LORD ABBETT BOND DEBENTURE FUND INC (Form: N-CSR, Received: 03/05/2020 10:34:53)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02145

LORD ABBETT BOND-DEBENTURE FUND, INC.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

John T. Fitzgerald, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 522-2388

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2019

Item 1:

Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Bond Debenture Fund

For the fiscal year ended December 31, 2019

Important Information on Paperless Delivery

Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Fund at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.

You may elect to receive all future reports in paper free of charge by contacting the Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.

Table of Contents

1		A Letter to Shareholders

4		Investment Comparison

5		Information About Your Fund’s Expenses and Holdings Presented by Sector

8		Schedule of Investments

46		Statement of Assets and Liabilities

48		Statement of Operations

49		Statements of Changes in Net Assets

50		Financial Highlights

54		Notes to Financial Statements

72		Report of Independent Registered Public Accounting Firm

73		Supplemental Information to Shareholders

Lord Abbett Bond Debenture Fund

Annual Report

For the fiscal year ended December 31, 2019

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Director, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this overview of the performance of Lord Abbett Bond Debenture Fund for the fiscal year ended December 31, 2019. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access quarterly commentaries that provide updates on the Fund’s performance and other portfolio related updates.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Douglas B. Sieg

Director, President, and Chief Executive Officer

For the fiscal year ended December 31, 2019, the Fund returned 13.37%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index,¹which returned 8.72% over the same period.

The trailing 12-month period was characterized by several market-moving events. Following a tumultuous fourth quarter of 2018, where trade tensions and monetary policy uncertainty sent many

investors toward safety, the market staged a strong recovery. Trade tensions continued to dominate headlines, as trade negotiations between the U.S. and China remained volatile throughout the period. One of the more notable shifts over the year was the U.S. Federal Reserve’s (the “Fed”) transition to a more dovish policy stance, with Chairman Jerome Powell stating that the Fed would act appropriately to sustain economic growth. The combination of a dovish Fed, trade pressures, and slowing economic growth

resulted in a downward shift in the U.S. Treasury yield curve.

Despite bouts of volatility arising from U.S./China trade, risk assets rallied during the 12-months ended December 31, 2019, primarily due to the dovish comments from central banks around the globe, culminating in the longest U.S. economic expansion on record. Credit sectors performed exceptionally well, with investment grade bonds benefiting from a sizeable decline in spreads along with a sharp downward shift in the yield curve. Additionally, high yield bonds produced strong returns. High yield performance was characterized by a sharp up-in-quality bias, as the CCC segment sharply underperformed. The CCC tier was adversely affected during the year by idiosyncratic weakness in select industries along with overall investor hesitation to enter the space given late cycle concerns and a strong preference for perceived quality and liquidity. The energy sector dragged on high yield performance, which we believe was due largely to idiosyncratic issues within select industries.

The Fund’s exposure to high yield bonds contributed to relative performance, as the high yield market outperformed the

broader fixed income market, as represented by the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹. High yield bonds benefited from a dynamic in which both duration and credit were in favor, as we witnessed a sharp fall in bond yields around the globe which subsequently increased the demand for yield. The Fund’s overweight to and selection within the investment grade bond allocation was also a relative contributor during the period. The Fund’s modest allocation to equities was a relative contributor.

The Fund’s modest allocation to bank loans and CLOs detracted from relative performance during the period. The bank loan asset class was adversely affected by declining rates and a negative technical backdrop during the period, underperforming many duration-sensitive assets. The Fund’s modest allocation to sovereign bonds was also a relative detractor during the year.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹ The Bloomberg Barclays U.S. Aggregate Bond Index is an index of U.S dollar-denominated, investment-grade U.S. government and corporate securities, and mortgage pass-through securities, and asset-backed securities. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee 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. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

The annual commentary above discusses the views of the Fund’s management and various portfolio holdings of the Fund as of December 31, 2019. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Fund’s portfolio is actively managed and may change significantly, the Fund may no longer own the securities described above or may have otherwise changed its position in the securities. For more recent information about the Fund’s portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Bloomberg Barclays U.S. Aggregate Bond Index and the ICE BofA Merrill Lynch U.S. High Yield Constrained Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable Sales Charge for the Periods Ended December 31, 2019

	1 Year	5 Years	10 Years	Life of Class
Class A³	10.85%	5.16%	6.76%	–
Class C⁴	11.77%	4.99%	6.35%	–
Class F⁵	13.64%	5.76%	7.18%	–
Class F3⁶	13.86%	–	–	5.89%
Class I⁵	13.80%	5.84%	7.29%	–
Class P⁵	13.16%	5.54%	6.94%	–
Class R2⁵	12.93%	5.21%	6.65%	–
Class R3⁵	13.20%	5.35%	6.77%	–
Class R4⁷	13.46%	–	–	5.56%
Class R5⁷	13.79%	–	–	5.83%
Class R6⁷	13.73%	–	–	5.88%

¹ Reflects the deduction of the maximum initial sales charge of 2.25%.

² Performance of each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended December 31, 2019 is calculated using the SEC-required uniform method to compute such return.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2019 through December 31, 2019).

Actual Expenses

For each class of the Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 7/1/19 – 12/31/19” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of the Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	7/1/19	12/31/19	7/1/19 - 12/31/19
Class A
Actual	$1,000.00	$1,024.50	$4.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.22	$4.02
Class C
Actual	$1,000.00	$1,022.50	$7.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$7.22
Class F
Actual	$1,000.00	$1,026.20	$3.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.73	$3.52
Class F3
Actual	$1,000.00	$1,027.10	$2.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.58	$2.65
Class I
Actual	$1,000.00	$1,026.80	$3.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.23	$3.01
Class P
Actual	$1,000.00	$1,024.30	$5.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.96	$5.30
Class R2
Actual	$1,000.00	$1,022.40	$6.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.21	$6.06
Class R3
Actual	$1,000.00	$1,024.20	$5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.71	$5.55
Class R4
Actual	$1,000.00	$1,025.50	$4.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.97	$4.28
Class R5
Actual	$1,000.00	$1,026.80	$3.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.23	$3.01
Class R6
Actual	$1,000.00	$1,025.90	$2.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.58	$2.65

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.79% for Class A, 1.42% for Class C, 0.69% for Class F, 0.52% for Class F3, 0.59% for Class I, 1.04% for Class P, 1.19% for Class R2, 1.09% for Class R3, 0.84% for Class R4, 0.59% for Class R5 and 0.52% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

December 31, 2019

Sector*	%**
Aerospace	0.10	%
Asset Backed	1.68	%
Automotive	2.09	%
Banking	6.46	%
Basic Industry	3.47	%
Capital Goods	3.58	%
Chemicals	0.17	%
Consumer Goods	3.80	%
Consumer Staples	0.24	%
Energy	9.40	%
Financial Services	3.73	%
Foreign Government	5.92	%
Healthcare	5.54	%
Industrials	0.12	%
Information Technology	0.18	%
Insurance	1.71	%
Leisure	2.85	%
Manufacturing	0.18	%
Media	5.05	%
Mortgaged-Backed	2.83	%
Municipal	3.10	%
Real Estate	1.76	%
Retail	4.42	%
Services	2.48	%
Technology & Electronics	4.81	%
Telecommunications	2.12	%
Transportation	3.31	%
U.S.Government	11.51	%
Utility	6.02	%
Repurchase Agreement	1.37	%
Total	100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.

Schedule of Investments

December 31, 2019

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

LONG-TERM INVESTMENTS 106.77%

ASSET-BACKED SECURITIES 3.07%

Automobiles 0.13%

ACC Trust 2018-1 B^†

4.82%

5/20/2021

6,637

6,668,469

ACC Trust 2018-1 C^†

6.81%

2/21/2023

5,140

5,253,468

TCF Auto Receivables Owner Trust 2016-1A B^†

2.32%

6/15/2022

8,695

8,690,191

Total

20,612,128

Credit Cards 0.10%

Perimeter Master Note Business Trust 2019-2A A^†

4.23%

5/15/2024

16,717

16,757,121

Other 2.84%

AMMC CLO 15 Ltd. 2014-15A DRR^†

5.401%
(3 Mo. LIBOR + 3.40%

)^#

1/15/2032

2,514

2,416,363

AMMC CLO XII Ltd. 2013-12A DR^†

4.601%
(3 Mo. LIBOR + 2.70%

)^#

11/10/2030

3,859

3,488,729

^(a)

APEX CREDIT CLO LLC 2017-2A B^†

3.758%
(3 Mo. LIBOR + 1.85%

)^#

9/20/2029

7,197

7,199,510

Apidos CLO XXXII 2019-32A C^†(b)

Zero Coupon

^(c)

1/20/2033

6,953

6,952,810

^(a)

Ascentium Equipment Receivables Trust 2016-2A B^†

2.50%

9/12/2022

1,038

1,037,854

Atrium XV-15A D^†

4.934%
(3 Mo. LIBOR + 3.00%

)^#

1/23/2031

7,286

7,122,949

Battalion CLO VII Ltd. 2014-7A CRR^†

4.932%
(3 Mo. LIBOR + 2.93%

)^#

7/17/2028

1,831

1,830,280

Battalion CLO XV Ltd. 2019-16A B^†

Zero Coupon

^(c)

12/19/2032

23,286

23,288,669

Benefit Street Partners CLO XIX Ltd. 2019-19A B^†(b)

Zero Coupon

^(c)

1/15/2033

7,922

7,927,353

Benefit Street Partners CLO XIX Ltd. 2019-19A C^†(b)

Zero Coupon

^(c)

1/15/2033

6,418

6,423,041

BlueMountain CLO XXIII Ltd. 2018-23A D^†

4.866%
(3 Mo. LIBOR + 2.90%

)^#

10/20/2031

4,348

4,191,564

Carlyle US CLO Ltd. 2019-4A B^†(b)

Zero Coupon

^(c)

1/15/2033

15,609

15,609,490

Cedar Funding VI CLO Ltd. 2016-6A BR^†

3.566%
(3 Mo. LIBOR + 1.60%

)^#

10/20/2028

2,600

2,581,667

Cedar Funding VI CLO Ltd. 2016-6A DR^†

4.966%
(3 Mo. LIBOR + 3.00%

)^#

10/20/2028

7,699

7,558,373

Cent CLO Ltd. 2014-21A CR2^†

5.136%
(3 Mo. LIBOR + 3.20%

)^#

7/27/2030

4,936

4,665,969

Conn’s Receivables Funding LLC 2017-B C^†

5.95%

11/15/2022

20,538

20,654,611

Galaxy XXI CLO Ltd. 2015-21A AR^†

2.986%
(3 Mo. LIBOR + 1.02%

)^#

4/20/2031

5,311

5,253,414

8	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments

Interest
Rate

Maturity
Date

Principal
Amount
(000)

Fair
Value

Other (continued)

Halcyon Loan Advisors Funding Ltd. 2015-2A CR^†

4.09%
(3 Mo. LIBOR + 2.15%

)^#

7/25/2027

5,476

5,477,411

Halcyon Loan Advisors Funding Ltd. 2017-2A A2^†

3.702%
(3 Mo. LIBOR + 1.70%

)^#

1/17/2030

9,320

9,232,158

Harbor Park CLO Ltd. 2018-1A D^†

4.866%
(3 Mo. LIBOR + 2.90%

)^#

1/20/2031

4,560

4,422,174

Hardee’s Funding LLC 20181A A2II^†

4.959%

6/20/2048

37,803

38,743,647

Jamestown CLO VII Ltd. 2015-7A BR^†

3.59%
(3 Mo. LIBOR + 1.65%

)^#

7/25/2027

12,548

12,327,553

KKR CLO 9 Ltd. 9 B1R^†

3.751%
(3 Mo. LIBOR + 1.75%

)^#

7/15/2030

6,340

6,295,541

KKR CLO Ltd-15 DR^†

5.153%
(3 Mo. LIBOR + 3.15%

)^#

1/18/2032

2,736

2,625,634

KVK CLO Ltd. 2013-A BR^†

3.451%
(3 Mo. LIBOR + 1.45%

)^#

1/14/2028

3,567

3,551,930

Madison Park Funding XIV Ltd. 2014-14A DRR^†

4.903%
(3 Mo. LIBOR + 2.95%

)^#

10/22/2030

3,923

3,835,408

Madison Park Funding XXXVI Ltd. 2019-36A C^†

2.60%
(3 Mo. LIBOR + 2.60%

)^#

1/15/2033

12,488

12,489,042

Mariner CLO LLC 2015-1A DR^†

5.616%
(3 Mo. LIBOR + 3.65%

)^#

4/20/2029

2,277

2,279,854

Mariner CLO Ltd. 2017-4A D^†

4.986%
(3 Mo. LIBOR + 3.05%

)^#

10/26/2029

6,254

6,120,902

Mountain View CLO X Ltd. 2015-10A BR^†

3.351%
(3 Mo. LIBOR + 1.35%

)^#

10/13/2027

13,725

13,609,459

Northwoods Capital 20 Ltd. 2019-20A C^†

4.701%
(3 Mo. LIBOR + 2.80%

)^#

1/25/2030

14,954

14,982,142

Octagon Investment Partners 39 Ltd. 2018-3A D^†

4.916%
(3 Mo. LIBOR + 2.95%

)^#

10/20/2030

3,789

3,686,680

OHA Loan Funding Ltd. 2015-1A CR2^†

4.501%
(3 Mo. LIBOR + 2.65%

)^#

11/15/2032

8,238

8,235,471

OZLM Funding III Ltd. 2013-3A A2AR^†

3.82%
(3 Mo. LIBOR + 1.95%

)^#

1/22/2029

15,000

15,010,531

Palmer Square Loan Funding Ltd. 2018-1A A1^†

2.601%
(3 Mo. LIBOR + .60%

)^#

4/15/2026

18,545

18,481,231

Palmer Square Loan Funding Ltd. 2018-1A A2^†

3.051%
(3 Mo. LIBOR + 1.05%

)^#

4/15/2026

9,660

9,643,243

Palmer Square Loan Funding Ltd. 2018-1A B^†

3.401%
(3 Mo. LIBOR + 1.40%

)^#

4/15/2026

5,069

5,040,179

Planet Fitness Master Issuer LLC 2018-1A A2I^†

4.262%

9/5/2048

17,814

18,155,938

Planet Fitness Master Issuer LLC 2018-1A A2II^†

4.666%

9/5/2048

22,267

23,208,236

Planet Fitness Master Issuer LLC 2019-1A A2^†

3.858%

12/5/2049

15,242

15,043,918

Regatta VI Funding Ltd. 2016-1A DR^†

4.666%
(3 Mo. LIBOR + 2.70%

)^#

7/20/2028

2,216

2,196,392

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Other (continued)

Regatta XVI Funding Ltd. 2019-2A B^†	3.953% (3 Mo. LIBOR + 2.05%	)^#	1/15/2033	$	31,200	$	31,274,749
Sound Point CLO XI Ltd. 2016-1A DR^†	4.916% (3 Mo. LIBOR + 2.95%	)^#	7/20/2028		6,840		6,822,888
THL Credit Wind River CLO Ltd. 2018-3A D^†	4.916% (3 Mo. LIBOR + 2.95%	)^#	1/20/2031		7,164		6,563,043
Towd Point Mortgage Trust 2019-HY2 A1^†	2.792% (1 Mo. LIBOR + 1.00%	)^#	5/25/2058		15,918		16,010,717
West CLO Ltd. 2014-2A BR^†	3.751% (3 Mo. LIBOR + 1.75%	)^#	1/16/2027		4,541		4,522,289
Wingstop Funding LLC 2018-1 A2^†	4.97%		12/5/2048		19,599		20,198,428
Total							468,289,434
Total Asset-Backed Securities (cost $505,243,852)							505,658,683

				Shares (000)
COMMON STOCKS 5.71%

Auto Parts & Equipment 0.04%
Chassix Holdings, Inc.					607		6,070,570

Banking 0.50%
First Republic Bank					361		42,430,927
Northern Trust Corp.					151		16,042,240
SVB Financial Group*					98		24,628,781
Total							83,101,948

Beverages 0.27%
Brown-Forman Corp. Class B					254		17,199,874
Budweiser Brewing Co. APAC Ltd.^†*^(d)				HKD	2,877		9,709,564
Carlsberg A/S Class B^(d)				DKK	116		17,328,235
Total							44,237,673

Discount Stores 0.10%
Target Corp.					128		16,401,392

Diversified Capital Goods 0.30%
Carlisle Cos., Inc.					99		16,074,920
Dover Corp.					143		16,534,277
Illinois Tool Works, Inc.					93		16,705,590
Total							49,314,787

Electric: Generation 0.12%
SolarEdge Technologies, Inc. (Israel)*^(e)					201		19,069,349

10	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Shares (000)		Fair Value
Electric: Integrated 0.00%
Eneva SA*^(d)	BRL	33	$	363,683

Electronics 0.10%
Universal Display Corp.		77		15,764,355

Energy: Exploration & Production 0.22%
Chaparral Energy, Inc. Class A*		541		952,385
MEG Energy Corp.*^(d)	CAD	6,241		35,519,275
Templar Energy LLC Class A Units		417		33,346	^(a)
Total				36,505,006

Food & Drug Retailers 0.11%
Casey’s General Stores, Inc.		113		17,928,825

Food: Wholesale 0.23%
Beyond Meat, Inc.*		223		16,878,380
Sanderson Farms, Inc.		115		20,331,735
Total				37,210,115

Forestry/Paper 0.10%
Westrock Co.		404		17,335,640

Gas Distribution 0.00%
Dommo Energia SA*^(d)	BRL	353		258,194

Media: Content 0.01%
ION Media Networks, Inc.		4		1,931,885	^(f)

Medical Products 0.41%
DexCom, Inc.*		80		17,407,985
Edwards Lifesciences Corp.*		70		16,266,845
Intuitive Surgical, Inc.*		28		16,543,333
Teleflex, Inc.		45		17,071,554
Total				67,289,717

Metals/Mining (Excluding Steel) 0.10%
Arconic, Inc.		525		16,142,896

Oil Field Equipment & Services 0.05%
Halliburton Co.		336		8,209,685

Personal & Household Products 0.18%
Estee Lauder Cos., Inc. (The) Class A		80		16,487,056
Gibson Brands, Inc.		107		12,560,985	^(a)

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Shares (000)		Fair Value
Personal & Household Products (continued)
Remington Outdoor Co., Inc.*		164	$	135,092
Total				29,183,133

Pharmaceuticals 0.20%
NextCure, Inc*		595		33,497,141

Rail 0.20%
Kansas City Southern		216		33,068,776

Restaurants 0.39%
Shake Shack, Inc. Class A*		1,081		64,414,709

Software/Services 0.96%
Adyen NV^†*^(d)	EUR	20		16,440,252
Alibaba Group Holding Ltd. ADR*		158		33,420,809
Alphabet, Inc. Class A*		12		16,122,238
DocuSign, Inc.*		334		24,776,752
RingCentral, Inc. Class A*		99		16,708,956
Shopify, Inc. Class A (Canada)*^(e)		83		33,094,559
Trade Desk, Inc. (The) Class A*^(b)		68		17,681,146
Total				158,244,712

Specialty Retail 0.42%
Claires Holdings LLC		15		9,856,842
Lululemon Athletica, Inc. (Canada)*^(e)		256		59,389,763
Total				69,246,605

Support: Services 0.20%
Booz Allen Hamilton Holding Corp.		230		16,357,482
IHS Markit Ltd. (United Kingdom)*^e)		218		16,437,075
Total				32,794,557

Technology Hardware & Equipment 0.30%
Apple, Inc.		60		17,670,389
NVIDIA Corp.		139		32,695,876
Total				50,366,265

Telecommunications: Wireless 0.10%
Qorvo, Inc.*		139		16,189,909

Transportation: Infrastructure/Services 0.10%
XPO Logistics, Inc.*		210		16,739,790
Total Common Stocks (cost $922,757,524)				940,881,317

12	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
CONVERTIBLE BOND 0.18%

Automakers
Tesla, Inc. (cost $23,159,684)	2.00%		5/15/2024	$	19,183	$	29,049,244

FLOATING RATE LOANS^(g)6.76%

Advertising 0.12%
Clear Channel Outdoor Holdings, Inc. Term Loan B	5.299% (1 Mo. LIBOR + 3.50%	)	8/21/2026		20,207		20,353,454

Aerospace/Defense 0.09%
Doncasters Finance US LLC USD Term Loan	5.445% (3 Mo. LIBOR + 3.5%	)	4/9/2020		18,015		14,559,993

Air Transportation 0.22%
American Airlines, Inc. 2018 Term Loan B	3.542% (1 Mo. LIBOR + 1.75%	)	6/27/2025		21,063		21,128,409
Kestrel Bidco Inc. Term Loan (Canada)	4.718% (1 Mo. LIBOR + 3.00%	)	12/11/2026		15,044		15,198,502
Total							36,326,911

Auto Parts & Equipment 0.20%
American Axle and Manufacturing, Inc. Term Loan B	4.05% (3 Mo. LIBOR + 2.25%) - 4.19%		4/6/2024		32,369		32,449,534

Building Materials 0.25%
Forterra Finance, LLC 2017 Term Loan B	4.799% (3 Mo. LIBOR + 3.00%	)	10/25/2023		25,049		24,568,999
Yak Access, LLC 2018 1st Lien Term Loan B	6.792% (1 Mo. LIBOR + 5.00%	)	7/11/2025		17,781		17,219,813
Total							41,788,812

Chemicals 0.22%
Polar US Borrower, LLC 2018 1st Lien Term Loan	6.62% (3 Mo. LIBOR + 4.75%) - 6.69%		10/15/2025		4,865		4,852,472	^(h)
Starfruit Finco B.V 2018 USD Term Loan B (Netherlands)^(e)	4.96% (1 Mo. LIBOR + 3.25%	)	10/1/2025		31,440		31,505,110
Total							36,357,582

Diversified Capital Goods 0.14%
Granite Holdings US Acquisition Co. Term Loan B	7.211% (3 Mo. LIBOR + 5.25%	)	9/30/2026		22,445		22,557,465	^(h)

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Electric: Generation 0.56%

Astoria Energy LLC Term Loan B	5.80% (1 Mo. LIBOR + 4.00%	)	12/24/2021	$	23,860	$	23,845,441
Edgewater Generation, L.L.C. Term Loan	5.549% (3 Mo. LIBOR + 3.75%	)	12/13/2025		25,175		24,214,773
Frontera Generation Holdings LLC 2018 Term Loan B	5.99% (1 Mo. LIBOR + 4.25%	)	5/2/2025		18,528		16,026,406
Lightstone Holdco LLC 2018 Term Loan B	5.549% (3 Mo. LIBOR + 3.75%	)	1/30/2024		13,171		12,143,992
Lightstone Holdco LLC 2018 Term Loan C	5.549% (3 Mo. LIBOR + 3.75%	)	1/30/2024		743		684,940
Moxie Patriot LLC Delayed Draw Term Loan B2	7.695% (3 Mo. LIBOR + 5.75%	)	12/19/2020		10,385		9,255,695
Moxie Patriot LLC Term Loan B1	7.695% (3 Mo. LIBOR + 5.75%	)	12/19/2020		6,226		5,549,271
Total							91,720,518

Electric: Integrated 0.42%
Pacific Gas & Electric Company DIP Delayed Draw Term Loan	2.25%		12/31/2020		4,102		4,122,510	^(h)
Pacific Gas & Electric Company DIP Term Loan	3.97% (1 Mo. LIBOR + 2.25%	)	12/31/2020		12,305		12,366,525	^(h)
Pacific Gas & Electric Company Revolving Term Loan	–	⁽ⁱ⁾	4/27/2022		52,710		52,907,662	^(h)
Total							69,396,697

Food & Drug Retailers 0.09%
GOBP Holdings, Inc. 2019 Term Loan B	5.24% (1 Mo. LIBOR + 3.50%	)	10/22/2025		14,394		14,598,149

Food: Wholesale 0.10%
United Natural Foods, Inc. Term Loan B	–	⁽ⁱ⁾	10/22/2025		18,812		16,166,576

Gaming 0.56%
MGM Growth Properties Operating Partnership LP 2016 Term Loan B	3.799% (3 Mo. LIBOR + 2.00%	)	3/3/2025		19,561		19,675,922
PCI Gaming Authority Term Loan	4.299% (1 Mo. LIBOR + 2.50%	)	5/29/2026		12,237		12,338,008
Playtika Holding Corp Term Loan B	7.799% (1 Mo. LIBOR + 6.00%	)	12/10/2024		32,344		32,748,655
VICI Properties 1 LLC Replacement Term Loan B	3.785% (1 Mo. LIBOR + 2.00%	)	12/20/2024		27,044		27,209,104
Total							91,971,689

14	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution 0.17%

Buckeye Partners, L.P. 2019 Term Loan B	4.531% (1 Mo. LIBOR + 2.75%	)	11/1/2026	$	15,315	$	15,472,912
Lower Cadence Holdings LLC Term Loan B	5.799% (1 Mo. LIBOR + 4.00%	)	5/22/2026		13,085		12,978,993
Total							28,451,905

Health Services 0.83%
Da Vinci Purchaser Corp. 2019 Term Loan	–	⁽ⁱ⁾	12/3/2026		16,312		16,352,573
Emerald TopCo Inc Term Loan	5.299% (1 Mo. LIBOR + 3.50%	)	7/24/2026		23,963		24,131,522
Global Medical Response, Inc. 2018 Term Loan B1	5.035% (1 Mo. LIBOR + 3.25%	)	4/28/2022		17,957		17,645,652
Parexel International Corporation Term Loan B	4.555% (1 Mo. LIBOR + 2.75%	)	9/27/2024		26,942		26,504,249
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B	6.299% (1 Mo. LIBOR + 4.50%	)	11/17/2025		26,883		27,134,882
U.S. Renal Care, Inc. 2019 Term Loan B	6.813% (1 Mo. LIBOR + 5.00%	)	6/26/2026		25,271		25,147,850
Total							136,916,728

Insurance Brokerage 0.19%
Hub International Limited 2018 Term Loan B	4.69% (3 Mo. LIBOR + 2.75%	)	4/25/2025		31,934		31,965,066

Media: Content 0.20%
Univision Communications Inc. Term Loan C5	4.549% (1 Mo. LIBOR + 2.75%	)	3/15/2024		34,121		33,768,355

Personal & Household Products 0.22%
FGI Operating Company, LLC Exit Term Loan	11.945% (3 Mo. LIBOR + 10.00%	)	5/15/2022		1,061		848,424	^(h)
Revlon Consumer Products Corporation 2016 Term Loan B	5.409% (3 Mo. LIBOR + 3.50%	)	9/7/2023		25,616		19,708,688
TGP Holdings III, LLC 2018 1st Lien Term Loan	6.049% (3 Mo. LIBOR + 4.25%	)	9/25/2024		16,210		15,331,438
Total							35,888,550

Rail 0.14%
Genesee & Wyoming Inc. (New) Term Loan	–	⁽ⁱ⁾	12/30/2026		23,411		23,665,637

Recreation & Travel 0.28%
Alterra Mountain Company Term Loan B1	4.549% (1 Mo. LIBOR + 2.75%	)	7/31/2024		13,084		13,214,402

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Recreation & Travel (continued)
Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan (Luxembourg)	4.299% (1 Mo. LIBOR +2.50%	)	2/1/2024	$	16,211	$	16,314,621
Kingpin Intermediate Holdings LLC 2018 Term Loan B	5.30% (1 Mo. LIBOR + 3.50%	)	7/3/2024		15,793		15,892,013
Total							45,421,036

Restaurants 0.21%
IRB Holding Corp 1st Lien Term Loan	5.216% (3 Mo. LIBOR + 3.25%	)	2/5/2025		19,305		19,453,679
Panera Bread Co. Term Loan A	3.563% (1 Mo. LIBOR + 1.75%	)	7/18/2022		16,422		16,058,049
Total							35,511,728

Software/Services 0.50%
Ancestry.com Operations Inc. Non-Extended Term Loan B	5.55% (1 Mo. LIBOR + 3.75%	)	10/19/2023		9,629		9,525,036
Ancestry.com Operations, Inc. 2019 Extended Term Loan B	6.05% (1 Mo. LIBOR + 4.25%	)	8/27/2026		15,125		14,912,349
Ellie Mae, Inc. Term Loan	5.945% (3 Mo. LIBOR + 4.00%	)	4/17/2026		25,747		25,955,905
Tibco Software Inc. 2019 Term Loan B	5.71% (1 Mo. LIBOR + 4.00%	)	6/30/2026		15,831		15,922,907
Ultimate Software Group Inc. (The) Term Loan B	5.549% (3 Mo. LIBOR + 3.75%	)	5/4/2026		16,221		16,350,629
Total							82,666,826

Specialty Retail 0.41%
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan	4.491% (1 Mo. LIBOR + 2.75%	)	2/3/2024		21,802		21,979,556
Claire’s Stores, Inc. 2019 Term Loan B	–	⁽ⁱ⁾	12/18/2026		11,763		10,645,877	^(h)
Mavis Tire Express Services Corp. 2018 1st Lien Term Loan	5.049% (1 Mo. LIBOR + 3.25%	)	3/20/2025		15,283		14,939,550
Mavis Tire Express Services Corp. 2018 Delayed Draw Term Loan	5.049% (1 Mo. LIBOR + 3.25%	)	3/20/2025		1,947		1,903,516
PetSmart, Inc. Consenting Term Loan	–	⁽ⁱ⁾	3/11/2022		18,012		17,855,198
Total							67,323,697

Support: Services 0.52%
DG Investment Intermediate Holdings 2, Inc. 2018 1st Lien Term Loan	4.799% (3 Mo. LIBOR + 3.00%	)	2/3/2025		16,167		16,126,974
NEP/NCP Holdco, Inc. 2018 1st Lien Term Loan	–	⁽ⁱ⁾	10/20/2025		17,160		16,902,308
Pike Corporation 2019 Term Loan B	5.05% (1 Mo. LIBOR + 3.25%	)	7/24/2026		21,991		22,144,187

16	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)			Fair Value
Support: Services (continued)
Southern Graphics, Inc. 2018 Term Loan B	5.049% (3 Mo. LIBOR + 3.25%	)	12/31/2022	$	18,004	$	11,266,713
Trans Union, LLC 2019 Term Loan B5	3.549% (1 Mo. LIBOR + 1.75%	)	11/16/2026		19,034		19,134,939
Total							85,575,121

Telecommunications: Satellite 0.06%
Iridium Satellite LLC Term Loan (France)	5.542% (1 Mo. LIBOR + 3.75%	)	11/4/2026		9,844		9,982,674

Transportation: Infrastructure/Services 0.06%
Commercial Barge Line Company 2015 1st Lien Term Loan	10.677% (3 Mo. LIBOR + 8.75%	)	11/12/2020		17,671		9,188,871
Total Floating Rate Loans (cost $1,122,300,783)							1,114,573,574

FOREIGN BONDS^(d)0.22%

France 0.11%
CMA CGM SA	5.25%		1/15/2025	EUR	19,617		17,676,345

Jersey 0.11%
Aston Martin Capital Holdings Ltd.	5.75%		4/15/2022	GBP	14,541		18,514,642
Total Foreign Bonds (cost $33,849,271)							36,190,987

FOREIGN GOVERNMENT OBLIGATIONS 5.24%

Angola 0.32%
Republic of Angola^†(e)	8.25%		5/9/2028	$	27,032		29,267,763
Republic of Angola^†(e)	9.375%		5/8/2048		20,485		22,533,623
Total							51,801,386

Argentina 0.61%
Ciudad Autonoma De Buenos Aires^†(e)	7.50%		6/1/2027		26,645		25,912,262
Province of Santa Fe^†(e)	6.90%		11/1/2027		22,807		18,131,565
Provincia de Cordoba^†(e)	7.125%		6/10/2021		20,748		15,457,260
Provincia de Cordoba^†(e)	7.45%		9/1/2024		26,688		19,348,800
Provincia de Mendoza^†(e)	8.375%		5/19/2024		27,674		20,893,870
Total							99,743,757

Australia 0.17%
Australian Government^(d)	4.25%		4/21/2026	AUD	33,642		28,057,585

Bahrain 0.15%
Bahrain Government International Bond^†(e)	6.75%		9/20/2029	$	21,000		24,584,028

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Bermuda 0.18%
Government of Bermuda^†	4.138%	1/3/2023	$	14,720	$	15,443,856
Government of Bermuda^†	4.75%	2/15/2029		12,997		14,707,373
Total						30,151,229

Canada 0.60%
Province of British Columbia Canada^(d)	2.85%	6/18/2025	CAD	44,800		35,943,155
Province of Ontario Canada^(e)	2.55%	2/12/2021	$	63,053		63,579,924
Total						99,523,079

Dominican Republic 0.23%
Dominican Republic^†(e)	6.40%	6/5/2049		34,203		37,612,526

Egypt 0.25%
Arab Republic of Egypt^†(e)	5.577%	2/21/2023		39,734		41,645,245

Honduras 0.13%
Honduras Government^†(e)	6.25%	1/19/2027		19,384		21,207,986

Ivory Coast 0.10%
Ivory Coast Government International Bond^†(d)	5.875%	10/17/2031	EUR	14,313		16,748,463

Jamaica 0.35%
Government of Jamaica^(e)	6.75%	4/28/2028	$	22,327		26,521,071
Government of Jamaica^(e)	8.00%	3/15/2039		23,326		31,803,485
Total						58,324,556

Japan 0.35%
Japan Bank for International Corp.^(e)	3.125%	7/20/2021		55,954		57,073,702

Kenya 0.24%
Republic of Kenya^†(e)	7.25%	2/28/2028		22,576		24,602,083
Republic of Kenya^†(e)	8.25%	2/28/2048		14,447		15,524,009
Total						40,126,092

Mongolia 0.17%
Development Bank of Mongolia LLC^†(e)	7.25%	10/23/2023		26,519		28,108,767

Paraguay 0.20%
Republic of Paraguay^†(e)	5.60%	3/13/2048		27,485		32,251,861

Qatar 0.17%
State of Qatar^†(e)	3.25%	6/2/2026		27,091		28,572,607

18	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Senegal 0.17%
Republic of Senegal^†(e)	6.25%	7/30/2024	$	25,031	$	27,780,330

Suriname 0.07%
Republic of Suriname^†(e)	9.25%	10/26/2026		14,321		11,282,764

Ukraine 0.30%
Ukraine Government^†(e)	7.375%	9/25/2032		44,815		47,916,960
Ukraine Government International Bond^(e)	7.375%	9/25/2032		2,000		2,138,434
Total						50,055,394

United Arab Emirates 0.30%
Abu Dhabi Government International^†(e)	3.125%	5/3/2026		47,836		49,933,082

Vietnam 0.18%
Socialist Republic of Vietnam^†(e)	4.80%	11/19/2024		27,091		29,559,063
Total Foreign Government Obligations (cost $827,155,211)						864,143,502

GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 11.36%
Federal National Mortgage Assoc.^(j)	3.00%	1/14/2050		224,000		227,053,160
Federal National Mortgage Assoc.^(j)	3.50%	1/14/2050		1,024,600		1,053,523,075
Federal National Mortgage Assoc.^(j)	4.50%	1/14/2050		562,100		591,799,875
Total Government Sponsored Enterprises Pass-Throughs (cost $1,870,381,259)						1,872,376,110

HIGH YIELD CORPORATE BONDS 64.49%

Advertising 0.09%
Clear Channel Worldwide Holdings, Inc.^†	9.25%	2/15/2024		13,740		15,245,698

Aerospace/Defense 0.88%
Signature Aviation US Holdings, Inc.^†	4.00%	3/1/2028		27,187		26,864,834
Signature Aviation US Holdings, Inc.^†	5.375%	5/1/2026		12,746		13,446,170
TransDigm, Inc.^†	6.25%	3/15/2026		31,374		34,024,601
TransDigm, Inc.	6.375%	6/15/2026		33,411		35,497,851
United Technologies Corp.	4.125%	11/16/2028		31,099		35,032,098
Total						144,865,554

Air Transportation 1.18%
Air Canada 2013-1 Class A Pass Through Trust (Canada)^†(e)	4.125%	11/15/2026		8,336		8,875,106
Azul Investments LLP^†	5.875%	10/26/2024		37,100		38,581,217
British Airways 2018-1 Class A Pass Through Trust (United Kingdom)^†(e)	4.125%	3/20/2033		8,431		8,865,859

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Air Transportation (continued)
British Airways 2018-1 Class AA Pass Through Trust (United Kingdom)^†(e)	3.80%		3/20/2033		$	4,065	$	4,315,824
British Airways 2019-1 Class A Pass Through Trust (United Kingdom)^†(e)	3.35%		6/15/2029			14,619		15,071,401
British Airways 2019-1 Class AA Pass Through Trust (United Kingdom)^†(e)	3.30%		6/15/2034			35,896		37,264,057
Delta Air Lines 2019-1 Class AA Pass Through Trust	3.204%		10/25/2025			22,520		23,438,951
Delta Air Lines, Inc.	3.75%		10/28/2029			26,929		26,936,002
JetBlue 2019-1 Class A Pass Through Trust	2.95%		11/15/2029			13,467		13,472,217
United Airlines 2019-2 Class AA Pass Through Trust	2.70%		11/1/2033			17,940		18,030,023
Total								194,850,657

Auto Loans 0.07%
Ford Motor Credit Co. LLC	3.81%		1/9/2024			10,744		10,906,845

Auto Parts & Equipment 0.29%
Adient US LLC^†	7.00%		5/15/2026			21,145		23,087,676
Delphi Technologies plc (United Kingdom)^†(e)	5.00%		10/1/2025			25,973		24,089,957
Total								47,177,633

Automakers 1.67%
Aston Martin Capital Holdings Ltd. (Jersey)^†(e)	6.50%		4/15/2022			16,077		15,335,047
BMW US Capital LLC^†	3.10%		4/12/2021			14,012		14,223,227
Ford Motor Credit Co. LLC	5.584%		3/18/2024			133,289		144,267,768
General Motors Co.	8.375%		7/15/2049			15,000		1,500	^(f)
Navistar International Corp.^†	6.625%		11/1/2025			12,846		13,113,646
Tesla, Inc.^†	5.30%		8/15/2025			91,041		88,536,462
Total								275,477,650

Banking 6.12%
ABN AMRO Bank NV (Netherlands)^†(e)	4.75%		7/28/2025			31,461		34,346,297
AIB Group plc (Ireland)^†(e)	4.263% (3 Mo. LIBOR + 1.87%	)^#	4/10/2025			26,837		28,421,161
AIB Group plc (Ireland)^†(e)	4.75%		10/12/2023			31,394		33,720,076
Ally Financial, Inc.	4.625%		3/30/2025			22,002		23,863,039
Ally Financial, Inc.	8.00%		11/1/2031			35,632		49,526,698
ANZ New Zealand Int’l Ltd. (United Kingdom)^†(e)	2.125%		7/28/2021			14,890		14,926,876
Associated Banc-Corp.	4.25%		1/15/2025			7,996		8,450,873
Australia & New Zealand Banking Group Ltd. (United Kingdom)^†(e)	6.75% (USD Swap + 5.17%	)^#	–	^(k)		19,074		21,784,511
Banco Mercantil del Norte SA^†	7.625% (10 Yr Treasury CMT + 5.35%	)^#	–	^(k)		14,326		15,336,484

20	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Banking (continued)
Bank of America Corp.	2.369% (3 Mo. LIBOR + .66%	)^#	7/21/2021		$	62,846	$	62,988,458
Bank of America Corp.	4.45%		3/3/2026			19,634		21,563,125
Bank of Ireland Group plc (Ireland)^†(e)	4.50%		11/25/2023			31,384		33,580,689
BankUnited, Inc.	4.875%		11/17/2025			24,313		26,518,312
BBVA Bancomer SA^†	5.125% (5 Yr Treasury CMT + 2.65%	)^#	1/18/2033			28,167		28,484,865
BBVA USA	3.875%		4/10/2025			26,897		28,247,752
CIT Group, Inc.	5.25%		3/7/2025			6,988		7,701,370
CIT Group, Inc.	6.125%		3/9/2028			30,996		36,663,541
Citigroup, Inc.	4.45%		9/29/2027			13,296		14,643,960
Fidelity National Financial, Inc.	4.50%		8/15/2028			26,914		29,157,406
Fifth Third Bancorp	8.25%		3/1/2038			8,042		12,276,434
Global Bank Corp. (Panama)^†(e)	5.25% (3 Mo. LIBOR + 3.30%	)^#	4/16/2029			40,710		43,814,137
Goldman Sachs Group, Inc. (The)	3.50%		11/16/2026			13,667		14,374,619
Goldman Sachs Group, Inc. (The)	4.25%		10/21/2025			18,995		20,625,565
Home BancShares, Inc.	5.625% (3 Mo. LIBOR + 3.58%	)^#	4/15/2027			19,481		20,161,188
Huntington Bancshares, Inc.	5.70% (3 Mo. LIBOR + 2.88%	)^#	–	^(k)		15,381		15,968,785
Huntington National Bank (The)	3.125%		4/1/2022			26,801		27,397,863
Intesa Sanpaolo SpA (Italy)^†(e)	5.71%		1/15/2026			47,976		51,924,442
JPMorgan Chase & Co.	3.54% (3 Mo. LIBOR + 1.38%	)^#	5/1/2028			11,994		12,738,978
JPMorgan Chase & Co.	3.90%		7/15/2025			17,386		18,775,263
JPMorgan Chase & Co.	6.10% (3 Mo. LIBOR + 3.33%	)^#	–	^(k)		12,752		13,925,375
Leggett & Platt, Inc.	4.40%		3/15/2029			31,431		34,356,547
Macquarie Bank Ltd. (United Kingdom)^†(e)	6.125% (5 Yr. Swap rate + 3.70%	)^#	–	^(k)		34,980		36,235,782
Morgan Stanley	3.125%		7/27/2026			18,976		19,588,482
Morgan Stanley	3.625%		1/20/2027			24,804		26,404,540
Popular, Inc.	6.125%		9/14/2023			15,922		17,182,465
Santander UK Group Holdings plc (United Kingdom)^†(e)	4.75%		9/15/2025			36,032		38,762,531
US Bancorp	3.00%		7/30/2029			13,452		13,901,248
Washington Mutual Bank^(l)	6.875%		6/15/2011			22,500		2,250	^(f)
Webster Financial Corp.	4.10%		3/25/2029			27,684		29,356,272
Westpac Banking Corp. (Australia)^(e)	4.11% (5 Yr Treasury CMT + 2.00%	)^#	7/24/2034			19,677		20,621,711
Total								1,008,319,970

Beverages 0.99%
Bacardi Ltd.^†	2.75%		7/15/2026			20,151		19,830,455
Bacardi Ltd.^†	4.70%		5/15/2028			32,381		35,284,055

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Beverages (continued)
Becle SAB de CV (Mexico)^†(e)	3.75%	5/13/2025	$	15,764	$	16,183,474
Brown-Forman Corp.	3.50%	4/15/2025		8,956		9,549,414
Brown-Forman Corp.	4.50%	7/15/2045		18,174		22,282,652
PepsiCo, Inc.	3.60%	3/1/2024		14,292		15,216,245
Suntory Holdings Ltd. (Japan)^†(e)	2.25%	10/16/2024		44,835		44,570,987
Total						162,917,282

Building & Construction 0.80%
Beazer Homes USA, Inc.^†	7.25%	10/15/2029		15,808		16,914,955
ITR Concession Co. LLC^†	5.183%	7/15/2035		7,658		7,710,319
Lennar Corp.	4.75%	11/15/2022		15,303		16,095,389
Lennar Corp.	4.75%	5/30/2025		8,420		9,069,056
Lennar Corp.	4.75%	11/29/2027		7,613		8,217,092
PulteGroup, Inc.	6.375%	5/15/2033		25,646		30,024,324
Shea Homes LP/Shea Homes Funding Corp.^†	6.125%	4/1/2025		14,448		14,995,796
Toll Brothers Finance Corp.	4.875%	3/15/2027		12,916		13,986,058
Toll Brothers Finance Corp.	5.625%	1/15/2024		14,213		15,622,432
Total						132,635,421

Building Materials 0.49%
Allegion plc (Ireland)^(e)	3.50%	10/1/2029		11,813		12,032,169
Hillman Group, Inc. (The)^†	6.375%	7/15/2022		16,692		15,570,498
Owens Corning	4.30%	7/15/2047		22,857		21,673,626
Owens Corning	4.40%	1/30/2048		15,778		15,272,623
Vulcan Materials Co.	4.50%	6/15/2047		14,595		16,019,477
Total						80,568,393

Cable & Satellite Television 2.90%
Altice France SA (France)^†(e)	8.125%	2/1/2027		39,761		44,854,384
Altice Luxembourg SA (Luxembourg)^†(e)	10.50%	5/15/2027		22,837		26,077,570
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.125%	5/1/2027		83,655		88,410,787
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.75%	2/15/2026		61,221		64,702,638
CCO Holdings LLC/CCO Holdings Capital Corp.^†	5.875%	4/1/2024		15,739		16,303,007
CSC Holdings LLC^†	5.50%	4/15/2027		27,834		29,941,034
CSC Holdings LLC^†	5.75%	1/15/2030		15,440		16,501,500
CSC Holdings LLC^†	6.50%	2/1/2029		13,352		14,912,515
CSC Holdings LLC^†	10.875%	10/15/2025		16,727		18,723,785
DISH DBS Corp.	7.75%	7/1/2026		91,736		97,353,913
LCPR Senior Secured Financing DAC (Ireland)^†(e)	6.75%	10/15/2027		15,074		16,006,327

22	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Cable & Satellite Television (continued)
Ziggo BV (Netherlands)^†(e)	5.50%		1/15/2027	$	41,917	$	44,614,359
Total							478,401,819

Chemicals 0.75%
CF Industries, Inc.^†	4.50%		12/1/2026		23,920		26,039,865
CF Industries, Inc.	4.95%		6/1/2043		3,074		3,212,637
CF Industries, Inc.	5.15%		3/15/2034		5,096		5,704,208
CNAC HK Finbridge Co. Ltd. (Hong Kong)^(e)	4.125%		7/19/2027		31,514		33,116,542
FMC Corp.	3.45%		10/1/2029		13,468		13,933,733
OCI NV (Netherlands)^†(e)	6.625%		4/15/2023		13,200		13,807,200
Yingde Gases Investment Ltd. (Hong Kong)^†(e)	6.25%		1/19/2023		27,120		28,085,361
Total							123,899,546

Consumer/Commercial/Lease Financing 1.13%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	3.65%		7/21/2027		8,842		9,108,718
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)^(e)	4.45%		4/3/2026		5,442		5,840,784
American Tower Corp.	2.95%		1/15/2025		44,909		45,934,605
General Electric Co.	2.894% (3 Mo. LIBOR + 1.00%	)^#	3/15/2023		5,778		5,802,285
Navient Corp.	6.125%		3/25/2024		22,447		24,410,888
Navient Corp.	6.75%		6/25/2025		24,741		27,375,916
Navient Corp.	6.75%		6/15/2026		25,021		27,546,870
Quicken Loans, Inc.^†	5.25%		1/15/2028		15,000		15,559,838
Springleaf Finance Corp.	5.375%		11/15/2029		23,337		24,402,334
Total							185,982,238

Department Stores 0.29%
Kohl’s Corp.	5.55%		7/17/2045		15,291		15,578,788
Seven & i Holdings Co. Ltd. (Japan)^†(e)	3.35%		9/17/2021		31,997		32,639,974
Total							48,218,762

Discount Stores 0.94%
Amazon.com, Inc.	3.15%		8/22/2027		28,837		30,515,999
Amazon.com, Inc.	4.25%		8/22/2057		20,632		25,111,535
Amazon.com, Inc.	4.80%		12/5/2034		28,691		36,156,326
Amazon.com, Inc.	5.20%		12/3/2025		53,869		62,797,764
Total							154,581,624

Diversified Capital Goods 1.46%
BCD Acquisition, Inc.^†	9.625%		9/15/2023		15,903		16,419,688
Dover Corp.	2.95%		11/4/2029		17,664		17,813,631

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date		Principal Amount (000)		Fair Value
Diversified Capital Goods (continued)
General Electric Co.	2.70%		10/9/2022		$	42,741	$	43,323,217
General Electric Co.	3.10%		1/9/2023			25,636		26,193,424
General Electric Co.	3.15%		9/7/2022			12,324		12,597,046
General Electric Co.	5.00% (3 Mo. LIBOR + 3.33%	)^#	–	^(k)		44,884		44,030,306
Griffon Corp.	5.25%		3/1/2022			13,778		13,864,016
Siemens Financieringsmaatschappij NV (Netherlands)^†(e)	3.25%		5/27/2025			13,036		13,735,308
SPX FLOW, Inc.^†	5.625%		8/15/2024			8,609		8,989,217
SPX FLOW, Inc.^†	5.875%		8/15/2026			14,947		15,849,014
Westinghouse Air Brake Technologies Corp.	3.45%		11/15/2026			17,989		18,196,468
Westinghouse Air Brake Technologies Corp.	4.95%		9/15/2028			8,995		9,897,431
Total								240,908,766

Electric: Distribution/Transportation 0.60%
Adani Transmission Ltd. (India)^†(e)	4.25%		5/21/2036			13,508		13,688,696
Atlantic City Electric Co.	4.00%		10/15/2028			13,493		15,047,353
Oklahoma Gas & Electric Co.	3.85%		8/15/2047			10,634		11,028,894
Oklahoma Gas & Electric Co.	4.15%		4/1/2047			11,379		12,376,960
State Grid Overseas Investment 2016 Ltd.^†	3.50%		5/4/2027			45,150		47,285,611
Total								99,427,514

Electric: Generation 1.64%
Acwa Power Management & Investments One Ltd. (Saudi Arabia)^†(e)	5.95%		12/15/2039			14,814		15,843,573
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash (India)^†(e)	4.625%		10/15/2039			8,400		8,532,300
Calpine Corp.	5.75%		1/15/2025			15,219		15,656,546
Clearway Energy Operating LLC^†	4.75%		3/15/2028			8,966		9,100,490
Clearway Energy Operating LLC	5.75%		10/15/2025			15,737		16,596,004
Greenko Solar Mauritius Ltd. (Mauritius)^†(e)	5.95%		7/29/2026			17,957		18,151,424
NextEra Energy Operating Partners LP^†	3.875%		10/15/2026			46,654		46,916,382
NextEra Energy Operating Partners LP^†	4.50%		9/15/2027			19,300		20,165,074
NRG Energy, Inc.	5.75%		1/15/2028			45,435		49,381,030
NSG Holdings LLC/NSG Holdings, Inc.^†	7.75%		12/15/2025			14,597		16,172,053
Power Finance Corp. Ltd. (India)^(e)	3.75%		12/6/2027			11,285		11,221,028
TerraForm Power Operating LLC^†	4.75%		1/15/2030			19,948		20,333,994
TerraForm Power Operating LLC^†	5.00%		1/31/2028			7,569		8,016,782
Vistra Operations Co. LLC^†	4.30%		7/15/2029			14,580		14,871,146
Total								270,957,826

24	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electric: Integrated 3.26%
AES Corp. (The)	4.50%	3/15/2023	$	12,314	$	12,647,525
AES Corp. (The)	5.125%	9/1/2027		12,496		13,362,598
Arizona Public Service Co.	2.95%	9/15/2027		13,385		13,741,938
Ausgrid Finance Pty Ltd. (Australia)^†(e)	4.35%	8/1/2028		13,786		15,015,747
Avangrid, Inc.	3.80%	6/1/2029		6,282		6,662,891
Black Hills Corp.	4.35%	5/1/2033		13,491		14,961,656
Dayton Power & Light Co. (The)^†	3.95%	6/15/2049		10,775		11,055,525
DPL, Inc.^†	4.35%	4/15/2029		17,956		17,323,289
DTE Energy Co.	2.60%	6/15/2022		10,778		10,854,828
El Paso Electric Co.	5.00%	12/1/2044		20,062		23,690,661
Electricite de France SA (France)^†(e)	3.625%	10/13/2025		13,500		14,326,181
Electricite de France SA (France)^†(e)	4.50%	9/21/2028		14,507		16,129,643
Empresa de Transmision Electrica SA (Panama)^†(e)	5.125%	5/2/2049		14,430		16,463,836
Empresas Publicas de Medellin ESP (Colombia)^†(e)	4.25%	7/18/2029		9,449		9,846,354
Enel Finance International NV (Netherlands)^†(e)	2.65%	9/10/2024		28,508		28,609,437
Enel Finance International NV (Netherlands)^†(e)	3.50%	4/6/2028		45,048		46,101,019
Entergy Arkansas LLC	4.00%	6/1/2028		18,151		19,700,105
Entergy Arkansas LLC	4.95%	12/15/2044		16,883		18,084,342
Entergy Louisiana LLC	4.00%	3/15/2033		10,745		12,147,342
Entergy Mississippi LLC	2.85%	6/1/2028		19,150		19,581,328
Indianapolis Power & Light Co.^†	4.05%	5/1/2046		24,503		27,190,960
Louisville Gas & Electric Co.	4.375%	10/1/2045		15,039		17,398,404
Monongahela Power Co.^†	3.55%	5/15/2027		13,657		14,221,978
NRG Energy, Inc.^†	3.75%	6/15/2024		27,446		28,379,648
NRG Energy, Inc.^†	5.25%	6/15/2029		7,483		8,104,837
Ohio Power Co.	4.00%	6/1/2049		13,988		15,682,939
Ohio Power Co.	4.15%	4/1/2048		12,877		14,551,335
Pacific Gas & Electric Co.^(l)	6.05%	3/1/2034		30,350		31,847,772
Puget Sound Energy, Inc.	4.223%	6/15/2048		13,467		15,493,462
Rochester Gas & Electric Corp.^†	3.10%	6/1/2027		13,724		14,174,911
Sierra Pacific Power Co.	2.60%	5/1/2026		9,730		9,782,691
Total						537,135,182

Electronics 1.16%
Amphenol Corp.	2.80%	2/15/2030		31,417		31,143,426
KLA Corp.	4.10%	3/15/2029		29,229		32,008,436
Lam Research Corp.	4.875%	3/15/2049		17,958		22,513,945
Micron Technology, Inc.	5.327%	2/6/2029		25,257		28,978,368
NVIDIA Corp.	3.20%	9/16/2026		29,939		31,431,820

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Electronics (continued)
Trimble, Inc.	4.75%	12/1/2024	$	27,261	$	29,442,423
Xilinx, Inc.	2.95%	6/1/2024		15,096		15,530,345
Total						191,048,763

Energy: Exploration & Production 4.42%
Apache Corp.	4.25%	1/15/2030		31,384		32,548,527
Berry Petroleum Co. LLC^†	7.00%	2/15/2026		18,176		16,887,276
Callon Petroleum Co.	6.125%	10/1/2024		17,958		18,343,020
Centennial Resource Production LLC^†	5.375%	1/15/2026		24,877		24,512,490
Centennial Resource Production LLC^†	6.875%	4/1/2027		27,922		29,103,729
Continental Resources, Inc.	4.90%	6/1/2044		76,782		81,504,209
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.50%	1/30/2026		14,068		14,557,883
Endeavor Energy Resources LP/EER Finance, Inc.^†	5.75%	1/30/2028		15,020		15,817,562
HighPoint Operating Corp.	7.00%	10/15/2022		17,352		16,533,194
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.00%	12/1/2024		19,212		18,633,431
Hilcorp Energy I LP/Hilcorp Finance Co.^†	5.75%	10/1/2025		15,328		14,990,094
Hilcorp Energy I LP/Hilcorp Finance Co.^†	6.25%	11/1/2028		21,123		20,126,998
Hunt Oil Co. of Peru LLC Sucursal Del Peru (Peru)^†(e)	6.375%	6/1/2028		23,608		26,041,985
Indigo Natural Resources LLC^†	6.875%	2/15/2026		18,004		16,969,220
Jagged Peak Energy LLC	5.875%	5/1/2026		15,687		16,233,731
Laredo Petroleum, Inc.	5.625%	1/15/2022		17,160		16,693,454
MEG Energy Corp. (Canada)^†(e)	6.50%	1/15/2025		31,387		32,711,061
MEG Energy Corp. (Canada)^†(e)	7.00%	3/31/2024		33,590		33,869,973
Murphy Oil Corp.	5.75%	8/15/2025		14,826		15,538,167
Murphy Oil Corp.	5.875%	12/1/2027		15,253		16,034,716
Murphy Oil Corp.	6.875%	8/15/2024		10,558		11,160,703
Noble Energy, Inc.	3.85%	1/15/2028		23,774		25,112,890
Oasis Petroleum, Inc.^†	6.25%	5/1/2026		22,968		19,121,434
Oasis Petroleum, Inc.	6.875%	3/15/2022		16,738		16,152,170
Oasis Petroleum, Inc.	6.875%	1/15/2023		17,507		17,156,860
OGX Austria GmbH (Brazil)^†(l)	8.50%	6/1/2018		20,000		400
Parsley Energy LLC/Parsley Finance Corp.^†	5.625%	10/15/2027		23,096		24,466,748
SM Energy Co.	6.625%	1/15/2027		17,859		17,594,285
SM Energy Co.	6.75%	9/15/2026		17,841		17,534,982
Southwestern Energy Co.	6.20%	1/23/2025		18,882		17,365,587
SRC Energy, Inc.	6.25%	12/1/2025		23,073		23,303,499
Texaco Capital, Inc.	8.625%	11/15/2031		11,023		17,442,425
Tullow Oil plc (United Kingdom)^†(e)	7.00%	3/1/2025		19,794		16,712,272
W&T Offshore, Inc.^†	9.75%	11/1/2023		4,477		4,281,086

26	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Energy: Exploration & Production (continued)
WPX Energy, Inc.	5.25%	10/15/2027	$	15,243	$	16,109,565
WPX Energy, Inc.	5.75%	6/1/2026		7,175		7,675,976
Total						728,841,602

Environmental 0.08%
Waste Pro USA, Inc.^†	5.50%	2/15/2026		13,381		13,980,770

Food: Wholesale 1.28%
Arcor SAIC (Argentina)^†(e)	6.00%	7/6/2023		26,221		25,388,745
BRF SA (Brazil)^†(e)	4.875%	1/24/2030		17,826		18,409,980
Chobani LLC/Chobani Finance Corp., Inc.^†	7.50%	4/15/2025		22,234		22,400,533
FAGE International SA/FAGE USA Dairy Industry, Inc. (Luxembourg)^†(e)	5.625%	8/15/2026		18,758		17,310,773
JBS USA LUX SA/JBS USA Finance, Inc.^†	6.75%	2/15/2028		26,953		29,833,198
Lamb Weston Holdings, Inc.^†	4.625%	11/1/2024		12,447		13,235,331
McCormick & Co., Inc.	4.20%	8/15/2047		21,326		23,498,826
MHP Lux SA (Luxembourg)^†(e)	6.95%	4/3/2026		14,030		14,746,372
Performance Food Group, Inc.^†	5.50%	10/15/2027		8,782		9,407,937
Smithfield Foods, Inc.^†	5.20%	4/1/2029		32,791		36,348,233
Total						210,579,928

Forestry/Paper 0.08%
Norbord, Inc. (Canada)^†(e)	6.25%	4/15/2023		12,245		13,137,844

Gaming 1.53%
Boyd Gaming Corp.	6.00%	8/15/2026		13,793		14,849,509
Eldorado Resorts, Inc.	6.00%	4/1/2025		7,234		7,628,868
Eldorado Resorts, Inc.	6.00%	9/15/2026		13,521		14,915,340
Everi Payments, Inc.^†	7.50%	12/15/2025		10,576		11,373,589
GLP Capital LP/GLP Financing II, Inc.	5.75%	6/1/2028		18,808		21,398,285
Jacobs Entertainment, Inc.^†	7.875%	2/1/2024		7,022		7,463,789
Las Vegas Sands Corp.	3.90%	8/8/2029		15,210		15,894,664
Mohegan Gaming & Entertainment^†	7.875%	10/15/2024		16,392		16,767,623
Penn National Gaming, Inc.^†	5.625%	1/15/2027		25,676		27,207,637
Scientific Games International, Inc.^†	7.00%	5/15/2028		16,124		17,282,509
Scientific Games International, Inc.^†	7.25%	11/15/2029		16,014		17,444,851
Stars Group Holdings BV/Stars Group US Co-Borrower LLC (Netherlands)^†(e)	7.00%	7/15/2026		13,242		14,375,515
Station Casinos LLC^†	5.00%	10/1/2025		27,359		27,906,180
Wynn Macau Ltd. (Macau)^†(e)	5.125%	12/15/2029		10,324		10,561,555
Wynn Macau Ltd. (Macau)^†(e)	5.50%	10/1/2027		25,695		26,782,477
Total						251,852,391

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Gas Distribution 2.20%
Buckeye Partners LP	6.375% (3 Mo. LIBOR + 4.02%	)^#	1/22/2078	$	31,990	$	23,630,533
Cheniere Corpus Christi Holdings LLC^†	3.70%		11/15/2029		11,222		11,457,545
Cheniere Corpus Christi Holdings LLC	5.125%		6/30/2027		23,796		26,342,886
Cheniere Corpus Christi Holdings LLC	5.875%		3/31/2025		14,002		15,773,883
Cheniere Corpus Christi Holdings LLC	7.00%		6/30/2024		8,783		10,139,754
Cheniere Energy Partners LP^†	4.50%		10/1/2029		31,418		32,343,260
Dominion Energy Gas Holdings LLC	3.60%		12/15/2024		12,050		12,649,723
Florida Gas Transmission Co. LLC^†	4.35%		7/15/2025		18,069		19,479,849
IFM US Colonial Pipeline 2 LLC^†	6.45%		5/1/2021		17,675		18,480,454
Midwest Connector Capital Co. LLC^†	4.625%		4/1/2029		31,439		34,253,749
NGPL PipeCo LLC^†	4.875%		8/15/2027		32,573		34,631,829
Northern Natural Gas Co.^†	4.30%		1/15/2049		20,972		23,614,749
ONE Gas, Inc.	4.50%		11/1/2048		13,497		16,014,388
Sabal Trail Transmission LLC^†	4.246%		5/1/2028		20,166		21,993,758
Southern Star Central Corp.^†	5.125%		7/15/2022		10,145		10,274,978
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	4.25%		11/15/2023		8,725		8,830,442
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	5.875%		4/15/2026		13,090		13,932,656
Transportadora de Gas Internacional SA ESP (Colombia)^†(e)	5.55%		11/1/2028		24,773		28,404,908
Total							362,249,344

Health Facilities 2.13%
AHP Health Partners, Inc.^†	9.75%		7/15/2026		13,727		15,121,629
Ascension Health	3.945%		11/15/2046		8,881		9,846,151
Dignity Health	3.812%		11/1/2024		7,500		7,916,357
HCA, Inc.	5.50%		6/15/2047		50,149		57,570,714
HCA, Inc.	7.05%		12/1/2027		3,490		4,140,013
HCA, Inc.	7.50%		2/15/2022		14,639		16,202,152
HCA, Inc.	7.58%		9/15/2025		5,778		6,962,490
HCA, Inc.	7.69%		6/15/2025		12,776		15,432,322
HCA, Inc.	8.36%		4/15/2024		2,295		2,799,900
Memorial Sloan-Kettering Cancer Center	4.20%		7/1/2055		28,034		32,462,740
Mount Sinai Hospitals Group, Inc.	3.737%		7/1/2049		21,163		21,184,240
MPT Operating Partnership LP/MPT Finance Corp.	5.00%		10/15/2027		14,011		14,887,038
New York & Presbyterian Hospital (The)	4.063%		8/1/2056		16,078		17,707,730
NYU Langone Hospitals	4.368%		7/1/2047		12,348		13,935,510
Providence St. Joseph Health Obligated Group	2.532%		10/1/2029		14,960		14,686,587
Rede D’or Finance Sarl (Luxembourg)^†(e)	4.95%		1/17/2028		14,888		15,436,772

28	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Health Facilities (continued)
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.^†	9.75%		12/1/2026	$	20,282	$	22,969,872
Surgery Center Holdings, Inc.^†	10.00%		4/15/2027		6,932		7,627,609
Tenet Healthcare Corp.	5.125%		5/1/2025		20,960		21,641,200
Tenet Healthcare Corp.^†	4.875%		1/1/2026		11,230		11,776,340
Tenet Healthcare Corp.	6.75%		6/15/2023		19,692		21,676,855
Total							351,984,221

Health Services 0.84%
DaVita, Inc.	5.00%		5/1/2025		14,587		15,036,790
Hadrian Merger Sub, Inc.^†	8.50%		5/1/2026		15,103		15,504,702
Montefiore Obligated Group	5.246%		11/1/2048		18,042		20,302,109
MPH Acquisition Holdings LLC^†	7.125%		6/1/2024		17,490		16,965,125
NVA Holdings, Inc.^†	6.875%		4/1/2026		14,735		15,969,056
Tenet Healthcare Corp.^†	6.25%		2/1/2027		26,891		28,975,053
Verscend Escrow Corp.^†	9.75%		8/15/2026		23,792		26,082,575
Total							138,835,410

Hotels 0.40%
Hilton Domestic Operating Co., Inc.	4.875%		1/15/2030		14,549		15,447,073
Hilton Domestic Operating Co., Inc.	5.125%		5/1/2026		25,508		26,919,804
Wyndham Destinations, Inc.	5.75%		4/1/2027		8,665		9,426,199
Wyndham Destinations, Inc.	6.35%		10/1/2025		12,105		13,502,099
Total							65,295,175

Insurance Brokerage 0.20%
Farmers Insurance Exchange^†	4.747% (3 Mo. LIBOR + 3.23%	)^#	11/1/2057		15,790		16,509,708
HUB International Ltd.^†	7.00%		5/1/2026		14,796		15,684,130
Total							32,193,838

Integrated Energy 1.66%
Cenovus Energy, Inc. (Canada)^(e)	5.40%		6/15/2047		70,023		81,710,418
Cheniere Energy Partners LP	5.25%		10/1/2025		13,080		13,663,107
Cheniere Energy Partners LP	5.625%		10/1/2026		22,487		23,822,143
Exxon Mobil Corp.	3.043%		3/1/2026		23,752		24,914,370
Hess Corp.	5.60%		2/15/2041		33,949		39,736,116
Hess Corp.	5.80%		4/1/2047		25,860		31,630,445
Rio Oil Finance Trust Series 2018–1 (Brazil)^†(e)	8.20%		4/6/2028		13,958		16,161,375
Shell International Finance BV (Netherlands)^(e)	6.375%		12/15/2038		28,912		42,158,532
Total							273,796,506

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Investments & Miscellaneous Financial Services 0.75%
AI Candelaria Spain SLU (Spain)^†(e)	7.50%	12/15/2028	$	14,296	$	16,070,098
Global Aircraft Leasing Co. Ltd. PIK 7.25%^†	6.50%	9/15/2024		28,007		29,293,922
MDGH - GMTN BV (Netherlands)^†(e)	3.70%	11/7/2049		25,944		27,035,594
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^†	4.875%	4/15/2045		26,876		27,612,991
Power Finance Corp. Ltd. (India)^†(e)	6.15%	12/6/2028		20,132		23,242,899
Total						123,255,504

Life Insurance 0.45%
Northwestern Mutual Life Insurance Co. (The)^†	3.85%	9/30/2047		28,610		30,106,204
Nuveen Finance LLC^†	4.125%	11/1/2024		7,927		8,612,059
Teachers Insurance & Annuity Association of America^†	4.27%	5/15/2047		17,804		20,216,303
Teachers Insurance & Annuity Association of America^†	4.90%	9/15/2044		12,705		15,602,327
Total						74,536,893

Machinery 0.28%
Itron, Inc.^†	5.00%	1/15/2026		14,399		14,961,965
Roper Technologies, Inc.	4.20%	9/15/2028		19,379		21,229,771
Xylem, Inc.	3.25%	11/1/2026		8,884		9,196,540
Total						45,388,276

Managed Care 0.65%
Centene Corp.^†	4.25%	12/15/2027		17,954		18,503,392
Centene Corp.^†	4.625%	12/15/2029		16,030		16,922,871
Centene Corp.	4.75%	1/15/2025		8,928		9,292,396
Centene Corp.^†	5.375%	6/1/2026		20,972		22,295,333
Kaiser Foundation Hospitals	4.15%	5/1/2047		17,628		20,124,926
Molina Healthcare, Inc.^†	4.875%	6/15/2025		19,176		19,759,238
Total						106,898,156

Media: Content 1.61%
AMC Networks, Inc.	4.75%	8/1/2025		27,032		27,189,732
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	5.375%	8/15/2026		21,419		21,706,571
Diamond Sports Group LLC/Diamond Sports Finance Co.^†	6.625%	8/15/2027		32,729		31,889,501
Gray Television, Inc.^†	5.875%	7/15/2026		9,833		10,478,045
Netflix, Inc.^(d)	3.625%	5/15/2027	EUR	45,197		54,427,286
Netflix, Inc.^†(d)	3.625%	6/15/2030	EUR	13,504		15,620,794

30	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Media: Content (continued)
Netflix, Inc.^†(d)	3.875%	11/15/2029	EUR	9,011	$	10,726,731
Netflix, Inc.	4.875%	4/15/2028	$	24,655		25,671,402
Netflix, Inc.	5.50%	2/15/2022		5,323		5,649,034
Nexstar Broadcasting, Inc.^†	5.625%	7/15/2027		21,469		22,663,750
Sirius XM Radio, Inc.^†	5.00%	8/1/2027		11,533		12,188,651
Sirius XM Radio, Inc.^†	5.375%	7/15/2026		10,495		11,174,158
Univision Communications, Inc.^†	5.125%	2/15/2025		15,550		15,413,937
Total						264,799,592

Media: Diversified 0.24%
Cable Onda SA (Panama)^†(e)	4.50%	1/30/2030		15,483		16,332,243
TWDC Enterprises 18 Corp.	2.35%	12/1/2022		22,526		22,862,925
Total						39,195,168

Medical Products 0.42%
Boston Scientific Corp.	7.00%	11/15/2035		16,135		22,733,709
Edwards Lifesciences Corp.	4.30%	6/15/2028		27,927		31,040,932
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA^†	6.625%	5/15/2022		15,437		15,379,011
Total						69,153,652

Metals/Mining (Excluding Steel) 0.96%
Baffinland Iron Mines Corp./Baffinland Iron Mines LP (Canada)^†(e)	8.75%	7/15/2026		18,211		18,381,273
Freeport-McMoRan, Inc.	3.875%	3/15/2023		65,271		66,596,980
Freeport-McMoRan, Inc.	5.25%	9/1/2029		11,700		12,555,855
Industrias Penoles SAB de CV (Mexico)^†(e)	4.15%	9/12/2029		15,090		15,623,394
Industrias Penoles SAB de CV (Mexico)^†(e)	5.65%	9/12/2049		7,751		8,289,811
Mirabela Nickel Ltd. (Australia)^(e)	1.00%	9/10/2044		185		19	^(f)
Novelis Corp.^†	5.875%	9/30/2026		8,892		9,482,673
Rain CII Carbon LLC/CII Carbon Corp.^†	7.25%	4/1/2025		13,954		13,596,917
Warrior Met Coal, Inc.^†	8.00%	11/1/2024		12,995		13,198,047
Total						157,724,969

Monoline Insurance 0.08%
MGIC Investment Corp.	5.75%	8/15/2023		11,820		13,095,555

Multi-Line Insurance 0.09%
Assurant, Inc.	3.70%	2/22/2030		14,558		14,768,434

Non-Electric Utilities 0.07%
Brooklyn Union Gas Co. (The)^†	3.407%	3/10/2026		11,916		12,389,392

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Oil Field Equipment & Services 0.71%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates)^†(e)	4.60%	11/2/2047	$	28,472	$	32,974,135
Oceaneering International, Inc.	4.65%	11/15/2024		11,763		11,557,147
Oceaneering International, Inc.	6.00%	2/1/2028		25,383		24,947,618
Transocean Phoenix 2 Ltd.^†	7.75%	10/15/2024		6,547		6,959,011
Transocean Pontus Ltd.^†	6.125%	8/1/2025		16,438		16,890,189
Transocean Proteus Ltd.^†	6.25%	12/1/2024		9,275		9,580,287
Transocean, Inc.	6.80%	3/15/2038		21,044		14,995,954
Total						117,904,341

Oil Refining & Marketing 0.95%
Citgo Holding, Inc.^†	9.25%	8/1/2024		21,838		23,475,850
Phillips 66 Partners LP	2.45%	12/15/2024		17,951		17,969,676
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	2.75%	4/16/2022		41,446		41,905,895
Saudi Arabian Oil Co. (Saudi Arabia)^†(e)	4.375%	4/16/2049		66,832		72,971,240
Total						156,322,661

Packaging 0.36%
Crown Cork & Seal Co., Inc.	7.375%	12/15/2026		11,810		14,058,004
Mauser Packaging Solutions Holding Co.^†	7.25%	4/15/2025		24,443		24,198,326
Sealed Air Corp.^†	6.875%	7/15/2033		12,427		14,699,246
Trivium Packaging Finance BV (Netherlands)^†(e)	5.50%	8/15/2026		6,566		6,931,227
Total						59,886,803

Personal & Household Products 1.21%
Coty, Inc.^†	6.50%	4/15/2026		19,236		20,294,461
Energizer Holdings, Inc.^†	6.375%	7/15/2026		14,566		15,539,737
Hasbro, Inc.	3.90%	11/19/2029		44,903		45,262,310
Hasbro, Inc.	5.10%	5/15/2044		24,241		24,080,480
Mattel, Inc.^†	6.75%	12/31/2025		14,059		15,139,926
Newell Brands, Inc.	4.20%	4/1/2026		61,643		64,268,926
SC Johnson & Son, Inc.^†	4.75%	10/15/2046		12,635		15,400,978
Total						199,986,818

Pharmaceuticals 0.74%
AbbVie, Inc.^†	3.20%	11/21/2029		26,942		27,425,182
AbbVie, Inc.^†	4.25%	11/21/2049		14,179		14,986,340
Bausch Health Americas, Inc.^†	8.50%	1/31/2027		18,551		21,160,198
Bausch Health Cos, Inc.^†	5.00%	1/30/2028		8,405		8,647,820
Bausch Health Cos, Inc.^†	5.25%	1/30/2030		10,346		10,754,667
Bausch Health Cos., Inc.^†	5.875%	5/15/2023		2,568		2,592,075

32	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Pharmaceuticals (continued)
Bausch Health Cos., Inc.^†	6.125%	4/15/2025	$	8,609	$	8,913,027
Bausch Health Cos., Inc.^†	7.00%	3/15/2024		12,232		12,746,784
Zoetis, Inc.	3.90%	8/20/2028		13,486		14,627,538
Total						121,853,631

Property & Casualty 0.31%
Allstate Corp. (The)	3.28%	12/15/2026		13,471		14,228,511
Arch Capital Finance LLC	4.011%	12/15/2026		13,319		14,625,825
Selective Insurance Group, Inc.	5.375%	3/1/2049		19,241		22,864,870
Total						51,719,206

Rail 0.40%
Central Japan Railway Co. (Japan)^†(e)	4.25%	11/24/2045		17,006		19,455,956
China Railway Xunjie Co. Ltd. (China)^(e)	3.25%	7/28/2026		13,800		13,936,271
Rumo Luxembourg Sarl (Luxembourg)^†(e)	5.875%	1/18/2025		20,674		22,215,970
Watco Cos. LLC/Watco Finance Corp.^†	6.375%	4/1/2023		10,514		10,702,358
Total						66,310,555

Real Estate Development & Management 0.15%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada)^†(e)	3.875%	3/20/2027		23,275		24,902,168

Real Estate Investment Trusts 1.79%
Alexandria Real Estate Equities, Inc.	3.80%	4/15/2026		6,288		6,721,215
Alexandria Real Estate Equities, Inc.	3.95%	1/15/2028		14,750		15,842,678
Brixmor Operating Partnership LP	4.125%	5/15/2029		24,245		26,034,841
EPR Properties	3.75%	8/15/2029		22,440		22,744,513
EPR Properties	4.50%	6/1/2027		13,546		14,543,819
EPR Properties	4.75%	12/15/2026		4,570		4,994,086
EPR Properties	4.95%	4/15/2028		3,831		4,184,674
Goodman US Finance Four LLC^†	4.50%	10/15/2037		12,258		13,181,181
Goodman US Finance Three LLC^†	3.70%	3/15/2028		7,763		7,968,726
Hudson Pacific Properties LP	3.25%	1/15/2030		35,901		35,711,130
Hudson Pacific Properties LP	3.95%	11/1/2027		20,493		21,457,483
Hudson Pacific Properties LP	4.65%	4/1/2029		8,167		8,986,444
Liberty Property LP	4.375%	2/1/2029		12,550		14,279,799
National Retail Properties, Inc.	4.30%	10/15/2028		20,243		22,393,600
Prologis LP	3.875%	9/15/2028		8,980		9,903,458
Spirit Realty LP	3.40%	1/15/2030		32,060		32,221,188
Spirit Realty LP	4.00%	7/15/2029		14,692		15,469,944
VEREIT Operating Partnership LP	4.875%	6/1/2026		17,065		18,900,755
Total						295,539,534

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Recreation & Travel 0.25%
Royal Caribbean Cruises Ltd.	7.50%	10/15/2027	$	16,918	$	21,462,288
Silversea Cruise Finance Ltd.^†	7.25%	2/1/2025		18,091		19,183,968
Total						40,646,256

Reinsurance 0.57%
AXIS Specialty Finance plc (United Kingdom)^(e)	5.15%	4/1/2045		21,094		23,027,348
Berkshire Hathaway, Inc.	2.75%	3/15/2023		7,903		8,103,738
Berkshire Hathaway, Inc.	3.125%	3/15/2026		7,903		8,328,112
PartnerRe Finance B LLC	3.70%	7/2/2029		26,944		28,024,980
Transatlantic Holdings, Inc.	8.00%	11/30/2039		17,809		26,484,505
Total						93,968,683

Restaurants 0.77%
Darden Restaurants, Inc.	4.55%	2/15/2048		13,481		13,661,837
IRB Holding Corp.^†	6.75%	2/15/2026		19,277		20,247,549
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^†	4.75%	6/1/2027		25,312		26,699,667
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^†	5.00%	6/1/2024		20,332		21,111,427
Starbucks Corp.	4.45%	8/15/2049		39,350		45,568,432
Total						127,288,912

Software/Services 1.76%
Autodesk, Inc.	3.50%	6/15/2027		27,008		28,308,457
Global Payments, Inc.	4.15%	8/15/2049		22,442		24,036,070
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^†	5.25%	12/1/2027		11,226		11,836,133
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc.^†	6.00%	7/15/2025		13,134		13,949,425
Match Group, Inc.^†	5.00%	12/15/2027		22,260		23,269,435
Microsoft Corp.	3.125%	11/3/2025		40,202		42,550,943
Microsoft Corp.	3.30%	2/6/2027		26,383		28,200,308
salesforce.com, Inc.	3.70%	4/11/2028		17,807		19,527,095
Tencent Holdings Ltd. (China)^†(e)	3.595%	1/19/2028		19,777		20,655,235
Tencent Holdings Ltd. (China)^†(e)	3.925%	1/19/2038		23,479		24,770,787
VeriSign, Inc.	4.75%	7/15/2027		19,596		20,710,033
VeriSign, Inc.	5.25%	4/1/2025		15,945		17,609,578
Visa, Inc.	3.15%	12/14/2025		14,645		15,478,150
Total						290,901,649

Specialty Retail 0.89%
Asbury Automotive Group, Inc.	6.00%	12/15/2024		13,310		13,770,326
Best Buy Co., Inc.	4.45%	10/1/2028		18,906		20,740,463

34	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
Specialty Retail (continued)
Murphy Oil USA, Inc.	4.75%	9/15/2029	$	14,991	$	15,859,279
PetSmart, Inc.^†	5.875%	6/1/2025		15,768		16,103,070
PetSmart, Inc.^†	7.125%	3/15/2023		17,395		17,090,588
Tiffany & Co.	4.90%	10/1/2044		24,318		31,712,716
Under Armour, Inc.	3.25%	6/15/2026		16,094		15,657,834
WW International, Inc.^†	8.625%	12/1/2025		14,318		15,227,694
Total						146,161,970

Steel Producers/Products 0.26%
Allegheny Technologies, Inc.	7.875%	8/15/2023		17,595		19,757,689
CSN Resources SA (Brazil)^†(e)	7.625%	4/17/2026		15,335		16,360,068
Joseph T Ryerson & Son, Inc.^†	11.00%	5/15/2022		6,884		7,279,782
Total						43,397,539

Support: Services 2.06%
Ahern Rentals, Inc.^†	7.375%	5/15/2023		14,275		11,354,549
Aircastle Ltd.	4.25%	6/15/2026		14,970		15,848,206
Ashtead Capital, Inc.^†	4.25%	11/1/2029		17,986		18,413,167
Ashtead Capital, Inc.^†	4.375%	8/15/2027		15,655		16,267,071
Ashtead Capital, Inc.^†	5.25%	8/1/2026		4,327		4,642,211
Brand Energy & Infrastructure Services, Inc.^†	8.50%	7/15/2025		19,863		20,409,034
Brink’s Co. (The)^†	4.625%	10/15/2027		27,980		28,884,384
Cleveland Clinic Foundation (The)	4.858%	1/1/2114		8,223		10,242,713
Cloud Crane LLC^†	10.125%	8/1/2024		9,910		10,426,162
IHS Markit Ltd. (United Kingdom)^†(e)	4.00%	3/1/2026		29,435		31,092,485
IHS Markit Ltd. (United Kingdom)^(e)	4.25%	5/1/2029		6,511		7,024,523
IHS Markit Ltd. (United Kingdom)^(e)	4.75%	8/1/2028		21,574		24,078,472
Marble II Pte Ltd. (Singapore)^†(e)	5.30%	6/20/2022		15,805		16,026,229
Metropolitan Museum of Art (The)	3.40%	7/1/2045		26,471		27,294,644
Ritchie Bros Auctioneers, Inc. (Canada)^†(e)	5.375%	1/15/2025		13,118		13,702,866
United Rentals North America, Inc.	4.625%	10/15/2025		11,437		11,782,226
United Rentals North America, Inc.	4.875%	1/15/2028		21,596		22,526,356
United Rentals North America, Inc.	5.875%	9/15/2026		6,713		7,218,321
WeWork Cos., Inc.^†	7.875%	5/1/2025		50,858		42,084,486
Total						339,318,105

Technology Hardware & Equipment 0.73%
Apple, Inc.	1.80%	9/11/2024		22,440		22,295,699
Apple, Inc.	3.00%	6/20/2027		26,927		28,218,380
CDW LLC/CDW Finance Corp.	5.50%	12/1/2024		15,000		16,681,275

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Technology Hardware & Equipment (continued)
Motorola Solutions, Inc.	4.60%		5/23/2029	$	17,963	$	19,599,134
Western Digital Corp.	4.75%		2/15/2026		32,314		33,747,934
Total							120,542,422

Telecommunications: Satellite 0.56%
Connect Finco SARL/Connect US Finco LLC (Luxembourg)^†(e)	6.75%		10/1/2026		29,167		31,099,314
Hughes Satellite Systems Corp.	5.25%		8/1/2026		21,000		23,107,298
Intelsat Jackson Holdings SA (Luxembourg)^(e)	5.50%		8/1/2023		18,729		16,128,010
Intelsat Jackson Holdings SA (Luxembourg)^†(e)	8.50%		10/15/2024		24,163		22,058,765
Total							92,393,387

Telecommunications: Wireless 0.49%
Sprint Capital Corp.	6.875%		11/15/2028		58,473		63,112,833
T-Mobile USA, Inc.	6.50%		1/15/2026		16,855		18,103,281
Total							81,216,114

Telecommunications: Wireline Integrated & Services 1.44%
Altice Financing SA (Luxembourg)^†(e)	7.50%		5/15/2026		27,191		29,280,628
Altice France SA (France)^†(e)	7.375%		5/1/2026		46,103		49,583,315
DKT Finance ApS (Denmark)^†(e)	9.375%		6/17/2023		19,351		20,646,549
Equinix, Inc.^(d)	2.875%		2/1/2026	EUR	37,001		43,139,320
GCI LLC	6.875%		4/15/2025	$	13,026		13,650,141
Hellas Telecommunications Luxembourg II SCA (Luxembourg)^†(e)(l)	6.054% (3 Mo. LIBOR + 5.75%	)	1/15/2015		15,000		1,500	^(f)
Motorola Solutions, Inc.	4.60%		2/23/2028		13,419		14,553,288
Verizon Communications, Inc.	2.625%		8/15/2026		64,987		65,983,298
Total							236,838,039

Transportation: Infrastructure/Services 0.96%
Adani Ports & Special Economic Zone Ltd. (India)^†(e)	4.375%		7/3/2029		26,364		27,345,161
Aeropuerto Internacional de Tocumen SA (Panama)^†(e)	6.00%		11/18/2048		22,350		27,763,058
Autopistas del Sol SA (Costa Rica)^†(e)	7.375%		12/30/2030		12,055		12,270,674
Autoridad del Canal de Panama (Panama)^†(e)	4.95%		7/29/2035		8,750		10,223,894
CH Robinson Worldwide, Inc.	4.20%		4/15/2028		20,351		22,213,795
Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)^†(e)	5.375%		11/15/2024		22,508		23,223,578
Promontoria Holding 264 BV^†(d)	6.75%		8/15/2023	EUR	15,051		15,164,891
Stena AB (Sweden)^†(e)	7.00%		2/1/2024	$	18,962		19,680,944
Total							157,885,995
Total High Yield Corporate Bonds (cost $10,098,181,706)							10,632,464,551

36	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
MUNICIPAL BONDS 3.83%

Air Transportation 0.29%
CT Airport Auth - Ground Trans Proj	4.282%	7/1/2045	$	4,265	$	4,525,847
Los Angeles, CA	5.575%	5/15/2020		9,340		9,466,557
Miami Dade Cnty, FL	3.982%	10/1/2041		13,915		14,528,373
Miami-Dade Cnty, FL	4.28%	10/1/2041		18,040		19,328,778
Total						47,849,555

Education 0.90%
California State University	3.899%	11/1/2047		33,030		36,195,595
Ohio Univ	5.59%	12/1/2114		11,104		14,345,924
Permanent University Fund - Texas A&M University System	3.66%	7/1/2047		78,015		79,855,374
Univ of California Bd of Regents	6.548%	5/15/2048		12,463		18,019,878
Total						148,416,771

General Obligation 1.22%
California	7.55%	4/1/2039		15,015		24,113,489
Chicago Transit Auth, IL	6.899%	12/1/2040		11,826		15,991,472
Chicago, IL	5.432%	1/1/2042		22,392		23,146,610
Chicago, IL	6.314%	1/1/2044		22,402		25,495,716
City of Portland	7.701%	6/1/2022		16,940		18,357,031
District of Columbia	5.591%	12/1/2034		14,130		17,516,113
Honolulu HI City & Cnty,	5.418%	12/1/2027		6,620		8,076,003
Los Angeles Unif Sch Dist, CA	5.75%	7/1/2034		12,497		16,019,280
Massachusetts	4.20%	12/1/2021		6,620		6,821,116
New York City	5.985%	12/1/2036		10,161		13,206,150
Ohio St Univ	4.048%	12/1/2056		6,271		7,253,854
Pennsylvania	5.45%	2/15/2030		12,190		14,651,039
The Bd of Governors of the Univ of North Carolina	3.847%	12/1/2034		9,595		10,845,612
Total						201,493,485

Government Guaranteed 0.03%
City & County of San Francisco CA	5.45%	6/15/2025		4,540		5,282,381

Lease Obligation 0.05%
Wisconsin	3.294%	5/1/2037		7,145		7,412,580

Miscellaneous 0.57%
Dallas Convention Center Hotel Dev Corp., TX	7.088%	1/1/2042		17,795		24,722,771
New York City Indl Dev Agy^†	11.00%	3/1/2029		21,058		28,106,113
Pasadena Public Fing Auth	7.148%	3/1/2043		26,795		41,008,140
Total						93,837,024

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate		Maturity Date	Principal Amount (000)		Fair Value
Tax Revenue 0.36%
Massachusetts Sch Bldg Auth	5.715%		8/15/2039	$	20,055	$	26,504,086
Memphis-Shelby County Industrial Development Board, TN	7.00%		7/1/2045		12,890		13,934,219
San Jose Redev Agy, CA	2.259%		8/1/2020		19,600		19,654,684
Total							60,092,989

Transportation 0.07%
Foothill-Eastern Transportation Corridor Agency	4.094%		1/15/2049		10,790		10,790,000

Transportation: Infrastructure/Services 0.23%
Chicago Transit Auth, IL	6.20%		12/1/2040		12,385		16,225,712
Port of Seattle, WA	3.571%		5/1/2032		7,305		7,521,447
Port of Seattle, WA	3.755%		5/1/2036		13,905		14,405,024
Total							38,152,183

Utilities 0.11%
San Antonio, TX	5.718%		2/1/2041		13,240		17,640,447
Total Municipal Bonds (cost $591,044,372)							630,967,415

NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 1.75%
BBCMS Mortgage Trust 2019-BWAY A^†	2.696% (1 Mo. LIBOR + .96%	)^#	11/25/2034		25,000		24,906,183
Benchmark Mortgage Trust 2019-B12 WMA^†	4.246%	^#(m)	8/15/2052		35,544		35,611,178	^(a)
BX Trust 2019-OC11 A^†	3.202%		12/9/2041		31,182		32,150,457
BX Trust 2019-OC11 E^†	4.076%		12/9/2041		27,936		27,129,597
CF Trust 2019-BOSS A1^†	4.953% (1 Mo. LIBOR + 3.25%	)^#	12/15/2021		18,200		18,231,646	^(a)
Citigroup Commercial Mortgage Trust 2016-P3 D^†	2.804%	^#(m)	4/15/2049		9,991		8,739,720
CSAIL Commercial Mortgage Trust 2019-C18 AS	3.321%		12/15/2052		17,548		17,781,379
Great Wolf Trust 2019-WOLF A^†	2.756% (1 Mo. LIBOR + 1.03%	)^#	12/15/2036		39,981		39,868,513
Great Wolf Trust 2019-WOLF E^†	4.454% (1 Mo. LIBOR + 2.73%	)^#	12/15/2036		32,620		32,651,022
PFP Ltd. 2019–6 A^†	2.964% (1 Mo. LIBOR + 1.05%	)^#	4/14/2037		25,000		25,007,542
PFP Ltd. 2019–6 C^†	4.014% (1 Mo. LIBOR + 2.10%	)^#	4/14/2037		27,054		27,078,322
Total Non-Agency Commercial Mortgage-Backed Securities (cost $288,877,471)							289,155,559

	Dividend Rate			Shares (000)
PREFERRED STOCK 0.00%

Energy: Exploration & Production
Templar Energy LLC (cost $3,864,293)	Zero Coupon				410		–	^(a)

38	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Interest Rate	Maturity Date	Principal Amount (000)		Fair Value
U.S. TREASURY OBLIGATIONS 4.16%
U.S. Treasury Bond	2.25%	8/15/2049	$	66,506	$	64,460,049
U.S. Treasury Bond	2.375%	11/15/2049		58,294		58,047,896
U.S. Treasury Inflation Indexed Note⁽ⁿ⁾	0.50%	4/15/2024		324,478		329,775,644
U.S. Treasury Note	2.75%	8/31/2023		225,720		234,426,930
Total U.S. Treasury Obligations (cost $689,096,606)						686,710,519

	Exercise Price	Expiration Date		Shares (000)
WARRANT 0.00%

Personal & Household Products
Remington Outdoor Co., Inc. (cost $871,457)	$35.05	5/15/2022		165		1,651	^(f)
Total Long-Term Investments (cost $16,976,783,489)						17,602,173,112

	Interest Rate	Maturity Date		Principal Amount (000)
SHORT-TERM INVESTMENTS 3.79%

FOREIGN GOVERNMENT OBLIGATION 1.82%

Japan
Japan Treasury Discount Bill^(d) (cost $305,383,252)	Zero Coupon	1/8/2020	JPY	32,625,800		300,276,441

HIGH YIELD CORPORATE BOND 0.45%

Diversified Capital Goods
GE Capital International Funding Co. Unlimited Co. (Ireland)^(e) (cost $74,047,913)	2.342%	11/15/2020	$	74,048		74,119,404

REPURCHASE AGREEMENTS 1.52%
Repurchase Agreement dated 12/31/2019, 1.50% due 1/2/2020 with JPMorgan Chase & Co. collateralized by $134,380,000 of U.S. Treasury Note at 2.625% due 2/28/2023; value: $139,697,055; proceeds: $137,011,417				137,000		137,000,000
Repurchase Agreement dated 12/31/2019, 1.50% due 1/2/2020 with Toronto Dominion Grand Cayman collateralized by $106,860,000 of U.S. Treasury Note at 2.875% due 8/15/2028; value: $116,352,173; proceeds: $113,009,417				113,000		113,000,000

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Investments	Fair Value
Total Repurchase Agreements (cost $250,000,000)	$	250,000,000
Total Short-Term Investments (cost $629,431,165)		624,395,845
Total Investments in Securities 110.56% (cost $17,606,214,654)		18,226,568,957
Less Unfunded Loan Commitments (0.04%) (cost $5,614,214)		(5,598,502	)
Net Investments 110.52% (cost $17,600,600,440)		18,220,970,455
Liabilities in Excess of Cash and Other Assets^(o)(10.52%)		(1,734,838,987	)
Net Assets 100.00%	$	16,486,131,468

AUD	Australian dollar.
BRL	Brazilian real.
CAD	Canadian dollar.
DKK	Danish Krone.
EUR	Euro.
GBP	British pound.
HKD	Hong Kong dollar.
JPY	Japanese yen.
ADR	American Depositary Receipt.
CMT	Constant Maturity Rate.
LIBOR	London Interbank Offered Rate.
PIK	Payment-in-kind.
Units	More than one class of securities traded together.

^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At December 31, 2019, the total value of Rule 144A securities was $6,464,549,277, which represents 39.21% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at December 31, 2019.
*		Non-income producing security.
^(a)		Level 3 Investment as described in Note 2(p) in the Notes to Financials. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
^(b)		Securities purchased on a when-issued basis (See Note 2(l)).
^(c)		Variable Rate is Fixed to Float: Rate remains fixed until designated future date.
^(d)		Investment in non-U.S. dollar denominated securities.
^(e)		Foreign security traded in U.S. dollars.
^(f)		Level 3 Investment as described in Note 2(p) in the Notes to Financials. Security fair valued by the Pricing Committee.
^(g)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the London Interbank Offered Rate (“LIBOR”) or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at December 31, 2019.
^(h)		Level 3 Investment as described in Note 2(p) in the Notes to Financials. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation.
⁽ⁱ⁾		Interest rate to be determined.
^(j)		To-be-announced (“TBA”). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.
^(k)		Security is perpetual in nature and has no stated maturity.
^(l)		Defaulted (non-income producing security).
^(m)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

40	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

⁽ⁿ⁾		Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
^(o)		Liabilities in Excess of Cash and Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, futures contracts and swaps as follows:

Centrally Cleared Credit Default Swaps on Indexes - Buy Protection at December 31, 2019⁽¹⁾

Referenced Index*	Central Clearing Party	Fund Pays (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Depreciation⁽³⁾
Markit CDX. NA.IG.33⁽⁴⁾⁽⁵⁾	Credit Suisse	1.00%	12/20/2024		$693,604,000		$711,590,788	$	(13,851,509	)		$(4,135,279	)
Markit CDX. NA.EM.32⁽⁴⁾⁽⁶⁾	Credit Suisse	1.00%	12/20/2024		86,700,000		83,786,212		4,244,538			(1,330,750	)
								$	(9,606,971	)		$(5,466,029	)

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received by Central Clearing Party are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes amounted to $0. Total unrealized depreciation on Credit Default Swaps on Indexes amounted to $5,466,029.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).
⁽⁵⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of investment grade securities.
⁽⁶⁾		The Referenced Index is for the Centrally Cleared Credit Default Swaps on Indexes, which is comprised of a basket of emerging markets sovereign issuers.

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Credit Default Swaps on Indexes - Sell Protection at December 31, 2019⁽¹⁾:

Referenced Index/Issuer	Swap Counterparty	Fund Receives (Quarterly)	Termination Date	Notional Amount		Notional Value		Payments Upfront⁽²⁾			Unrealized Appreciation⁽³⁾			Credit Default Swap Agreements Payable at Fair Value⁽⁴⁾
Markit CMBX. NA.BBB.9*	Credit Suisse	3.00%	9/17/2058	$	22,888,000	$	22,752,556	$	(1,623,180	)		$	1,487,736		$	(135,444	)
Markit CMBX. NA.BBB.10*	Credit Suisse	3.00%	11/17/2059		50,333,000		50,208,977		(2,981,455	)			2,857,432			(124,023	)
Markit CMBX. NA.BBB.9*	Deutsche Bank	3.00%	9/17/2058		36,637,000		36,420,195		(2,598,236	)			2,381,431			(216,805	)
Markit CMBX. NA.BBB.10*	Deutsche Bank	3.00%	11/17/2059		9,149,000		9,126,457		(541,937	)			519,394			(22,543	)
Markit CMBX. NA.BBB.11*	Deutsche Bank	3.00%	11/18/2054		9,162,000		9,028,494		(410,210	)			276,704			(133,506	)
Markit CMBX. NA.BBB.9*	Goldman Sachs	3.00%	9/17/2058		13,539,000		13,458,882		(960,164	)			880,045			(80,119	)
Markit CMBX. NA.BBB.10*	Goldman Sachs	3.00%	11/17/2059		38,427,000		38,332,314		(2,276,208	)			2,181,522			(94,686	)
Markit CMBX. NA.BBB.9*	Morgan Stanley	3.00%	9/17/2058		50,783,000		50,482,486		(3,601,445	)			3,300,931			(300,514	)
Markit CMBX. NA.BBB.10*	Morgan Stanley	3.00%	11/17/2059		65,947,000		65,784,504		(3,906,344	)			3,743,848			(162,496	)
Markit CMBX. NA.BBB.11*	Morgan Stanley	3.00%	11/18/2054		77,122,000		75,998,200		(3,452,985	)			2,329,185			(1,123,800	)
Markit CMBX. NA.BBB.11*	J.P. Morgan Chase	3.00%	11/18/2054		4,607,000		4,539,868		(206,269	)			139,137			(67,132	)
Tesla	J.P. Morgan Chase	1.00%	6/20/2020		15,704,000		15,700,628		(312,034	)			308,662			(3,372	)
								$	(22,870,467	)		$	20,406,027		$	(2,464,440	)

*		The Referenced Index is for Credit Default Swaps on Indexes, which comprised of a basket of commercial mortgage backed securities.
⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments received are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swaps on Indexes/Issuers amounted to $20,406,027. Total unrealized depreciation on Credit Default Swaps on Indexes/Issuers amounted to $0.
⁽⁴⁾		Includes upfront payments received.

42	See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

Open Futures Contracts at December 31, 2019:

Type	Expiration	Contracts		Position	Notional Amount			Notional Value			Unrealized Appreciation
Euro-Bobl	March 2020		48	Short	EUR	(6,449,675)		EUR	(6,414,240	)		$	39,747
U.S. 10-Year Ultra Treasury Note	March 2020		4,709	Short	$	(670,067,127	)	$	(662,571,016	)			7,496,111
U.S. Long Bond	March 2020		7,157	Short		(1,137,396,280	)		(1,115,821,032	)			21,575,248
U.S. Ultra Treasury Bond	March 2020		5,753	Short		(1,082,699,815	)		(1,045,068,406	)			37,631,409
Total Unrealized Appreciation on Open Futures Contracts												$	66,742,515

Type	Expiration		Contracts	Position	Notional Amount			Notional Value			Unrealized Depreciation
U.S. 10-Year Treasury Note	March 2020		138	Long	$	17,907,731		$	17,722,219			$	(185,512	)
U.S. 2-Year Treasury Note	March 2020		19,581	Long		4,221,729,978			4,219,705,500				(2,024,478	)
U.S. 5-Year Treasury Note	March 2020		8,745	Long		1,041,080,620			1,037,238,984				(3,841,636	)
Total Unrealized Depreciation on Open Futures Contracts												$	(6,051,626	)

Open Forward Foreign Currency Exchange Contracts at December 31, 2019:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Appreciation
Euro	Buy	Barclays Bank plc	3/9/2020		13,126,000		$	14,670,859		$	14,784,169		$	113,310
Japanese yen	Sell	Bank of America	1/8/2020		32,429,000,000			305,509,419			298,476,122			7,033,297
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts													$	7,146,607

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date		Foreign Currency	U.S. $ Cost on Origination Date			U.S. $ Current Value			Unrealized Depreciation
Australian dollar	Sell	State Street Bank and Trust	2/24/2020		41,000,000		$	27,935,916		$	28,808,843		$	(872,927	)
Danish krone	Sell	State Street Bank and Trust	3/13/2020		115,539,000			17,266,961			17,427,439			(160,478	)
Euro	Sell	Toronto Dominion Bank	3/9/2020		168,000,000			187,594,008			189,222,940			(1,628,932	)
Euro	Sell	Morgan Stanley	3/9/2020		9,715,000			10,859,187			10,942,267			(83,080	)
Euro	Sell	State Street Bank and Trust	3/9/2020		5,050,000			5,620,304			5,687,951			(67,647	)
British pound	Sell	State Street Bank and Trust	3/5/2020		13,392,000			17,465,576			17,769,453			(303,877	)
Japanese yen	Sell	Standard Chartered Bank	1/8/2020		177,371,000			1,621,575			1,632,521			(10,946	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts													$	(3,127,887	)

See Notes to Financial Statements.

Schedule of Investments (continued)

December 31, 2019

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2			Level 3			Total
Long-Term Investments
Asset-Backed Securities
Other	$	–	$	457,847,895		$	10,441,539		$	468,289,434
Remaining Industries		–		37,369,249			–			37,369,249
Common Stocks
Auto Parts & Equipment		–		6,070,570			–			6,070,570
Beverages		26,909,438		17,328,235			–			44,237,673
Energy: Exploration & Production		36,471,660		–			33,346			36,505,006
Electric: Integrated		–		363,683			–			363,683
Gas Distribution		–		258,194			–			258,194
Media: Content		–		–			1,931,885			1,931,885
Personal & Household Products		16,487,056		135,092			12,560,985			29,183,133
Software/Services		158,244,712		–			–			158,244,712
Specialty Retail		59,389,763		9,856,842			–			69,246,605
Remaining Industries		594,839,856		–			–			594,839,856
Convertible Bond		–		29,049,244			–			29,049,244
Floating Rate Loans
Chemicals		–		31,505,110			4,852,472			36,357,582
Diversified Capital Goods		–		–			22,557,465			22,557,465
Electric: Integrated		–		–			69,396,697			69,396,697
Personal & Household Products		–		35,040,126			848,424			35,888,550
Specialty Retail		–		56,677,820			10,645,877			67,323,697
Remaining Industries		–		883,049,583			–			883,049,583
Less Unfunded Commitments		–		(1,475,992	)		(4,122,510	)		(5,598,502	)
Foreign Bonds		–		36,190,987			–			36,190,987
Foreign Government Obligations		–		864,143,502			–			864,143,502
Government Sponsored Enterprises Pass-Throughs		–		1,872,376,110			–			1,872,376,110
High Yield Corporate Bonds
Automakers		–		275,476,150			1,500			275,477,650
Banking		–		1,008,317,720			2,250			1,008,319,970
Metals/Mining (Excluding Steel)		–		157,724,950			19			157,724,969
Telecommunications: Wireline Integrated & Services		–		236,836,539			1,500			236,838,039
Remaining Industries		–		8,954,103,923			–			8,954,103,923
Municipal Bonds		–		630,967,415			–			630,967,415
Non-Agency Commercial Mortgage-Backed Securities		–		235,312,735			53,842,824			289,155,559
Preferred Stock		–		–			–			–
U.S. Treasury Obligations		–		686,710,519			–			686,710,519
Warrant		–		–			1,651			1,651
Short-Term Investments
Foreign Government Obligation		–		300,276,441			–			300,276,441
High Yield Corporate Bond		–		74,119,404			–			74,119,404
Repurchase Agreements		–		250,000,000			–			250,000,000
Total	$	892,342,485	$	17,145,632,046		$	182,995,924		$	18,220,970,455

44	See Notes to Financial Statements.

Schedule of Investments (concluded)

December 31, 2019

Investment Type⁽²⁾	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Centrally Cleared Credit Default Swap Contracts
Assets	$	–		$	–		$	–	$	–
Liabilities		–			(5,466,029	)		–		(5,466,029	)
Credit Default Swap Contracts
Assets		–			–			–		–
Liabilities		–			(2,464,440	)		–		(2,464,440	)
Forward Foreign Currency Exchange Contracts
Assets		–			7,146,607			–		7,146,607
Liabilities		–			(3,127,887	)		–		(3,127,887	)
Futures Contracts
Assets		66,742,515			–			–		66,742,515
Liabilities		(6,051,626	)		–			–		(6,051,626	)
Total	$	60,690,889		$	(3,911,749	)	$	–	$	56,779,140

⁽¹⁾		Refer to Note 2(p) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. Each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Asset- Backed Securities			Common Stocks				Floating Rate Loans				High Yield Corporate Bonds			Non-Agency Commercial Mortgage- Backed Securities			Preferred Stock			Warrants
Balance as of January 1, 2019	$	–			$	13,179,430			$	50,229,383			$	5,269		$	–		–			$	1,651
Accrued Discounts (Premiums)		–				–				78,709				–			8,796		–				–
Realized Gain (Loss)		–				664,980				(2,043,576	)			–			–		–				–
Change in Unrealized Appreciation (Depreciation)		(26,864	)			891,272				5,137,681				–			188,418		(1,229,832	)			–
Purchases		6,952,810				16,154,520				166,494,450				–			53,645,610		94,543				–
Sales		–				(16,624,500	)			(115,718,222	)			–			–		–				–
Transfers into Level 3		3,515,593				260,514				–				–			–		1,135,289				–
Transfers out of Level 3		–				–				–				–			–		–				–
Balance as of December 31, 2019	$	10,441,539			$	14,526,216			$	104,178,425			$	5,269		$	53,842,824		–			$	1,651
Change in unrealized appreciation/ depreciation for the year ended December 31, 2019, related to Level 3 investments held at December 31, 2019	$	(26,864	)		$	891,272			$	2,565,357			$	–		$	188,418		(1,229,832	)		$	–

See Notes to Financial Statements.

Statement of Assets and Liabilities

December 31, 2019

ASSETS:
Investments in securities, at fair value (cost $17,600,600,440)	$	18,220,970,455
Cash		159,202,485
Deposits with brokers for futures collateral		48,407,553
Deposits with brokers for forwards and swaps collateral		9,944,239
Receivables:
Interest and dividends		167,505,885
Capital shares sold		114,367,101
Investment securities sold		98,022,521
Variation margin for futures contracts		6,843,944
Variation margin for centrally cleared credit default swap agreements		73,150
Unrealized appreciation on forward foreign currency exchange contracts		7,146,607
Prepaid expenses and other assets		393,920
Total assets		18,832,877,860
LIABILITIES:
Payables:
Investment securities purchased		2,243,684,005
Capital shares reacquired		28,618,080
Management fee		5,941,530
12b-1 distribution plan		2,731,998
Directors’ fees		1,580,050
Fund administration		549,564
Unrealized depreciation on forward foreign currency exchange contracts		3,127,887
Credit default swap agreements payable, at fair value (including upfront payments of $22,870,467)		2,464,440
Unrealized depreciation on unfunded commitments		15,712
Distributions payable		50,303,854
Accrued expenses and other liabilities		7,729,272
Total liabilities		2,346,746,392
Commitments and contingent liabilities
NET ASSETS	$	16,486,131,468
COMPOSITION OF NET ASSETS:
Paid-in capital	$	16,111,441,450
Total distributable earnings (loss)		374,690,018
Net Assets	$	16,486,131,468

46	See Notes to Financial Statements.

Statement of Assets and Liabilities (concluded)

December 31, 2019

Net assets by class:
Class A Shares	$	5,246,569,608
Class C Shares	$	1,328,320,533
Class F Shares	$	5,743,483,086
Class F3 Shares	$	2,290,419,766
Class I Shares	$	1,401,117,882
Class P Shares	$	16,726,586
Class R2 Shares	$	6,687,898
Class R3 Shares	$	201,288,586
Class R4 Shares	$	48,228,628
Class R5 Shares	$	16,505,386
Class R6 Shares	$	186,783,509
Outstanding shares by class:
Class A Shares (1.8 billion shares of common stock authorized, $.001 par value)		645,086,320
Class C Shares (600 million shares of common stock authorized, $.001 par value)		162,881,959
Class F Shares (2.25 billion shares of common stock authorized, $.001 par value)		707,236,460
Class F3 Shares (900 million shares of common stock authorized, $.001 par value)		282,921,884
Class I Shares (900 million shares of common stock authorized, $.001 par value)		173,227,889
Class P Shares (160 million shares of common stock authorized, $.001 par value)		2,010,380
Class R2 Shares (478 million shares of common stock authorized, $.001 par value)		822,173
Class R3 Shares (478 million shares of common stock authorized, $.001 par value)		24,790,356
Class R4 Shares (478 million shares of common stock authorized, $.001 par value)		5,927,657
Class R5 Shares (478 million shares of common stock authorized, $.001 par value)		2,038,250
Class R6 Shares (478 million shares of common stock authorized, $.001 par value)		23,076,525
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$8.13
Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%)		$8.32
Class C Shares-Net asset value		$8.16
Class F Shares-Net asset value		$8.12
Class F3 Shares-Net asset value		$8.10
Class I Shares-Net asset value		$8.09
Class P Shares-Net asset value		$8.32
Class R2 Shares-Net asset value		$8.13
Class R3 Shares-Net asset value		$8.12
Class R4 Shares-Net asset value		$8.14
Class R5 Shares-Net asset value		$8.10
Class R6 Shares-Net asset value		$8.09

See Notes to Financial Statements.

Statement of Operations

For the Year Ended December 31, 2019

Investment income:
Dividends (net of foreign withholding taxes of $42,226)	$	9,278,076
Interest and other		654,216,525
Interest earned from Interfund Lending (See Note 11)		1,246
Total investment income		663,495,847
Expenses:
Management fee		62,001,538
12b-1 distribution plan-Class A		9,528,385
12b-1 distribution plan-Class C		10,815,821
12b-1 distribution plan-Class F		4,701,226
12b-1 distribution plan-Class P		79,821
12b-1 distribution plan-Class R2		40,550
12b-1 distribution plan-Class R3		868,512
12b-1 distribution plan-Class R4		77,891
Shareholder servicing		10,047,985
Fund administration		5,675,154
Reports to shareholders		1,158,966
Registration		844,100
Professional		571,784
Directors’ fees		392,223
Custody		228,898
Other		1,221,160
Gross expenses		108,254,014
Expense reductions (See Note 9)		(391,826	)
Net expenses		107,862,188
Net investment income		555,633,659
Net realized and unrealized gain (loss):
Net realized gain on investments		15,287,764
Net realized loss on futures contracts		(169,874,831	)
Net realized gain on forward foreign currency exchange contracts		10,871,757
Net realized loss on swap contracts		(4,844,996	)
Net realized gain on foreign currency related transactions		955,478
Net change in unrealized appreciation/depreciation on investments		1,175,711,120
Net change in unrealized appreciation/depreciation on futures contracts		91,469,172
Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts		6,634,616
Net change in unrealized appreciation/depreciation on swap contracts		28,217,170
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		47,051
Net change in unrealized appreciation/depreciation on unfunded commitments		63,043
Net realized and unrealized gain		1,154,537,344
Net Increase in Net Assets Resulting From Operations	$	1,710,171,003

48	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Operations:
Net investment income	$	555,633,659		$	537,414,766
Net realized gain (loss) on investments, futures contracts, forward foreign currency exchange contracts, swaps and foreign currency related transactions		(147,604,828	)		27,477,503
Net change in unrealized appreciation/depreciation on investments, futures contracts, forward foreign currency exchange contracts, swaps, unfunded commitments and translation of assets and liabilities denominated in foreign currencies		1,302,142,172			(1,073,407,115	)
Net increase (decrease) in net assets resulting from operations		1,710,171,003			(508,514,846	)
Distributions to shareholders:
Class A		(194,859,155	)		(273,541,757	)
Class B		–			(36,443	)
Class C		(45,095,077	)		(82,853,966	)
Class F		(195,649,540	)		(255,883,833	)
Class F3		(81,839,796	)		(89,827,609	)
Class I		(48,283,037	)		(65,360,758	)
Class P		(685,754	)		(1,192,680	)
Class R2		(250,541	)		(416,429	)
Class R3		(6,586,870	)		(8,820,786	)
Class R4		(1,241,702	)		(909,635	)
Class R5		(1,390,615	)		(1,918,387	)
Class R6		(6,028,037	)		(6,994,963	)
Class T		–			(249	)
Total distributions to shareholders		(581,910,124	)		(787,757,495	)
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares		5,924,604,430			4,366,086,058
Reinvestment of distributions		514,580,185			696,869,024
Cost of shares reacquired		(3,260,013,600	)		(4,183,622,590	)
Net increase in net assets resulting from capital share transactions		3,179,171,015			879,332,492
Net increase (decrease) in net assets		4,307,431,894			(416,939,849	)
NET ASSETS:
Beginning of year	$	12,178,699,574		$	12,595,639,423
End of year	$	16,486,131,468		$	12,178,699,574

See Notes to Financial Statements.

Financial Highlights

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment oper- ations			Net investment income			Net realized gain			Total distri- butions

Class A
12/31/2019	$	7.47	$	0.31	$	0.68		$	0.99		$	(0.33	)	$	–		$	(0.33	)
12/31/2018		8.25		0.33		(0.63	)		(0.30	)		(0.36	)		(0.12	)		(0.48	)
12/31/2017		7.93		0.33		0.39			0.72			(0.35	)		(0.05	)		(0.40	)
12/31/2016		7.40		0.35		0.54			0.89			(0.36	)		–			(0.36	)
12/31/2015		7.93		0.32		(0.44	)		(0.12	)		(0.35	)		(0.06	)		(0.41	)

Class C
12/31/2019		7.49		0.26		0.69			0.95			(0.28	)		–			(0.28	)
12/31/2018		8.27		0.28		(0.63	)		(0.35	)		(0.31	)		(0.12	)		(0.43	)
12/31/2017		7.95		0.28		0.39			0.67			(0.30	)		(0.05	)		(0.35	)
12/31/2016		7.42		0.30		0.55			0.85			(0.32	)		–			(0.32	)
12/31/2015		7.95		0.27		(0.44	)		(0.17	)		(0.30	)		(0.06	)		(0.36	)

Class F
12/31/2019		7.46		0.32		0.67			0.99			(0.33	)		–			(0.33	)
12/31/2018		8.24		0.34		(0.64	)		(0.30	)		(0.36	)		(0.12	)		(0.48	)
12/31/2017		7.92		0.34		0.39			0.73			(0.36	)		(0.05	)		(0.41	)
12/31/2016		7.39		0.36		0.54			0.90			(0.37	)		–			(0.37	)
12/31/2015		7.91		0.33		(0.44	)		(0.11	)		(0.35	)		(0.06	)		(0.41	)

Class F3
12/31/2019		7.43		0.33		0.69			1.02			(0.35	)		–			(0.35	)
12/31/2018		8.21		0.35		(0.63	)		(0.28	)		(0.38	)		(0.12	)		(0.50	)
4/4/2017 to 12/31/2017^(c)		8.01		0.25		0.27			0.52			(0.27	)		(0.05	)		(0.32	)

Class I
12/31/2019		7.43		0.32		0.68			1.00			(0.34	)		–			(0.34	)
12/31/2018		8.21		0.34		(0.63	)		(0.29	)		(0.37	)		(0.12	)		(0.49	)
12/31/2017		7.89		0.35		0.38			0.73			(0.36	)		(0.05	)		(0.41	)
12/31/2016		7.36		0.36		0.55			0.91			(0.38	)		–			(0.38	)
12/31/2015		7.89		0.34		(0.45	)		(0.11	)		(0.36	)		(0.06	)		(0.42	)

Class P
12/31/2019		7.64		0.30		0.69			0.99			(0.31	)		–			(0.31	)
12/31/2018		8.44		0.31		(0.64	)		(0.33	)		(0.35	)		(0.12	)		(0.47	)
12/31/2017		8.11		0.34		0.39			0.73			(0.35	)		(0.05	)		(0.40	)
12/31/2016		7.57		0.35		0.56			0.91			(0.37	)		–			(0.37	)
12/31/2015		8.10		0.33		(0.45	)		(0.12	)		(0.35	)		(0.06	)		(0.41	)

50	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	8.13		13.37			0.79			3.90		$	5,246,570		217
	7.47		(3.79	)		0.79			4.11			4,252,132		147
	8.25		9.21			0.81			4.10			4,491,809		113
	7.93		12.35			0.81			4.57			4,263,801		119
	7.40		(1.74	)		0.82			4.10			4,183,669		119

	8.16		12.77			1.42			3.28			1,328,321		217
	7.49		(4.38	)		1.43			3.46			1,296,749		147
	8.27		8.52			1.43			3.49			1,872,830		113
	7.95		11.63			1.44			3.95			1,892,905		119
	7.42		(2.35	)		1.46			3.48			1,882,589		119

	8.12		13.64			0.69			3.97			5,743,483		217
	7.46		(3.83	)		0.69			4.20			3,827,057		147
	8.24		9.32			0.71			4.16			3,793,021		113
	7.92		12.46			0.71			4.65			2,607,811		119
	7.39		(1.53	)		0.72			4.20			1,893,642		119

	8.10		13.86			0.52			4.14			2,290,420		217
	7.43		(3.57	)		0.52			4.37			1,533,935		147
	8.21		6.55	^(d)		0.53	^(e)		4.06	^(e)		1,093,748		113

	8.09		13.80			0.59			4.07			1,401,118		217
	7.43		(3.77	)		0.59			4.30			927,024		147
	8.21		9.44			0.61			4.25			1,039,534		113
	7.89		12.62			0.61			4.77			450,661		119
	7.36		(1.59	)		0.62			4.28			382,854		119

	8.32		13.16			1.04			3.67			16,727		217
	7.64		(4.00	)		0.95			3.94			17,453		147
	8.44		9.18			0.86			4.07			32,370		113
	8.11		12.27			0.87			4.53			36,825		119
	7.57		(1.66	)		0.87			4.06			35,632		119

See Notes to Financial Statements.

Financial Highlights (concluded)

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income^(a)		Net realized and unrealized gain (loss)			Total from invest- ment oper- ations			Net investment income			Net realized gain			Total distri- butions

Class R2
12/31/2019	$	7.47	$	0.28	$	0.67		$	0.95		$	(0.29	)	$	–		$	(0.29	)
12/31/2018		8.25		0.30		(0.64	)		(0.34	)		(0.32	)		(0.12	)		(0.44	)
12/31/2017		7.93		0.30		0.39			0.69			(0.32	)		(0.05	)		(0.37	)
12/31/2016		7.40		0.31		0.55			0.86			(0.33	)		–			(0.33	)
12/31/2015		7.93		0.29		(0.44	)		(0.15	)		(0.32	)		(0.06	)		(0.38	)

Class R3
12/31/2019		7.46		0.29		0.67			0.96			(0.30	)		–			(0.30	)
12/31/2018		8.24		0.30		(0.63	)		(0.33	)		(0.33	)		(0.12	)		(0.45	)
12/31/2017		7.92		0.31		0.38			0.69			(0.32	)		(0.05	)		(0.37	)
12/31/2016		7.39		0.32		0.55			0.87			(0.34	)		–			(0.34	)
12/31/2015		7.91		0.30		(0.44	)		(0.14	)		(0.32	)		(0.06	)		(0.38	)

Class R4
12/31/2019		7.47		0.30		0.69			0.99			(0.32	)		–			(0.32	)
12/31/2018		8.25		0.33		(0.64	)		(0.31	)		(0.35	)		(0.12	)		(0.47	)
12/31/2017		7.93		0.33		0.38			0.71			(0.34	)		(0.05	)		(0.39	)
12/31/2016		7.40		0.34		0.55			0.89			(0.36	)		–			(0.36	)
6/30/2015 to 12/31/2015^(f)		7.99		0.16		(0.52	)		(0.36	)		(0.17	)		(0.06	)		(0.23	)

Class R5
12/31/2019		7.43		0.33		0.68			1.01			(0.34	)		–			(0.34	)
12/31/2018		8.21		0.34		(0.63	)		(0.29	)		(0.37	)		(0.12	)		(0.49	)
12/31/2017		7.86		0.35		0.41			0.76			(0.36	)		(0.05	)		(0.41	)
12/31/2016		7.36		0.21		0.67			0.88			(0.38	)		–			(0.38	)
6/30/2015 to 12/31/2015^(f)		7.95		0.17		(0.52	)		(0.35	)		(0.18	)		(0.06	)		(0.24	)

Class R6
12/31/2019		7.43		0.33		0.68			1.01			(0.35	)		–			(0.35	)
12/31/2018		8.21		0.35		(0.63	)		(0.28	)		(0.38	)		(0.12	)		(0.50	)
12/31/2017		7.89		0.35		0.39			0.74			(0.37	)		(0.05	)		(0.42	)
12/31/2016		7.37		0.37		0.53			0.90			(0.38	)		–			(0.38	)
6/30/2015 to 12/31/2015^(f)		7.95		0.17		(0.51	)		(0.34	)		(0.18	)		(0.06	)		(0.24	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on April 4, 2017.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	Commenced on June 30, 2015.

52	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	8.13		12.93			1.19			3.51		$	6,688		217
	7.47		(4.17	)		1.19			3.71			6,460		147
	8.25		8.78			1.21			3.68			9,066		113
	7.93		11.91			1.21			4.05			5,324		119
	7.40		(2.13	)		1.22			3.71			4,075		119

	8.12		13.20			1.09			3.60			201,289		217
	7.46		(4.21	)		1.09			3.81			152,743		147
	8.24		8.90			1.10			3.80			151,842		113
	7.92		12.03			1.11			4.19			128,317		119
	7.39		(1.91	)		1.12			3.82			107,581		119

	8.14		13.46			0.84			3.80			48,229		217
	7.47		(3.83	)		0.84			4.09			18,847		147
	8.25		9.16			0.86			3.98			8,420		113
	7.93		12.29			0.86			4.40			2,072		119
	7.40		(4.59	)^(d)		0.87	^(e)		4.27	^(e)		207		119

	8.10		13.79			0.59			4.13			16,505		217
	7.43		(3.63	)		0.59			4.32			30,204		147
	8.21		9.46			0.61			4.29			27,302		113
	7.86		12.62			0.61			2.70			386		119
	7.36		(4.50	)^(d)		0.62	^(e)		4.39	^(e)		10		119

	8.09		13.73			0.52			4.16			186,784		217
	7.43		(3.56	)		0.52			4.39			116,094		147
	8.21		9.54			0.52			4.31			69,028		113
	7.89		12.56			0.53			4.83			15,346		119
	7.37		(4.36	)^(d)		0.54	^(e)		4.49	^(e)		10,994		119

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Bond-Debenture Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Fund was organized in 1970 and incorporated under Maryland law on January 23, 1976.

The Fund’s investment objective is to seek high current income and the opportunity for capital appreciation to produce a high total return. The Fund has eleven active classes of shares: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in the Fund’s prospectus); Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the tenth anniversary of the month on which the purchase order was accepted. The Fund’s Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Fund’s prospectus.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services’ own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Exchange traded options and futures contracts are valued at the last quoted

Notes to Financial Statements (continued)

	sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income on the Statement of Operations. Withholding taxes on foreign dividends and interest have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes-It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended December 31, 2016 through December 31, 2019. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Fund’s 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in

Notes to Financial Statements (continued)

	foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on the Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on the Fund’s Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–The Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on foreign portfolio holdings, or gain or reduce exposure to foreign currency solely for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts on the Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain (loss) on forward foreign currency exchange contracts on the Fund’s Statement of Operations.

(h)	Futures Contracts–The Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by the Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Credit Default Swaps–The Fund may enter into credit default swap contracts in order to hedge credit risk or for speculation purposes. As a seller of a credit default swap contract (“seller of protection”), the Fund is required to pay the notional amount or other agreed-upon value of a referenced debt obligation to the counterparty in the event of a default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract.

	As a purchaser of a credit default swap contract (“buyer of protection”), the Fund would receive the notional amount or other agreed upon value of a referenced debt obligation from the counterparty in the event of default by or other credit event involving the referenced issuer, obligation or index. In return, the Fund would make periodic payments to the counterparty over the term of the contracts, provided no event of default has occurred. These credit default swaps may have as a reference obligation corporate or sovereign issuers or credit indexes. These credit indexes are comprised of a basket of securities representing a particular sector of the market.

Notes to Financial Statements (continued)

	Credit default swaps are fair valued based upon quotations from counterparties, brokers or market-makers and the change in value, if any, is recorded as an unrealized appreciation or depreciation. For a credit default swap sold by the Fund, payment of the agreed-upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation purchased/received. For a credit default swap purchased by the Fund, the agreed-upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

	Any upfront payments made or received upon entering a credit default swap contract would be amortized or accreted over the life of the swap and recorded as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the swap agreement. The value and credit rating of each credit default swap where the Fund is the seller of protection, are both measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

	Entering into credit default swaps involves credit and market risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates, and that Lord Abbett does not correctly predict the creditworthiness of the issuers of the reference obligation on which the credit default swap is based. For the centrally cleared credit default swaps, there was minimal counterparty risk to the Fund, since such credit default swaps entered into were traded through a central clearinghouse, which guarantees against default.

(j)	Mortgage Dollar Rolls–The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(k)	Total Return Swaps–The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to their counterparty.

Notes to Financial Statements (continued)

(l)	When-Issued, Forward Transactions or To-Be-Announced (“TBA”) Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at the Fund’s custodian in order to pay for the commitment. At the time the Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. The Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(m)	Repurchase Agreements–The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.

(n)	Reverse Repurchase Agreements–The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells a security to a securities dealer or bank for cash and also agrees to repurchase the same security later at a set price. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that the Fund may reinvest the cash it receives in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities to be repurchased by the Fund may decline below the repurchase price

	For the fiscal year ended December 31, 2019, the average interest rate, the amount of interest and the average principal amount for the days borrowed in the period were as follows:

		Average
Interest	Average	Amount
Rate	Interest	Borrowed
6.00%	$27,062	$1,867,331

(o)

Floating Rate Loans–The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the “Borrower”) in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The

Notes to Financial Statements (continued)

	Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. The Fund records an investment when the Borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or London InterBank Offered Rate (“LIBOR”).

	The loans in which the Fund invests may be subject to some restrictions on resale. For example, the Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior to the sale of these investments. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

	Unfunded commitments represent the remaining obligation of the Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statement of Assets and Liabilities. Unrealized appreciation/depreciation on unfunded commitments, if any, on the Statement of Assets and Liabilities represents mark to market of the unfunded portion of the Fund’s floating rate notes. As of December 31, 2019 the Fund had the following unfunded loan commitments:

Mavis Tire Services Corp.	$	1,509,966
Pacific Gas and Electric Company DIP Delayed Draw Term Loan	4,102,000
Total	$	5,611,966

(p)

Fair Value Measurements–Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk—for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

Notes to Financial Statements (continued)

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;

•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

•	Level 3 –	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).


	A summary of inputs used in valuing the Fund’s investments and other financial instruments as of December 31, 2019 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in the Fund’s Schedule of Investments.

	Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Fund has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund’s investment portfolio.

The management fee is based on the Fund’s average daily net assets at the following annual rate:

First $500 million	.50%
Next $9.5 billion	.45%
Over $10 billion	.40%

For the fiscal year ended December 31, 2019, the effective management fee was at an annualized rate of .44% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund’s average daily net assets.

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class C⁽¹⁾	Class F⁽²⁾	Class P	Class R2	Class R3	Class R4
Service	.15%	.25%	–	.25%	.25%	.25%	.25%
Distribution	.05%	.75%	.10%	.20%	.35%	.25%	–

*	The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
⁽¹⁾	The Rule 12b-1 fee the Fund pays on Class C shares is a blended rate based on 1.00% of the Fund’s average daily net assets attributable to Class C shares held for less than one year and .80% (.25% service, .55% distribution) of the Fund’s average daily net assets attributable to Class C shares held for one year or more. All Class C shareholders of the Fund will bear Rule 12b-1 fees at the same rate.
⁽²⁾	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund’s prospectus.

Class F3, I, R5 and R6 shares do not have a distribution plan.

Notes to Financial Statements (continued)

Commissions

Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, for the fiscal year ended December 31, 2019:

Distributor		Dealers’
Commissions		Concessions
$713,600		$4,680,364

Distributor received CDSCs of $61,761 and $86,907 for Class A and Class C shares, respectively, for the fiscal year ended December 31, 2019.

One Director and certain of the Fund’s officers have an interest in Lord Abbett.

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared daily and paid monthly. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended	Year Ended
	12/31/2019	12/31/2018
Distributions paid from:
Ordinary income	$581,910,124	$649,203,158
Net long-term capital gains	–	138,554,337
Total distributions paid	$581,910,124	$787,757,495

As of December 31, 2019, the components of accumulated gains (losses) on a tax-basis were as follows:

Capital loss carryforwards*	$	(217,198,660	)
Temporary differences		(5,714,443	)
Unrealized gains – net		597,603,121
Total accumulated gains – net	$	374,690,018


*	The capital losses will carry forward indefinitely.

At the Fund’s election, certain losses incurred within the taxable year (Qualified Late- Year Losses) are deemed to arise on the first business day of the Fund’s next taxable year. The Fund incurred and will elect to defer late-year ordinary losses of $939,480 during fiscal year 2019.

Notes to Financial Statements (continued)

As of December 31, 2019, the aggregate unrealized security gains and losses on investments and other financial instruments, if any, based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	17,703,030,367
Gross unrealized gain		811,151,797
Gross unrealized loss		(213,577,814	)
Net unrealized security gain	$	597,573,983

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of amortization of premium, certain securities, other financial instruments, and wash sales.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended December 31, 2019 were as follows:

U.S.		Non-U.S.	U.S.		Non-U.S.
Government		Government	Government		Government
Purchases	*	Purchases	Sales	*	Sales
$24,332,993,090		$11,656,475,684	$23,147,810,847		$9,708,272,715


*	Includes U.S. Government sponsored enterprises securities.

The Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended December 31, 2019, the Fund engaged in cross-trades purchases of $6,550,768 and sales of $174,365,105 which resulted in net realized gains of $3,064,038.

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Fund entered into forward foreign currency exchange contracts for the fiscal year ended December 31, 2019 (as described in note 2(g)). A forward foreign currency exchange contract reduces the Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

The Fund entered into futures contracts for the fiscal year ended December 31, 2019 (as described in note 2(h)) to economically hedge against changes in interest rates. The Fund bears the risk of interest rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

Notes to Financial Statements (continued)

The Fund entered into credit default swaps for the fiscal year ended December 31, 2019 (as described in note 2(i)) to economically hedge credit risk. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security within the index in the event of a defined credit event, such as payment default or bankruptcy. Under a credit default swap one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. For the centrally cleared credit default swaps, there is minimal counterparty credit risk to the Fund since these credit default swaps are traded through a central clearinghouse. As a counterparty to all centrally cleared credit default swaps, the clearinghouse guarantees credit default swaps against default.

As of December 31, 2019, the Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Fund’s use of derivative instruments:

Interest

Foreign

Rate

Currency

Credit

Asset Derivatives

Contracts

Forward Foreign Currency Exchange Contracts⁽¹⁾

–

7,146,607

–

Futures Contracts⁽²⁾

66,742,515

–

Liability Derivatives

Centrally Cleared Credit Default Swap Contracts⁽³⁾

–

5,466,029

Credit Default Swap Contracts⁽⁴⁾

–

2,464,440

Futures Contracts⁽²⁾

6,051,626

–

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

3,127,887

–


⁽¹⁾	Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
⁽²⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation on futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽³⁾	Statement of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of centrally cleared swap contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
⁽⁴⁾	Statement of Assets and Liabilities location: Credit default swap agreements payable, at fair value.
⁽⁵⁾	Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

Notes to Financial Statements (continued)

Transactions in derivative instruments for the year ended December 31, 2019, were as follows:

Interest

Foreign

Rate

Currency

Equity

Credit

Contracts

Net Realized Gain (Loss)

Credit Default Swap Contracts⁽¹⁾

–

(3,971,953

)

Total Return Swap Contracts⁽¹⁾

–

(873,043

)

–

Forward Foreign Currency Exchange Contracts⁽²⁾

–

10,871,757

–

Futures Contracts⁽³⁾

(169,874,831

)

–

Net Change in Unrealized Appreciation/Depreciation

Credit Default Swap Contracts⁽⁴⁾

–

29,198,978

Total Return Swap Contracts⁽⁴⁾

–

(981,808

)

–

Forward Foreign Currency Exchange Contracts⁽⁵⁾

–

6,634,616

–

Futures Contracts⁽⁶⁾

91,469,172

–

Average Number of Contracts/Notional Amounts*

Credit Default Swap Contracts⁽⁷⁾

–

1,647,414,826

Total Return Swap Contracts⁽⁷⁾

–

4,905,769

–

Forward Foreign Currency Exchange Contracts⁽⁷⁾

–

408,281,076

–

Futures Contracts⁽⁸⁾

41,648

–


*	Calculated based on the number of contracts or notional amounts for the fiscal year ended December 31, 2019.
⁽¹⁾	Statement of Operations location: Net realized loss on swap contracts.
⁽²⁾	Statement of Operations location: Net realized gain on forward foreign currency exchange contracts.
⁽³⁾	Statement of Operations location: Net realized loss on futures contracts.
⁽⁴⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁵⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts.
⁽⁶⁾	Statement of Operations location: Net change in unrealized appreciation/depreciation on futures contracts.
⁽⁷⁾	Amount represents notional amounts in U.S. dollars.
⁽⁸⁾	Amount represents number of contracts.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statement of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between the Fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Fund’s accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of

Notes to Financial Statements (continued)

financial assets and liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty:

				Gross Amounts			Net Amounts of
				Offset in the			Assets Presented
	Gross Amounts of			Statement of Assets			in the Statement of
Description	Recognized Assets			and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	7,146,607		$	–		$	7,146,607
Repurchase Agreements			250,000,000			–			250,000,000
Total		$	257,146,607		$	–		$	257,146,607

	Net Amounts of Assets Presented in			Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement						Cash				Securities
	of Assets and			Financial			Collateral				Collateral				Net
Counterparty	Liabilities			Instruments			Received^(a)				Received^(a)				Amount^(b)
Bank of America		$	7,033,297		$	–		$	(7,033,297	)		$	–			$	–
Barclays Bank plc			113,310			–			(113,310	)			–				–
JPMorgan Chase & Co.			137,000,000			–			–				(137,000,000	)			–
Toronto Dominion Grand Cayman			113,000,000			–			–				(113,000,000	)			–
Total		$	257,146,607		$	–		$	(7,146,607	)		$	(250,000,000	)		$	–

Gross Amounts

Net Amounts of

Offset in the

Liabilities Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Liabilities

and Liabilities

Assets and Liabilities

Credit Default Swap Contract

$2,464,440

–

$2,464,440

Forward Foreign Currency Exchange Contracts

3,127,887

–

3,127,887

Total

$5,592,327

–

$5,592,327

	Net Amounts of Liabilities Presented in			Amounts Not Offset in the Statement of Assets and Liabilities
	the Statement						Cash				Securities
	of Assets and			Financial			Collateral				Collateral			Net
Counterparty	Liabilities			Instruments			Pledged^(a)				Pledged^(a)			Amount^(c)
Credit Suisse		$	259,467		$	–		$	(259,467	)		$	–		$	–
Deutsche Bank			372,854			–			(372,854	)			–			–
Goldman Sachs			174,805			–			(130,000	)			–			44,805
J.P. Morgan Chase			70,504			–			(70,504	)			–			–
Morgan Stanley			1,669,890			–			(1,440,000	)			–			229,890
Standard Chartered Bank			10,946			–			–				–			10,946
State Street Bank and Trust			1,404,929			–			(967,000	)			–			437,929
Toronto Dominion Bank			1,628,932			–			(1,320,000	)			–			308,932
Total		$	5,592,327		$	–		$	(4,559,825	)		$	–		$	1,032,502


^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of December 31, 2019.
^(c)	Net amount represents the amount owed by the Fund to the counterparty as of December 31, 2019.

Notes to Financial Statements (continued)

8.	DIRECTORS’ REMUNERATION

The Fund’s officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Fund for serving in such capacities. Independent Directors’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors must defer receipt of a portion of, and may elect to defer receipt of an additional portion of Directors’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors’ fees on the Statement of Operations and in Directors’ fees payable on the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

9.	EXPENSE REDUCTIONS

The Fund has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s expenses.

10.

LINE OF CREDIT

For the period ended August 7, 2019, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a Syndicated Facility with various lenders for $1.1 billion whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $350 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 8, 2019, the Participating Funds entered into a Syndicated Facility with various lenders for $1.17 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended August 7, 2019, the Participating Funds entered into an additional line of credit facility with SSB for $250 million (the “Bilateral Facility” and together with the Syndicated Facility, the “Facilities”). Under the Bilateral Facility, each Participating Fund may borrow up to the lesser of $250 million or one-third of Fund net assets.

Effective August 8, 2019, the Participating Funds entered into a Bilateral Facility with SSB for $330 million ($250 million committed and $80 million uncommitted). Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

The Facilities are to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions.

For the fiscal year ended December 31, 2019, the Fund did not utilize the Facilities.

11.

INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by

Notes to Financial Statements (continued)

Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended December 31, 2019, the Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

Average	Average	Interest
Loan	Interest Rate	Income*
$20,715,965	2.195%	$1,246


*	Statement of Operations location: Interest earned from Interfund Lending.

12.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Fund’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

13.

SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from lending securities will be noted on the Statement of Operations.

For the fiscal year ended December 31, 2019, the Fund did not loan any securities.

14.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Fund invests. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”), in which the Fund may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after the Fund purchases its securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Notes to Financial Statements (continued)

The Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

The mortgage-related and asset-backed securities in which the Fund may invest may be particularly sensitive to changes in prevailing interest rates, and economic conditions, including delinquencies and/or defaults. These changes can affect the value, income, and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive the Fund of income payments above current market rates. Alternatively, rising interest rates may cause prepayments to occur at a slower-than-expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security. In addition, the Fund may invest in non-agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises.

The Fund may invest up to 20% of its net assets in equity securities, the value of which fluctuates in response to movements in the equity securities markets in general, the changing prospects of individual companies in which the Fund invests, or an individual company’s financial condition.

The Fund may invest in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities and the market for convertible securities may be less liquid than the markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Due to the Fund’s investment exposure to foreign companies and American Depositary Receipts, the Fund may experience increased market, industry and sector, liquidity, currency, political, information, and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

The Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Fund’s returns since the Fund may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether the Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual

Notes to Financial Statements (continued)

obligations. If the Fund incorrectly forecasts these and other factors, the Fund’s performance could suffer. The Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

The Fund may invest up to 15% of its net assets in floating rate or adjustable rate senior loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which the Fund invests may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, senior loans may be subject to structural subordination.

These factors can affect the Fund’s performance.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Year Ended December 31, 2019						Year Ended December 31, 2018
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		133,918,244		$	1,069,217,883			89,042,771		$	715,517,851
Converted from Class B*		–			–			725,710			5,954,085
Converted from Class C**		26,275,240			209,115,573			42,540,947			341,584,436
Reinvestment of distributions		22,444,062			179,194,884			32,122,488			253,143,937
Shares reacquired		(106,980,010	)		(849,818,557	)		(139,461,180	)		(1,109,191,945	)
Increase		75,657,536		$	607,709,783			24,970,736		$	207,008,364

Class B Shares
Shares sold		–		$	–			350		$	1,372
Reinvestment of distributions		–			–			3,780			31,162
Shares reacquired		–			–			(84,851	)		(694,589	)
Converted to Class A*		–			–			(723,417	)		(5,954,085	)
Decrease		–		$	–			(804,138	)	$	(6,616,140	)

Class C Shares
Shares sold		43,768,575		$	350,928,819			31,268,208		$	251,885,686
Reinvestment of distributions		5,027,837			40,211,441			9,385,524			74,297,016
Shares reacquired		(32,888,087	)		(261,619,288	)		(51,447,004	)		(411,326,771	)
Converted to Class A**		(26,206,544	)		(209,115,573	)		(42,435,232	)		(341,584,436	)
Decrease		(10,298,219	)	$	(79,594,601	)		(53,228,504	)	$	(426,728,505	)

Class F Shares
Shares sold		346,791,388		$	2,762,309,640			253,719,826		$	2,036,261,266
Reinvestment of distributions		19,369,737			154,501,880			25,443,252			200,126,782
Shares reacquired		(172,184,295	)		(1,365,130,514	)		(226,304,503	)		(1,785,567,950	)
Increase		193,976,830		$	1,551,681,006			52,858,575		$	450,820,098

Notes to Financial Statements (continued)

	Year Ended December 31, 2019						Year Ended December 31, 2018
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		106,494,546		$	845,843,853			94,593,905		$	756,207,322
Reinvestment of distributions		10,303,012			81,952,647			11,496,201			89,940,220
Shares reacquired		(40,243,536	)		(318,286,371	)		(32,893,600	)		(259,525,702	)
Increase		76,554,022		$	609,510,129			73,196,506		$	586,621,840

Class I Shares
Shares sold		85,849,333		$	681,803,971			54,051,383		$	431,982,693
Reinvestment of distributions		5,557,418			44,150,983			7,780,452			61,042,373
Shares reacquired		(43,011,770	)		(338,928,271	)		(63,691,245	)		(502,420,870	)
Increase (decrease)		48,394,981		$	387,026,683			(1,859,410	)	$	(9,395,804	)

Class P Shares
Shares sold		237,182		$	1,913,910			249,640		$	2,045,598
Reinvestment of distributions		83,645			682,350			146,936			1,187,883
Shares reacquired		(595,234	)		(4,849,340	)		(1,948,530	)		(16,225,112	)
Decrease		(274,407	)	$	(2,253,080	)		(1,551,954	)	$	(12,991,631	)

Class R2 Shares
Shares sold		279,426		$	2,219,423			365,702		$	2,951,667
Reinvestment of distributions		19,950			159,371			30,106			237,641
Shares reacquired		(342,140	)		(2,715,689	)		(629,724	)		(5,053,425	)
Decrease		(42,764	)	$	(336,895	)		(233,916	)	$	(1,864,117	)

Class R3 Shares
Shares sold		6,315,210		$	50,436,576			4,877,246		$	39,068,672
Reinvestment of distributions		826,117			6,583,665			1,121,177			8,808,906
Shares reacquired		(2,839,181	)		(22,473,168	)		(3,945,159	)		(31,669,016	)
Increase		4,302,146		$	34,547,073			2,053,264		$	16,208,562

Class R4 Shares
Shares sold		4,187,331		$	33,496,348			2,255,095		$	18,064,120
Reinvestment of distributions		118,504			949,841			84,687			662,989
Shares reacquired		(901,293	)		(7,212,781	)		(837,046	)		(6,630,028	)
Increase		3,404,542		$	27,233,408			1,502,736		$	12,097,081

Class R5 Shares
Shares sold		1,391,831		$	11,010,329			1,820,043		$	14,564,194
Reinvestment of distributions		173,880			1,380,566			243,244			1,907,052
Shares reacquired		(3,589,909	)		(28,601,514	)		(1,324,437	)		(10,494,608	)
Increase (decrease)		(2,024,198	)	$	(16,210,619	)		738,850		$	5,976,638

Class R6 Shares
Shares sold		14,483,680		$	115,423,678			12,151,378		$	97,535,616
Reinvestment of distributions		605,469			4,812,557			701,225			5,482,843
Shares reacquired		(7,633,285	)		(60,378,107	)		(5,638,275	)		(44,812,345	)
Increase		7,455,864		$	59,858,128			7,214,328		$	58,206,114

Notes to Financial Statements (concluded)

	Year Ended December 31, 2019				Year Ended December 31, 2018
Class T Shares^(a)	Shares		Amount		Shares			Amount
Shares sold		–	$	–		–		$	–
Reinvestment of distributions		–		–		27			220
Shares reacquired		–		–		(1,274	)		(10,229	)
Decrease		–	$	–		(1,247	)	$	(10,009	)


*	Automatic conversion of Class B shares occurred on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Class B shares were closed on April 25, 2018.
**	Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted.
^(a)	Closed on July 24, 2018.

Report of Independent Registered Public Accounting Firm

To the shareholders and Board of Directors of Lord Abbett Bond-Debenture Fund, Inc.

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Lord Abbett Bond-Debenture Fund, Inc. (the “Fund”), including the schedule of investments, as of December 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
February 26, 2020

We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.

Supplemental Proxy Information (unaudited)

A joint special meeting of shareholders of the Fund was held on August 26, 2019. The joint special meeting was held for the purpose of electing members of the Fund’s Board of Directors. Shareholders elected the following ten (10) Directors at the joint special meeting:

•	Eric C. Fast
•	Evelyn E. Guernsey
•	Julie A. Hill
•	Kathleen M. Lutito
•	James M. McTaggart
•	Charles O. Prince
•	Karla M. Rabusch
•	Mark A. Schmid
•	Douglas B. Sieg
•	James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Lord Abbett Bond Debenture Fund, Inc.

Nominee Votes	Votes For	Votes Withheld
Eric C. Fast	1,562,158,637.934	32,271,906.548
Evelyn E. Guernsey	1,562,131,152.873	32,299,391.609
Julie A. Hill	1,561,840,831.123	32,589,713.359
Kathleen M. Lutito	1,563,535,439.807	30,895,104.675
James M. McTaggart	1,561,421,811.134	33,008,733.348
Charles O. Prince	1,560,503,226.004	33,927,318.478
Karla M. Rabusch	1,561,936,925.173	32,493,619.309
Mark A. Schmid	1,562,575,160.314	31,855,384.168
Douglas B. Sieg	1,563,033,586.626	31,396,957.856
James L.L. Tullis	1,560,404,222.921	34,026,321.561

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the State of Maryland. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Director holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord Abbett, a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Interested Director

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is director/trustee of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 57 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Director since 2016; President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Independent Directors

The following Independent Directors also are directors/trustees of each of the 12 investment companies in the Lord Abbett Family of Funds, which consist of 57 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Director since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Director since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Director since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Director since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street. Jersey City, NJ 07302 (1959)	Director since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Director since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (since 2009). Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Director since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors—FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine, Inc. (since 2018), and electroCore, Inc. (since 2018).

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth		Current Position with the Fund		Length of Service of Current Position		Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)		President and Chief Executive Officer		Elected as President and Chief Executive Officer in 2018		Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Treasurer	Elected in 2018	Partner and Director of Fund Treasury and Tax, joined Lord Abbett in 2003.

Bernard J. Grzelak (1971)	Chief Financial Officer Vice President	Elected in 2017	Partner and Chief Operating Officer, Global Funds and Risk, joined Lord Abbett in 2003.

Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016 and was formerly a Director and Corporate Counsel at PGIM Investments (2012–2016).

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Directors. It is available free upon request.

Approval of Advisory Contract

The Board, including all of the Directors who are not “interested persons” of the Fund or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about the Fund’s investment performance compared to the performance of its benchmarks. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of two appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund; and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2019. The Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord

Approval of Advisory Contract (continued)

Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including the Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

Profitability. The Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether the Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to the Fund was not excessive.

Economies of Scale. The Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible

Approval of Advisory Contract (concluded)

benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

Householding

The Fund has adopted a policy that allows it to send only one copy of the Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to the Fund’s portfolio securities, and information on how Lord Abbett voted the Fund’s proxies during the 12-month period ended December 31 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

Tax Information

2% of the ordinary income distributions paid by the Fund during the fiscal year ended December 31, 2019 is qualified dividend income. For corporate shareholders, 2% of the Fund’s ordinary income distributions qualified for the dividend received deduction.

For foreign shareholders, 73% of the net investment income distributions paid by the Fund during the fiscal year ended December 31, 2019 represents interest-related dividends.

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.

Lord Abbett mutual fund shares are distributed by		LABD-2
LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Bond-Debenture Fund, Inc.	(2/20)

Item 2:

Code of Ethics.

	(a)	In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended December 31, 2019 (the “Period”).

	(b)	Not applicable.

	(c)	The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

	(d)	The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

	(e)	Not applicable.

	(f)	See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3:	Audit Committee Financial Expert.

	The Registrant’s board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4:	Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended December 31, 2019 and 2018 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2019		2018
Audit Fees {a}		$79,100		$76,800
Audit-Related Fees		- 0 -		- 0 -
Total audit and audit-related fees		79,100		76,800

Tax Fees {b}		7,556		12,046
All Other Fees		- 0 -		- 0 -

Total Fees		$86,656		$88,846

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended December 31, 2019 and 2018 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

	·	any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and
	·	any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chairman, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended December 31, 2019 and 2018 were:

	Fiscal year ended:
	2019		2018
All Other Fees {a}		$215,383		$200,339

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended December 31, 2019 and 2018 were:

	Fiscal year ended:
	2019		2018
All Other Fees		$ - 0 -		$ - 0-

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

Item 5:	Audit Committee of Listed Registrants.

	Not applicable.

Item 6:	Investments.

	Not applicable.

Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

	Not applicable.

Item 8:	Portfolio Managers of Closed-End Management Investment Companies.

	Not applicable.

Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

	Not applicable.

Item 10:	Submission of Matters to a Vote of Security Holders.

	Not applicable.

Item 11:	Controls and Procedures.

	(a)	Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

	(b)	There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Exhibits.

	(a)(1)	The Lord Abbett Family of Funds Sarbanes Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of Ex-99. CODEETH.

	(a)(2)	Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

	(b)	Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LORD ABBETT BOND-DEBENTURE FUND, INC.

		By:	/s/ Douglas B. Sieg
			Douglas B. Sieg President and Chief Executive Officer

Date: February 26, 2020

		By:	/s/ Bernard J. Grzelak
			Bernard J. Grzelak
			Chief Financial Officer and Vice President

Date: February 26, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: February 26, 2020

	By:	/s/ Bernard J. Grzelak
		Bernard J. Grzelak
		Chief Financial Officer and Vice President

Date: February 26, 2020

EXHIBIT 99.CODE OF ETHICS

THE LORD ABBETT FAMILY OF FUNDS

SARBANES-OXLEY CODE OF ETHICS

FOR THE PRINCIPAL EXECUTIVE OFFICER

AND SENIOR FINANCIAL OFFICERS

I.	Covered Officers/Purpose of the Code

The Lord Abbett Family of Funds’ code of ethics (the “Code”) for the investment companies within the complex (collectively, “Funds” and each individually a “Fund”), applies to each Fund’s Principal Executive Officer and Senior Financial Officers (the “Covered Officers”, each of whom is set forth in Exhibit A) for the purpose of promoting:

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

compliance with applicable laws and governmental rules and regulations;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC (“Lord Abbett”) are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

* * * *

Each Covered Officer must:

not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett’s General Counsel if material. Examples of these include:

service as a director on the board of any public company;

any direct ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than Lord Abbett or any affiliated person of Lord Abbett;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s employment, such as compensation or as a member of Lord Abbett.

III.

Disclosure & Compliance

Each Covered Officer should familiarize him/herself with the disclosure requirements generally applicable to the Funds;

June 2003

each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund’s independent directors/trustees and auditors, and to governmental regulators and self-regulatory organizations;

each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.

Reporting and Accountability

Each Covered Officer must:

upon adoption of the Code, affirm in writing to the Audit Committee (the “Committee”) of a Fund that he/she has received, read, and understands the Code;

annually thereafter affirm to the Committee that he/she has complied with the requirements of the Code;

report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Funds’ Annual Directors & Officers Questionnaire;

not retaliate against any employee or member of Lord Abbett for reports of potential violations that are made in good faith; and

notify Lord Abbett’s General Counsel promptly if he/she alleges any violation of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett’s General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

Lord Abbett’s General Counsel will take all appropriate action to investigate any potential violations reported to him;

if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly scheduled meeting his investigation and conclusion;

any matter that the General Counsel believes is a violation will be reported to the Committee;

if the Committee concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

the Committee will be responsible for granting waivers, as appropriate; and

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.	Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and Lord Abbett’s codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.

Amendments

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund’s independent directors/trustees.

VII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

VIII.

Internal Use

June 2003

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

Exhibit A

Persons Covered by this Code of Ethics		Position With Funds

Douglas B. Sieg	Principal Executive Officer	President and Chief Executive Officer

Bernard J. Grzelak	Principal Financial Officer	Chief Financial Officer and Vice President

Vito A. Fronda	Principal Accounting Officer	Treasurer

November 2018

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

I have reviewed this report on Form N-CSR of Lord Abbett Bond-Debenture Fund, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 26, 2020

	/s/ Douglas B. Sieg
	Douglas B. Sieg
	President and Chief Executive Officer

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Bernard J. Grzelak, certify that:

I have reviewed this report on Form N-CSR of Lord Abbett Bond-Debenture Fund, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: February 26, 2020

	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

This report on Form N-CSR of Lord Abbett Bond-Debenture Fund, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: February 26, 2020

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

	By:	/s/ Bernard J. Grzelak
.		Bernard J. Grzelak
		Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.