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 12/07/2022

$7.87

arrowDown$0.01

YTD Returns w/o sales charge as of 12/07/2022

-2.07%

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

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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

Dividend Yield 1 as of 12/07/2022  

w/o sales charge 6.60%
w/ sales charge 6.45%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.83% 6.82%

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

Expense Ratioas of 11/30/2022

Fund Basicsas of 10/31/2022

Total Net Assets
$6.61 B
Inception Date
12/31/2007
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
611
Minimum Initial Investment
$1,500+
 
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 :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -1.95% -1.31% 1.00% 1.72% 2.97% 3.50%
Lipper Category Avg. Loan Participation Funds -2.77% -2.12% 1.37% 1.98% 2.67% -
CS Leveraged Loan Index - - - - - -
w/ sales charge -4.12% -3.50% 0.24% 1.26% 2.73% 3.34%

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

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -4.13% -3.70% 0.19% 1.46% 2.83% 3.38%
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% 4.03%
w/ sales charge -6.25% -5.82% -0.55% 1.00% 2.59% 3.22%

Fund Expense Ratio :

0.79%

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

Bank Loans: Providing Balance and Income to Portfolios
November 29, 2021

Floating rate bank loans, whose coupons adjust with movements in short-term rates, offer the potential for attractive income without the duration exposure of fixed-rate bonds.

Type Assets
Bank Loans
High Yield Bonds
Equity
ABS
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 10/31/2022 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

Jeffrey D. Lapin
Jeffrey D. Lapin, J.D.

Partner & Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Supported By 73 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 12/07/2022  

w/o sales charge 6.60%
w/ sales charge 6.45%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.83% 6.82%

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

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -1.95% -1.31% 1.00% 1.72% 2.97% 3.50%
Lipper Category Avg. Loan Participation Funds -2.77% -2.12% 1.37% 1.98% 2.67% -
CS Leveraged Loan Index - - - - - -
w/ sales charge -4.12% -3.50% 0.24% 1.26% 2.73% 3.34%

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

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -4.13% -3.70% 0.19% 1.46% 2.83% 3.38%
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% 4.03%
w/ sales charge -6.25% -5.82% -0.55% 1.00% 2.59% 3.22%

Fund Expense Ratio :

0.79%

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
2021 5.13% 5.41%
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% 6.15%
2012 10.12% 9.43%
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -0.09% -5.20% 1.23% - -2.07%
2021 1.82% 1.80% 0.98% 0.44% 5.13%
2020 -15.76% 7.54% 3.79% 4.54% -1.70%
2019 3.41% 1.64% 0.61% 1.51% 7.34%
2018 1.17% 0.72% 1.76% -3.78% -0.23%
2017 0.92% 0.44% 1.12% 1.33% 3.86%
2016 1.72% 2.77% 2.98% 2.09% 9.89%
2015 2.05% 0.66% -1.09% -1.24% 0.35%
2014 1.05% 1.08% -0.58% -0.61% 0.93%
2013 2.52% 0.35% 1.21% 1.69% 5.89%
2012 4.06% 0.57% 3.39% 1.78% 10.12%
2011 1.85% 0.34% -3.95% 3.35% 1.44%
2010 3.07% -0.89% 3.23% 2.59% 8.18%
2009 8.97% 11.57% 6.33% 2.31% 32.26%
2008 -3.34% 4.10% -5.05% -17.64% -21.31%
2007 - - - - 0.01%

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

Growth of $10,000 as of 07/31/2021

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
Equity
ABS
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 10/31/2022

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 9/30/2022

  • Recessionary risks became increasingly concerning for investors over the quarter given the combination of persistently high inflation and more hawkish messaging from the Fed on its commitment to bring down these price levels, even if it suppresses U.S. economic growth. As a result, we continued to shift the Fund to a more defensive posture, moving underweight CCC exposure and adding meaningfully to more liquid BBs and Bs. We made modest decreases to corporate bonds, primarily those that were longer dated. We also exited bonds and loans with lower liquidity in favor of shorter-dated, higher quality securities.
  • Within the loan space, we generally maintained our long-term focus on companies within industries that we believe are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. The Fund continued to reflect this thesis with significant overweight positions in both Health Care and IT sectors, which we believe will be aided by long-term secular tailwinds. That being said, we are mindful of our allocations in these sectors, focusing on higher quality issuers and trimming more stressed credits that have been subject to more persistent labor challenges, as well as regulatory headwinds. Within Health Care, we trimmed exposure to more specialized providers, such as dental and vision providers as we are seeing more wage and cost pressures than we expected. A large portion of our overweight to this sector is within the biotech payers and providers. Within IT, we have favored automation and education technology, yet have been less constructive on high growth technology companies and semiconductors.
  • Given that inflation has been persistent, rates are rising, and recession risks are growing, we are avoiding cost sensitive areas including housing, mortgage-related, low-end consumer, and AUM-focused financial services. On the other hand, the Fund is positioned in inflation and rate winners, specifically in real assets and financials that are geared to higher rates and volatility tailwinds. We also remain generally constructive on higher end consumers and more resilient segments like branded/luxury retail. Lastly, we have shifted Fund exposure to less cyclical sectors and into more defensive segments of the loan market. Notably, we have viewed Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of these companies, and as such have continued to be constructive in this sector over the third quarter.

Portfolio Details as of 10/31/2022

Total Net Assets
$6.61 B
Number of Issues
611
Average Maturity
4.24 Years
Average Yield to Worst
9.2%

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

Average Loan Size -Represents the weighted average of the overall asset size of the original loan issued.

Average Spread -The average number of basis points in excess of the London Interbank Offered Rate (LIBOR) benchmark interest rate a borrower must pay to the loan obligation holder.

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
AAdvantage Loyalty IP Ltd 8.993% 04/20/2028 0.9%
Peraton Corp 7.504% 02/01/2028 0.7%
Medline Borrower LP 7.004% 10/23/2028 0.6%
UKG Inc 6.998% 05/04/2026 0.6%
Virgin Media Bristol LLC 5.912% 01/31/2028 0.6%
Gainwell Acquisition Corp 7.674% 10/01/2027 0.6%
Hyland Software Inc 7.254% 07/01/2024 0.6%
Jazz Financing Lux Sarl 7.254% 04/21/2028 0.6%
Acrisure LLC 8.004% 02/15/2027 0.6%
Verscend Holding Corp 7.754% 08/27/2025 0.6%
% of Total Assets 6.4%
Holding Coupon Maturity Assets
TORONTO DOMINION BANK THE0.010% 10/03/20225.8%
SPDR Blackstone Senior Loan ETF0.000% -1.6%
AAdvantage Loyalty IP Ltd7.460% 04/20/20280.8%
Medline Borrower LP6.365% 10/23/20280.7%
Peraton Corp6.865% 02/01/20280.6%
Gainwell Acquisition Corp7.674% 10/01/20270.6%
McAfee Corp6.362% 03/01/20290.6%
Virgin Media Bristol LLC5.318% 01/31/20280.6%
UKG Inc5.535% 05/04/20260.5%
Acrisure LLC7.365% 02/15/20270.5%
Hyland Software Inc6.615% 07/01/20240.5%
RealPage Inc6.115% 04/24/20280.5%
Verscend Holding Corp7.115% 08/27/20250.5%
ICON Luxembourg Sarl5.936% 07/03/20280.5%
Jazz Financing Lux Sarl6.615% 04/21/20280.5%
Jane Street Group LLC5.865% 01/26/20280.5%
CQP HOLDCO LP7.424% 06/05/20280.4%
WP CityMD Bidco LLC6.924% 12/22/20280.4%
Coherent Corp5.314% 07/02/20290.4%
Phoenix Newco Inc6.365% 11/15/20280.4%
Directv Financing LLC8.115% 08/02/20270.4%
Packaging Coordinators Midco Inc7.424% 11/30/20270.4%
Playtika Holding Corp5.865% 03/13/20280.4%
MH Sub I LLC6.274% 09/13/20240.4%
Proofpoint Inc6.320% 08/31/20280.4%
KUEHG Corp6.865% 02/21/20250.4%
Pug LLC6.615% 02/12/20270.4%
ABG Intermediate Holdings 2 LLC6.634% 12/21/20280.4%
Genesys Cloud Services Holdings II LLC7.115% 12/01/20270.4%
Organon & Co6.188% 06/02/20280.4%
Arcline FM Holdings LLC7.627% 06/23/20280.4%
Drive Chassis Holdco LLC9.178% 04/10/20260.4%
Amneal Pharmaceuticals LLC6.625% 05/04/20250.4%
Cobham Ultra US Co-Borrower LLC7.063% 08/03/20290.4%
AppLovin Corp6.674% 10/25/20280.4%
Oryx Midstream Services Permian Basin LLC6.211% 10/05/20280.4%
TIBCO SOFTWARE INC0.000% 03/20/20290.4%
MKS Instruments Inc5.868% 08/17/20290.4%
Hudson River Trading LLC6.164% 03/20/20280.4%
FERTITTA ENTERTAINMENT LLC7.034% 01/27/20290.4%
Perforce Software Inc6.865% 07/01/20260.4%
Cengage Learning Inc7.814% 07/14/20260.4%
Mileage Plus Holdings LLC8.777% 06/21/20270.4%
Sophia LP7.141% 10/07/20270.3%
Surf Holdings LLC6.668% 03/05/20270.3%
Torrid LLC8.306% 06/14/20280.3%
WCG Purchaser Corp7.115% 01/08/20270.3%
ACBL HLDG CORP0.000% -0.3%
Freeport LNG Investments LLLP6.210% 12/21/20280.3%
FinThrive Software Intermediate Holdings Inc7.115% 12/18/20280.3%
Tenet Healthcare Corp4.625% 09/01/20240.3%
AthenaHealth Group Inc6.576% 02/15/20290.3%
eResearchTechnology Inc7.615% 02/04/20270.3%
CCS-CMGC Holdings Inc8.615% 10/01/20250.3%
Crocs Inc6.480% 02/17/20290.3%
LifePoint Health Inc6.871% 11/16/20250.3%
United Airlines Inc6.533% 04/21/20280.3%
MHI Holdings LLC8.115% 09/21/20260.3%
Nexstar Media Inc5.615% 09/18/20260.3%
TK Elevator US Newco Inc6.871% 07/30/20270.3%
Project Alpha Intermediate Holding Inc7.120% 04/26/20240.3%
AEA INTER HLDNGS LUX S A R L7.438% 09/07/20280.3%
Madison IAQ LLC6.815% 06/21/20280.3%
PetSmart LLC6.870% 02/11/20280.3%
Boxer Parent Co Inc6.865% 10/02/20250.3%
Gray Television Inc5.564% 12/01/20280.3%
Global Medical Response Inc6.814% 10/02/20250.3%
EFS Cogen Holdings I LLC6.620% 10/01/20270.3%
Electron Bidco Inc6.121% 11/01/20280.3%
UTEX INDUSTRIES0.000% -0.3%
NAPA Management Services Corp7.510% 02/23/20290.3%
SUNSHINE INVESTMENTS B V6.118% 07/12/20290.3%
1011778 BC ULC4.871% 11/19/20260.3%
PetVet Care Centers LLC6.615% 02/14/20250.3%
OneDigital Borrower LLC6.977% 11/16/20270.3%
Dun & Bradstreet Corp/The6.282% 01/18/20290.3%
AQGEN ISLAND HOLDINGS INC7.188% 08/02/20280.3%
Magenta Buyer LLC7.870% 07/27/20280.3%
Advisor Group Holdings Inc7.615% 07/31/20260.3%
CDK GLOBAL INC6.610% 07/06/20290.3%
TransDigm Inc5.924% 08/22/20240.3%
Aramark Services Inc6.375% 05/01/20250.3%
Trans Union LLC5.363% 12/01/20280.3%
Amentum Government Services Holdings LLC6.845% 02/15/20290.3%
Calpine Corp5.620% 12/16/20270.3%
Pathway Vet Alliance LLC7.424% 03/31/20270.3%
Peabody Energy Corp5.834% 03/31/20250.3%
Quikrete Holdings Inc6.115% 06/11/20280.3%
Kenan Advantage Group Inc/The6.865% 03/24/20260.3%
SBA Senior Finance II LLC4.870% 04/11/20250.3%
Zelis Payments Buyer Inc6.064% 09/30/20260.3%
Minotaur Acquisition Inc8.134% 03/27/20260.3%
M6 ETX Holdings II Midco LLC7.990% 09/19/20290.3%
Select Medical Corp5.620% 03/06/20250.3%
CMG Media Corp6.615% 12/17/20260.3%
ACProducts Holdings Inc7.127% 05/17/20280.3%
AMC Networks Inc5.000% 04/01/20240.3%
CSC Holdings LLC5.250% 06/01/20240.3%
Vertex Aerospace Services Corp6.865% 12/06/20280.3%
ZoomInfo LLC6.115% 02/02/20260.3%
Hilton Grand Vacations Borrower LLC6.115% 08/02/20280.3%
AI Aqua Merger Sub Inc6.346% 07/31/20280.3%
White Cap Buyer LLC6.784% 10/19/20270.3%
Truck Hero Inc6.615% 01/31/20280.3%
Azalea Topco Inc6.615% 07/24/20260.3%
Applied Systems Inc6.674% 09/19/20240.3%
Petco Health & Wellness Co Inc6.924% 03/03/20280.3%
Anastasia Parent LLC7.424% 08/11/20250.3%
R1 RCM Inc6.034% 06/21/20290.3%
Coty Inc4.935% 04/07/20250.3%
Waystar Technologies Inc7.115% 10/22/20260.3%
Option Care Health Inc5.865% 10/27/20280.3%
Brookfield WEC Holdings Inc5.865% 08/01/20250.3%
NEXUS BUYER LLC9.924% 10/29/20290.3%
Change Healthcare Holdings LLC7.750% 03/01/20240.2%
Hunter US Bidco Inc7.924% 08/19/20280.2%
Asurion LLC6.115% 11/03/20240.2%
Grifols Worldwide Operations USA Inc5.115% 11/15/20270.2%
DTI Holdco Inc7.327% 04/26/20290.2%
Alloy Finco Ltd0.500% 03/06/20250.2%
Spring Education Group Inc7.924% 07/30/20250.2%
Sabre GLBL Inc8.134% 06/30/20280.2%
Uber Technologies Inc6.570% 04/04/20250.2%
LBM Acquisition LLC7.121% 12/17/20270.2%
Magnite Inc5.810% 04/28/20280.2%
Grinding Media Inc7.144% 10/12/20280.2%
Red Planet Borrower LLC6.865% 10/02/20280.2%
SRS Distribution Inc6.177% 06/02/20280.2%
AL NGPL Holdings LLC6.098% 04/14/20280.2%
PCI Gaming Authority5.615% 05/29/20260.2%
Asurion LLC8.365% 01/20/20290.2%
VFH PARENT LLC6.118% 01/13/20290.2%
EMPLOYBRIDGE LLC8.424% 07/19/20280.2%
Gray Television Inc5.064% 01/02/20260.2%
Delta 2 Lux Sarl5.615% 02/01/20240.2%
BEP Ulterra Holdings Inc8.365% 11/26/20250.2%
Penn Entertainment Inc5.884% 05/03/20290.2%
Epicor Software Corp6.365% 07/30/20270.2%
Alliant Holdings Intermediate LLC6.365% 05/09/20250.2%
AP Core Holdings II LLC8.615% 09/01/20270.2%
DEDALUS FINANCE GMBH3.750% 07/17/20270.2%
Caesars Entertainment Inc6.250% 07/01/20250.2%
PHYSICIAN PARTNERS LLC6.990% 12/23/20280.2%
Southern Veterinary Partners LLC7.115% 10/05/20270.2%
Cubic Corp7.320% 05/25/20280.2%
Kingpin Intermediate Holdings LLC6.620% 07/03/20240.2%
United PF Holdings LLC7.674% 12/30/20260.2%
GENERATION BRIDGE AQC LLC8.674% 12/01/20280.2%
Ascend Learning LLC6.615% 12/11/20280.2%
ELEMENT MAT TEC GR US HLD INC0.000% 06/07/20290.2%
Live Nation Entertainment Inc4.875% 11/01/20240.2%
THE ULTIMATE SW GRP INC7.535% 05/03/20270.2%
Cloudera Inc6.865% 10/08/20280.2%
CHG HEALTHCARE SERVICES INC6.924% 09/29/20280.2%
GFL Environmental Inc3.750% 08/01/20250.2%
Heartland Dental LLC7.084% 04/30/20250.2%
Fastlane Parent Co Inc7.615% 02/04/20260.2%
Oscar Acquisitionco LLC8.153% 04/29/20290.2%
Park River Holdings Inc5.527% 12/28/20270.2%
Medallion Midland Acquisition LP6.871% 10/18/20280.2%
Amentum Government Services Holdings LLC7.121% 01/29/20270.2%
CORGI BIDCO INC0.000% 09/20/20290.2%
SeaWorld Parks & Entertainment Inc6.121% 08/25/20280.2%
VS Buyer LLC6.115% 02/28/20270.2%
Constellation Renewables LLC5.570% 12/15/20270.2%
Blackhawk Network Holdings Inc9.500% 06/15/20260.2%
Birkenstock US BidCo Inc5.098% 04/28/20280.2%
Imprivata Inc6.865% 12/01/20270.2%
Cushman & Wakefield US Borrower LLC5.865% 08/21/20250.2%
LSCS HOLDINGS INC.8.174% 12/16/20280.2%
iHeartCommunications Inc6.115% 05/01/20260.2%
Minerva Merger Sub Inc6.500% 02/15/20300.2%
NortonLifeLock Inc5.000% 04/15/20250.2%
CNT Holdings I Corp6.248% 11/08/20270.2%
Maravai Intermediate Holdings LLC5.553% 10/19/20270.2%
EW Scripps Co/The5.678% 05/01/20260.2%
Bella Holding Co LLC6.865% 05/10/20280.2%
Prime Security Services Borrower LLC0.000% 09/23/20260.2%
MED ParentCo LP7.363% 08/31/20260.2%
Griffon Corp5.490% 01/24/20290.2%
Weld North Education LLC6.871% 12/21/20270.2%
MJH HEALTHCARE HOLDINGS LLC6.634% 01/28/20290.2%
TABOOLA COM LTD7.120% 09/01/20280.2%
BCP Renaissance Parent LLC7.053% 10/31/20260.2%
Storable Inc6.078% 04/17/20280.2%
Intelsat Jackson Holdings SA7.445% 02/01/20290.2%
Chariot Buyer LLC6.615% 11/03/20280.2%
Barracuda Networks Inc7.534% 05/17/20290.2%
PROJECT CASTLE INC9.053% 06/01/20290.2%
Helix Gen Funding LLC6.865% 06/03/20240.2%
Apttus Corp7.117% 05/08/20280.2%
Summit Behavioral Healthcare LLC7.730% 11/24/20280.2%
City Football Group Ltd6.484% 07/21/20280.2%
AI Aqua Merger Sub Inc0.000% 07/31/20280.2%
Team Health Holdings Inc8.284% 03/02/20270.2%
Beacon Roofing Supply Inc5.365% 05/19/20280.2%
BINGO INDUSTRIES LTD7.174% 07/14/20280.2%
Surgery Center Holdings Inc6.510% 08/31/20260.2%
19th Holdings Golf LLC5.696% 02/07/20290.2%
Asurion LLC7.134% 08/19/20280.2%
ConnectWise LLC7.174% 09/29/20280.2%
Evergreen Acqco 1 LP9.174% 04/26/20280.2%
CrownRock LP / CrownRock Finance Inc5.625% 10/15/20250.2%
888 ACQUISITIONS LIMITED8.282% 07/08/20280.2%
US Foods Inc6.250% 04/15/20250.2%
WP CPP Holdings LLC6.556% 04/30/20250.2%
Playa Resorts Holding BV5.870% 04/29/20240.2%
Univision Communications Inc5.125% 02/15/20250.2%
Ingram Micro Inc7.065% 06/30/20280.2%
Global Aircraft Leasing Co Ltd6.500% 09/15/20240.2%
Mamba Purchaser Inc6.552% 10/16/20280.2%
SS&C Technologies Inc5.384% 03/22/20290.2%
Quikrete Holdings Inc5.740% 02/01/20270.2%
Miller's Ale House Inc8.424% 05/30/20250.2%
Laredo Petroleum Inc9.500% 01/15/20250.2%
Air Canada6.421% 08/11/20280.2%
Crescent Energy Finance LLC7.250% 05/01/20260.2%
Northriver Midstream Finance LP5.527% 10/01/20250.2%
DEXKO GLOBAL INC7.424% 10/04/20280.2%
Engineered Machinery Holdings Inc7.424% 05/19/20280.2%
Pacific Dental Services Inc6.493% 05/05/20280.2%
Ensono Inc6.865% 05/26/20280.2%
Vertiv Group Corp5.303% 03/02/20270.2%
Cano Health LLC7.134% 11/23/20270.2%
Tiger Acquisition LLC6.365% 06/01/20280.2%
Aethon United BR LP / Aethon United Finance Corp8.250% 02/15/20260.2%
Severin Acquisition LLC6.115% 08/01/20250.2%
Windstream Services LLC9.365% 09/21/20270.2%
APFS STAFFING HOLDINGS INC6.827% 12/29/20280.2%
INEOS STYROLUTION US HOLDG LLC5.865% 01/29/20260.2%
Entegris Inc5.455% 07/06/20290.2%
AssuredPartners Inc6.615% 02/12/20270.2%
Navient Corp6.750% 06/25/20250.2%
Learning Care Group US No 2 Inc6.056% 03/13/20250.2%
Tenable Inc5.556% 07/07/20280.2%
Brazos Delaware II LLC7.014% 05/21/20250.2%
LSF11 A5 HoldCo LLC6.649% 10/15/20280.2%
Caesars Resort Collection LLC5.865% 12/23/20240.2%
APi Group DE Inc5.865% 01/03/20290.2%
SCIENTIFIC GAMES INTL INC5.906% 04/14/20290.2%
Univision Communications Inc6.365% 01/31/20290.2%
Pretium PKG Holdings Inc9.027% 10/01/20290.2%
Nascar Holdings LLC5.615% 10/19/20260.2%
CVR Partners LP / CVR Nitrogen Finance Corp6.125% 06/15/20280.2%
Asurion LLC8.365% 01/31/20280.2%
VACO HOLDINGS LLC8.703% 01/21/20290.2%
VENGA FINANCE SARL7.820% 12/04/20280.2%
PRA Group Inc5.000% 10/01/20290.2%
Banijay Group US Holding Inc6.303% 03/01/20250.2%
Olaplex Inc6.391% 02/23/20290.2%
Nabors Industries Inc5.750% 02/01/20250.2%
Scientific Games Holdings LP5.617% 04/04/20290.2%
Groupe Solmax Inc8.392% 05/29/20280.2%
AP Core Holdings II LLC8.615% 09/01/20270.2%
ECHO GLOBAL LOGISTICS INC6.615% 11/23/20280.2%
Renaissance Holdings Corp6.365% 05/30/20250.2%
Tory Burch LLC6.115% 04/16/20280.2%
Horizon Therapeutics USA Inc4.875% 03/15/20280.2%
Renaissance Holdings Corp10.115% 05/29/20260.2%
Bleriot US Bidco Inc7.642% 10/31/20260.2%
Great Outdoors Group LLC6.865% 03/06/20280.2%
LSB Industries Inc6.250% 10/15/20280.2%
Millennium Escrow Corp6.625% 08/01/20260.2%
AL GCX Holdings LLC6.066% 05/17/20290.2%
Eyecare Partners LLC7.424% 11/15/20280.2%
Clear Channel Outdoor Holdings Inc6.306% 08/21/20260.2%
Carnival Corp6.127% 10/18/20280.2%
Frontier Communications Holdings LLC7.438% 05/01/20280.2%
Vibrantz Technologies Inc6.977% 04/23/20290.2%
Watlow Electric Manufacturing Co6.865% 03/02/20280.1%
AVSC Holding Corp0.250% 03/03/20250.1%
Camelot US Acquisition LLC6.115% 10/30/20260.1%
Insulet Corp6.365% 05/04/20280.1%
Ingenovis Health Inc6.870% 03/06/20280.1%
Esdec Solar Group BV8.391% 08/30/20280.1%
Jazz Acquisition Inc7.384% 06/19/20260.1%
Cyxtera DC Holdings Inc5.790% 05/01/20240.1%
KKR APPLE BIDCO LLC5.865% 09/23/20280.1%
Informatica LLC5.875% 10/27/20280.1%
Refficiency Holdings LLC6.865% 12/16/20270.1%
Great Canadian Gaming Corp7.602% 11/01/20260.1%
Spirit AeroSystems Inc5.500% 01/15/20250.1%
SCP Eye Care Services LLC7.615% 03/16/20280.1%
CITGO Petroleum Corp7.000% 06/15/20250.1%
Altice France SA/France5.556% 07/31/20250.1%
ABG Intermediate Holdings 2 LLC9.134% 12/20/20290.1%
Avis Budget Car Rental LLC4.870% 08/06/20270.1%
PBF Holding Co LLC / PBF Finance Corp7.250% 06/15/20250.1%
Allspring Buyer LLC6.924% 11/01/20280.1%
Astoria Energy LLC6.615% 12/10/20270.1%
MGM Resorts International5.750% 06/15/20250.1%
Polaris Newco LLC7.674% 06/02/20280.1%
VICI Properties LP4.375% 05/15/20250.1%
New Era Cap LLC8.455% 07/13/20270.1%
Foundation Building Materials Inc4.489% 01/31/20280.1%
Range Resources Corp4.875% 05/15/20250.1%
Houghton Mifflin Harcourt Co8.384% 04/09/20290.1%
Barracuda Networks Inc9.845% 08/15/20300.1%
Altar Bidco Inc5.202% 02/01/20290.1%
Chassix Inc7.563% 11/15/20230.1%
NOVA Chemicals Corp4.875% 06/01/20240.1%
Sparta US HoldCo LLC5.803% 08/02/20280.1%
New Fortress Energy Inc6.750% 09/15/20250.1%
Dermatology Intermediate Holdings III Inc6.846% 04/02/20290.1%
Clarios Global LP6.365% 04/30/20260.1%
SPECTACLE GARY HOLDINGS LLC7.365% 11/19/20280.1%
Baffinland Iron Mines Corp / Baffinland Iron Mines LP8.750% 07/15/20260.1%
SILK BIDCO AS4.908% 02/24/20250.1%
AVIENT CORPORATION6.297% 08/29/20290.1%
Avantor Funding Inc5.365% 11/08/20270.1%
Brown Group Holding LLC6.797% 07/02/20290.1%
Callon Petroleum Co8.000% 08/01/20280.1%
Lions Gate Capital Holdings LLC5.371% 03/24/20250.1%
Live Nation Entertainment Inc4.750% 10/15/20270.1%
Project Boost Purchaser LLC6.615% 06/01/20260.1%
Creative Artists Agency LLC6.865% 11/27/20260.1%
Allied Universal Holdco LLC6.784% 05/12/20280.1%
AI Convoy Luxembourg Sarl5.052% 01/18/20270.1%
Compass Power Generation LLC7.398% 04/14/20290.1%
Service Logic Acquisition Inc4.750% 10/29/20270.1%
VistaJet Malta Finance PLC / XO Management Holding Inc6.375% 02/01/20300.1%
Warrior Met Coal Inc7.875% 12/01/20280.1%
Imprivata Inc7.282% 12/01/20270.1%
Carriage Purchaser Inc7.875% 10/15/20290.1%
MOTION FINCO SARL6.924% 11/12/20260.1%
Pro Mach Group Inc0.000% 08/31/20280.1%
SCIH Salt Holdings Inc6.806% 03/16/20270.1%
SBA Communications Corp3.875% 02/15/20270.1%
Staples Inc7.782% 04/16/20260.1%
Cloudera Inc9.115% 10/08/20290.1%
ECL ENTERTAINMENT LLC10.615% 05/01/20280.1%
AMMC CLO 24 Ltd6.110% 01/20/20350.1%
Aruba Investments Holdings LLC7.084% 11/24/20270.1%
CSC Holdings LLC5.318% 04/15/20270.1%
USIC Holdings Inc6.615% 05/12/20280.1%
Pretium PKG Holdings Inc6.293% 10/02/20280.1%
UKG Inc6.865% 05/04/20260.1%
VUE INTERNATIONAL BIDCO PLC0.000% 07/03/20260.1%
Wand NewCo 3 Inc0.000% 02/05/20260.1%
ACBL HLDG CORP0.000% -0.1%
SS&C Technologies Inc5.384% 03/22/20290.1%
HUB International Ltd5.982% 04/25/20250.1%
Peraton Corp10.568% 02/01/20290.1%
AMC Entertainment Holdings Inc5.756% 04/22/20260.1%
AppLovin Corp6.365% 08/15/20250.1%
KKR CLO 38 Ltd6.162% 04/15/20330.1%
PARKWAY GENERATION LLC7.865% 02/18/20290.1%
ADMI Corp6.490% 12/23/20270.1%
Allegiant Travel Co7.250% 08/15/20270.1%
Hunter Douglas Inc6.340% 02/26/20290.1%
Rain CII Carbon LLC / CII Carbon Corp7.250% 04/01/20250.1%
Hightower Holding LLC6.732% 04/21/20280.1%
PRA Health Sciences Inc5.892% 07/03/20280.1%
Berry Petroleum Co LLC7.000% 02/15/20260.1%
Univision Communications Inc7.790% 06/24/20290.1%
Learfield Communications LLC6.370% 12/01/20230.1%
Reverb Buyer Inc0.000% 11/01/20280.1%
William Morris Endeavor Entertainment LLC5.870% 05/18/20250.1%
Sunnova Energy Corp5.875% 09/01/20260.1%
Armor Holdco Inc8.500% 11/15/20290.1%
Hexion Inc7.413% 03/15/20290.1%
CoreLogic Inc6.625% 06/02/20280.1%
LSF11 A5 HoldCo LLC6.625% 10/15/20290.1%
Ahead DB Holdings LLC6.625% 05/01/20280.1%
Station Casinos LLC5.370% 02/08/20270.1%
Sabre GLBL Inc7.384% 06/30/20280.1%
Caesars Resort Collection LLC / CRC Finco Inc5.750% 07/01/20250.1%
Medical Solutions Holdings Inc0.000% 11/01/20290.1%
Instructure Holdings Inc6.121% 10/30/20280.1%
CHINOS INTERMEDIATE HLDGS A IN9.000% 09/10/20270.1%
Cornerstone Building Brands Inc6.068% 04/12/20280.1%
Quest Software Inc6.977% 02/01/20290.1%
Jefferson Capital Holdings LLC6.000% 08/15/20260.1%
Icebox Holdco III Inc7.424% 12/22/20280.1%
Fortress Transportation and Infrastructure Investors LLC5.500% 05/01/20280.1%
Sedgwick Claims Management Services Inc6.365% 12/31/20250.1%
Epicor Software Corp10.274% 07/31/20280.1%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20280.1%
Seaspan Corp5.500% 08/01/20290.1%
Icebox Holdco III Inc10.424% 12/21/20290.1%
Doncasters US LLC9.615% 03/06/20240.1%
Rockcliff Energy II LLC5.500% 10/15/20290.1%
Renaissance Holdings Corp7.096% 03/30/20290.1%
Global Medical Response Inc7.365% 03/14/20250.1%
CANOPY GROWTH CORPORATION11.248% 03/18/20260.1%
Chegg Inc0.000% 09/01/20260.1%
Colgate Energy Partners III LLC7.750% 02/15/20260.1%
Ahern Rentals Inc7.375% 05/15/20230.1%
TerraForm Power Operating LLC6.403% 05/21/20290.1%
IRB Holding Corp0.000% 12/15/20270.1%
Sunset Debt Merger Sub Inc7.602% 10/06/20280.1%
Autokiniton US Holdings Inc7.185% 04/06/20280.1%
Armor Holdco Inc8.142% 12/11/20280.1%
SPX FLOW Inc8.750% 04/01/20300.1%
CHINOS INTERMEDIATE 2 LLC0.000% -0.1%
Uber Technologies Inc0.000% 02/25/20270.1%
CDW LLC / CDW Finance Corp5.500% 12/01/20240.1%
Proofpoint Inc9.320% 08/31/20290.1%
Madison IAQ LLC5.875% 06/30/20290.1%
Rocket Software Inc7.365% 11/28/20250.1%
TerraForm Power Operating LLC4.750% 01/15/20300.1%
Midcap Financial Issuer Trust6.500% 05/01/20280.1%
CSC Holdings LLC5.068% 07/17/20250.1%
Dynasty Acquisition Co Inc6.615% 04/06/20260.1%
Owens & Minor Inc6.625% 04/01/20300.1%
Trans Union LLC4.865% 11/16/20260.1%
IRB Holding Corp0.000% 02/05/20250.1%
Pike Corp5.500% 09/01/20280.1%
Azalea Topco Inc6.784% 07/24/20260.1%
SolarWinds Holdings Inc5.865% 02/05/20240.1%
Permian Resources Operating LLC6.875% 04/01/20270.1%
Edgewater Generation LLC6.865% 12/13/20250.1%
Comstock Resources Inc6.750% 03/01/20290.1%
TNT CRANE AND RIGGING0.000% -0.1%
Pike Corp0.000% 01/21/20280.1%
SPX FLOW INC.7.634% 04/05/20290.1%
NortonLifeLock Inc0.000% 09/12/20290.1%
Team Health Holdings Inc0.000% 02/06/20240.1%
CNT Holdings I Corp9.455% 11/06/20280.1%
Ardonagh Midco 2 PLC11.500% 01/15/20270.1%
Heartland Dental LLC6.615% 04/30/20250.1%
Welltec International ApS8.250% 10/15/20260.1%
TK Elevator Holdco GmbH7.625% 07/15/20280.1%
USIC Holdings Inc9.615% 05/14/20290.1%
Eyecare Partners LLC7.424% 02/18/20270.1%
Navient Corp6.125% 03/25/20240.1%
Delta Topco Inc10.332% 12/01/20280.1%
SRS Distribution Inc6.306% 06/02/20280.1%
Jazz Acquisition Inc11.120% 06/18/20270.1%
Equinox Holdings Inc10.674% 09/06/20240.1%
POLARIS NEWCO LLC11.168% 06/04/20290.1%
SS&C Technologies Inc4.865% 04/16/20250.1%
Delta Topco Inc6.832% 12/01/20270.1%
Camelot Finance SA6.115% 10/30/20260.1%
Gulfport Energy Corp8.000% 05/17/20260.1%
Northwest Fiber LLC6.743% 04/30/20270.1%
SM Energy Co6.500% 07/15/20280.1%
VICI Properties LP / VICI Note Co Inc3.500% 02/15/20250.1%
Outfront Media Capital LLC / Outfront Media Capital Corp6.250% 06/15/20250.1%
National Mentor Holdings Inc10.930% 03/02/20290.1%
GFL Environmental Inc5.806% 05/30/20250.1%
Carriage Purchaser Inc7.365% 09/30/20280.1%
Owens & Minor Inc6.782% 03/29/20290.1%
Aruba Investments Holdings LLC10.834% 11/24/20280.1%
RIVERBED TECHNOLOGY INC2.000% 12/07/20260.1%
United PF Holdings LLC12.174% 12/30/20270.1%
ACBL HLDG CORP0.000% -0.1%
SS&C Technologies Inc4.865% 04/16/20250.1%
TICP CLO IX Ltd5.610% 01/20/20310.1%
Standard Aero Ltd6.615% 04/06/20260.0%
IRB Holding Corp7.000% 06/15/20250.0%
CARLYLE US CLO 2019-3 LTD5.910% 10/20/20320.0%
Rocket Software Inc7.365% 11/28/20250.0%
TIBCO Software Inc10.365% 03/03/20280.0%
Vertex Aerospace Services Corp7.134% 12/06/20280.0%
Cubic Corp7.320% 05/25/20280.0%
Civitas Resources Inc5.000% 10/15/20260.0%
AVSC Holding Corp10.057% 09/01/20250.0%
AI Aqua Merger Sub Inc0.000% 07/31/20280.0%
AMERICAN BUILDERS CONTRACTOR0.000% 01/15/20270.0%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp4.250% 02/01/20270.0%
New Frontera Holdings LLC16.674% 07/28/20260.0%
TransDigm Inc5.924% 05/30/20250.0%
Azalea Topco Inc6.865% 07/24/20260.0%
Sabre GLBL Inc6.615% 12/17/20270.0%
ADMI Corp6.865% 12/23/20270.0%
Sedgwick Claims Management Services Inc0.000% 09/03/20260.0%
PetVet Care Centers LLC9.365% 02/13/20260.0%
Interest Rate Swap2.453% 02/15/20300.0%
ABG Intermediate Holdings 2 LLC6.365% 09/29/20240.0%
Interest Rate Swap1.225% 01/15/20300.0%
CMI Marketing Inc7.365% 03/23/20280.0%
iHeartMedia Inc0.000% -0.0%
US 2YR NOTE (CBT) Dec220.000% 01/05/20230.0%
Comstock Resources Inc5.875% 01/15/20300.0%
Interest Rate Swap0.493% 09/15/20240.0%
VUE INTERNATIONAL BIDCO P L C0.000% 06/30/20270.0%
Sabre GLBL Inc6.615% 12/17/20270.0%
Interest Rate Swap1.220% 10/15/20290.0%
Interest Rate Swap1.152% 10/15/20280.0%
MOTION FINCO SARL0.069% 11/12/20260.0%
Welltec International ApS8.250% 10/15/20260.0%
PARKWAY GENERATION LLC7.865% 02/18/20290.0%
FX USD/EUR 12/220.000% 12/12/20220.0%
Aimbridge Acquisition Co Inc6.865% 02/02/20260.0%
Interest Rate Swap2.475% 10/01/20290.0%
BANFF MERGER SUB INC8.615% 02/27/20260.0%
Interest Rate Swap2.463% 02/01/20300.0%
Interest Rate Swap2.496% 06/15/20280.0%
Interest Rate Swap2.470% 11/15/20290.0%
US 5YR NOTE (CBT) Dec220.000% 01/05/20230.0%
Interest Rate Swap2.592% 02/01/20270.0%
Interest Rate Swap2.489% 08/01/20290.0%
Interest Rate Swap2.496% 12/01/20280.0%
Interest Rate Swap2.524% 07/15/20280.0%
Interest Rate Swap2.534% 05/01/20280.0%
UTEX INDUSTRIES0.000% -0.0%
Party City Holdings Inc6.625% 08/01/20260.0%
Interest Rate Swap0.451% 05/15/20230.0%
Interest Rate Swap2.498% 10/15/20290.0%
New Frontera Holdings LLC5.174% 07/28/20280.0%
CHINOS INTERMEDIATE 2 LLC0.000% -0.0%
GENERATION BDGE AQSTN LLC8.674% 12/01/20280.0%
CITGO Petroleum Corp9.363% 03/28/20240.0%
Aramark Services Inc4.865% 03/11/20250.0%
Dermatology Intermediate Holdings III Inc0.021% 04/02/20290.0%
NPC International Inc1.000% 04/18/20250.0%
Refficiency Holdings LLC0.038% 12/16/20270.0%
FX USD/EUR 12/220.000% 12/12/20220.0%
TNT CRANE AND RIGGING0.000% -0.0%
FRONTERA GENERATION0.000% -0.0%
Interest Rate Swap0.184% 10/21/20250.0%
Interest Rate Swap0.051% 10/21/20220.0%
Interest Rate Swap2.300% 10/21/20220.0%
MIRABELA NICKEL LTD.1.000% 09/16/20440.0%
Interest Rate Swap2.300% 10/21/20250.0%
Service Logic Acquisition Inc0.040% 10/29/20270.0%
Interest Rate Swap3.760% 01/15/20300.0%
Interest Rate Swap3.974% 04/01/20270.0%
Interest Rate Swap3.890% 07/15/20280.0%
Interest Rate Swap3.816% 03/01/20290.0%
Interest Rate Swap3.940% 08/15/20270.0%
Interest Rate Swap3.858% 05/01/20280.0%
Interest Rate Swap3.875% 05/01/20280.0%
Interest Rate Swap3.892% 07/15/20280.0%
Interest Rate Swap3.993% 02/15/20270.0%
Interest Rate Swap3.913% 10/15/20270.0%
Interest Rate Swap3.762% 04/01/20300.0%
Interest Rate Swap3.862% 08/01/20280.0%
Interest Rate Swap3.803% 06/30/20290.0%
Reverb Buyer Inc0.035% 11/01/20280.0%
Interest Rate Swap3.852% 08/15/20280.0%
Interest Rate Swap3.766% 04/01/20300.0%
Icebox Holdco III Inc0.038% 12/22/20280.0%
ELEMNT MAT TECH GRP US HOL INC0.000% 06/22/20290.0%
AthenaHealth Group Inc0.035% 02/15/20290.0%
LAC0.010% 12/31/20500.0%
Total Return Swap2.850% 12/20/20220.0%
Total Return Swap2.850% 12/20/20220.0%
Total Return Swap2.850% 12/20/20220.0%
Total Return Swap2.850% 12/20/20220.0%
Total Return Swap2.850% 12/20/2022-0.1%

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 10/31/2022

Sector Weighting Fund Change from Previous Quarter
Sector Weighting Fund Change from Previous Quarter
Energy arrowUp0.4%
Broadcasting arrowUp0.1%
Diversified Media arrowUp0.1%
Retail 0.0%
Shipping 0.0%
Food And Drug -
Cable/Wireless Video arrowUp0.1%
Wireless Communications 0.0%
Consumer Non-Durables arrowDown0.2%
Financial arrowUp0.1%
Land Transportation arrowDown0.1%
Healthcare arrowDown0.1%
Housing arrowDown0.1%
Consumer Durables 0.0%
Automotive arrowDown0.2%
Food/Tobacco arrowUp0.3%
Manufacturing arrowDown0.3%
Chemicals 0.0%
Telecommunications arrowDown0.1%
Forest Prod/Containers -
Service arrowUp0.2%
Aerospace arrowUp0.2%
Gaming/Leisure arrowUp0.1%
Information Technology arrowUp0.4%
Other arrowDown1.3%
Transportation 0.0%
Metals/Minerals arrowUp0.2%
Utility arrowUp0.3%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/07/2022
$0.344
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.04326 $7.89
Daily Daily 10/31/2022 $0.04305 $7.84
Daily Daily 09/30/2022 $0.03756 $7.80
Daily Daily 08/31/2022 $0.03552 $8.01
Daily Daily 07/31/2022 $0.03376 $7.94
Daily Daily 06/30/2022 $0.02776 $7.81
Daily Daily 05/31/2022 $0.02675 $8.05
Daily Daily 04/30/2022 $0.02482 $8.28
Daily Daily 03/31/2022 $0.02527 $8.32
Daily Daily 02/28/2022 $0.02306 $8.32
Daily Daily 01/31/2022 $0.02395 $8.39

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
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. 

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/07/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.05
$100,000 to $249,999 1.75% 1.50% $8.01
$250,000 to $499,999 1.25% 1.00% $7.97
$500,000 to $999,999 0.00% 1.00% $7.87
$1,000,000 to $5,000,000 0.00% 1.00% $7.87

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 11/30/2022

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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.

‡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.

+

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 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 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.   

 

The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

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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