High Yield Fund

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Daily price w/o sales charge as of 05/02/2025

$6.17

$0.01

YTD Returns w/o sales charge as of 05/02/2025

-0.70%

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

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Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Average Yield to Maturity as of 03/31/2025

8.42%

Distribution Yield as of 05/02/2025

6.82%

30-Day Standardized Yield ¹ as of 03/31/2025

6.39%

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

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

Distribution Yield is the calculation of cash flow for an investment vehicle, to calculate the distribution yield, the most recent distribution is multiplied by 12 to get an annualized total, which is then divided by the NAV.

Fund Basicsas of 03/31/2025

Total Net Assets: $3.46 B
Inception Date: 12/31/1998
Dividend Frequency: Monthly
Fund Gross Expense Ratio: 1.54%
Fund Net Expense Ratio: 1.54%
Number of Holdings: 704
Minimum Initial Investment: $1,500+

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998
w/o sales charge	-0.89%	6.21%	3.39%	4.91%	3.22%	5.25%
Lipper Category Avg. High Yield Funds	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%
ICE BofA U.S. High Yield Constrained Index	0.97%	8.77%	6.21%	6.45%	4.81%	6.26%
w/ sales charge	-1.86%	5.22%	3.39%	4.91%	3.22%	5.25%

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

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998
w/o sales charge	0.14%	6.06%	2.48%	6.01%	3.45%	5.30%
Lipper Category Avg. High Yield Funds	0.69%	6.63%	4.16%	6.70%	4.17%	-10000.0%
ICE BofA U.S. High Yield Constrained Index	0.96%	7.67%	4.91%	7.24%	4.93%	6.28%
w/ sales charge	-0.84%	5.06%	2.48%	6.01%	3.45%	5.30%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Past performance is not a reliable indicator or guarantee 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.

Type	Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Convertibles
Equity
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity	Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 03/31/2025 View Portfolio

Rating	Assets
BBB
BB
B
<B
Not Rated

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

INVESTMENT TEAM

Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

24 Years of Industry Experience

Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

34 Years of Industry Experience

Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

17 Years of Industry Experience

Supported By 87 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Average Yield to Maturity as of 03/31/2025

8.42%

Distribution Yield as of 05/02/2025

6.82%

30-Day Standardized Yield ¹ as of 03/31/2025

	Subsidized²	Un-Subsidized³
w/o sales charge	6.39%	6.39%

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

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998
w/o sales charge	-0.89%	6.21%	3.39%	4.91%	3.22%	5.25%
Lipper Category Avg. High Yield Funds	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%	-10000.0%
ICE BofA U.S. High Yield Constrained Index	0.97%	8.77%	6.21%	6.45%	4.81%	6.26%
w/ sales charge	-1.86%	5.22%	3.39%	4.91%	3.22%	5.25%

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

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/31/1998
w/o sales charge	0.14%	6.06%	2.48%	6.01%	3.45%	5.30%
Lipper Category Avg. High Yield Funds	0.69%	6.63%	4.16%	6.70%	4.17%	-10000.0%
ICE BofA U.S. High Yield Constrained Index	0.96%	7.67%	4.91%	7.24%	4.93%	6.28%
w/ sales charge	-0.84%	5.06%	2.48%	6.01%	3.45%	5.30%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Year	Fund Returns	ICE BofA U.S. High Yield Constrained Index

Year	Fund Returns	ICE BofA U.S. High Yield Constrained Index
2024	7.74%	8.27%
2023	9.98%	13.55%
2022	-14.39%	-11.16%
2021	5.50%	5.35%
2020	3.83%	6.07%
2019	14.25%	14.41%
2018	-5.68%	-2.27%
2017	7.80%	7.48%
2016	15.15%	17.49%
2015	-2.92%	-4.61%
2014	2.79%	-10000.0%
2013	8.98%	-10000.0%
2012	15.77%	-10000.0%
2011	2.41%	-10000.0%
2010	13.44%	-10000.0%
2009	49.15%	-10000.0%
2008	-23.93%	-10000.0%
2007	1.84%	-10000.0%
2006	9.16%	-10000.0%
2005	0.53%	-10000.0%

Year	Q1	Q2	Q3	Q4

Year	Q1	Q2	Q3	Q4
2025	0.14%	-10000.0%	-10000.0%	-10000.0%
2024	1.73%	1.05%	4.73%	0.07%
2023	2.70%	0.99%	-0.60%	6.68%
2022	-5.61%	-10.93%	-1.48%	3.37%
2021	1.57%	2.96%	0.47%	0.41%
2020	-16.88%	10.78%	5.39%	6.99%
2019	7.21%	3.63%	0.12%	2.71%
2018	-1.24%	-0.21%	2.38%	-6.52%
2017	2.66%	1.81%	2.29%	0.83%
2016	2.00%	5.22%	5.31%	1.89%
2015	2.90%	0.70%	-4.41%	-1.99%
2014	2.76%	3.10%	-1.88%	-1.12%
2013	3.81%	-1.21%	2.48%	3.70%
2012	6.48%	0.19%	4.90%	3.45%
2011	3.64%	0.89%	-7.23%	5.57%
2010	4.74%	-1.00%	6.14%	3.07%
2009	5.78%	17.17%	13.72%	5.82%
2008	-3.61%	1.83%	-8.00%	-15.78%
2007	2.82%	-0.04%	0.44%	-1.34%
2006	2.29%	-0.15%	2.78%	3.99%
2005	-1.92%	1.36%	0.72%	0.40%
2004	0.96%	-0.56%	4.20%	4.91%
2003	3.78%	8.09%	2.33%	5.16%
2002	1.46%	-3.85%	-3.80%	5.98%
2001	4.97%	-1.83%	-4.24%	5.99%
2000	-1.71%	0.73%	0.15%	-2.71%
1999	3.07%	-0.36%	-0.86%	3.89%

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

Rating	Assets
High Yield Bonds
Bank Loans
Investment Grade Bonds
Convertibles
Equity
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of unsettled transactions.

Rating	Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 03/31/2025

Rating	Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 12/31/2024

We continue to focus on investments with higher carry. With high yield spreads south of 300 basis points, and the direction of interest rates still largely uncertain, we continue to target investments that offered higher levels of carry over convexity. We added to several positions over the month, specifically in lower-rated CCCs, as economic data continued to be resilient. Within this rating cohort, however, we have prioritized more idiosyncratic risk opportunities as opposed to adding broader risk exposure. To fund these purchases, we reduced allocations to longer-duration BBs and Single Bs that we viewed as offering limited relative value.
The Fund’s sector exposure remains balanced. The Fund is overweight the Energy and Transportation sectors, which finished the quarter as the top sector overweights. In Energy, we are constructive on the sector given resilient economic growth with potential for higher inflation and commodity prices. As for Transportation, we favor airline and air travel companies where fundamentals continue to be strong. However, we reduced the Fund’s overweight in Basic Industry, specifically in Chemicals, Metals and Mining which carry exposure to weaker economies in Europe and China as well as Building Materials given sensitivity towards higher rates. The Fund’s top sector underweights remained Media, where companies have excessive levels of leverage, and Consumer Goods and Services, which is driven by relative valuations.
We increased floating rate exposure within the Fund. We generally believe that select exposures to non-high yield sectors can offer attractive risk-reward opportunities, potential portfolio diversification benefits, and avenues for liquidity. The Fund has the flexibility to toggle allocations to off-benchmark asset classes, such as bank loans and convertible bonds. As bond yields moved higher over the quarter, we added floating rate exposure to the Fund, specifically through bank loans, given their lower interest rate sensitivity relative to high yield.
We are constructive on high yield credit amid a supportive macroeconomic environment and strong issuer fundamentals. We remain optimistic about the potential for high yield credit to deliver solid returns in 2025. Notably, spread valuations continue to be close to historic tights, but our view is that these valuation levels are supported given the current fundamental strength and higher-quality ratings mix among high yield issuers. Additionally, a supportive macroeconomic environment in the U.S., and accommodative financial conditions should help translate into lower issuer defaults in the year ahead. A high starting yield and lower expected default environment in 2025 should bode well for the asset class, which can be a strategic allocation for investors looking for income. Key risk factors to watch remain a resurgence of inflation that upends the narrative accommodative monetary policy, a pivot by issuers to more non-credit-friendly uses of debt finance, and a macro or policy driven spike of interest rate volatility that would leave investors flipping to defensive with less focus on credit. We look to be dynamic with our positioning in the Fund given this potential for increased market fluctuations.

Portfolio Details as of 03/31/2025

Total Net Assets: $3.46 B
Average Effective Duration: 3.3 Years
Average Maturity: 4.8 Years
Number of Issues: 704
Average Yield to Maturity: 8.42%

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

Holding	Coupon	Maturity	Assets

Holding	Coupon	Maturity	Assets
Vistra Operations Co LLC	7.750%	10/15/2031	0.7%
CCO Holdings LLC / CCO Holdings Capital Corp	4.500%	08/15/2030	0.6%
Venture Global LNG Inc	9.500%	02/01/2029	0.5%
Iron Mountain Inc	5.625%	07/15/2032	0.5%
Nissan Motor Co Ltd	4.810%	09/17/2030	0.5%
EMRLD Borrower LP / Emerald Co-Issuer Inc	6.625%	12/15/2030	0.5%
American Airlines Inc	7.250%	02/15/2028	0.4%
Hughes Satellite Systems Corp	6.625%	08/01/2026	0.4%
Altice France SA	5.125%	07/15/2029	0.4%
Virgin Media Secured Finance PLC	5.500%	05/15/2029	0.4%

% of Total Assets			4.9%

Holding	Coupon	Maturity	Assets

Holding	Coupon	Maturity	Assets
Vistra Operations Co LLC	7.750%	10/15/2031	0.7%
CCO Holdings LLC / CCO Holdings Capital Corp	4.500%	08/15/2030	0.6%
Venture Global LNG Inc	9.500%	02/01/2029	0.5%
Iron Mountain Inc	5.625%	07/15/2032	0.5%
Nissan Motor Co Ltd	4.810%	09/17/2030	0.5%
EMRLD Borrower LP / Emerald Co-Issuer Inc	6.625%	12/15/2030	0.5%
American Airlines Inc	7.250%	02/15/2028	0.4%
Hughes Satellite Systems Corp	6.625%	08/01/2026	0.4%
Altice France SA	5.125%	07/15/2029	0.4%
Virgin Media Secured Finance PLC	5.500%	05/15/2029	0.4%
Alloy Finco Ltd	0.005%	03/06/2028	0.4%
TransDigm Inc	4.625%	01/15/2029	0.4%
JetBlue Airways Corp / JetBlue Loyalty LP	9.875%	09/20/2031	0.4%
CCO Holdings LLC / CCO Holdings Capital Corp	5.000%	02/01/2028	0.4%
CSC Holdings LLC	11.250%	05/15/2028	0.4%
VZ Secured Financing BV	5.000%	01/15/2032	0.4%
Nationstar Mortgage Holdings Inc	7.125%	02/01/2032	0.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl	4.625%	06/01/2028	0.4%
DISH DBS Corp	5.125%	06/01/2029	0.4%
Hughes Satellite Systems Corp	5.250%	08/01/2026	0.4%
Loarre Investments Sarl	6.500%	05/15/2029	0.4%
CSC Holdings LLC	4.625%	12/01/2030	0.4%
Organon & Co / Organon Foreign Debt Co-Issuer BV	7.875%	05/15/2034	0.4%
Jane Street Group / JSG Finance Inc	7.125%	04/30/2031	0.3%
CSC Holdings LLC	11.750%	01/31/2029	0.3%
OneMain Finance Corp	7.500%	05/15/2031	0.3%
J P MORGAN SECURITIES INC	4.340%	04/01/2025	0.3%
EquipmentShare.com Inc	9.000%	05/15/2028	0.3%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp	7.000%	07/15/2031	0.3%
ROCK Trust 2024-CNTR	8.819%	11/13/2041	0.3%
DaVita Inc	4.625%	06/01/2030	0.3%
Lightning Power LLC	7.250%	08/15/2032	0.3%
Carnival Corp	6.000%	05/01/2029	0.3%
United Airlines Inc	4.625%	04/15/2029	0.3%
Medline Borrower LP	3.875%	04/01/2029	0.3%
Crescent Energy Finance LLC	7.625%	04/01/2032	0.3%
Walgreens Boots Alliance Inc	8.125%	08/15/2029	0.3%
Rand Parent LLC	8.500%	02/15/2030	0.3%
CCO Holdings LLC / CCO Holdings Capital Corp	4.750%	03/01/2030	0.3%
Ardonagh Finco Ltd	7.750%	02/15/2031	0.3%
AMC Networks Inc	4.250%	02/15/2029	0.3%
Virgin Media Finance PLC	5.000%	07/15/2030	0.3%
Univision Communications Inc	7.375%	06/30/2030	0.3%
Cloud Software Group Inc	6.500%	03/31/2029	0.3%
Saturn Oil & Gas Inc	9.625%	06/15/2029	0.3%
ZF North America Capital Inc	7.125%	04/14/2030	0.3%
ATI Inc	5.125%	10/01/2031	0.3%
Coinbase Global Inc	3.375%	10/01/2028	0.3%
Port of Newcastle Investments Financing Pty Ltd	5.900%	11/24/2031	0.3%
Rain Carbon Inc	12.250%	09/01/2029	0.3%
Twilio Inc	3.625%	03/15/2029	0.3%
1261229 BC Ltd	10.000%	04/15/2032	0.3%
TGNR Intermediate Holdings LLC	5.500%	10/15/2029	0.3%
Herens Midco Sarl	5.250%	05/15/2029	0.3%
Hecla Mining Co	7.250%	02/15/2028	0.3%
Navient Corp	11.500%	03/15/2031	0.3%
Longfor Group Holdings Ltd	3.950%	09/16/2029	0.3%
Coeur Mining Inc	5.125%	02/15/2029	0.3%
Inter Media and Communication SpA	6.750%	02/09/2027	0.3%
LGI Homes Inc	8.750%	12/15/2028	0.3%
Encino Acquisition Partners Holdings LLC	8.500%	05/01/2028	0.3%
CommScope LLC	4.750%	09/01/2029	0.3%
Comstock Resources Inc	5.875%	01/15/2030	0.3%
Lumen Technologies Inc	4.500%	01/15/2029	0.3%
Synchrony Financial	7.250%	02/02/2033	0.3%
SunCoke Energy Inc	4.875%	06/30/2029	0.3%
Coherent Corp	5.000%	12/15/2029	0.3%
X Corp	10.922%	10/29/2029	0.3%
Noble Finance II LLC	8.000%	04/15/2030	0.3%
Hunt Cos Inc	5.250%	04/15/2029	0.3%
Hilton Domestic Operating Co Inc	4.000%	05/01/2031	0.3%
EQM Midstream Partners LP	7.500%	06/01/2030	0.3%
CNX Resources Corp	6.000%	01/15/2029	0.3%
Oceaneering International Inc	6.000%	02/01/2028	0.3%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC	3.500%	03/15/2029	0.3%
Carvana Co	9.000%	06/01/2030	0.3%
Brandywine Operating Partnership LP	8.875%	04/12/2029	0.3%
Helix Energy Solutions Group Inc	9.750%	03/01/2029	0.3%
IHO Verwaltungs GmbH	8.000%	11/15/2032	0.3%
CHS/Community Health Systems Inc	5.250%	05/15/2030	0.2%
CNX Midstream Partners LP	4.750%	04/15/2030	0.2%
Lumen Technologies Inc	6.784%	04/15/2030	0.2%
Lumen Technologies Inc	6.784%	04/16/2029	0.2%
NRG Energy Inc	10.250%	09/15/2173	0.2%
Venture Global LNG Inc	8.375%	06/01/2031	0.2%
Staples Inc	10.750%	09/01/2029	0.2%
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp	7.125%	02/15/2031	0.2%
Venture Global LNG Inc	8.125%	06/01/2028	0.2%
Gray Media Inc	10.500%	07/15/2029	0.2%
Altice France SA	8.125%	02/01/2027	0.2%
Empire Resorts Inc	7.750%	11/01/2026	0.2%
California Resources Corp	8.250%	06/15/2029	0.2%
Talen Energy Supply LLC	8.625%	06/01/2030	0.2%
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC	8.125%	02/15/2032	0.2%
Vital Energy Inc	7.750%	07/31/2029	0.2%
Rakuten Group Inc	9.750%	04/15/2029	0.2%
Valaris Ltd	8.375%	04/30/2030	0.2%
Aethon United BR LP / Aethon United Finance Corp	7.500%	10/01/2029	0.2%
Studio City Finance Ltd	5.000%	01/15/2029	0.2%
Fortress Transportation and Infrastructure Investors LLC	7.875%	12/01/2030	0.2%
Diamond Foreign Asset Co / Diamond Finance LLC	8.500%	10/01/2030	0.2%
Miller Homes Group Finco PLC	7.000%	05/15/2029	0.2%
DISH Network Corp	11.750%	11/15/2027	0.2%
Outfront Media Capital LLC / Outfront Media Capital Corp	7.375%	02/15/2031	0.2%
Cerdia Finanz GmbH	9.375%	10/03/2031	0.2%
Global Partners LP / GLP Finance Corp	8.250%	01/15/2032	0.2%
Curaleaf Holdings Inc	8.000%	12/15/2026	0.2%
Vornado Realty LP	3.400%	06/01/2031	0.2%
Red Oak Power LLC	8.298%	10/01/2030	0.2%
Sunrise FinCo I BV	4.875%	07/15/2031	0.2%
CommScope LLC	8.250%	03/01/2027	0.2%
Intesa Sanpaolo SpA	4.198%	06/01/2032	0.2%
Penn Entertainment Inc	4.125%	07/01/2029	0.2%
Fibercop SpA	6.375%	11/15/2033	0.2%
Ivanhoe Mines Ltd	7.875%	01/23/2030	0.2%
Taseko Mines Ltd	8.250%	05/01/2030	0.2%
GrafTech Global Enterprises Inc	9.875%	12/23/2029	0.2%
Mercer International Inc	5.125%	02/01/2029	0.2%
Seaspan Corp	5.500%	08/01/2029	0.2%
Algonquin Power & Utilities Corp	4.750%	01/18/2082	0.2%
CITGO Petroleum Corp	8.375%	01/15/2029	0.2%
Builders FirstSource Inc	6.375%	06/15/2032	0.2%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer	6.750%	04/15/2028	0.2%
Goodyear Tire & Rubber Co/The	5.250%	07/15/2031	0.2%
GrubHub Holdings Inc	5.500%	07/01/2027	0.2%
Newmark Group Inc	7.500%	01/12/2029	0.2%
Samarco Mineracao SA	9.000%	06/30/2031	0.2%
Gray Media Inc	5.375%	11/15/2031	0.2%
MEG Energy Corp	5.875%	02/01/2029	0.2%
Freedom Mortgage Corp	12.000%	10/01/2028	0.2%
VistaJet Malta Finance PLC / Vista Management Holding Inc	7.875%	05/01/2027	0.2%
Efesto Bidco S.p.A Efesto US LLC	7.500%	02/15/2032	0.2%
Carriage Purchaser Inc	7.875%	10/15/2029	0.2%
Eldorado Gold Corp	6.250%	09/01/2029	0.2%
Ardonagh Group Finance Ltd	8.875%	02/15/2032	0.2%
AmeriTex HoldCo Intermediate LLC	10.250%	10/15/2028	0.2%
CVS Health Corp	7.000%	03/10/2055	0.2%
Amsted Industries Inc	6.375%	03/15/2033	0.2%
Sabre GLBL Inc	8.625%	06/01/2027	0.2%
Cushman & Wakefield US Borrower LLC	8.875%	09/01/2031	0.2%
FMG Resources August 2006 Pty Ltd	6.125%	04/15/2032	0.2%
StoneX Group Inc	7.875%	03/01/2031	0.2%
GEO Group Inc/The	10.250%	04/15/2031	0.2%
CNX Resources Corp	7.375%	01/15/2031	0.2%
Smyrna Ready Mix Concrete LLC	8.875%	11/15/2031	0.2%
First Quantum Minerals Ltd	8.625%	06/01/2031	0.2%
MIWD Holdco II LLC / MIWD Finance Corp	5.500%	02/01/2030	0.2%
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS	9.500%	07/10/2036	0.2%
Block Inc	6.500%	05/15/2032	0.2%
Vermilion Energy Inc	6.875%	05/01/2030	0.2%
Brightline East LLC	11.000%	01/31/2030	0.2%
American Airlines Inc/AAdvantage Loyalty IP Ltd	5.750%	04/20/2029	0.2%
CVR Partners LP / CVR Nitrogen Finance Corp	6.125%	06/15/2028	0.2%
Navient Corp	9.375%	07/25/2030	0.2%
Bread Financial Holdings Inc	9.750%	03/15/2029	0.2%
Maxim Crane Works Holdings Capital LLC	11.500%	09/01/2028	0.2%
Genting New York LLC / GENNY Capital Inc	7.250%	10/01/2029	0.2%
Champions Financing Inc	9.053%	02/23/2029	0.2%
Cloud Software Group Inc	9.000%	09/30/2029	0.2%
Freedom Mortgage Holdings LLC	9.125%	05/15/2031	0.2%
Fortress Transportation and Infrastructure Investors LLC	7.000%	05/01/2031	0.2%
PennyMac Financial Services Inc	7.875%	12/15/2029	0.2%
Borr IHC Ltd / Borr Finance LLC	10.000%	11/15/2028	0.2%
Gatwick Airport Finance PLC	4.375%	04/07/2026	0.2%
Sinclair Television Group Inc	8.525%	12/31/2030	0.2%
ACBL HLDG CORP	0.000%	09/09/9999	0.2%
Brand Industrial Services Inc	10.375%	08/01/2030	0.2%
Ascent Resources Utica Holdings LLC / ARU Finance Corp	5.875%	06/30/2029	0.2%
ASP Unifrax Holdings Inc	10.425%	09/30/2029	0.2%
McGraw-Hill Education Inc	5.750%	08/01/2028	0.2%
Texas Capital Bank NA	5.250%	01/31/2026	0.2%
Cloud Software Group Inc	8.250%	06/30/2032	0.2%
Nissan Motor Acceptance Co LLC	2.750%	03/09/2028	0.2%
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC	7.250%	02/15/2031	0.2%
Belo Corp	7.250%	09/15/2027	0.2%
Landsea Homes Corp	8.875%	04/01/2029	0.2%
Mersin Uluslararasi Liman Isletmeciligi AS	8.250%	11/15/2028	0.2%
Aretec Group Inc	10.000%	08/15/2030	0.2%
ASP Unifrax Holdings Inc	7.100%	09/30/2029	0.2%
JW Aluminum Continuous Cast Co	10.250%	04/01/2030	0.2%
Saks Global Enterprises LLC	11.000%	12/15/2029	0.2%
Harvest Midstream I LP	7.500%	05/15/2032	0.2%
Civitas Resources Inc	8.625%	11/01/2030	0.2%
Genesis Energy LP / Genesis Energy Finance Corp	8.875%	04/15/2030	0.2%
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp	4.875%	05/01/2029	0.2%
P&L Development LLC / PLD Finance Corp	12.000%	05/15/2029	0.2%
M/I Homes Inc	4.950%	02/01/2028	0.2%
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp	6.875%	12/01/2032	0.2%
Crescent Energy Finance LLC	7.375%	01/15/2033	0.2%
CSC Holdings LLC	6.500%	02/01/2029	0.2%
Market Bidco Finco PLC	5.500%	11/04/2027	0.2%
Texas Capital Bancshares Inc	4.000%	05/06/2031	0.2%
Park-Ohio Industries Inc	6.625%	04/15/2027	0.2%
STL Holding Co LLC	8.750%	02/15/2029	0.2%
888 Acquisitions Ltd	10.750%	05/15/2030	0.2%
Western Alliance Bancorp	3.000%	06/15/2031	0.2%
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC	4.750%	04/15/2028	0.2%
Vital Energy Inc	7.875%	04/15/2032	0.2%
Aris Water Holdings LLC	7.250%	04/01/2030	0.2%
VistaJet Malta Finance PLC / Vista Management Holding Inc	6.375%	02/01/2030	0.2%
Popular Inc	7.250%	03/13/2028	0.2%
Baytex Energy Corp	7.375%	03/15/2032	0.2%
Leeward Renewable Energy Operations LLC	4.250%	07/01/2029	0.2%
Smyrna Ready Mix Concrete LLC	6.000%	11/01/2028	0.2%
Dermatology Intermediate Holdings III Inc	9.802%	04/02/2029	0.2%
Acadia Healthcare Co Inc	7.375%	03/15/2033	0.2%
Bausch Health Cos Inc	4.875%	06/01/2028	0.2%
Piedmont Operating Partnership LP	6.875%	07/15/2029	0.2%
Star Leasing Co LLC	7.625%	02/15/2030	0.2%
Turning Point Brands Inc	7.625%	03/15/2032	0.2%
New Gold Inc	6.875%	04/01/2032	0.2%
DPL Inc	4.350%	04/15/2029	0.2%
Resorts World Las Vegas LLC / RWLV Capital Inc	4.625%	04/06/2031	0.2%
Zegona Finance PLC	8.625%	07/15/2029	0.2%
LABL Inc	9.500%	11/01/2028	0.2%
PRA Group Inc	8.875%	01/31/2030	0.2%
Civitas Resources Inc	8.750%	07/01/2031	0.2%
Sinclair Television Group Inc	7.740%	12/31/2029	0.2%
ROBLOX Corp	3.875%	05/01/2030	0.2%
Minerals Technologies Inc	5.000%	07/01/2028	0.2%
Canpack SA / Canpack US LLC	3.875%	11/15/2029	0.2%
GGAM Finance Ltd	8.000%	02/15/2027	0.2%
Comstock Resources Inc	6.750%	03/01/2029	0.2%
Heathrow Finance PLC	6.625%	03/01/2031	0.2%
Sotheby's	7.375%	10/15/2027	0.2%
Aris Mining Corp	8.000%	10/31/2029	0.2%
EnerSys	6.625%	01/15/2032	0.2%
Kimmeridge Texas Gas LLC	8.500%	02/15/2030	0.2%
Gulfport Energy Operating Corp	6.750%	09/01/2029	0.2%
Freedom Mortgage Holdings LLC	9.250%	02/01/2029	0.2%
Parkland Corp	6.625%	08/15/2032	0.2%
ASK Chemicals Deutschland Holding GmbH	10.000%	11/15/2029	0.2%
Acadia Healthcare Co Inc	5.000%	04/15/2029	0.2%
Waste Pro USA Inc	7.000%	02/01/2033	0.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp	5.375%	06/15/2029	0.2%
JB Poindexter & Co Inc	8.750%	12/15/2031	0.2%
Delek Logistics Partners LP / Delek Logistics Finance Corp	7.125%	06/01/2028	0.2%
Iron Mountain Inc	5.250%	07/15/2030	0.2%
Coronado Finance Pty Ltd	9.250%	10/01/2029	0.2%
Aston Martin Capital Holdings Ltd	10.000%	03/31/2029	0.2%
ContourGlobal Power Holdings SA	6.750%	02/28/2030	0.2%
PennyMac Financial Services Inc	5.750%	09/15/2031	0.2%
BellRing Brands Inc	7.000%	03/15/2030	0.2%
City Football Group Ltd	7.431%	07/22/2030	0.2%
Spin Holdco Inc	8.317%	03/06/2028	0.2%
Sealed Air Corp	6.500%	07/15/2032	0.2%
Kraken Oil & Gas Partners LLC	7.625%	08/15/2029	0.2%
MC Brazil Downstream Trading SARL	7.250%	06/30/2031	0.2%
Yum! Brands Inc	5.375%	04/01/2032	0.2%
NRG Energy Inc	6.000%	02/01/2033	0.2%
PetSmart Inc / PetSmart Finance Corp	4.750%	02/15/2028	0.2%
CP Atlas Buyer Inc	7.000%	12/01/2028	0.2%
Buckeye Partners LP	4.125%	12/01/2027	0.2%
GFL Environmental Inc	6.750%	01/15/2031	0.2%
Ahlstrom Holding 3 Oy	4.875%	02/04/2028	0.2%
NGL Energy Operating LLC / NGL Energy Finance Corp	8.375%	02/15/2032	0.2%
Arsenal AIC Parent LLC	8.000%	10/01/2030	0.2%
Societe Generale SA	9.375%	05/22/2173	0.2%
Goat Holdco LLC	6.750%	02/01/2032	0.2%
Allied Universal Holdco LLC / Allied Universal Finance Corp	6.000%	06/01/2029	0.2%
Grupo Antolin-Irausa SA	10.375%	01/30/2030	0.1%
Baytex Energy Corp	8.500%	04/30/2030	0.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer	7.000%	02/01/2030	0.1%
Wildfire Intermediate Holdings LLC	7.500%	10/15/2029	0.1%
Algoma Steel Inc	9.125%	04/15/2029	0.1%
LSB Industries Inc	6.250%	10/15/2028	0.1%
Tank Holding Corp	10.425%	03/31/2028	0.1%
Bausch Health Cos Inc	6.125%	02/01/2027	0.1%
Blue Racer Midstream LLC / Blue Racer Finance Corp	7.000%	07/15/2029	0.1%
VF Ukraine PAT via VFU Funding PLC	9.625%	02/11/2027	0.1%
ATI Inc	7.250%	08/15/2030	0.1%
Credit Acceptance Corp	6.625%	03/15/2030	0.1%
Trulieve Cannabis Corp	8.000%	10/06/2026	0.1%
Arko Corp	5.125%	11/15/2029	0.1%
Flagstar Financial Inc	7.343%	11/06/2028	0.1%
Global Medical Response Inc	6.500%	10/01/2025	0.1%
Vermilion Energy Inc	7.250%	02/15/2033	0.1%
ACProducts Holdings Inc	6.375%	05/15/2029	0.1%
OneMain Finance Corp	7.125%	11/15/2031	0.1%
Acuris Finance US Inc / Acuris Finance SARL	9.000%	08/01/2029	0.1%
SM Energy Co	7.000%	08/01/2032	0.1%
CQP Holdco LP / BIP-V Chinook Holdco LLC	5.500%	06/15/2031	0.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc	7.000%	08/15/2028	0.1%
Olympus Water US Holding Corp	7.250%	06/15/2031	0.1%
Provident Funding Associates LP / PFG Finance Corp	9.750%	09/15/2029	0.1%
Genesis Energy LP / Genesis Energy Finance Corp	8.250%	01/15/2029	0.1%
Nationstar Mortgage Holdings Inc	6.500%	08/01/2029	0.1%
Alumina Pty Ltd	6.125%	03/15/2030	0.1%
Jane Street Group / JSG Finance Inc	4.500%	11/15/2029	0.1%
CD&R Firefly Bidco PLC	8.625%	04/30/2029	0.1%
Real Hero Merger Sub 2 Inc	6.250%	02/01/2029	0.1%
Warrior Met Coal Inc	7.875%	12/01/2028	0.1%
Hudbay Minerals Inc	6.125%	04/01/2029	0.1%
VFH Parent LLC / Valor Co-Issuer Inc	7.500%	06/15/2031	0.1%
TEGNA Inc	5.000%	09/15/2029	0.1%
Dream Finders Homes Inc	8.250%	08/15/2028	0.1%
Methanex Corp	5.250%	12/15/2029	0.1%
SM Energy Co	6.750%	08/01/2029	0.1%
Vallourec SACA	7.500%	04/15/2032	0.1%
Buckeye Partners LP	6.875%	07/01/2029	0.1%
Bellis Finco PLC	4.000%	02/16/2027	0.1%
Seadrill Finance Ltd	8.375%	08/01/2030	0.1%
Rockies Express Pipeline LLC	6.750%	03/15/2033	0.1%
RingCentral Inc	8.500%	08/15/2030	0.1%
AltaGas Ltd	7.200%	10/15/2054	0.1%
FMG Resources August 2006 Pty Ltd	5.875%	04/15/2030	0.1%
Global Auto Holdings Ltd/AAG FH UK Ltd	11.500%	08/15/2029	0.1%
Wyndham Hotels & Resorts Inc	4.375%	08/15/2028	0.1%
Cinemark USA Inc	7.000%	08/01/2032	0.1%
Churchill Downs Inc	4.750%	01/15/2028	0.1%
Entegris Inc	3.625%	05/01/2029	0.1%
Arcosa Inc	4.375%	04/15/2029	0.1%
TORONTO DOMINION BANK THE	4.350%	04/01/2025	0.1%
Terex Corp	5.000%	05/15/2029	0.1%
BW Real Estate Inc	9.500%	06/30/2173	0.1%
Benteler International AG	10.500%	05/15/2028	0.1%
Mueller Water Products Inc	4.000%	06/15/2029	0.1%
Viking Cruises Ltd	9.125%	07/15/2031	0.1%
Sunoco LP / Sunoco Finance Corp	7.000%	09/15/2028	0.1%
Cinemark USA Inc	5.250%	07/15/2028	0.1%
Rekeep SpA	9.000%	09/15/2029	0.1%
Iceland Bondco PLC	10.875%	12/15/2027	0.1%
Tidewater Inc	10.375%	07/03/2028	0.1%
CPI CG Inc	10.000%	07/15/2029	0.1%
Vertiv Group Corp	4.125%	11/15/2028	0.1%
Matador Resources Co	6.500%	04/15/2032	0.1%
CCO Holdings LLC / CCO Holdings Capital Corp	6.375%	09/01/2029	0.1%
Full House Resorts Inc	8.250%	02/15/2028	0.1%
Resideo Funding Inc	6.500%	07/15/2032	0.1%
Bombardier Inc	8.750%	11/15/2030	0.1%
NCR Atleos Corp	9.500%	04/01/2029	0.1%
FirstCash Inc	5.625%	01/01/2030	0.1%
PRA Group Inc	5.000%	10/01/2029	0.1%
PBF Holding Co LLC / PBF Finance Corp	7.875%	09/15/2030	0.1%
Park River Holdings Inc	6.750%	08/01/2029	0.1%
Jones Deslauriers Insurance Management Inc	10.500%	12/15/2030	0.1%
Encino Acquisition Partners Holdings LLC	8.750%	05/01/2031	0.1%
EquipmentShare.com Inc	8.625%	05/15/2032	0.1%
Clydesdale Acquisition Holdings Inc	6.750%	04/15/2032	0.1%
Talos Production Inc	9.000%	02/01/2029	0.1%
VOC Escrow Ltd	5.000%	02/15/2028	0.1%
Perrigo Finance Unlimited Co	4.900%	06/15/2030	0.1%
Independent Bank Corp	7.250%	04/01/2035	0.1%
Iliad Holding SASU	8.500%	04/15/2031	0.1%
Kodiak Gas Services LLC	7.250%	02/15/2029	0.1%
Shea Homes LP / Shea Homes Funding Corp	4.750%	02/15/2028	0.1%
TriNet Group Inc	7.125%	08/15/2031	0.1%
HLF Financing Sarl LLC / Herbalife International Inc	12.250%	04/15/2029	0.1%
Post Holdings Inc	4.625%	04/15/2030	0.1%
Range Resources Corp	4.750%	02/15/2030	0.1%
US Acute Care Solutions LLC	9.750%	05/15/2029	0.1%
GGAM Finance Ltd	8.000%	06/15/2028	0.1%
Boyne USA Inc	4.750%	05/15/2029	0.1%
Anastasia Parent LLC	8.047%	08/11/2025	0.1%
PennyMac Financial Services Inc	7.125%	11/15/2030	0.1%
Churchill Downs Inc	5.750%	04/01/2030	0.1%
NESCO Holdings II Inc	5.500%	04/15/2029	0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp	8.625%	06/15/2029	0.1%
Borr IHC Ltd / Borr Finance LLC	10.375%	11/15/2030	0.1%
FMG Resources August 2006 Pty Ltd	4.375%	04/01/2031	0.1%
Molina Healthcare Inc	3.875%	11/15/2030	0.1%
Iron Mountain Inc	6.250%	01/15/2033	0.1%
EQM Midstream Partners LP	4.750%	01/15/2031	0.1%
Royal Caribbean Cruises Ltd	6.250%	03/15/2032	0.1%
180 Medical Inc	3.875%	10/15/2029	0.1%
EQM Midstream Partners LP	6.375%	04/01/2029	0.1%
Dana Inc	4.250%	09/01/2030	0.1%
LCM Investments Holdings II LLC	8.250%	08/01/2031	0.1%
LCM Investments Holdings II LLC	4.875%	05/01/2029	0.1%
Vistra Operations Co LLC	4.375%	05/01/2029	0.1%
ASG Finance Designated Activity Co	9.750%	05/15/2029	0.1%
Group 1 Automotive Inc	6.375%	01/15/2030	0.1%
Lumen Technologies Inc	5.375%	06/15/2029	0.1%
EMRLD Borrower LP / Emerald Co-Issuer Inc	6.750%	07/15/2031	0.1%
Hilcorp Energy I LP / Hilcorp Finance Co	6.250%	11/01/2028	0.1%
Dornoch Debt Merger Sub Inc	6.625%	10/15/2029	0.1%
Celanese US Holdings LLC	6.500%	04/15/2030	0.1%
RR Donnelley & Sons Co	9.500%	08/01/2029	0.1%
Lamb Weston Holdings Inc	4.125%	01/31/2030	0.1%
Bellis Acquisition Co PLC	8.125%	05/14/2030	0.1%
Axalta Coating Systems Dutch Holding B BV	7.250%	02/15/2031	0.1%
Scripps Escrow II Inc	5.375%	01/15/2031	0.1%
Fortress Transportation and Infrastructure Investors LLC	5.500%	05/01/2028	0.1%
Transocean Inc	8.250%	05/15/2029	0.1%
Panther Escrow Issuer LLC	7.125%	06/01/2031	0.1%
Woodward Inc	0.000%	09/09/9999	0.1%
Halozyme Therapeutics Inc	1.000%	08/15/2028	0.1%
ATS Corp	4.125%	12/15/2028	0.1%
Commercial Metals Co	4.125%	01/15/2030	0.1%
Dycom Industries Inc	4.500%	04/15/2029	0.1%
Virtusa Corp	7.125%	12/15/2028	0.1%
Kennedy-Wilson Inc	4.750%	02/01/2030	0.1%
Gap Inc/The	3.875%	10/01/2031	0.1%
SIG PLC	9.750%	10/31/2029	0.1%
South Bow Canadian Infrastructure Holdings Ltd	7.625%	03/01/2055	0.1%
OSI Systems Inc	2.250%	08/01/2029	0.1%
Boparan Finance PLC	9.375%	11/07/2029	0.1%
Virgin Media Bristol LLC	7.688%	01/31/2029	0.1%
Alcoa Nederland Holding BV	7.125%	03/15/2031	0.1%
Global Marine Inc	7.000%	06/01/2028	0.1%
IAMGOLD Corp	5.750%	10/15/2028	0.1%
INEOS US Finance LLC	6.924%	11/09/2028	0.1%
Clydesdale Acquisition Holdings Inc	8.750%	04/15/2030	0.1%
Univision Communications Inc	8.500%	07/31/2031	0.1%
Trident TPI Holdings Inc	12.750%	12/31/2028	0.1%
Mobico Group PLC	4.250%	02/26/2174	0.1%
Albion Financing 2 Sarl	8.750%	04/15/2027	0.1%
Newell Brands Inc	6.625%	09/15/2029	0.1%
Resideo Funding Inc	4.000%	09/01/2029	0.1%
Wabash National Corp	4.500%	10/15/2028	0.1%
Rfna LP	7.875%	02/15/2030	0.1%
Capstone Borrower Inc	8.000%	06/15/2030	0.1%
Bausch Health Americas Inc	9.250%	04/01/2026	0.1%
US Foods Inc	4.625%	06/01/2030	0.1%
EnerSys	4.375%	12/15/2027	0.1%
Novelis Inc	6.875%	01/30/2030	0.1%
Victra Holdings LLC / Victra Finance Corp	8.750%	09/15/2029	0.1%
Waga Bondco Ltd	8.500%	06/15/2030	0.1%
Kennedy-Wilson Inc	5.000%	03/01/2031	0.1%
Life Time Inc	6.000%	11/15/2031	0.1%
SK Invictus Intermediate II Sarl	5.000%	10/30/2029	0.1%
PBF Holding Co LLC / PBF Finance Corp	6.000%	02/15/2028	0.1%
Cougar JV Subsidiary LLC	8.000%	05/15/2032	0.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer	4.875%	05/15/2029	0.1%
X Corp	9.500%	10/29/2029	0.1%
Lions Gate Capital Holdings 1 Inc	5.500%	04/15/2029	0.1%
Cheplapharm Arzneimittel GmbH	5.500%	01/15/2028	0.1%
Brink's Co/The	6.750%	06/15/2032	0.1%
Nova Alexandre III SAS	8.035%	07/15/2029	0.1%
Esab Corp	6.250%	04/15/2029	0.1%
Edge Finco PLC	8.125%	08/15/2031	0.1%
Melco Resorts Finance Ltd	7.625%	04/17/2032	0.1%
ams-OSRAM AG	10.500%	03/30/2029	0.1%
HUB International Ltd	7.375%	01/31/2032	0.1%
Stena International SA	7.625%	02/15/2031	0.1%
Pitney Bowes Inc	7.250%	03/15/2029	0.1%
Celanese US Holdings LLC	6.580%	07/15/2029	0.1%
Madison IAQ LLC	5.875%	06/30/2029	0.1%
Jazz Securities DAC	4.375%	01/15/2029	0.1%
Mahle GmbH	6.500%	05/02/2031	0.1%
NCL Corp Ltd	8.125%	01/15/2029	0.1%
EPIC Y-Grade Services LP	10.048%	06/29/2029	0.1%
Sunoco LP	6.250%	07/01/2033	0.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer	5.875%	11/01/2029	0.1%
Novelis Corp	3.875%	08/15/2031	0.1%
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed	4.625%	03/01/2029	0.1%
ZF North America Capital Inc	6.875%	04/14/2028	0.1%
Allied Universal Holdco LLC	7.875%	02/15/2031	0.1%
Brandywine Operating Partnership LP	4.550%	10/01/2029	0.1%
Boise Cascade Co	4.875%	07/01/2030	0.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer	6.500%	10/01/2031	0.1%
AG Issuer LLC	6.250%	03/01/2028	0.1%
Seagate HDD Cayman	8.250%	12/15/2029	0.1%
Suburban Propane Partners LP/Suburban Energy Finance Corp	5.000%	06/01/2031	0.1%
Clydesdale Acquisition Holdings Inc	6.875%	01/15/2030	0.1%
Raven Acquisition Holdings LLC	6.875%	11/15/2031	0.1%
BCP V Modular Services Finance PLC	6.750%	11/30/2029	0.1%
Asbury Automotive Group Inc	5.000%	02/15/2032	0.1%
West China Cement Ltd	4.950%	07/08/2026	0.1%
PG&E Corp	7.375%	03/15/2055	0.1%
Bloomin' Brands Inc / OSI Restaurant Partners LLC	5.125%	04/15/2029	0.1%
Fiesta Purchaser Inc	7.875%	03/01/2031	0.1%
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc	6.625%	01/15/2032	0.1%
Stonegate Pub Co Financing 2019 PLC	10.750%	07/31/2029	0.1%
GGAM Finance Ltd	6.875%	04/15/2029	0.1%
CoreCivic Inc	8.250%	04/15/2029	0.1%
Foundation Building Materials Inc	6.000%	03/01/2029	0.1%
Royal Caribbean Cruises Ltd	6.000%	02/01/2033	0.1%
Moss Creek Resources Holdings Inc	8.250%	09/01/2031	0.1%
Sitio Royalties Operating Partnership LP / Sitio Finance Corp	7.875%	11/01/2028	0.1%
Jones Deslauriers Insurance Management Inc	8.500%	03/15/2030	0.1%
Ingevity Corp	3.875%	11/01/2028	0.1%
INEOS Quattro Finance 2 Plc	6.750%	04/15/2030	0.1%
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC	9.000%	02/15/2029	0.1%
DaVita Inc	6.875%	09/01/2032	0.1%
ON Semiconductor Corp	3.875%	09/01/2028	0.1%
Blackstone Mortgage Trust Inc	7.750%	12/01/2029	0.1%
Caesars Entertainment Inc	7.000%	02/15/2030	0.1%
XPO Inc	7.125%	02/01/2032	0.1%
AdaptHealth LLC	5.125%	03/01/2030	0.1%
TransDigm Inc	6.000%	01/15/2033	0.1%
Hilcorp Energy I LP / Hilcorp Finance Co	6.000%	02/01/2031	0.1%
Adtalem Global Education Inc	5.500%	03/01/2028	0.1%
Lsf12 Crown US Commercial Bidco LLC	8.574%	12/02/2031	0.1%
Molina Healthcare Inc	3.875%	05/15/2032	0.1%
Fair Isaac Corp	4.000%	06/15/2028	0.1%
Post Holdings Inc	4.500%	09/15/2031	0.1%
PCF GmbH	4.750%	04/15/2029	0.1%
Victoria's Secret & Co	4.625%	07/15/2029	0.1%
Insulet Corp	6.500%	04/01/2033	0.1%
LifePoint Health Inc	11.000%	10/15/2030	0.1%
LifePoint Health Inc	5.375%	01/15/2029	0.1%
SNF Group SACA	3.375%	03/15/2030	0.1%
United States Steel Corp	6.650%	06/01/2037	0.1%
Sea Ltd	2.375%	12/01/2025	0.1%
JELD-WEN Inc	4.875%	12/15/2027	0.1%
Carpenter Technology Corp	7.625%	03/15/2030	0.1%
Bombardier Inc	7.250%	07/01/2031	0.1%
Builders FirstSource Inc	4.250%	02/01/2032	0.1%
Allison Transmission Inc	3.750%	01/30/2031	0.1%
Patrick Industries Inc	6.375%	11/01/2032	0.1%
Northriver Midstream Finance LP	6.750%	07/15/2032	0.1%
Starwood Property Trust Inc	6.000%	04/15/2030	0.1%
Elastic NV	4.125%	07/15/2029	0.1%
Great Lakes Dredge & Dock Corp	5.250%	06/01/2029	0.1%
Energy Transfer LP	8.000%	05/15/2054	0.1%
YPF SA	9.500%	01/17/2031	0.1%
Nordstrom Inc	4.375%	04/01/2030	0.1%
Bombardier Inc	7.000%	06/01/2032	0.1%
Clue Opco LLC	9.500%	10/15/2031	0.1%
Moog Inc	4.250%	12/15/2027	0.1%
WaterBridge Midstream Operating LLC	9.053%	06/27/2029	0.1%
Talos Production Inc	9.375%	02/01/2031	0.1%
Foot Locker Inc	4.000%	10/01/2029	0.1%
NCL Corp Ltd	6.750%	02/01/2032	0.1%
Level 3 Financing Inc	4.500%	04/01/2030	0.1%
Carnival Corp	5.750%	03/15/2030	0.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer	7.375%	10/01/2032	0.1%
Capstone Copper Corp	6.750%	03/31/2033	0.1%
Precision Drilling Corp	6.875%	01/15/2029	0.1%
Starwood Property Trust Inc	6.500%	10/15/2030	0.1%
Vistra Corp	7.000%	06/15/2173	0.1%
Jacobs Entertainment Inc	6.750%	02/15/2029	0.1%
Transocean Inc	7.500%	04/15/2031	0.1%
ZF North America Capital Inc	6.750%	04/23/2030	0.1%
Cablevision Lightpath LLC	5.625%	09/15/2028	0.1%
ION Trading Technologies Sarl	9.500%	05/30/2029	0.1%
Ally Financial Inc	4.700%	08/15/2173	0.1%
Alumina Pty Ltd	6.375%	09/15/2032	0.1%
Pediatrix Medical Group Inc	5.375%	02/15/2030	0.1%
Owens-Brockway Glass Container Inc	7.375%	06/01/2032	0.1%
Adient Global Holdings Ltd	8.250%	04/15/2031	0.1%
GYP Holdings III Corp	4.625%	05/01/2029	0.1%
Aston Martin Capital Holdings Ltd	10.375%	03/31/2029	0.1%
New Enterprise Stone & Lime Co Inc	5.250%	07/15/2028	0.1%
Plaskolite PPC Intermediate II LLC	8.548%	12/15/2025	0.1%
Shelf Drilling Holdings Ltd	9.625%	04/15/2029	0.1%
CHS/Community Health Systems Inc	4.750%	02/15/2031	0.1%
Macy's Retail Holdings LLC	5.875%	04/01/2029	0.1%
Century Communities Inc	3.875%	08/15/2029	0.1%
Azul Secured Finance LLP	11.930%	08/28/2028	0.1%
INEOS Finance PLC	7.500%	04/15/2029	0.1%
PetSmart Inc / PetSmart Finance Corp	7.750%	02/15/2029	0.1%
Ocado Group PLC	10.500%	08/08/2029	0.1%
Enstall Group BV	9.313%	08/30/2028	0.1%
Cleveland-Cliffs Inc	7.500%	09/15/2031	0.1%
Archrock Partners LP / Archrock Partners Finance Corp	6.625%	09/01/2032	0.1%
Directv Financing LLC	8.875%	02/01/2030	0.1%
Celanese US Holdings LLC	6.750%	04/15/2033	0.1%
Conair Holdings LLC	8.184%	05/17/2028	0.1%
LifePoint Health Inc	9.875%	08/15/2030	0.1%
Bausch Health Cos Inc	11.000%	09/30/2028	0.1%
Iris Holding Inc	10.000%	12/15/2028	0.1%
UBS Group AG	7.750%	04/12/2173	0.1%
Star Parent Inc	9.000%	10/01/2030	0.1%
Alta Equipment Group Inc	9.000%	06/01/2029	0.1%
Transocean Inc	6.800%	03/15/2038	0.1%
Iceland Bondco PLC	10.875%	12/15/2027	0.1%
Global Auto Holdings Ltd/AAG FH UK Ltd	8.375%	01/15/2029	0.1%
Kronos Acquisition Holdings Inc	8.298%	07/08/2031	0.1%
Owens & Minor Inc	6.625%	04/01/2030	0.1%
Weekley Homes LLC / Weekley Finance Corp	4.875%	09/15/2028	0.1%
Venture Global LNG Inc	9.000%	03/30/2174	0.1%
Vibrantz Technologies Inc	9.000%	02/15/2030	0.1%
Navient Corp	4.875%	03/15/2028	0.1%
ELO SACA	6.000%	03/22/2029	0.1%
WR Grace Holdings LLC	5.625%	08/15/2029	0.1%
Mauser Packaging Solutions Holding Co	9.250%	04/15/2027	0.1%
Ingles Markets Inc	4.000%	06/15/2031	0.1%
Bread Financial Holdings Inc	8.375%	06/15/2035	0.1%
CHS/Community Health Systems Inc	6.875%	04/15/2029	0.1%
Stena International SA	7.250%	01/15/2031	0.1%
Sealed Air Corp	6.875%	07/15/2033	0.1%
Level 3 Financing Inc	3.625%	01/15/2029	0.1%
CD&R Firefly Bidco PLC	8.625%	04/30/2029	0.1%
USA Compression Partners LP / USA Compression Finance Corp	7.125%	03/15/2029	0.1%
NRG Energy Inc	5.250%	06/15/2029	0.1%
Zebra Technologies Corp	6.500%	06/01/2032	0.1%
Watco Cos LLC / Watco Finance Corp	7.125%	08/01/2032	0.1%
Itelyum Regeneration Spa	5.750%	04/15/2030	0.1%
LABL Inc	8.625%	10/01/2031	0.1%
Constant Contact Inc	11.797%	02/12/2029	0.1%
Bausch Health Cos Inc	5.250%	02/15/2031	0.1%
Lumen Technologies Inc	4.125%	04/15/2029	0.1%
Transocean Aquila Ltd	8.000%	09/30/2028	0.1%
Kosmos Energy Ltd	7.500%	03/01/2028	0.1%
Perrigo Finance Unlimited Co	6.125%	09/30/2032	0.1%
Lumen Technologies Inc	4.125%	04/15/2030	0.1%
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl	8.750%	05/01/2029	0.1%
ION Trading Technologies Sarl	5.750%	05/15/2028	0.1%
EZCORP Inc	7.375%	04/01/2032	0.1%
Mercer International Inc	12.875%	10/01/2028	0.1%
Specialty Building Products Holdings LLC / SBP Finance Corp	7.750%	10/15/2029	0.1%
ILFC E-Capital Trust I	6.117%	12/21/2065	0.1%
Williams Scotsman Inc	6.625%	04/15/2030	0.1%
Matador Resources Co	6.875%	04/15/2028	0.1%
Long Ridge Energy LLC	8.750%	02/15/2032	0.1%
Permian Resources Operating LLC	6.250%	02/01/2033	0.1%
Sunnova Energy Corp	5.875%	09/01/2026	0.1%
McAfee Corp	7.375%	02/15/2030	0.1%
ILFC E-Capital Trust II	6.367%	12/21/2065	0.1%
Tenneco Inc	8.000%	11/17/2028	0.1%
Permian Resources Operating LLC	9.875%	07/15/2031	0.1%
Sabre GLBL Inc	11.250%	12/15/2027	0.1%
Sunac China Holdings Ltd	0.000%	09/30/2028	0.1%
SierraCol Energy Andina LLC	6.000%	06/15/2028	0.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp	6.625%	10/15/2032	0.1%
Williams Scotsman Inc	6.625%	06/15/2029	0.1%
Griffon Corp	5.750%	03/01/2028	0.1%
TORONTO DOMINION BANK THE	4.310%	04/01/2025	0.1%
Axon Enterprise Inc	6.125%	03/15/2030	0.1%
Chrome Holdco SAS	5.000%	05/31/2029	0.1%
Banco de Galicia y Buenos Aires SAU	7.750%	10/10/2028	0.1%
Ocado Group PLC	10.500%	08/08/2029	0.1%
Level 3 Financing Inc	4.250%	07/01/2028	0.1%
First Quantum Minerals Ltd	8.000%	03/01/2033	0.1%
GIBSON BRANDS PRIVATE EQUITY	0.000%	09/09/9999	0.1%
Emergent BioSolutions Inc	3.875%	08/15/2028	0.1%
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC	6.250%	03/15/2033	0.1%
Nissan Motor Acceptance Co LLC	7.050%	09/15/2028	0.1%
Sinclair Television Group Inc	8.125%	02/15/2033	0.1%
Biocon Biologics Global PLC	6.670%	10/09/2029	0.1%
Constellium SE	3.750%	04/15/2029	0.1%
AMC Entertainment Holdings Inc	7.500%	02/15/2029	0.1%
Oscar AcquisitionCo LLC / Oscar Finance Inc	9.500%	04/15/2030	0.1%
Constant Contact Inc	8.297%	02/10/2028	0.1%
J P MORGAN SECURITIES INC	4.350%	04/01/2025	0.1%
Alpha Generation LLC	6.750%	10/15/2032	0.1%
New Frontera Holdings LLC	16.300%	07/28/2026	0.1%
Arcosa Inc	6.875%	08/15/2032	0.1%
Parkland Corp	4.625%	05/01/2030	0.1%
UTEX INDUSTRIES	0.000%	09/09/9999	0.1%
Brundage-Bone Concrete Pumping Holdings Inc	7.500%	02/01/2032	0.1%
Herens Holdco Sarl	4.750%	05/15/2028	0.1%
Axon Enterprise Inc	6.250%	03/15/2033	0.0%
UC HOLDINGS INC.	0.000%	09/09/9999	0.0%
CHS/Community Health Systems Inc	6.125%	04/01/2030	0.0%
Lumen Technologies Inc	7.650%	03/15/2042	0.0%
UBS Group AG	9.250%	05/13/2173	0.0%
Freedom Mortgage Corp	12.250%	10/01/2030	0.0%
Constellium SE	5.625%	06/15/2028	0.0%
Rekeep SpA	9.000%	09/15/2029	0.0%
Vital Energy Inc	9.750%	10/15/2030	0.0%
Shimao Group Holdings Ltd	5.200%	01/16/2027	0.0%
RECOVERY SOLUTIONS PARENT LLC	0.000%	01/28/2030	0.0%
ESC 144A HERTZ CORP	0.000%	01/15/2028	0.0%
New Frontera Holdings LLC	5.800%	07/28/2028	0.0%
US 2YR NOTE (CBT) Jun25	0.000%	06/30/2025	0.0%
Vista Energy Argentina SAU	7.625%	12/10/2035	0.0%
Storable Inc	7.572%	04/16/2031	0.0%
Bausch Health Cos Inc	5.250%	01/30/2030	0.0%
FRONTERA GENERATION	0.000%	09/09/9999	0.0%
Acushnet Co	7.375%	10/15/2028	0.0%
RED OAK POWER LLC	8.049%	10/01/2030	0.0%
ACBL HLDG CORP	0.000%	09/09/9999	0.0%
Elwood Energy LLC	8.159%	07/05/2026	0.0%
FX EUR/USD 05/25	0.000%	05/23/2025	0.0%
US LONG BOND(CBT) Jun25	0.000%	06/18/2025	0.0%
YPF Energia Electrica SA	7.875%	10/16/2032	0.0%
Wellpath Holdings Inc	10.080%	10/01/2025	0.0%
CHINOS INTERMEDIATE 2 LLC	0.000%	09/09/9999	0.0%
WELLPATH HOLDINGS INC	11.575%	06/09/2025	0.0%
Rain CII Carbon LLC / CII Carbon Corp	7.250%	04/01/2025	0.0%
Sunac China Holdings Ltd	7.000%	09/30/2029	0.0%
Sunac China Holdings Ltd	6.750%	09/30/2028	0.0%
Lumen Technologies Inc	7.600%	09/15/2039	0.0%
Sunac China Holdings Ltd	0.000%	09/09/9999	0.0%
CHINOS INTERMEDIATE 2 LLC	0.000%	09/09/9999	0.0%
Sunac China Holdings Ltd	6.500%	09/30/2027	0.0%
US 10YR NOTE (CBT)Jun25	0.000%	06/18/2025	0.0%
Credit Index Swap	0.050%	06/20/2030	0.0%
Sunac China Holdings Ltd	7.250%	09/30/2030	0.0%
FGI Operating Co LLC	12.000%	12/31/2025	0.0%
Shimao Group Holdings Ltd	3.450%	01/11/2031	0.0%
Sunac China Holdings Ltd	6.000%	09/30/2025	0.0%
Sunac China Holdings Ltd	6.250%	09/30/2026	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/GBP 06/25	0.000%	06/27/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
Washington Mutual Bank / Debt not acquired by JPMorgan	6.875%	06/15/2011	0.0%
EURO-BOBL FUTURE Jun25	0.000%	06/10/2025	0.0%
FX EUR/USD 05/25	0.000%	05/23/2025	0.0%
FX EUR/USD 05/25	0.000%	05/23/2025	0.0%
MIRABELA NICKEL LTD.	1.000%	09/16/2044	0.0%
LONG GILT FUTURE Jun25	0.000%	06/26/2025	0.0%
CLAIRES HOLDINGS	0.000%	09/09/9999	0.0%
PERSIMMON MIDCO LLC	0.000%	09/09/9999	0.0%
Tonon Luxembourg SA	6.500%	10/31/2024	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
US 5YR NOTE (CBT) Jun25	0.000%	06/30/2025	0.0%
ASP Unifrax Holdings Inc	0.025%	09/28/2029	0.0%
Credit Index Swap	5.000%	12/20/2029	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%
FX USD/EUR 05/25	0.000%	05/23/2025	0.0%

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

Sector Allocationas of 03/31/2025

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Energy		0.3%
Real Estate		0.1%
Technology & Electronics		1.7%
Insurance		0.6%
Consumer Goods		0.2%
Capital Goods		0.4%
Leisure		0.4%
Services		0.1%
Telecommunications		0.3%
Retail		0.3%
Media		0.6%
Basic Industry		1.2%
Healthcare		0.4%
Transportation		0.0%
Banking		0.1%
Financial Services		0.4%
Mortgage Securities		0.0%
Consumer, Non-Cyclical		0.0%
Automotive		1.3%
Utility		0.9%

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 05/02/2025: $0.13493
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	04/30/2025	$0.03505	$6.16
Daily	Daily	03/31/2025	$0.03512	$6.26
Daily	Daily	02/28/2025	$0.03181	$6.38
Daily	Daily	01/31/2025	$0.03296	$6.38

Upcoming Dividend Payment Dates

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	05/31/2025
Daily	Daily	06/30/2025
Daily	Daily	07/31/2025
Daily	Daily	08/31/2025
Daily	Daily	09/30/2025
Daily	Daily	10/31/2025
Daily	Daily	11/30/2025
Daily	Daily	12/31/2025

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/16/2021	12/17/2021	-	$0.0100	$0.0100	$7.41

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Fees & Expenses

Expense Ratioas of 03/31/2025

Fund Gross Expense Ratio	1.54%
Fund Net Expense Ratio	1.54%

Fund Documents

0Documents selected
Portfolio Holdings 1Q Publish Date:11/03/2015
Portfolio Holdings 3Q Publish Date:11/03/2015
Summary Prospectus Publish Date:11/03/2015
Statutory Prospectus Publish Date:11/03/2015
SAI Publish Date:11/03/2015
Annual Financial Statements and Other Information * Publish Date:11/03/2015
Annual Tailored Shareholder Report Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information * Publish Date:11/03/2015
Semi-Annual Tailored Shareholder Report Publish Date:11/03/2015
Fact Sheet Publish Date:11/03/2015
Commentary Publish Date:11/03/2015

* includes items 7-11 of form N-CSR as required, if any.

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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.

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.

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

Average Yield to Maturity is the total rate of return earned when a bond makes all interest payments and repays the original principal.

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

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

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

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

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

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

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

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

The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

Source: ICE Data Indices, LLC.

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

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

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

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

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

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

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

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

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

About Barron's Best Fund Families
Source: Barron's, "Best Fund Families of 2024." February 27, 2025. Used with permission. ©2025 Dow Jones & Company, Inc.

The 2024 Barron’s Best Fund Families List ranks the active management ability of qualifying companies. Rankings are based on the asset-weighted one-year returns as of 12/31/24, excluding 12b-1 fees and sales loads, of a company’s actively managed fund line up in five asset class categories: US Equity, World Equity, Mixed Asset, Taxable Bond, and Tax-Exempt Bond as determined by Barron’s. Overall ranking based on aggregate, weighted score across the five asset categories. Performance data from Refinitiv Lipper.

Past performance does not guarantee future results. Lord Abbett ranked overall #1 of 48, #6 of 46, and #23 of 46 for the 1- ,5-, and 10-year periods respectively. Lord Abbett ranked #1 of 48 in US Equity, #2 of 48 in Mixed Asset, #2 of 48 in Taxable Bond, and #5 of 48 in Tax-Exempt Bond.

How We Ranked the Fund Families
In ranking mutual and exchange-traded funds, our aim is to measure manager skill, independent of expenses beyond annual management fees. That is why we calculate returns before any 12b-1 fees are deducted. Similarly, fund loads, or sales charges, aren’t included in our calculation of returns.

Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and one the lowest. This result is then weighted by asset size relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, that boosts its overall ranking, and vice versa.

To be included in the ranking, a firm must have at least three funds in the general equity category, one in world equity, one in mixed equity such as a balanced or target-date fund, two taxable bond funds, and one national tax-exempt bond fund.

Single-sector and country equity funds are factored into the rankings as general equity. We exclude all index funds, but include actively managed ETFs and so-called smart-beta ETFs, which are passively managed but created from active strategies.

Finally, the score is multiplied by the weighting of its general classification, as determined by the Lipper universe of funds. The category weightings for 2024 were general equity, 39.1%; mixed asset, 21.6%; world equity, 15.3%; taxable bond,20.1%; and tax-exempt bond, 3.9%.

The category weightings for the five-year results were general equity, 39%; mixed asset, 21.7%; world equity, 15.3%; taxable bond, 19.9%; and tax-exempt bond, 4%.For the 10-year list, they were general equity, 40%; mixed asset, 22.1%; world equity, 14.8%; taxable bond, 19.2%; and tax[1]exempt bond, 3.9%. The weightings may not total 100 due to rounding.

How the scoring works: Say a fund in the general U.S. equity category has $500million in assets, accounting for half of the firm’s assets in that category, and its performance lands it in the 75th percentile for the category. The first calculation would be 75 times 0.5, which comes to 37.5. That score is then multiplied by 39.1%, general equity’s overall weighting in Lipper’s universe. So, it would be 37.5 times0.391, which equals 14.66. Similar calculations are done for each fund in our study; then the numbers are added for each category and overall. The shop with the highest total score wins. The same process is repeated to determine the five- and 10-year rankings.

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.

A HERITAGE OF HIGH YIELD

AN OPPORTUNISTIC APPROACH

STRONG TRACK RECORD

Yield

Average Yield to Maturity as of 03/31/2025

Distribution Yield as of 05/02/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Basicsas of 03/31/2025

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Credit Quality Distribution as of 03/31/2025 View Portfolio

INVESTMENT TEAM

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Performance

Performance

Average Yield to Maturity as of 03/31/2025

Distribution Yield as of 05/02/2025

30-Day Standardized Yield 1 as of 03/31/2025

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

Fund Expense Ratio :

Gross 1.54%

Net 1.54%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 03/31/2025

Portfolio Positioning as of 12/31/2024

Portfolio Details as of 03/31/2025

Sector Allocationas of 03/31/2025

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2025

Fund Documents

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30-Day Standardized Yield ¹ as of 03/31/2025

30-Day Standardized Yield ¹ as of 03/31/2025