High Yield Fund

LHYCX

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Daily price w/o sales charge as of 10/15/2021

$7.52

$0.01

YTD Returns w/o sales charge as of 10/15/2021

5.24%

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

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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 10/15/2021

w/o sales charge

3.99%

30-Day Standardized Yield ² as of 09/30/2021

2.86%

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

Fund Basicsas of 09/30/2021

Total Net Assets: $7.49 B
Inception Date: 12/31/1998
Dividend Frequency: Monthly
Fund Expense Ratio: 1.53%
Number of Holdings: 750
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	5.07%	12.41%	5.22%	5.24%	6.85%	6.05%
Lipper Category Avg. High Yield Funds	4.51%	10.91%	5.99%	5.63%	6.36%	-
ICE BofA U.S. High Yield Constrained Index	4.68%	11.46%	6.59%	6.34%	7.29%	6.80%
w/ sales charge	4.07%	12.41%	5.22%	5.24%	6.85%	6.05%

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	5.07%	12.41%	5.22%	5.24%	6.85%	6.05%
Lipper Category Avg. High Yield Funds	4.51%	10.91%	5.99%	5.63%	6.36%	-
ICE BofA U.S. High Yield Constrained Index	4.68%	11.46%	6.59%	6.34%	7.29%	6.80%
w/ sales charge	4.07%	12.41%	5.22%	5.24%	6.85%	6.05%

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.

Credit Quality Distribution as of 09/30/2021 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, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Christopher Gizzo, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Karen J. Gunnerson

Portfolio Manager

8 Years of Industry Experience

Supported By 63 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 10/15/2021

w/o sales charge

3.99%

30-Day Standardized Yield ² as of 09/30/2021

	Subsidized³	Un-Subsidized⁴
w/o sales charge	2.86%	2.86%

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	5.07%	12.41%	5.22%	5.24%	6.85%	6.05%
Lipper Category Avg. High Yield Funds	4.51%	10.91%	5.99%	5.63%	6.36%	-
ICE BofA U.S. High Yield Constrained Index	4.68%	11.46%	6.59%	6.34%	7.29%	6.80%
w/ sales charge	4.07%	12.41%	5.22%	5.24%	6.85%	6.05%

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	5.07%	12.41%	5.22%	5.24%	6.85%	6.05%
Lipper Category Avg. High Yield Funds	4.51%	10.91%	5.99%	5.63%	6.36%	-
ICE BofA U.S. High Yield Constrained Index	4.68%	11.46%	6.59%	6.34%	7.29%	6.80%
w/ sales charge	4.07%	12.41%	5.22%	5.24%	6.85%	6.05%

Fund Expense Ratio :

1.53%

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%	2.96%	0.47%	-	5.24%
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

Rating	Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
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 09/30/2021

Rating	Assets
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 06/30/2021

Throughout the quarter, we increased the portfolio’s energy allocation and it became the largest overweight position. The sector should benefit from the ongoing global economic recovery and increased consumer activity. While the portfolio’s largest underweight subsector remained the gas distribution subsector, the portfolio’s largest overweight subsector was exploration and production (E&P) by a significant margin. Exposure to E&P primarily was in BB securities issued by larger, well-capitalized operators that we believe are best positioned to be rewarded as potential rising stars over the coming year(s). However, we continued to add selectively to mid/low B-rated and CCC-rated energy credits over the last few months, which continued into June. This strategy primarily reflected attractive relative valuations as lower quality credit tiers outperformed higher quality tiers within the high yield cohort. Energy is also supported by a positive outlook in commodities highlighted by the recent surge in the WTI Crude Index past $70 per barrel. Looking forward, we expect to continue building on the portfolio’s position in the energy sector through lower credit securities, while implementing our sell discipline to trim the portfolio’s exposure to winners within the sector as the market recognizes their value. We are still constructive on the sector as we believe it is supported by solid growth and a positive earnings outlook with low projected default rates. We also continue to look for ESG-friendly opportunities within energy, specifically with respect to low-carbon and alternative energy sources.
We remained constructive on the leisure sector as it finished the quarter as the portfolio’s second largest overweight position. The portfolio’s allocation to leisure had primarily been in regional gaming credits with the gaming industry benefitting from increased consumer demand. Regional gaming, particularly casinos, also benefitted as they are typically 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. While gaming is the largest subsector overweight in the portfolio within leisure, we gradually added to other areas over the quarter including theaters, hotels and airlines which are all related to our reopening trades and should continue to benefit from further economic reopening. However, we discontinued adding to this sector towards the end of June due to the increased relative valuation associated with these securities.
While most sector positions remained stable over the quarter, we notably reduced the portfolio’s allocation to the basic industry sector. Specifically, we have capitalized on some of the portfolio’s positions in builders and building products due to increased relative valuations. Towards the tail end of the quarter, we reduced securities in subsectors such as metals and mining and trimmed the portfolio’s holdings that were associated with the reflationary trade from previous months.
The telecommunications sector remained the portfolio’s largest underweight as we have continued to target more cyclical credits that are associated with economic recovery. 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.
We continue to have a broadly constructive view on high yield credit while also acknowledging that current spread levels are now marginally tighter than their pre-COVID levels. The portfolio is positioned for modest spread compression going forward, with a skew towards lower rated segments of the market. Call constraints are placing an upside limit on price appreciation more so in BBs and Bs, relative to CCCs, exacerbated by the recent rally in benchmark yields. As a result, we see a return profile potentially driven by carry in 2H21. We continue to be active in the new issue market given positive convexity opportunities there, while monitoring for the emergence of negative trends in underwriting quality. We expect another record year of issuance in the high yield market, but believe technicals will remain favorable as we see up to 10% of the face value of the high yield market transitioning to investment grade over the coming 12-18 months, and activity remaining skewed to refinancing, all amidst a global dearth of yield in fixed income.
We believe the current economic landscape is a favorable environment for high yield issuers supported by solid economic growth (albeit likely to peak on a y/y basis in Q2) and a positive earnings outlook with low projected default rates. Using the approach of looking to the distress ratio as a guide, we estimate default loss over the coming 12 months of approximately 1% or less, falling from a peak of over 6% in late 2020. Additionally, the pace of upgrades has been meaningfully larger than the pace of downgrades. We believe the declining intensity in the default cycle over time along with the uplift in credit quality are key ingredients that further support our continued positive outlook on the U.S. high yield bond sector broadly. We also continue to see modest upside in select fallen angels, many of which we believe should regain investment grade status over the coming year or two.
The Fund’s positioning currently reflects this overall risk posture which has continued to take advantage of reflationary themes in the economy, with overweights in energy, leisure, basic industry and retail. While investor tilts over the last 6 months make this stance far less of an out of consensus view than when we had set them in 2020, valuations suggest positioning is not yet fully reflective of the fuller broadening of investor support we expect to come in these sectors.
The Fund maintained modest allocations to out-of-index sectors, such as bank loans, convertibles, and investment grade bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.

Portfolio Details as of 09/30/2021

Total Net Assets: $7.49 B
Number of Issues: 750
Average Coupon: 5.57%
Average Maturity: 7.53 Years
Average Effective Duration: 4.24 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	1.2%
Ford Motor Co	9.000%	04/22/2025	1.0%
Occidental Petroleum Corp	6.125%	01/01/2031	0.7%
Kraft Heinz Foods Co	4.375%	06/01/2046	0.7%
Kraft Heinz Foods Co	4.875%	10/01/2049	0.7%
Netflix Inc	4.625%	05/15/2029	0.6%
CCO Holdings LLC / CCO Holdings Capital Corp	4.750%	03/01/2030	0.5%
Centennial Resource Production LLC	5.375%	01/15/2026	0.5%
Matador Resources Co	5.875%	09/15/2026	0.4%
FMG Resources August 2006 Pty Ltd	4.500%	09/15/2027	0.4%

% of Total Assets			6.7%

Holding	Coupon	Maturity	Assets

Sprint Capital Corp	6.875%	11/15/2028	1.2%
Ford Motor Co	9.000%	04/22/2025	1.0%
Occidental Petroleum Corp	6.125%	01/01/2031	0.7%
Kraft Heinz Foods Co	4.375%	06/01/2046	0.7%
Kraft Heinz Foods Co	4.875%	10/01/2049	0.7%
Netflix Inc	4.625%	05/15/2029	0.6%
CCO Holdings LLC / CCO Holdings Capital Corp	4.750%	03/01/2030	0.5%
FMG Resources August 2006 Pty Ltd	4.500%	09/15/2027	0.5%
TransDigm Inc	5.500%	11/15/2027	0.4%
Ford Motor Co	4.750%	01/15/2043	0.4%
Matador Resources Co	5.875%	09/15/2026	0.4%
Netflix Inc	4.875%	06/15/2030	0.4%
MEG Energy Corp	7.125%	02/01/2027	0.4%
Continental Resources Inc/OK	5.750%	01/15/2031	0.4%
Ford Motor Co	7.450%	07/16/2031	0.4%
Freeport-McMoRan Inc	4.250%	03/01/2030	0.4%
Centennial Resource Production LLC	5.375%	01/15/2026	0.4%
CHS/Community Health Systems Inc	6.125%	04/01/2030	0.4%
Navient Corp	6.750%	06/25/2025	0.4%
Murphy Oil Corp	5.875%	12/01/2027	0.4%
American Airlines Inc	11.750%	07/15/2025	0.4%
EQT Corp	6.625%	02/01/2025	0.4%
CHS/Community Health Systems Inc	4.750%	02/15/2031	0.4%
Caesars Entertainment Inc	8.125%	07/01/2027	0.3%
Freeport-McMoRan Inc	5.250%	09/01/2029	0.3%
Stonegate Pub Co Financing 2019 PLC	8.250%	07/31/2025	0.3%
Laredo Petroleum Inc	10.125%	01/15/2028	0.3%
Carnival Corp	11.500%	04/01/2023	0.3%
Bath & Body Works Inc	6.875%	11/01/2035	0.3%
Apache Corp	4.375%	10/15/2028	0.3%
HCA Inc	5.875%	02/01/2029	0.3%
Western Midstream Operating LP	5.300%	02/01/2030	0.3%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp	5.250%	05/15/2027	0.3%
Synovus Financial Corp	5.900%	02/07/2029	0.3%
Virgin Media Secured Finance plc	5.500%	05/15/2029	0.3%
Tenet Healthcare Corp	6.125%	10/01/2028	0.3%
Crowdstrike Holdings Inc	3.000%	02/15/2029	0.3%
Centene Corp	2.500%	03/01/2031	0.3%
Newell Brands Inc	5.875%	04/01/2036	0.3%
OneMain Finance Corp	4.000%	09/15/2030	0.3%
Twilio Inc	3.625%	03/15/2029	0.3%
Centene Corp	3.000%	10/15/2030	0.3%
Churchill Downs Inc	4.750%	01/15/2028	0.3%
Toll Brothers Finance Corp	4.350%	02/15/2028	0.3%
Contura Energy Inc	10.000%	06/14/2024	0.3%
Mohegan Gaming & Entertainment	8.000%	02/01/2026	0.3%
Bombardier Inc	7.125%	06/15/2026	0.3%
Viper Energy Partners LP	5.375%	11/01/2027	0.3%
GS Mortgage Securities Corp Trust 2021-ROSS MZ	9.596%	06/15/2026	0.3%
DISH DBS Corp	7.750%	07/01/2026	0.3%
XPO CNW Inc	6.700%	05/01/2034	0.3%
CIT Group Inc	6.125%	03/09/2028	0.3%
ON Semiconductor Corp	3.875%	09/01/2028	0.3%
Callon Petroleum Co	9.000%	04/01/2025	0.3%
Rocket Mortgage LLC	5.250%	01/15/2028	0.3%
Ovintiv Inc	6.500%	02/01/2038	0.3%
Drive Chassis Holdco LLC	7.119%	04/10/2026	0.2%
Encompass Health Corp	4.500%	02/01/2028	0.2%
Ball Corp	2.875%	08/15/2030	0.2%
NextEra Energy Operating Partners LP	4.500%	09/15/2027	0.2%
Apache Corp	4.750%	04/15/2043	0.2%
Bausch Health Cos Inc	5.250%	01/30/2030	0.2%
Ovintiv Inc	6.500%	08/15/2034	0.2%
Bath & Body Works Inc	6.625%	10/01/2030	0.2%
Clear Channel Outdoor Holdings Inc	7.750%	04/15/2028	0.2%
Southwestern Energy Co	8.375%	09/15/2028	0.2%
Centene Corp	4.625%	12/15/2029	0.2%
Ulker Biskuvi Sanayi AS	6.950%	10/30/2025	0.2%
Ladder Capital Finance Holdings LLC/Ladder Capital	4.250%	02/01/2027	0.2%
Molina Healthcare Inc	3.875%	11/15/2030	0.2%
Centene Corp	3.375%	02/15/2030	0.2%
Bausch Health Cos Inc	5.250%	02/15/2031	0.2%
Pattern Energy Operations LP / Pattern Energy Oper	4.500%	08/15/2028	0.2%
Great Wolf Trust 2019-WOLF	2.828%	12/15/2036	0.2%
United States Steel Corp	6.875%	03/01/2029	0.2%
Warrior Met Coal Inc	8.000%	11/01/2024	0.2%
Apache Corp	5.100%	09/01/2040	0.2%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.	5.875%	05/15/2025	0.2%
Full House Resorts Inc	8.250%	02/15/2028	0.2%
Encino Acquisition Partners Holdings LLC	8.500%	05/01/2028	0.2%
Diamond Sports Group LLC / Diamond Sports Finance	5.375%	08/15/2026	0.2%
Aethon United BR LP / Aethon United Finance Corp	8.250%	02/15/2026	0.2%
Peabody Energy Corp.	2.938%	03/31/2025	0.2%
Oceaneering International Inc	6.000%	02/01/2028	0.2%
Air Methods Corp	8.000%	05/15/2025	0.2%
Fontainebleau Miami Beach Trust 2019-FBLU	4.095%	12/10/2036	0.2%
Occidental Petroleum Corp	6.450%	09/15/2036	0.2%
Netflix Inc	3.625%	06/15/2030	0.2%
Tianqi Finco Co Ltd	3.750%	11/28/2022	0.2%
Buena Vista Gaming Authority	13.000%	04/01/2023	0.2%
Buckeye Partners LP	6.375%	01/22/2078	0.2%
Cenovus Energy Inc	5.400%	06/15/2047	0.2%
Royal Caribbean Cruises Ltd	3.700%	03/15/2028	0.2%
OneMain Finance Corp	5.375%	11/15/2029	0.2%
Novavax Inc	3.750%	02/01/2023	0.2%
Coronado Finance Pty Ltd	10.750%	05/15/2026	0.2%
CommScope Inc	7.125%	07/01/2028	0.2%
Crocs Inc	4.250%	03/15/2029	0.2%
Forestar Group Inc	5.000%	03/01/2028	0.2%
Coeur Mining Inc	5.125%	02/15/2029	0.2%
Braskem Idesa SAPI	7.450%	11/15/2029	0.2%
SM Energy Co	6.750%	09/15/2026	0.2%
Tenneco Inc	5.000%	07/15/2026	0.2%
Match Group Holdings II LLC	4.125%	08/01/2030	0.2%
Team Health Holdings Inc	6.375%	02/01/2025	0.2%
Transocean Guardian Ltd	5.875%	01/15/2024	0.2%
Michaels Cos Inc/The	7.875%	05/01/2029	0.2%
Sealed Air Corp	6.875%	07/15/2033	0.2%
LogMeIn Inc	5.500%	09/01/2027	0.2%
Acadia Healthcare Co Inc	5.000%	04/15/2029	0.2%
Hawaiian Brand Intellectual Property Ltd / Hawaiia	5.750%	01/20/2026	0.2%
Gulfport Energy Operating Corp	8.000%	05/17/2026	0.2%
LBM Acquisition LLC	6.250%	01/15/2029	0.2%
Northriver Midstream Finance LP	5.625%	02/15/2026	0.2%
CSMC 2021-BPNY	3.810%	08/15/2023	0.2%
California Resources Corp	7.125%	02/01/2026	0.2%
Range Resources Corp	4.875%	05/15/2025	0.2%
SCIH Salt Holdings Inc	6.625%	05/01/2029	0.2%
Apollo Commercial Real Estate Finance Inc	4.625%	06/15/2029	0.2%
Texas Capital Bancshares Inc	4.000%	05/06/2031	0.2%
Netflix Inc	3.625%	05/15/2027	0.2%
American Airlines Group Inc	3.750%	03/01/2025	0.2%
Switch Ltd	3.750%	09/15/2028	0.2%
JP Morgan Chase Commercial Mortgage Securities Tru	3.946%	03/15/2036	0.2%
Precision Drilling Corp	7.125%	01/15/2026	0.2%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &	6.000%	08/01/2026	0.2%
PHH Mortgage Corp	7.875%	03/15/2026	0.2%
Carnival Corp	9.875%	08/01/2027	0.2%
HCRX Investments Holdco LP	4.500%	08/01/2029	0.2%
MEG Energy Corp	5.875%	02/01/2029	0.2%
Limak Iskenderun Uluslararasi Liman Isletmeciligi	9.500%	07/10/2036	0.2%
Delta Air Lines Inc / SkyMiles IP Ltd	4.750%	10/20/2028	0.2%
Travel + Leisure Co	6.625%	07/31/2026	0.2%
Navient Corp	6.125%	03/25/2024	0.2%
Midcap Financial Issuer Trust	6.500%	05/01/2028	0.2%
Resideo Funding Inc	4.000%	09/01/2029	0.2%
Apache Corp	4.625%	11/15/2025	0.2%
Centennial Resource Production LLC	6.875%	04/01/2027	0.2%
Topgolf International, Inc.	7.339%	02/09/2026	0.2%
Endeavor Energy Resources LP / EER Finance Inc	5.750%	01/30/2028	0.2%
Ally Financial Inc	4.700%	08/15/2199	0.2%
Twilio Inc	3.875%	03/15/2031	0.2%
Connect Finco SARL / Connect US Finco LLC	6.750%	10/01/2026	0.2%
TerraForm Power Operating LLC	4.750%	01/15/2030	0.2%
Affinity Gaming	6.875%	12/15/2027	0.2%
Mueller Water Products Inc	4.000%	06/15/2029	0.2%
BFLD 2019-DPLO	2.636%	10/15/2034	0.2%
CIFC Funding 2021-III Ltd	3.148%	07/15/2036	0.2%
Sylvamo Corp	7.000%	09/01/2029	0.2%
CQP Holdco LP / BIP-V Chinook Holdco LLC	5.500%	06/15/2031	0.2%
Belo Corp	7.250%	09/15/2027	0.2%
HCA Inc	5.500%	06/15/2047	0.2%
HAT Holdings I LLC / HAT Holdings II LLC	3.375%	06/15/2026	0.2%
Radiology Partners Inc	9.250%	02/01/2028	0.2%
MercadoLibre Inc	2.375%	01/14/2026	0.2%
Nabors Industries Ltd	7.250%	01/15/2026	0.2%
Spirit AeroSystems Inc	4.600%	06/15/2028	0.2%
Mileage Plus Holdings LLC / Mileage Plus Intellect	6.500%	06/20/2027	0.2%
Royal Caribbean Cruises Ltd	9.125%	06/15/2023	0.2%
OCP CLO 2021-21 Ltd	3.081%	07/20/2034	0.2%
HAT Holdings I LLC / HAT Holdings II LLC	3.750%	09/15/2030	0.2%
HLF Financing Sarl LLC / Herbalife International I	4.875%	06/01/2029	0.2%
Buckeye Partners LP	3.950%	12/01/2026	0.2%
Alcoa Nederland Holding BV	4.125%	03/31/2029	0.2%
Hunt Cos Inc	5.250%	04/15/2029	0.2%
Guitar Center Inc	8.500%	01/15/2026	0.2%
Ardonagh Midco 2 PLC	11.500%	01/15/2027	0.2%
Canary Wharf Group Investment Holdings PLC	3.375%	04/23/2028	0.2%
Live Nation Entertainment Inc	3.750%	01/15/2028	0.2%
Delta Air Lines Inc	7.000%	05/01/2025	0.2%
Patterson-UTI Energy Inc	3.950%	02/01/2028	0.2%
Carnival Corp	4.000%	08/01/2028	0.2%
Northwest Fiber LLC / Northwest Fiber Finance Sub	10.750%	06/01/2028	0.2%
DaVita Inc	3.750%	02/15/2031	0.2%
Compass Minerals International, Inc.	6.750%	12/01/2027	0.2%
EQT Corp	7.500%	02/01/2030	0.2%
Comstock Resources Inc	5.875%	01/15/2030	0.2%
Tesla Inc	2.000%	05/15/2024	0.2%
Tri Pointe Homes Inc	5.250%	06/01/2027	0.2%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc	3.875%	03/01/2031	0.2%
Sabre GLBL Inc	9.250%	04/15/2025	0.2%
Triumph Group Inc	7.750%	08/15/2025	0.2%
Enterprise Develop Auth	5.000%	02/19/2028	0.2%
Occidental Petroleum Corp	3.500%	08/15/2029	0.2%
Party City Holdings Inc	8.750%	02/15/2026	0.2%
Intertape Polymer Group Inc	4.375%	06/15/2029	0.2%
Credit Suisse Group AG	7.250%	03/12/2199	0.2%
Navient Corp	6.750%	06/15/2026	0.2%
Texas Capital Bank NA	5.250%	01/31/2026	0.2%
Colgate Energy Partners III LLC	5.875%	07/01/2029	0.2%
Sri Lanka Government International Bond	5.875%	07/25/2022	0.2%
International Game Technology plc	5.250%	01/15/2029	0.2%
United States Steel Corp	6.650%	06/01/2037	0.2%
Global Aircraft Leasing Co Ltd	6.500%	09/15/2024	0.2%
Netflix Inc	3.875%	11/15/2029	0.2%
AG Issuer LLC	6.250%	03/01/2028	0.2%
Indigo Natural Resources LLC	5.375%	02/01/2029	0.2%
Freeport-McMoRan Inc	5.450%	03/15/2043	0.2%
MSCI Inc	3.875%	02/15/2031	0.2%
Coinbase Global Inc	0.500%	06/01/2026	0.2%
CVR Partners LP / CVR Nitrogen Finance Corp	6.125%	06/15/2028	0.2%
Square Inc	3.500%	06/01/2031	0.2%
Bristow Group Inc	6.875%	03/01/2028	0.2%
Southwestern Energy Co	6.450%	01/23/2025	0.2%
Entegris Inc	3.625%	05/01/2029	0.2%
ASP Unifrax Holdings Inc	3.897%	11/05/2025	0.2%
Fair Isaac Corp	5.250%	05/15/2026	0.2%
Ingevity Corp	3.875%	11/01/2028	0.2%
Bahamas Government International Bond	8.950%	10/15/2032	0.2%
Levi Strauss & Co	3.500%	03/01/2031	0.2%
Mong Duong Finance Holdings BV	5.125%	05/07/2029	0.2%
Azul Investments LLP	7.250%	06/15/2026	0.2%
VistaJet Malta Finance PLC / XO Management Holding	10.500%	06/01/2024	0.2%
MC Brazil Downstream Trading SARL	7.250%	06/30/2031	0.2%
Pentair PLC	0.000%	-	0.1%
HubSpot Inc	0.375%	06/01/2025	0.1%
Mattel Inc	5.450%	11/01/2041	0.1%
US Renal Care Inc	10.625%	07/15/2027	0.1%
Ccs-Cmgc Holdings Inc	5.585%	10/01/2025	0.1%
National CineMedia LLC	5.875%	04/15/2028	0.1%
Pactiv LLC	7.950%	12/15/2025	0.1%
Victors Merger Corp	6.375%	05/15/2029	0.1%
Alliance Data Systems Corp	4.750%	12/15/2024	0.1%
Frontier Communications Holdings LLC	5.875%	10/15/2027	0.1%
Pike Corp	5.500%	09/01/2028	0.1%
Dycom Industries Inc	4.500%	04/15/2029	0.1%
Resorts World Las Vegas LLC / RWLV Capital Inc	4.625%	04/06/2031	0.1%
H&E Equipment Services Inc	3.875%	12/15/2028	0.1%
Square Inc	0.125%	03/01/2025	0.1%
Urban One Inc	7.375%	02/01/2028	0.1%
BCP Raptor II LLC	4.835%	10/22/2025	0.1%
IIP Operating Partnership LP	5.500%	05/25/2026	0.1%
Anastasia Beverly Hills	3.897%	08/11/2025	0.1%
TransDigm Inc	4.625%	01/15/2029	0.1%
MGM Resorts International	5.500%	04/15/2027	0.1%
Hecla Mining Co	7.250%	02/15/2028	0.1%
Victoria's Secret & Co	4.625%	07/15/2029	0.1%
MGM Resorts International	4.625%	09/01/2026	0.1%
Turning Point Brands Inc	5.625%	02/15/2026	0.1%
PetSmart Inc / PetSmart Finance Corp	4.750%	02/15/2028	0.1%
Independence Energy Finance LLC	7.250%	05/01/2026	0.1%
Hilcorp Energy I LP / Hilcorp Finance Co	6.250%	11/01/2028	0.1%
Oasis Midstream Partners LP / OMP Finance Corp	8.000%	04/01/2029	0.1%
Hudbay Minerals Inc	4.500%	04/01/2026	0.1%
TransJamaican Highway Ltd	5.750%	10/10/2036	0.1%
Akumin Inc	7.000%	11/01/2025	0.1%
BEP Ulterra Holdings Inc.	5.335%	11/26/2025	0.1%
Uber Technologies Inc	4.500%	08/15/2029	0.1%
Hudbay Minerals Inc	6.125%	04/01/2029	0.1%
Atlassian Inc	0.625%	05/01/2023	0.1%
Block Communications Inc	4.875%	03/01/2028	0.1%
Miller's Ale House, Inc.	4.837%	05/30/2025	0.1%
Tullow Oil plc	10.250%	05/15/2026	0.1%
Vista Outdoor Inc	4.500%	03/15/2029	0.1%
Laredo Petroleum Inc	7.750%	07/31/2029	0.1%
Rent-A-Center Inc/TX	6.375%	02/15/2029	0.1%
Brazos Delaware II, LLC	4.088%	05/21/2025	0.1%
Repligen Corp	0.375%	07/15/2024	0.1%
Macquarie Bank Ltd/London	6.125%	09/08/2199	0.1%
Claros Mortgage Trust Inc.	6.000%	08/05/2026	0.1%
DPL Inc	4.125%	07/01/2025	0.1%
Fair Isaac Corp	4.000%	06/15/2028	0.1%
SCF Preferred Equity LLC	7.500%	10/16/2199	0.1%
Kosmos Energy Ltd	7.500%	03/01/2028	0.1%
Wynn Resorts Finance LLC / Wynn Resorts Capital Co	5.125%	10/01/2029	0.1%
Buckeye Partners LP	4.125%	12/01/2027	0.1%
Chemours Co/The	5.375%	05/15/2027	0.1%
Symphony Finance Sub Llc	5.500%	08/03/2028	0.1%
VICI Properties LP / VICI Note Co Inc	4.125%	08/15/2030	0.1%
Melco Resorts Finance Ltd	5.750%	07/21/2028	0.1%
American Airlines Inc/AAdvantage Loyalty IP Ltd	5.750%	04/20/2029	0.1%
Alta Equipment Group Inc	5.625%	04/15/2026	0.1%
Owens & Minor Inc	4.500%	03/31/2029	0.1%
Dana Inc	4.250%	09/01/2030	0.1%
Compass Minerals International, Inc.	4.875%	07/15/2024	0.1%
Park River Holdings Inc	6.750%	08/01/2029	0.1%
Macy's Retail Holdings LLC	5.875%	04/01/2029	0.1%
Antero Resources Corp	7.625%	02/01/2029	0.1%
Lions Gate Capital Holdings LLC	5.500%	04/15/2029	0.1%
Investment Energy Resources Ltd	6.250%	04/26/2029	0.1%
Ahern Rentals Inc	7.375%	05/15/2023	0.1%
Trinseo Materials Operating SCA	5.125%	04/01/2029	0.1%
Dick's Sporting Goods Inc	3.250%	04/15/2025	0.1%
Alcoa Nederland Holding BV	5.500%	12/15/2027	0.1%
PetSmart Inc / PetSmart Finance Corp	7.750%	02/15/2029	0.1%
Occidental Petroleum Corp	4.100%	02/15/2047	0.1%
Lithia Motors Inc	3.875%	06/01/2029	0.1%
Carvana Co	5.500%	04/15/2027	0.1%
Party City Holdings Inc	6.625%	08/01/2026	0.1%
Jefferson Capital Holdings LLC	6.000%	08/15/2026	0.1%
Global Atlantic Fin Co	4.700%	10/15/2051	0.1%
Carvana Co	5.625%	10/01/2025	0.1%
EPR Properties	4.500%	04/01/2025	0.1%
Signa Development Finance SCS	5.500%	07/23/2026	0.1%
Qorvo Inc	4.375%	10/15/2029	0.1%
Workday Inc	0.250%	10/01/2022	0.1%
Genting New York LLC / GENNY Capital Inc	3.300%	02/15/2026	0.1%
Cleveland-Cliffs Inc	4.875%	03/01/2031	0.1%
Comstock Resources Inc	6.750%	03/01/2029	0.1%
Madison IAQ LLC	5.875%	06/30/2029	0.1%
Diamondback Energy Inc	3.500%	12/01/2029	0.1%
EQT Corp	5.000%	01/15/2029	0.1%
Pinnacle Bidco PLC	6.375%	02/15/2025	0.1%
Wendy's International LLC	7.000%	12/15/2025	0.1%
Magenta Buyer Llc	5.750%	04/29/2028	0.1%
Colgate Energy Partners III LLC	7.750%	02/15/2026	0.1%
Murphy Oil USA Inc	4.750%	09/15/2029	0.1%
TK Elevator US Newco Inc	5.250%	07/15/2027	0.1%
Solaris Midstream Holdings LLC	7.625%	04/01/2026	0.1%
US Acute Care Solutions LLC	6.375%	03/01/2026	0.1%
Robertshaw US Holding Corp. (fka Fox US Bidco Corp	4.250%	02/28/2025	0.1%
Fortress Transportation and Infrastructure Investo	5.500%	05/01/2028	0.1%
Park Intermediate Holdings LLC / PK Domestic Prope	5.875%	10/01/2028	0.1%
Range Resources Corp	5.000%	03/15/2023	0.1%
Array Technologies Inc	3.750%	10/07/2027	0.1%
Golden Goose SpA	4.875%	05/14/2027	0.1%
Douglas GmbH	6.000%	04/08/2026	0.1%
Arcline Fm Holdings LLC	5.500%	06/17/2028	0.1%
IMA Industria Macchine Automatiche SpA	3.750%	01/15/2028	0.1%
Carnival Corp	5.750%	03/01/2027	0.1%
Advisor Group Holdings Inc	10.750%	08/01/2027	0.1%
Alcoa Corp	0.000%	-	0.1%
NOVA Chemicals Corp	4.250%	05/15/2029	0.1%
Range Resources Corp	8.250%	01/15/2029	0.1%
Ford Motor Co	9.625%	04/22/2030	0.1%
Hightower Holding LLC	6.750%	04/15/2029	0.1%
TMS International Corp/DE	6.250%	04/15/2029	0.1%
Aston Martin Capital Holdings Ltd.	10.500%	11/30/2025	0.1%
Jaguar Land Rover Automotive plc	4.500%	10/01/2027	0.1%
Air Lease Corp	4.650%	06/15/2199	0.1%
Atlas Cc Acquisition Corp	5.000%	04/29/2028	0.1%
CrownRock LP / CrownRock Finance Inc	5.000%	05/01/2029	0.1%
Arcosa Inc	4.375%	04/15/2029	0.1%
Midwest Gaming Borrower LLC / Midwest Gaming Finan	4.875%	05/01/2029	0.1%
Bausch Health Cos Inc	5.000%	02/15/2029	0.1%
Promontoria Holding 264 BV	6.750%	08/15/2023	0.1%
SM Energy Co	5.625%	06/01/2025	0.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc	7.000%	08/15/2028	0.1%
Live Nation Entertainment Inc	4.750%	10/15/2027	0.1%
Sunnova Energy Corp	5.875%	09/01/2026	0.1%
United Airlines 2020-1 Class A Pass Through Trust	5.875%	10/15/2027	0.1%
Hilcorp Energy I LP / Hilcorp Finance Co	5.750%	02/01/2029	0.1%
Bain Capital Credit CLO 2021-2 Ltd	3.278%	07/16/2034	0.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC	5.125%	04/15/2029	0.1%
New Home Co Inc/The	7.250%	10/15/2025	0.1%
Ford Motor Co	6.625%	10/01/2028	0.1%
Resolute Forest Products Inc	4.875%	03/01/2026	0.1%
Ecl Entertainment Llc	8.250%	03/31/2028	0.1%
Audacy Capital Corp	6.500%	05/01/2027	0.1%
Maxeda DIY Holding BV	5.875%	10/01/2026	0.1%
Wolverine Escrow LLC	8.500%	11/15/2024	0.1%
SEG Holding LLC / SEG Finance Corp	5.625%	10/15/2028	0.1%
SM Energy Co	6.625%	01/15/2027	0.1%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd	8.000%	09/20/2025	0.1%
Austin BidCo Inc	7.125%	12/15/2028	0.1%
Callon Petroleum Co	6.375%	07/01/2026	0.1%
Ken Garff Automotive LLC	4.875%	09/15/2028	0.1%
Hilcorp Energy I LP / Hilcorp Finance Co	6.000%	02/01/2031	0.1%
Weekley Homes LLC / Weekley Finance Corp.	4.875%	09/15/2028	0.1%
Watco Cos LLC / Watco Finance Corp	6.500%	06/15/2027	0.1%
Shea Homes LP / Shea Homes Funding Corp.	4.750%	02/15/2028	0.1%
CNX Resources Corp	6.000%	01/15/2029	0.1%
Murphy Oil Corp	6.375%	07/15/2028	0.1%
Scientific Games International, Inc.	7.250%	11/15/2029	0.1%
Stonegate Pub Co Financing 2019 PLC	8.000%	07/13/2025	0.1%
Seaspan Corp	5.500%	08/01/2029	0.1%
Tri Pointe Homes Inc	5.700%	06/15/2028	0.1%
Charles River Laboratories International, Inc.	4.000%	03/15/2031	0.1%
Science Applications International Corp	4.875%	04/01/2028	0.1%
iHeartCommunications Inc	4.750%	01/15/2028	0.1%
Chobani LLC / Chobani Finance Corp Inc	4.625%	11/15/2028	0.1%
Punch Finance PLC	6.125%	06/30/2026	0.1%
JSW Hydro Energy Ltd	4.125%	05/18/2031	0.1%
Windstream Escrow LLC / Windstream Escrow Finance	7.750%	08/15/2028	0.1%
NCL Corp Ltd	12.250%	05/15/2024	0.1%
SVB Financial Group	0.000%	-	0.1%
Insulet Corporation	3.750%	04/29/2028	0.1%
Allison Transmission Inc	3.750%	01/30/2031	0.1%
Yum! Brands Inc	5.350%	11/01/2043	0.1%
Meritor Inc	4.500%	12/15/2028	0.1%
Delta Topco, Inc.	8.000%	10/07/2028	0.1%
Gap Inc/The	8.875%	05/15/2027	0.1%
Associated Asphalt Partners, LLC	6.250%	04/05/2024	0.1%
Boyd Gaming Corp	4.750%	12/01/2027	0.1%
Ashland LLC	6.875%	05/15/2043	0.1%
Renewable Energy Group Inc	5.875%	06/01/2028	0.1%
Brookfield Residential Properties, Inc. / Brookfie	4.875%	02/15/2030	0.1%
United Airlines Inc	4.625%	04/15/2029	0.1%
NCL Corp Ltd	3.625%	12/15/2024	0.1%
Cable One Inc	4.000%	11/15/2030	0.1%
Vedanta Resources Finance II PLC	8.950%	03/11/2025	0.1%
Presidio Holdings Inc	4.875%	02/01/2027	0.1%
Summer BC Holdco A Sarl	9.250%	10/31/2027	0.1%
Arconic Corp	6.125%	02/15/2028	0.1%
Veritas US Inc / Veritas Bermuda Ltd	7.500%	09/01/2025	0.1%
Radiate Holdco LLC / Radiate Finance Inc	4.500%	09/15/2026	0.1%
CSN Resources SA	4.625%	06/10/2031	0.1%
Energy Transfer LP	6.500%	11/15/2199	0.1%
Group 1 Automotive Inc	4.000%	08/15/2028	0.1%
Energy Acquisition LP (aka Electrical Components International)	4.349%	06/26/2025	0.1%
Century Aluminum Co	7.500%	04/01/2028	0.1%
Hughes Satellite Systems Corp	5.250%	08/01/2026	0.1%
Midas OpCo Holdings LLC	5.625%	08/15/2029	0.1%
EPR Properties	3.750%	08/15/2029	0.1%
Prime Security Services Borrower LLC / Prime Finan	3.375%	08/31/2027	0.1%
LendingClub Corp	0.000%	-	0.1%
Uber Technologies Inc	6.250%	01/15/2028	0.1%
Peninsula Pacific Entertainment LLC / Peninsula Pa	8.500%	11/15/2027	0.1%
Western Digital Corp	4.750%	02/15/2026	0.1%
Torrid LLC	6.250%	05/21/2028	0.1%
Calpine Corp	4.625%	02/01/2029	0.1%
Plains All American Pipeline L.P.	6.125%	12/31/2099	0.1%
Minerals Technologies Inc	5.000%	07/01/2028	0.1%
Signature Bank/New York NY	0.000%	-	0.1%
Tempur Sealy International Inc	4.000%	04/15/2029	0.1%
FX USD/EUR 09/21	0.000%	09/10/2021	0.1%
Nabors Industries Inc	5.750%	02/01/2025	0.1%
Everbridge Inc	0.125%	12/15/2024	0.1%
WP CPP Holdings, LLC	4.750%	04/30/2025	0.1%
Elastic NV	4.125%	07/15/2029	0.1%
CSC Holdings LLC	5.750%	01/15/2030	0.1%
Calpine Corp	5.000%	02/01/2031	0.1%
Talen Energy Supply LLC	6.500%	06/01/2025	0.1%
Compass Group Diversified Holdings LLC	5.250%	04/15/2029	0.1%
Oceaneering International Inc	4.650%	11/15/2024	0.1%
Shea Homes LP / Shea Homes Funding Corp.	4.750%	04/01/2029	0.1%
Illumina Inc	0.000%	08/15/2023	0.1%
Chart Industries Inc	1.000%	11/15/2024	0.1%
Crocs Inc	4.125%	08/15/2031	0.1%
DocuSign Inc	0.000%	-	0.1%
Zayo Group Holdings Inc	6.125%	03/01/2028	0.1%
ZoomInfo Technologies LLC/ZoomInfo Finance Corp	3.875%	02/01/2029	0.1%
Centene Corp	2.625%	08/01/2031	0.1%
Valvoline Inc	4.250%	02/15/2030	0.1%
USIC Holdings, Inc.	7.250%	05/07/2029	0.1%
VTR Finance NV	6.375%	07/15/2028	0.1%
Datadog Inc	0.125%	06/15/2025	0.1%
Central Garden & Pet Co	4.125%	10/15/2030	0.1%
Goodyear Tire & Rubber Co/The	4.875%	03/15/2027	0.1%
Delek Logistics Partners LP / Delek Logistics Fina	7.125%	06/01/2028	0.1%
Avaya Inc	6.125%	09/15/2028	0.1%
Old Dominion Freight Line Inc	0.000%	-	0.1%
SunCoke Energy Inc	4.875%	06/30/2029	0.1%
Nationstar Mortgage Holdings Inc	5.500%	08/15/2028	0.1%
LCM Investments Holdings II LLC	4.875%	05/01/2029	0.1%
NESCO Holdings II Inc	5.500%	04/15/2029	0.1%
SkyMiles IP Ltd	4.750%	09/16/2027	0.1%
Stevens Holding Co Inc	6.125%	10/01/2026	0.1%
Shockwave Medical Inc	0.000%	-	0.1%
ATS Automation Tooling Systems, Inc.	4.125%	12/15/2028	0.1%
SRM Escrow Issuer LLC	6.000%	11/01/2028	0.1%
Tapestry Inc	4.125%	07/15/2027	0.1%
PBF Holding Co LLC / PBF Finance Corp	9.250%	05/15/2025	0.1%
Antero Midstream Partners LP / Antero Midstream Fi	5.375%	06/15/2029	0.1%
Shopify Inc	0.125%	11/01/2025	0.1%
Edwards Lifesciences Corp	0.000%	-	0.1%
Allfunds Group Plc	0.000%	-	0.1%
Oasis Petroleum Inc	6.375%	06/01/2026	0.1%
CEC Entertainment LLC	6.750%	05/01/2026	0.1%
Aegion Corp	5.500%	04/01/2028	0.1%
Atkore Inc	4.250%	06/01/2031	0.1%
United Rentals North America Inc	4.000%	07/15/2030	0.1%
Ingles Markets Inc	4.000%	06/15/2031	0.1%
RBC Bearings Inc	0.000%	-	0.1%
Hilton Domestic Operating Co Inc	4.875%	01/15/2030	0.1%
Cleveland-Cliffs Inc	4.625%	03/01/2029	0.1%
Real Hero Merger Sub 2 Inc	6.250%	02/01/2029	0.1%
Revlon, Inc. Class A	1.417%	06/30/2025	0.1%
Lamar Media Corp	4.875%	01/15/2029	0.1%
Pool Corp	0.000%	-	0.1%
Synaptics Inc	4.000%	06/15/2029	0.1%
FMG Resources August 2006 Pty Ltd	4.375%	04/01/2031	0.1%
Livent Corp	4.125%	07/15/2025	0.1%
Metis Merger Sub LLC	6.500%	05/15/2029	0.1%
Twitter Inc	0.250%	06/15/2024	0.1%
United Rentals Inc	0.000%	-	0.1%
Churchill Downs Inc	0.000%	-	0.1%
Clean Harbors Inc	0.000%	-	0.1%
First Republic Bank/CA	0.000%	-	0.1%
Jerrold Finco PLC	5.250%	01/15/2027	0.1%
Lithia Motors Inc	4.625%	12/15/2027	0.1%
Lululemon Athletica Inc	0.000%	-	0.1%
ADLER Group SA	2.250%	01/14/2029	0.1%
Hilton Grand Vacations Borrower Escrow LLC / Hilto	5.000%	06/01/2029	0.1%
SeaWorld Parks & Entertainment Inc	5.250%	08/15/2029	0.1%
Howmet Aerospace Inc	3.000%	01/15/2029	0.1%
Aircastle Ltd	5.250%	09/15/2199	0.1%
Horizon Therapeutics Plc	0.000%	-	0.1%
Cinemark USA Inc	5.250%	07/15/2028	0.1%
Cyxtera DC Holdings, Inc. (fka Colorado Buyer Inc.)	4.000%	05/01/2024	0.1%
Asp Ls Acquisition Corp	5.250%	04/30/2028	0.1%
Snap Inc	0.750%	08/01/2026	0.1%
Western Midstream Operating LP	6.500%	02/01/2050	0.1%
Melissa & Doug	5.435%	06/19/2024	0.1%
Frontier Communications Holdings LLC	6.750%	05/01/2029	0.1%
Bombardier Inc	6.000%	02/15/2028	0.1%
Range Resources Corp	0.000%	-	0.1%
ROBLOX Corp	0.000%	-	0.1%
Precision Drilling Corp	6.875%	01/15/2029	0.1%
AHP Health Partners Inc	5.750%	07/15/2029	0.1%
Legacy LifePoint Health LLC	4.375%	02/15/2027	0.1%
Targa Resources Partners LP / Targa Resources Part	4.875%	02/01/2031	0.1%
Veeva Systems Inc	0.000%	-	0.1%
Everi Holdings Inc	5.000%	07/15/2029	0.1%
Amsted Industries Inc	4.625%	05/15/2030	0.1%
Spring Education Group, Inc.	4.397%	07/30/2025	0.1%
Element Solutions Inc	3.875%	09/01/2028	0.1%
NMG Holding Co Inc / Neiman Marcus Group LLC	7.125%	04/01/2026	0.1%
DoorDash Inc	0.000%	-	0.1%
BK LC Lux Finco1 Sarl	5.250%	04/30/2029	0.1%
Clearway Energy Operating LLC	4.750%	03/15/2028	0.1%
YETI Holdings Inc	0.000%	-	0.1%
Nexa Resources SA	5.375%	05/04/2027	0.1%
Tradeweb Markets Inc	0.000%	-	0.1%
Wolverine World Wide Inc	4.000%	08/15/2029	0.1%
Illuminate Buyer LLC / Illuminate Holdings IV Inc	9.000%	07/01/2028	0.1%
ModivCare Escrow Issuer Inc	5.000%	10/01/2029	0.1%
General Electric Co	3.514%	06/15/2199	0.1%
Leeward Renewable Energy Operations LLC	4.250%	07/01/2029	0.1%
Sovos Brands Intermediate	5.000%	06/02/2028	0.1%
Vivion Investments Sarl	3.000%	08/08/2024	0.1%
StoneCo Ltd	3.950%	06/16/2028	0.1%
MasTec Inc	4.500%	08/15/2028	0.1%
Nemak SAB de CV	3.625%	06/28/2031	0.1%
Trex Co Inc	0.000%	-	0.1%
City Football Group Ltd	4.000%	07/08/2028	0.1%
Radiate Holdco LLC / Radiate Finance Inc	6.500%	09/15/2028	0.1%
SAN Miguel Industrias Pet SA / NG PET R&P Latin Am	3.500%	08/02/2028	0.1%
TTM Technologies Inc	4.000%	03/01/2029	0.1%
Ahead DB Holdings LLC	6.625%	05/01/2028	0.1%
NRG Energy Inc	5.250%	06/15/2029	0.1%
Shift4 Payments LLC / Shift4 Payments Finance Sub	4.625%	11/01/2026	0.1%
Great Lakes Dredge & Dock Corp.	5.250%	06/01/2029	0.1%
Pathway Vet Alliance LLC	3.835%	03/31/2027	0.1%
VOC Escrow Ltd	5.000%	02/15/2028	0.1%
Darling Ingredients Inc	0.000%	-	0.1%
CSN Inova Ventures	6.750%	01/28/2028	0.1%
Outfront Media Capital LLC / Outfront Media Capita	4.250%	01/15/2029	0.1%
PTC Inc	4.000%	02/15/2028	0.1%
AMC Networks Inc	4.250%	02/15/2029	0.1%
BCPE Ulysses Intermediate Inc	7.750%	04/01/2027	0.1%
Coty Inc	6.500%	04/15/2026	0.1%
Vertical Holdco GmbH	7.625%	07/15/2028	0.1%
Legends Hospitality Holding Co LLC / Legends Hospi	5.000%	02/01/2026	0.1%
Scientific Games Corp	0.000%	-	0.1%
Jazz Securities DAC	4.375%	01/15/2029	0.1%
Nordstrom Inc	4.375%	04/01/2030	0.1%
Playtika Holding Corp	4.250%	03/15/2029	0.1%
Rede D'or Finance Sarl	4.950%	01/17/2028	0.1%
Tanger Properties LP	3.875%	07/15/2027	0.1%
NRG Energy Inc	5.750%	01/15/2028	0.1%
SierraCol Energy Andina LLC	6.000%	06/15/2028	0.1%
Triton Water Holdings Inc	6.250%	04/01/2029	0.1%
Kaiser Aluminum Corp	4.625%	03/01/2028	0.1%
White Cap Buyer LLC	6.875%	10/15/2028	0.1%
EnerSys	4.375%	12/15/2027	0.1%
GrubHub Holdings Inc	5.500%	07/01/2027	0.1%
APi Group DE Inc	4.125%	07/15/2029	0.1%
Esdec Solar Group Bv	5.750%	08/23/2028	0.1%
AppLovin Corp	0.000%	-	0.1%
Spectacle Gary Holding	11.000%	10/17/2024	0.1%
Deckers Outdoor Corp	0.000%	-	0.1%
Domino's Pizza Inc	0.000%	-	0.1%
Installed Building Products Inc	5.750%	02/01/2028	0.1%
Brundage-Bone Concrete Pumping Holdings Inc	6.000%	02/01/2026	0.1%
Traeger Inc	0.000%	-	0.1%
Berry Petroleum Co LLC	7.000%	02/15/2026	0.1%
Forestar Group Inc	3.850%	05/15/2026	0.1%
Silgan Holdings Inc	4.125%	02/01/2028	0.1%
Castle US Holding Corp	9.500%	02/15/2028	0.1%
Antero Midstream Partners LP / Antero Midstream Fi	7.875%	05/15/2026	0.1%
United Group BV	3.625%	02/15/2028	0.1%
XHR LP	4.875%	06/01/2029	0.1%
Palmer Square CLO 2021-2 Ltd	3.006%	07/15/2034	0.1%
Ford Motor Credit Co LLC	4.000%	11/13/2030	0.1%
Cinemark USA, Inc.	1.840%	03/31/2025	0.1%
Allied Universal Holdco LLC/Allied Universal Finan	4.625%	06/01/2028	0.1%
Ladder Capital Finance Holdings LLC/Ladder Capital	4.750%	06/15/2029	0.1%
Merlin Entertainments Ltd	5.750%	06/15/2026	0.1%
CCM Merger Inc	6.375%	05/01/2026	0.1%
ASR Media and Sponsorship SpA	5.125%	08/01/2024	0.1%
Carvana Co	4.875%	09/01/2029	0.1%
PRA Group Inc	7.375%	09/01/2025	0.1%
NSG Holdings LLC / NSG Holdings, Inc.	7.750%	12/15/2025	0.1%
Freeport-McMoRan Inc	4.375%	08/01/2028	0.1%
Charles River Laboratories International, Inc.	4.250%	05/01/2028	0.1%
USA Compression Partners LP / USA Compression Fina	6.875%	09/01/2027	0.1%
Tenneco Inc	5.125%	04/15/2029	0.1%
Arena Luxembourg Finance Sarl	1.875%	02/01/2028	0.1%
Kraft Heinz Foods Co	5.000%	06/04/2042	0.1%
GrafTech Finance Inc	4.625%	12/15/2028	0.1%
Howard Hughes Corp/The	5.375%	08/01/2028	0.1%
Novelis Corp	3.875%	08/15/2031	0.1%
Grab Holdings Inc	5.500%	01/14/2026	0.1%
Nationstar Mortgage Holdings Inc	5.125%	12/15/2030	0.1%
Air Canada	3.875%	08/15/2026	0.1%
TerraForm Power Operating LLC	5.000%	01/31/2028	0.1%
Gibson Brands, Inc	0.000%	-	0.1%
Coty Inc	5.000%	04/15/2026	0.1%
Cedar Fair LP	5.250%	07/15/2029	0.1%
Engineered Components and Systems, LLC	6.500%	07/07/2028	0.1%
Transportes Aereos Portugueses SA	5.625%	12/02/2024	0.1%
Arches Buyer Inc	6.125%	12/01/2028	0.1%
Raptor Acquisition Corp / Raptor Co-Issuer LLC	4.875%	11/01/2026	0.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc	3.625%	03/01/2029	0.1%
Boyd Gaming Corp	4.750%	06/15/2031	0.1%
Arcor SAIC	6.000%	07/06/2023	0.1%
NCL Finance Ltd	6.125%	03/15/2028	0.1%
Doncasters US Finance LLC (Doncasters US LLC)	0.500%	03/31/2025	0.1%
Goldstory SASU	5.375%	03/01/2026	0.1%
Murphy Oil USA Inc	3.750%	02/15/2031	0.1%
Boyne USA Inc	4.750%	05/15/2029	0.1%
Cablevision Lightpath LLC	3.875%	09/15/2027	0.1%
Kennedy-Wilson Inc	4.750%	03/01/2029	0.1%
Diamond Sports Group LLC / Diamond Sports Finance	6.625%	08/15/2027	0.1%
Maxeda DIY Holding BV	5.875%	10/01/2026	0.1%
Horizon Therapeutics USA Inc	5.500%	08/01/2027	0.1%
Williams Scotsman International Inc	4.625%	08/15/2028	0.1%
Carvana Co	5.875%	10/01/2028	0.1%
Novelis Sheet Ingot GmbH	3.375%	04/15/2029	0.1%
Macy's Retail Holdings LLC	4.500%	12/15/2034	0.1%
Centene Corp	2.450%	07/15/2028	0.1%
JBS USA LUX SA / JBS USA Finance Inc	6.750%	02/15/2028	0.1%
Cablevision Lightpath LLC	5.625%	09/15/2028	0.1%
Netflix Inc	3.875%	11/15/2029	0.1%
Venture Global Calcasieu Pass LLC	4.125%	08/15/2031	0.1%
Occidental Petroleum Corp	6.625%	09/01/2030	0.1%
Venture Global Calcasieu Pass LLC	3.875%	08/15/2029	0.1%
Park River Holdings Inc	5.625%	02/01/2029	0.1%
Occidental Petroleum Corp	4.400%	08/15/2049	0.1%
Howard Hughes Corp/The	4.125%	02/01/2029	0.1%
Callon Petroleum Co	6.125%	10/01/2024	0.1%
Howard Hughes Corp/The	4.375%	02/01/2031	0.1%
Elwood Energy LLC	8.159%	07/05/2026	0.1%
Viking Cruises Ltd	13.000%	05/15/2025	0.1%
Dana Inc	5.625%	06/15/2028	0.1%
PeopleCert Wisdom Issuer PLC	5.750%	09/15/2026	0.1%
United Airlines Inc	4.375%	04/15/2026	0.1%
Occidental Petroleum Corp	7.500%	05/01/2031	0.1%
PCF GmbH	4.750%	04/15/2026	0.1%
Antero Resources Corp	8.375%	07/15/2026	0.1%
IPD 3 BV	5.500%	12/01/2025	0.1%
Great Wolf Trust 2019-WOLF	3.227%	12/15/2036	0.1%
Builders FirstSource Inc	4.250%	02/01/2032	0.1%
J.P. Morgan Chase Commercial Mortgage Securities T	4.143%	10/05/2031	0.1%
Claire's Stores, Inc.	6.760%	12/18/2026	0.1%
IPD 3 BV	5.500%	12/01/2025	0.1%
BCPE Empire Holdings Inc	7.625%	05/01/2027	0.1%
Callon Petroleum Co	8.000%	08/01/2028	0.1%
Royal Caribbean Cruises Ltd	11.500%	06/01/2025	0.1%
Doncasters US Finance LLC (Doncasters US LLC)	8.500%	03/31/2024	0.1%
RP Escrow Issuer LLC	5.250%	12/15/2025	0.0%
Kennedy-Wilson Inc	5.000%	03/01/2031	0.0%
MSCI Inc	3.250%	08/15/2033	0.0%
Summer BC Bidco B LLC	5.500%	10/31/2026	0.0%
Rent-A-Center Inc	4.750%	02/04/2028	0.0%
PCF GmbH	4.750%	04/15/2026	0.0%
PeopleCert Wisdom Issuer PLC	5.750%	09/15/2026	0.0%
Commercial Barge Line	0.000%	-	0.0%
Jaguar Land Rover Automotive plc	5.875%	01/15/2028	0.0%
PetVet Care Centers, LLC	4.250%	02/14/2025	0.0%
Goldstory SASU	5.375%	03/01/2026	0.0%
Transportes Aereos Portugueses SA	5.625%	12/02/2024	0.0%
FX USD/GBP 09/21	0.000%	09/08/2021	0.0%
Peabody Energy Corp	6.375%	03/31/2025	0.0%
Commercial Barge Line	0.000%	-	0.0%
UTEX Industries	0.000%	-	0.0%
Engineered Components and Systems, LLC	0.000%	07/07/2028	0.0%
PetVet Care Centers, LLC	3.685%	02/14/2025	0.0%
Atlas Cc Acquisition Corp	5.000%	04/29/2028	0.0%
Claire's Stores, Inc.	0.000%	-	0.0%
J Crew Group Inc.	11.000%	09/10/2027	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Frontera Generation Hold	16.250%	06/30/2026	0.0%
Britax Childcare	0.000%	01/09/2025	0.0%
UC Holdings	0.000%	-	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Staples Inc	7.500%	04/15/2026	0.0%
Transocean Proteus Ltd	6.250%	12/01/2024	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
J Crew Group Inc.	0.000%	-	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
WMG Acquisition Corp	3.000%	02/15/2031	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Joseph T Ryerson & Son Inc	8.500%	08/01/2028	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Frontera Generation Hold	3.750%	06/30/2028	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Barge Line	0.000%	-	0.0%
Spectacle Gary Holding	11.000%	11/07/2025	0.0%
Hertz Corp/The	0.000%	01/15/2028	0.0%
J Crew Group Inc.	0.000%	-	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
UTEX Industries	5.250%	11/01/2024	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
UTEX Industries	8.500%	11/01/2024	0.0%
TNT Crane and Rigging	0.000%	-	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Sunshine Finance Merger	5.000%	12/16/2027	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Frontera Generation Hold	0.000%	-	0.0%
FGI Operating Company, LLC	5.944%	05/15/2022	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
Commercial Mortgage Backed Index Swap	0.000%	11/17/2059	0.0%
FX USD/GBP 09/21	0.000%	09/08/2021	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Revlon, Inc. Class A	0.000%	-	0.0%
Sable Permian Resources - Warrants	0.000%	-	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
TNT Crane and Rigging	0.000%	-	0.0%
Penson Technologies LLC	0.000%	-	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/GBP 09/21	0.000%	09/08/2021	0.0%
FX GBP/USD 09/21	0.000%	09/08/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
Dutch Lion BV	11.250%	06/15/2023	0.0%
EURO-BUND FUTURE DEC21	0.000%	12/10/2021	0.0%
Gray Television, Inc.	0.000%	05/03/2022	0.0%
Medline Industries Inc	0.000%	08/04/2022	0.0%
Medline Industries Inc	0.000%	08/04/2022	0.0%
Mirabela Nickel Ltd.	1.000%	09/16/2044	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
Britax Childcare	0.000%	-	0.0%
Tonon Luxembourg S.A.	6.500%	10/31/2024	0.0%
Unifrax I LLC	0.000%	08/12/2022	0.0%
Unifrax I LLC	0.000%	08/12/2022	0.0%
US 10YR ULTRA FUT DEC21	0.000%	12/31/2021	0.0%
US 2YR NOTE (CBT) DEC21	0.000%	01/05/2022	0.0%
US LONG BOND(CBT) DEC21	0.000%	12/31/2021	0.0%
US ULTRA BOND CBT DEC21	0.000%	12/31/2021	0.0%
Washington Mutual Bank / Debt not acquired by JPMo	6.875%	06/15/2011	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
US 10YR NOTE (CBT)DEC21	0.000%	12/31/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
Commercial Mortgage Backed Index Swap	0.000%	09/17/2058	0.0%
FX USD/EUR 09/21	0.000%	09/10/2021	0.0%
US 5YR NOTE (CBT) DEC21	0.000%	01/05/2022	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX EUR/USD 09/21	0.000%	09/10/2021	0.0%
FX GBP/USD 09/21	0.000%	09/08/2021	0.0%
Credit Index Swap	1.000%	06/20/2026	-0.1%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 09/30/2021

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Energy		0.8%
Banking		0.1%
Consumer Goods		0.5%
Insurance		0.1%
Real Estate		0.3%
Utility		0.5%
Capital Goods		0.6%
Services		0.4%
Media		0.8%
Healthcare		0.1%
Telecommunications		0.3%
Basic Industry		0.7%
Other		0.3%
Retail		0.7%
Leisure		0.8%
Transportation		0.7%
Technology & Electronics		1.5%
Automotive		0.5%
Financial Services		0.2%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 10/15/2021: $0.229
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	09/30/2021	$0.02500	$7.52
Daily	Daily	08/31/2021	$0.02507	$7.55
Daily	Daily	07/31/2021	$0.02548	$7.54
Daily	Daily	06/30/2021	$0.02656	$7.56
Daily	Daily	05/31/2021	$0.02599	$7.48
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	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

Expense Ratioas of 09/30/2021

1.53%

Fund Documents

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n/a	Portfolio Holdings 1Q Publish Date:11/03/2015
n/a	Portfolio Holdings 3Q Publish Date:11/03/2015
	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015
	Fund Story Publish Date:11/03/2015
	Fixed Income Combo Flyer Publish Date:11/03/2015
n/a	Capital Markets Presentation Publish Date:11/03/2015

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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.

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.

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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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

AN OPPORTUNISTIC APPROACH

STRONG TRACK RECORD

Yield

Dividend Yield 1 as of 10/15/2021

30-Day Standardized Yield 2 as of 09/30/2021

Fund Basicsas of 09/30/2021

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

RELATED CONTENT

Credit Quality Distribution as of 09/30/2021 View Portfolio

INVESTMENT TEAM

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 10/15/2021

30-Day Standardized Yield 2 as of 09/30/2021

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

Fund Expense Ratio :

1.53%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 09/30/2021

Portfolio Positioning as of 06/30/2021

Portfolio Details as of 09/30/2021

Sector Allocationas of 09/30/2021

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Securing a sustainable future for
our clients, our people, and our world.

Inspired by our mission, we are committed to creating long-term financial security for our clients, empowering our people, advancing our communities, and ensuring a vibrant future for our planet.

Dividend Yield ¹ as of 10/15/2021

30-Day Standardized Yield ² as of 09/30/2021

Dividend Yield ¹ as of 10/15/2021

30-Day Standardized Yield ² as of 09/30/2021