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Developing Growth Fund

Daily price w/o sales charge as of 05/18/2018

$32.02

arrowUp$0.21

YTD Returns w/o sales charge as of 05/18/2018

19.61%

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

fund alert

Closed to new investors, with the exception of certain retirement and benefit plans and existing mutual funds advisory programs.

Click here to view all legal text including risk information

Summary

Summary

What is the Developing Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 04/30/2018

Total Net Assets
$1.89 B
Inception Date
06/30/2015
Dividend Frequency
Annually
Fund Expense Ratio
0.60%
Number of Holdings
90
CUSIP
544006869

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 9.64% 30.79% 7.22% 13.17% 11.32% -
Lipper Category Avg. Small-Cap Growth Funds 3.43% 18.17% 9.72% 12.28% 9.72% -
Russell 2000® Growth Index 2.40% 16.60% 9.89% 13.07% 10.41% -

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 7.25% 28.92% 5.24% 12.50% 11.86% -
Lipper Category Avg. Small-Cap Growth Funds 3.12% 19.98% 8.74% 12.00% 10.33% -
Russell 2000® Growth Index 2.30% 18.63% 8.77% 12.90% 10.95% -

Fund Expense Ratio :

0.60%

Returns with sales charges reflect a maximum sales charge of 5.75%.

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 of future results.

TEN LARGEST HOLDINGS as of 04/30/2018View Portfolio

Holding Assets
Planet Fitness, Inc. 2.7%
Insulet Corp. 2.4%
Penumbra, Inc. 2.1%
Grand Canyon Education, Inc. 1.9%
2U, Inc. 1.8%
SodaStream International Ltd. 1.8%
Paycom Software, Inc. 1.7%
GrubHub, Inc. 1.7%
HubSpot, Inc. 1.6%
At Home Group Inc 1.6%

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.

Sector Allocationas of 04/30/2018View Portfolio

Sector Weighting
Sector Weighting
Consumer Discretionary
Telecommunication Services
Utilities
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

31 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Portfolio Manager

19 Years of Industry Experience

Supported By 3 Investment Professionals with 21 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 9.64% 30.79% 7.22% 13.17% 11.32% -
Lipper Category Avg. Small-Cap Growth Funds 3.43% 18.17% 9.72% 12.28% 9.72% -
Russell 2000® Growth Index 2.40% 16.60% 9.89% 13.07% 10.41% -

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 7.25% 28.92% 5.24% 12.50% 11.86% -
Lipper Category Avg. Small-Cap Growth Funds 3.12% 19.98% 8.74% 12.00% 10.33% -
Russell 2000® Growth Index 2.30% 18.63% 8.77% 12.90% 10.95% -

Fund Expense Ratio :

0.60%

Returns with sales charges reflect a maximum sales charge of 5.75%.

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 of future results.

Year Fund Returns Russell 2000® Growth Index
2017 30.39% 22.17%
2016 -2.33% 11.32%
2015 -8.49% -1.38%
2014 3.70% 5.60%
2013 57.99% 43.30%
2012 10.88% 14.59%
2011 -1.16% -2.91%
2010 37.21% 29.09%
2009 47.74% 34.47%
2008 -47.24% -38.54%
2007 36.48% -
2006 13.02% -
2005 12.47% -
2004 6.54% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 7.25% - - - 19.61%
2017 8.48% 4.13% 7.16% 7.73% 30.39%
2016 -10.23% 2.33% 10.98% -4.20% -2.33%
2015 7.22% 2.73% -15.60% -1.57% -8.49%
2014 1.80% 0.28% -5.68% 7.70% 3.70%
2013 13.64% 10.16% 18.92% 6.12% 57.99%
2012 12.28% -2.56% 5.70% -4.12% 10.88%
2011 10.36% 1.64% -20.75% 11.20% -1.16%
2010 8.29% -7.81% 16.65% 17.83% 37.21%
2009 -2.02% 24.54% 14.28% 5.95% 47.74%
2008 -21.72% 6.73% -11.66% -28.51% -47.24%
2007 4.79% 13.71% 10.00% 4.13% 36.48%
2006 16.11% -6.10% -6.71% 11.12% 13.02%
2005 -5.73% 5.89% 9.75% 2.66% 12.47%
2004 - - - 11.67% 6.54%

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

Holding Sector Assets
Planet Fitness, Inc. Consumer Discretionary 2.7%
Insulet Corp. Health Care 2.4%
Penumbra, Inc. Health Care 2.1%
Grand Canyon Education, Inc. Consumer Discretionary 1.9%
2U, Inc. Information Technology 1.8%
SodaStream International Ltd. Consumer Discretionary 1.8%
Paycom Software, Inc. Information Technology 1.7%
GrubHub, Inc. Information Technology 1.7%
HubSpot, Inc. Information Technology 1.6%
At Home Group Inc Consumer Discretionary 1.6%

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.

Holding Sector Assets
Planet Fitness, Inc. Consumer Discretionary 2.8%
Insulet Corp. Health Care 2.6%
Blueprint Medicines Corp. Health Care 2.1%
2U, Inc. Information Technology 2.0%
Penumbra, Inc. Health Care 2.0%
HubSpot, Inc. Information Technology 2.0%
GrubHub, Inc. Information Technology 2.0%
Grand Canyon Education, Inc. Consumer Discretionary 1.9%
SodaStream International Ltd. Consumer Discretionary 1.9%
Sage Therapeutics, Inc. Health Care 1.8%
Paycom Software, Inc. Information Technology 1.7%
Chegg, Inc. Consumer Discretionary 1.7%
MasTec, Inc. Industrials 1.6%
Live Nation Entertainment, Inc. Consumer Discretionary 1.6%
Monolithic Power Systems, Inc. Information Technology 1.6%
At Home Group Inc Consumer Discretionary 1.5%
RingCentral, Inc. Information Technology 1.5%
Western Alliance Bancorp Financials 1.5%
EPAM Systems, Inc. Information Technology 1.5%
Foundation Medicine, Inc. Health Care 1.5%
Loxo Oncology Inc Health Care 1.5%
Floor & Decor Holdings Inc Consumer Discretionary 1.5%
Etsy, Inc. Information Technology 1.4%
XPO Logistics, Inc. Industrials 1.3%
Agios Pharmaceuticals, Inc. Health Care 1.3%
Proofpoint, Inc. Information Technology 1.3%
World Wrestling Entertainment Inc Consumer Discretionary 1.3%
Atlas Air Worldwide Holdings, Inc. Industrials 1.2%
Okta Inc Information Technology 1.2%
Chart Industries, Inc. Industrials 1.2%
Avexis Inc Health Care 1.2%
Five9, Inc. Information Technology 1.2%
Beacon Roofing Supply, Inc. Industrials 1.2%
Everbridge, Inc. Information Technology 1.2%
Cargurus Inc Information Technology 1.2%
Nevro Corp. Health Care 1.2%
Sarepta Therapeutics, Inc. Health Care 1.2%
CenterState Banks, Inc. Financials 1.1%
Curtiss-Wright Corp. Industrials 1.1%
Moelis & Co. Financials 1.1%
Canada Goose Holdings Inc Consumer Discretionary 1.1%
Evercore Partners, Inc. Financials 1.0%
Air Lease Corp. Industrials 1.0%
Stamps.com, Inc. Information Technology 1.0%
Trade Desk, Inc./The Information Technology 1.0%
Mimecast Ltd. Information Technology 1.0%
Babcock & Wilcox Co. Industrials 1.0%
Cadence BanCorp Financials 1.0%
Trex Co., Inc. Industrials 1.0%
GasLog Ltd. Energy 1.0%
Instructure, Inc. Information Technology 1.0%
Texas Capital Bancshares, Inc. Financials 0.9%
Builders FirstSource, Inc. Industrials 0.9%
Amicus Therapeutics, Inc. Health Care 0.9%
Proto Labs, Inc. Industrials 0.9%
PolyOne Corp. Materials 0.9%
Zscaler Inc Information Technology 0.9%
Aerovironment, Inc. Industrials 0.9%
Wintrust Financial Corp. Financials 0.9%
Zendesk, Inc. Information Technology 0.8%
Coupa Software Inc Information Technology 0.8%
Webster Financial Corp. Financials 0.8%
Eagle Materials, Inc. Materials 0.8%
FibroGen Inc Health Care 0.8%
Tivity Health, Inc. Health Care 0.8%
New Relic, Inc. Information Technology 0.8%
Aspen Technology, Inc. Information Technology 0.8%
Nutanix, Inc. Information Technology 0.7%
Marriott Vacations Worldwide Corp. Consumer Discretionary 0.7%
RBC Bearings, Inc. Industrials 0.7%
Quanta Services, Inc. Industrials 0.7%
Twilio, Inc. Information Technology 0.7%
Cactus Inc Energy 0.7%
Bluebird Bio, Inc. Health Care 0.7%
Spark Therapeutics, Inc. Health Care 0.6%
Paylocity Holding Corp. Information Technology 0.6%
HealthEquity, Inc. Health Care 0.6%
Insmed, Inc. Health Care 0.6%
Hamilton Lane Inc Financials 0.5%
SolarEdge Technologies, Inc. Information Technology 0.5%
Lumentum Holdings, Inc. Information Technology 0.5%
Entegris, Inc. Information Technology 0.5%
Talend SA Information Technology 0.5%
CEVA, Inc. Information Technology 0.5%
Exact Sciences Corp. Health Care 0.5%
Appian Corp Information Technology 0.4%
Roku Inc Consumer Discretionary 0.4%
Universal Display Corp. Information Technology 0.3%
Aerojet Rocketdyne Holdings, Inc. Industrials 0.2%

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.

Sector Allocationas of 04/30/2018

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowDown1.3%
Telecommunication Services 0.0%
Utilities 0.0%
Consumer Staples 0.0%
Energy arrowDown0.4%
Financials arrowUp1.8%
Health Care arrowUp0.4%
Industrials arrowUp0.1%
Information Technology arrowDown0.3%
Materials arrowDown0.8%
Real Estate 0.0%

Portfolio Positioning as of 03/31/2018

  • The portfolio is overweight in the information technology sector relative to its benchmark, the Russell 2000® Growth Index, as we anticipate continued innovation in e-commerce and cloud computing. Within this     sector, the portfolio is overweight in internet service and software providers.
  • Within the health care sector, we have increased the portfolio’s exposure to innovative biotechnology companies, as large cap firms within the industry seek growth opportunities.
  • The portfolio remains underweight in certain bond proxy sectors, such as consumer staples and real estate, as we continue to believe these sectors are extremely overvalued and may also be adversely affected by the normalization of interest rates.
  • We remain very positive about the U.S. stock market, and particularly bullish on small caps and high growth stocks. While there remains a host of concerns around macro shocks and potential missteps by the U.S. Federal Reserve around hiking rates too quickly, we believe that improving fundamentals will continue to lead the market higher.

Portfolio Details as of 04/30/2018

Total Net Assets
$1.89 B
Number of Holdings
90
Weighted Average Market Cap.
4.0 B
P/B Ratio
5.8x
Portfolio Turnover Ratio as of 07/31/2017
134.4%
P/E Ratio
33.7x

To view definitions for the above Portfolio Details, Click here.

 

Market Capitalization Breakdown - Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Mid, Small, and Micro. Of the 5000 largest domestic stocks in their equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro.

 

Weighted Average Market Cap - The average market capitalization of all companies held in the portfolio with each company weighted according to its percent held in the portfolio. The result is based upon a weighted average of the securities held in the fund.                                                                                                                                                                                                                                                                

P/B Ratio - A ratio that helps determine whether a stock is undervalued or overvalued. It is calculated by dividing a stock's price per share by its book value per share. The result is based upon a weighted average of the securities held in the fund.                                                                                                                                                                                                                                                               

P/E Ratio - Is the weighted average of each holding's P/E ratio (price of a stock divided by its earnings per share). The result is based upon a weighted average of the securities held in the fund.                                                                                                                                  

Portfolio Turnover - This is a measure of the Fund’s trading activity which is computed by taking the lesser of purchases or sales divided by average monthly market value, excluding short-term investments. The resulting percentage represents the percentage of the portfolio’s holdings that have changed over the past year.

Contributors & Detractors as of  03/29/2018

Contributors

Holding Contribution
GrubHub, Inc. 0.8%
2U, Inc. 0.6%
Insulet Corp. 0.6%
Paycom Software, Inc. 0.5%
Mulesoft Inc 0.5%

Detractors

Holding Contribution
GasLog Ltd. -0.4%
Roku Inc -0.4%
Universal Display Corp. -0.4%
Beacon Roofing Supply, Inc. -0.3%
Overstock.com, Inc. -0.2%

% Contribution reflects the effect of the individual stock's performance on the Fund's overall performance for the period. Individual holdings and their effect on Fund performance may change significantly over time. Investors should consider the overall performance of the Fund before making a decision on whether or not to invest in the Fund.

Attribution Analysis 

for
Developing Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

The total base return displayed for the Fund does not capture daily cash flow and trading activity and therefore is subject to reasonable variance from the Fund's actual return. Please refer to the Fund's performance results for longer-term returns. The Fund is actively managed and portfolio characteristics, such as individual holdings and sector weightings, may change significantly over time.

Please see "About Wilshire Attribution" of the performance attribution displayed above by Click here.

About Wilshire Attribution

The Wilshire Atlas Variance Analysis tool provides a methodology for explaining the difference in performance between a portfolio and its benchmark, based on the decomposition of returns. The user specifies the portfolio, index, link frequency, sector and weighting. The weighting can be shown as beginning, average or end weights and is used for display purposes only. 

Average Weight (Portfolio): This is the average weight of each group in the portfolio. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Portfolio): This is the weighted average holding period return for the securities in each group. This weighted average is calculated for each link period using beginning weights and then the resulting values are linked together to calculate the displayed value.

Average Weight (Benchmark): This is the average weight of each group in the benchmark. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Benchmark): This is the weighted average holding period return for the benchmark securities in each group. This weighted average is calculated for each link period using beginning weights, then the resulting values are linked together to calculate the displayed value.

Stock Selection Variance: This is the success of selection decisions within each group versus the benchmark. It is calculated for each link period using the following equation: Stock Selection Variance = WP,G * (RP,G - RB,G), where WP,G = Weight of the group in the portfolio, RP,G = Return of the group in the portfolio, RB,G = Return of the group in the benchmark.

Group Weighting Variance: This is the result of weighting decisions in each group versus the benchmark. It is calculated for each link period using the following equation: Group Weighting Variance = (WP,G – WB,G) * (RB,G – RB,T), where WP,G = Weight of the group in the portfolio, WB,G = Weight of the group in the benchmark, RB,G = Return of the group in the benchmark, RB,T = Overall return of the benchmark.

Total Variance: This is the sum of group weighting and stock selection variances. This represents the amount of total variance that is explained by the selection and allocation decisions for each group.

Wilshire generated returns are calculated gross of fees based on end of day prices and do not capture intraday cash flow, price changes or trading activity, and therefore are subject to some variance from Lord Abbett returns. In addition, Wilshire and Lord Abbett may use different pricing sources and methodologies.

Not Classified securities represent those securities which have not been assigned an official GICS Direct classification. GICS Direct, a joint product of Standard & Poor’s and MSCI, provides industry classifications for more than 40,000 companies and over 45,000 securities. Not Classified securities may include, but are not limited to: Exchange-Traded Funds (ETFs), pink sheet-listed issues, pre-IPO placements, private placements, secondary issues, open-end funds, closed-end funds, and non-operating establishments.

Under certain circumstances, Lord Abbett may elect to have Wilshire map an ETF holding to the relevant characteristics represented by that ETF’s underlying index in order to reflect the exposure and performance contributed by the ETF to the overall portfolio. When this option is selected, Wilshire will remove the ETF from the Not Classified category and instead allocate the ETF’s exposures across the relevant attributes based on the composition of the ETF’s underlying index.

Source: Wilshire Attribution Software. GICS sector classification; non-GICS securities classified by Lord Abbett. Sectors may include many industries.

Dividends & Cap Gains

Dividends & Cap Gains

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
11/19/2018 11/20/2018 11/20/2018

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $1.6626 $0.1887 $1.8513 $21.90
*

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
11/19/2018 11/20/2018

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2018

0.60%

Fund Documents

Fund Documents

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Summary Prospectus
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Annual Report
Publish Date:11/03/2015
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Publish Date:11/03/2015
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IMPORTANT INFORMATION

 

A Note about Risk: The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Small cap company stocks tend to be more volatile and may be less liquid than other types of stocks. Small cap companies may also have more limited product lines, markets, or financial resources and typically experience a higher risk of failure than large cap companies. Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general. The Fund engages in active and frequent trading of its securities, which may result in increased transaction fees, reduced investment performance, and higher taxes. These factors can adversely 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 R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 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 Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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.

* Awarded Best Small-Cap Growth Fund over ten years by Lipper. Lord Abbett Developing Growth Fund (Class I: LADYX) ranked best within the category of a total of 114 funds for the highest risk-adjusted returns for the 10-year period ended 12/31/2014.

Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds' historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 12/31/2014. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5, or 10 years. Other share classes may have different performance and expense characteristics. Class I shares are only available to institutional investors and certain others, including retirement plans. For additional information on each Class share, see the Fund's current prospectus.

Lipper awards are not intended to predict future results. Past performance does not guarantee future results.

Source: © Reuters 2015. 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.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

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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