AMT Free Municipal Bond Fund

LATCX

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Daily price w/o sales charge as of 09/21/2018

$15.73

$0.00

YTD Returns w/o sales charge as of 09/21/2018

-0.49%

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

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Summary

What is the AMT Free Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation, including the alternative minimum tax, by investing primarily in municipal bonds.

Yield

Dividend Yield ¹ as of 09/21/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.58%	2.30%

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

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.00%	1.71%

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

Fund Basicsas of 08/31/2018

Total Net Assets: $189.02 M
Inception Date: 10/29/2010
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.51%
Fund Net Expense Ratio: 1.23%
Number of Holdings: 319
CUSIP: 543902712
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/29/2010

w/o sales charge	0.37%	0.66%	2.80%	4.26%	-	3.69%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.23%	0.84%	2.71%	4.33%	-	-
Bloomberg Barclays Municipal Bond Index	0.25%	0.49%	2.71%	4.12%	-	3.62%
w/ sales charge	-0.62%	0.66%	2.80%	4.26%	-	3.69%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/29/2010

w/o sales charge	-0.18%	1.99%	2.78%	3.19%	-	3.70%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	-	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	-	3.63%
w/ sales charge	-1.17%	1.99%	2.78%	3.19%	-	3.70%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Credit Quality Distribution as of 08/31/2018 View Portfolio

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

Ratings provided by Standard & Poor’s, Moody’s, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating.Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non investment grade bonds (junk bonds) involve higher risks than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Daniel S. Solender, CFA

Partner & Director

31 Years of Industry Experience

Gregory M. Shuman, CFA

Portfolio Manager

8 Years of Industry Experience

Supported By 14 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 09/21/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.58%	2.30%

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

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.00%	1.71%

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

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/29/2010

w/o sales charge	0.37%	0.66%	2.80%	4.26%	-	3.69%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.23%	0.84%	2.71%	4.33%	-	-
Bloomberg Barclays Municipal Bond Index	0.25%	0.49%	2.71%	4.12%	-	3.62%
w/ sales charge	-0.62%	0.66%	2.80%	4.26%	-	3.69%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/29/2010

w/o sales charge	-0.18%	1.99%	2.78%	3.19%	-	3.70%
Lipper Category Avg. General & Insured Municipal Debt Funds	-0.14%	1.93%	2.86%	3.56%	-	-
Bloomberg Barclays Municipal Bond Index	-0.25%	1.56%	2.85%	3.53%	-	3.63%
w/ sales charge	-1.17%	1.99%	2.78%	3.19%	-	3.70%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

2017	5.93%	5.45%
2016	-0.31%	0.25%
2015	2.50%	3.30%
2014	11.32%	9.05%
2013	-7.36%	-2.55%
2012	11.68%	6.78%
2011	12.01%	10.70%
2010	-5.20%	2.38%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	-1.19%	1.02%	-	-	-0.47%
2017	1.56%	2.08%	1.38%	0.79%	5.93%
2016	1.85%	3.48%	-0.19%	-5.24%	-0.31%
2015	1.10%	-1.58%	1.25%	1.74%	2.50%
2014	4.14%	2.67%	2.38%	1.70%	11.32%
2013	0.32%	-5.07%	-2.28%	-0.46%	-7.36%
2012	4.16%	2.21%	3.34%	1.52%	11.68%
2011	0.38%	5.46%	3.66%	2.07%	12.01%
2010	-	-	-	-	-5.20%

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

Type	Assets
IDR/PCR
Healthcare/Hospital
Transportation
GO Local
Education
Special Tax
Lease
GO State
Water & Sewer
Power
VRDN
Housing
Pre-Refunded
Insured
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
PA
NY
TX
NJ
FL
OH
AL
GA
MD
VA
AZ
CT
MA
KY
NE
Puerto Rico
CO
WI
MI
LA
NC
DE
DC
IN
ME
OR
NH
NM
OK
MN
WV
MS
IA

Credit Quality Distribution as of 08/31/2018 View Portfolio

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

Portfolio Positioning as of 06/30/2018

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-year maturity range, while maintaining an overweight to longer maturity bonds.\
The portfolio continues to maintain an overweight to revenue bonds, specifically in the industrial development, health care, and education sectors, given their dedicated income streams and favorable return prospects.
The portfolio continues to maintain an overweight to lower rated investment grade bonds due to the incremental yield advantage and solid credit fundamentals.

Portfolio Details as of 08/31/2018

Total Net Assets: $189.02 M
Number of Issues: 319
Average Coupon: 5.0%
Average Effective Maturity: 18.0 Years
Average Effective Duration: 7.01 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 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

Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	1.5%
Frederick County General Obligation	5.000%	02/01/2030	1.0%
Long Beach Bond Finance Auth	5.500%	11/15/2037	1.0%
Norfolk Water	5.250%	11/01/2028	1.0%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.9%
Philadelphia General Obligation	5.000%	08/01/2036	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Inland Valley Development Agency	5.250%	09/01/2037	0.9%
Cook County General Obligation	5.250%	11/15/2024	0.9%
Illinois State General Obligation	5.000%	11/01/2028	0.9%

% of Total Assets			9.9%

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

Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	1.5%
Frederick County General Obligation	5.000%	02/01/2030	1.0%
Philadelphia General Obligation	5.000%	08/01/2036	1.0%
Long Beach Bond Finance Auth	5.500%	11/15/2037	1.0%
Norfolk Water	5.250%	11/01/2028	0.9%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.9%
Inland Valley Development Agency	5.250%	09/01/2037	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Cook County General Obligation	5.250%	11/15/2024	0.9%
Illinois State General Obligation	5.000%	11/01/2028	0.9%
New Jersey Econ Dev Auth	5.500%	06/15/2031	0.8%
Jefferson County Sewer	5.500%	10/01/2053	0.8%
Southern California Public Power Auth - Goldman Sachs	5.000%	11/01/2033	0.7%
Commonwealth Financing Authority	5.000%	06/01/2035	0.7%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	0.7%
Central Texas Turnpike	5.000%	08/15/2033	0.7%
Erie Co Indus Dev Auth - Buffalo City Sch Dist	5.000%	05/01/2026	0.7%
California Edl Facs Auth	5.000%	05/01/2045	0.7%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.7%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.7%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.7%
Cnty of Trimble, KY	3.750%	06/01/2033	0.7%
Central Plains Energy - Goldman Sachs	5.000%	09/01/2042	0.6%
Nassau Co Local Econ Assis - Catholic Hlth Svcs	5.000%	07/01/2034	0.6%
Delaware Econ Dev Auth	5.375%	10/01/2045	0.6%
Illinois, IL	6.000%	05/01/2026	0.6%
Univ of Connecticut	5.250%	11/15/2047	0.6%
Arlington, TX	5.000%	02/15/2048	0.6%
New York City Transitional Fin Auth	5.000%	02/01/2036	0.6%
Atlanta Airport	5.000%	01/01/2028	0.6%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.6%
Los Angeles Unified School District	5.000%	10/01/2025	0.6%
Paducah Electric Plant Bd	5.000%	10/01/2034	0.6%
Maryland Hlth & Hgr Ed Facs Auth	5.500%	01/01/2046	0.6%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
Dorm Auth of the St of New York	5.000%	12/01/2037	0.6%
Central Texas Turnpike Sys	5.000%	08/15/2037	0.6%
Massachusetts Dev Fin Agy	5.000%	07/01/2048	0.6%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.6%
New Jersey Econ Dev Auth	5.000%	06/15/2036	0.6%
Washington & Multnomah Cntys Sch Dist No 48J Beave	5.000%	06/15/2036	0.6%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.6%
Kendall Kane & Will Cos Unified School District	5.000%	02/01/2029	0.6%
Montgomery Cnty Indus Dev Auth, PA	5.375%	01/01/2050	0.6%
Chicago O'Hare International Airport	5.000%	01/01/2035	0.6%
Chicago, IL	5.500%	01/01/2037	0.6%
New York City Transitional Fin Auth	4.000%	08/01/2042	0.6%
California State General Obligation	5.500%	03/01/2040	0.6%
Houston, TX	5.000%	07/01/2048	0.6%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2025	0.6%
Luzerne Cnty, PA	5.000%	11/15/2029	0.6%
Massachusetts	4.000%	05/01/2048	0.5%
Pennsylvania	4.000%	03/01/2038	0.5%
Chicago, IL	5.000%	01/01/2034	0.5%
Martin Cnty Hlth Facs Auth, FL	5.500%	11/15/2032	0.5%
Illinois Fin Auth	4.000%	10/01/2049	0.5%
Illinois Fin Auth	6.125%	09/01/2039	0.5%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	0.5%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.5%
San Diego Cnty Regl Arpt Auth, CA	5.000%	07/01/2040	0.5%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.5%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.5%
Pennsylvania Higher Edl Facs Auth	5.000%	11/01/2030	0.5%
Dallas Fort Worth, TX	5.000%	11/01/2030	0.5%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.5%
Illinois Sports Facs Auth	5.000%	06/15/2028	0.5%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2031	0.5%
Chicago, IL	5.000%	11/01/2039	0.5%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.5%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.5%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.5%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.5%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.5%
Fulton Co Dev - GA State Univ Housing	5.000%	09/01/2032	0.5%
St of Alabama Docks Department	5.000%	10/01/2036	0.5%
New York State Urban Dev Corp.	5.000%	03/15/2033	0.4%
Dallas Fort Worth, TX	5.000%	11/01/2028	0.4%
Volusia County Educational Facility Authority	5.000%	10/15/2047	0.4%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.4%
Stockton Unif Sch Dist, CA	5.000%	07/01/2028	0.4%
Pennsylvania Tpk Comm	5.000%	12/01/2039	0.4%
Illinois Fin Auth	5.500%	04/01/2034	0.4%
Courtland Indus Dev Bd, AL	6.250%	11/01/2033	0.4%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.4%
CO Hlth Facs - Catholic Hlth	5.250%	02/01/2031	0.4%
MA Hlth & Ed - Catholic Health East	6.250%	11/15/2032	0.4%
Univ of North Carolina at Wilmington	5.000%	06/01/2037	0.4%
New York St Energy Rsch & Dev Auth	3.500%	10/01/2029	0.4%
County of Cook IL Sales Tax Revenue	4.000%	11/15/2034	0.4%
Connecticut	5.000%	01/01/2037	0.4%
Los Angeles, CA	5.000%	05/15/2035	0.4%
Jefferson Cnty, AL	0.000%	10/01/2026	0.4%
San Jose, CA	5.500%	05/01/2024	0.4%
Yosemite Community College District	0.000%	08/01/2042	0.4%
City of Atlanta, GA, Department of Aviation	5.250%	01/01/2030	0.4%
CT Hlth & Ed - Hartford Healthcare	5.000%	07/01/2032	0.4%
Philadelphia, PA	5.250%	07/15/2031	0.4%
Pub Fin Auth	5.000%	07/01/2044	0.4%
New York City	5.000%	08/01/2027	0.4%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2042	0.4%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.3%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2042	0.3%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2027	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.3%
Athens Clarke Cnty Unif Govt, GA	6.250%	11/15/2032	0.3%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.3%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.3%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.3%
Charlotte, NC	5.000%	07/01/2033	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Atlantic City Board of Education	6.000%	04/01/2034	0.3%
San Jose, CA	6.500%	05/01/2036	0.3%
Appling County Dev Auth - Georgia Power	1.590%	09/01/2041	0.3%
Cleveland, OH	5.000%	01/01/2030	0.3%
Yosemite Comnty Coll Dist, CA	5.000%	08/01/2029	0.3%
California	5.000%	09/01/2032	0.3%
California State Pub Wks Bd	5.000%	10/01/2028	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
Casitas Muni Wtr Dist	5.250%	09/01/2047	0.3%
Illinois, IL	5.000%	01/01/2033	0.3%
Maricopa Co - Southern Cal Edison	5.000%	06/01/2035	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2027	0.3%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2028	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
Chicago Brd of Ed	5.000%	12/01/2042	0.3%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	0.3%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.3%
Los Angeles Unif Sch Dist, CA	5.000%	07/01/2023	0.3%
Sonoma Marin Area Rail Transit Dist, CA	5.000%	03/01/2028	0.3%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2029	0.3%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2028	0.3%
New York City Mun Fin Auth	5.000%	06/15/2036	0.3%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.3%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.000%	09/01/2056	0.3%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.3%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2030	0.3%
DeKalb Co Hsp - Children's Healthcare	5.000%	11/15/2029	0.3%
Connecticut	5.000%	01/01/2038	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2030	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.500%	11/01/2035	0.3%
Town of Davie FL	5.000%	04/01/2048	0.3%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.3%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.3%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.3%
Florida	5.000%	07/01/2034	0.3%
NYC Cultural - Whitney Museum	5.250%	07/01/2026	0.3%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2028	0.3%
New York St Envr Facs Corp.	5.125%	06/15/2038	0.3%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.3%
Illinois, IL	4.000%	06/01/2034	0.3%
District of Columbia, DC	5.000%	06/01/2032	0.3%
NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	0.3%
Florida Hgr Edl Facs Fin Auth	6.375%	04/01/2031	0.3%
Delaware River Port Auth, PA	5.000%	01/01/2029	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.3%
San Antonio Airport System	5.000%	07/01/2026	0.3%
Franklin Cnty, OH	6.125%	07/01/2040	0.3%
Philadelphia, PA	5.250%	10/01/2052	0.3%
Harris County Toll Road Authority/The	4.000%	08/15/2048	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Chicago Brd of Ed	5.000%	12/01/2046	0.3%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.3%
Pub Fin Auth	4.050%	11/01/2030	0.3%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.3%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.3%
Illinois Fin Auth	5.000%	04/01/2021	0.3%
Delano-Earlimart Irrigation District	5.000%	02/01/2028	0.3%
Delaware Cnty Indus Dev Auth, PA	5.000%	07/01/2043	0.3%
Illinois Fin Auth	5.000%	04/01/2031	0.3%
New York City Indl Dev Agy	3.661%	03/01/2024	0.3%
Southwest Local School District/Hamilton County	4.000%	01/15/2055	0.3%
Pennsylvania St Pub Sch Bldg Auth	5.000%	04/01/2029	0.3%
New Jersey Econ Dev Auth	2.540%	03/01/2028	0.3%
MD Hlth & Higher Ed - Mercy Medical Center	6.250%	07/01/2031	0.3%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.3%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.3%
Illinois, IL	5.500%	07/01/2033	0.3%
District of Columbia, DC	5.000%	06/01/2041	0.3%
California	5.000%	08/01/2038	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
Delaware Econ Dev Auth	5.000%	10/01/2031	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2046	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
New York City	5.000%	12/01/2041	0.2%
Miami Dade Cnty, FL	5.000%	10/01/2034	0.2%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.2%
Miami Dade Cnty, FL	5.500%	10/01/2029	0.2%
New Jersey Transp Tr Fnd Auth	5.000%	06/15/2031	0.2%
California	5.375%	11/01/2035	0.2%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.2%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2031	0.2%
Puerto Rico	5.500%	07/01/2027	0.2%
Pittsburgh, PA	5.000%	09/01/2030	0.2%
Michigan Fin Auth	5.000%	07/01/2034	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
New York City Transitional Fin Auth	1.600%	11/01/2022	0.2%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.2%
Hudson Yards Infrastr Corp., NY	5.750%	02/15/2047	0.2%
ABAG Fin Auth For Nonprofit Corps, CA	5.000%	08/01/2028	0.2%
Build NYC Resource Corp., NY	5.000%	06/01/2034	0.2%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2039	0.2%
New Jersey Transp Tr Fnd Auth	5.750%	12/15/2031	0.2%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.2%
Love Field Airport - Southwest Airlines	5.250%	11/01/2040	0.2%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.2%
New York City Transitional Fin Auth	5.000%	07/15/2035	0.2%
ABAG Fin Auth For Nonprofit Corps, CA	5.000%	08/01/2027	0.2%
New Jersey Econ Dev Auth	5.000%	06/15/2042	0.2%
Philadelphia, PA	5.000%	07/01/2028	0.2%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.2%
Chicago, IL	5.625%	01/01/2030	0.2%
Colorado Hlth Facs Auth	5.000%	10/01/2032	0.2%
San Jose, CA	5.500%	05/01/2026	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Volusia County Educational Facility Authority	5.000%	10/15/2042	0.2%
Clifton Hgr Ed Fin Corp., TX	5.000%	08/15/2042	0.2%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.2%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.2%
Philadelphia, PA	5.000%	08/01/2029	0.2%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.2%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
Connecticut	5.000%	06/15/2032	0.1%
Puerto Rico Elec Pwr Auth	4.250%	07/01/2027	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
North Texas Tollway Auth	5.000%	01/01/2031	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2042	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.1%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.1%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
Dorm Auth of the St of New York	5.000%	05/01/2029	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2027	0.1%
Essex Cnty Imp Auth, NJ	6.250%	11/01/2030	0.1%
Warren Cnty, MS	6.500%	09/01/2032	0.1%
North Sumter Cnty Util Dependent Dist, FL	5.375%	10/01/2030	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2034	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Illinois Fin Auth	5.000%	09/01/2034	0.1%
Chicago, IL	5.250%	01/01/2027	0.1%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.1%
Buckeye OH Tobacco Settlement Fin Auth	5.875%	06/01/2047	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
Pennsylvania	4.000%	07/01/2046	0.1%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2027	0.1%
Chicago, IL	5.500%	01/01/2035	0.1%
Hudson Co Improvement Auth - Solid Waste	5.750%	01/01/2035	0.1%
Salt Verde Financial Corp.	5.000%	12/01/2032	0.1%
Illinois Fin Auth	5.000%	02/15/2047	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Connecticut	4.000%	06/15/2037	0.1%
Chicago	5.625%	01/01/2035	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Pennsylvania St Pub Sch Bldg Auth	5.000%	04/01/2031	0.1%
Hempstead Town Local Dev Corp., NY	5.000%	10/01/2034	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2027	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2036	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Arlington Higher Ed Fin Corp., TX	7.650%	08/15/2040	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
Colorado Hlth Facs Auth	6.125%	10/01/2028	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2033	0.1%
California Muni Fin Auth	5.000%	04/01/2041	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2032	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2028	0.1%
Gainesville, FL	5.250%	10/01/2034	0.1%
Selma Indus Dev Bd, AL	5.800%	05/01/2034	0.1%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	0.1%
Puerto Rico Pub Bldgs Auth	5.000%	07/01/2036	0.1%
Cumberland Cnty Muni Auth, PA	5.400%	01/01/2022	0.1%
Puerto Rico	4.750%	07/01/2018	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2029	0.1%
Cumberland Cnty Muni Auth, PA	5.250%	01/01/2021	0.1%
Houston Hgr Ed Fin Corp., TX	6.875%	05/15/2041	0.1%
California	6.500%	04/01/2033	0.1%
Pennsylvania	5.000%	07/01/2043	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
New York Liberty Dev Corp.	7.250%	11/15/2044	0.1%
Westchester Cnty Hlthcare Corp., NY	6.000%	11/01/2030	0.1%
California Statewide Comntys Dev Auth	6.625%	11/15/2024	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
California Muni Fin Auth	5.250%	08/15/2039	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2037	0.1%
Warren Cnty, MS	5.800%	05/01/2034	0.1%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2032	0.1%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2037	0.1%
Dorm Auth of the St of New York	4.000%	08/01/2038	0.0%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Puerto Rico Hwy & Transp Auth	4.000%	07/01/2017	0.0%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	0.0%
Westchester Cnty Hlthcare Corp., NY	6.125%	11/01/2037	0.0%
California State Public Works Board	6.625%	11/01/2034	0.0%
Montgomery Cnty Hgr Ed & Hlth Auth, PA	6.250%	11/15/2034	0.0%
Cumberland Cnty Muni Auth, PA	6.250%	01/01/2024	0.0%
Dorm Auth of the St of New York	5.000%	05/01/2029	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/21/2018: $0.266
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	08/31/2018	$0.03379	$15.89
Daily	Daily	07/31/2018	$0.03354	$15.87
Daily	Daily	06/30/2018	$0.03402	$15.87
Daily	Daily	05/31/2018	$0.03285	$15.88
Daily	Daily	04/30/2018	$0.03348	$15.71
Daily	Daily	03/31/2018	$0.03090	$15.81
Daily	Daily	02/28/2018	$0.03475	$15.75
Daily	Daily	01/31/2018	$0.03307	$15.88

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

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

Fees & Expenses

Expense Ratioas of 08/31/2018

Fund Gross Expense Ratio	Fund Net Expense Ratio
1.51%	1.23%

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 01/31/2019. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower. In addition, 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

Download fund documents & literature, create email subscriptions, and place direct mail order

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

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IMPORTANT INFORMATION

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 Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

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 likely 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 the securities. 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. The Fund does not invest in any AMT triggering private activity bonds. Although the fund seeks income that is federally tax-free, a portion of the Fund's distribution may be subject to federal, state, and local taxes. 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, commonwealths, 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.

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 AMT Free Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation, including the alternative minimum tax, by investing primarily in municipal bonds.

Yield

Dividend Yield 1 as of 09/21/2018

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

Fund Basicsas of 08/31/2018

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

RELATED CONTENT

Credit Quality Distribution as of 08/31/2018 View Portfolio

Investment Team

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Performance

Performance

Dividend Yield 1 as of 09/21/2018

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

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Fund Expense Ratio :

Gross 1.51%

Net 1.23%

Register For a LordAbbett.com Account
Using Your Email Address.

Dividend Yield ¹ as of 09/21/2018

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

Dividend Yield ¹ as of 09/21/2018

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