LIFAX | Inflation Focused Fund Class A | Lord Abbett

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Inflation Focused Fund

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Daily price w/o sales charge as of 05/26/2023

$11.51

arrowDown$0.01

YTD Returns w/o sales charge as of 05/26/2023

1.41%

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 05/26/2023  

w/o sales charge 4.24%
w/ sales charge 4.15%

30-Day Standardized Yield 2 as of 04/30/2023  

4.59%

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
0.67%
Fund Net Expense Ratio
0.67%
Number of Holdings
771
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.53% -2.12% 8.28% 3.11% 1.34% 1.61%
Lipper Category Avg. Inflation Protected Bond Funds 2.98% -3.43% 1.68% 2.60% 1.00% -
Bloomberg U.S. TIPS 1-5 Year Index 2.49% -0.86% 2.95% 2.98% 1.55% 1.57%
w/ sales charge 0.18% -4.29% 7.47% 2.65% 1.11% 1.42%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.70% -1.80% 10.24% 3.31% 1.31% 1.64%
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 0.35% -3.97% 9.42% 2.85% 1.08% 1.44%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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 05/26/2023  

w/o sales charge 4.24%
w/ sales charge 4.15%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.59% 4.59%

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

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.53% -2.12% 8.28% 3.11% 1.34% 1.61%
Lipper Category Avg. Inflation Protected Bond Funds 2.98% -3.43% 1.68% 2.60% 1.00% -
Bloomberg U.S. TIPS 1-5 Year Index 2.49% -0.86% 2.95% 2.98% 1.55% 1.57%
w/ sales charge 0.18% -4.29% 7.47% 2.65% 1.11% 1.42%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.70% -1.80% 10.24% 3.31% 1.31% 1.64%
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 0.35% -3.97% 9.42% 2.85% 1.08% 1.44%

Fund Expense Ratio :

Gross 0.67%

Net 0.67%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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 -4.85% -3.96%
2021 10.29% 5.53%
2020 5.93% 5.70%
2019 4.86% 5.08%
2018 -1.28% 0.41%
2017 1.33% 0.80%
2016 4.96% 3.13%
2015 -2.22% -0.14%
2014 -5.20% -1.13%
2013 -1.76% -1.96%
2012 9.87% -
2011 -3.48% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.70% - - - -
2022 -0.49% -4.02% -2.27% 1.94% -4.85%
2021 4.26% 1.62% 2.27% 1.79% 10.29%
2020 -14.80% 10.55% 6.13% 5.96% 5.93%
2019 2.60% 0.41% -1.37% 3.19% 4.86%
2018 0.40% 0.95% 0.71% -3.28% -1.28%
2017 0.73% -1.53% 1.13% 1.01% 1.33%
2016 -0.90% -0.65% 2.45% 4.05% 4.96%
2015 -0.17% 1.72% -4.68% 1.03% -2.22%
2014 0.02% 2.20% -2.74% -4.66% -5.20%
2013 0.51% -3.67% 1.32% 0.15% -1.76%
2012 5.40% -0.99% 3.16% 2.05% 9.87%
2011 - - -5.92% 2.13% -3.48%

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

Growth of $10,000 as of 03/31/2023

The chart begins on the Fund's inception date of 04/29/2011.

Based on a hypothetical Class A share investment of $10,000 on 04/29/2011 without sales charge and includes the reinvestment of all distributions.

 

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 Inflation Indexed Bonds1.625% 10/15/20271.8%
UBS AG5.125% 05/15/20240.9%
Danske Bank A/S5.375% 01/12/20240.8%
Exeter Automobile Receivables Trust 2020-27.190% 09/15/20270.8%
Charter Communications Operating LLC6.557% 04/30/20250.8%
TORONTO DOMINION BANK THE0.010% 04/03/20230.8%
AMMC CLO 23 Ltd5.832% 10/17/20310.8%
GS Mortgage Securities Corp Trust 2021-RENT5.878% 11/21/20350.7%
New Economy Assets Phase 1 Sponsor LLC1.910% 10/20/20610.7%
Capital One Multi-Asset Execution Trust3.490% 05/15/20270.7%
HONO 2021-LULU Mortgage Trust5.834% 10/15/20360.7%
ACRES Commercial Realty 2021-FL2 Ltd6.084% 01/15/20370.7%
AIB Group PLC4.263% 04/10/20250.6%
BHMS 2018-ATLS6.584% 07/15/20350.6%
American Express Credit Account Master Trust3.390% 05/15/20270.6%
Freddie Mac STACR REMIC Trust 2021-HQA45.510% 12/25/20410.6%
Danske Bank A/S3.244% 12/20/20250.5%
OneMain Direct Auto Receivables Trust 2019-13.630% 09/14/20270.5%
BDS 2022-FL11 LLC6.556% 03/19/20390.5%
KKR CLO 30 Ltd5.812% 10/17/20310.5%
Romark CLO Ltd6.465% 10/23/20300.5%
KREF 2021-FL2 Ltd5.754% 02/15/20390.5%
Morgan Stanley Capital I Trust 2014-150E3.912% 09/09/20320.5%
BXHPP Trust 2021-FILM5.334% 08/15/20360.5%
US 2YR NOTE (CBT) Jun230.000% 07/06/20230.5%
Citigroup Inc3.106% 04/08/20260.5%
MoneyGram International Inc9.340% 07/21/20260.5%
Aviation Capital Group LLC3.875% 05/01/20230.5%
Lendmark Funding Trust 2021-22.000% 04/20/20320.5%
Celanese US Holdings LLC5.900% 07/05/20240.5%
Discover Card Execution Note Trust3.560% 07/15/20270.5%
DBGS 2021-W52 Mortgage Trust6.984% 10/15/20360.4%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON4.128% 07/05/20310.4%
Carvana Auto Receivables Trust 2022-P13.350% 02/10/20270.4%
UniCredit SpA7.830% 12/04/20230.4%
Wind River 2013-1 CLO Ltd5.788% 07/20/20300.4%
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-ATLS6.934% 07/15/20350.4%
Ford Credit Auto Owner Trust 2022-REV13.880% 11/15/20340.4%
Romark CLO Ltd5.845% 10/23/20300.4%
Lendmark Funding Trust 2021-12.470% 11/20/20310.4%
Stellantis NV5.250% 04/15/20230.4%
Ford Motor Credit Co LLC5.584% 03/18/20240.4%
BX Commercial Mortgage Trust 2019-IMC5.984% 04/15/20340.4%
EQT Corp6.125% 02/01/20250.4%
System Energy Resources Inc6.000% 04/15/20280.4%
BSPRT 2021-FL7 Issuer Ltd6.004% 12/15/20380.4%
BPCE SA5.150% 07/21/20240.4%
Cheniere Corpus Christi Holdings LLC5.875% 03/31/20250.4%
Devon Energy Corp5.875% 06/15/20280.4%
Continental Resources Inc/OK3.800% 06/01/20240.4%
Capital One Prime Auto Receivables Trust 2022-23.740% 09/15/20250.4%
Apidos Clo Xxv5.978% 10/20/20310.3%
SCF Equipment Leasing 2022-1 LLC2.920% 07/20/20290.3%
MF1 2021-FL6 Ltd6.178% 07/16/20360.3%
Churchill Downs Inc6.850% 12/27/20240.3%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd5.754% 08/15/20340.3%
Goldman Sachs Group Inc/The1.948% 10/21/20270.3%
Bank of America Corp3.384% 04/02/20260.3%
Morgan Stanley3.737% 04/24/20240.3%
General Motors Financial Co Inc5.100% 01/17/20240.3%
Viterra Finance BV2.000% 04/21/20260.3%
Macquarie Group Ltd1.201% 10/14/20250.3%
Avolon Holdings Funding Ltd5.125% 10/01/20230.3%
Hyatt Hotels Corp1.300% 10/01/20230.3%
VICI Properties LP / VICI Note Co Inc3.500% 02/15/20250.3%
Aircastle Ltd5.250% 08/11/20250.3%
Hyundai Capital America3.400% 06/20/20240.3%
HGI CRE CLO 2021-FL2 Ltd5.709% 09/17/20360.3%
Targa Resources Partners LP / Targa Resources Partners Finance Corp6.500% 07/15/20270.3%
Greystone CRE Notes 2021-FL3 Ltd5.962% 07/15/20390.3%
US ULTRA BOND CBT Jun230.000% 06/30/20230.3%
Citigroup Inc5.500% 09/13/20250.3%
Pagaya AI Debt Trust 2022-12.030% 10/15/20290.3%
Signal Peak CLO 8 Ltd6.078% 04/20/20330.3%
Centene Corp4.250% 12/15/20270.3%
Navient Corp5.875% 10/25/20240.3%
Devon Energy Corp5.250% 10/15/20270.3%
BAT Capital Corp3.222% 08/15/20240.3%
Santander UK Group Holdings PLC4.796% 11/15/20240.3%
Bank of America Corp2.456% 10/22/20250.3%
Intesa Sanpaolo SpA5.017% 06/26/20240.3%
KIND Trust 2021-KIND5.892% 08/15/20380.3%
CSMC 2021-ADV6.084% 07/15/20380.3%
BX Commercial Mortgage Trust 2019-IMC5.684% 04/15/20340.3%
Lendmark Funding Trust 2022-15.120% 07/20/20320.3%
Navient Private Education Refi Loan Trust 2022-A2.230% 07/15/20700.3%
OCP Clo 2019-17 Ltd5.848% 07/20/20320.3%
Devon Energy Corp8.250% 08/01/20230.3%
Jersey Central Power & Light Co4.700% 04/01/20240.3%
VASA Trust 2021-VASA5.934% 07/15/20390.3%
Bank of America Corp1.197% 10/24/20260.3%
PVH Corp4.625% 07/10/20250.3%
ABN AMRO Bank NV4.750% 07/28/20250.3%
OneMain Financial Issuance Trust 2022-35.940% 05/15/20340.3%
Bain Capital Credit CLO 2017-1 Ltd5.778% 07/20/20300.3%
Dryden Senior Loan Fund5.772% 04/15/20280.3%
Santander Drive Auto Receivables Trust 2022-53.980% 01/15/20250.3%
Marlette Funding Trust 2021-31.300% 12/15/20310.3%
Bank of Ireland Group PLC4.500% 11/25/20230.3%
Ally Financial Inc3.875% 05/21/20240.3%
Glencore Funding LLC4.625% 04/29/20240.3%
OneMain Direct Auto Receivables Trust 2021-10.870% 07/14/20280.3%
BNP Paribas SA2.819% 11/19/20250.3%
JPMorgan Chase & Co4.851% 07/25/20280.3%
ACREC 2021-FL1 Ltd5.878% 10/16/20360.3%
Imperial Brands Finance PLC6.125% 07/27/20270.3%
Petroleos Mexicanos6.875% 08/04/20260.3%
Amazon.com Inc4.550% 12/01/20270.3%
Bank of America Corp4.948% 07/22/20280.3%
Wells Fargo & Co4.808% 07/25/20280.3%
Bank of America Corp3.841% 04/25/20250.3%
Capital One Multi-Asset Execution Trust4.950% 10/15/20270.3%
Affirm Asset Securitization Trust 2022-X11.750% 02/15/20270.3%
WEA Finance LLC / Westfield UK & Europe Finance PLC3.750% 09/17/20240.3%
Apidos CLO XXXI5.892% 04/15/20310.3%
Park Aerospace Holdings Ltd5.500% 02/15/20240.3%
Goldman Sachs Group Inc/The5.250% 01/24/20250.3%
KKR Clo 24 Ltd5.888% 04/20/20320.2%
Lloyds Banking Group PLC4.582% 12/10/20250.2%
Canadian Imperial Bank of Commerce3.945% 08/04/20250.2%
Great Wolf Trust 2019-WOLF6.276% 12/15/20360.2%
Continental Resources Inc/OK4.375% 01/15/20280.2%
Ally Financial Inc5.750% 11/20/20250.2%
One New York Plaza Trust 2020-1NYP5.634% 01/15/20360.2%
Octagon Investment Partners 32 Ltd5.742% 07/15/20290.2%
Continental Resources Inc/OK4.500% 04/15/20230.2%
Bank of Ireland Group PLC2.029% 09/30/20270.2%
Dell International LLC / EMC Corp6.020% 06/15/20260.2%
Glencore Funding LLC4.125% 03/12/20240.2%
Octane Receivables Trust 2022-14.180% 03/20/20280.2%
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 Ltd5.984% 02/15/20390.2%
GS Mortgage Securities Corp Trust 2021-ROSS5.834% 05/15/20260.2%
Puget Energy Inc3.650% 05/15/20250.2%
COLT 2021-2 Mortgage Loan Trust0.924% 08/25/20660.2%
DBGS 2021-W52 Mortgage Trust6.079% 10/15/20360.2%
AMERICAN TOWER CORPORATION0.059% 12/08/20230.2%
Anglo American Capital PLC3.625% 09/11/20240.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.875% 01/16/20240.2%
RESORTS WORLD LAS VEGAS LLC6.350% 04/16/20240.2%
Avis Budget Rental Car Funding AESOP LLC3.340% 08/20/20260.2%
Manufacturers & Traders Trust Co4.650% 01/27/20260.2%
Microchip Technology Inc0.972% 02/15/20240.2%
Huntington National Bank/The5.699% 11/18/20250.2%
Bank of America Corp3.950% 04/21/20250.2%
Vistra Operations Co LLC4.875% 05/13/20240.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST7.184% 12/15/20360.2%
Bayer US Finance II LLC3.875% 12/15/20230.2%
Glencore Funding LLC4.125% 05/30/20230.2%
Microchip Technology Inc4.333% 06/01/20230.2%
CSMC 2022-NQM12.265% 11/25/20660.2%
NRG Energy Inc3.750% 06/15/20240.2%
Chase Issuance Trust3.970% 09/15/20270.2%
Ford Credit Auto Owner Trust 2018-REV13.190% 07/15/20310.2%
Viterra Finance BV4.900% 04/21/20270.2%
Svenska Handelsbanken AB3.650% 06/10/20250.2%
CF Hippolyta Issuer LLC1.980% 03/15/20610.2%
CrownRock LP / CrownRock Finance Inc5.625% 10/15/20250.2%
Altice France SA/France8.125% 02/01/20270.2%
CenterPoint Energy Inc5.252% 05/13/20240.2%
Monongahela Power Co4.100% 04/15/20240.2%
Magnetite XXII Ltd5.852% 04/15/20310.2%
Fells Point Funding Trust3.046% 01/31/20270.2%
CIFC Funding 2013-II Ltd5.795% 10/18/20300.2%
American Tower Corp3.600% 01/15/20280.2%
Carlyle US Clo 2017-2 Ltd5.858% 07/20/20310.2%
Continental Resources Inc/OK2.268% 11/15/20260.2%
Pacific Gas and Electric Co3.150% 01/01/20260.2%
OneMain Financial Issuance Trust 2019-23.140% 10/14/20360.2%
GA Global Funding Trust3.850% 04/11/20250.2%
OneMain Finance Corp6.125% 03/15/20240.2%
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-NINE2.854% 09/06/20380.2%
Atalaya Equipment Leasing Trust 21-11.230% 05/15/20260.2%
TCI-Flatiron Clo 2017-1 Ltd5.861% 11/18/20300.2%
Intesa Sanpaolo SpA3.250% 09/23/20240.2%
JPMorgan Chase & Co5.532% 02/24/20260.2%
Vistra Operations Co LLC3.550% 07/15/20240.2%
BankUnited Inc4.875% 11/17/20250.2%
Bayer US Finance II LLC4.250% 12/15/20250.2%
Netflix Inc4.375% 11/15/20260.2%
Morgan Stanley0.791% 01/22/20250.2%
Barclays PLC5.200% 05/12/20260.2%
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%
First Quantum Minerals Ltd7.500% 04/01/20250.2%
Philip Morris International Inc5.125% 11/17/20270.2%
Standard Chartered PLC5.200% 01/26/20240.2%
Citigroup Inc4.400% 06/10/20250.2%
Venture 33 CLO Ltd5.852% 07/15/20310.2%
HCA Inc5.250% 04/15/20250.2%
Mitsubishi UFJ Financial Group Inc5.063% 09/12/20250.2%
Triton Container International Ltd2.050% 04/15/20260.2%
JP Morgan Chase Commercial Mortgage Securities Trust 2012-WLDN3.905% 05/05/20300.2%
Citigroup Inc4.044% 06/01/20240.2%
GS Mortgage Securities Trust 2013-GCJ123.777% 06/10/20460.2%
Brooklyn Union Gas Co/The4.632% 08/05/20270.2%
Orbia Advance Corp SAB de CV1.875% 05/11/20260.2%
LFT CRE 2021-FL1 Ltd6.434% 06/15/20390.2%
Cedar Funding V CLO Ltd5.892% 07/17/20310.2%
Affirm Asset Securitization Trust 2021-B1.030% 08/17/20260.2%
Amgen Inc5.150% 03/02/20280.2%
F&G Global Funding2.300% 04/11/20270.2%
Vital Energy Inc9.500% 01/15/20250.2%
Nuveen Finance LLC4.125% 11/01/20240.2%
Amgen Inc5.507% 03/02/20260.2%
Clarios Global LP / Clarios US Finance Co8.500% 05/15/20270.2%
Sabine Pass Liquefaction LLC5.750% 05/15/20240.2%
Morgan Stanley0.790% 05/30/20250.2%
Bread Financial Holdings Inc4.750% 12/15/20240.2%
American Tower Corp3.650% 03/15/20270.2%
Morgan Stanley3.620% 04/17/20250.2%
Matador Resources Co5.875% 09/15/20260.2%
Nelnet Student Loan Trust 2021-A1.360% 04/20/20620.2%
Navient Corp6.125% 03/25/20240.2%
Freddie Mac STACR REMIC Trust 2021-DNA56.210% 01/25/20340.2%
Santander UK Group Holdings PLC4.750% 09/15/20250.2%
Oracle Corp2.300% 03/25/20280.2%
Cedar Funding XI Clo Ltd6.003% 05/29/20320.2%
HSBC Holdings PLC3.803% 03/11/20250.2%
Hertz Vehicle Financing LLC1.210% 12/26/20250.2%
Octane Receivables Trust 2022-25.110% 02/22/20280.2%
Amgen Inc5.250% 03/02/20250.2%
Tengizchevroil Finance Co International Ltd2.625% 08/15/20250.2%
BBCMS 2018-TALL Mortgage Trust5.406% 03/15/20370.2%
Aker BP ASA2.000% 07/15/20260.2%
Bread Financial Holdings Inc7.000% 01/15/20260.2%
One New York Plaza Trust 2020-1NYP5.934% 01/15/20360.2%
CPI Swap0.010% 08/22/20260.2%
Chord Energy Corp6.375% 06/01/20260.2%
Triton Container International Ltd0.800% 08/01/20230.2%
Danske Bank A/S1.226% 06/22/20240.2%
CPI Swap0.010% 12/30/20230.2%
Suncor Energy Inc7.875% 06/15/20260.2%
Barclays PLC2.852% 05/07/20260.1%
EPR Properties4.750% 12/15/20260.1%
Bank of Montreal3.700% 06/07/20250.1%
CPI Swap0.010% 11/21/20230.1%
Aqua Finance Trust 2021-A1.540% 07/17/20460.1%
Mariner Finance Issuance Trust 2021-B2.100% 11/20/20360.1%
Newark BSL CLO 2 Ltd5.788% 07/25/20300.1%
CSMC 2021-NQM61.174% 07/25/20660.1%
NatWest Markets PLC3.479% 03/22/20250.1%
Hyundai Capital America0.875% 06/14/20240.1%
EQT Corp3.900% 10/01/20270.1%
Royal Bank of Canada4.875% 01/12/20260.1%
Capital One Financial Corp4.166% 05/09/20250.1%
General Motors Financial Co Inc3.950% 04/13/20240.1%
Madison Park Funding XI Ltd5.715% 07/23/20290.1%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand5.375% 04/17/20250.1%
BPCE SA5.975% 01/18/20270.1%
Viper Energy Partners LP5.375% 11/01/20270.1%
Navient Private Education Refi Loan Trust 2021-c1.060% 10/15/20690.1%
JPMorgan Chase & Co0.824% 06/01/20250.1%
Bank of America Corp0.523% 06/14/20240.1%
Donlen Fleet Lease Funding 2 LLC0.560% 12/11/20340.1%
Goldman Sachs Group Inc/The0.657% 09/10/20240.1%
International Flavors & Fragrances Inc1.230% 10/01/20250.1%
Cleveland Electric Illuminating Co/The5.500% 08/15/20240.1%
Aircastle Ltd4.400% 09/25/20230.1%
BBCMS 2018-TALL Mortgage Trust5.805% 03/15/20370.1%
CVS Health Corp4.300% 03/25/20280.1%
Sabre GLBL Inc7.375% 09/01/20250.1%
GE HealthCare Technologies Inc5.600% 11/15/20250.1%
BWAY 2015-1740 Mortgage Trust3.342% 01/10/20350.1%
BHMS 2018-ATLS5.934% 07/15/20350.1%
Centene Corp2.450% 07/15/20280.1%
JPMorgan Chase & Co5.792% 02/24/20280.1%
US Bancorp4.548% 07/22/20280.1%
CPI Swap0.010% 03/31/20250.1%
Stanley Black & Decker Inc6.000% 03/06/20280.1%
Trans-Allegheny Interstate Line Co3.850% 06/01/20250.1%
Equitable Financial Life Global Funding5.450% 03/03/20280.1%
Enviva Partners LP / Enviva Partners Finance Corp6.500% 01/15/20260.1%
Centrica PLC4.000% 10/16/20230.1%
Danske Bank A/S4.298% 04/01/20280.1%
BB-UBS Trust3.560% 06/05/20300.1%
Upstart Securitization Trust 2021-51.310% 11/20/20310.1%
BA Credit Card Trust5.000% 04/15/20280.1%
PDC Energy Inc5.750% 05/15/20260.1%
CPI Swap0.010% 08/04/20260.1%
VICI Properties LP / VICI Note Co Inc3.750% 02/15/20270.1%
CPI Swap0.010% 04/07/20250.1%
Alexander Funding Trust1.841% 11/15/20230.1%
Verus Securitization Trust 2021-51.013% 09/25/20660.1%
Standard Chartered PLC2.819% 01/30/20260.1%
Freddie Mac STACR REMIC Trust 2021-HQA35.410% 09/25/20410.1%
Triton Container International Ltd1.150% 06/07/20240.1%
Credit Suisse Group AG2.593% 09/11/20250.1%
CPI Swap0.010% 04/18/20300.1%
Mercedes-Benz Finance North America LLC4.800% 03/30/20260.1%
Cedar Funding XIV CLO Ltd5.892% 07/15/20330.1%
Santander Retail Auto Lease Trust 2021-A0.510% 07/22/20240.1%
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp6.000% 08/01/20260.1%
VICI Properties LP / VICI Note Co Inc5.625% 05/01/20240.1%
Niagara Mohawk Power Corp3.508% 10/01/20240.1%
Aviation Capital Group LLC5.500% 12/15/20240.1%
Warnermedia Holdings Inc3.428% 03/15/20240.1%
UniCredit SpA2.569% 09/22/20260.1%
SCF Equipment Leasing 2019-2 LLC2.760% 08/20/20260.1%
Australia & New Zealand Banking Group Ltd4.400% 05/19/20260.1%
Newell Brands Inc4.700% 04/01/20260.1%
Southern Co/The5.113% 08/01/20270.1%
Bank of America Corp1.530% 12/06/20250.1%
Ausgrid Finance Pty Ltd3.850% 05/01/20230.1%
Vornado Realty LP3.500% 01/15/20250.1%
Goldman Sachs Group Inc/The2.640% 02/24/20280.1%
Univision Communications Inc0.000% 03/15/20240.1%
Regal Rexnord Corp6.050% 04/15/20280.1%
Hyundai Capital America1.250% 09/18/20230.1%
Invitation Homes Operating Partnership LP5.840% 01/31/20250.1%
American Tower Corp5.500% 03/15/20280.1%
Federation des Caisses Desjardins du Quebec5.700% 03/14/20280.1%
LFT CRE 2021-FL1 Ltd5.854% 06/15/20390.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines LP8.750% 07/15/20260.1%
CPI Swap0.010% 06/28/20300.1%
Ally Financial Inc1.450% 10/02/20230.1%
Avolon Holdings Funding Ltd4.250% 04/15/20260.1%
GS Mortgage Securities Corp Trust 2018-RIVR5.634% 07/15/20350.1%
Freeport Indonesia PT4.763% 04/14/20270.1%
Royal Bank of Canada6.000% 11/01/20270.1%
Citigroup Inc3.352% 04/24/20250.1%
Carlyle Global Market Strategies CLO 2015-1 Ltd5.788% 07/20/20310.1%
Southwest Gas Corp5.800% 12/01/20270.1%
NextEra Energy Capital Holdings Inc6.051% 03/01/20250.1%
Plains All American Pipeline LP / PAA Finance Corp3.600% 11/01/20240.1%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY3.429% 06/10/20270.1%
Kemper Corp4.350% 02/15/20250.1%
CPI Swap0.010% 03/16/20310.1%
Plains All American Pipeline LP / PAA Finance Corp3.850% 10/15/20230.1%
Citigroup Inc4.140% 05/24/20250.1%
BPCE SA4.500% 03/15/20250.1%
Intesa Sanpaolo SpA5.710% 01/15/20260.1%
Standard Chartered PLC0.991% 01/12/20250.1%
Huntington Bancshares Inc/OH4.443% 08/04/20280.1%
CPI Swap0.010% 01/11/20250.1%
Navient Corp7.250% 09/25/20230.1%
Public Service Enterprise Group Inc5.850% 11/15/20270.1%
Credit Agricole SA4.375% 03/17/20250.1%
Illumina Inc5.750% 12/13/20270.1%
ABN AMRO Bank NV4.800% 04/18/20260.1%
Westinghouse Air Brake Technologies Corp4.400% 03/15/20240.1%
Air Lease Corp3.000% 09/15/20230.1%
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd5.784% 05/15/20360.1%
Air Canada 2015-2 Class B Pass Through Trust5.000% 06/15/20250.1%
Santander Holdings USA Inc2.490% 01/06/20280.1%
CPI Swap0.010% 02/11/20310.1%
Westinghouse Air Brake Technologies Corp4.375% 08/15/20230.1%
Octagon Investment Partners XXI Ltd5.869% 02/14/20310.1%
Standard Chartered PLC3.785% 05/21/20250.1%
Illumina Inc5.800% 12/12/20250.1%
CPI Swap0.010% 01/06/20260.1%
BB-UBS Trust3.560% 06/05/20300.1%
New York Life Global Funding4.700% 04/02/20260.1%
Aircastle Ltd5.000% 04/01/20230.1%
BNP Paribas SA5.125% 01/13/20290.1%
Hyundai Capital America5.500% 03/30/20260.1%
Project Alpha Intermediate Holding Inc8.840% 04/26/20240.1%
CSMC 2021-NQM10.809% 05/25/20650.1%
Jackson National Life Global Funding1.750% 01/12/20250.1%
Societe Generale SA2.226% 01/21/20260.1%
Reynolds American Inc4.450% 06/12/20250.1%
Hewlett Packard Enterprise Co5.900% 10/01/20240.1%
Black Hills Corp5.950% 03/15/20280.1%
Parsley Energy LLC / Parsley Finance Corp4.125% 02/15/20280.1%
Imperial Brands Finance PLC3.125% 07/26/20240.1%
Santander UK Group Holdings PLC1.089% 03/15/20250.1%
CPI Swap0.010% 06/21/20270.1%
Humana Inc5.750% 03/01/20280.1%
Avolon Holdings Funding Ltd5.250% 05/15/20240.1%
Westlake Automobile Receivables Trust 2021-20.890% 07/15/20260.1%
CPI Swap0.010% 06/25/20300.1%
HAT Holdings I LLC / HAT Holdings II LLC3.375% 06/15/20260.1%
Specialty Building Products Holdings LLC / SBP Finance Corp6.375% 09/30/20260.1%
UBS Group AG4.488% 05/12/20260.1%
Qorvo Inc1.750% 12/15/20240.1%
CPI Swap0.010% 06/01/20300.1%
Bank of Ireland Group PLC6.253% 09/16/20260.1%
Benefit Street Partners CLO III Ltd5.808% 07/20/20290.1%
CPI Swap0.010% 06/30/20300.1%
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%
Fortress Transportation and Infrastructure Investors LLC6.500% 10/01/20250.1%
Ford Credit Auto Owner Trust 2021-REV11.370% 10/17/20330.1%
FactSet Research Systems Inc2.900% 03/01/20270.1%
Warnermedia Holdings Inc6.412% 03/15/20260.1%
CPI Swap0.010% 11/25/20240.1%
Glencore Funding LLC4.000% 04/16/20250.1%
Duke Energy Corp2.650% 09/01/20260.1%
LSTAR Commercial Mortgage Trust 2017-54.500% 03/10/20500.1%
T-Mobile USA Inc3.750% 04/15/20270.1%
Regal Rexnord Corp6.050% 02/15/20260.1%
CPI Swap0.010% 12/09/20240.1%
CPI Swap0.010% 04/24/20230.1%
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%
SCF Equipment Leasing 2021-1 LLC0.830% 08/21/20280.1%
Credit Suisse AG/New York NY3.625% 09/09/20240.1%
Irvine Core Office Trust 2013-IRV3.174% 05/15/20480.1%
CPI Swap0.010% 12/05/20240.1%
Crown Castle Inc5.000% 01/11/20280.1%
F&G Annuities & Life Inc7.400% 01/13/20280.1%
IPALCO Enterprises Inc3.700% 09/01/20240.1%
CPI Swap0.010% 04/27/20310.1%
Philip Morris International Inc5.000% 11/17/20250.1%
CPI Swap0.010% 03/31/20310.1%
CPI Swap0.010% 04/11/20260.1%
Exeter Automobile Receivables Trust 2021-33.040% 12/15/20280.1%
Eskom Holdings SOC Ltd7.125% 02/11/20250.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust4.500% 09/15/20230.1%
CPI Swap0.010% 12/02/20280.1%
DCP Midstream Operating LP5.375% 07/15/20250.1%
CPI Swap0.010% 09/01/20360.1%
CPI Swap0.010% 09/21/20280.1%
CPI Swap0.010% 10/14/20260.1%
American Electric Power Co Inc5.750% 11/01/20270.1%
Hyundai Capital America0.800% 01/08/20240.1%
Buckeye Partners LP7.109% 11/01/20260.1%
Bayer US Finance II LLC5.876% 12/15/20230.1%
Truist Financial Corp1.267% 03/02/20270.1%
Generate CLO 2 Ltd5.965% 01/22/20310.1%
Santander UK Group Holdings PLC2.469% 01/11/20280.1%
General Motors Financial Co Inc2.750% 06/20/20250.1%
COMM 2012-CCRE1 Mortgage Trust4.612% 05/15/20450.1%
Adani Ports & Special Economic Zone Ltd3.375% 07/24/20240.1%
CPI Swap0.010% 12/10/20280.1%
OneMain Finance Corp8.250% 10/01/20230.1%
Credit Acceptance Auto Loan Trust 2021-31.000% 05/15/20300.1%
F&G Global Funding0.900% 09/20/20240.1%
CPI Swap0.010% 07/24/20290.1%
CPI Swap0.010% 05/28/20310.1%
CPI Swap0.010% 07/31/20290.1%
Mercedes-Benz Finance North America LLC4.950% 03/30/20250.1%
CPI Swap0.010% 06/08/20310.1%
GLP Capital LP / GLP Financing II Inc5.250% 06/01/20250.1%
Israel Electric Corp Ltd6.875% 06/21/20230.1%
CPI Swap0.010% 05/28/20360.1%
CPI Swap0.010% 03/02/20240.1%
Amphenol Corp4.750% 03/30/20260.1%
Pelabuhan Indonesia Persero PT4.500% 05/02/20230.1%
Aviation Capital Group LLC6.250% 04/15/20280.1%
CPI Swap0.010% 11/15/20240.1%
Aon Corp8.205% 01/01/20270.1%
Discover Bank4.250% 03/13/20260.1%
Starwood Mortgage Residential Trust 2021-20.943% 05/25/20650.1%
BBVA Bancomer SA/Texas4.375% 04/10/20240.1%
HSBC Holdings PLC0.732% 08/17/20240.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust3.150% 02/15/20240.1%
Carlyle Global Market Strategies CLO 2014-3-R Ltd5.865% 07/27/20310.1%
CNO Global Funding1.750% 10/07/20260.1%
American Electric Power Co Inc2.031% 03/15/20240.1%
Bank of America Corp1.734% 07/22/20270.1%
Anchorage Capital CLO 4-R Ltd5.852% 01/28/20310.1%
Calpine Corp5.250% 06/01/20260.1%
BlueMountain Fuji US Clo I Ltd5.788% 07/20/20290.1%
BlueMountain CLO 2013-2 Ltd5.995% 10/22/20300.1%
GS Mortgage Securities Corp Trust 2019-70P6.004% 10/15/20360.1%
CPI Swap0.010% 05/12/20360.1%
CPI Swap0.010% 08/12/20360.1%
NatWest Group PLC4.269% 03/22/20250.1%
Ford Credit Auto Owner Trust 2019-REV13.520% 07/15/20300.1%
CPI Swap0.010% 04/24/20230.1%
Lowe's Cos Inc4.800% 04/01/20260.1%
Citigroup Inc3.290% 03/17/20260.1%
Magnetite Xxix Ltd5.782% 01/15/20340.1%
Barclays PLC4.836% 05/09/20280.1%
CPI Swap0.010% 10/30/20300.1%
CPI Swap0.010% 11/21/20360.1%
Pennsylvania Electric Co5.150% 03/30/20260.1%
CPI Swap0.010% 04/22/20250.1%
CPI Swap0.010% 04/26/20250.1%
CPI Swap0.010% 02/05/20250.1%
GS Mortgage Securities Corp Trust 2017-GPTX2.856% 05/10/20340.1%
EPR Properties4.500% 06/01/20270.1%
Glencore Funding LLC4.000% 03/27/20270.1%
CPI Swap0.010% 12/02/20240.1%
CPI Swap0.010% 12/16/20360.1%
WAIKIKI BEACH HOTEL TRUST 2019-WBM6.714% 12/15/20330.1%
Duke Energy Corp5.000% 12/08/20250.1%
SCF Equipment Leasing 2021-1 LLC1.370% 08/20/20290.1%
CPI Swap0.010% 10/15/20290.1%
CPI Swap0.010% 06/22/20250.1%
CPI Swap0.010% 12/23/20310.1%
CPI Swap0.010% 03/23/20310.1%
Hyundai Capital America1.000% 09/17/20240.1%
CPI Swap0.010% 03/02/20270.1%
Alcoa Nederland Holding BV5.500% 12/15/20270.1%
CPI Swap0.010% 05/31/20280.1%
Netflix Inc3.625% 06/15/20250.1%
TICP CLO IX Ltd5.948% 01/20/20310.1%
CPI Swap0.010% 01/30/20380.1%
Hudsons Bay Simon JV Trust 2015-HBS4.666% 08/05/20340.1%
Hyundai Capital America5.875% 04/07/20250.1%
Suzano Austria GmbH5.750% 07/14/20260.1%
CPI Swap0.010% 03/26/20360.0%
CPI Swap0.010% 06/01/20280.0%
CPI Swap0.010% 12/14/20240.0%
CPI Swap0.010% 12/08/20310.0%
CPI Swap0.010% 03/22/20310.0%
CPI Swap0.010% 03/19/20310.0%
Pioneer Natural Resources Co5.100% 03/29/20260.0%
Aviation Capital Group LLC4.375% 01/30/20240.0%
Comision Federal de Electricidad4.750% 02/23/20270.0%
CPI Swap0.010% 03/22/20410.0%
F&G Global Funding1.750% 06/30/20260.0%
CPI Swap0.010% 04/28/20310.0%
CPI Swap0.010% 04/19/20360.0%
CPI Swap0.010% 02/08/20290.0%
CPI Swap0.010% 02/15/20290.0%
GA Global Funding Trust0.800% 09/13/20240.0%
CPI Swap0.010% 04/26/20310.0%
Anchorage Capital CLO 3-R Ltd5.852% 01/28/20310.0%
Oracle Corp2.500% 04/01/20250.0%
CPI Swap0.010% 06/06/20280.0%
CPI Swap0.010% 02/27/20290.0%
SCF Equipment Leasing 2019-2 LLC2.470% 04/20/20260.0%
CPI Swap0.010% 09/11/20280.0%
CPI Swap0.010% 08/27/20280.0%
CPI Swap0.010% 02/01/20320.0%
CPI Swap0.010% 01/18/20290.0%
Galaxy XIX CLO Ltd5.766% 07/24/20300.0%
Exeter Automobile Receivables Trust 2021-10.980% 06/15/20260.0%
CPI Swap0.010% 08/14/20280.0%
CPI Swap0.010% 01/13/20290.0%
GS Mortgage Securities Corp Trust 2017-GPTX3.104% 05/10/20340.0%
HMH Trust 2017-NSS3.062% 07/05/20310.0%
CPI Swap0.010% 05/16/20280.0%
CPI Swap0.010% 01/24/20290.0%
CPI Swap0.010% 04/26/20300.0%
CPI Swap0.010% 07/06/20280.0%
CPI Swap0.010% 10/01/20280.0%
CPI Swap0.010% 08/09/20280.0%
CPI Swap0.010% 10/09/20280.0%
CPI Swap0.010% 05/11/20280.0%
PFS Financing Corp1.000% 10/15/20250.0%
CPI Swap0.010% 08/03/20280.0%
CPI Swap0.010% 06/11/20360.0%
CPI Swap0.010% 11/17/20360.0%
CPI Swap0.010% 05/06/20310.0%
Commercial Mortgage Pass Through Certificates3.400% 10/05/20300.0%
CPI Swap0.010% 06/26/20230.0%
Atrium Hotel Portfolio Trust 2018-ATRM6.114% 06/15/20350.0%
Bain Capital Credit CLO 2018-25.878% 07/19/20310.0%
Intel Corp4.875% 02/10/20280.0%
Intel Corp4.875% 02/10/20260.0%
CPI Swap0.010% 05/11/20310.0%
CARLYLE US CLO 2017-3 Ltd5.708% 07/20/20290.0%
Atrium Hotel Portfolio Trust 2017-ATRM6.434% 12/15/20360.0%
Global Payments Inc2.650% 02/15/20250.0%
Credit Suisse Group AG4.207% 06/12/20240.0%
CPI Swap0.010% 09/01/20290.0%
CPI Swap0.010% 10/02/20290.0%
PFP 2021-7 Ltd5.649% 04/14/20380.0%
CPI Swap0.010% 05/17/20360.0%
CPI Swap0.010% 09/07/20370.0%
CPI Swap0.010% 03/04/20240.0%
CPI Swap0.010% 05/21/20460.0%
CSMC 2021-NQM72.064% 10/25/20660.0%
Navient Corp6.750% 06/25/20250.0%
Westlake Automobile Receivables Trust 2021-20.320% 04/15/20250.0%
CPI Swap0.010% 10/14/20290.0%
CPI Swap0.010% 11/27/20290.0%
Drive Auto Receivables Trust 2019-42.700% 02/16/20270.0%
Dell Equipment Finance Trust 2021-20.330% 12/22/20260.0%
JFIN CLO 2013 Ltd7.008% 01/20/20300.0%
Octagon Investment Partners XIV Ltd5.742% 07/15/20290.0%
Verus Securitization Trust 2021-R31.020% 04/25/20640.0%
CSMC 2021-NQM31.015% 04/25/20660.0%
ONEOK Inc7.500% 09/01/20230.0%
CPI Swap0.010% 02/21/20310.0%
Drive Auto Receivables Trust 2021-11.020% 06/15/20270.0%
BPCE SA2.375% 01/14/20250.0%
CPI Swap0.010% 12/08/20290.0%
Eni SpA4.000% 09/12/20230.0%
CPI Swap0.010% 10/25/20320.0%
HSBC Holdings PLC0.976% 05/24/20250.0%
Toll Brothers Finance Corp4.375% 04/15/20230.0%
HMH Trust 2017-NSS3.343% 07/05/20310.0%
PFS Financing Corp0.970% 02/15/20260.0%
HCA Inc5.250% 06/15/20260.0%
HCA Inc5.375% 02/01/20250.0%
CPI Swap0.010% 12/29/20270.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC6.134% 04/15/20310.0%
HMH Trust 2017-NSS4.723% 07/05/20310.0%
NatWest Markets PLC0.800% 08/12/20240.0%
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%
CPI Swap0.010% 01/15/20460.0%
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%
CPI Swap0.010% 03/15/20310.0%
Greenko Dutch BV3.850% 03/29/20260.0%
CPI Swap0.010% 04/12/20360.0%
CPI Swap0.010% 03/10/20320.0%
CPI Swap0.010% 03/28/20290.0%
CPI Swap0.010% 04/05/20290.0%
CPI Swap0.010% 02/01/20380.0%
CPI Swap0.010% 03/16/20290.0%
TCI-Flatiron Clo 2018-1 Ltd5.862% 01/29/20320.0%
CPI Swap0.010% 02/28/20380.0%
Ford Credit Auto Owner Trust 2020-C0.410% 07/15/20250.0%
NUTRITION BIOSCIENCES INC0.063% 02/01/20240.0%
CPI Swap0.010% 02/26/20380.0%
Navient Private Education Refi Loan Trust 2020-F1.220% 07/15/20690.0%
CPI Swap0.010% 03/15/20290.0%
CPI Swap0.010% 12/13/20310.0%
CPI Swap0.010% 02/07/20320.0%
CPI Swap0.010% 02/12/20330.0%
Credit Suisse Group AG2.193% 06/05/20260.0%
CSMC Trust 2017-PFHP5.634% 12/15/20300.0%
American Airlines Group Inc3.750% 03/01/20250.0%
CPI Swap0.010% 01/26/20290.0%
CPI Swap0.010% 05/03/20300.0%
CPI Swap0.010% 04/17/20300.0%
HMH Trust 2017-NSS3.787% 07/05/20310.0%
N-Star REL CDO VIII Ltd5.082% 02/01/20410.0%
Take-Two Interactive Software Inc3.550% 04/14/20250.0%
Verus Securitization Trust 2021-R20.918% 02/25/20640.0%
Carvana Auto Receivables Trust 2021-N20.320% 03/10/20280.0%
CPI Swap0.010% 05/21/20280.0%
Santander Drive Auto Receivables Trust 2021-10.750% 02/17/20260.0%
GS Mortgage Securities Corp Trust 2021-ROSS10.584% 05/15/20260.0%
CPI Swap0.010% 04/17/20260.0%
BNP Paribas SA4.375% 05/12/20260.0%
CPI Swap0.010% 09/29/20520.0%
CSMC 2014-USA OA LLC0.540% 09/15/20370.0%
CSMC 2021-AFC1 Trust0.830% 03/25/20560.0%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC6.834% 04/15/20310.0%
UBS-Barclays Commercial Mortgage Trust 2013-C53.649% 03/10/20460.0%
Drive Auto Receivables Trust 2019-23.690% 08/17/20260.0%
BAT International Finance PLC1.668% 03/25/20260.0%
Macquarie Group Ltd1.340% 01/12/20270.0%
Octane Receivables Trust 2021-10.930% 03/22/20270.0%
Towd Point Asset Trust 2018-SL15.445% 01/25/20460.0%
CPI Swap0.010% 01/27/20240.0%
DBJPM 2016-C3 Mortgage Trust1.424% 08/10/20490.0%
BWAY 2013-1515 Mortgage Trust0.404% 03/10/20330.0%
State of Illinois4.950% 06/01/20230.0%
Air Lease Corp4.250% 02/01/20240.0%
LSTAR Commercial Mortgage Trust 2016-40.659% 03/10/20490.0%
Aviation Capital Group LLC1.950% 01/30/20260.0%
Weatherford International Ltd11.000% 12/01/20240.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-PTC7.234% 04/15/20310.0%
General Motors Financial Co Inc4.250% 05/15/20230.0%
SK Hynix Inc1.500% 01/19/20260.0%
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%
Fannie Mae Pool4.042% 03/01/20420.0%
PDC Energy Inc6.125% 09/15/20240.0%
JPMCC Commercial Mortgage Securities Trust 2017-JP70.987% 09/15/20500.0%
Carvana Auto Receivables Trust 2021-N10.700% 01/10/20280.0%
CPI Swap0.010% 10/04/20250.0%
World Omni Select Auto Trust 2019-A2.380% 12/15/20250.0%
BNP Paribas SA1.323% 01/13/20270.0%
Wells Fargo Commercial Mortgage Trust 2016-LC240.979% 10/15/20490.0%
Upstart Securitization Trust 2021-20.910% 06/20/20310.0%
OneMain Financial Issuance Trust 2018-23.570% 03/14/20330.0%
Fannie Mae Pool6.429% 12/01/20450.0%
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%
US 10yr Ultra Fut Jun230.000% 06/30/20230.0%
BBCMS Trust 2015-VFM2.466% 03/10/20360.0%
Halcyon Loan Advisors Funding 2015-2 Ltd6.468% 07/25/20270.0%
MSCG Trust 2015-ALDR2.612% 06/07/20350.0%
CSMC Trust 2016-NXSR0.181% 12/15/20490.0%
CPI Swap0.010% 10/15/20240.0%
Freddie Mac Non Gold Pool3.890% 11/01/20430.0%
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C311.274% 11/15/20490.0%
Verus Securitization Trust 2020-41.502% 05/25/20650.0%
Morgan Stanley Capital I Trust 2016-UB111.441% 08/15/20490.0%
WFRBS Commercial Mortgage Trust 2014-C210.645% 08/15/20470.0%
Angel Oak Mortgage Trust 2020-61.261% 05/25/20650.0%
Verus Securitization Trust 2020-51.218% 05/25/20650.0%
Government National Mortgage Association3.000% 01/16/20480.0%
BX 2021-MFM15.642% 01/15/20340.0%
Orange Lake Timeshare Trust 2019-A3.060% 04/09/20380.0%
New Residential Mortgage Loan Trust 2020-NQM12.464% 01/26/20600.0%
DBWF 2016-85T Mortgage Trust0.014% 12/10/20360.0%
Mountain View CLO X Ltd5.635% 10/13/20270.0%
Westlake Automobile Receivables Trust 2019-23.200% 11/15/20240.0%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON0.485% 07/05/20310.0%
GLS Auto Receivables Issuer Trust 2021-30.420% 01/15/20250.0%
CSAIL 2016-C7 Commercial Mortgage Trust0.936% 11/15/20490.0%
Csail 2015-C2 Commercial Mortgage Trust0.000% 06/15/20570.0%
CPI Swap0.010% 11/30/20310.0%
Freddie Mac Non Gold Pool4.099% 02/01/20380.0%
Freddie Mac Multifamily Structured Pass Through Certificates2.114% 02/25/20320.0%
Angel Oak Mortgage Trust 2020-12.466% 12/25/20590.0%
GS Mortgage Securities Corp Trust 2017-SLP3.419% 10/10/20320.0%
Verus Securitization Trust 2020-12.417% 01/25/20600.0%
CFCRE Commercial Mortgage Trust 2016-C61.091% 11/10/20490.0%
Freddie Mac Multifamily Structured Pass Through Certificates0.155% 11/25/20260.0%
XPO Inc6.451% 02/24/20250.0%
Ellington Financial Mortgage Trust 2017-10.797% 02/25/20660.0%
Wells Fargo Commercial Mortgage Trust 2016-BNK11.716% 08/15/20490.0%
CFCRE Commercial Mortgage Trust 2016-C70.659% 12/10/20540.0%
Fannie Mae Pool6.516% 12/01/20450.0%
Fannie Mae Pool3.798% 10/01/20350.0%
Lennar Corp4.875% 12/15/20230.0%
Wells Fargo Commercial Mortgage Trust 2015-C290.015% 06/15/20480.0%
Freddie Mac Non Gold Pool4.207% 02/01/20370.0%
Freddie Mac Non Gold Pool4.111% 09/01/20360.0%
Residential Mortgage Loan Trust 2020-12.376% 01/26/20600.0%
Freddie Mac Non Gold Pool3.915% 12/01/20360.0%
Fannie Mae Pool4.067% 12/01/20400.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2016-JP40.579% 12/15/20490.0%
Credit Suisse Mortgage Capital Certificates1.616% 04/25/20650.0%
Fannie Mae Pool3.596% 06/01/20380.0%
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C230.549% 07/15/20500.0%
CPI Swap0.010% 12/07/20310.0%
CPS Auto Receivables Trust 2019-C3.170% 06/16/20250.0%
Fannie Mae Pool3.839% 09/01/20380.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT0.376% 07/05/20330.0%
MVW Owner Trust 2017-12.420% 12/20/20340.0%
Fannie Mae Pool3.790% 03/01/20390.0%
Fannie Mae Pool5.519% 10/01/20450.0%
Fannie Mae Pool4.032% 01/01/20380.0%
Citigroup Commercial Mortgage Trust 2015-GC310.335% 06/10/20480.0%
Wells Fargo Commercial Mortgage Trust 2015-C290.592% 06/15/20480.0%
CFCRE Commercial Mortgage Trust 2016-C41.607% 05/10/20580.0%
CD 2016-CD1 Mortgage Trust1.366% 08/10/20490.0%
Fannie Mae Pool4.145% 04/01/20400.0%
Starwood Mortgage Residential Trust 2020-12.275% 02/25/20500.0%
Fannie Mae Pool4.062% 12/01/20400.0%
Fannie Mae Pool4.245% 12/01/20380.0%
Freddie Mac Non Gold Pool3.797% 04/01/20370.0%
JPMBB Commercial Mortgage Securities Trust 2014-C240.859% 11/15/20470.0%
COMM 2014-CCRE19 Mortgage Trust0.930% 08/10/20470.0%
Freddie Mac Non Gold Pool3.952% 05/01/20360.0%
LSTAR Commercial Mortgage Trust 2016-41.693% 03/10/20490.0%
CarMax Auto Owner Trust 2020-21.700% 11/15/20240.0%
Government National Mortgage Association2.900% 10/16/20550.0%
GS Mortgage Securities Trust 2015-GS10.757% 11/10/20480.0%
Freddie Mac Non Gold Pool3.893% 10/01/20380.0%
Interest Rate Swap0.173% 10/21/20250.0%
JPMBB Commercial Mortgage Securities Trust 2015-C290.565% 05/15/20480.0%
Fannie Mae Pool4.052% 10/01/20400.0%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-AON0.154% 07/05/20310.0%
Fannie Mae Pool3.944% 08/01/20380.0%
Citigroup Commercial Mortgage Trust 2014-GC230.210% 07/10/20470.0%
World Omni Automobile Lease Securitization Trust 2020-B0.450% 02/15/20240.0%
Fannie Mae Pool3.666% 08/01/20370.0%
GS Mortgage Securities Trust 2013-GCJ121.194% 06/10/20460.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY0.376% 06/10/20270.0%
DBWF Mortgage Trust0.424% 06/10/20340.0%
Fannie Mae Pool4.345% 03/01/20380.0%
Government National Mortgage Association0.596% 08/16/20540.0%
SABLE/BIGHORN LLC UNITS0.000% -0.0%
UBS-Barclays Commercial Mortgage Trust 2013-C61.022% 04/10/20460.0%
WFRBS Commercial Mortgage Trust 2013-C131.047% 05/15/20450.0%
COMM 2012-CCRE4 Mortgage Trust1.188% 10/15/20450.0%
COMM 2013-CCRE8 Mortgage Trust0.248% 06/10/20460.0%
Government National Mortgage Association0.177% 01/16/20550.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2013-LC111.263% 04/15/20460.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2014-DSTY0.034% 06/10/20270.0%
JPMBB Commercial Mortgage Securities Trust 2013-C120.341% 07/15/20450.0%
OGX Austria GmbH8.500% 06/01/20180.0%
Government National Mortgage Association2.811% 06/16/20540.0%
Interest Rate Swap4.594% 10/21/20250.0%
CPI Swap0.010% 07/22/20230.0%
CPI Swap0.010% 06/08/20260.0%
CPI Swap0.010% 10/28/20270.0%
CPI Swap0.010% 03/30/20320.0%
CPI Swap0.010% 11/15/20510.0%
CPI Swap0.010% 04/05/20320.0%
CPI Swap0.010% 04/03/20230.0%
CPI Swap0.010% 10/28/20520.0%
CPI Swap0.010% 07/05/20260.0%
CPI Swap0.010% 03/09/20520.0%
CPI Swap0.010% 03/22/20320.0%
CPI Swap0.010% 08/27/20230.0%
CPI Swap0.010% 03/31/20260.0%
CPI Swap0.010% 02/07/20330.0%
CPI Swap0.010% 05/25/2023-0.1%
CPI Swap0.010% 04/14/2052-0.1%
CPI Swap0.010% 12/08/2024-0.1%
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%
CPI Swap0.010% 04/20/2023-0.1%
CPI Swap0.010% 04/20/2023-0.1%

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 05/26/2023
$0.15062
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2023 $0.04069 $11.67
Daily Daily 03/31/2023 $0.03757 $11.73
Daily Daily 02/28/2023 $0.03414 $11.60
Daily Daily 01/31/2023 $0.03822 $11.65

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2023
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

Sales Charge Schedule as of 05/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.77
$100,000 to $249,999 1.75% 1.50% $11.72
$250,000 to $499,999 1.25% 1.00% $11.66
$500,000 to $999,999 0.00% 1.00% $11.51
$1,000,000 to $5,000,000 0.00% 1.00% $11.51

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

  • Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.

  • Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored by a business owned by either or both of them. A retirement and benefit plan under item (3)includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries,and all qualified retirement and benefit plans of multiple employers registered in the name of a singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

  • purchases of $1 million or more (may be subject to a CDSC);
  • purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
  • purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
  • purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
  • certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

 

Expense Ratioas of 04/30/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.67% 0.67%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Annual Report
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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

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

Barron's Fund Family Rankings are awarded annually.

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

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

+

Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.      

                    

1

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

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.

 

Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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