AMT Free Municipal Bond Fund

LATCX

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Daily price w/o sales charge as of 02/15/2019

$15.85

$0.01

YTD Returns w/o sales charge as of 02/15/2019

1.05%

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 02/15/2019

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.63%	2.35%

30-Day Standardized Yield ² as of 01/31/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.14%	1.87%

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

Fund Basicsas of 12/31/2018

Total Net Assets: $189.01 M
Inception Date: 10/29/2010
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.51%
Fund Net Expense Ratio: 1.23%
Number of Holdings: 306
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	0.60%	2.10%	1.75%	3.54%	-	3.57%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.63%	2.37%	1.94%	3.52%	-	-
Bloomberg Barclays Municipal Bond Index	0.76%	3.26%	2.15%	3.58%	-	3.66%
w/ sales charge	-0.40%	2.10%	1.75%	3.54%	-	3.57%

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	0.31%	0.31%	1.94%	3.86%	-	3.53%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.68%	0.68%	2.05%	3.86%	-	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	-	3.60%

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 12/31/2018 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

32 Years of Industry Experience

Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 12 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 02/15/2019

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.63%	2.35%

30-Day Standardized Yield ² as of 01/31/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.14%	1.87%

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	0.60%	2.10%	1.75%	3.54%	-	3.57%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.63%	2.37%	1.94%	3.52%	-	-
Bloomberg Barclays Municipal Bond Index	0.76%	3.26%	2.15%	3.58%	-	3.66%
w/ sales charge	-0.40%	2.10%	1.75%	3.54%	-	3.57%

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	0.31%	0.31%	1.94%	3.86%	-	3.53%
Lipper Category Avg. General & Insured Municipal Debt Funds	0.68%	0.68%	2.05%	3.86%	-	-
Bloomberg Barclays Municipal Bond Index	1.28%	1.28%	2.30%	3.82%	-	3.60%

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

2018	0.31%	1.28%
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

2019	-	-	-	-	1.05%
2018	-1.19%	1.02%	-0.18%	0.67%	0.31%
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
Transportation
Healthcare/Hospital
IDR/PCR
GO Local
Special Tax
Education
Lease
Water & Sewer
GO State
Power
VRDN
Housing
Pre-Refunded
Insured

The Fund's portfolio is actively managed and is subject to change.

Maturity	Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

The Fund's portfolio is actively managed and is subject to change.

State	Assets
CA
IL
NY
PA
TX
NJ
AL
OH
FL
GA
NC
VA
MA
CT
MD
KY
AZ
WI
Puerto Rico
CO
OK
LA
MN
NH
DC
NE
IN
ME
MT
MI
OR
WV
TN
IA
MS

Credit Quality Distribution as of 12/31/2018 View Portfolio

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

Portfolio Positioning as of 09/30/2018

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 and health care 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 12/31/2018

Total Net Assets: $189.01 M
Number of Issues: 306
Average Coupon: 4.9%
Average Effective Maturity: 18.4 Years
Average Effective Duration: 7.57 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	1.4%
Port Auth of New York & New Jersey	4.000%	09/01/2043	1.1%
Chicago, IL	5.500%	01/01/2037	1.0%
Hampton Roads Transportation Comm	5.500%	07/01/2057	1.0%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.9%
Inland Valley Development Agency	5.250%	09/01/2037	0.9%
Cook County General Obligation	5.250%	11/15/2024	0.9%
NJ Eco Dev Auth - School Facilities	5.500%	06/15/2031	0.8%

% of Total Assets			9.8%

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	1.4%
Port Auth of New York & New Jersey	4.000%	09/01/2043	1.1%
Chicago, IL	5.500%	01/01/2037	1.0%
Hampton Roads Transportation Comm	5.500%	07/01/2057	1.0%
Lower Alabama Gas District - Goldman Sachs	5.000%	09/01/2046	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.9%
Inland Valley Development Agency	5.250%	09/01/2037	0.9%
Cook County General Obligation	5.250%	11/15/2024	0.9%
NJ Eco Dev Auth - School Facilities	5.500%	06/15/2031	0.8%
Jefferson County Sewer	5.500%	10/01/2053	0.8%
Texas Water Development Board	4.000%	10/15/2037	0.8%
New Hampshire Bus Fin Auth	4.625%	11/01/2042	0.8%
Commonwealth Financing Authority	5.000%	06/01/2035	0.7%
Southern California Public Power Auth - Goldman Sachs	5.000%	11/01/2033	0.7%
North Carolina Turnpike Auth	4.000%	01/01/2037	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%
Cnty of Trimble, KY	3.750%	06/01/2033	0.7%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.7%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.7%
Philadelphia, PA	5.250%	10/01/2052	0.6%
Nassau Co Local Econ Assis - Catholic Hlth Svcs	5.000%	07/01/2034	0.6%
Norfolk Water	5.250%	11/01/2028	0.6%
Atlanta Airport	5.000%	01/01/2028	0.6%
Illinois, IL	6.000%	05/01/2026	0.6%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.6%
Maryland Hlth & Hgr Ed Facs Auth	5.500%	01/01/2046	0.6%
Clifton Hgr Ed Fin Corp., TX	6.125%	08/15/2048	0.6%
Univ of Connecticut	5.250%	11/15/2047	0.6%
New York City Transitional Fin Auth	5.000%	02/01/2036	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%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.6%
Chicago	5.000%	01/01/2048	0.6%
Duluth Econ Dev Auth, MN	5.250%	02/15/2053	0.6%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.6%
Dorm Auth of the St of New York	5.000%	12/01/2037	0.6%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.6%
Chicago O'Hare International Airport	5.000%	01/01/2035	0.6%
Montgomery Cnty Indus Dev Auth, PA	5.375%	01/01/2050	0.6%
Central Texas Turnpike Sys	5.000%	08/15/2037	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	0.6%
Yosemite Community College District	0.000%	08/01/2042	0.6%
Kendall Kane & Will Cos Unified School District	5.000%	02/01/2029	0.6%
New Jersey Econ Dev Auth	5.000%	06/15/2036	0.6%
Luzerne Cnty, PA	5.000%	11/15/2029	0.6%
New York City Transitional Fin Auth	4.000%	08/01/2042	0.6%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2025	0.5%
Chicago, IL	5.000%	01/01/2034	0.5%
Washington & Multnomah Cntys Sch Dist No 48J Beave	5.000%	06/15/2036	0.5%
Chicago, IL	4.000%	01/01/2034	0.5%
Massachusetts Sch Bldg Auth	4.000%	02/15/2043	0.5%
New York City Transitional Fin Auth	4.000%	05/01/2044	0.5%
California State General Obligation	5.500%	03/01/2040	0.5%
Massachusetts	4.000%	05/01/2048	0.5%
Oklahoma Tpk Auth	4.000%	01/01/2048	0.5%
Illinois Fin Auth	4.000%	10/01/2049	0.5%
Martin Cnty Hlth Facs Auth, FL	5.500%	11/15/2032	0.5%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2031	0.5%
North Carolina Turnpike Auth	4.000%	01/01/2038	0.5%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.5%
San Diego Cnty Regl Arpt Auth, CA	5.000%	07/01/2040	0.5%
New York City Transitional Fin Auth	1.570%	08/01/2031	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.5%
Illinois Fin Auth	6.125%	09/01/2039	0.5%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.5%
Tobacco Settlement Fing Corp.	5.250%	06/01/2046	0.5%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.5%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.5%
Pennsylvania Higher Edl Facs Auth	5.000%	11/01/2030	0.5%
Illinois Sports Facs Auth	5.000%	06/15/2028	0.5%
Dallas Fort Worth, TX	5.000%	11/01/2030	0.5%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.5%
Chicago, IL	5.000%	11/01/2039	0.5%
Delaware River Port Auth, PA	5.000%	01/01/2034	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%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.5%
Pub Fin Auth	5.250%	10/01/2038	0.5%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.5%
St of Alabama Docks Department	5.000%	10/01/2036	0.4%
Stockton Unif Sch Dist, CA	5.000%	07/01/2028	0.4%
Fulton Co Dev - GA State Univ Housing	5.000%	09/01/2032	0.4%
New York State Urban Dev Corp.	5.000%	03/15/2033	0.4%
California Hlth Facs Fing Auth	5.250%	08/15/2031	0.4%
Pennsylvania Tpk Comm	5.000%	12/01/2039	0.4%
Illinois Fin Auth	5.500%	04/01/2034	0.4%
New York St Energy Rsch & Dev Auth	3.500%	10/01/2029	0.4%
CO Hlth Facs - Catholic Hlth	5.250%	02/01/2031	0.4%
Courtland Indus Dev Bd, AL	6.250%	11/01/2033	0.4%
Univ of North Carolina at Wilmington	5.000%	06/01/2037	0.4%
New York City Mun Fin Auth	1.500%	06/15/2032	0.4%
Connecticut	5.000%	01/01/2037	0.4%
County of Cook IL Sales Tax Revenue	4.000%	11/15/2034	0.4%
MA Hlth & Ed - Catholic Health East	6.250%	11/15/2032	0.4%
New Jersey Transp Tr Fnd Auth	5.000%	12/15/2035	0.4%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2042	0.4%
Jefferson Cnty, AL	0.000%	10/01/2026	0.4%
Lucas Cnty, OH	5.250%	11/15/2048	0.4%
West Virginia Parkways Authority	4.000%	06/01/2047	0.4%
Los Angeles, CA	5.000%	05/15/2035	0.4%
New Jersey Econ Dev Auth	5.000%	06/15/2043	0.4%
San Jose, CA	5.500%	05/01/2024	0.4%
Illinois, IL	4.000%	06/01/2034	0.4%
CT Hlth & Ed - Hartford Healthcare	5.000%	07/01/2032	0.4%
City of Atlanta, GA, Department of Aviation	5.250%	01/01/2030	0.4%
Philadelphia, PA	5.250%	07/15/2031	0.4%
Maine Hlth & Hgr Edl Facs Auth	6.000%	07/01/2026	0.4%
Pub Fin Auth	5.000%	07/01/2044	0.4%
Philadelphia General Obligation	5.000%	08/01/2036	0.4%
Minneapolis St Paul Metro Arpts Comm, MN	5.000%	01/01/2027	0.3%
New York City	5.000%	08/01/2027	0.3%
New York City Mun Fin Auth	1.620%	06/15/2045	0.3%
New York City Transitional Fin Auth	5.000%	07/15/2035	0.3%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.3%
Montana Facility Finance Authority	5.000%	07/01/2048	0.3%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.3%
Charlotte, NC	5.000%	07/01/2033	0.3%
Cleveland, OH	5.000%	01/01/2030	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%
Atlantic City Board of Education	6.000%	04/01/2034	0.3%
New Jersey Econ Dev Auth	5.000%	06/15/2047	0.3%
Illinois, IL	5.000%	01/01/2033	0.3%
Yosemite Comnty Coll Dist, CA	5.000%	08/01/2029	0.3%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2028	0.3%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2046	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
San Jose, CA	6.500%	05/01/2036	0.3%
Casitas Muni Wtr Dist	5.250%	09/01/2047	0.3%
Dorm Auth of the St of New York	5.000%	08/01/2034	0.3%
California State Pub Wks Bd	5.000%	10/01/2028	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2027	0.3%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2057	0.3%
Omaha Pub Pwr Dist	5.250%	02/01/2042	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%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2028	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.000%	09/01/2056	0.3%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
Sonoma Marin Area Rail Transit Dist, CA	5.000%	03/01/2028	0.3%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.3%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2029	0.3%
New York City Mun Fin Auth	5.000%	06/15/2036	0.3%
Puerto Rico	5.500%	07/01/2027	0.3%
North Texas Tollway Auth	5.000%	01/01/2048	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2030	0.3%
Shelby Cnty Hlth Edl & Hsg Facs Bd	1.630%	06/01/2042	0.3%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.3%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2028	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
DeKalb Co Hsp - Children's Healthcare	5.000%	11/15/2029	0.3%
Florida	5.000%	07/01/2034	0.3%
NYC Cultural - Whitney Museum	5.250%	07/01/2026	0.3%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.500%	11/01/2035	0.3%
Antelope Valley Hlthcare Dist	5.000%	03/01/2046	0.3%
Indianapolis Local Pub Impt Bnd Bank	5.000%	02/01/2031	0.3%
Delaware River Port Auth, PA	5.000%	01/01/2029	0.3%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.3%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2033	0.3%
District of Columbia, DC	5.000%	06/01/2032	0.3%
San Antonio Airport System	5.000%	07/01/2026	0.3%
New York St Envr Facs Corp.	5.125%	06/15/2038	0.3%
Franklin Cnty, OH	6.125%	07/01/2040	0.3%
Chicago, IL	5.000%	01/01/2034	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%
Florida Hgr Edl Facs Fin Auth	6.375%	04/01/2031	0.3%
NY Liberty Dev Corp - 3 World Trade Ctr	5.000%	11/15/2044	0.3%
Harris County Toll Road Authority/The	4.000%	08/15/2048	0.3%
Delaware Cnty Indus Dev Auth, PA	5.000%	07/01/2043	0.3%
Southwest Local School District/Hamilton County	4.000%	01/15/2055	0.3%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.3%
Illinois Fin Auth	5.000%	04/01/2021	0.3%
Illinois Fin Auth	5.000%	04/01/2031	0.3%
Pub Fin Auth	4.050%	11/01/2030	0.3%
New York City Transitional Fin Auth	1.570%	11/01/2022	0.3%
Chicago Brd of Ed	5.000%	12/01/2046	0.3%
Delano-Earlimart Irrigation District	5.000%	02/01/2028	0.3%
New York City Indl Dev Agy	3.037%	03/01/2024	0.3%
Pennsylvania St Pub Sch Bldg Auth	5.000%	04/01/2029	0.3%
MD Hlth & Higher Ed - Mercy Medical Center	6.250%	07/01/2031	0.3%
New Jersey Econ Dev Auth	3.310%	03/01/2028	0.3%
Illinois, IL	5.500%	07/01/2033	0.3%
NYS Tobacco Settlement Corp	5.000%	06/01/2048	0.3%
District of Columbia, DC	5.000%	06/01/2041	0.2%
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%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2046	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.2%
Philadelphia Sch Dist, PA	5.000%	09/01/2037	0.2%
Maine Hlth & Hgr Edl Facs Auth	6.750%	07/01/2036	0.2%
Montana Facility Finance Authority	5.000%	07/01/2043	0.2%
Michigan Fin Auth	5.000%	07/01/2034	0.2%
California	5.375%	11/01/2035	0.2%
Pittsburgh, PA	5.000%	09/01/2030	0.2%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	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%
Brooklyn Arena Local Dev Corp.	0.000%	07/15/2035	0.2%
Toledo-Lucas Cnty Port Auth, OH	5.000%	07/01/2039	0.2%
Build NYC Resource Corp., NY	5.000%	06/01/2034	0.2%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.2%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	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%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.2%
Chicago, IL	5.625%	01/01/2030	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.2%
Colorado Hlth Facs Auth	5.000%	10/01/2032	0.2%
San Jose, CA	5.500%	05/01/2026	0.2%
Clifton Hgr Ed Fin Corp., TX	5.000%	08/15/2042	0.2%
Philadelphia, PA	5.000%	08/01/2029	0.2%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.2%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.2%
Puerto Rico Elec Pwr Auth	4.250%	07/01/2027	0.2%
North Texas Tollway Auth	5.000%	01/01/2031	0.1%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.1%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2027	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
Connecticut	5.000%	06/15/2032	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.1%
Phoenix Indus Dev Auth, AZ	5.000%	07/01/2042	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
Martin Cnty Hosp Dist	7.250%	04/01/2036	0.1%
Metropolitan Washington Arpts Auth, DC	5.000%	10/01/2035	0.1%
California Sch Fin Auth	5.000%	08/01/2048	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.1%
Illinois Fin Auth	5.000%	09/01/2034	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2027	0.1%
Dorm Auth of the St of New York	5.000%	05/01/2029	0.1%
Essex Cnty Imp Auth, NJ	6.250%	11/01/2030	0.1%
Dorm Auth of the St of New York	5.000%	07/01/2034	0.1%
North Sumter Cnty Util Dependent Dist, FL	5.375%	10/01/2030	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Apache County Indus Dev Auth - Tucson Electric	4.500%	03/01/2030	0.1%
Chicago, IL	5.500%	01/01/2035	0.1%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.1%
Puerto Rico Aqueduct & Swr Auth	5.750%	07/01/2037	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%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	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%
Columbia Industrial Dev Board - Alabama Power	1.620%	12/01/2037	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Hempstead Town Local Dev Corp., NY	5.000%	10/01/2034	0.1%
Pennsylvania St Pub Sch Bldg Auth	5.000%	04/01/2031	0.1%
Puerto Rico	4.750%	07/01/2018	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2027	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2033	0.1%
Arlington Higher Ed Fin Corp., TX	7.650%	08/15/2040	0.1%
Colorado Hlth Facs Auth	6.125%	10/01/2028	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2028	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2032	0.1%
Gainesville, FL	5.250%	10/01/2034	0.1%
Selma Indus Dev Bd, AL	5.800%	05/01/2034	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%
Genesis Hlthcare Sys, OH	5.000%	02/15/2044	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%
Pennsylvania	5.000%	07/01/2043	0.1%
Houston Hgr Ed Fin Corp., TX	6.875%	05/15/2041	0.1%
California	6.500%	04/01/2033	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Westchester Cnty Hlthcare Corp., NY	6.000%	11/01/2030	0.1%
New York Liberty Dev Corp.	7.250%	11/15/2044	0.1%
Grand River Hospital District	5.250%	12/01/2034	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2033	0.1%
Grand River Hospital District	5.250%	12/01/2035	0.1%
California Statewide Comntys Dev Auth	6.625%	11/15/2024	0.1%
Dorm Auth of the St of New York	5.000%	08/01/2035	0.1%
Grand River Hospital District	5.250%	12/01/2037	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
Chicago Brd of Ed	6.500%	12/01/2046	0.1%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2037	0.1%
California Muni Fin Auth	5.250%	08/15/2039	0.1%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.1%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2032	0.1%
Warren Cnty, MS	5.800%	05/01/2034	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 Hwy & Transp Auth	4.000%	07/01/2017	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Westchester Cnty Hlthcare Corp., NY	6.125%	11/01/2037	0.0%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2052	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%
Dorm Auth of the St of New York	5.000%	05/01/2029	0.0%
US 20YR Treasury Future Mar 2019	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 02/15/2019: $0.034
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	01/31/2019	$0.03469	$15.80

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	02/28/2019
Daily	Daily	03/31/2019
Daily	Daily	04/30/2019
Daily	Daily	05/31/2019
Daily	Daily	06/30/2019
Daily	Daily	07/31/2019
Daily	Daily	08/31/2019
Daily	Daily	09/30/2019
Daily	Daily	10/31/2019
Daily	Daily	11/30/2019
Daily	Daily	12/31/2019

Fees & Expenses

Expense Ratioas of 01/31/2019

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

Expense ratio details, Click here.

The net expense ratio takes into account a voluntary fee waiver that Lord Abbett may discontinue at any time. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such waivers, 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

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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 02/15/2019

30-Day Standardized Yield 2 as of 01/31/2019

Fund Basicsas of 12/31/2018

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 12/31/2018 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 02/15/2019

30-Day Standardized Yield 2 as of 01/31/2019

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%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 12/31/2018 View Portfolio

Portfolio Positioning as of 09/30/2018

Portfolio Details as of 12/31/2018

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Dividend Yield ¹ as of 02/15/2019

30-Day Standardized Yield ² as of 01/31/2019

Dividend Yield ¹ as of 02/15/2019

30-Day Standardized Yield ² as of 01/31/2019