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California Tax Free Fund

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 07/23/2019  

w/o sales charge 2.27%

30-Day Standardized Yield 2 as of 06/30/2019  

1.19%

Fund Basicsas of 06/28/2019

Total Net Assets
$370.09 M
Inception Date
07/15/1996
Dividend Frequency
Monthly
Fund Expense Ratio
1.41%
Number of Holdings
266
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

1.41%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 5.94% 5.88% 1.93% 3.66% 5.10% 4.04%
Lipper Category Avg. California Municipal Debt Funds 5.41% 5.94% 2.20% 3.88% 5.44% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% -
w/ sales charge 4.94% 5.88% 1.93% 3.66% 5.10% 4.04%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 5.94% 5.88% 1.93% 3.66% 5.10% 4.04%
Lipper Category Avg. California Municipal Debt Funds 5.41% 5.94% 2.20% 3.88% 5.44% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% -
w/ sales charge 4.94% 5.88% 1.93% 3.66% 5.10% 4.04%

Fund Expense Ratio :

1.41%

RELATED CONTENT

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

Credit Quality Distribution as of 06/28/2019

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

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

32 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 15 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 07/23/2019  

w/o sales charge 2.27%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.19% 1.19%

Fund Expense Ratio :

1.41%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 5.94% 5.88% 1.93% 3.66% 5.10% 4.04%
Lipper Category Avg. California Municipal Debt Funds 5.41% 5.94% 2.20% 3.88% 5.44% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% -
w/ sales charge 4.94% 5.88% 1.93% 3.66% 5.10% 4.04%

Fund Expense Ratio :

1.41%

Fund Expense Ratio :

1.41%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge 5.94% 5.88% 1.93% 3.66% 5.10% 4.04%
Lipper Category Avg. California Municipal Debt Funds 5.41% 5.94% 2.20% 3.88% 5.44% -
Bloomberg Barclays Municipal Bond Index 5.09% 6.71% 2.55% 3.64% 4.72% -
w/ sales charge 4.94% 5.88% 1.93% 3.66% 5.10% 4.04%

Fund Expense Ratio :

1.41%

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% - - 6.46%
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%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
Transportation
GO Local
IDR/PCR
Healthcare/Hospital
Education
GO State
Special Tax
Water & Sewer
Insured
Lease
Housing
Pre-Refunded
Power
VRDN
Other
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
By State Assets
CA
Puerto Rico
Other U.S. Territories

CREDIT QUALITY DISTRIBUTION as of 06/28/2019

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

Portfolio Positioning as of 06/30/2019

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 12-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 06/28/2019

Total Net Assets
$370.09 M
Number of Issues
266
Average Coupon
4.8%
Average Effective Maturity
21.0 Years
Average Effective Duration
7.32 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/23/2019
$0.134
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2019

1.41%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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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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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.

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.

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