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 01/31/2025

6.88%

30-Day Standardized Yield 1 as of 01/31/2025  

5.65%

Fund Basicsas of 01/31/2025

Total Net Assets
$22.14 B
Inception Date
04/01/1971
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.84%
Fund Net Expense Ratio
0.84%
Adjusted Expense Ratio
0.78%
Number of Holdings
956
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.49% 7.99% 1.50% 2.14% 3.87% 7.80%
Lipper Category Avg. Multi-Sector Income Funds 0.87% 5.66% 1.37% 1.73% 2.98% -
Bloomberg U.S. Aggregate Bond Index 0.53% 2.07% -1.52% -0.60% 1.19% -
w/ sales charge -0.74% 5.60% 0.72% 1.67% 3.64% 7.76%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 6.77% 6.77% -0.13% 2.05% 3.82% 7.78%
Lipper Category Avg. Multi-Sector Income Funds 5.13% 5.13% 0.52% 1.75% 2.95% -
Bloomberg U.S. Aggregate Bond Index 1.25% 1.25% -2.41% -0.33% 1.35% -
w/ sales charge 4.41% 4.41% -0.87% 1.58% 3.59% 7.74%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

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
CMBS
Sovereign
ABS
CLO
U.S. Government Related
Private Credit
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 01/31/2025 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 & Co-Head of Taxable Fixed Income

24 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

34 Years of Industry Experience

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

Partner, Portfolio Manager

27 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

31 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

28 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

17 Years of Industry Experience

Supported By 84 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 01/31/2025

6.88%

30-Day Standardized Yield 1 as of 01/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.65% 5.65%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.49% 7.99% 1.50% 2.14% 3.87% 7.80%
Lipper Category Avg. Multi-Sector Income Funds 0.87% 5.66% 1.37% 1.73% 2.98% -
Bloomberg U.S. Aggregate Bond Index 0.53% 2.07% -1.52% -0.60% 1.19% -
w/ sales charge -0.74% 5.60% 0.72% 1.67% 3.64% 7.76%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 6.77% 6.77% -0.13% 2.05% 3.82% 7.78%
Lipper Category Avg. Multi-Sector Income Funds 5.13% 5.13% 0.52% 1.75% 2.95% -
Bloomberg U.S. Aggregate Bond Index 1.25% 1.25% -2.41% -0.33% 1.35% -
w/ sales charge 4.41% 4.41% -0.87% 1.58% 3.59% 7.74%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2024 6.77% 1.25%
2023 6.85% 5.53%
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% -
2013 7.78% -
2012 13.22% -
2011 3.88% -
2010 12.94% -
2009 35.37% -
2008 -20.26% -
2007 5.34% -
2006 9.87% -
2005 1.56% -
Year Q1 Q2 Q3 Q4
2025 - - - -
2024 2.02% 0.79% 4.63% -0.76%
2023 1.79% 0.12% -1.43% 6.37%
2022 -5.95% -7.91% -1.74% 2.60%
2021 0.83% 2.18% 0.11% 0.11%
2020 -11.90% 10.10% 4.48% 6.17%
2019 6.82% 3.60% 0.62% 1.82%
2018 -1.01% -0.15% 2.37% -4.91%
2017 2.66% 2.09% 2.54% 1.62%
2016 1.64% 4.31% 4.75% 1.16%
2015 3.40% -0.43% -3.62% -0.98%
2014 2.83% 2.53% -1.54% 0.67%
2013 3.11% -1.48% 2.69% 3.32%
2012 5.66% 0.25% 4.45% 2.34%
2011 4.21% 0.86% -6.56% 5.77%
2010 3.69% -1.20% 6.61% 3.40%
2009 2.40% 12.76% 11.53% 5.13%
2008 -2.79% 1.42% -7.80% -12.29%
2007 2.64% 1.10% 2.03% -0.51%
2006 2.71% -0.52% 3.54% 3.85%
2005 -1.86% 1.54% 1.52% 0.40%
2004 1.74% -0.61% 2.95% 4.29%
2003 3.34% 7.96% 1.97% 5.73%
2002 0.11% -4.06% -1.93% 5.03%
2001 3.61% -0.33% -3.48% 5.22%
2000 -0.25% 0.91% 1.35% -2.81%
1999 1.69% -0.14% -1.35% 3.72%
1998 4.40% 0.61% -4.95% 4.94%
1997 0.95% 5.61% 4.15% 1.49%
1996 2.49% 1.09% 3.92% 3.25%
1995 4.30% 5.69% 3.08% 3.41%
1994 -0.87% -1.68% 0.53% -1.90%
1993 6.02% 3.45% 2.17% 3.49%
1992 5.52% 3.30% 4.58% 1.76%
1991 13.83% 6.14% 8.09% 5.94%
1990 -1.14% 3.24% -8.24% -1.31%
1989 3.16% 3.50% 0.42% -2.01%
1988 6.72% 3.47% 1.36% 1.67%
1987 7.62% -0.63% 0.06% -4.80%
1986 7.90% 2.31% -2.60% 2.87%
1985 6.20% 6.60% 1.93% 4.87%
1984 0.96% -4.81% 7.16% 1.92%
1983 10.78% 5.47% -0.62% 0.68%
1982 0.04% 2.77% 10.54% 12.22%
1981 3.78% 2.33% -8.09% 7.88%
1980 -9.93% 19.56% -1.46% 2.61%
1979 6.46% 3.42% 1.25% -4.02%
1978 2.24% 0.92% 5.75% -5.81%
1977 -0.02% 5.96% -1.31% 2.35%
1976 14.52% 2.74% 4.99% 5.99%
1975 16.50% 8.54% -2.33% 4.95%
1974 6.42% -7.46% -6.91% 3.54%
1973 -0.69% -6.28% 5.63% -8.30%
1972 5.02% -0.45% -0.44% 2.08%

Growth of $10,000 as of 01/31/2025

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
CMBS
Sovereign
ABS
CLO
U.S. Government Related
Private Credit
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 01/31/2025

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

Portfolio Positioning as of 09/30/2024

  • 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 bank loans, Emerging Market sovereign and corporate debt and equities. Specifically, over the quarter, we added to the Fund’s allocations in corporate credit and agency MBS, while reducing exposure to floating rate sectors, specifically bank loans and collateralized loan obligations (CLOs). We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We favor fixed vs. floating rate exposure. With the Fed expected to implement further interest rate cuts in the near term, we favor securities with fixed-rate coupons as opposed to variable coupons. Specifically, over the quarter, we added to the Fund’s allocations in corporate credit and agency MBS, while reducing exposure to floating rate sectors, specifically bank loans and collateralized loan obligations (CLOs).
  • The Fund continued to be constructive on corporate credit. We remain constructive on corporate credit considering the overall health of the U.S. economy, open capital markets and benign default rate outlook. Notably, fundamentals for both investment grade and high yield issuers continue to be robust with leverage and interest rate coverage also remain at supportive levels, aiding the belief that defaults should be relatively benign as we move into 2025. We do acknowledge that valuations are relatively tight, but we believe there is still modest room for spreads to move lower given the high-quality nature and relative fundamental strength of the market. In this light, we’ve added to both high yield and investment grade allocations over the quarter.
  • We are more balanced in the Fund’s sector exposure. The Fund remained primarily allocated to Basic Industry and Energy sectors. However, we reduced allocation, specifically in Chemicals, Metals and Mining, and Exploration & Production subsectors, as these areas tend to be sensitive to lower commodity prices and slower economic growth. Instead, we added to more defensive sectors, such as Utilities and Healthcare, with the intention to balance the Fund’s cyclical sector exposure.
  • Looking forward, we continue to see opportunity to capture high-quality carry within fixed income sectors. We believe that there continues to be value in fixed income sectors given the level of starting yields across sectors. We remain constructive in credit, both investment grade and high yield, as fundamentals for issuers continue to be robust with leverage and interest rate coverage remaining at supportive levels. Looking ahead, we remain focused on maintaining a balanced approach in the Fund between cyclical and defensive exposure. Outside of credit, we continue to find value in areas such as Agency MBS, particularly if interest rates begin to decline, as well as select opportunities in convertible bonds, bank loans and securitized products. Key risk factors to watch remain a resurgence of inflation that upends the narrative, accommodative monetary policy, a pivot by issuers to more non-credit-friendly uses of debt finance, and a macro or policy driven spike of interest rate volatility that would leave investors flipping to defensive with less focus on credit.

Portfolio Details as of 01/31/2025

Total Net Assets
$22.14 B
Average Effective Duration
3.91 Years
Average Life
5.61 Years
Average Maturity
7.39 Years
Number of Issues
956
Average Yield to Maturity
6.88%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/18/2025
$0.03601
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2025 $0.03601 $7.20

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/28/2025
Daily Daily 03/31/2025
Daily Daily 04/30/2025
Daily Daily 05/31/2025
Daily Daily 06/30/2025
Daily Daily 07/31/2025
Daily Daily 08/31/2025
Daily Daily 09/30/2025
Daily Daily 10/31/2025
Daily Daily 11/30/2025
Daily Daily 12/31/2025

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 02/18/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.37
$100,000 to $249,999 1.75% 1.50% $7.33
$250,000 to $499,999 1.25% 1.00% $7.29
Greater than $500,000 0.00% 1.00% $7.20