Credit Opportunities Fund | Lord Abbett

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Credit Opportunities Fund

fund alert

October 23 is the quarterly deadline to redeem Credit Opportunities Fund.

Daily price w/o sales charge as of 09/16/2024

$8.99

arrowUp$0.01

YTD Returns w/o sales charge as of 09/16/2024

8.82%

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.

Yield

Average Yield to Maturity as of 08/30/2024

9.32%

30-Day Standardized Yield 1 as of 08/31/2024  

8.00%

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

Fund Basicsas of 08/30/2024

Total Net Assets
$2.31 B
Inception Date
02/22/2019
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.68%
Fund Net Expense Ratio
1.68%
Adjusted Expense Ratio
1.42%
Number of Holdings
159

+Minimum Exceptions, View Full Disclosure

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.

Adjusted Expense Ratio – Excludes certain investment expenses, such as the interest expense from borrowing in certain underlying funds.

Fund Expense Ratio :

1.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 8.18% 11.69% 4.14% 7.83% - 7.53%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 6.34% 12.55% 2.60% 4.29% - -

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

Fund Expense Ratio :

1.68%

Fund Expense Ratio :

1.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 6.40% 12.54% 3.48% 7.22% - 7.44%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 2.65% 10.53% 1.70% 3.75% - -

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

Fund Expense Ratio :

1.68%

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

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
23 Years of Industry Experience

Castle-Adam_headshot

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

Yuoh-Kewjin_headshot

Kewjin Yuoh
Partner & Portfolio Manager
30 Years of Industry Experience

Kang-Eric_headshot

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

 

INVESTMENT COUNCIL

Gizzo-Christopher_headshot

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

Lehmann-Jeremy_headshot

Jeremy Lehmann, CFA
Portfolio Manager
12 Years of Industry Experience

Novak-John_headshot

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

Trifon-Harris_headshot

Harris Trifon
Partner, Portfolio Manager
24 Years of Industry Experience

Skulkina-Mila_headshot

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

Solomon-Todd_headshot

Todd Solomon
Portfolio Manager
28 Years of Industry Experience

Posner-Kearney_headshot

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

Gunnerson-Karen_headshot

Karen Gunnerson
Portfolio Manager
14 Years of Industry Experience

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

Performance

Performance

Average Yield to Maturity as of 08/30/2024

9.32%

30-Day Standardized Yield 1 as of 08/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.00% 8.00%

Fund Expense Ratio :

Gross 1.68%

Net 1.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 8.18% 11.69% 4.14% 7.83% - 7.53%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 6.34% 12.55% 2.60% 4.29% - -
w/ sales charge 8.18% 11.69% 4.14% 7.83% - 7.53%

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

Fund Expense Ratio :

Gross 1.68%

Net 1.68%

Fund Expense Ratio :

Gross 1.68%

Net 1.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 6.40% 12.54% 3.48% 7.22% - 7.44%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 2.65% 10.53% 1.70% 3.75% - -

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

Fund Expense Ratio :

Gross 1.68%

Net 1.68%

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.

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2023 11.15% 13.55%
2022 -8.58% -11.16%
2021 13.35% 5.35%
2020 12.84% 6.07%
Year Q1 Q2 Q3 Q4
2024 3.76% 2.55% - -
2023 3.23% 1.80% 2.40% 3.29%
2022 -1.08% -8.91% -0.05% 1.51%
2021 5.75% 4.58% 2.02% 0.47%
2020 -17.25% 13.31% 6.99% 12.48%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
ABS
CLO
Non-U.S. High Yield Corporate
U.S. Investment Grade Corporate
Emerging Market
Private Credit
Bank Loans
Convertibles
CMBS
Equity
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 08/30/2024

Rating Assets
A
BBB
BB
B
CCC
<CCC
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 08/30/2024

Total Net Assets
$2.31 B
Average Effective Duration
2.26 Years
Average Life
3.98 Years
Average Maturity
6.25 Years
Number of Issues
159
Average Yield to Maturity
9.32%

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

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

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 of07/31/2024

Holding Coupon Maturity Assets
Shelf Drilling Holdings Ltd9.625% 04/15/20292.6%
Transocean Inc7.500% 04/15/20312.6%
Encino Acquisition Partners Holdings LLC8.750% 05/01/20312.5%
Comstock Resources Inc5.875% 01/15/20302.5%
Global Aircraft Leasing Co Ltd6.500% 09/15/20242.5%
Saturn Oil & Gas Inc9.625% 06/15/20292.4%
TGNR Intermediate Holdings LLC5.500% 10/15/20292.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.875% 05/15/20342.0%
JABIL INC0.000% 08/01/20241.9%
SCF Equipment Leasing 2022-2 LLC6.500% 06/20/20351.8%
Kraken Oil & Gas Partners LLC7.625% 08/15/20291.8%
AMC Networks Inc4.250% 02/15/20291.8%
VistaJet Malta Finance PLC / Vista Management Holding Inc6.375% 02/01/20301.8%
ACProducts Holdings Inc6.375% 05/15/20291.7%
BCP V Modular Services Finance PLC6.750% 11/30/20291.7%
EquipmentShare.com Inc9.000% 05/15/20281.7%
Allied Universal Holdco LLC / Allied Universal Finance Corp6.000% 06/01/20291.7%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20281.7%
APA CORP GTD DISC COML PAPER0.000% 08/01/20241.7%
Santander Bank Auto Credit-Linked Notes Series 2022-C14.592% 12/15/20321.6%
VStrong Auto Receivables Trust 2024-A10.120% 07/15/20311.6%
Whirlpool Corp0.000% 08/16/20241.6%
Park River Holdings Inc5.625% 02/01/20291.6%
BCPE Ulysses Intermediate Inc7.750% 04/01/20271.6%
Crescent Energy Finance LLC7.625% 04/01/20321.6%
Spirit AeroSystems Inc4.600% 06/15/20281.5%
SM Energy Co7.000% 08/01/20321.5%
Nabors Industries Ltd7.500% 01/15/20281.4%
Viasat Inc7.500% 05/30/20311.4%
Cornerstone Building Brands Inc9.829% 05/02/20311.3%
CAL Receivables 2022-1 LLC9.687% 10/15/20261.3%
Nine Energy Service Inc13.000% 02/01/20281.2%
Exeter Automobile Receivables Trust 2023-29.750% 11/15/20301.1%
WALGREENS BOOTS0.000% 08/06/20241.1%
PETROLEOS MEXICANOS0.000% 11/30/20261.1%
Berry Petroleum Co LLC7.000% 02/15/20261.0%
Perimeter Master Note Business Trust8.130% 05/15/20271.0%
Flagship Credit Auto Trust 2023-210.890% 07/15/20300.9%
Armor Holdco Inc8.500% 11/15/20290.9%
LORD ABBETT PVT CR FUND 1 LP0.000% 04/01/20990.9%
Santander Bank Auto Credit-Linked Notes Series 2022-A12.662% 05/15/20320.9%
W&T Offshore Inc11.750% 02/01/20260.9%
OCP CLO 2023-26 Ltd0.000% 04/17/20360.8%
Exeter Automobile Receivables Trust 2020-20.000% 09/15/20320.8%
Park River Holdings Inc6.750% 08/01/20290.8%
LBM Acquisition LLC6.250% 01/15/20290.8%
Elmwood CLO 20 Ltd0.000% 01/17/20370.8%
Kosmos Energy Ltd7.500% 03/01/20280.8%
Vital Energy Inc7.875% 04/15/20320.7%
Exeter Automobile Receivables Trust 2024-27.980% 10/15/20310.7%
Osaic Holdings Inc10.750% 08/01/20270.7%
Ally Auto Receivables Trust 2024-10.000% 02/16/20320.7%
Rad CLO 22 Ltd0.000% 01/20/20370.7%
FMC Corp0.000% 08/20/20240.7%
KKR CLO 56 Ltd0.000% 10/15/20370.7%
SCF Preferred Equity LLC7.500% 10/16/21720.6%
New Mountain CLO 5 Ltd0.000% 04/20/20360.6%
AGL CLO 30 Ltd12.032% 04/21/20370.6%
Cedar Funding XVIII CLO Ltd9.183% 04/23/20370.6%
Generate CLO 14 Ltd9.282% 04/22/20370.6%
Madison Park Funding XLVII Ltd9.179% 04/19/20370.6%
Madison IAQ LLC5.875% 06/30/20290.6%
GLS Auto Receivables Issuer Trust 2023-49.720% 08/15/20300.5%
Rad CLO 20 Ltd13.362% 07/20/20360.5%
Exeter Automobile Receivables Trust 2021-20.000% 02/15/20330.5%
Nabors Industries Inc1.750% 06/15/20290.5%
720 East CLO 2023-II Ltd13.871% 10/15/20360.5%
GLS Auto Receivables Issuer Trust 2023-39.270% 08/15/20300.5%
Dryden 115 CLO Ltd12.379% 04/18/20370.5%
Sycamore Tree CLO 2023-3 Ltd9.532% 04/20/20370.5%
Exeter Automobile Receivables Trust 2024-37.840% 10/15/20310.4%
Empower CLO 2024-2 Ltd11.351% 07/15/20370.4%
Ballyrock CLO 24 Ltd0.000% 07/15/20360.4%
FMC Corp0.000% 08/21/20240.4%
AMMC CLO 30 Ltd13.031% 01/15/20370.4%
Oceaneering International Inc6.000% 02/01/20280.4%
720 East CLO V Ltd8.782% 07/20/20370.4%
GLS Auto Receivables Issuer Trust 2024-27.980% 05/15/20310.4%
Flex Ltd0.000% 08/06/20240.4%
CARLYLE US CLO 2021-5 LTD11.794% 07/20/20340.4%
Exeter Automobile Receivables Trust 2021-10.000% 07/15/20330.4%
Allied Universal Holdco LLC9.194% 05/12/20280.4%
Fairstone Financial Issuance Trust I6.873% 10/20/20390.4%
Generate Clo 13 Ltd13.322% 01/20/20370.3%
Generate Clo 16 Ltd11.432% 07/20/20370.3%
Generate Clo 13 Ltd10.282% 01/20/20370.3%
CIFC Funding 2024-I Ltd8.979% 04/18/20370.3%
AG TTMT Escrow Issuer LLC8.625% 09/30/20270.3%
Rad CLO 20 Ltd10.282% 07/20/20360.3%
Ballyrock CLO 26 Ltd0.000% 07/25/20370.3%
Ballyrock CLO 20 Ltd12.551% 07/15/20340.3%
Stratus Static CLO 2022-3 Ltd8.882% 10/20/20310.3%
Continental Finance Credit Card ABS Master Trust5.750% 12/15/20280.3%
SBNA Auto Receivables Trust 2024-A8.000% 04/15/20320.3%
Osaic Holdings Inc9.344% 08/17/20280.3%
CIFC Funding 2023-II Ltd13.252% 01/21/20370.3%
Ballyrock CLO 23 Ltd10.485% 04/25/20360.2%
GRANT THORNTON ADVISORS LLC8.597% 06/02/20310.2%
RAD CLO 23 Ltd12.032% 04/20/20370.2%
Whirlpool Corp0.000% 08/09/20240.2%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-BOLT12.143% 08/15/20330.2%
OHA Credit Funding 14 Ltd13.032% 04/20/20360.2%
APIDOS CLO XLVIII Ltd11.086% 07/25/20370.2%
Exeter Automobile Receivables Trust 2021-40.000% 12/15/20330.2%
Neuberger Berman Loan Advisers Clo 56 Ltd11.033% 07/24/20370.2%
Perimeter Master Note Business Trust5.190% 05/15/20270.2%
OCP CLO 2023-26 Ltd13.536% 04/17/20360.2%
Generate CLO 15 Ltd9.032% 07/20/20370.2%
CSC Holdings LLC4.625% 12/01/20300.2%
Avant Loans Funding Trust 2021-REV16.410% 07/15/20300.2%
Genesis Sales Finance Master Trust5.590% 12/21/20260.2%
Sunac China Holdings Ltd0.000% 09/30/20280.2%
HINNT 2024-A LLC7.000% 03/15/20430.2%
PenFed Auto Receivables Owner Trust 2022-A0.000% 06/17/20300.1%
Bain Capital Credit CLO 2024-4 Ltd11.241% 10/23/20370.1%
Affirm Asset Securitization Trust 2024-X10.000% 05/15/20290.1%
Sierra Timeshare 2024-2 Receivables Funding LLC7.480% 06/20/20410.1%
Flagship Credit Auto Trust 2020-40.000% 07/17/20280.1%
Crescent Energy Finance LLC7.375% 01/15/20330.1%
Santander Bank Auto Credit-Linked Notes Series 2022-C11.366% 12/15/20320.1%
Amentum Escrow Corp7.250% 08/01/20320.1%
Shimao Group Holdings Ltd5.200% 01/16/20270.1%
Nabors Industries Inc8.875% 08/15/20310.1%
Carvana Auto Receivables Trust 2021-N10.000% 01/10/20280.1%
ACBL HLDG CORP0.000% -0.0%
Cornerstone Building Brands Inc6.125% 01/15/20290.0%
CIFI Holdings Group Co Ltd6.000% 07/16/20250.0%
United PF Holdings LLC14.014% 12/30/20270.0%
Logan Group Co Ltd5.250% 02/23/20230.0%
Laurel Road Prime Student Loan Trust 2019-A0.000% 10/25/20480.0%
Shimao Group Holdings Ltd3.450% 01/11/20310.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Logan Group Co Ltd4.500% 01/13/20280.0%
Sunac China Holdings Ltd6.750% 09/30/20280.0%
Nine Energy Service Inc0.000% -0.0%
Sunac China Holdings Ltd7.000% 09/30/20290.0%
CIFI Holdings Group Co Ltd4.375% 04/12/20270.0%
Credit Default Swap5.000% 12/20/20240.0%
Kaisa Group Holdings Ltd10.500% 01/15/20250.0%
CIFI Holdings Group Co Ltd5.250% 05/13/20260.0%
Sunac China Holdings Ltd1.000% 09/30/20320.0%
Pagaya AI Debt Selection Trust 2020-10.000% 07/15/20270.0%
Sunac China Holdings Ltd6.500% 09/30/20270.0%
Credit Default Swap1.000% 06/20/20290.0%
ACBL HLDG CORP0.000% -0.0%
Sunac China Holdings Ltd7.250% 09/30/20300.0%
Sunac China Holdings Ltd6.000% 09/30/20260.0%
Sunac China Holdings Ltd6.250% 09/30/20270.0%
Credit Index Swap5.000% 06/20/20290.0%
Kaisa Group Holdings Ltd11.950% 11/12/20230.0%
FX USD/CAD 08/240.000% 08/09/20240.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
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/EUR 08/240.000% 08/20/20240.0%
Pagaya AI Debt Selection Trust 2021-10.000% 11/15/20270.0%
FX EUR/USD 08/240.000% 08/20/20240.0%
Credit Default Swap0.250% 12/20/20260.0%
FX EUR/USD 08/240.000% 08/20/20240.0%
Credit Default Swap0.250% 12/20/20270.0%
Credit Default Swap5.000% 12/20/20280.0%
Credit Default Swap5.000% 06/20/20280.0%
Holding Coupon Maturity Assets
Allied Universal Holdco LLC / Allied Universal Finance Corp 6.000% 06/01/2029 2.6%
Transocean Inc 7.500% 04/15/2031 2.6%
Shelf Drilling Holdings Ltd 9.625% 04/15/2029 2.6%
Comstock Resources Inc 5.875% 01/15/2030 2.5%
EquipmentShare.com Inc 9.000% 05/15/2028 2.5%
Encino Acquisition Partners Holdings LLC 8.750% 05/01/2031 2.5%
Moss Creek Resources Holdings Inc 8.250% 09/01/2031 2.4%
Saturn Oil & Gas Inc 9.625% 06/15/2029 2.3%
AMC Networks Inc 4.250% 02/15/2029 2.2%
TGNR Intermediate Holdings LLC 5.500% 10/15/2029 2.2%
% of Total Assets 24.4%

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 09/16/2024
$0.61533
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2024 $0.06471 $8.97
Daily Daily 07/31/2024 $0.08540 $9.00
Daily Daily 06/30/2024 $0.06697 $8.97
Daily Daily 05/31/2024 $0.06370 $8.91
Daily Daily 04/30/2024 $0.09429 $8.84
Daily Daily 03/31/2024 $0.07578 $8.97
Daily Daily 02/29/2024 $0.07812 $8.92
Daily Daily 01/31/2024 $0.08637 $8.91

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

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 $8.81
07/27/2022 07/28/2022 $0.0302 - $0.0302 $9.16
*

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

Expense Ratio

Fund Gross Expense Ratio 1.68%
Fund Net Expense Ratio 1.68%
Adjusted Expense Ratio 1.42%

Expense ratio details, Click here.

Adjusted Expense Ratio – Excludes certain investment expenses, such as the interest expense from borrowing in certain underlying funds.

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 Financial Statements and Other Information *
Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Repurchase Calendar
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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.

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.

Select funds to run a Morningstar Hypothetical Report.

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