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 05/30/2025

6.93%

Distribution Yield as of 06/18/2025  

6.11%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.66% 5.65%

Fund Basicsas of 05/30/2025

Total Net Assets
$21.15 B
Inception Date
04/01/1971
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.90%
Fund Net Expense Ratio
0.90%
Adjusted Expense Ratio
0.79%
Number of Holdings
914
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.43% 5.99% 3.50% 3.31% 3.51% 7.75%
Lipper Category Avg. Multi-Sector Income Funds 2.33% 6.48% 3.94% 2.97% 2.98% -
Bloomberg U.S. Aggregate Bond Index 2.45% 5.46% 1.49% -0.90% 1.49% -
w/ sales charge -0.80% 3.64% 2.73% 2.82% 3.27% 7.71%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 0.82% 5.52% 2.21% 4.84% 3.56% 7.76%
Lipper Category Avg. Multi-Sector Income Funds 1.81% 5.86% 2.65% 4.12% 2.99% -
Bloomberg U.S. Aggregate Bond Index 2.78% 4.88% 0.52% -0.40% 1.46% -
w/ sales charge -1.39% 3.20% 1.44% 4.37% 3.32% 7.72%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

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
CMBS
Equity
Sovereign
Bank Loans
ABS
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 05/30/2025 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 05/30/2025

6.93%

Distribution Yield as of 06/18/2025  

6.11%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.66% 5.65%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.43% 5.99% 3.50% 3.31% 3.51% 7.75%
Lipper Category Avg. Multi-Sector Income Funds 2.33% 6.48% 3.94% 2.97% 2.98% -
Bloomberg U.S. Aggregate Bond Index 2.45% 5.46% 1.49% -0.90% 1.49% -
w/ sales charge -0.80% 3.64% 2.73% 2.82% 3.27% 7.71%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 0.82% 5.52% 2.21% 4.84% 3.56% 7.76%
Lipper Category Avg. Multi-Sector Income Funds 1.81% 5.86% 2.65% 4.12% 2.99% -
Bloomberg U.S. Aggregate Bond Index 2.78% 4.88% 0.52% -0.40% 1.46% -
w/ sales charge -1.39% 3.20% 1.44% 4.37% 3.32% 7.72%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

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 0.82% - - -
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 05/31/2025

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
CMBS
Equity
Sovereign
Bank Loans
ABS
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 05/30/2025

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

Portfolio Positioning as of 03/31/2025

  • 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 convertible bonds, EM sovereign and corporate debt and bank loans. We believe select exposures to these sectors offer attractive risk-reward opportunities over the long-term, potential portfolio diversification benefits and avenues for liquidity.
  • The Fund continued to be broadly constructive on corporate credit, specifically high yield. We remain constructive on corporate credit despite concerns around economic growth in the U.S. Notably, fundamentals for both investment grade and high yield issuers continue to be robust with leverage and interest rate coverage remaining at favorable levels. We have leaned into risk exposure as spreads have widened but remain selective when adding credits to the Fund.
  • We are more balanced in the Fund’s sector exposure. The Fund remained primarily allocated to Basic Industry and Energy sectors. We added to several positions in Basic Industry and Capital Goods, specifically Metals and Mining and Aerospace/Defense subsectors, respectively, that offered attractive entry points based on their risk profiles. However, we trimmed various positions in Utilities, which was reflective of more idiosyncratic reductions, and Technology and Electronic and Leisure sectors.
  • We decreased exposure to floating rate securities and equities within the Fund. Floating rate sectors, bank loans in particular, have underperformed amid declining yields and rising economic growth concerns in the U.S. As a result, we have continued to reduce the Fund’s allocation in loans. We also trimmed the allocation to convertible bonds, as the sector faced pressures given the unwind in growth trade. We instead increased the Fund’s high yield and investment grade bonds holdings, focusing on higher-rated BB high yield tiers.
  • We remain constructive in fixed income sectors amid heightened economic volatility. However, the investment landscape is complex, and recent momentum around softer economic data and ongoing policy uncertainty surrounding tariffs has led to concerns around growth in the U.S. That being said, higher bond yields should bring improved return expectations and a more attractive risk/reward dynamic for investors, as the higher starting yields have shown to provide some level of cushion against rate increases or spread widening. Outside of corporate credit, we are looking to value in other areas such as agency MBS and Emerging Markets. Looking ahead, we have slowly looked to add higher quality credits to the portfolio at attractive values. However, it is important to note that we are patient and selective in our approach to adding risk. We remain vigilant of potential recessionary signals that could cause spreads to move wider, including signs of significant cracks in labor markets, tariff repercussions, and the U.S. Federal Reserve's rate and fiscal policies.

Portfolio Details as of 05/30/2025

Total Net Assets
$21.15 B
Average Effective Duration
4.25 Years
Average Life
5.93 Years
Average Maturity
7.16 Years
Number of Issues
914
Average Yield to Maturity
6.93%
Distribution Yield (as of 06/18/2025)
6.11%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/18/2025
$0.18156
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2025 $0.03608 $7.05
Daily Daily 04/30/2025 $0.03619 $7.01
Daily Daily 03/31/2025 $0.03651 $7.08
Daily Daily 02/28/2025 $0.03678 $7.20
Daily Daily 01/31/2025 $0.03601 $7.20

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 06/18/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.25
$100,000 to $249,999 1.75% 1.50% $7.22
$250,000 to $499,999 1.25% 1.00% $7.18
Greater than $500,000 0.00% 1.00% $7.09

Expense Ratioas of 05/31/2025

Fund Gross Expense Ratio 0.90%
Fund Net Expense Ratio 0.90%
Adjusted Expense Ratio 0.79%

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 Tailored Shareholder Report
Publish Date:11/03/2015
Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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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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