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Short Duration High Yield Fund

Daily price w/o sales charge as of 08/13/2020

$10.63

arrowDown$0.02

Click here to view all legal text including risk information

Summary

Summary

What is the Short Duration High Yield Fund?

The Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Yield

Dividend Yield 1 as of 08/13/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.61% 6.43%

30-Day Standardized Yield 2 as of 07/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.67% 1.18%

Fund Basicsas of 06/30/2020

Total Net Assets
$5.19 M
Inception Date
05/01/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.69%
Fund Net Expense Ratio
0.51%
Number of Holdings
291

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge - - - - - 7.61%
Lipper Category Avg. Short High Yield Funds - - - - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD - - - - - 8.46%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge - - - - - 3.99%
Lipper Category Avg. Short High Yield Funds - - - - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD - - - - - 4.74%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

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

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June 11, 2020

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

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June 1, 2020

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

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April 24, 2020

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

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 08/13/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.61% 6.43%

30-Day Standardized Yield 2 as of 07/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.67% 1.18%

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge - - - - - 7.61%
Lipper Category Avg. Short High Yield Funds - - - - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD - - - - - 8.46%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge - - - - - 3.99%
Lipper Category Avg. Short High Yield Funds - - - - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD - - - - - 4.74%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.69%

Net 0.51%

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

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Investment Grade Corporate
Bank Loans
CMBS
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years

Credit Quality Distribution as of 06/30/2020

Rating Assets
AAA
AA
BBB
BB
B
CCC
<CCC
Not Rated

PORTFOLIO DETAILS as of 06/30/2020

Total Net Assets
$5.19 M
Number of Issues
291
Average Coupon
5.9%
Average Maturity
3.03 Years
Average Effective Duration
2.28 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

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

Holding Coupon Maturity Assets
Ford Motor Co. 9.000% 04/22/2025 3.3%
Sprint Corp. 7.625% 02/15/2025 2.6%
Cogent Communications Group, Inc. 4.375% 06/30/2024 2.2%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.875% 04/01/2024 2.1%
HCA, Inc. 7.500% 12/15/2023 1.9%
Mclaren Finance PLC 5.000% 08/01/2022 1.7%
Navient Corp. 7.250% 01/25/2022 1.7%
CIT Group, Inc. 5.000% 08/01/2023 1.5%
Tenet Healthcare Corp. 4.625% 09/01/2024 1.2%
Altice France Holding SA 10.500% 05/15/2027 1.1%
% of Total Assets 19.3%
Holding Coupon Maturity Assets
Ford Motor Co.9.000% 04/22/20253.3%
Sprint Corp.7.625% 02/15/20252.6%
Cogent Communications Group, Inc.4.375% 06/30/20242.2%
CCO Holdings LLC / CCO Holdings Capital Corp.5.875% 04/01/20242.1%
HCA, Inc.7.500% 12/15/20231.9%
Mclaren Finance PLC5.000% 08/01/20221.7%
Navient Corp.7.250% 01/25/20221.7%
CIT Group, Inc.5.000% 08/01/20231.5%
Tenet Healthcare Corp.4.625% 09/01/20241.2%
Altice France Holding SA10.500% 05/15/20271.1%
DISH DBS Corp.5.875% 07/15/20221.0%
Tenet Healthcare Corp.8.125% 04/01/20221.0%
Lennar Corp.4.750% 11/15/20221.0%
Valeant Pharmaceuticals International, Inc.7.000% 03/15/20241.0%
Reynolds Group Issuer, Inc.5.125% 07/15/20231.0%
Freeport-McMoRan, Inc.3.875% 03/15/20231.0%
Occidental Petroleum Corp.2.700% 08/15/20220.9%
Springleaf Finance Corp.8.250% 10/01/20230.8%
Netflix, Inc.5.500% 02/15/20220.8%
General Motors Financial Co., Inc.3.150% 06/30/20220.8%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o5.000% 06/01/20240.8%
Sirius XM Radio, Inc.4.625% 07/15/20240.7%
NextEra Energy Operating Partners LP4.250% 09/15/20240.7%
Hilton Domestic Operating Co, Inc.4.250% 09/01/20240.7%
First Cash Financial Services, Inc.5.375% 06/01/20240.7%
Albertsons Cos Inc / Safeway Inc / New Albertsons6.625% 06/15/20240.7%
Tesla Motors, Inc.5.300% 08/15/20250.7%
MEG Energy Corp.7.000% 03/31/20240.7%
WPX Energy, Inc.8.250% 08/01/20230.7%
Centene Corp.4.750% 05/15/20220.6%
HAT Holdings I LLC / HAT Holdings II LLC6.000% 04/15/20250.6%
Parsley Energy LLC5.375% 01/15/20250.6%
Univision Communications, Inc.5.125% 05/15/20230.6%
ADT Corp.3.500% 07/15/20220.6%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &6.000% 08/01/20260.6%
Acrisure LLC / Acrisure Finance Inc8.125% 02/15/20240.6%
Marriott International, Inc.5.750% 05/01/20250.6%
Buckeye Partners L.P.4.150% 07/01/20230.6%
Sensata Technologies BV4.875% 10/15/20230.5%
Diamondback Energy, Inc.2.875% 12/01/20240.5%
Acadia Healthcare Co., Inc.5.625% 02/15/20230.5%
Nexstar Broadcasting, Inc.5.625% 08/01/20240.5%
Cenovus Energy, Inc.3.800% 09/15/20230.5%
PDC Energy, Inc.6.125% 09/15/20240.5%
Boeing Co.2.300% 08/01/20210.5%
Ball Corp.5.000% 03/15/20220.5%
Hill-Rom Holdings, Inc.5.000% 02/15/20250.5%
Lamb Weston Holdings, Inc.4.625% 11/01/20240.5%
DaVita, Inc.5.125% 07/15/20240.5%
Great Lakes Dredge & Dock Corp.8.000% 05/15/20220.5%
Hughes Satellite Systems Corp.7.625% 06/15/20210.5%
Newell Rubbermaid, Inc.4.000% 06/15/20220.5%
FMG Finance Pty Ltd.4.750% 05/15/20220.5%
Booz Allen Hamilton, Inc.5.125% 05/01/20250.5%
Calpine Corp.5.500% 02/01/20240.5%
TerraForm Power Operating LLC4.250% 01/31/20230.5%
CDW Corp.4.125% 05/01/20250.5%
CSC Holdings LLC5.250% 06/01/20240.5%
Shea Homes LP / Shea Homes Funding Corp.6.125% 04/01/20250.5%
JBS USA LLC/JBS USA Finance, Inc.5.750% 06/15/20250.5%
Western Gas Partners L.P.4.000% 07/01/20220.5%
Oceaneering International, Inc.4.650% 11/15/20240.4%
Warrior Met Coal Inc8.000% 11/01/20240.4%
Patrick Industries, Inc.1.000% 02/01/20230.4%
Hospitality Properties Trust5.000% 08/15/20220.4%
Continental Resources, Inc.5.000% 09/15/20220.4%
CrownRock L.P./CrownRock Finance, Inc.5.625% 10/15/20250.4%
Apache Corp.2.625% 01/15/20230.4%
GCI LLC6.625% 06/15/20240.4%
American Axle & Manufacturing, Inc.6.250% 04/01/20250.4%
Mack-Cali Realty L.P.4.500% 04/18/20220.4%
Summit Materials LLC6.125% 07/15/20230.4%
XPO Logistics, Inc.6.750% 08/15/20240.4%
Southwestern Energy Co.6.200% 01/23/20250.4%
Allison Transmission, Inc.5.000% 10/01/20240.4%
PTC, Inc.3.625% 02/15/20250.4%
Mattel, Inc.3.150% 03/15/20230.4%
Grinding Media, Inc. / MC Grinding Media Canada, I7.375% 12/15/20230.4%
Clearway Energy Operating LLC5.750% 10/15/20250.4%
Playtika Holding Corp7.072% 12/03/20240.4%
Adient US LLC7.000% 05/15/20260.4%
EQT Corp.4.875% 11/15/20210.4%
Citgo Holding, Inc.9.250% 08/01/20240.4%
Seven Generations Energy Ltd.6.750% 05/01/20230.4%
Ingles Markets, Inc.5.750% 06/15/20230.4%
Core & Main Holdings LP8.625% 09/15/20240.4%
ChampionX Corp6.375% 05/01/20260.3%
Teva Pharmaceutical Finance Co. B.V.2.950% 12/18/20220.3%
National Fuel Gas Co.5.500% 01/15/20260.3%
Taylor Morrison Communities Inc / Taylor Morrison5.875% 04/15/20230.3%
Carnival Corp.11.500% 04/01/20230.3%
Owens Corning4.200% 12/01/20240.3%
Sally Holdings LLC / Sally Capital, Inc.8.750% 04/30/20250.3%
Hess Corp.3.500% 07/15/20240.3%
Indigo Natural Resources LLC6.875% 02/15/20260.3%
GCP Applied Technologies, Inc.5.500% 04/15/20260.3%
SSL Robotics LLC9.750% 12/31/20230.3%
Forestar Group, Inc.8.000% 04/15/20240.3%
United Rentals, Inc.5.500% 07/15/20250.3%
Clarios Global LP6.750% 05/15/20250.3%
VeriSign, Inc.5.250% 04/01/20250.3%
Intertape Polymer Group Inc7.000% 10/15/20260.3%
ESH Hospitality, Inc.5.250% 05/01/20250.3%
Weight Watchers International, Inc.8.625% 12/01/20250.3%
TRI Pointe Group Inc / TRI Pointe Homes Inc5.875% 06/15/20240.3%
Select Medical Corp.6.250% 08/15/20260.3%
Molina Healthcare, Inc.5.375% 11/15/20220.3%
Southern Star Central Corp.5.125% 07/15/20220.3%
New Gold, Inc.6.250% 11/15/20220.3%
PetSmart, Inc.7.125% 03/15/20230.3%
Consolidated Communications, Inc.6.500% 10/01/20220.3%
MEDNAX, Inc.5.250% 12/01/20230.3%
WESCO Distribution, Inc.5.375% 06/15/20240.3%
Air Lease Corp.3.000% 09/15/20230.3%
TransDigm, Inc.6.500% 07/15/20240.3%
KB Home7.000% 12/15/20210.3%
Laredo Petroleum Holdings, Inc.9.500% 01/15/20250.3%
Coeur Mining, Inc.5.875% 06/01/20240.3%
Quicken Loans LLC5.750% 05/01/20250.3%
Popular, Inc.6.125% 09/14/20230.3%
MGM Resorts International6.000% 03/15/20230.3%
Hilton Orlando Trust 2018-ORL0.955% 12/15/20340.3%
TopBuild Corp.5.625% 05/01/20260.3%
Griffon Corp.5.250% 03/01/20220.3%
Navistar International Corp.9.500% 05/01/20250.3%
Stars Group Holdings BV / Stars Group US Co-Borrow7.000% 07/15/20260.3%
Great Wolf Trust 2019-WOLF1.519% 12/15/20360.3%
Endeavor Energy Resources L.P.5.500% 01/30/20260.3%
MGM Growth Properties Operating Partnership LP / M5.625% 05/01/20240.3%
SPX FLOW, Inc.5.625% 08/15/20240.3%
Ally Financial, Inc.3.875% 05/21/20240.3%
EnerSys5.000% 04/30/20230.3%
Itron, Inc.5.000% 01/15/20260.3%
New Gold, Inc.6.375% 05/15/20250.3%
Fairstone Financial Inc7.875% 07/15/20240.3%
Lamar Media Corp.5.000% 05/01/20230.3%
WEX, Inc.4.750% 02/01/20230.3%
Gray Television, Inc.5.125% 10/15/20240.3%
AMC Networks, Inc.4.750% 08/01/20250.3%
Group 1 Automotive, Inc.5.000% 06/01/20220.3%
Enterprise Development Authority/The12.000% 07/15/20240.2%
CIT Group, Inc.3.929% 06/19/20240.2%
ViaSat, Inc.5.625% 09/15/20250.2%
Medallion Midland4.250% 10/31/20240.2%
Laureate Education, Inc.8.250% 05/01/20250.2%
Kaiser Aluminum Corp.6.500% 05/01/20250.2%
Centene Corp.4.750% 01/15/20250.2%
Kratos Defense & Security Solutions Inc6.500% 11/30/20250.2%
Eclipse Resources Corp.8.875% 07/15/20230.2%
PolyOne Corp.5.750% 05/15/20250.2%
Pulte Group, Inc.4.250% 03/01/20210.2%
Plains All American Pipeline L.P.6.125% 12/31/20990.2%
Arcor6.000% 07/06/20230.2%
Performance Food Group, Inc.5.500% 06/01/20240.2%
NCL Corp. Ltd.12.250% 05/15/20240.2%
LGI Homes, Inc.6.875% 07/15/20260.2%
Capitol Investment Merger Sub 2 LLC10.000% 08/01/20240.2%
Carvana Co8.875% 10/01/20230.2%
Century Communities, Inc.5.875% 07/15/20250.2%
Louisiana-Pacific Corp.4.875% 09/15/20240.2%
Coty, Inc.6.500% 04/15/20260.2%
CBS Outdoor Americas Capital LLC5.625% 02/15/20240.2%
United Natural Foods Inc4.428% 10/22/20250.2%
Ccs-Cmgc Holdings Inc6.455% 10/01/20250.2%
VF Holding Corp7.428% 07/02/20260.2%
Chobani LLC / Chobani Finance Corp Inc7.500% 04/15/20250.2%
Hayward Acquisition Corp.3.678% 08/05/20240.2%
Enviva Partners LP / Enviva Partners Finance Corp6.500% 01/15/20260.2%
Ellie Mae Inc4.058% 04/17/20260.2%
GLP Capital L.P. / GLP Financing II, Inc.5.375% 11/01/20230.2%
Sealed Air Corp.5.125% 12/01/20240.2%
Boyd Gaming Corp.8.625% 06/01/20250.2%
Ritchie Bros Auctioneers, Inc.5.375% 01/15/20250.2%
MPT Operating Partnership L.P.6.375% 03/01/20240.2%
Delta Air Lines, Inc.7.000% 05/01/20250.2%
Transocean Sentry Ltd5.375% 05/15/20230.2%
Fastlane Parent Company, Inc.4.678% 12/19/20250.2%
Sophia LP / Sophia Finance, Inc.9.000% 09/30/20230.2%
Central Garden & Pet Co.6.125% 11/15/20230.2%
KGA Escrow LLC7.500% 08/15/20230.2%
EQT Corp.6.125% 02/01/20250.2%
Petroleos Mexicanos4.875% 01/24/20220.2%
Equinox Holdings Inc.4.072% 03/08/20240.2%
1011778 BC ULC / New Red Finance, Inc.5.000% 10/15/20250.2%
EPR Properties5.250% 07/15/20230.2%
Diebold, Incorporated10.946% 08/30/20220.2%
NEP/NCP Holdco Inc3.428% 10/05/20250.2%
Fair Isaac Corp.5.250% 05/15/20260.2%
Midas Intermediate Holdco II LLC / Midas Intermedi7.875% 10/01/20220.2%
Simmons Foods, Inc.7.750% 01/15/20240.2%
Cedar Fair L.P.5.375% 06/01/20240.2%
XPO Logistics, Inc.6.250% 05/01/20250.2%
Banijay Group US Holding0.000% 02/04/20250.2%
Tronox Finance PLC5.750% 10/01/20250.2%
RegionalCare Hospital Partners Holdings Inc / Life9.750% 12/01/20260.2%
Hospitality Properties Trust4.350% 10/01/20240.2%
Drive Chassis Holdco LLC9.561% 04/10/20260.2%
Canopy Growth Corp4.250% 07/15/20230.2%
IRB Holding Corp6.750% 02/15/20260.2%
Atlantic Aviation FBO Inc.3.930% 11/30/20250.2%
Buena Vista Gaming Authority13.000% 04/01/20230.2%
Eldorado Resorts, Inc.7.000% 08/01/20230.2%
Royal Caribbean Cruises Ltd.11.500% 06/01/20250.2%
Forterra, Inc.4.000% 10/25/20230.2%
Weibo Corp.1.250% 11/15/20220.2%
Air Medical Group Holdings, Inc.6.375% 05/15/20230.2%
LTF Merger Sub, Inc.8.500% 06/15/20230.2%
Hadrian Merger Sub Inc8.500% 05/01/20260.2%
SunPower Corp.4.000% 01/15/20230.2%
Tenneco Inc.3.178% 06/18/20250.2%
Topgolf International, Inc.7.430% 02/09/20260.2%
Freeport-McMoRan, Inc.4.550% 11/14/20240.2%
Barracuda Networks, Inc.4.250% 02/12/20250.2%
Tempo Acquisition LLC / Tempo Acquisition Finance6.750% 06/01/20250.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.6.750% 08/01/20250.2%
Life Time Fitness, Inc.3.750% 06/10/20220.2%
JPMorgan Chase & Co.4.000% 12/31/20990.2%
Rite Aid Corp.6.125% 04/01/20230.2%
Rain CII Carbon LLC7.250% 04/01/20250.2%
Occidental Petroleum Corp.1.684% 08/13/20210.1%
Western Digital Corp.1.500% 02/01/20240.1%
Matador Resources Co.5.875% 09/15/20260.1%
Veoneer Inc4.000% 06/01/20240.1%
Guidehouse LLP4.678% 05/01/20250.1%
MPH Acquisition Holdings LLC7.125% 06/01/20240.1%
Wabash National Corp.5.500% 10/01/20250.1%
Veritas5.500% 01/27/20230.1%
Ahern Rentals, Inc.7.375% 05/15/20230.1%
Herbalife Nutrition Ltd / HLF Financing Inc7.875% 09/01/20250.1%
William Carter Co.5.500% 05/15/20250.1%
Hub International Ltd.7.000% 05/01/20260.1%
Caesars Resort Collection LLC / CRC Finco Inc5.250% 10/15/20250.1%
American Airlines Group, Inc.5.000% 06/01/20220.1%
Scorpio Tankers, Inc.3.000% 05/15/20220.1%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.1%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.5.875% 05/15/20250.1%
Brand Energy & Infrastructure Services Inc8.500% 07/15/20250.1%
PAA Finance Corp.4.650% 10/15/20250.1%
Gap, Inc.8.625% 05/15/20250.1%
Trident TPI Holdings Inc9.250% 08/01/20240.1%
Boyne USA Inc7.250% 05/01/20250.1%
Vail Resorts, Inc.6.250% 05/15/20250.1%
CD&R Smokey Buyer Inc6.750% 07/15/20250.1%
Citgo Petroleum Corp.7.000% 06/15/20250.1%
Avon International Capital PLC6.500% 08/15/20220.1%
Macy's, Inc.8.375% 06/15/20250.1%
BCD Acquisition, Inc.9.625% 09/15/20230.1%
Insmed, Inc.1.750% 01/15/20250.1%
Occidental Petroleum Corp.3.125% 02/15/20220.1%
Clear Channel Worldwide Holdings, Inc.9.250% 02/15/20240.1%
Navistar International Corp.6.625% 11/01/20250.1%
Leslies Poolmart, Inc.3.678% 08/09/20230.1%
Scientific Games International, Inc.8.625% 07/01/20250.1%
Flynn Restaurant Group3.678% 06/27/20250.1%
Beacon Roofing Supply, Inc.4.875% 11/01/20250.1%
Viking Cruises Ltd.13.000% 05/15/20250.1%
Solera Finance, Inc.10.500% 03/01/20240.1%
Clark Equipment Co5.875% 06/01/20250.1%
Polaris Intermediate Corp8.500% 12/01/20220.1%
PAA Finance Corp.2.850% 01/31/20230.1%
Cornerstone OnDemand Inc5.348% 04/22/20270.1%
Community Health Systems, Inc.8.000% 03/15/20260.1%
Live Nation Entertainment, Inc.4.875% 11/01/20240.1%
PetVet Care Centers, LLC2.928% 02/14/20250.1%
PBF Finance Corp.9.250% 05/15/20250.1%
IRB Holding Corp7.000% 06/15/20250.1%
L Brands, Inc.6.875% 07/01/20250.1%
Avon International Operations Inc7.875% 08/15/20220.1%
Picasso Finance Sub Inc6.125% 06/15/20250.1%
Endeavor Energy Resources L.P.6.625% 07/15/20250.1%
Royal Caribbean Cruises Ltd.9.125% 06/15/20230.1%
Colt Merger Sub Inc6.250% 07/01/20250.1%
Tronox Inc6.500% 04/15/20260.1%
Occidental Petroleum Corp.2.700% 02/15/20230.1%
JetBlue Airways Corp6.250% 06/12/20240.1%
Cinemark USA, Inc.5.125% 12/15/20220.1%
WP CityMD Bidco LLC5.536% 08/06/20260.1%
Community Health Systems, Inc.8.625% 01/15/20240.1%
Colt Merger Sub Inc5.750% 07/01/20250.1%
Gap, Inc.8.875% 05/15/20270.0%
Newell Rubbermaid, Inc.4.875% 06/01/20250.0%
Hillenbrand Inc.5.750% 06/15/20250.0%
Netflix, Inc.3.625% 06/15/20250.0%
DPL, Inc.4.125% 07/01/20250.0%
Revlon Consumer Products Corp.5.750% 02/15/20210.0%
FX USD/GBP 09/200.000% 09/08/20200.0%
Cinemark USA, Inc.4.875% 06/01/20230.0%
PetVet Care Centers, LLC3.685% 02/14/20250.0%
FX USD/EUR 09/200.000% 09/04/20200.0%
FX USD/GBP 09/200.000% 09/08/20200.0%
FX USD/CAD 07/200.000% 07/20/20200.0%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2020

Fund Gross Expense Ratio Fund Net Expense Ratio
0.69% 0.51%

Expense ratio details, Click here.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015

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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.      

                    

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There is no minimum initial investment for (i) purchases through or by registered investment advisers (RIAs), bank trust departments, and other financial intermediaries otherwise eligible to purchase Class I shares that charge a fee for services that include investment advisory or management services or (ii) purchases by retirement and benefit plans meeting the Class I eligibility requirements as described in the prospectus. These investment minimums may be suspended, changed, or withdrawn by Lord Abbett Distributor LLC ("Lord Abbett Distributor").
Class I shares minimum initial investment of $1,000,000, unless otherwise noted, applies to certain types of institutional investors as described in the prospectus. 

 

IMPORTANT INFORMATION

 

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investing strategy

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of your investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

The ICE BofA HY U.S. Corp, Cash Pay, BB-B 1-5 YR USD Index consists of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.

Source: ICE Data Indices, LLC. 

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

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

 

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.

 

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

 

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

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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