LCFIX | California Tax Free Fund Class A | Lord Abbett

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California Tax Free Fund

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Daily price w/o sales charge as of 09/09/2026

$9.69

arrowDown$0.06

YTD Returns w/o sales charge as of 09/09/2026

-0.85%

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

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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

Average Yield to Worst as of 08/31/2026

4.63%

Distribution Yield as of 09/09/2026  

3.72%

30-Day Standardized Yield 1 as of 08/31/2026  

3.71%

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

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

Fund Basicsas of 08/31/2026

Total Net Assets
$734.45 M
Inception Date
09/03/1985
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.80%
Fund Net Expense Ratio
0.80%
Adjusted Expense Ratio
0.77%
Number of Holdings
316
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 0.39% 5.15% 3.26% -0.48% 1.49% 4.96%
Lipper Category Avg. California Municipal Debt Funds 0.38% 4.94% 3.49% 0.05% 1.54% -
Bloomberg Municipal Bond Index 0.20% 4.12% 3.40% 0.54% 1.91% -
w/ sales charge -1.87% 2.81% 2.47% -0.93% 1.26% 4.90%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.93% 7.91% 3.68% 0.09% 1.78% 5.04%
Lipper Category Avg. California Municipal Debt Funds 2.64% 7.46% 3.93% 0.59% 1.79% -
Bloomberg Municipal Bond Index 2.32% 7.03% 3.76% 1.05% 2.15% -
w/ sales charge 0.62% 5.52% 2.90% -0.36% 1.55% 4.98%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

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

Past performance is not a reliable indicator or guarantee 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. 

Sector Assets
Transportation
Healthcare/Hospital
IDR/PCR
GO Local
Education
Housing
Special Tax
Water and Sewer
GO State
Power
Lease
Other
Pre-Refunded

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
Other

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

Credit Quality Distribution as of 08/31/2026

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

 

LEAD PORTFOLIO MANAGERS

shuman-gregory

Gregory M. Shuman, CFA
Partner, Portfolio Manager
16 Years of Industry Experience

solender-daniel

Daniel S. Solender, CFA
Partner, Director of Tax Free Fixed Income
39 Years of Industry Experience

houle-carson

Carson V. Houle, CFA
Portfolio Manager
11 Years of Industry Experience

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Performance

Performance

Average Yield to Worst as of 08/31/2026

4.63%

Distribution Yield as of 09/09/2026  

3.72%

30-Day Standardized Yield 1 as of 08/31/2026  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.71% 3.71%

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

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 0.39% 5.15% 3.26% -0.48% 1.49% 4.96%
Lipper Category Avg. California Municipal Debt Funds 0.38% 4.94% 3.49% 0.05% 1.54% -
Bloomberg Municipal Bond Index 0.20% 4.12% 3.40% 0.54% 1.91% -
w/ sales charge -1.87% 2.81% 2.47% -0.93% 1.26% 4.90%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.93% 7.91% 3.68% 0.09% 1.78% 5.04%
Lipper Category Avg. California Municipal Debt Funds 2.64% 7.46% 3.93% 0.59% 1.79% -
Bloomberg Municipal Bond Index 2.32% 7.03% 3.76% 1.05% 2.15% -
w/ sales charge 0.62% 5.52% 2.90% -0.36% 1.55% 4.98%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

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

Past performance is not a reliable indicator or guarantee 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. 

Year Fund Returns Bloomberg Municipal Bond Index
2025 2.57% 4.25%
2024 2.12% 1.05%
2023 6.94% 6.40%
2022 -13.33% -8.53%
2021 2.65% 1.52%
2020 4.64% 5.21%
2019 9.30% 7.54%
2018 0.50% 1.28%
2017 6.71% 5.45%
2016 0.15% 0.25%
2015 3.64% -
2014 13.20% -
2013 -3.92% -
2012 11.88% -
2011 11.18% -
2010 0.99% -
2009 20.07% -
2008 -13.46% -
2007 -0.56% -
2006 4.19% -
Year Q1 Q2 Q3 Q4
2026 -0.30% 3.24% - -
2025 -1.04% -1.14% 3.30% 1.49%
2024 0.22% 0.54% 2.61% -1.22%
2023 2.88% 0.57% -4.40% 8.12%
2022 -8.13% -6.13% -3.97% 4.65%
2021 -0.29% 2.38% -0.75% 1.31%
2020 -2.90% 3.30% 1.48% 2.80%
2019 3.32% 2.84% 2.29% 0.56%
2018 -0.97% 1.14% -0.25% 0.60%
2017 1.86% 2.38% 1.01% 1.31%
2016 1.95% 3.63% -0.03% -5.18%
2015 1.11% -1.26% 1.70% 2.07%
2014 4.66% 3.61% 2.38% 1.97%
2013 0.48% -3.91% -0.73% 0.25%
2012 4.49% 1.78% 3.42% 1.72%
2011 -0.74% 5.27% 3.63% 2.68%
2010 1.59% 1.40% 4.53% -6.21%
2009 6.14% 4.21% 10.78% -2.00%
2008 -2.47% 1.36% -5.84% -7.03%
2007 0.61% -0.94% 0.04% -0.26%
2006 0.25% -0.24% 2.97% 1.17%
2005 0.32% 3.10% -0.03% 0.53%
2004 2.03% -2.95% 4.01% 1.43%
2003 0.69% 2.98% -1.69% 1.70%
2002 0.03% 3.01% 5.49% -0.99%
2001 1.78% -0.68% 4.28% -0.97%
2000 4.00% 1.41% 3.32% 5.39%
1999 0.71% -2.95% -2.06% -2.14%
1998 0.83% 1.57% 3.42% 0.19%
1997 -0.81% 3.11% 3.53% 2.78%
1996 -1.96% 0.57% 2.48% 2.36%
1995 7.75% 2.21% 2.16% 4.36%
1994 -7.30% -0.36% 0.35% -3.46%
1993 5.07% 3.47% 3.93% 0.82%
1992 0.17% 4.58% 2.03% 2.01%
1991 1.91% 2.69% 4.31% 3.89%
1990 0.47% 2.36% 0.01% 4.27%
1989 0.64% 6.08% -0.13% 3.02%
1988 2.92% 2.21% 2.97% 2.75%
1987 2.88% -6.58% -4.12% 6.92%
1986 8.50% -0.68% 5.52% 4.54%

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

Growth of $10,000 as of 08/31/2026

The chart begins on the Fund's inception date of 09/03/1985.

Based on a hypothetical Class A share investment of $10,000 on 09/03/1985 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
Healthcare/Hospital
IDR/PCR
GO Local
Education
Housing
Special Tax
Water and Sewer
GO State
Power
Lease
Other
Pre-Refunded

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
Other

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

By State Assets
CA
PR
GU
NH
VI
Other

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

CREDIT QUALITY DISTRIBUTION as of 08/31/2026

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 Details as of 08/31/2026

Total Net Assets
$734.45 M
Average Effective Duration
9.11 Years
Average Effective Maturity
20.0 Years
Average Yield to Worst
4.63%
Distribution Yield (as of 09/09/2026)
3.72%

To view definitions for the above Portfolio Details, Click here.

Average Effective Maturity is the weighted average of all the maturities of the securities held in a fund. The maturity of a security is the length of time until final payment is due, or if applicable, an earlier date based on relevant factors such as maturity-shortening devices. 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.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Holdings Coupon Maturity Assets
California Community Choice Financing Authority - Deutsche Bank 5.250% 10/01/2031 1.1%
California Housing Finance Agency 3.250% 08/20/2036 1.1%
San Diego County Regional Airport Authority 5.500% 07/01/2055 1.0%
California Community Choice Financing Authority - Nomura 5.000% 03/01/2036 1.0%
California Health Facilities Financing Authority - Stanford Health 5.250% 08/15/2054 0.9%
State of California 5.000% 10/01/2056 0.9%
California Health Facilities Financing Authority - Kaiser Permanente 5.000% 11/01/2047 0.9%
City of Los Angeles Department of Airports - LAX 5.250% 05/15/2051 0.8%
California Community Choice Financing Authority - Morgan Stanley 5.000% 09/01/2032 0.8%
Long Beach Unified School District 5.000% 08/01/2046 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
California Community Choice Financing Authority - Deutsche Bank5.250% 10/01/20311.1%
California Housing Finance Agency3.250% 08/20/20361.1%
San Diego County Regional Airport Authority5.500% 07/01/20551.0%
California Community Choice Financing Authority - Nomura5.000% 03/01/20361.0%
California Health Facilities Financing Authority - Stanford Health5.250% 08/15/20540.9%
State of California5.000% 10/01/20560.9%
California Health Facilities Financing Authority - Kaiser Permanente5.000% 11/01/20470.9%
City of Los Angeles Department of Airports - LAX5.250% 05/15/20510.8%
California Community Choice Financing Authority - Morgan Stanley5.000% 09/01/20320.8%
Long Beach Unified School District5.000% 08/01/20460.8%
Central Valley Energy Authority - Pacific Life5.000% 08/01/20350.8%
San Francisco City & County Airport Comm-San Francisco International Airport5.500% 05/01/20550.8%
Norman Y Mineta San Jose International Airport SJC - City of San Jose CA Airport Revenue4.000% 03/01/20420.8%
City of Los Angeles Department of Airports - LAX5.500% 05/15/20550.8%
Tobacco Securitization Authority of Southern California - San Diego County Tobacco Asset Securitization Corp5.000% 06/01/20480.8%
Alameda Corridor Transportation Authority5.000% 10/01/20520.7%
Tender Option Bond Trust Receipts/Certificates - City of San Francisco CA Public Utilities Commission Wastewater Revenue5.960% 10/03/20540.7%
California State University5.500% 11/01/20550.7%
California Municipal Finance Authority - PRG - Potrero Properties LLC5.500% 09/01/20560.7%
City of Fresno CA Airport Revenue5.000% 07/01/20480.7%
California Community Choice Financing Authority - Realty Income Corporation5.250% 02/01/20360.7%
San Francisco City & County Airport Comm-San Francisco International Airport5.500% 05/01/20550.7%
California Enterprise Development Authority - Provident Group-Pomona Properties LLC5.000% 09/06/20420.7%
California Community Choice Financing Authority - American General5.500% 11/01/20280.7%
Los Angeles Department of Water & Power Water System Revenue - Los Angeles Department of Water & Power (Water Revenue)5.000% 07/01/20550.7%
San Diego County Regional Airport Authority5.250% 07/01/20450.7%
San Francisco City & County Airport Comm-San Francisco International Airport5.000% 05/01/20480.6%
City of Los Angeles Department of Airports - LAX4.000% 05/15/20510.6%
California Community Choice Financing Authority - Pacific Life5.000% 11/01/20350.6%
State of California5.000% 10/01/20470.6%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.750% 07/01/20530.6%
California Health Facilities Financing Authority - CommonSpirit Health Obligated Group5.000% 12/01/20540.6%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign5.250% 07/01/20540.6%
California Pollution Control Financing Authority - Poseidon Resources5.000% 11/21/20450.6%
California Pollution Control Financing Authority - Poseidon Resources5.000% 11/21/20450.6%
Los Angeles Department of Water & Power5.000% 07/01/20350.6%
San Diego Community College District5.000% 08/01/20550.6%
California School Finance Authority - KIPP LA Schools5.000% 07/01/20470.6%
California State University5.250% 11/01/20500.6%
California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation5.500% 07/01/20560.6%
San Joaquin Hills Transportation Corridor Agency4.000% 01/15/20500.6%
State of California5.000% 03/01/20550.6%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.329% 07/01/20400.6%
California Municipal Finance Authority - LINXS4.000% 12/31/20470.6%
California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group5.000% 11/01/20540.6%
California Health Facilities Financing Authority - Providence of St. Joseph Health3.000% 10/01/20410.6%
Fullerton Joint Union High School District5.500% 08/01/20470.6%
California Municipal Finance Authority - Samuel Merritt University5.250% 06/01/20530.6%
California Statewide Communities Development Authority - John Muir Health Obligated Group5.250% 12/01/20540.5%
California Community Choice Financing Authority - Morgan Stanley4.000% 08/01/20310.5%
Palomar Health5.000% 11/01/20390.5%
California Educational Facilities Authority - University of the Pacific5.000% 11/01/20550.5%
Indio Electric Financing Authority - Imperial Irrigation District Electric System Revenue5.250% 01/01/20530.5%
Bay Area Toll Authority4.000% 04/01/20470.5%
Novato Unified School District/CA3.000% 08/01/20440.5%
Santa Barbara Community College District6.000% 08/01/20550.5%
Southern California Public Power Authority - Goldman Sachs5.000% 11/01/20330.5%
University of California5.000% 11/15/20420.5%
California Enterprise Development Authority - Campbell Hall Episcopal5.000% 08/01/20400.5%
San Francisco City & County Airport Comm-San Francisco International Airport5.250% 05/01/20490.5%
Pacifica School District5.000% 08/01/20560.5%
San Joaquin Hills Transportation Corridor Agency4.000% 01/15/20440.5%
Sunnyvale School District5.000% 09/01/20560.5%
California Municipal Finance Authority - LINXS5.000% 12/31/20430.5%
Los Angeles Department of Water & Power5.000% 07/01/20530.5%
San Diego Unified School District/CA3.000% 07/01/20440.5%
San Francisco City & County Airport Comm-San Francisco International Airport5.000% 05/01/20420.5%
Bay Area Toll Authority5.000% 04/01/20440.5%
California Health Facilities Financing Authority - Cedars-Sinai Medical Center3.000% 08/15/20510.5%
California Municipal Finance Authority - 707 by Vintage LP4.400% 02/10/20430.5%
California Health Facilities Financing Authority - Providence of St. Joseph Health5.250% 10/01/20350.5%
California Statewide Communities Development Authority - CHF-Irvine LLC5.000% 05/15/20350.4%
California Municipal Finance Authority - Caritas Affordable Housing Inc5.000% 09/20/20470.4%
California Health Facilities Financing Authority - El Camino Healthcare Obligated Group5.250% 02/01/20480.4%
San Francisco City & County Airport Comm-San Francisco International Airport5.750% 05/01/20480.4%
Las Virgenes Unified School District5.250% 08/01/20510.4%
California Statewide Communities Development Authority5.000% 09/02/20560.4%
State of California5.250% 09/01/20530.4%
California Community Choice Financing Authority - Pacific Life5.000% 11/01/20320.4%
Regents of the University of California Medical Center Pooled Revenue3.500% 05/15/20540.4%
University of California5.000% 11/15/20370.4%
California Community Choice Financing Authority - American General5.000% 10/01/20320.4%
California Municipal Finance Authority - CHF-Davis I LLC - West Village Student Housing5.000% 05/15/20370.4%
Tender Option Bond Trust Receipts/Certificates - San Diego Unified School District/CA9.480% 07/03/20550.4%
California Municipal Finance Authority - CHF-Riverside I LLC - Dundee Glasgow Student Housing5.000% 05/27/20420.4%
California Municipal Finance Authority - Caritas Affordable Housing Inc5.000% 09/19/20520.4%
California Statewide Communities Development Authority5.000% 09/02/20540.4%
Rincon Valley Union School District5.000% 08/01/20540.4%
California Educational Facilities Authority - University of the Pacific5.000% 11/01/20530.4%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.250% 12/01/20480.4%
California Municipal Finance Authority3.997% 11/20/20400.4%
New Hampshire Business Finance Authority - National Finance Authority Subordinate Municipal Certificates Series 2024-43.808% 07/20/20390.4%
River Islands Public Financing Authority5.000% 09/01/20550.4%
California Health Facilities Financing Authority - Rady Children's Hospital Obligated Group5.000% 08/15/20360.4%
California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group5.000% 11/01/20490.4%
Riverside County Transportation Commission4.000% 06/01/20470.4%
California Municipal Finance Authority - CHF-Davis I LLC - West Village Student Housing5.000% 06/16/20460.4%
California Municipal Finance Authority - University of the Pacific3.000% 11/01/20480.4%
Golden State Tobacco Securitization Corp5.000% 06/01/20510.4%
California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group3.000% 11/01/20380.4%
State of California5.250% 08/01/20550.4%
San Diego Public Facilities Financing Authority - City of San Diego CA5.250% 10/15/20550.4%
San Diego County Regional Airport Authority5.250% 07/01/20550.4%
Pajaro Valley Health Care District5.000% 09/01/20460.4%
California Educational Facilities Authority - University of Southern California5.000% 10/01/20550.4%
Foothill-Eastern Transportation Corridor Agency3.950% 01/15/20530.4%
University of California5.000% 05/15/20530.4%
San Diego Public Facilities Financing Authority5.000% 05/15/20560.4%
San Joaquin Delta Community College District5.000% 08/01/20550.4%
Los Angeles Department of Water & Power5.000% 07/01/20460.4%
California Community Choice Financing Authority - Morgan Stanley5.000% 03/01/20310.4%
Redlands Unified School District5.000% 07/01/20540.4%
Center Joint Unified School District5.000% 08/01/20550.4%
Los Angeles Department of Water & Power5.000% 07/01/20490.3%
Bay Area Toll Authority5.000% 10/01/20330.3%
San Leandro Unified School District5.000% 08/01/20520.3%
Tender Option Bond Trust Receipts/Certificates8.394% 07/03/20530.3%
California Infrastructure & Economic Development Bank - Roseville Sustainable Energy Partner LLC5.250% 07/01/20490.3%
California Health Facilities Financing Authority - Providence of St. Joseph Health5.000% 10/01/20440.3%
Foothill-Eastern Transportation Corridor Agency3.950% 01/15/20530.3%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign5.250% 07/01/20460.3%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.000% 12/01/20410.3%
California Infrastructure & Economic Development Bank - Los Angeles County Museum of Natural History Foundation4.000% 07/01/20500.3%
California Health Facilities Financing Authority - Providence of St. Joseph Health3.000% 10/01/20470.3%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.000% 12/01/20260.3%
Los Altos Elementary School District5.000% 08/01/20440.3%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.500% 12/01/20540.3%
San Francisco City & County Public Utilities Commission Wastewater Revenue - City of San Francisco CA Public Utilities Commission Wastewater Revenue4.000% 10/01/20420.3%
California Health Facilities Financing Authority - Sutter Health Obligated Group5.000% 11/15/20380.3%
California Statewide Financing Authority0.000% 06/01/20460.3%
California Statewide Communities Development Authority5.000% 09/02/20510.3%
City of Los Angeles Department of Airports - LAX4.000% 05/15/20490.3%
Brentwood Union School District5.250% 08/01/20520.3%
Tender Option Bond Trust Receipts/Certificates - University of California6.457% 05/17/20590.3%
County of Sacramento CA Airport System Revenue5.000% 07/01/20410.3%
California State University3.000% 11/01/20510.3%
California School Finance Authority - KIPP LA Schools5.000% 07/01/20450.3%
Tender Option Bond Trust Receipts/Certificates - Los Angeles Municipal Improvement Corp4.960% 05/03/20550.3%
Los Angeles County Public Works Financing Authority - County of Los Angeles CA5.500% 12/01/20540.3%
California Municipal Finance Authority - Bowles Hall Foundation5.000% 04/25/20440.3%
Washington Township Health Care District5.750% 07/01/20530.3%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.250% 12/01/20340.3%
California Community Choice Financing Authority - Goldman Sachs5.000% 06/01/20360.3%
Montebello Unified School District5.500% 08/01/20470.3%
San Francisco City & County Airport Comm-San Francisco International Airport5.250% 05/01/20450.3%
California State Public Works Board5.000% 09/01/20470.3%
City of Los Angeles Department of Airports - LAX5.250% 05/15/20450.3%
Southwestern Community College District5.250% 08/01/20550.3%
Cerritos Community College District5.000% 08/01/20560.3%
California State Public Works Board5.000% 04/01/20500.3%
Cabrillo Unified School District5.000% 08/01/20530.3%
California Statewide Communities Development Authority5.250% 09/02/20510.3%
City of Los Angeles Department of Airports - LAX5.250% 05/15/20480.3%
Pajaro Valley Health Care District5.000% 09/01/20540.3%
California Educational Facilities Authority - Art Center College of Design5.000% 12/01/20440.3%
Dublin Unified School District3.000% 08/01/20410.3%
Southern California Public Power Authority5.000% 07/01/20530.3%
California Enterprise Development Authority - Provident Group-SDSU Properties LLC5.000% 09/06/20480.3%
San Francisco Bay Area Rapid Transit District Sales Tax Revenue3.000% 07/01/20440.3%
California Municipal Finance Authority - Community Hospitals of Central California Obligated Group5.000% 02/01/20370.3%
California Public Finance Authority - Hazelden Betty Ford Foundation5.000% 11/01/20540.3%
California Community Choice Financing Authority - Goldman Sachs5.000% 08/01/20290.3%
California State Public Works Board4.000% 11/01/20460.3%
California Educational Facilities Authority - Loma Linda Univ Med Ctr5.000% 04/01/20470.3%
Tejon Ranch Public Facilities Finance Authority5.000% 09/01/20540.3%
University of California5.000% 11/15/20450.3%
Fairfield Community Facilities District - City of Fairfield CA Community Facilities District No 2023-1 Area No 15.000% 09/01/20540.3%
Matching Fund Special Purpose Securitization Corp - United States Virgin Islands Federal Excise Tax5.000% 10/01/20260.3%
Commonwealth of Puerto Rico4.000% 07/01/20460.3%
California Municipal Finance Authority - Westside Neighborhood Schools5.900% 06/15/20440.3%
Irvine Unified School District2.250% 09/01/20490.3%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign5.500% 07/01/20550.3%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20410.3%
California Public Finance Authority - The James6.375% 06/01/20590.3%
Norman Y Mineta San Jose International Airport SJC - City of San Jose CA Airport Revenue5.000% 03/01/20310.3%
California State Public Works Board - California Air Resources Board4.000% 05/01/20460.3%
California Municipal Finance Authority - CHF-Davis II LLC - Orchard Park Student Housing3.000% 06/06/20490.3%
Compton Community Redevelopment Agency Successor Agency5.000% 08/01/20370.3%
Peralta Community College District5.000% 08/01/20540.2%
North Orange County Community College District/CA2.750% 08/01/20360.2%
California Health Facilities Financing Authority - Children's Hospital of Orange County Obligated Group2.125% 11/01/20410.2%
California Municipal Finance Authority - LINXS5.000% 12/31/20340.2%
Los Angeles Unified School District/CA5.250% 07/01/20490.2%
California Infrastructure & Economic Development Bank12.000% 11/02/20260.2%
California Health Facilities Financing Authority - Lucile Salter Packard Children's Hospital at Stanford Obligated Group5.000% 08/15/20470.2%
Washington Township Health Care District5.250% 08/01/20480.2%
California Health Facilities Financing Authority - Adventist Health System/West Obligated Group5.000% 12/01/20350.2%
California Enterprise Development Authority - Provident Group-SDSU Properties LLC5.000% 09/06/20380.2%
River Islands Public Financing Authority5.000% 09/01/20480.2%
California Municipal Finance Authority - Republic Services Inc3.875% 03/01/20340.2%
Santa Clarita Community College District5.250% 08/01/20450.2%
Mt San Antonio Community College District - Mt. San Antonio Community College District5.250% 08/01/20550.2%
California Municipal Finance Authority - Eisenhower Medical Center5.000% 07/01/20360.2%
University of California5.250% 05/15/20550.2%
California Municipal Finance Authority3.997% 11/20/20400.2%
Guam Government Waterworks Authority5.000% 07/01/20420.2%
California Health Facilities Financing Authority - CommonSpirit Health Obligated Group5.000% 12/01/20440.2%
Los Angeles Department of Water & Power5.000% 07/01/20460.2%
El Rancho Unified School District5.750% 08/01/20480.2%
Orange County Community Facilities District - County of Orange CA Community Facilities District No 2025-1 Improvement Area 15.000% 08/15/20460.2%
California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group5.000% 11/01/20590.2%
California Infrastructure & Economic Development Bank - Equitable School Revolving Fund LLC Obligated Group5.000% 11/01/20540.2%
San Diego County Regional Airport Authority4.000% 07/01/20350.2%
County of Los Angeles CA Community Facilities District No 2021-015.000% 09/01/20520.2%
California Health Facilities Financing Authority - Providence of St. Joseph Health5.000% 10/01/20300.2%
California Municipal Finance Authority - PRS-California Obligated Group5.000% 04/01/20440.2%
San Francisco City & County Airport Comm-San Francisco International Airport5.000% 05/01/20390.2%
Orange County Community Facilities District - County of Orange CA Community Facilities District No 2023-15.500% 08/15/20530.2%
San Joaquin Hills Transportation Corridor Agency5.250% 01/15/20440.2%
Port Commission of the City & County of San Francisco5.000% 03/01/20300.2%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign5.250% 07/01/20490.2%
Golden State Tobacco Securitization Corp0.000% 06/01/20660.2%
Central Valley Energy Authority - Goldman Sachs5.000% 08/01/20340.2%
City of Long Beach CA Airport System Revenue5.250% 06/01/20470.2%
CSCDA Community Improvement Authority - CSCDA - Orange Portfolio3.000% 06/11/20470.2%
California Public Finance Authority - Marisol HB LLC Obligated Group5.100% 04/01/20330.2%
Inland Valley Development Agency5.250% 09/01/20370.2%
Los Angeles Department of Water & Power Water System Revenue - Los Angeles Department of Water & Power (Water Revenue)5.000% 07/01/20340.2%
Bay Area Toll Authority5.000% 04/01/20450.2%
Los Angeles Department of Water & Power Water System Revenue - Los Angeles Department of Water & Power (Water Revenue)5.000% 07/01/20350.2%
Foothill-Eastern Transportation Corridor Agency3.500% 01/15/20530.2%
Regents of the University of California Medical Center Pooled Revenue2.850% 08/03/20260.2%
San Benito High School District - San Benito CA High School District0.000% 08/01/20430.2%
Alameda Corridor Transportation Authority0.000% 10/01/20530.2%
California Municipal Finance Authority - LINXS5.000% 12/31/20350.2%
Santa Monica-Malibu Unified School District3.000% 08/01/20440.2%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20330.2%
Bay Area Toll Authority2.700% 08/03/20260.2%
University of California2.700% 08/03/20260.2%
City of Los Angeles Department of Airports - LAX5.500% 05/15/20360.2%
San Joaquin Hills Transportation Corridor Agency5.250% 01/15/20490.2%
State of California5.000% 03/01/20440.2%
Pomona Unified School District5.000% 08/01/20500.2%
Fairfield Community Facilities District - City of Fairfield CA Community Facilities District No 2023-1 Area No 15.125% 09/01/20560.2%
California Pollution Control Financing Authority - Poseidon Resources5.000% 11/21/20450.2%
California Educational Facilities Authority - Western University of Health Sciences5.000% 06/01/20370.2%
California Educational Facilities Authority - Chapman University5.000% 04/01/20450.2%
California Educational Facilities Authority - Western University of Health Sciences5.000% 06/01/20360.2%
Transbay Joint Powers Authority5.000% 10/01/20320.2%
California Statewide Communities Development Authority - Loma Linda University Medical Center5.500% 12/01/20580.2%
California Educational Facilities Authority - Art Center College of Design4.000% 12/01/20370.2%
California Enterprise Development Authority - Milken Community School5.000% 07/01/20330.1%
California Enterprise Development Authority - Provident Group-SDSU Properties LLC5.000% 09/06/20530.1%
California Educational Facilities Authority - Chapman University5.000% 04/01/20440.1%
California Pollution Control Financing Authority - Waste Management Inc4.300% 07/01/20400.1%
Guam Government Waterworks Authority5.500% 07/01/20440.1%
California Public Finance Authority - Sunrise of Manhattan Beach6.750% 07/01/20650.1%
CSCDA Community Improvement Authority - CSCDA- Westgate Apartments3.000% 10/12/20360.1%
California Public Finance Authority - QSH/MB LLC - Sunrise of Long Beach6.625% 06/01/20650.1%
California Municipal Finance Authority - Community Health Centers of The Central Coast Inc5.750% 12/01/20550.1%
River Islands Public Financing Authority5.250% 09/01/20520.1%
California Municipal Finance Authority - Biola University5.000% 10/01/20390.1%
Long Beach Bond Finance Authority - Merrill Lynch4.051% 11/15/20260.1%
County of Sacramento CA Airport System Revenue5.000% 07/01/20390.1%
San Joaquin Hills Transportation Corridor Agency0.000% 01/15/20360.1%
City of Fontana CA5.000% 09/01/20490.1%
California School Finance Authority - Green Dot Public Schools Obligated Group5.000% 08/01/20380.1%
Transbay Joint Powers Authority5.000% 10/01/20490.1%
California Municipal Finance Authority - Eisenhower Medical Center5.000% 07/01/20470.1%
Antelope Valley Healthcare District5.250% 03/01/20360.1%
Foothill-Eastern Transportation Corridor Agency3.500% 01/15/20530.1%
California Educational Facilities Authority - Art Center College of Design5.000% 12/01/20480.1%
California Public Finance Authority - The James6.500% 06/01/20540.1%
California State University4.000% 11/01/20430.1%
River Islands Public Financing Authority5.000% 09/01/20540.1%
Transbay Joint Powers Authority5.000% 10/01/20380.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority4.000% 07/01/20470.1%
San Benito High School District - San Benito CA High School District0.000% 08/01/20420.1%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20460.1%
California Municipal Finance Authority3.997% 11/20/20400.1%
University of California2.800% 08/03/20260.1%
California Community Housing Agency - CCHA - The Arbors5.000% 08/01/20500.1%
California Statewide Communities Development Authority5.000% 09/02/20460.1%
Southern California Public Power Authority - Goldman Sachs4.099% 11/01/20380.1%
California Municipal Finance Authority - SAC Health System5.500% 09/01/20460.1%
California Municipal Finance Authority - California Baptist University5.375% 11/01/20450.1%
Alameda Corridor Transportation Authority0.000% 10/01/20340.1%
Newport Mesa Unified School District0.000% 08/01/20410.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authority4.000% 07/01/20420.1%
M-S-R Energy Authority - Citigroup6.500% 11/01/20390.1%
California Municipal Finance Authority - Clay Lacy Santa Ana LLC6.000% 01/01/20550.1%
Territory of Guam5.250% 01/01/20370.1%
Transbay Joint Powers Authority5.000% 10/01/20340.1%
Southwestern Community College District0.000% 08/01/20410.1%
California School Finance Authority - Green Dot Public Schools Obligated Group5.000% 08/01/20450.1%
Alameda Corridor Transportation Authority0.000% 10/01/20510.1%
California Statewide Financing Authority0.000% 06/01/20550.1%
California Public Finance Authority - Kendal at Ventura10.000% 05/15/20280.1%
Inland Empire Tobacco Securitization Corp - Inland Empire Tobacco Securitization Authority0.000% 06/01/20360.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.329% 07/01/20400.1%
California Municipal Finance Authority - SDORI Charter School Properties LLC5.625% 03/01/20450.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue0.000% 07/01/20510.1%
Newport Mesa Unified School District0.000% 08/01/20450.1%
California Municipal Finance Authority - Biola University5.000% 10/01/20320.1%
Brightline West (Warrant)0.000% -0.0%
Guam Government Waterworks Authority5.500% 07/01/20430.0%
CSCDA Community Improvement Authority - CSCDA- Westgate Apartments4.000% 03/06/20550.0%
Transbay Joint Powers Authority5.000% 10/01/20350.0%
Inland Empire Tobacco Securitization Corp - Inland Empire Tobacco Securitization Authority0.000% 06/01/20570.0%
Commonwealth of Puerto Rico5.750% 07/01/20310.0%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20560.0%
BL Train Holdings West LLC0.000% 11/26/20350.0%
Commonwealth of Puerto Rico - Puerto Rico CVI0.000% 11/01/20510.0%
California Municipal Finance Authority - University of the Pacific4.000% 11/01/20310.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue4.536% 07/01/20530.0%
USU6 - Futures0.000% 05/17/20440.0%

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.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/09/2026
$0.24045
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2026 $0.03007 $9.82
Daily Daily 07/31/2026 $0.03008 $9.88
Daily Daily 06/30/2026 $0.03019 $10.13
Daily Daily 05/31/2026 $0.02974 $10.03
Daily Daily 04/30/2026 $0.02982 $10.00
Daily Daily 03/31/2026 $0.02982 $9.90
Daily Daily 02/28/2026 $0.03062 $10.17
Daily Daily 01/31/2026 $0.03011 $10.05

Upcoming Dividend Payment Dates

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

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2026
Daily Daily 10/31/2026
Daily Daily 11/30/2026
Daily Daily 12/31/2026

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
09/08/1993 09/15/1993 - - $0.3500 $11.60
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/09/2026

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.91
$100,000 to $249,999 1.75% 1.50% $9.86
Greater than $250,000 0.00% 1.00% $9.69

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 08/31/2026

Fund Gross Expense Ratio 0.80%
Fund Net Expense Ratio 0.80%
Adjusted Expense Ratio 0.77%

Adjusted Expense Ratio excludes certain interest and related expenses from certain of the Fund's investments.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Financial Statements and Other Information *
Publish Date:11/03/2015
2025 Annual Tailored Shareholder Report
Publish Date:11/03/2015
2026 Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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IMPORTANT INFORMATION

 

1

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.

 

2

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

3

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.


Average Yield to Worst is a measure of the lowest possible yield that can be received on a bond with an early retirement provision.
 

Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

 

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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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 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.

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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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