Fund Evaluator:
Lord Abbett California Tax Free I (CAILX)
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Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
Lord Abbett California Tax Free I Overview
Lord Abbett California Tax Free I (CAILX) is an actively managed Municipal Bond Muni California Long fund. Lord Abbett launched the fund in 2011.
The investment seeks the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk. In pursuing its investment objective, the fund uses the volatility of the Bloomberg Municipal Bond Index as an approximation of reasonable risk. To pursue its investment objective, under normal conditions, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest exempt from federal income tax and California personal income tax.
About Lord Abbett California Tax Free I (CAILX)
There are 3 members of the management team with an average tenure of 11.99 years: Gregory Shuman (2014), Carson Houle (2022), Daniel Solender (2006). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Municipal TR USD index with a weighting of 100%. Lord Abbett California Tax Free I has 291 securities in its portfolio. The top 10 holdings constitute 9.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Lord Abbett California Tax Free I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Lord Abbett California Tax Free I has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (97.4% domestic bond, 2.7% foreign bond and 0.0% convertible bond). Lord Abbett California Tax Free I has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $177 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CAILX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Lord Abbett California Tax Free I expense ratio is above average compared to funds in the Muni California Long category. Lord Abbett California Tax Free I has an expense ratio of 0.60%, which is 27% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Lord Abbett California Tax Free I has a portfolio turnover rate of 40%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, Lord Abbett California Tax Free I returned -2.1%, which earned it a grade of D, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Lord Abbett California Tax Free I has a trailing yield of 3.83%, which is above the 3.52% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Lord Abbett California Tax Free I Grades
Year to date, the fund has returned 0.9%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 6.5% over the past year (grade of C), 3.1% over the past three years (grade of D) and -0.3% per year over the past five years (grade of D) and 1.7% per year over the past 10 years (grade of C).
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CAILX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CAILX Return (NAV) | -2.1% | -0.2% | 6.5% | 3.1% | -0.3% | 1.7% |
| CAILX Grade | D | B | C | D | D | C |
| +/- Category | -0.1% | 0.2% | 0.2% | -0.1% | -0.3% | 0.1% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| CAILX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
CAILX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CAILX Return (NAV) | 0.9% | 2.8% | 2.3% | 7.2% | -13.2% | 2.9% | 4.8% | 9.5% | 0.7% | 6.9% | 0.3% |
| CAILX Grade | B | C | C | A | F | B | B | A | B | A | B |
| +/- Category | 0.2% | -0.1% | -0.2% | 0.8% | -1.9% | 0.3% | 0.5% | 1.4% | -0.1% | 0.7% | 0.2% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 1.10 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $730 Mil |
| Fund Total Assets: | $ 178 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 40% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 19.9 years | |||
| Average Tenure: 12.0 years | |||
| Managers (Year): Solender Daniel (2006), Shuman Gregory (2014), Houle Carson (2022) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 291 |
| % in Top 10 Holdings: | 9.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.4% |
| Foreign Bond: | 2.7% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Lord Abbett |
| Phone Number: | 888-522-2388 |
| Website: | www.lordabbett.com |
| Status: | Open |
| Inception Date: | January 31, 2011 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.60% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Lord Abbett California Tax Free A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
