National Tax Free Fund

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Daily price w/o sales charge as of 05/01/2025

$10.16

$0.00

YTD Returns w/o sales charge as of 05/01/2025

-2.00%

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

Average Yield to Worst as of 03/31/2025

4.61%

Distribution Yield as of 05/01/2025

3.28%

30-Day Standardized Yield ¹ as of 03/31/2025

3.19%

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

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

Fund Basicsas of 03/31/2025

Total Net Assets: $4.68 B
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.39%
Fund Net Expense Ratio: 1.30%
Number of Holdings: 714
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

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

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996
w/o sales charge	-2.01%	1.29%	1.35%	0.89%	1.46%	3.34%
Lipper Category Avg. General & Insured Municipal Debt Funds	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%
Bloomberg Municipal Bond Index	-1.03%	1.66%	2.21%	1.17%	2.10%	-10000.0%
w/ sales charge	-2.98%	0.30%	1.35%	0.89%	1.46%	3.34%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

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

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996
w/o sales charge	-0.93%	1.10%	0.32%	0.55%	1.53%	3.39%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.45%	1.61%	1.14%	1.12%	1.92%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-1.91%	0.12%	0.32%	0.55%	1.53%	3.39%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Past performance is not a reliable indicator or guarantee 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.

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

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.

Credit Quality Distribution as of 03/31/2025 View Portfolio

Rating	Assets
A-3/MIG3
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 of Tax Free Fixed Income

38 Years of Industry Experience

Gregory M. Shuman, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Supported By 18 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Average Yield to Worst as of 03/31/2025

4.61%

Distribution Yield as of 05/01/2025

3.28%

30-Day Standardized Yield ¹ as of 03/31/2025

	Subsidized²	Un-Subsidized³
w/o sales charge	3.19%	3.19%

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 1.30%

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

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996
w/o sales charge	-2.01%	1.29%	1.35%	0.89%	1.46%	3.34%
Lipper Category Avg. General & Insured Municipal Debt Funds	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%
Bloomberg Municipal Bond Index	-1.03%	1.66%	2.21%	1.17%	2.10%	-10000.0%
w/ sales charge	-2.98%	0.30%	1.35%	0.89%	1.46%	3.34%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

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

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996
w/o sales charge	-0.93%	1.10%	0.32%	0.55%	1.53%	3.39%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.45%	1.61%	1.14%	1.12%	1.92%	-10000.0%
Bloomberg Municipal Bond Index	-0.22%	1.22%	1.53%	1.07%	2.13%	-10000.0%
w/ sales charge	-1.91%	0.12%	0.32%	0.55%	1.53%	3.39%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Year	Fund Returns	Bloomberg Municipal Bond Index

Year	Fund Returns	Bloomberg Municipal Bond Index
2024	2.31%	1.05%
2023	6.80%	6.40%
2022	-14.46%	-8.53%
2021	2.88%	1.52%
2020	4.20%	5.21%
2019	8.60%	7.54%
2018	0.19%	1.28%
2017	6.40%	5.45%
2016	-0.35%	0.25%
2015	2.64%	3.30%
2014	12.22%	-10000.0%
2013	-6.71%	-10000.0%
2012	13.02%	-10000.0%
2011	10.35%	-10000.0%
2010	1.49%	-10000.0%
2009	23.82%	-10000.0%
2008	-15.90%	-10000.0%
2007	-2.06%	-10000.0%
2006	3.98%	-10000.0%
2005	3.01%	-10000.0%

Year	Q1	Q2	Q3	Q4

Year	Q1	Q2	Q3	Q4
2025	-0.93%	-10000.0%	-10000.0%	-10000.0%
2024	0.26%	0.65%	2.85%	-1.42%
2023	2.94%	0.60%	-4.33%	7.80%
2022	-8.30%	-5.98%	-4.55%	3.93%
2021	0.00%	2.75%	-0.88%	1.02%
2020	-3.45%	3.07%	1.39%	3.26%
2019	3.31%	2.67%	1.97%	0.41%
2018	-1.27%	1.11%	-0.41%	0.79%
2017	1.71%	1.94%	1.52%	1.09%
2016	1.89%	3.34%	-0.20%	-5.17%
2015	1.00%	-1.37%	1.28%	1.74%
2014	4.56%	3.43%	2.03%	1.70%
2013	0.42%	-4.88%	-2.18%	-0.16%
2012	4.60%	2.58%	3.62%	1.66%
2011	-0.26%	4.85%	3.24%	2.21%
2010	2.07%	1.39%	4.43%	-6.10%
2009	7.15%	5.71%	10.74%	-1.28%
2008	-2.11%	0.40%	-6.31%	-8.66%
2007	0.46%	-0.73%	-0.62%	-1.18%
2006	0.09%	-0.29%	3.02%	1.14%
2005	0.02%	3.09%	-0.54%	0.44%
2004	1.54%	-3.39%	3.76%	1.34%
2003	0.77%	2.70%	-1.00%	1.51%
2002	0.84%	2.86%	4.99%	-0.65%
2001	1.35%	0.26%	2.72%	-0.87%
2000	3.18%	0.96%	1.94%	5.44%
1999	0.85%	-2.77%	-2.48%	-1.84%
1998	0.87%	1.63%	3.09%	-0.08%
1997	-0.65%	3.38%	3.39%	2.95%

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

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
NY
CA
IL
AL
NJ
PA
OH
TX
FL
GA
KY
MD
IA
SC
Puerto Rico
LA
TN
MN
MA
WA
WI
CT
VA
OK
NH
OR
MI
IN
NC
DC
CO
AZ
MO
RI
UT
AR
ME
NV
KS
NE
MT
DE
WV
Other U.S. Territories
ND

Credit Quality Distribution as of 03/31/2025

Rating	Assets
A-3/MIG3
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2024

We continue to underweight callable bonds priced close to par to improve the performance characteristics of the Fund and positioning the portfolio to have higher probabilities of performing better in a wide range of potential interest rate scenarios. Along the same lines, we have been mostly buying bonds with higher coupons and longer calls along with bonds trading at deep discounts to position in more favorable structures.
With the municipal yield curve showing considerable steepness from 10 to 30 years, we continue to focus on the most attractive segments of the curve from a total return and roll down perspective, while selling flatter segments of the curve or maturities that do not provide much incremental yield for added risk.
We remain overweight the lower quality tiers of investment grade, which allow for significant yield pickup compared to higher-rated tiers, and maintain a modest exposure to non-investment grade bonds relative to the all-investment grade benchmark. We believe this will help drive outperformance over the long term.

Portfolio Details as of 03/31/2025

Total Net Assets: $4.68 B
Average Coupon: 5.0%
Average Effective Duration: 8.62 Years
Average Effective Maturity: 20.9 Years
Number of Issues: 714
Average Yield to Worst: 4.61%
Distribution Yield (as of 05/01/2025): 3.28%

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.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Holding	Coupon	Maturity	Assets

Holding	Coupon	Maturity	Assets
New York Transportation Development Corp	5.500%	12/20/2060	1.7%
Buckeye Tobacco Settlement Financing Authority	5.000%	05/24/2055	1.1%
California Community Choice Financing Authority	5.250%	10/01/2031	1.0%
Pennsylvania Economic Development Financing Author	6.000%	06/20/2061	0.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	06/26/2040	0.7%
Kentucky Public Energy Authority	5.250%	02/01/2032	0.6%
Iowa Finance Authority	5.000%	11/24/2050	0.6%
New York City Transitional Finance Authority	5.250%	04/24/2051	0.6%
Iowa Finance Authority	5.000%	11/24/2050	0.6%
Triborough Bridge & Tunnel Authority	5.500%	11/22/2059	0.6%

% of Total Assets			8.3%

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

Holding	Coupon	Maturity	Assets
New York Transportation Development Corp	5.500%	12/20/2060	1.7%
Buckeye Tobacco Settlement Financing Authority	5.000%	05/24/2055	1.1%
California Community Choice Financing Authority	5.250%	10/01/2031	1.0%
Pennsylvania Economic Development Financing Author	6.000%	06/20/2061	0.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	06/26/2040	0.7%
Kentucky Public Energy Authority	5.250%	02/01/2032	0.6%
Iowa Finance Authority	5.000%	11/24/2050	0.6%
New York City Transitional Finance Authority	5.250%	04/24/2051	0.6%
Iowa Finance Authority	5.000%	11/24/2050	0.6%
Triborough Bridge & Tunnel Authority	5.500%	11/22/2059	0.6%
New York State Dormitory Authority	5.250%	04/23/2054	0.6%
Main Street Natural Gas Inc	4.000%	10/31/2027	0.6%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	0.5%
New York State Dormitory Authority	5.500%	06/23/2054	0.5%
Energy Southeast A Cooperative District	5.250%	06/01/2032	0.5%
Pefa Inc	5.000%	09/01/2026	0.5%
Southeast Energy Authority A Cooperative District	5.000%	10/29/2035	0.5%
New York Transportation Development Corp	5.500%	06/20/2060	0.5%
Louisiana Public Facilities Authority	5.250%	09/23/2053	0.5%
Metropolitan Pier & Exposition Authority	4.000%	06/08/2050	0.5%
New York Transportation Development Corp	5.375%	06/20/2060	0.5%
County Of Jefferson Al Sewer Revenue	5.500%	09/23/2053	0.5%
New York Transportation Development Corp	6.000%	06/22/2054	0.5%
Main Street Natural Gas Inc	5.000%	06/01/2030	0.5%
Louisiana Public Facilities Authority	5.750%	08/21/2064	0.5%
New York Transportation Development Corp	5.000%	09/26/2040	0.5%
New York Liberty Development Corp	3.000%	09/10/2043	0.5%
Triborough Bridge & Tunnel Authority	5.250%	05/07/2054	0.5%
County Of Jefferson Al Sewer Revenue	5.250%	09/24/2049	0.5%
Duluth Economic Development Authority	5.250%	02/06/2058	0.5%
Kentucky Public Energy Authority	5.250%	12/01/2029	0.5%
Chattanooga Health Educational & Housing Facility	5.250%	11/23/2054	0.5%
Chicago O'Hare International Airport	5.000%	12/26/2047	0.4%
City Of Charlotte Nc Airport Revenue	5.250%	06/23/2053	0.4%
Illinois Finance Authority	5.250%	05/07/2054	0.4%
California Infrastructure & Economic Development B	9.500%	01/01/2035	0.4%
New Jersey Transportation Trust Fund Authority	5.250%	06/07/2055	0.4%
New York Transportation Development Corp	5.250%	12/25/2049	0.4%
City Of Chicago Il	5.500%	12/24/2048	0.4%
New York Transportation Development Corp	6.000%	03/29/2035	0.4%
Southeast Energy Authority A Cooperative District	5.250%	01/01/2033	0.4%
Washington Metropolitan Area Transit Authority Ded	5.000%	07/07/2054	0.4%
Maryland Health & Higher Educational Facilities Au	5.500%	12/26/2045	0.4%
Pennsylvania Higher Educational Facilities Authori	5.500%	10/24/2054	0.4%
South Carolina Jobs-Economic Development Authority	5.500%	10/24/2054	0.4%
Tender Option Bond Trust Receipts/Certificates	5.810%	04/29/2032	0.4%
Tender Option Bond Trust Receipts/Certificates	6.080%	12/30/2031	0.4%
California Community Choice Financing Authority	5.000%	12/01/2032	0.4%
Metropolitan Transportation Authority	5.500%	11/09/2047	0.4%
Roanoke Economic Development Authority	3.000%	06/25/2045	0.4%
State Of Michigan Trunk Line Revenue	5.500%	11/08/2049	0.4%
Louisiana Stadium & Exposition District	5.250%	06/23/2053	0.4%
City Of San Antonio Tx Electric & Gas Systems Reve	5.000%	01/24/2054	0.4%
San Diego County Regional Airport Authority	5.000%	06/24/2051	0.3%
Tender Option Bond Trust Receipts/Certificates	5.250%	03/30/2035	0.3%
Berks County Municipal Authority/The	5.000%	06/26/2039	0.3%
City Of New York Ny	3.650%	04/07/2025	0.3%
New Jersey Transportation Trust Fund Authority	5.250%	06/08/2050	0.3%
Patriots Energy Group Financing Agency	5.250%	08/01/2031	0.3%
New York City Transitional Finance Authority Futur	5.000%	01/27/2044	0.3%
Connecticut State Health & Educational Facilities	5.250%	06/29/2033	0.3%
Minneapolis-St Paul Metropolitan Airports Commissi	5.250%	12/24/2048	0.3%
New York State Dormitory Authority	5.000%	03/08/2052	0.3%
Kentucky Public Energy Authority	4.000%	08/01/2030	0.3%
Public Finance Authority	5.000%	06/26/2042	0.3%
Southeast Alabama Gas Supply District/The	5.000%	04/01/2032	0.3%
Maine Health & Higher Educational Facilities Autho	5.250%	09/23/2054	0.3%
New York State Thruway Authority	3.000%	03/09/2048	0.3%
Main Street Natural Gas Inc	4.000%	12/01/2029	0.3%
California Community Choice Financing Authority	5.000%	10/01/2032	0.3%
New York State Dormitory Authority	5.500%	04/22/2056	0.3%
State Of Illinois	5.500%	02/23/2047	0.3%
Main Street Natural Gas Inc	5.000%	06/01/2029	0.3%
Yuma Industrial Development Authority	5.250%	07/24/2054	0.3%
Hampton Roads Transportation Accountability Commis	5.250%	06/20/2064	0.3%
Philadelphia Gas Works Co	5.250%	07/25/2049	0.3%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue	4.750%	06/23/2053	0.3%
Rhode Island Health And Educational Building Corp	5.000%	10/24/2053	0.3%
Minnesota Agricultural & Economic Development Boar	5.250%	12/24/2053	0.3%
New York City Municipal Water Finance Authority	5.250%	06/07/2054	0.3%
Homewood Educational Building Authority	5.000%	11/25/2047	0.3%
Commonwealth Of Puerto Rico	4.000%	06/25/2046	0.3%
County Of Miami-Dade Fl Transit System	5.000%	06/24/2051	0.3%
Great Lakes Water Authority Sewage Disposal System	5.500%	06/23/2052	0.3%
Chicago Board Of Education	4.000%	11/25/2047	0.3%
New York Transportation Development Corp	5.000%	12/28/2032	0.3%
Chicago Transit Authority Sales Tax Receipts Fund	4.000%	11/24/2050	0.3%
Illinois Finance Authority	4.125%	12/31/2034	0.3%
New York City Industrial Development Agency	3.000%	12/26/2045	0.3%
Riverside County Redevelopment Successor Agency	8.500%	10/01/2026	0.3%
New York Liberty Development Corp	3.000%	11/08/2051	0.3%
Triborough Bridge & Tunnel Authority Sales Tax Rev	5.250%	05/06/2059	0.3%
City Of Minneapolis Mn	5.000%	11/08/2049	0.3%
New York City Municipal Water Finance Authority	5.000%	06/09/2046	0.3%
Ohio Air Quality Development Authority	5.000%	06/24/2049	0.3%
Energy Southeast A Cooperative District	5.750%	11/01/2031	0.3%
Black Belt Energy Gas District	4.000%	12/01/2026	0.3%
New Jersey Economic Development Authority	5.000%	10/23/2052	0.3%
State Of Illinois	5.500%	04/25/2047	0.3%
City Of San Antonio Tx Electric & Gas Systems Reve	5.500%	01/25/2050	0.3%
Mobile County Industrial Development Authority	5.000%	05/24/2054	0.3%
Main Street Natural Gas Inc	5.000%	12/01/2031	0.3%
New Jersey Economic Development Authority	5.250%	10/26/2047	0.3%
Great Oaks Career Campuses Board Of Education	3.000%	11/25/2050	0.2%
Port Of Portland Or Airport Revenue	5.250%	06/23/2054	0.2%
Massachusetts Development Finance Agency	5.000%	06/23/2054	0.2%
New York Transportation Development Corp	5.000%	12/29/2035	0.2%
San Leandro Unified School District	5.250%	07/25/2048	0.2%
Triborough Bridge & Tunnel Authority Sales Tax Rev	5.250%	05/05/2062	0.2%
Metropolitan Transportation Authority	5.250%	11/07/2055	0.2%
Tender Option Bond Trust Receipts/Certificates	6.650%	04/29/2033	0.2%
Kenton County Airport Board	5.250%	12/24/2053	0.2%
City Of New York Ny	3.650%	04/01/2025	0.2%
New York Transportation Development Corp	4.000%	06/26/2041	0.2%
Triborough Bridge & Tunnel Authority Sales Tax Rev	5.250%	05/07/2052	0.2%
Tender Option Bond Trust Receipts/Certificates	5.664%	06/29/2032	0.2%
Tennessee Energy Acquisition Corp	5.625%	08/31/2026	0.2%
Tender Option Bond Trust Receipts/Certificates	5.570%	02/27/2035	0.2%
Metropolitan Pier & Exposition Authority	0.000%	06/12/2033	0.2%
Patriots Energy Group Financing Agency	5.250%	03/01/2031	0.2%
Southeast Alabama Gas Supply District/The	5.000%	05/01/2032	0.2%
New York City Municipal Water Finance Authority	5.250%	06/07/2053	0.2%
South Carolina Jobs-Economic Development Authority	5.500%	10/26/2046	0.2%
New York State Dormitory Authority	5.000%	03/09/2046	0.2%
Maryland State Transportation Authority	5.000%	06/24/2051	0.2%
California State Public Works Board	5.000%	03/25/2049	0.2%
Wisconsin Health & Educational Facilities Authorit	5.500%	02/07/2054	0.2%
New Hampshire Business Finance Authority	4.000%	10/15/2036	0.2%
Oklahoma Development Finance Authority	5.500%	08/07/2052	0.2%
Texas Department Of Housing & Community Affairs	5.125%	06/23/2055	0.2%
Washington State Housing Finance Commission	4.084%	03/16/2040	0.2%
Oklahoma Development Finance Authority	5.500%	08/06/2057	0.2%
Washington State Convention Center Public Faciliti	4.000%	06/29/2031	0.2%
Black Belt Energy Gas District	5.500%	02/01/2029	0.2%
Southeast Energy Authority A Cooperative District	5.000%	11/01/2032	0.2%
Clifton Higher Education Finance Corp	6.125%	08/08/2048	0.2%
San Francisco City & County Airport Comm-San Franc	5.250%	04/24/2049	0.2%
Palomar Health	5.000%	10/27/2036	0.2%
New Jersey Transportation Trust Fund Authority	5.000%	06/09/2046	0.2%
New Jersey Turnpike Authority	5.250%	12/24/2053	0.2%
Lower Colorado River Authority	5.250%	05/07/2054	0.2%
Monroe County Hospital Authority/Pa	5.100%	06/12/2039	0.2%
Arkansas Development Finance Authority	4.500%	08/25/2049	0.2%
Chicago O'Hare International Airport	5.000%	12/26/2046	0.2%
Port Of Seattle Industrial Development Corp	5.000%	03/31/2030	0.2%
Massachusetts Development Finance Agency	8.500%	10/01/2025	0.2%
County Of Warren Ky	5.250%	03/25/2049	0.2%
Pennsylvania Turnpike Commission	5.000%	05/30/2029	0.2%
Delaware State Housing Authority	6.000%	12/24/2054	0.2%
City Of New York Ny	5.250%	03/24/2054	0.2%
Golden State Tobacco Securitization Corp	5.000%	05/25/2051	0.2%
New Jersey Economic Development Authority	5.625%	12/25/2051	0.2%
Public Finance Authority	5.000%	09/23/2052	0.2%
Tobacco Securitization Authority Of Southern Calif	5.000%	05/25/2048	0.2%
City Of St Cloud Mn	5.000%	04/23/2054	0.2%
New Jersey Transportation Trust Fund Authority	5.000%	06/10/2042	0.2%
County Of Cuyahoga Oh	5.500%	02/08/2052	0.2%
Kenton County Airport Board	5.250%	12/24/2048	0.2%
State Of Illinois	5.500%	04/27/2039	0.2%
Metropolitan Transportation Authority	4.000%	11/07/2048	0.2%
Foothill-Eastern Transportation Corridor Agency	3.500%	01/06/2053	0.2%
New Jersey Transportation Trust Fund Authority	0.000%	12/12/2028	0.2%
New Jersey Transportation Trust Fund Authority	0.000%	12/13/2029	0.2%
Development Authority Of Appling County	3.850%	04/01/2025	0.2%
Pennsylvania Economic Development Financing Author	5.750%	12/21/2062	0.2%
Irvine Facilities Financing Authority	5.250%	08/24/2053	0.2%
County Of Warren Ky	5.250%	03/24/2054	0.2%
Metropolitan Pier & Exposition Authority	0.000%	12/13/2030	0.2%
New York City Transitional Finance Authority	5.250%	04/24/2049	0.2%
New York State Dormitory Authority	5.000%	04/23/2052	0.2%
New York State Thruway Authority	4.000%	12/25/2049	0.2%
Onondaga County Trust For Cultural Resources	5.000%	11/26/2043	0.2%
University Of Connecticut	5.250%	11/09/2047	0.2%
Commonwealth Of Puerto Rico	4.000%	06/27/2037	0.2%
Metropolitan Government Nashville & Davidson Count	5.250%	09/22/2058	0.2%
South Carolina Jobs-Economic Development Authority	5.000%	11/25/2046	0.2%
Washington & Multnomah Counties School District No	5.000%	06/11/2036	0.2%
County Of Miami-Dade Fl Water & Sewer System Reven	5.250%	09/23/2054	0.2%
Louisiana Public Facilities Authority	4.000%	03/25/2050	0.2%
Tender Option Bond Trust Receipts/Certificates	5.260%	08/13/2033	0.2%
New York City Transitional Finance Authority Futur	5.500%	10/26/2045	0.2%
State Of California	5.250%	09/24/2050	0.2%
Commonwealth Of Massachusetts	5.000%	12/24/2053	0.2%
Oklahoma Turnpike Authority	5.500%	12/23/2052	0.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	06/26/2040	0.2%
Tender Option Bond Trust Receipts/Certificates	5.790%	07/30/2034	0.2%
Oklahoma City Water Utilities Trust	5.250%	06/20/2064	0.2%
Illinois Finance Authority	5.250%	05/08/2048	0.2%
Black Belt Energy Gas District	5.250%	06/01/2029	0.2%
Pennsylvania Housing Finance Agency	5.000%	09/24/2050	0.2%
Shaker Heights City School District	5.250%	12/06/2059	0.2%
City Of Salt Lake City Ut Airport Revenue	5.500%	06/23/2053	0.2%
South Carolina Public Service Authority	5.500%	11/23/2054	0.2%
Chicago Board Of Education Dedicated Capital Impro	5.750%	03/25/2048	0.2%
New York City Industrial Development Agency	5.000%	06/29/2028	0.2%
Tender Option Bond Trust Receipts/Certificates	6.270%	12/31/2029	0.2%
Triborough Bridge & Tunnel Authority Sales Tax Rev	5.250%	05/06/2058	0.2%
City Of San Francisco Ca Public Utilities Commissi	5.250%	10/23/2052	0.2%
City Of St Louis Mo Airport Revenue	5.000%	06/25/2047	0.2%
Grapevine Wash Local District	5.250%	11/24/2044	0.2%
New York State Thruway Authority	5.250%	12/24/2055	0.2%
State Of California	5.250%	07/29/2032	0.2%
City Of New York Ny	5.000%	07/25/2051	0.2%
Metropolitan Washington Airports Authority Aviatio	5.500%	09/23/2054	0.2%
New York Transportation Development Corp	5.625%	03/27/2040	0.2%
City Of Colby Ks	5.500%	06/30/2026	0.2%
Connecticut State Health & Educational Facilities	4.000%	06/26/2041	0.2%
Tender Option Bond Trust Receipts/Certificates	6.800%	12/30/2034	0.2%
Port Authority Of New York & New Jersey	5.000%	11/23/2053	0.2%
Royse City Independent School District/Tx	5.000%	02/13/2034	0.2%
State Of Connecticut Special Tax Revenue	5.000%	12/27/2036	0.2%
Oregon State Facilities Authority	5.000%	10/01/2025	0.2%
University Of North Carolina At Wilmington	5.000%	06/01/2025	0.2%
Washington State Convention Center Public Faciliti	5.000%	06/24/2048	0.2%
Black Belt Energy Gas District	5.500%	12/01/2028	0.2%
New York State Dormitory Authority	5.500%	09/23/2054	0.2%
New Jersey Health Care Facilities Financing Author	4.000%	06/24/2048	0.2%
Palomar Health	5.000%	10/28/2039	0.2%
State Of Nevada Department Of Business & Industry	9.500%	01/01/2033	0.2%
Tobacco Settlement Financing Corp/Va	5.000%	05/26/2047	0.2%
Tsasc Inc/Ny	5.000%	05/26/2045	0.2%
California Municipal Finance Authority	5.000%	01/26/2047	0.1%
California Statewide Communities Development Autho	5.500%	11/23/2054	0.1%
Empire State Development Corp	3.000%	03/09/2048	0.1%
Montebello Unified School District	5.500%	07/26/2047	0.1%
City Of New York Ny	5.250%	08/27/2043	0.1%
Tender Option Bond Trust Receipts/Certificates	4.600%	05/14/2030	0.1%
Washington Metropolitan Area Transit Authority Ded	5.250%	07/06/2059	0.1%
Charleston County Airport District	5.250%	06/23/2054	0.1%
City Of Los Angeles Department Of Airports	5.500%	05/09/2047	0.1%
City Of Philadelphia Pa Water & Wastewater Revenue	5.250%	09/23/2052	0.1%
City Of Tampa Fl	4.000%	06/25/2045	0.1%
New York Transportation Development Corp	4.000%	12/29/2035	0.1%
Metropolitan Nashville Airport Authority/The	5.500%	06/23/2052	0.1%
New Jersey Transportation Trust Fund Authority	5.250%	06/10/2041	0.1%
Port Authority Of New York & New Jersey	5.000%	07/12/2035	0.1%
Maryland Economic Development Corp	5.250%	06/22/2055	0.1%
Port Of Portland Or Airport Revenue	5.500%	06/24/2048	0.1%
City Of Los Angeles Department Of Airports	5.000%	05/09/2045	0.1%
Florida Development Finance Corp	5.000%	06/09/2047	0.1%
New York State Dormitory Authority	3.000%	03/08/2050	0.1%
State Of Illinois	4.000%	10/28/2037	0.1%
State Of Illinois	5.500%	09/27/2039	0.1%
County Of Lee Fl Airport Revenue	5.250%	09/24/2049	0.1%
Public Finance Authority	5.750%	06/29/2033	0.1%
Isle Wight County Industrial Development Authority	5.250%	06/23/2053	0.1%
New Hampshire Business Finance Authority	3.625%	08/16/2039	0.1%
Tender Option Bond Trust Receipts/Certificates	5.673%	09/29/2033	0.1%
Tennergy Corp/Tn	5.500%	12/01/2030	0.1%
Chicago O'Hare International Airport	5.500%	12/23/2058	0.1%
South Carolina Public Service Authority	5.250%	11/24/2049	0.1%
Southwest Local School District/Hamilton County	4.000%	01/08/2055	0.1%
State Of Illinois	5.000%	12/29/2034	0.1%
Tender Option Bond Trust Receipts/Certificates	5.955%	05/31/2031	0.1%
New Hampshire Business Finance Authority	4.250%	07/15/2041	0.1%
Iowa Finance Authority	4.750%	07/27/2042	0.1%
Kentucky Bond Development Corp	4.000%	08/25/2048	0.1%
Metropolitan Pier & Exposition Authority	4.000%	06/07/2052	0.1%
Connecticut State Health & Educational Facilities	4.000%	06/24/2049	0.1%
New Jersey Economic Development Authority	5.000%	06/09/2047	0.1%
New York Transportation Development Corp	5.000%	11/27/2039	0.1%
County Of Anne Arundel Md	3.000%	09/25/2044	0.1%
Metropolitan Pier & Exposition Authority	0.000%	12/10/2036	0.1%
Metropolitan Transportation Authority	4.000%	11/08/2049	0.1%
Berks County Municipal Authority/The	0.000%	06/24/2044	0.1%
Palm Beach County Health Facilities Authority	4.000%	08/08/2049	0.1%
Montana Facility Finance Authority	5.000%	06/24/2048	0.1%
New Hampshire Business Finance Authority	4.168%	01/14/2041	0.1%
New Jersey Economic Development Authority	5.250%	09/13/2029	0.1%
St Louis County Reorganized School District No R-6	3.350%	01/29/2037	0.1%
Iowa Higher Education Loan Authority	6.000%	09/23/2055	0.1%
Maryland Health & Higher Educational Facilities Au	5.250%	06/23/2052	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	06/08/2048	0.1%
Virginia Small Business Financing Authority	5.000%	12/27/2036	0.1%
New Jersey Economic Development Authority	5.000%	10/25/2044	0.1%
City Of Compton Ca Water Revenue	6.000%	07/28/2039	0.1%
Louisiana Public Facilities Authority	5.500%	08/23/2059	0.1%
State Of Illinois	5.500%	02/24/2042	0.1%
Florida Housing Finance Corp	6.250%	06/23/2055	0.1%
St Louis County Reorganized School District No R-6	3.400%	01/29/2038	0.1%
Jea Water & Sewer System Revenue	5.500%	09/23/2054	0.1%
Jefferson County Port Authority/Oh	5.000%	12/01/2028	0.1%
Texas Municipal Gas Acquisition & Supply Corp Iv	5.500%	01/01/2034	0.1%
San Diego County Regional Airport Authority	5.000%	06/23/2053	0.1%
City Of Fort Lauderdale Fl Water & Sewer Revenue	5.500%	08/24/2053	0.1%
Empire State Development Corp	3.000%	03/08/2050	0.1%
Maryland Economic Development Corp	6.000%	06/22/2058	0.1%
Washington State Housing Finance Commission	5.500%	06/22/2059	0.1%
Southeast Energy Authority A Cooperative District	5.500%	12/01/2029	0.1%
Black Belt Energy Gas District	5.000%	07/01/2031	0.1%
Mission Economic Development Corp	4.625%	09/29/2031	0.1%
Municipal Electric Authority Of Georgia	5.250%	12/24/2053	0.1%
Chicago Board Of Education	6.000%	11/24/2049	0.1%
County Of Cuyahoga Oh	5.500%	02/05/2057	0.1%
Duluth Economic Development Authority	5.250%	06/07/2052	0.1%
Metropolitan Government Nashville & Davidson Count	5.250%	06/23/2053	0.1%
Metropolitan Pier & Exposition Authority	4.000%	06/09/2050	0.1%
New Hampshire Business Finance Authority	4.375%	09/16/2036	0.1%
Port Authority Of New York & New Jersey	5.000%	07/11/2038	0.1%
Texas Private Activity Bond Surface Transportation	5.500%	12/22/2058	0.1%
Maryland Economic Development Corp	5.250%	06/20/2064	0.1%
New York State Thruway Authority	3.000%	03/07/2049	0.1%
South Carolina Public Service Authority	5.000%	11/25/2046	0.1%
City Of Valparaiso In	5.000%	12/24/2053	0.1%
Maryland Economic Development Corp	5.000%	03/27/2035	0.1%
Massachusetts Development Finance Agency	5.000%	06/28/2035	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	06/09/2045	0.1%
Ridley School District	5.000%	05/13/2032	0.1%
Chautauqua County Capital Resource Corp	4.250%	04/02/2028	0.1%
County Of Pasco Fl	5.750%	08/24/2054	0.1%
Iowa Finance Authority	4.000%	11/24/2050	0.1%
Lee County Industrial Development Authority/Fl	4.000%	03/25/2049	0.1%
Maryland Economic Development Corp	5.000%	06/23/2054	0.1%
New York City Transitional Finance Authority	5.500%	10/25/2051	0.1%
Pennsylvania Higher Educational Facilities Authori	5.000%	10/24/2054	0.1%
Tsasc Inc/Ny	5.000%	05/25/2048	0.1%
Tuscaloosa County Industrial Development Authority	5.250%	04/25/2044	0.1%
California Municipal Finance Authority	5.000%	12/27/2038	0.1%
Grant County Public Hospital District No 1	5.125%	11/29/2033	0.1%
Kentucky Municipal Power Agency	5.000%	09/01/2026	0.1%
Kentucky Municipal Power Agency	5.000%	09/01/2026	0.1%
Maryland Economic Development Corp	5.000%	11/09/2028	0.1%
Metropolitan Nashville Airport Authority/The	5.000%	06/24/2049	0.1%
New York Convention Center Development Corp	5.000%	11/09/2040	0.1%
Port Of Portland Or Airport Revenue	5.000%	06/24/2049	0.1%
San Francisco Bay Area Rapid Transit District Sale	3.000%	06/25/2044	0.1%
Tulsa Airports Improvement Trust	5.500%	05/29/2035	0.1%
Indiana Finance Authority	5.250%	01/30/2032	0.1%
New Hampshire Business Finance Authority	4.000%	11/30/2028	0.1%
New York State Dormitory Authority	5.000%	06/26/2040	0.1%
City Of Houston Tx Airport System Revenue	5.500%	07/11/2039	0.1%
City Of New York Ny	3.650%	04/07/2025	0.1%
King County Public Hospital District No 4	5.000%	11/27/2038	0.1%
Port Of Beaumont Navigation District	5.250%	12/24/2053	0.1%
Rhode Island Health And Educational Building Corp	5.250%	05/07/2054	0.1%
Tender Option Bond Trust Receipts/Certificates	5.740%	06/29/2032	0.1%
Illinois Finance Authority	4.125%	12/31/2034	0.1%
Massachusetts Development Finance Agency	5.000%	09/24/2048	0.1%
Massachusetts Educational Financing Authority	4.125%	06/25/2046	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue	5.000%	06/22/2058	0.1%
University Of Illinois	4.000%	03/29/2038	0.1%
City Of Houston Tx Airport System Revenue	5.500%	07/11/2037	0.1%
Inland Valley Development Agency	5.250%	08/28/2037	0.1%
Northern Indiana Commuter Transportation District	5.000%	12/24/2053	0.1%
Washington Suburban Sanitary Commission	3.000%	05/26/2045	0.1%
Arkansas Development Finance Authority	5.700%	04/23/2053	0.1%
New York City Municipal Water Finance Authority	5.250%	06/09/2047	0.1%
Ohio Higher Educational Facility Commission	5.250%	04/23/2054	0.1%
City Of Baltimore Md	5.000%	06/27/2039	0.1%
Greater Texas Cultural Education Facilities Financ	5.000%	05/30/2034	0.1%
New Hampshire Business Finance Authority	4.168%	01/14/2041	0.1%
New Hampshire Business Finance Authority	4.875%	10/27/2042	0.1%
Forney Independent School District	3.000%	02/10/2045	0.1%
Niagara Area Development Corp	4.750%	10/27/2042	0.1%
Oklahoma Development Finance Authority	5.250%	08/08/2048	0.1%
Colorado Bridge & Tunnel Enterprise	5.500%	11/23/2054	0.1%
Colorado Health Facilities Authority	5.500%	10/26/2047	0.1%
Empire State Development Corp	3.000%	03/07/2049	0.1%
Main Street Natural Gas Inc	5.000%	05/14/2027	0.1%
New York State Dormitory Authority	4.000%	07/28/2038	0.1%
Public Finance Authority	5.500%	06/29/2033	0.1%
State Of Illinois	5.000%	04/27/2038	0.1%
California Statewide Communities Development Autho	5.250%	11/26/2043	0.1%
Florida Development Finance Corp	6.125%	07/01/2026	0.1%
New Jersey Economic Development Authority	5.000%	06/10/2043	0.1%
California Statewide Communities Development Autho	5.250%	11/21/2056	0.1%
Indiana Finance Authority	5.375%	05/21/2064	0.1%
Massachusetts Development Finance Agency	4.000%	06/25/2044	0.1%
New York Transportation Development Corp	5.000%	12/30/2029	0.1%
City Of Houston Tx Airport System Revenue	5.500%	07/11/2038	0.1%
Pennsylvania Turnpike Commission Oil Franchise Tax	4.000%	11/23/2053	0.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	4.000%	06/26/2042	0.1%
Chicago Board Of Education Dedicated Capital Impro	6.100%	03/28/2036	0.1%
City Of Charlotte Nc Airport Revenue	5.250%	06/23/2053	0.1%
Foothill-Eastern Transportation Corridor Agency	3.950%	01/06/2053	0.1%
City Of Whiting In	3.000%	10/25/2051	0.1%
Greenville-Spartanburg Airport District	5.250%	06/23/2054	0.1%
Metropolitan Pier & Exposition Authority	5.000%	06/08/2050	0.1%
Northern Indiana Commuter Transportation District	5.250%	12/24/2048	0.1%
State Of Connecticut Special Tax Revenue	5.000%	12/28/2037	0.1%
Chicago Board Of Education	4.000%	11/26/2041	0.1%
Columbus Regional Airport Authority	5.250%	12/25/2049	0.1%
Columbus Regional Airport Authority	5.250%	12/24/2054	0.1%
Metropolitan Transportation Authority	5.000%	11/12/2035	0.1%
Tobacco Settlement Financing Corp	5.250%	05/26/2046	0.1%
Astoria Hospital Facilities Authority	5.250%	07/24/2054	0.1%
Hoover Industrial Development Board	5.750%	09/24/2049	0.1%
New York State Dormitory Authority	4.000%	06/23/2052	0.1%
County Of Luzerne Pa	5.000%	11/13/2029	0.1%
Empire State Development Corp	3.000%	03/09/2047	0.1%
Eagle County Airport Terminal Corp	5.000%	04/27/2041	0.1%
Metropolitan Government Nashville & Davidson Count	5.250%	06/23/2053	0.1%
Metropolitan Government Nashville & Davidson Count	5.250%	06/24/2048	0.1%
Metropolitan Transportation Authority	4.000%	11/09/2045	0.1%
Port Authority Of New York & New Jersey	5.000%	07/11/2036	0.1%
City Of Los Angeles Department Of Airports	3.000%	05/08/2049	0.1%
Greater Texas Cultural Education Facilities Financ	5.000%	05/30/2034	0.1%
University Of Oregon	3.500%	03/25/2052	0.1%
Colorado Bridge & Tunnel Enterprise	5.250%	11/24/2049	0.1%
E-470 Public Highway Authority	0.000%	08/28/2037	0.1%
Genesee County Funding Corp/The	5.250%	11/22/2052	0.1%
New York City Municipal Water Finance Authority	3.500%	06/08/2048	0.1%
Port Authority Of New York & New Jersey	5.500%	07/24/2052	0.1%
Astoria Hospital Facilities Authority	5.250%	07/25/2049	0.1%
Build Nyc Resource Corp	5.250%	06/23/2052	0.1%
Michigan State Hospital Finance Authority	5.000%	11/09/2047	0.1%
New York State Dormitory Authority	3.000%	03/10/2042	0.1%
New York Transportation Development Corp	4.000%	12/25/2050	0.1%
Parish Of St James La	6.350%	06/26/2040	0.1%
Burbank-Glendale-Pasadena Airport Authority Brick	5.250%	06/24/2049	0.1%
Clifton Higher Education Finance Corp	6.000%	08/11/2038	0.1%
Clifton Higher Education Finance Corp	3.000%	08/09/2051	0.1%
Cmfa Special Finance Agency	4.000%	11/25/2045	0.1%
Montana Facility Finance Authority	5.000%	06/26/2043	0.1%
Public Finance Authority	5.750%	11/23/2054	0.1%
Black Belt Energy Gas District	5.250%	09/01/2032	0.1%
Chicago Board Of Education	5.875%	11/25/2047	0.1%
City Of Seneca Ks	5.000%	06/01/2025	0.1%
City Of Waltham Ma	2.000%	10/12/2035	0.1%
Greenville Health System	5.000%	04/28/2034	0.1%
Omaha Public Power District Nebraska City Station	5.250%	01/27/2042	0.1%
City Of Waltham Ma	2.000%	10/12/2036	0.1%
South Broward Hospital District	3.000%	04/25/2051	0.1%
Main Street Natural Gas Inc	5.000%	05/11/2038	0.1%
Salt Verde Financial Corp	5.250%	11/30/2027	0.1%
Knox County Health Educational & Housing Facility	5.125%	06/23/2054	0.1%
Skagit County Public Hospital District No 1	5.500%	11/29/2033	0.1%
Massachusetts Development Finance Agency	5.000%	06/28/2032	0.1%
New York State Dormitory Authority	3.000%	06/25/2045	0.1%
Washington Health Care Facilities Authority	5.000%	06/28/2038	0.1%
Alameda Corridor Transportation Authority	5.000%	10/01/2026	0.1%
Bay Area Toll Authority	3.000%	03/24/2054	0.1%
County Of Cook Il Sales Tax Revenue	4.000%	11/12/2034	0.1%
New York State Dormitory Authority	5.000%	07/10/2042	0.1%
State Of California	5.000%	07/28/2038	0.1%
Tobacco Settlement Financing Corp	5.000%	05/26/2046	0.1%
Union County Utilities Authority	4.750%	11/29/2031	0.1%
Cumberland County Municipal Authority	3.000%	10/28/2038	0.1%
Municipal Electric Authority Of Georgia	5.250%	12/24/2048	0.1%
New York Liberty Development Corp	3.125%	09/08/2050	0.1%
Charleston County Airport District	5.250%	06/24/2049	0.1%
Foothill-Eastern Transportation Corridor Agency	0.000%	01/11/2033	0.1%
Iowa Higher Education Loan Authority	5.000%	09/30/2030	0.1%
Illinois Finance Authority	4.000%	08/28/2039	0.1%
Matching Fund Special Purpose Securitization Corp	5.000%	09/27/2039	0.1%
State Of Connecticut Special Tax Revenue	5.000%	07/29/2034	0.1%
Wisconsin Health & Educational Facilities Authorit	4.000%	11/09/2046	0.1%
Arkansas Development Finance Authority	5.450%	08/24/2052	0.1%
New Jersey Economic Development Authority	6.000%	04/30/2025	0.1%
Parish Of St James La	6.100%	06/01/2030	0.1%
State Of Illinois	5.000%	12/26/2040	0.1%
Tender Option Bond Trust Receipts/Certificates	5.250%	03/30/2035	0.1%
City Of New York Ny	3.000%	02/23/2051	0.1%
Empire State Development Corp	3.000%	03/07/2049	0.1%
Montgomery County Higher Education And Health Auth	4.000%	08/25/2049	0.1%
Tender Option Bond Trust Receipts/Certificates	5.490%	05/14/2030	0.1%
West Virginia Hospital Finance Authority	6.000%	08/24/2053	0.1%
California Statewide Communities Development Autho	5.500%	11/22/2058	0.1%
Central Plains Energy Project	5.000%	08/27/2042	0.1%
Port Authority Of New York & New Jersey	5.000%	07/11/2037	0.1%
Cscda Community Improvement Authority	3.125%	07/23/2056	0.1%
Louisville/Jefferson County Metropolitan Governmen	5.000%	09/26/2041	0.1%
Maryland Health & Higher Educational Facilities Au	5.000%	12/30/2031	0.1%
Pennsylvania Turnpike Commission	4.000%	11/27/2038	0.1%
City Of Philadelphia Pa	5.000%	07/28/2037	0.1%
Main Street Natural Gas Inc	5.000%	05/10/2043	0.1%
Massachusetts Development Finance Agency	5.000%	06/27/2039	0.1%
Parish Of St James La	6.100%	06/01/2030	0.1%
Michigan Finance Authority	5.500%	02/20/2049	0.1%
New York Transportation Development Corp	5.000%	11/26/2042	0.1%
State Of Connecticut	3.000%	11/10/2042	0.1%
Pennsylvania Economic Development Financing Author	4.000%	05/08/2048	0.1%
Washington State Convention Center Public Faciliti	4.000%	06/25/2048	0.1%
Isle Wight County Industrial Development Authority	5.250%	06/24/2048	0.1%
New York State Dormitory Authority	5.000%	07/30/2028	0.1%
E-470 Public Highway Authority	0.000%	08/29/2032	0.1%
Main Street Natural Gas Inc	5.000%	05/11/2037	0.1%
Nebraska Educational Health Cultural & Social Serv	4.000%	12/27/2043	0.1%
Pittsburgh Water & Sewer Authority	5.000%	08/25/2048	0.1%
South Carolina Public Service Authority	5.250%	11/23/2054	0.1%
Allentown Neighborhood Improvement Zone Developmen	5.250%	04/26/2042	0.1%
City Of Chicago Il Waterworks Revenue	5.000%	10/27/2036	0.1%
Main Street Natural Gas Inc	5.000%	05/13/2029	0.1%
Maryland Economic Development Corp	5.125%	06/22/2059	0.1%
New York State Dormitory Authority	5.250%	09/24/2049	0.1%
New York Transportation Development Corp	5.375%	07/28/2036	0.1%
Phenix City Industrial Development Board	3.625%	05/14/2030	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	06/13/2030	0.1%
New York Transportation Development Corp	5.000%	12/29/2028	0.1%
State Of Illinois	5.000%	04/26/2043	0.1%
Town Of Davie Fl	5.000%	03/25/2048	0.1%
Colorado Health Facilities Authority	5.000%	07/26/2044	0.1%
Minneapolis-St Paul Metropolitan Airports Commissi	5.000%	12/26/2046	0.1%
Burbank-Glendale-Pasadena Airport Authority Brick	5.250%	06/23/2054	0.1%
California Health Facilities Financing Authority	5.000%	08/09/2047	0.1%
Columbia County Hospital Authority/Ga	5.750%	03/24/2053	0.1%
Hospitals & Higher Education Facilities Authority	5.000%	06/28/2033	0.1%
Iowa Higher Education Loan Authority	5.000%	09/30/2030	0.1%
New York State Environmental Facilities Corp	3.125%	06/01/2026	0.1%
New York State Thruway Authority	3.000%	03/08/2051	0.1%
Southern California Public Power Authority	4.520%	10/29/2038	0.1%
Ohio Higher Educational Facility Commission	5.250%	04/24/2049	0.1%
City Of New York Ny	5.500%	04/25/2046	0.1%
Duluth Economic Development Authority	5.250%	02/06/2053	0.1%
Iowa Higher Education Loan Authority	5.000%	09/30/2030	0.1%
Metropolitan Transportation Authority	5.000%	05/15/2030	0.1%
Ohio Higher Educational Facility Commission	5.250%	09/23/2053	0.1%
Wayne County Airport Authority	5.000%	11/25/2046	0.1%
California Community Choice Financing Authority	5.000%	05/01/2035	0.1%
Commonwealth Of Puerto Rico	0.000%	10/25/2051	0.1%
Knox County Health Educational & Housing Facility	5.250%	06/24/2049	0.1%
Maryland Economic Development Corp	5.250%	06/22/2052	0.1%
Westchester County Local Development Corp	5.000%	10/25/2051	0.1%
Maricopa County Industrial Development Authority	4.000%	10/09/2047	0.1%
State Of Illinois	5.750%	04/25/2045	0.1%
Antelope Valley Healthcare District	5.000%	02/23/2041	0.1%
Illinois Finance Authority	4.000%	08/28/2037	0.1%
Parish Of St James La	6.350%	09/26/2040	0.1%
Massachusetts Development Finance Agency	5.250%	06/24/2048	0.1%
Washington State Housing Finance Commission	6.125%	06/30/2030	0.1%
Camden County Improvement Authority/The	6.000%	06/05/2062	0.1%
Northern Illinois University	5.500%	03/25/2049	0.1%
State Of Illinois	5.250%	04/25/2045	0.1%
Triborough Bridge & Tunnel Authority Sales Tax Rev	5.250%	05/06/2057	0.1%
Williamsburg Economic Development Authority	5.250%	06/23/2053	0.1%
Chicago Board Of Education Dedicated Capital Impro	5.000%	03/30/2033	0.1%
City Of Chicago Il Waterworks Revenue	5.000%	10/28/2037	0.1%
Commonwealth Of Puerto Rico	5.375%	07/01/2025	0.1%
County Of Muskingum Oh	5.000%	02/10/2044	0.1%
Industrial Development Authority Of The City Of St	4.750%	11/09/2047	0.1%
River Islands Public Financing Authority	5.250%	08/24/2052	0.1%
Berks County Municipal Authority/The	8.000%	09/17/2033	0.1%
City Of Houston Tx Airport System Revenue	6.625%	07/11/2038	0.1%
Maryland Economic Development Corp	5.250%	06/24/2047	0.1%
Washington State Housing Finance Commission	5.000%	06/23/2054	0.1%
California Municipal Finance Authority	5.000%	12/26/2043	0.1%
County Of Washoe Nv	4.125%	10/01/2029	0.1%
New York City Housing Development Corp	2.400%	10/26/2046	0.1%
New York State Dormitory Authority	5.000%	03/09/2046	0.1%
Tobacco Securitization Authority Of Northern Calif	4.000%	05/25/2049	0.1%
Michigan Finance Authority	5.000%	05/25/2049	0.1%
New Jersey Transportation Trust Fund Authority	5.000%	06/13/2031	0.1%
State Of Ohio	4.000%	11/11/2039	0.1%
Reno-Tahoe Airport Authority	5.250%	06/23/2054	0.1%
West Pace Cooperative District	0.000%	04/27/2039	0.1%
Love Field Airport Modernization Corp	5.000%	10/29/2028	0.1%
New Hampshire Business Finance Authority	6.250%	06/13/2034	0.1%
New Jersey Transportation Trust Fund Authority	5.500%	06/08/2050	0.1%
Antelope Valley Healthcare District	5.000%	02/23/2046	0.1%
Chicago Board Of Education	4.000%	11/25/2040	0.1%
Michigan Finance Authority	5.500%	02/18/2057	0.1%
New Hampshire Business Finance Authority	5.625%	12/13/2033	0.1%
California Pollution Control Financing Authority	5.000%	12/31/2028	0.0%
City Of Chicago Il	5.500%	12/28/2038	0.0%
Florida Development Finance Corp	4.375%	10/01/2031	0.0%
Maryland Health & Higher Educational Facilities Au	5.000%	06/27/2038	0.0%
Public Finance Authority	5.250%	09/27/2038	0.0%
State Of Connecticut	3.000%	11/10/2043	0.0%
State Of Illinois	5.000%	11/28/2035	0.0%
West Virginia Hospital Finance Authority	6.000%	08/25/2048	0.0%
City Of San Antonio Tx Electric & Gas Systems Reve	5.500%	01/24/2049	0.0%
New Jersey Educational Facilities Authority	5.250%	08/24/2053	0.0%
Niagara Area Development Corp	4.500%	06/23/2052	0.0%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	4.000%	06/25/2047	0.0%
Reno-Tahoe Airport Authority	5.250%	06/24/2049	0.0%
Chicago Board Of Education	5.000%	11/29/2030	0.0%
Maryland Economic Development Corp	5.750%	06/23/2053	0.0%
Metropolitan Government Nashville & Davidson Count	5.250%	06/24/2048	0.0%
New Jersey Transportation Trust Fund Authority	5.250%	06/10/2042	0.0%
Washington Township Health Care District	5.500%	07/24/2053	0.0%
Chicago O'Hare International Airport	5.250%	12/26/2040	0.0%
District Of Columbia	5.000%	05/28/2041	0.0%
Knox County Health Educational & Housing Facility	5.500%	06/22/2059	0.0%
New York Transportation Development Corp	4.000%	06/25/2046	0.0%
Wolf Creek Infrastructure Financing District No 1	5.750%	11/24/2044	0.0%
California School Finance Authority	5.000%	07/01/2027	0.0%
Chicago Board Of Education	5.000%	11/29/2029	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	04/01/2026	0.0%
Greater Asheville Regional Airport Authority	5.250%	06/23/2053	0.0%
Iowa Higher Education Loan Authority	5.250%	09/26/2040	0.0%
City Of Miami Beach Fl Parking Revenue	5.000%	09/01/2025	0.0%
Massachusetts Development Finance Agency	5.000%	06/29/2031	0.0%
Michigan Finance Authority	5.000%	06/28/2034	0.0%
New Jersey Transportation Trust Fund Authority	0.000%	12/11/2037	0.0%
New York State Dormitory Authority	5.250%	06/23/2054	0.0%
Westchester County Local Development Corp	5.750%	10/24/2048	0.0%
Illinois Finance Authority	5.000%	08/27/2040	0.0%
Public Finance Authority	5.250%	06/04/2065	0.0%
Rhode Island Health And Educational Building Corp	5.250%	05/08/2049	0.0%
Allentown Neighborhood Improvement Zone Developmen	5.000%	04/28/2032	0.0%
City Of Chicago Il Waterworks Revenue	5.000%	10/27/2036	0.0%
Iowa Higher Education Loan Authority	5.000%	09/30/2030	0.0%
Lower Colorado River Authority	6.000%	05/07/2052	0.0%
Massachusetts Development Finance Agency	4.000%	06/28/2035	0.0%
Maryland Economic Development Corp	4.000%	08/27/2040	0.0%
Municipal Electric Authority Of Georgia	5.000%	06/24/2048	0.0%
New York State Dormitory Authority	3.000%	03/07/2049	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/28/2033	0.0%
State Of Illinois	5.250%	04/24/2049	0.0%
Washington State Housing Finance Commission	6.375%	06/30/2030	0.0%
Chicago O'Hare International Airport	5.250%	12/27/2042	0.0%
Iowa Higher Education Loan Authority	5.000%	09/25/2045	0.0%
M-S-R Energy Authority	6.125%	10/30/2029	0.0%
Indiana Finance Authority	5.125%	05/23/2058	0.0%
State Of Connecticut	5.000%	04/11/2039	0.0%
California School Finance Authority	5.000%	07/31/2028	0.0%
Capital Projects Finance Authority/Fl	5.000%	10/25/2053	0.0%
Capital Projects Finance Authority/Fl	5.000%	10/24/2058	0.0%
Indiana Finance Authority	5.250%	06/20/2064	0.0%
Indiana Finance Authority	4.125%	11/30/2026	0.0%
Massachusetts Development Finance Agency	5.000%	06/28/2034	0.0%
Nassau County Local Economic Assistance Corp	5.000%	04/30/2025	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/29/2031	0.0%
Chicago O'Hare International Airport	5.250%	12/27/2041	0.0%
County Of Osceola Fl Transportation Revenue	4.000%	09/23/2054	0.0%
State Of Illinois	5.250%	04/25/2047	0.0%
State Of Illinois	5.250%	04/24/2048	0.0%
Adelanto Public Utility Authority	5.000%	07/01/2027	0.0%
Florida Development Finance Corp	5.250%	07/30/2029	0.0%
Florida Higher Educational Facilities Financial Au	5.000%	03/29/2033	0.0%
California School Finance Authority	5.000%	08/01/2025	0.0%
Massachusetts Development Finance Agency	5.000%	06/25/2044	0.0%
New Jersey Economic Development Authority	6.500%	03/30/2028	0.0%
New Jersey Transportation Trust Fund Authority	0.000%	12/13/2031	0.0%
California Municipal Finance Authority	5.000%	06/01/2025	0.0%
Toledo-Lucas County Port Authority	5.000%	06/28/2039	0.0%
Tsasc Inc/Ny	5.000%	05/29/2035	0.0%
Washington State Housing Finance Commission	5.500%	06/25/2044	0.0%
Westchester County Local Development Corp	6.250%	10/23/2052	0.0%
Niagara Area Development Corp	5.000%	06/23/2052	0.0%
Berks County Municipal Authority/The	6.000%	06/27/2034	0.0%
California Municipal Finance Authority	5.000%	03/25/2049	0.0%
Indiana Finance Authority	5.000%	05/24/2053	0.0%
Knox County Health Educational & Housing Facility	5.125%	06/22/2059	0.0%
Maryland Health & Higher Educational Facilities Au	5.000%	06/27/2036	0.0%
New York City Housing Development Corp	5.250%	12/13/2031	0.0%
New York State Dormitory Authority	5.250%	06/24/2049	0.0%
Capital Projects Finance Authority/Fl	5.000%	10/26/2048	0.0%
Compton Community Redevelopment Agency Successor A	5.000%	07/27/2042	0.0%
Greater Asheville Regional Airport Authority	5.250%	06/24/2048	0.0%
Mida Mountain Village Public Infrastructure Distri	6.000%	06/07/2054	0.0%
New Jersey Economic Development Authority	5.000%	06/11/2036	0.0%
New York State Dormitory Authority	5.000%	11/29/2031	0.0%
Wisconsin Health & Educational Facilities Authorit	5.250%	02/07/2054	0.0%
Chicago Board Of Education	7.000%	11/25/2046	0.0%
City Of Horace Nd	4.500%	04/27/2039	0.0%
Cscda Community Improvement Authority	4.000%	05/23/2057	0.0%
Massachusetts Development Finance Agency	5.000%	06/28/2033	0.0%
Finance Authority Of Maine	4.625%	06/01/2035	0.0%
Grand River Hospital District	5.250%	11/27/2037	0.0%
Knox County Health Educational & Housing Facility	5.500%	06/23/2054	0.0%
Nassau County Tobacco Settlement Corp	0.000%	05/22/2060	0.0%
New York State Dormitory Authority	5.000%	11/25/2040	0.0%
School District Of Philadelphia/The	5.000%	08/28/2037	0.0%
Indiana Finance Authority	5.000%	06/23/2054	0.0%
Municipal Electric Authority Of Georgia	5.000%	06/24/2048	0.0%
North Carolina Turnpike Authority	5.000%	12/27/2042	0.0%
Chicago Board Of Education	6.500%	11/25/2046	0.0%
Crawford County Hospital Authority	6.000%	05/25/2051	0.0%
Nassau County Local Economic Assistance Corp	5.000%	04/30/2025	0.0%
City Of Horace Nd	4.750%	04/25/2044	0.0%
Public Finance Authority	5.500%	06/07/2055	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/29/2029	0.0%
Washington State Housing Finance Commission	5.500%	06/24/2049	0.0%
Capital Projects Finance Authority/Fl	5.000%	10/28/2039	0.0%
Chicago Board Of Education	5.000%	11/29/2031	0.0%
City Of Valparaiso In	4.875%	12/27/2043	0.0%
County Of Cook Il	5.000%	11/13/2030	0.0%
County Of Cook Il	5.000%	11/12/2035	0.0%
County Of Osceola Fl Transportation Revenue	5.000%	09/30/2029	0.0%
Dutchess County Local Development Corp	5.000%	06/25/2045	0.0%
Eagle County Airport Terminal Corp	5.000%	05/01/2027	0.0%
Grand River Hospital District	5.250%	11/30/2028	0.0%
Grand River Hospital District	5.250%	11/30/2028	0.0%
Hospitals & Higher Education Facilities Authority	5.000%	06/28/2032	0.0%
Industrial Development Authority Of The City Of Ph	5.000%	06/27/2037	0.0%
Nassau County Local Economic Assistance Corp	5.000%	04/30/2025	0.0%
New York State Environmental Facilities Corp	5.125%	09/03/2030	0.0%
Paducah Electric Plant Board	5.000%	09/28/2035	0.0%
Parish Of St James La	5.850%	06/01/2025	0.0%
School District Of Philadelphia/The	5.000%	08/28/2038	0.0%
State Of Connecticut	5.000%	06/11/2038	0.0%
Capital Projects Finance Authority/Fl	5.000%	10/28/2041	0.0%
Crawford County Hospital Authority	6.000%	05/26/2046	0.0%
Public Finance Authority	5.250%	09/26/2043	0.0%
Toledo-Lucas County Port Authority	5.000%	06/29/2034	0.0%
Toledo-Lucas County Port Authority	5.000%	06/26/2046	0.0%
Virginia Small Business Financing Authority	5.000%	07/01/2038	0.0%
Mida Mountain Village Public Infrastructure Distri	5.750%	06/09/2044	0.0%
Public Finance Authority	4.000%	06/26/2041	0.0%
New York Transportation Development Corp	5.250%	07/30/2031	0.0%
Public Finance Authority	4.250%	06/23/2054	0.0%
Wisconsin Health & Educational Facilities Authorit	5.375%	01/26/2048	0.0%
Michigan Finance Authority	5.000%	08/26/2050	0.0%
New York City Housing Development Corp	4.375%	12/13/2031	0.0%
Denver Health & Hospital Authority	5.250%	11/25/2045	0.0%
Sierra Vista Industrial Development Authority	5.000%	06/07/2054	0.0%
Sierra Vista Industrial Development Authority	5.000%	06/06/2059	0.0%
Nassau County Local Economic Assistance Corp	5.000%	04/30/2025	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	06/24/2051	0.0%
Casitas Municipal Water District	5.250%	09/01/2027	0.0%
Irvine Unified School District	5.000%	09/01/2027	0.0%
San Joaquin Hills Transportation Corridor Agency	5.250%	01/07/2049	0.0%
Michigan Finance Authority	4.800%	08/28/2040	0.0%
City Of Sparks Nv	2.750%	06/14/2028	0.0%
Stone Canyon Community Improvement District	0.000%	04/01/2027	0.0%
Michigan Finance Authority	4.300%	08/31/2030	0.0%
Gramercy Farms Community Development District	6.750%	04/28/2039	0.0%
Public Finance Authority	0.000%	09/25/2047	0.0%
Westchester County Healthcare Corp/Ny	6.000%	04/30/2025	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.536%	06/23/2053	0.0%
Westchester County Healthcare Corp/Ny	6.125%	04/30/2025	0.0%
USM5 - Futures	0.000%	06/18/2025	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/01/2025: $0.11085
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	04/30/2025	$0.02775	$10.16
Daily	Daily	03/31/2025	$0.02651	$10.30
Daily	Daily	02/28/2025	$0.02729	$10.52
Daily	Daily	01/31/2025	$0.02929	$10.45

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	05/31/2025
Daily	Daily	06/30/2025
Daily	Daily	07/31/2025
Daily	Daily	08/31/2025
Daily	Daily	09/30/2025
Daily	Daily	10/31/2025
Daily	Daily	11/30/2025
Daily	Daily	12/31/2025

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/10/1998	12/18/1998	-	-	$0.1900	$11.75

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.

Fees & Expenses

Expense Ratioas of 03/31/2025

Fund Gross Expense Ratio	1.39%
Fund Net Expense Ratio	1.30%

Expense ratio details, Click here.

Fund Documents

0Documents selected
Portfolio Holdings 1Q Publish Date:11/03/2015
Portfolio Holdings 3Q Publish Date:11/03/2015
Summary Prospectus Publish Date:11/03/2015
Statutory Prospectus Publish Date:11/03/2015
SAI Publish Date:11/03/2015
Annual Financial Statements and Other Information * Publish Date:11/03/2015
Annual Tailored Shareholder Report Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information * Publish Date:11/03/2015
Fact Sheet Publish Date:11/03/2015
Commentary Publish Date:11/03/2015

* includes items 7-11 of form N-CSR as required, if any.

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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 yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.

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

Average Yield to Worst is a measure of the lowest possible yield that can be received on a bond with an early retirement provision.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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 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 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.

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.

About Barron's Best Fund Families
Source: Barron's, "Best Fund Families of 2024." February 27, 2025. Used with permission. ©2025 Dow Jones & Company, Inc.

The 2024 Barron’s Best Fund Families List ranks the active management ability of qualifying companies. Rankings are based on the asset-weighted one-year returns as of 12/31/24, excluding 12b-1 fees and sales loads, of a company’s actively managed fund line up in five asset class categories: US Equity, World Equity, Mixed Asset, Taxable Bond, and Tax-Exempt Bond as determined by Barron’s. Overall ranking based on aggregate, weighted score across the five asset categories. Performance data from Refinitiv Lipper.

Past performance does not guarantee future results. Lord Abbett ranked overall #1 of 48, #6 of 46, and #23 of 46 for the 1- ,5-, and 10-year periods respectively. Lord Abbett ranked #1 of 48 in US Equity, #2 of 48 in Mixed Asset, #2 of 48 in Taxable Bond, and #5 of 48 in Tax-Exempt Bond.

How We Ranked the Fund Families
In ranking mutual and exchange-traded funds, our aim is to measure manager skill, independent of expenses beyond annual management fees. That is why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.

Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking, and vice versa.

To be included in the ranking, a firm must have at least three funds in the general equity category, one in world equity, one in mixed equity such as a balanced or target-date fund, two taxable bond funds, and one national tax-exempt bond fund.

Single-sector and country equity funds are factored into the rankings as general equity. We exclude all index funds, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.

Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds. The category weightings for 2024 were general equity, 39.1%; mixed asset, 21.6%; world equity, 15.3%; taxable bond,20.1%; and tax-exempt bond, 3.9%.

The category weightings for the five-year results were general equity, 39%; mixed asset, 21.7%; world equity, 15.3%; taxable bond, 19.9%; and tax-exempt bond, 4%.For the 10-year list, they were general equity, 40%; mixed asset, 22.1%; world equity, 14.8%; taxable bond, 19.2%; and tax[1]exempt bond, 3.9%. The weightings may not total 100 due to rounding.

How the scoring works: Say a fund in the general U.S. equity category has $500million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 39.1%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times0.391, which equals 14.66. Similar calculations are done for each fund in our study; then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.

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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

Average Yield to Worst as of 03/31/2025

Distribution Yield as of 05/01/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Basicsas of 03/31/2025

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Credit Quality Distribution as of 03/31/2025 View Portfolio

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Performance

Performance

Average Yield to Worst as of 03/31/2025

Distribution Yield as of 05/01/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

Fund Expense Ratio :

Gross 1.39%

Net 1.30%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 03/31/2025

Portfolio Positioning as of 12/31/2024

Portfolio Details as of 03/31/2025

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2025

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30-Day Standardized Yield ¹ as of 03/31/2025

30-Day Standardized Yield ¹ as of 03/31/2025