Gamma radiation penetrates further through matter than alpha or beta radiation. Most of the design of a typical fallout shelter is intended to protect against gamma rays. Gamma rays are better absorbed by materials with high atomic numbers and high density, although neither effect is important compared to the total mass per area in the path of the gamma ray. Thus, lead is only modestly better as a gamma shield than an equal mass of another shielding material such as aluminum, concrete, water or soil.
Some gamma radiation from fallout will penetrate into even the best shelters. However, the radiation dose received while inside a shelter can be significantly reduced with proper shielding. Ten halving thicknesses of a given material can reduce gamma exposure to less than  of unshielded exposure.