LHYRX | High Yield Fund Class R3 | Lord Abbett
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High Yield Fund

Daily price w/o sales charge as of 07/26/2021

$7.62

$0.00

YTD Returns w/o sales charge as of 07/26/2021

4.77%

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 07/26/2021  

w/o sales charge 4.55%

30-Day Standardized Yield 2 as of 06/30/2021  

3.38%

Fund Basicsas of 06/30/2021

Total Net Assets
$7.52 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Expense Ratio
1.20%
Number of Holdings
737

Fund Expense Ratio :

1.20%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 4.72% 18.32% 6.23% 6.59% 6.38% 6.96%
Lipper Category Avg. High Yield Funds 3.78% 15.31% 6.51% 6.50% 5.58% -
ICE BofA U.S. High Yield Constrained Index 3.70% 15.60% 7.12% 7.28% 6.49% 7.25%

Fund Expense Ratio :

1.20%

Fund Expense Ratio :

1.20%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 4.72% 18.32% 6.23% 6.59% 6.38% 6.96%
Lipper Category Avg. High Yield Funds 3.78% 15.31% 6.51% 6.50% 5.58% -
ICE BofA U.S. High Yield Constrained Index 3.70% 15.60% 7.12% 7.28% 6.49% 7.25%

Fund Expense Ratio :

1.20%

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 06/30/2021 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
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 63 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 07/26/2021  

w/o sales charge 4.55%

30-Day Standardized Yield 2 as of 06/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.38% 3.38%

Fund Expense Ratio :

1.20%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 4.72% 18.32% 6.23% 6.59% 6.38% 6.96%
Lipper Category Avg. High Yield Funds 3.78% 15.31% 6.51% 6.50% 5.58% -
ICE BofA U.S. High Yield Constrained Index 3.70% 15.60% 7.12% 7.28% 6.49% 7.25%

Fund Expense Ratio :

1.20%

Fund Expense Ratio :

1.20%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 4.72% 18.32% 6.23% 6.59% 6.38% 6.96%
Lipper Category Avg. High Yield Funds 3.78% 15.31% 6.51% 6.50% 5.58% -
ICE BofA U.S. High Yield Constrained Index 3.70% 15.60% 7.12% 7.28% 6.49% 7.25%

Fund Expense Ratio :

1.20%

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 4.19% 6.07%
2019 14.68% 14.41%
2018 -5.49% -2.27%
2017 8.17% 7.48%
2016 15.62% 17.49%
2015 -2.49% -4.61%
2014 3.18% 2.51%
2013 9.35% 7.41%
2012 16.12% 15.55%
2011 2.89% 4.37%
2010 13.96% -
2009 50.25% -
2008 -23.27% -
2007 1.67% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.65% 3.02% - - 4.77%
2020 -16.75% 10.76% 5.58% 7.01% 4.19%
2019 7.39% 3.69% 0.21% 2.78% 14.68%
2018 -1.25% -0.10% 2.46% -6.49% -5.49%
2017 2.74% 1.77% 2.50% 0.93% 8.17%
2016 1.93% 5.42% 5.37% 2.11% 15.62%
2015 3.10% 0.66% -4.27% -1.86% -2.49%
2014 2.84% 3.30% -1.88% -1.01% 3.18%
2013 3.89% -0.97% 2.43% 3.77% 9.35%
2012 6.53% 0.30% 4.97% 3.53% 16.12%
2011 3.74% 1.00% -7.04% 5.64% 2.89%
2010 4.84% -0.98% 6.24% 3.32% 13.96%
2009 6.06% 17.31% 13.88% 6.04% 50.25%
2008 -3.46% 1.96% -7.56% -15.67% -23.27%
2007 2.93% 0.13% -0.15% -1.21% 1.67%

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 06/30/2021

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 03/31/2021

  • One of the Fund’s largest sector overweights is in leisure, which is largely driven by the Fund’s allocation to regional gaming credits, such as casinos. In our view, the gaming industry has benefited from strong operating improvements due to drastic cost-cutting including reduced promotional spend, as well as pent-up demand. The Fund’s focus on regional gaming has also benefited 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.
  • 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 while also working to preserve margins. For 2021, potential outperformance will likely be sourced by idiosyncratic opportunities 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.  The Fund’s positioning currently reflects this view as we are investing in companies and industries that we believe are better poised to adapt to and benefit from these structural economic changes.

Portfolio Details as of 06/30/2021

Total Net Assets
$7.52 B
Number of Issues
737
Average Coupon
5.65%
Average Maturity
7.2 Years
Average Effective Duration
4.8 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%
Netflix Inc 4.625% 05/15/2029 0.6%
Kraft Heinz Foods Co 4.875% 10/01/2049 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%
MEG Energy Corp 7.125% 02/01/2027 0.4%
% of Total Assets 6.6%
Holding Coupon Maturity Assets
Sprint Capital Corp6.875% 11/15/20281.1%
Ford Motor Co9.000% 04/22/20251.0%
Occidental Petroleum Corp6.125% 01/01/20310.7%
Netflix Inc4.625% 05/15/20290.6%
Kraft Heinz Foods Co4.375% 06/01/20460.6%
Kraft Heinz Foods Co4.875% 10/01/20490.5%
CCO Holdings LLC / CCO Holdings Capital Corp4.750% 03/01/20300.5%
TransDigm Inc5.500% 11/15/20270.5%
FMG Resources August 2006 Pty Ltd4.500% 09/15/20270.5%
MEG Energy Corp7.125% 02/01/20270.4%
Centennial Resource Production LLC5.375% 01/15/20260.4%
Matador Resources Co5.875% 09/15/20260.4%
Netflix Inc4.875% 06/15/20300.4%
Continental Resources Inc/OK5.750% 01/15/20310.4%
Ford Motor Co4.750% 01/15/20430.4%
Freeport-McMoRan Inc4.250% 03/01/20300.4%
CF Industries Inc5.150% 03/15/20340.4%
Netflix Inc3.625% 05/15/20270.4%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.4%
American Airlines Inc11.750% 07/15/20250.4%
Murphy Oil Corp5.875% 12/01/20270.4%
Navient Corp6.750% 06/25/20250.4%
EQT Corp7.625% 02/01/20250.4%
NRG Energy Inc5.750% 01/15/20280.4%
Virgin Media Secured Finance plc5.500% 05/15/20290.4%
DISH DBS Corp7.750% 07/01/20260.4%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.4%
Crowdstrike Holdings Inc3.000% 02/15/20290.4%
Caesars Entertainment Inc8.125% 07/01/20270.4%
Mclaren Finance PLC5.000% 08/01/20220.3%
Laredo Petroleum Inc10.125% 01/15/20280.3%
Freeport-McMoRan Inc5.250% 09/01/20290.3%
Carnival Corp11.500% 04/01/20230.3%
Western Midstream Operating LP5.300% 02/01/20300.3%
HCA Inc5.875% 02/01/20290.3%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.3%
Synovus Financial Corp5.900% 02/07/20290.3%
Apache Corp4.375% 10/15/20280.3%
SM Energy Co6.750% 09/15/20260.3%
Ford Motor Co7.450% 07/16/20310.3%
Tenet Healthcare Corp6.125% 10/01/20280.3%
Horizon Therapeutics USA Inc5.500% 08/01/20270.3%
Newell Brands Inc5.875% 04/01/20360.3%
Twilio Inc3.625% 03/15/20290.3%
OneMain Finance Corp4.000% 09/15/20300.3%
Churchill Downs Inc4.750% 01/15/20280.3%
Signature Aviation US Holdings Inc4.000% 03/01/20280.3%
Ccs-Cmgc Holdings Inc5.593% 10/01/20250.3%
GrubHub Holdings Inc5.500% 07/01/20270.3%
Toll Brothers Finance Corp4.350% 02/15/20280.3%
United Rentals North America Inc4.875% 01/15/20280.3%
Hecla Mining Co7.250% 02/15/20280.3%
Mohegan Gaming & Entertainment8.000% 02/01/20260.3%
GS Mortgage Securities Corp II9.650% 06/15/20260.3%
Great Wolf Trust 2019-WOLF2.833% 12/15/20360.3%
Rite Aid Corp8.000% 11/15/20260.3%
Viper Energy Partners LP5.375% 11/01/20270.3%
Precision Drilling Corp7.125% 01/15/20260.3%
XPO CNW Inc6.700% 05/01/20340.3%
L Brands Inc6.875% 11/01/20350.3%
MGM Resorts International4.625% 09/01/20260.3%
Navient Corp6.125% 03/25/20240.3%
Diamond Sports Group LLC / Diamond Sports Finance5.375% 08/15/20260.3%
Drive Chassis Holdco LLC7.188% 04/10/20260.3%
NextEra Energy Operating Partners LP4.500% 09/15/20270.2%
CommScope Inc7.125% 07/01/20280.2%
Ovintiv Inc6.500% 08/15/20340.2%
Callon Petroleum Co9.000% 04/01/20250.2%
Ovintiv Inc6.500% 02/01/20380.2%
CCO Holdings LLC / CCO Holdings Capital Corp5.125% 05/01/20270.2%
Nexstar Broadcasting Inc5.625% 07/15/20270.2%
CSC Holdings LLC5.750% 01/15/20300.2%
L Brands Inc6.625% 10/01/20300.2%
Block Communications Inc4.875% 03/01/20280.2%
Travel + Leisure Co6.625% 07/31/20260.2%
Tenneco Inc5.000% 07/15/20260.2%
Centene Corp4.625% 12/15/20290.2%
Southwestern Energy Co8.375% 09/15/20280.2%
Ulker Biskuvi Sanayi AS6.950% 10/30/20250.2%
Full House Resorts Inc8.250% 02/15/20280.2%
Ladder Capital Finance Holdings LLC/Ladder Capital4.250% 02/01/20270.2%
Pattern Energy Operations LP / Pattern Energy Oper4.500% 08/15/20280.2%
VOC Escrow Ltd5.000% 02/15/20280.2%
Oceaneering International Inc6.000% 02/01/20280.2%
Centene Corp3.375% 02/15/20300.2%
Netflix Inc3.625% 06/15/20300.2%
Ball Corp2.875% 08/15/20300.2%
Apache Corp4.750% 04/15/20430.2%
Wynn Macau Ltd5.125% 12/15/20290.2%
Warrior Met Coal Inc8.000% 11/01/20240.2%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.2%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.2%
Hertz Corp/The6.000% 01/15/20280.2%
Molina Healthcare Inc3.875% 11/15/20300.2%
Transocean Guardian Ltd5.875% 01/15/20240.2%
Fontainebleau Miami Beach Trust 2019-FBLU3.963% 12/10/20360.2%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.2%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.2%
Royal Caribbean Cruises Ltd3.700% 03/15/20280.2%
Tri Pointe Homes Inc5.250% 06/01/20270.2%
AMC Entertainment Holdings Inc12.000% 06/15/20260.2%
United States Steel Corp6.875% 03/01/20290.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
Air Methods Corp8.000% 05/15/20250.2%
Tianqi Finco Co Ltd3.750% 11/28/20220.2%
Forestar Group Inc5.000% 03/01/20280.2%
Cenovus Energy Inc5.400% 06/15/20470.2%
Global Medical Response Inc6.500% 10/01/20250.2%
Park Intermediate Holdings LLC / PK Domestic Prope5.875% 10/01/20280.2%
Apache Corp5.100% 09/01/20400.2%
Hawaiian Brand Intellectual Property Ltd / Hawaiia5.750% 01/20/20260.2%
OneMain Finance Corp5.375% 11/15/20290.2%
Pathway Vet Alliance LLC3.843% 03/31/20270.2%
HCA Inc8.360% 04/15/20240.2%
Buckeye Partners LP6.375% 01/22/20780.2%
Carnival Corp9.875% 08/01/20270.2%
Alliance Data Systems Corp4.750% 12/15/20240.2%
Talen Energy Supply LLC6.500% 06/01/20250.2%
Fair Isaac Corp4.000% 06/15/20280.2%
Sealed Air Corp6.875% 07/15/20330.2%
HLF Financing Sarl LLC / Herbalife International I4.875% 06/01/20290.2%
LogMeIn Inc5.500% 09/01/20270.2%
American Airlines Group Inc3.750% 03/01/20250.2%
MEG Energy Corp5.875% 02/01/20290.2%
Encompass Health Corp4.500% 02/01/20280.2%
JP Morgan Chase Commercial Mortgage Securities Tru3.951% 03/15/20360.2%
Occidental Petroleum Corp6.450% 09/15/20360.2%
Scientific Games International, Inc.7.250% 11/15/20290.2%
Northriver Midstream Finance LP5.625% 02/15/20260.2%
Range Resources Corp4.875% 05/15/20250.2%
Texas Capital Bancshares Inc4.000% 05/06/20310.2%
Centennial Resource Production LLC6.875% 04/01/20270.2%
Switch Ltd3.750% 09/15/20280.2%
Coronado Finance Pty Ltd10.750% 05/15/20260.2%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.2%
Nexa Resources SA5.375% 05/04/20270.2%
Topgolf International, Inc.7.358% 02/09/20260.2%
Delta Air Lines Inc / SkyMiles IP Ltd4.750% 10/20/20280.2%
Affinity Gaming6.875% 12/15/20270.2%
Radiology Partners Inc9.250% 02/01/20280.2%
Clear Channel Outdoor Holdings Inc7.750% 04/15/20280.2%
Apache Corp4.625% 11/15/20250.2%
Ally Financial Inc4.700% 08/15/21990.2%
CIFC Funding 2021-III Ltd0.000% 07/15/20360.2%
TerraForm Power Operating LLC4.750% 01/15/20300.2%
Optiv Sec, Inc.4.250% 02/01/20240.2%
BFLD 2019-DPLO2.641% 10/15/20340.2%
Royal Caribbean Cruises Ltd9.125% 06/15/20230.2%
California Resources Corp7.125% 02/01/20260.2%
AMC Entertainment Holdings4.401% 03/20/20260.2%
Twilio Inc3.875% 03/15/20310.2%
eDreams ODIGEO SA5.500% 09/01/20230.2%
Mueller Water Products Inc4.000% 06/15/20290.2%
General Electric Co3.514% 06/15/21990.2%
MercadoLibre Inc2.375% 01/14/20260.2%
Melco Resorts Finance Ltd5.750% 07/21/20280.2%
Mileage Plus Holdings LLC / Mileage Plus Intellect6.500% 06/20/20270.2%
Bristow Group Inc6.875% 03/01/20280.2%
ASP Unifrax Holdings Inc3.953% 11/05/20250.2%
Edelman Financial Center4.500% 03/19/20280.2%
Vertical US Newco Inc5.250% 07/15/20270.2%
Match Group Holdings II LLC4.125% 08/01/20300.2%
NEP/NCP Holdco Inc4.666% 10/05/20250.2%
Guitar Center Inc8.500% 01/15/20260.2%
Belo Corp7.250% 09/15/20270.2%
Travel Leaders Group, LLC4.093% 01/25/20240.2%
OCP CLO 2021-21 Ltd0.000% 07/20/20340.2%
Cyxtera DC Holdings, Inc. (fka Colorado Buyer Inc.)4.000% 05/01/20240.2%
Contura Energy Inc9.000% 06/14/20240.2%
Chemours Co/The5.375% 05/15/20270.2%
Patterson-UTI Energy Inc3.950% 02/01/20280.2%
Centene Corp2.500% 03/01/20310.2%
Compass Minerals International, Inc.6.750% 12/01/20270.2%
Live Nation Entertainment Inc3.750% 01/15/20280.2%
Northwest Fiber LLC / Northwest Fiber Finance Sub10.750% 06/01/20280.2%
Kosmos Energy Ltd7.500% 03/01/20280.2%
HCA Inc5.500% 06/15/20470.2%
Canary Wharf Group Investment Holdings PLC3.375% 04/23/20280.2%
Buckeye Partners LP3.950% 12/01/20260.2%
EQT Corp8.500% 02/01/20300.2%
TransJamaican Highway Ltd5.750% 10/10/20360.2%
Triumph Group Inc7.750% 08/15/20250.2%
Boyd Gaming Corp4.750% 12/01/20270.2%
ROBLOX Corp0.000% -0.2%
Dycom Industries Inc4.500% 04/15/20290.2%
Nabors Industries Ltd7.250% 01/15/20260.2%
Coeur Mining Inc5.125% 02/15/20290.2%
Lithia Motors Inc4.625% 12/15/20270.2%
Party City Holdings Inc8.750% 02/15/20260.2%
Delta Air Lines Inc7.000% 05/01/20250.2%
HAT Holdings I LLC / HAT Holdings II LLC3.750% 09/15/20300.2%
Hunt Cos Inc5.250% 04/15/20290.2%
DaVita Inc3.750% 02/15/20310.2%
Enterprise Develop Auth5.000% 02/19/20280.2%
Playa Resorts Holding B.V.3.750% 04/29/20240.2%
Tullow Oil plc10.250% 05/15/20260.2%
Shift4 Payments LLC / Shift4 Payments Finance Sub4.625% 11/01/20260.2%
Quicken Loans LLC5.250% 01/15/20280.2%
Miller's Ale House, Inc.4.851% 05/30/20250.2%
Sabre GLBL Inc9.250% 04/15/20250.2%
Crocs Inc4.250% 03/15/20290.2%
Ardonagh Midco 2 PLC11.500% 01/15/20270.2%
Magic Mergeco Inc7.875% 05/01/20290.2%
Sri Lanka Government International Bond5.875% 07/25/20220.2%
Netflix Inc3.875% 11/15/20290.2%
Texas Capital Bank NA5.250% 01/31/20260.2%
Trinseo Materials Operating SCA5.125% 04/01/20290.2%
Navient Corp6.750% 06/15/20260.2%
International Game Technology plc5.250% 01/15/20290.2%
Bahamas Government International Bond8.950% 10/15/20320.2%
Intertape Polymer Group Inc4.375% 06/15/20290.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
Southwestern Energy Co6.450% 01/23/20250.2%
Anastasia Beverly Hills3.953% 08/11/20250.2%
Credit Suisse Group AG7.250% 03/12/21990.2%
Illuminate Buyer LLC / Illuminate Holdings IV Inc9.000% 07/01/20280.2%
AG Issuer LLC6.250% 03/01/20280.2%
Metis Merger Sub LLC6.500% 05/15/20290.2%
Antero Midstream Partners LP / Antero Midstream Fi7.875% 05/15/20260.2%
Alcoa Nederland Holding BV4.125% 03/31/20290.2%
PHH Mortgage Corp7.875% 03/15/20260.2%
US Renal Care Inc10.625% 07/15/20270.2%
Indigo Natural Resources LLC5.375% 02/01/20290.2%
Oceaneering International Inc4.650% 11/15/20240.2%
VistaJet Malta Finance PLC / XO Management Holding10.500% 06/01/20240.2%
Associated Asphalt Partners, LLC6.872% 04/05/20240.2%
Akumin Inc7.000% 11/01/20250.2%
MasTec Inc4.500% 08/15/20280.2%
JetBlue Airways Corp0.500% 04/01/20260.2%
Asp Ls Acquisition Corp5.250% 04/30/20280.2%
Hilton Grand Vacations Borrower Escrow LLC / Hilto5.000% 06/01/20290.2%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.2%
Air Lease Corp4.650% 12/15/21990.2%
United States Steel Corp6.650% 06/01/20370.2%
Fair Isaac Corp5.250% 05/15/20260.1%
Pactiv LLC7.950% 12/15/20250.1%
American Axle & Manufacturing Inc6.875% 07/01/20280.1%
Entegris Inc3.625% 05/01/20290.1%
Sunshine Finance Merger5.000% 12/16/20270.1%
Pike Corp5.500% 09/01/20280.1%
Occidental Petroleum Corp3.500% 08/15/20290.1%
Centene Corp3.000% 10/15/20300.1%
Frontier Communications Corp5.875% 10/15/20270.1%
PetVet Care Centers, LLC2.843% 02/14/20250.1%
BCP Raptor II LLC4.843% 10/22/20250.1%
Life Time Inc5.750% 01/15/20260.1%
PetSmart Inc / PetSmart Finance Corp4.750% 02/15/20280.1%
Freeport-McMoRan Inc5.450% 03/15/20430.1%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/06/20310.1%
Oasis Midstream Partners LP / OMP Finance Corp8.000% 04/01/20290.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.250% 11/01/20280.1%
Turning Point Brands Inc5.625% 02/15/20260.1%
H&E Equipment Services Inc3.875% 12/15/20280.1%
MGM Resorts International5.500% 04/15/20270.1%
Uber Technologies Inc6.250% 01/15/20280.1%
IIP Operating Partnership LP5.500% 05/25/20260.1%
Independence Energy Finance LLC7.250% 05/01/20260.1%
Melissa & Doug5.435% 06/19/20240.1%
Tenet Healthcare Corp6.250% 02/01/20270.1%
Terex Corp5.000% 05/15/20290.1%
Equinox Holdings Inc.4.000% 03/08/20240.1%
Mattel Inc5.450% 11/01/20410.1%
Nationstar Mortgage Holdings Inc5.500% 08/15/20280.1%
Hudbay Minerals Inc4.500% 04/01/20260.1%
United Group BV3.625% 02/15/20280.1%
Rent-A-Center Inc/TX6.375% 02/15/20290.1%
Chobani LLC / Chobani Finance Corp Inc4.625% 11/15/20280.1%
BEP Ulterra Holdings Inc.5.343% 11/26/20250.1%
Brazos Delaware II, LLC4.097% 05/21/20250.1%
Goodyear Tire & Rubber Co/The4.875% 03/15/20270.1%
Vista Outdoor Inc4.500% 03/15/20290.1%
Party City Holdings Inc6.625% 08/01/20260.1%
Hudbay Minerals Inc6.125% 04/01/20290.1%
Claros Mortgage Trust Inc.6.000% 08/05/20260.1%
DPL Inc4.125% 07/01/20250.1%
Jerrold Finco PLC5.250% 01/15/20270.1%
Vedanta Resources Finance II PLC8.950% 03/11/20250.1%
Victors Merger Corp6.375% 05/15/20290.1%
Calpine Corp4.500% 02/15/20280.1%
Dana Inc5.625% 06/15/20280.1%
Avaya Inc6.125% 09/15/20280.1%
Veritas US Inc / Veritas Bermuda Ltd10.500% 02/01/20240.1%
Macquarie Bank Ltd/London6.125% 09/08/21990.1%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.750% 04/20/20290.1%
Antero Resources Corp7.625% 02/01/20290.1%
Compass Minerals International, Inc.4.875% 07/15/20240.1%
Buckeye Partners LP4.125% 12/01/20270.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
PetSmart Inc / PetSmart Finance Corp7.750% 02/15/20290.1%
Tory Burch Llc4.000% 04/14/20280.1%
Alta Equipment Group Inc5.625% 04/15/20260.1%
Park River Holdings Inc6.750% 08/01/20290.1%
Nordstrom Inc4.375% 04/01/20300.1%
Dana Inc4.250% 09/01/20300.1%
Spirit AeroSystems Inc4.600% 06/15/20280.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Pinnacle Bidco PLC6.375% 02/15/20250.1%
Tempur Sealy International Inc4.000% 04/15/20290.1%
Golden Goose SpA4.875% 05/14/20270.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Cvent, Inc.3.843% 11/29/20240.1%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.1%
Carvana Co5.500% 04/15/20270.1%
LBM Acquisition LLC6.250% 01/15/20290.1%
Kuehg Corp4.750% 02/14/20250.1%
Investment Energy Resources Ltd6.250% 04/26/20290.1%
Macy's Retail Holdings LLC5.875% 04/01/20290.1%
Promontoria Holding 264 BV6.750% 08/15/20230.1%
Castle US Holding Corp9.500% 02/15/20280.1%
Advisor Group Holdings Inc10.750% 08/01/20270.1%
Bally's Corp6.750% 06/01/20270.1%
Wendy's International LLC7.000% 12/15/20250.1%
Carnival Corp5.750% 03/01/20270.1%
EPR Properties4.500% 04/01/20250.1%
Lithia Motors Inc3.875% 06/01/20290.1%
Fortress Transportation and Infrastructure Investo5.500% 05/01/20280.1%
Douglas GmbH6.000% 04/08/20260.1%
Range Resources Corp8.250% 01/15/20290.1%
TechnipFMC PLC6.500% 02/01/20260.1%
EQT Corp5.000% 01/15/20290.1%
Diamondback Energy Inc3.500% 12/01/20290.1%
Robertshaw US Holding Corp. (fka Fox US Bidco Corp5.138% 02/28/20250.1%
Comstock Resources Inc6.750% 03/01/20290.1%
Team Health Holdings Inc6.375% 02/01/20250.1%
Colgate Energy Partners III LLC7.750% 02/15/20260.1%
Spring Education Group, Inc.4.453% 07/30/20250.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
Range Resources Corp5.000% 03/15/20230.1%
Urban One Inc7.375% 02/01/20280.1%
Amsted Industries Inc5.625% 07/01/20270.1%
United Airlines 2020-1 Class A Pass Through Trust5.875% 10/15/20270.1%
CCM Merger Inc6.375% 05/01/20260.1%
CNX Resources Corp6.000% 01/15/20290.1%
CHS/Community Health Systems Inc6.125% 04/01/20300.1%
YPF Energia Electrica SA10.000% 07/25/20260.1%
LCM Investments Holdings II LLC4.875% 05/01/20290.1%
Stevens Holding Co Inc6.125% 10/01/20260.1%
Midcap Financial Issuer Trust6.500% 05/01/20280.1%
US Acute Care Solutions LLC6.375% 03/01/20260.1%
NESCO Holdings II Inc5.500% 04/15/20290.1%
NOVA Chemicals Corp4.250% 05/15/20290.1%
Solaris Midstream Holdings LLC7.625% 04/01/20260.1%
Atlas Cc Acquisition Corp0.000% 04/29/20280.1%
ModivCare Inc5.875% 11/15/20250.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
ION Trading Technologies S.A.R.L.4.952% 03/26/20280.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
WP CPP Holdings, LLC4.750% 04/30/20250.1%
SM Energy Co6.625% 01/15/20270.1%
CrownRock LP / CrownRock Finance Inc5.000% 05/01/20290.1%
Wolverine Escrow LLC8.500% 11/15/20240.1%
Cleveland-Cliffs Inc4.875% 03/01/20310.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
Kuehg Corp9.563% 08/15/20250.1%
TMS International Corp/DE6.250% 04/15/20290.1%
Entercom Media Corp6.500% 05/01/20270.1%
Midwest Gaming Borrower LLC / Midwest Gaming Finan4.875% 05/01/20290.1%
Mong Duong Finance Holdings BV5.125% 05/07/20290.1%
Ecl Entertainment Llc8.250% 03/31/20280.1%
Bain Capital Credit CLO 2021-2 Ltd0.000% 07/16/20340.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
NMG Holding Co Inc / Neiman Marcus Group LLC7.125% 04/01/20260.1%
Cinemark USA, Inc.1.850% 03/31/20250.1%
Albertsons Cos Inc / Safeway Inc / New Albertsons4.875% 02/15/20300.1%
Legends Hospitality Holding Co LLC / Legends Hospi5.000% 02/01/20260.1%
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd8.000% 09/20/20250.1%
Austin BidCo Inc7.125% 12/15/20280.1%
New Home Co Inc/The7.250% 10/15/20250.1%
TTM Technologies Inc4.000% 03/01/20290.1%
Aston Martin Capital Holdings Ltd.10.500% 11/30/20250.1%
Levi Strauss & Co3.500% 03/01/20310.1%
Watco Cos LLC / Watco Finance Corp6.500% 06/15/20270.1%
Resolute Forest Products Inc4.875% 03/01/20260.1%
Kaiser Aluminum Corp4.625% 03/01/20280.1%
Ford Motor Co9.625% 04/22/20300.1%
White Cap Buyer LLC6.875% 10/15/20280.1%
Murphy Oil Corp6.375% 07/15/20280.1%
Outfront Media Capital LLC / Outfront Media Capita4.250% 01/15/20290.1%
ON Semiconductor Corp3.875% 09/01/20280.1%
Arcosa Inc4.375% 04/15/20290.1%
SM Energy Co5.625% 06/01/20250.1%
Playtika Holding Corp4.250% 03/15/20290.1%
Penn National Gaming Inc5.625% 01/15/20270.1%
Nordstrom Inc4.000% 03/15/20270.1%
SEG Holding LLC / SEG Finance Corp5.625% 10/15/20280.1%
Boyd Corporation3.593% 09/06/20250.1%
Jaguar Land Rover Automotive plc4.500% 10/01/20270.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC5.125% 04/15/20290.1%
Weekley Homes LLC / Weekley Finance Corp.4.875% 09/15/20280.1%
Amern Trailer World Corp4.500% 02/17/20280.1%
Brundage-Bone Concrete Pumping Holdings Inc6.000% 02/01/20260.1%
Windstream Escrow LLC / Windstream Escrow Finance7.750% 08/15/20280.1%
iHeartCommunications Inc4.750% 01/15/20280.1%
Sabre GLBL Inc7.375% 09/01/20250.1%
Tri Pointe Homes Inc5.700% 06/15/20280.1%
Centennial Resource Development, Inc.0.000% -0.1%
NCL Corp Ltd3.625% 12/15/20240.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Coty Inc5.000% 04/15/20260.1%
Omnitracs, LLC8.093% 09/22/20280.1%
New Fortress Energy Inc6.750% 09/15/20250.1%
NCL Corp Ltd12.250% 05/15/20240.1%
Cleveland-Cliffs Inc5.875% 06/01/20270.1%
Callon Petroleum Co6.375% 07/01/20260.1%
Insulet Corporation3.750% 04/29/20280.1%
National CineMedia LLC5.875% 04/15/20280.1%
Winnebago Industries Inc6.250% 07/15/20280.1%
Delta Topco, Inc.8.000% 10/07/20280.1%
Zaxby's Operating Co LP4.500% 12/09/20270.1%
Ingevity Corp3.875% 11/01/20280.1%
Diamond Sports Group LLC / Diamond Sports Finance6.625% 08/15/20270.1%
Science Applications International Corp4.875% 04/01/20280.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
Ford Motor Co6.625% 10/01/20280.1%
Arconic Corp6.125% 02/15/20280.1%
JSW Hydro Energy Ltd4.125% 05/18/20310.1%
Meritor Inc4.500% 12/15/20280.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 02/15/20280.1%
Rite Aid Corp7.500% 07/01/20250.1%
Presidio Holdings Inc4.875% 02/01/20270.1%
B2W Digital Lux Sarl4.375% 12/20/20300.1%
Petco Health & Wellness4.000% 02/25/20280.1%
Rattler Midstream LP5.625% 07/15/20250.1%
Gap Inc/The8.875% 05/15/20270.1%
Magenta Buyer Llc0.000% 04/29/20280.1%
Renewable Energy Group Inc5.875% 06/01/20280.1%
Vertical Holdco GmbH7.625% 07/15/20280.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Group 1 Automotive Inc4.000% 08/15/20280.1%
Signature Bank/New York NY0.000% -0.1%
Ken Garff Automotive LLC4.875% 09/15/20280.1%
Prime Security Services Borrower LLC / Prime Finan3.375% 08/31/20270.1%
Summer BC Holdco A Sarl9.250% 10/31/20270.1%
Griffon Corp5.750% 03/01/20280.1%
Allison Transmission Inc3.750% 01/30/20310.1%
Brookfield Residential Properties, Inc. / Brookfie4.875% 02/15/20300.1%
Energy Acquisition LP (aka Electrical Components International)0.000% 06/26/20250.1%
Hughes Satellite Systems Corp5.250% 08/01/20260.1%
Caesars Resort Collection LLC / CRC Finco Inc5.750% 07/01/20250.1%
United Airlines Inc4.625% 04/15/20290.1%
Dick's Sporting Goods Inc3.250% 04/15/20250.1%
Turquoise Hill Resources Ltd0.000% -0.1%
JetBlue Airways Corp6.250% 06/12/20240.1%
Garda World Security Corp4.625% 02/15/20270.1%
Herens Holdco Sarl4.750% 05/15/20280.1%
Western Digital Corp4.750% 02/15/20260.1%
Trupanion Inc0.000% -0.1%
American Airlines Group Inc6.500% 07/01/20250.1%
Century Aluminum Co7.500% 04/01/20280.1%
Veritas US Inc / Veritas Bermuda Ltd7.500% 09/01/20250.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
EPR Properties3.750% 08/15/20290.1%
Arcor SAIC6.000% 07/06/20230.1%
CANPACK SA / Eastern PA Land Investment Holding LL3.125% 11/01/20250.1%
PRA Group Inc7.375% 09/01/20250.1%
Torrid LLC0.000% 05/21/20280.1%
Cable One Inc4.000% 11/15/20300.1%
Banijay Entertainment SASU5.375% 03/01/20250.1%
Nabors Industries Inc5.750% 02/01/20250.1%
Ashland LLC6.875% 05/15/20430.1%
Brooks Automation Inc0.000% -0.1%
Tronox Inc4.625% 03/15/20290.1%
Peninsula Pacific Entertainment LLC / Peninsula Pa8.500% 11/15/20270.1%
Sally Beauty Holdings Inc0.000% -0.1%
Carter's Inc0.000% -0.1%
Radiate Holdco LLC / Radiate Finance Inc4.500% 09/15/20260.1%
Occidental Petroleum Corp4.100% 02/15/20470.1%
Calpine Corp4.625% 02/01/20290.1%
VTR Finance NV6.375% 07/15/20280.1%
Alliant Holdings Intermediate LLC6.750% 10/15/20270.1%
Snap Inc0.750% 08/01/20260.1%
WisdomTree Investments Inc4.250% 06/15/20230.1%
USIC Holdings, Inc.7.250% 05/07/20290.1%
Jazz Securities DAC4.375% 01/15/20290.1%
Turkiye Vakiflar Bankasi TAO6.500% 01/08/20260.1%
NSG Holdings LLC / NSG Holdings, Inc.7.750% 12/15/20250.1%
Specialty Building Products Holdings LLC / SBP Fin6.375% 09/30/20260.1%
Ensono Holdings LLC0.000% 05/20/20280.1%
Vivion Investments Sarl3.000% 08/08/20240.1%
Tapestry Inc4.125% 07/15/20270.1%
Tesla Inc2.000% 05/15/20240.1%
Yum! Brands Inc5.350% 11/01/20430.1%
Zayo Group Holdings Inc6.125% 03/01/20280.1%
Real Hero Merger Sub 2 Inc6.250% 02/01/20290.1%
Compass Group Diversified Holdings LLC5.250% 04/15/20290.1%
Central Garden & Pet Co4.125% 10/15/20300.1%
SVB Financial Group0.000% -0.1%
CEC Entertainment LLC6.750% 05/01/20260.1%
Calpine Corp5.000% 02/01/20310.1%
Shockwave Medical Inc0.000% -0.1%
Plains All American Pipeline L.P.6.125% 12/31/20990.1%
TGP Holding III LLC(Traeger Pellet Grill Hdg LLC)9.817% 09/20/20250.1%
SkyMiles IP Ltd4.750% 09/16/20270.1%
Aegion Corp5.500% 04/01/20280.1%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.1%
JBS USA LUX SA / JBS USA Finance Inc6.750% 02/15/20280.1%
Peraton Corp4.500% 02/22/20280.1%
Range Resources Corp0.000% -0.1%
Targa Resources Partners LP / Targa Resources Part5.000% 01/15/20280.1%
Monarch Casino & Resort Inc0.000% -0.1%
Gray Television Inc7.000% 05/15/20270.1%
Lions Gate Capital Holdings LLC5.500% 04/15/20290.1%
Legacy LifePoint Health LLC4.375% 02/15/20270.1%
Shea Homes LP / Shea Homes Funding Corp.4.750% 04/01/20290.1%
Allfunds Group Plc0.000% -0.1%
Revlon, Inc. Class A1.417% 06/30/20250.1%
Antero Midstream Partners LP / Antero Midstream Fi5.375% 06/15/20290.1%
United Rentals North America Inc4.000% 07/15/20300.1%
Tyler Technologies Inc0.250% 03/15/20260.1%
Asbury Automotive Group Inc4.500% 03/01/20280.1%
Delek Logistics Partners LP / Delek Logistics Fina7.125% 06/01/20280.1%
BK LC Lux Finco1 Sarl5.250% 04/30/20290.1%
Lamar Media Corp4.875% 01/15/20290.1%
City Brewing Co LLC4.250% 03/31/20280.1%
CIT Group Inc6.125% 03/09/20280.1%
Synaptics Inc4.000% 06/15/20290.1%
Glaukos Corp2.750% 06/15/20270.1%
SCIH Salt Holdings Inc6.625% 05/01/20290.1%
Cleveland-Cliffs Inc4.625% 03/01/20290.1%
Oasis Petroleum Inc6.375% 06/01/20260.1%
Presidio Holdings Inc8.250% 02/01/20280.1%
World Wrestling Entertainment Inc3.375% 12/15/20230.1%
PTC Inc4.000% 02/15/20280.1%
TC Ziraat Bankasi AS5.375% 03/02/20260.1%
Radiate Holdco LLC / Radiate Finance Inc6.500% 09/15/20280.1%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.1%
Rede D'or Finance Sarl4.950% 01/17/20280.1%
Element Solutions Inc3.875% 09/01/20280.1%
Targa Resources Partners LP / Targa Resources Part4.875% 02/01/20310.1%
Match Group Holdings II LLC5.000% 12/15/20270.1%
Triton Water Holdings Inc6.250% 04/01/20290.1%
KB Home4.800% 11/15/20290.1%
Acadia Healthcare Co Inc5.000% 04/15/20290.1%
Lindsay Corp0.000% -0.1%
MSCI Inc3.875% 02/15/20310.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Tanger Properties LP3.875% 07/15/20270.1%
Endo Luxembourg Finance Co I Sarl / Endo US Inc6.125% 04/01/20290.1%
NRG Energy Inc5.250% 06/15/20290.1%
Builders FirstSource Inc5.000% 03/01/20300.1%
EnerSys4.375% 12/15/20270.1%
Merlin Entertainments Ltd5.750% 06/15/20260.1%
Clearway Energy Operating LLC4.750% 03/15/20280.1%
Spectacle Gary Holding11.000% 10/17/20240.1%
ATS Automation Tooling Systems, Inc.4.125% 12/15/20280.1%
Amsted Industries Inc4.625% 05/15/20300.1%
Great Lakes Dredge & Dock Corp.5.250% 06/01/20290.1%
Arena Luxembourg Finance Sarl1.875% 02/01/20280.1%
Cinemark USA Inc5.875% 03/15/20260.1%
Endo Dac / Endo Finance LLC / Endo Finco Inc6.000% 06/30/20280.1%
White Cap Parent LLC8.250% 03/15/20260.1%
Wayfair Inc0.000% -0.1%
Park-Ohio Industries Inc6.625% 04/15/20270.1%
Forestar Group Inc3.850% 05/15/20260.1%
Qorvo Inc4.375% 10/15/20290.1%
Palmer Square CLO Ltd0.000% 07/15/20340.1%
Transportes Aereos Portugueses SA5.625% 12/02/20240.1%
Coty Inc6.500% 04/15/20260.1%
Freeport-McMoRan Inc4.375% 08/01/20280.1%
Antero Resources Corp8.375% 07/15/20260.1%
CGG SA8.750% 04/01/20270.1%
Installed Building Products Inc5.750% 02/01/20280.1%
GrafTech Finance Inc4.625% 12/15/20280.1%
XHR LP4.875% 06/01/20290.1%
Allied Universal Holdco LLC/Allied Universal Finan4.625% 06/01/20280.1%
Peak 10 Holding Corporation3.703% 08/01/20240.1%
Howard Hughes Corp/The5.375% 08/01/20280.1%
USA Compression Partners LP / USA Compression Fina6.875% 09/01/20270.1%
Grab Holdings Inc5.500% 01/14/20260.1%
Royal Caribbean Cruises Ltd11.500% 06/01/20250.1%
Avis Budget Car Rental LLC / Avis Budget Finance,5.750% 07/15/20270.1%
Ford Motor Credit Co LLC4.000% 11/13/20300.1%
1011778 BC ULC / New Red Finance, Inc.4.375% 01/15/20280.1%
Mattel Inc5.875% 12/15/20270.1%
Charles River Laboratories International, Inc.4.250% 05/01/20280.1%
HCA Inc7.500% 12/15/20230.1%
Gibson Brands, Inc0.000% -0.1%
Cedar Fair LP5.250% 07/15/20290.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Arches Buyer Inc6.125% 12/01/20280.1%
Tenneco Inc5.125% 04/15/20290.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.875% 03/01/20310.1%
Limak Iskenderun Uluslararasi Liman Isletmeciligi9.500% 07/10/20360.1%
NCL Finance Ltd6.125% 03/15/20280.1%
Nationstar Mortgage Holdings Inc5.125% 12/15/20300.1%
Kraft Heinz Foods Co5.000% 06/04/20420.1%
Goldstory SASU5.375% 03/01/20260.1%
Maxeda DIY Holding BV5.875% 10/01/20260.1%
Boyd Gaming Corp4.750% 06/15/20310.1%
Boyne USA Inc4.750% 05/15/20290.1%
Novelis Sheet Ingot GmbH3.375% 04/15/20290.1%
Quicken Loans LLC / Quicken Loans Co-Issuer Inc3.625% 03/01/20290.1%
Cablevision Lightpath LLC3.875% 09/15/20270.1%
Kennedy-Wilson Inc4.750% 03/01/20290.1%
Williams Scotsman International Inc4.625% 08/15/20280.1%
Carnival Corp7.625% 03/01/20260.1%
Transocean Proteus Ltd6.250% 12/01/20240.1%
Jaguar Land Rover Automotive plc5.875% 01/15/20280.1%
Carvana Co5.875% 10/01/20280.1%
Macy's Retail Holdings LLC4.500% 12/15/20340.1%
Sofima Holding SPA3.750% 01/15/20280.1%
TUI Cruises GmbH6.500% 05/15/20260.1%
Hightower Holding LLC6.750% 04/15/20290.1%
Netflix Inc3.875% 11/15/20290.1%
Cablevision Lightpath LLC5.625% 09/15/20280.1%
Doncasters US Finance LLC (Doncasters US LLC)0.500% 03/31/20250.1%
TransDigm Inc4.625% 01/15/20290.1%
William Carter Co/The5.625% 03/15/20270.1%
Carvana Co5.625% 10/01/20250.1%
Elwood Energy LLC8.159% 07/05/20260.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
Chemours Co/The5.750% 11/15/20280.1%
Allied Universal Holdco LLC/Allied Universal Finan4.625% 06/01/20280.1%
Viking Cruises Ltd13.000% 05/15/20250.1%
Eventbrite Inc5.000% 12/01/20250.1%
Callon Petroleum Co6.125% 10/01/20240.1%
HCA Inc7.690% 06/15/20250.1%
PCF GmbH4.750% 04/15/20260.1%
Western Midstream Operating LP6.500% 02/01/20500.1%
United Airlines Inc4.375% 04/15/20260.1%
IPD 3 BV5.500% 12/01/20250.1%
Univar Solutions USA Inc/Washington5.125% 12/01/20270.1%
PCF GmbH4.750% 04/15/20260.1%
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%
Atkore Inc4.250% 06/01/20310.1%
Avolon Holdings Funding Ltd4.250% 04/15/20260.1%
House of HR7.500% 01/15/20270.1%
Travel + Leisure Co6.000% 04/01/20270.1%
Great Wolf Trust 2019-WOLF3.232% 12/15/20360.1%
Claire's Stores, Inc.6.806% 12/18/20260.1%
J.P. Morgan Chase Commercial Mortgage Securities T4.009% 10/05/20310.1%
Scientific Games International, Inc.8.625% 07/01/20250.1%
Occidental Petroleum Corp7.500% 05/01/20310.1%
Inter Media and Communication SpA4.875% 12/31/20220.1%
House of HR7.500% 01/15/20270.1%
Frontier Communications Corp6.750% 05/01/20290.1%
Doncasters US Finance LLC (Doncasters US LLC)8.500% 03/31/20240.1%
RP Escrow Issuer LLC5.250% 12/15/20250.0%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.0%
Commercial Barge Line0.000% -0.0%
Kennedy-Wilson Inc5.000% 03/01/20310.0%
Rent-A-Center Inc4.750% 02/04/20280.0%
Precision Drilling Corp7.750% 12/15/20230.0%
TUI Cruises GmbH6.500% 05/15/20260.0%
Popular Inc6.125% 09/14/20230.0%
Silgan Holdings Inc4.125% 02/01/20280.0%
Transportes Aereos Portugueses SA5.625% 12/02/20240.0%
PetVet Care Centers, LLC4.250% 02/14/20250.0%
Goldstory SASU5.375% 03/01/20260.0%
Wynn Resorts Finance LLC / Wynn Resorts Capital Co5.125% 10/01/20290.0%
Novelis Sheet Ingot GmbH3.375% 04/15/20290.0%
Braskem Idesa SAPI7.450% 11/15/20290.0%
Commercial Barge Line0.000% -0.0%
UTEX Industries0.000% -0.0%
PetVet Care Centers, LLC3.685% 02/14/20250.0%
Claire's Stores, Inc.0.000% -0.0%
Atlas Cc Acquisition Corp0.000% 04/29/20280.0%
BK LC Lux Finco1 Sarl5.250% 04/30/20290.0%
J Crew Group Inc.11.000% 09/10/20270.0%
Frontera Generation Hold14.000% 11/05/20210.0%
Frontera Generation Hold0.000% 05/02/20250.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
UC Holdings0.000% -0.0%
Britax Childcare0.000% 01/09/20250.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
J Crew Group Inc.0.000% -0.0%
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% 09/17/20580.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Spectacle Gary Holding11.000% 11/07/20250.0%
UTEX Industries8.500% 11/01/20240.0%
Commercial Barge Line0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
J Crew Group Inc.0.000% -0.0%
UTEX Industries5.250% 11/01/20240.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
TNT Crane and Rigging0.000% -0.0%
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%
Revlon, Inc. Class A0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
FGI Operating Company, LLC5.938% 05/15/20220.0%
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% 11/17/20590.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
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 EUR/USD 06/210.000% 06/04/20210.0%
TNT Crane and Rigging0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 11/17/20590.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Penson Technologies LLC0.000% -0.0%
Commercial Mortgage Backed Index Swap0.000% 09/17/20580.0%
Sable Permian Resources - Warrants0.000% -0.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
Tonon Luxembourg S.A.6.500% 10/31/20240.0%
Britax Childcare0.000% -0.0%
Mirabela Nickel Ltd.1.000% 09/16/20440.0%
Washington Mutual Bank / Debt not acquired by JPMo6.875% 06/15/20110.0%
US LONG BOND(CBT) SEP210.000% 09/30/20210.0%
US ULTRA BOND CBT SEP210.000% 09/30/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
FX EUR/USD 06/210.000% 06/04/20210.0%
EURO-BOBL FUT JUN210.000% 06/10/20210.0%
EURO-BUND FUTURE JUN210.000% 06/10/20210.0%
FX GBP/USD 06/210.000% 06/08/20210.0%
Dutch Lion BV11.250% 06/15/20230.0%
US 10YR NOTE (CBT)SEP210.000% 09/30/20210.0%
US 10YR ULTRA FUT SEP210.000% 09/30/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
US 5YR NOTE (CBT) SEP210.000% 10/05/20210.0%
US 2YR NOTE (CBT) SEP210.000% 10/05/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
FX USD/GBP 06/210.000% 06/08/20210.0%
Credit Index Swap5.000% 06/20/20260.0%
FX USD/GBP 06/210.000% 06/08/20210.0%
FX USD/EUR 06/210.000% 06/04/20210.0%
Credit Index Swap1.000% 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 06/30/2021

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp3.6%
Consumer Goods arrowDown0.2%
Banking arrowDown0.2%
Utility arrowDown0.1%
Insurance arrowUp0.2%
Real Estate arrowUp0.5%
Healthcare arrowDown0.8%
Media arrowDown2.2%
Services arrowDown2.2%
Capital Goods arrowDown0.4%
Telecommunications arrowDown0.8%
Leisure arrowUp0.7%
Other arrowUp1.2%
Basic Industry arrowDown0.6%
Retail arrowDown0.7%
Technology & Electronics arrowUp1.3%
Transportation arrowUp0.5%
Automotive arrowDown0.3%
Financial Services arrowUp0.5%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 07/26/2021
$0.168
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2021 $0.02892 $7.64
Daily Daily 05/31/2021 $0.02840 $7.56
Daily Daily 04/30/2021 $0.02835 $7.56
Daily Daily 03/31/2021 $0.02749 $7.50
Daily Daily 02/28/2021 $0.02788 $7.54
Daily Daily 01/31/2021 $0.02739 $7.48

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 $7.48
*

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 06/30/2021

1.20%

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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