LGCAX | Global Equity Fund Class A | Lord Abbett

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Global Equity Fund

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Effective November 1, 2021 the Lord Abbett Global Equity Research Fund changed its name to Lord Abbett Global Equity Fund. There was no change to the Fund's investment strategy.

Daily price w/o sales charge as of 12/11/2024

$17.41

arrowUp$0.17

YTD Returns w/o sales charge as of 12/11/2024

22.52%

Overall Morningstar Ratings

Global Large-Stock Blend
as of 11/30/2024

Morningstar rated the Lord Abbett Global Equity Fund class A share 3 and 4 stars among 316 and 302 Global Large-Stock Blend Funds for the overall rating and the 3 and 5 year periods ended 11/30/2024, respectively.

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Summary

Summary

What is the Global Equity Fund?

The Fund seeks long-term growth of capital by investing in stocks of both U.S. and non-U.S. companies.

Fund Basicsas of 11/29/2024

Total Net Assets
$80.58 M
Inception Date
01/19/2017
Dividend Frequency
Annually
Fund Gross Expense Ratio
2.55%
Fund Net Expense Ratio
0.90%
Number of Holdings
89
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/18/2017
w/o sales charge 20.34% 26.24% 7.61% 12.59% - 11.68%
Lipper Category Avg. Global Multi-Cap Growth Fds 20.78% 28.25% 2.91% 10.92% - -
MSCI All Country World Index - Net 20.34% 26.12% 7.68% 11.36% - 11.17%
w/ sales charge 13.40% 19.01% 5.51% 11.27% - 10.84%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/18/2017
w/o sales charge 18.30% 33.79% 8.40% 13.44% - 11.70%
Lipper Category Avg. Global Multi-Cap Growth Fds 16.81% 32.10% 2.79% 11.71% - -
MSCI All Country World Index - Net 18.66% 31.76% 8.09% 12.19% - 11.23%
w/ sales charge 11.47% 26.13% 6.29% 12.11% - 10.84%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

INVESTMENT TEAM

Ryan C. Howard
Ryan C. Howard, CFA

Portfolio Manager

21 Years of Industry Experience

Supported By 37 Investment Professionals with 20 Years Avg. Industry Experience

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Performance

Performance

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/18/2017
w/o sales charge 20.34% 26.24% 7.61% 12.59% - 11.68%
Lipper Category Avg. Global Multi-Cap Growth Fds 20.78% 28.25% 2.91% 10.92% - -
MSCI All Country World Index - Net 20.34% 26.12% 7.68% 11.36% - 11.17%
w/ sales charge 13.40% 19.01% 5.51% 11.27% - 10.84%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/18/2017
w/o sales charge 18.30% 33.79% 8.40% 13.44% - 11.70%
Lipper Category Avg. Global Multi-Cap Growth Fds 16.81% 32.10% 2.79% 11.71% - -
MSCI All Country World Index - Net 18.66% 31.76% 8.09% 12.19% - 11.23%
w/ sales charge 11.47% 26.13% 6.29% 12.11% - 10.84%

Fund Expense Ratio :

Gross 2.55%

Net 0.90%

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.

Year Fund Returns MSCI All Country World Index - Net
2023 23.21% 22.20%
2022 -19.03% -18.37%
2021 17.91% 18.54%
2020 23.57% 16.26%
2019 26.22% 26.60%
2018 -9.47% -9.42%
Year Q1 Q2 Q3 Q4
2024 10.77% 2.29% 4.41% -
2023 6.79% 5.39% -3.21% 13.10%
2022 -7.05% -15.63% -4.59% 8.22%
2021 4.69% 7.36% -2.80% 7.93%
2020 -21.78% 21.84% 9.18% 18.77%
2019 12.87% 2.46% -0.09% 9.23%
2018 1.42% -0.26% 4.47% -14.33%

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

Countryas of 11/29/2024

Country Assets
United States 56.3%
United Kingdom 9.0%
Japan 5.6%
Cash 5.5%
Taiwan 3.9%
France 2.5%
China 2.3%
Austria 1.8%
Spain 1.5%
Hong Kong 1.4%
Australia 1.4%
Canada 1.4%
Ireland 1.2%
Panama 1.1%
Germany 0.9%
Mexico 0.8%
Netherlands 0.7%
Cayman Islands 0.7%
India 0.6%
Denmark 0.6%
Switzerland 0.4%
Luxembourg 0.3%

Region classifications of countries are defined by Lord Abbett and may not be consistent with the S&P region definitions. Country classifications of securities held within the universe of S&P indexes are defined by S&P. Country classifications of securities held by the portfolio only, and not included within the universe of S&P indexes, are defined by Lord Abbett.

Region Weighting Fund Change from Previous Quarter
Americas arrowDown0.2%
Europe ex-U.K. arrowDown2.6%
Asia/Pacific arrowDown1.5%
United Kingdom arrowDown0.7%
Japan arrowUp0.8%
Cash arrowUp4.2%

Regional Allocation source: Lord Abbett and Bloomberg. Sector Breakdown source: Wilshire. Region classifications of countries are defined by Lord Abbett and may not be consistent with the S&P region definitions. Country classifications of securities held within the universe of S&P indexes are defined by S&P. Country classifications of securities held by the portfolio only, and not included within the universe of S&P indexes, are defined by Lord Abbett.

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Communication Services arrowUp0.2%
Real Estate arrowDown0.4%
Utilities arrowDown0.2%
Consumer Discretionary arrowDown1.2%
Consumer Staples arrowDown0.1%
Energy arrowDown0.2%
Financials arrowUp1.1%
Health Care arrowDown1.6%
Industrials arrowDown0.5%
Information Technology arrowDown1.0%
Materials arrowDown0.2%

Portfolio Positioning
as of 09/30/2024

  • We believe the outlook for global equities remains compelling. With inflation normalizing and aggregate supply and demand rebalancing, central banks are easing from restrictive levels. A soft landing is the base case, in our view, and corporate earnings globally are on track for further growth. Our primary focus remains on bottom-up investing, derived from intensive company research. The semiconductor industry continues to show strength, driven by accelerated compute applications, including generative artificial intelligence (AI). Despite a slowing cyclical backdrop, the structural growth in accelerated compute is evident, sustaining demand for AI chips. Chipmakers with sufficient scale and a global footprint are well-positioned to benefit from these trends due to their investments in research and specialized manufacturing.
  • We also remain excited about continuing structural change in Japan. Despite macro driven volatility affecting Japanese stocks, the case for structural reform and activist involvement leading to greater shareholder value creation remains strong. Over 40% of companies in the TOPIX 500 index trade below their book value, compared to less than 5% in the S&P 500® Index. The Tokyo Stock Exchange has asked many of these companies to share their plans to raise profitability and returns. Another potential tailwind is the significant cash reserves held by Japanese companies and households. Many companies have net cash positions on their balance sheets, and Japanese households, holding 50% of their financial assets in cash and equivalents, have largely yet to move into stocks and bonds.
  • Lastly, there is also growing optimism for a resurgence in global small-cap stocks. In 2023, these stocks underperformed compared to large-cap stocks, creating a significant valuation gap. The convergence of favorable factors, including potential changes in global central bank policies, suggests a bright future for small caps in 2024. Rate cuts in response to easing inflation could lower borrowing costs for small-cap companies, encouraging growth. Additionally, the potential for increased merger and acquisition activity is high, as lower funding costs could drive larger companies to acquire high-growth small-cap firms. We believe that quality metrics, such as strong return on equity, free cash flow, and prudent balance sheet management, paired with long-term competitive advantages and pricing power, will prove to be key factors allowing companies to outperform.

Portfolio Details as of 11/29/2024

Total Net Assets
$80.58 M

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

Holding Sector Assets
NVIDIA Corp Information Technology 5.8%
Alphabet Inc Communication Services 4.6%
Microsoft Corp Information Technology 3.7%
Meta Platforms Inc Communication Services 3.7%
Amazon.com Inc Consumer Discretionary 3.6%
Taiwan Semiconductor Manufacturing Co Ltd Information Technology 2.8%
East West Bancorp Inc Financials 2.2%
Imperial Brands PLC Consumer Staples 2.1%
MercadoLibre Inc Consumer Discretionary 2.0%
Unilever PLC Consumer Staples 1.9%
% of Total Assets 32.3%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 12/11/2024
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/18/2023 12/19/2023 12/19/2023 $0.11870 $14.11

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
12/16/2024 12/17/2024 12/17/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.9423 $1.2338 $2.1761 $13.96
*

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. 

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $18.47
$50,000 to $99,999 4.75% 4.00% $18.28
$100,000 to $249,999 3.95% 3.25% $18.13
$250,000 to $499,999 2.75% 2.25% $17.90
$500,000 to $999,999 1.95% 1.75% $17.76
$1,000,000 to $5,000,000 0.00% 1.00% $17.41

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

EXPENSE RATIOas of 11/30/2024

Fund Gross Expense Ratio 2.55%
Fund Net Expense Ratio 0.90%

Expense ratio details, Click here.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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.      

                    

 

IMPORTANT INFORMATION

 

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investing strategy.

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 and/or sectors in the economy. The foreign securities in which the Fund primarily invests generally pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. With respect to certain foreign countries, there is a possibility of nationalization, expropriation or confiscatory taxation, imposition of withholding or other taxes, and political or social instability that could affect investments in those countries. These risks can be greater in the case of emerging country securities. Investments in either growth or value stocks may shift in and out of favor for long periods of time, depending on market and economic conditions. The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments. The Fund may invest in exchange-traded funds (“ETFs”), investments in ETFs are subject to a variety of risks, including the risks associated with a direct investment in the underlying securities that the ETF holds. 

 

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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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 MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

 

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

 

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.

 

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