LHYCX | High Yield Fund Class C | Lord Abbett
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High Yield Fund

Daily price w/o sales charge as of 05/14/2021

$7.46

arrowUp$0.01

YTD Returns w/o sales charge as of 05/14/2021

2.63%

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

Click here to view all legal text including risk information

Summary

Summary

What is the 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 05/14/2021  

w/o sales charge 4.18%

30-Day Standardized Yield 2 as of 04/30/2021  

2.97%

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

Fund Basicsas of 03/31/2021

Total Net Assets
$8.56 B
Inception Date
12/31/1998
Dividend Frequency
Monthly
Fund Expense Ratio
1.53%
Number of Holdings
765
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.75% 23.12% 5.19% 6.27% 5.73% 6.06%
Lipper Category Avg. High Yield Funds 2.20% 19.43% 6.03% 6.45% 5.33% -
ICE BofA U.S. High Yield Constrained Index 2.01% 20.01% 6.65% 7.31% 6.26% 6.80%
w/ sales charge 1.75% 23.12% 5.19% 6.27% 5.73% 6.06%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.57% 26.88% 4.79% 6.70% 5.79% 6.03%
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% 6.78%
w/ sales charge 0.57% 26.88% 4.79% 6.70% 5.79% 6.03%

Fund Expense Ratio :

1.53%

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

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.

Weighing the Broader Impact of Crude Oil Price Volatility
April 24, 2020

Here, we assess the potential implications for key asset classes of the dramatic plunge in the price of May 2020 West Texas Intermediate crude oil.

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

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

Maturity Assets
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 03/31/2021 View Portfolio

Rating Assets
A
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

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Karen J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

8 Years of Industry Experience

Supported By 64 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 05/14/2021  

w/o sales charge 4.18%

30-Day Standardized Yield 2 as of 04/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.97% 2.97%

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

Fund Expense Ratio :

1.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 2.75% 23.12% 5.19% 6.27% 5.73% 6.06%
Lipper Category Avg. High Yield Funds 2.20% 19.43% 6.03% 6.45% 5.33% -
ICE BofA U.S. High Yield Constrained Index 2.01% 20.01% 6.65% 7.31% 6.26% 6.80%
w/ sales charge 1.75% 23.12% 5.19% 6.27% 5.73% 6.06%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.57% 26.88% 4.79% 6.70% 5.79% 6.03%
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% 6.78%
w/ sales charge 0.57% 26.88% 4.79% 6.70% 5.79% 6.03%

Fund Expense Ratio :

1.53%

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
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% 4.37%
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% -
2001 4.59% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.57% - - - 2.63%
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
Equity
Investment Grade Bonds
Convertibles
Other
Cash

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

Rating Assets
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 03/31/2021

Rating Assets
A
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 12/31/2020

  • One of the Fund’s largest overweight is in the leisure sector, which is largely driven by the Fund’s allocation to regional gaming credits, such as casinos. In our view, the gaming industry has benefitted from strong operating improvements due to drastic cost-cutting including reduced promotional spend, as well as pent-up demand. Our focus on regional gaming has also benefitted from an emphasis on operators who are less reliant on ‘fly-in’ customers and workweek business conferences, both of which are a larger part of the industry in international gaming centers such as Las Vegas. As gaming continued to recover, we began to pivot toward hotel and travel companies. We added to cruise lines, travel agencies, and other travel-related names, including airline operators that we believe are going above and beyond to increase revenue and passenger yields.
  • We continue to have a broadly constructive view on high yield credit even while acknowledging that today’s valuations are far less dislocated than they were for much of 2020. Management teams have broadly positioned balance sheets to weather any residual economic softness near term through an active new issue market in 2020 while also working to preserve margins.  For 2021, we believe outperformance will more likely be driven by sleeves of opportunity within high yield as opposed to broad market moves.  We continue to see upside in fallen angels, many of which we believe will regain investment grade status over the coming year or two. Further, while the pandemic has accelerated the secular struggles of segments of the economy, it has produced structural changes with new beneficiaries.

Portfolio Details as of 03/31/2021

Total Net Assets
$8.56 B
Number of Issues
765
Average Coupon
5.76%
Average Maturity
7.08 Years
Average Effective Duration
3.95 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
Sprint Capital Corp 6.875% 11/15/2028 1.3%
Ford Motor Co 9.000% 04/22/2025 1.0%
CCO Holdings LLC / CCO Holdings Capital Corp 4.750% 03/01/2030 0.7%
TransDigm Inc 5.500% 11/15/2027 0.6%
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 05/01/2027 0.6%
Occidental Petroleum Corp 6.125% 01/01/2031 0.6%
Netflix Inc 4.625% 05/15/2029 0.5%
Kraft Heinz Foods Co 4.375% 06/01/2046 0.5%
Kraft Heinz Foods Co 4.875% 10/01/2049 0.5%
Western Midstream Operating LP 5.300% 02/01/2030 0.5%
% of Total Assets 6.8%
Holding Coupon Maturity Assets
Sprint Capital Corp6.875% 11/15/20281.3%
Ford Motor Co9.000% 04/22/20251.0%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.7%
TransDigm Inc5.500% 11/15/20270.6%
CCO Holdings LLC / CCO Holdings Capital Corp5.125% 05/01/20270.6%
Occidental Petroleum Corp6.125% 01/01/20310.6%
Netflix Inc4.625% 05/15/20290.5%
Kraft Heinz Foods Co4.375% 06/01/20460.5%
Kraft Heinz Foods Co4.875% 10/01/20490.5%
Western Midstream Operating LP5.300% 02/01/20300.5%
MEG Energy Corp7.125% 02/01/20270.5%
United Rentals North America Inc4.875% 01/15/20280.4%
FMG Resources August 2006 Pty Ltd4.500% 09/15/20270.4%
Virgin Media Secured Finance plc5.500% 05/15/20290.4%
Netflix Inc3.625% 05/15/20270.4%
CF Industries Inc5.150% 03/15/20340.4%
NRG Energy Inc5.750% 01/15/20280.4%
GrubHub Holdings Inc5.500% 07/01/20270.4%
CSC Holdings LLC5.500% 04/15/20270.4%
Centene Corp4.625% 12/15/20290.4%
HCA Inc5.875% 02/01/20290.4%
Kraft Heinz Foods Co5.000% 06/04/20420.4%
Netflix Inc4.875% 06/15/20300.4%
DISH DBS Corp7.750% 07/01/20260.4%
Matador Resources Co5.875% 09/15/20260.4%
Ford Motor Co4.750% 01/15/20430.3%
Freeport-McMoRan Inc4.250% 03/01/20300.3%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.3%
Netflix Inc4.875% 04/15/20280.3%
OneMain Finance Corp6.125% 03/15/20240.3%
Continental Resources Inc/OK5.750% 01/15/20310.3%
L Brands Inc6.625% 10/01/20300.3%
Newell Brands Inc5.875% 04/01/20360.3%
Centennial Resource Production LLC5.375% 01/15/20260.3%
American Airlines Inc11.750% 07/15/20250.3%
Navient Corp6.750% 06/25/20250.3%
EQT Corp7.625% 02/01/20250.3%
Tenet Healthcare Corp6.250% 02/01/20270.3%
Horizon Therapeutics USA Inc5.500% 08/01/20270.3%
Murphy Oil Corp5.875% 12/01/20270.3%
Navient Corp6.125% 03/25/20240.3%
Caesars Entertainment Inc8.125% 07/01/20270.3%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.3%
FAGE International SA / FAGE USA Dairy Industry In5.625% 08/15/20260.3%
Carnival Corp11.500% 04/01/20230.3%
Select Medical Corp6.250% 08/15/20260.3%
Crowdstrike Holdings Inc3.000% 02/15/20290.3%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.3%
Nexstar Broadcasting Inc5.625% 07/15/20270.3%
Mclaren Finance PLC5.000% 08/01/20220.3%
Freeport-McMoRan Inc5.250% 09/01/20290.3%
Centene Corp3.375% 02/15/20300.3%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.3%
Apache Corp4.750% 04/15/20430.3%
Synovus Financial Corp5.900% 02/07/20290.3%
Laredo Petroleum Inc10.125% 01/15/20280.3%
Apache Corp4.375% 10/15/20280.3%
Tenet Healthcare Corp6.125% 10/01/20280.3%
Northriver Midstream Finance LP5.625% 02/15/20260.3%
Ford Motor Co7.450% 07/16/20310.3%
Clarios Global LP / Clarios US Finance Co8.500% 05/15/20270.3%
ESH Hospitality Inc4.625% 10/01/20270.3%
Twilio Inc3.625% 03/15/20290.3%
Signature Aviation US Holdings Inc4.000% 03/01/20280.2%
OneMain Finance Corp4.000% 09/15/20300.2%
Ccs-Cmgc Holdings Inc5.609% 10/01/20250.2%
SM Energy Co6.750% 09/15/20260.2%
TerraForm Power Operating LLC4.750% 01/15/20300.2%
Hadrian Merger Sub Inc8.500% 05/01/20260.2%
Albertsons Cos Inc / Safeway Inc / New Albertsons4.875% 02/15/20300.2%
Toll Brothers Finance Corp4.350% 02/15/20280.2%
Enviva Partners LP / Enviva Partners Finance Corp6.500% 01/15/20260.2%
DaVita Inc3.750% 02/15/20310.2%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.2%
Shift4 Payments LLC / Shift4 Payments Finance Sub4.625% 11/01/20260.2%
Radiology Partners Inc9.250% 02/01/20280.2%
Churchill Downs Inc4.750% 01/15/20280.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
LogMeIn Inc5.500% 09/01/20270.2%
Rite Aid Corp8.000% 11/15/20260.2%
HCA Inc5.500% 06/15/20470.2%
Great Wolf Trust 2019-WOLF2.838% 12/15/20360.2%
Mohegan Gaming & Entertainment8.000% 02/01/20260.2%
XPO CNW Inc6.700% 05/01/20340.2%
Twilio Inc3.875% 03/15/20310.2%
Global Medical Response Inc6.500% 10/01/20250.2%
L Brands Inc6.875% 11/01/20350.2%
Pattern Energy Operations LP / Pattern Energy Oper4.500% 08/15/20280.2%
Fair Isaac Corp4.000% 06/15/20280.2%
Ulker Biskuvi Sanayi AS6.950% 10/30/20250.2%
Tri Pointe Homes Inc5.250% 06/01/20270.2%
Match Group Holdings II LLC4.125% 08/01/20300.2%
Sensata Technologies BV5.625% 11/01/20240.2%
Drive Chassis Holdco LLC8.484% 04/10/20260.2%
MGM Resorts International4.625% 09/01/20260.2%
Precision Drilling Corp7.125% 01/15/20260.2%
Encompass Health Corp4.500% 02/01/20280.2%
Buckeye Partners LP3.950% 12/01/20260.2%
Block Communications Inc4.875% 03/01/20280.2%
Callon Petroleum Co9.000% 04/01/20250.2%
Diamond Sports Group LLC / Diamond Sports Finance5.375% 08/15/20260.2%
Forterra Finance LLC / FRTA Finance Corp6.500% 07/15/20250.2%
Sealed Air Corp6.875% 07/15/20330.2%
Cenovus Energy Inc5.400% 06/15/20470.2%
CSC Holdings LLC5.750% 01/15/20300.2%
Park Intermediate Holdings LLC / PK Domestic Prope5.875% 10/01/20280.2%
Vmed O2 UK Financing I PLC4.250% 01/31/20310.2%
United Rentals North America Inc4.000% 07/15/20300.2%
Forestar Group Inc5.000% 03/01/20280.2%
Illuminate Buyer LLC / Illuminate Holdings IV Inc9.000% 07/01/20280.2%
New Fortress Energy Inc6.750% 09/15/20250.2%
Travel + Leisure Co6.625% 07/31/20260.2%
Delta Air Lines Inc7.000% 05/01/20250.2%
CommScope Inc7.125% 07/01/20280.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
Gray Television Inc7.000% 05/15/20270.2%
Ladder Capital Finance Holdings LLC/Ladder Capital4.250% 02/01/20270.2%
Allison Transmission Inc3.750% 01/30/20310.2%
Southwestern Energy Co8.375% 09/15/20280.2%
Edelman Financial Center0.000% 03/19/20280.2%
Bally's Corp6.750% 06/01/20270.2%
Molina Healthcare Inc3.875% 11/15/20300.2%
Ovintiv Inc6.500% 08/15/20340.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
Ovintiv Inc6.500% 02/01/20380.2%
Wynn Macau Ltd5.125% 12/15/20290.2%
Tenneco Inc5.000% 07/15/20260.2%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.2%
DPL Inc4.125% 07/01/20250.2%
Air Methods Corp8.000% 05/15/20250.2%
JBS USA LUX SA / JBS USA Finance Inc6.750% 02/15/20280.2%
Freeport-McMoRan Inc4.125% 03/01/20280.2%
Oceaneering International Inc6.000% 02/01/20280.2%
Switch Ltd3.750% 09/15/20280.2%
Hecla Mining Co7.250% 02/15/20280.2%
Life Time Inc5.750% 01/15/20260.2%
Netflix Inc3.625% 06/15/20300.2%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.2%
Stevens Holding Co Inc6.125% 10/01/20260.2%
Legacy LifePoint Health LLC4.375% 02/15/20270.2%
Qorvo Inc4.375% 10/15/20290.2%
OneMain Finance Corp5.375% 11/15/20290.2%
Hertz Corp/The6.000% 01/15/20280.2%
Transocean Guardian Ltd5.875% 01/15/20240.2%
HCA Inc8.360% 04/15/20240.2%
Royal Caribbean Cruises Ltd3.700% 03/15/20280.2%
Garda World Security Corp4.625% 02/15/20270.2%
Tianqi Finco Co Ltd3.750% 11/28/20220.2%
Carnival Corp9.875% 08/01/20270.2%
Alliance Data Systems Corp4.750% 12/15/20240.2%
CrownRock LP / CrownRock Finance Inc5.625% 10/15/20250.2%
Antero Midstream Partners LP / Antero Midstream Fi7.875% 05/15/20260.2%
Akumin Inc7.000% 11/01/20250.2%
JP Morgan Chase Commercial Mortgage Securities Tru3.956% 03/15/20360.2%
Intertape Polymer Group Inc7.000% 10/15/20260.2%
Scientific Games International, Inc.7.250% 11/15/20290.2%
PDC Energy Inc5.750% 05/15/20260.2%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd8.000% 09/20/20250.2%
Apache Corp5.100% 09/01/20400.2%
Buckeye Partners LP6.375% 01/22/20780.2%
Range Resources Corp4.875% 05/15/20250.2%
Cleveland-Cliffs Inc5.875% 06/01/20270.2%
Kuehg Corp4.750% 02/14/20250.2%
Occidental Petroleum Corp6.450% 09/15/20360.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
American Axle & Manufacturing Inc6.875% 07/01/20280.2%
Oceaneering International Inc4.650% 11/15/20240.2%
MEG Energy Corp5.875% 02/01/20290.2%
Talen Energy Supply LLC6.500% 06/01/20250.2%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.2%
Pike Corp5.500% 09/01/20280.2%
Tenet Healthcare Corp6.750% 06/15/20230.2%
Delta Air Lines Inc / SkyMiles IP Ltd4.750% 10/20/20280.2%
American Airlines Group Inc3.750% 03/01/20250.2%
Topgolf International, Inc.7.358% 02/09/20260.2%
Veritas US Inc / Veritas Bermuda Ltd10.500% 02/01/20240.2%
Affinity Gaming6.875% 12/15/20270.2%
Apache Corp4.625% 11/15/20250.2%
Tapestry Inc4.125% 07/15/20270.2%
BFLD 2019-DPLO2.646% 10/15/20340.2%
Nationstar Mortgage Holdings Inc5.500% 08/15/20280.2%
Rite Aid Corp7.500% 07/01/20250.2%
Popular Inc6.125% 09/14/20230.2%
Yum! Brands Inc5.350% 11/01/20430.2%
Royal Caribbean Cruises Ltd9.125% 06/15/20230.2%
AMC Entertainment Holdings Inc12.000% 06/15/20260.2%
Hawaiian Brand Intellectual Property Ltd / Hawaiia5.750% 01/20/20260.2%
Melco Resorts Finance Ltd5.750% 07/21/20280.2%
Optiv Sec, Inc.4.250% 02/01/20240.2%
Vertical US Newco Inc5.250% 07/15/20270.2%
California Resources Corp7.125% 02/01/20260.2%
NEP/NCP Holdco Inc3.359% 10/05/20250.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Mileage Plus Holdings LLC / Mileage Plus Intellect6.500% 06/20/20270.2%
Terex Corp5.000% 05/15/20290.2%
TransJamaican Highway Ltd5.750% 10/10/20360.2%
Catalent Pharma Solutions Inc5.000% 07/15/20270.2%
EW Scripps Co/The5.125% 05/15/20250.2%
ASP Unifrax Holdings Inc3.953% 11/05/20250.2%
Chemours Co/The5.375% 05/15/20270.2%
Belo Corp7.250% 09/15/20270.2%
Sabre GLBL Inc7.375% 09/01/20250.2%
Anastasia Beverly Hills3.953% 08/11/20250.2%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.750% 04/20/20290.1%
Guitar Center Inc8.500% 01/15/20260.1%
Cyxtera DC Holdings, Inc. (fka Colorado Buyer Inc.)4.000% 05/01/20240.1%
Ball Corp2.875% 08/15/20300.1%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.1%
Northwest Fiber LLC / Northwest Fiber Finance Sub10.750% 06/01/20280.1%
Air Lease Corp4.650% 12/15/21990.1%
Travel Leaders Group, LLC4.109% 01/25/20240.1%
General Electric Co3.514% 06/15/21990.1%
Compass Minerals International, Inc.6.750% 12/01/20270.1%
H&E Equipment Services Inc3.875% 12/15/20280.1%
Patrick Industries Inc7.500% 10/15/20270.1%
William Carter Co/The5.625% 03/15/20270.1%
Sabre GLBL Inc9.250% 04/15/20250.1%
Royal Caribbean Cruises Ltd11.500% 06/01/20250.1%
Goodyear Tire & Rubber Co/The4.875% 03/15/20270.1%
Dycom Industries Inc4.500% 04/15/20290.1%
AMC Entertainment Holdings4.500% 03/20/20260.1%
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of4.750% 06/01/20270.1%
VistaJet Malta Finance PLC / XO Management Holding10.500% 06/01/20240.1%
Match Group Holdings II LLC5.000% 12/15/20270.1%
Vivion Investments Sarl3.000% 08/08/20240.1%
United States Steel Corp6.875% 03/01/20290.1%
Boyd Gaming Corp4.750% 12/01/20270.1%
eDreams ODIGEO SA5.500% 09/01/20230.1%
Western Digital Corp4.750% 02/15/20260.1%
Griffon Corp5.750% 03/01/20280.1%
Avaya Inc6.125% 09/15/20280.1%
EQT Corp8.500% 02/01/20300.1%
Core & Main Holdings LP8.625% 09/15/20240.1%
HAT Holdings I LLC / HAT Holdings II LLC3.750% 09/15/20300.1%
HCA Inc7.500% 12/15/20230.1%
Triumph Group Inc7.750% 08/15/20250.1%
Playa Resorts Holding B.V.3.750% 04/29/20240.1%
Lithia Motors Inc4.625% 12/15/20270.1%
Canary Wharf Group Investment Holdings PLC3.375% 04/23/20280.1%
Enterprise Develop Auth0.000% 02/19/20280.1%
Clark Equipment Co5.875% 06/01/20250.1%
Turkiye Vakiflar Bankasi TAO6.500% 01/08/20260.1%
Despegar.com Corp0.000% -0.1%
Altice France Holding SA10.500% 05/15/20270.1%
Coeur Mining Inc5.125% 02/15/20290.1%
Quicken Loans LLC5.250% 01/15/20280.1%
Patterson-UTI Energy Inc3.950% 02/01/20280.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
Pathway Vet Alliance LLC3.859% 03/31/20270.1%
Go Daddy Operating Co LLC / GD Finance Co Inc5.250% 12/01/20270.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
Ardonagh Midco 2 PLC11.500% 01/15/20270.1%
US Renal Care Inc10.625% 07/15/20270.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
Amsted Industries Inc4.625% 05/15/20300.1%
Trinseo Materials Operating SCA5.125% 04/01/20290.1%
Zayo Group Holdings Inc6.125% 03/01/20280.1%
Nabors Industries Ltd7.250% 01/15/20260.1%
AG Issuer LLC6.250% 03/01/20280.1%
Science Applications International Corp4.875% 04/01/20280.1%
Navient Corp6.750% 06/15/20260.1%
Shake Shack Inc0.000% -0.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
Nexa Resources SA5.375% 05/04/20270.1%
Frontier Communications Corp5.000% 05/01/20280.1%
CIT Group Inc6.125% 03/09/20280.1%
Allied Universal Holdco LLC / Allied Universal Fin9.750% 07/15/20270.1%
Texas Capital Bank NA5.250% 01/31/20260.1%
Diamondback Energy Inc3.500% 12/01/20290.1%
Transocean Proteus Ltd6.250% 12/01/20240.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 02/15/20280.1%
Clear Channel Worldwide Holdings, Inc.9.250% 02/15/20240.1%
Netflix Inc3.875% 11/15/20290.1%
Southwestern Energy Co6.450% 01/23/20250.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
Credit Suisse Group AG7.250% 03/12/21990.1%
Bahamas Government International Bond8.950% 10/15/20320.1%
Associated Asphalt Partners, LLC6.898% 04/05/20240.1%
MasTec Inc4.500% 08/15/20280.1%
Fair Isaac Corp5.250% 05/15/20260.1%
ON Semiconductor Corp3.875% 09/01/20280.1%
Petco Health & Wellness4.000% 02/25/20280.1%
Indigo Natural Resources LLC5.375% 02/01/20290.1%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.1%
HAT Holdings I LLC / HAT Holdings II LLC6.000% 04/15/20250.1%
Centene Corp3.000% 10/15/20300.1%
Frontier Communications Corp5.875% 10/15/20270.1%
Pactiv LLC7.950% 12/15/20250.1%
Sunshine Finance Merger5.000% 12/16/20270.1%
Occidental Petroleum Corp3.500% 08/15/20290.1%
Hudbay Minerals Inc4.500% 04/01/20260.1%
PetVet Care Centers, LLC2.859% 02/14/20250.1%
MGM Resorts International5.500% 04/15/20270.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.250% 11/01/20280.1%
Freeport-McMoRan Inc5.450% 03/15/20430.1%
Turning Point Brands Inc5.625% 02/15/20260.1%
Uber Technologies Inc6.250% 01/15/20280.1%
Clear Channel Outdoor Holdings Inc7.750% 04/15/20280.1%
Melissa & Doug5.435% 06/19/20240.1%
PetSmart Inc / PetSmart Finance Corp4.750% 02/15/20280.1%
BCP Raptor II LLC0.000% 10/22/20250.1%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/06/20310.1%
PRA Group Inc7.375% 09/01/20250.1%
Radiate Holdco LLC / Radiate Finance Inc6.500% 09/15/20280.1%
Arcor SAIC6.000% 07/06/20230.1%
Hudbay Minerals Inc6.125% 04/01/20290.1%
Chobani LLC / Chobani Finance Corp Inc4.625% 11/15/20280.1%
United States Steel Corp6.650% 06/01/20370.1%
Equinox Holdings Inc.4.918% 03/08/20240.1%
CDW LLC / CDW Finance Corp4.125% 05/01/20250.1%
BEP Ulterra Holdings Inc.5.359% 11/26/20250.1%
Builders FirstSource Inc5.000% 03/01/20300.1%
Oasis Midstream Partners LP / OMP Finance Corp8.000% 04/01/20290.1%
NMG Holding Co Inc / Neiman Marcus Group LLC7.125% 04/01/20260.1%
Mattel Inc5.450% 11/01/20410.1%
MSCI Inc3.875% 02/15/20310.1%
Rent-A-Center Inc/TX6.375% 02/15/20290.1%
Lions Gate Capital Holdings LLC5.500% 04/15/20290.1%
Specialty Building Products Holdings LLC / SBP Fin6.375% 09/30/20260.1%
Delta Air Lines Inc / SkyMiles IP Ltd4.500% 10/20/20250.1%
Bristow Group Inc6.875% 03/01/20280.1%
Contura Energy Inc9.000% 06/14/20240.1%
Claros Mortgage Trust Inc.6.000% 08/05/20260.1%
Party City Holdings Inc6.625% 08/01/20260.1%
Sri Lanka Government International Bond5.875% 07/25/20220.1%
Garrett LX I Sarl / Garrett Borrowing LLC5.125% 10/15/20260.1%
Vista Outdoor Inc4.500% 03/15/20290.1%
Gap Inc/The8.625% 05/15/20250.1%
Hunt Cos Inc5.250% 04/15/20290.1%
Jaguar Land Rover Automotive plc5.875% 01/15/20280.1%
Surgery Center Holdings Inc10.000% 04/15/20270.1%
Centennial Resource Development, Inc.0.000% -0.1%
Ingevity Corp4.500% 02/01/20260.1%
United Group BV3.625% 02/15/20280.1%
Compass Group Diversified Holdings LLC5.250% 04/15/20290.1%
Brazos Delaware II, LLC4.111% 05/21/20250.1%
William Carter Co/The5.500% 05/15/20250.1%
CDW LLC / CDW Finance Corp5.500% 12/01/20240.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Nordstrom Inc4.375% 04/01/20300.1%
Calpine Corp4.500% 02/15/20280.1%
AMC Networks Inc4.750% 08/01/20250.1%
Macquarie Bank Ltd/London6.125% 09/08/21990.1%
MPT Operating Partnership LP / MPT Finance Corp5.000% 10/15/20270.1%
Buckeye Partners LP4.125% 12/01/20270.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
Downstream Development Authority of the Quapaw Tri10.500% 02/15/20230.1%
Ziggo BV5.500% 01/15/20270.1%
TC Ziraat Bankasi AS5.375% 03/02/20260.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
KB Home4.800% 11/15/20290.1%
Alta Equipment Group Inc5.625% 04/15/20260.1%
Maravai LifeSciences Holdings Inc0.000% -0.1%
Acadia Healthcare Co Inc5.000% 04/15/20290.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Presidio Holdings Inc8.250% 02/01/20280.1%
Antero Resources Corp7.625% 02/01/20290.1%
Cvent, Inc.3.900% 11/29/20240.1%
Penske Automotive Group Inc3.500% 09/01/20250.1%
Tempur Sealy International Inc4.000% 04/15/20290.1%
Synaptics Inc4.000% 06/15/20290.1%
Carvana Co5.625% 10/01/20250.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Triton Water Holdings Inc6.250% 04/01/20290.1%
LBM Acquisition LLC6.250% 01/15/20290.1%
Calpine Corp3.750% 03/01/20310.1%
PTC Inc4.000% 02/15/20280.1%
Coty Inc6.500% 04/15/20260.1%
Upwork Inc0.000% -0.1%
LHC3 PLC4.125% 08/15/20240.1%
Murphy Oil USA Inc5.625% 05/01/20270.1%
United Airlines 2020-1 Class A Pass Through Trust5.875% 10/15/20270.1%
Summit Materials LLC / Summit Materials Finance Co6.500% 03/15/20270.1%
Oceaneering International Inc0.000% -0.1%
CCM Merger Inc6.375% 05/01/20260.1%
Advisor Group Holdings Inc10.750% 08/01/20270.1%
Wolverine Escrow LLC8.500% 11/15/20240.1%
EPR Properties4.500% 04/01/20250.1%
Park-Ohio Industries Inc6.625% 04/15/20270.1%
Real Hero Merger Sub 2 Inc6.250% 02/01/20290.1%
Miller's Ale House, Inc.4.856% 05/30/20250.1%
EnerSys4.375% 12/15/20270.1%
Chemours Co/The5.750% 11/15/20280.1%
Wendy's International LLC7.000% 12/15/20250.1%
British Airways 2020-1 Class A Pass Through Trust4.250% 11/15/20320.1%
Element Solutions Inc3.875% 09/01/20280.1%
Rede D'or Finance Sarl4.950% 01/17/20280.1%
Caesars Resort Collection LLC / CRC Finco Inc5.250% 10/15/20250.1%
Castle US Holding Corp9.500% 02/15/20280.1%
ATS Automation Tooling Systems, Inc.4.125% 12/15/20280.1%
Uber Technologies Inc7.500% 09/15/20270.1%
Shockwave Medical Inc0.000% -0.1%
Cinemark USA Inc5.875% 03/15/20260.1%
Entercom Media Corp6.500% 05/01/20270.1%
Sunac China Holdings Ltd7.000% 07/09/20250.1%
Clearway Energy Operating LLC4.750% 03/15/20280.1%
Amsted Industries Inc5.625% 07/01/20270.1%
Herbalife Nutrition Ltd / HLF Financing Inc7.875% 09/01/20250.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
ModivCare Inc5.875% 11/15/20250.1%
Robertshaw US Holding Corp. (fka Fox US Bidco Corp5.171% 02/28/20250.1%
Vertical Midco GmbH4.375% 07/15/20270.1%
Midas Intermediate Holdco II, LLC7.500% 12/16/20250.1%
Northwest Fiber LLC / Northwest Fiber Finance Sub6.000% 02/15/20280.1%
FX USD/EUR 06/210.000% 06/04/20210.1%
Macy's Retail Holdings LLC5.875% 04/01/20290.1%
Spring Education Group, Inc.4.453% 07/30/20250.1%
Tanger Properties LP3.875% 07/15/20270.1%
Univar Solutions USA Inc/Washington5.125% 12/01/20270.1%
US Acute Care Solutions LLC6.375% 03/01/20260.1%
Installed Building Products Inc5.750% 02/01/20280.1%
Carnival Corp5.750% 03/01/20270.1%
Aston Martin Capital Holdings Ltd.10.500% 11/30/20250.1%
Charles River Laboratories International, Inc.4.250% 05/01/20280.1%
Tesla Inc2.000% 05/15/20240.1%
Comstock Resources Inc6.750% 03/01/20290.1%
White Cap Buyer LLC6.875% 10/15/20280.1%
WisdomTree Investments Inc4.250% 06/15/20230.1%
Range Resources Corp5.000% 03/15/20230.1%
Mattel Inc5.875% 12/15/20270.1%
Grab Holdings Inc5.500% 01/14/20260.1%
Howard Hughes Corp/The5.375% 08/01/20280.1%
TechnipFMC PLC6.500% 02/01/20260.1%
Snap Inc0.750% 08/01/20260.1%
Full House Resorts Inc8.250% 02/15/20280.1%
Ford Motor Co9.625% 04/22/20300.1%
EQT Corp5.000% 01/15/20290.1%
Merlin Entertainments Ltd5.750% 06/15/20260.1%
NESCO Holdings II Inc5.500% 04/15/20290.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
Kosmos Energy Ltd7.500% 03/01/20280.1%
Kuehg Corp9.563% 08/15/20250.1%
Avis Budget Car Rental LLC / Avis Budget Finance,5.750% 07/15/20270.1%
FXI Holdings Inc7.875% 11/01/20240.1%
Garda World Security Corp9.500% 11/01/20270.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
PDC Energy Inc0.000% -0.1%
American Airlines Group Inc6.500% 07/01/20250.1%
Peak 10 Holding Corporation3.703% 08/01/20240.1%
NCL Corp Ltd12.250% 05/15/20240.1%
Range Resources Corp8.250% 01/15/20290.1%
ION Trading Technologies S.A.R.L.0.000% 03/26/20280.1%
WP CPP Holdings, LLC4.750% 04/30/20250.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
Austin BidCo Inc7.125% 12/15/20280.1%
Urban One Inc7.375% 02/01/20280.1%
BY Crown Parent LLC / BY Bond Finance Inc4.250% 01/31/20260.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Promontoria Holding 264 BV6.750% 08/15/20230.1%
Cedar Fair LP5.250% 07/15/20290.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
Century Communities Inc6.750% 06/01/20270.1%
CNX Resources Corp6.000% 01/15/20290.1%
Cognex Corp0.000% -0.1%
USA Compression Partners LP / USA Compression Fina6.875% 09/01/20270.1%
Southwest Airlines Co1.250% 05/01/20250.1%
Jaguar Land Rover Automotive plc4.500% 10/01/20270.1%
Deckers Outdoor Corp0.000% -0.1%
Fresh Market Inc/The9.750% 05/01/20230.1%
Lyft Inc1.500% 05/15/20250.1%
Arches Buyer Inc6.125% 12/01/20280.1%
Crocs Inc4.250% 03/15/20290.1%
Dick's Sporting Goods Inc3.250% 04/15/20250.1%
Lindsay Corp0.000% -0.1%
Vail Resorts Inc6.250% 05/15/20250.1%
Jack in the Box Inc0.000% -0.1%
Team Health Holdings Inc6.375% 02/01/20250.1%
Cinemark USA, Inc.1.860% 03/31/20250.1%
Inter Media and Communication SpA4.875% 12/31/20220.1%
Kaiser Aluminum Corp4.625% 03/01/20280.1%
New Home Co Inc/The7.250% 10/15/20250.1%
First Quantum Minerals Ltd6.875% 10/15/20270.1%
PHH Mortgage Corp7.875% 03/15/20260.1%
TTM Technologies Inc4.000% 03/01/20290.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.1%
Gap Inc/The8.875% 05/15/20270.1%
Sally Holdings LLC / Sally Capital, Inc.8.750% 04/30/20250.1%
Turning Point Brands Inc0.000% -0.1%
Tri Pointe Homes Inc5.700% 06/15/20280.1%
Boyd Corporation3.609% 09/06/20250.1%
Scientific Games International, Inc.8.625% 07/01/20250.1%
Brundage-Bone Concrete Pumping Holdings Inc6.000% 02/01/20260.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
Madison Square Garden Entertainment Corp0.000% -0.1%
Playtika Holding Corp4.250% 03/15/20290.1%
Spirit AeroSystems Inc4.600% 06/15/20280.1%
GrafTech Finance Inc4.625% 12/15/20280.1%
Airbnb Inc0.000% -0.1%
Ball Corp4.875% 03/15/20260.1%
Cleveland-Cliffs Inc4.875% 03/01/20310.1%
WD-40 Co0.000% -0.1%
Dometic Group AB3.000% 05/08/20260.1%
L Brands Inc6.875% 07/01/20250.1%
Legends Hospitality Holding Co LLC / Legends Hospi5.000% 02/01/20260.1%
Lithia Motors Inc4.375% 01/15/20310.1%
Amern Trailer World Corp4.500% 02/17/20280.1%
Arena Luxembourg Finance Sarl1.875% 02/01/20280.1%
Omnitracs, LLC8.109% 09/22/20280.1%
Penn National Gaming Inc5.625% 01/15/20270.1%
Ford Motor Co6.625% 10/01/20280.1%
Spirit AeroSystems Holdings Inc0.000% -0.1%
Yapi ve Kredi Bankasi AS7.875% 01/22/20310.1%
Valmont Industries Inc0.000% -0.1%
Levi Strauss & Co3.500% 03/01/20310.1%
Marriott Vacations Worldwide Corp.1.500% 09/15/20220.1%
Zaxby's Operating Co LP4.500% 12/09/20270.1%
Monarch Casino & Resort Inc0.000% -0.1%
Kaisa Group Holdings Ltd10.500% 01/15/20250.1%
Dana Inc5.625% 06/15/20280.1%
Windstream Escrow LLC / Windstream Escrow Finance7.750% 08/15/20280.1%
Beazer Homes USA Inc7.250% 10/15/20290.1%
Tenneco Inc5.125% 04/15/20290.1%
Resolute Forest Products Inc4.875% 03/01/20260.1%
Delta Topco, Inc.8.000% 10/07/20280.1%
Univision Communications Inc5.125% 02/15/20250.1%
ANGI Group LLC3.875% 08/15/20280.1%
elf Beauty Inc0.000% -0.1%
NCL Corp Ltd3.625% 12/15/20240.1%
Weekley Homes LLC / Weekley Finance Corp.4.875% 09/15/20280.1%
TransDigm Inc6.250% 03/15/20260.1%
iHeartCommunications Inc4.750% 01/15/20280.1%
Alliant Holdings Intermediate LLC6.750% 10/15/20270.1%
Fontainebleau Miami Beach Trust 2019-FBLU3.963% 12/10/20360.1%
White Cap Parent LLC8.250% 03/15/20260.1%
Brookfield Residential Properties, Inc. / Brookfie4.875% 02/15/20300.1%
Meritor Inc4.500% 12/15/20280.1%
Outfront Media Capital LLC / Outfront Media Capita4.250% 01/15/20290.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Kornit Digital Ltd0.000% -0.1%
Rattler Midstream LP5.625% 07/15/20250.1%
PGT Innovations Inc6.750% 08/01/20260.1%
Presidio Holdings Inc4.875% 02/01/20270.1%
Prime Security Services Borrower LLC / Prime Finan3.375% 08/31/20270.1%
Energy Acquisition LP (aka Electrical Components International)4.359% 06/26/20250.1%
International Game Technology plc5.250% 01/15/20290.1%
Sally Beauty Holdings Inc0.000% -0.1%
Canada Goose Holdings Inc0.000% -0.1%
Winnebago Industries Inc6.250% 07/15/20280.1%
Sotheby's7.375% 10/15/20270.1%
Kaiser Aluminum Corp6.500% 05/01/20250.1%
Shift4 Payments Inc0.000% 12/15/20250.1%
Endo Dac / Endo Finance LLC / Endo Finco Inc6.000% 06/30/20280.1%
CANPACK SA / Eastern PA Land Investment Holding LL3.125% 11/01/20250.1%
Ingevity Corp3.875% 11/01/20280.1%
Ken Garff Automotive LLC4.875% 09/15/20280.1%
Caesars Resort Collection LLC / CRC Finco Inc5.750% 07/01/20250.1%
Cable One Inc4.000% 11/15/20300.1%
Clarios Global LP / Clarios US Finance Co4.375% 05/15/20260.1%
Vertical Holdco GmbH7.625% 07/15/20280.1%
Five Below Inc0.000% -0.1%
Murphy Oil Corp6.375% 07/15/20280.1%
B2W Digital Lux Sarl4.375% 12/20/20300.1%
JetBlue Airways Corp6.250% 06/12/20240.1%
Banff Merger Sub Inc9.750% 09/01/20260.1%
Group 1 Automotive Inc4.000% 08/15/20280.1%
Taylor Morrison Communities Inc5.125% 08/01/20300.1%
Ashland LLC6.875% 05/15/20430.1%
eG Global Finance PLC8.500% 10/30/20250.1%
Hughes Satellite Systems Corp5.250% 08/01/20260.1%
Cablevision Lightpath LLC3.875% 09/15/20270.1%
Veritas US Inc / Veritas Bermuda Ltd7.500% 09/01/20250.1%
VTR Finance NV6.375% 07/15/20280.1%
Boise Cascade Co4.875% 07/01/20300.1%
Banijay Entertainment SASU5.375% 03/01/20250.1%
Diamondback Energy Inc0.000% -0.1%
SVB Financial Group0.000% -0.1%
Badger Meter Inc0.000% -0.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
Live Nation Entertainment Inc3.750% 01/15/20280.1%
Radiate Holdco LLC / Radiate Finance Inc4.500% 09/15/20260.1%
Mattamy Group Corp4.625% 03/01/20300.1%
Tms International Holding Corp7.250% 08/15/20250.1%
PetSmart Inc / PetSmart Finance Corp7.750% 02/15/20290.1%
Calpine Corp4.625% 02/01/20290.1%
Hertz Corp/The5.500% 10/15/20240.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 04/01/20290.1%
Amkor Technology Inc6.625% 09/15/20270.1%
Central Garden & Pet Co4.125% 10/15/20300.1%
Tronox Inc4.625% 03/15/20290.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines8.750% 07/15/20260.1%
TGP Holding III LLC(Traeger Pellet Grill Hdg LLC)9.817% 09/20/20250.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
Calpine Corp5.000% 02/01/20310.1%
Sirius XM Radio Inc5.000% 08/01/20270.1%
South State Corp0.000% -0.1%
1011778 BC ULC / New Red Finance, Inc.4.375% 01/15/20280.1%
Targa Resources Partners LP / Targa Resources Part5.000% 01/15/20280.1%
Diamond Sports Group LLC / Diamond Sports Finance6.625% 08/15/20270.1%
Asbury Automotive Group Inc4.500% 03/01/20280.1%
Avient Corp5.750% 05/15/20250.1%
Lamar Media Corp4.875% 01/15/20290.1%
Altice France Holding SA6.000% 02/15/20280.1%
Endo Luxembourg Finance Co I Sarl / Endo US Inc6.125% 04/01/20290.1%
NRG Energy Inc5.250% 06/15/20290.1%
Revlon, Inc. Class A1.417% 06/30/20250.1%
Nouryon Holding BV8.000% 10/01/20260.1%
Cleveland-Cliffs Inc4.625% 03/01/20290.1%
Scotts Miracle-Gro Co/The4.500% 10/15/20290.1%
Terraform Global Operating LLC6.125% 03/01/20260.1%
Targa Resources Partners LP / Targa Resources Part4.875% 02/01/20310.1%
Sirius XM Radio Inc5.500% 07/01/20290.1%
Freeport-McMoRan Inc4.375% 08/01/20280.1%
CGG SA8.750% 04/01/20270.1%
Carvana Co5.500% 04/15/20270.1%
Peraton Corp0.000% 02/22/20280.1%
Antero Resources Corp8.375% 07/15/20260.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Travel + Leisure Co6.000% 04/01/20270.1%
Gibson Brands, Inc0.000% -0.1%
Ford Motor Credit Co LLC4.000% 11/13/20300.1%
Stericycle Inc3.875% 01/15/20290.1%
CANPACK SA / Eastern PA Land Investment Holding LL2.375% 11/01/20270.1%
Nationstar Mortgage Holdings Inc5.125% 12/15/20300.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.875% 03/01/20310.1%
IRB Holding Corp7.000% 06/15/20250.1%
Douglas GmbH6.000% 04/08/20260.1%
Transportes Aereos Portugueses SA5.625% 12/02/20240.1%
NCL Finance Ltd6.125% 03/15/20280.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
Alcoa Nederland Holding BV4.125% 03/31/20290.1%
Avolon Holdings Funding Ltd5.500% 01/15/20260.1%
Toll Brothers Finance Corp4.875% 03/15/20270.1%
Solaris Midstream Holdings LLC7.625% 04/01/20260.1%
Goldstory SASU5.375% 03/01/20260.1%
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Di7.250% 02/01/20280.1%
Williams Scotsman International Inc4.625% 08/15/20280.1%
Kennedy-Wilson Inc4.750% 03/01/20290.1%
Kennedy-Wilson Inc5.000% 03/01/20310.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.625% 03/01/20290.1%
Arcosa Inc4.375% 04/15/20290.1%
Carnival Corp7.625% 03/01/20260.1%
Novelis Sheet Ingot GmbH3.375% 04/15/20290.1%
Picasso Finance Sub Inc6.125% 06/15/20250.1%
MercadoLibre Inc2.375% 01/14/20260.1%
City Brewing Co LLC0.000% 03/31/20280.1%
Sofima Holding SPA3.750% 01/15/20280.1%
Cablevision Lightpath LLC5.625% 09/15/20280.1%
Macy's Retail Holdings LLC4.500% 12/15/20340.1%
House of HR7.500% 01/15/20270.1%
Central Garden & Pet Co5.125% 02/01/20280.1%
Netflix Inc3.875% 11/15/20290.1%
Centene Corp2.500% 03/01/20310.1%
Targa Resources Partners LP / Targa Resources Part4.000% 01/15/20320.1%
Elwood Energy LLC8.159% 07/05/20260.1%
Viking Cruises Ltd13.000% 05/15/20250.1%
Spectacle Gary Holding11.000% 10/17/20240.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
Carvana Co5.875% 10/01/20280.1%
Hunt Cos Inc6.250% 02/15/20260.1%
HCA Inc7.690% 06/15/20250.1%
Comstock Resources Inc7.500% 05/15/20250.1%
Stonegate Pub Co Financing 2019 PLC8.000% 07/13/20250.1%
IPD 3 BV5.500% 12/01/20250.1%
Occidental Petroleum Corp4.400% 08/15/20490.1%
Avolon Holdings Funding Ltd4.250% 04/15/20260.0%
IPD 3 BV5.500% 12/01/20250.0%
Great Wolf Trust 2019-WOLF3.237% 12/15/20360.0%
Claire's Stores, Inc.6.851% 12/18/20260.0%
J.P. Morgan Chase Commercial Mortgage Securities T4.009% 10/05/20310.0%
Occidental Petroleum Corp7.500% 05/01/20310.0%
Frontier Communications Corp6.750% 05/01/20290.0%
EPR Properties3.750% 08/15/20290.0%
United Rentals North America Inc3.875% 02/15/20310.0%
Doncasters US Finance LLC (Doncasters US LLC)0.500% 03/31/20250.0%
Peraton Corp4.500% 02/22/20280.0%
Nabors Industries Inc5.750% 02/01/20250.0%
Doncasters US Finance LLC (Doncasters US LLC)8.500% 03/31/20240.0%
House of HR7.500% 01/15/20270.0%
Masonite International Corp5.375% 02/01/20280.0%
Foundation Building Materials Inc6.000% 03/01/20290.0%
RP Escrow Issuer LLC5.250% 12/15/20250.0%
Acadia Healthcare Co Inc5.500% 07/01/20280.0%
Party City Holdings Inc8.750% 02/15/20260.0%
Commercial Barge Line0.000% -0.0%
Rent-A-Center Inc4.750% 02/04/20280.0%
Precision Drilling Corp7.750% 12/15/20230.0%
Nordstrom Inc4.000% 03/15/20270.0%
Occidental Petroleum Corp4.100% 02/15/20470.0%
PetVet Care Centers, LLC4.250% 02/14/20250.0%
Credit Index Swap1.000% 06/20/20260.0%
Goldstory SASU5.375% 03/01/20260.0%
Novelis Sheet Ingot GmbH3.375% 04/15/20290.0%
Transportes Aereos Portugueses SA5.625% 12/02/20240.0%
Hertz Corp/The0.000% 10/15/20220.0%
Commercial Barge Line0.000% -0.0%
SM Energy Co6.625% 01/15/20270.0%
Transocean Sentry Ltd5.375% 05/15/20230.0%
UTEX Industries0.000% -0.0%
Avis Budget Car Rental LLC / Avis Budget Finance,5.250% 03/15/20250.0%
SM Energy Co5.625% 06/01/20250.0%
Claire's Stores, Inc.0.000% -0.0%
PetVet Care Centers, LLC3.685% 02/14/20250.0%
Canopy Growth Corp4.250% 07/15/20230.0%
J Crew Group Inc.11.000% 09/10/20270.0%
Frontera Generation Hold5.250% 05/02/20250.0%
Frontera Generation Hold14.000% 11/05/20210.0%
UC Holdings0.000% -0.0%
Britax Childcare0.000% 01/09/20250.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Ovintiv Inc8.125% 09/15/20300.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Precision Drilling Corp5.250% 11/15/20240.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
FX USD/GBP 06/210.000% 06/08/20210.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
J Crew Group Inc.0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
UTEX Industries8.500% 11/01/20240.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Barge Line0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Spectacle Gary Holding11.000% 11/07/20250.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
UTEX Industries5.250% 11/01/20240.0%
FGI Operating Company, LLC5.929% 05/15/20220.0%
TNT Crane and Rigging0.000% -0.0%
Adient US LLC7.000% 05/15/20260.0%
J Crew Group Inc.0.000% -0.0%
Revlon, Inc. Class A0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
TNT Crane and Rigging0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
Penson Technologies LLC0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Sable Permian Resources - Warrants0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/GBP 06/210.000% 06/08/20210.0%
Britax Childcare0.000% -0.0%
Remington Outdoor Co. Inc.0.000% -0.0%
Remington Outdoor Co. Inc.0.000% -0.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
Dutch Lion BV11.250% 06/15/20230.0%
EURO-BOBL FUT JUN210.000% 06/10/20210.0%
EURO-BUND FUTURE JUN210.000% 06/10/20210.0%
US 10YR ULTRA FUT JUN210.000% 06/30/20210.0%
US LONG BOND(CBT) JUN210.000% 06/30/20210.0%
US ULTRA BOND CBT JUN210.000% 06/30/20210.0%
Washington Mutual Bank / Debt not acquired by JPMo6.875% 06/15/20110.0%
FX USD/CAD 04/210.000% 04/20/20210.0%
FX CAD/USD 04/210.000% 04/20/20210.0%
FX CAD/USD 04/210.000% 04/20/20210.0%
US 2YR NOTE (CBT) JUN210.000% 07/06/20210.0%
US 5YR NOTE (CBT) JUN210.000% 07/06/20210.0%
FX CAD/USD 04/210.000% 04/20/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
FX USD/CAD 04/210.000% 04/20/20210.0%
Credit Index Swap5.000% 06/20/20260.0%

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 03/31/2021

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Retail -
Financial Services -
Consumer Goods -
Banking -
Technology & Electronics -
Utility -
Insurance -
Healthcare -
Real Estate -
Capital Goods -
Telecommunications -
Basic Industry -
Leisure -
Other -
Transportation -
Automotive -
Energy -
Services -
Media -

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 05/14/2021
$0.101
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2021 $0.02601 $7.48
Daily Daily 03/31/2021 $0.02510 $7.42
Daily Daily 02/28/2021 $0.02567 $7.46
Daily Daily 01/31/2021 $0.02500 $7.40

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.0899 $0.0792 $0.1691 $7.40
*

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
12/16/2021 12/17/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2021

1.53%

Fund Documents

Fund Documents

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*Barron’s Overall Fund Family of 2020,” #7 overall ranking among 53 qualifying fund families based on the net total return of the one-year period ending 12/31/2020. Five-year overall ranking is #4 out of 50 qualifying fund families; and 10-year overall ranking is #21 out of 44 qualifying fund families.

Source: Barron’s, “Barron’s Best Fund Families of 2020,” February 20, 2021. 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, 2020, 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 2021. 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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