LFRAX | Floating Rate Fund Class A | Lord Abbett

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Floating Rate Fund

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Daily price w/o sales charge as of 09/13/2024

$8.14

$0.00

YTD Returns w/o sales charge as of 09/13/2024

6.07%

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

Click here to view all legal text including risk information

Summary

Summary

What is the Floating Rate Fund?

The Fund seeks to deliver a high level of current income by investing primarily in a variety of below investment grade loans.

 

HISTORY OF CREDIT RESEARCH

Brings a 45-year heritage of high-yield credit investing, based on rigorous, fundamental credit research.

ATTRACTIVE INCOME & LOW EXPENSES

Has provided attractive income and lower expenses relative to its Morningstar peer group category average.‡

ATTRACTIVE RETURN FOR RISK

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

Yield

Average Yield to Maturity as of 08/30/2024

8.13%

30-Day Standardized Yield 1 as of 08/31/2024  

8.15%

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 08/30/2024

Total Net Assets
$4.93 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.80%
Fund Net Expense Ratio
0.80%
Number of Holdings
574
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 5.88% 9.63% 5.78% 4.26% 3.89% 4.23%
Lipper Category Avg. Loan Participation Funds 5.33% 8.96% 5.10% 4.34% 3.65% -
CS Leveraged Loan Index 5.83% 9.81% 6.26% 5.54% 4.72% 4.83%
w/ sales charge 3.47% 7.12% 5.00% 3.80% 3.65% 4.09%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 4.53% 10.76% 5.44% 4.06% 3.77% 4.19%
Lipper Category Avg. Loan Participation Funds 3.94% 10.01% 4.77% 4.13% 3.53% -
CS Leveraged Loan Index 4.44% 11.04% 5.97% 5.36% 4.61% 4.79%
w/ sales charge 2.15% 8.33% 4.66% 3.59% 3.53% 4.05%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

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.

Type Assets
Bank Loans
High Yield Bonds
CLO
Equity
Convertibles
Other
Cash

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

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

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

Credit Quality Distribution as of 08/30/2024 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings provided by Standard & Poor’s and Moody’s. Where the rating agencies rate a security differently, Lord Abbett uses the lower 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

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

25 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Supported By 82 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 08/30/2024

8.13%

30-Day Standardized Yield 1 as of 08/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.15% 8.15%

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

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 5.88% 9.63% 5.78% 4.26% 3.89% 4.23%
Lipper Category Avg. Loan Participation Funds 5.33% 8.96% 5.10% 4.34% 3.65% -
CS Leveraged Loan Index 5.83% 9.81% 6.26% 5.54% 4.72% 4.83%
w/ sales charge 3.47% 7.12% 5.00% 3.80% 3.65% 4.09%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 4.53% 10.76% 5.44% 4.06% 3.77% 4.19%
Lipper Category Avg. Loan Participation Funds 3.94% 10.01% 4.77% 4.13% 3.53% -
CS Leveraged Loan Index 4.44% 11.04% 5.97% 5.36% 4.61% 4.79%
w/ sales charge 2.15% 8.33% 4.66% 3.59% 3.53% 4.05%

Fund Expense Ratio :

Gross 0.80%

Net 0.80%

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 CS Leveraged Loan Index
2023 12.64% 13.04%
2022 -1.84% -1.06%
2021 5.13% 5.40%
2020 -1.70% 2.78%
2019 7.34% 8.17%
2018 -0.23% 1.14%
2017 3.86% 4.25%
2016 9.89% 9.88%
2015 0.35% -0.38%
2014 0.93% 2.06%
2013 5.89% -
2012 10.12% -
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
Year Q1 Q2 Q3 Q4
2024 2.66% 1.82% - -
2023 2.98% 3.23% 3.05% 2.83%
2022 -0.09% -5.20% 1.23% 2.38%
2021 1.82% 1.80% 0.98% 0.44%
2020 -15.76% 7.54% 3.79% 4.54%
2019 3.41% 1.64% 0.61% 1.51%
2018 1.17% 0.72% 1.76% -3.78%
2017 0.92% 0.44% 1.12% 1.33%
2016 1.72% 2.77% 2.98% 2.09%
2015 2.05% 0.66% -1.09% -1.24%
2014 1.05% 1.08% -0.58% -0.61%
2013 2.52% 0.35% 1.21% 1.69%
2012 4.06% 0.57% 3.39% 1.78%
2011 1.85% 0.34% -3.95% 3.35%
2010 3.07% -0.89% 3.23% 2.59%
2009 8.97% 11.57% 6.33% 2.31%
2008 -3.34% 4.10% -5.05% -17.64%

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

Growth of $10,000 as of 08/31/2024

The chart begins on the Fund's inception date of 12/31/2007.

Based on a hypothetical Class A share investment of $10,000 on 12/31/2007 without sales charge and includes the reinvestment of all distributions.

 

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
CLO
Equity
Convertibles
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 08/30/2024

Rating Assets
BBB
BB
B
<B
Not Rated

Ratings provided by Standard & Poor’s and Moody’s. Where the rating agencies rate a security differently, Lord Abbett uses the lower 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. 

Portfolio Positioning as of 06/30/2024

  • We continued to focus on carry opportunities during the period as yields remain elevated. We continue to focus on attractive carry opportunities as starting yields remain above 9%. We view CCC-rated loans as an attractive source of carry, while targeting investments with higher convexity as loan prices continue to be higher. However, we are much more selective in the Fund’s CCC positions as there are higher levels of dispersion within the rating tier. While the Fund remained overweight CCCs relative to the benchmark, we added to BB-rated loans as economic data has been somewhat softer and prices between BB and B rating tiers have converged, limiting the relative value of down-in-quality positions. We funded these purchases by trimming single-Bs in the Fund, particularly lower-rated Bs where we view CCC downgrade risk was prevalent.
  • The Fund continues to favor cyclical areas given recent economic and consumer resilience. We remain broadly constructive on growth in the U.S. and have a relatively benign risk view with interest rates staying higher for longer. As a result, the Fund continued to favor cyclical exposure, adding to areas such as Services, Information Technology and Retail. The top two sector allocations continued to be Technology and Healthcare, which have benefited from shifts in secular trends following the COVID-19 pandemic. On the other hand, we reduced the Fund’s exposure to Financials, Aerospace and Manufacturing over the period, primarily as a result of relative value as many of these positions were trading at tight levels.
  • Bank loans may provide an opportunity to capture carry amidst a higher rate environment. We continue to be constructive on bank loans which have continued to benefit from higher rates and the growing soft-landing narrative. Also, we believe the impact of the prior rate hikes is now largely reflected in issuer financials, as we expect higher carry from elevated short-term rates expected to continue. With that being said, we expect an easing Fed in the future could have mixed consequences. On one hand, we believe the current pace of easing priced into futures markets is too aggressive, and a walk back of those expectations could create volatility, particularly in lower-rated issuers. However, the technical picture in loan land remains particularly robust given historic CLO issuance and a limited new issue pipeline. However, we remain wary of the lowest tier of risk given the high volume of liability management exercises from issuers and lenders alike which we expect to continue to meaningfully weigh on recoveries.

Portfolio Details as of 08/30/2024

Total Net Assets
$4.93 B
Average Effective Duration
0.24 Years
Average Maturity
5.1 Years
Average Modified Duration
0.5 Years
Number of Issues
574
Average Yield to Maturity
8.13%

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.

Holding Coupon Maturity Assets
Cloud Software Group Inc 9.335% 03/30/2029 0.8%
NUVEI TECHNOLOGIES CORP 0.000% 07/18/2031 0.7%
McAfee Corp 8.593% 03/01/2029 0.7%
Oryx Midstream Services Permian Basin LLC 8.441% 10/05/2028 0.7%
Jane Street Group LLC 7.958% 01/26/2028 0.7%
AI Aqua Merger Sub Inc 8.843% 07/31/2028 0.6%
First Eagle Holdings Inc 8.335% 03/05/2029 0.6%
ACBL HLDG CORP 0.000% - 0.6%
Sedgwick Claims Management Services Inc 9.094% 02/24/2028 0.6%
Central Parent LLC 8.585% 07/06/2029 0.6%
% of Total Assets 6.6%
Holding Coupon Maturity Assets
J P MORGAN SECURITIES INC0.010% 08/01/20244.7%
J P MORGAN SECURITIES INC0.010% 08/01/20242.2%
Invesco Senior Loan ETF0.000% -1.2%
SPDR Blackstone Senior Loan ETF0.000% -0.7%
Cloud Software Group Inc9.335% 03/30/20290.7%
NUVEI TECHNOLOGIES CORP0.000% 07/18/20310.7%
McAfee Corp8.593% 03/01/20290.6%
Oryx Midstream Services Permian Basin LLC8.441% 10/05/20280.6%
Jane Street Group LLC7.958% 01/26/20280.6%
AI Aqua Merger Sub Inc8.843% 07/31/20280.6%
First Eagle Holdings Inc8.335% 03/05/20290.6%
ACBL HLDG CORP0.000% -0.6%
Sedgwick Claims Management Services Inc9.094% 02/24/20280.6%
Central Parent LLC8.585% 07/06/20290.5%
AAdvantage Loyalty IP Ltd10.294% 04/20/20280.5%
AMNTM GOVRMNT SRVICS HOLD LLC0.000% 07/30/20310.5%
Peraton Corp9.194% 02/01/20280.5%
Hudson River Trading LLC8.458% 03/20/20280.5%
Polaris Newco LLC7.722% 06/02/20280.5%
Fertitta Entertainment LLC/NV9.079% 01/27/20290.5%
Modena Buyer LLC9.832% 07/01/20310.5%
Asurion LLC10.708% 01/20/20290.5%
AssuredPartners Inc8.844% 02/14/20310.5%
ADMI Corp11.094% 12/23/20270.5%
DARKTRACE PLC0.000% 07/02/20310.4%
Truist Insurance Holdings LLC8.585% 05/06/20310.4%
Heartland Dental LLC9.844% 04/28/20280.4%
PG Polaris BidCo Sarl8.835% 03/26/20310.4%
Acrisure LLC8.594% 11/06/20300.4%
Rocket Software Inc10.094% 11/28/20280.4%
INEOS Finance PLC7.136% 06/23/20310.4%
Cornerstone Building Brands Inc9.829% 05/02/20310.4%
Virgin Media Bristol LLC7.943% 01/31/20280.4%
Boxer Parent Co Inc9.597% 12/29/20280.4%
MH Sub I LLC9.594% 05/03/20280.4%
Titan Acquisition Ltd/Canada10.326% 02/15/20290.4%
Allied Universal Holdco LLC9.194% 05/12/20280.4%
Hunter US Bidco Inc9.685% 08/19/20280.4%
Amynta Agency Borrower Inc9.002% 02/28/20280.4%
UKG Inc8.555% 02/10/20310.4%
CD+R HYDRA BUYER INC9.279% 03/25/20310.4%
Asurion LLC9.694% 08/19/20280.4%
Renaissance Holdings Corp9.597% 04/05/20300.4%
Charter Next Generation Inc8.597% 12/01/20270.4%
LBM Acquisition LLC9.182% 06/06/20310.4%
AthenaHealth Group Inc8.594% 02/15/20290.4%
eResearchTechnology Inc9.349% 02/04/20270.4%
Berlin Packaging LLC9.026% 06/09/20310.4%
Nouryon USA LLC8.826% 04/03/20280.4%
Jazz Financing Lux Sarl7.594% 05/05/20280.4%
HAMILTON PROJECTS ACQUIROR LLC9.029% 05/22/20310.4%
Garda World Security Corp9.594% 02/01/20290.4%
Caesars Entertainment Inc8.097% 02/06/20310.4%
NGL Energy Operating LLC9.844% 02/02/20310.4%
Red Planet Borrower LLC8.944% 10/02/20280.4%
Amentum Government Services Holdings LLC9.350% 02/15/20290.4%
Ensemble RCM LLC8.252% 08/01/20290.4%
Medline Borrower LP8.097% 10/23/20280.4%
WaterBridge Midstream Operating LLC10.085% 06/27/20290.4%
Lumen Technologies Inc7.814% 04/15/20290.4%
Staples Inc11.084% 09/04/20290.4%
Boost Newco Borrower LLC8.335% 01/31/20310.4%
ION Trading Finance Ltd7.972% 04/01/20280.4%
Spin Holdco Inc9.600% 03/04/20280.4%
Summit Behavioral Healthcare LLC9.597% 11/24/20280.4%
LORCA HOLDCO LIMITED7.195% 03/25/20310.4%
Arcline FM Holdings LLC10.346% 06/23/20280.3%
Sinclair Television Group Inc8.014% 09/30/20260.3%
PetSmart LLC9.194% 02/11/20280.3%
Ellucian Holdings Inc8.944% 10/09/20290.3%
Flynn Restaurant Group LP9.708% 12/01/20280.3%
US Silica Co9.349% 03/23/20300.3%
Star Parent Inc9.085% 09/27/20300.3%
Ontario Gaming GTA LP9.585% 08/01/20300.3%
ConnectWise LLC9.096% 09/29/20280.3%
DTI Holdco Inc10.094% 04/26/20290.3%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.3%
GRANT THORNTON ADVISORS LLC8.597% 06/02/20310.3%
WhiteWater DBR HoldCo LLC8.085% 03/03/20310.3%
Hyperion Refinance Sarl8.844% 02/15/20310.3%
Ziggo BV6.611% 01/31/20290.3%
DRW Holdings LLC8.588% 06/17/20310.3%
SUNSHINE INVESTMENTS B V9.072% 07/12/20290.3%
SPX FLOW Inc8.844% 04/05/20290.3%
Fortress Intermediate 3 Inc9.097% 06/27/20310.3%
Pretium PKG Holdings Inc1.403% 10/02/20280.3%
Tenneco Inc10.426% 11/17/20280.3%
Windsor Holdings III LLC9.345% 08/01/20300.3%
Osaic Holdings Inc9.344% 08/17/20280.3%
Nexus Buyer LLC0.000% 07/18/20310.3%
Fitness International LLC10.505% 02/05/20290.3%
Caesars Entertainment Inc8.097% 02/06/20300.3%
Nuvei Technologies Corp8.444% 12/19/20300.3%
Conga Corp9.458% 05/08/20280.3%
EPIC Crude Services LP10.609% 03/02/20260.3%
Spring Education Group Inc9.335% 10/04/20300.3%
SupplyOne Inc9.594% 04/21/20310.3%
WaterBridge NDB Operating LLC9.826% 05/10/20290.3%
Boxer Parent Co Inc0.000% 07/03/20310.3%
TCHM VRWLTNGSGSLLSCHFT 675 MBH7.374% 07/15/20290.3%
Applied Systems Inc8.835% 02/24/20310.3%
AVSC Holding Corp0.250% 03/03/20250.3%
EPIC Y-Grade Services LP11.068% 06/29/20290.3%
888 ACQUISITIONS LIMITED10.575% 07/01/20280.3%
VetStrategy Canada Holdings Inc10.085% 12/12/20280.3%
Pacific Dental Services Inc8.585% 03/15/20310.3%
AppLovin Corp7.844% 10/25/20280.3%
MARKET BIDCO LIMITED8.578% 11/04/20270.3%
BCPE Empire Holdings Inc9.344% 12/11/20280.3%
Quartz Acquireco LLC8.085% 06/28/20300.3%
Constant Contact Inc9.566% 02/10/20280.3%
Service Logic Acquisition Inc9.591% 10/29/20270.3%
CERAMTEC ACQUICO GMBH7.294% 03/16/20290.3%
Peraton Corp13.177% 02/01/20290.3%
Vision Solutions Inc9.514% 04/24/20280.3%
PARTS EUROPE SA7.438% 02/03/20310.3%
Delta Topco Inc8.846% 11/30/20290.3%
ACProducts Holdings Inc9.846% 05/17/20280.3%
Ovation Parent Inc8.835% 04/21/20310.3%
INEOS US Finance LLC9.094% 02/07/20310.3%
TTF HOLDINGS LLC8.889% 06/20/20310.3%
Gainwell Acquisition Corp9.435% 10/01/20270.3%
Plaskolite PPC Intermediate II LLC9.458% 12/15/20250.3%
VIZIENT INC0.000% 07/18/20310.3%
Coherent Corp7.844% 07/02/20290.3%
Mitchell International Inc8.594% 06/17/20310.3%
Bella Holding Co LLC9.194% 05/10/20280.3%
Cloudera Inc9.194% 10/08/20280.3%
Curia Global Inc9.102% 08/30/20260.3%
Helix Gen Funding LLC10.085% 12/31/20270.3%
Wellpath Holdings Inc0.000% 10/01/20250.3%
Entain PLC6.922% 06/30/20280.3%
Rand Parent LLC9.071% 03/17/20300.3%
MAVIS TIRE EXPRESS SERVCS CORP8.845% 05/04/20280.3%
United PF Holdings LLC9.514% 12/30/20260.3%
Ascensus Holdings Inc8.958% 08/02/20280.3%
Ingenovis Health Inc9.708% 03/06/20280.2%
Resonetics LLC9.084% 06/18/20310.2%
Newfold Digital Holdings Group Inc8.949% 02/10/20280.2%
Castlelake Aviation One DAC8.089% 10/22/20270.2%
Ardonagh Group Finco Pty Ltd0.000% 02/17/20310.2%
Hilton Grand Vacations Borrower LLC7.594% 01/17/20310.2%
CMG Media Corp8.935% 12/17/20260.2%
KUEHG Corp9.835% 06/12/20300.2%
KOUTI B V7.219% 08/31/20280.2%
SUMMER BC HOLDCO B SARL10.595% 02/05/20290.2%
UTEX INDUSTRIES0.000% -0.2%
Project Boost Purchaser LLC8.786% 07/16/20310.2%
Acuris Finance US Inc / Acuris Finance SARL9.000% 08/01/20290.2%
MKS Instruments Inc7.597% 08/17/20290.2%
Proampac PG Borrower LLC9.301% 09/15/20280.2%
Regatta XXVIII Funding Ltd9.285% 04/25/20370.2%
GTCR Everest Borrower LLC0.000% 06/03/20310.2%
KKR CLO 45a Ltd9.201% 04/15/20350.2%
Michaels Cos Inc/The9.846% 04/15/20280.2%
LSF11 Trinity Bidco Inc8.845% 06/14/20300.2%
Nexus Buyer LLC11.694% 11/05/20290.2%
OneDigital Borrower LLC10.529% 07/02/20310.2%
Arches Buyer Inc8.599% 12/06/20270.2%
Alloy Finco Ltd0.500% 03/06/20250.2%
Wave Distribution Holdings LLC8.960% 03/05/20270.2%
DARKTRACE PLC0.000% 07/02/20320.2%
Cengage Learning Inc9.538% 03/22/20310.2%
RealPage Inc0.000% 04/24/20280.2%
LSF12 BADGER BIDCO LLC11.344% 08/30/20300.2%
GBT US III LLC0.000% 07/18/20310.2%
Cushman & Wakefield US Borrower LLC9.094% 01/31/20300.2%
Barracuda Networks Inc12.314% 08/15/20300.2%
Brazos Delaware II LLC8.850% 02/11/20300.2%
ABG Intermediate Holdings 2 LLC3.250% 12/21/20280.2%
LSF11 A5 HoldCo LLC8.958% 10/15/20280.2%
U S SILICA COMPANY0.000% 07/18/20310.2%
White Cap Supply Holdings LLC8.594% 10/19/20290.2%
Autokiniton US Holdings Inc9.458% 04/06/20280.2%
BOLUDA TOWAGE S.L.7.371% 06/01/20300.2%
Legence Holdings LLC8.944% 12/16/20270.2%
Aretec Group Inc9.344% 08/09/20300.2%
Virgin Media Bristol LLC8.656% 03/31/20310.2%
Compass Power Generation LLC9.708% 04/14/20290.2%
JFL-Tiger Acquisition Co Inc9.829% 10/17/20300.2%
Azalea Topco Inc8.844% 04/30/20310.2%
Asurion LLC9.444% 08/19/20280.2%
Southern Veterinary Partners LLC9.094% 10/05/20270.2%
Radnet Management Inc7.779% 04/18/20310.2%
TransDigm Inc8.085% 03/22/20300.2%
ABG Intermediate Holdings 2 LLC0.000% 12/21/20280.2%
Directv Financing LLC10.458% 08/02/20270.2%
Armor Holdco Inc10.014% 12/11/20280.2%
Ensono Inc9.458% 05/26/20280.2%
Cotiviti Inc8.593% 05/01/20310.2%
Triton Water Holdings Inc8.846% 03/31/20280.2%
Edelman Financial Engines Center LLC/The10.594% 10/06/20280.2%
Zelis Payments Buyer Inc8.094% 09/28/20290.2%
BIP PipeCo Holdings LLC7.818% 12/06/20300.2%
Northriver Midstream Finance LP6.750% 07/15/20320.2%
Mitchell International Inc10.599% 06/17/20320.2%
PRA Group Inc5.000% 10/01/20290.2%
WASH Multifamily Acquisition Inc5.750% 04/15/20260.2%
PEER HOLDING III B V8.585% 10/28/20300.2%
ONE HOTELS GMBH8.211% 04/02/20310.2%
Blackstone Mortgage Trust Inc0.000% 04/23/20260.2%
TransDigm Inc7.843% 02/28/20310.2%
BCP V MDLR SRVCS HLDNGS IV LTD7.897% 12/15/20280.2%
Olympus Water US Holding Corp9.097% 06/20/20310.2%
CP Atlas Buyer Inc9.194% 11/23/20270.2%
United Airlines Inc8.033% 02/22/20310.2%
Touchdown Acquirer Inc9.326% 02/21/20310.2%
Arsenal AIC Parent LLC9.094% 08/18/20300.2%
Jefferson Capital Holdings LLC6.000% 08/15/20260.2%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.2%
Physician Partners LLC9.330% 12/26/20280.2%
Medallion Midland Acquisition LP8.844% 10/18/20280.2%
BARENTZ INTERNATIONAL B V9.435% 03/01/20310.2%
Park River Holdings Inc8.843% 12/28/20270.2%
Cinemark USA Inc8.585% 05/24/20300.2%
Dye & Durham Ltd8.625% 04/15/20290.2%
MDVIP INC8.579% 10/16/20280.2%
Surgery Center Holdings Inc8.095% 12/19/20300.2%
Proofpoint Inc8.344% 08/31/20280.2%
BELLIS ACQUISITION COMPANY PLC7.802% 05/14/20310.2%
CLAY HOLDCO B V8.386% 12/31/20290.2%
ALBION FINANCING 3 SARL0.000% 08/17/20290.2%
Examworks Bidco Inc8.458% 11/01/20280.2%
Cushman & Wakefield US Borrower LLC8.344% 01/31/20300.2%
PEER HOLDING III BV8.314% 06/20/20310.2%
Ahead DB Holdings LLC9.585% 02/01/20310.2%
Barnes Group Inc7.844% 09/03/20300.2%
Varsity Brands Holding Co Inc10.458% 12/15/20260.2%
SCIL IV LLC / SCIL USA Holdings LLC5.375% 11/01/20260.2%
Generate CLO 15 Ltd9.032% 07/20/20370.2%
Herens Holdco Sarl0.000% 07/03/20280.2%
EFS Cogen Holdings I LLC9.096% 10/01/20270.2%
Uber Technologies Inc8.089% 03/03/20300.2%
Xerox Corp9.344% 11/17/20290.2%
Hunter Douglas Inc8.836% 02/26/20290.2%
Carlyle US CLO 2024-1 Ltd9.201% 04/15/20370.2%
CPM Holdings Inc9.843% 09/28/20280.2%
Talen Energy Supply LLC8.827% 05/17/20300.2%
Titan US Finco LLC9.601% 10/18/20280.2%
USIC Holdings Inc12.096% 05/14/20290.2%
HUB INTERNATIONAL LIMITED0.000% 06/20/20300.2%
Clarios Global LP7.844% 05/06/20300.2%
Magnite Inc9.596% 02/06/20310.2%
Brock Holdings III LLC11.335% 05/02/20300.2%
XPLOR T1 LLC9.597% 06/24/20310.2%
Evergreen Acqco 1 LP / TVI Inc9.750% 04/26/20280.2%
UPFIELD B V10.180% 01/02/20280.2%
Pro Mach Group Inc8.844% 08/31/20280.2%
VARSITY BRANDS INC0.000% 07/25/20310.2%
Vision Solutions Inc12.764% 04/23/20290.2%
Medline Borrower LP7.557% 10/23/20280.2%
Dryden 115 CLO Ltd9.079% 04/18/20370.2%
WCG Intermediate Corp8.844% 01/08/20270.2%
FOGO DE CHAO INC10.002% 09/30/20300.2%
Storable Inc8.844% 04/17/20280.2%
MOTION FINCO SARL7.472% 11/12/20290.2%
Tosca Services LLC9.014% 08/18/20270.2%
National Mentor Holdings Inc9.185% 03/02/20280.2%
LifePoint Health Inc9.329% 05/17/20310.2%
CHG Healthcare Services Inc8.708% 09/29/20280.2%
Global Auto Holdings Ltd/AAG FH UK Ltd8.750% 01/15/20320.2%
Bulldog Purchaser Inc9.589% 06/27/20310.2%
Lumen Technologies Inc7.814% 04/15/20300.2%
Tank Holding Corp11.194% 03/31/20280.2%
Phoenix Newco Inc0.000% 11/15/20280.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.2%
Realtruck Group Inc8.958% 01/31/20280.2%
Triton Water Holdings Inc9.335% 03/31/20280.2%
ECL Entertainment LLC9.344% 08/31/20300.2%
Seaspan Corp5.500% 08/01/20290.2%
CHRYSAOR BIDCO SARL0.000% 07/14/20310.2%
Lodi Park CLO Ltd10.935% 07/21/20370.2%
Anastasia Parent LLC9.346% 08/11/20250.2%
Engineered Machinery Holdings Inc11.596% 05/21/20290.2%
Generate Clo 16 Ltd8.532% 07/20/20370.2%
Vibrantz Technologies Inc9.704% 04/23/20290.2%
Benefit Street Partners CLO IV Ltd8.682% 04/20/20340.2%
Entain PLC8.014% 10/31/20290.2%
AppLovin Corp7.844% 08/16/20300.2%
HOBBS + ASSOCIATES LLC8.589% 07/16/20310.2%
HRNI Holdings LLC9.735% 12/11/20280.2%
Dermatology Intermediate Holdings III Inc10.752% 03/30/20290.2%
Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl8.750% 05/01/20290.2%
Waystar Technologies Inc8.094% 10/22/20290.2%
Resideo Funding Inc7.301% 06/13/20310.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.2%
LSB Industries Inc6.250% 10/15/20280.2%
MOSEL BIDCO SE9.835% 09/16/20300.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
IFCO MANAGEMENT GMBH7.652% 11/29/20290.2%
Emrld Borrower LP7.844% 05/31/20300.2%
Gray Television Inc8.458% 12/01/20280.2%
RR 30 LTD10.991% 07/15/20360.2%
Aragorn Parent Corp9.595% 12/15/20280.2%
QSRP FINCO BV8.955% 06/14/20310.2%
IMA Industria Macchine Automatiche SpA7.435% 04/15/20290.2%
Penn Entertainment Inc8.194% 05/03/20290.2%
LifePoint Health Inc10.000% 06/01/20320.2%
McGraw-Hill Education Inc0.000% 07/28/20280.1%
Brown Group Holding LLC8.097% 07/02/20290.1%
Sunnova Energy Corp5.875% 09/01/20260.1%
Nova Alexandre III SAS8.935% 07/15/20290.1%
Alliant Holdings Intermediate LLC8.835% 11/06/20300.1%
Boxer Parent Co Inc0.000% 07/02/20320.1%
Mangrove Luxco III Sarl7.775% 10/09/20250.1%
Ballyrock CLO 22 Ltd8.801% 04/15/20370.1%
Curaleaf Holdings Inc8.000% 12/15/20260.1%
LORCA HOLDCO LIMITED8.835% 03/25/20310.1%
Alta Equipment Group Inc9.000% 06/01/20290.1%
Encino Acquisition Partners Holdings LLC8.500% 05/01/20280.1%
Cloud Software Group Inc9.835% 03/21/20310.1%
AMC ENTERTAINMENT HOLDINGS INC0.000% 01/04/20290.1%
CHG HEALTHCARE SERVICES INC0.000% 09/29/20280.1%
Smyrna Ready Mix Concrete LLC8.875% 11/15/20310.1%
Astoria Energy LLC8.958% 12/10/20270.1%
Navient Corp9.375% 07/25/20300.1%
Chobani LLC9.079% 10/25/20270.1%
Quikrete Holdings Inc7.844% 04/14/20310.1%
Bain Capital Credit CLO 2024-4 Ltd11.241% 10/23/20370.1%
MH Sub I LLC11.502% 02/23/20290.1%
EquipmentShare.com Inc9.000% 05/15/20280.1%
Sixth Street CLO XXVI Ltd10.891% 10/18/20370.1%
Frontier Communications Holdings LLC6.000% 01/15/20300.1%
Ascend Learning LLC8.944% 12/11/20280.1%
Bally's Corp0.000% 10/02/20280.1%
Mangrove Luxco III Sarl8.674% 07/15/20290.1%
Altice France SA2.500% 01/15/20250.1%
CIFC Funding 2013-I Ltd9.098% 07/16/20300.1%
Dermatology Intermediate Holdings III Inc9.502% 03/30/20290.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
Life Time Inc9.591% 01/15/20260.1%
Jones Deslauriers Insurance Management Inc8.752% 03/15/20300.1%
Concentra Health Services Inc0.000% 07/28/20310.1%
Recess Holdings Inc9.752% 02/20/20300.1%
Lumen Technologies Inc4.000% 02/15/20270.1%
Sabre GLBL Inc4.000% 04/15/20250.1%
CEVA SANTE ANIMALE7.222% 11/08/20300.1%
Delta Topco Inc10.596% 11/30/20290.1%
Icebox Holdco III Inc12.346% 12/21/20290.1%
Victoria's Secret & Co4.625% 07/15/20290.1%
Tank Holding Corp11.444% 03/31/20280.1%
Elmwood CLO 28 Ltd8.586% 04/17/20370.1%
Sabre GLBL Inc10.444% 06/30/20280.1%
Baytex Energy Corp8.500% 04/30/20300.1%
SUNSHINE INVESTMENTS B V0.000% 07/12/20290.1%
Nexus Buyer LLC9.194% 11/09/20260.1%
Seadrill Finance Ltd8.375% 08/01/20300.1%
Amentum Government Services Holdings LLC9.458% 01/29/20270.1%
Capstone Borrower Inc8.585% 06/17/20300.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Medical Solutions Holdings Inc12.352% 11/01/20290.1%
Project Boost Purchaser LLC10.533% 07/02/20320.1%
Rakuten Group Inc9.750% 04/15/20290.1%
Trulieve Cannabis Corp8.000% 10/06/20260.1%
Macy's Retail Holdings LLC5.875% 03/15/20300.1%
Deuce Finco Plc5.500% 06/15/20270.1%
National Mentor Holdings Inc12.685% 03/02/20290.1%
LifePoint Health Inc11.000% 10/15/20300.1%
Nabors Industries Inc8.875% 08/15/20310.1%
Engineered Machinery Holdings Inc9.346% 05/19/20280.1%
MOTION FINCO SARL8.835% 11/12/20290.1%
Kraken Oil & Gas Partners LLC7.625% 08/15/20290.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
PEER HOLDING III BV6.972% 01/16/20270.1%
Kobe US Midco 2 Inc9.250% 11/01/20260.1%
Scientific Games Holdings LP8.318% 04/04/20290.1%
Smyrna Ready Mix Concrete LLC8.850% 04/02/20290.1%
EMRLD BORROWER LP0.000% 06/18/20310.1%
AGL CLO 29 Ltd9.032% 04/21/20370.1%
ION Trading Technologies Sarl9.500% 05/30/20290.1%
Park-Ohio Industries Inc6.625% 04/15/20270.1%
VistaJet Malta Finance PLC / Vista Management Holding Inc9.500% 06/01/20280.1%
AGL CLO 32 Ltd10.998% 07/21/20370.1%
Global Medical Response Inc10.848% 10/31/20280.1%
Park River Holdings Inc5.625% 02/01/20290.1%
OCP Clo 2019-17 Ltd11.532% 07/20/20370.1%
ION Corporate Solutions Finance Sarl0.000% 03/11/20280.1%
Nouryon USA LLC8.821% 04/03/20280.1%
Champions Financing Inc0.000% 02/23/20290.1%
Bear Mountain Park CLO Ltd11.251% 07/15/20370.1%
Cotiviti Inc7.625% 05/01/20310.1%
Arsenal AIC Parent LLC11.500% 10/01/20310.1%
Freedom Mortgage Corp6.625% 01/15/20270.1%
CELESTIAL SATURN PARENT INC0.000% 06/04/20290.1%
RealPage Inc0.000% 04/23/20290.1%
Harbor Freight Tools USA Inc7.844% 06/05/20310.1%
Talen Energy Supply LLC8.827% 05/17/20300.1%
JetBlue Airways Corp0.500% 04/01/20260.1%
CEVA SANTE ANIMALE8.573% 11/01/20300.1%
Epicor Software Corp8.594% 05/23/20310.1%
OCP CLO 2024-31 Ltd9.232% 04/20/20370.1%
Arcline FM Holdings LLC0.000% 06/23/20280.1%
Nexus Buyer LLC9.844% 12/13/20280.1%
DONCASTERS FINANCE US LLC11.776% 04/23/20300.1%
Altice France SA6.685% 02/02/20260.1%
Sigma Holdco BV7.875% 05/15/20260.1%
New Frontera Holdings LLC18.596% 07/28/20260.1%
Realtruck Group Inc10.458% 01/31/20280.1%
Crescent Energy Finance LLC7.625% 04/01/20320.1%
Advancion Holdings LLC13.194% 11/24/20280.1%
Total Return Swap5.351% 09/20/20240.1%
AVSC Holding Corp12.708% 09/01/20250.1%
AVSC Holding Corp0.000% 10/15/20260.1%
Millennium Escrow Corp6.625% 08/01/20260.1%
USIC Holdings Inc0.000% 05/12/20280.1%
Reverb Buyer Inc8.602% 11/01/20280.1%
Bain Capital Credit CLO 2023-3 Ltd13.833% 07/24/20360.1%
IMA Industria Macchine Automatiche SpA7.412% 04/15/20290.1%
Evergreen Acqco 1 LP9.085% 04/26/20280.1%
Carriage Purchaser Inc9.708% 10/02/20280.1%
United PF Holdings LLC14.014% 12/30/20270.1%
ACBL HLDG CORP0.000% -0.1%
Altice France SA8.264% 07/31/20250.1%
Altice France SA2.125% 02/15/20250.1%
Invesco US CLO 2023-2 Ltd10.232% 04/21/20360.0%
New Frontera Holdings LLC7.096% 07/28/20280.0%
Select Medical Corp8.344% 03/06/20270.0%
Wellington Management Clo 3 Ltd10.991% 07/18/20370.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Touchdown Acquirer Inc0.020% 02/21/20310.0%
Interest Rate Swap1.225% 01/15/20300.0%
Physician Partners LLC10.779% 12/23/20280.0%
OCP CLO 2023-30 LTD9.783% 01/24/20370.0%
Engineered Machinery Holdings Inc12.096% 05/21/20290.0%
Tank Holding Corp0.010% 03/31/20280.0%
Sabre GLBL Inc8.958% 12/17/20270.0%
Interest Rate Swap1.220% 10/15/20290.0%
Interest Rate Swap1.152% 10/15/20280.0%
TNT CRANE AND RIGGING0.000% -0.0%
Bain Capital CLO 2024-1 Ltd12.086% 04/16/20370.0%
Sabre GLBL Inc8.958% 12/17/20270.0%
Interest Rate Swap2.475% 10/01/20290.0%
EquipmentShare.com Inc8.625% 05/15/20320.0%
CHRYSAOR BIDCO SARL0.000% 05/14/20310.0%
Total Return Swap5.351% 09/20/20240.0%
Interest Rate Swap2.489% 08/01/20290.0%
Interest Rate Swap2.498% 10/15/20290.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
Total Return Swap5.351% 09/20/20240.0%
National Mentor Holdings Inc9.185% 03/02/20280.0%
Cobham Ultra SeniorCo Sarl9.012% 08/03/20290.0%
FRONTERA GENERATION0.000% -0.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Interest Rate Swap3.317% 04/30/20300.0%
Hexion Holdings Corp9.977% 03/15/20290.0%
Great Outdoors Group LLC9.208% 03/06/20280.0%
AIT Worldwide Logistics Holdings Inc10.179% 04/06/20280.0%
AZURIA WATER SOLUTIONS INC9.094% 05/17/20280.0%
Berlin Packaging LLC9.194% 03/13/20280.0%
LifePoint Health Inc10.054% 11/16/20280.0%
PROJECT CASTLE INC10.832% 06/01/20290.0%
RVR Dealership Holdings LLC9.194% 02/08/20280.0%
CoreLogic Inc8.958% 06/02/20280.0%
Aimbridge Acquisition Co Inc9.208% 02/02/20260.0%
American Trailer World Corp9.194% 03/03/20280.0%
Interest Rate Swap3.805% 11/01/20260.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Ivanti Software Inc9.833% 12/01/20270.0%
ASP LS Acquisition Corp10.096% 05/07/20280.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
LSCS HOLDINGS INC.9.964% 12/16/20280.0%
Interest Rate Swap4.372% 09/15/20240.0%
Iron Mountain Inc7.344% 01/31/20310.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Hilton Grand Vacations Borrower LLC7.844% 08/02/20280.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX EUR/USD 08/240.000% 08/20/20240.0%
FX EUR/USD 08/240.000% 08/20/20240.0%
Epicor Software Corp0.000% 05/30/20310.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
UTEX INDUSTRIES0.000% -0.0%
DONCASTERS FINANCE US LLC0.000% 04/23/20300.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
TNT CRANE AND RIGGING0.000% -0.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
HOBBS + ASSOCIATES LLC0.000% 07/16/20310.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Interest Rate Swap4.217% 08/15/20260.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX EUR/USD 08/240.000% 08/20/20240.0%
Interest Rate Swap4.214% 09/01/20260.0%
Interest Rate Swap4.523% 02/15/20260.0%
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%
Interest Rate Swap4.013% 05/15/20280.0%
Interest Rate Swap3.814% 08/01/20300.0%
Interest Rate Swap4.491% 10/06/20260.0%
Interest Rate Swap4.007% 06/01/20280.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Interest Rate Swap4.423% 02/01/20270.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Interest Rate Swap4.021% 04/26/20280.0%
Interest Rate Swap4.058% 07/25/20300.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
Interest Rate Swap4.205% 06/15/20280.0%
Interest Rate Swap4.016% 11/15/20310.0%
Interest Rate Swap4.131% 04/15/20290.0%
Interest Rate Swap4.021% 10/01/20310.0%
Interest Rate Swap4.015% 01/15/20320.0%
Interest Rate Swap4.000% 07/15/20320.0%

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

Sector Allocationas of 08/30/2024

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Clo arrowUp0.3%
Industrial^transportation^transport-Air Freight -
Utility arrowUp0.5%
Metals/Minerals arrowDown0.1%
Forest Prod/Containers arrowDown0.3%
Healthcare arrowUp0.1%
Shipping arrowDown0.1%
Diversified Media arrowUp0.4%
Broadcasting arrowUp0.1%
Retail arrowDown0.6%
Manufacturing arrowDown0.2%
Financial arrowDown1.1%
Land Transportation arrowUp0.1%
Cable/Wireless Video 0.0%
Consumer Durables arrowDown0.4%
Consumer Non-Durables arrowUp0.1%
Chemicals arrowDown0.9%
Housing arrowUp0.5%
Telecommunications arrowUp0.1%
Wireless Communications 0.0%
Automotive arrowUp0.1%
Food/Tobacco arrowUp0.4%
Information Technology arrowUp2.6%
Service arrowDown0.8%
Energy arrowDown0.6%
Food And Drug arrowUp0.2%
Communications^internet^internet Financial Svcs arrowUp0.3%
Transportation 0.0%
Aerospace arrowDown0.8%
Gaming/Leisure 0.0%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/13/2024
$0.45811
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2024 $0.05825 $8.15
Daily Daily 07/31/2024 $0.05685 $8.16
Daily Daily 06/30/2024 $0.05878 $8.16
Daily Daily 05/31/2024 $0.05562 $8.19
Daily Daily 04/30/2024 $0.05378 $8.18
Daily Daily 03/31/2024 $0.06036 $8.18
Daily Daily 02/29/2024 $0.05593 $8.16
Daily Daily 01/31/2024 $0.05854 $8.14

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
12/17/2013 12/18/2013 - $0.0160 $0.0160 $9.50
*

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 09/13/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.33
$100,000 to $249,999 1.75% 1.50% $8.28
$250,000 to $499,999 1.25% 1.00% $8.24
Greater than $500,000 0.00% 1.00% $8.14

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 08/31/2024

Fund Gross Expense Ratio 0.80%
Fund Net Expense Ratio 0.80%
Adjusted Expense Ratio -

Fund Documents

Fund Documents

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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
Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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‡Morningstar Bank Loan Category. Data as of 06/30/2016. The Morningstar Bank Loan portfolios primarily invest in floating-rate loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London Interbank Offered Rate or LIBOR.

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

                    

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 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.

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 investments in debt securities will fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. The Fund may invest substantially in high yield, lower-rated securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. 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. Certain of the Fund's derivative transactions may give rise to leverage risk. Leverage, including borrowing for investment purposes, may increase volatility in the Fund by magnifying the effect of changes in the value of the Fund's holdings. The use of leverage may cause investors in the Fund to lose more money in adverse environments than would have been the case in the absence of leverage. These factors may 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.   

 

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.

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