Credit Opportunities Fund | Lord Abbett

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Credit Opportunities Fund

Daily price w/o sales charge as of 01/21/2022

$10.55

arrowDown$0.03

YTD Returns w/o sales charge as of 01/21/2022

0.05%

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.

12-Month Dividend Yield 1 as of 01/21/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.11% 7.04%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.19% 6.18%

Fund Basicsas of 12/31/2021

Total Net Assets
$844.34 M
Inception Date
02/22/2019
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.57%
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 1.57%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 13.35% 13.35% - - - 11.31%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 5.35% 5.35% - - - -

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

Fund Expense Ratio :

Gross 1.57%

Net 1.50%

Fund Expense Ratio :

Gross 1.57%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 13.35% 13.35% - - - 11.31%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 5.35% 5.35% - - - -

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

Fund Expense Ratio :

Gross 1.57%

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

Widening the Opportunity Set in Credit
August 11, 2021

We believe there are significant opportunities to capture liquidity premiums across credit sectors today.

Interval Funds Explained
January 29, 2021

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
24 Years of Industry Experience

castle

Adam C. Castle, CFA
Managing Director, Portfolio Manager
13 Years of Industry Experience

yuoh

Kewjin Yuoh
Partner & Portfolio Manager
27 Years of Industry Experience

kang

Eric P. Kang
Portfolio Manager
22 Years of Industry Experience

 

INVESTMENT COUNCIL

rocco

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

gizzo

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

Lehmann-Jeremy_headshot

Jeremy Lehmann, CFA
Portfolio Manager
9 Years of Industry Experience

Novak-John_headshot

John M. Novak, CFA
Research Analyst
25 Years of Industry Experience

Trifon-Harris_headshot

Harris Trifon
Managing Director, Portfolio Manager
21 Years of Industry Experience

Skulkina-Mila_headshot

Mila Skulkina, CFA
Portfolio Manager
20 Years of Industry Experience

lombardi

Annika Lombardi
Portfolio Manager 
14 Years of Industry Experience

Solomon-Todd_headshot

Todd Solomon
Portfolio Manager
25 Years of Industry Experience

Lakhani-Mayur_headshot

Mayur Lakhani
Portfolio Manager
21 Years of Industry Experience

Posner-Kearney_headshot

Kearney Posner
Managing Director, Portfolio Manager
23 Years of Industry Experience

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

Performance

Performance

12-Month Dividend Yield 1 as of 01/21/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 7.11% 7.04%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.19% 6.18%

Fund Expense Ratio :

Gross 1.57%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 13.35% 13.35% - - - 11.31%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 5.35% 5.35% - - - -

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

Fund Expense Ratio :

Gross 1.57%

Net 1.50%

Fund Expense Ratio :

Gross 1.57%

Net 1.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 02/21/2019
w/o sales charge 13.35% 13.35% - - - 11.31%
Lipper Category Avg. - - - - - -
ICE BofA U.S. High Yield Constrained Index 5.35% 5.35% - - - -

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

Fund Expense Ratio :

Gross 1.57%

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.

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2021 13.35% 5.35%
2020 12.84% 6.07%
2019 6.19% 14.41%
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 5.75% 4.58% 2.02% 0.47% 13.35%
2020 -17.25% 13.31% 6.99% 12.48% 12.84%
2019 - 2.52% -0.33% 2.81% 6.19%

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
Bank Loans
CMBS
ABS
Non-U.S. High Yield Corporate
CLO
Convertibles
Emerging Market
U.S. Investment Grade Corporate
Equity
MBS
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 12/31/2021

Rating Assets
Agency
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 12/31/2021

Total Net Assets
$844.34 M
Number of Issues
141
Average Coupon
6.44%
Average Life
4.3 Years
Average Maturity
6.22 Years
Average Effective Duration
1.79 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 of11/30/2021

Holding Coupon Maturity Assets
Nabors Industries Inc5.750% 02/01/20252.1%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-BOLT6.790% 08/15/20331.9%
American Airlines Group Inc3.750% 03/01/20251.9%
National CineMedia LLC5.875% 04/15/20281.9%
SCF Preferred Equity LLC7.500% 10/16/21701.9%
Perimeter Master Note Business Trust8.130% 05/15/20271.9%
VUE INTERNATIONAL BIDCO PLC4.750% 07/03/20261.8%
Carnival Corp7.625% 03/01/20261.7%
Berry Petroleum Co LLC7.000% 02/15/20261.6%
Global Aircraft Leasing Co Ltd6.500% 09/15/20241.6%
NEXUS BUYER LLC6.750% 10/29/20291.6%
BEP Ulterra Holdings Inc5.340% 11/26/20251.6%
SILK BIDCO AS4.000% 02/24/20251.5%
Full House Resorts Inc8.250% 02/15/20281.5%
Gulfport Energy Operating Corp8.000% 05/17/20261.5%
Advisor Group Holdings Inc10.750% 08/01/20271.5%
Fly Leasing Ltd7.000% 10/15/20241.5%
BCPE Ulysses Intermediate Inc7.750% 04/01/20271.5%
Callon Petroleum Co6.375% 07/01/20261.5%
VistaJet Malta Finance PLC / XO Management Holding Inc10.500% 06/01/20241.5%
Granite US Holdings Corp11.000% 10/01/20271.4%
Welltec International ApS8.250% 10/15/20261.4%
GS Mortgage Securities Corp Trust 2021-ROSS MZ9.590% 06/15/20261.4%
SM Energy Co5.625% 06/01/20251.3%
Carlyle US CLO 2021-10 LTD6.664% 10/20/20341.2%
Oasis Petroleum Inc6.375% 06/01/20261.2%
GS Mortgage Securities Trust 2013-GCJ123.250% 06/10/20461.2%
Miller's Ale House Inc4.841% 05/30/20251.2%
Kobe US Midco 2 Inc9.250% 11/01/20261.2%
Alpha Metallurgical Resources Inc10.000% 06/14/20241.1%
Tianqi Finco Co Ltd3.750% 11/28/20221.1%
Laredo Petroleum Inc10.125% 01/15/20281.1%
USIC Holdings Inc7.250% 05/07/20291.1%
Party City Holdings Inc6.625% 08/01/20261.1%
Peabody Energy Corp6.375% 03/31/20251.1%
Promontoria Holding 264 BV6.750% 08/15/20231.1%
GS Mortgage Securities Corp Trust 2021-RENT5.791% 11/21/20351.0%
SCF Equipment Leasing 2021-1 LLC3.560% 08/20/20321.0%
Flagship Credit Auto Trust 2020-40.000% 07/17/20281.0%
JetBlue Airways Corp0.500% 04/01/20261.0%
Dryden 45 Senior Loan Fund5.974% 10/15/20300.9%
AMMC CLO 23 Ltd6.541% 10/17/20310.9%
Greenbrier Cos Inc/The2.875% 04/15/20280.9%
Airbnb Inc0.000% 03/15/20260.9%
Canopy Growth Corp4.250% 07/15/20230.9%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS9.500% 07/10/20360.9%
Spectacle Gary Holdings LLC11.000% 12/23/20250.9%
Peabody Energy Corp2.842% 03/31/20250.9%
KUEHG Corp9.250% 08/22/20250.9%
Kosmos Energy Ltd7.500% 03/01/20280.9%
ECL ENTERTAINMENT LLC8.250% 03/31/20280.9%
Precision Drilling Corp7.125% 01/15/20260.8%
Scorpio Tankers Inc3.000% 05/15/20250.8%
AMMC CLO 24 Ltd6.743% 01/20/20350.8%
Callon Petroleum Co8.000% 08/01/20280.8%
Continental Finance Credit Card ABS Master Trust5.750% 12/15/20280.8%
Energy Acquisition Co Inc10.750% 06/26/20250.8%
JP Morgan Chase Commercial Mortgage Securities Trust 2021-14404.940% 03/15/20360.8%
Centennial Resource Production LLC3.250% 04/01/20280.7%
SM Energy Co6.500% 07/15/20280.7%
Centennial Resource Production LLC6.875% 04/01/20270.7%
AMC Entertainment Holdings Inc12.000% 06/15/20260.7%
Ahern Rentals Inc7.375% 05/15/20230.7%
Party City Holdings Inc8.750% 02/15/20260.7%
Fairstone Financial Issuance Trust I6.873% 10/20/20390.7%
STL Holding Co LLC7.500% 02/15/20260.7%
Promontoria Holding 264 BV6.750% 08/15/20230.7%
Precision Drilling Corp6.875% 01/15/20290.7%
TCI-Symphony CLO 2017-1 Ltd6.574% 07/15/20300.7%
Tricolor Auto Securitization Trust 2021-15.080% 05/15/20280.6%
Enphase Energy Inc0.000% 03/01/20260.6%
Palmer Square CLO 2014-1 Ltd5.822% 01/17/20310.6%
Pagaya AI Debt Selection Trust 2021-10.000% 11/15/20270.6%
Uber Technologies Inc0.000% 12/15/20250.6%
Carvana Auto Receivables Trust 2021-N10.000% 01/10/20280.6%
DIRECT CHASSISLINK INC6.874% 04/10/20260.6%
Galaxy XXVI CLO Ltd6.010% 11/22/20310.5%
COMM 2015-DC1 Mortgage Trust4.451% 02/10/20480.5%
Citigroup Commercial Mortgage Trust 2016-P32.804% 04/15/20490.5%
Citgo Holding Inc8.000% 08/01/20230.5%
Kosmos Energy Ltd7.750% 05/01/20270.5%
Genesis Sales Finance Master Trust5.590% 12/21/20260.5%
Avant Loans Funding Trust 2021-REV16.410% 07/15/20300.5%
CANOPY GROWTH CORPORATION9.500% 03/18/20260.5%
Encina Equipment Finance 2021-1 LLC4.360% 03/15/20290.5%
BX Trust 2018-GW MZ5.577% 05/15/20370.5%
Lending Funding Trust 2020-26.770% 04/21/20310.5%
Lendmark Funding Trust 2021-15.050% 11/20/20310.5%
Buena Vista Gaming Authority13.000% 04/01/20230.4%
Laredo Petroleum Inc7.750% 07/31/20290.4%
Galaxy XVIII CLO Ltd6.124% 07/15/20310.4%
Signal Peak CLO 5 Ltd5.774% 04/25/20310.4%
Regatta XIV Funding Ltd6.074% 10/25/20310.4%
Welltec International ApS8.250% 10/15/20260.4%
Palisades Center Trust 2016-PLSD2.713% 04/13/20330.4%
Dryden 65 CLO Ltd5.872% 07/18/20300.4%
Centennial Resource Production LLC5.375% 01/15/20260.4%
Octagon Investment Partners 37 Ltd5.524% 07/25/20300.3%
Burnham Park Clo Ltd5.532% 10/20/20290.2%
Upstart Holdings Inc0.250% 08/15/20260.2%
CHINOS INTERMEDIATE 2 LLC0.000% -0.2%
Pagaya AI Debt Selection Trust 2020-10.000% 07/15/20270.2%
Sunac China Holdings Ltd5.950% 04/26/20240.2%
Laredo Petroleum Inc9.500% 01/15/20250.2%
Country Garden Holdings Co Ltd4.800% 08/06/20300.2%
Shimao Group Holdings Ltd5.200% 01/16/20270.2%
FX USD/EUR 12/210.000% 12/10/20210.2%
CF Trust 2019-BOSS13.000% 12/15/20210.1%
United PF Holdings LLC8.632% 12/30/20270.1%
OCP CLO 2014-6 Ltd6.642% 10/17/20300.1%
Bancorp Commercial Mortgage 2019-CRE6 Trust8.512% 09/15/20360.1%
Bain Capital Credit CLO 2018-15.474% 04/23/20310.1%
Laurel Road Prime Student Loan Trust 2019-A0.000% 10/25/20480.1%
CCS-CMGC Holdings Inc5.590% 10/01/20250.1%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC9.112% 09/15/20290.1%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.1%
Spectacle Gary Holdings LLC0.110% 12/23/20250.1%
Ares XXXVII CLO Ltd6.274% 10/15/20300.1%
ACBL HLDG CORP0.000% -0.1%
ACBL HLDG CORP0.000% -0.1%
FX USD/CAD 01/220.000% 01/20/20220.0%
Cedar Funding IX CLO Ltd5.482% 04/20/20310.0%
ARES XLVI CLO Ltd5.424% 01/15/20300.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
ACBL HLDG CORP0.000% -0.0%
Palisades Center Trust 2016-PLSD4.737% 04/13/20330.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
Newtek Small Business Loan Trust 2017-13.092% 02/25/20430.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY3.931% 06/10/20270.0%
FX USD/CAD 01/220.000% 01/20/20220.0%
FX USD/CAD 01/220.000% 01/20/20220.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
FX USD/CAD 01/220.000% 01/20/20220.0%
Commercial Mortgage Backed Index Swap2.000% 05/11/20630.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
Natixis Commercial Mortgage Securities Trust 2019-17760.119% 10/15/20360.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
Credit Default Swap0.000% 12/20/20260.0%
Credit Default Swap1.000% 12/20/20260.0%
JP Morgan Chase Commercial Mortgage Securities Corp Series 2019-PCC0.000% 09/15/20290.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
FX USD/EUR 12/210.000% 12/10/20210.0%
FX EUR/USD 12/210.000% 12/10/20210.0%
Credit Index Swap5.000% 12/20/20260.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
FX EUR/USD 12/210.000% 12/10/20210.0%
Holding Coupon Maturity Assets
Nabors Industries Inc 5.750% 02/01/2025 2.3%
AMC Entertainment Holdings Inc 12.000% 06/15/2026 2.0%
American Airlines Group Inc 3.750% 03/01/2025 2.0%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-BOLT 6.810% 08/15/2033 1.8%
National CineMedia LLC 5.875% 04/15/2028 1.8%
SCF Preferred Equity LLC 7.500% 10/16/2170 1.8%
Perimeter Master Note Business Trust 8.130% 05/15/2027 1.8%
VUE INTERNATIONAL BIDCO PLC 4.750% 07/03/2026 1.8%
Berry Petroleum Co LLC 7.000% 02/15/2026 1.7%
VistaJet Malta Finance PLC / XO Management Holding Inc 10.500% 06/01/2024 1.7%
% of Total Assets 18.7%

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 01/21/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.06010 $10.58
Daily Daily 11/30/2021 $0.06418 $10.87
Daily Daily 10/31/2021 $0.06226 $11.05
Daily Daily 09/30/2021 $0.06567 $11.07
Daily Daily 08/31/2021 $0.07091 $10.89
Daily Daily 07/31/2021 $0.07134 $10.91
Daily Daily 06/30/2021 $0.06363 $11.10
Daily Daily 05/31/2021 $0.07380 $10.98
Daily Daily 04/30/2021 $0.05435 $10.90
Daily Daily 03/31/2021 $0.05640 $10.80
Daily Daily 02/28/2021 $0.05426 $10.85
Daily Daily 01/31/2021 $0.05355 $10.59

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
Daily Daily 05/31/2022
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.0449 $0.3069 $0.3518 $10.54
07/28/2021 07/29/2021 - $0.0418 $0.0418 $10.92
*

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. 

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
07/27/2022 07/28/2022

Fees & Expenses

Fees & Expenses

Expense Ratio

Fund Gross Expense Ratio Fund Net Expense Ratio
1.57% 1.50%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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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
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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.

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

12-Month Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to its value with maximum sales charges and without sales charges. The fund’s dividend yield is calculated by dividing the fund’s income distributions over the previous year by the fund’s current 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). The 30-day Standardized Yield does not reflect the deduction of the maximum front-end sales charge of 2.50%applicable to Class A Shares. Sales charges are not applicable to Class I and Class U Shares. Yields for other share classes will vary.

 

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

 

4The Fund’s unsubsidized yields reflect what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

 

Select funds to run a Morningstar Hypothetical Report.

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