2022	0.2%
Selma Indus Dev Bd, AL	6.250%	11/01/2033	0.2%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.2%
Jefferson Cnty, AL	0.000%	10/01/2027	0.2%
Chicago, IL	5.000%	11/01/2036	0.2%
Indiana Fin Auth	5.000%	07/01/2044	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%
Martin Cnty Hosp Dist	7.250%	04/01/2036	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%
Chicago, IL	5.000%	01/01/2034	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	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%
Indiana Fin Auth	5.000%	07/01/2040	0.2%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.2%
Hawaii Airport System	5.000%	07/01/2034	0.2%
NY Transportation Dev Corp - Delta	4.000%	01/01/2036	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
St. Louis, MO	6.250%	07/01/2029	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	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%
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%
Baker Correctional Dev Corp.	8.500%	02/01/2030	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.1%
Philadelphia, PA	5.000%	07/01/2028	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%
Miami Dade Cnty, FL	5.000%	10/01/2029	0.1%
Southern California Pub Pwr Auth	3.040%	11/01/2038	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
New York City Transitional Fin Auth	4.000%	05/01/2037	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, IL	5.000%	11/01/2039	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%
Chicago	5.000%	07/01/2048	0.1%
Houston, TX	6.625%	07/15/2038	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2033	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
California Poll Cntrl Fin Auth	4.300%	07/01/2040	0.1%
Dorm Auth of the St of New York	5.500%	01/01/2039	0.1%
Houston, TX	5.000%	07/15/2028	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.1%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	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%
Volusia County Educational Facility Authority	5.000%	10/15/2047	0.1%
New York Transp Dev Corp.	5.000%	01/01/2036	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.1%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.1%
New Jersey Hgr Ed Stud Asst Auth	3.750%	12/01/2031	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2032	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%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Cook Cnty, IL	5.000%	11/15/2031	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%
Chicago, IL	5.000%	01/01/2033	0.1%
Puerto Rico Elec Pwr Auth	2.266%	07/01/2031	0.1%
Jefferson County Sewer	6.500%	10/01/2053	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Valparaiso, IN	7.000%	01/01/2044	0.1%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth	5.700%	05/01/2034	0.1%
San Diego Association of Governments South Bay Exp	5.000%	07/01/2037	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%
County of Ward ND	5.000%	06/01/2048	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Miami Beach, FL	5.000%	09/01/2040	0.1%
St of Alabama Docks Department	5.000%	10/01/2034	0.1%
Puerto Rico Highway & Transportation Auth	5.500%	07/01/2025	0.1%
St of Alabama Docks Department	5.000%	10/01/2035	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%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	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%
Massachusetts Dev Fin Agy	5.000%	01/01/2035	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2036	0.1%
Chicago Brd of Ed	5.000%	04/01/2046	0.1%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	0.1%
Chicago, IL	5.000%	01/01/2026	0.1%
Chula Vista, CA	5.875%	01/01/2034	0.1%
Chicago Brd of Ed	5.000%	12/01/2030	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%
Pub Fin Auth	6.850%	10/01/2047	0.1%
Illinois, IL	5.000%	06/01/2027	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%
California Muni Fin Auth	6.000%	01/01/2042	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2031	0.1%
Chicago Brd of Ed	5.000%	12/01/2029	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%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.1%
Hawaii Hsg Fin & Dev Corp.	6.500%	07/01/2033	0.1%
Connecticut	4.000%	04/15/2037	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%
West Virginia Hosp Fin Auth	6.250%	10/01/2023	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%
California Muni Fin Auth	5.000%	04/01/2041	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2039	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	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%
Illinois Fin Auth	5.000%	04/01/2031	0.1%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.1%
Millsboro, DE	5.450%	07/01/2036	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%
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%
Nassau Cnty, NY	5.000%	01/01/2038	0.1%
Massachusetts Port Auth	5.000%	07/01/2040	0.1%
Pennsylvania Econ Dev Fing Auth	7.500%	05/01/2020	0.1%
Illinois Fin Auth	5.000%	02/15/2050	0.1%
Indiana Fin Auth	5.000%	10/01/2029	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2042	0.1%
San Francisco City & Cnty Redev Fing Auth, CA	7.000%	08/01/2041	0.1%
District of Columbia, DC	5.000%	06/01/2041	0.1%
Pennsylvania Econ Dev Fing Auth	8.000%	05/01/2029	0.1%
Virginia Small Business Fing Auth	5.000%	07/01/2034	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2031	0.1%
Flint Hosp Bldg Auth	7.000%	07/01/2030	0.1%
Philadelphia, PA	5.250%	07/15/2031	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	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%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
Massachusetts Port Auth	5.500%	01/01/2019	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%
Chicago Brd of Ed	7.000%	12/01/2046	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2036	0.1%
Chicago, IL	5.000%	01/01/2047	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%
Dorm Auth of the St of New York	5.000%	12/01/2040	0.1%
Tender Option Bnd Tr Receipts/Certificates	10.190%	08/15/2030	0.1%
Connecticut	5.000%	06/15/2033	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	0.1%
Pittsburgh, PA	5.000%	09/01/2030	0.1%
New Orleans, LA	5.000%	12/01/2040	0.1%
Virginia Small Business Fing Auth	6.000%	01/01/2037	0.1%
Louisiana Hsg Fin Agy	8.000%	09/01/2039	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2042	0.1%
Pittsburgh, PA	5.000%	09/01/2032	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%
Pennsylvania	5.000%	07/01/2043	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
Nassau Cnty, NY	5.000%	01/01/2036	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%
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%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
Nassau Cnty, NY	5.000%	01/01/2035	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Atlanta Airport	5.000%	01/01/2028	0.1%
Cook Cnty, IL	5.000%	11/15/2030	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.1%
Connecticut	5.000%	06/15/2032	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2026	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2034	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2033	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
New Orleans, LA	5.000%	12/01/2034	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2035	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
Philadelphia, PA	5.250%	07/15/2033	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%
Eagle County Airport Terminal Corp	5.000%	05/01/2041	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2029	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2037	0.1%
Connecticut	5.000%	06/15/2038	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%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Chicago Brd of Ed	5.000%	12/01/2031	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
Illinois Fin Auth	7.125%	02/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2046	0.1%
Port of Houston Auth, TX	6.250%	10/01/2029	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%
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	0.0%
Illinois Fin Auth	5.000%	02/15/2047	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%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	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%
Volusia County Educational Facility Authority	5.000%	10/15/2042	0.0%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	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%
West Virginia Econ Dev Auth, WV	2.875%	12/15/2026	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%
Dorm Auth of the St of New York	4.000%	08/01/2037	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%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Sparks, NV	6.500%	06/15/2020	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%
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%
Maryland Econ Dev Corp.	5.000%	12/01/2016	0.0%
City of Irvine CA	5.000%	09/01/2044	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 09/18/2018: $0.197
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	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 08/31/2018

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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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 09/18/2018

30-Day Standardized Yield 2 as of 08/31/2018

Fund Basicsas of 08/31/2018

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 08/31/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 09/18/2018

30-Day Standardized Yield 2 as of 08/31/2018

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 09/18/2018

30-Day Standardized Yield ² as of 08/31/2018

Dividend Yield ¹ as of 09/18/2018

30-Day Standardized Yield ² as of 08/31/2018