California Tax Free Fund

CALAX

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Daily price w/o sales charge as of 12/06/2019

$11.40

$0.01

YTD Returns w/o sales charge as of 12/06/2019

8.40%

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

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Summary

What is the California Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal and state taxation by investing primarily in California municipal bonds.

Yield

Dividend Yield ¹ as of 12/06/2019

w/o sales charge

2.00%

30-Day Standardized Yield ² as of 10/31/2019

0.94%

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

Fund Basicsas of 10/31/2019

Total Net Assets: $457.90 M
Inception Date: 07/15/1996
Dividend Frequency: Monthly
Fund Expense Ratio: 1.40%
Number of Holdings: 302
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

1.40%

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

w/o sales charge	8.27%	9.21%	4.91%	3.44%	4.64%	4.06%
Lipper Category Avg. California Municipal Debt Funds	7.69%	8.74%	5.06%	3.68%	4.91%	-
Bloomberg Barclays Municipal Bond Index	7.21%	8.49%	5.02%	3.57%	4.34%	-
w/ sales charge	7.27%	9.21%	4.91%	3.44%	4.64%	4.06%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

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

w/o sales charge	8.20%	8.68%	2.72%	3.64%	4.27%	4.09%
Lipper Category Avg. California Municipal Debt Funds	7.41%	8.29%	2.97%	3.81%	4.56%	-
Bloomberg Barclays Municipal Bond Index	6.75%	8.55%	3.19%	3.66%	4.16%	-
w/ sales charge	7.20%	8.68%	2.72%	3.64%	4.27%	4.09%

Fund Expense Ratio :

1.40%

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 for future results.

Credit Quality Distribution as of 10/31/2019

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

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 13 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 12/06/2019

w/o sales charge

2.00%

30-Day Standardized Yield ² as of 10/31/2019

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.94%	0.94%

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

Fund Expense Ratio :

1.40%

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

w/o sales charge	8.27%	9.21%	4.91%	3.44%	4.64%	4.06%
Lipper Category Avg. California Municipal Debt Funds	7.69%	8.74%	5.06%	3.68%	4.91%	-
Bloomberg Barclays Municipal Bond Index	7.21%	8.49%	5.02%	3.57%	4.34%	-
w/ sales charge	7.27%	9.21%	4.91%	3.44%	4.64%	4.06%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

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

w/o sales charge	8.20%	8.68%	2.72%	3.64%	4.27%	4.09%
Lipper Category Avg. California Municipal Debt Funds	7.41%	8.29%	2.97%	3.81%	4.56%	-
Bloomberg Barclays Municipal Bond Index	6.75%	8.55%	3.19%	3.66%	4.16%	-
w/ sales charge	7.20%	8.68%	2.72%	3.64%	4.27%	4.09%

Fund Expense Ratio :

1.40%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

2018	-0.11%	1.28%
2017	6.03%	5.45%
2016	-0.49%	0.25%
2015	2.99%	3.30%
2014	12.50%	9.05%
2013	-4.56%	-2.55%
2012	11.06%	6.78%
2011	10.58%	10.70%
2010	0.19%	2.38%
2009	19.33%	12.91%
2008	-13.98%	-
2007	-1.19%	-
2006	3.52%	-
2005	3.37%	-
2004	3.67%	-
2003	3.05%	-
2002	7.03%	-
2001	3.91%	-
2000	14.11%	-
1999	-7.01%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	3.17%	2.68%	2.13%	-	8.41%
2018	-1.03%	0.98%	-0.50%	0.45%	-0.11%
2017	1.79%	2.12%	0.85%	1.15%	6.03%
2016	1.88%	3.46%	-0.19%	-5.41%	-0.49%
2015	1.05%	-1.50%	1.54%	1.91%	2.99%
2014	4.59%	3.35%	2.22%	1.81%	12.50%
2013	0.41%	-4.16%	-0.90%	0.08%	-4.56%
2012	4.32%	1.62%	3.16%	1.55%	11.06%
2011	-0.90%	5.21%	3.35%	2.62%	10.58%
2010	1.41%	1.12%	4.45%	-6.46%	0.19%
2009	6.08%	3.95%	10.51%	-2.08%	19.33%
2008	-2.53%	1.10%	-5.96%	-7.17%	-13.98%
2007	0.44%	-1.09%	-0.12%	-0.42%	-1.19%
2006	0.00%	-0.31%	2.81%	1.01%	3.52%
2005	0.25%	2.93%	-0.19%	0.37%	3.37%
2004	1.76%	-3.02%	3.83%	1.18%	3.67%
2003	0.54%	2.83%	-1.93%	1.63%	3.05%
2002	-0.10%	2.84%	5.36%	-1.12%	7.03%
2001	1.72%	-0.82%	4.23%	-1.19%	3.91%
2000	3.83%	1.34%	3.17%	5.12%	14.11%
1999	0.53%	-3.12%	-2.24%	-2.34%	-7.01%
1998	0.65%	1.29%	3.33%	0.01%	5.36%
1997	-0.88%	2.82%	3.34%	2.60%	8.05%
1996	-	-	-	2.16%	4.83%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Sector	Assets
Transportation
GO Local
Healthcare/Hospital
IDR/PCR
Education
Special Tax
GO State
Water & Sewer
Lease
Housing
Power
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
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.

By State	Assets
CA
Puerto Rico
Other U.S. Territories

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

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Rating	Assets
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. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioning as of 09/30/2019

Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 15-year maturity range, while maintaining an overweight to longer maturity bonds.
The portfolio is overweight the lower tiers of the investment grade range due to the incremental yield advantage and solid credit fundamentals.
The portfolio continues to maintain an overweight to revenue bonds, specifically in the transportation, health care, and industrial development sectors, given the dedicated income stream and favorable return prospects.

Portfolio Details as of 10/31/2019

Total Net Assets: $457.90 M
Number of Issues: 302
Average Coupon: 4.6%
Average Effective Maturity: 21.2 Years
Average Effective Duration: 7.23 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.

Holdings	Coupon	Maturity	Assets

California Muni Fin Auth - LINXS	4.000%	12/31/2047	1.3%
California Muni Fin Auth - LINXS	5.000%	12/31/2043	1.2%
Southern California Public Power Auth - Goldman Sachs	5.000%	11/01/2033	1.2%
California Muni Fin Auth - Waste Management	2.400%	10/01/2044	1.2%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	1.1%
California Health Facs Auth - City of Hope	4.000%	11/15/2045	1.1%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	1.1%
California Hsg Fin Agy	4.250%	01/15/2035	1.1%
California Ed Facs Auth - Stanford University	5.000%	05/01/2049	1.0%
Golden State Tobacco Securitization Corp	5.000%	06/01/2047	1.0%

% of Total Assets			11.3%

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

California Muni Fin Auth - LINXS	4.000%	12/31/2047	1.3%
California Muni Fin Auth - LINXS	5.000%	12/31/2043	1.2%
Southern California Public Power Auth - Goldman Sachs	5.000%	11/01/2033	1.2%
California Muni Fin Auth - Waste Management	2.400%	10/01/2044	1.2%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	1.1%
California Health Facs Auth - City of Hope	4.000%	11/15/2045	1.1%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2049	1.1%
California Hsg Fin Agy	4.250%	01/15/2035	1.1%
California Ed Facs Auth - Stanford University	5.000%	05/01/2049	1.0%
Golden State Tobacco Securitization Corp	5.000%	06/01/2047	1.0%
California State General Obligation	5.250%	10/01/2032	0.9%
Santa Barbara County Solid Waste System	5.000%	12/01/2036	0.9%
Puerto Rico Sales Tax Fincg Corp	4.329%	07/01/2040	0.9%
California State General Obligation	0.950%	05/01/2034	0.9%
M-S-R Energy Auth - Merrill Lynch	7.000%	11/01/2034	0.9%
California Muni Fin Auth	5.000%	01/01/2042	0.8%
Foothill-Eastern Transp Corridor Agy, CA	3.500%	01/15/2053	0.8%
M-S-R Energy Auth - Merrill Lynch	6.500%	11/01/2039	0.8%
Foothill Eastern Transportation Corridor Agency	6.000%	01/15/2053	0.8%
San Francisco City & Cnty Arpt Comm, CA	5.000%	05/01/2050	0.8%
California Statewide Comntys Dev Auth	5.000%	03/01/2048	0.7%
California State General Obligation	5.250%	04/01/2035	0.7%
Univ of California Bd of Regents	5.250%	05/15/2058	0.7%
California State General Obligation	5.250%	08/01/2032	0.7%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.7%
Bay Area Toll Auth, CA	3.000%	04/01/2054	0.7%
California State General Obligation	5.000%	04/01/2032	0.7%
City of Oroville CA	5.250%	04/01/2049	0.6%
Norman Y Mineta San Jose International Arpt SJC	5.000%	03/01/2047	0.6%
San Diego Unif Sch Dist, CA	4.000%	07/01/2049	0.6%
Emery Unified School District	3.000%	08/01/2045	0.6%
Foothill Eastern Transportation Corridor Agency	3.950%	01/15/2053	0.6%
New Haven Unif Sch Dist, CA	4.000%	08/01/2047	0.6%
Santa Clara Unified School District	3.250%	07/01/2044	0.6%
California Poll Cntrl Fin Auth	5.000%	11/21/2045	0.6%
California	5.000%	11/01/2047	0.6%
Long Beach Unified School District	3.000%	08/01/2037	0.6%
M-S-R Energy Auth	6.125%	11/01/2029	0.5%
Univ of California Bd of Regents	5.250%	05/15/2047	0.5%
California Muni Finance Auth - Univ of San Diego	5.000%	10/01/2029	0.5%
California Muni Fin Auth	5.000%	10/01/2049	0.5%
Imperial Unif Sch Dist	5.250%	08/01/2043	0.5%
Los Angeles, CA	5.250%	05/15/2048	0.5%
Anaheim Public Fincg Auth, CA	5.000%	09/01/2035	0.5%
Local Public Schools Funding Authority School Impr	5.000%	08/01/2052	0.5%
California Edl Facs Auth	5.000%	10/01/2053	0.5%
California Statewide Comntys Dev Auth	5.250%	12/01/2034	0.5%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2044	0.5%
California Muni Fin Auth	5.000%	05/15/2047	0.5%
Los Angeles, CA	5.000%	05/15/2047	0.5%
San Diego Cnty Regl Arpt Auth, CA	5.000%	07/01/2047	0.5%
California Muni Fin Auth	5.000%	12/31/2047	0.5%
San Buenaventura - Comunity Memorial Health	8.000%	12/01/2031	0.5%
California Hlth Facs Fing Auth	4.000%	10/01/2047	0.5%
Oceanside Unified School District/CA	4.000%	08/01/2048	0.5%
Bay Area Toll Auth, CA	4.000%	04/01/2038	0.5%
California Hlth Facs Fing Auth	5.250%	11/01/2035	0.5%
California State General Obligation	5.000%	02/01/2032	0.5%
California Muni Fin Auth	4.000%	07/15/2029	0.5%
Irvine Unif Sch Dist Fincg Auth, CA	4.000%	09/01/2042	0.5%
California State Pub Wks Bd	5.750%	10/01/2031	0.5%
California Hlth Facs Fing Auth	5.500%	08/15/2033	0.5%
San Leandro Unif Sch Dist	5.250%	08/01/2046	0.5%
Foothill-Eastern Transp Corridor Agy, CA	5.750%	01/15/2046	0.5%
California Infrastr & Econ Dev Bnk	5.250%	10/01/2034	0.5%
Poway Unif Sch Dist Pub Fing Auth, CA	5.000%	09/01/2035	0.5%
Beverly Hills Unified School District CA	3.000%	08/01/2044	0.5%
North Orange County Community College District/CA	2.750%	08/01/2036	0.4%
California State General Obligation	5.500%	03/01/2040	0.4%
California Hlth Facs Fing Auth	3.000%	03/01/2039	0.4%
Northern California Gas Auth No 1	2.126%	07/01/2027	0.4%
California Edl Facs Auth	4.000%	04/01/2047	0.4%
California Hlth Facs Fing Auth	4.000%	11/15/2042	0.4%
Panama-Buena Vista Union School District/CA	2.625%	08/01/2037	0.4%
Palomar Hlth	5.000%	11/01/2039	0.4%
California	5.000%	08/01/2038	0.4%
Los Angeles Department of Pwr	5.250%	07/01/2037	0.4%
Casitas Muni Wtr Dist	5.250%	09/01/2047	0.4%
California Edl Facs Auth	5.000%	12/01/2044	0.4%
California Hlth Facs Fing Auth	5.000%	11/15/2056	0.4%
California Infrastr & Econ Dev Bnk	5.000%	05/15/2047	0.4%
Bay Area Toll Auth, CA	4.000%	04/01/2042	0.4%
Long Beach Bond Finance Auth - Merrill Lynch	5.500%	11/15/2037	0.4%
Golden St Tobacco Securitization Corp.	3.500%	06/01/2036	0.4%
Temecula Valley Unif Sch Dist Fincg Auth, CA	5.000%	09/01/2035	0.4%
Local Public Schools Funding Authority School Impr	4.000%	08/01/2052	0.4%
Alameda Corridor Transp Auth	5.000%	10/01/2036	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.000%	05/01/2040	0.4%
Union City Comnty Redev Agy, CA	6.875%	12/01/2033	0.4%
Riverside Cnty Transp Comm, CA	5.750%	06/01/2048	0.4%
California Hlth Facs Fing Auth	5.000%	11/01/2033	0.4%
Sierra Joint Community College District	4.000%	08/01/2053	0.4%
Silicon Vy Clean Wtr	4.000%	08/01/2046	0.4%
M-S-R Energy Auth	6.500%	11/01/2039	0.4%
Alameda Corridor Transp Auth	4.000%	10/01/2037	0.4%
Sonoma Marin Area Rail Transit Dist, CA	5.000%	03/01/2029	0.4%
Adelanto Pub Util Auth, CA	5.000%	07/01/2039	0.4%
California Statewide Comntys Dev Auth	5.125%	05/15/2031	0.4%
Alameda Corridor Transp Auth	5.000%	10/01/2029	0.4%
San Francisco City & Cnty Arpt Comm, CA	5.000%	01/01/2038	0.4%
Norman Y Mineta San Jose International Arpt SJC	6.250%	03/01/2034	0.4%
San Francisco City & Cnty Port Comm, CA	5.000%	03/01/2030	0.3%
Long Beach Bnd Fin Auth	5.250%	11/15/2020	0.3%
California Community Housing Agency	5.000%	08/01/2049	0.3%
California Hlth Facs Fing Auth	5.000%	11/01/2034	0.3%
California Hlth Facs Fing Auth	5.000%	11/01/2047	0.3%
San Francisco City & Cnty Arpt Comm, CA	5.000%	05/01/2027	0.3%
Inland Valley Development Agency	5.250%	09/01/2037	0.3%
Puerto Rico	6.000%	07/01/2039	0.3%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2041	0.3%
Palomar Hlth	5.000%	11/01/2036	0.3%
Valley County Water District Financing Authority	4.500%	01/01/2048	0.3%
Grossmont Un High Sch Dist, CA	5.000%	08/01/2043	0.3%
San Francisco City & County Public Utilities Commi	4.000%	10/01/2043	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.500%	09/01/2035	0.3%
California Statewide Comntys Dev Auth	5.000%	02/01/2035	0.3%
Los Angeles, CA	4.000%	05/15/2044	0.3%
San Joaquin Hills Transp Corridor Agy, CA	5.000%	01/15/2029	0.3%
Banning Unif Sch Dist	5.250%	08/01/2042	0.3%
West Contra Costa Unif Sch Dist, CA	6.000%	08/01/2027	0.3%
San Rafael City Elementary School District	4.500%	08/01/2042	0.3%
Cnty of Sacramento CA Arpt Sys Rev	5.000%	07/01/2041	0.3%
California Statewide Comntys Dev Auth	5.500%	12/01/2058	0.3%
Port of Oakland, CA	5.125%	05/01/2031	0.3%
California	3.000%	10/01/2033	0.3%
California Statewide Comntys Dev Auth	5.000%	05/15/2035	0.3%
Golden St Tobacco Securitization Corp.	5.250%	06/01/2047	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2047	0.3%
California	4.000%	09/01/2035	0.3%
Los Angeles Department of Pwr	5.250%	07/01/2049	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2034	0.3%
Santa Rita Union School District	2.500%	08/01/2031	0.3%
California Edl Facs Auth	5.000%	10/01/2037	0.3%
San Diego Public Facs Fing Auth, CA	5.000%	08/01/2043	0.3%
Washington Township Health Care District	5.000%	07/01/2032	0.3%
Los Angeles, CA	5.000%	05/15/2043	0.3%
California Muni Fin Auth	5.000%	06/01/2043	0.3%
California Muni Fin Auth	5.000%	12/31/2031	0.3%
California Muni Fin Auth	4.000%	02/01/2042	0.3%
San Francisco City & Cnty Arpt Comm, CA	5.250%	05/01/2042	0.3%
City of Sacramento CA Transient Occupancy Tax Reve	5.000%	06/01/2048	0.3%
California Edl Facs Auth	5.000%	10/01/2048	0.3%
San Francisco Comnty Coll Dist, CA	5.000%	06/15/2028	0.3%
Ripon Unif Sch Dist, CA	5.500%	08/01/2043	0.3%
California Muni Fin Auth	5.000%	12/31/2035	0.3%
Golden St Tobacco Securitization Corp.	5.000%	06/01/2029	0.3%
California Muni Fin Auth	5.000%	07/01/2032	0.3%
Long Beach, CA	5.000%	05/15/2028	0.3%
Simi Valley Unified School District	4.000%	08/01/2046	0.3%
California Muni Fin Auth	5.000%	10/01/2034	0.3%
California Muni Fin Auth	5.000%	08/15/2030	0.3%
California Sch Fin Auth	5.000%	08/01/2038	0.3%
Los Angeles, CA	5.000%	06/01/2044	0.3%
San Diego Cnty Tobacco Asset Securitization Corp	5.000%	06/01/2048	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.000%	09/01/2056	0.3%
California Hlth Facs Fing Auth	5.000%	08/15/2047	0.3%
Los Angeles, CA	5.000%	05/15/2046	0.3%
City of Irvine CA	5.000%	09/02/2028	0.3%
California Edl Facs Auth	0.000%	10/01/2033	0.3%
Stockton Pub Fincg Auth, CA	5.000%	09/01/2029	0.3%
Tustin Comnty Fac Dist	5.000%	09/01/2037	0.3%
Southern California Pub Pwr Auth	5.000%	07/01/2038	0.3%
California Muni Fin Auth	5.000%	06/01/2036	0.3%
California Muni Fin Auth	5.000%	02/01/2047	0.3%
Los Angeles, CA	5.000%	05/15/2041	0.3%
Sweetwater Un High Sch Dist, CA	5.000%	08/01/2027	0.3%
California Edl Facs Auth	5.000%	04/01/2040	0.3%
Roseville, CA	5.000%	09/01/2031	0.3%
California Edl Facs Auth	5.000%	04/01/2039	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.000%	03/01/2057	0.3%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2041	0.3%
Los Angeles Harbor Dept, CA	5.000%	08/01/2036	0.3%
City of Irvine CA	4.000%	09/02/2039	0.3%
Irvine Unif Sch Dist Fincg Auth, CA	5.000%	09/01/2038	0.3%
Long Beach Bnd Fin Auth	5.000%	11/15/2029	0.3%
California Statewide Comntys Dev Auth	5.500%	12/01/2054	0.3%
San Diego Cnty Regl Arpt Auth, CA	5.000%	07/01/2027	0.2%
Sacramento Cnty Tobacco Settlement Securitization	5.500%	06/01/2045	0.2%
Santa Barbara Unif Sch Dist	4.000%	08/01/2044	0.2%
West Contra Costa Unif Sch Dist, CA	4.000%	08/01/2043	0.2%
ABAG Fin Auth For Nonprofit Corps, CA	5.000%	08/01/2043	0.2%
San Gorgonio Mem Hlth Care Dist	5.000%	08/01/2032	0.2%
Orange Unified School District	4.000%	08/01/2047	0.2%
Orange Cnty Comnty Facs Dist	5.250%	08/15/2045	0.2%
California Statewide Comntys Dev Auth	5.000%	10/01/2045	0.2%
California Sch Fin Auth	5.000%	08/01/2046	0.2%
California Hlth Facs Fing Auth	5.000%	11/15/2029	0.2%
City of San Clemente, CA	5.000%	09/01/2040	0.2%
ABAG Fin Auth For Nonprofit Corps, CA	5.000%	11/15/2035	0.2%
San Rafael City Elementary School District	4.000%	08/01/2047	0.2%
Huntington Beach City School District	4.000%	08/01/2048	0.2%
San Francisco City & Cnty Arpt Comm, CA	4.000%	05/01/2049	0.2%
California Community Housing Agency	5.000%	04/01/2049	0.2%
Lake Elsinore Unified School District	4.000%	08/01/2044	0.2%
Antelope Valley Hlthcare Dist	5.250%	03/01/2036	0.2%
Albany Unified School District	4.000%	08/01/2046	0.2%
California Cnty Tobacco Securitization Agy	5.700%	06/01/2046	0.2%
Northern California Energy Authority	4.000%	07/01/2049	0.2%
Marin Hlthcare Dist	4.000%	08/01/2040	0.2%
San Jose, CA	6.125%	05/01/2031	0.2%
California State Pub Wks Bd	5.000%	12/01/2028	0.2%
Santa Maria, CA	5.000%	02/01/2027	0.2%
California State General Obligation	5.000%	02/01/2033	0.2%
San Bernardino City Unified School District	5.000%	10/01/2031	0.2%
Whittier, CA	5.750%	06/01/2029	0.2%
Inglewood Unified School District	4.000%	08/01/2039	0.2%
California Statewide Comntys Dev Auth	4.000%	07/01/2048	0.2%
San Francisco City & Cnty Redev Fing Auth, CA	6.750%	08/01/2041	0.2%
California State Pub Wks Bd	5.000%	04/01/2037	0.2%
San Benito High School District	0.000%	08/01/2043	0.2%
California Muni Fin Auth	4.000%	08/15/2037	0.2%
Puerto Rico Sales Tax Financing Corporation	5.000%	07/01/2058	0.2%
California Statewide Comntys Dev Auth	4.000%	12/01/2057	0.2%
San Joaquin Hills Transp Corridor Agy, CA	5.250%	01/15/2049	0.2%
Lake Elsinore Public Fing Auth	5.000%	09/01/2035	0.2%
San Diego Unif Sch Dist, CA	3.250%	07/01/2048	0.2%
Allan Hancock Joint Community College District/CA	3.250%	08/01/2044	0.2%
California Statewide Comntys Dev Auth	7.000%	11/15/2029	0.2%
Chula Vista, CA	5.875%	01/01/2034	0.2%
Carlsbad Unified School District	3.125%	08/01/2048	0.2%
City of San Diego Tobacco Settlement Revenue Fundi	4.000%	06/01/2032	0.2%
Perris Union High Sch District,CA	3.000%	09/01/2044	0.2%
California Statewide Comntys Dev Auth	5.000%	07/01/2046	0.2%
Long Beach Bnd Fin Auth	2.876%	11/15/2026	0.2%
Pleasanton Unified School District	3.000%	08/01/2042	0.2%
Foothill-Eastern Transp Corridor Agy, CA	0.000%	01/15/2033	0.2%
California Muni Fin Auth	6.750%	10/01/2028	0.2%
California	0.850%	05/01/2034	0.2%
California Statewide Fing Auth	0.000%	06/01/2046	0.2%
Sacramento Cnty Tobacco Settlement Securitization	0.000%	06/01/2045	0.2%
City of Sacramento CA Assessment Revenue	4.000%	06/01/2039	0.2%
California Statewide Comntys Dev Auth	5.250%	10/01/2043	0.2%
El Dorado Irr Dist, CA	5.250%	03/01/2039	0.2%
Santa Barbara Unif Sch Dist	4.000%	08/01/2036	0.2%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2044	0.2%
Riverside Cnty Transp Comm, CA	0.000%	06/01/2028	0.2%
San Diego Cnty Tobacco Asset Securitization Corp	5.000%	06/01/2037	0.2%
Grossmont Un High Sch Dist, CA	0.000%	06/01/2040	0.2%
Guam Pwr Auth	5.000%	10/01/2034	0.2%
Newport-Mesa Unif Sch Dist, CA	0.000%	08/01/2045	0.2%
M-S-R Energy Auth	6.500%	11/01/2039	0.2%
San Benito High School District	0.000%	08/01/2042	0.2%
Cupertino Union School District	2.500%	08/01/2033	0.2%
Southern California Pub Pwr Auth	2.980%	11/01/2038	0.2%
San Benito High School District	0.000%	08/01/2041	0.2%
Palomar Hlth	5.000%	11/01/2047	0.2%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2054	0.2%
San Joaquin Hills Transp Corridor Agy, CA	0.000%	01/15/2036	0.2%
La Verne CA C.O.P.	5.000%	05/15/2029	0.2%
California Sch Fin Auth	5.000%	07/01/2034	0.1%
Simi Valley Unified School District	4.000%	08/01/2048	0.1%
Newport-Mesa Unif Sch Dist, CA	0.000%	08/01/2041	0.1%
Inglewood Unified School District	4.000%	08/01/2038	0.1%
California Sch Fin Auth	5.000%	07/01/2045	0.1%
California	5.250%	10/01/2039	0.1%
California Infrastr & Econ Dev Bnk	5.000%	11/01/2049	0.1%
Southwestern Comnty College Dist, CA	0.000%	08/01/2041	0.1%
Guam Waterworks Auth	5.500%	07/01/2043	0.1%
California Statewide Comntys Dev Auth	5.000%	06/01/2051	0.1%
California Statewide Comntys Dev Auth	5.250%	07/01/2049	0.1%
California Muni Fin Auth	5.000%	02/01/2040	0.1%
Brentwood Infrastr Fing Auth	5.000%	09/02/2036	0.1%
California Muni Fin Auth	5.000%	06/01/2050	0.1%
California Hlth Facs Fing Auth	4.000%	11/01/2035	0.1%
California Sch Fin Auth	5.000%	08/01/2045	0.1%
City of Irvine CA	5.000%	09/01/2044	0.1%
River Islands Public Fing Auth	5.500%	09/01/2045	0.1%
San Mateo, CA	5.500%	09/01/2044	0.1%
Santa Ana Unif Sch Dist, CA	3.250%	08/01/2042	0.1%
California Muni Fin Auth	5.625%	03/01/2045	0.1%
California Muni Fin Auth	5.000%	10/01/2032	0.1%
California Statewide Comntys Dev Auth	5.000%	07/01/2036	0.1%
Golden St Tobacco Securitization Corp.	0.000%	06/01/2047	0.1%
California Statewide Comntys Dev Auth	5.500%	07/01/2039	0.1%
California Edl Facs Auth	0.000%	10/01/2029	0.1%
California Statewide Comntys Dev Auth	5.000%	07/01/2041	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2031	0.1%
California Cnty Tobacco Securitization Agy	0.000%	06/01/2046	0.1%
California Muni Fin Auth	5.000%	10/01/2029	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Puerto Rico Elec Pwr Auth	7.000%	07/01/2040	0.1%
Puerto Rico Sales Tax Fincg Corp	4.750%	07/01/2053	0.1%
San Diego Cnty Tobacco Asset Securitization Corp	0.000%	06/01/2046	0.1%
Puerto Rico Aqueduct & Swr Auth	5.250%	07/01/2042	0.1%
Foothill Eastern Transportation Corridor Agency	5.500%	01/15/2053	0.1%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2029	0.1%
Puerto Rico Sales Tax Fincg Corp	4.329%	07/01/2040	0.1%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2024	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2046	0.0%
Silicon Vly Tobacco Securitization Auth	0.000%	06/01/2056	0.0%
Inland Empire Tobacco Securitization Auth	0.000%	06/01/2057	0.0%
California Poll Cntrl Fin Auth	4.300%	07/01/2040	0.0%
Puerto Rico Sales Tax Fincg Corp	4.784%	07/01/2058	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2051	0.0%
Puerto Rico Sales Tax Fincg Corp	4.550%	07/01/2040	0.0%
Puerto Rico Elec Pwr Auth	5.250%	07/01/2033	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2033	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2027	0.0%
Puerto Rico Sales Tax Fincg Corp	0.000%	07/01/2024	0.0%
California State General Obligation	5.250%	10/01/2029	0.0%
Puerto Rico Sales Tax Fincg Corp	4.536%	07/01/2053	0.0%
US 20YR Treasury Future Dec 2009	-	-	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 12/06/2019: $0.231
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	11/30/2019	$0.01902	$11.39
Daily	Daily	10/31/2019	$0.01869	$11.40
Daily	Daily	09/30/2019	$0.01950	$11.42
Daily	Daily	08/31/2019	$0.01952	$11.53
Daily	Daily	07/31/2019	$0.02037	$11.30
Daily	Daily	06/30/2019	$0.02138	$11.24
Daily	Daily	05/31/2019	$0.02128	$11.22
Daily	Daily	04/30/2019	$0.02216	$11.06
Daily	Daily	03/31/2019	$0.02237	$11.01
Daily	Daily	02/28/2019	$0.02489	$10.82
Daily	Daily	01/31/2019	$0.02216	$10.78

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	12/31/2019

Fees & Expenses

Expense Ratioas of 11/30/2019

1.40%

Expense ratio details, Click here.

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 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 Fund invests a significant percentage of its assets in the securities of issuers in a single state. As a result, an investment in the Fund may be riskier than an investment in other, more diversified municipal bond funds. 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-yield securities, sometimes called "junk bonds" carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. 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. These factors can affect Fund performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

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

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.

A portion of the income derived from the fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Shareholders should consult with their tax advisers for more specific information on taxation.

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.

Expense Ratio: The net expense ratio takes into account a contractual management fee waiver/expense reimbursement agreement that currently is scheduled to remain in place through March 31, 2016. For periods when gross expenses exceeded the cap, the Fund benefited by not bearing certain expenses. Without such cap, performance would have been lower.

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.

Fund finder

Lord Abbett aspires to be the most respected asset manager in the world. Rooted in the values that have shaped the firm since our founding in 1929, our vision continues to guide our actions and strengthen our culture.

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Summary

Summary

What is the California Tax Free Fund?

The Fund seeks to deliver a high level of income exempt from federal and state taxation by investing primarily in California municipal bonds.

Yield

Dividend Yield 1 as of 12/06/2019

30-Day Standardized Yield 2 as of 10/31/2019

Fund Basicsas of 10/31/2019

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

RELATED CONTENT

Credit Quality Distribution as of 10/31/2019

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 12/06/2019

30-Day Standardized Yield 2 as of 10/31/2019

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

NAV Historical Prices

Portfolio

Portfolio

CREDIT QUALITY DISTRIBUTION as of 10/31/2019

Portfolio Positioning as of 09/30/2019

Portfolio Details as of 10/31/2019

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2019

Fund Documents

Fund Documents

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Dividend Yield ¹ as of 12/06/2019

30-Day Standardized Yield ² as of 10/31/2019

Dividend Yield ¹ as of 12/06/2019

30-Day Standardized Yield ² as of 10/31/2019