LBNDX | Bond Debenture Fund Class A | Lord Abbett

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Bond Debenture Fund

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Summary

Summary

What is the Bond Debenture Fund?

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

A PIONEER IN MULTI-SECTOR

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

A FLEXIBLE APPROACH

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

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

Yield

Average Yield to Maturity as of 10/31/2023

8.00%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 6.55% 6.54%

Fund Basicsas of 10/31/2023

Total Net Assets
$19.85 B
Inception Date
04/01/1971
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.78%
Fund Net Expense Ratio
0.78%
Number of Holdings
808
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 3.65% 2.59% -1.67% 2.29% 3.35% 7.75%
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index 1.64% 1.18% -4.47% 0.71% 1.37% -
w/ sales charge 1.33% 0.32% -2.41% 1.82% 3.12% 7.71%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 0.46% 3.07% -1.30% 0.99% 3.30% 7.72%
Lipper Category Avg. Multi-Sector Income Funds 1.82% 4.28% -1.21% 1.08% 2.37% -
Bloomberg U.S. Aggregate Bond Index -1.21% 0.64% -5.21% 0.10% 1.13% -
w/ sales charge -1.79% 0.73% -2.03% 0.52% 3.06% 7.67%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

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

Credit Quality Distribution as of 10/31/2023 View Portfolio

Rating Assets
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

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

Partner, Portfolio Manager

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

29 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

26 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 10/31/2023

8.00%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 6.55% 6.54%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 3.65% 2.59% -1.67% 2.29% 3.35% 7.75%
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index 1.64% 1.18% -4.47% 0.71% 1.37% -
w/ sales charge 1.33% 0.32% -2.41% 1.82% 3.12% 7.71%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 0.46% 3.07% -1.30% 0.99% 3.30% 7.72%
Lipper Category Avg. Multi-Sector Income Funds 1.82% 4.28% -1.21% 1.08% 2.37% -
Bloomberg U.S. Aggregate Bond Index -1.21% 0.64% -5.21% 0.10% 1.13% -
w/ sales charge -1.79% 0.73% -2.03% 0.52% 3.06% 7.67%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2022 -12.68% -13.01%
2021 3.26% -1.54%
2020 7.60% 7.51%
2019 13.37% 8.72%
2018 -3.79% 0.01%
2017 9.21% 3.54%
2016 12.35% 2.65%
2015 -1.74% 0.55%
2014 4.51% 5.97%
2013 7.78% -2.02%
2012 13.22% -
2011 3.88% -
2010 12.94% -
2009 35.37% -
2008 -20.26% -
2007 5.34% -
2006 9.87% -
2005 1.56% -
2004 8.56% -
2003 20.28% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.79% 0.12% -1.43% - 3.97%
2022 -5.95% -7.91% -1.74% 2.60% -12.68%
2021 0.83% 2.18% 0.11% 0.11% 3.26%
2020 -11.90% 10.10% 4.48% 6.17% 7.60%
2019 6.82% 3.60% 0.62% 1.82% 13.37%
2018 -1.01% -0.15% 2.37% -4.91% -3.79%
2017 2.66% 2.09% 2.54% 1.62% 9.21%
2016 1.64% 4.31% 4.75% 1.16% 12.35%
2015 3.40% -0.43% -3.62% -0.98% -1.74%
2014 2.83% 2.53% -1.54% 0.67% 4.51%
2013 3.11% -1.48% 2.69% 3.32% 7.78%
2012 5.66% 0.25% 4.45% 2.34% 13.22%
2011 4.21% 0.86% -6.56% 5.77% 3.88%
2010 3.69% -1.20% 6.61% 3.40% 12.94%
2009 2.40% 12.76% 11.53% 5.13% 35.37%
2008 -2.79% 1.42% -7.80% -12.29% -20.26%
2007 2.64% 1.10% 2.03% -0.51% 5.34%
2006 2.71% -0.52% 3.54% 3.85% 9.87%
2005 -1.86% 1.54% 1.52% 0.40% 1.56%
2004 1.74% -0.61% 2.95% 4.29% 8.56%
2003 3.34% 7.96% 1.97% 5.73% 20.28%
2002 0.11% -4.06% -1.93% 5.03% -1.08%
2001 3.61% -0.33% -3.48% 5.22% 4.86%
2000 -0.25% 0.91% 1.35% -2.81% -0.86%
1999 1.69% -0.14% -1.35% 3.72% 3.90%
1998 4.40% 0.61% -4.95% 4.94% 4.76%
1997 0.95% 5.61% 4.15% 1.49% 12.69%
1996 2.49% 1.09% 3.92% 3.25% 11.16%
1995 4.30% 5.69% 3.08% 3.41% 17.50%
1994 -0.87% -1.68% 0.53% -1.90% -3.87%
1993 6.02% 3.45% 2.17% 3.49% 15.97%
1992 5.52% 3.30% 4.58% 1.76% 16.00%
1991 13.83% 6.14% 8.09% 5.94% 38.34%
1990 -1.14% 3.24% -8.24% -1.31% -7.57%
1989 3.16% 3.50% 0.42% -2.01% 5.06%
1988 6.72% 3.47% 1.36% 1.67% 13.80%
1987 7.62% -0.63% 0.06% -4.80% 1.88%
1986 7.90% 2.31% -2.60% 2.87% 10.61%
1985 6.20% 6.60% 1.93% 4.87% 21.01%
1984 0.96% -4.81% 7.16% 1.92% 4.96%
1983 10.78% 5.47% -0.62% 0.68% 16.90%
1982 0.04% 2.77% 10.54% 12.22% 27.54%
1981 3.78% 2.33% -8.09% 7.88% 5.30%
1980 -9.93% 19.56% -1.46% 2.61% 8.88%
1979 6.46% 3.42% 1.25% -4.02% 7.00%
1978 2.24% 0.92% 5.75% -5.81% 2.77%
1977 -0.02% 5.96% -1.31% 2.35% 7.00%
1976 14.52% 2.74% 4.99% 5.99% 30.93%
1975 16.50% 8.54% -2.33% 4.95% 29.62%
1974 6.42% -7.46% -6.91% 3.54% -5.08%
1973 -0.69% -6.28% 5.63% -8.30% -9.84%
1972 5.02% -0.45% -0.44% 2.08% 6.26%
1971 - - 4.77% 6.03% 7.65%

Growth of $10,000 as of 10/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

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

Credit Quality Distribution as of 10/31/2023

Rating Assets
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 09/30/2023

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained a meaningful allocation to agency mortgage-backed securities (MBS), as well as modest allocations to equities, EM sovereign and corporate debt, bank loans and municipal bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • Within credit, the Fund continued to focus on higher carry, shorter duration high yield securities. High yield spreads have grinded tighter throughout the year, finishing slightly above 400 bps in September, which has helped offset the effects of rising bond yields in the asset class. However, with declining recessionary concerns helping to compress spreads to relatively tight levels, our primary focus has shifted towards identifying higher carry opportunities within the high yield universe. As primary markets have stabilized somewhat after a very slow 2022, we see the new issue high yield market as a strong source of carry. We continue to see value in the new issue high yield market as a strong source of carry given higher coupons and continue to actively participate in select primary issues. We added to the Fund’s BB and Single-B credit exposure throughout the period as macroeconomic data in the U.S. has been mostly positive. We used higher-rated investment grade credit that exhibited tight valuations as a source of cash for these trades.
  • Within corporate sectors, we remained constructive on the Energy and Basic Industry sectors. We continue to view Energy as a much more defensive sector than in prior periods given healthy balance sheets, reduced capital spending, and an increased focus on free cash flow. Within Basic Industry, we continue to be constructive in the Metals/Mining, Chemicals, and Steel subsectors due to relatively resilient commodity prices. We believe these issuers have better upside potential given the recent outperformance of cyclical parts of credit markets.
  • The Fund’s allocation to bank loans increased over the most recent quarter as we became more focused on investments that offered higher carry opportunities. Notably, bank loan exposure within the Fund had been around recent lows in the first half of the year as recession concerns have remained relatively elevated. We have targeted higher quality bank loans, specifically loans rated BB as we remain wary of sensitivity to potential tail risks.
  • We maintained the Fund’s modest exposure in Agency MBS, which offers a source of high quality, liquid spread. We continue to closely monitor this asset class for technical pressures and have modestly reduced some of this allocation in recent months and rotated into more credit-sensitive sectors

Portfolio Details as of 10/31/2023

Total Net Assets
$19.85 B
Average Effective Duration
3.04 Years
Average Life
7.13 Years
Average Maturity
8.18 Years
Number of Issues
808
Average Yield to Maturity
8.00%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/01/2023
$0.32887
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2023 $0.03157 $6.90
Daily Daily 10/31/2023 $0.03189 $6.65
Daily Daily 09/30/2023 $0.03125 $6.75
Daily Daily 08/31/2023 $0.03099 $6.90
Daily Daily 07/31/2023 $0.03006 $6.98
Daily Daily 06/30/2023 $0.02948 $6.94
Daily Daily 05/31/2023 $0.02974 $6.89
Daily Daily 04/30/2023 $0.02895 $7.02
Daily Daily 03/31/2023 $0.03009 $7.02
Daily Daily 02/28/2023 $0.02779 $7.00
Daily Daily 01/31/2023 $0.02705 $7.17

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/27/2022 07/28/2022 - $0.0131 $0.0131 $7.28

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.08
$100,000 to $249,999 1.75% 1.50% $7.04
$250,000 to $499,999 1.25% 1.00% $7.01
Greater than $500,000 0.00% 1.00% $6.92

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.78% 0.78%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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