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California Tax Free Fund

Daily price w/o sales charge as of 01/14/2019

$10.75

arrowDown$0.01

YTD Returns w/o sales charge as of 01/14/2019

0.31%

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

Click here to view all legal text including risk information

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 01/14/2019  

w/o sales charge 3.36%

30-Day Standardized Yield 2 as of 12/31/2018  

2.64%

Fund Basicsas of 12/31/2018

Total Net Assets
$302.40 M
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.56%
Number of Holdings
221
CUSIP
543902522

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.72% 0.72% 2.64% 4.95% - 5.84%
Lipper Category Avg. California Municipal Debt Funds 0.50% 0.50% 2.09% 4.33% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.72% 0.72% 2.64% 4.95% - 5.84%
Lipper Category Avg. California Municipal Debt Funds 0.50% 0.50% 2.09% 4.33% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

0.56%

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

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

RELATED CONTENT

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

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

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

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

Credit Quality Distribution as of 12/31/2018

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 14 Investment Professionals with 12 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 01/14/2019  

w/o sales charge 3.36%

30-Day Standardized Yield 2 as of 12/31/2018  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.64% 2.64%

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

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.72% 0.72% 2.64% 4.95% - 5.84%
Lipper Category Avg. California Municipal Debt Funds 0.50% 0.50% 2.09% 4.33% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/31/2011
w/o sales charge 0.72% 0.72% 2.64% 4.95% - 5.84%
Lipper Category Avg. California Municipal Debt Funds 0.50% 0.50% 2.09% 4.33% - -
Bloomberg Barclays Municipal Bond Index 1.28% 1.28% 2.30% 3.82% - -

Fund Expense Ratio :

0.56%

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

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Year Fund Returns Bloomberg Barclays Municipal Bond Index
2018 0.72% 1.28%
2017 6.95% 5.45%
2016 0.37% 0.25%
2015 3.87% 3.30%
2014 13.37% 9.05%
2013 -3.60% -2.55%
2012 12.05% 6.78%
2011 13.94% 10.70%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 0.31%
2018 -0.83% 1.19% -0.29% 0.66% 0.72%
2017 2.01% 2.43% 0.98% 1.36% 6.95%
2016 2.10% 3.68% 0.02% -5.21% 0.37%
2015 1.26% -1.29% 1.76% 2.13% 3.87%
2014 4.72% 3.68% 2.45% 1.93% 13.37%
2013 0.63% -3.85% -0.77% 0.41% -3.60%
2012 4.55% 1.84% 3.49% 1.69% 12.05%
2011 - 5.44% 3.69% 2.73% 13.94%

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

Portfolio

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

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

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years
25-30 Years
30+ Years

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

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 12/31/2018

Rating Assets
A-1/MIG1
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 09/30/2018

  • Relative to its benchmark, the Bloomberg Barclays Municipal Bond Index, the portfolio is underweight bonds in the 1- to 9-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 12/31/2018

Total Net Assets
$302.40 M
Number of Issues
221
Average Coupon
4.8%
Average Effective Maturity
20.2 Years
Average Effective Duration
7.84 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 1.8%
Foothill Eastern Transportation Corridor Agency 6.000% 01/15/2049 1.7%
San Joaquin Hills Transportation Corridor Agency 5.000% 01/15/2050 1.7%
California State General Obligation 5.250% 10/01/2032 1.4%
Southern California Public Power Auth - Goldman Sachs 5.000% 11/01/2033 1.2%
Foothill Eastern Transportation Corridor Agency 6.000% 01/15/2053 1.2%
M-S-R Energy Auth - Merrill Lynch 7.000% 11/01/2034 1.2%
Foothill-Eastern Transp Corridor Agy, CA 3.950% 01/15/2053 1.1%
California State General Obligation 5.250% 04/01/2035 1.1%
M-S-R Energy Auth - Merrill Lynch 6.500% 11/01/2039 1.0%
% of Total Assets 13.4%

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 - LINXS4.000% 12/31/20471.8%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20491.7%
San Joaquin Hills Transportation Corridor Agency5.000% 01/15/20501.7%
California State General Obligation5.250% 10/01/20321.5%
Southern California Public Power Auth - Goldman Sachs5.000% 11/01/20331.3%
Foothill Eastern Transportation Corridor Agency6.000% 01/15/20531.2%
M-S-R Energy Auth - Merrill Lynch7.000% 11/01/20341.2%
Foothill-Eastern Transp Corridor Agy, CA3.950% 01/15/20531.1%
California State General Obligation5.250% 04/01/20351.1%
M-S-R Energy Auth - Merrill Lynch6.500% 11/01/20391.1%
California Statewide Comntys Dev Auth5.000% 03/01/20481.0%
California State General Obligation5.250% 08/01/20321.0%
County of Santa Barbara CA5.000% 12/01/20360.9%
Long Beach Bond Finance Auth - Merrill Lynch5.500% 11/15/20370.9%
Norman Y Mineta San Jose International Arpt SJC5.000% 03/01/20470.9%
California Muni Finance Auth - Univ of San Diego5.000% 10/01/20290.8%
New Haven Unif Sch Dist, CA4.000% 08/01/20470.8%
Imperial Unif Sch Dist5.250% 08/01/20430.8%
San Buenaventura - Comunity Memorial Health8.000% 12/01/20310.8%
Los Angeles Unified School District5.000% 07/01/20290.8%
Univ of California Bd of Regents5.250% 05/15/20470.8%
Santa Ana Unif Sch Dist, CA0.000% 04/01/20190.8%
California Muni Fin Auth5.000% 05/15/20470.8%
Los Angeles, CA5.250% 05/15/20480.8%
San Diego Cnty Regl Arpt Auth, CA5.000% 07/01/20470.8%
California Statewide Comntys Dev Auth5.250% 12/01/20340.8%
Local Public Schools Funding Authority School Impr5.000% 08/01/20520.7%
California State Pub Wks Bd5.750% 10/01/20310.7%
California Hlth Facs Fing Auth5.500% 08/15/20330.7%
California Edl Facs Auth5.000% 10/01/20530.7%
Los Angeles, CA5.000% 05/15/20470.7%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.7%
California State General Obligation5.000% 02/01/20320.7%
California Hlth Facs Fing Auth5.250% 11/01/20350.7%
California Infrastr & Econ Dev Bnk5.250% 10/01/20340.7%
California Poll Cntrl Fin Auth5.000% 11/21/20450.7%
California State General Obligation5.500% 03/01/20400.7%
Foothill-Eastern Transp Corridor Agy, CA5.750% 01/15/20460.7%
Bay Area Toll Auth, CA4.000% 04/01/20380.7%
San Leandro Unif Sch Dist5.250% 08/01/20460.7%
Poway Unif Sch Dist Pub Fing Auth, CA5.000% 09/01/20350.7%
Northern California Gas Auth No 12.325% 07/01/20270.7%
Yosemite Community College District0.000% 08/01/20420.6%
California5.000% 08/01/20380.6%
Union City Comnty Redev Agy, CA6.875% 12/01/20330.6%
Los Angeles Department of Pwr5.250% 07/01/20370.6%
Casitas Muni Wtr Dist5.250% 09/01/20470.6%
Univ of California Bd of Regents5.250% 05/15/20580.6%
Temecula Valley Unif Sch Dist Fincg Auth, CA5.000% 09/01/20350.6%
California Edl Facs Auth5.000% 12/01/20440.6%
Riverside Cnty Transp Comm, CA5.750% 06/01/20480.6%
Sonoma Marin Area Rail Transit Dist, CA5.000% 03/01/20290.6%
Norman Y Mineta San Jose International Arpt SJC6.250% 03/01/20340.6%
Alameda Corridor Transp Auth5.000% 10/01/20360.6%
California6.500% 04/01/20330.6%
Local Public Schools Funding Authority School Impr4.000% 08/01/20520.5%
San Francisco City & Cnty Arpt Comm, CA5.000% 05/01/20400.5%
Alameda Corridor Transp Auth5.000% 10/01/20290.5%
Long Beach Bnd Fin Auth5.250% 11/15/20200.5%
California Statewide Comntys Dev Auth5.125% 05/15/20310.5%
San Francisco City & Cnty Redev Fing Auth, CA6.625% 08/01/20390.5%
Los Angeles, CA4.000% 06/01/20420.5%
San Francisco City & Cnty Port Comm, CA5.000% 03/01/20300.5%
Silicon Vy Clean Wtr4.000% 08/01/20460.5%
California State General Obligation5.250% 10/01/20290.5%
M-S-R Energy Auth6.125% 11/01/20290.5%
Palomar Hlth5.000% 11/01/20390.5%
San Francisco City & Cnty Arpt Comm, CA5.000% 05/01/20270.5%
Inland Valley Development Agency5.250% 09/01/20370.5%
Grossmont Un High Sch Dist, CA5.000% 08/01/20430.5%
California Statewide Comntys Dev Auth5.000% 02/01/20350.5%
M-S-R Energy Auth6.500% 11/01/20390.5%
Port of Oakland, CA5.125% 05/01/20310.4%
Valley County Water District Financing Authority4.500% 01/01/20480.4%
Irvine Unif Sch Dist Fincg Auth, CA5.500% 09/01/20350.4%
West Contra Costa Unif Sch Dist, CA6.000% 08/01/20270.4%
Los Angeles, CA5.000% 05/15/20450.4%
Banning Unif Sch Dist5.250% 08/01/20420.4%
San Francisco City & County Public Utilities Commi4.000% 10/01/20430.4%
Cnty of Sacramento CA Arpt Sys Rev5.000% 07/01/20410.4%
Golden St Tobacco Securitization Corp.5.250% 06/01/20470.4%
Silicon Vly Tobacco Securitization Auth0.000% 06/01/20410.4%
San Rafael City Elementary School District4.500% 08/01/20420.4%
California Hlth Facs Fing Auth5.000% 11/01/20470.4%
California Hlth Facs Fing Auth4.000% 10/01/20470.4%
California Health Facs - Catholic Healthcare West5.500% 07/01/20250.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20470.4%
California Statewide Comntys Dev Auth5.500% 12/01/20580.4%
California4.000% 09/01/20350.4%
San Francisco Comnty Coll Dist, CA5.000% 06/15/20280.4%
Ripon Unif Sch Dist, CA5.500% 08/01/20430.4%
Puerto Rico6.000% 07/01/20390.4%
Los Angeles Unif Sch Dist, CA5.000% 07/01/20300.4%
Sweetwater Un High Sch Dist, CA5.000% 08/01/20270.4%
Sacramento Cnty Tobacco Settlement Securitization5.500% 06/01/20450.4%
Los Angeles, CA5.000% 06/01/20440.4%
Southern California Pub Pwr Auth5.000% 07/01/20380.4%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 07/01/20320.4%
Stockton Pub Fincg Auth, CA5.000% 09/01/20290.4%
Long Beach, CA5.000% 05/15/20280.4%
San Francisco City & Cnty Arpt Comm, CA5.250% 05/01/20420.4%
California Muni Fin Auth5.000% 06/01/20430.4%
San Francisco City & Cnty Redev Fing Auth, CA6.750% 08/01/20410.4%
California Edl Facs Auth5.000% 04/01/20390.4%
City of Irvine CA5.000% 09/02/20280.4%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 09/01/20560.4%
Golden St Tobacco Securitization Corp.5.000% 06/01/20290.4%
Los Angeles Harbor Dept, CA5.000% 08/01/20360.4%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20480.4%
San Diego Cnty Regl Arpt Auth, CA5.000% 07/01/20270.4%
California Edl Facs Auth5.000% 10/01/20380.4%
Tustin Comnty Fac Dist5.000% 09/01/20370.4%
California Edl Facs Auth5.000% 10/01/20480.4%
San Joaquin Hills Transp Corridor Agy, CA5.000% 01/15/20290.4%
California Infrastr & Econ Dev Bnk5.000% 11/01/20410.4%
Whittier, CA5.750% 06/01/20290.4%
California Edl Facs Auth5.000% 04/01/20400.4%
California State Pub Wks Bd5.000% 12/01/20280.4%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 09/01/20380.4%
Simi Valley Unified School District4.000% 08/01/20460.4%
Santa Maria, CA5.000% 02/01/20270.4%
California Muni Fin Auth6.750% 10/01/20280.4%
San Gorgonio Mem Hlth Care Dist5.000% 08/01/20320.4%
California Cnty Tobacco Securitization Agy5.700% 06/01/20460.4%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 08/01/20430.4%
Alameda Corridor Transp Auth5.000% 10/01/20370.4%
California Muni Fin Auth5.000% 08/15/20300.4%
California Muni Fin Auth - LINXS5.000% 12/31/20430.4%
California Hlth Facs Fing Auth5.000% 08/15/20470.4%
California State General Obligation5.000% 02/01/20330.4%
California Statewide Comntys Dev Auth5.000% 05/15/20350.4%
San Jose, CA6.125% 05/01/20310.4%
Roseville, CA5.000% 09/01/20310.4%
California Muni Fin Auth5.000% 12/31/20470.4%
Los Angeles, CA5.000% 05/15/20410.4%
Orange Cnty Comnty Facs Dist5.250% 08/15/20450.4%
California Statewide Comntys Dev Auth5.500% 12/01/20540.4%
Los Angeles, CA5.000% 05/15/20460.4%
California Muni Fin Auth5.000% 06/01/20360.4%
California Hlth Facs Fing Auth5.000% 11/15/20290.4%
California State Pub Wks Bd5.000% 04/01/20370.4%
Irvine Unif Sch Dist Fincg Auth, CA5.000% 03/01/20570.4%
California Sch Fin Auth5.000% 08/01/20380.4%
Antelope Valley Hlthcare Dist5.250% 03/01/20360.4%
ABAG Fin Auth For Nonprofit Corps, CA5.000% 11/15/20350.4%
California Statewide Comntys Dev Auth5.000% 10/01/20450.4%
California Sch Fin Auth5.000% 08/01/20460.4%
City of San Clemente, CA5.000% 09/01/20400.4%
California Infrastr & Econ Dev Bnk4.000% 02/01/20350.4%
San Diego Redev Agy, CA7.000% 11/01/20390.4%
Chula Vista, CA5.875% 01/01/20340.4%
California Statewide Comntys Dev Auth7.000% 11/15/20290.4%
Marin Hlthcare Dist4.000% 08/01/20400.4%
Orange Unified School District4.000% 08/01/20470.3%
California Statewide Comntys Dev Auth4.000% 07/01/20480.3%
Albany Unified School District4.000% 08/01/20460.3%
Riverside Electric5.000% 10/01/20270.3%
California Hlth Facs Fing Auth4.000% 11/15/20420.3%
California Statewide Comntys Dev Auth4.000% 12/01/20570.3%
Univ of California Bd of Regents4.000% 05/15/20470.3%
Long Beach Bnd Fin Auth3.183% 11/15/20260.3%
California Muni Fin Auth4.000% 08/15/20370.3%
San Joaquin Hills Transp Corridor Agy, CA5.250% 01/15/20490.3%
Lake Elsinore Public Fing Auth5.000% 09/01/20350.3%
San Diego Tobacco Settlement Revenue Funding Corp4.000% 06/01/20320.3%
San Benito High School District0.000% 08/01/20430.3%
El Dorado Irr Dist, CA5.250% 03/01/20390.3%
California Statewide Comntys Dev Auth5.250% 10/01/20430.3%
Inland Empire Tobacco Securitization Auth5.000% 06/01/20210.3%
San Diego Cnty Tobacco Asset Securitization Corp5.000% 06/01/20370.3%
Foothill-Eastern Transp Corridor Agy, CA0.000% 01/15/20330.3%
Santa Barbara Unif Sch Dist4.000% 08/01/20360.3%
Guam Pwr Auth5.000% 10/01/20340.3%
California Statewide Fing Auth0.000% 06/01/20460.3%
Puerto Rico Sales Tax Financing Corp5.250% 08/01/20410.3%
Grossmont Un High Sch Dist, CA0.000% 06/01/20400.3%
Newport-Mesa Unif Sch Dist, CA0.000% 08/01/20450.2%
Riverside Cnty Transp Comm, CA0.000% 06/01/20280.2%
La Verne CA C.O.P.5.000% 05/15/20290.2%
San Benito High School District0.000% 08/01/20420.2%
California Sch Fin Auth5.000% 07/01/20340.2%
Southern California Pub Pwr Auth3.172% 11/01/20380.2%
San Benito High School District0.000% 08/01/20410.2%
California Muni Fin Auth5.000% 06/01/20480.2%
California Sch Fin Auth5.000% 07/01/20450.2%
California5.250% 10/01/20390.2%
Adelanto Pub Util Auth, CA5.000% 07/01/20390.2%
San Joaquin Hills Transp Corridor Agy, CA0.000% 01/15/20360.2%
Guam Waterworks Auth5.500% 07/01/20430.2%
Brentwood Infrastr Fing Auth5.000% 09/02/20360.2%
Newport-Mesa Unif Sch Dist, CA0.000% 08/01/20410.2%
California Muni Fin Auth5.000% 02/01/20400.2%
San Mateo, CA5.500% 09/01/20440.2%
California Muni Fin Auth5.000% 06/01/20500.2%
River Islands Public Fing Auth5.500% 09/01/20450.2%
City of Irvine CA5.000% 09/01/20440.2%
California Sch Fin Auth5.000% 08/01/20450.2%
Santa Cruz Cnty Redev Agy, CA7.000% 09/01/20360.2%
California5.000% 09/01/20290.2%
Santa Cruz Cnty Redev Agy, CA6.625% 09/01/20290.2%
Puerto Rico Sales Tax Fincg Corp5.000% 08/01/20240.2%
California Statewide Comntys Dev Auth5.000% 07/01/20460.2%
California Muni Fin Auth5.000% 10/01/20320.2%
California Statewide Comntys Dev Auth5.000% 07/01/20360.1%
Southwestern Comnty College Dist, CA0.000% 08/01/20410.1%
Golden St Tobacco Securitization Corp.0.000% 06/01/20470.1%
California Statewide Comntys Dev Auth5.000% 07/01/20410.1%
California Statewide Comntys Dev Auth5.500% 07/01/20390.1%
San Diego Cnty Tobacco Asset Securitization Corp0.000% 06/01/20460.1%
California Muni Fin Auth5.000% 10/01/20290.1%
Puerto Rico Elec Pwr Auth7.000% 07/01/20400.1%
San Diego Cnty Tobacco Asset Securitization Corp0.000% 06/01/20460.1%
Foothill Eastern Transportation Corridor Agency5.500% 01/15/20530.1%
California Cnty Tobacco Securitization Agy0.000% 06/01/20460.1%
California1.300% 05/01/20340.1%
Puerto Rico Elec Pwr Auth5.250% 07/01/20240.1%
Inland Empire Tobacco Securitization Auth0.000% 06/01/20570.0%
Puerto Rico Elec Pwr Auth5.250% 07/01/20330.0%
Silicon Vly Tobacco Securitization Auth0.000% 06/01/20560.0%
US 20YR Treasury Future Mar 2019- -0.0%

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 01/14/2019
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2018 $0.03010 $10.73
Daily Daily 11/30/2018 $0.03021 $10.66
Daily Daily 10/31/2018 $0.02980 $10.61
Daily Daily 09/30/2018 $0.02985 $10.75
Daily Daily 08/31/2018 $0.02962 $10.87
Daily Daily 07/31/2018 $0.02937 $10.85
Daily Daily 06/30/2018 $0.02968 $10.87
Daily Daily 05/31/2018 $0.02933 $10.88
Daily Daily 04/30/2018 $0.02967 $10.76
Daily Daily 03/31/2018 $0.02921 $10.83
Daily Daily 02/28/2018 $0.03013 $10.78
Daily Daily 01/31/2018 $0.02922 $10.85

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 01/31/2019
Daily Daily 02/28/2019
Daily Daily 03/31/2019
Daily Daily 04/30/2019
Daily Daily 05/31/2019
Daily Daily 06/30/2019
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 12/31/2018

0.56%

Expense ratio details, Click here.

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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IMPORTANT INFORMATION

 

1

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.

 

2

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.

 

5

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

 

6

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.

 

 

Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to April 4, 2017,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; and (b) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 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.

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