LBNDX | Bond Debenture Fund Class A | Lord Abbett

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(as of 12/05/2015)

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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 04/30/2024

7.38%

30-Day Standardized Yield 1 as of 04/30/2024  

5.92%

Fund Basicsas of 04/30/2024

Total Net Assets
$20.87 B
Inception Date
04/01/1971
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.84%
Fund Net Expense Ratio
0.84%
Number of Holdings
938
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 0.80% 5.38% -1.61% 1.89% 3.36% 7.77%
Lipper Category Avg. Multi-Sector Income Funds -0.33% 4.43% -0.92% 1.51% 2.45% -
Bloomberg U.S. Aggregate Bond Index -3.28% -1.47% -3.54% -0.16% 1.20% -
w/ sales charge -1.43% 3.03% -2.37% 1.43% 3.12% 7.72%

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 2.02% 7.10% -0.85% 2.34% 3.52% 7.81%
Lipper Category Avg. Multi-Sector Income Funds 1.12% 6.58% -0.12% 1.98% 2.68% -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% 1.54% -
w/ sales charge -0.23% 4.71% -1.59% 1.88% 3.29% 7.76%

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
Sovereign
CMBS
CLO
ABS
Municipals
Private Credit
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 04/30/2024 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

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

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

Partner, Portfolio Manager

26 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

30 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

27 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Karen  J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

14 Years of Industry Experience

Supported By 79 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 04/30/2024

7.38%

30-Day Standardized Yield 1 as of 04/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.92% 5.92%

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 0.80% 5.38% -1.61% 1.89% 3.36% 7.77%
Lipper Category Avg. Multi-Sector Income Funds -0.33% 4.43% -0.92% 1.51% 2.45% -
Bloomberg U.S. Aggregate Bond Index -3.28% -1.47% -3.54% -0.16% 1.20% -
w/ sales charge -1.43% 3.03% -2.37% 1.43% 3.12% 7.72%

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 2.02% 7.10% -0.85% 2.34% 3.52% 7.81%
Lipper Category Avg. Multi-Sector Income Funds 1.12% 6.58% -0.12% 1.98% 2.68% -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% 1.54% -
w/ sales charge -0.23% 4.71% -1.59% 1.88% 3.29% 7.76%

Fund Expense Ratio :

Gross 0.84%

Net 0.84%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
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% 5.97%
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% -
2004 8.56% -
Year Q1 Q2 Q3 Q4
2024 2.02% - - -
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 04/30/2024

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
CMBS
CLO
ABS
Municipals
Private Credit
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 04/30/2024

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

Portfolio Positioning as of 03/31/2024

  • 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, securitized products such as asset-backed securities (ABS) and collateralized loan obligations (CLOs), and EM sovereign and corporate debt. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • Within high yield credit, the Fund continued to invest in higher carry, shorter duration securities. The Fund maintained a meaningful allocation to high yield bonds. While we believe there is room for spreads to move modestly lower, we acknowledge that valuations are relatively tight, and we continue to focus on sourcing investments that offer high income with limited duration exposure. We added to select CCC-rated credits throughout the period as economic data in the U.S. has been mostly positive. We used investment grade credit and higher-rated BBs with tight valuations as a source of cash for these trades.
  • We continued to focus on Energy and Basic Industry sectors. We remain constructive in the Basic Industry and Energy sectors as a result of improving credit quality, stickier inflation, and positive cyclicality. We also view the opportunity for increased merger & acquisition activity as a potential tailwind for these sectors. Within Basic Industry, primary overweights continue to be Metals and Mining and Chemicals, which have benefited from meaningful destocking of inventories over the last several months. Within Energy, we remain focused on E&P and Oil Field Services, but with a renewed focus on offshore energy as an attractive opportunity to find relative value. The Fund also continues to be allocated to sectors such as Leisure, Healthcare and Capital Goods.
  • We decreased the Fund’s exposure in Agency MBS in favor of more credit-sensitive securities. The Fund continued to hold a meaningful allocation to Agency MBS, which had performed well in recent quarters given the rally in bond yields. However, we believe this asset class faces headwinds in an environment of interest rates remaining higher for longer. We reduced this allocation over the quarter in favor of equities, bank loans and securitized products that in our view should benefit from continued resilience in the U.S. economy.

Portfolio Details as of 04/30/2024

Total Net Assets
$20.87 B
Average Effective Duration
3.4 Years
Average Life
6.56 Years
Average Maturity
8.09 Years
Number of Issues
938
Average Yield to Maturity
7.38%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/29/2024
$0.13680
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2024 $0.03482 $7.00
Daily Daily 03/31/2024 $0.03431 $7.12
Daily Daily 02/29/2024 $0.03360 $7.05
Daily Daily 01/31/2024 $0.03407 $7.07

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2024
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

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 05/29/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.20
$100,000 to $249,999 1.75% 1.50% $7.17
$250,000 to $499,999 1.25% 1.00% $7.13
Greater than $500,000 0.00% 1.00% $7.04

Expense Ratioas of 04/30/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.84% 0.84%

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
Fund Story
Publish Date:11/03/2015