LSYAX | Short Duration High Yield Fund Class A | Lord Abbett

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Short Duration High Yield Fund

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Daily price w/o sales charge as of 07/16/2024

$9.91

arrowUp$0.02

YTD Returns w/o sales charge as of 07/16/2024

5.12%

Overall Morningstar Ratings

High Yield Bond
as of 06/30/2024

Morningstar rated the Lord Abbett Short Duration High Yield Fund class A share 5 stars among 594 High Yield Bond Funds for the overall rating and the 3 year periods ended 6/30/2024, respectively.

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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

Average Yield to Maturity as of 06/28/2024

8.72%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.57% 7.50%

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.

Fund Basicsas of 06/28/2024

Total Net Assets
$4.63 B
Inception Date
05/01/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.85%
Fund Net Expense Ratio
0.65%
Number of Holdings
713
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

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.

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Karen J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

14 Years of Industry Experience

Supported By 83 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 06/28/2024

8.72%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.57% 7.50%

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

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

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 ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index
2023 12.01% 11.66%
2022 -5.76% -5.39%
2021 5.53% 4.87%
Year Q1 Q2 Q3 Q4
2024 2.18% 1.47% - -
2023 2.66% 1.96% 1.37% 5.56%
2022 -2.10% -7.68% 0.48% 3.77%
2021 1.94% 2.01% 0.71% 0.76%

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

Growth of $10,000 as of 06/30/2024

The chart begins on the Fund's inception date of 04/30/2020.

Based on a hypothetical Class A share investment of $10,000 on 04/30/2020 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Bank Loans
MBS
Investment Grade Corporate
Sovereign
CLO
Other
Cash

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

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

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

Credit Quality Distribution as of 06/28/2024

Rating Assets
Agency
A
BBB
BB
B
CCC
<CCC
Not Rated

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

Portfolio Positioning as of 03/31/2024

  • We continued to add to the Fund’s allocation in lower-rated credits. We believe that exposure to lower-rated credit currently offers the best relative value given the recent compression in spreads across high yield ratings tiers as well as the overall strength of the economy. We added to select CCC positions throughout the quarter in sectors such as Healthcare and Basic Industry. While we are still constructive on credit in general given the resilience in the U.S. economy, we do remain vigilant on adding to companies in sectors that may be more susceptible to default risk as interest rates remain higher for longer. We have funded these purchases with higher-rated, call constrained BBs where we view valuations are tight. The Fund is now overweight allocation to CCCs relative to the benchmark, while underweight BBs.
  • The Fund continued to be primarily overweight Basic Industry and Energy sectors. We remain constructive in the Basic Industry and Energy sectors as a result of improving credit quality, stickier inflation, and positive cyclicality. We also view the potential for ongoing merger & acquisition activity as an added potential tailwind for these sectors. Within Basic Industry, the primary overweights continue to be Metals and Mining and Chemicals, the latter of which have benefited from meaningful destocking of inventories over the last several months. Within Energy, we remain focused on E&P and Oil Field Services subsectors, but with a renewed focus on offshore energy as an attractive opportunity to find relative value. The Fund also continues to be overweight sectors such as Financial Services and Banking. Conversely, the Fund finished the quarter underweight sectors such as Real Estate, Capital Goods, and Leisure.
  • The Fund maintained modest exposure to off-benchmark sectors. 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. While the Fund has the flexibility to toggle allocations to off-benchmark asset classes, such as bank loans and convertible bonds, we continue to view traditional high yield corporate bonds as broadly attractive relative value compared to other sectors.
  • We view short duration high yield as an opportunity to capture high-quality carry. We remain constructive in short dated high yield credit considering the overall resilience of the U.S. macroeconomy and evolving reflationary environment. Inflation has been stickier than anticipated and may remain above the Fed's target, which could cause elevated rate and risk-asset volatility prolonging higher-for-longer bond yields, particularly at the short-end of the yield curve. However, the default outlook for 2024 is expected to be manageable and similar to, if not modestly better than in 2023. Despite the presence of higher policy rates, high yield bond issuers' balance sheets have remained robust, and we believe that the corporate sector will maintain financial discipline, with high yield companies possibly benefitting from strategic mergers and acquisitions by higher-rated companies. Looking ahead, we are focused on maintaining a cyclical approach in the Fund and targeting down-in-quality securities, with emphasis on commodities, consumer cyclicals, and sectors benefiting from the potential for modestly lower financing rates in the year ahead.

PORTFOLIO DETAILS as of 06/28/2024

Total Net Assets
$4.63 B
Average Effective Duration
2.43 Years
Average Maturity
3.79 Years
Number of Issues
713
Average Yield to Maturity
8.72%

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

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.

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
Rakuten Group Inc 9.750% 04/15/2029 0.7%
PetSmart Inc / PetSmart Finance Corp 7.750% 02/15/2029 0.7%
Venture Global LNG Inc 9.500% 02/01/2029 0.6%
Carnival Corp 5.750% 03/01/2027 0.6%
Crescent Energy Finance LLC 9.250% 02/15/2028 0.6%
Cloud Software Group Inc 6.500% 03/31/2029 0.5%
CITGO Petroleum Corp 8.375% 01/15/2029 0.5%
CHS/Community Health Systems Inc 5.625% 03/15/2027 0.5%
California Resources Corp 8.250% 06/15/2029 0.5%
CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 05/01/2027 0.5%
% of Total Assets 5.7%
Holding Coupon Maturity Assets
PetSmart Inc / PetSmart Finance Corp7.750% 02/15/20290.7%
Carnival Corp5.750% 03/01/20270.6%
Crescent Energy Finance LLC9.250% 02/15/20280.6%
Rakuten Group Inc9.750% 04/15/20290.6%
BARCLAYS CAPITAL0.010% 06/03/20240.6%
Cloud Software Group Inc6.500% 03/31/20290.5%
Gray Television Inc7.000% 05/15/20270.5%
Borr IHC Ltd / Borr Finance LLC10.000% 11/15/20280.5%
Tenneco Inc8.000% 11/17/20280.5%
Civitas Resources Inc8.375% 07/01/20280.5%
EquipmentShare.com Inc9.000% 05/15/20280.5%
Venture Global LNG Inc8.125% 06/01/20280.5%
Jefferies Finance LLC / JFIN Co-Issuer Corp5.000% 08/15/20280.5%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.5%
CITGO Petroleum Corp8.375% 01/15/20290.5%
Midcap Financial Issuer Trust6.500% 05/01/20280.5%
30-YR UMBS-TBA PROD JUL6.500% 11/01/20530.5%
15-YR UMBS-TBA PROD JUL5.000% 01/01/20390.5%
30-YR GNMA II-TBA PROD JUL7.000% 10/01/20530.5%
Transocean Inc8.250% 05/15/20290.5%
30-YR GNMA II-TBA PROD JUL6.500% 08/01/20530.5%
30-YR UMBS-TBA PROD JUL5.500% 02/01/20540.5%
30-YR GNMA II-TBA PROD JUL5.500% 03/01/20540.5%
California Resources Corp8.250% 06/15/20290.5%
Shelf Drilling Holdings Ltd9.625% 04/15/20290.4%
Vital Energy Inc7.750% 07/31/20290.4%
30-YR UMBS-TBA PROD JUL6.000% 12/01/20530.4%
30-YR UMBS-TBA PROD JUL7.000% 07/01/20530.4%
Coinbase Global Inc3.375% 10/01/20280.4%
Sitio Royalties Operating Partnership LP / Sitio Finance Corp7.875% 11/01/20280.4%
Comstock Resources Inc6.750% 03/01/20290.4%
30-YR GNMA II-TBA PROD JUL6.000% 08/01/20530.4%
Hudbay Minerals Inc4.500% 04/01/20260.4%
Viasat Inc5.625% 09/15/20250.4%
Mauser Packaging Solutions Holding Co9.250% 04/15/20270.4%
Talos Production Inc9.000% 02/01/20290.4%
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp6.000% 08/01/20260.4%
Inter Media and Communication SpA6.750% 02/09/20270.4%
CCO Holdings LLC / CCO Holdings Capital Corp5.125% 05/01/20270.4%
Xerox Holdings Corp5.000% 08/15/20250.4%
Freedom Mortgage Corp12.000% 10/01/20280.4%
Cloud Software Group Inc9.000% 09/30/20290.4%
Venture Global LNG Inc9.500% 02/01/20290.4%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.4%
Herens Midco Sarl5.250% 05/15/20290.4%
Hecla Mining Co7.250% 02/15/20280.4%
Olympus Water US Holding Corp9.750% 11/15/20280.4%
15-YR UMBS-TBA PROD JUL6.000% 06/01/20380.4%
OneMain Finance Corp7.125% 03/15/20260.4%
Univision Communications Inc8.000% 08/15/20280.4%
Catalent Pharma Solutions Inc5.000% 07/15/20270.4%
AmeriTex HoldCo Intermediate LLC10.250% 10/15/20280.3%
Seaspan Corp5.500% 08/01/20290.3%
MGM Resorts International5.500% 04/15/20270.3%
Welltec International ApS8.250% 10/15/20260.3%
Curaleaf Holdings Inc8.000% 12/15/20260.3%
Smyrna Ready Mix Concrete LLC6.000% 11/01/20280.3%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.3%
Alta Equipment Group Inc5.625% 04/15/20260.3%
Heartland Dental LLC / Heartland Dental Finance Corp10.500% 04/30/20280.3%
15-YR UMBS-TBA PROD JUL5.500% 01/01/20390.3%
LSB Industries Inc6.250% 10/15/20280.3%
CHS/Community Health Systems Inc5.625% 03/15/20270.3%
Bausch Health Cos Inc5.500% 11/01/20250.3%
Strathcona Resources Ltd/Alberta6.875% 08/01/20260.3%
Brandywine Operating Partnership LP8.875% 04/12/20290.3%
Helix Energy Solutions Group Inc9.750% 03/01/20290.3%
Rain Carbon Inc12.250% 09/01/20290.3%
Castlelake Aviation Finance DAC5.000% 04/15/20270.3%
Vistra Corp7.000% 06/15/21720.3%
Trulieve Cannabis Corp8.000% 10/06/20260.3%
Kodiak Gas Services LLC7.250% 02/15/20290.3%
Staples Inc10.750% 09/01/20290.3%
Nexstar Media Inc5.625% 07/15/20270.3%
Asurion LLC10.694% 01/20/20290.3%
Staples Inc7.500% 04/15/20260.3%
W&T Offshore Inc11.750% 02/01/20260.3%
Rand Parent LLC8.500% 02/15/20300.3%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.3%
Madison Park Funding LIII Ltd7.075% 04/21/20350.3%
GEO Group Inc/The8.625% 04/15/20290.3%
Outfront Media Capital LLC / Outfront Media Capital Corp5.000% 08/15/20270.3%
GGAM Finance Ltd8.000% 06/15/20280.3%
Iliad Holding SASU7.000% 10/15/20280.3%
NOVA Chemicals Corp5.250% 06/01/20270.3%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.3%
Blue Owl Technology Finance Corp II6.750% 04/04/20290.3%
AdaptHealth LLC6.125% 08/01/20280.3%
CSC Holdings LLC11.250% 05/15/20280.3%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.3%
Newell Brands Inc6.375% 09/15/20270.3%
LABL Inc10.500% 07/15/20270.3%
Berry Petroleum Co LLC7.000% 02/15/20260.3%
Anchorage Capital CLO 7 Ltd7.786% 01/28/20310.3%
Royal Caribbean Cruises Ltd9.250% 01/15/20290.3%
LABL Inc9.500% 11/01/20280.3%
Eco Material Technologies Inc7.875% 01/31/20270.3%
CHS/Community Health Systems Inc8.000% 03/15/20260.3%
Petroleos Mexicanos6.490% 01/23/20270.3%
Park-Ohio Industries Inc6.625% 04/15/20270.3%
Valaris Ltd8.375% 04/30/20300.3%
SunCoke Energy Inc4.875% 06/30/20290.3%
Gap Inc/The3.625% 10/01/20290.3%
Summer BC Holdco A Sarl9.250% 10/31/20270.2%
Punch Finance PLC6.125% 06/30/20260.2%
Enviri Corp5.750% 07/31/20270.2%
Global Auto Holdings Ltd/AAG FH UK Ltd8.375% 01/15/20290.2%
AMC Networks Inc4.250% 02/15/20290.2%
Newell Brands Inc6.625% 09/15/20290.2%
Arko Corp5.125% 11/15/20290.2%
Cinemark USA Inc5.875% 03/15/20260.2%
Allied Universal Holdco LLC / Allied Universal Finance Corp9.750% 07/15/20270.2%
INEOS Finance PLC6.750% 05/15/20280.2%
Sotheby's7.375% 10/15/20270.2%
NOVA Chemicals Corp9.000% 02/15/20300.2%
SS&C Technologies Inc7.320% 05/09/20310.2%
DISH Network Corp11.750% 11/15/20270.2%
VICI Properties LP / VICI Note Co Inc5.750% 02/01/20270.2%
Lumen Technologies Inc7.785% 04/15/20290.2%
CD+R HYDRA BUYER INC9.420% 03/25/20310.2%
JPMorgan Chase & Co6.248% 04/22/20280.2%
Wells Fargo & Co6.398% 04/22/20280.2%
Coty Inc5.000% 04/15/20260.2%
TEGNA Inc4.625% 03/15/20280.2%
Unisys Corp6.875% 11/01/20270.2%
LifePoint Health Inc5.375% 01/15/20290.2%
NGL Energy Operating LLC / NGL Energy Finance Corp8.125% 02/15/20290.2%
CSC Holdings LLC11.750% 01/31/20290.2%
Mercer International Inc5.125% 02/01/20290.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp5.750% 03/01/20270.2%
Directv Financing LLC / Directv Financing Co-Obligor Inc5.875% 08/15/20270.2%
Navient Corp6.750% 06/15/20260.2%
Madison Park Funding LIX Ltd7.596% 04/18/20370.2%
Goodyear Tire & Rubber Co/The5.000% 05/31/20260.2%
Frontier Communications Holdings LLC5.875% 10/15/20270.2%
Mauser Packaging Solutions Holding Co7.875% 08/15/20260.2%
FirstCash Inc4.625% 09/01/20280.2%
BCP V Modular Services Finance II PLC6.125% 11/30/20280.2%
Veritas US Inc / Veritas Bermuda Ltd7.500% 09/01/20250.2%
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC10.500% 02/15/20280.2%
ILFC E-Capital Trust II7.395% 12/21/20650.2%
GGAM Finance Ltd8.000% 02/15/20270.2%
American Airlines Inc7.250% 02/15/20280.2%
Bausch + Lomb Corp8.375% 10/01/20280.2%
City Football Group Ltd8.439% 07/21/20280.2%
Azul Secured Finance LLP11.930% 08/28/20280.2%
Victoria's Secret & Co4.625% 07/15/20290.2%
Ascensus Holdings Inc8.944% 08/02/20280.2%
Dexko Global Inc9.321% 10/04/20280.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.2%
Nordstrom Inc4.000% 03/15/20270.2%
JELD-WEN Inc4.875% 12/15/20270.2%
Algonquin Power & Utilities Corp4.750% 01/18/20820.2%
Solaris Midstream Holdings LLC7.625% 04/01/20260.2%
World Acceptance Corp7.000% 11/01/20260.2%
Avolon Holdings Funding Ltd5.500% 01/15/20260.2%
Vibrantz Technologies Inc9.706% 04/23/20290.2%
Algoma Steel Inc9.125% 04/15/20290.2%
Rakuten Group Inc5.125% 10/22/21720.2%
ION Trading Technologies Sarl9.500% 05/30/20290.2%
Elmwood CLO 23 Ltd7.128% 04/16/20360.2%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp8.625% 06/15/20290.2%
ADMI Corp9.194% 12/23/20270.2%
Jane Street Group LLC7.944% 01/26/20280.2%
McAfee Corp9.163% 03/01/20290.2%
SierraCol Energy Andina LLC6.000% 06/15/20280.2%
ASG Finance Designated Activity Co9.750% 05/15/20290.2%
Nobian Finance BV3.625% 07/15/20260.2%
Vistra Corp8.875% 07/15/21720.2%
Vistra Operations Co LLC5.625% 02/15/20270.2%
Frontier Communications Holdings LLC6.750% 05/01/20290.2%
Aston Martin Capital Holdings Ltd10.000% 03/31/20290.2%
SCIL IV LLC / SCIL USA Holdings LLC5.375% 11/01/20260.2%
Navient Corp9.375% 07/25/20300.2%
Selecta Group BV8.000% 04/01/20260.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.2%
JPMorgan Chase & Co4.000% 10/01/21720.2%
EnQuest PLC11.625% 11/01/20270.2%
CSC Holdings LLC5.500% 04/15/20270.2%
PennyMac Financial Services Inc5.375% 10/15/20250.2%
Evergreen Acqco 1 LP / TVI Inc9.750% 04/26/20280.2%
Osaic Holdings Inc10.750% 08/01/20270.2%
Market Bidco Finco PLC5.500% 11/04/20270.2%
OneMain Finance Corp7.875% 03/15/20300.2%
Landsea Homes Corp8.875% 04/01/20290.2%
NRG Energy Inc10.250% 09/15/21720.2%
VF Ukraine PAT via VFU Funding PLC6.200% 02/11/20250.2%
ASP Unifrax Holdings Inc5.250% 09/30/20280.2%
EPIC Y-Grade Services LP11.052% 06/29/20290.2%
Nationstar Mortgage Holdings Inc6.000% 01/15/20270.2%
Calpine Corp5.125% 03/15/20280.2%
Bread Financial Holdings Inc9.750% 03/15/20290.2%
Element Fleet Management Corp5.643% 03/13/20270.2%
Chemours Co/The5.375% 05/15/20270.2%
INEOS Finance PLC7.500% 04/15/20290.2%
Kernel Holding SA6.500% 10/17/20240.2%
Jaguar Land Rover Automotive PLC5.875% 01/15/20280.2%
Advantage Sales & Marketing Inc6.500% 11/15/20280.2%
Altice France SA2.500% 01/15/20250.2%
Herens US Holdco Corp9.334% 07/03/20280.2%
CCO Holdings LLC / CCO Holdings Capital Corp6.375% 09/01/20290.2%
Sigma Holdco BV7.875% 05/15/20260.2%
CoreCivic Inc8.250% 04/15/20290.2%
PennyMac Corp5.500% 11/01/20240.2%
Iris Holding Inc10.180% 06/28/20280.2%
Delek Logistics Partners LP / Delek Logistics Finance Corp8.625% 03/15/20290.2%
National Mentor Holdings Inc9.159% 03/02/20280.2%
Ovation Parent Inc8.827% 04/21/20310.2%
Delek Logistics Partners LP / Delek Logistics Finance Corp7.125% 06/01/20280.2%
Frontier Communications Holdings LLC5.000% 05/01/20280.2%
MC Brazil Downstream Trading SARL7.250% 06/30/20310.2%
MKS Instruments Inc7.822% 08/17/20290.2%
ILFC E-Capital Trust I7.145% 12/21/20650.2%
Tenet Healthcare Corp6.125% 10/01/20280.2%
Western Digital Corp2.850% 02/01/20290.2%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.2%
GrafTech Global Enterprises Inc9.875% 12/15/20280.2%
CEC Entertainment LLC6.750% 05/01/20260.2%
American Axle & Manufacturing Inc6.500% 04/01/20270.2%
ACProducts Holdings Inc9.814% 05/17/20280.2%
Novelis Corp3.250% 11/15/20260.2%
CHS/Community Health Systems Inc6.125% 04/01/20300.2%
Kestra Advisor Services Holdings A Inc9.329% 03/22/20310.2%
Tosca Services LLC9.091% 08/18/20270.2%
Prosus NV4.850% 07/06/20270.2%
M&T Bank Corp3.500% 03/01/21730.2%
Directv Financing LLC10.694% 08/02/20290.2%
Popular Inc7.250% 03/13/20280.2%
JFL-Tiger Acquisition Co Inc9.829% 10/17/20300.2%
Cifc Funding 2023-III Ltd7.625% 01/20/20370.2%
Univision Communications Inc6.625% 06/01/20270.2%
GGAM Finance Ltd6.875% 04/15/20290.2%
Global Atlantic Fin Co4.700% 10/15/20510.2%
Ascent Resources Utica Holdings LLC / ARU Finance Corp7.000% 11/01/20260.2%
Hunt Cos Inc5.250% 04/15/20290.2%
MOTION FINCO SARL9.071% 11/12/20290.2%
Permian Resources Operating LLC8.000% 04/15/20270.2%
Albion Financing 2 Sarl8.750% 04/15/20270.2%
Eldorado Gold Corp6.250% 09/01/20290.2%
NCR Atleos Corp9.500% 04/01/20290.2%
Grupo Antolin-Irausa SA3.375% 04/30/20260.2%
Nabors Industries Ltd7.500% 01/15/20280.2%
Star Parent Inc9.309% 09/27/20300.2%
Calpine Corp7.329% 01/31/20310.2%
Bombardier Inc7.500% 02/01/20290.2%
Patrick Industries Inc7.500% 10/15/20270.2%
Royal Caribbean Cruises Ltd5.500% 08/31/20260.2%
Lloyds Banking Group PLC7.500% 06/27/21720.2%
Sixth Street CLO XVI Ltd12.745% 01/20/20370.2%
Cerdia Finanz GmbH10.500% 02/15/20270.2%
Howard Hughes Corp/The5.375% 08/01/20280.2%
CQP Holdco LP8.302% 12/31/20300.2%
Global Medical Response Inc6.500% 10/01/20250.2%
Taseko Mines Ltd8.250% 05/01/20300.2%
Sisecam UK PLC8.250% 05/02/20290.2%
Deuce Finco Plc5.500% 06/15/20270.2%
IHO Verwaltungs GmbH4.750% 09/15/20260.2%
Pinnacle Bidco PLC10.000% 10/11/20280.2%
CSC Holdings LLC6.500% 02/01/20290.2%
Air Canada3.875% 08/15/20260.2%
Kosmos Energy Ltd7.125% 04/04/20260.2%
JOHNSTONE SUPPLY LLC0.000% 05/16/20310.2%
Nabors Industries Inc7.375% 05/15/20270.2%
UBS Group AG5.125% 07/29/21720.2%
Mineral Resources Ltd8.000% 11/01/20270.2%
Transocean Aquila Ltd8.000% 09/30/20280.2%
Gen Digital Inc6.750% 09/30/20270.2%
Iliad Holding SASU8.500% 04/15/20310.2%
West China Cement Ltd4.950% 07/08/20260.2%
Newfold Digital Holdings Group Inc6.000% 02/15/20290.2%
Ziggo Bond Co BV6.000% 01/15/20270.2%
Sabre GLBL Inc8.625% 06/01/20270.2%
Sixth Street Lending Partners6.500% 03/11/20290.2%
Gabon Government International Bond6.950% 06/16/20250.2%
Grinding Media Inc9.555% 10/12/20280.2%
Noble Finance II LLC8.000% 04/15/20300.2%
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc4.125% 08/15/20260.2%
Enphase Energy Inc0.000% 03/01/20280.2%
Iris Holding Inc10.000% 12/15/20280.2%
Ardonagh Finco Ltd7.750% 02/15/20310.2%
Iron Mountain Inc4.875% 09/15/20270.2%
Encino Acquisition Partners Holdings LLC8.750% 05/01/20310.2%
PBF Holding Co LLC / PBF Finance Corp6.000% 02/15/20280.2%
PennyMac Corp5.500% 03/15/20260.2%
Full House Resorts Inc8.250% 02/15/20280.2%
Mitchell International Inc11.944% 10/15/20290.1%
888 ACQUISITIONS LIMITED10.575% 07/01/20280.1%
SM Energy Co6.625% 01/15/20270.1%
LFS Topco LLC5.875% 10/15/20260.1%
Kobe US Midco 2 Inc9.250% 11/01/20260.1%
Staples Inc10.750% 04/15/20270.1%
Carvana Co13.000% 06/01/20300.1%
Vornado Realty LP2.150% 06/01/20260.1%
Camelot Return Merger Sub Inc8.750% 08/01/20280.1%
Frontier Communications Holdings LLC9.180% 10/08/20270.1%
Alta Equipment Group Inc9.000% 06/01/20290.1%
Meituan0.000% 04/27/20270.1%
KeyCorp5.000% 12/15/21720.1%
Service Properties Trust4.750% 10/01/20260.1%
WE Soda Investments Holding PLC9.500% 10/06/20280.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.1%
QVC Inc4.750% 02/15/20270.1%
Clear Channel Outdoor Holdings Inc7.500% 06/01/20290.1%
CNX Resources Corp2.250% 05/01/20260.1%
Pinewood Finco PLC3.250% 09/30/20250.1%
ams-OSRAM AG2.125% 11/03/20270.1%
Bellis Acquisition Co PLC8.125% 05/14/20300.1%
Ahlstrom Holding 3 Oy4.875% 02/04/20280.1%
OHA Credit Partners XII Ltd7.276% 04/23/20370.1%
Oryx Midstream Services Permian Basin LLC8.436% 10/05/20280.1%
Blue Owl Technology Finance Corp4.750% 12/15/20250.1%
GDS Holdings Ltd4.500% 01/31/20300.1%
Medco Bell Pte Ltd6.375% 01/30/20270.1%
Seadrill Finance Ltd8.375% 08/01/20300.1%
Groundworks LLC8.821% 03/14/20310.1%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.1%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.500% 04/20/20260.1%
Hunter Douglas Inc8.836% 02/26/20290.1%
WaterBridge Midstream Operating LLC11.335% 06/22/20260.1%
First Quantum Minerals Ltd9.375% 03/01/20290.1%
Ellucian Holdings Inc8.929% 10/09/20290.1%
Prime Security Services Borrower LLC / Prime Finance Inc6.250% 01/15/20280.1%
USA Compression Partners LP / USA Compression Finance Corp6.875% 09/01/20270.1%
SLM Corp3.125% 11/02/20260.1%
TransDigm Inc8.059% 03/22/20300.1%
IMA Industria Macchine Automatiche SpA7.654% 04/15/20290.1%
Post Holdings Inc2.500% 08/15/20270.1%
PRA Group Inc8.875% 01/31/20300.1%
Avis Budget Car Rental LLC / Avis Budget Finance Inc5.750% 07/15/20270.1%
TransDigm Inc5.500% 11/15/20270.1%
Rocket Software Inc10.079% 11/28/20280.1%
Radnet Management Inc7.823% 04/18/20310.1%
Synthomer PLC7.375% 05/02/20290.1%
Raising Cane's Restaurants LLC9.375% 05/01/20290.1%
Diamond Foreign Asset Co / Diamond Finance LLC8.500% 10/01/20300.1%
15-YR UMBS-TBA PROD JUN5.500% 01/01/20390.1%
China Hongqiao Group Ltd7.750% 03/27/20250.1%
INEOS Quattro Finance 2 Plc8.500% 03/15/20290.1%
Xerox Holdings Corp8.875% 11/30/20290.1%
Compass Minerals International Inc6.750% 12/01/20270.1%
US Acute Care Solutions LLC9.750% 05/15/20290.1%
ION Trading Finance Ltd10.152% 04/01/20280.1%
Eskom Holdings SOC Ltd7.125% 02/11/20250.1%
Canacol Energy Ltd5.750% 11/24/20280.1%
Cushman & Wakefield US Borrower LLC6.750% 05/15/20280.1%
Societe Generale SA9.375% 05/22/21730.1%
SK Invictus Intermediate II Sarl5.000% 10/30/20290.1%
LCPR Senior Secured Financing DAC6.750% 10/15/20270.1%
FOGO DE CHAO INC10.079% 09/30/20300.1%
Allied Universal Holdco LLC9.179% 05/12/20280.1%
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer7.000% 02/01/20300.1%
ModivCare Inc5.875% 11/15/20250.1%
1375209 BC Ltd9.000% 01/30/20280.1%
Virgin Media Bristol LLC8.656% 03/31/20310.1%
Modena Buyer LLC0.000% 04/18/20310.1%
Blue Racer Midstream LLC / Blue Racer Finance Corp7.000% 07/15/20290.1%
El Salvador Government International Bond6.375% 01/18/20270.1%
Minerals Technologies Inc5.000% 07/01/20280.1%
Select Medical Corp6.250% 08/15/20260.1%
Staples Inc10.428% 04/16/20260.1%
Iliad Holding SASU6.500% 10/15/20260.1%
Virgin Media Vendor Financing Notes IV DAC5.000% 07/15/20280.1%
Standard Industries Inc/NJ5.000% 02/15/20270.1%
Service Logic Acquisition Inc9.444% 10/29/20270.1%
Rakuten Group Inc11.250% 02/15/20270.1%
Genesis Energy LP / Genesis Energy Finance Corp8.250% 01/15/20290.1%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.1%
Miller Homes Group Finco PLC7.000% 05/15/20290.1%
Royal Caribbean Cruises Ltd5.500% 04/01/20280.1%
Venture Global Calcasieu Pass LLC6.250% 01/15/20300.1%
VistaJet Malta Finance PLC / Vista Management Holding Inc7.875% 05/01/20270.1%
Engineered Machinery Holdings Inc11.571% 05/21/20290.1%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer6.750% 04/15/20280.1%
Freeport LNG Investments LLLP9.086% 12/21/20280.1%
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl8.750% 05/01/20290.1%
Physician Partners LLC9.564% 12/26/20280.1%
H World Group Ltd3.000% 05/01/20260.1%
SiriusPoint Ltd7.000% 04/05/20290.1%
EQM Midstream Partners LP7.500% 06/01/20270.1%
Atlantica Sustainable Infrastructure Jersey Ltd4.000% 07/15/20250.1%
AVSC Holding Corp8.666% 03/03/20250.1%
USIC Holdings Inc12.064% 05/14/20290.1%
American Trailer World Corp9.179% 03/03/20280.1%
Bausch Health Cos Inc9.000% 12/15/20250.1%
Calpine Corp5.250% 06/01/20260.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.250% 11/01/20280.1%
Western Alliance Bancorp3.000% 06/15/20310.1%
FXI Holdings Inc12.250% 11/15/20260.1%
Calderys Financing LLC11.250% 06/01/20280.1%
Studio City Co Ltd7.000% 02/15/20270.1%
Canpack SA / Canpack US LLC3.125% 11/01/20250.1%
PG Investment Co 59 Sarl8.813% 03/26/20310.1%
Hudson River Trading LLC8.442% 03/20/20280.1%
Gulfport Energy Corp8.000% 05/17/20260.1%
Isolved Inc8.829% 10/15/20300.1%
Plaskolite PPC Intermediate II LLC9.442% 12/15/20250.1%
Bombardier Inc6.000% 02/15/20280.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp5.250% 10/01/20250.1%
JB Poindexter & Co Inc8.750% 12/15/20310.1%
Camtek Ltd/Israel0.000% 12/01/20260.1%
Mineral Resources Ltd8.500% 05/01/20300.1%
BCP V Modular Services Finance PLC6.750% 11/30/20290.1%
AA Bond Co Ltd6.500% 01/31/20260.1%
Reverb Buyer Inc8.679% 11/01/20280.1%
Dermatology Intermediate Holdings III Inc10.830% 03/30/20290.1%
Chord Energy Corp6.375% 06/01/20260.1%
Macquarie Airfinance Holdings Ltd8.375% 05/01/20280.1%
Carnival Corp6.000% 05/01/20290.1%
Navient Corp11.500% 03/15/20310.1%
Herc Holdings Inc5.500% 07/15/20270.1%
Enstall Group BV10.571% 08/30/20280.1%
Granite Construction Inc3.750% 05/15/20280.1%
Azalea Topco Inc8.829% 04/30/20310.1%
eResearchTechnology Inc9.930% 02/04/20270.1%
Barings Loan Partners CLO Ltd 37.425% 07/20/20330.1%
Cheesecake Factory Inc/The0.375% 06/15/20260.1%
Service Properties Trust7.500% 09/15/20250.1%
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl4.625% 05/01/20280.1%
Arcline FM Holdings LLC10.321% 06/23/20280.1%
ATI Inc5.875% 12/01/20270.1%
Western Digital Corp3.000% 11/15/20280.1%
Ivanti Software Inc9.814% 12/01/20270.1%
First Quantum Minerals Ltd6.875% 10/15/20270.1%
United PF Holdings LLC9.591% 12/30/20260.1%
Greenbrier Cos Inc/The2.875% 04/15/20280.1%
Altice Financing SA5.000% 01/15/20280.1%
Freshpet Inc3.000% 04/01/20280.1%
CHS/Community Health Systems Inc8.000% 12/15/20270.1%
RR 8 Ltd7.029% 07/15/20370.1%
Wynn Macau Ltd4.500% 03/07/20290.1%
ION Trading Technologies Sarl5.750% 05/15/20280.1%
CITGO Petroleum Corp7.000% 06/15/20250.1%
Mercer International Inc12.875% 10/01/20280.1%
Guidewire Software Inc1.250% 03/15/20250.1%
Palo Alto Networks Inc0.375% 06/01/20250.1%
Apollo Global Management Inc0.000% 07/31/20260.1%
Teva Pharmaceutical Finance Netherlands III BV6.750% 03/01/20280.1%
Torrid LLC11.112% 06/14/20280.1%
GEO Group Inc/The10.250% 04/15/20310.1%
STL Holding Co LLC8.750% 02/15/20290.1%
Hyundai Capital America6.100% 09/21/20280.1%
Clear Channel Outdoor Holdings Inc5.125% 08/15/20270.1%
Manuchar Group Sarl7.250% 06/30/20270.1%
Fitness International LLC10.579% 02/05/20290.1%
AI Candelaria Spain SA7.500% 12/15/20280.1%
Celanese US Holdings LLC6.165% 07/15/20270.1%
Sunoco LP / Sunoco Finance Corp7.000% 09/15/20280.1%
CHS/Community Health Systems Inc6.875% 04/15/20290.1%
Park River Holdings Inc8.814% 12/28/20270.1%
Altice France Holding SA10.500% 05/15/20270.1%
CSN Inova Ventures6.750% 01/28/20280.1%
CCO Holdings LLC / CCO Holdings Capital Corp5.000% 02/01/20280.1%
Leviathan Bond Ltd6.500% 06/30/20270.1%
Nine Energy Service Inc13.000% 02/01/20280.1%
Bank of America Corp0.000% -0.1%
GN Bondco LLC9.500% 10/15/20310.1%
Pioneer Natural Resources Co0.250% 05/15/20250.1%
FXI Holdings Inc12.250% 11/15/20260.1%
MakeMyTrip Ltd0.000% 02/15/20280.1%
Glaukos Corp2.750% 06/15/20270.1%
Shake Shack Inc0.000% 03/01/20280.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Comstock Resources Inc5.875% 01/15/20300.1%
Scripps Escrow Inc5.875% 07/15/20270.1%
CITGO Petroleum Corp6.375% 06/15/20260.1%
Freedom Mortgage Holdings LLC9.250% 02/01/20290.1%
Altice France SA8.125% 02/01/20270.1%
Global Marine Inc7.000% 06/01/20280.1%
Royal Caribbean Cruises Ltd5.375% 07/15/20270.1%
Genesis Energy LP / Genesis Energy Finance Corp8.000% 01/15/20270.1%
Impinj Inc1.125% 05/15/20270.1%
PennyMac Financial Services Inc7.875% 12/15/20290.1%
Newell Brands Inc4.875% 06/01/20250.1%
Barracuda Networks Inc9.814% 08/15/20290.1%
Petroleos Mexicanos8.750% 06/02/20290.1%
Quikrete Holdings Inc7.829% 04/14/20310.1%
Quikrete Holdings Inc7.579% 03/19/20290.1%
Constant Contact Inc9.561% 02/10/20280.1%
Ensono Inc9.444% 05/26/20280.1%
Cloudera Inc9.166% 10/08/20280.1%
Lumen Technologies Inc7.785% 04/15/20300.1%
Jacobs Entertainment Inc6.750% 02/15/20290.1%
Talos Production Inc9.375% 02/01/20310.1%
PRA Group Inc5.000% 10/01/20290.1%
IHO Verwaltungs GmbH6.375% 05/15/20290.1%
Sinclair Television Group Inc8.591% 04/01/20280.1%
Altair Engineering Inc1.750% 06/15/20270.1%
Dermatology Intermediate Holdings III Inc9.580% 03/30/20290.1%
Elmwood CLO 27 Ltd11.000% 04/18/20370.1%
Permian Resources Operating LLC7.750% 02/15/20260.1%
Specialty Building Products Holdings LLC / SBP Finance Corp6.375% 09/30/20260.1%
Mercer International Inc5.500% 01/15/20260.1%
Epicor Software Corp0.000% 05/23/20310.1%
15-YR UMBS-TBA PROD JUN6.000% 06/01/20380.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
MHP Lux SA6.250% 09/19/20290.1%
Cinemark USA Inc5.250% 07/15/20280.1%
Turkiye Petrol Rafinerileri AS4.500% 10/18/20240.1%
Owens & Minor Inc6.625% 04/01/20300.1%
Legacy LifePoint Health LLC4.375% 02/15/20270.1%
CP Atlas Buyer Inc9.179% 11/23/20270.1%
Brand Industrial Services Inc9.827% 08/01/20300.1%
Comerica Inc5.982% 01/30/20300.1%
gategroup Finance Luxembourg SA3.000% 02/28/20270.1%
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc2.875% 10/15/20260.1%
Melco Resorts Finance Ltd5.750% 07/21/20280.1%
NCL Corp Ltd5.875% 02/15/20270.1%
GrubHub Holdings Inc5.500% 07/01/20270.1%
Griffon Corp5.750% 03/01/20280.1%
ING Groep NV6.907% 09/11/20270.1%
Cinemark Holdings Inc4.500% 08/15/20250.1%
Sphere Entertainment Co3.500% 12/01/20280.1%
Red Planet Borrower LLC8.929% 10/02/20280.1%
iHeartCommunications Inc6.375% 05/01/20260.1%
Aretec Group Inc10.000% 08/15/20300.1%
Touchdown Acquirer Inc9.326% 02/21/20310.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Gates Corp/The6.875% 07/01/20290.1%
SPX FLOW Inc9.929% 04/05/20290.1%
Northriver Midstream Finance LP5.625% 02/15/20260.1%
Gatwick Airport Finance PLC4.375% 04/07/20260.1%
Pattern Energy Operations LP / Pattern Energy Operations Inc4.500% 08/15/20280.1%
Sunrise HoldCo IV BV5.500% 01/15/20280.1%
Travis Perkins PLC3.750% 02/17/20260.1%
MGM China Holdings Ltd5.875% 05/15/20260.1%
Sizzling Platter LLC / Sizzling Platter Finance Corp8.500% 11/28/20250.1%
LGI Homes Inc8.750% 12/15/20280.1%
Dana Inc5.625% 06/15/20280.1%
AAdvantage Loyalty IP Ltd10.336% 04/20/20280.1%
ACProducts Holdings Inc6.375% 05/15/20290.1%
HRNI Holdings LLC9.702% 12/11/20280.1%
HF Sinclair Corp6.375% 04/15/20270.1%
Garda World Security Corp7.750% 02/15/20280.1%
WaterBridge NDB Operating LLC9.826% 05/10/20290.1%
Chobani LLC9.067% 10/25/20270.1%
TGP Holdings III LLC8.679% 06/29/20280.1%
Stratus Static CLO 2022-3 Ltd7.725% 10/20/20310.1%
FORWARD AIR CORPORATION9.830% 12/19/20300.1%
Datadog Inc0.125% 06/15/20250.1%
Alexander Funding Trust II7.467% 07/31/20280.1%
OneDigital Borrower LLC9.679% 11/16/20270.1%
Osaic Holdings Inc9.329% 08/17/20280.1%
Cengage Learning Inc9.538% 03/22/20310.1%
Helix Gen Funding LLC10.059% 12/31/20270.1%
DCG Acquisition Corp9.929% 09/30/20260.1%
Pathway Vet Alliance LLC9.194% 03/31/20270.1%
CHS/Community Health Systems Inc6.875% 04/01/20280.1%
Wynn Macau Ltd5.500% 10/01/20270.1%
Triton Water Holdings Inc8.563% 03/31/20280.1%
Benteler International AG10.500% 05/15/20280.1%
B&G Foods Inc8.000% 09/15/20280.1%
MH Sub I LLC11.579% 02/23/20290.1%
Anastasia Parent LLC9.321% 08/11/20250.1%
Navient Corp6.750% 06/25/20250.1%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.1%
AerCap Holdings NV5.875% 10/10/20790.1%
Park River Holdings Inc5.625% 02/01/20290.1%
Crosby US Acquisition Corp9.329% 08/16/20290.1%
EPIC Crude Services LP10.609% 03/02/20260.1%
NextEra Energy Partners LP0.000% 06/15/20240.1%
Hughes Satellite Systems Corp6.625% 08/01/20260.1%
Studio City Finance Ltd6.500% 01/15/20280.1%
Brown Group Holding LLC8.329% 07/02/20290.1%
EQM Midstream Partners LP6.375% 04/01/20290.1%
Stena International SA7.250% 01/15/20310.1%
CD&R Firefly Bidco PLC8.625% 04/30/20290.1%
UBS Group AG9.250% 05/13/21730.1%
Flutter Treasury Designated Activity Co6.375% 04/29/20290.1%
NCL Corp Ltd8.375% 02/01/20280.1%
Oceaneering International Inc6.000% 02/01/20280.1%
Summer BC Bidco B LLC5.500% 10/31/20260.1%
MH Sub I LLC9.579% 05/03/20280.1%
NCL Corp Ltd8.125% 01/15/20290.1%
Oceaneering International Inc6.000% 02/01/20280.1%
Stena International SA7.625% 02/15/20310.1%
Freedom Mortgage Corp6.625% 01/15/20270.1%
Turning Point Brands Inc5.625% 02/15/20260.1%
HAT Holdings I LLC / HAT Holdings II LLC8.000% 06/15/20270.1%
Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc8.000% 06/15/20290.1%
BANGL LLC0.000% 02/01/20290.1%
Precision Drilling Corp6.875% 01/15/20290.1%
AG TTMT Escrow Issuer LLC8.625% 09/30/20270.1%
CD&R Firefly Bidco PLC8.625% 04/30/20290.1%
Azul Secured Finance LLP11.500% 05/28/20290.1%
Vistra Operations Co LLC5.000% 07/31/20270.1%
Delta Topco Inc8.813% 11/30/20290.1%
USA Compression Partners LP / USA Compression Finance Corp7.125% 03/15/20290.1%
American Axle & Manufacturing Inc6.875% 07/01/20280.1%
Michaels Cos Inc/The9.821% 04/15/20280.1%
Synthomer PLC7.375% 05/02/20290.1%
KKR CLO 45a Ltd7.829% 04/15/20350.1%
Vistra Corp8.000% 04/15/21730.1%
HAMILTON PROJECTS ACQUIROR LLC0.000% 05/22/20310.1%
Benteler International AG9.375% 05/15/20280.1%
Triumph Group Inc9.000% 03/15/20280.1%
Macquarie Airfinance Holdings Ltd8.125% 03/30/20290.1%
Triton Water Holdings Inc9.302% 03/31/20280.1%
Wellpath Holdings Inc10.836% 10/01/20250.1%
Precision Drilling Corp7.125% 01/15/20260.1%
Civitas Resources Inc5.000% 10/15/20260.1%
XPO Inc6.250% 06/01/20280.1%
Dream Finders Homes Inc8.250% 08/15/20280.1%
JW Aluminum Continuous Cast Co10.250% 06/01/20260.1%
UBS Group AG7.750% 04/12/21730.1%
Nova Alexandre III SAS9.202% 07/15/20290.1%
MGM China Holdings Ltd5.250% 06/18/20250.1%
Virtusa Corp7.125% 12/15/20280.1%
Energy Transfer LP8.000% 05/15/20540.1%
New York Community Bancorp Inc8.378% 11/06/20280.1%
Kernel Holding SA6.750% 10/27/20270.1%
LifePoint Health Inc11.000% 10/15/20300.1%
Summer BC Holdco B SARL5.750% 10/31/20260.1%
TEGNA Inc4.750% 03/15/20260.1%
Elanco Animal Health Inc6.650% 08/28/20280.0%
Tenet Healthcare Corp5.125% 11/01/20270.0%
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp6.000% 03/01/20270.0%
BCPE Ulysses Intermediate Inc7.750% 04/01/20270.0%
Aruba Investments Holdings LLC9.429% 11/24/20270.0%
Herbalife Nutrition Ltd / HLF Financing Inc7.875% 09/01/20250.0%
30-YR UMBS-TBA PROD JUN7.000% 07/01/20530.0%
Empire Resorts Inc7.750% 11/01/20260.0%
Newell Brands Inc5.700% 04/01/20260.0%
30-YR UMBS-TBA PROD JUN6.000% 12/01/20530.0%
IMA Industria Macchine Automatiche SpA7.647% 04/15/20290.0%
Altice France SA2.125% 02/15/20250.0%
TransDigm Inc6.750% 08/15/20280.0%
KKR CLO 23 Ltd7.336% 10/20/20310.0%
Warrior Met Coal Inc7.875% 12/01/20280.0%
Tidewater Inc10.375% 07/03/20280.0%
United States Steel Corp6.875% 03/01/20290.0%
Service Properties Trust8.875% 06/15/20320.0%
Sinclair Television Group Inc8.091% 09/30/20260.0%
Mineral Resources Ltd9.250% 10/01/20280.0%
Delta Topco Inc10.563% 11/30/20290.0%
CPUK Finance Ltd4.500% 08/28/20270.0%
AerCap Global Aviation Trust6.500% 06/15/20450.0%
Lumen Technologies Inc4.125% 04/15/20290.0%
RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc9.750% 12/01/20260.0%
Jones Deslauriers Insurance Management Inc8.500% 03/15/20300.0%
Tank Holding Corp11.179% 03/31/20280.0%
Clear Channel Outdoor Holdings Inc9.000% 09/15/20280.0%
Matador Resources Co6.875% 04/15/20280.0%
Calumet Specialty Products Partners LP / Calumet Finance Corp8.125% 01/15/20270.0%
Engineered Machinery Holdings Inc12.071% 05/21/20290.0%
McGraw-Hill Education Inc5.750% 08/01/20280.0%
Welltec International ApS8.250% 10/15/20260.0%
Aruba Investments Holdings LLC13.179% 11/24/20280.0%
Coronado Finance Pty Ltd10.750% 05/15/20260.0%
Applied Systems Inc10.559% 02/23/20320.0%
Alloy Finco Ltd0.500% 03/06/20250.0%
Clear Channel Outdoor Holdings Inc9.444% 08/23/20280.0%
Catalent Pharma Solutions Inc2.375% 03/01/20280.0%
NEP Group Inc12.444% 10/19/20260.0%
Iceland Bondco PLC10.875% 12/15/20270.0%
VF Ukraine PAT via VFU Funding PLC6.200% 02/11/20250.0%
Talen Energy Supply LLC8.625% 06/01/20300.0%
WR Grace Holdings LLC5.625% 08/15/20290.0%
Northwest Fiber LLC / Northwest Fiber Finance Sub Inc10.750% 06/01/20280.0%
Provident Funding Associates LP / PFG Finance Corp6.375% 06/15/20250.0%
Tank Holding Corp11.429% 03/31/20280.0%
Allied Universal Holdco LLC / Allied Universal Finance Corp6.625% 07/15/20260.0%
Credit Index Swap5.000% 06/20/20290.0%
Navient Corp4.875% 03/15/20280.0%
Iceland Bondco PLC10.875% 12/15/20270.0%
30-YR UMBS-TBA PROD JUN5.500% 02/01/20540.0%
Credit Default Swap5.000% 12/20/20250.0%
ECL Entertainment LLC9.329% 08/31/20300.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
National Mentor Holdings Inc9.159% 03/02/20280.0%
Vistra Operations Co LLC5.500% 09/01/20260.0%
Groundworks LLC0.005% 03/14/20310.0%
Frontier Communications Holdings LLC6.000% 01/15/20300.0%
Tank Holding Corp0.010% 03/31/20280.0%
Sinclair Television Group Inc9.179% 04/21/20290.0%
Lumen Technologies Inc4.125% 04/15/20300.0%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.0%
FX GBP/USD 08/240.000% 08/30/20240.0%
Bulldog Purchaser Inc9.179% 09/05/20250.0%
Icebox Holdco III Inc9.071% 12/22/20280.0%
Nathan's Famous Inc6.625% 11/01/20250.0%
Touchdown Acquirer Inc0.020% 02/21/20310.0%
FX GBP/USD 08/240.000% 08/30/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Elwood Energy LLC8.159% 07/05/20260.0%
Epicor Software Corp0.000% 05/23/20310.0%
ESC GCB HERTZ CORP6.250% 10/15/20220.0%
ESC GCB144A HERTZ CORP5.500% 10/15/20240.0%
FX GBP/USD 08/240.000% 08/30/20240.0%
FX USD/GBP 08/240.000% 08/30/20240.0%
FX USD/GBP 08/240.000% 08/30/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/GBP 08/240.000% 08/30/20240.0%
FX USD/CHF 08/240.000% 08/15/20240.0%
US 2YR NOTE (CBT) Sep240.000% 10/03/20240.0%
US 5YR NOTE (CBT) Sep240.000% 10/03/20240.0%
US 10YR NOTE (CBT)Sep240.000% 09/30/20240.0%
LAC0.010% 06/01/20280.0%
FX USD/GBP 08/240.000% 08/30/20240.0%

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.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 07/16/2024
$0.40694
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.06747 $9.81
Daily Daily 05/31/2024 $0.06816 $9.79
Daily Daily 04/30/2024 $0.06796 $9.76
Daily Daily 03/31/2024 $0.06773 $9.87
Daily Daily 02/29/2024 $0.06708 $9.83
Daily Daily 01/31/2024 $0.06855 $9.84

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.0570 $0.0977 $0.1547 $10.70
*

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

Fees & Expenses

Sales Charge Schedule as of 07/16/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.14
$100,000 to $249,999 1.75% 1.50% $10.09
$250,000 to $499,999 1.25% 1.00% $10.04
Greater than $500,000 0.00% 1.00% $9.91

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

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 06/30/2024

Fund Gross Expense Ratio 0.85%
Fund Net Expense Ratio 0.65%
Adjusted Expense Ratio -

Expense ratio details, Click here.

Fund Documents

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
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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.

 

2

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

 

3

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

+

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.      

                    

 

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.

 

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.   

 

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.

 

 

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

 

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

 

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

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

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