National Tax Free Fund

LTNSX

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Daily price w/o sales charge as of 05/18/2018

$11.15

$0.00

YTD Returns w/o sales charge as of 05/18/2018

-1.37%

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 05/18/2018

w/o sales charge

2.66%

30-Day Standardized Yield ² as of 04/30/2018

2.01%

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

Fund Basicsas of 04/30/2018

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: 510
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	-1.67%	2.07%	2.10%	1.95%	4.07%	4.04%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.28%	1.96%	2.25%	2.24%	3.97%	-
Bloomberg Barclays Municipal Bond Index	-1.46%	1.56%	2.31%	2.44%	4.24%	-
w/ sales charge	-2.65%	2.07%	2.10%	1.95%	4.07%	4.04%

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	-1.27%	3.28%	2.08%	2.29%	4.24%	4.07%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.01%	2.92%	2.13%	2.53%	4.13%	-
Bloomberg Barclays Municipal Bond Index	-1.11%	2.66%	2.25%	2.73%	4.40%	-
w/ sales charge	-2.26%	3.28%	2.08%	2.29%	4.24%	4.07%

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 04/30/2018 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 05/18/2018

w/o sales charge

2.66%

30-Day Standardized Yield ² as of 04/30/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.01%	2.01%

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	-1.67%	2.07%	2.10%	1.95%	4.07%	4.04%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.28%	1.96%	2.25%	2.24%	3.97%	-
Bloomberg Barclays Municipal Bond Index	-1.46%	1.56%	2.31%	2.44%	4.24%	-
w/ sales charge	-2.65%	2.07%	2.10%	1.95%	4.07%	4.04%

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	-1.27%	3.28%	2.08%	2.29%	4.24%	4.07%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.01%	2.92%	2.13%	2.53%	4.13%	-
Bloomberg Barclays Municipal Bond Index	-1.11%	2.66%	2.25%	2.73%	4.40%	-
w/ sales charge	-2.26%	3.28%	2.08%	2.29%	4.24%	4.07%

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%	-	-	-	-1.36%
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
Education
GO Local
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
TX
NJ
MA
FL
OH
MD
IN
CT
AZ
KY
AL
VA
CO
NE
LA
MI
DC
HI
SC
GA
NC
ME
MO
Puerto Rico
WA
DE
OR
WI
ND
OK
AR
MN
VT
NV
TN
IA
WV

Credit Quality Distribution as of 04/30/2018

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

Portfolio Positioning as of 03/31/2018

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 10-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 04/30/2018

Total Net Assets: $2.01 B
Number of Issues: 510
Average Coupon: 5.0%
Average Effective Maturity: 18.0 Years
Average Effective Duration: 7.12 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%
California State General Obligation	6.500%	04/01/2033	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Illinois State General Obligation	5.000%	11/01/2028	0.7%
Central Plains Energy Pj	5.000%	09/01/2042	0.6%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	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%
NY Transportation Dev Corp - LaGuardia Airport	5.250%	01/01/2050	0.8%
Commonwealth Financing Authority	4.000%	06/01/2039	0.7%
California State General Obligation	6.500%	04/01/2033	0.7%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	0.7%
Illinois State General Obligation	5.000%	11/01/2028	0.7%
Central Plains Energy Pj	5.000%	09/01/2042	0.7%
Riverside County Redevelopment Agency - Housing	0.000%	10/01/2041	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%
Massachusetts School Building Auth- Sales Tax	8.660%	10/15/2032	0.6%
Metropolitan Boston Transit Parking Corp	5.250%	07/01/2033	0.6%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.6%
Tender Option Bnd Tr Receipts/Certificates	8.620%	11/01/2028	0.6%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.6%
Illinois, IL	5.000%	01/01/2035	0.6%
Cnty of Trimble, KY	3.750%	06/01/2033	0.6%
Baltimore Mayor & City Council, MD	5.000%	07/01/2046	0.6%
Cook Cnty, IL	5.000%	11/15/2024	0.6%
Central Texas Regl Mobility Auth, TX	6.000%	01/01/2041	0.6%
New York City Transitional Fin Auth	5.000%	07/15/2030	0.6%
California State General Obligation	5.000%	02/01/2033	0.5%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	0.5%
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	4.000%	09/15/2030	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2029	0.5%
Massachusetts Dev Fin Agency - Harvard University	5.000%	07/15/2040	0.5%
Dorm Auth of the St of New York	5.000%	01/01/2047	0.5%
Pennsylvania Tpk Comm	5.000%	06/01/2029	0.5%
Chicago	5.000%	01/01/2052	0.5%
Maryland Hlth & Hgr Ed Facs Auth	5.500%	01/01/2046	0.5%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.5%
California State General Obligation	5.500%	03/01/2040	0.5%
Central Plains Energy Pj	5.250%	09/01/2037	0.5%
Delaware Econ Dev Auth	5.375%	10/01/2045	0.5%
Philadelphia General Obligation	5.000%	08/01/2036	0.5%
California State Pub Wks Bd	5.000%	04/01/2033	0.5%
Illinois, IL	5.500%	07/01/2033	0.5%
Foothill Eastern Trsp Corridor Agency	6.000%	01/15/2053	0.5%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.5%
Louisiana Pub Facs Auth	6.250%	05/15/2031	0.5%
San Antonio, TX	5.000%	07/01/2045	0.5%
Long Beach Bnd Fin Auth	2.682%	11/15/2027	0.4%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2034	0.4%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.4%
California State General Obligation	5.250%	08/01/2032	0.4%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.4%
Philadelphia, PA	5.000%	07/01/2047	0.4%
New Jersey Econ Dev Auth	5.625%	01/01/2052	0.4%
New York City Transitional Fin Auth	1.810%	11/01/2022	0.4%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2034	0.4%
Massachusetts Dev Fin Agy	5.250%	04/01/2037	0.4%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2036	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%
Univ of Connecticut	5.250%	11/15/2047	0.4%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2033	0.4%
Virginia Small Business Fing Auth	5.000%	12/31/2052	0.4%
California	5.600%	03/01/2036	0.4%
Erie Cnty Indl Dev Agy, NY	5.250%	05/01/2028	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%
Greater Orlando Aviation Auth	4.000%	10/01/2052	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.4%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.4%
Miami Dade Cnty, FL	5.000%	10/01/2041	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%
Richland Environmental Improvement - International Paper Co	3.875%	04/01/2023	0.4%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.4%
Mid Bay Br Auth, FL	7.250%	10/01/2034	0.4%
Indiana Fin Auth	5.000%	07/01/2035	0.3%
Connecticut	5.000%	01/01/2037	0.3%
San Antonio, TX	5.000%	07/15/2039	0.3%
Illinois, IL	5.000%	12/01/2036	0.3%
New York City	5.000%	08/01/2027	0.3%
Virginia Small Business Fing Auth	5.250%	01/01/2032	0.3%
New York City Transitional Finance Authority	5.000%	07/15/2031	0.3%
Illinois, IL	5.000%	03/01/2030	0.3%
California Hlth Facs Fing Auth	5.000%	11/01/2047	0.3%
Philadelphia, PA	5.250%	10/01/2052	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%
NJ Tobacco Settlement Fin Corp	4.750%	06/01/2034	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%
Tender Option Bnd Tr Receipts/Certificates	0.001%	12/01/2027	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%
Erie Co Indus Dev Auth - Buffalo City Sch Dist	5.000%	05/01/2026	0.3%
Onondaga Cnty Indus Dev Agy, NY	5.750%	03/01/2024	0.3%
Public Auth For CO Energy	6.500%	11/15/2038	0.3%
Suffolk Tobacco Asset Securitization Corp.	5.375%	06/01/2028	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%
Kentucky St Prop & Bldg Comm	5.000%	11/01/2026	0.3%
District of Columbia, DC	4.000%	06/01/2037	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2037	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2026	0.3%
Metropolitan Transp Auth, NY	5.000%	11/15/2030	0.3%
Compton, CA	6.000%	08/01/2039	0.3%
Illinois Fin Auth	6.125%	09/01/2039	0.3%
Tuscaloosa City Bd of Ed	5.000%	08/01/2046	0.3%
Upland, CA	6.375%	01/01/2032	0.3%
Metropolitan Pier & Exposition Auth, IL	0.000%	12/15/2030	0.3%
NY Transportation Dev Corp - LaGuardia Airport	5.000%	07/01/2046	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Massachusetts Port Auth	4.000%	07/01/2046	0.3%
Arlington, TX	5.000%	02/15/2048	0.3%
Salem County Pollution Control Fin Auth - Chambers	5.000%	12/01/2023	0.3%
Norman Y Mineta San Jose International Arpt SJC	6.250%	03/01/2034	0.3%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.3%
South Carolina St Ports Auth	5.250%	07/01/2055	0.3%
Hawaii Arpt Sys	5.000%	07/01/2041	0.3%
California State General Obligation	5.250%	09/01/2024	0.3%
Illinois, IL	5.500%	07/01/2038	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%
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 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%
Maryland Stadium Authority	5.000%	05/01/2047	0.3%
Chicago, IL	5.000%	01/01/2026	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 Diego Public Facs Fing Auth, CA	5.250%	09/01/2035	0.3%
Chicago, IL	5.500%	01/01/2042	0.3%
Pima Cnty Indus Dev Auth, AZ	4.000%	09/01/2029	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%
Cass Cnty, ND	5.125%	02/15/2037	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
Chicago, IL	5.000%	11/01/2029	0.3%
California	4.000%	09/01/2037	0.3%
Virginia Small Business Fing Auth	5.000%	01/01/2040	0.3%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
Lansing Bd of Wtr & Lt, MI	5.000%	07/01/2030	0.3%
Missouri Joint Muni Electric Utility Comm	5.000%	12/01/2040	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Massachusetts Dev Fin Agy	4.000%	07/01/2041	0.3%
Connecticut	4.000%	08/15/2032	0.3%
Illinois Fin Auth	4.000%	10/01/2049	0.3%
Vermont Edl & Hlth Bldgs Fing Agy	5.000%	12/01/2035	0.3%
Chicago, IL	5.000%	01/01/2040	0.3%
Miami Dade Cnty, FL	5.000%	10/01/2028	0.2%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	0.2%
Connecticut	5.000%	01/01/2038	0.2%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.2%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.2%
Central Texas Turnpike	5.000%	08/15/2033	0.2%
Hawaii St Dept of Budget & Fin	4.000%	03/01/2037	0.2%
Philadelphia, PA	5.000%	07/01/2042	0.2%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.2%
Appling County Dev Auth - Georgia Power	1.840%	09/01/2041	0.2%
Central Texas Mobility Authority	5.000%	01/01/2045	0.2%
New York St Energy Rsch & Dev Auth	2.270%	10/01/2035	0.2%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	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 Econ Dev Auth	5.000%	06/15/2042	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2023	0.2%
Ohio Air Quality Auth - Ohio Valley Electric Corp	5.625%	10/01/2019	0.2%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.2%
San Jose, CA	6.125%	05/01/2031	0.2%
Philadelphia, PA	5.000%	10/01/2032	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 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%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.2%
City of Atlanta, GA, Department of Aviation	5.000%	01/01/2031	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2029	0.2%
New Jersey Econ Dev Auth	3.180%	03/01/2028	0.2%
Syracuse Indus Dev Agy, NY	5.000%	01/01/2035	0.2%
Los Angeles, CA	5.000%	05/15/2041	0.2%
Palomar Hlth	5.000%	11/01/2036	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%
Detroit Pub Schs, MI	5.000%	05/01/2029	0.2%
Los Angeles Hsg Auth	6.250%	06/01/2034	0.2%
New York City Indl Dev Agy	2.931%	03/01/2024	0.2%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	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%
Denver Hlth and Hosp Auth, CO	2.444%	12/01/2033	0.2%
Kirkwood Indus Dev Auth	8.000%	05/15/2029	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%
Indiana Hlth Fac Fin Auth	5.000%	11/15/2036	0.2%
Lee Cnty, FL	5.375%	10/01/2032	0.2%
Essex Cnty Imp Auth, NJ	5.250%	07/01/2045	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2028	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2030	0.2%
Connecticut Special Tax - Transportation Infrastructure	5.000%	08/01/2034	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.2%
Colorado Edl & Cultural Facs Auth	5.000%	03/01/2040	0.2%
New Jersey Econ Dev Auth	6.000%	10/01/2043	0.2%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.2%
Kansas City, MO	5.000%	04/01/2040	0.2%
New York City	5.000%	12/01/2041	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.2%
Massachusetts Dev Fin Agy	5.000%	10/01/2043	0.2%
Philadelphia, PA	5.000%	07/01/2030	0.2%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.2%
Illinois Sports Facs Auth	5.000%	06/15/2027	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
Massachusetts Dev Fin Agy	5.250%	10/01/2037	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
California	5.000%	08/01/2038	0.2%
Illinois Finance Auth - Roosevelt University	6.500%	04/01/2039	0.2%
Inland Valley Development Agency	5.250%	09/01/2037	0.2%
Luzerne Cnty, PA	5.000%	11/15/2029	0.2%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.2%
Rochester, MN	5.000%	11/15/2036	0.2%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2027	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%
Massachusetts Port Auth	5.000%	07/01/2045	0.2%
Maricopa Cnty Poll Cntrl Corp., AZ	7.250%	02/01/2040	0.2%
Northern Indiana Commuter Transp Dist	5.000%	07/01/2041	0.2%
Illinois, IL	5.000%	01/01/2041	0.2%
Illinois, IL	5.000%	01/01/2033	0.2%
Philadelphia, PA	5.000%	08/01/2037	0.2%
Selma Indus Dev Bd, AL	6.250%	11/01/2033	0.2%
Montgomery Cnty Indus Dev Auth, PA	5.000%	11/15/2024	0.2%
Town of Davie FL	6.000%	04/01/2042	0.2%
Pennsylvania Tpk Comm	4.000%	12/01/2038	0.2%
California	5.000%	09/01/2037	0.2%
Tennessee Energy Acquisition Corp.	5.625%	09/01/2026	0.2%
Indiana Fin Auth	5.000%	07/01/2044	0.2%
Chicago, IL	5.000%	11/01/2036	0.2%
Philadelphia, PA	5.000%	08/01/2047	0.2%
Philadelphia, PA	5.250%	07/15/2032	0.2%
Martin Cnty Hosp Dist	7.250%	04/01/2036	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%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2037	0.2%
Indiana Fin Auth	5.000%	07/01/2040	0.2%
Iowa Finance Auth - Iowa Fertilizer Co	5.250%	12/01/2025	0.2%
Chicago, IL	5.000%	01/01/2034	0.2%
Hawaii Airport System	5.000%	07/01/2034	0.2%
St. Louis, MO	6.250%	07/01/2029	0.2%
Village of Bellwood, IL	6.150%	12/01/2032	0.2%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.2%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2025	0.2%
Cook Cnty, IL	4.000%	11/15/2034	0.2%
Pennsylvania Higher Edl Facs Auth	5.000%	05/01/2034	0.2%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.2%
Antelope Valley Hlthcare Dist	5.000%	03/01/2041	0.2%
Love Field Arpt Modernization Corp., TX	5.000%	11/01/2028	0.2%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.1%
Chicago Brd of Ed	5.000%	12/01/2046	0.1%
Lower Colorado River Auth, TX	5.000%	05/15/2040	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%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.1%
Chicago, IL	5.000%	11/01/2039	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
Miami Dade Cnty, FL	5.000%	10/01/2029	0.1%
West Pace Cooperative District	9.125%	05/01/2039	0.1%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.1%
Chicago, IL	5.000%	11/01/2037	0.1%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2041	0.1%
New Jersey Econ Dev Auth	6.500%	04/01/2028	0.1%
California State Pub Wks Bd	5.125%	10/01/2031	0.1%
Baltimore Mayor & City Council, MD	5.000%	07/01/2032	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	5.500%	01/01/2039	0.1%
California Muni Fin Auth	5.000%	02/01/2047	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2035	0.1%
Southern California Pub Pwr Auth	2.658%	11/01/2038	0.1%
Chicago	5.000%	07/01/2048	0.1%
Pennsylvania Econ Dev Fing Auth	5.000%	12/31/2038	0.1%
California Poll Cntrl Fin Auth	4.300%	07/01/2040	0.1%
Houston, TX	5.000%	07/15/2028	0.1%
Brooklyn Arena Local Dev Corp.	5.000%	07/15/2030	0.1%
Gramercy Farms Comnty Dev Dist	0.000%	05/01/2039	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
New York City Transitional Fin Auth	1.830%	11/01/2022	0.1%
Port of Oakland, CA	5.000%	05/01/2028	0.1%
Chicago, IL	5.500%	01/01/2034	0.1%
Volusia County Educational Facility Authority	5.000%	10/15/2047	0.1%
Sparks Tourism Improvement District	6.750%	06/15/2028	0.1%
Livonia Pub Schs Dist	5.000%	05/01/2040	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%
Jefferson County Sewer	5.500%	10/01/2053	0.1%
E-470 Pub Hwy Auth, CO	0.000%	09/01/2032	0.1%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.1%
Build NYC Resource Corp., NY	4.000%	07/01/2045	0.1%
Cook Cnty, IL	5.000%	11/15/2031	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%
Jefferson County Sewer	6.500%	10/01/2053	0.1%
Chicago, IL	5.000%	01/01/2033	0.1%
Valparaiso, IN	7.000%	01/01/2044	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2032	0.1%
Massachusetts Dev Fin Agy	5.000%	01/01/2040	0.1%
Columbus Cnty Indus Facs & Poll Cntrl Fin Auth	5.700%	05/01/2034	0.1%
Indiana Muni Pwr Agy	5.250%	01/01/2030	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%
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%
County of Ward ND	5.000%	06/01/2048	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%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.1%
New Jersey Econ Dev Auth	5.000%	06/15/2023	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2028	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%
Chula Vista, CA	5.875%	01/01/2034	0.1%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2031	0.1%
Chicago, IL	5.000%	01/01/2026	0.1%
Miami Beach, FL	5.000%	09/01/2040	0.1%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.1%
Chicago Brd of Ed	5.000%	04/01/2046	0.1%
Pub Fin Auth	6.850%	10/01/2047	0.1%
Port of Portland, OR Arpt Rev	5.000%	07/01/2039	0.1%
Puerto Rico Highway & Transportation Auth	5.500%	07/01/2025	0.1%
Tobacco Settlement Auth	5.250%	06/01/2032	0.1%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.1%
California Muni Fin Auth	6.000%	01/01/2042	0.1%
Cleveland, OH	5.000%	01/01/2030	0.1%
Yosemite Community College District	0.000%	08/01/2042	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2031	0.1%
Puerto Rico Hwy & Transp Auth	5.250%	07/01/2032	0.1%
Illinois, IL	5.000%	06/01/2027	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%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2032	0.1%
New Jersey Tpk Auth	4.000%	01/01/2043	0.1%
West Virginia Hosp Fin Auth	6.250%	10/01/2023	0.1%
Illinois, IL	4.000%	06/01/2034	0.1%
Ohio Air Qlty Dev Auth	4.500%	01/15/2048	0.1%
California Hlth Facs Fing Auth	4.000%	11/15/2042	0.1%
Connecticut	4.000%	04/15/2037	0.1%
Chicago, IL	5.000%	11/01/2036	0.1%
Philadelphia, PA	5.000%	08/01/2029	0.1%
Chicago Brd of Ed	5.000%	04/01/2042	0.1%
Regl Transp Dist	6.000%	01/15/2034	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
California Muni Fin Auth	5.000%	04/01/2041	0.1%
South Jersey Port Corp, NJ	5.000%	01/01/2048	0.1%
New York City Transitional Fin Auth	1.830%	08/01/2031	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2039	0.1%
New Jersey Econ Dev Auth	5.000%	07/01/2022	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2031	0.1%
Michigan Public Edl Facs Auth	8.750%	09/01/2039	0.1%
Millsboro, DE	5.450%	07/01/2036	0.1%
Illinois Fin Auth	5.000%	04/01/2031	0.1%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.1%
NJ Tobacco Settlement Fin Corp	4.625%	06/01/2026	0.1%
Midlothian Wtr Dist, TX	0.000%	09/01/2022	0.1%
Michigan Fin Auth	5.000%	07/01/2034	0.1%
Adelanto Pub Util Auth, CA	5.000%	07/01/2039	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%
Pennsylvania Econ Dev Fing Auth	7.500%	05/01/2020	0.1%
District of Columbia, DC	5.000%	06/01/2041	0.1%
Indiana Fin Auth	5.000%	10/01/2029	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%
Flint Hosp Bldg Auth	7.000%	07/01/2030	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%
Illinois Fin Auth	5.000%	02/15/2050	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2031	0.1%
Puerto Rico Sales Tax Fincg Corp	5.375%	08/01/2039	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%
California Edl Facs Auth	4.000%	04/01/2047	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 Statewide Comntys Dev Auth	5.250%	11/15/2034	0.1%
San Antonio, TX	5.250%	07/01/2032	0.1%
Metropolitan Transp Auth, NY	6.500%	11/15/2028	0.1%
Massachusetts Port Auth	5.500%	01/01/2019	0.1%
Puerto Rico Elec Pwr Auth	1.835%	07/01/2031	0.1%
Massachusetts Dev Fin Agy	5.000%	10/01/2034	0.1%
Chicago Brd of Ed	7.000%	12/01/2046	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	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%
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%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	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%
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%
Pittsburgh, PA	5.000%	09/01/2030	0.1%
Puerto Rico Sales Tax Fincg Corp	5.500%	08/01/2040	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2042	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2032	0.1%
Pittsburgh, PA	5.000%	09/01/2032	0.1%
Indiana Fin Auth	7.000%	10/01/2039	0.1%
Nassau Cnty, NY	5.000%	01/01/2036	0.1%
Yorba Linda Redev Agy, CA	6.000%	09/01/2026	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
Puerto Rico Sales Tax Fincg Corp	5.000%	08/01/2043	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%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
District of Columbia, DC	6.000%	07/01/2043	0.1%
District of Columbia, DC	6.000%	07/01/2048	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	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%
Appling Cnty Dev Auth, GA	1.840%	09/01/2029	0.1%
Clifton Hgr Ed Fin Corp., TX	6.000%	08/15/2043	0.1%
Atlanta Airport	5.000%	01/01/2028	0.1%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	0.1%
Niagara Frontier Transp Auth, NY	5.000%	04/01/2026	0.1%
Cook Cnty, IL	5.000%	11/15/2030	0.1%
Denver Convention Ctr Hotel Auth, CO	5.000%	12/01/2034	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2033	0.1%
Paducah Electric Plant Bd	5.000%	10/01/2035	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
New Orleans, LA	5.000%	12/01/2034	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2037	0.1%
Philadelphia, PA	5.250%	07/15/2033	0.1%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2029	0.1%
Eagle County Airport Terminal Corp	5.000%	05/01/2041	0.1%
Cook Cnty, IL	5.000%	11/15/2035	0.1%
Philadelphia Sch Dist, PA	5.000%	09/01/2038	0.1%
Dorm Auth of the St of New York	5.000%	12/01/2036	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%
Illinois Fin Auth	5.000%	04/01/2019	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%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Port of Houston Auth, TX	6.250%	10/01/2029	0.1%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2046	0.1%
Mesquite Hlth Facs Dev Corp., TX	5.125%	02/15/2042	0.1%
Illinois Fin Auth	7.125%	02/01/2034	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
Cleveland, OH	5.000%	01/01/2031	0.0%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.0%
Illinois Fin Auth	5.000%	02/15/2047	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%
Sparks, NV	6.500%	06/15/2020	0.0%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2045	0.0%
Volusia County Educational Facility Authority	5.000%	10/15/2042	0.0%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	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%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	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%
Kirkwood Indus Dev Auth	8.000%	05/15/2021	0.0%
Nassau Cnty Local Econ Assistance Corp.	5.000%	07/01/2030	0.0%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2030	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Massachusetts Dev Fin Agy	5.000%	01/01/2037	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%
Glynn Brunswick Mem Hosp Auth, GA	5.500%	08/01/2028	0.0%
Puerto Rico Sales Tax Fincg Corp	6.125%	08/01/2029	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%
Pennsylvania Higher Edl Facs Auth	5.000%	05/01/2031	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%
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 05/18/2018: $0.099
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	05/31/2018
Daily	Daily	06/30/2018
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 04/30/2018

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
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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 05/18/2018

30-Day Standardized Yield 2 as of 04/30/2018

Fund Basicsas of 04/30/2018

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%

RELATED CONTENT

Credit Quality Distribution as of 04/30/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 05/18/2018

30-Day Standardized Yield 2 as of 04/30/2018

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 05/18/2018

30-Day Standardized Yield ² as of 04/30/2018

Dividend Yield ¹ as of 05/18/2018

30-Day Standardized Yield ² as of 04/30/2018