Sustainable Municipal Bond Fund

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Sustainable Municipal Bond Fund

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Daily price w/o sales charge as of 12/05/2023

$9.15

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YTD Returns w/o sales charge as of 12/05/2023

3.74%

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

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Summary

Summary

What is the Sustainable Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal taxation by investing primarily in intermediate-term investment grade municipal bonds.

Yield

30-Day Standardized Yield 1 as of 11/30/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.29% 0.85%

Average Yield to Worst as of 10/31/2023

4.77%

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

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Fund Basicsas of 10/31/2023

Total Net Assets
$5.13 M
Inception Date
01/24/2022
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.16%
Fund Net Expense Ratio
0.63%
Number of Holdings
39
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/20/2022
w/o sales charge 3.47% 3.91% - - - -2.36%
Lipper Category Avg. Intermediate Municipal Debt Funds - - - - - -
Bloomberg 1-15 Year Municipal Index 3.30% 3.79% - - - -0.91%
w/ sales charge 1.12% 1.55% - - - -3.55%

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

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/20/2022
w/o sales charge -0.13% 3.57% - - - -4.60%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.54% 2.77% - - - -
Bloomberg 1-15 Year Municipal Index -1.06% 2.50% - - - -3.48%
w/ sales charge -2.39% 1.27% - - - -5.88%

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

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

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.

CREDIT QUALITY DISTRIBUTION as of 10/31/2023 View Portfolio

Rating Assets
A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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 are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

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Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 10/31/2023

Sector Assets
Healthcare/Hospital
Education
Lease
IDR/PCR
GO Local
Water & Sewer
Housing
Transportation

The Fund's portfolio is actively managed and is subject to change.

PORTFOLIO BREAKDOWN as of 10/31/2023

Maturity Assets
<1 Year
1-3 Years
3-5 Years
5-7 Years
7-9 Years
9-12 Years
12-15 Years
15-18 Years
18-25 Years

The Fund's portfolio is actively managed and is subject to change.

PORTFOLIO BREAKDOWN as of 10/31/2023

Rating Assets
TX
CA
NJ
OH
FL
CT
MD
IL
MI
VA
DC
LA
IN
MA
PA
NY
SC

Credit QUALITY DISTRIBUTION as of 10/31/2023

Rating Assets
A-1/MIG1
AAA
AA
A
BBB
< BBB
Not Rated

Ratings provided by Standard & Poor's, Moody's, and Fitch. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. For a security with both a short-term and a long-term rating, Lord Abbett has categorized the security in the chart above using its short-term rating only. 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 are not rated. A-1/MIG1, A-2/MIG2 and A-3/MIG3 designations denote securities with less than a three-year maturity as well as superior (A-1/MIG1), strong (A-2/MIG2) and favorable (A-3/MIG3) credit quality. The credit quality breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Credit quality allocation reflects market value weightings.

Portfolio Details as of 10/31/2023

Total Net Assets
$5.13 M
Average Effective Duration
5.3 Years
Average Effective Maturity
8.5 Years
Number of Issues
39
Average Yield to Worst
4.77%

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

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.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Yield to worst (YTW) refers to the lesser of a bond’s (a) yield-to-maturity or (b) the lowest yield-to-call calculated on each scheduled call date.

Holding Coupon Maturity Assets
Tarrant County Cultural Education Facilities Finan 5.000% 06/22/2053 5.1%
New Jersey Transportation Trust Fund Authority 5.250% 06/11/2036 4.2%
Connecticut State Health & Educational Facilities 5.000% 06/29/2028 3.8%
Board Of Managers Joint Guadalupe County-City Of S 4.000% 11/30/2026 3.7%
Norfolk Economic Development Authority 5.000% 10/24/2048 3.1%
Duval County Public Schools 5.000% 06/29/2030 3.1%
Washington Metropolitan Area Transit Authority Ded 5.000% 07/10/2038 3.1%
State Of Ohio 5.000% 01/13/2030 3.0%
Louisiana Public Facilities Authority 5.000% 10/10/2036 3.0%
County Of Franklin Oh 5.000% 11/29/2029 3.0%
% of Total Assets 35.1%

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.

Holdings as of10/31/2023

Holding Coupon Maturity Assets
Tarrant County Cultural Education Facilities Finan5.000% 06/22/20535.1%
New Jersey Transportation Trust Fund Authority5.250% 06/11/20364.2%
Connecticut State Health & Educational Facilities5.000% 06/29/20283.8%
Board Of Managers Joint Guadalupe County-City Of S4.000% 11/30/20263.7%
Norfolk Economic Development Authority5.000% 10/24/20483.1%
Duval County Public Schools5.000% 06/29/20303.1%
Washington Metropolitan Area Transit Authority Ded5.000% 07/10/20383.1%
State Of Ohio5.000% 01/13/20303.0%
Louisiana Public Facilities Authority5.000% 10/10/20363.0%
County Of Franklin Oh5.000% 11/29/20293.0%
Maryland Economic Development Corp5.375% 06/26/20383.0%
New Jersey Health Care Facilities Financing Author5.000% 06/30/20253.0%
California Community Choice Financing Authority5.000% 11/22/20532.9%
New Caney Independent School District1.250% 08/14/20242.9%
Connecticut State Health & Educational Facilities2.800% 06/21/20572.8%
City Of Chicago Il Waterworks Revenue5.000% 10/29/20292.8%
Indiana Finance Authority5.000% 05/26/20432.8%
California Community Choice Financing Authority4.000% 04/22/20532.8%
Massachusetts Development Finance Agency5.000% 10/29/20332.8%
Fort Bend Independent School District0.875% 07/24/20502.7%
California Housing Finance Agency4.000% 03/16/20332.6%
Pennsylvania Economic Development Financing Author5.500% 06/25/20372.6%
Michigan Strategic Fund4.000% 09/20/20612.4%
Maryland Health & Higher Educational Facilities Au5.500% 12/25/20452.3%
Antelope Valley Healthcare District5.000% 02/27/20262.2%
Clifton Higher Education Finance Corp6.000% 08/10/20382.1%
Wayne State University4.000% 11/12/20342.1%
California Community Choice Financing Authority5.500% 04/22/20542.0%
Cleveland State University5.000% 11/30/20252.0%
Chicago Board Of Education4.000% 11/26/20392.0%
County Of Osceola Fl Transportation Revenue5.000% 09/29/20282.0%
Jersey City Municipal Utilities Authority4.000% 05/02/20242.0%
Build Nyc Resource Corp5.000% 05/29/20321.9%
South Carolina Jobs-Economic Development Authority5.250% 11/12/20281.9%
Northside Independent School District1.600% 07/31/20241.9%
Florida Development Finance Corp5.000% 09/09/20401.6%
Lee Memorial Health System5.000% 03/29/20291.0%
Stephen F Austin State University5.000% 10/14/20260.5%

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.

Performance

Performance

Average Yield to Worst as of 10/31/2023

4.77%

30-Day Standardized Yield 1 as of 11/30/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 3.29% 0.85%

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

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/20/2022
w/o sales charge 3.47% 3.91% - - - -2.36%
Lipper Category Avg. Intermediate Municipal Debt Funds - - - - - -
Bloomberg 1-15 Year Municipal Index 3.30% 3.79% - - - -0.91%
w/ sales charge 1.12% 1.55% - - - -3.55%

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

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/20/2022
w/o sales charge -0.13% 3.57% - - - -4.60%
Lipper Category Avg. Intermediate Municipal Debt Funds -0.54% 2.77% - - - -
Bloomberg 1-15 Year Municipal Index -1.06% 2.50% - - - -3.48%
w/ sales charge -2.39% 1.27% - - - -5.88%

Fund Expense Ratio :

Gross 2.16%

Net 0.63%

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

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.

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/05/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000,000 0.00% 0.00% $9.36

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).

 

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.

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
2.16% 0.63%

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 Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015

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1

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.

 

2

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

 

3

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

 

IMPORTANT INFORMATION

 

+

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 an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. The Fund is subject to the risk that its investment strategy’s consideration of sustainability-related factors may result in the selection or exclusion of securities of certain investments based on Lord Abbett’s view of these factors and carries the risk that the Fund may underperform funds that do not take sustainability-related factors into account. Sustainability factors may affect the Fund’s exposure to certain issuers, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Certain sustainability-related investments may be dependent on government policies and subsidies, which are subject to change or elimination. Below investment grade bonds involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on those securities. In addition, the Fund is subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. From time to time, the Fund may be more exposed to risks affecting a particular state, territory (such as Puerto Rico), municipality, or region. As a result, adverse economic, political, and regulatory conditions affecting a single state, territory, municipality, or region (and their political subdivisions, agencies, instrumentalities, and public authorities) can disproportionately affect the Fund’s performance. 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.

 

 

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, 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 Bloomberg 1-15 Year Municipal Bond index is the 1-15 year component of the Municipal Bond index. The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year.  To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date.

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.

 

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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