LHYCX | High Yield Fund Class C | Lord Abbett

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High Yield Fund

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Daily price w/o sales charge as of 06/24/2022

$6.25

arrowUp$0.02

YTD Returns w/o sales charge as of 06/24/2022

-14.23%

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

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

 

Yield

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 5.37%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.59% 5.58%

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

Fund Basicsas of 05/31/2022

Total Net Assets
$5.60 B
Inception Date
12/31/1998
Dividend Frequency
Monthly
Fund Expense Ratio
1.51%
Number of Holdings
663
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -9.33% -7.23% 1.67% 2.00% 4.75% 5.45%
Lipper Category Avg. High Yield Funds -7.37% -5.04% 2.85% 2.95% 4.54% -
ICE BofA U.S. High Yield Constrained Index -7.74% -5.00% 3.13% 3.41% 5.35% 6.26%
w/ sales charge -10.22% -7.23% 1.67% 2.00% 4.75% 5.45%

Fund Expense Ratio :

1.51%

Fund Expense Ratio :

1.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -5.61% -1.96% 3.28% 3.19% 5.04% 5.67%
Lipper Category Avg. High Yield Funds -4.07% -0.28% 4.14% 4.05% 4.85% -
ICE BofA U.S. High Yield Constrained Index -4.50% -0.30% 4.37% 4.54% 5.69% 6.46%
w/ sales charge -6.55% -1.96% 3.28% 3.19% 5.04% 5.67%

Fund Expense Ratio :

1.51%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

A Powerful Trend That Could Support U.S. High Yield in 2022
December 6, 2021

We expect a surge in “rising stars”—upgrades of U.S. debt issues from high yield to investment grade—over the next two years.

Type Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of unsettled transactions.

Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

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 05/31/2022 View Portfolio

Rating Assets
BBB
BB
B
<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 average rating based on numeric values assigned to each 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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director, Deputy Director of Leveraged Credit

14 Years of Industry Experience

Karen J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

12 Years of Industry Experience

Supported By 70 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 5.37%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.59% 5.58%

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

Fund Expense Ratio :

1.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -9.33% -7.23% 1.67% 2.00% 4.75% 5.45%
Lipper Category Avg. High Yield Funds -7.37% -5.04% 2.85% 2.95% 4.54% -
ICE BofA U.S. High Yield Constrained Index -7.74% -5.00% 3.13% 3.41% 5.35% 6.26%
w/ sales charge -10.22% -7.23% 1.67% 2.00% 4.75% 5.45%

Fund Expense Ratio :

1.51%

Fund Expense Ratio :

1.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge -5.61% -1.96% 3.28% 3.19% 5.04% 5.67%
Lipper Category Avg. High Yield Funds -4.07% -0.28% 4.14% 4.05% 4.85% -
ICE BofA U.S. High Yield Constrained Index -4.50% -0.30% 4.37% 4.54% 5.69% 6.46%
w/ sales charge -6.55% -1.96% 3.28% 3.19% 5.04% 5.67%

Fund Expense Ratio :

1.51%

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 ICE BofA U.S. High Yield Constrained Index
2021 5.50% 5.35%
2020 3.83% 6.07%
2019 14.25% 14.41%
2018 -5.68% -2.27%
2017 7.80% 7.48%
2016 15.15% 17.49%
2015 -2.92% -4.61%
2014 2.79% 2.51%
2013 8.98% 7.41%
2012 15.77% 15.55%
2011 2.41% -
2010 13.44% -
2009 49.15% -
2008 -23.93% -
2007 1.84% -
2006 9.16% -
2005 0.53% -
2004 9.73% -
2003 20.72% -
2002 -0.54% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.61% - - - -14.23%
2021 1.57% 2.96% 0.47% 0.41% 5.50%
2020 -16.88% 10.78% 5.39% 6.99% 3.83%
2019 7.21% 3.63% 0.12% 2.71% 14.25%
2018 -1.24% -0.21% 2.38% -6.52% -5.68%
2017 2.66% 1.81% 2.29% 0.83% 7.80%
2016 2.00% 5.22% 5.31% 1.89% 15.15%
2015 2.90% 0.70% -4.41% -1.99% -2.92%
2014 2.76% 3.10% -1.88% -1.12% 2.79%
2013 3.81% -1.21% 2.48% 3.70% 8.98%
2012 6.48% 0.19% 4.90% 3.45% 15.77%
2011 3.64% 0.89% -7.23% 5.57% 2.41%
2010 4.74% -1.00% 6.14% 3.07% 13.44%
2009 5.78% 17.17% 13.72% 5.82% 49.15%
2008 -3.61% 1.83% -8.00% -15.78% -23.93%
2007 2.82% -0.04% 0.44% -1.34% 1.84%
2006 2.29% -0.15% 2.78% 3.99% 9.16%
2005 -1.92% 1.36% 0.72% 0.40% 0.53%
2004 0.96% -0.56% 4.20% 4.91% 9.73%
2003 3.78% 8.09% 2.33% 5.16% 20.72%
2002 1.46% -3.85% -3.80% 5.98% -0.54%
2001 4.97% -1.83% -4.24% 5.99% 4.59%
2000 -1.71% 0.73% 0.15% -2.71% -3.52%
1999 3.07% -0.36% -0.86% 3.89% 5.78%
1998 - - - - 0.80%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Equity
Convertibles
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of unsettled transactions.

Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

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 05/31/2022

Rating Assets
BBB
BB
B
<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 average rating based on numeric values assigned to each 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 3/31/2022

  • The Fund’s allocation to the Basic Industry sector remained the largest overweight sector. We continued to favor the long-term picture for the sector as the Fund remained tilted towards more cyclical positioning. Within the sector, we continued to favor securities in the Metals and Mining subsector, and increased exposure to Steel Products. Both of these segments have been mostly supported by higher inflation and rising commodity prices and should continue to be boosted particularly given commodity supply constraints as a result of the Russia-Ukrainian conflict. However, we trimmed several positions associated with Building & Construction and Building Material throughout the quarter. Issuers in these subsectors faced increased headwinds given higher input costs from supply chain shortages as well as a shortage in labor supply. Additionally, housing affordability dampened in the latter half of the quarter due to rising mortgage rates, leading to a weaker consumer demand outlook.
  • We increased exposure to the Energy sector within the Fund, which remained the second largest overweight. Energy exposure remained primarily in the Exploration & Production (E&P) subsector, which had been a direct beneficiary of increased U.S. energy demand as the U.S. reopened from initial COVID-19-related restrictions. Separately, these securities benefited from a favorable technical relationship in oil prices given elevated demand and constrained supply. While we remain constructive on the E&P space, we began to explore other subsectors within the sector, including Gas Distribution, where there may be more attractive relative value. However, we remain constructive on the sector as a whole which should be supported by higher oil prices, especially given an expected supply shortage as a result of Western sanctions on Russian produced crude oil.
  • The Fund’s allocation to the Retail sector decreased over the quarter due to inflationary headwinds. We expect this sector to face increased headwinds as inflation remains elevated. Not only have retailers experienced higher input costs and ongoing supply chain challenges, but U.S. consumers have begun to curb consumption on goods given the rising prices. Furthermore, retail sales were boosted by consumers receiving robust fiscal stimulus in 2021, most of which is now expired. Within the sector, we have moved away from positions in the Specialty Retail segment that have higher exposure to low-end consumers which we expect to be affected more substantially by inflation as they have less flexibility to absorb these prices.
  • We meaningfully added to Fund’s allocation to the Healthcare sector. Recessionary risks ticked up in March given the combination of red-hot inflation, an increasingly hawkish Fed stance, and the war in Ukraine. As a result, we have migrated the Fund to a moderately more defensive posture with a focus on the Healthcare sector. Within Healthcare, we primarily targeted health facilities, which should benefit from an expected increase in volumes as individuals resume more nonmandatory procedures. These higher volumes should offset cost pressures from tight labor markets, yet we continue to monitor these positions given a decrease in volumes.
  • The Telecommunications sector remained the Fund’s largest underweight. The industry also continued to struggle with secular issues with traditional wireline companies particularly at risk as their customer base continued to erode. Meanwhile, in our view, the wireless subsector within Telecommunications remained fully valued and more valuable investments reside in other sectors.
  • We moved the Fund’s credit risk towards up-in-quality securities towards the end of the quarter. In the beginning of the quarter, we focused on moving the Fund towards less-rate sensitive credits, particularly CCC-rated securities, as interest rates rose, and the Fed communicated an increasingly hawkish stance. However, we quickly moved back into higher quality credit, particularly into BB- and BBB-rating buckets, in response to the start of the Russian-Ukrainian war as growth outlooks dampened and the probability of recessionary risks moved higher. Separately, these higher quality high yield credits exhibited more attractive relative valuations, given the recent widening in spreads from the selloff of more duration sensitive bonds within high yield, as well as the upgrade pressure from the volume of potential rising stars. We simultaneously rotated away from CCC-rated credit and reduced the Fund’s overall credit exposure given the increased recessionary risks in the U.S. and global economies.
  • The Fund maintained modest allocations to out-of-index sectors, such as bank loans and investment grade bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential Fund diversification benefits and avenues for liquidity. However, we reduced select allocations to U.S. equities and convertible bonds throughout the quarter as these comprised of growth-related sectors which suffered from increased risk-off sentiment. Separately, we did continue to increase the Fund’s bank loan allocation given their floating rate exposure.

Portfolio Details as of 05/31/2022

Total Net Assets
$5.60 B
Number of Issues
663
Average Coupon
5.47%
Average Maturity
6.81 Years
Average Effective Duration
4.72 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.

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.

Holding Coupon Maturity Assets
Occidental Petroleum Corp 6.125% 01/01/2031 1.0%
Sprint Capital Corp 6.875% 11/15/2028 0.9%
Mozart Debt Merger Sub Inc 3.875% 04/01/2029 0.6%
Jazz Securities DAC 4.375% 01/15/2029 0.6%
Tenet Healthcare Corp 4.375% 01/15/2030 0.6%
HCA Inc 3.500% 09/01/2030 0.6%
CHS/Community Health Systems Inc 4.750% 02/15/2031 0.5%
Centene Corp 4.625% 12/15/2029 0.5%
FirstEnergy Corp 7.375% 11/15/2031 0.5%
Centennial Resource Production LLC 5.375% 01/15/2026 0.5%
% of Total Assets 6.3%
Holding Coupon Maturity Assets
Sprint Capital Corp6.875% 11/15/20280.9%
Occidental Petroleum Corp6.125% 01/01/20310.9%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.6%
CHS/Community Health Systems Inc4.750% 02/15/20310.6%
Tenet Healthcare Corp4.375% 01/15/20300.6%
Mozart Debt Merger Sub Inc3.875% 04/01/20290.5%
Centene Corp4.625% 12/15/20290.5%
Centennial Resource Production LLC5.375% 01/15/20260.5%
MEG Energy Corp7.125% 02/01/20270.5%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.4%
FirstEnergy Corp7.375% 11/15/20310.4%
Ford Motor Co4.750% 01/15/20430.4%
Ford Motor Co3.250% 02/12/20320.4%
HCA Inc3.500% 09/01/20300.4%
Colgate Energy Partners III LLC5.875% 07/01/20290.4%
Jazz Securities DAC4.375% 01/15/20290.4%
Ford Motor Credit Co LLC2.900% 02/10/20290.4%
Navient Corp6.750% 06/25/20250.4%
Matador Resources Co5.875% 09/15/20260.4%
Crowdstrike Holdings Inc3.000% 02/15/20290.4%
Laredo Petroleum Inc10.125% 01/15/20280.4%
Molina Healthcare Inc3.875% 11/15/20300.4%
Synovus Financial Corp5.900% 02/07/20290.4%
Peabody Energy Corp3.499% 03/31/20250.4%
FMG Resources August 2006 Pty Ltd4.500% 09/15/20270.3%
Carnival Corp4.000% 08/01/20280.3%
GS Mortgage Securities Corp Trust 2021-ROSS MZ10.054% 06/15/20260.3%
American Airlines Inc11.750% 07/15/20250.3%
Organon & Co / Organon Foreign Debt Co-Issuer BV4.125% 04/30/20280.3%
Alcoa Nederland Holding BV4.125% 03/31/20290.3%
United States Steel Corp6.875% 03/01/20290.3%
Gulfport Energy Corp8.000% 05/17/20260.3%
Virgin Media Secured Finance PLC5.500% 05/15/20290.3%
Coeur Mining Inc5.125% 02/15/20290.3%
AMC Networks Inc4.250% 02/15/20290.3%
CHS/Community Health Systems Inc6.125% 04/01/20300.3%
Weatherford International Ltd8.625% 04/30/20300.3%
Southwestern Energy Co8.375% 09/15/20280.3%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.3%
Cheniere Energy Partners LP3.250% 01/31/20320.3%
Sylvamo Corp7.000% 09/01/20290.3%
Crescent Energy Finance LLC7.250% 05/01/20260.3%
Mohegan Gaming & Entertainment8.000% 02/01/20260.3%
Air Methods Corp8.000% 05/15/20250.3%
Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer Inc5.000% 02/01/20260.3%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.3%
Scientific Games Holdings LP/Scientific Games US FinCo Inc6.625% 03/01/20300.3%
Novelis Corp3.875% 08/15/20310.3%
ON Semiconductor Corp3.875% 09/01/20280.3%
Oceaneering International Inc6.000% 02/01/20280.3%
Organon & Co / Organon Foreign Debt Co-Issuer BV5.125% 04/30/20310.3%
Buena Vista Gaming Authority13.000% 04/01/20230.3%
Ingles Markets Inc4.000% 06/15/20310.3%
Callon Petroleum Co8.000% 08/01/20280.3%
MND Holdings III Corp4.506% 06/19/20240.3%
Fontainebleau Miami Beach Trust 2019-FBLU4.095% 12/10/20360.3%
SEB Funding LLC4.969% 01/30/20520.3%
Penn National Gaming Inc4.125% 07/01/20290.3%
SM Energy Co6.750% 09/15/20260.3%
180 Medical Inc3.875% 10/15/20290.3%
Buckeye Partners LP6.375% 01/22/20780.3%
Centene Corp3.375% 02/15/20300.2%
RIVERBED TECHNOLOGY INC2.000% 12/08/20260.2%
Vedanta Resources Finance II PLC8.950% 03/11/20250.2%
Virgin Media Finance PLC5.000% 07/15/20300.2%
Centene Corp3.000% 10/15/20300.2%
ModivCare Escrow Issuer Inc5.000% 10/01/20290.2%
Coronado Finance Pty Ltd10.750% 05/15/20260.2%
Twilio Inc3.625% 03/15/20290.2%
California Resources Corp7.125% 02/01/20260.2%
Range Resources Corp4.875% 05/15/20250.2%
National CineMedia LLC5.875% 04/15/20280.2%
Tianqi Finco Co Ltd3.750% 11/28/20220.2%
United States Steel Corp6.650% 06/01/20370.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Gray Escrow II Inc5.375% 11/15/20310.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2021-14404.404% 03/15/20360.2%
Occidental Petroleum Corp6.450% 09/15/20360.2%
Nabors Industries Ltd7.250% 01/15/20260.2%
Civitas Resources Inc5.000% 10/15/20260.2%
Braskem Idesa SAPI7.450% 11/15/20290.2%
Texas Capital Bancshares Inc4.000% 05/06/20310.2%
TransDigm Inc5.500% 11/15/20270.2%
Switch Ltd3.750% 09/15/20280.2%
DISH DBS Corp7.750% 07/01/20260.2%
Ardonagh Midco 2 PLC11.500% 01/15/20270.2%
Atkore Inc4.250% 06/01/20310.2%
Boyne USA Inc4.750% 05/15/20290.2%
Apache Corp5.100% 09/01/20400.2%
BFLD 2019-DPLO3.094% 10/15/20340.2%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.2%
LSB Industries Inc6.250% 10/15/20280.2%
DIRECT CHASSISLINK INC7.739% 04/10/20260.2%
ZipRecruiter Inc5.000% 01/15/20300.2%
H&E Equipment Services Inc3.875% 12/15/20280.2%
Kosmos Energy Ltd7.500% 03/01/20280.2%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.2%
Western Midstream Operating LP4.550% 02/01/20300.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.2%
Earthstone Energy Holdings LLC8.000% 04/15/20270.2%
Travel + Leisure Co6.625% 07/31/20260.2%
Apache Corp4.750% 04/15/20430.2%
Tenet Healthcare Corp4.250% 06/01/20290.2%
Pattern Energy Operations LP / Pattern Energy Operations Inc4.500% 08/15/20280.2%
T-Mobile USA Inc2.625% 02/15/20290.2%
Sealed Air Corp6.875% 07/15/20330.2%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.2%
Commercial Metals Co4.125% 01/15/20300.2%
US 10yr Ultra Fut Jun220.000% 06/30/20220.2%
USA Compression Partners LP / USA Compression Finance Corp6.875% 09/01/20270.2%
Resideo Funding Inc4.000% 09/01/20290.2%
Acadia Healthcare Co Inc5.000% 04/15/20290.2%
MSCI Inc3.875% 02/15/20310.2%
PBF Holding Co LLC / PBF Finance Corp9.250% 05/15/20250.2%
Hecla Mining Co7.250% 02/15/20280.2%
Taseko Mines Ltd7.000% 02/15/20260.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc5.000% 06/01/20290.2%
Coinbase Global Inc3.625% 10/01/20310.2%
Mueller Water Products Inc4.000% 06/15/20290.2%
Belo Corp7.250% 09/15/20270.2%
MC Brazil Downstream Trading SARL7.250% 06/30/20310.2%
Affinity Gaming6.875% 12/15/20270.2%
BEP Ulterra Holdings Inc6.014% 11/26/20250.2%
PBF Holding Co LLC / PBF Finance Corp7.250% 06/15/20250.2%
Ball Corp2.875% 08/15/20300.2%
PRA Group Inc5.000% 10/01/20290.2%
Jacobs Entertainment Inc6.750% 02/15/20290.2%
Option Care Health Inc4.375% 10/31/20290.2%
AMN Healthcare Inc4.000% 04/15/20290.2%
Go Daddy Operating Co LLC / GD Finance Co Inc3.500% 03/01/20290.2%
CDI Escrow Issuer Inc5.750% 04/01/20300.2%
Gartner Inc3.750% 10/01/20300.2%
CQP Holdco LP / BIP-V Chinook Holdco LLC5.500% 06/15/20310.2%
Compass Minerals International Inc6.750% 12/01/20270.2%
INTELSAT JACKSON HOLDINGS SA4.920% 02/01/20290.2%
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp4.875% 05/01/20290.2%
Full House Resorts Inc8.250% 02/15/20280.2%
Vmed O2 UK Financing I PLC4.750% 07/15/20310.2%
Comstock Resources Inc5.875% 01/15/20300.2%
Armor Holdco Inc8.500% 11/15/20290.2%
Entegris Inc3.625% 05/01/20290.2%
Radiology Partners Inc9.250% 02/01/20280.2%
Levi Strauss & Co3.500% 03/01/20310.2%
Movida Europe SA5.250% 02/08/20310.2%
Perimeter Master Note Business Trust5.190% 05/15/20270.2%
Buckeye Partners LP3.950% 12/01/20260.2%
Midcap Financial Issuer Trust6.500% 05/01/20280.2%
SierraCol Energy Andina LLC6.000% 06/15/20280.2%
Hunt Cos Inc5.250% 04/15/20290.2%
Block Inc3.500% 06/01/20310.2%
Crocs Inc4.125% 08/15/20310.2%
AMMC CLO 24 Ltd7.633% 01/20/20350.2%
Live Nation Entertainment Inc3.750% 01/15/20280.2%
Tenet Healthcare Corp6.125% 10/01/20280.2%
Anastasia Parent LLC4.756% 08/11/20250.2%
Synaptics Inc4.000% 06/15/20290.2%
Churchill Downs Inc4.750% 01/15/20280.2%
Nabors Industries Inc5.750% 02/01/20250.2%
Minsur SA4.500% 10/28/20310.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.2%
SunCoke Energy Inc4.875% 06/30/20290.2%
CSN Resources SA4.625% 06/10/20310.2%
Southwestern Energy Co5.375% 02/01/20290.2%
Vermilion Energy Inc6.875% 05/01/20300.2%
SeaWorld Parks & Entertainment Inc5.250% 08/15/20290.2%
HAT Holdings I LLC / HAT Holdings II LLC3.750% 09/15/20300.2%
Century Aluminum Co7.500% 04/01/20280.2%
Texas Capital Bank NA5.250% 01/31/20260.2%
VZ Secured Financing BV5.000% 01/15/20320.2%
1011778 BC ULC / New Red Finance Inc3.500% 02/15/20290.2%
US Acute Care Solutions LLC6.375% 03/01/20260.2%
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc5.125% 04/01/20290.2%
Vista Outdoor Inc4.500% 03/15/20290.2%
City Football Group Ltd4.598% 07/21/20280.2%
Baytex Energy Corp8.750% 04/01/20270.2%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.2%
Apollo Commercial Real Estate Finance Inc4.625% 06/15/20290.2%
Ulker Biskuvi Sanayi AS6.950% 10/30/20250.2%
Laredo Petroleum Inc7.750% 07/31/20290.2%
Bristow Group Inc6.875% 03/01/20280.2%
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp8.000% 04/01/20290.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS9.500% 07/10/20360.2%
Oasis Petroleum Inc6.375% 06/01/20260.2%
Cinemark USA Inc5.250% 07/15/20280.2%
TerraForm Power Operating LLC4.750% 01/15/20300.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.2%
Ciena Corp4.000% 01/31/20300.2%
Mercer International Inc5.125% 02/01/20290.2%
Hertz Corp/The5.000% 12/01/20290.2%
Tullow Oil PLC10.250% 05/15/20260.2%
HAT Holdings I LLC / HAT Holdings II LLC3.375% 06/15/20260.2%
EnerSys4.375% 12/15/20270.2%
Bombardier Inc6.000% 02/15/20280.2%
Precision Drilling Corp6.875% 01/15/20290.2%
XHR LP4.875% 06/01/20290.2%
Patterson-UTI Energy Inc3.950% 02/01/20280.2%
Twilio Inc3.875% 03/15/20310.2%
Equinox Holdings Inc4.006% 03/08/20240.2%
Lindblad Expeditions LLC6.750% 02/15/20270.2%
WASHINGTON PRIME GROUP LP6.750% 10/20/20250.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Rockcliff Energy II LLC5.500% 10/15/20290.2%
Canacol Energy Ltd5.750% 11/24/20280.2%
Indika Energy Capital IV Pte Ltd8.250% 10/22/20250.2%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.2%
Royal Caribbean Cruises Ltd5.375% 07/15/20270.2%
Talen Energy Supply LLC6.500% 06/01/20250.2%
Dycom Industries Inc4.500% 04/15/20290.2%
SM Energy Co6.625% 01/15/20270.2%
Alpha Metallurgical Resources Inc10.000% 06/14/20240.2%
CSMC 2021-BPNY4.269% 08/15/20230.2%
Frontier Communications Holdings LLC5.875% 10/15/20270.2%
Forestar Group Inc5.000% 03/01/20280.2%
Sabre GLBL Inc9.250% 04/15/20250.2%
NAPA Management Services Corp6.149% 02/23/20290.2%
Charles River Laboratories International Inc4.250% 05/01/20280.2%
TransDigm Inc4.625% 01/15/20290.2%
Hudbay Minerals Inc4.500% 04/01/20260.2%
MHP Lux SA6.250% 09/19/20290.2%
Kennedy-Wilson Inc4.750% 03/01/20290.2%
Imola Merger Corp4.750% 05/15/20290.2%
IIP Operating Partnership LP5.500% 05/25/20260.2%
Bellis Finco PLC4.000% 02/16/20270.2%
MGM Resorts International4.625% 09/01/20260.2%
Wyndham Hotels & Resorts Inc4.375% 08/15/20280.2%
Mattel Inc5.450% 11/01/20410.2%
Catalent Pharma Solutions Inc3.500% 04/01/20300.2%
Cedar Fair LP5.250% 07/15/20290.2%
AG Issuer LLC6.250% 03/01/20280.2%
Kraft Heinz Foods Co4.875% 10/01/20490.2%
Berry Petroleum Co LLC7.000% 02/15/20260.2%
Ahern Rentals Inc7.375% 05/15/20230.2%
WMG Acquisition Corp3.750% 12/01/20290.2%
SPCM SA3.375% 03/15/20300.2%
ATS Automation Tooling Systems Inc4.125% 12/15/20280.2%
WMG Acquisition Corp3.000% 02/15/20310.2%
NCL Corp Ltd5.875% 03/15/20260.2%
LCM Investments Holdings II LLC4.875% 05/01/20290.2%
Aegea Finance Sarl6.750% 05/20/20290.2%
Arconic Corp6.125% 02/15/20280.2%
IEA Energy Services LLC6.625% 08/15/20290.2%
United Rentals North America Inc3.875% 02/15/20310.2%
DT Midstream Inc4.125% 06/15/20290.2%
Carriage Purchaser Inc7.875% 10/15/20290.2%
TK Elevator US Newco Inc5.250% 07/15/20270.2%
CrownRock LP / CrownRock Finance Inc5.000% 05/01/20290.2%
Colgate Energy Partners III LLC7.750% 02/15/20260.2%
Hilton Domestic Operating Co Inc3.625% 02/15/20320.2%
Hudbay Minerals Inc6.125% 04/01/20290.2%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/06/20310.2%
Owens & Minor Inc6.625% 04/01/20300.2%
Guitar Center Inc8.500% 01/15/20260.2%
VistaJet Malta Finance PLC / XO Management Holding Inc6.375% 02/01/20300.2%
ASR Media and Sponsorship SpA5.125% 08/01/20240.2%
Cable One Inc4.000% 11/15/20300.2%
Canary Wharf Group Investment Holdings PLC3.375% 04/23/20280.2%
First Quantum Minerals Ltd6.875% 10/15/20270.2%
Seaspan Corp5.500% 08/01/20290.2%
Murphy Oil USA Inc3.750% 02/15/20310.2%
Callon Petroleum Co6.375% 07/01/20260.2%
Weatherford International Ltd6.500% 09/15/20280.2%
Vistra Corp7.000% 06/15/21700.2%
Stonepeak Taurus Lower Holdings LLC7.751% 01/28/20300.2%
Avis Budget Car Rental LLC / Avis Budget Finance Inc5.375% 03/01/20290.2%
Mamba Purchaser Inc7.094% 10/15/20290.2%
Crocs Inc4.250% 03/15/20290.2%
Pike Corp5.500% 09/01/20280.2%
Port of Newcastle Investments Financing Pty Ltd5.900% 11/24/20310.2%
ROBLOX Corp3.875% 05/01/20300.1%
American Airlines Group Inc3.750% 03/01/20250.1%
Azul Investments LLP7.250% 06/15/20260.1%
Cablevision Lightpath LLC5.625% 09/15/20280.1%
MEG Energy Corp5.875% 02/01/20290.1%
Grifols Escrow Issuer SA4.750% 10/15/20280.1%
Charles River Laboratories International Inc3.750% 03/15/20290.1%
Delek Logistics Partners LP / Delek Logistics Finance Corp7.125% 06/01/20280.1%
Warrior Met Coal Inc7.875% 12/01/20280.1%
Pactiv LLC7.950% 12/15/20250.1%
Welltec International ApS8.250% 10/15/20260.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
Comstock Resources Inc6.750% 03/01/20290.1%
Wendy's International LLC7.000% 12/15/20250.1%
Prime Security Services Borrower LLC / Prime Finance Inc3.375% 08/31/20270.1%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC3.500% 03/15/20290.1%
Range Resources Corp8.250% 01/15/20290.1%
Sirius XM Radio Inc3.875% 09/01/20310.1%
SM Energy Co5.625% 06/01/20250.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
Jane Street Group / JSG Finance Inc4.500% 11/15/20290.1%
MSCI Inc3.250% 08/15/20330.1%
Ingevity Corp3.875% 11/01/20280.1%
ECL ENTERTAINMENT LLC8.264% 05/01/20280.1%
MEDASSETS SOFTWARE INTRMEDIATE4.500% 12/18/20280.1%
Alta Equipment Group Inc5.625% 04/15/20260.1%
Sealed Air Corp5.000% 04/15/20290.1%
LBM Acquisition LLC6.250% 01/15/20290.1%
Arena Luxembourg Finance Sarl1.875% 02/01/20280.1%
Coinbase Global Inc3.375% 10/01/20280.1%
Murphy Oil Corp6.375% 07/15/20280.1%
Global Atlantic Fin Co4.700% 10/15/20510.1%
Papa John's International Inc3.875% 09/15/20290.1%
Group 1 Automotive Inc4.000% 08/15/20280.1%
Occidental Petroleum Corp4.100% 02/15/20470.1%
CNX Resources Corp6.000% 01/15/20290.1%
Rocket Software Inc6.500% 02/15/20290.1%
Aston Martin Capital Holdings Ltd10.500% 11/30/20250.1%
American Builders & Contractors Supply Co Inc4.000% 01/15/20280.1%
VF Ukraine PAT via VFU Funding PLC6.200% 02/11/20250.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
Royal Caribbean Cruises Ltd5.500% 04/01/20280.1%
Resolute Forest Products Inc4.875% 03/01/20260.1%
Lightstone Holdco LLC4.750% 01/30/20240.1%
Calpine Corp5.000% 02/01/20310.1%
Signa Development Finance SCS5.500% 07/23/20260.1%
Antero Resources Corp7.625% 02/01/20290.1%
NOVA Chemicals Corp4.250% 05/15/20290.1%
Empresa Generadora de Electricidad Haina SA5.625% 11/08/20280.1%
Energy Transfer LP6.500% 11/15/21700.1%
Arcosa Inc4.375% 04/15/20290.1%
AA Bond Co Ltd6.500% 01/31/20260.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer5.875% 10/01/20280.1%
PARKWAY GENERATION LLC0.000% 02/18/20290.1%
Plains All American Pipeline LP6.125% 11/15/21700.1%
Clear Channel Outdoor Holdings Inc7.750% 04/15/20280.1%
SPX FLOW Inc8.750% 04/01/20300.1%
Northriver Midstream Finance LP5.625% 02/15/20260.1%
Travel Leaders Group LLC4.784% 01/25/20240.1%
Topgolf International Inc7.000% 02/09/20260.1%
Audacy Capital Corp6.500% 05/01/20270.1%
FENDER MSCL INSTMNS CORPTN4.500% 12/01/20280.1%
Empire Resorts Inc7.750% 11/01/20260.1%
Hologic Inc3.250% 02/15/20290.1%
iHeartCommunications Inc4.750% 01/15/20280.1%
Nabors Industries Inc7.375% 05/15/20270.1%
AHP Health Partners Inc5.750% 07/15/20290.1%
Kestrel Acquisition LLC5.250% 06/02/20250.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Great Wolf Trust 2019-WOLF3.286% 12/15/20360.1%
Park River Holdings Inc6.750% 08/01/20290.1%
Punch Finance PLC6.125% 06/30/20260.1%
Tap Rock Resources LLC7.000% 10/01/20260.1%
Reverb Buyer Inc4.506% 11/01/20280.1%
Allison Transmission Inc3.750% 01/30/20310.1%
PHYSICIAN PARTNERS LLC4.800% 12/26/20280.1%
Medco Bell Pte Ltd6.375% 01/30/20270.1%
JSW Hydro Energy Ltd4.125% 05/18/20310.1%
Northwest Fiber LLC / Northwest Fiber Finance Sub Inc10.750% 06/01/20280.1%
Alloy Finco Ltd0.500% 03/06/20250.1%
Ashland LLC6.875% 05/15/20430.1%
Ritchie Bros Holdings Inc4.750% 12/15/20310.1%
CWT Travel Group Inc8.500% 11/19/20260.1%
International Game Technology PLC5.250% 01/15/20290.1%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.1%
Range Resources Corp4.750% 02/15/20300.1%
Engineered Components & Systems LLC6.500% 08/02/20280.1%
Buckeye Partners LP4.125% 12/01/20270.1%
EverArc Escrow Sarl5.000% 10/30/20290.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Callon Petroleum Co6.125% 10/01/20240.1%
Geopark Ltd5.500% 01/17/20270.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp5.375% 06/15/20290.1%
OSCAR ACQUISITIONCO LLC0.000% 04/16/20290.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
Sweetwater Borrower LLC5.563% 08/07/20280.1%
Charles River Laboratories International Inc4.000% 03/15/20310.1%
Yum! Brands Inc5.350% 11/01/20430.1%
Party City Holdings Inc6.625% 08/01/20260.1%
Eco Material Technologies Inc7.875% 01/31/20270.1%
Condor Merger Sub Inc7.375% 02/15/20300.1%
Howmet Aerospace Inc5.950% 02/01/20370.1%
ZoomInfo Technologies LLC/ZoomInfo Finance Corp3.875% 02/01/20290.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
Royal Caribbean Cruises Ltd3.700% 03/15/20280.1%
THE ENTERPRISE DEVLOPMT ATHRTY5.014% 02/28/20280.1%
PLT VII Finance Sarl4.625% 01/05/20260.1%
PetSmart Inc / PetSmart Finance Corp4.750% 02/15/20280.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.1%
NESCO Holdings II Inc5.500% 04/15/20290.1%
Urban One Inc7.375% 02/01/20280.1%
Elastic NV4.125% 07/15/20290.1%
Allegheny Technologies Inc5.125% 10/01/20310.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC5.125% 04/15/20290.1%
Navient Corp6.125% 03/25/20240.1%
Party City Holdings Inc8.750% 02/15/20260.1%
APi Escrow Corp4.750% 10/15/20290.1%
Penn Virginia Holdings LLC9.250% 08/15/20260.1%
CNX Midstream Partners LP4.750% 04/15/20300.1%
Miller's Ale House Inc5.418% 05/30/20250.1%
FMG Resources August 2006 Pty Ltd6.125% 04/15/20320.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.750% 06/15/20290.1%
Marriott Ownership Resorts Inc4.500% 06/15/20290.1%
Studio City Co Ltd7.000% 02/15/20270.1%
Service Properties Trust4.500% 03/15/20250.1%
Amsted Industries Inc4.625% 05/15/20300.1%
Everi Holdings Inc5.000% 07/15/20290.1%
Roller Bearing Co of America Inc4.375% 10/15/20290.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
Shift4 Payments LLC / Shift4 Payments Finance Sub Inc4.625% 11/01/20260.1%
APi Group DE Inc4.125% 07/15/20290.1%
GIBSON BRANDS PRIVATE EQUITY0.000% -0.1%
Twitter Inc5.000% 03/01/20300.1%
Science Applications International Corp4.875% 04/01/20280.1%
Golden Goose SpA4.875% 05/14/20270.1%
Turkiye Petrol Rafinerileri AS4.500% 10/18/20240.1%
Wabash National Corp4.500% 10/15/20280.1%
Investment Energy Resources Ltd6.250% 04/26/20290.1%
Kennedy-Wilson Inc5.000% 03/01/20310.1%
ASP Unifrax Holdings Inc5.250% 09/30/20280.1%
Leeward Renewable Energy Operations LLC4.250% 07/01/20290.1%
Pinewood Finance Co Ltd3.625% 11/15/20270.1%
Navient Corp6.750% 06/15/20260.1%
Great Lakes Dredge & Dock Corp5.250% 06/01/20290.1%
Hightower Holding LLC6.750% 04/15/20290.1%
ADMI Corp4.139% 12/23/20270.1%
BK LC Lux Finco1 Sarl5.250% 04/30/20290.1%
Carpenter Technology Corp7.625% 03/15/20300.1%
Oregon Clean Energy LLC4.750% 03/01/20260.1%
Sabre GLBL Inc5.050% 06/30/20280.1%
CPV Shore Holdings LLC4.520% 12/29/20250.1%
Hertz Corp/The4.625% 12/01/20260.1%
AI Candelaria Spain SA7.500% 12/15/20280.1%
Life Time Inc5.750% 01/15/20260.1%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer5.875% 11/01/20290.1%
MED ParentCo LP5.014% 08/31/20260.1%
VACO HOLDINGS LLC5.801% 01/21/20290.1%
Illuminate Buyer LLC / Illuminate Holdings IV Inc9.000% 07/01/20280.1%
Pinewood Finance Co Ltd3.625% 11/15/20270.1%
Element Solutions Inc3.875% 09/01/20280.1%
Olin Corp5.000% 02/01/20300.1%
Valvoline Inc4.250% 02/15/20300.1%
Brundage-Bone Concrete Pumping Holdings Inc6.000% 02/01/20260.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Windstream Escrow LLC / Windstream Escrow Finance Corp7.750% 08/15/20280.1%
Kane Bidco Ltd6.500% 02/15/20270.1%
Applied Systems Inc6.506% 09/19/20250.1%
MSCI Inc3.625% 11/01/20310.1%
Frontier Communications Holdings LLC6.750% 05/01/20290.1%
Outfront Media Capital LLC / Outfront Media Capital Corp4.250% 01/15/20290.1%
Compass Group Diversified Holdings LLC5.250% 04/15/20290.1%
CA Magnum Holdings5.375% 10/31/20260.1%
Forestar Group Inc3.850% 05/15/20260.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
Virtusa Corp7.125% 12/15/20280.1%
Stagwell Global LLC5.625% 08/15/20290.1%
Victors Merger Corp6.375% 05/15/20290.1%
Minerva Merger Sub Inc6.500% 02/15/20300.1%
Steel Dynamics Inc3.450% 04/15/20300.1%
XPO CNW Inc6.700% 05/01/20340.1%
Brazos Delaware II LLC4.625% 05/21/20250.1%
eDreams ODIGEO SA5.500% 07/15/20270.1%
Imprivata Inc4.514% 12/01/20270.1%
Centene Corp2.500% 03/01/20310.1%
Century Communities Inc3.875% 08/15/20290.1%
BellRing Brands Inc7.000% 03/15/20300.1%
Lions Gate Capital Holdings LLC5.500% 04/15/20290.1%
Valvoline Inc3.625% 06/15/20310.1%
DCP Midstream Operating LP3.250% 02/15/20320.1%
Aretec Escrow Issuer Inc7.500% 04/01/20290.1%
Venture Global Calcasieu Pass LLC3.875% 08/15/20290.1%
Calpine Corp4.625% 02/01/20290.1%
Howard Hughes Corp/The5.375% 08/01/20280.1%
Vivion Investments Sarl3.000% 08/08/20240.1%
HealthEquity Inc4.500% 10/01/20290.1%
Cullinan Holdco Scsp4.625% 10/15/20260.1%
Cheniere Energy Inc4.625% 10/15/20280.1%
Tri Pointe Homes Inc5.250% 06/01/20270.1%
Avantor Funding Inc3.875% 11/01/20290.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
Madison IAQ LLC5.875% 06/30/20290.1%
Williams Scotsman International Inc4.625% 08/15/20280.1%
Lamb Weston Holdings Inc4.125% 01/31/20300.1%
GUSAP III LP4.250% 01/21/20300.1%
Delta Topco Inc8.000% 12/01/20280.1%
Vmed O2 UK Financing I PLC4.250% 01/31/20310.1%
ALTAR BIDCO INC.6.100% 02/01/20300.1%
Macquarie Bank Ltd/London6.125% 09/08/21700.1%
Macy's Retail Holdings LLC5.875% 04/01/20290.1%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.1%
VICI Properties LP / VICI Note Co Inc4.125% 08/15/20300.1%
Builders FirstSource Inc4.250% 02/01/20320.1%
MIWD Holdco II LLC / MIWD Finance Corp5.500% 02/01/20300.1%
CEC Entertainment LLC6.750% 05/01/20260.1%
Chobani LLC / Chobani Finance Corp Inc4.625% 11/15/20280.1%
Cobham Ultra US Co-Borrower LLC0.000% 11/17/20280.1%
Energy Acquisition Co Inc5.014% 06/26/20250.1%
Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL5.250% 04/27/20290.1%
Vistra Operations Co LLC4.375% 05/01/20290.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
Carnival Corp5.750% 03/01/20270.1%
Kingpin Intermediate Holdings LLC4.500% 07/03/20240.1%
BlueLinx Holdings Inc6.000% 11/15/20290.1%
United Airlines Inc4.375% 04/15/20260.1%
White Cap Buyer LLC6.875% 10/15/20280.1%
Shea Homes LP / Shea Homes Funding Corp4.750% 04/01/20290.1%
EQT Corp7.500% 02/01/20300.1%
Bath & Body Works Inc6.625% 10/01/20300.1%
Agrosuper SA4.600% 01/20/20320.1%
WP CPP Holdings LLC4.750% 04/30/20250.1%
Allied Universal Holdco LLC / Allied Universal Finance Corp6.000% 06/01/20290.1%
Lucid Energy Group II Borrower LLC5.000% 11/24/20280.1%
AVSC Holding Corp0.250% 03/03/20250.1%
Armor Holdco Inc5.203% 12/11/20280.1%
World Wrestling Entertainment Inc3.375% 12/15/20230.1%
Precision Drilling Corp7.125% 01/15/20260.1%
Kontoor Brands Inc4.125% 11/15/20290.1%
Match Group Holdings II LLC4.125% 08/01/20300.1%
TransJamaican Highway Ltd5.750% 10/10/20360.1%
Weekley Homes LLC / Weekley Finance Corp4.875% 09/15/20280.1%
II-VI Inc5.000% 12/15/20290.1%
LSCS HOLDINGS INC.5.264% 12/16/20280.1%
1011778 BC ULC / New Red Finance Inc4.000% 10/15/20300.1%
Standard Industries Inc/NJ3.375% 01/15/20310.1%
Nordstrom Inc4.375% 04/01/20300.1%
Ctec II GmbH5.250% 02/15/20300.1%
SRS Distribution Inc6.000% 12/01/20290.1%
Scotts Miracle-Gro Co/The4.000% 04/01/20310.1%
Staples Inc10.750% 04/15/20270.1%
Midcap Financial Issuer Trust5.625% 01/15/20300.1%
Bombardier Inc7.125% 06/15/20260.1%
Ford Motor Credit Co LLC4.000% 11/13/20300.1%
ASP Unifrax Holdings Inc7.500% 09/30/20290.1%
Staples Inc7.500% 04/15/20260.1%
Foundation Building Materials Inc6.000% 03/01/20290.1%
Chemours Co/The5.375% 05/15/20270.1%
Range Resources Corp0.000% -0.1%
Cushman & Wakefield US Borrower LLC6.750% 05/15/20280.1%
SeaWorld Entertainment Inc0.000% -0.1%
Equinox Holdings Inc10.006% 03/08/20240.1%
Booz Allen Hamilton Inc3.875% 09/01/20280.1%
Venture Global Calcasieu Pass LLC3.875% 11/01/20330.1%
New Home Co Inc/The7.250% 10/15/20250.1%
Western Midstream Operating LP5.750% 02/01/20500.1%
USIC Holdings Inc7.264% 05/14/20290.1%
Casey's General Stores Inc0.000% -0.1%
Real Hero Merger Sub 2 Inc6.250% 02/01/20290.1%
Freeport-McMoRan Inc5.450% 03/15/20430.1%
Jaguar Land Rover Automotive PLC4.500% 10/01/20270.1%
Summer BC Bidco B LLC5.500% 10/31/20260.1%
Rackspace Technology Global Inc5.375% 12/01/20280.1%
UPC Broadband Finco BV4.875% 07/15/20310.1%
NSG Holdings LLC / NSG Holdings Inc7.750% 12/15/20250.1%
SCIH Salt Holdings Inc6.625% 05/01/20290.1%
Hess Corp0.000% -0.1%
Esdec Solar Group BV6.500% 08/30/20280.1%
Boyd Gaming Corp4.750% 06/15/20310.1%
Rayonier Inc0.000% -0.1%
Caesars Entertainment Inc4.625% 10/15/20290.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
Intrepid Potash Inc0.000% -0.1%
Compass Minerals International Inc4.875% 07/15/20240.1%
Radiate Holdco LLC / Radiate Finance Inc4.500% 09/15/20260.1%
IMA Industria Macchine Automatiche SpA3.750% 01/15/20280.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
TANK HOLDING CORP6.842% 03/31/20280.1%
Carriage Purchaser Inc5.014% 09/30/20280.1%
Diamond Sports Group LLC / Diamond Sports Finance Co5.375% 08/15/20260.1%
Hilton Domestic Operating Co Inc3.750% 05/01/20290.1%
Molina Healthcare Inc3.875% 05/15/20320.1%
Perimeter Master Note Business Trust8.130% 05/15/20270.1%
Sri Lanka Government International Bond5.875% 07/25/20220.1%
AL GCX HOLDINGS LLC0.000% 04/21/20290.1%
Spring Education Group Inc5.256% 07/30/20250.1%
Royal Caribbean Cruises Ltd9.125% 06/15/20230.1%
Entegris Escrow Corp4.750% 04/15/20290.1%
ACBL HLDG CORP0.000% -0.1%
Shimao Group Holdings Ltd5.200% 01/16/20270.1%
CT Trust5.125% 02/03/20320.1%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.1%
TK Elevator Holdco GmbH7.625% 07/15/20280.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
Howard Hughes Corp/The4.125% 02/01/20290.1%
Radiate Holdco LLC / Radiate Finance Inc6.500% 09/15/20280.1%
Occidental Petroleum Corp4.400% 08/15/20490.1%
Gap Inc/The3.875% 10/01/20310.1%
Claire's Stores Inc7.264% 12/18/20260.1%
Great Wolf Trust 2019-WOLF3.685% 12/15/20360.1%
FX USD/GBP 06/220.000% 06/07/20220.1%
Macy's Retail Holdings LLC4.500% 12/15/20340.1%
Occidental Petroleum Corp7.500% 05/01/20310.1%
BCPE Empire Holdings Inc7.625% 05/01/20270.1%
Peabody Energy Corp6.375% 03/31/20250.1%
Kernel Holding SA6.500% 10/17/20240.1%
FX USD/EUR 06/220.000% 06/10/20220.1%
Doncasters US LLC8.500% 03/06/20240.1%
Service Properties Trust4.350% 10/01/20240.1%
Caesars Entertainment Inc8.125% 07/01/20270.1%
UTEX INDUSTRIES0.000% -0.1%
Avis Budget Car Rental LLC / Avis Budget Finance Inc4.750% 04/01/20280.1%
Ken Garff Automotive LLC4.875% 09/15/20280.1%
Booz Allen Hamilton Inc4.000% 07/01/20290.1%
VUE INTERNATIONAL BIDCO PLC4.750% 07/03/20260.1%
Elwood Energy LLC8.159% 07/05/20260.1%
SCIH Salt Holdings Inc4.875% 05/01/20280.0%
Cullinan Holdco Scsp4.625% 10/15/20260.0%
PeopleCert Wisdom Issuer PLC5.750% 09/15/20260.0%
Southwestern Energy Co5.950% 01/23/20250.0%
Logan Group Co Ltd4.500% 01/13/20280.0%
Howard Hughes Corp/The4.375% 02/01/20310.0%
Silgan Holdings Inc4.125% 02/01/20280.0%
Bahamas Government International Bond8.950% 10/15/20320.0%
CLAIRES HOLDINGS0.000% -0.0%
Sunac China Holdings Ltd5.950% 04/26/20240.0%
Bread Financial Holdings Inc4.750% 12/15/20240.0%
Post Holdings Inc4.625% 04/15/20300.0%
SOLIS IV BV4.000% 02/26/20290.0%
Rede D'or Finance Sarl4.950% 01/17/20280.0%
US ULTRA BOND CBT Jun220.000% 06/30/20220.0%
UC HOLDINGS INC.0.000% -0.0%
ELEMENT MAT TEC GR US HLD INC0.000% 04/12/20290.0%
ACBL HLDG CORP0.000% -0.0%
Logan Group Co Ltd5.250% 02/23/20230.0%
Joseph T Ryerson & Son Inc8.500% 08/01/20280.0%
Medco Laurel Tree Pte Ltd6.950% 11/12/20280.0%
Kernel Holding SA6.750% 10/27/20270.0%
Welltec International ApS8.250% 10/15/20260.0%
Lamar Media Corp3.750% 02/15/20280.0%
Sunac China Holdings Ltd6.500% 01/10/20250.0%
CHINOS INTERMEDIATE HLDGS A IN9.000% 09/10/20270.0%
Reverb Buyer Inc0.035% 11/01/20280.0%
Credit Index Swap5.000% 06/20/20270.0%
BRITAX CHILD SAFETY INC.0.000% 03/31/20250.0%
New Frontera Holdings LLC14.006% 07/28/20260.0%
PARKWAY GENERATION LLC0.000% 02/18/20290.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Zhenro Properties Group Ltd7.350% 02/05/20250.0%
Performance Food Group Inc4.250% 08/01/20290.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Post Holdings Inc4.500% 09/15/20310.0%
ACBL HLDG CORP0.000% -0.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
ECHO GLOBAL LOGISTICS INC4.514% 11/23/20280.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Lightstone Holdco LLC4.750% 01/30/20240.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
ESC 144A HERTZ CORP0.000% 01/15/20280.0%
New Frontera Holdings LLC2.506% 07/28/20280.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
FX USD/GBP 06/220.000% 06/07/20220.0%
FX USD/EUR 06/220.000% 06/10/20220.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
CPI Swap0.010% 02/14/20320.0%
TNT CRANE AND RIGGING0.000% -0.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
SABLE PERMIAN RESOURCES WARR0.000% -0.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
REVLON ROLL UP0.000% -0.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
FGI Operating Co LLC11.006% 05/16/20220.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap2.000% 05/11/20630.0%
Commercial Mortgage Backed Index Swap2.000% 05/11/20630.0%
Commercial Mortgage Backed Index Swap2.000% 05/11/20630.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
FRONTERA GENERATION0.000% -0.0%
TNT CRANE AND RIGGING0.000% -0.0%
CPI Swap0.010% 02/14/20320.0%
CPI Swap0.010% 02/14/20320.0%
Commercial Mortgage Backed Index Swap3.000% 11/17/20590.0%
Dutch Lion BV11.250% 06/15/20200.0%
EURO-BUND FUTURE Jun220.000% 06/10/20220.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
PERSIMMON MIDCO LLC0.000% -0.0%
Revlon Consumer Products Corp4.250% 06/30/20250.0%
Tonon Luxembourg SA6.500% 10/31/20240.0%
Washington Mutual Bank / Debt not acquired by JPMorgan6.875% 06/15/20110.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
CPI Swap0.010% 02/14/20320.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
FX GBP/USD 06/220.000% 06/07/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
FX GBP/USD 06/220.000% 06/07/20220.0%
FX EUR/USD 06/220.000% 06/10/20220.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
LAC0.010% 12/31/20500.0%
Commercial Mortgage Backed Index Swap3.000% 09/17/20580.0%
US 2YR NOTE (CBT) Jun220.000% 07/06/20220.0%
US 10YR NOTE (CBT)Jun220.000% 06/30/20220.0%
US 5YR NOTE (CBT) Jun220.000% 07/06/20220.0%
US LONG BOND(CBT) Jun220.000% 06/30/20220.0%

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 05/31/2022

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp2.8%
Real Estate arrowUp0.3%
Retail arrowUp0.3%
Technology & Electronics arrowDown1.6%
Insurance 0.0%
Financial Services arrowDown1.2%
Consumer Goods arrowDown0.7%
Services arrowUp0.1%
Capital Goods arrowDown0.2%
Automotive arrowDown0.9%
Telecommunications arrowDown0.1%
Basic Industry arrowUp0.4%
Media arrowDown1.1%
Other arrowUp0.1%
Healthcare arrowUp1.5%
Leisure arrowDown1.2%
Utility arrowUp1.0%
Transportation arrowDown0.1%
^^ 0.0%
Banking arrowUp0.3%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0.138
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.02796 $6.63
Daily Daily 04/30/2022 $0.02779 $6.68
Daily Daily 03/31/2022 $0.02850 $6.96
Daily Daily 02/28/2022 $0.02781 $7.08
Daily Daily 01/31/2022 $0.02603 $7.21

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0100 $0.0100 $7.41
*

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

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2022

1.51%

Fund Documents

Fund Documents

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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2021,” February 18, 2022. Barron’s rankings are based on asset weighted returns in funds in five categories: general equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2021, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2020 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well.

Barron's Fund Family Rankings are awarded annually.

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

© Refinitiv Lipper 2022. All Rights Reserved. Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. Lipper provides global, independent fund performance data. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

+

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.

 

 

IMPORTANT INFORMATION

 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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.

 

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.

 

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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