Credit Opportunities Fund | Lord Abbett

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Credit Opportunities Fund

Daily price w/o sales charge as of 12/05/2023

$8.76

arrowUp$0.02

YTD Returns w/o sales charge as of 12/05/2023

8.15%

Click here to view all legal text including risk information

Summary

Summary

What is the Credit Opportunities Fund?

The Fund seeks to deliver high current income and total return through a flexible strategy investing across a broad range of global fixed income sectors.

A LEADER IN CREDIT

An investment team with proven capabilities across corporate credit and structured product sectors.

A FLEXIBLE APPROACH

Flexibility to capture opportunities across multiple sectors of the global fixed income markets.

AN EXPANDED OPPORTUNITY SET

Potential for enhanced yield and return in less liquid sectors of fixed income markets through an interval fund structure.

Yield

Average Yield to Maturity as of 10/31/2023

12.12%

30-Day Standardized Yield 1 as of 11/30/2023  

8.72%

Fund Basicsas of 10/31/2023

Total Net Assets
$1.48 B
Inception Date
06/18/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.14%
Fund Net Expense Ratio
2.14%
Number of Holdings
147

Fund Expense Ratio :

2.14%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/15/2019
w/o sales charge 7.66% 6.72% 4.37% - - 5.64%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 9.50% 8.69% 1.46% - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

2.14%

Fund Expense Ratio :

2.14%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/15/2019
w/o sales charge 7.01% 8.30% 7.06% - - 5.71%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 6.03% 10.28% 1.85% - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

2.14%

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 sales charges, which are not applicable to Class U Shares. 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 of future results.

RELATED CONTENT

Interval Funds Explained

Interval funds can allocate to asset classes that are less liquid than those typically found in mutual funds but may offer the potential to generate higher long-term returns.

 

LEAD PORTFOLIO MANAGERS

Rocco-Steve_headshot

Steven F. Rocco, CFA
Partner, Co-Head of Taxable Fixed Income
22 Years of Industry Experience

Castle-Adam_headshot

Adam C. Castle, CFA
Partner, Portfolio Manager
15 Years of Industry Experience

Yuoh-Kewjin_headshot

Kewjin Yuoh
Partner & Portfolio Manager
29 Years of Industry Experience

Kang-Eric_headshot

Eric P. Kang
Partner, Portfolio Manager
24 Years of Industry Experience

 

INVESTMENT COUNCIL

Gizzo-Christopher_headshot

Christopher Gizzo, CFA
Partner, Deputy Director of Leveraged Credit
15 Years of Industry Experience

Lehmann-Jeremy_headshot

Jeremy Lehmann, CFA
Portfolio Manager
11 Years of Industry Experience

Novak-John_headshot

John M. Novak, CFA
Head of Loan-Only & Private Credit Research
27 Years of Industry Experience

Trifon-Harris_headshot

Harris Trifon
Partner, Portfolio Manager
23 Years of Industry Experience

Gunnerson-Karen_headshot

Karen Gunnerson
Portfolio Manager
13 Years of Industry Experience

Skulkina-Mila_headshot

Mila Skulkina, CFA
Managing Director, Portfolio Manager
22 Years of Industry Experience

Lombardi-Annika_headshot

Annika Lombardi
Managing Director, Portfolio Manager 
16 Years of Industry Experience

Solomon-Todd_headshot

Todd Solomon
Portfolio Manager
27 Years of Industry Experience

Posner-Kearney_headshot

Kearney Posner, CFA
Partner, Portfolio Manager
24 Years of Industry Experience

Supported By 59 Investment Professionals with 15 Years Avg. Industry Experience

Performance

Performance

Average Yield to Maturity as of 10/31/2023

12.12%

30-Day Standardized Yield 1 as of 11/30/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.72% 8.72%

Fund Expense Ratio :

Gross 2.14%

Net 2.14%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/15/2019
w/o sales charge 7.66% 6.72% 4.37% - - 5.64%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 9.50% 8.69% 1.46% - - -
w/ sales charge 7.66% 6.72% 4.37% - - 5.64%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 2.14%

Net 2.14%

Fund Expense Ratio :

Gross 2.14%

Net 2.14%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/15/2019
w/o sales charge 7.01% 8.30% 7.06% - - 5.71%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 6.03% 10.28% 1.85% - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 2.14%

Net 2.14%

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 sales charges, which are not applicable to Class U Shares. 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 of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
ABS
Non-U.S. High Yield Corporate
CLO
Bank Loans
Emerging Market
Convertibles
CMBS
U.S. Government Related
Equity
MBS
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2023

Rating Assets
Treasury
Agency
BBB
BB
B
CCC
<CCC
Not Rated

Portfolio Details as of 10/31/2023

Total Net Assets
$1.48 B
Average Effective Duration
2.28 Years
Average Life
4.2 Years
Average Maturity
5.78 Years
Number of Issues
147
Average Yield to Maturity
12.12%

To view definitions for the above Portfolio Details, Click here.

All Holdings as of10/31/2023

Holding Coupon Maturity Assets
BARCLAYS CAPITAL0.010% 11/01/20234.2%
Triumph Group Inc7.750% 08/15/20252.7%
BCPE Ulysses Intermediate Inc7.750% 04/01/20272.7%
SCF Equipment Leasing 2022-2 LLC6.500% 06/20/20352.5%
Global Aircraft Leasing Co Ltd6.500% 09/15/20242.4%
Valaris Ltd8.375% 04/30/20302.4%
Benteler International AG10.500% 05/15/20282.4%
Madison IAQ LLC5.875% 06/30/20292.3%
Crescent Energy Finance LLC9.250% 02/15/20282.2%
Berry Petroleum Co LLC7.000% 02/15/20262.1%
Vital Energy Inc7.750% 07/31/20292.0%
Nine Energy Service Inc13.000% 02/01/20281.9%
BCP V Modular Services Finance PLC6.750% 11/30/20291.9%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20281.9%
Flagship Credit Auto Trust 2023-210.890% 07/15/20301.9%
SILK BIDCO AS10.451% 02/28/20271.8%
VistaJet Malta Finance PLC / Vista Management Holding Inc6.375% 02/01/20301.8%
Armor Holdco Inc8.500% 11/15/20291.8%
Shelf Drilling Holdings Ltd9.625% 04/15/20291.8%
CAL Receivables 2022-1 LLC9.670% 10/15/20261.7%
W&T Offshore Inc11.750% 02/01/20261.6%
Exeter Automobile Receivables Trust 2020-20.000% 09/15/20321.6%
Santander Bank Auto Credit-Linked Notes Series 2022-C14.592% 12/15/20321.4%
ACProducts Holdings Inc9.902% 05/17/20281.4%
Park River Holdings Inc5.625% 02/01/20291.4%
SPX FLOW Inc8.750% 04/01/20301.4%
Perimeter Master Note Business Trust8.130% 05/15/20271.3%
Nabors Industries Ltd7.250% 01/15/20261.3%
EquipmentShare.com Inc9.000% 05/15/20281.3%
Mueller Water Products Inc4.000% 06/15/20291.2%
United States Treasury Bill0.000% 11/24/20231.2%
Brand Industrial Services Inc10.872% 08/01/20301.1%
AMC Entertainment Holdings Inc12.000% 06/15/20261.1%
Nexus Buyer LLC11.674% 11/05/20291.1%
Exeter Automobile Receivables Trust 2023-29.750% 11/15/20301.1%
Rad CLO 22 Ltd0.000% 01/20/20371.1%
ACProducts Holdings Inc6.375% 05/15/20291.1%
Exeter Automobile Receivables Trust 2021-20.000% 02/15/20331.0%
Osaic Holdings Inc10.750% 08/01/20271.0%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.9%
Precision Drilling Corp6.875% 01/15/20290.9%
Macquarie Airfinance Holdings Ltd8.125% 03/30/20290.9%
OCP CLO 2023-26 Ltd0.000% 04/17/20360.9%
Park River Holdings Inc6.750% 08/01/20290.9%
Full House Resorts Inc8.250% 02/15/20280.8%
LifePoint Health Inc11.000% 10/15/20300.8%
Oceaneering International Inc6.000% 02/01/20280.8%
Rad CLO 20 Ltd13.496% 07/20/20360.8%
SCF Preferred Equity LLC7.500% 10/16/21720.8%
Oceaneering International Inc6.000% 02/01/20280.8%
Brand Industrial Services Inc10.375% 08/01/20300.8%
Galaxy XXVI CLO Ltd11.495% 11/22/20310.7%
Nabors Industries Inc1.750% 06/15/20290.7%
Kosmos Energy Ltd7.500% 03/01/20280.7%
720 East CLO 2023-II Ltd13.964% 10/15/20360.7%
Real Hero Merger Sub 2 Inc6.250% 02/01/20290.7%
Ballyrock CLO 24 Ltd0.000% 07/15/20360.7%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-BOLT12.149% 08/15/20330.6%
Greenbrier Cos Inc/The2.875% 04/15/20280.6%
Flagship Credit Auto Trust 2023-111.440% 04/15/20300.6%
JetBlue Airways Corp0.500% 04/01/20260.6%
KLX Energy Services Holdings Inc11.500% 11/01/20250.6%
Kobe US Midco 2 Inc9.250% 11/01/20260.6%
Crescent Energy Finance LLC7.250% 05/01/20260.6%
USIC Holdings Inc11.939% 05/14/20290.5%
Petroleos Mexicanos6.840% 01/23/20300.5%
CARLYLE US CLO 2021-5 LTD11.927% 07/20/20340.5%
AMMC CLO 23 Ltd12.064% 10/17/20310.5%
Generate Clo 13 Ltd10.383% 01/20/20370.5%
Generate Clo 13 Ltd13.423% 01/20/20370.5%
Dryden 45 Senior Loan Fund11.505% 10/15/20300.4%
Rad CLO 20 Ltd10.416% 07/20/20360.4%
Exeter Automobile Receivables Trust 2021-40.000% 12/15/20330.4%
VUE INTERNATIONAL BIDCO P L C6.130% 12/31/20270.4%
Continental Finance Credit Card ABS Master Trust5.750% 12/15/20280.4%
Fairstone Financial Issuance Trust I6.873% 10/20/20390.4%
Ballyrock CLO 23 Ltd10.578% 04/25/20360.4%
Anchorage Capital CLO 25 Ltd0.000% 04/20/20350.4%
OCP CLO 2014-6 Ltd12.184% 10/17/20300.4%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.3%
Tricolor Auto Securitization Trust 2021-15.080% 05/15/20280.3%
Ballyrock CLO 20 Ltd12.644% 07/15/20340.3%
Carlyle US CLO 2021-10 LTD12.177% 10/20/20340.3%
Gulfport Energy Corp8.000% 05/17/20260.3%
PenFed Auto Receivables Owner Trust 2022-A0.000% 06/17/20300.3%
Perimeter Master Note Business Trust5.190% 05/15/20270.3%
Forward Air Corp9.500% 10/15/20310.3%
ABG Intermediate Holdings 2 LLC11.310% 12/20/20290.3%
COMM 2015-DC1 Mortgage Trust4.299% 02/10/20480.3%
Post Road Equipment Finance 2021-14.360% 03/15/20290.3%
LSF12 BADGER BIDCO LLC11.324% 08/30/20300.2%
Avant Loans Funding Trust 2021-REV16.410% 07/15/20300.2%
Galaxy Xxviii Clo Ltd11.655% 07/15/20310.2%
Genesis Sales Finance Master Trust5.590% 12/21/20260.2%
TICP CLO XI Ltd11.677% 10/20/20310.2%
Regatta XIV Funding Ltd11.590% 10/25/20310.2%
Realtruck Group Inc10.406% 01/31/20280.2%
Santander Bank Auto Credit-Linked Notes Series 2022-C11.366% 12/15/20320.2%
Dryden 65 CLO Ltd11.407% 07/18/20300.2%
Flagship Credit Auto Trust 2020-40.000% 07/17/20280.2%
Sunac China Holdings Ltd5.950% 04/26/20240.1%
CANOPY GROWTH CORPORATION14.183% 03/18/20260.1%
Atrium XV11.524% 01/23/20310.1%
Palisades Center Trust 2016-PLSD2.713% 04/13/20330.1%
Goldentree Loan Management US Clo 4 Ltd10.410% 04/24/20310.1%
JP Morgan Chase Commercial Mortgage Securities Trust 2021-144010.299% 03/15/20360.1%
Carvana Auto Receivables Trust 2021-N10.000% 01/10/20280.1%
Sunac China Holdings Ltd6.500% 01/10/20250.1%
FX USD/EUR 12/230.000% 12/13/20230.1%
CF Trust 2019-BOSS16.882% 12/15/20240.1%
Shimao Group Holdings Ltd5.200% 01/16/20270.1%
ACBL HLDG CORP0.000% -0.1%
GS Mortgage Securities Corp Trust 2021-RENT11.153% 11/21/20350.1%
United PF Holdings LLC14.145% 12/30/20270.0%
Laurel Road Prime Student Loan Trust 2019-A0.000% 10/25/20480.0%
Logan Group Co Ltd5.250% 02/23/20230.0%
Sunac China Holdings Ltd6.800% 10/20/20240.0%
Nine Energy Service Inc0.000% -0.0%
Pagaya AI Debt Selection Trust 2020-10.000% 07/15/20270.0%
CIFI Holdings Group Co Ltd6.000% 07/16/20250.0%
Logan Group Co Ltd4.500% 01/13/20280.0%
FX USD/CAD 11/230.000% 11/20/20230.0%
ARES XLVI CLO Ltd10.955% 01/15/20300.0%
ACBL HLDG CORP0.000% -0.0%
GS Mortgage Securities Corp Trust 2021-ROSS MZ14.949% 06/15/20260.0%
Shimao Group Holdings Ltd3.450% 01/11/20310.0%
Kaisa Group Holdings Ltd10.500% 01/15/20250.0%
Sunac China Holdings Ltd7.500% 02/01/20240.0%
CIFI Holdings Group Co Ltd4.375% 04/12/20270.0%
CIFI Holdings Group Co Ltd5.250% 05/13/20260.0%
Kaisa Group Holdings Ltd11.950% 11/12/20230.0%
Credit Default Swap1.000% 06/20/20280.0%
Credit Default Swap0.250% 12/20/20260.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Credit Default Swap5.000% 06/20/20280.0%
Pagaya AI Debt Selection Trust 2021-10.000% 11/15/20270.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY3.805% 06/10/20270.0%
Palisades Center Trust 2016-PLSD4.737% 04/13/20330.0%
FX USD/CAD 11/230.000% 11/20/20230.0%
Credit Default Swap5.000% 12/20/20280.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
FX USD/CAD 11/230.000% 11/20/20230.0%
FX EUR/USD 12/230.000% 12/13/20230.0%
Credit Default Swap1.000% 12/20/20280.0%
Credit Default Swap0.250% 12/20/20270.0%
Credit Default Swap5.000% 12/20/20240.0%
Credit Default Swap5.000% 06/20/2025-0.1%
Holding Coupon Maturity Assets
Triumph Group Inc 7.750% 08/15/2025 2.8%
BCPE Ulysses Intermediate Inc 7.750% 04/01/2027 2.8%
SCF Equipment Leasing 2022-2 LLC 6.500% 06/20/2035 2.6%
Global Aircraft Leasing Co Ltd 6.500% 09/15/2024 2.5%
Valaris Ltd 8.375% 04/30/2030 2.5%
Benteler International AG 10.500% 05/15/2028 2.5%
Madison IAQ LLC 5.875% 06/30/2029 2.4%
Crescent Energy Finance LLC 9.250% 02/15/2028 2.3%
Berry Petroleum Co LLC 7.000% 02/15/2026 2.2%
Vital Energy Inc 7.750% 07/31/2029 2.1%
% of Total Assets 24.7%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/05/2023
$0.71519
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2023 $0.05953 $8.73
Daily Daily 10/31/2023 $0.07263 $8.59
Daily Daily 09/30/2023 $0.06003 $8.81
Daily Daily 08/31/2023 $0.06092 $8.88
Daily Daily 07/31/2023 $0.06356 $8.91
Daily Daily 06/30/2023 $0.07357 $8.81
Daily Daily 05/31/2023 $0.06773 $8.73
Daily Daily 04/30/2023 $0.06945 $8.84
Daily Daily 03/31/2023 $0.06460 $8.88
Daily Daily 02/28/2023 $0.06408 $8.97
Daily Daily 01/31/2023 $0.05908 $9.06

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2022 12/20/2022 $0.0637 $0.0428 $0.1065 $8.82
07/27/2022 07/28/2022 $0.0302 - $0.0302 $9.16

Fees & Expenses

Fees & Expenses

Expense Ratio

Fund Gross Expense Ratio Fund Net Expense Ratio
2.14% 2.14%

Expense ratio details, Click here.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015

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Section 16 filings available HERE.

 

IMPORTANT INFORMATION

 

The Fund is structured as an unlisted closed-end interval fund.  Limited liquidity is provided to shareholders only through the Fund’s quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value, subject to applicable law and approval of the Board of Trustees. The Fund currently expects to offer to repurchase 5% of outstanding shares per quarter.  There is no secondary market for the Fund’s shares and none is expected to develop.  There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer.  Investors should consider shares of the Fund to be an illiquid investment.

Although the Fund may impose a repurchase fee of up to 2.00% on shares accepted for repurchase by the Fund that have been held for less than one year, the Fund does not currently intend to impose such a fee.  Please refer to the Fund's prospectus for additional information.

The Fund’s ability to be fully invested and achieve its investment objective may be affected by the need to fund repurchase obligations. In addition, the fees and costs associated with investing in an interval fund may be significantly greater than those of other fund structures.

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy.
 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund may invest in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in debt securities of stressed and distressed issuers as well as in defaulted securities and debtor-in-possession financings, all of which may be considered Special Situations. Distressed and defaulted instruments generally present the same risks as investment in below investment grade instruments. However, in most cases, these risks are of a greater magnitude because of the uncertainties of investing in an issuer undergoing financial distress. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

Because of the risks associated with the Fund’s ability to invest in high yield securities, loans and related instruments and mortgage-related and other asset-backed instruments, foreign (including emerging market) securities (and related exposure to foreign currencies), and the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment. 

 

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.   

 

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. 

The ICE BofAML U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

 

 

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.

 

1

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.

 

2

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

 

3

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

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