LCFPX | Convertible Fund Class P | Lord Abbett
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Convertible Fund

Daily price w/o sales charge as of 05/14/2021

$18.94

arrowUp$0.36

YTD Returns w/o sales charge as of 05/14/2021

-2.22%

Overall Morningstar Ratings

Convertibles
as of 04/30/2021

Morningstar rated the Lord Abbett Convertible Fund class P share 5, 5 and 4 stars among 72, 71 and 50 Convertibles Funds for the overall rating and the 3, 5 and 10 year periods ended 4/30/2021, 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.

 

Fund Basicsas of 03/31/2021

Total Net Assets
$1.76 B
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
1.31%
Number of Holdings
93

Yield

12-Month Dividend Yield 1 as of 05/14/2021  

w/o sales charge 0.74%

30-Day Standardized Yield 2 as of 04/30/2021  

0.00%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 3.05% 65.01% 26.05% 21.46% 11.85% 9.51%
Lipper Category Avg. Convertible Securities Funds 4.20% 52.81% 21.16% 17.48% 10.63% -
ICE BofA All Convertible Index 5.52% 60.79% 23.03% 19.06% 12.43% 10.17%

Fund Expense Ratio :

1.31%

Fund Expense Ratio :

1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.45% 80.11% 25.21% 21.37% 11.88% 9.46%
Lipper Category Avg. Convertible Securities Funds 1.68% 64.84% 20.07% 17.23% 10.56% -
ICE BofA All Convertible Index 2.87% 74.13% 21.91% 18.80% 12.35% 10.06%

Fund Expense Ratio :

1.31%

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 the current maximum sales charge, had the sales charge been included, returns would have been lower. 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 for future results.

RELATED CONTENT

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
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.

Convertibles: A Lower Volatility Approach to Equity Investing
December 5, 2019

Convertible securities historically have delivered an attractive return profile and lower volatility compared with traditional equities.

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 03/31/2021

Rating Assets
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

Jeremy I. Lehmann
Jeremy I. Lehmann, CFA

Portfolio Manager

8 Years of Industry Experience

Supported By 75 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

12-Month Dividend Yield 1 as of 05/14/2021  

w/o sales charge 0.74%

30-Day Standardized Yield 2 as of 04/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.00% 0.00%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 3.05% 65.01% 26.05% 21.46% 11.85% 9.51%
Lipper Category Avg. Convertible Securities Funds 4.20% 52.81% 21.16% 17.48% 10.63% -
ICE BofA All Convertible Index 5.52% 60.79% 23.03% 19.06% 12.43% 10.17%

Fund Expense Ratio :

1.31%

Fund Expense Ratio :

1.31%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.45% 80.11% 25.21% 21.37% 11.88% 9.46%
Lipper Category Avg. Convertible Securities Funds 1.68% 64.84% 20.07% 17.23% 10.56% -
ICE BofA All Convertible Index 2.87% 74.13% 21.91% 18.80% 12.35% 10.06%

Fund Expense Ratio :

1.31%

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 the current maximum sales charge, had the sales charge been included, returns would have been lower. 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 for future results.

The Fund changed its investment strategy on 06/30/2003. Performance is calculated from this date.

Year Fund Returns ICE BofA All Convertible Index
2020 63.59% 46.22%
2019 24.40% 23.15%
2018 -3.80% 0.15%
2017 16.30% 13.70%
2016 12.29% 10.43%
2015 -8.14% -2.99%
2014 5.74% 9.44%
2013 25.59% 24.92%
2012 11.88% 14.96%
2011 -9.24% -5.18%
2010 14.51% -
2009 35.43% -
2008 -31.74% -
2007 8.98% -
2006 8.89% -
2005 3.65% -
2004 7.25% -
2003 10.82% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.45% - - - -2.22%
2020 -7.86% 26.99% 16.16% 20.36% 63.59%
2019 11.21% 4.63% -0.39% 7.32% 24.40%
2018 1.17% 2.51% 4.91% -11.59% -3.80%
2017 6.38% 2.65% 3.95% 2.45% 16.30%
2016 -1.54% 3.31% 7.87% 2.34% 12.29%
2015 2.45% -0.65% -9.59% -0.17% -8.14%
2014 2.11% 3.74% -1.34% 1.16% 5.74%
2013 6.54% 3.03% 7.76% 6.18% 25.59%
2012 9.32% -4.16% 4.66% 2.03% 11.88%
2011 4.53% -1.40% -14.70% 3.23% -9.24%
2010 3.20% -7.35% 11.06% 7.83% 14.51%
2009 1.85% 11.36% 12.92% 5.74% 35.43%
2008 -7.41% 3.43% -16.34% -14.79% -31.74%
2007 2.26% 3.93% 2.24% 0.29% 8.98%
2006 5.96% -2.19% 0.60% 4.45% 8.89%
2005 -2.24% 0.93% 5.18% -0.12% 3.65%
2004 2.55% -1.34% -1.52% 7.64% 7.25%
2003 - - 1.91% 8.75% 10.82%

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

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)

Credit Quality Distribution as of 03/31/2021

Rating Assets
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 03/31/2021

  • The convertible market continues to offer exposure to a multitude of attractively-priced secular growth companies that should compound rapidly for several years to come. Many of these companies have seen accelerated adoption of their platform technologies over the last year, which we believe will continue to result in accelerating revenue growth and profitability.
  • Additionally, over the last year we have seen convertible issuance from several industries severely impacted by the COVID-19 pandemic: airlines, cruise operators, and brick & mortar retail just to name a few. As vaccines are distributed and economies reopen, we believe these industries will generate earnings at greater scale than they did before the shutdowns.
  • We have continued to rotate the fund towards more re-opening exposure at a measured pace. The fund’s reopening exposure is largely derived from two distinct types of companies. The first are secular growers with exposure to healthy cyclical tailwinds. The second type are more cyclical businesses, We remain constructive on a balance of secular growth alongside some re-opening exposure. We continue to be disciplined as to the portfolio’s overall delta, weighting in equity alternatives, and individual positions that have been outsized beneficiaries of the “work-from-home” backdrop.
  • We are closely monitoring interest rates and the credit markets as we think about our positioning. We have maintained our opportunistic and flexible approach and will continue to adapt to the ever-changing market and economic environment.

PORTFOLIO DETAILS as of 03/31/2021

Total Net Assets
$1.76 B
Number of Issues
93
Average Coupon
1.85%
Average Maturity
4.46 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
Western Digital Corp1.500% 02/01/20243.2%
Square Inc0.250% 11/01/20273.0%
Weibo Corp1.250% 11/15/20222.9%
JetBlue Airways Corp0.500% 04/01/20262.6%
Broadcom Inc8.000% 09/30/20222.6%
Snap Inc0.750% 08/01/20262.2%
Tesla Inc2.000% 05/15/20242.2%
Insulet Corp0.375% 09/01/20262.1%
Uber Technologies Inc0.000% 12/15/20252.0%
Canopy Growth Corp4.250% 07/15/20232.0%
Danaher Corp4.750% 04/15/20221.9%
Chegg Inc0.000% 09/01/20261.9%
Scorpio Tankers Inc3.000% 05/15/20251.8%
NextEra Energy Inc4.872% 09/01/20221.8%
American Airlines Group Inc6.500% 07/01/20251.8%
Burlington Stores Inc2.250% 04/15/20251.8%
Enphase Energy Inc0.000% 03/01/20281.6%
Match Group Financeco 2 Inc0.875% 06/15/20261.6%
Booking Holdings Inc0.900% 09/15/20211.6%
Royal Caribbean Cruises Ltd4.250% 06/15/20231.6%
Lyft Inc1.500% 05/15/20251.5%
Middleby Corp/The1.000% 09/01/20251.5%
Live Nation Entertainment Inc2.500% 03/15/20231.5%
Euronet Worldwide Inc0.750% 03/15/20491.4%
Zillow Group Inc2.750% 05/15/20251.4%
Dick's Sporting Goods Inc3.250% 04/15/20251.4%
Shake Shack Inc0.000% 03/01/20281.4%
Microchip Technology Inc1.625% 02/15/20251.3%
Sunrun Inc0.000% 02/01/20261.3%
Aptiv PLC5.500% 06/15/20231.3%
Insmed Inc1.750% 01/15/20251.3%
RH0.000% 06/15/20231.3%
Peloton Interactive Inc0.000% 02/15/20261.3%
Five9 Inc0.500% 06/01/20251.2%
Wayfair Inc0.625% 10/01/20251.2%
CONMED Corp2.625% 02/01/20241.2%
Carnival Corp5.750% 04/01/20231.2%
Twilio Inc0.250% 06/01/20231.2%
Teradyne Inc1.250% 12/15/20231.1%
Turning Point Brands Inc2.500% 07/15/20241.1%
Etsy Inc0.125% 10/01/20261.1%
Bank of America Corp7.250% -1.1%
Oak Street Health Inc0.000% 03/15/20261.0%
Redfin Corp0.000% 10/15/20251.0%
21Vianet Group Inc0.000% 02/01/20261.0%
Twitter Inc1.000% 09/15/20211.0%
Guardant Health Inc0.000% 11/15/20271.0%
Bridgebio Pharma Inc2.250% 02/01/20291.0%
fuboTV Inc3.250% 02/15/20261.0%
Chart Industries Inc1.000% 11/15/20241.0%
Shift4 Payments Inc0.000% 12/15/20250.9%
MakeMyTrip Ltd0.000% 02/15/20280.9%
IH Merger Sub LLC3.500% 01/15/20220.9%
NeoGenomics Inc0.250% 01/15/20280.9%
MongoDB Inc0.250% 01/15/20260.9%
Airbnb Inc0.000% 03/15/20260.9%
Safran SA0.875% 05/15/20270.9%
Penn National Gaming Inc2.750% 05/15/20260.9%
2020 Mandatory Exchangeable Trust6.500% 05/16/20230.8%
Neurocrine Biosciences Inc2.250% 05/15/20240.8%
DraftKings Inc0.000% 03/15/20280.8%
Atlantica Sustainable Infrastructure Jersey Ltd4.000% 07/15/20250.8%
Repligen Corp0.375% 07/15/20240.7%
Cardlytics Inc1.000% 09/15/20250.7%
Novellus Systems Inc2.625% 05/15/20410.7%
Shopify Inc0.125% 11/01/20250.7%
FX CAD/USD 04/210.000% 04/20/20210.7%
Square Inc0.000% 05/01/20260.6%
Huazhu Group Ltd0.375% 11/01/20220.6%
Hannon Armstrong Sustainable Infrastructure Capita4.125% 09/01/20220.6%
Natera Inc2.250% 05/01/20270.6%
CryoPort Inc3.000% 06/01/20250.6%
Atlas Air Worldwide Holdings Inc1.875% 06/01/20240.6%
SunPower Corp4.000% 01/15/20230.6%
IIP Operating Partnership LP3.750% 02/21/20240.6%
Cerence Inc3.000% 06/01/20250.5%
Arena Pharmaceuticals Inc0.000% -0.5%
Fiverr International Ltd0.000% 11/01/20250.5%
RealReal Inc/The3.000% 06/15/20250.4%
Rocket Pharmaceuticals Inc0.000% -0.4%
Plug Power Inc3.750% 06/01/20250.4%
SunPower Corp0.875% 06/01/20210.3%
FX CAD/USD 04/210.000% 04/20/20210.2%
FX CAD/USD 04/210.000% 04/20/20210.2%
FX CAD/USD 04/210.000% 04/20/20210.2%
FX CAD/USD 04/210.000% 04/20/20210.1%
FX CAD/USD 04/210.000% 04/20/20210.1%
FX CAD/USD 04/210.000% 04/20/20210.0%
FX CAD/USD 04/210.000% 04/20/20210.0%
FX USD/EUR 06/210.000% 06/04/2021-0.4%
FX USD/CAD 04/210.000% 04/20/2021-0.4%
FX USD/EUR 06/210.000% 06/04/2021-0.6%
FX USD/CAD 04/210.000% 04/20/2021-3.2%

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 05/14/2021
$0
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/29/2021 03/30/2021 03/30/2021 $0.00060 $19.38

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
06/28/2021 06/29/2021 06/29/2021
09/28/2021 09/29/2021 09/29/2021
12/28/2021 12/29/2021 12/29/2021

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2020 12/18/2020 $0.7259 $2.1367 $2.8626 $19.47
*

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
12/16/2021 12/17/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2021

1.31%

Fund Documents

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*“Barron’s Best Fund Families of 2020,” #9 ranking in the General Equity category based on the net total return of the one-year period ending 12/31/2020, among 53 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2020,” February 20, 2021. Barron’s rankings are based on asset weighted returns in funds in five categories: general 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, 2020, 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 2020 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.

To qualify for the ranking, firms must offer at least three active mutual funds or actively run ETFs in Lipper’s general U.S. stock category; one in world equity; and one mixed asset, such as a balanced or allocation fund. They also need to offer at least two taxable bond funds and one national tax-exempt bond fund. All funds must have a track record of at least one year. While the ranking excludes index funds, it does include actively managed ETFs and “smart beta” ETFs, which are run passively but built on active investment strategies.

© Refinitiv Lipper 2021. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

 

IMPORTANT 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.

 

3

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

 

4

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.

 

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.

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.

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.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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