LBNVX | Bond Debenture Fund Class R6 | Lord Abbett

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Bond Debenture Fund

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Daily price w/o sales charge as of 11/30/2022

$7.05

arrowUp$0.07

YTD Returns w/o sales charge as of 11/30/2022

-11.51%

Overall Morningstar Ratings

Multisector Bond
as of 10/31/2022

Morningstar rated the Lord Abbett Bond Debenture Fund class R6 share 3 and 4 stars among 284 and 250 Multisector Bond Funds for the overall rating and the 3 and 5 year periods ended 10/31/2022, respectively.

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Summary

Summary

What is the Bond Debenture Fund?

The Fund seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

A PIONEER IN MULTI-SECTOR

Over four decades of multi-sector bond investing, emphasizing rigorous credit research.

A FLEXIBLE APPROACH

The flexibility to adjust allocations to take advantage of opportunities as market conditions change.

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

 

Yield

Dividend Yield 1 as of 11/30/2022  

w/o sales charge 4.87%

30-Day Standardized Yield 2 as of 10/31/2022  

5.66%

Fund Basicsas of 10/31/2022

Total Net Assets
$21.17 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.49%
Number of Holdings
807
 
Inflation Resource Center

Flexible Fixed-Income Solutions for a Number of Market Outcomes

In today's market environment, many are focused on the potential investment implications of rising inflation. While Lord Abbett's experts say they don't think now is the time to make drastic changes to a portfolio, this Reource Center provides thoughtful insights and potential solutions for a number of situation-based outcomes.

Learn More

 

 

Fund Expense Ratio :

0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -11.51% -11.46% 0.10% 1.75% 4.26% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -

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

Fund Expense Ratio :

0.49%

Fund Expense Ratio :

0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.68% -14.53% -0.97% 1.23% 3.98% -
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.49%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

RELATED CONTENT

Multisector Investing: Key Themes for Today’s Market
November 1, 2021

Lord Abbett experts discuss the current uncertainty around rates and inflation—and the potential appeal of a multisector fixed income strategy in such an environment

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Non-U.S. High Yield Corporate
CMBS
Equity
U.S. Government Related
CLO
Sovereign
Municipals
Bank Loans
ABS
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 10/31/2022 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
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 higher credit 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
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

24 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

28 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

25 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

14 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Supported By 68 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 11/30/2022  

w/o sales charge 4.87%

30-Day Standardized Yield 2 as of 10/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.66% 5.66%

Fund Expense Ratio :

0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -11.51% -11.46% 0.10% 1.75% 4.26% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -

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

Fund Expense Ratio :

0.49%

Fund Expense Ratio :

0.49%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -14.68% -14.53% -0.97% 1.23% 3.98% -
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -

Fund Expense Ratio :

0.49%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 3.53% -1.54%
2020 7.91% 7.51%
2019 13.73% 8.72%
2018 -3.56% 0.01%
2017 9.54% 3.54%
2016 12.56% 2.65%
2015 -1.40% 0.55%
2014 4.85% 5.97%
2013 8.26% -2.02%
2012 13.59% 4.22%
2011 4.45% -
2010 13.50% -
2009 35.99% -
2008 -20.07% -
2007 5.81% -
2006 10.39% -
2005 2.02% -
2004 9.06% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.92% -7.76% -1.68% - -11.51%
2021 0.90% 2.25% 0.18% 0.18% 3.53%
2020 -11.78% 10.07% 4.57% 6.27% 7.91%
2019 6.92% 3.68% 0.68% 1.89% 13.73%
2018 -0.96% 0.04% 2.32% -4.87% -3.56%
2017 2.87% 2.04% 2.62% 1.70% 9.54%
2016 1.58% 4.54% 4.71% 1.24% 12.56%
2015 3.48% -0.37% -3.60% -0.79% -1.40%
2014 2.95% 2.62% -1.48% 0.73% 4.85%
2013 3.23% -1.26% 2.68% 3.44% 8.26%
2012 5.78% 0.22% 4.58% 2.45% 13.59%
2011 4.34% 0.97% -6.37% 5.90% 4.45%
2010 3.96% -1.09% 6.63% 3.53% 13.50%
2009 2.53% 12.96% 11.53% 5.26% 35.99%
2008 -2.81% 1.55% -7.73% -12.23% -20.07%
2007 2.63% 1.34% 2.02% -0.27% 5.81%
2006 2.84% -0.41% 3.67% 3.98% 10.39%
2005 -1.76% 1.66% 1.63% 0.51% 2.02%
2004 - - - 4.41% 9.06%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Non-U.S. High Yield Corporate
CMBS
Equity
U.S. Government Related
CLO
Sovereign
Municipals
Bank Loans
ABS
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2022

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 9/30/2022

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained allocations to mortgage-backed securities (MBS), equities, sovereign debt, and municipal bonds. The Fund also held more modest allocations to asset classes such as bank loans and structured products such as commercial mortgage-backed security (CMBS) and asset-backed securities (ABS). We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We continued to reduce the Fund’s credit risk while increasing its quality profile. In particular, we increased the Fund’s position in investment grade credit, primarily in A and BBB rated securities throughout the quarter. This deliberate move up-in-quality was in response to increased sentiment on rising recessionary risks in the U.S. and global economies. Separately, these securities yielded more attractive relative valuations and were less susceptible to further spread widening compared to below investment grade credits.
  • Energy remained the largest sector position. Exposure within the sector remained primarily in the Exploration & Production subsector. Although WTI crude prices softened throughout the quarter, we believe that issuers should still be supported by oil prices given the ongoing favorable supply and demand technical, which has been stressed by the European Union ban on Russian oil imports. We also expect the sector to remain supported by ongoing fiscal discipline practiced by management teams. While the Fund remains overweight and constructive on the Energy sector, it is important to note that the high yield energy index continues to trade at tighter spreads than the overall high yield market. As a result, the return profile of that sector should be less of a positive outlier than it has been in the post-COVID-19 period to date. Additionally, we are aware of the potential for moderating energy demand as global growth slows. As such, we modestly reduced exposure specifically to oil field service issuers that generally exhibit higher betas. That being said, we continue to view Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of companies within the sector.
  • We reduced the Fund’s cyclical exposure in favor of more defensive sectors. Given the rising recession probabilities, we have reduced the Fund’s overall position in the Basic Industry sector given its more cyclical nature. Reductions were across the board in Metals and Mining, Chemicals and Building Materials subsectors from concerns around global demand and softening commodity prices. We instead had migrated the Fund to a more defensive posture over the quarter, targeting Healthcare and Utilities sectors given their less volatile nature. Within Healthcare, we were particularly constructive in Pharmaceuticals and Health Services companies that exhibit less sensitivity to high wage costs. For Utilities, we added to Electric-Generation and Integrated issuers.
  • The Fund continued to be underweight sectors with excess exposure to consumer spending. We believe that sectors such as Retail and Leisure should continue to face headwinds as inflation continued to rise and weigh on consumer sentiment and potential spending patterns. With respect to retailers, issuers have experienced higher input costs and ongoing supply chain issues, putting pressure on margins as they manage through bloated inventories. Select U.S. consumers have shown signs of curbing consumption on goods given the rising prices, particularly low-end consumers which may experience the effects of inflation more substantially as they have less flexibility to absorb these prices. As for Leisure, the Gaming and Recreation & Travel subsectors have also exhibited sensitivity to rising labor costs. We remained significantly underweight cruise line issuers in this space given their ongoing, repetitive financing needs.
  • We further decreased the Fund’s exposure to EM and Europe in favor of U.S. credits. Generally speaking, EM securities are typically sensitive to rising U.S. rates and a stronger U.S. dollar as investors shift capital towards a more attractive U.S. relative yield. Additionally, the ongoing war in Ukraine led to material economic deceleration from a prolonged period of high energy and food prices. That being said, we view the credit environment more favorably for U.S. domestic assets. We also reduced Fund exposure to European credit as we expect the region to face headwinds from a potential energy shortage heading into the winter season.

 

Portfolio Details as of 10/31/2022

Total Net Assets
$21.17 B
Number of Issues
807
Average Coupon
4.44%
Average Life
9.34 Years
Average Maturity
10.66 Years
Average Effective Duration
2.76 Years
Average Yield to Worst
6.67%

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

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

Yield-To-Worst - The yield-to-worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments, calls or sinking funds. Average YTW is based on the weighted average YTW of the securities held in the Fund’s portfolio.

Holding Coupon Maturity Assets
United States Treasury Inflation Indexed Bonds 0.125% 02/15/2052 2.0%
United States Treasury Inflation Indexed Bonds 0.625% 07/15/2032 2.0%
30-YR GNMA II-TBA PROD DEC 6.000% 08/01/2052 0.8%
CPPIB Capital Inc 4.278% 04/04/2025 0.7%
30-YR UMBS-TBA PROD DEC 4.500% 10/01/2052 0.7%
30-YR GNMA II-TBA PROD NOV 4.500% 09/01/2052 0.6%
Sprint Capital Corp 6.875% 11/15/2028 0.6%
Amazon.com Inc 3.150% 08/22/2027 0.6%
Crowdstrike Holdings Inc 3.000% 02/15/2029 0.6%
Asian Development Bank 4.030% 04/06/2027 0.6%
% of Total Assets 9.2%
Holding Coupon Maturity Assets
United States Treasury Inflation Indexed Bonds0.125% 02/15/20522.0%
United States Treasury Inflation Indexed Bonds0.625% 07/15/20321.4%
30-YR UMBS-TBA PROD NOV4.500% 07/01/20521.0%
US LONG BOND(CBT) Dec220.000% 12/30/20220.9%
US 10YR NOTE (CBT)Dec220.000% 12/30/20220.9%
CPPIB Capital Inc3.267% 04/04/20250.7%
Amazon.com Inc3.150% 08/22/20270.6%
Crowdstrike Holdings Inc3.000% 02/15/20290.6%
30-YR UMBS-TBA PROD NOV2.000% 12/01/20510.6%
Asian Development Bank3.066% 04/06/20270.6%
Sprint Capital Corp6.875% 11/15/20280.5%
30-YR GNMA II-TBA PROD OCT4.500% 08/01/20520.5%
US ULTRA BOND CBT Dec220.000% 12/30/20220.5%
T-Mobile USA Inc3.375% 04/15/20290.5%
30-YR GNMA II-TBA PROD NOV4.500% 08/01/20520.5%
30-YR GNMA II-TBA PROD OCT5.000% 08/01/20520.4%
30-YR GNMA II-TBA PROD OCT4.000% 08/01/20520.4%
30-YR UMBS-TBA PROD NOV5.500% 07/01/20520.4%
Antero Resources Corp5.375% 03/01/20300.4%
SHOW Trust 2022-BIZ1.000% 01/15/20240.4%
CSMC 2021-BRIT6.277% 05/15/20230.4%
SM Energy Co6.625% 01/15/20270.4%
Qatar Energy3.300% 07/12/20510.4%
30-YR UMBS-TBA PROD NOV4.000% 08/01/20520.4%
TransDigm Inc5.500% 11/15/20270.4%
Kommunalbanken AS3.477% 06/17/20260.4%
Continental Resources Inc/OK4.375% 01/15/20280.4%
Fannie Mae Pool2.500% 12/01/20510.3%
TSMC Arizona Corp3.250% 10/25/20510.3%
Laredo Petroleum Inc10.125% 01/15/20280.3%
Occidental Petroleum Corp6.125% 01/01/20310.3%
Western Midstream Operating LP4.300% 02/01/20300.3%
Permian Resources Operating LLC6.875% 04/01/20270.3%
GS Mortgage Securities Corp Trust 2021-ROSS MZ12.318% 06/15/20260.3%
MEG Energy Corp7.125% 02/01/20270.3%
Celanese US Holdings LLC6.165% 07/15/20270.3%
Hilton Domestic Operating Co Inc4.875% 01/15/20300.3%
Kraft Heinz Foods Co4.375% 06/01/20460.3%
Cenovus Energy Inc5.400% 06/15/20470.3%
CDP Financial Inc1.000% 05/26/20260.3%
Calpine Corp4.625% 02/01/20290.3%
Kraft Heinz Foods Co4.875% 10/01/20490.3%
Vmed O2 UK Financing I PLC4.250% 01/31/20310.3%
FMG Resources August 2006 Pty Ltd4.375% 04/01/20310.3%
State of Illinois5.100% 06/01/20330.3%
Freddie Mac STACR REMIC Trust 2021-DNA65.681% 10/25/20410.3%
30-YR GNMA II-TBA PROD OCT3.500% 06/01/20520.3%
American Airlines Inc/AAdvantage Loyalty IP Ltd5.750% 04/20/20290.3%
CQP Holdco LP / BIP-V Chinook Holdco LLC5.500% 06/15/20310.3%
VICI Properties LP / VICI Note Co Inc4.625% 12/01/20290.3%
MSCI Inc3.875% 02/15/20310.3%
Endeavor Energy Resources LP / EER Finance Inc5.750% 01/30/20280.3%
HSBC Holdings PLC2.999% 03/10/20260.3%
Sabine Pass Liquefaction LLC4.500% 05/15/20300.3%
Apache Corp5.100% 09/01/20400.2%
Verizon Communications Inc4.016% 12/03/20290.2%
Netflix Inc4.875% 04/15/20280.2%
Ford Motor Co3.250% 02/12/20320.2%
PDC Energy Inc5.750% 05/15/20260.2%
Chesapeake Energy Corp6.750% 04/15/20290.2%
Westlake Automobile Receivables Trust 2021-13.910% 09/15/20270.2%
BX Trust 2021-ARIA5.411% 10/15/20360.2%
Topaz Solar Farms LLC5.750% 09/30/20390.2%
Range Resources Corp8.250% 01/15/20290.2%
MF1 2022-FL9 LLC5.174% 06/19/20370.2%
Great Wolf Trust 2019-WOLF3.852% 12/15/20360.2%
Apple Inc2.900% 09/12/20270.2%
LoanCore 2022-CRE7 Issuer Ltd4.284% 01/17/20370.2%
Regeneron Pharmaceuticals Inc2.800% 09/15/20500.2%
Credit Suisse Mortgage Capital Certificates 2019-ICE44.248% 05/15/20360.2%
First-Citizens Bank & Trust Co6.125% 03/09/20280.2%
Fannie Mae Pool4.000% 05/01/20520.2%
OCP CLO 2016-12 Ltd1.991% 04/18/20330.2%
Churchill Downs Inc5.500% 04/01/20270.2%
Voya CLO 2014-1 Ltd3.730% 04/18/20310.2%
Netflix Inc3.625% 05/15/20270.2%
Range Resources Corp4.750% 02/15/20300.2%
FirstEnergy Corp4.400% 07/15/20270.2%
Ford Motor Credit Co LLC4.000% 11/13/20300.2%
Apache Corp4.250% 01/15/20300.2%
30-YR GNMA II-TBA PROD NOV3.000% 02/01/20520.2%
Southwestern Energy Co5.375% 02/01/20290.2%
Freddie Mac Pool5.000% 07/01/20520.2%
ROBLOX Corp3.875% 05/01/20300.2%
Laredo Petroleum Inc7.750% 07/31/20290.2%
Fannie Mae Pool2.500% 12/01/20510.2%
CSMC 2021-BPNY6.532% 08/15/20230.2%
Elmwood CLO 19 Ltd0.000% 10/17/20340.2%
Vistra Operations Co LLC4.375% 05/01/20290.2%
Hershey Co/The0.000% -0.2%
Calpine Corp5.000% 02/01/20310.2%
Centene Corp3.375% 02/15/20300.2%
United Airlines 2020-1 Class A Pass Through Trust5.875% 04/15/20290.2%
Ball Corp2.875% 08/15/20300.2%
Freddie Mac STACR REMIC Trust 2021-DNA75.931% 11/25/20410.2%
Vistra Operations Co LLC5.125% 05/13/20250.2%
PFS Financing Corp3.890% 05/15/20270.2%
NRG Energy Inc3.875% 02/15/20320.2%
Fluor Corp4.250% 09/15/20280.2%
Japan Bank for International Cooperation3.875% 09/16/20250.2%
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd5.718% 11/15/20360.2%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.250% 05/15/20270.2%
Crown Castle Inc2.500% 07/15/20310.2%
NextEra Energy Operating Partners LP3.875% 10/15/20260.2%
OCP SA3.750% 06/23/20310.2%
US 10yr Ultra Fut Dec220.000% 12/30/20220.2%
JPMorgan Chase & Co3.540% 05/01/20280.2%
Constellation Energy Generation LLC6.250% 10/01/20390.2%
Colombia Government International Bond5.200% 05/15/20490.2%
TransDigm Inc4.625% 01/15/20290.2%
UPC Broadband Finco BV4.875% 07/15/20310.2%
Huntington Ingalls Industries Inc0.000% -0.2%
Shell International Finance BV6.375% 12/15/20380.2%
Suncor Energy Inc4.000% 11/15/20470.2%
CSC Holdings LLC4.125% 12/01/20300.2%
GSK Consumer Healthcare Capital US LLC3.625% 03/24/20320.2%
Weatherford International Ltd8.625% 04/30/20300.2%
Apple Inc3.200% 05/11/20270.2%
CSC Holdings LLC6.500% 02/01/20290.2%
Huntington Ingalls Industries Inc4.200% 05/01/20300.2%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-BOLT9.518% 08/15/20330.2%
Diamondback Energy Inc4.250% 03/15/20520.2%
Perimeter Master Note Business Trust4.230% 05/15/20240.2%
HCA Inc3.500% 09/01/20300.2%
Inter-American Investment Corp2.625% 04/22/20250.2%
Rayonier LP2.750% 05/17/20310.2%
Vmed O2 UK Financing I PLC4.750% 07/15/20310.2%
Louisiana Local Government Environmental Facilities & Community Development Auth4.145% 02/01/20330.2%
Live Nation Entertainment Inc3.750% 01/15/20280.2%
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp5.500% 03/01/20250.2%
MSCI Inc4.000% 11/15/20290.2%
Freddie Mac Pool3.500% 08/01/20450.2%
Galaxy Pipeline Assets Bidco Ltd3.250% 09/30/20400.2%
Connecticut Avenue Securities Trust 2022-R018.281% 12/25/20410.2%
MEG Energy Corp5.875% 02/01/20290.2%
Hunt Cos Inc5.250% 04/15/20290.2%
Cenovus Energy Inc3.750% 02/15/20520.2%
Meta Platforms Inc4.450% 08/15/20520.2%
Mohegan Gaming & Entertainment8.000% 02/01/20260.2%
Fannie Mae Pool4.000% 05/01/20520.2%
Workday Inc3.800% 04/01/20320.2%
Callon Petroleum Co6.375% 07/01/20260.2%
Mineral Resources Ltd8.500% 05/01/20300.2%
SBA Communications Corp3.875% 02/15/20270.2%
Helmerich & Payne Inc2.900% 09/29/20310.2%
Murphy Oil Corp5.875% 12/01/20270.2%
OCP CLO 2021-22 Ltd3.993% 12/02/20340.2%
Diamondback Energy Inc3.500% 12/01/20290.2%
VZ Secured Financing BV5.000% 01/15/20320.2%
Kosmos Energy Ltd7.750% 05/01/20270.2%
Bank OZK2.750% 10/01/20310.2%
BHMS 2018-ATLS4.068% 07/15/20350.2%
J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP1.000% 04/15/20370.2%
Fannie Mae Pool5.000% 07/01/20520.2%
Viper Energy Partners LP5.375% 11/01/20270.2%
Delta Air Lines Inc7.000% 05/01/20250.2%
Astoria Energy LLC6.615% 12/10/20270.2%
Azul Investments LLP5.875% 10/26/20240.2%
Ovintiv Inc6.500% 02/01/20380.2%
Warrior Met Coal Inc7.875% 12/01/20280.2%
FactSet Research Systems Inc3.450% 03/01/20320.2%
Brazilian Government International Bond4.750% 01/14/20500.2%
Voya CLO 2019-3 Ltd4.390% 10/17/20320.2%
Atrium Hotel Portfolio Trust 2018-ATRM3.768% 06/15/20350.2%
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp4.875% 05/01/20290.2%
Costa Rica Government International Bond7.158% 03/12/20450.2%
Saudi Arabian Oil Co4.375% 04/16/20490.2%
Comstock Resources Inc6.750% 03/01/20290.2%
Viterra Finance BV2.000% 04/21/20260.2%
Molina Healthcare Inc3.875% 05/15/20320.2%
Freeport LNG Investments LLLP6.210% 12/21/20280.2%
CCO Holdings LLC / CCO Holdings Capital Corp5.375% 06/01/20290.2%
Callon Petroleum Co8.000% 08/01/20280.2%
Centene Corp4.625% 12/15/20290.2%
Tenet Healthcare Corp6.125% 06/15/20300.2%
Murphy Oil USA Inc3.750% 02/15/20310.2%
Penumbra Inc0.000% -0.2%
Brown & Brown Inc2.375% 03/15/20310.2%
Resorts World Las Vegas LLC / RWLV Capital Inc4.625% 04/16/20290.2%
OQ SAOC5.125% 05/06/20280.2%
Progressive Corp/The0.000% -0.2%
Cheniere Energy Partners LP3.250% 01/31/20320.2%
Crescent Energy Finance LLC7.250% 05/01/20260.2%
Dollar Tree Inc3.375% 12/01/20510.2%
SEB Funding LLC4.969% 01/30/20520.2%
Tenet Healthcare Corp6.125% 10/01/20280.2%
Twilio Inc3.625% 03/15/20290.2%
CrownRock LP / CrownRock Finance Inc5.000% 05/01/20290.2%
Bank of Ireland Group PLC6.253% 09/16/20260.2%
Teck Resources Ltd3.900% 07/15/20300.2%
Southwestern Energy Co5.375% 03/15/20300.2%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.2%
PartnerRe Finance B LLC3.700% 07/02/20290.2%
Cardinal Health Inc0.000% -0.1%
Ally Financial Inc8.000% 11/01/20310.1%
CS Master Trust6.767% 04/15/20250.1%
NextEra Energy Operating Partners LP4.500% 09/15/20270.1%
ModivCare Escrow Issuer Inc5.000% 10/01/20290.1%
California Resources Corp7.125% 02/01/20260.1%
CPPIB Capital Inc4.125% 10/21/20240.1%
WMG Acquisition Corp3.750% 12/01/20290.1%
PG&E Corp0.000% -0.1%
First Solar Inc0.000% -0.1%
Frontier Communications Holdings LLC5.875% 10/15/20270.1%
General Mills Inc0.000% -0.1%
Daiichi Sankyo Co Ltd0.000% -0.1%
Continental Resources Inc/OK5.750% 01/15/20310.1%
Churchill Downs Inc4.750% 01/15/20280.1%
Pasadena Public Financing Authority7.148% 03/01/20430.1%
BJ's Wholesale Club Holdings Inc0.000% -0.1%
Tengizchevroil Finance Co International Ltd3.250% 08/15/20300.1%
AIA Group Ltd3.200% 09/16/20400.1%
McCormick & Co Inc/MD2.500% 04/15/20300.1%
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd5.750% 01/20/20260.1%
Kyocera Corp0.000% -0.1%
Enphase Energy Inc0.000% -0.1%
GS Mortgage Securities Corp Trust 2022-SHIP3.576% 08/15/20240.1%
UnitedHealth Group Inc4.200% 05/15/20320.1%
Province of Ontario Canada1.550% 11/01/20290.1%
Amphenol Corp2.800% 02/15/20300.1%
Brown-Forman Corp0.000% -0.1%
Diamondback Energy Inc4.400% 03/24/20510.1%
Tencent Holdings Ltd3.595% 01/19/20280.1%
Fannie Mae Pool3.500% 04/01/20520.1%
30-YR UMBS-TBA PROD NOV5.000% 07/01/20520.1%
Bacardi Ltd4.700% 05/15/20280.1%
Benchmark 2019-B12 Mortgage Trust4.388% 08/15/20520.1%
Gray Escrow II Inc5.375% 11/15/20310.1%
CCO Holdings LLC / CCO Holdings Capital Corp5.000% 02/01/20280.1%
SeaWorld Parks & Entertainment Inc5.250% 08/15/20290.1%
SCIH Salt Holdings Inc4.875% 05/01/20280.1%
Fannie Mae Pool2.500% 09/01/20510.1%
Tesla Inc0.000% -0.1%
Genesys Cloud Services Holdings II LLC7.115% 12/01/20270.1%
Adani Ports & Special Economic Zone Ltd4.375% 07/03/20290.1%
KLA Corp4.650% 07/15/20320.1%
Permanent University Fund - Texas A&M University System3.660% 07/01/20470.1%
Warnermedia Holdings Inc5.141% 03/15/20520.1%
NVR Inc3.000% 05/15/20300.1%
WEC Energy Group Inc0.000% -0.1%
BMW US Capital LLC4.150% 04/09/20300.1%
Levi Strauss & Co3.500% 03/01/20310.1%
Medline Borrower LP3.875% 04/01/20290.1%
Comstock Resources Inc5.875% 01/15/20300.1%
Buckeye Partners LP6.375% 01/22/20780.1%
Permian Resources Operating LLC5.375% 01/15/20260.1%
Sweihan PV Power Co PJSC3.625% 01/31/20490.1%
EQT Corp6.125% 02/01/20250.1%
Oceaneering International Inc6.000% 02/01/20280.1%
Stonegate Pub Co Financing 2019 PLC8.250% 07/31/20250.1%
Coinbase Global Inc3.375% 10/01/20280.1%
Fannie Mae Pool5.000% 07/01/20520.1%
California State University3.899% 11/01/20470.1%
Life 2022-BMR Mortgage Trust4.141% 05/15/20390.1%
AES Corp/The2.450% 01/15/20310.1%
Arbor Realty Commercial Real Estate Notes 2022-FL2 Ltd4.695% 05/15/20370.1%
Oaktree CLO 2019-4 Ltd4.410% 10/20/20320.1%
Intuit Inc1.650% 07/15/20300.1%
SLG Office Trust 2021-OVA2.851% 07/15/20410.1%
Molina Healthcare Inc3.875% 11/15/20300.1%
Alaska Airlines 2020-1 Class A Pass Through Trust4.800% 02/15/20290.1%
Palmer Square CLO 2022-5 Ltd5.658% 10/20/20350.1%
CCO Holdings LLC / CCO Holdings Capital Corp6.375% 09/01/20290.1%
Post Holdings Inc4.500% 09/15/20310.1%
Southwestern Energy Co8.375% 09/15/20280.1%
Delta Air Lines Inc / SkyMiles IP Ltd4.750% 10/20/20280.1%
Murphy Oil Corp6.375% 07/15/20280.1%
Occidental Petroleum Corp0.000% -0.1%
Centene Corp3.000% 10/15/20300.1%
Global Payments Inc2.900% 05/15/20300.1%
Range Resources Corp4.875% 05/15/20250.1%
GS Mortgage Securities Corp II5.568% 11/15/20360.1%
PG&E Corp5.000% 07/01/20280.1%
Smithfield Foods Inc5.200% 04/01/20290.1%
Matador Resources Co5.875% 09/15/20260.1%
PFP 2019-6 Ltd4.883% 04/14/20370.1%
BX Commercial Mortgage Trust 2021-VOLT3.518% 09/15/20360.1%
Louisiana Local Government Environmental Facilities & Community Development Auth3.615% 02/01/20290.1%
Albemarle Corp4.650% 06/01/20270.1%
Madison IAQ LLC4.125% 06/30/20280.1%
Freddie Mac STACR REMIC Trust 2022-HQA35.831% 08/25/20420.1%
Brazos Delaware II LLC7.014% 05/21/20250.1%
Apache Corp4.750% 04/15/20430.1%
Electron Bidco Inc6.121% 11/01/20280.1%
SCIH Salt Holdings Inc6.625% 05/01/20290.1%
Univision Communications Inc4.500% 05/01/20290.1%
Abu Dhabi Crude Oil Pipeline LLC4.600% 11/02/20470.1%
Merlin Entertainments Ltd5.750% 06/15/20260.1%
ON Semiconductor Corp3.875% 09/01/20280.1%
Fidelity National Financial Inc4.500% 08/15/20280.1%
Ferguson Finance PLC3.250% 06/02/20300.1%
Patterson-UTI Energy Inc5.150% 11/15/20290.1%
News Corp3.875% 05/15/20290.1%
Costco Wholesale Corp1.750% 04/20/20320.1%
Autodesk Inc3.500% 06/15/20270.1%
Roller Bearing Co of America Inc4.375% 10/15/20290.1%
Allison Transmission Inc3.750% 01/30/20310.1%
FMG Resources August 2006 Pty Ltd6.125% 04/15/20320.1%
Webster Financial Corp4.100% 03/25/20290.1%
Connect Finco SARL / Connect US Finco LLC6.750% 10/01/20260.1%
ServiceNow Inc1.400% 09/01/20300.1%
Ford Motor Credit Co LLC2.900% 02/10/20290.1%
USA Compression Partners LP / USA Compression Finance Corp6.875% 09/01/20270.1%
Leggett & Platt Inc4.400% 03/15/20290.1%
Monongahela Power Co3.550% 05/15/20270.1%
Oceaneering International Inc4.650% 11/15/20240.1%
Williams Cos Inc/The4.650% 08/15/20320.1%
Tencent Holdings Ltd3.925% 01/19/20380.1%
Hess Corp5.600% 02/15/20410.1%
Cabot Corp5.000% 06/30/20320.1%
Avant Loans Funding Trust 2021-REV11.210% 07/15/20300.1%
Indianapolis Power & Light Co4.050% 05/01/20460.1%
Ausgrid Finance Pty Ltd4.350% 08/01/20280.1%
Newmont Corp2.250% 10/01/20300.1%
Olin Corp5.125% 09/15/20270.1%
Eaton Corp4.150% 03/15/20330.1%
CVS Health Corp3.625% 04/01/20270.1%
Imperial Brands Finance PLC6.125% 07/27/20270.1%
Patterson-UTI Energy Inc3.950% 02/01/20280.1%
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd6.500% 06/20/20270.1%
MSCI Inc3.250% 08/15/20330.1%
Centene Corp2.500% 03/01/20310.1%
Air Canada3.875% 08/15/20260.1%
Calpine Corp5.125% 03/15/20280.1%
Cable One Inc4.000% 11/15/20300.1%
H&E Equipment Services Inc3.875% 12/15/20280.1%
Navient Corp6.125% 03/25/20240.1%
Viterra Finance BV5.250% 04/21/20320.1%
EFS Cogen Holdings I LLC6.620% 10/01/20270.1%
BankUnited Inc4.875% 11/17/20250.1%
DT Midstream Inc4.300% 04/15/20320.1%
Colonial Enterprises Inc3.250% 05/15/20300.1%
Genting New York LLC / GENNY Capital Inc3.300% 02/15/20260.1%
Development Bank of Mongolia LLC7.250% 10/23/20230.1%
Hecla Mining Co7.250% 02/15/20280.1%
BBCMS 2019-BWAY Mortgage Trust3.774% 11/15/20340.1%
AbbVie Inc3.200% 11/21/20290.1%
Tenet Healthcare Corp4.375% 01/15/20300.1%
Dryden Senior Loan Fund0.000% 10/20/20350.1%
EverArc Escrow Sarl5.000% 10/30/20290.1%
Pattern Energy Operations LP / Pattern Energy Operations Inc4.500% 08/15/20280.1%
US Bancorp3.000% 07/30/20290.1%
VeriSign Inc2.700% 06/15/20310.1%
Memorial Sloan-Kettering Cancer Center4.200% 07/01/20550.1%
Xiaomi Best Time International Ltd4.100% 07/14/20510.1%
Pacific Gas and Electric Co4.950% 07/01/20500.1%
Hadrian Merger Sub Inc8.500% 05/01/20260.1%
GS Mortgage Securities Corp Trust 2022-ECI5.789% 08/15/20390.1%
Blackstone Holdings Finance Co LLC2.000% 01/30/20320.1%
NGPL PipeCo LLC4.875% 08/15/20270.1%
Bellis Acquisition Co PLC3.250% 02/16/20260.1%
Oryx Midstream Services Permian Basin LLC6.211% 10/05/20280.1%
Voya CLO 2022-3 Ltd0.000% 10/20/20340.1%
NGPL PipeCo LLC3.250% 07/15/20310.1%
Puget Energy Inc4.100% 06/15/20300.1%
Helix Gen Funding LLC6.865% 06/03/20240.1%
Aeropuerto Internacional de Tocumen SA5.125% 08/11/20610.1%
Genesis Sales Finance Master Trust1.200% 12/21/20260.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.000% 02/01/20310.1%
FedEx Corp 2020-1 Class AA Pass Through Trust1.875% 08/20/20350.1%
Sociedad Quimica y Minera de Chile SA3.500% 09/10/20510.1%
CF Industries Inc4.500% 12/01/20260.1%
Organon & Co / Organon Foreign Debt Co-Issuer BV4.125% 04/30/20280.1%
FirstEnergy Transmission LLC2.866% 09/15/20280.1%
Aspen Technology Inc0.000% -0.1%
Peraton Corp6.865% 02/01/20280.1%
SRM Escrow Issuer LLC6.000% 11/01/20280.1%
Enel Finance International NV3.500% 04/06/20280.1%
United Overseas Bank Ltd2.000% 10/14/20310.1%
Hasbro Inc3.900% 11/19/20290.1%
Coinbase Global Inc3.625% 10/01/20310.1%
Pfizer Inc2.625% 04/01/20300.1%
Dominican Republic International Bond6.000% 02/22/20330.1%
Venture Global Calcasieu Pass LLC3.875% 08/15/20290.1%
Go Daddy Operating Co LLC / GD Finance Co Inc5.250% 12/01/20270.1%
OneMain Financial Issuance Trust 2020-21.750% 09/14/20350.1%
Kennedy-Wilson Inc4.750% 02/01/20300.1%
Constellation Energy Generation LLC5.600% 06/15/20420.1%
Cameco Corp0.000% -0.1%
Olin Corp5.000% 02/01/20300.1%
Precision Drilling Corp6.875% 01/15/20290.1%
Roper Technologies Inc1.750% 02/15/20310.1%
AbbVie Inc4.250% 11/21/20490.1%
Santander Drive Auto Receivables Trust 2022-34.130% 08/16/20270.1%
Arch Capital Finance LLC4.011% 12/15/20260.1%
CITGO Petroleum Corp7.000% 06/15/20250.1%
NTT Finance Corp4.372% 07/27/20270.1%
Genuine Parts Co2.750% 02/01/20320.1%
MC Brazil Downstream Trading SARL7.250% 06/30/20310.1%
Condor Merger Sub Inc7.375% 02/15/20300.1%
Travel + Leisure Co6.000% 04/01/20270.1%
Novelis Corp4.750% 01/30/20300.1%
Raytheon Technologies Corp4.125% 11/16/20280.1%
Cenovus Energy Inc2.650% 01/15/20320.1%
Assurant Inc2.650% 01/15/20320.1%
Catalent Pharma Solutions Inc3.125% 02/15/20290.1%
Charles River Laboratories International Inc3.750% 03/15/20290.1%
Australia Government Bond4.250% 04/21/20260.1%
Pacific Gas and Electric Co3.500% 08/01/20500.1%
Post Holdings Inc4.625% 04/15/20300.1%
Vale Overseas Ltd3.750% 07/08/20300.1%
One New York Plaza Trust 2020-1NYP5.018% 01/15/20360.1%
Southwest Gas Corp4.050% 03/15/20320.1%
Marriott International Inc/MD3.500% 10/15/20320.1%
ITC Holdings Corp4.950% 09/22/20270.1%
Sunrun Demeter Issuer 2021-2 LLC2.270% 01/30/20570.1%
Tiffany & Co4.900% 10/01/20440.1%
Nexstar Media Inc4.750% 11/01/20280.1%
Kaiser Aluminum Corp4.500% 06/01/20310.1%
WMG Acquisition Corp3.000% 02/15/20310.1%
Sealed Air Corp6.875% 07/15/20330.1%
Teledyne FLIR LLC2.500% 08/01/20300.1%
T-Mobile USA Inc4.500% 04/15/20500.1%
FirstEnergy Transmission LLC4.550% 04/01/20490.1%
Nexstar Media Inc5.625% 07/15/20270.1%
Elevance Health Inc2.250% 05/15/20300.1%
Neuberger Berman Group LLC / Neuberger Berman Finance Corp4.875% 04/15/20450.1%
Massachusetts School Building Authority5.715% 08/15/20390.1%
Tenet Healthcare Corp4.875% 01/01/20260.1%
CENTURI GROUP INC5.570% 08/27/20280.1%
Entegris Escrow Corp4.750% 04/15/20290.1%
CERAMTEC ACQUICO GMBH4.332% 02/02/20290.1%
Argenx SE0.000% -0.1%
NortonLifeLock Inc6.750% 09/30/20270.1%
Ashtead Capital Inc5.500% 08/11/20320.1%
Roche Holdings Inc2.314% 03/10/20270.1%
NOVA Chemicals Corp4.250% 05/15/20290.1%
Transatlantic Holdings Inc8.000% 11/30/20390.1%
Karuna Therapeutics Inc0.000% -0.1%
KIND Trust 2021-KIND6.068% 08/15/20380.1%
Genuine Parts Co0.000% -0.1%
SM Energy Co6.750% 09/15/20260.1%
Black Hills Corp4.350% 05/01/20330.1%
AI Candelaria Spain SA5.750% 06/15/20330.1%
SUNSHINE INVESTMENTS B V6.118% 07/12/20290.1%
Northwestern Mutual Life Insurance Co/The3.850% 09/30/20470.1%
Amgen Inc4.200% 02/22/20520.1%
Albemarle Corp0.000% -0.1%
CDW LLC / CDW Finance Corp3.569% 12/01/20310.1%
Regata XII Funding LTD4.512% 10/15/20320.1%
Becle SAB de CV2.500% 10/14/20310.1%
PTC Inc4.000% 02/15/20280.1%
TerraForm Power Operating LLC5.000% 01/31/20280.1%
Hilton Domestic Operating Co Inc3.750% 05/01/20290.1%
Booz Allen Hamilton Holding Corp0.000% -0.1%
Calpine Corp3.750% 03/01/20310.1%
Tank Holding Corp8.784% 03/31/20280.1%
Vermilion Energy Inc0.000% -0.1%
Gap Inc/The3.875% 10/01/20310.1%
Venture Global Calcasieu Pass LLC4.125% 08/15/20310.1%
Starbucks Corp0.000% -0.1%
Callon Petroleum Co7.500% 06/15/20300.1%
Zoetis Inc2.000% 05/15/20300.1%
Fannie Mae Pool3.500% 09/01/20510.1%
Crown Cork & Seal Co Inc7.375% 12/15/20260.1%
Wisconsin Electric Power Co4.750% 09/30/20320.1%
Metropolitan Museum of Art/The3.400% 07/01/20450.1%
Brooklyn Union Gas Co/The3.407% 03/10/20260.1%
Ashland LLC3.375% 09/01/20310.1%
Hillenbrand Inc3.750% 03/01/20310.1%
Goodman US Finance Five LLC4.625% 05/04/20320.1%
Brown-Forman Corp4.500% 07/15/20450.1%
Life 2021-BMR Mortgage Trust4.568% 03/15/20380.1%
Pioneer Natural Resources Co2.150% 01/15/20310.1%
AG Issuer LLC6.250% 03/01/20280.1%
Owens & Minor Inc4.500% 03/31/20290.1%
Viterra Finance BV3.200% 04/21/20310.1%
Electronic Arts Inc2.950% 02/15/20510.1%
Southern Co/The0.000% -0.1%
CSN Resources SA4.625% 06/10/20310.1%
FirstEnergy Corp5.350% 07/15/20470.1%
Kosmos Energy Ltd7.125% 04/04/20260.1%
Boyd Gaming Corp4.750% 12/01/20270.1%
Sempra Energy0.000% -0.1%
United Airlines Inc4.625% 04/15/20290.1%
Bacardi Ltd2.750% 07/15/20260.1%
Clearway Energy Operating LLC4.750% 03/15/20280.1%
Southwestern Energy Co4.750% 02/01/20320.1%
Ingevity Corp3.875% 11/01/20280.1%
Hilcorp Energy I LP / Hilcorp Finance Co6.250% 11/01/20280.1%
PulteGroup Inc6.375% 05/15/20330.1%
TICP CLO XIV Ltd4.360% 10/20/20320.1%
Waste Management Inc0.000% -0.1%
TK Elevator US Newco Inc5.250% 07/15/20270.1%
Pertamina Persero PT4.700% 07/30/20490.1%
GLP Capital LP / GLP Financing II Inc3.250% 01/15/20320.1%
Occidental Petroleum Corp6.625% 09/01/20300.1%
Oracle Corp4.500% 07/08/20440.1%
Seattle Children's Hospital2.719% 10/01/20500.1%
Treasury Wine Estates Ltd0.000% -0.1%
Adani Ports & Special Economic Zone Ltd3.828% 02/02/20320.1%
Alnylam Pharmaceuticals Inc0.000% -0.1%
Kennedy-Wilson Inc5.000% 03/01/20310.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
Vulcan Materials Co4.500% 06/15/20470.1%
Archer-Daniels-Midland Co0.000% -0.1%
Peabody Energy Corp5.834% 03/31/20250.1%
Transportadora de Gas Internacional SA ESP5.550% 11/01/20280.1%
Dallas Convention Center Hotel Development Corp7.088% 01/01/20420.1%
Teva Pharmaceutical Finance Netherlands III BV5.125% 05/09/20290.1%
Ford Motor Co6.100% 08/19/20320.1%
Hasbro Inc5.100% 05/15/20440.1%
Temasek Financial I Ltd2.500% 10/06/20700.1%
Bank of Ireland Group PLC2.029% 09/30/20270.1%
Foothill-Eastern Transportation Corridor Agency4.094% 01/15/20490.1%
Bermuda Government International Bond3.375% 08/20/20500.1%
New York City Industrial Development Agency11.000% 03/01/20290.1%
PepsiCo Inc4.200% 07/18/20520.1%
Greywolf CLO III Ltd3.802% 04/15/20330.1%
Altice France SA/France5.125% 07/15/20290.1%
Edwards Lifesciences Corp4.300% 06/15/20280.1%
ONEOK Inc4.450% 09/01/20490.1%
SunCoke Energy Inc4.875% 06/30/20290.1%
WINTERFELL FINANCING SARL3.185% 05/04/20280.1%
Home BancShares Inc/AR3.125% 01/30/20320.1%
Magellan Midstream Partners LP3.950% 03/01/20500.1%
Vedanta Resources Finance II PLC8.950% 03/11/20250.1%
Westinghouse Air Brake Technologies Corp3.450% 11/15/20260.1%
CS Master Trust6.995% 04/15/20230.1%
Hughes Satellite Systems Corp5.250% 08/01/20260.1%
Madison IAQ LLC5.875% 06/30/20290.1%
Newark BSL CLO 2 Ltd5.933% 07/25/20300.1%
State of California7.550% 04/01/20390.1%
Alcon Finance Corp2.600% 05/27/20300.1%
AIA Group Ltd3.375% 04/07/20300.1%
Freeport Indonesia PT5.315% 04/14/20320.1%
Marble Point CLO XVII Ltd4.010% 04/20/20330.1%
Sabal Trail Transmission LLC4.246% 05/01/20280.1%
Block Inc3.500% 06/01/20310.1%
Central Japan Railway Co2.200% 10/02/20240.1%
Union Electric Co2.625% 03/15/20510.1%
Amazon.com Inc4.800% 12/05/20340.1%
Avis Budget Car Rental LLC / Avis Budget Finance Inc4.750% 04/01/20280.1%
AXIS Specialty Finance PLC5.150% 04/01/20450.1%
AI Candelaria Spain SA7.500% 12/15/20280.1%
Montefiore Obligated Group5.246% 11/01/20480.1%
USIC Holdings Inc6.615% 05/12/20280.1%
Sands China Ltd3.350% 03/08/20290.1%
Ohio Edison Co5.500% 01/15/20330.1%
Bombardier Inc6.000% 02/15/20280.1%
Regatta XVIII Funding Ltd3.962% 01/15/20340.1%
Saudi Arabian Oil Co2.875% 04/16/20240.1%
El Paso Electric Co5.000% 12/01/20440.1%
Boston Scientific Corp6.750% 11/15/20350.1%
University of Miami4.063% 04/01/20520.1%
Rad CLO 7 Ltd3.940% 04/17/20330.1%
30-YR UMBS-TBA PROD NOV3.500% 06/01/20520.1%
Hardee's Funding LLC4.959% 06/20/20480.1%
SRS Distribution Inc4.625% 07/01/20280.1%
Cleveland Clinic Foundation/The4.858% 01/01/21140.1%
Amazon.com Inc4.250% 08/22/20570.1%
COMM 2014-UBS5 Mortgage Trust4.193% 09/10/20470.1%
Microsoft Corp3.300% 02/06/20270.1%
Geopark Ltd5.500% 01/17/20270.1%
SVB Financial Group4.250% 02/15/21710.1%
Entergy Arkansas LLC4.000% 06/01/20280.1%
Stonegate Pub Co Financing 2019 PLC8.000% 07/13/20250.1%
Ecuador Government International Bond0.000% 07/31/20300.1%
Shell International Finance BV2.875% 05/10/20260.1%
Occidental Petroleum Corp8.875% 07/15/20300.1%
Anglo American Capital PLC5.625% 04/01/20300.1%
Regents of the University of California Medical Center Pooled Revenue4.132% 05/15/20320.1%
FMC Corp3.450% 10/01/20290.1%
GLP Capital LP / GLP Financing II Inc5.750% 06/01/20280.1%
Hilcorp Energy I LP / Hilcorp Finance Co5.750% 02/01/20290.1%
Central American Bottling Corp / CBC Bottling Holdco SL / Beliv Holdco SL5.250% 04/27/20290.1%
BellRing Brands Inc7.000% 03/15/20300.1%
Empresa de Transmision Electrica SA5.125% 05/02/20490.1%
Capital One Multi-Asset Execution Trust3.490% 05/15/20270.1%
Lam Research Corp4.875% 03/15/20490.1%
Dryden 30 Senior Loan Fund5.505% 11/15/20280.1%
Selective Insurance Group Inc5.375% 03/01/20490.1%
CF Trust 2019-BOSS6.068% 12/15/20240.1%
GLP Capital LP / GLP Financing II Inc4.000% 01/15/20310.1%
Metropolitan Transportation Authority5.175% 11/15/20490.1%
Jane Street Group / JSG Finance Inc4.500% 11/15/20290.1%
Movida Europe SA5.250% 02/08/20310.1%
30-YR UMBS-TBA PROD NOV2.500% 02/01/20520.1%
Northern Natural Gas Co4.300% 01/15/20490.1%
Life Time Inc5.750% 01/15/20260.1%
Hertz Corp/The5.000% 12/01/20290.1%
Electricite de France SA3.625% 10/13/20250.1%
County of Miami-Dade FL Aviation Revenue4.280% 10/01/20410.1%
AMMC CLO 24 Ltd4.910% 01/20/20350.1%
Mount Sinai Hospitals Group Inc3.737% 07/01/20490.1%
Rede D'or Finance Sarl4.950% 01/17/20280.1%
SC Johnson & Son Inc4.750% 10/15/20460.1%
Murphy Oil USA Inc4.750% 09/15/20290.1%
KLA Corp4.100% 03/15/20290.1%
Imola Merger Corp4.750% 05/15/20290.1%
HPLY Trust 2019-HIT3.818% 11/15/20360.1%
USAA Capital Corp2.125% 05/01/20300.1%
Banco Nacional de Comercio Exterior SNC/Cayman Islands2.720% 08/11/20310.1%
GS Mortgage Securities Corp II4.868% 11/15/20360.1%
Entergy Arkansas LLC4.950% 12/15/20440.1%
Exxon Mobil Corp3.043% 03/01/20260.1%
Campbell Soup Co2.375% 04/24/20300.1%
New Jersey Transportation Trust Fund Authority4.131% 06/15/20420.1%
Western Alliance Bancorp3.000% 06/15/20310.1%
Kaiser Foundation Hospitals4.150% 05/01/20470.1%
Dallas Area Rapid Transit2.613% 12/01/20480.1%
Atlantic City Electric Co4.000% 10/15/20280.1%
Central Japan Railway Co4.250% 11/24/20450.1%
District of Columbia5.591% 12/01/20340.1%
Alloy Finco Ltd0.500% 03/06/20250.1%
Teachers Insurance & Annuity Association of America4.270% 05/15/20470.1%
Assurant Inc3.700% 02/22/20300.1%
Regents of the University of California Medical Center Pooled Revenue6.548% 05/15/20480.1%
GENERATION BRIDGE AQC LLC8.674% 12/01/20280.1%
T-Mobile USA Inc3.875% 04/15/20300.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
Prologis LP4.375% 02/01/20290.1%
Memphis-Shelby County Industrial Development Board7.000% 07/01/20450.1%
Bain Capital Credit CLO 2021-6 Ltd5.832% 10/21/20340.1%
Sri Lanka Government International Bond5.875% 07/25/20220.1%
Neuberger Berman Loan Advisers CLO 37 Ltd3.680% 07/20/20310.1%
Builders FirstSource Inc4.250% 02/01/20320.1%
BX Trust 2022-PSB5.296% 08/15/20390.1%
Bermuda Government International Bond2.375% 08/20/20300.1%
City of San Antonio TX Electric & Gas Systems Revenue5.718% 02/01/20410.1%
Global Atlantic Fin Co4.700% 10/15/20510.1%
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue6.899% 12/01/20400.1%
Electricite de France SA4.500% 09/21/20280.1%
Hershey Co/The2.650% 06/01/20500.1%
Texaco Capital Inc8.625% 11/15/20310.1%
Chicago Transit Authority Sales Tax Receipts Fund6.200% 12/01/20400.1%
HCA Inc7.690% 06/15/20250.1%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.750% 06/15/20290.1%
New York and Presbyterian Hospital/The4.063% 08/01/20560.1%
Warnermedia Holdings Inc5.391% 03/15/20620.1%
Bain Capital Credit CLO 2021-6 Ltd4.782% 10/21/20340.1%
Johns Hopkins University2.813% 01/01/20600.1%
Teachers Insurance & Annuity Association of America4.900% 09/15/20440.1%
VUE INTERNATIONAL BIDCO PLC0.000% 07/03/20260.1%
VICI Properties LP / VICI Note Co Inc4.625% 06/15/20250.1%
Regents of the University of California Medical Center Pooled Revenue3.006% 05/15/20500.1%
Los Angeles Unified School District/CA5.750% 07/01/20340.1%
United States Steel Corp6.875% 03/01/20290.1%
Louisville Gas and Electric Co4.375% 10/01/20450.1%
Reliance Industries Ltd3.625% 01/12/20520.1%
GIBSON BRANDS PRIVATE EQUITY0.000% -0.1%
Commonwealth of Pennsylvania5.450% 02/15/20300.1%
Autoridad del Canal de Panama4.950% 07/29/20350.1%
TICP CLO XIV Ltd5.960% 10/20/20320.1%
LCPR Senior Secured Financing DAC6.750% 10/15/20270.1%
UnitedHealth Group Inc2.950% 10/15/20270.1%
Providence St Joseph Health Obligated Group2.532% 10/01/20290.1%
Rockcliff Energy II LLC5.500% 10/15/20290.1%
ABN AMRO Bank NV3.324% 03/13/20370.1%
Port of Seattle WA3.755% 05/01/20360.1%
nVent Finance Sarl2.750% 11/15/20310.1%
Freeport Indonesia PT6.200% 04/14/20520.1%
Georgetown University/The2.943% 04/01/20500.1%
CARLYLE US CLO 2021-1 LTD4.312% 04/15/20340.1%
British Airways 2019-1 Class AA Pass Through Trust3.300% 06/15/20340.1%
Occidental Petroleum Corp7.500% 05/01/20310.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara5.250% 10/24/20420.1%
UC HOLDINGS INC.0.000% -0.1%
Altice France SA/France5.500% 10/15/20290.1%
County of Miami-Dade FL Aviation Revenue3.982% 10/01/20410.1%
BX Commercial Mortgage Trust 2020-VIV42.843% 03/09/20440.1%
Regional Transportation District Sales Tax Revenue2.387% 11/01/20370.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines LP8.750% 07/15/20260.1%
BlueMountain CLO XXVIII Ltd5.412% 04/15/20340.1%
Magenta Buyer LLC7.870% 07/27/20280.1%
Ontario Teachers' Finance Trust0.875% 09/21/20260.1%
Booz Allen Hamilton Inc3.875% 09/01/20280.1%
W R Berkley Corp3.150% 09/30/20610.0%
OCP CLO 2021-21 Ltd4.610% 07/20/20340.0%
Sands China Ltd4.875% 06/18/20300.0%
GS Mortgage Securities Corp Trust 2021-RENT5.764% 11/21/20350.0%
Fannie Mae Connecticut Avenue Securities5.581% 11/25/20410.0%
Braskem Idesa SAPI6.990% 02/20/20320.0%
ACBL HLDG CORP0.000% -0.0%
Booz Allen Hamilton Inc4.000% 07/01/20290.0%
NYU Langone Hospitals4.368% 07/01/20470.0%
JetBlue 2019-1 Class A Pass Through Trust2.950% 11/15/20290.0%
Ohio University5.590% 12/01/21140.0%
Logan CLO I Ltd4.610% 07/20/20340.0%
Signal Peak CLO 10 Ltd5.983% 01/24/20350.0%
Carlyle US CLO 2021-10 LTD4.760% 10/20/20340.0%
Goodman US Finance Four LLC4.500% 10/15/20370.0%
CSMC 2022-MARK6.437% 06/15/20390.0%
GREYWOLF CLO VII Ltd3.890% 10/20/20310.0%
Metropolitan Transportation Authority6.668% 11/15/20390.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2020-ACE3.287% 01/10/20370.0%
JPMCC Commercial Mortgage Securities Trust 2017-JP53.931% 03/15/20500.0%
AMMC CLO 24 Ltd6.110% 01/20/20350.0%
Dryden 61 Clo Ltd5.840% 01/17/20320.0%
Ballyrock CLO 2019-1 Ltd3.542% 07/15/20320.0%
Signal Peak CLO 10 Ltd4.533% 01/24/20350.0%
NSG Holdings LLC / NSG Holdings Inc7.750% 12/15/20250.0%
Hilton Orlando Trust 2018-ORL3.738% 12/15/20340.0%
KKR Clo 33 Ltd4.710% 07/20/20340.0%
Halcyon Loan Advisors Funding 2017-2 Ltd4.440% 01/17/20300.0%
Port of Seattle WA3.571% 05/01/20320.0%
Marble Point CLO XVII Ltd4.480% 04/20/20330.0%
Mountain View CLO 2016-1 LLC6.183% 04/14/20330.0%
One New York Plaza Trust 2020-1NYP4.318% 01/15/20360.0%
AIMCO CLO 10 Ltd4.659% 07/22/20320.0%
University of North Carolina at Chapel Hill3.847% 12/01/20340.0%
Alexandria Real Estate Equities Inc3.950% 01/15/20280.0%
County of Miami-Dade FL2.786% 10/01/20370.0%
Steel Dynamics Inc3.450% 04/15/20300.0%
Bain Capital Credit CLO 2021-2 Ltd4.840% 07/16/20340.0%
JetBlue 2019-1 Class B Pass Through Trust8.000% 11/15/20270.0%
CPI Swap0.010% 02/14/20320.0%
Wind River 2021-4 CLO Ltd5.910% 01/20/20350.0%
One New York Plaza Trust 2020-1NYP5.568% 01/15/20360.0%
JP Morgan Chase Commercial Mortgage Securities Trust 2020-ACE3.640% 01/10/20370.0%
Senegal Government International Bond5.375% 06/08/20370.0%
UTEX INDUSTRIES0.000% -0.0%
Benefit Street Partners CLO XIX Ltd4.512% 01/15/20330.0%
GS Mortgage Securities Corp Trust 2021-RENT6.664% 11/21/20350.0%
Visa Inc0.750% 08/15/20270.0%
KKR Industrial Portfolio Trust 2021-KDIP4.868% 12/15/20370.0%
OCP CLO 2019-16 Ltd5.578% 04/10/20330.0%
Oaktree CLO 2021-1 Ltd5.762% 07/15/20340.0%
ITR Concession Co LLC5.183% 07/15/20350.0%
British Airways 2020-1 Class A Pass Through Trust4.250% 05/15/20340.0%
Citigroup Commercial Mortgage Trust 2016-GC364.907% 02/10/20490.0%
Doncasters US LLC9.615% 03/06/20240.0%
KKR Clo 33 Ltd5.810% 07/20/20340.0%
Oaktree CLO 2020-1 Ltd5.662% 07/15/20340.0%
KKR Industrial Portfolio Trust 2021-KDIP4.368% 12/15/20370.0%
COMM 2020-SBX Mortgage Trust2.398% 01/10/20380.0%
BX 2021-MFM13.768% 01/15/20340.0%
Cubic Corp7.320% 05/25/20280.0%
KKR CLO 18 Ltd6.340% 07/18/20300.0%
Rad CLO 1 Ltd5.162% 07/15/20310.0%
CLAIRES HOLDINGS0.000% -0.0%
Octagon Investment Partners XXI Ltd5.655% 02/14/20310.0%
State of Wisconsin3.294% 05/01/20370.0%
Banco Mercantil del Norte SA/Grand Cayman7.625% 10/06/21700.0%
Carvana Auto Receivables Trust 2020-NP15.200% 07/15/20270.0%
Halcyon Loan Advisors Funding 2015-2 Ltd4.933% 07/25/20270.0%
Triton Container International Ltd2.050% 04/15/20260.0%
Galaxy XXI CLO Ltd3.730% 04/20/20310.0%
City & County Honolulu HI Wastewater System Revenue1.623% 07/01/20310.0%
COMM 2020-SBX Mortgage Trust2.056% 01/10/20380.0%
KKR Industrial Portfolio Trust 2021-KDIP4.068% 12/15/20370.0%
BX 2021-MFM14.018% 01/15/20340.0%
New York State Dormitory Authority3.190% 02/15/20430.0%
Apidos CLO XXIII3.732% 04/15/20330.0%
ACBL HLDG CORP0.000% -0.0%
Lennox International Inc1.700% 08/01/20270.0%
AMMC CLO XIII Ltd4.483% 07/24/20290.0%
Wellman Park CLO Ltd5.462% 07/15/20340.0%
AMMC CLO XII Ltd5.612% 11/10/20300.0%
City & County Honolulu HI Wastewater System Revenue2.574% 07/01/20410.0%
FX USD/AUD 11/220.000% 11/25/20220.0%
CNX Resources Corp7.250% 03/14/20270.0%
FX USD/EUR 12/220.000% 12/12/20220.0%
FX USD/GBP 12/220.000% 12/08/20220.0%
ESC 144A HERTZ CORP0.000% 01/15/20280.0%
VUE INTERNATIONAL BIDCO P L C0.000% 06/30/20270.0%
ACBL HLDG CORP0.000% -0.0%
New Frontera Holdings LLC16.674% 07/28/20260.0%
Cubic Corp7.320% 05/25/20280.0%
FX USD/CAD 10/220.000% 10/20/20220.0%
GS Mortgage Securities Corp Trust 2021-RENT8.714% 11/21/20350.0%
FX USD/JPY 11/220.000% 11/15/20220.0%
FX USD/CAD 10/220.000% 10/20/20220.0%
FX USD/CAD 10/220.000% 10/20/20220.0%
Credit Default Swap1.000% 12/20/20270.0%
GENERATION BDGE AQSTN LLC8.674% 12/01/20280.0%
REVLON ROLL UP0.000% -0.0%
New Frontera Holdings LLC5.174% 07/28/20280.0%
FX USD/AUD 11/220.000% 11/25/20220.0%
ESC GCB144A HERTZ CORP5.500% 10/15/20240.0%
FX USD/AUD 11/220.000% 11/25/20220.0%
FX USD/CAD 10/220.000% 10/20/20220.0%
FX USD/GBP 12/220.000% 12/08/20220.0%
FX USD/GBP 12/220.000% 12/08/20220.0%
Credit Default Swap1.000% 12/20/20270.0%
FX USD/JPY 11/220.000% 11/15/20220.0%
FGI Operating Co LLC13.674% 05/16/20230.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
FX USD/EUR 12/220.000% 12/12/20220.0%
TK Elevator US Newco Inc6.871% 07/30/20270.0%
Verscend Holding Corp7.115% 08/27/20250.0%
ACProducts Holdings Inc7.127% 05/17/20280.0%
Alfa Bank AO Via Alfa Bond Issuance PLC5.500% 10/26/20310.0%
Washington Mutual Bank / Debt not acquired by JPMorgan6.875% 06/15/20110.0%
EURO-BUND FUTURE Dec220.000% 12/12/20220.0%
EURO-SCHATZ FUT Dec220.000% 12/12/20220.0%
FRONTERA GENERATION0.000% -0.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
OGX Austria GmbH8.500% 06/01/20180.0%
Revlon Consumer Products Corp0.000% 06/30/20250.0%
Hellas Telecommunications Luxembourg II SCA0.000% 01/15/20150.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
Credit Default Swap1.000% 12/20/20270.0%
FX EUR/USD 12/220.000% 12/12/20220.0%
Commercial Mortgage Backed Index Swap1.500% 01/17/20470.0%
Commercial Mortgage Backed Index Swap1.500% 10/17/20570.0%
FX GBP/USD 12/220.000% 12/08/20220.0%
CPI Swap0.010% 03/02/20520.0%
CPI Swap0.010% 03/02/20520.0%
CPI Swap0.010% 05/12/20520.0%
Credit Index Swap5.000% 12/20/20270.0%
US 2YR NOTE (CBT) Dec220.000% 01/05/2023-0.1%
CPI Swap0.010% 04/20/2052-0.1%
BARCLAYS0.010% 12/31/2050-0.1%
US 5YR NOTE (CBT) Dec220.000% 01/05/2023-0.1%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/30/2022
$0.314
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.02862 $7.05
Daily Daily 10/31/2022 $0.02562 $6.93
Daily Daily 09/30/2022 $0.02727 $6.85
Daily Daily 08/31/2022 $0.03267 $7.14
Daily Daily 07/31/2022 $0.03129 $7.28
Daily Daily 06/30/2022 $0.02946 $7.07
Daily Daily 05/31/2022 $0.03362 $7.46
Daily Daily 04/30/2022 $0.02795 $7.51
Daily Daily 03/31/2022 $0.02896 $7.76
Daily Daily 02/28/2022 $0.02511 $7.91
Daily Daily 01/31/2022 $0.02398 $8.04

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/27/2022 07/28/2022 - $0.0131 $0.0131 $7.25

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2022

0.49%

Fund Documents

Fund Documents

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*"Barron's Best Fund Families of 2021", #4 ranking in the Taxable Bond category based on the net total return of the one-year period ending 12/31/2021, among 51 qualifying fund families. Ranking for the ten-year period ending 12/31/2021 is #2 out of 45 qualifying fund families.

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

Barron's Fund Family Rankings are awarded annually.

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

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

+

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

                    

+

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

1

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

 

2

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

 

 

IMPORTANT INFORMATION

 

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. Longer-term debt securities are usually more sensitive to interest-rate changes; the longer the maturity of a security, the greater the effect a change in interest rates is likely to have on its price. The Fund may make substantial investments in high-yield debt securities and may invest in senior loans which may be primarily below-investment-grade. High-yield securities, sometimes called junk bonds, carry increased risks of price volatility, illiquidity, and the possibility of default in timely payment of interest and expenses. The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies and/or sectors in the economy. Convertible securities are subject to the risks affecting both equity and fixed-income securities, including market, credit, liquidity, and interest rate 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 Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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.

Select funds to run a Morningstar Hypothetical Report.

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