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Bond Debenture Fund

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

Dividend Yield 1 as of 08/16/2019  

w/o sales charge 3.94%

30-Day Standardized Yield 2 as of 07/31/2019  

3.34%

Fund Basicsas of 07/31/2019

Total Net Assets
$14.57 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.84%
Number of Holdings
800

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.27% 7.37% 6.40% 5.29% 7.93% -
Lipper Category Avg. Multi-Sector Income Funds 7.47% 6.02% 4.18% 3.27% 5.66% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.35% 8.08% 2.17% 3.05% 3.75% -

Fund Expense Ratio :

0.84%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.64% 7.54% 7.16% 4.88% 8.48% -
Lipper Category Avg. Multi-Sector Income Funds 6.96% 6.27% 4.53% 3.06% 6.04% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 7.87% 2.31% 2.95% 3.90% -

Fund Expense Ratio :

0.84%

RELATED CONTENT

Bonds: Going Beyond Core
June 25, 2018

As rates rise, a multi-sector bond portfolio offers the potential of a more favorable risk–reward trade-off than a core-bond strategy.

The Lord Abbett Bond Debenture Fund
June 1, 2018

Here’s how a flexible, multi-sector approach to fixed income has generated consistent long-term returns.

Bond Strategies for a Period of Rising Rates
May 7, 2018

Not all bonds have reacted the same during previous periods of rising rates.

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Non-U.S. Investment Grade Corporate
Equity
Sovereign
Non-U.S. High Yield Corporate
MBS
Bank Loans
U.S. Government Related
Municipals
CMBS
ABS
Convertibles
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 07/31/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Investment Team

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

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

Partner & Portfolio Manager

21 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Robert Clark
Robert S. Clark, CFA

Portfolio Manager

22 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

11 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 65 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 08/16/2019  

w/o sales charge 3.94%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.34% 3.34%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 11.27% 7.37% 6.40% 5.29% 7.93% -
Lipper Category Avg. Multi-Sector Income Funds 7.47% 6.02% 4.18% 3.27% 5.66% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.35% 8.08% 2.17% 3.05% 3.75% -

Fund Expense Ratio :

0.84%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.64% 7.54% 7.16% 4.88% 8.48% -
Lipper Category Avg. Multi-Sector Income Funds 6.96% 6.27% 4.53% 3.06% 6.04% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.11% 7.87% 2.31% 2.95% 3.90% -

Fund Expense Ratio :

0.84%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2018 -3.83% 0.01%
2017 9.16% 3.54%
2016 12.29% 2.65%
2015 -1.80% 0.55%
2014 4.49% 5.97%
2013 7.89% -2.02%
2012 13.21% 4.22%
2011 4.10% 7.84%
2010 13.12% 6.54%
2009 35.53% 5.93%
2008 -20.34% -
2007 5.46% -
2006 10.02% -
2005 1.67% -
2004 8.69% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 6.81% 3.59% - - 11.21%
2018 -1.03% -0.04% 2.23% -4.92% -3.83%
2017 2.78% 1.96% 2.52% 1.61% 9.16%
2016 1.62% 4.30% 4.74% 1.15% 12.29%
2015 3.39% -0.45% -3.63% -0.99% -1.80%
2014 2.86% 2.54% -1.57% 0.65% 4.49%
2013 3.14% -1.35% 2.59% 3.35% 7.89%
2012 5.69% 0.14% 4.49% 2.37% 13.21%
2011 4.25% 0.88% -6.45% 5.81% 4.10%
2010 3.87% -1.18% 6.54% 3.44% 13.12%
2009 2.45% 12.87% 11.44% 5.17% 35.53%
2008 -2.89% 1.46% -7.81% -12.30% -20.34%
2007 2.54% 1.26% 1.93% -0.36% 5.46%
2006 2.75% -0.50% 3.58% 3.89% 10.02%
2005 -1.84% 1.57% 1.55% 0.43% 1.67%
2004 - - - 4.32% 8.69%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Non-U.S. Investment Grade Corporate
Equity
Sovereign
Non-U.S. High Yield Corporate
MBS
Bank Loans
U.S. Government Related
Municipals
CMBS
ABS
Convertibles
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 07/31/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 6/30/2019

  • We decreased the portfolio’s allocation to the basic industry sector, as we brought down the exposure to select trade-sensitive industries as a result of heightened trade tensions during the period.
  • We added to the portfolio’s high yield, equity, and select emerging market bond allocations towards the end of the quarter, as we believe increasingly dovish U.S. Federal Reserve (Fed) posture, general risk-on sentiment, along with select idiosyncratic developments in EM will be a tailwind for these segments.
  • We increased the portfolio’s allocation to investment grade bonds over the quarter, specifically BBB-rated bonds, as we believe increased leverage and subsequent concerns surrounding downgrades have largely been unwarranted and overblown.
  • We believe the portfolio’s allocations to high yield bonds, bank loans and equity-related securities should offer diversification benefits and mitigate its sensitivity to changes in interest rates.
  • We remain constructive on risk assets despite continuing bouts of volatility. We believe that general economic fundamentals will favor the lower-rated segments of the leveraged credit market.

Portfolio Details as of 07/31/2019

Total Net Assets
$14.57 B
Number of Issues
800
Average Coupon
5.13%
Average Life
8.98 Years
Average Maturity
9.96 Years
Average Effective Duration
4.82 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/16/2019
$0.195
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 07/31/2019 $0.02656 $8.11
Daily Daily 06/30/2019 $0.02709 $8.09
Daily Daily 05/31/2019 $0.02696 $7.91
Daily Daily 04/30/2019 $0.02764 $7.95
Daily Daily 03/31/2019 $0.02840 $7.89
Daily Daily 02/28/2019 $0.02910 $7.80
Daily Daily 01/31/2019 $0.02953 $7.72

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $0.0841 - $0.0841 $7.54
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.98

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 07/31/2019

0.84%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
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
Flyer
Publish Date:11/03/2015
Publish Date:11/03/2015
n/a
Publish Date:11/03/2015

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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Barclays 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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