LCFIX | California Tax Free Fund Class A | Lord Abbett

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California Tax Free Fund

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Daily price w/o sales charge as of 06/09/2023

$10.02

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YTD Returns w/o sales charge as of 06/09/2023

2.76%

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 06/09/2023  

w/o sales charge 3.04%
w/ sales charge 2.97%

30-Day Standardized Yield 2 as of 05/31/2023  

3.27%

Average Yield to Worst as of 04/28/2023

4.16%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 04/28/2023

Total Net Assets
$507.09 M
Inception Date
09/03/1985
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.77%
Fund Net Expense Ratio
0.77%
Number of Holdings
286
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.16% -0.78% -1.19% 0.88% 2.26% 5.13%
Lipper Category Avg. California Municipal Debt Funds 1.71% -0.81% -0.81% 0.98% 2.16% -
Bloomberg Municipal Bond Index 1.65% 0.49% -0.64% 1.65% 2.28% -
w/ sales charge -0.16% -3.03% -1.95% 0.42% 2.02% 5.06%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.88% -2.96% -0.46% 1.22% 2.35% 5.17%
Lipper Category Avg. California Municipal Debt Funds 2.42% -2.26% -0.09% 1.32% 2.24% -
Bloomberg Municipal Bond Index 2.78% 0.26% 0.35% 2.03% 2.38% -
w/ sales charge 0.53% -5.17% -1.20% 0.75% 2.11% 5.11%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

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.

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

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

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

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

Credit Quality Distribution as of 04/28/2023

Rating Assets
AAA
AA
A
BBB
< BBB
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

36 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

13 Years of Industry Experience

Sue Kim
Carson Houle, CFA

Associate Portfolio Manager

8 Years of Industry Experience

Supported By 16 Investment Professionals with 13 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 06/09/2023  

w/o sales charge 3.04%
w/ sales charge 2.97%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.27% 3.27%

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

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.16% -0.78% -1.19% 0.88% 2.26% 5.13%
Lipper Category Avg. California Municipal Debt Funds 1.71% -0.81% -0.81% 0.98% 2.16% -
Bloomberg Municipal Bond Index 1.65% 0.49% -0.64% 1.65% 2.28% -
w/ sales charge -0.16% -3.03% -1.95% 0.42% 2.02% 5.06%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/03/1985
w/o sales charge 2.88% -2.96% -0.46% 1.22% 2.35% 5.17%
Lipper Category Avg. California Municipal Debt Funds 2.42% -2.26% -0.09% 1.32% 2.24% -
Bloomberg Municipal Bond Index 2.78% 0.26% 0.35% 2.03% 2.38% -
w/ sales charge 0.53% -5.17% -1.20% 0.75% 2.11% 5.11%

Fund Expense Ratio :

Gross 0.77%

Net 0.77%

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.

Year Fund Returns Bloomberg Municipal Bond Index
2022 -13.33% -8.53%
2021 2.65% 1.52%
2020 4.64% 5.21%
2019 9.30% 7.54%
2018 0.50% 1.28%
2017 6.71% 5.45%
2016 0.15% 0.25%
2015 3.64% 3.30%
2014 13.20% 9.05%
2013 -3.92% -2.55%
2012 11.88% -
2011 11.18% -
2010 0.99% -
2009 20.07% -
2008 -13.46% -
2007 -0.56% -
2006 4.19% -
2005 3.95% -
2004 4.46% -
2003 3.68% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.88% - - - 2.76%
2022 -8.13% -6.13% -3.97% 4.65% -13.33%
2021 -0.29% 2.38% -0.75% 1.31% 2.65%
2020 -2.90% 3.30% 1.48% 2.80% 4.64%
2019 3.32% 2.84% 2.29% 0.56% 9.30%
2018 -0.97% 1.14% -0.25% 0.60% 0.50%
2017 1.86% 2.38% 1.01% 1.31% 6.71%
2016 1.95% 3.63% -0.03% -5.18% 0.15%
2015 1.11% -1.26% 1.70% 2.07% 3.64%
2014 4.66% 3.61% 2.38% 1.97% 13.20%
2013 0.48% -3.91% -0.73% 0.25% -3.92%
2012 4.49% 1.78% 3.42% 1.72% 11.88%
2011 -0.74% 5.27% 3.63% 2.68% 11.18%
2010 1.59% 1.40% 4.53% -6.21% 0.99%
2009 6.14% 4.21% 10.78% -2.00% 20.07%
2008 -2.47% 1.36% -5.84% -7.03% -13.46%
2007 0.61% -0.94% 0.04% -0.26% -0.56%
2006 0.25% -0.24% 2.97% 1.17% 4.19%
2005 0.32% 3.10% -0.03% 0.53% 3.95%
2004 2.03% -2.95% 4.01% 1.43% 4.46%
2003 0.69% 2.98% -1.69% 1.70% 3.68%
2002 0.03% 3.01% 5.49% -0.99% 7.63%
2001 1.78% -0.68% 4.28% -0.97% 4.40%
2000 4.00% 1.41% 3.32% 5.39% 14.86%
1999 0.71% -2.95% -2.06% -2.14% -6.35%
1998 0.83% 1.57% 3.42% 0.19% 6.11%
1997 -0.81% 3.11% 3.53% 2.78% 8.85%
1996 -1.96% 0.57% 2.48% 2.36% 3.43%
1995 7.75% 2.21% 2.16% 4.36% 17.41%
1994 -7.30% -0.36% 0.35% -3.46% -10.50%
1993 5.07% 3.47% 3.93% 0.82% 13.87%
1992 0.17% 4.58% 2.03% 2.01% 9.01%
1991 1.91% 2.69% 4.31% 3.89% 13.41%
1990 0.47% 2.36% 0.01% 4.27% 7.23%
1989 0.64% 6.08% -0.13% 3.02% 9.85%
1988 2.92% 2.21% 2.97% 2.75% 11.27%
1987 2.88% -6.58% -4.12% 6.92% -1.45%
1986 8.50% -0.68% 5.52% 4.54% 18.87%
1985 - - - 8.05% 4.99%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 03/31/2023

The chart begins on the Fund's inception date of 09/03/1985.

Based on a hypothetical Class A share investment of $10,000 on 09/03/1985 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

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

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

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

By State Assets
CA
Puerto Rico
Other U.S. Territories

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

CREDIT QUALITY DISTRIBUTION as of 04/28/2023

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 04/28/2023

Total Net Assets
$507.09 M
Number of Issues
286
Average Coupon
4.5%
Average Effective Maturity
19.8 Years
Average Effective Duration
8.4 Years
Average Yield to Worst
4.16%

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.

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holdings Coupon Maturity Assets
Alameda Corridor Transportation Authority 5.000% 09/20/2052 1.9%
California Housing Finance Agency 3.250% 08/13/2036 1.9%
Foothill-Eastern Transportation Corridor Agency 4.000% 01/07/2043 1.7%
City Of Los Angeles Department Of Airports 5.500% 05/06/2047 1.6%
San Francisco City & County Airport Comm-San Franc 5.000% 04/26/2031 1.5%
San Francisco City & County Airport Comm-San Franc 5.000% 04/20/2052 1.4%
Los Angeles Department Of Water & Power Water Syst 3.400% 05/01/2023 1.3%
Southern California Public Power Authority 5.000% 10/26/2033 1.2%
M-S-R Energy Authority 7.000% 10/26/2034 1.2%
California Health Facilities Financing Authority 4.000% 03/26/2035 1.1%
% of Total Assets 14.8%

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% 09/20/20521.9%
California Housing Finance Agency3.250% 08/13/20361.9%
Foothill-Eastern Transportation Corridor Agency4.000% 01/07/20431.7%
City Of Los Angeles Department Of Airports5.500% 05/06/20471.6%
San Francisco City & County Airport Comm-San Franc5.000% 04/26/20311.5%
San Francisco City & County Airport Comm-San Franc5.000% 04/20/20521.4%
Los Angeles Department Of Water & Power Water Syst3.400% 05/01/20231.3%
Southern California Public Power Authority5.000% 10/26/20331.2%
M-S-R Energy Authority7.000% 10/26/20341.2%
California Health Facilities Financing Authority4.000% 03/26/20351.1%
University Of California5.000% 05/04/20521.0%
Los Angeles Department Of Water & Power5.000% 06/20/20521.0%
California Municipal Finance Authority4.000% 12/22/20471.0%
California Municipal Finance Authority5.000% 12/23/20431.0%
San Diego Public Facilities Financing Authority5.250% 10/04/20520.9%
California Pollution Control Financing Authority5.000% 07/01/20230.9%
California Municipal Finance Authority4.000% 05/06/20460.9%
California Community Choice Financing Authority4.000% 04/20/20530.9%
California Municipal Finance Authority5.000% 12/30/20270.9%
San Francisco City & County Airport Comm-San Franc5.000% 04/21/20500.8%
City Of Burbank Ca Electric Revenue5.000% 05/21/20530.8%
California Pollution Control Financing Authority5.000% 12/30/20280.8%
Palomar Health5.000% 10/25/20390.8%
California Infrastructure & Economic Development B4.000% 06/21/20500.7%
California State Public Works Board4.000% 04/22/20460.7%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/23/20400.7%
County Of Santa Barbara Ca5.000% 11/23/20360.7%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev5.000% 06/19/20580.7%
San Diego Unified School District/Ca3.000% 06/22/20440.7%
California Community Choice Financing Authority4.000% 01/22/20520.7%
University Of California4.000% 05/06/20460.7%
Irvine Facilities Financing Authority5.250% 08/21/20530.7%
State Of California5.250% 08/23/20470.7%
Modesto Irrigation District5.250% 09/21/20480.7%
California Municipal Finance Authority4.000% 07/10/20290.7%
Riverside County Transportation Commission4.000% 05/23/20470.7%
Foothill-Eastern Transportation Corridor Agency4.000% 01/06/20460.7%
City Of Los Angeles Department Of Airports5.250% 05/06/20470.7%
California Municipal Finance Authority5.250% 05/21/20530.6%
California Health Facilities Financing Authority4.000% 11/06/20450.6%
California Community Choice Financing Authority5.000% 06/20/20530.6%
California Community Choice Financing Authority5.250% 12/21/20530.6%
San Joaquin Hills Transportation Corridor Agency5.250% 01/07/20440.6%
Univ Ca Rgts-L-Ref 5% 05/15/20475.000% -0.6%
M-S-R Energy Authority6.500% 10/25/20390.6%
California Housing Finance Agency3.500% 11/14/20350.6%
California Health Facilities Financing Authority5.000% 08/06/20470.6%
Southern California Public Power Authority5.250% 06/20/20530.6%
Tobacco Securitization Authority Of Northern Calif4.000% 05/22/20490.6%
Bay Area Toll Authority5.000% 03/21/20540.6%
State Of California5.250% 09/21/20500.6%
University Of California5.250% 05/03/20580.5%
Territory Of Guam4.000% 12/26/20350.5%
California Health Facilities Financing Authority3.000% 10/25/20380.5%
Cscda Community Improvement Authority3.000% 02/16/20570.5%
San Francisco Bay Area Rapid Transit District5.250% 07/23/20470.5%
State Of California5.250% 07/26/20320.5%
Cscda Community Improvement Authority2.650% 11/22/20460.5%
California Statewide Communities Development Autho5.500% 11/19/20580.5%
Northern California Energy Authority4.000% 06/21/20490.5%
Oxnard Union High School District4.000% 07/23/20470.5%
California State Public Works Board4.000% 10/23/20460.5%
California Health Facilities Financing Authority5.000% 09/22/20440.5%
Regents Of The University Of California Medical Ce5.000% 05/09/20350.5%
Brentwood Union School District5.250% 07/29/20320.5%
California Community Choice Financing Authority4.000% 09/20/20520.5%
San Leandro Unified School District5.250% 07/22/20480.5%
Foothill-Eastern Transportation Corridor Agency4.000% 01/06/20460.5%
California School Finance Authority5.000% 07/26/20460.5%
Los Angeles Department Of Water & Power5.000% 06/23/20430.4%
State Of California5.000% 03/24/20420.4%
Montebello Unified School District5.500% 07/23/20470.4%
City & County Of San Francisco Ca Special Tax Dist4.000% 08/24/20410.4%
Imperial Unified School District5.250% 07/31/20270.4%
California Statewide Communities Development Autho5.500% 11/20/20540.4%
California Statewide Communities Development Autho5.250% 11/25/20340.4%
Regents Of The University Of California Medical Ce5.000% 05/06/20470.4%
Cscda Community Improvement Authority3.000% 05/23/20470.4%
San Francisco City & County Public Utilities Commi5.000% 09/22/20460.4%
Los Angeles Department Of Water & Power5.000% 06/21/20480.4%
City Of Los Angeles Department Of Airports5.000% 05/09/20320.4%
Anaheim Public Financing Authority5.000% 08/26/20350.4%
Golden State Tobacco Securitization Corp0.000% 05/18/20660.4%
Local Public Schools Funding Authority School Impr5.000% 07/30/20280.4%
Long Beach Bond Finance Authority5.500% 11/08/20370.4%
City Of Los Angeles Department Of Airports5.250% 05/05/20480.4%
San Diego County Regional Airport Authority5.000% 06/21/20510.4%
Dublin Unified School District3.000% 07/27/20410.4%
Los Angeles Department Of Water & Power3.380% 05/01/20230.4%
California Statewide Financing Authority0.000% 05/23/20460.4%
California Health Facilities Financing Authority3.000% 08/05/20510.4%
California Educational Facilities Authority5.000% 09/20/20530.4%
California Health Facilities Financing Authority3.000% 02/22/20390.4%
California Municipal Finance Authority5.000% 01/23/20470.4%
Central Unified School District5.250% 07/29/20330.4%
M-S-R Energy Authority6.125% 10/27/20290.4%
San Diego County Regional Airport Authority4.000% 06/22/20460.4%
River Islands Public Financing Authority4.000% 08/26/20450.4%
San Joaquin Hills Transportation Corridor Agency5.250% 01/04/20490.4%
Norman Y Mineta San Jose International Airport Sjc5.000% 02/24/20310.4%
Mountain House Public Financing Authority4.125% 11/24/20480.4%
Compton Community Redevelopment Agency Successor A5.000% 07/25/20370.4%
California Educational Facilities Authority4.000% 03/23/20470.4%
San Leandro Unified School District5.250% 07/31/20270.4%
California Community Choice Financing Authority5.000% 11/20/20530.4%
Poway Unified School District Public Financing Aut5.000% 08/31/20250.4%
North Orange County Community College District/Ca2.750% 07/28/20360.4%
San Francisco City & County Airport Comm-San Franc5.000% 12/30/20280.4%
California Municipal Finance Authority5.000% 12/25/20340.4%
University Of California5.000% 05/08/20360.4%
California Enterprise Development Authority5.000% 07/30/20300.4%
Silicon Valley Tobacco Securitization Authority0.000% 05/24/20410.4%
Tobacco Securitization Authority Of Southern Calif5.000% 05/22/20480.3%
Santa Clarita Community College District5.250% 07/29/20320.3%
San Francisco City & County Airport Comm-San Franc5.000% 04/25/20320.3%
University Of California4.000% 05/07/20410.3%
California Health Facilities Financing Authority4.000% 11/07/20420.3%
San Diego County Regional Airport Authority4.000% 06/22/20460.3%
Commonwealth Of Puerto Rico4.000% 06/22/20460.3%
Los Angeles Department Of Water & Power5.250% 06/24/20370.3%
Casitas Municipal Water District5.250% 08/31/20270.3%
San Francisco City & County Airport Comm-San Franc5.000% 04/22/20450.3%
Local Public Schools Funding Authority School Impr4.000% 07/24/20520.3%
Temecula Valley Unified School District Financing5.000% 02/28/20250.3%
California Educational Facilities Authority5.000% 11/21/20440.3%
County Of Los Angeles Ca Community Facilities Dist5.000% 08/21/20520.3%
California Community Housing Agency4.000% 01/22/20500.3%
California Municipal Finance Authority5.000% 09/30/20230.3%
California Municipal Finance Authority3.000% 10/25/20480.3%
City Of Oroville Ca5.250% 03/21/20490.3%
Adelanto Public Utility Authority5.000% 06/30/20270.3%
Port Commission Of The City & County Of San Franci5.000% 02/29/20240.3%
Long Beach Bond Finance Authority5.000% 11/10/20290.3%
City Of Long Beach Ca Airport System Revenue5.250% 05/23/20470.3%
California County Tobacco Securitization Agency4.000% 05/25/20490.3%
San Rafael City High School District/Ca5.250% 07/30/20300.3%
Inland Valley Development Agency5.250% 08/25/20370.3%
Foothill-Eastern Transportation Corridor Agency0.000% 01/07/20420.3%
Los Angeles Department Of Water & Power5.000% 06/21/20510.3%
Palomar Health5.000% 10/24/20360.3%
California Educational Facilities Authority5.000% 11/29/20280.3%
Panama-Buena Vista Union School District/Ca2.625% 07/28/20370.3%
San Francisco City & County Public Utilities Commi4.000% 09/23/20430.2%
Santa Monica-Malibu Unified School District3.000% 07/23/20440.2%
Santa Rita Union School District2.500% 07/30/20310.2%
Banning Unified School District5.250% 07/31/20270.2%
Golden State Tobacco Securitization Corp5.000% 05/26/20340.2%
California Health Facilities Financing Authority4.000% 03/24/20440.2%
County Of Sacramento Ca Airport System Revenue5.000% 06/23/20410.2%
San Rafael City Elementary School District4.500% 07/30/20280.2%
California Health Facilities Financing Authority4.000% 03/22/20450.2%
California Statewide Communities Development Autho5.000% 04/25/20330.2%
Transbay Joint Powers Authority5.000% 03/30/20300.2%
California Educational Facilities Authority0.000% 09/25/20330.2%
City Of Los Angeles Department Of Airports5.500% 11/12/20310.2%
Commonwealth Of Puerto Rico0.000% 10/25/20510.2%
Morgan Hill Unified School District5.250% 07/29/20320.2%
Transbay Joint Powers Authority5.000% 09/30/20250.2%
Washington Township Health Care District5.000% 06/29/20290.2%
California Statewide Communities Development Autho5.000% 05/09/20350.2%
West Contra Costa Unified School District6.000% 07/28/20270.2%
San Francisco City & County Airport Comm-San Franc5.000% 04/20/20520.2%
Ca Poll Control Fing 5% 11/21/20455.000% -0.2%
California Municipal Finance Authority5.000% 06/30/20270.2%
California Municipal Finance Authority5.250% 06/30/20240.2%
River Islands Public Financing Authority5.250% 08/21/20520.2%
State Of California5.000% 09/23/20410.2%
Golden State Tobacco Securitization Corp5.000% 05/27/20290.2%
San Benito High School District0.000% 07/27/20430.2%
City Of Los Angeles Department Of Airports5.000% 05/08/20390.2%
Fresno Unified School District5.000% 07/23/20460.2%
San Diego Public Facilities Financing Authority5.000% 07/24/20430.2%
Tobacco Securitization Authority Of Southern Calif5.000% 05/25/20380.2%
California Municipal Finance Authority5.000% 08/14/20240.2%
Tobacco Securitization Authority Of Northern Calif4.000% 11/29/20300.2%
Tobacco Securitization Authority Of Southern Calif5.000% 05/25/20390.2%
Ripon Unified School District5.500% 07/31/20250.2%
City Of Los Angeles Department Of Airports5.000% 05/07/20430.2%
City Of Los Angeles Department Of Airports5.000% 05/05/20510.2%
City Of Sacramento Ca Transient Occupancy Tax Reve5.000% 05/22/20480.2%
California Municipal Finance Authority5.000% 12/25/20350.2%
City Of Long Beach Ca Harbor Revenue5.000% 05/14/20250.2%
San Francisco City & County Airport Comm-San Franc5.250% 04/23/20420.2%
California Municipal Finance Authority5.000% 09/29/20270.2%
Irvine Unified School District5.000% 08/31/20270.2%
California County Tobacco Securitization Agency5.000% 05/22/20490.2%
California Educational Facilities Authority5.000% 09/21/20480.2%
City Of Irvine Ca5.000% 09/01/20250.2%
Foothill-Eastern Transportation Corridor Agency0.000% 01/08/20330.2%
City Of Roseville Ca5.000% 08/27/20310.2%
Tustin Community Facilities District5.000% 08/31/20250.2%
California Educational Facilities Authority5.000% 03/25/20390.2%
California School Finance Authority5.000% 07/30/20280.2%
Irvine Unified School District5.000% 08/25/20380.2%
Orange County Community Facilities District5.000% 08/06/20470.2%
Southern California Public Power Authority5.000% 06/24/20380.2%
Antelope Valley Healthcare District5.250% 02/24/20360.2%
California Statewide Communities Development Autho5.000% 06/30/20260.2%
Sweetwater Union High School District5.000% 07/28/20270.2%
California Educational Facilities Authority5.000% 03/25/20400.2%
California Municipal Finance Authority5.000% 12/22/20470.2%
Stockton Public Financing Authority5.000% 08/31/20240.2%
City Of San Diego Tobacco Settlement Revenue Fundi4.000% 05/26/20320.2%
Matching Fund Special Purpose Securitization Corp5.000% 09/27/20260.2%
Abag Finance Authority For Nonprofit Corps5.000% 07/24/20430.2%
California Statewide Communities Development Autho5.000% 09/30/20250.2%
Long Beach Bond Finance Authority4.688% 11/14/20260.2%
West Contra Costa Unified School District4.000% 07/30/20280.2%
Bay Area Toll Authority3.100% 05/01/20230.2%
California Municipal Finance Authority4.000% 08/11/20370.2%
Orange Unified School District4.000% 07/23/20470.2%
California Public Finance Authority4.000% 07/05/20510.2%
California Statewide Communities Development Autho5.250% 11/18/20560.2%
City Of San Clemente Ca5.000% 08/24/20400.2%
California Statewide Communities Development Autho4.000% 05/06/20460.2%
California Statewide Communities Development Autho4.000% 06/21/20480.2%
San Gorgonio Memorial Health Care District5.000% 07/26/20320.2%
Lake Elsinore Public Financing Authority5.000% 08/26/20350.2%
California Community Housing Agency5.000% 07/22/20500.2%
Tobacco Securitization Authority Of Southern Calif0.000% 05/21/20540.2%
Grossmont Union High School District0.000% 01/31/20250.2%
San Joaquin Hills Transportation Corridor Agency0.000% 01/09/20360.2%
Transbay Joint Powers Authority5.000% 03/30/20300.2%
Perris Union High School District/Ca3.000% 08/23/20440.2%
California Municipal Finance Authority6.750% 05/30/20230.2%
San Benito High School District0.000% 07/30/20280.2%
California Pollution Control Financing Authority5.000% 12/30/20280.2%
Santa Barbara Unified School District4.000% 07/31/20270.2%
Cscda Community Improvement Authority4.000% 07/20/20560.2%
Newport Mesa Unified School District0.000% 07/23/20450.2%
San Benito High School District0.000% 07/30/20280.2%
California Municipal Finance Authority5.000% 11/20/20540.1%
Guam Power Authority5.000% 09/30/20240.1%
Cupertino Union School District2.500% 07/29/20330.1%
Southern California Public Power Authority3.039% 10/28/20380.1%
Transbay Joint Powers Authority5.000% 03/30/20300.1%
M-S-R Energy Authority6.500% 10/25/20390.1%
Antelope Valley Healthcare District5.000% 02/25/20260.1%
California School Finance Authority4.000% 07/25/20510.1%
California School Finance Authority5.000% 07/31/20250.1%
California School Finance Authority5.000% 06/30/20240.1%
Newport Mesa Unified School District0.000% 07/24/20410.1%
Puerto Rico Commonwealth Aqueduct & Sewer Authorit4.000% 06/23/20420.1%
California School Finance Authority5.000% 06/30/20250.1%
California Municipal Finance Authority5.000% 01/25/20400.1%
Brentwood Infrastructure Financing Authority5.000% 08/26/20360.1%
California Municipal Finance Authority5.000% 05/31/20250.1%
Southwestern Community College District0.000% 07/27/20410.1%
California County Tobacco Securitization Agency0.000% 05/21/20550.1%
City Of Irvine Ca5.000% 08/23/20440.1%
California Public Finance Authority10.000% 05/13/20280.1%
California Statewide Financing Authority0.000% 05/21/20550.1%
California Municipal Finance Authority5.625% 02/19/20450.1%
Riverside County Transportation Commission0.000% 05/30/20280.1%
Santa Ana Unified School District3.250% 07/24/20420.1%
California Municipal Finance Authority5.000% 09/29/20270.1%
Tobacco Securitization Authority Of Southern Calif0.000% 05/23/20460.1%
Riverside County Transportation Commission0.000% 05/30/20280.1%
Irvine Facilities Financing Authority0.000% 08/29/20330.1%
Commonwealth Of Puerto Rico0.000% 10/27/20430.1%
California Municipal Finance Authority5.000% 09/30/20230.1%
Irvine Facilities Financing Authority0.000% 08/25/20500.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.329% 06/23/20400.1%
Puerto Rico Electric Power Authority0.000% 06/27/20400.1%
Transbay Joint Powers Authority5.000% 03/30/20300.1%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.750% 06/20/20530.1%
Transbay Joint Powers Authority5.000% 03/30/20300.0%
Silicon Valley Tobacco Securitization Authority0.000% 05/20/20560.0%
California Pollution Control Financing Authority4.300% 06/23/20400.0%
Commonwealth Of Puerto Rico5.750% 06/26/20310.0%
Inland Empire Tobacco Securitization Corp0.000% 05/20/20570.0%
Puerto Rico Electric Power Authority0.000% 07/01/20240.0%
City Of Los Angeles Department Of Airports5.000% 11/12/20310.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 06/21/20510.0%
California School Finance Authority5.000% 07/31/20250.0%
Commonwealth Of Puerto Rico5.250% 07/01/20230.0%
Tobacco Securitization Authority Of Southern Calif5.000% 05/22/20480.0%
Puerto Rico Electric Power Authority0.000% 06/28/20330.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 06/25/20330.0%
Commonwealth Of Puerto Rico0.000% 06/27/20240.0%
Commonwealth Of Puerto Rico4.000% 06/24/20370.0%
California Statewide Communities Development Autho5.500% 06/24/20390.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev4.536% 06/20/20530.0%
Puerto Rico Sales Tax Financing Corp Sales Tax Rev0.000% 06/26/20310.0%
USM3 - Futures0.000% -0.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/09/2023
$0.12417
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.02536 $9.97
Daily Daily 04/30/2023 $0.02504 $10.07
Daily Daily 03/31/2023 $0.02516 $10.09
Daily Daily 02/28/2023 $0.02510 $9.92
Daily Daily 01/31/2023 $0.02351 $10.22

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 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
09/08/1993 09/15/1993 - - $0.3500 $11.60
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/09/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.25
$100,000 to $249,999 1.75% 1.50% $10.20
$250,000 to $499,999 0.00% 1.00% $10.02
$500,000 to $999,999 0.00% 1.00% $10.02
$1,000,000 to $5,000,000 0.00% 1.00% $10.02

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) prior to 12/1/2021 will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Prior to 12/1/2021 purchases between $250,000 - $499,999 were subject to a front-end sales charge.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 05/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.77% 0.77%

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.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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. 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

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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