LCFOX | California Tax Free Fund Class F3 | Lord Abbett

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California Tax Free Fund

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Daily price w/o sales charge as of 10/06/2022

$9.63

arrowUp$0.01

YTD Returns w/o sales charge as of 10/06/2022

-15.88%

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 10/06/2022  

w/o sales charge 3.08%

30-Day Standardized Yield 2 as of 08/31/2022  

3.24%

Fund Basicsas of 08/31/2022

Total Net Assets
$479.70 M
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.54%
Number of Holdings
311

Fund Expense Ratio :

0.54%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -17.06% -16.00% -3.44% 0.01% 2.04% -
Lipper Category Avg. California Municipal Debt Funds -14.59% -13.78% -2.87% 0.01% 1.73% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

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 -17.06% -16.00% -3.44% 0.01% 2.04% -
Lipper Category Avg. California Municipal Debt Funds -14.59% -13.78% -2.87% 0.01% 1.73% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

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
Education
GO Local
Special Tax
Housing
Power
GO State
Water & Sewer
Lease
Pre-Refunded
Other
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 08/31/2022

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

12 Years of Industry Experience

Sue Kim
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

Performance

Dividend Yield 1 as of 10/06/2022  

w/o sales charge 3.08%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.24% 3.24%

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 -17.06% -16.00% -3.44% 0.01% 2.04% -
Lipper Category Avg. California Municipal Debt Funds -14.59% -13.78% -2.87% 0.01% 1.73% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

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 -17.06% -16.00% -3.44% 0.01% 2.04% -
Lipper Category Avg. California Municipal Debt Funds -14.59% -13.78% -2.87% 0.01% 1.73% -
Bloomberg Municipal Bond Index -12.13% -11.50% -1.85% 0.59% 1.79% -

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.

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% -6.08% -4.01% - -15.88%
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

Portfolio

Sector Assets
Transportation
IDR/PCR
Healthcare/Hospital
Education
GO Local
Special Tax
Housing
Power
GO State
Water & Sewer
Lease
Pre-Refunded
Other
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 08/31/2022

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 08/31/2022

Total Net Assets
$479.70 M
Number of Issues
311
Average Coupon
4.4%
Average Effective Maturity
19.0 Years
Average Effective Duration
9.38 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
Alameda Corridor Transportation Authority 5.000% 10/01/2052 2.0%
Foothill-Eastern Transportation Corridor Agency 4.000% 01/15/2043 1.7%
San Francisco City & County Airport Comm-San Franc 5.000% 05/01/2031 1.5%
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 1.2%
California Housing Finance Agency 4.250% 01/15/2035 1.2%
California Municipal Finance Authority 4.000% 12/31/2047 1.0%
Palomar Health 5.000% 11/01/2047 1.0%
California Municipal Finance Authority 5.000% 12/31/2043 1.0%
% of Total Assets 13.2%

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
Alameda Corridor Transportation Authority5.000% 10/01/20522.0%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20431.7%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20311.5%
M-S-R Energy Authority7.000% 11/01/20341.3%
Southern California Public Power Authority5.000% 11/01/20331.3%
San Diego County Regional Airport Authority4.000% 07/01/20411.2%
California Housing Finance Agency4.250% 01/15/20351.2%
California Municipal Finance Authority4.000% 12/31/20471.0%
Palomar Health5.000% 11/01/20471.0%
California Municipal Finance Authority5.000% 12/31/20431.0%
California Municipal Finance Authority2.400% 10/01/20441.0%
California Community Choice Financing Authority4.000% 05/01/20530.9%
California Pollution Control Financing Authority5.000% 11/21/20450.9%
California Municipal Finance Authority4.000% 05/15/20460.9%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20500.9%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 07/01/20580.9%
California Housing Finance Agency3.250% 08/20/20360.8%
Palomar Health5.000% 11/01/20390.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.8%
California Pollution Control Financing Authority5.000% 11/21/20450.8%
County of Santa Barbara CA5.000% 12/01/20360.8%
Norman Y Mineta San Jose International Airport SJC5.000% 03/01/20470.8%
California Infrastructure & Economic Development B5.000% 05/15/20470.8%
California Community Choice Financing Authority4.000% 02/01/20520.7%
Territory of Guam4.000% 01/01/20360.7%
California Municipal Finance Authority5.000% 01/01/20420.7%
City of Los Angeles Department of Airports5.250% 05/15/20470.7%
M-S-R Energy Authority6.500% 11/01/20390.7%
California Housing Finance Agency3.500% 11/20/20350.6%
California Health Facilities Financing Authority5.000% 08/15/20470.6%
Tobacco Securitization Authority of Northern Calif4.000% 06/01/20490.6%
California Infrastructure & Economic Development B4.000% 05/01/20460.6%
University of California5.250% 05/15/20580.6%
University of California5.000% 05/15/20520.6%
State of California5.250% 08/01/20320.6%
State of California5.000% 04/01/20320.6%
Mountain House Public Financing Authority4.000% 12/01/20450.5%
California Health Facilities Financing Authority3.000% 11/01/20380.5%
Oxnard Union High School District4.000% 08/01/20470.5%
California Community Choice Financing Authority4.000% 10/01/20520.5%
California Municipal Finance Authority4.000% 07/15/20290.5%
Foothill-Eastern Transportation Corridor Agency4.000% 01/15/20460.5%
City & County of San Francisco CA Special Tax Dist4.000% 09/01/20410.5%
Regents of the University of California Medical Ce5.000% 05/15/20350.5%
Golden State Tobacco Securitization Corp0.000% 06/01/20660.5%
California Statewide Communities Development Autho5.500% 12/01/20540.5%
Imperial Unified School District5.250% 08/01/20430.5%
Los Angeles Department of Water & Power5.000% 07/01/20430.5%
City of Los Angeles Department of Airports5.000% 05/15/20320.5%
Moreno Valley Unified School District/CA3.000% 08/01/20500.5%
California Statewide Communities Development Autho5.250% 12/01/20340.5%
Regents of the University of California Medical Ce5.000% 05/15/20470.5%
Los Angeles Department of Water & Power5.250% 07/01/20490.5%
Anaheim Public Financing Authority5.000% 09/01/20350.5%
City of Los Angeles Department of Airports5.000% 05/15/20440.5%
M-S-R Energy Authority6.125% 11/01/20290.5%
California Municipal Finance Authority5.000% 10/01/20490.5%
University of California5.250% 05/15/20470.5%
California Educational Facilities Authority5.000% 10/01/20530.5%
San Joaquin Hills Transportation Corridor Agency5.250% 01/15/20440.5%
Long Beach Unified School District3.000% 08/01/20370.4%
Transbay Joint Powers Authority5.000% 10/01/20450.4%
California Municipal Finance Authority5.000% 05/15/20470.4%
Long Beach Bond Finance Authority5.500% 11/15/20370.4%
Local Public Schools Funding Authority School Impr5.000% 08/01/20520.4%
City of Los Angeles Department of Airports5.250% 05/15/20480.4%
California Municipal Finance Authority5.000% 02/01/20470.4%
City of Los Angeles Department of Airports5.000% 05/15/20470.4%
San Diego County Regional Airport Authority5.000% 07/01/20470.4%
Bay Area Toll Authority4.000% 04/01/20380.4%
California Health Facilities Financing Authority4.000% 10/01/20470.4%
California Health Facilities Financing Authority3.000% 03/01/20390.4%
California Statewide Financing Authority0.000% 06/01/20460.4%
San Joaquin Hills Transportation Corridor Agency5.250% 01/15/20490.4%
Irvine Unified School District4.000% 09/01/20420.4%
River Islands Public Financing Authority4.000% 09/01/20450.4%
CSCDA Community Improvement Authority3.000% 06/01/20470.4%
Poway Unified School District Public Financing Aut5.000% 09/01/20350.4%
California Housing Finance Agency4.000% 03/20/20330.4%
Hope Elementary School District4.000% 08/01/20470.4%
San Leandro Unified School District5.250% 08/01/20460.4%
Compton Community Redevelopment Agency Successor A5.000% 08/01/20370.4%
State of California4.000% 10/01/20440.4%
CSCDA Community Improvement Authority3.000% 12/01/20560.4%
San Francisco City & County Airport Comm-San Franc5.000% 01/01/20380.4%
North Orange County Community College District/CA2.750% 08/01/20360.4%
California Educational Facilities Authority4.000% 04/01/20470.4%
California Enterprise Development Authority5.000% 08/01/20450.4%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.4%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20410.4%
City of Oroville CA5.250% 04/01/20490.4%
Commonwealth of Puerto Rico4.000% 07/01/20460.4%
Beverly Hills Unified School District CA3.000% 08/01/20440.4%
California Health Facilities Financing Authority4.000% 11/15/20420.4%
State of California5.000% 08/01/20380.4%
Casitas Municipal Water District5.250% 09/01/20470.3%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20320.3%
Santa Monica-Malibu Unified School District3.000% 08/01/20440.3%
Bay Area Toll Authority4.000% 04/01/20420.3%
Los Angeles Department of Water & Power5.250% 07/01/20370.3%
Ontario International Airport Authority5.000% 05/15/20460.3%
Temecula Valley Unified School District Financing5.000% 09/01/20350.3%
California Health Facilities Financing Authority5.000% 11/15/20560.3%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20450.3%
California Statewide Communities Development Autho5.500% 12/01/20580.3%
California Educational Facilities Authority5.000% 12/01/20440.3%
California Municipal Finance Authority5.000% 10/01/20420.3%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20400.3%
Local Public Schools Funding Authority School Impr4.000% 08/01/20520.3%
Transbay Joint Powers Authority5.000% 10/01/20290.3%
County of Los Angeles CA Community Facilities Dist5.000% 09/01/20520.3%
Port Commission of the City & County of San Franci5.000% 03/01/20300.3%
California Health Facilities Financing Authority5.000% 11/01/20330.3%
Riverside County Transportation Commission4.000% 06/01/20470.3%
Sierra Joint Community College District4.000% 08/01/20530.3%
Adelanto Public Utility Authority5.000% 07/01/20390.3%
Silicon Valley Clean Water4.000% 08/01/20460.3%
California County Tobacco Securitization Agency4.000% 06/01/20490.3%
Inland Valley Development Agency5.250% 09/01/20370.3%
Long Beach Bond Finance Authority5.000% 11/15/20290.3%
California Statewide Communities Development Autho4.000% 04/01/20370.3%
California County Tobacco Securitization Agency4.000% 06/01/20490.3%
Transbay Joint Powers Authority5.000% 10/01/20270.3%
California Health Facilities Financing Authority5.000% 11/01/20340.3%
City of Long Beach CA Airport System Revenue5.250% 06/01/20470.3%
River Islands Public Financing Authority4.000% 09/01/20500.3%
California Municipal Finance Authority5.000% 12/31/20310.3%
Palomar Health5.000% 11/01/20360.3%
Panama-Buena Vista Union School District/CA2.625% 08/01/20370.3%
California Educational Facilities Authority5.000% 12/01/20300.3%
State of California3.000% 10/01/20330.3%
California Community Housing Agency3.000% 02/01/20570.3%
San Francisco City & County Public Utilities Commi4.000% 10/01/20430.3%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20420.3%
Irvine Unified School District5.500% 09/01/20350.3%
New Haven Unified School District4.000% 08/01/20440.3%
Transbay Joint Powers Authority5.000% 10/01/20250.3%
Banning Unified School District5.250% 08/01/20420.3%
Golden State Tobacco Securitization Corp5.000% 06/01/20340.3%
Transbay Joint Powers Authority5.000% 10/01/20320.3%
County of Sacramento CA Airport System Revenue5.000% 07/01/20410.2%
State of California4.000% 09/01/20350.2%
California Health Facilities Financing Authority4.000% 04/01/20440.2%
California Health Facilities Financing Authority4.000% 04/01/20450.2%
San Rafael City Elementary School District4.500% 08/01/20420.2%
Santa Rita Union School District2.500% 08/01/20310.2%
Washington Township Health Care District5.000% 07/01/20320.2%
West Contra Costa Unified School District6.000% 08/01/20270.2%
California Health Facilities Financing Authority5.000% 11/01/20470.2%
California Statewide Communities Development Autho5.000% 05/15/20350.2%
California Educational Facilities Authority0.000% 10/01/20330.2%
Washington Township Health Care District3.000% 07/01/20370.2%
California Municipal Finance Authority4.000% 02/01/20420.2%
Golden State Tobacco Securitization Corp5.000% 06/01/20290.2%
California Municipal Finance Authority5.000% 07/01/20320.2%
California Infrastructure & Economic Development B5.000% 11/01/20440.2%
California Educational Facilities Authority5.000% 10/01/20370.2%
California Municipal Finance Authority5.250% 01/01/20400.2%
California Municipal Finance Authority4.000% 11/01/20420.2%
River Islands Public Financing Authority5.250% 09/01/20520.2%
San Benito High School District0.000% 08/01/20430.2%
San Diego Public Facilities Financing Authority5.000% 08/01/20430.2%
California Municipal Finance Authority5.000% 06/01/20430.2%
Ripon Unified School District5.500% 08/01/20430.2%
River Islands Public Financing Authority5.375% 09/01/20310.2%
California Educational Facilities Authority5.000% 10/01/20480.2%
City of Long Beach CA Harbor Revenue5.000% 05/15/20280.2%
Fresno Unified School District5.000% 08/01/20460.2%
Irvine Unified School District5.000% 09/01/20560.2%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20380.2%
California Municipal Finance Authority5.000% 08/15/20300.2%
City of Irvine CA5.000% 09/02/20280.2%
City of Los Angeles Department of Airports5.000% 05/15/20390.2%
San Francisco Community College District5.000% 06/15/20280.2%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20390.2%
City of Roseville CA5.000% 09/01/20310.2%
Irvine Unified School District5.000% 09/01/20380.2%
California County Tobacco Securitization Agency5.000% 06/01/20490.2%
California Municipal Finance Authority5.000% 10/01/20340.2%
Irvine Unified School District5.000% 03/01/20570.2%
Antelope Valley Healthcare District5.250% 03/01/20360.2%
California Educational Facilities Authority5.000% 04/01/20390.2%
City of Los Angeles CA Wastewater System Revenue5.000% 06/01/20440.2%
City of Los Angeles Department of Airports5.000% 05/15/20430.2%
City of Sacramento CA Transient Occupancy Tax Reve5.000% 06/01/20480.2%
San Francisco City & County Airport Comm-San Franc5.250% 05/01/20420.2%
Stockton Public Financing Authority5.000% 09/01/20290.2%
Tustin Community Facilities District5.000% 09/01/20370.2%
City of San Diego Tobacco Settlement Revenue Fundi4.000% 06/01/20320.2%
San Francisco City & County Airport Comm-San Franc5.000% 05/01/20520.2%
California Educational Facilities Authority5.000% 04/01/20400.2%
California Infrastructure & Economic Development B5.000% 11/01/20410.2%
California Statewide Communities Development Autho5.000% 10/01/20450.2%
Southern California Public Power Authority5.000% 07/01/20380.2%
California Municipal Finance Authority5.000% 12/31/20350.2%
California Statewide Communities Development Autho5.000% 07/01/20460.2%
City of Los Angeles Department of Airports5.000% 05/15/20410.2%
City of Los Angeles Department of Airports5.000% 05/15/20460.2%
Sweetwater Union High School District5.000% 08/01/20270.2%
Port of Los Angeles5.000% 08/01/20360.2%
Orange County Community Facilities District5.000% 08/15/20470.2%
California School Finance Authority5.000% 08/01/20380.2%
California Statewide Communities Development Autho5.250% 12/01/20560.2%
City of San Clemente CA5.000% 09/01/20400.2%
Abag Finance Authority for Nonprofit Corps5.000% 11/15/20350.2%
Abag Finance Authority for Nonprofit Corps5.000% 08/01/20430.2%
California Health Facilities Financing Authority5.000% 11/15/20290.2%
California Statewide Communities Development Autho5.250% 12/01/20430.2%
San Gorgonio Memorial Health Care District5.000% 08/01/20320.2%
City of Irvine CA4.000% 09/02/20390.2%
California Statewide Communities Development Autho4.000% 05/15/20460.2%
River Islands Public Financing Authority4.000% 09/01/20400.2%
California Municipal Finance Authority4.000% 08/15/20370.2%
West Contra Costa Unified School District4.000% 08/01/20430.2%
California Health Facilities Financing Authority4.000% 08/15/20480.2%
Lake Elsinore Public Financing Authority5.000% 09/01/20350.2%
San Bernardino City Unified School District5.000% 10/01/20310.2%
Long Beach Bond Finance Authority3.376% 11/15/20260.2%
California County Tobacco Securitization Agency5.000% 06/01/20500.2%
Foothill-Eastern Transportation Corridor Agency0.000% 01/15/20330.2%
Orange Unified School District4.000% 08/01/20470.2%
California Municipal Finance Authority4.000% 11/01/20440.2%
California Statewide Communities Development Autho4.000% 07/01/20480.2%
California Infrastructure & Economic Development B4.000% 07/01/20500.2%
San Diego County Regional Airport Authority4.000% 07/01/20460.2%
California Community Housing Agency5.000% 08/01/20500.2%
California School Finance Authority5.000% 08/01/20460.2%
California Statewide Communities Development Autho4.000% 12/01/20570.2%
Tobacco Securitization Authority of Southern Calif0.000% 06/01/20540.2%
Transbay Joint Powers Authority5.000% 10/01/20310.2%
Grossmont Union High School District0.000% 06/01/20400.2%
Perris Union High School District/CA3.000% 09/01/20440.2%
California Municipal Finance Authority6.750% 10/01/20280.2%
CSCDA Community Improvement Authority4.000% 08/01/20560.2%
California Community Housing Agency4.000% 02/01/20500.2%
San Diego Unified School District/CA3.250% 07/01/20480.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20300.2%
San Benito High School District0.000% 08/01/20420.2%
California County Tobacco Securitization Agency4.000% 06/01/20390.2%
San Joaquin Hills Transportation Corridor Agency0.000% 01/15/20360.2%
Santa Barbara Unified School District4.000% 08/01/20360.2%
California Municipal Finance Authority5.000% 12/01/20540.2%
Newport Mesa Unified School District0.000% 08/01/20450.2%
California Pollution Control Financing Authority5.000% 07/01/20390.2%
San Benito High School District0.000% 08/01/20410.2%
Guam Power Authority5.000% 10/01/20340.2%
California County Tobacco Securitization Agency4.000% 06/01/20400.1%
Transbay Joint Powers Authority5.000% 10/01/20380.1%
M-S-R Energy Authority6.500% 11/01/20390.1%
California School Finance Authority4.000% 08/01/20510.1%
Cupertino Union School District2.500% 08/01/20330.1%
Southern California Public Power Authority3.334% 11/01/20380.1%
San Leandro Unified School District4.000% 08/01/20430.1%
California School Finance Authority5.000% 08/01/20450.1%
Guam Government Waterworks Authority5.000% 01/01/20500.1%
California County Tobacco Securitization Agency4.000% 06/01/20380.1%
Newport Mesa Unified School District0.000% 08/01/20410.1%
California School Finance Authority5.000% 07/01/20340.1%
California Health Facilities Financing Authority4.000% 11/01/20350.1%
California County Tobacco Securitization Agency0.000% 06/01/20550.1%
California School Finance Authority5.000% 07/01/20450.1%
State of California5.250% 10/01/20390.1%
California Municipal Finance Authority5.000% 02/01/20400.1%
Brentwood Infrastructure Financing Authority5.000% 09/02/20360.1%
City of Irvine CA5.000% 09/01/20440.1%
River Islands Public Financing Authority5.500% 09/01/20450.1%
California Educational Facilities Authority0.000% 10/01/20290.1%
California Municipal Finance Authority5.000% 06/01/20500.1%
California Municipal Finance Authority5.625% 03/01/20450.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit5.000% 07/01/20470.1%
Southwestern Community College District0.000% 08/01/20410.1%
California Statewide Financing Authority0.000% 06/01/20550.1%
California Municipal Finance Authority5.000% 10/01/20320.1%
Santa Ana Unified School District3.250% 08/01/20420.1%
Riverside County Transportation Commission0.000% 06/01/20280.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20310.1%
Commonwealth of Puerto Rico0.000% 11/01/20430.1%
Riverside County Transportation Commission0.000% 06/01/20280.1%
Tobacco Securitization Authority of Southern Calif0.000% 06/01/20460.1%
Puerto Rico Electric Power Authority0.000% 07/01/20400.1%
California Municipal Finance Authority5.000% 10/01/20290.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 07/01/20400.1%
Transbay Joint Powers Authority5.000% 10/01/20340.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.550% 07/01/20400.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 07/01/20530.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20290.1%
Transbay Joint Powers Authority5.000% 10/01/20350.0%
Puerto Rico Electric Power Authority0.000% 07/01/20240.0%
California Pollution Control Financing Authority4.300% 07/01/20400.0%
Commonwealth of Puerto Rico5.375% 07/01/20250.0%
Commonwealth of Puerto Rico5.625% 07/01/20270.0%
Commonwealth of Puerto Rico5.625% 07/01/20290.0%
Commonwealth of Puerto Rico5.750% 07/01/20310.0%
Silicon Valley Tobacco Securitization Authority0.000% 06/01/20560.0%
Inland Empire Tobacco Securitization Corp0.000% 06/01/20570.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20510.0%
California School Finance Authority5.000% 08/01/20460.0%
Commonwealth of Puerto Rico5.250% 07/01/20230.0%
Puerto Rico Electric Power Authority0.000% 07/01/20330.0%
Tobacco Securitization Authority of Southern Calif5.000% 06/01/20480.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 07/01/20330.0%
Commonwealth of Puerto Rico0.000% 07/01/20240.0%
Commonwealth of Puerto Rico4.000% 07/01/20350.0%
Commonwealth of Puerto Rico4.000% 07/01/20370.0%
California Statewide Communities Development Autho5.500% 07/01/20390.0%
Commonwealth of Puerto Rico4.000% 07/01/20330.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 07/01/20530.0%
Commonwealth of Puerto Rico0.000% 07/01/20330.0%
USZ2 - Futures0.000% 01/01/19000.0%

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 10/06/2022
$0.211
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.02470 $9.50
Daily Daily 08/31/2022 $0.02415 $10.02
Daily Daily 07/31/2022 $0.02419 $10.32
Daily Daily 06/30/2022 $0.02403 $9.97
Daily Daily 05/31/2022 $0.02345 $10.33
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 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2022

0.54%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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IMPORTANT INFORMATION

 

*"Barron's Best Fund Families of 2021", #7 ranking in the Tax Exempt Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families.  Ranking for the ten-year period ending 12/31/2021 is #4 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

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 yields reflect 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.

 

 

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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