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Credit Opportunities Fund

Daily price w/o sales charge as of 11/11/2019

$9.85

arrowDown$0.01

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 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.

Dividend Yield 1 as of 11/11/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.04% 6.43%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.97% 5.13%

Fund Basicsas of 09/30/2019

Total Net Assets
$54.38 M
Inception Date
02/22/2019
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.11%
Fund Net Expense Ratio
1.50%
Number of Holdings
141
Minimum Initial Investment
$1,000,000+

Minimum Exceptions

The minimum initial investment for  Institutional Class Shares is $1 million per account, except that the minimum investment may be modified for certain financial firms that submit orders on behalf of their customers, the Trustees and certain employees (and their extended family members) of Lord Abbett and its affiliates. There is no minimum subsequent investment amount.

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge - - - - - 3.15%
Lipper Category Avg. - - - - - -
ICE BofAML U.S. High Yield Constrained Index - - - - - 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 2.11%

Net 1.50%

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge - - - - - 3.28%
Lipper Category Avg. - - - - - -
ICE BofAML U.S. High Yield Constrained Index - - - - - 5.39%

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

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

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 I 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

What Is an Interval Fund?
April 16, 2019

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

lapin

Jeffrey D. Lapin, J.D.
Partner & Portfolio Manager
22 Years of Industry Experience

yuoh

Kewjin Yuoh
Partner & Portfolio Manager
25 Years of Industry Experience

 

INVESTMENT COUNCIL

rocco

Steven F. Rocco, CFA
Partner & Director of Taxable Fixed Income
18 Years of Industry Experience

kang

Eric P. Kang
Portfolio Manager
20 Years of Industry Experience

gizzo

Christopher Gizzo, CFA
Managing Director & Portfolio Manager
11 Years of Industry Experience

kurtz

Alan R. Kurtz
Portfolio Manager
19 Years of Industry Experience

Solomon-Todd_headshot

Todd Solomon
Portfolio Manager
23 Years of Industry Experience

rajguru

Manish S. Rajguru, CFA
Portfolio Manager
28 Years of Industry Experience

morton

John J. Morton, CFA
Portfolio Manager
34 Years of Industry Experience

castle

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

lombardi

Annika Lombardi
Portfolio Manager 
12 Years of Industry Experience

Supported By 60 Investment Professionals with 15 Years Avg. Industry Experience

Performance

Performance

Dividend Yield 1 as of 11/11/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.04% 6.43%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.97% 5.13%

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge - - - - - 3.15%
Lipper Category Avg. - - - - - -
ICE BofAML U.S. High Yield Constrained Index - - - - - 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 2.11%

Net 1.50%

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge - - - - - 3.28%
Lipper Category Avg. - - - - - -
ICE BofAML U.S. High Yield Constrained Index - - - - - 5.39%

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

Fund Expense Ratio :

Gross 2.11%

Net 1.50%

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 I 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
Bank Loans
Emerging Market
CLO
Non-U.S. High Yield Corporate
ABS
Convertibles
CMBS
U.S. Investment Grade Corporate
U.S. Government Related
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

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

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 09/30/2019

Rating Assets
U.S. Treasury
A
BBB
BB
B
<B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. 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 may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Details as of 09/30/2019

Total Net Assets
$54.38 M
Number of Issues
141
Average Coupon
7.07%
Average Life
4.80 Years
Average Maturity
6.14 Years
Average Effective Duration
1.59 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.

All Holdings as of09/30/2019

Holding Coupon Maturity Assets
Perimeter Master Note Business Trust8.060% 12/15/20222.3%
United States Treasury Bill0.000% 10/08/20192.1%
Laurel Road Prime Student Loan Trust 2019-A0.000% 10/25/20481.9%
Bancorp Commercial Mortgage 2019-CRE6 Trust10.616% 09/15/20361.8%
GS Mortgage Securities Trust3.250% 06/10/20461.5%
Ccs-Cmgc Holdings Inc7.544% 10/01/20251.4%
Octagon Investment Partners 41 Ltd9.499% 04/15/20311.3%
Octagon Investment Partners 40 Ltd9.086% 04/20/20311.3%
MHP Lux SA6.950% 04/03/20261.3%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20251.3%
Intelsat Jackson Holdings SA5.500% 08/01/20231.2%
Buena Vista Gaming Authority13.000% 04/01/20231.2%
General Electric Co.5.000% 12/31/20991.2%
Mariner CLO 5 Ltd7.926% 04/25/20311.2%
New Gold, Inc.6.250% 11/15/20221.2%
Sprint Capital Corp.8.750% 03/15/20321.2%
Kaisa Group Holdings Ltd.7.875% 06/30/20211.2%
Angolan Government International Bond8.250% 05/09/20281.2%
Eterna Capital Pte Ltd7.500% 12/11/20221.1%
Macquarie Bank Ltd./London6.125% 03/08/21671.1%
Scorpio Tankers, Inc.3.000% 05/15/20221.1%
China Evergrande Group8.250% 03/23/20221.1%
GDS Holdings Ltd2.000% 06/01/20251.1%
Hecla Mining Co.6.875% 05/01/20211.1%
Surgery Center Holdings, Inc.10.000% 04/15/20271.1%
Mattel, Inc.5.450% 11/01/20411.0%
General Motors Co.6.750% 04/01/20461.0%
Enterprise Development Authority/The12.000% 07/15/20241.0%
PG&E Corp3.875% 04/27/20211.0%
CP VI Bella Midco, LLC8.794% 12/29/20251.0%
SolarCity Corp.1.625% 11/01/20191.0%
Diebold, Inc.8.500% 04/15/20241.0%
Drive Chassis Holdco LLC10.588% 04/10/20261.0%
Patrick Industries, Inc.1.000% 02/01/20231.0%
MediArena Acquisition B.V. (fka AP NMT Acquisition B.V.)8.070% 08/13/20211.0%
Huazhu Group Ltd0.375% 11/01/20221.0%
Nomad Buyer, Inc.7.039% 08/01/20251.0%
BEP Ulterra Holdings Inc.7.294% 11/26/20251.0%
Ctrip.com International Ltd.1.000% 07/01/20201.0%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20251.0%
Aegon NV760.000% 10/01/20190.9%
ACC Trust 2019-16.410% 02/20/20240.9%
Egypt Government International Bond4.750% 04/16/20260.9%
Revlon Consumer Products Corp.5.750% 02/15/20210.9%
Promontoria Holding 264 BV6.750% 08/15/20230.9%
Carlyle US Clo 2017-2 Ltd8.428% 07/20/20310.9%
Bristow Group, Inc.8.750% 03/01/20230.9%
Rodan & Fields, LLC6.028% 06/06/20250.9%
Diageo Capital plc0.000% 10/03/20190.9%
Energy Transfer Partners L.P.0.000% 10/02/20190.9%
Kinder Morgan, Inc.0.000% 10/01/20190.9%
Mondelez International, Inc.0.000% 10/01/20190.9%
Newell Rubbermaid, Inc.0.000% 10/01/20190.9%
Smithfield Foods, Inc.0.000% 10/01/20190.9%
Autoliv ASP Inc0.000% 10/01/20190.9%
AutoNation, Inc.0.000% 10/01/20190.9%
Aviation Capital Group Corp.0.000% 10/01/20190.9%
Tesla Motors, Inc.5.300% 08/15/20250.9%
Kernel Holding SA8.750% 01/31/20220.9%
Ares XXXVII CLO Ltd8.453% 10/15/20300.9%
SOUND POINT CLO XXII LTD8.578% 01/20/20320.9%
SRC Energy Inc6.250% 12/01/20250.8%
OCTAGON INVESTMENT PARTNERS 35 LTD7.478% 01/20/20310.8%
MediArena Acquisition B.V. (fka AP NMT Acquisition B.V.)11.332% 08/13/20220.8%
J Crew Group Inc.5.310% 03/05/20210.8%
Commercial Barge Line10.794% 11/12/20200.8%
Kuehg Corp10.354% 08/15/20250.8%
HCA, Inc.7.500% 11/06/20330.8%
RegionalCare Hospital Partners Holdings Inc / Life9.750% 12/01/20260.8%
MEG Energy Corp.6.500% 01/15/20250.8%
Fairstone Financial Inc7.875% 07/15/20240.8%
Continental Credit Card 2016-111.330% 01/15/20250.8%
Pulte Group, Inc.7.875% 06/15/20320.8%
JP Morgan Chase Commercial Mortgage Securities Tru3.931% 06/10/20270.8%
Pacific Gas & Electric Co.6.050% 03/01/20340.8%
NXP Semiconductor N.V.1.000% 12/01/20190.8%
Citgo Holding, Inc.9.250% 08/01/20240.7%
VF Holding Corp9.294% 07/02/20260.7%
Verscend Escrow Corp9.750% 08/15/20260.7%
Navistar International Corp.6.625% 11/01/20250.7%
Ahern Rentals, Inc.7.375% 05/15/20230.7%
SunPower Corp.0.875% 06/01/20210.7%
California Resources Corp.8.000% 12/15/20220.7%
Jazz Acquistion Inc10.100% 06/13/20270.6%
William Lyon Homes, Inc.6.000% 09/01/20230.6%
Garrett LX I Sarl / Garrett Borrowing LLC5.125% 10/15/20260.6%
H-Food Holdings LLC / Hearthside Finance Co Inc8.500% 06/01/20260.6%
FHC Health Systems, Inc.6.104% 12/23/20210.6%
Community Health Systems, Inc.8.000% 11/15/20190.5%
Mclaren Finance PLC5.000% 08/01/20220.5%
Octagon Investment Partners 30 Ltd8.478% 03/17/20300.5%
Chaparral Energy, Inc.8.750% 07/15/20230.5%
Nevro Corp.1.750% 06/01/20210.5%
Cedar Funding IX CLO Ltd7.628% 04/20/20310.5%
CenterPoint Energy, Inc.0.000% 10/01/20190.5%
WestRock Co.0.000% 10/10/20190.5%
Gilbert Park CLO Ltd8.703% 10/15/20300.5%
Turkiye Is Bankasi6.000% 10/24/20220.5%
Doncasters US Finance LLC (Doncasters US LLC)0.000% 04/09/20200.4%
Benefit Street Partners Clo XII Ltd8.713% 10/15/20300.4%
Mclaren Finance PLC5.000% 08/01/20220.4%
BlueMountain CLO 2016-3 Ltd8.108% 11/15/20300.4%
ARES XLVI CLO Ltd7.603% 01/15/20300.4%
Voya CLO 2013-2 Ltd7.876% 04/25/20310.4%
ABG Intermediate Holdings 2 LLC9.794% 09/29/20250.4%
Palisades Center Trust4.737% 04/13/20330.4%
Panda Power Funds6.750% 12/19/20200.4%
YPF S.A.8.750% 04/04/20240.4%
Indigo Natural Resources LLC6.875% 02/15/20260.4%
Provincia de Cordoba7.125% 06/10/20210.4%
Transocean Proteus Ltd.6.250% 12/01/20240.4%
Pyxus International Inc9.875% 07/15/20210.3%
U.S. Treasury Note/Bond2.125% 03/31/20240.3%
SM Energy Co.1.500% 07/01/20210.3%
SMG US MIDCO9.044% 01/23/20260.3%
SunPower Corp.4.000% 01/15/20230.3%
Frontier Communications Corp.11.000% 09/15/20250.3%
Province of Neuquen7.500% 04/27/20250.2%
Fairstone Financial Issuance Trust I7.257% 03/21/20330.2%
Exeter Automobile Receivables Trust 2018-35.430% 08/15/20240.2%
Banff Merger Sub Inc8.375% 09/01/20260.2%
Newtek Small Business Loan Trust 2017-15.018% 02/15/20430.1%
Tapstone Energy LLC / Tapstone Energy Finance Corp9.750% 06/01/20220.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
Scientific Games International, Inc.10.000% 12/01/20220.1%
Credit Index Swap5.000% 06/20/20240.1%
Commercial Mortgage Backed Index Swap5.000% 11/17/20590.1%
Doncasters US Finance LLC (Doncasters US LLC)10.354% 10/09/20200.1%
FX USD/EUR 11/190.000% 11/21/20190.0%
FX USD/CHF 10/200.000% 10/14/20200.0%
FX USD/CHF 10/200.000% 10/14/20200.0%
FX USD/CHF 10/200.000% 10/14/20200.0%
FX USD/EUR 11/190.000% 11/21/20190.0%
US ULTRA BOND CBT DEC190.000% 12/31/20190.0%
FX USD/CAD 12/190.000% 12/13/20190.0%
FX CHF/USD 10/200.000% 10/14/20200.0%
Commercial Mortgage Backed Index Swap5.000% 11/17/20590.0%
FX CHF/USD 10/200.000% 10/14/20200.0%
FX CHF/USD 10/200.000% 10/14/20200.0%
Commercial Mortgage Backed Index Swap5.000% 11/17/20590.0%
FX USD/GBP 11/190.000% 11/21/20190.0%
Holding Coupon Maturity Assets
Perimeter Master Note Business Trust 8.060% 12/15/2022 2.3%
United States Treasury Bill 0.000% 10/08/2019 2.1%
Laurel Road Prime Student Loan Trust 2019-A 0.000% 10/25/2048 1.9%
Bancorp Commercial Mortgage 2019-CRE6 Trust 10.616% 09/15/2036 1.8%
GS Mortgage Securities Trust 3.250% 06/10/2046 1.5%
Ccs-Cmgc Holdings Inc 7.544% 10/01/2025 1.4%
Octagon Investment Partners 41 Ltd 9.499% 04/15/2031 1.3%
Octagon Investment Partners 40 Ltd 9.086% 04/20/2031 1.3%
MHP Lux SA 6.950% 04/03/2026 1.3%
Chobani LLC / Chobani Finance Corp Inc 7.500% 04/15/2025 1.3%
% of Total Assets 16.2%

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.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/11/2019
$0.483
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2019 $0.05778 $9.84
Daily Daily 09/30/2019 $0.06131 $9.91
Daily Daily 08/31/2019 $0.05825 $9.89
Daily Daily 07/31/2019 $0.05651 $10.11
Daily Daily 06/30/2019 $0.05614 $10.12
Daily Daily 05/31/2019 $0.06217 $10.01
Daily Daily 04/30/2019 $0.06347 $10.14
Daily Daily 03/31/2019 $0.05596 $10.05

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratio

Fund Gross Expense Ratio Fund Net Expense Ratio
2.11% 1.50%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Statutory Prospectus
Publish Date:11/03/2015
SAI
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
Publish Date:11/03/2015
n/a
Repurchase Calendar
Publish Date:11/03/2015

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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.

 

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. 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. 

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased 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.   

 

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.

 

1Dividend 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.

 

2The 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.

 

3The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

4The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

 

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