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Convertible Fund

Daily price w/o sales charge as of 05/24/2019

$13.26

arrowUp$0.05

YTD Returns w/o sales charge as of 05/24/2019

11.01%

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 05/24/2019  

w/o sales charge 3.40%

30-Day Standardized Yield 2 as of 04/30/2019  

0.53%

Fund Basicsas of 04/30/2019

Total Net Assets
$755.40 M
Inception Date
09/28/2007
Dividend Frequency
Quarterly
Fund Expense Ratio
1.44%
Number of Holdings
119

Fund Expense Ratio :

1.44%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 14.36% 9.09% 12.77% 6.45% 9.65% 5.55%
Lipper Category Avg. Convertible Securities Funds 13.95% 9.74% 11.25% 6.49% 10.60% -
ICE BofAML All Convertible Index 13.22% 10.96% 12.54% 7.72% 12.30% 7.16%

Fund Expense Ratio :

1.44%

Fund Expense Ratio :

1.44%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 11.26% 5.66% 12.20% 5.64% 10.02% 5.34%
Lipper Category Avg. Convertible Securities Funds 10.70% 6.34% 10.68% 5.84% 11.13% -
ICE BofAML All Convertible Index 10.26% 7.84% 12.09% 7.13% 13.00% 6.97%

Fund Expense Ratio :

1.44%

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

RELATED CONTENT

Convertible Bonds Can Play a Valuable Role in a Portfolio
Convertible Bonds Can Play a Valuable Role in a Portfolio
May 30, 2017

Investors looking for income plus equity-like returns, but with lower volatility, may be surprised at the unique return profile and diversification benefits of convertibles.

Type Assets
Convertible Bonds
Common Stock
Convertible Preferred Stock
Corporate Bonds
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 04/30/2019 View Portfolio

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 Kurtz
Alan Kurtz

Portfolio Manager

19 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

John F. Corr
Darnell Azeez

Portfolio Manger

17 Years of Industry Experience

Supported By 68 Investment Professionals with 15 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 05/24/2019  

w/o sales charge 3.40%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.53% 0.53%

Fund Expense Ratio :

1.44%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 14.36% 9.09% 12.77% 6.45% 9.65% 5.55%
Lipper Category Avg. Convertible Securities Funds 13.95% 9.74% 11.25% 6.49% 10.60% -
ICE BofAML All Convertible Index 13.22% 10.96% 12.54% 7.72% 12.30% 7.16%

Fund Expense Ratio :

1.44%

Fund Expense Ratio :

1.44%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 11.26% 5.66% 12.20% 5.64% 10.02% 5.34%
Lipper Category Avg. Convertible Securities Funds 10.70% 6.34% 10.68% 5.84% 11.13% -
ICE BofAML All Convertible Index 10.26% 7.84% 12.09% 7.13% 13.00% 6.97%

Fund Expense Ratio :

1.44%

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

Year Fund Returns ICE BofAML All Convertible Index
2018 -3.98% 0.15%
2017 16.19% 13.70%
2016 11.95% 10.43%
2015 -8.49% -2.99%
2014 5.62% 9.44%
2013 25.38% 24.92%
2012 11.74% 14.96%
2011 -9.37% -5.18%
2010 14.41% 16.77%
2009 35.59% 49.12%
2008 -31.39% -
2007 8.33% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 11.26% - - - 11.01%
2018 1.11% 2.47% 4.88% -11.64% -3.98%
2017 6.43% 2.51% 4.00% 2.40% 16.19%
2016 -1.62% 3.24% 7.72% 2.32% 11.95%
2015 2.37% -0.74% -9.70% -0.27% -8.49%
2014 2.06% 3.73% -1.36% 1.14% 5.62%
2013 6.51% 3.01% 7.65% 6.15% 25.38%
2012 9.30% -4.11% 4.56% 1.96% 11.74%
2011 4.61% -1.53% -14.66% 3.10% -9.37%
2010 3.23% -7.37% 11.01% 7.78% 14.41%
2009 1.82% 11.57% 12.93% 5.70% 35.59%
2008 -7.34% 3.41% -16.00% -14.74% -31.39%
2007 2.25% 3.91% 1.69% 0.26% 8.33%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Common Stock
Convertible Preferred Stock
Corporate Bonds
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 04/30/2019

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 03/31/2019

  • Continued employment gains and rising wages paint a healthy backdrop for the American consumer. As such, we continue to favor exposure to companies levered to consumer markets. Specifically, those companies capitalizing on the continued growth of e-commerce in the U.S. consumer market.
  • The portfolio increased its exposure to China, as we believe fiscal and monetary stimulus measures enacted by the government will eventually stabilize the economy, benefiting Chinese consumers. We have already begun to see a recovery in Chinese manufacturing data.
  • Consequently, we have continued to add to semiconductor issuers as weak demand trends in China subside and cloud and data center spending reaccelerates. Specifically, we maintain a favorable view of issuers with auto exposure, as growth of semiconductor content within the auto industry continues to accelerate.
  • Despite rising oil prices, energy securities, specifically oil related, have underperformed the underlying commodity as concerns of slowing global growth combined with oversupply concerns have weighed on sentiment. We reduced the portfolio’s exposure to the energy sector during the period, as we believe better opportunities are available elsewhere.
  • The portfolio’s equity sensitivity is slightly above the broader convertible market.

Portfolio Details as of 04/30/2019

Total Net Assets
$755.40 M
Number of Issues
119
Average Coupon
1.97%
Average Maturity
5.82 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
SolarCity Corp. 1.625% 11/01/2019 4.3%
FireEye, Inc. 1.625% 06/01/2035 4.1%
Microchip Technology, Inc. 1.625% 02/15/2025 4.0%
SunPower Corp. 4.000% 01/15/2023 3.8%
Fortive Corp. 0.875% 02/15/2022 3.7%
DISH Network Corp. 3.375% 08/15/2026 2.5%
Danaher Corp. 4.750% 04/15/2022 2.3%
Wells Fargo & Co. 7.500% - 2.3%
Advanced Micro Devices, Inc. 2.125% 09/01/2026 2.0%
Crown Castle International Corp. 6.880% 08/01/2020 1.9%
% of Total Assets 30.9%

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.

Holding Coupon Maturity Assets
FireEye, Inc.1.625% 06/01/20354.1%
SunPower Corp.4.000% 01/15/20233.8%
SolarCity Corp.1.625% 11/01/20193.7%
Fortive Corp.0.875% 02/15/20223.7%
Microchip Technology, Inc.1.625% 02/15/20253.3%
Danaher Corp.4.750% 04/15/20222.4%
Wells Fargo & Co.7.500% -2.3%
DISH Network Corp.3.375% 08/15/20261.9%
Crown Castle International Corp.6.880% 08/01/20201.9%
Advanced Micro Devices, Inc.2.125% 09/01/20261.9%
Splunk, Inc.1.125% 09/15/20251.6%
Scorpio Tankers, Inc.2.375% 07/01/20191.6%
Starwood Property Trust, Inc.4.375% 04/01/20231.5%
Ctrip.com International Ltd.1.000% 07/01/20201.4%
Live Nation Entertainment, Inc.2.500% 03/15/20231.4%
ON Semiconductor Corp.1.625% 10/15/20231.4%
Wayfair, Inc.1.125% 11/01/20241.3%
Tornier N.V.2.250% 11/15/20211.3%
Atlassian Inc0.625% 05/01/20231.2%
Chegg, Inc.0.125% 03/15/20251.2%
Cheniere Energy, Inc.4.250% 03/15/20451.2%
Novellus Systems, Inc.2.625% 05/15/20411.1%
Western Digital Corp.1.500% 02/01/20241.1%
Huazhu Group Ltd0.375% 11/01/20221.1%
Twilio, Inc.0.250% 06/01/20231.1%
Exact Sciences Corp.1.000% 01/15/20251.1%
Intel Corp.3.250% 08/01/20391.0%
Mandatory Exchangeable Trust5.750% 06/01/20191.0%
American Axle & Manufacturing, Inc.6.250% 04/01/20251.0%
Tenneco, Inc.5.000% 07/15/20261.0%
Patrick Industries, Inc.1.000% 02/01/20231.0%
Restoration Hardware Holdings, Inc.0.000% 07/15/20201.0%
IAC FinanceCo Inc0.875% 10/01/20221.0%
CONMED Corp.2.625% 02/01/20240.9%
FTI Consulting, Inc.2.000% 08/15/20230.9%
Mercadolibre, Inc.2.000% 08/15/20280.9%
Inphi Corp.1.125% 12/01/20200.9%
Caesars Entertainment Corp5.000% 10/01/20240.9%
NXP Semiconductor N.V.1.000% 12/01/20190.9%
MongoDB Inc0.750% 06/15/20240.9%
Micron Technology, Inc.2.125% 02/15/20330.9%
Sarepta Therapeutics, Inc.1.500% 11/15/20240.9%
Okta Inc0.250% 02/15/20230.9%
Teradyne, Inc.1.250% 12/15/20230.8%
Chart Industries, Inc.1.000% 11/15/20240.8%
Etsy, Inc.0.000% 03/01/20230.8%
NextEra Energy, Inc.6.120% 09/01/20190.8%
Square, Inc.0.500% 05/15/20230.8%
Workday, Inc.1.500% 07/15/20200.8%
DocuSign Inc0.500% 09/15/20230.8%
Scorpio Tankers, Inc.3.000% 05/15/20220.8%
Euronet Worldwide, Inc.1.500% 10/01/20440.8%
Five9, Inc.0.125% 05/01/20230.8%
DHT Holdings, Inc.4.500% 08/15/20210.7%
World Wrestling Entertainment Inc3.375% 12/15/20230.7%
Euronet Worldwide, Inc.0.750% 03/15/20490.7%
SunPower Corp.0.875% 06/01/20210.7%
Becton, Dickinson & Co.6.130% 05/01/20200.7%
Insmed, Inc.1.750% 01/15/20250.7%
Momo Inc1.250% 07/01/20250.7%
Anthem, Inc.2.750% 10/15/20420.7%
Everbridge, Inc.1.500% 11/01/20220.6%
Gold Exchangeable Ltd.6.875% 05/13/20220.6%
American Tower Corp.0.000% -0.6%
Alteryx Inc0.500% 06/01/20230.5%
GDS Holdings Ltd2.000% 06/01/20250.5%
Jazz Investments I Ltd.1.500% 08/15/20240.5%
Repligen Corp.2.125% 06/01/20210.5%
First Solar, Inc.0.000% -0.5%
Chegg, Inc.0.250% 05/15/20230.5%
iQIYI Inc3.750% 12/01/20230.5%
Canopy Growth Corp4.250% 07/15/20230.5%
Pacific Gas & Electric Co.6.050% 03/01/20340.5%
NextEra Energy, Inc.0.000% -0.5%
Glu Mobile Inc.0.000% -0.5%
Sage Therapeutics, Inc.0.000% -0.4%
Glaukos Corp.0.000% -0.4%
GW Pharmaceuticals plc0.000% -0.4%
Intuitive Surgical, Inc.0.000% -0.4%
Unilever N.V.0.000% -0.4%
Wingstop, Inc.0.000% -0.4%
DexCom, Inc.0.750% 12/01/20230.4%
Incyte Corp.0.000% -0.4%
Rollins, Inc.0.000% -0.4%
Monro Muffler Brake, Inc.0.000% -0.4%
Tencent Holdings Ltd.0.000% -0.4%
Aurora Cannabis Inc5.500% 02/28/20240.4%
Teledyne Technologies, Inc.0.000% -0.4%
Puma SE0.000% -0.4%
Zscaler Inc0.000% -0.4%
MSCI, Inc.0.000% -0.4%
DENTSPLY International, Inc.0.000% -0.4%
NVR, Inc.0.000% -0.4%
Kornit Digital Ltd.0.000% -0.4%
Shopify, Inc.0.000% -0.4%
First Republic Bank/San Francisco CA0.000% -0.4%
Exelixis, Inc.0.000% -0.4%
ServiceNow, Inc.0.000% 06/01/20220.4%
Exponent, Inc.0.000% -0.4%
American Realty Capital Properties, Inc.3.750% 12/15/20200.3%
Trade Desk, Inc./The0.000% -0.3%
Tencent Music Entertainment Group0.000% -0.3%
Azul SA0.000% -0.3%
Penumbra, Inc.0.000% -0.3%
Silver Standard Resources, Inc.2.500% 04/01/20390.3%
Cargurus Inc0.000% -0.3%
IIP Operating Partnership LP3.750% 02/21/20240.3%
Myovant Sciences Ltd0.000% -0.3%
First Financial Bankshares, Inc.0.000% -0.3%
Tandem Diabetes Care, Inc.0.000% -0.2%
Cheniere Energy, Inc.0.000% -0.2%
Acreage Holdings Inc0.000% -0.2%
FX CAD/USD 06/190.000% 06/05/20190.1%
FX USD/EUR 06/190.000% 06/07/2019-0.4%
FX USD/EUR 06/190.000% 06/07/2019-0.4%
FX USD/CAD 06/190.000% 06/05/2019-0.6%

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 05/24/2019
$0.050
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/28/2019 03/29/2019 03/29/2019 $0.05040 $13.29

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
06/27/2019 06/28/2019 06/28/2019
09/26/2019 09/27/2019 09/27/2019
12/26/2019 12/27/2019 12/27/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $0.3913 - $0.3913 $12.12
*

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

1.44%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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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.

 

 

Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. 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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