Special Situations Income Fund
Daily price w/o sales charge as of 09/28/2023
$9.08
$0.01
YTD Returns w/o sales charge as of 09/28/2023
11.33%
Please click here for performance current to the most recent quarter-end and month-end.
Summary
Summary
The Fund seeks to deliver high long-term total returns by investing in potentially mispriced opportunities created by market dislocations and other special situations.
Yield
Average Yield to Maturity as of 08/31/2023 |
10.39% |
Subsidized2 | Un-Subsidized3 | |
---|---|---|
w/o sales charge | 9.66% | 8.23% |
Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.
Fund Basicsas of 08/31/2023
- Total Net Assets
- $78.22 M
- Inception Date
- 09/13/2021
- Dividend Frequency
- Monthly
- Fund Gross Expense Ratio
- 1.73%
- Fund Net Expense Ratio
- 0.25%
- Number of Holdings
- 62
- Minimum Initial Investment
-
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 09/13/2021 |
---|
w/o sales charge | 11.29% | 8.95% | - | - | - | 3.40% |
Lipper Category Avg. | - | - | - | - | - | - |
CS Leveraged Loan Index | 8.95% | 9.08% | - | - | - | - |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 09/13/2021 |
---|
w/o sales charge | 8.13% | 8.14% | - | - | - | 2.08% |
Lipper Category Avg. | - | - | - | - | - | - |
CS Leveraged Loan Index | 6.33% | 10.10% | - | - | - | - |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect sales charges, which are not applicable to Class I Shares. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.
Performance
Performance
Average Yield to Maturity as of 08/31/2023
30-Day Standardized Yield 1 as of 08/31/2023
Subsidized2 | Un-Subsidized3 | |
---|---|---|
w/o sales charge | 9.66% | 8.23% |
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 09/13/2021 |
---|
w/o sales charge | 11.29% | 8.95% | - | - | - | 3.40% |
Lipper Category Avg. | - | - | - | - | - | - |
CS Leveraged Loan Index | 8.95% | 9.08% | - | - | - | - |
w/ sales charge | 11.29% | 8.95% | - | - | - | 3.40% |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
YTD | 1-YR | 3-YR | 5-YR | 10-YR | Since Inception 09/13/2021 |
---|
w/o sales charge | 8.13% | 8.14% | - | - | - | 2.08% |
Lipper Category Avg. | - | - | - | - | - | - |
CS Leveraged Loan Index | 6.33% | 10.10% | - | - | - | - |
Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.
Fund Expense Ratio :
Gross 1.73%
Net 0.25%
The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect sales charges, which are not applicable to Class I Shares. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.
Year | Fund Returns | CS Leveraged Loan Index |
---|
2022 | -4.54% | -1.06% |
2021 | 0.55% | 5.40% |
Year | Q1 | Q2 | Q3 | Q4 | Yearly Returns |
---|
2023 | 3.94% | 4.04% | - | - | 11.33% |
2022 | 1.06% | -5.55% | -0.06% | 0.06% | -4.54% |
2021 | - | - | - | 0.36% | 0.55% |
Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.
NAV Historical Prices
Date | Net Asset Value |
---|
Portfolio
Portfolio
Type | Assets |
---|---|
Bank Loans | |
U.S. High Yield Corporate | |
Non-U.S. High Yield Corporate | |
Emerging Market | |
Cash |
The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.
Rating | Assets |
---|---|
Less than 1 year | |
1-2.99 years | |
3-4.99 years | |
5-6.99 years | |
7-9.99 years |
The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.
Credit Quality Distribution as of 08/31/2023
Rating | Assets |
---|---|
BB | |
B | |
CCC | |
Not Rated |
Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the average rating based on numeric values assigned to each rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.
Portfolio Details as of 08/31/2023
- Total Net Assets
- $78.22 M
- Average Effective Duration
- 1.46 Years
- Average Life
- 3.76 Years
- Average Maturity
- 3.98 Years
- Number of Issues
- 62
- Average Yield to Maturity
- 10.39%
To view definitions for the above Portfolio Details, Click here.
Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.
Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.
Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.
All Holdings as of07/31/2023
Holding | Coupon | Maturity | Assets |
---|
United States Treasury Bill | 0.000% | 08/01/2023 | 20.4% |
BEP Ulterra Holdings Inc | 10.669% | 11/26/2025 | 4.8% |
Full House Resorts Inc | 8.250% | 02/15/2028 | 3.6% |
Doncasters US LLC | 12.131% | 03/06/2024 | 3.2% |
Triumph Group Inc | 7.750% | 08/15/2025 | 3.1% |
MB Aerospace Holdings II Corp | 0.000% | 01/22/2025 | 3.0% |
Ferroglobe PLC / Globe Specialty Metals Inc | 9.375% | 12/31/2025 | 2.8% |
Imperva Inc | 0.000% | 01/12/2026 | 2.7% |
Engineered Machinery Holdings Inc | 12.038% | 05/21/2029 | 2.7% |
Life Time Inc | 10.050% | 01/15/2026 | 2.6% |
SPECTACLE GARY HOLDINGS LLC | 9.769% | 12/10/2028 | 2.4% |
Coronado Finance Pty Ltd | 10.750% | 05/15/2026 | 2.4% |
CEC Entertainment LLC | 6.750% | 05/01/2026 | 2.3% |
Nine Energy Service Inc | 13.000% | 02/01/2028 | 2.2% |
ECL Entertainment LLC | 12.933% | 05/01/2028 | 2.2% |
Tank Holding Corp | 11.169% | 03/31/2028 | 2.2% |
Minotaur Acquisition Inc | 10.069% | 03/27/2026 | 2.1% |
Global Aircraft Leasing Co Ltd | 6.500% | 09/15/2024 | 2.0% |
Cornerstone Building Brands Inc | 10.847% | 08/01/2028 | 2.0% |
Crescent Energy Finance LLC | 7.250% | 05/01/2026 | 2.0% |
LBM Acquisition LLC | 6.250% | 01/15/2029 | 2.0% |
Par Petroleum LLC | 9.614% | 02/28/2030 | 1.9% |
Madison IAQ LLC | 5.875% | 06/30/2029 | 1.9% |
LSF12 BADGER BIDCO LLC | 0.000% | 07/25/2030 | 1.9% |
EquipmentShare.com Inc | 9.000% | 05/15/2028 | 1.8% |
Foundation Building Materials Inc | 6.000% | 03/01/2029 | 1.8% |
JW Aluminum Continuous Cast Co | 10.250% | 06/01/2026 | 1.7% |
VistaJet Malta Finance PLC / Vista Management Holding Inc | 6.375% | 02/01/2030 | 1.7% |
Sizzling Platter LLC / Sizzling Platter Finance Corp | 8.500% | 11/28/2025 | 1.7% |
GPS Hospitality Holding Co LLC / GPS Finco Inc | 7.000% | 08/15/2028 | 1.7% |
Engineered Components & Systems LLC | 11.369% | 08/02/2028 | 1.6% |
SPX FLOW Inc | 8.750% | 04/01/2030 | 1.6% |
ACProducts Holdings Inc | 9.754% | 05/17/2028 | 1.5% |
DCG Acquisition Corp | 9.919% | 09/30/2026 | 1.5% |
Eco Material Technologies Inc | 7.875% | 01/31/2027 | 1.5% |
WaterBridge Midstream Operating LLC | 11.363% | 06/22/2026 | 1.4% |
White Cap Parent LLC | 8.250% | 03/15/2026 | 1.4% |
W&T Offshore Inc | 11.750% | 02/01/2026 | 1.3% |
Park-Ohio Industries Inc | 6.625% | 04/15/2027 | 1.2% |
Vital Energy Inc | 7.750% | 07/31/2029 | 1.2% |
Advisor Group Holdings Inc | 9.933% | 07/31/2026 | 1.2% |
BCP V Modular Services Finance PLC | 6.750% | 11/30/2029 | 1.1% |
VUE INTERNATIONAL BIDCO P L C | 4.859% | 12/31/2027 | 1.0% |
Benteler International AG | 10.500% | 05/15/2028 | 0.8% |
Welltec International ApS | 8.250% | 10/15/2026 | 0.8% |
Nabors Industries Ltd | 7.250% | 01/15/2026 | 0.8% |
AMC Entertainment Holdings Inc | 12.000% | 06/15/2026 | 0.8% |
Tank Holding Corp | 11.391% | 03/31/2028 | 0.7% |
Earthstone Energy Holdings LLC | 9.875% | 07/15/2031 | 0.6% |
Alloy Finco Ltd | 0.500% | 03/06/2025 | 0.4% |
VUE INTERNATIONAL BIDCO P L C | 11.086% | 06/30/2027 | 0.3% |
Azul Secured Finance LLP | 11.500% | 05/28/2029 | 0.2% |
Total Return Swap | 5.101% | 09/20/2023 | 0.2% |
KLX Energy Services Holdings Inc | 11.500% | 11/01/2025 | 0.2% |
Sunac China Holdings Ltd | 6.500% | 01/10/2025 | 0.0% |
Total Return Swap | 5.101% | 09/20/2023 | 0.0% |
Credit Index Swap | 5.000% | 06/20/2028 | 0.0% |
Tank Holding Corp | 0.010% | 03/31/2028 | 0.0% |
FX USD/EUR 09/23 | 0.000% | 09/13/2023 | 0.0% |
Holding | Coupon | Maturity | Assets |
---|
Engineered Machinery Holdings Inc | 12.038% | 05/21/2029 | 4.5% |
Full House Resorts Inc | 8.250% | 02/15/2028 | 3.8% |
Triumph Group Inc | 7.750% | 08/15/2025 | 3.8% |
Doncasters US LLC | 11.812% | 03/06/2024 | 3.7% |
SPECTACLE GARY HOLDINGS LLC | 9.769% | 12/10/2028 | 3.6% |
MB Aerospace Holdings II Corp | 0.000% | 01/22/2025 | 3.5% |
Minotaur Acquisition Inc | 10.181% | 03/27/2026 | 3.5% |
ECL Entertainment LLC | 0.000% | 08/16/2030 | 3.4% |
LSF12 BADGER BIDCO LLC | 0.000% | 07/25/2030 | 3.4% |
Park-Ohio Industries Inc | 6.625% | 04/15/2027 | 3.3% |
Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.
Dividends & Cap Gains
Dividends & Cap Gains
Dividend Payments
- YTD Dividends Paidas of 09/28/2023
- $0.62544
- Dividend Frequency
- Monthly (Daily Accrual)
Record Date | Ex-Dividend Date | Reinvest & Payable Date | Dividend | Reinvest Price |
---|---|---|---|---|
Daily | Daily | 08/31/2023 | $0.07689 | $9.15 |
Daily | Daily | 07/31/2023 | $0.07637 | $9.14 |
Daily | Daily | 06/30/2023 | $0.07957 | $9.04 |
Daily | Daily | 05/31/2023 | $0.08372 | $8.89 |
Daily | Daily | 04/30/2023 | $0.08305 | $8.97 |
Daily | Daily | 03/31/2023 | $0.07581 | $8.93 |
Daily | Daily | 02/28/2023 | $0.07883 | $8.96 |
Daily | Daily | 01/31/2023 | $0.07120 | $9.01 |
Upcoming Dividend Payment Dates
Record Date | Ex-Dividend Date | Reinvest & Payable Date |
---|---|---|
Daily | Daily | 09/30/2023 |
Daily | Daily | 10/31/2023 |
Daily | Daily | 11/30/2023 |
Daily | Daily | 12/31/2023 |
Capital Gains Distributions
Record Date | Reinvest & Payable Date | Long-term | Short-term * | Total | Reinvest Price |
---|---|---|---|---|---|
07/27/2022 | 07/28/2022 | $0.0048 | - | $0.0048 | $9.18 |
Taxed as ordinary income
Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.
Fees & Expenses
Fees & Expenses
Expense Ratio
Fund Gross Expense Ratio | Fund Net Expense Ratio | |
---|---|---|
1.73% | 0.25% |
Expense ratio details, Click here.
The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 04/30/2024. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.
Fund Documents
Fund Documents
0Documents selected
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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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SAI
Publish Date:11/03/2015
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Annual Report
Publish Date:11/03/2015
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Semi-Annual Report
Publish Date:11/03/2015
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Commentary
Publish Date:11/03/2015
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Repurchase Calendar
Publish Date:11/03/2015
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Section 16 Filings available HERE.