Floating Rate High Income Fund | Lord Abbett

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Floating Rate High Income Fund

Daily price w/o sales charge as of 09/27/2023

$10.19

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Please click here for performance current to the most recent quarter-end and month-end.

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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.

Fund Basicsas of 08/31/2023

Total Net Assets
$10.73 M
Total Managed Assets
$13.98 M
Inception Date
01/26/2023
Dividend Frequency
Monthly (Daily Accrual)
Fund Gross Expense Ratio
4.10%
Fund Net Expense Ratio
0.25%
Minimum Initial Investment

+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 4.10%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge - - - - - 7.62%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index - - - - - 7.64%

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

Fund Expense Ratio :

Gross 4.10%

Net 0.25%

Fund Expense Ratio :

Gross 4.10%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge - - - - - 4.44%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index - - - - - 5.04%

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

Fund Expense Ratio :

Gross 4.10%

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
22 Years of Industry Experience

Kang-Eric_headshot

Eric Kang
Managing Director, Portfolio Manager
24 Years of Industry Experience

Gizzo-Christopher_headshot

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

Posner-Kearney_headshot

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

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

Portfolio

Portfolio

Type Assets
Bank Loans
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

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 08/31/2023

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 08/31/2023

Total Net Assets
$10.73 M
Average Effective Duration
0.26 Years
Average Life
4.33 Years
Average Maturity
4.48 Years
Number of Issues
198
Average Yield to Maturity
9.15%

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 of07/31/2023

Holding Coupon Maturity Assets
TORONTO DOMINION BANK THE0.010% 08/01/20233.1%
TORONTO DOMINION BANK THE0.010% 08/01/20231.2%
Par Petroleum LLC9.614% 02/28/20301.0%
Air Canada8.839% 08/11/20281.0%
Life Time Inc10.050% 01/15/20261.0%
Castlelake Aviation One DAC8.004% 10/22/20271.0%
Imperva Inc0.000% 01/11/20271.0%
Magnite Inc10.235% 04/28/20281.0%
CNT Holdings I Corp12.050% 11/06/20281.0%
Packaging Coordinators Midco Inc9.004% 11/30/20271.0%
BEP Ulterra Holdings Inc10.669% 11/26/20251.0%
MB Aerospace Holdings II Corp0.000% 01/22/20251.0%
Jane Street Group LLC8.183% 01/26/20281.0%
Phoenix Newco Inc8.555% 11/15/20281.0%
EFS Cogen Holdings I LLC9.010% 10/01/20271.0%
VFH Parent LLC8.405% 01/13/20291.0%
Boxer Parent Co Inc10.805% 02/27/20261.0%
Flynn Restaurant Group LP9.683% 12/01/20281.0%
Minotaur Acquisition Inc10.069% 03/27/20261.0%
RealPage Inc8.433% 04/24/20281.0%
ABG Intermediate Holdings 2 LLC11.060% 12/20/20291.0%
Global Aircraft Leasing Co Ltd6.500% 09/15/20241.0%
eResearchTechnology Inc9.933% 02/04/20271.0%
Northwest Fiber LLC9.156% 04/30/20270.9%
United Airlines Inc9.292% 04/21/20280.8%
Heartland Dental LLC10.222% 04/28/20280.8%
Proofpoint Inc11.683% 08/31/20290.8%
Titan Acquisition Ltd/Canada8.731% 03/28/20250.8%
Summit Behavioral Healthcare LLC10.237% 11/24/20280.8%
AI Aqua Merger Sub Inc8.557% 07/31/20280.7%
CERAMTEC ACQUICO GMBH7.233% 03/16/20290.7%
Altar Bidco Inc7.993% 02/01/20290.7%
CVENT INC9.004% 06/17/20300.7%
Verscend Holding Corp9.433% 08/27/20250.7%
Spring Education Group Inc9.538% 07/30/20250.7%
Renaissance Holdings Corp12.419% 05/29/20260.7%
Fertitta Entertainment LLC/NV9.319% 01/27/20290.7%
Charter Next Generation Inc9.183% 12/01/20270.7%
Altice France SA/France2.500% 01/15/20250.7%
Southern Veterinary Partners LLC9.433% 10/05/20270.7%
LSF12 BADGER BIDCO LLC0.000% 07/25/20300.7%
Chariot Buyer LLC8.669% 11/03/20280.7%
Ingenovis Health Inc9.183% 03/06/20280.7%
Oryx Midstream Services Permian Basin LLC8.505% 10/05/20280.7%
Cloudera Inc9.055% 10/08/20280.7%
Cornerstone Building Brands Inc8.572% 04/12/20280.7%
Cloud Software Group Inc9.739% 03/30/20290.7%
Scientific Games Holdings LP8.768% 04/04/20290.7%
CAL Receivables 2022-1 LLC9.418% 10/15/20260.7%
New Era Cap LLC11.336% 07/13/20270.7%
888 ACQUISITIONS LIMITED10.115% 07/01/20280.7%
ACProducts Holdings Inc9.754% 05/17/20280.6%
Dynasty Acquisition Co Inc8.919% 04/06/20260.6%
AMER SPORTS OYJ7.648% 03/30/20260.6%
LSF11 Trinity Bidco Inc9.722% 06/14/20300.6%
Legence Holdings LLC9.169% 12/16/20270.6%
Amynta Agency Borrower Inc10.419% 02/28/20280.6%
Directv Financing LLC10.433% 08/02/20270.6%
McAfee Corp8.963% 03/01/20290.6%
Asurion LLC0.000% 01/20/20290.6%
LBM Acquisition LLC9.169% 12/17/20270.6%
Ascensus Holdings Inc8.933% 08/02/20280.6%
PARKWAY GENERATION LLC10.275% 02/18/20290.6%
Advisor Group Holdings Inc10.750% 08/01/20270.5%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.5%
MOTION FINCO SARL7.598% 11/12/20290.5%
EquipmentShare.com Inc9.000% 05/15/20280.5%
Kenan Advantage Group Inc/The9.477% 03/24/20260.5%
Hunter US Bidco Inc9.592% 08/19/20280.5%
ROPER IND PRODUCTS INV COM LLC9.742% 11/22/20290.5%
KUEHG CORP10.242% 06/12/20300.5%
Central Parent Inc9.492% 07/06/20290.5%
BCPE Empire Holdings Inc10.069% 12/11/20280.5%
Crescent Energy Finance LLC7.250% 05/01/20260.5%
Univision Communications Inc9.492% 06/24/20290.5%
Sunshine Luxembourg VII Sarl9.092% 10/01/20260.5%
Triumph Group Inc7.750% 08/15/20250.5%
JONES DSLRRS INSRNC MNGNT INC0.000% 07/28/20300.5%
Nouryon USA LLC9.347% 04/03/20280.5%
Bleriot US Bidco Inc9.504% 10/31/20260.5%
Engineered Machinery Holdings Inc9.038% 05/19/20280.5%
Jazz Acquisition Inc9.419% 06/19/20260.5%
Cinemark USA Inc8.992% 05/24/20300.5%
Sophia LP9.038% 10/07/20270.5%
Autokiniton US Holdings Inc9.933% 04/06/20280.5%
Cyanco Intermediate 2 Corp0.000% 07/10/20280.5%
LSF11 A5 HoldCo LLC9.669% 10/15/20280.5%
Vertex Aerospace Services Corp9.055% 12/06/20280.5%
Surf Holdings LLC8.779% 03/05/20270.5%
Open Text Corp8.919% 01/31/20300.5%
Pro Mach Group Inc9.433% 08/31/20280.5%
Waystar Technologies Inc9.433% 10/22/20260.5%
Mavis Tire Express Services Topco Corp9.433% 05/04/20280.5%
OneDigital Borrower LLC9.669% 11/16/20270.5%
LABL Inc0.000% 10/29/20280.5%
PetSmart LLC9.169% 02/11/20280.5%
Fastlane Parent Co Inc9.933% 02/04/20260.5%
Playtika Holding Corp8.183% 03/13/20280.5%
Project Boost Purchaser LLC8.933% 06/01/20260.5%
Acrisure LLC9.683% 02/15/20270.5%
SPX FLOW INC.9.919% 04/05/20290.5%
QUARTZ ACQUIRECO LLC8.817% 06/28/20300.5%
Service Logic Acquisition Inc9.433% 10/29/20270.5%
AssuredPartners Inc8.933% 02/12/20270.5%
Clydesdale Acquisition Holdings Inc9.594% 04/13/20290.5%
LifePoint Health Inc9.116% 11/16/20250.5%
Peraton Corp9.169% 02/01/20280.5%
MJH HEALTHCARE HOLDINGS LLC8.919% 01/28/20290.5%
Freeport LNG Investments LLLP9.088% 12/21/20280.5%
Weld North Education LLC9.183% 12/21/20270.5%
Berry Petroleum Co LLC7.000% 02/15/20260.5%
SRS Distribution Inc8.933% 06/02/20280.5%
SPECTACLE GARY HOLDINGS LLC9.769% 12/10/20280.5%
Apttus Corp9.433% 05/08/20280.5%
Carriage Purchaser Inc9.683% 09/30/20280.5%
Tiger Acquisition LLC8.555% 06/01/20280.5%
Edelman Financial Engines Center LLC/The12.183% 07/20/20260.5%
Hudson River Trading LLC8.631% 03/20/20280.5%
Peraton Corp12.979% 02/01/20290.5%
ConnectWise LLC8.933% 09/29/20280.5%
BRAND INDUSTRIAL SERVICES INC0.000% 07/25/20300.5%
Dexko Global Inc9.254% 10/04/20280.5%
Reverb Buyer Inc8.614% 11/01/20280.5%
Clarios Global LP9.069% 05/06/20300.5%
AP Core Holdings II LLC10.933% 09/01/20270.5%
Petco Health & Wellness Co Inc8.754% 03/03/20280.5%
Amentum Government Services Holdings LLC9.222% 02/15/20290.5%
Nexus Buyer LLC9.169% 11/09/20260.5%
OPTIV SECURITY INC10.338% 08/01/20260.5%
Hunter Douglas Inc8.666% 02/26/20290.5%
Tank Holding Corp11.169% 03/31/20280.5%
MH Sub I LLC9.555% 05/03/20280.5%
Compass Power Generation LLC9.683% 04/14/20290.5%
CHINOS INTERMEDIATE HLDGS A IN13.631% 09/10/20270.5%
ADMI Corp8.433% 04/30/20250.5%
Birkenstock US BidCo Inc7.690% 04/28/20280.5%
Chart Industries Inc9.105% 03/15/20300.5%
DTI Holdco Inc10.119% 04/26/20290.5%
SILK BIDCO AS9.697% 02/28/20270.5%
Mitchell International Inc9.183% 10/15/20280.5%
Vibrantz Technologies Inc9.699% 04/23/20290.5%
Engineered Machinery Holdings Inc11.538% 05/21/20290.5%
Nexus Buyer LLC11.669% 11/05/20290.5%
Red Planet Borrower LLC9.169% 10/02/20280.4%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.4%
Icebox Holdco III Inc12.254% 12/21/20290.4%
Curia Global Inc9.101% 08/30/20260.4%
AthenaHealth Group Inc8.805% 02/15/20290.4%
FinThrive Software Intermediate Holdings Inc9.433% 12/18/20280.4%
Evergreen Acqco 1 LP10.754% 04/26/20280.4%
Sunset Debt Merger Sub Inc9.433% 10/06/20280.4%
JetBlue Airways Corp0.500% 04/01/20260.4%
Physician Partners LLC9.392% 12/23/20280.4%
United PF Holdings LLC9.631% 12/30/20260.4%
BINGO INDUSTRIES LTD9.004% 07/14/20280.4%
Cubic Corp9.775% 05/25/20280.4%
HUB International Ltd9.584% 06/20/20300.4%
Standard Aero Ltd8.919% 04/06/20260.3%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.3%
Boxer Parent Co Inc9.183% 10/02/20250.3%
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC10.931% 10/15/20260.3%
Brazos Delaware II LLC8.944% 02/11/20300.3%
ARSENAL AIC PARENT LLC0.000% 07/26/20300.3%
SRS Distribution Inc8.919% 06/02/20280.2%
Crescent Energy Finance LLC9.250% 02/15/20280.2%
Tank Holding Corp11.391% 03/31/20280.2%
Genesys Cloud Services Holdings II LLC9.433% 12/01/20270.2%
Frontier Communications Holdings LLC9.183% 05/01/20280.1%
KENAN ADVANTAGE GROUP INC9.727% 03/24/20260.1%
Cubic Corp9.775% 05/25/20280.1%
PARKWAY GENERATION LLC10.275% 02/18/20290.1%
CP Atlas Buyer Inc0.000% 11/23/20270.1%
MOTION FINCO SARL8.788% 11/12/20260.0%
MOTION FINCO SARL0.088% 11/12/20260.0%
Tank Holding Corp0.010% 03/31/20280.0%
Interest Rate Swap0.053% 09/15/20240.0%
Interest Rate Swap0.040% 02/15/20280.0%
Interest Rate Swap0.048% 08/15/20250.0%
Interest Rate Swap0.046% 02/15/20260.0%
Interest Rate Swap0.045% 05/01/20260.0%
Interest Rate Swap0.041% 08/01/20270.0%
Interest Rate Swap0.040% 06/01/20280.0%
Interest Rate Swap0.040% 05/15/20280.0%
FX EUR/USD 09/230.000% 09/13/20230.0%
AthenaHealth Group Inc0.035% 02/15/20290.0%
FX USD/EUR 09/230.000% 09/13/20230.0%
FX USD/EUR 09/230.000% 09/13/20230.0%
Holding Coupon Maturity Assets
ECL Entertainment LLC 0.000% 08/16/2030 1.1%
CNT Holdings I Corp 12.050% 11/06/2028 1.0%
Life Time Inc 10.611% 01/15/2026 1.0%
Imperva Inc 13.395% 01/11/2027 1.0%
Packaging Coordinators Midco Inc 9.004% 11/30/2027 1.0%
Air Canada 9.128% 08/11/2028 1.0%
Par Petroleum LLC 9.773% 02/28/2030 1.0%
Heartland Dental LLC 10.314% 04/28/2028 1.0%
Finastra USA Inc 0.000% 06/13/2025 1.0%
MB Aerospace Holdings II Corp 0.000% 01/22/2025 1.0%
% of Total Assets 10.1%

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

Fund Expense Ratio :

Gross 4.10%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge - - - - - 7.62%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index - - - - - 7.64%
w/ sales charge - - - - - 7.62%

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

Fund Expense Ratio :

Gross 4.10%

Net 0.25%

Fund Expense Ratio :

Gross 4.10%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/10/2023
w/o sales charge - - - - - 4.44%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index - - - - - 5.04%

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

Fund Expense Ratio :

Gross 4.10%

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

Fees & Expenses

Fees & Expenses

Expense Ratio

Fund Gross Expense Ratio Fund Net Expense Ratio
4.10% 0.25%

Expense ratio details, Click here.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
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.

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.

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