California Tax Free Fund

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LCFOX

California Tax Free Fund

LCFOX

Daily price w/o sales charge as of 05/26/2022

$10.26

$0.09

YTD Returns w/o sales charge as of 05/26/2022

-11.32%

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

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Summary

What is the California Tax Free Fund?

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

Yield

Dividend Yield ¹ as of 05/26/2022

w/o sales charge

2.79%

30-Day Standardized Yield ² as of 04/30/2022

2.96%

Fund Basicsas of 04/29/2022

Total Net Assets: $481.50 M
Inception Date: 04/05/2017
Dividend Frequency: Monthly
Fund Expense Ratio: 0.54%
Number of Holdings: 317

Fund Expense Ratio :

0.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception

w/o sales charge	-12.09%	-10.55%	-0.11%	1.70%	3.03%	-
Lipper Category Avg. California Municipal Debt Funds	-10.05%	-8.74%	0.10%	1.56%	2.66%	-
Bloomberg Municipal Bond Index	-8.82%	-7.88%	0.46%	1.80%	2.48%	-

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception

w/o sales charge	-8.00%	-5.13%	1.69%	2.80%	3.64%	-
Lipper Category Avg. California Municipal Debt Funds	-6.73%	-4.36%	1.48%	2.44%	3.16%	-
Bloomberg Municipal Bond Index	-6.23%	-4.47%	1.53%	2.52%	2.88%	-

Fund Expense Ratio :

0.54%

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

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

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

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 04/29/2022

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman, CFA

Portfolio Manager

12 Years of Industry Experience

Carson Houle, CFA

Associate Portfolio Manager

7 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

Contact a Representative

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

Performance

Dividend Yield ¹ as of 05/26/2022

w/o sales charge

2.79%

30-Day Standardized Yield ² as of 04/30/2022

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.96%	2.96%

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

Fund Expense Ratio :

0.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception

w/o sales charge	-12.09%	-10.55%	-0.11%	1.70%	3.03%	-
Lipper Category Avg. California Municipal Debt Funds	-10.05%	-8.74%	0.10%	1.56%	2.66%	-
Bloomberg Municipal Bond Index	-8.82%	-7.88%	0.46%	1.80%	2.48%	-

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception

w/o sales charge	-8.00%	-5.13%	1.69%	2.80%	3.64%	-
Lipper Category Avg. California Municipal Debt Funds	-6.73%	-4.36%	1.48%	2.44%	3.16%	-
Bloomberg Municipal Bond Index	-6.23%	-4.47%	1.53%	2.52%	2.88%	-

Fund Expense Ratio :

0.54%

Year	Fund Returns	Bloomberg Municipal Bond Index

2021	2.79%	1.52%
2020	4.87%	5.21%
2019	9.63%	7.54%
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%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2022	-8.00%	-	-	-	-11.32%
2021	-0.32%	2.53%	-0.69%	1.28%	2.79%
2020	-2.85%	3.36%	1.54%	2.85%	4.87%
2019	3.38%	2.89%	2.35%	0.70%	9.63%
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

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

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 04/29/2022

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 04/29/2022

Total Net Assets: $481.50 M
Number of Issues: 317
Average Coupon: 4.4%
Average Effective Maturity: 19.1 Years
Average Effective Duration: 8.44 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

Foothill-Eastern Transportation Corridor Agency	4.000%	01/15/2043	1.8%
M-S-R Energy Authority	7.000%	11/01/2034	1.3%
Southern California Public Power Authority	5.000%	11/01/2033	1.3%
San Diego County Regional Airport Authority	4.000%	07/01/2041	1.3%
California Housing Finance Agency	4.250%	01/15/2035	1.3%
City of Los Angeles Department of Airports	4.000%	05/15/2044	1.2%
California Municipal Finance Authority	2.400%	10/01/2044	1.1%
California Municipal Finance Authority	4.000%	12/31/2047	1.1%
Palomar Health	5.000%	11/01/2047	1.1%
California Municipal Finance Authority	5.000%	12/31/2043	1.0%

% of Total Assets			12.5%

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

M-S-R Energy Authority	7.000%	11/01/2034	1.3%
Southern California Public Power Authority	5.000%	11/01/2033	1.3%
California Housing Finance Agency	4.250%	01/15/2035	1.2%
City of Los Angeles Department of Airports	4.000%	05/15/2044	1.2%
California Municipal Finance Authority	2.400%	10/01/2044	1.1%
San Diego County Regional Airport Authority	4.000%	07/01/2044	1.1%
California Municipal Finance Authority	4.000%	12/31/2047	1.1%
Foothill-Eastern Transportation Corridor Agency	3.500%	01/15/2053	1.1%
Palomar Health	5.000%	11/01/2047	1.0%
California Municipal Finance Authority	5.000%	12/31/2043	1.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	5.000%	07/01/2058	0.9%
California Pollution Control Financing Authority	5.000%	11/21/2045	0.9%
Riverside County Transportation Commission	4.000%	06/01/2047	0.9%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2050	0.9%
Foothill-Eastern Transportation Corridor Agency	3.950%	01/15/2053	0.8%
Palomar Health	5.000%	11/01/2039	0.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	07/01/2040	0.8%
Golden State Tobacco Securitization Corp	0.000%	06/01/2066	0.7%
County of Santa Barbara CA	5.000%	12/01/2036	0.7%
Territory of Guam	4.000%	01/01/2036	0.7%
California Infrastructure & Economic Development B	5.000%	05/15/2047	0.7%
Norman Y Mineta San Jose International Airport SJC	5.000%	03/01/2047	0.7%
California Health Facilities Financing Authority	4.000%	04/01/2037	0.7%
M-S-R Energy Authority	6.500%	11/01/2039	0.7%
California Municipal Finance Authority	5.000%	01/01/2042	0.7%
Riverside County Transportation Commission	4.000%	06/01/2046	0.7%
California Health Facilities Financing Authority	3.000%	03/01/2039	0.6%
California Health Facilities Financing Authority	4.000%	11/15/2045	0.6%
California Housing Finance Agency	4.000%	03/20/2033	0.6%
California Infrastructure & Economic Development B	4.000%	05/01/2046	0.6%
Northern California Energy Authority	4.000%	07/01/2049	0.6%
Anaheim Union High School District	3.000%	08/01/2038	0.6%
San Joaquin Hills Transportation Corridor Agency	4.000%	01/15/2050	0.6%
Mountain House Public Financing Authority	4.000%	12/01/2045	0.6%
City of Oroville CA	5.250%	04/01/2049	0.6%
Golden State Tobacco Securitization Corp	5.000%	06/01/2035	0.6%
University of California	5.250%	05/15/2058	0.6%
State of California	5.250%	08/01/2032	0.5%
California Pollution Control Financing Authority	5.000%	11/21/2045	0.5%
State of California	5.000%	04/01/2032	0.5%
Alameda Corridor Transportation Authority	5.000%	10/01/2037	0.5%
California Educational Facilities Authority	5.000%	05/01/2049	0.5%
Foothill-Eastern Transportation Corridor Agency	4.000%	01/15/2046	0.5%
New Haven Unified School District	4.000%	08/01/2047	0.5%
City & County of San Francisco CA Special Tax Dist	4.000%	09/01/2041	0.5%
California Housing Finance Agency	3.250%	08/20/2036	0.5%
Long Beach Bond Finance Authority	5.500%	11/15/2037	0.5%
Southwestern Community College District	4.000%	08/01/2046	0.5%
California Statewide Communities Development Autho	5.500%	12/01/2054	0.5%
City of Los Angeles Department of Airports	5.000%	05/15/2044	0.5%
Long Beach Unified School District	3.000%	08/01/2037	0.5%
California Statewide Communities Development Autho	5.250%	12/01/2034	0.5%
Los Angeles Department of Water & Power Power Syst	5.250%	07/01/2049	0.5%
California Municipal Finance Authority	5.000%	10/01/2049	0.4%
University of California	5.250%	05/15/2047	0.4%
Imperial Unified School District	5.250%	08/01/2043	0.4%
California Educational Facilities Authority	5.000%	10/01/2053	0.4%
Local Public Schools Funding Authority School Impr	5.000%	08/01/2052	0.4%
M-S-R Energy Authority	6.125%	11/01/2029	0.4%
California Health Facilities Financing Authority	4.000%	10/01/2047	0.4%
San Joaquin Hills Transportation Corridor Agency	5.250%	01/15/2044	0.4%
City of Los Angeles Department of Airports	5.250%	05/15/2048	0.4%
California Municipal Finance Authority	5.000%	02/01/2047	0.4%
Anaheim Public Financing Authority	5.000%	09/01/2035	0.4%
California Municipal Finance Authority	5.000%	05/15/2047	0.4%
City of Los Angeles Department of Airports	5.000%	05/15/2047	0.4%
San Diego County Regional Airport Authority	5.000%	07/01/2047	0.4%
Oceanside Unified School District/CA	4.000%	08/01/2048	0.4%
Alameda Corridor Transportation Authority	4.000%	10/01/2037	0.4%
San Diego Public Facilities Financing Authority	4.000%	10/15/2050	0.4%
Bay Area Toll Authority	4.000%	04/01/2038	0.4%
Hope Elementary School District	4.000%	08/01/2047	0.4%
Los Angeles Unified School District/CA	4.000%	07/01/2044	0.4%
River Islands Public Financing Authority	4.000%	09/01/2045	0.4%
State of California	4.000%	11/01/2036	0.4%
City of Los Angeles Department of Airports	4.000%	05/15/2051	0.4%
CSCDA Community Improvement Authority	3.000%	06/01/2047	0.4%
Foothill-Eastern Transportation Corridor Agency	4.000%	01/15/2046	0.4%
California Municipal Finance Authority	4.000%	05/15/2046	0.4%
California Municipal Finance Authority	4.000%	02/01/2051	0.4%
San Joaquin Hills Transportation Corridor Agency	5.250%	01/15/2049	0.4%
Irvine Unified School District	4.000%	09/01/2042	0.4%
California Educational Facilities Authority	4.000%	04/01/2047	0.4%
San Leandro Unified School District	5.250%	08/01/2046	0.4%
North Orange County Community College District/CA	2.750%	08/01/2036	0.4%
State of California	4.000%	10/01/2044	0.4%
California Statewide Financing Authority	0.000%	06/01/2046	0.4%
Ontario International Airport Authority	4.000%	05/15/2051	0.4%
California Enterprise Development Authority	5.000%	08/01/2045	0.4%
Poway Unified School District Public Financing Aut	5.000%	09/01/2035	0.4%
Beverly Hills Unified School District CA	3.000%	08/01/2044	0.4%
CSCDA Community Improvement Authority	3.000%	03/01/2057	0.4%
Tobacco Securitization Authority of Southern Calif	5.000%	06/01/2048	0.4%
California Health Facilities Financing Authority	4.000%	11/15/2042	0.4%
Del Mar Union School District	4.000%	09/01/2044	0.4%
California Infrastructure & Economic Development B	5.000%	11/01/2029	0.3%
California Statewide Communities Development Autho	5.500%	12/01/2058	0.3%
Bay Area Toll Authority	4.000%	04/01/2042	0.3%
Ontario International Airport Authority	5.000%	05/15/2046	0.3%
Casitas Municipal Water District	5.250%	09/01/2047	0.3%
State of California	5.000%	08/01/2038	0.3%
Local Public Schools Funding Authority School Impr	4.000%	08/01/2052	0.3%
Los Angeles Department of Water & Power Power Syst	5.250%	07/01/2037	0.3%
California Health Facilities Financing Authority	5.000%	11/15/2056	0.3%
Silicon Valley Tobacco Securitization Authority	0.000%	06/01/2041	0.3%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2045	0.3%
California Educational Facilities Authority	5.000%	12/01/2044	0.3%
Alameda Corridor Transportation Authority	5.000%	10/01/2036	0.3%
California Statewide Communities Development Autho	4.000%	06/01/2046	0.3%
Temecula Valley Unified School District Financing	5.000%	09/01/2035	0.3%
Transbay Joint Powers Authority	5.000%	10/01/2029	0.3%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2040	0.3%
Sierra Joint Community College District	4.000%	08/01/2053	0.3%
Silicon Valley Clean Water	4.000%	08/01/2046	0.3%
City of Los Angeles Department of Airports	4.000%	05/15/2046	0.3%
California County Tobacco Securitization Agency	4.000%	06/01/2049	0.3%
California Health Facilities Financing Authority	5.000%	11/01/2033	0.3%
California Statewide Communities Development Autho	4.000%	04/01/2037	0.3%
Tobacco Securitization Authority of Northern Calif	4.000%	06/01/2049	0.3%
Adelanto Public Utility Authority	5.000%	07/01/2039	0.3%
Alameda Corridor Transportation Authority	5.000%	10/01/2029	0.3%
California County Tobacco Securitization Agency	4.000%	06/01/2049	0.3%
Long Beach Bond Finance Authority	5.000%	11/15/2029	0.3%
Port Commission of the City & County of San Franci	5.000%	03/01/2030	0.3%
River Islands Public Financing Authority	4.000%	09/01/2050	0.3%
San Francisco City & County Airport Comm-San Franc	5.000%	01/01/2038	0.3%
California Municipal Finance Authority	4.000%	12/31/2047	0.3%
California Municipal Finance Authority	4.000%	07/15/2029	0.3%
California Health Facilities Financing Authority	5.000%	11/01/2034	0.3%
Panama-Buena Vista Union School District/CA	2.625%	08/01/2037	0.3%
Transbay Joint Powers Authority	5.000%	10/01/2027	0.3%
California County Tobacco Securitization Agency	5.000%	06/01/2049	0.3%
Inland Valley Development Agency	5.250%	09/01/2037	0.3%
Palomar Health	5.000%	11/01/2036	0.3%
Los Angeles Unified School District/CA	4.000%	07/01/2032	0.3%
California Municipal Finance Authority	5.000%	12/31/2031	0.3%
City of San Diego Tobacco Settlement Revenue Fundi	4.000%	06/01/2032	0.3%
San Diego County Regional Airport Authority	5.000%	07/01/2046	0.3%
Valley County Water District Financing Authority	4.500%	01/01/2048	0.3%
San Francisco City & County Public Utilities Commi	4.000%	10/01/2043	0.3%
Foothill-Eastern Transportation Corridor Agency	0.000%	01/15/2042	0.3%
California Housing Finance Agency	3.500%	11/20/2035	0.3%
New Haven Unified School District	4.000%	08/01/2044	0.3%
California Health Facilities Financing Authority	4.000%	04/01/2044	0.3%
California Community Housing Agency	3.000%	02/01/2057	0.3%
California Health Facilities Financing Authority	4.000%	04/01/2045	0.3%
Washington Township Health Care District	3.000%	07/01/2037	0.3%
California State Public Works Board	3.125%	05/01/2033	0.2%
Transbay Joint Powers Authority	5.000%	10/01/2032	0.2%
Banning Unified School District	5.250%	08/01/2042	0.2%
San Rafael City Elementary School District	4.500%	08/01/2042	0.2%
California Health Facilities Financing Authority	5.000%	11/01/2047	0.2%
Irvine Unified School District	5.500%	09/01/2035	0.2%
State of California	3.000%	10/01/2033	0.2%
Transbay Joint Powers Authority	5.000%	10/01/2025	0.2%
County of Sacramento CA Airport System Revenue	5.000%	07/01/2041	0.2%
Washington Township Health Care District	5.000%	07/01/2032	0.2%
California Municipal Finance Authority	4.000%	02/01/2042	0.2%
Golden State Tobacco Securitization Corp	5.000%	06/01/2034	0.2%
Santa Rita Union School District	2.500%	08/01/2031	0.2%
California Municipal Finance Authority	4.000%	11/01/2042	0.2%
California Statewide Communities Development Autho	5.000%	05/15/2035	0.2%
State of California	4.000%	09/01/2035	0.2%
California Municipal Finance Authority	5.000%	07/01/2032	0.2%
West Contra Costa Unified School District	6.000%	08/01/2027	0.2%
California Educational Facilities Authority	0.000%	10/01/2033	0.2%
California Infrastructure & Economic Development B	5.000%	11/01/2044	0.2%
California Municipal Finance Authority	5.000%	06/01/2043	0.2%
California Educational Facilities Authority	5.000%	10/01/2037	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2039	0.2%
California Educational Facilities Authority	5.000%	10/01/2048	0.2%
Golden State Tobacco Securitization Corp	5.000%	06/01/2029	0.2%
California Municipal Finance Authority	5.250%	01/01/2040	0.2%
San Diego Public Facilities Financing Authority	5.000%	08/01/2043	0.2%
Simi Valley Unified School District	4.000%	08/01/2046	0.2%
California Statewide Communities Development Autho	5.250%	12/01/2043	0.2%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2052	0.2%
Irvine Unified School District	5.000%	09/01/2056	0.2%
Tobacco Securitization Authority of Southern Calif	5.000%	06/01/2038	0.2%
Tobacco Securitization Authority of Southern Calif	5.000%	06/01/2039	0.2%
California Municipal Finance Authority	5.000%	10/01/2034	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2043	0.2%
City of Sacramento CA Transient Occupancy Tax Reve	5.000%	06/01/2048	0.2%
San Benito High School District	0.000%	08/01/2043	0.2%
San Francisco City & County Airport Comm-San Franc	5.250%	05/01/2042	0.2%
Ripon Unified School District	5.500%	08/01/2043	0.2%
California Health Facilities Financing Authority	5.000%	08/15/2047	0.2%
California Municipal Finance Authority	5.000%	12/31/2035	0.2%
California School Finance Authority	5.000%	08/01/2038	0.2%
California Educational Facilities Authority	5.000%	04/01/2039	0.2%
California Municipal Finance Authority	5.000%	08/15/2030	0.2%
Los Angeles Unified School District/CA	4.000%	07/01/2033	0.2%
San Francisco Community College District	5.000%	06/15/2028	0.2%
California Educational Facilities Authority	5.000%	04/01/2040	0.2%
California Municipal Finance Authority	5.000%	12/31/2047	0.2%
City of Long Beach CA Harbor Revenue	5.000%	05/15/2028	0.2%
City of Los Angeles CA Wastewater System Revenue	5.000%	06/01/2044	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2046	0.2%
Tustin Community Facilities District	5.000%	09/01/2037	0.2%
California Statewide Communities Development Autho	5.000%	10/01/2045	0.2%
City of Irvine CA	5.000%	09/02/2028	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2041	0.2%
Irvine Unified School District	5.000%	03/01/2057	0.2%
City of Irvine CA	4.000%	09/02/2039	0.2%
River Islands Public Financing Authority	4.000%	09/01/2040	0.2%
California Infrastructure & Economic Development B	5.000%	11/01/2041	0.2%
California Statewide Communities Development Autho	5.000%	07/01/2046	0.2%
Irvine Unified School District	5.000%	09/01/2038	0.2%
River Islands Public Financing Authority	5.375%	09/01/2031	0.2%
Antelope Valley Healthcare District	5.250%	03/01/2036	0.2%
California Infrastructure & Economic Development B	4.000%	07/01/2050	0.2%
California Municipal Finance Authority	4.000%	11/01/2044	0.2%
City of Roseville CA	5.000%	09/01/2031	0.2%
Santa Barbara Unified School District	4.000%	08/01/2044	0.2%
Southern California Public Power Authority	5.000%	07/01/2038	0.2%
Stockton Public Financing Authority	5.000%	09/01/2029	0.2%
California County Tobacco Securitization Agency	5.000%	06/01/2050	0.2%
Huntington Beach City School District	4.000%	08/01/2048	0.2%
Marin Healthcare District	4.000%	08/01/2040	0.2%
Orange Unified School District	4.000%	08/01/2047	0.2%
Port of Los Angeles	5.000%	08/01/2036	0.2%
San Rafael City Elementary School District	4.000%	08/01/2047	0.2%
Sweetwater Union High School District	5.000%	08/01/2027	0.2%
West Contra Costa Unified School District	4.000%	08/01/2043	0.2%
California Statewide Communities Development Autho	4.000%	07/01/2048	0.2%
Foothill-Eastern Transportation Corridor Agency	0.000%	01/15/2033	0.2%
Albany Unified School District	4.000%	08/01/2046	0.2%
Inglewood Unified School District	4.000%	08/01/2039	0.2%
California Health Facilities Financing Authority	4.000%	08/15/2050	0.2%
Abag Finance Authority for Nonprofit Corps	5.000%	11/15/2035	0.2%
Abag Finance Authority for Nonprofit Corps	5.000%	08/01/2043	0.2%
San Francisco City & County Airport Comm-San Franc	4.000%	05/01/2049	0.2%
California Health Facilities Financing Authority	5.000%	11/15/2029	0.2%
City of San Clemente CA	5.000%	09/01/2040	0.2%
California Municipal Finance Authority	4.000%	08/15/2037	0.2%
California Statewide Communities Development Autho	4.000%	12/01/2057	0.2%
San Gorgonio Memorial Health Care District	5.000%	08/01/2032	0.2%
City of San Jose CA Hotel Tax Revenue	6.125%	05/01/2031	0.2%
Long Beach Bond Finance Authority	1.769%	11/15/2026	0.2%
San Bernardino City Unified School District	5.000%	10/01/2031	0.2%
California State Public Works Board	4.000%	03/01/2045	0.2%
California Community Housing Agency	5.000%	04/01/2049	0.2%
California School Finance Authority	5.000%	08/01/2046	0.2%
Lake Elsinore Public Financing Authority	5.000%	09/01/2035	0.2%
San Diego Unified School District/CA	3.250%	07/01/2048	0.2%
Perris Union High School District/CA	3.000%	09/01/2044	0.2%
California Municipal Finance Authority	6.750%	10/01/2028	0.2%
Transbay Joint Powers Authority	5.000%	10/01/2031	0.2%
CSCDA Community Improvement Authority	4.000%	08/01/2056	0.2%
San Joaquin Hills Transportation Corridor Agency	0.000%	01/15/2036	0.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.000%	07/01/2030	0.2%
Tobacco Securitization Authority of Southern Calif	0.000%	06/01/2054	0.2%
Grossmont Union High School District	0.000%	06/01/2040	0.2%
California Pollution Control Financing Authority	5.000%	07/01/2039	0.2%
California Municipal Finance Authority	5.000%	12/01/2054	0.2%
San Benito High School District	0.000%	08/01/2042	0.2%
California Community Housing Agency	4.000%	02/01/2050	0.2%
Riverside County Transportation Commission	0.000%	06/01/2028	0.2%
California School Finance Authority	4.000%	08/01/2051	0.2%
Newport Mesa Unified School District	0.000%	08/01/2045	0.2%
Santa Barbara Unified School District	4.000%	08/01/2036	0.2%
San Benito High School District	0.000%	08/01/2041	0.2%
Transbay Joint Powers Authority	5.000%	10/01/2038	0.1%
Guam Power Authority	5.000%	10/01/2034	0.1%
M-S-R Energy Authority	6.500%	11/01/2039	0.1%
California County Tobacco Securitization Agency	4.000%	06/01/2040	0.1%
Cupertino Union School District	2.500%	08/01/2033	0.1%
Southern California Public Power Authority	1.682%	11/01/2038	0.1%
Alameda Corridor Transportation Authority	0.000%	10/01/2032	0.1%
San Leandro Unified School District	4.000%	08/01/2043	0.1%
Guam Government Waterworks Authority	5.000%	01/01/2050	0.1%
California County Tobacco Securitization Agency	4.000%	06/01/2038	0.1%
California School Finance Authority	5.000%	08/01/2045	0.1%
County of Orange CA Airport Revenue	5.000%	07/01/2029	0.1%
Simi Valley Unified School District	4.000%	08/01/2048	0.1%
California School Finance Authority	5.000%	07/01/2034	0.1%
Newport Mesa Unified School District	0.000%	08/01/2041	0.1%
California Health Facilities Financing Authority	4.000%	11/01/2035	0.1%
Inglewood Unified School District	4.000%	08/01/2038	0.1%
California Educational Facilities Authority	5.000%	12/01/2030	0.1%
California School Finance Authority	5.000%	07/01/2045	0.1%
State of California	5.250%	10/01/2039	0.1%
Southwestern Community College District	0.000%	08/01/2041	0.1%
Foothill-Eastern Transportation Corridor Agency	4.000%	01/15/2043	0.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.000%	07/01/2047	0.1%
California County Tobacco Securitization Agency	0.000%	06/01/2055	0.1%
California Municipal Finance Authority	5.000%	02/01/2040	0.1%
California Municipal Finance Authority	5.000%	06/01/2050	0.1%
California County Tobacco Securitization Agency	4.000%	06/01/2039	0.1%
Brentwood Infrastructure Financing Authority	5.000%	09/02/2036	0.1%
California Educational Facilities Authority	0.000%	10/01/2029	0.1%
City of Irvine CA	5.000%	09/01/2044	0.1%
River Islands Public Financing Authority	5.500%	09/01/2045	0.1%
California Municipal Finance Authority	5.625%	03/01/2045	0.1%
Santa Ana Unified School District	3.250%	08/01/2042	0.1%
Tobacco Securitization Authority of Southern Calif	0.000%	06/01/2046	0.1%
California Municipal Finance Authority	5.000%	10/01/2032	0.1%
Puerto Rico Electric Power Authority	0.000%	07/01/2040	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2031	0.1%
Commonwealth of Puerto Rico	0.000%	11/01/2043	0.1%
California Statewide Financing Authority	0.000%	06/01/2055	0.1%
California Community Choice Financing Authority	4.000%	10/01/2052	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	07/01/2040	0.1%
Transbay Joint Powers Authority	5.000%	10/01/2034	0.1%
California Municipal Finance Authority	5.000%	10/01/2029	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.550%	07/01/2040	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.750%	07/01/2053	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2029	0.1%
Foothill-Eastern Transportation Corridor Agency	5.500%	01/15/2053	0.0%
Puerto Rico Electric Power Authority	0.000%	07/01/2024	0.0%
Transbay Joint Powers Authority	5.000%	10/01/2035	0.0%
Silicon Valley Tobacco Securitization Authority	0.000%	06/01/2056	0.0%
California Pollution Control Financing Authority	4.300%	07/01/2040	0.0%
Commonwealth of Puerto Rico	5.625%	07/01/2027	0.0%
Commonwealth of Puerto Rico	5.625%	07/01/2029	0.0%
Commonwealth of Puerto Rico	5.750%	07/01/2031	0.0%
Commonwealth of Puerto Rico	5.375%	07/01/2025	0.0%
Commonwealth of Puerto Rico	5.250%	07/01/2023	0.0%
Inland Empire Tobacco Securitization Corp	0.000%	06/01/2057	0.0%
Commonwealth of Puerto Rico	4.000%	07/01/2033	0.0%
Commonwealth of Puerto Rico	4.000%	07/01/2035	0.0%
Commonwealth of Puerto Rico	4.000%	07/01/2037	0.0%
Commonwealth of Puerto Rico	0.000%	07/01/2033	0.0%
Puerto Rico Electric Power Authority	0.000%	07/01/2033	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2051	0.0%
Tobacco Securitization Authority of Southern Calif	5.000%	06/01/2048	0.0%
California School Finance Authority	5.000%	08/01/2046	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2033	0.0%
Commonwealth of Puerto Rico	0.000%	07/01/2024	0.0%
California Statewide Communities Development Autho	5.500%	07/01/2039	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.536%	07/01/2053	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/26/2022: $0.091
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	04/30/2022	$0.02386	$10.19
Daily	Daily	03/31/2022	$0.02285	$10.69
Daily	Daily	02/28/2022	$0.02230	$11.16
Daily	Daily	01/31/2022	$0.02207	$11.27

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	05/31/2022
Daily	Daily	06/30/2022
Daily	Daily	07/31/2022
Daily	Daily	08/31/2022
Daily	Daily	09/30/2022
Daily	Daily	10/31/2022
Daily	Daily	11/30/2022
Daily	Daily	12/31/2022

Fees & Expenses

Expense Ratioas of 04/30/2022

0.54%

Expense ratio details, Click here.

The net expense ratio takes into account deductions for certain interest and related expenses from certain of the Fund's investments. Under accounting rules, the Fund recognized additional income in an amount that directly offsets these interest and related expenses. Therefore, the Fund's total returns and net asset value were not affected by such interest and related expenses.

Fund Documents

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n/a	Portfolio Holdings 1Q Publish Date:11/03/2015
n/a	Portfolio Holdings 3Q Publish Date:11/03/2015
	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus 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

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IMPORTANT INFORMATION

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

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

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

IMPORTANT INFORMATION

A Note about Risk: The Fund invests a significant percentage of its assets in the securities of issuers in a single state. As a result, an investment in the Fund may be riskier than an investment in other, more diversified municipal bond funds. The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yield securities, sometimes called "junk bonds" carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. The Fund may invest in bonds of issuers in Puerto Rico and other U.S. territories, commonwealths, and possessions, and may be affected by local, state, and regional factors. These may include, for example, economic or political developments, erosion of the tax base, and the possibility of credit problems. These factors can affect Fund performance.

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

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.

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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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 05/26/2022

30-Day Standardized Yield 2 as of 04/30/2022

Fund Basicsas of 04/29/2022

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

Credit Quality Distribution as of 04/29/2022

Investment Team

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Performance

Performance

Dividend Yield 1 as of 05/26/2022

30-Day Standardized Yield 2 as of 04/30/2022

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

Fund Expense Ratio :

0.54%

NAV Historical Prices

Portfolio

Portfolio

CREDIT QUALITY DISTRIBUTION as of 04/29/2022

Portfolio Details as of 04/29/2022

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2022

Fund Documents

Fund Documents

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Dividend Yield ¹ as of 05/26/2022

30-Day Standardized Yield ² as of 04/30/2022

Dividend Yield ¹ as of 05/26/2022

30-Day Standardized Yield ² as of 04/30/2022