LIFCX | Inflation Focused Fund Class C | Lord Abbett

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Inflation Focused Fund

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Daily price w/o sales charge as of 06/08/2023

$11.56

arrowUp$0.01

YTD Returns w/o sales charge as of 06/08/2023

1.51%

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

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Summary

Summary

What is the Inflation Focused Fund?

The Fund seeks to deliver total returns that exceed the rate of inflation in the U.S. over a full inflation cycle and current income by combining investments in inflation swaps with a portfolio of short duration credit. 
 

EXPERIENCED INVESTMENT TEAM

The strategy is managed through a collaboration among 40+ investment professionals in portfolio management, credit research, and trading.

HIGHER INCOME POTENTIAL WITH LOWER DURATION

By utilizing short duration credit, the strategy generates the highest income stream in the Morningstar category with one-third the duration of the average TIPS-based portfolio.

TRUE INFLATION PROTECTION

By using inflation swaps to hedge exposure to investor expectations of future inflation, the strategy isolates inflation risk with much less nominal interest rate exposure than the Morningstar category.  As such, the strategy is designed to do well when inflation expectation increase.

Yield

Dividend Yield 1 as of 06/08/2023  

w/o sales charge 3.30%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.14% 4.13%

Average Yield to Worst as of 04/28/2023

6.79%

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Fund Basicsas of 04/28/2023

Total Net Assets
$1.87 B
Inception Date
04/29/2011
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.40%
Fund Net Expense Ratio
1.40%
Number of Holdings
771
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 1.25% -3.06% 6.57% 2.29% 0.72% 0.85%
Lipper Category Avg. Inflation Protected Bond Funds 1.77% -3.85% 0.99% 2.32% 1.25% -
Bloomberg U.S. TIPS 1-5 Year Index 1.60% -2.05% 2.41% 2.72% 1.59% 1.49%
w/ sales charge 0.25% -3.06% 6.57% 2.29% 0.72% 0.85%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.43% -2.58% 9.46% 2.62% 0.63% 0.95%
Lipper Category Avg. Inflation Protected Bond Funds 2.93% -5.04% 2.64% 2.59% 1.05% -
Bloomberg U.S. TIPS 1-5 Year Index 2.26% -1.14% 3.34% 2.92% 1.48% 1.56%
w/ sales charge 1.43% -2.58% 9.46% 2.62% 0.63% 0.95%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

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

Equities: Identifying Potential Inflation Winners and Losers
December 7, 2021

We believe investors should focus on the stocks of four types of companies that may be best- positioned to prosper during a sustained period of rising prices.

Type Assets
Investment Grade Corporate
CMBS
ABS
CLO
High Yield Corporate
Bank Loans
MBS
U.S. Government Related
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
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 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 04/28/2023 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
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

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

29 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

22 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Supported By 78 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/08/2023  

w/o sales charge 3.30%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.14% 4.13%

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

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 1.25% -3.06% 6.57% 2.29% 0.72% 0.85%
Lipper Category Avg. Inflation Protected Bond Funds 1.77% -3.85% 0.99% 2.32% 1.25% -
Bloomberg U.S. TIPS 1-5 Year Index 1.60% -2.05% 2.41% 2.72% 1.59% 1.49%
w/ sales charge 0.25% -3.06% 6.57% 2.29% 0.72% 0.85%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.43% -2.58% 9.46% 2.62% 0.63% 0.95%
Lipper Category Avg. Inflation Protected Bond Funds 2.93% -5.04% 2.64% 2.59% 1.05% -
Bloomberg U.S. TIPS 1-5 Year Index 2.26% -1.14% 3.34% 2.92% 1.48% 1.56%
w/ sales charge 1.43% -2.58% 9.46% 2.62% 0.63% 0.95%

Fund Expense Ratio :

Gross 1.40%

Net 1.40%

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 Bloomberg U.S. TIPS 1-5 Year Index
2022 -5.45% -3.96%
2021 9.56% 5.53%
2020 5.19% 5.70%
2019 4.28% 5.08%
2018 -1.91% 0.41%
2017 0.60% 0.80%
2016 4.41% 3.13%
2015 -2.90% -0.14%
2014 -5.83% -1.13%
2013 -2.49% -1.96%
2012 9.03% -
2011 -3.93% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.43% - - - 1.51%
2022 -0.59% -4.19% -2.44% 1.76% -5.45%
2021 4.19% 1.37% 2.17% 1.53% 9.56%
2020 -14.90% 10.26% 6.06% 5.70% 5.19%
2019 2.52% 0.17% -1.44% 3.03% 4.28%
2018 0.33% 0.79% 0.54% -3.52% -1.91%
2017 0.58% -1.76% 1.05% 0.76% 0.60%
2016 -1.05% -0.71% 2.29% 3.89% 4.41%
2015 -0.33% 1.56% -4.82% 0.79% -2.90%
2014 -0.15% 2.03% -2.89% -4.80% -5.83%
2013 0.39% -3.91% 1.13% -0.04% -2.49%
2012 5.20% -1.10% 2.88% 1.86% 9.03%
2011 - - -6.11% 1.92% -3.93%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
CMBS
ABS
CLO
High Yield Corporate
Bank Loans
MBS
U.S. Government Related
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
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 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 04/28/2023

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning as of 3/31/2023

  • The Fund’s exposure to Consumer Price Index (“CPI”) swaps contributed to the portfolio’s performance as inflation expectations modestly increased over the period.
  • During the quarter, the 2-year U.S. Treasury yield moved lower from 4.42% to 4.06%, as investors started to price in potential rate cuts from the Fed in the second half of 2023 following the turmoil in the banking sector. In addition to this, the Fed further slowed the pace of rate hikes at the February FOMC meeting. While this rate move was a tailwind on an absolute basis, the portfolio’s shorter duration profile relative to the benchmark was a headwind to relative performance.
  • The portfolio’s multi-sector design provided diversification benefits which contributed to relative performance versus the benchmark.
  • The portfolios allocation to asset-backed securities (ABS) contributed to relative performance. Despite modest spread widening within short-term ABS, the sector outperformed corporate credit. We continue to favor high-quality ABS within the auto loan and credit card sectors, focusing on newly originated loans with superior underwriting. The majority of the additions made during the quarter were within AAA-rated auto loans.
  • The portfolio’s allocation to commercial mortgage-backed securities (CMBS) contributed to relative performance, despite some of the ongoing headwinds the sector has faced as many single asset / single borrower (SASB) issues bounced back from performance headwinds faced in the final quarter of last year. Our focus on higher quality securities within CMBS helped to mitigate some of the underperformance the rest of the sector faced.  Although valuations are compelling across the sector, we are concerned about the potential for deteriorating commercial real estate fundamentals. We reduced the portfolio’s exposure to CMBS over the period across floating rate SASB, commercial real estate collateralized loan obligations (CRE CLO), and conduit holdings CMBS. We’ve maintained a very high bar to add with a preference for high quality, liquid names.
  • Additionally, the portfolio’s allocation to collateralized loan obligations (CLO) contributed to relative performance. While we’re comfortable with the credit profiles of the CLO book given the allocation is very short in maturity, AAA-rated, and exhibits low spread volatility, and therefore relatively insulated from the fragilities of the broader asset class; we modestly reduced exposure to the sector to further emphasize liquidity and monetize attractive valuations. We continue to be very selective with respect to spread targets when identifying opportunities within the sector.
  • While the underweight allocation to investment grade corporate bonds modestly detracted from relative performance, security selection within the asset class more than offset this. More specifically, the portfolio’s allocations to both the Financials and Utility sectors were positive contributors.  We remain conservatively positioned in financials, overweight insurance companies, and underweight smaller regional banks. The bank debt the portfolio holds is focused on institutions that have strong deposit franchises with robust credit cultures and strong management teams. We increased the portfolio’s exposure to investment grade corporate bonds with a focus on the following sectors: Financials, Utility, Energy, and non-cyclical sectors such as Health Care.
  • While the short-term, high yield allocation also contributed to relative performance over the quarter as credit spreads tightened, a major theme within the portfolio continues to be an up-in-quality, up-in-liquidity bias with a focus on non-cyclical, defensive areas. Therefore, we continued to reduce lower quality corporate bonds over the period. In some instances in which select high yield issues traded tighter than investment grade bonds, we reduced high yield exposure and reinvested the proceeds into higher quality, more defensive, and higher-yielding bonds.
  • We also added some inflation exposure through TIPS, given that the Fed backing away from further significant hikes could lead to further curve steepening and a rise in inflation expectations.
  • While select individual holdings detracted from relative returns, there were no meaningful detractors from performance relative to the benchmark on a sector level.

 

Portfolio Details as of 04/28/2023

Total Net Assets
$1.87 B
Number of Issues
771
Average Coupon
4.44%
Average Life
1.86 Years
Average Maturity
1.86 Years
Average Effective Duration
3.58 Years
Average Yield to Worst
6.79%

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 Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security.  Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
United States Treasury Bill 0.000% 06/20/2023 1.9%
UBS AG 5.125% 05/15/2024 1.0%
Danske Bank A/S 5.375% 01/12/2024 0.9%
Exeter Automobile Receivables Trust 2020-2 7.190% 09/15/2027 0.8%
Charter Communications Operating LLC 6.721% 04/30/2025 0.8%
GS Mortgage Securities Corp Trust 2021-RENT 6.082% 11/21/2035 0.8%
AMMC CLO 23 Ltd 6.300% 10/17/2031 0.8%
Capital One Multi-Asset Execution Trust 3.490% 05/15/2027 0.7%
HONO 2021-LULU Mortgage Trust 6.098% 10/15/2036 0.7%
ACRES Commercial Realty 2021-FL2 Ltd 6.348% 01/15/2037 0.7%
% of Total Assets 9.1%
Holding Coupon Maturity Assets
United States Treasury Bill0.000% 06/20/20231.9%
TORONTO DOMINION BANK THE0.010% 05/01/20231.2%
UBS AG5.125% 05/15/20241.0%
Danske Bank A/S5.375% 01/12/20240.9%
Exeter Automobile Receivables Trust 2020-27.190% 09/15/20270.8%
Charter Communications Operating LLC6.721% 04/30/20250.8%
GS Mortgage Securities Corp Trust 2021-RENT6.082% 11/21/20350.8%
AMMC CLO 23 Ltd6.300% 10/17/20310.8%
Capital One Multi-Asset Execution Trust3.490% 05/15/20270.7%
HONO 2021-LULU Mortgage Trust6.098% 10/15/20360.7%
ACRES Commercial Realty 2021-FL2 Ltd6.348% 01/15/20370.7%
AIB Group PLC4.263% 04/10/20250.6%
BHMS 2018-ATLS6.848% 07/15/20350.6%
American Express Credit Account Master Trust3.390% 05/15/20270.6%
Danske Bank A/S3.244% 12/20/20250.6%
OneMain Direct Auto Receivables Trust 2019-13.630% 09/14/20270.6%
KKR CLO 30 Ltd6.280% 10/17/20310.5%
Morgan Stanley Capital I Trust 2014-150E3.912% 09/09/20320.5%
KREF 2021-FL2 Ltd6.018% 02/15/20390.5%
BXHPP Trust 2021-FILM5.598% 08/15/20360.5%
Citigroup Inc3.106% 04/08/20260.5%
Lendmark Funding Trust 2021-22.000% 04/20/20320.5%
MoneyGram International Inc9.525% 07/21/20260.5%
Aviation Capital Group LLC3.875% 05/01/20230.5%
Celanese US Holdings LLC5.900% 07/05/20240.5%
Discover Card Execution Note Trust3.560% 07/15/20270.5%
DBGS 2021-W52 Mortgage Trust7.247% 10/15/20360.5%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON4.128% 07/05/20310.5%
Carvana Auto Receivables Trust 2022-P13.350% 02/10/20270.5%
UniCredit SpA7.830% 12/04/20230.5%
Avis Budget Rental Car Funding AESOP LLC3.350% 09/22/20250.4%
GM Financial Automobile Leasing Trust 2022-23.420% 06/20/20250.4%
BHMS 2018-ATLS7.198% 07/15/20350.4%
Ford Credit Auto Owner Trust 2022-REV13.880% 11/15/20340.4%
Romark CLO Ltd6.303% 10/23/20300.4%
Ford Motor Credit Co LLC5.584% 03/18/20240.4%
Lendmark Funding Trust 2021-12.470% 11/20/20310.4%
BX Commercial Mortgage Trust 2019-IMC6.248% 04/15/20340.4%
EQT Corp6.125% 02/01/20250.4%
System Energy Resources Inc6.000% 04/15/20280.4%
BPCE SA5.150% 07/21/20240.4%
Cheniere Corpus Christi Holdings LLC5.875% 03/31/20250.4%
BSPRT 2021-FL7 Issuer Ltd6.268% 12/15/20380.4%
Continental Resources Inc/OK3.800% 06/01/20240.4%
Devon Energy Corp5.875% 06/15/20280.4%
US 2YR NOTE (CBT) Jun230.000% 07/06/20230.4%
SCF Equipment Leasing 2022-1 LLC2.920% 07/20/20290.4%
Apidos Clo Xxv6.420% 10/20/20310.4%
MF1 2021-FL6 Ltd6.398% 07/16/20360.4%
Wind River 2013-1 CLO Ltd6.230% 07/20/20300.4%
Goldman Sachs Group Inc/The1.948% 10/21/20270.4%
Capital One Prime Auto Receivables Trust 2022-23.740% 09/15/20250.4%
General Motors Financial Co Inc5.100% 01/17/20240.4%
Bank of America Corp3.384% 04/02/20260.4%
Viterra Finance BV2.000% 04/21/20260.3%
Macquarie Group Ltd1.201% 10/14/20250.3%
VICI Properties LP / VICI Note Co Inc3.500% 02/15/20250.3%
Hyatt Hotels Corp1.300% 10/01/20230.3%
Aircastle Ltd5.250% 08/11/20250.3%
Avolon Holdings Funding Ltd5.125% 10/01/20230.3%
New Economy Assets Phase 1 Sponsor LLC1.910% 10/20/20610.3%
BDS 2022-FL11 LLC6.717% 03/19/20390.3%
Hyundai Capital America3.400% 06/20/20240.3%
Targa Resources Partners LP / Targa Resources Partners Finance Corp6.500% 07/15/20270.3%
US ULTRA BOND CBT Jun230.000% 06/30/20230.3%
Citigroup Inc5.500% 09/13/20250.3%
Greystone CRE Notes 2021-FL3 Ltd6.024% 07/15/20390.3%
HGI CRE CLO 2021-FL2 Ltd5.948% 09/17/20360.3%
Signal Peak CLO 8 Ltd6.520% 04/20/20330.3%
Intesa Sanpaolo SpA5.017% 06/26/20240.3%
Santander UK Group Holdings PLC4.796% 11/15/20240.3%
BAT Capital Corp3.222% 08/15/20240.3%
Navient Corp5.875% 10/25/20240.3%
BX Commercial Mortgage Trust 2019-IMC5.948% 04/15/20340.3%
KIND Trust 2021-KIND5.954% 08/15/20380.3%
Bank of America Corp2.456% 10/22/20250.3%
Lendmark Funding Trust 2022-15.120% 07/20/20320.3%
Devon Energy Corp5.250% 10/15/20270.3%
Freddie Mac STACR REMIC Trust 2021-HQA45.765% 12/25/20410.3%
CSMC 2021-ADV6.348% 07/15/20380.3%
Devon Energy Corp8.250% 08/01/20230.3%
OCP Clo 2019-17 Ltd6.290% 07/20/20320.3%
PVH Corp4.625% 07/10/20250.3%
Navient Private Education Refi Loan Trust 2022-A2.230% 07/15/20700.3%
Bank of America Corp1.197% 10/24/20260.3%
ABN AMRO Bank NV4.750% 07/28/20250.3%
Pagaya AI Debt Trust 2022-12.030% 10/15/20290.3%
OneMain Financial Issuance Trust 2022-35.940% 05/15/20340.3%
VASA Trust 2021-VASA6.198% 07/15/20390.3%
Jersey Central Power & Light Co4.700% 04/01/20240.3%
Marlette Funding Trust 2021-31.300% 12/15/20310.3%
Ally Financial Inc3.875% 05/21/20240.3%
Bank of Ireland Group PLC4.500% 11/25/20230.3%
Glencore Funding LLC4.625% 04/29/20240.3%
BNP Paribas SA2.819% 11/19/20250.3%
JPMorgan Chase & Co4.851% 07/25/20280.3%
OneMain Direct Auto Receivables Trust 2021-10.870% 07/14/20280.3%
Bain Capital Credit CLO 2017-1 Ltd6.220% 07/20/20300.3%
Imperial Brands Finance PLC6.125% 07/27/20270.3%
ACREC 2021-FL1 Ltd6.098% 10/16/20360.3%
Amazon.com Inc4.550% 12/01/20270.3%
Wells Fargo & Co4.808% 07/25/20280.3%
Bank of America Corp4.948% 07/22/20280.3%
Petroleos Mexicanos6.875% 08/04/20260.3%
Capital One Multi-Asset Execution Trust4.950% 10/15/20270.3%
WEA Finance LLC / Westfield UK & Europe Finance PLC3.750% 09/17/20240.3%
Bank of America Corp3.841% 04/25/20250.3%
Lloyds Banking Group PLC4.582% 12/10/20250.3%
Park Aerospace Holdings Ltd5.500% 02/15/20240.3%
Ally Financial Inc5.750% 11/20/20250.3%
Goldman Sachs Group Inc/The5.502% 01/24/20250.3%
Canadian Imperial Bank of Commerce3.945% 08/04/20250.3%
Apidos CLO XXXI6.360% 04/15/20310.3%
KKR Clo 24 Ltd6.330% 04/20/20320.3%
Dryden Senior Loan Fund6.240% 04/15/20280.3%
Great Wolf Trust 2019-WOLF6.338% 12/15/20360.3%
Continental Resources Inc/OK4.375% 01/15/20280.3%
Bank of Ireland Group PLC2.029% 09/30/20270.3%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd6.018% 08/15/20340.3%
Dell International LLC / EMC Corp6.020% 06/15/20260.3%
One New York Plaza Trust 2020-1NYP5.898% 01/15/20360.3%
Glencore Funding LLC4.125% 03/12/20240.3%
Octagon Investment Partners 32 Ltd6.210% 07/15/20290.2%
Sabine Pass Liquefaction LLC5.875% 06/30/20260.2%
Hertz Vehicle Financing LLC3.980% 12/26/20250.2%
AES Corp/The3.300% 07/15/20250.2%
KREF 2021-FL2 Ltd6.248% 02/15/20390.2%
American Express Co4.990% 05/01/20260.2%
GS Mortgage Securities Corp Trust 2021-ROSS6.098% 05/15/20260.2%
Puget Energy Inc3.650% 05/15/20250.2%
Manufacturers & Traders Trust Co4.650% 01/27/20260.2%
COLT 2021-2 Mortgage Loan Trust0.924% 08/25/20660.2%
Octane Receivables Trust 2022-14.180% 03/20/20280.2%
AMERICAN TOWER CORPORATION0.061% 12/08/20230.2%
DBGS 2021-W52 Mortgage Trust6.343% 10/15/20360.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.875% 01/16/20240.2%
Anglo American Capital PLC3.625% 09/11/20240.2%
Avis Budget Rental Car Funding AESOP LLC3.340% 08/20/20260.2%
RESORTS WORLD LAS VEGAS LLC6.530% 04/16/20240.2%
Microchip Technology Inc0.972% 02/15/20240.2%
Huntington National Bank/The5.699% 11/18/20250.2%
Vistra Operations Co LLC4.875% 05/13/20240.2%
Affirm Asset Securitization Trust 2022-X11.750% 02/15/20270.2%
Bayer US Finance II LLC3.875% 12/15/20230.2%
Bank of America Corp3.950% 04/21/20250.2%
Santander Drive Auto Receivables Trust 2022-53.980% 01/15/20250.2%
Glencore Funding LLC4.125% 05/30/20230.2%
Microchip Technology Inc4.333% 06/01/20230.2%
NRG Energy Inc3.750% 06/15/20240.2%
CSMC 2022-NQM12.265% 11/25/20660.2%
Chase Issuance Trust3.970% 09/15/20270.2%
Ford Credit Auto Owner Trust 2018-REV13.190% 07/15/20310.2%
Svenska Handelsbanken AB3.650% 06/10/20250.2%
CenterPoint Energy Inc5.343% 05/13/20240.2%
American Tower Corp3.600% 01/15/20280.2%
Continental Resources Inc/OK2.268% 11/15/20260.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST7.448% 12/15/20360.2%
Pacific Gas and Electric Co3.150% 01/01/20260.2%
Viterra Finance BV4.900% 04/21/20270.2%
Magnetite XXII Ltd6.320% 04/15/20310.2%
CF Hippolyta Issuer LLC1.980% 03/15/20610.2%
OneMain Finance Corp6.125% 03/15/20240.2%
OneMain Financial Issuance Trust 2019-23.140% 10/14/20360.2%
CIFC Funding 2013-II Ltd6.262% 10/18/20300.2%
Monongahela Power Co4.100% 04/15/20240.2%
Altice France SA/France8.125% 02/01/20270.2%
Goldman Sachs Group Inc/The4.223% 05/01/20290.2%
Toll Brothers Finance Corp4.875% 11/15/20250.2%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE2.949% 09/06/20380.2%
GA Global Funding Trust3.850% 04/11/20250.2%
TCI-Flatiron Clo 2017-1 Ltd5.861% 11/18/20300.2%
BankUnited Inc4.875% 11/17/20250.2%
Intesa Sanpaolo SpA3.250% 09/23/20240.2%
Vistra Operations Co LLC3.550% 07/15/20240.2%
JPMorgan Chase & Co5.633% 02/24/20260.2%
Barclays PLC5.200% 05/12/20260.2%
Bayer US Finance II LLC4.250% 12/15/20250.2%
Netflix Inc4.375% 11/15/20260.2%
Morgan Stanley0.791% 01/22/20250.2%
Prosus NV3.257% 01/19/20270.2%
Mitsubishi UFJ Financial Group Inc4.788% 07/18/20250.2%
Alcoa Nederland Holding BV6.125% 05/15/20280.2%
Citigroup Inc4.400% 06/10/20250.2%
Standard Chartered PLC5.200% 01/26/20240.2%
Atalaya Equipment Leasing Trust 21-11.230% 05/15/20260.2%
Mitsubishi UFJ Financial Group Inc5.063% 09/12/20250.2%
Orbia Advance Corp SAB de CV1.875% 05/11/20260.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN3.905% 05/05/20300.2%
Brooklyn Union Gas Co/The4.632% 08/05/20270.2%
Venture 33 CLO Ltd6.320% 07/15/20310.2%
Citigroup Inc4.044% 06/01/20240.2%
First Quantum Minerals Ltd7.500% 04/01/20250.2%
GS Mortgage Securities Trust 2013-GCJ123.777% 06/10/20460.2%
Triton Container International Ltd2.050% 04/15/20260.2%
HCA Inc5.250% 04/15/20250.2%
LFT CRE 2021-FL1 Ltd6.698% 06/15/20390.2%
Affirm Asset Securitization Trust 2021-B1.030% 08/17/20260.2%
UBS Group AG4.488% 05/12/20260.2%
Cedar Funding V CLO Ltd6.360% 07/17/20310.2%
F&G Global Funding2.300% 04/11/20270.2%
Vital Energy Inc9.500% 01/15/20250.2%
Clarios Global LP / Clarios US Finance Co8.500% 05/15/20270.2%
Amgen Inc5.507% 03/02/20260.2%
CrownRock LP / CrownRock Finance Inc5.625% 10/15/20250.2%
Nuveen Finance LLC4.125% 11/01/20240.2%
Sabine Pass Liquefaction LLC5.750% 05/15/20240.2%
Morgan Stanley0.790% 05/30/20250.2%
American Tower Corp3.650% 03/15/20270.2%
Bread Financial Holdings Inc4.750% 12/15/20240.2%
Navient Corp6.125% 03/25/20240.2%
Santander UK Group Holdings PLC4.750% 09/15/20250.2%
Matador Resources Co5.875% 09/15/20260.2%
Cedar Funding XI Clo Ltd6.003% 05/29/20320.2%
Morgan Stanley3.620% 04/17/20250.2%
HSBC Holdings PLC3.803% 03/11/20250.2%
Freddie Mac STACR REMIC Trust 2021-DNA56.465% 01/25/20340.2%
Hertz Vehicle Financing LLC1.210% 12/26/20250.2%
Tengizchevroil Finance Co International Ltd2.625% 08/15/20250.2%
Nelnet Student Loan Trust 2021-A1.360% 04/20/20620.2%
Aker BP ASA2.000% 07/15/20260.2%
EPR Properties4.750% 12/15/20260.2%
BBCMS 2018-TALL Mortgage Trust5.820% 03/15/20370.2%
One New York Plaza Trust 2020-1NYP6.198% 01/15/20360.2%
Chord Energy Corp6.375% 06/01/20260.2%
US Foods Inc0.000% 09/13/20260.2%
Triton Container International Ltd0.800% 08/01/20230.2%
Danske Bank A/S1.226% 06/22/20240.2%
Barclays PLC2.852% 05/07/20260.2%
Octane Receivables Trust 2022-25.110% 02/22/20280.2%
Suncor Energy Inc7.875% 06/15/20260.2%
Centene Corp4.250% 12/15/20270.2%
CPI Swap0.010% 08/22/20260.2%
Bank of Montreal3.700% 06/07/20250.2%
Mariner Finance Issuance Trust 2021-B2.100% 11/20/20360.2%
NatWest Markets PLC3.479% 03/22/20250.2%
CPI Swap0.010% 12/30/20230.2%
CSMC 2021-NQM61.174% 07/25/20660.2%
Hyundai Capital America0.875% 06/14/20240.2%
Capital One Financial Corp4.166% 05/09/20250.2%
BPCE SA5.975% 01/18/20270.2%
Aqua Finance Trust 2021-A1.540% 07/17/20460.2%
CPI Swap0.010% 11/21/20230.2%
EQT Corp3.900% 10/01/20270.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
General Motors Financial Co Inc3.950% 04/13/20240.1%
Newark BSL CLO 2 Ltd6.225% 07/25/20300.1%
Madison Park Funding XI Ltd6.173% 07/23/20290.1%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand5.375% 04/17/20250.1%
JPMorgan Chase & Co0.824% 06/01/20250.1%
Navient Private Education Refi Loan Trust 2021-c1.060% 10/15/20690.1%
Bank of America Corp0.523% 06/14/20240.1%
Goldman Sachs Group Inc/The0.657% 09/10/20240.1%
Aircastle Ltd4.400% 09/25/20230.1%
Cleveland Electric Illuminating Co/The5.500% 08/15/20240.1%
International Flavors & Fragrances Inc1.230% 10/01/20250.1%
Fells Point Funding Trust3.046% 01/31/20270.1%
BBCMS 2018-TALL Mortgage Trust6.219% 03/15/20370.1%
GE HealthCare Technologies Inc5.600% 11/15/20250.1%
Sabre GLBL Inc7.375% 09/01/20250.1%
BWAY 2015-1740 Mortgage Trust3.342% 01/10/20350.1%
JPMorgan Chase & Co5.893% 02/24/20280.1%
BHMS 2018-ATLS6.198% 07/15/20350.1%
Centene Corp2.450% 07/15/20280.1%
Donlen Fleet Lease Funding 2 LLC0.560% 12/11/20340.1%
Stanley Black & Decker Inc6.000% 03/06/20280.1%
US Bancorp4.548% 07/22/20280.1%
Equitable Financial Life Global Funding5.450% 03/03/20280.1%
Trans-Allegheny Interstate Line Co3.850% 06/01/20250.1%
CPI Swap0.010% 03/31/20250.1%
BB-UBS Trust3.678% 06/05/20300.1%
BA Credit Card Trust5.000% 04/15/20280.1%
VICI Properties LP / VICI Note Co Inc3.750% 02/15/20270.1%
Danske Bank A/S4.298% 04/01/20280.1%
PDC Energy Inc5.750% 05/15/20260.1%
Centrica PLC4.000% 10/16/20230.1%
Alexander Funding Trust1.841% 11/15/20230.1%
Standard Chartered PLC2.819% 01/30/20260.1%
Verus Securitization Trust 2021-51.013% 09/25/20660.1%
Credit Suisse Group AG2.593% 09/11/20250.1%
Mercedes-Benz Finance North America LLC4.800% 03/30/20260.1%
Triton Container International Ltd1.150% 06/07/20240.1%
CPI Swap0.010% 04/07/20250.1%
CPI Swap0.010% 08/04/20260.1%
Amgen Inc5.150% 03/02/20280.1%
Freddie Mac STACR REMIC Trust 2021-HQA35.665% 09/25/20410.1%
Vornado Realty LP3.500% 01/15/20250.1%
Enviva Partners LP / Enviva Partners Finance Corp6.500% 01/15/20260.1%
VICI Properties LP / VICI Note Co Inc5.625% 05/01/20240.1%
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp6.000% 08/01/20260.1%
Cedar Funding XIV CLO Ltd6.360% 07/15/20330.1%
Amgen Inc5.250% 03/02/20250.1%
Aviation Capital Group LLC5.500% 12/15/20240.1%
UniCredit SpA2.569% 09/22/20260.1%
Warnermedia Holdings Inc3.428% 03/15/20240.1%
Southern Co/The5.113% 08/01/20270.1%
Australia & New Zealand Banking Group Ltd4.400% 05/19/20260.1%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.1%
Ausgrid Finance Pty Ltd3.850% 05/01/20230.1%
Bank of America Corp1.530% 12/06/20250.1%
Goldman Sachs Group Inc/The2.640% 02/24/20280.1%
Niagara Mohawk Power Corp3.508% 10/01/20240.1%
Univision Communications Inc7.775% 03/15/20240.1%
American Tower Corp5.500% 03/15/20280.1%
Hyundai Capital America1.250% 09/18/20230.1%
Regal Rexnord Corp6.050% 04/15/20280.1%
Upstart Securitization Trust 2021-51.310% 11/20/20310.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines LP8.750% 07/15/20260.1%
Newell Brands Inc4.700% 04/01/20260.1%
Federation des Caisses Desjardins du Quebec5.700% 03/14/20280.1%
Invitation Homes Operating Partnership LP6.025% 01/31/20250.1%
CPI Swap0.010% 04/18/20300.1%
LFT CRE 2021-FL1 Ltd6.118% 06/15/20390.1%
Ally Financial Inc1.450% 10/02/20230.1%
GS Mortgage Securities Corp Trust 2018-RIVR5.898% 07/15/20350.1%
Royal Bank of Canada6.000% 11/01/20270.1%
Southwest Gas Corp5.800% 12/01/20270.1%
Freeport Indonesia PT4.763% 04/14/20270.1%
Connecticut Avenue Securities Trust 2023-R037.322% 04/25/20430.1%
Avolon Holdings Funding Ltd4.250% 04/15/20260.1%
Citigroup Inc3.352% 04/24/20250.1%
Huntington Bancshares Inc/OH4.443% 08/04/20280.1%
Kemper Corp4.350% 02/15/20250.1%
Citigroup Inc4.140% 05/24/20250.1%
Intesa Sanpaolo SpA5.710% 01/15/20260.1%
BPCE SA4.500% 03/15/20250.1%
Santander Retail Auto Lease Trust 2021-A0.510% 07/22/20240.1%
Carlyle Global Market Strategies CLO 2015-1 Ltd6.230% 07/20/20310.1%
Take-Two Interactive Software Inc5.000% 03/28/20260.1%
Standard Chartered PLC0.991% 01/12/20250.1%
Plains All American Pipeline LP / PAA Finance Corp3.850% 10/15/20230.1%
Navient Corp7.250% 09/25/20230.1%
Credit Agricole SA4.375% 03/17/20250.1%
CPI Swap0.010% 06/28/20300.1%
Illumina Inc5.750% 12/13/20270.1%
Air Lease Corp3.000% 09/15/20230.1%
Westinghouse Air Brake Technologies Corp4.400% 03/15/20240.1%
Air Canada 2015-2 Class B Pass Through Trust5.000% 06/15/20250.1%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY3.429% 06/10/20270.1%
Santander Holdings USA Inc2.490% 01/06/20280.1%
Octagon Investment Partners XXI Ltd5.869% 02/14/20310.1%
Illumina Inc5.800% 12/12/20250.1%
ABN AMRO Bank NV4.800% 04/18/20260.1%
Westinghouse Air Brake Technologies Corp4.375% 08/15/20230.1%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd6.048% 05/15/20360.1%
CPI Swap0.010% 01/11/20250.1%
Standard Chartered PLC3.785% 05/21/20250.1%
CPI Swap0.010% 03/16/20310.1%
BB-UBS Trust3.678% 06/05/20300.1%
New York Life Global Funding4.700% 04/02/20260.1%
BNP Paribas SA5.125% 01/13/20290.1%
Hyundai Capital America5.500% 03/30/20260.1%
Fannie Mae Connecticut Avenue Securities10.270% 10/25/20230.1%
Project Alpha Intermediate Holding Inc9.030% 04/26/20240.1%
Societe Generale SA2.226% 01/21/20260.1%
Bread Financial Holdings Inc7.000% 01/15/20260.1%
CSMC 2021-NQM10.809% 05/25/20650.1%
Oracle Corp2.300% 03/25/20280.1%
Parsley Energy LLC / Parsley Finance Corp4.125% 02/15/20280.1%
Reynolds American Inc4.450% 06/12/20250.1%
Jackson National Life Global Funding1.750% 01/12/20250.1%
Hewlett Packard Enterprise Co5.900% 10/01/20240.1%
CPI Swap0.010% 01/06/20260.1%
Black Hills Corp5.950% 03/15/20280.1%
CPI Swap0.010% 02/11/20310.1%
Imperial Brands Finance PLC3.125% 07/26/20240.1%
Santander UK Group Holdings PLC1.089% 03/15/20250.1%
HAT Holdings I LLC / HAT Holdings II LLC3.375% 06/15/20260.1%
Humana Inc5.750% 03/01/20280.1%
Westlake Automobile Receivables Trust 2021-20.890% 07/15/20260.1%
Avolon Holdings Funding Ltd5.250% 05/15/20240.1%
Bank of Ireland Group PLC6.253% 09/16/20260.1%
Qorvo Inc1.750% 12/15/20240.1%
CPI Swap0.010% 06/21/20270.1%
Kite Realty Group Trust4.000% 03/15/20250.1%
Barclays PLC4.338% 05/16/20240.1%
ONE Gas Inc1.100% 03/11/20240.1%
MSBAM Commercial Mortgage Securities Trust 2012-CKSV3.277% 10/15/20300.1%
FactSet Research Systems Inc2.900% 03/01/20270.1%
CPI Swap0.010% 06/25/20300.1%
Warnermedia Holdings Inc6.412% 03/15/20260.1%
CPI Swap0.010% 06/01/20300.1%
Fortress Transportation and Infrastructure Investors LLC6.500% 10/01/20250.1%
CPI Swap0.010% 06/30/20300.1%
Duke Energy Corp2.650% 09/01/20260.1%
Regal Rexnord Corp6.050% 02/15/20260.1%
CPI Swap0.010% 11/25/20240.1%
Glencore Funding LLC4.000% 04/16/20250.1%
LSTAR Commercial Mortgage Trust 2017-54.500% 03/10/20500.1%
CNO Financial Group Inc5.250% 05/30/20250.1%
Microchip Technology Inc2.670% 09/01/20230.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust1.750% 10/29/20240.1%
T-Mobile USA Inc3.750% 04/15/20270.1%
Crown Castle Inc5.000% 01/11/20280.1%
Credit Suisse AG/New York NY3.625% 09/09/20240.1%
F&G Annuities & Life Inc7.400% 01/13/20280.1%
Irvine Core Office Trust 2013-IRV3.279% 05/15/20480.1%
Philip Morris International Inc5.125% 11/17/20270.1%
CPI Swap0.010% 12/09/20240.1%
IPALCO Enterprises Inc3.700% 09/01/20240.1%
Philip Morris International Inc5.000% 11/17/20250.1%
CPI Swap0.010% 12/05/20240.1%
Exeter Automobile Receivables Trust 2021-33.040% 12/15/20280.1%
Protective Life Global Funding5.209% 04/14/20260.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.500% 09/15/20230.1%
CPI Swap0.010% 04/11/20260.1%
Eskom Holdings SOC Ltd7.125% 02/11/20250.1%
DCP Midstream Operating LP5.375% 07/15/20250.1%
Adani Ports & Special Economic Zone Ltd3.375% 07/24/20240.1%
American Electric Power Co Inc5.750% 11/01/20270.1%
Hyundai Capital America0.800% 01/08/20240.1%
Buckeye Partners LP7.090% 11/01/20260.1%
Truist Financial Corp1.267% 03/02/20270.1%
Santander UK Group Holdings PLC2.469% 01/11/20280.1%
Bayer US Finance II LLC5.876% 12/15/20230.1%
CPI Swap0.010% 03/31/20310.1%
General Motors Financial Co Inc2.750% 06/20/20250.1%
CPI Swap0.010% 12/02/20280.1%
CPI Swap0.010% 10/14/20260.1%
COMM 2012-CCRE1 Mortgage Trust4.612% 05/15/20450.1%
Generate CLO 2 Ltd6.423% 01/22/20310.1%
Credit Acceptance Auto Loan Trust 2021-31.000% 05/15/20300.1%
GLP Capital LP / GLP Financing II Inc5.250% 06/01/20250.1%
F&G Global Funding0.900% 09/20/20240.1%
Israel Electric Corp Ltd6.875% 06/21/20230.1%
CPI Swap0.010% 09/21/20280.1%
Aviation Capital Group LLC6.250% 04/15/20280.1%
Freddie Mac Structured Agency Credit Risk Debt Notes12.170% 07/25/20230.1%
Pelabuhan Indonesia Persero PT4.500% 05/02/20230.1%
Aon Corp8.205% 01/01/20270.1%
CPI Swap0.010% 03/02/20240.1%
SCF Equipment Leasing 2021-1 LLC0.830% 08/21/20280.1%
Discover Bank4.250% 03/13/20260.1%
CPI Swap0.010% 12/10/20280.1%
CPI Swap0.010% 07/24/20290.1%
General Motors Financial Co Inc5.400% 04/06/20260.1%
CPI Swap0.010% 07/31/20290.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust3.150% 02/15/20240.1%
HSBC Holdings PLC0.732% 08/17/20240.1%
Benefit Street Partners CLO III Ltd6.250% 07/20/20290.1%
CPI Swap0.010% 11/15/20240.1%
American Electric Power Co Inc2.031% 03/15/20240.1%
Bank of America Corp1.734% 07/22/20270.1%
Starwood Mortgage Residential Trust 2021-20.943% 05/25/20650.1%
CNO Global Funding1.750% 10/07/20260.1%
BBVA Bancomer SA/Texas4.375% 04/10/20240.1%
Carlyle Global Market Strategies CLO 2014-3-R Ltd6.342% 07/27/20310.1%
Calpine Corp5.250% 06/01/20260.1%
Anchorage Capital CLO 4-R Ltd6.323% 01/28/20310.1%
GS Mortgage Securities Corp Trust 2019-70P6.268% 10/15/20360.1%
OneMain Finance Corp8.250% 10/01/20230.1%
CPI Swap0.010% 05/28/20310.1%
CPI Swap0.010% 06/08/20310.1%
EPR Properties4.500% 06/01/20270.1%
NatWest Group PLC4.269% 03/22/20250.1%
CPI Swap0.010% 09/01/20360.1%
Ford Credit Auto Owner Trust 2019-REV13.520% 07/15/20300.1%
BlueMountain Fuji US Clo I Ltd6.230% 07/20/20290.1%
Citigroup Inc3.290% 03/17/20260.1%
UBS Group AG1.494% 08/10/20270.1%
Barclays PLC4.836% 05/09/20280.1%
Magnetite Xxix Ltd6.250% 01/15/20340.1%
Pennsylvania Electric Co5.150% 03/30/20260.1%
CPI Swap0.010% 05/28/20360.1%
NextEra Energy Capital Holdings Inc6.051% 03/01/20250.1%
Glencore Funding LLC4.000% 03/27/20270.1%
CPI Swap0.010% 04/22/20250.1%
GS Mortgage Securities Corp Trust 2017-GPTX2.856% 05/10/20340.1%
BlueMountain CLO 2013-2 Ltd6.453% 10/22/20300.1%
SCF Equipment Leasing 2021-1 LLC1.370% 08/20/20290.1%
CPI Swap0.010% 04/26/20250.1%
CPI Swap0.010% 02/05/20250.1%
Hyundai Capital America1.000% 09/17/20240.1%
CPI Swap0.010% 12/02/20240.1%
CPI Swap0.010% 10/30/20300.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
Netflix Inc3.625% 06/15/20250.1%
Suzano Austria GmbH5.750% 07/14/20260.1%
Comision Federal de Electricidad4.750% 02/23/20270.1%
Aviation Capital Group LLC4.375% 01/30/20240.1%
CPI Swap0.010% 06/22/20250.1%
Pioneer Natural Resources Co5.100% 03/29/20260.1%
F&G Global Funding1.750% 06/30/20260.1%
CPI Swap0.010% 10/15/20290.1%
CPI Swap0.010% 05/12/20360.1%
Hyundai Capital America5.875% 04/07/20250.1%
GA Global Funding Trust0.800% 09/13/20240.1%
CPI Swap0.010% 11/21/20360.1%
CPI Swap0.010% 08/12/20360.1%
TICP CLO IX Ltd6.390% 01/20/20310.1%
CPI Swap0.010% 12/14/20240.1%
CPI Swap0.010% 05/31/20280.1%
CPI Swap0.010% 03/23/20310.1%
Anchorage Capital CLO 3-R Ltd6.323% 01/28/20310.0%
Oracle Corp2.500% 04/01/20250.0%
CPI Swap0.010% 12/23/20310.0%
CPI Swap0.010% 06/01/20280.0%
Exeter Automobile Receivables Trust 2021-10.980% 06/15/20260.0%
CPI Swap0.010% 12/16/20360.0%
HMH Trust 2017-NSS3.062% 07/05/20310.0%
CPI Swap0.010% 03/22/20410.0%
CPI Swap0.010% 03/22/20310.0%
GS Mortgage Securities Corp Trust 2017-GPTX3.104% 05/10/20340.0%
CPI Swap0.010% 03/19/20310.0%
Galaxy XIX CLO Ltd6.223% 07/24/20300.0%
CPI Swap0.010% 12/08/20310.0%
CPI Swap0.010% 04/28/20310.0%
CPI Swap0.010% 02/08/20290.0%
CPI Swap0.010% 02/15/20290.0%
PFS Financing Corp1.000% 10/15/20250.0%
CPI Swap0.010% 06/06/20280.0%
CPI Swap0.010% 09/11/20280.0%
SCF Equipment Leasing 2019-2 LLC2.470% 04/20/20260.0%
CPI Swap0.010% 08/27/20280.0%
CPI Swap0.010% 01/30/20380.0%
CPI Swap0.010% 02/27/20290.0%
CPI Swap0.010% 08/14/20280.0%
Commercial Mortgage Pass Through Certificates3.400% 10/05/20300.0%
CPI Swap0.010% 01/18/20290.0%
CPI Swap0.010% 01/13/20290.0%
CPI Swap0.010% 05/16/20280.0%
CPI Swap0.010% 06/26/20230.0%
CPI Swap0.010% 07/06/20280.0%
CPI Swap0.010% 02/01/20320.0%
CPI Swap0.010% 10/01/20280.0%
CPI Swap0.010% 01/24/20290.0%
CPI Swap0.010% 08/09/20280.0%
CPI Swap0.010% 04/26/20300.0%
CPI Swap0.010% 10/09/20280.0%
CPI Swap0.010% 05/11/20280.0%
CPI Swap0.010% 08/03/20280.0%
CPI Swap0.010% 05/06/20310.0%
Global Payments Inc2.650% 02/15/20250.0%
Atrium Hotel Portfolio Trust 2017-ATRM6.698% 12/15/20360.0%
Credit Suisse Group AG4.207% 06/12/20240.0%
CPI Swap0.010% 11/17/20360.0%
CPI Swap0.010% 06/11/20360.0%
PFP 2021-7 Ltd5.796% 04/14/20380.0%
CARLYLE US CLO 2017-3 Ltd6.150% 07/20/20290.0%
CPI Swap0.010% 03/04/20240.0%
CPI Swap0.010% 05/11/20310.0%
Navient Corp6.750% 06/25/20250.0%
CPI Swap0.010% 09/01/20290.0%
CPI Swap0.010% 10/02/20290.0%
CSMC 2021-NQM72.064% 10/25/20660.0%
Specialty Building Products Holdings LLC / SBP Finance Corp6.375% 09/30/20260.0%
CPI Swap0.010% 03/02/20270.0%
CPI Swap0.010% 11/27/20290.0%
CPI Swap0.010% 10/14/20290.0%
JFIN CLO 2013 Ltd7.450% 01/20/20300.0%
ONEOK Inc7.500% 09/01/20230.0%
CSMC 2021-NQM31.015% 04/25/20660.0%
Verus Securitization Trust 2021-R31.020% 04/25/20640.0%
Octagon Investment Partners XIV Ltd6.210% 07/15/20290.0%
Drive Auto Receivables Trust 2019-42.700% 02/16/20270.0%
Eni SpA4.000% 09/12/20230.0%
BPCE SA2.375% 01/14/20250.0%
HSBC Holdings PLC0.976% 05/24/20250.0%
CPI Swap0.010% 05/17/20360.0%
CPI Swap0.010% 09/07/20370.0%
HMH Trust 2017-NSS3.343% 07/05/20310.0%
HCA Inc5.250% 06/15/20260.0%
PFS Financing Corp0.970% 02/15/20260.0%
CPI Swap0.010% 12/08/20290.0%
CPI Swap0.010% 02/21/20310.0%
HCA Inc5.375% 02/01/20250.0%
CPI Swap0.010% 05/21/20460.0%
CPI Swap0.010% 10/25/20320.0%
Drive Auto Receivables Trust 2021-11.020% 06/15/20270.0%
CPI Swap0.010% 12/29/20270.0%
NatWest Markets PLC0.800% 08/12/20240.0%
HMH Trust 2017-NSS4.723% 07/05/20310.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC6.398% 04/15/20310.0%
British Airways 2013-1 Class A Pass Through Trust4.625% 12/20/20250.0%
World Omni Select Auto Trust 2019-A2.590% 12/15/20250.0%
Danske Bank A/S1.621% 09/11/20260.0%
Glencore Funding LLC1.625% 04/27/20260.0%
COMM 2012-CCRE3 Mortgage Trust3.922% 10/15/20450.0%
Greenko Dutch BV3.850% 03/29/20260.0%
CPI Swap0.010% 01/15/20460.0%
NUTRITION BIOSCIENCES INC0.063% 02/01/20240.0%
TCI-Flatiron Clo 2018-1 Ltd6.333% 01/29/20320.0%
American Airlines Group Inc3.750% 03/01/20250.0%
CPI Swap0.010% 03/15/20310.0%
Westlake Automobile Receivables Trust 2021-20.320% 04/15/20250.0%
Credit Suisse Group AG2.193% 06/05/20260.0%
CSMC Trust 2017-PFHP5.898% 12/15/20300.0%
Navient Private Education Refi Loan Trust 2020-F1.220% 07/15/20690.0%
CPI Swap0.010% 04/05/20290.0%
CPI Swap0.010% 03/28/20290.0%
HMH Trust 2017-NSS3.787% 07/05/20310.0%
CPI Swap0.010% 03/16/20290.0%
CPI Swap0.010% 03/10/20320.0%
Dell Equipment Finance Trust 2021-20.330% 12/22/20260.0%
Ford Credit Auto Owner Trust 2020-C0.410% 07/15/20250.0%
CPI Swap0.010% 03/15/20290.0%
Verus Securitization Trust 2021-R20.918% 02/25/20640.0%
Take-Two Interactive Software Inc3.550% 04/14/20250.0%
CPI Swap0.010% 01/26/20290.0%
CPI Swap0.010% 02/01/20380.0%
CPI Swap0.010% 05/03/20300.0%
CPI Swap0.010% 12/13/20310.0%
CPI Swap0.010% 02/07/20320.0%
CPI Swap0.010% 04/17/20300.0%
CPI Swap0.010% 02/28/20380.0%
CPI Swap0.010% 02/12/20330.0%
GS Mortgage Securities Corp Trust 2021-ROSS10.848% 05/15/20260.0%
BNP Paribas SA4.375% 05/12/20260.0%
CPI Swap0.010% 02/26/20380.0%
N-Star REL CDO VIII Ltd5.268% 02/01/20410.0%
CSMC 2021-AFC1 Trust0.830% 03/25/20560.0%
CPI Swap0.010% 05/21/20280.0%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.0%
CSMC 2014-USA OA LLC0.686% 09/15/20370.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC7.098% 04/15/20310.0%
CPI Swap0.010% 04/17/20260.0%
BAT International Finance PLC1.668% 03/25/20260.0%
Macquarie Group Ltd1.340% 01/12/20270.0%
Santander Drive Auto Receivables Trust 2021-10.750% 02/17/20260.0%
Carvana Auto Receivables Trust 2021-N20.320% 03/10/20280.0%
Drive Auto Receivables Trust 2019-23.690% 08/17/20260.0%
DBJPM 2016-C3 Mortgage Trust1.564% 08/10/20490.0%
Air Lease Corp4.250% 02/01/20240.0%
State of Illinois4.950% 06/01/20230.0%
Octane Receivables Trust 2021-10.930% 03/22/20270.0%
BWAY 2013-1515 Mortgage Trust0.534% 03/10/20330.0%
Towd Point Asset Trust 2018-SL15.620% 01/25/20460.0%
Aviation Capital Group LLC1.950% 01/30/20260.0%
LSTAR Commercial Mortgage Trust 2016-40.809% 03/10/20490.0%
Weatherford International Ltd11.000% 12/01/20240.0%
General Motors Financial Co Inc4.250% 05/15/20230.0%
SK Hynix Inc1.500% 01/19/20260.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC7.498% 04/15/20310.0%
CSMC 2020-AFC1 Trust2.240% 02/25/20500.0%
First-Citizens Bank & Trust Co3.929% 06/19/20240.0%
Verus Securitization Trust 2021-10.815% 01/25/20660.0%
UBS-Barclays Commercial Mortgage Trust 2013-C53.649% 03/10/20460.0%
CPI Swap0.010% 01/27/20240.0%
Fannie Mae Pool4.042% 03/01/20420.0%
PDC Energy Inc6.125% 09/15/20240.0%
US 10yr Ultra Fut Jun230.000% 06/30/20230.0%
JPMCC Commercial Mortgage Securities Trust 2017-JP71.132% 09/15/20500.0%
World Omni Select Auto Trust 2019-A2.380% 12/15/20250.0%
BNP Paribas SA1.323% 01/13/20270.0%
Carvana Auto Receivables Trust 2021-N10.700% 01/10/20280.0%
Wells Fargo Commercial Mortgage Trust 2016-LC241.122% 10/15/20490.0%
Fannie Mae Pool6.424% 12/01/20450.0%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.0%
Popular Inc6.125% 09/14/20230.0%
Standard Chartered PLC1.214% 03/23/20250.0%
BNP Paribas SA2.219% 06/09/20260.0%
DBWF Mortgage Trust2.998% 06/10/20340.0%
CSMC Trust 2016-NXSR0.325% 12/15/20490.0%
BBCMS Trust 2015-VFM2.466% 03/10/20360.0%
MSCG Trust 2015-ALDR2.612% 06/07/20350.0%
Upstart Securitization Trust 2021-20.910% 06/20/20310.0%
Freddie Mac Non Gold Pool3.890% 11/01/20430.0%
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C311.415% 11/15/20490.0%
Verus Securitization Trust 2020-41.502% 05/25/20650.0%
Morgan Stanley Capital I Trust 2016-UB111.576% 08/15/20490.0%
Angel Oak Mortgage Trust 2020-61.261% 05/25/20650.0%
WFRBS Commercial Mortgage Trust 2014-C210.797% 08/15/20470.0%
Government National Mortgage Association3.000% 01/16/20480.0%
Verus Securitization Trust 2020-51.218% 05/25/20650.0%
CPI Swap0.010% 09/29/20520.0%
BX 2021-MFM15.704% 01/15/20340.0%
DBWF 2016-85T Mortgage Trust0.116% 12/10/20360.0%
Orange Lake Timeshare Trust 2019-A3.060% 04/09/20380.0%
Csail 2015-C2 Commercial Mortgage Trust0.107% 06/15/20570.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
CSAIL 2016-C7 Commercial Mortgage Trust1.081% 11/15/20490.0%
Freddie Mac Non Gold Pool4.099% 02/01/20380.0%
Freddie Mac Multifamily Structured Pass Through Certificates2.113% 02/25/20320.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
Freddie Mac Multifamily Structured Pass Through Certificates0.280% 11/25/20260.0%
CFCRE Commercial Mortgage Trust 2016-C61.230% 11/10/20490.0%
XPO Inc6.621% 02/24/20250.0%
Ellington Financial Mortgage Trust 2017-10.797% 02/25/20660.0%
CFCRE Commercial Mortgage Trust 2016-C70.805% 12/10/20540.0%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON0.639% 07/05/20310.0%
Wells Fargo Commercial Mortgage Trust 2016-BNK11.856% 08/15/20490.0%
Lennar Corp4.875% 12/15/20230.0%
Fannie Mae Pool6.491% 12/01/20450.0%
Wells Fargo Commercial Mortgage Trust 2015-C290.096% 06/15/20480.0%
Fannie Mae Pool3.785% 10/01/20350.0%
Freddie Mac Non Gold Pool4.207% 02/01/20370.0%
Freddie Mac Non Gold Pool4.222% 09/01/20360.0%
CPI Swap0.010% 10/04/20250.0%
Freddie Mac Non Gold Pool4.059% 12/01/20360.0%
Fannie Mae Pool4.067% 12/01/20400.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP40.713% 12/15/20490.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
Fannie Mae Pool3.898% 06/01/20380.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT0.555% 07/05/20330.0%
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C230.685% 07/15/20500.0%
CPI Swap0.010% 11/30/20310.0%
Fannie Mae Pool3.937% 09/01/20380.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
MVW Owner Trust 2017-12.420% 12/20/20340.0%
Fannie Mae Pool3.938% 03/01/20390.0%
Fannie Mae Pool5.519% 10/01/20450.0%
Fannie Mae Pool4.186% 01/01/20380.0%
Citigroup Commercial Mortgage Trust 2015-GC310.452% 06/10/20480.0%
Wells Fargo Commercial Mortgage Trust 2015-C290.731% 06/15/20480.0%
CFCRE Commercial Mortgage Trust 2016-C41.767% 05/10/20580.0%
Halcyon Loan Advisors Funding 2015-2 Ltd6.905% 07/25/20270.0%
CPS Auto Receivables Trust 2019-C3.170% 06/16/20250.0%
Fannie Mae Pool4.145% 04/01/20400.0%
CD 2016-CD1 Mortgage Trust1.499% 08/10/20490.0%
Fannie Mae Pool4.062% 12/01/20400.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
Freddie Mac Non Gold Pool4.081% 04/01/20370.0%
Fannie Mae Pool4.665% 12/01/20380.0%
Freddie Mac Non Gold Pool4.036% 05/01/20360.0%
COMM 2014-CCRE19 Mortgage Trust1.085% 08/10/20470.0%
JPMBB Commercial Mortgage Securities Trust 2014-C241.004% 11/15/20470.0%
Government National Mortgage Association2.900% 10/16/20550.0%
GS Mortgage Securities Trust 2015-GS10.904% 11/10/20480.0%
LSTAR Commercial Mortgage Trust 2016-41.841% 03/10/20490.0%
Freddie Mac Non Gold Pool3.923% 10/01/20380.0%
Interest Rate Swap0.173% 10/21/20250.0%
Fannie Mae Pool4.052% 10/01/20400.0%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON0.308% 07/05/20310.0%
JPMBB Commercial Mortgage Securities Trust 2015-C290.696% 05/15/20480.0%
Fannie Mae Pool3.953% 08/01/20380.0%
Citigroup Commercial Mortgage Trust 2014-GC230.302% 07/10/20470.0%
GS Mortgage Securities Corp Trust 2017-SLP3.419% 10/10/20320.0%
CarMax Auto Owner Trust 2020-21.700% 11/15/20240.0%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.0%
Fannie Mae Pool4.186% 08/01/20370.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY0.503% 06/10/20270.0%
DBWF Mortgage Trust0.537% 06/10/20340.0%
Fannie Mae Pool4.345% 03/01/20380.0%
Government National Mortgage Association0.596% 08/16/20540.0%
COMM 2012-CCRE4 Mortgage Trust1.327% 10/15/20450.0%
Government National Mortgage Association0.177% 01/16/20550.0%
GS Mortgage Securities Trust 2013-GCJ121.192% 06/10/20460.0%
SABLE/BIGHORN LLC UNITS0.000% -0.0%
WFRBS Commercial Mortgage Trust 2013-C131.041% 05/15/20450.0%
COMM 2013-CCRE8 Mortgage Trust0.235% 06/10/20460.0%
CPI Swap0.010% 12/07/20310.0%
Government National Mortgage Association2.811% 06/16/20540.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC111.339% 04/15/20460.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY0.160% 06/10/20270.0%
JPMBB Commercial Mortgage Securities Trust 2013-C120.350% 07/15/20450.0%
OGX Austria GmbH8.500% 06/01/20180.0%
UBS-Barclays Commercial Mortgage Trust 2013-C61.117% 04/10/20460.0%
Interest Rate Swap4.832% 10/21/20250.0%
CPI Swap0.010% 10/15/20240.0%
CPI Swap0.010% 07/22/20230.0%
CPI Swap0.010% 06/08/20260.0%
CPI Swap0.010% 03/30/20320.0%
CPI Swap0.010% 04/05/20320.0%
CPI Swap0.010% 10/28/20270.0%
CPI Swap0.010% 07/05/20260.0%
CPI Swap0.010% 10/28/20520.0%
CPI Swap0.010% 11/15/20510.0%
CPI Swap0.010% 03/22/20320.0%
CPI Swap0.010% 08/27/20230.0%
CPI Swap0.010% 03/31/20260.0%
CPI Swap0.010% 02/07/2033-0.1%
CPI Swap0.010% 05/25/2023-0.1%
CPI Swap0.010% 12/08/2024-0.1%
CPI Swap0.010% 04/14/2052-0.1%
CPI Swap0.010% 02/15/2033-0.1%
CPI Swap0.010% 03/05/2038-0.1%
CPI Swap0.010% 03/09/2052-0.1%
CPI Swap0.010% 01/16/2038-0.1%
CPI Swap0.010% 08/25/2023-0.1%
CPI Swap0.010% 10/01/2025-0.1%

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.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/08/2023
$0.15534
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.03179 $11.54
Daily Daily 04/30/2023 $0.03388 $11.69
Daily Daily 03/31/2023 $0.03059 $11.74
Daily Daily 02/28/2023 $0.02782 $11.61
Daily Daily 01/31/2023 $0.03125 $11.67

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
1.40% 1.40%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
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Annual Report
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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.

 

3

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

 

4

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

 

5

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

 

6

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

 

IMPORTANT INFORMATION

 

A Note about Risk: Although the Fund invests in inflation-linked investments, there is no guarantee that the Fund will generate returns that exceed the rate of inflation in the U.S. over time. During periods of deflation or when inflation is lower than anticipated, the Fund is likely to underperform funds that hold fixed income securities similar to those held by the Fund but do not hold inflation-linked investments. The Fund may invest substantially in inflation-linked derivatives and other types of derivatives and is exposed to the risk that the value of a derivative instrument does not move in correlation to the value of an underlying securities, market index or interest rate, or moves in an opposite direction than anticipated by the Fund. Investing in derivatives also involves greater liquidity, leverage, and counterparty risk. Because derivatives may involve a small amount of cash relative to the total amount of the transaction, the magnitude of losses from derivatives may be greater than the amount originally invested by the Fund. In addition, the Fund must also be able to correctly forecast market movements and other factors to be successful with its derivatives investments. The Fund is subject to the general risks associated with investing in fixed income securities, including market, credit, liquidity, and interest rate risk. These factors can affect the Fund’s 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.   

 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

 

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

 

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.  

 

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

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