In addition to this, the Fed further slowed the pace of rate hikes at the February FOMC meeting. Treasury yield moved lower from 4.42% to 4.06%, as investors started to price in potential rate cuts from the Fed in the second half of 2023 following the turmoil in the banking sector. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. A portion of the portfolio's securities may not be rated. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Credit ratings BB and below are lower-rated securities (junk bonds). Bonds rated BBB or above are considered investment grade. Ratings range from AAA (highest) to D (lowest). Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. agencies) provided by Standard & Poor's, Moody's, and Fitch. Treasury securities or securities issued or backed by U.S.
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