Floating Rate High Income Fund | Lord Abbett

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Floating Rate High Income Fund

fund alert

October 23 is the quarterly deadline to redeem Floating Rate High Income Fund.

Daily price w/o sales charge as of 07/26/2024

$10.23

arrowDown$0.01

YTD Returns w/o sales charge as of 07/26/2024

6.69%

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 Floating Rate High Income Fund?

The Fund seeks a high level of current income.

A LEADER IN CREDIT

Managed by an investment team with proven capabilities across leveraged credit and structured product sectors.

AN EXPANDED OPPORTUNITY SET

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

ENHANCED CARRY

Ability to earn greater income through a combination of select high conviction investment ideas and thoughtful incorporation of leverage.

Average Yield to Maturity as of 06/28/2024

9.91%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 11.38% 8.84%

Fund Basicsas of 06/28/2024

Total Net Assets
$12.22 M
Total Managed Assets
$15.97 M
Inception Date
01/26/2023
Dividend Frequency
Monthly
Fund Gross Expense Ratio
5.23%
Fund Net Expense Ratio
0.25%

+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.

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge 6.11% 14.10% - - - 12.68%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - 11.05%

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

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge 6.11% 14.10% - - - 12.68%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - 11.05%

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

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

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.

 

LEAD PORTFOLIO MANAGERS

Rocco-Steve_headshot

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

Kang-Eric_headshot

Eric Kang
Partner, Portfolio Manager
25 Years of Industry Experience

Gizzo-Christopher_headshot

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

Posner-Kearney_headshot

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

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

Portfolio

Portfolio

Type Assets
Bank Loans
CLO
High Yield Bonds
ABS
Other
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
1-3 years
3-5 years
5-7 years
7-10 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 06/28/2024

Rating Assets
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 06/28/2024

Total Net Assets
$12.22 M
Average Effective Duration
0.27 Years
Average Life
3.46 Years
Average Maturity
5.22 Years
Number of Issues
192
Average Yield to Maturity
9.91%

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 of05/31/2024

Holding Coupon Maturity Assets
Magnetite XXII Ltd11.940% 04/15/20311.6%
888 ACQUISITIONS LIMITED10.575% 07/01/20281.2%
MARKET BIDCO LIMITED8.578% 11/04/20271.1%
FEDERAL HOME LOAN BANK DISCOUN0.000% 06/03/20241.1%
Renaissance Holdings Corp9.597% 04/05/20301.1%
ADMI Corp11.079% 12/23/20271.1%
Arcline FM Holdings LLC10.321% 06/23/20281.0%
Rocket Software Inc10.079% 11/28/20281.0%
Dryden 115 CLO Ltd12.427% 04/18/20371.0%
Star Parent Inc9.309% 09/27/20301.0%
Hunter US Bidco Inc9.659% 08/19/20281.0%
Modena Buyer LLC0.000% 04/18/20310.9%
Fitness International LLC10.579% 02/05/20290.9%
Plaskolite PPC Intermediate II LLC9.442% 12/15/20250.9%
Southern Veterinary Partners LLC9.079% 10/05/20270.9%
APIDOS CLO XLVIII Ltd11.080% 07/25/20370.9%
SUMMIT BEHAVIRAL HEALTHCRE LLC9.597% 11/24/20280.9%
Amynta Agency Borrower Inc9.552% 02/28/20280.9%
Frontier Communications Holdings LLC9.180% 10/08/20270.9%
EPIC Y-Grade Services LP11.052% 06/29/20290.9%
Cloud Software Group Inc9.909% 03/30/20290.9%
Edelman Financial Engines Center LLC/The12.194% 07/20/20260.9%
Asurion LLC10.694% 01/20/20290.9%
Heartland Dental LLC10.321% 04/28/20280.9%
DONCASTERS FINANCE US LLC11.826% 04/23/20300.9%
Peraton Corp13.177% 02/01/20290.9%
NGL Energy Operating LLC9.829% 02/02/20310.9%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.9%
eResearchTechnology Inc9.930% 02/04/20270.8%
Minotaur Acquisition Inc10.179% 03/27/20260.8%
TORONTO DOMINION BANK THE0.010% 06/03/20240.8%
ACProducts Holdings Inc9.814% 05/17/20280.8%
SupplyOne Inc9.579% 04/21/20310.8%
Allied Universal Holdco LLC9.179% 05/12/20280.8%
United PF Holdings LLC9.591% 12/30/20260.8%
US Silica Co9.329% 03/25/20300.8%
ION Trading Finance Ltd8.152% 04/01/20280.8%
PARTS EUROPE SA7.647% 02/03/20310.8%
Dye & Durham Corp9.556% 04/11/20310.8%
AI Aqua Merger Sub Inc9.320% 07/31/20280.8%
Brock Holdings III LLC11.328% 05/02/20300.7%
USIC Holdings Inc12.064% 05/14/20290.7%
WaterBridge NDB Operating LLC9.826% 05/10/20290.7%
Titan Acquisition Ltd/Canada10.326% 02/01/20290.7%
Nexus Buyer LLC11.679% 11/05/20290.7%
Triton Water Holdings Inc9.302% 03/31/20280.7%
PetSmart LLC9.179% 02/11/20280.7%
Tenneco Inc10.402% 11/17/20280.7%
Ensono Inc9.444% 05/26/20280.7%
SUMMER BC HOLDCO B SARL10.569% 02/05/20290.7%
Kobe US Midco 2 Inc9.250% 11/01/20260.7%
Vision Solutions Inc12.841% 04/23/20290.7%
Mitchell International Inc11.944% 10/15/20290.7%
DCG Acquisition Corp9.929% 09/30/20260.7%
Rand Parent LLC8.500% 02/15/20300.7%
Xerox Corp9.329% 11/17/20290.7%
Nova Alexandre III SAS9.114% 07/15/20290.7%
EPIC Crude Services LP10.609% 03/02/20260.7%
BOLUDA TOWAGE S.L.7.514% 01/31/20300.7%
Red Planet Borrower LLC8.929% 10/02/20280.7%
Kestra Advisor Services Holdings A Inc9.329% 03/22/20310.7%
Boxer Parent Co Inc9.579% 12/29/20280.7%
Curia Global Inc9.179% 08/30/20260.6%
Spring Education Group Inc9.809% 10/04/20300.6%
Newfold Digital Holdings Group Inc8.935% 02/10/20280.6%
Fertitta Entertainment LLC/NV9.071% 01/27/20290.6%
Delta Topco Inc10.563% 11/30/20290.6%
DTI Holdco Inc10.079% 04/26/20290.6%
CERAMTEC ACQUICO GMBH7.294% 03/16/20290.6%
EDELMAN FINANCIAL CENTER LLC0.000% 10/20/20280.6%
FOGO DE CHAO INC10.079% 09/30/20300.6%
DRW Holdings LLC9.192% 03/01/20280.6%
National Mentor Holdings Inc9.159% 03/02/20280.6%
Dermatology Intermediate Holdings III Inc10.830% 03/30/20290.6%
LSF12 BADGER BIDCO LLC11.329% 08/30/20300.6%
Scientific Games Holdings LP8.556% 04/04/20290.6%
Staples Inc0.000% 08/23/20290.6%
BELLIS ACQUISITION COMPANY PLC0.000% 05/14/20310.6%
Neuberger Berman Loan Advisers Clo 56 Ltd11.093% 07/24/20370.6%
Empower CLO 2024-2 Ltd11.393% 07/15/20370.6%
Generate Clo 16 Ltd11.493% 07/20/20370.6%
CD+R HYDRA BUYER INC9.420% 03/25/20310.6%
CHRYSAOR BIDCO SARL0.000% 05/14/20310.6%
Spin Holdco Inc9.585% 03/04/20280.6%
HRNI Holdings LLC9.702% 12/11/20280.6%
Service Logic Acquisition Inc9.444% 10/29/20270.6%
LifePoint Health Inc9.329% 05/09/20310.6%
JFL-Tiger Acquisition Co Inc9.829% 10/17/20300.6%
CAL Receivables 2022-1 LLC9.674% 10/15/20260.6%
Ahead DB Holdings LLC9.559% 02/01/20310.6%
LifePoint Health Inc10.000% 06/01/20320.6%
FORTRESS INTERMEDIATE 3 INC0.000% 05/09/20310.6%
Pretium PKG Holdings Inc1.403% 10/02/20280.5%
SWF Holdings I Corp9.444% 10/06/20280.5%
HAMILTON PROJECTS ACQUIROR LLC0.000% 05/22/20310.5%
Osaic Holdings Inc9.329% 08/17/20280.5%
BCP V MODULAR SERV HOLD IV LTD8.327% 12/15/20280.5%
Legence Holdings LLC8.929% 12/16/20270.5%
Peloton Interactive Inc0.000% 05/23/20290.5%
Garda World Security Corp9.583% 02/01/20290.5%
LBM Acquisition LLC9.179% 12/17/20270.5%
SPX FLOW Inc9.929% 04/05/20290.5%
Touchdown Acquirer Inc9.326% 02/21/20310.5%
Icebox Holdco III Inc12.321% 12/21/20290.5%
ONE HOTELS GMBH8.408% 04/02/20310.5%
PG Investment Co 59 Sarl8.813% 03/26/20310.5%
Ontario Gaming GTA LP9.559% 08/01/20300.5%
CORNERSTONE BUILDING BRNDS INC9.817% 05/02/20310.5%
Titan US Finco LLC9.571% 10/18/20280.5%
Berlin Packaging LLC0.000% 05/09/20310.5%
Constant Contact Inc9.561% 02/10/20280.5%
Cotiviti Inc7.625% 05/01/20310.5%
IFCO MANAGEMENT GMBH7.879% 11/29/20290.5%
ECL Entertainment LLC9.329% 08/31/20300.5%
Sedgwick Claims Management Services Inc9.079% 02/24/20280.5%
Cloudera Inc9.166% 10/08/20280.5%
BARENTZ INTERNATIONAL B V9.572% 03/03/20310.5%
OneDigital Borrower LLC9.679% 11/16/20270.5%
UPFIELD B V10.180% 01/02/20280.5%
MH Sub I LLC9.579% 05/03/20280.5%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.5%
Realtruck Group Inc10.444% 01/31/20280.5%
Curaleaf Holdings Inc8.000% 12/15/20260.5%
Park-Ohio Industries Inc6.625% 04/15/20270.5%
Engineered Machinery Holdings Inc11.571% 05/21/20290.4%
CLAY HOLDCO B V8.615% 12/31/20290.4%
MOTION FINCO SARL7.652% 11/12/20290.4%
Covetrus Inc10.309% 10/13/20290.4%
Olympus Water US Holding Corp9.321% 11/09/20280.4%
Jones Deslauriers Insurance Management Inc8.830% 03/15/20300.4%
Michaels Cos Inc/The9.821% 04/15/20280.4%
Flynn Restaurant Group LP9.694% 12/01/20280.4%
Bleriot US Bidco Inc8.572% 10/31/20300.4%
Autokiniton US Holdings Inc9.444% 04/06/20280.4%
Altice France SA6.906% 02/02/20260.4%
BCPE Empire Holdings Inc9.329% 12/11/20280.4%
LSF11 A5 HoldCo LLC9.679% 10/15/20280.4%
Pro Mach Group Inc8.829% 08/31/20280.4%
Carriage Purchaser Inc9.694% 10/02/20280.4%
Apttus Corp9.444% 05/08/20280.4%
Tank Holding Corp11.179% 03/31/20280.4%
Tosca Services LLC9.091% 08/18/20270.4%
MOSEL BIDCO SE10.059% 09/16/20300.4%
Cengage Learning Inc9.538% 03/22/20310.4%
Heartland Dental LLC0.000% 04/28/20280.4%
Aragorn Parent Corp9.570% 12/15/20280.4%
ALLWYN INTERNATIONAL AS0.000% 05/30/20310.4%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.4%
QSRP FINCO BV0.000% 05/30/20310.4%
Evergreen Acqco 1 LP9.052% 04/26/20280.4%
Lumen Technologies Inc4.000% 02/15/20270.4%
CMG Media Corp8.909% 12/17/20260.3%
Sunnova Energy Corp5.875% 09/01/20260.3%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.3%
Ingenovis Health Inc9.694% 03/06/20280.3%
Directv Financing LLC10.444% 08/02/20270.3%
Nexus Buyer LLC9.829% 12/13/20280.3%
Cubic Corp9.859% 05/25/20280.3%
Physician Partners LLC9.564% 12/26/20280.3%
CEVA SANTE ANIMALE9.573% 11/01/20300.2%
Cloud Software Group Inc9.929% 03/21/20310.2%
AI Aqua Merger Sub Inc4.250% 07/31/20280.2%
CEVA SANTE ANIMALE0.000% 11/08/20300.2%
MH Sub I LLC11.579% 02/23/20290.2%
ION Corporate Solutions Finance Sarl0.000% 03/11/20280.2%
HURTIGRUTEN ASA10.411% 09/30/20270.2%
Tank Holding Corp11.429% 03/31/20280.1%
Constant Contact Inc0.000% 02/10/20280.1%
HURTIGRUTEN ASA11.427% 06/30/20270.1%
Cubic Corp9.586% 05/25/20280.1%
MOTION FINCO SARL9.071% 11/12/20290.0%
Tank Holding Corp0.010% 03/31/20280.0%
Physician Partners LLC10.814% 12/23/20280.0%
National Mentor Holdings Inc9.159% 03/02/20280.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Capstone Borrower Inc8.574% 06/17/20300.0%
Interest Rate Swap4.007% 06/01/20280.0%
Interest Rate Swap4.552% 02/15/20260.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Touchdown Acquirer Inc0.020% 02/21/20310.0%
Total Return Swap5.344% 09/20/20240.0%
Interest Rate Swap5.306% 09/15/20240.0%
Total Return Swap0.000% 09/20/20240.0%
Interest Rate Swap4.523% 02/15/20260.0%
Epicor Software Corp0.000% 05/23/20310.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
DONCASTERS FINANCE US LLC0.000% 04/23/20300.0%
Holding Coupon Maturity Assets
Magnetite XXII Ltd 11.940% 04/15/2031 1.6%
Heartland Dental LLC 9.844% 04/28/2028 1.2%
MARKET BIDCO LIMITED 8.578% 11/04/2027 1.1%
888 ACQUISITIONS LIMITED 10.575% 07/01/2028 1.1%
Renaissance Holdings Corp 9.597% 04/05/2030 1.1%
ADMI Corp 11.094% 12/23/2027 1.0%
Rocket Software Inc 10.094% 11/28/2028 1.0%
WaterBridge Midstream Operating LLC 0.000% 06/21/2029 1.0%
Dryden 115 CLO Ltd 12.427% 04/18/2037 1.0%
Arcline FM Holdings LLC 10.346% 06/23/2028 1.0%
% of Total Assets 11.1%

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.

Performance

Performance

Dividend Yield 1 as of 07/26/2024  

  Subsidized3 Un-Subsidized4
w/o sales charge 10.42% 7.31%

30-Day Standardized Yield 2 as of 06/30/2024  

  Subsidized3 Un-Subsidized4
w/o sales charge 11.38% 8.84%

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge 6.11% 14.10% - - - 12.68%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - 11.05%
w/ sales charge 6.11% 14.10% - - - 12.68%

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

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge 6.11% 14.10% - - - 12.68%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - 11.05%

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

Fund Expense Ratio :

Gross 5.23%

Net 0.25%

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/26/2024
$0.57096
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.08887 $10.25
Daily Daily 05/31/2024 $0.10441 $10.30
Daily Daily 04/30/2024 $0.09456 $10.27
Daily Daily 03/31/2024 $0.10130 $10.29
Daily Daily 02/29/2024 $0.08774 $10.25
Daily Daily 01/31/2024 $0.09409 $10.22

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2024
Daily Daily 08/31/2024
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
12/18/2023 12/19/2023 $0.0090 $0.0311 $0.0401 $10.19
*

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 5.23%
Fund Net Expense Ratio 0.25%
Adjusted Expense Ratio -

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

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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 Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

 

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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