California Tax Free Fund

LCFOX

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Daily price w/o sales charge as of 05/29/2020

$11.13

$0.01

YTD Returns w/o sales charge as of 05/29/2020

-1.34%

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.

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yield

Dividend Yield ¹ as of 05/29/2020

w/o sales charge

2.78%

30-Day Standardized Yield ² as of 04/30/2020

2.46%

Fund Basicsas of 04/30/2020

Total Net Assets: $474.42 M
Inception Date: 04/05/2017
Dividend Frequency: Monthly
Fund Expense Ratio: 0.56%
Number of Holdings: 309

Fund Expense Ratio :

0.56%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 01/31/2011

w/o sales charge	-5.09%	-0.16%	2.90%	3.03%	-	5.43%
Lipper Category Avg. California Municipal Debt Funds	-4.25%	-0.07%	2.48%	2.58%	-	-
Bloomberg Barclays Municipal Bond Index	-1.88%	2.16%	3.27%	3.04%	-	-

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	-2.85%	3.03%	4.00%	3.39%	-	5.75%
Lipper Category Avg. California Municipal Debt Funds	-2.31%	2.48%	3.41%	2.86%	-	-
Bloomberg Barclays Municipal Bond Index	-0.63%	3.85%	3.96%	3.19%	-	-

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 for future results.

Credit Quality Distribution as of 04/30/2020

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 05/29/2020

w/o sales charge

2.78%

30-Day Standardized Yield ² as of 04/30/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.46%	2.46%

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	-5.09%	-0.16%	2.90%	3.03%	-	5.43%
Lipper Category Avg. California Municipal Debt Funds	-4.25%	-0.07%	2.48%	2.58%	-	-
Bloomberg Barclays Municipal Bond Index	-1.88%	2.16%	3.27%	3.04%	-	-

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	-2.85%	3.03%	4.00%	3.39%	-	5.75%
Lipper Category Avg. California Municipal Debt Funds	-2.31%	2.48%	3.41%	2.86%	-	-
Bloomberg Barclays Municipal Bond Index	-0.63%	3.85%	3.96%	3.19%	-	-

Fund Expense Ratio :

0.56%

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

Year	Fund Returns	Bloomberg Barclays Municipal Bond Index

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%	10.70%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-2.85%	-	-	-	-1.33%
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
GO Local
Healthcare/Hospital
IDR/PCR
Education
Special Tax
GO State
Lease
Water & Sewer
Housing
Power
Other
Pre-Refunded
VRDN

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 04/30/2020

Rating	Assets
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Positioning as of 03/31/2020

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 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 04/30/2020

Total Net Assets: $474.42 M
Number of Issues: 309
Average Coupon: 4.5%
Average Effective Maturity: 20.3 Years
Average Effective Duration: 9.04 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

Commonwealth of Puerto Rico	0.000%	07/01/2039	0.3%
Port of Oakland	5.125%	05/01/2031	0.3%
State of California	3.000%	10/01/2033	0.3%
Santa Rita Union School District	2.500%	08/01/2031	0.3%
County of Sacramento CA Airport System Revenue	5.000%	07/01/2041	0.3%
State of California	4.000%	09/01/2035	0.3%
California Infrastructure & Economic Development B	5.000%	11/01/2044	0.3%
Golden State Tobacco Securitization Corp	5.250%	06/01/2047	0.3%
Ripon Unified School District	5.500%	08/01/2043	0.3%
Golden State Tobacco Securitization Corp	5.000%	06/01/2047	0.3%

% of Total Assets			3.0%

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.

Holding	Coupon	Maturity	Assets

California Housing Finance	4.250%	01/15/2035	1.6%
California Infrastructure & Economic Development B	5.000%	05/15/2047	1.3%
California Municipal Finance Authority	2.400%	10/01/2044	1.3%
California Municipal Finance Authority	4.000%	12/31/2047	1.2%
Southern California Public Power Authority	5.000%	11/01/2033	1.2%
California Health Facilities Financing Authority	4.000%	11/15/2045	1.1%
California Municipal Finance Authority	5.000%	12/31/2043	1.1%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2050	1.0%
California Educational Facilities Authority	5.000%	05/01/2049	1.0%
California Pollution Control Financing Authority	5.000%	11/21/2045	0.9%
State of California	5.250%	10/01/2032	0.9%
Golden State Tobacco Securitization Corp	5.000%	06/01/2047	0.9%
County of Santa Barbara CA	5.000%	12/01/2036	0.9%
San Diego County Regional Airport Authority	4.000%	07/01/2044	0.8%
Norman Y Mineta San Jose International Airport SJC	5.000%	03/01/2047	0.8%
Foothill-Eastern Transportation Corridor Agency	3.500%	01/15/2053	0.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	07/01/2040	0.8%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2050	0.7%
M-S-R Energy Authority	7.000%	11/01/2034	0.7%
California Municipal Finance Authority	5.000%	01/01/2042	0.7%
State of California	5.250%	04/01/2035	0.7%
California Statewide Communities Development Autho	5.000%	03/01/2048	0.7%
M-S-R Energy Authority	6.500%	11/01/2039	0.7%
Anaheim Union High School District	3.000%	08/01/2038	0.7%
Palomar Health	5.000%	11/01/2047	0.6%
University of California	5.250%	05/15/2058	0.6%
State of California	5.000%	04/01/2032	0.6%
State of California	5.250%	08/01/2032	0.6%
California Health Facilities Financing Authority	3.000%	03/01/2039	0.6%
Golden State Tobacco Securitization Corp	5.000%	06/01/2035	0.6%
State of California	0.470%	05/01/2034	0.6%
Del Mar Union School District	3.000%	08/01/2044	0.6%
City of Oroville CA	5.250%	04/01/2049	0.6%
Foothill-Eastern Transportation Corridor Agency	3.950%	01/15/2053	0.6%
New Haven Unified School District	4.000%	08/01/2047	0.6%
Bay Area Toll Authority	3.000%	04/01/2054	0.5%
Long Beach Unified School District	3.000%	08/01/2037	0.5%
California Municipal Finance Authority	5.000%	10/01/2049	0.5%
City of Los Angeles Department of Airports	5.000%	05/15/2044	0.5%
California Pollution Control Financing Authority	5.000%	11/21/2045	0.5%
California Municipal Finance Authority	4.000%	07/15/2029	0.5%
University of California	5.250%	05/15/2047	0.5%
Anaheim Public Financing Authority	5.000%	09/01/2035	0.5%
Imperial Unified School District	5.250%	08/01/2043	0.5%
Local Public Schools Funding Authority School Impr	5.000%	08/01/2052	0.5%
California Statewide Communities Development Autho	5.500%	12/01/2054	0.5%
California Municipal Finance Authority	5.000%	05/15/2047	0.5%
M-S-R Energy Authority	6.125%	11/01/2029	0.5%
California Statewide Communities Development Autho	5.250%	12/01/2034	0.5%
San Diego County Regional Airport Authority	5.000%	07/01/2049	0.5%
California Health Facilities Financing Authority	4.000%	10/01/2047	0.5%
City of Los Angeles Department of Airports	5.250%	05/15/2048	0.5%
Long Beach Bond Finance Authority	5.500%	11/15/2037	0.5%
City of Los Angeles Department of Airports	5.000%	05/15/2047	0.5%
California Educational Facilities Authority	5.000%	10/01/2053	0.5%
San Diego County Regional Airport Authority	5.000%	07/01/2047	0.5%
San Joaquin Hills Transportation Corridor Agency	5.250%	01/15/2044	0.5%
Bay Area Toll Authority	4.000%	04/01/2038	0.5%
Oceanside Unified School District/CA	4.000%	08/01/2048	0.5%
City of San Buenaventura CA	8.000%	12/01/2031	0.5%
Alameda Corridor Transportation Authority	4.000%	10/01/2037	0.5%
California Municipal Finance Authority	5.000%	02/01/2047	0.5%
California State Public Works Board	5.750%	10/01/2031	0.5%
California Infrastructure & Economic Development B	5.250%	10/01/2034	0.5%
California Health Facilities Financing Authority	5.250%	11/01/2035	0.4%
California Municipal Finance Authority	5.000%	12/31/2047	0.4%
Irvine Unified School District	4.000%	09/01/2042	0.4%
State of California	5.000%	02/01/2032	0.4%
California Health Facilities Financing Authority	5.500%	08/15/2033	0.4%
State of California	4.000%	10/01/2044	0.4%
San Leandro Unified School District	5.250%	08/01/2046	0.4%
Beverly Hills Unified School District CA	3.000%	08/01/2044	0.4%
Poway Unified School District Public Financing Aut	5.000%	09/01/2035	0.4%
North Orange County Community College District/CA	2.750%	08/01/2036	0.4%
California Housing Finance	4.000%	03/20/2033	0.4%
Foothill-Eastern Transportation Corridor Agency	5.750%	01/15/2046	0.4%
Northern California Gas Authority No 1	2.286%	07/01/2027	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%
Palomar Health	5.000%	11/01/2039	0.4%
California Educational Facilities Authority	4.000%	04/01/2047	0.4%
State of California	5.000%	08/01/2038	0.4%
Los Angeles Department of Water & Power Power Syst	5.250%	07/01/2037	0.4%
Casitas Municipal Water District	5.250%	09/01/2047	0.4%
Golden State Tobacco Securitization Corp	5.000%	06/01/2045	0.4%
Bay Area Toll Authority	4.000%	04/01/2042	0.4%
State of California	5.500%	03/01/2040	0.4%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2045	0.4%
Foothill-De Anza Community College District	0.000%	08/01/2034	0.4%
Local Public Schools Funding Authority School Impr	4.000%	08/01/2052	0.4%
California Health Facilities Financing Authority	5.000%	11/15/2056	0.4%
California Statewide Communities Development Autho	5.500%	12/01/2058	0.4%
Temecula Valley Unified School District Financing	5.000%	09/01/2035	0.4%
Golden State Tobacco Securitization Corp	3.500%	06/01/2036	0.4%
California Health Facilities Financing Authority	5.000%	11/01/2033	0.4%
Alameda Corridor Transportation Authority	5.000%	10/01/2036	0.4%
San Rafael City High School District/CA	4.000%	08/01/2043	0.4%
Union City Community Redevelopment Agency	6.875%	12/01/2033	0.4%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2040	0.3%
Silicon Valley Clean Water	4.000%	08/01/2046	0.3%
California Educational Facilities Authority	5.000%	12/01/2044	0.3%
Sierra Joint Community College District	4.000%	08/01/2053	0.3%
Riverside County Transportation Commission	5.750%	06/01/2048	0.3%
Adelanto Public Utility Authority	5.000%	07/01/2039	0.3%
Alameda Corridor Transportation Authority	5.000%	10/01/2029	0.3%
Sonoma-Marin Area Rail Transit District	5.000%	03/01/2029	0.3%
California Health Facilities Financing Authority	5.000%	11/01/2047	0.3%
California Health Facilities Financing Authority	5.000%	11/01/2034	0.3%
Port Commission of the City & County of San Franci	5.000%	03/01/2030	0.3%
California Statewide Communities Development Autho	5.125%	05/15/2031	0.3%
Long Beach Bond Finance Authority	5.250%	11/15/2020	0.3%
Norman Y Mineta San Jose International Airport SJC	6.250%	03/01/2034	0.3%
San Francisco City & County Airport Comm-San Franc	5.000%	01/01/2038	0.3%
Panama-Buena Vista Union School District/CA	2.625%	08/01/2037	0.3%
State of California	0.500%	05/01/2034	0.3%
San Francisco City & County Airport Comm-San Franc	5.000%	05/01/2027	0.3%
State of California	0.470%	05/01/2034	0.3%
Inland Valley Development Agency	5.250%	09/01/2037	0.3%
Palomar Health	5.000%	11/01/2036	0.3%
Silicon Valley Tobacco Securitization Authority	0.000%	06/01/2041	0.3%
Valley County Water District Financing Authority	4.500%	01/01/2048	0.3%
California Community Housing Agency	5.000%	08/01/2049	0.3%
California Statewide Communities Development Autho	5.000%	02/01/2035	0.3%
San Francisco City & County Public Utilities Commi	4.000%	10/01/2043	0.3%
Tobacco Securitization Authority of Northern Calif	0.000%	06/01/2045	0.3%
California State Public Works Board	3.125%	05/01/2033	0.3%
Grossmont Union High School District	5.000%	08/01/2043	0.3%
Irvine Unified School District	5.500%	09/01/2035	0.3%
Commonwealth of Puerto Rico	0.000%	07/01/2039	0.3%
Banning Unified School District	5.250%	08/01/2042	0.3%
San Rafael City Elementary School District	4.500%	08/01/2042	0.3%
State of California	3.000%	10/01/2033	0.3%
Port of Oakland	5.125%	05/01/2031	0.3%
West Contra Costa Unified School District	6.000%	08/01/2027	0.3%
County of Sacramento CA Airport System Revenue	5.000%	07/01/2041	0.3%
San Joaquin Hills Transportation Corridor Agency	5.000%	01/15/2029	0.3%
California Infrastructure & Economic Development B	5.000%	11/01/2044	0.3%
Santa Rita Union School District	2.500%	08/01/2031	0.3%
State of California	4.000%	09/01/2035	0.3%
California Statewide Communities Development Autho	5.000%	05/15/2035	0.3%
Golden State Tobacco Securitization Corp	5.250%	06/01/2047	0.3%
Los Angeles Department of Water & Power Power Syst	5.250%	07/01/2049	0.3%
Ripon Unified School District	5.500%	08/01/2043	0.3%
Washington Township Health Care District	5.000%	07/01/2032	0.3%
San Diego Public Facilities Financing Authority	5.000%	08/01/2043	0.3%
Golden State Tobacco Securitization Corp	5.000%	06/01/2034	0.3%
Golden State Tobacco Securitization Corp	5.000%	06/01/2047	0.3%
California Community Housing Agency	5.000%	02/01/2050	0.3%
California Educational Facilities Authority	0.000%	10/01/2033	0.3%
City of Los Angeles Department of Airports	5.000%	05/15/2043	0.3%
California Municipal Finance Authority	5.000%	06/01/2043	0.2%
City of Sacramento CA Transient Occupancy Tax Reve	5.000%	06/01/2048	0.2%
Irvine Unified School District	5.000%	09/01/2056	0.2%
San Francisco Community College District	5.000%	06/15/2028	0.2%
California Educational Facilities Authority	5.000%	10/01/2037	0.2%
California Municipal Finance Authority	4.000%	02/01/2042	0.2%
Simi Valley Unified School District	4.000%	08/01/2046	0.2%
California Health Facilities Financing Authority	5.000%	08/15/2047	0.2%
California Municipal Finance Authority	5.000%	07/01/2032	0.2%
Golden State Tobacco Securitization Corp	5.000%	06/01/2029	0.2%
California Educational Facilities Authority	5.000%	04/01/2039	0.2%
San Francisco City & County Airport Comm-San Franc	5.250%	05/01/2042	0.2%
City of Los Angeles CA Wastewater System Revenue	5.000%	06/01/2044	0.2%
Tustin Community Facilities District	5.000%	09/01/2037	0.2%
California Educational Facilities Authority	5.000%	10/01/2048	0.2%
California Municipal Finance Authority	5.000%	08/15/2030	0.2%
Stockton Public Financing Authority	5.000%	09/01/2029	0.2%
Sweetwater Union High School District	5.000%	08/01/2027	0.2%
City of Irvine CA	4.000%	09/02/2039	0.2%
City of Long Beach CA Harbor Revenue	5.000%	05/15/2028	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2041	0.2%
City of Los Angeles Department of Airports	5.000%	05/15/2046	0.2%
Irvine Unified School District	5.000%	09/01/2038	0.2%
California Infrastructure & Economic Development B	5.000%	11/01/2041	0.2%
City of Irvine CA	5.000%	09/02/2028	0.2%
Port of Los Angeles	5.000%	08/01/2036	0.2%
California Municipal Finance Authority	5.000%	10/01/2034	0.2%
Southern California Public Power Authority	5.000%	07/01/2038	0.2%
Long Beach Bond Finance Authority	5.000%	11/15/2029	0.2%
San Gorgonio Memorial Health Care District	5.000%	08/01/2032	0.2%
West Contra Costa Unified School District	4.000%	08/01/2043	0.2%
Inglewood Unified School District	4.000%	08/01/2039	0.2%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	5.000%	07/01/2058	0.2%
River Islands Public Financing Authority	5.375%	09/01/2031	0.2%
Santa Barbara Unified School District	4.000%	08/01/2044	0.2%
California Educational Facilities Authority	5.000%	04/01/2040	0.2%
Marin Healthcare District	4.000%	08/01/2040	0.2%
Orange Unified School District	4.000%	08/01/2047	0.2%
California Municipal Finance Authority	5.000%	12/31/2031	0.2%
California Statewide Communities Development Autho	5.000%	10/01/2045	0.2%
City of Roseville CA	5.000%	09/01/2031	0.2%
California Health Facilities Financing Authority	5.000%	11/15/2029	0.2%
Albany Unified School District	4.000%	08/01/2046	0.2%
Middle Fork Project Finance Authority	5.000%	04/01/2036	0.2%
San Benito High School District	0.000%	08/01/2043	0.2%
San Bernardino City Unified School District	5.000%	10/01/2031	0.2%
San Diego County Regional Airport Authority	5.000%	07/01/2027	0.2%
Abag Finance Authority for Nonprofit Corps	5.000%	08/01/2043	0.2%
California Health Facilities Financing Authority	4.000%	08/15/2050	0.2%
California Municipal Finance Authority	5.000%	12/31/2035	0.2%
Huntington Beach City School District	4.000%	08/01/2048	0.2%
Irvine Unified School District	5.000%	03/01/2057	0.2%
San Rafael City Elementary School District	4.000%	08/01/2047	0.2%
California Statewide Communities Development Autho	4.000%	07/01/2048	0.2%
California State Public Works Board	5.000%	04/01/2037	0.2%
California State Public Works Board	5.000%	12/01/2028	0.2%
City of Santa Maria CA Water & Wastewater Revenue	5.000%	02/01/2027	0.2%
California Municipal Finance Authority	5.000%	06/01/2036	0.2%
City of San Jose CA Hotel Tax Revenue	6.125%	05/01/2031	0.2%
City of San Clemente CA	5.000%	09/01/2040	0.2%
City of Whittier CA	5.750%	06/01/2029	0.2%
San Francisco City & County Airport Comm-San Franc	4.000%	05/01/2049	0.2%
Tobacco Securitization Authority of Southern Calif	5.000%	06/01/2048	0.2%
Abag Finance Authority for Nonprofit Corps	5.000%	11/15/2035	0.2%
State of California	5.000%	02/01/2033	0.2%
Tobacco Securitization Authority of Northern Calif	5.500%	06/01/2045	0.2%
California County Tobacco Securitization Agency	5.700%	06/01/2046	0.2%
California School Finance Authority	5.000%	08/01/2038	0.2%
California Statewide Communities Development Autho	4.000%	12/01/2057	0.2%
San Francisco City & County Redevelopment Financin	6.750%	08/01/2041	0.2%
California School Finance Authority	5.000%	08/01/2046	0.2%
San Diego Unified School District/CA	3.250%	07/01/2048	0.2%
California Municipal Finance Authority	4.000%	08/15/2037	0.2%
Northern California Energy Authority	4.000%	07/01/2049	0.2%
Carlsbad Unified School District	3.125%	08/01/2048	0.2%
California Community Housing Agency	5.000%	04/01/2049	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%
Pleasanton Unified School District	3.000%	08/01/2042	0.2%
City of Chula Vista CA	5.875%	01/01/2034	0.2%
Antelope Valley Healthcare District	5.250%	03/01/2036	0.2%
Long Beach Bond Finance Authority	2.563%	11/15/2026	0.2%
Lake Elsinore Public Financing Authority	5.000%	09/01/2035	0.2%
San Joaquin Hills Transportation Corridor Agency	5.250%	01/15/2049	0.2%
Foothill-Eastern Transportation Corridor Agency	0.000%	01/15/2033	0.2%
California Statewide Communities Development Autho	5.000%	07/01/2046	0.2%
City of Sacramento CA Assessment Revenue	4.000%	06/01/2036	0.2%
California Statewide Financing Authority	0.000%	06/01/2046	0.2%
City of San Diego Tobacco Settlement Revenue Fundi	4.000%	06/01/2032	0.2%
City of Sacramento CA Assessment Revenue	4.000%	06/01/2039	0.2%
California Statewide Communities Development Autho	5.250%	10/01/2043	0.2%
El Dorado Irrigation District	5.250%	03/01/2039	0.2%
Santa Barbara Unified School District	4.000%	08/01/2036	0.2%
Grossmont Union High School District	0.000%	06/01/2040	0.2%
Newport Mesa Unified School District	0.000%	08/01/2045	0.2%
San Benito High School District	0.000%	08/01/2042	0.2%
Riverside County Transportation Commission	0.000%	06/01/2028	0.2%
Cupertino Union School District	2.500%	08/01/2033	0.2%
San Benito High School District	0.000%	08/01/2041	0.2%
Guam Power Authority	5.000%	10/01/2034	0.2%
Alameda Corridor Transportation Authority	5.000%	10/01/2037	0.2%
Tobacco Securitization Authority of Southern Calif	0.000%	06/01/2054	0.2%
Southern California Public Power Authority	2.651%	11/01/2038	0.2%
San Joaquin Hills Transportation Corridor Agency	0.000%	01/15/2036	0.1%
M-S-R Energy Authority	6.500%	11/01/2039	0.1%
City of La Verne CA	5.000%	05/15/2029	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%
Inglewood Unified School District	4.000%	08/01/2038	0.1%
Newport Mesa Unified School District	0.000%	08/01/2041	0.1%
Southwestern Community College District	0.000%	08/01/2041	0.1%
California Infrastructure & Economic Development B	5.000%	11/01/2049	0.1%
State of California	5.250%	10/01/2039	0.1%
California School Finance Authority	5.000%	07/01/2045	0.1%
California Health Facilities Financing Authority	4.000%	11/01/2035	0.1%
Brentwood Infrastructure Financing Authority	5.000%	09/02/2036	0.1%
Alameda Corridor Transportation Authority	0.000%	10/01/2032	0.1%
California Municipal Finance Authority	5.000%	02/01/2040	0.1%
California Municipal Finance Authority	5.000%	06/01/2050	0.1%
Guam Government Waterworks Authority	5.500%	07/01/2043	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%
Santa Ana Unified School District	3.250%	08/01/2042	0.1%
California School Finance Authority	5.000%	08/01/2045	0.1%
California Statewide Communities Development Autho	5.250%	07/01/2049	0.1%
California Statewide Communities Development Autho	5.000%	06/01/2051	0.1%
California County Tobacco Securitization Agency	0.000%	06/01/2046	0.1%
Golden State Tobacco Securitization Corp	0.000%	06/01/2047	0.1%
California Municipal Finance Authority	5.625%	03/01/2045	0.1%
California Educational Facilities Authority	0.000%	10/01/2029	0.1%
California Municipal Finance Authority	5.000%	10/01/2032	0.1%
California Statewide Communities Development Autho	5.000%	07/01/2036	0.1%
California Statewide Communities Development Autho	5.000%	07/01/2041	0.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit	5.250%	07/01/2042	0.1%
California Statewide Communities Development Autho	5.500%	07/01/2039	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2031	0.1%
Tobacco Securitization Authority of Southern Calif	0.000%	06/01/2046	0.1%
California Municipal Finance Authority	5.000%	10/01/2029	0.1%
Puerto Rico Electric Power Authority	0.000%	07/01/2040	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.329%	07/01/2040	0.1%
California Statewide Financing Authority	0.000%	06/01/2055	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.750%	07/01/2053	0.1%
Foothill-Eastern Transportation Corridor Agency	5.500%	01/15/2053	0.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2029	0.1%
Puerto Rico Electric Power Authority	0.000%	07/01/2024	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%
Inland Empire Tobacco Securitization Corp	0.000%	06/01/2057	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.784%	07/01/2058	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.550%	07/01/2040	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	0.000%	07/01/2051	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%	07/01/2033	0.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev	4.536%	07/01/2053	0.0%
USM0 - Futures	0.000%	01/01/1900	0.0%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/29/2020: $0.103
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	05/31/2020	$0.02568	$11.13
Daily	Daily	04/30/2020	$0.02582	$10.73
Daily	Daily	03/31/2020	$0.02580	$11.01
Daily	Daily	02/29/2020	$0.02622	$11.83
Daily	Daily	01/31/2020	$0.02607	$11.64

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	05/31/2020
Daily	Daily	06/30/2020
Daily	Daily	07/31/2020
Daily	Daily	08/31/2020
Daily	Daily	09/30/2020
Daily	Daily	10/31/2020
Daily	Daily	11/30/2020
Daily	Daily	12/31/2020

Fees & Expenses

Expense Ratioas of 04/30/2020

0.56%

Expense ratio details, Click here.

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

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015

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IMPORTANT INFORMATION

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

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

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

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

IMPORTANT INFORMATION

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

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

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.

Fund finder

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

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Summary

Summary

What is the California Tax Free Fund?

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

Yield

Dividend Yield 1 as of 05/29/2020

30-Day Standardized Yield 2 as of 04/30/2020

Fund Basicsas of 04/30/2020

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

RELATED CONTENT

Credit Quality Distribution as of 04/30/2020

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 05/29/2020

30-Day Standardized Yield 2 as of 04/30/2020

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

Fund Expense Ratio :

0.56%

NAV Historical Prices

Portfolio

Portfolio

CREDIT QUALITY DISTRIBUTION as of 04/30/2020

Portfolio Positioning as of 03/31/2020

Portfolio Details as of 04/30/2020

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2020

Fund Documents

Fund Documents

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Dividend Yield ¹ as of 05/29/2020

30-Day Standardized Yield ² as of 04/30/2020

Dividend Yield ¹ as of 05/29/2020

30-Day Standardized Yield ² as of 04/30/2020