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Convertible Fund

Daily price w/o sales charge as of 06/03/2020

$15.19

arrowUp$0.11

YTD Returns w/o sales charge as of 06/03/2020

13.07%

Overall Morningstar Ratings

Convertibles
as of 04/30/2020

Morningstar rated the Lord Abbett Convertible Fund class F share 4, 4 and 4 stars among 75, 64 and 49 Convertibles Funds for the overall rating and the 3, 5 and 10 year periods ended 4/30/2020, respectively.

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 Convertible Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in convertible securities.

 

Yield

12-Month Dividend Yield 1 as of 06/03/2020  

w/o sales charge 1.70%

30-Day Standardized Yield 2 as of 04/30/2020  

1.39%

Fund Basicsas of 04/30/2020

Total Net Assets
$702.08 M
Inception Date
09/28/2007
Dividend Frequency
Quarterly
Fund Expense Ratio
0.96%
Number of Holdings
82

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.61% 24.66% 12.78% 8.86% 9.81% 7.04%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index - - - - - -

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

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -7.85% 3.38% 6.78% 5.55% 7.41% 5.59%
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofA All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 6.09%

Fund Expense Ratio :

0.96%

Returns with sales charges reflect a maximum sales charge of 2.25%.

RELATED CONTENT

Why Convertibles May Make Sense in Today’s Market
Why Convertibles May Make Sense in Today’s Market
April 27, 2020

An allocation to convertible securities may potentially help mitigate downside risk during volatile times, while allowing investors the opportunity to participate in an equity market recovery.

During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
March 16, 2020

Historically, convertible bonds have offered the opportunity to maintain exposure to the long-term potential of equities while better withstanding sharp sell-offs and offering the potential for higher yields.

During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
March 16, 2020

Historically, convertible bonds have offered the opportunity to maintain exposure to the long-term potential of equities while better withstanding sharp sell-offs and offering the potential for higher yields.

Type Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash

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

Maturity Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

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 04/30/2020 View Portfolio

Rating Assets
AA
A
BBB
BB
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 higher credit 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.

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Portfolio Manager

20 Years of Industry Experience

Supported By 73 Investment Professionals with 17 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

12-Month Dividend Yield 1 as of 06/03/2020  

w/o sales charge 1.70%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.39% 1.39%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 10.61% 24.66% 12.78% 8.86% 9.81% 7.04%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index - - - - - -

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

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -7.85% 3.38% 6.78% 5.55% 7.41% 5.59%
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofA All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 6.09%

Fund Expense Ratio :

0.96%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year Fund Returns ICE BofA All Convertible Index
2019 24.88% 23.15%
2018 -3.45% 0.15%
2017 16.67% 13.70%
2016 12.57% 10.43%
2015 -8.00% -2.99%
2014 6.09% 9.44%
2013 26.03% 24.92%
2012 12.30% 14.96%
2011 -8.89% -5.18%
2010 14.95% 16.77%
2009 35.81% -
2008 -31.43% -
2007 8.41% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.85% - - - 13.07%
2019 11.32% 4.72% -0.38% 7.53% 24.88%
2018 1.28% 2.56% 5.08% -11.54% -3.45%
2017 6.48% 2.70% 4.10% 2.49% 16.67%
2016 -1.52% 3.41% 7.88% 2.47% 12.57%
2015 2.47% -0.54% -9.60% -0.14% -8.00%
2014 2.14% 3.88% -1.26% 1.26% 6.09%
2013 6.61% 3.07% 7.85% 6.34% 26.03%
2012 9.42% -4.03% 4.70% 2.14% 12.30%
2011 4.69% -1.33% -14.59% 3.26% -8.89%
2010 3.32% -7.23% 11.15% 7.90% 14.95%
2009 1.97% 11.41% 12.90% 5.88% 35.81%
2008 -7.31% 3.56% -16.32% -14.63% -31.43%
2007 2.29% 4.05% 1.48% 0.38% 8.41%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
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
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

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 04/30/2020

Rating Assets
AA
A
BBB
BB
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 higher credit 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 Positioning as of 03/31/2020

  • We reduced the more equity-sensitive parts of the portfolio, in some instances locking in gains, in others reducing the portfolio’s exposure to consumer-centric parts of the market where decreases in traffic are going to prove challenging over the immediate term.
  • We also increased some of the portfolio’s more credit-sensitive positions, mostly shorter-dated maturities where we are comfortable with the companies’ liquidity profiles and find the yields attractive.
  • While we expect volatility to persist in the near term, we feel that the sharp move we have witnessed has put some great businesses on sale. As such, we have begun to judiciously and opportunistically add a modest amount of risk into the portfolio. We have added to select companies that have manageable debt levels, more than sufficient liquidity, and where the convertible profiles are balanced.
  • The portfolio’s equity sensitivity (delta) is in-line with the broader convertible market.

Portfolio Details as of 04/30/2020

Total Net Assets
$702.08 M
Number of Issues
82
Average Coupon
1.83%
Average Maturity
4.2 Years
Average Modified Duration
4.1 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.

Holding Coupon Maturity Assets
Tesla Motors, Inc. 2.000% 05/15/2024 5.9%
SunPower Corp. 4.000% 01/15/2023 4.5%
Weibo Corp. 1.250% 11/15/2022 4.0%
NextEra Energy, Inc. 4.870% 09/01/2022 3.1%
Microchip Technology, Inc. 1.625% 02/15/2025 3.0%
RingCentral, Inc. 0.000% 03/01/2025 2.7%
DexCom, Inc. 0.750% 12/01/2023 2.6%
Akamai Technologies, Inc. 0.375% 09/01/2027 2.5%
Lumentum Holdings, Inc. 0.500% 12/15/2026 2.4%
Scorpio Tankers, Inc. 3.000% 05/15/2022 2.3%
% of Total Assets 33.0%
Holding Coupon Maturity Assets
Tesla Motors, Inc.2.000% 05/15/20246.1%
SunPower Corp.4.000% 01/15/20234.6%
Weibo Corp.1.250% 11/15/20224.1%
NextEra Energy, Inc.4.870% 09/01/20223.2%
Microchip Technology, Inc.1.625% 02/15/20253.0%
RingCentral, Inc.0.000% 03/01/20252.7%
DexCom, Inc.0.750% 12/01/20232.7%
Akamai Technologies, Inc.0.375% 09/01/20272.5%
Lumentum Holdings, Inc.0.500% 12/15/20262.5%
Etsy, Inc.0.125% 10/01/20262.4%
Scorpio Tankers, Inc.3.000% 05/15/20222.4%
Redfin Corp1.750% 07/15/20232.3%
Danaher Corp.4.750% 04/15/20221.9%
Wells Fargo & Co.7.500% -1.9%
JPMorgan Chase Bank NA0.125% 01/01/20231.9%
Coupa Software Inc0.125% 06/15/20251.8%
Advanced Micro Devices, Inc.2.125% 09/01/20261.8%
Inphi Corp.1.125% 12/01/20201.7%
Square, Inc.0.375% 03/01/20221.7%
Canopy Growth Corp4.250% 07/15/20231.7%
Restoration Hardware Holdings, Inc.0.000% 06/15/20231.6%
Carnival Corp.5.750% 04/01/20231.6%
Hannon Armstrong Sustainable Infrastructure Capita4.125% 09/01/20221.6%
Chegg, Inc.0.250% 05/15/20231.5%
Burlington Stores, Inc.2.250% 04/15/20251.5%
Patrick Industries, Inc.1.000% 02/01/20231.5%
Insmed, Inc.1.750% 01/15/20251.5%
Teradyne, Inc.1.250% 12/15/20231.5%
Everbridge, Inc.0.125% 12/15/20241.4%
Repligen Corp.0.375% 07/15/20241.4%
Crown Castle International Corp.6.880% 08/01/20201.4%
Five9, Inc.0.125% 05/01/20231.4%
Nevro Corp.1.750% 06/01/20211.3%
FTI Consulting, Inc.2.000% 08/15/20231.2%
GDS Holdings Ltd2.000% 06/01/20251.2%
Teladoc, Inc.3.000% 12/15/20221.2%
DocuSign Inc0.500% 09/15/20231.2%
ServiceNow, Inc.0.000% 06/01/20221.2%
Slack Technologies Inc0.500% 04/15/20251.1%
Southwest Airlines Co.1.250% 05/01/20251.1%
Bridgebio Pharma Inc2.500% 03/15/20271.1%
NVIDIA Corp.0.000% -1.1%
Enphase Energy, Inc.1.000% 06/01/20241.1%
Zynga, Inc.0.250% 06/01/20241.1%
Insulet Corp.1.375% 11/15/20241.1%
Atlassian Inc0.625% 05/01/20231.0%
Novellus Systems, Inc.2.625% 05/15/20411.0%
Winnebago Industries, Inc.1.500% 04/01/20251.0%
CONMED Corp.2.625% 02/01/20241.0%
Pinduoduo Inc0.000% 10/01/20241.0%
Callaway Golf Co.2.750% 05/01/20260.9%
Okta Inc0.250% 02/15/20230.9%
Neurocrine Biosciences, Inc.2.250% 05/15/20240.9%
IH Merger Sub LLC3.500% 01/15/20220.9%
Q2 Holdings, Inc.0.750% 06/01/20260.8%
Sarepta Therapeutics, Inc.1.500% 11/15/20240.8%
Natera, Inc.2.250% 05/01/20270.8%
CD Projekt SA0.000% -0.7%
Vertex Pharmaceuticals, Inc.0.000% -0.7%
Huazhu Group Ltd0.375% 11/01/20220.7%
MongoDB Inc0.250% 01/15/20260.6%
Micron Technology, Inc.3.125% 05/01/20320.6%
PTC Therapeutics, Inc.3.000% 08/15/20220.6%
Regeneron Pharmaceuticals, Inc.0.000% -0.5%
Insulet Corp.0.375% 09/01/20260.5%
FX EUR/USD 06/200.000% 06/09/20200.4%
Rocket Pharmaceuticals Inc0.000% -0.3%
Arena Pharmaceuticals, Inc.0.000% -0.3%
FX EUR/USD 06/200.000% 06/09/20200.1%
FX EUR/USD 06/200.000% 06/09/20200.1%
FX EUR/USD 06/200.000% 06/09/20200.1%
FX USD/CAD 07/200.000% 07/20/20200.0%
FX USD/CAD 07/200.000% 07/20/20200.0%
FX USD/PLN 07/200.000% 07/16/20200.0%
FX USD/CAD 06/200.000% 06/15/2020-0.1%
FX USD/PLN 07/200.000% 07/16/2020-0.1%
FX USD/CAD 06/200.000% 06/15/2020-0.1%
FX USD/PLN 07/200.000% 07/16/2020-0.1%
FX USD/CAD 07/200.000% 07/20/2020-0.2%
FX USD/PLN 07/200.000% 07/16/2020-0.6%
FX USD/EUR 06/200.000% 06/09/2020-0.6%
FX USD/CAD 07/200.000% 07/20/2020-1.3%

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 06/03/2020
$0.032
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/26/2020 03/27/2020 03/27/2020 $0.03270 $12.33

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
06/29/2020 06/30/2020 06/30/2020
09/28/2020 09/29/2020 09/29/2020
12/28/2020 12/29/2020 12/29/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2019 12/18/2019 $0.5306 $0.4268 $0.9574 $13.34
*

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

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2020

0.96%

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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* Barron’s Top Fund Families of 2019, February 14, 2020, #5 in the Taxable Bond Category among 55 fund families. Based on the net total return of the one−year period ending 12/31/2019. #14 Overall ranking among 55 qualifying fund families based on the net total return of the one-year period ending 12/31/2019. Five-year Overall ranking is #30 out of 52 fund families; 10-year Overall ranking is #33 out of 45 fund families.

 

Source: Barron’s, “Barron’s Top Fund Families of 2019,” February 14, 2020. Barron’s rankings are based on asset weighted returns in funds in five categories: U.S. equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2019, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2019 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well. Barron's Fund Family Rankings are awarded annually.

 

© Reuters 2020. All Rights Reserved. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

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.

 

5

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

 

6

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

 

IMPORTANT INFORMATION

 

A Note about Risk: Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk.  Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds.  The Fund may invest substantially in high yield, lower-rated securities.  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 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.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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.   

 

The ICE BofA Merrill Lynch All Convertibles Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

Source: ICE Data Indices, LLC. 

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.

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.

 

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.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

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