AMT Free Municipal Bond Fund

LATCX

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

$15.74

$0.00

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

-1.30%

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 05/18/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.55%	2.27%

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

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.07%	1.79%

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

Fund Basicsas of 04/30/2018

Total Net Assets: $196.53 M
Inception Date: 10/29/2010
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.51%
Fund Net Expense Ratio: 1.23%
Number of Holdings: 330
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	-1.60%	1.77%	1.99%	1.59%	-	3.59%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.28%	1.96%	2.25%	2.24%	-	-
Bloomberg Barclays Municipal Bond Index	-1.46%	1.56%	2.31%	2.44%	-	3.55%
w/ sales charge	-2.58%	1.77%	1.99%	1.59%	-	3.59%

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	-1.19%	3.07%	1.89%	1.92%	-	3.69%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.01%	2.92%	2.13%	2.53%	-	-
Bloomberg Barclays Municipal Bond Index	-1.11%	2.66%	2.25%	2.73%	-	3.64%
w/ sales charge	-2.17%	3.07%	1.89%	1.92%	-	3.69%

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 04/30/2018 View Portfolio

Rating	Assets
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 05/18/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.55%	2.27%

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

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	2.07%	1.79%

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	-1.60%	1.77%	1.99%	1.59%	-	3.59%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.28%	1.96%	2.25%	2.24%	-	-
Bloomberg Barclays Municipal Bond Index	-1.46%	1.56%	2.31%	2.44%	-	3.55%
w/ sales charge	-2.58%	1.77%	1.99%	1.59%	-	3.59%

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	-1.19%	3.07%	1.89%	1.92%	-	3.69%
Lipper Category Avg. General & Insured Municipal Debt Funds	-1.01%	2.92%	2.13%	2.53%	-	-
Bloomberg Barclays Municipal Bond Index	-1.11%	2.66%	2.25%	2.73%	-	3.64%
w/ sales charge	-2.17%	3.07%	1.89%	1.92%	-	3.69%

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%	-	-	-	-1.28%
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
IDR/PCR
Healthcare/Hospital
GO Local
Education
Special Tax
Lease
GO State
Water & Sewer
Power
Pre-Refunded
Housing
VRDN
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
MD
FL
GA
AL
OH
VA
MA
CT
KY
CO
AZ
NE
MI
DC
NC
Puerto Rico
DE
OK
WI
LA
IN
ME
MO
OR
MN
MS
IA

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

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

Portfolio Positioning as of 03/31/2018

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 10-year maturity range, while maintaining an overweight to longer maturity bonds.
The portfolio continues to maintain an overweight 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 04/30/2018

Total Net Assets: $196.53 M
Number of Issues: 330
Average Coupon: 5.0%
Average Effective Maturity: 18.1 Years
Average Effective Duration: 7.11 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

Illinois State General Obligation	5.000%	11/01/2028	1.3%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	1.0%
Frederick County General Obligation	5.000%	02/01/2030	0.9%
Philadelphia General Obligation	5.000%	08/01/2036	0.9%
Norfolk Water	5.250%	11/01/2028	0.9%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.9%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Cook County General Obligation	5.250%	11/15/2024	0.8%
Inland Valley Development Agency	5.250%	09/01/2037	0.8%

% of Total Assets			9.3%

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

Illinois State General Obligation	5.000%	11/01/2028	1.9%
Salt Verde Fin Corp - Citigroup	5.000%	12/01/2037	1.0%
Frederick County General Obligation	5.000%	02/01/2030	0.9%
Philadelphia General Obligation	5.000%	08/01/2036	0.9%
Norfolk Water	5.250%	11/01/2028	0.9%
Hampton Roads Transportation Comm	5.500%	07/01/2057	0.9%
Long Beach Bond Finance Auth	5.500%	11/15/2037	0.9%
City of Chicago General Obligation	6.000%	01/01/2038	0.9%
Inland Valley Development Agency	5.250%	09/01/2037	0.8%
Cook County General Obligation	5.250%	11/15/2024	0.8%
New Jersey Econ Dev Auth	5.500%	06/15/2031	0.7%
Jefferson County Sewer	5.500%	10/01/2053	0.7%
Hempstead Local Dev Corp - Hofstra University	5.000%	07/01/2047	0.7%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	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%
Central Texas Turnpike	5.000%	08/15/2033	0.7%
Phenix City Indus Dev Bd	3.625%	05/15/2030	0.7%
Connecticut Special Tax - Transportation Infrastructure	5.000%	08/01/2034	0.6%
Cnty of Trimble, KY	3.750%	06/01/2033	0.6%
Golden St. Tobacco Securitization Corp	5.125%	06/01/2047	0.6%
Nassau Co Local Econ Assis - Catholic Hlth Svcs	5.000%	07/01/2034	0.6%
Central Plains Energy Pj	5.000%	09/01/2042	0.6%
Delaware Econ Dev Auth	5.375%	10/01/2045	0.6%
Georgia Private College & Univ Auth	5.000%	04/01/2044	0.6%
Los Angeles Unified School District	5.000%	10/01/2025	0.6%
Univ of Connecticut	5.250%	11/15/2047	0.6%
Pennsylvania Tpk Comm	5.000%	06/01/2029	0.6%
Atlanta Airport	5.000%	01/01/2028	0.6%
Philadelphia, PA	5.000%	07/01/2047	0.6%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.6%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2026	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%
New York City Transitional Fin Auth	5.000%	02/01/2036	0.6%
Kansas City, MO	5.000%	04/01/2040	0.6%
Arlington, TX	5.000%	02/15/2048	0.6%
Commonwealth Financing Authority	5.000%	06/01/2035	0.6%
Montgomery Co Ind Dev Auth - Jefferson Health	5.000%	10/01/2027	0.6%
Kentucky Mun Pwr Agy	5.000%	09/01/2036	0.6%
Maryland Hlth & Hgr Ed Facs Auth	5.000%	07/01/2038	0.6%
Montgomery Cnty Indus Dev Auth, PA	5.375%	01/01/2050	0.5%
Dorm Auth of the St of New York	5.000%	12/01/2037	0.5%
Chicago O'Hare International Airport	5.000%	01/01/2035	0.5%
Central Texas Turnpike Sys	5.000%	08/15/2037	0.5%
Maryland Stadium Authority	5.000%	05/01/2047	0.5%
Southern California Public Power Auth - Goldman Sachs	5.000%	11/01/2033	0.5%
Regl Transp Dist	6.000%	01/15/2034	0.5%
Kendall Kane & Will Cos Unified School District	5.000%	02/01/2029	0.5%
San Diego Public Facilities Financing Auth	5.125%	09/01/2030	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2025	0.5%
Luzerne Cnty, PA	5.000%	11/15/2029	0.5%
Chicago, IL	5.500%	01/01/2037	0.5%
Houston, TX	5.000%	07/01/2048	0.5%
Louisiana Local Govt Envr Facs Comnty Dev Auth	3.500%	11/01/2032	0.5%
California State General Obligation	5.500%	03/01/2040	0.5%
New York City Transitional Fin Auth	4.000%	08/01/2042	0.5%
Martin Cnty Hlth Facs Auth, FL	5.500%	11/15/2032	0.5%
Long Beach Bnd Fin Auth	5.500%	11/15/2030	0.5%
Illinois, IL	5.000%	01/01/2035	0.5%
Illinois Fin Auth	4.000%	10/01/2049	0.5%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2028	0.5%
Chicago, IL	5.000%	01/01/2034	0.5%
Washington & Multnomah Cntys Sch Dist No 48J Beave	0.000%	06/15/2036	0.5%
Metropolitan Pier & Exposition Auth, IL	5.000%	06/15/2053	0.5%
San Diego Cnty Regl Arpt Auth, CA	5.000%	07/01/2040	0.5%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.5%
Illinois Fin Auth	6.125%	09/01/2039	0.5%
Buckeye Tobacco Settlement Fin Auth	5.750%	06/01/2034	0.5%
Burke Cnty Dev Auth, GA	3.000%	11/01/2045	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%
New York City Transitional Fin Auth	1.830%	11/01/2022	0.5%
Illinois Sports Facs Auth	5.000%	06/15/2028	0.5%
Chicago, IL	5.000%	11/01/2039	0.5%
Cnty of Cuyahoga, OH	5.500%	02/15/2052	0.5%
New Jersey Transportation Trust Fund	6.000%	06/15/2035	0.4%
Delaware River Port Auth, PA	5.000%	01/01/2034	0.4%
Oklahoma Dev Fin Auth	5.500%	08/15/2057	0.4%
Wisconsin Hlth & Edl Facs Auth	5.375%	02/01/2048	0.4%
St of Alabama Docks Department	5.000%	10/01/2036	0.4%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	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%
Illinois Fin Auth	5.500%	04/01/2034	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%
Courtland Indus Dev Bd, AL	6.250%	11/01/2033	0.4%
Pennsylvania Tpk Comm	5.000%	12/01/2039	0.4%
NJ Tobacco Settlement Fin Corp	5.000%	06/01/2041	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%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	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%
CO Hlth Facs - Catholic Hlth	5.250%	02/01/2031	0.4%
Cook Cnty, IL	4.000%	11/15/2034	0.4%
Connecticut	5.000%	01/01/2037	0.4%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2031	0.4%
Los Angeles, CA	5.000%	05/15/2035	0.4%
Morgan St Univ, MD	5.000%	07/01/2027	0.4%
San Jose, CA	5.500%	05/01/2024	0.4%
Jefferson Cnty, AL	0.000%	10/01/2026	0.4%
Yosemite Community College District	0.000%	08/01/2042	0.4%
Michigan Tobacco Settlement Fin Auth	5.125%	06/01/2022	0.4%
City of Atlanta, GA, Department of Aviation	5.250%	01/01/2030	0.3%
Baltimore Mayor & City Council, MD	5.000%	07/01/2033	0.3%
CT Hlth & Ed - Hartford Healthcare	5.000%	07/01/2032	0.3%
Philadelphia, PA	5.250%	07/15/2031	0.3%
Massachusetts Dev Fin Agy	5.000%	10/01/2034	0.3%
Oklahoma Dev Fin Auth	5.500%	08/15/2052	0.3%
District of Columbia, DC	4.000%	06/01/2037	0.3%
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%
Athens Clarke Cnty Unif Govt, GA	6.250%	11/15/2032	0.3%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2042	0.3%
New York City	5.000%	08/01/2027	0.3%
Charlotte, NC	5.000%	07/01/2033	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%
San Jose, CA	6.500%	05/01/2036	0.3%
Cleveland, OH	5.000%	01/01/2030	0.3%
California State Pub Wks Bd	5.000%	10/01/2028	0.3%
Maricopa Co - Southern Cal Edison	5.000%	06/01/2035	0.3%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2028	0.3%
Yosemite Comnty Coll Dist, CA	5.000%	08/01/2029	0.3%
Illinois, IL	5.000%	01/01/2033	0.3%
Casitas Muni Wtr Dist	5.250%	09/01/2047	0.3%
California	5.000%	09/01/2032	0.3%
Indiana Fin Auth	5.250%	02/01/2032	0.3%
Los Angeles Unif Sch Dist, CA	5.000%	07/01/2023	0.3%
Cnty of Miami-Dade FL Rickenbacker Causeway Rev	5.000%	10/01/2029	0.3%
New Jersey Transp Tr Fnd Auth	5.250%	12/15/2023	0.3%
Connecticut Hlth & Educl Facs Auth	5.000%	07/01/2028	0.3%
Successor Agy to the Rancho Cucamonga RDA, CA	5.000%	09/01/2030	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2027	0.3%
New York City Mun Fin Auth	5.000%	06/15/2036	0.3%
Baltimore Mayor & City Council, MD	5.000%	07/01/2039	0.3%
Massachusetts Dev Fin Agy	5.000%	07/01/2032	0.3%
Central Plains Energy	5.000%	09/01/2032	0.3%
Livonia Pub Schs Dist	5.000%	05/01/2040	0.3%
Chicago Brd of Ed	5.000%	12/01/2042	0.3%
DeKalb Co Hsp - Children's Healthcare	5.000%	11/15/2029	0.3%
Chicago, IL	5.000%	11/01/2036	0.3%
Omaha Pub Pwr Dist	5.250%	02/01/2042	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2030	0.3%
Sonoma Marin Area Rail Transit Dist, CA	5.000%	03/01/2028	0.3%
Massachusetts Dev Fin Agy	5.000%	01/01/2037	0.3%
Massachusetts Dev Fin Agy	5.000%	01/01/2040	0.3%
Connecticut	5.000%	01/01/2038	0.3%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.3%
California Statewide Comntys Dev Auth	5.250%	11/15/2034	0.3%
Florida	5.000%	07/01/2034	0.3%
South Jersey Port Corp, NJ	5.000%	01/01/2049	0.3%
District of Columbia, DC	5.000%	06/01/2032	0.3%
Cnty of Cuyahoga, OH	5.500%	02/15/2057	0.3%
NYC Cultural - Whitney Museum	5.250%	07/01/2026	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%
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%
Franklin Cnty, OH	6.125%	07/01/2040	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%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2035	0.3%
San Antonio Airport System	5.000%	07/01/2026	0.3%
Delaware River Port Auth, PA	5.000%	01/01/2029	0.3%
Philadelphia, PA	5.250%	10/01/2052	0.3%
FHLMC Multifamily VRD Certificates	4.600%	12/15/2044	0.3%
Regional Transportation District	5.375%	06/01/2031	0.3%
Pub Fin Auth	4.050%	11/01/2030	0.3%
Chicago, IL	5.000%	01/01/2034	0.3%
Illinois, IL	4.000%	06/01/2034	0.3%
Guadalupe Regional Medical Center	5.000%	12/01/2045	0.3%
Harris County Toll Road Authority/The	4.000%	08/15/2048	0.3%
VA Tobacco Settlement Financing Corp	5.000%	06/01/2047	0.3%
Illinois Fin Auth	5.000%	04/01/2021	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%
NYS Tobacco Settlement - TSASC	5.000%	06/01/2048	0.3%
Pennsylvania St Pub Sch Bldg Auth	5.000%	04/01/2029	0.3%
Delano-Earlimart Irrigation District	5.000%	02/01/2028	0.3%
Morgan St Univ, MD	5.000%	07/01/2032	0.2%
Buckeye Tobacco Settlement Fin Auth	5.125%	06/01/2024	0.2%
MD Hlth & Higher Ed - Mercy Medical Center	6.250%	07/01/2031	0.2%
New Jersey Econ Dev Auth	3.180%	03/01/2028	0.2%
New York City Indl Dev Agy	2.931%	03/01/2024	0.2%
California Hlth Facs Fing Auth	5.000%	11/01/2047	0.2%
Chicago Brd of Ed	5.000%	12/01/2046	0.2%
District of Columbia, DC	5.000%	06/01/2041	0.2%
Golden St Tobacco Securitization Corp.	5.750%	06/01/2047	0.2%
Delaware Econ Dev Auth	5.000%	10/01/2031	0.2%
Illinois, IL	5.500%	07/01/2033	0.2%
Hosp Auth of Hall Cnty and The City of Gainesville	5.500%	08/15/2054	0.2%
California	5.000%	08/01/2038	0.2%
New York City	5.000%	12/01/2041	0.2%
Miami Dade Cnty, FL	5.000%	10/01/2034	0.2%
Miami Dade Cnty, FL	5.500%	10/01/2029	0.2%
Puerto Rico	5.500%	07/01/2027	0.2%
El Dorado Irr Dist, CA	5.000%	03/01/2034	0.2%
California	5.375%	11/01/2035	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%
Texas Muni Gas Acquisition & Supply Corp. III	5.000%	12/15/2031	0.2%
Michigan Fin Auth	5.000%	07/01/2034	0.2%
Pittsburgh, PA	5.000%	09/01/2030	0.2%
New Jersey Transp Tr Fnd Auth	5.500%	12/15/2023	0.2%
Metropolitan Pier & Exposition Auth, IL	0.000%	06/15/2046	0.2%
Railsplitter Tobacco Settlement Auth	5.000%	06/01/2027	0.2%
New Jersey Econ Dev Auth	5.000%	03/01/2027	0.2%
Chicago	5.000%	01/01/2033	0.2%
Port Auth of New York & New Jersey	5.250%	10/15/2055	0.2%
Philadelphia, PA	5.000%	08/01/2037	0.2%
Hudson Yards Infrastr Corp., NY	5.750%	02/15/2047	0.2%
Morgan St Univ, MD	5.000%	07/01/2030	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%
Love Field Airport - Southwest Airlines	5.250%	11/01/2040	0.2%
Alachua Cnty Hlth Facs Auth	8.000%	10/01/2042	0.2%
Lower Colorado River Auth, TX	5.000%	05/15/2040	0.2%
New York City Transitional Fin Auth	5.000%	07/15/2035	0.2%
Saint Lucie - Florida Power & Light	1.740%	09/01/2028	0.2%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2028	0.2%
Beaver County Indus Dev Auth - FirstEnergy	2.700%	04/01/2035	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%
California State General Obligation	6.500%	04/01/2033	0.2%
New York City Transitional Fin Auth	4.000%	05/01/2037	0.2%
Colorado Hlth Facs Auth	5.000%	10/01/2032	0.2%
San Jose, CA	5.500%	05/01/2026	0.2%
Chicago, IL	5.625%	01/01/2030	0.2%
Volusia County Educational Facility Authority	5.000%	10/15/2042	0.2%
California Hlth Facs Fing Auth	5.500%	08/15/2026	0.2%
Jefferson Cnty, AL	0.000%	10/01/2039	0.1%
North Carolina Turnpike Auth	5.000%	01/01/2032	0.1%
California Muni Fin Auth	6.000%	01/01/2042	0.1%
Yorba Linda Redev Agy, CA	6.500%	09/01/2032	0.1%
Clifton Hgr Ed Fin Corp., TX	5.000%	08/15/2042	0.1%
Philadelphia, PA	5.000%	08/01/2029	0.1%
Metropolitan Pier & Exposition Auth, IL	5.500%	06/15/2053	0.1%
Wayne Cnty Arpt Auth	5.000%	12/01/2047	0.1%
NY Conv Ctr Dev Corp	5.000%	11/15/2040	0.1%
Middletown City Sch Dist, OH	5.250%	12/01/2040	0.1%
Florida Hgr Edl Facs Fin Auth	5.000%	04/01/2035	0.1%
Puerto Rico Elec Pwr Auth	4.250%	07/01/2027	0.1%
North Texas Tollway Auth	5.000%	01/01/2031	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%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.625%	07/01/2036	0.1%
Allentown Neighborhood Impt Zone Dev Auth	5.000%	05/01/2027	0.1%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.1%
Essex Cnty Imp Auth, NJ	6.250%	11/01/2030	0.1%
La Vernia Higher Ed Fin Corp., TX	7.250%	08/15/2031	0.1%
Dorm Auth of the St of New York	5.000%	05/01/2029	0.1%
California Sch Fin Auth	5.000%	08/01/2045	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%
Tempe Industrial Development Authority	6.125%	10/01/2047	0.1%
Warren Cnty, MS	6.500%	09/01/2032	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%
Illinois Fin Auth	5.000%	09/01/2034	0.1%
Chicago, IL	5.500%	01/01/2035	0.1%
Chicago Brd of Ed	5.000%	12/01/2044	0.1%
Hudson Co Improvement Auth - Solid Waste	5.750%	01/01/2035	0.1%
Chicago, IL	5.000%	01/01/2026	0.1%
Louisiana Local Govt Envr Facs Comnty Dev Auth	6.500%	11/01/2035	0.1%
Illinois Fin Auth	5.000%	02/15/2047	0.1%
Chicago	5.625%	01/01/2035	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%
Golden St. Tobacco Securitization Corp	5.000%	06/01/2033	0.1%
Crawford Cnty Hosp Auth	6.000%	06/01/2051	0.1%
Iowa Tobacco Settlement Auth	5.500%	06/01/2042	0.1%
Miami Dade Cnty Expwy Auth, FL	5.000%	07/01/2027	0.1%
Colorado Hlth Facs Auth	6.125%	10/01/2028	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%
Crawford Cnty Hosp Auth	6.000%	06/01/2046	0.1%
Miami Beach Hlth Facs Auth	5.000%	11/15/2030	0.1%
Puerto Rico	4.750%	07/01/2018	0.1%
Philadelphia Hosp & Hgr Ed Fac Auth, PA	5.000%	07/01/2032	0.1%
Selma Indus Dev Bd, AL	5.800%	05/01/2034	0.1%
Gainesville, FL	5.250%	10/01/2034	0.1%
California Muni Fin Auth	5.000%	04/01/2041	0.1%
Upland, CA	6.375%	01/01/2032	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%
East Rochester Hsg Auth	5.500%	08/01/2033	0.1%
New Jersey Hlthcare Facs Fing Auth	5.000%	07/01/2029	0.1%
Puerto Rico Pub Bldgs Auth	5.000%	07/01/2036	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%
Puerto Rico Sales Tax Fincg Corp	5.250%	08/01/2027	0.1%
City of Rockville MD	5.000%	11/01/2042	0.1%
City of Rockville MD	5.000%	11/01/2047	0.1%
Buckeye Tobacco Settlement Fing Auth	0.000%	06/01/2047	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%
NYC Capital Resource Corp - Arthur Corp	7.000%	08/01/2025	0.1%
Massachusetts Dev Fin Agy	5.000%	07/01/2034	0.1%
TSASC, Inc.	5.000%	06/01/2035	0.1%
Warren Cnty, MS	5.800%	05/01/2034	0.1%
California Muni Fin Auth	5.250%	08/15/2039	0.1%
Regional Trans Auth - Denver Transportation	6.000%	01/15/2041	0.1%
Dutchess Cnty Local Dev Corp., NY	6.000%	10/01/2030	0.1%
Houston Hgr Ed Fin Corp., TX	5.000%	02/15/2032	0.1%
New Jersey Transp Tr Fnd Auth	0.000%	12/15/2037	0.1%
Puerto Rico Elec Pwr Auth	5.000%	07/01/2028	0.1%
Illinois Fin Auth	5.000%	04/01/2020	0.1%
New York City Transitional Fin Auth	1.830%	08/01/2031	0.1%
Regl Transp Dist	5.375%	01/15/2025	0.0%
Maryland Econ Dev Corp.	5.000%	12/01/2031	0.0%
TSASC, Inc.	5.000%	06/01/2036	0.0%
Puerto Rico Sales Tax Financing Corp	5.750%	08/01/2037	0.0%
Puerto Rico Hwy & Transp Auth	4.000%	07/01/2017	0.0%
Westchester Cnty Hlthcare Corp., NY	6.125%	11/01/2037	0.0%
Glynn Brunswick Mem Hosp Auth, GA	5.625%	08/01/2034	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%
Hudson Yards Infrastr Corp., NY	5.750%	02/15/2047	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 05/18/2018: $0.132
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
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	05/31/2018
Daily	Daily	06/30/2018
Daily	Daily	07/31/2018
Daily	Daily	08/31/2018
Daily	Daily	09/30/2018
Daily	Daily	10/31/2018
Daily	Daily	11/30/2018
Daily	Daily	12/31/2018

Fees & Expenses

Expense Ratioas of 04/30/2018

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

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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 05/18/2018

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

Fund Basicsas of 04/30/2018

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 04/30/2018 View Portfolio

Investment Team

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Performance

Performance

Dividend Yield 1 as of 05/18/2018

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

Fund Expense Ratio :

Gross 1.51%

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 05/18/2018

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

Dividend Yield ¹ as of 05/18/2018

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