About CALAX
Lord Abbett California Tax Free Fund Class C is a mutual fund focused on generating tax-exempt income primarily for California residents. The fund invests at least 80% of its net assets in municipal bonds whose interest payments are exempt from both federal and California state income taxes, making it particularly attractive to investors seeking to reduce their tax liabilities from fixed-income investments. The portfolio is broadly diversified, typically holding over 270 individual securities, and emphasizes investment-grade municipal bonds, contributing to risk management within the long-duration muni bond sector.
Key features of the fund include monthly dividend distributions, a relatively accessible minimum initial investment requirement of $1,000, and a net expense ratio of 1.37%. Managed by Lord Abbett, the fund aims to strike a balance between income generation and reasonable risk, using the volatility of the Bloomberg Municipal Bond Index as a benchmark for its investment risk profile. The fund supports public infrastructure, local governments, healthcare, education, and utilities via its bond holdings, playing a critical role in financing essential services across the state. Since its inception in July 1996, the fund has positioned itself as a tax-efficient vehicle for fixed-income investors in California.
Fund Family Lord Abbett
Category Muni California Long
Performance Rating Low
Risk Rating Above Average
Stock Exchange Nasdaq
Ticker Symbol CALAX
Share Class Class C
Index Bloomberg Municipal Bond TR
CALAX had a total return of -3.28% in the past year, including dividends. Since the fund's
inception, the average annual return has been 2.84%.
